Templeton Asset Management’s Mark Mobius says he expects the Latin American stock market correction to end within a month, and says the region’s indices may well climb to new highs by the end of 2010.

“Latin American markets are going to move up after the current correction because we are nowhere near the previous highs in most of these markets,” Mobius told Bloomberg. “Things are quite optimistic particularly in Brazil, and this will infect countries in all of Latin America.” Mobius added that benchmark indices in Latin America can “definitely” climb to all-time highs this year.

Bloomberg reports that Mobius is buying stocks in Brazil, Mexico, Peru, and Colombia. He also plans to add Chilean stocks “at the right price”, and is considering private equity investments in the region, according to Bloomberg.