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April 16, 2013, 4:14 a.m. EDT

Asia stocks end off lows; Japan finishes lower

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese and Australian stocks fell Tuesday after worries over China and a slump in commodities prompted a sell-off on Wall Street, although many regional markets came off their lows as buyers circled back in after recent losses.

“With no news or data, Asia saw limited follow-through of the risk-off move, prompting a solid bout of short-covering,” said Sue Trinh, a strategist at RBC Capital Markets.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +1.27%  ended fell 0.4% and the broader Topix /zigman2/quotes/210598092/delayed JP:180460 +0.93% lost 1.3% in Japan. Australia’s S&P/ASX /zigman2/quotes/210598100/delayed AU:XJO +1.15%  gave up 0.3% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.96% lost 0.x%, with all three markets paring early losses.


Reuters

Rebounding from early declines, China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +2.74%  inched up 0.5% after a three-day losing streak, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.81% ended up 0.1%, after the government unveiled a supplementary budget that analysts said will provide a small fiscal stimulus to the economy.

Regional markets opened the day on a downbeat note after hefty overnight losses of between 1.8% and 2.4% for major U.S. stock benchmarks. But they steadily recovered as the day progressed, after all major regional markets slumped Monday in the wake of downbeat Chinese economic data.

U.S. equity index futures were pointing to a higher opening on Wall Street by late afternoon in Hong Kong, however. Dow Jones Industrial Average futures  were up 63 points at 14,575, while S&P 500 futures  gained 0.5%, to 1,550.80. Read Indications column.

Many regional financial, property and construction stocks advanced to support regional markets Tuesday.

In Shanghai, China Pacific Insurance Group Co. /zigman2/quotes/207266327/delayed CN:601601 +3.07% rose 4.3% and China Railway Construction Corp. /zigman2/quotes/210155888/delayed HK:1186 +0.19% added 1.6%, while in Seoul, Hyundai Engineering & Construction Corp. /zigman2/quotes/210277561/delayed KR:000720 +2.24%  added 1.1% and Industrial Bank of Korea /zigman2/quotes/204740999/delayed KR:024110 0.00%  gained 0.8%.

The rise in Seoul came after the government introduced a 17.3 trillion won ($15.53 billion) supplementary budget, of which about a third will used for additional spending.

In Hong Kong, China Life Insurance Co. /zigman2/quotes/206573290/composite LFC 0.00% /zigman2/quotes/202359856/delayed HK:2628 +2.12% gained 1.5% and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +0.84%   /zigman2/quotes/202573805/delayed CAOVY +1.55%  climbed 0.9%.

But most regional commodity stocks ended lower, despite the recovery from the day’s lows, following a $140 loss for gold futures and a plunge for silver futures traded in New York.

In Sydney, gold miners Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +2.57% /zigman2/quotes/203286036/delayed NCMGY +0.06%  and Perseus Mining Ltd. /zigman2/quotes/205179925/delayed AU:PRU +3.43% /zigman2/quotes/202190906/delayed PMNXF +3.21%  dove 5.1% and 5.8%, respectively.

In Hong Kong, Zhaojin Mining Industry Co. /zigman2/quotes/203361399/delayed HK:1818 +2.54% /zigman2/quotes/200275285/delayed ZHAOF -10.42%  slid 3.4%, and retailer Chow Tai Fook Jewellery Group Ltd. /zigman2/quotes/201592411/delayed CJEWF +0.61%   /zigman2/quotes/208947199/delayed HK:1929 +3.70%  skidded 3.2%. Shares of Zhongjin Gold Corp. /zigman2/quotes/207741711/delayed CN:600489 +1.56%  lost 3.3% in Shanghai, while Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 +2.14% , which has an exposure to precious metals, plummeted 4.9% in Seoul.

The broader resource sector also weakened after brokerages including HSBC, Royal Bank of Scotland and J.P. Morgan downgraded their economic forecasts in the wake of Monday’s disappointing first-quarter economic data from China, one of the biggest consumers of global commodities.

