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June 21, 2013, 4:35 a.m. EDT

Most Asia stocks drop on U.S. selloff; Japan rises

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets fell Friday after the Federal Reserve’s plan to wind down bond purchases led to heavy losses on Wall Street, while Japanese stocks ended higher on the back of a weakened yen.

Mainland Chinese and Hong Kong shares pared their sharp initial declines as a sharp fall in Shanghai interbank rates from Thursday’s record highs aided banks.

The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.46%  ended 0.5% lower and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.80%  fell 0.6%. Both indexes had dropped more than 2% earlier in the day, but pared losses on reports of a sharp fall in the Shanghai interbank money-market rates from the record highs they touched the previous day.

/zigman2/quotes/210598127/delayed SHCOMP 3,277.54, -14.98, -0.46%
/zigman2/quotes/210598030/delayed HSI 19,763.91, -158.54, -0.80%
Shanghai Composite and Hang Seng Index
One-month percentage changes

“With spiking rates likely an intentional move by the Chinese government, it’s probably not a sign of an emerging credit crisis, but rather responsible economic management. The main concern with China continues to be slowing economic growth,” said Rivkin Securities global analyst Tim Radford.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.96% staged a big comeback after sinking more than 2% during the morning session, finishing 1.7% higher. It was the best weekly performer among the region’s benchmarks, rising 4.3% from the previous week’s closing levels.

Elsewhere in the region, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.21%  gave up 0.4%, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.33%  dropped 1.5%.

The broad drop in regional stocks came after the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.06%  suffered its worst drop since November 2011 on Thursday, adding to the losses late Wednesday as the Fed signaled it may soon down-size bond purchases under its quantitative-easing program.


Tokyo Stock Exchange Enlarge Image
Asia stocks drop hard but then move off their initial lows.

The decline extended the steep losses suffered Thursday on a combination of worries, including fears related to downbeat manufacturing data from China and a sharp spike in interbank money-market rates in Shanghai.

“In combination, these factors mean that markets are bracing for the day that they no longer have steroid injections to keep them going. Instead, fundamentals will become important to sustain gains in risk assets,” said Crédit Agricole’s Asia head of global markets research Mitul Kotecha.

Commodities also took a major hit, with gold futures sliding more than 6%, while U.S. benchmark crude-oil prices fell nearly 3%.

The stock rebound in Tokyo came as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0407% climbed to about ¥97.79 by the end of the Japanese stock trading session, compared with ¥97.38 in North America Thursday.

Shares of brewer Kirin Holdings Co. /zigman2/quotes/207391157/delayed JP:5406 +0.49% stumbled 4.9%, Hino Motors Ltd. /zigman2/quotes/209422954/delayed JP:7205 -0.30% /zigman2/quotes/207652388/composite HINOY -8.97% shed 0.8%, and real-estate major Mitsui Fudosan Co. /zigman2/quotes/205394574/delayed JP:8801 -1.84% /zigman2/quotes/208297288/composite MTSFF -2.55%  gave up 2.1% to rank among the big decliners.

In Hong Kong, shares of China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -0.61% rose 0.8% and Industrial & Commercial Bank of China Ltd. /zigman2/quotes/202401350/composite IDCBY -0.77% /zigman2/quotes/201401473/delayed HK:1398 -0.98%  added 1.1%, with both rebounding from early losses.

Also recovering in Shanghai trade, shares of China Merchants Bank Co. /zigman2/quotes/210188047/delayed CN:600036 -1.52%   /zigman2/quotes/208876947/composite CIHKY -0.65%  rose 2.1%, and China Citic Bank Corp. /zigman2/quotes/206411273/delayed CN:601998 -0.46%   /zigman2/quotes/204346887/composite CHBJF -6.54%  gained 0.3%.

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However, China Construction Bank Corp. /zigman2/quotes/208058581/delayed CN:601939 -0.55% /zigman2/quotes/207732534/composite CICHY -0.64% stock plunged 9.5% as it traded without rights to a dividend.

The resource sector suffered further deep losses.

