Asian stock markets saw notable gains on Thursday, propelled by strong performances in Japan and South Korea as technology shares surged. This upward trend was largely attributed to positive earnings updates from leading US semiconductor companies.
Investor sentiment received a boost after Qualcomm and Micron Technology issued improved outlooks, sparking increased demand for semiconductor stocks across the region. Qualcomm’s shares rose significantly following an upward revision of its annual revenue forecast and the unveiling of a new data center chip. Similarly, Micron Technology’s stock gained momentum after surpassing market expectations.
The Nikkei 225 in Japan experienced a sharp climb, driven by gains in companies tied to the chip industry. Meanwhile, South Korea’s Kospi index reached a record high, buoyed by advances in major technology firms such as Samsung Electronics and SK Hynix.
Elsewhere in Asia, market results were mixed. India, Taiwan, and China experienced smaller gains, whereas markets in Hong Kong and Australia experienced declines. This regional performance came after a mixed session on Wall Street, where drops in several major technology companies impacted US indexes.
In the energy sector, oil prices fell as investors monitored US-Iran negotiations aimed at resolving their ongoing conflict. Brent crude oil prices edged closer to pre-conflict levels, exerting pressure on energy giants like Exxon Mobil and Chevron. Additionally, investor attention is turning toward upcoming US inflation data, with the Federal Reserve closely observing price trends as it deliberates future interest-rate decisions. Economists predict that the Personal Consumption Expenditures index will continue to indicate inflationary pressure.