KOSPI -6% Sell-Off Hits ASX Tech, Materials Slide on Lithium Drop
A steep 6% drop in South Korea's KOSPI pulled the Australian tech index XTX down 4% on Tuesday, raising the risk of spillover into US markets, traders said.
Alpha Score of 74 reflects strong overall profile with strong momentum, strong value, moderate quality, moderate sentiment.
A 6% intraday drop in South Korea's KOSPI pulled the Australian tech index XTX nearly 4% lower by Tuesday's close. The sell-off, concentrated in Samsung-linked names and spreading to Taiwan's TSMC, which fell 1.6%, raised the risk of spillover into US markets, traders said.
The ASX200 itself ended the session flat, up 0.06% at the 3:35 p.m. AEDT close. The materials sector fell 1.65%. Lithium prices declined, and gold and iron ore traded in a subdued range.
The deciding factor for Wednesday's ASX open is whether the selling pressure reaches US markets. Traders said the start of US Q3 earnings season could contain the contagion if large-cap tech names report strongly.
At home, Berkeley Energia Ltd was the day's standout gainer, rising 21.47% to cap a 70% weekly surge. The company operates the Salamanca Uranium Project in western Spain and drew investor interest on a coming Spanish election. The bourse operator issued a price-and-volume query earlier in the day.
AGL Ltd rose 3.15%, making it the sixth-biggest gainer and lifting the utilities sector to the day's best-performing basket. BHP fell 0.9%, while Commonwealth Bank of Australia rose 2%. The divergence between the two held the ASX200 flat.
The US inflation print is due Wednesday night local time.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.