SINGAPORE — Shares in Asia-Pacific were mixed in Thursday trade as tech stocks in the region took a hit following a sell-off in the sector overnight on Wall Street.
Shares in Australia nudged higher as the S&P/ASX 200 climbed 0.16%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.58% lower.
Shares of Chinese smartphone maker Xiaomi plunged 5.4% in Thursday morning trade. The losses came despite the company reporting a 36.7% rise in its fourth-quarter net profit on Wednesday. Adjusted net profit for the three months ended Dec. 31 came in at about 3.2 billion yuan (about $490 million). That was above analysts’ expectations of 2.9 billion yuan, according to Reuters.
Other Chinese tech stocks also declined. Hong Kong-listed shares of Chinese search giant Baidu plunged around 10%, just days after a muted debut in the city. Tencent dropped 3.37% while Alibaba fell 4.87%.
Technology stocks elsewhere in the region also declined. In Japan, shares of conglomerate Softbank Group dropped more than 3%. South Korean chipmaker SK Hynix also dipped 0.75%.
The moves came after technology stocks sold off overnight stateside, with the tech-heavy Nasdaq Composite falling 2.01% to 12,961.89.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.608 after rising from levels below 92 earlier in the week.
The Japanese yen traded at 108.95 per dollar, weaker than levels below 108.6 against the greenback seen earlier this week. The Australian dollar changed hands at $0.7591, as compared to levels above $0.765 seen earlier in the week.