Asian stock markets closed higher today, March 17th, as investor concerns eased about the crisis in the US banking sector. The US Bank of Virtue announced its support for the banking system, which was a contributing factor to the rebound of Asian stocks mostly in the afternoon.
In Japan, the Nikkei closed higher at 27,333.79, up 323.18 points or 1.20%, while semiconductor stocks also closed higher. This was after Japan lifted restrictions on the export of key raw materials used in chip manufacturing to South Korea.
In Australia, the S&P/ASX 200 closed at 6,994.80 points, up 29.30 points or 0.42%, while the All Ordinaries closed at 7,188.20 points, up 35.50 points or 0.50%. Energy stocks led the market, and investor concerns about the crisis in the financial sector supported the market.
China’s Shanghai Composite closed higher at 3,250.55 points, up 23.65 points or 0.73%, along with Asian stocks that rebounded mostly in the afternoon, as investors eased concerns about the financial crisis in the US and Europe.
The South Korean Composite (KOSPI) rose to 2,395.69 points, up 17.78 points or 0.75%, as investors eased concerns over news that banks would help struggling US banks, and the won strengthened against the US dollar.
Hong Kong’s Hang Seng closed higher at 19,518.59 points, up 314.68 points or 1.64%, as investors eased concerns about the financial crisis in the US and Europe.
In Thailand, the SET closed positively at 1,563.67, up 9.02 points or 0.58%.