美媒：估值过高，印度股市正在降温

Group 1 - The core viewpoint of the articles indicates that India's stock market is experiencing a decline in enthusiasm due to concerns over slowing profit growth, with the MSCI India index lagging behind the Asia benchmark index [1][2] - Since April, the MSCI India index has risen by 6.3%, but this is nearly 6 percentage points lower than the MSCI Asia Pacific index, highlighting a relative underperformance [1] - The Hang Seng Index in Hong Kong has surged by 20% this year, becoming one of the best-performing indices globally, which may attract global funds away from India [1] Group 2 - India's current valuation is deemed unsustainable, with the MSCI India index's price-to-earnings ratio nearing 23 times, making it one of the most expensive indices globally [2] - Expected profit growth for Indian companies is lower than that of companies in South Korea and Taiwan, raising concerns about the sustainability of current valuations [2] - Global funds have reduced their holdings in Indian stocks by nearly $9 billion in 2025, indicating a potential for consecutive annual outflows from the Indian stock market for the first time since 1999 [2]