Tokyo Nikkei 225 up 0.31%, S&P ASX 200 up 0.48% (Il Sole 24 Ore Radiocor) - Tokyo, 18 Apr - Asian shares inched up and closed higher, trimming this week's drop after losses on Wall Street overnight.

Investors bought the dip after a recent selloff spurred by concerns over higher-for-longer US interest rates following hawkish comments from Federal Reserve chair Jerome Powell earlier this week.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.09% after slipping 0.20% yesterday and dipping more than 4% in the previous three sessions.

In Asian stock market dealings chipmakers rose, shrugging off weak cues from their US peers as investors looked to earnings from chipmaking giant Taiwan Semiconductor Manufacturing Corp (TSMC). The company, the world's largest contract chipmaker, later posted a stronger-than-expected first-quarter amid increased demand from the rapidly-growing AI industry.

Seoul's KOSPI index led the gains in the region as South Korean memory chip makers soared, with Samsung Electronics and SK Hynix Inc jumping 1.52% and 2.52% respectively.

Tokyo shares bounced back from the lowest level in more than two months, rebounding from a four-day drop as investors hunted for bargains after the recent selloff.

Traders looked ahead to Japan's March inflation numbers due tomorrow.

The Nikkei index closed up 0.31% at 38,079 points, in Sydney the S&P ASX 200 closed up 0.48% at 7,642 points, while in Seoul the KOSPI closed up 1.96% at 2,634 points.

The Shanghai Composite index was up 0.22% at 3,078 points and the Hong Kong Hang Seng index was up 1.89% at 16,396 points.

In Mumbai the Sensex index was up 0.56% at 73,352 points.

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(RADIOCOR) 18-04-24 09:05:25 (0197) 5 NNNN