sclosure Authorized
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14 919 MAY lqi•<
Emerging Stock Markets Factbook 1995
X*
IFC International Finance Corporation
Headquarters 1850 I Street, N.W. Washington, D.C. 20433 U.S.A. Telephone (202) 473-9520 Facsimile (202) 676-9299 Telex MCI 64145 WORLDBANK MCI 248423 WORLDBANK Cable INTBAFRAD WASHINGTONDC CORINTFI N Paris Office 66, avenue d'l1iia 75116 1'aris France Telephone (1) 40. 69. 30. 60 Facsimile (1) 47. 2(0.77.71 Telex 620628 Tokyo Office Kokusai Building 1-1, Marunouchi 3 Chome Chiyoda-Ku, Tokyo 100 Japa n Telephone (03) 3201-2310 Facsimile (03) 3211-2216 Telex 26838 London Office 4 Millbank l.ondon SWlP 3JA England Telephonie (071) 222-7711 Facsimile (071) 976-8323 Telex 919462 Frankfurt Office Messeturm, Box 23 6000 Frankfurt am Main Germany Telephone (069) 97544613 Facsimile (069) 97544900
Emerging Stock Markets Factbook 1995 IIIFC
A M m.
( li. ot I World Bmik(kIt)LII1
InternationalFinance Corporation
First Printing May 1995
Copyright © 1995 International Finance Corporation 1850 1 Street N.W. Washington, D.C. 20433 U.S.A.
ISSN 1012-8115 ISBN 0-8213-3205-8 Cover and text printed on recycled paper
information does not constitute an offer of or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned, nor should it be considered as investment advice.
All rights reserved. May not be reproduced in whole or in part by any means without the written consent of the International Finance Corporation. *
*
This information is based on data obtained from sources that the IFC considers to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. This information shall not be construed, implicitly or explicitly, as containing any investment recommendations and, accordingly, the IFC is not registered under the U.S. Advisers Act of 1940. This Investment
PublishedAnnually in the United States of America
*
The denominations and geographical names in are used solely for the this publication and do not imply the reader of the convenience expression of any opinion whatsoever on the part of the IFC, the World Bank, or other affiliates, concerning the legal status of any city, area, or of its country, territory, authorities, or concerning the delimitation of its boundaries or national affiliation.
*
The IFC may, from time to time, have a financial interest in the securities mentioned or included in the calculation of the IFC Indexes.
*
The Emerging Markets Data Base is a service of the IFC's Capital Markets Department.
*
Any views expressed herein are those of the authors and do not necessarily represent the views of the World Bank or the International Finance Corporation.
Preface This edition of the Emerging Stock Markets Factbook is the ninth in the IFC's annual series tracking the development of equity markets in developing countries. IFC's efforts were the first to pull together in a single volume the various time series of fundamental market data on the leading stock markets of the developing world. This Factbook puts these markets in perspective with their domestic economies and compares them to markets in the developed world. The Factbook is designed to serve as a reference for institutional investors, investment bankers, academics, economists, and journalists. Many of the tables and charts draw on data from more than 60 emerging markets, up from 50 in 1994. Additionally, market profiles have been compiled for all 26 of the IFC Index markets in 1994. Analyses also include regional indexes, composite indexes, and industry indexes, providing an
accurate representation of the investable emerging market universe available. The Factbook is divided into an introductory section and six chapters. The introduction includes background information on IFC and the IFC indexes. Chapter 1 begins with a description of emerging markets in general and emerging stock market performance and characteristics in particular. Chapter 2 details the performance and characteristics of world stock markets in 1994 and between 1985 and 1994. Chapter 3 begins the discussion on IFC indexes, with 50 pages of detailed statistics on the IFC Global Indexes. Chapter 4 parallels this discussion with details on the IFC Investable Indexes. Chapter 5 offers data summaries for all IFC Index markets, as well as market, political, and economic analyses. Chapter 6 gives a time series summary of data for markets
not currently included in IFC Index coverage. The number of markets covered in this section expands from 23 in 1994 to 35 this year. The appendixes provide sources and data notes, investor information, a directory of emerging stock exchanges around the world, and information on IFC's Emerging Markets Data Base (EMDB). IFC is proud to continue building its coverage of emerging markets and providing the most complete and accurate data available. A member of the World Bank Group, IFC is the largest multilateral source of direct loan and equity financing for private sector projects in developing countries. EMDB, recognized as the world's premier source for reliable and comprehensive information and statistics on stock markets in developing countries, serves as a vital statistical resource for the international financial community.
3
IFC Global Indexes
Introduction Market Weights in the IFCG Composite Index, End-1994 Market Concentration in the IFCGIndexes, End-1994 Comparative Valuations of the IFCG Indexes, End-1994
34 35 36
IFCGPrice Indexes 1994Performance Summary 1994High, Low, Close Regional vs. Developed Market Performance, 1994 Regional vs. Developed Market Performance, 1985-1994
38 39 40 41
IFCG Price Indexes, 1994 IFCG Price Indexes, 1985-1994 Statistics of the IFCGPrice Indexes IFCGPrice Index Correlations
42 44 46 48
IFCG Total ReturnIndexes 1994PerformanceSummary 1994 High, Low, Close Regional vs. Developed Market Performance, 1994 Regional vs. Developed Market Performance, 1985-1994
50 51 52 53
IFCGTotal Return Indexes, 1994 IFCG Total Return Indexes, 1985-1994 Statistics of the IFCGTotal Return Indexes IFCGTotal Return Index Correlations
54 56 58 60
IFCG Industry Indexes Industry Weights in the IFCG Composite Index, End-1994 Industry Concentration in the IFCGComposite Index, End-1994 Industry Distribution by Market Cap of IFCG Composite Index, 1994 Industry Weights by Market Cap of IFCG
62 63 64
Composite Index, 1994 Industry Distribution by Number of Stocks in IFCG Composite Index, 1994
66
IFCGIndustry Price Indexes, 1994PerformanceSummary IFCGIndustry Price Indexes, 1994
70 71
IFCG Industry Price Indexes, 1985-1994
72
IFCGIndustry Total Retum Indexes, 1994PerformanceSummary IFCG Industry Total Return Indexes, 1994 IFCG Industry Total Return Indexes, 1985-1994
74 75 76
68
Contents
2 2
Preface The International Finance Corporation Emerging Markets Data Base Evolution of the IFC Stock Market Indexes
ii
Introduction to the IFC Indexes
iii
IFC Index Coverage, Base Periods, and Dates of Inclusion
iv
IFC Index Coverage Map Acknowledgments
World Stock Markets
i
v vi
World Stock Market Statistics World Stock Market Performance, 1994
12
World Stock Market Turnover, 1994
13
World Market Capitalization,
14
1985-1994
Market Capitalization, Analysis and Summary
16
World Value Traded, 1985-1994
18
World Number of Listed Domestic Companies, 1985-1994
20
World Rankings of Market Capitalization, Value Traded, and
Introduction to Emerging Markets
Number of Listed Domestic Companies, 1994 World Ranking of Average Company Size, 1994
22 23
Relative Characteristics of Emerging Markets Emerging Market Classification
2
Local Stock Market Price Indexes
World Economic Statistics
4
Emerging Markets Local Stock Market Price Indexes, 1994
24
Aggregate Net Long-Term Resource Flows to Emerging Markets
6
Emerging Markets Local Stock Market Price Indexes, 1985-1994
26
World GNP and GNP per Capita
7 Currency Exchange Rates per US$
EmergingStock Market Performance Key Trends in Emerging Stock Markets in 1994
8
Emerging Markets Currency Exchange Rates per US$, 1994
28
Emerging Markets Currency Exchange Rates per US$, 1985-1994
30
4
IFC Investable Indexes
Introduction Market Weights in the IFCIComposite Index, End-1994 Comparative Valuations of the IFCIIndexes, End-1994
80 81
IFCI Price Indexes
1994PerformanceSummary 1994High, Low, Close Regional vs. Developed Market Performance, 1994
82 83 84
Regional vs. Developed Market Performance, 1988 1994
85
IFCI Price Indexes, 1994 IFCI Price Indexes, 1988-1994 Statistics of the IFCI Price Indexes IFCI Price Index Correlations
86 88 90 92
IFCI Total ReturnIndexes 1994PerformanceSummary 1994High, Low, Close Regional vs. Developed Market Performance, 1994 Regional vs. Developed Market Performance, 1988-1994
94 95 96 97
IFCI Total Return Indexes, 1994 IFCI Total Return Indexes, 1988-1994 Statistics of the IFCI Total Return Indexes IFCITotal Return Index Correlations
98 100 102 104
IFCI IndustryIndexes Industry Weights in the IFCIComposite Index, End-1994 Industry Concentration in the IFCI Composite Index, End-1994 Industry Distribution by Market Cap of IFCI Composite Index, 1994 Industry Weights by Market Cap of IFCI Composite Index, 1994 Industry Distribution by Number of Stocks in IFCI Composite Index, 1994
106 107 108 110 1112
IFCIIndustry Price Indexes, 1994Performance Summary
114
IFCIIndustry Price Indexes, 1994 IFCI Industry Price Indexes, 1988-1994
115 116
IFCI Industry Total Return Indexes, 1994Performance Summary IFCI Industry Total Return Indexes, 1994 IFCI Industry Total Return Indexes, 1988-1994
118 119 120
5
IFC Index Market Profiles
6
Other Equity Market Profiles
Market/Political/Economic Analyses and Data Summaries for IFC Index Markets
Data Summaries for Markets not Included in IFC Index Market Coverage in 1994
Argentina Brazil Chile China Colombia Greece Hungary India Indonesia Jordan Korea Malaysia Mexico Nigeria Pakistan Peru Philippines Poland Portugal South Africa Sri Lanka Taiwan, China Thailand Turkey Venezuela Zimbabwe
Bangladesh 230 Barbados 231 Botswana 232 Costa Rica 233 Cote d'lvoire 234 Cyprus 235 Ecuador 236 Egypt, Arab Republic 237 Ghana 238 Honduras 239 India (other principal exchanges) 240 Iran, Islamic Republic 241 Jamaica 242 Kenya 243 Kuwait 244 Mauritius 245 Morocco 246 Namibia 247 Oman 248 Panama 249 Swaziland 250 Trinidad and Tobago 251 Tunisia 252 Uruguay 253 Other 254 Armenia, Bulgaria, Croatia, Czech Republic, Lithuania, Malta, Nepal, Russian Federation, Saudi Arabia, Slovak Republic, Slovenia
124 128 132 136 140 144 148 152 156 160 164 168 172 176 180 184 188 192 196 200 204 208 212 216 220 224
Appendix 1
and Notes
Stock Market Reference List Macroeconomic Data Notes Currency Notes Standard Industrial Classification (SIC) Codes Glossary Abbreviations
Appendix 2
256 257 258 259 260 261
Investor
Information
Withholding Taxes for Emerging Markets Investment RegulationsSummary for Entering and Exiting Emerging Markets Investment RiskSummary for Entering and Exiting Emerging Markets Information DisclosureSummary for Emerging Markets
Appendix 3
Appendix 4
Sources
264 265 266 268
Emerging Stock
Market Directory
Addresses, Fax Numbers, and Other Operating Information for Emerging StockMarket Exchanges
270
IFC
EmergingMarketsData Base
Summary of Major Changes to Coverage in 1994 EMDBPublications and Products Subscription Information News Service Access to Indexes
282 283 284 284
The International Finance Corporation
Emerging Markets Data Base
The International Finance Corporation (IFC) is the world's largest multilateral source of financing for private enterprise in emerging economies. Its mandate is to promote the growth of productive and profitable private enterprises in its developing member countries.
The Emerging Markets Data Base serves as a vital statistical resource for the international financial community and for IFC in its investment and advisory work. Now in its second decade, the data base has gained recognition as the world's premier source for reliable and comprehensive information and statistics on stock markets in developing countries. With information collected since 1975, the data base covers 26 markets, providing regular updates on more than 1,600 stocks comprising its Composite Index.
A member of the World Bank Group, IFC is owned by its more than 162 member countries. Strong shareholder support and a substantial capital capital base enable IFC to tap international markets to meet the needs of its clients. Since its establishment in 1956, IFC has invested more than $14 billion in over 1,000 businesses and 109 developing member countries. IFC supports its clients with a full array of financial and advisory services. Project financing is offered through loans, equity, and specialized financial instruments such as hedging and swap facilities. IFC mobilizes additional financing through loan syndications and securities underwritings. Through its advisory services and technical the Corporation helps private assistance, businesses increase their chances of success, and assists governments in creating environments that IFC's Capital encourage private investment. Markets Department has been at the forefront of the Corporation's efforts to increase the flow of portfolio investment to the developing world. Beginning with the Korea Fund in 1984, IFC has sponsored or invested in more than 30 collective investment vehicles such as country, regional, and global funds.
., .
Satellite dishes of the Philippines Long Distance Telephone Company. IFC'sfirstintol'e?nent in a telecommuinications project (1969).
.
I
Tradingfloor of the Sao PauloStockExchange.
1995 FACTBOOK
Using a sample of stocks in each market, IFC calculates indexes of stock market performance that are designed to serve as benchmarks This across national boundaries. consistent eliminates the inconsistencies that make it difficult indexes with to compare locally-produced Monthly indexes are differing methodologies. available from the end of 1975 for many markets, weekly indexes from the end of 1988. IFC's Investable indexes were introduced in March 1993 and are designed to meet the increasingly needs of international investors. sophisticated Adjusted to reflect the accessibility of markets and individual stocks for foreign investors, the IFC Investables offer the ideal performance benchmark international for both active and passive investors. The products of the Emerging Markets Data Base form and as are available in computerized publications. The data base provides three levels data on of computerized data: comprehensive individual stocks covered in all markets; data series for each index computed; and data series for
each market covered.
MARKETS DATABASE i ENIERGING
Evolutionof the IFC Emerging Stock Market Indexes IFC began to produce its own standardized stock indexes for developing countries in mid-1981, in response to the need for better means to evaluate the performance of these stock markets than local stock price indexes, which are each calculated in their own way and based on stocks selected by different criteria. Also, IFC's own indexes could be easily linked together into a composite index that might better measure return and diversification emerging market benefits from broad-based investment. The original IFC indexes were calculated only once a year, used end-month prices, were based on the 10 to 20 most active stocks in each of ten emerging markets, were equally weighted, and were available on a "price only" and total returns basis. Nine of the 10 markets had a history back to December 1975; one (Jordan) had a base in January 1978, when the Amman Financial Market first opened. In addition to the individual market indexes, IFC prepared an all-market Composite Index. Gradually, calculation periods tightened up to once a quarter, on1end-month prices. In late 1985, in response to the growing interest in emerging markets among the international fund management community (which was due in part to the information conveyed by the original IFC
1995
FACTBOOK
indexes), IFC decided to revamp the methodology from equal weighting to market capitalization weighting, to improve timeliness of calculation of end-month indexes from a quarterly to a one month lag, to expand the number of stocks covered, and to increase the number of markets covered from ten to seventeen. In addition, IFC added regional indexes for Latin America and Asia to supplement the allmarket Composite Index. The new IFC indexes were launched in January 1987, with a base date of Dec. 1984, and proved to be very popular with money managers. Other markets were added to coverage in 1989 (Portugal and Turkey, with base periods back to 1986) and 1990 (Indonesia, with a base period of Dec. 1989), and, in response to user demand, IFC improved the timeliness of index calculation from end-month (with considerable lag) to end-week (with a one week lag) beginning in 1988. From 1988 until 1992, IFC devoted its index efforts to expanding the number of stocks covered in the indexes and adding to the number of data variables available for each stock. IFC also released the IFC Industry indexes in mid-1991, which sorted the stocks of the IFC Composite Index into their respective sector and industry categories.
By 1992, the need for more sophisticated indexes for institutional investment in emerging markets had become pressing. IFC responded by tightening features of its basic index methodology and by introducing, in March 1993, a new set of indexes, for the designed specifically as benchmarks international portfolio manager, called the IFC Investable indexes. The former series of IFC indexes were renamed the IFC Global indexes, to distinguish them from the new series. In 1993 IFC launched indexes for China, Hungary, Peru, Poland, and Sri Lanka. South Africa was added in 1994. The Czech Republic will be added to IFC index coverage in mid- 1995. IFC plans to produce daily indexes by mid-1995 to better serve the rapidly expanding world of emerging markets investments. A Windows-driven data retrieval system was developed by EMDB and launched in early 1995 to facilitate this growing need for information. IFC remains committed to expanding its coverage of emerging stock markets, ensuring that the family of IFC indexes will increase in number through expanded geographic and industry coverage, and through the development of specialized and more sophisticated indexes.
ENIERGING MARKETS
DATA BASE
ii
Introduction to the IFC Indexes is described in detail
The IFC Global and IFC Investable indexes have many common features. Both series of indexes are market capitalization weighted, with period data linked by the chained Paasche method. Both series are calculated on a price only and a total return basis, in local currency and U.S. dollar terms, using end-of-week and end-of-month data. IFC prepares composite, regional, sector, and industry indexes for each series. Calculations of all IFC indexes commonly include the preparation of such valuation ratios as Price-Earnings, Price-Book Value and Cash Dividend Yield.
IFCG indexes are built from the "bottom up", that is, IFC analysts do not look at composite, regional or industry balances in overall market capitalization in determining stock coverage for each IFCG index. For instance, IFC does not attempt to require that Argentina's share of total emerging market capitalization is represented in the IFCG Composite index, or that the share of the Argentine oil industry in the capitalization of the Bolsa de Valores de Buenos Aires is replicated in the IFCG Argentina index. Selection guidelines are described in detail in The IFC Indexes, which can be obtained by contacting EMDB.
investors. This methodology in The IFC Indexes.
IFC Global Indexes The IFC Global (IFCG) indexes are the core of the IFC family of emerging market indexes. All of the constituents of the IFC Industry and IFC Investable indexes are selected from the constituents of IFC Global indexes; a stock must qualify for an IFCG Index to be considered for inclusion in any other IFC index.
Once a market is qualified as being emerging by the World Bank GNP per capita definition (see Chapter 1) and IFC views the market as appropriate for an IFC index, EMDB market analysts begin the stock selection process. This begins with a survey of the market and all listed companies and shares, and is repeated each year during an annual review process.
The IFC Industry indexes are subsets of the IFCG and IFCI Composite indexes; therefore, there are IFCG Industry indexes and IFCI Industry indexes. As a matter of standard practice, the Industry indexes are prepared only on a Composite Index basis. IFC has not prepared regional or marketlevel industry indexes because the number of stocks for some of these would not create meaningful indexes, particularly in earlier periods.
IFCG indexes are intended to represent the performance of the most active stocks in their respective stock markets, and to be the broadest possible indicator of market movements. In order to ensure that the indexes capture the real market, the target aggregate market capitalization of IFCG Index constituents for 1994 forward is 60% to 75% of the total capitalization of the local stock exchange.
The IFCG Composite and the IFCG Regional indexes consist of all the constituents of the respective individual market IFCG indexes, with any new IFCG indexes being added to the these indexes according to pre-announced schedules.
In some instances it is not possible for an IFCG Index to reach the target capitalization range without conflicting with other index rules, such as the use of specific classes of stock for index capitalization weighting. Examples are Argentina, where the shares of specific classes of shares of the largest privatizations are not listed and are still in the hands of the government, but the local stock exchange counts them in the companies' and the Bolsa's total capitalization.
1995 F \( IrBooK
IFC Investable Indexes The IFC Investable (IFCI) indexes were created in late 1992/early 1993 and were first released to the public at the end of March 1993. These indexes have been designed to measure more precisely the returns foreign portfolio investors might receive from investing in baskets of stocks that were legally and practically available to them. The basic IFC Index calculation methodology is applied to the data for IFCG index constituents which IFC has determined are "investable", that is, stocks that are available to foreign institutional
IFC Industry Indexes While most analyses of emerging stock markets focus on country-level or regional-level factors and index movements, IFC recognized that industry analysis is a commonly used tool in the selection process. international portfolio Accordingly, IFC codes the stocks in its Emerging Markets Data Base by sector and industry to permit the creation of the IFC Industry indexes.
