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Aug. 30, 2011, 4:33 a.m. EDT

Asia stocks rally after U.S. gains

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By Virginia Harrison, MarketWatch

MUMBAI (MarketWatch) — Asian stocks rallied Tuesday, with resources and banking firms among the best performers, as investors showed more appetite for riskier assets in the wake of strong U.S. equity gains.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.43%  closed up 1.2%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.33%  ended with a 0.8% gain, and Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.68%  finished 0.1% higher.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.69% led the region with a 1.7% gain, but China’s Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +1.02%  lost 0.4%.

The gains in Asia followed a positive finish for U.S. stocks, where sentiment was buoyed by an upbeat report on personal spending. Read more about the U.S. session.

Click to Play

Asia more resilient to global recession

Asian countries are better prepared for a global recession now than in 2008 because of a lesser reliance on exports.

RBC Capital Markets strategists described upward revisions to the previous month’s U.S. personal spending data as the “icing on the cake“ for investors.

“For a market still bathing in the Bernanke glow, this was an eagerly consumed slice of cake. ... It’s not a terrifically well constructed cake but was sweet enough to draw market interest into risk assets,” they said of the data, with reference to Federal Reserve Chairman Ben Bernanke’s comments Friday that kept options open for further easing.

Financial stocks rose in Asia, tracking sharp gains for the sector in U.S. and European trading hours after news of a merger between Greece’s EFG Eurobank Ergasias SA and Alpha Bank SA. Read more about the European session.

In Japan, Nomura Holdings Inc. /zigman2/quotes/206251373/delayed JP:8604 +0.02%  added 2.5%, and Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +0.27%    rose 1.8%.

Shares in Aozora Bank Ltd. /zigman2/quotes/202607094/delayed JP:8304 +2.48%  surged 8.2% amid reports that Australia & New Zealand Banking Group Ltd. (ANZ) /zigman2/quotes/205482049/delayed AU:ANZ +1.03%   /zigman2/quotes/204542251/composite ANEWF -1.38% was considering a takeover of the Japanese bank.

Shares in ANZ lost 0.2% in the Sydney session, underperforming its peers, with Macquarie Group Ltd. /zigman2/quotes/206727308/delayed AU:MQG +0.39%   /zigman2/quotes/209628452/composite MQBKY +0.11%  putting on 3.2%.

Hong Kong-listed shares of China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 -0.32%   /zigman2/quotes/208974133/delayed HK:939 -0.52%   /zigman2/quotes/207732534/composite CICHY -0.67%  gained 1.8%, shrugging off news that Bank of America Corp. /zigman2/quotes/200894270/composite BAC +0.12%  will sell half of its stake in the Chinese lender.

“Bank of America selling off China Construction Bank is definitely a positive, and [Warren] Buffett’s investment into Bank of America helps to stabilize the sludge in U.S. financials, but the overall picture has not really changed much,” said Tom Kaan, director of equity sales at Louis Capital Markets in Hong Kong.

“There are still a number of headwinds, primarily the situation in Europe. The European factor in the equation has not been resolved at all,” Kaan said.

Technology shares also showed strength, with Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.91%   /zigman2/quotes/208567357/composite SNE -0.66%  climbing 3.5%, Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -1.77%   /zigman2/quotes/204149068/composite TOSYY -1.41% up 2.1% and Elpida Memory Inc.   adding 1.8% in Tokyo trading, while LG Electronics Inc. LGEIY 0.00%  surged 4.1% in the Korean session.

Auto makers posted solid gains in Japan, with Hino Motors Ltd. /zigman2/quotes/209422954/delayed JP:7205 +3.04%   /zigman2/quotes/207652388/composite HINOY +13.07%   adding 4.0%, Isuzu Motors Ltd. /zigman2/quotes/202637468/delayed JP:7202 +5.69%   /zigman2/quotes/206362374/composite ISUZY +3.33%  rising 3.4% and Mazda Motor Corp. /zigman2/quotes/204777714/delayed JP:7261 -3.05%   /zigman2/quotes/206326885/composite MZDAY -2.77%  gaining 3.1%.

Retail stocks underperformed in Tokyo trading, however, after government data showed July sales fell short of expectations, with sector-heavyweight Fast Retailing Co. Ltd. /zigman2/quotes/200663563/delayed JP:9983 +0.26%   /zigman2/quotes/203924235/composite FRCOY +0.45%  losing 0.3%. See report on Japanese economic data.

Resource stocks climbed across the region, with Jiangxi Copper Co. Ltd. /zigman2/quotes/201668148/delayed HK:358 +0.30%   /zigman2/quotes/201334192/delayed CN:600362 +0.95%   /zigman2/quotes/204256025/composite JIXAY +37.29%  adding 2.9% and Aluminum Corp. of China Ltd. /zigman2/quotes/202960704/delayed HK:2600 +0.89%   /zigman2/quotes/210453246/delayed CN:601600 +1.46%   /zigman2/quotes/208051344/composite ACH -0.55%  rising 4% in Hong Kong trading.

Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO +3.61%   /zigman2/quotes/202627887/composite RIO -1.16%  gained 1.7% and Fortescue Metals Group /zigman2/quotes/202351558/delayed AU:FMG +1.48%  added 1.5% in the Sydney session. /zigman2/quotes/203600175/composite BTU -6.21%

/zigman2/quotes/210597971/delayed
JP : Nikkei
22,418.15
-96.70 -0.43%
Volume: 0.00
Aug. 6, 2020 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,342.61
+30.75 +1.33%
Volume: 797,147
Aug. 6, 2020 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,042.20
+40.90 +0.68%
Volume: 696,467
Aug. 6, 2020 5:11p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,930.58
-171.96 -0.69%
Volume: 1.60M
Aug. 6, 2020 4:08p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 13.90
+0.14 +1.02%
Volume: 135.25M
Aug. 6, 2020 3:00p
P/E Ratio
9.66
Dividend Yield
1.57%
Market Cap
¥267.03 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 515.10
+0.10 +0.02%
Volume: 10.85M
Aug. 6, 2020 3:00p
P/E Ratio
5.53
Dividend Yield
3.30%
Market Cap
¥1573.84 billion
Rev. per Employee
¥65.89M
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/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 412.80
+1.10 +0.27%
Volume: 39.29M
Aug. 6, 2020 3:00p
P/E Ratio
16.67
Dividend Yield
6.06%
Market Cap
¥5286.65 billion
Rev. per Employee
¥50.52M
loading...
/zigman2/quotes/202607094/delayed
JP : Japan: Tokyo
¥ 1,816.00
+44.00 +2.48%
Volume: 1.01M
Aug. 6, 2020 3:00p
P/E Ratio
8.95
Dividend Yield
6.72%
Market Cap
¥206.77 billion
Rev. per Employee
¥72.65M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 17.64
+0.18 +1.03%
Volume: 5.29M
Aug. 6, 2020 4:10p
P/E Ratio
12.06
Dividend Yield
12.37%
Market Cap
$49.43 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/204542251/composite
US : U.S.: OTC
$ 12.41
-0.17 -1.38%
Volume: 485.00
Aug. 5, 2020 9:40a
P/E Ratio
12.40
Dividend Yield
N/A
Market Cap
$35.68 billion
Rev. per Employee
$690,358
loading...
/zigman2/quotes/206727308/delayed
AU : Australia: Sydney
$ 124.92
+0.48 +0.39%
Volume: 646,390
Aug. 6, 2020 4:10p
P/E Ratio
16.34
Dividend Yield
4.03%
Market Cap
$43.69 billion
Rev. per Employee
$1.02M
loading...
/zigman2/quotes/209628452/composite
US : U.S.: OTC
$ 90.15
+0.10 +0.11%
Volume: 2,099
Aug. 6, 2020 3:08p
P/E Ratio
17.29
Dividend Yield
3.23%
Market Cap
$31.54 billion
Rev. per Employee
$777,639
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.19
-0.02 -0.32%
Volume: 74.48M
Aug. 6, 2020 3:00p
P/E Ratio
5.72
Dividend Yield
5.17%
Market Cap
¥1308.32 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 5.76
-0.03 -0.52%
Volume: 180.91M
Aug. 6, 2020 4:08p
P/E Ratio
4.73
Dividend Yield
6.07%
Market Cap
HK$1458.43 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/207732534/composite
US : U.S.: OTC
$ 14.75
-0.10 -0.67%
Volume: 79,317
Aug. 6, 2020 3:12p
P/E Ratio
4.74
Dividend Yield
5.17%
Market Cap
$188.18 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 25.42
+0.03 +0.12%
Volume: 34.52M
Aug. 6, 2020 3:29p
P/E Ratio
12.22
Dividend Yield
2.83%
Market Cap
$219.98 billion
Rev. per Employee
$543,289
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 8,468.00
-78.00 -0.91%
Volume: 4.71M
Aug. 6, 2020 3:00p
P/E Ratio
16.02
Dividend Yield
0.53%
Market Cap
¥10438.34 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 80.71
-0.54 -0.66%
Volume: 803,780
Aug. 6, 2020 3:29p
P/E Ratio
19.02
Dividend Yield
0.38%
Market Cap
$98.88 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 3,330.00
-60.00 -1.77%
Volume: 802,400
Aug. 6, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.60%
Market Cap
¥1537.63 billion
Rev. per Employee
¥26.86M
loading...
/zigman2/quotes/204149068/composite
US : U.S.: OTC
$ 15.75
-0.23 -1.41%
Volume: 3,186
Aug. 6, 2020 2:33p
P/E Ratio
N/A
Dividend Yield
0.41%
Market Cap
$14.57 billion
Rev. per Employee
$243,606
loading...
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
