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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 -1.52%   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 -1.88%   /zigman2/quotes/208095167/delayed HK:1988 -0.58%   /zigman2/quotes/200749234/composite CMAKY -1.15%  and Bank of Communications /zigman2/quotes/207155262/delayed CN:601328 -1.66%   /zigman2/quotes/203442771/delayed HK:3328 -1.51%  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 -0.27%   /zigman2/quotes/201568493/composite BACHY -0.78%  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 -0.61%   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 +0.30%    /zigman2/quotes/208108397/composite BHP -0.59% , 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 +1.41%   /zigman2/quotes/208934945/delayed UK:RIO +3.12%   /zigman2/quotes/202627887/composite RIO -0.25%  added 2.2%, OZ Minerals /zigman2/quotes/208047353/delayed AU:OZL -2.58%    rose 5.4% and Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM -2.46%   /zigman2/quotes/203286036/composite NCMGY -1.69%  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 -0.87%   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 +0.0224%  , which rose 0.5% to 118.86 against the Japanese yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,391.01
-52.28 -1.52%
Volume: 47.34B
July 14, 2020 2:23p
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/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 5.74
-0.11 -1.88%
Volume: 201.23M
July 14, 2020 2:23p
P/E Ratio
4.60
Dividend Yield
6.45%
Market Cap
¥261.45 billion
Rev. per Employee
¥5.19M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 5.13
-0.03 -0.58%
Volume: 14.82M
July 14, 2020 2:22p
P/E Ratio
3.67
Dividend Yield
7.89%
Market Cap
HK$289.26 billion
Rev. per Employee
HK$6.25M
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/zigman2/quotes/200749234/composite
US : U.S.: OTC
$ 6.85
-0.08 -1.15%
Volume: 0.00
June 24, 2020 3:29p
P/E Ratio
3.81
Dividend Yield
6.18%
Market Cap
$34.20 billion
Rev. per Employee
$798,641
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.04
-0.09 -1.66%
Volume: 235.68M
July 14, 2020 2:23p
P/E Ratio
4.84
Dividend Yield
6.25%
Market Cap
¥361.48 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.58
-0.07 -1.51%
Volume: 18.60M
July 14, 2020 2:23p
P/E Ratio
3.90
Dividend Yield
7.53%
Market Cap
HK$399.92 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.68
-0.01 -0.27%
Volume: 158.77M
July 14, 2020 2:23p
P/E Ratio
5.73
Dividend Yield
5.19%
Market Cap
¥985.83 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/201568493/composite
US : U.S.: OTC
$ 8.93
-0.07 -0.78%
Volume: 49,261
July 13, 2020 3:51p
P/E Ratio
3.86
Dividend Yield
6.24%
Market Cap
$140.72 billion
Rev. per Employee
$399,878
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,941.10
-36.40 -0.61%
Volume: 642,548
July 14, 2020 4:16p
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/zigman2/quotes/209723563/delayed
US : U.S.: Nymex
$ 45.68
0.00 0.00%
Volume: 0.00
July 13, 2020 5:09p
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 37.08
+0.11 +0.30%
Volume: 6.20M
July 14, 2020 4:10p
P/E Ratio
13.88
Dividend Yield
5.75%
Market Cap
$170.54 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.77
-0.30 -0.59%
Volume: 1.93M
July 13, 2020 4:00p
P/E Ratio
13.65
Dividend Yield
5.63%
Market Cap
$118.68 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 101.25
+1.41 +1.41%
Volume: 1.86M
July 14, 2020 4:10p
P/E Ratio
14.43
Dividend Yield
6.49%
Market Cap
$140.91 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,760.00 p
+144.00 +3.12%
Volume: 2.10M
July 13, 2020 4:35p
P/E Ratio
12.46
Dividend Yield
7.37%
Market Cap
£77.45 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 58.75
-0.15 -0.25%
Volume: 3.18M
July 13, 2020 4:00p
P/E Ratio
12.00
Dividend Yield
6.50%
Market Cap
$98.06 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/208047353/delayed
AU : Australia: Sydney
$ 12.08
-0.32 -2.58%
Volume: 2.36M
July 14, 2020 4:10p
P/E Ratio
23.85
Dividend Yield
1.90%
Market Cap
$3.95 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 32.50
-0.82 -2.46%
Volume: 2.94M
July 14, 2020 4:10p
P/E Ratio
31.20
Dividend Yield
1.01%
Market Cap
$27.05 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/composite
US : U.S.: OTC
$ 22.90
-0.39 -1.69%
Volume: 70,224
July 13, 2020 3:56p
P/E Ratio
31.50
Dividend Yield
0.85%
Market Cap
$18.83 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,587.01
-197.73 -0.87%
Volume: 0.00
July 14, 2020 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.3130
+0.0240 +0.0224%
Volume: 0.0000
July 14, 2020 2:38a
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Amy Li and Robb Stewart contributed to this article.

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