Click to Play

Focus on China to calm Korea tensions

U.S. Secretary of State John Kerry's makes efforts to smooth tensions in Korea and enlist Japan and China in the process. Photo: Getty Images.

“While a small miss in China’s gross domestic product and industrial production data was the primary catalyst for the share-market selloff, the underlying reasons for the decline are a supply-driven decline in some commodity markets, a leverage-inspired crash in gold prices and, in the case of the Australian market, full valuations for many stocks,” said CMC Markets chief market analyst Ric Spooner.

Mining heavyweight BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP +2.05% /zigman2/quotes/208108397/composite BHP +2.20% lost 0.5%, and Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -3.75% /zigman2/quotes/206334215/delayed WOPEY -4.14%  gave up 1.7% Sydney.

Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 +2.68%   /zigman2/quotes/201334192/delayed CN:600362 +4.13% /zigman2/quotes/204256025/delayed JIXAY -2.45%  and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +2.09% /zigman2/quotes/206980083/delayed CN:601857 +1.56%   /zigman2/quotes/205108732/composite PTR +1.69% gave up 1.9% each in Hong Kong, while in Shanghai, Jiangxi shed 0.7% and rebounded in afternoon trade to end 0.1% higher.

In Japan, exporters and financials — which had powered gains of more than 25% for the two major stock benchmarks in the year to date — suffered another day of weakness. Exporters in particular came under pressure as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0477% hovered around ¥97, after testing the ¥100 level unsuccessfully last week.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +1.19%  slid 4.1%, and Toyota Motor Corp. /zigman2/quotes/200537742/composite TM +1.78% /zigman2/quotes/203803129/delayed JP:7203 +2.14%  lost 1.6%, while among banks, Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +1.44% gave up 3.6%.

Shares of wireless telecom Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +3.50% /zigman2/quotes/202815238/delayed SFTBF +1.99% plunged 6.8% in Tokyo, after Dish Network Corp. /zigman2/quotes/207505872/composite DISH +1.32% topped its bid for U.S. peer Sprint Nextel Corp. /zigman2/quotes/208685669/composite S +5.45% .

