Valuations of Asian equities dropped for a third straight month in June and hit their lowest since the start of the pandemic, as regional equity markets plunged on concerns over a global recession and aggressive rate hikes by major central banks.
"Concerns about earnings downgrades and rising cost of capital have driven down valuations, though earnings estimates, we feel, are close to bottoming out," said Manishi Raychaudhuri, Asia-Pacific equity strategist at BNP Paribas. GRAPHIC: https://fingfx.thomsonreuters.com/gfx/mkt/lbvgnxkrapq/Breakdownper cent20byper cent20countryper cent20forper cent20Asia-Pacificper cent20equities'per cent20valuations.jpg
The Shanghai Composite Index gained 6.66 per cent last month, despite the MSCI Asia-Pacific index and the MSCI World index's steep losses of 6.78 per cent and 8.44 per cent, respectively.
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