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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

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Several regional financial stocks also made gains.

Shares of Commonwealth Bank of Australia /zigman2/quotes/200638713/delayed AU:CBA +0.56% /zigman2/quotes/207018701/delayed CBAUF +1.29% added 2.3% and National Australia Bank /zigman2/quotes/208329321/delayed NABZY +0.18% /zigman2/quotes/210431826/delayed AU:NAB +1.01% rose 2.7%, in line with Sydney's rally.

Also higher, Standard Chartered /zigman2/quotes/202369078/delayed HK:2888 +0.69% gained 1.2% in Hong Kong, Shinhan Financial /zigman2/quotes/208869909/composite SHG +2.25% added 0.3% in Seoul and HDFC Bank /zigman2/quotes/205576242/composite HDB -0.30% climbed 2.7% in Mumbai trading.

In New Zealand, blue-chip stocks rose after data on gross domestic product showed the economy grew 0.1% in the three months ended June 30, ending a five-quarter string of contraction.

Fletcher Building /zigman2/quotes/200215142/delayed NZ:FBU -1.40% was up 1%, Nuplex Industries gained 1.6% and Fisher & Paykel Healthcare Corp. /zigman2/quotes/205747631/delayed NZ:FPH -0.48% was up 1%. The NZX 50 Index rose 0.2%.

The New Zealand dollar, which had already gained nearly 2 U.S. cents against the greenback in the last 24 hours, surged even higher, to $0.7255 from $0.7194, before the GDP data, which also fueled speculation that the Reserve Bank of New Zealand could hike interest rates.

Thumbs down given on Hynix bid

In Seoul, conglomerate Hyosung Corp. plunged by its daily limit of about 15%, under pressure as a result of the bid it submitted to buy a major stake in chip maker Hynix Semiconductor , shares of which fell 5.4%.

In commodities trading, light sweet crude for November delivery was recently down 9 cents at $71.67 a barrel. The contract had rallied 2.6% Tuesday on the New York Mercantile Exchange.

Spot gold was flat at $1,014.60 an ounce, after having both risen and fallen earlier.

The U.S. dollar continued falling against Japan's yen in Asia and was recently buying 90.88 yen, compared with 91.14 yen late in New York Tuesday. The euro was at $1.4793, compared with $1.4799, and at 134.46 yen, compared with 134.45 yen.

"It's difficult to see anything other than further weakness in the U.S. dollar from here," said Westpac foreign-exchange strategist Jonathan Cavenagh.

"The trend is your friend at the moment, and the trend for the U.S. dollar is down," he added.

/zigman2/quotes/200638713/delayed
AU : Australia: Sydney
$ 105.09
+0.59 +0.56%
Volume: 1.76M
May 24, 2022 4:10p
P/E Ratio
17.49
Dividend Yield
3.57%
Market Cap
$178.31 billion
Rev. per Employee
$656,113
loading...
/zigman2/quotes/207018701/delayed
US : U.S.: OTC
$ 73.28
+0.93 +1.29%
Volume: 4.00
May 19, 2022 3:03p
P/E Ratio
16.25
Dividend Yield
N/A
Market Cap
$124.79 billion
Rev. per Employee
$493,152
loading...
/zigman2/quotes/208329321/delayed
US : U.S.: OTC
$ 10.96
+0.02 +0.18%
Volume: 221,108
May 23, 2022 3:55p
P/E Ratio
15.05
Dividend Yield
4.38%
Market Cap
$69.96 billion
Rev. per Employee
$458,471
loading...
/zigman2/quotes/210431826/delayed
AU : Australia: Sydney
$ 31.09
+0.31 +1.01%
Volume: 5.50M
May 24, 2022 4:10p
P/E Ratio
15.76
Dividend Yield
4.50%
Market Cap
$99.54 billion
Rev. per Employee
$620,376
loading...
/zigman2/quotes/202369078/delayed
HK : Hong Kong
$ 58.35
+0.40 +0.69%
Volume: 337,552
May 24, 2022 2:30p
P/E Ratio
12.51
Dividend Yield
N/A
Market Cap
$170.34 billion
Rev. per Employee
$1.79M
loading...
/zigman2/quotes/208869909/composite
US : U.S.: NYSE
$ 33.19
+0.73 +2.25%
Volume: 83,704
May 23, 2022 4:00p
P/E Ratio
5.14
Dividend Yield
4.63%
Market Cap
$17.44 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205576242/composite
US : U.S.: NYSE
$ 53.64
-0.16 -0.30%
Volume: 1.22M
May 23, 2022 4:00p
P/E Ratio
19.52
Dividend Yield
1.36%
Market Cap
$94.54 billion
Rev. per Employee
$187,409
loading...
/zigman2/quotes/200215142/delayed
NZ : New Zealand: NZX
$ 5.62
-0.08 -1.40%
Volume: 826,536
May 24, 2022 4:59p
P/E Ratio
13.56
Dividend Yield
6.41%
Market Cap
$4.50 billion
Rev. per Employee
$565,310
loading...
/zigman2/quotes/205747631/delayed
NZ : New Zealand: NZX
$ 20.71
-0.10 -0.48%
Volume: 748,334
May 24, 2022 4:59p
P/E Ratio
23.04
Dividend Yield
1.88%
Market Cap
$12.04 billion
Rev. per Employee
$277,976
loading...

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau.

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