Still, there are strengths underpinning the industry, particularly for Asia’s semiconductor producers, according to BNP Paribas strategists Jason Lui and Cici Zhang. IF the Nasdaq 100’s textbook rebound emboldens Asia tech bulls to buy the recent dip, they might feel they are getting a relative bargain in the process. The 12-month forward price/earnings ratio for technology stocks in the MSCI Asia Pacific Index, which peaked in January at the highest since 2009 relative to the wider benchmark, has seen that spread narrow by almost half, according to data compiled by Bloomberg. That has brought relative valuations down to levels seen on a number of occasions over the last decade, something which still can’t be said about their US peers.