Investing.com - Asian Pacific indices were mostly lower on Friday, following a broad decline in US stocks overnight.
By 10:50 am AEST (12:50 am GMT) The S&P/ASX 200 and KOSPI 200 lost 1% and 1.2%, respectively, while the Nikkei 225 traded flat.
In the US, the Dow Jones Industrial Average declined by more than 500 points, ending a six-day winning streak. This extended selloff affected all sectors, with only the energy stocks showing a modest gain. The small-cap Russell 2000 index, which recently reached a new multiyear high, fell 1.8%.
A shift in investor focus from megacap tech stocks to areas of the market that could benefit from potential rate cuts, such as shares of smaller companies and economically sensitive sectors, has been driving the rotation.
Shares of semiconductor companies recovered some grounds after former President Donald Trump's comments about Taiwan weighed on the sector.
Domino’s Pizza Inc (NYSE:DPZ) shares slid 14% after the company warned that it would open substantially fewer new locations this year than anticipated.
Beyond Meat Inc (NASDAQ:BYND) fell 10% after the company engaged with bondholders to start discussions about a restructuring.
In China, shares closed higher, reversing opening losses. The Shanghai Composite Index closed 0.5% higher, while the Shenzhen Composite Index gained 0.3%. Hong Kong's Hang Seng Index closed 0.2% higher at 17,778.41, despite fluctuations throughout the day.
In Japan, stocks ended lower, dragged down by falls in chip-related stocks and a rebound in the yen. The Nikkei Stock Average fell 2.4% to 40,126.35.
Indian shares ended higher, supported by positive earnings reports. The benchmark Sensex rose 0.8% to close at 81,343.46.
In Europe, stocks in the U.K. rose, with the FTSE 100 Index increasing 0.2% to 8204.89. However, other parts of Europe saw mixed results, with the STOXX Europe 600 Index down 0.2% to 514.01, Germany's DAX slipping 0.5% to 18,354.76, and France's CAC 40 gaining 0.2% to 7,586.55