Asia Equities Slide as Tech Selloff Overshadows Gains by Banks
- Japan’s Topix index falls after reaching 2015 high Tuesday
- Technology stocks retreat most in more than seven months
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Asian stocks fell as a selloff in technology shares overshadowed gains in financial equities. Tencent Holdings Ltd. and Samsung Electronics Co. retreated.
The MSCI Asia Pacific Index fell 0.3 percent as of 4:16 p.m. in Hong Kong with technology and consumer companies as the biggest decliners, while material and finance companies were the best gainers. Speaking in London Tuesday, Federal Reserve head Janet Yellen gave no indication that her plans for continued monetary policy tightening had shifted while acknowledging that some asset prices had become “somewhat rich.”