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Sept. 26, 2017, 6:29 a.m. EDT

Tech stocks, North Korea keep Asian markets on the fence

Chinese firms follow slide by U.S. tech stocks

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By Kenan Machado


Reuters
Tencent shares were down sharply Tuesday in Hong Kong.

Equity markets in Asia closed mixed on Tuesday, as traders assessed fresh threats from North Korea and weakness among key technology stocks, though Hong Kong stocks erased early losses as Chinese markets outperformed.

North Korea’s foreign minister warned overnight that his country would shoot down U.S. warplanes even if they were outside the nation’s airspace, in an escalation of the threat of a military confrontation.

In the U.S., the White House dismissed assertions about war and the Pentagon brushed off the military threat.

In South Korea, the Kospi /zigman2/quotes/210598069/delayed KR:180721 -1.04%  ended 0.3% lower, extending its losing run into a sixth straight day. Samsung Electronics /zigman2/quotes/209800866/delayed KR:005930 -3.63%   dropped 3.7%% and Korean Air Lines /zigman2/quotes/200075101/delayed KR:003490 -0.21%   fell 1.1%.

“The markets are cautious but yet to fully price in a flare up in military conflict,” said Ivan Ip, a stock strategist at UOB Group. Trading sentiment was already bearish, given the Federal Reserve’s plans to taper its balance sheet which should lead to tighter liquidity, he said.

Following an overnight slide in U.S. internet stocks, including Chinese firms like Baidu /zigman2/quotes/209050136/composite BIDU -0.40%   and Alibaba Group Holding /zigman2/quotes/201948298/composite BABA -6.07%  , Hong Kong heavyweight Tencent Holdings /zigman2/quotes/204605823/delayed HK:700 -1.29%   ended Tuesday’s session 1.2% lower. The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.03%  , however, ended 0.1% higher.

Meanwhile, Hong Kong-listed Chinese developers and Apple suppliers — which were down on Monday — remained under pressure. AAC Technologies Holdings /zigman2/quotes/201441510/delayed HK:2018 -0.24%  lost 1.1%, while China Overseas Land & Investment /zigman2/quotes/205731176/delayed HK:688 -3.42%  gave up 1%.

Chinese developers were weaker as local governments there rolled out new measures to cool the frothy property market.

“Given the strong performance of the [property] sector, I don’t think it’s a surprise that some investors moved to lock in some profits, especially in light of recent policy measures,” said David Millhouse, head of research for China at Forsyth Barr Asia.

Elsewhere, Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -0.39%  finished 0.3% lower, dragged lower by overnight yen buying. The U.S. dollar /zigman2/quotes/210561418/realtime/sampled JPYUSD +0.4250%   fell to as low as ¥111.50, compared with around ¥112.22 at the end of Tokyo equity trading on Monday.

Tech stocks in Japan also faced selling pressure, with Sony /zigman2/quotes/201361720/delayed JP:6758 -0.17%   and Nintendo /zigman2/quotes/208063194/delayed JP:7974 +0.48%   down 2% and 1.9%, respectively.

Energy stocks in the region gained on the overnight return to bull-market territory for U.S. oil prices.

In Japan, Inpex Corp. /zigman2/quotes/206689846/delayed JP:1605 -2.07%   closed 1.7% higher and Japan Petroleum Exploration /zigman2/quotes/201212147/delayed JP:1662 -0.83%   put on 3.2%. Australia’s Oil Search   added 2.8%, Santos /zigman2/quotes/207349564/delayed AU:STO -0.84%   added 3.5% and Woodside Petroleum  advanced 2.9%.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.07%  ended 0.2% lower at 5,671.00.

/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,425.08
-25.39 -1.04%
Volume: 617,196
Jan. 31, 2023 6:05p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
61,000.00
-2,300 -3.63%
Volume: 31.15M
Jan. 31, 2023 3:30p
P/E Ratio
9.90
Dividend Yield
2.37%
Market Cap
₩433539.97 billion
Rev. per Employee
₩2.66B
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/zigman2/quotes/200075101/delayed
KR : S. Korea: KRX
24,250.00
-50.00 -0.21%
Volume: 1.41M
Jan. 31, 2023 3:30p
P/E Ratio
4.91
Dividend Yield
0.00%
Market Cap
₩9166.47 billion
Rev. per Employee
₩729.43M
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/zigman2/quotes/209050136/composite
US : U.S.: Nasdaq
$ 138.48
-0.56 -0.40%
Volume: 5.48M
Jan. 30, 2023 4:00p
P/E Ratio
74.32
Dividend Yield
N/A
Market Cap
$49.46 billion
Rev. per Employee
$414,984
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/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 111.20
-7.18 -6.07%
Volume: 21.92M
Jan. 30, 2023 4:00p
P/E Ratio
299.17
Dividend Yield
N/A
Market Cap
$317.35 billion
Rev. per Employee
$515,403
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 382.20
-5.00 -1.29%
Volume: 55.76M
Jan. 31, 2023 4:08p
P/E Ratio
17.49
Dividend Yield
0.42%
Market Cap
$3936.30 billion
Rev. per Employee
$5.87M
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
21,842.33
-227.40 -1.03%
Volume: 3.30M
Jan. 31, 2023 4:08p
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
$ 20.80
-0.05 -0.24%
Volume: 7.47M
Jan. 31, 2023 4:08p
P/E Ratio
27.73
Dividend Yield
0.00%
Market Cap
$26.19 billion
Rev. per Employee
$593,969
loading...
/zigman2/quotes/205731176/delayed
HK : Hong Kong
$ 21.15
-0.75 -3.42%
Volume: 29.47M
Jan. 31, 2023 4:08p
P/E Ratio
5.31
Dividend Yield
5.48%
Market Cap
$250.09 billion
Rev. per Employee
$51.24M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
27,327.11
-106.29 -0.39%
Volume: 0.00
Jan. 31, 2023 3:15p
loading...
/zigman2/quotes/210561418/realtime/sampled
US : Tullett Prebon
0.0077
+0.0000 +0.4250%
Volume: 0.0000
Jan. 31, 2023 9:15a
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,580.00
-20.00 -0.17%
Volume: 4.08M
Jan. 31, 2023 3:00p
P/E Ratio
15.38
Dividend Yield
0.60%
Market Cap
¥14424.54 billion
Rev. per Employee
¥95.12M
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 5,625.00
+27.00 +0.48%
Volume: 3.55M
Jan. 31, 2023 3:00p
P/E Ratio
12.27
Dividend Yield
3.06%
Market Cap
¥6554.62 billion
Rev. per Employee
¥257.27M
loading...
/zigman2/quotes/206689846/delayed
JP : Japan: Tokyo
¥ 1,420.00
-30.00 -2.07%
Volume: 5.55M
Jan. 31, 2023 3:00p
P/E Ratio
5.61
Dividend Yield
4.23%
Market Cap
¥1954.20 billion
Rev. per Employee
¥656.60M
loading...
/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 4,180.00
-35.00 -0.83%
Volume: 256,600
Jan. 31, 2023 3:00p
P/E Ratio
1.95
Dividend Yield
7.18%
Market Cap
¥232.36 billion
Rev. per Employee
¥153.82M
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/zigman2/quotes/207349564/delayed
AU : Australia: Sydney
$ 7.11
-0.06 -0.84%
Volume: 15.16M
Jan. 31, 2023 4:10p
P/E Ratio
10.68
Dividend Yield
3.70%
Market Cap
$23.94 billion
Rev. per Employee
$2.38M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,476.70
-5.00 -0.07%
Volume: 888,127
Jan. 31, 2023 5:10p
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