Hong Kong: Asian stock markets gained momentum on Tuesday due to the rise in oil prices. A day earlier, global markets had the biggest drop in a decade due to fears about the corona virus and it turned out to be a black Monday for investors.
However, the market was relieved by an eight percent rise in oil prices on Tuesday. Oil prices had fallen nearly one-third on Monday. The return on US bonds to record safe investment had hit a record low.
The regional markets saw positive trend on Tuesday and energy companies made up some of their losses. Market sentiment turned positive after reports of Chinese President Xi Jinping arriving in Wuhan most affected by the corona virus. This raised the hope that the situation in China will come back on track soon.
Tokyo closed up 0.9 percent and Shanghai rose 1.8 percent, while the Hong Kong stock market was up two percent during afternoon trading. Sydney grew by more than three percent, while Singapore, Jakarta and Bangkok saw more than two percent growth. Manila, Taipei and Seoul also gained, while Wellington lost 1.8 percent. Gulf stocks also gained momentum. During this period, Dubai gained 5.5 percent, Abu Dhabi gained 4.2 percent. Kuwait and Qatar also saw strong boom.
