Asian markets traded in red in early deals on Friday, on account of risk aversion following the US midterm election results. The outcome sparked widespread concern over tighter regulations and near-term profits in the artificial intelligence sector. Sharp sell offs in technological sector stocks also saddled local indices. Japan’s Nikkei plunged as heavy exposure to the global semiconductor supply chain clashed with rising domestic pushback over the steep infrastructure and electricity costs of local data centres.
Nikkei tumbled by 3,737.90 points or 6.12% to 57,340.00, Straits Times down by 7.22 points or 0.14% to 5,172.24, Hang Seng plunged by 334.98 points or 1.35% to 24,462.00, Taiwan Weighted wilted by 1,666.71 points or 4.01% to 39,908.01, Jakarta Composite narrowed by 98.87 points or 2.00% to 4,931.39, Shanghai Composite curtailed by 44.53 points or 1.21% to 3,645.38, KOSPI Index plunged by 279.08 points or 5.18% to 5,104.72, and FTSE Bursa Malaysia KLCI index declined by 23.53 points or 1.44% to 1,612.33.