Hong Kong and mainland stocks were weighed down by worries that a moderation in AI spending by mega US technology firms will dampen the outlook for heavyweight Asian chipmakers.

In Hong Kong, the benchmark Hang Seng Index opened down 278 points, or 1.1 percent, at 24,932.

The tech index was down 87 points, or 1.86 percent, at 4,611 while the China enterprises index was down 94 points, or 1.13 percent, at 8,257.

Up north, the Shanghai Composite Index opened down 23 points, or 0.6 percent, at 3,853.

The Shenzhen Component Index was down 208 points, or 1.5 percent, at 13,915, while the ChiNext Index was down 60 points, or 1.7 percent, at 3,515.

In Tokyo, the Nikkei opened down 838 points, or 1.26 percent, at 65,584 before losses piled up to put the 225 benchmark 1,853 points, or 2.79 percent, lower at 64,568 at one stage before lunch.

In Seoul, the pattern was the same as the Nikkei's, with the Kospi losing further ground to be 324 points, or 4.57 percent, lower at 6,772 at one stage before midday after opening down 96 points, or 1.35 percent, at 7,000.

Chipmakers, ⁠in particular South Korea's SK Hynix and Samsung Electronics, have been among the biggest beneficiaries of the AI spending boom, making them vulnerable to any slowdown in outlays. (Reuters & Xinhua)




Edited by Azam Khan