Asian shares rise as Wall Street tech gain boosts optimism

TOKYO (AP) — Asian shares were mostly higher on Thursday, tracking an overnight rally on Wall Street as investors sought out bargains, including technology stocks.

Benchmarks rose in Tokyo, Seoul and Sydney. Markets in Hong Kong were closed for a holiday.

The Shanghai Composite index was little changed, at 3,561.91, after the government reported a surge in producer price inflation, which rose to a record 10.7% over a year earlier in September from 9.5% in August.

Much of the increase was due to surging coal prices, which appear not to have fed into consumer prices even as parts of the country contend with power shortages, Capital Economics said in a report. Consumer price inflation slipped to 0.7% from 0.8% in August.

Also Thursday, the Monetary Authority of Singapore raised a benchmark interest rate, citing price pressures. The move to allow the Singapore dollar to appreciate slightly against the U.S. dollar, widening the trading band from 0%, coincided with news that the city-state's economy grew at a 6.5% annual pace in July-September.

Japan's benchmark Nikkei 225 added 1.4% in afternoon trading to 28,531.45 as its new prime minister, Fumio Kishida, dissolved parliament ahead of an Oct. 31 general election. In office for about a week, Kishida has already flipflopped on major policies. But a splintered opposition means the ruling Liberal Democratic Party may still have an advantage, despite growing public disenchantment over a stagnating economy and the government's coronavirus measures.

South Korea's Kospi jumped 1.1% to 2,975.82. Australia's S&P/ASX 200 added 0.5% to 7,311.70. Hong Kong's trading was closed for a holiday.

“Asian equities rose on Thursday, following a positive handover from Wall Street where tech and growth sectors outperformed,” said Anderson...