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Jan. 24, 2013, 3:21 a.m. EST

Most Asia stocks fall on Apple results, China data

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By Sarah Turner and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets ended lower Thursday amid some gloom over earnings reports from Apple Inc. and Hyundai Motor Co., although Japanese shares found fresh impetus from a weaker yen.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49% and China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -0.32% lost 0.8% each, Taiwan’s Taiex declined 0.6% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.03% slipped 0.2%.

On the upside, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39% rose 1.3%, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33% gained 0.5%, completing a seven-day winning streak to end at its highest level since May 2011.

Most Asia markets are trading around multi-year highs and, according to Perpetual Investments investment strategy chief Matthew Sherwood, were “probably due for a bout of profit-taking before too long.”

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“The rise in global stock prices is getting thinner and showing signs of fatigue and being over-bought,” he said.

Some investors took their cues from a sharp fall in shares of investor favorite Apple /zigman2/quotes/202934861/composite AAPL -1.03%  in U.S. after-hours trade Wednesday. The firm posted almost flat fiscal first-quarter earnings, weaker-than-expected revenue and a disappointing forecast. Read: Apple shares tumble on results, forecast.

“With Apple’s worse-than-expected results, it would not be surprising if we see some consolidation in risk appetite today,” said Crédit Agricole strategist Gary Yau.

Some Asia-based companies in Apple’s supply chain felt the heat from the results.

In Taipei, Hon Hai Precision Industry Co. /zigman2/quotes/207256514/delayed TW:2317 -1.33% /zigman2/quotes/205520950/delayed HNHPF -2.46% , which assembles iPhones, fell 2.9%; South Korean Apple supplier LG Display Co. /zigman2/quotes/204226570/delayed KR:034220 -1.95%   /zigman2/quotes/204466928/composite LPL -4.67% dropped 1.2% in Seoul, while Apple handset rival Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -1.33%   /zigman2/quotes/202367843/delayed SSNLF 0.00% , which has also supplies some components for Apple products, lost 1.4%.

China data strong

Meanwhile, a preliminary survey from HSBC out Thursday showed that business conditions for Chinese manufacturers improved to a 24-month high this month.

The results represented the fifth straight month of improvement for the data series, “heralding a good start to the new year,” said chief China economist Hongbin Qu. “Despite the still-tepid external demand, the domestic-driven restocking process is likely to add steam to China’s ongoing recovery in the coming months,” he added. Read: China manufacturing improves: HSBC initial data.

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Australian mining firms — many of which count China as their most important customer — came off early lows or turned positive after the data, with BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -0.78% /zigman2/quotes/208108397/composite BHP -1.54%  advancing 0.3%.

Gold miner Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.45% /zigman2/quotes/206026738/delayed NCMGF +0.32% improved by 1.8%, swinging from a 1.7% loss earlier in the session after announcing a drop in second-quarter gold output. Read: Newcrest tips gold output at low end of forecast.

Linc Energy Ltd.  surged 23.6% in Sydney afternoon trading after it released two estimates of un-risked prospective resource reserves in the Arckaringa Basin in South Australia, which the firm said “confirm the significant potential of shale oil.”

/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 619,266
Feb. 21, 2020 3:33p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.54
-0.05 -0.32%
Volume: 91.36M
Feb. 21, 2020 2:42p
P/E Ratio
11.11
Dividend Yield
1.40%
Market Cap
¥302.54 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,324.12
-285.04 -1.03%
Volume: 1.27M
Feb. 21, 2020 2:42p
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/zigman2/quotes/210597971/delayed
add Add to watchlist JP:100000018
JP : Nikkei
23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 320.30
-3.32 -1.03%
Volume: 25.14M
Feb. 20, 2020 4:00p
P/E Ratio
25.30
Dividend Yield
0.96%
Market Cap
$1401.47 billion
Rev. per Employee
$1.98M
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/zigman2/quotes/207256514/delayed
TW : Taiwan
NT$ 81.70
-1.10 -1.33%
Volume: 29.62M
Feb. 21, 2020 1:30p
P/E Ratio
8.81
Dividend Yield
4.90%
Market Cap
NT$1147.73 billion
Rev. per Employee
NT$8.60M
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/zigman2/quotes/205520950/delayed
US : U.S.: OTC
$ 5.55
-0.14 -2.46%
Volume: 231,094
Feb. 20, 2020 3:59p
P/E Ratio
9.27
Dividend Yield
3.26%
Market Cap
$37.97 billion
Rev. per Employee
$286,303
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/zigman2/quotes/204226570/delayed
KR : S. Korea: KRX
15,100.00
-300.00 -1.95%
Volume: 2.07M
Feb. 21, 2020 3:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
₩5510.37 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204466928/composite
US : U.S.: NYSE
$ 6.33
-0.31 -4.67%
Volume: 535,307
Feb. 20, 2020 6:30p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.53 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
59,200.00
-800.00 -1.33%
Volume: 13.25M
Feb. 21, 2020 3:30p
P/E Ratio
16.34
Dividend Yield
2.39%
Market Cap
₩407560.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 500.00
Feb. 19, 2020 5:20p
P/E Ratio
14.05
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 38.22
-0.30 -0.78%
Volume: 4.79M
Feb. 21, 2020 4:10p
P/E Ratio
16.09
Dividend Yield
5.64%
Market Cap
$194.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 50.64
-0.79 -1.54%
Volume: 1.69M
Feb. 20, 2020 6:30p
P/E Ratio
14.91
Dividend Yield
5.25%
Market Cap
$74.56 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.72
+0.41 +1.45%
Volume: 3.43M
Feb. 21, 2020 4:10p
P/E Ratio
27.57
Dividend Yield
1.15%
Market Cap
$21.72 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/delayed
US : U.S.: OTC
$ 18.63
+0.06 +0.32%
Volume: 545.00
Feb. 20, 2020 5:20p
P/E Ratio
25.67
Dividend Yield
N/A
Market Cap
$14.37 billion
Rev. per Employee
N/A
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