Precise Investors Editorial Team
KOSPI led gains across Asia as semiconductor stocks rebounded sharply after Micron’s upbeat outlook underscored resilient AI-related memory demand
Asian stocks climbed on Thursday as upbeat forecasts from Micron Technology Inc revived optimism over artificial intelligence spending, driving another leg higher in semiconductor shares and extending a rebound from this week’s technology-led selloff.
The rebound took place after Micron delivered stronger-than-expected earnings and forecast robust demand for AI memory chips, easing concerns that stretched valuations were beginning to derail the sector’s rally.
KOSPI soared 5.7%, while Nikkei 225 rallied 5%.
KOSPI led gains across Asia as semiconductor stocks rebounded sharply after Micron’s upbeat outlook underscored resilient AI-related memory demand. The rally follows a steep selloff earlier this week on concerns over elevated technology valuations.
The rebound was led by memory-chip makers, with Samsung Electronics Co Ltd closed 5.3% higher and SK Hynix Inc closed up 13.9%, helping reverse part of the around $1.3 trillion rout in world technology stocks earlier this week.
Japan’s Advantest Corp. jumped 14.9%, Tokyo Electron Ltd. added 8.1% and Kioxia Holdings Corp rose 13.1%.
Shanghai Shenzhen CSI 300 advanced 1.2% while the Shanghai Composite traded flat after Beijing began marketing up to €5 billion of sovereign bonds in what could become its largest euro-denominated debt sale. The People’s Bank of China also announced adjustments to its reverse repo operations aimed at improving monetary policy transmission.
Hong Kong’s Hang Seng shed 1.8%, underperforming peers as heavyweight banking stocks, including Bank of China Ltd H and Agricultural Bank of China, came under pressure amid ongoing regulatory audit scrutiny, offsetting gains in technology shares.
But Chinese chip stocks advanced in tandem with their peers. Hong Kong-listed Semiconductor Manufacturing International Corp and Hua Hong Semiconductor Ltd rose 0.9% and 0.7%, respectively.
Jakarta Stock Exchange Composite Index rallied 2.7%, SET Index added 0.8%, PSEi Composite rose 1.6%, while Nifty 50 added 0.9%.
S&P/ASX 200 0.7%, underperforming peers despite data showing employment rose by 40,300 in May and the unemployment rate unexpectedly eased to 4.4%, reinforcing expectations that the Reserve Bank of Australia could keep monetary policy restrictive for longer.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!