Mark Mobius Continues Buying BRIC

Mark Mobius, manager of Templeton Asset Management Ltd., says he has continued buying stocks in Brazil, Russia, India and China (BRIC) over the last 30 days, and considers the drop in the market a correction, in what he believes is an ongoing bull market.

Mobius said about BRICs, “Despite the fact that a lot of people think that we are entering into a bear market, we don’t believe so. This is a correction in an ongoing bull market.”

From its April 15 high, the MSCI Emerging Markets Index has plunged 14 percent, the reason many have been running from them.

The European sovereign debt crisis and the challenge China faces with inflation has driven down the emerging markets, and other markets as well, which has in turn cut demand for raw materials, which is what these countries have a huge exposure to.