Asian Markets Today: Nikkei, Kospi Fall Up To 3% As Tech Stocks Lead Selloff; SK Hynix, SoftBank Shares Dip

Asian markets traded sharply lower on Tuesday, with South Korean stocks leading the losses, amid selloff in technology shares.

The MSCI Asia Pacific Index fell 0.6%. Japan’s Nikkei 225 declined 1.33%, while the Topix fell 1.07%. South Korea’s Kospi plunged 3.51%, while the Kosdaq tanked 4.14%. Hong Kong’s Hang Seng index futures indicated a lower opening.

In South Korea, memory chipmaker SK Hynix shares slumped 5.56%, Samsung Electronics share price declined 2.64%, SK Square stock price slipped 6.15% and Elice Inc share price crashed as much as 32%.

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Japan’s SoftBank Group shares tumbled 5.22%, Tokyo Electron share price fell 1.59 and Renesas Electronics stock price declined 1.71%.

Sustained geopolitical tensions in the Middle East and elevated crude oil prices continue to weigh on investor sentiment. The renewed attacks on Saudi energy facilities lifted oil prices, denting risk-appetite.

Meanwhile, the decline in Asian markets contrasted with Monday’s tech-led rally on Wall Street. 

Overnight in the US, Philadelphia Semiconductor Index climbed 1.6%, snapping an eight-day losing streak, and the Nasdaq advanced over 1%.

The Dow Jones Industrial Average eased 36.38 points, or 0.07%, to 51,966.03, while the S&P 500 rose 31.29 points, or 0.41%, to 7,690.73. The Nasdaq Composite ended 290.85 points, or 1.11%, higher at 26,430.89.

In the commodity market, gold prices fell 0.2% to about $4,130 an ounce. 

Crude oil prices rose, with the global benchmark Brent oil nearing $110 a barrel. 

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