Bulletin
Investor Alert

New York Markets Close in:

Asia Markets Archives | Email alerts

June 4, 2013, 4:27 a.m. EDT

Japan stocks rebound, as Hong Kong wavers

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    NIKKEI 225 Index (NIK)
  • X
    Japanese Yen (USDJPY)
  • X
    TOPIX Index (180460)

or Cancel Already have a watchlist? Log In

By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese stocks rebounded Tuesday to take back some of the steep losses they suffered the previous day as banks and several beaten-down shares rallied in the wake of overnight gains on Wall Street.

Other Asian markets ended mixed, after enduring wide swings between gains and losses as strong cues from U.S. stocks were countered by concerns over China’s growth trajectory.

In Japan, the benchmark Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK +0.50% rose 2.1% a day after it plunged 3.7%. The U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0938% climbed back above the psychologically-important level at the end of the day’s stocks trading, just a day after dropping under that level, and was fetching ¥100.16. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 +0.30%  ended 2.6% higher.


Reuters

Japanese bond, stock and currency markets have seen extreme volatility of late amid an increase in the yields on domestic government debt and worries the Fed may pare its asset purchases. Tuesday’s rebound pares the steep losses suffered in Tokyo since May 23, when the Nikkei plunged 7.3%, after posting hefty gains in a rally that started late last year.

“Between the volatility in the yen and the Japanese equity and bond markets, the Bank of Japan, [which] meets next week, may realistically consider increasing the frequency of asset purchases just to renew the rallies,” BK Asset Management managing director Kathy Lien wrote in a note to clients.

Banks rallied after the higher U.S. finish, with Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 +0.34%   soared 7.5%, and Sumitomo Mitsui Financial Group Inc. /zigman2/quotes/203656770/delayed JP:8316 0.00% /zigman2/quotes/206471416/composite SMFG -1.85% spiked 9%.

Stocks in several other sectors rallied as well to take back some recent losses, with Japan Tobacco Inc. /zigman2/quotes/208255672/delayed JP:2914 +0.65%   /zigman2/quotes/208949046/delayed JAPAF +2.67% rising 3.4%, real estate developer Mitsui Fudosan Co. /zigman2/quotes/205394574/delayed JP:8801 +1.43% /zigman2/quotes/208297288/delayed MTSFF +4.24%  climbing 6.4%, mobile service provider Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 +0.51%   /zigman2/quotes/202815238/delayed SFTBF +0.74%  adding 4.1% and steel maker Nippon Steel & Sumitomo Metal Corp. /zigman2/quotes/209782682/delayed JP:5401 +4.07%   /zigman2/quotes/203679980/delayed NISTF 0.00% climbing 4.8%.

Click to Play

The Next 24: Calvin Klein parent company reports, and more

G-III Apparel Group, licensee for a brands including Calvin Klein and Guess, makes big moves after the bell on strong earnings. Plus, why traders could see more of a drop in the Australian dollar.

Shares of Tokyo Electric Power Co. /zigman2/quotes/202771076/delayed JP:9501 -0.69% /zigman2/quotes/205839055/delayed TKECY +1.05% added 2.5% as a report in the Nikkei newspaper said the power utility and 10 other local firms were considering importing coal together in a move that could slash their transport costs.

Among other companies named as part of the plan, Nippon Paper Industries Co. /zigman2/quotes/206675643/delayed JP:3863 -1.74% rose 3.4%, but Tohoku Electric Power Co. /zigman2/quotes/200823070/delayed JP:9506 -1.49% /zigman2/quotes/210494824/delayed TEPCY -12.59%  gained 0.8%.

Rest of the region

Elsewhere, the Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -1.55%  gave up 1.2%, and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.31%  ended flat, as analysts considered the outlook after the May surveys on Chinese manufacturing by the government and HSBC offered a contrasting view on factory-level activity.

Barclays economist Jian Chang said the divergence in the two monthly Purchasing Managers’ Indexes made it difficult to gauge the strength and direction of the Chinese economy in the near term.

“It is probably fair to say that growth momentum remains soft amid domestic overcapacity, external weakness, uncertain domestic policy and a lack of new stimulus,” Chang said.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.62%  also ended flat, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.59%  added 0.3% after the Reserve Bank of Australia left its policy interest rates unchanged but left the door open to further cuts in future.

Most regional stock benchmarks changed direction at least once after stocks on Wall Street advanced overnight, as weak U.S. manufacturing data reinforced some expectations that the Federal Reserve will maintain its bond purchases — a key tailwind for global equities over the past several quarters.

