The global market sell-off continues, with the Shanghai Composite Index falling another 0.80% | Lianhe Zaobao

Investor concerns about the overvaluation of technology stocks remain unresolved. Ahead of key employment data in the U.S. and NVIDIA's earnings report, global stock markets are facing another wave of sell-offs. The FTSE Straits Times Index fell 36.28 points or 0.80% on Tuesday (November 18), closing at 4507.31 points. Other major markets in Asia also faced pressure, with the Seoul stock market's decline widening to 3.32%, while Tokyo and Taiwan fell by 3.22% and 2.52%, respectively. The declines in Sydney, Hong Kong, Shenzhen, and Shanghai ranged from 0.81% to 1.99%. NVIDIA's performance is expected to exceed expectations again, but the market remains uneasy about the absurdly high valuations in artificial intelligence. The hedge fund under renowned Silicon Valley venture capitalist Peter Thiel liquidated its holdings in NVIDIA in the third quarter. Dennis Follmer, Chief Investment Officer of Montis Financial, stated, "We should anticipate that blindly pouring trillions into artificial intelligence capital without a clear return path will ultimately face liquidation. However, as long as the Federal Reserve maintains an accommodative policy and the economy remains strong, the market is unlikely to experience severe volatility." Some analysts also pointed out that the market correction is not a bubble burst but rather a healthy adjustment after a significant rise. Invesco analysts Levitt and Jones said, "The correction is mainly concentrated in large growth stocks. We believe this is not due to issues with the business model, but rather investors questioning the overvaluation. In this case, a correction is inevitable." In the local stock market, the total trading volume for the day was 1.32 billion shares, with a total turnover of SGD 1.7 billion. There were 171 advancing stocks and 429 declining stocks. All 30 constituents of the Straits Times Index fell. The biggest decline was seen in Yangzijiang Shipbuilding, which closed at SGD 3.26, down 4.68%. In other individual stocks, Yangzijiang Maritime Development, listed on the main board of the Singapore Exchange, performed well on its debut, closing more than 10% higher than its issue price of SGD 0.60. After opening, the stock price briefly touched SGD 0.71, then retraced some gains, fluctuating narrowly at a high level. A total of 58.02 million shares changed hands, closing at SGD 0.67, 11.70% higher than the issue price. As of the end of June this year, Yangzijiang Maritime's net asset value (NAV) exceeded USD 1.57 billion (approximately SGD 2.04 billion). The company reported a net profit of USD 63.54 million in the first half of this year, a year-on-year decline of nearly 8%