Signs of a stock market recovery? Australia confident

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Bargain hunters expected to boost market - ABC News (Australian Broadcasting Corporation)

Bargain hunters expected to boost market

Posted 1 hour 17 minutes ago
Man points to ASX board in Sydney.

Investors urged to get in now: The Australian sharemarket is expected to rebound this morning. (REUTERS: Daniel Munoz)

There are predictions of market gains as bargain hunters move in at the start of trade on the Australian stockmarket today.

Commsec chief economist Craig James says the futures market is pointing to a gain of 26 or 27 points after last Friday saw the biggest drop in the sharemarket since 1987.

Mr James says it is a good day for bargain hunter investors, with fire sale prices on offer.

"Investors who are embracing the sharemarket at the moment, they may not get in at the total bottom but we believe we're pretty close to the bottom and that shares are trading very very cheaply, the cheapest in around about 24 years," he said.

"There's a lot of bargains to be had. And if people have got confidence for the longer term, two, three, four years out, they're going to be well rewarded by buying in the current environment."