HONG KONG:Asian markets opened up Monday following widespread falls last week as investors took heart from Wall Street shrugging off fears over instability in Iraq and Ukraine.
Tokyo rebounded 2.26 percent in early morning trade, making up much of the 3.0 percent dip it suffered Friday after US President Barack Obama’s announcement that he had authorised air strikes in Iraq.
Other regional markets followed suit, with Hong Kong up 0.77 percent at the open, Sydney rising 0.58 percent, Seoul adding 0.46 percent and Shanghai opening up 0.33 percent.
Last week ended on a sour note for most Asian markets as worried investors took fright from a ramping up of instability in Iraq, where the US has been launching airstrikes against extremist militants besieging ethnic minorities in the country’s north.
But US markets shrugged off the escalation of violence, ending the week in the black with a big rally Friday. The Dow Jones Industrial Average rose 0.37 percent, or 60.56 points to 16,553.93 by close of play while the tech-rich Nasdaq Composite Index added 0.42 percent, or 18.26 points to 4,370.90.
Analysts said Asian markets were still keeping a close eye on the global geopolitical situation, but added that investors were beginning to feel both the Ukraine and Iraq conflicts were de-escalating.