Asian equity markets extended their decline on Friday, with the MSCI Asia Pacific Index falling 1.7% as investors continued to rotate out of heavyweight semiconductor names.
The broad-based selloff highlighted the fragility of the recent tech rally, with major indices across the region giving back significant ground from earlier session highs.
Japan’s Nikkei 225 also faced downward pressure, falling over 1% amid the broader regional risk-off sentiment.
South Korea’s Kospi bore the brunt of the selling, tumbling more than 3% as major chipmakers led the index lower.
Japan’s Nikkei 225 also faced downward pressure, falling over 1% amid the broader regional risk-off sentiment.
The moves underscored the concentrated risk in the technology sector, which has been the primary driver of regional market performance in recent months.
The latest decline follows a sharp reversal from record levels earlier in the week, driven by aggressive profit-taking.