SEOUL, October 23 (AJP) - Asian markets opened lower Thursday as investors locked in profits following Wall Street’s overnight decline, though a few selective gainers held their ground.
In Seoul, the main indices hovered near flat after the Bank of Korea kept its policy rate unchanged for a sixth consecutive month, underscoring the complex uncertainties weighing on the economy. The KOSPI inched up 0.1 percent to 3,888.2, while the KOSDAQ was little changed at 879.24.
SK hynix returned to positive territory, retrying record levels, while Samsung Electronics slipped 1.8 percent to 96,900 won despite overnight confirmation by Elon Musk about Samsung Electronics joining TSMC in the production of its AI5 chips powering its next-generation Tesla fleet. Hanmi Semiconductor, a key high-bandwidth-memory (HBM) equipment maker, eased 0.7 percent to 150,700 won as analysts cited profit-taking after the U.S. market slump.
Battery makers also weakened. LG Energy Solution dipped 0.4 percent to 450,200 won after Tesla’s weaker-than-expected results, and EcoPro Materials lost 3 percent to 67,000 won. Parent EcoPro, which had surged more than 15 percent Wednesday, gave back 2.5 percent to 85,200 won on the KOSDAQ.
By contrast, LG Chem extended its momentum, adding 0.7 percent to 394,000 won after Wednesday’s 13-percent jump triggered by Palliser Capital’s activist campaign urging value-enhancing reforms. ISU Chemical soared over 20 percent to 9,200 won, following a limit-up rally the previous session. Company officials said they could not identify any specific catalyst for the move.
In Tokyo, the Nikkei 225 dropped 1.5 percent to around 48,560, dragged by SoftBank Group, down another 3 percent to 22,900 yen ($150.5). Defense contractors outperformed, with Sumitomo Heavy Industries up 7 percent to 3,930 yen and Kawasaki Heavy Industries gaining 2.7 percent to 10,800 yen on optimism over Prime Minister Sanae Takaichi’s pledge for stronger defense spending.
The Shanghai Composite Index opened around the 3,880, down roughly 0.7 percent. Shares related to natural resources and trade advanced across the board, while property and technology stocks declined broadly.
Taiwan’s TAIEX fell 0.8 percent to 27,410, erasing the prior day’s mild gains.
Copyright ⓒ Aju Press All rights reserved.
