Asian Markets Rally: KOSPI Surges 5.61% on US-Iran Deal
By Sivam
Asian markets surge as KOSPI jumps 5.61% following an interim US-Iran agreement on the Strait of Hormuz, easing geopolitical and inflation fears. Oil prices drop, boosting risk assets.
Asian markets opened Monday with significant gains, spurred by an interim agreement between the US and Iran regarding the Strait of Hormuz. This deal, expected to be formalized soon, has calmed fears over global energy supply disruptions and reduced geopolitical tensions.
The agreement led to a drop in oil prices, easing inflation worries and fueling a broad rally across risk assets. Investors are now seizing the opportunity to buy into large-cap tech and growth stocks as sentiment turns positive.
Key Market Movers
- South Korea’s KOSPI Index skyrocketed by 455.55 points or 5.61% to 8,579.17. This marks its third consecutive session of gains, driven by surging semiconductor shipments and sustained AI-related demand.
- Japan’s Nikkei soared by 3,405.96 points or 5.16% to 69,426.00.
- Indonesia’s Jakarta Composite jumped by 247.22 points or 4.12% to 6,254.88.
- Taiwan Weighted surged by 1,188.01 points or 2.69% to 45,357.05.
- China’s Shanghai Composite added 37.07 points or 0.92% to 4,068.58.
- Malaysia’s FTSE Bursa Malaysia KLCI index was up by 10.04 points or 0.60% to 1,693.67.
- Singapore’s Straits Times rose 25.35 points or 0.51% to 5,013.45.
- Hong Kong’s Hang Seng gained 118.90 points or 0.48% to 24,837.00.