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May 14, 2013, 5:03 a.m. EDT

China, Japan stocks retreat as Korea ends higher

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Mainland Chinese stocks fell Tuesday to lead most major Asian markets lower amid worries Beijing may not ease policy to immediately address an economic slowdown.

Japanese equities retreated a day after the after Nikkei Stock Average ended at its highest level in more than five years as the yen strengthened to drop, while South Korean shares advanced on bargain buying in beaten-down automobile firms.

The Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 -0.33%  ended 1.1% lower during the session. The drop comes a day after April data on industrial output and retail sales was broadly interpreted as a slow start to the second quarter for the Chinese economy.


Reuters

Elsewhere in the region, Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.73% dropped 0.3% and Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.79%  let early gains slip by to end 0.2% lower. The benchmark had on Monday ended at its highest close since December 2007.

Meanwhile, South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.28% jumped 1% after underperforming other Asian markets recently, while Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -2.31%  added 0.2%.

The performance came even as the Standard & Poor’s 500 Index /zigman2/quotes/210599714/realtime SPX -3.03%  rose marginally to set a fresh closing record Monday, in the wake of data showing an increase in U.S. retail sales. The Dow industrials /zigman2/quotes/210598065/realtime DJIA -3.15%  retreated, however, amid concerns over the Federal Reserve’s quantitative-easing program, which also weighed on sentiment in Asia.

“Although recent central-bank policy has distorted market prices in equities and bonds, it seems unlikely that the U.S. Fed will reduce its asset-purchase program until the second half of the year,” said Perpetual head of investment market research Matthew Sherwood.

“Low [interest] rates should continue to support asset prices, but stretched valuations means that earnings growth is now necessary to keep the market rising,” he said.

Stock movers

Chinese property stocks were hit after Reuters cited local media as reporting that Beijing has tightened regulations for developers looking to obtain pre-sales licenses for new housing projects.

Shares of Gemdale Corp. /zigman2/quotes/208026094/delayed CN:600383 +6.25%  slid 3.3% and Poly Real Estate Group Co. /zigman2/quotes/201864015/delayed CN:600048 +4.78%  dropped 3% in Shanghai, China Vanke Co.’s  yuan-denominated stock shed 2.6% in Shenzhen and China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 -0.29% /zigman2/quotes/201656413/delayed CRBJF 0.00%  lost 3% in Hong Kong.

Click to Play

Betting on commercial property in Hong Kong

Property developer Hongkong Land Holdings is bullish on the city’s commercial-property market as it continues to expand across Asia.

“Going forward, investment still holds the key to sustaining the growth recovery. While the renewed property market tightening is likely to weigh on property investment in the coming months, investment ... is likely to continue to find support from strong credit growth,” HSBC’s China economists led by Hongbin Qu wrote in a report Tuesday.

In Japan, the best performing stock market in Asia this year, exporters pulled back as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0871%  slipped to around 101.50 yen, down from about ¥101.81 late in North America on Monday.

Shares of Fanuc Corp. /zigman2/quotes/202054799/delayed JP:6954 -1.33%   /zigman2/quotes/209410825/delayed FANUY +0.70%  fell 1.6%, Bridgestone Corp. /zigman2/quotes/205589013/delayed JP:5108 -1.56%   /zigman2/quotes/204111038/delayed BRDCY -0.79%  lost 1.7%, and Nikon Corp. /zigman2/quotes/203281219/delayed JP:7731 +0.09%   /zigman2/quotes/209396469/delayed NINOY +0.05%  slid 1.7%.

On the upside, shares of Hino Motors Ltd. /zigman2/quotes/209422954/delayed JP:7205 -1.85% /zigman2/quotes/207652388/delayed HINOY +0.93% rose 1.3%, and those of Isuzu Motors Ltd. /zigman2/quotes/202637468/delayed JP:7202 -1.75% /zigman2/quotes/206362374/delayed ISUZY -1.88%  climbed 1.8%. Their advance followed a Nikkei newspaper report that the two firms had increased their budget outlays for the current financial year after posting record-high profits in the last fiscal year.

