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Sept. 9, 2013, 5:47 a.m. EDT

Asian shares higher; Shanghai, Tokyo rally

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By Daniel Inman

Chinese stocks surged on Monday as recent economic data offered further signs that Asia’s biggest economy is stabilizing, while Japanese stocks rallied as a successful Olympics bid boosted sentiment.

Positive economic news from China also offered support to the region. Trade data out over the weekend showed a pickup in exports in August, up 7.2% on year, the latest sign that the world’s second-largest economy is recovering from a slowdown earlier in the year.

In addition, data released in the morning showed that Chinese inflation remain subdued, with the consumer price index rising 2.6% on year in August, in line with the median forecast of 11 economists surveyed by Dow Jones.


Reuters
Chinese shares rally, with Shanghai-based banks jumping on hopes for the city’s free-trade zone.

Also, shares in some Chinese banks shot higher as the market considered the impact of the upcoming Shanghai free-trade zone, with banks headquartered in the city hitting the upward trading limit. Bank of Communications /zigman2/quotes/207155262/delayed CN:601328 -0.88%   /zigman2/quotes/208048873/delayed BKFCF -8.93%  and Shanghai Pudong Development Bank /zigman2/quotes/204296742/delayed CN:600000 -1.81%  both rallied 10%.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.40%  rose 3.4%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.60%  rose 0.6%.

The Chinese data helped the Australian dollar /zigman2/quotes/210560947/realtime/sampled AUDUSD -0.6054%  shoot as high as 92.18 U.S. cents early in the session, compared with 91.85 U.S. cents late Friday in New York, before moderating to 92.04 U.S. cents.

Shares in Chinese oil giant PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -4.17%   /zigman2/quotes/205108732/composite PTR -3.82%  were halted in Hong Kong. The company’s stock was suspended in late August due to an investigation into senior executives.

There were also strong gains in Japan, as data released early Monday showed that the Japanese economy grew much faster in the second quarter than initially estimated. April-to-June gross domestic product grew a revised 3.8% on an annualized basis, compared with last month’s preliminary reading of 2.6%.

Also in Japan, investors were reacting to the weekend news that Tokyo will host the 2020 Olympics, a decision that benefited the broader market, with the Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.44%  up 2.5%.

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China's shadow banking problem

Perhaps the biggest wild card in the world economy right now is China. Will the world’s second-biggest economy keep growing strongly, or will it suffer for all the money it’s borrowed in the past five years?

Sectors that stand to benefit from the event — such as construction and real-estate developers — were buoyed by the result. Construction firm Kajima Corp. /zigman2/quotes/206026698/delayed JP:1812 -0.61%   /zigman2/quotes/201373290/delayed KAJMF -10.02%   rocketed 9.7%, while real-estate company Mitsui Fudosan Co. /zigman2/quotes/205394574/delayed JP:8801 -0.49%   /zigman2/quotes/208297288/delayed MTSFF -2.68%   jumped 6.4%.

Also supporting Japanese stocks was a softer yen, with the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2580%  moving toward the ¥100 mark — last at  ¥99.56 to the dollar, compared with ¥99.10 late Friday in New York.

Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.34%  moved 0.7% higher after a weekend election resulted in the country’s first conservative government in six years, bringing an end to a period of political uncertainty since the poll was called at the beginning of the year.

Some mining stocks outperformed after the election result, as the Liberal National coalition has pledged to remove taxes on carbon emissions and parts of the mining industry. BHP Billiton /zigman2/quotes/201448516/delayed AU:BHP -1.89%   /zigman2/quotes/208108397/composite BHP -0.75%  rose 1.4%, and Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -2.10%   /zigman2/quotes/202627887/composite RIO -1.20%  also rose 1.4%.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.64%  was up 1%.

