The final trading session of the week on KASE Global is witnessing a pronounced divergence in US-listed equities, with heavyweights PayPal and Nvidia leading a decline while Microsoft and Amazon post gains. As the venue approaches its 22:00 ALMT closing bell, the repricing of American depositary receipts is setting a cautious tone for the weekend ahead.
KASE Global's Friday Repricing
At 21:49 ALMT, the official board showed PayPal down 12.14%, Qualcomm off 8.05%, and Nvidia lower by 4.05%. In contrast, Microsoft advanced 3.31%, Amazon rose 2.88%, and gold-backed GLD gained 3.00%. The session, which runs from 11:30 to 22:00 ALMT, has been marked by continuous counter-auction trading, allowing for execution-capable equity transactions until the final bell at 01:00 SGT on 29 August.
The KASE Global Index itself edged up 0.23% to 8,131.71, reflecting the mixed nature of the day's activity.
Regional Benchmarks: A Tale of Two Markets
Across Asia, the day's performance was sharply divided. Taiwan's TAIEX led the gainers, closing 0.80% higher at 46,349, supported by strength in AI-related names such as TSMC (up 0.6%), MediaTek (+1.9%), and Delta Electronics (+2.2%). Japan's TOPIX rose 0.72% to 4,147, outpacing the Nikkei 225, which gained 0.41% to 66,405.56, with Advantest and Taiyo Yuden advancing 1.9% and 3.9%, respectively.
India's benchmarks posted modest gains, with the Sensex up 0.43% and the Nifty 50 up 0.35%, though breadth remained weak—10 of 16 sectors closed lower. The IT sector jumped 3.5%, cushioning the broader market.
In contrast, mainland Chinese indices closed in the red, with the Shanghai Composite down 0.11%, the CSI 300 down 0.46%, and the Shenzhen Component off 0.68%. Hong Kong's Hang Seng managed a marginal gain of 0.07%.
Korea's Chip Unwind
The most notable laggard was South Korea's KOSPI, which fell 1.79% to 6,788.88, ending a three-session rally. The decline was driven by profit-taking in heavyweight chip stocks, as the AI-driven rally that had boosted the index earlier in the week gave way to valuation concerns. The near-term test, according to market observers, is whether strong chip export data can overcome these pressures.
Cross-Asset Signals
In commodities, Brent crude slipped 0.33% to $89.40, while WTI fell 0.63% to $83.00. Gold eased 0.61% to $4,572.99. These moves, combined with a hawkish warning from US policymaker Warsh on inflation, have shifted the immediate risk from earnings dispersion to policy repricing.
Looking Ahead
Investors are now focused on a series of upcoming catalysts. Kazakhstan's market holiday on 31 August will shift late-Asia liquidity elsewhere. The same day, MSCI's index rebalancing could trigger volatility in the rupee and Indian equities. On 1 September, South Korea's August trade data is due, with consensus expecting exports to grow 62.6% year-on-year—chip exports will be the core test.
As the weekend approaches, the key question is whether the current divergence between AI-driven winners and laggards can persist, or whether policy repricing and concentration risks will force a broader correction across Asian technology markets.
