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June 27, 2018, 6:41 a.m. EDT

Asian markets drop as energy-stock surge not enough to offset other losses

Oil companies gain after U.S. warning on Iranian exports

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By Dow Jones Newswire


Bloomberg News
A Japan Petroleum Exploration Co. Ltd. facility in Tomakomai, Japan.

Asian stock markets were mostly lower Wednesday, giving up early gains, as rising oil prices and trade tensions continued to set the tone for trading.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK +0.34%   fell 0.3%, with oil consumers lagging on crude’s overnight pop following a U.S. official’s comments warning the world to end Iranian oil imports or face sanctions. Major shipper Mitsui OSK /zigman2/quotes/204152844/delayed JP:9104 -0.30%   was down over 3% at one point before closing down 1.5%, while airline operator ANA /zigman2/quotes/202790240/delayed JP:9202 +0.37%   fell 1.6%. Conversely, energy stocks were up with oil explorer Japan Petroleum Exploration /zigman2/quotes/201212147/delayed JP:1662 -3.37%   surging 4.7% and distributor JXTG /zigman2/quotes/208590403/delayed JP:5020 -0.11%   climbing 6.3%.

Oil prices  gained on news the U.S. expects all countries to cut oil imports from Iran to “zero” by Nov. 4 or risk sanctions, a senior U.S. State Department official said on Tuesday, expressing a toughening of the Trump administration’s Iran policy as Washington tries to politically and economically isolate Tehran.

Chinese stocks fell anew as the Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP -0.34%   hit fresh two-year lows, down 1.1%, and entered bear-market territory to join Shenzhen index /zigman2/quotes/210598015/delayed CN:399106 -0.15%   at least 20% below their most recent highs.

Hong Kong stocks started slightly higher before joining much of the region in the red, as the Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.42%   closed down 1.8%. It has dropped in eight of the past 10 days. Insurer AIA /zigman2/quotes/203565558/delayed HK:1299 -0.33%   gained initially but closed down 1.7%. Energy stocks jumped, with CNOOC /zigman2/quotes/203421416/delayed HK:883 -1.61%   3.2% higher, though off the session’s best, and PetroChina /zigman2/quotes/204979431/delayed HK:857 -3.70%   managing a 0.3% higher finish after rallying sharply early on.

China’s largest steel-trading platform filed an IPO application in Hong Kong, with Zhaogang.com said to be seeking to raise around $500 million. The move marks the third major Chinese company with a dual-class structure to seek a listing in Hong Kong following recent rule changes, following smartphone maker Xiaomi and Chinese tech startup Meituan.

South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 -0.04%   reversed early gains, as losses by automakers and steelmakers outweighed gains by tech companies. Posco /zigman2/quotes/201759282/delayed KR:005490 -2.41%   fell while Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.28%   gained.

Stocks in Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.22%  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.52%   and Taiwan   were up modestly to begin but floundered later, as did the benchmark in Australia /zigman2/quotes/210598100/delayed AU:XJO +0.0013% . New Zealand /zigman2/quotes/211587880/delayed NZ:NZ50GR -0.25%  closed modestly higher.

/zigman2/quotes/210597971/delayed
JP : Nikkei
28,804.85
+96.27 +0.34%
Volume: 0.00
Oct. 22, 2021 3:15p
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/zigman2/quotes/204152844/delayed
JP : Japan: Tokyo
¥ 6,560.00
-20.00 -0.30%
Volume: 3.21M
Oct. 22, 2021 3:00p
P/E Ratio
4.17
Dividend Yield
8.38%
Market Cap
¥788.05 billion
Rev. per Employee
¥115.67M
loading...
/zigman2/quotes/202790240/delayed
JP : Japan: Tokyo
¥ 2,699.00
+10.00 +0.37%
Volume: 2.85M
Oct. 22, 2021 3:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥1264.75 billion
Rev. per Employee
¥15.64M
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/zigman2/quotes/201212147/delayed
JP : Japan: Tokyo
¥ 2,067.00
-72.00 -3.37%
Volume: 476,900
Oct. 22, 2021 3:00p
P/E Ratio
8.48
Dividend Yield
2.42%
Market Cap
¥122.08 billion
Rev. per Employee
¥134.88M
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/zigman2/quotes/208590403/delayed
JP : Japan: Tokyo
¥ 465.20
-0.50 -0.11%
Volume: 14.86M
Oct. 22, 2021 3:00p
P/E Ratio
6.92
Dividend Yield
4.73%
Market Cap
¥1495.39 billion
Rev. per Employee
¥187.91M
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,582.60
-12.18 -0.34%
Volume: 35.32B
Oct. 22, 2021 3:01p
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/zigman2/quotes/210598015/delayed
CN : Shenhzen Stock Exchange
2,412.67
-3.51 -0.15%
Volume: 38.23B
Oct. 22, 2021 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,126.93
+109.40 +0.42%
Volume: 1.70M
Oct. 22, 2021 4:08p
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/zigman2/quotes/203565558/delayed
HK : Hong Kong
$ 89.40
-0.30 -0.33%
Volume: 12.88M
Oct. 22, 2021 4:08p
P/E Ratio
20.40
Dividend Yield
1.55%
Market Cap
$1082.33 billion
Rev. per Employee
$14.37M
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/zigman2/quotes/203421416/delayed
HK : Hong Kong
$ 8.55
-0.14 -1.61%
Volume: 70.27M
Oct. 22, 2021 4:08p
P/E Ratio
6.74
Dividend Yield
6.43%
Market Cap
$387.99 billion
Rev. per Employee
$9.51M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.90
-0.15 -3.70%
Volume: 179.83M
Oct. 22, 2021 4:08p
P/E Ratio
6.89
Dividend Yield
6.73%
Market Cap
$1242.25 billion
Rev. per Employee
$4.65M
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,006.16
-1.17 -0.04%
Volume: 695,272
Oct. 22, 2021 3:32p
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/zigman2/quotes/201759282/delayed
KR : S. Korea: KRX
303,500
-7,500 -2.41%
Volume: 414,221
Oct. 22, 2021 3:30p
P/E Ratio
6.04
Dividend Yield
4.28%
Market Cap
₩23519.55 billion
Rev. per Employee
₩3.22B
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
70,400.00
+200.00 +0.28%
Volume: 8.40M
Oct. 22, 2021 3:30p
P/E Ratio
14.83
Dividend Yield
2.05%
Market Cap
₩472154.98 billion
Rev. per Employee
₩2.16B
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,588.08
-3.54 -0.22%
Volume: 0.00
Oct. 22, 2021 5:05p
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,205.14
+16.64 +0.52%
Volume: 0.00
Oct. 22, 2021 5:20p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,415.50
+0.10 +0.0013%
Volume: 638,420
Oct. 22, 2021 5:22p
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/zigman2/quotes/211587880/delayed
NZ : New Zealand: NZX
13,093.24
-32.74 -0.25%
Volume: 0.00
Oct. 22, 2021 5:00p
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