VIEW-Fidelity likes emerging markets shares

TAIPEI (Reuters) - Fidelity International favoured emerging markets as recent sell-off of their stocks and tumbles of commodities prices offered cheap valuations, said an executive on Thursday.

Shares of emerging markets, including China, India, Russia, eastern Europe and south Africa, dropped more than 56 percent in the 12 months to October, according to Fidelity International.

"The global economy is in a challenging downturn, but emerging markets still offer very attractive investment opportunities," Mark Hammond, product director for the U.S., global and emerging markets, told investors.

"We see growth in China and other emerging countries. Oil demand from China and India will rise in the future, the major driver to keep the global economy going," he said.

Among the stocks Hammond liked was Russia-based Gazprom (GAZP.MM), the world's largest gas producer. Its stock traded at 2.7 times 2009 earnings multiples, as its share has lost about two-thirds of its value since early this year, the U.S. money manager said.

Another one was Shoprite Holdings (SHPJ.J), which is expected to post "explosive revenue growth" outside of the South African market, the asset manager said.

Fidelity International is an affiliate of Boston-based Fidelity Investments, the world's biggest mutual fund company. (Reporting by Faith Hung)