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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 -0.34%  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 +0.39%  rose 0.7%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.58% gained 1% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.26% advanced 0.2%, while Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +2.50% 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 -6.11%   /zigman2/quotes/206026738/composite NCMGF -2.32%  jumped 4.9% and Kingsgate Consolidated Ltd. /zigman2/quotes/209270359/delayed AU:KCN -2.86%   /zigman2/quotes/205153395/composite KSKGF -10.56%  rallied 6% in Sydney. Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 +0.25% rose 5.3% in Seoul, while Zijin Mining Group Co. /zigman2/quotes/204517000/delayed HK:2899 -3.11%   /zigman2/quotes/203833875/delayed CN:601899 -0.11% /zigman2/quotes/209836076/composite ZIJMF -4.81%  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 +2.26% /zigman2/quotes/207958170/composite IPXHY +1.15%  gained 0.5% in Tokyo, and PetroChina Co.  /zigman2/quotes/204979431/delayed HK:857 0.00%   /zigman2/quotes/206980083/delayed CN:601857 +0.46%   /zigman2/quotes/205108732/composite PTR +0.74%  advanced 1.8% in Hong Kong and 1% in Shanghai, while Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO +3.92% rose 1.2% in Sydney.

Australia’s Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL +2.96% /zigman2/quotes/206334215/composite WOPEY +3.80%  declined 1.1% as the stock traded without rights to a dividend.

Shares of China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -1.02% /zigman2/quotes/208058581/delayed CN:601939 -1.04%   /zigman2/quotes/207732534/composite CICHY +0.33% 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 -0.56% /zigman2/quotes/202783176/composite SNP +0.88%   /zigman2/quotes/207158391/delayed CN:600028 -0.24%  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 +1.89% /zigman2/quotes/202621923/delayed CN:601088 +0.11%   /zigman2/quotes/206839995/composite CSUAY +3.02%  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 +0.81% /zigman2/quotes/206767010/composite BYDDY -1.44% 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 199.80, +1.60, +0.81%
/zigman2/quotes/210598030/delayed HSI 26,588.20, +102.00, +0.39%
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 +2.71% /zigman2/quotes/204977526/composite MTSFY +4.76% and Mitsubishi Estate Co. /zigman2/quotes/208910776/delayed JP:8802 +3.01% /zigman2/quotes/204837054/composite MITEY +1.13%  added 1% each among developers.

Resona Holdings Inc. /zigman2/quotes/203178794/delayed JP:8308 +1.28%   /zigman2/quotes/201424788/composite RSNHF +2.41%  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 +0.0402% remained under the 99-yen level.

Among major exporters, Suzuki Motor Co. /zigman2/quotes/201794956/delayed JP:7269 +1.80% /zigman2/quotes/201304995/composite SZKMY +0.71%  fell 1.9%, and Sharp Corp. /zigman2/quotes/200401218/composite SHCAY +2.35% /zigman2/quotes/203224600/delayed JP:6753 +4.38%  fell 1.2%.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,402.82
-11.67 -0.34%
Volume: 30.10B
Nov. 24, 2020 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,588.20
+102.00 +0.39%
Volume: 2.03M
Nov. 24, 2020 4:09p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,617.76
+15.17 +0.58%
Volume: 1.36M
Nov. 24, 2020 3:30p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,644.10
+82.50 +1.26%
Volume: 811,485
Nov. 24, 2020 5:20p
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/zigman2/quotes/210597971/delayed
JP : Nikkei
26,165.59
+638.22 +2.50%
Volume: 0.00
Nov. 24, 2020 3:15p
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 26.60
-1.73 -6.11%
Volume: 5.82M
Nov. 24, 2020 4:10p
P/E Ratio
21.33
Dividend Yield
1.34%
Market Cap
$23.07 billion
Rev. per Employee
$6.29M
loading...
/zigman2/quotes/206026738/composite
US : U.S.: OTC
$ 19.35
-0.46 -2.32%
Volume: 1,024
Nov. 24, 2020 11:16a
P/E Ratio
23.28
Dividend Yield
N/A
Market Cap
$16.80 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209270359/delayed
AU : Australia: Sydney
$ 0.68
-0.02 -2.86%
Volume: 767,298
Nov. 24, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$158.36 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/205153395/composite
US : U.S.: OTC
$ 0.50
-0.06 -10.56%
Volume: 1,550
Nov. 23, 2020 11:27a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$115.31 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
394,500
+1,000 +0.25%
Volume: 66,985
Nov. 24, 2020 3:30p
P/E Ratio
12.45
Dividend Yield
3.55%
Market Cap
₩6954.81 billion
Rev. per Employee
₩4.72B
loading...
