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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 -0.72% surged 2%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.86% gained 1.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.85% jumped 1.7%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.13% gained 0.8% and China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -3.33% 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 -4.19% /zigman2/quotes/208048873/delayed BKFCF -7.41% were up 3.3%, while China Life Insurance Co. Ltd. /zigman2/quotes/202359856/delayed HK:2628 +0.35%   /zigman2/quotes/206573290/composite LFC +0.18% climbed 2.3%.

/zigman2/quotes/210598069/delayed 180721 2,327.89, +19.81, +0.86%

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 +0.39% /zigman2/quotes/202479540/delayed ADTTF +1.36% jumped 6.5%, component maker Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 -0.13% /zigman2/quotes/201351352/delayed RNECY -1.24% climbed 7.4% and Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 -1.06% /zigman2/quotes/203416411/delayed HTHIF -1.96% 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 -0.10% /zigman2/quotes/207908563/delayed TCEHY -0.14% 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 -1.56% /zigman2/quotes/205476740/composite CHU -1.35% rose 5.4%, and rival China Telecom Corp. /zigman2/quotes/206668971/delayed HK:728 -0.43% /zigman2/quotes/200463528/composite CHA -0.36% 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 -1.57% /zigman2/quotes/207958170/delayed IPXHY -2.31% 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 +0.87% /zigman2/quotes/206770672/delayed WOPEF +3.23% 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 0.00% /zigman2/quotes/207933640/delayed STOSF +0.54% 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 -1.95% /zigman2/quotes/208108397/composite BHP -2.16% climbed 3.1%.

Iron ore extractor Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.99% /zigman2/quotes/204116626/delayed FSUMF +1.97% rose 4.8%.

Still, airlines saw some underperformance amid recent oil-price strength, with Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN -0.95% /zigman2/quotes/200387630/delayed QUBSF +3.93% trading up 1% in Sydney, and Cathay Pacific Airways Ltd. /zigman2/quotes/203532437/delayed HK:293 -0.93% /zigman2/quotes/208114856/delayed CPCAY -4.42% underperforming the broader Hong Kong market with a 0.8% gain.