IFC routinely publishes nine sector and 23 industry indexes each for the IFCG and IFCI Industry Index series. The nine sector indexes capture all of the stocks in the IFCG and IFCI Composite indexes, while the 23 industry indexes focus on the most significant industries represented in those indexes, each typically having one percent or more of a Composite Index's total capitalization. The IFC Industry indexes are prepared in U.S. dollar terms. Sector and industry codes and names are listed in the introduction to this text. IFC's analysts classify stock by industry based on business lines, as defined by principal sources of revenue (where sales or revenue breakdowns are available) or by principal products or services provided, and cross-reference their coding with other sources as possible. ENrERGING IARKETS DATA BASE iii
IFC Index Coverage, Base Periods, and Dates of Inclusion Coverage Global Indexes (IFCG)
Monthly
Dates of Inclusion
Ivestable lIdexes (IFC1)
Weekly
Monthly & Weekly
Global Indexes(IFCG) Base period Composite (=100.00) Index
Latin America Index
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-75 Dec-75 Dec-75 Dec-84 Dec-75 Dec-92 Dec-84
Dec-88 Dec-88 Dec-88 Dec-88 Dec-88 Dec-92 Dec-88
30-Dec-88 30-Dec-88 30-Dec-88 1-Feb-91 30-Dec-88 30-Dec-92 5-Jan-90
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Jan-94 Dec-84
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-75 Dec-84 Dec-84
Dec-92 Dec-88 Dec-88 Dec-88
30-Dec-92 3-Jan-92 30-Dec-88 1-Jan-91
Dec-92 Dec-84 Dec-84 Dec-84
Dec-84 Dec-84 Dec-84
-
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-75 Dec-89 Dec-84 Dec-84 Dec-92 Dec-75
Dec-88 Sep-9() Dec-88 Mar-91 Dec-92 Dec-88
6-Nov-92 28-Sep-90 30-Dec-88 1-Mar-91 30-Dec-92 30-Dec-88
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
Dec-84 Dec-89 Dec-84 Dec-84 Jan-94 Dec-84
-
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
Dec-75 Dec-92 Dec-78 Dec-84 Dec-92 Jan-86 Dec-92 Dec-86 Dec-75
Dec-88 Dec-92 Dec-88 Jul-93 Dec-92 Dec-88 Dec-92 Dec-88 Jul-93
30-Dec-88 30-Dec-92 30-Dec-88
Dec-84 Dec-92 Dec-84 Dec-84 Dec-92 Jan-86 Dec-92 Dec-86 Dec-84
Dec-84 Apr-94 Dec-84 Dec-84 Apr-94 Jan-86 Apr-95 Dec-86 Dec-84
-
Dec-84 Dec-84 Dec-84
Dec-84 Dec-84 Dec-84
Dec-84 Dec-84 Dec-84
-
-
30-Dec-88 30-Dec-88 30-Dec-88 30-Dec-88
Regions Composite Latin America Asia Europe/Mideast/Africa
1995
FACTBOOK
-
30-Dec-92 30-Dec-88 30-Dec-92 1-Aug-89 2-Jul-93
-
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Jan-94 Dec-84
Ilivestable Indexes (IFCI)
Asia Index
Base period Composite (=100.00) Index
Latin America Index
Asia Index
EMEA Index
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Jan-94 Jdn-90
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Jan-94 Jan-90
Dec-84 Dec-84 Dec-84
Dec-92 Jan-92 Dec-88 Jan-91
Jan-92 Dec-88 Jan-91
-
Dec-84 Dec-89 Dec-84 Dec-84 Jan-94 Dec-84
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
Nov-92 Sep-90 Dec-88 Mar-91 Jan-94 Dec-88
-
-
Dec-88 Dec-92 Dec-88
Dec-88 Apr-94 Dec-88
-
-
Dec-88 Apr-94 Dec-88
-
-
Dec-92 Dec-88 Dec-92 Aug-89 Jun-93
Apr-94 Dec-88 Apr-95 Aug-89 Apr-94
-
-
Apr-94 Dec-88 Apr-95 Aug-89 Apr-94
Dec-84
-
Dec-84
-
Dec-88 Dec-88 Dec-88 Dec-88
Dec-88
-
-
-
-
-
Dec-84 -
-
[NIERGING
-
-
Jan-92 Dec-88 Jan-91
Nov-92 Sep-90 Dec-88 Mar-91 Jan-94 Dec-88
Dec-88 -
Dec-88 -
Dec-88
MARKETS DATA BASE
iV
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Acknowledgments Stock Exchanges
Jordan
Amman Financial Market
EMDB Staff
IFC conducts an annual survey of the world's stock exchanges as the basis for the figures presented in this Factbook. IFC acknowledges the made to this Factbook by stock contribution exchanges listed in thie Stock Market Reference List in Appendix 1.
Korea
Korea Securities Finance Corp.
Malaysia
Consultant Sdn. Bhd. Arab-Malaysian
Mexico
GrupoFinancieroSerfin-Obsa
Nigeria
Securities & ExchangeCommission
Pakistan
Bear Stearns Jahangir Siddiqui Ltd.
Peru
Godoy & Barclay
Philippines
R. Coyiuto Securities, Inc.
The following staff members of the Emerging Markets Data Base, under the supervision of lyad to the Malas and Peter Wall, contributed production of this Factbook: Carmen Campollo, Bo Dutta-Sen, jannette H. Chung, Madhumita Esguerra, Liyeng Feng, Constantinos Grigoriadis, Glenn Hampson, Stephanie Sara Halfpenny, Hughes, Susan Kelley, Jong Kim, Sookyong Kwak, Dong-ik Lee, Graeme Littler, Ziad Maalouf, Sonia Miklas, Ron Monticone, Anju Nundy, Habib Oueijan, Kyuee-Ha Pahk, William V. Todd, Sara Blanchard Ugarte, and James E. Wise.
Poland
BRE Brokers
Correspondents Information in this Factbook was also provided by a network of correspondents in each of the markets who report to IFC on a regular basis. Argentina
Roberts Capital Markets
Brazil
Lopes Filho & Asociados Consultores de Investimentos
Chile
Julio Salas M Y Asociados
China
Stock Exchange Executive Council
Colombia
Portugal
Banco FINANTIA, S.A.
South Africa
Simpson McKie, Inc.
Sri Lanka
CKN Fund Management (Pvt) Ltd.
Taiwan, China
Wellphone Securities Co., Ltd.
Thailand
The Mutual Fund Company Limited
M. Kyranis Securities S.A.
Hungary
Budapest StockExchange
Turkey
TEB Ekonomi Arastirmalasi A.S.
India
J.M. Share & Stockbrokers Ltd.
Venezuela
Merinvest
Indonesia
Institute for Economic & Financial Research
Zimbabwe
Sagit Stockbrokers (Pvt.) Ltd.
FACTBOOK
Special thanks also go out to Farida Khambata, Brigid Holleran, and Steven Schoenfeld of IFC's Capital Markets Department, World Bank staff (Cartography), Denise Bergeron members Economics Elizabeth Crayford (International Department), May Eidi, and Jonathan Miller (Art and Design), and Monica Malone and Cesar Galang of MFl.
Other Sources
Corredores Asociados S.A.
Greece
1995
Warsaw Stock Exchanige
IFC would also like to acknowledge the valuable contribution of certain other statistics from data series published by other units of the World Bank, the International Monetary Fund, the financial press, Morgan Stanley Capital International, JP Morgan, Lee Schwartz Associates, and Global Securities Consulting Services, Inc.
EMERGING MIARKETS DATA BASE
Vi
1.
Introduction
to Emerging Markets
Emerging Stock Markets Factbook 1995
Emerging Market Classification Emerging stock markets can be variously defined. On the one hand, "emerging" implies that a market has begun a process of change, growing in size and sophistication in contrast to markets that are small and give little appearance of change. Alternatively, "emerging" can refer to any market in a developing economy, with the implication that all have the potential for development.
*
Low-income economies are those with a GNP per capita of $695 or less in 1993.
*
Middle-income economies are those with a GNP per capita of $696-$8,625 in 1993.
IFC follows this latter definition. Just as most lowand middle-income economies are considered to be developing, regardless of their particular stage of development, all stock markets in developing developingBan development, all stock marketsy" inles countries are considered to be emerging. IFC follows the criteria of the World Bank in classifying economies as low-income, middleincome or high-income:
Because the Emerging Markets Data Base deals primarily with equity markets and stock exchanges, most references are to markets rather than economies or countries. Use of the term n judmen country" implies no judgment by the World Bank or IFC about the legal or other status of the territory,
*
High-income economies are those with a GNP per capita of $8,626 or more in 1993.
For purposes of consistency, markets that are included in the Emerging Markets Data Base are
likely to remain in the data base for some time even if the economy later moves into the high-income group. Tables on the following two pages list the low and middle income World Bank member economies and other economies in this range with populations of more than 30,000. Economies are divided according to 1993 GNP per capita as calculated by the World Bank. Tables on pages 4 and 5 list some of the major macroeconomic characteristics of both emerging and developed markets for year ending 1993 (see Macroeconomic Data Notes in Appendix 1 for methodology). These tables are followed on pages 6 and 7 by a summary of aggregate net longterm resource flows to emerging markets from 1984-1994, and a map and data summary of 1993 world GNP per capita.
World Bank Classificationof Economiesby Income and Region, 1994-95
Incomie
group,
Subgroup
Bunndi Comoros Eritrea Ethiopia Kenya Lesotho Madagascar Malawi Mozambique Rwanda Somalia Sudan Tanzania Uganda Zaire Zambia Zimbabwe
LouwIncoMe
West Africa Benin Burkina Faso Central African Republic Chad C6te dIlvoire Equatorial Guinea Gambia, The Ghana Guinea Guinea-Bissau Liberia Mali Mauritania Niger Nigeria SAo Tome and Principe Sierra Leone Togo
Europe and Cenitral Asia
Asia
Sub-SaliaranAfrica East and Southern Africa
East Asia and Pacific Cambodia China Lao PDR Mongolia Myanriar Viet Nam
South Asia Afghanistan Bangladesli Bhutan India Nepal Pakistan Sri Lanka
Eastem Europe and Central Asia Albania Armenia Bosnia and Herzegovina Georgia Talikistan
Rest of Europe
Middle East and Northi Arfica
Middle East
North Africa
Yemenr Rep.
Egypt, Arab Rep.
Americas Guyana Haiti Honduras Nicaragua
Source:World Tables 1994. World Bank: Washlington, D.C. Notes: Regions do not correspond with those used by the IFC or by IFC's Emerging Markets Data Base.Estimates for the republics of the former Soviet Union are preliminary and their classification will be kept under review. 1995
FACTBOOK
ENILIRGING
.luIAREIS DAT,I
BASE
2
Emerging Market Classification World Bank Classification of Economies by Income and Region, 1994-95 (cont.)
Income group
Subgroup
West Africa
East Asia and Pacific
Middleincome
Lower
Angola Botswana Djibouti Namibia Swaziland
Camneron CapeVerde Congo Senegal
Fiji Indonesia Kiribati Korea, Dem. Rep. Marshall Islands Micronesia, Fed. Sts. N. Mariana Islands Papua New Guinea Philippines Solomon Islands Thailand Tonga Vanuatu Westem Samoa
Middleincome
Upper
Mauritius Mayotte Reunion Seychelles South Africa
Gabon
American Samoa Guam Korea, Rep. Macao Malaysia New Caledonia
Na. of low- and middle-income econiomies:170
27
23
26
D.C. Source: World Tables 1994. World Bank: Washington, with those used by the IFC or by IFC's Emerging Markets Notes: Regions do not correspond Republic of Macedonia. refers to the Former Yugoslav review. Letters: a. FYR Macedonia
I)995 F.\C I lml)Ol
Middle East and North Africa
Europeand Central Asia
Asia
Sub-SaharanAfrica East and Southern Africa
South Asia Maldives
8
Data Base. Estimates
Eastern Europe and Central Asia
Rest of Europe
Middle East
North Africa
Azerbaijan Bulgaria Croatia Czech Republic Kazakhstan Kyrgyz Republic Latvia Lithuania Macedonia, FYR /a Moldova Poland Romania Russian Federation Slovak Republic Turkmenistan Ukraine Uzbekistan Yugoslavia, Fed. Rep.
Turkey
Iran, Islamic Rep. Iraq Jordan Lebanon Syrian Arab Rep. West Bank and Gaza
Algeria Morocco Tunisia
Belize Bolivia Colombia Costa Rica Cuba Dominica Dominican Republic Ecuador El Salvador Grenada Guatemala Jamaica Panama Paraguay Peru St. Vincent and the Grenadines Suriname
Belarus Estonia Hungary Slovenia
Gibraltar Greece Isle of Man Malta Portugal
Bahrain Oman Saudi Arabia
Libya
Antigua and Barbuda Argentina Aruba Barbados Brazil Chile French Guiana Guadeloupe Martinique Mexico Netherlands Antilles Puerto Rico St. Kitts and Nevis St. Lucia Trinidad and Tobago Uruguay Venezuela
27
for the republics
6
of the forTner Soviet Union
10
are preliminary
Americas
38
5
and their classification
Illl-11GINC
will be kept under
NIAIRKETSDATA BASE 3
World Economic Statistics World Economies in 1993
Economy Afghanstn.. . Alba,nia Alger'ia AnenaSio And-ra Ango.la Antig.a and Barheda Argentina Amierna lb A-nb A-stralia Au_tri. Azerhaijan lh Bahaman,The Bahran, Bangladesh Barbados Belarus lb Belgiu feline B-om Bertenda Bhutan Bolivia Bosnia aod Her-gooia Bot .una Br~azfl B-unet Bul garia Bark-n Fans B-rudi Cambodia. Caieruo Canada Cape Verde Cayrna Islands Central Africa Republic Chad Channel Islands Chile1
GNP aReal (millpion of US$1 US$ /a 1993 1992
1,167 44,347
.
1,850 .
.. ..
-
425 244.013 2,471
6,100 6,170 070
.
309,967 183.530 5,424 3,059 4,283 25,802 1,620 29,290 213,435 499
17,730 22,790 885 27,670 7,940 225 6,210 3,210 21,360 2,380
2.189
415
253 5,472
170 750
1U5$/a 1993
c 340 1,650 e f g 6,390 7,290 660 e 17,510 23,120 730 11,300 7,870 220 6.240 2,840 21.210 2.440 420 f 170 770
.c
GNP 1w c~~~~pa. FPPPlb Intl. dollar 1993
groth rae M%) 1985-93
-7.0 -2 2
I 0
§ 40
12
10
20 0
15
23
28
.
-.
-
.. .
-9 2.4 14 -11.7
9.130 2,000
.
-.
2,450 2,010
4.6 3.2 75.5 2.5 0.3 72 3.1 81.2 31 3.5 1.4
-
8.8 23.1
..
4
§
6 48
6
.
.. ..
3
18
2
40
22
..
9 1
33
§ 21 2 10 37
-
4.5 14
.
1,102
2 10
180
06
830 21,070 840
770 20,670 870 I 390 200
-7 3 04 2.1
.f
398 0 71.3
1,630
1,410 310
410 220
5
48
.
-1.1
..
1,263 1,248
..
18,490 1 8,800o 2.230 16,820d 1 3,4804d 1,290 10.9404d 6,360 18,490
9,773 2,928
-
...
11 2.1 -9.4 -02 -1.0 1 .8 -0 4 -0 2 2.4 57
2,590 3,020 f 1,160 300
9,663 374,88b4 347
..
4,39110d
57 -0 6 .
-2 8 0.0
2.400
41
.
69 97 22
§
4,650 5,470 -
3,730d 8004 6604d 2,060 20,410 1,830d
12.7 822.8 -
35.5 1.7 47 -0.6 3.3 8 I
5 11 3 13
3 54 47 22
3
13
1,0604d 7104
19 25 14 28 13 20 31 19 32 15
35 I15
28
46 10
38 18
15
..
50 44
-
18.9
§
28
26
Chin Colombia CaMero Congo Costa Rica Cte d Ivoire Croatta Caba Cypru Czech Repablic
581,0 50:1,119 272 2,318 7,041 8,397
480 1.350 530 1 ,110 2,010 680
490 1,400 520 920 2,160 630
6.9 23 -2 2 -19 2.6 -5 2
2.120 5,630 1,320d 2,430 5,990 1,420
8 1 25 6 2.6 -21 18 4 -18
21i 16 39 11 15 37
22 18 18 44 40 34
43 21 15 14 30 9 -
-
.
7,539 28,192
10,300 2,590
10,380 2,730
"52 -2 0
15,470d 7,700
4I1 11.0
6 6
47 55
24 17
Djertnak DI,hoatr Ontnrnic
137,610 449 193
26.310
26,510 780 2.680
4 3 26
37 71
15 13
§
§
-
Source:World BanjkAtlas 1995. World Bank: Washington, information contained in this table.
D.C. See Macroeconomic
03
3,240
31 2
18
29
23
1,170
058
4,260
49.0
12
26
21
650 1,200 340
1660 1320 360 c 3,040 100 f 2,140
0.7 132 1.5
3.530 2,360
16 9 16 9
16 9
24 14
20 16
47
40
25
-5.2 -IS8
6.860 380
10 48
63 12
33 16
.
4,703 .
Kuwait Kyrgy-zRepubliclb Lao FOR
3,170 110
1.626
2,050
96.220 1,289.235
22,690 22,630
..
.
5.004 372 3,071 1,902,993 7.036
18,970 22,360
..-
0.4 00 I 46
.
2.5
5.220d
-0 3 1.8
15,230 19,440
54
158
55
13
4.4 30
5 3
27 23
17 20
8
45
22
11 2 116.4 3.2 29.4
27 70 1 47
62 25 3.3 20
21 15
f... 4.220 370 1,020 23.360 460
.
.
76.690
7,390
219
2,350
.
..-
4.050 360 560 23,560 430
-1 7 1.0 -16.4 1.9 1.3
7,390
1.3
2,410 e
4 1 0.8 1.3 1.6 06 -3.4
3,390
1),890 21,670 6,260 17,160 1,250 3,140
-0.3
1,2804 1,410 20,980 2,1604d
8,360
160
tO1
23
20
14
54
32
20 1 2 70 4 53 5 7.7
25 24 44 30
17 21 12 122
19 16 24 54
..
§
5
20 0 6 12 31 109 23
32 143 30 32 II1 28 31
27 27 20 17 25 31 33
8
63
16
-4.1
.-.
11.092 3,170 233 285 -
1,000 490 220 320 ..
1,110 9 10 220 350 c
570 15,710 .5190 24.,300 310 680
580) 17,860 3,330 23.620 290 730
00 53 00f 01 3.0 4 8
-20
7904 1,710d
.
-0 7
..
11 7 9.1 19.2 14.7 97 8.6 21.9
12,850
g 12,580
48
11,850
2.0
72,662 1,134,980 3,362 3,926,668 4,893 26.490 6,743 54
13,460 20,790 1,390 28,690 1,130 1,880 330 710
13,760 19,620 1,390 31,450 1,190 1,540 270 710
23 19 3 I 3.6 -5 9 -4.6 0.3 -1.3
14,890 18,070 3,000 21,090 4.010d 3,770 1,310
338,062
7,220
7,670
51
9,810
18,380 1,020 260
23,350 030 290
0.8 -2 1 21
-
44.906
2,230
20
.