/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.50
-0.04 -0.88%
Volume: 91.66M
Jan. 22, 2021 3:00p
P/E Ratio
4.78
Dividend Yield
7.00%
Market Cap
¥309.00 billion
Rev. per Employee
¥5.15M
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/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.51
-0.05 -8.93%
Volume: 4,000
Jan. 20, 2021 1:31p
P/E Ratio
3.80
Dividend Yield
N/A
Market Cap
$47.76 billion
Rev. per Employee
$745,325
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/zigman2/quotes/204296742/delayed
CN : China: Shanghai
¥ 9.79
-0.18 -1.81%
Volume: 61.88M
Jan. 22, 2021 3:00p
P/E Ratio
6.11
Dividend Yield
6.13%
Market Cap
¥292.64 billion
Rev. per Employee
¥5.99M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,606.75
-14.51 -0.40%
Volume: 32.45B
Jan. 22, 2021 3:01p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,447.85
-479.91 -1.60%
Volume: 3.38M
Jan. 22, 2021 4:09p
loading...
/zigman2/quotes/210560947/realtime/sampled
US : Tullett Prebon
0.7717
-0.0047 -0.6054%
Volume: 0.0000
Jan. 22, 2021 4:59p
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/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.53
-0.11 -4.17%
Volume: 152.32M
Jan. 22, 2021 4:09p
P/E Ratio
21.92
Dividend Yield
5.71%
Market Cap
HK$880.91 billion
Rev. per Employee
HK$5.79M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 32.71
-1.30 -3.82%
Volume: 117,479
Jan. 22, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
5.00%
Market Cap
$113.64 billion
Rev. per Employee
$719,296
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/zigman2/quotes/210597971/delayed
JP : Nikkei
28,631.45
-125.41 -0.44%
Volume: 0.00
Jan. 22, 2021 3:15p
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/zigman2/quotes/206026698/delayed
JP : Japan: Tokyo
¥ 1,457.00
-9.00 -0.61%
Volume: 1.60M
Jan. 22, 2021 3:00p
P/E Ratio
7.09
Dividend Yield
3.43%
Market Cap
¥751.79 billion
Rev. per Employee
¥107.68M
loading...
/zigman2/quotes/201373290/delayed
US : U.S.: OTC
$ 11.04
-1.23 -10.02%
Volume: 0.00
Dec. 22, 2020 5:19p
P/E Ratio
5.80
Dividend Yield
N/A
Market Cap
$6.21 billion
Rev. per Employee
$990,402
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,036.00
-10.00 -0.49%
Volume: 2.20M
Jan. 22, 2021 3:00p
P/E Ratio
15.69
Dividend Yield
2.16%
Market Cap
¥1968.55 billion
Rev. per Employee
¥91.34M
loading...
/zigman2/quotes/208297288/delayed
US : U.S.: OTC
$ 19.60
-0.54 -2.68%
Volume: 564.00
Jan. 22, 2021 5:20p
P/E Ratio
16.45
Dividend Yield
N/A
Market Cap
$18.99 billion
Rev. per Employee
$840,062
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
103.7610
+0.2670 +0.2580%
Volume: 0.0000
Jan. 22, 2021 4:59p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,800.40
-23.30 -0.34%
Volume: 619,201
Jan. 22, 2021 5:11p
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 46.13
-0.89 -1.89%
Volume: 11.08M
Jan. 22, 2021 4:10p
P/E Ratio
19.79
Dividend Yield
3.79%
Market Cap
$218.28 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 71.79
-0.54 -0.75%
Volume: 2.11M
Jan. 22, 2021 4:00p
P/E Ratio
22.89
Dividend Yield
3.34%
Market Cap
$169.51 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 119.32
-2.56 -2.10%
Volume: 2.39M
Jan. 22, 2021 4:10p
P/E Ratio
18.18
Dividend Yield
4.75%
Market Cap
$175.61 billion
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 81.40
-0.99 -1.20%
Volume: 1.29M
Jan. 22, 2021 4:00p
P/E Ratio
18.41
Dividend Yield
4.74%
Market Cap
$136.37 billion
Rev. per Employee
$942,111
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,140.63
-20.21 -0.64%
Volume: 1.11M
Jan. 22, 2021 3:32p
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