Asian markets approach 6 month low

In Taipei on Monday, a sell-off in the technology sector led the markets to a nearly six-month low as the weighted index fell 2.9 percent to 5,715.16.

While Mitak International, which makes personal computers and smart phones, bucked the trend by rising 2.3 percent after a strong first quarter earnings report, shares in other technology companies were down.

Taiwan Semiconductor Manufacturing was down 2 percent. Display screen manufacturer AU Optroncis was down 4.5 percent, and Powerchip was down 3.4 percent.

Other Asian markets were also down on worries about global growth and the dismal first-quarter earnings reports coming out of some of the world’s largest corporations.

In Hong Kong, the Hang Seng index was off 2.1 percent on selling in all sectors. And, in Seoul, the composite index fell for the sixth straight session, falling 2.4 percent to 925.00 under the continuing influence of Samsung Electronics’ poor first-quarter earnings report.

With some gains in consumer-related stocks, Seoul’s losses were driven by losses in the technology sector. Samsung was down 3.2 percent after a 2 percent fall Friday.

Additionally, Hynix Semiconductor was down 3.4 percent, and LG Electronics dropped 2.1 percent.

Story link: Asian markets approach 6 month low