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Aug. 14, 2013, 3:13 a.m. EDT

Japan stocks end higher; China car shares gain

Commonwealth Bank drops in Sydney; other Australian banks rise

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese stocks climbed Wednesday on a weakened yen and a positive lead from Wall Street, while Australian shares were weighed as heavyweight Commonwealth Bank of Australia fell after posting results.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.23%  ended 1.3% higher in Tokyo, helped by strong buying activity in late afternoon trade after the benchmark dipped into losses earlier in the day.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.57%  gained 0.6% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.74%  ended fractionally lower. China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.04%  fell 0.3%.

Trading in Hong Kong was canceled because of a storm.


Tokyo Stock Exchange Enlarge Image
Japanese stocks rise on a positive U.S. lead and a weakened yen.

Steel and automobile shares advanced in Tokyo as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0231% rose above the ¥98-level.

“After a long period of underperformance, [the dollar’s rate against the yen] seems to be back in its stride and rallied through ¥98,” said IG Markets strategist Stan Shamu.

“Perhaps reports that Prime Minister [Shinzo] Abe is considering lowering corporate-tax rates to counter the sales-tax hike will continue to gain momentum and underpin the Nikkei [Stock Average’s] rally,” Shamu said.

JFE Holdings Inc. /zigman2/quotes/204336633/delayed JP:5411 +2.13%   /zigman2/quotes/203557603/delayed JFEEF +5.81%  rose 3%, and Kobe Steel Ltd. /zigman2/quotes/207391157/delayed JP:5406 +1.58%   added 3.7%, while Mazda Motor Corp. /zigman2/quotes/204777714/delayed JP:7261 +3.97% /zigman2/quotes/206326885/delayed MZDAY +5.20% advanced 2.1%.

The stock performance in Asia followed a higher finish on Wall Street Tuesday, where U.S. markets got support from billionaire investor Carl Icahn’s disclosure that he held a sizeable stake in Apple Inc. /zigman2/quotes/202934861/composite AAPL +1.07% , as well as data showing U.S. retail sales grew for a third straight month in July.

In Sydney, shares of Commonwealth Bank /zigman2/quotes/200638713/delayed AU:CBA +0.08% /zigman2/quotes/207018701/delayed CBAUF -0.71%  fell 1.2%, even as the lender reported a record profit for the year ended June 30 and increased its dividend payout.

“A solid result by Commonwealth Bank and a firm lead from U.S. markets will set the early tone in this morning’s market. However, investors will be keen to assess whether CBA’s result and dividend payment will be good enough to prevent some short-term profit-taking,” said CMC Markets chief market analyst Ric Spooner.

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Other banks gained, however, after the strong results. National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB +0.30%   /zigman2/quotes/208329321/delayed NABZY +1.26%  rose 0.8%, while Westpac Banking Corp. /zigman2/quotes/203084975/delayed AU:WBC +0.12% /zigman2/quotes/206661702/composite WBK +1.25%  advanced 1.1%.

Mining major Rio Tinto Ltd. /zigman2/quotes/200083756/delayed AU:RIO -3.28%   /zigman2/quotes/202627887/composite RIO +2.12%  fell 1.1% as the stock traded without rights to a dividend.

Financials and construction-related stocks were among decliners in Shanghai, giving back some recent gains. Anhui Conch Cement Co. /zigman2/quotes/204422624/delayed CN:600585 -3.89%  fell 1.7%, developer Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -2.45%  lost 0.7% and Citic Securities Co. /zigman2/quotes/210326178/delayed CN:600030 +0.97%   /zigman2/quotes/207216844/delayed CIIHF +0.63%  lost 0.9%.

But gains in automobile shares helped support the market. SAIC Motor Corp. /zigman2/quotes/201442870/delayed CN:600104 +0.58% jumped 2.9%, and Anhui Jianghuai Automobile Co. /zigman2/quotes/202792755/delayed CN:600418 +9.99%  climbed 1.8% in Shanghai afternoon trading.

The rise in SAIC shares came after news that Huayu Automotive Systems Co., of which the automobile major owns 60%, had agreed to buy Visteon Corp.’s /zigman2/quotes/202094672/composite VC +0.0082%  50% stake in their joint venture for $1.25 billion in cash.

