Asian markets continue to retreat as tech stocks get hit hard

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Asian stock markets were weak, though above session lows, in early trading Wednesday following the latest drubbing of U.S. stocks and oil futures.

Japan’s Nikkei














NIK, -0.35%












  was down 0.6%, moving close to its lowest point in a month as energy and electronics stocks slid. Oil explorer Inpex














1605, -3.26%












  was down 3.7% while Sumitomo














8053, -3.17%












 , which has various natural-resource investments around the world, lost 3.4%. Meanwhile, Olympus














7733, -8.69%












  dropped an early 4.4% and Mitsubishi Electric














6503, -2.67%












  was off 3.3%. Nissan shares














7201, +0.36%












  reversed a bit of yesterday’s slide following the arrest of CEO Carlos Ghost.

Hong Kong stocks extended losses, with the Hang Seng Index














HSI, +0.05%












  off 0.3% after dropping more than 1% early on. While tech stocks lagged overall, Tencent














0700, +2.56%












  gained 1.4% and AAC














2018, +1.30%












  rose 1.1%. Oil company Cnooc














0883, -3.07%












  fell 3.5%.

In mainland China, the Shanghai Composite














SHCOMP, -0.05%












  and the smaller-cap Shenzhen Composite














399106, +0.17%












  were both down slightly. Energy stocks lagged after the latest plunge in oil prices Tuesday.

Sagging energy stocks also weighed down Australia’s ASX 200














XJO, -0.51%












 , with Woodside Petroleum














WPL, -2.10%












  down 2% and Santos














STO, -4.35%












  off 3.8%. New Zealand’s benchmark














NZ50GR, -0.55%












  was down slightly.

South Korea’s Kospi














SEU, -0.26%












  declined 0.6%, as Samsung














005930, -1.29%












 dipped. Singapore’s Strai Times Index














STI, +0.62%












  rose 0.4% while Taiwan’s Taiex














Y9999, -0.03%












  slipped 0.3% as Apple














AAPL, -4.78%












  suppliers Foxconn














2354, -0.97%












 and Largan Precision














3008, +0.90%












  fell.

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2018-11-21 03:47:36

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