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June 13, 2011, 10:28 p.m. EDT · CORRECTED

Japan stocks fall; Hong Kong rebounds on banks

China’s banks extend fewer loans than expected

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By Lisa Twaronite and Michael Kitchen, MarketWatch

An earlier version of this report misstated the relative value of the yen to the dollar. The yen has been strong compared to its average value in 2010. The report has been corrected.

TOKYO (MarketWatch) — Japanese stocks ended lower Monday, with a persistently strong yen dragging on some Japanese exporters, while Hong Kong staged a late-session turnaround as banking shares rebounded.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.52%  ended down 0.7% at 9,448.21, while the broader Topix index lost 0.6% to finish at 812.26.

Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -0.16%   /zigman2/quotes/200537742/composite TM -2.03%  lost 2.4% after the car maker issued a weaker-than-expected profit outlook late Friday, with the news weighing on the overall auto sector. Read more on Toyota‘s fiscal-year forecast.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0530%  remained below ¥81, though it had risen to ¥80.49 by the Tokyo stock close, up slightly from ¥80.35 in late North American trading Friday.

A strong yen erodes the repatriated profits of exporters, with Monday’s decliners including Fujitsu Ltd. /zigman2/quotes/208459594/delayed JP:6702 -1.26%   /zigman2/quotes/208783738/composite FJTSY -1.68% , down 2.3%; Nintendo Co. /zigman2/quotes/208063194/delayed JP:7974 +1.75%   /zigman2/quotes/206371241/composite NTDOF -2.11% dropping 2.7%; and Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 +1.16%   /zigman2/quotes/204149068/composite TOSYY -0.64%  lower by 1.5%.

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Prada is kicking off its share offering to Hong Kong retail investors today as markets head downwards, while Israeli central banker Stanley Fischer announces a last-minute bid to head the IMF.

Also bruising sentiment in Tokyo Monday were monthly data showing an unexpected drop in core machinery orders, which are considered a leading indicator of corporate capital spending. Read more on Japan core machinery orders.

In Hong Kong, stricter rules for residential mortgages hurt real-estate shares, but the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.84%  surged late in the day on the banking rebound to end 0.4% higher at 22,508.08, after having traded down more than 1% earlier in the session.

Measures by the Hong Kong Monetary Authority on Friday to limit the size of mortgages for some residential properties helped send Agile Property Holdings Ltd. /zigman2/quotes/210448079/delayed HK:3383 -2.26%   /zigman2/quotes/200754284/composite AGPYY -8.02%  down 1.4%, and Sino Land Co. /zigman2/quotes/202960683/delayed HK:83 -0.16%   /zigman2/quotes/207532535/composite SNLAF -10.71%  lower by 1.7%. See report on Hong Kong property tightening moves.

Banking shares suffered early in the session after People’s Bank of China data showed Chinese financial institutions issued 551.6 billion yuan ($85 billion) of new loans in May, easing from 739.6 billion yuan in April and missing a consensus expectation of 650 billion yuan cited in several news reports. Money-supply growth was also less than expected. See report on Chinese monetary data.

“Though these readings could ease markets’ inflation expectations, they could also add fear to the credit-crunch stories and worsen worries of a hard landing in China,” Bank of America Merrill Lynch analysts in Hong Kong said in a note following the data release.

But the banks staged a sharp rebound in late trading, with Delta Asia Financial Markets equities chief Conita Hung saying bargain hunting led the reverse.

“I don’t see any positive news. ... [Rather,] this was a technical rebound,” she said, describing the market as cautious ahead of key Chinese consumer-inflation data due out Tuesday.

By the close, most major banks had chalked up solid gains in Hong Kong, with Bank of China Ltd. /zigman2/quotes/209359942/delayed CN:601988 +0.34%   /zigman2/quotes/204682472/delayed HK:3988 -0.37%   /zigman2/quotes/201568493/composite BACHY -0.23%  swinging to a 1% rise, and Bank of Communications Ltd. /zigman2/quotes/207155262/delayed CN:601328 +0.23%   /zigman2/quotes/203442771/delayed HK:3328 -0.87%   /zigman2/quotes/208048873/composite BKFCF +6.90%  up 0.8%.

