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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

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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 +1.05%  surged 2.5% after notching its first seven-week losing streak in 6½ years.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.18%   jumped out of the gate and finished up by 1.2% as the yen slipped against the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1434%  . Electronics companies led the way, with Sony /zigman2/quotes/201361720/delayed JP:6758 -0.97%   and TDK /zigman2/quotes/208948266/delayed JP:6762 -1.47%  up more than 4% each, and Fujitsu /zigman2/quotes/208459594/delayed JP:6702 -2.88%  rising 5%. Murata Manufacturing /zigman2/quotes/204266745/delayed JP:6981 -1.64%  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 +1.84%   rose 1.3% following its first four-week losing streak since November 2016. Tencent /zigman2/quotes/204605823/delayed HK:700 +1.58%   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 +1.05%   picked up 1.1%.

But shares of Chinese smartphone maker Xiaomi Corp. /zigman2/quotes/208140246/delayed HK:1810 +2.11%  , 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 +0.66%   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 +0.88%   and National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +1.54%  .

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.40%   gained 0.6% amid Samsung’s /zigman2/quotes/209800866/delayed KR:005930 -0.24%   bounce of 1.6%. But New Zealand’s NZX 50 /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.03%   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 +0.53%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.21%    also posted gains.

— Ben St. Clair contributed to this report.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,545.39
+36.80 +1.05%
Volume: 16.83B
March 3, 2021 10:53a
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/zigman2/quotes/210597971/delayed
JP : Nikkei
29,459.71
+51.54 +0.18%
Volume: 0.00
March 3, 2021 11:30a
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.8390
+0.1530 +0.1434%
Volume: 0.0000
March 2, 2021 10:07p
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,235.00
-110.00 -0.97%
Volume: 1.65M
March 3, 2021 11:30a
P/E Ratio
13.03
Dividend Yield
0.49%
Market Cap
¥14101.01 billion
Rev. per Employee
¥73.75M
loading...
/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 15,390.00
-230.00 -1.47%
Volume: 275,200
March 3, 2021 11:30a
P/E Ratio
34.54
Dividend Yield
1.17%
Market Cap
¥1955.48 billion
Rev. per Employee
¥12.72M
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/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 15,165.00
-450.00 -2.88%
Volume: 572,400
March 3, 2021 11:30a
P/E Ratio
17.45
Dividend Yield
1.32%
Market Cap
¥3127.21 billion
Rev. per Employee
¥29.89M
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/zigman2/quotes/204266745/delayed
JP : Japan: Tokyo
¥ 9,275.00
-155.00 -1.64%
Volume: 909,600
March 3, 2021 11:30a
P/E Ratio
27.92
Dividend Yield
1.19%
Market Cap
¥6067.38 billion
Rev. per Employee
¥20.70M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,629.93
+534.07 +1.84%
Volume: 954,823
March 3, 2021 10:53a
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 709.00
+11.00 +1.58%
Volume: 5.22M
March 3, 2021 10:53a
P/E Ratio
50.51
Dividend Yield
0.17%
Market Cap
HK$6630.61 billion
Rev. per Employee
HK$6.80M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 43.25
+0.45 +1.05%
Volume: 989,030
March 3, 2021 10:53a
P/E Ratio
26.52
Dividend Yield
0.23%
Market Cap
HK$51.24 billion
Rev. per Employee
HK$514,884
loading...
/zigman2/quotes/208140246/delayed
HK : Hong Kong
HK$ 26.60
+0.55 +2.11%
Volume: 36.48M
March 3, 2021 10:53a
P/E Ratio
41.92
Dividend Yield
N/A
Market Cap
HK$650.08 billion
Rev. per Employee
HK$12.85M
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,807.10
+44.80 +0.66%
Volume: 283,752
March 3, 2021 1:48p
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/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 85.23
+0.74 +0.88%
Volume: 892,401
March 3, 2021 1:48p
P/E Ratio
18.97
Dividend Yield
2.91%
Market Cap
$149.07 billion
Rev. per Employee
$917,769
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 25.65
+0.39 +1.54%
Volume: 2.58M
March 3, 2021 1:48p
P/E Ratio
31.98
Dividend Yield
2.34%
Market Cap
$82.75 billion
Rev. per Employee
$763,679
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,056.04
+12.17 +0.40%
Volume: 1.33M
March 3, 2021 11:48a
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
83,400.00
-200.00 -0.24%
Volume: 8.75M
March 3, 2021 11:48a
P/E Ratio
21.71
Dividend Yield
1.70%
Market Cap
₩552413.27 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
12,340.93
-3.56 -0.03%
Volume: 0.00
March 3, 2021 3:48p
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,989.63
+15.76 +0.53%
Volume: 0.00
March 3, 2021 10:53a
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,573.21
+3.34 +0.21%
Volume: 0.00
March 3, 2021 10:53a
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