Markets in Asia-Pacific were mixed on Tuesday while airline stocks soared as investors in the region reacted to positive developments overnight on the coronavirus vaccine front.
The Nikkei 225 in Tokyo added 65.75 points, or 0.3%, to 24,905.59.
The Japanese yen traded at 105 per U.S. dollar after weakening sharply from levels below 104.3 against the greenback yesterday.
In Hong Kong, the Hang Seng index gained 285.31 points, or 1.1%, to 26,301.48.
Shares of airlines in Asia-Pacific surged in Tuesday trade. The sector has been among those hardest hit by the coronavirus pandemic as a result of travel restrictions.
Over in Hong Kong, shares of Cathay Pacific popped 14.1%, while China Eastern Airlines rose 7.93%. Singapore Airlines shares in Singapore soared 14%.
In Australia, Qantas gained 8.3%. Japan Airlines also saw its stock in Japan surge 21.2% while ANA Holdings advanced 18.1%. South Korea’s Korean Air Lines added 11.2%.
Investor focus on Tuesday was likely on Pfizer and BioNTech’s Monday announcement that their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection.
The reported efficacy rate was higher than expected, with scientists hoping for a coronavirus vaccine that is at least 75% effective, while White House coronavirus advisor Dr. Anthony Fauci has said one that is 50% or 60% effective would be acceptable.
The Australian dollar changed hands at $0.7288 following its rise last week from levels below $0.72.
CHINA
In Shanghai, the CSI 300 lost 27.47 points, or 0.6%, to 4,953.88.
China’s consumer price index rose 0.5% in October from a year ago, according to data from the country’s National Bureau of Statistics, as compared to expectations for a 0.8% increase in a Reuters poll. The producer price index for China declined 2.1% year-on-year in October, close to expectations in a Reuters poll of a 2% slip.
In other markets
In Korea, the Kospi index nosed up 5.63 points, or 0.2%, to 2,705.
In Taiwan, the Taiex Index shed 45.75 points, or 0.4%, to 13081.72.
In Singapore, the Straits Times Index moved higher 95.64 points, or 3.7%, to 2,452.83
In New Zealand, the NZX 50 forged ahead 50.19 points, or 0.4%, to 12,612.39
In Australia, the ASX 200 gained 41.74 points, or 0.7%, to 6,340.53.
