China stocks lead Asian markets higher, rebounds +1.50%

FXStreet (Mumbai) - Asian markets were lifted on Thursday, although remained in narrow range as Asian traders continued to digest Federal Reserve Chair Janet Yellen comments overnight that the Fed is still looking to raise interest rates this year.

Moreover, the rebound in Chinese equities coupled with Greece passing new legislation in parliament overnight, accepting terms of a bailout proposal also boosted market sentiment, driving Asian stocks broadly higher.

Further, a weaker yen versus the US dollar boosted the exporters’ stocks sending Nikkei 0.48% higher at 20561.84.

Chinese equities rebounded from two back-to back session of losses with the Shanghai Composite Index (SSEC) rallying nearly -1.54% higher, trading around 3864 levels. The benchmark Australian S&P/ASX 200 index rallied 0.88% to 5,626 in Sydney with retailers and banks moving at a solid clip.

SSEC Technical Levels

The index has an immediate resistance stands at 3959.22. Meanwhile, support is seen at 3741 levels and from here to 3677.