The equities market may sustain a bull run for three years but Philippine shares, which have been trading in record territory, may now be regarded as expensive at over 20 times their price-to-earnings (PE) ratio, a stock market expert said on Tuesday.

“Maybe the optimism is good, but not that dangerously optimistic. I see the market is not in that phase yet. But that can come. It’s expensive but not really that expensive,” said Andrew Stotz CFA, chief executive officer of A. Stotz Investment Research and president of CFA Society Thailand.

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