This photo taken on October 23, 2022 shows people looking at fruits and vegetables outside a supermarket on a covered shopping street in Tokyo.
Richard A. Brooks | AFP | Getty Images
Asia-Pacific stocks fell on Friday as Wall Street investors continued to retreat from technology stocks and take profits from the stock market rally in recent weeks.
“There’s been some profit taking,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “If the profit taking had happened five days after trading, I would have cringed a little bit, but that just shows us the rotation that we’re seeing. Magnitude.”
In Asia, traders will be watching for a continued rotation in the region’s technology stocks after Taiwan, Japan and South Korea chip-related stocks plunged on Thursday.
Japan’s June inflation rate was 2.8%, unchanged from May, while core inflation excluding fresh food prices accelerated from 2.5% to 2.6%.
However, the core inflation figure was lower than the 2.7% forecast in a Reuters poll of economists.
Japan’s Nikkei 225 Index After the inflation report was released, the Topix fell 0.16% and the Kospi fell 0.28%.
Korean Cospi Kosdaq fell 0.93%, small caps fell 0.29%
Australia’s S&P/ASX 200 index led losses in Asia, falling 1.23%.
Hong Kong’s Hang Seng Index Index futures were at 17,582 points, which was also lower than the Hang Seng Index’s last closing point of 17,778.41 points.
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