Asian shares drop, with South Korea’s Kospi down more than 5%

Asian shares drop, with South Korea’s Kospi down more than 5% 1 of 5 | Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 2 of 5 | A screen shows South Korean companies’s stock prices related to Nvidia CEO Jensen Huang, who is scheduled to visit South Korea at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 3 of 5 | Currency traders pass by a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 4 of 5 | A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) 5 of 5 | A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) 1 of 5 | Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 1 of 5 Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Share 2 of 5 | A screen shows South Korean companies’s stock prices related to Nvidia CEO Jensen Huang, who is scheduled to visit South Korea at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 2 of 5 A screen shows South Korean companies’s stock prices related to Nvidia CEO Jensen Huang, who is scheduled to visit South Korea at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Share 3 of 5 | Currency traders pass by a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) 3 of 5 Currency traders pass by a screen showing the Korea Composite Stock Price Index (Kospi) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, June 5, 2026. (AP Photo/Ahn Young-joon) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Share 4 of 5 | A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) 4 of 5 A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Share 5 of 5 | A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) 5 of 5 A board above the trading floor of the New York Stock Exchange displays the closing number for the Dow Jones industrial average, Wednesday, June 3, 2026. (AP Photo/Richard Drew) Add AP News on Google Add AP News as your preferred source to see more of our stories on Google. Share Updated [hour]:[minute] [AMPM] [timezone], [monthFull] [day], [year] HONG KONG (AP) — Shares have fallen in Asia, with South Korea’s benchmark dropping more than 5%, after sharp declines for some big artificial intelligence-related stocks in the U.S. U.S. futures also retreated. On Wall Street on Thursday, computer chipmaker Broadcom’s shares sank 12.6% when it gave a forecast that fell short of investors’ expectations, raising concerns over the wider AI and technology sector. U.S. memory chip maker Micron Technology dropped 7.7%, and cybersecurity company CrowdStrike Holdings fell 3.8%.Still, the benchmark S&P 500 climbed 0.4% and the Dow Jones industrial average gained 1.7% to a record. The tech-heavy Nasdaq composite edged 0.1% lower. But in Asia, investors dumped key AI-related shares, with South Korea’s SK Hynix plunging 8.6% and Samsung Electronics shedding 5.4%.The Kospi dropped 5.1% to 8,199.44. The index has roughly doubled in the past year, lifted by gains for such big tech companies. Japan’s Nikkei 225 slipped 1.3% to 66,573.85, with technology shares leading the decline, even as official data showed that Japan’s real wages rose for the fourth straight month. Chip equipment maker Tokyo Electron’s shares fell 7%. 3 MIN READ Hong Kong’s Hang Seng declined 1.2% to 24,948.96, while the Shanghai Composite index fell 0.3% to 4,045.45.Australia’s S&P/ASX 200 fell 0.7% to 8,623.50.Taiwan’s Taiex gave up 1.3%, while India’s Sensex was up 0.1%. Oil prices stabilized after falling on Thursday. Brent crude, the international standard, was up 0.4% to $95.41 per barrel. It fell to around $95.03 a barrel on Thursday, and was approximately $70 per barrel before the start of the war in late February.Benchmark U.S. crude flatlined at $93.04 a barrel.Strong corporate earnings and excitement about AI demand have helped pushing some stock markets to new heights, despite repeated jolts from the Iran war. Oil prices are still under pressure as the Strait of Hormuz, a narrow waterway crucial for global oil and natural gas transport, remains effectively closed, and the war-caused energy shock is threatening to slow economic growth and fuel inflation in many countries. American and Iranian negotiators reached a tentative deal last week to extend their ceasefire, but the agreement has not been finalized, as meanwhile developments in Lebanon have cast doubts on prospects for a permanent end to the conflict. On Thursday, the Iran-backed Lebanese militant group Hezbollah rejected the latest ceasefire agreement between the Lebanese and Israel governments.“While there are few signs of progress in US-Iran talks, the oil market continues to trade on expectations of an imminent deal that would resume flows through the Strait of Hormuz,” ING commodities strategists Warren Patterson and Ewa Manthey wrote in a report. Hopes regarding the U.S.-Iran negotiations may have been “overly optimistic,” they said.In other dealings early Friday, the U.S. dollar fell to 159.96 Japanese yen from 160.03 yen. The euro was trading at $1.1614, up from $1.1610. Chan writes about business and economy in China for The Associated Press, reporting on key sectors of the world’s second-largest economy from trade and technology to autos. He is based in Hong Kong.