Asian stocks rise; energy stocks gain as oil prices surge

Major indices across Asia were reported gains on Tuesday after US markets closed on record highs amidst the rising oil prices in international markets. Energy stocks were the name of the game as bullish curve in the oil prices helps markets prop up.

Bullish sentiment echoes throughout the Asian markets

Japan’s benchmark index, Nikkei 225, rose 1.25%: highest in nearly 26 years during the session. The major uplift to the index was provided by Energy Stocks with additional help from brokerage and tech stocks.

In the Southern Korean peninsula, KOSPI was off 0.15% despite a significant surge in the energy led stocks. Korean markets have been clouded by rising tensions emanating from the North, as it struggles to find a medium ground with its authoritarian neighbor Kim Jong-un. Technology and Petroleum scrips recorded most appreciation in the Korean index.

Going down under, Australian S&P/ASX 200 was up 0.86 to cross 6000 mark. The index crossed the psychological level of 3000 for the first time since 2008. Energy, Technology and commodity stocks were the major players in the outback.

Furthermore, Hong Kong Hang Seng rose more than 1.20 percent during the day. Up in the mainland, Shanghai Composite went up by 0.58% and Shenzen Composite was also up by 0.09 percent. As with the region, the oil and energy stocks contributed most to the Chinese indices. 

Posted on: 2017-11-07T11:59:00+05:00