Asian stocks slump

Asian stocks slump
Updated on

Summary

Asian shares fell on Friday, weighed down by tech stocks after lackluster sales outlooks from some sector heavyweights. Asia Pacific stocks outside Japan struck a 2-month low with the technology index down 1.8 percent and the material index 2.6 percent lower. This is the region's shares worst monthly decline since early 2009. Japan's Nikkei average fell 1.6 percent hit, by negative earnings surprises from firms such as chip equipment maker Advantest Corp (6857.T) which came on the back of Nippon Steel Corp's (5401.T) warning of a first annual net loss in seven years. Shares rebounded in Hong Kong and China as investors picked up Chinese banks after their recent sell-off, while China XD Electric became the first mainland stock in more than five years to drop below its IPO price on debut. Shares in Hong Kong ended 1.6 percent higher while those in Shanghai edged up 0.25 percent.
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