Nikkei leads losses in Asia; tech stocks plunge on Nasdaq's decline

Asian stocks kicked off the week lower after heavy losses on Wall Street at the end of last week.

The technology sector suffered the most following a 2.6 percent decline on the Nasdaq on Friday, which saw momentum stocks like Tesla, Netflix, and Amazon.com get crushed for a second day.

The Dow lost 1 percent while the S&P 500 fell 1.25 percent after the Labor Department said the U.S. created 192,000 new jobs in March after a gain of 197,000 in February, and the unemployment rate remained unchanged at 6.7 percent. Economists polled by Reuters had expected employment to increase 200,000 last month and the unemployment rate to dip to 6.6 percent.

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Nikkei 1.7% lower

Japan's benchmark index fell to a one-week low as a stronger currency weighed on exporters. The yen traded at 103.1 per dollar, retreating further from Thursday's three-and-a-half month low of 104.

Amid tech shares, e-commerce giant Rakuten and Yahoo Japan slumped 5 percent each while Softbank and Panasonic both tumbled over 4 percent.

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Daiichi Sankyo jumped 3 percent after announcing that Sun Pharmaceutical Industries will buy its Indian unit Ranbaxy Laboratories.

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Sensex finishes flat

Indian stocks fell on profit-taking as the nation's month-long general election kicked off Monday but managed to finish the session flat.

Sun Pharmaceutical jumped 2 percent after announcing its $3.2 billion acquisition of Ranbaxy Laboratories. Shares of the latter company fell 2.5 percent.

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ASX slips 0.2%

Australia's benchmark S&P ASX 200 index pulled back after closing at its highest levels in nearly a month on Friday amid weakness in financials. Macquarie led losses by 1 percent.

Gold miners rallied after the yellow metal extended gains following its biggest one-day jump in over three weeks; Newcrest Mining climbed nearly 4 percent and Endeavor Mining gained 2 percent.

Wesfarmers climbed 1.2 percent after announcing that it will sell the insurance broking and premium funding operations of its Insurance division to subsidiaries of Arthur J. Gallagher.

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Kospi flat

South Korean shares reversed losses to eke out modest gains in the final hour of trade as foreign investors extended their buying streak into a ninth straight session.

Index heavyweights LG Electronics jumped 2.8 percent while Samsung Electronics rallied 1.2 percent ahead of reporting first-quarter earnings guidance on Tuesday.

In the tech sector, internet search engine Naver plunged 6.4 percent, extending losses after Friday's 1.6 percent.

Shanghai financial markets were shut for public holidays.