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By Bloomberg

Asian stocks rose, with the regional benchmark rebounding to it highest since May 2008, as materials companies and energy producers led gains.

The MSCI Asia Pacific Index added 0.7 percent to 153.70 as of 11:08 a.m. in Tokyo. The 14-day Relative Strength Index on the Asian regional index was at 75.8 today, trading for a seventh day above 70, a level some traders take as a signal stocks are poised to drop.

“A lot of funds having been underweight and hence will have to pay catch-up” with the recent gains in regional benchmarks, said Andrew Sullivan, head of sales trading at Haitong International Securities Group in Hong Kong. “Some people have been so bearish that they can’t believe things can turn positive.”

Hong Kong’s Hang Seng Index, among the world’s biggest advancers this month, added 0.2 percent. China’s Shanghai Composite Index rose 0.8 percent, taking its 12-month surge to 96 percent. Japan’s Topix index slid 0.1 percent.

New Zealand’s NZX 50 Index climbed 0.2 percent, and Australia’s S&P/ASX 200 Index rose 0.6 percent. South Korea’s Kospi index gained 0.4 percent,

The MSCI Asia Pacific Index halted a nine-day advance on Wednesday, its longest winning steak since December 2013, after data showed China’s economy posted the slowest economic growth in six years.

E-mini futures on the Standard & Poor’s 500 Index were little changed. The underlying gauge rose 0.5 percent on Wednesday in New York, to within 0.5 percent of its record, as Intel Corp. climbed and energy companies rallied with oil reaching a 2015 high.

U.S. Data

U.S. industrial output slipped more than economists had projected in March, with the Federal Reserve examining data to determine the best time to raise benchmark borrowing costs.

The central bank won’t move to raise rates until December, according to a Morgan Stanley index. A month ago, traders were pricing in an increase in September, the gauge showed.

Fed Chair Janet Yellen has said that while rates will probably rise this year, any decision depends on economic data, with recent releases missing projections by the most in six years.