Bulletin
Investor Alert

Asia Markets Archives | Email alerts

April 23, 2013, 4:19 a.m. EDT

Asia stocks trip over weak China data

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Ping An Bank Co. Ltd. (000001)
  • X
    Hang Seng Index (HSI)

or Cancel Already have a watchlist? Log In

By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets fell Tuesday after data showing Chinese manufacturing activity expanded at a slower rate in April, with Shanghai-listed stocks hit particularly hard, although Australian shares climbed on the back of banks and energy producers.

“Investor outlook on the Chinese economy appears delicately balanced,” said CMC Markets chief market analyst Ric Spooner.

Spooner said there were worries that the Chinese economy may be underperforming the official numbers, in addition to “concerns that the economy has the potential to weaken further as authorities wrestle with the contradictory imperatives of maintaining growth.”


Reuters

The Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -4.31%  was the region’s worst performing stock benchmark, dropping 2.6% for its worst daily loss in nearly a month. The decline came after a preliminary version of HSBC’s manufacturing Purchasing Managers’ Index slipped to a two-month low of 50.5 in April, compared with a final reading of 51.6 in March.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.84%  gave up 1.1%, Taiwan’s Taiex  shed 0.4% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.81%  lost 0.4%.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.06%  slipped 0.3% after struggling to rise earlier in the day.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%  was one major exception, rising 1% at 5,016.20, even though a number of Sydney-listed miners that count China as a major customer for the commodities they produce declined.

The broad losses in Asia came despite gains for U.S. stocks overnight.

HSBC’s chief China economist Qu Hongbin said a drop in new export orders signaled weak external demand, while overall sluggish demand conditions have also begun to weigh on employment. Still, Qu remained optimistic about a policy response to support the economy.

Click to Play

What urban Chinese buy on credit

As China’s middle class grows, so does their debt. Shaun Rein from China Market Research talks about what Chinese consumers are buying with the 320 million credit cards currently in circulation in China.

“Beijing is expected to respond strongly to sustain the economic recovery by increasing efforts to boost domestic investment and consumption in the coming months,” he said.

Shares of property- and construction-related firms took a tumble on Chinese bourses after the HSBC PMI data release, with Anhui Conch Cement Co. /zigman2/quotes/204422624/delayed CN:600585 -3.48% /zigman2/quotes/200654749/composite AHCHY +0.45%  shedding 5.9%, real-estate major Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -4.27% skidding 4.9%, and Chongqing Iron & Steel Co. /zigman2/quotes/202296970/delayed CN:601005 -4.71% falling 4.8%.

Property giant China Vanke Co.  lost 3.5% in Shenzhen trading despite posting a 16% rise in first-quarter net profit.

Commodity producers suffered selling in Hong Kong, where shares of Aluminum Corp. of China Ltd. /zigman2/quotes/202960704/delayed HK:2600 -3.50%   /zigman2/quotes/208051344/composite ACH -2.53%  lost 1.7% and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -3.83%   /zigman2/quotes/205108732/composite PTR -1.64%  fell 1.2%, while ports operator Cosco Pacific Ltd. /zigman2/quotes/201167312/delayed HK:1199 -3.44% /zigman2/quotes/204918291/composite CSPKY +0.54% dropped 3%.

Heavyweight stock China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -2.66%   /zigman2/quotes/204514293/composite CHL -1.30% retreated 0.9% after reporting its net profit barely grew in the first quarter amid stiff competition.

The gains in Sydney were aided by the energy sector, with major oil producer Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -2.36% /zigman2/quotes/206334215/composite WOPEY +1.08% jumping 9.7% after announcing a special dividend. Among its sector peers, shares of Santos Ltd. /zigman2/quotes/207349564/delayed AU:STO -1.89%   /zigman2/quotes/207933640/composite STOSF +0.57%  climbed 3%, while Linc Energy Ltd.  added 5.1%.

/zigman2/quotes/203437212/delayed WPL 21.14, -0.51, -2.36%
Woodside Petroleum
One-year price chart

Financials were also higher in Sydney following a positive lead from Wall Street, helped by further buying in high-dividend stocks. Australia & New Zealand Banking Group /zigman2/quotes/205482049/delayed AU:ANZ -1.03% /zigman2/quotes/203732563/composite ANZBY +0.39%  added 2.4%, and Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC -1.40%   /zigman2/quotes/206661702/composite WBK +1.30%  gained 1.3%.

The big miners dropped, however, in reaction to the Chinese data. Shares of BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -0.74%   /zigman2/quotes/208108397/composite BHP +1.13%  lost 1.1%, Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -0.69%   /zigman2/quotes/202627887/composite RIO +1.62%  fell 2.3% and Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.13%   /zigman2/quotes/204116626/composite FSUMF +0.49%  dropped 1.3%.

Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -1.40%   /zigman2/quotes/203286036/composite NCMGY -0.07%  declined 3.3% after saying it’s reviewing all business activities in the wake of the drop in gold prices.

