By V. Phani Kumar and Michael Kitchen, MarketWatch
HONG KONG (MarketWatch) ? Japanese stocks led broad gains for Asian markets on Monday as exporters rode higher on the back of the yen?s extended weakness, while mainland Chinese shares underperformed amid concerns of a structural economic slowdown.
Japan?s Nikkei Stock Average /quotes/zigman/5986735 JP:100000018 +1.43% led gains with a 1.3% advance, extending a 2.2% pop Friday.
Major exporters were once again rallied in Tokyo as the dollar /quotes/zigman/4868099/sampled USDJPY -0.1326% ?rose to the mid-?81 range, briefly touching a seven-month high, on hopes a possible change of Japanese government will push greater monetary easing. The euro /quotes/zigman/4868097/sampled EURJPY +0.0386% ?closed in on the ?104 mark.
The yen?s recent drop has come amid expectations that elections slated for December will place opposition leader Shinzo Abe as Japan?s next prime minister. Abe has strongly supported more monetary easing measures, suggesting Saturday he may seek to have the central bank underwrite Japanese infrastructure bonds.
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A more relaxed monetary stance by the Bank of Japan to pull the country from long-running deflation, and the resulting improvement in yen-liquidity, were also seen as positive for the rest of the region.
?Japan?s ills run deep. ... But that may not stop politicians from pushing the Bank of Japan to steer a far more aggressive course. Pressure on the country?s central bank has been building for quite some time, and it looks at last to have reached critical mass,? said Frederic Neumann, co-head of Asian economics at HSBC.
Meanwhile, South Korea?s Kospi /quotes/zigman/1652118 KR:SEU +0.93% ?improved by 1%, Hong Kong?s Hang Seng Index /quotes/zigman/2622475 HK:HSI +0.13% advanced 0.4%, Australia?s S&P/ASX 200 /quotes/zigman/1653884 AU:XJO +0.57% ?climbed a modest 0.2%, and Taiwan?s Taiex /quotes/zigman/1565586 XX:Y9999 -0.01% ?inched up 0.1% in choppy trade.
On the downside, China?s Shanghai Composite Index /quotes/zigman/1859015 CN:000001 -0.38% ?fell 0.5%.
?We think the new [Chinese] leaders will also be more tolerant towards the ?new normal? rates of growth in China, and structural reforms will be critical for growth sustainability,? Barclays analysts led by Yiping Huang wrote in a note to clients.
?The recent economic data point to activity recovery ongoing in China, and external uncertainty remains the biggest downside risk to Chinese growth,? they said.
Major movers
In Tokyo, Toyota Motor Corp. /quotes/zigman/199438 JP:7203 +1.35% /quotes/zigman/199376/quotes/nls/tm TM +2.28% ?advanced 1.8%, Hitachi Ltd. /quotes/zigman/193274 JP:6501 +2.76% ? /quotes/zigman/193283/quotes/nls/hthif HTHIF +0.76% ?added 2.3%, and Canon Inc. /quotes/zigman/192200 JP:7751 +4.45% ? /quotes/zigman/192225/quotes/nls/caj CAJ +3.37% ?rose 3.7% on the back of the weakened yen.
Honda Motor Co. /quotes/zigman/193651 JP:7267 +0.42% ? /quotes/zigman/193599/quotes/nls/hmc HMC +3.36% ?underperformed slightly with a 0.9% advance after a Nikkei business news report Saturday that the firm had raised its Japan sales target by 16% for the fiscal year ending in March.
Airline shares were among outperformers in Sydney, with Qantas Airways Ltd. /quotes/zigman/154565 AU:QAN +1.59% ? /quotes/zigman/154564/quotes/nls/qubsf QUBSF -1.56% ?rising 2%, extending gains following the announcement last week of a fresh stock buy-back plan. Qantas rival Virgin Australia Holdings Ltd. /quotes/zigman/7611909 AU:VAH +2.06% /quotes/zigman/7962199/quotes/nls/vbhlf VBHLF +6.35% ?rose 1%.
Shares of Billabong International Ltd. /quotes/zigman/264916 AU:BBG +10.14% /quotes/zigman/264915/quotes/nls/bllaf BLLAF -4.24% soared 10.4% after the surfwear maker said the head of its U.S. division was considering a buyout of the company. Read: Billabong director mulls buyout of company.
