MW: Japan, Australia stocks up, but China shares slump
By Michael Kitchen
LOS ANGELES (MarketWatch) -- Japanese stocks gained Wednesday thanks to a weaker yen, while Australian shares got a boost from earnings, but a new policy move to set stricter requirements on property purchases in Beijing dragged on the greater China markets. In afternoon trade, Japan's Nikkei Stock Average (JP:NI225 10,835, +26.57, +0.25%) rose 0.5%, with some export-focused blue-chips rising after overnight U.S. gains and with the dollar remaining above the 83.50-yen level. Sony Corp. (JP:6758 3,035, +54.00, +1.81%) (SNE 36.00, +0.18, +0.50%) rose 2.2%, while Canon Inc. (JP:7751 4,115, +165.00, +4.18%) (CAJ 47.41, +0.44, +0.94%) jumped 4.2%, with a Dow Jones report citing investors seeking stocks that have recently lagged the market. Strong earnings at Australia's Qantas Airways Ltd. (AU:QAN 2.52, +0.13, +5.44%) (QUBSF 2.35, -0.03, -1.26%) sent the shares climbing 5.4%, with Sydney's benchmark S&P/ASX 200 (AU:XJO 4,938, +8.20, +0.17%) rising 0.2%. But Hong Kong's Hang Seng Index (HK:HANGSENG 23,158, +0.71, +0.00%) lost 0.1%, and the Shanghai Composite (CN:SHCOMP 2,917, -6.98, -0.24%) lost 0.4%, with mainland Chinese property shares falling after news of the new policy move in Beijing. Shanghai-listed shares of developer Gemdale Corp. (CN:600383 6.81, -0.18, -2.58%) dropped 2.4%, while Poly Real Estate Group Co. Ltd. (CN:600048 12.92, -0.40, -3.00%) was down 2.9%.
