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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 +3.88% and Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -5.30%  each slipped 0.2%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.56%  ended fractionally lower.

On the upside, China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +0.26% rose 0.1%, Taiwan’s Taiex  gained 0.2% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.87%  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 -4.06%  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 +4.30%  ended the day 0.2% higher.

Shares of Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +2.46%  fell 0.5%, Sumitomo Mitsui Financial Group Inc. /zigman2/quotes/203656770/delayed JP:8316 +1.80%   /zigman2/quotes/206471416/composite SMFG -4.25%  declined 0.6% and KDDI Corp. /zigman2/quotes/204923990/delayed JP:9433 +2.30% /zigman2/quotes/205540401/delayed KDDIY -2.64%  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 +2.88%   /zigman2/quotes/204837054/delayed MITEY -0.76%  rose 2%, Nomura Holdings Inc. /zigman2/quotes/206251373/delayed JP:8604 +1.62% /zigman2/quotes/207276383/composite NMR -3.10%  climbed 2.1% and MS&AD Insurance Group Holdings Inc. /zigman2/quotes/203653851/delayed JP:8725 +6.80% added 2.6%, finding buyers after steep losses suffered earlier in the month.

Shares of Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +4.50% /zigman2/quotes/208567357/composite SNE -1.95%  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 +4.63%   /zigman2/quotes/200537742/composite TM +0.71%  added 1.8% on reports the auto giant has raised its Japan sales target.

Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 +1.20%   /zigman2/quotes/200401218/delayed SHCAY -2.90%  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 +1.05% , 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 +0.21% /zigman2/quotes/202573805/delayed CAOVY -4.63%  fell 1.7%, and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 +2.14%   /zigman2/quotes/201656413/delayed CRBJF 0.00%  dropped 1.2% in Hong Kong. However, Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +3.03%  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 +0.58%   /zigman2/quotes/202401350/delayed IDCBY -6.13%  added 1% and China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 +1.09%   /zigman2/quotes/207732534/delayed CICHY -5.81%  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 -6.32%   /zigman2/quotes/208329321/delayed NABZY -8.55%  dropped 1.5%, while Woolworths Ltd. /zigman2/quotes/209906204/delayed AU:WOW -5.25% /zigman2/quotes/208623225/delayed WOLWF +8.22% declined 1%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
19,389.43
+724.83 +3.88%
Volume: 0.00
March 27, 2020 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
4,842.40
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Volume: 1.46M
March 27, 2020 5:54p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,484.28
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Volume: 2.20M
March 27, 2020 4:08p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,772.20
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Volume: 24.08B
March 27, 2020 3:01p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,717.73
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Volume: 1.08M
March 27, 2020 3:32p
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Volume: 591.33M
March 27, 2020 5:12p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,459.49
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Volume: 0.00
March 27, 2020 3:00p
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/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 450.00
+10.80 +2.46%
Volume: 123.39M
March 27, 2020 3:00p
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Market Cap
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¥50.52M
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/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 2,935.00
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March 27, 2020 3:00p
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Market Cap
¥3948.17 billion
Rev. per Employee
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/zigman2/quotes/206471416/composite
US : U.S.: NYSE
$ 5.18
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P/E Ratio
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Market Cap
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/zigman2/quotes/204923990/delayed
JP : Japan: Tokyo
¥ 3,337.00
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/zigman2/quotes/205540401/delayed
US : U.S.: OTC
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March 27, 2020 3:59p
P/E Ratio
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2.45%
Market Cap
$68.53 billion
Rev. per Employee
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/zigman2/quotes/208910776/delayed
JP : Japan: Tokyo
¥ 1,661.00
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P/E Ratio
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Market Cap
¥2185.98 billion
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¥144.30M
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/zigman2/quotes/204837054/delayed
US : U.S.: OTC
$ 14.96
-0.12 -0.76%
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March 27, 2020 4:00p
P/E Ratio
18.07
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1.34%
Market Cap
$19.97 billion
Rev. per Employee
$1.31M
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/zigman2/quotes/206251373/delayed
JP : Japan: Tokyo
¥ 475.40
+7.60 +1.62%
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P/E Ratio
6.29
Dividend Yield
6.31%
Market Cap
¥1446.30 billion
Rev. per Employee
¥65.89M
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/zigman2/quotes/207276383/composite
US : U.S.: NYSE
$ 4.38
-0.14 -3.10%
Volume: 331,988
March 27, 2020 6:30p
P/E Ratio
6.27
Dividend Yield
3.31%
Market Cap
$13.97 billion
Rev. per Employee
$597,075
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/zigman2/quotes/203653851/delayed
JP : Japan: Tokyo
¥ 3,252.00
+207.00 +6.80%
Volume: 3.39M
March 27, 2020 3:00p
P/E Ratio
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Dividend Yield
4.61%
Market Cap
¥1741.48 billion
Rev. per Employee
¥123.64M
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/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 6,688.00
+288.00 +4.50%
Volume: 11.54M
March 27, 2020 3:00p
P/E Ratio
12.89
Dividend Yield
0.67%
Market Cap
¥7772.27 billion
Rev. per Employee
¥72.37M
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/zigman2/quotes/208567357/composite
US : U.S.: NYSE
$ 59.32
-1.18 -1.95%
Volume: 1.94M
March 27, 2020 6:30p
P/E Ratio
12.43
Dividend Yield
0.45%
Market Cap
$73.47 billion
Rev. per Employee
$654,652
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 7,029.00
+311.00 +4.63%
Volume: 15.26M
March 27, 2020 3:00p
P/E Ratio
8.13
Dividend Yield
3.13%
Market Cap
¥18676.40 billion
Rev. per Employee
¥81.43M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 127.24
+0.90 +0.71%
Volume: 329,668
March 27, 2020 6:30p
P/E Ratio
8.02
Dividend Yield
2.80%
Market Cap
$175.62 billion
Rev. per Employee
$737,463
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/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,183.00
+14.00 +1.20%
Volume: 4.16M
March 27, 2020 3:00p
P/E Ratio
12.09
Dividend Yield
1.69%
Market Cap
¥714.08 billion
Rev. per Employee
¥50.23M
loading...
/zigman2/quotes/200401218/delayed
US : U.S.: OTC
$ 2.68
-0.08 -2.90%
Volume: 110,904
March 27, 2020 3:46p
P/E Ratio
12.49
Dividend Yield
1.09%
Market Cap
$5.67 billion
Rev. per Employee
$454,670
loading...
/zigman2/quotes/202367843/delayed
US : U.S.: OTC
$ 44.20
0.00 0.00%
Volume: 800.00
March 24, 2020 5:20p
P/E Ratio
16.29
Dividend Yield
N/A
Market Cap
$300.24 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
48,300.00
+500.00 +1.05%
Volume: 39.90M
March 27, 2020 3:30p
P/E Ratio
15.26
Dividend Yield
2.93%
Market Cap
₩324689.00 billion
Rev. per Employee
N/A
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/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 23.55
+0.05 +0.21%
Volume: 22.75M
March 27, 2020 4:08p
P/E Ratio
5.53
Dividend Yield
4.33%
Market Cap
HK$257.47 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202573805/delayed
US : U.S.: OTC
$ 14.72
-0.72 -4.63%
Volume: 9,966
March 27, 2020 4:00p
P/E Ratio
5.42
Dividend Yield
3.47%
Market Cap
$33.21 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 31.00
+0.65 +2.14%
Volume: 18.25M
March 27, 2020 4:08p
P/E Ratio
6.65
Dividend Yield
3.77%
Market Cap
HK$216.42 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/201656413/delayed
US : U.S.: OTC
$ 4.03
0.00 0.00%
Volume: 397.00
March 23, 2020 10:27a
P/E Ratio
6.77
Dividend Yield
N/A
Market Cap
$28.74 billion
Rev. per Employee
$470,019
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/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 13.94
+0.41 +3.03%
Volume: 38.54M
March 27, 2020 3:00p
P/E Ratio
7.60
Dividend Yield
4.30%
Market Cap
¥61.08 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.21
+0.03 +0.58%
Volume: 172.74M
March 27, 2020 3:00p
P/E Ratio
5.99
Dividend Yield
4.81%
Market Cap
¥1846.18 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/202401350/delayed
US : U.S.: OTC
$ 13.01
-0.85 -6.13%
Volume: 78,533
March 27, 2020 3:53p
P/E Ratio
51.42
Dividend Yield
4.66%
Market Cap
$582.22 billion
Rev. per Employee
$387,287
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/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.47
+0.07 +1.09%
Volume: 75.93M
March 27, 2020 3:00p
P/E Ratio
6.08
Dividend Yield
4.73%
Market Cap
¥1600.07 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/207732534/delayed
US : U.S.: OTC
$ 15.73
-0.97 -5.81%
Volume: 298,776
March 27, 2020 3:59p
P/E Ratio
5.11
Dividend Yield
4.79%
Market Cap
$1941.37 billion
Rev. per Employee
$422,749
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/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 15.12
-1.02 -6.32%
Volume: 19.98M
March 27, 2020 4:10p
P/E Ratio
9.23
Dividend Yield
10.98%
Market Cap
$46.41 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/208329321/delayed
US : U.S.: OTC
$ 4.60
-0.43 -8.55%
Volume: 171,713
March 27, 2020 3:59p
P/E Ratio
7.96
Dividend Yield
12.11%
Market Cap
$28.06 billion
Rev. per Employee
$761,598
loading...
/zigman2/quotes/209906204/delayed
AU : Australia: Sydney
$ 34.80
-1.93 -5.25%
Volume: 7.49M
March 27, 2020 4:10p
P/E Ratio
29.50
Dividend Yield
2.96%
Market Cap
$46.23 billion
Rev. per Employee
$284,703
loading...
/zigman2/quotes/208623225/delayed
US : U.S.: OTC
$ 22.46
+1.71 +8.22%
Volume: 470.00
March 27, 2020 5:20p
P/E Ratio
27.46
Dividend Yield
N/A
Market Cap
$28.27 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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