In Sydney, some financial sector stocks ended with modest gains after the RBA decision. Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA +1.49% /zigman2/quotes/207018701/delayed CBAUF +2.99% climbed 0.3% and Australia & New Zealand Banking Group Ltd. /zigman2/quotes/205482049/delayed AU:ANZ +3.00%   /zigman2/quotes/203732563/delayed ANZBY +1.80%  rose 0.2%.

In Hong Kong and Shanghai, some Chinese property developers pulled back after recent gains, weighing on the broader market.

Shares of China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +3.01% /zigman2/quotes/202573805/delayed CAOVY +2.37%  fell 0.9% and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -1.73%   /zigman2/quotes/201656413/delayed CRBJF +13.08%  dropped 0.4% in Hong Kong.

Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +2.21%  lost 2.7% in Shanghai, and Oceanwide Real Estate Group Co. /zigman2/quotes/205304349/delayed CN:000046 -1.03%  dropped 0.5% in Shenzhen.

/zigman2/quotes/210597971/delayed
JP : Nikkei
26,296.86
+131.27 +0.50%
Volume: 0.00
Nov. 25, 2020 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.3400
-0.0980 -0.0938%
Volume: 0.0000
Nov. 25, 2020 12:05p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,767.67
+5.27 +0.30%
Volume: 0.00
Nov. 25, 2020 3:00p
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 473.00
+1.60 +0.34%
Volume: 76.75M
Nov. 25, 2020 3:00p
P/E Ratio
19.12
Dividend Yield
5.29%
Market Cap
¥6054.97 billion
Rev. per Employee
¥48.47M
loading...
/zigman2/quotes/203656770/delayed
JP : Japan: Tokyo
¥ 3,204.00
0.00 0.00%
Volume: 9.51M
Nov. 25, 2020 3:00p
P/E Ratio
8.10
Dividend Yield
5.93%
Market Cap
¥4390.98 billion
Rev. per Employee
¥60.34M
loading...
/zigman2/quotes/206471416/composite
US : U.S.: NYSE
$ 6.12
-0.12 -1.85%
Volume: 733,093
Nov. 25, 2020 12:05p
P/E Ratio
8.32
Dividend Yield
4.76%
Market Cap
$41.95 billion
Rev. per Employee
$555,002
loading...
/zigman2/quotes/208255672/delayed
JP : Japan: Tokyo
¥ 2,178.00
+14.00 +0.65%
Volume: 5.15M
Nov. 25, 2020 3:00p
P/E Ratio
13.33
Dividend Yield
7.07%
Market Cap
¥3839.46 billion
Rev. per Employee
¥35.10M
loading...
/zigman2/quotes/208949046/delayed
US : U.S.: OTC
$ 21.18
+0.55 +2.67%
Volume: 39.00
Nov. 25, 2020 9:36a
P/E Ratio
13.96
Dividend Yield
N/A
Market Cap
$36.68 billion
Rev. per Employee
$322,031
loading...
/zigman2/quotes/205394574/delayed
JP : Japan: Tokyo
¥ 2,269.50
+32.00 +1.43%
Volume: 4.54M
Nov. 25, 2020 3:00p
P/E Ratio
17.49
Dividend Yield
1.94%
Market Cap
¥2152.80 billion
Rev. per Employee
¥91.34M
loading...
/zigman2/quotes/208297288/delayed
US : U.S.: OTC
$ 20.66
+0.84 +4.24%
Volume: 0.00
Nov. 16, 2020 11:38a
P/E Ratio
17.34
Dividend Yield
N/A
Market Cap
$19.59 billion
Rev. per Employee
$840,062
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,870.00
+35.00 +0.51%
Volume: 17.18M
Nov. 25, 2020 3:00p
P/E Ratio
31.39
Dividend Yield
0.00%
Market Cap
¥12845.15 billion
Rev. per Employee
¥76.45M
loading...
/zigman2/quotes/202815238/delayed
US : U.S.: OTC
$ 66.49
+0.49 +0.74%
Volume: 989.00
Nov. 25, 2020 10:50a
P/E Ratio
30.83
Dividend Yield
N/A
Market Cap
$122.73 billion
Rev. per Employee
$703,100
loading...
/zigman2/quotes/209782682/delayed
JP : Japan: Tokyo
¥ 1,329.00
+52.00 +4.07%
Volume: 10.11M
Nov. 25, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥1175.83 billion
Rev. per Employee
¥55.55M
loading...
/zigman2/quotes/203679980/delayed
US : U.S.: OTC
$ 10.59
0.00 0.00%
Volume: 0.00
Nov. 13, 2020 5:19p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.38 billion
Rev. per Employee
$510,914
loading...
/zigman2/quotes/202771076/delayed
JP : Japan: Tokyo
¥ 288.00
-2.00 -0.69%
Volume: 11.91M
Nov. 25, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥464.64 billion