/quotes/zigman/49613 135 15.50, +0.58, +3.89%/quotes/zigman/2622475 HSI 21,185.54, +26.53, +0.13%
Kunlun Energy Vs. Hang Seng Index
One-year chart showing Kunlun's outperformance
Over in Seoul, shipbuilders outperformed, rebounding from recent losses, with STX Offshore & Shipbuilding Co. /quotes/zigman/1669652 KR:067250 +5.03% ?surging 5.6%, while Daewoo Shipbuilding & Marine Engineering Co. /quotes/zigman/259188 KR:042660 +2.83% added 3.1%.
In Hong Kong, shares of Kunlun Energy Co. /quotes/zigman/49613 HK:135 +3.89% ? /quotes/zigman/49615/quotes/nls/kunuf KUNUF +5.95% ? climbed 4.2% on news it will become the Hang Seng Index?s 50th constituent, with effect from Dec. 10.
Other energy shares also rallied in Hong Kong, as New York crude-oil prices extended gains to edge closer to $88 a barrel, with Cnooc Ltd. /quotes/zigman/29647 HK:883 +0.63% /quotes/zigman/274848/quotes/nls/ceo CEO +2.30% ?and PetroChina Co. /quotes/zigman/21986 HK:857 +0.39% ? /quotes/zigman/257868/quotes/nls/ptr PTR +0.38% ?climbing 0.8% each.
On the downside in Hong Kong, Sun Hung Kai Properties Ltd. /quotes/zigman/14335 HK:16 -2.45% ? /quotes/zigman/14337/quotes/nls/suhjf SUHJF +11.54% ?fell 0.3% as the stock began trading without rights to dividend.
On the Chinese mainland, property developers declined after official data released Sunday showed that average prices in 70 cities remained unchanged in October from the preceding month, amid worries controls on the sector may not be eased any time soon. Read: China new-home prices flat during October
Real-estate names weakened Shanghai trading following the data, as shares of Poly Real Estate Group Co. /quotes/zigman/1873491 CN:600048 -1.61% ?dropped 2.4% and Gemdale Corp. /quotes/zigman/1867160 CN:600383 -0.20% ?fell 1.6%.
Over in Shenzhen, China Vanke Co. /quotes/zigman/128694 CN:200002 -1.58% ? /quotes/zigman/530268/quotes/nls/cvkey CVKEY 0.00% ?? the nation?s top property developer ? slid 1.2%.
/quotes/zigman/5986735
JP : Nikkei Idx
Volume: 0.00
Nov. 19, 2012 3:00p
/quotes/zigman/4868099/sampled US : ICAP Currencies
Volume: 0.0000
Nov. 19, 2012 1:38a
/quotes/zigman/4868097/sampled US : ICAP Currencies
103.7800
+0.0400 +0.0386%
Volume: 0.0000
Nov. 19, 2012 1:38a
/quotes/zigman/1652118 KR : South Korea
Volume: 346.01M
Nov. 19, 2012 3:01p
/quotes/zigman/2622475 HK : HangSeng Ind
Volume: 0.00
Nov. 19, 2012 2:23p
/quotes/zigman/1653884 AU : Australia: Sydney
Volume: 0.00
Nov. 19, 2012 4:11p
/quotes/zigman/1565586 XX : Taiwan
Volume: 2.66B
Nov. 19, 2012 1:33p
/quotes/zigman/1859015 CN : China: Shanghai
Volume: 33.94M
Nov. 19, 2012 2:23p
/quotes/zigman/199438 JP : Japan: Tokyo
? 3,370.00
+45.00 +1.35%
Volume: 8.21M
Nov. 19, 2012 3:00p
Market Cap?11464.60 billion
Rev. per Employee?65.90M
/quotes/zigman/199376/quotes/nls/tm US : U.S.: NYSE
Volume: 522,255
Nov. 16, 2012 4:07p
Market Cap$141.07 billion
Rev. per Employee$835,720
/quotes/zigman/193274 JP : Japan: Tokyo
Volume: 40.35M
Nov. 19, 2012 3:00p
Market Cap?2044.25 billion
