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Oct. 6, 2011, 5:21 a.m. EDT

Asia stocks rally, with financials strong

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By Michael Kitchen and Nick Godt, MarketWatch

MUMBAI (MarketWatch) — Asian stocks rallied Thursday, helped by short covering in Hong Kong and positive cues from Wall Street after better-than-expected U.S. jobs figures.

Hong Kong was among the leading advancers as the market returned from a holiday Wednesday, with the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.17%   jumping 5.7%.

Japan’s Nikkei Stocks Average /zigman2/quotes/210597971/delayed JP:NIK -0.07%  ended the day up 1.7%, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.91%  traded 3.7% higher, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.73%   climbed 2.6%. Mainland Chinese markets remained closed for a week-long holiday.

The Asia share moves followed a 1.2% gain for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +3.44%  and a 1.8% rise for the S&P 500 /zigman2/quotes/210599714/realtime SPX +3.41% , helped by upbeat economic data, including a better-than-expected gain in private-sector payrolls. See more on Wednesday’s U.S. stock moves in Market Snapshot.

KGI Asia Chief Operating Officer Ben Kwong said this may have led investors to cover short positions, fueling the Asian rally, but he cautioned against tying the advance to any single factor. “You can pick any reason for the rally, but, for me, these are only excuses,” Kwong said. “The market is very sentiment-driven right now — whenever there’s any bad news shares sink, but when there is good news they’ll jump like a fox.”

Many financials were outperforming the broader climb, with Nomura Holdings Inc. /zigman2/quotes/206251373/delayed JP:8604 -1.72%   /zigman2/quotes/201003564/delayed NRSCF +6.22%  up 3.8% and Daiwa Securities Group Inc. /zigman2/quotes/201391978/delayed JP:8601 -2.49%   /zigman2/quotes/206649614/delayed DSECF -9.61%  adding 4.3% in Tokyo, Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -1.33%   /zigman2/quotes/201568493/delayed BACHY -0.21%   /zigman2/quotes/209359942/delayed CN:601988 -0.57%  ahead by 4.5% and Bank of Communications Co. /zigman2/quotes/207155262/delayed CN:601328 -0.38%   /zigman2/quotes/203442771/delayed HK:3328 -2.06% /zigman2/quotes/208048873/delayed BKFCF -15.38% rising 5%, and Macquarie Group Ltd. /zigman2/quotes/206727308/delayed AU:MQG +3.14% /zigman2/quotes/204353811/delayed MCQEF +7.45%  climbing 6.9% in Sydney.

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In Japan, exporters — especially in the tech sector — were performing strongly as upbeat sentiment carried over from the U.S. session. Fujitsu Ltd. /zigman2/quotes/208459594/delayed JP:6702 -1.52%   /zigman2/quotes/208783738/delayed FJTSY +0.71%  rose 6.5%, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.33%   /zigman2/quotes/208567357/composite SNE +2.39%  traded 4.7% higher, and Elpida Memory Inc.   advanced 6.6%.

Some Hong Kong-listed property developers saw particularly sharp gains, including Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -1.87% /zigman2/quotes/200754284/delayed AGPYY -34.62% , up 19.7%, and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +0.38%   /zigman2/quotes/210412581/delayed CAOVF -2.17% , up 17.4%.

Those shares had suffered in recent sessions amid concerns about funding for mainland property firms, and KGI Asia’s Kwong said the gains Thursday could constitute a relief rally after Chinese Premier Wen Jiabao called for action to prevent a capital shortage. See report on China’s property sector on Premier Wen’s comments.

Gains in commodity prices also drove resources shares higher across the region. Australian miners rose sharply, with Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.56%   /zigman2/quotes/202627887/composite RIO +0.59%  up 4.9%, Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG +0.76%   /zigman2/quotes/204116626/delayed FSUMF +6.22%  up 7.1%, Alumina Ltd. /zigman2/quotes/210515632/delayed AU:AWC +0.35%   /zigman2/quotes/201398507/delayed AWCMF +6.94%   adding 6.1%.

