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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 +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
CN : China: Shanghai
3,093.86
+42.64 +1.40%
Volume: 23.27B
Sept. 27, 2022 3:00p
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/zigman2/quotes/209359942/delayed
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
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/zigman2/quotes/204682472/delayed
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
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/zigman2/quotes/202525815/delayed
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
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/zigman2/quotes/201401473/delayed
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
loading...
/zigman2/quotes/204629388/delayed
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
loading...
/zigman2/quotes/200705246/delayed
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
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/zigman2/quotes/204766889/delayed
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
loading...
/zigman2/quotes/202359856/delayed
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
loading...
/zigman2/quotes/202773380/delayed
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
loading...
/zigman2/quotes/210315058/delayed
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
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,860.31
+5.17 +0.03%
Volume: 1.90M
Sept. 27, 2022 4:09p
loading...
/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
6,150.47
+12.69 +0.21%
Volume: 0.00
Sept. 27, 2022 4:09p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,571.87
+140.32 +0.53%
Volume: 0.00
Sept. 27, 2022 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,873.01
+8.73 +0.47%
Volume: 0.00
Sept. 27, 2022 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.8330
+0.0940 +0.0649%
Volume: 0.0000
Sept. 27, 2022 1:24p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,496.20
+26.80 +0.41%
Volume: 1.01M
Sept. 27, 2022 5:33p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,223.86
+2.92 +0.13%
Volume: 487,939
Sept. 27, 2022 3:30p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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