Rev. per Employee
¥164.72M
loading...
/zigman2/quotes/205839055/delayed
US : U.S.: OTC
$ 2.79
+0.03 +1.05%
Volume: 1,320
Nov. 20, 2020 3:16p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.46 billion
Rev. per Employee
$1.51M
loading...
/zigman2/quotes/206675643/delayed
JP : Japan: Tokyo
¥ 1,185.00
-21.00 -1.74%
Volume: 766,600
Nov. 25, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
3.38%
Market Cap
¥139.31 billion
Rev. per Employee
¥82.90M
loading...
/zigman2/quotes/200823070/delayed
JP : Japan: Tokyo
¥ 927.00
-14.00 -1.49%
Volume: 2.05M
Nov. 25, 2020 3:00p
P/E Ratio
6.69
Dividend Yield
4.31%
Market Cap
¥470.09 billion
Rev. per Employee
¥90.32M
loading...
/zigman2/quotes/210494824/delayed
US : U.S.: OTC
$ 8.61
-1.24 -12.59%
Volume: 0.00
Oct. 26, 2020 4:19p
P/E Ratio
6.67
Dividend Yield
3.09%
Market Cap
$5.09 billion
Rev. per Employee
$830,755
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 19.06
-0.30 -1.55%
Volume: 55.26M
Nov. 25, 2020 3:00p
P/E Ratio
15.12
Dividend Yield
1.14%
Market Cap
¥375.70 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,669.75
+81.55 +0.31%
Volume: 2.89M
Nov. 25, 2020 4:09p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,601.54
-16.22 -0.62%
Volume: 1.41M
Nov. 25, 2020 3:33p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,683.30
+39.20 +0.59%
Volume: 969,709
Nov. 25, 2020 5:36p
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 82.37
+1.21 +1.49%
Volume: 3.69M
Nov. 25, 2020 4:10p
P/E Ratio
15.72
Dividend Yield
3.62%
Market Cap
$143.82 billion
Rev. per Employee
$917,769
loading...
/zigman2/quotes/207018701/delayed
US : U.S.: OTC
$ 60.25
+1.75 +2.99%
Volume: 205.00
Nov. 25, 2020 10:08a
P/E Ratio
17.06
Dividend Yield
N/A
Market Cap
$105.60 billion
Rev. per Employee
$615,248
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 23.66
+0.69 +3.00%
Volume: 9.99M
Nov. 25, 2020 4:10p
P/E Ratio
20.08
Dividend Yield
2.54%
Market Cap
$65.15 billion
Rev. per Employee
$778,092
loading...
/zigman2/quotes/203732563/delayed
US : U.S.: OTC
$ 17.30
+0.31 +1.80%
Volume: 19,693
Nov. 25, 2020 11:41a
P/E Ratio
21.64
Dividend Yield
2.34%
Market Cap
$47.83 billion
Rev. per Employee
$527,016
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
HK$ 18.50
+0.54 +3.01%
Volume: 42.16M
Nov. 25, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
5.51%
Market Cap
HK$196.75 billion
Rev. per Employee
HK$30.79M
loading...
/zigman2/quotes/202573805/delayed
US : U.S.: OTC
$ 11.89
+0.28 +2.37%
Volume: 2,806
Nov. 25, 2020 11:32a
P/E Ratio
N/A
Dividend Yield
4.74%
Market Cap
$25.38 billion
Rev. per Employee
$3.93M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 34.10
-0.60 -1.73%
Volume: 11.87M
Nov. 25, 2020 4:08p
P/E Ratio
7.88
Dividend Yield
3.50%
Market Cap
HK$247.44 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/201656413/delayed
US : U.S.: OTC
$ 5.10
+0.59 +13.08%
Volume: 0.00
Nov. 12, 2020 5:19p
P/E Ratio
9.20
Dividend Yield
N/A
Market Cap
$34.12 billion
Rev. per Employee
$470,019
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 15.25
+0.33 +2.21%
Volume: 42.38M
Nov. 25, 2020 3:00p
P/E Ratio
7.14
Dividend Yield
4.39%
Market Cap
¥67.36 billion
Rev. per Employee
¥6.28M
loading...
/zigman2/quotes/205304349/delayed
CN : China: Shenzhen
¥ 3.86
-0.04 -1.03%
Volume: 7.94M
Nov. 25, 2020 3:00p
P/E Ratio
N/A
Dividend Yield
2.59%
Market Cap
¥20.27 billion
Rev. per Employee
¥1.12M
loading...

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Follow him on Twitter @MktwKumar.

This Story has 0 Comments
Be the first to comment
More News In
Markets

Story Conversation

Commenting FAQs »

Partner Center

World News from MarketWatch

Link to MarketWatch's Slice.