South Korea shares fall as Asian stocks decline, tracking US chip losses
The MSCI Asia Pacific Index drops 0.3% after a US gauge of chipmakers fell 2.7% on Oct 12
The MSCI Asia Pacific Index fell 0.3% on Monday as Asian stocks mirrored losses on Wall Street, tracking weak US chipmaker performance. South Korean shares experienced a sharp decline of over 3%, with the Hang Seng Index in Hong Kong flat and Japan's Topix up by 0.1%. Meanwhile, Meta Platforms saw a rise of more than 3% after unveiling its Muse Wonder AI model.
The Nasdaq 100 Index slipped 0.7%, while S&P 500 futures remained unchanged at 9:02 am Tokyo time. Brent crude oil prices slipped 0.6% to around US$106 a barrel, and the US dollar remained strong. Investor sentiment in AI-related equities remains cautious, with Broadcom CEO Hock Tan expressing concerns about the boom's durability. The US earnings season begins next week, with key banking stocks expected to report.
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Also reported by 5 other outlets
- Asian stocks dive as focus on earnings, geopolitics freemalaysiatoday.com
- Asian stocks dive as focus on earnings, geopolitics brecorder.com
- Global Market Today: Asian shares slide as chip stocks tumble; investors eye US earnings, CPI economictimes.indiatimes.com
- South Korea moves to block 27 crypto websites, including KuCoin, MEXC cointelegraph.com
- South Korea’s Lee says country cannot avoid raising interest rates investing.com
