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July 23, 2013, 4:18 a.m. EDT

China stocks jump to lead Asia; metal shares rally

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Asian stocks extended gains Tuesday on expectations Beijing will fine-tune its policies to support China’s economic growth and as the Japanese government upgraded its view of the economy for a third straight month.

Resource sector shares also pulled higher after a strong increase in the prices of gold and silver overnight, while Chinese telecommunications firm ZTE Corp. soared after reporting its first-half results.

/zigman2/quotes/210598127/delayed SHCOMP 2,917.32, +2.84, +0.10%
/zigman2/quotes/210598030/delayed HSI 26,436.62, -58.11, -0.22%
/zigman2/quotes/210599714/realtime SPX 3,132.52, -3.44, -0.11%
Year-to-date percentage changes
Shanghai Composite and Hang Seng Index underperform S&P 500 Index

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.10%  rose 2%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.22%  rallied 2.3% to lead the region’s advance.

The gains came after a state newspaper cited Premier Li Keqiang as saying last week at a meeting of the State Council, China’s cabinet, that the government would take action to ensure economic growth doesn’t fall below 7%.

Meanwhile, Chinese Vice Premier Zhang Gaoli said Monday that policy makers were committed to speeding up economic restructuring and would take steps to support reasonable infrastructure and social-welfare investments, according to a Reuters report.

China’s foreign-exchange regulator said separately that the country wasn’t seeing any capital flight.

“Outflows of hot money triggered reserve losses everywhere in Asia including China in June. With the end of the market panic, we expect the outflows to abate and market moves triggered by stale flow data will be reversed,” said Singapore-based ING economist Tim Condon.

Meanwhile, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.09% overcame a lower opening to rise 0.8% after the government said the economic recovery had become self-sustaining.

Elsewhere, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.45%  gained 1.3%, and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.34%  added 0.3%.


Shutterstock Enlarge Image
Asian resource stocks see gains after an increase in metal prices. (Pictured: the Gangnam District of Seoul, South Korea.)

The region’s stock advances came after the Standard & Poor’s 500 Index /zigman2/quotes/210599714/realtime SPX -0.11%  rose to a fresh record overnight, despite a weak set of quarterly results from McDonald’s Corp. /zigman2/quotes/203508018/composite MCD +0.14%  

“Markets have gradually digested the message that Fed tapering need not equate to an earlier onset of policy rate hikes and see this as broadly priced in by now. We expect markets to give more weight to fundamental issues in the near term,” Barclays analysts wrote in a report.

Shares of several metals companies advanced around the region after gold and silver prices jumped in U.S. trading.

Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -0.03%   /zigman2/quotes/206026738/delayed NCMGF +0.05%  rallied 5.4% in Sydney, Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 +0.62%  climbed 1.6% in Seoul, and Sumitomo Metal Mining Co. /zigman2/quotes/205273301/delayed JP:5713 +1.04% /zigman2/quotes/203832662/delayed STMNF -6.44% added 4.3% in Tokyo.

Shares of Chinese gold miner Zijin Mining Industry Co. /zigman2/quotes/204517000/delayed HK:2899 +1.92%   /zigman2/quotes/203833875/delayed CN:601899 +2.86%   /zigman2/quotes/209836076/delayed ZIJMF +0.49%  surged 7.9%, and Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 +1.28%   /zigman2/quotes/201334192/delayed CN:600362 +4.07% /zigman2/quotes/204256025/delayed JIXAY -2.05%  rose 5.2% in Hong Kong; in Shanghai trading, they gained 2.4% and 3.1%, respectively.

Shares of ZTE Corp. /zigman2/quotes/209674390/delayed CN:000063 +1.52%   /zigman2/quotes/205359573/delayed HK:763 +2.54% /zigman2/quotes/205386796/delayed ZTCOY +3.76%  spiralled 19.5% in Hong Kong and by the day’s 10% limit in Shenzhen. The surge came after the telecommunications-equipment maker said the business environment was expected to improve later this year, and reported a strong increase in first-half profit despite a decline in operating revenues.

Chinese property developers also advanced amid expectations for policy intervention to support growth. Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 -0.45%  rose 3.6% in Shanghai, and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +2.52%   /zigman2/quotes/202573805/delayed CAOVY +3.59%  climbed 4.1% in Hong Kong.

Click to Play

Gold spikes on hopes of more stimulus

Gold futures climb above $1,300 an ounce as investors bet on continued easy monetary policy after elections in Japan and last week's comments from Federal Reserve chief Ben Bernanke. Photo: AP.

