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July 19, 2012, 8:05 a.m. EDT

Tech shares, banking sector climb in Asia

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By Sarah Turner and Chris Oliver, MarketWatch

HONG KONG (MarketWatch) — Tech shares paced gains as most Asian stock markets surged on Thursday, with Chinese banks and insurance companies also putting in a strong performance.

Australia’s benchmark S&P/ASX 200 Index /zigman2/quotes/210598100/delayed AU:XJO +0.42% surged 2%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.80% gained 1.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.99% jumped 1.7%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.72% gained 0.8% and China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +6.11% added 0.7%.

Louis Capital Markets sales trader Michael Hsia said investors began to rethink bad news weighing Chinese banks and turn their attention to attractive dividend yields. Insurance stocks were seen as potential beneficiaries from growth in the wealth management business.

”As interest rates drop money seems to be flowing back to life products rather than sitting in savings deposits,” Hsia said, referring to the structured savings plans offered by some insurance companies.

Gains in the insurance sector may also have been tied to expectations of a market-liberalization announcement by China financial regulators. After the close of trading in Hong Kong, the China Insurance Regulatory Commission said that mainland insurers would be allowed to invest in hybrid and convertible bonds.

Shares of Bank of Communications Co. Ltd, /zigman2/quotes/203442771/delayed HK:3328 +1.40% /zigman2/quotes/208048873/delayed BKFCF -1.69% were up 3.3%, while China Life Insurance Co. Ltd. /zigman2/quotes/202359856/delayed HK:2628 +2.92%   /zigman2/quotes/206573290/composite LFC +8.02% climbed 2.3%.

/zigman2/quotes/210598069/delayed 180721 2,152.41, +17.04, +0.80%

Other triggers for the day’s gains came from a surge in U.S. housing starts in June and from strong technology-sector earnings that pushed stocks on Wall Street higher on Wednesday. Read more on U.S. stock markets.

In Japan, shares of Advantest Corp. /zigman2/quotes/206869087/delayed JP:6857 +2.10% /zigman2/quotes/202479540/delayed ADTTF +1.36% jumped 6.5%, component maker Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 +0.70% /zigman2/quotes/201351352/delayed RNECY +3.49% climbed 7.4% and Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 +1.80% /zigman2/quotes/203416411/delayed HTHIF -0.22% added 2.4%.

Tech-sector gains also showed up in other markets, with Samsung Electronics Co. /zigman2/quotes/202367843/delayed SSNLF 0.00% climbing 4% in Seoul. Internet firm Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 +1.16% /zigman2/quotes/207908563/delayed TCEHY +2.57% rose 2.5% in Hong Kong.

Telecommunications shares were also strong in Hong Kong after suffering recent declines. China Unicom Hong Kong Ltd. /zigman2/quotes/205091392/delayed HK:762 +1.37% /zigman2/quotes/205476740/composite CHU +3.11% rose 5.4%, and rival China Telecom Corp. /zigman2/quotes/206668971/delayed HK:728 -0.44% /zigman2/quotes/200463528/composite CHA +4.51% shot up 6.8%.

After the close of regular trading, China Unicom said in its monthly operating update that it had signed up 3.03 million 3G subscribers in June, lifting its total 3G subscriber base to 57.53 million.

A lift in New York-traded oil prices saw energy-sector firms gain in Asia. Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 -0.56% /zigman2/quotes/207958170/delayed IPXHY +0.65% gained 2.4% and Showa Shell Sekiyu K.K. rose 3.1% in Tokyo. Read Futures Movers.

Well-received updates gave an additional boost to some Australian energy-sector firms, with Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -0.55% /zigman2/quotes/206770672/delayed WOPEF +4.67% jumping 7.5% after it reported higher revenue and lifted annual guidance. Read more on Woodside outlook hike.

Also in Sydney, Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO -0.93% /zigman2/quotes/207933640/delayed STOSF -6.25% climbed 5.8% after reporting an 18% rise in second-quarter revenue. Read more on Santos revenue report.

Copper prices advanced in New York on Wednesday after the U.S. housing data.

Click to Play

Typos at HSBC skirt U.S. sanctions against Myanmar

HSBC cites spelling mistakes and bad filters as reasons why financial transactions involving Myanmar slipped through, despite U.S. banking sanctions against Myanmar.

In Sydney, BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +0.69% /zigman2/quotes/208108397/composite BHP +1.25% climbed 3.1%.

Iron ore extractor Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.07% /zigman2/quotes/204116626/delayed FSUMF +4.20% rose 4.8%.

