Asian shares rise as China joy persists; Tech Tracks US Rally By Investing.com

Investing.com– Most Asian shares rose on Thursday amid lingering encouragement over China’s stimulus measures, while technology shares — particularly chipmakers — rallied on strong gains from U.S. bet Micron.

Regional markets shrugged off a weak session overnight on Wall Street, where US stock indexes fell from record highs amid anticipation of more Federal Reserve guidance this week.

But Wall Street futures rose in Asian trade, supported by gains in technology and chip makers. Micron Technology Inc (NASDAQ: ) led those gains after the memory chip maker posted strong gains from artificial intelligence demand.

This week the focus is on an upcoming address by , as well as data – the Fed’s preferred inflation gauge.

Asian tech wins as Micron boosts chip makers

Technology indices were the best performers in Asia, with South Korea rising 2.1%, while indices and Japan rose 2.4% and 1.8% respectively.

South Korean memory chip supplier SK Hynix Inc (KS:) rose nearly 9% tracking Micron as the firm also began mass production of its most advanced high-bandwidth memory chips, which are a key component of AI development.

of Japan Advantest Corp. (TYO:) and Tokyo Electron Ltd. ( TYO: ) rose 4.7 percent and 6.7 percent, respectively, while Taiwan’s TSMC ( TW: ) rose 1 percent.

Positive earnings from Micron, which also presented a strong outlook, boosted the idea that the AI ​​trade remained in play and that chipmakers could continue to benefit from strong AI-fueled demand.

That notion has sparked widespread tech acquisitions, with sectors beyond chipmakers also gaining ground.

Chinese stocks extend gains on stimulus

Indexes and China rose 0.6 percent each, extending gains for a seventh straight session, as they rebounded from seven-month lows hit in early September.

Hong Kong’s index rose 1.5 percent, also benefiting from gains in technology heavyweights.

Chinese markets have been on a tear this week after Beijing announced a series of key stimulus measures, including cutting bank reserve requirements as well as lowering mortgage rates.

Local markets benefited from heavy bargain buying after largely lagging their global peers for at least two years amid lingering concerns about a slowing Chinese economy.

But despite the increased incentives, analysts said Beijing needed to do more to support growth, particularly on the fiscal front.

Broader Asian markets advanced. Australia rose 0.9 percent, nearing record highs amid optimism over China, which is a key trading partner for the country.

Futures for India’s index indicated a strong opening as the index hit a record high of over 26,000 points, also breaching a key resistance level.