Kamal Ghorui
Asian markets opened lower on Thursday, after fresh losses in US technology stocks that weakened investor confidence across the region. Overnight losses on Wall Street weighed down sentiment, even as US stock futures showed modest gains. Hong Kong’s HSI was down 1.2% or 340 points to 26,506. In Japan, Nikkei shed 604 points to reach 53,689 at 9:45 am IST. Shanghai and Shenzhen were also in red, down 1% and 1.8% respectively. South Korea’s Kospi fell 215 points or 4% to reach 5,156.The regional retreat followed a mixed close in US markets on Wednesday. The S&P 500 fell 0.5% to 6,882.72, recording its fifth modest decline in six sessions. The Dow Jones Industrial Average rose 0.5% to 49,501.30, while the Nasdaq composite tumbled 1.5% to 22,904.58. Oil prices, meanwhile, fell sharply, losing more than $1 a barrel.Although advancing stocks outnumbered laggards within the S&P 500 by more than two to one, falling technology shares dragged the index lower for a second straight session. Technology stocks have remained under pressure despite strong earnings, following sharp price gains that pushed the sector to dominate markets. Software companies, in particular, are facing concerns over potential competition from firms using artificial-intelligence technology.In commodities, gold and silver prices advanced after giving up larger gains earlier in the session. Gold rose 0.3% to settle at $4,950.80 an ounce, having briefly moved back above the $5,000 mark. The metal has seen sharp swings after roughly doubling in price over the past 12 months, nearing $5,600 last week before dropping below $4,500 on Monday. Silver, which has experienced even greater volatility, climbed 1.3%.The recent surge in precious metals had been driven by investors seeking safer assets amid concerns over tariffs, a weaker U.S. dollar and rising government debt worldwide. Critics, however, have said prices rose too far and too quickly and were due for a correction.In early Thursday trading, US benchmark crude oil fell $1.19 to $63.95 a barrel, while Brent crude declined $1.24 to $68.22. In currency markets, the dollar strengthened slightly to 156.83 yen from 156.80, while the euro slipped to $1.1795 from $1.1804.
