Asian Shares Mostly Advance After Wall St. Comeback

Shares were mostly higher in Asia on Friday, with major markets apart from Shanghai and Taiwan logging modest gains. US futures and oil prices rose.

Wall Street experienced a split, where general stocks and other formerly downtrodden areas of the market rose while superstar Big Tech stocks gave back more of their stellar gains. I Photo: Henry Han Wikimedia Commons

That followed a split Thursday on Wall Street, where general stocks and other formerly downtrodden areas of the market rose while superstar Big Tech stocks gave back more of their stellar gains, Elaine Kurtenbach reported for the Associated Press (AP).

Early Friday, Tokyo’s Nikkei 225 index gave up early gains to slip 0.5% to 37,667.41. It sank 3.3% the day before amid heavy sell-offs in many world markets.

Tokyo’s core consumer price index rose 2.2% in July, rising for the third straight month to its highest level in four months, adding to expectations that the Bank of Japan (BOJ) may raise its near-zero benchmark interest rate at a policy meeting next week.

Hong Kong’s Hang Seng edged 0.2% higher to 17,040.02, while the Shanghai Composite index edged 0.1% lower to 2,882.03. Australia’s S&P/ASX 200 surged 0.9% to 7,935.15, while the Kospi in Seoul added 0.9% to 2,735.63.

Taiwan’s Taiex sank 3.3% as it reopened after markets were closed Thursday due to a typhoon. It was catching up with the retreat Wednesday, which was the S&P 500’s worst loss since 2022.

Taiwan Semiconductor Manufacturing Corp. plunged 5.6%, tracking declines in Big Tech companies.