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JPMorgan says emerging markets are ‘under owned,’ stocks could rally as much as 20%

SINGAPORE — JPMorgan says stocks in emerging markets may rise as much 20% in 2021 after being largely ignored by investors this year.

“I think emerging markets are very under owned as we see in the markets rally,” Joyce Chang, chair of global research at JPMorgan, told CNBC’s “Street Signs Asia” on Thursday.

Besides China and India, many other emerging markets have been shunned by investors in 2020 as they largely flocked toward safety.

“We’re actually neutral on China right now, but we’ve upgraded the rest of emerging markets where we do think the valuations are attractive, and there’s more opportunity,” Chang said.

In particular, the firm sees opportunities for stocks in Brazil, Indonesia, South Korea as well as Thailand. In terms of industries, Chang said the consumer discretionary sector as well as those related to entertainment and leisure also have room to “catch up.”

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