Key facts
- Asian stock markets were largely higher on Tuesday, following positive performance on Wall Street.
- South Korea's Kospi index rebounded with a 1.3% gain, boosted by tech and AI-related demand.
- Samsung Electronics and SK Hynix announced significant investment plans in South Korea's chipmaking and AI sectors.
- Oil prices stabilized, trading near levels seen before the recent escalation of conflict.
- U.S. equity futures edged up, and major U.S. indices closed higher on Monday.
Asian shares were largely higher on Tuesday, following positive leads from Wall Street. South Korea's Kospi index rebounded, gaining 1.3% after recent sharp declines, driven by demand for chips and AI technology. Samsung Electronics and SK Hynix announced substantial investment plans exceeding $500 billion in South Korea's chipmaking and AI sectors, with their shares rising 3.6% and 1% respectively.
Tokyo's Nikkei 225 also saw gains, rising 0.9%, benefiting from the AI boom. Chip equipment maker Tokyo Electron jumped 4.3%, and investment firm SoftBank Group was up 0.6%.
In contrast, Hong Kong's Hang Seng index fell 0.8%, while the Shanghai Composite index traded 0.2% higher. Australia's S&P/ASX 200 edged up less than 0.1%, Taiwan's Taiex surged 3.2%, and India's Sensex lost 0.1%.
Oil prices stabilized after falling modestly, trading near levels seen before the recent conflict escalation. Brent crude was down 0.2% to $73.73 a barrel, and U.S. crude fell 0.4% to $70.49 a barrel. Traders are monitoring U.S.-Iran negotiations for a potential end to hostilities.
On Monday, Wall Street closed higher, with the S&P 500 adding 1.2%, the Dow Jones Industrial Average climbing 0.6%, and the tech-heavy Nasdaq composite gaining 2.1%. U.S. technology stocks, including Intel, Micron Technology, Nvidia, and AMD, saw increases.
In currency markets, the U.S. dollar rose to 162.18 Japanese yen, while the euro was trading at $1.1399.