Asia stocks decline; Canon, metals shares fall

By Michael Kitchen, MarketWatch

HONG KONG (MarketWatch) — Asian stocks fell Thursday in the wake of an overnight decline in stocks and commodities, with shares of Canon Inc. and Sands China Ltd. sliding after the companies reported earnings.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.17%  dropped 1.1%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.19%  slipped 0.1% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.20%  ended little changed.

China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.06%  fell 0.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.25%  retreated 0.3%. Their drop came even as Beijing unveiled new stimulus measures late on Wednesday, including tax cuts for small businesses and increased investments in railways.

Reuters

Asia stocks markets trade mostly lower, though Chinese railway stocks rise on news of fresh stimulus measures.

“The package is quite small in size and mainly aimed at underpinning the economy through supply-side measures. China isn’t aiming to boost growth, but simply to stabilize it in order to meet their 7.5% target for growth this year,” said Allan von Mehren, chief analyst at Danske Bank.

Bank of America Merrill Lynch’s China economist Ting Lu said the measures announced Wednesday would have “limited direct impact” on the economy in the near-term, but would help boost confidence by conveying to markets that the current leadership “is caring about growth by introducing sensible measures.”

Among the day’s notable stock decliners, Canon Inc. /zigman2/quotes/207639533/delayed JP:7751 +1.23%  tumbled 5.4% after it cut its outlook for the full fiscal year, despite posting forecast-beating profit for the second quarter.

Shares of rival camera maker Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 -1.37% /zigman2/quotes/203151879/composite NINOF -4.33%  skidded 4.7%.

Weak earnings from U.S. construction-equipment maker Caterpillar Inc. /zigman2/quotes/203434128/composite CAT +0.51% weighed on its Japanese peers. Komatsu Ltd. /zigman2/quotes/204002437/delayed JP:6301 +0.13%   /zigman2/quotes/206435044/composite KMTUF +0.20%  lost 2.4%, and Hitachi Construction Machinery Co. /zigman2/quotes/205375504/delayed JP:6305 +0.18%  shed 2.3%.

Weakness in metal-and-mining stocks was a common theme in multiple regional markets, after Comex gold futures fell 1.1% overnight in the U.S. following sharp recent gains, while copper futures lost 0.6%.

Gold producer Zijin Mining Group Co. /zigman2/quotes/204517000/delayed HK:2899 -1.94% /zigman2/quotes/204517000/delayed HK:2899 -1.94% /zigman2/quotes/203833875/delayed CN:601899 -1.15%  retreated 2.8% in Hong Kong and 1.2% in Shanghai, Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 +1.12%  lost 0.9% in Seoul, and Sumitomo Metal Mining Co. /zigman2/quotes/205273301/delayed JP:5713 -0.42% /zigman2/quotes/203832662/composite STMNF +5.19%  shed 2.4% in Tokyo.

Shares of Newcrest Mining Ltd.   slid 1.3% in Sydney after the company said its quarterly gold and copper output rose 25% and 20%, respectively, although it projected lower production in the current quarter.

Shares of companies connected to Chinese railways rallied to outperform the broader markets on the government’s plans to boost investment.

China Railway Construction Corp. /zigman2/quotes/210155888/delayed HK:1186 +0.89% /zigman2/quotes/202453937/delayed CN:601186 +2.24% climbed 2.5% and CSR Corp. /zigman2/quotes/208158894/delayed HK:1766 +1.90% /zigman2/quotes/206245298/delayed CN:601766 +1.15%  added 2.4% in Hong Kong; in Shanghai, the stocks rose 2.9% and 3.1%, respectively.

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Sands China Ltd. /zigman2/quotes/207609245/delayed HK:1928 +2.30%  dropped 2% in Hong Kong despite reporting a 40% rise in second-quarter revenue and a more than tripling in profit, paring some of its weekly gains. At Thursday’s close, the stock is still up 3.8% this week.

Shares of the world’s No. 2 chip maker SK Hynix Inc. /zigman2/quotes/206420319/delayed KR:000660 -0.97%   HXSCL 0.00%  rose 0.2% in Seoul after its second-quarter operating profit hit a record high, beating forecasts.

STX Offshore & Shipbuilding Co.  shot 15% higher after Reuters reported its creditors were nearing a decision inject additional capital.

