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HONG KONG (MarketWatch)--Asia markets extended their rally on
Tuesday, largely buoyed by hopes for fresh policy stimulus from Beijing, while
Taiwanese shares soared after the government made some changes to a proposed
capital gains tax.
China's Shanghai Composite climbed 1.2%, Taiwan's
Taiex jumped 2.9%, Australia's S&P/ASX 200 Index advanced 1.1% and Japan's
Nikkei Stock Average added 0.7%.
Elsewhere in the region, South Korea's
Kospi gained 1.4% as trading resumed after a three-day weekend, while Hong
Kong's Hang Seng Index added 1.4%. Among other notable gainers in the region,
the Philippine stock index climbed 1.4%, accompanied by gains for its currency,
after Moody's raised the nation's rating outlook to positive.
For
Chinese stocks, the performance marked the second straight day of strong gains
this week, amid reports that policy makers were expediting approvals for
investment projects after Premier Wen Jiabao last week highlighted the need to
stimulate growth. The China stimulus hopes also provided a boost to other
markets.
Louis Capital Markets director of equity sales Tom Kaan said
hopes of additional stimulus to spur growth in China underpinned upbeat investor
sentiment. "What China is doing is focusing on certain sectors of the market -
the domestic market, infrastructure and consumer staples," he said.
Among the notable gainers, Anhui Jianghuai Automobile Co. rose 4.1%,
China Eastern Airlines Corp. climbed 4.2% and Chongqing Brewery Co. spiked by
the day's 10% limit in Shanghai.
Shares of Guoyuan Securities Co. rose
4% and telecommunication equipmaker ZTE Corp. gained 2.8% in Shenzhen; in Hong
Kong, shares of Chinese department store operator Golden Eagle Retail Group Ltd.
jumped 4.9%, while Lianhua Supermarket Holdings Co. added 4.8%.
Several
financial and property firms also advanced. China Vanke Co. rose 1.1% in
Shenzhen, while Cinda Real Estate Group Co. rose 1.1% and Agricultural Bank of
China Ltd. each gained in Shanghai.
In Hong Kong, China Resources Land
Ltd. soared 5.1% and Agile Property Holdings Ltd. spiked 6.9%, while Ping An
Insurance Group Co. climbed 3.2%.
The day's broad gains came despite
mounting worries about Spain's financial sector, and as a surge in government
borrowing costs rattled investors.
"Investors' perceptions of relative
sovereign credit risk within the euro-zone are being increasingly influenced by
the state of domestic banking systems," said Capital Economics strategist John
Higgins.
Growth-linked resource firms notched sharp gains across Asia,
amid expectation that major buyer China would ramp up spending.
In
Sydney, Fortescue Metals Group Ltd. surged 7.5% and diversified miner Rio Tinto
Ltd. traded up 2.2%. Shares of Aluminum Corp of China Ltd. jumped 5.6% in Hong
Kong and 1.5% in Shanghai.
Strength for firms in the key shipbuilding
sector supported broader gains in Seoul as investors returned after Monday's
holiday. Hyundai Heavy Industries Co. rose 3.4% and Daewoo Shipbuilding &
Marine Engineering Co. surged 6.6%.
In Tokyo, several technology
exporters advanced, with Advantest Corp. rallying 4.1% and Sony Corp. rising
2.3%.
Shares of Panasonic Corp. jumped 3.9% after a Nikkei report that
the firm plans to cut up to 4,000 jobs from its headquarters through measures
including early retirement and transfers, as competition from overseas
manufacturers intensifies.
Renesas Electronics Corp. extended the sharp
losses from the previous session, slumping another 16.4% after saying it will
outsource chip production to Taiwan Semiconductor Manufacturing Co. Shares
plunged 10.6% on Monday following reports the firm plans mass jobs cuts as part
of a restructure. TSMC climbed 0.9% in Taipei.
The rally in Taipei came
following news that the government had made more changes to an unpopular
proposal to reimpose capital gains tax. The latest version, proposed by the
ruling Kuomintang Monday, led finance minister Christine Liu to resign,
according to a Dow Jones Newswires report.
But the stock market cheered
the changes, with Asustek Computer Inc., Inotera Memories Inc. and Nanya
Technology Corp. among those rising by the day's 7% limit.
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