Asian markets mixed today: AI rally cools, Hang Seng gains 174 points while Kospi steadies after record peak
Asian equities traded mixed on Thursday as the AI and tech rally began to lose steam. At the same time, traders have remained cautioned amid the intensifying conflict in the Middle East. In Hong Kong, Hang Seng Index inched 174 points to 26,563 while Japan’s Nikkei remained steady, inching 0.66% higher to 63,539. South Korea’s Kospi advanced 0.63% to 7,893, clawing back some ground after a sharp 2.3% fall earlier in the week from its record peak. Singaporean benchmark STI was down 16 points to 4,987. Shenzhen and Shanghai fell 0.9% and 0.5% respectively. Meanwhile in the US, Wall Street saw a softer mood after its recent record-setting climb. US markets reflected the cooling appetite for high-flying tech names. The S&P 500 retreated 0.2% after reaching a fresh all-time high a day earlier. The Dow Jones Industrial Average managed a modest rise of 56 points, or 0.1%, while the Nasdaq composite fell 0.7% from its own record.Chipmakers and AI-linked companies led the declines. Intel dropped 6.8% despite its shares having more than tripled this year, while Micron Technology lost 3.6%.At the close, the S&P 500 shed 11.88 points to finish at 7,400.96. The Dow added 56.09 points to 49,760.56, while the Nasdaq fell 185.92 points to 26,088.20.Currency markets saw the dollar strengthen slightly against the yen, rising to 157.70 from 157.59. The euro edged lower to $1.1741 from $1.1744. Meanwhile in commodity markets, oil prices continue to remain higher as the Strait of Hormuz has continued to see disruptions for 75 days now. By 7:05 am, WTI crude was trading at $101.1, up 0.11 points or 0.11%, while Brent crude stood at $105.8, gaining 0.17 points or 0.16%. Before the Middle East crisis began, crude remained around $70 per barrel. The conflict began on February 28 when the US and Israel launched joint strikes on Iran. After the attack, Tehran retaliated by tightening its noose on the crucial energy pipeline that carries 20% of the world’s energy supplies.
