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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 3,282.06, -58.23, -1.74%
/zigman2/quotes/210598030/delayed HSI 24,845.20, -45.48, -0.18%
/zigman2/quotes/210599714/realtime SPX 3,333.69, -26.78, -0.80%
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 -1.74%  rose 2%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.18%  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 +0.17% 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 +0.0021%  gained 1.3%, and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.51%  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 -0.80%  rose to a fresh record overnight, despite a weak set of quarterly results from McDonald’s Corp. /zigman2/quotes/203508018/composite MCD +0.43%  

“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 -3.26%   /zigman2/quotes/206026738/composite NCMGF -3.23%  rallied 5.4% in Sydney, Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 -4.22%  climbed 1.6% in Seoul, and Sumitomo Metal Mining Co. /zigman2/quotes/205273301/delayed JP:5713 -3.39% /zigman2/quotes/203832662/composite STMNF +37.44% added 4.3% in Tokyo.

Shares of Chinese gold miner Zijin Mining Industry Co. /zigman2/quotes/204517000/delayed HK:2899 -10.79%   /zigman2/quotes/203833875/delayed CN:601899 -8.29%   /zigman2/quotes/209836076/composite ZIJMF -8.89%  surged 7.9%, and Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 -3.39%   /zigman2/quotes/201334192/delayed CN:600362 -3.39% /zigman2/quotes/204256025/composite JIXAY +37.29%  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 +0.93%   /zigman2/quotes/205359573/delayed HK:763 -1.81% /zigman2/quotes/205386796/composite ZTCOY 0.00%  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 +0.92%  rose 3.6% in Shanghai, and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -1.29%   /zigman2/quotes/202573805/composite CAOVY +0.51%  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 +1.17%   /zigman2/quotes/205540401/composite KDDIY -0.20%  rising 2.1%, and Nippon Telegraph & Telephone Corp. /zigman2/quotes/200718273/delayed JP:9432 +2.48%     climbing 1%.

Some exporters suffered losses, however, as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1784% traded below the ¥100-level.

Shares of Hino Motors Ltd. /zigman2/quotes/209422954/delayed JP:7205 +1.09%   /zigman2/quotes/207652388/composite HINOY +13.07%  lost 3%, while farm-and-construction-equipment maker Kubota Corp. /zigman2/quotes/201871403/delayed JP:6326 +0.74% /zigman2/quotes/208058298/composite KUBTY +3.36%  fell 1.9%.

Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +1.63%   /zigman2/quotes/200876874/composite MMTOF +4.55%  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 +2.58%   /zigman2/quotes/205839055/composite TKECY +0.54%  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
3,282.06
-58.23 -1.74%
Volume: 23.69B
Aug. 12, 2020 11:21a
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,845.20
-45.48 -0.18%
Volume: 593,122
Aug. 12, 2020 11:21a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,789.15
+38.91 +0.17%
Volume: 0.00
Aug. 12, 2020 11:30a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,418.72
+0.05 +0.0021%
Volume: 469,182
Aug. 12, 2020 12:16p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,107.30
-31.40 -0.51%
Volume: 373,668
Aug. 12, 2020 1:16p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,333.69
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Volume: 2.90B
Aug. 11, 2020 5:08p
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/zigman2/quotes/203508018/composite
US : U.S.: NYSE
$ 205.00
+0.88 +0.43%
Volume: 2.48M
Aug. 11, 2020 4:00p
P/E Ratio
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Dividend Yield
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Market Cap
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Rev. per Employee
$100,120
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/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 34.09
-1.15 -3.26%
Volume: 3.22M
Aug. 12, 2020 1:16p
P/E Ratio
32.73
Dividend Yield
0.96%
Market Cap
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Rev. per Employee
N/A
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/zigman2/quotes/206026738/composite
US : U.S.: OTC
$ 24.55
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Volume: 12,895
Aug. 11, 2020 2:01p
P/E Ratio
33.82
Dividend Yield
N/A
Market Cap
$21.13 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
431,500
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Volume: 79,238
Aug. 12, 2020 12:16p
P/E Ratio
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Dividend Yield
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Market Cap
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Rev. per Employee
N/A
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/zigman2/quotes/205273301/delayed
JP : Japan: Tokyo
¥ 3,280.00
-115.00 -3.39%
Volume: 1.08M
Aug. 12, 2020 11:30a
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19.38
Dividend Yield
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Market Cap
¥927.11 billion
Rev. per Employee
¥134.46M
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/zigman2/quotes/203832662/composite
US : U.S.: OTC
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+8.23 +37.44%
Volume: 0.00
July 17, 2020 9:35a
P/E Ratio
19.32
Dividend Yield
N/A
Market Cap
$8.41 billion
Rev. per Employee
$1.22M
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/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 4.38
-0.53 -10.79%
Volume: 81.86M
Aug. 12, 2020 11:20a
P/E Ratio
20.89
Dividend Yield
2.50%
Market Cap
HK$167.78 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 5.53
-0.50 -8.29%
Volume: 398.86M
Aug. 12, 2020 11:21a
P/E Ratio
29.59
Dividend Yield
1.81%
Market Cap
¥150.89 billion
Rev. per Employee
¥5.78M
loading...
/zigman2/quotes/209836076/composite
US : U.S.: OTC
$ 0.65
-0.06 -8.89%
Volume: 131,280
Aug. 11, 2020 3:22p
P/E Ratio
24.14
Dividend Yield
N/A
Market Cap
$21.65 billion
Rev. per Employee
$872,997
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
HK$ 8.84
-0.31 -3.39%
Volume: 4.49M
Aug. 12, 2020 11:20a
P/E Ratio
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Dividend Yield
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Market Cap
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/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 14.84
-0.52 -3.39%
Volume: 19.83M
Aug. 12, 2020 11:21a
P/E Ratio
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Dividend Yield
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Market Cap
¥44.54 billion
Rev. per Employee
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loading...
/zigman2/quotes/204256025/composite
US : U.S.: OTC
$ 52.17
+14.17 +37.29%
Volume: 31.00
Aug. 11, 2020 5:19p
P/E Ratio
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Dividend Yield
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Market Cap
$6.78 billion
Rev. per Employee
$1.55M
loading...
/zigman2/quotes/209674390/delayed
CN : China: Shenzhen
¥ 38.18
+0.35 +0.93%
Volume: 58.35M
Aug. 12, 2020 11:21a
P/E Ratio
32.05
Dividend Yield
0.52%
Market Cap
¥162.86 billion
Rev. per Employee
¥1.21M
loading...
/zigman2/quotes/205359573/delayed
HK : Hong Kong
HK$ 21.70
-0.40 -1.81%
Volume: 9.26M
Aug. 12, 2020 11:20a
P/E Ratio
15.82
Dividend Yield
1.01%
Market Cap
HK$181.09 billion
Rev. per Employee
HK$1.44M
loading...
/zigman2/quotes/205386796/composite
US : U.S.: OTC
$ 5.66
0.00 0.00%
Volume: 5,805
Aug. 11, 2020 3:20p
P/E Ratio
16.61
Dividend Yield
0.79%
Market Cap
$23.37 billion
Rev. per Employee
$184,510
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 16.40
+0.15 +0.92%
Volume: 57.07M
Aug. 12, 2020 11:21a
P/E Ratio
6.98
Dividend Yield
5.00%
Market Cap
¥194.17 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 22.95
-0.30 -1.29%
Volume: 4.14M
Aug. 12, 2020 11:20a
P/E Ratio
N/A
Dividend Yield
4.44%
Market Cap
HK$251.44 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202573805/composite
US : U.S.: OTC
$ 14.87
+0.08 +0.51%
Volume: 15,119
Aug. 11, 2020 3:50p
P/E Ratio
N/A
Dividend Yield
3.77%
Market Cap
$32.44 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/204923990/delayed
JP : Japan: Tokyo
¥ 3,293.00
+38.00 +1.17%
Volume: 1.56M
Aug. 12, 2020 11:30a
P/E Ratio
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Dividend Yield
3.64%
Market Cap
¥7401.44 billion
Rev. per Employee
¥130.16M
loading...
/zigman2/quotes/205540401/composite
US : U.S.: OTC
$ 15.24
-0.03 -0.20%
Volume: 118,862
Aug. 11, 2020 3:59p
P/E Ratio
11.54
Dividend Yield
2.49%
Market Cap
$69.97 billion
Rev. per Employee
$1.18M
loading...
/zigman2/quotes/200718273/delayed
JP : Japan: Tokyo
¥ 2,643.50
+64.00 +2.48%
Volume: 3.86M
Aug. 12, 2020 11:30a
P/E Ratio
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Dividend Yield
3.78%
Market Cap
¥9113.44 billion
Rev. per Employee
¥42.02M
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.6830
+0.1900 +0.1784%
Volume: 0.0000
Aug. 11, 2020 11:36p
loading...
/zigman2/quotes/209422954/delayed
JP : Japan: Tokyo
¥ 741.00
+8.00 +1.09%
Volume: 1.27M
Aug. 12, 2020 11:30a
P/E Ratio
25.30
Dividend Yield
0.00%
Market Cap
¥390.34 billion
Rev. per Employee
¥60.20M
loading...
/zigman2/quotes/207652388/composite
US : U.S.: OTC
$ 70.00
+8.09 +13.07%
Volume: 14.00
Aug. 11, 2020 5:19p
P/E Ratio
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Dividend Yield
2.08%
Market Cap
$3.58 billion
Rev. per Employee
$545,250
loading...
/zigman2/quotes/201871403/delayed
JP : Japan: Tokyo
¥ 1,693.50
+12.50 +0.74%
Volume: 1.26M
Aug. 12, 2020 11:30a
P/E Ratio
16.21
Dividend Yield
2.13%
Market Cap
¥1947.73 billion
Rev. per Employee
¥46.95M
loading...
/zigman2/quotes/208058298/composite
US : U.S.: OTC
$ 78.79
+2.56 +3.36%
Volume: 12,817
Aug. 11, 2020 3:49p
P/E Ratio
16.28
Dividend Yield
1.73%
Market Cap
$18.41 billion
Rev. per Employee
$425,111
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 250.00
+4.00 +1.63%
Volume: 5.27M
Aug. 12, 2020 11:30a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥337.86 billion
Rev. per Employee
¥80.91M
loading...
/zigman2/quotes/200876874/composite
US : U.S.: OTC
$ 2.30
+0.10 +4.55%
Volume: 47,720
Aug. 11, 2020 9:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.19 billion
Rev. per Employee
$733,027
loading...
/zigman2/quotes/202771076/delayed
JP : Japan: Tokyo
¥ 318.00
+8.00 +2.58%
Volume: 6.70M
Aug. 12, 2020 11:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥485.47 billion
Rev. per Employee
¥149.25M
loading...
/zigman2/quotes/205839055/composite
US : U.S.: OTC
$ 2.83
+0.02 +0.54%
Volume: 813.00
Aug. 10, 2020 3:06p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.59 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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