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March 3, 2015, 4:24 a.m. EST

Chinese stocks fall as liquidity concerns emerge

Asian markets mostly close lower

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By Laura He, MarketWatch


Reuters Enlarge Image
Hong Kong and Shanghai stocks tumble on Tuesday, with other Asian markets mostly lower.

HONG KONG (MarketWatch) — Hong Kong and Shanghai stocks both pulled back on Tuesday, as investors worried that the Chinese securities regulator’s approvals of 24 initial public offerings might drain liquidity from mainland markets and dampen stocks.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.01%  fell 0.7%, while the Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 -0.14% , which tracks Hong Kong-listed mainland Chinese companies, declined 2.2%.

Over on the mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -1.56%  lost 2.2%.

The China Securities Regulatory Commission, the nation’s top securities regulator, announced late Monday that it had just approved the IPO plans of 24 companies. Of those, 12 would be listed on the Shanghai Stock Exchange, while the rest would go to Shenzhen markets.

Major mainland banks and property developers posted heavy losses in both Hong Kong and Shanghai.

Among top underperformers, Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -0.72%   /zigman2/quotes/209359942/delayed CN:601988 -1.41%  lost 2.2% in Hong Kong, while tumbling 3.4% in Shanghai. Meanwhile, the H-shares of Industrial and Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 -1.43%   /zigman2/quotes/202525815/delayed CN:601398 -1.17%  declined 1.8%, as its Shanghai-listed shares, or A-shares, slid 3.7%. Leading Chinese developer Poly Property Group Co. Ltd. /zigman2/quotes/209766147/delayed HK:119 0.00%  skidded 4.8% in Hong Kong markets, and its Shanghai-traded Poly Real Estate Group Co., Ltd. /zigman2/quotes/201864015/delayed CN:600048 -2.84%  sank 5.6%.

Other Asian markets were also mostly lower. Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +1.59%  dipped 0.1%, but the broader Topix /zigman2/quotes/210598092/delayed JP:180460 +1.56%  inched up 0.1%. The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.2602%  strengthened against the dollar to ¥119.76, from ¥119.96 at the previous stock close.

Sydney stocks also settled lower, with the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +1.88%  down 0.4%. However, Seoul shares bucked the weak regional trend, as the Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.84%  edged up 0.2%.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,481.58
+3.69 +0.01%
Volume: 1.85M
July 15, 2020 4:08p
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
10,390.54
-14.73 -0.14%
Volume: 0.00
July 15, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,361.30
-53.31 -1.56%
Volume: 49.20B
July 15, 2020 3:01p
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/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.77
-0.02 -0.72%
Volume: 300.75M
July 15, 2020 4:08p
P/E Ratio
3.83
Dividend Yield
7.56%
Market Cap
HK$1087.37 billion
Rev. per Employee
HK$3.13M
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/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.43
-0.05 -1.41%
Volume: 211.63M
July 15, 2020 3:00p
P/E Ratio
5.34
Dividend Yield
5.57%
Market Cap
¥984.72 billion
Rev. per Employee
¥2.61M
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 4.83
-0.07 -1.43%
Volume: 211.51M
July 15, 2020 4:08p
P/E Ratio
4.87
Dividend Yield
5.95%
Market Cap
HK$1955.57 billion
Rev. per Employee
HK$3.03M
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/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.08
-0.06 -1.17%
Volume: 461.15M
July 15, 2020 3:00p
P/E Ratio
5.75
Dividend Yield
5.17%
Market Cap
¥1770.95 billion
Rev. per Employee
¥2.53M
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/zigman2/quotes/209766147/delayed
HK : Hong Kong
HK$ 2.55
0.00 0.00%
Volume: 4.50M
July 15, 2020 4:08p
P/E Ratio
2.45
Dividend Yield
8.20%
Market Cap
HK$9.34 billion
Rev. per Employee
HK$1.82M
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/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 16.45
-0.48 -2.84%
Volume: 108.99M
July 15, 2020 3:00p
P/E Ratio
7.00
Dividend Yield
4.98%
Market Cap
¥202.05 billion
Rev. per Employee
¥3.42M
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/zigman2/quotes/210597971/delayed
JP : Nikkei
22,945.50
+358.49 +1.59%
Volume: 0.00
July 15, 2020 3:15p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,589.51
+24.36 +1.56%
Volume: 0.00
July 15, 2020 3:00p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.9550
-0.2790 -0.2602%
Volume: 0.0000
July 15, 2020 12:42p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,052.90
+111.80 +1.88%
Volume: 656,101
July 15, 2020 4:59p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,201.88
+18.27 +0.84%
Volume: 830,266
July 15, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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