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July 6, 2011, 4:30 a.m. EDT

Hong Kong stocks dip; Japan hits post-quake high

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By V. Phani Kumar and Virginia Harrison, MarketWatch

HONG KONG (MarketWatch) — Shanghai and Hong Kong stock markets finished lower Wednesday as banks tumbled on reports Singapore’s Temasek Holdings will raise up to $3.7 billion by selling down its stakes in Bank of China Ltd. and China Construction Bank Corp.

But Japanese stocks rose for a seventh straight session for their best finish since the March 11 earthquake, with car makers and other exporters among the leading gainers.

China’s Shanghai Composite Index   /zigman2/quotes/206600939/delayed CN:000001 +0.26%  ended the day 0.2% lower at 2,810.48, and Hong Kong’s Hang Seng Index fell 1% to 22,517.55, with banks driving the losses in both markets.

Peter Lai, a director at DBS Vickers, said the partial stake sale by Temasek — which has been a strategic shareholder in both CCB and Bank of China since before the lenders listed shares in Hong Kong — wasn’t surprising, as it was natural for the Singapore state-owned fund to take a profit on it investments. Read full story on Temasek’s stake sell-down in the Chinese banks.

However, “in the short term, this is undoubtedly detrimental psychologically,” he said, as the market may now worry other strategic investors will look to follow Temasek’s lead by selling down their respective stakes in Chinese lenders.

Shares of Bank of China /zigman2/quotes/201568493/delayed BACHY +0.79% /zigman2/quotes/209359942/delayed CN:601988 +0.56% /zigman2/quotes/204682472/delayed HK:3988 +0.63%  tumbled 3.6%, and CCB /zigman2/quotes/208058581/delayed CN:601939 +0.15%   /zigman2/quotes/207732534/delayed CICHY +1.33%   /zigman2/quotes/208974133/delayed HK:939 +1.24%  shed 3.2% in Hong Kong; the stocks lost 1.3% and 1.4%, respectively, in Shanghai.

The losses also rubbed off on sentiment toward other banks, sending Industrial & Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 +0.91%   /zigman2/quotes/202525815/delayed CN:601398 +0.37%   /zigman2/quotes/204265987/delayed IDCBF +2.76%   2.5% lower in Hong Kong and 0.9% in Shanghai.

The extended losses for these banks came a day after Moody’s Investors Service warned that a Chinese audit last month understated the risks to loans made by them to Chinese local governments. See report on Moody’s remarks on Chinese banks.

Japan, Australia

Meanwhile, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.89%  ended the day 1.1% higher at 10,082.48, Taiwan’s Taiex climbed 0.5% to 8,824.44, Australia’s S&P/ASX 200 Index /zigman2/quotes/210598100/delayed AU:XJO +0.43%  added 0.2% to 4,605.0, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.07%  gained 0.4% to 2,171.19.

In Tokyo, shares of Honda Motor Co. /zigman2/quotes/207173990/composite HMC +0.11%   /zigman2/quotes/200490352/delayed JP:7267 -0.07%  rose 1.6% and Nissan Motor Co. /zigman2/quotes/207656007/delayed NSANY +1.83%   /zigman2/quotes/208298710/delayed JP:7201 +2.00%  added 2.2% amid hopes for a better outlook for the second half of the year as production improves.

Other exporters also advanced, with Sony Corp. /zigman2/quotes/208567357/composite SNE +0.65%   /zigman2/quotes/201361720/delayed JP:6758 +1.45%  climbing 1.2% and Fanuc Ltd. /zigman2/quotes/209410825/delayed FANUY +0.19%   /zigman2/quotes/202054799/delayed JP:6954 +0.15%  adding 1.9%.

In Seoul, Hynix Semiconductor Inc.  tumbled 5.4% to lose more ground than it gained the previous day, after Hyundai Heavy Industries Co. said it won’t submit a letter of intent for a controlling stake in the chip maker. Hyundai Heavy, on the other hand, soared 6.4% on the announcement. See report on Hyundai Heavy and Hynix.

Some financial stocks gave way after U.S. bank shares lost ground overnight.

In Tokyo, Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 -0.92%    surrendered 0.5% and Daiwa Securities Group Inc. /zigman2/quotes/201391978/delayed JP:8601 -2.15%   /zigman2/quotes/206649614/delayed DSECF +14.86%  fell 0.8%.

In Sydney trading, shares in Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC -0.50%   /zigman2/quotes/206661702/composite WBK -0.52%  lost 0.4%, while Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA -0.49%   /zigman2/quotes/206886809/delayed CBAUY 0.00%  dropped 0.6%.

Also weighing on financials, Moody’s on Tuesday downgraded Portugal’s long-term government bond ratings to speculative or “junk” grade. Read more about Moody’s cutting Portugal’s debt rating.

