On Friday, the Asia-Pacific markets faced a sharp downturn, mirroring a significant sell-off on Wall Street. The Nasdaq Composite index fell into correction territory, which is defined as a decline of 10% or more from its recent peak, raising alarms about the performance of artificial intelligence stocks.
South Korea was particularly hard hit, with the Kospi index plummeting over 8%, dropping below the 5,000 mark, while the small-cap Kosdaq index fell more than 7%. Japan's markets also suffered, with the Nikkei 225 declining by more than 2% and the broader Topix index down 2.9%. In Australia, the S&P/ASX 200 index decreased by 0.9%.
This widespread decline across the region highlights the interconnectedness of global markets and the potential for investor sentiment to shift rapidly in response to developments in the tech sector