Hong Kong — Asian stocks climbed to a fresh-two year high on Tuesday due to an overnight rise in Wall Street, while oil extended gains after major producers Saudi Arabia and Russia pledged to push for an extension of supply cuts into 2018. Investors in regional equities, however, are growing increasingly wary as valuations look stretched and with the latest rally taking place in thin volumes and led by just a few sectors. Regional stock markets were broadly mixed with Chinese stocks leading laggards and Thailand among the best-performing stock market of the year. Europe is set to follow with index futures pointing to a mixed start. "We are approaching a short-term resistance as the breadth of this rise is very unhealthy and the market momentum looks tired," said Alex Wong, a fund manager at Ample Capital in Hong Kong, with about $130m under management. In Hong Kong, the broader market rose to its highest level since June 2015 due to extended buying into Chinese lenders and market he...
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