The MSCI Emerging Markets Index rose 1.4% on Monday, reaching its highest level since June 26, driven by optimism over new AI models that boosted heavyweight tech stocks. South Korea's KOSPI surged 4%, while the tech sector outperformed. The emerging market currency index edged up 0.1%, but rising oil prices and Fed rate hike expectations weighed on most other sectors.
Emerging market stocks rallied on Monday, as optimism over a new generation of AI models lifted heavyweight technology shares, offsetting the drag from higher oil prices. The MSCI Emerging Markets Index climbed as much as 1.4%, reaching its highest level since June 26. South Korea's KOSPI index surged 4%, leading the regional gains.
The tech sector, following the rally in U.S. chip stocks last Friday, was the best performer within the emerging market index. Meanwhile, the emerging market currency index rose 0.1%, logging gains in 12 of the past 13 trading sessions. However, oil prices increased after the U.S. and Iran attacked each other's oil tankers in the Strait of Hormuz, and strong U.S. nonfarm payrolls data fueled bets that the Federal Reserve may soon raise interest rates, dragging down most other sector indices.
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