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March 16, 2012, 4:43 a.m. EDT

Asia markets mostly down; Shanghai, Tokyo rise

Japan stocks clinch 6th weekly gain; Shanghai suffers weekly drop

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By Sarah Turner and V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese stocks rose narrowly Friday to clinch a sixth straight week of gains as technology firms advanced on the back of an extended rally on Wall Street, while Chinese shares rebounded on bargain buying after two days of losses.

Most other regional markets declined as investors locked in profits before the weekend, with energy shares losing ground in Sydney and Hong Kong after crude-oil prices dropped in New York Thursday.

China’s Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -4.31%  was the day’s best performer among major markets, rising 1.3% to 2,404.74 after dropping in the last two sessions. But the index still ended the week with a 1.4% decline.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%  ended marginally lower at 4,276.20, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%  lost 0.5% at 2,034.44, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.84%  shed 0.2% at 21,317.85 and Taiwan’s Taiex gave up 0.8% to 8,054.94.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.06%  rose 0.1% to 10,129.83 after seesawing between gains and losses.

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“Our global equity strategists believe we are getting into profit-taking territory... Equities are cheap because bond yields are too low, distorted by unconventional monetary policy. This implies markets may not be willing to extend the rally in equities beyond this pint and erode the equity risk premia,” Barclays strategist Jose Wynne wrote in a report.

Other than the Shanghai Composite, all the other indexes ended up during the week. Japan’s Nikkei jumped 2%, the S&P ASX 200 gained 1.5%, the Kospi rose 0.8%, the Hang Seng Index added 1.1% and Taiex climbed 0.5%.

“Investors seem nervous about piling into risk assets as defensive sectors seem to have attracted most of the week’s buyers. High yielding stocks with consistent earnings certainly seem to be in favor at the moment. With increasing concerns about China’s growth, we might see this trend continue for a while,” said Stan Shamu at IG Markets.

Exporters fueled gains this week in Japan but traded indecisively Friday, as the yen recovered some recent losses against the U.S. dollar.

Technology shares outperformed the broader market, with Advantest Corp. /zigman2/quotes/206869087/delayed JP:6857 +0.87%   /zigman2/quotes/202479540/composite ADTTF +1.36%  rising 3.1% and Tokyo Electron Ltd. /zigman2/quotes/202883609/delayed JP:8035 -0.75%   /zigman2/quotes/206919677/composite TOELY +1.52%  gaining 1.9%. But auto makers declined, with Honda Motor Co. /zigman2/quotes/200490352/delayed JP:7267 -2.98% /zigman2/quotes/207173990/composite HMC +1.04% slipping 0.6% and Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -2.10% /zigman2/quotes/200537742/composite TM +0.92% losing 0.1%.

Hitachi Ltd. /zigman2/quotes/203839937/delayed JP:6501 -1.24%   advanced 2.5% after the company said Thursday it was hiking its fiscal-year profit outlook on strong proceeds from the sale of its hard-disk-drive unit.

In Hong Kong, China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -2.66%   /zigman2/quotes/204514293/composite CHL -1.30%  fell 1.1% after Macquarie downgraded the stock to neutral.

China Overseas Land & Investment Ltd. /zigman2/quotes/202573805/composite CAOVY +0.19% /zigman2/quotes/205731176/delayed HK:688 -0.98% tumbled 4.7% after its Chairman said Chinese property market conditions will be “more severe” in the first half of this year.

Merchandise supplier and logistics firm Li & Fung Ltd.  gained 2.7% amid an improving U.S. economic outlook.

Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -1.88% /zigman2/quotes/208048873/composite BKFCF -1.69% /zigman2/quotes/207155262/delayed CN:601328 -2.87%  climbed 2.1% in Hong Kong as investors looked past concerns of equity-dilution from the lender’s 56.6 billion yuan ($8.95 billion) share placement, on hopes the move will boost its capital position. In Shanghai, the stock fell 0.6%. Read report on analyst view on BoCom.

