BENGALURU: Asian stocks rose slightly on Monday as investors awaited a meeting between US President Donald Trump and Chinese President Xi Jinping later this week, while Indonesia’s rupiah fell to a one-month low ahead of a central bank decision on Wednesday.
Attention is firmly on the Trump-Xi summit in Washington on September 24, with markets looking for indications of easing tensions between the world’s two largest economies after months of trade and geopolitical frictions.
Technology-heavy markets led gains in Asia, with South Korea’s KOSPI rising as much as 1.9 percent to its highest since September 10.
Gains in the index were also supported by data showing exports for the first 20 days of September surged to a record high, driven by robust semiconductor demand.
Taiwanese equities climbed more than 1 percent, touching their highest in nearly three months and logging their fourth straight session of gains.
Improving risk appetite for AI and semiconductor stocks lifted North Asian markets, with investors extending bets on chipmakers after gains among their US peers and signs of resilient technology demand.
The Indonesian rupiah fell as much as 0.6 percent. It has recovered more than 2 percent from the record low hit in June, but remains among the region’s weakest currencies this year.
Markets are looking for clues on Bank Indonesia’s interest rate outlook as policymakers balance currency stability with efforts to support economic growth.
The dollar index, which tracks the US currency against six major peers, was steady after gaining more than 1 percent last week following the Fed’s rate hike, as the central bank signalled more increases could be coming.
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