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Nov. 17, 2014, 4:39 a.m. EST

Japanese stocks suffer as economy falls into recession

Hong Kong and Shanghai end lower as Stock Connect starts

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By Laura He, MarketWatch


Reuters
Japanese stocks came under pressure after a disappointing GDP report.

HONG KONG (MarketWatch) — Japanese stocks suffered their worst daily drop in more than three months, as the economy entered a recession unexpectedly in the third quarter.

The Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%  tumbled 3% to 16,973.80, posting its biggest daily percentage fall since early August. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.49%  slid 2.5%.

Meanwhile, the yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0115%   rose versus the dollar, with the greenback buying ¥116.12 compared with ¥116.29 in the prior session.

Among market movers, life insurer Dai-Ichi Life Insurance Company, Ltd. /zigman2/quotes/208507587/delayed JP:8750 +0.58%   sank 4.8%, camera maker Olympus Corp. /zigman2/quotes/200860615/delayed JP:7733 +0.19%  slid 4.5%, electronic component maker TDK Corporation shredded /zigman2/quotes/208948266/delayed JP:6762 +0.26%  4.3%, and industrial-robot maker Fanuc Corporation /zigman2/quotes/202054799/delayed JP:6954 +0.83%  declined 4%.

In Hong Kong, the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.47%  ended with a 1.2% loss after five straight sessions of gains, as the long-awaited Hong Kong-Shanghai Stock Connect program, allowing direct trade between the two markets, officially started on the same day.

A day earlier, statistics from China’s top banking regulator showed that non-performing loans at banks was higher as of the end of September, marking a 12th consecutive quarter of rising bad loans. The non-performing-loan ratio climbed to 1.16%, marking the highest level in four years.

Chinese banks suffered broad-based declines, with China Citic Bank Corporation Ltd. /zigman2/quotes/205809997/delayed HK:998 +0.63%  skidding 4.1%, China Minsheng Banking Corp., Ltd. /zigman2/quotes/208095167/delayed HK:1988 +1.14%  falling 2.1%, and Bank of Communications Co., Ltd. /zigman2/quotes/203442771/delayed HK:3328 0.00%  dropping 2%.

However, several local Hong Kong banks bucked the weaker trend, with BOC Hong Kong Holdings Ltd. [ /zigman2/quotes/200479222/delayed HK:2388 0.00%  , the only clearing bank for yuan transactions in Hong Kong, edging 0.2% higher.

Over on the mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%  also gave up its initial advance and slipped 0.2%.

Other major Asian markets also closed lower, as Sydney’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%  lost 0.8%, and Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.26%  dipped 0.1%.

/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,646.42
+8.02 +0.49%
Volume: 0.00
Sept. 18, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5600
-0.0120 -0.0115%
Volume: 0.0000
Sept. 18, 2020 4:59p
loading...
/zigman2/quotes/208507587/delayed
JP : Japan: Tokyo
¥ 1,559.50
+9.00 +0.58%
Volume: 3.36M
Sept. 18, 2020 3:00p
P/E Ratio
83.96
Dividend Yield
3.98%
Market Cap
¥1761.49 billion
Rev. per Employee
¥103.65M
loading...
/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,123.00
+4.00 +0.19%
Volume: 3.37M
Sept. 18, 2020 3:00p
P/E Ratio
68.72
Dividend Yield
0.94%
Market Cap
¥2729.30 billion
Rev. per Employee
¥22.14M
loading...
/zigman2/quotes/208948266/delayed
JP : Japan: Tokyo
¥ 11,510.00
+30.00 +0.26%
Volume: 688,000
Sept. 18, 2020 3:00p
P/E Ratio
26.32
Dividend Yield
1.39%
Market Cap
¥1453.97 billion
Rev. per Employee
¥13.41M
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 20,550.00
+170.00 +0.83%
Volume: 674,700
Sept. 18, 2020 3:00p
P/E Ratio
66.63
Dividend Yield
N/A
Market Cap
¥3941.99 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,455.41
+114.56 +0.47%
Volume: 2.30M
Sept. 18, 2020 4:09p
loading...
/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 3.17
+0.02 +0.63%
Volume: 43.27M
Sept. 18, 2020 4:09p
P/E Ratio
3.49
Dividend Yield
8.24%
Market Cap
HK$249.44 billion
Rev. per Employee
HK$6.26M
loading...
/zigman2/quotes/208095167/delayed
HK : Hong Kong
HK$ 4.44
+0.05 +1.14%
Volume: 35.09M
Sept. 18, 2020 4:09p
P/E Ratio
3.46
Dividend Yield
9.12%
Market Cap
HK$260.59 billion
Rev. per Employee
HK$6.25M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 3.90
0.00 0.00%
Volume: 31.37M
Sept. 18, 2020 4:09p
P/E Ratio
3.68
Dividend Yield
8.85%
Market Cap
HK$347.18 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/200479222/delayed
HK : Hong Kong
HK$ 21.60
0.00 0.00%
Volume: 11.19M
Sept. 18, 2020 4:09p
P/E Ratio
7.58
Dividend Yield
6.66%
Market Cap
HK$228.37 billion
Rev. per Employee
HK$7.03M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,864.50
-18.70 -0.32%
Volume: 1.51M
Sept. 18, 2020 5:05p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,412.40
+6.23 +0.26%
Volume: 756,516
Sept. 18, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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