In Hong Kong, Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 -0.13%   /zigman2/quotes/204256025/delayed JIXAY -12.95%   /zigman2/quotes/201334192/delayed CN:600362 +0.76%  rallied 10.6%, and energy major Cnooc Ltd. /zigman2/quotes/203421416/delayed HK:883 -3.02%   /zigman2/quotes/204964401/composite CEO +0.79%  gained 8.5%, while in Tokyo Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 +2.88%   /zigman2/quotes/202925532/delayed JPTXF -1.12%  climbed 4%.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,970.37
-282.92 -1.17%
Volume: 1.84M
April 8, 2020 4:08p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
19,339.10
-14.14 -0.07%
Volume: 0.00
April 9, 2020 9:52a
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,254.40
+47.50 +0.91%
Volume: 178,291
April 9, 2020 10:52a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,838.48
+31.34 +1.73%
Volume: 258,584
April 9, 2020 9:52a
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
23,433.57
+779.71 +3.44%
Volume: 476.09M
April 8, 2020 5:06p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,749.98
+90.57 +3.41%
Volume: 3.34B
April 8, 2020 5:06p
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/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 450.30
-7.90 -1.72%
Volume: 3.71M
April 9, 2020 9:52a
P/E Ratio
5.96
Dividend Yield
6.66%
Market Cap
¥1372.71 billion
Rev. per Employee
¥65.89M
loading...
/zigman2/quotes/201003564/delayed
US : U.S.: OTC
$ 4.23
+0.25 +6.22%
Volume: 247,100
April 3, 2020 5:20p
P/E Ratio
6.05
Dividend Yield
N/A
Market Cap
$13.07 billion
Rev. per Employee
$597,075
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/zigman2/quotes/201391978/delayed
JP : Japan: Tokyo
¥ 443.10
-11.30 -2.49%
Volume: 1.18M
April 9, 2020 9:52a
P/E Ratio
11.06
Dividend Yield
4.51%
Market Cap
¥665.38 billion
Rev. per Employee
¥49.77M
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/zigman2/quotes/206649614/delayed
US : U.S.: OTC
$ 4.89
-0.52 -9.61%
Volume: 0.00
April 1, 2020 5:20p
P/E Ratio
13.30
Dividend Yield
N/A
Market Cap
$6.16 billion
Rev. per Employee
$450,764
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.97
-0.04 -1.33%
Volume: 243.10M
April 8, 2020 4:08p
P/E Ratio
4.18
Dividend Yield
7.05%
Market Cap
HK$886.04 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 9.59
-0.02 -0.21%
Volume: 92,256
April 8, 2020 3:55p
P/E Ratio
5.16
Dividend Yield
5.80%
Market Cap
$32.47 billion
Rev. per Employee
$399,878
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/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.49
-0.02 -0.57%
Volume: 55.27M
April 8, 2020 3:00p
P/E Ratio
5.48
Dividend Yield
5.47%
Market Cap
¥1033.23 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.19
-0.02 -0.38%
Volume: 45.23M
April 8, 2020 3:00p
P/E Ratio
5.17
Dividend Yield
6.07%
Market Cap
¥386.91 billion
Rev. per Employee
¥4.56M
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/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.75
-0.10 -2.06%
Volume: 25.03M
April 8, 2020 4:08p
P/E Ratio
4.04
Dividend Yield
7.27%
Market Cap
HK$360.18 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.55
-0.10 -15.38%
Volume: 121.00
April 8, 2020 11:18a
P/E Ratio
3.77
Dividend Yield
N/A
Market Cap
$48.27 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/206727308/delayed
AU : Australia: Sydney
$ 95.81
+2.92 +3.14%
Volume: 345,324
April 9, 2020 10:52a
P/E Ratio
10.59
Dividend Yield
7.54%
Market Cap
$31.31 billion
Rev. per Employee
$1.02M
loading...
/zigman2/quotes/204353811/delayed
US : U.S.: OTC
$ 58.29
+4.04 +7.45%
Volume: 1,009
April 8, 2020 10:30a
P/E Ratio
9.15
Dividend Yield
N/A
Market Cap
$18.37 billion
Rev. per Employee
$777,639
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/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 9,996.00
-154.00 -1.52%
Volume: 178,500
April 9, 2020 9:52a
P/E Ratio
13.27
Dividend Yield
1.80%
Market Cap
¥2015.27 billion
Rev. per Employee
¥28.38M
loading...
/zigman2/quotes/208783738/delayed
US : U.S.: OTC
$ 18.39
+0.13 +0.71%
Volume: 19,214
