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May 27, 2011, 2:22 a.m. EDT

Japan ends with dollar-induced losses

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By Sarah Turner and Michael Kitchen, MarketWatch

SYDNEY (MarketWatch) — Japanese stocks closed in negative territory Friday as a falling dollar boosted the value of the yen, but Hong Kong shares managed to stay in positive ground, with investors looking for bargains after recent losses.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.15%  ended down 0.4% at 9,521.94, while the broader Topix lost 0.3%, as a rising yen took its toll on shares of most export-focused companies.

With Asian markets reacting to weak U.S. gross domestic product data, the dollar fell to at ¥81.06, down from ¥82.00 in late North American trading on Thursday.

Among those suffering from the stronger yen, car maker Mitsubishi Motors Corp. /zigman2/quotes/202404490/delayed JP:7211 +8.07%   /zigman2/quotes/200876874/composite MMTOF +8.87%  lost 3.1%, NEC Corp. /zigman2/quotes/205173342/delayed JP:6701 0.00%   /zigman2/quotes/203814274/composite NIPNF +6.92%  gave up 1.2%, and Nintendo Co. /zigman2/quotes/208063194/delayed JP:7974 -1.19%   /zigman2/quotes/206371241/composite NTDOF -0.18%   closed down 0.9%.

Also weighing on Japanese indexes, Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.54%    saw its stock fall 3.2% after posting a massive fiscal-year loss after the market close on Thursday. Read more on Sony earnings

On the economic front in Japan, core consumer price index rose 0.6% from a year earlier, Japan’s Cabinet Office reported Friday. The gain — the first in more than two years — matched the consensus forecast from a Dow Jones and Nikkei survey of economists. Core CPI rose 0.4% from March. Read report on Japanese inflation.

Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.13%   was up 0.8% in afternoon trading, but off its session highs of gains of more than 1%.

Helping Hong Kong gains, PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +1.85% /zigman2/quotes/205108732/composite PTR -0.93% added 3.2% following reports that the company’s parent has bought shares in the company and plans to raise its stake further.

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Commodity markets were firmer on Friday, due to the falling dollar. Benchmark Nymex crude-oil futures rose 44 cents to $100.67 a barrel in electronic action, and gold futures were up $3.00 at $1,525.80 an ounce. See report on crude-oil moves.

Bargain hunters are coming into the market on perceptions that valuations in Asia have improved, said Shane Oliver, head of investment strategy at AMP Capital Investors.

This, combined with the fact that the latest news out of Europe and the U.S. hasn’t been worse, is helping Asian equity markets, he said.

Still, “global uncertainties regarding Europe, on top of softening economic indicators worldwide and worries about a hard landing in China,” remain key areas of concern for investors, he said.

Other notable advancers in Hong Kong included Industrial & Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 +0.67%   /zigman2/quotes/202401350/composite IDCBY +1.61% , up 1,9%, while Lenovo Group Ltd. /zigman2/quotes/205368244/delayed HK:992 +1.86%   /zigman2/quotes/201114980/composite LNVGF -6.32%  climbed 3.9% after the computer maker posted solid results late Thursday. See report on Lenovo earnings.

China’s Shanghai Composite Index /zigman2/quotes/206600939/delayed CN:000001 +0.39%  wavered between gains and losses, but began moving solidly lower in the late session, down 0.6%.

In other regional Asia-Pacfic equity markets, South Korea’s Kospi  index rose 0.4%, while the Australian S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -0.75%  nudged up 0.5% to close at 4,684.00.

Retailers were among the best performers in Sydney, with Billabong International Ltd.  , shares up 5.1%.

