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June 27, 2018, 6:41 a.m. EDT

Asian markets drop as energy-stock surge not enough to offset other losses

Oil companies gain after U.S. warning on Iranian exports

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By Dow Jones Newswire


Bloomberg News
A Japan Petroleum Exploration Co. Ltd. facility in Tomakomai, Japan.

Asian stock markets were mostly lower Wednesday, giving up early gains, as rising oil prices and trade tensions continued to set the tone for trading.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.69%   fell 0.3%, with oil consumers lagging on crude’s overnight pop following a U.S. official’s comments warning the world to end Iranian oil imports or face sanctions. Major shipper Mitsui OSK /zigman2/quotes/204152844/delayed JP:9104 -0.68%   was down over 3% at one point before closing down 1.5%, while airline operator ANA /zigman2/quotes/202790240/delayed JP:9202 -2.42%   fell 1.6%. Conversely, energy stocks were up with oil explorer Japan Petroleum Exploration /zigman2/quotes/201212147/delayed JP:1662 -3.66%   surging 4.7% and distributor JXTG /zigman2/quotes/208590403/delayed JP:5020 -0.19%   climbing 6.3%.

Oil prices  gained on news the U.S. expects all countries to cut oil imports from Iran to “zero” by Nov. 4 or risk sanctions, a senior U.S. State Department official said on Tuesday, expressing a toughening of the Trump administration’s Iran policy as Washington tries to politically and economically isolate Tehran.

Chinese stocks fell anew as the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +2.28%   hit fresh two-year lows, down 1.1%, and entered bear-market territory to join Shenzhen index /zigman2/quotes/210598015/delayed CN:399106 +3.18%   at least 20% below their most recent highs.

Hong Kong stocks started slightly higher before joining much of the region in the red, as the Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.52%   closed down 1.8%. It has dropped in eight of the past 10 days. Insurer AIA /zigman2/quotes/203565558/delayed HK:1299 +0.43%   gained initially but closed down 1.7%. Energy stocks jumped, with CNOOC /zigman2/quotes/203421416/delayed HK:883 -0.65%   3.2% higher, though off the session’s best, and PetroChina /zigman2/quotes/204979431/delayed HK:857 +0.29%   managing a 0.3% higher finish after rallying sharply early on.

China’s largest steel-trading platform filed an IPO application in Hong Kong, with Zhaogang.com said to be seeking to raise around $500 million. The move marks the third major Chinese company with a dual-class structure to seek a listing in Hong Kong following recent rule changes, following smartphone maker Xiaomi and Chinese tech startup Meituan.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.06%   reversed early gains, as losses by automakers and steelmakers outweighed gains by tech companies. Posco /zigman2/quotes/201759282/delayed KR:005490 -0.46%   fell while Samsung /zigman2/quotes/209800866/delayed KR:005930 -0.49%   gained.

Stocks in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.48%  , Singapore /zigman2/quotes/210597985/delayed SG:STI -0.22%   and Taiwan   were up modestly to begin but floundered later, as did the benchmark in Australia /zigman2/quotes/210598100/delayed AU:XJO -0.07% . New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR +0.33%  closed modestly higher.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,523.24
-164.35 -0.69%
Volume: 0.00
Feb. 17, 2020 3:15p
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/zigman2/quotes/204152844/delayed
JP : Japan: Tokyo
¥ 2,497.00
-17.00 -0.68%
Volume: 740,300
Feb. 17, 2020 3:00p
P/E Ratio
5.59
Dividend Yield
2.60%
Market Cap
¥300.65 billion
Rev. per Employee
¥125.14M
loading...
/zigman2/quotes/202790240/delayed
JP : Japan: Tokyo
¥ 3,313.00
-82.00 -2.42%
Volume: 2.36M
Feb. 17, 2020 3:00p
P/E Ratio
12.26
Dividend Yield
2.26%
Market Cap
¥1135.70 billion
Rev. per Employee
¥48.88M
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/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 2,814.00
-107.00 -3.66%
Volume: 213,000
Feb. 17, 2020 3:00p
P/E Ratio
8.07
Dividend Yield
1.78%
Market Cap
¥166.94 billion
Rev. per Employee
¥156.48M
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/zigman2/quotes/208590403/delayed
JP : Japan: Tokyo
¥ 474.90
-0.90 -0.19%
Volume: 10.15M
Feb. 17, 2020 3:00p
P/E Ratio
9.23
Dividend Yield
4.63%
Market Cap
¥1531.78 billion
Rev. per Employee
¥282.48M
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,983.62
+66.61 +2.28%
Volume: 31.32B
Feb. 17, 2020 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
1,835.96
+56.53 +3.18%
Volume: 48.11B
Feb. 17, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
27,959.60
+144.00 +0.52%
Volume: 1.41M
Feb. 17, 2020 4:08p
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/zigman2/quotes/203565558/delayed
HK : Hong Kong
HK$ 81.00
+0.35 +0.43%
Volume: 9.67M
Feb. 17, 2020 4:08p
P/E Ratio
25.81
Dividend Yield
1.46%
Market Cap
HK$971.63 billion
Rev. per Employee
HK$12.98M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 12.26
-0.08 -0.65%
Volume: 55.61M
Feb. 17, 2020 4:08p
P/E Ratio
8.29
Dividend Yield
5.95%
Market Cap
HK$550.95 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 3.46
+0.01 +0.29%
Volume: 68.37M
Feb. 17, 2020 4:08p
P/E Ratio
13.27
Dividend Yield
4.56%
Market Cap
HK$631.42 billion
Rev. per Employee
HK$5.32M
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,242.17
-1.42 -0.06%
Volume: 458,247
Feb. 17, 2020 3:30p
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/zigman2/quotes/201759282/delayed
KR : S. Korea: KRX
218,500
-1,000 -0.46%
Volume: 281,494
Feb. 17, 2020 3:30p
P/E Ratio
19.26
Dividend Yield
4.58%
Market Cap
₩17585.40 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
61,500.00
-300.00 -0.49%
Volume: 8.74M
Feb. 17, 2020 3:30p
P/E Ratio
16.98
Dividend Yield
2.30%
Market Cap
₩419787.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,537.12
-7.34 -0.48%
Volume: 0.00
Feb. 17, 2020 5:05p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,213.00
-7.03 -0.22%
Volume: 0.00
Feb. 17, 2020 5:20p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,125.10
-5.10 -0.07%
Volume: 501,267
Feb. 17, 2020 5:53p
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
11,873.98
+39.15 +0.33%
Volume: 0.00
Feb. 17, 2020 5:01p
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