Bulletin
Investor Alert

July 22, 2008, 5:29 a.m. EDT

Regional Indexes Finish Mixed

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Mizuho Financial Group Inc. (8411)
  • X
    Sumitomo Mitsui Financial Group Inc. (8316)
  • X
    Toyota Motor Corp. (7203)

or Cancel Already have a watchlist? Log In

Asian markets ended mixed Tuesday. Financial stocks led Tokyo higher, but profit-taking and concern over consumer demand weighed down other indexes.

In Tokyo, the benchmark Nikkei 225 Index gained 2.98% to 13184.96, lifted by renewed optimism over the health of the U.S. financial sector as trading resumed following Monday's national holiday.

Futures-led buying gave the Nikkei a boost late in the session. Short-covering started in Nikkei futures, which are traded in Osaka, after the Tokyo Stock Exchange resumed trade in futures and derivatives products after earlier suspending some trading due to a system glitch.

Shares of major Japanese banks rose, tracking overnight gains in U.S. financial stocks following Bank of America's better-than-expected results. Mitsubishi UFJ Financial Group rose 3.7%, Mizuho Financial Group /zigman2/quotes/204507985/delayed JP:8411 -0.42% gained 3.3% and Sumitomo Mitsui Financial Group /zigman2/quotes/203656770/delayed JP:8316 -0.58% ended up 3.2%.

The index was also supported by advances in energy-linked stocks after oil prices rebounded sharply Monday in the U.S. to settle above $131 a barrel. Japan's top auto maker, Toyota Motor /zigman2/quotes/203803129/delayed JP:7203 -1.43% , rose 5.59%. Rival Honda Motor /zigman2/quotes/200490352/delayed JP:7267 -1.48% rose 5.26% while Sony /zigman2/quotes/201361720/delayed JP:6758 +2.02% picked up 1.62%. Nippon Oil, Japan's largest refiner, jumped 4.59%.

Elsewhere, Hong Kong's Hang Seng Index fell 0.02% to 22527.48 as profit-taking in HSBC /zigman2/quotes/202687335/delayed HK:5 -1.98% ended the exchange's recent rising streak. The index heavyweight fell 0.1% after rising 11% over the previous four sessions.

Among companies that bucked the overall trend, China Mobile /zigman2/quotes/200868736/delayed HK:941 -0.59% rose 0.4% and PetroChina /zigman2/quotes/204979431/delayed HK:857 -0.73% ended 0.2% higher. Semiconductor Manufacturing International /zigman2/quotes/207270096/delayed HK:981 +0.18% , or SMIC, jumped 11% on a report that said Datang Telecom may buy a stake of around 20% in SMIC.

In mainland trading, the Shanghai Composite Index, which tracks both Class A and Class B shares, lost 0.5% to 2846.12. Oil refiners and airlines fell on profit-taking. PetroChina declined 1.2% and China Petroleum & Chemical shed 2.1%. Air China was down 2.7% and China South Airlines slipped 2.5%.

However, banks rose after two small lenders disclosed robust earnings and earnings expectations. Bank of Ningbo advanced 1.5% after it said its first-half net profit rise 90.59% from a year earlier. Bank of Nanjing gained 1.4% after the lender said it expects its first-half net profit to rise more than 125%.

Meanwhile, Seoul's Korea Composite Stock Price Index, or Kospi, ended nearly flat at 1561.23, down 0.1%. Bargain-hunting helped pare early losses in most sectors, but technology stocks were hit hard by a gloomy demand-growth outlook from LG Electronics and Apple /zigman2/quotes/202934861/composite AAPL -0.09% .

LG Electronics said Monday its second-quarter net profit surged 84% from a year earlier, but warned of a slowdown in sales in the third quarter. Its shares ended down 3.1%. Bellwether Samsung Electronics fell 1.5% while Hynix Semiconductor lost 1.9%.

Major banks extended gains on positive sentiment stemming from U.S. lenders' results. Kookmin Bank rose 1.4% while its rival Shinhan Financial Group finished up 0.3%.

Refiners also did well on expectations of strong second-quarter earnings. SK Energy climbed 1% and S-Oil ended 0.8% higher.

Australia's S&P/ASX 200 Index closed down 0.1% at 5005.6. CSL was a notable decliner, falling 9.3% after Merck & Co. cut its 2008 sales guidance for CSL's cervical cancer drug Gardasil. Merck shares were down 6.6% after-hours.

A series of broker downgrades hurt financial shares, with ANZ fall 3.9% while National Australia Bank lost 2.4%.

In currencies, the dollar traded at ¥106.50 in Tokyo, little changed from ¥106.49 late Monday in New York. The euro stood at $1.5922, compared with $1.5917.

Write to the Online Journal's editors at newseditors@wsj.com

/zigman2/quotes/204507985/delayed
JP : Japan: Tokyo
¥ 143.80
-0.60 -0.42%
Volume: 84.76M
Aug. 14, 2020 3:00p
P/E Ratio
8.93
Dividend Yield
5.22%
Market Cap
¥3613.98 billion
Rev. per Employee
¥60.82M
loading...
/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 3,085.00
-18.00 -0.58%
Volume: 4.90M
Aug. 14, 2020 3:00p
P/E Ratio
7.36
Dividend Yield
6.16%
Market Cap
¥4258.00 billion
Rev. per Employee
¥79.40M
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,181.00
-104.00 -1.43%
Volume: 4.98M
Aug. 14, 2020 3:00p
P/E Ratio
13.15
Dividend Yield
1.11%
Market Cap
¥20253.95 billion
Rev. per Employee
¥81.43M
loading...
/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,722.00
-41.00 -1.48%
Volume: 4.58M
Aug. 14, 2020 3:00p
P/E Ratio
23.83
Dividend Yield
1.62%
Market Cap
¥4756.91 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 8,876.00
+176.00 +2.02%
Volume: 6.01M
Aug. 14, 2020 3:00p
P/E Ratio
16.79
Dividend Yield
0.56%
Market Cap
¥10335.74 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 34.70
-0.70 -1.98%
Volume: 30.19M
Aug. 14, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
HK$735.85 billion
Rev. per Employee
HK$2.88M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 58.65
-0.35 -0.59%
Volume: 19.78M
Aug. 14, 2020 4:08p
P/E Ratio
10.25
Dividend Yield
5.54%
Market Cap
HK$1166.08 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.71
-0.02 -0.73%
Volume: 57.09M
Aug. 14, 2020 4:08p
P/E Ratio
22.53
Dividend Yield
5.85%
Market Cap
HK$863.47 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/207270096/delayed
HK : Hong Kong
HK$ 27.50
+0.05 +0.18%
Volume: 35.13M
Aug. 14, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$341.24 billion
Rev. per Employee
HK$1.48M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 459.63
-0.41 -0.09%
Volume: 41.35M
Aug. 14, 2020 4:00p
P/E Ratio
34.93
Dividend Yield
0.71%
Market Cap
$1932.76 billion
Rev. per Employee
$1.98M
loading...

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.