Greek election’s likely outcome sparks sharp rally in Asian bourses

Greek parliamentary elections’ likely verdict of a narrow victory to parties that supported a bailout for the country’s failed economy, propelled market participants across the Asian region to an euphoric mood as the vote was widely seen as a last chance for the debt laden nation to remain in the European Union. Most markets in the region traded with over one and half a percent gains as fears of a global financial turmoil due to Euro-zone break-up got dispelled with the Greek election’s likely outcome. However, investors also came across some words of caution amid the frenzied rally as still plenty of challenges remained. Meanwhile, market men also keenly awaited the outcomes of US Federal Reserve meeting and G20 summit this week and a European Union leaders summit later this month, which would give markets further direction.

The benchmark in South Korea traded with over two percent gains being the top gainer in the space followed by the equity indices in Taiwan and Japan which too traded with close to two percent gains. However, the China’s Shanghai Composite climbed only over half a percent and failed to match the fervor with which most other markets in the region rallied.

Shanghai Composite climbed 15.43 points or 0.67% to 2,322.28, Hang Seng Index surged 309.80 points or 1.61% to 19,543.74, Jakarta Composite soared 58.01 points or 1.52% to 3,876.12, KLSE Composite advanced 5.76 points or 0.36% to 1,584.99, Nikkei 225 jumped 150.95 points or 1.76% to 8,720.27, Straits Times Index ascended 30.46 points or 1.08% to 2,841.46, KOSPI Composite Index shot up 38.52 points or 2.07% to 1,896.68 and Taiwan Weighted garnered 132.00 points or 1.84% to 7,287.83.