Session at a Glance

SoftBank explodes 10% higher as SK Hynix’s record $26.5B US listing electrifies Asian chip stocks.

Asian markets rallied broadly on July 10, fueled by two catalysts: SK Hynix began trading on the Nasdaq at $149 per share in what became the largest-ever US listing by a foreign company at $26.5 billion — surpassing Alibaba’s 2014 record — and overnight Micron’s pledge to invest $250 billion in US manufacturing through 2035 sent chip stocks surging. Resumed US-Iran technical negotiations also eased geopolitical risk, pushing commodity prices higher with copper up 1.1% and gold jumping 2.5%.

South Korea’s KOSPI led the region with a 2.52% gain as Samsung Electronics and semiconductor names rode the SK Hynix listing halo. Japan’s Nikkei climbed 1.2%, with SoftBank surging over 10% as investors repriced its AI proxy status through Arm and OpenAI stakes. Australia’s ASX 200 rose 0.5%, led by miners as iron ore held above $100/tonne.

China was the outlier — the Shanghai Composite slipped 1.0% as CATL crashed over 7% and PetroChina weakened, while defensive consumer names like Kweichow Moutai and Wuliangye bucked the trend. Taiwan’s TAIEX dipped 0.83% as TSMC pulled back ahead of its July 16 earnings, though AI packaging play ASE Technology surged 8%.

Here are the standout movers across Asia-Pacific’s major exchanges for the session of Friday, July 10, grouped by market.

Australia (ASX)

↑ RIO +3.77%

Mega-cap · 164.5 (local)

Why: Copper rose 1.1% and gold jumped 2.5% after resumed US-Iran negotiations eased geopolitical risk, lifting diversified miners with commodity price leverage across iron ore, copper, and aluminium.

Pattern: Commodity-driven momentum continuation — Rio tracks metal prices mechanically, and the macro tailwind from easing geopolitical risk supports further resource sector rotation into miners.

↓ CSL -2.10%

Mega-cap · 122.9 (local)

Why: No clear catalyst — likely defensive-to-cyclical rotation as risk appetite surged toward miners and commodity plays, pulling capital from biotech defensives like CSL.

Pattern: Sector rotation trade — CSL tends to underperform on strong risk-on days when capital chases cyclicals. Move is consistent with broader rotation, not a fundamental deterioration signal.

Hong Kong (HKEX)

↑ 1810 +3.36%

Large-cap · 25.84 (local)

Why: Xiaomi unveiled its Sky Nomad SUV series — an extended-range electric lineup broadening its auto ambitions beyond the SU7 sedan, with the first model measuring over 5.3 metres targeting family travel.

Pattern: Catalyst-driven breakout — new product expansion into higher-margin SUV segments reprices the auto revenue TAM. India’s electronics import duty removal adds a secondary tailwind for the smartphone core.

↓ 9999 -2.73%

Mid-cap · 206.8 (local)

Why: No clear catalyst — NetEase pulled back with no major headlines, potentially reflecting broader profit-taking in Hong Kong mid-caps after a multi-session recovery in tech names.

Pattern: Mean-reversion pullback — isolated move without sector-wide gaming weakness. Watch for support at the 200-level round number; a hold there would keep the medium-term structure intact.

China — Shanghai (SSE)

↑ 600519 +1.93%

Mega-cap · 1205 (local)

Why: Kweichow Moutai gained as investors rotated into domestic consumer defensives amid broader mainland weakness — premium baijiu names attract flows when growth sectors sell off.

Pattern: Defensive rotation bid — Moutai acts as a quality haven within A-shares during risk-off sessions. The move is a sector flight, not a fundamental catalyst, limiting breakout potential.

↓ 601857 -1.38%

Large-cap · 9.27 (local)

Why: PetroChina drifted lower despite higher oil prices, suggesting domestic demand concerns weighed more than the commodity price uptick. No company-specific headlines.

Pattern: Range-bound drift — PetroChina trades more on domestic macro sentiment than crude pricing. The disconnect between rising oil and falling stock price signals mainland growth anxiety.

China — Shenzhen (SZSE)

↑ 000858 +3.94%

Large-cap · 73.69 (local)

Why: Wuliangye rallied alongside Moutai as investors bid up premium baijiu names — domestic consumer staples attracted flows as a defensive rotation within a weak mainland session.

Pattern: Sector momentum continuation — Wuliangye and Moutai moving in tandem confirms a consumer-defensive bid, not a stock-specific catalyst. Watch for follow-through in the broader consumer staples basket.

↓ 300750 -7.12%

Mega-cap · 348.8 (local)

Why: CATL dropped sharply — a major shareholder’s earlier stake reduction plan likely continued to weigh on sentiment, compounded by profit-taking in EV battery names after a strong run.

Pattern: Distribution break — a 7% single-session drop in a mega-cap signals institutional selling pressure. Volume and whether it holds the prior support zone will determine if this is a flush or a trend change.

Japan (TSE)

↑ 9984 +10.65%

Mega-cap · 6370 (local)

Why: SoftBank surged as the overnight US chip rally — sparked by Micron’s $250B investment pledge and SK Hynix’s record Nasdaq listing — repriced AI proxies; SoftBank’s ~90% Arm stake and OpenAI position drove the bid.

