Major stock markets in mainland China and Hong Kong opened higher today after U.S. President Donald Trump decided to postpone attacks on Iranian power plants and energy infrastructure by five days.
At the opening of the session, Hong Kong’s Hang Seng Index rose 1.55%, gaining 377.35 points to reach 24,759.82 points.
In mainland China, the Shanghai Composite Index advanced 0.53% to 3,833 points, while the Shenzhen Component Index rose 1.27% to 13,514.67 points.
The modest rise in Chinese markets comes after they closed lower in the previous session due to escalating Middle East tensions and rising oil prices.
Read more about this topic: Iran War: Donald Trump extends Tehran ultimatum deadline by five days
Regarding the Strait of Hormuz, Trump stated on Monday that it should reopen “soon” if negotiations succeed and mentioned the possibility of establishing “joint” control of this strategic route between the United States and Iran.
This route, through which about 20% of the world’s oil passes, was blocked by Iran in response to the offensive launched by the United States and Israel on February 28 against the Islamic Republic.
The Strait of Hormuz is also a critical artery for China, as approximately 45% of its crude oil imports pass through this route.
