January 31, 2025 04:26 GMT
ASIA STOCKS: Asian Equites Mixed As South Korean Stocks Struggle
ASIA STOCKS
- Asian equities are mixed after sharp losses in South Korean chipmakers as the market reopened from holidays and caught up with concerns over AI semiconductor demand. SK Hynix plunged over 10%, and Samsung fell 2.80% after missing profit expectations, following the global selloff triggered by Chinese AI startup DeepSeek’s cheaper model. Traders are debating whether this is a short-term correction or a deeper shift in the AI market.
- Elsewhere, Singapore’s Straits Times Index surged nearly 2%, buoyed by defensive positioning and dividend yield appeal amid trade uncertainty. Australia’s ASX 200 is 0.50% higher on strength in mining stocks. Japanese equities are mostly higher, with the Nikkei 225 supported by tech optimism following strong ASML results, while the Topix remains in the green however has been weighed down by disappointing earnings from Oriental Land and Hino Motors.
- Broader sentiment remains cautious as Trump’s new tariffs on Canada and Mexico add trade uncertainty, while AI-sector volatility continues to weigh on semiconductor-heavy markets.
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