Asian stocks rally after NASDAQ enters positive territory

Asian shares ended on a week high during the previous session after NASDAQ entered positive territory for the first in the year.

Japan’s Nikkei led the rally, gaining 2.07% at 10:53 PM ET (3:53 AM GMT) after the nation had granted “exceptional approval” to Gilead Sciences’ experimental drug Remdesivir. The potential treatment for COVID-19 patients received FDA emergency-use authorization earlier in May.

Japan’s Fujifilm Holdings had also revealed the development of a PCR reagent that could speed up testing from 4-6 hours to 75 minutes. 

China’s Shanghai Composite inched up by 0.62%, while the Shenzhen Component gained 0.91%. The gains come after negotiations between the U.S. and China led the two largest economies to support the first phase of a trade agreement.

Meanwhile, Hong Kong’s Hang Seng Index climbed by 1.02%, while South Korea’s KOSPI gained 1.27%.

Down Under, the S&P/ASX gained 0.73% after the Reserve Bank of Australia (RBA) released its monetary policy statement on Friday morning.