Balkans Frontier Stocks: Still Bearish

June 2008 | Market Strategy

We have been bearish Western Balkans equities for some time now cautioning that benchmark indices throughout the region were showing clear signs of overvaluation. They have been among the worst performing asset classes in the entire emerging Europe region thus far this year and the outlook for the second half of 2008 remains negative. Further double-digit losses are on the cards, with slowing economic growth, spiralling inflation, and rising interest rates adding to stock market

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