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,877.37
+17.29 +0.93%
Volume: 0.00
May 20, 2022 3:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,145.60
+81.10 +1.15%
Volume: 698,129
May 20, 2022 5:07p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,717.24
+596.56 +2.96%
Volume: 2.17M
May 20, 2022 4:08p
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.02
+0.40 +2.74%
Volume: 94.86M
May 20, 2022 3:00p
P/E Ratio
7.46
Dividend Yield
1.52%
Market Cap
¥283.71 billion
Rev. per Employee
¥6.67M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,639.29
+46.95 +1.81%
Volume: 755,652
May 20, 2022 3:30p
loading...
/zigman2/quotes/207266327/delayed
CN : China: Shanghai
¥ 21.15
+0.63 +3.07%
Volume: 28.40M
May 20, 2022 3:00p
P/E Ratio
8.58
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4.73%
Market Cap
¥181.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210155888/delayed
HK : Hong Kong
$ 5.23
+0.01 +0.19%
Volume: 11.86M
May 20, 2022 4:08p
P/E Ratio
2.38
Dividend Yield
5.53%
Market Cap
$122.22 billion
Rev. per Employee
$4.74M
loading...
/zigman2/quotes/210277561/delayed
KR : S. Korea: KRX
41,100.00
+900.00 +2.24%
Volume: 365,411
May 20, 2022 3:30p
P/E Ratio
11.27
Dividend Yield
1.46%
Market Cap
₩4546.96 billion
Rev. per Employee
₩2.86B
loading...
/zigman2/quotes/204740999/delayed
KR : S. Korea: KRX
11,000.00
0.00 0.00%
Volume: 1.18M
May 20, 2022 3:30p
P/E Ratio
3.82
Dividend Yield
7.09%
Market Cap
₩8187.31 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 7.28
0.00 0.00%
Volume: 912,562
May 20, 2022 4:00p
P/E Ratio
7.03
Dividend Yield
5.82%
Market Cap
$86.18 billion
Rev. per Employee
$1.24M
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
$ 11.56
+0.24 +2.12%
Volume: 17.60M
May 20, 2022 4:08p
P/E Ratio
5.34
Dividend Yield
6.61%
Market Cap
$676.31 billion
Rev. per Employee
$9.84M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 24.05
+0.20 +0.84%
Volume: 18.66M
May 20, 2022 4:08p
P/E Ratio
5.44
Dividend Yield
5.03%
Market Cap
$261.04 billion
Rev. per Employee
$51.77M
loading...
/zigman2/quotes/202573805/delayed
US : U.S.: OTC
$ 15.03
+0.23 +1.55%
Volume: 583.00
May 20, 2022 12:20p
P/E Ratio
5.28
Dividend Yield
4.43%
Market Cap
$33.04 billion
Rev. per Employee
$6.66M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 25.57
+0.64 +2.57%
Volume: 3.77M
May 20, 2022 4:10p
P/E Ratio
17.48
Dividend Yield
2.63%
Market Cap
$22.20 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 18.01
+0.01 +0.06%
Volume: 66,019
May 20, 2022 3:59p
P/E Ratio
16.61
Dividend Yield
2.48%
Market Cap
$15.66 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205179925/delayed
AU : Australia: Sydney
$ 1.81
+0.06 +3.43%
Volume: 4.46M
May 20, 2022 4:10p
P/E Ratio
11.81
Dividend Yield
0.45%
Market Cap
$2.16 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202190906/delayed
US : U.S.: OTC
$ 1.27
+0.04 +3.21%
Volume: 2,513
May 20, 2022 3:31p
P/E Ratio
11.07
Dividend Yield
0.47%
Market Cap
$1.52 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203361399/delayed
HK : Hong Kong
$ 6.87
+0.17 +2.54%
Volume: 9.24M
May 20, 2022 4:08p
P/E Ratio
554.03
Dividend Yield
0.00%
Market Cap
$21.91 billion
Rev. per Employee
$1.20M
loading...
/zigman2/quotes/200275285/delayed
US : U.S.: OTC
$ 0.81
-0.09 -10.42%
Volume: 622.00
May 19, 2022 10:45a
P/E Ratio
506.25
Dividend Yield
N/A
Market Cap
$2.79 billion
Rev. per Employee
$154,232
loading...
/zigman2/quotes/201592411/delayed
US : U.S.: OTC
$ 1.66
+0.01 +0.61%
Volume: 400.00
May 20, 2022 10:04a
P/E Ratio
17.47
Dividend Yield
N/A
Market Cap
$16.80 billion
Rev. per Employee
$414,043
loading...
/zigman2/quotes/208947199/delayed
HK : Hong Kong
$ 13.44
+0.48 +3.70%
Volume: 7.10M
May 20, 2022 4:08p
P/E Ratio
18.22
Dividend Yield
3.42%
Market Cap
$129.60 billion
Rev. per Employee
$3.21M
loading...
/zigman2/quotes/207741711/delayed
CN : China: Shanghai
¥ 7.14
+0.11 +1.56%
Volume: 30.83M
May 20, 2022 3:00p
P/E Ratio
20.24
Dividend Yield
