Investors observe stock market at an exchange hall on January 6, 2016 in Beijing, China.VCG | Getty ImagesWhile Asia stocks entered a bull market in January, the benchmark index for the region has since fallen more than 5% from its peak.The region’s rally – supported by China’s reopening – seems to have hit a wall, but economists say MSCI’s broadest index of Asia-Pacific shares outside Japan has further room to run.Nomura Asia-Pacific equity strategist Chethan Seth said the firm expects the index at 700-levels by the end of this year – that’s 8% higher than current levels as of Wednesday.”We think Asian stock valuations are still modest,” Seth said, pointing out the region’s forward price-to-earnings ratio of 12.9 despite the rally – versus the U.S. market valuation of 18.5.Stock Chart IconStock chart icon Seth added that China’s economic and earnings recovery would provide further support as well as a recovery in fundamentals for technology, memory chips and semicondu …
