Asian stocks rally, KOSPI outperforms

KOSPI was the best performer in Asia on Wednesday, rallying 6.5 per cent

Asian stocks rallied on Wednesday, while dip-buying after bruising losses in March also aided markets.

KOSPI was the best performer for the day with an over 6 per cent rally, while Nikkei 225 and TOPIX also rose sharply.

KOSPI was the best performer in Asia on Wednesday, rallying 6.5 per cent. It was aided by dip-buying after logging bruising losses through March, with the index having wiped out more than 19 per cent last month.

Samsung Electronics Co Ltd and SK Hynix Inc were among the best performers on the KOSPI, rising as much as 10 per cent each after logging deep losses in March. The two tracked a broader slump in memory chip stocks amid questions over long-term demand from the artificial intelligence industry.

South Korean markets were also encouraged by data showing a bumper 48.3 per cent surge in exports in March, while purchasing managers index data showed manufacturing activity grew further last month.

Broader Asian markets clocked strong gains after dropping sharply in March, with Nikkei 225 and TOPIX indexes up 4 per cent and 3.9 per cent, respectively.

ASX 200 climbed 1.7 per cent, as did Straits Times index.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes added nearly 1.4 per cent each, brushing off private PMI data that showed manufacturing activity grew less than expected in March. Hang Seng index added 1.8 per cent on a rebound in technology shares.

Oil prices rose on Wednesday, with Hormuz remaining a major overhang for markets. The channel is a key source of oil and gas for South and East Asia, supplying around 20 per cent of the world’s oil consumption.