Asia Stocks Trade Higher as Positive Gilead’s Treatment Report Raises Hopes for Investors

Stocks in Asia traded higher on Thursday, April 30, 2020 after the overnight report of positive development in the coronavirus treatment drug.

 

As of 8:50 local time in Thailand (GMT+7), Nikkei jumped 2.36%, SSEC rose 0.63%, HSI advanced 0.28%, ASX 200 hiked 1.45% and Kospi increased 0.70%.

The surge was mainly due to the report of effectiveness in the study of Gilead’s remdesivir drug by the National Institute of Allergy and Infectious Diseases. Gilead Sciences also released its own report of an improvement in patients taking the remdesivir drug as a treatment for coronavirus.

Even though the U.S. GDP recorded a contraction of 4.8%, the deepest since 2008 for a quarter, Wall Street still closed higher amid solid tech earnings. Dow Jones closed at 24,633.86 points, increased 532.31 points or 2.21%. S&P 500 rose 2.66% and Nasdaq jumped 3.57%.

 

The coronavirus has infected over 3.1 million people globally, along with at least 226,771 death tolls. However, the infectious rate showed a sign of slowing down as well as the fatality. Some nations are expecting a lockdown easing in early May, raising hopes for investors that the pandemic would end soon.