Asian markets slide lower, dragged by tech stocks

Asian markets were drifting lower in early Friday trading, with China and Hong Kong leading the way with declines around 1%. Korea and Taiwan were down about half that level, following the pullback in the fellow tech-heavy Nasdaq in the U.S. overnight.

Chinese stocks added to Thursdays weakness, extending recent underperformance in the region. The Shanghai Composite
SHCOMP, -1.25%
was off 0.9% in early trading, dragged down by real estate, financials and utilities. Small caps were down similarly despite news that the U.S. has reached a deal with China to allow ZTE to get back to business.

In Hong Kong, the Hang Seng
HSI, -1.23%
was off 1.1% after logging a sixth-straight day of gains Thursday. Tech giant Tencent
0700, -2.70%
fell more than 2%.

The yen pulled back some following overnight gains as risk aversion cooled again. The dollar
USDJPY, +0.00%
reached session highs of 楼109.85 versus 楼109.75 at Tokyos stock-market open. Still, the Nikkei
NIK, -0.41%
was trading down slightly.

South Korean stocks
SEU, -0.59%
dropped, with Samsung Electronics
005930, -1.48%
down more than 1%. Singapore
STI, -0.57%
, Taiwan
Y9999, -0.77%
and Australia
XJO, -0.03%
also fell.

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Related Topics Asia Markets China Japan Australia Singapore Foreign Investment

Quote References SHCOMP -39.02 -1.25% HSI -386.23 -1.23% 0700 -11.60 -2.70% USDJPY +0.00 +0.00% NIK -92.72 -0.41% SEU -14.65 -0.59% 005930 -750.00 -1.48% STI -19.67 -0.57% Y9999 -86.51 -0.77% XJO -2.10 -0.03% Show all references
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