Asian stocks drop after global markets fall on tech sell-off

Asian shares mostly slumped on Wednesday after global markets fell as traders locked in profits following recent tech-driven rallies. Traders were underwhelmed and global equities wobbled.

hit all-time highs Tuesday before reversing gains, while the sell-off in some technology stocks hit many markets around the world.

While US stock indices are up sharply on the year, the recent rallies have relied heavily on a few mega-cap stocks. The figure is in line with last year's goal but well off the double-digit expansion that for years drove the world's second-largest"Premier Li 's opening speech to the National People's Congress yesterday indicates China is staying the course, in terms of refraining from a big stimulus," economists Duncan Wrigley and Kelvin Lam of Pantheon Macroeconomics said in a note.

The country was likely to"rely mainly on fiscal support to keep growth at an acceptable level, while monetary policy will play an accommodative role, with only token rate cuts," they added.

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brieflyza /  🏆 10. in ZA

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