Emerging-Europe stocks rated new “overweight” by Credit Suisse
Investors should buy shares in the emerging markets of Eastern Europe, the Middle East and Africa, because demand for commodities will boost earnings in the next year, according to Credit Suisse Group.
Alexander Redman, a London-based analyst and strategist at the Swissbank, rated the markets “overweight” in new coverage. The Morgan Stanley CapitalInternational Emerging Europe, Middle East and Africa Index may gain 20% in the next 12 months, he wrote in a report dated October 27. Redman recommended shares in the Czech Republic, Poland, Egypt and South Africa. Anglo American Plc, a mining company with operations in South Africa; Orascom Telecom Holding SAE, the largest mobile-phone company in the Middle East and North Africa; and Mol Nyrt., Hungary's largest oil company; are among stocks he highlighted. Investors should hold fewer Hungarian and Israeli shares than are represented in the MSCI measure, Redman added. Credit Suisse is Switzerland's second-largest bank. (Bloomberg)
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