Nikkei, Topix, CSI 300: Chip sell-off weighs on Asian stock markets
The quarterly figures of some US technology companies did not meet the high expectations of investors in Asia. This is weighing on the stock markets.
The recent rally driven by artificial intelligence stocks in the Asian markets hit a snag on Thursday, as earnings disappointments weighed on the sector. US technology companies' quarterly results fell short of investor expectations, causing a cooling of the AI-driven rally. Chinese stock markets swung in different directions. The Japanese Nikkei index dropped 0.9% to 65,683 points.
The broader Topix index gained 0.2%. South Korea's leading index, the Kospi, fell 4.6%. Shanghai's index rose 0.4%. The Shanghai and Shenzhen indices fell 0.4%. The market's heavyweights in the chip sector struggled: Samsung Electronics' shares dropped 6.5%, while SK Hynix's fell over 10%. SoftBank Group's AI-specialized investor shares slipped 4.4% in Tokyo, and Tokyo Electron's chip manufacturer stock fell about 6%.
Wataru Akiyama, an equity strategist at Nomura Securities, noted that while heavy chip stocks heavily influence the market, causing a noticeable sell-off, the overall market sentiment had not deteriorated dramatically.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
