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July 4, 2008, 5:12 a.m. EDT

Most Regional Indexes Extend Losses

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Most Asian indexes extended losses Friday, with real-estate stocks leading decliners in Japan, while banking shares lifted Hong Kong and Australia.

The Nikkei 225 Average finished the day 0.2% lower at 13237.89, South Korea's Kospi Index lost 1.8% to 1577.94, the Shanghai Composite Index fell 1.2% to finish at 2669.89 and Taipei ended 2.2% lower at 7228.41. On the other hand, Hong Kong's Hang Seng Index rose 0.9% to close at 21423.82 and Australia's S&P/ASX 200 increased 1.7% to 5082.10.

In Japan, stocks marked a 12th consecutive day of losses. Trading was directionless, with many participants away from the market ahead of Independence Day in the U.S. However, shares in the real-estate sector were battered, led by a 28% drop in Urban Corp. as credit worries continued to roil the sector after the collapse of Suruga last month. Among the real-estate companies following Urban Corp. lower were Sumitomo Realty & Development /zigman2/quotes/206628792/delayed JP:8830 +1.64% , which fell 3.3%, and Tokyo Tatemono /zigman2/quotes/204445510/delayed JP:8804 +3.11% , which dropped 6.1%.

In South Korea, shares extended losses for the seventh consecutive day, led by bank stocks, which fell sharply after the government's recent warning of excessive liquidity. Kookmin Bank fell 3.7%, while its rival Shinhan Financial Group declined 3.5%.

In China, refiners extended losses as rising crude-oil prices will likely erode their earnings since oil product prices are regulated by the government. PetroChina ended 2.2% lower, while China Petroleum & Chemical shed 3.2%.

In the banking sector, Shanghai Pudong Development Bank rose 2.6% after it estimated its first-half net profit will rise by more than 140% from a year earlier. Industrial & Commercial Bank of China increased 1.1% to as it said it expects a significant rise in its first-half earnings.

In Hong Kong, Industrial & Commercial Bank of China /zigman2/quotes/201401473/delayed HK:1398 +1.00% 's outlook and a rebound in major blue chips helped the benchmark index close higher. ICBC rose 2%, while China Construction Bank /zigman2/quotes/208974133/delayed HK:939 +1.46% rose 1.4% and Bank of Communications /zigman2/quotes/203442771/delayed HK:3328 +1.58% gained 1.1%. China Mobile /zigman2/quotes/200868736/delayed HK:941 -0.10% rose 2% after falling 2.9% in the previous two days.

In Australia, financials and resources accounted for the vast majority of the stock market's strong recovery, but it was financials that stood out, with gains of 3%-4% in some of the major banks, insurers and property trusts. ANZ /zigman2/quotes/205482049/delayed AU:ANZ +0.37% rose 4.3%, National Australia Bank /zigman2/quotes/210431826/delayed AU:NAB +0.83% advanced 4%, Westpac /zigman2/quotes/203084975/delayed AU:WBC +0.27% gained 3.1% and Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA +1.05% increased 2.4%.

Write to Dow Jones Newswires editors at asknewswires@dowjones.com

/zigman2/quotes/206628792/delayed
JP : Japan: Tokyo
¥ 3,788.00
+61.00 +1.64%
Volume: 847,900
May 7, 2021 3:00p
P/E Ratio
11.47
Dividend Yield
1.06%
Market Cap
¥1795.28 billion
Rev. per Employee
¥74.11M
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/zigman2/quotes/204445510/delayed
JP : Japan: Tokyo
¥ 1,690.00
+51.00 +3.11%
Volume: 701,400
May 7, 2021 3:00p
P/E Ratio
11.11
Dividend Yield
2.84%
Market Cap
¥353.24 billion
Rev. per Employee
¥62.68M
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.05
+0.05 +1.00%
Volume: 291.24M
May 7, 2021 4:08p
P/E Ratio
4.94
Dividend Yield
6.33%
Market Cap
HK$2130.66 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.25
+0.09 +1.46%
Volume: 243.97M
May 7, 2021 4:08p
P/E Ratio
4.76
Dividend Yield
6.27%
Market Cap
HK$1581.86 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.14
+0.08 +1.58%
Volume: 41.47M
May 7, 2021 4:08p
P/E Ratio
4.20
Dividend Yield
7.42%
Market Cap
HK$412.65 billion
Rev. per Employee
HK$5.77M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 50.00
-0.05 -0.10%
Volume: 16.39M
May 7, 2021 4:08p
P/E Ratio
8.45
Dividend Yield
6.58%
Market Cap
HK$1023.77 billion
Rev. per Employee
HK$1.90M
loading...
/zigman2/quotes/205482049/delayed
AU : Australia: Sydney
$ 27.05
+0.10 +0.37%
Volume: 0.00
May 7, 2021 4:10p
P/E Ratio
22.96
Dividend Yield
3.88%
Market Cap
$78.96 billion
Rev. per Employee
$778,092
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/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 26.78
+0.22 +0.83%
Volume: 6.08M
May 7, 2021 4:10p
P/E Ratio
20.55
Dividend Yield
3.36%
Market Cap
$88.19 billion
Rev. per Employee
$763,679
loading...
/zigman2/quotes/203084975/delayed
AU : Australia: Sydney
$ 26.09
+0.07 +0.27%
Volume: 5.50M
May 7, 2021 4:10p
P/E Ratio
41.35
Dividend Yield
3.41%
Market Cap
$95.59 billion
Rev. per Employee
$826,888
loading...
/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 93.92
+0.98 +1.05%
Volume: 3.06M
May 7, 2021 4:10p
P/E Ratio
20.91
Dividend Yield
2.64%
Market Cap
$166.46 billion
Rev. per Employee
$917,769
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