Rev. per Employee?29.20M
/quotes/zigman/193283/quotes/nls/hthif US : U.S.: OTCBB
Volume: 4,162
Nov. 16, 2012 2:13p
/quotes/zigman/192200 JP : Japan: Tokyo
? 2,817.00
+120.00 +4.45%
Volume: 11.87M
Nov. 19, 2012 3:00p
Market Cap?3597.16 billion
Rev. per Employee?17.61M
/quotes/zigman/192225/quotes/nls/caj US : U.S.: NYSE
Volume: 1.18M
Nov. 16, 2012 4:02p
Rev. per Employee$224,003
/quotes/zigman/193651 JP : Japan: Tokyo
? 2,602.00
+11.00 +0.42%
Volume: 7.29M
Nov. 19, 2012 3:00p
Market Cap?4693.41 billion
Rev. per Employee?48.40M
/quotes/zigman/193599/quotes/nls/hmc US : U.S.: NYSE
Volume: 958,170
Nov. 16, 2012 4:06p
Rev. per Employee$613,604
/quotes/zigman/154565 AU : Australia: Sydney
Volume: 13.65M
Nov. 19, 2012 4:43p
Rev. per Employee$468,199
/quotes/zigman/154564/quotes/nls/qubsf US : U.S.: OTCBB
Volume: 713.00
Nov. 16, 2012 11:46a
Rev. per Employee$468,199
/quotes/zigman/7611909 AU : Australia: Sydney
Volume: 102.32M
Nov. 19, 2012 4:10p
/quotes/zigman/7962199/quotes/nls/vbhlf US : U.S.: OTCBB
Volume: 155.00
Nov. 13, 2012 12:00a
/quotes/zigman/264916 AU : Australia: Sydney
Volume: 9.86M
Nov. 19, 2012 4:13p
Market Cap$354.42 million
/quotes/zigman/264915/quotes/nls/bllaf US : U.S.: OTCBB
Volume: 56,600
Nov. 16, 2012 3:12p
Market Cap$324.67 million
/quotes/zigman/1669652 KR : South Korea
? 6,890.00
+330.00 +5.03%
Volume: 717,990
Nov. 19, 2012 3:00p
Market Cap?529.83 billion
/quotes/zigman/259188 KR : South Korea
? 21,800.00
+600.00 +2.83%
Volume: 927,300
Nov. 19, 2012 3:00p
Market Cap?4057.48 billion
Rev. per Employee?1.14B
/quotes/zigman/49613 HK : Hong Kong
Volume: 30.97M
Nov. 19, 2012 2:23p
Market CapHK$120.08 billion
Rev. per EmployeeHK$2.40M
/quotes/zigman/49615/quotes/nls/kunuf US : U.S.: OTCBB
Volume: 56,000
Nov. 16, 2012 10:25a
Market Cap$120.08 billion
/quotes/zigman/29647 HK : Hong Kong
Volume: 19.74M
Nov. 19, 2012 2:22p
Market CapHK$713.45 billion
Rev. per EmployeeHK$53.38M
/quotes/zigman/274848/quotes/nls/ceo US : U.S.: NYSE
Volume: 68,038
Nov. 16, 2012 4:02p
/quotes/zigman/21986 HK : Hong Kong
Volume: 24.57M
Nov. 19, 2012 2:23p
Market CapHK$1938.81 billion
Rev. per EmployeeHK$4.70M
/quotes/zigman/257868/quotes/nls/ptr US : U.S.: NYSE
Volume: 126,744
Nov. 16, 2012 4:08p
Market Cap$250.11 billion
Rev. per Employee$605,650
/quotes/zigman/14335 HK : Hong Kong
Volume: 3.97M
Nov. 19, 2012 2:22p
Market CapHK$298.46 billion
Rev. per EmployeeHK$1.97M
/quotes/zigman/14337/quotes/nls/suhjf US : U.S.: OTCBB
Volume: 152.00
Nov. 16, 2012 1:23p
/quotes/zigman/1873491 CN : China: Shanghai
Volume: 24.80M
Nov. 19, 2012 2:23p
Market Cap?79.66 billion
/quotes/zigman/1867160 CN : China: Shanghai
Volume: 20.97M
Nov. 19, 2012 2:23p
Market Cap?22.85 billion
/quotes/zigman/128694 CN : China: Shenzhen
Volume: 1.46M
Nov. 19, 2012 2:22p
Market CapHK$112.82 billion
Rev. per EmployeeHK$3.82M
/quotes/zigman/530268/quotes/nls/cvkey US : U.S.: OTCBB
Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.
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