Mobius buys into BRIC during recent weakness

Franklin Templeton's Mark Mobius has been buying into BRIC stocks in the past month on the belief the current share slump is only a correction in a bull market.

Mobius, who oversees about $34bn in emerging markets assets, says stocks in the developing world are set to recover faster and in a "big way". The MSCI Emerging Markets Index has dropped 15% from its recent 15 April high as global stocks were hit by eurozone concerns and on China's steps to slow inflation. "Despite the fact that a lot of people think that we are entering into a bear market, we do not believe so. This is a correction in an ongoing bull market," Mobius told Bloomberg. "We have been buying because we have had net flows into our funds. And most of the buying has been i...