HONG KONG (AP) 鈥� Asian shares mostly gained on Tuesday, with markets in South Korea and Japan trading higher after recent declines due to heavy selling of stocks linked to
U.S. futures edged higher, while oil prices slipped.
South Korea鈥檚 Kospi, which is heavily reliant on AI and chipmaking-related shares, jumped 4.7% to 6,821.41. It fell 4.5% a day earlier. Samsung Electronics surged 7.4%, while memory chip maker SK Hynix gained 6.4%.
The Kospi has gained more than 50% so far this year, but fell more than 20% over the past month as investors sold to lock in profits, wary of worries about a .
Tokyo鈥檚 Nikkei 225 added 2.8% to 65,926.41 after a holiday on Monday, recovering from some of its losses from last week.
Computer memory maker Kioxia Holdings surged 15.9%, while chip testing equipment maker Advantest jumped 6.9%. OpenAI investor SoftBank Group climbed 6.1%, while chip equipment maker Tokyo Electron added 1.3%.
Taiwan鈥檚 Taiex, which also has benefited from the AI boom, was up 3.6%. Its advanced AI chipmaker TSMC, or Taiwan Semiconductor Manufacturing Co., advanced 2.8%.
Hong Kong鈥檚 Hang Seng edged less than 0.1% higher to 25,150.75. The Shanghai Composite index added 0.6% to 3,819.66.
Australia鈥檚 S&P/ASX 200 climbed 0.1% to 8,798.00.
India鈥檚 Sensex gave up 0.1%.
Oil prices fell early Tuesday after gaining the day before. Brent crude, the international standard, fell below $90 a barrel, down 0.7% to $88.63. But it鈥檚 still well above the roughly $72 per barrel level it was at before the war started in late February.
Benchmark U.S. crude lost 0.3% at $82.24 a barrel.
Early Tuesday, Iran in the Strait of Hormuz, a for global oil and gas transport. The U.S. announced another round of strikes targeting Iran for a 10th straight night. Iran has been retaliating against the U.S. strikes by targeting U.S. allies across the Middle East.
As the U.S. and Iran traded fire, Iran鈥檚 interior minister traveled to Pakistan, a main mediator, for talks, but it鈥檚 still unclear if a new deal may be reached.
鈥淭here鈥檚 some hope of de-escalation between the U.S. and Iran,鈥� ING commodities strategists Warren Patterson and Ewa Manthey wrote in a commentary Tuesday. 鈥淭his won鈥檛 be an easy task. Large divisions remain between the U.S. and Iran.鈥�
A by Yemen鈥檚 Iranian-backed Houthis against Saudi Arabia has increased risks to oil supplies, they said.
On Monday, Wall Street鈥檚 benchmark S&P 500 slipped 0.2% to 7,443.28. The Dow Jones Industrial Average dropped 0.6% to 51,839.26, while the technology-heavy Nasdaq composite dipped less than 0.1% to 25,508.07.
Many of the major chipmaking and other AI-related stocks gained. Nvidia climbed 0.2%, Micron Technology rose 1.9%, and Broadcom was up 2%. AMD, or Advanced Micro Devices, added 1.6% after it announced an expanded partnership with Microsoft on AI.
In other dealings early Tuesday, the U.S. dollar fell to 162.48 Japanese yen from 162.50 yen. The euro was unchanged at $1.1414.
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AP Business Writers Stan Choe and Matt Ott contributed to this report.
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