BANGKOK: World shares retreated Thursday in Asia on heavy selling of technology stocks, while the price of bitcoin fell as much as 8per cent.
The latest round of jitters over high prices for tech shares sent South Korea's Kospi down nearly 4per cent. Oil prices sank more than USD1 a barrel.
Bitcoin was trading near USD71,000 early Thursday, down 7.3per cent after crashing to about USD69,000 earlier in the day, according to CoinDesk. That's its lowest level since November 2024.
Cryptocurrencies like bitcoin have dropped after U.S. Treasury Secretary Scott Bessent, said in answer to questions in the House Financial Services Committee on Wednesday that he did not have the authority to order banks to buy such assets.
In share trading, Germany's DAX slipped 0.2per cent to 24,568.67 and the CAC 40 in Paris edged 0.2per cent higher to 8,278.99. Britain's FTSE 100 gave up 0.3per cent to 10,371.83.
The future for the S&P 500 was up 0.2per cent while that for the Dow Jones Industrial Average edged 0.1per cent lower.
In Asian trading, Tokyo's Nikkei 225 shed 0.9per cent to 53,818.04, while the Kospi in South Korea skidded 3.9per cent, to 5,163.57.
Shares in South Korea's biggest company, Samsung Electronics, lost 5.9per cent. Chip maker SK Hynix plunged 6.7per cent.
Hong Kong's Hang Seng regained early losses, closing 0.1per cent higher at 26,885.24. The Shanghai Composite index gave up 0.6per cent to 4,075.92.
Australia's S&P/ASX 200 fell 0.4per cent to 8,889.20, while Taiwan's Taiex lost 1.5per cent.
On Wednesday, the S&P 500 fell 0.5per cent for its fifth modest loss in the last six days. The Dow rose 0.5per cent and the Nasdaq composite sank 1.5per cent.
More than twice as many stocks rose within the S&P 500 as fell, but sinking technology stocks weighed on the index for a second straight day.
Advanced Micro Devices dropped 17.3per cent even though the chip company reported a stronger profit for the latest quarter than analysts expected. It also gave a forecast for revenue for the start of 2026 that topped analysts' expectations, but that may not have satisfied investors after its stock doubled over the last 12 months.
Tech stocks are under pressure even when they deliver stronger-than-expected profits after their prices shot higher as they've grown to dominate markets. Companies like software makers, meanwhile, are struggling with questions about whether they'll lose in the future to competitors powered by artificial-intelligence technology.
Uber Technologies also dragged on the market after falling 5.1per cent. The ride-hailing company reported results for the latest quarter that fell short of analysts' expectations. It also gave a forecast for profit in the current quarter that was below analysts' expectations, while naming a new chief financial officer.
Some tech stocks nevertheless climbed, including a 13.8per cent rise for Super Micro Computer. The company, which sells AI servers and other equipment, delivered a stronger profit for the latest quarter than analysts expected.