Emerging market stocks are on a tear, and Bob Parker, vice chairman of asset management at Credit Suisse expects that trend to continue.

The MSCI Emerging Markets Index has soared 65 percent after slumping to a four-year low in October.

The "most powerful" emerging markets will lead the way for a global stock market rally in the third quarter, Parker told CNBC.

That means India and China, he says. Parker expects China to reach its 8 percent economic growth target for this year.

Parker notes the divergence between developed and emerging market stocks. In the United States, for example, the Standard & Poor’s 500 Index has surged 35 percent from its March 6 low. But the index is virtually unchanged from Dec. 31.

That pales in comparison to emerging markets, many of which have jumped almost 50 percent so far this year.

"We've seen a very strong acceleration in certain markets over the last month, notably India and Russia," Parker told CNBC. "Russia is the top-performing market year-to-date."

Brazil and China represent the most attractive buys now, he says.

Parker sees a correction for the rest of this month before emerging market stocks rise again, as these stocks are "technically overbought."

Some emerging market fund managers haven’t been able to keep up with the raging MSCI Index.

For example, Mark Mobius’ Templeton Developing Markets Trust has returned 44 percent since October, trailing the index by 21 basis points.