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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 -1.06% , Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.84%  and the Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -4.31%  each fell 1.1%.

Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -0.61%  edged down a more modest 0.1%, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%  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 -2.63%   /zigman2/quotes/207749118/delayed ACGBY -1.94%  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 -1.96% /zigman2/quotes/202525815/delayed CN:601398 -2.97% fell 2%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -1.88%   /zigman2/quotes/208048873/delayed BKFCF -1.69%   /zigman2/quotes/207155262/delayed CN:601328 -2.87%   gave up 1.9%.

Hong Kong-listed property firms also lost ground, with Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -1.70% /zigman2/quotes/200754284/delayed AGPYY +16.31%  falling 0.2%, and Sun Hung Kai Properties Ltd. /zigman2/quotes/209086152/delayed HK:16 +0.05%   /zigman2/quotes/205427525/delayed SUHJY +0.64%  extending recent weakness with a 2.4% drop.

Apple Inc. /zigman2/quotes/202934861/composite AAPL +0.25%  supplier Foxconn International Holdings Ltd. /zigman2/quotes/205017351/delayed HK:2038 -1.06%   /zigman2/quotes/207122890/delayed FXCNF +17.70%  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 -0.0009% /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0009% overnight, to change hands at ¥82.66 in Asian trade.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +1.39%   /zigman2/quotes/208567357/composite SNE +3.37%  slumped 3.1%, Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 -1.09%   dropped 2.4%, and Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -1.27%   /zigman2/quotes/204149068/delayed TOSYY +1.54% lost 2.7%.

Likewise, Nissan Motor Corp. /zigman2/quotes/208298710/delayed JP:7201 -2.27%   /zigman2/quotes/207656007/delayed NSANY +0.43%  fell 2.6% and Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -2.10%   /zigman2/quotes/200537742/composite TM +0.92%  moved 2% lower.

Exporters were also under pressure in Seoul, as LG Display Co. /zigman2/quotes/204466928/composite LPL +0.19% 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 -0.74%   /zigman2/quotes/208108397/composite BHP +1.13%  dropped 1.2%, while rival Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.69%  gave up 1.5%, and iron-ore producer Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.13%   /zigman2/quotes/207124211/delayed FSUGY +1.61%  surrendered 1.3%.

