Asian stock markets hit session lows in afternoon trading Wednesday, shedding gains from earlier in the week, as technology shares continued a global slump.
The Nikkei Stock Average was recently down 2%, erasing much of Tuesday’s 2.7% gain. SoftBank Group 9984 -4.24% slid 3.8% and Tokyo Electron 8035 -4.78% dropped 3% even as the yen reversed some of its strengthening from Tuesday’s U.S. trading day.
Several regional stock indexes, including tech-heavy benchmarks in South Korea and Taiwan, were down at least 1%. In Hong Kong, Tencent Holdings TCEHY -2.91% lost 3.5%, while smartphone-component suppliers AAC Technologies and Sunny Optical each fell at least 5%.
JP Morgan Asset Management reduced its “significant overweight” position in tech stocks during the past 18 months, shifting in...Read More