Citizen Holdings Co. /zigman2/quotes/202792467/delayed JP:7762 -0.22%  rose 0.6% after forecasting a return to profit this financial year.

Astellas Pharma Inc. /zigman2/quotes/205432752/delayed JP:4503 -1.18%   /zigman2/quotes/205728169/delayed ALPMY -1.16%  added 2.9% on news the company plans to reorganize its research operations.

While the stronger yen weighed on Tokyo, it also helped lift shares of some South Korean exporters that had recently suffered on concern their global competitiveness would be hurt amid an improving outlook for their Japanese rivals.

Hyundai Motor Corp. /zigman2/quotes/206684590/delayed KR:005380 0.00%   /zigman2/quotes/204364212/delayed HYMTF +3.81%  gained 2.7%, and Kia Motors Corp. /zigman2/quotes/206019389/delayed KR:000270 0.00%   /zigman2/quotes/205439169/delayed KIMTF +8.21% climbed 3.8%, while shipbuilder Hyundai Heavy Industries Co. /zigman2/quotes/206598861/delayed KR:009540 -1.82%   /zigman2/quotes/205142432/delayed HYHZF 0.00%  advanced 0.8%.

In Hong Kong, shares of United Co. Rusal PLC /zigman2/quotes/204335089/delayed HK:486 -5.18%  gained 1.5% after the world’s largest aluminum producer reported a narrower loss in the first quarter.

Some Asian gold miners lost ground after the metal’s futures weakened for a third straight session in the U.S. overnight.

Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM -2.92%   /zigman2/quotes/203286036/delayed NCMGY -4.86%  dropped 2.5% in Sydney, while Zijin Mining Group Co. /zigman2/quotes/204517000/delayed HK:2899 -0.82% /zigman2/quotes/203833875/delayed CN:601899 -4.60%   /zigman2/quotes/209836076/delayed ZIJMF -9.61%  lost 1.3% in Hong Kong as well as Shanghai.

