Nearly a year and a half after the onset of the Covid-19 pandemic, one word has best summed up the equity markets of Asia: resiliency. 

“Since June, markets across Asia have proved resilient to swings in capital flows and have taken an especially long‐term focus, not just looking through Covid‐related challenges but also anticipating secular change in themes such as decarbonization and the impact of digital technologies across industries,” according to William Greene, head of Asia research at Morgan Stanley.  

After a period of substantial uncertainty, the markets surprised everyone with the sustained bounce seen over the course of 2020 and into 2021, with indices up more than 30 percent year-over-year, and up 60 to 80 percent from the lows, according to Martin Yule, head of Asia-Pacific research at UBS.

“Perhaps more illustrative is the 20 to 30 percent move of most Asia indices from pre-Covid levels, despite the economic headwinds created by the virus,” he added. “Accommodative monetary policy is a major influence, but so is the belief that vaccinations will quickly return life to normal.  Suffice it to say, the world was at a far more optimistic point for this year’s survey than it was last year.”

It would appear that this staying power applies to the region’s top equity research providers as well, according to Institutional Investor’s 28th annual All-Asia Research Team...

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