Technology stocks in Asia were mixed on Wednesday after their U.S. counterparts ended lower in a volatile day on Tuesday.
Commenting on the stocks of the two Hong Kong-listed suppliers, Kevin Leung, executive director of investment strategy at Haitong International Securities, told CNBC’s “Street Signs” on Wednesday that their prices had come down “considerably.”
“In terms of valuations, I think it’s (a) sort of weak scenario (being) priced in right now,” he said.
The moves in Asia came after Goldman Sachs slashed its price target on Apple on Tuesday, noting that “in addition to weakness in demand for Apple’s products in China … it also looks like the balance of price and features in the iPhone XR may not have been well-received.”
Leung, on the other hand, said: “Apple tends to surprise a little bit when it comes to sales numbers.”
“For the past year we’ve been hearing different news flow about Apple cutting back their numbers, but then they’re still sort of delivering the numbers,” he added.
Apple shares fell 4.8 percent on Tuesday.
Across Asia, the tech sector appeared mixed on Wednesday.
The overall picture for tech was mostly positive in Hong Kong toward the end of the trading day. Chinese juggernaut Tencent saw its stock rise 2.84 percent and China Literature gained 3.28 percent. Shares of computer maker Lenovo, however, fell 4.15 percent.
FAANG stocks were volatile on Tuesday trading, starting the day down sharply, but recovering most of their losses by the end of the day. They collectively lost more than $ 1 trillion in market value from recent highs on an intraday basis.
One investor told CNBC’s “Squawk Box” that the FAANG stocks were priced “beyond perfection.”
“The momentum that was positive that drove them to, maybe a level of irrational exuberance among their owners has now reversed course,” said Jim Lowell, chief investment officer at Adviser Investments on Wednesday.
— CNBC’s Fred Imbert contributed to this report.