Asian shares merged on Friday after the sale of technology shares on Wall Street.
“Large tech stocks may seem like safe havens, but they have found themselves at the center of a brutal sale,” said Stephen Ines, AxiCorp’s chief global market strategist.
Early losses made up for a 0.3% increase in morning trading. COSPI 180721 of South Korea,
0.8% drop, while Australia’s S & P / ASX 200 XJO,
0.9% is lost. Hang Seng Hsi, Hong Kong
Shanghai Composite SHCOMP, while gained 0.3%
Fell 0.2%. Stocks were down in Taiwan Y9999,
, Singapore Sti,
And Indonesia JAKIDX,
Shares of Anglo-Australian mining giant Rio Tinto Rio,
CEO Jean-Sebastian Jacques announced that he would leave the company until March on the destruction of Australian indigenous sacred sites to use iron ore. The statement said that by mutual agreement, Jacques would step down as a replacement or after being appointed on 31 March.
Analysts say concerns about the coronovirus epidemic and high hopes for a vaccine in the global market. While Big Tech is benefiting from the change for online life that the epidemic and the up-and-coming domestic economy have accelerated, critics said their stock prices are too high.
Catch said progress in curbing COVID-19 could hurt technology stocks.
“But keep your eye on the prize. A virus is the key to the second phase of vaccine development, which will be globally coordinated and may last for some time as doses are slowly delivered, ”he said.
The latest changes on Wall Street followed a wild vibe where the S&P 500 took care of its worst day in nearly three months since June, its worst day in three years.
Sales plummeted as Congress would provide more support to the economy before the November elections, with many investors saying it is important after federal unemployment benefits and other incentives expire. The partisan disagreement on Capitol Hill has put Congress in a deadly deadlock.
ING senior economist Nicholas Mepa said that the spread of risk dominated Asian trade in the technology sector with overall sentiment.
“Investors are still struggling to find a catalyst to reverse the recent downtrend with the much-awaited US fiscal stimulus bill in Limbo,” he said.
Tech shares were the largest segment of the broader sell-off on Wall Street. The region has been at the center of market swings, hurt by criticism that their slowdown had increased in recent months.
S&P 500 SPX,
Its 59th drop to 3,339.19, its fourth decline in five days. The index is on pace for its second straight weekly loss. Dow Jones Industrial Average DJIA,
Fell 405.89 points, or 1.5%, to 27,534.58. Nasdaq Comp,
Scored 221.97 at 10,919.59. The Russell 2000 index of small company shares lost 18.73 points, or 1.2%, to 1,507.75.
Benchmark US crude CLV20,
Down 1 percent to $ 37.29 per barrel. Brent BRNX20,
The international standard fell 9 cents to $ 39.97 a barrel.
US Dollar USDJPY,
106.19 yen to 106.19 above the yen.