In Tokyo, telecommunication shares added to their recent gains, with KDDI Corp. /zigman2/quotes/204923990/delayed JP:9433 +0.28%   /zigman2/quotes/205540401/delayed KDDIY +0.48%  rising 2.1%, and Nippon Telegraph & Telephone Corp. /zigman2/quotes/200718273/delayed JP:9432 -0.04%     climbing 1%.

Some exporters suffered losses, however, as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0184% traded below the ¥100-level.

Shares of Hino Motors Ltd. /zigman2/quotes/209422954/delayed JP:7205 +0.35%   /zigman2/quotes/207652388/delayed HINOY +6.85%  lost 3%, while farm-and-construction-equipment maker Kubota Corp. /zigman2/quotes/201871403/delayed JP:6326 -0.61% /zigman2/quotes/208058298/delayed KUBTY -0.40%  fell 1.9%.

Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 -1.83%   /zigman2/quotes/200876874/delayed MMTOF +1.37%  fell 3.1%, after the Nikkei newspaper reported it will likely post a 7% growth in group operating profit for the quarter ended June 30.

Tokyo Electric Power Co. /zigman2/quotes/202771076/delayed JP:9501 -2.45%   /zigman2/quotes/205839055/delayed TKECY -0.23%  tumbled 6.7% after Kyodo News reported the company admitted that contaminated water from the disaster-struck Fukushima nuclear plant was leaking into the Pacific Ocean.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,917.32
+2.84 +0.10%
Volume: 17.01B
Dec. 10, 2019 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,436.62
-58.11 -0.22%
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Dec. 10, 2019 4:08p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
23,410.19
-20.51 -0.09%
Volume: 0.00
Dec. 10, 2019 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,098.00
+9.35 +0.45%
Volume: 500,064
Dec. 10, 2019 6:01p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,706.90
-23.10 -0.34%
Volume: 587.00
Dec. 11, 2019 8:46a
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/zigman2/quotes/210599714/realtime
US : S&P US
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Volume: 1.64B
Dec. 10, 2019 4:20p
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/zigman2/quotes/203508018/composite
US : U.S.: NYSE
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Market Cap
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AU : Australia: Sydney
$ 28.76
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Dec. 10, 2019 4:10p
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Market Cap
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Rev. per Employee
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KR : S. Korea: KRX
406,500
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JP : Japan: Tokyo
¥ 3,412.00
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US : U.S.: OTC
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Dividend Yield
N/A
Market Cap
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Rev. per Employee
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/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 3.18
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17.16
Dividend Yield
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Market Cap
HK$71.86 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 3.96
+0.11 +2.86%
Volume: 362.71M
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P/E Ratio
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Dividend Yield
2.53%
Market Cap
¥88.67 billion
Rev. per Employee
¥5.78M
loading...
/zigman2/quotes/209836076/delayed
US : U.S.: OTC
$ 0.41
+0.0020 +0.49%
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P/E Ratio
17.37
Dividend Yield
N/A
Market Cap
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$872,997
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/zigman2/quotes/201668148/delayed
HK : Hong Kong
HK$ 9.50
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Dec. 10, 2019 4:08p
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Market Cap
HK$32.48 billion
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loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 15.09
+0.59 +4.07%
Volume: 49.06M
Dec. 10, 2019 3:00p
P/E Ratio
