Mark Mobius said plenty of opportunities still exist in emerging markets, BusinessWeek reports.

Mobius, a longtime Templeton Asset Management manager, said stocks of emerging markets are selling at good rates.

Stock buys in Brazil, China and other smaller markets are still abundant since their economies are growing at a quicker pace, he said.

“Their economies are growing faster, four times faster (than the U.S. and global markets). They were building up reserves, keeping their currencies low and reducing debt,” he said.

Investors should seek buys in large emerging market countries such as India and Russia, Mobius said.

Other countries such as Jordan, Lebanon, Qatar, Saudi Arabia, Dubai, and even Pakistan are also good investments. Mobius is making investments in consumer and commodities.

Emerging markets have not moved too quickly since they are currently “only halfway toward the previous high of 1997,” he said.

He cautions that volatility exists, which is being increased by hedge funds betting against the rally.

“You have to be aware that the volatility will be there and there is nothing you can do about it,” Mobius said.

Some currencies in emerging markets are facing a slight downturn, Reuters reported.

There has been some underperformance of the rand, but that is still a dollar story," said Bartosz Pawlowski, emerging markets strategist at BNP Paribas.

“Analysts, including ourselves, are looking for a 50 basis point cut in Hungary but the FRA (forward rate agreement) market is only looking for a 25 bps cut. If they do cut by 50 bps, which is likely after today's horrible retail sales data, there could be some strengthening in the bond and rate markets.”