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July 4, 2008, 5:12 a.m. EDT

Most Regional Indexes Extend Losses

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Most Asian indexes extended losses Friday, with real-estate stocks leading decliners in Japan, while banking shares lifted Hong Kong and Australia.

The Nikkei 225 Average finished the day 0.2% lower at 13237.89, South Korea's Kospi Index lost 1.8% to 1577.94, the Shanghai Composite Index fell 1.2% to finish at 2669.89 and Taipei ended 2.2% lower at 7228.41. On the other hand, Hong Kong's Hang Seng Index rose 0.9% to close at 21423.82 and Australia's S&P/ASX 200 increased 1.7% to 5082.10.

In Japan, stocks marked a 12th consecutive day of losses. Trading was directionless, with many participants away from the market ahead of Independence Day in the U.S. However, shares in the real-estate sector were battered, led by a 28% drop in Urban Corp. as credit worries continued to roil the sector after the collapse of Suruga last month. Among the real-estate companies following Urban Corp. lower were Sumitomo Realty & Development /zigman2/quotes/206628792/delayed JP:8830 -3.35% , which fell 3.3%, and Tokyo Tatemono /zigman2/quotes/204445510/delayed JP:8804 -4.11% , which dropped 6.1%.

In South Korea, shares extended losses for the seventh consecutive day, led by bank stocks, which fell sharply after the government's recent warning of excessive liquidity. Kookmin Bank fell 3.7%, while its rival Shinhan Financial Group declined 3.5%.

In China, refiners extended losses as rising crude-oil prices will likely erode their earnings since oil product prices are regulated by the government. PetroChina ended 2.2% lower, while China Petroleum & Chemical shed 3.2%.

In the banking sector, Shanghai Pudong Development Bank rose 2.6% after it estimated its first-half net profit will rise by more than 140% from a year earlier. Industrial & Commercial Bank of China increased 1.1% to as it said it expects a significant rise in its first-half earnings.

In Hong Kong, Industrial & Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 +2.25% 's outlook and a rebound in major blue chips helped the benchmark index close higher. ICBC rose 2%, while China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +1.90% rose 1.4% and Bank of Communications /zigman2/quotes/203442771/delayed HK:3328 +1.18% gained 1.1%. China Mobile /zigman2/quotes/200868736/delayed HK:941 +0.48% rose 2% after falling 2.9% in the previous two days.

In Australia, financials and resources accounted for the vast majority of the stock market's strong recovery, but it was financials that stood out, with gains of 3%-4% in some of the major banks, insurers and property trusts. ANZ /zigman2/quotes/205482049/delayed AU:ANZ -3.41% rose 4.3%, National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB -3.75% advanced 4%, Westpac /zigman2/quotes/203084975/delayed AU:WBC -2.88% gained 3.1% and Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA -3.27% increased 2.4%.

Write to Dow Jones Newswires editors at asknewswires@dowjones.com

/zigman2/quotes/206628792/delayed
JP : Japan: Tokyo
¥ 3,464.00
-120.00 -3.35%
Volume: 505,500
Feb. 28, 2020 9:36a
P/E Ratio
11.34
Dividend Yield
1.01%
Market Cap
¥1757.37 billion
Rev. per Employee
¥77.54M
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/zigman2/quotes/204445510/delayed
JP : Japan: Tokyo
¥ 1,494.00
-64.00 -4.11%
Volume: 282,500
Feb. 28, 2020 9:35a
P/E Ratio
10.57
Dividend Yield
3.01%
Market Cap
¥321.96 billion
Rev. per Employee
¥56.78M
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.46
+0.12 +2.25%
Volume: 300.38M
Feb. 27, 2020 4:08p
P/E Ratio
5.51
Dividend Yield
5.22%
Market Cap
HK$1903.21 billion
Rev. per Employee
HK$3.03M
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/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.44
+0.12 +1.90%
Volume: 466.21M
Feb. 27, 2020 4:08p
P/E Ratio
5.40
Dividend Yield
5.42%
Market Cap
HK$1580.07 billion
Rev. per Employee
HK$3.31M
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/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.13
+0.06 +1.18%
Volume: 23.20M
Feb. 27, 2020 4:08p
P/E Ratio
4.36
Dividend Yield
6.65%
Market Cap
HK$376.51 billion
Rev. per Employee
HK$5.47M
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/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 63.40
+0.30 +0.48%
Volume: 20.42M
Feb. 27, 2020 4:08p
P/E Ratio
10.44
Dividend Yield
4.60%
Market Cap
HK$1292.00 billion
Rev. per Employee
HK$1.88M
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/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 24.66
-0.87 -3.41%
Volume: 4.28M
Feb. 28, 2020 11:35a
P/E Ratio
12.26
Dividend Yield
8.85%
Market Cap
$73.94 billion
Rev. per Employee
$908,476
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/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 24.92
-0.97 -3.75%
Volume: 3.99M
Feb. 28, 2020 11:35a
P/E Ratio
15.21
Dividend Yield
6.66%
Market Cap
$75.45 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 23.63
-0.70 -2.88%
Volume: 5.54M
Feb. 28, 2020 11:36a
P/E Ratio
12.48
Dividend Yield
7.36%
Market Cap
$88.90 billion
Rev. per Employee
$1.09M
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/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 81.67
-2.76 -3.27%
Volume: 3.70M
Feb. 28, 2020 11:35a
P/E Ratio
15.04
Dividend Yield
5.28%
Market Cap
$151.02 billion
Rev. per Employee
$919,022
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