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Dec. 2, 2014, 5:58 a.m. EST

Asian stocks: Shanghai soars 3.1%

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By Chao Deng

Stocks in Shanghai rose to their highest level since July 2011 on Tuesday, while the Australian market rebounded on a recovery in oil prices.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.65%   Index rallied late in the day to close up 3.1% at 2,763.54 as investors bought brokerage stocks and banks. Tuesday’s rise was the Shanghai Composite’s biggest percentage point gain since Sept. 9, 2013, when it jumped 3.4%.

Of 19 listed brokerages, 10 hit their 10% daily upside limit. Analysts expect them to profit as trading volumes and the balance of lending to investors for margin trading pick up with a new link to Hong Kong drawing capital from global investors. Leverage ratios are also expected to rise as Chinese regulators ease controls on financing channels for brokerages.

Bank stocks also rallied as investors bet on further monetary easing. Official data Monday showed a worse-than-expected slowdown in China’s manufacturing activity. China Minsheng Banking Corp. /zigman2/quotes/203910009/delayed CN:600016 -0.43%   /zigman2/quotes/208095167/delayed HK:1988 0.00%   /zigman2/quotes/200749234/delayed CMAKY +4.58%  and Bank of Communications /zigman2/quotes/207155262/delayed CN:601328 +1.86%   /zigman2/quotes/203442771/delayed HK:3328 +1.58%  rose by the 10% daily upper limit to 10.01 yuan and 9.96 yuan, respectively. Bank of China /zigman2/quotes/209359942/delayed CN:601988 +0.61%   /zigman2/quotes/201568493/delayed BACHY +1.00%  added 5.3% to 3.56 yuan.

“Institutional investors are in a hurry to increase their positions in blue-chip stocks, such as financial companies,” said Huang Cendong, an analyst at Sinolink Securities, adding a moderate consolidation will likely follow.

In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.27%   rose 1.4% to 5,281.3 after an overnight rebound in oil prices. Benchmark U.S. oil prices on the New York Mercantile Exchange /zigman2/quotes/209723563/delayed CLF25 +0.30%   surged 4.3% to $69 a barrel, the largest percentage gain in more than two years in a rally that snapped four sessions of losses.

BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +0.58%    /zigman2/quotes/208108397/composite BHP +1.29% , which fell to a 5 1/2 -year low Monday, helped drive the market with a gain of 3.9%. Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO +1.07%   /zigman2/quotes/208934945/delayed UK:RIO +0.90%   /zigman2/quotes/202627887/composite RIO +1.98%  added 2.2%, OZ Minerals /zigman2/quotes/208047353/delayed AU:OZL +3.79%    rose 5.4% and Newcrest Mining /zigman2/quotes/203840223/delayed AU:NCM +3.84%   /zigman2/quotes/203286036/delayed NCMGY +3.52%  increased 7.7%. The same energy sector stocks knocked 3.6% off Australia’s benchmark in the last two trading sessions, when investors worried that a sustained drop in oil prices would weigh on the bottom line of the country’s oil producers.

