Aftermath of US Tech Disappointment Sank All Asian Markets at the Opening Bell

Asian stock markets fell in the aftermath of US tech stock crisis. Nasdaq received a direct hit and reached an all-time low in the past three weeks. The ripple that especially affected the Asian market was FAANG group (Facebook, Apple, Amazon, Netflix and Alphabet, which is Google’s parent company.), after a disappointed financial statement last Friday (July 27, 2018).

 

Japan’s NIKKEI 255 opened at 22,472.12 point, fell 72.72 point or -0.32%

China’s SSE Composite opened at 2,866.90 point, fell 2.15 point or -0.07%

Hong Kong’s HSI opened at 28,663.4 point, fell 69.99 point or -0.24%   

Taiwan’s TAIEX opened at 10,997.73 point, fell 35.81 point or -0.32%   

South Korea’s KOSPI opened at 2,292.23 point, fell 1.28 point or -0.06%   

Singapore’s FTSE STI opened at 3,284.40 point, fell 22.75 point or -0.69%   

Malaysia’s FBMKLCI opened at 1,768.23 point, fell 2.03 point or -0.11%   

Philippine’s PSE Composite opened at 7,730.09 point, fell 43.23 point or -0.56%   

 

Furthermore, a hold off in manufacturings and services segment from China also affected directly to Asian market. China’s NBS reported that July’s manufacturing PMI was 51.2 point, which decreased from June’s 51.5 point. As well as, services PMI that decreased from 55.0 in June to 54.0 in July.  

However, after reports from the Bank of Japan came out later during the day, Asian markets saw a return of funds that reversed most of the downturns.