In this week’s MoneyWeek cover story, I look at the factors that helped drive explosive growth for Asia’s most successful economies and why we can’t assume all emerging markets are capable of the same rapid transformation.
In this week’s MoneyWeek cover story, I look at the factors that helped drive explosive growth for Asia’s most successful economies and why we can’t assume all emerging markets are capable of the same rapid transformation.
Hi with regard to your article in this weeks money week.
Where can I find the daily AXJ I have looked on the Msci web site
but it only gives a PBV at the end of the month.
Many thanks in advance.
Hi Michael,
Unfortunately I’m not aware of any easily accessible real-time source for PBV for most MSCI indices – that sort of data is only available through data services such as Bloomberg and Reuters.
However, MSCI publishes a daily equity insights report that includes PBV for a number of indexes, including the Asia ex Japan IMI, which adds a lot of small caps to the main AxJ (AxJ is about 1,200 stocks and 85% of regional market cap, AxJ IMI is about 2,600 stocks and 99% of regional market cap)
https://www.msci.com/global-markets-overview
It’s currently 1.4 (to 1 dp), but you could more closely estimate the current AxJ PBV by multiplying the current value for the IMI by the ratio of the month-end PBVs for both indices from their factsheets – ie 1.4 x (1.37/1.32) = 1.45. That should be accurate enough over the course of a month.
You could also do something similar by multiplying the month-end PBV for AxJ by the ratio of the latest AxJ value and the month-end value -ie 1.37 x (590/560) = 1.44. (The difference (1.44 vs 1.45) will just be due to rounding on the various numbers.)
To answer the obvious question as to why I don’t just quote the IMI version instead – the AxJ is the standard reference and has a long history, so I have data on what that reached during various crisis (and even have rough estimates for what a proxy would have reached at various points pre-1987), but don’t have the same for the AxJ IMI and going back that far one can’t be sure how closely they would have tracked together.
Cris