Late in Asia, crude oil was roughly flat at $68.99 a barrel.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.09%   gained 0.4% to 17,663.22, its third straight increase, even though Moody’s Investors Service downgraded Japan’s credit rating by one-notch late Monday. The market got a lift from the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.4584%  , which rose 0.5% to 118.86 against the Japanese yen.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,418.87
-22.41 -0.65%
Volume: 35.38B
May 7, 2021 3:01p
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/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 4.68
-0.02 -0.43%
Volume: 89.76M
May 7, 2021 3:00p
P/E Ratio
6.32
Dividend Yield
4.55%
Market Cap
¥195.80 billion
Rev. per Employee
¥5.72M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 4.20
0.00 0.00%
Volume: 17.28M
May 7, 2021 4:08p
P/E Ratio
4.83
Dividend Yield
6.10%
Market Cap
HK$234.93 billion
Rev. per Employee
HK$6.42M
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/zigman2/quotes/200749234/delayed
US : U.S.: OTC
$ 5.48
+0.24 +4.58%
Volume: 12.00
May 7, 2021 12:32p
P/E Ratio
5.03
Dividend Yield
12.24%
Market Cap
$30.24 billion
Rev. per Employee
$828,852
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/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.93
+0.09 +1.86%
Volume: 191.33M
May 7, 2021 3:00p
P/E Ratio
5.24
Dividend Yield
6.43%
Market Cap
¥337.62 billion
Rev. per Employee
¥5.43M
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/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.14
+0.08 +1.58%
Volume: 41.47M
May 7, 2021 4:08p
P/E Ratio
4.20
Dividend Yield
7.42%
Market Cap
HK$405.11 billion
Rev. per Employee
HK$5.77M
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.28
+0.02 +0.61%
Volume: 174.25M
May 7, 2021 3:00p
P/E Ratio
5.01
Dividend Yield
6.01%
Market Cap
¥903.77 billion
Rev. per Employee
¥2.95M
loading...
/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 10.07
+0.10 +1.00%
Volume: 27,664
May 7, 2021 3:57p
P/E Ratio
4.24
Dividend Yield
11.74%
Market Cap
$139.60 billion
Rev. per Employee
$427,123
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,080.80
+19.10 +0.27%
Volume: 532,249
May 7, 2021 5:15p
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/zigman2/quotes/209723563/delayed
US : U.S.: Nymex
$ 54.33
+0.16 +0.30%
Volume: 0.00
May 7, 2021 2:46a
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 50.09
+0.29 +0.58%
Volume: 6.47M
May 7, 2021 4:10p
P/E Ratio
25.22
Dividend Yield
4.12%
Market Cap
$234.12 billion
Rev. per Employee
N/A
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 79.38
+1.01 +1.29%
Volume: 2.32M
May 7, 2021 4:00p
P/E Ratio
28.73
Dividend Yield
3.93%
Market Cap
$181.78 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 127.11
+1.35 +1.07%
Volume: 1.24M
May 7, 2021 4:10p
P/E Ratio
14.81
Dividend Yield
4.83%
Market Cap
$191.06 billion
Rev. per Employee
$1.36M
loading...
/zigman2/quotes/208934945/delayed
UK : U.K.: London
6,535.00 p
+58.00 +0.90%
Volume: 2.22M
May 7, 2021 4:35p
P/E Ratio
14.05
Dividend Yield
6.25%
Market Cap
£106.80 billion
Rev. per Employee
£732,787
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 93.17
+1.81 +1.98%
Volume: 3.28M
May 7, 2021 4:00p
P/E Ratio
15.39
Dividend Yield
4.98%
Market Cap
$148.35 billion
Rev. per Employee
$947,003
loading...
/zigman2/quotes/208047353/delayed
AU : Australia: Sydney
$ 25.72
+0.94 +3.79%
Volume: 3.04M
May 7, 2021 4:10p
P/E Ratio
39.44
Dividend Yield
0.97%
Market Cap
$8.24 billion
Rev. per Employee
$429,028
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 27.33
+1.01 +3.84%
Volume: 2.82M
May 7, 2021 4:10p
P/E Ratio
15.76
Dividend Yield
1.52%
Market Cap
$21.47 billion
Rev. per Employee
$6.29M
loading...
/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 21.63
+0.74 +3.52%
Volume: 30,089
May 7, 2021 3:58p
P/E Ratio
17.92
Dividend Yield
1.33%
Market Cap
$16.67 billion
Rev. per Employee
$4.21M
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/zigman2/quotes/210597971/delayed
JP : Nikkei
29,357.82
+26.45 +0.09%
Volume: 0.00
May 7, 2021 3:15p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.5850
-0.5000 -0.4584%
Volume: 0.0000
May 7, 2021 4:59p
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Amy Li and Robb Stewart contributed to this article.

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