Tech stocks lead Asian stock sell-off

Photo caption — Pumping gas for vehicles at a gas station in Quezon, Philippines. Photo: THX/TTXVN

At the end of the trading session, the Nikkei 225 index in Tokyo fell 2.5% to 50,212.27 points as shares of technology investment group SoftBank lost 10% and shares of consumer electronics maker Sony lost more than 1%.

In South Korea, Seoul's Kospi index fell 2.85% to close at 4,004.42. At one point, the index fell as low as 3,867.81 points during the session, falling back below 4,200 points just two days after reaching that milestone.

In the Chinese market, the indices moved in opposite directions. Specifically, the Hang Seng index in Hong Kong lost 0.7% to 25,935.41 points at the close, while the Shanghai Composite index in Shanghai increased 0.2% to 3,969.25 points.

Taipei stocks also fell more than 1% as shares of chipmaker TSMC fell 3%. Markets in Singapore, Sydney, Manila and Jakarta also fell, but Wellington and Bangkok edged up slightly.

Global stocks have surged this year as a huge amount of money poured into AI-related companies, including US giants such as Nvidia, Amazon and Apple as well as Asian ones such as Samsung and Alibaba.

The rally was also supported by easing US trade tensions and expectations that the US Federal Reserve will continue to cut interest rates into the new year. However, last week's warning from the Fed that another rate cut in December was not certain shook market sentiment.

In addition, despite strong earnings reports in recent quarters, investors have begun to question whether chasing the “AI fever” still makes sense when the money is mainly concentrated in a few large companies.

In the domestic market, at the end of the trading session on November 5, the VN-Index increased by 2.91 points (0.18%) to 1,654.89 points. The HNX-Index increased by 0.79 points (0.30%) to 266.70 points.

Source: https://baotintuc.vn/thi-truong-tien-te/co-phieu-cong-nghe-dan-dau-da-ban-thao-cua-chung-khoan-chau-a-20251105160509057.htm