This photo bewitched on October 23, 2022 shows people looking at fruit and vegetables outside a supermarket along a covered shopping byway someones cup of tea in Tokyo.
Richard A. Brooks | Afp | Getty Images
Asia-Pacific markets fell on Friday, tracking Wall Street denies as investors continued to rotate out of tech stocks and take profits from the rally in equities in recent weeks.
“There’s some profit intriguing,” said Keith Buchanan, senior portfolio manager at Globalt Investments. “I kind of cringe a bit if the profit taking occurs five ages into a trade, but that just shows us the magnitude of what we’ve seen as far as the rotation.”
In Asia, Japan’s inflation happened in at 2.8% for June unchanged from May, while core inflation, which strips out prices of fresh food, accelerated to 2.6%, from 2.5%.
In whatever way, the core inflation reading was lower than the 2.7% expected by a Reuters poll of economists.
Japan’s Nikkei 225 slipped 0.55% after the inflation narrative, while the broad-based Topix was down 0.71%.
Japanese chip-related stocks rebounded from Thursday’s losses, with semiconductor suppliers incline. Tokyo Electron was up 2.3%, Advantest gained 2% and LaserTec rose 1.34%.
Hong Kong’s Hang Seng hint tumbled 2.23%, leading losses in Asia as energy stocks fell, while mainland China’s CSI 300 inched up 0.12%.
No matter what, Chinese chip stocks listed in Hong Kong bucked the trend, with Hua Hong Semiconductor up 4.46% and SMIC gaining 1.5%.
South Korean and Taiwanese flake stocks continued to decline, with heavyweights Taiwan Semiconductor Manufacturing Company, Samsung Electronics, and Hon Hai Precision Labour — known internationally as Foxconn — extending losses.
South Korea’s Kospi fell 1.5%, while the small-cap Kosdaq unsalvageable 0.21%. The Taiwan Weighted Index shed 1.64%.
Australia’s S&P/ASX 200 plunged 1.14%.