Asian stock markets dropped in early Friday trading, as a global selloff looks set to continue into the end of the week, led by sinking tech stocks.
fell 0.7% following an overnight rebound in the yen
. As tech stocks sagged in the U.S., chip-equipment maker Tokyo Electron
dropped 3% and was at one-year lows. Electronics, consumer goods and energy stocks led the declines. Financials were higher, though, as U.S. bond yields continued to rise, causing equity-investor concerns but being seen as good for lenders and heavy bond investors. Life insurer T&D
was up a further 2% while bank Resona
rose about the same. Meanwhile, electronics maker TDK
and cosmetics firm Shiseido
were down more than 3%.
Hong Kong stocks continued to drop after Thursday’s skid left the Hang Seng Index below the Dow industrials on a closing basis for the first time since April 2013. The benchmark
was down 0.8%, with Tencent
down 1.6% and at fresh year-plus lows. Insurer AIA
was off another 1.7%, putting the week’s swoon at about 10%. But HSBC
was up almost 1%. A number of Apple Inc. suppliers, such as AAC Technologies
and Sunny Optical
, saw their shares sink following a Bloomberg News report that China may have secretly planted spy chips in some servers used by Apple
and Amazon.com Inc
. Both American tech giants strongly denied the report.
Apple suppliers Foxconn
and Taiwan Semiconductor
fell as well, weighing down Taiwan’s Taiex
South Korea’s Kospi
slipped nearly 1%, as Samsung
shed early gains to drop into the red despite forecasting record operating profit in the third quarter.
Australia was again the lone gainer in the region, as the ASX 200
rose slightly. Benchmarks in New Zealand
fell, while Malaysia
was about flat. Markets in mainland China remained closed for a weeklong holiday.
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