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Asian Stocks Rebound As Oil Rises on Syria Strike Worries

By: MT Newswires
Posted: 8/29/2013 12:39:00 PM
Referenced Stocks: AERL;GAME;LFC;MY;PTR

Asian shares rose, led by exploration shares as oil surged on worries that a military strike was imminent against Syria.

On Wednesday, the U.S. and the U.K. said they were prepared to take military action against Syria, without authorization from the United Nations Security Council, after the concluding the regime was responsible for a chemical weapons attack against its people.

Japan's July retail sales fell 0.3% from a year earlier, marking their first annualized drop since April, the Ministry of Economy, Trade and Industry. The figure trailed expectations for a 0.6% increase in a Reuters survey of analysts.

South Korea's current-account surplus was $6.77 billion last month, the Bank of Korea said. That compares with a surplus of $7.24 billion in June and a record surplus of $8.64 billion in May. On a seasonally adjusted basis, the current-account surplus rose to $4.97 billion from $4.79 billion in the previous month.

In ADR news, Shanda Games ( GAME ) posted a profit of 374.4 million Chinese yuan ($60.6 million), or CNY1.40 ($0.22) an American depositary share, up from CNY308.4 million, or CNY1.10 an ADS, a year earlier. Excluding stock-based compensation and other items, per-ADS earnings rose to CNY1.50 ($0.24) from CNY1.20. Revenue slipped 4% to CNY1.09 billion, or $175.6 million. Analysts surveyed by Thomson Reuters expected a per-ADS profit of $0.20 on revenue of $175 million. SNDA expects Q3 sales to rise 3% to 4% sequentially.

China Life Insurance ( LFC ) posted a 68% jump in half-yearly net income.

PetroChina ( PTR ) said it would ensure its subsidiary's stability amid antigraft investigations.

Asia Entertainment & Resources ( AERL ) cut its six-month dividend to $0.08 per share from $0.12 per share, beginning with the six-month dividend payable for 2013.

China Ming Yang ( MY ) says Q2 sales fell 32.7% to RMB537.4 million (US$87.6 million) from a year ago. Basic and diluted loss per share was RMB0.51 (US$0.08), wider than the RMB0.25 loss a year ago.

The Nikkei ended up 0.91% at 13,459.71, the Hang Seng up 0..84% at 21,704.78 and the Straits Times up 1.13% at 3,038.03.