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Aug. 26, 2013, 4:27 a.m. EDT

China stocks jump to lead Asia; Japan slips

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian stocks rose Monday on hopes the Federal Reserve may delay paring its bond purchases, with mainland Chinese shares jumping on some positive corporate results and reassuring comments on the country’s economic growth.

The Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31%  jumped 1.9% for its best percentage gain in two weeks to lead the region’s advance. The gains came after Xinhua news service and Reuters cited a National Bureau of Statistics spokesman as saying the country will achieve its growth target of 7.5% for this year, and were aided by better-than-expected results from some Chinese firms.


Reuters
Mainland Chinese stocks jump to lead Asian markets on reassuring comments about the country’s economic growth.

Stocks ended higher on Wall Street Friday as disappointing July home sales fueled hopes the Fed may not announce a reduction in the pace of its $85 billion-a-month in asset purchases from next month, as many feared. Such hopes helped lift prices of crude-oil and gold futures on Friday, which translated into stock gains for the resources sector in Asia on Monday.

“The theme of ‘bad news is good news,’ again rang true on Friday night with U.S. stocks ending higher, despite less-than-forecast new-home sales data,” said Rivkin Securities analyst Tim Radford.

“With tapering concerns off the agenda until we get close to the next Federal Open Market Committee meeting late September, reduced market anxiety may see [Australian] prices trend higher back toward all-time highs, as investors again look to buy the dips,” he said.

Elsewhere, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.11%  rose 0.7%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49% gained 1% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33% advanced 0.2%, while Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39% slid 0.2%.

Mitul Kotecha, Crédit Agricole head of global markets research in Asia, said clarity was unlikely to emerge this week after mixed messages on the monetary-policy outlook from officials at the Federal Reserve’s Jackson Hole symposium in the U.S.

“However, a pullback in core bond yields from recent highs will likely contribute to a calmer tone to markets at the turn of the week and some further near-term retracement in a positive direction for risk assets,” Kotecha said.

In Asian stock trading Monday, shares of gold miners Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.45%   /zigman2/quotes/206026738/delayed NCMGF +0.32%  jumped 4.9% and Kingsgate Consolidated Ltd. /zigman2/quotes/209270359/delayed AU:KCN 0.00%   /zigman2/quotes/205153395/delayed KSKGF +16.80%  rallied 6% in Sydney. Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 -1.79% rose 5.3% in Seoul, while Zijin Mining Group Co. /zigman2/quotes/204517000/delayed HK:2899 +1.31%   /zigman2/quotes/203833875/delayed CN:601899 +2.40% /zigman2/quotes/209836076/delayed ZIJMF -5.75%  added 1.6% in Hong Kong and 2.4% in Shanghai.

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Among energy producers, Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 -0.23% /zigman2/quotes/207958170/delayed IPXHY +0.77%  gained 0.5% in Tokyo, and PetroChina Co.  /zigman2/quotes/204979431/delayed HK:857 -1.17%   /zigman2/quotes/206980083/delayed CN:601857 -0.19%   /zigman2/quotes/205108732/composite PTR -1.26%  advanced 1.8% in Hong Kong and 1% in Shanghai, while Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO -1.86% rose 1.2% in Sydney.

Australia’s Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -0.15% /zigman2/quotes/206334215/delayed WOPEY -1.30%  declined 1.1% as the stock traded without rights to a dividend.

Shares of China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -1.22% /zigman2/quotes/208058581/delayed CN:601939 +0.15%   /zigman2/quotes/207732534/delayed CICHY -0.83% rose 0.7% in Hong Kong and 0.9% in Shanghai after the lender over the weekend reported a 13% increase in first-half profit from the year-ago period.

Refining giant China Petroleum & Chemical Corp. /zigman2/quotes/202085942/delayed HK:386 0.00% /zigman2/quotes/202783176/composite SNP -1.03%   /zigman2/quotes/207158391/delayed CN:600028 0.00%  added 1.9% in Hong Kong and 1.6% in Shanghai following a 24% rise in its half-yearly profit.