Strength in commodities prices supported some energy stocks, as benchmark Nymex crude-oil futures pushed above $97 a barrel. That lifted Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 -0.80%   /zigman2/quotes/202925532/delayed JPTXF -1.12% to rise 3.8%, while Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL +1.06%   /zigman2/quotes/206770672/delayed WOPEF +3.37%  edged up 0.2% in Sydney and PetroChina Co. /zigman2/quotes/206980083/delayed CN:601857 -0.37%   /zigman2/quotes/205108732/composite PTR +0.38%  advanced 1.2% in Shanghai.

Gold miners sparkled after gold futures posted their biggest one-day gain in eight months in New York, with Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM 0.00%   /zigman2/quotes/206026738/delayed NCMGF +0.32%  advancing 1.8% in Sydney, and Zhaojin Mining Industry Co. /zigman2/quotes/203361399/delayed HK:1818 +2.67%   /zigman2/quotes/200275285/delayed ZHAOF +0.77%  gaining 3.3% in Hong Kong. Read more about metals.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.24
+0.04 +0.26%
Volume: 87.41M
Feb. 19, 2020 3:00p
P/E Ratio
10.89
Dividend Yield
1.43%
Market Cap
¥294.97 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 10.27
+0.08 +0.79%
Volume: 48,474
Feb. 19, 2020 3:50p
P/E Ratio
4.61
Dividend Yield
5.41%
Market Cap
$34.45 billion
Rev. per Employee
$399,878
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.60
+0.02 +0.56%
Volume: 92.68M
Feb. 19, 2020 3:00p
P/E Ratio
5.69
Dividend Yield
5.11%
Market Cap
¥1053.84 billion
Rev. per Employee
¥2.61M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 3.22
+0.02 +0.63%
Volume: 232.33M
Feb. 19, 2020 4:08p
P/E Ratio
4.53
Dividend Yield
6.55%
Market Cap
HK$941.97 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.71
+0.01 +0.15%
Volume: 90.91M
Feb. 19, 2020 3:00p
P/E Ratio
6.31
Dividend Yield
4.56%
Market Cap
¥1675.07 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 16.77
+0.22 +1.33%
Volume: 57,683
Feb. 19, 2020 4:00p
P/E Ratio
5.45
Dividend Yield
4.49%
Market Cap
$2002.55 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.55
+0.08 +1.24%
Volume: 328.13M
Feb. 19, 2020 4:08p
P/E Ratio
5.49
Dividend Yield
5.33%
Market Cap
HK$1617.57 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.56
+0.05 +0.91%
Volume: 192.11M
Feb. 19, 2020 4:08p
P/E Ratio
5.61
Dividend Yield
5.12%
Market Cap
HK$1963.80 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.48
+0.02 +0.37%
Volume: 204.05M
Feb. 19, 2020 3:00p
P/E Ratio
6.31
Dividend Yield
4.57%
Market Cap
¥1945.98 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/204265987/delayed
US : U.S.: OTC
$ 0.71
+0.02 +2.76%
Volume: 116,150
Feb. 19, 2020 11:36a
P/E Ratio
5.62
Dividend Yield
N/A
Market Cap
$246.78 billion
Rev. per Employee
$387,287
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,400.70
+206.90 +0.89%
Volume: 0.00
Feb. 19, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,144.60
+30.90 +0.43%
Volume: 1,232
Feb. 20, 2020 8:58a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,210.34
+1.46 +0.07%
Volume: 591,155
Feb. 19, 2020 3:30p
loading...
/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 27.08
+0.03 +0.11%
Volume: 304,102
Feb. 19, 2020 4:10p
P/E Ratio
10.94
Dividend Yield
3.21%
Market Cap
$47.25 billion
Rev. per Employee
$661,808
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,975.00
-2.00 -0.07%
Volume: 4.77M
Feb. 19, 2020 3:00p
P/E Ratio
11.08
Dividend Yield
3.76%
Market Cap
¥5200.56 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 9.19
+0.17 +1.83%
Volume: 215,037
Feb. 19, 2020 3:59p
P/E Ratio
46.13
Dividend Yield
6.05%
Market Cap
$17.63 billion
Rev. per Employee
$773,563
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 504.60
+9.90 +2.00%
Volume: 20.46M
Feb. 19, 2020 3:00p
P/E Ratio
47.32
Dividend Yield
1.98%
Market Cap
¥1935.83 billion
Rev. per Employee
¥85.36M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 67.07
+0.43 +0.65%
Volume: 1.23M
Feb. 19, 2020 4:10p
P/E Ratio
14.06
Dividend Yield
0.40%
Market Cap
