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Asian stock markets climbed on Wednesday as investor sentiment improved amid hopes of easing tensions between the United States and Iran. A strong rally in technology shares, fueled by continued enthusiasm around artificial intelligence, pushed South Korea’s KOSPI index to a record high, while broader regional markets also posted gains.
Wall Street’s overnight record close helped drive positive momentum across Asia after U.S. and Iranian officials signaled progress in diplomatic negotiations. U.S. President Donald Trump stated that Washington had paused plans to escort ships through the Strait of Hormuz and suggested a comprehensive agreement with Iran was nearing completion. The remarks triggered a sharp drop in oil prices and boosted confidence in global equity markets.
Chinese stocks reopened strongly following a long holiday weekend. The Shanghai Shenzhen CSI 300 and Shanghai Composite Index both advanced more than 1%, supported by stronger-than-expected private PMI data showing improved services sector activity in April. Hong Kong’s Hang Seng Index also gained nearly 1%, led by technology stocks.
Australia’s ASX 200 rebounded 0.9% after suffering losses in 10 of the previous 11 sessions. Investors weighed the Reserve Bank of Australia’s latest interest rate hike and its hawkish stance on inflation risks linked to geopolitical uncertainty in the Middle East.
South Korea emerged as the standout performer in Asia, with the KOSPI surging nearly 7% to an all-time high of 7,411.62 points. The rally was powered by semiconductor giants Samsung Electronics and SK Hynix, both benefiting from booming AI-driven demand for advanced memory chips.
Samsung Electronics jumped almost 14%, pushing its market valuation above $1 trillion for the first time. SK Hynix gained more than 10%, also reaching record levels as supply shortages and rising AI demand continued to drive memory chip prices higher.
Meanwhile, South Korea’s latest inflation data showed consumer prices rose within expectations in April, reinforcing optimism that the Bank of Korea’s inflation-control measures are working effectively.
