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Showing posts with label Asian Markets at Close Report | MarketWatch -November 13. Show all posts
Showing posts with label Asian Markets at Close Report | MarketWatch -November 13. Show all posts

Nov 13, 2012

Correction: Asian Markets at Close Report| MarketWatch -November 13, 2012-: Asian stocks recede amid U.S., Greece fears.

By V. Phani Kumar and Michael Kitchen, MarketWatch 

HONG KONG (MarketWatch)Asian markets retreated Tuesday as lingering uncertainty over the U.S. fiscal outlook and the next tranche of financial aid to Greece prompted a fresh wave of selling, hurting resource stocks and financials in particular. 

Australia’s S&P/ASX 200 AU:XJO -1.53%  and China’s Shanghai Composite Index CN:000001 -1.51%  each skidded 1.5%, Taiwan’s Taiex XX:Y9999 -1.81%  stumbled 1.8%, and Hong Kong’s Hang Seng Index HK:HSI -1.13%  fell 1.1%. 

Japan’s Nikkei Stock Average JP:100000018 -0.18% fell the least among major benchmarks, ending down 0.3%, but extended its streak of losses to seven sessions as the country’s weak economic outlook pressured sentiment. South Korea’s Kospi KR:SEU -0.59%  also surrendered early gains to slide 0.6%.
The drop in Shanghai and Hong Kong came even as markets awaited the once-in-a-decade leadership changes at the Communist Party Congress, currently in session. 
 
“China is likely to remain the center of focus for the region, and any comments from there could be a big sentiment driver,” said Stan Shamu, a market strategist at IG Markets. 

In Hong Kong, PetroChina Co. PTR +1.00%   CN:601857 -1.37% HK:857 -1.93%  lost 1.9%, and China Coal Energy Co. HK:1898 -2.39% CN:601898 -1.57%   CCOZY -0.70%  dropped 2.4%. In Shanghai, they declined 1.4% and 1.6%, respectively, while Zhongjin Gold Corp. CN:600489 -2.73%  sank 2.7%.
In Taipei, Taiwan Semiconductor Manufacturing Co. TW:2330 -1.10%   TSM +0.52%  slid 1.1%, and Inotera Memories Inc. TW:3474 -4.41% sank 4.4%. 

In Seoul, the key shipbuilding sector extended recent sharp losses, as Daewoo Shipbuilding & Marine Engineering Co. KR:042660 -4.59% surrendered 4.6% and Hyundai Mipo Dockyard Co. KR:010620 -2.20% retreated 2.2%. 

Among major Asian financial names, Westpac Banking Corp. AU:WBC -2.17% WEBNF +1.32%  gave up 2.2% in Sydney, Nomura Holdings Inc. JP:8604 -0.35% NMR -0.56%  lost 0.4% in Tokyo, KB Financial Group Inc. KB -0.30%  shed 0.8% in Seoul, and Industrial & Commercial Bank of China Ltd. IDCBY +0.08%    HK:1398 -1.78% CN:601398 -1.03%  lost 1.8% in Hong Kong and 1% in Shanghai.
QBE Insurance Group Ltd. AU:QBE -7.46%   QBEIF -7.06%  plunged 7.5% in Sydney on a string of broker downgrades after it issued a profit warning. 

On the upside in Sydney, shares of Incitec Pivot Ltd. AU:IPL +3.78% ICPVY -11.44% rallied 3.8%. The firm posted a 24% drop in annual profit, but its key explosives business nonetheless managed a pre-tax gain. Read: Incitec Pivot profit drops on fertilizer weakness

In Tokyo, Olympus Corp. JP:7733 +5.87%   OCPNF -11.14%  jumped 5.9% after the company swung to a larger-than-expected profit in the fiscal second quarter.

Varahabhotla Phani Kumar is a reporter in MarketWatch's Hong Kong bureau. Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.

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