BEIJING, Nov 5 — Asian stocks ended mixed on Thursday as regional chipmaking shares slumped on expectations of tighter tech oversight, reported dpa-AFX.

Technology stocks slumped in South Korea and Japan on concerns that a Democratic-led US Congress could push for tighter regulation of AI development and data centre construction, which could lead to a slowdown in capex.

Underlying sentiment remained underpinned elsewhere across Asia as global bond yields eased, and Brent crude prices plummeted to US$95 (RM384.42) a barrel on hopes that the US-Iran war could end soon.

Brent crude futures were up 0.5 per cent at US$95.08 a barrel in Asian trade, after having fallen nearly 9 per cent in the previous session, as Democrats’ sweeping victory in the US midterm elections along with diplomatic signals from Washington and Tehran helped strip the risk premium out of crude.

Global bond yields also eased as investors mulled what a divided government will mean for the war with Iran, President Trump’s policy agenda and the AI trade.

Gold prices rose nearly 2 per cent to US$4,125 an ounce after witnessing the biggest jump since August on Wednesday as the dollar and Treasury yields slipped.

China’s Shanghai Composite index edged up 0.1 per cent to 3,689.91, extending a rebound for a second day after top financial regulators announced measures to inject liquidity into the market.

Hong Kong’s Hang Seng index surged 3.67 per cent to 24,796.98, led by tech giants such as Chinese e-commerce group Alibaba and internet company Tencent.

Japanese markets fell sharply due to a sharp sell-off in AI and chip shares. The Nikkei average dropped 1.79 per cent to 61,077.90 while the broader Topix index settled 1.16 per cent higher at 3,940.39.

Japanese chip testing equipment maker Advantest plunged 14.7 per cent and Japanese chip equipment maker Tokyo Electron declined 9.4 per cent on bets that Democrats will slow the pace of data centre expansion in the US. Japanese automaker Toyota Motor skyrocketed 16.7 per cent after raising its profit forecast.

Seoul stocks nosedived as chipmakers plummeted on concerns that tighter regulation of artificial intelligence infrastructure in the US could curb investment in data centres and weaken demand for semiconductors.

The Kospi index plunged 5.28 per cent to 5,383.80 as foreign investors extended their selling streak to a fifth session. 

Australian markets rallied to hit a two-month high as oil prices retreated to two-month lows on bets the US midterm election result will reduce the odds of an Iran war escalation.

The benchmark S&P/ASX 200 surged 2.61 per cent to 9,065.10, with IT, retail, real estate and healthcare stocks leading the surge. The broader All Ordinaries index closed 2.8 per cent higher at 9,205.20.

In New Zealand, the benchmark S&P/NZX-50 index climbed 2.23 per cent to 14,090.97, marking its best single-day gain in nearly 19 months and reaching an all-time high. — Bernama-dpa-AFX