In Sydney, gold miner Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -2.86% /zigman2/quotes/206026738/composite NCMGF +0.15%  fell 3.7%, Karoon Gas Australia Ltd. /zigman2/quotes/205368474/delayed AU:KAR +1.72% /zigman2/quotes/207550848/composite KRNGF +10.53%  lost 0.4%, and uranium producer Paladin Energy Ltd. /zigman2/quotes/203269866/delayed AU:PDN -4.11% /zigman2/quotes/202157125/composite PALAF -3.46%  gave up 0.5%.

In Tokyo, energy producer Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 +0.61% /zigman2/quotes/206936121/composite IPXHF -5.38% lost 2.3%, and steel maker JFE Holdings Inc. /zigman2/quotes/204336633/delayed JP:5411 -0.47%   /zigman2/quotes/203557603/composite JFEEF +1.58%  sank 2.8%, and in Seoul, Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 -1.34%  fell 3.2%.

/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,277.54
-14.98 -0.46%
Volume: 30.17B
Aug. 18, 2022 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
19,763.91
-158.54 -0.80%
Volume: 1.59M
Aug. 18, 2022 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
28,942.14
-280.63 -0.96%
Volume: 0.00
Aug. 18, 2022 3:15p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,112.80
-14.90 -0.21%
Volume: 739,018
Aug. 18, 2022 5:31p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,508.05
-8.42 -0.33%
Volume: 381,627
Aug. 18, 2022 3:32p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
4,271.53
-2.51 -0.06%
Volume: 2.22B
Aug. 18, 2022 10:40a
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
135.1180
+0.0550 +0.0407%
Volume: 0.0000
Aug. 18, 2022 10:40a
loading...
/zigman2/quotes/207391157/delayed
JP : Japan: Tokyo
¥ 612.00
+3.00 +0.49%
Volume: 4.05M
Aug. 18, 2022 3:00p
P/E Ratio
3.75
Dividend Yield
7.35%
Market Cap
¥238.01 billion
Rev. per Employee
¥56.74M
loading...
/zigman2/quotes/209422954/delayed
JP : Japan: Tokyo
¥ 655.00
-2.00 -0.30%
Volume: 2.57M
Aug. 18, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
1.53%
Market Cap
¥371.40 billion
Rev. per Employee
¥42.78M
loading...
/zigman2/quotes/207652388/composite
US : U.S.: OTC
$ 47.58
-4.69 -8.97%
Volume: 1,013
Aug. 16, 2022 12:53p
P/E Ratio
N/A
Dividend Yield
1.45%
Market Cap
$2.76 billion
Rev. per Employee
$365,632
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,858.00
-53.50 -1.84%
Volume: 1.88M
Aug. 18, 2022 3:00p
P/E Ratio
13.99
Dividend Yield
2.10%
Market Cap
¥2745.19 billion
Rev. per Employee
¥91.32M
loading...
/zigman2/quotes/208297288/composite
US : U.S.: OTC
$ 21.21
-0.56 -2.55%
Volume: 3,658
Aug. 16, 2022 9:58a
P/E Ratio
12.19
Dividend Yield
N/A
Market Cap
$20.43 billion
Rev. per Employee
$778,636
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
$ 4.88
-0.03 -0.61%
Volume: 104.64M
Aug. 18, 2022 4:08p
P/E Ratio
3.55
Dividend Yield
8.73%
Market Cap
$1241.53 billion
Rev. per Employee
$4.56M
loading...
/zigman2/quotes/202401350/composite
US : U.S.: OTC
$ 10.25
-0.08 -0.77%
Volume: 2,252
Aug. 18, 2022 10:09a
P/E Ratio
3.31
Dividend Yield
7.19%
Market Cap
$217.96 billion
Rev. per Employee
$516,289
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 4.05
-0.04 -0.98%
Volume: 110.20M
Aug. 18, 2022 4:08p
P/E Ratio
3.76
Dividend Yield
8.47%
Market Cap
$1700.95 billion
Rev. per Employee
$3.78M
loading...
/zigman2/quotes/210188047/delayed
CN : China: Shanghai
¥ 33.72
-0.52 -1.52%
Volume: 50.73M
Aug. 18, 2022 3:00p
P/E Ratio
6.86
