Asian markets rally and Shanghai Composite logs best week in over 2 years

By Dow Jones Newswire

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Attendees play video games during the Tokyo Game Show 2018 on Thursday.

Asian stocks markets on Friday registered strong gains for the day and week, with the Shanghai Composite notching its best weekly run in more than two years, extending on a rally seen overnight in Europe and the U.S.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -1.17%  finished 0.8% higher, helped by more declines in the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0007% during overseas trading. The index scored a weekly gain of 3.4% and logged its second straight weekly rise, marking its best two-week return, up 7%, since April 22, 2016, according to Dow Jones Market Data.

The rally comes ahead of three-day weekend, with the Nikkei closed on Monday for a holiday.

Friday’s gains were driven by insurers and metals companies, with Japan Post Insurance /zigman2/quotes/200203950/delayed JP:7181 -0.08%  closing 2.2% higher, while Pacific Metals /zigman2/quotes/209253802/delayed JP:5541 -2.81% gained 4.4%, and Mitsui Mining & Smelting’s shares /zigman2/quotes/208540098/delayed JP:5706 -2.73% jumped about 5.9%. Buoyed by the falling yen, export-heavy electronics companies such as Kyocera shares /zigman2/quotes/204880749/delayed JP:6971 -2.36%  rose 3.9% and shares of TDK Corp. /zigman2/quotes/208948266/delayed JP:6762 -2.29%  rose by 3.8%, though Sony /zigman2/quotes/201361720/delayed JP:6758 +0.61% fell by about 2%

Hong Kong stocks extended their recent rebound, with the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.51% climbing 1.7% after having climbed five of the prior six days to log a 2½-week closing high Thursday, and a weekly return of 2.5%. Financials performed well with shares of China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +1.38% rising 3.1% and Ping An Insurance’s stock /zigman2/quotes/210315058/delayed HK:2318 +1.93%  adding 1.7%, and shares of AIA Group /zigman2/quotes/203565558/delayed HK:1299 +1.51%  picking up 3.5%. Tencent rose /zigman2/quotes/204605823/delayed HK:700 +2.96%  by 3.2%. But CNOOC’s stock /zigman2/quotes/203421416/delayed HK:883 -0.14% dropped 3.7% amid an overnight pullback in oil prices.

Meanwhile, the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.10% advanced by 2.5%, contributing to a weekly rise of 4.3%. That weekly rise represented the best such stretch for the Shanghai on a percentage basis since March 18, 2016.

The smaller-cap Shenzhen Composite /zigman2/quotes/210598015/delayed CN:399106 +0.44% finished the session up by 1.8% and booked a weekly gain of more than 3%.

Consumer plays, including tourism-related stocks, traded higher. ahead of coming holidays and the State Council’s latest paper on consumption. With solid profitability, steady cash flow and still-benign fundamentals, Galaxy Securities expects the food-and-beverage sector to continue outperforming the broader market.

Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.09% advanced 0.7% for the day and 0.9% for the week, ahead of a weeklong holiday. Shares of Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -0.29%  added 0.3%, while those for SK Hynix /zigman2/quotes/206420319/delayed KR:000660 -0.26%  finished Friday’s session down 3%. Meanwhile, the Taiwan benchmark rose by 1.3% Friday and 1% for the week, the Singapore equity gauge /zigman2/quotes/210597985/delayed SG:STI -0.27%  finished 1.2% higher, contributing to its 1.8% weekly climb, while Malaysia’s index /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.38% edged 0.4% higher, for the day and week.

Down Under, Australia’s ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.20% rose 0.4%, and advanced 0.5% for the week, as mining giant Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -1.76% gained after announcing a $3.2 billion share buyback plan, while New Zealand’s NSZ-50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.79%  rose by 0.2% Friday, capping a 1.1% rise for the week.

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

31,388.68

-371.20 -1.17%

Volume: 0.00

Oct. 3, 2023 9:48a

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

149.8600

+0.0010 +0.0007%

Volume: 0.0000

Oct. 2, 2023 9:08p

/zigman2/quotes/200203950/delayed

Add to watchlist JP:7181

Japan Post Insurance Co. Ltd.

JP : Japan: Tokyo

¥ 2,562.00

-2.00 -0.08%

Volume: 354,300

Oct. 3, 2023 9:48a

P/E Ratio

9.31

Dividend Yield

3.67%

Market Cap

¥934.65 billion

Rev. per Employee

¥158.58M

/zigman2/quotes/209253802/delayed

Add to watchlist JP:5541

Pacific Metals Co. Ltd.

JP : Japan: Tokyo

¥ 1,314.00

-38.00 -2.81%

Volume: 333,800

Oct. 3, 2023 9:48a

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

¥27.34 billion

Rev. per Employee

¥60.28M

/zigman2/quotes/208540098/delayed

Add to watchlist JP:5706

Mitsui Mining & Smelting Co. Ltd.

JP : Japan: Tokyo

¥ 3,711.00

-104.00 -2.73%

Volume: 138,300

Oct. 3, 2023 9:48a

P/E Ratio

N/A

Dividend Yield

3.77%

Market Cap

¥216.94 billion

Rev. per Employee

¥52.36M

/zigman2/quotes/204880749/delayed

Add to watchlist JP:6971

Kyocera Corp.

JP : Japan: Tokyo

¥ 7,364.00

-178.00 -2.36%

Volume: 298,800

Oct. 3, 2023 9:48a

P/E Ratio

22.82

Dividend Yield

2.72%

Market Cap

¥2749.92 billion

Rev. per Employee

¥24.79M

/zigman2/quotes/208948266/delayed

Add to watchlist JP:6762

TDK Corp.

