Asian stocks rose sharply as Korea's Kospi jumped 4.61% and Japan's Nikkei gained 2.12%
Asian markets closed higher on Monday, boosted by strong US employment data and tech sector gains, though investors remained cautious about rising Treasury yields.
Asian stock exchanges closed most sessions in the green on Monday, driven primarily by technology stocks and robust US payroll figures. The Shanghai Composite gained 0.06% to 3,932.70 points, while the Shenzhen Component rose 1.5% to 2,530.46 points. In South Korea, the Kospi surged 4.61% to 6,995.39 points, led by Howa Machinery which jumped 26%. Japan's Nikkei advanced 2.12% to 66,399.84 points in Tokyo. Between Japanese equities, Minato Holdings rose 13%. Chinese technology performance was mixed; Yuanjie Semiconductor surged 16%. The rally occurred amid global liquidity restrictions caused by the US Labor Day holiday. Oil prices remained high following renewed tensions between the US and Iran. Japan sold $87.8 billion in foreign bonds to finance record Yen interventions, causing the currency to reach a six-month high against the dollar at 154.05 per unit. Treasury yield escalation continues to concern market participants despite the positive stock performance.
