Shafaqna English– The technology sector led Asian markets higher on Monday, with investor sentiment buoyed by a stronger‑than‑expected U.S. payrolls report that signaled robust global demand, even as it narrowed the probability of near‑term rate hikes.
Meanwhile, oil prices registered a modest uptick after the U.S. and Iran engaged in naval skirmishes in the Persian Gulf. Japan’s Nikkei bounced back 2.0% from last week’s losses, while South Korea’s Kospi outperformed with a 4.3% rally, highlighting the tech‑driven nature of the region’s market recovery.
Market participants also drew attention to an extremely optimistic projection from Goldman Sachs, which forecast an additional 75% upside for South Korea’s Kospi index, targeting a level of 12,000 points. However, this bullish forecast is not a recent development; rather, it has been a recurring, long‑held view from the investment bank, and some traders remain skeptical about its achievability given the prevailing market conditions.
Chinese blue chips recorded a modest 0.2% gain, supported by a sense of relief following Beijing’s confirmation of a coordinated $54 billion capital injection into state‑owned banks and insurers, led by the finance ministry. The initiative was perceived as a proactive step to shore up the country’s financial sector and mitigate systemic risks, thereby providing a mild lift to investor sentiment.
The broader regional benchmark, MSCI’s broadest index of Asia‑Pacific shares excluding Japan, advanced by 1.5% on Monday, reflecting the overall positive momentum across most markets in the region, driven by tech‑led gains and supportive policy signals from China.
Source: Reuters