Bulletin
Investor Alert

Asia Markets Archives | Email alerts

Oct. 20, 2011, 4:14 a.m. EDT

Asia stocks slide, with resource shares down

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Hang Seng Index (HSI)
  • X
    Ping An Bank Co. Ltd. (000001)
  • X
    NIKKEI 225 Index (NIK)

or Cancel Already have a watchlist? Log In

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Asian stock markets fell on Thursday as overnight losses on Wall Street inspired some profit-taking, with weaker commodity prices placing extra pressure on resource-related firms.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.17%  fell 1.8%, while the Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -0.78%  declined 1.9%

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.09%  lost 1%, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.53%  dropped 2.7%, and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.59% finished 1.6% lower.

“I think we are seeing some profit taking,” said DBS Vickers director Peter Lai, citing a rise for many Asia indexes over the past several weeks.

Lai said that there is still a lot of uncertainty in the market and many variables for investors to grapple with, including euro-zone debt, economic data from the U.S. and the likely strength of the Chinese economy.

Click to Play

China shakes commodities markets

While China's GDP grew 9.1% in the third quarter, the nation's demand for industrial metals and commodities has been slowing this year.

“I expect volatility until we get a clearer view of the euro-zone debt issues and the so-called revival of the U.S. economy,“ he said.

Concern over the U.S. economy following the release of the Federal Reserve’s Beige Book and ongoing uncertainty over Europe’s debt troubles helped to send U.S. stocks lower Wednesday. Read more on U.S. stocks.

Asia markets picked up on the downbeat sentiment Thursday, as many firms with large global exposure saw their shares fall. Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 +1.40%   /zigman2/quotes/207472799/delayed SHCAF +2.80%  dropped 2.1% in Tokyo, while Li & Fung Ltd. /zigman2/quotes/201795755/delayed HK:494 0.00%   /zigman2/quotes/201638706/delayed LFUGY -26.00%  surrendered 2.8% in Hong Kong, and Brambles Ltd. /zigman2/quotes/200985667/delayed AU:BXB +0.51%   /zigman2/quotes/206869297/delayed BMBLF +6.25%  finished down 2.9% in Sydney.

Resource shares were among the worst performers for the region, as metals and crude-oil futures declined.

Aluminum Corp. of China Ltd. /zigman2/quotes/202960704/delayed HK:2600 +1.81%   /zigman2/quotes/208051344/composite ACH +5.93%   /zigman2/quotes/210453246/delayed CN:601600 0.00%  fell 4.9%, and Zhaojin Mining Industry Co. /zigman2/quotes/203361399/delayed HK:1818 -1.46%   /zigman2/quotes/200275285/delayed ZHAOF -2.52%  slid 7.8% in Hong Kong.

In Sydney, Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.84%   /zigman2/quotes/202627887/composite RIO +0.59%  — which also announced a $576 million Canadian acquisition — lost 3.4%, and BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -0.96%   /zigman2/quotes/208108397/composite BHP +2.05%  traded down 2.5%. See report on Rio Tinto’s deal to buy Hathor.

Gold producer Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -2.30%   /zigman2/quotes/206026738/delayed NCMGF +0.12%  fell 6.4% after the company said that it produced 16% less gold during its fiscal first quarter, while cash costs rose 10%.

Energy companies were similarly weak as benchmark Nymex crude-oil futures fell. Cnooc Ltd. shares /zigman2/quotes/203421416/delayed HK:883 -3.02% /zigman2/quotes/204964401/composite CEO +0.79%  were down 3% in Hong Kong, Japan Petroleum Exploration Co. /zigman2/quotes/201212147/delayed JP:1662 +2.25%   /zigman2/quotes/202925532/delayed JPTXF -1.12%  ended down 3.1% in Tokyo, and Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL +2.28%   /zigman2/quotes/206770672/delayed WOPEF +2.62%  lost 4.2% in Sydney after confirming it plans to close a key gas rig earlier than planned. See report on Woodside rig closure.

