Asian markets spooked by US tech selloff

Asian markets spooked by US tech sell off:

Asian stocks fell on Thursday following weak U.S. economic knowledge and a pointy cut-rate sale in U.S. technology shares.

The NASDAQ fell a pair of.4% - its biggest drop since Gregorian calendar month 2014 - to four,876 on issues that technology and biotech stocks became overvalued.

The Dow sank one.6% and also the broader Stamp;P five hundred softened one.5% once U.S. durables orders unexpectedly fell in February.

Japan's Nikkei 225 and also the broader Topix each fell zero.9% whereas South Korea's benchmark Kospi shed zero.6%.

In Australia, the benchmark S&P/ASX two hundred fell one.3% and is headed for its biggest fall in additional than time period.

Over in China, the Shanghai Composite opened zero.5% within the red whereas Hong Kong's suspend Seng fell zero.35%.

Geopolitical risk

Oil costs have rallied throughout Asian trade once Asian country, a serious oil bourgeois, and its allies began airstrikes in Asian nation, raising issues on the disruption of provides within the geographical area.

Brent crude rose by over a pair of, approaching $60 (£40) a barrel in national capital.

West TX Intermediate crude futures , the U.S. benchmark, conjointly rose to trade at $51.55 a barrel.

"With Saudi starting to bomb targets in Asian nation, in a trial to take away a coup by Islamist rebels, the geo-political risk quotient within the geographical area has ratcheted higher," Vishnu Varathan from Mizuho Bank wrote during a report.

"If the strike morphs into a full-blown confrontation involving Persia, then oil can surge aboard gold and also the U.S. dollar whereas U.S. treasury yields is also set for a revived drop."

Stock Mover

Shares of Ozner Water International rose by over V-J Day following a five-week long suspension.

The Chinese water purification company had been defendant of creating "false and dishonorable representations" over its profitableness by short-seller Glaucus analysis last month.

The allegations caused Ozner's shares to lose a fifth of its worth before it had been halted from trade.

On Wed, Ozner self-addressed Glaucus Research's claims as "unfounded allegations" during a elaborate statement to the Hong Kong exchange.

"We won't tolerate what looks to be associate outright malicious attack on the corporate for private gains that harms the company's name and business prospects," it said.