Asia markets lower amid tech sell-off

February 2, 2026 (MLN): Asia markets slid sharply on Monday, with South Korea leading regional losses on reaction to fresh economic data from China and continued volatility across commodities and global equities.

In Seoul, the Kospi plunged more than 4%, while Kospi 200 futures fell about 5%, activating the exchange’s sidecar mechanism that briefly pauses trading in derivatives.

Major technology names weighed heavily on the index, with SK Hynix and Samsung Electronics both posting steep declines. The small-cap Kosdaq index also dropped over 4%.

Elsewhere in the region, performance was mixed. Japan’s Nikkei 225 edged slightly higher and the Topix also posted modest gains. In contrast, Hong Kong’s Hang Seng moved lower, mainland China’s CSI 300 slipped, and Australia’s S&P/ASX 200 fell around 1%, according to CNBC.

Chinese manufacturing activity improved in January, reaching its strongest reading in several months as factories increased output ahead of the extended Lunar New Year holiday.

Gold prices extended their decline, while silver continued to weaken after suffering one of its sharpest one-day drops in decades on Friday. The precious metal had previously surged over the past year before the sudden reversal.

 U.S. stock futures pointed lower, with contracts tied to the Dow Jones Industrial Average, S&P 500, and Nasdaq-100 all in negative territory. 

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