Asian shares reach high grounds on Biden inauguration

Asian share markets recorded an upbeat performance on Thursday, tracking Wall Street’s rally. The series of gains could be attributed to investors’ enthusiastic mood as the inauguration of U.S. President Joe Biden brought in hopes for more economic stimulus.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.85% higher to touch a new record high.

Chinese blue chips gained 1.2%, while shares down under advanced 0.69%. Hong Kong’s Hang Seng index surpassed the 30,000 mark, jumping 0.31%. Japan’s Nikkei, on the other hand, jumped 0.72% to place a shade lower than its three-decade high record seen last week.

With Democrats dominating both houses of the United States Congress, Republicans still emphasized their willingness to work with Biden on his $1.9 trillion-worth of stimulus plan. However, some are opposed to the package’s price.