Asian Stocks Retreat as Technology Shares Drop, Hong Kong Slides
- Japan’s Topix retreats from highest close since January
- Markets await U.S. jobs data, Italy’s weekend referendum
Abacus Asia's Poh: Stocks Have Rallied Too Much
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Asian stocks declined as technology companies tumbled and a slump in casino operators dragged down a gauge of Hong Kong shares by the most in almost three weeks.
The MSCI Asia Pacific Index lost 0.4 percent to 135.71 as of 4:10 p.m. in Hong Kong, erasing a weekly gain. Japan’s Topix index slid from a January high, while Galaxy Entertainment Group Ltd. and Sands China Ltd. sank in Hong Kong after a cash disclosure rule report in Macau. Developed-market stocks headed for their first weekly drop since Donald Trump’s election spurred bets on increased fiscal stimulus and a subsequent bounce in U.S. growth.