China's retail-dominated Shanghai Composite hit its highest peak since March 2008 on Monday, after the country's central bank said there was room for further monetary stimulus.
The market has climbed in 13 of the past 14 sessions, including a 10-session streak — the first in more than two decades, according to Bloomberg. Today it climbed 2.6 per cent, its best day since January 21, placing the index at 3.786, its highest since March 2008.
Despite the rally, the case can still be made that the Shanghai Composite is cheap. It trades at a forward price-to-earnings ratio of 15, versus a 10-year average of 17.4, according to Bloomberg. However, on other metrics valuations are getting out of hand.
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