TOKYO – Asian shares were higher on Friday on hopes of developing a coronavirus vaccine, although concerns remain about the long-term economic damage from the pandemic.
The increase in regional benchmarks has echoed the gains on Wall Street, which have been led by large tech companies that are profiting from people staying at home during the outbreak.
gained 0.3% at the start of the session. Hang Seng HSI from Hong Kong,
added 1.5%, while the Shanghai Composite SHCOMP,
rose 0.8%. Kospi 180721 from South Korea,
edged up 1.8% while Australia’s S & P / ASX 200 XJO,
has changed little. Benchmarks in Taiwan Y9999,
and Singapore STI,
Reports that Pfizer’s PFE,
The vaccine is on track to seek the October regulatory review, which has heightened feelings despite continued uncertainty about global growth, said Jingyi Pan, market strategist at IG in Singapore. Pfizer and its German partner BioNTech have said they will take their COVID-19 vaccine candidate with the fewest side effects in end-stage testing. It is one of the few experimental vaccines to reach end-stage testing worldwide.
“Asian markets have largely followed Wall Street with gains, also helped by the latest vaccine news which boosted sentiment,” Pan said.
Le S&P 500 SPX,
rose 0.3% after rebounding from an earlier loss of 0.6% as investors weighed in on new government data showing an increase in the number of Americans who applied for unemployment assistance last week.
The disheartening report helped push down two out of three S&P 500 stocks. Power producers and financial firms saw some of the steepest declines. But S&P 500 tech stocks nonetheless rose 1.4%, continuing to show remarkable resilience.
The S&P 500 gained 10.66 points to 3385.51. The gains kept the benchmark near its all-time high. The Dow Jones Industrial Average DJIA,
gained 46.85 points, or 0.2%, to 27,739.73.
The strength of tech stocks helped lift the Nasdaq composite COMP,
up 118.49 points, or 1.1%, to a record 11,264.95.
US benchmark crude oil CLU20,
fell 35 cents to $ 42.58 a barrel. Brent BRNV20 crude,
, the international standard, gained 13 cents to $ 45.03 a barrel.
The US dollar USDJPY,
fell to 105.70 Japanese yen from 105.87 yen on Thursday.