0.00
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/209422954/delayed
JP : Japan: Tokyo
¥ 678.00
+20.00 +3.04%
Volume: 1.99M
Aug. 6, 2020 3:00p
P/E Ratio
23.15
Dividend Yield
0.00%
Market Cap
¥377.71 billion
Rev. per Employee
¥60.20M
loading...
/zigman2/quotes/207652388/composite
US : U.S.: OTC
$ 70.00
+8.09 +13.07%
Volume: 20.00
Aug. 5, 2020 5:19p
P/E Ratio
25.89
Dividend Yield
2.08%
Market Cap
$3.58 billion
Rev. per Employee
$545,250
loading...
/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 993.50
+53.50 +5.69%
Volume: 6.15M
Aug. 6, 2020 3:00p
P/E Ratio
16.62
Dividend Yield
2.01%
Market Cap
¥693.29 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/206362374/composite
US : U.S.: OTC
$ 9.32
+0.30 +3.33%
Volume: 5,737
Aug. 6, 2020 1:49p
P/E Ratio
9.22
Dividend Yield
2.67%
Market Cap
$6.57 billion
Rev. per Employee
$554,540
loading...
/zigman2/quotes/204777714/delayed
JP : Japan: Tokyo
¥ 603.00
-19.00 -3.05%
Volume: 8.33M
Aug. 6, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥391.73 billion
Rev. per Employee
¥71.32M
loading...
/zigman2/quotes/206326885/composite
US : U.S.: OTC
$ 2.82
-0.08 -2.77%
Volume: 23,939
Aug. 6, 2020 2:57p
P/E Ratio
N/A
Dividend Yield
3.90%
Market Cap
$3.71 billion
Rev. per Employee
$646,191
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 58,810.00
+150.00 +0.26%
Volume: 364,900
Aug. 6, 2020 3:00p
P/E Ratio
63.61
Dividend Yield
0.82%
Market Cap
¥5988.81 billion
Rev. per Employee
¥40.83M
loading...
/zigman2/quotes/203924235/composite
US : U.S.: OTC
$ 55.84
+0.25 +0.45%
Volume: 5,656
Aug. 6, 2020 3:08p
P/E Ratio
65.78
Dividend Yield
0.62%
Market Cap
$56.73 billion
Rev. per Employee
$369,206
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
HK$ 9.92
+0.03 +0.30%
Volume: 9.43M
Aug. 6, 2020 4:08p
P/E Ratio
12.38
Dividend Yield
1.10%
Market Cap
HK$52.86 billion
Rev. per Employee
HK$12.12M
loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 17.08
+0.16 +0.95%
Volume: 59.65M
Aug. 6, 2020 3:00p
P/E Ratio
31.39
Dividend Yield
0.59%
Market Cap
¥47.42 billion
Rev. per Employee
¥10.12M
loading...
/zigman2/quotes/204256025/composite
US : U.S.: OTC
$ 52.17
+14.17 +37.29%
Volume: 0.00
July 20, 2020 5:20p
P/E Ratio
12.62
Dividend Yield
0.93%
Market Cap
$6.78 billion
Rev. per Employee
$1.55M
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
HK$ 2.27
+0.02 +0.89%
Volume: 28.96M
Aug. 6, 2020 4:08p
P/E Ratio
53.04
Dividend Yield
N/A
Market Cap
HK$58.88 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/210453246/delayed
CN : China: Shanghai
¥ 3.48
+0.05 +1.46%
Volume: 189.12M
Aug. 6, 2020 3:00p
P/E Ratio
135.94
Dividend Yield
0.33%
Market Cap
¥52.82 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 7.25
-0.04 -0.55%
Volume: 66,491
Aug. 6, 2020 3:24p
P/E Ratio
78.04
Dividend Yield
N/A
Market Cap
$7.60 billion
Rev. per Employee
$387,394
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 105.50
+3.67 +3.61%
Volume: 2.06M
Aug. 6, 2020 4:10p
P/E Ratio
16.07
Dividend Yield
5.37%
Market Cap
$150.97 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 62.32
-0.73 -1.16%
Volume: 1.79M
Aug. 6, 2020 3:29p
P/E Ratio
14.11
Dividend Yield
6.19%
Market Cap
$108.98 billion
Rev. per Employee
$852,406
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/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 18.57
+0.27 +1.48%
Volume: 7.63M
Aug. 6, 2020 4:10p
P/E Ratio
7.99
Dividend Yield
5.39%
Market Cap
$56.32 billion
Rev. per Employee
N/A
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/zigman2/quotes/203600175/composite
US : U.S.: NYSE
$ 2.72
-0.18 -6.21%
Volume: 2.27M
Aug. 6, 2020 3:29p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$283.33 million
Rev. per Employee
$739,054
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Virginia Harrison is a MarketWatch reporter based in Sydney.

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