This photo taken on October 23, 2022 shows people looking at fruits and vegetables outside a supermarket on a covered shopping street in Tokyo.
Richard A. Brooks | AFP | Getty Images
Asia-Pacific markets fell on Friday, tracking losses on Wall Street as investors continued to retreat from technology stocks and profit from gains in stocks in recent weeks.
“There’s been some profit taking,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “If the profit taking had happened five days after trading, I would have cringed a little bit, but that just shows us the rotation that we’re seeing. Magnitude.”
In Asia, Japan’s June inflation rate was 2.8%, unchanged from May, while core inflation, which excludes fresh food prices, accelerated from 2.5% to 2.6%.
However, the core inflation figure was lower than the 2.7% forecast in a Reuters poll of economists.
Japan’s Nikkei 225 Index Following the release of the inflation report, the Topix fell 0.55%, while the Topix fell 0.71%.
A Reuters survey showed that more than 75% of economists said that in order to support economic growth, the People’s Bank of China is unlikely to raise interest rates at the July policy-setting meeting.
Japanese chip-related stocks rebound Thursday’s loss, With the rise of semiconductor suppliers. Tokyo Electron rose 2.3%, Advantest rose 2% and LaserTec rose 1.34%.
Hong Kong’s Hang Seng Index As energy stocks fell, the CSI 300 Index edged up 0.12%, down 2.23%, leading Asia’s losses.
However, Chinese chip stocks listed in Hong Kong bucked the trend and rose. Hua Hong Semiconductor up 4.46% SMIC up 1.5%.
South Korean and Taiwanese chip stocks continue to fall, heavyweights British SemiconductorSamsung Electronics, and Hon Hai Precision Industry – known internationally as Foxconn – widened its losses.
Korean Cospi The Kosdaq fell 1.5%, with the small-cap Kosdaq down 0.21%. this Taiwan Weighted Index Shedding 1.64%.
Australian S&P/ASX 200 Index plunged 1.14%.
