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June 18, 2013, 4:33 a.m. EDT

Japan, Australia stocks slip before Fed meet

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Stocks in Japan and Hong Kong ended with small losses after a choppy trading session Tuesday, as investors pondered whether the U.S. Federal Reserve will maintain its monthly bond purchases.

Mainland Chinese and South Korean shares rose after also charting a volatile course that saw them change direction multiple times.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.33%  each slipped 0.2%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.09%  ended fractionally lower.

On the upside, China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.31% rose 0.1%, Taiwan’s Taiex  gained 0.2% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.49%  added 0.9%.


Reuters

The performance in Asia was mixed despite a triple-digit point gain for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.78%  overnight.

Trading in the U.S. and other global markets has been volatile, as investors remain focused on the Federal Open Market Committee policy decision Wednesday, which investors are hoping will provide clues on how long the Fed will maintain its $85-billion-a-month in bond purchases.

“We expect this nervousness to continue to dominate until the FOMC rate decision and Chairman [Ben] Bernanke’s press conference on Wednesday, with asset prices remaining vulnerable to news headlines, keeping the volatility elevated,” Barclays analysts wrote to clients.

In Japan, broad losses in banks and telecommunication shares weighed on the market after two days of gains for the benchmark Nikkei Average. the broader Topix index /zigman2/quotes/210598092/delayed JP:180460 -0.03%  ended the day 0.2% higher.

Shares of Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +0.62%  fell 0.5%, Sumitomo Mitsui Financial Group Inc. /zigman2/quotes/203656770/delayed JP:8316 +0.08%   /zigman2/quotes/206471416/composite SMFG -0.59%  declined 0.6% and KDDI Corp. /zigman2/quotes/204923990/delayed JP:9433 +0.47% /zigman2/quotes/205540401/delayed KDDIY +0.49%  lost 1.3%.

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Even so, the market found support as some real-estate, insurance and brokerage stocks climbed alongside a few major exporters in the wake of the higher finish on Wall Street.

Mitsubishi Estate Co. /zigman2/quotes/208910776/delayed JP:8802 +1.40%   /zigman2/quotes/204837054/delayed MITEY +1.68%  rose 2%, Nomura Holdings Inc. /zigman2/quotes/206251373/delayed JP:8604 -0.46% /zigman2/quotes/207276383/composite NMR -1.38%  climbed 2.1% and MS&AD Insurance Group Holdings Inc. /zigman2/quotes/203653851/delayed JP:8725 +0.27% added 2.6%, finding buyers after steep losses suffered earlier in the month.

Shares of Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.57% /zigman2/quotes/208567357/composite SNE -1.20%  jumped 4.4% after a hedge-fund run by billionaire Daniel Loeb, which has called on the company to spin off its entertainment business, increased its stake in the firm.

Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 +1.10%   /zigman2/quotes/200537742/composite TM -0.05%  added 1.8% on reports the auto giant has raised its Japan sales target.

Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 -0.54%   /zigman2/quotes/200401218/delayed SHCAY -1.52%  gained 1.2% after the Asahi Shimbun reported the company was considering producing photocopiers for Samsung Electronics Co. /zigman2/quotes/202367843/delayed SSNLF 0.00% /zigman2/quotes/209800866/delayed KR:005930 -1.33% , with a fresh investment from Samsung potentially a part of the deal.

Shares of market heavyweight Samsung rose 1.5% in Seoul, aiding gains for the Kospi.

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Property stocks fell in Hong Kong but advanced on mainland Chinese bourses after official data showed home prices rose in a vast majority of the Chinese cities surveyed in May. According to Dow Jones Newswires calculations, the average home price increased 0.86% from the level in April, and was 5.32% higher than in May 2012.

China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 -2.34% /zigman2/quotes/202573805/delayed CAOVY -0.92%  fell 1.7%, and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -1.26%   /zigman2/quotes/201656413/delayed CRBJF +5.00%  dropped 1.2% in Hong Kong. However, Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 -2.07%  gained 2.6% in Shanghai, and the yuan-denominated A-shares of China Vanke Co. added 1.1% in Shenzhen.

“The fact that the monthly data doesn’t show significant rises should mean that we are unlikely to get new [property-sector] curbs in the short term. But it also means that we are not likely to get any [policy] easing,” said Andrew Sullivan, director of sales trading at Kim Eng Securities. He said the price trends represented a slightly negative data point for the sector.

Shares of major Chinese banks rose on mainland bourses following news that state-owned investment agency Central Huijin Investment Co. has increased its stakes in the four largest state-owned lenders.

The Shanghai-listed Industrial & Commercial Bank of China Ltd. /zigman2/quotes/202525815/delayed CN:601398 -0.36%   /zigman2/quotes/202401350/delayed IDCBY +0.69%  added 1% and China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 +0.15%   /zigman2/quotes/207732534/delayed CICHY -0.24%  climbed 0.4%.

