Asian markets traded on a low note Friday after the tech sector dragged down Wall Street's trading session the previous day.
The Nasdaq-100 Tech Sector Index NDXT fell 5.37% after witnessing overnight sell-offs.
What Happened: The Japanese benchmark index Nikkei 225 was down 1.1% at market closing time in the country. China's Shanghai Composite and Shenzhen Component both dropped around 0.8% South Korea's KOSPI was down 1.15%.
The Hang Seng Tech Index, which includes Hong Kong's 30 largest technology companies, was 1.76% lower at market close, after having dropped as much as 5.3% in the morning. The newly-created index contains stocks like Alibaba Group BABA and Xiaomi Corp. XIACF.
Australia's S&P/ASX 200 Index tanked 3.06% and India's SENSEX was down about 1%.
Why It Matters: The Asian markets were in red after Wall Street tech stocks collaposed in Thursday’s trading session. The fabled Apple Inc AAPL lost almost $180 billion market cap after an 8% drop in its stock quote.
Other large-cap tech stocks that suffered include Microsoft Corp MSFT that fell over 6%, Alphabet Inc GOOGL GOOG lost 5%, Facebook Inc FB by 3.7%, and Amazon Inc AMZN by 4.6%. These five stocks collectively lost over $500 billion in market cap in the trading session.
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