March 20, 2013 at 13:00 PM EDT
Shanghai jumps to lead Asia
Wednesday, March 20, 2013 Shanghai jumps to lead Asia Mainland Chinese stocks surged Wednesday, leading Asian markets by a big margin even as the Cyprus parliament’s rejection of a European bailout plan fueled some uncertainty elsewhere. But markets most elsewhere retreated, after the Cypriot parliament rejected a proposed financial bailout plan, forcing the government and its creditors back to the negotiating table. In Hong Kong, the Hang Seng index recovered 214.58 points, or 1%, to 22,256.44, after heavy losses over the last two sessions. Markets in Japan were closed for the first day of spring. Iron ore-exposed miners were particularly weak in Australia on a subdued outlook for the mineral, used as an input material for steel. Rio Tinto Ltd. dropped 2%, BHP Billiton Ltd. fell 2.7% and Fortescue Metals Group Ltd. declined 2.3%. Losses in South Korea were spread across sectors, with banks and some exporters hit. Mirae Asset Securities Co. tumbled 5.1% and Woori Finance Holdings Co. 2.8% lower, while heavyweight Samsung Electronics Co. lost 1%. Banks and property firms helped the rebound in Hong Kong as buyers circled back into those stocks after losses suffered earlier in the week. CHINA The Shanghai CSI 300 Composite 300 index soared 85.08 points, or 3.4%, to 2,610.17 Chinese property developers also attracted buying, with China Vanke Co. rising 2.5% in Shenzhen, Poly Real Estate Group Co. advancing 4.2% in Shanghai and China Overseas Land & Investment Ltd. adding 2.9% in Hong Kong. Bank of Communications Co. climbed 3.3% and China Construction Bank Corp. rose 2.6% in Hong Kong; in Shanghai, the stocks jumped 4.1% and 2.6%, respectively. In other markets; In Korea, the Kospi Index shed 19.15 points, or 1%, to 1,959.41 In Taiwan, the Taiex Index doffed 40.44 points, or 0.5%, to 7,798.03 The Singapore Straits Times Index slid 20.73 points, or 0.6%, to 3,248.40 In New Zealand, the NZX 50 index inched up 4.39 points, or 0.1%, to 4,349.43 In Australia, the S&P/ASX fell 20.05 points, or 0.4%, to 4,967.35
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