Energy shares in Hong Kong and Sydney were weighed by a drop in crude-oil futures overnight.

PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -3.83% /zigman2/quotes/205108732/composite PTR -1.64% /zigman2/quotes/206980083/delayed CN:601857 -2.95% lost 1% and Cnooc Ltd. /zigman2/quotes/203421416/delayed HK:883 -1.48%   /zigman2/quotes/204964401/composite CEO +1.58%  dropped 1.1% in Hong Kong.

In Sydney, Origin Energy Ltd. /zigman2/quotes/207944120/delayed AU:ORG -2.22% /zigman2/quotes/210354031/composite OGFGF +1.66%  lost 0.3%, and Oil Search Ltd. /zigman2/quotes/204702973/delayed AU:OSH -4.15% /zigman2/quotes/209002256/composite OISHF +7.96%  gave up 0.9%.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.86
-0.67 -4.31%
Volume: 215.88M
July 10, 2020 3:00p
P/E Ratio
10.33
Dividend Yield
1.47%
Market Cap
¥288.37 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,727.41
-482.75 -1.84%
Volume: 2.14M
July 10, 2020 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
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/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 6,960.00
+60.00 +0.87%
Volume: 3.35M
July 10, 2020 3:00p
P/E Ratio
25.87
Dividend Yield
1.18%
Market Cap
¥1380.97 billion
Rev. per Employee
¥64.26M
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/zigman2/quotes/202479540/composite
US : U.S.: OTC
$ 49.32
+0.66 +1.36%
Volume: 0.00
June 9, 2020 5:19p
P/E Ratio
19.92
Dividend Yield
N/A
Market Cap
$9.88 billion
Rev. per Employee
$581,734
loading...
/zigman2/quotes/202883609/delayed
JP : Japan: Tokyo
¥ 29,610.00
-225.00 -0.75%
Volume: 1.52M
July 10, 2020 3:00p
P/E Ratio
25.44
Dividend Yield
2.23%
Market Cap
¥4605.11 billion
Rev. per Employee
¥110.09M
loading...
/zigman2/quotes/206919677/composite
US : U.S.: OTC
$ 70.03
+1.05 +1.52%
Volume: 21,330
July 10, 2020 3:57p
P/E Ratio
26.15
Dividend Yield
1.54%
Market Cap
$43.14 billion
Rev. per Employee
$997,844
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/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 2,636.50
-81.00 -2.98%
Volume: 4.55M
July 10, 2020 3:00p
P/E Ratio
10.18
Dividend Yield
0.00%
Market Cap
¥4552.21 billion
Rev. per Employee
¥73.06M
loading...
/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 25.28
+0.26 +1.04%
Volume: 1.27M
July 10, 2020 4:00p
P/E Ratio
10.60
Dividend Yield
3.41%
Market Cap
$42.64 billion
Rev. per Employee
$661,808
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 6,568.00
-141.00 -2.10%
Volume: 6.65M
July 10, 2020 3:00p
P/E Ratio
9.04
Dividend Yield
3.35%
Market Cap
¥18168.09 billion
Rev. per Employee
¥81.43M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 124.97
+1.14 +0.92%
Volume: 198,726
July 10, 2020 4:00p
P/E Ratio
9.35
Dividend Yield
2.88%
Market Cap
$170.18 billion
Rev. per Employee
$737,463
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/zigman2/quotes/203839937/delayed
JP : Japan: Tokyo
¥ 3,342.00
-42.00 -1.24%
Volume: 3.00M
July 10, 2020 3:00p
P/E Ratio
36.96
Dividend Yield
2.84%
Market Cap
¥3231.16 billion
Rev. per Employee
¥30.84M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 54.90
-1.50 -2.66%
Volume: 17.99M
July 10, 2020 4:08p
P/E Ratio
9.33
