The valuation of Asian shares surged to a 10-1/2-year high in June, tracking a rally in global stocks, as upbeat U.S. and China data renewed hopes of a swift economic recovery, offsetting concerns over rising coronavirus cases.
FILE PHOTO: A pedestrian wearing a face mask rides an escalator near an overpass with an electronic board showing stock information, following an outbreak of the coronavirus disease , at Lujiazui financial district in Shanghai, China March 17, 2020. REUTERS/Aly Song
The MSCI’s broadest index of Asia-Pacific shares .MIAP00000PUS gained 4.83% last month, topping the MSCI’s World index’s .MIWD00000PUS 3.03% gains. Thanks to the rally, the index’s forward price-to-earnings ratio rose to 15.62 at the end of June, compared with 14.34 a month earlier. This was the index’s highest forward P/E ratio since December 2009, according to Refinitiv-Eikon data.
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