Careful stock selection still required

In US dollar terms year-to-date, Singapore is up 43%, South Korea 47%, India 58% and Indonesia 75%. Thailand has moved from a deficit of 7.9% of GDP in 1996 to a surplus of 12.5%. With growth next year in Asian GNP of 7% and around 17% in earnings, we think Asia will continue to set pulses racing in 2000. So at 8.5% in a global account against 2.9% for the MSCI, we will remain overweight But selectivity is crucial. The city-state of Singapore was and is a safe haven. It offers the combination of a number of attractive stocks and a stable political and economic background. The market will p...