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ASEAN
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2000-05-19 14:29:00-04
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Wall Street Gurus says, 'Invest in Asia'
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Biggs cites many stocks undervalued, down on high-tech stocks
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Wall Street guru, Barton Biggs, whose 'maximum bullish' statement of 1993 helped ignite the Asian bull run is once again 'very bullish' on Asia. The chief equity strategist at Morgan Stanley Dean Witter, Biggs said, 'After two years of recession, Asia is in advanced stages of recovery. I really believe that Asia, ex-Japan, is now the best place to invest,' said Mr. Biggs in the current issue of Asiaweek. In anticipation of the Federal Reserve interest rate hike, Asian markets have been off most of a month, however, Biggs is bullish once again. He cites Singapore, as showing continuing growth, sound financial institutions and the best management in Asia. However, he was not positive on high-tech stocks in Japan, Hong Kong and Taiwan. He believes that as their cycle turns downward, they will be sold, regardless of location. He particularly signals out Taiwan as having a very tech-heavy market. He said Thailand and South Korea, although still suffering lingering financial problems, offered good bargains. 'There are a lot of cheap stocks in Thailand,' he said. With most Asian markets closed today (Saturday), the exception being Taiwan, it will be of interest to see how his remarks influence markets as they open next week.
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