-
Israel Italy Jamaica Japan (o,dan /I Kaeakhstan lb Kenya K-bihai Kore, 1)em. Rep. Korea, Rep
8,380
2,570
1,080
1,100
3.220 104,731 34,254 6.236 262,810 136.991
6.1
32 4.4 4.5
1,070
Honduras Hong Kong /l. Hungary Iceland India ; lrao, Isamic Rep Iraq Irland Ilof Man
9 0
Share of -t-te ttnn inGIDP Ml1 1993
8,039
2 15 II 19 37
15 13
rate 1%) 1985-93
of Shar of Averge agneotue sot inflation in, GDP i, GP rate 1%) (91.1 (Ml 1985-93 1993 1993
36.679 7,233 161
7 14 20 27 16
3,070
18,940 -
G-ec C Grenada G-adeoupe G-am Gautemala Guinea
U6$ /a 1993
PPP lb Intl. dollar 1993
13.217
Guyana Haiti
2,780
1.1 48
Finland F-anc FrenchGuiana FrenchPolynesia Gabox Gam,bia. The Geogi /h Gennany /1 Ghava Gibraltar
.G.niea-Bissaa
42,454
-
D. [otvi-n Republic Ecudor Egypt. Arab Rep El Salvador Fnator-a Guinea ErIirea/t Etovi lb Ethiopia /i Farro Islands
20 22
..
-
Economy
GNP IaReal (ilosgrowth of US$1 125$ Ia 1993 1992
50 12
.Idonesi
1.4 -0 2
GPpcpi.Shar
-Fiji
...
.
-3 0 0.5
107 12 66
18 14
.Geenland
..
3,630 471,978
Share of Shar of Shar of Aveag agclt-r expr1ts i,noeotre inGCDP in GO GDP inflationg rae 1%) (211 (Ye.) 1%) 1983-93 1993 1993 1993
..
.5
19 I 60 2v.9 14 70 91 9 15 6 1
31
22
0 2 8 29 29 24-
62 10 38 52 42
19 31 30 31 16
6I9
7
29
34
0
53
23
43 51
34 21
25 13
3
20
19
.
34,120 3.752 1,295
..
2,420
732 26 9
Notes in Appendix I of this text for insfructions on how to access mnoredetailed informafion or methodology notes on the
Notes: Dash indicates data not available. § indicates that range estimate is provided in maps of World Bank Atlas 1994. World Bank: Washington, D.C. Figures in italics are for years other than those specified. The numnber0 or 0.0 means zero or less than half the unit shown and not known more precisely. Letters: a. Atlas method; b. Purchasing power parity, see the introduction and the technical noteS (of World BanlkAtlas). c. Estimated to be low-income ($695 or less). d. Obtained from regression estimates. e. Estimated to be upper-middle-income ($2,786 to $8,625). f. Estimated to be high-income ($8,626or more). g. Estimated to be lowermiddle-income ($696 to $2,785). h. Estimates for the economies of the former Soviet Union are preliminary, and t heir classification will be kept under review. i. Data for Eritrea are not yet disaggregated and are included in Ethiopia. j. PPP estimate of GNP per capita and data on shares in GDP refer to the former Federal Repuiblic of Germany. k. Referencesto GNP relate to GDP. 1. Data cover the East Bank only. m. Former Yugoslav Republic of Macedonia. n. Data cover mainland Tanzania only.
1995
FACTBOOK
EMEFRGING;MARtKETs DATA
BASE
4
World Economic Statistics World Economiesin 1993(cont.) GNP IaReal (milhoes
of US$1 U5$ Ia
US$ Ia
GNP p,, .pit. ~~~Sharocf Shar of Share of l'PP lb Acerag agiatr es Dt mGsnn ~~~~~~~ ~~~growth Intl. inlton inGDtP mCO inGDtP rate 1%) dollar t993
rate (%) 1985-93
-4.5
5,170
60.5
0.8
1,5100d
Econ-my
1993
t992
1993
Latoma /h Lebanon Lesotho Libera.. Liby. Lit'haa,nia /6 Losewlnoog
5,257
2,610
2,030 660 c e 1,310 35.900 e 780 240)
-6.4 27
~~~~~~ ~~2,034 230 220 2,830 3,160
..
.
1,254
610 . ..
4,091 14,233 Macao .. 1,709 3,039
Macedonia, FYR4Irn Madagascar Malaioi Malayia Maldives Mali Malta.. Marshall Isands
60.061 194 2,744
1,710 30,800 .. .
230
700 310 .
..
Mauritaia Maoeiti-s Mayelte
1,0917 3,309
.
540 2,800
.
Martiniqoe e 510 2,900 e
.
Mesico microneia. Fed. Sts. Mold.sa /h Mongolia Morocco Mzm~biqomya.mr..,. N-wibia Nepal Netherlands
324,951
3,510
Netheriands Antilles
. e NewCaledonia .. . e 12,660 12,900 300 360 290 270 330 310 .. g 113,527 26,2930 26.340 9,~~~~~~~~~631 6,380 5,600 53.250 420 430
New Zealand NicargNige Niger,ia Northern, Mariana Is Nor-y LOnan PaLista-
.
1,450
2,594 3,174 31 6,404
.
1,050 70 1,670 1 70 20,050
-1.7 04 5.7 ..
-4.3 .. ,.
-0.1 5.8
7,871 .
25,427 348,41 3 1,499
1,170 2.820 250
60 89 00
17 30( 235
-
17.0 3.1
30 16 20 42
17 80
13 33
.
530 -..
1,5904d 12,400
.
0.5 2.7
-
3,930 d IlSO50d 18,050 . ..
15.390 2,0704d OlOd 1,480
.
.
16
6
22
. ..
-
45 63
.
..
40.1
8
13
22
90.2 34.4 5.5 54.3 26.7 10.0 10.4 1.3
33 28 14 33 63 I1 49 4
20 62 22 21 1 55 20 52
19 19 25 41 12 11 20 21
..
. -
...
3,270 3080
§
.Sierr
27 10
..
7.4 9.0 ..
7,100
-Spain ..
25 29
5.9 1,0.36.2 -1 3 29.3
30 39 36 .
. .
3 20 13 39
.Torkey ..
19 17 6 198
.
.
19,130 10.7304d 2,110
305 0.6 9.4
3 3 25
43 0 16
18 17 21
-0.7 1.1 1.3 -3.5 1.6 -198 4.7 1.8 -0 7
0,940 2.4704d 3,490 3,130 2,660 5,010 9,890)
1.3 4.1 27.2 610 6 10 0 112.8 13.0 2.9 -
10 2s6 204
29 49 27 9 32 19 29
22 20 22 19 24 19 29 17
.
.
49.4 91.4 2.4
23 11 41
-6.5 -5.0 -3.5
Souirce:World BatikAtlas 1995. World Bank: Washington, information contained in this table.
2,910 5,240 640
22 7
§ 1
.
5
D.C. See Macroeconomic
Slovak Repablic Slo-eia Sol.-n iosAnds Somalia Sooth Africa Sri Lanka Sodan Sai-ae
Sweden
.Sitzerland
0.5 1.2 1.5
22,91 0d
S-o Marine.0 St. Krtts aad Nevis S.Lca490 Vincent SaooTa-wand Principe Saudi Arabia Senegal Seychelles Leon Singapoer
,Swailand
.-.
,
..
Econom.y
~~~ 9 ~ ~ ~ ~~~ ~~~~~~~~~~~~~~~~~~9
790 8,630
.
1.120 2,350 200
21 1
12
..
.
.
$41.6 3.3
14
.
1,500 1,490 030 2,270 7,890 7,020 15,140
.St. .
34
3,210
..
.
11 24 76
15.1
09
0.2 -6.2 -2.1 3.2
.
67 20 15
700
-5.4 -0.3 0.9 1.9 2.3 1.9 2.0
.
10
1%) 1993
.
.
-
15
14.6
14 1993
-
..
.
M%) 1993
.
1,180 400 1,030 80 c 1,660 160 20,710
~~~~~~~77,749 20,317 /h
.. .
-
1,410L 1,350 740 1,950 7,510 6,700 15,760
3,160 2 9,510f
.. ..
44,674 1,421 2,313 32.990
6,995 34,030 54.609 87,310
. -.
3,700
~~~~~~ ~~6,621 2,470 2,580 4,637 990 1,120
Panama Papoa New Gainea Paragnay PePhilippine, Poland t PerSaga P-eto Rico Qatar Reu-o Romania RH"as-a Federhon R-ada
,.
.. .
820 300 e
-
5,160 943 27,645 1,375
t985-93
GPShar
23 37 6
Syrian Arab Repablic Tajiikistan /h Tanznia I Thailand Togo Tong, Trinidad and Tobago T.nisia Tnrkmenislan /h1,30 /6 Uganda Ubraine /h United Arab Emnirates United Kingdom United states Leognay Ua.bekistan Ih Van..ato Ve-eaela Viwt Nam Virgin Islands (U.5.) West Bank and Coca W festerSama Yen Resep. Yageslavia, Fed. Rep. Zaire Z-mbia Zimbabwe
NP IaReal (mnillions of US$1 USO Ia 1993 1992
US$ /a 1993
growth rae (9PAl 1985-93
f
4,120
4,470
5.2
233 41 0,967 444 647 55,372
2,900 2,040 370 7,780 790 5,750 160 16,970
3,040 2,130 330
4.3 4.6 -1.9 -0.9 -0.3 4.0 -0.6 6.1
10.145 12,066 261
2,040 6,700 720
..
1,900 6.310 700 c 2,900 13,650 600
-2
. . .. . ..
63
23
72.3 3.0
38 0
22 169
9 144
ii
60 54
4 25 5 34 14 13
18 33 3 3 26 80
23 220~~~~~~~~~~~~~~~~~~ 1 I15 20
2 5 02 .33 43 12 49
28 36
17 24 10
31 37 23
48 39 12
2 16
40 40
14 25
15 32 2 56 312 2
20
770 20,470d
.5
24,830 36,410
0.1 0.7
17,060 23,620
2,686 2,521 120,235 1,325 1 50 4, 776 15,332
600 100 1,840 400 1,510 3,990 1,760
47& 100 2,040 330 1.610 3,730 1,790
-7.8 1.4 8.4 -3.4 1.5 -2.7 2.2
1,430
126,330
2,030 1,350 180 2,360 22,640 18,110 23,0.30 3,470 1,000 1,230
2,120
3.0 5,590 -. 6 -1.6 .. I 9 840d -3.9 4,030 0.5 23,390d 1.3 1 7,750 1.2 24,750 3.0 6,300 -16 2,580 0.2-6.9
58.916 11.997.
2,920
-.
l59
960
... -
.c
3,152 5,756
370 500
-
1,910 22,470 17,970 24,750 3.910 960 1,230 2,840 1748 f.. I.. g 980 I g-. 370 540
22
14
6,09.7675 ...
27,000 36,730
190
24
4
.. -75.49§
13,310 3.030 303
11.2 13 825i 6.8 11 2 112
-55.3
3,670 d 1,690
.-.
..
43
40 25
4.1
21 6,294 254,066
3,486 99,677 38,720 1,042.700 6,387,686 12,3174 21,100 199
922
59 66
..
1,210 1,050
...
32.8
6 11 18 19
1,280 1,080
2,830) 14,230 560
.5 .5 3.8 2.5 1.7
488 933
118,057 033,986 10,650
Share of Shar of esyrts investen n O nO (PAl (PA 1993 1993
1,640
2.5 -2.3 -1.5 3.1 2.6 26 -0.2 2.2 3.8
.
of Averge agricratore irfain nO rate (IAl VA) 1985-93 1993
-
185
730 6,370 140 19,310
PPP /b6 Intl. dollar 1993
20.0 11.3 6.3 3.8 2. 33.0
-23.4
6.390 1,0404d -10
SOSO0d 5,070
10
98130 100d
..
..
-0.1 I
5.1 2.3 45.9 6.6 56 2 46.0 4.1 79.3 103.0 .
5.7 3.5 76.2 65.0
30.2 1.72201 ..
10.6
-.
-0.8 1.8 -11
...
1,170 1,900
89.0 20 5
§ 9 36
5
16 28
.1
..
6 68 24 11 20 ..
25 446~~~~~~~~~TA..istn 15 25 135 16 16 30
27
10
14 13
20
-4
4 21
§
§
29 18
40 34
11 23
27 26 16
Notes in Appendix I of this text for instructions on how to access mLtre detailed information or methodology notes on the
Notes: Dashindicates datanot available. §indicates thatrangeestimate is provided
in maps of World Batik Atlas 1995. World Bank: Washington, D.C. Figures in italics are for years other than those specified. The number (I or 0.0 means zero or less tlsan half the unit shown anid not known more precisely. Letters: a. Atlas method; b. Purchasing power parity, see the introduction and the technical notes (of World Bank Atlas). c. Estimated to be low-incomie ($695or less). d. Obtained from regression estimates. e. Estimated to be upper-middle-income ($2,786 to $8,625). f. Estimated to be high-income ($8,626or more). g. Estimated to be lowermiddle-incotne ($696 to $2,785). h. Estimates for the economies of the former Soviet Unioni are preliminary, and their classification will be kept under review. i. Data for Eritrea are not yet diSaggregated and are itscluded in Ethiopia. j. PPPestimate of GNP per capita and data on shareSin GDP refer to the former Federal Republic of Germany. k. Referencesto GNP relate to GDP. I. Data cover the East Bank only. m. Former Yugoslav Republic of Macedonia, n. Data cover mainland Tanzania only.
1995 FAC- BOOK
EMERGING MARKETs
DATABASE
5
Aggregate Net Long-Term Resource Flows to Emerging Markets (US$millions)
Type of finance
Official development finance Official development assistance Official grants /b Official concessionary loans Bilateral Multilateral loans
Official nonconcessionary Bilateral Multilateral
Private loans Bonds Commercial banks Suppliers Other private Foreigndirectinvestment Portfolio equity flows Aggregate
net resource
Aggregate
net transfers
flows
Memo items Private grants Net use of IMF credit Ic Realaggregatenetresourceflows Importpriceindex
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994 /a
33,437.3 21,176.5 12,572.8 8,603.7 4,948.8 3,654.9
37,833.3 26,618.6 14,670.8 11,947.8 7,966.2 3,981.6
42,876.5 29,317.8 16,074.3 13,243.5 8,604.9 4,638.6
43,351.6 33,497.4 16,913.2 16,584.2 10,929.0 5,655.2
42,427.5 36,391.3 18,369.0 18,022.3 12,668.3 5,354.0
42,556.1 36,933.5 19,184.8 17,748.7 12,437.4 5,311.3
57,944.1 44,868.0 28,743.0 16,125.0 9,809.2 6,315.8
61,769.5 47,802.3 32,555.8 15,246.5 8,535.0 6,711.5
50,305.3 43,049.8 29,875.9 13,173.9 5,867.8 7,306.1
53,910.2 42,413.7 30,117.2 12,296.5 5,299.6 6,996.9
54,399.5 44,586.2 30,483.5 14,102.7
12,260.8 3,448.7 8,812.1
11,214.7 2,361.8 8,852.9
13,558.7 3,116.4 10,442.3
9,854.2 597.0 9,257.2
6,036.2 256.0 5,780.2
5,623.1 -788.1 6,411.2
13,076.0 4,191.3 8,884.7
13,967.2 5,687.0 8,280.2
7,255.5 1,863.4 5,392.1
11,496.5 4,042.0 7,454.5
9,813.3
25,983.4 -117.4 21,159.0 774.6 4,167.2 9,437.3
21,824.4 5,610.8 8,494.9 -244.2 7,962.9 11,329.7
10,889.5 757.5 3,258.6 828.6 6,044.8 10,253.3
9,848.4 1,049.9 2,992.8 991.1 4,814.6 14,576.1
12,741.6 2,888.7 7,316.6 -885.5 3,421.8 21,181.7
12,763.5 5,284.5 865.9 1,073.3 5,539.8 25,687.1
15,061.1 3,418.9 120.3 7,300.6 4,221.3 26,711.7
18,574.3 12,481.6 3,968.3 -2,167.8 4,292.2 36,810.1
41,476.6 12,943.7 12,835.8 -16.0 15,713.1 47,076.4
45,653.9 42,046.2 -2,199.5 1,993.9 3,813.3 66,614.0
55,555.2
150.0
138.0
606.0
761.0
1,096.0
3,485.9
3,773.6
7,552.2
14,172.2
46,933.7
39,450.1
71,125.4
64,625.3
68,537.1
77,446.8
84,493.1
103,490.4
124,706.1
153,030.5
213,111.8
227,323.2
411.4
286.2
-3,898.4
-1,597.0
-1,142.1
7,198.6
26,209.6
45,837.8
74,406.6
132,225.7
137,457.4
2,600.0 3,567.3
2,900.0 -155.0
3,300.1 -3,271.5
4,000.0 -6,301.7
4,300.1 -5,491.9
4,000.0 -2,329.5
4,890.0 127.9
5,199.8 3,150.4
5,800.0 1,151.8
6,300.1 781.6
7,000.1 526.0
88,699.2 77.8
92,974.4 76.5
81,700.8 79.1
79,417.3 86.3
84,548.9 91.6
91,048.6 92.8
105,710.3 97.9
127,511.4 97.8
154,109.3 99.3
222,687.4 95.7
227,323.2 100.0
69,008.0
-
-
-
-
77,918.4
Table this page: Source: World Bank, Debtor Reporting System; OECD; data on foreign direct investment are from the IMF; as reprinted in FinfancialFlows to Developinig Countries, February 1995. World Bank: Washington, D.C. Notes: See Macroeconomic Notes in Appendix I of this text for instructions on how to access more detailed information or methodology notes on the information contained in this table. Table includes data for 154 developing countries, of which 137 report to the World Bank Debtor Reporting System. Dash indicates data not available. Letters: a. Projection; b. Excludes technical cooperation grants; c. Includes IMF Trust Fund and Enhanced Structural Adjustment Facility.
Map and figures opposite page: Source: World Bank Atlas, 1995. World Bank: Washington, D.C. Note: See Macroeconomic Data Notes in Appendix section of this text.
1995
FACTBOOK
EmNRGING. MARKETS DATA BASE
6
World GNP and GNP Per Capita GNP Per Capita, 1993 IBRD 26903
7~~
7~~~~~~~~~~~~~~~~~~
F-
US dolla1rs;.
$i695 it
'
[2$2,786-$8,625
;
\
>
)_
::g(,
,-,
;
;
Sti~$96$2,785;
0
8<;
t
or less
S
'
F1 No diata
X
_
',
y
:1$8,626 orr more
.
r3~',-/.<
NIAY1995 errl .lL 1fx1l.,11s
L
WforldBanzk iiicolitegroedul'In,
Low Lowser-middle Upper-middle Highl Emerging Markets Developed Markets Woirld
[.Iol >
1
Pr;>.wiell
Nuyiiber of ec(inoiilies
l:z!1lr
e;11S
/.1111I1
GNP (US$ liiillions)
Popuilation
GNP percapita
(rnillionO)
(US$ millions)
59 69 42 39
1,165,000 1,635,000 2,1 53,000 19,304,000
3,094 1,099 498 8 34
3Sil 1,49(1 4,3201_ 23,1503
17il 39 209
4,953,()00 19,30l4,000 24,257,000(
4,691 83 4 5,525
1,056 23,1 50_ 4,390
It)t)- 1 X(I l;( )()1x
Emerging
Emerging
Markets'
Markets 20',
De, eloped Nlarketc
Markets'
Share of World Populaition, 1993
Share of World GNP, 1993
Nlrex*ts,p f
Emerging Markets
N itzrT,, DA\ A R \'SE 7 1R(-N( 1\1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~LNII
Key Trends in Emerging Stock Markets in 1994 Nonetheless, many emerging markets experienced quite strong returns in 1994 and were the best performing markets at the global level. At year end, out of the 20 best performing equity markets in the world, 19 were emerging markets. It is interesting to note that the leaders among these top markets were typically smaller, "pre-emerging" markets, most of which are not currently included in any of the leading indexes. Kenya, for example, topped the list with a 179% increase over the year, followed by Egypt, Bangladesh, and Tunisia, which each increased well over 100%,. Among the major emerging markets, Brazil was up by 65% in dollar terms as measured by its IFCI index, followed by Peru (up 47%o),and Chile (up 42%).
