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Global stock markets form K-shape as investors search for growth

Handful of stocks, including Japan's Fast Retailing, favored during pandemic

In one measure, the gap between the companies that were bought and sold is the highest level since the dot-com bubble in the late 1990s. (Source photo from Reuters)

TOKYO -- While stock indexes are hitting historic highs around the world, company share prices are exhibiting an increasingly K-shaped divergence.

Nikkei analyzed the price-to-book ratio of companies around the world and learned that the gap between stocks that have been bought and those that have been sold has opened to a level not seen since the dot-com bubble in the late 1990s. The coronavirus pandemic has caused investors to become more selective and concentrate their money on a handful of stocks with growth potential.

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