Precise Investors Editorial Team
South Korea was an exception, with the KOSPI rallying to new highs on sustained optimism after a recent technology-fuelled rally
Most Asian stocks dropped on Friday as heightened geopolitical tensions saw traders steer clear of risk-driven assets.
South Korea was an exception, with the KOSPI rallying to new highs on sustained optimism after a recent technology-fuelled rally.
Chinese markets remained closed for the Lunar New Year holiday.
Nikkei 225 and TOPIX indexes were the worst performers in Asia, losing 1.4% and 1.2%, respectively.
Japanese shares declined after some mixed economic numbers. Data showed national consumer price index inflation slumping to a near four-year low in January, while core inflation shed but still remained above the Bank of Japan’s 2% annual target.
Separately, purchasing managers index data showed factory activity hitting a four-year high in February, aided by strong overseas demand.
Hang Seng index declined 0.6% as trade resumed after a three-day break, with tech names tracking earlier losses.
Alibaba Group and Baidu Inc were among the worst performers on the Hang Seng, slipping between 4% and 6%. BYD Co dropped 1.6%.
Other Asian markets moved in a flat-to-low range. ASX 200 shed 0.2%, while Straits Times index increased 0.1%.
Nifty 50 index was flat, with tech names skittish despite reports of several new artificial intelligence ventures in the country.
KOSPI remained an exception, rallying more than 1.6% to a record high of 5,768.61 points. The index hit a record high for a second straight session.
While a rally in tech had driven the KOSPI’s gains on Thursday, Friday’s record high was fuelled by outsized gains in brokerage, defence, and insurance stocks.
Media reports showed a rush in buying among retail investors, despite broader selling by foreign investors.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!