Shares of Virgin Australia Holdings Ltd. /zigman2/quotes/207744791/delayed AU:VAH +6.17%   /zigman2/quotes/207088423/composite VBHLF +499,900% climbed 4.6% after local regulators approved the airline’s plan to buy a majority stake in low-cost carrier Tiger Airways Australia.

Over in Tokyo, banks gave up some of their strong recent gains, with Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 -1.68%   losing 1.5% and Mizuho Financial Group Inc. /zigman2/quotes/204507985/delayed JP:8411 -2.11% /zigman2/quotes/200950467/composite MFG +0.41% shedding 1.8%.

Fuji Heavy Industries Ltd. /zigman2/quotes/203522406/delayed JP:7270 -2.54%   /zigman2/quotes/203008939/composite FUJHF -3.94% , the maker of Subaru vehicles, rose 0.5% after the Nikkei newspaper said it plans to invest 30 billion yen ($302.1 million) /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2668% for expansion in the U.S.

ANA Holdings Inc. /zigman2/quotes/202790240/delayed JP:9202 -1.65%   /zigman2/quotes/203486823/composite ALNPF 0.00%  added 1% after the Nikkei newspaper reported that the parent company of All Nippon Airways Co. was likely to report a 10% increase in annual group operating profit.

/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
¥301.37 billion
Rev. per Employee
¥6.12M
loading...
/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/210598069/delayed
KR : Korea Exchange
2,150.25
-17.65 -0.81%
Volume: 886,987
July 10, 2020 3:32p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,290.81
-238.48 -1.06%
Volume: 0.00
July 10, 2020 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,919.20
-36.30 -0.61%
Volume: 565,369
July 10, 2020 5:10p
loading...
/zigman2/quotes/204422624/delayed
CN : China: Shanghai
¥ 57.18
-2.06 -3.48%
Volume: 53.35M
July 10, 2020 3:00p
P/E Ratio
9.35
Dividend Yield
3.50%
Market Cap
¥303.14 billion
Rev. per Employee
¥2.89M
loading...
/zigman2/quotes/200654749/composite
US : U.S.: OTC
$ 36.22
+0.16 +0.45%
Volume: 45,630
July 10, 2020 3:59p
P/E Ratio
7.91
Dividend Yield
3.35%
Market Cap
$43.39 billion
Rev. per Employee
$437,167
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 15.26
-0.68 -4.27%
Volume: 62.51M
July 10, 2020 3:00p
P/E Ratio
6.98
Dividend Yield
4.39%
Market Cap
¥74.99 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/202296970/delayed
CN : China: Shanghai
¥ 1.62
-0.08 -4.71%
Volume: 107.49M
July 10, 2020 3:00p
P/E Ratio
18.47
Dividend Yield
N/A
Market Cap
¥14.54 billion
Rev. per Employee
¥3.40M
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
HK$ 1.93
-0.07 -3.50%
Volume: 56.12M
July 10, 2020 4:08p
P/E Ratio
45.09
Dividend Yield
N/A
Market Cap
HK$59.68 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 6.17
-0.16 -2.53%
Volume: 96,048
July 10, 2020 4:00p
P/E Ratio
66.42
Dividend Yield
N/A
Market Cap
$7.70 billion
Rev. per Employee
$387,394
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 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$911.93 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
$117.67 billion
Rev. per Employee
$678,384
loading...
/zigman2/quotes/201167312/delayed
HK : Hong Kong
HK$ 4.21
-0.15 -3.44%
Volume: 3.80M
July 10, 2020 4:08p
P/E Ratio
4.84
Dividend Yield
7.24%
Market Cap
HK$13.79 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204918291/composite
US : U.S.: OTC
$ 5.60
+0.03 +0.54%
Volume: 59.00
July 7, 2020 5:20p
P/E Ratio
5.70
Dividend Yield
6.14%
Market Cap
$1.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 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$1154.82 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
$149.01 billion
Rev. per Employee
$239,645
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 21.14
-0.51 -2.36%
Volume: 3.18M
July 10, 2020 4:10p
P/E Ratio
40.90
Dividend Yield
6.45%
Market Cap
$20.62 billion
Rev. per Employee
$1.92M
loading...
/zigman2/quotes/206334215/composite
US : U.S.: OTC
$ 14.97
+0.16 +1.08%
Volume: 21,102
July 10, 2020 3:51p
P/E Ratio
40.58
Dividend Yield
5.81%
Market Cap
$14.35 billion
Rev. per Employee
$1.43M
loading...
/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 5.19
-0.10 -1.89%
Volume: 5.48M
July 10, 2020 4:10p
P/E Ratio
11.26
Dividend Yield
3.17%
Market Cap
$10.99 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/207933640/composite
US : U.S.: OTC
$ 3.50
+0.02 +0.57%
Volume: 100.00
July 8, 2020 9:57a
P/E Ratio
10.90
Dividend Yield
N/A
