Economic news

Asian shares drop following sell-off in technology stocks

Asian stocks slumped on Tuesday after investors locked in profits on concerns about privacy protection after the news that Facebook allowed irregular access to personal data.

Photo: Reuters

MSCI’s broadest index of Asia-Pacific shares fell 0.4 percent. Japan’s Nikkei dropped 1.0 percent.

Australian stocks slipped 0.4 percent, while South Korea’s Kospi index inched up 0.3 percent.

Hong Kong’s Hang Seng Index rose 0.2 percent and Shanghai Composite Index gained 0.4 percent.

On Wall Street the S&P 500 tumbled 1.42 percent and the Nasdaq Composite lost 1.84 percent, their largest intraday decline in five weeks.

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