Stock market today: Asian shares rise, cheered by last week's tech rally on Wall Street
TOKYO (AP) — Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal Reserve policy meeting set for later this week.
Sydney’s S&P/ASX 200 added 0.6% in early trading to 7,621.40. South Korea’s Kospi surged nearly 1.0% to 2,681.73. Hong Kong’s Hang Seng jumped 1.2% to 17,859.39, while the Shanghai Composite rose 0.6% to 17,859.39.
Trading was closed in Tokyo for a Japanese national holiday, Showa Day. Japan has a series of holidays coming up known as the Golden Week, through Monday.
Stephen Innes, managing partner at SPI Asset Management, said the market mood was positive after last week’s Wall Street tech-driven rally.
The recent string of strong earnings have boosted market sentiments, but what could be a risk factor is the declining Japanese yen, he added.