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.

Asian markets

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.