HONG KONG, Oct 23 — Asian equities were mixed today as tech firms managed to claw back some early losses on bargain-buying at the end of tough week for the sector, while traditional safe havens benefited from a generally cautious mood.
Since AI-linked companies hit record highs in June, their equity prices have been pummelled by concerns they were overvalued, their huge outlays on infrastructure and hardware might not return a profit and, more recently, their servicing costs were spiralling.
That has combined with an Iran war-fuelled surge in oil prices to more than US$100 (RM408) that has ramped up inflation, forced central banks to hike interest rates and sent government borrowing costs to multi-decade highs.
