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Jan. 21, 2015, 3:56 a.m. EST

Chinese stocks shoot up, marking best gain in five years

Japan stocks fall after BOJ cuts inflation forecast

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By Laura He, MarketWatch


Reuters Enlarge Image
Shanghai stocks rebound strongly on Wednesday, while Japan shares retreat.

HONG KONG (MarketWatch) -- Chinese stocks posted their strongest advance since late 2009 on Wednesday, with the financial sector leading gains.

Mainland China’s benchmark Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.43%  shot up 4.7%, marking its biggest daily percentage increase since October 2009, extending gains after Tuesday’s 1.8% advance. On Tuesday, China reported a higher-than-expected economic growth for December.

On Monday, the index tumbled 7.7%, its worst decline in more than six years, triggered by a crackdown on margin trade business by the regulator.

Banks and insurers recovered strongly in Shanghai, with Bank of China Ltd. /zigman2/quotes/209359942/delayed CN:601988 0.00%   /zigman2/quotes/204682472/delayed HK:3988 +1.29%  soaring 9.9%, Industrial and Commercial Bank of China Ltd. /zigman2/quotes/202525815/delayed CN:601398 -0.35%   /zigman2/quotes/201401473/delayed HK:1398 +1.09%  leaping 6%, and Agricultural Bank of China Ltd. /zigman2/quotes/204629388/delayed CN:601288 -0.28%   /zigman2/quotes/200705246/delayed HK:1288 +0.63%  spiking 5.6%. Shares of China Life Insurance Co. Ltd. /zigman2/quotes/204766889/delayed CN:601628 -0.78%   /zigman2/quotes/202359856/delayed HK:2628 +1.82%  were suspended from trading after a 10% surge, and Ping An Insurance (Group) Company of China /zigman2/quotes/202773380/delayed CN:601318 +0.08%   /zigman2/quotes/210315058/delayed HK:2318 +0.56%  popped 9.5% higher.

The advance in mainland Chinese markets also boosted Hong Kong stocks, with the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.07%  closing up 1.7%. The Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 +0.83%  , which tracks Hong Kong-listed mainland Chinese companies, added 2.4%.

However, in Japan, the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.23%  dropped 0.5%, after the Bank of Japan cut its near-term inflation outlook, while leaving monetary policy unchanged. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 +0.11%  also fell 0.5%.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0157%   strengthened versus the dollar, trading at ¥117.67, compared with ¥118.70 late Tuesday in New York.

Other Asian markets ended higher, as Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.36%   finished up 1.6%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +1.02%   edged 0.2% higher.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,912.01
+12.55 +0.43%
Volume: 13.41B
Dec. 6, 2019 3:01p
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/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.62
0.00 0.00%
Volume: 48.20M
Dec. 6, 2019 3:00p
P/E Ratio
5.72
Dividend Yield
5.08%
Market Cap
¥1065.60 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 3.15
+0.04 +1.29%
Volume: 207.23M
Dec. 6, 2019 4:08p
P/E Ratio
4.43
Dividend Yield
6.69%
Market Cap
HK$927.25 billion
Rev. per Employee
HK$3.13M
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/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.75
-0.02 -0.35%
Volume: 109.60M
Dec. 6, 2019 3:00p
P/E Ratio
6.62
Dividend Yield
4.36%
Market Cap
¥2049.34 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.55
+0.06 +1.09%
Volume: 157.84M
Dec. 6, 2019 4:08p
P/E Ratio
5.60
Dividend Yield
5.13%
Market Cap
HK$1978.05 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/204629388/delayed
CN : China: Shanghai
¥ 3.61
-0.01 -0.28%
Volume: 91.74M
Dec. 6, 2019 3:00p
P/E Ratio
5.96
Dividend Yield
4.82%
Market Cap
¥1263.44 billion
Rev. per Employee
¥1.80M
loading...
/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 3.19
+0.02 +0.63%
Volume: 66.98M
Dec. 6, 2019 4:08p
P/E Ratio
4.70
Dividend Yield
6.20%
Market Cap
HK$1116.45 billion
Rev. per Employee
HK$2.16M
loading...
/zigman2/quotes/204766889/delayed
CN : China: Shanghai
¥ 33.04
-0.26 -0.78%
Volume: 9.41M
Dec. 6, 2019 3:00p
P/E Ratio
18.97
Dividend Yield
0.48%
Market Cap
¥933.87 billion
Rev. per Employee
¥6.30M
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 20.10
+0.36 +1.82%
Volume: 37.46M
Dec. 6, 2019 4:08p
P/E Ratio
10.07
Dividend Yield
0.91%
Market Cap
HK$568.12 billion
Rev. per Employee
HK$7.60M
loading...
/zigman2/quotes/202773380/delayed
CN : China: Shanghai
¥ 84.74
+0.07 +0.08%
Volume: 27.21M
Dec. 6, 2019 3:00p
P/E Ratio
10.53
Dividend Yield
2.18%
Market Cap
¥1544.19 billion
Rev. per Employee
¥2.83M
loading...
/zigman2/quotes/210315058/delayed
HK : Hong Kong
HK$ 89.80
+0.50 +0.56%
Volume: 14.79M
Dec. 6, 2019 4:08p
P/E Ratio
9.51
Dividend Yield
2.36%
Market Cap
HK$1636.40 billion
Rev. per Employee
HK$3.35M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,498.37
+281.33 +1.07%
Volume: 1.64M
Dec. 6, 2019 4:08p
loading...
/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
10,407.18
+85.35 +0.83%
Volume: 0.00
Dec. 6, 2019 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,354.40
+54.31 +0.23%
Volume: 0.00
Dec. 6, 2019 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,713.36
+1.95 +0.11%
Volume: 0.00
Dec. 6, 2019 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.6050
+0.0170 +0.0157%
Volume: 0.0000
Dec. 6, 2019 4:59p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,707.00
+24.00 +0.36%
Volume: 459,318
Dec. 6, 2019 5:09p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,081.85
+21.11 +1.02%
Volume: 440,188
Dec. 6, 2019 6:01p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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