KOSPI was by far the worst performer in Asia on Friday, tumbling 6.1% on steep losses in major chipmaking stocks
Most Asian stocks dropped on Friday as chipmaking stocks were pressured by doubts over the U.S. allowing more sales to China.
Chinese markets declined further from multi-year highs as a second round of talks between China’s President Xi Jinping and U.S. President Donald Trump concluded with no clear agreement.
South Korean stocks were the worst performers, sliding sharply after a U.S. trade official said chip export controls were not discussed in detail during recent talks.
KOSPI was by far the worst performer in Asia on Friday, tumbling 6.1% on steep losses in major chipmaking stocks.
Samsung Electronics Co Ltd and SK Hynix Inc dropped between 7% and 9% and were the biggest weights on the KOSPI.
Shanghai Shenzhen CSI 300 and Shanghai Composite indexes slid 1% apiece, dropping further from their respective 4-½ year and 11-year highs hit earlier this week.
Talks between Xi and Trump concluded on Friday, with media reports indicating that Trump had departed from Beijing after a three-day visit.
Xi flagged improving Chinese-U.S. ties after Friday’s meeting, Chinese media reports showed. But more details on just what trade deals the two sides signed remained unclear.
Trump claimed in a Fox News interview that China had agreed to buy U.S. oil, and had also agreed to purchase more Boeing jets. Separately, China’s foreign ministry said Trump and Xi had reached consensus on several topics, although details remained unclear.
Broader Asian markets mostly dropped, with Japan also coming under pressure from a hot inflation reading.
Nikkei 225 index slipped 1.8%, while the TOPIX lost 0.4% after data showed producer price index inflation moved past estimates in April.

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