Asian Markets Rise on Good Friday; Kospi Surges Over 3%, Nikkei Gains Amid Strait of Hormuz Hopes

Asian Markets Rise on Good Friday; Kospi Surges Over 3%, Nikkei Gains Amid Strait of Hormuz Hopes​

Asian Markets Today​

Asian equity markets trade higher on Friday, even as several major exchanges remain shut for the Good Friday holiday. Markets in Hong Kong, Singapore, Australia, and India are closed for the Easter weekend, leading to thinner regional participation.

Despite the holiday-led pause in key markets, investor sentiment remains positive across open exchanges, supported by easing geopolitical concerns.

Kospi Leads Gains, Nikkei Advances​

South Korea emerges as the top performer in the region, with the Kospi surging 3.23%, while the Kosdaq index rises 1.45%.

In Japan, the Nikkei 225 advances 1.27%, and the broader Topix index gains 0.97%, reflecting steady buying interest.

Strait of Hormuz Developments Boost Sentiment​

Market optimism is driven by reports suggesting progress toward reopening the Strait of Hormuz, a critical global oil transit route, amid the ongoing US-Iran conflict.

According to reports, Iran and Oman are working on a protocol to monitor transit through the strait. This development raises expectations of a partial reopening, easing supply concerns and supporting global market sentiment.

Crude Oil Prices Surge to Multi-Year Highs​

Amid fears of prolonged disruption in the Strait of Hormuz, crude oil prices rally sharply ahead of the holiday.

Brent crude jumps 7.78% to $109.03 per barrel, while US West Texas Intermediate crude surges 11.41% to $111.54 per barrel, reflecting heightened supply risks.

Japan Services Sector Growth Moderates​

Economic data from Japan indicates a slight moderation in services sector activity.

The S&P Global Japan Services PMI declines to 53.4 in March from 53.8 in February. Despite the dip, the index remains above the flash estimate of 52.8 and marks the 12th consecutive month of expansion.

US Stock Futures Remain Flat​

US stock futures show limited movement, indicating a cautious start.

S&P 500 futures remain flat, Nasdaq 100 futures edge down 0.07%, and Dow Jones futures rise marginally by 0.02%.

Wall Street Ends Mixed but Posts Strong Weekly Gains​

Overnight, US markets close mixed after recovering from earlier losses, supported by diplomatic signals from the Middle East.

The Dow Jones Industrial Average slips 0.13% to 46,504.67, while the S&P 500 edges up 0.11% to 6,582.69. The Nasdaq Composite gains 0.18% to settle at 21,879.18.

For the week, Wall Street records strong gains. The S&P 500 rises 3.36%, the Nasdaq climbs 4.44%, and the Dow advances 2.96%, marking their biggest weekly rally in four months and the first weekly gain in six weeks.