Hong Kong main losses in Asia as tech shares drag down most markets

SINGAPORE — Most Asia-Pacific markets fell on Tuesday after heavy losses in a single day on Wall Avenue that noticed the tech-heavy Nasdaq Composite dropping greater than 4%.

Hong Kong’s Grasp Seng index, which returned to commerce after a vacation on Monday, fell 2.73% in morning commerce on Tuesday.

Hong Kong-listed shares of Chinese language tech corporations dropped, with Tencent declining 3.21% whereas Alibaba shed 5.76% and NetEase fell 3.75%. The Grasp Seng Tech index traded 4.37% decrease.

Know-how shares elsewhere in Asia-Pacific additionally declined in Tuesday commerce, largely mirroring losses after the Nasdaq Composite dropped 4.29% in a single day to 11,623.25.

Shares of Japanese conglomerate SoftBank Group fell 3.25%. South Korea’s Kakao misplaced 0.83% whereas Krafton dropped 2.78%.

Within the broader markets, the Nikkei 225 in Japan fell 0.93% whereas the Topix index slipped 0.94%.

South Korea’s Kospi dropped 1.1% whereas the S&P/ASX 200 in Australia fell 1.46%.

Mainland Chinese language shares bucked the broader development, and outperformed the broader area. The Shanghai Composite recovering from earlier losses to rise 0.33% whereas the Shenzhen Part climbed 0.602%.

MSCI’s broadest index of Asia-Pacific shares outdoors Japan traded 1.4% decrease.

“A sea of crimson engulfed most main danger belongings in a single day,” analysts at OCBC Treasury Analysis mentioned in a Tuesday word. “Asian markets might begin off on a cautious word in the present day, following the battering on Wall Avenue final evening.”

Different main indexes on Wall Avenue additionally noticed substantial losses in a single day, with the S&P 500 slipping 3.2% to three,991.24 — falling under the 4,000 degree for the primary time in additional than a 12 months. The Dow Jones Industrial Common shed 653.67 factors, or 1.99%, to 32,245.70.

The U.S. greenback index, which tracks the dollar towards a basket of its friends, was at 103.607 — off ranges above 103.8 seen lately.

The Japanese yen traded at 130.37 per greenback, stronger than ranges above 130.5 seen towards the dollar yesterday. The Australian greenback was at $0.6962, struggling to get well after final week’s drop from above $0.72.

Oil costs have been decrease within the morning of Asia buying and selling hours, with worldwide benchmark Brent crude futures slipping 1.8% to $104.03 per barrel. U.S. crude futures shed 1.75% to $101.29 per barrel.