Asia-Pacific markets declined on Friday, following Wall Street’s downturn as investors shifted away from tech stocks and took profits from the recent rally. “There’s some profit taking,” noted Keith Buchanan, senior portfolio manager at Globalt Investments. “It’s a bit unsettling if profit-taking occurs just five days into a trade, but it highlights the magnitude of the recent rotation.”
In Asia, Japan’s inflation remained steady at 2.8% for June, while core inflation, excluding fresh food prices, increased slightly to 2.6%, just below the 2.7% expected by economists. Japan’s Nikkei 225 slipped 0.15%, and the Topix fell 0.71%. The central bank is unlikely to raise interest rates in July, aiming to support economic growth. Japanese chip-related stocks rebounded with Tokyo Electron up 2.3%, Advantest gaining 2%, and LaserTec rising 1.34%.
Hong Kong’s Hang Seng index dropped 2.15%, leading regional losses as energy stocks fell, while mainland China’s CSI 300 edged up 0.12%. Chinese chip stocks in Hong Kong, like Hua Hong Semiconductor and SMIC, saw gains. South Korean and Taiwanese chip stocks continued to decline, with major players like Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and Hon Hai Precision Industry extending losses. South Korea’s Kospi fell 1.5%, the small-cap Kosdaq lost 0.21%, and the Taiwan Weighted Index shed 1.64%.
Australia’s S&P/ASX 200 dropped nearly 1.0%. In the U.S., the Dow Jones Industrial Average fell 1.29%, the S&P 500 dropped 0.78%, and the Nasdaq Composite lost 0.7%.
The post Friday 19th July 2024: Asia-Pacific Markets Decline Following Wall Street’s Tech Stock Sell-Off first appeared on IC Markets | Official Blog.
Leave a Reply