Asia shares rise on hope for US stimulus

Stocks in the Asia Pacific region were mostly higher on Friday as market sentiment was bolstered by growing optimism over US economic stimulus following the confirmation of President-elect Joe Biden’s election victory.

In Japan, despite a coronavirus state of emergency for Tokyo and its three neighbouring prefectures that took effect on Friday, the benchmark Nikkei 225 Stock Average jumped 2.36 per cent to close at 28,139.03, marking a fresh 30-year high.

South Korea’s benchmark Kospi Index surged 3.97 per cent to end at 3,152.18.

Australia’s benchmark S&P/ASX200 index climbed 0.68 per cent to close at 6,757.9 and the broader All Ordinaries index added 0.63 per cent to 7,024.2.

China’s Shanghai Composite Index closed down 0.17 per cent at 3,570.11.

On Thursday, the Dow Jones Industrial Average climbed 0.69 per cent while the broader S&P 500 index jumped 1.48 per cent and the tech-heavy Nasdaq moved higher by 2.56 per cent.

US lawmakers certified Biden’s election win on Thursday, defying a violent pro-Trump mob that attacked the Capitol in a bid to prevent a transfer of power.

Democrats, who will control both chambers of Congress and the White House, say they are eager to pass another massive stimulus package.

Source: GNA