China stocks jump the most in four months on reform plan

By Laura He, MarketWatch

Bloomberg

Shanghai stocks jump on Tuesday, with other Asian markets mostly gaining.

HONG KONG (MarketWatch) — Chinese stocks posted their biggest advance in nearly four months on Tuesday, after the government unveiled guidelines to reform its economic system in 2015, which includes further opening up capital markets.

The mainland China’s benchmark Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.48%  rose 3.1% to 4,417.55, its highest settlement in two weeks. The index also marked its biggest daily percentage gain since late January.

The State Council, China’s cabinet, said in a guideline published on Monday that the country needs deepen the economic system reform in 2015 by further opening up the financial sector to both foreign and domestic investors, expanding capital markets, and intensifying the reform of state-owned enterprises, according to the Chinese government’s official website.

Financial shares rallied across the board, with brokers rising sharply. Huatai Securities Co. Ltd. /zigman2/quotes/208233190/delayed CN:601688 -0.72%  , one of China’s largest brokerage firms soared limit-up by 10%, after it kicked off its Hong Kong initial public offering on Monday, aiming to raise up to $4.5 billion. Orient Securities Co. Ltd. /zigman2/quotes/207820122/delayed CN:600958 -0.51%  and Dongxing Securities Co., Ltd. /zigman2/quotes/203344141/delayed CN:601198 -0.60%  also surged 10%. Haitong Securities /zigman2/quotes/203443667/delayed CN:600837 -3.56%  and Citic Securities Co. Ltd. /zigman2/quotes/210326178/delayed CN:600030 -0.55%  gained 7.5% and 6.6% respectively.

Banks also recorded a solid advance, with China Merchants Bank Co., Ltd. /zigman2/quotes/209899244/delayed HK:3968 -1.98%   /zigman2/quotes/210188047/delayed CN:600036 -0.70%  spiking 4.6%, and Bank of China Ltd /zigman2/quotes/204682472/delayed HK:3988 0.00%   /zigman2/quotes/209359942/delayed CN:601988 +0.86% , China Citic Bank Corporation Ltd. /zigman2/quotes/205809997/delayed HK:998 +1.08% /zigman2/quotes/206411273/delayed CN:601998 +4.94% , China Construction Bank Corporation /zigman2/quotes/208974133/delayed HK:939 -1.37%   /zigman2/quotes/208058581/delayed CN:601939 0.00% and China Minsheng Banking Corp., Ltd.   /zigman2/quotes/208095167/delayed HK:1988 -0.76%   /zigman2/quotes/203910009/delayed CN:600016 +0.29% all rallying 3%.

Railway stocks jumped, after China’s top economic planning agency said Monday it gave the green light to six rail and subway projects, with a total investment of close to 250 billion yuan ($40 billion), to spur economic growth. China Communication Construction Co. Ltd. /zigman2/quotes/210502682/delayed CN:601800 -2.36%  surged 10%, China Railway Construction Corporation Ltd. /zigman2/quotes/202453937/delayed CN:601186 -1.12%   jumped 3.5% and China Railway Group Ltd. /zigman2/quotes/200210795/delayed CN:601390 -1.95%  climbed 2.6%.

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U.S. stocks pushed higher Monday, erasing early losses, with both the Dow industrials and the S&P 500 on track for new all-time highs. Ann Inc. to sell itself to Ascena Retail Group for $2.2 billion in cash and stock.

In Hong Kong, the benchmark Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -2.65%  also rose 0.4%, with the mainland-China-tracking Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 -2.21%   popping 1.9% higher.

In other Asian markets, Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -1.42%  also advanced 0.7% to 20,026.38, back above 20,000 for the first time in three weeks. The index had risen for a third day in a row. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 -1.54%   added 0.4%.

Then yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2655%  weakened a little against the greenback, with the dollar buying ¥120.04, compared to ¥119.67 at the previous Tokyo stock close.

Elsewhere, Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -0.69%  tacked on 0.3%, while Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.38%  fell 0.8%.

