Switch to India from China, says BNP Paribas
Valuations, investment cycles, and external funding are among the reasons BNP Paribas is recommending investors increase their exposure to India at the expense of China.
BNP Paribas is recommending its clients to reduce their exposure to China, which it has lowered to neutral from overweight, and increase their allocations to India, where the bank remains overweight. It is raising its target for the Bombay Stock Exchange Index (Sensex) to 16,500, representing a price-to-book value (PBV) of around 3.2 times earnings for 2009.
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