APAC markets buoyed on Pfizer COVID-19 vaccine’s FDA milestone

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 APAC markets buoyed on Pfizer COVID-19 vaccine’s FDA milestone
Image source: A stock market ticker shows financial gains and losses. © Embe2006 | Megapixl.com
                                 

Equity markets in the Asia Pacific (APAC) region on Tuesday picked up from where they left on Monday, as the rally in the indices continued on the back of the US Food and Drug Administration’s (FDA) full approval of Pfizer and BioNTech’s COVID-19 vaccine.

In the Chinese Administrative Region of Hong Kong, the benchmark Hang Seng index surged 1.5% in morning trade as shares of Chinese tech firms listed on the exchange soared yet again: internet behemoth Tencent Holdings saw its share rally 4.56% while Meituan soared by as much as 9.42%. On the other hand, Alibaba Group surged 5%. The Hang Seng Tech index – on which all these tech companies are listed – gained 4.52%.

Mainland Chinese stocks were higher as well, despite new US regulations over Chinese firms wanting to get listed on Wall Street: the Shanghai Composite rose 1% while the Shenzhen Component advanced 0.86%.

According to news reports, the US Securities and Exchange Commission (SEC) has begun issuing new disclosure requirements to Chinese firms looking to list in the States, in a bid to raise investor awareness of the risks involved.

In Japan, the benchmark Nikkei 225 gained 1.01% %, as shares of conglomerate Softbank Group surged 2.07%. On the other hand, country’s Topix index advanced 1.12%. Elsewhere in South Korea, the KOSPI jumped 1.28%.

Down Under, in Australia as well, the markets were basking in the green. The country’s benchmark ASX200 was up 0.24% as the country recorded a dip in fresh COVID-19 cases for the second consecutive day.

Meanwhile, Morgan Stanley Capital International’s broadest index of Asia-Pacific shares outside Japan traded 2.31% higher.

Overnight in the US, the tech-heavy Nasdaq Composite index jumped 1.55% to 14,942.65 —a record closing high. The S&P 500 also advanced 0.85% to 4,479.53 while the Dow Jones Industrial Average rallied 215.63 points to close at 35,335.71.

The gains in Wall Street were on the back of Pfizer and BioNTech’s COVID-19 vaccine becoming the first jab to be granted full approval by the Food and Drug Administration, clearing the path for more vaccine mandates.

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