Precise Investors Editorial Team
KOSPI was the worst performing Asian bourse, losing as much as 4% in volatile trade
Most Asian stocks moved in a flat-to-low range on Tuesday as a recent chip-fuelled runup in technology shares lost steam, while markets remained on edge over few signs of de-escalation in the Iran-U.S. war.
South Korean stocks were the worst performers, seeing a heavy dose of profit-taking after rallying to a series of record highs through April and early-May.
S&P 500 Futures dropped 0.2% in Asian trade.
KOSPI was the worst performing Asian bourse, losing as much as 4% in volatile trade. The index briefly hit a record high in early trade before sharply reversing course.
Stocks, especially chipmakers, were subject to profit-taking after a stellar run-up in recent months. The sector was boosted chiefly by optimism over increased demand in the artificial intelligence sector.
Samsung Electronics Co Ltd dropped 4%, while SK Hynix Inc logged sharp swings.
Focus is squarely on talks between Samsung and its largest labour coalition ahead of a planned strike from May 21– a move that could greatly hurt global memory chip production.
While Samsung and its rivals had risen in anticipation of potential supply disruptions, a strike could also hurt Samsung during a time of heightened memory chip demand.
Broader Asian markets were mixed on Tuesday, with Nikkei 225 and TOPIX indexes adding 0.5% apiece. Japanese markets largely shrugged off bets on an interest rate hike by the Bank of Japan, after a summary of opinions showed a growing hawkish tilt at the central bank during its April meeting.
Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were flat, while Hang Seng clocked mild gains.
ASX 200 declined 0.4%, pressured by losses in tech stocks, while Straits Times index was flat.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!