Session at a Glance

KOSPI crashes 10% in single session as chip leverage unwinds, dragging Asia-Pacific into broad tech rout.

A violent unwind in leveraged semiconductor positions triggered circuit breakers on the Korea Exchange on Monday, sending the KOSPI down 10% in its steepest single-session drop in three months. Samsung Electronics and SK Hynix — together nearly half the index — led the carnage after South Korea missed MSCI’s developed-market watchlist, eliminating the one catalyst that had been drawing foreign capital. The selloff rippled across the region: Hong Kong’s Hang Seng fell 5.2% for the week as Alibaba slumped to a 16-month low on fresh US scrutiny, while SoftBank shed 12% on Friday alone after reports that OpenAI may delay its IPO to 2027.

Taiwan’s TAIEX dropped 4% as AI-infrastructure names like Delta Electronics were caught in the global tech de-rating. India’s Infosys extended its slide after Accenture’s revenue guidance cut reignited fears that generative AI is compressing traditional IT outsourcing margins. Defensive pockets held up — Australia’s ASX 200 lost just 0.7%, with consumer staple Wesfarmers bucking the trend, while Singapore’s Straits Times Index finished flat.

The through-line: markets punished AI-adjacent concentration risk wherever they found it — Korean chips, Chinese platform tech, Japanese AI bets, and Taiwanese power infrastructure all sold off in unison.

Here are the biggest movers across Asia-Pacific’s major exchanges for the week ending Saturday, June 27, grouped by market — each figure is the stock’s move over the full trading week.

Australia (ASX)

↑ WES +5.81%

Large-cap · 90.74 (local)

Why: No single catalyst — Wesfarmers benefited from defensive rotation into consumer staples as investors fled tech and resources exposure across the region during the week’s risk-off mood.

Pattern: Classic defensive outperformance during a risk-off week; relative-strength leadership in a down market often signals institutional rebalancing into quality large-cap staples.

↓ MIN -8.69%

Mid-cap · 63.14 (local)

Why: Mineral Resources fell as lithium and iron ore prices softened alongside China demand concerns, compounding the broader risk-off tone across commodity-exposed mid-caps this week.

Pattern: Momentum breakdown in a cyclical commodity name — the weekly drop extends a multi-week downtrend, consistent with sector rotation out of materials as China growth data disappoints.

Hong Kong (HKEX)

↓ 9988 -14.68%

Mega-cap · 89.5 (local)

Why: Alibaba slumped to a 16-month low after Anthropic accused it of illicitly extracting AI model capabilities, compounding existing headwinds from US DoD military-company designation and tariff escalation fears.

Pattern: Breakdown through key support on heavy volume — geopolitical headline risk layered onto an already weak trend creates a momentum-driven capitulation pattern typical of crowded China-tech unwinds.

China — Shanghai (SSE)

↑ 600030 +4.44%

Mid-cap · 27.74 (local)

Why: CITIC Securities rallied as extreme volatility across Asian markets drove a surge in trading volumes — a direct revenue tailwind for China’s largest brokerage by market share.

Pattern: Counter-cyclical broker trade: brokerages benefit from volatility regardless of direction. The weekly gain amid broad market weakness is a textbook volume-driven mean-reversion setup.

↓ 601318 -4.35%

Large-cap · 47.23 (local)

Why: Ping An Insurance declined with the broader Shanghai Composite as China growth concerns and the tech-led regional selloff weighed on large-cap financials with significant equity portfolio exposure.

Pattern: Beta-driven drawdown in line with the index — Ping An’s investment portfolio amplifies equity market moves, making it a high-beta proxy for Shanghai Composite direction on risk-off weeks.

China — Shenzhen (SZSE)

↑ 300059 +7.90%

Mid-cap · 20.07 (local)

Why: East Money Information surged alongside CITIC Securities as the week’s extreme cross-market volatility drove record retail trading activity on its popular brokerage and financial data platforms.

Pattern: Same volatility-beneficiary pattern as CITIC Securities — fintech brokerages gain from turnover spikes. The ChiNext-listed name carries higher retail-sentiment beta, amplifying the move.

↓ 002594 -11.27%

Large-cap · 78.2 (local)

Why: BYD dropped sharply as China tech and EV names were caught in the broad risk-off wave; competitive concerns around Geely’s Lotus export push to Canada added pressure on EV sector sentiment.

Pattern: Momentum reversal in a crowded growth trade — BYD’s premium valuation leaves little margin for error, and the double-digit weekly drop suggests institutional profit-taking amid sector rotation.

Japan (TSE)

↑ 7267 +2.62%

Large-cap · 1450 (local)

Why: Honda rose after shareholders endorsed CEO Mibe’s loss-making EV restructuring plan at the AGM, removing a key overhang and signaling investor support for the capital-intensive pivot.

