This week began on a high note for the Asian markets at the New York Stock Exchange (NYSE) as investors laid their trusts back on the hope of a COVID-19 vaccination soon becoming available. Despite the pandemic’s continued grip over countries with some reimposing lockdowns, a bullish trend was seen at the bourse.
Tokyo topped the chart as a growth of 1.7% was seen in its stocks, Sydney and Seoul followed close behind with a little over 1% gain. Honk Kong and Shanghai added 0.6% and 0.5% respectively.
Alongside, Jakarta 0.8%, Taipei 1%, and Wellington 0.6% were also among those who helped boost the market’s momentum. However, Manilla and Singapore did not do well in terms of combating the earlier losses.
According to market analysts, bright hope of vaccination, given by BioNTech and Gilead Sciences has led the market towards growth amid the fear of a recession caused by the pandemic.
“We do think that the global economy is now entering a multi-year recovery but there are going to be wobbles along the way,” Mary Nicola, at PineBridge Investments, told Bloomberg TV.