A surge in the sale of technology stocks causes Asian equities markets to decline.
While competitor SK Hynix lost about 4% ahead of its US offering, Samsung Electronics sank more than 5% despite good profitability.
As investors quickly lock in recent AI-driven profits, South Korea's KOSPI suffers a sharp 7.76% decline.
Tuesday saw a general dip in Asian equities markets as Wall Street's tech-led rise from the night before was entirely overshadowed by a new wave of selling in the technology sector. After a strong, AI-driven rally, market participants aggressively lock in profits, causing South Korea's KOSPI index to plummet 7.76% to trade close to 7,420.
Despite announcing excellent earnings growth driven by high demand for AI data center memory chips, market leader Samsung Electronics fell more than 5%. In a similar vein, rival chipmaker SK Hynix saw an almost 4% decline as it formally began the marketing process for its intended US IPO.
As investors assessed fresh domestic economic data that showed a 3.2% increase in nominal salaries and a 0.4% decline in household spending for May, the Nikkei 225 in Japan dropped 1.95% to trade close to 68,380.
With Kioxia Holdings falling 8.3% and Lasertec falling 6.4%, major manufacturers of electronics and tech components spearheaded the decline. On the other hand, Mitsubishi UFJ and Mizuho Financial reported robust rises of 3.5% and 3.2%, respectively, indicating that financial heavyweights offered a pocket of stability.
With Hong Kong's Hang Seng index down 0.60% to about 23,470 and mainland China's SSE Composite index falling 1.29% to be close to 3,990, the Greater China markets are also closing the session lower.
While competitor SK Hynix lost about 4% ahead of its US offering, Samsung Electronics sank more than 5% despite good profitability.
As investors quickly lock in recent AI-driven profits, South Korea's KOSPI suffers a sharp 7.76% decline.
Tuesday saw a general dip in Asian equities markets as Wall Street's tech-led rise from the night before was entirely overshadowed by a new wave of selling in the technology sector. After a strong, AI-driven rally, market participants aggressively lock in profits, causing South Korea's KOSPI index to plummet 7.76% to trade close to 7,420.
Despite announcing excellent earnings growth driven by high demand for AI data center memory chips, market leader Samsung Electronics fell more than 5%. In a similar vein, rival chipmaker SK Hynix saw an almost 4% decline as it formally began the marketing process for its intended US IPO.
As investors assessed fresh domestic economic data that showed a 3.2% increase in nominal salaries and a 0.4% decline in household spending for May, the Nikkei 225 in Japan dropped 1.95% to trade close to 68,380.
With Kioxia Holdings falling 8.3% and Lasertec falling 6.4%, major manufacturers of electronics and tech components spearheaded the decline. On the other hand, Mitsubishi UFJ and Mizuho Financial reported robust rises of 3.5% and 3.2%, respectively, indicating that financial heavyweights offered a pocket of stability.
With Hong Kong's Hang Seng index down 0.60% to about 23,470 and mainland China's SSE Composite index falling 1.29% to be close to 3,990, the Greater China markets are also closing the session lower.
