Asian stocks rise after Greek vote eases fears

AP FILE PHOTO

TOKYO – Asian stock markets opened higher on Monday after elections in Greece eased fears of global financial turmoil.

Tokyo’s benchmark Nikkei 225 index was up 175.34 points, or 2.1 percent, at 8,744.66 within the first half-hour of trading. Australia’s S&P/ASX200 rose 1.4 percent to 4,114.5.

South Korea’s Kospi opened 1.9 percent higher at 1,892.91 as relieved investors snapped up South Korean exporters. Shipyards gained ground with the world’s top shipbuilder Hyundai Heavy Industries up 3.3 percent. Samsung Electronics rose 1.89 percent.

In Greek elections Sunday, pro-bailout parties won enough seats to form a joint government. That eased fears of an imminent Greek exit from the euro currency.

A Greek exit from the joint currency would have had potentially catastrophic consequences for other ailing European nations, the United States and the entire global economy.

However, the problems in Greece and for the euro remain far from solved.