Asia stocks ride tech wave higher, oil stays subdued
- South Korean stocks opened sharply higher on Tuesday, led by gains in tech heavyweights and AI-linked trades following a record close for the Nasdaq Composite.
- United States markets rallied, with the Nasdaq Composite rising 2.3 percent and the Dow Jones Industrial Average adding 0.7 percent, boosting investor sentiment across Asian regions.
- The benchmark KOSPI rose 2.2 percent to 7,161.61, while the won appreciated 1.6 percent; market analyst Zavier Wong noted that Korea's chip export demand remains strong despite global headwinds.
- Indonesian stocks fell more than 1 percent, with the rupiah depreciating 0.4 percent ahead of a Bank Indonesia rate decision where policymakers are expected to hold rates at 5.75 percent.
- Elsewhere, Asian currencies broadly firmed against the dollar, including the Philippine peso, Taiwan dollar, and Singapore dollar, as the Philippines reached 'substantial agreement' on a free-trade deal and Vietnamese leader Lam reported positive United States trade negotiations.
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Oil Prices Slide as Supply Hopes Lift Global Stocks and AI Shares
Global stocks advanced Wednesday as oil prices extended their decline for a sixth consecutive session, easing some pressure on investors, while renewed enthusiasm for artificial intelligence supported technology shares. Markets remained focused on possible improvements in Middle East oil supplies and developments involving the U.S. and Iran.
Asia stocks ride tech wave higher, oil stays subdued
By Wayne Cole SYDNEY, Sept 23 (Reuters) - Asian shares were aiming for a sixth session of gains on Wednesday as signs of consumer demand for AI apps continued to buoy tech stocks, while oil prices faltered on reports of increased supply out of the Midd...
S.Korean stocks, won lead Asian gains as AI trade rebounds
SOUTH Korean stocks and the won led gains across Asian markets on Tuesday, as investors returned to AI-linked trades after a rally in US chipmakers and tech stocks, while Indonesian stocks and the rupiah fell a day ahead of a central bank rate decision.
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