Asian Markets See Red As Tech-led Losses Mount

(RTTNews) - Stock markets across Asia turned into a sea of red amidst renewed concerns over valuations in the technology sector and increasing skepticism over spending in AI infrastructure. The sell-off that reflected in Wall Street a day earlier amidst heavy losses in SpaceX as well as Alphabet, dampened sentiment across the Asian markets. Fears of rate hikes by the Federal Reserve that rattled Wall Street swayed sentiment at the Asian markets also.

China's Shanghai Composite Index lost 57 points or 1.37 percent from the previous close of 4,163.10 to finish trading at 4,106.25. The day's trading ranged between 4,085.59 and 4,175.35. The index has gained more than 21 percent over the course of the past year.

The Japanese benchmark Nikkei 225 lost 2,566 points or 3.55 percent to close trading at 69,788.38. The day's trading ranged between 72,618.44 and 69788.38. Fujikura jumped 5.3 percent followed by Meiji Holdings that rallied 3.5 percent. Furukawa Electric plunged 15.5 percent followed by semiconductor business Kioxia Holdings Corp that tumbled 15.1 percent.

The Hang Seng Index of the Hong Kong Stock Exchange erased 432 points or 1.82 percent from the previous close to finish trading at 23,336.28. The day's trading range was between a high of 23,825.81 and a low of 23,252.13. The index has lost 1.5 percent over the past year.

Korean Stock Exchange's Kospi Index plunged 911 points or 9.99 percent from the previous close of 9,114.55 to close trading at 8,203.84. The day's trading range was between 8,203.84 and 9,175.45. Nevertheless, the index is holding on to gains of more than 172 percent over the course of the past year.

Australia's S&P/ASX200 closed trading at 8,787.00, losing 29 points or 0.33 percent from the previous close of 8,816.10. The day's trading ranged between 8,777.80 and 8,849.90.

Temple & Webster Group led gains with a surge of 4.8 percent. Meridian Energy followed with gains of 3.2 percent. Iluka Resources plunged 10.8 percent followed by Technology One that declined 7.1 percent.

The NZX 50 of the New Zealand Stock Exchange slipped 10 points or 0.08 percent to close trading at 13,435.77. The day's trading ranged between 13,406.90 and 13,515.19. The benchmark index has gained more than 7 percent over the course of the past year. KMD Brands as well as Vista Group International, both rallied more than 3.9 percent. Serko led losses with a decline of 4.4 percent.

Wall Street had closed on a mixed note on Monday amidst positive sentiment generated by progress in oil supplies and losses in megacap tech stocks. The Dow Jones Industrial Average added 0.29 percent to finish trading at 51,712.71. The S&P 500 slipped 0.37 percent to finish trading at 7,472.79. The tech-heavy Nasdaq Composite lost 1.3 percent to close trading at 26,166.60.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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