April 8, 2020 3:45p
P/E Ratio
1.29
Dividend Yield
1.11%
Market Cap
$18.49 billion
Rev. per Employee
$257,261
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 6,724.00
+22.00 +0.33%
Volume: 1.85M
April 9, 2020 9:52a
P/E Ratio
12.96
Dividend Yield
0.67%
Market Cap
¥8124.45 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 62.11
+1.45 +2.39%
Volume: 1.11M
April 8, 2020 6:30p
P/E Ratio
13.02
Dividend Yield
0.43%
Market Cap
$73.67 billion
Rev. per Employee
$654,652
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/zigman2/quotes/210448079/delayed
HK : Hong Kong
HK$ 8.38
-0.16 -1.87%
Volume: 5.68M
April 8, 2020 4:08p
P/E Ratio
3.79
Dividend Yield
11.93%
Market Cap
HK$33.45 billion
Rev. per Employee
HK$3.79M
loading...
/zigman2/quotes/200754284/delayed
US : U.S.: OTC
$ 50.04
-26.50 -34.62%
Volume: 0.00
March 23, 2020 12:44p
P/E Ratio
3.55
Dividend Yield
13.82%
Market Cap
$4.32 billion
Rev. per Employee
$483,421
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 26.20
+0.10 +0.38%
Volume: 13.86M
April 8, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
3.89%
Market Cap
HK$285.96 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/210412581/delayed
US : U.S.: OTC
$ 3.15
-0.07 -2.17%
Volume: 140.00
April 8, 2020 9:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$37.03 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 88.76
-0.50 -0.56%
Volume: 275,118
April 9, 2020 10:52a
P/E Ratio
12.65
Dividend Yield
7.41%
Market Cap
$147.29 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 46.00
+0.27 +0.59%
Volume: 1.92M
April 8, 2020 6:30p
P/E Ratio
9.40
Dividend Yield
8.30%
Market Cap
$57.37 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 11.34
+0.09 +0.76%
Volume: 2.44M
April 9, 2020 10:52a
P/E Ratio
4.88
Dividend Yield
8.82%
Market Cap
$35.15 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/delayed
US : U.S.: OTC
$ 7.17
+0.42 +6.22%
Volume: 29.00
April 8, 2020 5:20p
P/E Ratio
4.44
Dividend Yield
N/A
Market Cap
$22.07 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210515632/delayed
AU : Australia: Sydney
$ 1.42
+0.0050 +0.35%
Volume: 1.33M
April 9, 2020 10:52a
P/E Ratio
13.44
Dividend Yield
8.54%
Market Cap
$4.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201398507/delayed
US : U.S.: OTC
$ 0.90
+0.06 +6.94%
Volume: 0.00
March 26, 2020 9:38a
P/E Ratio
12.18
Dividend Yield
N/A
Market Cap
$2.62 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
HK$ 7.51
-0.01 -0.13%
Volume: 5.21M
April 8, 2020 4:08p
P/E Ratio
9.37
Dividend Yield
1.46%
Market Cap
HK$26.04 billion
Rev. per Employee
HK$12.12M
loading...
/zigman2/quotes/204256025/delayed
US : U.S.: OTC
$ 38.10
-5.67 -12.95%
Volume: 300.00
April 7, 2020 1:55p
P/E Ratio
9.22
Dividend Yield
2.69%
Market Cap
$13.46 billion
Rev. per Employee
$1.55M
loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 13.26
+0.10 +0.76%
Volume: 18.76M
April 8, 2020 3:00p
P/E Ratio
18.62
Dividend Yield
0.75%
Market Cap
¥45.57 billion
Rev. per Employee
¥10.12M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.67
-0.27 -3.02%
Volume: 123.61M
April 8, 2020 4:08p
P/E Ratio
5.59
Dividend Yield
9.00%
Market Cap
HK$399.15 billion
Rev. per Employee
HK$13.96M
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/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 113.95
+0.89 +0.79%
Volume: 239,367
April 8, 2020 6:30p
P/E Ratio
6.04
Dividend Yield
7.87%
Market Cap
$50.48 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 1,965.00
+55.00 +2.88%
Volume: 71,300
April 9, 2020 9:52a
P/E Ratio
5.64
Dividend Yield
2.54%
Market Cap
¥110.30 billion
Rev. per Employee
¥156.48M
loading...
/zigman2/quotes/202925532/delayed
US : U.S.: OTC
$ 21.16
-0.24 -1.12%
Volume: 0.00
March 23, 2020 5:20p
P/E Ratio
6.63
Dividend Yield
N/A
Market Cap
$1.21 billion
Rev. per Employee
$1.42M
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Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles. Nick Godt is a MarketWatch reporter based in Mumbai.

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