Saturday, December 9, 2023

Asia markets largely rise as Hong Kong, Taiwan lead gains on tech bounce

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In a photo taken on November 4, 2019 a subway train crosses a rail bridge over the Han river, before the skyline of the Yeouido business district of Seoul.

Ed Jones | Afp | Getty Images

Asia-Pacific markets largely rose on Tuesday, with Hong Kong and Taiwan stocks in the lead and mirroring similar moves on Wall Street after a tech-fueled rally.

Microsoft shares gained 2%, reaching a new 52-week high, after CEO Satya Nadella said former OpenAI chief Sam Altman will join the tech giant to lead a new AI research team.

Chipmaker Nvidia also added 2.3%, closing at an all-time high for the stock ahead of its earnings report Tuesday.

Investors in Asia will also assess South Korean producer prices for October, as well as New Zealand’s October trade figures.

Hong Kong’s Hang Seng index was up 1.28%, while the Hang Seng Tech index saw a larger gain of 1.85%. Mainland Chinese markets were also in positive territory, rising 0.49%.

In Australia, the S&P/ASX 200 extended gains from Monday, climbing 0.16%.

Japan’s Nikkei 225 lost 0.13%, while the Topix slid 0.21%.

South Korea’s Kospi rose 0.8%, while the small-cap Kosdaq inched 0.47% higher.

Overnight in the U.S., all three major indexes posted gains, with the the S&P 500 and Nasdaq Composite recording a fifth consecutive day of gains.

The tech-heavy Nasdaq led gains, rising 1.13%, while the Dow Jones Industrial Average climbed 0.58% and the S&P 500 added 0.74%.

— CNBC’s Hakyung Kim and Pia Singh contributed to this report.

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