Asian Technology Stocks Continue Sell-Off Amid Weak Semiconductor Performance
Asian technology stocks continued their decline, with semiconductor companies leading the losses following another weak session for U.S. tech shares. In South Korea, SK Hynix fell over 10% despite reporting record quarterly profit and revenue due to missing analyst expectations. Samsung Electronics dropped more than 4%, while LG Innotek and Seoul Semiconductor also saw significant declines. In Japan, chipmaker Kioxia lost 10%, Tokyo Electron declined by 8.5%, and SoftBank Group fell over 7%. The sell-off was attributed to ongoing deleveraging in Korea and weaker sentiment toward global tech stocks. Mainland China's ChiNext 300 index dropped nearly 2% while the Hang Seng China Semiconductor Chips Index lost more than 5%. TSMC also saw a decline of around 1.32%. Despite the sharp drop, Aberdeen Investments noted that fundamentals remain strong and viewed the sell-off as an opportunity to add exposure at attractive valuations.
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Topics: Asia tech stocks semiconductors stock market decline