/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 7.79
-0.25 -3.11%
Volume: 88.07M
Nov. 24, 2020 4:09p
P/E Ratio
30.02
Dividend Yield
1.41%
Market Cap
HK$258.42 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 9.15
-0.01 -0.11%
Volume: 368.03M
Nov. 24, 2020 3:00p
P/E Ratio
39.17
Dividend Yield
1.09%
Market Cap
¥218.99 billion
Rev. per Employee
¥6.72M
loading...
/zigman2/quotes/209836076/composite
US : U.S.: OTC
$ 0.99
-0.05 -4.81%
Volume: 169,341
Nov. 24, 2020 12:48p
P/E Ratio
29.64
Dividend Yield
N/A
Market Cap
$33.34 billion
Rev. per Employee
$872,997
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 589.00
+13.00 +2.26%
Volume: 8.50M
Nov. 24, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
4.07%
Market Cap
¥841.08 billion
Rev. per Employee
¥427.76M
loading...
/zigman2/quotes/207958170/composite
US : U.S.: OTC
$ 5.74
+0.07 +1.15%
Volume: 2,022
Nov. 24, 2020 12:16p
P/E Ratio
N/A
Dividend Yield
4.80%
Market Cap
$8.05 billion
Rev. per Employee
$3.92M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.58
0.00 0.00%
Volume: 129.38M
Nov. 24, 2020 4:09p
P/E Ratio
22.36
Dividend Yield
5.59%
Market Cap
HK$877.95 billion
Rev. per Employee
HK$5.79M
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 4.33
+0.02 +0.46%
Volume: 122.23M
Nov. 24, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
3.00%
Market Cap
¥744.01 billion
Rev. per Employee
¥4.97M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 33.99
+0.25 +0.74%
Volume: 113,860
Nov. 24, 2020 1:16p
P/E Ratio
N/A
Dividend Yield
4.82%
Market Cap
$113.26 billion
Rev. per Employee
$719,296
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 6.36
+0.24 +3.92%
Volume: 7.52M
Nov. 24, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
1.52%
Market Cap
$12.72 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 22.64
+0.65 +2.96%
Volume: 5.02M
Nov. 24, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
4.86%
Market Cap
$21.11 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206334215/composite
US : U.S.: OTC
$ 16.95
+0.62 +3.80%
Volume: 5,723
Nov. 24, 2020 12:53p
P/E Ratio
N/A
Dividend Yield
4.54%
Market Cap
$15.37 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 5.84
-0.06 -1.02%
Volume: 211.35M
Nov. 24, 2020 4:09p
P/E Ratio
5.32
Dividend Yield
5.99%
Market Cap
HK$1494.42 billion
Rev. per Employee
HK$3.58M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.64
-0.07 -1.04%
Volume: 94.27M
Nov. 24, 2020 3:00p
P/E Ratio
6.72
Dividend Yield
4.82%
Market Cap
¥1266.44 billion
Rev. per Employee
¥3.15M
loading...
/zigman2/quotes/207732534/composite
US : U.S.: OTC
$ 15.09
+0.05 +0.33%
Volume: 19,829
Nov. 24, 2020 1:00p
P/E Ratio
5.30
Dividend Yield
5.05%
Market Cap
$192.79 billion
Rev. per Employee
$455,946
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 3.52
-0.02 -0.56%
Volume: 100.71M
Nov. 24, 2020 4:09p
P/E Ratio
10.07
Dividend Yield
6.36%
Market Cap
HK$563.91 billion
Rev. per Employee
HK$7.49M
loading...
/zigman2/quotes/202783176/composite
US : U.S.: NYSE
$ 46.82
+0.41 +0.88%
Volume: 166,221
Nov. 24, 2020 1:18p
P/E Ratio
10.41
Dividend Yield
7.05%
Market Cap
$72.75 billion
Rev. per Employee
$956,381
loading...
/zigman2/quotes/207158391/delayed
CN : China: Shanghai
¥ 4.19
-0.01 -0.24%
Volume: 125.26M
Nov. 24, 2020 3:00p
P/E Ratio
150.72
Dividend Yield
4.53%
Market Cap
¥477.88 billion
Rev. per Employee
¥6.77M
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 15.08
+0.28 +1.89%
Volume: 38.13M
Nov. 24, 2020 4:09p
P/E Ratio
7.11
Dividend Yield
9.14%
Market Cap
HK$407.97 billion
Rev. per Employee
HK$3.63M
loading...
