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Sept. 23, 2009, 6:59 a.m. EDT

Shanghai drops 1.9%; Sydney bucks weaker trend, up 1.5%

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By V. Phani Kumar and Matthew Allen

HONG KONG (MarketWatch) -- Most Asian stock markets ended lower Wednesday, with liquidity concerns weighing on Chinese equities while resource shares got a boost as the falling U.S. dollar buttressed commodity prices.

The Shanghai Composite lost 1.9% to close at 2,842.72 on worries that a likely surge in new-share issues and prospects for lower bank lending in the remainder of the year will crimp liquidity.

Still, some analysts said they were confident that the government would step in to support the market if any correction went too far. Peter Lai, director at DBS Vickers, said that although Beijing wants to avoid asset bubbles, it doesn't want to "kill the market."

"If the Shanghai Composite went below 2,500, it's very likely that you would see some kind of liquidity-easing measures," he said.

Tracking the weakness in Shanghai, Hong Kong's Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.67% fell 0.5% and Taiwan's Taiex gave up 1.2%. South Korea's Kospi dropped 0.4% and India's Sensex slipped 0.1% in afternoon dealings.

/zigman2/quotes/210598030/delayed HSI 24,243.61, -412.85, -1.67%
HK:1804580

Markets in Japan were closed for Autumnal Equinox Day, while Indonesia and Pakistan remained shuttered for religious holidays.

In the Philippines, shares ended up 2.1% earlier in the day, while more recently, Singapore's Straits Times Index trading flat as Thailand's SET Index added 0.5%.

On Wall Street, stock-index futures pointed to a flat open as investors awaited a decision from the Federal Reserve on U.S. interest rates. See Indications.

In Australia, stocks snapped a three-session losing streak and raced to their best finish in nearly a year on a strong rebound in banking and mining shares. Sydney's S&P/ASX 200 rose 1.5% -- more than it lost in the previous three sessions.

"I think the bears are getting extraordinarily frustrated, so up days are tending to be more exaggerated than down days," said Macquarie Private Wealth associate director David Halliday in Sydney. "It's hard to see anything in the short term that could derail the market."

Shares of Woodside Petroleum /zigman2/quotes/203437212/delayed AU:WPL -3.98% /zigman2/quotes/206334215/composite WOPEY -0.22% surged 5.1%, while mining giants Rio Tinto /zigman2/quotes/200083756/delayed AU:RIO -0.82% and BHP Billiton /zigman2/quotes/201448516/delayed AU:BHP -1.25% /zigman2/quotes/208108397/composite BHP -0.55% rose by 2.3% and 0.9%, respectively. The two miners have also been benefiting from target-price and profit-forecast upgrades from Citigroup, which raised its coking coal price forecast for next year to $200 per metric ton from a prior projection of $140 per ton.

Elsewhere, shares of Aluminum Corp. of China /zigman2/quotes/208051344/composite ACH -2.64% /zigman2/quotes/202960704/delayed HK:2600 -4.25% rose 0.5%, Sino Gold Mining /zigman2/quotes/209661600/delayed HK:1862 -1.38% added 0.3% and PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 -1.28% /zigman2/quotes/205108732/composite PTR -0.73% added 0.1% in Hong Kong. Korea Zinc finished up 1.1%, with Sterlite Industries (India) /zigman2/quotes/205002590/composite SLT +1.58% gaining 2.6% in afternoon trading.

Sinopharm's IPO goes well

In Hong Kong, debutante Sinopharm Group /zigman2/quotes/203219095/delayed HK:1099 -1.82% opened up 21% at HK$19.40 compared with the shares' HK$16 initial public offering price. Sinopharm finished the day at HK$18.52 in heavy trading.

Also making big gains, shares of Geely Automobile Holdings /zigman2/quotes/200716015/delayed HK:175 -3.94% /zigman2/quotes/205261343/composite GELYF -5.28% jumped 19% in Hong Kong as trading resumed following news a Goldman Sachs affiliate would take a stake in the company via convertible bonds and warrants.

