Asian Stocks Move Mixed as Oil Prices Stabilize

Hong Kong, October 6 — Asian stock markets traded mixed on Tuesday. U.S. futures rose after major U.S. stock indexes moved closer to record levels. Uncertainty over the situation in the Middle East also kept oil prices relatively stable.

Japan’s Nikkei 225 index gained 0.5% to 70,321.83 points. The index crossed the 70,000-point threshold this week for the first time since early July.

South Korea’s Kospi index fell 1% to 6,936.60 points. Hong Kong’s Hang Seng index gained 0.8% to 24,228.47 points.

Australia’s S&P/ASX 200 index rose 0.6% to 8,735.20 points. Taiwan’s Taiex index declined 0.1%, while India’s Sensex index fell 0.2%. Mainland Chinese stock markets were closed for a public holiday.

Technology stocks also showed mixed performance. Shares of Japanese semiconductor testing equipment maker Advantest rose 2%. Shares of SoftBank Group , however, fell 2.5% after the company’s chief executive, Masayoshi Son, warned about potential risks in the technology sector.

In South Korea, shares of Samsung Electronics fell 1.6%, while shares of SK Hynix declined 2.9%.

On Monday, the U.S. S&P 500 index gained 0.7%, moving closer to its previous record. The Dow Jones Industrial Average rose 0.2%, while the Nasdaq Composite advanced 1.1% to a new record closing level. Shares of technology giants Nvidia and Broadcom each gained 2.1%.

Investors are mainly focused on upcoming corporate earnings and continued growth in the artificial intelligence sector. At the same time, elevated oil prices and rising bond yields remain risks for the stock market.

In the oil market, uncertainty surrounding the situation in the Middle East continues. Brent crude rose 0.4% to $100.71 per barrel. West Texas Intermediate (WTI) crude, the U.S. benchmark, gained 0.3% to $89.73 per barrel.

Analysts say that although tensions between the United States and Iran remain high, increased oil flows through the Strait of Hormuz and the resumption of supplies through Saudi Arabia’s major East-West pipeline have eased some upward pressure on oil prices.

ING commodities strategists Warren Patterson and Ewa Manthey said that while there are growing signs that oil flows from the Persian Gulf could recover, the market remains concerned about potential supply disruptions in the region. This continues to provide support for oil prices at elevated levels.