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Stocks across Asia fell sharply early on Monday after heavy losses on Wall Street on Friday, driven largely by declines in technology shares.
At 9:38 am (0038 GMT), Japan’s benchmark Nikkei 225 index was down 2.96 percent, trading at 64,615.44 points. South Korea’s Kospi index also recorded a steeper decline, falling 4.73 percent to 7,774.59 points.
The regional downturn followed a broad sell-off in US markets at the end of last week, with tech stocks leading the losses and weighing heavily on overall investor sentiment.
The weak performance on Wall Street spilt over into Asian trading hours, triggering widespread caution among investors.
Market analysts attributed the decline to ongoing concerns about valuations in the technology sector and uncertainty about the global interest rate outlook. This combination of factors prompted traders to reduce exposure to risk assets at the start of the trading week.
Other Asian markets were also expected to follow the negative trend as the trading session progressed, reflecting a broader risk-off mood across global financial markets.
