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Asian Market Update (June 26): Amid weak signals from global markets, heavy selling is being seen in Asian stock markets today. The direct impact of last night’s fluctuations on Wall Street is clearly visible on the indices of Asian countries this morning. The sudden fall in leading technology and semiconductor stocks has weakened the sentiment of investors, due to which all-round profit-booking is dominating the market.
Asian markets shaken by the weakness of tech stocks, Nikkei and Kospi fell face down.
In Friday morning’s trading session, Japan’s main index Nikkei was seen trading at the level of 69,341.00 with a huge fall of about 4.18 percent. With this, the biggest decline of 7.38 percent was recorded in South Korea’s Kospi.
The situation in other Asian markets is also similar:
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Taiwan Market: Fell 2.28% to 45,200.59 level.
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Hang Seng (Hong Kong): Trending at 22,541.00 with a weakness of 2.32%.
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Straits Times (Singapore): Here also a slowdown of 0.89% is being seen.
However, contrary to all this, China’s Shanghai Composite is moving in the opposite direction and is standing at the level of 4,014.45 with a gain of 2.57 percent. Despite better future guidance from semiconductor companies, investors are avoiding taking risks at this time.
Indian stock market closed today, there will be no movement in BSE and NSE
If you are planning to trade in the domestic stock market today, then stop. Indian stock markets (BSE and National Stock Exchange) are completely closed today, June 26, on the occasion of Muharram. There will be no work in equity, derivatives and currency segments today. Now regular trading will start in the market on Monday.
Momentum fades on Wall Street, Apple’s announcement creates stir
Thursday’s session in the American market (Wall Street) was quite mixed and full of ups and downs. Tech-heavy index Nasdaq closed with losses led by losses in big tech stocks. Shares of the giant tech company Apple fell by a huge 6.1%, which spoiled the mood of the entire market. In fact, the company’s decision to increase the prices of Mac, iPad and home devices affected the sentiment of investors. This also affected other shares of the ‘Magnificent Seven’ (giant tech group).
Closing status of US markets:
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Dow Jones: closed at 51,920.62, up 71.72 points (0.14%).
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S&P 500: It closed at 7,357.49 with a marginal decline of 0.73 points (0.01%).
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NASDAQ: It slipped 118.03 points (0.46%) and closed at 25,358.60.
Despite Micron Technology’s strong earnings and strong outlook, US markets failed to maintain early gains.
Crude oil prices slow, bond yields fall due to tensions in the Strait of Hormuz
Concerns regarding global energy security have once again increased. Brent crude prices were seen fluctuating after the news of a missile (projectile) attack on a commercial ship in the ‘Hormuz Strait’, the world’s most important oil trade route. Amidst this geopolitical tension, there remains uncertainty regarding global oil supply.
On the other hand, the preferred inflation data of the US central bank Federal Reserve has recorded a lower than expected increase. For this reason, the bond market hopes that the Federal Reserve may postpone the decision to increase interest rates in the coming time.
Huge fluctuations in AI (Artificial Intelligence) and chip stocks, investors cautious
At present, there is debate and concern in the markets around the world about when and how much real returns will be received from the billions of dollars invested by tech companies in Artificial Intelligence (AI). This is why there is huge volatility in tech and chip manufacturing stocks. MSCI Asia Pacific indexes and the S&P 500 are on track to post their first monthly losses this quarter.
Even though Qualcomm has expressed confidence of taking annual AI data-center component sales beyond $15 billion by 2029, today the shares of chip companies (SK Hynix, Samsung Electronics and Kioxia Holdings) are witnessing a sharp decline in the Asian market.
News of OpenAI’s IPO being postponed till 2027
Another big news related to the tech world is coming out. According to a New York Times report, ChatGPT maker OpenAI is considering pursuing its Initial Public Offering (IPO). Quoting internal sources, it has been said that the company is now planning to postpone its IPO till the year 2027, which has dealt a slight blow to the expectations of tech investors.