In a surprising move today, stock markets in Asia have faced a major bloodbath, resulting in an erasure of more than $800 billion in market capitalizations in just a few hours. The major reason behind such a heavy sell-off was the fall of technology stocks, which made investors feel anxious about their investments in the Asian region.
South Korea’s KOSPI index fell heavily by 8.2%. Such a sharp fall led to a decrease of more than ₩587 trillion, which is about $426 billion in market capitalization. It shows the high pressure on South Korea’s market.
In Japan, its stock market also witnessed a fall of 2.8%, resulting in a loss of ¥32.5 trillion or $217 billion. In Tokyo, technology firms were majorly involved in the selling of stocks.
Taiwan’s stock market has also fallen significantly by 3.5%, which caused a loss of NT$161 trillion or $154 billion. Taiwan has played a very important role in the supply chain of technologies to the whole world.
It is clear that all these falls in the indices of Asia show that there must be a major worry about economic conditions of the world, possible slowdown in demand of technology and geopolitics.
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