Asian markets are up lead by steel makers and energy companies in particular after Posco increased its profit forecast and crude oil traded after that cool off. Speaking to CNBC-TV18 Leslie Phang, Head of Investments at Asia Commonwealth Pvt Bank believes that the resilience shown by Asian markets infact is perhaps a good opportunity to sell into strength.

Excerpts from CNBC-TV18's exclusive interview with Leslie Phang:
 
Q: Asia has shown a bit of resilience despite the US sell-off and US currently trading below that 11,000 mark. Is there some semblance of value seen in most of these markets currently?
 
A: We are certainly no looking at value and neither are we looking at bargain hunting. We believe that this is an opportunity for those who are long to actually sell off.

The reason is very simple, how many times can the government offer to bail out more banks that are failing. Freddie Mac and Fannie Mae are obviously the two big ones but there is going to be a lot of pain on the consumer end and emerging market fund is not going to be spared. So this is perhaps a good opportunity to sell into strength.
 
Q: There seems to be a decoupling of sorts when it comes to Asia because this is third of fourth time that Asia is not in particularly following what happened on Wall Street overnight?
 
A: Yes, I think so but that is also because emerging markets particularly has sold off significantly more than the US. If you look in terms of the performance the Emerging Markets (EM) in particular Asia has been hard notably of course India and also following a little bit way for Europe and overall US has actually been the best performer. So that is the best reason why there is a little bit of decoupling that’s going on.

India particularly is interesting and we did forecast that India is going to have a slight recovery but the question and the bigger issue is whether this is sustainable?