- Mark Mobius is still optimistic on tech stocks despite a broad sell-off in the sector.
- "Tech is going to be continuing to hit these countries around the world, and companies that are supplying the technology will do very well."
- The veteran trader told CNBC he's also eyeing healthcare and construction materials.
Mark Mobius is bullish on tech stocks despite a broad sell-off in the sector, especially on companies that are posting strong growth and earnings.
"Technology is going to be continuing to hit these countries around the world, and companies that are supplying the technology will do very well," the veteran trader and founder of Mobius Capital Partners told CNBC on Wednesday.
The tech-heavy Nasdaq Composite has been battered thus far in 2022, down 28% from the start of the year.
Companies including Facebook-parent Meta and Snap have been battling declining add revenue which is putting pressure on earnings. Higher interest rates and bond yields have also weighed on tech companies that rely more heavily on debt to fuel growth.
Mobius added that he was also eyeing construction and healthcare, as consumption in the property sector climbs while COVID-19 props up health-measurement and testing demand.
"It's about time to start looking at construction materials, [or] areas that are very important for India and some other countries," he added.