Asia-Pacific stocks down after tech-led fall on Wall Street

Equities were mostly lower on Wednesday in Asia after equities dropped on Wall Street overnight and China’s central back appeared to intervene to arrest a steep decline in the renminbi on Tuesday.

The CSI 300 index of major stocks in Shanghai and Shenzhen was down 0.2 per cent after swinging between positive and negative territory in early trade. 

The index, which touched a one-year low on Tuesday before closing flat on the day, remains down more than 20 per cent from its highest point this year, touched in late January.

In Tokyo, the Topix index was off 0.3 per cent, dragged down by a 1 per cent decline for technology stocks. 

Sydney’s S&P/ASX 200 was down 0.4 per cent with the key mining and financials segments both edging lower. In Hong Kong, the Hang Seng index was down 0.6 per cent despite a 1.5 per cent gain for the utilities segment.

On Wall Street overnight, tech stocks dropped as Facebook was hurt by fresh concerns over data breaches. The S&P 500 closed down 0.5 per cent and the tech-heavy Nasdaq shed 0.9 per cent.


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