Asian stock markets generally rose today (March 11). Oracle (ORCL.US) raised its annual revenue guidance, driving significant gains in semiconductor stocks across the Asia-Pacific region. Taiwan’s stock market surged over 4%, while South Korea’s and Japan’s markets climbed 3.8% and 2.6%, respectively.
The fourth session of the 14th National Committee of the Chinese People’s Political Consultative Conference concluded, with the central parity rate of the renminbi against the US dollar reaching a near three-year high. The People’s Bank of China conducted open market seven-day reverse repurchase operations, resulting in a net withdrawal of 14 billion yuan in a single day. The Shanghai Composite Index gained 2 points to close at 4,125 points in early trading; the Shenzhen Component Index increased by 121 points or 0.8%, closing at 14,476 points. Hong Kong’s Hang Seng Index edged up by 21 points or 0.1% to 25,981 points, with turnover reaching 147.5 billion yuan. Taiwan’s weighted index continued to climb, gaining 1,410 points or 4.3%, to reach 34,181 points. Taiwan Semiconductor rose 5.1%, following a 22% year-on-year increase in last month’s revenue. Hon Hai Precision Industry and MediaTek gained 4.8% and 3.8%, respectively, while Delta Electronics surged 8.9%.
Japan’s Nikkei Index continued to rise in the afternoon, adding 1,407 points or 2.6%, to reach 55,655 points. Semiconductor-related stocks led the rally, with SoftBank and Kioxia climbing 9.1% and 10.3%, respectively, while Advantest, Lasertec, and DISCO each gained between 5.5% and 5.7%. Cable manufacturers Furukawa Electric and Sumitomo Electric Industries soared 11% and 10%, respectively, while Fujikura advanced 8.6%.
South Korea’s KOSPI continued to rise, gaining 208 points or 3.8%, to reach 5,741 points. Applied Materials (AMAT.US) partnered with Micron Technology (MU.US) and SK Hynix to develop next-generation AI chips, boosting SK Hynix shares by 4.2%. SK Square and Samsung BioLogics each gained 6%, while Samsung Electronics rose 2.7%.
India’s Nifty 50 Index fell 193 points or 0.8%, to reach 24,067 points. Tata Consumer Products and automotive stock Mahindra & Mahindra dropped 1.5% and 2.7%, respectively, while telecommunications firm Bharti Airtel declined 1.3%. Australia’s S&P/ASX 200 Index closed higher by 45 points or 0.5%, reaching 8,738 points. Mining giant BHP Group Ltd and gold miner Newmont Corporation rose 1.3% and 1.5%, respectively, while ANZ Bank gained 1.9% and National Australia Bank increased by 1%. New Zealand’s NZX 50 Index ended the session up 198 points or 1.5%, closing at 13,293 points.
Singapore’s Straits Times Index edged down slightly by 1 point in the afternoon to close at 4,859 points. DBS Bank and OCBC Bank both dipped less than 0.1%. JMH USD reported an 11% increase in underlying net profit for the previous year and raised its dividend, yet its share price plunged 6.6%. In other Southeast Asian markets, Malaysia’s stock market rose 0.1%, Indonesia’s market gained marginally under 0.1%, Thailand’s and the Philippines’ markets climbed 1.1% and 1%, respectively, while Vietnam’s Hanoi and Ho Chi Minh markets rose 1.4% and nearly 2%, respectively.
