- KOSPI fell 3.5% to 5,484.38, with Samsung down 5.7% and SK Hynix down 7.4%.
- The Hang Seng jumped 3%, and the ASX 200 gained 1.9% as non-AI markets rallied.
- Brent plunged roughly 8.7% on Wednesday and stayed near $94 in Asia on Thursday.
Asian markets split on Thursday after the US midterms. China, Hong Kong, Australia and Southeast Asia rallied, while chip-heavy markets sold off and South Korea’s KOSPI briefly lost more than 4%. Oil slid to a two-month low, and Bitcoin climbed above $80,000.
Chip Stocks Drag Seoul, Tokyo and Taipei
- KOSPI: down 3.5% at 5,484.38 by late morning.
- Samsung Electronics fell 5.7% and SK Hynix 7.4%.
- Nikkei 225: down 0.5% at 61,914.53, with Advantest off 9.4%, Tokyo Electron 7.7% and SoftBank 5.3%.
- TAIEX: down 1.6%.
Selling in artificial intelligence stocks extended. Trump has championed the industry, and his party’s loss of full control in Washington has fed doubts about whether AI-driven share prices have climbed too far.
Gains Elsewhere
Hong Kong’s Hang Seng jumped 3.08% to 24,597.59, Shanghai’s Composite added 0.1%, and Australia’s ASX 200 gained 1.9% to 9,003.40.
All five major Southeast Asian regulated stock exchanges closed higher:
- Jakarta: up 2.70% at 5,034.30, back above 5,000
- Manila: up 1.70% at 5,791.84
- Kuala Lumpur: up 1.25% at 1,636.80
- Bangkok: up 0.74% at 1,502.09
- Singapore: up 0.33% at 5,286.20
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Oil Falls, Metals Rise
Brent plunged about 8.7% on Wednesday to roughly $93 and held near $94 in Asia. Traders bet that a Democratic-run Congress could press Trump to scale back the war with Iran, and US defense stocks fell, with Lockheed Martin down 6.9%.
Gold rose 1.8% to $4,138 an ounce, and silver jumped 1.60% to $52.73. The dollar traded near 158 yen, and the dollar index slipped to 101.40.
Bitcoin Climbs
- Bitcoin: $80,358.30, up 5.7% in 24 hours
- Ether: $2,417.51, up 8.0%
- BNB: $713.64, up 4.2%
- XRP: $1.31, up 4.7%
Wall Street Sets the Tone
The Dow gained 3.03% to 53,356.12, a rise of more than 1,500 points. The S&P 500 added 1.58% and the Nasdaq 1.44%. Hospital operators and dollar stores led the rally. Trump Media fell 24.5%.
Corporate profits and interest rates drive stocks more than who controls Congress, so the long-term effect of the election is unclear.
Asian markets delivered a mixed reaction following the US midterm elections, with technology-heavy indexes facing pressure while other regional markets advanced. Falling oil prices, rising precious metals, and a rebound in Bitcoin added to the market’s contrasting moves.
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Related: Bitcoin, Silver, and Copper Flash Warning Signs of a Massive Market Sell-Off
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