Coal miner China Shenhua Energy Co.’s /zigman2/quotes/206065610/delayed HK:1088 -0.84% /zigman2/quotes/202621923/delayed CN:601088 -0.12%   /zigman2/quotes/206839995/delayed CSUAY -0.14%  stock rose 3.7% in Hong Kong and 1.9% in Shanghai, even as its half-yearly profit fell from the year-ago period.

On the downside, shares of BYD Co. /zigman2/quotes/206867707/delayed HK:1211 -0.65% /zigman2/quotes/206767010/delayed BYDDY +8.82% plunged 11.8% in Hong Kong despite a sharp increase in half-yearly profit, after the Chinese battery and car maker said it expects a weak third-quarter performance. Billionaire Warren Buffett owns an interest in the company.

/zigman2/quotes/206867707/delayed 1211 53.25, -0.35, -0.65%
/zigman2/quotes/210598030/delayed HSI 27,301.40, -307.76, -1.11%
BYD shares versus Hang Seng Index
Year-to-date price chart

Japanese real-estate developers gained in Tokyo after the Nikkei business daily reported Friday the local housing market was showing signs of strength due to government stimulus and purchases ahead of an expected consumption-tax hike in April.

Shares of Mitsui Fudosan Co. /zigman2/quotes/205394574/delayed JP:8801 -0.65% /zigman2/quotes/204977526/delayed MTSFY -2.20% and Mitsubishi Estate Co. /zigman2/quotes/208910776/delayed JP:8802 +1.40% /zigman2/quotes/204837054/delayed MITEY +0.42%  added 1% each among developers.

Resona Holdings Inc. /zigman2/quotes/203178794/delayed JP:8308 +0.39%   /zigman2/quotes/201424788/delayed RSNHF -2.14%  rose 0.8% on news the lender had requested the government’s deposit-insurance agency to dispose of its shares in the bank as a “part of the progress in its repayment of public funds.”

However, broader market gains were capped as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2185% remained under the 99-yen level.