The Year In Review have long been equity markets Emerging characterized as having higher risks but also higher returns than developed equity markets. Since 1991, most investors in these markets have focused primarily on the high returns available; 1994 will be remembered for refocusing investor attention on the risks. This was a year in which many emerging markets experienced dramatic price swings and most markets ended the year at lower levels. Nonetheless, 1994 was also a year of substantial progress in emerging markets, with important advances made in their transaction as capital raising effectiveness efficiency, of mechanisms, and in the introduction sophisticated investment techniques. While the volume of portfolio investment into emerging markets in 1994 slowed from the very high levels of 1993, the inflows were still substantial, and a solid foundation for future development has been established.
by political and economic crises. Mexico, for instance, which many investors viewed as having reached nearly "developed" status, witnessed both positive and negative political events during the in terms of year; these were outweighed by the to investors, though, significance of the unanticipated and sharp devaluation Mexican peso in the closing days of the year-an the throughout event which reverberated international investment community. The image of emerging markets was also tarnished in many investors' minds by evidence of international market abuses in Russia, India, Turkey, and China, which came to light in 1994. Despite the roller-coaster performance of emerging markets occasioned by sharp sell-offs and frequent bad news, the broad IFC Global (IFCG) Composite Index, representing returns for 1,266 stocks from 24 emerging markets, fell just over 2% in dollar terms in 1994. The IFC Investable (IFCI) Composite Index, which measured the returns from 890
However, in a pattern now familiar to emerging also markets investors, emerging market constituted eight of the ten worst performing markets in 1994. Indeed, some of the markets that were among the top performers in 1993 were some of the world's worst performers in 1994. In dollar
EmergingStock Market Performancein 1994
emerging market stocks eligible for foreign
terms, Turkey was down by 43%, Poland by 43%,
Emerging stock markets ended 1993 on a buoyant note, and many continued to reach new highs in early 1994 with valuations and market sentiment stocks extreme levels. However, reaching experienced a severe correction in February when the U.S. Federal Reserve raised short-term interest rates from historically low levels. World stock and bond markets were rocked by this and subsequent rate increases, which doubled shortterm U.S. interest rates over the course of the year. The positive outlook of emerging markets investors changed dramatically, with the markets' sharp declines from mid-February to the end of June setting the tone for the year in many investors' minds.
therefore reflecting portfolio investment-and foreign investor reactions more directly-fell substantially more, losing 13.8% for the year. All of the IFC's regional indexes also suffered declines in 1994, though there were specific periods in each region when losses tended to accumulate. The bottom fell out of virtually all emerging markets for investors with Mexico's severe peso devaluation on December 20. At mid-December, the IFC Global Latin America Index was up almost 2% for the year, but had dropped 2.0% by year-end. The IFC Investable Latin America Index lost almost 6% in that two-week period to end 1994 down almost 11%. The IFCG Asia Index lost just 1% in 1994, while the IFCI Asia Index fell by more than 14%. (EMEA) Index The IFCI Europe/Mideast/Africa posted the worst result of all IFC regional indexes during 1994, losing 30% principally because of a sharp fall in the IFC Index for Turkey.
and Argentina and Mexico by 42% on their IFC indexes.
Domestic events in individual emerging markets also impacted prices throughout the year with strong economic growth and continued political and economic reforms often counter-balanced 1995 FACTBOOK
Overall, the movements of the IFC Composite indexes during 1994 followed a roller-coaster path. Peaking first in early February after rising about 3-4% from the year's opening levels, the indexes faltered because of increases in U.S. interest rates and their impact on investor psychology, which resulted in heavy selling in an effort to lock in 1993's sharp price gains. Over the first half of the year, the IFCG Composite fell by 15%oand the IFCI Composite by nearly 20%, from their peaks before bottoming in June. A strong upturn of 25% in the third quarter was caused by positive election results in Mexico, the positive effect of the Real Plan in Brazil, and hopes for an end to interest rate increases. This run-up peaked in September and the indexes declined slowly of in anticipation thereafter on profit-taking EMERGINGMARKETSDATABASE 8
market development
in
further international interest rate increases. By mid-December, the IFCG Composite Index was back at its 1994 opening level and the IFCI Composite was down by 8%; both indexes appeared set to end
stock exchanges rose to a record level of $1,640 billion, up nearly 52% from the 1993 level. The prior record of $1,166 billion had been set in 1989. It is worth noting that in 1989 just one emerging
were laid for continued 1995.
the year at those levels. In the final two weeks of December, however, Mexico'sunexpected flotation of the peso, the currency's subsequent 35% decline against the dollar, and related declines in share prices in Mexico and other Latin American markets hit the IFCG and IFCI Composite indexes hard, driving them down an additional 4% and 6.7% respectively over the period. This impactreferred to by much of the global investment press as the "tequila effect"-spilled across regions and continued into early 1995.
market (Taiwan, China) accounted for 83% of the record trading. In 1994, the Taiwanese stock market was still the most active but represented only 44% of total activity, indicating a general increase in trading activity and liquidity among all emerging markets surveyed. In 1994, many China, Colombia, the markets-including Philippines, Taiwan (China), Zimbabwe-posted triple-digit percent increases in annual value traded. Among the major emerging markets, only Malaysia, Thailand, and Turkey reported declines in 1994 trading activity compared to 1993 activity.
A variety of new and sophisticated instruments and techniques for emerging market investment were introduced or gained wider acceptance in 1994. For example, the use of indexation and other quantitative techniques for emerging markets grew rapidly. From less than $200 million at the start of the year, the total amount of indexed emerging market investment surged to reach a level of more than $2 billion by early 1995. This pool of assets is being managed using a variety of techniques, including passive, "active/passive," and quantitative tilt strategies.
In addition to liquidity gains in many markets, there has been notable improvement in settlement in most emerging markets. The introduction of improved systems at the exchange, brokerage, and custody levels, has helped improve investor confidence in the integrity of these markets. But there was also some noticeable deterioration in this regard, such as in India, where settlement continues to be extremely difficult.
Emerging market derivative activity also grew substantially in 1994. Volatility in underlying markets prompted investors to seek risk management vehicles and use these instruments to gain quick and efficient exposure to these markets. The use of derivatives on emerging market stocks now covers a full range of instruments, including listed index futures and options, options on individual stocks, OTC index swaps, and options on index-linked notes. In addition, a number of emerging markets have, or are in the process of introducing, domestic equity derivative markets. It is expected that these developments will help enhance the liquidity and transparency of the underlying cash markets.
in EmergingMarkets Innovations
Key Indicators of Development in the EmergingStock Markets Despite lackluster performances in 1994,emerging markets as a whole achieved impressive results in their structural development during the year. According to the IFC's 1995 Global Survey of Stock Exchanges, for instance, the total number of domestic companies listed on the principal stock exchanges of the 60 emerging markets for which data was available rose 15% from year-end 1993 to over 17,000 companies, more companies than were listed on the world's developed stock exchanges in 1991.The value of these new listings and other issues of stock more than countered the general decline in share prices to bring aggregate market value at year-end to a record $1,930 billion, up nearly 21%,from 1993. Emerging markets also showed signs of increasing maturity in terms of their capital-raising power. New issues of stock for cash rose dramatically in 1994;the number of new issues made during the calendar year rose 40% from 2,000 in 1993to over 2,800 in 1994, while the amount of capital raised also grew nearly 40%, to $51.4 billion versus $37 billion in 1993. The most impressive gain in 1994 was perhaps in the trading activity in emerging markets. Even while share prices fell generally, aggregate value traded in 1994on the individual emerging markets' 1995 FACTBOOK
Thus, emerging markets show strong evidence of continuing to become more liquid and efficient, even before considering the significant amount of trading in emerging market stocks that takes place in international financial centers. Citibank, for instance, estimates that the total value of Latin American Depositary Receipts (DRs) traded in 1994 was $104 billion, equivalent to about 51% of the total trading that took place for all stocks in the home markets of the region. The figures for DR trading for other emerging market regions are likely to be less substantial relative to the whole but still significant in conjunction with increases in local market trading. Overall, despite market perceptions based on price movements and volatility, the key indicators of growth in stock market size, depth, and sophistication, indicate that 1994was a good year for emerging markets and one in which foundations
International Equity Offerings and Foreign Portfolio Capital Flows Notwithstanding the volatility of stock prices in most emerging markets, 1994 was another record year for foreign portfolio capital flows and capital raised in international capital markets by emergingmarketcompanies. According to preliminary World Bank estimates of net long-term financial flows to developing countries, net portfolio equity flows of about $39.5 billion were used to buy emerging market stocks in 1994. This may be down from the 1993 record of $46.9 billion but it is still the next best EMERGINGMARKETSDATA BASE 9
year on record. Even though there was a 16% drop in net portfolio equity flows, in 1994 there was a 17% increase in net foreign direct investment which reached a level of $77.9 billion, and an 11% increase in overall net private capital flows to $173 billion from $159 billion in 1993. Assets in open and closed end equity funds at year end, according to Lipper Analytical Services, were $124 billion. Total foreign approximately portfolio capital invested in emerging markets at year-end was approximately $200 billion. According to pension consulting firm InterSec, U.S. pension funds were not deterred by volatile markets from sending more investment abroad-a trend which is expected to continue in 1995. InterSec estimates that in 1994, $40 billion was invested overseas leading to a total estimate of foreign holdings by U.S. pension funds of $303 billion. Of this amount, the firm estimates that $6.6 billion was directed to emerging markets, with a total of $28.3 billion being invested in emerging markets by U.S. pension funds by year end. Pension plan sponsors increasingly recognize that adding emerging markets equities to their portfolios helps them extend the efficient frontier of tradeoffs between risk and return. The result is an increased tendency for pension funds to diversify their holdings out of dollar-based investment and to further internationalize their equity portfolios. As implied in the surge in new listings and trading, it was also a banner year for new international offerings of securities. The roller-coaster nature of stock price movements during 1994 opened occasional "windows" for new issues of shares, and the year was replete with initial public privatizations, and international offerings, offerings. IFR Securities Data London estimates that more than $17 billion was raised in new emerging market issues in international equity markets. The leading countries in raising new equity in international issues in 1994 were India (with more than 47 new issues for nearly $3 billion), China (36 issues for $2.4 billion), Mexico (36 issues for 1995 FACTBOOK
$1.7 billion), and Indonesia (27 issues of $1.5 billion). Strong showings were also made by Argentina, Brazil, the Philippines, Korea, and Pakistan which had new issue totals reaching the $1 billion mark. The year was also notable with the entrance of new players to the field of emerging equity issuers. In 1994, markets international South Africa entered the market during the year with three issues totaling $175 million; Ghana came to the market for the first time with a $398 million issue for Ashanti Goldfields, as did Russia with the launch of a 25 billion ruble offering of the shares of Red October Confectionery in December. Revealing a preference for investment in the form of Depositary Receipts, investors supported a record year for DR programs, helping to raise more than $20 billion in capital for all non-U.S. issuers. Emerging markets are the fastest growing segment of the depositary receipt market, providing for more than 56%o of the new DR programs established during 1994. In the two prior years, DR issues from emerging markets accounted for less than half of the new DR programs established. Of emerging markets, India was the most active, establishing 44 DR programs, followed by Brazil with 28 new programs and Mexico with 23 new programs. The year 1994 was also significant in witnessing Korea's first ADRs listings on the New York Stock Exchange (NYSE). ADRs valued at $300 million each were introduced in 1994 for Korea Electric Power and for Pohang Iron & Steel. Indonesia's P.T. Indonesia Satellite Corporation made the single largest intemational equity offering in 1994 by an emerging market company, for $829 million, using a DR program. Emerging markets were also well represented in 1994 DR trading statistics. The most actively traded DR program during the year was that of Telmex, which traded more than 1 billion receipts shares on the NYSE, making it was one of the most actively traded stocks on the exchange. Analytical Services to Lipper According International, interest by investors in emerging
markets equity funds continued to be strong in 1994. Fifty-nine new closed-end emerging market equity funds were established last year, raising over $7.1 billion. Over the year, more than 150 open-end funds were established in the U.S. and offshore. Most of these were funds directed toward investment in Asia (50%), with 28% having a global focus, and 18%obeing targeted to Latin American markets. Some of the new funds launched last year focused on the smaller and younger emerging markets. For example, during 1994 new investment funds were launched for Bangladesh, Vietnam, the Czech Republic, and for portfolio and direct investment in economies of the former Soviet Union. Trends and Prospects for Emerging Markets While 1994 was a tumultuous year for emerging markets, it was also a year which evidenced progress in the deepening and broadening of the markets through increases in liquidity, number of shares in domestic and international markets, and high levels of portfolio flows. The roller-coaster ride of 1994 reduced many investors' returns from emerging markets and shook out many short-term, peripheral players. In the early part of 1995, that sophisticated however, it appears institutional investors continue to be convinced of the inherent validity of the long-term potential of emerging markets and have not pulled their investments out of these markets. These money managers and investors appear to believe that there is still value to be obtained in emerging returns which markets from higher-than-average are relatively less correlated with returns in developed markets. Nonetheless, 1994 was a sobering year for emerging markets investors, especially new investors who learned that the return potential in emerging markets could be more than balanced by risks, particularly for short-horizon investments. While emerging markets are becoming deeper and more stable, their volatility remains a constant. This year's results were proof that emerging more markets can still turn on a dime-or, accurately, turn on a peso. ENLRGING MARKETS DATA BASE 10
2. World Stock Markets
Emerging Stock Markets Factbook 1995
World Stock Market Performance 1994 (ranked by 1994% change in price indexesin US$) Rank
Market
%. change in price index
Rank
Market
44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
U.S. Phiilippines* Sri Lanka *-1.9 Greece' Namibia U.K. Canada France Austria Spain Pakistan *-9.8 Jordan *-11.7 Thailand *-13.1 Hungary CotedIlvoire Indonesia *-20.6 Malaysia Venezuela *-27.2 Hong Kong Israel China *-34.5 Mexico *-41.6 Argentina *-41.6 Poland *-42.6 Turkey
% change in price index
Market Indexes 2 3 4 5 6 7 8 9 10 I1I 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27
Kenya Nigeria *168.8 Egypt, Arab Republic Bangladesh Tunisia Ghana Brazil *67.6 Maurifius Peru *52.1 Finland Iran, Islamic Republic Panamna Chile *41.2 Morocco Ecuador Oman Southi Africa *28.5 Cyprus Colombia *26.8 Swaziland Zimbabwe *22.5 Norway Taiwan, China * Japan Sweden P'ortugal *16.54 Korea *16.3
29 30
Italy Jamaica
31
Luxembourg
Top 25 Marketand RegionalIndexesby PercentChange in Prices,1994 179.0 167.2 116.6 114.4 68.8 56.5 51.3 49.0 44.1 40.3 38.8 29.1 27.6 25.7 22.1 21.5 20.7 17.3
-0.9 -1.1 -2.1 -2.7 -4.7 -4.9 -6.6 -7.1 -7.4
32 33 34 35 37 38 39 40 41
Netherlands Trinidad &Tobago India Botswana 36New Zealand Singapore Belgiumr Barbados Germany Australia
1 2
F.T.EuroPac MSCIESAFE
9.4
3
MSCI World
8.9 8.1 6.5 6.0
4 5 6 7 8 9 10 11
IFCG Asia IFCG Lafin America IFCG Composite U.K. FT 100 IFCI Latin America [FCI Comnposite IFCI Asia tFCI EMFA
~5.8 5.4 4.9 4.2 3.3 2.9
42
DenLmark
2.6
43
Switzerland
2.4
Notes:
160
1 40
120 -17.5 -19.7 100 -22.8 -31.0 -33.4
80
60
-43.3
28 Ireland 11.9 Regional Indexes 10.4 9.6
180
7.1 6.2 3.4
-1.0 -L.8 -2.2 -5.2 -10.8 -13.6 -14.2 -30.0
[llfffniuii
40
20 0
H
H -a1
H_______________ -
-0
C:~ M
lr
M
1
OU
vcE.
l
Z
L)E U~ U
5
*
Emerging markets
Developed markets
Asterisks indicate IFC Index returns for markets covered by IFC Indexes in 1994. Data for emerging markets not inuclued in IFC Index coverage in 1994 are local index percentage changes adjusted to US dollars. Developed market index data for this table from MSCI. Index performances on this page do not necessarily represent the returns that non-dlomestic investors might have achieved for the year.
1995 FACTBOOK
EMfERGINGMARKETs DATA BASE 12
World Stock Market Turnover 1994 (ranked by 1994 turnover ratio)
Rank
Market
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43
Taiwan, China China ^ Poland* Korea ^ France Germany Turkey * Brazil * Switzerland U.K. Netherlands Italy Sweden U.S. Slovenia Singapore Thailand * Israel Malaysia * Denmark Austria Croatia Canada Peru* Hong Kong Mexico Australia Spain Finland Portugal i Japan Philippines t29.9 Indonesia Ireland Argentina Norway New Zealand Pakistan Sri Lanka t India Morocco Hungary Iran, Islamic Republic
Notes:
Turnover ratio M%)
323.1 235.2 176.7 174.1 133.9 97.8 94.2 83.4 80.1 78.1 73.5 72.3 70.5 69.7 62.3 62.2 60.9 60.4 58.7 56.8 54.9 52.2 50.3 46.8 45.0 44.5 44.4 44.1 43.4 36.6 32.4 29.4 28.5 28.1 27.5 27.4 26.9 25.9 24.1 22.1 21.6 20.8
Ratik
Market
44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80
Venezuela Kuwait Colombia Satidi Arabia Tunisia Lithuania Oman Belgium Bangladesh Jordan ' Czech Republic Panama Zimbabwe Slovak Republic Chile * Trinidad & Tobago Egypt, Arab Republic Sotith Africa Jamaica Botswana Cyprus Mauritius Uruguay Nepal Malta Iceland Cote d'lvoire Ghana Bulgaria t Greece Ecuador Kenya Barbados Luxembourg Nigeria Swaziland Namibia
Turnover ratio (%)
20.2 18.9 17.8 17.1 17.0 16.4 16.4 15.6 14.3 13.0 12.1 11.8 11.5 11.2 9.5 9.0 8.9 8.5 8.3 8.2 7.3 7.0 5.7 5.4 5.0 4.0 3.7 375 3.4 3.1 2.9 2.6 1.4 1.1 0.8 0.6 0.3
Top 25 Market Indexes by Turnover Ratios, 1994
350
300
250 200
150
100
0 cx
r> Y
4
Mv)
3
Ž'
x
r U .
s .z
xX L x
2
Ua
xX
a
a
8
r6
C
_ v
C
Z
Emerging markets *
Developed markets
Asterisks indicate market turnover for markets covered by IFC Indexes in 1994. Ratios for each market are calculated in local currency terms by dividing average market capitalization for the year by total value traded. Developed market index data for this table from MSCI.
