Asia report: Tokyo, Seoul surge on AI rally; other markets mixed

(Sharecast News) - Stocks in Tokyo and Seoul posted big gains on Thursday as technology shares rallied, bolstered by a bullish outlook from American memory-chip maker Micron and record-high South Korean exports, though losses were registered elsewhere.

The Nikkei 225 jumped 3.3% to a six-week high, while the KOSPI gained 2.0%, though the Sensex in Bombay and STI in Singapore slipped 0.8% and 0.1%, respectively, and Sydney's S&P/ASX 200 slumped 2.0%.

Meanwhile, markets in Shanghai and Hong Kong were closed for China's National Day, which marks the start of the Golden Week break. Trading in Hong Kong is closed for the day, while markets in mainland China won't reopen until 8 October.

"Asian stocks with links to AI still managed strong gains as they reacted to a blockbuster set of earnings from US memory chip outfit Micron," said AJ Bell investment director Russ Mould.

"Micron helped reignite some confidence in the AI chip trade with a bumper set of fourth-quarter results," Mould said. "Saying an AI company has produced a record performance has become as routine as a walk in the park, but the numbers were still eye-catching as revenue surged 380% to more than $54bn, with earnings up 11-fold."

In Japan, shares in Lasertec, Advantest, Murata Manufacturing and Kioxia Holdings all surged in response to Micron's results.

Over in South Korea, data showing national exports hitting a monthly record in September gave tech heavyweights SK Hynix and Samsung Electronics a boost. Exports were 84% higher than they were a year before at $120.9bn, driven by AI chip demand, coming in some 18% ahead of the previous record set in the summer.

Over in Australia, rising bond yields sapped demand for equities, with financial and mining stocks among the worst performers. Even Rio Tinto declined despite agreeing with the government to keep its Bell Bay aluminium smelter operating until 2031.