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Dec. 2, 2014, 5:58 a.m. EST

Asian stocks: Shanghai soars 3.1%

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By Chao Deng

Stocks in Shanghai rose to their highest level since July 2011 on Tuesday, while the Australian market rebounded on a recovery in oil prices.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%   Index rallied late in the day to close up 3.1% at 2,763.54 as investors bought brokerage stocks and banks. Tuesday’s rise was the Shanghai Composite’s biggest percentage point gain since Sept. 9, 2013, when it jumped 3.4%.

Of 19 listed brokerages, 10 hit their 10% daily upside limit. Analysts expect them to profit as trading volumes and the balance of lending to investors for margin trading pick up with a new link to Hong Kong drawing capital from global investors. Leverage ratios are also expected to rise as Chinese regulators ease controls on financing channels for brokerages.

Bank stocks also rallied as investors bet on further monetary easing. Official data Monday showed a worse-than-expected slowdown in China’s manufacturing activity. China Minsheng Banking Corp. /zigman2/quotes/203910009/delayed CN:600016 +1.10%   /zigman2/quotes/208095167/delayed HK:1988 +1.14%   /zigman2/quotes/200749234/composite CMAKY -1.57%  and Bank of Communications /zigman2/quotes/207155262/delayed CN:601328 +0.86%   /zigman2/quotes/203442771/delayed HK:3328 0.00%  rose by the 10% daily upper limit to 10.01 yuan and 9.96 yuan, respectively. Bank of China /zigman2/quotes/209359942/delayed CN:601988 +0.93%   /zigman2/quotes/201568493/composite BACHY -0.25%  added 5.3% to 3.56 yuan.

“Institutional investors are in a hurry to increase their positions in blue-chip stocks, such as financial companies,” said Huang Cendong, an analyst at Sinolink Securities, adding a moderate consolidation will likely follow.

In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%   rose 1.4% to 5,281.3 after an overnight rebound in oil prices. Benchmark U.S. oil prices on the New York Mercantile Exchange /zigman2/quotes/209723563/delayed CLF25 0.00%   surged 4.3% to $69 a barrel, the largest percentage gain in more than two years in a rally that snapped four sessions of losses.

BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +1.31%    /zigman2/quotes/208108397/composite BHP -1.41% , which fell to a 5 1/2 -year low Monday, helped drive the market with a gain of 3.9%. Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +1.27%   /zigman2/quotes/208934945/delayed UK:RIO +0.34%   /zigman2/quotes/202627887/composite RIO -0.46%  added 2.2%, OZ Minerals /zigman2/quotes/208047353/delayed AU:OZL +0.83%    rose 5.4% and Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM +0.18%   /zigman2/quotes/203286036/composite NCMGY -1.17%  increased 7.7%. The same energy sector stocks knocked 3.6% off Australia’s benchmark in the last two trading sessions, when investors worried that a sustained drop in oil prices would weigh on the bottom line of the country’s oil producers.

Late in Asia, crude oil was roughly flat at $68.99 a barrel.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%   gained 0.4% to 17,663.22, its third straight increase, even though Moody’s Investors Service downgraded Japan’s credit rating by one-notch late Monday. The market got a lift from the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0115%  , which rose 0.5% to 118.86 against the Japanese yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
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/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 5.50
+0.06 +1.10%
Volume: 109.40M
Sept. 18, 2020 3:00p
P/E Ratio
4.75
Dividend Yield
6.73%
Market Cap
¥227.26 billion
Rev. per Employee
¥5.19M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 4.44
+0.05 +1.14%
Volume: 35.09M
Sept. 18, 2020 4:09p
P/E Ratio
3.46
Dividend Yield
9.12%
Market Cap
HK$260.59 billion
Rev. per Employee
HK$6.25M
loading...
/zigman2/quotes/200749234/composite
US : U.S.: OTC
$ 5.65
-0.09 -1.57%
Volume: 0.00
Sept. 17, 2020 3:35p
P/E Ratio
3.43
Dividend Yield
7.52%
Market Cap
$33.23 billion
Rev. per Employee
$798,641
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.68
+0.04 +0.86%
Volume: 129.45M
Sept. 18, 2020 3:00p
P/E Ratio
4.89
Dividend Yield
6.73%
Market Cap
¥302.77 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 3.90
0.00 0.00%
Volume: 31.37M
Sept. 18, 2020 4:09p
P/E Ratio
3.68
Dividend Yield
8.85%
Market Cap
HK$347.18 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.24
+0.03 +0.93%
Volume: 164.06M
Sept. 18, 2020 3:00p
P/E Ratio
5.05
Dividend Yield
5.90%
Market Cap
¥865.86 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/201568493/composite
US : U.S.: OTC
$ 8.03
-0.02 -0.25%
Volume: 60,963
Sept. 18, 2020 3:53p
P/E Ratio
3.47
Dividend Yield
6.95%
Market Cap
$128.11 billion
Rev. per Employee
$399,878
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,864.50
-18.70 -0.32%
Volume: 1.51M
Sept. 18, 2020 5:05p
loading...
/zigman2/quotes/209723563/delayed
US : U.S.: Nymex
$ 47.07
0.00 0.00%
Volume: 0.00
Sept. 18, 2020 5:08p
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 37.80
+0.49 +1.31%
Volume: 14.65M
Sept. 18, 2020 4:10p
P/E Ratio
16.22
Dividend Yield
4.63%
Market Cap
$177.58 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 54.71
-0.78 -1.41%
Volume: 2.04M
Sept. 18, 2020 4:00p
P/E Ratio
17.44
Dividend Yield
4.39%
Market Cap
$129.75 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 100.57
+1.26 +1.27%
Volume: 4.29M
Sept. 18, 2020 4:10p
P/E Ratio
15.32
Dividend Yield
5.63%
Market Cap
$147.89 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
5,007.00 p
+17.00 +0.34%
Volume: 4.98M
Sept. 18, 2020 4:35p
P/E Ratio
14.30
Dividend Yield
5.94%
Market Cap
£83.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 64.42
-0.30 -0.46%
Volume: 1.63M
Sept. 18, 2020 4:00p
P/E Ratio
14.57
Dividend Yield
5.99%
Market Cap
$108.06 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/208047353/delayed
AU : Australia: Sydney
$ 14.52
+0.12 +0.83%
Volume: 4.06M
Sept. 18, 2020 4:10p
P/E Ratio
23.54
Dividend Yield
1.58%
Market Cap
$4.71 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 32.81
+0.06 +0.18%
Volume: 9.01M
Sept. 18, 2020 4:10p
P/E Ratio
26.31
Dividend Yield
0.74%
Market Cap
$26.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/composite
US : U.S.: OTC
$ 23.75
-0.28 -1.17%
Volume: 36,900
Sept. 18, 2020 3:59p
P/E Ratio
28.60
Dividend Yield
0.93%
Market Cap
$19.51 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5600
-0.0120 -0.0115%
Volume: 0.0000
Sept. 18, 2020 4:59p
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Amy Li and Robb Stewart contributed to this article.

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