Asia Stocks Decline Amid Tech Pullback, Oil Prices Stable
Asian stocks declined on Thursday after a tech-driven surge the previous day. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.69%, led by declines in tech firms. South Korean shares dropped 3.64% while Japan's Nikkei lost 1.57%. Samsung Electronics and SK Hynix declined by 2.44% and 6.95% respectively, while Kioxia plummeted 9.61% and Tokyo Electron slumped 4.61%
The decline followed a weaker session on Wall Street overnight, where the Nasdaq's winning streak was ended as shares of Elon Musk-led SpaceX and Advanced Micro Devices stumbled after their quarterly earnings. AMD's results beat analysts' estimates but fell short of investors' lofty expectations.
A proposed deal between Iran and Oman to help end five months of war between Iran and the United States could give Tehran control over ships entering the Gulf through the Strait of Hormuz, one of the biggest concessions yet to Iran. Oil prices were steady in the $70-a-barrel range, with Brent crude futures falling 0.18% to $79.31 per barrel and U.S. West Texas Intermediate futures edging down 0.35% to $74.96 a barrel.