Bulletin
Investor Alert

London Markets Open in:

Asia Markets Archives | Email alerts

May 2, 2012, 5:16 a.m. EDT

Asia stocks rise, with China up after data

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Hang Seng Index (HSI)
  • X
    Ping An Bank Co. Ltd. (000001)
  • X
    KOSPI Composite Index (180721)

or Cancel Already have a watchlist? Log In

By Sarah Turner and Nick Godt, MarketWatch

MUMBAI (MarketWatch) — Asian stock markets broadly advanced Wednesday, as investors reacted to Chinese manufacturing data and a move to cut trading costs, while a weaker yen helped Japan’s market.

Investors returning from a one-day break in Hong Kong pushed the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.75%  up 1%, while the Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -4.04%  rose 1.8% as mainland Chinese bourses traded for the first time this week.

“China and India continue to remain our favored markets, with positive signs out of the U.S. providing export upside to China, and any pessimism around the case for India already priced in,” said Andrew Pease, Russell Investment’s chief investment strategist for Asia-Pacific.

Asian markets can push higher in 2012, he said. But the outlook is mixed given slower growth, earnings headwinds, valuations and scope for monetary policy easing. “The gains will be hard won,” Pease said.

Click to Play

Stocks for a slow-growth economy

Michael Cuggino, manager of Permanent Portfolio Fund, talks with MarketWatch's Jonathan Burton about the mining, banking and other stocks he owns to weather a slowing global economy.

Among other Asian stock markets back from a holiday Wednesday South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -3.30% rose 0.9%.

Japanese and Australian markets were the only major Asian bourses open Tuesday, and Wednesday’s gains for both markets were less pronounced than elsewhere in the region. The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -3.67%  rose 0.3%, while the Australian S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -3.25%  rose 0.1%.

While much of Europe was also closed for a holiday on Tuesday, the Dow Jones Industrial Average rose to hit its highest close since late 2007, a day after a report indicated U.S. manufacturing expanded in April. Read U.S. market snapshot.

“The survey will ease concerns ... of a renewed slowdown in growth similar to the one seen last year. We think the latest recovery is made of sterner stuff,” said Paul Dales, senior U.S. economist at Capital Economics.

Investors were also eyeing an uptick in manufacturing data from China. Official data out Tuesday showed the Chinese manufacturing sector steadily improving in April, rising for a fifth straight month. Read more on offical Chinese data.

On Wednesday, HSBC released its own manufacturing survey results for April, which also showed an improvement, although the index still remained in contraction territory. Read more on HSBC China data.

“The upward revision to April’s final PMI reading, compared to the [preliminary] estimate, confirms that the pace of China’s slowdown [has] stabilized,” said Hongbin Qu, HSBC’s chief economist for China.

Major movers

A range of firms were advancing in Hong Kong, with China Coal Energy Co. /zigman2/quotes/201486584/delayed HK:1898 -3.44%   /zigman2/quotes/200280825/delayed CN:601898 -3.36%   /zigman2/quotes/205321671/delayed CCOZY -1.24%  up 1.4%, and China Shenhua Energy Co. /zigman2/quotes/206065610/delayed HK:1088 -2.88%   /zigman2/quotes/202621923/delayed CN:601088 -2.50%   /zigman2/quotes/206839995/delayed CSUAY +0.21%  rising 0.3%.

Apparel firm Esprit Holdings Ltd. /zigman2/quotes/205943307/delayed HK:330 -5.71%   /zigman2/quotes/206195919/delayed ESPGY +5.26%  gained 2.4%, airline Cathay Pacific Airways Ltd. /zigman2/quotes/203532437/delayed HK:293 -1.96%   /zigman2/quotes/208114856/delayed CPCAY -1.84%  rose 1.7%, and exporter and logistics firm Li & Fung Ltd. /zigman2/quotes/201795755/delayed HK:494 -4.48%   /zigman2/quotes/201638706/delayed LFUGY +1.47%  advanced 2.2%.

Also helping sentiment for Chinese stocks was news that the China Securities and Exchange Commission and the mainland stock markets would lower costs for stock transactions. Regulators also plan to tighten rules for initial public offerings and unqualified firms would be forced to delist, Citigroup analysts said.

