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Tech Optimism, Oil Outlook Lifts Asian Stock Markets

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Asian stock markets unevenly gained ground on Monday on strength in tech issues and on easing oil prices.

Brent oil futures traded down 1.6% to $78.79 during market hours.

Shanghai and Tokyo finished in the green, although Hong Kong fell back on sagging property shares. Other regional exchanges were mixed on the upside.

In Japan, the Nikkei 225 opened evenly and rose to the close, finishing up 1.6% on tech-sector strength after media reports that Japan's national government is mulling investments worth $2.3 trillion in 17 growth areas in the next 15 years.

The benchmark Nikkei 225 rose 1,103.90 to 72,353.96, striking a fresh record high, as gaining issues outnumbered losers 136 to 85.

Leading the upside was electronic components maker Fujikura, up 19.4%, while advanced materials manufacturer Taiyo Yuden declined 9.1%.

In Hong Kong, the Hang Seng Index opened lower and could not recover, closing down 0.7% as tech and property issues again undercut the market.

The broad gauge Hang Seng fell 156.29 to 23,768.52, hitting a 52-week low, as losing issues outnumbered gainers 70 to 22. The Hang Seng TECH Index lost 1.2% on the day, while the Mainland Properties Index fell 2.7%.

Leading the upside was China Life Insurance, gaining 8%, while Geely Automobile declined 6.1%.

On the mainland, the Shanghai Composite rose 1.8% to 4,163.10, on strength in financial shares.

On the other regional exchanges, the South Korean KOSPI rose 0.7%; the Taiwan TWSE advanced 2.8%; the Australian ASX 200 declined 0.1%; the Singapore Straits Times Index rose 0.2%, and the Thai Set gained 0.1%. In late trading in Mumbai, the Sensex was down 0.4%

The MSCI All Country Asia Pacific Index rose 0.9% on the day.

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