Gains for consumer discretionary stocks helped the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.24%  end fractionally higher in the U.S. trading day on Thursday. Read more on Thursday's U.S. stock moves.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,647.62
-322.60 -1.15%
Volume: 0.00
July 28, 2021 12:32p
loading...
/zigman2/quotes/202404490/delayed
JP : Japan: Tokyo
¥ 308.00
+23.00 +8.07%
Volume: 44.01M
July 28, 2021 12:32p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
¥413.53 billion
Rev. per Employee
¥48.37M
loading...
/zigman2/quotes/200876874/composite
US : U.S.: OTC
$ 2.70
+0.22 +8.87%
Volume: 1,771
July 27, 2021 3:36p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.75 billion
Rev. per Employee
$456,066
loading...
/zigman2/quotes/205173342/delayed
JP : Japan: Tokyo
¥ 5,710.00
0.00 0.00%
Volume: 363,400
July 28, 2021 12:30p
P/E Ratio
10.40
Dividend Yield
1.75%
Market Cap
¥1545.03 billion
Rev. per Employee
¥26.10M
loading...
/zigman2/quotes/203814274/composite
US : U.S.: OTC
$ 52.73
+3.42 +6.92%
Volume: 240.00
July 27, 2021 10:43a
P/E Ratio
10.14
Dividend Yield
N/A
Market Cap
$13.99 billion
Rev. per Employee
$246,092
loading...
/zigman2/quotes/208063194/delayed
JP : Japan: Tokyo
¥ 59,710.00
-720.00 -1.19%
Volume: 344,200
July 28, 2021 12:32p
P/E Ratio
14.81
Dividend Yield
2.68%
Market Cap
¥7161.66 billion
Rev. per Employee
¥267.56M
loading...
/zigman2/quotes/206371241/composite
US : U.S.: OTC
$ 543.04
-0.96 -0.18%
Volume: 141.00
July 27, 2021 3:56p
P/E Ratio
14.26
Dividend Yield
N/A
Market Cap
$64.93 billion
Rev. per Employee
$2.52M
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,110.00
+60.00 +0.54%
Volume: 2.79M
July 28, 2021 12:32p
P/E Ratio
11.85
Dividend Yield
0.54%
Market Cap
¥13600.52 billion
Rev. per Employee
¥83.01M
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,118.51
+32.08 +0.13%
Volume: 1.63M
July 28, 2021 11:37a
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.30
+0.06 +1.85%
Volume: 52.46M
July 28, 2021 11:36a
P/E Ratio
8.22
Dividend Yield
6.18%
Market Cap
$967.36 billion
Rev. per Employee
$4.65M
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/201401473/delayed
HK : Hong Kong
$ 4.48
+0.03 +0.67%
Volume: 155.66M
July 28, 2021 11:37a
P/E Ratio
4.38
Dividend Yield
7.14%
Market Cap
$1892.44 billion
Rev. per Employee
$3.33M
loading...
/zigman2/quotes/202401350/composite
US : U.S.: OTC
$ 11.41
+0.18 +1.61%
Volume: 148,312
July 27, 2021 3:53p
P/E Ratio
4.43
Dividend Yield
6.13%
Market Cap
$243.31 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205368244/delayed
HK : Hong Kong
$ 7.13
+0.13 +1.86%
Volume: 44.23M
July 28, 2021 11:36a
P/E Ratio
9.70
Dividend Yield
4.29%
Market Cap
$87.90 billion
Rev. per Employee
$6.59M
loading...
/zigman2/quotes/201114980/composite
US : U.S.: OTC
$ 0.91
-0.06 -6.32%
Volume: 34,527
July 27, 2021 3:47p
P/E Ratio
9.58
Dividend Yield
N/A
Market Cap
$11.30 billion
Rev. per Employee
$849,543
loading...
/zigman2/quotes/206600939/delayed
CN : China: Shenzhen
¥ 17.83
+0.07 +0.39%
Volume: 70.07M
July 28, 2021 11:30a
P/E Ratio
11.34
Dividend Yield
1.01%
Market Cap
¥364.83 billion
Rev. per Employee
¥7.66M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,375.80
-55.60 -0.75%
Volume: 279,987
July 28, 2021 1:32p
loading...
/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,058.52
-85.79 -0.24%
Volume: 335.25M
July 27, 2021 5:09p
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Sarah Turner is MarketWatch's bureau chief in Sydney. Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.

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