ASIA MARKET OPEN | KOSPI Falls More Than 3% in Early Trade, Hong Kong Opens Higher Then Slips; Japan Closed

According to Yonhap, HKET and UDN Money, Japanese markets were closed on Tuesday for the Culture Day holiday, with no trading in the Nikkei 225 or the TOPIX; trading resumes on Wednesday. Seoul's KOSPI opened lower on Tuesday at 5,715.19. Weighed by lingering concerns over massive spending on artificial intelligence (AI) infrastructure ahead of the U.S. midterm elections, the index was down 196.71 points, or 3.36%, at 5,662.37 as of 9:15 a.m. Korea time. Samsung Electronics fell 4.59%, SK hynix dropped 5.1%, Hyundai Motor lost 1.57% and Doosan Enerbility declined 3.77%. As of 01:39 UTC, the KOSPI stood at 5,716.92, down 142.16 points, or 2.43%, with Samsung Electronics down 3.06% and SK hynix down 2.99%. Hong Kong stocks opened higher before turning lower. The Hang Seng Index opened up 76 points at 23,469 on turnover of HK$2.66 billion, while the Hang Seng TECH Index rose 0.4% to 3,853. Xiaomi extended gains by nearly 2%, while Lenovo Group fell more than 3% against the trend and at one point dropped 6% to a low of HK$19.61 after the open. PetroChina fell nearly 3% and CNOOC lost more than 2% as oil prices declined. As of 01:39 UTC, the Hang Seng Index was at 23,353.26, down 40.06 points, or 0.17%. Taiwan's TAIEX opened down 438.55 points at 44,481.59, with turnover of NT$16.324 billion, as selling in U.S. tech stocks continued, and at one point fell 767.37 points to a low of 44,152.77. TSMC opened NT$30 lower at NT$2,300. In early trade, Hon Hai fell 1.59%, MediaTek lost 2.39% and Delta Electronics declined 1.48%, while financial and shipping shares lent support. As of 01:39 UTC, the TAIEX was at 44,433.93, down 486.21 points, or 1.08%. In mainland China, the three major A-share indexes opened lower, with the Shanghai Composite at 3,624.58, the Shenzhen Component at 10,934.30 and the ChiNext at 2,429.77. As of 01:39 UTC, the Shanghai Composite was at 3,597.31, down 1.12%, the Shenzhen Component at 10,888.77, down 1.11%, and the ChiNext at 2,410.01, down 1.98%.