Asian Stock Markets Surge on Strong Semiconductor Stocks: "SK hynix Jumps 12%"
Asian stock markets rose on optimism surrounding the artificial intelligence (AI) industry and strong earnings reports from major U.S. big tech companies.
On May 4, the KOSPI surged by 338.12 points (5.12%) compared to the previous trading day, reaching an all-time high of 6,936.99. During the session, it briefly climbed to as high as 6,937.00.
Semiconductor stocks led the rally. Samsung Electronics closed at 232,500 won, up 12,000 won (5.44%) from the previous trading day. SK hynix rose by 12.52% to 1,447,000 won. Both Samsung Electronics and SK hynix posted record-high closing prices.
Taiwan's TAIEX index also soared by 4.57%, closing at 40,705.14 and surpassing the 40,000 mark for the first time ever on a closing basis. Stock markets in Japan and mainland China were closed for the day. Taiwan Semiconductor Manufacturing Company (TSMC) also gained 6.56%.
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Dylan Wu, strategist at Pepperstone Group, said, "The current market is showing a solid performance, supported by AI-driven trading and the AI boom," adding, "However, geopolitical turmoil and high oil prices remain constant constraints." He also noted, "We remain cautiously optimistic about the Asian markets overall."
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