ASIAN STOCK MARKET: INDICES TRADE IN GREEN ON HOPES FOR PFIZER/BIONTECH VACCINE’S APPROVAL

• Asia-pacific stocks make remarkable gains for the straight second day.
• Vaccine optimism, a waning coronavirus outbreak in China and other countries boost sentiment.
• Xi-Biden might be further delayed as Bejing eyes a virtual G20 seat.

Asian shares continue to book gains on Tuesday following its counterpart on Wall Street.

MSCI’s broadest index of Asia-pacific shares outside Japan rose 1.2%. Wall Street strength underpinned sentiment in the Asia-pacific region after the US Food and Drug Administration permitted full approval to the COVID-19 vaccine developed by Pfizer and BioNTech.

Meantime, MSCI Inc said Chinese stocks could withstand concerns caused by Beijing’s regulatory crackdown and again reach record highs.

The Shanghai Composite Index gained 0.8% to a near two-week high of 3,504, advancing for the second consecutive day in a row.

Hong Kong Hang Seng’s index rose nearly 1.12%, ASX 200 gained 0.28%.

Japan’s Nikkei 225 surged 1.12%, on the Dow Jones optimism, which jumped more than 200 points.

South Korea’s Kospi gained 1.38%, with the Bank of Korea policy decision due on Thursday.

Gold trades lower at $1,803 per ounce with mild losses.

The US Dollar Index (DXY), which tracks the greenback against a basket of its peers trades at 93.06  after its recent climb from 93.70.