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March 24, 2011, 5:31 a.m. EDT

Resource rally boosts most Asian stocks

Tokyo stocks end lower, hit by manufacturers

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By V. Phani Kumar, MarketWatch , Colin Ng and Puja Rajeev

HONG KONG (MarketWatch) — Asian markets ended mostly higher Thursday as solid gains in commodity prices and an advance on Wall Street overnight superseded geopolitical worries in the Mideast and North Africa as well as concerns over sovereign debt in the euro zone.

Japanese stocks ended with modest losses after a choppy session as uncertainty about the stability of the Fukushima Daiichi nuclear-power complex and worries about the economic impact from the March 11 earthquake and tsunami spurred a decline in several manufacturers.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.96%  fell 0.2% to 9,435.01 in Tokyo, failing to hold gains registered earlier in the day; China’s Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.46%  slipped 0.1% to 2,946.71.

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Powered by resource-sector stocks, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.21%   rose 1% to 4,699.60, South Korea’s Kospi added 1.2% to 2,036.78, Hong Kong’s Hang Seng index /zigman2/quotes/210598030/delayed HK:HSI -0.80%  gained 0.4% to 22,915.28, Taiwan’s Taiex climbed 0.4% to 8,576.40 and in afternoon trade, India’s Sensex  rallied 0.7% to 18,330.06.

“The strong rise in metal prices has given the materials sector a boost despite disappointing U.S. housing data,” said Macquarie Private Wealth investment adviser Marcus Droga.

Several resource-sector shares jumped in the region after gold prices hit a record high and copper prices soared overnight in New York, with energy shares also inspired as Nymex crude-oil prices stayed above $105-a-barrel.

BHP Billiton Ltd. /zigman2/quotes/208108397/composite BHP +1.03%   /zigman2/quotes/201448516/delayed AU:BHP +0.73%  added 1.2%, Rio Tinto Ltd. /zigman2/quotes/202627887/composite RIO +1.39%   /zigman2/quotes/200083756/delayed AU:RIO +0.37%  rose 1.1% and Woodside Petroleum Ltd.   added 1.3% in Sydney. Cnooc Ltd. /zigman2/quotes/207741460/composite C -0.39%   /zigman2/quotes/203421416/delayed HK:883 -0.62%  rose 1.8% and Zijin Mining Group Co. /zigman2/quotes/209836076/delayed ZIJMF -4.68%   /zigman2/quotes/203421416/delayed HK:883 -0.62%  climbed 1.5% in Hong Kong. Shandong Gold-Mining Co. /zigman2/quotes/200150484/delayed CN:600547 -1.74%  added 0.8% in Shanghai and Sumitomo Metal Mining Co. /zigman2/quotes/205273301/delayed JP:5713 -0.34%   /zigman2/quotes/203832662/delayed STMNF +0.08%  gained 4.7% in Tokyo, while Sterlite Industries India Ltd.   advanced 1.2% in Mumbai trading.

More recently, May crude-oil prices were down 12 cents at $105.63 a barrel on Globex, while spot gold fell $2.30 to $1,436.30 a troy ounce.

Shares of China Life Insurance Co. /zigman2/quotes/206573290/composite LFC -0.56%   /zigman2/quotes/202359856/delayed HK:2628 -1.23%  dropped 1.9% in Hong Kong, extending Wednesday’s losses, after Credit Suisse and Morgan Stanley both downgraded the stock in the wake of the company’s 2010 results, announced Tuesday.

Shares of China Hongqiao Group Ltd. /zigman2/quotes/207358542/delayed HK:1378 -2.48% , a Chinese aluminum-product manufacturer, rose on its debut to end at 7.90 Hong Kong dollars ($1.01), compared with its initial public offer price at HK$7.20.

Japanese shares struggled for traction amid worries that the earthquake-damage costs will exceed the 25 trillion yen ($308.6 billion) that the government had estimated.

