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Oct. 30, 2013, 6:42 a.m. EDT

Asia stocks trade higher; markets await Fed

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By Daniel Inman

Chinese stocks jumped Wednesday, with strong gains in Hong Kong and Shanghai, while the rest of Asia moved higher ahead of the conclusion of the U.S. Federal Reserve’s policy meeting.

A number of factors conspired to create the sharp movement higher in China, pushing Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.33% to end up 2% and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.55%  up 1.5%.

Chinese banks, which account for a large part of the index, rose ahead of their quarterly earnings reports to be released after the market closes. Agricultural Bank of China /zigman2/quotes/200705246/delayed HK:1288 +1.73%   /zigman2/quotes/209398792/delayed ACGBF +4.83%  rose 2.8% in Hong Kong and Industrial and Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 +2.79%   /zigman2/quotes/204265987/delayed IDCBF -6.88%  climbed 2.4%.


Shutterstock/Dmitri Ometsinsky
A bull statue stands in central Shanghai.

In Shanghai, power companies helped the market, rising due to robust earnings in the sector. GD Power Development Co. rose 5.2% and SDIC Power Holdings Co. added 9.7%.

More broadly, regional markets were higher ahead of the conclusion of the U.S. Federal Reserve’s policy decision out later in the day. Asia was under pressure throughout the summer due to expectations the Fed would start to roll back its stimulus, leading to heavy outflows from the region. In September, the central bank surprised markets by keeping its bond-buying program unchanged.

Expectations for a change coming from Wednesday’s Fed meeting are low, and many investors predict the central bank will keep policy unchanged until next year.

Also helping sentiment was another strong showing on Wall Street overnight, where stocks hit record highs.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2105%  stabilized early in Asia after the dollar gained 0.5% against its Japanese counterpart overnight, recently at ¥98.26 to the dollar.

The reversal of some of the yen’s recent strength was positive for Japanese stocks, with the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -1.83%  up 1.2%.

Click to Play

Chinese Communist Party’s political gridlock

A high-level meeting in Beijing, which will set China’s economic course for the next decade, is expected to deliver only narrow reforms.

Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.23%  added 0.3%, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.71%  rose 0.4%.

The regional earnings season continued to roll on, with reports from major companies in Japan and China.

In Hong Kong, China Petroleum & Chemical Corp. /zigman2/quotes/202085942/delayed HK:386 +2.43%   posted a 20% rise in its third-quarter net profit from a year earlier, helping to lift the company’s stock by 2.8%. PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +0.63%  , rose 1% after reporting a 19% increase in net profit over the same period.

Softbank /zigman2/quotes/207303954/delayed JP:9984 -2.60%   /zigman2/quotes/202815238/delayed SFTBF +0.76%  rose 2% in Tokyo following a Nikkei report that said the telecoms company’s group operating profit for the first half of the fiscal year likely rose 70% on-year to more than ¥700 billion ($7.13 billion).

Securities firms were in focus in Tokyo after Nomura Holdings /zigman2/quotes/206251373/delayed JP:8604 -0.77%   /zigman2/quotes/201003564/delayed NRSCF +2.75%  and Daiwa Securities Group /zigman2/quotes/201391978/delayed JP:8601 -0.60%   /zigman2/quotes/206649614/delayed DSECF -0.0098%  reported second-quarter earnings. Daiwa rose 3.8% after reporting its net profit slid 38% on the previous quarter on decreased equity trading, which was above consensus expectations. Analysts say it already is factored into the price.

Nomura added 1.4%, underperforming the broader market after reporting a steep decline in net profit significantly lower than in the previous quarter, although in line with market expectations.

