Asian markets were in rally mode on Friday, with South Korea's KOSPI leading the charge with a near 13% surge that actually triggered a trading halt. The move was powered by semiconductor heavyweights Samsung Electronics and SK Hynix, which both posted jaw-dropping gains. Meanwhile, U.S. stock futures pointed higher and oil prices stayed elevated as investors weighed fresh geopolitical tensions around the Suez Canal.
SK Hynix and Samsung Surge as Kospi Hits Trading Halt, Oil Holds Steady on Suez Concerns
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South Korea's KOSPI jumped nearly 13% on semiconductor gains, while U.S. futures climbed and oil prices stayed elevated after an Egypt tanker attack raised Suez Canal worries.
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Semiconductor Stocks Go Parabolic in Seoul
The KOSPI jumped 12.84% to 6,311.81, a move so sharp that it halted trading. The catalyst? A massive rally in chip stocks, with SK Hynix shares in Seoul climbing 22.39% to 1.618 million Korean won (about $1,130), while Samsung Electronics rose 18.84% to 246,000 won (about $171).
SK Hynix's U.S.-listed American depositary receipt (ADR) also had a strong session, climbing 17.52% to $149 during Thursday's regular U.S. trading, and adding another 3.29% in after-hours to reach $153.90, according to market data.
Japan's Nikkei 225 wasn't far behind, climbing 4.70% to 64,774.37.
Futures and Oil React
Back in the U.S., futures were pointing to a higher open. Dow futures rose 151.00 points, or 0.29%, to 52,531.00, while S&P 500 futures gained 23.75 points, or 0.32%, to 7,496.25. Nasdaq 100 futures advanced 255.50 points, or 0.90%, to 28,493.25 as of around 8:32 p.m. EDT.
In commodities, WTI crude oil rose 0.55% to $84.05 per barrel, and Brent crude gained 0.74% to $89.69 per barrel. Natural gas futures were flat at $2.758 per MMBtu. The U.S. dollar index, which measures the greenback against a basket of currencies, was up 0.17% at 100.138.
The after-hours action was also notable. Amazon.com, Inc. (AMZN) surged 9.55% after reporting better-than-expected second-quarter revenue. Apple Inc. (AAPL) beat on fiscal third-quarter revenue, but weaker-than-expected services revenue sent the stock down 6.33%.
These moves followed a powerful rally during Thursday's regular session, led by Microsoft Corp (MSFT), which surged 15.51% after reporting stronger-than-expected Azure cloud growth. The results fueled broad gains among AI-linked chipmakers, with the iShares Semiconductor ETF (SOXX) climbing more than 8% during the regular session and gaining another 2.87% in after-hours trading.
Egypt Tanker Attack Raises Suez Canal Concerns
While markets were celebrating tech earnings, a geopolitical development was brewing in the Middle East. Iranian Foreign Minister Abbas Araghchi took to X to address the situation, saying that Egypt was an important regional partner and that its security was a priority for Tehran.
"Egypt is an important friend and partner in the region, and its security is of utmost importance to us," Araghchi wrote, adding that regional countries should remain alert to "Israeli plots and false-flag operations designed to undermine regional peace."
His comments came after a drone attack near Egypt's Port of Damietta on Wednesday. No group has claimed responsibility, and there were no confirmed threats against the nearby Suez Canal, according to reports. Still, the incident has heightened concerns about the security of the canal and Egypt's Sumed pipeline, which have become increasingly important routes for Saudi oil as the Iran conflict disrupts shipping through the Strait of Hormuz and Bab el-Mandeb.
Saudi Arabia has redirected much of its crude through the Red Sea toward its Yanbu terminal and the Egyptian energy corridor. However, recent Houthi threats have prompted more vessels to move north toward the Suez Canal, while some shipments are taking the longer route around Africa to reach Asian buyers.
Suez Canal Could Become a Critical Oil Lifeline
Analysts said the market was not yet pricing in a disruption to the Suez Canal. However, an attack affecting the canal region could raise war-risk insurance costs, increase shipping expenses, and intensify inflationary pressure.
"Disruption to the Suez Canal would have an almost immediate impact on prices," said Matthew Wright, a freight analyst at Kpler. "The inflationary pressure from longer voyages, higher freight, would be translated to the consumers almost immediately."
For investors looking at SK Hynix, market data indicates the stock has a Growth score in the 97th percentile and a Value score in the 51st percentile, according to proprietary rankings.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.
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