Investor Alert

New York Markets Open in:

Asia Markets Archives | Email alerts

March 26, 2013, 4:57 a.m. EDT

Asia stocks weaken as Cyprus optimism fades

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Ping An Bank Co. Ltd. (000001)
  • X
    NIKKEI 225 Index (NIK)
  • X
    S&P/ASX 200 Benchmark Index (XJO)

or Cancel Already have a watchlist? Log In

By V. Phani Kumar and Sarah Turner, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets declined Tuesday as investors fretted about the implications of the Cyprus bailout agreement for other euro-zone countries, with commodity and financial stocks leading the retreat.

The broad losses came in the wake of downbeat cues from the European and U.S. stock markets on Monday, amid concerns that deposit holders in ailing European economies other than Cyprus may also be at risk in the future. Here’s the gloss on those Dutch minister’s Cyprus comments.

“The relief rally that followed the 10 billion euros ($13 billion) Cyprus deal made way for growing concerns that this approach may become the ‘new norm’ for any future bailout of troubled banks,” said Matthew Sherwood, head of investment research at Perpetual Investments.


Reuters

“More importantly, this demonstrates that government funds for bank bailouts are near exhaustion and that the rules can be re-written at any time by any authority,” Sherwood added.

The Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -0.33%  fell 1.3% to 2,297.67, leading the region’s losses.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.79%  declined 0.6% and Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -2.31%  shed 0.8%.

On the upside, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.73%  finished 0.3% higher after a choppy trading session, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.28%  edged up 0.3%.

Shares of several resource-sector companies dropped sharply around the region.

Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -1.83% /zigman2/quotes/202627887/composite RIO -1.56%  fell 2.3% and Paladin Energy Ltd. /zigman2/quotes/203269866/delayed AU:PDN -1.20% shed 2.5% in Sydney; Nippon Steel & Sumitomo Metal Corp. /zigman2/quotes/209782682/delayed JP:5401 -1.22%   /zigman2/quotes/203679980/delayed NISTF +1.77%  dropped 2.1% and JFE Holdings Inc. /zigman2/quotes/204336633/delayed JP:5411 +1.14%   /zigman2/quotes/203557603/delayed JFEEF -7.70%  declined 2.7% in Tokyo; and Hyundai Steel Co. /zigman2/quotes/203290957/delayed KR:004020 -1.18%  lost 0.9% in Seoul.

In Shanghai, Baoshan Iron & Steel Co. /zigman2/quotes/203255146/delayed CN:600019 +1.72%   declined 2.1%, Yanzhou Coal Mining Co. /zigman2/quotes/203784640/delayed CN:600188 +1.09%   shed 5.2% and China Coal Energy Co. /zigman2/quotes/205321671/delayed CCOZY -1.24% /zigman2/quotes/201486584/delayed HK:1898 +0.77%  dropped 0.5%.

In Hong Kong trading, shares of Yanzhou /zigman2/quotes/208182033/delayed HK:1171 +0.17%  fell 0.9% and China Shenhua Energy Co. /zigman2/quotes/206839995/delayed CSUAY -1.97%   /zigman2/quotes/206065610/delayed HK:1088 +0.15% dropped 1.2%, while Aluminum Corp. of China Ltd. /zigman2/quotes/208051344/composite ACH -2.14% /zigman2/quotes/202960704/delayed HK:2600 -1.39%  gave up 1.6%.

Banks also suffered losses, with China Minsheng Banking Corp. /zigman2/quotes/203910009/delayed CN:600016 +0.52%   /zigman2/quotes/200749234/delayed CMAKY -7.99%  losing 4.6% and China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 +0.15%   /zigman2/quotes/207732534/delayed CICHY -0.44%  falling 2.3% in Shanghai.

In Hong Kong, shares of heavyweight HSBC Holdings PLC   /zigman2/quotes/202687335/delayed HK:5 -0.80% , which has a major presence in Europe, dropped 0.5%.

Property shares outperformed the broader market in Shanghai, recouping some of the sharp losses suffered so far this month. Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +6.25%  added 0.3%, while Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 +4.78%  ended unchanged.

The gains came despite worries that policy makers might take further measures to curb property prices. Hu Cunzhi, China’s vice minister of land and resources reportedly said over the weekend that the government should crack down on speculators by imposing home ownership tax on those with three or more properties across the nation.

