Asia Markets: Asian markets slide lower, dragged by tech stocks


Asian markets were drifting lower in early Friday trading, with China and Hong Kong leading the way with declines around 1%. Korea and Taiwan were down about half that level, following the pullback in the fellow tech-heavy Nasdaq in the U.S. overnight.

Chinese stocks added to Thursday’s weakness, extending recent underperformance in the region. The Shanghai Composite SHCOMP, -1.30%   was off 0.9% in early trading, dragged down by real estate, financials and utilities. Small caps were down similarly despite news that the U.S. has reached a deal with China to allow ZTE to get back to business.

In Hong Kong, the Hang Seng HSI, -1.29%   was off 1.1% after logging a sixth-straight day of gains Thursday. Tech giant Tencent 0700, -3.17%   fell more than 2%.

The yen pulled back some following overnight gains as risk aversion cooled again. The dollar USDJPY, +0.04%  reached session highs of ¥109.85 versus ¥109.75 at Tokyo’s stock-market open. Still, the Nikkei NIK, -0.10%  was trading down slightly.

South Korean stocks SEU, -0.58%  dropped, with Samsung Electronics 005930, -1.48%   down more than 1%. Singapore STI, -0.48%  , Taiwan Y9999, -0.72%   and Australia XJO, -0.09%   also fell.