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May 11, 2015, 4:39 a.m. EDT

Chinese stocks rally as PBOC cuts interest rates again

Japanese stocks close at highest level in nearly two weeks

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By Laura He, MarketWatch


Bloomberg
Hong Kong and Shanghai stocks rise for a second session.

HONG KONG (MarketWatch) — Chinese stocks gained Monday for the second session in a row, bolstered by the third rate cut from the Chinese central bank in six months.

Meanwhile, Japanese shares posted a solid advance to reach their highest closing level in nearly two weeks.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -3.41%   rose 0.5%, up for a second straight session, with the mainland-China-tracking Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 -3.12%  gaining 1%. On the mainland itself, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.58%  jumped 3%, adding to a 2.3% rise at the end of last week.

After China released weaker-than-expected inflation data Saturday, the People’s Bank of China on Sunday announced a quarter-percentage-point cut for both the benchmark deposit and lending rates, citing “still heavy downward pressures facing the economy.” The PBOC also lifted its ceiling on banks’ deposit rates as part of its campaign on interest-rate liberalization.

Read: China’s high-risk interest-rate cut

In Hong Kong, major Chinese banks recorded substantial gains across the board, with China Minsheng Banking Corp. /zigman2/quotes/208095167/delayed HK:1988 -3.02%   /zigman2/quotes/203910009/delayed CN:600016 -0.58%   /zigman2/quotes/200749234/composite CMAKY 0.00%  climbing 2.2%, Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -2.67%   /zigman2/quotes/201568493/composite BACHY -1.55%   /zigman2/quotes/209359942/delayed CN:601988 +0.66%   up 1.4%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -2.39%   /zigman2/quotes/208048873/composite BKFCF +2.25%   /zigman2/quotes/207155262/delayed CN:601328 +0.65%   higher by 1.3%.

In Shanghai, top gainers among banking shares included China Citic Bank Corporation Ltd. /zigman2/quotes/206411273/delayed CN:601998 +0.44%   /zigman2/quotes/205809997/delayed HK:998 -1.56% , up 2.4%, and Bank of China Ltd., which added 1.6%.

Property stocks also mostly advanced. In Hong Kong, index component China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -3.45%   /zigman2/quotes/210412581/composite CAOVF -9.09%   was up 4.1%, and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -3.42%   /zigman2/quotes/201656413/composite CRBJF -4.83%   — also a Hang Seng Index constituent — climbed 1.9%. In the property sector in Shanghai, Huayuan Property Co. Ltd. /zigman2/quotes/204155155/delayed CN:600743 -2.09%   soared limit-up by 10%, and China Calxon Group Co., Ltd. /zigman2/quotes/205767260/delayed CN:000918 -3.60%  popped 4.4% higher.

Meanwhile, tech stocks in Hong Kong extended a previous rally fueled by a Thursday statement by China’s State Council (China’s cabinet) that the nation will “strive to develop the e-commerce industry and cultivate a new impetus to power the economic growth.” A Monday report by the state-run China Fund newspaper that Chinese mutual funds have been doing close research on Internet-finance-related companies may also have helped lift the sector.

Index heavyweight and Chinese online major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 -2.42%   /zigman2/quotes/207908563/composite TCEHY -2.00%  rose 3% ahead of the release of its earnings results on Wednesday. Online-game developer NetDragon Websoft Inc. /zigman2/quotes/208746366/delayed HK:777 -0.14% soared 11%, and rival Baioo Family Interactive /zigman2/quotes/210039816/delayed HK:2100 -4.17%  surged 9.7%. Software developer Kingdee International Software Group /zigman2/quotes/202787359/delayed HK:268 -4.36%   /zigman2/quotes/210110520/composite KGDEF -13.29%  added 6.3%, and Kingsoft Corp. /zigman2/quotes/208824086/delayed HK:3888 -3.13%   /zigman2/quotes/200487124/composite KSFTF -4.01%  was up 6.1%.

