Asian shares advance on stimulus-driven sentiment

Asian share markets recorded an upbeat performance on Friday. The series of gains came after investors’ sentiment was fuelled by the prospect of a massive stimulus package under President-elect Joe Biden’s administration. Meanwhile, oil prices advanced as China released strong trade figures.

In Asia, Australia’s S&P/ASX 200 traded 0.2% higher, while Japan’s benchmark index recorded a 0.3 % increase. South Korea’s KOSPI soared 0.2%.

While stimulus hopes supported Wall Street’s major indexes during their early trade, they still saw a weak closing as details of Biden’s stimulus package remained vague. The Dow Jones Industrial Average crashed 0.22% as the S&P 500 declined 0.38%. The tech-heavy Nasdaq closed its session 0.12% lower.

Biden’s $1.9-trillion worth of relief package would be allocated for the United States’ economic recovery and to speed up the country’s response to the coronavirus crisis, officials said.