In Sydney, banks and retailers ended mostly lower, even as minutes from the Reserve Bank of Australia’s last meeting showed the central bank was ready to cut interest rates further, if need be.

National Australia Bank Ltd. /zigman2/quotes/210431826/delayed AU:NAB +0.04%   /zigman2/quotes/208329321/delayed NABZY -0.30%  dropped 1.5%, while Woolworths Ltd. /zigman2/quotes/209906204/delayed AU:WOW -0.34% /zigman2/quotes/208623225/delayed WOLWF +1.17% declined 1%.

/zigman2/quotes/210597971/delayed
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23,386.74
-92.41 -0.39%
Volume: 0.00
Feb. 21, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,139.00
-23.50 -0.33%
Volume: 1.07M
Feb. 21, 2020 5:17p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
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Volume: 1.77M
Feb. 21, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,039.67
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Volume: 36.46B
Feb. 21, 2020 3:01p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,162.84
-32.66 -1.49%
Volume: 635,474
Feb. 21, 2020 3:33p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
28,992.41
-227.57 -0.78%
Volume: 313.44M
Feb. 21, 2020 5:16p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,674.00
-0.48 -0.03%
Volume: 0.00
Feb. 21, 2020 3:00p
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/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 566.30
+3.50 +0.62%
Volume: 39.99M
Feb. 21, 2020 3:00p
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Dividend Yield
4.41%
Market Cap
¥7223.07 billion
Rev. per Employee
¥50.52M
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/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 3,754.00
+3.00 +0.08%
Volume: 5.16M
Feb. 21, 2020 3:00p
P/E Ratio
7.41
Dividend Yield
4.79%
Market Cap
¥5140.97 billion
Rev. per Employee
¥79.40M
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/zigman2/quotes/206471416/composite
US : U.S.: NYSE
$ 6.69
-0.04 -0.59%
Volume: 874,963
Feb. 21, 2020 6:30p
P/E Ratio
7.18
Dividend Yield
4.23%
Market Cap
$45.81 billion
Rev. per Employee
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/zigman2/quotes/204923990/delayed
JP : Japan: Tokyo
¥ 3,425.00
+16.00 +0.47%
Volume: 3.76M
Feb. 21, 2020 3:00p
P/E Ratio
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Market Cap
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¥130.16M
loading...
/zigman2/quotes/205540401/delayed
US : U.S.: OTC
$ 15.26
+0.08 +0.49%
Volume: 84,884
Feb. 21, 2020 3:59p
P/E Ratio
12.05
Dividend Yield
2.37%
Market Cap
$70.52 billion
Rev. per Employee
$1.18M
loading...
/zigman2/quotes/208910776/delayed
JP : Japan: Tokyo
¥ 2,170.00
+30.00 +1.40%
Volume: 4.35M
Feb. 21, 2020 3:00p
P/E Ratio
24.02
Dividend Yield
1.43%
Market Cap
¥2938.11 billion
Rev. per Employee
¥144.30M
loading...
/zigman2/quotes/204837054/delayed
US : U.S.: OTC
$ 19.32
+0.32 +1.68%
Volume: 22,000
Feb. 21, 2020 3:46p
P/E Ratio
23.34
Dividend Yield
1.04%
Market Cap
$26.30 billion
Rev. per Employee
$1.31M
loading...
/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 561.80
-2.60 -0.46%
Volume: 12.08M
Feb. 21, 2020 3:00p
P/E Ratio
7.43
Dividend Yield
5.34%
Market Cap
¥1736.92 billion
Rev. per Employee
¥65.89M
loading...
/zigman2/quotes/207276383/composite
US : U.S.: NYSE
$ 5.00
-0.07 -1.38%
Volume: 70,252
Feb. 21, 2020 6:30p
P/E Ratio
7.16
Dividend Yield
2.90%
Market Cap
$15.46 billion
Rev. per Employee
$597,075
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/zigman2/quotes/203653851/delayed
JP : Japan: Tokyo
¥ 3,748.00
+10.00 +0.27%
Volume: 1.30M
Feb. 21, 2020 3:00p
P/E Ratio
7.54
Dividend Yield
4.00%
Market Cap
¥2143.53 billion
Rev. per Employee
¥123.64M
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 7,479.00
-43.00 -0.57%
Volume: 4.20M
Feb. 21, 2020 3:00p
P/E Ratio
14.41
Dividend Yield
0.60%
Market Cap
¥9172.90 billion
Rev. per Employee
¥72.37M
loading...
/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 65.94
