Shuli Ren, Columnist

Asia's Rally Has More Than FAANGs

It's not just technology firms propelling equities higher.

July 27, 2017 at 8:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

1501140808_106401472 — Photographer: Jamie Squire/Getty Images

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Asia's strongest stock rally in five years might be more durable than the bull run in the S&P 500 Index.

Oaktree Capital Group LLC's Howard Marks sounded the alarm in his most recent letter to clients, pointing out that five technology super stocks -- Facebook Inc., Amazon.com Inc., Apple Inc., Netflix Inc. and Google parent Alphabet Inc. -- are driving U.S. shares to record highs. These five firms alone have contributed almost 25 percent of the S&P 500's 11 percent year-to-date rise.