But Peter Perkins, global investment strategist at Montreal-based independent research firm BCA Research, argued that the declines were simply a technical correction, in otherwise sound markets that remain supported by strong global growth and stable inflation. "It was pretty clear that equity markets were generally overbought," he said in a conference call yesterday. "It's a function of overbought characteristics, rather than fundamental deterioration." Mr. Perkins predicted that stocks would regain momentum in the second half of the year, and suggested that downturns could be buying opportunities. Nevertheless, BCA advised a cautious approach over the near term. "Our sense is that equities in general, and emerging markets in particular, might have stepped into the corrective/consolidation phase, which may last a while longer," wrote BCA Research's managing editor, Chen Zhao. "Investors should consider taking some actions to protect gains in the short run." http://www.theglobeandmail.com/servlet/story/LAC.20070302.RHAVENS02/TPStory/Business