-0.80 -1.20%
Volume: 907,049
Feb. 21, 2020 6:30p
P/E Ratio
13.82
Dividend Yield
0.41%
Market Cap
$80.87 billion
Rev. per Employee
$654,652
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,837.00
+85.00 +1.10%
Volume: 5.15M
Feb. 21, 2020 3:00p
P/E Ratio
9.06
Dividend Yield
2.81%
Market Cap
¥22156.40 billion
Rev. per Employee
¥81.43M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 139.04
-0.07 -0.05%
Volume: 150,574
Feb. 21, 2020 6:30p
P/E Ratio
8.76
Dividend Yield
2.56%
Market Cap
$196.54 billion
Rev. per Employee
$737,463
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/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,483.00
-8.00 -0.54%
Volume: 1.50M
Feb. 21, 2020 3:00p
P/E Ratio
15.15
Dividend Yield
1.69%
Market Cap
¥905.88 billion
Rev. per Employee
¥50.23M
loading...
/zigman2/quotes/200401218/delayed
US : U.S.: OTC
$ 3.24
-0.05 -1.52%
Volume: 26,585
Feb. 21, 2020 3:58p
P/E Ratio
15.10
Dividend Yield
0.90%
Market Cap
$7.05 billion
Rev. per Employee
$454,670
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 0.00
Feb. 19, 2020 5:20p
P/E Ratio
14.05
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
59,200.00
-800.00 -1.33%
Volume: 13.78M
Feb. 21, 2020 3:30p
P/E Ratio
16.34
Dividend Yield
2.39%
Market Cap
₩402126.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 27.10
-0.65 -2.34%
Volume: 19.31M
Feb. 21, 2020 4:08p
P/E Ratio
6.37
Dividend Yield
3.51%
Market Cap
HK$296.91 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202573805/delayed
US : U.S.: OTC
$ 17.51
-0.16 -0.92%
Volume: 5,573
Feb. 21, 2020 3:04p
P/E Ratio
6.45
Dividend Yield
2.92%
Market Cap
$38.12 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 35.15
-0.45 -1.26%
Volume: 11.74M
Feb. 21, 2020 4:08p
P/E Ratio
7.55
Dividend Yield
3.57%
Market Cap
HK$250.65 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/201656413/delayed
US : U.S.: OTC
$ 4.41
+0.21 +5.00%
Volume: 0.00
Feb. 20, 2020 5:20p
P/E Ratio
7.42
Dividend Yield
N/A
Market Cap
$31.45 billion
Rev. per Employee
$470,019
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 13.70
-0.29 -2.07%
Volume: 26.80M
Feb. 21, 2020 3:00p
P/E Ratio
7.47
Dividend Yield
4.38%
Market Cap
¥61.85 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.49
-0.02 -0.36%
Volume: 223.71M
Feb. 21, 2020 3:00p
P/E Ratio
6.32
Dividend Yield
4.56%
Market Cap
¥1956.67 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/202401350/delayed
US : U.S.: OTC
$ 14.16
+0.10 +0.69%
Volume: 75,396
Feb. 21, 2020 3:45p
P/E Ratio
5.63
Dividend Yield
4.28%
Market Cap
$615.15 billion
Rev. per Employee
$387,287
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.77
+0.01 +0.15%
Volume: 92.58M
Feb. 21, 2020 3:00p
P/E Ratio
6.37
Dividend Yield
4.52%
Market Cap
¥1692.57 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 16.59
-0.04 -0.24%
Volume: 91,940
Feb. 21, 2020 3:45p
P/E Ratio
5.39
Dividend Yield
4.54%
Market Cap
$1994.14 billion
Rev. per Employee
$422,749
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/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 27.41
+0.01 +0.04%
Volume: 5.26M
Feb. 21, 2020 4:10p
P/E Ratio
16.73
Dividend Yield
6.06%
Market Cap
$78.82 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/208329321/delayed
US : U.S.: OTC
$ 9.03
-0.03 -0.30%
Volume: 91,836
Feb. 21, 2020 3:52p
P/E Ratio
15.64
Dividend Yield
6.17%
Market Cap
$52.27 billion
Rev. per Employee
$761,598
loading...
/zigman2/quotes/209906204/delayed
AU : Australia: Sydney
$ 43.45
-0.15 -0.34%
Volume: 1.54M
Feb. 21, 2020 4:10p
P/E Ratio
35.57
Dividend Yield
2.35%
Market Cap
$54.50 billion
Rev. per Employee
$284,703
loading...
/zigman2/quotes/208623225/delayed
US : U.S.: OTC
$ 28.92
+0.34 +1.17%
Volume: 400.00
Feb. 21, 2020 5:20p
P/E Ratio
33.01
Dividend Yield
N/A
Market Cap
$35.96 billion
Rev. per Employee
$212,439
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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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