Asia report: Global tech rally drives regional gains
By Josh White
Date: Tuesday 09 Jun 2026
(Sharecast News) - Asia-Pacific markets closed mostly higher on Tuesday as technology stocks rebounded, tracking gains on Wall Street, with investors returning to artificial intelligence-linked names after last week's sharp sell-off.
"Global equities have staged a strong rebound as investors moved back into AI-linked stocks and oil unwound more of Monday's Middle East-driven spike," said Patrick Munnelly, market strategy partner at TickMill.
"The MSCI Asia Pacific index rose 2.5%, recovering from its sharpest fall since March, while South Korea's Kospi surged as much as 8%."
South Korean memory chip stocks recovered strongly, with SK Hynix climbing 6.44% and Samsung Electronics gaining 3.38%, while Seoul Semiconductor jumped more than 12%.
Japanese semiconductor equipment makers also advanced, with Tokyo Electron rising almost 6%, Advantest adding over 1% and Renesas Electronics gaining 2.5%.
SoftBank Group, however, extended its decline, falling 2%.
"SK Hynix jumped, helping to pull the wider chip complex higher after Monday's sell-off," Munnelly said.
"The move followed a strong Wall Street session, where the Nasdaq 100 gained 1.6% and the Philadelphia semiconductor index rose more than 5%."
The rebound came after the technology-heavy Nasdaq fell more than 4.5% last week.
Investors were also monitoring the Middle East, after Iran on Monday halted military strikes against Israel but warned it would resume attacks if Israeli forces continued operations in Lebanon, Tehran's foreign ministry told CNBC.
Israeli prime minister Benjamin Netanyahu later said the conflict with Iran and Hezbollah was "not yet over," despite saying both adversaries had been significantly weakened.
Oil prices fell, with Brent crude futures last down 1.8% on ICE at $92.55 per barrel, and the NYMEX quote for West Texas Intermediate losing 2.23% to $89.26.
"The overnight price action is, in many ways, the mirror image of the previous day," Munnelly said.
"Brent is back around $93.50/bbl, close to Friday's close, as the initial escalation premium continues to unwind."
Munnelly said reports that Trump was wavering on continued support for Israel if it kept up military action against Iran appeared to have contributed to hopes of de-escalation.
"Iran and Israel have also signalled some willingness to pause hostilities, reducing immediate fears of a deeper regional conflict and a more disruptive energy shock," he said.
"Even so, the recovery in risk assets should not be confused with a full reset."
Most markets manage solid tech-driven gains
Japan's Nikkei 225 rose 2.17% to 65,416.63, while the broader Topix gained 1.14% to 3,896.11.
Taiyo Yuden surged 20.03%, Murata Manufacturing rose 11.26%, and Panasonic Holdings added 9.79%.
In China, the Shanghai Composite climbed 1.28% to 4,010.03, while the Shenzhen Component advanced 3.02% to 15,268.72.
Guangzhou Fangbang Electronics rose 13.63%, Guangdong Jia Yuan Technology gained 12.68%, and Zhejiang HangKe Technology added 12.53%.
China's trade growth held up better than expected in May, supported by surging AI-related exports despite disruption from the Iran war.
Exports rose 19.4% from a year earlier in dollar terms, accelerating from 14.1% in April and beating Reuters-polled expectations for 15% growth.
Shipments to the US jumped 35.4%, the strongest growth since March 2021, according to Wind Information, extending a recovery after last year's tariff-related weakness.
"China's May trade data added to the more constructive overnight tone," Munnelly said.
"Exports rose 19% and imports increased 27%, both above expectations.
"Stronger Chinese trade can support global industrial sentiment and demand for European capital goods, luxury and autos."
Munnelly added that there was "a second side to the story", after Goldman Sachs analysts warned last year that rapid Chinese export growth could displace domestic production and weigh on GDP across Europe.
"For European investors, the data are therefore both a growth signal and a competitive threat," he said.
Hong Kong's Hang Seng Index fell 0.37% to 24,565.90.
Orient Overseas International dropped 5.24%, PetroChina lost 4.58%, and WuXi AppTec declined 3.71%.
South Korea led regional gains, with the Kospi 100 jumping 9.2% to 10,129.12.
Samsung Electro-Mechanics surged 18.39%, SK Hynix rose 15.91%, and SK Square gained 13.51%.
Sydney returns from holiday in the red
Heading down under, Australia's S&P/ASX 200 slipped 0.24% to 8,604.20 as it returned from a long weekend.
Emerald Resources fell 9.03%, Paladin Energy lost 8.78%, and Capstone Copper declined 6.05%.
Australia's NAB business confidence index rose to -14 in May from -24 in April, the highest reading since February, but still firmly negative.
Business conditions held at 3, ending a four-month slide, while profitability remained the weakest component relative to long-run norms.
Cost growth eased but remained historically high, and capacity utilisation slipped below 82% for the first time since early 2025.
NAB economist Michael Hayes said sentiment remained negative across industries amid global uncertainty, a weaker domestic backdrop and persistent cost pressures, with firms also facing high borrowing costs after the Reserve Bank of Australia lifted rates to 4.35%.
The Westpac-Melbourne Institute consumer sentiment index meanwhile fell 3.5% month on month to 80.6 in June, reversing May's gain and marking its fourth decline this year.
Household assessments of finances compared with a year earlier dropped 7.5% to 67.3, while 12-month expectations fell 8.5% to 85.1.
The one-year economic outlook rose 4.9% to 77.8, but the five-year measure declined 3.2% to 86.5, a three-year low.
Westpac economist Matthew Hassan said the impact of three rate hikes this year was becoming increasingly evident, though inflation remained the immediate concern as energy costs had yet to fully feed through.
Westpac said a pause was possible at the next meeting, but still expected further tightening this year.
Across the Tasman Sea, New Zealand's S&P/NZX 50 rose 1.27% to 13,204.08.
Air New Zealand gained 6.02%, Vista Group International rose 5.16%, and Mainfreight added 4.84%.
Dollar mixed against regional peers
In currencies, the dollar was last up 0.01% on the yen to trade at JPY 160.18, as it fell 0.12% against the Aussie to AUD 1.4178, and declined 0.31% on the Kiwi to change hands at NZD 1.7160.
"The broader macro message is that markets are still swinging between two narratives," Munnelly said.
"The first is constructive - geopolitical de-escalation, lower oil and renewed AI dip-buying.
"The second is more restrictive: a strong US labour market, higher Fed pricing and lingering inflation risks."
Reporting by Josh White for Sharecast.com.
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