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January 27, 2009 |
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Commodity Online
NEW DELHI: Who said the recession has left people stingy and they are shedding their plans to buy consumer goods? A huge investment firm, which oversees about $26 billion in emerging-market stocks, said the company —
Templeton Asset Management Ltd — has plans to invest heavily in shares of consumer and commodities companies in emerging markets.
According to a press meet by Mark Mobius, who oversees about $26 billion in emerging-market stocks at Templeton, said valuations are attractive. Mobius, Templeton’s executive chairman, said he feels that this year would be a year of recovery of the stock markets in the emerging markets.
Mobius said rising income in China, India and other parts of Asia will spur spending on consumer goods, while commodity prices are now too low.
He also said he’s interested in producers of nickel, gold, iron ore, palladium and platinum. The two nations, Brazil, South Africa and Turkey offer best investment opportunities.
“There is an incredible build-up of foreign reserves in the emerging markets, and the increase in money supply is quite dramatic,” the executive chairman said.
Templeton is less likely to invest in palm oil companies because there aren’t many companies focusing on the business, making it “difficut to get a good pure exposure,” he said.
It will continue to invest in India even after a terrorist attack and fraud allegations against Satyam Computer Services Ltd, Mobius said.
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