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Asian stocks fell on Thursday as mixed earnings from major U.S. tech companies failed to reassure investors about returns on heavy AI spending, with the MSCI Asia Pacific index down around 1%. South Korea's KOSPI fell 2.1%, led by chipmakers SK Hynix (down 4%) and Samsung Electronics (down 3.6%), while Hong Kong's Hang Seng dropped 2.7% and China's CSI 300 slid 1.6%. The Nasdaq 100 fell 5.5% last week, its steepest weekly drop since April 2025, as investors questioned whether heavy data-centre spending can pay off amid AI bubble concerns. Mainland Chinese equities also weakened on fading stimulus hopes and lacklustre earnings, and are approaching a bear market.
- South Korea , Japan shares fall as Asian stocks decline in break from US chip rally
The MSCI Asia Pacific Index fell 0.6%, with eight of its 11 subgroups down, breaking from a chip-led Wall Street rally. South Korea's Kospi dropped more than 2% and SK Hynix hit its lowest close since April, while data centre firm Elice plunged as much as 32% in its Seoul debut. Japan's Nikkei 225 futures fell 0.8% and Topix dropped 0.9%, while the Philadelphia Semiconductor Index had gained 1.6% on Monday, snapping an eight-day losing streak. The 10-year US Treasury yield was at 5.14% after rising seven basis points on Monday. China's central bank said its overnight reverse repo rate will replace the seven-day rate as the policy benchmark, while gold slipped 0.2% to about US$4,130 an ounce.
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Global hedge funds posted steep losses this week as bets on AI stocks were sharply unwound, with Asia-focused funds hit hardest. Goldman Sachs said global fundamental long-short funds lost money every day this week, down 2.9% for the week to October 15, though they remain up 14.3% year to date. On Thursday, Asia-focused stock pickers fell 2.6%, tech-focused funds dropped 2.0%, and South Korea's KOSPI plunged 8% to a six-month low. Hotter-than-expected US inflation raised expectations of rate hikes and pressured semiconductor and AI supply chain stocks, and Asia-focused stock pickers have lost 6.8% in the first half of October.
- Asian Markets Crash: South Korea KOSPI Falls 7.57%, Taiwan Sees Record Foreign Outflows
South Korea's KOSPI fell 7.57% to close at 5,554.22 on Thursday, October 15, losing 454.59 points, extending its losing streak to seven consecutive sessions and reaching a six-month low. The index had dropped as much as 9.29% intraday, triggering a 20-minute trading pause, and foreign investors sold shares worth 3.6 trillion won (about $2.68 billion), with Samsung Electronics and SK Hynix among the biggest drags after the Philadelphia Semiconductor Index fell 4.3% overnight. Taiwan's market fell more than 1,600 points as foreign investors sold a record NT$302.5 billion (about $9.3 billion) in a single day, while domestic investors bought heavily into ETFs, led by the Yuanta Taiwan 50 ETF (0050) with a record NT$37.8 billion in net subscriptions. The article cautions that ETF inflows do not mean the market is close to a bottom, and notes that South Korean financial authorities held an emergency meeting and pledged to support the market.
- Bank of Korea holds rates ; upbeat outlook points to future hikes
The Bank of Korea kept its seven-day repurchase rate at 3% on Thursday (Oct 22), in line with the forecasts of all 34 analysts surveyed by Reuters. It raised its growth outlook, now expecting growth considerably higher than August’s forecasts of 3.3% and 2.9% for this year and next, and said further tightening remains on the table, with the timing and pace of future increases still to be decided. Governor Shin Hyun-song said the bank does not need to strictly follow market expectations, and analyst consensus sees a peak rate of 3.50%, with hikes possibly in November and Q1 2027. Headline inflation slowed to 2.9% in September from 3.1% in August, still above the 2% target, while exports from January to September topped US$800 billion for the first time.
- Japan , Korea stocks fall as Asian markets dip - The Business Times
Asian stocks slipped in early trade on Thursday, Oct 22, with MSCI's Asia-Pacific index excluding Japan down 0.2 per cent, on track for a fourth straight weekly decline. Japan's Nikkei fell 0.4 per cent and Korean shares dropped more than 1 per cent, as tech results, including SpaceX's first profit as a public company and Meta's better-than-expected revenue, offered only brief support amid AI spending concerns and Gulf tensions. Brent crude rose 1.1 per cent to US$110.03 a barrel, near a five-month high, after the US ordered diplomats to leave Saudi Arabia amid Houthi strikes. The 10-year Treasury yield fell to 5.1065 per cent, the dollar index slipped to 102.2, and the yen was flat at 158.125 after a Bank of Japan deputy governor signalled readiness to raise rates. Gold was slightly lower at US$4115.5 per ounce, while Bitcoin fell 0.4 per cent to US$84,284.05.
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