Asian shares fluctuate on China tech selloff
Asian share markets posted a turbulent trading session on Thursday. This followed after China saw a selloff in technology-related shares, with investors’ enthusiasm greatly affected by the country’s exclusion from U.S. bourses and a shortage in semiconductor supplies.
MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.1% increase. Shares in Hong Kong dropped sharply during their early trade, but they salvaged some losses to trade 0.18% lower. China shares gained 0.08%.
Financial regulators in the United States are planning to remove foreign companies from U.S. stock exchanges if they do not comply with the country’s auditing standards. The scheme also requires disclosure of government affiliations, which is widely expected to target Chinese companies.