/zigman2/quotes/210597971/delayed

Add to watchlist JP:NIK

NIKKEI 225 Index

JP : Nikkei

33,431.51

-55.38 -0.17%

Volume: 0.00

Dec. 1, 2023 3:15p

/zigman2/quotes/210598069/delayed

Add to watchlist KR:SEU

KOSPI Composite Index

KR : Korea Exchange

2,505.01

-30.28 -1.19%

Volume: 516,596

Dec. 1, 2023 6:05p

/zigman2/quotes/210598100/delayed

Add to watchlist AU:XJO

S&P/ASX 200 Benchmark Index

AU : S&P ASX

7,073.20

-14.10 -0.20%

Volume: 581,856

Dec. 1, 2023 5:15p

/zigman2/quotes/210598127/delayed

Add to watchlist CN:SHCOMP

Shanghai Composite Index

CN : China: Shanghai

3,031.64

+1.96 +0.06%

Volume: 28.61B

Dec. 1, 2023 3:00p

/zigman2/quotes/210598030/delayed

Add to watchlist HK:HSI

Hang Seng Index

HK : Hong Kong Exchange

16,830.30

-212.58 -1.25%

Volume: 2.43M

Dec. 1, 2023 4:09p

/zigman2/quotes/207639533/delayed

Add to watchlist JP:7751

Canon Inc.

JP : Japan: Tokyo

¥ 3,854.00

+47.00 +1.23%

Volume: 6.24M

Dec. 1, 2023 3:00p

P/E Ratio

14.50

Dividend Yield

3.63%

Market Cap

¥3772.66 billion

Rev. per Employee

¥23.09M

/zigman2/quotes/203281219/delayed

Add to watchlist JP:7731

Nikon Corp.

JP : Japan: Tokyo

¥ 1,405.00

-19.50 -1.37%

Volume: 1.93M

Dec. 1, 2023 3:00p

P/E Ratio

13.86

Dividend Yield

3.56%

Market Cap

¥469.94 billion

Rev. per Employee

¥35.71M

/zigman2/quotes/203151879/composite

Add to watchlist NINOF

Nikon Corp.

US : U.S.: OTC

$ 9.39

-0.43 -4.33%

Volume: 0.00

Nov. 15, 2023 10:58a

P/E Ratio

12.98

Dividend Yield

N/A

Market Cap

$3.10 billion

Rev. per Employee

$257,220

/zigman2/quotes/203434128/composite

Add to watchlist CAT

Caterpillar Inc.

US : U.S.: NYSE

$ 250.72

+1.27 +0.51%

Volume: 3.21M

Nov. 30, 2023 4:00p

P/E Ratio

14.20

Dividend Yield

2.07%

Market Cap

$126.99 billion

Rev. per Employee

$610,330

/zigman2/quotes/204002437/delayed

Add to watchlist JP:6301

Komatsu Ltd.

JP : Japan: Tokyo

¥ 3,777.00

+5.00 +0.13%

Volume: 3.52M

Dec. 1, 2023 3:00p

P/E Ratio

9.67

Dividend Yield

3.81%

Market Cap

¥3532.10 billion

Rev. per Employee

¥58.38M

/zigman2/quotes/206435044/composite

Add to watchlist KMTUF

Komatsu Ltd.

US : U.S.: OTC

$ 25.55

+0.05 +0.20%

Volume: 4,446

Nov. 30, 2023 3:29p

P/E Ratio

9.08

Dividend Yield

N/A

Market Cap

$23.96 billion

Rev. per Employee

$420,891

/zigman2/quotes/205375504/delayed

Add to watchlist JP:6305

Hitachi Construction Machinery Co. Ltd.

JP : Japan: Tokyo

¥ 3,842.00

+7.00 +0.18%

Volume: 729,200

Dec. 1, 2023 3:00p

P/E Ratio

8.88

Dividend Yield

3.77%

Market Cap

¥809.78 billion

Rev. per Employee

¥54.06M

/zigman2/quotes/204517000/delayed

Add to watchlist HK:2899

Zijin Mining Group Co. Ltd.

HK : Hong Kong

$ 12.14

-0.24 -1.94%

Volume: 10.71M

Dec. 1, 2023 4:08p

P/E Ratio

14.69

Dividend Yield

0.00%

Market Cap

$343.67 billion

Rev. per Employee

$6.34M

/zigman2/quotes/204517000/delayed

Add to watchlist HK:2899

Zijin Mining Group Co. Ltd.

