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Jan. 6, 2012, 3:20 a.m. EST

Asia stocks see losses grow as day wears on

Shanghai stocks end higher, with Chinese energy shares rising

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By Michael Kitchen and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian stocks declined on Friday as fears that the European debt crisis was deepening outweighed positive U.S. economic indicators and hopes for strong U.S. jobs data later in the day.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.89%  closed 1.2% lower at 8,390.35, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.46% dropped 1.2% at 18,593.06 and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.43%  declined 0.8% to 4,108.50.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.07%  dropped 1.1% to 1,843.14 and Taiwan’s Taiex gave up 0.2% to 7,120.51.

“The bond auctions in Europe are still weighing on the minds of investors,” said Louis Capital Markets’ head of Japanese equities Ben Collett, referring to an increase in borrowing costs for the French and Italian governments Thursday.

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The Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +0.26%  gained 0.7% to 2,163.39, staging a rebound from its 34-month closing low a day earlier.

Mainland Chinese stocks advanced as energy producer PetroChina Co. jumped after Beijing raised a threshold for a so-called windfall tax, effectively reducing tax payments for oil producers. Banks and resource stocks also climbed after hefty losses recently, although many property developers declined on Chinese bourses.

PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 0.00% /zigman2/quotes/205108732/composite PTR +0.38% /zigman2/quotes/206980083/delayed CN:601857 -0.37% shares climbed 1.6% and China Petroleum & Chemical Corp., or Sinopec, /zigman2/quotes/202085942/delayed HK:386 +0.24% /zigman2/quotes/202783176/composite SNP +0.55% /zigman2/quotes/207158391/delayed CN:600028 -0.21%  added 0.8% in Shanghai.

Shares of China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 +0.15% /zigman2/quotes/207732534/delayed CICHY +1.33% added 1.5% and Jiangxi Copper Co. /zigman2/quotes/204256025/delayed JIXAY -2.94% /zigman2/quotes/201334192/delayed CN:600362 -0.54%  rose 1.7%, while Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 -0.13%  shed 0.9%.

In Hong Kong, shares of PetroChina added 2.3% and Sinopec climbed 1.9%, while Cnooc /zigman2/quotes/203421416/delayed HK:883 +0.67% /zigman2/quotes/204964401/composite CEO +1.53%  advnaced 3%. See report on China oil-tax change.

In a note Friday, Citigroup said the tax change should boost PetroChina earnings by 16%, and those of Cnooc and Sinopec by about 10% each. See report on Citi analysis of oil-tax change.

But those gains in Hong Kong were far outweighed by losses in financial and other shares amid worries over Europe, and despite optimism about the U.S. nonfarm payrolls data for December due later on Friday. See U.S. jobs report preview.

Shares of HSBC Holdings PLC /zigman2/quotes/202687335/delayed HK:5 -1.30%  fell 2%, while Ping An Insurance Group Co. /zigman2/quotes/202212125/delayed PNGAY +0.04% /zigman2/quotes/210315058/delayed HK:2318 +0.44% lost 4.5% in Hong Kong. Financials also weakened elsewhere, with National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB +0.11% /zigman2/quotes/205253475/delayed NAUBF +0.50% dropping 1.4% in Sydney, KB Financial Group Inc. /zigman2/quotes/200043823/composite KB -0.54%  losing 1.6% in Seoul and Chinatrust Financial Holding Co. /zigman2/quotes/204306512/delayed TW:2891 +0.87%  shed 3.3% in Taipei.

Louis Capital’s Collett also cited disappointment after the White House denied speculation that the U.S. was considering a massive trillion-dollar mortgage-refinance program for the day’s losses. See report on White House denial.

“I think we’re seeing some mid-market selling because there was a lot of excitement about rumors” of such a package, he said. “We opened far too optimistically this morning.”

Japanese exporters with large exposure to Europe were among the market casualties Friday, as the euro /zigman2/quotes/210561215/realtime/sampled EURJPY -0.0452%  lost further ground against the Japanese yen overnight, falling below the ¥99 level.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +1.45% /zigman2/quotes/208567357/composite SNE +0.65%  lost 2% and Advantest Corp. /zigman2/quotes/206869087/delayed JP:6857 +4.07% /zigman2/quotes/202479540/delayed ADTTF -9.55%  dropped 3.3%, while Nissan Motor Co. /zigman2/quotes/208298710/delayed JP:7201 +2.00% /zigman2/quotes/207656007/delayed NSANY +1.83%  gave up 2.2%.

Several energy stocks moved lower after benchmark crude oil futures lost ground overnight on the New York Mercantile Exchange. Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 -0.80% /zigman2/quotes/202925532/delayed JPTXF -1.12% dropped 1.5% in Tokyo, and Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO +1.49% /zigman2/quotes/207933640/delayed STOSF +0.54%  fell 0.4% in Sydney.

