EMERGING MARKETS-Asian stocks dive as Wall St rout jangles nerves ahead of U.S. jobs data

  • Reuters
  • Stock Market News
EMERGING MARKETS-Asian stocks dive as Wall St rout jangles nerves ahead of U.S. jobs data
Credit: © Reuters.

* Graphic: World FX rates http://tmsnrt.rs/2egbfVh

* Graphic: Foreign flows into Asian stocks https://tmsnrt.rs/3f2vwbA

* Singapore, Philippine shares hit one-month low

* Korean stocks track worst day in two weeks

By Shashwat Awasthi

Sept 4 (Reuters) - Most stock markets in emerging Asia slid on Friday after a steep selloff on Wall Street heightened investors' concerns ahead of U.S. jobs data later in the session.

Trading among regional currencies was muted, with most roughly flat on the day as the U.S. dollar steadied and investors held their bets ahead of U.S. non-farm payrolls data.

U.S. indexes marked their biggest one-day falls since June on Thursday, leading Singapore stocks .STI to their lowest in more than a month, while Philippine shares .PSI were set for their third straight weekly loss.

Bourses in South Korea .KS11 and Taiwan .TWII , which house heavyweight tech stocks, shed 1.6% and 1.3% respectively, after dealers booking profits in the U.S. sent the tech-heavy Nasdaq .IXIC plummeting 5% on Thursday.

Analysts said the payrolls report could deepen the selling, as data is expected to show fewer jobs created in August compared with July. MKTS/GLOB

"I do see the element of caution retained ahead of payrolls release," said Jingyi Pan, a market strategist at IG.

"Unlike the private ADP (NASDAQ: ADP ) employment miss earlier in the week, the reaction is not likely to be muted if we find a disappointment here as well. Asia markets may stay under pressure into next week if the sell-off on Wall Street continues."

Stocks in Indonesia .JKSE retreated more than 1%. Its market has been plagued this week by concerns over the central bank's independence after a proposal which could lead to more political influence on its monetary policy and economic growth.

The rupiah IDR= eased 0.2% and was set for its worst week in seven as experts urged the government to revamp its strategy to tackle the coronavirus pandemic, as fresh cases rise at a record rate in the world's fourth most populous nation. Thailand, which reported its first domestic coronavirus transmission in more than 100 days on Thursday, markets were closed for a holiday.

HIGHLIGHTS

** Singapore's 10-year benchmark yield is down 2 basis points at 0.95%

** Top losers on the Singapore STI include Venture Corporation VENM.SI down 4.01%, CapitaLand Commercial Trust CACT.SI down 2.98% and Keppel Corporation KPLM.SI down 2.46%

** Top losers on the Jakarta stock index .JKSE include Dewata Freight International DEAL.JK down 6.93%, Delta Djakarta DLTA.JK down 6.92% and Fortune Mate Indonesia FMII.JK down 6.92%

Asia stock indexes and currencies at 0407 GMT

COUNTRY

FX RIC

FX DAILY % FX YTD %

INDEX

STOCKS DAILY % STOCKS YTD %

Japan

JPY=

+0.01

+2.31

.N225

-1.19

-1.99

China

CNY=CFXS

+0.07

+1.76

.SSEC

-1.38

9.44

India

INR=IN

0.00

-2.84

.NSEI

-1.51

-6.70 Indonesia

IDR=

-0.10

-6.06

.JKSE

-1.31

-17.27 Malaysia

MYR=

+0.00

-1.35

.KLSE

0.11

-4.52 Philippines

PHP=

+0.11

+4.25

.PSI

-0.69

-26.64

S.Korea

KRW=KFTC

-0.22

-2.90

.KS11

-1.60

7.28 Singapore

SGD=

-0.04

-1.52

.STI

-1.44

-22.57

Taiwan

TWD=TP

+0.69

+2.65

.TWII

-1.17

5.10 Thailand

THB=TH

+0.00

-4.81

.SETI

-0.30

-16.96

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