ASX soars 2.8pc as Asian stocks join global relief rally

spurred bets that the Federal Reserve will slow the pace of its aggressive policy tightening.

Japan’s Nikkei 225 index was on track to post a 2.9 per cent gain, while Hong Kong’s Hang Seng roared 5.7 per cent higher. South Korea’s Kospi index jumped 3.1 per cent.P/ASX 200 soared 2.8 per cent, or 194 points, to 7158, with the index hitting its highest level in five months during the session. Friday’s rally lifted the benchmark to a weekly gain of 3.9 per cent.

The local technology sector was boosted by a decline in bond yields; Zip surged 18.4 per cent to 74¢, Block jumped 11.5 per cent to $100.91 and Megaport added 13.6 per cent to $6.11.sealed a five-year deal for the Australian OpenRamsay Health Care jumped 4.7 per cent to $61.85 after reporting that activity and profitability improved across all regions over the September quarter as COVID-19 cases fell in the community.

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