Benchmark equity indices in Asia vehemently rallied in Tuesday morning trades as marketmen turned sanguine on expectations that the European leaders and policy makers would get their act together to tackle Greece’s debt woes and prevent another full-blown banking crisis. The risk appetite improved across the risky asset classes as investors resorted to hefty bottom fishing after the recent brutal risk aversion.
Benchmarks in South Korea were trading with highest gains of over four percent in the region tracking the sharp rally on overnight Wall Street as shares from refiners and banking counters amassed solid gains. Shares in Toyo too soared by around two percent from the previous day's two-and-half year closing low, rising in tandem with other risky assets on hopes that an European debt plan is in the works and were also supported by dividend-related buying.
Shanghai Composite advanced 11.58 points or 0.48% to 2,404.77, Hang Seng jumped 455.07 points or 2.61% to 17,862.87, Jakarta Composite soared 114.52 points or 3.45% to 3,430.66, KLSE Composite surged 19.18 points or 1.44% to 1,350.98, Nikkei 225 zoomed 150.43 points or 1.80% to 8,524.56, Straits Times shot up 40.77 points or 1.54% to 2,695.08, Seoul Composite rocketed 68.89 points or 4.17% to 1,721.60 and Taiwan Weighted amassed 239.94 points or 3.49% to 7,117.06.
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