[HONG KONG] Technology firms took a hit in Asia on Tuesday as two of the biggest names in the sector posted disappointing earnings, helping to drag most markets in the region into negative territory.
There were losses across asset classes, with energy firms hit by ongoing weakness in oil prices, which are well down from the six-month highs touched last week.But the tech sector was among the worst hit after Google parent Alphabet reported a 29-per cent drop in quarterly earnings on slower-than-expected revenue growth. The reading sent its shares plunging more than seven per cent in New York after-hours trade.
However, Shanghai rose 0.3 per cent after three days of heavy losses, while Wellington and Manila also gained slightly.
Source: News Formal (newsformal.com)
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