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Oct. 28, 2013, 6:58 a.m. EDT

Asia stocks bounce back from recent declines

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By Daniel Inman

Asian stocks moved higher on Monday, with Australia hitting a fresh-five year high, as shares bounced back from recent falls.

Regional markets started the week in recovery mode, following a series of declines last week that hit Japan and China especially hard. A pickup in interbank lending rates in China spooked investors and yanked the Shanghai Composite down 2.8% last week, while a strong yen helped the Nikkei Average sink 3.3% over the same period.


Reuters Enlarge Image

A positive lead from Wall Street, where the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48%   hit a record high on Friday, and the absence of fresh negative catalysts allowed Asian stocks to bounce back.

The coming week promises to be a busy period in terms of earnings news for the region, while the U.S. Federal Reserve’s policy meeting later on in the week will be a focus as investors look for clues on the central bank’s stimulus plans.

Looking ahead to November, markets are anticipating an important Communist Party meeting in China, where there are expectations that the country’s new government will unveil economic reforms.

Early in Asia, the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1725%  weakened slightly, with the dollar trading at ¥97.60, compared with ¥97.40 late Friday in New York.

“Even small dollar movements were amplified, triggering buybacks after shares were oversold last week,” said Daiwa Securities chief strategist Junya Naruse.

The softer yen allowed the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.84%  to climb 2.2%, coming back from a hefty 2.8% fall on Friday.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.10%  rose 1%, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.75%  was up 0.7%.

China was mixed, with Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +3.39%  up 0.5%, and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%  up less than 0.1%.

China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +2.96%   /zigman2/quotes/209484779/delayed CICHF -3.40% , China’s second-largest bank by profits, despite its third-quarter net profit coming in slightly below market expectations.

China Life Insurance Co. /zigman2/quotes/202359856/delayed HK:2628 +3.44%   /zigman2/quotes/206573290/composite LFC +1.28%  rose 1.8% after China’s largest life insurer by premiums reported that it had made a 7.5 billion yuan ($1.2 billion) profit in the third quarter, reversing a 2.2 billion yuan loss in the same period last year.

Also in Hong Kong, Chong Hing Bank /zigman2/quotes/206943640/delayed HK:1111 +2.25%  sank 8% after Chinese conglomerate Yuexiu Enterprises said on Friday it will acquire a majority stake in the Hong Kong lender for $1.5 billion — the first local-bank sale in several years.

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In Tokyo, telecoms firm KDDI Corp. /zigman2/quotes/204923990/delayed JP:9433 +0.99%   /zigman2/quotes/209186068/delayed KDDIF +0.58%  rose 3% after a Nikkei report said that the firm will likely report a record first-half group operating profit, with a 50% on-year increase. TDK Corp. /zigman2/quotes/208948266/delayed JP:6762 +2.58%   /zigman2/quotes/203182885/delayed TTDKF +2.23% , rose 1.5% after a separate Nikkei report said that the electronics-component producer will report an 8% increase in operating profit over the same period.

/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.6330
-0.1860 -0.1725%
Volume: 0.0000
June 1, 2020 2:53a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,062.39
+184.50 +0.84%
Volume: 0.00
June 1, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,819.20
+63.50 +1.10%
Volume: 835,800
June 1, 2020 4:31p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,065.08
+35.48 +1.75%
Volume: 982,545
June 1, 2020 3:32p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,740.13
+778.66 +3.39%
Volume: 1.87M
June 1, 2020 2:38p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,911.49
+59.14 +2.07%
Volume: 23.45B
June 1, 2020 2:38p
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/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.27
+0.18 +2.96%
Volume: 253.33M
June 1, 2020 2:38p
P/E Ratio
5.15
Dividend Yield
5.54%
Market Cap
HK$1522.56 billion
Rev. per Employee
HK$3.31M
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/zigman2/quotes/209484779/delayed
US : U.S.: OTC
$ 0.78
-0.03 -3.40%
Volume: 106,916
May 29, 2020 3:15p
P/E Ratio
5.05
Dividend Yield
N/A
Market Cap
$195.63 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 15.02
+0.50 +3.44%
Volume: 34.06M
June 1, 2020 2:38p
P/E Ratio
6.38
Dividend Yield
5.27%
Market Cap
HK$410.40 billion
Rev. per Employee
HK$7.60M
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/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 9.47
+0.12 +1.28%
Volume: 1.45M
May 29, 2020 3:59p
P/E Ratio
7.44
Dividend Yield
4.67%
Market Cap
$14.09 billion
Rev. per Employee
$970,796
loading...
/zigman2/quotes/206943640/delayed
HK : Hong Kong
HK$ 9.10
+0.20 +2.25%
Volume: 48,500
June 1, 2020 1:46p
P/E Ratio
5.06
Dividend Yield
6.37%
Market Cap
HK$8.66 billion
Rev. per Employee
N/A
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/zigman2/quotes/204923990/delayed
JP : Japan: Tokyo
¥ 3,167.00
+31.00 +0.99%
Volume: 4.54M
June 1, 2020 3:00p
P/E Ratio
11.49
Dividend Yield
3.79%
Market Cap
¥7051.97 billion
Rev. per Employee
¥130.16M
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/zigman2/quotes/209186068/delayed
US : U.S.: OTC
$ 29.60
+0.17 +0.58%
Volume: 0.00
May 20, 2020 11:26a
P/E Ratio
11.67
Dividend Yield
N/A
Market Cap
$66.56 billion
Rev. per Employee
$1.18M
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/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 10,340.00
+260.00 +2.58%
Volume: 1.18M
June 1, 2020 3:00p
P/E Ratio
22.67
Dividend Yield
1.55%
Market Cap
¥1273.30 billion
Rev. per Employee
¥13.41M
loading...
/zigman2/quotes/203182885/delayed
US : U.S.: OTC
$ 86.64
+1.89 +2.23%
Volume: 0.00
May 26, 2020 5:20p
P/E Ratio
20.56
Dividend Yield
N/A
Market Cap
$11.81 billion
Rev. per Employee
$121,375
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