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(Sharecast News) - Asian stock markets were mixed on Friday, with subdued finishes in Tokyo, Singapore and Shanghai and strong gains in Hong Kong and Mumbai.
The Nikkei 225 and Shanghai Composite were both unchanged on the day, while the Strait Times Index slipped 0.2%. However, the Hang Seng surged 1.8% and the Sensex jumped 1.2%.
Nevertheless, trading volumes were said to be low due to public holidays in South Korea and Taiwan.
While falling oil prices offered some relief after gains in recent days on the back of rising supply concerns in the Middle East, AI and chip stocks faced heavy selling pressure across the region after a Financial Times report said OpenAI's revenue guidance was much lower than analysts' expectations.
"The broader market debate is becoming far more demanding," said Patrick Munnelly, partner of market strategy at Tickmill Group.
"Investors are no longer satisfied with long-term narrative potential; they now demand clear evidence of revenue conversion, productivity gains, enterprise adoption, and a path toward tangible returns on capital deployed across infrastructure, hardware, data centres, and power capacity," he said.
In equity news, SoftBank has a heavy faller in Japan on the back of fears about lofty AI valuations, with Advantest and Kioxia also falling sharply.
Tech stocks in Hong Kong, however, rose strongly, including heavyweights Alilbaba, Tencent and Xiaomi.
The Sensex in Mumbai was also putting in decent gains, led by Tata Consultancy Services after reporting strong earnings growth in the second quarter.
Oil prices fell after Donald Trump said he wouldn't order any more attacks on Iran before next month's mid-term elections. He added that talks with Tehran had been "productive", leading front-month Brent crude futures to fall 1% to $103.20 a barrel.