Asia-Pacific's benchmark index enters a bull market, thanks to China's reopening
Publishing timestamp: 2023-01-10 08:24:27
Summary
The MSCI Asia Pacific index hit a high of 162.33 on Tuesday, 21% higher than its 52-week low of 133.93. Hang Seng index hit an intraday high of 21470.69 on Monday, 47% higher than end of October. The rally in Chinese stocks is fueled by optimism surrounding nation's reopening and weakening of U.S. dollar on prospects of pivot in Federal Reserve. Hedge funds are aggressively buying Chinese stocks, betting on deeper, but shorter Covid setback. Morgan Stanley names its top pick in Chinese tech and gives it over 70% upside.
Sentiment: POSITIVE
Tickers: .N225, .AXJO, PGJ, .HSI, .SSEC, .DXY, .KS11,
Keywords: japan, united states, hang seng index, investment strategy, s&p/asx 200, stock markets, ishares core msci asia ex japan etf, economic events, kospi index, dxy us dollar currency index, china, powershares golden dragon china portfolio, world economy, business news, nikkei 225 index,
Source: https://www.cnbc.com/2023/01/10/msci-asia-pacific-enters-bull-market.html