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Aug. 18, 2011, 4:32 a.m. EDT

Asia stocks drop on global fears, exporters hit

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By Virginia Harrison and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Asian stocks fell Thursday as worries about the global economic outlook trumped the appeal of inexpensive stock valuations.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.65% fell 1.3% to 8,943.76, its lowest finish since March 15. Familiar concerns over the yen’s strength hit the nation’s exporters along with fears global demand could decline.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.57% snapped out of a two-day winning streak to close down 1.7% at 1,860.58. Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -0.15%  lost 1.2% to 4,251.20 and Taiwan’s Taiex dropped 1.6% to 7,614.97.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.55% shed 1.3% to 20,016.27, finding support above the psychologically-important 20,000-point level, while China’s Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -0.28%  declined 1.6% to 2,559.47.

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“There isn’t a systemic regional issue,” Peter Esho, chief market analyst at City Index in Sydney said of Asian stock weakness. “There are headwinds of yen appreciation and Japanese exporters are softening... we’re seeing markets self-correct across all different segments.”

The day’s losses followed a lackluster session on Wall Street as technology stocks got punished on Dell Inc.’s /zigman2/quotes/203822527/composite DELL -1.36%  lowered outlook.

“The mood has improved over the past week from sheer panic to a more garden variety uncertainty about the future,” strategists at BNP Paribas said. “While a financial market meltdown looks less likely than just a week ago, the latest economic data suggest that the world is growing at a slower rate and recession is still a possibility.”

Stock losses in Tokyo were spread across most exporters, as the U.S. dollar remained below the 77-yen mark. Mazda Motor Corp. /zigman2/quotes/204777714/delayed JP:7261 -1.42%   /zigman2/quotes/206326885/delayed MZDAY -1.01% tumbled 5.7%, Nissan Motor Co. /zigman2/quotes/208298710/delayed JP:7201 -2.78%   /zigman2/quotes/207656007/delayed NSANY -0.69%  dropped 3.7% and Hitachi Ltd. slid 2.4%.

Worries that demand in the key U.S. and European markets could be hurt amid the ongoing debt problems also pressured exporters elsewhere in the region, with LG Electronics Inc /zigman2/quotes/206354790/delayed LGEIY 0.00%  dropping 6.1% and Hyundai Motor Co. /zigman2/quotes/204364212/delayed HYMTF -0.64%  shrinking 4.5% in Seoul. In Taipei, Nanya Technology Corp. fell by the day’s 7% limit.

Acer Inc. shed a further 5.7% in Taipei, on top of Wednesday’s 2.7% decline, and Lenovo Group Ltd. /zigman2/quotes/205368244/delayed HK:992 -1.97%     /zigman2/quotes/204000062/delayed LNVGY +1.31%  gave up early gains to sink 6.5% in Hong Kong, after Dell’s weak outlook hit technology stocks in the U.S.

The drop in Lenovo shares came in spite of its quarterly profits nearly doubling due to stronger growth in personal-computer shipments.

Merger activity, earnings

A few stocks beat the general downtrend, supported by merger-and-acquisition related news.

Hong Kong Exchanges & Clearing Ltd. /zigman2/quotes/200234512/delayed HK:388 -0.64%   /zigman2/quotes/201215503/delayed HKXCY +0.63%  jumped 3.6% on news the bourse operator was in talks with the Shanghai and Shenzhen Stock Exchanges for a joint venture in Hong Kong.

“We’re starting to see more deals. What’s happening in Hong Kong is very interesting to monitor in terms of mainland Chinese fund flows perhaps coming into that market,” City Index’s Esho said.

Japan’s Asahi Group Holdings Ltd. /zigman2/quotes/206211507/delayed JP:2502 +0.09%    climbed 1.7% after the firm said it will buy New Zealand’s Independent Liquor, in a deal valued at about ¥97.6 billion ($1.27 billion).

In Sydney trading, Foster’s Group Ltd. /zigman2/quotes/208465299/delayed AU:FGL -13.04%    put on 0.8% after the brewer reiterated its rejection of a takeover offer by SABMiller PLC  , and advised shareholders to take no action related to the bid.

