Asian Stocks Rise as Wall Street Rebounds

In today’s trading session, Asian stock markets are trading mostly higher on Monday, following broadly positive cues from Wall Street on Friday. 

Traders seize the opportunity to pick up bargain stocks after the recent sell-off. However, they remain cautious due to ongoing concerns about the outlook for interest rates. On Friday, Asian markets closed mostly lower. 

Strong buying of computer chip-related shares in Taiwan and South Korea drove benchmarks higher. The Taiex rose by 1.1%, hitting a new record despite tensions with China. MediaTek, a semiconductor company that supplies chips for wireless communications, high-definition televisions, and handled mobile devices, surged by 7.5%.

Taiwan Semiconductor Manufacturing Corp. recorded a modest gain of 0.2%. 

Raymond Yeung and Bansi Madhavani of ANZ wrote in a research “The robust global semiconductor cycle is positive for Taiwan’s growth outlook,”. They added, “The global semiconductor cycle is strong due to breakthroughs in artificial intelligence applications, cloud computing, and 5G telecommunications technology.”

Tokyo’s Nikkei 225 rose by 0.7% to 38,900.02, while Seoul’s Kospi surged by 1.2% to 2,722.99. Hong Kong’s Hang Seng index turned around early losses to gain 1.2%, reaching 18,827.35

The Australian stock market is trading significantly higher on Monday, recovering some of the losses from the previous four sessions. The benchmark S&P/ASX 200 is approaching the 7,900 level, following broadly positive cues from Wall Street on Friday. Gains are widespread across most sectors, with gold miners, technology, and financial stocks leading the charge. 

The S&P/ASX 200 index is up by 0.74%, reaching 7,784.60 in early trading. On Friday, Australian stocks closed sharply lower.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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