KOSPI led gains for the day after losses in chipmakers sent the index spiralling in the prior session

Most Asian stocks rose on Tuesday, aided by a recovery in chipmaking and artificial intelligence stocks from bruising losses in recent sessions, while some easing tensions in the Middle East also helped.

KOSPI led gains for the day after losses in chipmakers sent the index spiralling in the prior session. Chinese shares gained after trade data for May read stronger than expected on outsized growth in exports.

KOSPI index surged 3% on a rebound in heavyweight chipmaking stocks, after dropping 8.3% in the prior session.

Memory chip giants Samsung Electronics Co Ltd climbed 3.4%, while SK Hynix Inc surged 7.7%.

South Korean markets were also encouraged by an upward revision in first-quarter gross domestic product data, which showed the economy growing 1.8% in the first quarter. The increase was driven chiefly by strong semiconductor exports.

Nikkei 225 index also benefited from a recovery in tech, advancing 0.9% after an over 4% decline in the prior session. The TOPIX index rose 0.5%.

Chipmaker Tokyo Electron Ltd. climbed 7.6% and was the top performer on the Nikkei, while SoftBank Group Corp. declined 0.8%.

But despite Tuesday’s recovery, technology stocks remained skittish after a major wipeout in the sector in recent sessions. Markets questioned whether the AI rally had run too hard, while broader concerns over rising interest rates and the Middle East war also spurred profit-taking in the sector.

Shanghai Shenzhen CSI 300 and Shanghai Composite gained 0.4% each after data showed China’s trade surplus grew more than expected in May.

The rise was driven chiefly by an outsized jump in exports, and signalled that China’s export-driven economic growth remained in play.

Chinese imports also blew past expectations on more demand for semiconductors and AI data centre components. Hang Seng index dropped 0.2%.

Among broader Asian markets, Straits Times index gained 1.1%.

ASX 200 lagged, declining 0.3% on weakness in mining stocks.