06:42 AM EDT, 07/31/2026 (MT Newswires) -- Asian stock markets gyrated higher Friday after a surge in US tech issues overnight was followed by a solid earnings report late Thursday from Tokyo Electron, a bellwether semiconductor production equipment maker.

Seoul's semiconductor-heavy KOSPI index rose 17.9%, a record one-day gain, while Taiwan's TWSE index rose 8%, and Japan's benchmark Nikkei 225 rose 4%. Hong Kong and Shanghai also finished in the green.

In Japan, the benchmark Nikkei 225 rose 2,494.59 to 64,362.02, although losing issues outnumbered gainers 129 to 95, as the upside was somewhat confined to the tech sector.

Leading the upside was semiconductor component maker Ibiden, up 22%, while Nomura Research Institute declined 16%, after reporting earnings.

In economic news, Tokyo's consumer price index-core (CPI-core) rose 1.9% on year, reported the Statistics Bureau.

The nation's industrial production rose 1.3% on the month in June, while retail sales rose 0.5% on the year, reported the Ministry of Economy, Trade and Industry.

In Hong Kong, the Hang Seng Index opened lower but inched into the green, closing up 0.1% as upside moves in the tech sector were weighed by declines in property shares.

The broad gauge Hang Seng rose 25.55 to 25,884.43, although losing issues outnumbered gainers 61 to 31. The Hang Seng TECH Index gained 0.5% on the day, while the Mainland Properties Index fell 1.3%.

Leading the upside was Laopu Gold, gaining 10.1%, while smartphone maker Xiaomi declined 7.3%.

On the mainland, the Shanghai Composite rose 0.7% to 3,832.26.

In economic news, China's manufacturing sector purchasing managers index (PMI) declined to 49.2 in July, down from 50.3 in June, and slipping below the 50-mark that separates growth from contraction, reported the National Bureau of Statistics.

On the other regional exchanges, the Australian ASX 200 inclined 0.1%; the Singapore Straits Times Index fell 0.8%, and the Thai Set advanced 1.6%. In late trading in Mumbai, the Sensex was up 0.1%

The MSCI All Country Asia Pacific Index rose 4.8% on the day.