The Asian markets have made a jubilant start and most of them are surging by over a percent on ECBs decision to an unlimited bond-purchase program. Markets in the region are following gains in European and US stocks after ECB President Mario Draghi said policy makers agreed to a program that will target sovereign bonds with maturities of one to three years in its most ambitious plan yet to save the euro. The Chinese market has surged by over two percent, though in a private survey global investors expect Chinese markets to be among the worst performers over the next year. South Korean market too was up by over 2 percent as Fitch Ratings has upgraded country’s debt ratings to AA-, the same as Saudi Arabia and one level higher than Japan and China.
Shanghai Composite zoomed by 64.85 points or 3.16% to 2,116.77, Hang Seng surged by 422.10 points or 2.20% to 19,631.40, Jakarta Composite was up by 39.32 points or 0.96% to 4,141.73, KLSE Composite gained 5.15 points or 0.32% to 1,623.31, Nikkei 225 was up by 151.98 points or 1.75% to 8,832.55, Straits Times was up by 20.16 points or 0.67% to 3,009.39, Kospi Composite was higher by 40.18 points or 2.10% to 1,921.28, and Taiwan Weighted was higher by 93.91 points or 1.29% to 7,421.52.