Asian shares remain subdued as U.S. tech resumes decline

Asian share markets’ bearish mood persisted on Friday. The grim mood lurked after shares of leading technology firms in the United States dropped on emerging concerns about U.S. stimulus and as worries about their extended valuations pressed.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.2% drop. The index placed just above its one-month peak seen earlier this week. Meanwhile, Japan’s benchmark index Nikkei advanced 0.3%.

On Wall Street, the S&P 500 was seen 1.77% lower, while the Nasdaq Composite recorded a 1.99% drop. Both indexes are currently on track for another week of decline.

The U.S. Senate dampened investors’ mood by axing a Republican bill that would allocate around $300 billion to virus-related funds. Democrats who sought far more funding capped the passing of the bill.