Asian Stock Rally Stumbles on South Korean President's Tax Plan
- Kospi benchmark leads losses in Asia, falling as much as 2.2%
- Regional technology shares drop, retreat from 17-year high
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South Korean stocks led losses in Asia after President Moon Jae-in announced plans to raise corporate and individual tax rates to address inequality.
The MSCI Asia Pacific Index declined 0.5 percent to 160.51 as of 11:33 a.m. in Hong Kong, retreating from near a 10-year high as it slipped for the first day in four. Samsung Electronics Co., Korea’s biggest company, weighed the most on the measure, falling 2.5 percent.