Stocks mixed with tech firms back under pressure
A man walks past a stock quotation board showing the Nikkei stock prices outside a brokerage in Tokyo, Japan, on Jun 16, 2026. (Photo: REUTERS/Manami Yamada)
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
HONG KONG: Most Asian markets were mixed on Thursday (Aug 6) with tech firms back under pressure after a four-day rebound amid lingering artificial intelligence worries, while oil edged up even as Iran said it was finalising a deal with Oman over the Strait of Hormuz.
Investors have enjoyed a much-needed rally since Friday, following a month-long tech rout that slashed billions of dollars off valuations owing to concerns about the vast sums companies had pumped into AI.
The recovery started with Seoul – the poster child of the sell-off since June – soaring almost 18 per cent at the end of last week and recently battered chipmakers SK hynix and Samsung powering more than 25 per cent higher.
That has fuelled speculation that the AI play was back as traders return to pick up bargain stocks.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
However, the rally appeared to peter out Thursday following a tech retreat on Wall Street and disappointing earnings from US giants SanDisk and Western Digital that revived concerns over the profitability of the AI investments.
Seoul’s KOSPI shed more than 4 per cent at one point, led by a 10 per cent plunge in SK Hynix and Samsung’s loss of more than 6 per cent.
Tokyo’s Nikkei – another tech-heavy index – lost nearly 1 per cent, with chipmaker Kioxia down more than 10 per cent and Tokyo Electron 7 per cent off.
There was also selling in Hong Kong, Wellington, Manila and Taipei, though Shanghai, Sydney and Singapore rose with Mumbai and Bangkok.
London, Paris and Frankfurt were also up.
While Wall Street was broadly negative, the Dow still mustered a gain to push it to a third straight record close.
Easing tensions in the Middle East and comments from Washington about a US-Iran deal to reopen the Strait of Hormuz have also helped equities this week by pushing oil prices down and tempering inflation and rate hike concerns.
Both main contracts edged up Thursday after Iran said it had agreed on a route with Oman for ships transiting the waterway and was adding the final touches to arrangements for jointly managing it.
Official sources briefing Iranian media stressed that any reopening would depend on the US fulfilling what Tehran sees as its commitment to end its own naval blockade of Iran’s ports.
“The factors making the Strait of Hormuz insecure still exist on the part of the United States, particularly the naval blockade and other aggressive and threatening actions against Iran and its interests,” said Iran Foreign Ministry spokesman Esmaeil Baqaei, according to state news agency IRNA.
Investors are keenly awaiting the release of key US jobs data Friday, hoping for an idea about the state of the economy as the Federal Reserve plots its next moves on borrowing costs.
Figures on Wednesday showed hiring in the US private sector was significantly below expectations in July, with industries like leisure and hospitality shedding jobs.
Source: AFP/ec
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