JAPAN IN CRISIS | MarketWatch Topic: Disasters


New video shows smoking reactors: Japan's defense ministry releases video footage of smoking reactors at the crippled Fukushima nuclear power plant.


Power shortages to hit profits
Tokyo Electric Power says electricity supply capacity will fall short of demand at least through the summer, and analysts weigh the impact.

NEWS ANALYSIS AND MARKET REACTION
Overseas investors bought Japan stocks
Fukushima No. 3 reactor core leaked: report
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Food fears ripple around the world

Japan: The business aftershocks

Japan quake could cost $308 billion: Tokyo
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/conga/story/2011/03/japan_earthquake.html 136226

Tatsunori Kawai, chief strategist at kabu.com Securities, said the government estimate only covered the direct cost from the earthquake and tsunami disaster and not the subsequent problems at the nuclear reactor.

Economists at Capital Economics estimated that the Japanese economy will likely contract in both the first and second quarters of 2011, but remain flat over the full year. They added that spending on reconstruction will boost the nation’s gross domestic product.

Several manufacturers lost ground, with Nissan Motor Co. /zigman2/quotes/208298710/delayed JP:7201 -1.80%   /zigman2/quotes/207656007/delayed NSANY -0.96%  slumping 4.6% after Chief Executive Carlos Ghosn was quoted as saying in a Bloomberg News interview that about 40 parts suppliers in Japan were hampered by the devastating earthquake on March 11. Ghosn reportedly added that auto makers, including Nissan, will have a “tough” time during the quarter beginning April 1, though impact from plant closures will be minimal in the year ending March 31.

Among other major decliners, Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -1.81%   /zigman2/quotes/200537742/composite TM -1.02%  fell 2.7%, Honda Motor Co. /zigman2/quotes/200490352/delayed JP:7267 -0.87%   /zigman2/quotes/207173990/composite HMC -0.22%  lost 2.6% and Canon Inc. /zigman2/quotes/207639533/delayed JP:7751 -0.60%   /zigman2/quotes/210242912/composite CAJ -0.08%  shed 3.4%.

Tokyo Electric Power Co. /zigman2/quotes/202771076/delayed JP:9501 -0.98%   /zigman2/quotes/205839055/delayed TKECY +32.12% , the operator of the stricken nuclear plant, slumped 14% on news it has withdrawn its earlier plan to pay a year-end dividend of ¥30 a share as it gauges the impact of the earthquake and the subsequent effects on its earnings.

South Korean stocks advanced as continued foreign investor purchases bolstered automobile companies. Hyundai Motor Co. /zigman2/quotes/204364212/delayed HYMTF -0.06%  rose 4.2% and Kia Motors Corp. /zigman2/quotes/205439169/delayed KIMTF +8.21%  climbed 3.4% on positive earnings outlooks, and as Japanese auto makers encounter production disruptions.

Among other markets, New Zealand’s NZX 50 gained 0.3% and Philippine shares fell 0.4%. By late afternoon, Singapore’s Straits Times index had risen by 0.7%, Indonesian shares by 1.4% and Thailand’s SET by 0.3%.

In foreign-exchange markets, the euro pared losses, after falling sharply against the U.S. dollar in the wake of the Portuguese Parliament’s rejection of an austerity plan and subsequent resignation of the country’s prime minister. Europe’s shared currency was also pressured by a Moody’s downgrade of senior debt and deposit ratings on 30 Spanish banks, and on comments from a top Swedish regulatory official that the European Union’s planned round of stress tests on the financial system will expose the failings of a number of banks.

“There will be a number of banks failing the stress test,” said Lars Frisell, the chief economist at the Swedish Financial Supervisory Authority in an interview in Sydney with Dow Jones Newswires. “If there are any medium-sized banks failing, governments and central banks will have to be ready to take measures,” he said.

