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June 7, 2011, 4:28 a.m. EDT

Hong Kong slips, but Japan finds support

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By Sarah Turner and Michael Kitchen, MarketWatch

SYDNEY (MarketWatch) — Asian shares diverged Tuesday, as a rebound for Tepco and gains for Toyota helped support the Japanese market, but as Hong Kong shares fell prey to U.S. economic worries.

Japan’s Nikkei Stock Average /zigman2/quotes/210597971/delayed JP:NIK -1.50% ended 0.7% higher at 9,442.95, rubbing out some of Monday’s 1.2% loss.

Click to Play

Markets Hub: Stocks slide on financial weakness

Stocks fell Monday, with the Standard & Poor's 500 Index briefly dipping below its March low, as investors watched to see whether further support levels would be challenged. Bob O'Brien and Stephen Wisnefski discuss.

Toyota Motor Corp. /zigman2/quotes/203803129/delayed JP:7203 -0.56%   /zigman2/quotes/200537742/composite TM -0.59% closed with a 2.2% gain after the Nikkei newspaper reported the company will hike output of its Prius hybrid by 70% due to strong demand. Read more on reported Toyota Prius output hike.

Japanese gainers also included Tokyo Electric Power Co. /zigman2/quotes/202771076/delayed JP:9501 0.00%   /zigman2/quotes/205839055/composite TKECY +1.37% , better known as Tepco, which rose 4.4% — after trading limit-down a day earlier — after Japanese government chief spokesman Yukio Edano reportedly said Monday that authorities were trying to avoid bankruptcy for the company.

Other Japanese-listed power companies also staged a rebound on Tuesday, with Kansai Electric Power Co. /zigman2/quotes/200592152/delayed JP:9503 +0.77%  and Chubu Electric Power Co. /zigman2/quotes/208115192/delayed JP:9502 +0.42% each up 2%.

Toshiba Corp. /zigman2/quotes/205628942/delayed JP:6502 -2.30%   /zigman2/quotes/203922036/composite TOSBF -2.08% added 3% and Sony Corp. /zigman2/quotes/201361720/delayed JP:6758 +0.36%   fell 1.5% after a Nikkei report that the pair were in final negotiations to unify operations in LCD panels for smartphones, tablet computers and other mobile devices. Read more on reported Toshiba-Sony talks.

The move would create a firm expected to overtake Sharp Corp. /zigman2/quotes/203224600/delayed JP:6753 -1.55%   /zigman2/quotes/207472799/composite SHCAF -3.45%  as the global leader for the panels, the report said. Sharp shares nonetheless closed higher, up 1.2%.

Hong Kong, Seoul

After a three-day weekend, Hong Kong investors were catching up to losses inspired by disappointing U.S. jobs data at the end of last week.

“I think there’s just concern about the U.S. and the global recovery. That’s probably the key thing,” said Andrew Sullivan, director of institutional sales at OSK Securities.

“For short-term retail traders, when you get a very volatile market, it’s going to be tricky,” he said. “For the long, mutual funds that have done their due diligence and monitored the companies closely, any weakness like that provides a bit of long-term opportunity.”

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.24%  still managed to move off early-morning lows to end down 0.4% at 22,868.6.

Some shares sensitive to global growth held onto losses, such as shipper Cosco Pacific Ltd. /zigman2/quotes/201167312/delayed HK:1199 -0.18%   /zigman2/quotes/207591135/composite CSPKF +6.25% , which closed down 2%.

HSBC Holdings /zigman2/quotes/202687335/delayed HK:5 -0.81%   slipped 0.2% after Credit Suisse cut its rating on the stock to neutral from outperform.

Previously announced changes to the Hang Seng Index went into effect Tuesday, with AIA Group Ltd. /zigman2/quotes/203565558/delayed HK:1299 -3.70%   /zigman2/quotes/201974019/composite AAIGF -3.96%  joining the blue-chip index and Foxconn International Holdings Ltd. /zigman2/quotes/205017351/delayed HK:2038 +3.06%   /zigman2/quotes/207122890/composite FXCNF -5.33%  departing.

AIA lost 1.6%, and Foxconn traded down 2.3%. Hengan International Group Co. /zigman2/quotes/205777105/delayed HK:1044 -1.08%   /zigman2/quotes/206643687/composite HEGIF -0.02%  , which also joined the index Tuesday, recovered from an early loss to rise 0.3%.

The Shanghai Composite /zigman2/quotes/206600939/delayed CN:000001 +0.39%  had a better post-holiday return, ending with a 0.6% gain.

