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April 16, 2013, 4:14 a.m. EDT

Asia stocks end off lows; Japan finishes lower

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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) — Japanese and Australian stocks fell Tuesday after worries over China and a slump in commodities prompted a sell-off on Wall Street, although many regional markets came off their lows as buyers circled back in after recent losses.

“With no news or data, Asia saw limited follow-through of the risk-off move, prompting a solid bout of short-covering,” said Sue Trinh, a strategist at RBC Capital Markets.

The Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.42%  ended fell 0.4% and the broader Topix /zigman2/quotes/210598092/delayed JP:180460 -0.95% lost 1.3% in Japan. Australia’s S&P/ASX /zigman2/quotes/210598100/delayed AU:XJO -0.80%  gave up 0.3% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.24% lost 0.x%, with all three markets paring early losses.


Reuters

Rebounding from early declines, China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +0.39%  inched up 0.5% after a three-day losing streak, and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.14% ended up 0.1%, after the government unveiled a supplementary budget that analysts said will provide a small fiscal stimulus to the economy.

Regional markets opened the day on a downbeat note after hefty overnight losses of between 1.8% and 2.4% for major U.S. stock benchmarks. But they steadily recovered as the day progressed, after all major regional markets slumped Monday in the wake of downbeat Chinese economic data.

U.S. equity index futures were pointing to a higher opening on Wall Street by late afternoon in Hong Kong, however. Dow Jones Industrial Average futures  were up 63 points at 14,575, while S&P 500 futures  gained 0.5%, to 1,550.80. Read Indications column.

Many regional financial, property and construction stocks advanced to support regional markets Tuesday.

In Shanghai, China Pacific Insurance Group Co. /zigman2/quotes/207266327/delayed CN:601601 +0.30% rose 4.3% and China Railway Construction Corp. /zigman2/quotes/210155888/delayed HK:1186 -1.28% added 1.6%, while in Seoul, Hyundai Engineering & Construction Corp. /zigman2/quotes/210277561/delayed KR:000720 +0.91%  added 1.1% and Industrial Bank of Korea /zigman2/quotes/204740999/delayed KR:024110 0.00%  gained 0.8%.

The rise in Seoul came after the government introduced a 17.3 trillion won ($15.53 billion) supplementary budget, of which about a third will used for additional spending.

In Hong Kong, China Life Insurance Co. /zigman2/quotes/206573290/composite LFC -2.60% /zigman2/quotes/202359856/delayed HK:2628 +0.31% gained 1.5% and China Overseas Land & Investment Ltd. /zigman2/quotes/205731176/delayed HK:688 +0.34%   /zigman2/quotes/202573805/delayed CAOVY -1.23%  climbed 0.9%.

But most regional commodity stocks ended lower, despite the recovery from the day’s lows, following a $140 loss for gold futures and a plunge for silver futures traded in New York.

In Sydney, gold miners Newcrest Mining Ltd. /zigman2/quotes/203840223/delayed AU:NCM +1.43% /zigman2/quotes/203286036/delayed NCMGY +1.06%  and Perseus Mining Ltd. /zigman2/quotes/205179925/delayed AU:PRU -0.32% /zigman2/quotes/202190906/delayed PMNXF -0.43%  dove 5.1% and 5.8%, respectively.

In Hong Kong, Zhaojin Mining Industry Co. /zigman2/quotes/203361399/delayed HK:1818 -0.56% /zigman2/quotes/200275285/delayed ZHAOF -7.72%  slid 3.4%, and retailer Chow Tai Fook Jewellery Group Ltd. /zigman2/quotes/201592411/delayed CJEWF -5.53%   /zigman2/quotes/208947199/delayed HK:1929 -1.57%  skidded 3.2%. Shares of Zhongjin Gold Corp. /zigman2/quotes/207741711/delayed CN:600489 -5.04%  lost 3.3% in Shanghai, while Korea Zinc Co. /zigman2/quotes/202765860/delayed KR:010130 -1.49% , which has an exposure to precious metals, plummeted 4.9% in Seoul.

The broader resource sector also weakened after brokerages including HSBC, Royal Bank of Scotland and J.P. Morgan downgraded their economic forecasts in the wake of Monday’s disappointing first-quarter economic data from China, one of the biggest consumers of global commodities.

Click to Play

Focus on China to calm Korea tensions

U.S. Secretary of State John Kerry's makes efforts to smooth tensions in Korea and enlist Japan and China in the process. Photo: Getty Images.

“While a small miss in China’s gross domestic product and industrial production data was the primary catalyst for the share-market selloff, the underlying reasons for the decline are a supply-driven decline in some commodity markets, a leverage-inspired crash in gold prices and, in the case of the Australian market, full valuations for many stocks,” said CMC Markets chief market analyst Ric Spooner.