/zigman2/quotes/200638713/delayed CBA 95.45, -1.99, -2.04%
AU:CBA

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,243.61
-412.85 -1.67%
Volume: 2.18M
Jan. 25, 2022 4:08p
loading...
/zigman2/quotes/203437212/delayed
AU : Australia: Sydney
$ 24.13
-1.00 -3.98%
Volume: 5.41M
Jan. 25, 2022 4:10p
P/E Ratio
49.44
Dividend Yield
2.33%
Market Cap
$24.37 billion
Rev. per Employee
$2.53M
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/zigman2/quotes/206334215/composite
US : U.S.: OTC
$ 18.05
-0.04 -0.22%
Volume: 25,263
Jan. 24, 2022 3:58p
P/E Ratio
48.54
Dividend Yield
2.11%
Market Cap
$17.55 billion
Rev. per Employee
$1.89M
loading...
/zigman2/quotes/200083756/delayed
AU : Australia: Sydney
$ 107.08
-0.88 -0.82%
Volume: 2.51M
Jan. 25, 2022 4:10p
P/E Ratio
7.01
Dividend Yield
11.93%
Market Cap
$168.49 billion
Rev. per Employee
$1.64M
loading...
/zigman2/quotes/201448516/delayed
AU : Australia: Sydney
$ 45.03
-0.57 -1.25%
Volume: 23.84M
Jan. 25, 2022 4:10p
P/E Ratio
15.22
Dividend Yield
8.94%
Market Cap
$231.17 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208108397/composite
US : U.S.: NYSE
$ 64.61
-0.36 -0.55%
Volume: 7.97M
Jan. 24, 2022 4:00p
P/E Ratio
14.80
Dividend Yield
9.32%
Market Cap
$166.41 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/208051344/composite
US : U.S.: NYSE
$ 14.02
-0.38 -2.64%
Volume: 157,141
Jan. 24, 2022 4:00p
P/E Ratio
17.51
Dividend Yield
N/A
Market Cap
$14.12 billion
Rev. per Employee
$427,682
loading...
/zigman2/quotes/202960704/delayed
HK : Hong Kong
$ 4.28
-0.19 -4.25%
Volume: 60.12M
Jan. 25, 2022 4:08p
P/E Ratio
17.22
Dividend Yield
N/A
Market Cap
$112.26 billion
Rev. per Employee
$4.15M
loading...
/zigman2/quotes/209661600/delayed
HK : Hong Kong
$ 2.14
-0.03 -1.38%
Volume: 817,000
Jan. 25, 2022 4:08p
P/E Ratio
2.78
Dividend Yield
11.68%
Market Cap
$3.25 billion
Rev. per Employee
$5.79M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
$ 3.87
-0.05 -1.28%
Volume: 109.39M
Jan. 25, 2022 4:08p
P/E Ratio
6.84
Dividend Yield
6.79%
Market Cap
$1110.41 billion
Rev. per Employee
$5.99M
loading...
/zigman2/quotes/205108732/composite
US : U.S.: NYSE
$ 49.28
-0.36 -0.73%
Volume: 338,468
Jan. 24, 2022 4:00p
P/E Ratio
9.52
Dividend Yield
6.09%
Market Cap
$142.62 billion
Rev. per Employee
$583,185
loading...
/zigman2/quotes/205002590/composite
US : U.S.: Cboe BZX
$ 36.70
+0.57 +1.58%
Volume: 651.00
Jan. 24, 2022 4:10p
loading...
/zigman2/quotes/203219095/delayed
HK : Hong Kong
$ 18.30
-0.34 -1.82%
Volume: 5.98M
Jan. 25, 2022 4:08p
P/E Ratio
6.20
Dividend Yield
4.59%
Market Cap
$58.07 billion
Rev. per Employee
$5.43M
loading...
/zigman2/quotes/200716015/delayed
HK : Hong Kong
$ 18.02
-0.74 -3.94%
Volume: 78.54M
Jan. 25, 2022 4:08p
P/E Ratio
27.61
Dividend Yield
1.11%
Market Cap
$194.81 billion
Rev. per Employee
$3.09M
loading...
/zigman2/quotes/205261343/composite
US : U.S.: OTC
$ 2.33
-0.13 -5.28%
Volume: 282,719
Jan. 24, 2022 3:59p
P/E Ratio
27.67
Dividend Yield
N/A
Market Cap
$25.02 billion
Rev. per Employee
$398,024
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