Stocks about flat in South Korea, while Singapore posts gains
BEIJING — Asian stock markets were mixed Monday after Wall Street hit a record high on optimism the spread of coronavirus vaccines might allow global business to return to normal.
The Nikkei 225 NIK, +0.79% in Tokyo rose 0.8% while the Kospi 180721, +0.26% in Seoul was little changed at mid-morning. Stocks rose in Singapore STI, 0.81% but fell in Jakarta JAKIDX, -0.68%. Markets in Shanghai, Hong Kong and Australia were closed for holidays.
On Thursday, Wall Street’s benchmark S&P 500 index SPX, +1.18% rose 1.2% on its last trading day before the holiday weekend, closing above 4,000 points for the first time.
Investors have been encouraged by the spread of coronavirus vaccines despite rising infection numbers in the United States, Europe and other places that have prompted some governments to reimpose travel and business curbs.
On Friday, the yield on the 10-year U.S. Treasury bond, or the difference between the market price and the payout at maturity, rose to 1.72% from Thursday’s 1.68%.
The yield has risen sharply this year, drawing money out of stocks, on expectations revived economic activity will cause inflation to rise, reducing the value of the payout in real terms.
Major Asian stock markets rose Friday following the S&P’s record-setting day.
In energy markets, benchmark U.S. crude CLK21, -1.76% lost 37 cents to $61.08 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.29 on Thursday to $61.45. Brent crude BRNM21, -1.83%, used to price international oils, fell 43 cents to $64.43 per barrel in London. It gained $2.12 the previous session to $64.86 a barrel.
The dollar USDJPY, -0.07% declined to 110.58 yen from Thursday’s 110.63 yen.