Asian stocks rebound after tech sell-off; Indonesia shares plunge

Summarised from 2 outlets · Updated 16 Oct, 07:39 · Archive

Asian shares mostly rebounded on Friday after a technology sell-off, though Indonesia's market plunged following a downgrade warning.

Asian shares mostly advanced on Friday, reversing losses from a technology sell-off the previous day. South Korea's benchmark Kospi index jumped 3.6% after tumbling 7.6% on a sell-off of artificial intelligence-related shares. Japan's Nikkei 225 rose 1.9% to 65,658.59, after falling 4.9% the day before. Technology stocks including Samsung Electronics, which was up 4.2%, and memory chipmakers SK Hynix and Kioxia Holdings also gained ground.

Indonesia's stock market plunged following a downgrade warning. Index provider MSCI warned it would downgrade Indonesia from 'emerging market' status, triggering growing concerns of capital flight.

Federal Reserve chair Kevin Warsh said the artificial intelligence development could bring huge benefits to the global and U.S. economies. Speaking at an IMF and World Bank gathering in Bangkok, Warsh called the technology 'probably the most consequential change to the U.S. and the global economy' in his lifetime.

How it is being reported

• Stocks rebound after tech sell-off and Indonesia shares sink on market downgrade warningAsian shares have mostly rebounded after Wall Street gains, a day after a tech sell-off dragged stocks lower.Clickorlando · 16 Oct, 07:08
• Stocks rebound after tech sell-off and Indonesia shares sink on market downgrade warningAsian shares have mostly rebounded after Wall Street gains, a day after a tech sell-off dragged stocks lower.News4Jax · 16 Oct, 07:08

In this story: South Korea · Japan · Indonesia · Taiwan · Kevin Warsh · MSCI · Samsung Electronics · TSMC

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