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Asia-Pacific markets were lower on Wednesday with Chinese stocks in Hong Kong sinking to a two month low and technology shares across the region also losing ground.
Hong Kong-listed China stocks fell 2.1 per cent on Wednesday as a continued sell-off in Chinese stocks saw the Hang Seng China Enterprises index sink to a two-month low with carmakers among the worst performers. The broader Hang Seng index in Hong Kong was down 1.8 per cent and the CSI 300 index of the largest companies listed in Shanghai and Shenzhen — which has been volatile in recent days — was down 1 per cent.
The Kospi Composite index in Seoul was down 1.2 per cent while in Tokyo the Topix was off 1.5 per cent with all major segments posting declines.
The tech segment was also weak, with South Korea’s Samsung Electronics and Hong Kong-listed Chinese tech giant Tencent down 1.9 per cent and 2.3 per cent, respectively. Major Apple supplier Foxconn lost 2.7 per cent, pulling Taiwan’s tech-heavy FTSE TW50 Index 1.8 per cent lower.
In Sydney, the S&P/ASX 200 index was off 0.4 per cent, led by miners. The ASX All Ordinaries Gold index was down 1.1 per cent at one-month low after the price of the precious metal touched its lowest point in two months overnight.