Monday , January 18 2021

Asian stocks move higher as investor optimism defies pandemic impact



TOKYO (AP) – Asian stocks were mostly higher on Monday as feelings of tolerance remained despite continuing signs of economic damage from the pandemic.

Traders continued to be encouraged by the prospect that incoming President-elect Joe Biden’s administration will draw more aid to the US economy, a move that will help Asia and other export-exporting countries.

Kospi of South Korea 180721,
-0.22%
recorded a 2.5% increase in initial transactions to 3,230.15. S & P / ASX 200 ASX10000 Australia,
+ 6.90%
lost 0.7% to 6,714.20. The Hang Seng HSI of Hong Kong,
+ 0.81%
an increase of 0.2% to 27,945.18, while the Shanghai Composite SHCOMP,
-0.23%
added 0.4% to 3,584.97.

Japanese markets closed for a national holiday. Adding to concerns about the growing number of coronavirus infections, another new variant of the virus was reported over the weekend among many people arriving from Brazil.

“A resurgence of COVID infections, with indications of more infectious, new strains being practiced in Asia beyond the West, suggests that recovery and vaccine hopes are also leading to the back of the Tiger,” said Mizuho’s Venkateswaran Lavanya Bank in Singapore at risk.

The Prime Minister of Japan Yoshihide Suga has taken care to save the third largest economy in the world as much as possible from the risks of further sinking, even when the number of coronavirus cases is increasing in recent weeks.

Suga’s emergency statement for the Tokyo area, which began on Friday, focuses on asking restaurants to close at 8 p.m. Screams of his removal are likely to increase if the upward trend in infections does not worsen in a month, as promised.

Wall Street ended last week with more milestones, largely giving up another discouraging job report. The S&P 500 SPX,
+ 0.55%
rose 0.5%, the second highest record. Dow Jones Industrial Average DJIA,
+ 0.18%
and Nasdaq composite COMP,
+ 1.03%
all closed to new high levels.

The S&P 500 rose 20.89 points to 3,824.68. The Dow gained 0.2% to 31,097.97. The Nasdaq rose 1%, reaching 13,201.98. The Russell 2000 RUT index,
-0.25%
of small-cap shares fell 0.2% to 2,091.66. It ended the week with a gain of 5.9%, well ahead of the 1.8% gain for the major shares of the S&P 500.

Hopes are high for the availability of Quranic vaccines. However, reports of new versions of the virus raise new concerns, as some experts believe that more studies are needed to determine if the available vaccines will be effective in reducing these versions of the virus.

In the energy trade, reference point for American crude CL.1,
-0.69%
fell 25 cents to $ 51.99 a barrel in electronic trading on the New York Mercantile Exchange. It earned $ 1.41 at $ 52.24 per barrel on Friday. Brent crude BRN00,
-1.00%,
the international standard fell 45 cents to $ 55.54 a barrel.

In the currency exchange, the US dollar USDJPY,
+ 0.21%

JPYUSD,
-0.21
rose to 104.17 Japanese yen from 103.95. The EURUSD,
-0.36%
cost $ 1.2176, from $ 1.2220.


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