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The Hang Seng Index rose 2.7 per cent to 25,801.54 points as of 10.38am local time, reopening trading after three days of public holidays. The mainland’s CSI 300 Index climbed 1.7 per cent and the Shanghai Composite Index added 1 per cent.
“Lower oil prices remove the chokehold that has weighed on regional risk sentiment, especially in markets that feel imported energy shocks first and hardest,” said Stephen Innes, a managing partner at SPI Asset Management. “With crude backing off, the pressure on inflation expectations and front-end yields eases at the margin, and that is enough to let capital rotate back towards risk, at least for now.”
01:31
US and Iran agree to 2-week ceasefire amid Pakistani mediation efforts
US and Iran agree to 2-week ceasefire amid Pakistani mediation efforts
Asian stocks have been hit the hardest, as key economies including Japan and South Korea are among the nations most reliant on oil imports.
