Precise Investors Editorial Team
Gains were driven by a rally in memory chipmakers on expectations of sustained demand linked to artificial intelligence
Asian stocks extended their rally on Wednesday, with technology shares surging, while cautious optimism over a potential U.S.-Iran diplomatic breakthrough boosted broader risk sentiment.
Nikkei 225 gained nearly 1 per cent, hovering near record levels. The broader TOPIX index edged 0.3 per cent higher.
KOSPI outperformed, climbing more than 3 per cent and surpassing the 6,100 mark intraday, coming back in sight of record highs hit earlier this year.
Gains were driven by a rally in memory chipmakers on expectations of sustained demand linked to artificial intelligence.
SK Hynix shares hit a new record high on Wednesday, while Samsung Electronics shares also jumped.
Shanghai Composite index edged 0.4 per cent higher, while Hang Seng climbed more than 1 per cent.
Straits Times Index added 0.4 per cent, while S&P/ASX 200 edged 0.2 per cent higher.
Futures tied to Nifty 50 were largely unchanged.
Investor sentiment was also supported by easing geopolitical concerns, after signals from U.S. suggested that talks with Iran could resume.
This came even as tensions remained elevated. The U.S. has tried to stop ships leaving Iranian ports, while Iran has threatened retaliation against ports in Gulf states after weekend talks between the two countries collapsed.
Hopes of renewed negotiations helped push oil prices lower, easing inflationary pressures and supporting equities.
Elsewhere, U.S. stocks gained, where the S&P 500 jumped 1.2 per cent to close just short of an all-time high, and the Nasdaq soared almost 2 per cent on continued strength in technology stocks. U.S. stock index futures were largely unchanged as of 22:53 02:53 GMT.
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