Asian Tech Slide Sends Emerging-Market Stocks to Three-Month Low

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Or sign-in if you have an account.h[pgpp6}wruyds[[}kqdvx2s_media_dl_1.png MSCI, Bloomberg(Bloomberg) — The slide in the Asian tech stocks pushed the benchmark for emerging markets to the lowest in three months, though the pullback in oil prices helped shield European bourses and currencies from the selloff.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe MSCI Emerging Markets Index was down 3.6% by 9:52 a.m. in London, the biggest intraday drop since late June and pushing the gauge to the weakest since April.South Korean stocks suffered a series of trading suspensions on Tuesday, as the weakness in chipmakers spread across sectors. The benchmark Kospi Index plunged nearly 11%, with Samsung Electronics Co. and SK Hynix Inc. tumbling over 13% each. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againTaiwan’s EM index heavyweights followed those declines, with Asian stocks as a whole on course for a technical correction. European markets were better off as the pause in fighting between the US and Iran helps ease pressures on energy costs. Bourses in Budapest, Prague and Warsaw each moved less than 1% in morning trading, with the three main central and eastern European currencies steady against the euro.“Markets have been caught between a new selloff in chipmakers and the positive news that the US-Iran pause from over the weekend would continue as both sides negotiate,” Deutsche Bank AG analysts led by Jim Reid wrote in a note.In Asian FX, the rupee gained as the Reserve Bank of India sold dollars to shore up the local currency and lower oil prices supported the unit.Indonesia’s rupiah extended losses as the surprise resignation of the central bank governor on Monday raised concerns over the policy outlook.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.