Asian shares track global equity rally

Asian share markets were seen upbeat on Thursday, advancing further in global markets after a strong selloff earlier this week. Meanwhile, oil prices withdrew from high grounds as an increase in coronavirus infections in some parts of the world dampened investors’ enthusiasm.

MSCI’s broadest index of Asia-Pacific shares jumped 0.4%, salvaging a 0.9% decline seen the previous day. Chinese blue chips gained 0.3%, while Japan’s benchmark index Nikkei advanced the biggest with a 1.7% increase.

MSCI’s gauge of shares across the globe traded 0.2% higher, soaring further after a 0.4% hike overnight. Oil prices, on the other hand, struggled for three consecutive days as India’s uncontrolled coronavirus cases and rising stockpiles in the United States capped fuel demand and dragged investors’ sentiment.