Markets Asia: Weak US tech figures push Asian stock markets into negative territory
The recent AI rally is stalling in Asia. Major indexes in Japan and Korea are trading lower at the open.
Asian markets suffered on Thursday due to weak U.S. technology earnings, dampening the performance of Asian stock exchanges. The recent AI-driven rally stalled as quarterly results from several U.S. tech companies failed to meet investor expectations. Chinese stock markets showed mixed tendencies. Japan's Nikkei index fell 0.9 percent to 65,683 points.
The broader Topix index gained 0.2 percent. South Korea's leading index, the Kospi, dropped 4.6 percent. Shanghai's index fell 0.4 percent. The Shanghai and Shenzhen index of major companies slipped 0.4 percent. In the two previous trading days, it had gained more than five percent. Heavyweights from the chip sector struggled: Samsung Electronics' shares fell 6.5 percent, while SK Hynix's dropped more than 10 percent.
In Tokyo, shares of the AI-specialized startup investor SoftBank Group fell 4.4 percent. Shares of chip manufacturer Tokyo Electron declined about 6 percent. Wataru Akiyama, an equity strategist at Nomura Securities, noted that while the heavy selling in semiconductor stocks has had a significant impact, the overall market sentiment has not deteriorated dramatically. Dow Jones remained near a record high, but the tech benchmark was weaker.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Markets Asia: Caution dominates the scene at Asian markets handelsblatt.com