Also in Japan, Fanuc Corp. /zigman2/quotes/202054799/delayed JP:6954 -1.91%   /zigman2/quotes/206262686/delayed FANUF +2.09%  dropped 2.4% after the industrial robotics company announced a decline in sales and a lower-than-expected guidance for the full-year. Tokyo Electron /zigman2/quotes/202883609/delayed JP:8035 -3.51%   /zigman2/quotes/200298228/delayed TOELF -2.89%  added 1.1% after the firm announced a sharp rise in orders for the second quarter that ended in September.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,222.83
+56.96 +0.33%
Volume: 2.11M
Sept. 30, 2022 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,024.39
-16.81 -0.55%
Volume: 20.41B
Sept. 30, 2022 3:00p
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/zigman2/quotes/200705246/delayed
HK : Hong Kong
$ 2.35
+0.04 +1.73%
Volume: 94.91M
Sept. 30, 2022 4:08p
P/E Ratio
2.74
Dividend Yield
10.30%
Market Cap
$1052.62 billion
Rev. per Employee
$3.25M
loading...
/zigman2/quotes/209398792/delayed
US : U.S.: OTC
$ 0.31
+0.01 +4.83%
Volume: 1,000
Sept. 30, 2022 3:10p
P/E Ratio
2.81
Dividend Yield
N/A
Market Cap
$134.09 billion
Rev. per Employee
$406,847
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 3.68
+0.10 +2.79%
Volume: 187.75M
Sept. 30, 2022 4:08p
P/E Ratio
3.13
Dividend Yield
9.33%
Market Cap
$1583.63 billion
Rev. per Employee
$3.85M
loading...
/zigman2/quotes/204265987/delayed
US : U.S.: OTC
$ 0.47
-0.03 -6.88%
Volume: 200.00
Sept. 28, 2022 2:42p
P/E Ratio
3.00
Dividend Yield
N/A
Market Cap
$201.98 billion
Rev. per Employee
$514,332
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.7220
+0.3040 +0.2105%
Volume: 0.0000
Sept. 30, 2022 4:59p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
25,937.21
-484.84 -1.83%
Volume: 0.00
Sept. 30, 2022 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,474.20
-80.80 -1.23%
Volume: 1.01M
Sept. 30, 2022 5:06p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,155.49
-15.44 -0.71%
Volume: 950,269
Sept. 30, 2022 3:32p
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
$ 3.37
+0.08 +2.43%
Volume: 102.14M
Sept. 30, 2022 4:08p
P/E Ratio
4.97
Dividend Yield
16.22%
Market Cap
$527.80 billion
Rev. per Employee
$8.69M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.22
+0.02 +0.63%
Volume: 137.09M
Sept. 30, 2022 4:08p
P/E Ratio
4.55
Dividend Yield
10.76%
Market Cap
$969.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 4,900.00
-131.00 -2.60%
Volume: 15.90M
Sept. 30, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥7941.17 billion
Rev. per Employee
¥133.99M
loading...
/zigman2/quotes/202815238/delayed
US : U.S.: OTC
$ 34.54
+0.26 +0.76%
Volume: 3,052
Sept. 30, 2022 11:29a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$54.92 billion
Rev. per Employee
$1.15M
loading...
/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 478.40
-3.70 -0.77%
Volume: 10.18M
Sept. 30, 2022 3:00p
P/E Ratio
15.69
Dividend Yield
4.60%
Market Cap
¥1453.91 billion
Rev. per Employee
¥60.14M
loading...
/zigman2/quotes/201003564/delayed
US : U.S.: OTC
$ 3.55
+0.10 +2.75%
Volume: 13.00
Sept. 20, 2022 12:25p
P/E Ratio
13.35
Dividend Yield
N/A
Market Cap
$10.61 billion
Rev. per Employee
$513,145
loading...
/zigman2/quotes/201391978/delayed
JP : Japan: Tokyo
¥ 566.40
-3.40 -0.60%
Volume: 6.92M
Sept. 30, 2022 3:00p
P/E Ratio
10.24
Dividend Yield
6.18%
Market Cap
¥845.66 billion
Rev. per Employee
¥41.78M
loading...
/zigman2/quotes/206649614/delayed
US : U.S.: OTC
$ 4.08
-0.0004 -0.0098%
Volume: 520,000
Sept. 8, 2022 11:22a
P/E Ratio
8.50
Dividend Yield
N/A
Market Cap
$6.30 billion
Rev. per Employee
$357,508
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,260.00
-395.00 -1.91%
Volume: 1.57M
Sept. 30, 2022 3:00p
P/E Ratio
24.73
Dividend Yield
2.57%
Market Cap
¥3962.12 billion
Rev. per Employee
¥87.52M
loading...
/zigman2/quotes/206262686/delayed
US : U.S.: OTC
$ 146.25
+3.00 +2.09%
Volume: 28.00
Sept. 29, 2022 11:55a
P/E Ratio
20.94
Dividend Yield
N/A
Market Cap
$27.40 billion
Rev. per Employee
$744,231
loading...
/zigman2/quotes/202883609/delayed
JP : Japan: Tokyo
¥ 35,700.00
-1,300 -3.51%
Volume: 2.62M
Sept. 30, 2022 3:00p
P/E Ratio
13.15
Dividend Yield
4.70%
Market Cap
¥5760.74 billion
Rev. per Employee
¥129.55M
loading...
/zigman2/quotes/200298228/delayed
US : U.S.: OTC
$ 247.15
-7.35 -2.89%
Volume: 424.00
Sept. 30, 2022 3:46p
P/E Ratio
10.61
Dividend Yield
N/A
Market Cap
$39.84 billion
Rev. per Employee
$1.11M
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