Ongoing flooding in Thailand has resulted in production suspensions for some firms, keeping pressure on shares of Japanese auto maker Honda Motor Co. /zigman2/quotes/200490352/delayed JP:7267 -1.32%   /zigman2/quotes/207173990/composite HMC +1.98% , which ended down 3%, and camera maker Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 -1.94%   /zigman2/quotes/209396469/delayed NINOY -3.20% , down 3.5%. Read more on Thai floods and their impact.

Samsung Electronics Co. /zigman2/quotes/202367843/delayed SSNLF 0.00%  climbed 2.4%, with Citigroup analysts saying that they rate the chip maker as a buy in a neutral-rated technology sector, and that following significant share-price corrections, “the risk-reward appears to be to the upside.”

The Korean firm may also have gotten a boost from a report out Thursday that Japan’s Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 -0.12%   will scale down its television business in reaction to a strong currency and competition from overseas. Panasonic shares ended with a 1.1% gain. Read more possible scaling down of Panasonic’s television operations.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,970.37
-282.92 -1.17%
Volume: 12,777
April 9, 2020 9:06a
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 12.78
-0.10 -0.78%
Volume: 52.87M
April 8, 2020 3:00p
P/E Ratio
9.14
Dividend Yield
1.71%
Market Cap
¥249.95 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
19,334.87
-18.37 -0.09%
Volume: 0.00
April 9, 2020 10:12a
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,834.84
+27.70 +1.53%
Volume: 322,752
April 9, 2020 10:12a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,289.60
+82.70 +1.59%
Volume: 217,308
April 9, 2020 11:12a
loading...
/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,161.00
+16.00 +1.40%
Volume: 762,200
April 9, 2020 10:12a
P/E Ratio
11.86
Dividend Yield
1.72%
Market Cap
¥688.42 billion
Rev. per Employee
¥50.23M
loading...
/zigman2/quotes/207472799/delayed
US : U.S.: OTC
$ 9.93
+0.27 +2.80%
Volume: 10.00
April 8, 2020 5:20p
P/E Ratio
11.04
Dividend Yield
N/A
Market Cap
$6.37 billion
Rev. per Employee
$454,670
loading...
/zigman2/quotes/201795755/delayed
HK : Hong Kong
HK$ 1.04
0.00 0.00%
Volume: 38.87M
April 8, 2020 4:08p
P/E Ratio
67.53
Dividend Yield
0.96%
Market Cap
HK$8.75 billion
Rev. per Employee
HK$5.73M
loading...
/zigman2/quotes/201638706/delayed
US : U.S.: OTC
$ 0.19
-0.07 -26.00%
Volume: 281.00
April 8, 2020 1:55p
P/E Ratio
47.44
Dividend Yield
5.54%
Market Cap
$1.13 billion
Rev. per Employee
$731,141
loading...
/zigman2/quotes/200985667/delayed
AU : Australia: Sydney
$ 10.91
+0.06 +0.51%
Volume: 770,785
April 9, 2020 11:12a
P/E Ratio
24.96
Dividend Yield
2.89%
Market Cap
$17.08 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206869297/delayed
US : U.S.: OTC
$ 6.80
+0.40 +6.25%
Volume: 1,178
April 6, 2020 2:47p
P/E Ratio
22.45
Dividend Yield
N/A
Market Cap
$10.35 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
HK$ 1.69
+0.03 +1.81%
Volume: 23.74M
April 8, 2020 4:08p
P/E Ratio
39.49
Dividend Yield
N/A
Market Cap
HK$28.26 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 5.54
+0.31 +5.93%
Volume: 42,369
April 8, 2020 6:30p
P/E Ratio
30.21
Dividend Yield
N/A
Market Cap
$825.08 million
Rev. per Employee
$387,394
loading...
/zigman2/quotes/210453246/delayed
CN : China: Shanghai
¥ 2.94
0.00 0.00%
Volume: 36.75M
April 8, 2020 3:00p
P/E Ratio
58.80
Dividend Yield
0.39%
Market Cap
¥50.05 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/203361399/delayed
HK : Hong Kong
HK$ 8.10
-0.12 -1.46%
