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Aug. 15, 2013, 4:23 a.m. EDT

Japan stocks slide, lead losses in Asia

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Most Asian markets fell Thursday after a pullback on Wall Street, with Japanese stocks tumbling to give back some gains recorded in the last two days, while an increase in gold prices limited losses for Australian shares.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +1.32%  skidded 2.1%, Taiwan’s Taiex  gave up 0.8% and the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.06% lost 0.9%.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.21%  slipped 0.1%, while Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +1.04%  ended flat. The South Korean market was closed for a holiday.


Shutterstock Enlarge Image
Australia’s stock market finds some support from higher gold prices (pictured: Sydney)

The performance came after the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.51%  Wednesday dropped more than 100 points for the first time since June, amid concerns about rising Treasury yields, and some weak results. A sharp drop in shares of technology major and Dow component Cisco Corp. /zigman2/quotes/209509471/composite CSCO +1.77%  in after-hours trade also weighed on Asia.

“The old adage that fear sells couldn’t be truer at the moment. Chatter around a potential 1987-type crash or a looming market top in U.S. equities is growing louder by the day,” said Rivkin analyst Tim Radford.

However, “as long as the big investors are confident in the U.S. economy and the U.S. equity market, we shouldn’t see an overly big selloff from current levels in the near term,” he said.

Losses in Tokyo surfaced across several sectors, coming as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0322%  straddled the ¥98-level.

Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +4.89%   /zigman2/quotes/200876874/composite MMTOF -5.36%  slid 2.9%, Panasonic Corp. /zigman2/quotes/201785256/delayed JP:6752 +1.60%   /zigman2/quotes/202333059/composite PCRFY +0.69%  shed 3.2%, Fast Retailing Co. /zigman2/quotes/200663563/delayed JP:9983 +1.00%   /zigman2/quotes/203924235/composite FRCOY +0.99%  gave up 3.3%, Daiwa Securities Group Inc. /zigman2/quotes/201391978/delayed JP:8601 +2.57%   /zigman2/quotes/201035229/composite DSEEY +0.47%  lost 3.7%, and telecommunications major Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +2.87% /zigman2/quotes/202815238/composite SFTBF +1.72%  declined 3.3%.

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In Sydney, gold miners climbed after the metal’s prices rose 1% overnight. Shares of Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.27% /zigman2/quotes/206026738/composite NCMGF +4.04% gained 1.3%, and Kingsgate Consolidated Ltd. /zigman2/quotes/209270359/delayed AU:KCN -2.75%   /zigman2/quotes/205153395/composite KSKGF -11.80%  advanced 3.1%.

Shares of AMP Ltd. /zigman2/quotes/206014407/delayed AU:AMP +0.74%   /zigman2/quotes/206400018/composite AMLTF -15.19% picked up 3.5% after the firm said first-half underlying profit fell 9% but still came in above its projections made earlier.

In Hong Kong, a slew of blue-chips were in focus after reporting results.

Shares of personal-computer maker Lenovo Group Ltd. /zigman2/quotes/205368244/delayed HK:992 -1.00% /zigman2/quotes/204000062/composite LNVGY -0.47%  rose 2.1% following a 23% increase in its fiscal-first-quarter profit, and logistics firm Li & Fung soared 11.6% as investors cheered its outlook despite a sharp drop in half-yearly profits.

