Tech stocks lead Asian stock markets lower after Nadaq’s worst day since 2011

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SEOUL, South Korea – Asian stock markets were lower Friday as investors dumped technology stocks again.

The falls in Asia came after an overnight plunge in the Nasdaq Composite that led to the tech-heavy index’s worst day since 2011.

Tokyo’s Nikkei 225 lost 2.1 per cent to 14,000.43 and South Korea’s Kospi slipped 1 per cent to 1,989.07. Hong Kong’s Hang Seng dropped 0.8 per cent to 23,005.76 and China’s Shanghai Composite Index fell 0.6 per cent to 2,121.71.

Australia’s S&P/ASX 200 dropped 1 per cent to 5,426.90. Stocks in Taiwan and Southeast Asian countries also lost ground.

The drop in the tech-laden Nasdaq index spooked technology investors in Asia as jitters spread that Internet and related stocks are over-valued.

On Thursday on Wall Street, investors revalued biotech, Internet and other once-soaring stocks.

The Nasdaq ended the day down 3.1 per cent, or 129.79 points, to 4,054.11. It is now down 7 per cent from its recent high reached March 5. Other major index also fell, but not as much.

In energy markets, benchmark U.S. crude for May delivery was down 21 cents at $103.18 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 20 cents to $103.40 on Thursday.

In currencies, the euro strengthened to $1.3894 from $1.3886 late Thursday. The dollar rose to 101.65 yen from 101.42 yen.

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