Panic in software stocks spread to Asian stock markets, with South Korean stocks falling more than 3%, silver plummeting 16%, and gold falling below $4,800.

# Source: Wall Street Insights

By Zhao Ying

Asia-Pacific markets posted broad declines, extending the tech stock sell-off momentum from Wall Street. South Korea's Kospi Index dropped over 3%, with Samsung Electronics and SK Hynix both falling more than 4%. Spot silver plunged over 16% intraday, breaking below the $74 mark. Spot gold slipped below $4,800 intraday, down more than 3% on the day.

On Thursday, Asia-Pacific markets saw widespread losses, continuing the tech stock sell-off on Wall Street, with chip stocks bearing the brunt. South Korea's Kospi Index led the declines across major markets, while Samsung Electronics and SK Hynix both tumbled over 4%. Precious metals nosedived, with spot silver slumping more than 15% intraday.

Overnight, US chipmaker AMD's first-quarter earnings forecast fell short of some analysts' expectations, sending its share price plummeting 17% and triggering a chain reaction in Asian tech stocks. Broadcom and Micron Technology dropped 3.8% and 9.5% respectively.

Nick Twidale, Chief Market Analyst at AT Global Markets, commented that Asian markets are reeling from the overnight sell-off on Wall Street. While it's uncertain whether tech stocks have peaked, there is room for further pullbacks in the market, which is a classic move of "selling tech stocks and rotating into defensive sectors".

South Korea's market came under the heaviest pressure, with the Kospi Index falling 3.68%. Samsung Electronics and SK Hynix declined 4.14% and 4% respectively.

Japan's Nikkei 225 Index edged down 0.73% to 53,898.35, yet the broader Topix Index rose 0.23% to a record high, becoming the only major index in the Asia-Pacific region to close higher.

SoftBank Group sank as much as 6.39% intraday after Arm, its chip design subsidiary, reported lower-than-expected licensing sales in the third fiscal quarter.

Bitcoin weakened in tandem with the tech stock sell-off, falling more than 3%. It broke below the $73,000 level intraday and extended losses further.

Spot silver dived over 16% intraday, breaching the $74 threshold. Spot gold fell below $4,800 intraday, posting a 3% plus drop on the day.

In the domestic market, the main contract of lithium carbonate futures hit the downside limit intraday, the main SHFE silver contract dropped over 7%, and the main platinum contract fell more than 8%.

SDIC Silver LOF hit the downside limit on the fourth consecutive trading day since resumption, closing at 3.443 yuan, with the latest premium rate standing at 37.12%.

Updates to follow.

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