1995 FACTBOOk
EMERGING MARKETS DATA BASE
13
World Market Capitalization 1985-1994 (US$millions; end of period levels) Market
Emerging Markets Argentina ^ Armenia Bangladesh Barbados Botswana Brazil * Bulgaria Chile China * Colombia ' Costa Rica Coted'lvoire Croatia Cyprus Czech Republic Ecuador Egypt, Arab Republic Ghana Greece-
1985
1986
1987
1988
1989
1990
1991
2,037
1,591 186 42,096 4,062 822 246 332 -
1,519 405 16,900 5,341 1,255 458 -
2,025
4,225
3,268
-
-
-
430 32,149 6,849 1,145 437 -
476 44,368 9,587 1,136 531 -
321 280 16,354 13,645 1,416 549 -
-
-
-
-
-
1,716
2,150
1,760
1,713
1,835
4,464
4,285
1993
1994
18,633
43,967
36,864
-
-
-
-
-
18,509 269 307 261 42,759 27,984 2,028 4,036 311 567 1,296 2,527 76 13,118 40 505 47,730 6,823 30,509 1,034 2,512 638 96,373 58,627 312 98,178 1,528 1,882 1,506 7,326 1,118 10,197 144 9,613 115
-
-
-
-
-
-
-
-
55,439
-
-
-
-
-
434 168,497
-
113 42,768 2,012 416 195 302 -
1,382 765
-
--
1,129
-
6,376
-
15,228
Honduras
-
-
-
-
-
-
Hungary * India * Indonesia Iran, Islamic Republic Jamaica Jordan * Kenya Korea * Lithuania Malaysia Malta Mauritius Mexico * Morocco Namibia Nepal Nigeria * Oman Pakistan * Panama 1'eruPhilippines Poland Portugal Russian Federation Saudi Arabia Slovak Republic Slovenia South Africa *
-
13,588 81 536 2,839 13,924 15,065 -
17,057 68 631 2,643 32,905 18,531 8,371 357 974 1,960 831 2,948
-
27,316 2,254 957 2,162 499 140,946 39,842 22,550 621 -
-
1995 FACTBOOK
1992
14,364 117 266 2,454 7,381 16,229 3,815 255 2,743 1,370 760 669
-
5,952 279 1,112 1,710 2,322 2,008
-
192 -
-
1,530
102,652
23,623 253 796 2,233 474 94,238 23,318 13,784 446 960 2,460 4,280
-
8,857
128,663
1,005 983 2,457 931 11,965
-
7,172
126,094
38,567 8,081 911 2,001 453 110,594 48,611 268 32,725 966 1,372 1,257 2,850 812 5,927
-
10,618
131,060
-
9,201
137,540
314 259 295 45,261 29,644 18,255 5,681 475 336 1,184 69 3,259 84 9,489
453 328 261 99,430 44,622 40,567 9,237 434 415
-
1,071 1,620 3,814 118 12,319
-
-
562 65,119 12,038 1,370 3,227 3,365 607 107,448 94,004 416 139,061 1,909 326 1,221 1,544 8,028 241 2,630 13,794 222 9,213 -
812 97,976 32,953 1,304 1,469 4,891 1,418 139,420 220,328 791 200,671 2,651 3,450 1,029 1,599 11,602 421 5,113 40,327 2,706 12,417 171,942
103,537
[xn¶RGING c
1,049 518 377 189,281 52 68,195 43,521 14,028 428 514 1,335 12,589 3,499 4,263 1,873 14,921 49 1,604 127,515 47,241 2,770 1,753 4,594 3,081 191,778 41 199,276 52 1,514 130,246 4,376 9,574 264 2,711 2,135 12,263 763 8,178 55,519 3,057 16,249 30,000 38,693
1,093 594 225,718 IARKETS
A I A BASE
14
World Market Capitalization 1985-1994 (US$millions; end of period levels) Market
Emerging Markets Sri Lanka ' Swaziland Taiwan, China ' Thailand * Trinidad&Tobago Tunisia Turkey' Uruguay Venezuela' Zimbabwe ' IFC Index Markets All EmergingMarkets
1985
1986
365 10,432 1,856 463 600 15 1,128 360
421
1987
1988
1989
1990
1991
1992
1993
1994
608
471
427
917
1,439 101,124 58,259 510 814 9,931 368 7,600 628
2,498 297 195,198 130,510 485 956 37,496 251 8,010 1,433
2,884 338 247,325 131,479 663 2,561 21,605 170 4,111 1,828
(cont.)
120,017 8,811 268 608 1,135 24 1,816 774
237,012 25,648 411 638 6,783 27 1,472 1,067
100,710 23,896 696 533 19,065 38 8,361 2,395
1,936 27 124,864 35,815 671 711 15,703 44 11,214 1,394
-
15,367 2,878 374 595 935 35 1,510 410
-
48,634 5,485 388 662 3,221 40 2,278 718
-
17
111
167,672 171,263
234,004 238,303
314,231 319,322
477,892 483,135
731,207 738,063
603,536 611,660
808,885 852,068
866,186 883,904
1,567,474 1,591,080
60,163 4,602 20,871 147,000 15,096 5,855 79,000 183,765 34,504
105,709 7,411 41,377 218,817 20,181 19,698 172,048 213,166 54,088 12,001 119,559 2,802,952 14,196 38,277 86,240 15,713 11,818 17,931 71,188 70,564 128,527 680,721 2,588,890
138,283 8,862 58,920 241,880 30,178 30,179 244,833 251,777 74,377
140,956 22,261 74,596 291,328 40,152 30,652 364,841 365,176 77,496
144,867 7,689 71,319 266,874 44,841 14,271 348,083 393,454 121,986
135,451 21,750 64,172 243,018 32,635 12,202 350,858 348,138 172,106
203,964 28,437 78,067 326,524 41,785 23,562 456,111 463,476 385,247
-
-
5,458 135,428 3,906,680 11,836 44,808 113,565 13,163 14,332 24,049 91,118 100,083 140,527 771,206 2,793,816
8,227 169,417 4,392,597 9,932 10,348 157,789 13,487 25,285 35,925 122,652 119,285 170,936 826,598 3,505,686
107,611 11,476 65,449 241,920 39,063 22,721 314,384 355,073 83,397 3,324 148,766 2,917,679 10,456 119,825 8,835 26,130 34,308 111,404 92,102 160,044 848,866 3,089,651
1,801,991 1,928,972
Developed Markets Australia Austria Belgium Canada Denmark Finland France Germany Hong Kong Iceland Ireland Israel Italy Japan Kuwait Luxembourg Netherlands New Zealand Norway Singapore Spain Sweden Switzerland U.K. U.S.
12,658 59,363 8,761 10,063 11,069 19,000 37,296 90,000 328,000 2,324,646
94,713 6,656 37,337 166,300 16,284 11,692 149,500 257,677 53,789 9,884 140,249 1,841,785 10,108 26,163 83,714 22,215 10,122 16,620 48,922 63,354 132,400 439,500 2,636,598
All Developed Markets
4,496,503
6,275,582
7,511,072
9,245,358
10,975,622
8,812,484
10,447,505
9,962,514
12,464,603
13,256,635
World Total
4,667,766
6,513,885
7,830,394
9,728,493
11,713,685
9,424,144
11,299,573
10,846,418
14,055,683
15,185,607
7,626 58,502 978,663 -
-
-
-
6,176 158,865 3,130,863
29,634 129,191 2,399,004
11,308 136,158 14,336 22,043 47,637 147,928 97,495 173,881 987,952 4,099,479
11,936 134,594 15,348 17,821 48,818 98,969 76,622 195,285 927,129 4,497,833
50,773 136,153 2,999,756 10,049 19,337 181,876 25,597 27,380 132,742 119,264 107,376 271,713 1,151,646 5,223,768
219,188 30,272 84,103 315,009 54,399 38,278 451,263 470,519 269,508 484 8,408 32,730 180,135 3,719,914 10,517 28,511 283,251 27,217 36,469 134,516 154,858 130,939 284,092 1,210,245 5,081,810
Notes: Table contains year-end total market values of listed domestic companies. See Stock Market Reference List in Appendix I for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994.
1995 FACTBOOK
E\IRGING
NI\ARKETS DATA BASE
15
Market Capitalization Analysisand Summary 1984 and 9% in 1992. A milestone was reached in of all 1993 as the total market capitalization emerging markets surpassed the $1 trillion mark. By the end of 1994, this figure had risen to $1.93 trillion.
The map on the opposite page illustrates market in world economies based on capitalizations figures reported in IFC's 1995 Global Survey of Stock Exchanges (see pages 14 and 15 for data). Shading in this map does not necessarily correspond with whether a market is considered emerging. As the table beneath the map shows, while 89% of the darkest shaded regions are emerging markets, 55% of the medium-shaded regions are emerging markets, as are 33% of the lighter regions. Overall, the market capitalization of emerging markets now represents 13% of the world total market capitalization, up from 4% in
The diagram below is a plot of GNP per capita versus market capitalization as a percentage of GNP. Emerging markets are shown with lighter dots, while darker dots indicate developed markets. It can be seen from the diagram that relative to the size of their domestic economies, many emerging markets are as large or larger than
economies, the stock markets of developed suggesting that market size is heavily influenced by factors such as institutional arrangements in the financial system, and the interaction of monetary, fiscal, and regulatory policies. It is also apparent is not that relative stock market development necessarily related to current per capita income levels. Because market capitalization is a function of stock market prices, the ratios depicted below fluctuate and should be used cautiously to form only a part of any consideration of a market's relative size and stage of development.
GNP Per Capita vs. Market Capitalizationas a Percentage of GNP, 1993 1000%
* HoggKong
a Malays.a
_ Smngapore 100%
n ;g India 2 _g Kenya
>
N i
a
_ 3°
10% _ _ i
u South Africa B Namibia BEThailand8 Chle a Jordan Phillipi.ill M-xico f Phillipines
k
* Luiemboueg * Switzerland
mu S. .ja pan a ~~~~~~T.i-o * , ChinaAlsts.1
wede,n Ne- Zealad Korea Sl Jaac g Fr ncnak RTorkey Manritios Zirnmbabwe ot Swaziland Itua Spain - Finlan.J1'y Argen. iBrazil X & Indonesia nColombia Poola.aa k, Sn Lanka U Austria Greece S Cypnrs a>Venezuela ; EcuaaXr g Trinidad Egypt eMMorocco STanisia Boiswana& Tobago e China Pnam _ Coled'Ivore MSPoland
Nigera
Hnary HB
m~~~~~~~~~~~~~~~~~~~~~~~~3
8 Bangladesh
* U K.
a
Unuguay
!KGhana
1%
I-
0%. 100
10,000
1,000
100.000
1993 GNP per Capita (US$) (log scale)
Figure this page: Source: IFC Emerging Markets Data Base, and the World Bank. Note: End-1993 values of GNP and market cap are used. See GNP footnotes on pages 4 and 5, and market cap footnotes on page 15. 1995
FACTBOOK
Map and figures opposite page: Source: IFC Emerging Markets Data Base. Note: See pages 14 and 15 for data. ENIERGING MARKETS DATA BASE
16
Market Capitalization Analysis and Summary World Market Capitalization, 1994 IBRD 26904
C>~~~0
_
tz; ,._
''l9',,,'.'~~,
:
'
It,
%
LS
-
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Share if group V('l)
Number of nmarkets
NMarketcap (US$ millions)
Ofi hich emiiergingmarkets
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83,597
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10,001-100,000 000,000 100,0ll1-1 1,0()0,001or milore
21 19 3
754,184 4,335,896 10,011,969
411,649 1,442,618 0
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Total sur\ eved
83
15,185,607
1,928,972
13'.
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-A
Markets Emerging Share of World Market
Cap,
1994
Markets Emerging Share of World Market
Cap,
1985-1994 1-
2,000
14
SEmergng Markets 13'
.
W
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-
___________8'_
, N¶arkrth
1000
0 sa
1L ! ut!\ !\''x,1. \1.1\11E I ? \
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1
7
World Value Traded 1985-1994 (USSmillions: end of period levels) Market
Emerging Markets ArgentinaArmenia Bangladesh Barbados Botswana Brazil * Bulgaria Chile China * Colombia ' Costa Rica Cote d'lvoire Croatia Cyprus Czech Republic Ecuador Egypt, Arab Republic Ghana GreeceHonduras Hungary India * Indonesia Iran, Islamic Republic Jamaica Jordan Kenya Korea * Lithuania Malaysia Malta Mauritius Mexico Morocco Namibia Nepal Nigeria Oman Pakistan * Panama Peru * Phihippines Poland ' Portugal ^ Russian Federation Saudi Arabia Slovak Republic
Slovenia South Africa * 1995
FACTBOOK
1990
1991
1992
1993
1994
4,824
15,679
10,339
11,372
3 9 8 13,373 1,900 820 203 9 7 -
11 2 15 20,525 2,029
15 4 20 57,409 2,797 43,395 732 11 6 29 41 169
107 6 31 109,498 2 5,263 97,526 2,191 10 12 227 21 1,480 74 358
1985
1986
1987
1988
1989
631 1 21,484 57 30 0 1 -
309 2 28,912 298 49 0 3 -
251 6 9,608 503 80 1 14 -
593 4 17,979 610 63 1 9 -
1,916 5 16,762 866 74 4 5 -
-
-
-
-
-
-
65
115
81
126
313
549 -
139 0 2,443 117 24,295 2,922 5,217 95 432 11 85,464
-
235
180
97
441
32
-
-
-
-
5,598 783 71 5 18 -
-
-
-
-
-
17
-
-
-
852 6 10
-
-
-
-
-
4,959 3 21 163 4,162 2,335
10,781 1 68 185 10,889 1,180
6,743 3 73 420 24,919 3,829
12,241 4
3,924 -
21,918 3,992
-
-
-
-
2,360 13 15 236
15,554 8 7 162 301 1,524 1,518
5,732 33
38 111 5
3,841 9 16 155 239 563 60
5 177 57 875 1,136
17,362 541 90 652 229 121,264 6,888 6,232 16 4 25 193 90 2,410 1,912
-
-
-
-
-
-
-
-
-
-
-
-
-
2,836
-
-
-
-
9,568
4,947
32 407 10 75,949 10,871 6 12,212 62 11 120 231 99 1,216 1,687
7,095
-
8,158
554 11 4 89 0 308 0 1,605 38 20,597 3,903 6,994 386 1,317 12 116,101
5 99 21,879 9,158 311 336 1,377 14 211,710 -
-
-
153,661
21,730
5 31,723 49 9 151 620 130 1,506 28 2,818
10 44,582 70 0 14 110 980 1 417 3,104 167 3,455
39 62,454 498 0 10 188 1,844 7 1,672 6,785 2,170 4,835
-
-
-
-
-
8,051
7,767
13,049 [NLRGING
75 5,145
2,713
10,657
-
-
-
-
4,990
-
25 337 79,180 2,623
-
16,715
270 27,290 11,801 424 126 626 62 286,056 7 126,458
3 85 82,964 788 18
14 18 307 3,198 70 3,080 13,949 5,134 5,275 6,632 120 366 15,954
MAIRKETS DATA BASE
18
World Value Traded 1985-1994 (USSmillions; end of period levels) Market
Emerging Markets Sri Lanka Swaziland Taiwan, China Thailand * Trinidad &Tobago Tunisia Turkey Uruguay Venezuela * Zimbabwe
1985
1986
3 4,899 568 61 10 0 31 9
5 18,931 1,133 52 6 13 2 52 12
1987
1988
1989
1990
1991
1992
1993
1994
39 0 715,005 22,894 55 19 5,841 2,232 51
104 0 365,232 30,089 80 30 8,571 2 3,240 77
114 0 240,667 72,060 22 33 8,191 9 2,631 20
385 0 346,487 86,934 56 46 23,242 14 1,874 53
700 2 711,346 80,188 52 296 21,692 12 936 176
(cont.)
IFC Index Markets All Emerging Markets
44,952 45,156
Developed Markets Australia Austria Belgium Canada Denmark Finland France Germnany Hong Kong Iceland Ireland Israel Italy Japan Kutwait Luxembourg Netherlands New Zealand Norway Singapore Spain Sweden Switzerland U.K. U.S.
15,736 686 1,876 39,905 1,274 502 14,672 71,572 9,732 748 13,782 329,970 387 36 16,864 935 1,877 1,383 3,382 9,644 68,417 997,189
82,646 82,968
11 84,112 4,633 25 6 115 4 148 23
12 275,624 5,598 22 13 101 221 39
7 965,840 13,452 69 32 798 I 93 36
164,473 164,845
408,467 408,689
1,165,036 1,165,593
894,041 894,510
599,648 605,528
604,962 613,049
1,067,063 1,068,872
1,628,106 1,639,893
26,871 1,393 4,343 56,810 1,866 1,869 51,548 135,700 15,299 1,455 44,715 1,145,615 1,412 109 31,122 2,526 1,702 2,679 14,944 19,830 132,912 1,795,998
58,860 9,754 7,148 75,189 1,913 6,047 88,085 373,428 47,627 4,828 32,379 2,047,224 3,023 111 39,542 2,643 8,935 6,854 36,070 19,588 389,829 2,423,066
37,412 2,026 8,369 66,654 5,106 7,076 65,505 350,274 23,405
39,333 18,609 6,425 71,278 11,105 3,933 116,893 501,805 34,633 5,535 42,566 1,602,388 87 40,199 1,933 13,996 20,293 40,967 15,718 278,740 1,815,476
46,835 7,039 6,209 78,160 9,289 1,550 113,573 379,383 38,607
45,005 4,931 8,030 83,448 15,806 2,292 121,842 446,019 78,598
67,711 6,561 11,199 142,222 20,989 8,112 174,283 302,985 131,550
94,726 16,380 12,820 161,058 27,421 13,194 615,371 460,617 147,158
2,447 31,721 2,597,637 2,543 259 34,555 1,124 4,849 4,470 25,608 18,752 579,171 1,719,731
44,786 11,706 7,708 90,120 14,463 7,363 107,286 628,630 34,584 3,909 38,926 2,800,695 1,709 106 89,848 3,027 12,489 13,711 38,389 17,420 320,268 2,015,544
8,389 24,991 995,939 135 38,971 2,892 11,642 18,074 40,591 20,561 68,836 315,279 2,254,983
14,694 28,100 635,261 118 45,511 3,168 10,151 14,084 39,987 28,395 75,407 382,996 2,678,523
30,327 65,770 954,341 2,612 1,104 67,185 6,785 8,751 81,623 47,156 43,593 167,880 423,526 3,507,223
4,380 25,110 117,894 1,121,438 1,948 269 170,596 7,162 8,817 81,054 61,452 85,407 226,723 928,171 3,592,668
-
19
Developed Markets
1,600,569
3,490,718
5,682,143
5,588,694
6,302,687
4,681,912
4,481,928
4,762,366
6,273,488
7,981,853
World Total
1,645,725
3,573,686
5,846,988
5,997,383
7,468,280
5,576,422
5,087,456
5,375,415
7,342,360
9,621,746
Notes:
Table contains year-end total value traded of listed domestic company shares. See Stock Market Reference List in Appendix I for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994.
