Auto, tech stocks drive Asian markets' rally after RCEP pact

Positive news on vaccine development front is also factor behind every market in region finishing higher for day

Published Mon, Nov 16, 2020 · 09:50 PM

Singapore

NEWS of a trade pact formed between China and 14 other Asia-Pacific countries lifted Asian markets on Monday, which were also driven further along by positive news on the vaccine development front.

Every market in the region finished higher for the day, with Japan's Nikkei 225 gaining the most at 2.05 per cent, likely also fuelled by its economic data showing a rebound in gross domestic product (GDP) in the third quarter as the pandemic pain eased.

This was followed by South Korea's benchmark Kospi index at 1.97 per cent, marking its highest closing since February 2018, and Singapore's Straits Times Index at 1.35 per cent. China's blue-chip CSI 300 index rose one per cent to 4,904.17, while the Shanghai Composit…