Asian markets rally on Greek deal

Markets across Asia clocked gains on the Friday morning session after European Union agreed to bailout Greece and prevent the contagion from spreading.

The European Union agreed for a bold rescue package for Greece involving an additional $1.57 billion and a contribution from private sector bond holders.

Asian stocks jumped following firm closing on Wall Street and Europe. Japan’s Nikkei Stock Average added 0.9%, Hong Kong’s Hang Seng Index surged 1.2% and China’s Shanghai Composite advanced 0.4% led by gains in banking shares. South Korea’s Kospi Composite was also up 0.7%.