Hong Kong’s Hang Seng index jumps nearly 2% as optimism rises on Pfizer vaccine approval

Shares in Asia-Pacific rose in Tuesday trade, after the tech-heavy Nasdaq Composite jumped to a record closing high following the U.S. Food and Drug Administration’s full approval of Pfizer and BioNTech’s Covid-19 vaccine. Hong Kong’s Hang Seng index was up 1.56% by the afternoon as shares of Chinese tech firms listed in the city jumped: internet titan Tencent rose 4.56% while Meituan soared more than 9% and Alibaba advanced 5%. The Hang Seng Tech index gained 4.52%.

Meanwhile, automaker BYD’s semiconductor business was among 40 IPOs which were suspended as China’s bourses investigate intermediaries in those deals. Still, shares of BYD in Hong Kong were up 2.13% by Tuesday afternoon in the city. Mainland Chinese stocks were higher as the Shanghai composite rose 1% while the Shenzhen component advanced 0.856%.

Reuters reported that the U.S. Securities and Exchange Commission has began issuing new disclosure requirements to Chinese firms looking to list in New York, as part of a push to raise investor awareness of the risks involved. The Nikkei 225 in Japan gained 1.03%, as shares of conglomerate Softbank Group surged about 2%. The Topix index advanced 1.11%. South Korea’s Kospi jumped 1.44%.

In Australia, the S&P/ASX 200 edged 0.33% higher. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 1.31%. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 93.039 following a recent slip from above 93.2. The Japanese yen traded at 109.75 per dollar, stronger than levels above 110 seen against the greenback yesterday. The Australian dollar changed hands at $0.7216, still off levels above $0.729 seen last week.

Hong Kong’s Hang Seng index jumps nearly 2% as optimism rises on Pfizer vaccine approval, CNBC, Aug 24