/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 14.99
-0.05 -0.33%
Volume: 117.66M
Feb. 26, 2020 3:00p
P/E Ratio
10.71
Dividend Yield
1.45%
Market Cap
¥291.87 billion
Rev. per Employee
¥6.12M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,696.49
-196.74 -0.73%
Volume: 2.04M
Feb. 26, 2020 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,426.19
-179.22 -0.79%
Volume: 0.00
Feb. 26, 2020 3:15p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,076.77
-26.84 -1.28%
Volume: 810,937
Feb. 26, 2020 3:32p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,708.10
-158.50 -2.31%
Volume: 1.01M
Feb. 26, 2020 5:38p
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,128.21
-97.68 -3.03%
Volume: 3.13B
Feb. 25, 2020 4:59p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,081.36
-879.44 -3.15%
Volume: 513.27M
Feb. 25, 2020 4:59p
loading...
/zigman2/quotes/208026094/delayed
CN : China: Shanghai
¥ 14.46
+0.85 +6.25%
Volume: 80.90M
Feb. 26, 2020 3:00p
P/E Ratio
7.89
Dividend Yield
4.15%
Market Cap
¥61.44 billion
Rev. per Employee
¥7.89M
loading...
/zigman2/quotes/201864015/delayed
CN : China: Shanghai
¥ 15.99
+0.73 +4.78%
Volume: 214.16M
Feb. 26, 2020 3:00p
P/E Ratio
8.59
Dividend Yield
3.13%
Market Cap
¥182.09 billion
Rev. per Employee
¥3.42M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 34.75
-0.10 -0.29%
Volume: 15.30M
Feb. 26, 2020 4:08p
P/E Ratio
7.46
Dividend Yield
3.61%
Market Cap
HK$248.51 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/201656413/delayed
US : U.S.: OTC
$ 4.41
0.00 0.00%
Volume: 400.00
Feb. 24, 2020 1:12p
P/E Ratio
7.42
Dividend Yield
N/A
Market Cap
$31.45 billion
Rev. per Employee
$470,019
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
110.3010
+0.0960 +0.0871%
Volume: 0.0000
Feb. 26, 2020 4:58a
loading...
/zigman2/quotes/202054799/delayed
JP : Japan: Tokyo
¥ 19,245.00
-260.00 -1.33%
Volume: 1.28M
Feb. 26, 2020 3:00p
P/E Ratio
45.28
Dividend Yield
N/A
Market Cap
¥3743.02 billion
Rev. per Employee
¥95.87M
loading...
/zigman2/quotes/209410825/delayed
US : U.S.: OTC
$ 17.24
+0.12 +0.70%
Volume: 254,068
Feb. 25, 2020 4:00p
P/E Ratio
44.28
Dividend Yield
2.04%
Market Cap
$33.99 billion
Rev. per Employee
$869,691
loading...
/zigman2/quotes/205589013/delayed
JP : Japan: Tokyo
¥ 3,776.00
-60.00 -1.56%
Volume: 4.07M
Feb. 26, 2020 3:00p
P/E Ratio
9.34
Dividend Yield
4.24%
Market Cap
¥2517.25 billion
Rev. per Employee
¥25.43M
loading...
/zigman2/quotes/204111038/delayed
US : U.S.: OTC
$ 17.03
-0.14 -0.79%
Volume: 160,733
Feb. 25, 2020 3:58p
P/E Ratio
9.17
Dividend Yield
3.33%
Market Cap
$22.86 billion
Rev. per Employee
$231,654
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,158.00
+1.00 +0.09%
Volume: 3.59M
Feb. 26, 2020 3:00p
P/E Ratio
9.96
Dividend Yield
5.18%
Market Cap
¥439.92 billion
Rev. per Employee
¥34.15M
loading...
/zigman2/quotes/209396469/delayed
US : U.S.: OTC
$ 10.16
+0.0050 +0.05%
Volume: 93,327
Feb. 25, 2020 3:59p
P/E Ratio
9.55
Dividend Yield
3.87%
Market Cap
$3.99 billion
Rev. per Employee
$309,299
loading...
/zigman2/quotes/209422954/delayed
JP : Japan: Tokyo
¥ 956.00
-18.00 -1.85%
Volume: 2.31M
Feb. 26, 2020 3:00p
P/E Ratio
11.69
Dividend Yield
2.72%
Market Cap
¥559.11 billion
Rev. per Employee
¥60.20M
loading...
/zigman2/quotes/207652388/delayed
US : U.S.: OTC
$ 105.63
+0.97 +0.93%
Volume: 2.00
Feb. 25, 2020 5:20p
P/E Ratio
14.08
Dividend Yield
1.98%
Market Cap
$5.08 billion
Rev. per Employee
$545,250
loading...
/zigman2/quotes/202637468/delayed
