Investor Mark Mobius said he expects emerging markets to surpass previous records, predicting a continued rally with “corrections along the way.”

“If the money supply keeps on growing we will continue to see a bull market,” Mobius, who oversees about $25 billion as Templeton Asset Management Ltd.’s Singapore-based executive chairman, said in an interview in Manila. “We are just halfway from where we were before and we will surpass previous highs.”

Emerging-market stocks rose to a 13-month high yesterday as investors sought higher-yielding assets on expectations of a global economic recovery. The MSCI Emerging Markets Index added 0.8 percent as of 11:52 a.m. in London today.

“We will see a pretty fast pickup in earnings and that’s what markets are anticipating,” said Mobius, who spoke in an investors conference in Manila. He said he prefers consumer and commodities industries in emerging markets.

Apart from Brazil, Russia, India, and China, Pakistan and Turkey are “quite interesting now and we are adding to some of our holdings on a slight basis,” Mobius said. He said he is “bullish” on oil, driven by rising crude demand in China and India. He declined to name companies.

The “secular bull market” that pushed emerging-nation equities to the highest level relative to developed world stocks in 15 years has further to run, Jonathan Garner, Morgan Stanley’s chief Asian and emerging-market strategist, said this week. See full report from Bloomberg.