HK : Hong Kong

$ 12.14

-0.24 -1.94%

Volume: 10.71M

Dec. 1, 2023 4:08p

P/E Ratio

14.69

Dividend Yield

0.00%

Market Cap

$343.67 billion

Rev. per Employee

$6.34M

/zigman2/quotes/203833875/delayed

Add to watchlist CN:601899

Zijin Mining Group Co. Ltd.

CN : China: Shanghai

¥ 12.04

-0.14 -1.15%

Volume: 101.75M

Dec. 1, 2023 3:00p

P/E Ratio

16.18

Dividend Yield

0.00%

Market Cap

¥313.71 billion

Rev. per Employee

¥5.45M

/zigman2/quotes/202765860/delayed

Add to watchlist KR:010130

Korea Zinc Co. Ltd.

KR : S. Korea: KRX

₩ 497,000

+5,500 +1.12%

Volume: 36,917

Dec. 1, 2023 6:13p

P/E Ratio

16.23

Dividend Yield

4.02%

Market Cap

₩9718.42 billion

Rev. per Employee

₩5.96B

/zigman2/quotes/205273301/delayed

Add to watchlist JP:5713

Sumitomo Metal Mining Co. Ltd.

JP : Japan: Tokyo

¥ 4,274.00

-18.00 -0.42%

Volume: 875,200

Dec. 1, 2023 3:00p

P/E Ratio

14.79

Dividend Yield

1.66%

Market Cap

¥1178.77 billion

Rev. per Employee

¥195.02M

/zigman2/quotes/203832662/composite

Add to watchlist STMNF

Sumitomo Metal Mining Co. Ltd.

US : U.S.: OTC

$ 29.17

+1.44 +5.19%

Volume: 0.00

Nov. 15, 2023 10:41a

P/E Ratio

14.15

Dividend Yield

N/A

Market Cap

$7.99 billion

Rev. per Employee

$1.40M

/zigman2/quotes/210155888/delayed

Add to watchlist HK:1186

China Railway Construction Corp. Ltd.

HK : Hong Kong

$ 4.53

+0.04 +0.89%

Volume: 6.00M

Dec. 1, 2023 4:08p

P/E Ratio

2.03

Dividend Yield

6.74%

Market Cap

$103.57 billion

Rev. per Employee

$4.53M

/zigman2/quotes/202453937/delayed

Add to watchlist CN:601186

China Railway Construction Corp. Ltd.

CN : China: Shanghai

¥ 7.76

+0.17 +2.24%

Volume: 63.86M

Dec. 1, 2023 3:00p

P/E Ratio

3.86

Dividend Yield

3.61%

Market Cap

¥94.54 billion

Rev. per Employee

¥4.08M

/zigman2/quotes/208158894/delayed

Add to watchlist HK:1766

CRRC Corp. Ltd.

HK : Hong Kong

$ 3.21

+0.06 +1.90%

Volume: 8.18M

Dec. 1, 2023 4:08p

P/E Ratio

7.10

Dividend Yield

6.84%

Market Cap

$151.60 billion

Rev. per Employee

$1.61M

/zigman2/quotes/206245298/delayed

Add to watchlist CN:601766

CRRC Corp. Ltd. A

CN : China: Shanghai

¥ 5.26

+0.06 +1.15%

Volume: 50.18M

Dec. 1, 2023 3:00p

P/E Ratio

12.82

Dividend Yield

3.80%

Market Cap

¥138.38 billion

Rev. per Employee

¥1.45M

/zigman2/quotes/207609245/delayed

Add to watchlist HK:1928

Sands China Ltd.

HK : Hong Kong

$ 19.60

+0.44 +2.30%

Volume: 20.35M

Dec. 1, 2023 4:08p

P/E Ratio

N/A

Dividend Yield

0.00%

Market Cap

$154.10 billion

Rev. per Employee

$750,813

/zigman2/quotes/206420319/delayed

Add to watchlist KR:000660

SK Hynix Inc.

KR : S. Korea: KRX

₩ 132,600

-1,300 -0.97%

Volume: 3.64M

Dec. 1, 2023 6:13p

P/E Ratio

N/A

Dividend Yield

0.90%

Market Cap

₩89665.73 billion

Rev. per Employee

N/A

Add to watchlist HXSCL

SK Hynix Inc. GDR

US : U.S.: OTC

$ 0.00

0.00 0.00%

Volume:

P/E Ratio

N/A

Dividend Yield

N/A

Market Cap

N/A

Rev. per Employee

N/A