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Major chipmakers across Asia were on track for their worst close in months on Thursday as a sell-off continued to hit global tech stocks.
Samsung Electronics, the world’s largest chipmaker, was down 3.4 per cent. South Korea’s SK Hynix, also one of the world’s biggest chipmakers, was among the biggest losers, down 6.3 per cent. Both companies are on track for their worst closes since mid-September.
In Taipei, Taiwan Semiconductor Manufacturing Company was down 2.6 per cent after dropping as much as 3.6 per cent to its lowest level since early October.
Hong Kong-listed ASM Pacific Technology was off 3.8 per cent and was headed for its worst close since late September, while Japanese semiconductor maker Renesas Electronics was down 3.2 per cent at a one-month low.
The moves followed a sharp retreat by the Nasdaq Composite in New York, which ended Wednesday’s session down 1.3 per cent as major technology stocks that have outperformed this year lost ground.
Even with Thursday’s falls, 2017 has mostly been a banner year for Asia’s chipmakers amid strong demand for ever-more powerful devices. For the year to date, Samsung Electronics and SK Hynix are up 41 per cent and 72 per cent, respectively, while TSMC has gained 26 per cent, ASM Pacific Technology is up 36 per and Renesas has risen 46 per cent.