Tech-led selling accelerated in the afternoon. Japan's Nikkei 225 closed down 2,565.58 points (-3.55%) at 69,788.38 on June 23 (Tue). South Korea's KOSPI closed down 910.49 points (-9.99%) at 8,204.06. SK Hynix and Samsung Electronics each fell more than 12%.

Ding Xuexiang told the meeting the 4th Plenum of the 20th Central Committee has made high-quality development the theme for economic and social development during the 15th Five-Year period and called for full, accurate implementation of the new development concept to sustain healthy growth and social progress. Policy priorities set out include prioritizing development, firmly advancing high-quality growth, and strengthening the material and technological foundations of socialist modernization. Officials will promote new-quality productive forces tailored to local conditions, accelerate building the new development pattern, push green and low-carbon growth, deepen reform and expand high-level opening, and convert growth gains into improved living standards. The report also stressed coordinating development and security and effectively preventing and resolving risks in key areas to ensure high-quality development and high-level security proceed in tandem.

At the midday close, China’s main commodity futures were mostly lower. SHFE silver fell more than 6%; low-sulfur fuel oil (LU), LPG, fuel oil, coke, propylene and SHFE tin dropped over 4%; asphalt and Shanghai crude (SC) fell nearly 4%. Rapeseed meal rose more than 1%, while DCE Soybean No.1 and apples gained about 1%.