International
Semiconductor Slump Slams Asian Stock Markets
Asian stock markets churned downwards on Tuesday, with tech-exposed exchanges closing sharply lower after overnight declines in US peer issues and semiconductor-related shares.Concerns that chipmaker and AI-sector valuations are too rich given heavy capital outlays drove Seoul's KOSPI Index, home to chipmakers SK Hynix and Samsung Electronics, down by 10.8%, while Taiwan's TWSE, which lists industry giant Taiwan Semiconductor Manufacturing, fell 4.7%.The chipmaking and AI-sector were further rattled after media reports that China-based Shanghai Yuliangsheng has started production of deep ultraviolet lithography equipment, a chipmaking technology dominated by the Dutch enterprise ASML.In Japan, the Nikkei 225 opened lower and closed down 4%, as traders offloaded tech stocks.The benchmark Nikkei 225 fell 2,566.27 to 62,364.92, as losing issues outnumbered gainers 140 to 84.Leading the upside was software tester Shift, up 7.7%, while memory chipmaker Kioxia declined 18.3%.In Hong Kong, the Hang Seng Index bucked trends and finished up 0.4% as traders supported internet-based enterprises and property stocks.The broad gauge Hang Seng rose 103.67 to 25,310.85, as gaining issues outnumbered losers 56 to 32. The Hang Seng TECH Index gained 0.6% on the day, while the Mainland Properties Index rose 0.4%.Leading the upside was internet services and game maker Netease, gaining 4.5%, while Lapou Gold declined 23.8% after issuing a profit warning.On the mainland, the Shanghai Composite fell 1.2% to 3,813.31.On the other regional exchanges, the Australian ASX 200 advanced 0.6%; the Singapore Straits Times Index fell 0.1%, while trading floors were closed in Bangkok. In late trading in Mumbai, the Sensex was steady.The MSCI All Country Asia Pacific Index 3.4% on the day.
Hang SengNikkei 225Shanghai Composite