South Korea's Samsung Electronics, the world's biggest memory-chip maker, lost 13 percent. The company, which accounts for 10 percent of South Korea's exports, said earlier this month first-quarter profit tripled to a record and it will rise through June as sales of handsets, chips and flat screens soar.
Singapore's Chartered Semiconductor Manufacturing Ltd (
The index of material companies such as Posco and Nippon Steel Corp was the second-worst performer on concerns that higher rates in China, which is the third-largest consumer of steel, would slow metal demand.
The Chinese government halted the building of a US$1.3 billion steel mill and added restrictions on new projects to restrain the economy, which grew at a 9.7 percent annual rate in the first quarter. Premier Wen Jiabao said in an interview with Reuters news agency this week that China plans "forceful" measures to cool the economy.
Posco, South Korea's No. 1 steelmaker, slumped 10 percent, while Nippon Steel, Japan's biggest steelmaker, declined 8 percent.
Aluminum Corp of China, China's largest aluminum producer, plunged 17 percent. In Australia, BHP Billiton, the world's biggest miner, fell 5.6 percent. China is its fourth-largest export market.
"The slowdown in China is going to affect demand for imports of raw materials such as steel," said John Koh, who manages US$600 million at Daiwa Asset Management Ltd in Hong Kong.
"Investors are wondering if this is the end of the party."
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