Speaking to CNBC-TV18 Leslie Phang, Head of Investments, Schroders Private Clients said, “We hold rather a pessimistic view with regards to Asian markets, we believe that looking for bargain hunting at this point may not be a right thing to do”

Excerpts from CNBC-TV18's exclusive interview with Leslie Phang:

Q: The way commodities are panning out globally what is your call on the entire Asian pack and which market in particular are you still bullish on?

A: I think the overall market economy is going to be lot driven by the slowdown but the slowdown not in terms of the US consumers but a slowdown on a global basis. So we are seeing repercussions of slowing economies in terms of the consumption and the export numbers from some of the Asian countries, they are beginning to show strain.

But however the market seems to have a momentum that it wants to believe in a story, so we may actually see further strengthening in the weeks ahead. But having said that, we hold rather a pessimistic view with regards to the markets we believe that looking for bargain hunting at this point may not be a right thing to do.

Q: When we talk about the Asian markets usually it is always about Shanghai or Japan; let’s focus on the TAIEX it has risen by about 5.4% in comparison to the rest of the indices do you see the rally continuing even though it is down by half a percent right now?

A: That’s very interesting actually. We are of the one of the few controversial ones who does not believe that the Taiwan rally is something that should be should be bought into. The reason is because there are much heightened expectations with regards to Ma Ying-jeou and what he can actually deliver but what if it doesn’t happen? So the fact is that we are actually underweight TAIEX, and TAIEX has actually underperformed this month relative to many of the indices.

The Greater China region however is where valuations are starting to look a little bit more compelling. But we are indeed seeing a slowdown in terms of the earnings. So if we have to put our money, it has to be China for the time being simply because it is one of the few that is showing earnings growth.