Asian markets traded mostly lower in early deals on Thursday, with the risk aversion due to mounting global concerns over high artificial intelligence infrastructure costs. Market sentiments dulled on intensifying geopolitical tensions in the Gulf, which drove Brent crude prices above $110 per barrel and renewed global inflation worries. South Korea’s KOSPI led losses across Asian markets as heavy selling pressured tech giants Samsung Electronics and SK Hynix. The downturn was triggered by aggressive market expansion from Chinese competitor CXMT, which rapidly worsened due to a wave of forced retail margin liquidations.
Nikkei tumbled by 1,474.24 points or 2.28% to 63,147.00, Straits Times down by 8.37 points or 0.15% to 5,429.62, Hang Seng dipped by 722.87 points or 3.06% to 22,929.00, Taiwan Weighted declined by 666.04 points or 1.42% to 46,221.73, KOSPI Index plunged by 221.33 points or 3.86% to 5,514.33 and Shanghai Composite shrunk by 51.18 points or 1.38% to 3,661.85. On the flipside, Jakarta Composite rose by 90.64 points or 1.70% to 5,419.00, and FTSE Bursa Malaysia KLCI index added by 3.06 points or 0.19% to 1,605.33.