Eoin Treacy's view

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Russia (P/E 5.66) and the Hong Kong Enterprises (H-Shares) Index (P/E 7.3) have similar valuations but couldn’t be more different. Russia represents the degradation of an economy due to adventurism by the ruling oligarchy. The H-Shares represent a market which has been constrained by tight monetary policy for three years and is only now emerging from it. 

Another way of comparing the two markets is that the Ruble is accelerating lower following the Central Bank of Russia’s failed attempt to support it while Hong Kong is pegged to the Dollar and therefore offers considerably less foreign exchange risk.

The H-Shares Index has been ranging with a mild upward bias for the last year and most recently found support in the region of 10,000. A sustained move below that level would be required to question medium-term scope for additional upside. 

Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove the most problematic indices. We publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)