Precise Investors Editorial Team
Markets struggled to sustain recent gains after a strong rally driven by artificial intelligence-linked stocks
Asian stocks dropped on Friday as technology shares lost momentum amid stalled Iran-U.S. peace talks and a renewed surge in oil prices, while investors weighed slightly stronger inflation figures from Japan.
Markets tracked overnight losses on U.S. stock market, where technology stocks, which had driven recent gains, came under pressure.
U.S. stock index futures rose in Asian trading after U.S. president announced an extension of the Israel-Lebanon ceasefire.
Markets struggled to sustain recent gains after a strong rally driven by artificial intelligence-linked stocks.
Investor sentiment was weighed down by still-elevated geopolitical tensions in the Middle East.
Stalled negotiations between Tehran and Washington, coupled with ongoing disruptions in the Strait of Hormuz, kept crude prices elevated above $100 per barrel, stoking inflation concerns and dampening appetite for risk assets.
U.S. president’s announcement of a ceasefire extension between Israel and Lebanon offered only limited support.
KOSPI index edged down 0.4% to 46,452.29 points, after hitting a record high of 6,557.56 points in the prior session.
The benchmark was set to jump more than 4% this week with gains in heavyweight chipmaking stocks.
Shanghai Composite index dropped 0.5%, while the blue-chip Shanghai Shenzhen CSI 300 slid 0.6%. Hang Seng traded 0.5% lower, with the HSTECH sub-index dropping 1%.
The Nikkei 225 index edged up 0.4% after hitting a record high on Thursday, while the broader TOPIX ticked 0.1% lower.
Nikkei 225 was set to add 1.5% for the week, with tech gains and earnings supporting gains.
Straits Times Index declined 0.8%, while S&P/ASX 200 slipped 0.5%.
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