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Aug. 9, 2013, 5:04 a.m. EDT

Hong Kong, Shanghai stocks up after China data

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Chinese stocks climbed Friday after data showing consumer prices in the country rose at a slower-than-expected rate in July, while Japanese shares inched up on buying in some beaten-down issues.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.01%  rose 0.7%, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.02%  climbed 0.4% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.84%  pared early losses to end 0.2% lower.


Shutterstock Enlarge Image
Chinese inflation data helps support gains on Hong Kong’s stock market.

Official data released Friday showed July consumer prices in China rose 2.7%, matching the rate in June but slightly weaker than expectations. Producer prices dropped 2.3%, after witnessing a 2.7% slide in June. July industrial production accelerated to grow 9.7% from a year-earlier, compared with 8.9% in June.

“After all the conjecture over the past month, the latest batch of Chinese economic data was mildly ahead of economist forecasts,” said Savanth Sebastian, an economist at CommSec.

“The good news is that the latest readings don’t suggest that a hard landing is on the cards. ... If more stimulus is required, the central bank is well placed to wade in with additional liquidity, with inflation well contained,” he added.

Meanwhile, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.36%  edged up 0.1% after a choppy session, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.49% slid 0.2%.

Most of the major regional markets ended the week deep in the red. Japan’s Nikkei tumbled 5.9% during the week, while the Australian and Hong Kong benchmarks lost between 1% and 2%. China’s Shanghai Composite defied the trend, gaining 1.1% during the week.

Major movers

Coal miners jumped in Hong Kong amid expectations for rising prices, with China Coal Energy Co. /zigman2/quotes/201486584/delayed HK:1898 -1.06%   /zigman2/quotes/205321671/composite CCOZY 0.00%  soaring 10.3% and China Shenhua Energy Co. /zigman2/quotes/206065610/delayed HK:1088 -1.01% /zigman2/quotes/206839995/composite CSUAY +0.93%  climbing 6.1%.

Kunlun Energy Co. /zigman2/quotes/207929595/delayed HK:135 -1.15%   /zigman2/quotes/209475075/composite KLYCY -10.33%  added 3.6%, helped by Citigroup’s upgrade of the stock’s rating to buy.

In Shanghai, China Shenhua Energy Co. /zigman2/quotes/202621923/delayed CN:601088 -0.79%  rose 0.3% and Datong Coal Industry Co. /zigman2/quotes/204544316/delayed CN:601001 -1.05%  added 1.4%.

Click to Play

Has the worst of China's cash crunch passed?

Stocks in Hong Kong and Australia applaud signs that China's central bank is working to end a cash squeeze in the country.

In Tokyo on Friday, shares of Mitsubishi Material Corp. /zigman2/quotes/201126350/delayed JP:5711 -2.06% /zigman2/quotes/203392529/composite MIMTF 0.00% climbed 9.6% after its results Thursday.

Adding to the gains, Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 -2.55% /zigman2/quotes/202815238/composite SFTBF -0.05%  gained 1.1%, and Trend Micro Inc. /zigman2/quotes/206023532/delayed JP:4704 -0.46% /zigman2/quotes/205788499/composite TMICY +2.02%  added 2.2% to recover some recent losses.

On the downside, Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 -3.01%   /zigman2/quotes/209396469/composite NINOY +1.33% plunged 14.3% after its weak fiscal first-quarter results.

In Sydney, diversified miner BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +1.23% /zigman2/quotes/208108397/composite BHP -0.06%  gained 1.8%, and rival Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO +0.37% /zigman2/quotes/202627887/composite RIO -0.31%  added 1.3%, while gold company Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +2.03%   /zigman2/quotes/206026738/composite NCMGF -0.30%  leapt 2.3%.

