Asian stocks track Nvidia-led rally on Wall St
Tokyo and Hong Kong settled with gains, Shanghai ended lower; South Korea’s markets were closed for a holiday; European markets were trading with gains; US markets ended in positive territory as S&P 500 hitting a new peak, while Dow Jones was sole loser
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Hong Kong: Asian markets rose on Thursday after Wall Street barrelled to records on Wednesday as the frenzy around artificial-intelligence (AI) technology kept sending stocks higher.
US futures and oil prices gained. In Tokyo, the Nikkei-225 index climbed 0.9 per cent to 38,841.75. The Hang Seng in Hong Kong added 0.8 per cent to 18,569.48 and the Shanghai Composite index was up 0.1 per cent at 3,068.31. Australia’s S&P/ASX 200 gained 0.7 per cent to 7,824.40 after data from the Australian Bureau of Statistics showed the country’s trading surplus rebounded in April, with exports falling 2.5 per cent and imports dropping 7.2 per cent. Taiwan’s Taiex surged 2 per cent after contract electronics maker Foxconn’s shares jumped 0.6 per cent after the company reported its revenue rose 22.1 per cent year-on-year in May, a record high for the month. In Bangkok, the SET was up 0.4 per cent. South Korea’s markets were closed for a holiday.
On Wednesday, the S&P500 climbed 1.2 per cent to 5,354.03, hitting the top of its all-time high set two weeks ago. The Nasdaq Composite jumped two per cent to 17,187.90 and likewise set a record. The Dow Jones Industrial Average, which has less of an emphasis on tech, lagged the market with a gain of 0.2 per cent to 38,807.33. The rally sent the total market value of Nvidia, which has become the poster child of the AI boom, above $3 trillion for the first time.
