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Feb. 17, 2017, 5:31 a.m. EST

Asian stocks hit the brakes at end of choppy week

Nikkei slumps, Samsung’s decline weighs on Kospi

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By Ese Erheriene


Bloomberg News
Friday’s declines capped a week of choppy trading in Asia.

Global investors showed caution Thursday, as a weaker U.S. dollar and profit-taking sent major Asian stock indexes lower, despite a strong overnight lead from Wall Street.

Following a surge in regional equities Wednesday, appetite for risk cooled amid currency headwinds and broader global political uncertainty. The moves reflect a pattern of choppy trading in recent weeks.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +2.50%   closed down 0.6% at 19,234.62, hitting a six-day low earlier in the session at 19,173.53 points. In Australia, the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.26%   finished 0.2% lower, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.39%   fell 0.3% and Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.58%   ended flat.

“A week-long ‘Trump rally’ has possibly to come to an end,” said Jane Fu, a sales trader at CMC Markets.

Overnight in the U.S., the S&P 500 ended down 0.1%, capping its longest run of gains since 2013, after a week that saw the major U.S. indexes hit successive new highs. The Nasdaq Composite also fell 0.1%, though the Dow Jones Industrial Average edged up less than 0.1% to a fresh high.

In Japan, real estate, energy, and auto stocks led the declines. Major property developer Mitsui Fudosan /zigman2/quotes/205394574/delayed JP:8801 +2.71%   fell 3%, oil explorer Inpex /zigman2/quotes/206689846/delayed JP:1605 +2.26%   lost 1% and Suzuki Motor /zigman2/quotes/201794956/delayed JP:7269 +1.80%   fell 1.8%.

In Korea, Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 +0.30%   shares fell after a court approved an arrest warrant for Lee Jae-yong, the company’s vice chairman and de facto leader of the Samsung conglomerate, as part of a wider corruption scandal that saw the country’s president impeached. The stock, which has the largest weighting on Korea’s benchmark Kospi index, was last down 1.5%.

Elsewhere, Singapore’s economy expanded 12.3% from the previous quarter on a seasonally adjusted and annualized basis in the October-to-December period, the Ministry of Trade and Industry said in a statement Friday. That was a faster pace of expansion than an initial estimate of 9.1%, helping push growth for the year to 2.0%, well above the 1.5% upper range of a government forecast for 2016.

Singapore’s Strait Times Index /zigman2/quotes/210597985/delayed SG:STI +1.50%   rose 0.3%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,165.59
+638.22 +2.50%
Volume: 0.00
Nov. 24, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,644.10
+82.50 +1.26%
Volume: 811,485
Nov. 24, 2020 5:20p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,588.20
+102.00 +0.39%
Volume: 2.03M
Nov. 24, 2020 4:09p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,617.76
+15.17 +0.58%
Volume: 1.36M
Nov. 24, 2020 3:30p
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,237.50
+59.00 +2.71%
Volume: 4.49M
Nov. 24, 2020 3:00p
P/E Ratio
17.25
Dividend Yield
1.97%
Market Cap
¥2096.03 billion
Rev. per Employee
¥91.34M
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/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 589.00
+13.00 +2.26%
Volume: 8.50M
Nov. 24, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
4.07%
Market Cap
¥841.08 billion
Rev. per Employee
¥427.76M
loading...
/zigman2/quotes/201794956/delayed
JP : Japan: Tokyo
¥ 5,543.00
+98.00 +1.80%
Volume: 1.65M
Nov. 24, 2020 3:00p
P/E Ratio
24.49
Dividend Yield
1.34%
Market Cap
¥2642.80 billion
Rev. per Employee
¥50.93M
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
67,700.00
+200.00 +0.30%
Volume: 32.16M
Nov. 24, 2020 3:30p
P/E Ratio
18.49
Dividend Yield
2.09%
Market Cap
₩453156.46 billion
Rev. per Employee
₩2.19B
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,891.63
+42.85 +1.50%
Volume: 0.00
Nov. 24, 2020 5:20p
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