Mining heavyweight BHP Billiton Ltd. /zigman2/quotes/201448516/delayed AU:BHP -2.23% /zigman2/quotes/208108397/composite BHP -1.27% lost 0.5%, and Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -1.74% /zigman2/quotes/206334215/delayed WOPEY +0.67%  gave up 1.7% Sydney.

Jiangxi Copper Co. /zigman2/quotes/201668148/delayed HK:358 -2.23%   /zigman2/quotes/201334192/delayed CN:600362 -5.06% /zigman2/quotes/204256025/delayed JIXAY -1.81%  and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +1.54% /zigman2/quotes/206980083/delayed CN:601857 -0.64%   /zigman2/quotes/205108732/composite PTR -0.93% gave up 1.9% each in Hong Kong, while in Shanghai, Jiangxi shed 0.7% and rebounded in afternoon trade to end 0.1% higher.

In Japan, exporters and financials — which had powered gains of more than 25% for the two major stock benchmarks in the year to date — suffered another day of weakness. Exporters in particular came under pressure as the U.S. dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0082% hovered around ¥97, after testing the ¥100 level unsuccessfully last week.

Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.32%  slid 4.1%, and Toyota Motor Corp. /zigman2/quotes/200537742/composite TM -0.59% /zigman2/quotes/203803129/delayed JP:7203 -0.54%  lost 1.6%, while among banks, Mitsubishi UFJ Financial Group Inc. /zigman2/quotes/207520099/delayed JP:8306 -0.31% gave up 3.6%.

Shares of wireless telecom Softbank Corp. /zigman2/quotes/207303954/delayed JP:9984 -3.98% /zigman2/quotes/202815238/delayed SFTBF -1.22% plunged 6.8% in Tokyo, after Dish Network Corp. /zigman2/quotes/207505872/composite DISH +0.40% topped its bid for U.S. peer Sprint Nextel Corp. /zigman2/quotes/208685669/composite S -3.84% .

