South Korea stocks lead losses in Asia after Wall Street declines on tech sell-off
Asia-Pacific markets tracked Wall Street declines as investors continued to rotate out of the artificial intelligence trade in the U.S.
TL;DR
- Asia-Pacific markets experienced widespread declines, mirroring Wall Street's retreat from AI stocks.
- South Korea's Kospi fell 2.24% to 3,999.13, its lowest in nearly two weeks.
- Korea Zinc shares plunged nearly 14% after agreeing to sell $1.9 billion in shares to a U.S. government-controlled joint venture.
- Medical treatment company ADEL announced a drug development deal with Sanofi worth up to $1.04 billion.
- Hong Kong's Hang Seng, China's CSI 300, Japan's Nikkei 225, and Australia's S&P/ASX 200 all closed lower.
- Economic data from Japan and Australia indicated a slower pace of business activity expansion in December.
- Overnight, the U.S. S&P 500 and Nasdaq Composite also closed lower, while the Dow Jones Industrial Average slipped marginally.