SEOUL, November 18 (AJP) - The Wall Street tech rout — fueled by renewed concerns over Nvidia’s overvaluation — spilled into Asia on Tuesday, hammering semiconductor names and dragging down major regional indices.
South Korea’s KOSPI plunged 3.32 percent to 3,953.62, losing the symbolically important 4,000 level. Sentiment soured after news that Thiel Macro — the hedge fund founded by Palantir Technologies chairman Peter Thiel — had fully liquidated its Nvidia stake.
Foreign investors dumped 440 billion won ($300 million) of shares, while institutions unloaded 677 billion won, deepening the sell-off. Individual investors, however, stepped in with 1.24 trillion won in bargain hunting.
SK hynix led the decline among heavyweight stocks, tumbling 5.94 percent to 570,000 won. Samsung Electronics slid 2.78 percent to 97,800 won.
Shipbuilding stocks — buoyed early in the session by optimism over the Korea–U.S. trade fact sheet — also reversed. HD Hyundai Heavy Industries, which touched 626,000 won intraday, ended flat at 603,000 won, while Hanwha Ocean slipped 2.37 percent to 127,800 won.
The tech-heavy KOSDAQ shed 2.66 percent to 878.70, falling below 900.
The broad selling pressure spoiled the much-anticipated debut of The Pinkfong Company, creator of the global “Baby Shark” hit. Shares closed at 41,500 won, up 9.34 percent from the IPO price of 38,000 won — positive but well short of expectations for a stronger first-day pop.
Japan’s Nikkei 225 also tumbled, losing 3.22 percent to 48,702.98 and slipping below the 50,000 mark.
As in Seoul, Nvidia-linked suppliers were hit hardest. Advantest fell 3.7 percent to 19,260 yen ($124), Tokyo Electron dropped 5.47 percent to 31,480 yen, and semiconductor circuit-board supplier Ibiden posted the steepest loss with an 8.48 percent plunge to 12,140 yen.
Taiwan’s TAIEX also declined as tech stocks dragged the market lower. Chipmaking titan TSMC, Nvidia’s largest foundry partner, slid 2.77 percent to 1,405 Taiwan dollars ($45), while chip designer MediaTek dropped 4.88 percent to 1,170 Taiwan dollars.
China’s Shanghai Composite Index dipped 0.81 percent to 3,939.81, a milder fall compared with Seoul, Tokyo and Taipei but still weighed down by weaker-than-expected Singles’ Day consumption. The Shenzhen Composite Index lost 0.92 percent to 13,080.49.
The sharpest correction in Greater China was seen in Hong Kong, where the Hang Seng Index dropped 1.86 percent to 25,893.06.
Lenovo fell 4.46 percent to 9.64 Hong Kong dollars ($1.24) after Nomura cut its target price from 14 to 11 Hong Kong dollars, worsening the broader tech slump. BYD slid 3.82 percent to 96.85 Hong Kong dollars amid renewed concerns over margin pressure and supply gluts in China’s EV market.
Copyright ⓒ Aju Press All rights reserved.
