A number of managers of value mutual funds are looking to Pakistan, saying that investors misjudged the nation’s political risk, Dow Jones reports.

With an average forward price-earnings ration of 11.8, Pakistani stocks are said to be the cheapest in the Asia-Pacific region.

“Almost none of the clients that I speak to have invested in Pakistan,” said Garry Evans, Asia-Pacific equity strategist with HSBC. “It has gone up a lot, but it is still the cheapest market in Asia.”

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