Australian Stocks Hit Record High

Australian equities notched a record high as Asia-Pacific traded mixed after Wall Street gains on the back of strong U.S. economic data reports and a slew of better-than-expected corporate earnings.In Japan, the Nikkei 225 dipped 82.08 points, or 0.2%, to 39,901.19. In Hong Kong, the Hang Seng sprang back up 326.71 points, or 1.3%, to 24,825.66. ASX heavyweights like mining giant BHP and Rio Tinto are up 1.7% and 1.32% respectively. Biotech firm CSL is up over 1.7%.South Korea’s stock market was “severely undervalued” for the past six to seven years, and “is in the process of getting normalized”, Sanghyun Lee, CEO of activist firm Flashlight Capital Partners told the media on Thursday. This comes after the government’s recent revision to the Commercial Act that was passed in parliament on July 3. The amendment, which expanded the fiduciary duty of board members to protect the interests of minority shareholders, is seen as a way to boost foreign investor confidence.Shares of Taiwan Semiconductor Manufacturing Company rose 2.21% Friday following its better-than-expected second-quarter earnings posted Thursday after Taiwan’s trading hours.The company reported a near 61% year-on-year rise in second-quarter profit which hit a record high, as demand for artificial intelligence chips stayed strong.The world’s largest contract chip manufacturer forecast third-quarter revenue between $31.8 billion and $33.0 billion — a 38% year-over-year increase and 8% higher from the prior quarter at the midpoint. In other marketsIn Shanghai, the CSI 300 moved up 24.06 points, or 0.6%, to 4,189.50. In Korea, the Kospi index slid 4.22 points, or 0.1%, to 3,188.07.In Singapore, the Straits Times index gained 28.07 points, or 0.7%, to 4,189.50. In Taiwan, the Taiex index popped 269.85 points, or 1.2%, to 23,383.13.In New Zealand, the NZX 50 subtracted 25 points, or 0.2%, to 12,880.40.In Australia, the ASX 200 gained 118.15 points, or 1.4%, to 8,757.17.