Hong Kong's Hang Seng index increased above 2% as optimism rises on Pfizer vaccine approval

August 25, 2021: -On Tuesday, Shares in Asia-Pacific increased, with Hong Kong stocks leading the profits among the major markets of the region. That came after the tech-heavy Nasdaq Composite surged to a record closing high overnight after 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 shut 2.46% higher at 25,727.92, with Chinese tech firms’ shares listed in the city increased: internet titan Tencent jumped 8.81% while Meituan soared 13.51% and Alibaba advanced 9.47%. The Hang Seng Tech index profits 7.06%.

Meanwhile, automaker BYD’s semiconductor business was in the 40 IPOs suspended as China’s bourses investigate intermediaries in those deals. Still, shares of BYD in Hong Kong gaining 1.6% on Tuesday.

Mainland Chinese stocks were shut higher as the Shanghai composite went up to 1.07% to 3,514.47 while the Shenzhen component advanced 0.878% to 14,663.55.

The U.S. Securities and Exchange Commission has begun issuing new disclosure requirements to Chinese firms that look to list in New York as part of a push to raise investor awareness of the risks involved, Reuters reported.

In Japan, the Nikkei 225 gained 0.87% to close at 27,732.10, as shares of conglomerate Softbank Group increased about 2%. The Topix index advanced 1% to finish the trading day at 1,934.20. South Korea’s Kospi increased 1.56% to close at 3,138.30.

In Australia, the S&P/ASX 200 edged 0.17% higher on the day to 7,503.

MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.82%.

Overnight on Wall Street, the Nasdaq Composite increased 1.55% to 14,942.65, a record closing high. The S&P 500 advanced 0.85% to 4,479.53 while the Dow Jones Industrial Average profitted 215.63 points to 35,335.71.

Those gains stateside were as Pfizer, and BioNTech’s Covid-19 vaccine became the first in the U.S. on Monday to be granted full approval by the Food and Drug Administration, which clears the way for more vaccine mandates.

The U.S. dollar index tracking the greenback against a basket of its peers was at 93.016 after the current slip from above 93.2.

The Japanese yen traded at 109.76 per dollar, much stronger than levels above 110 seen against the greenback a day before. The Australian dollar was with different hands at $0.7227, still off levels over $0.729 seen in the previous week.

Oil prices increased in the afternoon of Asia trading hours, with international benchmark Brent crude futures up 1.29% to $69.64 for each barrel. U.S. crude futures advanced 1.16% to $66.40 for each barrel.