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Feb. 3, 2012, 3:40 a.m. EST

Tokyo, Seoul stocks drop, as Shanghai rises

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By Virginia Harrison and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese and South Korean shares lost ground Friday, as investors digested a raft of earnings reports and turned cautious ahead of a key U.S. employment report.

Chinese stocks managed to finish higher after a lower opening, with the property sector and some other laggards finding buyers ahead of the weekend.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.40% fell 0.5% to 8,831.93, Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.59% shed 0.4% to 4,251.20 and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.42%  gave up 0.6% to 1,972.34.

China’s Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -1.46%  gained 0.8% to 2,330.40, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.31% rose 0.1% to 20,756.98 and Taiwan’s Taiex  rose 0.3% to 7,674.99.

“We are seeing some short-term consolidation from recent strength,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. “Whether the market can extend the move higher is unclear. Markets have traded up without fundamental support, [although] there is some momentum because sentiment is relatively firm,” he said.

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Shares of Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +4.52% /zigman2/quotes/202815238/composite SFTBF +0.09%  fell 3.6% in Tokyo after its quarterly profit halved due to new competition in selling the Apple iPhone. Softbank previously enjoyed a monopoly. See report on Softbank earnings.

Rival KDDI Corp. /zigman2/quotes/204923990/delayed JP:9433 +0.58% /zigman2/quotes/209186068/composite KDDIF +0.91% gave up 1.4%.

Yamaha Corp. /zigman2/quotes/210308144/delayed JP:7951 -1.24% /zigman2/quotes/207614400/composite YAMCY -2.68% slumped 7% after it reported weak earnings.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +3.27% /zigman2/quotes/208567357/composite SNE +0.91% , which Thursday reported a staggering $2.1 billion loss for the last quarter, rallied 8.1%, recouping recent losses. Read more on Sony’s quarterly loss.

Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 -0.17% /zigman2/quotes/200401218/composite SHCAY -3.14% added 2.8% after posting weak quarterly results earlier in the week. Shares in Canon Inc. /zigman2/quotes/207639533/delayed JP:7751 -2.21% /zigman2/quotes/210242912/composite CAJ -0.97%   gained 2% after the firm announced a share buy-back.

Sumitomo Metal Industries Ltd.  lost 2.2% after forecasting a fiscal-year loss late Thursday. Fellow steel producer JFE Holdings Inc. /zigman2/quotes/204336633/delayed JP:5411 -1.77% /zigman2/quotes/203557603/composite JFEEF -11.43%  gave up 1.9% and Nippon Steel Corp. /zigman2/quotes/209782682/delayed JP:5401 -2.44% /zigman2/quotes/203679980/composite NISTF -3.87%   shed 1.1%.

In Hong Kong, Hutchison Whampoa Ltd. climbed 3.3% after announcing its cellular-telecom-services unit Hutchison 3G Austria will buy Orange Austria for about 1.3 billion euros ($1.71 billion). Read more about the Hutchison-Orange deal.

Chinese property shares advanced after Dow Jones Newswires reported land sales fell sharply in January as developers stopped purchases to preserve cash. In Hong Kong, Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -1.28% /zigman2/quotes/200754284/composite AGPYY +16.31%  rose 1.8%, while China Resources Land Ltd. /zigman2/quotes/209191868/composite CRBJY +11.87% /zigman2/quotes/202417326/delayed HK:1109 +1.87%  added 0.9%.

In Shanghai, shares of Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +0.06%  rose 1.5% and Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 +1.91%  rising 1.1%.

In Seoul, shipbuilders declined after disappointing earnings reports from Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. Shares in Hyundai Heavy  tumbled 7.7% while Samsung Heavy lost 3%.

Gold miners rose in Australia after Comex gold futures hit an 11-week high in New York trading. Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.72%   /zigman2/quotes/203286036/composite NCMGY +0.90%  and Perseus Mining Ltd. /zigman2/quotes/205179925/delayed AU:PRU +6.74%  each traded 1% firmer.

Shares of Zijin Mining Group Co. /zigman2/quotes/204517000/delayed HK:2899 +5.79% /zigman2/quotes/209836076/composite ZIJMF +8.62% rose 1.6% in Hong Kong and 0.9% in Shanghai after the firm tipped a 20% increase in its fiscal year profit.

/zigman2/quotes/210597971/delayed
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Market Cap
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US : U.S.: OTC
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Market Cap
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JP : Japan: Tokyo
¥ 2,039.00
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US : U.S.: NYSE
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JP : Japan: Tokyo
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US : U.S.: OTC
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Market Cap
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Market Cap
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Market Cap
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US : U.S.: OTC
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Market Cap
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US : U.S.: OTC
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Market Cap
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HK : Hong Kong
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Dividend Yield
3.30%
Market Cap
HK$244.59 billion
Rev. per Employee
HK$3.68M
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/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 16.61
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4.03%
Market Cap
¥76.34 billion
Rev. per Employee
¥7.89M
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/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 18.13
+0.34 +1.91%
Volume: 132.13M
July 9, 2020 3:00p
P/E Ratio
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4.52%
Market Cap
¥210.76 billion
Rev. per Employee
¥3.42M
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/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 33.69
+0.57 +1.72%
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P/E Ratio
32.34
Dividend Yield
0.97%
Market Cap
$26.95 billion
Rev. per Employee
N/A
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/zigman2/quotes/203286036/composite
US : U.S.: OTC
$ 23.63
+0.21 +0.90%
Volume: 50,207
July 8, 2020 3:54p
P/E Ratio
32.50
Dividend Yield
0.82%
Market Cap
$18.78 billion
Rev. per Employee
N/A
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/zigman2/quotes/205179925/delayed
AU : Australia: Sydney
$ 1.51
+0.10 +6.74%
Volume: 19.26M
July 9, 2020 4:10p
P/E Ratio
68.41
Dividend Yield
N/A
Market Cap
$1.56 billion
Rev. per Employee
N/A
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/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 4.93
+0.27 +5.79%
Volume: 139.74M
July 9, 2020 4:08p
P/E Ratio
23.51
Dividend Yield
2.22%
Market Cap
HK$135.15 billion
Rev. per Employee
HK$6.84M
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/zigman2/quotes/209836076/composite
US : U.S.: OTC
$ 0.63
+0.05 +8.62%
Volume: 0.00
July 8, 2020 3:44p
P/E Ratio
23.51
Dividend Yield
N/A
Market Cap
$17.44 billion
Rev. per Employee
$872,997
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Virginia Harrison is a MarketWatch reporter based in Sydney. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.

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