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BBG Billabong Fpo

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Share Name Share Symbol Market Type
Billabong Fpo ASX:BBG Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

ASIA MARKETS: China Stocks Rise On Earnings Hopes, Data

17/07/2013 4:22am

Dow Jones News


Billabong (ASX:BBG)
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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) -- Most Asian stocks rose Wednesday in choppy trading, with Chinese equities fueled by earnings expectations and strong foreign-direct-investment inflows, while Australian miners gained after some upbeat quarterly production reports.

The Shanghai Composite rose 0.2%, Hong Kong's Hang Seng Index climbed 0.6%, Australia's S&P/ASX 200 added 0.1%, and South Korea's Kospi gained 0.8%, with all of them reversing early losses.

Japan's Nikkei Stock Average gave up 0.6% after ending at a seven-week high Tuesday, with an overnight drop on Wall Street and caution ahead of Federal Reserve Chairman Ben Bernanke's congressional testimony weighing on the market.

"While we don't expect Bernanke to say anything dramatically different from last week, speeches by policy makers are organic, and under tough grilling from Congress, Bernanke could reveal more than he otherwise wanted," said BK Asset Management managing director Kathy Lien.

The Fed chairman's two days of testimony, starting Wednesday, comes after global equity markets got a boost on his remarks last week that the U.S. central bank was in no hurry to raise interest rates.

U.S. stocks fell Tuesday, with Coca-Cola Co. (KO) and Goldman Sachs Group Inc. (GS) losing ground after their quarterly results, and as investors considered Kansas City Fed President Esther George's comment that the Federal Reserve should pare its bond purchases sooner rather than later.

The gains in Hong Kong and Shanghai also followed official data showing foreign-direct-investment flows into China jumped more than 20% in June.

Sentiment was likewise aided after the Xinhua news service reported that profit at state-owned companies outside the financial sector rose 7% in the first half of the year, accelerating from a 6.5% increase in the first five months of 2013.

Meanwhile, China's Ministry of Land and Resources said separately that land prices were expected to rise further in the current quarter, according to a Reuters report.

Chinese coal miners posted strong gains after sharp losses over the past month, with China Shenhua Energy Co. (CSUAY) soaring 6.3%, and China Coal Energy Co. (CCOZY) rising 4.3% in Hong Kong; in Shanghai, their shares climbed 1.9% and 1.8%, respectively.

Datang International Power Generation Co. rose 2.1% in Hong Kong and 3.7% in Shanghai after saying it expects its profit to jump 70%-80% in the first half of 2013 from the year-earlier period.

Australian miners were among the region's notable stock gainers Tuesday, with BHP Billiton Ltd. (BHP) climbing 2.1% after its iron-ore production hit a record high in the previous financial year. The diversified resources firm also produced more oil and gas in the year ended June 30.

Fellow miner Rio Tinto Ltd. (RIO) rose 1.7% on top of its 1.4% advance Tuesday after reporting its own iron-ore production hit a record level in the second quarter.

Shares of surfwear maker Billabong International Ltd. (BLLAY) spiked 38% on news the company has secured a private-equity loan and was replacing its chief executive.

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