UPDATE 1-Fidelity's Bolton: Not too late to buy stocks

* Prefers techs, consumer sector, financials

* Says commodities, industrial stocks running out of steam

* Recession unlikely in near to medium term (Updates to add more quotes, byline)

By Kim Yeon-hee

SEOUL, Oct 21 (Reuters) - Money manager Fidelity's Anthony Bolton said global stocks are still in a bull market and it is not too late to invest now, with technology and consumer sectors expected to lead the next phase of the bull run.

Bolton, whose contrarian bets made him a top UK fund manager for over two decades, told a news conference on Wednesday that growth stocks would be in the limelight, while commodities and industrial companies were running out of steam after their rally.

"The bargain phase is over. But despite the fact the market is well off lows, we expect the bull market to go on. It's a multi-year bull market," Bolton said in Seoul on a trip to mentor young Fidelity portfolio managers in Asia.

Bolton is president for investments at Fidelity International, an affiliate of Boston-based Fidelity Investments, the world's biggest mutual fund firm.

He said the first phase of the bull market was ending this year or by the first quarter of next year, but long-term valuations are still attractive.

The MSCI world equity index .MIWD00000PUS has soared about 70 percent from March lows, helped by unprecedented government steps to battle the global credit crisis.

The MSCI index of Asia-Pacific stocks outside Japan .MIAPJ0000PUS hit a 14-month high this week.

Bolton, who does not give much weightage to economic forecasts for making stock market assessments, views the global economy as being in a recovery phase and unlikely to fall into a recession, although the pace of the recovery would lose steam next year.

Financials such as banks, property and insurance remain his top picks, based on their pre-provisioning valuations, but regulation would would be a key risk to the sector.

"I still think it is right to own financials... I generally found after the financial crisis, you can own financials (for) two to three years," Bolton said, citing 'six banking crises' he has seen in his investment career.

The London-based executive told reporters inflation would not be a threat to stocks in the next couple of years because of low growth in western markets, and the current environment of low economic growth and low interest rates were positive for stock markets. (Editing by Muralikumar Anantharaman)