Tokyo stocks hit 29.5-year high on vaccine development, US transition

TOKYO, Nov. 24 (KUNA) -- Tokyo stocks rebounded Tuesday, sending a key index to a 29-and-a-half year high following positive news about vaccine development and US President-elect Joe Biden's transition.
The benchmark Nikkei 225 Stock Average on the Tokyo Stock Exchange (TSE) rose 638.22 points, or 2.50 percent, from Friday to 26,165.59, its highest closing level since May 10, 1991.
The Japanese financial market was closed Monday for a national holiday.
The broader Tokyo Stock Price Index, which includes all shares on the market's First Section on the TSE, was also up 35.01 points, or 2.03 percent, to 1,762.40.
Investors bought shares in a wide range of sectors on hopes for a global economic recovery after reports of progress in the development of a coronavirus vaccine and formal approval given to Biden by the US General Services Administration to start his transition to power. (end) mk.gta