Stock market sentiment in the Asian region was observed to be mixed at the beginning of this week after experiencing severe pressure at the end of June due to overblown concerns regarding the artificial intelligence (AI) sector. A positive trend briefly emerged after the latest data showed that job creation in the United States fell below expectations, signaling that the Federal Reserve might not be aggressive in raising interest rates to curb inflation.
Nevertheless, market optimism is still overshadowed by high volatility in tech sector stocks. The Kospi index in Seoul, South Korea, witnessed this uncertainty with volatile movements; it briefly recorded an increase of nearly 2% before ultimately reversing to weaken by 0.5% and closing at the level of 8,051.33 points.
In other major markets, the Nikkei 225 index in Tokyo tended to stagnate at the 69,737.69 point position. Meanwhile, the Hong Kong exchange via the Hang Seng index managed to strengthen by 1% to the level of 23,578.58 points, in contrast to the Shanghai Composite index in China, which corrected slightly by 0.1% to 4,041.24 points.
Positive sentiment for market players came from the release of Hon Hai Group or Foxconn's second-quarter financial reports, which exceeded analyst estimates. This positive outcome became a major highlight for investors wanting to monitor the company's investment direction in future AI technology development.
On the other hand, the Vietnamese stock market experienced deep selling pressure. At the closing session, the VN-Index recorded a decline of 1% to 1,843.50 points, while the HNX-Index corrected more significantly by 3.6% towards the 296.51 point level.
