Asian markets were trading lower. China's Shanghai Composite was down 0.42% or 7.86 pints at 1,867.69. Hong Kong's Hang Seng plunged 3.87%, or 532.41 points to 13,228.08, while Japan's Nikkei slipped 4.89%, or 413.99 points to 8,046.99. Singapore's Straits Times fell 3.65%, or 63.63 points to 1,682.04, while South Korea's Seoul Composite declined 5.71% or 59.92 points to 989.79, and Taiwan's Taiwan Weighted lost 3.13% or 148.17 points and was trading at 4,582.34.

Hirokazu Yuihama, Asian Regional Strategist at Daiwa Institute of Research has a bearish outlook on the export sector across Asia. He was particularly bearish on the technology and the auto sector. "The overall slowing down of demand will have more of an impact on corporate earnings of export sectors like automobile and technology sectors," he added.

He was however, bullish on defensive sectors like retail, utilities, and sectors which have domestic demand.

Here is a verbatim transcript of the exclusive interview with Hirokazu Yuihama on CNBC-TV18. Also watch the accompanying video.

Q: Exporters stocks are getting hit quite a bit considering weak sales across. Which are the sectors you are particularly avoiding and which are the sectors you think there is a chance of bullishness?

A: I have a very bearish outlook on the overall export sector. The Korean Won has been depreciating. The overall slowing down of demand will have more of an impact on corporate earnings of export sectors like automobile and technology sectors. So, currently I am avoiding the technology sector in Taiwan, Korea and auto sectors in Korea.

But the bullish outlook that I have is on very defensive sectors like retail, and food and beverages, or utilities, and domestic demand sectors in China and maybe in Singapore.