BENGALURU: South Korean and Taiwanese stocks rose on Tuesday, led by chip and technology shares, while Asian currencies gained as market participants toyed with the possibility that US President-elect Donald Trump could be less aggressive on tariffs.
Taiwanese equities gained as much as 1.7% to reach their highest in nearly six months. Semiconductor giant TSMC climbed 3.1% as chip stocks got a boost after Nvidia hit a record high overnight and Microsoft announced plans to invest $80 billion in data centres.
South Korea’s KOSPI index rose as much as 1.3% to hit its highest since Nov. 27. South Korean financial markets were the worst performers in Asia last year as the government’s efforts to boost the market were overshadowed by domestic political turmoil and signs of a slowdown in exports.
However, the won, which was up 0.4% for the day, and the stock market have started 2025 on a positive note.
“KOSPI has kept up with its near-term bullish momentum, and while political risks persist, the initial reaction has subsided, with room for more policy support to uplift consumer and business confidence ahead offering the basis for some dip-buying,” IG analysts said in a note.
Elsewhere in the region, stocks in Bangkok, Mumbai and Kuala Lumpur rose between 0.2% and 1%.
Bucking the trend, shares in Manila lost as much as 1%. Data showed that annual inflation quickened for a third straight month in December, with the central bank saying it would maintain a “measured approach” to monetary policy easing.
Currencies in the region gained slightly. The Indonesian rupiah added 0.3% while the Thai baht rose as much as 0.4%.
Comments
Comments are closed for this article.