Home GRASP GRASP/Korea Asia down as Wall Street knocked by tech sell-off, dollar sags

Asia down as Wall Street knocked by tech sell-off, dollar sags

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Australian stocks lost 0.7 percent and tech-heavy South Korean shares dropped 0.9 percent.
Asian stock markets slipped on Tuesday, extending sharp overnight losses on Wall Street as technology firms bore the brunt of worries about slackening demand, while the dollar sagged after weak US data further sapped confidence in the currency.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent.
Australian stocks lost 0.7 percent and tech-heavy South Korean shares dropped 0.9 percent.
In Seoul, Samsung Electronics fell 2.1 percent and SK Hynix Inc dropped 3 percent, while Japan’s Tokyo Electron was down 2.5 percent, Advantest lost 1.8 percent and Sony Corp shed 2.8 percent.
Japan’s Nikkei was down 1 percent. Shares of Nissan Motor Co tumbled roughly 6 percent after its Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct and will be fired from the board this week.
US stocks came under heavy selling on Monday, with Nasdaq tumbling 3 percent, as investors dumped Apple, internet and other technology shares. Conflicting signals between the United States and China on their trade dispute added to caution.
“The drop by US stocks will cut short any attempt by equity markets to mount a sustained bounce.

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