Asian stock market valuations rose on the back of strong gains in the first quarter of 2019, but Asian stock markets remain attractive compared with other global markets.
The MSCI Mingsheng Asia-Pacific (excluding Japan) index rose by about 9% in the first quarter of 2019, the largest quarterly increase since the first quarter of 2012, driving the forward price-earnings ratio (P/E) of the index to a 10-month high of 12.89 at the end of March.
However, the data show that it is still below the 12-month forward P/E ratio of MSCI Mingsheng Global Market Index at 14.78.
Stocks in Korea, Hong Kong and China are the cheapest in Asia, with a price-earnings ratio of about 12 times or less.
India and Malaysia are the most expensive, with P/E ratios of 18.3 and 15.8 times, respectively.
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