Asian stocks surge on Greek elections

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Asian stock markets jumped in the morning sessions on Monday, June 18, as a positive reaction to the Greek election results. The Nikkei index at the Tokyo Stock exchange climbed 2.2 per cent, Hong Kong surged 1.79 per cent. and Seoul advanced 2.1 per cent. The election outcome also boosted the euro, with the European single currency surging to morning heights against the yen and other core currencies in Asia.

The MSCI Asia Pacific Index climbed 1.4 per cent to 115.78 at 10:19 am in Tokyo, heading for its highest close since May 15.

The Stock Exchange of Thailand (SET) main index opened up 1.11 per cent from Friday’s close. Singapore’s Straits Times Index was up 1.16 per cent at noon local time, and Jakarta’s composite index rose 1.71 per cent. In Malaysia, the FBM KLCI index went up 0.43 per cent. The Philippine’s PSEi index surged 2.21 per cent, and Vietnam’s Ho Chi Minh stock index advanced 0.55 per cent.

The markets were appreciating the narrow victory of conservative parties in the Greek elections held on Sunday, indicating that the near-bankrupt country will be continuing with its austerity measures and uphold the programme for a financial bailout instead of leaving the euro zone. The latter inevitably would have lead to a collapse of the Greek economy, with disruptive consequences for the entire European Union and the world markets.

The euro hit a one-month high against the US dollar on Monday at the Singapore forex market. Analysts expect the single currency to test the upside this week with levels at around $1.28 to $1.30.

US stock index futures and commodities such as crude oil and copper also rose, while gold fell after a rally last week.

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Reading Time: 1 minute

Asian stock markets jumped in the morning sessions on Monday, June 18, as a positive reaction to the Greek election results. The Nikkei index at the Tokyo Stock exchange climbed 2.2 per cent, Hong Kong surged 1.79 per cent. and Seoul advanced 2.1 per cent. The election outcome also boosted the euro, with the European single currency surging to morning heights against the yen and other core currencies in Asia.

Reading Time: 1 minute

Asian stock markets jumped in the morning sessions on Monday, June 18, as a positive reaction to the Greek election results. The Nikkei index at the Tokyo Stock exchange climbed 2.2 per cent, Hong Kong surged 1.79 per cent. and Seoul advanced 2.1 per cent. The election outcome also boosted the euro, with the European single currency surging to morning heights against the yen and other core currencies in Asia.

The MSCI Asia Pacific Index climbed 1.4 per cent to 115.78 at 10:19 am in Tokyo, heading for its highest close since May 15.

The Stock Exchange of Thailand (SET) main index opened up 1.11 per cent from Friday’s close. Singapore’s Straits Times Index was up 1.16 per cent at noon local time, and Jakarta’s composite index rose 1.71 per cent. In Malaysia, the FBM KLCI index went up 0.43 per cent. The Philippine’s PSEi index surged 2.21 per cent, and Vietnam’s Ho Chi Minh stock index advanced 0.55 per cent.

The markets were appreciating the narrow victory of conservative parties in the Greek elections held on Sunday, indicating that the near-bankrupt country will be continuing with its austerity measures and uphold the programme for a financial bailout instead of leaving the euro zone. The latter inevitably would have lead to a collapse of the Greek economy, with disruptive consequences for the entire European Union and the world markets.

The euro hit a one-month high against the US dollar on Monday at the Singapore forex market. Analysts expect the single currency to test the upside this week with levels at around $1.28 to $1.30.

US stock index futures and commodities such as crude oil and copper also rose, while gold fell after a rally last week.

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