Asian stocks firm amid gains in chipmakers

KOSPI was the best performer, surging nearly 5% to a record high on a sustained rally in chipmaking stocks

Most Asian stocks firmed past heightened tensions in the Middle East on Monday, with gains in chipmakers and optimism over a China-U.S. summit helping markets weather a surge in oil prices.

Chinese stocks firmed after Beijing confirmed that a summit between President Xi Jinping and U.S. President Donald Trump will take place later in the week. Chinese inflation also read stronger than expected for April.

KOSPI was the best performer, surging nearly 5% to a record high on a sustained rally in chipmaking stocks.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes gained 1.2% and 0.7%, respectively, on Monday. Hang Seng index dropped 0.4%.

Chinese state media confirmed that Xi and Trump will meet in Beijing between May 13 and 15. The summit is the first major visit by a U.S. leader to the Chinese capital in nearly a decade.

Xi and Trump are expected to discuss trade tariffs, Taiwan, and potentially the war in the Middle East. The two are also likely to extend a trade truce reached in October 2025.

KOSPI index soared nearly 5% to a record high on Monday, extending sharp gains from last week.

Strength in the index was driven chiefly by chipmaking stocks.

SK Hynix Inc soared nearly 12%, while Samsung Electronics Co Ltd advanced nearly 6%, with both stocks hitting record highs. The two have been on a sustained uptrend this year as outsized demand from the AI industry triggered a memory chip supply shortage, ramping up prices.

Broader Asian stocks moved in a flat-to-slightly lower range.

Nikkei 225 index declined 0.4%, pressured by a near 9% drop in Nintendo Co Ltd after the videogame giant posted disappointing earnings and guidance.

TOPIX index was flat.

ASX 200 dropped 0.7%, pressured chiefly by sharp losses in CSL Ltd after the biopharmaceutical giant unexpectedly slashed its annual guidance.

Straits Times index rose slightly.