India and Malaysian equities were the most expensive in Asia on Oct. 2, based on their price-to-earnings valuation metrics, according to Refinitiv.
Most other regional markets saw a rise in valuations over the past month, thanks to some easing U.S-China trade tensions and rate cuts by major central banks.
A corporate tax cut announced by Finance Minister Nirmala Sitharaman last month to boost manufacturing and revive its weakening economy propelled Indian shares higher.
As of Wednesday, their P/E valuations increased to 16.42 from 15.98 a month earlier. Indian equities benchmark rose 4.1% last month.
Malaysia's price-to-earnings ratio was 15.66, second highest in Asia, even though their shares registered a 1.75% decline in September.
"Despite the falling market in recent months, (FTSE Bursa Malaysia index's) valuations have not improved because forward earnings estimates have collapsed: earnings are now expected to contract by 4% against a 1% contraction as of end June." said brokerage Jefferies in a report on Tuesday.
MSCI's broadest index of Asia-Pacific shares gained 2.13% during September and its forward 12-month price-to-earnings ratio rose to a five-month high of 13.14 times at the end of last month. The August level was 12.78.
China, Hong Kong and South Korea were the lowest-cost shares in the region, with P/E multiples of about 11 or less, according to Refinitiv.
Regional shares still trade at a slight discount to their global peers, the data showed.