Asian markets resumed their northward journey after a day of halt as investors’ fears about struggling Spain eased after Euro zone finance ministers agreed to lend up to $125 billion to shore up Spain’s troubled banks, with Madrid set to report its exact required amount after an independent audit is completed in just over a week. Moreover, better than expected Chinese economic data too supported the sentiments.
Meanwhile, South Korean shares climbed 1.7 percent to close at their highest level in more than four weeks on Monday after euro zone finance ministers agreed on a bailout package to recapitalize debt-stricken Spanish banks. While, Hong Kong and Chinese shares rebounded, up by 2.44% and 1.70% respectively amid a broad rally across Asia as a bailout for Spanish banks and China economic data that was not as bad as feared prompted offshore investors to cover short positions.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2,305.86 | 24.41 | 1.70 |
Hang Seng | 18,953.63 | 451.29 | 2.44 |
Jakarta Composite | 3,866.21 | 40.89 | 1.07 |
KLSE Composite | 1,578.41 | 7.79 | 0.50 |
Nikkei 225 | 8,624.90 | 165.64 | 1.96 |
Straits Times | 2,787.81 | 49.92 | 1.82 |
KOSPI Composite | 1,867.04 | 31.40 | 1.71 |
Taiwan Weighted | 7,120.23 | 120.58 | 1.72 |