Worst BRIC China Becomes Best Buy for Fisher, Schiff

China’s stocks, the worst performers among the largest emerging markets in the third quarter, are poised to rebound as investors say shares are too cheap to pass up with economic growth accelerating.

“They are the best value equity play anywhere in the world,” said Robert Froehlich, senior managing director at Hartford Financial Services Group, which oversees $352 billion. “Valuations and the Chinese consumer are a one-two punch.”

The Shanghai Composite Index surged 4.8 percent at the 3 p.m. close today as markets in China opened following an eight- day holiday. The benchmark index lost 6.1 percent in three months amid concern that a lending slowdown would stifle the world’s third-largest economy. Stock gauges in Brazil, Russia and India -- the three other so-called BRIC nations -- each gained at least 18 percent in the same period, the first time since the end of 2007 that they’ve risen as Chinese shares fell. (more)