MORGAN Stanley is upbeat on Asian equities due to record low valuations, massive selldowns and falling oil prices.

Its Asia Pacific regional strategist Malcolm Wood made these points during a media briefing on Wednesday as part of Morgan Stanley's Asia Pacific Summit held here.

Mr Wood noted that the current crisis is not as bad as the financial maelstrom which engulfed the region in the late 1990s, as Asia enjoys stronger fundamentals now on the macroeconomic front.

Falling oil prices will benefit Asia, as it is more of an importer.

Morgan Stanley estimated that the recent US$55 (S$83) fall in the price of oil is like a US$385 billion tax cut for Asian consumers, equal to about 5 per cent of the region's Gross Domestic Product.