Asian markets are broadly higher Friday morning after winning sessions overnight in Europe and on Wall Street. One market not participating is Japan, where the Nikkei sits idle as the country celebrates the Vernal Equinox as a public holiday.
Australia’s S&P/ASX 200 is leading gains today, rising 3.2% and partially recovering from recent steep losses. At this rate, the index will post a 10.5% loss for the week, mostly due to the shattering 9.7% loss suffered on Monday. The big four banks are making strong gains, with ANZ rising 6.6%, NAB up by 9.1%, Commonwealth adding 4.8%, and Westpac 8.9% higher. Oil stocks are leading gains, with Oil Search surging 18.5% higher.
In mainland China, the Shanghai Composite has opened to a 0.9% gain, while the smaller-cap Shenzhen Composite is trading 1.2% higher. Over in Hong Kong, the Hang Seng is doing even better, rising 2% in early trade. The best gain is a 6.9% advance in shares of CNOOC following the strong overnight session for crude. Real estate shares are performing well, and shares of Tencent are up 4% today.
In South Korea the Kospi is also rebounding from heavy losses in the prior session, trading up by 3.4%. Shares of Samsung are 3.8% higher today. On a weekly basis, the Kospi is looking at a 15.5% loss. In Taiwan, the Taiex has a very solid 4.2% gain.
In Southeast Asia markets are also broadly higher, with Malaysia’s KLCI trading 2.7% higher, the Straits Times in Singapore rising 1.8%, and Indonesia’s Jakarta Composite up % at the open.