Asian stock markets experienced an upswing on Thursday, primarily driven by robust gains in Japan and South Korea. The technology sector saw significant boosts following encouraging earnings reports from leading US semiconductor companies. Investor sentiment was bolstered when Qualcomm and Micron Technology both raised their forecasts, invigorating demand for semiconductor stocks throughout the region.
Qualcomm’s shares soared after the company not only increased its annual revenue projections but also unveiled a new data center chip. Similarly, Micron Technology’s stock rose following its performance surpassing market expectations. This positive momentum propelled Japan’s Nikkei 225 higher, with notable contributions from chip-related companies. Meanwhile, South Korea’s Kospi hit a record peak, fueled by advances from major tech players like Samsung Electronics and SK Hynix.
Elsewhere in Asia, market results were mixed. India, Taiwan, and China saw smaller gains, while markets in Hong Kong and Australia declined. This regional trend came on the heels of a volatile session on Wall Street, where some losses in key technology stocks negatively impacted US indexes.
In the energy sector, oil prices edged down as investors kept a close eye on discussions between the US and Iran regarding a potential resolution to their ongoing conflict. Brent crude oil prices slipped closer to pre-war levels, which applied downward pressure on energy giants such as Exxon Mobil and Chevron.
Attention is also turning to upcoming US inflation data, with the Federal Reserve monitoring price trends as it weighs future interest rate decisions. Economists are anticipating that the Personal Consumption Expenditures index will indicate continued inflationary pressures.