Stocks rallied from earlier lows, driven partly by unprecedented policy stimulus from central banks around the world, Suresh Tantia, a senior investment strategist at the bank, told CNBC.
Major indexes in Japan, South Korea, Australia and Hong Kong are all down year-to-date, though they are off the lows seen in March.
While Asian equities over the last 15 years have moved largely in tandem with their earnings estimates, the "present situation is an anomaly," where the earnings outlook has weakened sharply but the market is staying strong, according to BNP Paribas' head of equity research for Asia-Pacific, Manishi Raychaudhuri.
Most of those countries also have limited fiscal space to adequately offset the fallout from the extreme lockdown, Tantia said.
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