• Mon. Sep 26th, 2022



EMERGING MARKETS-China’s upbeat exports counter SMIC blow for stocks

    * China August exports up 9.5% y/y; imports down 2.1%
    * Ayala Land jumps over 5%, supports Philippine shares 
    * Graphic: World FX rates tmsnrt.rs/2egbfVh

    Sept 7 (Reuters) - Shanghai shares pared losses on Monday
while Philippine stocks climbed over 1% in thin holiday trade,
as upbeat Chinese exports and U.S.-China trade tensions vied for
market attention.
    Shares in China's Semiconductor Manufacturing International
Corp (SMIC) tumbled as much 15% after Reuters reported
the Pentagon was considering whether to add China's largest
chipmaker to a blacklist.
    That and concerns over the pace of a global recovery from
the economic damage caused by the coronavirus crisis pushed
broad indicators of Asia-Pacific shares lower. 
    The Philippines, this year's worst performer in the
region, bucked the trend to gain 1.7%. South Korea,
helped by a dip in coronavirus cases, was also up around 0.6%.
    Chinese exports rose for a third month, climbing 9.5% in
August from a year earlier, topping expectations, while imports
saw a sharper fall, signalling that domestic demand is still
sluggish even as a rise in shipments points to a more sustained
recovery for the world's second-largest economy.
    Shanghai's composite index pared losses after the
trade data but remained 0.2% lower on the day. 
    "Despite the slight imports data miss, the broad takeaway
here remains one of continued Chinese recovery," said Jingyi
Pan, a market strategist at IG in Singapore.
    Philippine stocks hit their highest in a week, with some
support from property developer Ayala Land adding to
Friday's recovery from double-digit falls in August.
    A steady dollar left most of the region's emerging
currencies steady to slightly higher, with Taiwan's dollar
 again performing best, up 0.7%, while South Korea's won
 and China's yuan <CNYthe gained a fifth of a percent
    In Seoul, a $6.64 billion order from Verizon
supported shares in Samsung Electronics.

    Investors dumped tech stocks toward the end of last week as
frothy valuations came into question and as U.S. jobs growth
slowed, all highlighting the challenging road to recovery from
the coronavirus pandemic's devastating economic fallout.

    ** Ayala Land climbed 5.7%, outperforming the rest of the
    ** Samsung Electronics rose 2% 
           Asia stock indexes and currencies at 0409 GMT
 COUNTRY      FX          FX      FX     INDEX    STOCKS   STOCKS
              RIC         DAILY%  YTD %           DAILY %  YTD %
 Japan                     -0.04  +2.20             -0.19   -2.09
 China                     +0.20  +1.96             -0.16    9.83
 India                     +0.00  -2.40              0.20   -6.67
 Indonesia                 +0.03  -5.80             -0.15  -16.95
 Malaysia                  +0.02  -1.37              0.02   -4.57
 Philippines               -0.12  +4.18              1.65  -24.75
 S.Korea                   +0.23  -2.57              0.63    8.44
 Singapore                 -0.05  -1.51              0.16  -22.01
 Taiwan                    +0.72  +2.66              0.23    5.59
 Thailand                  +0.00  -4.81             -0.30  -16.96

 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Jacqueline Wong)
Our Standards:The Thomson Reuters Trust Principles.

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