Hindistan Hisseleri Ucuz mu?

Hindistan dunyanin en hizli buyuyen ekonomilerinden bir tanesi. Bundan yaklasik 2 ay once Hindistan piyasasi hakkinda bir kac yazi yazmistim. O gunden bugune Hindistan sirketleri %15'e yakin deger kazandilar. Kisa vadede Hint senetleri pahali gib gorunuyor, Merkez Bankasi da faizleri arttirma yoluna gittigi icin hisselerin kisa vadede artik bu hizda yukselmeyecegini dusunuyorum. Ancak cok fazla dusecegini de tahmin etmiyorum (keske dusse de biz de ucuzundan uzun vadeli kagit alsak). Business Standard gazetesinin haberi:

"India, along with three other emerging markets, grabbed the honours in the first quarter of calendar 2006 with an average 20 per cent returns.

During the quarter, Moscow Times of Russia topped the chart with 22.35 per cent returns, followed by OSE All Share of Norway at 20.81 per cent and Karachi 100 of Pakistan at 20.19 per cent. In comparison, the benchmark BSE Sensex stood at the fourth spot with 20.03 per cent returns.

Among the other major markets, while Japan’s Nikkei rose 5.89 per cent, Hong Kong’s Hang Seng, Nasdaq composite, FTSE 100, and NYSE composite all gained over 6 per cent each. Australia’s S&P/ASX 200, Straits Times of Singapore, ISE National-100 of Turkey and AEX General of the Netherlands gained over 7 per cent each.

The only Asian index to lose ground was South Korea’s KOSPI, which fell around 1.4 per cent. Though the Sensex has hit record highs in the recent weeks, market players do not expect its sizzling run to continue. On April 10, the index closed at 11662.55 after a day of extreme volatility.

Sandip Sabharwal, chief investment officer (equities), Lotus India AMC, feels India would underperform other emerging markets over the next couple of months since it is already overvalued.

“At a forward P/E of 17, the Indian equity market is commanding a higher valuation compared with the average P/E of 10-13 for other emerging markets. So, in that sense, we might see some cool-off,” Sabharwal said."