New Lows in Stocks Are Hotting Up Across Asia as they Hit 18 Month HighDecember 13, 2013
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.