Asian markets closed mixed on Monday as investors assessed developments in artificial intelligence, technology stocks and oil prices. The session followed signs of stabilization on Wall Street after investors reduced their exposure to technology shares the previous week. Lower oil prices, amid diplomatic efforts to resolve the war in the Middle East, also supported market sentiment across the region.
South Korea’s Kospi rose 2.2% to 5,859.08 points. Samsung Electronics gained 1.78%, while SK Hynix advanced 3.8%. In a speech to the National Assembly, President Lee Jae Myung emphasized the need to establish a 162 trillion won fund, equivalent to US$120.5 billion, to support growth and maintain stable fiscal management.
The fund would be supported by additional tax revenue generated by the semiconductor boom and is part of a record 820.9 trillion won budget proposal for next year, which the president is seeking to have approved by lawmakers. Shares of Hybe, the entertainment company behind K-pop group BTS, moved in the opposite direction, falling 1.3% ahead of its earnings report.
Japan’s Nikkei declined 0.33% to 63,081.86 points. The country’s manufacturing purchasing managers’ index weakened but remained in solid territory.
On mainland China, the Shanghai Composite gained 1.08% to 3,638.03 points, while the Shenzhen Composite rose 1.9% to 2,097.22 points. China’s manufacturing PMI slowed marginally in October.
Taiwan’s Taiex fell 0.6% to 44,920.14 points, with TSMC shares down 1.7%. In Hong Kong, the Hang Seng rose 0.4% to 23,393.32 points. Yangtze Optical Fibre and Cable shares jumped 11.5% after an event that was not detailed in the available report.
In Oceania, Australia’s S&P/ASX 200 fell 0.58% in Sydney to 8,856.50 points.
Sources: CNN Brasil.