Asian markets closed mixed on Monday, with most indexes ending in the red after a tech selloff in the United States. It was one of those days when bad news from Wall Street just rippled across the region.
Japanese and South Korean chipmakers got hit particularly hard since they’re so tied to what happens with US tech companies. When American semiconductor stocks tank, it usually drags down their Asian suppliers and partners too.
China was a bit of a mixed bag, though. While the broader market was down, some of their tech companies actually did okay thanks to all the AI buzz.
Asian markets: Nikkei 225 hits 3-week low
Japan’s Nikkei 225 dropped to its lowest close in three weeks as investors got spooked about the AI competition heating up.
The index fell 1.24%, or about 530 points, to end at 42,188.79. At one point during the day, it was down more than 2% before recovering slightly.
The broader Topix index didn’t get hit quite as hard, falling 0.39% to 3,063.19, but it still reflects the overall cautious mood in Japanese markets.
Hong Kong had a much better day than most of Asia, with the Hang Seng Index jumping 2.15% to close at 25,617.42. That’s a solid gain when most other regional markets were struggling.
Chinese companies listed in Hong Kong did well too, with the China Enterprises Index up nearly 2% to 9,121.87. But the real standout was the Tech Index, which climbed 2.20% to 5,798.96.
Korean markets slip on tech sector worries
South Korea’s Kospi index plunged 1.35% to 3,142.93, and the smaller Kosdaq dropped even more at 1.49% to 785.
Korean markets have been particularly sensitive to tech sector worries lately, so the selloff there wasn’t too surprising.
Australia joined the decline too, though not as dramatically. The S&P/ASX 200 slipped 0.51% to 8,927.70, which is pretty mild compared to what we saw elsewhere in the region.
China’s CSI 300 remained flat on Monday as investors remained cautious about the overall volatility. The index surged 0.60% higher to close at 4,523.71 on Monday.
Sensex climbs 568 points
By the end of the day, Indian markets had a pretty solid session. The Sensex climbed 568 points to close at 80,377.74, up 0.71%, while the Nifty gained 198 points to finish at 24,625.10, up 0.81%.
The breadth was impressive too, as over 2,600 stocks went up compared to just 1,300 that fell.
Auto stocks were the big winners, with the Nifty Auto index jumping 2.7%. Consumer durables weren’t far behind at 2.2%. Even the smaller companies did well, with mid-caps up 2% and small-caps gaining 1.7%.
That’s a sign investors weren’t just buying the big names; they were feeling optimistic across the board.
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