1995 F \C I Il)t)Il
EN R,GINc(; M ARKETS DATA
BASI
19
World Number of Listed Domestic Companies 1984-1993 (end of period levels) Market
1985
Emerging Markets Argentina Armenia Bangladesh Barbados Botswana Brazil * Bulgaria Chile China ' Colombia Costa Rica Coted'lvoire Croatia Cyprus Czech Republic Ecuador Egypt, Arab Republic Ghana GreeceHonduras Hungary India * Indonesia Iran, IslamicRepublic Jamaica Jordan Kenya Korea * Lithuania Malaysia * Malta Mauritius Mexico * Morocco Namibia Nepal Nigeria Oman Pakistan * Panama PeruPhilippines Poland * Portugal* Russian Federation Saudi Arabia Slovak Republic Slovenia South Africa 1995
FACTBOOK
1986
1987
1988
1990
1989
227 69 541 228 102 51 25 -
217 78 592 231 99 61 25 -
206 85 590 209 96 71 25 -
186 101 589 205 86 76 24 -
178 116 592 213 82 78 23 -
179 14 581 215 80 23 -
-
-
-
-
-
-
317 114 4,344 24 38 104 54 342 222 157 76 -
387 114 4,744 24 40 103 53 355 223 155 76 -
430 116 5,560 24 43 101 53 389 232 190 76 -
483 119 5,841 24 44 106 55 502 238 203 71 -
510 119 5,968 57 45 106 57 626 251 203 71 -
96 362 159 138 24 -
99 361 177 130 63 -
100 379 197 138 143 -
102 404 236 141 171 -
11] 25 440 256 144 182 -
573 145 6,200 125 44 105 54 669 282 13 199 71 131 80 487 294 153 181 -
-
-
-
-
-
-
462
536
838
754
748
732
-
-
-
1991
174 138
14 9 570 221 14 83 82 23 40 -
627
13 126 26 21 6,229 141 97 44 101 53 686 321 20 209 67 142 88 542 298 161 9 180 30 -
24 688
1992
1993
175 145 15 11 565 245 52 80 93 24 39 65 656 15 129 44 23 6,540 155 118 48 103 57 688 369 22 195 62 4 153 89 628 39 287 170 16 191 28 683
180 153 16 11 550 263 183 89 118 30 39 142 674 15 143 28 6,800 174 124 50 101 56 693 410 30 190 65 6 174 95 653 13 233 180 22 183 39 16 647 EMERGING
MARKETS
1994
156 1 170
19 11 544
16 279 291 113 116 30 29 38 1,024 145 700 17 216 82 40 7,000 216 147 50 95 56 699 13 478
4 35 206 61 14 72 177 100 724 14 218 189 44 195 200 68 18 25 640 DATA BASE
20
World Number of Listed Domestic Companies 1985-1994 (end of period levels) 1985
Market
Emerging Markets (cont.) Sri Lanka ' Swaziland Taiwan, China Thailand ^ Trinidad & Tobago Tunisia Turkey Uruguay Venezuela^ Zimbabwe ^ IFC Inldex Markets All Emerging Markets
Developed Markets Australia Austria Belgium Canada Denmark Finland France Germany Hong Kong
Iceland Ireland Israel Italy Japan Kuwait Luxenmbourg Netherlands New Zealand Norway Singapore Spain Sweden Switzerland U.K. U.S.
171 127 100 36 43 108 55
1986
171 130 98 33 40 41 108 53
8,207 8,916
8,823 9,617
1,004 64 192 912 243 50 489 472 260 267 147 1,829 55 175 232 317 156 122 334 164 131 2,116 8,022
1,134 74 191 1,034 274 49 482 492 248 255 184 1,866 70 253 219 339 149 122 312 154 145 2,106 8,403
1987
168 141 125 33 50 41 110 53 10,155 11,012
1,423 69 192 1,147 277 49 650 507 276 283 204 1,912 64 364 248 361 146 127 327 157 166 2,135 7,181
1988
176 163 141 33 50 40 47 53 10,537 11,464
1,380 74 186 1,145 291 66 646 609 282 265 211 1,967 65 422 232 297 130 132 368 142 161 2,054 6,680
1989
176 181 175 31 50 39 74 54 10,986 11,981
1,258 81 184 1,146 257 78 668 628 284 262 217 2,019 52 54 313 242 122 136 423 135 177 2,015 6,727
1990
1991
1992
1993
1994
175 1 199 214 30 13 110 36 76 57
178 2 221 276 29
190 4 256 305 27 17 145 26 91 62
200 4 285 347 26 19 152 21 93 62
215 4 313 389 27 21 176 21 90 64
11,589 12,541
1,089 97 182 1,144 258 73 578 413 284 216 220 2,071 54 260 171 112 150 427 122 182 1,701 6,599
-
134 26 87 60 11,872 13,324
12,496 14,144
13,035 14,797
13,767 17,115
957 105 183 1,086 261 63 551 428 333 229 224 2,107 70 204 139 112 166 433 117 182 1,623 6,742
1,030 112 171 1,119 257 61 786 665 386 377 228 2,118 59 187 123 115 163 399 118 180 1,874 7,014
1,070 111 165 1,124 257 57 472 426 450 558 210 2,155 47 62 245 136 120 178 376 105 215 1,646 7,607
1,144 111 155 1,185 252 65 459 417 529 24 80 638 223 2,205 48 60 317 207 132 240 379 114 237 2,070 7,770
Developed Markets
17,753
18,555
18,265
17,805
17,478
16,403
16,315
17,542
17,792
19,061
World Total
26,669
28,172
29,277
29,269
29,459
28,944
29,639
31,686
32,589
36,176
Notes:
1995
Table contains year-end totals, excluding listed investment funds where possible. See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994. FACTBOOIZ
ENMERGING MARKETS
DATA BASE
21
World Rankings of Market Capitalization, Value Traded, and Number of Listed Domestic Companies, 1994 (ranked by end-1994 levels) Rank
Market
Total market cap (US$millions)
Rank
Market
Total value traded (US$ millions)
Ratk
Market
Number of listed domestic companies
I
U.S.
5,081,810
1
U.S.
3,592,668
1
U.S.
7,770
2 3 4 5 6 7 8 9 10
Japan U.K. Germany France Canada Switzerland Netherlands Hong Kong Taiwan, China
3,719,914 1,210,245 470,519 451,263 315,009 284,092 283,251 269,508 247,325
2 3 4 5 6 7 8 9 10
Japan U.K. Taiwan, China ' France Germany Korea ^ Switzerland Netherlands Canada
1,121,438 928,171 711,346 615,371 460,617 286,056 226,723 170,596 161,058
2 3 4 5 6 7 8 9 10
India Japan U.K. Canada Australia Czech Republic Pakistan * Egypt, Arab Republic Korea '
7,000 2,205 2,070 1,185 1,144 1,024 724 700 699
11 12 13 14 15 16 17 18 19 20
South Africa Australia Malaysia ' Korea * Brazil Italy Spain Singapore Thailand Sweden
225,718 219,188 199,276 191,778 189,281 180,135 154,858 134,516 131,479 130,939
11 12 13 14 15 16 17 18 19 20
Hong Kong Malaysia Italy Brazil China Australia Sweden Mexico Singapore Thailand
147,158 126,458 117,894 109,498 97,526 94,726 85,407 82,964 81,054 80,188
11 12 13 14 15 16 17 18 19 20
South Africa Israel Brazil Hong Kong Malaysia France Germany Thailand Spain Netherlands
640 638 544 529 478 459 417 389 379 317
21 22 23 24 25 26 27 28 29 30 31
Mexico India ' Belgium ChilePhilippines' Denmark Indonesia China ' Saudi Arabia Finland Argentina'
130,246 127,515 84,103 68,195 55,519 54,399 47,241 43,521 38,693 38,278 36,864
21 22 23 24 25 26 27 28 29 30 31
Spain Denmark India ' Israel Turkey' Austria South Africa Philippines' Finland Belgium Indonesia'
61,452 27,421 27,290 25,110 21,692 16,380 15,974 13,949 13,194 12,820 11,801
21 22 23 24 25 26 27 28 29 30 31
Taiwan, China China * Chile' Denmark Singapore Switzerland Italy Peru' Greece' Indonesia' Sri Lanka'
313 291 279 252 240 237 223 218 216 216 215
32 33 34 35 36 37 38 39 40
Norway Israel Austria Russian Federation Luxembourg New Zealand Turkey' Portugal ' Greece'
36,469 32,730 30,272 30,000 28,511 27,217 21,605 16,249 14,921
32 33 34 35 36 37 38 39 40
Argentina' Norway New Zealand Saudi Arabia Portugal' Chile ' Greece' Poland ' Ireland
11,372 8,817 7,162 6,632 5,275 5,263 5,145 5,134 4,380
32 33 34 35 36 37 38 39 40
New Zealand Mexico ' Russian Federation Portugal ' Philippines' Nigeria ' Turkey' Bangladesh Argentina '
207 206 200 195 189 177 176 170 156
Notes:
1995
Market cap ranking based on end-1994 total market values of listed domestic companies; value traded ranking based on end-1994 total value traded of listed domestic company shares; ranking of number of listed companies based on end-1994 levels, excluding listed investment funds where possible. See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994. FACTBOOK
ENIERGING MAIRKETS DATA BASE
22
World Rankingof Average CompanySize, 1994 (US$ millions; ranked by end-1994 levels)
Rantk
Market
Average company size (market cap!I li-ted domestic co's)
Average company size (market capl listed domestic co's)
Rank
Market
273 266 244 236 219 219 216
44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76
Portugal Morocco Poland Greece' Slovak Republic Kenya Panama Israel Jordan Venezuela Mauritiuis Hungary '40 Peru'* Cyprus Jamaica Botswana India *29 Zimbabwe Barbados Trinidad & Tobago Ecuador Slovenia Omnan Icelanid Iran, Islamic Republic Croatia Pakistan Nigeria '15 Cote dIlvoire Sri Lanka Malta Czech Republic Uruguay
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 i8 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
Japan Switzerland Sweden Germnany France Netherlands Italy Taiwan, China Namibia U.S. Mexico Finland U.K. Saudi Arabia Singapore Belgium Hong Kong Luxembourg Malaysia Spain South Africa Brazil *348 Thailand Philippines Norway Korea *274 Austria Canada Chile'* Argentina Kuwait Indonesia' Denmark
34
Australia
192
77
Bangladesh
6
35 36 37 38 39 40 41 42
Russian Federation China New Zealand Colombia' Turkey Tunisia Ghana Ireland
150 150 131 126 123 122 110 105
78 79 s0 81 82
Egypt, Arab Republic Nepal Bulgaria Lithuania Honduras
6 4 3 3 1IF
43
Swaziland
1
Notes:
1995
1687 1199 1149 1128 983 894 808 790 684 654 632 589 585 569 5 60 543 509 4 75 417 409 353 338 294 276
85
83 72 69 69 6 11,0 55 55 51 48 46 431,400 38 35 35 34
Top 25 Markets by Average Company Size, 1994
1,600
1,200
1,000 29 27 25 24 24 21 20 19 18 17 14 13 13 12 8
800
600
400
200
0
_______________
2,
.2
E -
4
U)
i
'5.
E
z~
.
7-
34
E0a~~, cc U
,
Z
En~
z
C,
-
*
Eegn Eegn
akt akt
Developed markets
Average company size is calculated by dividing end-1994 total market valtues of listed domestic comnpanies in US$ millions by end-1994 number of listed domeStiC compdnies, excluding listed investmnent funds where possible. See Stock Market Reference List in Appendix I for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994. F..c I woOK
EMOERGING MARKETs
DA] A BAsE
23
Emerging Markets Local Stock Market Price Indexes, 1994 (end of period levels)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chlue Colombia Mexico Peru Venezuela ^
Bolsa Indice General (1977=0.00001) BOVESPA (1968=0.000000001) IGPA Uan. 1980=100) IBB Uan. 2, 1991=100) BMV General (Nov. 1978=0.7816) IGBVL (Dec. 1991=100) Indice de Capitalizatidin (Dec. 1993=1,000)
23,245.8 7,405.5 4,607.3 878.3 2,781.4 1,106.4 1,018.4
21,925.8 10,538.0 4,532.8 976.4 2,585.4 1,183.4 1,333.4
19,210.4 15,155.0 4,026.7 1,052.3 2,410.4 1,157.2 1,262.6
19,119.3 17,084.0 4,209.1 1,021.4 2,294.1 1,079.8 1,043.3
21,059.0 24,672.0 4,450.0 1,011.5 2,483.7 1,126.9 1,361.1
18,001.4 36,231.0 4,345.2 1,000.0 2,262.6 1,086.5 1,281.1
19,532.2 42,013.0 4,300.6 1,009.9 2,462.3 1,106.6 1,203.6
21,235.4 53,294.0 4,827.0 927.5 2,702.7 1,168.2 1,427.3
20,534.7 54,840.0 5,089.4 992.2 2,746.1 1,403.9 1,496.5
19,317.7 47,979.0 5,671.9 957.1 2,552.1 1,525.9 1,448.7
17,929.2 46,560.0 5,698.6 850.5 2,591.3 1,433.0 1,220.4
15,855.6 43,539.0 5,425.2 889.9 2,375.7 1,414.9 1,348.8
East Asia China Korea Philippines^ Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite Jan. 1980=100) PSE Composite (Aug. 19, 1985=100) TSE Average (1966=100)
770.3 945.7 2,874.6 6,115.1
771.0 918.9 2,861.6 5,414.6
704.5 867.2 2,711.5 5,249.2
592.6 908.7 2,844.2 5,737.3
556.3 939.5 3,030.8 5,891.6
469.3 933.4 2,746.4 5,932.6
333.9 928.0 2,803.2 6,720.1
785.3 944.2 3,112.8 7,008.1
791.2 1,050.5 2,908.2 7,091.1
655.0 1,105.6 3,068.5 6,526.5
683.6 1,074.4 2,691.2 6,363.7
647.9 1,027.4 2,785.8 7,124.7
South Asia India * Indonesia Malaysia Pakistan * Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug.30, 1982=100) KLSE Composite (Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share tan. 1985=100) SET (Apr. 30, 1975=100)
494.5 592.0 1,107.0 2,244.8 1,734.4 1,493.5
506.9 546.2 1,125.6 2,461.7 2,093.8 1,372.9
450.1 492.4 952.7 2,540.5 1,755.9 1,240.0
447.2 462.4 1,054.5 2,361.8 1,555.9 1,266.7
450.7 501.8 993.7 2,247.3 1,479.0 1,356.9
487.9 457.3 1,011.6 2,333.0 1,458.0 1,273.3
490.9 451.1 1,027.5 2,240.5 1,455.1 1,376.9
527.6 510.3 1,130.0 2,188.4 1,537.1 1,524.8
488.5 498.0 1,129.8 2,257.3 1,682.6 1,485.7
476.8 523.5 1,108.9 2,211.1 1,601.0 1,528.8
470.6 482.6 1,013.1 2,144.5 1,589.6 1,362.4
442.5 469.6 971.2 2,049.1 1,438.8 1,360.1
1,055.2 2,044.7 166.2 1,666.3 16,881.0 3,018.0 4,754.0 20,104.8 2,929.3
1,066.2 1,840.3 165.5 1,715.3 20,196.0 3,112.8 4,846.0 15,003.6 3,678.1
1,003.5 1,843.0 162.9 1,792.8 14,536.9 3,140.8 4,939.0 14,087.2 3,465.4
988.7 1,635.4 156.5 1,845.6 11,020.3 3,093.6 5,359.0 15,096.7 3,483.1
860.1 1,595.5 152.5 1,875.5 12,036.7 2,879.0 5,396.0 14,749.1 3,733.9
849.3 1,462.0 150.8 1,919.1 7,792.5 2,717.5 5,404.0 19,766.4 3,211.5
845.8 1,539.3 150.4 1,926.3 10,715.8 2,769.4 5,652.0 21,752.2 3,200.8
846.4 1,739.2 147.1 1,914.1 11,181.4 2,956.8 5,834.0 25,282.4 3,432.8
851.6 1,591.6 146.1 1,956.0 9,185.3 2,882.9 5,676.0 26,825.5 3,548.7
815.1 1,629.0 143.8 2,023.4 7,793.6 2,880.7 5,724.0 24,889.5 3,509.0
846.6 1,545.7 145.6 2,119.3 7,959.3 2,956.6 5,756.0 28,181.0 3,477.3
868.9 1,470.1 143.6 2,205.0 7,473.1 2,913.4 5,867.0 27,257.1 3,160.8
Europe/Mideast/Africa Greece ASE General (1980=100) Flungary ^ BSE BUX (Jan. 2, 1992=1,000) Jordan AFM Jan. 1980=100) Nigeria NSE General (1984=100) Poland WIG All Share Perf. (Apr. 1991=1,000) Portugal Banco Totta & Acores (1977=100) South Africa JSE Overall (Jan. 1960=100) Turkey ISE Composite Uan. 1986=100) Zimbabwe ZSE Industrial (1967=100)
Note: The local indexes cited by IFC for India, Hungary, Pakistan, the Philippines, and Venezuela are different in this Factbookthan in previous editions. In India, IFC switched from using the F.E. Bombay index to the BSE 200 because the latter is more representative of market movements. For the same reason, IFC switched from using the SBP in Pakistan to the KSE 100. In the Philippines, indexes for the Manila and Makati exchanges were combined into a single exchange, resulting in the new Philippine Stock Exchange (PSE) Composite Index. Hungary and Venezuela introduced new indexes in January 1995. In Hungary, the BSE BUX index replaces the BSE.In Venezuela, the Indice de Capitalizatidn de la BVC index replaces the New BVC index. All local index time series in this Factbook have been adjusted to reflect the new indexes for as far back as data for these indexes is available.
1995
FACTBOOK
ENIERGING MARKETS DATA BASE
24
Emerging Markets Local Stock Market Price Indexes, 1994 (monthly % change)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela *
Bolsa Indice General (1977=0.00001) BOVESPA (1968=0.000000001) IGPA (Jan. 1980=100) IBB (an. 2, 1991=100) BMV General (Nov. 1978=0.7816) IGBVL (Dec. 1991=100) Indice de Capitalization (Dec. 1993=1,000)
12.80 97.24 17.67 17.25 6.87 18.91 1.84
-5.68 42.30 -1.62 11.17 -7.04 6.96 27.16
-12.38 43.81 -11.17 7.78 -6.77 -2.22 -5.31
-0.47 12.73 4.53 -2.94 -4.82 -6.69 -17.37
10.15 44.42 5.72 -0.96 8.27 4.37 30.46
-14.52 46.85 -2.36 -1.14 -8.90 -3.59 -5.88
8.50 15.96 -1.03 0.99 8.83 1.86 -6.05
8.72 26.85 12.24 -8.16 9.77 5.56 18.58
-3.30 2.90 5.44 6.97 1.61 20.18 4.85
-5.93 -12.51 11.40 -3.54 -7.07 8.70 -3.19
-7.19 -2.96 0.50 -11.14 1.54 -6.09 -15.76
-11.57 -6.49 -4.80 4.64 -8.32 -1.26 10.52
East Asia China Korea Philippines* Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Aug. 19, 1985=100) TSE Average (1966=100)
-7.62 9.18 -10.06 0.73
0.09 -2.84 -0.45 -11.45
-8.63 -5.62 -5.25 -3.06
-15.88 4.79 4.89 9.30
-6.13 3.39 6.56 2.69
-15.63 -0.65 -9.38 0.70
-28.85 -0.58 2.07 13.27
135.19 1.75 11.05 4.29
0.74 11.26 -6.57 1.18
-17.21 5.25 5.51 -7.96
4.37 -2.82 -12.30 -2.49
-5.23 -4.38 3.52 11.96
South Asia India * Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug.10, 1982=100) KLSE Composite Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (an. 1985=100) SET (Apr. 30, 1975=100)
21.34 0.55 -13.20 3.72 20.24 -11.25
2.50 -7.73 1.68 9.66 20.72 -8.07
-11.20 -9.86 -15.36 3.20 -16.14 -9.68
-0.63 -6.09 10.68 -7.03 -11.39 2.15
0.77 8.52 -5.76 -4.85 -4.94 7.12
8.27 -8.87 1.80 3.81 -1.42 -6.16
0.61 -1.36 1.57 -3.96 -0.20 8.13
7.48 13.12 9.98 -2.32 5.64 10.75
-7.41 -2.41 -0.02 3.15 9.47 -2.57
-2.40 5.13 -1.85 -2.05 -4.85 2.90
-1.29 -7.81 -8.63 -3.01 -0.71 -10.88
-5.98 -2.69 -4.14 -4.45 -9.48 -0.17
10.07 58.58 4.86 7.93 35.71 15.46 -2.84 -2.79 25.98
1.05 -9.99 -0.42 2.94 19.64 3.14 1.94 -25.37 25.56
-5.88 0.14 -1.59 4.52 -28.02 0.90 1.92 -6.11 -5.78
-1.47 -11.28 -3.94 2.95 -24.19 -1.50 8.50 7.17 0.51
-13.01 -2.44 -2.53 1.62 9.22 -6.94 0.69 -2.30 7.20
-1.25 -8.37 -1.13 2.32 -35.26 -5.61 0.15 34.02 -13.99
-0.41 5.29 -0.27 0.38 37.51 1.91 4.59 10.05 -0.33
0.07 12.99 -2.17 -0.63 4.34 6.77 3.22 16.23 7.25
0.60 -8.49 -0.71 2.19 -17.85 -2.50 -2.71 6.10 3.38
-4.28 2.35 -1.53 3.45 -15.15 -0.08 0.85 -7.22 -1.12
3.86 -5.11 1.21 4.74 2.13 2.63 0.56 13.22 -0.90
2.63 -4.89 -1.35 4.04 -6.11 -1.46 1.93 -3.28 -9.10
Europe/Mideast/Africa Greece ASE General (1980=100) Hungary ' BSE BUX Jan. 2, 1992=1,000) Jordan AFM (Jan. 1980=100) Nigeria NSE General (1984=100) Poland WIG All Share Perf. (Apr. 1991=1,000) Portugal Banco Totta & Acores (1977=100) South Africa JSE Overall (an. 1960=100) Turkey ISE Composite (an. 1986=100) Zimbabwe ZSE Industrial (1967=100)
Note: The local indexes cited by IFC for India, Hungary, Pakistan, the Philippines, and Venezuela are different in this Facibookthan in previous editions. In India, IFC switched from using the F.E. Bombay index to the BSE 200 because the latter is more representative of market movements. For the same reason, IFC switched from using the SBP in Pakistan to the KSE 100. In the Philippines, indexes for the Manila and Makati exchanges were combined into a single exchange, resulting in the new Philippine Stock Exchange (PSE) Composite Index. Hungary and Venezuela introduced new indexes in January 1995. In Hungary, the BSE BUX index replaces the BSE. In Venezuela, the Indice de Capitalizati6n de la BVC index replaces the New BVC index. All local index time series in this Factbook have been adjusted to reflect the new indexes for as far back as data for these indexes is available.
