India story strong but vulnerable to bit of profit taking in short term: Jonathan Schiessl
«As you mentioned, valuations, the market has certainly got more expensive and the usual story certainly when overseas investors look at India and some of them compare it to the likes of China and are hoping of a broader recovery in China, you have seen a little bit of profit, yes, a little bit of switching, but not much,» says Jonathan Schiessl, Westminster Asset Management.
It has been fairly volatile from that crash that we saw on June 4th, the rally that we have seen post that. What is your own estimate with respect to where the Indian market is headed because a lot of people believe that valuations are sticky, the fundamentals and the positives are baked in, but some of the stock prices continue to surprise?
Jonathan Schiessl: Yes, I would agree. I think we have had a pretty impressive recovery as you mentioned from that crash just a short few days ago. The market has pushed up a lot higher and it is interesting to note the more growth orientated markets globally have really pushed up, clearly in the US for example Nasdaq, but certainly in the emerging market space India does stand out as very strong recent gains.
As you mentioned, valuations, the market has certainly got more expensive and the usual story certainly when overseas investors look at India and some of them compare it to the likes of China and are hoping of a broader recovery in China, you have seen a little bit of profit, yes, a little bit of switching, but not much.
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