Asian shares follow Wall Street’s sharp losses
Equities tumble as technology firms bear the brunt of concern about slackening demand
Tokyo — Asian stock markets skidded on Tuesday, extending sharp losses on Wall Street as technology firms bore the brunt of concern about slackening demand. The dollar sagged after weak US data further sapped confidence in the currency. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.9%. The Shanghai composite index retreated 1%, Australian stocks lost 0.9% and tech-heavy South Korean shares dropped 0.8%. In Seoul, Samsung Electronics fell 1.8% and SK Hynix dropped 2.8%, while Japan’s Tokyo Electron was down 1.4%, Advantest lost 1.2% and Sony shed 2.6%. Japan’s Nikkei slipped 0.9%. Shares of Nissan Motor tumbled 4.3% after its chair, Carlos Ghosn, was arrested on Monday for alleged financial misconduct. He will be fired from the board this week. “By under-reporting his corporate salary, he basically deprived Nissan’s shareholders of opportunities to judge if the amount of his salary was appropriate,” said Toru Ibayashi, executive director of Wealth Management at...
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