Stocks in Tokyo hit a seven-week high Tuesday while shares in Hong Kong were dented by continued concerns over the property sector.
The Nikkei Share Average rose 0.8% to 14712.68, its fourth-straight session of gains. Traders noted the index on Monday closed above a key technical level for the first time since February, a potentially important sign.
“Technically, yesterday’s move was significant, and could signal further bullishness ahead,” said Yoshihiro Okumura, general manager at Chibagin Asset Management. The Nikkei is the worst-performing index in Asia this year with a roughly 10% loss. The yen was flat, last trading around ¥101.92 to the U.S. dollar versus ¥101.91 late Monday.