Malaysia's and asia's equity valuations climb to decade high

New Zealand, Australia and Malaysia shares were the most expensive in the region, with P/E ratios of 23.84, 17.44 and 17.23, respectively.

Asian stocks' valuations hit 10-year highs at end-May, tracking the rally in global shares, as businesses started to reopen across the region after shutting down to curb the spread of the coronavirus and as central banks' boosted stimulus measures.

The MSCI's broadest index of Asia-Pacific shares gained about 1.8% last month, and the index's 12-month forward price-to-earnings (P/E) ratio was at 14.34, the highest since April 2010, according to Refinitiv data.