According to brokerage TD Ameritrade’s AJ Kahling: Retail investors continued to buy the dip during the current market turmoil. They even liked tech despite it being in decline.

“Our indicators, TD Ameritrade [Investor Movement Index]The firm’s head of international education, Kahling said that this morning the numbers “just came out today indicating indeed, that the retail trader are continuing to purchase the dip.”Squawk Box AsiaOn Wednesday. TD Ameritrade says its Investor Movement Index is “the best”.first-ever index based on real investing behavior.”

“One of the interesting things that we saw was … tech continued to be a strong buy,” he said.

These are the top tech companies in the world recently shed more than $1 trillion in value over three trading sessions.

The tech-heavy Nasdaq Composite Wall Street had fallen more than 27% as of Wednesday’s close.

Asia has suffered even more losses with the Hang Seng Tech Index in Hong Kong falling by 29%. On the mainland, the Star 50 index — a collection of the 50 largest stocks on the tech-heavy Star Market — has tumbled more than 28% in the same period.

Kahling says that investors seem to have taken the tech pullback to be a buying opportunity.

“It’s looking like these stocks are … at an opportunity to buy them that they haven’t been in two years. If you missed the pullback from the Covid era when we had the 23 days … of declines there, this could be your opportunity,” he said.

Kahling explained that much of the buying happened around the middle of April, rather than the beginning.

“We believe that people waited for technical support before buying a dip. That’s what we observed,” he said.

Some of the names TD Ameritrade customers purchased include heavyweight chip maker Taiwan Semiconductor Manufacturing CompanyAmerican Software Firm Adobe.

Kahling stated that customers thought they were saying “listen, these stocks almost on sale”, and added that TSMC stock was at levels it has not seen since Oct 2020.

“That was specific to the Singapore TD Ameritrade customers, but the overall client base in the U.S. and including Singapore also bought tech-heavy — Twitter, NVIDIA, AMDHe stated that he agreed. It’s still a large tech buying group amongst the TD Ameritrade Singapore employees and the general public.”