Taiwan, S.Korea stocks slump on Wall Street rout, economic slowdown fears
Equities in Taiwan, S.Korea top losers
TSMC down 5%, SK Hynix down 9.2%
Malaysia c.bank seen holding its interest rate
U.S. jobs data awaited
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By Sneha Kumar and Sameer Manekar
Sept 4 (Reuters) -South Korean and Taiwan's equity markets led the declines in Asia on Wednesday, as an overnight rout in Wall Street tech stocks spilled over to counterparts in the region, alongside rising investor concerns over a global economic slowdown.
Asian stock markets were broadly under pressure, with MSCI's gauge of emerging market equities outside of Japan .MIAPJ0000PUS slumping around 1.9% to hit the lowest since early August, during an unwind of the yen carry trade.
The index has an aggregate 29% exposure to South Korea and Taiwan, with Taiwan Semiconductor Manufacturing Co (TSMC) 2330.TW, the world's biggest contract chipmaker, making up around 9%.
Taiwanese stocks .TWII fell 4.5% while equities in Seoul .KS11 declined 3%, both hitting their lowest levels in nearly a month.
TSMC dropped as much as 5.5% while South Korea's SK Hynix 000660.KS was down 9.2% at one point of the trade.
The losses came after global AI darling Nvidia NVDA.O was sold heavily overnight as investors reined in their optimism about the artificial intelligence sector and U.S. economic growth.
"The harsh sell-off on Wall Street was a stark reminder that September has a bad rep (reputation) for wavering risk appetite," Vishnu Varathan, head of macro research, Asia ex-Japan at Mizuho Bank, said in a note.
Elsewhere in Asia, stocks in Malaysia .KLSE, the Philippines .PSI, and Thailand .SETI slipped between 0.1% and 0.5%, with shares in Singapore .STI declining up to 2% after advancing for four days.
Currencies were largely range-bound in the region, with the ringgit MYR= appreciating 0.4% against the dollar, while the South Korean won KRW=KFTC and the Indonesian rupiah IDR= adding around 0.2% and 0.3%, respectively.
The Taiwan dollar TWD=TP lost up to 0.4% in its fourth session of losses, and was trading at its lowest levels since Aug. 19.
Analysts also pointed to a slew of factors including tepid U.S. manufacturing data, with traders now looking forward to a raft of U.S. data points including job openings, jobless claims, and non-farm payrolls for clues on the quantum of the Federal Reserve rate cut expected later this month.
"These could either soothe nerves or exacerbate worries about the U.S. economy's health. Until we see clearer signs of economic stability, this volatility could well continue," Shier Lee Lim, lead FX and macro strategist for APAC at FX payments firm Convera said.
Locally, traders are likely to focus at inflation data from the Philippines and Thailand, retail sales print in Singapore, and Malaysian central bank's monetary policy decision later this week.
Bank Negara Malaysia (BNM) is expected to keep its interest rates at the current 3.00% on Thursday, and will stay there at least through the end of next year, according to a Reuters poll.
HIGHLIGHTS:
** Thai inflation target range still effective, central bank minutes say
** Indonesia raises $1.8 bln in 10-year, 30-year dollar bonds
** China's services activity expansion slows in August, Caixin PMI show
Asia stock indexes and currencies at 0608 GMT | ||||||
COUNTRY | FX RIC | FX DAILY % | FX YTD % | INDEX | STOCKS DAILY % | STOCKS YTD % |
Japan | JPY= | +0.12 | -2.91 | .N225 | -4.28 | 10.66 |
China | CNY=CFXS | +0.10 | -0.22 | .SSEC | -0.55 | -6.30 |
India | INR=IN | +0.01 | -0.90 | .NSEI | -0.61 | 15.61 |
Indonesia | IDR= | +0.29 | -0.52 | .JKSE | 0.48 | 5.23 |
Malaysia | MYR= | +0.44 | +5.61 | .KLSE | -0.31 | 14.90 |
Philippines | PHP= | -0.07 | -2.04 | .PSI | -0.52 | 6.16 |
S.Korea | KRW=KFTC | +0.22 | -4.06 | .KS11 | -3.04 | -2.70 |
Singapore | SGD= | +0.04 | +0.96 | .STI | -1.51 | 5.79 |
Taiwan | TWD=TP | -0.35 | -4.48 | .TWII | -4.52 | 17.63 |
Thailand | THB=TH | +0.12 | -0.16 | .SETI | -0.09 | -3.71 |
Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
Asian stock markets https://tmsnrt.rs/2zpUAr4
Reportingby Sneha Kumar and Sameer Manekar in Bengaluru, additional reporting by Rae Wee in Singapore; Editing by Christian Schmollinger and Sherry Jacob-Phillips
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