Asia’s equity markets closed mostly higher on Friday, April 25, with Taiwan’s Taiex surging 3.3% — the largest single-day gain in the region — after regulators lifted single-stock fund concentration limits on TSMC, which hit a record high. Japan’s Nikkei 225 rose nearly 1% as overnight chip-stock momentum from Intel’s blowout AI earnings spilled into Tokyo’s semiconductor names. China was the lone holdout, as the CSI 300 slipped slightly amid lingering geopolitical friction.
Market Snapshot: Asia Closes Mixed, Taiex Leads Region
Here is a summary of key Asia-Pacific index closes on April 24, 2026:
- Taiex (Taiwan): +3.3% (intraday peak — largest gain in Asia)
- Nikkei 225: 59,716.18, +575.95 (+0.97%)
- TOPIX: 3,716.59 (+0.01%)
- Hang Seng: 25,978.07 (+0.24%)
- CSI 300: 4,769.37 (−0.35%)
- KOSPI: 6,475.63 (flat, −0.00%)
- S&P/ASX 200: 8,786.52 (−0.08%)
South Korea’s KOSPI closed essentially unchanged at 6,475.63 (prior close: 6,475.81), with intraday swings between 6,403 and 6,516 as investors weighed global tech optimism against domestic caution. Australia’s ASX 200 was marginally lower ahead of the ANZAC Day public holiday on April 25.
Taiwan: TSMC Hits Record as Fund Rules Relaxed — JPMorgan Sees $6B+ in Inflows
The day’s defining move came out of Taipei. Taiwan Semiconductor Manufacturing Co. gained as much as 5.1%, hitting a record high, after Taiwan’s financial regulator eased the cap on single-stock fund holdings. The Taiex jumped as much as 3.3% — its best intraday performance in Asia on the day.
JPMorgan Chase estimated the regulatory change could draw more than $6 billion in fresh fund inflows into TSMC shares, a company that already commands a dominant weight in global semiconductor and AI supply chains. The reform signals Taipei’s willingness to allow deeper domestic institutional exposure to its flagship chip giant at a time when AI-driven semiconductor demand remains a key investment theme across Asia.
Japan: Nikkei Extends Rally on Intel AI Beat; Nomura Records Historic Profit
Tokyo’s benchmark Nikkei 225 added 575.95 points (+0.97%) to close at 59,716.18, driven by semiconductor-linked names that caught the spillover from Intel’s after-hours surge the prior evening. The broader TOPIX ended virtually flat at 3,716.59.
Intel had reported a strong forward outlook on April 23, with shares rising more than 22% in extended trading. That momentum cascaded into Asia’s chip-exposed equities when markets opened Friday, lifting Japanese semiconductor makers and equipment suppliers.
Separately, Nomura Holdings reported a record full-year net profit of ¥362.1 billion — a second consecutive annual record — fueled by Japan’s financial-market recovery. Fourth-quarter net income came in at ¥73.9 billion, missing the ¥98.9 billion average analyst estimate, but the full-year milestone underscored the broader resilience of Japan’s financial sector. The Bank of Japan’s policy stance continues to support domestic financial conditions as the market recovery matures.
China: Special Bond Sale Sets Record, But CSI 300 Slips on Geopolitical Friction
In mainland China, the government’s fiscal push gained traction: China’s Ministry of Finance sold ¥85 billion in 30-year ultra-long special bonds on Friday — the largest single offering at that tenor on record. Demand was strong, with 30-year yields dropping to their lowest level since the November auction. The loan prime rate environment and low yields continue to support Beijing’s fiscal stimulus efforts.
Despite the bond market signal, the CSI 300 edged down 0.35% to 4,769.37. The drag came partly from geopolitical headlines: China announced export restrictions targeting European firms in retaliation for their governments’ arms sales to Taiwan — adding another layer of trade friction to an already complex global supply-chain environment.
On the technology front, Chinese AI startup DeepSeek unveiled its newest flagship AI model, one year after its initial breakthrough. The V4 Flash and V4 Pro series introduce a Hybrid Attention Architecture, a 1-million-token context window, and top-tier coding benchmark scores — marking a significant step forward in open-source AI competition with OpenAI and Anthropic.
Hong Kong: Hang Seng Holds Modest Gains
Hong Kong’s Hang Seng Index added 62.87 points to close at 25,978.07 (+0.24%). Broader risk sentiment was supported by the regional tech rally and the bond market’s strong reception in China. However, the China-EU export friction and muted mainland equity performance kept gains contained.
On the corporate side, Eoptolink — a Chinese fiber optic component maker — is reported to be picking banks for a $3 billion Hong Kong IPO, signaling continued appetite for listings in the city’s capital markets.
Macro Backdrop: Oil Near $107, Hormuz Transits Remain Constrained
Brent crude held near $106.9 per barrel, up about 1.7% on the session and roughly 46% above pre-conflict levels as the Iran-linked Strait of Hormuz bottleneck persisted. Only one commercial vessel transited the Strait on April 24 — five fewer than the prior day and 103 fewer than pre-war norms. The energy market’s tightness is reshaping consumption patterns: BYD and Geely are reporting rising EV demand as consumers seek alternatives to expensive petrol, while Hyundai Motor has announced plans to double China’s share of its global sales mix.
In Southeast Asia, Malaysian Prime Minister Anwar Ibrahim is targeting elections by October as the government braces for the political fallout from an upcoming fuel subsidy reduction — a reminder that elevated energy prices are forcing difficult fiscal choices across the region.
What to Watch Next Week
- ANZAC Day (April 25): Australian and New Zealand markets closed — reduced regional volume expected at the Monday open.
- China PMI data: April manufacturing and services PMI prints will test whether China’s stimulus momentum is filtering through. Track the CN Manufacturing PMI live.
- Bank of Japan: Any further guidance on the BoJ’s policy rate path will be closely watched given the yen’s sensitivity to US–Japan rate differentials.
- Hormuz situation: Transit counts remain the key variable for energy markets — any escalation or de-escalation will move oil and regional risk sentiment immediately.
- US Big Tech earnings: With Nasdaq futures up sharply heading into the weekend, next week’s US tech results will set the tone for Asia’s semiconductor and AI-linked stocks.
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