BENGALURU: Most Asian stocks gained on Wednesday, led by South Korean equities as solid results for AI-linked US stocks boosted risk plays, while regional currencies were subdued on higher oil prices ahead of key US data.
The MSCI EM Asia equity index rose 1.1 percent as upbeat capital expenditure plans and forecasts from AI cloud firm CoreWeave and Super Micro Computer bolstered confidence that the AI investment boom still has room to run.
Tech-heavy KOSPI closed 3.7 percent higher. Its recent declines into bear market territory marked a steep pullback from AI-related stocks on anxiety surrounding the sustainability of massive capital expenditures.
Chipmaker Samsung Electronics closed up 6.7 percent, and SK Hynix ended 5.5 percent higher.
Elsewhere, Jakarta’s benchmark led gains in Southeast Asia with a 1.2 percent rise. Stocks in the Philippines and Malaysia followed with gains of 0.6 percent and 0.3 percent, respectively.
Singapore stocks eased 0.7 percent after scaling record high levels last session.
Currencies, however, remained tepid with soaring oil costs continuing to drag import-reliant economies. The US and Yemen’s Iran-aligned Houthis reported separate attacks on shipping, while Asia was rattled by an early morning missile launch by North Korea.
The Indonesian rupiah extended its weakness into another session, shedding as much as 0.3 percent to trade at 17,885 per US dollar.
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