[MARKET ANALYSIS] Asia-Pac stocks are higher with outperformance in South Korea as tech stocks play catch up on return from the holiday closure

APAC Stocks: Positive

• Asia-Pac stocks trade higher following the positive handover from the US and with South Korea outperforming amid tech strength on return from the Lunar New Year holidays.

ASX 200: +1.1%

• Rallied to a fresh record high with the gains led by strength in telecoms and energy, as the former was boosted alongside Telstra, which reported a 9.3% increase in H1 net profit, while energy stocks benefitted from the rise in underlying oil prices amid geopolitical frictions.

Nikkei 225: +0.8%

• Climbed higher with sentiment underpinned by a weaker currency and much stronger-than-expected Machine Tool Orders.

KOSPI: +2.9%

• Outperforms on return from the Lunar New Year holiday closure as tech stocks play catch-up to the rebound in their US counterparts, including index heavyweight Samsung Electronics, as its shares rallied by around 5% to a record high above KRW 190k.

US Equity Futures: Flat

• Price action is rangebound after the prior day's choppy and ultimately positive performance.

European Equity Futures Flat

• Indicate a flat cash market open with Euro Stoxx 50 futures unchanged after the cash market finished with gains of 1.4% on Wednesday.

The positive movement in Asia-Pacific stocks, particularly the strong performance in South Korea's tech sector, suggests a rebound and recovery following the holiday closure. South Korean stocks, especially Samsung, are catching up after lagging behind their U.S. counterparts, which is noteworthy for global tech sentiment. This rebound could indicate bullish sentiment ahead, potentially influencing broader market sentiment and risk appetite in other regions.