Asian markets traded mostly higher in early deals on Friday, following a massive rebound in tech shares and on positive Wall Street finish. The tech sector recovered strongly after major US companies like Microsoft reported massive earnings, which eased investor fears about high costs for artificial intelligence systems. South Korea’s KOSPI skyrocketed driven by sharp advances in heavyweights. A new 20 trillion won government fund for AI and tech, and a 2.3% jump in June industrial production, the fastest growth in six year also fuelled the bullish momentum.
Nikkei soared by 2,659.57 points or 4.30% to 64,527.00, KOSPI Index skyrocketed by 938.85 points or 16.78% to 6,532.41, Taiwan weighted surged by 3,209.34 points or 8.04% to 43,142.64, Jakarta Composite rose by 29.92 points or 0.48% to 6,216.28, Shanghai Composite added by 29.18 points or 0.77% to 3,833.87 and FTSE Bursa Malaysia KLCI index lifted by 8.33 points or 0.48% to 1,728.73.
On the flip side, Hang Seng down by 17.88 points or 0.07% to 25,841.00, and Straits Times dipped by 46.76 points or 0.82% to 5,626.82.
