Asian markets take a beating after Wall Street sinks on tech stock rout

The benchmark Straits Times Index (STI) sank 32.17 points, or 0.99 per cent, to 3,226.48, with turnover across the bourse totalling some 832.8 million shares worth $1.21 billion.
The benchmark Straits Times Index (STI) sank 32.17 points, or 0.99 per cent, to 3,226.48, with turnover across the bourse totalling some 832.8 million shares worth $1.21 billion. PHOTO: AFP

SINGAPORE - Asian markets reversed into the red on Friday (June 30), tracking the sell-off on Wall Street, and the local stocks were not spared from the bloodletting.

The benchmark Straits Times Index (STI) sank 32.17 points, or 0.99 per cent, to 3,226.48, with turnover across the bourse totalling some 832.8 million shares worth $1.21 billion.

But it was still 17.01 points or 0.53 per cent higher for the week.

Sydney took the worst hit among regional markets with a 1.66 per cent drop, while Tokyo fell 0.92 per cent and Hong Kong lost 0.77 per cent.

Get The Straits Times
newsletters in your inbox

Shanghai bucked the trend to inch up 0.14 per cent, thanks to upbeat Chinese manufacturing data.

Overnight, in the United States, the Dow Jones Industrial Average was down 0.78 per cent, while the S&P 500 fell 0.86 per cent and the tech-heavy Nasdaq slid 1.44 per cent.

The drag came primarily from the tech stock rout, which has been weighing on US markets in recent weeks.

"Wall Street had been fickle in the past week but the latest decline appears to have accelerated into the end of the week," noted IG market strategies Pan Jingyi.