Precise Investors Editorial Team
KOSPI was the best performer in Asia, surging over 8% on strong gains in chipmaking stocks
Asian shares rose sharply on Friday, while major technology and chipmaking stocks rebounded sharply from recent losses.
KOSPI was the best performer in Asia, surging over 8% on strong gains in chipmaking stocks. Nikkei 225 also climbed 3.5% on a similar trend.
The chipmaking sector recouped a bulk of its losses from over the past week, after anxiety over the Iran war and rising interest rates sparked a wave of profit-taking in the sector.
Hang Seng index also benefited from gains in tech and internet names.
Alibaba Group rose 2% after Bloomberg reported the company offered $1.5 billion for Chinese grocer Pupu, as the company attempts to strengthen its presence in the online grocery market.
Broader Asian markets advanced on optimism over an Iran-U.S. peace deal, even as doubts over a potential agreement, plus continued hostilities in the Middle East remained.
Iranian media reported that Tehran had made no final decision.
TOPIX index added 1.7%, with focus turning to a Bank of Japan meeting next week, where BOJ is increasingly expected to hike interest rates in the face of rising energy-driven inflation.
ASX 200 advanced 1.8% with focus on a Reserve Bank of Australia meeting next week, where markets broadly expect the central bank to keep rates on hold. But the RBA is expected to maintain a hawkish tilt after three straight hikes on sticky inflation.
Shanghai Shenzhen CSI 300 and Shanghai Composite indexes climbed 1.6% apiece, while Straits Times index advanced 0.5%.
In related news, U.S. S&P 500 Futures increased 0.2% in Asian trade, with focus on SpaceX’s trading debut after the company clocked a bumper, $75 billion initial public offering on Thursday.
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