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Seoul, Taipei Hit Records on Tech Rally
SK hynix, Samsung Electronics and TSMC led gains as investors bet on artificial intelligence demand and stronger tech earnings, with the MSCI Asia Pacific Index up 2%.
- Seoul and Taipei hit record highs on Monday as Asian traders embraced an AI-driven rally in technology shares, pushing key benchmarks to all-time peaks.
- Global demand for essential hardware reawakened interest in the technology sector after market tumult caused by US-Israeli strikes on Iran at the end of February, with three key manufacturers leading the rally.
- SK Hynix Inc. soared nearly 13% on Monday, while Taiwan Semiconductor Manufacturing Co. jumped 6.6% to an all-time high and Samsung Electronics Co. rose more than 5%, contributing to a 2.3% jump in the MSCI Asia Pacific Index.
- The AI-led rally masks underlying strains in broader Asian markets; energy-reliant economies like India, Indonesia, and the Philippines have lagged amid inflation concerns from rising oil prices.
- U.S. Navy destroyers entered the Strait of Hormuz as oil prices rose, prompting President Donald Trump to announce a new escort mission while Tehran's forces reportedly closed the key shipping route.
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Taiex posts record daily point gain, ends above 40,000 points
Taipei, May 4 (CNA) Shares in Taiwan posted a record daily gain of more than 1,700 points on Monday to close above the 40,000-point mark for the first time, led by large-cap semiconductor stocks amid optimism about the current AI boom, dealers said.
·Taiwan
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Coverage Details
Total News Sources20
Leaning Left6Leaning Right5Center2Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
15%
R 39%
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