Chip companies plummeting on Amsterdam stock exchange after Asia sell-off

The chip manufacturing companies ASML, Besi, and ASMI fell sharply again on the Amsterdam stock exchange on Monday after heavy price losses on Friday. Investors processed disappointing results from German chip manufacturer Infineon, among others. News website The Information also reported that the arrival of new chips for artificial intelligence (AI) from American chip company Nvidia had to be postponed because design errors had been found. ASML, Besi, and ASMI fell by more than 12 percent. The chip companies had already lost almost 13 percent of their value on Friday.

The general mood on the stock exchanges also remained negative due to concerns about a recession in the United States, the world's largest economy.

As a result, the Asian stock markets showed significant losses. The Nikkei in Tokyo, in particular, had to pay the price. The Japanese stock market plummeted by more than 12 percent and suffered the largest price loss since the stock market crash in 1987. Japanese export companies such as Toyota were particularly hard hit.

This is due to a rise in the Japanese yen, which is seen as a safe haven in turbulent times. In recent years, Japanese companies have benefited from a cheaper yen and have booked record profits.

The AEX index was down 3.3 percent in morning trading at 849.59 points. The main index had fallen by more than 3 percent on Friday and is now at its lowest since March. The MidKap lost 2.6 percent to 832.73 points. The stock exchanges in Frankfurt, London, and Paris fell by up to 3 percent.

In addition to the chip companies, banks also had to pay the price due to fears of a recession. ING and ABN AMRO lost 7 percent and 4 percent. In an economic downturn, the chance that loans will not be repaid is greater. There were no other gainers in the AEX.

OCI rose 10 percent in the MidCap. The fertilizer producer reported results and announced that it would sell its OCI Clean Ammonia unit and a project in Beaumont, USA, to Woodside, Australia, for almost 2.4 billion dollars. Flash trader Flow Traders, profiting from the stock exchange unrest, gained 6 percent. PostNL climbed more than 3 percent after receiving a well-received quarterly report from the postal company.

The euro was worth 1.0963 dollars, compared to 1.0906 dollars on Friday. A barrel of American oil was 0.7 percent cheaper at 72.99 dollars. Brent oil was 0.6 percent less at 76.30 dollars a barrel.