Stocks in emerging markets are looking "very cheap" now, and that's a buying opportunity, prominent investor Mark Mobius told CNBC on Monday.
Investors sold their holdings in emerging markets in a big way in recent months as they feared financial problems in countries such as Turkey and Argentina could spill over to other economies. Adding to concerns were the strengthening U.S. dollar and rising oil prices, which hurt emerging economies with large amounts of foreign debt and those that are net energy importers.
As a result, the MSCI Emerging Markets Index — which tracks large and mid-cap stocks in 24 countries — has fallen by around 16 percent this year.
But Mobius said the sell-down has opened investment opportunities in emerging markets. "At the end of the day, emerging markets equities look very cheap now. It's time to get in," the co-founder of Mobius Capital Partners told CNBC's "Street Signs."
Some countries are already seeing a recovery in their currencies and stock prices, the investor noted. That's because the U.S. dollar has started to stabilize, which lessens the burden on emerging markets to service their debt denominated in the greenback, he said.