Asian stocks plunged, South Korean stocks fell 2.6%, China's ChiNext fell more than 4%

Asian stocks dive! South Korean stocks fell 2.6%, and China's ChiNext fell more than 4%. (Reuters, diagram)

[Financial Channel/Comprehensive Report] As the market doubted whether the United States and Iran could reach a ceasefire agreement soon, oil prices rose again on Monday. Coupled with the surge in U.S. bond yields, Asian stocks fell on Monday, led by AI stocks, and the index continued to fall. Mainland stocks fell more severely, with all three major indexes falling. The GEM index fell by more than 4%, while the Korean stock market also fell by 2.6%, falling below the 7,000-point mark.

Reuters reported that the 30-year U.S. Treasury yield rose to 5.5185%, close to the highest level since 2004, and has risen 27 basis points this month. Affected by expectations of a rate hike by the Federal Reserve, the two-year Treasury yield has surged 55 basis points this month.

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Tech companies are borrowing billions of dollars to fund their artificial intelligence expansion as soaring yields push up global borrowing costs, while also raising discounts on company earnings.

Affected by this, Asian stocks fell on Monday, with mainland stocks falling more heavily. Led by AI stocks, the three major indexes opened lower. The ChiNext Index fell more than 4%, while the Shenzhen Stock Exchange Component Index also fell 3.37%. As for the Shanghai Stock Exchange, the decline was lighter, still falling 1.74%.

As for the Korean stock market, it opened down 23.06 points and opened at 7057.86 points. With the influx of sell orders from Samsung Electronics and SK Hynix, the stock price opened lower and fell more than 4% during the session. The broader market index also fell along with it. It once retested 6896.8 points during the session, down 184.12 points or 2.6%.

The Nikkei opened up 141 points and opened at 66505 points. The index once rose 670 points and returned to 67034 points. However, as the Asian stocks fell, the index also overturned. It once fell 199 points during the session and measured 66165 points. As of 11:41 Taipei time, it was reported at 66173 points, down 190 points.

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