Tech Rally Drove All Asian Markets Higher
Go Wire
December 3, 2024
GoGPT Summarizes Articles
Asian stock markets all rose on Tuesday, Dec. 3, with Japan and South Korea leading the rise due to a surge in technology stocks. The tech sector rally followed America's updated export restriction on 140 Chinese AI-related tech companies. The sentiment about tech stocks is optimistic because such restrictions are regarded as beneficial to the Asian semiconductor industry excluding China's. Meanwhile, investors await the Fed's hints on a December rate cut and the US economic data that will be released this week to help gauge interest rates.
Individually speaking, Japan's Nikkei 225 surged 1.91%, bolstered by gains in major technology firms like Tokyo Electron (TYO:8035). The gain in the Japanese chip sector is expected to continue as the US restricts its Chinese competitors.
Similarly, South Korea’s KOSPI also soared 1.86%, supported by the increase in major tech stocks Samsung Electronics (KS:005930) and SK Hynix (KS:000660).
Other Southeast Asian markets also perform well, with Indonesia’s Jakarta Stock Exchange Composite Index up 1.77% and Thailand's SET Index rising 1.05% as of the press time.
Following the trend, Chinese markets jumped up, with the Shanghai Composite Index closing up 0.44% and Hong Kong’s Hang Seng Index rising 1% despite new U.S. export restrictions that planned to limit China’s manufacture of AI-related chips. However, the restrictions struck many Chinese chip companies. The NAURA Technology Group Co Ltd (SHE: 002371) plunged 3.93%, leading the sector to decline.
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