Tech Rebound Amid General Caution Roils Asian Stock Markets

Asian stock markets churned Monday, as tech shares rebounded in Japan and South Korea, but traders remained cautious given geopolitical turmoil, and following soft economic releases from Beijing.

Shanghai and Tokyo finished in the green, while Hong Kong edged lower. Other regional exchanges were also mixed, with Singapore trading floors dark on holiday.

Brent crudes futures traded down 1.4% to $96.99 a barrel, during Asian market hours.

In Japan, the Nikkei 225 opened higher and rose to the close, finishing up 2.3% as traders bought into AI-related shares after Friday gains in peer issues on Wall Street.

The benchmark Nikkei 225 rose 1,340.73 to 58,775.5, as gaining issues outnumbered losers 207 to 17.

Leading the upside was consultancy BayCurrent, up 8.8%, while Japan Tobacco declined 16%, following a 19% slump Friday, amid disclosures that Moscow authorities had seized additional company factories in Russia.

In economic news, Japan's coincident index of business conditions rose to 119.5 in September from 118.8 in August, but the leading index declined to 116.4 from 118, reported the Cabinet Office.

In Hong Kong, the Hang Seng Index opened higher, but fell to the bell, closing down 0.1% after a strong US Friday jobs report boosted perceived odds of a rate hike by the US Federal Reserve.

The broad gauge Hang Seng fell 32.91 to 24,448.95, as losing issues outnumbered gainers 50 to 43. The Hang Seng TECH Index lost 0.9% on the day, while the Mainland Properties Index fell 1%.

Leading the upside was Budweiser Brewing APAC, gaining 3.1%, while online delivery service Meituan declined 6.5%.

On the mainland, the Shanghai Composite rose 0.3% to 3,660.79.

In economic news, China's consumer price index rose a modest 0.7% on year in October, and was flat with September, reported the National Bureau of Statistics.

The nation's producer price index rose 5.7% on year last month, driven in part by fuel bills.

On the other regional exchanges, the S. Korean KOSPI fell 0.8%; the Taiwan TWSE jumped 4.9%; the Australian ASX 200 rose 0.1%, and the Thai Set inclined 0.5%. In late trading in Mumbai, the Sensex was up 0.2%.

The MSCI All Country Asia Pacific Index rose 1.9% on the day.