Asian stocks rise as Seoul tech shares rebound

Asian stocks mostly rose Thursday, led by a rebound in Seoul technology shares, after US inflation data eased fears of an immediate interest rate increase.

South Korea's Kospi surged almost 5% in the opening minutes. Chipmakers SK hynix and Samsung led gains as investors moved back into technology stocks after a global sector selloff from late June through July.

The Kospi had fallen 40% from its last high to its recent trough after reaching multiple records earlier in the year. It has since rallied about 20%.

The July US consumer price index showed inflation slowing last month, following figures that pointed to a softer jobs market. The data gave the Federal Reserve room to keep borrowing costs on hold for now, though inflation remains above the bank's 2% target.

Neil Wilson at Saxo Markets said the CPI report had pushed out the odds of a September rate hike and was “soft enough for the market to give the Fed more time” while inflation remains above target.

A positive session on Wall Street, where the S&P 500 ended higher, was followed by gains in Tokyo, Shanghai, Wellington and Taipei. Hong Kong, Singapore and Sydney fell.

Around 0230 GMT, Tokyo's Nikkei 225 was up 1.6% at 68,609.92, Hong Kong's Hang Seng Index was down 0.2% at 25,398.72 and Shanghai's Composite Index was up 0.5% at 3,966.96.

Oil prices fell after six days of gains as investors watched the US-Iran crisis. West Texas Intermediate was down 1.2% at $82.25 a barrel, while Brent crude was down 1.1% at $87.97.