MSCI Emerging Markets stock index hits a more than two-month high, with tech stocks posting the best performance.

BlockBeats News, September 7 - Emerging market stocks rose on Monday, as optimism over a new generation of AI models boosted heavyweight tech stocks, helping offset the drag on sentiment from higher oil prices.

The MSCI Emerging Markets Stock Index rose as much as 1.4%, reaching its highest level since June 26. South Korea's KOSPI index surged 4%. The emerging market currency index gained 0.1%, following gains in 12 of the past 13 trading sessions. The technology sector, tracking last Friday's rally in U.S. chip stocks, was the best performer within the emerging market stock index.

Meanwhile, oil prices rose as the U.S. and Iran attacked each other's tankers in the Strait of Hormuz, and strong U.S. non-farm payroll data increased market bets that the Federal Reserve could soon raise interest rates, dragging down most other sector sub-indices.