Most of the Asian equity benchmarks are trading in green on Tuesday, as the positive results from a late-stage study of a coronavirus vaccine being developed by Pfizer and BioNTech bolstered risk appetite in the market. The hope for the possible coronavirus vaccine that might allow the world to revive manufacturing, shopping and normal life ignited optimism about the economic recovery and lifted airline as well as travel-related stocks, which were the worst hit by the coronavirus pandemic. Oil shares are in upward trend after crude oil’s surge in the overnight session, while gold plunged overnight to seven year low level. News that China’s inflation data for October sharply fell to the lowest in a decade, pointing on the provision to spend more and ease access to credit further if necessary to support an economic recovery also turned positive to the investor sentiments. Japan’s Nikkei extended its gain to sixth session in a row as it cheered the overnight gains in Wall Street and as the safe haven yen dipped against dollar. Among the Asian markets, Japan, Singapore, Hong Kong, South Korea and China, Indonesia and Malaysia are in positive side. Bucking the trend, Taiwan is trading lower.
Nikkei 225 up by 103.02 points, 0.41% to 24,942.86, Straits Times rose by 77.39 points 2.97% to 2,686.75, Hang Seng lifted by 212.09 points or 0.82% to 26,228.26, KOSPI Index increased 1.51 points or 0.06% to 2,448.71, Jakarta Composite increased by 82.78 points or 1.55% to 5,438.79, Shanghai Composite widened by 1.34 points or 0.04% to 3,375.07, and FTSE Bursa Malaysia KLCI enlarged by 31.02 points or 2.04% to 1,555.34.
On the flip side, Taiwan Weighted down 60.69 points or 0.46% to 13,066.78.