SEOUL, November 10 (AJP) - Asian stocks rose across the board on Monday, relieved by the developments in the United States as Washington appeared to move closer to ending the longest-ever federal government shutdown.
South Korea’s benchmark KOSPI led regional gains, climbing 3.02 percent to 4,073.24 as the market warmed up the government’s plan to lower the separate tax rate on dividend income from 35 percent to 25 percent.
Institutional investors drove the rebound, buying a net 1.3 trillion won ($895 million). Retail investors sold 1.16 trillion won to take profits, while foreign investors, who had supported early trading, reversed course late in the session and sold a net 155 billion won.
Samsung Electronics and SK hynix both finished higher, with Samsung up 2.76 percent to 100,600 won and SK hynix rising 4.48 percent to 606,000 won. Hyundai Motor added 2.46 percent to 270,500 won.
Financial stocks also gained on expectations that a resolution to the U.S. shutdown could revive prospects of Federal Reserve rate cuts. KB Financial rose 4.28 percent to 129,000 won, while Shinhan Financial increased 1.81 percent to 78,800 won.
Among battery makers, Samsung SDI advanced 2.94 percent to 315,000 won, while LG Energy Solution inched up 0.43 percent to 465,500 won.
Transformer-related shares extended their strong run. HD Hyundai Electric climbed 4.77 percent to 857,000 won, and Hyosung Heavy Industries gained 3.02 percent to 2,254,000 won.
Japan’s Nikkei 225 rose 1.33 percent to 50,946, supported by the upbeat global backdrop. Semiconductor material supplier Denka, which produces spherical silica and acetylene black, jumped 7.48 percent to 2,435.5 yen ($15.81).
Automakers saw mixed trading. Honda slid 4.67 percent to 1,511 yen due to production disruptions following Nexperia’s suspension of automotive chip exports, while Nissan rose 2.11 percent to 359 yen on signs of recovering domestic vehicle sales.
China’s Shanghai Composite Index edged up 0.53 percent to 4,018, and Taiwan’s TAIEX gained 0.79 percent to 27,869.91.
Hong Kong’s Hang Seng Index was up 1.5 percent at 26,658 as of 4:16 p.m., led by retail stocks rather than the tech names that fueled previous rallies. Pop Mart, maker of the “Labubu” figurines, rose 8.6 percent to 222 Hong Kong dollars ($28.6).
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