Investors should stay away from mkt in near-term: Andrew Holland

Talking to CNBC-TV18, Andrew Holland, Chief Executive Officer (CEO), Ambit Investment Advisory, asks investors in India to stay away from the markets, till there is a reaction from Europe. There may be a long period of volatility in the markets, but he suggests staying away in the near-term. Calling it a huge negative shock, he said the ramifications are going to be far reaching. The biggest fear he said would be if the entire Europe would disintegrate. The UK banks are going to suffer. This will have an effect on the European banks as well.Below is the verbatim transcript of Andrew Holland's interview with Anuj Singhal on CNBC-TV18.Q: We were talking to you last week and you were hoping that it would be a Remain vote, how do you see markets moving from here now?A: It is a huge negative shock to me and Udayan Mukherjee has hit the nail on the head, the ramifications are quite far reaching and apart from the very easy call that is got in referendum of the European countries but the UK voters -- it is not just a vote against Europe, it is a vote against bioth the conservative and leadership and I think this is the problem that globally it has been Central Banks which have been indicating economic growth through their monetary policies, not politicians and I think people are tired of that because they are not seeing any benefits from it.Q: We have been talking about this off air as well that how bigger risk Brexit was for the market, somehow global markets went into the event with a lot of complacency, do you see that shaking off now and how much more damage do you think the markets could see from hereon?A: I think we could see a bit more damage. The opening of Europe is anywhere between 7 percent and 10 percent down but that is just in the rally up until Brexit. So I am already seeing rating agencies cut UK's rating, there are brokers out there now cutting their economic forecast to 2017. So this is just a start.For full discussion, watch accompanying video...