Asian shares advance

TOKYO: Markets advanced in Asia on Friday following a Wall Street rally driven by strong jobs data.

Tokyo’s Nikkei 225 index picked up 0.3 percent to 22,220.33, while the Shanghai Composite index jumped 1.3 percent to 3,130.62. In South Korea, the Kospi gained 0.6 percent to 2,148.24, and Au s t r a l i a ’ s S& P/ A S X 20 0 rose 0.6 percent to 6,067.30. Shares also rose in Taiwan and Southeast Asia.

The jobs data and improved global indicators are boosting sentiment, along with positive reports on potential vaccines and treatments for the coronavirus that has infected more than 10.8 million people and killed over 520,000, according to data from Johns Hopkins University that experts say understates the tally due to issues with testing and asymptomatic cases.

Such news brought a “favorable turn in the risk merry go round this week as this positive news is currently tempering the seemingly endless negative views around the rapidly- rising new daily virus cases in the US,” Stephen Innes of AxiCorp said in a commentary.

Overnight, the S& P 500 rose 0.5 percent, its fourth- straight gain, ending the holidayshortened week with a gain of 4 percent. US markets are closed Friday in observance of Independence Day.

The Nasdaq composite climbed to another all- time high, aided by more gains in technology companies. Energy companies notched some of the biggest gains as oil prices strengthened on hopes that a recovering economy will mean more demand.