3.14%
Market Cap
¥34.08 billion
Rev. per Employee
¥2.61M
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
573,000
+12,000 +2.14%
Volume: 40,966
May 20, 2022 3:30p
P/E Ratio
12.55
Dividend Yield
3.49%
Market Cap
₩9915.25 billion
Rev. per Employee
₩6.44B
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 47.18
+0.95 +2.05%
Volume: 11.06M
May 20, 2022 4:10p
P/E Ratio
10.61
Dividend Yield
10.16%
Market Cap
$233.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 67.32
+1.45 +2.20%
Volume: 4.34M
May 20, 2022 4:00p
P/E Ratio
10.26
Dividend Yield
10.40%
Market Cap
$165.02 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 28.77
-1.12 -3.75%
Volume: 10.94M
May 20, 2022 4:10p
P/E Ratio
10.40
Dividend Yield
6.51%
Market Cap
$29.35 billion
Rev. per Employee
$2.52M
loading...
/zigman2/quotes/206334215/delayed
US : U.S.: OTC
$ 20.36
-0.88 -4.14%
Volume: 56,223
May 20, 2022 3:58p
P/E Ratio
9.76
Dividend Yield
6.43%
Market Cap
$20.70 billion
Rev. per Employee
$1.89M
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
$ 12.28
+0.32 +2.68%
Volume: 5.98M
May 20, 2022 4:08p
P/E Ratio
6.11
Dividend Yield
4.79%
Market Cap
$57.98 billion
Rev. per Employee
$20.34M
loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 17.91
+0.71 +4.13%
Volume: 24.40M
May 20, 2022 3:00p
P/E Ratio
9.92
Dividend Yield
2.79%
Market Cap
¥50.00 billion
Rev. per Employee
¥16.88M
loading...
/zigman2/quotes/204256025/delayed
US : U.S.: OTC
$ 66.59
-1.67 -2.45%
Volume: 0.00
March 31, 2022 11:14a
P/E Ratio
5.92
Dividend Yield
0.00%
Market Cap
$8.64 billion
Rev. per Employee
$2.75M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.91
+0.08 +2.09%
Volume: 101.94M
May 20, 2022 4:08p
P/E Ratio
7.54
Dividend Yield
6.81%
Market Cap
$1045.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 5.22
+0.08 +1.56%
Volume: 158.18M
May 20, 2022 3:00p
P/E Ratio
10.44
Dividend Yield
4.34%
Market Cap
¥901.97 billion
Rev. per Employee
¥5.53M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 50.01
+0.83 +1.69%
Volume: 99,554
May 20, 2022 4:00p
P/E Ratio
6.41
Dividend Yield
6.26%
Market Cap
$133.28 billion
Rev. per Employee
$856,986
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
127.8780
+0.0610 +0.0477%
Volume: 0.0000
May 20, 2022 4:59p
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,525.00
+135.00 +1.19%
Volume: 3.09M
May 20, 2022 3:00p
P/E Ratio
16.35
Dividend Yield
0.61%
Market Cap
¥14126.87 billion
Rev. per Employee
¥90.44M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 158.66
+2.77 +1.78%
Volume: 422,601
May 20, 2022 4:00p
P/E Ratio
8.66
Dividend Yield
2.55%
Market Cap
$217.99 billion
Rev. per Employee
$762,375
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,048.00
+43.00 +2.14%
Volume: 23.68M
May 20, 2022 3:00p
P/E Ratio
9.98
Dividend Yield
2.73%
Market Cap
¥27770.81 billion
Rev. per Employee
¥85.67M
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 725.80
+10.30 +1.44%
Volume: 50.18M
May 20, 2022 3:00p
P/E Ratio
7.53
Dividend Yield
4.41%
Market Cap
¥8963.55 billion
Rev. per Employee
¥38.39M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 5,232.00
+177.00 +3.50%
Volume: 18.74M
May 20, 2022 3:00p
P/E Ratio
4.74
Dividend Yield
0.00%
Market Cap
¥8662.33 billion
Rev. per Employee
¥181.04M
loading...
/zigman2/quotes/202815238/delayed
US : U.S.: OTC
$ 40.00
+0.78 +1.99%
Volume: 2,407
May 20, 2022 3:51p
P/E Ratio
3.86
Dividend Yield
N/A
Market Cap
$68.00 billion
Rev. per Employee
$1.67M
loading...
/zigman2/quotes/207505872/composite
US : U.S.: Nasdaq
$ 20.78
+0.27 +1.32%
Volume: 4.56M
May 20, 2022 4:00p
P/E Ratio
5.97
Dividend Yield
N/A
Market Cap
$10.87 billion
Rev. per Employee
$1.22M
loading...
/zigman2/quotes/208685669/composite
US : U.S.: NYSE
$ 24.77
+1.28 +5.45%
Volume: 3.98M
May 20, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$6.38 billion
Rev. per Employee
$170,666
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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