Wednesday 14 November 2018 ,
Wednesday 14 November 2018 ,
Latest News
  • BNP’s demand for polls deferment unrealistic: Quader
  • Keep aside 33 pc nominations for women: Leaders
  • BNP submits another list of 1,002 ‘fictitious cases’ to PMO
  • AL to interview its nomination seekers Wednesday
  • No way to defer election date further: CEC
  • Oikyafront to meet EC Wednesday seeking polls deferment
  • Technocrat ministers’ resignation to ‘take effect once PM accepts’
  • New election date aimed at keeping foreign observers at bay: BNP
  • Rohingya refugees flee camps to avoid return to Myanmar
6 December, 2017 00:00 00 AM
Print

Asian tech firms track Wall St losses as US tax boost wanes

AFP

AFP, HONG KONG: Tech giants including Samsung and Tencent sank in Asian trade yesterday, tracking a sell-off in their US rivals and dragging most regional markets lower.

While investors welcomed news that the US Senate had finally passed controversial tax reforms, the deal must still be reconciled with a House bill, while the probe into alleged Russian meddling in last year’s election continues to dog Donald Trump.

The Dow closed at a record high on Wall Street but the Nasdaq tumbled more than one percent as dealers shifted out of the tech sector, which has enjoyed a healthy rally through the year, and into financial firms.

“The high-tech sell-off has worsened overall sentiment,” said Toshihiko Matsuno, chief strategist at SMBC Friend Securities.

“Investors seem to be rebalancing (their portfolios) to take profits towards the end of the year, moving out of high-performing technology and health care issues into financial stocks that are likely to fare well next year,” Matsuno told the news agency.

Samsung fell 0.2 per cent, while Tencent sank more than three per cent and Sharp lost more than two percent.

On broader markets Tokyo ended 0.4 per cent lower and Hong Kong shed one percent, while Sydney and Shanghai each dipped 0.2 per cent.

Wellington, Taipei, Jakarta and Kuala Lumpur were also lower but Seoul, Singapore and Manila edged up.

In early European trade London was up 0.2 per cent and Frankfurt and Paris were both flat. Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers, also warned of the possibility of a delay to a key corporate tax cut as part of the Senate-House talks.

“I still believe that the market is pricing in a lot of optimism and if lawmakers delay implementation of this policy to 2019, I would expect to see a correction accordingly,” he said.

On currency markets the pound continued to struggle against the dollar after falling on news that British and European negotiators had failed to reach an agreement on Brexit. Sterling had rallied on hopes British Prime Minister Theresa May was close to a divorce deal.

 

Comments

Poll
Today's Question »
Citing constitutional obligation, Chief Elelction Commissioner Nurul Huda yesterday said there was no scope to defer the voting date again. Do you agree?
 Yes
 No
 No Comment
Yes 36.8%
No 52.6%
No Comment 10.5%
Most Viewed
Digital Edition
Archive
SunMonTueWedThuFri Sat
010203
04050607080910
11121314151617
18192021222324
252627282930

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting