Asia bourses dip on technology shares, thin trade with China holiday

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Investing.com - Technology stocks in Asia fell on Monday in thin trade with China markets shut for a public holiday and the Nikkei 225 down as the Bank of Japan starts its latest two-day monetary policy review.

In corportae action, India's Sun Pharmaceutical Industries Ltd. (SUN.NS) Ltd. is taking over troubled domestic rival Ranbaxy Laboratories Ltd. (RANB.NS) Ltd. from its Japanese owner, Daiichi Sankyo Co., Ltd. (4568.TOK) Co.

Also in Tokyo, sending electronics maker Panasonic Corp. (6752.TOK). fell more than 3% and semiconductor equipment-maker Tokyo Electron Ltd. (8035.TOK) Ltd. was also similarly down. Japan's Nikkei 225 index fell 1.3% in morning trade.


The weak sentiment in Asia followed U.S. stocks last week that fell after investors ditched technology stocks in a heavy profit-taking session on Friday.

The Dow 30 ended the session down 0.96%, the S&P 500 fell 1.25%, while the Nasdaq plunged 2.60%.

A correction in the technology sector sent broader stocks plunging on Friday, as investors jumped to the sidelines to await earnings releases next week.

Elsewhere, the Department of Labor reported that the U.S. economy added 192,000 jobs in March, missing expectations for a 200,000 increase. February's figure was revised up to 197,000 from 175,000, while January's figure rose to 144,000 from 129,000.

The private sector added 192,000 jobs last month, below expectations for a 195,000 rise, while February's figure was revised up to 188,000 jobs added from a previously estimated 162,000 increase.

The report also showed that the U.S. unemployment rate remained unchanged at 6.7% last month compared to expectations for a 6.6% reading.

Investors viewed the data as not-too-hot, not-too-cold, and focused more on the selloff in the technology sector, which has boomed in recent years.

After the close of European trade last week, the DJ Euro Stoxx 50 rose 0.64%, France's CAC 40 rose 0.79%, while Germany's DAX rose 0.70%. Meanwhile, in the U.K. the FTSE 100 rose 0.70%.

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