Slim Feriani, CIO of Progressive Developing Markets finds India as the most expensive market among emerging markets.

"We are now looking at India trading over 20 times P/E ratios for 2006 and about 17 times P/E ratios for 2007 and that is very expensive compared to the aggregate average for emerging markets of 12 times P/E’06 and 10 times P/E ’07," he explains.

So he finds it very difficult to justify "buying too much of India", when markets like Brazil and Russia are trading at 10 times multiple this year and single digit P/Es for next year.

Excertps from CNBC-TV18's exclusive interview with Slim Feriani:

Q: How have you read the global cues overnight and are the markets apprehensive once again that they haven’t seen last of those interest rate uptakes?

A: To be frank what’s going on in the short-term, we view it as noise. Therefore, we don’t really bother about what happens on a daily basis.

There are a lot of sources of uncertainty, mainly interest rates, basic direction of the US etc. But most important is the visibility of growth concerns related to the US, which could affect global growth.

But we look through this noise and are still comfortable with where emerging markets are, especially on the four factors that we look at: quality, valuation, growth and change. On these four areas, emerging markets still look attractive, still solid.

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