On Thursday, South Korea’s markets spearheaded the declines across the Asia-Pacific region, mirroring the losses on US Market as the sell-off in the tech sector intensified. Seoul’s Kospi index tumbled 3.86% to 5,163.57, leading losses in Asia, as chip heavyweights Samsung and SK Hynix fell 5.8% and 6.44%, respectively. Among the other significant decliners was defense giant Hanwha Aerospace, which saw a decrease of 7.33%. The small-cap Kosdaq experienced a decline of 3.57%, closing at 1,108.41.
Japan’s Nikkei 225 experienced a decline of 0.88%, closing at 53,818.04 as it pulled back from a record high. Investment firm SoftBank Group Corp experienced a decline of over 7% following the news that chip designer Arm’s fiscal third-quarter licensing sales fell short of estimates. Nevertheless, Japanese electronics manufacturer Panasonic saw a rise of 8.41%, despite the company reporting disappointing revenue and net profit figures for its fiscal third quarter that concluded in December. Adjusted operating profit, however, rose to 159.1 billion yen ($1.03 billion), reflecting a 5.59% increase compared to the same period last year. The adjusted operating profit excludes restructuring costs amounting to 129.3 billion yen.
The broad-based Topix, which had been the sole index in positive territory earlier, reversed its gains, falling slightly to 3,652.41 and retreating from a record high. Hong Kong’s Hang Seng index increased by 0.14%, reaching 26,885.24, whereas the mainland Chinese CSI 300 experienced a decline of 0.6%, closing at 4,670.42. Both indexes were negatively impacted by basic materials stocks. Australia’s S&P/ASX 200 experienced a decline of 0.43%, concluding the day at 8,889.2. In the U.S. overnight, the S&P 500 experienced a decline of 0.51%, marking consecutive losses.
Meanwhile, the Dow Jones Industrial Average saw an increase of 0.53%, while the Nasdaq Composite fell by 1.51%. Advanced Micro Devices experienced a significant decline of 17% following a first-quarter forecast that failed to meet the expectations of certain analysts. Broadcom and Micron Technology experienced significant declines, with Broadcom dropping approximately 3.8% and Micron falling by 9.5%.