Asia-Pacific Markets Rise on Tech Rally
Asia-Pacific markets rose on Tuesday, following a tech rally on Wall Street that saw the S&P 500 and Nasdaq Composite post back-to-back gains.
Global semiconductor stocks, including heavyweight Nvidia, rose on Monday after contract electronics giant Foxconn reported record fourth-quarter revenue.
Taiwanese chipmaker Taiwan Semiconductor Manufacturing Company rose to a record high in Monday’s trading session, and may have more room to run as overnight tech optimism spills over.
Japan’s Nikkei 225 bounced back after leading decliners in Asia on Monday, rising 0.77%, while the broad-based Topix gained 0.45%.
South Korea’s Kospi rose 0.97%, with chip heavyweights Samsung Electronics and SK Hynix extending gains to rise about 2% and 1.35%, respectively. The small-cap Kosdaq gained 0.67%.
Australia's S&P/ASX 20 started the day up 0.42%, heading for a fourth straight day of gains.
In contrast, Hong Kong's Hang Seng Index last traded at 19,664, indicating a weaker open compared with the HSI's close of 19,688.29.
Hong Kong-listed tech stocks will be in the spotlight after the U.S. Department of Defense added Chinese tech giant Tencent Holdings and battery maker CATL to a list of companies it calls "Chinese military companies."
Tencent's American depositary receipts fell nearly 8% overnight.
In the U.S., the S&P 500 rose 0.55% and rose alongside the Nasdaq, which gained 1.24% on a tech rally.
The Dow Jones Industrial Average, however, lagged, reversing earlier gains and falling 0.06%.
Source: CNBC
