Asian stocks mixed, South Korean shares hit record highs

KOSPI jumped more than 3% to a record high of 8,131.15 points

Most Asian stocks were mixed on Tuesday, although South Korean shares surged to record highs in catch-up trade after a holiday.

Technology shares remained relatively resilient.

Nikkei 225 slid 0.3% to 64,994.4 points after hitting all-time highs in the previous session, while the broader TOPIX index edged down 0.1%.

Nikkei had hit a record high of 65,408.7 points on Monday, boosted by chipmaker gains.

Shanghai Composite dropped 0.8%, while the blue-chip Shanghai Shenzhen CSI 300 edged 0.3% lower.

S&P/ASX 200 slipped 0.4%, while Straits Times Index inched down 0.3%.

Nifty 50 traded largely flat.

By contrast, KOSPI jumped more than 3% to a record high of 8,131.15 points, powered by gains in chipmakers and AI-linked shares after markets reopened from a Monday holiday.

Samsung Electronics jumped nearly 3%, while SK Hynix soared nearly 7% amid continued enthusiasm around AI-related demand and semiconductor stocks.

Hang Seng index also jumped 0.5% after chipmakers rallied sharply in catch-up trade. Gains were also driven by Huawei Technologies’ unveiling of a major semiconductor design breakthrough that boosted optimism over China’s ability to reduce reliance on U.S. technology.

Oil prices rebounded after tumbling sharply on Monday amid hopes that a deal could eventually reopen the Strait of Hormuz, a key route for international crude shipments. Brent crude rose back toward $98 a barrel.

Still, investors remained cautiously optimistic after the U.S. president said negotiations with Iran were proceeding nicely, though he warned there was no rush to finalize an agreement.

In related news, U.S. stock futures traded modestly higher in Asian hours after U.S. stock market was closed on Monday for the Memorial Day holiday.