Asian stocks dropped as a selloff in semiconductor shares extended, while elevated bond yields and rising oil prices weighed on sentiment.
MSCI’s Asia Pacific equities benchmark slid over 1%, with shares in South Korea plummeting almost 6%. Technology shares were weaker with chip bellwethers Samsung Electronics Co. and SK Hynix Inc. both declining around 7% on Wednesday after a closely watched US gauge of semiconductor stocks sank 5%. Contracts for the Nasdaq 100 Index edged lower after the underlying gauge slid 1.7%.
