Asian Indices opened on a weak note
Asian Indices opened weak as technology stocks along with commodities saw selling accentuate. The weak opening is also an impact of the rout in the US technology stocks spread as investors booked profits in a sector that had contributed the most to this year’s Bull Run.
Possibly weighing on technology sector is the fear that demand for NAND flash memory, a key component in various high-tech products, may have peaked, as per reports. Furthermore, investors assessed the longevity of the ongoing equity rally with brokerages such as Goldman Sachs and Credit Suisse hinting that the bull run may be entering its last leg and will eventually lead to a bear market.
At the time of filing, all the major indices were trading in the red. Hang Seng was at 29229.71 down 1.3%, Taiex was down 0.9% at 10628.7, Kospi was at 2496.9 down 0.6%. Straits Times, Nikkei 225 and Shanghai Composite were marginally down.
Let’s block ads! (Why?)
Via:: Stock – India Infoline