Asian markets stabilize as investors await further economic signals; South Korean KOSPI surges thanks to tech industry rally

Asian markets stabilize as investors await further economic signals; South Korean KOSPI surges thanks to tech industry rally

©Reuters

Investing.com– Most Asian stocks traded in a narrow range on Tuesday, following an average overnight session on Wall Street as anticipation of more key economic figures this week kept sentiment on edge.

But South Korean stocks have been outliers among their peers, rising sharply as heavy tech stocks have been boosted by persistent hype around artificial intelligence.

Regional markets recorded a negative close on Wall Street overnight, as anticipation of further signals on inflation and the Federal Reserve, coupled with frothy valuations, put US stocks in a wait-and-see pattern . U.S. stock index futures rose slightly in Asian trading.

South Korea’s KOSPI outperforms, chipmakers boosted by AI hype

South Korea’s stock jumped 1.3% on Tuesday to its highest level in more than two years, outperforming its peers on gains in chipmaking heavyweights.

Memory chip manufacturer SK Hynix Inc. (KS:) jumped 5.2 percent to a record high of 178,200 won, and was the KOSPI’s biggest boost amid growing optimism over its exposure to the artificial intelligence sector .

The stock followed strong overnight gains at U.S. peer Micron Technology Inc (NASDAQ:), betting that advanced memory chip makers will see exceptional demand for high-bandwidth memory (HBM) chips from the development of AI. SK Hynix is ​​currently the only producer of the most advanced HBM chips on the market.

South Korean peer Samsung Electronics Co Ltd (KS:) jumped 1.9%.

Japanese and Australian markets remain silent ahead of inflation figures

Most other Asian stocks remained range-bound on Tuesday, with the upcoming Good Friday also limiting trading volumes.

Japan’s fell 0.1%, falling below record highs as the index’s meteoric rally now appeared to be running out of steam, especially as persistent inflation figures pushed higher expectations of a more hawkish Bank of Japan. Inflation data is due later this week and will be watched closely for more clues.

That of Australia fell 0.1% after coming close to records at the opening. But the signs of weakening and the anticipation of maintaining local stocks have diminished.

China’s and China’s indexes moved in a flat-to-low range, while gains in some technology stocks helped the Hong Kong index rise 0.4%. The rebound in Chinese stocks now appears to be running out of steam, amid lingering concerns about the country’s slowing economic growth.

For India, the index indicated a slightly positive opening, with the index expected to see catch-up gains after a long weekend.

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