April 25 (Bloomberg) -- Templeton Emerging Markets Group’s Mark Mobius said that his funds are buying more European stocks amid the debt crisis.
“The stocks in the European countries have gone down excessively as a result of the bad news emanating from this crisis and we find good investment opportunities at bargain price and we are increasing the purchases of these stocks,” Mobius, who oversees more than $40 billion as executive chairman of Templeton Emerging, said in Bucharest today.
Central and eastern European shares are cheaper than in other developing nations, with the MSCI Emerging Markets Europe Index trading at six times estimated earnings, compared with 10.5 times for the MSCI Emerging Markets Index and 12.4 times for the MSCI World Index, according to data compiled by Bloomberg.
“We don’t think the crisis will last forever and the European economies will recover nicely, there will be much more fiscal disciple in one year or two,” Mobius said, adding that he was buying shares in consumer-oriented companies and was focusing on eastern Europe.
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