South Korea’s Kospi, which was also closed on Monday, lost 0.7% on Tuesday, with Hyundai Motor Co. /zigman2/quotes/206718996/composite HYMLF 0.00%  shares down 1.5%

Sydney

Australia’s S&P/ASX 200 index /zigman2/quotes/210598100/delayed AU:XJO -0.75%  pared early losses after the Reserve Bank of Australia kept its key cash rate on hold at 4.75%, but still ended down 0.1%, at 4,566.30. Read more on Australia’s interest-rate decision.

Weaker commodity prices weighed on Australian-listed miners and energy firms, with Alumina Ltd. /zigman2/quotes/210515632/delayed AU:AWC -2.05%   closing down 1.4%, Fortescue Metals Group Ltd. /zigman2/quotes/202351558/delayed AU:FMG -0.35%   /zigman2/quotes/204116626/composite FSUMF +1.45%  falling 2%, and Woodside Petroleum Ltd. /zigman2/quotes/203437212/delayed AU:WPL -1.69%   /zigman2/quotes/206770672/composite WOPEF +2.66%  down 1.2%. Read more on oil’s decline.

However, airline Virgin Blue Holdings Ltd.    bucked the lower trend, rallying 3.5% after the firm said that it will enter into a code-sharing deal with Singapore Airlines Ltd. /zigman2/quotes/208369943/delayed SG:C6L -0.59% /zigman2/quotes/203950588/composite SINGF 0.00% . See report on Singapore Airline-Virgin Australia deal.

U.S. shares lost ground for the fourth day in a row Monday, as investors fretted about the state of the U.S. economy following last week’s run of disappointing data that culminated in a very weak jobs number on Friday. Read more on U.S, stock action on Monday.

Federal Reserve Chairman Ben Bernanke was slated to make a speech on the U.S. economy later in the global trading day on Tuesday. Read preview of Bernanke's speech.

