Investors in Asian equities have every right to feel frustrated. Many Far Eastern markets teased them with a rally early in 2002, only to fall later as U.S. export demand faltered and geopolitical tensions rose. Vibrant Chinese economic growth early this year heralded a renewed surge in stock prices, but that was undercut by the war in Iraq and the spread of the deadly severe acute respiratory syndrome, which has limited travel and commerce throughout the region.