Chinese stocks shoot up, marking best gain in five years

By Laura He, MarketWatch

Reuters

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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 +1.40%  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 -0.33%   /zigman2/quotes/204682472/delayed HK:3988 -1.13%  soaring 9.9%, Industrial and Commercial Bank of China Ltd. /zigman2/quotes/202525815/delayed CN:601398 -0.23%   /zigman2/quotes/201401473/delayed HK:1398 -1.33%  leaping 6%, and Agricultural Bank of China Ltd. /zigman2/quotes/204629388/delayed CN:601288 -0.70%   /zigman2/quotes/200705246/delayed HK:1288 -1.24%  spiking 5.6%. Shares of China Life Insurance Co. Ltd. /zigman2/quotes/204766889/delayed CN:601628 +0.91%   /zigman2/quotes/202359856/delayed HK:2628 -0.77%  were suspended from trading after a 10% surge, and Ping An Insurance (Group) Company of China /zigman2/quotes/202773380/delayed CN:601318 -0.12%   /zigman2/quotes/210315058/delayed HK:2318 -2.05%  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 +0.03%  closing up 1.7%. The Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 +0.21%  , which tracks Hong Kong-listed mainland Chinese companies, added 2.4%.

However, in Japan, the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.53%  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 +0.47%  also fell 0.5%.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0649%   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 +0.41%   finished up 1.6%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.13%   edged 0.2% higher.

/zigman2/quotes/210598127/delayed

Add to watchlist CN:SHCOMP

Shanghai Composite Index

CN : China: Shanghai

3,093.86

+42.64 +1.40%

Volume: 23.27B

Sept. 27, 2022 3:00p

/zigman2/quotes/209359942/delayed

Add to watchlist CN:601988

Bank of China Ltd.

CN : China: Shanghai

¥ 3.05

-0.01 -0.33%

Volume: 86.58M

Sept. 27, 2022 3:00p

P/E Ratio

4.01

Dividend Yield

7.25%

Market Cap

¥846.59 billion

Rev. per Employee

¥3.26M

/zigman2/quotes/204682472/delayed

Add to watchlist HK:3988

Bank of China Ltd.

HK : Hong Kong

$ 2.62

-0.03 -1.13%

Volume: 205.61M

Sept. 27, 2022 4:08p

P/E Ratio

2.85

Dividend Yield

9.88%

Market Cap

$930.09 billion

Rev. per Employee

$3.99M

/zigman2/quotes/202525815/delayed

Add to watchlist CN:601398

Industrial & Commercial Bank of China Ltd.

CN : China: Shanghai

¥ 4.34

-0.01 -0.23%

Volume: 190.04M

Sept. 27, 2022 3:00p

P/E Ratio

4.34

Dividend Yield

6.76%

Market Cap

¥1470.65 billion

Rev. per Employee

¥3.30M

/zigman2/quotes/201401473/delayed

Add to watchlist HK:1398

Industrial & Commercial Bank of China Ltd.

HK : Hong Kong

$ 3.72

-0.05 -1.33%

Volume: 138.63M

Sept. 27, 2022 4:08p

P/E Ratio

3.16

Dividend Yield

9.23%

Market Cap

$1615.71 billion

Rev. per Employee

$3.85M

/zigman2/quotes/204629388/delayed

Add to watchlist CN:601288

Agricultural Bank of China Ltd.

CN : China: Shanghai

¥ 2.83

-0.02 -0.70%

Volume: 239.16M

Sept. 27, 2022 3:00p

P/E Ratio

4.00

Dividend Yield

7.31%

Market Cap

¥977.28 billion

Rev. per Employee

¥2.61M

/zigman2/quotes/200705246/delayed

Add to watchlist HK:1288

Agricultural Bank of China Ltd.

HK : Hong Kong

$ 2.38

-0.03 -1.24%

Volume: 86.79M

Sept. 27, 2022 4:08p

P/E Ratio

2.78

Dividend Yield

10.17%

Market Cap

$1073.67 billion

Rev. per Employee

$3.25M

/zigman2/quotes/204766889/delayed

Add to watchlist CN:601628

China Life Insurance Co. Ltd. A

CN : China: Shanghai

¥ 31.10

+0.28 +0.91%

Volume: 9.75M

Sept. 27, 2022 3:00p

P/E Ratio

24.86

Dividend Yield

2.09%

Market Cap

¥711.81 billion

Rev. per Employee

¥8.04M

/zigman2/quotes/202359856/delayed

Add to watchlist HK:2628

China Life Insurance Co. Ltd.

HK : Hong Kong

$ 10.26

-0.08 -0.77%

Volume: 25.10M

Sept. 27, 2022 4:08p

P/E Ratio

6.79

Dividend Yield

7.42%

Market Cap

$782.03 billion

Rev. per Employee

$9.72M

/zigman2/quotes/202773380/delayed

Add to watchlist CN:601318

Ping An Insurance (Group) Co. of China Ltd. A

CN : China: Shanghai

¥ 42.44

-0.05 -0.12%

Volume: 31.23M

Sept. 27, 2022 3:00p

P/E Ratio

7.41

Dividend Yield

5.70%

Market Cap

¥738.97 billion

Rev. per Employee

¥3.00M

/zigman2/quotes/210315058/delayed

Add to watchlist HK:2318

Ping An Insurance (Group) Co. of China Ltd.

HK : Hong Kong

$ 40.70

-0.85 -2.05%

Volume: 32.48M

Sept. 27, 2022 4:08p

P/E Ratio

5.90

Dividend Yield

7.04%

Market Cap

$811.86 billion

Rev. per Employee

$3.84M

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

17,860.31

+5.17 +0.03%

Volume: 1.90M

Sept. 27, 2022 4:09p

/zigman2/quotes/210598031/delayed

Add to watchlist CN:HSCEI

Hang Seng China Enterprises Index

CN : Hong Kong Exchange

6,150.47

+12.69 +0.21%

Volume: 0.00

Sept. 27, 2022 4:09p

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

26,571.87

+140.32 +0.53%

Volume: 0.00

Sept. 27, 2022 3:15p

/zigman2/quotes/210598092/delayed

Add to watchlist JP:I0000

TOPIX Index

JP : Tokyo Exchange (TOPIX)

1,873.01

+8.73 +0.47%

Volume: 0.00

Sept. 27, 2022 3:00p

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

144.8330

+0.0940 +0.0649%

Volume: 0.0000

Sept. 27, 2022 1:24p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

6,496.20

+26.80 +0.41%

Volume: 1.01M

Sept. 27, 2022 5:33p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:SEU

KOSPI Composite Index

KR : Korea Exchange

2,223.86

+2.92 +0.13%

Volume: 487,939

Sept. 27, 2022 3:30p