By late Wednesday morning in Hong Kong, the city’s Hang Seng Index and China’s Shanghai Composite both stood 1.1% lower. Equity benchmarks in Australia, Japan and South Korea dropped 2.5%, 1.4% and 0.7% respectively. S&P 500 futures added 0.1%.
Falls in big technology stocks pushed the Nasdaq Composite Index down 4.1% on Tuesday. That took its losses over three sessions to 10.03%,“The correction in the U.S. market really weighed on sentiment here,” said Ken Wong, a portfolio manager at Eastspring Investments in Hong Kong. Still, Mr. Wong said the pullback shouldn’t have come as too much of a surprise, given some stocks had doubled or tripled in value in a few months.
In Hong Kong, shares in Meituan Dianping , the operator of one of China’s biggest food-delivery apps, fell 3.3%, extending a recent reversal after huge gains earlier this year. Games and messaging giant Tencent lost 0.9%, while smartphone maker Xiaomi dropped 1.3%. Japan’s SoftBank Group dropped 4%, while Taiwan Semiconductor Manufacturing Co. shed 1%.
United States Coronavirus Cases: 6,514,376 Deaths: 194,037
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