Volume: 6.28M
April 8, 2020 4:08p
P/E Ratio
47.99
Dividend Yield
0.54%
Market Cap
HK$26.47 billion
Rev. per Employee
HK$1.31M
loading...
/zigman2/quotes/200275285/delayed
US : U.S.: OTC
$ 1.16
-0.03 -2.52%
Volume: 0.00
March 24, 2020 5:20p
P/E Ratio
53.95
Dividend Yield
N/A
Market Cap
$3.43 billion
Rev. per Employee
$166,560
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 88.51
-0.75 -0.84%
Volume: 339,487
April 9, 2020 11:12a
P/E Ratio
12.62
Dividend Yield
7.43%
Market Cap
$147.29 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 46.00
+0.27 +0.59%
Volume: 1.92M
April 8, 2020 6:30p
P/E Ratio
9.40
Dividend Yield
8.30%
Market Cap
$57.37 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 31.02
-0.30 -0.96%
Volume: 2.06M
April 9, 2020 11:12a
P/E Ratio
11.61
Dividend Yield
6.87%
Market Cap
$160.30 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 39.31
+0.79 +2.05%
Volume: 2.62M
April 8, 2020 6:30p
P/E Ratio
10.57
Dividend Yield
7.28%
Market Cap
$56.72 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 25.02
-0.59 -2.30%
Volume: 630,204
April 9, 2020 11:12a
P/E Ratio
24.02
Dividend Yield
1.31%
Market Cap
$19.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 16.10
+0.02 +0.12%
Volume: 700.00
April 7, 2020 12:53p
P/E Ratio
22.18
Dividend Yield
N/A
Market Cap
$12.36 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.67
-0.27 -3.02%
Volume: 123.61M
April 8, 2020 4:08p
P/E Ratio
5.59
Dividend Yield
9.00%
Market Cap
HK$399.15 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 113.95
+0.89 +0.79%
Volume: 239,367
April 8, 2020 6:30p
P/E Ratio
6.04
Dividend Yield
7.87%
Market Cap
$50.48 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 1,953.00
+43.00 +2.25%
Volume: 92,100
April 9, 2020 10:11a
P/E Ratio
5.60
Dividend Yield
2.56%
Market Cap
¥110.30 billion
Rev. per Employee
¥156.48M
loading...
/zigman2/quotes/202925532/delayed
US : U.S.: OTC
$ 21.16
-0.24 -1.12%
Volume: 0.00
March 23, 2020 5:20p
P/E Ratio
6.63
Dividend Yield
N/A
Market Cap
$1.21 billion
Rev. per Employee
$1.42M
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 21.51
+0.48 +2.28%
Volume: 743,987
April 9, 2020 11:12a
P/E Ratio
41.61
Dividend Yield
6.34%
Market Cap
$20.19 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206770672/delayed
US : U.S.: OTC
$ 12.73
+0.33 +2.62%
Volume: 6,576
April 8, 2020 5:20p
P/E Ratio
34.63
Dividend Yield
7.15%
Market Cap
$12.53 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,392.50
-32.00 -1.32%
Volume: 1.24M
April 9, 2020 10:12a
P/E Ratio
8.91
Dividend Yield
4.68%
Market Cap
¥4114.85 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 22.13
+0.43 +1.98%
Volume: 1.03M
April 8, 2020 6:30p
P/E Ratio
8.94
Dividend Yield
3.95%
Market Cap
$37.91 billion
Rev. per Employee
$661,808
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 958.00
-19.00 -1.94%
Volume: 649,400
April 9, 2020 10:11a
P/E Ratio
8.24
Dividend Yield
6.26%
Market Cap
¥355.89 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/209396469/delayed
US : U.S.: OTC
$ 8.84
-0.29 -3.20%
Volume: 12,271
April 8, 2020 3:51p
P/E Ratio
8.31
Dividend Yield
4.45%
Market Cap
$3.47 billion
Rev. per Employee
$309,299
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 3,700
April 8, 2020 5:20p
P/E Ratio
16.29
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 838.10
-1.00 -0.12%
Volume: 1.84M
April 9, 2020 10:12a
P/E Ratio
6.78
Dividend Yield
3.58%
Market Cap
¥1942.81 billion
Rev. per Employee
¥29.74M
loading...

Sarah Turner is MarketWatch's bureau chief in Sydney.

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.