/zigman2/quotes/210598127/delayed

Add to watchlist CN:SHCOMP

Shanghai Composite Index

CN : China: Shanghai

3,234.91

-15.64 -0.48%

Volume: 39.25B

March 20, 2023 3:00p

/zigman2/quotes/208233190/delayed

Add to watchlist CN:601688

Huatai Securities Co. Ltd.

CN : China: Shanghai

¥ 12.35

-0.09 -0.72%

Volume: 31.06M

March 20, 2023 3:00p

P/E Ratio

11.44

Dividend Yield

3.64%

Market Cap

¥104.11 billion

Rev. per Employee

¥3.14M

/zigman2/quotes/207820122/delayed

Add to watchlist CN:600958

Orient Securities Co. Ltd.

CN : China: Shanghai

¥ 9.77

-0.05 -0.51%

Volume: 71.03M

March 20, 2023 3:00p

P/E Ratio

25.15

Dividend Yield

0.00%

Market Cap

¥77.04 billion

Rev. per Employee

¥2.55M

/zigman2/quotes/203344141/delayed

Add to watchlist CN:601198

Dongxing Securities Co. Ltd.

CN : China: Shanghai

¥ 8.33

-0.05 -0.60%

Volume: 11.65M

March 20, 2023 3:00p

P/E Ratio

26.42

Dividend Yield

3.12%

Market Cap

¥27.09 billion

Rev. per Employee

¥1.94M

/zigman2/quotes/203443667/delayed

Add to watchlist CN:600837

Haitong Securities Co. Ltd. A

CN : China: Shanghai

¥ 8.66

-0.32 -3.56%

Volume: 80.85M

March 20, 2023 3:00p

P/E Ratio

15.99

Dividend Yield

3.46%

Market Cap

¥101.78 billion

Rev. per Employee

¥3.51M

/zigman2/quotes/210326178/delayed

Add to watchlist CN:600030

CITIC Securities Co. Ltd. A

CN : China: Shanghai

¥ 20.05

-0.11 -0.55%

Volume: 65.18M

March 20, 2023 3:00p

P/E Ratio

13.17

Dividend Yield

2.69%

Market Cap

¥279.86 billion

Rev. per Employee

¥2.77M

/zigman2/quotes/209899244/delayed

Add to watchlist HK:3968

China Merchants Bank Co. Ltd.

HK : Hong Kong

$ 39.60

-0.80 -1.98%

Volume: 14.29M

March 20, 2023 4:08p

P/E Ratio

6.28

Dividend Yield

4.50%

Market Cap

$994.70 billion

Rev. per Employee

$5.55M

/zigman2/quotes/210188047/delayed

Add to watchlist CN:600036

China Merchants Bank Co. Ltd.

CN : China: Shanghai

¥ 34.12

-0.24 -0.70%

Volume: 52.07M

March 20, 2023 3:00p

P/E Ratio

6.46

Dividend Yield

4.46%

Market Cap

¥871.27 billion

Rev. per Employee

¥4.66M

/zigman2/quotes/204682472/delayed

Add to watchlist HK:3988

Bank of China Ltd.

HK : Hong Kong

$ 3.01

0.00 0.00%

Volume: 302.52M

March 20, 2023 4:08p

P/E Ratio

3.28

Dividend Yield

8.60%

Market Cap

$1089.00 billion

Rev. per Employee

$4.01M

/zigman2/quotes/209359942/delayed

Add to watchlist CN:601988

Bank of China Ltd.

CN : China: Shanghai

¥ 3.51

+0.03 +0.86%

Volume: 412.15M

March 20, 2023 3:00p

P/E Ratio

4.57

Dividend Yield

6.30%

Market Cap

¥953.86 billion

Rev. per Employee

¥3.34M

/zigman2/quotes/205809997/delayed

Add to watchlist HK:0998

China CITIC Bank Corp. Ltd.

HK : Hong Kong

$ 3.75

+0.04 +1.08%

Volume: 52.22M

March 20, 2023 4:08p

P/E Ratio

3.01

Dividend Yield

9.43%

Market Cap

$259.71 billion

Rev. per Employee

$8.10M

/zigman2/quotes/206411273/delayed

Add to watchlist CN:601998

China CITIC Bank Corp. Ltd.

