Asian Shares Slip As Covid Fears Reemerge

Stocks fell back across Asia by midday on Thursday after gains for big technology shares pushed most Wall Street benchmarks higher.

News of potentially effective vaccines for COVID-19 has been countered by concerns over the logistical challenges of ensuring access to billions of people and over rising caseloads that are leading governments to re-instate restrictions on business and other activities to battle the pandemic.

Vaccine trades reversed to give way to ‘stay home' trades as shares of companies that do well when people stay home and work remotely rallied, Mizuho Bank said in a commentary.

But it added, “Fact of the matter is, progress on vaccine development is at worst two steps forward one step back, and not one step forward and two steps back on a sustained basis."

Tokyo's Nikkei 225 index gained 0.4 percent to 25,459.13 despite a report that machinery orders fell in September, suggesting weakness in corporate investment.

But the mood was more somber elsewhere in Asia.

Hong Kong's Hang Seng index fell 0.1 percent to 26,206.78 and the Shanghai Composite index declined 0.3 percent to 3,332.24.

In Seoul, the Kospi gave up 0.2 percent to 2,480.95.

Australia's S&P/ASX 200 slipped 0.2 percent to 6434.60. (AP)