But losses in the financial and retail sectors weighed on the market, with Australia & New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ +1.22% /zigman2/quotes/203732563/composite ANZBY -1.00%  losing 0.5%, and Wesfarmers Ltd. /zigman2/quotes/204567133/delayed AU:WES +2.79% /zigman2/quotes/201861689/composite WFAFY +2.03% shedding 0.6%.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,713.97
-2.88 -0.01%
Volume: 741,303
Sept. 23, 2020 12:00p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,275.09
+0.78 +0.02%
Volume: 9.82B
Sept. 23, 2020 12:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,890.40
+106.30 +1.84%
Volume: 381,689
Sept. 23, 2020 1:55p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,276.05
-84.25 -0.36%
Volume: 0.00
Sept. 23, 2020 12:55p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,321.12
-11.47 -0.49%
Volume: 510,066
Sept. 23, 2020 12:55p
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/zigman2/quotes/201486584/delayed
HK : Hong Kong
HK$ 1.87
-0.02 -1.06%
Volume: 2.61M
Sept. 23, 2020 11:54a
P/E Ratio
4.86
Dividend Yield
7.44%
Market Cap
HK$51.09 billion
Rev. per Employee
HK$2.78M
loading...
/zigman2/quotes/205321671/composite
US : U.S.: OTC
$ 4.56
0.00 0.00%
Volume: 0.00
June 22, 2020 5:19p
P/E Ratio
5.13
Dividend Yield
6.29%
Market Cap
$6.00 billion
Rev. per Employee
$354,816
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 13.70
-0.14 -1.01%
Volume: 11.42M
Sept. 23, 2020 11:59a
P/E Ratio
6.50
Dividend Yield
10.06%
Market Cap
HK$361.34 billion
Rev. per Employee
HK$3.46M
loading...
/zigman2/quotes/206839995/composite
US : U.S.: OTC
$ 7.08
+0.07 +0.93%
Volume: 69,531
Sept. 22, 2020 3:59p
P/E Ratio
6.24
Dividend Yield
8.33%
Market Cap
$46.62 billion
Rev. per Employee
$448,167
loading...
/zigman2/quotes/207929595/delayed
HK : Hong Kong
HK$ 5.17
-0.06 -1.15%
Volume: 2.04M
Sept. 23, 2020 11:57a
P/E Ratio
8.46
Dividend Yield
5.47%
Market Cap
HK$44.94 billion
Rev. per Employee
HK$2.99M
loading...
/zigman2/quotes/209475075/composite
US : U.S.: OTC
$ 6.51
-0.75 -10.33%
Volume: 0.00
Sept. 17, 2020 5:20p
P/E Ratio
8.31
Dividend Yield
4.93%
Market Cap
$6.19 billion
Rev. per Employee
$381,003
loading...
/zigman2/quotes/202621923/delayed
CN : China: Shanghai
¥ 16.32
-0.13 -0.79%
Volume: 12.13M
Sept. 23, 2020 11:30a
P/E Ratio
8.18
Dividend Yield
7.72%
Market Cap
¥315.84 billion
Rev. per Employee
¥2.92M
loading...
/zigman2/quotes/204544316/delayed
CN : China: Shanghai
¥ 4.71
-0.05 -1.05%
Volume: 4.99M
Sept. 23, 2020 11:30a
P/E Ratio
8.93
Dividend Yield
N/A
Market Cap
¥8.23 billion
Rev. per Employee
¥1.56M
loading...
/zigman2/quotes/201126350/delayed
JP : Japan: Tokyo
¥ 2,183.00
-46.00 -2.06%
Volume: 274,500
Sept. 23, 2020 12:55p
P/E Ratio
N/A
Dividend Yield
1.83%
Market Cap
¥291.25 billion
Rev. per Employee
¥63.99M
loading...
/zigman2/quotes/203392529/composite
US : U.S.: OTC
$ 27.65
0.00 0.00%
Volume: 0.00
June 17, 2020 5:19p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$579,792
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,378.00
-167.00 -2.55%
Volume: 11.26M
Sept. 23, 2020 12:55p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥12739.81 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/202815238/composite
US : U.S.: OTC
$ 60.70
-0.03 -0.05%
Volume: 1,415
Sept. 22, 2020 3:47p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$121.84 billion
Rev. per Employee
$1.15M
loading...
/zigman2/quotes/206023532/delayed
JP : Japan: Tokyo
¥ 6,430.00
-30.00 -0.46%
Volume: 328,700
Sept. 23, 2020 12:52p
P/E Ratio
30.48
Dividend Yield
2.49%
Market Cap
¥900.13 billion
Rev. per Employee
¥26.87M
loading...
/zigman2/quotes/205788499/composite
US : U.S.: OTC
$ 61.48
+1.22 +2.02%
Volume: 935.00
Sept. 22, 2020 3:36p
P/E Ratio
31.51
Dividend Yield
2.11%
Market Cap
$8.61 billion
Rev. per Employee
$243,287
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 709.00
-22.00 -3.01%
Volume: 2.59M
Sept. 23, 2020 12:55p
P/E Ratio
N/A
Dividend Yield
2.82%
Market Cap
¥268.37 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/209396469/composite
US : U.S.: OTC
$ 6.84
+0.09 +1.33%
Volume: 13,670
Sept. 22, 2020 3:56p
P/E Ratio
N/A
Dividend Yield
3.95%
Market Cap
$2.57 billion
Rev. per Employee
$309,299
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 37.12
+0.45 +1.23%
Volume: 2.62M
Sept. 23, 2020 1:55p
P/E Ratio
15.93
Dividend Yield
4.71%
Market Cap
$173.97 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 52.89
-0.03 -0.06%
Volume: 1.26M
Sept. 22, 2020 4:00p
P/E Ratio
16.86
Dividend Yield
4.54%
Market Cap
$125.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.36
+0.36 +0.37%
Volume: 549,969
Sept. 23, 2020 1:55p
P/E Ratio
14.83
Dividend Yield
5.82%
Market Cap
$143.08 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 61.41
-0.19 -0.31%
Volume: 1.88M
Sept. 22, 2020 4:00p
P/E Ratio
13.89
Dividend Yield
6.29%
Market Cap
$103.11 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 32.11
+0.64 +2.03%
Volume: 1.66M
Sept. 23, 2020 1:55p
P/E Ratio
25.75
Dividend Yield
0.76%
Market Cap
$26.14 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/composite
US : U.S.: OTC
$ 23.00
-0.07 -0.30%
Volume: 650.00
Sept. 22, 2020 10:38a
P/E Ratio
27.67
Dividend Yield
N/A
Market Cap
$18.84 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 16.66
+0.20 +1.22%
Volume: 4.25M
Sept. 23, 2020 1:55p
P/E Ratio
11.39
Dividend Yield
8.39%
Market Cap
$47.71 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/203732563/composite
US : U.S.: OTC
$ 11.93
-0.12 -1.00%
Volume: 100,088
Sept. 22, 2020 3:55p
P/E Ratio
11.92
Dividend Yield
5.94%
Market Cap
$34.38 billion
Rev. per Employee
$690,358
loading...
/zigman2/quotes/204567133/delayed
AU : Australia: Sydney
$ 45.62
+1.24 +2.79%
Volume: 885,823
Sept. 23, 2020 1:55p
P/E Ratio
30.43
Dividend Yield
3.73%
Market Cap
$49.58 billion
Rev. per Employee
$208,410
loading...
/zigman2/quotes/201861689/composite
US : U.S.: OTC
$ 16.06
+0.32 +2.03%
Volume: 12,762
Sept. 22, 2020 3:48p
P/E Ratio
31.67
Dividend Yield
2.71%
Market Cap
$35.73 billion
Rev. per Employee
$157,570
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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