Asian markets closed higher on Monday, December 8, the opening trading day of the week, with the exception of the Hang Seng Index, which fell by more than 1% as selling pressure continued in the technology sector and artificial intelligence stocks.

On the economic data front, according to customs data released this morning, Chinese dollar-denominated exports rose 5.9% in November, exceeding expectations and contrasting with an unexpected 1.1% decline in October, the first such drop since March 2014. Exports to the United States fell 28.6% in November, while imports rose 1.9% after growing 1.0% in October, falling short of expectations of 3% growth.

Meanwhile, official figures released this morning showed that Japan’s GDP contracted by 2.3% in the third quarter of this year on an annualized basis, compared to the initial estimate of a 1.8% contraction.

The Nikkei index closed at 50,581 points, up 0.18% or 90 points, while the Topix index of the Tokyo Stock Exchange rose by approximately 0.65% to close at 3,384. Fujikura led the Nikkei’s gains with a rise of over 6%, with the real estate sector leading the gains among sectors on the Tokyo Stock Exchange. SoftBank, a prominent player in the chip and artificial intelligence sector, led the decliners in the technology sector, falling by more than 3%.

Chinese indices showed mixed performance today. The broader CSI 300 index rose by approximately 0.81% to close at 4,621 points, while the Shanghai Composite index closed 0.54% higher at 3,924.

Hong Kong’s Hang Seng Index, the main index of the Hong Kong Stock Exchange and a key technology sector tracker, fell by approximately 1.23% today, closing at 25,818 points. Pop Mart International led the declines, dropping more than 8%.

In contrast, South Korea’s Kospi index rose by approximately 1.34%, closing at 4,154 points.

India’s Sensex index fell by about 0.74% before closing at 85,083 points, while the Nifty50 index declined by approximately 0.80%, trading at 25,977 points. Shares of the airline IndiGo led the declines, falling by more than 5% after the Indian Civil Aviation Authority warned the company of potential regulatory action following the cancellation of thousands of flights last week, coupled with concerns about a pilot shortage.

New Zealand stock markets closed higher today, with the NZX50 index rising by approximately 0.17% to close at 13,486. Meanwhile, Australia’s ASX200 index fell by about 0.12% to close at 8,624 points, and Singapore’s benchmark index declined by 0.54% in pre-closing trading.