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Asian stocks fall amid tech slump
Asian stock markets declined sharply today, with a significant downturn in the technology sector, prompting South Korea to activate its trading halt mechanism for the tenth time this year, as the Kospi index fell nearly 9% to its lowest level in three months. This was accompanied by declines in Japan, Hong Kong, and China indices. Concerns about rising inflation in the United States and the possibility of further interest rate hikes by the Federal Reserve intensified, putting additional selling pressure on technology stocks, especially in the chip manufacturing sector, which suffered heavy losses despite TSMC posting record profits in the third quarter.
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