Asia stocks rise on Greek deal

Sentiment was lifted after eurozone finance ministers agreed to extend the country’s financial rescue.

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By :  ,  Financial Analyst

Asian markets were up today (February 23rd) after a bailout deal was agreed between Greece and the eurozone last week. Greek and eurozone finance ministers agreed to extend the country's financial rescue by four months, averting bankruptcy and capital controls while ensuring banks will have enough liquidities.

However, the Greek government must present economic reform measures today that are deemed acceptable by creditors and rooted in Greece's previously enacted bailout agreement.

Some analysts remained cautious, saying the Greek crisis may not be "out of the woods yet". "[Greece] has until today to submit their list of reforms to the Europeans so there's still anxiety in the markets about whether the list will satisfy the Germans," Clive McDonnell, head of Equity Strategy at Standard Chartered, told CNBC Asia's "Squawk Box".

Japan's benchmark Nikkei 225 stock index gained 0.7 per cent to 18,454.14, while South Korea's Kospi rose 0.3 per cent to 1,968.21. Australia's S&P ASX/200 closed 0.5 per cent up to 5,908.00. Hong Kong's Hang Seng remained flat at 24,806.19. China, Taiwan and Vietnam were still closed for the Chinese New Year holiday.

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