Among major exporters, Suzuki Motor Co. /zigman2/quotes/201794956/delayed JP:7269 -0.31% /zigman2/quotes/201304995/delayed SZKMY -3.78%  fell 1.9%, and Sharp Corp. /zigman2/quotes/200401218/delayed SHCAY 0.00% /zigman2/quotes/203224600/delayed JP:6753 -0.54%  fell 1.2%.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
+9.52 +0.31%
Volume: 36.46B
Feb. 21, 2020 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,301.40
-307.76 -1.11%
Volume: 1.40M
Feb. 21, 2020 3:16p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 619,266
Feb. 21, 2020 3:33p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.72
+0.41 +1.45%
Volume: 3.43M
Feb. 21, 2020 4:10p
P/E Ratio
27.57
Dividend Yield
1.15%
Market Cap
$21.72 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.63
+0.06 +0.32%
Volume: 545.00
Feb. 20, 2020 5:20p
P/E Ratio
25.67
Dividend Yield
N/A
Market Cap
$14.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209270359/delayed
AU : Australia: Sydney
$ 0.54
0.00 0.00%
Volume: 244,970
Feb. 21, 2020 3:55p
P/E Ratio
14.59
Dividend Yield
N/A
Market Cap
$122.16 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/205153395/delayed
US : U.S.: OTC
$ 0.30
+0.04 +16.80%
Volume: 14,000
Feb. 18, 2020 5:20p
P/E Ratio
13.29
Dividend Yield
N/A
Market Cap
$83.48 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
440,000
-8,000 -1.79%
Volume: 47,326
Feb. 21, 2020 3:30p
P/E Ratio
13.32
Dividend Yield
2.50%
Market Cap
₩7918.06 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 3.88
+0.05 +1.31%
Volume: 39.90M
Feb. 21, 2020 3:15p
P/E Ratio
20.94
Dividend Yield
2.93%
Market Cap
HK$97.19 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 4.70
+0.11 +2.40%
Volume: 368.37M
Feb. 21, 2020 3:00p
P/E Ratio
28.91
Dividend Yield
2.13%
Market Cap
¥116.48 billion
Rev. per Employee
¥5.78M
loading...
/zigman2/quotes/209836076/delayed
US : U.S.: OTC
$ 0.48
-0.03 -5.75%
Volume: 2,000
Feb. 20, 2020 11:11a
P/E Ratio
20.13
Dividend Yield
N/A
Market Cap
$12.05 billion
Rev. per Employee
$872,997
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,069.50
-2.50 -0.23%
Volume: 4.30M
Feb. 21, 2020 3:00p
P/E Ratio
9.94
Dividend Yield
3.37%
Market Cap
¥1565.33 billion
Rev. per Employee
¥291.81M
loading...
/zigman2/quotes/207958170/delayed
US : U.S.: OTC
$ 9.51
+0.07 +0.77%
Volume: 5,005
Feb. 20, 2020 3:49p
P/E Ratio
9.63
Dividend Yield
1.86%
Market Cap
$13.97 billion
Rev. per Employee
$2.64M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 3.38
-0.04 -1.17%
Volume: 214.19M
Feb. 21, 2020 3:16p
P/E Ratio
12.97
Dividend Yield
4.66%
Market Cap
HK$625.93 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 5.37
-0.01 -0.19%
Volume: 113.82M
Feb. 21, 2020 3:00p
P/E Ratio
23.54
Dividend Yield
3.12%
Market Cap
¥984.65 billion
Rev. per Employee
¥4.49M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 43.81
-0.56 -1.26%
Volume: 94,702
Feb. 20, 2020 6:30p
P/E Ratio
10.13
Dividend Yield
3.86%
Market Cap
$9.24 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 7.92
-0.15 -1.86%
Volume: 5.37M
Feb. 21, 2020 4:10p
P/E Ratio
17.19
Dividend Yield
2.10%
Market Cap
$16.77 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 33.20
-0.05 -0.15%
Volume: 2.00M
Feb. 21, 2020 4:10p
P/E Ratio
64.23
Dividend Yield
4.13%
Market Cap
$31.27 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206334215/delayed
US : U.S.: OTC
$ 22.09
-0.29 -1.30%
Volume: 38,838
Feb. 20, 2020 3:48p
P/E Ratio
59.88
Dividend Yield
3.94%
Market Cap
$20.72 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.47
-0.08 -1.22%
Volume: 291.06M
Feb. 21, 2020 3:16p
P/E Ratio
5.42
Dividend Yield
5.39%
Market Cap
HK$1637.57 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.77
+0.01 +0.15%
Volume: 92.58M
Feb. 21, 2020 3:00p
P/E Ratio
6.37
Dividend Yield
4.52%
Market Cap
¥1690.07 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 16.63
-0.14 -0.83%
Volume: 61,762
Feb. 20, 2020 3:59p
P/E Ratio
5.41
Dividend Yield
4.53%
Market Cap
$2023.23 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 4.23
