Asian Stocks Rise as Tech Rally Offsets Rate Uncertainty
Asian stock markets moved higher on Thursday, supported by strong gains in technology shares. Investors looked beyond renewed uncertainty over U.S. interest rates and focused on opportunities in the tech sector, helping regional indices extend recent advances.
Chinese and Hong Kong markets remained closed for the Lunar New Year holiday, while most other Asian exchanges tracked overnight gains on Wall Street. S&P 500 futures were largely unchanged in late trading.
South Korea’s KOSPI Hits Record High on Chipmaker Surge
South Korea’s KOSPI index led regional gains, jumping nearly 3% to a record 5,673.11 points. The rally was driven primarily by technology stocks, particularly semiconductor giants.
Samsung Electronics surged more than 4% to an all-time high following reports that the company plans to raise prices for its advanced memory chips amid strong demand from the artificial intelligence sector. Earlier this month, Samsung announced it had begun mass production of HBM4 chips, a key component used in AI processors.
Samsung and rival SK Hynix, two of the world’s largest memory chip manufacturers, have benefited significantly from the AI boom. Rising demand for AI infrastructure has boosted sales and pushed valuations to new highs. Expectations of a potential memory chip shortage have also allowed both companies to increase prices, a trend analysts believe could continue in the coming months.
Despite slightly weaker-than-expected trade data for January, South Korea’s exports still climbed nearly 34%, supported by overseas chip demand.
Australia’s ASX 200 Reaches Record as Mining and Banks Rally
Australia’s ASX 200 index gained more than 1%, hitting a record 9,118.30 points. The advance was fueled by strong performances from major mining and banking stocks.
Rio Tinto rose over 2% after announcing an expanded investment in a Canadian lithium project. Meanwhile, Australia’s “big four” banks — ANZ Group, Westpac, Commonwealth Bank of Australia, and National Australia Bank — posted gains ranging between 1.3% and 3%.
Recent labor market data also influenced investor sentiment. Employment growth in January came in softer than expected, increasing speculation that the Reserve Bank of Australia may face less pressure to raise interest rates in the near term. However, the unemployment rate remained steady at 4.1%, signaling that the job market remains resilient.
Broader Asian Markets Also Advance
Elsewhere in Asia, Japan’s Nikkei 225 climbed 0.9%, supported by technology shares and a weaker yen that helped export-oriented companies. The broader TOPIX index rose 1%.
Singapore’s Straits Times index gained 1%, while futures for India’s Nifty 50 edged up 0.3%, with local technology stocks expected to attract bargain hunters after recent declines.
Overall, strong momentum in semiconductor and AI-related stocks helped Asian markets push to fresh highs, even as investors continue to monitor global interest rate developments.
