Friday, June 16, 2017

US Tech Stocks Slips, Asia Stocks Stable

Business, finance, stocks, US tech stock market

The five largest U.S. technology companies have lost enough market capitalization over the past week, Apple <AAPL.O., Alphabet (GOOGL.O), Microsoft (MSFT.O), Amazon (AMZN.O) and Facebook (FB.O), their combined market capitalization fall by about $120 billion since last Thursday. By Thursday the S&P 500 technology index .SPLRCT had seen its largest five-day drop in a year.

The slip was again led by sector heavyweights Apple and Alphabet, as investors moved away from what had been the year's best-performing sector and rotated portfolios into stocks that pay higher dividends amid some signs that U.S. economic weakness.

Despite the rout, Asian stocks remained stable  on Friday, and European shares look set for a positive start following Thursday's losses.

The Japanese yen remained near a two-week low against the dollar after the Bank of Japan left monetary policy unchanged as expected even as its U.S. counterpart signaled further tightening.

Japan's Nikkei .N225 were up by 0.7% , narrowing its loss for the week to 0.3%. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slipped about 0.1%, on track to end the week down 0.85%.  

South Korea's KOSPI .KS11 was down by about 0.1%, losing early gains. The biggest company, Samsung Electronics (005930.KS) advances by 0.1%.

Taiwan index .TWII were up by 0.6%, with the biggest company, Taiwan Semiconductor Manufacturing Co. (2330.TW) jumping 1.7% and Apple supplier Hon Hai Precision Industry (2317.TW) surging 2.5%.

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