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Stock markets across Asia gained ground on Tuesday, with South Korea and Japan reversing recent declines sparked by profit-taking in the artificial intelligence sector. Seoul’s Kospi index surged 4.7% to close at 6,821.41, one day after falling 4.5%, as major semiconductor manufacturers recovered lost value. Samsung Electronics climbed 7.4% and SK Hynix rose 6.4% in brisk trading.
Despite gaining more than 50% year to date, the Kospi had tumbled over 20% in the previous month as investors liquidated positions amid concerns about an AI investment bubble. Tokyo’s Nikkei 225 index advanced 2.8% to 65,926.41 following a Monday holiday, recouping some of last week’s losses. Kioxia Holdings jumped 15.9%, while Advantest gained 6.9%, and SoftBank Group, which holds significant OpenAI stakes, climbed 6.1%.
Taiwan’s Taiex rose 3.6%, bolstered by Taiwan Semiconductor Manufacturing Company’s 2.8% gain. Hong Kong’s Hang Seng index edged up less than 0.1% to 25,150.75, while Shanghai’s Composite index added 0.6% to 3,819.66. Australia’s S&P/ASX 200 climbed 0.1% to 8,798.00, and India’s Sensex declined 0.1%.
Oil prices retreated early Tuesday after Monday’s gains, with Brent crude falling 0.7% to $88.63 per barrel, still well above the roughly $72 level from before late February’s war outbreak. U.S. crude lost 0.3% to $82.24 per barrel. Early Tuesday, Iran attacked another tanker in the Strait of Hormuz while the U.S. announced additional strikes against Iranian targets for a tenth consecutive night.
Negotiations between the U.S. and Iran continue, with Iran’s interior minister traveling to Pakistan for talks with mediators, though prospects for a breakthrough remain uncertain. Analysts noted some optimism about potential de-escalation, though deep divisions persist between the parties. Yemen’s Iranian-backed Houthis maintain a naval blockade affecting Saudi Arabia, creating additional supply chain risks.
On Wall Street, the S&P 500 dipped 0.2% to 7,443.28 on Monday, the Dow Jones Industrial Average fell 0.6% to 51,839.26, and the Nasdaq composite declined less than 0.1% to 25,508.07. Major semiconductor and AI-related stocks showed strength, with Nvidia up 0.2%, Micron Technology rising 1.9%, Broadcom gaining 2%, and Advanced Micro Devices climbing 1.6% following an expanded partnership announcement with Microsoft.
Currency markets showed minimal movement Tuesday, with the U.S. dollar falling slightly to 162.48 Japanese yen from 162.50 yen, while the euro held steady at $1.1414 against the dollar.
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