Asia-Pacific stocks drop following Wall Street tumble; tech stocks fall

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SINGAPORE — Shares in Asia-Pacific fell during Tuesday morning trade after heavy losses overnight on Wall Street that saw the tech-heavy Nasdaq Composite dropping more than 4%.

The Nikkei 225 in Japan fell 1.88% as shares of Fast Retailing declined more than 1%. The Topix index traded 1.75% lower.

South Korea’s Kospi dropped more than 2% while the S&P/ASX 200 in Australia fell 2.33%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.76% lower.

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Technology shares in Asia-Pacific declined in Tuesday morning trade, largely mirroring losses after the Nasdaq Composite dropped 4.29% overnight to 11,623.25.

On Tuesday morning, shares of Japanese conglomerate SoftBank Group fell 2.75%. South Korea’s Kakao shed 1.31% while Krafton fell 1.99%.

Other major indexes on Wall Street also saw substantial losses, with the S&P 500 slipping 3.2% to 3,991.24 — falling below the 4,000 level for the first time in more than a year. The Dow Jones Industrial Average shed 653.67 points, or 1.99%, to 32,245.70.

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