During July, all 11 covered indices made substantial gains.

Given the performance in the previous months, all covered Asian indices got a "buy" indication after the July closing. However, the Hong Kong Hang Seng Index, the Chinese Shanghai Composite and the Indian Bombay Stock Exchange Index all got as well a "sell" warning since these indices have gained so much during the recent months and a sizeable correction in these indices is therefore a risk. Investors in these indices shall be aware of that.