Bulletin
Investor Alert

New York Markets Open in:

Asia Markets Archives | Email alerts

July 25, 2013, 5:08 a.m. EDT

Asia stocks decline; Canon, metals shares fall

China railway shares rally on stimulus; Sands drops after results

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    KOSPI Composite Index (180721)
  • X
    S&P/ASX 200 Benchmark Index (XJO)

or Cancel Already have a watchlist? Log In

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 -0.79%  dropped 1.1%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.28%  slipped 0.1% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.31%  ended little changed.

China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.83%  fell 0.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.73%  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 +3.58% /zigman2/quotes/210242912/composite CAJ +3.08%  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 +0.09% /zigman2/quotes/203151879/delayed NINOF -3.74%  skidded 4.7%.

Weak earnings from U.S. construction-equipment maker Caterpillar Inc. /zigman2/quotes/203434128/composite CAT -2.40% weighed on its Japanese peers. Komatsu Ltd. /zigman2/quotes/204002437/delayed JP:6301 -0.20%   /zigman2/quotes/206435044/delayed KMTUF -1.64%  lost 2.4%, and Hitachi Construction Machinery Co. /zigman2/quotes/205375504/delayed JP:6305 -0.42%  shed 2.3%.

/zigman2/quotes/204002437/delayed 6301 2,237.00, -4.50, -0.20%
/zigman2/quotes/205375504/delayed 6305 2,861.00, -12.00, -0.42%
/zigman2/quotes/203434128/composite CAT 129.00, -3.17, -2.40%
Year-to-date percentage changes
Shares of Komatsu and Hitachi Construction Vs. Caterpillar

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 -0.82% /zigman2/quotes/204517000/delayed HK:2899 -0.82% /zigman2/quotes/203833875/delayed CN:601899 -4.60%  retreated 2.8% in Hong Kong and 1.2% in Shanghai, Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 -0.12%  lost 0.9% in Seoul, and Sumitomo Metal Mining Co. /zigman2/quotes/205273301/delayed JP:5713 -1.56% /zigman2/quotes/203832662/delayed STMNF -4.36%  shed 2.4% in Tokyo.

Shares of Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -2.92%   /zigman2/quotes/206026738/delayed NCMGF -0.89%  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 +1.92% /zigman2/quotes/202453937/delayed CN:601186 +5.57% climbed 2.5% and CSR Corp. /zigman2/quotes/208158894/delayed HK:1766 +0.60% /zigman2/quotes/206245298/delayed CN:601766 +6.23%  added 2.4% in Hong Kong; in Shanghai, the stocks rose 2.9% and 3.1%, respectively.

Click to Play

How to lure talent back to Asia

Asia is growing faster than any other region, making it harder for companies there to fill high-level positions.

