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BUZZ-Credit Suisse turns bearish on India in 'profoundly contrarian' call
March 9, 2016 / 7:23 AM / 2 years ago

BUZZ-Credit Suisse turns bearish on India in 'profoundly contrarian' call

** Credit Suisse downgrades Indian shares to “underweight” from “overweight”; upgrades Brazil to “overweight”, terms it a “profoundly contrarian” call

** Says India will experience “modest deterioration” in external position, adds valuations are at “unjustifiable” premiums, while earnings revisions are most negative across emerging markets

** By contrast, Brazil’s external devaluation is largely complete, internal devaluation is well developed and valuations vs emerging markets “finally appearing attractive” - Credit Suisse

** HSBC rated India “underweight” in May last year

** Foreign investors have turned into buyers this month with $990.76 mln worth of net purchases, are still net sellers of $1.88 bln for the year (RM: aastha.agnihotri.thomsonreuters.com@reuters.net; RM: rafael.nam.thomsonreuters.com@reuters.net)

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