On Thursday (25 June, 9:32 AM, GMT+7, Bangkok time), major indices in the Asia Pacific traded mixed, with strong gains in South Korea’s Kospi. The tech-led Asian market surged by approximately 5% following news that SK Hynix intends to seek an approximately $29.4 billion listing on the U.S. market.
SK Hynix disclosed in a regulatory filing that it aims to sell 17.79 million new shares as American depositary receipts on Nasdaq, potentially raising about 45.45 trillion won ($29.65 billion). The company indicated that trading could commence on July 10, but noted that the schedule may change.
This is to expand its potential investor pool and to provide a more accurate assessment of its valuation. The company also stated that access to the U.S. market would support its objective of boosting its presence in a key region for artificial intelligence.
The positive mood across Asian markets was also influenced by Micron Technology’s strong sales guidance released overnight. The outlook from Micron renewed enthusiasm for stocks linked to AI and the memory chip sector.
According to a strategist at Betashares, Micron’s results reinforced confidence in the ongoing upcycle for memory products and the broader AI theme. He added that underlying supply limitations for DRAM and NAND are likely to support prices in the sector at least through 2027.
Investor attention is also turning to forthcoming economic data from the United States. The personal consumption expenditures price index reading for May, a key inflation indicator for the Federal Reserve, is scheduled for release. Market consensus, according to Dow Jones polling, forecasts a 0.5% increase on a monthly basis and a 4.1% rise year-over-year for the headline index, both marginally above April’s figures.
For the core PCE index, which excludes food and energy, growth of 0.3% month-over-month and 3.4% year-over-year is anticipated, both surpassing April’s respective readings.
Japan’s NIKKEI rose by 3.44% to 71,557.30. South Korea’s KOSPI grew by 4.74% to 8,872.72, while Australia’s ASX 200 declined by 0.35% to 8,777.50.
As for stocks in China, Shanghai’s SSEC slid by 0.10% to 4,106.66. Hong Kong’s HSI dropped by 1.58% to 23,041.77, while Shenzhen’s SZI advanced by 0.89% to 16,193.96.
The U.S. stock markets edged down on Wednesday as NASDAQ contracted by 0.43% to 25,476.63. S&P 500 lost 0.10% to 7,358.22, while the Dow Jones Industrial Average (DJIA) gained 0.35% to 51,848.90. VIX slumped by 4.41% to 18.63.
As for commodities, oil prices decreased on Wednesday, settling at their lowest point since before the onset of the Middle East conflicts. This followed the departure of previously stranded tankers from the Strait of Hormuz, which helped alleviate market concerns about potential supply disruptions. Brent crude contracts ended the session down $3.34, or 4.3%, at $73.74 per barrel. U.S. West Texas Intermediate crude finished $2.87, or 3.9%, lower at $70.34 per barrel.
This morning, Brent futures fell $1.37, or 1.86%, to $72.37 per barrel, and the WTI futures diminished $1.18, or 1.68%, to $69.16 per barrel.
Meanwhile, gold futures shrank by 0.20% to $4,000.90 per Troy ounce.
