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| China may outperform India in H2: Merrill Lynch |
| BS Reporter / Mumbai Aug 17, 2010, 00:46 IST |
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Chinese shares might outperform their Indian peers in the second half of 2010 on cheaper valuations, a top official at Merrill Lynch Wealth Management said on Monday.
“Equity valuations look much more reasonable in China than in India,” said Stephen Corry, chief investment officer, Asia Pacific, Merrill Lynch Wealth Management, while outlining his firm’s outlook for the second half of 2010. “China might start outperforming India in the second half,” he added.
So far this year, Indian market has outperformed its Chinese counterpart. The Bombay Stock Exchange (BSE) benchmark Sensex has gained 3.36 per cent this year so far, while China’s Shanghai Composite Index has lost 18.78 per cent.
Corry said he did not expect a double-dip recession. “We don’t believe that global economy is heading back to recession,” he said.
Bank of America-Merrill Lynch (BofA-ML) sees the Sensex at around 18,000 by 2010-end. “This will be a year of consolidation,” said Indranil Sen Gupta, economist, BofA-ML.
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