Tech-heavy Asian bourses dropped sharply on Friday, with KOSPI down 1.7%, while Hang Seng index shed 1.3%

Asian stocks mostly declined on Friday amid sustained losses in technology shares, while Japanese markets steadied from recent declines ahead of a national election over the weekend.

Tech-heavy Asian bourses dropped sharply on Friday, with KOSPI down 1.7%, while Hang Seng index shed 1.3%.

Straits Times index declined 0.7%, while futures for Nifty 50 slipped 0.1% ahead of a Reserve Bank of India meeting, where the central bank is widely expected to leave interest rates unchanged.

Mainland Chinese shares were steady, with the Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moving in a tight range.

Nikkei 225 and TOPIX indexes gained nearly 0.7% apiece, with focus turning squarely to a national election on Sunday.

Polls ahead of the election showed Prime Minister Sanae Takaichi’s party poised for a sweeping win, giving her a greater foothold in the lower house.

A super-majority of 310 seats in the 465-seat house could also give Takaichi enough clout to override the upper house, opening up an easier path for more fiscal spending and budget overhauls.

ASX 200 was the worst performer in Asia, tumbling 2% after Reserve Bank of Australia Governor Michele Bullock presented a hawkish stance on policy.

Speaking before lawmakers on Friday, Bullock warned that stronger-than-expected domestic demand and tighter capacity were likely to continue underpinning inflation.

She said that the central bank needed to further dampen domestic demand to tame inflation.

Her comments were viewed as broadly hawkish, sparking increased losses in stocks as markets fretted over more potential hikes by the central bank.

Markets were seen pricing in at least one more hike this year.