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AP National Business

Asian shares shrug off tech-led selloff on Wall Street

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KMIZ

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Published 9:40 PM

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Asian shares are mostly higher after a historic plunge in the stock price of Facebook’s parent company helped yank other tech stocks lower on Wall Street. Hong Kong jumped 2.6% after reopening from Lunar New Year holidays. Shanghai remained closed. Tokyo and Seoul advanced while Sydney was lower. Other regional markets were higher. Thursday’s retreat in New York ended a four-day winning streak for the market. The 26.4% wipeout in Meta Platforms, as Facebook’s owner is now known, erased more than $230 billion in market value, the biggest ever one-day loss for a U.S. company. Other social media companies including Twitter and Snap also declined. The tech-focused Nasdaq’s 3.7% drop was its biggest loss since September 2020. 

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