/zigman2/quotes/210597971/delayed
JP : Nikkei
27,551.51
-418.71 -1.50%
Volume: 0.00
July 28, 2021 1:10p
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/zigman2/quotes/203803129/delayed
JP : Japan: Tokyo
¥ 9,816.00
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July 28, 2021 1:10p
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2.44%
Market Cap
¥27481.38 billion
Rev. per Employee
¥74.30M
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$ 178.44
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Market Cap
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JP : Japan: Tokyo
¥ 312.00
0.00 0.00%
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July 28, 2021 1:09p
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N/A
Market Cap
¥499.88 billion
Rev. per Employee
¥154.83M
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/zigman2/quotes/205839055/composite
US : U.S.: OTC
$ 2.97
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July 27, 2021 10:44a
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N/A
Market Cap
$4.53 billion
Rev. per Employee
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/zigman2/quotes/200592152/delayed
JP : Japan: Tokyo
¥ 1,052.00
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Market Cap
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Rev. per Employee
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JP : Japan: Tokyo
¥ 1,328.50
+5.50 +0.42%
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3.76%
Market Cap
¥1003.44 billion
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/zigman2/quotes/205628942/delayed
JP : Japan: Tokyo
¥ 4,680.00
-110.00 -2.30%
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July 28, 2021 1:10p
P/E Ratio
18.63
Dividend Yield
4.06%
Market Cap
¥2178.44 billion
Rev. per Employee
¥26.04M
loading...
/zigman2/quotes/203922036/composite
US : U.S.: OTC
$ 43.01
-0.92 -2.08%
Volume: 119.00
July 27, 2021 3:00p
P/E Ratio
18.05
Dividend Yield
N/A
Market Cap
$19.75 billion
Rev. per Employee
$245,518
loading...
/zigman2/quotes/201361720/delayed
JP : Japan: Tokyo
¥ 11,090.00
+40.00 +0.36%
Volume: 2.97M
July 28, 2021 1:10p
P/E Ratio
11.83
Dividend Yield
0.54%
Market Cap
¥13600.52 billion
Rev. per Employee
¥83.01M
loading...
/zigman2/quotes/203224600/delayed
JP : Japan: Tokyo
¥ 1,715.00
-27.00 -1.55%
Volume: 891,400
July 28, 2021 1:10p
P/E Ratio
19.58
Dividend Yield
1.75%
Market Cap
¥1058.52 billion
Rev. per Employee
¥48.06M
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/zigman2/quotes/207472799/composite
US : U.S.: OTC
$ 15.93
-0.57 -3.45%
Volume: 1.00
July 27, 2021 2:30p
P/E Ratio
19.23
Dividend Yield
N/A
Market Cap
$9.60 billion
Rev. per Employee
$453,139
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,027.16
-59.27 -0.24%
Volume: 1.74M
July 28, 2021 12:05p
loading...
/zigman2/quotes/201167312/delayed
HK : Hong Kong
$ 5.51
-0.01 -0.18%
Volume: 1.20M
July 28, 2021 11:57a
P/E Ratio
7.03
Dividend Yield
6.08%
Market Cap
$19.10 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/207591135/composite
US : U.S.: OTC
$ 0.85
+0.05 +6.25%
Volume: 0.00
July 21, 2021 12:46p
P/E Ratio
8.41
Dividend Yield
N/A
Market Cap
$2.50 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
$ 42.75
-0.35 -0.81%
Volume: 18.88M
July 28, 2021 11:59a
P/E Ratio
18.65
Dividend Yield
2.73%
Market Cap
$884.72 billion
Rev. per Employee
$2.56M
loading...
/zigman2/quotes/203565558/delayed
HK : Hong Kong
$ 85.95
-3.30 -3.70%
Volume: 28.91M
July 28, 2021 11:59a
P/E Ratio
23.17
Dividend Yield
1.57%
Market Cap
$1120.50 billion
Rev. per Employee
$14.37M
loading...
/zigman2/quotes/201974019/composite
US : U.S.: OTC
$ 11.39
-0.47 -3.96%
Volume: 46,003
July 27, 2021 3:55p
P/E Ratio
23.81
Dividend Yield
N/A
Market Cap
$144.07 billion
Rev. per Employee
$1.85M
loading...
/zigman2/quotes/205017351/delayed
HK : Hong Kong
$ 1.01
+0.03 +3.06%
Volume: 6.25M
July 28, 2021 11:59a
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$8.22 billion
Rev. per Employee
$984,610
loading...
/zigman2/quotes/207122890/composite
US : U.S.: OTC
$ 0.13
-0.0076 -5.33%
Volume: 500.00
July 23, 2021 2:04p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.07 billion
Rev. per Employee
$126,948
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/zigman2/quotes/205777105/delayed
HK : Hong Kong
$ 45.90
-0.50 -1.08%
Volume: 1.71M
July 28, 2021 11:59a
P/E Ratio
10.57
Dividend Yield
6.31%
Market Cap
$55.87 billion
Rev. per Employee
$1.01M
loading...
/zigman2/quotes/206643687/composite
US : U.S.: OTC
$ 6.46
-0.0010 -0.02%
Volume: 1.00
July 27, 2021 3:32p
P/E Ratio
11.53
Dividend Yield
N/A
Market Cap
$7.62 billion
Rev. per Employee
$129,662
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/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/206718996/composite
US : U.S.: OTC
$ 89.00
0.00 0.00%
Volume: 4.00
Jan. 12, 2021 6:20p
P/E Ratio
11.29
Dividend Yield
N/A
Market Cap
N/A
Rev. per Employee
$1.23M
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,376.00
-55.40 -0.75%
Volume: 315,051
July 28, 2021 2:10p
loading...
/zigman2/quotes/210515632/delayed
AU : Australia: Sydney
$ 1.67
-0.04 -2.05%
Volume: 4.74M
July 28, 2021 2:10p
P/E Ratio
22.36
Dividend Yield
4.52%
Market Cap
$4.95 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/202351558/delayed
AU : Australia: Sydney
$ 25.73
-0.09 -0.35%
Volume: 3.00M
July 28, 2021 2:10p
P/E Ratio
8.71
Dividend Yield
9.60%
Market Cap
$78.23 billion
Rev. per Employee
$1.37M
loading...
/zigman2/quotes/204116626/composite
US : U.S.: OTC
$ 18.83
+0.27 +1.45%
Volume: 1,876
July 27, 2021 12:47p
P/E Ratio
9.14
Dividend Yield
N/A
Market Cap
$57.80 billion
Rev. per Employee
$915,714
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 22.08
-0.38 -1.69%
Volume: 1.08M
July 28, 2021 2:10p
P/E Ratio
N/A
Dividend Yield
2.33%
Market Cap
$21.21 billion
Rev. per Employee
$1.42M
loading...
/zigman2/quotes/206770672/composite
US : U.S.: OTC
$ 16.38
+0.43 +2.66%
Volume: 26,300
July 27, 2021 11:05a
P/E Ratio
N/A
Dividend Yield
2.32%
Market Cap
$15.81 billion
Rev. per Employee
$980,926
loading...
/zigman2/quotes/208369943/delayed
SG : Singapore: SGX
$ 5.08
-0.03 -0.59%
Volume: 2.42M
July 28, 2021 11:59a
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$14.82 billion
Rev. per Employee
$149,368
loading...
/zigman2/quotes/203950588/composite
US : U.S.: OTC
$ 3.72
0.00 0.00%
Volume: 3,923
July 27, 2021 3:56p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$10.92 billion
Rev. per Employee
$109,323
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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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