HK Stocks Tumble As Asian Tech Stocks Fall

Hong Kong stocks tumbled on Wednesday, resuming last week's downward spiral, following another plunge on Wall Street as the tech sector took a hit.

The Hang Seng Index fell 2.5 percent, to end at 30,022.

On the mainland, the Shanghai Composite Index sank 1.4 percent, to 3,122 while the Shenzhen Composite Index fell 1 percent, to 1,812.

Most Asian markets resumed their downward spiral on Wednesday following a sell-off on Wall Street, with technology firms tracking their US counterparts.

In Hong Kong, Tencent dived 4.6 percent and South Korea's Samsung slipped 2.6 percent down while Sharp and Sony were sharply lower in Tokyo.

Japan's benchmark Nikkei 225 index dropped more than 1.3 percent, to close at 20,031.

Sydney lost 0.7 percent and Singapore gave up 1 percent, while there were also losses in Wellington, Taipei and Jakarta.

Seoul fell more than 1 percent, with traders unmoved by news from China that North Korea's Kim Jong-un had visited – marking his first foreign trip since becoming leader in 2011 and causing fresh hope for an easing of tensions on the peninsula.

Oil prices slipped on indications of weak US demand after data from an industry body pointed to a pick-up in stockpiles.

The commodity had been rising on expectations of tighter supplies from the Middle East after US President Donald Trump appointed hawk John Bolton as his national security adviser, fuelling fears he would push for an end to the Iran nuclear deal. (AFP)