Other Asian markets were mostly higher. Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -1.50%  improved by 1.3% to 19,620.91, its best close since late April. The Topix /zigman2/quotes/210598092/delayed JP:180460 -0.95%   moved up 0.7%.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.1188%  weakened slightly, with the dollar buying ¥119.98, compared with ¥119.84 late Friday in New York.

Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -2.45%  tacked on 0.6%, while Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.53%  edged 0.2% lower.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,250.88
-609.43 -3.41%
Volume: 2.95M
Sept. 28, 2022 4:08p
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
5,958.62
-191.85 -3.12%
Volume: 0.00
Sept. 28, 2022 4:08p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,045.07
-48.80 -1.58%
Volume: 23.01B
Sept. 28, 2022 3:00p
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
$ 2.25
-0.07 -3.02%
Volume: 15.99M
Sept. 28, 2022 4:08p
P/E Ratio
2.93
Dividend Yield
11.09%
Market Cap
$153.08 billion
Rev. per Employee
$6.27M
loading...
/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 3.42
-0.02 -0.58%
Volume: 66.47M
Sept. 28, 2022 3:00p
P/E Ratio
4.61
Dividend Yield
6.23%
Market Cap
¥139.33 billion
Rev. per Employee
¥5.28M
loading...
/zigman2/quotes/200749234/composite
US : U.S.: OTC
$ 2.90
0.00 0.00%
Volume: 5,168
Sept. 27, 2022 3:33p
P/E Ratio
2.53
Dividend Yield
8.14%
Market Cap
$19.50 billion
Rev. per Employee
$817,294
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
$ 2.55
-0.07 -2.67%
Volume: 418.80M
Sept. 28, 2022 4:08p
P/E Ratio
2.78
Dividend Yield
10.15%
Market Cap
$930.09 billion
Rev. per Employee
$3.99M
loading...
/zigman2/quotes/201568493/composite
US : U.S.: OTC
$ 8.24
-0.13 -1.55%
Volume: 256,289
Sept. 27, 2022 3:50p
P/E Ratio
2.80
Dividend Yield
8.40%
Market Cap
$118.48 billion
Rev. per Employee
$504,356
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.07
+0.02 +0.66%
Volume: 114.53M
Sept. 28, 2022 3:00p
P/E Ratio
4.04
Dividend Yield
7.20%
Market Cap
¥846.59 billion
Rev. per Employee
¥3.26M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
$ 4.08
-0.10 -2.39%
Volume: 17.18M
Sept. 28, 2022 4:08p
P/E Ratio
2.79
Dividend Yield
10.20%
Market Cap
$344.71 billion
Rev. per Employee
$6.86M
loading...
/zigman2/quotes/208048873/composite
US : U.S.: OTC
$ 0.58
+0.01 +2.25%
Volume: 0.00
Sept. 14, 2022 11:57a
P/E Ratio
3.17
Dividend Yield
N/A
Market Cap
$45.73 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.62
+0.03 +0.65%
Volume: 72.32M
Sept. 28, 2022 3:00p
P/E Ratio
3.92
Dividend Yield
7.68%
Market Cap
¥313.76 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206411273/delayed
CN : China: Shanghai
¥ 4.61
+0.02 +0.44%
Volume: 21.04M
Sept. 28, 2022 3:00p
P/E Ratio
4.56
Dividend Yield
6.55%
Market Cap
¥198.90 billion
Rev. per Employee
¥6.67M
loading...
/zigman2/quotes/205809997/delayed
HK : Hong Kong
$ 3.15
-0.05 -1.56%
Volume: 24.35M
Sept. 28, 2022 4:08p
P/E Ratio
2.58
Dividend Yield
11.23%
Market Cap
$218.52 billion
Rev. per Employee
$8.12M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 21.00
-0.75 -3.45%
Volume: 28.91M
Sept. 28, 2022 4:08p
P/E Ratio
5.28
Dividend Yield
5.52%
Market Cap
$234.77 billion
Rev. per Employee
$51.24M
loading...
