Asian stock markets rose for a second day in a row on hopes for progress toward a possible coronavirus vaccine that might allow the world to revive manufacturing, shopping and normal life.
Japan’s Nikkei 225 ended up nearly 0.3% after being 1.1% higher in early trading, touching a 29-year high. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.1% higher. The benchmark KOSPI (Korea Composite Stock Price Index) rose by 0.88 (0.04%) at 10:11 a.m (0111GMT).
Taiwan’s stock market opened down 36.82 points on Tuesday, but recovered and went up 5.55 points or 0.04%.
Francis Lun, Chief Executive Officer, Geo Securities Limited told Associated Press that the old-economy stocks, the finance, the industries, stocks rose sharply. On the other hand, technology stocks and those stocks that benefitted from work-from-home and the pandemic lost grounds during trading. The money manager Francis Lun further said Investors have gained hope from the news of progress towards a COVID-19 vaccine.
Pfizer Inc. said early data on a vaccine under development suggest it might be it might be 90% effective at preventing COVID-19, though that doesn’t mean its release is imminent. Markets were also relieved by the resolution to the extended uncertainty about the battle for the U.S. presidency.
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…