Asian Stocks Rally Collectively, South Korean Index Jumps Nearly 3%
TradingKey - As Middle East tensions eased, Asian stock markets reversed losses, with South Korea's KOSPI index surging 2.74%.
On March 24 (GMT+8), Asian markets staged a broad rally, with South Korea's KOSPI index as the top performer, jumping 2.74% to close up 148.18 points at 5,553.93. The Nikkei 225 index rose 1.43%, adding 736.79 points to finish at 52,252.28.
South Korea KOSPI Index price chart, Source: Google
Chinese markets also reversed their losses as the three major indices rebounded collectively. The Shanghai Composite Index closed up 68 points, or 1.78%, at 3,881.28; the Shenzhen Component Index rose 191.05 points, or 1.43%, to 13,536.56; and the ChiNext Index gained 16.33 points, or 0.5%, to close at 3,251. As of press time, Hong Kong's Hang Seng Index had soared 641.41 points, or 2.62%, to 25,020.34.
Tensions in the Middle East escalated over the weekend, leading to a massive sell-off in Asian stocks at the start of the week, during which the KOSPI index briefly plunged more than 5% and triggered a circuit breaker. Currently, U.S. President Trump has signaled a de-escalation of the conflict, helping stocks rebound, though Middle East risks have not been completely eliminated.
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