Positive Tech Stocks in Asia Following Potential Huawei Reprieve

Christopher Zenios08/11/20192min
Following last week's gains on Wall Street, Asian markets edged up alongside news of a potential reprieve for Huawei.

Following last week’s gains on Wall Street, Asian markets edged up alongside news of a potential reprieve for Huawei.

A boost in Chip markers has been seen following the comments of US Commerce Secretary Wilbur Ross who stated that licenses allowing US companies to sell to Huawei “will be forthcoming very shortly.” He said his office has received 260 requests for licenses.

The effects on the market can be seen with South Korea’s Kospi rising 1.2%, Hong Kong’s Hang Seng rising 1% and Shanghai Composite up 0.5%.

The reprieve would have an immediate impact on American companies who are restricted in supply Huawei. However, not only will it impact the American market, but global supply chains will also get a boost if the Chinese tech company increase production.

Other tech brands have also seen a boost with South Korean chipmaker Samsung rising 1.8% and SK Hynix up 2%.

The company Huawei, the world’s biggest telecommunications company and a leading smartphone brand has become a pawn in the US-China trade war. Ross went on to comment that the two sides are “making good progress” working on a deal to resolve the tensions. A preliminary “phase one” agreement is expected to come later this month.

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Image source by TechSpot

Christopher Zenios

Christopher has always been a pioneer, a first adopter when it comes to technological advancements. Over the years, his expertise surrounded the real estate and digital markets and their evolution in today's society. After being the editor to various professional business news portals and blogs, he was selected to become the chief editor for HWC. Contact Christopher at +357-22029786 ext: 6110 or by email at [email protected] for editorial related questions.

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