Asian markets traded mixed in early deals on Monday, as macroeconomic pressures collided with tech optimism. A massive beat in the US jobs report intensified fears of a Federal Reserve rate hike in mid-September, while escalating US-Iran military strikes in the Strait of Hormuz drove up oil prices and inflation worries. Offsetting these losses, a surge in global chip demand and strong AI investment sentiment kept markets afloat. South Korea’s KOSPI rallies for the third straight session, whetted by robust domestic export data, a strengthening Korean Won, and an ultra-bullish forecast from Goldman Sachs reiterating a massive long-term target for the index.
Nikkei bullish by 1,240.06 points or 1.91% to 66,261.00, KOSPI Index surged by 263.86 points or 3.95% to 6,951.07, Taiwan weighted kindled by 719.73 points or 1.55% to 47,270.86, and FTSE Bursa Malaysia KLCI index added by 6.29 points or 0.37% to 1,714.39
On the flip side, Straits Times narrowed by 5.88 points or 0.10% to 5,796.08, Hang Seng plunged by 266.87 points 1.05% to 25,384.00, Jakarta Composite down by 3.62 points or 0.05% to 6,632.86, and Shanghai Composite decreased by 9.42 points or 0.24% to 3,920.70.
