Asian Stock Markets See Gains; Oil Prices Rise at UAE Summit
BANGKOK – On Monday, Asian stock markets experienced a boost, particularly in South Korea, where tech stocks saw significant buying activity.
Crude oil prices also increased as the United Arab Emirates hosted a major oil summit, following the OPEC+ group and its allies’ decision to scrap planned production increases for early 2026.
U.S. benchmark crude climbed by 43 cents, reaching $61.41 a barrel. Meanwhile, Brent crude rose by 46 cents to $65.23 per barrel.
Japanese markets, however, were closed for a holiday.
South Korea’s Kospi index jumped 2.8%, closing at 4,221.87, nearing another record high. Shares of SK Hynix, a computer chip maker, surged by 11% due to recent collaborations to enhance the country’s artificial intelligence capabilities with NVIDIA. Samsung Electronics, the largest firm in South Korea, saw its stock go up by 3.4%.
On the other hand, China’s markets faced decline, although Hong Kong’s Hang Seng index managed a 1.1% increase, reaching 26,183.60. Gains in tech sectors were countered by falling shares in gold-related businesses like Zhou Tai Food and Jewelry Group, which saw an 8.7% drop due to a cut in tax refunds on precious metal sales. This tax refund reduction has contributed to the recent surge in gold buying, which drove prices to record highs.
Yet, the increase in stock prices isn’t solely tied to Chinese purchasing habits. Investors, including central banks, are looking to gold as a safeguard against market uncertainties. Early Monday, gold prices rose nearly 0.8% to $4,028.00 per ounce, though this is still below recent peaks close to $4,400.
The RatingDog China Comprehensive Manufacturing PMI report indicated a slowdown in China’s manufacturing sector, with an October reading of 50.6, down from 51.2 in September. The PMI scale ranges from zero to 100, with 50 indicating no growth.
Similarly, figures from the Office for National Statistics showed factory activity in the UK slowing, dropping from 49.8 in September to 49 last month.
The Shanghai Composite Index increased by 0.5% to 3,973.10, while Taiwan’s benchmark ThaiX gained 0.4%.
As for any implications from the U.S. President’s remarks, there appeared to be no immediate reaction from Chinese leaders regarding the sensitive Taiwan issue. Despite President Trump’s address focusing on trade tensions between the U.S. and China, he expressed confidence that China would refrain from taking aggressive actions towards Taiwan during his term.
In early trading, futures for the Dow Jones Industrial Average were up 0.2%, and S&P 500 futures increased by 0.3%.
On Friday, Amazon’s stock led gains in the U.S. market, climbing 9.6% after exceeding earnings expectations. Given Amazon’s massive scale—valued around $2.4 trillion—its stock has a significant impact on the S&P 500.
The S&P 500 index rose 0.3% to near an all-time high of 6,840.20, marking a three-week and six-month winning streak—the longest since 2021. The Dow Jones Industrial Average saw a slight increase of 0.1%, closing at 47,562.87, while the Nasdaq Composite gained 0.6%, reaching 23,724.96.
Although Apple reported profits above expectations, its stock decreased by 0.4%. CEO Tim Cook highlighted the progress in iPhone sales and service offerings amidst rising pressure on companies to maintain strong profit growth in light of soaring share prices since April.
Some investors seem skeptical regarding Trump’s claims about resolving trade tensions with China.
In currency exchange rates early Monday, the U.S. dollar strengthened to 154.20 yen from 153.05 yen, while the euro rose slightly to $1.1538 from $1.1533.
