Asian markets traded mixed on Wednesday, with a rally in chip stocks, despite cautiousness over the elevated crude oil prices on escalating Middle East war. The MSCI Asia Pacific Index of shares rose 0.4%, led by the information technology sector.
Japan's Nikkei 225 rose 0.71%, while the Topix gained 0.49%. South Korea's Kospi rallied 1.31%, while the Kosdaq jumped 2.10%. Hong Kong Hang Seng index fell 0.39%.
Investor sentiment remained cautious as rising hostilities between the US and Iran in the Gulf pushed Brent crude toward $100 a barrel. The US struck Iranian tankers near the vital crude-export hub of Kharg Island, stoking fears of deeper disruptions through the Strait of Hormuz.
Overnight on Wall Street, all three major indices ended lower ahead of the inflation data. The Dow Jones Industrial Average plunged 1.18% to 52,786.07, while the S&P 500 fell 0.58% to end at 7,673.52. The Nasdaq closed 0.32% lower at 26,421.41.
Chip Stocks Rally
Chip stocks in South Korean markets led the rally. SK Hynix shares rallied over 3%, while Samsung Electronics stock price gained 1.30%.
On the Nikkei, Furukawa Electric, Fujikura, Lasertec Corp, Sumitomo Electric Industries, Mitsubishi Materials Corp led the gains.
Overnight, the Philadelphia Semiconductor Index, known as the SOX, surged 1.3% in New York.
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