Internet major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 +0.50%   /zigman2/quotes/207908563/composite TCEHY +0.51% fell 0.5% after its profits fell short of estimates.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,511.62
+307.00 +1.32%
Volume: 0.00
Sept. 28, 2020 3:15p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,217.53
-1.88 -0.06%
Volume: 15.60B
Sept. 28, 2020 3:01p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,952.30
-12.60 -0.21%
Volume: 579,880
Sept. 28, 2020 5:34p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,476.05
+240.63 +1.04%
Volume: 1.45M
Sept. 28, 2020 4:08p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,584.06
+410.10 +1.51%
Volume: 405.06M
Sept. 28, 2020 5:06p
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/zigman2/quotes/209509471/composite
US : U.S.: Nasdaq
$ 39.13
+0.68 +1.77%
Volume: 24.24M
Sept. 28, 2020 4:00p
P/E Ratio
14.88
Dividend Yield
3.68%
Market Cap
$162.78 billion
Rev. per Employee
$684,933
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
105.5290
+0.0340 +0.0322%
Volume: 0.0000
Sept. 28, 2020 6:16p
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/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 236.00
+11.00 +4.89%
Volume: 6.76M
Sept. 28, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥334.88 billion
Rev. per Employee
¥80.91M
loading...
/zigman2/quotes/200876874/composite
US : U.S.: OTC
$ 2.12
-0.12 -5.36%
Volume: 37.00
Sept. 28, 2020 5:20p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.17 billion
Rev. per Employee
$733,027
loading...
/zigman2/quotes/201785256/delayed
JP : Japan: Tokyo
¥ 921.80
+14.50 +1.60%
Volume: 8.13M
Sept. 28, 2020 3:00p
P/E Ratio
12.95
Dividend Yield
2.71%
Market Cap
¥2116.95 billion
Rev. per Employee
¥29.74M
loading...
/zigman2/quotes/202333059/composite
US : U.S.: OTC
$ 8.72
+0.06 +0.69%
Volume: 181,754
Sept. 28, 2020 3:59p
P/E Ratio
13.29
Dividend Yield
2.63%
Market Cap
$20.04 billion
Rev. per Employee
$269,385
loading...
/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 65,450.00
+650.00 +1.00%
Volume: 474,800
Sept. 28, 2020 3:00p
P/E Ratio
70.79
Dividend Yield
0.73%
Market Cap
¥6615.66 billion
Rev. per Employee
¥40.83M
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/zigman2/quotes/203924235/composite
US : U.S.: OTC
$ 62.04
+0.61 +0.99%
Volume: 2,940
Sept. 28, 2020 3:08p
P/E Ratio
73.08
Dividend Yield
0.56%
Market Cap
$62.62 billion
Rev. per Employee
$369,206
loading...
/zigman2/quotes/201391978/delayed
JP : Japan: Tokyo
¥ 466.30
+11.70 +2.57%
Volume: 8.81M
Sept. 28, 2020 3:00p
P/E Ratio
11.60
Dividend Yield
4.50%
Market Cap
¥691.35 billion
Rev. per Employee
¥49.77M
loading...
/zigman2/quotes/201035229/composite
US : U.S.: OTC
$ 4.28
+0.02 +0.47%
Volume: 4,587
Sept. 28, 2020 3:52p
P/E Ratio
11.50
Dividend Yield
2.97%
Market Cap
$6.54 billion
Rev. per Employee
$450,764
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,341.00
+177.00 +2.87%
Volume: 12.64M
Sept. 28, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥11998.20 billion
Rev. per Employee
¥126.96M
loading...
/zigman2/quotes/202815238/composite
US : U.S.: OTC
$ 59.45
+1.01 +1.72%
Volume: 1,615
Sept. 28, 2020 3:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$113.58 billion
Rev. per Employee
$1.15M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 32.00
+0.40 +1.27%
Volume: 1.86M
Sept. 28, 2020 4:10p
P/E Ratio
25.66
Dividend Yield
0.76%
Market Cap
$25.73 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206026738/composite
US : U.S.: OTC
$ 22.91
+0.89 +4.04%
Volume: 1,100
Sept. 28, 2020 1:31p
P/E Ratio
27.57
Dividend Yield
N/A
Market Cap
$18.05 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/209270359/delayed
AU : Australia: Sydney
$ 0.89
-0.03 -2.75%
Volume: 284,930
Sept. 28, 2020 4:10p
P/E Ratio
5.26
Dividend Yield
N/A
Market Cap
$205.87 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/205153395/composite
US : U.S.: OTC
$ 0.61
-0.08 -11.80%
Volume: 0.00
Sept. 23, 2020 11:15a
P/E Ratio
5.07
Dividend Yield
N/A
Market Cap
$146.28 million
Rev. per Employee
N/A
loading...
/zigman2/quotes/206014407/delayed
AU : Australia: Sydney
$ 1.36
+0.01 +0.74%
Volume: 8.40M
Sept. 28, 2020 4:10p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.62 billion
Rev. per Employee
$1.07M
loading...
/zigman2/quotes/206400018/composite
US : U.S.: OTC
$ 0.96
-0.17 -15.19%
Volume: 0.00
Sept. 24, 2020 12:31p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.27 billion
Rev. per Employee
$800,887
loading...
/zigman2/quotes/205368244/delayed
HK : Hong Kong
HK$ 4.95
-0.05 -1.00%
Volume: 30.40M
Sept. 28, 2020 4:08p
P/E Ratio
10.93
Dividend Yield
5.62%
Market Cap
HK$60.07 billion
Rev. per Employee
HK$7.25M
loading...
/zigman2/quotes/204000062/composite
US : U.S.: OTC
$ 12.81
-0.06 -0.47%
Volume: 18,226
Sept. 28, 2020 3:45p
P/E Ratio
11.03
Dividend Yield
5.28%
Market Cap
$7.75 billion
Rev. per Employee
$924,869
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 506.00
+2.50 +0.50%
Volume: 10.94M
Sept. 28, 2020 4:08p
P/E Ratio
42.28
Dividend Yield
0.24%
Market Cap
HK$4784.59 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/207908563/composite
US : U.S.: OTC
$ 65.64
+0.33 +0.51%
Volume: 1.19M
Sept. 28, 2020 4:00p
P/E Ratio
42.71
Dividend Yield
0.21%
Market Cap
$617.36 billion
Rev. per Employee
$1.05M
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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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