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April 8, 2013, 4:23 a.m. EDT

Japan stocks rally; Shanghai, Taipei decline

Shares of regional airlines suffer broad losses on bird-flu fears

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By V. Phani Kumar and Michael Kitchen, MarketWatch

HONG KONG (MarketWatch) — Japanese stocks soared Monday as the yen’s slide helped the market stand tall, even while some other Asian equities suffered from a cocktail of worries over the spread of bird flu in China, downbeat U.S. jobs data and North Korea’s aggression.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.23%  jumped 2.8% to end at 13,192.59, while gains for some mining stocks helped Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.36%  post a modest 0.3% advance from two-month lows.

China’s Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +1.10%  skidded 0.6% as the market reopened after a four-day weekend amid heightened worries over the spread of a new strain of bird-flu virus.

Taiwan’s Taiex slumped 2.4%, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.07%  ended marginally lower, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +1.02%  fell 0.4%.


Reuters

“The avian flu may have limited impact on economic growth, while it could cause future food-price inflation if more supply is cut. But this incident may hurt investment sentiment in the very near term,” Citigroup strategists Minggao Shen and Ben Wei wrote to clients in a report Monday.

They said that while the insurance sector “may face earnings pressure” amid worries over the spread of the H7N9 virus, airlines, consumer staples and retail sectors could also be potentially affected.

On the other hand, the health-care and auto sectors might benefit, they said.

Airline stocks in particular fell across most of the region, reflecting fears that tourist flows into and from China may be affected. In Shanghai, Air China Ltd. /zigman2/quotes/203341301/delayed CN:601111 +1.30%   /zigman2/quotes/207207351/delayed AIRYY +1.28%  skidded 3.4% and China Southern Airlines Co. /zigman2/quotes/210515916/delayed CN:600029 +1.21%   /zigman2/quotes/206691352/composite ZNH +1.18%  shed 2.6%.

Elsewhere in the region, China Airlines Ltd. /zigman2/quotes/201312776/delayed TW:2610 +0.11%  dropped 6% and Eva Airways Corp. /zigman2/quotes/201931159/delayed TW:2618 +0.72%  slumped 6.8% in Taipei, Qantas Airways Ltd. /zigman2/quotes/205534063/delayed AU:QAN -0.28% /zigman2/quotes/200387630/delayed QUBSF +1.00%  fell 1.4% in Sydney, and Korean Air Lines Co. /zigman2/quotes/200075101/delayed KR:003490 +5.50%  declined 2% in Seoul.

Click to Play

What’s end game for North Korea?

The Rand Corporation’s Scott Harold discusses China’s strategic interests in North Korea and what North Korea hopes to achieve by escalating regional tensions.

But in Hong Kong, airlines saw some relief buying after taking a heavy hit Friday, with Air China /zigman2/quotes/203408003/delayed HK:753 +1.13%  adding 4.5%, and Cathay Pacific Airways Ltd. /zigman2/quotes/203532437/delayed HK:293 +1.16%   /zigman2/quotes/208114856/delayed CPCAY +0.31%  advancing 4.1%.

At the same time, drug-maker shares advanced in China, with Harbin Pharmaceutical Group Co. /zigman2/quotes/202194507/delayed CN:600664 -0.27%  adding 1.6%, and Kangmei Pharmaceutical Co. /zigman2/quotes/202371652/delayed CN:600518 +1.39%  up 1.4%.

The broad decline for regional markets followed weak cues from the U.S., where stocks fell on Friday after nonfarm payrolls data for March disappointed.

Meanwhile, Moody’s Investors Service said Monday that North Korea’s recent belligerent actions were credit-negative for South Korea “because they have increased the chance of a serious military clash.”

