Log in
Login
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Asian Shares Rise, Shanghai Market Recovers

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/05/2013 | 02:55am CEST

Asian markets were higher Tuesday, as stocks across the region recovered from the sharp sell-off in the previous session brought about by fresh tightening measures for the property market in China.

The Shanghai Composite Index rose 1.1% after suffering its worst day of trading on Monday since August 2011. The market plunged after Beijing introduced fresh measures to control the mainland property market, sending property developers into a freefall.

Stocks were also recovering in Hong Kong, where the Hang Seng Index added 0.3%.

Chinese developers were still taking losses however, but at a much slower rate than on Monday. In Shenzhen, China's largest property developer China Vanke was down 1.7% and in Shanghai, Poly Real Estate Group fell 2.6%. In Hong Kong, China Resources Land lost 3.4%, while China Overseas Land & Development fell 1.4%.

The focus in Hong Kong was the Hang Seng's single largest constituent, HSBC Holdings, which fell 0.3% after releasing its latest set of results. The bank's 2012 fiscal net profit declined 17% on-year to $13.45 billion and its pre-tax profit fell 6%, both missing expectations.

Also in Hong Kong, Hang Seng Bank added 1.2% after the lender announced that its 2012 net profit increased 15% on-year to HK$19.43 billion, beating analysts' expectations.

Australian stocks made a comeback Tuesday, with the S&P/ASX 200 up 1.3%, as local sentiment was helped by stronger-than-expected retail sales data, as well as encouraging current account data for the fourth quarter of 2012.

The Reserve Bank of Australia decided to keep rates on hold at 3%. The result of the central bank's policy meeting was widely expected, with Governor Glenn Stevens pointing towards a modest improvement in the nonmining parts of Australia's economy, as well as an improving situation in Europe and China.

The positive data and steady rates helped give some support to the local currency, with the Australian dollar rising to $1.0238.

Banks and retailers performed well in Sydney, while major miners were underperforming, suggesting residual caution over the outlook in China: Commonwealth Bank of Australia added 2.4%, retailer Woolworths gained 2.9%, and BHP Billiton was down 0.4%.

In Japan, the Nikkei Stock Average rose 0.5%, despite some firmness in the yen -- the dollar was at Y93.13 compared with Y93.47 late Monday in New York.

Japanese stocks were helped by a strong performance by index heavyweight Fast Retailing, the company behind the Uniqlo chain of stores. The company jumped 6% after reporting that its same-store sales rose 9.6% on-year in February.

South Korea's Kospi Composite rose 0.4%.

Write to Daniel Inman at daniel.inman@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
React to this article
Latest news
Date Title
06:19a AL SALAM BANK : Credit Cards Cross Border Summer Campaign
06:17aDJChina's Factory Activity Loses Some Momentum -- Update
06:14aDJChina's Factory Activity Loses Some Momentum -- Update
06:09a DEPARTMENT OF INDUSTRY AND SCIENCE AUSTRALIAN GO : Cleaning up Australia's waterways
06:02a SUBARU : Suburban Subaru "Shared the Love" with Fidelco Guide Dog Foundation
06:02a Midstates Petroleum Files Voluntary Chapter 11 Petitions to Facilitate Pre-Arranged Balance Sheet Restructuring
05:59a CAPITOL FEDERAL FINANCIAL : announces net income of $21.5M in quarter
05:34a DISCOVERY AIR : annouces results for the quarter and year ended January 31, 2016
05:32a ALBERTSONS : Birchwood neighborhood looks ahead as it loses Albertsons
05:07a BAYERISCHE MOTOREN WERKE : Man, dog die in Salem crash after police chase
Latest news
Advertisement
Hot News 
ANDALAS ENERGY AND POWER : Issue of Zero Coupon Loan Note
6D GLOBAL TECHNOLOGIES, INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)
AVOLON : sustains strong performance as fleet increases to over 400 aircraft
PETRO MATAD : Expecting "Highly Material" Compensation From Partner
HML : Director Dealing April 2016
Most Read News
04/30 Inbox Blueprint 2.0 – Anik Singal Launches an Easy to Follow Online Marketing Program for Beginners in Email Marketing
04/30 LIPOSUCTION VS. TUMMY TUCK : Which Is Right for Me?
04/30 ACF AUSTRALIAN CONSERVATION FOUNDATION : Coal or coral? Greens plan puts choice in focus
04/30 Derma Essence Facial Serum – Critical Information Released
04/30 Dr. Richard Balikian Now Can Treat Acne Scars With Lasers and Fillers
Most recommended articles
12:17aDJChina's Factory Activity Loses Some Momentum -- Update
12:14aDJChina's Factory Activity Loses Some Momentum -- Update
04/30DJChina's Nonmanufacturing PMI Fell in April
04/30DJMARKET SNAPSHOT : Wall Street Isn't Rewarding Low-expectation Earnings Beats
04/30 China April official manufacturing activity expands at slower pace of 50.1 - PMI