Technology firms fell in Asia Tuesday, tracking a deep selloff in New York where Apple was hammered by worries about demand for its iPhones, while energy firms also fell with oil prices.
After last week's US elections-inspired mini-rally, global equities resumed their months-long slide as investors fret over a number of issues from China-US trade frictions and Brexit to rising US interest rates and slowing economic growth.
The latest retreat comes after a key parts supplier said a client – widely taken to be Apple – had slashed orders, stoking speculation the US titan's popular handset was not selling as well as in the past.
Apple was already under pressure after posting disappointing earnings earlier this month and announcing it would no longer report iPhone sale numbers. The firm sank five percent Monday and is almost 17 percent down from its record high touched at the start of October.
The retreat in New York's tech firms was repeated in Asia, with Apple suppliers and other firms in the sector taking a severe hit.
In Tokyo, Japan Display collapsed 9.5 percent to its lowest since listing in 2014, Alps Electronics sank more than four percent, and Sony was off almost 2.7 percent. Taiwan Semiconductor dived 1.7 percent in Taipei.
Samsung shed 1.6 percent in Seoul and AAC Technologies retreated one percent in Hong Kong.
However, there were some recoveries thanks to bargain-buying, with Tencent up 0.4 percent in the afternoon in Hong Kong, while Foxconn closed up 1.6 percent in Taipei.
Broader markets, while mostly down, also pared initial losses. Tokyo dropped two percent and Hong Kong slipped 0.3 percent, while Shanghai finished up, adding 0.9 percent.
Sydney was 1.8 percent lower, while Singapore, Seoul, Taipei, Wellington and Manila were all in negative territory. Mumbai, Bangkok and Jakarta were higher.
Stephen Innes, head of Asia-Pacific trade at OANDA, remained downbeat about the outlook.
"While regional equity markets are bouncing off the session lows, the toxic mix of negative inputs will continue to weigh on sentiment," he said in a note.
"With global equities continuing to trend lower it paints a much less compelling picture for those looking to bargain hunt and pick up some arguably undervalued pockets in the Asia equity basket."