opinion, page-8

with interest rates fast approaching 10%.

I think the market will re-rate all the hight PE ratio stocks.

the tide should soon turn in favour of low PE ratio stocks.

I expect the banks will continue to suffer as the provision for bad debt starts to bite into their profit margins.

in addition to the above by continuing to put up their rates they are increasing their mortgage default rates not to mention the slowing property market would not help to increase revenue either.

in my view all that should erode the growth forecasts and hence the share price by another 20% overtime.

I hope I'm wrong but my gut feeling about banks is not all that exciting.