Asian markets traded mostly lower in early deals on Wednesday, saddled by mounting woes over artificial intelligence valuations and disappointing technology sector earnings. The market faced downward pressure from renewed geopolitical tensions in the Middle East and soaring crude oil rates with the disrupted global energy supply routes. Risk aversion ahead to upcoming mega-cap Big Tech earnings (like Microsoft and Meta) and the impending US Federal Reserve policy decision, pressured equity investments. South Korea’s KOSPI extended losses to its lowest level in over three months, pressured by chip sector anxieties and on rising competition from China.
Nikkei tumbled by 1,714.92 points or 2.75% to 60,650.00, KOSPI Index plunged by 719.16 points or 11.94% to 5,304.50, Taiwan weighted wilted by 2,106.84 points or 5.06% to 39,496.52, Jakarta Composite narrowed by 38.82 points or 0.63% to 6,091.77, Shanghai Composite shrunk by 20.13 points or 0.53% to 3,793.18
On the flip side, Hang Seng soared by 357.15 points or 1.39% to 25,668.00, Straits Times up by 31.84 points or 0.57% to 5,647.95, and FTSE Bursa Malaysia KLCI index rose by 0.56 points or 0.03% to 1,713.04.
