Asian stock markets face volatility amid tech sell-off and oil price rises

Major Asian stock markets experienced significant volatility as global technology sell-offs and rising crude oil prices impacted investor sentiment. In Malaysia, the FBM KLCI slipped 0.25% to 1,623.70, driven by a 3.53% tumble in the technology sector and negative market breadth.

In Hong Kong, the Hang Seng Index saw a rebound, opening up 258 points to 24,321, led by recoveries in internet and biotechnology stocks. Meanwhile, the Jakarta Composite Index in Indonesia fell 1.33% to 5,863.78, following losses in the financial, agriculture, and energy sectors.

Market pressures are being driven by concerns over the sustainability of artificial intelligence capital spending, higher-than-expected U.S. producer price inflation, and geopolitical tensions in the Middle East. The latter has contributed to rising crude oil prices, with West Texas Intermediate climbing toward $98 per barrel following reports of projectiles striking commercial vessels in the Strait of Hormuz.