Dividend Yield
4.51%
Market Cap
¥869.54 billion
Rev. per Employee
¥4.39M
loading...
/zigman2/quotes/208876947/composite
US : U.S.: OTC
$ 26.08
-0.17 -0.65%
Volume: 346.00
Aug. 17, 2022 3:58p
P/E Ratio
6.81
Dividend Yield
3.73%
Market Cap
$128.33 billion
Rev. per Employee
$680,188
loading...
/zigman2/quotes/206411273/delayed
CN : China: Shanghai
¥ 4.33
-0.02 -0.46%
Volume: 12.25M
Aug. 18, 2022 3:00p
P/E Ratio
4.42
Dividend Yield
6.97%
Market Cap
¥190.81 billion
Rev. per Employee
¥6.60M
loading...
/zigman2/quotes/204346887/composite
US : U.S.: OTC
$ 0.43
-0.03 -6.54%
Volume: 0.00
May 3, 2022 9:32a
P/E Ratio
2.86
Dividend Yield
N/A
Market Cap
$33.07 billion
Rev. per Employee
$1.02M
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 5.47
-0.03 -0.55%
Volume: 27.16M
Aug. 18, 2022 3:00p
P/E Ratio
4.44
Dividend Yield
6.65%
Market Cap
¥1072.56 billion
Rev. per Employee
¥3.64M
loading...
/zigman2/quotes/207732534/composite
US : U.S.: OTC
$ 12.38
-0.08 -0.64%
Volume: 3,067
Aug. 18, 2022 10:04a
P/E Ratio
3.22
Dividend Yield
7.49%
Market Cap
$158.30 billion
Rev. per Employee
$581,281
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 18.67
-0.55 -2.86%
Volume: 6.84M
Aug. 18, 2022 4:10p
P/E Ratio
12.76
Dividend Yield
3.68%
Market Cap
$16.99 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/composite
US : U.S.: OTC
$ 13.08
+0.02 +0.15%
Volume: 1,886
Aug. 18, 2022 10:05a
P/E Ratio
11.79
Dividend Yield
3.63%
Market Cap
$11.84 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205368474/delayed
AU : Australia: Sydney
$ 1.77
+0.03 +1.72%
Volume: 1.32M
Aug. 18, 2022 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.03 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207550848/composite
US : U.S.: OTC
$ 1.26
+0.12 +10.53%
Volume: 2,000
Aug. 12, 2022 2:19p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$727.36 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/203269866/delayed
AU : Australia: Sydney
$ 0.70
-0.03 -4.11%
Volume: 10.36M
Aug. 18, 2022 4:10p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.17 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202157125/composite
US : U.S.: OTC
$ 0.48
-0.02 -3.46%
Volume: 8,449
Aug. 18, 2022 10:14a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,478.00
+9.00 +0.61%
Volume: 8.16M
Aug. 18, 2022 3:00p
P/E Ratio
5.88
Dividend Yield
4.06%
Market Cap
¥2029.75 billion
Rev. per Employee
¥578.38M
loading...
/zigman2/quotes/206936121/composite
US : U.S.: OTC
$ 10.72
-0.61 -5.38%
Volume: 50.00
Aug. 17, 2022 2:10p
P/E Ratio
5.00
Dividend Yield
N/A
Market Cap
$15.01 billion
Rev. per Employee
$4.88M
loading...
/zigman2/quotes/204336633/delayed
JP : Japan: Tokyo
¥ 1,475.00
-7.00 -0.47%
Volume: 3.04M
Aug. 18, 2022 3:00p
P/E Ratio
2.74
Dividend Yield
8.14%
Market Cap
¥849.88 billion
Rev. per Employee
¥73.56M
loading...
/zigman2/quotes/203557603/composite
US : U.S.: OTC
$ 10.90
+0.17 +1.58%
Volume: 126.00
July 20, 2022 9:59a
P/E Ratio
2.37
Dividend Yield
N/A
Market Cap
$6.35 billion
Rev. per Employee
$626,484
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
589,000
-8,000 -1.34%
Volume: 42,007
Aug. 18, 2022 3:30p
P/E Ratio
12.22
Dividend Yield
3.40%
Market Cap
₩10533.85 billion
Rev. per Employee
₩6.44B
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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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