Thailand and Singapore are the best bets. So I think it's fair to say that we saw the lows in many countries last year. That makes it very difficult to find any compelling buys on stocks, except for some very small caps. So the market has hit the bottom. But I still expect international investors to have a relatively high exposure in Europe and the U.S. and a relatively low exposure in Asia and Hong Kong.
Sentiment is generally still quite poor.
We foresee a return to some extent of international and region investors as they increase their Asia weighting to divest some of the cash they accumulated in the fourth quarter. But that isn't leading to a massive influx of funds. People are still very much focused on the overhang of debt and the excess of capacity. There are some opportunities, short-term, to take advantage of the increase in liquidity, notably in Korea and Thailand and possibly in the Philippines. But it doesn't mean that we are loading up or piling in.