Asian Markets Mixed on Tech Shares Rally and Chinese Shares Decline
Go Wire
January 22, 2025
GoGPT Summarizes Articles
Asian markets showed mixed results on Wednesday (Jan. 22), with technology stocks leading gains in several regions. America's AI infrastructure building project invested by OpenAI, Oracle $ORCL, and Japan's SoftBank caused the market's enthusiasm for tech stocks. However, Chinese equities slumped following trade tariff warnings from the US.
Japan’s Nikkei 225 index surged 1.58%, supported by robust performances in the technology sector. The rally in tech stocks was boosted by optimism surrounding the $500 billion program to develop AI infrastructure in the US. SoftBank Group Corp. (TYO: 9984), a key investor in the program, outperformed the market by jumping up 10.62%.
This optimism boosted broader Asian tech stocks, lifting South Korea's market with a large share of tech stocks. South Korea's KOSPI closed up 1.15%.
In contrast, China’s markets lagged. The Shanghai Composite index fell 0.89%. Hong Kong’s Hang Seng index dropped 1.63%. Trump’s remark about imposing a 10% tariff on Chinese imports by February reignited fears of a trade conflict. The tariff threat weighed on market sentiment. Investors expected Beijing to release additional economic stimulus to counter trade-related challenges.
Elsewhere, as of 4:25 pm SGT, India’s Nifty 50 index fell 0.06%, continuing Tuesday's down trend. As of 4:09 pm SGT, Singapore's straits times index lost 0.06% while FTSE Bursa Malaysia KLCI added 0.48%.
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