#1: Hong Kong, Shanghai surge on China stimulus (zt) (5920 reads) 作者: 黄埔半期, 时间: 2008-11-10 周一, 11:06 — 作者：黄埔半期 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By V. Phani Kumar, MarketWatch
Last update: 9:54 p.m. EST Nov. 9, 2008
Comments: 56
HONG KONG (MarketWatch) -- Asian markets soared on Monday, with Hong Kong and Shanghai shares posting across-the-board gains a day after the Chinese government announced a $586 billion economic stimulus package.
The announcement also lifted resource stocks elsewhere in Asia, with Rio Tinto surging in Sydney and Inpex Holdings rallying in Tokyo.
The advance came after China on Sunday unveiled an economic stimulus package worth 4 trillion yuan ($586 billion), to be spent over the next two years, to reverse slowing economic growth. See full story.
Merrill Lynch economists Ting Lu and T.J. Bond noted in a report that the stimulus plan is equivalent to almost 7% of China's gross domestic product per year in the next two years. They added that "despite the rapidly slowing demand in China, expansionary government policies in China could prevent growth from falling below 8% in 2009."
In Hong Kong, the Hang Seng Index rallied 6.3% to 15,136.43 and the Hang Seng China Enterprises Index jumped 10.8% to 7,528.09 in early trading.
On mainland China, the Shanghai Composite rose 4.9% to 1,833.45.
The Nikkei 225 Average ended the morning trading session up 5.5% at 9,053.90 in Tokyo, after declining sharply in the previous two sessions. The broader Topix index added 4.2% to 915.52.
Chart of XX:1801677
Australia's S&P/ASX 200 rose 2.1% to 4,136.80, New Zealand's NZX 50 index climbed 1.8% to 2,842.92, Singapore's Straits Times index added 1.2% to 1,885.59 and South Korea's Kospi added 0.5% to 1,139.52.
Taiwan's Taiex fell 0.5% to 4,720.35. The drop came in spite of the central bank's quarter-point interest rate cut at a special meeting on Sunday, its fourth rate reduction in two months.
Resource stocks posted big gains on China's stimulus plan, on hopes the package would support demand for commodities from one of the world's largest consumers of iron ore, steel, crude-oil and coal, amid a global economic slowdown.
Shares of Rio Tinto (AU:RIO: news, chart, profile) (RTP:
rio tinto plc sponsored adr
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Last: 167.35+9.84+6.25%
4:02pm 11/07/2008
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RTP 167.35, +9.84, +6.3%) soared 8%, although the mining giant said it was reducing ore production from its Pilbara mine in western Australia by about 10% because of reduced demand.
Shares of BHP Billiton (AU:BHP: news, chart, profile) (BHP:
BHP Billiton Ltd
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Last: 38.06+2.46+6.91%
4:02pm 11/07/2008
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BHP 38.06, +2.46, +6.9%) gained 7.1% and Mineral Resources (AU:MIN: news, chart, profile) (MALRF:
mineral resources ltd shs
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Last: 1.70+0.35+25.93%
9:37am 11/03/2008
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MALRF 1.70, +0.35, +25.9%) stock rose 5%.
In Hong Kong, shares of PetroChina (PTR:
petrochina co ltd sponsored adr
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Last: 74.30+6.77+10.03%
4:02pm 11/07/2008
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PTR 74.30, +6.77, +10.0%) (HK:857: news, chart, profile) jumped 8.7% and Aluminum Corp. of China, or Chalco (ACH:
aluminum corp china ltd spon adr h shs
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Last: 9.46+0.97+11.43%
4:01pm 11/07/2008
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ACH 9.46, +0.97, +11.4%) (HK:2600: news, chart, profile) soared 15.5%. In Shanghai, Chalco rose 5.5% and PetroChina added 4.1%.
