Tech-Sector Recovery Lifts Asian Stock Markets

Asian stock markets sustained the tech-sector recovery on Thursday, as traders shrugged off Persian Gulf hostilities and rising crude prices.

Semiconductor issues got a lift after Google-parent Alphabet (GOOG, GOOGL) on Wednesday said it may spend $205 billion on AI development this year, more than expected.

Hong Kong, Shanghai and Tokyo finished in the green, while Seoul's semiconductor-heavy KOSPI index rose 4.4%. Other regional exchanges were mixed on the high side.

Brent oil rose to $98.06 a barrel, up 4.2%, during Asian market hours.

In Japan, the Nikkei 225 opened higher and held ground, finishing up 0.5% as tech issues retained favor.

The benchmark Nikkei 225 rose 307.00 to 66,422.60, as gaining issues outnumbered losers 120 to 102.

Leading the upside was Sumitomo Metal & Manufacturing, up 5.1%, while semiconductor manufacturing equipment maker Lasertec rose 5%. Department store chain Takashimaya led the downside, off 6.1%.

In Hong Kong, the Hang Seng Index opened evenly and rose to the close, concluding up 1.3%.

The broad gauge Hang Seng rose 318.15 to 25,210.81, as gaining issues outnumbered losers 73 to 20. The Hang Seng TECH Index gained 0.7% on the day, while the Mainland Properties Index rose 1.5%.

Leading the upside was Aluminum Corporation of China, gaining 6.3%, while Nongfu Spring declined 5.7%.

On the mainland, the Shanghai Composite rose 0.2% to 3,876.78.

On the other regional exchanges, the Taiwan TWSE rose 0.1%; the Australian ASX 200 advanced 0.2%; the Singapore Straits Times Index fell 0.2%, and the Thai Set rose 0.1%. In late trading in Mumbai, the Sensex was down 0.5%.

The MSCI All Country Asia Pacific Index rose 1% on the day.

In other news, South Korea's gross domestic product (GDP) expanded by 0.6% in Q2 from Q1, and by 3.7% on the year, according to the Bank of Korea.