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May 27, 2011, 12:26 a.m. EDT

Hong Kong, Japan stocks back on the rise

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By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Hong Kong shares shook off an uncertain start to trade higher, and Japanese shares managed to stage a turnaround on Friday afternoon, with investors looking for bargains after recent losses.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.19%  rose 1% to 23,117.59, paring weekly losses to 0.3%, helped by gains from PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +0.77% /zigman2/quotes/205108732/composite PTR +1.69% ,

The oil producer and refiner rose 3.6% following reports that the company’s parent has bought shares in the company and plans to raise its stake further.

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Commodity markets were also firmer on Friday. Benchmark Nymex crude-oil futures rose 65 cents to $100.88 a barrel in electronic action, and gold futures were up $3.00 at $1,525.80 an ounce. See report on crude-oil moves.

Bargain hunters are coming into the market on perceptions that valuations in Asia have improved, said Shane Oliver, head of investment strategy at AMP Capital Investors.

This, combined with the fact that the latest news out of Europe and the U.S. hasn’t been worse, is helping Asian equity markets, he said.

Still, “global uncertainties regarding Europe, on top of softening economic indicators worldwide and worries about a hard landing in China,” remain key areas of concern for investors, he said.

Other notable advancers in Hong Kong included Industrial & Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 -0.22%   /zigman2/quotes/202401350/composite IDCBY +0.77% , up 2.1%, while Lenovo Group Ltd. /zigman2/quotes/205368244/delayed HK:992 -3.50%   /zigman2/quotes/201114980/composite LNVGF +0.51%  climbed 4.2% after the computer maker posted solid results late Thursday. See report on Lenovo earnings.

China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 -1.26%  wavered between gains and losses in the session, slipping 0.1% to 2,733.92.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.98%  edged up 0.2% to 9,578.42 in the afternoon session, as gains from Fujitsu Ltd. /zigman2/quotes/208459594/delayed JP:6702 +1.05%   /zigman2/quotes/208783738/composite FJTSY -1.45%  , up 3.5%, worked to offset losses related to a stronger yen.

The U.S. dollar traded at ¥81.02, down from ¥82 in late North American trading on Thursday. Among those suffering from the stronger yen, car maker Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +1.84%   /zigman2/quotes/200876874/composite MMTOF +2.71%  declined 2.1%.

Also keeping a lid on gains in Japan, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 -0.65%    saw its stock fall 2.6% after posting a massive fiscal-year loss after the market close on Thursday. Read more on Sony earnings

On the economic front in Japan, core consumer price index rose 0.6% from a year earlier, Japan’s Cabinet Office reported Friday. The gain — the first in more than two years — matched the consensus forecast from a Dow Jones and Nikkei survey of economists. Core CPI rose 0.4% from March. Read report on Japanese inflation.

Turning to other regional Asia-Pacfic equity markets, South Korea’s Kospi  index rose 0.7% to 2,107.02, while the Australian S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO +0.05%  nudged up 0.6% at 4,685..60.

Retailers were among the best performers in Sydney, with Billabong International Ltd.  , shares up 4.5%.

Gains for consumer discretionary stocks helped the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.03%  end fractionally higher in the U.S. trading day on Thursday. Read more on Thursday's U.S. stock moves.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,470.06
-247.18 -1.19%
Volume: 1.70M
May 23, 2022 4:08p
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/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.94
+0.03 +0.77%
Volume: 66.04M
May 23, 2022 4:08p
P/E Ratio
7.60
Dividend Yield
6.76%
Market Cap
$1076.39 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 50.01
+0.83 +1.69%
Volume: 99,554
May 20, 2022 4:00p
P/E Ratio
6.41
Dividend Yield
6.26%
Market Cap
$137.15 billion
Rev. per Employee
$856,986
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
$ 4.64
-0.01 -0.22%
Volume: 95.39M
May 23, 2022 4:08p
P/E Ratio
4.31
Dividend Yield
7.43%
Market Cap
$1871.45 billion
Rev. per Employee
$3.78M
loading...
/zigman2/quotes/202401350/composite
US : U.S.: OTC
$ 11.75
+0.09 +0.77%
Volume: 60,170
May 20, 2022 3:59p
P/E Ratio
3.88
Dividend Yield
5.87%
Market Cap
$238.45 billion
Rev. per Employee
$495,188
loading...
/zigman2/quotes/205368244/delayed
HK : Hong Kong
$ 7.73
-0.28 -3.50%
Volume: 41.62M
May 23, 2022 4:08p
P/E Ratio
6.85
Dividend Yield
4.14%
Market Cap
$96.45 billion
Rev. per Employee
$7.67M
loading...
/zigman2/quotes/201114980/composite
US : U.S.: OTC
$ 1.00
+0.0050 +0.51%
Volume: 11,023
May 20, 2022 3:01p
P/E Ratio
6.86
Dividend Yield
N/A
Market Cap
$12.29 billion
Rev. per Employee
$986,776
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/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.83
-0.19 -1.26%
Volume: 64.77M
May 23, 2022 3:00p
P/E Ratio
7.37
Dividend Yield
1.54%
Market Cap
¥291.48 billion
Rev. per Employee
¥6.67M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,001.52
+262.49 +0.98%
Volume: 0.00
May 23, 2022 3:15p
loading...
/zigman2/quotes/208459594/delayed
JP : Japan: Tokyo
¥ 19,740.00
+205.00 +1.05%
Volume: 464,800
May 23, 2022 3:00p
P/E Ratio
21.36
Dividend Yield
1.22%
Market Cap
¥3868.11 billion
Rev. per Employee
¥28.38M
loading...
/zigman2/quotes/208783738/composite
US : U.S.: OTC
$ 30.54
-0.45 -1.45%
Volume: 70,241
May 20, 2022 3:58p
P/E Ratio
18.73
Dividend Yield
0.78%
Market Cap
$30.22 billion
Rev. per Employee
$252,583
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 387.00
+7.00 +1.84%
Volume: 17.37M
May 23, 2022 3:00p
P/E Ratio
7.78
Dividend Yield
0.00%
Market Cap
¥565.38 billion
Rev. per Employee
¥67.76M
loading...
/zigman2/quotes/200876874/composite
US : U.S.: OTC
$ 2.85
+0.08 +2.71%
Volume: 0.00
May 17, 2022 3:52p
P/E Ratio
6.50
Dividend Yield
N/A
Market Cap
$4.24 billion
Rev. per Employee
$602,977
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,450.00
-75.00 -0.65%
Volume: 3.00M
May 23, 2022 3:00p
P/E Ratio
16.24
Dividend Yield
0.61%
Market Cap
¥14294.31 billion
Rev. per Employee
¥90.44M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,148.90
+3.30 +0.05%
Volume: 559,690
May 23, 2022 5:55p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
31,261.90
+8.77 +0.03%
Volume: 498.89M
May 20, 2022 5:03p
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Sarah Turner is MarketWatch's bureau chief in Sydney.

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