Asian markets continue to retreat as tech stocks get hit hard


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%


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2018-11-21 03:47:36

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