Tokyo — Asian shares were subdued on Tuesday as investors’ rotation out of technology shares took a toll on some of the region’s tech heavyweights, although hope of a major tax cut in the US underpinned risk sentiment.MSCI’s broadest index of Asia-Pacific shares outside Japan were little changed, with a fall in semiconductor shares offset by gains in telecom and financial shares. Japan’s Nikkei fell 0.5%, led by declines in high-flying technology shares."I would say the market is hitting a speed bump after a strong rally so far this year," said Yukino Yamada, senior strategist at Daiwa Securities.MSCI’s ex-Japan Asia-Pacific index is up almost 30% so far this year, and is on course to mark its best year since 2010.On Wall Street, the benchmark S&P 500 finished lower on Monday after setting a record intraday high earlier as the technology sector, which has led Wall Street’s record-setting rally this year, tumbled 1.9%. The tech index hit a five-week low and was down 4.3% from its rec...
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