/zigman2/quotes/210597971/delayed
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27,574.19
-396.03 -1.42%
Volume: 0.00
July 28, 2021 1:02p
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/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
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July 28, 2021 1:02p
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Volume: 307,908
July 28, 2021 2:02p
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HK : Hong Kong Exchange
25,027.16
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CN : China: Shenzhen
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KR : Korea Exchange
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CN : China: Shanghai
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HK : Hong Kong
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KR : S. Korea: KRX
55,200.00
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KR : S. Korea: KRX
10,350.00
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US : U.S.: NYSE
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HK : Hong Kong
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HK : Hong Kong
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Market Cap
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US : U.S.: OTC
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Market Cap
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AU : Australia: Sydney
$ 26.25
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P/E Ratio
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Market Cap
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/zigman2/quotes/203286036/delayed
US : U.S.: OTC
$ 19.11
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Market Cap
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AU : Australia: Sydney
$ 1.56
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July 28, 2021 2:01p
P/E Ratio
18.69
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N/A
Market Cap
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Rev. per Employee
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US : U.S.: OTC
$ 1.14
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P/E Ratio
20.14
Dividend Yield
N/A
Market Cap
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Rev. per Employee
N/A
loading...
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HK : Hong Kong
$ 7.16
-0.04 -0.56%
Volume: 2.23M
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19.72
Dividend Yield
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Market Cap
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US : U.S.: OTC
$ 0.91
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Volume: 0.00
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P/E Ratio
19.34
Dividend Yield
N/A
Market Cap
$3.08 billion
Rev. per Employee
$163,297
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US : U.S.: OTC
$ 2.05
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Volume: 0.00
July 20, 2021 2:56p
P/E Ratio
26.38
Dividend Yield
N/A
Market Cap
$20.69 billion
Rev. per Employee
$324,381
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HK : Hong Kong
$ 15.08
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Volume: 3.94M
July 28, 2021 11:59a
P/E Ratio
25.02
Dividend Yield
2.65%
Market Cap
$160.20 billion
Rev. per Employee
$2.51M
loading...
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CN : China: Shanghai
¥ 8.11
-0.43 -5.04%
Volume: 49.80M
July 28, 2021 11:30a
P/E Ratio
20.64
Dividend Yield
1.98%
Market Cap
¥41.35 billion
Rev. per Employee
¥2.09M
loading...
/zigman2/quotes/202765860/delayed
KR : S. Korea: KRX
530,000
-8,000 -1.49%
Volume: 41,793
July 28, 2021 1:02p
P/E Ratio
14.53
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2.83%
Market Cap
₩9561.76 billion
Rev. per Employee
N/A
loading...
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AU : Australia: Sydney
$ 52.17
-1.19 -2.23%
Volume: 2.20M
July 28, 2021 2:02p
P/E Ratio
26.27
Dividend Yield
3.96%
Market Cap
$244.89 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 78.03
-1.00 -1.27%
Volume: 2.09M
July 27, 2021 4:00p
P/E Ratio
28.24
Dividend Yield
4.00%
Market Cap
$180.94 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 22.07
-0.39 -1.74%
Volume: 1.06M
July 28, 2021 2:01p
P/E Ratio
N/A
Dividend Yield
2.34%
Market Cap
$21.21 billion
Rev. per Employee
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loading...
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US : U.S.: OTC
$ 16.54
+0.11 +0.67%
Volume: 130,387
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P/E Ratio
N/A
Dividend Yield
2.06%
Market Cap
$15.67 billion
Rev. per Employee
$987,603
loading...
/zigman2/quotes/201668148/delayed
HK : Hong Kong
$ 15.80
-0.36 -2.23%
Volume: 8.93M
July 28, 2021 11:59a
P/E Ratio
21.74
Dividend Yield
0.77%
Market Cap
$87.79 billion
Rev. per Employee
$14.38M
loading...
/zigman2/quotes/201334192/delayed
CN : China: Shanghai
¥ 25.16
-1.34 -5.06%
Volume: 45.13M
July 28, 2021 11:30a
P/E Ratio
28.85
Dividend Yield
0.40%
Market Cap
¥73.17 billion
Rev. per Employee
¥12.80M
loading...
/zigman2/quotes/204256025/delayed
US : U.S.: OTC
$ 80.12
-1.48 -1.81%
Volume: 1.00
July 27, 2021 3:59p
P/E Ratio
15.49
Dividend Yield
1.29%
Market Cap
$11.12 billion
Rev. per Employee
$1.85M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.29
+0.05 +1.54%
Volume: 57.87M
July 28, 2021 11:59a
P/E Ratio
8.20
Dividend Yield
6.20%
Market Cap
$967.36 billion
Rev. per Employee
$4.65M
loading...
/zigman2/quotes/206980083/delayed
CN : China: Shanghai
¥ 4.67
-0.03 -0.64%
Volume: 110.84M
July 28, 2021 11:30a
P/E Ratio
13.58
Dividend Yield
3.74%
Market Cap
¥806.33 billion
Rev. per Employee
¥4.03M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 41.66
-0.39 -0.93%
Volume: 233,054
July 27, 2021 4:00p
P/E Ratio
8.05
Dividend Yield
5.52%
Market Cap
$124.38 billion
Rev. per Employee
$583,185
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.8010
+0.0090 +0.0082%
Volume: 0.0000
July 28, 2021 12:22a
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,085.00
+35.00 +0.32%
Volume: 2.93M
July 28, 2021 1:02p
P/E Ratio
11.82
Dividend Yield
0.54%
Market Cap
¥13600.52 billion
Rev. per Employee
¥83.01M
loading...
/zigman2/quotes/200537742/composite
US : U.S.: NYSE
$ 178.44
-1.06 -0.59%
Volume: 152,679
July 27, 2021 4:00p
P/E Ratio
11.86
Dividend Yield
2.22%
Market Cap
$249.14 billion
Rev. per Employee
$700,558
loading...
/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 9,818.00
-53.00 -0.54%
Volume: 2.49M
July 28, 2021 1:02p
P/E Ratio
12.36
Dividend Yield
2.44%
Market Cap
¥27481.38 billion
Rev. per Employee
¥74.30M
loading...
/zigman2/quotes/207520099/delayed
JP : Japan: Tokyo
¥ 587.10
-1.80 -0.31%
Volume: 16.28M
July 28, 2021 1:02p
P/E Ratio
9.74
Dividend Yield
4.60%
Market Cap
¥7449.60 billion
Rev. per Employee
¥40.00M
loading...
/zigman2/quotes/207303954/delayed
JP : Japan: Tokyo
¥ 6,806.00
-282.00 -3.98%
Volume: 11.57M
July 28, 2021 1:02p
P/E Ratio
2.80
Dividend Yield
0.00%
Market Cap
¥12170.30 billion
Rev. per Employee
¥202.77M
loading...
/zigman2/quotes/202815238/delayed
US : U.S.: OTC
$ 63.26
-0.78 -1.22%
Volume: 4,913
July 27, 2021 3:42p
P/E Ratio
2.76
Dividend Yield
N/A
Market Cap
$110.33 billion
Rev. per Employee
$1.91M
loading...
/zigman2/quotes/207505872/composite
US : U.S.: Nasdaq
$ 42.87
+0.17 +0.40%
Volume: 2.03M
July 27, 2021 4:00p
P/E Ratio
11.06
Dividend Yield
N/A
Market Cap
$22.52 billion
Rev. per Employee
$1.15M
loading...
/zigman2/quotes/208685669/composite
US : U.S.: NYSE
$ 47.60
-1.90 -3.84%
Volume: 1.00M
July 27, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$12.55 billion
Rev. per Employee
$109,478
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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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