TOKYO, Nov 24 (Reuters) - Japanese shares hit a 29-year high
on Tuesday as progress in developing an inexpensive coronavirus
vaccine boosted hopes of a swift recovery, while a formal
transition approval for U.S. President-elect Joe Biden also
lifted sentiment.
The Nikkei 225 Index .N225 2.58% to 26,186.53 by 0204 GMT,
reaching its highest since May 1991. The broader Topix .TOPX
was up 2.23% at 1,765.91. Energy, real estate, and financial
shares led the advance.
AstraZeneca AZN.L said on Monday its COVID-19 vaccine
could be up to 90% effective, cheaper to make and easier to ship
than rival vaccines, lifting global equities. Stocks also got a boost after U.S. President-elect Joe Biden
received approval to begin the transition to the White House and
after a report that he would pick former Federal Reserve Chair
Janet Yellen to be the next Treasury secretary. "We're getting closer to a vaccine, and we will also get
more policy support from the incoming U.S. administration, which
are both positive for stocks," said Kiyoshi Ishigane, chief fund
manager at Mitsubishi UFJ Kokusai Asset Management Co.
Japan and many other countries are in the midst of a third
pandemic wave, and an affordable vaccine is considered essential
to ending restrictions on business activity put in place to slow
the spread of the virus.
The stocks that gained the most among the top 30 core Topix
names were Shin-Etsu Chemical Co Ltd 4063.T up 4.42%, followed
by Fanuc Corp 6954.T gaining 3.67%.
The underperformers among the Topix 30 were KDDI Corp
9433.T down 0.76%, followed by Nintendo Co Ltd 7974.T losing
0.09%.
There were 219 advancers on the Nikkei index against 5
decliners.
The volume of shares traded on the Tokyo Stock Exchange's
main board .TOPX was 0.63 billion, compared to the average of
1.15 billion in the past 30 days.
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Japan stocks hit 29-yr high on vaccine cheer, Biden transition
Published 11/24/2020, 10:33 AM
Updated 11/24/2020, 10:40 AM
Japan stocks hit 29-yr high on vaccine cheer, Biden transition
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