Stock markets in Japan and South Korea climbed to record highs on Monday, driven by strong gains in technology shares and optimism over the global artificial intelligence boom, while uncertainty over the Iran war ceasefire kept oil prices elevated.
Oil prices rose more than 2% as investors closely watched ongoing U.S.-Iran talks, including discussions on reopening the Strait of Hormuz, a key route for global oil and gas shipments.
Asian markets broadly advanced, with Japan’s and South Korea’s benchmark indexes hitting new intraday records. The rally was led by technology stocks, as investors continued to bet on strong demand for AI-related industries.
Japan’s Nikkei 225 rose more than 1.3% and crossed the 67,000 level for the first time, reaching 67,231.28. Shares of SoftBank Group surged more than 9%, adding to recent record gains.
In South Korea, the Kospi index jumped nearly 5% to an all-time high of 8,874.16. Shares of Samsung Electronics rose more than 9%. Official data also showed South Korea’s exports surged 53% in May, supported by strong global demand for semiconductors.
Over the past month, Japan’s Nikkei has gained more than 12%, while South Korea’s Kospi has surged over 27%, reflecting strong momentum in regional equities.
Elsewhere in Asia, Hong Kong’s Hang Seng index rose 0.9%, while China’s Shanghai Composite slipped slightly after weaker-than-expected factory activity data signaled slowing export demand. Australia’s S&P/ASX 200 also edged lower, while Taiwan’s Taiex and India’s Sensex posted gains.
Market sentiment remains influenced by uncertainty over the future of the Iran conflict. Investors are watching whether a proposed ceasefire extension will hold, even as optimism around artificial intelligence and corporate earnings continues to support global equities, including on Wall Street.
Brent crude oil rose 2.4% to $93.33 per barrel in early trading, up sharply from about $70 in late February before the conflict began. U.S. crude also climbed 2.8% to $89.76 per barrel.
On Friday, Wall Street indexes closed at record levels, supported by strong gains in major technology stocks. The S&P 500, Dow Jones Industrial Average and Nasdaq Composite all posted fresh highs, led by companies tied to AI-driven demand.
In currency markets, the U.S. dollar strengthened against the Japanese yen, while the euro weakened slightly.