Closing Bell 18th July: ASX Surges 1.5% To Record Close Amid Broad-Based Rally

ASX Hits Record High as Asia-Pacific Markets Trade Mixed on Wall Street Optimism

Australian equities surged to a fresh record, tracking Wall Street gains driven by strong U.S. economic data and upbeat corporate earnings. The S&P/ASX 200 rose 0.58% in early trade to a record high of 8,689.4, bringing its year-to-date gain to 6.62%, according to LSEG. Index leaders BHP and Rio Tinto advanced 1.7% and 1.32%, respectively, while biotech major CSL rose over 1.7%.

Across the region, sentiment was mixed. China’s CSI 300 edged up 0.27% and Hong Kong’s Hang Seng Index gained 1.28%, led by a 1.73% rise in the Hang Seng Tech Index.

In South Korea, the Kospi has climbed 33.16% year-to-date as legislative reforms bolster investor confidence. A recent revision to the Commercial Act enhances board fiduciary duties, strengthening protection for minority shareholders and lifting long-standing valuation concerns, according to Flashlight Capital Partners.

Taiwan’s TSMC shares rose 2.21% following strong Q2 results. The chipmaker posted a 61% year-on-year profit increase and guided Q3 revenue between $31.8 billion and $33 billion amid robust AI chip demand.