Asian equities fell after a tech selloff hit Wall Street Friday, with chip shares among the biggest losers. Hong Kong was an outlier as Alibaba Group Holding Ltd. surged.
The MSCI Asia Pacific Index slipped 0.1% with chipmakers pushing the Nikkei-225 index down by 1.6%. Samsung Electronics Co. and SK Hynix Inc. tumbled after the US revoked China chip-gear permits.
A gauge of technology shares in Hong Kong jumped as much as 2.6% with Alibaba surging 17% and lifting peers in the broader AI space, including Baidu Inc. and Tencent Holdings Ltd.
Silver reached its highest since 2011 while gold gained for a fifth day, trading around $3,475 an ounce. Indonesian stocks tumbled the most in nearly five months amid political instability.
Equity-index futures for US reversed earlier gains to decline 0.1% while contracts for Europe edged up 0.1%.
The US is closed Monday for Labor Day. On Friday, a federal appeals court ruled President Donald Trump’s sweeping trade tariffs were illegal.
US shares fell Friday after Nvidia Corp.’s slide and a weak outlook from Marvell Technology Inc. snapped a tech-fueled rally that has lifted markets since April.
