Asian stock markets closed mixed, with the Nikkei and South Korea falling on concerns about AI competition, while China and Hong Kong rose on strong PMIs.
Asian stock markets closed mixed on Monday (September 1), with the Nikkei and KOSPI pressured by selling in tech stocks and concerns about competition in the AI industry, while China and Hong Kong markets got a boost from better-than-expected August manufacturing PMIs.
The Nikkei 225 closed at 42,188.79 on the Tokyo Stock Exchange, down 529.68 points or 1.24%.
The stock market hit its lowest closing level in nearly three weeks after chip stocks Advantest and Tokyo Electron fell sharply, tracking the US semiconductor index and pressure from news that China's Alibaba is developing AI chips to compete with Nvidia, raising concerns about competition in the industry. Meanwhile, gold prices in Japan surged to a record high of 3 yen per gram, reflecting safe-haven buying amid economic and geopolitical uncertainty.
China's stock market: The Shanghai Composite Index closed at 3,875.53 points, up 17.60 points or 0.46%.
This was boosted by the August RatingDog China PMI, which reached a five-month high of 50.5 and exceeded analysts' expectations, reflecting a return to expansion in China's manufacturing sector. Although official government data remains in the contraction zone for the fifth consecutive month, market sentiment has become more positive due to expectations that the Chinese government will introduce additional economic stimulus measures.
Hong Kong stock market: Hang Seng Index closed up 539.80 points, or +2.15%, to 25,617.42 points.
Responding to data showing a recovery in China's manufacturing sector, which helped spur buying in tech and healthcare stocks, Alibaba jumped more than 18%, followed by strong gains by Innovent Biologics, Wuxi Biologics, and Sino Biopharma. Investors see the recovery in China's economy as a key driver of the Hong Kong market's continued recovery.
South Korean stock market: KOSPI closed at 3,142.93 points, down 43.08 points or -1.35%.
Pressured by selling pressure on tech stocks such as Samsung Electronics, which fell more than 3%, and SK Hynix, which fell nearly 5%, reflecting concerns about the outlook for the semiconductor industry and intensifying competition in AI, leading investors to reduce their exposure to tech assets.
Source: InfoQuest
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