Asian markets mixed, South Korea’s Kospi plunges 4%

November 03, 2026 (MLN): Asian markets traded mixed on Tuesday, with South Korea’s benchmark Kospi suffering the steepest losses as weakness in technology stocks on Wall Street weighed on investor sentiment.

The Kospi fell 3.57%, while heavyweight Samsung Electronics declined 4.04%. The small-cap Kosdaq also shed 2.53%. In contrast, Australia’s S&P/ASX 200 gained 0.39%, while Hong Kong’s Hang Seng Index advanced 0.52%, supported by gains in academic and education stocks despite losses in the energy sector.

Mainland China’s CSI 300 edged lower, pressured by technology and energy stocks, while Japanese markets remained closed for a public holiday.

The mixed performance across the region followed losses on Wall Street, where investors continued shifting away from technology shares.

The Nasdaq Composite declined 1.07%, while the S&P 500 fell 0.51%. The Dow Jones Industrial Average, however, gained around 214 points, or 0.41%, according to CNBC.

Among individual stocks, Marvell Technology dropped approximately 12%, while Lumentum plunged 18% following the announcement of a $115bn acquisition deal.

Oracle shares also tumbled 8% after the company outlined plans to raise $20bn through common stock and bond offerings to finance its artificial intelligence expansion.

Investors are also monitoring the U.S. midterm elections, with prediction market traders assigning nearly 75% odds to Democrats winning the Senate.

According to JPMorgan, a Democratic sweep of both chambers of Congress could trigger selling pressure in artificial intelligence stocks.

Market strategists expect some uncertainty to ease once the election results are known. However, a decisive victory by either party could create fresh volatility in equities due to concerns over potential changes in government spending and policy priorities.

Attention is also turning to a busy corporate earnings calendar on Tuesday. Pfizer, Shopify, Eaton and Marathon Petroleum are scheduled to report results before the opening bell, while Advanced Micro Devices and Super Micro Computer are expected to release their earnings later in the day.

On the economic front, investors are awaiting September's Job Openings and Labor Turnover Survey (JOLTS) and factory orders data for further indications of the health of the U.S. economy.

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