Asian equities retreat from record highs as tech selling accelerates

South Korea's Kospi plunged over 5% and SoftBank Group fell more than 8%, marking a sharp reversal for mega-cap technology stocks after an eight-day winning streak.

By Handelsavisen Newsroom · Automated 2026-06-23 04:53 UTC · 1 min read

Asian equity markets staged a sharp reversal from record levels on Tuesday, driven by aggressive profit-taking in the technology sector.

The sell-off was particularly severe in South Korea, where the Kospi index tumbled more than 5%, while Japan's SoftBank Group saw its shares drop over 8%.

9% to close at 71,712 points, ending its own eight-session winning streak.

The decline broke an eight-day winning streak for an Asian technology sub-index, signaling that the recent rally in mega-cap tech has hit a wall of resistance.

Investors appear to be rotating out of high-flying names after a sustained period of gains, with selling pressure broadening across the region.

This move follows a day of choppy trading in Japan, where the Nikkei 225 had already shed 0.9% to close at 71,712 points, ending its own eight-session winning streak.

The broader regional weakness suggests that the momentum driving Asian markets to new highs has temporarily stalled, with traders reassessing valuations after the rapid ascent.