Asia Software Stocks Rattled by AI Fears

Asia's software stocks faced significant declines due to fears surrounding AI advancements, mirroring a selloff in the U.S. that wiped $300 billion from software and data stocks. Major losses were seen in Chinese stocks, with Kingdee International down 13% and ITE (Holdings) down 11%. Indian IT firms also suffered, with losses between 5% to 8%. While South Korea's Kospi remained stable, analysts noted that the pullback in Chinese tech shares is largely healthy, focusing on sectors that had previously outperformed.