BENGALURU: Chip stocks in South Korea and Taiwan drove Asian emerging markets to a multi-month high on Monday, helped by a healthy appetite for AI-related equities, while the Philippine peso hit a record low as elevated oil prices threaten the country’s trade balance.
ChatGPT maker OpenAI released GPT-6 Astra last week, a new AI model it calls its best yet, driving a surge in the Philadelphia SE Semiconductor Index in the US on Friday.
“That carried directly into Seoul and Taipei this morning, led by SK Hynix up nearly 6 percent and Samsung up 4.3 percent, with both foreign and institutional investors as net buyers,” said
Inki Cho, a senior financial market strategist at online trading platform Exness.
South Korea’s KOSPI ended 4.6 percent higher, logging its highest close since July 23. Taiwan’s benchmark gauge closed 1.7 percent higher at its highest close since June 22.
Chipmakers SK Hynix and Samsung Electronics rose 8.3 percent and 5.7 percent to their highest close since July 27 and August 21, respectively. Taiwan’s TSMC closed 2.1 percent higher at its highest close since July 16.
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