SoftBank Shares Climb 12% as Asian Tech Stocks Rally After Wall Street Rebound

SoftBank Group shares rose 12% in Tuesday trading as Asian technology stocks followed gains on Wall Street, extending a regional rebound after last week’s broad sell-off.

In South Korea, SK Hynix advanced 8.01%, Samsung Electronics gained 5.32% and Samsung SDI added 6.27%. In Japan, Advantest rose 5.41%, Tokyo Electron climbed 5.88%, Lasertec gained 6.34% and Disco advanced 6.95%.

The Nasdaq Composite rose 2.74% in Monday’s U.S. session. The S&P 500 gained 2.35%, its strongest daily advance since April 8. Lower oil prices and renewed buying in chip stocks accompanied the recovery in Asia.

Last week’s global technology sell-off followed concerns that Democratic gains in the U.S. midterm elections could lead to tighter limits on data-center development, weighing on expectations for artificial intelligence chips and infrastructure.

SoftBank shares had fallen as much as 16% during the downturn. On Nov. 6, the company’s 2032 dollar bond shed 0.9 cent, its largest one-day drop in 10 weeks.