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The lockdown in Shanghai and Russian invasion of Ukraine have disrupted supply chains for companies and heightened uncertainty for investors. (Nikkei montage/AP/Reuters)
Market Spotlight

Ukraine war, China lockdowns drag down 70% of Asia's biggest equities

Commodity stocks in India, Indonesia, Malaysia defy broader sell-off

KENTARO IWAMOTO, TSUBASA SURUGA and CISSY ZHOU, Nikkei staff writers | China

TOKYO/HONG KONG -- About 70% of Asia's biggest companies lost value in the first two months of Russia's invasion of Ukraine, with investors spooked by the economic fallout from the war and the impact of tough new COVID-19 lockdowns in manufacturing powerhouse China.

The market capitalization of prominent firms such as Tencent Holdings, Taiwan Semiconductor Manufacturing Co. and Samsung Electronics dropped as high raw material costs and supply chain concerns weigh on manufacturers. But the value of energy and commodity companies in India, Thailand and Malaysia rose as their output commands higher prices.

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