Asia stocks fall, led by Japan, China

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 +0.85% , Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.82%  and the Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -0.18%  each fell 1.1%.

Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.11%  edged down a more modest 0.1%, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.49%  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.

Click to Play

China reins in Bo Xilai chatter online

China's social-media services are now cracking down on searches for politician Bo Xilai, as his downfall seems to have put much of the country on edge. Photo: Getty Images.

Banks drop

Losses for banks dragged Hong Kong lower.

Shares in Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 -0.68%   /zigman2/quotes/207749118/delayed ACGBY -0.32%  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 -1.57% /zigman2/quotes/202525815/delayed CN:601398 -0.21% fell 2%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -1.68%   /zigman2/quotes/208048873/delayed BKFCF +2.72%   /zigman2/quotes/207155262/delayed CN:601328 +0.69%   gave up 1.9%.

Hong Kong-listed property firms also lost ground, with Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -6.73% /zigman2/quotes/200754284/delayed AGPYY +32.18%  falling 0.2%, and Sun Hung Kai Properties Ltd. /zigman2/quotes/209086152/delayed HK:16 -1.53%   /zigman2/quotes/205427525/delayed SUHJY -1.35%  extending recent weakness with a 2.4% drop.

Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.00%  supplier Foxconn International Holdings Ltd. /zigman2/quotes/205017351/delayed HK:2038 -1.45%   /zigman2/quotes/207122890/delayed FXCNF -16.08%  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 +0.3297% /zigman2/quotes/210561789/realtime/sampled USDJPY +0.3297% overnight, to change hands at ¥82.66 in Asian trade.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +1.56%   slumped 3.1%, Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 +2.69%   dropped 2.4%, and Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -0.11%   /zigman2/quotes/204149068/delayed TOSYY -1.39% lost 2.7%.

Likewise, Nissan Motor Corp. /zigman2/quotes/208298710/delayed JP:7201 +0.68%   /zigman2/quotes/207656007/delayed NSANY +0.27%  fell 2.6% and Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -0.97%   /zigman2/quotes/200537742/composite TM -1.26%  moved 2% lower.

Exporters were also under pressure in Seoul, as LG Display Co. /zigman2/quotes/204466928/composite LPL -0.45% gave up 1.5%, and LG Electronics Inc. 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 -0.43%   /zigman2/quotes/208108397/composite BHP -1.15%  dropped 1.2%, while rival Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -1.21%  gave up 1.5%, and iron-ore producer Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -1.30%   /zigman2/quotes/207124211/delayed FSUGY -2.35%  surrendered 1.3%.

On the upside for Australian equities, Premier Investments Ltd. /zigman2/quotes/207247623/delayed AU:PMV +0.80% — 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 to watchlist JP:100000018

NIKKEI 225 Index

JP : Nikkei

32,678.62

+276.21 +0.85%

Volume: 0.00

Sept. 25, 2023 3:15p

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

17,729.29

-328.16 -1.82%

Volume: 1.55M

Sept. 25, 2023 4:08p

/zigman2/quotes/206600939/delayed

Add to watchlist CN:000001

Ping An Bank Co. Ltd.

CN : China: Shenzhen

¥ 11.22

-0.02 -0.18%

Volume: 76.12M

Sept. 25, 2023 3:00p

P/E Ratio

4.65

Dividend Yield

2.54%

Market Cap

¥218.12 billion

Rev. per Employee

¥6.48M

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

7,076.50

+7.70 +0.11%

Volume: 511,740

Sept. 25, 2023 5:27p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:0100

KOSPI Composite Index

KR : Korea Exchange

2,495.76

-12.37 -0.49%

Volume: 438,615

Sept. 25, 2023 6:05p

/zigman2/quotes/200705246/delayed

Add to watchlist HK:1288

Agricultural Bank of China Ltd.

HK : Hong Kong

$ 2.90

-0.02 -0.68%

Volume: 124.46M

Sept. 25, 2023 4:08p

P/E Ratio

3.42

Dividend Yield

8.31%

Market Cap

$1317.50 billion

Rev. per Employee

$3.26M

/zigman2/quotes/207749118/delayed

Add to watchlist ACGBY

Agricultural Bank of China Ltd. ADR

US : U.S.: OTC

$ 9.22

-0.03 -0.32%

Volume: 2,777

Sept. 25, 2023 12:22p

P/E Ratio

3.40

Dividend Yield

6.97%

Market Cap

$168.46 billion

Rev. per Employee

$416,217

/zigman2/quotes/201401473/delayed

Add to watchlist HK:1398

Industrial & Commercial Bank of China Ltd.

HK : Hong Kong

$ 3.75

-0.06 -1.57%

Volume: 226.00M

Sept. 25, 2023 4:08p

P/E Ratio

3.30

Dividend Yield

8.78%

Market Cap

$1699.70 billion

Rev. per Employee

$4.03M

/zigman2/quotes/202525815/delayed

Add to watchlist CN:601398

Industrial & Commercial Bank of China Ltd.