/zigman2/quotes/210412581/composite
US : U.S.: OTC
$ 2.65
-0.27 -9.09%
Volume: 534.00
Sept. 26, 2022 9:30a
P/E Ratio
5.20
Dividend Yield
N/A
Market Cap
$29.91 billion
Rev. per Employee
$6.57M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
$ 31.05
-1.10 -3.42%
Volume: 12.16M
Sept. 28, 2022 4:08p
P/E Ratio
6.13
Dividend Yield
5.45%
Market Cap
$227.83 billion
Rev. per Employee
$5.19M
loading...
/zigman2/quotes/201656413/composite
US : U.S.: OTC
$ 3.94
-0.20 -4.83%
Volume: 211.00
Sept. 26, 2022 9:30a
P/E Ratio
6.06
Dividend Yield
N/A
Market Cap
$29.02 billion
Rev. per Employee
$665,352
loading...
/zigman2/quotes/204155155/delayed
CN : China: Shanghai
¥ 1.87
-0.04 -2.09%
Volume: 12.59M
Sept. 28, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥4.46 billion
Rev. per Employee
¥19.32M
loading...
/zigman2/quotes/205767260/delayed
CN : China: Shenzhen
¥ 2.14
-0.08 -3.60%
Volume: 28.03M
Sept. 28, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥3.95 billion
Rev. per Employee
¥487,835
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 274.00
-6.80 -2.42%
Volume: 22.16M
Sept. 28, 2022 4:08p
P/E Ratio
12.42
Dividend Yield
0.58%
Market Cap
$2694.01 billion
Rev. per Employee
$5.96M
loading...
/zigman2/quotes/207908563/composite
US : U.S.: OTC
$ 35.28
-0.72 -2.00%
Volume: 2.25M
Sept. 27, 2022 4:00p
P/E Ratio
12.47
Dividend Yield
0.51%
Market Cap
$343.19 billion
Rev. per Employee
$770,133
loading...
/zigman2/quotes/208746366/delayed
HK : Hong Kong
$ 14.40
-0.02 -0.14%
Volume: 436,540
Sept. 28, 2022 4:08p
P/E Ratio
5.45
Dividend Yield
9.03%
Market Cap
$7.66 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/210039816/delayed
HK : Hong Kong
$ 0.35
-0.02 -4.17%
Volume: 440,000
Sept. 28, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$952.18 million
Rev. per Employee
$750,554
loading...
/zigman2/quotes/202787359/delayed
HK : Hong Kong
$ 10.52
-0.48 -4.36%
Volume: 16.58M
Sept. 28, 2022 4:08p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$39.95 billion
Rev. per Employee
$469,312
loading...
/zigman2/quotes/210110520/composite
US : U.S.: OTC
$ 1.50
-0.23 -13.29%
Volume: 0.00
Sept. 19, 2022 9:30a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.40 billion
Rev. per Employee
$60,136
loading...
/zigman2/quotes/208824086/delayed
HK : Hong Kong
$ 21.70
-0.70 -3.13%
Volume: 4.14M
Sept. 28, 2022 4:08p
P/E Ratio
144.38
Dividend Yield
0.55%
Market Cap
$29.97 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/200487124/composite
US : U.S.: OTC
$ 2.96
-0.12 -4.01%
Volume: 0.00
Sept. 12, 2022 9:36a
P/E Ratio
151.64
Dividend Yield
N/A
Market Cap
$4.12 billion
Rev. per Employee
$154,193
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,173.98
-397.89 -1.50%
Volume: 0.00
Sept. 28, 2022 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,855.15
-17.86 -0.95%
Volume: 0.00
Sept. 28, 2022 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.6360
-0.1720 -0.1188%
Volume: 0.0000
Sept. 28, 2022 6:53a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,169.29
-54.57 -2.45%
Volume: 596,136
Sept. 28, 2022 3:32p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,462.00
-34.20 -0.53%
Volume: 973,102
Sept. 28, 2022 5:28p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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