“This is likely part of the government’s effort to lift the confidence level of investors in the [mainland Chinese] A-share markets ahead of the leadership reshuffle this fall,” they said.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,042.03
-736.59 -2.75%
Volume: 2.03M
Feb. 28, 2020 3:05p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.50
-0.61 -4.04%
Volume: 130.06M
Feb. 28, 2020 3:00p
P/E Ratio
10.36
Dividend Yield
1.50%
Market Cap
¥290.89 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,987.01
-67.88 -3.30%
Volume: 660,093
Feb. 28, 2020 3:33p
loading...
/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
21,142.96
-805.27 -3.67%
Volume: 0.00
Feb. 28, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,441.20
-216.70 -3.25%
Volume: 1.52M
Feb. 28, 2020 5:29p
loading...
/zigman2/quotes/201486584/delayed
HK : Hong Kong
HK$ 2.53
-0.09 -3.44%
Volume: 4.15M
Feb. 28, 2020 3:05p
P/E Ratio
5.79
Dividend Yield
3.51%
Market Cap
HK$34.74 billion
Rev. per Employee
HK$2.78M
loading...
/zigman2/quotes/200280825/delayed
CN : China: Shanghai
¥ 4.31
-0.15 -3.36%
Volume: 21.71M
Feb. 28, 2020 3:00p
P/E Ratio
11.27
Dividend Yield
1.81%
Market Cap
¥59.13 billion
Rev. per Employee
¥2.35M
loading...
/zigman2/quotes/205321671/delayed
US : U.S.: OTC
$ 7.18
-0.09 -1.24%
Volume: 0.00
Feb. 13, 2020 9:41a
P/E Ratio
8.94
Dividend Yield
2.52%
Market Cap
$13.80 billion
Rev. per Employee
$354,816
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 13.50
-0.40 -2.88%
Volume: 26.30M
Feb. 28, 2020 3:05p
P/E Ratio
5.45
Dividend Yield
7.63%
Market Cap
HK$273.68 billion
Rev. per Employee
HK$3.46M
loading...
/zigman2/quotes/202621923/delayed
CN : China: Shanghai
¥ 16.00
-0.41 -2.50%
Volume: 38.69M
Feb. 28, 2020 3:00p
P/E Ratio
6.97
Dividend Yield
5.50%
Market Cap
¥326.39 billion
Rev. per Employee
¥2.92M
loading...
/zigman2/quotes/206839995/delayed
US : U.S.: OTC
$ 7.03
+0.02 +0.21%
Volume: 48,788
Feb. 27, 2020 3:46p
P/E Ratio
5.27
Dividend Yield
6.02%
Market Cap
$6.06 billion
Rev. per Employee
$448,167
loading...
/zigman2/quotes/205943307/delayed
HK : Hong Kong
HK$ 1.32
-0.08 -5.71%
Volume: 7.06M
Feb. 28, 2020 3:05p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$2.64 billion
Rev. per Employee
HK$2.22M
loading...
/zigman2/quotes/206195919/delayed
US : U.S.: OTC
$ 0.39
+0.02 +5.26%
Volume: 0.00
Jan. 23, 2020 3:38p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$338.24 million
Rev. per Employee
$282,717
loading...
/zigman2/quotes/203532437/delayed
HK : Hong Kong
HK$ 10.02
-0.20 -1.96%
Volume: 1.90M
Feb. 28, 2020 3:04p
P/E Ratio
9.97
Dividend Yield
3.79%
Market Cap
HK$40.20 billion
Rev. per Employee
HK$4.27M
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 6.40
-0.12 -1.84%
Volume: 37,259
Feb. 27, 2020 3:58p
P/E Ratio
9.98
Dividend Yield
3.33%
Market Cap
$5.16 billion
Rev. per Employee
$544,403
loading...
/zigman2/quotes/201795755/delayed
HK : Hong Kong
HK$ 0.64
-0.03 -4.48%
Volume: 18.06M
Feb. 28, 2020 3:05p
P/E Ratio
7.27
Dividend Yield
7.81%
Market Cap
HK$5.65 billion
Rev. per Employee
HK$5.73M
loading...
/zigman2/quotes/201638706/delayed
US : U.S.: OTC
$ 0.17
+0.0025 +1.47%
Volume: 1,252
Feb. 27, 2020 3:30p
P/E Ratio
7.67
Dividend Yield
5.94%
Market Cap
$722.47 million
Rev. per Employee
$731,141
loading...
1 2
This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.