1995
FA( I BOOK
[NIERGING
MARKI.ISDATABASE
25
Emerging Markets Local Stock Market Price Indexes, 1985-1994 (end of period levels)
Market
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.24985 0.00009 262.1 463.3 47.1 0.00027 2,090.5
0.66078 0.00012 343.6 851.3 105.7 0.00100 3,928.6
4.13830 0.00331 459.8 872.1 211.5 0.00094 3,866.4
717.2 0.06160 757.6 975.9 418.9 0.00086 2,754.0
2,202.9 0.25160 1,166.7 1,392.3 628.8 25.8 17,881.9
17,856.0 6.07800 2,483.7 358.1 1,431.5 100.0 29,316.6
13,427.5 67.8 2,733.5 499.9 1,759.4 373.0 19,874.1
20,607.2 3,754.5 3,915.5 749.1 2,602.6 930.5 1,000.0
15,855.6 43,539.0 5,425.2 889.9 2,375.7 1,414.9 1,348.8
Latin America Argentina Brazil Chile Colombia Mexico Pewu Venezuela '
Bolsa Indice General (1977=0.00001) BOVESPA (1968=0.000000001) IGPA (Jan. 1980=100) IBB (Jan. 2, 1991=100) BMV General (Nov. 1978=0.7816) IGBVL ([Dec. 1991-100) Indice de Capitalizatidn (Dec. 1993=1,000)
0.20948 0.00007 110.3 226.6 11.2 0.00003 817.7
East Asia China Korea Philippines Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Aug.19, 1985=100) TSE Average (1966=100)
163.4 131.2 835.0
South Asia India * Indonesia Malaysia Pakistan * Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug.10, 1982=100) KLSE Composite Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (Jan. 1985=100) SET (Apr. 30, 1975=100)
396.4 66.5 233.5 166.5 122.2 135.0
Europe/Mideast/Africa Greece Hungary ' Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
ASE General (1980=100) BSE Uan. 2, 1991=1,000) AFM Uan. 1980=100) NSE General (1984=100) WIG All Share Perf. (Apr. 1991=1,000) Banco Totta & Acores (1977=100) JSE Overall Jan. 1960=100) ISE Composite Uan. 1986=100) ZSE Industrial (1967=100)
71.0 78.6 128.3 566.4 0.0 0.0 251.9
-
-
-
-
-
525.1 813.2 2,339.9
907.2 841.7 5,119.1
909.7 1,104.6 9,624.2
100.0 696.1 651.8 4,530.2
292.8 610.9 1,151.9 4,600.7
780.4 678.4 1,256.2 3,377.1
833.8 866.2 3,196.1 6,070.6
647.9 1,027.4 2,785.8 7,124.7
424.8 69.7 252.4 199.9 131.4 207.3
389.9 82.5 261.2 228.4 218.0 284.9
634.5 305.1 357.4 262.7 172.4 386.7
839.9 399.7 565.3 277.3 341.7 879.2
1,040.7 417.8 505.9 308.5 680.3 612.9
233.6 247.4 556.2 718.2 1,198.7 711.4
314.8 274.3 644.0 1,243.7 826.6 893.4
407.5 588.8 1,275.3 2,164.3 1,442.4 1,682.9
442.5 469.6 971.2 2,049.1 1,438.8 1,360.1
103.9
272.5
279.7
459.4
932.0
72.4 163.4 1,202.0 1,972.0 170.9 286.3
79.7 190.9 2,990.0 0.0 673.0 450.1
84.5 233.6 2,355.9 1,984.0 373.9 552.6
93.3 325.3 3,287.0 0.0 2,217.7 869.1
809.7 809.0 100.0 784.0 919.1 1,977.7 3,440.3 4,369.2 1,953.6
672.3 796.5 129.9 1,107.6 1,040.7 1,637.9 3,259.0 4,004.2 865.6
958.7 1,228.7 158.5 1,543 8 12,439.0 2,614.0 4,893.0 20,682.0 2,325.3
868.9 1,470.1 143.6 2,205.0 7,473.1 2,913.4 5,867.0 27,257.1 3,160.8
272.6 424.8 1,039.1
-
80.4 513.8 2,143.4 2,719.7 3,255.8 2,282.7
Note: The local indexes cited by IFC for India, Hungary, Pakistan, the Philippines, and Venezuela are different in this Factbook than in previous editions. In India, IFC switched from using the F.E. Bombay index to the BSE 200 because the latter is more representative of market movements. For the same reason, IFC switched from using the SBP in Pakistan to the KSE 100. In the Philippines, indexes for the Manila and Makati exchanges were combined into a single exchange, resulting in the new Philippine Stock Exchange (PSE) Composite Index. Hungary and Venezuela introduced new indexes in January 1995. In Hungary, the BSE BUX index replaces the BSE. In Venezuela, the Indice de Capitalizatidn de la BVC index replaces the New BVC index. All local index time series in this Factbookhave been adjusted to reflect the new indexes for as far back as data for these indexes is available.
1995
FACTBOOK
ENIERGING MARKETS
DATA BASE
26
Emerging Markets Local Stock Market Price Indexes, 1984-1994 (annual % change)
Market
1985
1986
1987
19.27 41.26 137.75 104.52 320.65
164.47 34.87 31.09 83.73 124.35
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela '
Bolsa Indice General (1977=0.00001) BOVESPA (1968=0.000000001) IGPA Oan. 1980=100) IBB Jan. 2, 1991=100) BMV General (Nov. 1978=0.7816) IGBVL (Dec. 1991=100) Indice de Capitalizati6n (Dec. 1993=1,000)
646.58 401.53 74.16 4.95 177.27 38.89
East Asia China Korea Philippines' Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Aug. 19,1985=100) TSE Average (1966=100)
14.68 50.21 -0.36
South Asia India * Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug.10, 1982=100) KLSE Composite (an. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (an. 1985=100) SET (Apr. 30, 1975=100)
98.36 4.72 -23.09 -1.07 -5.13
7.16 4.75 8.11 20.06 53.54
Europe/Mideast/Africa Greece Hungary * Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
ASE General (1980=100) BSE (Jan. 2, 1991=1,000) AFM (Jan. 1980=100) NSE General (1984=100) WIG All Share Perf. (Apr. 1991=1,000) Banco Totta & Acores (1977=100) JSE Overall (Jan. 1960=100) ISE Composite (Jan. 1986=100) ZSE Industrial (1967=100)
19.89 -3.20 28.30 126.83 105.30
46.38
155.67
1988
87.93
66.87 223.81 24.44
-7.89 27.36 112.22 13.66
92.62 91.42 125.18
-8.21 18.42 3.48 14.26 37.52
162.34 10.08 16.83 148.75 293.89 57.19
1989
1990
1991
1992
1993
1994
207.13 308.28 54.00 42.66 50.10
710.58 2,315.96 112.88 258.09 127.65 288.20 63.95
-24.80 1,015.58 10.06 39.59 21.77 273.00 -32.21
53.47 5,437.20 43.24 49.85 47.92 149.49 -
-23.06 1,059.65 38.56 18.80 -8.72 52.07 34.88
526.27 2,549.53 33.81 2.45 100.18 -1.58
17,231.80 1,762.49 64.76 11.90 98.04 -28.77
72.76 3.50 118.78
0.28 31.24 88.00
-23.48 -40.99 -52.93
-12.24 76.73 1.56
-12.87 11.05 9.06 -26.60
6.84 27.67 154.42 79.76
-22.30 18.61 -12.84 17.36
62.73 269.68 36.83 15.02
32.38 31.04 58.17 5.55 127.34
23.90 4.53 -10.02 11.27 99.10 -30.29
-40.79 9.94 132.77 76.20 16.07
23.59 10.89 15.77 -31.00 25.59
29.47 114.61 98.04 74.02 74.51 88.36
8.58 -20.23 -23.85 -5.32 -0.25 -19.18
64.29
102.86
-13.12 24.38 52.59 -7.73 34.20 -14.41
-16.97 -1.50 29.90 41.28 13.20 -17.18 -8.35 -55.69
35.72
2.64 6.02 22.37 -21.21 -44.44 22.79
10.41 39.26 39.52 493.07 57.28
549.31
-13.83 57.95 -34.79 46.81 162.64
42.59 21.98 39.38 1,095.25 50.14 415.99 168.65
-9.36 19.65 -9.40 42.83 -39.92 11.45 19.91 31.79 35.93
Note: The local indexes cited by IFC for Inidia, Hungary, Pakistan, the Philippines, and Venezuela are different in this Factbook than in previous editions. In India, IFC switched from using the F.E. Bombay index to the BSE 200 becauise the latter is more representative of market movements. For the same reason, IFC switched from using the SBP in Pakistan to the KSE 100. In the Philippines, indexes for the Manila and Makati exchanges were combined into a single exchange, resulting in the new Philippine Stock Exchange (PSE) Composite Index. Hungary and Veneztiela introduced new indexes in January 1995. In Hungary, the BSE BUX index replaces the BSE. In Venezuela, the Indice de Capitalizati6n de la BVC index replaces the New BVC index. All local index time series in this Factbookhave been adjusted to reflect the new indexes for as far back as data for these indexes is available.
1995 FACTBIoOK
EmERGING MIAIRKETS DATA BASE
27
Emerging Markets Currency Exchange Rates per US$, 1994 (end of period levels)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
1.0000 0.1668 417.7300 818.3800 3.1054 2.1800 108.9000
1.0000 0.2317 416.5900 819.7000 3.2113 2.1720 111.5900
1.0000 0.3321 427.0000 821.5000 3.3500 2.1750 114.4000
1.0000 0.4735 427.0000 836.7900 3.2763 2.1800 124.0000
1.0000 0.6819 422.6600 841.1200 3.3276 2.1800 152.0000
1.0000 1.0000 418.9400 819.6400 3.3875 2.1900 197.0200
1.0000 1.0000 422.8400 815.8000 3.4006 2.1950 170.0000
1.00(0 0.8890 418.8900 815.7750 3.3903 2.2400 170.0000
1.0000 0.8540 412.2000 840.2300 3.3905 2.2500 170.0000
0.9999 0.8445 410.9000 837.1500 3.4360 2.2285 169.8700
0.9994 0.8455 402.5000 829.3500 3.4370 2.1715 169.8700
1.0001 0.8470 401.0500 831.6000 4.9250 2.1810 169.8700
East Asia China Korea Philippines Taiwan, China
8.6969 804.9000 27.2000 26.4200
8.6909 804.8000 27.2500 26.4900
8.7080 806.5000 27.1500 26.4000
8.6872 807.3000 27.2500 26.4100
8.6596 805.9000 26.5000 27.0500
8.6526 802.3000 26.5100 26.9100
8.6214 799.4000 25.8400 26.5610
8.5591 800.5500 26.1700 26.2500
8.5301 798.9000 25.3700 26.2000
8.5260 797.1500 24.8800 26.0470
8.5090 794.6000 23.8500 26.2680
8.4462 788.5000 24.4000 26.2880
31.1300 2,115.0100 2.7695 30.1300 49.5349 25.4700
31.0900 2,144.0400 2.7265 30.3300 49.2015 25.2900
31.1300 2,150.0000 2.6730 30.4000 49.0650 25.2500
31.4000 2,160.9900 2.6780 30.4500 49.0925 25.2200
31.1300 2,164.0300 2.5795 30.5900 49.5089 25.2000
31.1300 2,167.0400 2.6045 30.6100 49.3000 25.0300
31.1300 2,168.0200 2.5938 30.5200 49.1200 25.0200
31.1400 2,171.0300 2.5595 30.5300 49.5101 25.0400
31.1300 2,174.0100 2.5635 30.5800 49.2600 24.9300
31.3763 2,171.1250 2.5567 30.6194 48.9450 24.9230
31.3950 2,178.5500 2.5565 30.6693 49.3250 25.0545
31.3688 2,198.0000 2.5535 30.7692 49.6650 25.1050
248.8000 101.9300 0.6899 22.0000 2.1692 174.2100 4.4050 17,329.3100 8.4744
246.8000 103.7300 0.6840 22.0000 2.1952 173.4800 4.7075 18,575.4000 8.1582
246.4500 102.4000 0.6850 22.0000 2.2196 171.4800 4.9075 22,312.6600 8.0259
242.4500 102.2300 0.7055 22.0000 2.2489 169.7600 4.6900 34,120.8400 8.0196
243.0000 102.3700 0.6840 22.0000 2.2680 171.0400 4.7450 31,211.7600 7.8774
239.6500 102.0900 0.6733 22.0000 2.2589 163.4100 4.7400 31,091.8800 8.1069
239.6500 101.8700 0.6950 22.0000 2.2840 161.1600 4.6350 31,079.0100 8.0650
239.9500 109.6200 0.6840 22.0000 2.3206 160.8800 4.4850 33,960.0100 8.0850
236.7000 107.8800 0.6821 22.0000 2.3307 158.1600 4.2700 34,050.9100 8.3050
232.3000 107.9400 0.6920 22.0000 2.3080 154.1500 4.0200 35,925.0000 8.3200
241.9350 110.0700 0.7020 22.0000 2.4147 160.4500 4.1120 36,535.0000 8.3550
240.6000 113.1500 0.7040 22.0000 2.4370 159.2000 4.0750 38,700.0000 8.3650
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
Notes:
1995
Brazil reformed its currency on July 1, 1994, exchanging its former currency (the cruzeiro real) for a new currency (the real) at a rate of 2,750:1. This series has been adjusted to reflect the change. Nigeria fixed its exchange rate at 22 naira per dollar on January 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throughout 1994, but switched to using Nigeria's autonomous exchange rate in March 1995. Poland changed the value of the zloty on January 1, 1994. The "new" zloty's value is 10,000 times that of the 'old" zloty. This series has been adjusted to reflect the change.
FACTBOOK
ENlERGING MARKETS
DATA BASE
28
Emerging Markets Currency Exchange Rates per US$, 1994 (monthly % change)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
0.00 -30.03 3.19 -0.79 0.12 -1.38 -4.08
0.00 -28.03 0.27 -0.16 -3.30 0.37 -2.41
0.00 -30.21 -2.44 -0.22 -4.14 -0.14 -2.46
0.00 -29.88 0.00 -1.83 2.25 -0.23 -7.74
0.00 -30.56 1.03 -0.51 -1.54 0.00 -18.42
0.00 -31.81 0.89 2.62 -1.77 -0.46 -22.85
0.00 0.00 -0.92 0.47 -0.39 -0.23 15.89
0.00 12.49 0.94 0.00 0.30 -2.01 0.00
0.00 4.10 1.62 -2.91 -0.01 -0.44 0.00
0.01 1.12 0.32 0.37 -1.32 0.96 0.08
0.05 -0.12 2.09 0.94 -0.03 2.62 0.00
-0.07 -0.18 0.36 -0.27 -30.21 -0.44 0.00
East Asia China Korea Philippines Taiwan, China
0.04 0.40 -0.74 -0.23
0.07 0.01 -0.18 -0.26
-0.20 -0.21 0.37 0.34
0.24 -0.10 -0.37 -0.04
0.32 0.17 2.83 -2.37
0.08 0.45 -0.04 0.52
0.36 0.36 2.59 1.31
0.73 -0.14 -1.26 1.18
0.34 0.21 3.15 0.19
0.05 0.22 1.97 0.59
0.20 0.32 4.32 -0.84
0.74 0.77 -2.25 -0.08
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
0.00 -0.57 -2.76 -0.50 0.05 0.04
0.13 -1.35 1.58 -0.66 0.68 0.71
-0.13 -0.28 2.00 -0.23 0.28 0.16
-0.86 -0.51 -0.19 -0.16 -0.06 0.12
0.87 -0.14 3.82 -0.46 -0.84 0.08
0.00 -0.14 -0.96 -0.07 0.42 0.68
0.00 -0.05 0.41 0.29 0.37 0.04
-0.03 -0.14 1.34 -0.03 -0.79 -0.08
0.03 -0.14 -0.16 -0.16 0.51 0.44
-0.78 0.13 0.27 -0.13 0.64 0.03
-0.06 -0.34 0.01 -0.16 -0.77 -0.52
0.08 -0.88 0.12 -0.32 -0.68 -0.20
0.22 -1.21 -0.42 81.82 -1.14 1.38 -2.61 -15.92 -18.16
0.81 -1.74 0.86 0.00 -1.18 0.42 -6.43 -6.71 3.88
0.14 1.30 -0.15 0.00 -1.10 1.17 -4.08 -16.75 1.65
1.65 0.17 -2.91 0.00 -1.30 1.01 4.64 -34.61 0.08
-0.23 -0.14 3.14 0.00 -0.84 -0.75 -1.16 9.32 1.81
1.40 0.27 1.59 0.00 0.40 4.67 0.11 0.39 -2.83
0.00 0.22 -3.12 0.00 -1.10 1.40 2.27 0.04 0.52
-0.13 -7.07 1.61 0.00 -1.58 0.17 3.34 -8.48 -0.25
1.37 1.61 0.28 0.00 -0.43 1.72 5.04 -0.27 -2.65
1.89 -0.06 -1.43 0.00 0.98 2.60 6.22 -5.22 -0.18
-3.98 -1.94 -1.42 0.00 -4.42 -3.93 -2.24 -1.67 -0.42
0.55 -2.72 -0.28 0.00 -0.91 0.79 0.91 -5.59 -0.12
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal SouthAfrica Turkey Zimbabwe
Notes:
Brazil reformed its cuirrency on July 1, 1994, exchanging its former currency (the cruzeiro real) for a new currency (the real) at a rate of 2,750:1. This series has been adjusted to reflect the change. Nigeria fixed its exchange rate at 22 naira per dollar on January 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throughout 1994, but switched to using Nigeria's autonomous exchange rate in March 1995. Poland changed the value of the zloty on January 1, 1994. The "new" zloty's value is 10,000 times that of the "old" zloty. This series has been adjusted to reflect the change.
