HONG KONG: Asian stock markets opened broadly higher Monday after a week of massive losses, as investors reacted with guarded optimism to international efforts to end the global financial crisis.

Hong Kong opened up, recovering some of their losses from last week's marathon sell-off, after US and European leaders at the weekend agreed to take joint action to end the turmoil.

Asia's largest stock market in Tokyo was closed for a public holiday after slumping 24 percent last week. Hong Kong opened 2.4 percent up, rebounding after its steepest weekly decline in a decade, before trimming gains and standing 0.29 percent higher in mid-morning trade.

South Korea's KOSPI bounced 3.63 percent in early trade, forcing the exchange to suspend trading temporarily to cool the market. The index was up 1.42 percent in early afternoon trade.

Singapore and Manila both saw shares rally, with Singapore stocks 1.75 percent higher early on, while Philippine share prices rose 2.2 percent at the opening. But the benchmark Shanghai Composite Index was down 1.77 percent at 1,965.1, while Indonesian shares dropped 5.8 percent in the morning after being suspended for three days last week on heavy losses.