Asian stock prices fell Thursday, led by tumbling tech stocks, following the news of the arrest by Canadian authorities of the chief financial officer of China’s Huawei Technologies for possible extradition to the United States. Meng Wanzhou was detained in Vancouver, British Columbia, on Saturday, but the news is only recently being released.
“We are closely watching the developments in Asia after reports that Canada has arrested the Huawei CFO facing U.S. extradition for allegedly violating Iran sanctions. This headline is quite significant as the U.S. government is attempting to persuade allies to stop using Huawei equipment due to security fears, and this headline could weigh negatively on tech stocks,” said Stephen Innes, head of trading at Oanda in Singapore.
Hong Kong’s Hang Seng Index
plunged 2.7% in early Thursday trading, with tech stocks taking the brunt. Tencent
was off 3%, while AAC
and Sunny Optical
each fell more than 5%.
fell 1.8%, with Nintendo
each down more than 3%. South Korea’s Kospi
fell 1.2%, with Samsung
down 2% and SK Hynix
falling 2.6%. Taiwan’s benchmark
sank more than 2%, and Singapore stocks
fell more than 1%.
Meanwhile, benchmark U.S. crude
lost 21 cents to $52.68 a barrel. It fell 0.7 percent to $52.89 per barrel in New York. Brent crude
, used to price international oils, declined 10 cents to $61.46.
slipped to 112.81 yen from 113.19 yen.
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