Shares of Samsung Electronics Co. /zigman2/quotes/203012110/delayed SSNGY 0.00%  fell 1.4% in a downbeat Seoul market, failing to find support from its fourth-quarter outlook of a 73% rise in operating profit. See report on Samsung Electronics’ earnings outlook.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,400.70
+206.90 +0.89%
Volume: 0.00
Feb. 19, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,655.81
+125.61 +0.46%
Volume: 1.47M
Feb. 19, 2020 4:08p
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/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/204979431/delayed
HK : Hong Kong
HK$ 3.42
0.00 0.00%
Volume: 70.52M
Feb. 19, 2020 4:08p
P/E Ratio
13.12
Dividend Yield
4.61%
Market Cap
HK$625.93 billion
Rev. per Employee
HK$5.32M
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
$678,384
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 5.33
-0.02 -0.37%
Volume: 74.19M
Feb. 19, 2020 3:00p
P/E Ratio
23.37
Dividend Yield
3.15%
Market Cap
¥979.16 billion
Rev. per Employee
¥4.49M
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 4.23
+0.01 +0.24%
Volume: 58.01M
Feb. 19, 2020 4:08p
P/E Ratio
9.79
Dividend Yield
9.98%
Market Cap
HK$510.92 billion
Rev. per Employee
HK$7.40M
loading...
/zigman2/quotes/202783176/composite
US : U.S.: NYSE
$ 54.60
+0.30 +0.55%
Volume: 125,411
Feb. 19, 2020 4:10p
P/E Ratio
8.61
Dividend Yield
9.13%
Market Cap
$13.85 billion
Rev. per Employee
$975,922
loading...
/zigman2/quotes/207158391/delayed
CN : China: Shanghai
¥ 4.74
-0.01 -0.21%
Volume: 93.44M
Feb. 19, 2020 3:00p
P/E Ratio
12.37
Dividend Yield
8.02%
Market Cap
¥575.09 billion
Rev. per Employee
¥6.24M
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/204256025/delayed
US : U.S.: OTC
$ 51.90
-1.57 -2.94%
Volume: 0.00
Feb. 12, 2020 5:20p
P/E Ratio
33.52
Dividend Yield
1.97%
Market Cap
$17.22 billion
Rev. per Employee
$1.55M
loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 14.70
-0.08 -0.54%
Volume: 30.58M
Feb. 19, 2020 3:00p
P/E Ratio
20.63
Dividend Yield
1.36%
Market Cap
¥51.18 billion
Rev. per Employee
¥10.12M
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.48
-0.02 -0.13%
Volume: 58.01M
Feb. 19, 2020 3:00p
P/E Ratio
8.32
Dividend Yield
3.23%
Market Cap
¥184.96 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 12.08
+0.08 +0.67%
Volume: 66.59M
Feb. 19, 2020 4:08p
P/E Ratio
8.17
Dividend Yield
6.04%
Market Cap
HK$535.77 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 157.48
+2.38 +1.53%
Volume: 144,096
Feb. 19, 2020 4:10p
P/E Ratio
8.35
Dividend Yield
5.30%
Market Cap
$69.25 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 57.00
-0.75 -1.30%
Volume: 69.76M
Feb. 19, 2020 4:08p
P/E Ratio
24.69
Dividend Yield
6.95%
Market Cap
HK$1173.12 billion
Rev. per Employee
HK$2.88M
loading...
/zigman2/quotes/202212125/delayed
US : U.S.: OTC
$ 23.43
+0.01 +0.04%
Volume: 121,121
Feb. 19, 2020 3:59p
P/E Ratio
9.92
Dividend Yield
1.91%
Market Cap
$87.21 billion
Rev. per Employee
$427,016
loading...
/zigman2/quotes/210315058/delayed
HK : Hong Kong
HK$ 91.10
+0.40 +0.44%
Volume: 16.18M
Feb. 19, 2020 4:08p
P/E Ratio
9.65
Dividend Yield
2.33%
Market Cap
HK$1652.80 billion
Rev. per Employee
HK$3.35M
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 27.31
+0.03 +0.11%
Volume: 6.99M
Feb. 19, 2020 4:10p
P/E Ratio
16.67
Dividend Yield
6.08%
Market Cap
$78.44 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/205253475/delayed
US : U.S.: OTC
$ 18.08
+0.09 +0.50%
Volume: 481.00
Feb. 19, 2020 10:48a
P/E Ratio
15.65
Dividend Yield
N/A
Market Cap
$52.74 billion
Rev. per Employee
$761,598
loading...
/zigman2/quotes/200043823/composite
US : U.S.: NYSE
$ 34.99
-0.19 -0.54%
Volume: 108,961
Feb. 19, 2020 4:10p
P/E Ratio
5.40
Dividend Yield
3.93%
Market Cap
$13.63 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204306512/delayed
TW : Taiwan
NT$ 23.30
+0.20 +0.87%
Volume: 35.23M
Feb. 19, 2020 1:30p
P/E Ratio
10.76
Dividend Yield
4.29%
Market Cap
NT$450.38 billion
Rev. per Employee
NT$24.03M
loading...
/zigman2/quotes/210561215/realtime/sampled
US : Tullett Prebon
120.2856
-0.0544 -0.0452%
Volume: 0.0000
Feb. 19, 2020 6:14p
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/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/206869087/delayed
JP : Japan: Tokyo
¥ 5,630.00
+220.00 +4.07%
Volume: 3.36M
Feb. 19, 2020 3:00p
P/E Ratio
23.47
Dividend Yield
1.33%
Market Cap
¥1073.19 billion
Rev. per Employee
¥64.26M
loading...
/zigman2/quotes/202479540/delayed
US : U.S.: OTC
$ 52.00
-5.49 -9.55%
Volume: 0.00
Feb. 12, 2020 5:20p
P/E Ratio
23.60
Dividend Yield
N/A
Market Cap
$10.32 billion
Rev. per Employee
$581,734
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/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/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/207349564/delayed
AU : Australia: Sydney
$ 8.17
+0.12 +1.49%
Volume: 3.51M
Feb. 19, 2020 4:10p
P/E Ratio
13.45
Dividend Yield
2.14%
Market Cap
$16.76 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/207933640/delayed
US : U.S.: OTC
$ 5.45
+0.03 +0.54%
Volume: 1,583
Feb. 18, 2020 1:54p
P/E Ratio
12.51
Dividend Yield
N/A
Market Cap
$11.34 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/203012110/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
2.64
Dividend Yield
12.21%
Market Cap
$255.98 billion
Rev. per Employee
N/A
loading...

Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.

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