* U.S. bans China Telecom's unit
* Indonesian rupiah, stocks decline as coal tumbles again
* Malaysia Sept trade data beats expectations
By Anushka Trivedi
Oct 28 (Reuters) - Asian stocks fell across the board on
Thursday as investors were unsettled by risks of renewed
U.S.-China tension, potentially adding to existing global supply
chain issues, while the Indonesian rupiah led losses among
currencies.
Stocks of trade-reliant Asian countries like Philippines
, Singapore and Indonesia shed between 0.3%
and 0.7%. Shanghai equities dropped the most, down 1.1%,
with the yuan easing 0.1%.
Investor focus was squarely on developments in China,
grappling with an economic slowdown due to an energy crunch and
crisis in its property sector, with fresh COVID-19 outbreaks
adding to jitters.
News of the U.S. telecoms regulator revoking China Telecom's
authorisation to operate late on Wednesday compounded
worries for market participants only too aware that tensions
between the world's two biggest economies previously threw
global trade into a disarray.
"Focus in the region may revolve around ongoing COVID-19
risks in China, with infections in Beijing at an eight-month
high," said Yeap Jun Rong, market strategist at retail trading
platform IG.
The ban on China Telecom also "fuelled concerns that further
escalation could possibly bring back more U.S. scrutiny on
Chinese technology players, weighing on sentiment."
Jakarta shares fell as much as 1.2%, to a two-week low, with
energy stocks leading the decline as coal futures plunged after
China stepped up ways in which it can control prices. Indonesia
is the world's top thermal coal exporter.
The rupiah fell 0.2% on the same news, having lost
1.3% over the past 10 days since Beijing pledged to intervene in
the coal market.
The Philippine peso and the South Korean won
also slipped, while most other currencies traded flat
as souring risk sentiment supported the greenback's safe-haven
status in the Asia trading session.
The Malaysian ringgit recouped early losses to gain
0.1% after September's trade data beat expectations handily due
to a surge in petroleum products and palm oil exports.
HIGHLIGHTS
** Singapore's 5-year benchmark yield is up 12.3 basis
points at 1.395% ** Indonesian 10-year benchmark yields are up about 0.89
basis points at 6.162%
** Top losers on the Singapore STI include: Keppel DC
REIT, down 1.7% and Singapore Technologies Engineering
Ltd, down 1.03%
(Reporting by Anushka Trivedi in Bengaluru; Editing by Kenneth Maxwell)
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