South Korea’s Hyundai Motor soars 15% after report of deal with Apple; Asia-Pacific stocks rise
Shares in Asia-Pacific rose in Friday morning trade after stocks on Wall Street cruised to new record highs overnight.
South Korea’s Kospi led gains among major regional markets as it jumped 1.89%.
Shares of automaker Hyundai Motor soared about 15% following a local media report of a deal between the firm and Cupertino-based tech giant Apple on developing electric vehicles and batteries. The report, however, added that the deal is still pending approval.
Other stocks in South Korea’s auto sector also saw gains, with Hyundai Mobis surging 19.7% while Kia Motors jumped 6.35%.
In Japan, the Nikkei 225 advanced 1.48% while the Topix index gained 0.74%. Japan’s household spending rose 1.1% year-on-year in November, according to government data released Friday. That was higher than economists’ median estimate of a 1.5% decrease, according to Reuters.
Meanwhile, shares in Australia advanced, with the S&P/ASX 200 up around 0.4%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.39% higher.
Reference: CNBC
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