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Kospi rises 4% after SK Hynix results; Asian stocks gain on AI optimism ahead of US Fed decision - Published OnOct 28, 2026 | 07:00 IST - Last Updated OnOct 28, 2026 | 07:00 IST South Korea’s Kospi jumps nearly 4% as SK Hynix rallies, while investors eye Alphabet and Microsoft earnings, the US Federal Reserve’s rate decision and Jio Platforms’ market debut. Asian equities opened higher on Wednesday October 28, following Wall Street’s rally as fresh enthusiasm for artificial intelligence stocks lifted sentiment before big tech earnings and the US Federal Reserve’s rate decision. The MSCI Asia Pacific Index gained 0.6%, with benchmarks in Australia, Japan and South Korea all advancing. South Korea’s Kospi led the region, surging 3.99% as SK Hynix climbed after the chipmaker posted strong operating profits. The company also plans total shareholder returns of 100 trillion won ($75.4 billion) for 2026. Also Read: S&P 500, Nasdaq extend gains for second straight session ahead of Fed decision, big tech results In Tokyo, the Nikkei 225 rose 1.31% and the Topix added 0.50%. Hang Seng futures pointed to a 0.3% rise for Hong Kong. In India, the GIFT Nifty which indicates how the country's stock market would open for the day's trade implied towards a start in the red. Additionally, Jio Platforms makes its market debut on Wednesday, after a record $3.1 billion initial public offering (IPO) that drew strong demand from every investor category. Elsewhere in markets, US Treasuries barely moved in New York trading and the dollar edged higher. The Japanese yen was little changed at 157.94 per dollar, and the offshore yuan held at 6.6651. The regional gains followed a strong session in the US on Tuesday, when a closely watched gauge of American chipmakers jumped 3.6% and pushed Wall Street’s main benchmarks higher. Investors also welcomed Meta Platforms' $25 billion share sale, which drew demand five times the amount on offer, while Oracle widened its partnership with OpenAI. A run of large deals and fundraisings has revived confidence in the AI trade. Meta’s $98 billion capital raise, SpaceX’s $40 billion equipment finance lease and Anthropic’s S-1 filing have eased the worries that triggered a sell-off in chip stocks earlier this month. Attention now seemed to turn towards earnings as Alphabet and Microsoft report on Wednesday, and Amazon.com follows on Thursday. Also Read: How investors can position ahead of the Fed's next policy decision The US Federal Reserve’s decision is the other major event as policymakers are expected to hold rates steady on Wednesday, which would buy them time before a possible fresh increase. Fed Chairman Kevin Warsh has given little guidance on the outlook, leaving market expectations for a hike untouched. The European Central Bank and the Bank of Japan will announce their own rate decisions later this week. In commodities, Brent crude, the global benchmark, largely held its losses from the previous session trading around $114.36 per barrel as of early Asian trade, as traders assessed efforts to ease tensions in the Arabian Gulf. The US West Texas Intermediate (WTI) edged up 0.3% to $100.24 a barrel. Disclosure: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust that controls Network18, the parent company of CNBCTV18.com.
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