Aerial view of Seoul downtown city skyline with vehicle on expressway and bridge cross over Han river in Seoul city, South Korea.
Mongkol Chuewong | Moment | Getty Images
Asia-Pacific market fell across the board Tuesday, tracking Wall Street declines as investors continued to rotate out of the artificial intelligence trade in the U.S.
Shares of AI plays, like Oracle and Broadcom, slipped more than 5% and 2% respectively, while Microsoft also saw some losses.
Over in Asia, Hong Kong’s Hang Seng index slid 2.08%, leading losses in Asia, weighed down by basic materials and education stocks. The mainland Chinese CSI 300 was down 1.21%.
South Korea’s Kospi lost 1.79%, while the small-cap Kosdaq fell 2.01.
Shares of Korea Zinc plunged over 13% after the company reportedly agreed to sell $1.9 billion of shares to a joint venture controlled by the U.S. government and unnamed U.S.-based strategic investors, according to Reuters.
Medical treatment company ADEL signed a drug development deal with French pharma giant Sanofi worth up to $1.04 billion, according to the South Korean-based company late Monday.
Japan’s Nikkei 225 fell 1.47%, dragged by financial and energy stocks, while the Topix dropped 1.61%. Japan’s flash composite PMI indicated a softer expansion in December, coming in at 51.5 compared to the previous month’s 52.
Australia’s S&P/ASX 200 lost 0.42%, reversing earlier gains and closing at 8,598.9.
Flash purchasing managers index numbers from S&P Global showed that business activity expanded at a slower pace in Australia in December, with the composite PMI falling to 51.1 from November’s 52.6.
