South Korea stocks plunged Friday, leading losses in the region, as the slump in Wall Street tech names overnight spread into Asia, dragging benchmark indexes lower.
The Kospi ended Friday’s session 478.82 points, or 5.5% lower at 8,160.59. Index heavyweights Samsung Electronics and SK Hynix dropped 6.40% and 9.92%, respectively.
In a move that could pressure South Korea’s tech sector further, the country’s labor minister urged its biggest technology companies to distribute more of the gains from the AI-driven semiconductor boom with workers and suppliers, saying record profits risk exacerbating income inequality.
In Japan, the Nikkei 225 plummeted 882.57 points, or 1.3%, to close the week at 66,588.12.
In Hong Kong, the Hang Seng dropped 291.45 points, or 1.2%, to 24,961.95.
Stocks also came under pressure on Middle East worries. Mixed messages have emerged recently out of negotiations to end the war, which has upset global markets and caused oil and gasoline prices to spike.
In other markets;
In Shanghai, the CSI 300 index docked 87.83 points, or 1.8%, to 4,816.92.
In Taiwan, the Taiex tumbled 606.52 points, or 1.3%, to 45,070.94.
In Singapore, the Straits Times 50 index subtracted 17.57 points, or 0.4%, to 5,049.96.
In New Zealand, the NZX 50 recovered 60.36 points, or 0.5%, to 13,161.97.
In Australia, the AZX 200 doffed 61.01 points, or 0.7%, to 8,625.13.
