Hang Seng Index up 0.6% after 3.3% plunge in Nasdaq 100 on concerns about frothy tech valuations
stocksrebounded on Wednesday, bucking an overnight rout in US stocks spurred by jitters about frothy technology company valuations and an unwinding of leveraged bets on South Korean chipmakers.
The Hang Seng Index rose 0.6 per cent to 23,482.58 by 9.33am. The Hang Seng Tech Index gained 1 per cent. Mainland China’s CSI 300 Index slipped 0.1 per cent.
US stocks tumbled overnight, battered by sell-offs in technology stocks on growing concerns about the rapid pace of share price rises among AI-related stocks. The Nasdaq 100 index plunged 3.3 per cent.
South Korea’s Kospi index was in focus in Asian trading amid elevated volatility. The gauge rebounded more than 4 per cent after a 10 per cent plunge on Tuesday that at one point triggered a circuit breaker. Japan’s Nikkei 225 was little changed.
Earnings results from US memory chipmaker Micron Technology, due later on Wednesday, will take centre stage. They will offer investors a sense of whether artificial intelligence infrastructure buildouts remain robust enough to give fresh legs to the stock market.