New Lows in Stocks Are Hotting Up Across Asia as they Hit 18 Month HighDecember 13, 2013
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Even as the Japanese stock market is hanging near recent highs, there has been a fairly good amount of new intermediate-term lows being made in stocks across the Asia-Pacific region. In the last few days the number of stocks making new 50-day lows in USD terms has risen from about 7% to about 29%, which is the highest amount of new lows since the mild sell off in 2012. A closer examination indicates that Australian and Singaporean stocks are primarily to blame for all the new lows, though 18% of Japanese stocks made new lows yesterday as well. Indeed, the Australian stock market has struggled recently, and the added pressure from weakness in the AUD hasn’t helped USD based investors.