/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,909.20
-42.90 -0.72%
Volume: 24,668
Sept. 30, 2020 10:06a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,327.89
+19.81 +0.86%
Volume: 0.00
Sept. 29, 2020 3:32p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,275.53
-200.52 -0.85%
Volume: 1.53M
Sept. 29, 2020 4:08p
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/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
23,508.29
-30.81 -0.13%
Volume: 0.00
Sept. 30, 2020 9:20a
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.80
-0.51 -3.33%
Volume: 118.24M
Sept. 29, 2020 3:00p
P/E Ratio
11.55
Dividend Yield
1.47%
Market Cap
¥297.10 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 3.66
-0.16 -4.19%
Volume: 23.68M
Sept. 29, 2020 4:08p
P/E Ratio
3.45
Dividend Yield
9.43%
Market Cap
HK$338.01 billion
Rev. per Employee
HK$5.47M
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/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.50
-0.04 -7.41%
Volume: 0.00
Sept. 22, 2020 9:40a
P/E Ratio
3.67
Dividend Yield
N/A
Market Cap
$43.91 billion
Rev. per Employee
$697,896
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/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 17.30
+0.06 +0.35%
Volume: 28.70M
Sept. 29, 2020 4:08p
P/E Ratio
8.62
Dividend Yield
4.62%
Market Cap
HK$1206.49 billion
Rev. per Employee
HK$7.60M
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/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 11.27
+0.02 +0.18%
Volume: 226,096
Sept. 29, 2020 4:00p
P/E Ratio
8.79
Dividend Yield
3.94%
Market Cap
$155.68 billion
Rev. per Employee
$970,796
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/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 5,160.00
+20.00 +0.39%
Volume: 174,300
Sept. 30, 2020 9:20a
P/E Ratio
19.77
Dividend Yield
1.16%
Market Cap
¥1001.11 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
20.44
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
¥ 769.00
-1.00 -0.13%
Volume: 466,100
Sept. 30, 2020 9:19a
P/E Ratio
46.95
Dividend Yield
N/A
Market Cap
¥1326.09 billion
Rev. per Employee
¥36.92M
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/zigman2/quotes/201351352/delayed
US : U.S.: OTC
$ 3.60
-0.05 -1.24%
Volume: 2,030
Sept. 29, 2020 3:20p
P/E Ratio
47.49
Dividend Yield
N/A
Market Cap
$12.55 billion
Rev. per Employee
$334,299
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,634.00
-39.00 -1.06%
Volume: 594,000
Sept. 30, 2020 9:20a
P/E Ratio
18.46
Dividend Yield
2.61%
Market Cap
¥3601.56 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/203416411/delayed
US : U.S.: OTC
$ 34.02
-0.68 -1.96%
Volume: 21.00
Sept. 29, 2020 5:20p
P/E Ratio
18.47
Dividend Yield
N/A
Market Cap
$33.02 billion
Rev. per Employee
$279,568
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/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 1,000
Sept. 25, 2020 5:20p
P/E Ratio
16.54
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$ 505.50
-0.50 -0.10%
Volume: 11.43M
Sept. 29, 2020 4:08p
P/E Ratio
42.23
Dividend Yield
0.24%
Market Cap
HK$4808.35 billion
Rev. per Employee
HK$8.27M
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/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 65.55
-0.09 -0.14%
Volume: 1.65M
Sept. 29, 2020 4:00p
P/E Ratio
42.65
Dividend Yield
0.21%
Market Cap
$620.43 billion
Rev. per Employee
$1.05M
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/zigman2/quotes/205091392/delayed
HK : Hong Kong
HK$ 5.05
-0.08 -1.56%
Volume: 23.54M
Sept. 29, 2020 4:08p
P/E Ratio
11.61
Dividend Yield
3.21%
Market Cap
HK$156.97 billion
Rev. per Employee
HK$1.29M
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/zigman2/quotes/205476740/composite
US : U.S.: NYSE
$ 6.56
-0.09 -1.35%
Volume: 253,237
Sept. 29, 2020 4:00p
P/E Ratio
11.74
Dividend Yield
2.87%
Market Cap
$20.25 billion
Rev. per Employee
$164,278
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/zigman2/quotes/206668971/delayed
HK : Hong Kong
HK$ 2.32
-0.01 -0.43%
Volume: 48.82M
Sept. 29, 2020 4:08p
P/E Ratio
8.25
Dividend Yield
5.39%
Market Cap
HK$188.57 billion
Rev. per Employee
HK$1.57M
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/zigman2/quotes/200463528/composite
US : U.S.: NYSE
$ 30.16
-0.11 -0.36%
Volume: 40,611
Sept. 29, 2020 4:00p
P/E Ratio
8.35
Dividend Yield
4.81%
Market Cap
$24.33 billion
Rev. per Employee
$200,534
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/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 569.90
-9.10 -1.57%
Volume: 1.45M
Sept. 30, 2020 9:20a
P/E Ratio
N/A
Dividend Yield
4.21%
Market Cap
¥839.03 billion
Rev. per Employee
¥291.81M
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/zigman2/quotes/207958170/delayed
US : U.S.: OTC
$ 5.29
-0.13 -2.31%
Volume: 17,212
Sept. 29, 2020 3:49p
P/E Ratio
N/A
Dividend Yield
5.20%
Market Cap
$7.94 billion
Rev. per Employee
$2.64M
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/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 18.49
+0.16 +0.87%
Volume: 2.46M
Sept. 29, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
6.15%
Market Cap
$17.57 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206770672/delayed
US : U.S.: OTC
$ 13.11
+0.41 +3.23%
Volume: 300.00
Sept. 29, 2020 1:27p
P/E Ratio
N/A
Dividend Yield
6.18%
Market Cap
$12.10 billion
Rev. per Employee
$1.43M
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/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 5.08
0.00 0.00%
Volume: 4.87M
Sept. 29, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
1.96%
Market Cap
$10.56 billion
Rev. per Employee
$2.29M
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/zigman2/quotes/207933640/delayed
US : U.S.: OTC
$ 3.53
+0.02 +0.54%
Volume: 400.00
Sept. 28, 2020 11:05a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$7.44 billion
Rev. per Employee
$1.71M
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.17
-0.72 -1.95%
Volume: 383,151
Sept. 30, 2020 10:06a
P/E Ratio
15.52
Dividend Yield
4.83%
Market Cap
$174.58 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 51.60
-1.14 -2.16%
Volume: 2.41M
Sept. 29, 2020 4:00p
P/E Ratio
16.45
Dividend Yield
4.65%
Market Cap
$123.07 billion
Rev. per Employee
N/A
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/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 16.00
-0.16 -0.99%
Volume: 542,306
Sept. 30, 2020 10:06a
P/E Ratio
7.00
Dividend Yield
11.00%
Market Cap
$48.81 billion
Rev. per Employee
N/A
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/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 11.40
+0.22 +1.97%
Volume: 2,009
Sept. 29, 2020 3:50p
P/E Ratio
7.44
Dividend Yield
N/A
Market Cap
$34.41 billion
Rev. per Employee
N/A
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/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 4.18
-0.04 -0.95%
Volume: 40,203
Sept. 30, 2020 10:06a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$7.75 billion
Rev. per Employee
$568,765
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/zigman2/quotes/200387630/delayed
US : U.S.: OTC
$ 2.91
+0.11 +3.93%
Volume: 8,957
Sept. 29, 2020 11:18a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.10 billion
Rev. per Employee
$424,527
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/zigman2/quotes/203532437/delayed
HK : Hong Kong
HK$ 5.33
-0.05 -0.93%
Volume: 4.76M
Sept. 29, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
HK$34.63 billion
Rev. per Employee
HK$4.27M
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 3.46
-0.16 -4.42%
Volume: 2,963
Sept. 29, 2020 1:57p
P/E Ratio
N/A
Dividend Yield
2.92%
Market Cap
$4.47 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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