Market Cap
$7.35 billion
Rev. per Employee
$1.71M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 18.30
-0.19 -1.03%
Volume: 4.65M
July 10, 2020 4:10p
P/E Ratio
12.52
Dividend Yield
11.93%
Market Cap
$52.35 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/203732563/composite
US : U.S.: OTC
$ 12.85
+0.05 +0.39%
Volume: 46,526
July 10, 2020 3:58p
P/E Ratio
9.07
Dividend Yield
8.46%
Market Cap
$36.44 billion
Rev. per Employee
$690,358
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 17.66
-0.25 -1.40%
Volume: 8.29M
July 10, 2020 4:10p
P/E Ratio
13.27
Dividend Yield
9.85%
Market Cap
$64.58 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/206661702/composite
US : U.S.: NYSE
$ 12.49
+0.16 +1.30%
Volume: 154,432
July 10, 2020 4:00p
P/E Ratio
9.38
Dividend Yield
9.55%
Market Cap
$44.96 billion
Rev. per Employee
$830,218
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 36.19
-0.27 -0.74%
Volume: 3.73M
July 10, 2020 4:10p
P/E Ratio
13.54
Dividend Yield
5.89%
Market Cap
$170.92 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 51.07
+0.57 +1.13%
Volume: 1.62M
July 10, 2020 4:00p
P/E Ratio
13.74
Dividend Yield
5.60%
Market Cap
$118.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.99
-0.68 -0.69%
Volume: 1.08M
July 10, 2020 4:10p
P/E Ratio
13.97
Dividend Yield
6.71%
Market Cap
$140.66 billion
Rev. per Employee
$1.14M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 58.90
+0.94 +1.62%
Volume: 1.50M
July 10, 2020 4:00p
P/E Ratio
12.03
Dividend Yield
6.49%
Market Cap
$97.92 billion
Rev. per Employee
$852,406
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 14.85
-0.02 -0.13%
Volume: 5.14M
July 10, 2020 4:10p
P/E Ratio
6.39
Dividend Yield
6.73%
Market Cap
$45.77 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204116626/composite
US : U.S.: OTC
$ 10.30
+0.05 +0.49%
Volume: 2,666
July 10, 2020 2:02p
P/E Ratio
6.38
Dividend Yield
N/A
Market Cap
$31.86 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 33.22
-0.47 -1.40%
Volume: 2.56M
July 10, 2020 4:10p
P/E Ratio
31.89
Dividend Yield
0.99%
Market Cap
$27.44 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/composite
US : U.S.: OTC
$ 23.29
-0.02 -0.07%
Volume: 17,315
July 10, 2020 3:50p
P/E Ratio
32.04
Dividend Yield
0.83%
Market Cap
$19.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207744791/delayed
AU : Australia: Sydney
$ 0.09
+0.0050 +6.17%
Volume: 0.00
April 9, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$726.00 million
Rev. per Employee
$561,344
loading...
/zigman2/quotes/207088423/composite
US : U.S.: OTC
$ 0.50
+0.50 +499,900%
Volume: 0.00
July 2, 2020 12:08p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$501.66 million
Rev. per Employee
$418,632
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 410.00
-7.00 -1.68%
Volume: 65.55M
July 10, 2020 3:00p
P/E Ratio
10.07
Dividend Yield
6.10%
Market Cap
¥5354.54 billion
Rev. per Employee
¥50.52M
loading...
/zigman2/quotes/204507985/delayed
JP : Japan: Tokyo
¥ 130.00
-2.80 -2.11%
Volume: 95.94M
July 10, 2020 3:00p
P/E Ratio
7.35
Dividend Yield
5.77%
Market Cap
¥3367.86 billion
Rev. per Employee
¥60.82M
loading...
/zigman2/quotes/200950467/composite
US : U.S.: NYSE
$ 2.47
+0.01 +0.41%
Volume: 243,125
July 10, 2020 4:00p
P/E Ratio
7.60
Dividend Yield
4.25%
Market Cap
$31.39 billion
Rev. per Employee
$550,876
loading...
/zigman2/quotes/203522406/delayed
JP : Japan: Tokyo
¥ 2,129.50
-55.50 -2.54%
Volume: 2.90M
July 10, 2020 3:00p
P/E Ratio
10.70
Dividend Yield
4.70%
Market Cap
¥1675.49 billion
Rev. per Employee
¥95.93M
loading...
/zigman2/quotes/203008939/composite
US : U.S.: OTC
$ 20.00
-0.82 -3.94%
Volume: 2,350
July 10, 2020 3:27p
P/E Ratio
10.98
Dividend Yield
N/A
Market Cap
$15.62 billion
Rev. per Employee
$868,462
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9180
-0.2860 -0.2668%
Volume: 0.0000
July 10, 2020 4:59p
loading...
/zigman2/quotes/202790240/delayed
JP : Japan: Tokyo
¥ 2,347.50
-39.50 -1.65%
Volume: 4.98M
July 10, 2020 3:00p
P/E Ratio
28.39
Dividend Yield
0.00%
Market Cap
¥798.50 billion
Rev. per Employee
¥48.88M
loading...
/zigman2/quotes/203486823/composite
US : U.S.: OTC
$ 23.00
0.00 0.00%
Volume: 0.00
July 2, 2020 5:20p
P/E Ratio
29.60
Dividend Yield
N/A
Market Cap
$7.52 billion
Rev. per Employee
$442,365
loading...

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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.