The euro, which fell as low as $1.4052, was more recently at $1.4092 from $1.4086 in late New York trade Wednesday, and at ¥114.01 from ¥113.96. The dollar was at ¥80.87, from ¥80.91.

/zigman2/quotes/210597971/delayed
JP : Nikkei
28,942.14
-280.63 -0.96%
Volume: 0.00
Aug. 18, 2022 3:15p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,277.54
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Volume: 30.17B
Aug. 18, 2022 3:00p
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AU : S&P ASX
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Volume: 739,018
Aug. 18, 2022 5:31p
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/zigman2/quotes/210598030/delayed
add Add to watchlist HK:HANGSENG
HK : Hong Kong Exchange
19,763.91
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Volume: 1.59M
Aug. 18, 2022 4:08p
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/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 57.13
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Volume: 3.81M
Aug. 18, 2022 4:00p
P/E Ratio
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Dividend Yield
12.25%
Market Cap
$143.01 billion
Rev. per Employee
N/A
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/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 41.15
+0.30 +0.73%
Volume: 10.31M
Aug. 18, 2022 4:10p
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4.88
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11.35%
Market Cap
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Rev. per Employee
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/zigman2/quotes/202627887/composite
US : U.S.: NYSE
$ 60.49
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Aug. 18, 2022 4:00p
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Dividend Yield
11.29%
Market Cap
$98.33 billion
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/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 97.10
+0.36 +0.37%
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Aug. 18, 2022 4:10p
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Dividend Yield
10.78%
Market Cap
$142.16 billion
Rev. per Employee
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/zigman2/quotes/207741460/composite
US : U.S.: NYSE
$ 53.55
-0.21 -0.39%
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Aug. 18, 2022 4:03p
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6.85
Dividend Yield
3.81%
Market Cap
$104.40 billion
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$374,297
loading...
/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 9.59
-0.06 -0.62%
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Aug. 18, 2022 4:08p
P/E Ratio
5.22
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3.13%
Market Cap
$441.53 billion
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$15.38M
loading...
/zigman2/quotes/209836076/delayed
US : U.S.: OTC
$ 1.12
-0.06 -4.68%
Volume: 1,500
Aug. 18, 2022 3:45p
P/E Ratio
8.76
Dividend Yield
N/A
Market Cap
$34.14 billion
Rev. per Employee
$860,240
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 9.59
-0.06 -0.62%
Volume: 33.93M
Aug. 18, 2022 4:08p
P/E Ratio
5.22
Dividend Yield
3.13%
Market Cap
$441.53 billion
Rev. per Employee
$15.38M
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/zigman2/quotes/200150484/delayed
CN : China: Shanghai
¥ 18.06
-0.32 -1.74%
Volume: 26.11M
Aug. 18, 2022 3:00p
P/E Ratio
154.49
Dividend Yield
0.28%
Market Cap
¥76.44 billion
Rev. per Employee
¥2.48M
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/zigman2/quotes/205273301/delayed
JP : Japan: Tokyo
¥ 4,411.00
-15.00 -0.34%
Volume: 2.49M
