Asian Markets Update: Tech Weakness Slams Major Indices

TOKYO -- Asian equity markets got slammed Wednesday as investors fled technology shares after semiconductor stocks plummeted in the U.S. Tuesday.

In Japan, the Nikkei 225 closed down 314.2, or 2%, at 15,513.6 and the Topix index, which includes all shares listed on the Tokyo Stock Exchange, fell 22.8, or 1.5% to end at 1459.8.

The technology sector naturally took the brunt of the selling, as chipmaker NEC (NIPNY) tanked 120 yen, or 5.3%, to 2,150 ($19.93), Fujitsu fell 120 yen, or 5.2%, to 2,205 and tech bellwether Sony (SNE) closed down 370 yen, or 3.5%, to 10,280.

Things also got ugly for telcos, with Nippon Telegraph & Telephone (NTT) dropping 60,000 yen, or 5.1%, to 1.12 million, and wireless operator NTT DoCoMo ending off 60,000 yen, or 1.9%, to 3.16 million.

The dollar was trading down to 107.86 yen from 108.51 Tuesday.

South Korea's stock market was one of the region's hardest hit Wednesday, as the exchange was forced to stop trade temporarily on some futures contracts due to heavy losses. The Kospi index closed off 31.2, or 5.3%, at 557.2, as investors pummeled tech shares.

Elsewhere, Taiwan's TWSE index fell 168.9, or 2.7%, to 6040.6, after returning from a holiday Tuesday. Hong Kong's Hang Seng index fell 427.1, or 2.8%, to 15,127.0. Index leviathan China Mobile (CHL) continued a massive three-day losing streak, falling HK$2.00, or 3.6%, to 53.50 ($6.86).

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