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Asia-Pacific markets mostly slump as investors assess Nvidia results, South Korea and Taiwan lead losses
Asia-Pacific markets mostly fell on Thursday, with tech stocks dragging South Korean and Taiwanese indexes after chipmaker Nvidia reported its second-quarter results.
Nvidia’s earnings for the quarter ended July beat Wall Street expectations, with the company providing stronger-than-expected forecast for the current quarter. The company also authorized an additional share buyback of $50 billion.
Revenue for the second quarter came in at $30 billion, up 15% from the previous quarter and 122% higher from a year ago. However, the firm’s shares fell 8% in extended trading.
South Korean chip heavyweight SK Hynix plunged 5.35%, while Samsung Electronics fell more than 3%, dragging the Kospi down 1.02%, leading losses in Asia and closing at 2,662.28.
The small-cap Kosdaq was down 0.85% at 756.04, its seventh straight day of losses.
The Taiwan Weighted Index lost 0.75% to 22,201.85. Taiwan Semiconductor Manufacturing Company shares shed 2.18%, while Hon Hai Precision Industry — known internationally as Foxconn — dropped 2.4%.
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