Asia Markets Gain Amid Oil Price Drop, Chinese Chipmaker Surges

Asian shares rallied on Monday as oil prices plummeted nearly 4% after the United States and Iran paused their attacks, sparking relief in markets. The pause allowed for possible negotiations on an interim ceasefire deal to resume.

The Shanghai Composite index rose 0.4%, while Japan's benchmark Nikkei 225 increased 0.2%. Hong Kong's Hang Seng advanced 0.8% and the Kospi in South Korea gained 0.3%.

Chinese memory chipmaker CXMT surged more than 470% after its debut on Shanghai's technology board, making it China's most valuable listed company with an estimated market capitalization of nearly $490 billion.