Asian markets were mostly lower on Thursday with tech firms back under pressure after a four-day rebound amid lingering AI worries.

In Hong Kong, the benchmark Hang Seng Index ended lower by 385 points, or 1.5 percent, at 25,530 on turnover of HK$255.23 billion

The tech index dropped 112 points, or 2.3 percent, to 4,820 while the China enterprises index fell 105 points, or 1.2 percent, to 8,498.

On the mainland, the Shanghai Composite Index closed up 21 points, or 0.57 percent, at 3,900 on turnover of 1.17 trillion yuan.

The Shenzhen Component Index was 34 points, or 0.24 percent, lower at 14,110 on turnover of 1.36 trillion yuan while the ChiNext Index was down 19 points, or 0.55 percent, on turnover of 657.9 billion yuan.

Investors have enjoyed a much-needed rally since Friday, following a month-long tech rout that slashed billions of dollars off valuations owing to concerns about the vast sums companies had pumped into artificial intelligence.

The recovery started with Seoul – the poster child of the sell-off since June – soaring almost 18 percent at the end of last week and recently battered chipmakers SK Hynix and Samsung powering more than 25 percent higher.

That has fuelled speculation that the AI play was back as traders return to pick up bargain stocks.

However, the rally appeared to peter out on Thursday following a tech retreat on Wall Street and disappointing earnings from US giants SanDisk and Western Digital that revived concerns over the profitability of AI investments.

In Tokyo, the Nikkei fell just over two percent at one stage before ending the day down 617 points, or 0.93 percent, at 65,683 with 56 of the tech components in the 225-strong benchmark being the only counters to slip.

The broader Topix shed just under 10 points, or 0.24 percent, to 4,055.

In Seoul, the Kospi ended 301 points, or 4.58 percent, lower at 6,296, erasing much of the gains from the previous two sessions, as AI-linked volatility hammered the tech-heavy benchmark. (AFP/Xinhua)



Edited by Tony Sabine