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March 23, 2012, 5:08 a.m. EDT

Asia stocks fall, led by Japan, China

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By Virginia Harrison and Nick Godt, MarketWatch

MUMBAI (MarketWatch) — Most Asia markets fell Friday amid renewed concerns about global growth, with losses for banks and property firms pushing Hong Kong into the red, while a stronger yen weighed on Japanese exporters.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.53% , Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.03%  and the Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +1.25%  each fell 1.1%.

Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.41%  edged down a more modest 0.1%, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.13%  shrugged off early weakness to finish fractionally higher.

For the week, Hong Kong was trading down 3%, Japan was 1.2% lower, while South Korea was 0.4% weaker.

Linus Yip, strategist at First Shanghai Securities in Hong Kong, said concerns about weak data were to blame for much of the losses.

“The market has turned its focus back to fundamentals. Taken together, yesterday’s China data and the euro-zone manufacturing index [suggest] the global economy is slowing down,” Yip said, referring to weak manufacturing surveys Thursday from Europe and China.

“Markets had good moves in January and February, but having shot up to relatively high levels, and given the economy is slowing down, the market is under correction pressure,” Yip said.

The manufacturing data helped push U.S. stocks lower overnight. Read more on the U.S. session.

“Global markets switched to a risk-off stance this week, led by disappointing global manufacturing numbers. The euro area [data] suggests the economy is still in the woods, as France and Germany look vulnerable to slowdowns,” strategists at Barclays Capital said.

“But we do not think this signals the end of the risk-asset rally [and] do not expect a sustained correction,” the strategists said.

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Banks drop

Losses for banks dragged Hong Kong lower.

Shares in Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 -1.24%   /zigman2/quotes/207749118/delayed ACGBY -1.18%  slumped 3.1% after its 29% profit growth for the previous year failed to meet analysts’ expectations. Read more on Agricultural Bank of China's results.

“If you look at the in detail, the result isn’t so good for the fourth quarter, with the impact of the debt problem in Europe and [slowing] in China,” First Shanghai Securities’ Yip said.

The results helped weigh on other major mainland Chinese banks, as Hong Kong-listed shares of Industrial & Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 -1.33% /zigman2/quotes/202525815/delayed CN:601398 -0.23% fell 2%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 0.00%   /zigman2/quotes/208048873/delayed BKFCF +2.25%   /zigman2/quotes/207155262/delayed CN:601328 -0.22%   gave up 1.9%.

Hong Kong-listed property firms also lost ground, with Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -0.47% /zigman2/quotes/200754284/delayed AGPYY -43.62%  falling 0.2%, and Sun Hung Kai Properties Ltd. /zigman2/quotes/209086152/delayed HK:16 -0.71%   /zigman2/quotes/205427525/delayed SUHJY -1.54%  extending recent weakness with a 2.4% drop.

Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.27%  supplier Foxconn International Holdings Ltd. /zigman2/quotes/205017351/delayed HK:2038 -2.38%   /zigman2/quotes/207122890/delayed FXCNF -3.10%  reversed early gains made in reaction to the firm’s swing to a 2011 profit to finish 3.5% lower. Read more on Foxconn's results.

But export and logistics major Li & Fung Ltd.   outperformed, with a jump of 4.2%, after posting a 24% profit increase for last year and issuing an upbeat outlook. Read more on Li & Fung earnings.

In Japan, exporters lost ground amid a stronger yen and the poor European data. The greenback weakened sharply against the Japanese yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0933% /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0933% overnight, to change hands at ¥82.66 in Asian trade.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.52%   slumped 3.1%, Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 -0.29%   dropped 2.4%, and Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -0.37%   /zigman2/quotes/204149068/delayed TOSYY -1.61% lost 2.7%.

Likewise, Nissan Motor Corp. /zigman2/quotes/208298710/delayed JP:7201 +1.51%   /zigman2/quotes/207656007/delayed NSANY -0.08%  fell 2.6% and Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 +1.17%   /zigman2/quotes/200537742/composite TM -0.27%  moved 2% lower.

Exporters were also under pressure in Seoul, as LG Display Co. /zigman2/quotes/204466928/composite LPL -1.96% gave up 1.5%, and LG Electronics Inc. /zigman2/quotes/206354790/delayed LGEIY 0.00%  traded down 1.9%.

But gains for the key shipbuilding sector helped push the index higher. Hyundai Heavy Industries Inc. climbed 1.8%, and Daewoo Shipbuilding & Marine Engineering Co. added 0.9%

In Sydney, resource firms led the declines. Index heavyweight BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +2.76%   /zigman2/quotes/208108397/composite BHP +1.99%  dropped 1.2%, while rival Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO +2.97%  gave up 1.5%, and iron-ore producer Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG +5.52%   /zigman2/quotes/207124211/delayed FSUGY +3.83%  surrendered 1.3%.

