Aug. 28 (Bloomberg) -- The global economy is ``very healthy'' and losses from the U.S. subprime mortgage slump have ``almost passed,'' said Mark Mobius, who oversees $30 billion at Templeton Asset Management Ltd. in Singapore.

``We're pretty bullish,'' Mobius, whose Templeton Emerging Markets Investment Trust has beaten its benchmark over the past five years, said during an interview from Hong Kong. ``Markets are probably going to surge ahead to new highs barring any other unforeseen circumstances.''

The fund manager said he has purchased shares of energy companies Sinopec Shanghai Petrochemical Co., PetroChina Co. and Petroleo Brasileiro SA during the market rout of the past month. South African shares and those of Chinese companies traded in Hong Kong are among the most attractive in emerging markets worldwide, he said. Mobius added that U.S. shares are ``not very expensive.''

The Morgan Stanley Capital International Emerging Markets Index, a global benchmark, has dropped 9.6 percent since reaching a record high on July 23, on concern that defaults among U.S. subprime borrowers will spill over to other markets and slow economic growth.

The Federal Reserve earlier this month lowered the interest rate it charges banks and acknowledged for the first time that an extraordinary policy shift is needed to contain the subprime- mortgage collapse that began roiling the world's financial markets two months ago.

`The Right Thing'

``The Fed has been doing the right thing,'' Mobius said. ``The U.S. economy will continue to power along as a result.''

The Templeton Emerging Markets Investment Trust has returned 30 percent annually during the past five years, exceeding the 24.4 percent gain in the MSCI Emerging Markets Index, according to data compiled by Bloomberg.

Mobius said he's ``looking at companies in Egypt and Dubai,'' and mentioned real-estate stocks in the latter market, without elaborating.

``I can't think of any market where we've been paring down because money continues to flow into the funds,'' he said.

Mobius's bullishness on stocks is shared by some of the biggest banks. Credit Suisse Group recommended on Aug. 21 that investors should raise holdings of stocks worldwide following the sell-off in the past month and on speculation the Fed won't let a credit-market debacle hurt growth.

Teun Draaisma, the Morgan Stanley strategist who advised trimming holdings in Europe before declines in February and July, raised his recommendation on stocks in the region to ``overweight'' from ``neutral,'' on Aug. 13.

To contact the reporters on this story: Alexis Xydias in London at axydias@bloomberg.net; Carol Massar in New York at cmassr@bloomberg.net.

Last Updated: August 28, 2007 12:09 EDT