Asia-Pacific markets fell Wednesday, with stocks in South Korea and Taiwan leading declines as major tech firms including chipmakers came under pressure after Barclays downgraded Apple
Japan’s markets are closed until Thursday. A Japan Airlines flight collided with a coast guard aircraft at Tokyo’s Haneda airport on Tuesday, causing five deaths.
The Coast Guard aircraft was headed to Niigata prefecture to provide relief for the recent earthquake that hit Japan on New Year’s Day, according to initial reports.
In Hong Kong, the Hang Seng index retreated 142.14 points, or 0.9%, to 16,646.41.
Apple shares dropped 4% on Tuesday, after Barclays cut the iPhone maker’s rating to underweight and trimmed its price target to $160 from $161. Apple suppliers in major Asia markets fell, weighing down indexes in Taiwan and South Korea.
South Korea’s Kospi closed 2.34% lower at 2,607.31, while the small-cap Kosdaq fell 0.84% to end at 871.57. Most technology and chip stocks including Samsung Electronics, LG Corporation and SK Hynix fell about 3% each.
In other markets
In Shanghai, the CSI 300 shed 8.05 points, or 0.2%, to 3,378.30.
In Singapore, the Straits Times Index sank 30.51 points or 0.9%, to 3,199.44.
In Taiwan, the Taiex plummeted 294.45 points, or 1.7%, to 17,559,31.
In Korea, the Kospi index fell 62.5 points, or 2.3%, to 2,607.31.
In New Zealand, the NZX 50 dropped 40.37 points, or 0.3%, to 11,730.13.
In Australia, the ASX 200 settled 104.59 points, or 1.4%, to 7,523.20.