JP : Japan: Tokyo
¥ 1,065.00
-19.00 -1.75%
Volume: 4.44M
Feb. 26, 2020 3:00p
P/E Ratio
9.04
Dividend Yield
3.57%
Market Cap
¥799.50 billion
Rev. per Employee
¥61.23M
loading...
/zigman2/quotes/206362374/delayed
US : U.S.: OTC
$ 9.52
-0.18 -1.88%
Volume: 77,322
Feb. 25, 2020 3:49p
P/E Ratio
8.82
Dividend Yield
2.63%
Market Cap
$7.26 billion
Rev. per Employee
$554,540
loading...
/zigman2/quotes/202792467/delayed
JP : Japan: Tokyo
¥ 458.00
-1.00 -0.22%
Volume: 2.53M
Feb. 26, 2020 3:00p
P/E Ratio
23.86
Dividend Yield
2.62%
Market Cap
¥143.50 billion
Rev. per Employee
¥20.20M
loading...
/zigman2/quotes/205432752/delayed
JP : Japan: Tokyo
¥ 1,802.50
-21.50 -1.18%
Volume: 5.82M
Feb. 26, 2020 3:00p
P/E Ratio
15.40
Dividend Yield
2.22%
Market Cap
¥3353.20 billion
Rev. per Employee
¥78.59M
loading...
/zigman2/quotes/205728169/delayed
US : U.S.: OTC
$ 16.18
-0.19 -1.16%
Volume: 54,280
Feb. 25, 2020 3:57p
P/E Ratio
15.04
Dividend Yield
1.62%
Market Cap
$30.45 billion
Rev. per Employee
$711,295
loading...
/zigman2/quotes/206684590/delayed
KR : S. Korea: KRX
122,500
0.00 0.00%
Volume: 1.00M
Feb. 26, 2020 3:30p
P/E Ratio
15.76
Dividend Yield
3.27%
Market Cap
₩32221.00 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204364212/delayed
US : U.S.: OTC
$ 30.00
+1.10 +3.81%
Volume: 892.00
Feb. 25, 2020 1:58p
P/E Ratio
8.93
Dividend Yield
N/A
Market Cap
$1.34 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206019389/delayed
KR : S. Korea: KRX
38,150.00
0.00 0.00%
Volume: 1.17M
Feb. 26, 2020 3:30p
P/E Ratio
9.71
Dividend Yield
3.01%
Market Cap
₩15295.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205439169/delayed
US : U.S.: OTC
$ 30.30
+2.30 +8.21%
Volume: 100.00
Nov. 20, 2017 12:00a
P/E Ratio
8.89
Dividend Yield
N/A
Market Cap
$12.08 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/206598861/delayed
KR : S. Korea: KRX
108,000
-2,000 -1.82%
Volume: 246,459
Feb. 26, 2020 3:30p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
₩7778.61 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205142432/delayed
US : U.S.: OTC
$ 0.00
0.00 0.00%
Volume:
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
N/A
loading...
/zigman2/quotes/204335089/delayed
HK : Hong Kong
HK$ 4.03
-0.22 -5.18%
Volume: 7.61M
Feb. 26, 2020 4:08p
P/E Ratio
8.67
Dividend Yield
N/A
Market Cap
HK$64.57 billion
Rev. per Employee
HK$1.39M
loading...
/zigman2/quotes/203840223/delayed
AU : Australia: Sydney
$ 28.24
-0.85 -2.92%
Volume: 3.15M
Feb. 26, 2020 4:10p
P/E Ratio
27.11
Dividend Yield
1.18%
Market Cap
$22.32 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 18.80
-0.96 -4.86%
Volume: 75,597
Feb. 25, 2020 3:59p
P/E Ratio
25.86
Dividend Yield
1.03%
Market Cap
$14.74 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204517000/delayed
HK : Hong Kong
HK$ 3.64
-0.03 -0.82%
Volume: 36.85M
Feb. 26, 2020 4:08p
P/E Ratio
19.64
Dividend Yield
3.13%
Market Cap
HK$93.13 billion
Rev. per Employee
HK$6.84M
loading...
/zigman2/quotes/203833875/delayed
CN : China: Shanghai
¥ 4.36
-0.21 -4.60%
Volume: 351.81M
Feb. 26, 2020 3:00p
P/E Ratio
26.81
Dividend Yield
2.29%
Market Cap
¥115.97 billion
Rev. per Employee
¥5.78M
loading...
/zigman2/quotes/209836076/delayed
US : U.S.: OTC
$ 0.45
-0.05 -9.61%
Volume: 59,500
Feb. 25, 2020 2:46p
P/E Ratio
18.94
Dividend Yield
N/A
Market Cap
$11.34 billion
Rev. per Employee
$872,997
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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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