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July 31, 2012, 4:49 a.m. EDT

Asia stocks extend rally as Shanghai falls again

Shanghai stocks end July with 5.5% loss; Sydney climbs 4.3%

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By Sarah Turner and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets advanced Tuesday on continued hopes for policy easing from major global central banks and some positive earnings reports, with Japanese and Hong Kong stocks among those clinching a fourth straight day of gains.

“People are still hopeful that there might be some stimulus,” said Andrew Sullivan, principal sales trader at Piper Jaffray, referring to expectations from the monetary policy meetings of the Federal Reserve and the European Central Bank later this week.

South Korea led the region’s gains as the Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.27% jumped 2.1%. Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.32%  climbed 1.1%, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.51%  rose 0.7% and Australia’s S&P/ASX 200 Index /zigman2/quotes/210598100/delayed AU:XJO +1.51% climbed 0.6%.

Each of the four benchmarks rose for a fourth consecutive trading day.

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Defying the regional trend for the second time this week, China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +0.46% dropped 0.3% to 2,103.63, finishing at its worst level since March 2009.

“The worrying thing is the number of profit warnings from Chinese companies. They are really feeling the impact from the global slowdown,” said Sullivan.

The performance capped a mixed month for regional markets. China’s Shanghai Composite was the worst performer among major benchmarks, dropping 5.5% in July, and was followed by a 3.5% decline for the Nikkei.

Australia’s S&P/ASX 200 Index rose 4.3%, the Hang Seng Index climbed 1.8% and the Kospi added 1.5% during the month.

Earnings reports and expectations were among the drivers for the Japanese market Tuesday.

Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 +0.39%   jumped 4.6% after the Nikkei newspaper reported that it will likely swing back to profit in the April-June quarter, with group net income estimated at ¥10 billion, compared to a ¥30.3 billion loss in the year-earlier period. Read more on Panasonic’s earnings outlook.

Tech and industrial conglomerate Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 +1.12% /zigman2/quotes/203416411/composite HTHIF -1.96%  rose 2% after reporting its quarterly profit more than doubled from the year-earlier period to 7 billion yen ($89.2 million). Read more on Hitachi earnings.

Renesas Electronics Corp. /zigman2/quotes/203872935/delayed JP:6723 +2.18% soared 16.4% after another Nikkei report that Hitachi will provide it with ¥17.5 billion of financing. Hitachi holds a major stake in Renesas.

/zigman2/quotes/210598100/delayed XJO 5,964.90, +89.00, +1.51%
/zigman2/quotes/210598127/delayed SHCOMP 3,219.42, -3.76, -0.12%

Canon Inc. /zigman2/quotes/207639533/delayed JP:7751 -0.61% /zigman2/quotes/210242912/composite CAJ -0.79%  rallied 5.8% after announcing a share-buyback plan covering 1.8% of its outstanding stock.

Going in the opposite direction, shares of Sumitomo Mitsui Financial Group Inc. /zigman2/quotes/203656770/delayed JP:8316 +0.68% /zigman2/quotes/206471416/composite SMFG +0.34% slipped 0.6% at the end of a choppy session, after the lender posted a 43% drop in profit. Read more on Sumitomo Mitsui earnings.

/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,278.79
+6.09 +0.27%
Volume: 697,961
Sept. 25, 2020 3:32p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,235.42
-75.65 -0.32%
Volume: 1.79M
Sept. 25, 2020 4:08p
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/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
23,204.62
+116.80 +0.51%
Volume: 0.00
Sept. 25, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,964.90
+89.00 +1.51%
Volume: 673,482
Sept. 25, 2020 5:03p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.19
+0.07 +0.46%
Volume: 61.41M
Sept. 25, 2020 3:00p
P/E Ratio
11.85
Dividend Yield
1.44%
Market Cap
¥294.78 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 907.30
+3.50 +0.39%
Volume: 5.52M
Sept. 25, 2020 3:00p
P/E Ratio
12.75
Dividend Yield
2.76%
Market Cap
¥2116.95 billion
Rev. per Employee
¥29.74M
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,608.00
+40.00 +1.12%
Volume: 4.43M
Sept. 25, 2020 3:00p
P/E Ratio
18.33
Dividend Yield
2.63%
Market Cap
¥3488.44 billion
Rev. per Employee
¥30.84M
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/zigman2/quotes/203416411/composite
US : U.S.: OTC
$ 34.02
-0.68 -1.96%
Volume: 49.00
Sept. 25, 2020 5:20p
P/E Ratio
18.47
Dividend Yield
N/A
Market Cap
$33.02 billion
Rev. per Employee
$279,568
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/zigman2/quotes/203872935/delayed
JP : Japan: Tokyo
¥ 751.00
+16.00 +2.18%
Volume: 6.50M
Sept. 25, 2020 3:00p
P/E Ratio
45.86
Dividend Yield
N/A
Market Cap
¥1293.36 billion
Rev. per Employee
¥36.92M
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/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 1,705.00
-10.50 -0.61%
Volume: 5.18M
Sept. 25, 2020 3:00p
P/E Ratio
25.10
Dividend Yield
4.69%
Market Cap
¥1783.05 billion
Rev. per Employee
¥19.98M
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/zigman2/quotes/210242912/composite
US : U.S.: NYSE
$ 16.25
-0.13 -0.79%
Volume: 666,922
Sept. 25, 2020 4:00p
P/E Ratio
25.94
Dividend Yield
5.80%
Market Cap
$16.88 billion
Rev. per Employee
$180,925
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/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 3,095.00
+21.00 +0.68%
Volume: 6.73M
Sept. 25, 2020 3:00p
P/E Ratio
7.39
Dividend Yield
6.14%
Market Cap
¥4241.56 billion
Rev. per Employee
¥79.40M
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/zigman2/quotes/206471416/composite
US : U.S.: NYSE
$ 5.85
+0.02 +0.34%
Volume: 763,925
Sept. 25, 2020 4:00p
P/E Ratio
7.55
Dividend Yield
4.97%
Market Cap
$40.15 billion
Rev. per Employee
$719,197
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