JP : Japan: Tokyo

¥ 5,463.00

-128.00 -2.29%

Volume: 594,200

Oct. 3, 2023 9:48a

P/E Ratio

21.29

Dividend Yield

2.12%

Market Cap

¥2100.39 billion

Rev. per Employee

¥21.12M

/zigman2/quotes/201361720/delayed

Add to watchlist JP:6758

Sony Group Corp.

JP : Japan: Tokyo

¥ 12,280.00

+75.00 +0.61%

Volume: 812,600

Oct. 3, 2023 9:48a

P/E Ratio

16.26

Dividend Yield

0.65%

Market Cap

¥15181.11 billion

Rev. per Employee

¥107.89M

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

17,809.66

+436.63 +2.51%

Volume: 0.00

Sept. 29, 2023 4:08p

/zigman2/quotes/208974133/delayed

Add to watchlist HK:0939

China Construction Bank Corp.

HK : Hong Kong

$ 4.42

+0.06 +1.38%

Volume: 233.61M

Sept. 29, 2023 4:08p

P/E Ratio

2.97

Dividend Yield

9.55%

Market Cap

$1127.42 billion

Rev. per Employee

$4.42M

/zigman2/quotes/210315058/delayed

Add to watchlist HK:2318

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

HK : Hong Kong

$ 44.85

+0.85 +1.93%

Volume: 23.05M

Sept. 29, 2023 4:08p

P/E Ratio

7.69

Dividend Yield

6.05%

Market Cap

$887.52 billion

Rev. per Employee

$3.53M

/zigman2/quotes/203565558/delayed

Add to watchlist HK:1299

AIA Group Ltd.

HK : Hong Kong

$ 63.85

+0.95 +1.51%

Volume: 38.75M

Sept. 29, 2023 4:08p

P/E Ratio

30.59

Dividend Yield

2.44%

Market Cap

$733.45 billion

Rev. per Employee

N/A

/zigman2/quotes/204605823/delayed

Add to watchlist HK:0700

Tencent Holdings Ltd.

HK : Hong Kong

$ 306.20

+8.80 +2.96%

Volume: 11.25M

Sept. 29, 2023 4:08p

P/E Ratio

13.43

Dividend Yield

0.78%

Market Cap

$2891.91 billion

Rev. per Employee

$6.07M

/zigman2/quotes/203421416/delayed

Add to watchlist HK:0883

CNOOC Ltd.

HK : Hong Kong

$ 13.78

-0.02 -0.14%

Volume: 26.37M

Sept. 29, 2023 4:08p

P/E Ratio

4.30

Dividend Yield

9.72%

Market Cap

$693.91 billion

Rev. per Employee

$23.81M

/zigman2/quotes/210598127/delayed

Add to watchlist CN:SHCOMP

Shanghai Composite Index

CN : China: Shanghai

3,110.48

+3.16 +0.10%

Volume: 0.00

Sept. 28, 2023 3:00p

/zigman2/quotes/210598015/delayed

Add to watchlist CN:399106

Shenzhen Composite Index

CN : Shenhzen Stock Exchange

1,910.28

+8.31 +0.44%

Volume: 0.00

Sept. 28, 2023 3:00p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:SEU

KOSPI Composite Index

KR : Korea Exchange

2,465.07

+2.10 +0.09%

Volume: 0.00

Sept. 27, 2023 6:05p

/zigman2/quotes/209800866/delayed

Add to watchlist KR:005930

Samsung Electronics Co. Ltd.

KR : S. Korea: KRX

₩ 68,400.00

-200.00 -0.29%

Volume: 0.00

Sept. 27, 2023 3:30p

P/E Ratio

13.05

Dividend Yield

2.11%

Market Cap

₩453180.47 billion

Rev. per Employee

N/A

/zigman2/quotes/206420319/delayed

Add to watchlist KR:000660

SK Hynix Inc.

KR : S. Korea: KRX

₩ 114,700

-300.00 -0.26%

Volume: 0.00

Sept. 27, 2023 3:30p

P/E Ratio

N/A

Dividend Yield

1.05%

Market Cap

₩78870.09 billion

Rev. per Employee

N/A

/zigman2/quotes/210597985/delayed

Add to watchlist SG:STI

FTSE Straits Times Index

SG : Singapore: SGX

3,208.86

-8.55 -0.27%

Volume: 0.00

Oct. 2, 2023 5:20p

/zigman2/quotes/210598052/delayed

Add to watchlist MY:FBMKLCI

FTSE Bursa Malaysia KLCI

MY : Malaysia

1,418.76

-5.41 -0.38%

Volume: 0.00

Oct. 2, 2023 5:05p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

6,949.10

-84.10 -1.20%

Volume: 235,158

Oct. 3, 2023 11:48a

/zigman2/quotes/200083756/delayed

Add to watchlist AU:RIO

Rio Tinto Ltd.

AU : Australia: Sydney

$ 112.82

-2.02 -1.76%

Volume: 570,719

Oct. 3, 2023 11:48a

P/E Ratio

14.35

Dividend Yield

5.21%

Market Cap

$164.45 billion

Rev. per Employee

$1.45M

/zigman2/quotes/211587880/delayed

Add to watchlist NZ:NZ50GR

S&P/NZX 50 Gross Index

NZ : New Zealand: NZX

11,154.31

-88.98 -0.79%

Volume: 0.00

Oct. 3, 2023 1:48p