BofA EEMEA equity strategists told in a note Thursday to "buy in May, don't go away," with the firm seeing a broadening global recovery.
The bank sees that recovery occurring tentatively even in China, which they believe should be positive for emerging market assets, especially equities.
However, the bank cautioned that they worry about some tactical USD strength into May as markets continue to question the all-important June Fed cut.
"We remain constructive on EEMEA equities from late 2Q24, which should benefit the most from the eventual weakness of the USD," wrote the bank.
They added: "South Africa should gain the most, as we see it as most exposed to global market drivers, although domestic sectors will remain mostly driven by the elections."
"Meanwhile, Gulf Cooperation Council markets offers hedging opportunities to a strong USD as well as higher oil prices."