BEIJING, Dec. 24 (BNA): Asian stock markets rallied on Friday after Wall Street hit a new high as fears over the coronavirus Omicron variant faded. Tokyo, Hong Kong and Sydney advanced. Shanghai refused.
Wall Street’s benchmark S&P 500 index rose 0.6% Thursday in the last US trading session before Christmas, according to an AP report.
Investors’ concern mounted with the spread of Omicron but eased after authorities said it could cause a less serious illness.
President Joe Biden has called for more vaccinations and testing but has not announced plans to impose travel restrictions.
Oanda’s Edward Moya said in a report that Omicron looks like a “short-term disruption” rather than a “devastating headwind that derails the economy.” “The US economic recovery in 2022 still looks very strong.”
The Shanghai Composite lost 0.4% to 3629.61 while the Nikkei 225 in Tokyo rose less than 0.1% to 28,815.17. Hong Kong’s Hang Seng advanced 0.1% to 23,223.76.
Seoul’s Kospi rose 0.6% to 3,017.93 and Sydney’s S&P-ASX 200 was up 0.4% at 7420.30.
New Zealand and Jakarta advanced while Bangkok retreated. Singapore was closed for Christmas.
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