Australian and Asian shares have risen in early trade on Monday, despite a fall in oil prices and the continued coronavirus pandemic rattling world markets.
Australia's benchmark ASX200 rose more than 2% after opening at 5067.50, touching a high of 5227.50 at 10:40 am AEST before easing back down towards 5187.50 by 12:00 pm AEST.
The wider All Ordinaries opened at 5106.90 at 10:00 am AEST and surged to a high of 5264.30, before easing back towards 5221.70 by 12:00 pm AEST.
ASX200-listed oil and gas players also saw an early rally when the market opened but it was short lived as oil prices also declined, with Brent down 4.66%, or US$1.52, trading at US$32.59 a barrel at 2:05 am GMT, after earlier touching a session low of US$30.03 a barrel.
Meanwhile, US crude was down 6.58%, or $1.75, trading at $26.59 per barrel, having earlier touch a low of US$25.28.
Australia’s largest gas producer, Woodside Petroleum, saw its shares open higher at A$20 (US$12.05), after closing at A$19.70 on Friday, and they rallied to a high of A$20.62 before slipping to as low as A$19.85 early in Monday’s trading session.
Meanwhile, Santos saw its shares open at A$4.13, up from a previous close of A$3.99, and then rally to as high as A$4.31 before cooling to A$4.19 by 11:50 am AEST.
Australia Pacific LNG upstream operator Origin Energy posted an early 3.36% rally, to a high of A$4.92, before slipping to A$4.80, while Beach Energy opened 2.31% higher and rose to as high as A$1.38 per share in early trade.
Papua New Guinea Oil Search was in a trading halt on Monday, for up to four days, while it considers launching a capital raise. With the upcoming Easter break, this means its shares could be suspended until 14 April unless an announcement is made earlier.
Elsewhere, Japan’s Nikkei 225 Index also saw a turbulent early session, opening at 17,857.99 and sinking to 17,802.62, before surging to a high of 18,419.57 and then falling to 18,182.12, all within the first two hours of trade.
Japanese giant Inpex saw its shares open slightly higher, at 638 yen (US$5.95), and then surged to 675 yen, before falling away towards 653 yen by 11:00 am JST.
South Korea’s Kospi Index opened higher at 1745.25, having closed at 1725.44 on Friday, and rose to a high of 1771.51 and easing to 1759.81 by 11:02 am KST.
South Korea’s Shipbuilding giants all enjoyed a stronger opening on Monday, with Hyundai Heavy Industries up 4.72% in early trade, at 221,000 won (US$178.81) per share, Daewoo Shipbuilding & Marine Engineering was up 2.53%, at 14,200 won, while Samsung Heavy Industries was up 2.47%, at 4150 won.
Elsewhere, Singapore’s Straits Times index opened at 2429.58, up 40.29 points from its previous close, and hit a high of 2434.41, before easing to 2424.40 by 10:27 am local time.
Hong Kong’s Hang Seng Index opened at 23,558.83, up 322.72 points from Friday’s close, before slipping to as low as 23,271.47 and then recovering to 23,441.05 by 10:20 am HKST.