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

  • Reuters
  • Stock Market News
EMERGING MARKETS-China's upbeat exports counter SMIC blow for stocks
Credit: © Reuters.

* China August exports up 9.5% y/y; imports down 2.1%

* Ayala Land jumps over 5%, supports Philippine shares

* Graphic: World FX rates http://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 0981.HK (SMIC) tumbled as much 15% after Reuters reported the Pentagon was considering whether to add China's largest chipmaker to a blacklist. 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 .PSI , this year's worst performer in the region, bucked the trend to gain 1.7%. South Korea .KS11 , 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. composite index .SSEC 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 ALI.PS adding to Friday's recovery from double-digit falls in August.

A steady dollar =USD left most of the region's emerging currencies steady to slightly higher, with Taiwan's dollar TWD=TP again performing best, up 0.7%, while South Korea's won KRW=KFTC and China's yuan

In Seoul, a $6.64 billion order from Verizon (NYSE: VZ ) VZ.N supported shares in Samsung Electronics 005930.KS . 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. .N Ayala Land climbed 5.7%, outperforming the rest of the market

** Samsung Electronics 005930.KS rose 2%

Asia stock indexes and currencies at 0409 GMT COUNTRY

FX

FX

FX

INDEX

STOCKS STOCKS

RIC

DAILY% YTD %

DAILY % YTD % Japan

JPY=

-0.04 +2.20 .N225

-0.19 -2.09 China

CNY=CFXS

+0.20 +1.96 .SSEC

-0.16

9.83 India

INR=IN

+0.00 -2.40 .NSEI

0.20 -6.67 Indonesia

IDR=

+0.03 -5.80 .JKSE

-0.15 -16.95 Malaysia

MYR=

+0.02 -1.37 .KLSE

0.02 -4.57 Philippines PHP=

-0.12 +4.18 .PSI

1.65 -24.75 S.Korea

KRW=KFTC

+0.23 -2.57 .KS11

0.63

8.44 Singapore

SGD=

-0.05 -1.51 .STI

0.16 -22.01 Taiwan

TWD=TP

+0.72 +2.66 .TWII

0.23

5.59 Thailand

THB=TH

+0.00 -4.81 .SETI

-0.30 -16.96

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