MSCI Emerging Markets Stock Index Hits Over Two-Month High, Tech Stocks Lead Gains

Odaily News Emerging market stocks rose on Monday, as optimism over a new generation of AI models boosted heavyweight tech stocks, helping offset the drag on sentiment from higher oil prices. The MSCI Emerging Markets Index rose as much as 1.4%, reaching its highest level since June 26. South Korea's KOSPI Index surged 4%. The emerging markets currency index edged up 0.1%, after having risen in 12 of the previous 13 trading sessions.

The technology sector followed Friday's gains in U.S. chip stocks, turning in the best performance among the emerging markets index. Meanwhile, oil prices climbed after U.S. and Iranian forces exchanged attacks on tankers in the Strait of Hormuz, and strong U.S. non-farm payroll data fueled bets that the Federal Reserve could raise interest rates sooner, dragging most other sector sub-indices lower. (Jin Shi)