SINGAPORE — Japan stocks dropped nearly 2% and other Asia-Pacific markets fell on Thursday following two days of declines on Wall Street.
The Nikkei 225 in Japan fell 1.77%, while the Topix slid 1.72%. Shares of Fast Retailing dropped 2.89%.
Mainland Chinese stocks declined. The Shanghai composite was down 0.99%, while the Shenzhen component dropped 1.18%.
Hong Kong’s Hang Seng index slipped 1.31% and the Hang Seng tech index was 2.12% lower. Bilibili shares were down 4.27% and Alibaba’s Hong Kong shares fell 1.95%.
Vey-Sern Ling, a managing director at UBP, said Hong Kong-listed tech stocks are facing a “confluence of headwinds” given the geopolitical tensions with Russia, rising Fed rates and potential delisting of Chinese companies in the U.S.
However, he said valuations in the sector are “extremely low” and there are supportive factors for such companies.
“Perhaps if you take a longer term view it may not be such a bad idea to gain some exposure currently,” he told CNBC’s…
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2022-04-06 23:41:52