But Hung warned that if China’s consumer price index surprises to the upside — suggesting more aggressive tightening to come from Beijing — the Hang Seng Index could test the 22,000 level later this week.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,728.12
+144.04 +0.52%
Volume: 0.00
Aug. 5, 2021 3:15p
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 9,954.00
-16.00 -0.16%
Volume: 4.16M
Aug. 5, 2021 3:00p
P/E Ratio
9.40
Dividend Yield
2.41%
Market Cap
¥28113.26 billion
Rev. per Employee
¥74.30M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 182.18
-3.77 -2.03%
Volume: 194,571
Aug. 4, 2021 4:00p
P/E Ratio
12.11
Dividend Yield
2.18%
Market Cap
$258.05 billion
Rev. per Employee
$700,558
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.4250
-0.0580 -0.0530%
Volume: 0.0000
Aug. 5, 2021 8:00a
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/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 18,440.00
-235.00 -1.26%
Volume: 642,100
Aug. 5, 2021 3:00p
P/E Ratio
17.67
Dividend Yield
1.19%
Market Cap
¥3746.76 billion
Rev. per Employee
¥28.41M
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/zigman2/quotes/208783738/composite
US : U.S.: OTC
$ 34.15
-0.59 -1.68%
Volume: 31,125
Aug. 4, 2021 3:55p
P/E Ratio
17.34
Dividend Yield
0.74%
Market Cap
$34.39 billion
Rev. per Employee
$267,837
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/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 56,490.00
+970.00 +1.75%
Volume: 648,200
Aug. 5, 2021 3:00p
P/E Ratio
14.01
Dividend Yield
2.83%
Market Cap
¥6757.83 billion
Rev. per Employee
¥267.56M
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/zigman2/quotes/206371241/composite
US : U.S.: OTC
$ 509.78
-10.98 -2.11%
Volume: 446.00
Aug. 4, 2021 3:22p
P/E Ratio
13.38
Dividend Yield
N/A
Market Cap
$62.03 billion
Rev. per Employee
$2.52M
loading...
/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 4,805.00
+55.00 +1.16%
Volume: 1.91M
Aug. 5, 2021 3:00p
P/E Ratio
19.13
Dividend Yield
3.95%
Market Cap
¥2144.40 billion
Rev. per Employee
¥26.04M
loading...
/zigman2/quotes/204149068/composite
US : U.S.: OTC
$ 21.73
-0.14 -0.64%
Volume: 8,601
Aug. 4, 2021 3:45p
P/E Ratio
18.23
Dividend Yield
1.21%
Market Cap
$19.68 billion
Rev. per Employee
$245,518
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,204.69
-221.86 -0.84%
Volume: 1.70M
Aug. 5, 2021 4:08p
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/zigman2/quotes/210448079/delayed
HK : Hong Kong
$ 8.66
-0.20 -2.26%
Volume: 2.56M
Aug. 5, 2021 4:08p
P/E Ratio
3.16
Dividend Yield
12.70%
Market Cap
$34.55 billion
Rev. per Employee
$1.45M
loading...
/zigman2/quotes/200754284/composite
US : U.S.: OTC
$ 57.37
-5.00 -8.02%
Volume: 2.00
Aug. 4, 2021 12:53p
P/E Ratio
3.25
Dividend Yield
12.19%
Market Cap
$4.28 billion
Rev. per Employee
$187,024
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/zigman2/quotes/202960683/delayed
HK : Hong Kong
$ 12.58
-0.02 -0.16%
Volume: 1.26M
Aug. 5, 2021 4:08p
P/E Ratio
474.72
Dividend Yield
4.37%
Market Cap
$93.93 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/207532535/composite
US : U.S.: OTC
$ 1.50
-0.18 -10.71%
Volume: 0.00
July 21, 2021 12:12p
P/E Ratio
441.18
Dividend Yield
N/A
Market Cap
$11.63 billion
Rev. per Employee
$140,444
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 2.99
+0.01 +0.34%
Volume: 71.67M
Aug. 5, 2021 3:00p
P/E Ratio
4.56
Dividend Yield
6.59%
Market Cap
¥819.88 billion
Rev. per Employee
¥2.95M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
$ 2.71
-0.01 -0.37%
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P/E Ratio
3.58
Dividend Yield
8.77%
Market Cap
$986.42 billion
Rev. per Employee
$3.34M
loading...
/zigman2/quotes/201568493/composite
US : U.S.: OTC
$ 8.72
-0.02 -0.23%
Volume: 67,804
Aug. 4, 2021 3:47p
P/E Ratio
3.67
Dividend Yield
13.72%
Market Cap
$126.82 billion
Rev. per Employee
$427,123
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 4.31
+0.01 +0.23%
Volume: 52.60M
Aug. 5, 2021 3:00p
P/E Ratio
4.58
Dividend Yield
7.35%
Market Cap
¥302.93 billion
Rev. per Employee
¥5.43M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
$ 4.56
-0.04 -0.87%
Volume: 12.16M
Aug. 5, 2021 4:08p
P/E Ratio
3.73
Dividend Yield
8.34%
Market Cap
$364.47 billion
Rev. per Employee
$5.77M
loading...
/zigman2/quotes/208048873/composite
US : U.S.: OTC
$ 0.62
+0.04 +6.90%
Volume: 3,435
Aug. 2, 2021 1:56p
P/E Ratio
4.62
Dividend Yield
N/A
Market Cap
$46.79 billion
Rev. per Employee
$786,734
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