Bulletin
Investor Alert

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

Most Regional Indexes Extend Losses

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Sumitomo Realty & Development Co. Ltd. (8830)
  • X
    Tokyo Tatemono Co. Ltd. (8804)

or Cancel Already have a watchlist? Log In

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 +1.83% , which fell 3.3%, and Tokyo Tatemono /zigman2/quotes/204445510/delayed JP:8804 +0.68% , 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 +0.24% '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 +0.38% rose 1.4% and Bank of Communications /zigman2/quotes/203442771/delayed HK:3328 0.00% gained 1.1%. China Mobile /zigman2/quotes/200868736/delayed HK:941 +0.10% 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 -1.44% rose 4.3%, National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB -0.06% advanced 4%, Westpac /zigman2/quotes/203084975/delayed AU:WBC -1.01% gained 3.1% and Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA -0.97% increased 2.4%.

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

/zigman2/quotes/206628792/delayed
JP : Japan: Tokyo
¥ 3,167.00
+57.00 +1.83%
Volume: 1.62M
Sept. 18, 2020 3:00p
P/E Ratio
9.96
Dividend Yield
1.20%
Market Cap
¥1500.97 billion
Rev. per Employee
¥77.54M
loading...
/zigman2/quotes/204445510/delayed
JP : Japan: Tokyo
¥ 1,340.00
+9.00 +0.68%
Volume: 1.07M
Sept. 18, 2020 3:00p
P/E Ratio
13.60
Dividend Yield
3.36%
Market Cap
¥280.09 billion
Rev. per Employee
¥56.78M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 4.25
+0.01 +0.24%
Volume: 254.40M
Sept. 18, 2020 4:09p
P/E Ratio
4.66
Dividend Yield
6.76%
Market Cap
HK$1908.48 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 5.32
+0.02 +0.38%
Volume: 329.20M
Sept. 18, 2020 4:09p
P/E Ratio
4.79
Dividend Yield
6.57%
Market Cap
HK$1347.67 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 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$5.47M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 52.45
+0.05 +0.10%
Volume: 27.08M
Sept. 18, 2020 4:09p
P/E Ratio
9.16
Dividend Yield
6.20%
Market Cap
HK$1073.94 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 17.07
-0.25 -1.44%
Volume: 15.16M
Sept. 18, 2020 4:10p
P/E Ratio
11.67
Dividend Yield
8.18%
Market Cap
$48.33 billion
Rev. per Employee
$908,476
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 17.29
-0.01 -0.06%
Volume: 18.45M
Sept. 18, 2020 4:10p
P/E Ratio
15.11
Dividend Yield
6.54%
Market Cap
$56.79 billion
Rev. per Employee
$1.00M
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 16.64
-0.17 -1.01%
Volume: 13.40M
Sept. 18, 2020 4:10p
P/E Ratio
12.50
Dividend Yield
4.81%
Market Cap
$60.00 billion
Rev. per Employee
$1.09M
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 64.37
-0.63 -0.97%
Volume: 6.40M
Sept. 18, 2020 4:10p
P/E Ratio
12.29
Dividend Yield
4.63%
Market Cap
$113.82 billion
Rev. per Employee
$919,022
loading...

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »
Link to MarketWatch's Slice.