Shares in China Shenhua Energy Co. /zigman2/quotes/206065610/delayed HK:1088 +0.82%  declined 5.4% in Hong Kong and 4.5% in Shanghai as investors locked in gains after the coal producer posted a 16% rise in first-half net profit.

In Sydney trading, Wesfarmers Ltd. /zigman2/quotes/204567133/delayed AU:WES +1.37% /zigman2/quotes/201861689/delayed WFAFY -1.08%   edged up 0.4% after delivering a 23% rise in full-year profit.

AMP Ltd. /zigman2/quotes/206014407/delayed AU:AMP -4.08%   /zigman2/quotes/206400018/delayed AMLTF -12.38%  also rose 2.7% on its earnings report. But those gains contrasted with a general weakness in other financial shares on global worries.

Macquarie Group Ltd. /zigman2/quotes/206727308/delayed AU:MQG +1.47%   /zigman2/quotes/209628452/delayed MQBKY +0.14% fell 1.8% and Australia & New Zealand Banking Group Ltd. /zigman2/quotes/205482049/delayed AU:ANZ +0.19%   /zigman2/quotes/203732563/delayed ANZBY -0.42%  lost 0.8%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,753.37
-182.25 -0.65%
Volume: 0.00
Dec. 2, 2021 3:15p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,945.27
+45.55 +1.57%
Volume: 534,461
Dec. 2, 2021 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,225.20
-10.70 -0.15%
Volume: 652,444
Dec. 2, 2021 5:30p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,788.93
+130.01 +0.55%
Volume: 2.33M
Dec. 2, 2021 4:08p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 17.59
-0.05 -0.28%
Volume: 99.48M
Dec. 2, 2021 3:00p
P/E Ratio
9.57
Dividend Yield
1.02%
Market Cap
¥338.44 billion
Rev. per Employee
¥7.66M
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/zigman2/quotes/203822527/composite
US : U.S.: NYSE
$ 55.70
-0.77 -1.36%
Volume: 6.30M
Dec. 1, 2021 4:00p
P/E Ratio
6.45
Dividend Yield
N/A
Market Cap
$43.21 billion
Rev. per Employee
$597,019
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/zigman2/quotes/204777714/delayed
JP : Japan: Tokyo
¥ 903.00
-13.00 -1.42%
Volume: 6.57M
Dec. 2, 2021 3:00p
P/E Ratio
6.67
Dividend Yield
1.66%
Market Cap
¥578.22 billion
Rev. per Employee
¥57.89M
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/zigman2/quotes/206326885/delayed
US : U.S.: OTC
$ 3.94
-0.04 -1.01%
Volume: 117,221
Dec. 1, 2021 3:57p
P/E Ratio
6.22
Dividend Yield
0.00%
Market Cap
$5.09 billion
Rev. per Employee
$545,828
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/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 542.50
-15.50 -2.78%
Volume: 26.35M
Dec. 2, 2021 3:00p
P/E Ratio
42.56
Dividend Yield
0.00%
Market Cap
¥2203.35 billion
Rev. per Employee
¥59.42M
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/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 9.81
-0.07 -0.69%
Volume: 147,246
Dec. 1, 2021 3:59p
P/E Ratio
46.41
Dividend Yield
0.00%
Market Cap
$19.41 billion
Rev. per Employee
$560,254
loading...
/zigman2/quotes/206354790/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
10.50
Dividend Yield
1.33%
Market Cap
N/A
Rev. per Employee
$1.35M
loading...
/zigman2/quotes/204364212/delayed
US : U.S.: OTC
$ 39.10
-0.25 -0.64%
Volume: 4,489
Dec. 1, 2021 3:53p
P/E Ratio
4.20
Dividend Yield
N/A
Market Cap
$37.68 billion
Rev. per Employee
$1.23M
loading...
/zigman2/quotes/205368244/delayed
