Asian shares mostly higher after U.S. stocks rebound

by Jonathan Adams
Asian shares

Nikkei 225 gained 0.3% to 38,758.96, the Kospi climbed 0.7% to 2,705.87, S&P/ASX 200 soared 0.7% to 2,705.87, the Shanghai Composite index added 0.3% to 3,097.86, Hang Seng slid 0.2% to 18,576.65, and the Taiex was 1.3% higher

Asian shares were mostly higher on Monday after U.S. stocks rebounded from Wall Street’s worst day since April to close higher for the week.

U.S. futures slid while oil prices rose.

Tokyo’s Nikkei 225 gained 0.3% to 38,758.96 and the Kospi in Seoul climbed 0.7% to 2,705.87.

Australia’s S&P/ASX 200 soared 0.7% to 2,705.87 and the Shanghai Composite index added 0.3% to 3,097.86 as the government reported corporate profits increased 4.3% year-on-year in April.

Hong Kong’s Hang Seng slid 0.2% to 18,576.65.

Taiwan led the gains, with heavy buying of computer chip-related shares pushing the Taiex 1.3% higher to a new record. MediaTek, a semiconductor firm that provides chips for wireless communications, high-definition television and handheld mobile device climbed 8.4%.

Taiwan Semiconductor Manufacturing Corp. logged a more modest 0.5% gain.

The robust global semiconductor cycle is positive for Taiwan’s growth outlook, Raymond Yeung and Bansi Madhavani of ANZ wrote in a research note. The global semiconductor cycle is strong thanks to breakthroughs in AI applications, cloud computing and 5G telecommunications technology, they said.

On Friday, the S&P 500 added 0.7% to 5,304.72 and won back all its losses from the previous two days. It eked out a tiny gain for the week, extending its weekly winning streak to five, and is standing just below its record set on Tuesday.

The DJIA added less than 0.1% to 39,069.59, and the Nasdaq composite added 1.1%, to 16,920.79, topping an all-time high set earlier in the week.

Nvidia gained another 2.6% Friday, making it the biggest single force pushing the S&P 500 upward.

This week’s bumpiness for stocks came despite another blowout profit report from Nvidia, which has surged to become one of Wall Street’s most influential stocks amid a frenzy around AI technology. Fervour around artificial intelligence had pushed some stocks to heights that critics called overdone, but Nvidia’s high growth and forecasts for more indicate it could keep going.

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