Korea, Japan Lead Asian Gains as KRX Triggers Sidecar
Strong overnight rebound in US tech stocks lifted Asian markets across the board in early trading on the 10th, with previously sold-off semiconductors and AI supply-chain names leading the counteroffensive. South Korea's KOSPI surged over 5% at the open, with strong buying triggering the Korea Exchange Sidecar mechanism, suspending program buy-order quotes; the index is currently up 234.97 points, or 4.68%, at 5,253.82 points, leading major Asian markets. Japanese equities rose in tandem, with the Nikkei 225 surging 1,617.21 points, or 2.75%, to 60,392.71 points; the TOPIX rose 2.23% to 3,903.36 points.
Taiwan Jumps Over 1,000 Points to Retake 42,000
Taiwan staged a simultaneous counterattack, with the TAIEX opening up 468.63 points at 42,130.33 points, then quickly extending gains to 42,835.86 points at 9:13, up 1,174.16 points or 2.82%, retaking the 42,000 level in one move. South Korea's memory duo led the advance, with Samsung Electronics up 5.58% in early trading and SK Hynix jumping 8.19%, providing key momentum for Korean shares. As buying returned to AI infrastructure, memory and semiconductor groups, heavily sold-off tech heavyweights rebounded strongly.
AI Heavyweights Lead as Delta Electronics, LandMark Hit Limit-Up
Taiwan AI heavyweights rose in tandem, with TSMC up NT$40 or 1.79% in early trading to NT$2,275; MediaTek surging NT$145 or 3.89% to NT$3,870; and Hon Hai up 2.09%. AI power giant Delta Electronics hit limit-up at the open to NT$1,275, up 9.91%; cooling specialist Auras jumped 6.69% to NT$2,710. PCB and IC substrate names were also hot, with Elite Material surging 6.51% to NT$4,335; Unimicron soaring 8.45% to NT$821. Assembly leader ASE Technology Holding rose 6.24% to NT$596; AI server makers Quanta and Wiwynn rose 1.35% and 2.43% to NT$300.5 and NT$1,685, respectively; optical communications stock LandMark hit the limit-up price of NT$2,115, up 9.87%.
PHLX Soars Nearly 7% as Oil Eases; CPI Seen as Key Ahead
Monday's strong US rebound was the main driver for Asian gains, with the Dow surging 1,104.02 points or 2.15%; the S&P 500 up 2.35%, its biggest single-day gain in nearly 7 months; the Nasdaq jumping 2.74% and the PHLX Semiconductor Index soaring 6.85%; Nvidia bucked the trend, falling 4.27%. Signs of easing US-Iran tensions sent Brent crude futures down nearly 6% on Monday to below $93 per barrel, helping ease inflation concerns. However, doubts over AI investment remain, with Democrats taking control of both chambers of Congress after the US midterm elections, markets watching whether reviews of AI data-center energy, water use and construction approvals will tighten, and with Big Tech's huge capital-expenditure payback periods and valuations still under scrutiny, the US October consumer price index due today will sway global tech stocks.