(Reuters) – Valuations of Asian equities reached a 14-month high at the end of April as regional shares rallied on optimism about Chinese economic data and the prospects for a U.S.-China trade deal.

MSCI’s broadest index of Asia-Pacific shares gained 1.6 percent in April. According to Refinitiv, the region’s forward price-to-earnings ratio (P/E) was 13.2 times at the end of last month, the highest since February 2018.

Despite gains in April, the regional index was still trading at a discount to the MSCI All Country World index’s forward P/E of 15.2, suggesting Asian stocks were still cheaper than global peers.

At end-April, Indian and Malaysian stocks were the most expensive with price-to-earnings ratios of 17.2 and 15.6 respectively, according to Refinitiv. South Korea and China were the cheapest, with ratios of about 11 each.