Asian stocks rise, South Korean shares hit record high

KOSPI was the best performer in Asia, surging 3.5% to a record high of 6,828.33 points

Asian stocks rose on Monday, with South Korean shares hitting a record high, while Hong Kong also gained on AI-driven strength in the technology sector.

Trading volumes were dulled by market holidays in Japan and Mainland China. But most other markets were also upbeat.

KOSPI was the best performer in Asia, surging 3.5% to a record high of 6,828.33 points.

The index was boosted chiefly by stellar gains in memory chip makers Samsung Electronics Co Ltd and SK Hynix Inc, with both stocks up after clocking strong first-quarter earnings last week.

SK Hynix outperformed with a 6.8% rise, also hitting record highs, while Samsung rose 2.8%.

Both companies – world’s largest memory chip makers – clocked bumper first-quarter earnings last week, and said that continued supply shortages in the memory market were likely to keep boosting prices and revenues. The two are key suppliers to AI majors.

Hang Seng index climbed 1.7%, aided by a rebound in technology stocks.

Majors such as Baidu Inc, Semiconductor Manufacturing International Corp, and Xiaomi Corp surged over 4% apiece and were the top boosts to the Hang Seng. Baidu recovered some measure of last week’s losses, while SMIC remained upbeat amid persistent cheer over China’s AI prospects– which stand to greatly benefit the chipmaker.

Xiaomi advanced after it said it sold over 30,000 electric vehicles in April, a major rebound from the prior month.

Straits Times index added 0.5%, while futures for Nifty 50 index advanced 0.1%.

ASX 200 lagged, dropping 0.2% amid growing bets that the Reserve Bank of Australia will hike interest rates by another 25 basis points on Tuesday.