ASIA'S financial markets are showing signs of froth as investment pours into nations that have so far contained the Covid-19 coronavirus better than their Western counterparts.
South Korea’s Kospi stock index is among the best performing major equity markets worldwide in 2021, China’s share benchmark is near a record and Japan’s Nikkei 225 index has scaled a new peak in dollar terms. An Asian currency gauge is on one of its longest winning streaks in more than two decades.
"The market is excited about vaccine development and distribution, pretty much riding on the momentum since the end of last year, ” said Tai Hui, chief Asia market strategist at JPMorgan Asset Management. "Investors are trying to find markets that still offer value, or have lagged behind.”
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