Workers are processing chips at a workshop of an optoelectronic technology company in Huai’an, China, on May 11, 2024.
Costfoto | Nurphoto | Getty Images
A rally in tech stocks propelled a 1.97% rise in Japan’s Nikkei 225, which led gains among its regional peers and closed at 40,083.3. The broad-based Topix gained 1.1% and ended at 2,786.57.
Shares of Nippon Steel fell about 1.52% after the company, along with U.S. Steel, sued the U.S. government over President Joe Biden’s decision to block Nippon Steel’s $14.9 billion takeover of the U.S company.
South Korea’s Kospi advanced 0.14% to 2,492.1, with chip heavyweight Samsung Electronics reversing earlier gains to fall 0.89%. The small-cap Kosdaq was up marginally to close at 718.29.
Australia’s S&P/ASX 200 traded 0.34% higher, marking a fourth day of gains and finishing at 8,285.1.
Hong Kong’s Hang Seng index tumbled 1.43% in its final hour, while mainland China’s CSI 300 was up 0.72% to 3,796.1.
Hong Kong-listed tech stocks are in the spotlight after the U.S. Defense Department added Chinese tech giant Tencent Holdings and battery maker CATL to a list of firms it calls “Chinese military companies.”
Tencent‘s Hong Kong-listed shares are currently down almost 8%.
In the U.S., the S&P 500 advanced 0.55% and climbed alongside the Nasdaq, which gained 1.24% on the back of the tech rally.
However, the Dow Jones Industrial Average lagged, reversing earlier gains and falling 0.06%.
— CNBC’s Pia Singh and Tanaya Macheel contributed to this report.
