Revealed: the world's cheapest emerging market

If there's one good thing to come out of the emerging market rout, it's cheaper valuations. The MSCI Emerging Markets Index (Toronto Stock Exchange: XEM-CA)'s 11 percent retreat in local currency terms so far this month has pushed its 12-month forward price-to-earnings (P/E) ratio to 9.4 - a touch below its 5-year average of 10, according to Capital Economics. The valuation gap between MSCI ...