Asia Pacific Markets Slump as Tech Stocks in Wall Street Fall

On Wednesday morning (6 Mar, 9:52 AM, GMT+7, Bangkok time), most major indices in Asia Pacific slumped in accordance with the US market as tech stocks dipped. The stock price of Apple declined by around 3% after iPhone sales in China in the first six weeks of 2024 fell along with its market share.


Japan’s NIKKEI slid by 0.25% to 39,997.66. South Korea’s KOSPI dipped by 0.66% to 2,631.9, and Australia’s ASX 200 dropped by 0.15% to 7,712.3.

As for stocks in China, Shanghai’s SSEC decreased by 0.26% to 3,039.9. Shenzhen’s SZI declined by 0.88% to 9,334.4, while Hong Kong’s HSI rose by 0.86% to 16,301.84.


Meanwhile, the US stock markets edged lower on Tuesday as the Dow Jones Industrial Average (DJIA) fell by 1.04% to 38,585.19. NASDAQ plunged by 1.65% to 15,939.59, and S&P 500 contracted by 1.02% to 5,078.65. VIX jumped by 7.19% to 14.46.


As for commodities, oil prices edged lower on Tuesday as China announced its economic growth target of 5% but had not demonstrated any concrete details on the plan, raising concerns among investors on a potential lack of demand growth. Meanwhile, the lack of demand may also crash with OPEC+ production cuts. Brent lost 76 cents or 0.92% to $82.04 per barrel, and the West Texas Intermediate (WTI) decreased 59 cents or 0.75% to $78.15 a barrel.

This morning, Brent edged down 1 cent or 0.01% to $82.03 a barrel, and WTI increased 4 cents or 0.05% to $78.19 per barrel.

Meanwhile, gold futures slid by 0.4% to $2,133.3 per Troy ounce.