/zigman2/quotes/202621923/delayed
CN : China: Shanghai
¥ 18.40
+0.02 +0.11%
Volume: 39.49M
Nov. 24, 2020 3:00p
P/E Ratio
9.21
Dividend Yield
6.85%
Market Cap
¥345.73 billion
Rev. per Employee
¥3.06M
loading...
/zigman2/quotes/206839995/composite
US : U.S.: OTC
$ 7.75
+0.23 +3.02%
Volume: 2,665
Nov. 24, 2020 11:35a
P/E Ratio
6.79
Dividend Yield
7.61%
Market Cap
$52.63 billion
Rev. per Employee
$443,180
loading...
/zigman2/quotes/206867707/delayed
HK : Hong Kong
HK$ 199.80
+1.60 +0.81%
Volume: 21.71M
Nov. 24, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
0.03%
Market Cap
HK$575.46 billion
Rev. per Employee
HK$707,751
loading...
/zigman2/quotes/206767010/composite
US : U.S.: OTC
$ 51.89
-0.76 -1.44%
Volume: 314,457
Nov. 24, 2020 1:04p
P/E Ratio
143.38
Dividend Yield
0.03%
Market Cap
$74.24 billion
Rev. per Employee
$79,687
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/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,237.50
+59.00 +2.71%
Volume: 4.49M
Nov. 24, 2020 3:00p
P/E Ratio
17.25
Dividend Yield
1.97%
Market Cap
¥2096.03 billion
Rev. per Employee
¥91.34M
loading...
/zigman2/quotes/204977526/composite
US : U.S.: OTC
$ 65.10
+2.96 +4.76%
Volume: 206.00
Nov. 24, 2020 11:16a
P/E Ratio
18.21
Dividend Yield
1.42%
Market Cap
$20.06 billion
Rev. per Employee
$840,062
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/zigman2/quotes/208910776/delayed
JP : Japan: Tokyo
¥ 1,850.00
+54.00 +3.01%
Volume: 7.21M
Nov. 24, 2020 3:00p
P/E Ratio
16.54
Dividend Yield
1.35%
Market Cap
¥2404.08 billion
Rev. per Employee
¥135.38M
loading...
/zigman2/quotes/204837054/composite
US : U.S.: OTC
$ 17.84
+0.20 +1.13%
Volume: 2,951
Nov. 24, 2020 12:50p
P/E Ratio
17.26
Dividend Yield
1.16%
Market Cap
$23.01 billion
Rev. per Employee
$1.25M
loading...
/zigman2/quotes/203178794/delayed
JP : Japan: Tokyo
¥ 388.10
+4.90 +1.28%
Volume: 11.68M
Nov. 24, 2020 3:00p
P/E Ratio
6.78
Dividend Yield
5.41%
Market Cap
¥879.67 billion
Rev. per Employee
¥39.34M
loading...
/zigman2/quotes/201424788/composite
US : U.S.: OTC
$ 3.82
+0.09 +2.41%
Volume: 133.00
Nov. 24, 2020 9:39a
P/E Ratio
7.20
Dividend Yield
N/A
Market Cap
$8.42 billion
Rev. per Employee
$361,836
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5910
+0.0420 +0.0402%
Volume: 0.0000
Nov. 24, 2020 1:19p
loading...
/zigman2/quotes/201794956/delayed
JP : Japan: Tokyo
¥ 5,543.00
+98.00 +1.80%
Volume: 1.65M
Nov. 24, 2020 3:00p
P/E Ratio
24.49
Dividend Yield
1.34%
Market Cap
¥2642.80 billion
Rev. per Employee
¥50.93M
loading...
/zigman2/quotes/201304995/composite
US : U.S.: OTC
$ 214.20
+1.52 +0.71%
Volume: 2,594
Nov. 24, 2020 12:51p
P/E Ratio
25.43
Dividend Yield
1.19%
Market Cap
$25.30 billion
Rev. per Employee
$468,397
loading...
/zigman2/quotes/200401218/composite
US : U.S.: OTC
$ 3.26
+0.08 +2.35%
Volume: 4,949
Nov. 24, 2020 12:44p
P/E Ratio
55.35
Dividend Yield
0.81%
Market Cap
$7.75 billion
Rev. per Employee
$395,069
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/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,383.00
+58.00 +4.38%
Volume: 7.28M
Nov. 24, 2020 3:00p
P/E Ratio
55.85
Dividend Yield
1.30%
Market Cap
¥809.37 billion
Rev. per Employee
¥42.95M
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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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