Bulletin
Investor Alert

Asia Markets Archives | Email alerts

July 9, 2018, 6:46 a.m. EDT

Asian markets make strong gains, but Xiaomi sputters after IPO

Chinese phone maker prices at low end of range, falls in early trading

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Shanghai Composite Index (SHCOMP)
  • X
    NIKKEI 225 Index (NIK)
  • X
    Japanese Yen (USDJPY)

or Cancel Already have a watchlist? Log In

By Dow Jones Newswire


Reuters
Lei Jun, Xiaomi’s founder, chairman and CEO, hits a gong during the company’s listing at the Hong Kong Exchanges in Hong Kong on Monday.

Asian stocks made strong gains Monday, building on the Friday uptick seen in other global markets, including in the U.S.

Equities extended gains Monday after a strong U.S. jobs report late last week helped market participants look past recent escalations in trade tensions. The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.19%  surged 2.5% after notching its first seven-week losing streak in 6½ years.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.87%   jumped out of the gate and finished up by 1.2% as the yen slipped against the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1111%  . Electronics companies led the way, with Sony /zigman2/quotes/201361720/delayed JP:6758 +1.79%   and TDK /zigman2/quotes/208948266/delayed JP:6762 +0.10%  up more than 4% each, and Fujitsu /zigman2/quotes/208459594/delayed JP:6702 +1.78%  rising 5%. Murata Manufacturing /zigman2/quotes/204266745/delayed JP:6981 +0.67%  rallied 5.9% following a Nikkei report of price increases for its ceramic capacitors.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.14%   rose 1.3% following its first four-week losing streak since November 2016. Tencent /zigman2/quotes/204605823/delayed HK:700 -1.41%   was up 2.4% after disclosing plans to take its music business public in the U.S. Meanwhile, smartphone-component maker AAC Technologies /zigman2/quotes/201441510/delayed HK:2018 +2.43%   picked up 1.1%.

But shares of Chinese smartphone maker Xiaomi Corp. /zigman2/quotes/208140246/delayed HK:1810 +0.83%  , which raised $4.7 billion in one of Hong Kong’s largest tech initial public offerings in recent years, fell on their debut. The lackluster start came after Xiaomi priced its IPO at the low end of an expected range, giving the company a valuation of $54 billion.

If Xiaomi shares perform poorly in the coming days and weeks, they could hurt the prospects of other tech companies who are preparing their own multibillion-dollar listings in the city. Xiaomi opened at HK$16.60, which was 2.4% lower than its IPO price of HK$17. Shares fell as low as HK$16 a share before closing at HK$16.62

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.58%   was up a further 0.2% following Friday’s latest 10½-year closing high, led by the Big Four bank stocks, including Commonwealth Bank /zigman2/quotes/200638713/delayed AU:CBA -0.38%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +0.03%  .

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.72%   gained 0.6% amid Samsung’s /zigman2/quotes/209800866/delayed KR:005930 0.00%   bounce of 1.6%. But New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.05%   eased 0.3% following another end-of-day spike Friday to a fresh record best.

Markets in Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.40%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.41%    also posted gains.

— Ben St. Clair contributed to this report.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,227.03
+37.99 +1.19%
Volume: 27.47B
Aug. 5, 2022 3:00p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
28,175.87
+243.67 +0.87%
Volume: 0.00
Aug. 5, 2022 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
135.1590
+0.1500 +0.1111%
Volume: 0.0000
Aug. 7, 2022 6:30p
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,685.00
+205.00 +1.79%
Volume: 3.45M
Aug. 5, 2022 3:00p
P/E Ratio
16.43
Dividend Yield
0.60%
Market Cap
¥14492.75 billion
Rev. per Employee
¥91.61M
loading...
/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 4,830.00
+5.00 +0.10%
Volume: 1.65M
Aug. 5, 2022 3:00p
P/E Ratio
10.07
Dividend Yield
2.19%
Market Cap
¥1830.55 billion
Rev. per Employee
¥17.06M
loading...
/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 17,715.00
+310.00 +1.78%
Volume: 465,700
Aug. 5, 2022 3:00p
P/E Ratio
19.90
Dividend Yield
1.35%
Market Cap
¥3507.73 billion
Rev. per Employee
¥29.01M
loading...
/zigman2/quotes/204266745/delayed
JP : Japan: Tokyo
¥ 7,829.00
+52.00 +0.67%
Volume: 1.49M
Aug. 5, 2022 3:00p
P/E Ratio
16.03
Dividend Yield
1.92%
Market Cap
¥5009.25 billion
Rev. per Employee
¥23.33M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,201.94
+27.90 +0.14%
Volume: 1.64M
Aug. 5, 2022 4:09p
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 307.60
-4.40 -1.41%
Volume: 16.44M
Aug. 5, 2022 4:09p
P/E Ratio
12.28
Dividend Yield
0.52%
Market Cap
$2923.80 billion
Rev. per Employee
$6.03M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
$ 15.20
+0.36 +2.43%
Volume: 4.38M
Aug. 5, 2022 4:09p
P/E Ratio
11.58
Dividend Yield
1.32%
Market Cap
$18.37 billion
Rev. per Employee
$566,423
loading...
/zigman2/quotes/208140246/delayed
HK : Hong Kong
$ 12.22
+0.10 +0.83%
Volume: 58.16M
Aug. 5, 2022 4:09p
P/E Ratio
23.63
Dividend Yield
N/A
Market Cap
$305.17 billion
Rev. per Employee
$11.78M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,015.60
+40.70 +0.58%
Volume: 589,213
Aug. 5, 2022 5:10p
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 101.41
-0.39 -0.38%
Volume: 1.55M
Aug. 5, 2022 4:10p
P/E Ratio
16.88
Dividend Yield
3.70%
Market Cap
$172.38 billion
Rev. per Employee
$656,113
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 30.91
+0.01 +0.03%
Volume: 2.00M
Aug. 5, 2022 4:10p
P/E Ratio
15.67
Dividend Yield
4.53%
Market Cap
$97.95 billion
Rev. per Employee
$620,376
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,490.80
+17.69 +0.72%
Volume: 409,776
Aug. 5, 2022 3:30p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
61,500.00
0.00 0.00%
Volume: 9.57M
Aug. 5, 2022 3:30p
P/E Ratio
9.65
Dividend Yield
2.35%
Market Cap
₩413634.74 billion
Rev. per Employee
₩2.69B
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,722.34
-6.13 -0.05%
Volume: 0.00
Aug. 8, 2022 10:10a
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,282.88
+13.02 +0.40%
Volume: 0.00
Aug. 5, 2022 5:20p
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,501.55
-6.16 -0.41%
Volume: 0.00
Aug. 5, 2022 5:05p
loading...

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.