(RTTNews) - Negative sentiment prevailed in Asian stock markets on Friday, dragged down by concerns over the tech sector. Sentiment was pressured by the sell offs on Wall Street triggered by mounting worries about the impact of AI on software companies.
Heightened volatility observed in metals and cryptocurrency markets further dampened risk appetite in Asian markets. Equity markets in New Zealand remained closed for a holiday.
Concerns over AI that triggered losses on Wall Street spilled over into mainland China. China's Shanghai Composite Index shed 0.3 percent from the previous close of 4,075.92 to finish trading at 4,065.58. The day's trading ranged between 4,095.03 and 4,029.97.
The Shenzhen Component Index closed at 13,906.73, falling 0.3 percent from the previous close of 13,952.71.
The Hang Seng Index of the Hong Kong Stock Exchange slumped 1.2 percent from the previous close to finish trading at 26,559.95. The day's trading range was between a high of 26,710.34 and a low of 26,295.03.
The Japanese benchmark Nikkei 225 Index climbed 0.8 percent to close trading at 54,253.68 as investors focused on this weekend's national election. The day's trading ranged between 52,959 and 54,329 amidst hawkish comments from the Bank of Japan's Kazuyuki Masu.
Ajinomoto Co. surged 13 percent followed by Mitsubishi Motors that rallied close to 10 percent. Kikkoman Corp, lost 7.5 percent followed by Konica Minolta that saw prices decrease more than 6 percent.
The Korean Stock Exchange's Kospi Index tumbled 1.4 percent from the previous close of 5,163.57 to close trading at 5,089.14. The day's trading range was between 4,899.30 and 5,120.77.
Australia's S&P/ASX 200 Index closed trading at 8,708.80, plunging 2 percent from the previous close of 8,889.20. The day's trading ranged between 8,683.70 and 8,889.20 amidst declines in the technology sector.
Web Travel Group plunged almost 30 percent followed by Deep Yellow that lost close to 12 percent.
Wall Street had closed on a heavily negative note on Thursday amidst a tech-driven slump attributed to concerns over massive artificial intelligence spending and potential disruption to software companies.
The Dow Jones Industrial Average shed 1.2 percent to finish trading at 48,908.72. The tech-heavy Nasdaq Composite plunged 1.6 percent to close trading at 22,540.59.
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