Dividend Yield
5.92%
Market Cap
HK$1124.10 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/204514293/composite
US : U.S.: NYSE
$ 35.70
-0.47 -1.30%
Volume: 832,127
July 10, 2020 4:00p
P/E Ratio
9.51
Dividend Yield
5.26%
Market Cap
$145.03 billion
Rev. per Employee
$239,645
loading...
/zigman2/quotes/202573805/composite
US : U.S.: OTC
$ 16.25
+0.03 +0.19%
Volume: 9,097
July 10, 2020 3:46p
P/E Ratio
N/A
Dividend Yield
3.46%
Market Cap
$35.69 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 25.25
-0.25 -0.98%
Volume: 10.16M
July 10, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
4.04%
Market Cap
HK$276.63 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.70
-0.09 -1.88%
Volume: 30.79M
July 10, 2020 4:08p
P/E Ratio
4.00
Dividend Yield
7.34%
Market Cap
HK$399.92 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/composite
US : U.S.: OTC
$ 0.58
-0.01 -1.69%
Volume: 0.00
June 22, 2020 12:37p
P/E Ratio
3.84
Dividend Yield
N/A
Market Cap
$50.08 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.42
-0.16 -2.87%
Volume: 238.51M
July 10, 2020 3:00p
P/E Ratio
5.21
Dividend Yield
5.81%
Market Cap
¥361.48 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.76
-0.11 -3.83%
Volume: 142.45M
July 10, 2020 4:08p
P/E Ratio
22.94
Dividend Yield
5.74%
Market Cap
HK$882.29 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 35.97
-0.60 -1.64%
Volume: 113,367
July 10, 2020 4:00p
P/E Ratio
9.92
Dividend Yield
3.87%
Market Cap
$113.83 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 4.60
-0.14 -2.95%
Volume: 202.45M
July 10, 2020 3:00p
P/E Ratio
18.43
Dividend Yield
3.12%
Market Cap
¥797.48 billion
Rev. per Employee
¥4.49M
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
HK$ 8.67
-0.13 -1.48%
Volume: 88.93M
July 10, 2020 4:08p
P/E Ratio
5.59
Dividend Yield
9.00%
Market Cap
HK$387.09 billion
Rev. per Employee
HK$13.96M
loading...
/zigman2/quotes/204964401/composite
US : U.S.: NYSE
$ 113.60
+1.77 +1.58%
Volume: 83,590
July 10, 2020 4:00p
P/E Ratio
5.74
Dividend Yield
7.89%
Market Cap
$49.94 billion
Rev. per Employee
$1.78M
loading...
/zigman2/quotes/207944120/delayed
AU : Australia: Sydney
$ 5.73
-0.13 -2.22%
Volume: 3.74M
July 10, 2020 4:10p
P/E Ratio
9.97
Dividend Yield
5.24%
Market Cap
$10.09 billion
Rev. per Employee
$2.70M
loading...
/zigman2/quotes/210354031/composite
US : U.S.: OTC
$ 4.29
+0.07 +1.66%
Volume: 0.00
July 9, 2020 9:32a
P/E Ratio
10.76
Dividend Yield
N/A
Market Cap
$7.18 billion
Rev. per Employee
$2.01M
loading...
/zigman2/quotes/204702973/delayed
AU : Australia: Sydney
$ 3.00
-0.13 -4.15%
Volume: 11.60M
July 10, 2020 4:10p
P/E Ratio
10.22
Dividend Yield
4.71%
Market Cap
$6.23 billion
Rev. per Employee
$1.46M
loading...
/zigman2/quotes/209002256/composite
US : U.S.: OTC
$ 2.14
+0.16 +7.96%
Volume: 0.00
July 9, 2020 11:04a
P/E Ratio
10.49
Dividend Yield
N/A
Market Cap
$4.53 billion
Rev. per Employee
$1.09M
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Sarah Turner is MarketWatch's bureau chief in Sydney. Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Michael Kitchen in Los Angeles contributed to this report.

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