Technology companies have led gains in Asian shares during the past 12 months on speculation growing demand for social networking, e-commerce and online games will boost earnings and fuel takeovers in the industry. Speculation that the rally has gone too far is building, with Twitter Inc. (TWTR - Get Report) plunging as much as 11% percent in extended trading as user growth slowed, Bloomberg noted.
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The Bloomberg Asia Pacific Internet Index fell 2.8% today to the lowest level since December 4, paring its gain during the past 12 months to 28%.
The MSCI Asia Pacific Index fell 3.5% in the same period.