* U.S. considering sanctions against SMIC, shares tumble
* China August exports up 9.5% y/y; imports down 2.1%
* Graphic: World FX rates http://tmsnrt.rs/2egbfVh
Sept 7 (Reuters) - Most Asian stock markets followed China lower on Monday on fears that Sino-U.S. tensions would find new life on the possible blacklisting of China's largest chipmaker, while Philippine shares climbed nearly 3% in thin holiday trade.
Shanghai and Hong Kong shares of China's Semiconductor Manufacturing International Corp 688981.SS 0981.HK (SMIC) tumbled after Reuters reported the Pentagon was considering whether to add the chipmaker to a blacklist. and concerns over the pace of a global recovery from the economic damage caused by the coronavirus crisis dampened broad indicators of Asia-Pacific shares.
Stocks advanced 0.7% in South Korea .KS11 , who along with Taiwan, dominates Asian chip production outside China.
Those gains were helped by Samsung Electronics 005930.KS , who won a $6.64 billion order for wireless communication solutions in the United States, a beneficiary of U.S. sanctions on larger Chinese rival Huawei HWT.UL .
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. composite index .SSEC closed nearly 2% lower after initially paring losses following the trade data.
"Overall, the data continues to highlight exports resilience and while this is in part due to Covid related products, the data is encouraging from China's perspective," Mitul Kotecha, a senior emerging markets strategist for TD Securities, wrote in a note.
But he cautioned that "China continues to undershoot phase 1 imports targets from the U.S. despite efforts to increase agriculture imports."
A steady dollar =USD left little room for the region's emerging currencies, which were mostly higher. China's yuan CNY=CFXS firmed 0.2%.
The Philippines .PSI , the region's worst performer so far this year, jumped 2.6%. The index also outperformed a broad sell-off on Friday after data showed inflation eased to the slowest pace in three months in August, opening up the prospect for further policy easing. peso PHP= weakened 0.2%.
U.S. and Thai markets are closed on Monday for public holidays.
Asia stock indexes and currencies at 0723 GMT COUNTRY
DAILY % YTD %
DAILY % YTD % Japan
+0.02 +2.26 .N225
-0.50 -2.40 China
+0.16 +1.91 .SSEC
-0.29 -2.69 .NSEI
-0.04 -6.90 Indonesia
+0.14 -5.71 .JKSE
-0.34 -17.10 Malaysia
-0.05 -1.45 .KLSE
-0.39 -4.96 Philippines PHP=
-0.17 +4.13 .PSI
2.61 -24.05 S.Korea
+0.11 -2.68 .KS11
-0.12 -1.57 .STI
-0.02 -22.14 Taiwan
+0.74 +2.68 .TWII
- -4.81 .SETI
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.