On Tuesday, stocks across the Asia Pacific benefited from the news related to the potential coronavirus vaccine. South Korea’s Kospi index added 2.25% to close at 1,980.61 with shares of world-famous automaker Hyundai Motor surged 7.83%.
Moreover, Japan’s Nikkei 225 ended its trading day 1.49% higher at 20,433.45 as shares of robot maker Fanuc added 3.99%. At the same time, the Topix index added 1.83% to close at 1,486.05.
Notably, Hong Kong’s Hang Seng index gained 2.06% as of its final hour of trading as shares of HSBC listed on the Hong Kong Stock Exchange jumped about 3.5%.
Also, mainland Chinese stocks saw gains on May 19. The Shanghai Composite gained 0.81% to about 2,898.58. In the meantime, Shenzhen Composite rose 1.21% to 11,052.85.
Australia’s S&P/ASX 200 gained 1.81% to close at 5,559.50.
Stocks, coronavirus vaccine and Hyundai Motor
As stated above, the news regarding a promising development from a Moderna trial, helped to boost the stocks. It makes sense as people all over the world are waiting for an effective coronavirus vaccine. Thanks to this virus, it will be easier to contain such outbreaks in the future.
According to the biotechnology company from Massachusetts, after two doses all 45 participants had developed coronavirus antibodies. It will take until the vaccine is ready and it might become available in early 2021. However, it is too early to say how long it will take to produce an effective vaccine.
Another interesting news not related to coronavirus pandemic is connected with the aviation industry. Shares of the flag carrier Thai Airways jumped 12%. The country’s cabinet approved a plan for the airline to go to the bankruptcy court to restructure the debt.
It won’t be easy to boost the economy. However, auto companies including Hyundai Motor have the potential to support the global economy.
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