Was the recent success of local markets a flash in the pan?

Regional stock markets have fallen steadily in recent months after a glorious uprun. Are the good times over?

Regional stock markets have declined steadily since the beginning of this year, in spite of analyst assertions that the fundamentals of most local companies are sound. The reason for the drop off could be either that local markets were overpriced, and that share prices are becoming more realistic, or more ominously, investors have lost faith in the markets here as a whole and are taking their money elswhere. Do you think local bourses are headed for a long term decline? Will value investors return in the near future to grab sound companies at bargain prices? Would you put money into local companies, believing that the bottom of the market is near?