Tokyo, April 12: Most Asian stock markets rose in early trading Monday after a strong finish Friday on Wall Street and easing worries about Greece’s financial health.
Japan’s Nikkei 225 stock average jumped 1 percent to 11,314.42 , and Australia’s benchmark rose 0.6 percent to 4,981.80.
Markets in New Zealand, Singapore and Taiwan also rose, while those in South Korea and mainland China edged down.
On Friday, the Dow Jones industrials closed up 0.6 percent to 10,997.35 after briefly crossing the 11,000 level for the first time in 18 months. The gains were driven by fresh signs that the U.S. economy is recovering and suggests that investors don’t expect another retreat to recession.
Weekend events in Europe also bolstered sentiment. The finance ministers of the 15 eurozone nations agreed Sunday to offer euro30 billion ($40 billion) in loans to Greece this year alone if Athens asks for the money.
The promise — filling in details of a March 25 pledge of joint eurozone—IMF help — was another attempt to calm markets that have been selling off Greek bonds in recent days.
The news lifted the euro, which in turn supported Asian exporters, particularly in Japan where a weaker yen translates to higher earnings. Sony Corp. climbed 1.2 percent, and Canon Inc. advanced 1 percent.
Investors were also monitoring developments in Thailand, which saw over the weekend its worst political violence in nearly two decades. Savage street fighting killed 21 people in Thailand’s capital, but neither the government nor the protesters appeared ready to compromise to end a five—year—old political stalemate.
In currencies, the dollar rose to 93.24 yen from 93.20 yen late Friday. The euro stood at $1.3644 from $1.3622.
—–Agencies