Aug. 18, 2022 3:00p
P/E Ratio
3.85
Dividend Yield
3.97%
Market Cap
¥1216.14 billion
Rev. per Employee
¥183.62M
loading...
/zigman2/quotes/203832662/delayed
US : U.S.: OTC
$ 32.30
+0.03 +0.08%
Volume: 5.00
Aug. 11, 2022 3:13p
P/E Ratio
3.31
Dividend Yield
N/A
Market Cap
$8.74 billion
Rev. per Employee
$1.56M
loading...
/zigman2/quotes/206573290/composite
US : U.S.: NYSE
$ 7.09
-0.04 -0.56%
Volume: 1.10M
Aug. 18, 2022 4:00p
P/E Ratio
6.84
Dividend Yield
5.87%
Market Cap
$95.90 billion
Rev. per Employee
$1.24M
loading...
/zigman2/quotes/202359856/delayed
HK : Hong Kong
$ 11.24
-0.14 -1.23%
Volume: 12.28M
Aug. 18, 2022 4:08p
P/E Ratio
5.19
Dividend Yield
6.78%
Market Cap
$752.12 billion
Rev. per Employee
$9.84M
loading...
/zigman2/quotes/207358542/delayed
HK : Hong Kong
$ 7.85
-0.20 -2.48%
Volume: 8.65M
Aug. 18, 2022 4:08p
P/E Ratio
3.81
Dividend Yield
13.38%
Market Cap
$75.14 billion
Rev. per Employee
$3.24M
loading...
/zigman2/quotes/208298710/delayed
JP : Japan: Tokyo
¥ 529.30
-9.70 -1.80%
Volume: 10.72M
Aug. 18, 2022 3:00p
P/E Ratio
13.99
Dividend Yield
0.94%
Market Cap
¥2109.79 billion
Rev. per Employee
¥63.78M
loading...
/zigman2/quotes/207656007/delayed
US : U.S.: OTC
$ 7.86
-0.08 -0.96%
Volume: 26,489
Aug. 18, 2022 3:59p
P/E Ratio
12.18
Dividend Yield
0.58%
Market Cap
$15.57 billion
Rev. per Employee
$544,320
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 2,143.50
-39.50 -1.81%
Volume: 18.48M
Aug. 18, 2022 3:00p
P/E Ratio
11.02
Dividend Yield
2.43%
Market Cap
¥30236.25 billion
Rev. per Employee
¥85.66M
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/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 159.13
-1.64 -1.02%
Volume: 162,500
Aug. 18, 2022 4:00p
P/E Ratio
9.60
Dividend Yield
2.40%
Market Cap
$223.20 billion
Rev. per Employee
$729,987
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/zigman2/quotes/200490352/delayed
JP : Japan: Tokyo
¥ 3,667.00
-32.00 -0.87%
Volume: 3.16M
Aug. 18, 2022 3:00p
P/E Ratio
9.93
Dividend Yield
3.27%
Market Cap
¥6375.45 billion
Rev. per Employee
¥72.53M
loading...
/zigman2/quotes/207173990/composite
US : U.S.: NYSE
$ 27.19
-0.06 -0.22%
Volume: 731,641
Aug. 18, 2022 4:00p
P/E Ratio
8.59
Dividend Yield
3.03%
Market Cap
$47.06 billion
Rev. per Employee
$618,410
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 3,457.00
-21.00 -0.60%
Volume: 3.42M
Aug. 18, 2022 3:00p
P/E Ratio
16.85
Dividend Yield
3.47%
Market Cap
¥3637.19 billion
Rev. per Employee
¥19.93M
loading...
/zigman2/quotes/210242912/composite
US : U.S.: NYSE
$ 25.65
-0.02 -0.08%
Volume: 166,122
Aug. 18, 2022 4:00p
P/E Ratio
14.69
Dividend Yield
3.19%
Market Cap
$26.85 billion
Rev. per Employee
$169,665
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/zigman2/quotes/202771076/delayed
JP : Japan: Tokyo
¥ 505.00
-5.00 -0.98%
Volume: 18.01M
Aug. 18, 2022 3:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
¥817.11 billion
Rev. per Employee
¥153.04M
loading...
/zigman2/quotes/205839055/delayed
US : U.S.: OTC
$ 5.80
+1.41 +32.12%
Volume: 2.00
Aug. 15, 2022 3:43p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.87 billion
Rev. per Employee
$1.30M
loading...
/zigman2/quotes/204364212/delayed
US : U.S.: OTC
$ 34.52
-0.02 -0.06%
Volume: 6,513
Aug. 18, 2022 3:19p
P/E Ratio
4.00
Dividend Yield
N/A
Market Cap
$33.30 billion
Rev. per Employee
$1.46M
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
2.77
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$1.76M
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Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.

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