ASIA MARKETS: Asian Markets Rally, Thanks To Tech Stock Gains

By Ese ErherieneFeaturesDow Jones Newswires

Nikkei aims for 8th straight week of gains

Global stock markets were higher early Monday in Asia, with the end-of-week rally in key U.S. stocks driving gains in technology companies across the region.

Continue Reading Below

Strong corporate earnings from U.S. tech giants and others helped drive the Nasdaq Composite and S&P 500 to new all-time highs on Friday. In Asia on Monday, markets that are tech-heavy outperformed, with Taiwan's Taiex rising 1.2%. Korea's Kospi was last up 0.3%.

"In Asia, the solid and continuing rally in U.S. stocks should provide a good lead for the region's bourses," said Greg McKenna, chief market strategist at CFD.

Sharp (6753.TO) traded up 3% in Tokyo and Samsung Electronics (005930.SE) rose 2% in Seoul. In Taiwan, Apple suppliers Hon Hai Precision (2317.TW) , also known as Foxconn, surged 3.2% while Largan Precision (3008.TW) gained 3.3%.

Japan's Nikkei Stock Average was up 0.2% early after notching seven straight weeks of gains. The yen rebounded after the end of local stock trading Friday. Still, the Japanese currency was softer versus the U.S. dollar. The dollar was recently up 0.1%.

Elsewhere, Australia's S&P/ASX 200 was up 0.2%, New Zealand's benchmark added 0.5% and Singapore's Straits Times Index was flat.

In commodities, oil prices edged up slightly, building on Friday's 2% gains, following comments from the Saudi Arabia's crown prince suggesting the production cut agreement by members of the Organization of the Petroleum Exporting Countries should be extended.

Both Brent , the global benchmark, and Nymex were up 12 cents, at $60.25 a barrel and $54.01 a barrel, respectively, in early Asian trade.

(END) Dow Jones Newswires

October 29, 2017 22:58 ET (02:58 GMT)