Hong Kong Stocks Slide As Tech Sector Weigh

Hong Kong stocks tumbled more than 1 percent on Wednesday morning, with technology firms sinking in line with their counterparts in New York, where all three main indexes also plunged.

The Hang Seng Index sank 1.5 percent, to 30,336 by the break.

On the mainland, the Shanghai Composite Index dropped 1.1 percent, to 3,131, while the Shenzhen Composite Index, fell 0.8 percent, to 1,815.

Mos other Asian markets resumed their downward spiral following a sell-off on Wall Street, with technology firms tracking their US counterparts. South Korea's Samsung, Japanese giant Sony and Hong Kong-listed Tencent were all down more than 2 percent.

Tokyo's Nikkei index ended the morning 1.8 percent lower and Sydney lost 0.5 percent and Singapore gave up 0.9 percent.

Seoul fell more than 1 percent, with traders unmoved by news from China that North Korea's Kim Jong-un had visited, giving fresh hope for an easing of tensions on the peninsula.

On currency markets the US dollar was up against most high-yielding currencies and the yen.

But it extended losses against the euro on talk the European Central Bank is heading towards winding in its crisis-era stimulus, while the pound was supported by hopes London and Brussels are edging closer to a less-painful Brexit deal than previously feared. (AFP)

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