Tokyo, Japan (BBN)-A surge in oil prices helped lift investor confidence across most markets in Asia, with energy-related stocks largely higher.
Brent crude rose 8.3 per cent to $35.43, while West Texas crude – the US benchmark – jumped 9.4 per cent to $32.68, reports BBC.
Australia’s stock market was boosted by energy shares – the S&P/ASX 200 closed up 2.13 per cent to 4,980.40.
Rio Tinto shares finished up almost 9 per cent and BHP was up more than 8 per cent, while Santos shares rose more than 13 per cent.
Worries over oil prices had dragged much of Asia into negative territory over the last two days.
In Hong Kong, the Hang Seng was up 1.16 per cent at 19,210.16 in afternoon trade, while the mainland’s benchmark Shanghai Composite was up 1.3 per cent to 2,774.78.
South Korea’s Kospi index was also in positive territory on Thursday and closed up 1.26 per cent to 1,914.44.
Bucking the regional trend, Tokyo’s Nikkei 225 closed down 0.85 per cent to 17,044.99.
Shares in Japanese exporters were down after the yen strengthened against the US dollar.
Toyota fell close to 2 per cent and Nissan shed more than 1 per cent.
A stronger yen is not good for Japan’s big exporters, as it makes their products more expensive to buy for overseas customers.
It also hurts their profits when they repatriate overseas earnings.