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, South Korea’s Kospi led losses in the region for a second straight day, losing 1.78%, while the small-cap Kosdaq plunged 2.12%.
Shares of Korea Zinc plunged as much as 11.24% 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 1.27%, dragged by basic materials and real estate stocks, while the Topix dropped 1.32%. Japan’s flash composite PMI indicated a softer expansion in December, coming in at 51.5 compared to the previous month’s 52.
Hong Kong’s Hang Seng index slipped 1.47%, weighed down by basic materials and energy stocks, while the mainland Chinese CSI 300 was down 0.92%.
Australia’s S&P/ASX 200 lost 0.29%, reversing earlier gains.
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.