Asian Stocks Dragged Down By Disappointing Tech Earnings

Asian markets finished Thursday’s trading on a weak note amid disappointment over weak tech earnings and anxiety ahead of an earnings report by chipmaker TSMC.

China’s Shanghai Composite Index shed 29.31 points or 0.9 percent to finish trading at 3,169.52. The day’s trading ranged between 3,165.67 and 3,209.06. The Shenzhen Component Index dropped 116.38 points or 1.1 percent to close at 10,816.27.

The Japanese benchmark Nikkei 225 Index tumbled 405.51 points or 1.2 percent to end trading at 32,490.52. The day’s trading range was between 32,465.00 and 32,855.50.

Taisei Corp. and Subaru Corp. both rallied more than 2 percent. JFE Holdings, Toyobo Co. and Nissan Motor Co. all gained more than 1 percent.

Semiconductor testing equipment maker Advantest Corp topped losses with a 4.2 percent decline. Terumo Corp. also lost more than 3 percent. Yaskawa Electric Corp., Taiyo Yuden Co., and Minebea Mitsumi all declined more than 2 percent.

The Hang Seng Index of the Hong Kong Stock Exchange erased 24.29 points or 0.1 percent from the previous close to finish trading at 18,928.02. The day’s trading range was between a high of 18,927.67 and a low of 18,924.06.

The Korean Stock Exchange’s Kospi Index declined 8.01 points or 0.3 percent to close trading at 2,600.23. The day’s trading range was between 2,589.29 and 2,611.34.

Australia’s S&P/ASX200 Index closed trading at 7,325.00, edging up 1.30 points or less than a tenth of a percent. The day’s trading range was between 7,322.90 and 7,383.30.

Mineral Resources surged 5.2 percent. Flight Centre Travel Group added more than 4 percent. Ampol jumped 3.4 percent. Real estate business Lendlease Group and travel services business Webjet both gained more than 2 percent.

Telix Pharmaceuticals declined 14.6 percent following a quarterly business update. Gold mining business Northern Star Resources extended losses with a 6.6 percent decline. Semiconductor business Brainchip Holdings shed 5.1 percent, pharma business Imugene dropped 4.8 percent and Sayona Mining declined 2.8 percent.

The NZX 50 Index of the New Zealand Stock Exchange shed 12.44 points or 0.1 percent to close at 11,932.10. Trading ranged between 11,882.17 and 11,961.37.

Stride Property topped gains with a 2.8 percent rally. Sanford, Argosy Property, Meridian Energy and Arvida, all rose more than 1 percent.

Pacific Edge was the biggest laggard, declining 4.4 percent. Mainfreight, Synlait Milk, Ryman Healthcare and Restaurant Brands NZ all declined more than 1 percent.

Wall Street had closed on a mildly positive note on Wednesday, ahead of major earnings updates. The Nasdaq Composite edged up 0.03 percent to close at 14,358.02 whereas the Dow Jones Industrial Average added 0.31 percent to finish trading at 35,061.21.

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