Market analyst cautiously optimistic over virus effect

Asian shares surged Tuesday after a rally in U.S. stocks, mostly spurred by health care companies' announcements of developments that could aid in the coronavirus outbreak.

Hong Kong's Hang Seng stood at 23,517.68, up 1.5%.

Stock analyst Jackson Wong is reasonably optimistic about the stock markets in the near future as investors are prepared seeing the peak of the virus cases in the near future.

The overnight rally on Wall Street tacked more gains onto a recent upswing for the market, which is coming off the best week for the S&P 500 in 11 years, albeit after falling into bear market territory.

The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death.