Asian tech stocks rose Monday as investors celebrated news that Iran and the U.S. have agreed to end the Middle East conflict.
One of the biggest winners was Japanese tech investor SoftBank, which soared 10%.
The boom followed President Trump’s announcement of the peace deal, saying: “The Deal with the Islamic Republic of Iran is now complete. Congratulations to all! I hereby fully authorize the toll-free opening of the Strait of Hormuz, and, simultaneously herewith, authorize the immediate removal of the United States Naval blockade. Ships of the World, start your engines. Let the oil flow! President DONALD J. TRUMP”.
Other winners included Tokyo Electron and Advantest, which rose by 7% and 7.67%.
Samsung Electronics and SK Hynix also increased by 4.5% and 6.42%.
Taiwan Semiconductor Manufacturing Co. gained 2.81%, and Foxconn increased by 2.69%.
Oil prices also dropped after the President announced the deal was finalized.
U.S. crude oil futures for July delivery dropped below $80 per barrel for the first time since March, declining 5.76% to $79.99. Brent futures also fell about 5.07% to $82.90.
By CEO NA Editorial Staff