Pattern: Event-driven rerating — shareholder approval of a contested strategic reset often triggers short-covering and fresh positioning. Honda’s gain against a weak Nikkei underscores stock-specific catalyst strength.

↓ 9984 -12.45%

Mega-cap · 6226 (local)

Why: SoftBank plunged 12% on Friday alone after reports that OpenAI may delay its IPO to 2027, threatening the single largest catalyst behind SoftBank’s record-high valuation and $65 billion AI commitment.

Pattern: Catalyst removal shock in a momentum-driven mega-cap — the IPO delay eliminated the near-term crystallization event that justified SoftBank’s premium, triggering a concentrated single-day capitulation.

Singapore (SGX)

↑ C6L +5.08%

Mid-cap · 7.65 (local)

Why: Singapore Airlines gained as travel demand remained resilient and investors rotated into non-tech quality names during the week’s broad technology selloff across the region.

Pattern: Defensive rotation into a travel-recovery beneficiary — relative strength during a down week suggests the stock is attracting flows as a non-tech, earnings-visible alternative in ASEAN.

↓ D05 -0.80%

Mega-cap · 65.43 (local)

Why: DBS Group edged lower in a quiet week for Singapore banks — no single catalyst, with the marginal decline reflecting the region’s risk-off tone rather than any bank-specific headwind.

Pattern: Near-flat performance amid regional turmoil signals defensive positioning — DBS’s high dividend yield and ASEAN-domestic revenue base insulate it from the tech-driven volatility hitting Northeast Asia.

South Korea (KOSPI)

↓ 005380 -21.62%

Large-cap · 4.805e+05 (local)

Why: Hyundai Motor plunged 21% as the KOSPI crash triggered circuit breakers and forced margin-call liquidations; South Korea’s MSCI developed-market exclusion accelerated foreign capital outflows across all large-caps.

Pattern: Forced-selling capitulation in a high-beta Korean large-cap — record margin debt of $22.4 billion amplified the drawdown well beyond fundamentals, characteristic of leverage-driven liquidation cascades.

Taiwan (TWSE)

↑ 3711 +3.10%

Mid-cap · 632 (local)

Why: ASE Technology edged higher as analysts highlighted its positioning in AI semiconductor packaging, with expanding back-end assembly demand partially insulating it from the front-end chip rout.

Pattern: Relative strength in a weak semiconductor tape — packaging/testing sits downstream of the chip cycle, making ASE a lower-beta way to play AI infrastructure buildout without pure-play chip exposure.

↓ 2308 -15.81%

Mid-cap · 1810 (local)

Why: Delta Electronics fell sharply as the global AI infrastructure cost reassessment hit power-supply and thermal-management suppliers — Apple’s announced price hikes amplified concerns about rising data centre input costs.

Pattern: Sector-wide de-rating of AI-infrastructure supply chain names — Delta’s 16% weekly drop mirrors the global pattern of markets repricing the sustainability of AI capex at current run rates.

India (NSE)

↑ ICICIBANK +3.37%

Large-cap · 1388 (local)

Why: ICICI Bank gained as investors rotated into Indian financials — strong domestic credit growth and relative insulation from the global tech selloff made private-sector banks an attractive haven.

Pattern: Defensive rotation into domestic-facing Indian financials — the bank’s gain while Nifty 50 dipped slightly reflects sector-level inflows away from IT services and into lending-economy plays.

↓ INFY -7.65%

Mega-cap · 1041 (local)

Why: Infosys extended its slide after Accenture’s revenue guidance cut on June 18 reignited fears that generative AI is compressing traditional IT outsourcing margins, sending the stock to fresh 52-week lows.

Pattern: Sector contagion breakdown — Accenture’s guidance cut repriced the entire Indian IT services cohort lower, with Infosys catching the worst of it due to its high exposure to discretionary enterprise spending.

New Zealand (NZX)

↑ FPH +1.08%

Large-cap · 38.45 (local)

Why: Fisher & Paykel Healthcare posted a modest gain as the defensive healthcare name attracted safe-haven flows during a volatile week, though no company-specific catalyst drove the move.

Pattern: Low-beta defensive hold — near-flat weekly performance in a risk-off environment is consistent with FPH’s role as a quality compounder that institutional investors hold rather than trade.

↓ AIR -7.37%

Large-cap · 0.44 (local)

Why: Air New Zealand dropped as travel-sector sentiment weakened on broader macro uncertainty and rising fuel cost concerns, with no company-specific headline driving the decline this week.

Pattern: Macro-sensitive cyclical drag — airlines amplify risk-off moves due to fuel-cost sensitivity and consumer-discretionary exposure, making AIR.NZ a high-beta loser in weeks when growth fears dominate.

Reading the Week

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.

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