Emerging markets-Asian stocks gain after softer US CPI, South Korea rises more than 6%
EEM•Chipmakers lead gains in Seoul and Taiwan
AI memory chipmakers SK Hynix 000660.KS and rival Samsung Electronics 005930.KS, which make up just over half of the benchmark KOSPI, ended 8.8% and 6.3% higher, respectively.
Softer-than-expected U.S. inflation reduced the probability of a July Federal Reserve interest rate hike, pushing the U.S. dollar and Treasuries lower, while chipmakers Nvidia NVDA.O and Micron Technology MU.O jumped overnight. .N US/
That sentiment "flowed directly into Seoul and the broader chip complex", said Inki Cho, a senior financial market strategist at Exness.
"On top of that, SK Hynix's ADR (American Depository Receipts) SKHY.O surged 27%, and that move telegraphed the Seoul session before it even opened," Cho said.
Taiwan stocks .TWII closed 2% higher. TSMC 2330.TW, the world's top contract chipmaker and a key Nvidia and Apple AAPL.O supplier, ended 0.8% higher after advancing as much as 1.7%. The stock makes up around 43% of the benchmark.