HK : Hong Kong
$ 7.95
-0.16 -1.97%
Volume: 42.31M
Dec. 2, 2021 4:08p
P/E Ratio
8.08
Dividend Yield
4.03%
Market Cap
$95.97 billion
Rev. per Employee
$6.59M
loading...
/zigman2/quotes/204000062/delayed
US : U.S.: OTC
$ 20.56
+0.27 +1.31%
Volume: 110,644
Dec. 1, 2021 3:59p
P/E Ratio
8.11
Dividend Yield
3.80%
Market Cap
$12.31 billion
Rev. per Employee
$849,543
loading...
/zigman2/quotes/200234512/delayed
HK : Hong Kong
$ 432.00
-2.80 -0.64%
Volume: 4.61M
Dec. 2, 2021 4:08p
P/E Ratio
42.84
Dividend Yield
2.12%
Market Cap
$544.03 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201215503/delayed
US : U.S.: OTC
$ 55.57
+0.35 +0.63%
Volume: 74,395
Dec. 1, 2021 3:48p
P/E Ratio
42.78
Dividend Yield
1.94%
Market Cap
$69.78 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206211507/delayed
JP : Japan: Tokyo
¥ 4,225.00
+4.00 +0.09%
Volume: 2.08M
Dec. 2, 2021 3:00p
P/E Ratio
15.67
Dividend Yield
2.58%
Market Cap
¥2125.28 billion
Rev. per Employee
¥67.93M
loading...
/zigman2/quotes/208465299/delayed
AU : Australia: Sydney
$ 0.02
-0.0030 -13.04%
Volume: 826,532
Dec. 2, 2021 3:59p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.14 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
$ 17.12
+0.14 +0.82%
Volume: 24.54M
Dec. 2, 2021 4:08p
P/E Ratio
6.89
Dividend Yield
12.60%
Market Cap
$448.87 billion
Rev. per Employee
$3.44M
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/zigman2/quotes/204567133/delayed
AU : Australia: Sydney
$ 57.82
+0.78 +1.37%
Volume: 1.95M
Dec. 2, 2021 4:10p
P/E Ratio
27.52
Dividend Yield
3.08%
Market Cap
$64.47 billion
Rev. per Employee
$296,465
loading...
/zigman2/quotes/201861689/delayed
US : U.S.: OTC
$ 20.20
-0.22 -1.08%
Volume: 143,363
Dec. 1, 2021 3:55p
P/E Ratio
25.88
Dividend Yield
6.23%
Market Cap
$45.71 billion
Rev. per Employee
$221,146
loading...
/zigman2/quotes/206014407/delayed
AU : Australia: Sydney
$ 0.94
-0.04 -4.08%
Volume: 46.11M
Dec. 2, 2021 4:10p
P/E Ratio
27.57
Dividend Yield
0.00%
Market Cap
$3.38 billion
Rev. per Employee
$422,881
loading...
/zigman2/quotes/206400018/delayed
US : U.S.: OTC
$ 0.72
-0.10 -12.38%
Volume: 300.00
Nov. 30, 2021 1:46p
P/E Ratio
26.89
Dividend Yield
N/A
Market Cap
$2.40 billion
Rev. per Employee
$291,126
loading...
/zigman2/quotes/206727308/delayed
AU : Australia: Sydney
$ 198.56
+2.87 +1.47%
Volume: 637,209
Dec. 2, 2021 4:10p
P/E Ratio
18.10
Dividend Yield
3.58%
Market Cap
$71.01 billion
Rev. per Employee
$844,584
loading...
/zigman2/quotes/209628452/delayed
US : U.S.: OTC
$ 140.20
+0.20 +0.14%
Volume: 6,571
Dec. 1, 2021 3:46p
P/E Ratio
17.01
Dividend Yield
3.21%
Market Cap
$50.23 billion
Rev. per Employee
$604,981
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 26.69
+0.05 +0.19%
Volume: 6.81M
Dec. 2, 2021 4:10p
P/E Ratio
13.01
Dividend Yield
5.32%
Market Cap
$75.22 billion
Rev. per Employee
$608,364
loading...
/zigman2/quotes/203732563/delayed
US : U.S.: OTC
$ 18.86
-0.08 -0.42%
Volume: 82,653
Dec. 1, 2021 3:48p
P/E Ratio
12.24
Dividend Yield
5.55%
Market Cap
$53.33 billion
Rev. per Employee
$457,046
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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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