Asia market rises on semiconductor gains even as crude rises above $92

The Asian stock market rose for the second day as semiconductor chipmakers extended their gains. This comes as crude prices surged following renewed escalation in the West Asia war between US and Iran.

MSCI's Asia Pacific equities gained 1.2%, which follows Tuesday's highest one-day gain in a month. South Korea's benchmark Kospi meanwhile surged more than 5%. Kospi is a bellwether index for AI investments.

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Taiwan Semiconductor Manufacturing Company, which is the world's largest chip manufacturer, saw its American depository receipts rise about 5.5% after Nikkei announced the company's plans to raise prices by up to 10%.

Key semiconductor gauge rose 5.2% hinting at a renewed demand for chipmakers following the previous week's sell-off.

Nasdaq 100 meanwhile marked its best session in more than three weeks yesterday.

Also Read: Chip stocks lead Wall Street Rebound on Tuesday, disregard surge in crude prices

Several major semiconductor stocks saw positive gains. These include Super Micro Computer Inc surged at the end of the US trading after the company updated about its increasing orders. The shares of Intel Corp rose on its plans to cut further jobs.

The Japanese yen slid past 163 against the dollar on Tuesday for the first time since 1986, drawing early market attention in Asia towards the currency as Japanese authorities are increasingly being tested to intervene in the declining currency.

Crude prices meanwhile rose renewing concerns of inflation. This in turn pushed US Treasury yields to its highest level in two months. Brent rose about `1.4% to about $92.43 per barrel following US President Donald Trump indicating that there was no immediate prospect for any talks with Iran, hinting at further restraint in global oil supply.