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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 +1.84%   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 +0.85%   /zigman2/quotes/208095167/delayed HK:1988 +0.18%   /zigman2/quotes/200749234/delayed CMAKY -7.99%  and Bank of Communications /zigman2/quotes/207155262/delayed CN:601328 +0.56%   /zigman2/quotes/203442771/delayed HK:3328 -0.19%  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 +0.83%   /zigman2/quotes/201568493/delayed BACHY -0.88%  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 -0.18%   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 -50.41%   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 -0.39%    /zigman2/quotes/208108397/composite BHP -1.54% , 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 -0.13%   /zigman2/quotes/208934945/delayed UK:RIO +0.19%   /zigman2/quotes/202627887/composite RIO -0.28%  added 2.2%, OZ Minerals /zigman2/quotes/208047353/delayed AU:OZL -0.25%    rose 5.4% and Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM +1.17%   /zigman2/quotes/203286036/delayed NCMGY -0.22%  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 +0.34%   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 -0.0999%  , which rose 0.5% to 118.86 against the Japanese yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,030.15
+54.75 +1.84%
Volume: 34.57B
Feb. 20, 2020 3:00p
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/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 5.94
+0.05 +0.85%
Volume: 93.67M
Feb. 20, 2020 3:00p
P/E Ratio
4.89
Dividend Yield
5.81%
Market Cap
¥257.88 billion
Rev. per Employee
¥5.19M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 5.52
+0.01 +0.18%
Volume: 16.03M
Feb. 20, 2020 4:08p
P/E Ratio
3.98
Dividend Yield
7.13%
Market Cap
HK$241.24 billion
Rev. per Employee
HK$6.25M
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/zigman2/quotes/200749234/delayed
US : U.S.: OTC
$ 6.79
-0.59 -7.99%
Volume: 0.00
Feb. 14, 2020 5:20p
P/E Ratio
38.36
Dividend Yield
6.01%
Market Cap
$39.35 billion
Rev. per Employee
$798,641
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.35
+0.03 +0.56%
Volume: 79.87M
Feb. 20, 2020 3:00p
P/E Ratio
5.20
Dividend Yield
5.61%
Market Cap
¥395.08 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.20
-0.01 -0.19%
Volume: 14.30M
Feb. 20, 2020 4:08p
P/E Ratio
4.42
Dividend Yield
6.56%
Market Cap
HK$386.91 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.63
+0.03 +0.83%
Volume: 94.26M
Feb. 20, 2020 3:00p
P/E Ratio
5.73
Dividend Yield
5.07%
Market Cap
¥1059.73 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 10.18
-0.09 -0.88%
Volume: 42,215
Feb. 20, 2020 3:58p
P/E Ratio
4.57
Dividend Yield
5.46%
Market Cap
$155.39 billion
Rev. per Employee
$399,878
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,149.80
-12.70 -0.18%
Volume: 476,983
Feb. 21, 2020 10:41a
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/zigman2/quotes/209723563/delayed
US : U.S.: Nymex
$ 52.00
-52.86 -50.41%
Volume: 0.00
Feb. 20, 2020 5:06p
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 38.37
-0.15 -0.39%
Volume: 914,122
Feb. 21, 2020 10:41a
P/E Ratio
16.15
Dividend Yield
5.62%
Market Cap
$194.68 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.64
-0.79 -1.54%
Volume: 1.69M
Feb. 20, 2020 6:30p
P/E Ratio
14.91
Dividend Yield
5.25%
Market Cap
$75.72 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 98.01
-0.13 -0.13%
Volume: 192,060
Feb. 21, 2020 10:41a
P/E Ratio
8.93
Dividend Yield
9.15%
Market Cap
$159.27 billion
Rev. per Employee
$1.14M
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/zigman2/quotes/208934945/delayed
UK : U.K.: London
4,209.50 p
+8.00 +0.19%
Volume: 2.01M
Feb. 20, 2020 4:35p
P/E Ratio
6.91
Dividend Yield
7.34%
Market Cap
£68.22 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 54.19
-0.15 -0.28%
Volume: 1.24M
Feb. 20, 2020 6:30p
P/E Ratio
6.88
Dividend Yield
6.11%
Market Cap
$68.45 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/208047353/delayed
AU : Australia: Sydney
$ 10.00
-0.03 -0.25%
Volume: 228,836
Feb. 21, 2020 10:41a
P/E Ratio
19.74
Dividend Yield
2.30%
Market Cap
$3.23 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.64
+0.33 +1.17%
Volume: 577,673
Feb. 21, 2020 10:41a
P/E Ratio
27.50
Dividend Yield
1.16%
Market Cap
$21.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 19.11
-0.04 -0.22%
Volume: 77,138
Feb. 20, 2020 3:57p
P/E Ratio
26.28
Dividend Yield
1.02%
Market Cap
$14.32 billion
Rev. per Employee
N/A
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/zigman2/quotes/210597971/delayed
JP : Nikkei
23,479.15
+78.45 +0.34%
Volume: 0.00
Feb. 20, 2020 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.9930
-0.1120 -0.0999%
Volume: 0.0000
Feb. 20, 2020 7:01p
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Amy Li and Robb Stewart contributed to this article.

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