Asia remains the strongest emerging market in an environment in which volatility is high and valuat...
Asia remains the strongest emerging market in an environment in which volatility is high and valuations change rapidly. It is underpinned by low valuations, which mean stocks are not under the same downward pressure as those in Western markets, according to City of London Investment Management fund manager Michael Russell. He says: 'Valuations are undemanding and underpinned by the expectation that full-year 2002 economic growth rates will surprise on the upside.' Average share valuations are about 1.5 times book value and P/E ratios about 13 for the region as a whole, Russell ...
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