Session at a Glance

KOSPI crashes 5% into bear market as US-Iran strikes jolt Asia; Hang Seng defies selloff with chip rally.

US military strikes on Iran and the revocation of Iranian oil sanction waivers overnight sent crude surging over 3% and triggered a wave of risk-off selling across export-heavy Northeast Asian markets. South Korea’s KOSPI plunged 5.35% — now roughly 20% below its June 19 record high and officially in bear market territory — with Samsung and SK Hynix leading losses as semiconductor sentiment crumbled. Japan’s Nikkei shed 2.11%, and India’s Nifty 50 dropped 1.56% on energy-cost fears.

Hong Kong was the standout outlier. The Hang Seng rallied 2.99% — its best session in over a month — as investors rotated into beaten-down China tech names. Alibaba surged 12.21% on AI and domestic-substitution momentum, dragging the Hang Seng Tech Index up 4.3%. Singapore’s Straits Times also bucked the regional trend, gaining 1.34% led by banks.

The session’s dividing line was clear: markets exposed to geopolitical risk and global semiconductor supply chains sold off hard, while cheaper China/HK tech and ASEAN defensives attracted bargain-hunting flows.

Here are the standout movers across Asia-Pacific’s major exchanges for the session of Wednesday, July 8, grouped by market.

Australia (ASX)

↑ WOW +1.22%

Large-cap · 39.9 (local)

Why: No clear catalyst — Woolworths edged higher as a defensive consumer-staples play amid broader risk-off selling, with grocery names benefiting from rotation out of cyclicals.

Pattern: Classic defensive rotation: staples outperform when indices sell off on geopolitical shocks. Move is modest and fits the sector-relative safety bid, not a standalone breakout.

↓ MIN -3.41%

Mid-cap · 58.87 (local)

Why: Mineral Resources fell 3.41% as iron ore and lithium names were pressured by a stronger US dollar and risk-off commodity selling following the US-Iran escalation and oil price spike.

Pattern: Momentum continuation lower — MIN has been under sustained selling pressure alongside lithium peers. The move fits a macro-driven commodity de-risking pattern rather than a company-specific catalyst.

Hong Kong (HKEX)

↑ 9988 +12.21%

Mega-cap · 107.5 (local)

Why: Alibaba surged 12.21% as investors rotated aggressively into beaten-down China tech on AI and domestic-chip substitution momentum, with BABA bouncing off deeply oversold RSI levels near 25.

Pattern: Sharp mean-reversion bounce from oversold extremes — stock had dropped over 22% in a month. The rally fits a broader Hang Seng Tech rotation as funds take profits on pricier global peers and re-enter cheaper China names.

↓ 0005 -0.91%

Mega-cap · 151.9 (local)

Why: HSBC dipped 0.91% despite Hong Kong’s broader rally, as rising oil prices and geopolitical risk weighed on global banking sentiment. Defensive positioning amid US-Iran escalation capped upside.

Pattern: Lagging the Hang Seng’s tech-led rally — bank names didn’t participate in the AI rotation. The modest decline is sector-relative underperformance rather than a directional breakdown.

China — Shanghai (SSE)

↑ 601988 +2.42%

Mid-cap · 5.92 (local)

Why: Bank of China rose 2.42% as state-owned bank stocks attracted safe-haven bids amid the geopolitical turbulence. Headlines about Chinese regulatory monitoring of US insider-trading lawsuits may have kept the name in focus.

Pattern: SOE bank stocks often act as domestic safe havens when global volatility spikes. The move fits a defensive rotation pattern within the A-share market, not a fundamental re-rating.

↓ 600030 -1.58%

Mid-cap · 28 (local)

Why: No clear catalyst — CITIC Securities fell 1.58% as mainland brokerages slipped on risk-off sentiment and the Shanghai Composite’s 0.49% decline, with trading volumes softening.

Pattern: Brokerages are high-beta proxies for A-share sentiment. The decline mirrors the broader Shanghai index pullback and fits a risk-off sector rotation away from cyclical financials.

China — Shenzhen (SZSE)

↑ 002594 +1.79%

Large-cap · 87.8 (local)

Why: BYD gained 1.79% on continued EV demand momentum and positive press around its competitive gains versus Tesla, while Chinese robotaxi peer Momenta’s top-end HK IPO pricing reinforced smart-mobility optimism.

Pattern: Momentum continuation — BYD has been the domestic EV leadership trade. The move aligns with broader China tech/EV rotation and the Hang Seng Tech rally, suggesting cross-listed sentiment carry.

↓ 300750 -3.08%

Mega-cap · 361 (local)

Why: CATL fell 3.08% as the battery giant lagged the broader China tech rebound, potentially weighed by profit-taking after prior strength and lingering concerns about EV battery overcapacity margins.

Pattern: Diverging from BYD and the Hang Seng Tech rally — suggests sector rotation within China’s EV supply chain. The drop looks like profit-taking in a high-valuation name rather than a trend reversal.

Japan (TSE)

↑ 9432 +1.01%

Large-cap · 149.5 (local)

Why: NTT gained 1.01% as a classic domestic-telecom defensive, bucking the Nikkei’s 2.11% selloff. Low-beta utility-like names attracted bids as geopolitical risk pushed investors out of export cyclicals.

