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Hang Seng snaps back while tech lags as chip fears resurface

The Hang Seng Tech Index fell 0.8% even as the broader Hang Seng rose 0.3% at the close, and South Korea’s Kospi slid about 5% on Tuesday after a more than 7% intraday drop.

Reported · Written up by our desk · Asia

Hong Kong stocks reversed early weakness on Tuesday, recouping all intraday losses and extending gains into a third day, according to LiveMint Markets. The Hang Seng Index ended up 0.3% at the close.

While the broad benchmark recovered, technology remained under pressure, with the Hang Seng Tech Index still down 0.8%. LiveMint Markets also cited growing concern about the sustainability of an AI-led rally amid soaring valuations and noted emerging competitive threats from China as weighing on sentiment.

The broader region was mixed as South Korea, Japan and Taiwan fell amid a technology sell-off, the outlet said. South Korea’s Kospi plunged more than 7% intraday before recovering some losses and fell around 5% on Tuesday, led by steep declines in Samsung Electronics, down 7.4%, and SK Hynix, down 10.1%.

Japan’s Nikkei 225 fell 1.8% to 67,777.52, LiveMint Markets reported, as chip-related stocks also dropped, including a decline in Tokyo Electron.

Latest closeNikkei 225 70,035.71 ▼0.9%|Hang Seng 24,130.50 ▼0.6%|Kospi 6,803.90 ▼2.0%

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