On the upside for Australian equities, Premier Investments Ltd. /zigman2/quotes/207247623/delayed AU:PMV +0.39% — owner of the Just Jeans and Dotti retail chains — jumped 4.9% after posting a 38.5 million Australian dollar ($40.1 million) first-half net profit.

/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
26,571.87
+140.32 +0.53%
Volume: 0.00
Sept. 27, 2022 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
17,860.31
+5.17 +0.03%
Volume: 1.90M
Sept. 27, 2022 4:09p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 12.15
+0.15 +1.25%
Volume: 78.96M
Sept. 27, 2022 3:00p
P/E Ratio
5.77
Dividend Yield
1.88%
Market Cap
¥232.87 billion
Rev. per Employee
¥6.79M
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,496.20
+26.80 +0.41%
Volume: 1.01M
Sept. 27, 2022 5:33p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,223.86
+2.92 +0.13%
Volume: 487,939
Sept. 27, 2022 3:30p
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/zigman2/quotes/200705246/delayed
HK : Hong Kong
$ 2.38
-0.03 -1.24%
Volume: 86.79M
Sept. 27, 2022 4:08p
P/E Ratio
2.78
Dividend Yield
10.17%
Market Cap
$1073.67 billion
Rev. per Employee
$3.25M
loading...
/zigman2/quotes/207749118/delayed
US : U.S.: OTC
$ 7.51
-0.09 -1.18%
Volume: 172,172
Sept. 27, 2022 1:53p
P/E Ratio
2.74
Dividend Yield
8.58%
Market Cap
$136.78 billion
Rev. per Employee
$406,847
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 3.72
-0.05 -1.33%
Volume: 138.63M
Sept. 27, 2022 4:08p
P/E Ratio
3.16
Dividend Yield
9.23%
Market Cap
$1615.71 billion
Rev. per Employee
$3.85M
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 4.34
-0.01 -0.23%
Volume: 190.04M
Sept. 27, 2022 3:00p
P/E Ratio
4.34
Dividend Yield
6.76%
Market Cap
¥1470.65 billion
Rev. per Employee
¥3.30M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
$ 4.18
0.00 0.00%
Volume: 14.05M
Sept. 27, 2022 4:08p
P/E Ratio
2.86
Dividend Yield
9.95%
Market Cap
$344.71 billion
Rev. per Employee
$6.86M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.58
+0.01 +2.25%
Volume: 0.00
Sept. 14, 2022 11:57a
P/E Ratio
3.17
Dividend Yield
N/A
Market Cap
$45.73 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.59
-0.01 -0.22%
Volume: 62.23M
Sept. 27, 2022 3:00p
P/E Ratio
3.89
Dividend Yield
7.73%
Market Cap
¥313.76 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210448079/delayed
HK : Hong Kong
$ 2.14
-0.01 -0.47%
Volume: 9.01M
Sept. 27, 2022 4:08p
P/E Ratio
1.80
Dividend Yield
0.00%
Market Cap
$8.42 billion
Rev. per Employee
$823,860
loading...
/zigman2/quotes/200754284/delayed
US : U.S.: OTC
$ 16.04
-12.41 -43.62%
Volume: 3,253
Aug. 30, 2022 9:37a
P/E Ratio
2.11
Dividend Yield
0.00%
Market Cap
$1.07 billion
Rev. per Employee
$105,572
loading...
/zigman2/quotes/209086152/delayed
HK : Hong Kong
$ 91.05
-0.65 -0.71%
Volume: 5.58M
Sept. 27, 2022 4:08p
P/E Ratio
10.32
Dividend Yield
5.44%
Market Cap
$265.73 billion
Rev. per Employee
$2.04M
loading...
/zigman2/quotes/205427525/delayed
US : U.S.: OTC
$ 11.51
-0.18 -1.54%
Volume: 376,245
Sept. 27, 2022 1:52p
P/E Ratio
10.18
Dividend Yield
5.13%
Market Cap
$33.85 billion
Rev. per Employee
$260,750
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 151.18
+0.41 +0.27%
Volume: 55.73M
Sept. 27, 2022 2:09p
P/E Ratio
24.95
Dividend Yield
0.61%
Market Cap
$2422.99 billion
Rev. per Employee
$2.52M
loading...
/zigman2/quotes/205017351/delayed
HK : Hong Kong
$ 0.82
-0.02 -2.38%
Volume: 2.34M
Sept. 27, 2022 4:08p
P/E Ratio
13.92
Dividend Yield
N/A
Market Cap
$6.63 billion
Rev. per Employee
$924,907
loading...
/zigman2/quotes/207122890/delayed
US : U.S.: OTC
$ 0.14
-0.0044 -3.10%
Volume: 0.00
Aug. 4, 2022 2:04p
P/E Ratio
18.11
Dividend Yield
