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.