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From: "billy_budiman92"
Date: Fri, 30 Oct 2009 12:51:08
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Subject: [ob] Goldman Expects ‘Correction’ in Asian Stocks in 2010 (Update1)
Goldman Expects `Correction' in Asian Stocks in 2010 (Update1)
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By Hanny Wan
Oct. 30 (Bloomberg) -- Goldman Sachs Group Inc. forecast "sluggish" performance
for Asian equities into next year on slowing economic indicators and after a
rally from their March lows lifted valuations.
"There is a good chance that Asian equity markets may see a period of
lackluster performance or a correction into 2010, given the confluence of
higher valuations and flagging macro momentum," analysts led by Timothy Moe
wrote in a report today. "Investors should consider moderating exposure and/or
hedging."
The MSCI Asia Pacific excluding Japan Index has surged 94 percent from a
three-month low on March 2 on speculation a global economic recovery will drive
corporate earnings higher. That pushed the valuations of shares on the gauge to
17.5 times estimated earnings, up from 10.3 times at the start of the year.
Leading economic indicators may start rolling over early in 2010, and the
Goldman Sachs Global Leading Indicator, which gauges the global industrial
cycle, is likely to show year-on- year growth slowing in the first half, the
analysts said.
"This could pose some potential headwinds for markets, especially if valuations
are high," based on the brokerage's analysis of historical trends in the past
two decades, the report said.
To contact the reporter on this story: Hanny Wan in Hong Kong at
hw...@bloomberg.net.
Last Updated: October 29, 2009 23:34 EDT