Still, airlines saw some underperformance amid recent oil-price strength, with Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN -2.30% /zigman2/quotes/200387630/delayed QUBSF +5.24% trading up 1% in Sydney, and Cathay Pacific Airways Ltd. /zigman2/quotes/203532437/delayed HK:293 -1.88% /zigman2/quotes/208114856/delayed CPCAY +2.31% underperforming the broader Hong Kong market with a 0.8% gain.

/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,057.90
+25.20 +0.42%
Volume: 645,935
July 3, 2020 5:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,152.41
+17.04 +0.80%
Volume: 770,054
July 3, 2020 3:33p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,373.12
+248.93 +0.99%
Volume: 2.32M
July 3, 2020 4:08p
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/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
22,306.48
+160.52 +0.72%
Volume: 0.00
July 3, 2020 3:15p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.25
+0.82 +6.11%
Volume: 376.83M
July 3, 2020 3:00p
P/E Ratio
9.90
Dividend Yield
1.53%
Market Cap
¥260.62 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.08
+0.07 +1.40%
Volume: 41.76M
July 3, 2020 4:08p
P/E Ratio
4.32
Dividend Yield
6.79%
Market Cap
HK$402.30 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.58
-0.01 -1.69%
Volume: 0.00
June 22, 2020 12:37p
P/E Ratio
3.84
Dividend Yield
N/A
Market Cap
$50.08 billion
Rev. per Employee
$697,896
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/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 17.62
+0.50 +2.92%
Volume: 112.57M
July 3, 2020 4:08p
P/E Ratio
7.49
Dividend Yield
4.54%
Market Cap
HK$813.54 billion
Rev. per Employee
HK$7.60M
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/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 10.91
+0.81 +8.02%
Volume: 1.08M
July 2, 2020 4:00p
P/E Ratio
8.70
Dividend Yield
4.05%
Market Cap
$104.97 billion
Rev. per Employee
$970,796
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/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 6,330.00
+130.00 +2.10%
Volume: 1.87M
July 3, 2020 3:00p
P/E Ratio
23.53
Dividend Yield
1.30%
Market Cap
¥1230.17 billion
Rev. per Employee
¥64.26M
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/zigman2/quotes/202479540/delayed
US : U.S.: OTC
$ 49.32
+0.66 +1.36%
Volume: 0.00
June 9, 2020 5:19p
P/E Ratio
19.92
Dividend Yield
N/A
Market Cap
$9.88 billion
Rev. per Employee
$581,734
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/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 577.00
+4.00 +0.70%
Volume: 7.13M
July 3, 2020 3:00p
P/E Ratio
65.27
Dividend Yield
N/A
Market Cap
¥982.56 billion
Rev. per Employee
¥36.92M
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/zigman2/quotes/201351352/delayed
US : U.S.: OTC
$ 2.67
+0.09 +3.49%
Volume: 8,651
July 2, 2020 3:50p
P/E Ratio
65.60
Dividend Yield
N/A
Market Cap
$9.13 billion
Rev. per Employee
$334,299
loading...
/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,385.00
+60.00 +1.80%
Volume: 2.86M
July 3, 2020 3:00p
P/E Ratio
37.43
Dividend Yield
2.81%
Market Cap
¥3214.72 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/203416411/delayed
US : U.S.: OTC
$ 31.31
-0.07 -0.22%
Volume: 391.00
July 2, 2020 1:10p
P/E Ratio
37.86
Dividend Yield
N/A
Market Cap
$29.87 billion
Rev. per Employee
$279,568
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 1,500
June 30, 2020 5:20p
P/E Ratio
16.69
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 524.50
+6.00 +1.16%
Volume: 21.00M
July 3, 2020 4:08p
P/E Ratio
47.23
Dividend Yield
0.23%
Market Cap
HK$4910.66 billion
Rev. per Employee
HK$8.27M
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/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 66.69
+1.67 +2.57%
Volume: 3.89M
July 2, 2020 4:00p
P/E Ratio
46.92
Dividend Yield
0.20%
Market Cap
$633.62 billion
Rev. per Employee
$1.05M
loading...
/zigman2/quotes/205091392/delayed
HK : Hong Kong
HK$ 4.43
+0.06 +1.37%
Volume: 42.31M
July 3, 2020 4:08p
P/E Ratio
10.50
Dividend Yield
3.65%
Market Cap
HK$133.71 billion
Rev. per Employee
