MSCI Emerging Markets Stock Index Rises to Two-Month High, Tech Stocks Perform Best

Emerging market stocks rose on Monday as optimism over a new generation of AI models boosted heavyweight tech stocks, helping to offset the drag on market sentiment from rising oil prices. The MSCI Emerging Markets Stock Index climbed as much as 1.4%, reaching its highest level since June 26. South Korea's KOSPI index surged 4%. The emerging market currency index increased by 0.1%, having recorded gains on 12 out of the last 13 trading days. The technology sector followed the rally of U.S. chip stocks last Friday, performing the best within the emerging markets stock index. Meanwhile, mutual attacks on tankers in the Strait of Hormuz between the U.S. and Iran led to rising oil prices, and strong U.S. non-farm payroll data increased market bets that the Federal Reserve may raise interest rates soon, causing declines in most other sector indices.

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