Precise Investors Editorial Team
KOSPI was by far the best performer in Asia, rallying almost 7% to a record high of 7,411.62 points
Asian stocks rose on Wednesday, aided by growing hopes for a de-escalation in the Iran-U.S. war, while an AI-fuelled rally in technology shares drove South Korea to record highs.
Broader Asian markets were also upbeat, with Chinese shares reopening on stronger footing, while Australian stocks recovered after logging a series of declines on a hawkish Reserve Bank.
Japanese markets were closed for the day.
Asian markets gained as investors were encouraged by Iranian and U.S. officials flagging progress in negotiations.
Shanghai Shenzhen CSI 300 and SSEC indexes both added more than 1% each as trade resumed after a long weekend. Stronger-than-expected private purchasing managers index data for April– which showed a rise in services activity– also helped. Hang Seng advanced 0.9%, aided by gains in tech.
ASX 200 rose 0.9%, recovering after dropping for 10 of the past 11 sessions. The Reserve Bank of Australia raised interest rates on Tuesday and presented a hawkish outlook, especially in the face of inflationary risks from the Iran war.
Futures for Nifty 50 index added 0.3%.
KOSPI was by far the best performer in Asia, rallying almost 7% to a record high of 7,411.62 points.
The KOSPI was boosted chiefly by gains in chipmaking stocks.
Samsung Electronics Co Ltd was a standout performer, rallying around 14%, with the memory chip maker’s valuation crossing $1 trillion for the first time ever.
SK Hynix Inc also soared more than 10%, hitting a record high. It has benefited greatly from AI-fuelled demand over the past year, with prices of their advanced memory products also accelerating sharply due to supply shortages.
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