The rally that began in the U.S. Monday continued in Asia Tuesday, with some indices reaching record levels. Hong Kong's Hang Seng Index (+3.9%) outpaced the rest of the indices and finished at a record close. Korea's Kospi Composite (+2.6%), helped by enthusiasm over a summit between North and South Korea, finished with a record high as well. Australia (+1.33%) and Singapore's Straits Times (+1.0%) both ended with strong sessions. Recently, stocks in Asia have had astounding surges as more investors want exposure to the high-growth markets. However, Lee Jae-Hoon at Mirae Asset Securities in Korea said, "The market rose a bit too fast in such a short time." To sustain the current pace, he said big players in Asia will have to "announce better-than-expected third-quarter earnings," and if this fails to happen, he believed "the market will face strong downward pressure."
Seeking Alpha's news briefs are combined into a pre-market summary called Wall Street Breakfast. Get Wall Street Breakfast by email -- it's free and takes only seconds to sign up.