N/A
Market Cap
$1.05 billion
Rev. per Employee
$118,524
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.8740
+0.1350 +0.0933%
Volume: 0.0000
Sept. 27, 2022 2:09p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
144.8740
+0.1350 +0.0933%
Volume: 0.0000
Sept. 27, 2022 2:09p
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 9,632.00
-50.00 -0.52%
Volume: 5.19M
Sept. 27, 2022 3:00p
P/E Ratio
13.55
Dividend Yield
0.73%
Market Cap
¥12008.46 billion
Rev. per Employee
¥91.61M
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 1,043.00
-3.00 -0.29%
Volume: 5.98M
Sept. 27, 2022 3:00p
P/E Ratio
10.69
Dividend Yield
2.88%
Market Cap
¥2441.31 billion
Rev. per Employee
¥31.52M
loading...
/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 5,152.00
-19.00 -0.37%
Volume: 1.44M
Sept. 27, 2022 3:00p
P/E Ratio
11.12
Dividend Yield
5.63%
Market Cap
¥2237.27 billion
Rev. per Employee
¥28.82M
loading...
/zigman2/quotes/204149068/delayed
US : U.S.: OTC
$ 17.68
-0.29 -1.61%
Volume: 96,820
Sept. 27, 2022 1:12p
P/E Ratio
8.84
Dividend Yield
4.32%
Market Cap
$15.50 billion
Rev. per Employee
$246,874
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 497.90
+7.40 +1.51%
Volume: 21.64M
Sept. 27, 2022 3:00p
P/E Ratio
13.16
Dividend Yield
1.00%
Market Cap
¥1919.95 billion
Rev. per Employee
¥63.78M
loading...
/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 6.79
-0.0055 -0.08%
Volume: 192,488
Sept. 27, 2022 1:54p
P/E Ratio
10.51
Dividend Yield
0.68%
Market Cap
$13.30 billion
Rev. per Employee
$544,320
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 1,986.00
+23.00 +1.17%
Volume: 23.25M
Sept. 27, 2022 3:00p
P/E Ratio
10.21
Dividend Yield
2.62%
Market Cap
¥27189.08 billion
Rev. per Employee
¥85.66M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 135.26
-0.36 -0.27%
Volume: 184,764
Sept. 27, 2022 2:07p
P/E Ratio
8.14
Dividend Yield
2.83%
Market Cap
$188.35 billion
Rev. per Employee
$729,987
loading...
/zigman2/quotes/204466928/composite
US : U.S.: NYSE
$ 4.25
-0.09 -1.96%
Volume: 407,985
Sept. 27, 2022 2:05p
P/E Ratio
23.89
Dividend Yield
4.67%
Market Cap
$3.09 billion
Rev. per Employee
$847,818
loading...
/zigman2/quotes/206354790/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
7.61
Dividend Yield
0.81%
Market Cap
N/A
Rev. per Employee
$1.83M
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 37.20
+1.00 +2.76%
Volume: 13.36M
Sept. 27, 2022 4:10p
P/E Ratio
4.41
Dividend Yield
12.45%
Market Cap
$183.35 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 48.41
+0.94 +1.99%
Volume: 2.73M
Sept. 27, 2022 2:09p
P/E Ratio
3.94
Dividend Yield
13.42%
Market Cap
$119.02 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 90.39
+2.61 +2.97%
Volume: 1.97M
Sept. 27, 2022 4:10p
P/E Ratio
6.04
Dividend Yield
11.58%
Market Cap
$130.06 billion
Rev. per Employee
$1.68M
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 16.82
+0.88 +5.52%
Volume: 10.58M
Sept. 27, 2022 4:10p
P/E Ratio
6.06
Dividend Yield
12.31%
Market Cap
$49.05 billion
Rev. per Employee
$2.05M
loading...
/zigman2/quotes/207124211/delayed
US : U.S.: OTC
$ 21.44
+0.79 +3.83%
Volume: 212,934
Sept. 27, 2022 1:53p
P/E Ratio
5.31
Dividend Yield
13.57%
Market Cap
$31.84 billion
Rev. per Employee
$1.49M
loading...
/zigman2/quotes/207247623/delayed
AU : Australia: Sydney
$ 20.49
+0.08 +0.39%
Volume: 268,292
Sept. 27, 2022 4:10p
P/E Ratio
13.23
Dividend Yield
4.49%
Market Cap
$3.25 billion
Rev. per Employee
$129,862
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Virginia Harrison is a MarketWatch reporter based in Sydney. Nick Godt is a MarketWatch reporter based in Mumbai.

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