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Asian Equities Extend Losses; Chip Makers Weigh

Asian equities continued to slip in afternoon trade on Friday

Investing.com – Asian equities continued to slip in afternoon trade on Friday after opening most lower with technology shares under pressure after Taiwan Semiconductor Co Ltd (TWO:5425) (TSMC), Apple’s main chip supplier, slumped as much as 7% after it trimmed its full year revenue target.

In China, the Shanghai Composite and Shenzhen Component fell 1.46% and 1.14% respectively by 1:08AM ET (05:08 GMT). Telecoms group ZTE Corp (HK:0763) called the U.S. ban on American companies selling parts to it “extremely unfair” on Friday, and said that it could not accept the decision. In a filing to the Hong Kong stock exchange on Friday, the company said it “will make active communications and seek legal channels to a solution.” Trade in ZTE shares has been suspended since Tuesday.

China Huarong Asset Management Co Ltd (HK:China Huarong Asset Management Co Ltd (HK:2799) said its chairman Lai Xiaomin, who is under investigation for alleged corruption, had stepped down.

Reports that the U.S. Treasury Department is looking into possibilities of an emergency law to curb Chinese investments in sensitive technologies in the U.S. were said to weigh on the Chinese stocks on Friday.

Reports regarding the trade relations between the U.S. and China garnered some attention in the afternoon. China will retaliate if the U.S. insists on initiating a trade war, said China's ambassador to the United States on Friday.

Meanwhile, Japan’s Nikkei 225 eased 0.03% in afternoon session. Japan's March national CPI figures came in at 0.9%, down from the previous 1.0%.

Separately, Takeda Pharmaceutical Co., Ltd. (T:4502) shares fell 3.83% on Friday after London-listed Shire PLC (LON:SHP) rejected its $63 billion cash-and-stock acquisition offer.

Shire said it had received three offers from Takeda, but decided to reject them all as they “significantly undervalued” the company's values.

Elsewhere, South Korea’s KOSPI slipped 0.2%. Samsung Electronics (KS:KS:005930) Co. fell as much as 2.01%, while SK Hynix Inc (KS:000660) slid as much as 3.53%.

Down under, Australia’s S&P/ASX 200 slipped to 5,864.0.

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