Asian Markets See Red As Tech-led Losses Mount

Stock markets across Asia turned into a sea of red amidst renewed concerns over valuations in the technology sector and increasing skepticism over spending in AI infrastructure. The sell-off that reflected in Wall Street a day earlier amidst heavy losses in SpaceX as well as Alphabet, dampened sentiment across the Asian markets. Fears of rate hikes by the Federal Reserve that rattled Wall Street swayed sentiment at the Asian markets also.

China’s Shanghai Composite Index lost 57 points or 1.37 percent from the previous close of 4,163.10 to finish trading at 4,106.25. The day’s trading ranged between 4,085.59 and 4,175.35. The index has gained more than 21 percent over the course of the past year.