Japanese and South Korean shares hit highs on Friday as investors scooped up AI-related stocks following a sharp rally in US semiconductor shares.

In Tokyo, the Nikkei share average hit a record high after opening on Friday up 497 points, or 0.7 percent, at 71,551.

Gains were trimmed back in mid-morning trades that put the 225-strong benchmark 166 points, or just 0.23 percent, up at 71,219 at one stage before noon after it had hit a record high of 71,952 earlier in the session.

The broader Topix was down 0.24 percent at 4,058.

"Investors had no choice but to buy chip-related shares after a sharp rally in US chip shares overnight," said Kazuaki Shimada, chief strategist at IwaiCosmo Securities.

The US Philadelphia semiconductor index sharply outperformed the rest of the market with a 6.4 percent rally overnight as Intel's shares jumped to a record high and finished up 10.6 percent.

US President Donald Trump said iPhone maker Apple has agreed to work with Intel to design and manufacture its chips in the United States.

Shares of Intel supplier Ibiden rose as much as 5 percent earlier in the session and was last up 1.11 percent.

In Seoul, heavyweight South Korean stocks hit a record as sentiment improved after the presidents of the United States and Iran signed a peace deal.

The Kospi opened up 225 points, or 2.48 percent, at 9,288, crossing the 9,000-point mark for the first time and extending gains for a sixth straight session in its longest winning streak since February.

The benchmark was still up 200 points, or 2.21 percent, at 9,264 at one stage before midday.

Chipmakers SK Hynix and Samsung Electronics jumped 6.5 percent and 4.6 percent, respectively. They have been major drivers of gains on the index, which has more than doubled in value this year. (Reuters)




Edited by Robert Kemp