Asia-Pacific's leading index entered a bull market this week, fueled by a rally in Chinese equities from reopening optimism.
The index rose 1.87% on Tuesday and ended the Asia session at 161.77. In regional equities, theThe 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.
"The market is betting on a shallow recession in some parts of the world, while inflation keeps coming down, and on top of a successful kickstart of the Chinese economy," Saxo Capital Markets' APAC equities strategy team wrote in a"The rally has been fast and furious, so it is only natural to expect some profit-taking," they wrote in a note.Saxo also said that despite the rally in Asia-Pacific markets overall, risks will continue to linger.
"The market is getting too excited about growth too early as a lot of uncertainty persists," it said. Strategists at the firm said corporate earnings and the Bank of Japan's monetary policy remain risks for the region. Still, they said there is room for Asian markets to outperform this year.
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