Asia tech stocks rebound after global rout
Taiwan Semiconductor Manufacturing Co. in Hsinchu on Tuesday, January 11, 2022. Images of mobile devices at the (TSMC) Museum of Innovation.
I-Hwa Cheng | Bloomberg | Getty Images
Asia’s technology shares rebounded on Wednesday after global stocks posted big losses in the previous session.
South Korea’s semiconductor heavyweights led the advance in early Asian trading on Wednesday. Shares of Samsung Electronics rose more than 9%, while SK Hynix gained more than 4%, offsetting some of the more than 12% decline that both posted respectively on Tuesday.
Both chip giants are important components of the benchmark kospi The index rose more than 3% after falling 10% in the previous session.
Samsung SDI rose 2.6%, while Seoul Semiconductor rose 2.7%.
This rebound has also spilled over into Japan’s technology sector, where the chip equipment maker is making the cut. cutting edge increased by 0.6% SoftBank Group It gained 1.5% and laser equipment maker Lasertec gained 0.3%.
Wedbush Securities’ Dan Ives said recent channel checks and enterprise AI demand trends in Asia show “there are no chinks in the armour” and argued that the selloff in South Korean tech stocks is a pause after a nearly 100% rally in the Kospi this year, rather than a sign of weakening fundamentals.
The recovery follows a dreary session on Wall Street, where technology stocks extended a global sell-off that began in Asia a day earlier.
The Nasdaq Composite fell 2.2% and the Philadelphia semiconductor index retreated as investors abandoned chipmakers and AI-related stocks. memory chip manufacturer Micron Technology And sandisk fell 13 percent Intel, Advanced Micro Devices And Qualcomm each lost more than 5%.
