Chip stocks drop 7% in South Korea, Tencent and Alibaba jump 6% after US midterms
Asian stock markets saw notable divergence following the US midterm elections, as investors shifted away from chip manufacturers. Technology shares in South Korea led the sell-off, while Chinese internet companies experienced strong gains. Expectations that Democratic control of Congress might expedite efforts to end the Iran war pushed oil prices lower, bolstered US Treasury bonds, and weakened the US dollar.