Precise Investors Editorial Team
Investor sentiment was restrained by sharp geopolitical developments over the weekend
Asian stocks rose on Monday, supported by modest gains in technology shares, although broader sentiment remained cautious amid escalating tensions between Iran and the U.S.
Investor sentiment was restrained by sharp geopolitical developments over the weekend.
Technology stocks provided some support.
Traders also appeared to shrug off concerns around U.S. president’s threats, given his track record of abrupt policy shifts, which have in the past triggered sharp moves across global assets.
Nikkei 225 jumped 1 per cent, while the broader TOPIX index gained 0.7 per cent.
KOSPI added 1.1 per cent, with chipmaker SK Hynix climbing more than 3 per cent after it said it would begin production of its SOCAMM2 server module designed for Nvidia’s next-generation Vera Rubin chips.
In China, the People’s Bank of China kept its benchmark loan prime rates unchanged for an 11th straight month.
The one-year LPR was held at 3.00 per cent, while the five-year rate remained at 3.50 per cent, in line with expectations, signalling a cautious policy stance amid steady economic recovery.
Shanghai Composite index added 0.8 per cent, while the blue-chip Shanghai Shenzhen CSI 300 edged up 0.7 per cent. Hang Seng advanced around 1 per cent.
Higher energy prices capped gains, particularly for economies of oil-importing countries, and revived concerns over inflation. The renewed tensions contributed to a surge in oil prices, following the closure of the Strait of Hormuz.
Futures tied to Nifty 50 index declined 1 per cent.
Straits Times Index edged 0.2 per cent higher while Australia’s S&P/ASX 200 traded largely flat.
In related news, U.S. stock futures dropped in Asian trading hours on Monday, after record-setting gains on U.S. stock market last week.
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