On the upside for Australian equities, Premier Investments Ltd. /zigman2/quotes/207247623/delayed AU:PMV +0.06% — 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
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,727.41
-482.75 -1.84%
Volume: 2.14M
July 10, 2020 4:08p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.86
-0.67 -4.31%
Volume: 215.88M
July 10, 2020 3:00p
P/E Ratio
10.33
Dividend Yield
1.47%
Market Cap
¥288.37 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
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/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 2.96
-0.08 -2.63%
Volume: 118.48M
July 10, 2020 4:08p
P/E Ratio
4.29
Dividend Yield
6.73%
Market Cap
HK$1277.73 billion
Rev. per Employee
HK$2.16M
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/zigman2/quotes/207749118/delayed
US : U.S.: OTC
$ 9.49
-0.19 -1.94%
Volume: 16,835
July 10, 2020 3:14p
P/E Ratio
N/A
Dividend Yield
5.57%
Market Cap
$164.85 billion
Rev. per Employee
$276,273
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 4.99
-0.10 -1.96%
Volume: 172.10M
July 10, 2020 4:08p
P/E Ratio
5.03
Dividend Yield
5.76%
Market Cap
HK$1990.15 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.22
-0.16 -2.97%
Volume: 626.08M
July 10, 2020 3:00p
P/E Ratio
5.91
Dividend Yield
5.03%
Market Cap
¥1798.84 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.70
-0.09 -1.88%
Volume: 30.79M
July 10, 2020 4:08p
P/E Ratio
4.00
Dividend Yield
7.34%
Market Cap
HK$399.92 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.58
-0.01 -1.69%
Volume: 0.00
June 22, 2020 12:37p
P/E Ratio
3.84
Dividend Yield
N/A
Market Cap
$50.08 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.42
-0.16 -2.87%
Volume: 238.51M
July 10, 2020 3:00p
P/E Ratio
5.21
Dividend Yield
5.81%
Market Cap
¥361.48 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/210448079/delayed
HK : Hong Kong
HK$ 9.82
-0.17 -1.70%
Volume: 7.09M
July 10, 2020 4:08p
P/E Ratio
4.44
Dividend Yield
10.18%
Market Cap
HK$38.47 billion
Rev. per Employee
HK$3.79M
loading...
/zigman2/quotes/200754284/delayed
US : U.S.: OTC
$ 55.63
+7.80 +16.31%
Volume: 0.00
June 24, 2020 5:19p
P/E Ratio
3.95
Dividend Yield
11.34%
Market Cap
$4.55 billion
Rev. per Employee
$483,421
loading...
/zigman2/quotes/209086152/delayed
HK : Hong Kong
HK$ 98.20
+0.05 +0.05%
Volume: 7.26M
July 10, 2020 4:08p
P/E Ratio
7.14
Dividend Yield
5.04%
Market Cap
HK$284.56 billion
Rev. per Employee
HK$1.86M
loading...
/zigman2/quotes/205427525/delayed
US : U.S.: OTC
$ 12.55
+0.08 +0.64%
Volume: 76,510
July 10, 2020 3:56p
P/E Ratio
7.15
Dividend Yield
4.73%
Market Cap
$36.71 billion
Rev. per Employee
$236,802
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 383.68
+0.95 +0.25%
Volume: 22.56M
July 10, 2020 4:00p
P/E Ratio
30.08
Dividend Yield
0.85%
Market Cap
$1663.00 billion
Rev. per Employee
$1.98M
loading...
/zigman2/quotes/205017351/delayed
HK : Hong Kong
HK$ 0.93
-0.01 -1.06%
Volume: 17.27M
July 10, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$7.62 billion
Rev. per Employee
HK$1.26M
loading...
/zigman2/quotes/207122890/delayed
US : U.S.: OTC
$ 0.13
+0.02 +17.70%
Volume: 7,140
July 10, 2020 1:44p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$983.27 million
Rev. per Employee
$160,919
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9200
-0.0010 -0.0009%
Volume: 0.0000
July 10, 2020 4:59p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9200
-0.0010 -0.0009%
Volume: 0.0000
July 10, 2020 4:59p
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,780.00
+107.00 +1.39%
Volume: 8.90M
July 10, 2020 3:00p
P/E Ratio
16.88
Dividend Yield
0.58%
Market Cap
¥9492.85 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 73.94
+2.41 +3.37%
Volume: 1.67M
July 10, 2020 4:00p
P/E Ratio
17.42
Dividend Yield
0.41%
Market Cap
$88.92 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 954.90
-10.50 -1.09%
Volume: 6.31M
July 10, 2020 3:00p
P/E Ratio
9.87
Dividend Yield
3.14%
Market Cap
¥2227.75 billion
Rev. per Employee
¥29.74M
loading...
/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 3,510.00
-45.00 -1.27%
Volume: 1.20M
July 10, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.57%
Market Cap
¥1592.06 billion
Rev. per Employee
¥26.86M
loading...
/zigman2/quotes/204149068/delayed
US : U.S.: OTC
$ 16.67
+0.25 +1.54%
Volume: 7,240
July 10, 2020 3:15p
P/E Ratio
N/A
Dividend Yield
0.38%
Market Cap
$14.91 billion
Rev. per Employee
$243,606
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 374.80
-8.70 -2.27%
Volume: 20.68M
July 10, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
2.67%
Market Cap
¥1466.19 billion
Rev. per Employee
¥85.36M
loading...
/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 7.06
+0.03 +0.43%
Volume: 89,942
July 10, 2020 3:58p
P/E Ratio
N/A
Dividend Yield
7.88%
Market Cap
$13.73 billion
Rev. per Employee
$773,563
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 6,568.00
-141.00 -2.10%
Volume: 6.65M
July 10, 2020 3:00p
P/E Ratio
9.04
Dividend Yield
3.35%
Market Cap
¥18168.09 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 124.97
+1.14 +0.92%
Volume: 198,726
July 10, 2020 4:00p
P/E Ratio
9.35
Dividend Yield
2.88%
Market Cap
$170.18 billion
Rev. per Employee
$737,463
loading...
/zigman2/quotes/204466928/composite
US : U.S.: NYSE
$ 5.20
+0.01 +0.19%
Volume: 612,917
July 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$3.62 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206354790/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
254.87
Dividend Yield
0.72%
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.19
-0.27 -0.74%
Volume: 3.73M
July 10, 2020 4:10p
P/E Ratio
13.54
Dividend Yield
5.89%
Market Cap
$170.54 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 51.07
+0.57 +1.13%
Volume: 1.62M
July 10, 2020 4:00p
P/E Ratio
13.74
Dividend Yield
5.60%
Market Cap
$74.16 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.99
-0.68 -0.69%
Volume: 1.08M
July 10, 2020 4:10p
P/E Ratio
13.97
Dividend Yield
6.71%
Market Cap
$140.91 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 14.85
-0.02 -0.13%
Volume: 5.14M
July 10, 2020 4:10p
P/E Ratio
6.39
Dividend Yield
6.73%
Market Cap
$45.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207124211/delayed
US : U.S.: OTC
$ 20.87
+0.33 +1.61%
Volume: 12,451
July 10, 2020 3:58p
P/E Ratio
6.45
Dividend Yield
9.64%
Market Cap
$31.81 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207247623/delayed
AU : Australia: Sydney
$ 15.90
+0.01 +0.06%
Volume: 476,913
July 10, 2020 4:10p
P/E Ratio
21.50
Dividend Yield
4.47%
Market Cap
$2.52 billion
Rev. per Employee
$136,928
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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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