The move today by Kazakhstan’s central bank to depreciate the tenge by the most since 2009 is making mining companies in the central Asian nation look attractive, Mobius said. The currency slid 16 percent to 184.52 per dollar. Shares of Kazakhmys Plc, the nation’s largest copper miner, rallied 31 percent today in Almaty.
“Mining companies look very good because their costs are in local currency and their income is in dollars,” Mobius said.
Frontier-market assets look appealing relative to their more-developed peers since they are less correlated with developments in global markets, he said. The MSCI Frontier Market Index has risen 2.1 percent this year after outperforming the emerging gauge in 2013. The measure trades at 11 times forward earnings, data compiled by Bloomberg show.