Shares of steelmakers also advanced, with Posco (PKX:
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Last: 61.60+5.87+10.53%
4:02pm 11/07/2008
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PKX 61.60, +5.87, +10.5%) climbing 7.3% in Seoul and Nippon Steel Corp. (NISTY:
nippon steel corp adr
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Last: 30.81-3.08-9.09%
12:00am 11/07/2008
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NISTY 30.81, -3.08, -9.1%) (JP:5401: news, chart, profile) jumped 5.9% in Tokyo, while Baoshan Iron & Steel Co. advanced 8.1% in Shanghai.
Exporters jumped in Tokyo after the Wall Street advance on Friday, and were also helped by a weakened yen.
Sony (SNE:
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Last: 23.29+1.53+7.03%
4:01pm 11/07/2008
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SNE 23.29, +1.53, +7.0%) (JP:6758: news, chart, profile) rallied 9.4%, Honda Motor Co. (HMC:
Honda Motor Co., Ltd.
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Last: 23.25+0.76+3.38%
4:01pm 11/07/2008
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HMC 23.25, +0.76, +3.4%) (JP:7267: news, chart, profile) climbed 4.9% and Nikon Corp. (JP:7731: news, chart, profile) (NINOY:
nikon corp adr
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Last: 127.75-11.50-8.26%
12:00am 11/07/2008
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NINOY 127.75, -11.50, -8.3%) advanced 5.1%.
Shares of machinery makers gained after the government reported that Japanese core machinery orders grew at a more-than-expected 5.5% in September, after dropping 14.5% in the previous month.
Komatsu (JP:6301: news, chart, profile) (KMTUY:
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Last: 45.77+1.37+3.09%
12:00am 11/07/2008
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KMTUY 45.77, +1.37, +3.1%) shares soared 9.4%, while Fanuc (JP:6954: news, chart, profile) (FANUY:
fanuc ltd japan adr
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Last: 31.85-1.15-3.48%
12:00am 11/07/2008
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FANUY 31.85, -1.15, -3.5%) climbed 3.6%.
Shares of Panasonic Corp. (JP:6752: news, chart, profile) (PC:
panasonic corp adr
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Last: 15.73+0.73+4.87%
4:04pm 11/07/2008
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PC 15.73, +0.73, +4.9%) gained 5.5%, while Sanyo Electric Co. (SANYY:
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Last: 10.28+0.41+4.15%
3:21pm 11/07/2008
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SANYY 10.28, +0.41, +4.2%) (JP:6764: news, chart, profile) fell 3%, after the companies announced on Friday that they have entered merger talks, potentially opening the door to the creation of Japan's biggest consumer-electronics company. See full story.
The U.S. dollar bought 99.17 yen in Asian currency trading, compared with 98.23 yen late Friday.
December crude-oil futures added as much as $2.07 to $63.11 a barrel in electronic trading, after rising 27 cents to settle at $61.04 a barrel Friday on the New York Mercantile Exchange.
Friday on Wall Street, the Dow Jones Industrial Average ($INDU:
Dow Jones Industrial Average
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Last: 8,943.81+248.02+2.85%
4:31am 11/09/2008
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$INDU 8,943.81, +248.02, +2.9%) rose 2.9% to 8,943.81, the S&P 500 index ($SPX:
S&P 500 Index
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Last: 930.99+26.11+2.89%
4:59pm 11/07/2008
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$SPX 930.99, +26.11, +2.9%) gained 2.9% to 930.99 and the Nasdaq Composite ($COMPX:
Nasdaq Composite Index
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Last: 1,647.40+38.70+2.41%
5:16pm 11/07/2008
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$COMPX 1,647.40, +38.70, +2.4%) added 2.4% to 1,647.40. End of Story
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.
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Comments: 56
The China stimulus package is behind this. But actually this is terrible news. The CCP have been putting about false statistics for years, you tell me what country needs a half trillion dollar pick me up with growth running at 9%? China is probably i...
- capncaveman
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