India Will Outperform Emerging Markets, Asilis Says
July 15 (Bloomberg) -- Indian stocks will outperform other emerging markets because of the Asian nation's economic and earnings growth prospects, according to Carlos Asilis, the new chief equity strategist at Mumbai-based Prabhudas Lilladher Pvt.
"Growth is increasingly becoming a scarcer commodity," said Asilis, 47, a former global chief investment strategist at JPMorgan Chase & Co. "That's the reason why over the last four or five years I have become increasingly involved with the India market."
India's economic growth may accelerate to as much as 7.75 percent this year, the finance ministry said this month. The economy grew 6.7 percent in the year ended March 31, the slowest pace since 2003.
Asilis's hiring is part of the brokerage's efforts to tap into rising interest from international investors in Indian stocks. The Bombay Stock Exchange's Sensex Index has rallied 44 percent this year, spurred by foreign-fund inflows as the Indian economy rebounds from the financial crisis.
Overseas funds bought $4.8 billion more Indian equities this year than they sold, according to data released by the Securities and Exchange Board of India on June 30. They dumped a record $13.3 billion in 2008.
The "stability" of Indian earnings and competitiveness of the rupee should also allow Indian stocks to outpace rivals, Asilis said in a phone interview from Miami, where he manages Glovista Investments, a firm he founded in 2007. He will be based in New York and travel to India four to six times a year. He had been on the investment committee of ICICI Bank Ltd., India's second-largest lender.
Asilis is also a former economist at the International Monetary Fund who has worked at Merrill Lynch & Co., UBS AG and Credit Suisse Group AG, according to a press release.
To contact the reporter on this story: Allen Wan in New York at awan3@bloomberg.net
July 15 (Bloomberg) -- Indian stocks will outperform other emerging markets because of the Asian nation's economic and earnings growth prospects, according to Carlos Asilis, the new chief equity strategist at Mumbai-based Prabhudas Lilladher Pvt.
"Growth is increasingly becoming a scarcer commodity," said Asilis, 47, a former global chief investment strategist at JPMorgan Chase & Co. "That's the reason why over the last four or five years I have become increasingly involved with the India market."
India's economic growth may accelerate to as much as 7.75 percent this year, the finance ministry said this month. The economy grew 6.7 percent in the year ended March 31, the slowest pace since 2003.
Asilis's hiring is part of the brokerage's efforts to tap into rising interest from international investors in Indian stocks. The Bombay Stock Exchange's Sensex Index has rallied 44 percent this year, spurred by foreign-fund inflows as the Indian economy rebounds from the financial crisis.
Overseas funds bought $4.8 billion more Indian equities this year than they sold, according to data released by the Securities and Exchange Board of India on June 30. They dumped a record $13.3 billion in 2008.
The "stability" of Indian earnings and competitiveness of the rupee should also allow Indian stocks to outpace rivals, Asilis said in a phone interview from Miami, where he manages Glovista Investments, a firm he founded in 2007. He will be based in New York and travel to India four to six times a year. He had been on the investment committee of ICICI Bank Ltd., India's second-largest lender.
Asilis is also a former economist at the International Monetary Fund who has worked at Merrill Lynch & Co., UBS AG and Credit Suisse Group AG, according to a press release.
To contact the reporter on this story: Allen Wan in New York at awan3@bloomberg.net
No comments:
Post a Comment