Asia-Pacific markets commenced the trading session on a positive note Tuesday, buoyed by the influence of AI-related transactions that propelled major indexes upward in the previous session. Nvidia shares experienced an increase of over 1% following a report indicating that the company plans to commence shipments of its H200 chips to China by mid-February. Micron Technology experienced an increase of approximately 4%, whereas Oracle saw a rise of over 3%. Australia’s S&P/ASX 200 experienced an increase of 1.1%, concluding at 8,795.7, which signifies a fourth consecutive day of upward movement.
Japan’s Nikkei 225 concluded slightly above the neutral point at 50,412.87, marking a continuation of gains for a third consecutive day. The comprehensive Topix increased by 0.53% to 3,423.25, driven primarily by the performance of financial and healthcare sectors. On Tuesday, Japan’s Finance Minister Satsuki Katayama indicated that the country possessed a “free hand” in addressing the recent significant depreciation of the yen, suggesting that currency intervention remained a possibility. The yen experienced a significant depreciation on Friday, even as the Bank of Japan elevated interest rates to a three-decade peak, reaching a nadir of 157.77 against the dollar before regaining some strength on Monday and Tuesday. It was last observed at 156.14. Katayama stated that the fluctuations of the Japanese currency do not align with economic fundamentals, characterizing them as “speculative.”
South Korea’s Kospi increased by 0.28% to 4,117.32, marking a three-day winning streak; however, the small-cap Kosdaq decreased by 1.03% to 919.56. Shares of shipbuilding firm Hanwha Ocean experienced a notable increase of 10% following remarks from U.S. President Donald Trump, indicating that the company would collaborate with the U.S. Navy on the construction of new frigates. In the final hour of trading, Hong Kong’s Hang Seng index exhibited a slight decline of 0.1%, primarily driven by a downturn in basic materials stocks. Conversely, mainland China’s CSI 300 continued its upward trajectory, marking a third consecutive day of gains with an increase of 0.2%, concluding at 4,620.73.
Chinese newcomers made a significant impact on the Hong Kong market during their debut on Tuesday, with QingSong Health Corporation and Nuobikan Artificial Intelligence Technology experiencing remarkable increases of 134% and 323%, respectively, following their robust yet modest IPOs. QingSong Health Corporation’s Hong Kong IPO experienced significant demand, as indicated by the domestic tranche being subscribed 1,421 times, according to its exchange filing, resulting in nearly 602 million Hong Kong dollars raised (approximately $77 million). Nuobikan experienced a remarkable subscription rate for its Hong Kong public tranche, achieving a staggering 188.74 times oversubscription and securing HK$303 million in the process. Overnight in the U.S., the S&P 500 experienced an increase of 0.64%, marking its third consecutive day of positive performance. The Dow Jones Industrial Average increased by 0.47%, while the Nasdaq Composite rose by 0.52%.