Asian stocks advance after global markets fall on tech sell-off

Asian shares mostly gained on Wednesday after global markets fell as traders locked in profits following recent tech-driven rallies.

Gold prices and bitcoin hit all-time highs Tuesday before reversing gains, while the sell-off in some technology stocks hit many markets around the world.

Wall Street's three main indexes declined, with the tech-rich Nasdaq ending the day 1.7 percent lower, pulled down by Apple and Tesla.

Apple's shares fell after news that iPhone sales in China were lower early this year, serving as "a stark reminder of the ongoing trade tensions between the United States and China", Stephen Innes of SPI Asset Management said in a note.

While U.S. stock indices are up sharply on the year, the recent rallies have relied heavily on a few mega-cap stocks.

"Negative news about these key players can trigger a broader pullback across the entire index spectrum, even more so if sales worries emanate from China, which makes up a hefty portion of these tech behemoth earnings from a geographical perspective," Innes said.

If former U.S. president Donald Trump is re-elected and were to impose significant tariffs on Chinese imports, trade tensions could escalate, he added.

"U.S. tech investors could pay the price."

On Tuesday, Asian markets faltered after China kicked off its annual rubber-stamp legislative session by setting an ambitious 2024 growth target of five percent.

The figure is in line with last year's goal but well off the double-digit expansion that for years drove the world's second-largest economy.

Traders were underwhelmed and global equities wobbled.

"Premier Li (Qiang)'s opening speech to the National People's Congress yesterday indicates China is staying the course, in...