Investors seem unfazed about political uncertainty and coalition talks, with the S&P/NZX 50 cracking through 8000 points for the first time.
The market has now risen 231 per cent since 2009 in the wake of the global financial crisis. It is up 14 per cent so far this year.
There is now a risk that local shares are overvalued, says PIE Funds head of research Mark Devcich.
The NZX-50 is now valued at price to earnings multiple of 22 compared to US markets where the average is about 18 and Australia where it is 16 times, he says.
The Kiwi market was looking "very expensive," Devcich says on the latest Market Watch.
