05:47 AM EST, 11/03/2025 (MT Newswires) -- Asian stock markets largely tracked higher Monday, as investors anticipated improving international trade relations and crowded into tech issues. Trading floors in Tokyo were closed on holiday.

Hong Kong and Shanghai gained ground, while Seoul's KOSPI index rose 2.8% to a new all-time apex. Other regional exchanges were flat to moderately higher.

In Hong Kong, the Hang Seng Index opened higher and rose to the close, finishing up 1% after Beijing indicated would suspend new export controls on rare earth metals, and close investigations into US companies in the semiconductor supply chain, reported the South China Morning Post.

The broad gauge Hang Seng rose 251.71 to 26,158.36, as gaining issues outnumbered losers 62 to 26. The Hang Seng TECH Index gained 0.2% on the day, while the Mainland Properties Index rose 0.6%.

Leading the upside was insurer AIA, gaining 6%, while Chow Tai Fook Jewelry declined 8.7%.

On the mainland, the Shanghai Composite rose 0.6% to 3,976.52.

In economic news, the mainland China manufacturing purchasing managers index (PMI) logged at 50.6 in October, down from 51.2 in September, and only modestly above the 50-mark that separates growth from contraction, reported S&P Global, citing its monthly survey.

In other regional news, South Korean stock market rallied on tech-sector optimism after US-based chipmaker Nvidia (NVDA) disclosed late Friday that it will supply 260,000 Blackwell graphics processing units to the South Korean government and major conglomerates, boosting AI-related shares in Seoul.

On the other exchanges, the Taiwan TWSE inclined 0.4%; the Australian ASX 200 rose 0.2%; the Singapore Straits Times Index rose 0.4%, and the Thai Set was flat. In late trading in Mumbai, the Sensex was steady.

In other economic news, the seasonally adjusted India manufacturing PMI struck 59.2 in October, up from 57.7 in September, reported S&P Global.