Asian tech stocks’ declines weighed on the region’s equity markets, extending selling pressure on Wall Street that hit large Silicon Valley companies. Currency and bond markets were steady ahead of US jobs data due later Friday.
An Asia equity index fell for a third day, with Japanese stocks among the hardest hit. Australian shares slipped, while the South Korea benchmark was little changed.
Tech stocks were largely to blame for the region’s slide, particularly those in the semiconductor sector, as investors weighed up the impact of US tech companies’ earnings on Asian suppliers.
Shares of Korea’s SK Hynix Inc. sank as much as 3.1%, and Taiwan Semiconductor Manufacturing Co. dropped after Taiwanese markets reopened.
Chinese equities rose on data showing residential property sales increased in October and a separate survey revealing the country’s manufacturing activity unexpectedly picked up last month.
The data signaled that Beijing’s recent stimulus measures are beginning to take hold while investors await next week’s National People’s Congress session that may introduce more initiatives.
