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The Bovespa retreated 7.4 percent from a 19-month high on Jan. 6, the most since an 11 percent decline in the second half of October. The 63-company gauge trades for 20.3 times reported earnings over the past 12 months, a 26 percent discount to the 27.5 times for the MSCI AC World Index of emerging- and developed-nation shares, according to Bloomberg data.
“The most attractive market in Latin America is Brazil,” Mark Mobius, who oversees about $34 billion of developing-nation assets as chairman of Templeton Asset Management, said in an interview in Bangkok yesterday. “Its valuation is not excessive.” (more)
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