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March 2, 2015, 4:19 a.m. EST

Chinese stocks gain after rate cut, PMI data

Asian markets gain broadly, with Japan stocks hit a 15-year high again

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By Laura He, MarketWatch


Bloomberg
Chinese stocks rise on Monday, with other Asian markets also posting a broad advance.

HONG KONG (MarketWatch) — Hong Kong and Shanghai stocks advanced Monday, after China’s central bank lowered interest rates over the weekend, while two separate gauges of China’s manufacturing activity both showed gains in February.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.47%  finished up 0.3%, and the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%  moved 0.8% higher.

The People’s Bank of China (PBOC) announced Saturday that it would cut both the benchmark one-year loan rate and the one-year deposit rate by a quarter percentage point. The move is the second benchmark interest-rate cut by PBOC in a little more than three months.

Meanwhile, HSBC’s final reading for its China Manufacturing Purchasing Managers’ Index (PMI) showed a rise to 50.7 from 49.7 in January , hitting a seven-month high, on its release Monday. A day earlier, China’s official manufacturing PMI edged up in February to 49.9, compared with 49.8 in January.

In Hong Kong, mainland Chinese banks gained broadly, with China Merchants Bank Co. /zigman2/quotes/209899244/delayed HK:3968 +1.54%  adding 1.4%, Bank of Communications Co., Ltd. /zigman2/quotes/203442771/delayed HK:3328 0.00%   up 0.9%, and Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 +0.40%  higher by 0.7%.

Several major mainland Chinese property developers also rose substantially, as Evergrande Real Estate Group Ltd. /zigman2/quotes/208605330/delayed HK:3333 -0.96% climbed 2.1%, and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 +0.84%  , a Hang Seng constituent, added 1.2%.

In Japan, the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%  edged up 0.2% to 18,826.88, its highest close in 15 years. The Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.49%  inched 0.1% higher. The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0115%  weakened versus the dollar to ¥119.96, from late Friday’s ¥119.34.

Elsewhere, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%   and South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.26%  tacked on 0.5% and 0.6%, respectively.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,455.41
+114.56 +0.47%
Volume: 2.30M
Sept. 18, 2020 4:09p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
loading...
/zigman2/quotes/209899244/delayed
HK : Hong Kong
HK$ 39.45
+0.60 +1.54%
Volume: 20.76M
Sept. 18, 2020 4:09p
P/E Ratio
9.75
Dividend Yield
3.33%
Market Cap
HK$1103.41 billion
Rev. per Employee
HK$3.67M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 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$5.47M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.51
+0.01 +0.40%
Volume: 462.07M
Sept. 18, 2020 4:09p
P/E Ratio
3.83
Dividend Yield
8.34%
Market Cap
HK$992.86 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/208605330/delayed
HK : Hong Kong
HK$ 16.50
-0.16 -0.96%
Volume: 21.68M
Sept. 18, 2020 4:09p
P/E Ratio
22.17
Dividend Yield
4.30%
Market Cap
HK$215.54 billion
Rev. per Employee
HK$4.12M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 36.05
+0.30 +0.84%
Volume: 10.23M
Sept. 18, 2020 4:09p
P/E Ratio
8.33
Dividend Yield
3.31%
Market Cap
HK$257.07 billion
Rev. per Employee
HK$3.68M
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/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,646.42
+8.02 +0.49%
Volume: 0.00
Sept. 18, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5600
-0.0120 -0.0115%
Volume: 0.0000
Sept. 18, 2020 4:59p
loading...
/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/210598069/delayed
KR : Korea Exchange
2,412.40
+6.23 +0.26%
Volume: 756,516
Sept. 18, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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