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Jan. 30, 2020, 2:02 a.m. EST

Taiwan stocks slump, leading selloff in Asian markets as coronavirus keeps spreading

Apple manufacturer Foxconn slumps 10%

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By Marketwatch


SAM YEH/AFP/Getty Images
A general view taken on May 25, 2010 shows the Foxconn factory in Tucheng, Taipei county.

Stocks in Taiwan slumped 5% on Thursday, leading a selloff in Asia as investors returned from the Lunar New Year holiday to face mounting concerns the spreading coronavirus outbreak.

Fed chief Jerome Powell said Wednesday that the U.S. economy is in good shape, in announcing that the central bank left unchanged a key interest rate that influences borrowing costs. But he also said the Fed is closely monitoring the severity of the deadly coronavirus and the potential for the illness to disrupt the global economy.

Chinese authorities on Thursday said more than 7,700 people have fallen victim to the virus, with at least 170 dead. World Health Organization officials expressed “great concern” of the virus' spread outside of China. A U.N. panel is expected to meet Thursday to weigh if the outbreak should be declared a global emergency, the Associated Press reported.

Markets in mainland China remained closed for the Lunar New Year holiday, but Taiwan’s /zigman2/quotes/210597977/delayed TW:Y9999 -0.02%  benchmark reopened with heavy losses, and the index slumped 5.7%, marked by a 10% drop for Apple manufacturer Hon Hai Precision Industry, better known as Foxconn /zigman2/quotes/204111604/delayed TW:2354 +0.37% . The company reportedly said that it had a plan in place to “continue to meet all global manufacturing obligations,” in the wake of the coronavirus.

Apple wants to boost its first-half production of iPhones by 10%, but has been reportedly warned by some suppliers that the virus outbreak could complicate those plans.

Japan’s Nikkei /zigman2/quotes/210597971/delayed JP:NIK -0.18%   fell 1.7% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.74%   dropped 2.3%, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.05%   fell 1.5%. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.60%  dropped over 3% in South Korea after posting a nearly 40% drop in quarterly net profit .

Singapore /zigman2/quotes/210597985/delayed SG:STI -0.18%  , Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.79%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +1.08%   indexes declined. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -1.63%   dipped 0.5%.

Semiconductor-equipment maker Advantest /zigman2/quotes/206869087/delayed JP:6857 -0.56%   sank in Tokyo trading, along with Casio /zigman2/quotes/202492162/delayed JP:6952 -1.66%   and Canon /zigman2/quotes/207639533/delayed JP:7751 -3.90%  . Apple component makers AAC /zigman2/quotes/201441510/delayed HK:2018 +0.89%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.78%   fell in Hong Kong, where Sands China /zigman2/quotes/207609245/delayed HK:1928 -1.31%   and Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 +3.65%   dropped as well.

“It’s going to be challenging to put concerns over the coronavirus to one side, but fortunately for risk, the robust data in the U.S. should at least be able to keep risk a wobbly but even keel,” wrote Stephen Innes, chief market strategist at AxiTrader.

On the heels of a steady session, U.S. stock futures pointed to a weaker session on Thursday, with futures for the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 -0.37% , S&P 500 /zigman2/quotes/209948968/delayed ES00 -0.24%  and Nasdaq-100 /zigman2/quotes/210219788/delayed NQ00 -0.14%  all fell around 0.5% each.

Benchmark crude oil   fell 1% to $52.80 a barrel. Brent crude oil   , the international standard, fell 1% to $59.22.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY -0.4199%   slipped to 108.92 Japanese yen from 109.21 yen on Wednesday.

/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
10,942.16
-2.03 -0.02%
Volume: 0.00
May 29, 2020 1:33p
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/zigman2/quotes/204111604/delayed
TW : Taiwan
NT$ 53.90
+0.20 +0.37%
Volume: 3.95M
May 29, 2020 1:30p
P/E Ratio
11.20
Dividend Yield
4.64%
Market Cap
NT$76.81 billion
Rev. per Employee
NT$888.52M
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/zigman2/quotes/210597971/delayed
JP : Nikkei
21,877.89
-38.42 -0.18%
Volume: 0.00
May 29, 2020 3:00p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
22,961.47
-171.29 -0.74%
Volume: 3.62M
May 29, 2020 4:08p
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,029.60
+1.06 +0.05%
Volume: 1.09M
May 29, 2020 3:33p
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
50,700.00
+300.00 +0.60%
Volume: 27.60M
May 29, 2020 3:30p
P/E Ratio
16.18
Dividend Yield
2.79%
Market Cap
₩338954.00 billion
Rev. per Employee
N/A
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,510.75
-4.49 -0.18%
Volume: 0.00
May 29, 2020 5:20p
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/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
4,753.61
+37.43 +0.79%
Volume: 0.00
May 29, 2020 3:00p
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,473.25
+15.75 +1.08%
Volume: 0.00
May 29, 2020 5:05p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,755.70
-95.40 -1.63%
Volume: 2.45M
May 29, 2020 5:16p
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/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 5,320.00
-30.00 -0.56%
Volume: 4.48M
May 29, 2020 3:00p
P/E Ratio
22.18
Dividend Yield
1.54%
Market Cap
¥1065.49 billion
Rev. per Employee
¥64.26M
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/zigman2/quotes/202492162/delayed
JP : Japan: Tokyo
¥ 1,897.00
-32.00 -1.66%
Volume: 2.03M
May 29, 2020 3:00p
P/E Ratio
26.36
Dividend Yield
2.37%
Market Cap
¥451.66 billion
Rev. per Employee
¥24.53M
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 2,219.00
-90.00 -3.90%
Volume: 11.47M
May 29, 2020 3:00p
P/E Ratio
20.44
Dividend Yield
7.21%
Market Cap
¥2329.91 billion
Rev. per Employee
¥19.98M
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/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 39.80
+0.35 +0.89%
Volume: 11.73M
May 29, 2020 4:08p
P/E Ratio
19.20
Dividend Yield
1.01%
Market Cap
HK$49.55 billion
Rev. per Employee
HK$411,637
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 102.40
-0.80 -0.78%
Volume: 8.93M
May 29, 2020 4:08p
P/E Ratio
24.92
Dividend Yield
0.79%
Market Cap
HK$115.50 billion
Rev. per Employee
HK$1.08M
loading...
/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 30.15
-0.40 -1.31%
Volume: 18.78M
May 29, 2020 4:08p
P/E Ratio
15.31
Dividend Yield
3.28%
Market Cap
HK$249.14 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/205885756/delayed
HK : Hong Kong
HK$ 29.80
+1.05 +3.65%
Volume: 25.45M
May 29, 2020 4:08p
P/E Ratio
23.03
Dividend Yield
6.81%
Market Cap
HK$87.90 billion
Rev. per Employee
HK$5.68M
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 25,363.00
-94.00 -0.37%
Volume: 56,716
May 29, 2020 6:35a
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/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,030.75
-7.35 -0.24%
Volume: 291,097
May 29, 2020 6:35a
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/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 9,447.25
-13.00 -0.14%
Volume: 86,055
May 29, 2020 6:35a
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.1870
-0.4520 -0.4199%
Volume: 0.0000
May 29, 2020 7:45a
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