TAIPEI -- Shares in Asian companies expected to benefit from the Trans-Pacific Partnership trade pact plunged Wednesday on the election of protectionist Donald Trump as U.S. president.
Eclat Textile went limit-down, diving 9.9% to 313 New Taiwan dollars here. TPP member state Vietnam is a key production base for the contract clothing manufacturer. The election of an anti-TPP president could hurt the pact's chances of taking effect, potentially damaging the company's growth prospects. Contract shoemaker Feng Tay Enterprise dropped 5.1% to NT$120.
Multinationals' American operations are also seen facing headwinds. South Korea's Celltrion slid 5% to 102,000 won. The biopharmaceutical startup in April had received permission to sell a rheumatoid arthritis drug in the U.S.
Thai Union Group, the world's leading tuna cannery, slid 1% to 22 baht in Bangkok, having acquired a sizable stake in a U.S. seafood restaurant chain in October. Mumbai-listed Tata Consultancy Services, India's largest information technology service provider, tumbled nearly 5% to 2,169 rupees. The American market contributes heavily to the company's sales.
Trump's pledge to enact protective trade measures such as higher import tariffs has also left investors jittery. Singapore shipper Global Logistic Properties dropped 2.86% to 2.04 Singapore dollars. Hong Kong trading house Li & Fung tumbled 4.46% to 3.64 Hong Kong dollars. The trader sells clothing made by subcontractors in such nations as China to customers including Wal-Mart Stores of the U.S.
Resource producers such as PetroChina slid on the Hong Kong market, though Shanghai-listed A-shares were relatively unaffected. Chinese authorities may have stepped in to support prices, given such high-capitalization stocks' influence on key indexes, a source at a Chinese securities company said.
Meanwhile, gold stocks leapt on the expectation of increased demand for the metal, a traditional safe haven. Shanghai-listed Shandong Gold Mining went limit-up with a 10% climb to 46 yuan.
In the Philippines, Century Properties Group surged 20% to 0.72 Philippine peso. The developer has licensed the Trump name for use on "Trump Tower," a 57-floor condominium development currently under construction in Manila.