Asian stocks rose, with the regional benchmark rebounding to it highest since May 2008, as materials companies and energy producers led gains.
The MSCI Asia Pacific Index added 0.7 percent to 153.70 as of 11:08 a.m. in Tokyo. The 14-day Relative Strength Index on the Asian regional index was at 75.8 today, trading for a seventh day above 70, a level some traders take as a signal stocks are poised to drop.
“A lot of funds having been underweight and hence will have to pay catch-up” with the recent gains in regional benchmarks, said Andrew Sullivan, head of sales trading at Haitong International Securities Group in Hong Kong. “Some people have been so bearish that they can’t believe things can turn positive.”
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015