finance Feb 06, 2026

South Korea's Kospi plunges 5%, leading losses in Asia markets after Wall Street tech rout

C

CNBC Finance

2 min read
Key Points
  • South Korea's Kospi led losses in Asia for another day, falling 3.85%.
  • This follows a tech sell-off on Wall Street.
  • Alphabet's capex plans and Qualcomm's forecast rattled investor confidence.
Restored Cheonggyecheon at night, Seoul.
Renan Gicquel | Moment Open | Getty Images

South Korea's Kospi plunged as much as 5% Friday, leading another weak session in Asia markets after the tech sell-off turned into a rout on Wall Street.

The South Korean index pared losses and was last down 3.86%, while the small-cap Kosdaq saw a larger loss of 5.26%.

Japan's Nikkei 225 opened down 1.22%, on pace for a third straight day of losses. The broad-based Topix was 0.74% lower.

Australia's S&P/ASX 200 also showed signs of weakness, falling 1.61%.

Hong Kong's Hang Seng Index futures were at 26,510, below the last close of 26,885.24.

In the U.S., tech giant Alphabet came under pressure after reporting fourth-quarter results and flagging a sharp rise in artificial intelligence spending, with capital expenditure totaling $185 billion for 2026. Shares lost 0.5%

Qualcomm slid more than 8% after posting a weaker-than-expected forecast because of a global memory shortage.

Overnight in the U.S., the Dow Jones Industrial Average shed 1.20%, while the S&P 500 lost 1.23%, pushing it into negative territory for the year. The tech-heavy Nasdaq Composite posted the biggest decline, dropping 1.59%.

—CNBC's Sean Conlon and Sarah Min contributed to this report.

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