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Market Cap
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/zigman2/quotes/204256025/delayed
US : U.S.: OTC
$ 47.78
-1.00 -2.05%
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Nov. 21, 2019 5:19p
P/E Ratio
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Market Cap
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Rev. per Employee
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loading...
/zigman2/quotes/209674390/delayed
CN : China: Shenzhen
¥ 32.08
+0.48 +1.52%
Volume: 63.62M
Dec. 10, 2019 3:00p
P/E Ratio
30.73
Dividend Yield
0.00%
Market Cap
¥132.49 billion
Rev. per Employee
¥1.21M
loading...
/zigman2/quotes/205359573/delayed
HK : Hong Kong
HK$ 22.20
+0.55 +2.54%
Volume: 5.76M
Dec. 10, 2019 4:08p
P/E Ratio
18.80
Dividend Yield
N/A
Market Cap
HK$90.77 billion
Rev. per Employee
HK$1.44M
loading...
/zigman2/quotes/205386796/delayed
US : U.S.: OTC
$ 5.67
+0.21 +3.76%
Volume: 15,757
Dec. 10, 2019 3:13p
P/E Ratio
18.81
Dividend Yield
N/A
Market Cap
$2.06 billion
Rev. per Employee
$184,510
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.47
-0.07 -0.45%
Volume: 55.70M
Dec. 10, 2019 3:00p
P/E Ratio
8.31
Dividend Yield
3.23%
Market Cap
¥185.41 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 28.45
+0.70 +2.52%
Volume: 17.89M
Dec. 10, 2019 4:08p
P/E Ratio
6.68
Dividend Yield
3.34%
Market Cap
HK$304.04 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202573805/delayed
US : U.S.: OTC
$ 18.20
+0.63 +3.59%
Volume: 22,142
Dec. 10, 2019 2:54p
P/E Ratio
6.70
Dividend Yield
2.81%
Market Cap
$38.84 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/204923990/delayed
JP : Japan: Tokyo
¥ 3,200.00
+9.00 +0.28%
Volume: 3.77M
Dec. 10, 2019 3:00p
P/E Ratio
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Dividend Yield
3.44%
Market Cap
¥7410.80 billion
Rev. per Employee
¥130.16M
loading...
/zigman2/quotes/205540401/delayed
US : U.S.: OTC
$ 14.69
+0.07 +0.48%
Volume: 63,882
Dec. 10, 2019 3:57p
P/E Ratio
12.25
Dividend Yield
2.30%
Market Cap
$68.24 billion
Rev. per Employee
$1.18M
loading...
/zigman2/quotes/200718273/delayed
JP : Japan: Tokyo
¥ 5,582.00
-2.00 -0.04%
Volume: 2.01M
Dec. 10, 2019 3:00p
P/E Ratio
12.59
Dividend Yield
3.40%
Market Cap
¥10149.50 billion
Rev. per Employee
¥42.02M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.7340
+0.0200 +0.0184%
Volume: 0.0000
Dec. 10, 2019 5:10p
loading...
/zigman2/quotes/209422954/delayed
JP : Japan: Tokyo
¥ 1,151.00
+4.00 +0.35%
Volume: 1.28M
Dec. 10, 2019 3:00p
P/E Ratio
13.39
Dividend Yield
2.26%
Market Cap
¥658.41 billion
Rev. per Employee
¥60.20M
loading...
/zigman2/quotes/207652388/delayed
US : U.S.: OTC
$ 104.66
+6.71 +6.85%
Volume: 188.00
Dec. 10, 2019 3:45p
P/E Ratio
13.40
Dividend Yield
2.00%
Market Cap
$6.06 billion
Rev. per Employee
$545,250
loading...
/zigman2/quotes/201871403/delayed
JP : Japan: Tokyo
¥ 1,722.00
-10.50 -0.61%
Volume: 2.10M
Dec. 10, 2019 3:00p
P/E Ratio
13.64
Dividend Yield
2.09%
Market Cap
¥2113.53 billion
Rev. per Employee
¥46.95M
loading...
/zigman2/quotes/208058298/delayed
US : U.S.: OTC
$ 79.05
-0.32 -0.40%
Volume: 8,492
Dec. 10, 2019 3:51p
P/E Ratio
13.76
Dividend Yield
1.68%
Market Cap
$19.46 billion
Rev. per Employee
$425,111
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 482.00
-9.00 -1.83%
Volume: 3.12M
Dec. 10, 2019 3:00p
P/E Ratio
8.59
Dividend Yield
4.15%
Market Cap
¥730.76 billion
Rev. per Employee
¥80.91M
loading...
/zigman2/quotes/200876874/delayed
US : U.S.: OTC
$ 4.45
+0.06 +1.37%
Volume: 1,050
Dec. 9, 2019 2:32p
P/E Ratio
8.79
Dividend Yield
N/A
Market Cap
$6.62 billion
Rev. per Employee
$733,027
loading...
/zigman2/quotes/202771076/delayed
JP : Japan: Tokyo
¥ 478.00
-12.00 -2.45%
Volume: 7.80M
Dec. 10, 2019 3:00p
P/E Ratio
4.19
Dividend Yield
N/A
Market Cap
¥785.09 billion
Rev. per Employee
¥149.25M
loading...
/zigman2/quotes/205839055/delayed
US : U.S.: OTC
$ 4.39
-0.01 -0.23%
Volume: 18.00
Dec. 9, 2019 5:20p
P/E Ratio
4.21
Dividend Yield
N/A
Market Cap
$7.23 billion
Rev. per Employee
$1.35M
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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