Shares mostly lower in Asia after tech-led drop on Wall St

Stocks were mostly lower Thursday in Asia after weakness in technology and health services companies’ shares led an overnight decline on Wall Street.

Benchmarks fell in Tokyo, Hong Kong and Sydney but edged higher in Shanghai.

As coronavirus vaccines move closer to distribution, markets have been pushing higher on hopes the pandemic will begin to ease, allowing economies to recover.

A vaccine from Pfizer and German partner BioNTech, which is already in use in the U.K., is on track for a positive review and potential approval in the U.S. within the next week. The Food and Drug Administration will also consider a vaccine developed by Moderna later this month.

The recent surge in coronavirus cases and tighter restrictions on businesses over the last few weeks have again raised the importance of a vaccine for beaten down businesses.

The rollout of vaccines in Asia has been still slower. In many countries, outbreaks have waxed and waned as governments seek a balance between pandemic precautions and economic exigency.

The Shanghai Composite index added 0.2% to 3,377.86. Hong Kong's Hang Seng index slipped 0.5% to 26,359.06 and the Nikkei 225 index in Tokyo gave up 0.2% to 26,756.24. In South Korea, the Kospi edged 0.1% lower to 2,752.46.

Australia's S&P/ASX 200 declined 0.7% to 6,683.10 after China’s government has announced additional import taxes on Australian wines, stepping up pressure on its government amid a bitter diplomatic conflict over the coronavirus, territorial disputes and other irritants.

The Chinese Ministry of Commerce said an investigation concluded Australia improperly subsidizes wine exports, hurting Chinese producers. It imposed a countervailing tax of 6.3% to 6.4%. China, Australia’s biggest export market, already has effectively blocked...