CN : China: Shanghai

¥ 5.52

+0.26 +4.94%

Volume: 126.13M

March 20, 2023 3:00p

P/E Ratio

5.31

Dividend Yield

5.47%

Market Cap

¥227.48 billion

Rev. per Employee

¥6.70M

/zigman2/quotes/208974133/delayed

Add to watchlist HK:0939

China Construction Bank Corp.

HK : Hong Kong

$ 5.05

-0.07 -1.37%

Volume: 340.79M

March 20, 2023 4:08p

P/E Ratio

3.33

Dividend Yield

8.43%

Market Cap

$1296.87 billion

Rev. per Employee

$4.59M

/zigman2/quotes/208058581/delayed

Add to watchlist CN:601939

China Construction Bank Corp.

CN : China: Shanghai

¥ 6.02

0.00 0.00%

Volume: 135.28M

March 20, 2023 3:00p

P/E Ratio

4.74

Dividend Yield

6.05%

Market Cap

¥1135.94 billion

Rev. per Employee

¥3.83M

/zigman2/quotes/208095167/delayed

Add to watchlist HK:1988

China Minsheng Banking Corp. Ltd.

HK : Hong Kong

$ 2.62

-0.02 -0.76%

Volume: 16.53M

March 20, 2023 4:08p

P/E Ratio

3.41

Dividend Yield

9.52%

Market Cap

$159.21 billion

Rev. per Employee

$6.27M

/zigman2/quotes/203910009/delayed

Add to watchlist CN:600016

China Minsheng Banking Corp. Ltd. A

CN : China: Shanghai

¥ 3.40

+0.01 +0.29%

Volume: 86.47M

March 20, 2023 3:00p

P/E Ratio

4.56

Dividend Yield

6.26%

Market Cap

¥139.46 billion

Rev. per Employee

¥5.19M

/zigman2/quotes/210502682/delayed

Add to watchlist CN:601800

China Communications Construction Co. Ltd.

CN : China: Shanghai

¥ 11.58

-0.28 -2.36%

Volume: 191.89M

March 20, 2023 3:00p

P/E Ratio

9.93

Dividend Yield

1.76%

Market Cap

¥159.02 billion

Rev. per Employee

¥5.18M

/zigman2/quotes/202453937/delayed

Add to watchlist CN:601186

China Railway Construction Corp. Ltd.

CN : China: Shanghai

¥ 9.71

-0.11 -1.12%

Volume: 325.34M

March 20, 2023 3:00p

P/E Ratio

5.16

Dividend Yield

2.53%

Market Cap

¥123.98 billion

Rev. per Employee

¥4.03M

/zigman2/quotes/200210795/delayed

Add to watchlist CN:601390

China Railway Group Ltd.

CN : China: Shanghai

¥ 7.53

-0.15 -1.95%

Volume: 432.77M

March 20, 2023 3:00p

P/E Ratio

6.18

Dividend Yield

2.60%

Market Cap

¥177.68 billion

Rev. per Employee

¥3.90M

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

19,000.71

-517.88 -2.65%

Volume: 2.84M

March 20, 2023 4:08p

/zigman2/quotes/210598031/delayed

Add to watchlist CN:HSCEI

Hang Seng China Enterprises Index

CN : Hong Kong Exchange

6,469.65

-146.06 -2.21%

Volume: 0.00

March 20, 2023 4:08p

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

26,945.67

-388.12 -1.42%

Volume: 0.00

March 20, 2023 3:15p

/zigman2/quotes/210598092/delayed

Add to watchlist JP:I0000

TOPIX Index

JP : Tokyo Exchange (TOPIX)

1,929.30

-30.12 -1.54%

Volume: 0.00

March 20, 2023 3:00p

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

131.4770

-0.3500 -0.2655%

Volume: 0.0000

March 20, 2023 2:46p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:SEU

KOSPI Composite Index

KR : Korea Exchange

2,379.20

-16.49 -0.69%

Volume: 346,034

March 20, 2023 6:05p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

6,898.50

-96.30 -1.38%

Volume: 669,848

March 20, 2023 5:18p