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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 +0.15%  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 -0.19% . 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 +0.40%   fell 1.7% and Hong Kong’s Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.28%   dropped 2.3%, while South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.29%   fell 1.5%. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.29%  dropped over 3% in South Korea after posting a nearly 40% drop in quarterly net profit .

Singapore /zigman2/quotes/210597985/delayed SG:STI -0.06%  , Indonesia /zigman2/quotes/210597981/delayed ID:JAKIDX +0.41%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI -0.28%   indexes declined. Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.53%   dipped 0.5%.

Semiconductor-equipment maker Advantest /zigman2/quotes/206869087/delayed JP:6857 +0.27%   sank in Tokyo trading, along with Casio /zigman2/quotes/202492162/delayed JP:6952 -2.08%   and Canon /zigman2/quotes/207639533/delayed JP:7751 -1.08%  . Apple component makers AAC /zigman2/quotes/201441510/delayed HK:2018 +2.72%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 -0.58%   fell in Hong Kong, where Sands China /zigman2/quotes/207609245/delayed HK:1928 -0.30%   and Wharf Real Estate /zigman2/quotes/205885756/delayed HK:1997 +1.62%   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 +0.21% , S&P 500 /zigman2/quotes/209948968/delayed ES00 +0.27%  and Nasdaq-100 /zigman2/quotes/210219788/delayed NQ00 +1.00%  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 -0.1678%   slipped to 108.92 Japanese yen from 109.21 yen on Wednesday.

/zigman2/quotes/210597977/delayed
TW : Taiwan Stock Exchange
13,867.09
+21.43 +0.15%
Volume: 0.00
Nov. 27, 2020 1:31p
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/zigman2/quotes/204111604/delayed
TW : Taiwan
NT$ 52.10
-0.10 -0.19%
Volume: 2.35M
Nov. 27, 2020 1:30p
P/E Ratio
13.59
Dividend Yield
4.80%
Market Cap
NT$73.69 billion
Rev. per Employee
NT$573.58M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,644.71
+107.40 +0.40%
Volume: 0.00
Nov. 27, 2020 3:15p
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,894.68
+75.23 +0.28%
Volume: 2.74M
Nov. 27, 2020 4:09p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,633.45
+7.54 +0.29%
Volume: 1.20M
Nov. 27, 2020 3:30p
loading...
/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
68,200.00
+200.00 +0.29%
Volume: 14.06M
Nov. 27, 2020 3:30p
P/E Ratio
18.62
Dividend Yield
2.08%
Market Cap
₩457993.62 billion
Rev. per Employee
₩2.19B
loading...
/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
2,855.82
-1.66 -0.06%
Volume: 0.00
Nov. 27, 2020 5:20p
loading...
/zigman2/quotes/210597981/delayed
ID : Indonesia Stock Exchange
5,783.34
+23.42 +0.41%
Volume: 0.00
Nov. 27, 2020 3:00p
loading...
/zigman2/quotes/210598052/delayed
MY : Malaysia
1,607.59
-4.52 -0.28%
Volume: 0.00
Nov. 27, 2020 5:05p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,601.10
-35.30 -0.53%
Volume: 491,453
Nov. 27, 2020 5:11p
loading...
/zigman2/quotes/206869087/delayed
JP : Japan: Tokyo
¥ 7,330.00
+20.00 +0.27%
Volume: 1.46M
Nov. 27, 2020 3:00p
P/E Ratio
28.49
Dividend Yield
1.08%
Market Cap
¥1440.28 billion
Rev. per Employee
¥54.65M
loading...
/zigman2/quotes/202492162/delayed
JP : Japan: Tokyo
¥ 1,978.00
-42.00 -2.08%
Volume: 1.31M
Nov. 27, 2020 3:00p
P/E Ratio
47.61
Dividend Yield
2.28%
Market Cap
¥479.88 billion
Rev. per Employee
¥25.08M
loading...
/zigman2/quotes/207639533/delayed
JP : Japan: Tokyo
¥ 1,923.50
-21.00 -1.08%
Volume: 4.52M
Nov. 27, 2020 3:00p
P/E Ratio
32.65
Dividend Yield
4.16%
Market Cap
¥2011.55 billion
Rev. per Employee
¥19.21M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 43.40
+1.15 +2.72%
Volume: 10.87M
Nov. 27, 2020 4:09p
P/E Ratio
26.61
Dividend Yield
0.23%
Market Cap
HK$52.45 billion
Rev. per Employee
HK$411,637
loading...
/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 153.90
-0.90 -0.58%
Volume: 3.33M
Nov. 27, 2020 4:09p
P/E Ratio
35.30
Dividend Yield
0.53%
Market Cap
HK$168.38 billion
Rev. per Employee
HK$2.13M
loading...
/zigman2/quotes/207609245/delayed
HK : Hong Kong
HK$ 33.10
-0.10 -0.30%
Volume: 6.47M
Nov. 27, 2020 4:09p
P/E Ratio
133.79
Dividend Yield
2.99%
Market Cap
HK$267.78 billion
Rev. per Employee
HK$1.41M
loading...
/zigman2/quotes/205885756/delayed
HK : Hong Kong
HK$ 37.65
+0.60 +1.62%
Volume: 3.35M
Nov. 27, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
4.54%
Market Cap
HK$114.31 billion
Rev. per Employee
HK$5.68M
loading...
/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 29,891.00
+63.00 +0.21%
Volume: 98,368
Nov. 27, 2020 12:14p
loading...
/zigman2/quotes/209948968/delayed
US : U.S.: CME
$ 3,637.00
+9.70 +0.27%
Volume: 618,389
Nov. 27, 2020 12:15p
loading...
/zigman2/quotes/210219788/delayed
US : U.S.: CME
$ 12,273.25
+121.00 +1.00%
Volume: 292,745
Nov. 27, 2020 12:14p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.0850
-0.1750 -0.1678%
Volume: 0.0000
Nov. 27, 2020 4:59p
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