Asian stocks were mostly higher on Tuesday, with markets in South Korea and Japan trading higher after recent declines on heavy selling in artificial intelligence-related stocks.
US futures rose slightly, while oil prices fell.
South Korea’s Kospi, which relies heavily on artificial intelligence and chipmaking stocks, jumped 4.7% to 6,821.41. The day before, it fell by 4.5%. Samsung Electronics rose 7.4%, while memory chip maker SK Hynix gained 6.4%.
Kospi has gained more than 50% this year, but has fallen more than 20% in the past month as investors sold to take profits, wary of concerns about a potential bubble in AI investments.
Tokyo’s Nikkei 225 added 2.8% to 65,926.41 after the holiday on Monday, recovering from some of last week’s losses, SEEbiz reports.
Computer memory maker Kioxia Holdings rose 15.9%, while chip test equipment maker Advantest jumped 6.9%. OpenAI investor SoftBank Group rose 6.1%, while chip equipment maker Tokyo Electron added 1.3%.
Taiwan’s Taiex, which has also benefited from the artificial intelligence boom, rose 3.6%. Its advanced artificial intelligence chip maker TSMC, or Taiwan Semiconductor Manufacturing Co., advanced 2.8%.
Hong Kong’s Hang Seng rose less than 0.1% to 25,150.75. The Shanghai Composite Index added 0.6% to 3,819.66.
Australia’s S&P/ASX 200 rose 0.1% to 8,798.00.
India’s Sensex fell 0.1%.
Oil prices fell on Tuesday morning after rising a day earlier. Brent crude, the international benchmark, fell below $90 a barrel, down 0.7% to $88.63. But it remains well above the roughly $72 a barrel level it was at before the war broke out in late February.
