Boosted by favorable expectations from the new artificial intelligence model, the emerging market stock market ushered in a rise at the beginning of this week, hedging the drag on market sentiment caused by higher oil prices. The MSCI Emerging Markets Equity Index rose to a high of 1.4% on Monday, a new high since June 26. The Korea Composite Index surged more than 3%. The Emerging Markets Currency Index rose 0.1% and recorded gains in 12 of the past 13 trading days. In this emerging market stock index, the technology sector led the way, following the rise of US chip stocks last Friday. On Friday, OpenAI announced the launch of the next-generation technology GPT‑6, which it sees as a key milestone in the journey towards general artificial intelligence. Oil prices are rising due to mutual attacks on US and Iranian oil tankers in the Strait of Hormuz. At the same time, US employment data is strong. The market is betting that the Federal Reserve may raise interest rates soon, and most other sector indices have declined. Wee Khoon Chong, senior Asia-Pacific market strategist at Bank of New York Mellon in Hong Kong, said that the bright performance of technology stocks overshadowed the negative effects brought about by rising crude oil prices. “The tech sector surged last Friday, driving the Korea Composite Index, Taiwan Stock Index, and Nikkei Index, boosting regional market sentiment.”

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