Asian markets sink after wall street rout as tech selloff deepens- Moneycontrol.com

Asian equities tumbled on June 8 after a sharp selloff in US technology stocks rattled global markets, while rising oil prices and growing expectations of tighter monetary policy added to investor concerns.

South Korea's Kospi index plunged more than 8 percent before trading was temporarily halted, reversing part of its strong gains this year. Japan's Nikkei dropped 4.2 percent, while MSCI's broad gauge of Asian equities fell 3.4 percent as selling intensified across regional markets.

Technology and semiconductor stocks were among the biggest losers. Samsung Electronics fell as much as 11 percent, SK Hynix dropped 10 percent and Taiwan Semiconductor Manufacturing Co. declined 5.7 percent, tracking heavy losses in chip stocks on Wall Street.

The weakness followed a sharp decline in US markets on Friday. The Nasdaq 100 Index tumbled 4.8 percent, while the S&P 500 fell 2.6 percent. The Philadelphia Semiconductor Index slumped 10 percent as investors pulled back from technology shares amid concerns over valuations and profit-taking after a prolonged rally.

Bond markets also came under pressure after stronger-than-expected US jobs data reinforced expectations that the Federal Reserve could keep interest rates higher for longer. The yield on the benchmark 10-year US Treasury rose to 4.55 percent as traders increased bets on a potential rate hike later this year.