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Asian Tech Stocks Extend Global Rout on Concerns Over Rate Hikes

  • Kakao Corp. and Afterpay Ltd. among top losers in the region
  • MSCI Inc.’s gauge drops to its lowest since June 2020
Updated on

A global selloff in technology shares continued into Asia Thursday, following overnight losses on Wall Street as concerns grew about more aggressive monetary tightening by the Federal Reserve.

The MSCI AC Asia Pacific Communication Services Index, which tracks key tech names such as Tencent Holdings Ltd. and SoftBank Group Corp., dropped as much as 1.5% to its lowest since June 2020. Hong Kong’s Hang Seng Tech Index fell 1.1% in volatile trading, set for a fourth day of losses.