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Asian markets gain

Tech stocks and stabilizing commodity prices helped stocks in Asia start the week on an up note amid a lack of major data releases or other market catalysts.

After notching a fifth straight weekly decline, oil prices rose steadily in Monday-morning trading, putting session gains at about 1%, with August Brent futures LCOQ7, +1.16%   rising to $46.03 a barrel.

In Australia, oil-and-gas producer Santos STO, +2.05%   rose 2.5% while Japan’s 1605, +1.77%  ained more than 1.5%.

Stabilization in commodities is helping beaten-down Australian stocks, noted Michael McCarthy chief market strategist at CMC. The S&P/ASX 200 fell 1% last week amid weakness in commodity stocks, with Australian equities notably lagging others in the region.

The index XJO, +0.17%   was up 0.2% by midday Monday, with Japan’s Nikkei NIK, +0.14%   also gaining that much. Also aiding Australian stocks were near-1% gains in some miners, including Rio Tinto RIO, +1.17%  .

Tech was also a tailwind Monday for Asian stocks. A pullback in U.S. giants this month has generated some concern. But the sector fared well to start this week.

Korea’s Kospi SEU, +0.37%   rose 0.3%, led by a 0.8% gain for Samsung 005930, +1.22%   as that company, which makes up one-quarter of the index, hit record highs.

Taiwan’s tech-heavy Taiex index Y9999, +0.92%   rose 0.6% to lead Asia and hit 27-year highs, and Hong Kong’s Hang Seng HSI, +0.38%   added 0.5%. There, index heavyweight Tencent 0700, +0.64%  added 0.8%.

Lagging, though, were a number of large financial stocks in the region. Amid fresh declines in Treasury yields, major Japanese life insurers including Dai-ichi 8750, -0.82%   and Resona 8308, -1.20%   fell about 1%, while other large financial companies there also fell. Australia’s big banks were also modestly underperforming.

Signs that interest rates would remain low continue to weigh on Japanese financials, said Hisao Matsuura, chief strategist for equities at Nomura Japan. The Bank of Japan’s opinion summary on Monday said the best way to reach 2% inflation is to stick to current monetary policy.

That came as the Bank for International Settlements, a consortium of central banks, said Japanese banks are vulnerable because of their increased U.S.-dollar exposure. With dollar assets topping $3 trillion, those lenders could get hit with a funding gap; last decade’s global financial crisis highlighted such risks.

Elsewhere in the region, focus remains on major Chinese deal makers. Though they stabilized somewhat Friday, shares in companies belonging to Fosun International 0656, +1.18%   and property giant Dalian Wanda Group are among those remaining vulnerable to Beijing’s regulatory crackdown.

Shanghai Fosun 2196, -0.16%   was down almost 1% in Hong Kong, while Wanda Film 002739, +0.04%   fell 1.5% in Shenzhen.

_

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