Asian stocks traded higher at the time of writing, led by a nearly 13% surge in South Korea’s KOSPI, while U.S. stock futures advanced and oil prices remained elevated.
Asian Markets Trend Higher as Samsung, SK Hynix Surge
South Korea’s KOSPI surged 12.84% to 6,311.81, with gains in semiconductor heavyweights Samsung Electronics (OTC:SSNLF) and SK Hynix helping drive the benchmark higher and triggering a trading halt.
Shares of SK Hynix in Seoul climbed 22.39% to 1.618 million Korean won (about $1,130) in Seoul, while those of Samsung Electronics rose 18.84% to 246,000 won (about $171).
SK Hynix Inc.’s (NASDAQ:SKHY) U.S.-listed American depositary receipt also posted strong gains overnight. The ADR climbed 17.52% to $149 during Thursday’s U.S. session and added 3.29% in after-hours trading to $153.90, according to Benzinga Pro.
Meanwhile, Japan’s Nikkei 225 was seen climbing 4.70% to 64,774.37.
Oil Prices and Stock Futures React
Dow futures rose 151.00 points, or 0.29%, to 52,531.00, while S&P 500 futures gained 23.75 points, or 0.32%, to 7,496.25. Nasdaq 100 futures advanced 255.50 points, or 0.90%, to 28,493.25 as of around 8:32 p.m. EDT.
In commodities, WTI crude oil rose 0.55% to $84.05 per barrel, while Brent crude gained 0.74% to $89.69 per barrel. Natural gas futures were unchanged at $2.758 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 100.138, up 0.17% on the day.
In extended trading, Amazon.com, Inc. (NASDAQ:AMZN) surged 9.55% after reporting better-than-expected second-quarter revenue. Apple Inc.’s (NASDAQ:AAPL) fiscal third-quarter revenue also exceeded expectations. However, weaker-than-expected services revenue sent the stock down 6.33%.
The after-hours moves followed a powerful rally during Thursday’s regular session, led by Microsoft Corp (NASDAQ:MSFT), which surged 15.51% after reporting stronger-than-expected Azure cloud growth.
The results fueled broad gains among AI-linked chipmakers, with the iShares Semiconductor ETF (NASDAQ:SOXX) climbing more than 8% during the regular session and gaining 2.87% in the after-hours trading.
Egypt Tanker Attack Raises Suez Canal Concerns
Iranian Foreign Minister Abbas Araghchi said on X that Egypt was an important regional partner and that its security was a priority for Tehran.
“Egypt is an important friend and partner in the region, and its security is of utmost importance to us,” Araghchi wrote, adding that regional countries should remain alert to “Israeli plots and false-flag operations designed to undermine regional peace.”
No group has claimed responsibility for Wednesday’s drone attack near Egypt’s Port of Damietta and there were no confirmed threats against the nearby Suez Canal, Reuters reported.
Still, the incident has heightened concerns about the security of the canal and Egypt’s Sumed pipeline, which have become increasingly important routes for Saudi oil as the Iran conflict disrupts shipping through the Strait of Hormuz and Bab el-Mandeb.
Saudi Arabia has redirected much of its crude through the Red Sea toward its Yanbu terminal and the Egyptian energy corridor.
However, recent Houthi threats have prompted more vessels to move north toward the Suez Canal, while some shipments are taking the longer route around Africa to reach Asian buyers.
Suez Canal Could Become a Critical Oil Lifeline
Analysts said the market was not yet pricing in a disruption to the Suez Canal, the report added.
However, an attack affecting the canal region could raise war-risk insurance costs, increase shipping expenses and intensify inflationary pressure.
“Disruption to the Suez Canal would have an almost immediate impact on prices,” Kpler freight analyst Matthew Wright said. “The inflationary pressure from longer voyages, higher freight, would be translated to the consumers almost immediately.”
Benzinga Edge Rankings indicate SK Hynix stock has a Growth score in the 97th percentile and a Value score in the 51st percentile.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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