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The World's Best Developed Market Is Now Asia's Most Expensive

  • Overseas ownership of Kiwi shares climbed 21% last year
  • World's best developed market is now Asia's most expensive
The area known as Mt Cook in central Wellington, New Zealand on Monday, July 6, 2009.
Photographer: Mark Coote/Bloomberg
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As fund manager Mark Williams deliberated from his London office where next to invest, the world’s most remote stock market was just too good to pass up. That’s worrying locals, 11,000 miles away in New Zealand.

The S&P/NZX 50 Index is the world’s best-performing developed stock gauge this year, climbing more than 7 percent to a record after overseas buying of equities jumped 21 percent in 2015. That’s driven stock valuations in the South-Pacific nation close to a record high, leaving them more expensive than anywhere else in the region.