0.00 0.00%
Volume: 63.98M
Feb. 21, 2020 3:16p
P/E Ratio
9.79
Dividend Yield
9.96%
Market Cap
HK$512.13 billion
Rev. per Employee
HK$7.40M
loading...
/zigman2/quotes/202783176/composite
US : U.S.: NYSE
$ 54.04
-0.56 -1.03%
Volume: 111,802
Feb. 20, 2020 6:30p
P/E Ratio
8.52
Dividend Yield
9.23%
Market Cap
$13.79 billion
Rev. per Employee
$975,922
loading...
/zigman2/quotes/207158391/delayed
CN : China: Shanghai
¥ 4.79
0.00 0.00%
Volume: 98.26M
Feb. 21, 2020 3:00p
P/E Ratio
12.50
Dividend Yield
7.93%
Market Cap
¥579.93 billion
Rev. per Employee
¥6.24M
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 14.12
-0.12 -0.84%
Volume: 22.49M
Feb. 21, 2020 3:16p
P/E Ratio
5.70
Dividend Yield
7.30%
Market Cap
HK$283.23 billion
Rev. per Employee
HK$3.46M
loading...
/zigman2/quotes/202621923/delayed
CN : China: Shanghai
¥ 16.74
-0.02 -0.12%
Volume: 29.97M
Feb. 21, 2020 3:00p
P/E Ratio
7.29
Dividend Yield
5.26%
Market Cap
¥333.35 billion
Rev. per Employee
¥2.92M
loading...
/zigman2/quotes/206839995/delayed
US : U.S.: OTC
$ 7.21
-0.01 -0.14%
Volume: 22,580
Feb. 20, 2020 3:58p
P/E Ratio
5.41
Dividend Yield
5.87%
Market Cap
$6.22 billion
Rev. per Employee
$448,167
loading...
/zigman2/quotes/206867707/delayed
HK : Hong Kong
HK$ 53.25
-0.35 -0.65%
Volume: 10.98M
Feb. 21, 2020 3:16p
P/E Ratio
44.93
Dividend Yield
0.44%
Market Cap
HK$146.23 billion
Rev. per Employee
HK$707,751
loading...
/zigman2/quotes/206767010/delayed
US : U.S.: OTC
$ 13.45
+1.09 +8.82%
Volume: 316,511
Feb. 20, 2020 3:59p
P/E Ratio
44.46
Dividend Yield
0.35%
Market Cap
$6.30 billion
Rev. per Employee
$90,363
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,924.00
-19.00 -0.65%
Volume: 2.11M
Feb. 21, 2020 3:00p
P/E Ratio
16.99
Dividend Yield
1.50%
Market Cap
¥2872.55 billion
Rev. per Employee
¥101.67M
loading...
/zigman2/quotes/204977526/delayed
US : U.S.: OTC
$ 79.00
-1.78 -2.20%
Volume: 2,663
Feb. 20, 2020 2:43p
P/E Ratio
16.71
Dividend Yield
1.23%
Market Cap
$25.70 billion
Rev. per Employee
$923,573
loading...
/zigman2/quotes/208910776/delayed
JP : Japan: Tokyo
¥ 2,170.00
+30.00 +1.40%
Volume: 4.35M
Feb. 21, 2020 3:00p
P/E Ratio
24.02
Dividend Yield
1.43%
Market Cap
¥2897.49 billion
Rev. per Employee
¥144.30M
loading...
/zigman2/quotes/204837054/delayed
US : U.S.: OTC
$ 19.00
+0.08 +0.42%
Volume: 17,099
Feb. 20, 2020 3:54p
P/E Ratio
22.95
Dividend Yield
1.06%
Market Cap
$25.85 billion
Rev. per Employee
$1.31M
loading...
/zigman2/quotes/203178794/delayed
JP : Japan: Tokyo
¥ 441.00
+1.70 +0.39%
Volume: 10.10M
Feb. 21, 2020 3:00p
P/E Ratio
7.25
Dividend Yield
4.76%
Market Cap
¥1009.05 billion
Rev. per Employee
¥45.74M
loading...
/zigman2/quotes/201424788/delayed
US : U.S.: OTC
$ 4.12
-0.09 -2.14%
Volume: 34,200
Feb. 20, 2020 5:20p
P/E Ratio
7.38
Dividend Yield
N/A
Market Cap
$9.00 billion
Rev. per Employee
$414,089
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
111.8600
-0.2450 -0.2185%
Volume: 0.0000
Feb. 21, 2020 2:31a
loading...
/zigman2/quotes/201794956/delayed
JP : Japan: Tokyo
¥ 4,835.00
-15.00 -0.31%
Volume: 1.22M
Feb. 21, 2020 3:00p
P/E Ratio
19.58
Dividend Yield
1.53%
Market Cap
¥2353.86 billion
Rev. per Employee
¥59.39M
loading...
/zigman2/quotes/201304995/delayed
US : U.S.: OTC
$ 172.40
-6.77 -3.78%
Volume: 2,873
Feb. 20, 2020 3:58p
P/E Ratio
18.96
Dividend Yield
1.28%
Market Cap
$21.00 billion
Rev. per Employee
$538,402
loading...
/zigman2/quotes/200401218/delayed
US : U.S.: OTC
$ 3.29
0.00 0.00%
Volume: 11,398
Feb. 20, 2020 3:46p
P/E Ratio
15.34
Dividend Yield
0.88%
Market Cap
$7.07 billion
Rev. per Employee
$454,670
loading...
/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,483.00
-8.00 -0.54%
Volume: 1.50M
Feb. 21, 2020 3:00p
P/E Ratio
15.15
Dividend Yield
1.69%
Market Cap
¥910.77 billion
Rev. per Employee
¥50.23M
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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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