Asian Shares Mostly Higher After Wall Street Rebound

Asian shares were mostly higher after U.S. stocks bounced back from Wall Street’s worst day since April to finish higher for the week.

Wall Street this week had its worst day since April. I Photo: New York Stock Exchange Facebook

U.S. futures slipped while oil prices advanced, Elaine Kurtenbach reported for the Associated Press (AP).

Tokyo’s Nikkei 225 added 0.7% to 38,900.02, and the Kospi in Seoul jumped 1.2% to 2,717.71. Australia’s S&P/ASX 200 surged 0.8% to 2,785.60, and the Shanghai Composite index gained 0.6% to 3,105.72 as the government reported corporate profits rose 4.3% year-on-year in January-April.

Hong Kong’s Hang Seng reversed early losses, gaining 0.7% to 18,736.34.

In Taiwan and South Korea, heavy buying of computer chip-related shares pushed benchmarks higher. The Taiex ended 1.1% higher after touching a fresh record. MediaTek, a semiconductor company that provides chips for wireless communications, high-definition television, and handheld mobile devices, jumped 7.5%.