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Paris - Credit Suisse raised its weighting on South African equities to "market weight" from 20 percent "underweight" and raised Poland to 10 percent "overweight" from 5 percent.
In an equity strategy note on Europe, the Middle East and Africa, the brokerage said Poland is the most under-owned of the larger emerging markets by foreigners.
Credit Suisse weighted Russia and Hungary "underweight", by 20 percent and 40 percent, respectively.
The brokerage said Russian macro looks very different in a weaker oil price environment, and the outlook for metals and mining is bleak.
Real private consumption growth will moderate with tighter credit and negative earnings revisions will likely persist, Credit Suisse said.
Credit Suisse maintained an "overweight" rating for Egypt and Israel.
The brokerage, which maintains an "overweight" on Turkey, said it sees the country as a decisive winner due to lower commodity prices and disinflation, given the central bank's policy providing scope for easing into 2009 should credit markets stabilize.
Turkey will gain significant relief from lower oil prices and its banking sector looks relatively solid versus peers, Credit Suisse said.
- Reuters