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Jan. 21, 2015, 3:56 a.m. EST

Chinese stocks shoot up, marking best gain in five years

Japan stocks fall after BOJ cuts inflation forecast

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By Laura He, MarketWatch


Reuters Enlarge Image
Shanghai stocks rebound strongly on Wednesday, while Japan shares retreat.

HONG KONG (MarketWatch) -- Chinese stocks posted their strongest advance since late 2009 on Wednesday, with the financial sector leading gains.

Mainland China’s benchmark Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.03%  shot up 4.7%, marking its biggest daily percentage increase since October 2009, extending gains after Tuesday’s 1.8% advance. On Tuesday, China reported a higher-than-expected economic growth for December.

On Monday, the index tumbled 7.7%, its worst decline in more than six years, triggered by a crackdown on margin trade business by the regulator.

Banks and insurers recovered strongly in Shanghai, with Bank of China Ltd. /zigman2/quotes/209359942/delayed CN:601988 0.00%   /zigman2/quotes/204682472/delayed HK:3988 +0.32%  soaring 9.9%, Industrial and Commercial Bank of China Ltd. /zigman2/quotes/202525815/delayed CN:601398 +0.38%   /zigman2/quotes/201401473/delayed HK:1398 -0.60%  leaping 6%, and Agricultural Bank of China Ltd. /zigman2/quotes/204629388/delayed CN:601288 +0.31%   /zigman2/quotes/200705246/delayed HK:1288 -0.65%  spiking 5.6%. Shares of China Life Insurance Co. Ltd. /zigman2/quotes/204766889/delayed CN:601628 -0.73%   /zigman2/quotes/202359856/delayed HK:2628 -0.76%  were suspended from trading after a 10% surge, and Ping An Insurance (Group) Company of China /zigman2/quotes/202773380/delayed CN:601318 -0.31%   /zigman2/quotes/210315058/delayed HK:2318 -0.61%  popped 9.5% higher.

The advance in mainland Chinese markets also boosted Hong Kong stocks, with the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.21%  closing up 1.7%. The Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 +0.87%  , which tracks Hong Kong-listed mainland Chinese companies, added 2.4%.

However, in Japan, the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.59%  dropped 0.5%, after the Bank of Japan cut its near-term inflation outlook, while leaving monetary policy unchanged. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 -0.90%  also fell 0.5%.

The yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.2384%   strengthened versus the dollar, trading at ¥117.67, compared with ¥118.70 late Tuesday in New York.

Other Asian markets ended higher, as Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.66%   finished up 1.6%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -1.22%   edged 0.2% higher.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,440.87
-0.97 -0.03%
Volume: 16.77B
May 12, 2021 10:55a
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/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.27
0.00 0.00%
Volume: 87.29M
May 12, 2021 10:55a
P/E Ratio
4.99
Dividend Yield
6.02%
Market Cap
¥904.05 billion
Rev. per Employee
¥2.95M
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/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 3.12
+0.01 +0.32%
Volume: 109.48M
May 12, 2021 10:55a
P/E Ratio
4.12
Dividend Yield
7.63%
Market Cap
HK$1093.84 billion
Rev. per Employee
HK$3.34M
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/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.25
+0.02 +0.38%
Volume: 85.23M
May 12, 2021 10:56a
P/E Ratio
5.92
Dividend Yield
5.07%
Market Cap
¥1777.01 billion
Rev. per Employee
N/A
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 4.98
-0.03 -0.60%
Volume: 63.91M
May 12, 2021 10:55a
P/E Ratio
4.87
Dividend Yield
6.46%
Market Cap
HK$2150.06 billion
Rev. per Employee
N/A
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/zigman2/quotes/204629388/delayed
CN : China: Shanghai
¥ 3.27
+0.01 +0.31%
Volume: 84.52M
May 12, 2021 10:56a
P/E Ratio
5.82
Dividend Yield
5.66%
Market Cap
¥1111.84 billion
Rev. per Employee
N/A
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/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 3.06
-0.02 -0.65%
Volume: 19.65M
May 12, 2021 10:55a
P/E Ratio
4.28
Dividend Yield
7.31%
Market Cap
HK$1345.25 billion
Rev. per Employee
HK$2.59M
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/zigman2/quotes/204766889/delayed
CN : China: Shanghai
¥ 32.75
-0.24 -0.73%
Volume: 6.58M
May 12, 2021 10:55a
P/E Ratio
15.05
Dividend Yield
1.95%
Market Cap
¥769.63 billion
Rev. per Employee
N/A
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/zigman2/quotes/202359856/delayed
HK : Hong Kong
HK$ 15.64
-0.12 -0.76%
Volume: 8.09M
May 12, 2021 10:55a
P/E Ratio
7.86
Dividend Yield
4.95%
Market Cap
HK$931.20 billion
Rev. per Employee
HK$8.57M
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/zigman2/quotes/202773380/delayed
CN : China: Shanghai
¥ 70.06
-0.22 -0.31%
Volume: 16.58M
May 12, 2021 10:56a
P/E Ratio
10.38
Dividend Yield
3.14%
Market Cap
¥1256.91 billion
Rev. per Employee
¥3.54M
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/zigman2/quotes/210315058/delayed
HK : Hong Kong
HK$ 81.10
-0.50 -0.61%
Volume: 10.06M
May 12, 2021 10:56a
P/E Ratio
8.98
Dividend Yield
3.17%
Market Cap
HK$1520.78 billion
Rev. per Employee
HK$3.74M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,073.43
+59.62 +0.21%
Volume: 700,726
May 12, 2021 10:56a
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
10,521.82
+90.27 +0.87%
Volume: 0.00
May 12, 2021 10:56a
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
28,439.52
-169.07 -0.59%
Volume: 0.00
May 12, 2021 11:30a
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,888.72
-17.20 -0.90%
Volume: 0.00
May 12, 2021 11:30a
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.8820
+0.2590 +0.2384%
Volume: 0.0000
May 11, 2021 11:11p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,050.30
-46.70 -0.66%
Volume: 269,966
May 12, 2021 12:51p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,170.31
-39.12 -1.22%
Volume: 914,291
May 12, 2021 11:51a
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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