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May 27, 2011, 2:22 a.m. EDT

Japan ends with dollar-induced losses

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By Sarah Turner and Michael Kitchen, MarketWatch

SYDNEY (MarketWatch) — Japanese stocks closed in negative territory Friday as a falling dollar boosted the value of the yen, but Hong Kong shares managed to stay in positive ground, with investors looking for bargains after recent losses.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +1.27%  ended down 0.4% at 9,521.94, while the broader Topix lost 0.3%, as a rising yen took its toll on shares of most export-focused companies.

With Asian markets reacting to weak U.S. gross domestic product data, the dollar fell to at ¥81.06, down from ¥82.00 in late North American trading on Thursday.

Among those suffering from the stronger yen, car maker Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +0.80%   /zigman2/quotes/200876874/delayed MMTOF +2.71%  lost 3.1%, NEC Corp. /zigman2/quotes/205173342/delayed JP:6701 -1.34%   /zigman2/quotes/203814274/delayed NIPNF +7.44%  gave up 1.2%, and Nintendo Co. /zigman2/quotes/208063194/delayed JP:7974 +0.22%   /zigman2/quotes/206371241/delayed NTDOF +0.28%   closed down 0.9%.

Also weighing on Japanese indexes, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +1.19%    saw its stock fall 3.2% after posting a massive fiscal-year loss after the market close on Thursday. Read more on Sony earnings

On the economic front in Japan, core consumer price index rose 0.6% from a year earlier, Japan’s Cabinet Office reported Friday. The gain — the first in more than two years — matched the consensus forecast from a Dow Jones and Nikkei survey of economists. Core CPI rose 0.4% from March. Read report on Japanese inflation.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.96%   was up 0.8% in afternoon trading, but off its session highs of gains of more than 1%.

Helping Hong Kong gains, PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +2.09% /zigman2/quotes/205108732/composite PTR +1.69% added 3.2% following reports that the company’s parent has bought shares in the company and plans to raise its stake further.

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Commodity markets were firmer on Friday, due to the falling dollar. Benchmark Nymex crude-oil futures rose 44 cents to $100.67 a barrel in electronic action, and gold futures were up $3.00 at $1,525.80 an ounce. See report on crude-oil moves.

Bargain hunters are coming into the market on perceptions that valuations in Asia have improved, said Shane Oliver, head of investment strategy at AMP Capital Investors.

This, combined with the fact that the latest news out of Europe and the U.S. hasn’t been worse, is helping Asian equity markets, he said.

Still, “global uncertainties regarding Europe, on top of softening economic indicators worldwide and worries about a hard landing in China,” remain key areas of concern for investors, he said.

Other notable advancers in Hong Kong included Industrial & Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 +1.75%   /zigman2/quotes/202401350/delayed IDCBY +0.77% , up 1,9%, while Lenovo Group Ltd. /zigman2/quotes/205368244/delayed HK:992 +2.17%   /zigman2/quotes/201114980/delayed LNVGF +0.51%  climbed 3.9% after the computer maker posted solid results late Thursday. See report on Lenovo earnings.

China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +2.74%  wavered between gains and losses, but began moving solidly lower in the late session, down 0.6%.

In other regional Asia-Pacfic equity markets, South Korea’s Kospi  index rose 0.4%, while the Australian S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +1.15%  nudged up 0.5% to close at 4,684.00.

Retailers were among the best performers in Sydney, with Billabong International Ltd.  , shares up 5.1%.

Gains for consumer discretionary stocks helped the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.03%  end fractionally higher in the U.S. trading day on Thursday. Read more on Thursday's U.S. stock moves.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 380.00
+3.00 +0.80%
Volume: 17.07M
May 20, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥560.92 billion
Rev. per Employee
¥63.77M
loading...
/zigman2/quotes/200876874/delayed
US : U.S.: OTC
$ 2.85
+0.08 +2.71%
Volume: 1,552
May 17, 2022 3:52p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.24 billion
Rev. per Employee
$580,698
loading...
/zigman2/quotes/205173342/delayed
JP : Japan: Tokyo
¥ 5,150.00
-70.00 -1.34%
Volume: 1.83M
May 20, 2022 3:00p
P/E Ratio
9.93
Dividend Yield
2.14%
Market Cap
¥1422.23 billion
Rev. per Employee
¥26.27M
loading...
/zigman2/quotes/203814274/delayed
US : U.S.: OTC
$ 41.32
+2.86 +7.44%
Volume: 75.00
May 17, 2022 11:08a
P/E Ratio
9.20
Dividend Yield
N/A
Market Cap
$11.32 billion
Rev. per Employee
$233,819
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 59,290.00
+130.00 +0.22%
Volume: 523,400
May 20, 2022 3:00p
P/E Ratio
14.63
Dividend Yield
3.42%
Market Cap
¥6940.79 billion
Rev. per Employee
¥257.89M
loading...
/zigman2/quotes/206371241/delayed
US : U.S.: OTC
$ 462.44
+1.28 +0.28%
Volume: 231.00
May 20, 2022 3:58p
P/E Ratio
12.87
Dividend Yield
N/A
Market Cap
$54.48 billion
Rev. per Employee
$2.29M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,525.00
+135.00 +1.19%
Volume: 3.09M
May 20, 2022 3:00p
P/E Ratio
16.35
Dividend Yield
0.61%
Market Cap
¥14126.87 billion
Rev. per Employee
¥90.44M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,717.24
+596.56 +2.96%
Volume: 2.17M
May 20, 2022 4:08p
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.91
+0.08 +2.09%
Volume: 101.94M
May 20, 2022 4:08p
P/E Ratio
7.54
Dividend Yield
6.81%
Market Cap
$1045.90 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 50.01
+0.83 +1.69%
Volume: 99,554
May 20, 2022 4:00p
P/E Ratio
6.41
Dividend Yield
6.26%
Market Cap
$133.28 billion
Rev. per Employee
$856,986
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 4.65
+0.08 +1.75%
Volume: 167.91M
May 20, 2022 4:08p
P/E Ratio
4.32
Dividend Yield
7.42%
Market Cap
$1837.90 billion
Rev. per Employee
$3.78M
loading...
/zigman2/quotes/202401350/delayed
US : U.S.: OTC
$ 11.75
+0.09 +0.77%
Volume: 60,170
May 20, 2022 3:59p
P/E Ratio
3.88
Dividend Yield
5.87%
Market Cap
$234.20 billion
Rev. per Employee
$495,188
loading...
/zigman2/quotes/205368244/delayed
HK : Hong Kong
$ 8.01
+0.17 +2.17%
Volume: 33.08M
May 20, 2022 4:08p
P/E Ratio
7.10
Dividend Yield
4.00%
Market Cap
$94.41 billion
Rev. per Employee
$7.67M
loading...
/zigman2/quotes/201114980/delayed
US : U.S.: OTC
$ 1.00
+0.0050 +0.51%
Volume: 11,023
May 20, 2022 3:01p
P/E Ratio
6.86
Dividend Yield
N/A
Market Cap
$12.03 billion
Rev. per Employee
$986,776
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.02
+0.40 +2.74%
Volume: 94.86M
May 20, 2022 3:00p
P/E Ratio
7.46
Dividend Yield
1.52%
Market Cap
¥283.71 billion
Rev. per Employee
¥6.67M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,145.60
+81.10 +1.15%
Volume: 698,129
May 20, 2022 5:07p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,261.90
+8.77 +0.03%
Volume: 498.89M
May 20, 2022 5:03p
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Sarah Turner is MarketWatch's bureau chief in Sydney. Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.

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