South Korea’s KOSPI surged nearly 7% to an all-time high on Wednesday, led by a sharp rally in tech shares as optimism grows over artificial intelligence expansion and easing geopolitical tensions.
Shares of Samsung Electronics jumped almost 13%, while SK Hynix rose about 10% in early trading. Both firms are key producers of advanced chips essential for AI technologies.
Investor sentiment improved further following reports that Iranian officials were heading to China ahead of a planned meeting between Donald Trump and Xi Jinping. The development also helped stabilize oil market fluctuations.
After remaining closed Tuesday for a public holiday, South Korea’s market reopened strongly, with the KOSPI climbing 6.7% early in the session to 7,398.34.
Elsewhere in Asia, stock markets mostly moved higher, though trading in Tokyo was shut due to a holiday.
Australia’s S&P/ASX 200 advanced nearly 1% to 8,766.80, while Hong Kong’s Hang Seng rose 0.7% to 26,081.52. China’s Shanghai Composite also gained 1% to 4,152.68.
In energy markets, benchmark U.S. crude fell $1.37 to $100.90 per barrel, and Brent crude dropped $1.50 to $108.37. Despite recent declines, prices remain significantly higher than pre-war levels near $70.
U.S. military officials said a ceasefire with Iran is in place, though uncertainty persists. Efforts are ongoing to secure shipping routes through the Strait of Hormuz, a critical passage for global oil transport.
On Wall Street, the S&P 500 rose 0.8% to a record close of 7,259.22. The Dow Jones Industrial Average gained 0.7% to 49,298.25, while the Nasdaq Composite climbed 1% to a new high of 25,326.13.
U.S. economic data offered mixed signals. One report indicated slower-than-expected growth in the services sector, partly attributed to the war’s impact on spending. Another showed job openings were slightly higher than forecast at the end of March, suggesting continued resilience in the labor market.
In currency trading, the U.S. dollar edged down to 157.88 Japanese yen, while the euro strengthened to $1.1720.