CN : China: Shanghai

¥ 4.73

-0.01 -0.21%

Volume: 237.22M

Sept. 25, 2023 3:00p

P/E Ratio

4.65

Dividend Yield

6.42%

Market Cap

¥1586.65 billion

Rev. per Employee

¥3.65M

/zigman2/quotes/203442771/delayed

Add to watchlist HK:3328

Bank of Communications Co. Ltd.

HK : Hong Kong

$ 4.69

-0.08 -1.68%

Volume: 15.18M

Sept. 25, 2023 4:08p

P/E Ratio

3.26

Dividend Yield

8.69%

Market Cap

$410.04 billion

Rev. per Employee

$6.65M

/zigman2/quotes/208048873/delayed

Add to watchlist BKFCF

Bank of Communications Co. Ltd.

US : U.S.: OTC

$ 0.57

+0.01 +2.72%

Volume: 0.00

Sept. 1, 2023 11:00a

P/E Ratio

3.10

Dividend Yield

N/A

Market Cap

$49.92 billion

Rev. per Employee

$848,479

/zigman2/quotes/207155262/delayed

Add to watchlist CN:601328

Bank of Communications Co. Ltd. A

CN : China: Shanghai

¥ 5.82

+0.04 +0.69%

Volume: 101.47M

Sept. 25, 2023 3:00p

P/E Ratio

4.59

Dividend Yield

6.41%

Market Cap

¥382.77 billion

Rev. per Employee

¥5.90M

/zigman2/quotes/210448079/delayed

Add to watchlist HK:3383

Agile Group Holdings Ltd.

HK : Hong Kong

$ 0.97

-0.07 -6.73%

Volume: 26.40M

Sept. 25, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$5.25 billion

Rev. per Employee

$470,610

/zigman2/quotes/200754284/delayed

Add to watchlist AGPYY

Agile Group Holdings Ltd. ADR

US : U.S.: OTC

$ 7.24

+1.76 +32.18%

Volume: 0.00

Sept. 6, 2023 11:51a

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$733.46 million

Rev. per Employee

$60,051

/zigman2/quotes/209086152/delayed

Add to watchlist HK:16

Sun Hung Kai Properties Ltd.

HK : Hong Kong

$ 80.20

-1.25 -1.53%

Volume: 3.69M

Sept. 25, 2023 4:08p

P/E Ratio

9.72

Dividend Yield

6.17%

Market Cap

$236.02 billion

Rev. per Employee

$1.77M

/zigman2/quotes/205427525/delayed

Add to watchlist SUHJY

Sun Hung Kai Properties Ltd. ADR

US : U.S.: OTC

$ 10.20

-0.14 -1.35%

Volume: 162,493

Sept. 25, 2023 12:38p

P/E Ratio

9.69

Dividend Yield

5.79%

Market Cap

$30.18 billion

Rev. per Employee

$225,605

/zigman2/quotes/202934861/composite

Add to watchlist AAPL

Apple Inc.

US : U.S.: Nasdaq

$ 176.54

+1.75 +1.00%

Volume: 25.12M

Sept. 25, 2023 1:10p

P/E Ratio

29.63

Dividend Yield

0.54%

Market Cap

$2732.71 billion

Rev. per Employee

$2.34M

/zigman2/quotes/205017351/delayed

Add to watchlist HK:2038

FIH Mobile Ltd.

HK : Hong Kong

$ 0.68

-0.01 -1.45%

Volume: 1.18M

Sept. 25, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$5.43 billion

Rev. per Employee

$1.41M

/zigman2/quotes/207122890/delayed

Add to watchlist FXCNF

FIH Mobile Ltd.

US : U.S.: OTC

$ 0.09

-0.02 -16.08%

Volume: 0.00

Aug. 28, 2023 3:26p

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

$722.44 million

Rev. per Employee

$180,360

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

148.8020

+0.4890 +0.3297%

Volume: 0.0000

Sept. 25, 2023 1:10p

/zigman2/quotes/210561789/realtime/sampled

Add to watchlist USDJPY

Japanese Yen

US : Tullett Prebon

148.8020

+0.4890 +0.3297%

Volume: 0.0000

Sept. 25, 2023 1:10p

/zigman2/quotes/201361720/delayed

Add to watchlist JP:6758

Sony Group Corp.

JP : Japan: Tokyo

¥ 12,390.00

+190.00 +1.56%

Volume: 2.20M

Sept. 25, 2023 3:00p

P/E Ratio

16.40

Dividend Yield

0.65%

Market Cap

¥15131.50 billion

Rev. per Employee

¥107.89M

/zigman2/quotes/201785256/delayed

Add to watchlist JP:6752

Panasonic Holdings Corp.

JP : Japan: Tokyo

¥ 1,778.00

+46.50 +2.69%

Volume: 7.17M

Sept. 25, 2023 3:00p

P/E Ratio

9.94

Dividend Yield

1.83%

Market Cap

¥4041.59 billion

Rev. per Employee

¥36.14M

/zigman2/quotes/205628942/delayed

Add to watchlist JP:6502

Toshiba Corp.

