SEOUL, October 29 (AJP) - Asian markets were mostly higher early Wednesday, with Seoul and Tokyo continuing to set the pace for the region on the back of strong third-quarter earnings and ongoing enthusiasm for AI-related chips. Sentiment was also supported ahead of a potential U.S. Federal Reserve rate cut expected at this week’s FOMC meeting.
Korea’s benchmark KOSPI rose 0.7 percent to hover around 4,040 after jumping 1.27 percent earlier, driven by a fresh rally in SK hynix following its record third-quarter performance. Retail investors maintained a hectic buying streak, adding 71.3 billion won ($49.8 million) in net purchases, while institutional profit-taking was largely absorbed by long-term investors such as pension funds.
SK hynix outperformed with a 3.17-percent rise to 538,000 won after reporting a record operating profit of 11.38 trillion won ($7.9 billion) for the quarter. The company also confirmed it had finalized 2026 high-bandwidth memory (HBM) supply volumes with key clients including NVIDIA.
Samsung Electronics, however, struggled to hold its recent milestone. The stock rose about 0.7 percent to 100,200 won as of 10:30 a.m., but showed little appetite for further gains. Despite better-than-expected quarterly earnings and plans to unveil its new “trifold” smartphone at APEC 2025, investors remained cautious ahead of NVIDIA CEO Jensen Huang’s visit to Korea and the results of NVIDIA’s HBM4 qualification process.
Transformer-related stocks led broader gains. Hyundai Engineering & Construction surged more than 8 percent to 74,500 won after reports that a KEPCO-led consortium won a wind-power project in Saudi Arabia, boosting expectations for transformer demand. The momentum lifted LS Electric more than 6 percent to around 410,000 won and Hyosung Heavy Industries over 3 percent to 1.99 million won. Iljin Electric edged up only 0.7 percent to 51,800 won, with analysts noting it is less likely to benefit from the new orders.
Among battery makers, Samsung SDI posted the strongest performance, climbing more than 6 percent to 331,000 won for a second day. Although its third-quarter results were soft, investors anticipate a fourth-quarter rebound driven by growing share in the North American energy storage system market and new electric-vehicle battery supply deals with Stellantis.
In Tokyo, the Nikkei 225 rose more than 1.2 percent to around 50,850, supported by industrial and technology names after Japan and the United States announced a new joint investment framework the previous day. Hitachi, a nuclear-related heavyweight, gained 3 percent to 4,815 yen ($31.76), while Panasonic Holdings climbed over 2 percent to 1,866 yen. Mitsubishi Electric, a key supplier of power-grid solutions, jumped 4 percent to 4,240 yen.
Advantest was the day’s standout, soaring 15.5 percent to about 20,900 yen, riding the global semiconductor rally sparked by the record results of Samsung Electronics and SK hynix.
Across the region, Taiwan’s TAIEX advanced about 1 percent to 28,230.
China’s Shanghai Composite Index briefly topped the 4,000 mark on Tuesday on optimism over potential progress in U.S.–China trade talks, but failed to maintain momentum as investors locked in profits. Markets also remained alert to how China’s economy may react to anticipated U.S. rate cuts.
Hong Kong’s Hang Seng Index was closed for the Chung Yeung Festival holiday.
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