Asian stocks today, July 16 -- Asian markets traded lower after renewed selling in semiconductor stocks reignited concerns about the sustainability of the artificial intelligence (AI)-driven rally.

South Korea's Kospi dropped more than 6%. Meanwhile, the MSCI Asia Pacific Index slipped 1.7%.

Japan's Nikkei 225 fell 2.4%, while the broader Topix index slipped 0.9%.

Australia's benchmark S&P/ASX 200 was little changed, opening on a flat note. Futures for Hong Kong's Hang Seng index were last at 24,829, higher than its Wednesday close of 24,681.1.

South Korea's central bank on Thursday raised its benchmark policy rate for the first time since January 2023, as inflationary pressures continued to build in the country.

The rate hike follow...