Asian stock markets rally on vaccine hopes; Hang Seng index gains ~1%

Asian stock markets rallied on Tuesday as investors hope risen for a breakthrough in the Coronavirus pandemic. Drugmaker Pfizer has stated that its Covid-19 vaccine has proven to be over 90% effective in its most widespread trial. Asian market witnessed huge buying in tourism, travel and regional airlines stocks.

Oil prices fell with international benchmark Brent crude futures down 1.23% to $41.88 per barrel. U.S. crude futures also slipped 1.49% to $39.69 per barrel.

In Japan, the Nikkei 225 rose 0.41% while the Topix index gained 1.74%, the Kospi was about 0.3% higher. Hong Kong’s Hang Seng index added 0.74% and shares in Australia also advanced, as the S&P/ASX 200 rose 1.48%.

Mainland Chinese stocks were mixed with the Shanghai Composite was 0.16% higher while the Shenzhen Component shed 0.905%.

On Monday, the Dow Jones Industrial Average closed 834.57 points higher at 29,157.97 — its biggest one-day gain since June 5. The S&P 500 gained 1.2% to finish its trading day at 3,550.50. The Nasdaq Composite, on the other hand, slipped 1.5% to close at 11,713.78.