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Asian share markets were trading in positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic.

The global vaccine-sharing network COVAX has set aside 4.73 million doses of AstraZeneca Plc's COVID-19 shot for shipment to North Korea, one of the very few countries that haven't started vaccination, according to its allocation plan.

South Korean biotech company Celltrion's distribution arm has signed supply deals for its monoclonal antibody to treat COVID-19 with nine European countries, Celltrion Healthcare said on Tuesday.

Emerging Asian equities and currencies trimmed gains on Tuesday on concerns that the Omicron coronavirus variant could prove more resistant to existing vaccines, while South Korean shares dropped over 2% on weak domestic data.

Most Asian equities gained on Tuesday, rebounding from an Omicron coronavirus variant-led selloff, but South Korean shares hit a near 1-year low after chip shortages dented domestic factory output.

There was a fall in world share markets and scramble to safer currencies and bonds on Tuesday after the CEO of drugmaker Moderna warned that COVID-19 vaccines are unlikely to be as effective against the new Omicron variant.

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U.S. stock futures led a market rebound on Monday as investors prepared to wait a few weeks to see if the Omicron coronavirus variant would really derail economic recoveries and the tightening plans of some central banks.

Philippine shares plunged on Monday to lead losses among emerging Asian equities, after the country imposed border curbs to restrict the new Omicron coronavirus variant, while the Thai baht slid for a seventh straight session.