SK Hynix, Samsung fall as Asian tech sell-off deepens and crude oil extends gains
4 Articles
4 Articles
Tech stock selloff deepens in Asia, Yen gains
The Kospi Index in South Korea, a bellwether for the artificial intelligence trade, lost 2.8%, putting the benchmark on course for its worst close since April. The drop pushed MSCI Inc.’s regional equities gauge lower for a second day, leaving it around levels last seen in July.
The price of Brent oil exceeded the $114 per barrel Friday, for the first time in May, while world stock markets are affected by a new wave of sales of technology companies' shares. Fears about the sustainability of huge investments in artificial intelligence have led to strong declines on Wall Street and Asian stock exchanges, causing investors to move their capital to assets considered safer.
A sell-off in technology stocks on Wall Street spilled over into Asian markets, while rising tensions in the Middle East kept oil prices at five-month highs, with Brent nearing $114 a barrel.
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