/zigman2/quotes/210597971/delayed
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28,864.32
-65.79 -0.23%
Volume: 0.00
March 5, 2021 3:15p
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/zigman2/quotes/210598069/delayed
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3,026.26
-17.23 -0.57%
Volume: 1.19M
March 5, 2021 3:32p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,710.80
-49.90 -0.74%
Volume: 7.00
March 8, 2021 7:06a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,501.99
-1.50 -0.04%
Volume: 35.64B
March 5, 2021 3:01p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
108.4050
+0.0250 +0.0231%
Volume: 0.0000
March 5, 2021 4:59p
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/zigman2/quotes/204336633/delayed
JP : Japan: Tokyo
¥ 1,198.00
+25.00 +2.13%
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March 5, 2021 3:00p
P/E Ratio
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0.83%
Market Cap
¥689.83 billion
Rev. per Employee
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US : U.S.: OTC
$ 10.38
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March 2, 2021 1:13p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
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/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 707.00
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P/E Ratio
N/A
Dividend Yield
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Market Cap
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/zigman2/quotes/204777714/delayed
JP : Japan: Tokyo
¥ 917.00
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March 5, 2021 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥577.51 billion
Rev. per Employee
¥67.95M
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/zigman2/quotes/206326885/delayed
US : U.S.: OTC
$ 4.25
+0.21 +5.20%
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P/E Ratio
N/A
Dividend Yield
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Market Cap
$5.33 billion
Rev. per Employee
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 121.42
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0.68%
Market Cap
$2038.41 billion
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/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 86.45
+0.07 +0.08%
Volume: 3.13M
March 5, 2021 4:10p
P/E Ratio
19.25
Dividend Yield
2.87%
Market Cap
$153.22 billion
Rev. per Employee
$917,769
loading...
/zigman2/quotes/207018701/delayed
US : U.S.: OTC
$ 65.65
-0.47 -0.71%
Volume: 252.00
March 5, 2021 9:30a
P/E Ratio
21.04
Dividend Yield
N/A
Market Cap
$117.42 billion
Rev. per Employee
$615,248
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 26.39
+0.08 +0.30%
Volume: 8.15M
March 5, 2021 4:10p
P/E Ratio
32.91
Dividend Yield
2.27%
Market Cap
$86.90 billion
Rev. per Employee
$763,679
loading...
/zigman2/quotes/208329321/delayed
US : U.S.: OTC
$ 10.28
+0.13 +1.26%
Volume: 72,511
March 5, 2021 3:59p
P/E Ratio
37.87
Dividend Yield
1.92%
Market Cap
$66.60 billion
Rev. per Employee
$517,254
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 24.87
+0.03 +0.12%
Volume: 7.75M
March 5, 2021 4:10p
P/E Ratio
39.41
Dividend Yield
1.25%
Market Cap
$91.12 billion
Rev. per Employee
$826,888
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/zigman2/quotes/206661702/composite
US : U.S.: NYSE
$ 19.39
+0.24 +1.25%
Volume: 96,209
March 5, 2021 4:00p
P/E Ratio
45.39
Dividend Yield
1.16%
Market Cap
$69.83 billion
Rev. per Employee
$560,067
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 117.68
-3.99 -3.28%
Volume: 500.00
March 5, 2021 4:10p
P/E Ratio
13.71
Dividend Yield
5.22%
Market Cap
$175.22 billion
Rev. per Employee
$1.36M
loading...
/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 83.64
+1.74 +2.12%
Volume: 3.64M
March 5, 2021 4:00p
P/E Ratio
13.81
Dividend Yield
5.55%
Market Cap
$134.28 billion
Rev. per Employee
$947,003
loading...
/zigman2/quotes/204422624/delayed
CN : China: Shanghai
¥ 51.21
-2.07 -3.89%
Volume: 44.92M
March 5, 2021 3:00p
P/E Ratio
7.87
Dividend Yield
3.91%
Market Cap
¥258.71 billion
Rev. per Employee
¥3.28M
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 12.34
-0.31 -2.45%
Volume: 43.69M
March 5, 2021 3:00p
P/E Ratio
5.78
Dividend Yield
5.43%
Market Cap
¥55.71 billion
Rev. per Employee
¥6.28M
loading...
/zigman2/quotes/210326178/delayed
CN : China: Shanghai
¥ 25.05
+0.24 +0.97%
Volume: 114.98M
March 5, 2021 3:00p
P/E Ratio
21.51
Dividend Yield
2.00%
Market Cap
¥297.88 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207216844/delayed
US : U.S.: OTC
$ 2.17
+0.01 +0.63%
Volume: 0.00
Jan. 6, 2021 5:19p
P/E Ratio
12.93
Dividend Yield
N/A
Market Cap
$53.97 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201442870/delayed
CN : China: Shanghai
¥ 20.84
+0.12 +0.58%
Volume: 39.33M
March 5, 2021 3:00p
P/E Ratio
11.34
Dividend Yield
4.22%
Market Cap
¥243.48 billion
Rev. per Employee
¥3.87M
loading...
/zigman2/quotes/202792755/delayed
CN : China: Shanghai
¥ 9.47
+0.86 +9.99%
Volume: 59.81M
March 5, 2021 3:00p
P/E Ratio
671.63
Dividend Yield
0.18%
Market Cap
¥17.93 billion
Rev. per Employee
¥1.91M
loading...
/zigman2/quotes/202094672/composite
US : U.S.: Nasdaq
$ 122.16
+0.01 +0.0082%
Volume: 429,668
March 5, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.41 billion
Rev. per Employee
$254,800
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

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