Sands China Ltd. /zigman2/quotes/207609245/delayed HK:1928 -2.34%  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 -3.47%   /zigman2/quotes/203669196/delayed 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
JP : Nikkei
22,426.19
-179.22 -0.79%
Volume: 0.00
Feb. 26, 2020 3:15p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,076.77
-26.84 -1.28%
Volume: 810,937
Feb. 26, 2020 3:32p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,708.10
-158.50 -2.31%
Volume: 1.01M
Feb. 26, 2020 5:38p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,987.93
-25.12 -0.83%
Volume: 46.90B
Feb. 26, 2020 3:01p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,696.49
-196.74 -0.73%
Volume: 2.04M
Feb. 26, 2020 4:08p
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 2,821.50
+97.50 +3.58%
Volume: 14.84M
Feb. 26, 2020 3:00p
P/E Ratio
18.50
Dividend Yield
5.67%
Market Cap
¥2897.88 billion
Rev. per Employee
¥19.98M
loading...
/zigman2/quotes/210242912/composite
US : U.S.: NYSE
$ 24.77
+0.74 +3.08%
Volume: 1.43M
Feb. 25, 2020 6:30p
P/E Ratio
17.98
Dividend Yield
5.07%
Market Cap
$26.35 billion
Rev. per Employee
$180,925
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,158.00
+1.00 +0.09%
Volume: 3.59M
Feb. 26, 2020 3:00p
P/E Ratio
9.96
Dividend Yield
5.18%
Market Cap
¥439.92 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/203151879/delayed
US : U.S.: OTC
$ 10.55
-0.41 -3.74%
Volume: 500.00
Feb. 25, 2020 9:38a
P/E Ratio
9.93
Dividend Yield
N/A
Market Cap
$4.01 billion
Rev. per Employee
$309,299
loading...
/zigman2/quotes/203434128/composite
US : U.S.: NYSE
$ 129.00
-3.17 -2.40%
Volume: 4.84M
Feb. 25, 2020 6:30p
P/E Ratio
12.04
Dividend Yield
3.19%
Market Cap
$70.96 billion
Rev. per Employee
$526,173
loading...
/zigman2/quotes/204002437/delayed
JP : Japan: Tokyo
¥ 2,237.00
-4.50 -0.20%
Volume: 6.94M
Feb. 26, 2020 3:00p
P/E Ratio
10.18
Dividend Yield
4.92%
Market Cap
¥2116.86 billion
Rev. per Employee
¥45.51M
loading...
/zigman2/quotes/206435044/delayed
US : U.S.: OTC
$ 21.61
-0.36 -1.64%
Volume: 22.00
Feb. 24, 2020 5:20p
P/E Ratio
10.74
Dividend Yield
N/A
Market Cap
$18.85 billion
Rev. per Employee
$412,180
loading...
/zigman2/quotes/205375504/delayed
JP : Japan: Tokyo
¥ 2,861.00
-12.00 -0.42%
Volume: 842,900
Feb. 26, 2020 3:00p
P/E Ratio
11.62
Dividend Yield
3.01%
Market Cap
¥610.95 billion
Rev. per Employee
¥42.57M
loading...
/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 3.64
-0.03 -0.82%
Volume: 36.85M
Feb. 26, 2020 4:08p
P/E Ratio
19.64
Dividend Yield
3.13%
Market Cap
HK$93.13 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 3.64
-0.03 -0.82%
Volume: 36.85M
Feb. 26, 2020 4:08p
P/E Ratio
19.64
Dividend Yield
3.13%
Market Cap
HK$93.13 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 4.36
-0.21 -4.60%
Volume: 351.81M
Feb. 26, 2020 3:00p
P/E Ratio
26.81
Dividend Yield
2.29%
Market Cap
¥115.97 billion
Rev. per Employee
¥5.78M
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
427,000
-500.00 -0.12%
Volume: 40,463
Feb. 26, 2020 3:30p
P/E Ratio
12.93
Dividend Yield
2.58%
Market Cap
₩7555.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205273301/delayed
JP : Japan: Tokyo
¥ 2,877.00
-45.50 -1.56%
Volume: 2.06M
Feb. 26, 2020 3:00p
P/E Ratio
15.39
Dividend Yield
2.36%
Market Cap
¥803.05 billion
Rev. per Employee
¥134.46M
loading...
/zigman2/quotes/203832662/delayed
US : U.S.: OTC
$ 28.50
-1.30 -4.36%
Volume: 300.00
Feb. 21, 2020 5:20p
P/E Ratio
16.56
Dividend Yield
N/A
Market Cap
$7.83 billion
Rev. per Employee
$1.22M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.24
-0.85 -2.92%
Volume: 3.15M
Feb. 26, 2020 4:10p
P/E Ratio
27.11
Dividend Yield
1.18%
Market Cap
$22.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.93
-0.17 -0.89%
Volume: 6,835
Feb. 25, 2020 2:11p
P/E Ratio
26.08
Dividend Yield
N/A
Market Cap
$14.52 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210155888/delayed
HK : Hong Kong
HK$ 8.49
+0.16 +1.92%
Volume: 32.40M
Feb. 26, 2020 4:08p
P/E Ratio
5.46
Dividend Yield
2.81%
Market Cap
HK$113.12 billion
Rev. per Employee
HK$3.23M
loading...
/zigman2/quotes/202453937/delayed
CN : China: Shanghai
¥ 9.47
+0.50 +5.57%
Volume: 222.01M
Feb. 26, 2020 3:00p
P/E Ratio
6.92
Dividend Yield
2.22%
Market Cap
¥121.81 billion
Rev. per Employee
¥2.70M
loading...
/zigman2/quotes/208158894/delayed
HK : Hong Kong
HK$ 5.05
+0.03 +0.60%
Volume: 47.59M
Feb. 26, 2020 4:08p
P/E Ratio
10.58
Dividend Yield
3.38%
Market Cap
HK$144.07 billion
Rev. per Employee
HK$1.38M
loading...
/zigman2/quotes/206245298/delayed
CN : China: Shanghai
¥ 6.65
+0.39 +6.23%
Volume: 253.63M
Feb. 26, 2020 3:00p
P/E Ratio
15.83
Dividend Yield
2.26%
Market Cap
¥179.66 billion
Rev. per Employee
¥1.15M
loading...
/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 37.50
-0.90 -2.34%
Volume: 15.62M
Feb. 26, 2020 4:08p
P/E Ratio
19.05
Dividend Yield
5.31%
Market Cap
HK$310.59 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/206420319/delayed
KR : S. Korea: KRX
94,600.00
-3,400 -3.47%
Volume: 6.41M
Feb. 26, 2020 3:30p
P/E Ratio
31.98
Dividend Yield
1.06%
Market Cap
₩67032.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203669196/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
16.22
Dividend Yield
2.63%
Market Cap
$55.39 billion
Rev. per Employee
N/A
loading...

Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles. You can follow him on Twitter at @KitchenNews.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.