[SINGAPORE] Asian markets took a beating at the open on Friday (Feb 6) after a new round of heavy selling hit US tech stocks and crypto.<\/p>\n
Yangzijiang Shipbuilding was the worst hit on the Singapore Exchange as at 9.30 am, with a 5.3 per cent drop erasing over S$700 million in its market capitalisation.<\/p>\n
The shipbuilder\u2019s shares were likely affected by a drop in Maersk earnings and plans for the Danish shipping company to cut 1,000 jobs. Shares of Maersk in Copenhagen fell 3.7 per cent by close.<\/p>\n
In Singapore, the Straits Times Index (STI) dropped 0.7 per cent in the first 30 minutes of trading, with most counters opening in the red. <\/p>\n
Shares of DBS were down about 0.9 per cent, OCBC dropped 0.8 per cent and Singtel slipped 1.9 per cent as at 9.30 am.<\/p>\n
Hong Kong\u2019s Hang Seng Index dropped 2 per cent immediately upon market open, while Shanghai\u2019s CSI 300 opened 1 per cent lower.<\/p>\n
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South Korea\u2019s Kospi was down 3.9 per cent at 10.30 am local time, while Japan\u2019s Nikkei 225 and Topix were down 0.8 and 0.1 per cent, respectively.<\/p>\n
This followed the tech-heavy S&P 500 in the US falling 1.2 per cent, and the similarly tech-focused Nasdaq 100 saw its worst three-day drop since April. <\/p>\n
Bitcoin, the most popular and valuable cryptocurrency, tumbled to around US$63,000 in a sell-off that has seen its value drop about 50 per cent in just three months.<\/p>\n
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Precious metals such as silver slumped about 20 per cent.<\/p>\n
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