Market indices	ADF		PP
Market indices	Level	1st Difference	Level	1st difference
Japan	−2.28	−68.79***	−2.17	−68.99***
Shanghai in China	−1.78	−64.48***	−1.83	−64.49***
Hong Kong in China	−1.53	−62.02***	−1.78	−62.21***
Bombay	−2.30	−47.13***	−2.30	−61.69***
Korea	−3.13*	−65.08***	−3.04	−65.24***
Taiwan in China	−3.36*	−63.80***	−3.41**	−63.80***
Singapore	−1.14	−63.21***	−1.17	−63.16***
Indonesia	−2.44	−59.86***	−2.47	−59.77***