Asian stocks reach two-year peaks on darkening outlook

Asian stocks reach two-year peaks on darkening outlook

On Tuesday, Asian stocks briefly got to a new two year peak on the back of an overnight soar in Wall Street. Besides this, crude extended revenues after key producers Saudi Arabia as well as Russia told that supply drops required continuing into 2018.

However, market participants are getting increasingly anxious as for the broader market. It’s because valuations look quite stretched and with the fresh soar occurring in thin volumes and led by several sectors.

In Hong Kong, the broader market edged up to its highest value since June 2015, following extended buying into Chinese lenders as well as market heavyweight Tencent before dipping 0.6%.

With overall volumes shrinking and share valuations looking stretched a lot, traders are growing quite cautious. By the way, Hong Kong's technology sector turns to be the most expensive. It trades at a price-to-earnings multiple, exceeding an average outcome in more than 42 times.

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