Kospi leads gains as Asian stocks rise amid US inflation, tech rebound
SK Hynix and Samsung Electronics take their advances for the week to around 15%
Asian stocks continued their upward trend, bolstered by a moderating US inflation rate that increased expectations of a September Federal Reserve rate hike pause and a rebound in technology stocks. MSCI’s Asia Pacific equities index experienced a 0.5% weekly gain, contributing to a 2.7% weekly increase. South Korea’s Kospi Index, a key indicator of the artificial intelligence trade, led regional gains, with Samsung Electronics and SK Hynix boasting over 15% weekly gains.
S&P 500 futures showed minimal change, while Japan’s Topix rose 0.7%, Australia’s S&P/ASX 200 fell 0.8%, Hong Kong’s Hang Seng dropped 0.7%, and the Shanghai Composite declined 0.2%. Investors grew more bullish on the AI sector following a July sell-off, pushing MSCI's All Country World Index to a weekly record high. Trading strategists noted that the easing of US monetary policy uncertainty had catalyzed the tech sector resurgence as investors reassessed the earnings of hardware companies.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
