The selloff in a gauge of Southeast Asian equities this month has made it cheaper than a broader regional benchmark for the first time since the summer of 2021.

The MSCI Asean Index is priced at 13 times forecasted earnings after dropping more than 3% so far in May. The MSCI Asia Pacific Index trades at 13.6 times earnings after a milder decline.

Vietnamese equities have been the sole gainers in Southeast Asia in May, while Indonesia and Singapore have dropped the most. Meanwhile, investors continue to snap up North Asian shares outside of China amid optimism about an upturn in the semiconductor cycle and Japan’s exit from deflation.