Asian stocks stayed near record highs in holiday-thinned trading as optimism that the reopening of the Strait of Hormuz will restore oil flows and curb inflation pressures buoyed risk appetite.

The MSCI Asia Pacific Index was up 0.1% after five straight days of gains. The tech sector stood out once again as South Korea’s chip-heavy Kospi jumped more than 2% to lead gains in Asia. A measure of the chip shares in the US surged over 6% to an all-time high, led by Intel Corp., after President Donald Trump said the company would work with Apple Inc. to design and manufacture semiconductors in the country.