Click to Play

Relief rally for Cyprus soon fizzles

A bailout deal for Cyprus to avoid bankruptcy gave the markets little boost, Katie Martin reports.

Strategists at Bank of America Merrill Lynch said a nationwide rollout of property tax could only start some time during 2016-2017, but would be a “major long-term negative to the property market.”

On the upside in Hong Kong, shares of Henderson Land Development Co. /zigman2/quotes/208724890/delayed HK:12 +0.42%   /zigman2/quotes/200560946/delayed HLDCY -1.70%  climbed 5.5% after it announced a 28% increase in 2012 profit and a bonus share issue.

In Japan, exporters were broadly lower following weak global cues, with Sony Corp. /zigman2/quotes/208567357/composite SNE -0.55%   /zigman2/quotes/201361720/delayed JP:6758 -1.57%  down 2.7% and Honda Motor Corp. /zigman2/quotes/207173990/composite HMC -0.69%   /zigman2/quotes/200490352/delayed JP:7267 +0.36%  off 1%.

Still, some exporters came off their early lows in Japanese trade as the yen weakened after new central bank Gov. Haruhiko Kuroda renewed his pledge to do “whatever it takes” to beat deflation and reach a 2% inflation target. Read full story on Kuroda’s remarks.

Shares of Olympus Corp. /zigman2/quotes/200860615/delayed JP:7733 -1.01%   /zigman2/quotes/206207642/delayed OCPNY -0.11%  ended fractionally higher, and NEC Corp. /zigman2/quotes/205173342/delayed JP:6701 -1.84% /zigman2/quotes/203814274/delayed NIPNF 0.00% advanced 4.1%.

