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Asia Pac Tech Underperforms

EQUITIES

It's a sea of red across the Asia Pac equity space. Asian markets have taken their cue from negative offshore leads overnight, with tech sensitive sectors underperforming. Weaker US futures, which are only marginally off session lows (around -0.20% currently), has also weighed.

  • Note Japan markets are closed today, which has probably impacted regional liquidity to a degree.
  • Hong Kong stocks have taken little comfort, in an aggregate sense, from an end to hotel quarantine for overseas arrivals, although the move was well flagged earlier in the week.
  • The main HSI bourse is off around -0.85%, while the tech sub-index is down 1.90%, at the time of writing. Mainland China stocks haven't fared much better, down around 1% at this stage for the Shanghai Composite.
  • The Kospi is off by 1.6%, offshore investors selling -$333.6mn in local stocks today. Higher core yields (particularly US real yield yields) are weighing on the regional tech backdrop. TWSE losses are now close to 1.20% for the session.
  • The ASX 200 is off over 2.2%, but this reflects some catch up after onshore markets were closed for a public holiday yesterday.

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