Asia-Pacific’s leading index entered a bull market this week, fueled by a rally in Chinese stocks from optimism surrounding the nation’s reopening and the weakening of the US dollar on prospects of a pivot in the Federal Reserve.
The Asia Pacific Ocean index hit a high of 162.33 on Tuesday – roughly 21% higher than its 52-week low of 133.93 reached on Oct. 24, according to Refinitiv data. A bull market is technically defined as a surge of 20% or more from recent lows.
The index rose 1.87% on Tuesday and ended the Asia session at 161.77. In regional equities, the Hang Seng Index hit an intraday high of 21,470.69 on Monday, or 47% higher than the end of October.
The Nasdaq Golden Dragon China Index also hit a bottom of 4,468.54 on Oct. 24, but has since surged more than 70% to close Monday’s U.S. trading session at 7,669.75.
