Shortly after the market opened, the Hong Kong Stock Exchange’s benchmark index, the Hang Seng, rose 2.38% (590.49 points) to 25,378.63 points.
In mainland China, the Shanghai benchmark index rose 1.28% (49.82 points) to 3,941.68, while the Shenzhen stock market gained 1.36% (180.03 points) to 13,662.00.
The rise in these markets, which follows the trend seen at the opening of the Tokyo and Seoul stock exchanges, comes after Trump indicated that the United States plans to withdraw from Iran within two to three weeks, considering its military objectives achieved, and added that other countries more dependent on the Strait of Hormuz should assume responsibility for the security of this strategic waterway.
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The recent developments in Chinese markets come after weeks of high volatility caused by the war in the Middle East, which sent oil prices soaring, disrupted shipping traffic around the Strait of Hormuz, and pushed up energy and logistics costs in Asia.
Over the past month, weighed down by uncertainty surrounding the war in Iran, mainland China’s two main indices fell by more than 6%, while the Hang Seng dropped by over 4%.
