06:52 AM EDT, 09/04/2024 (MT Newswires) -- Asian stock markets retreated Wednesday, as tech issues faltered on concerns the US economy is weakening.

Traders flocked to the risk-off mode after a Tuesday report indicated that US manufacturing activity in August declined for a fifth-straight month.

Commodities prices sagged also, including crude oil charges.

Hong Kong, Shanghai and Tokyo finished in the red, as did most other regional exchanges. The tech-heavy Taiwan TWSE index slipped 4.5%, leading regional setbacks.

In Japan, the Nikkei 225 opened sharply lower and could not recover, finishing down 4.2% on overnight Wall Street cues.

The benchmark Nikkei 225 fell 1,638.70 to 37,047.61 as losing issues outnumbered gainers 214 to 11.

Leading the upside was video game maker Bandai Namco, up 3.1% after disclosing an alliance with entertainment house Toho. Semiconductor-industry capital equipment manufacturer Disco declined 9.8%.

In Hong Kong, the Hang Seng Index opened lower and drifted sideways, finishing off 1.1%.

The broad gauge Hang Seng fell 194.15 to 17,457.34 as losing issues outnumbered gainers 59 to 17. The Hang Seng TECH Index lost 0.4% on the day, while the Mainland Properties Index fell 0.4%.

Leading the upside was Wuxi AppTec, gaining 3.3%, while state oil-giant CNOOC fell 6.4%.

On the mainland, the Shanghai Composite fell 0.7% to 2,784.28.

In economic news, the seasonally adjusted headline China services purchasing managers index, or PMI, posted at 51.6 in August, down from 52.1 in July but still holding above the 50-marker that separates growth from contraction, reported S&P Global.

The China composite PMI for August, a combination of the nation's manufacturing and service sectors, logged at 51.2 in August, unchanged from July.

On the other regional exchanges, the S. Korean KOSPI fell 3.2%; the Australian ASX 200 declined 1.9%; the Singapore Straits Times Index fell 1.1%, but the Thai Set inclined 0.1%. In late trading in Mumbai, the Sensex was down 0.3%.

In other economic news, the seasonally adjusted India services purchasing managers index (PMI) posted at 60.9 in August, up from 60.3 in July, reported S&P Global.

The nation's composite PMI struck 60.7 in August, unchanged from July.

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