Seoul, March 31, (dpa/GNA) – Hopes of a swift end to the Iran, war pushed stock prices sharply higher in East Asia, with Japan’s Nikkei 225 benchmark index closing up 5.24% on Wednesday.
South Korea’s Kospi closed even higher with an 8.44% gain, while Hong Kong’s Hang Seng index managed just over a 2% rise.
The CSI 300, which tracks the most important shares on mainland Chinese exchanges, closed up 1.71% while Australia’s S&P/ASX 200 closed the trading day up 2.24%.
At the start of the week stock markets in East Asia had still posted sharp losses.
Oil price falls after Trump comments
Markets were reacting to recent comments by US President Donald Trump, who expects US attacks in Iran to end in two to three weeks.
Meanwhile, the price of a barrel of Brent crude for delivery in May fell sharply on Wednesday and was trading at $102.45 in late morning European trading. Some 24 hours earlier the price had still been $113.
That helps East Asian economies. They are heavily dependent on oil deliveries via the Strait of Hormuz, which is currently almost closed off by Iran, which controls the strait.
On Tuesday, however, Beijing confirmed the passage of three Chinese ships through the key passageway.
GNA