Pattern: Textbook defensive rotation — telecoms and utilities outperform when risk sentiment deteriorates. NTT’s relative strength fits the safety-bid pattern seen across the session.

↓ 6861 -4.45%

Large-cap · 7.47e+04 (local)

Why: Keyence fell 4.45% as the factory-automation bellwether was caught in the broad Japanese tech selloff driven by US-Iran geopolitical risk and the global semiconductor rout spilling over from Wall Street.

Pattern: High-beta industrial tech name tracking the Nikkei’s decline with amplified downside. The move fits a risk-off momentum pattern — capex-sensitive names sell harder than the index on geopolitical shocks.

Singapore (SGX)

↑ U11 +4.22%

Large-cap · 43.45 (local)

Why: UOB surged 4.22% as Singapore banks rallied with the Straits Times Index. Higher oil prices benefit ASEAN banking sentiment via energy-sector loan books, and Singapore’s safe-haven status attracted regional flows.

Pattern: Sharp single-session bounce after recent weakness — UOB had reported a 7% Q4 profit decline and cut fee-income guidance. Today’s move looks like mean-reversion within a broader ASEAN-safe-haven rotation.

↓ H78 -1.92%

Mid-cap · 7.17 (local)

Why: Hongkong Land fell 1.92% as real estate names underperformed amid rising oil prices and interest-rate uncertainty, with property developers more sensitive to higher-for-longer rate expectations.

Pattern: Sector-relative weakness — REIT and property names tend to lag when energy prices spike and rate expectations firm. The move fits a defensive-rotation-away-from-duration trade.

South Korea (KOSPI)

↑ 000270 +2.02%

Mid-cap · 1.568e+05 (local)

Why: Kia Motors rose 2.02% against the KOSPI’s 5.35% crash, standing out as a rare green name. Auto exporters may have caught a bid on won weakness making Korean vehicles cheaper in global markets.

Pattern: Counter-trend strength in a collapsing index — classic FX-beneficiary pattern where currency depreciation lifts export-heavy manufacturers. Isolated rather than sector-wide, suggesting selective bargain-hunting.

↓ 006400 -7.42%

Mid-cap · 4.12e+05 (local)

Why: Samsung SDI plunged 7.42% as the battery maker was caught in the KOSPI’s bear-market crash, amplified by its exposure to both the global semiconductor rout and EV battery demand concerns.

Pattern: High-beta momentum breakdown — Samsung SDI is a leveraged play on both chips and EVs. The amplified decline versus the KOSPI fits the pattern of dual-sector-exposed names selling hardest in broad risk-off.

Taiwan (TWSE)

↑ 2382 +1.07%

Mid-cap · 377 (local)

Why: Quanta Computer edged up 1.07% as Taiwan’s TAIEX held relatively firm at +0.56%. AI server demand narrative continued to support Quanta despite the global tech selloff hitting harder in Korea and Japan.

Pattern: Resilience in the AI-server supply chain — Quanta is a key data-centre server ODM. The modest gain amid regional chaos suggests the market sees Taiwan’s AI hardware position as structurally defensive.

↓ 3711 -3.99%

Mid-cap · 625 (local)

Why: ASE Technology fell 3.99% despite a strong YTD run (+169%), as the semiconductor packaging giant gave back gains amid the global chip selloff and profit-taking after an extended rally.

Pattern: Profit-taking after a parabolic run — a 169% YTD gainer is vulnerable to pullbacks on any risk-off catalyst. The decline fits a momentum-exhaustion pattern rather than a fundamental deterioration.

India (NSE)

↑ WIPRO +0.64%

Large-cap · 174.1 (local)

Why: Wipro edged up 0.64% as Indian IT services names held relatively firm, benefiting from their defensive earnings profile and USD revenue exposure as the rupee weakened on higher oil prices.

Pattern: Mild defensive outperformance — IT services act as a hedge against rupee weakness since revenues are dollar-denominated. The move is sector-relative rather than a standalone breakout signal.

↓ HINDUNILVR -2.78%

Large-cap · 2147 (local)

Why: Hindustan Unilever fell 2.78% as FMCG names were pressured by rising crude oil prices increasing input costs, compounding an existing six-month downtrend in the stock.

Pattern: Momentum continuation lower — HUL has been sliding for months on margin-compression fears. The oil spike amplifies the input-cost headwind, fitting a macro-driven sector de-rating rather than a one-off event.

New Zealand (NZX)

↓ FPH -2.64%

Large-cap · 39.8 (local)

Why: Fisher & Paykel Healthcare dropped 2.64% as the medtech exporter was caught in the broad regional risk-off move, with no company-specific catalyst driving the decline.

Pattern: Risk-off sympathy selling — FPH is a high-PE growth stock that tends to de-rate in risk-averse sessions. The move tracks global growth-equity weakness rather than any NZX-specific driver.

Reading the Session

The exchange-by-exchange breakdown above surfaces both market-specific catalysts and cross-border themes. When multiple exchanges move together, look for a macro driver (USD move, commodity price, risk-on/off shift). Isolated single-exchange moves tend to reflect local earnings, regulatory news, or sector rotation.

Read next: Asia Pacific Markets · What Is a P/E Ratio? · What Is a Dividend?