Asian markets settled lower on Thursday, with South Korea’s Kospi crashing over 8% and the Nikkei dropping more than 5% as the selloff in technology stocks intensified on mounting concerns over the sustainability of massive artificial intelligence investments. Market sentiment weakened further following Wall Street’s overnight fall as hotter-than-expected US CPI data increased the risks of further interest rate hikes by the US Federal Reserve. Meanwhile, investors shifted their focus to US PPI and retail sales data as well as speeches from Fed officials, including Chair Kevin Warsh later in the day for additional cues on the Fed's next move.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 3,707.48 | -59.75 | -1.59 |
Hang Seng | 24,062.72 | -251.45 | -1.03 |
Jakarta Composite | 5,863.78 | -79.24 | -1.35 |
KLSE Composite | 1,623.70 | -4.02 | -0.25 |
Nikkei 225 | 64,425.95 | -3,318.34 | -4.90 |
Straits Times | 5,403.50 | -19.83 | -0.37 |
KOSPI Composite | 5,554.22 | -454.59 | -7.57 |
Taiwan Weighted | 46,969.87 | -1,655.96 | -3.41 |
