Asian stocks closed lower on Wednesday trade after U.S. stocks fell sharply on the back of declines in technology names. That cut short a rally seen in Europe and Asia's Tuesday session linked to an apparent easing in trade-related tensions.
The Nikkei 225 Index let go of 286.01 points, or 1.3%, to 21,317.32, The mining and oil and coal sectors were particularly downbeat.
Technology stocks also contributed to the broader decline, with Tokyo Electron sinking 4.4% on the back of U.S. tech losses overnight.
The Hang Seng Index plummeted 768.30 points, or 2.5%, to 30,022.53, with the tech sector the biggest loser. Shares of index heavyweight Tencent fell 3.8% and AAC Technologies lost 5.9% ahead of the market close.
Korean stocks went for a dive as technology stocks followed the lead from U.S. tech. Samsung Electronics fell 2.6% and SK Hynix lost 1.4%
Automakers and manufacturing stocks bucked the broader fall to put in a mixed performance, with Kia Motors rising 3.9%.
Australian stocks lost some oomph, as all but two of its sub-indexes traded lower. Among sectors, consumer discretionary, materials and gold producers recorded declines of more than 1%, while the heavily weighted financials sub-index eased 0.8%.
In individual stocks, shares of Hong Kong-listed BYD Company sank 11% after the company reported Tuesday that its full-year profit declined 19.5%. It also said first-quarter net profit was expected to be pressured after a reduction in new energy vehicle subsidies.
Meanwhile, SoftBank Group and Saudi Arabia announced on Wednesday they were developing the world's largest solar power generation project, which is expected to cost $200 billion through 2030. Shares of SoftBank closed down 4%
In currencies, the dollar index, which tracks the greenback against a basket of currencies, extended overnight gains to trade at 89.431 late Wednesday. The index had touched a five-week low in the overnight session.
Against the yen, the U.S. dollar firmed to trade at 105.65.
CHINA
The CSI 300 dropped 70.55 points, or 1.8%, to 3,842.72, with consumer non-cyclicals and energy among the worst-performing sectors.
In other markets
In Taiwan, the Taiex shrank 121.13 points, or 1.1%, to 10,865.66
In Korea, the Kospi subtracted 32.77 points, or 1.3%, to 2,419.29
In Singapore, the Straits Times Index fell 56.57 points, or 1.6%, to 3,382.78
In New Zealand, the NZX 50 floundered 120.04 points, or 1.4%, to 8,388.08
The ASX 200 swooned 42.83 points, or 0.7%, to 5,789.47