HK$1.29M
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/zigman2/quotes/205476740/composite
US : U.S.: NYSE
$ 5.63
+0.17 +3.11%
Volume: 385,069
July 2, 2020 4:00p
P/E Ratio
10.46
Dividend Yield
3.34%
Market Cap
$17.25 billion
Rev. per Employee
$164,278
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/zigman2/quotes/206668971/delayed
HK : Hong Kong
HK$ 2.27
-0.01 -0.44%
Volume: 55.65M
July 3, 2020 4:08p
P/E Ratio
7.84
Dividend Yield
5.51%
Market Cap
HK$184.53 billion
Rev. per Employee
HK$1.57M
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/zigman2/quotes/200463528/composite
US : U.S.: NYSE
$ 29.42
+1.27 +4.51%
Volume: 92,802
July 2, 2020 4:00p
P/E Ratio
24.79
Dividend Yield
4.93%
Market Cap
$23.81 billion
Rev. per Employee
$200,534
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/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 661.50
-3.70 -0.56%
Volume: 5.90M
July 3, 2020 3:00p
P/E Ratio
8.33
Dividend Yield
3.63%
Market Cap
¥971.33 billion
Rev. per Employee
¥291.81M
loading...
/zigman2/quotes/207958170/delayed
US : U.S.: OTC
$ 6.16
+0.04 +0.65%
Volume: 16,385
July 2, 2020 3:45p
P/E Ratio
7.71
Dividend Yield
3.17%
Market Cap
$9.03 billion
Rev. per Employee
$2.64M
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/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 21.65
-0.12 -0.55%
Volume: 1.82M
July 3, 2020 4:10p
P/E Ratio
41.88
Dividend Yield
6.30%
Market Cap
$20.73 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206770672/delayed
US : U.S.: OTC
$ 14.92
+0.67 +4.67%
Volume: 3,600
July 2, 2020 10:27a
P/E Ratio
40.59
Dividend Yield
6.10%
Market Cap
$14.33 billion
Rev. per Employee
$1.43M
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/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 5.31
-0.05 -0.93%
Volume: 3.85M
July 3, 2020 4:10p
P/E Ratio
11.52
Dividend Yield
3.10%
Market Cap
$11.14 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/207933640/delayed
US : U.S.: OTC
$ 3.45
-0.23 -6.25%
Volume: 330.00
July 1, 2020 2:35p
P/E Ratio
10.75
Dividend Yield
N/A
Market Cap
$7.60 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.26
+0.25 +0.69%
Volume: 3.17M
July 3, 2020 4:10p
P/E Ratio
13.57
Dividend Yield
5.88%
Market Cap
$169.38 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.07
+0.62 +1.25%
Volume: 1.84M
July 2, 2020 4:00p
P/E Ratio
13.47
Dividend Yield
5.71%
Market Cap
$117.04 billion
Rev. per Employee
N/A
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/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 14.02
-0.01 -0.07%
Volume: 7.00M
July 3, 2020 4:10p
P/E Ratio
6.03
Dividend Yield
7.13%
Market Cap
$43.18 billion
Rev. per Employee
N/A
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/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 9.68
+0.39 +4.20%
Volume: 115,291
July 2, 2020 3:20p
P/E Ratio
5.99
Dividend Yield
N/A
Market Cap
$29.84 billion
Rev. per Employee
N/A
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/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 3.82
-0.09 -2.30%
Volume: 14.25M
July 3, 2020 4:10p
P/E Ratio
7.16
Dividend Yield
3.40%
Market Cap
$7.19 billion
Rev. per Employee
$568,765
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/zigman2/quotes/200387630/delayed
US : U.S.: OTC
$ 2.81
+0.14 +5.24%
Volume: 86,152
July 2, 2020 12:43p
P/E Ratio
7.59
Dividend Yield
N/A
Market Cap
$4.97 billion
Rev. per Employee
$424,527
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/zigman2/quotes/203532437/delayed
HK : Hong Kong
HK$ 7.30
-0.14 -1.88%
Volume: 8.16M
July 3, 2020 4:08p
P/E Ratio
16.98
Dividend Yield
2.47%
Market Cap
HK$29.27 billion
Rev. per Employee
HK$4.27M
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 4.88
+0.11 +2.31%
Volume: 2,903
July 2, 2020 2:26p
P/E Ratio
17.80
Dividend Yield
4.36%
Market Cap
$3.78 billion
Rev. per Employee
$544,403
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Sarah Turner is MarketWatch's bureau chief in Sydney. Chris Oliver is MarketWatch's Asia bureau chief, based in Hong Kong.

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