From BigGo Finance · BigGo Finance · · 2m
Japanese and South Korean Stocks Drop as AI Firms Boost China A-Shares
South Korean stocks fell 3.17% on open as AI supply chain firms report strong earnings.
In brief
South Korean stocks fell 3.17% on open as AI supply chain firms report strong earnings. South Korea's KOSPI index dropped 3.17% on October 19, led by SK Hynix and Samsung Electronics, while China A-share AI supply chain firms reported profit growth and buybacks. Originally reported by BigGo Finance.
Stock Markets Open Lower
Japanese and South Korean stock markets opened broadly lower on October 19.
KOSPI Falls 3.17%
South Korea's KOSPI index fell 3.17% at the open, with SK Hynix down more than 4% and Samsung Electronics down over 3%.
Nikkei 225 Drops 0.77%
The Nikkei 225 opened 0.77% lower, extending selling pressure on U.S. tech stocks.
U.S. Tech Stocks Weakened
U.S. stocks weakened last Friday with the Nasdaq down 2.15% and major tech stocks falling sharply.
China A-Share AI Firms Report Earnings
China A-share artificial intelligence supply chain companies issued positive third-quarter earnings previews.
CXMT Reports Profit Swing
CXMT expects a profit of 131 billion to 132.5 billion yuan for the first three quarters, swinging to profit.
Demingli Reports Profit Swing
Demingli forecasts net profit of 8.65 billion to 8.95 billion yuan, swinging to profit.
Shengyi Technology Grows Profits
Shengyi Technology reports net profit growth of 164% to 181% year-on-year.
Hengtong Optic-Electric Grows Profits
Hengtong Optic-Electric forecasts net profit up 151% to 168% year-on-year.
State Council Emphasizes AI
China's State Council Executive Meeting emphasized deepening the 'AI+' initiative.
Export Restrictions Proposed
China's Ministry of Commerce and Ministry of Science and Technology proposed adding 23 AI technologies to export restrictions.
Share Buybacks Announced
STAR Market companies launched share buybacks, with CXMT proposing a buyback of 1 billion to 2 billion yuan.
AI Policy Signals
China's AI policy signals include expanding the 'AI+' initiative and strengthening computing power coordination.
Market Reaction
U.S. AI stocks lost $1.1 trillion in market value this week while China A-shares showed resilience.
What it means
South Korea's KOSPI index dropped 3.17% on October 19, led by SK Hynix and Samsung Electronics, while China A-share AI supply chain firms reported profit growth and buybacks.