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,354.40
+54.31 +0.23%
Volume: 0.00
Dec. 6, 2019 3:15p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,707.00
+24.00 +0.36%
Volume: 459,318
Dec. 6, 2019 5:09p
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 15.60
+0.17 +1.10%
Volume: 71.26M
Dec. 6, 2019 3:00p
P/E Ratio
10.36
Dividend Yield
0.93%
Market Cap
¥264.94 billion
Rev. per Employee
¥6.12M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,498.37
+281.33 +1.07%
Volume: 1.64M
Dec. 6, 2019 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,081.85
+21.11 +1.02%
Volume: 440,188
Dec. 6, 2019 6:01p
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/zigman2/quotes/203341301/delayed
CN : China: Shanghai
¥ 8.58
+0.11 +1.30%
Volume: 26.13M
Dec. 6, 2019 3:00p
P/E Ratio
17.40
Dividend Yield
1.20%
Market Cap
¥123.03 billion
Rev. per Employee
¥1.57M
loading...
/zigman2/quotes/207207351/delayed
US : U.S.: OTC
$ 18.18
+0.23 +1.28%
Volume: 2.00
Dec. 2, 2019 5:19p
P/E Ratio
12.71
Dividend Yield
1.38%
Market Cap
$4.11 billion
Rev. per Employee
$239,698
loading...
/zigman2/quotes/210515916/delayed
CN : China: Shanghai
¥ 6.67
+0.08 +1.21%
Volume: 25.40M
Dec. 6, 2019 3:00p
P/E Ratio
28.35
Dividend Yield
0.75%
Market Cap
¥80.84 billion
Rev. per Employee
¥1.46M
loading...
/zigman2/quotes/206691352/composite
US : U.S.: NYSE
$ 30.88
+0.36 +1.18%
Volume: 337.00
Dec. 6, 2019 10:22a
P/E Ratio
18.03
Dividend Yield
1.00%
Market Cap
$2.24 billion
Rev. per Employee
$222,248
loading...
/zigman2/quotes/201312776/delayed
TW : Taiwan
NT$ 9.01
+0.01 +0.11%
Volume: 5.80M
Dec. 6, 2019 1:30p
P/E Ratio
296.38
Dividend Yield
2.33%
Market Cap
NT$48.76 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/201931159/delayed
TW : Taiwan
NT$ 13.95
+0.10 +0.72%
Volume: 3.11M
Dec. 6, 2019 1:30p
P/E Ratio
19.13
Dividend Yield
N/A
Market Cap
NT$67.22 billion
Rev. per Employee
NT$9.38M
loading...
/zigman2/quotes/205534063/delayed
AU : Australia: Sydney
$ 7.14
-0.02 -0.28%
Volume: 7.35M
Dec. 6, 2019 4:10p
P/E Ratio
13.09
Dividend Yield
3.50%
Market Cap
$10.50 billion
Rev. per Employee
$568,765
loading...
/zigman2/quotes/200387630/delayed
US : U.S.: OTC
$ 4.84
+0.05 +1.00%
Volume: 10.00
Dec. 4, 2019 5:19p
P/E Ratio
12.39
Dividend Yield
N/A
Market Cap
$7.19 billion
Rev. per Employee
$424,527
loading...
/zigman2/quotes/200075101/delayed
KR : S. Korea: KRX
25,900.00
+1,350 +5.50%
Volume: 812,762
Dec. 6, 2019 3:30p
P/E Ratio
N/A
Dividend Yield
0.97%
Market Cap
₩2355.70 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203408003/delayed
HK : Hong Kong
HK$ 7.13
+0.08 +1.13%
Volume: 5.20M
Dec. 6, 2019 4:08p
P/E Ratio
12.72
Dividend Yield
1.65%
Market Cap
HK$102.40 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/203532437/delayed
HK : Hong Kong
HK$ 10.44
+0.12 +1.16%
Volume: 1.39M
Dec. 6, 2019 4:08p
P/E Ratio
10.38
Dividend Yield
3.64%
Market Cap
HK$40.60 billion
Rev. per Employee
HK$4.27M
loading...
/zigman2/quotes/208114856/delayed
US : U.S.: OTC
$ 6.53
+0.02 +0.31%
Volume: 99.00
Dec. 5, 2019 3:46p
P/E Ratio
10.18
Dividend Yield
3.26%
Market Cap
$5.19 billion
Rev. per Employee
$544,403
loading...
/zigman2/quotes/202194507/delayed
CN : China: Shanghai
¥ 3.64
-0.01 -0.27%
Volume: 10.46M
Dec. 6, 2019 3:00p
P/E Ratio
85.65
Dividend Yield
0.00%
Market Cap
¥9.09 billion
Rev. per Employee
¥694,010
loading...
/zigman2/quotes/202371652/delayed
CN : China: Shanghai
¥ 3.66
+0.05 +1.39%
Volume: 27.41M
Dec. 6, 2019 3:00p
P/E Ratio
37.97
Dividend Yield
0.66%
Market Cap
¥17.83 billion
Rev. per Employee
¥2.87M
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