$81.73 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,370.00
+105.00 +1.45%
Volume: 4.91M
Feb. 19, 2020 3:00p
P/E Ratio
14.20
Dividend Yield
0.61%
Market Cap
¥8909.92 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/209410825/delayed
US : U.S.: OTC
$ 18.51
+0.04 +0.19%
Volume: 160,514
Feb. 19, 2020 3:58p
P/E Ratio
47.55
Dividend Yield
1.90%
Market Cap
$35.52 billion
Rev. per Employee
$869,691
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,355.00
+30.00 +0.15%
Volume: 626,700
Feb. 19, 2020 3:00p
P/E Ratio
47.89
Dividend Yield
N/A
Market Cap
¥3900.38 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 560.60
-5.20 -0.92%
Volume: 45.98M
Feb. 19, 2020 3:00p
P/E Ratio
12.42
Dividend Yield
4.46%
Market Cap
¥7216.69 billion
Rev. per Employee
¥50.52M
loading...
/zigman2/quotes/201391978/delayed
JP : Japan: Tokyo
¥ 536.10
-11.80 -2.15%
Volume: 6.47M
Feb. 19, 2020 3:00p
P/E Ratio
13.39
Dividend Yield
3.73%
Market Cap
¥832.14 billion
Rev. per Employee
¥49.77M
loading...
/zigman2/quotes/206649614/delayed
US : U.S.: OTC
$ 5.41
+0.70 +14.86%
Volume: 0.00
Feb. 14, 2020 5:20p
P/E Ratio
14.72
Dividend Yield
N/A
Market Cap
$7.58 billion
Rev. per Employee
$450,764
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 25.62
-0.13 -0.50%
Volume: 9.06M
Feb. 19, 2020 4:10p
P/E Ratio
13.53
Dividend Yield
6.79%
Market Cap
$92.83 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/206661702/composite
US : U.S.: NYSE
$ 17.07
-0.09 -0.52%
Volume: 362,456
Feb. 19, 2020 4:10p
P/E Ratio
12.82
Dividend Yield
6.99%
Market Cap
$61.86 billion
Rev. per Employee
$830,218
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 87.83
-0.43 -0.49%
Volume: 20,800
Feb. 19, 2020 4:10p
P/E Ratio
16.17
Dividend Yield
4.91%
Market Cap
$159.71 billion
Rev. per Employee
$919,022
loading...
/zigman2/quotes/206886809/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
13.94
Dividend Yield
5.53%
Market Cap
$106.96 billion
Rev. per Employee
$687,071
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 2,732.00
-22.00 -0.80%
Volume: 175,900
Feb. 19, 2020 3:00p
P/E Ratio
7.84
Dividend Yield
1.83%
Market Cap
¥157.40 billion
Rev. per Employee
¥156.48M
loading...
/zigman2/quotes/202925532/delayed
US : U.S.: OTC
$ 21.16
-0.24 -1.12%
Volume: 0.00
Dec. 30, 2019 5:19p
P/E Ratio
6.63
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$1.42M
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 33.23
+0.35 +1.06%
Volume: 1.84M
Feb. 19, 2020 4:10p
P/E Ratio
64.29
Dividend Yield
4.09%
Market Cap
$30.92 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206770672/delayed
US : U.S.: OTC
$ 23.53
+0.77 +3.37%
Volume: 47.00
Feb. 19, 2020 5:20p
P/E Ratio
64.02
Dividend Yield
3.87%
Market Cap
$20.79 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 5.33
-0.02 -0.37%
Volume: 74.19M
Feb. 19, 2020 3:00p
P/E Ratio
23.37
Dividend Yield
3.15%
Market Cap
¥979.16 billion
Rev. per Employee
¥4.49M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 44.37
+0.17 +0.38%
Volume: 113,627
Feb. 19, 2020 4:10p
P/E Ratio
10.26
Dividend Yield
3.81%
Market Cap
$9.33 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.17
0.00 0.00%
Volume: 19,900
Feb. 19, 2020 4:10p
P/E Ratio
27.04
Dividend Yield
1.17%
Market Cap
$21.01 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.63
+0.06 +0.32%
Volume: 2,550
Feb. 19, 2020 10:38a
P/E Ratio
25.67
Dividend Yield
N/A
Market Cap
$14.25 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203361399/delayed
HK : Hong Kong
HK$ 8.85
+0.23 +2.67%
Volume: 7.39M
Feb. 19, 2020 4:08p
P/E Ratio
60.20
Dividend Yield
0.51%
Market Cap
HK$27.76 billion
Rev. per Employee
HK$1.31M
loading...
/zigman2/quotes/200275285/delayed
US : U.S.: OTC
$ 1.31
+0.01 +0.77%
Volume: 0.00
Dec. 18, 2019 5:19p
P/E Ratio
70.05
Dividend Yield
N/A
Market Cap
$3.57 billion
Rev. per Employee
$166,560
loading...

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Virginia Harrison is a MarketWatch reporter based in Sydney.

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