Pattern: Momentum continuation breakout — SoftBank is trading as a leveraged AI call option through Arm. The 10%+ move on volume suggests institutional re-rating, not just retail enthusiasm.

↓ 6758 -1.47%

Mega-cap · 3359 (local)

Why: Sony dipped despite winning OCC approval for its Connectia stablecoin bank — a disc-free PS5 plan triggered a $457M lawsuit, and the broader market’s AI-heavy rotation pulled capital toward names like SoftBank.

Pattern: Relative underperformance in a risk-on session — capital rotated from entertainment/media plays into pure AI proxies. The legal overhang from the PS5 lawsuit adds near-term headline risk.

Singapore (SGX)

↑ H78 +1.81%

Mid-cap · 7.31 (local)

Why: Hongkong Land gained modestly — no clear catalyst; likely benefiting from broader Asian property sentiment and Singapore REIT flows on a risk-on day.

Pattern: Low-conviction drift higher — the move is small and lacks a specific driver. Singapore property names tend to grind rather than break out; this looks like background beta.

↓ U11 -0.02%

Large-cap · 44.33 (local)

Why: UOB was essentially flat — no significant headlines. Singapore banks are trading in a tight range as regional rate expectations remain stable.

Pattern: Range-bound consolidation — a 0.02% move is noise, not signal. UOB is tracking the narrow band typical of ASEAN bank stocks between rate decision cycles.

South Korea (KOSPI)

↑ 006400 +8.09%

Mid-cap · 4.34e+05 (local)

Why: Samsung SDI surged 8% riding the SK Hynix listing euphoria that lifted all Korean tech — plus strong EV battery demand and energy storage system momentum continued to drive the re-rating of Korean battery makers.

Pattern: Sector momentum with fundamental catalyst — Samsung SDI is being repriced alongside the broader Korean tech rally. The EV battery margin expansion narrative gives it legs beyond a one-day sympathy trade.

↓ 000660 -0.27%

Large-cap · 2.18e+06 (local)

Why: SK Hynix dipped marginally in Seoul on the day its $26.5B US ADR listing launched on Nasdaq — profit-taking in the local shares as capital shifted to the new US-listed vehicle.

Pattern: Listing-day arbitrage rotation — slight weakness in the home-market shares on ADR debut day is a common pattern as dual-listed flow rebalances. Not a bearish signal for the underlying thesis.

Taiwan (TWSE)

↑ 3711 +8.32%

Mid-cap · 677 (local)

Why: ASE Technology surged as AI advanced packaging demand accelerated — management raised LEAP services revenue guidance above $3.5B for 2026 and the overnight Micron investment news boosted the semiconductor supply chain.

Pattern: Breakout on upgraded guidance — ASE is the purest play on AI chip packaging bottlenecks. The raised LEAP outlook gives fundamental backing to what had been a momentum-driven run.

↓ 2330 -2.03%

Mega-cap · 2415 (local)

Why: TSMC pulled back 2% ahead of its July 16 earnings report — investors trimmed positions in the largest semiconductor name as the risk-reward shifts to the results, despite a positive overnight chip tape.

Pattern: Pre-earnings de-risking — institutional holders often lighten ahead of mega-cap earnings prints. The dip runs counter to the broader chip rally, suggesting positioning rather than fundamental concern.

India (NSE)

↑ RELIANCE +1.82%

Mega-cap · 1303 (local)

Why: Reliance Industries gained with the broader Nifty 50 rally — no company-specific catalyst, but oil price stability and improving risk appetite across emerging Asia supported India’s largest conglomerate.

Pattern: Beta move with the index — Reliance tracks the Nifty closely given its outsized index weight. The move aligns with the global risk-on tone rather than a Reliance-specific catalyst.

↓ ITC -0.25%

Mid-cap · 281.4 (local)

Why: ITC was essentially flat — no major headlines. India’s consumer staples sector saw mild profit-taking as capital rotated toward higher-beta cyclical names on the risk-on day.

Pattern: Defensive lag in a risk-on session — ITC’s tobacco and FMCG profile makes it a low-beta name that typically underperforms when the market rallies on growth catalysts. Noise, not signal.

New Zealand (NZX)

↑ SPK +1.36%

Mid-cap · 1.865 (local)

Why: Spark New Zealand edged higher — no clear catalyst; the telecoms name likely benefited from a modest yield-seeking bid as broader regional sentiment improved.

Pattern: Low-volatility grind — NZX telecoms are yield instruments that drift on light volume. The 1.4% move is at the upper end of daily range but lacks breakout conviction.

Reading the Session

The exchange-by-exchange breakdown above surfaces both market-specific catalysts and cross-border themes. When multiple exchanges move together, look for a macro driver (USD move, commodity price, risk-on/off shift). Isolated single-exchange moves tend to reflect local earnings, regulatory news, or sector rotation.

Read next: Asia Pacific Markets · What Is a P/E Ratio? · What Is a Dividend?