Tech sell-off sends Asian stock markets lower

AP News
Posted: Apr 11, 2014 12:19 AM

SEOUL, South Korea (AP) — Asian stock markets were lower Friday as investors dumped technology stocks again.

The falls in Asia came after an overnight plunge in the Nasdaq Composite that led to the tech-heavy index's worst day since 2011.

Tokyo's Nikkei 225 lost 2.1 percent to 14,000.43 and South Korea's Kospi slipped 1 percent to 1,989.07. Hong Kong's Hang Seng dropped 0.8 percent to 23,005.76 and China's Shanghai Composite Index fell 0.6 percent to 2,121.71.

Australia's S&P/ASX 200 dropped 1 percent to 5,426.90. Stocks in Taiwan and Southeast Asian countries also lost ground.

The drop in the tech-laden Nasdaq index spooked technology investors in Asia as jitters spread that Internet and related stocks are over-valued.

On Thursday on Wall Street, investors revalued biotech, Internet and other once-soaring stocks.

The Nasdaq ended the day down 3.1 percent, or 129.79 points, to 4,054.11. It is now down 7 percent from its recent high reached March 5. Other major index also fell, but not as much.

In energy markets, benchmark U.S. crude for May delivery was down 21 cents at $103.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to $103.40 on Thursday.

In currencies, the euro strengthened to $1.3894 from $1.3886 late Thursday. The dollar rose to 101.65 yen from 101.42 yen.