Korean exporters advanced amid losses in Japan, meanwhile, with car maker Hyundai Motor Co. /zigman2/quotes/206684590/delayed KR:005380 0.00% /zigman2/quotes/204364212/delayed HYMTF +3.81% rising 2.3% and consumer electronics giant Samsung Electronics Co. /zigman2/quotes/209800866/delayed KR:005930 -2.42% /zigman2/quotes/202367843/delayed SSNLF 0.00%  adding 0.9%.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.99
-0.05 -0.33%
Volume: 117.66M
Feb. 26, 2020 3:00p
P/E Ratio
10.71
Dividend Yield
1.45%
Market Cap
¥291.87 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,426.19
-179.22 -0.79%
Volume: 0.00
Feb. 26, 2020 3:15p
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/210598030/delayed
HK : Hong Kong Exchange
26,696.49
-196.74 -0.73%
Volume: 2.04M
Feb. 26, 2020 4:08p
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/200083756/delayed
AU : Australia: Sydney
$ 91.89
-1.71 -1.83%
Volume: 1.85M
Feb. 26, 2020 4:10p
P/E Ratio
8.37
Dividend Yield
9.76%
Market Cap
$152.04 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 50.43
-0.80 -1.56%
Volume: 2.73M
Feb. 25, 2020 6:30p
P/E Ratio
6.41
Dividend Yield
6.56%
Market Cap
$63.27 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/203269866/delayed
AU : Australia: Sydney
$ 0.08
-0.0010 -1.20%
Volume: 8.50M
Feb. 26, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$168.32 million
Rev. per Employee
$463,060
loading...
/zigman2/quotes/209782682/delayed
JP : Japan: Tokyo
¥ 1,255.00
-15.50 -1.22%
Volume: 8.47M
Feb. 26, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.80%
Market Cap
¥1169.74 billion
Rev. per Employee
¥64.38M
loading...
/zigman2/quotes/203679980/delayed
US : U.S.: OTC
$ 13.81
+0.24 +1.77%
Volume: 1,900
Feb. 21, 2020 5:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.42 billion
Rev. per Employee
$582,908
loading...
/zigman2/quotes/204336633/delayed
JP : Japan: Tokyo
¥ 1,062.00
+12.00 +1.14%
Volume: 4.89M
Feb. 26, 2020 3:00p
P/E Ratio
9.06
Dividend Yield
1.88%
Market Cap
¥604.64 billion
Rev. per Employee
¥64.46M
loading...
/zigman2/quotes/203557603/delayed
US : U.S.: OTC
$ 9.23
-0.77 -7.70%
Volume: 101.00
Feb. 24, 2020 1:55p
P/E Ratio
8.76
Dividend Yield
N/A
Market Cap
$5.38 billion
Rev. per Employee
$583,723
loading...
/zigman2/quotes/203290957/delayed
KR : S. Korea: KRX
25,200.00
-300.00 -1.18%
Volume: 478,158
Feb. 26, 2020 3:30p
P/E Ratio
172.26
Dividend Yield
2.98%
Market Cap
₩3347.41 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203255146/delayed
CN : China: Shanghai
¥ 5.32
+0.09 +1.72%
Volume: 90.22M
Feb. 26, 2020 3:00p
P/E Ratio
8.00
Dividend Yield
9.40%
Market Cap
¥115.58 billion
Rev. per Employee
¥4.57M
loading...
/zigman2/quotes/203784640/delayed
CN : China: Shanghai
¥ 9.25
+0.10 +1.09%
Volume: 37.83M
Feb. 26, 2020 3:00p
P/E Ratio
4.84
Dividend Yield
0.00%
Market Cap
¥44.95 billion
Rev. per Employee
¥2.17M
loading...
/zigman2/quotes/205321671/delayed
US : U.S.: OTC
$ 7.18
-0.09 -1.24%
Volume: 0.00
Feb. 13, 2020 9:41a
P/E Ratio
8.94
Dividend Yield
2.52%
Market Cap
$13.70 billion
Rev. per Employee
$354,816
loading...
/zigman2/quotes/201486584/delayed
HK : Hong Kong
HK$ 2.62
+0.02 +0.77%
Volume: 6.73M
Feb. 26, 2020 4:08p
P/E Ratio
6.00
Dividend Yield
3.39%
Market Cap
HK$34.47 billion
Rev. per Employee
HK$2.78M
loading...
/zigman2/quotes/208182033/delayed
HK : Hong Kong
HK$ 6.05
+0.01 +0.17%
Volume: 13.01M
Feb. 26, 2020 4:08p
P/E Ratio
2.77
Dividend Yield
10.16%
Market Cap
HK$29.67 billion
Rev. per Employee
HK$2.60M
loading...
/zigman2/quotes/206839995/delayed
US : U.S.: OTC
$ 6.88
-0.14 -1.97%
Volume: 115,324
Feb. 25, 2020 3:47p
P/E Ratio
5.17
Dividend Yield
6.15%
Market Cap
$5.99 billion
Rev. per Employee
$448,167
loading...
/zigman2/quotes/206065610/delayed
HK : Hong Kong
HK$ 13.76
+0.02 +0.15%
Volume: 31.10M
Feb. 26, 2020 4:08p
P/E Ratio
5.55
Dividend Yield
7.49%
Market Cap
HK$273.28 billion
Rev. per Employee
HK$3.46M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 6.85
-0.15 -2.14%
Volume: 115,610
Feb. 25, 2020 6:30p
P/E Ratio
301.76
Dividend Yield
N/A
Market Cap
$1.08 billion
Rev. per Employee
$387,394
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
HK$ 2.13
-0.03 -1.39%
Volume: 19.98M
