Even as Asian investors prepare for the seven-day Golden Week holiday with some moderate unwinding of equities, the Asian stock market rally looks unstoppable as one benchmark indicator heads for records.
The MSCI Asia Pacific Index rose 0.4% to 161.17 in late afternoon trading in Hong Kong Friday, Sept. 29, according to data from Bloomberg. For every four constituent stocks that fell, six stocks rose. The gauge was trading at 13.5 times its 12-month projected earnings, ahead of its five-year average of 13 times its 12-month projected earnings.
Friday's continued strong performance puts the index on pace to finish September with overall gains and snag a record. The Asia Pacific Index hasn't gained for nine-straight months since the end of July in 2007.
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