Hong Kong (CNN Business) The market recovery is underway in Asia, even as the coronavirus outbreak continues to escalate.

Nikkei 225 N225 KOSPI KOSPI Hang Seng Index HSI Shanghai Composite Index SHCOMP Japan'sadvanced 2.4% on Thursday, South Korea'srose 2.9%, Hong Kong'srose 2.6% and China'sadvanced 1.7% — all of them building on Wednesday's gains.

The advances come as the coronavirus outbreak shows little sign of slowing down. The disease has killed more than 560 people worldwide, mostly in China, and infected more than 28,000 people in over 25 countries.

The rising toll has some analysts questioning investors' optimism.

There is very little "to back up the claim that either [the coronavirus] is peaking, or that it is contained," Robert Carnell, an economist with ING, wrote in a note Thursday.

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