JP : Japan: Tokyo

¥ 4,601.00

-5.00 -0.11%

Volume: 9.60M

Sept. 25, 2023 3:00p

P/E Ratio

26.49

Dividend Yield

0.00%

Market Cap

¥1994.01 billion

Rev. per Employee

¥31.18M

/zigman2/quotes/204149068/delayed

Add to watchlist TOSYY

Toshiba Corp. ADR

US : U.S.: OTC

$ 15.22

-0.22 -1.39%

Volume: 14,255

Sept. 25, 2023 12:24p

P/E Ratio

23.57

Dividend Yield

1.02%

Market Cap

$13.47 billion

Rev. per Employee

$227,533

/zigman2/quotes/208298710/delayed

Add to watchlist JP:7201

Nissan Motor Co. Ltd.

JP : Japan: Tokyo

¥ 692.20

+4.70 +0.68%

Volume: 14.92M

Sept. 25, 2023 3:00p

P/E Ratio

9.67

Dividend Yield

2.17%

Market Cap

¥2691.06 billion

Rev. per Employee

¥86.37M

/zigman2/quotes/207656007/delayed

Add to watchlist NSANY

Nissan Motor Co. Ltd. ADR

US : U.S.: OTC

$ 9.30

+0.03 +0.27%

Volume: 17,154

Sept. 25, 2023 12:46p

P/E Ratio

8.85

Dividend Yield

1.02%

Market Cap

$18.17 billion

Rev. per Employee

$629,532

/zigman2/quotes/203803129/delayed

Add to watchlist JP:7203

Toyota Motor Corp.

JP : Japan: Tokyo

¥ 2,761.50

-27.00 -0.97%

Volume: 21.52M

Sept. 25, 2023 3:00p

P/E Ratio

12.41

Dividend Yield

2.21%

Market Cap

¥37779.07 billion

Rev. per Employee

¥104.50M

/zigman2/quotes/200537742/composite

Add to watchlist TM

Toyota Motor Corp. ADR

US : U.S.: NYSE

$ 184.75

-2.35 -1.26%

Volume: 130,088

Sept. 25, 2023 1:07p

P/E Ratio

11.42

Dividend Yield

2.05%

Market Cap

$255.12 billion

Rev. per Employee

$760,840

/zigman2/quotes/204466928/composite

Add to watchlist LPL

LG Display Co. Ltd. ADR

US : U.S.: NYSE

$ 5.00

-0.02 -0.45%

Volume: 32,176

Sept. 25, 2023 1:03p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$3.66 billion

Rev. per Employee

N/A

Add to watchlist LGEIY

LG Electronics Inc. New Sp GDR 144A Com

US : U.S.: OTC

$ 0.00

0.00 0.00%

Volume:

P/E Ratio

0.00

Dividend Yield

N/A

Market Cap

N/A

Rev. per Employee

N/A

/zigman2/quotes/201448516/delayed

Add to watchlist AU:BHP

BHP Group Ltd.

AU : Australia: Sydney

$ 44.15

-0.19 -0.43%

Volume: 5.26M

Sept. 25, 2023 4:10p

P/E Ratio

11.66

Dividend Yield

5.92%

Market Cap

$224.71 billion

Rev. per Employee

N/A

/zigman2/quotes/208108397/composite

Add to watchlist BHP

BHP Group Ltd. ADR

US : U.S.: NYSE

$ 56.10

-0.66 -1.15%

Volume: 1.74M

Sept. 25, 2023 1:10p

P/E Ratio

11.01

Dividend Yield

6.02%

Market Cap

$145.17 billion

Rev. per Employee

N/A

/zigman2/quotes/200083756/delayed

Add to watchlist AU:RIO

Rio Tinto Ltd.

AU : Australia: Sydney

$ 113.18

-1.39 -1.21%

Volume: 1.18M

Sept. 25, 2023 4:10p

P/E Ratio

14.40

Dividend Yield

5.19%

Market Cap

$165.52 billion

Rev. per Employee

$1.45M

/zigman2/quotes/202351558/delayed

Add to watchlist AU:FMG

Fortescue Metals Group Ltd.

AU : Australia: Sydney

$ 20.54

-0.27 -1.30%

Volume: 4.42M

Sept. 25, 2023 4:10p

P/E Ratio

8.87

Dividend Yield

8.52%

Market Cap

$64.04 billion

Rev. per Employee

$2.47M

/zigman2/quotes/207124211/delayed

Add to watchlist FSUGY

Fortescue Metals Group Ltd. ADR

US : U.S.: OTC

$ 26.13

-0.63 -2.35%

Volume: 20,167

Sept. 25, 2023 12:24p

P/E Ratio

8.41

Dividend Yield

8.64%

Market Cap

$41.37 billion

Rev. per Employee

$1.66M

/zigman2/quotes/207247623/delayed

Add to watchlist AU:PMV

Premier Investments Ltd.

AU : Australia: Sydney

$ 25.17

+0.20 +0.80%

Volume: 162,648

Sept. 25, 2023 4:10p

P/E Ratio

13.66

Dividend Yield

4.93%

Market Cap

$3.98 billion

Rev. per Employee

N/A