Stock markets in developing countries can continue to rally after improving by 52% since the beginning of the year due to good prospects for economic growth in BRIC countries (Brazil, Russia, India and China), reported Bloomberg referring to the projection head of securities emerging markets Schroder Allan Investment Management Konveya.

cyclical upturn will provide developing countries with more rapid growth than in other markets - believes Convention. - In the foreseeable future, the share of merging markets will fall from 70% to 75% of global growth.

Index MSCI Emerging Markets, which takes into account 22 indicators of developing countries rose on Monday to the highest value in 11 months, having played in full decline, which began after the bankruptcy of American Investbank Lehman Brothers in September last year.

Attitude quotes for shares declared profits of companies within the index is 17.8 and is at the highest point since October 2007.

stock prices in developing countries, justified by the prospects of economic growth, argues Convention. The most attractive of the BRIC markets, the expert believed China and India.

I would not call expensive markets, as well as the level of quotations correlated with average data, - said the analyst.

Convention evaluates Russian and Chinese action above market, and Indian and Brazilian - to neutral level.

Russian stocks are now cheap, the expert believes. MICEX Index jumped by 78% this year, but the quotations of securities only 8.65 times the earnings of companies that half below the average for emerging markets standards.

Russia is extremely resold, - said Convention. - Even after the rally that Russia remains one of the most attractive emerging markets.

Chinese Shanghai Composite index added to the beginning of the year, 91% and the rate of growth took second place in the world, after Peru.

Shares of Indian companies the analyst believes is too expensive. The Indian Sensitive Index (Sensex) jumped in 2009 to 64%, the ratio of stock quotes and earnings per share is 18.8.

Brazil, according to Konveya are still too dependent on commodity games, and rally Bovespa, grew up in this year's 50%, could slow in the case of stabilization in commodity prices.

expert predicts that U.S. GDP will begin to grow in 2010, and this will support economic growth in many developing countries that depend on exports to the United States, including South Korea. Convoy improved top South Korean shares with below market to above market.

We expect modest growth in the United States for several years, - the analyst added. - Emerging markets will grow, regardless of what happens in the United States.