Feb. 26, 2020 4:08p
P/E Ratio
295.83
Dividend Yield
N/A
Market Cap
HK$36.77 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/203910009/delayed
CN : China: Shanghai
¥ 5.84
+0.03 +0.52%
Volume: 98.15M
Feb. 26, 2020 3:00p
P/E Ratio
4.81
Dividend Yield
5.91%
Market Cap
¥254.38 billion
Rev. per Employee
¥5.19M
loading...
/zigman2/quotes/200749234/delayed
US : U.S.: OTC
$ 6.79
-0.59 -7.99%
Volume: 22.00
Feb. 21, 2020 5:20p
P/E Ratio
38.36
Dividend Yield
6.01%
Market Cap
$56.91 billion
Rev. per Employee
$798,641
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.65
+0.01 +0.15%
Volume: 83.82M
Feb. 26, 2020 3:00p
P/E Ratio
6.25
Dividend Yield
4.60%
Market Cap
¥1660.07 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 15.99
-0.07 -0.44%
Volume: 296,296
Feb. 25, 2020 3:59p
P/E Ratio
5.20
Dividend Yield
4.71%
Market Cap
$1962.40 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 55.60
-0.45 -0.80%
Volume: 88.50M
Feb. 26, 2020 4:08p
P/E Ratio
23.52
Dividend Yield
7.15%
Market Cap
HK$1138.58 billion
Rev. per Employee
HK$2.88M
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 14.46
+0.85 +6.25%
Volume: 80.90M
Feb. 26, 2020 3:00p
P/E Ratio
7.89
Dividend Yield
4.15%
Market Cap
¥61.44 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.99
+0.73 +4.78%
Volume: 214.16M
Feb. 26, 2020 3:00p
P/E Ratio
8.59
Dividend Yield
3.13%
Market Cap
¥182.09 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/208724890/delayed
HK : Hong Kong
HK$ 35.75
+0.15 +0.42%
Volume: 4.56M
Feb. 26, 2020 4:08p
P/E Ratio
7.33
Dividend Yield
5.03%
Market Cap
HK$172.35 billion
Rev. per Employee
HK$2.52M
loading...
/zigman2/quotes/200560946/delayed
US : U.S.: OTC
$ 4.48
-0.08 -1.70%
Volume: 67,950
Feb. 25, 2020 3:41p
P/E Ratio
7.20
Dividend Yield
4.11%
Market Cap
$24.33 billion
Rev. per Employee
$322,035
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 63.58
-0.35 -0.55%
Volume: 2.23M
Feb. 25, 2020 6:30p
P/E Ratio
13.33
Dividend Yield
0.42%
Market Cap
$77.98 billion
Rev. per Employee
$654,652
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,155.00
-114.00 -1.57%
Volume: 7.94M
Feb. 26, 2020 3:00p
P/E Ratio
13.79
Dividend Yield
0.63%
Market Cap
¥8915.33 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 25.86
-0.18 -0.69%
Volume: 905,856
Feb. 25, 2020 6:30p
P/E Ratio
10.45
Dividend Yield
3.36%
Market Cap
$45.18 billion
Rev. per Employee
$661,808
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,945.50
+10.50 +0.36%
Volume: 7.97M
Feb. 26, 2020 3:00p
P/E Ratio
10.97
Dividend Yield
3.80%
Market Cap
¥5127.19 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,004.50
-20.50 -1.01%
Volume: 8.34M
Feb. 26, 2020 3:00p
P/E Ratio
43.26
Dividend Yield
0.50%
Market Cap
¥2603.29 billion
Rev. per Employee
¥22.14M
loading...
/zigman2/quotes/206207642/delayed
US : U.S.: OTC
$ 17.99
-0.02 -0.11%
Volume: 13,804
Feb. 25, 2020 3:47p
P/E Ratio
42.14
Dividend Yield
N/A
Market Cap
$23.64 billion
Rev. per Employee
$200,545
loading...
/zigman2/quotes/205173342/delayed
JP : Japan: Tokyo
¥ 4,545.00
-85.00 -1.84%
Volume: 2.23M
Feb. 26, 2020 3:00p
P/E Ratio
14.21
Dividend Yield
1.32%
Market Cap
¥1201.90 billion
Rev. per Employee
¥26.58M
loading...
/zigman2/quotes/203814274/delayed
US : U.S.: OTC
$ 30.00
0.00 0.00%
Volume: 100.00
Feb. 27, 2018 12:00a
P/E Ratio
10.22
Dividend Yield
N/A
Market Cap
$8.88 billion
Rev. per Employee
$240,966
loading...
/zigman2/quotes/206684590/delayed
KR : S. Korea: KRX
122,500
0.00 0.00%
Volume: 1.00M
Feb. 26, 2020 3:30p
P/E Ratio
15.76
Dividend Yield
3.27%
Market Cap
₩32221.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204364212/delayed
US : U.S.: OTC
$ 30.00
+1.10 +3.81%
Volume: 892.00
Feb. 25, 2020 1:58p
P/E Ratio
8.93
Dividend Yield
N/A
Market Cap
$1.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
56,500.00
-1,400 -2.42%
Volume: 25.48M
Feb. 26, 2020 3:30p
P/E Ratio
17.85
Dividend Yield
2.51%
Market Cap
₩393295.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 0.00
Feb. 19, 2020 5:20p
P/E Ratio
16.29
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar. Sarah Turner is MarketWatch's bureau chief in Sydney. Follow her on Twitter @SarahTurnerMKTW.

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.