1995 F %( I KtIUIK
EMLERGING NIARIl1s
DATA BASE
29
Emerging Markets Currency Exchange Ratesper US$, 1985-1994 (end of period levels)
Market
Latin America Argentina Brazil * Chile Colombia Mexico Peru Venezuela East Asia China Korea Philippines Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Greece Hungary Jordan Nigeria * Poland Portugal South Africa Turkey Zimbabwe
Notes:
1995
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0.0001 0.0000 183.8599 172.1999 0.3717
0.0001 0.0000 204.7300 219.0000 0.9235
0.0003 0.0000 232.4300 262.1400 2.2000
0.0016 0.0000 249.5400 336.0000 2.3200
0.1360 0.0000 294.1100 423.0900 2.6835
0.5670 0.0001 336.8600 523.0000 2.9480 0.5400 49.7400
0.9990 0.0004 374.8700 705.4100 3.0890 0.9750 60.8000
0.9980 0.0045 382.3300 811.7700 3.1160 1.6350 78.1600
1.0000 0.1167 431.0400 811.9000 3.1090 2.1500 104.4600
1.0001 0.8470 401.0500 831.6000 4.9250 2.1810 169.8700
14.4000
22.7000
-
29.4500
-
37.2000
890.1997 19.0320 39.8500
861.3999 20.5300 35.6900
795.1000 20.7300 28.5000
684.9000 20.7000 28.1900
677.4000 21.7700 26.0500
5.2221 714.5000 27.2000 26.6300
5.4342 758.7000 26.1500 25.5000
5.7518 788.4000 25.6000 25.1700
8.7000 808.1000 27.0000 26.3600
8.4462 788.5000 24.4000 26.2880
12.1655 1,125.0000 2.4265 15.9800
13.1220 1,641.0000 2.6030 17.2500
12.8900 1,650.0000 2.4880 17.5000
15.0200 1,717.3548 2.7100 18.5000
16.8400 1,797.0000 2.6985 21.2500 40.0000 25.6100
18.1500 1,889.0000 2.6983 21.7200 40.2400 25.3000
25.8000 1,984.0100 2.7205 24.6000 42.7138 25.0500
28.6800 2,063.5000 2.6150 25.5000 46.0000 25.4900
31.1300 2,103.0100 2.6930 29.9800 49.5600 25.4800
31.3688 2,198.0000 2.5535 30.7692 49.6650 25.1050
159.5000 61.4490 0.6409 8.7000 0.9500 136.6400
175.0000 75.6200 0.6730 9.8000 1.0957 133.6000
215.3000 83.9700 0.6742 21.5000 1.5767 146.9200 4.8420 8,540.0000 5.4816
249.3500 100.7000 0.6870 40.0000 2.1444 176.6200 4.2900 14,570.0000 6.9351
240.6000 113.1500 0.7040 22.0000 2.4370 159.2000 4.0750 38,700.0000 8.3650
26.6500
26.1300
147.7599
157.4900
-
576.8599 1.6412
-
156.3000 0.6376 7.4500 -
146.7200 -
987.8200 1.6620
-
0.4750 5.3000
129.8700 -
757.7898 1.6781
147.7000 -
0.3430 4.1413
146.1200
25.1900
126.7000 -
0.3441 3.3168
-
25.1900
138.7600 -
0.3678 0.9996
-
43.5000
149.6000
1,805.1000 1.9429
2,293.0000 2.2448
2,898.0000 2.6609
5,025.0000 5.0355
Brazil reformed its currency on July 1, 1994, exchanging its former currency (the cruzeiro real) for a new currency (the real) at a rate of 2,750:1. This series has been adjusted to reflect the change. Nigeria fixed its exchange rate at 22 naira per dollar on January 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throughout 1994, but switched to using Nigeria's autonomous exchange rate in March 1995. Poland changed the value of the zloty on January 1, 1994. The "new" zloty's value is 10,000 times that of the "old' zloty. This series has been adjusted to reflect the change.
FACTHOOK
ENIERNING NIARK[TS
DATA BASE
30
Emerging Markets Currency Exchange Rates per US$, 1985-1994 (annual % change)
Market
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
-77.68 -69.65 -30.25 -33.86 -48.19 -12.15
-36.32 -27.88 -10.19 -21.37 -59.75 -36.56
-64.09 -79.56 -11.92 -16.46 -58.02 -22.92
-78.53 -90.26 -6.86 -21.98 -5.17 -20.83
-98.80 -93.53 -15.15 -20.58 -13.55 -14.48
-76.01 -92.98 -12.69 -19.10 -8.97 -12.55
-43.24 -85.23 -10.14 -25.86 -4.56 -44.62 -18.19
0.10 -91.10 -1.95 -13.10 -0.87 -40.37 -22.21
-0.20 -96.19 -11.30 -0.02 0.23 -23.95 -25.18
-0.01 -86.22 7.48 -2.37 -36.87 -1.42 -38.51
East Asia China Korea Philippines Taiwan, China
-
-7.05 3.83 -0.95
3.34 -7.30 11.66
8.34 -0.96 25.23
16.09 0.14 1.10
1.11 -4.92 8.21
-5.19 -19.96 -2.18
-5.82 -5.83 4.02 4.43
-5.52 -3.77 2.15 1.31
-33.89 -2.44 -5.19 -4.51
3.00 2.49 10.66 0.27
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
2.35 -4.53 -0.06 -3.88 1.88
-7.29 -31.44 -6.78 -7.36 1.99
1.80 -0.55 4.62 -1.43 3.73
-14.18 -3.92 -8.19 -5.41 0.00
-10.81 -4.43 0.43 -12.94 -1.64
-7.22 -4.87 0.01 -2.16 -0.60 1.23
-29.65 -4.79 -0.82 -11.71 -5.79 1.00
-10.04 -3.85 4.03 -3.53 -7.14 -1.73
-7.87 -1.88 -2.90 -14.94 -7.18 0.04
-0.76 -4.32 5.46 -2.56 -0.21 1.49
-13.05 10.11 -19.14
6.49 6.89 -69.86 7.78 -23.88 -2.20
9.52 0.32 -19.91 12.51 -23.29 0.97
-14.22 -27.79 -21.86 -11.48 -45.28 -14.46
-5.50 -25.50 -28.86 -1.93 -21.28 -13.45
-2.01 -0.51 -14.37 9.48 -20.88 -15.64
-8.86 -4.77 -11.22 2.28 -42.33 -47.16
-18.72
-13.66 -16.61 -1.86 -46.25 -26.47 -16.82 12.87 -41.39 -20.96
3.64 -11.00 -2.41 81.82 -12.01 10.94 5.28 -62.35 -17.09
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland * Portugal South Africa Turkey Zimbabwe
Notes:
-
-
-
7.49 -22.90 -8.46
-9.94 -0.18 -54.42 -30.51 -9.07 -41.16 -8.14
Brazil reformed its currency on July 1, 1994, exchanging its former currency (the cruzeiro real) for a new currency (the real) at a rate of 2,750:1. This series has been adjusted to reflect the change. Nigeria fixed its exchange rate at 22 naira per dollar on January 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throughout 1994, but switched to using Nigeria's autonomous exchange rate in March 1995. Poland changed the value of the zloty on January 1, 1994. The "new" zloty's value is 10,000 times that of the "old" zloty. This series has been adjusted to reflect the change.
1')95 r \( I tO(t )t
[I M
INC; ,
NIA\RRKLI S DATA BASE
31
3
IFC Global Indexes
Emerging Stock Markets Factbook 1995
Market Weights in the IFCG Composite Index End-1994 Number of stocks
Market capitalization (US$ millions)
Weight in IFCG Composite (%)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
30 83 40 25 80 35 17
18,751 111,905 45,058 11,437 83,279 5,271 3,353
2.0 11.9 4.8 1.2 89 (1.6 0.4
East Asia China Korea Philippines Taiwan, China
117 162 41 92
19,307 125,065 30,222 160,212
13.3 3.2 17.0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
119 47 104 71 32 61
65,358 22,199 125,883 7,668 1,711 79,660
7.0 2.4 13.4 0.8 0.2 8.5
36 13 42 28 12 32 63 40 24
8,021 747 2,787 1,964 1,479 11,185 137,866 15,243 1,341
0.9 0.1 0.3 0.2 0.2 1.2 1.6 0.1
Market
Europe/Mideast/Africa Gnrece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe Regions Composite' Latin America Asia * EMEA *
Weights in the IFCG Composite
Regional
Index, End-1994
EMEA 5% Latin America 30%
Asia 66%
Stock Distribution by Region in the IFCG Composite
1,266 310 729 227
939,799 279,054 617,977 42,767
EMEA 18Latin
Index, End-1994
Amierica
100.0 29.7 65.8 4.6 Asia 58%7o
Notes:
1995
China and South Africa were not included in regional or composite statistics in 1994. IFC does not currently calculate an IFCG EMEA index.
FACTIiOOK
EMERGING
NIARKI us DATA BASE
34
Market Concentration in the IFCG Indexes End-1994 (percent) IFCG index share of total market cap
IFCG index share of total value traded
10 largest stocks' share of total market cap
10 most active stocks' share of total value traded
Argentina Brazil Chile Colombia Mexico 1'eru Venezuela
50.9 59.1 66.1 74.0 63.9 64.5 81.6
78.3 51.5 80.4 64.5 87.5 79.1 93.2
41.7 34.5 46.4 61.2 33.8 55.8 73.8
47.7 36.4 57.7 52.5 57.6 55.2 80.7
East Asia China Korea Philippines Taiwan, China
44.4 65.2 54.4 64.8
36.8 56.0 51.9 59.8
17.3 29.9 44.3 32.7
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
51.3 47.0 63.2 62.5 59.3 60.6
32.9 60.0 48.1 49.5 60.5 45.4
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
53.8 46.6 60.7 72.5 48.4 68.8 61.1 70.6 73.4
45.5 0.0 80.8 39.2 57.0 60.7 69.7 50.5 75.6
Market
Share in Market Capitalization, 1994
Latin America
90
_
80
_
12.1 12.8 36.5 21.7
70
-
19.4 29.8 29.6 32.4 37.0 35.6
6.2 35.4 13.5 30.5 43.1 28.0
50
37.2 43.9 45.8 49.3 46.8 51.1 26.0 48.6 61.3
23.8 26.1 56.6 34.2 33.5 52.6 33.1 41.6 62.1
602.
41
C
-
3 20-
10
0
L1L1L
>UR
~
~~~~ 9C u
2z<
'o.Jo
St-
5IFCG index share *0llargest
1945 [
1I
olH
iuL
of total market cap
stocks' share of total market cap
LE\RGI~cN(
NMARKETS DA. I A BASE
35
Comparative End- 1994
Valuations of the IFCG Indexes Price-earnings ratio
Price-bookvalue ratio
Dividend yield
End 1994
Relative tto MSCI World
End 1993
End 1994
Relative to MSCI World
End 1993
End 1994
Relative to MSCI World
End 1993
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
17.71 13.09 21.36 19.54 17.07 43.95 18.06
0.76 0.56 0.92 0.84 0.74 1.89 0.78
41.90 12.59 20.04 25.54 19.45 44.01 17.44
1.42 0.63 2.54 1.38 2.16 3.00 1.81
0.65 0.29 1.17 0.63 0.99 1.38 0.83
1.94 0.55 2.11 1.80 2.59 3.62 1.85
2.91 0.66 2.41 1.70 1.83 0.72 2.50
1.21 0.27 1.00 0.71 0.76 0.30 1.04
2.28 0.40 2.74 1.88 1.65 0.79 2.35
East Asia China Korea Philippines Taiwan, China
34.47 30.79 36.85
1.49 1.33 1.59
25.12 38.77 34.73
1.56 4.51 4.41
0.72 2.07 2.02
1.38 5.23 3.93
3.75 0.40 0.69
1.56 0.17 0.29
0.63 0.35 0.83
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
26.67 20.23 28.98 23.34 17.60 21.16
1.15 0.87 1.25 1.01 0.76 0.91
39.68 28.93 43.49 27.64 27.81 27.54
4.17 2.41 3.76 3.52 2.78 3.70
1.91 1.11 1.72 1.61 1.28 1.70
4.90 3.09 5.39 4.20 4.22 4.71
0.98 1.51 1.85 1.57 1.74 1.98
0.41 0.63 0.77 0.65 0.72 0.82
1.00 1.25 1.05 1.55 1.65 1.51
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
10.42 -55.30 20.77 6.00 12.94 20.30 21.34 30.99 10.15
0.45 -2.38 0.90 0.26 0.56 0.87 0.92 1.34 0.44
10.18 52.42 17.95 8.36 31.47 17.97 17.28 36.34 8.84
1.89 1.71 1.71 1.59 2.30 1.80 2.63 6.35 1.17
0.87 0.78 0.78 0.73 1.06 0.83 1.21 2.91 0.54
1.94 1.65 1.96 1.76 5.69 1.69 1.82 7.18 0.91
4.61 2.68 2.44 8.37 0.44 3.22 2.02 3.57 4.59
1.92 1.12 1.02 3.49 0.18 1.34 0.84 1.49 1.91
4.85 2.73 2.71 6.87 0.43 2.95
Regions Composite Latin America Asia
22.86 15.96 29.34
0.99 0.69 1.26
25.87 18.42 33.28
1.95 1.08 3.02
0.89 0.50 1.39
2.23 1.31 3.29
1.89 1.87 1.76
0.79 0.78 0.73
1.44 2.10 0.99
Developed Markets Japan U.K. U.S. MSCI World
97.30 14.80 16.90 23.20
4.19 0.64 0.73 1.00
67.80 20.70 22.10 28.70
2.17 2.20 2.61 2.18
1.00 1.01 1.20 1.0(1
1.99 2.55 2.64 2.29
0.70 4.20 2.90 2.40
0.29 1.75 1.21 1.00
0.90 3.50 2.80 2.30
Market
-
2.39 3.62
Note: IFC does not currently prepare valuation ratios for its China indexes due to difficulties in interpreting company accounting data.
1995 FACTBOOk
[Nl
RC(;.ING NLNKLThs DAT.N BASE 36
D
r
~~~~~~~~~~~~~Japan
Peru
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5
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4
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08
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0
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U.S.
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fFCG Latin America U.K. Brazil Poland
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0Q 0(D
Greece
X
Zimbabwe Nigeria Hungary
0D I
aq a
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u . ,
i
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Greece
__
_
_
_
_
_
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Hungary Venezuela Jordan Chile MSCI World South Africa Thailand IFCG Composite Lathn Amernca
^
i: 2
^, > 7: r :
>
~~~~~~~~~Colombia ~~~~~~~~~~~Pakistan ~~~~~~~~~~~Indonesia ~~~~~~~~~~~~~India ~~~~~~~~~~~~Peru = _ ~~~~~~~~~~~Japan Taiwan, China
-
W > m wlJ
~~~~~~~~IFCG ~~~~~~~~~~Malaysia ~~~~~~~~~Mexico ~~~~~~~~~~IFCG Asia Sri Lanka
t
ll,|1
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0 G)||
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Korea Turkey Portugal Argentina U.S.
m
l,
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O~~~~~~~~~1:D
.
Taiwan, China Korea Turkey Philippines IFCG Asia Malaysia India Pakistan MSCI World ]FCG Composite Chile South Africa Thailand Jordan Portugal Indonesia Colombia Venezuela Argentina Sri Lanka Mexico
0 El g M
() =
~~~~~~~~~~~~~Brazil ~~~~~~~~~~~Poland ~~~~~~~~~~~Philippines 3
_
_
_. Xc
m
a -o
IFCG Price Indexes 1994 Performance Summary (ranked by 1994% changes in US$) % change in IFCG
Emerging
Markets
Rank
Market
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Nigeria Brazil Peru Chile South Africa Colombia Zimbabwe Taiwan, China Portugal Korea India Philippines Sri Lanka Greece Pakistan Jordan Thailand Hungary Indonesia Malaysia Argentina Venezuela China Mexico
168.8 67.6 52.1 41.2 28.5 26.8 22.5 21.5 16.5 16.3 6.5 -1.1 -1.9 -2.1 -9.8 -11.7 -13.1 -17.5 -20.6 -22.8 -25.1 -27.2 -34.5 -41.6
Poland
-42.6
25
Regions
26
Turkey
1 2 3
I 2 3 4 5
Price Index
Percent
Change
in IFCG Price Indexes,
_
__uuuu
1994
200
150
100
50
-43.3
0
Asia Latin America Composite
-1.0 -1.8 -2.2
-50
Japan, Nikkei FT, EuroPac MSCI, EAFE U.S., S&P 500 U.K., FT 100
26.7 7.1 6.2 -2.0 -5.2
.
ODHU.0 0 .3
U
Developed
Markets
0~~'
rc Z °
j D e r
E -
a
r U
U
,,N
> ,
-
U
0
Note: Nigeria's dollar-based index performance was greatly enhanced in 1994 by a switch from the parallel exchange rate to the official exchange rate in January 1994.
*
Emerging markets Developed markets
Q IFC Regional
1995 FACTBOOK
EMERGING
MARKETS
DAIA
Indexes
BASI
38
IFCG Price Indexes 1994 High, Low, Close (USS:year-end and week-end values) End1993
High
High week
Low
Low week
End1994
latin America Argentina Brazil Chile Colombia Mexico Pewu Venezuela
1,602.4 193.4 2,315.8 1,471.6 2,715.1 134.9 406.5
1,842.7 371.4 3,501.2 2,244.5 2,964.3 219.7 504.8
4-Feb 30-Sep 28-Oct 15-Jul 4-Feb 16-Dec 18-Feb
1,200.0 165.3 2,350.3 1,525.6 1,585.6 133.6 261.3
30-Dec 13-May 1-Apr 7-Jan 30-Dec 7-Jan 25-Nov
1,200.0 324.2 3,269.7 1,866.0 1,585.6 205.2 296.0
East Asia China Korea Philippines Taiwan, China
92.5 507.7 3,753.2 843.3
93.7 674.1 4,035.6 1,024.4
7-Jan 14-Oct 4-Nov 30-Dec
36.9 506.3 2,975.2 734.9
29-Jul 21-Jan 11-Mar 1-Apr
60.7 590.5 3,713.9 1,024.4
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
405.6 120.5 374.7 418.6 161.9 1,192.9
504.4 125.0 355.8 483.4 227.3 1,187.5
16-Sep 7-Jan 16-Sep 25-Mar 25-Feb 21-Oct
425.3 89.6 270.6 365.3 146.7 873.1
29-Apr 8-Apr 9-Dec 23-Dec 17-Jun 18-Mar
431.9 95.7 289.2 377.8 158.8 1,036.2
339.2 119.1 156.0 27.3 817.9 570.9 177.5 477.1 437.6
410.3 164.2 165.3 73.3 1,273.8 694.8 229.3 606.8 628.4
21-lan 18-Feb 18-Mar 30-Dec 11-Mar 25-Mar 18-Nov 14-Jan 27-May
300.2 98.3 137.8 50.9 442.7 572.0 143.7 147.0 395.2
10-Jun 30-Dec 30-Dec 7-Jan 9-Dec 1-Jul 15-Apr 29-Apr 7-Jan
332.3 98.3 137.8 73.3 469.3 665.0 228.1 270.5 536.1
Market
Europe/Mideast/Atrica Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe Regions Composite Latin America Asia
IFCG Price Indexes High and Close, 1994
4,500 4,000
-
3,500
-
3,000
-
a
2,500(
2,000 U
1,500
e
1,00(
U
U U 500-
0 Qa_,o
' U E E.U E c
459.0 695.0 459.8
511.9 876.1 496.5
23-Sep 23-Sep 16-Sep
410.9 613.8 395.2
6-May 6-May 1-Apr
448.0 682.1 454.8
Q
-~ C.,U a U
.s U t
2 t
-<
~~~~~ ~~~~Z ~ C_
o.°
oE
r
7
2
D
2 N
'a
m -J
C C
CSt-
U -
U I-
La-
U U
End-1993 inde- level
1995
FACTIBOOK
EMERGING
f
End-1994 index level
*
1994 high
MARKETS
DA IABASE
39
IFCG Price Indexes Regional vs. Developed Market Performance, 1994 (US$; end 1984=100)
Index
Index level
%/change
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
IFCG Composite IFCG Latin America IFCG Asia
452.1 797.6 447.9
436.3 769.7 435.0
399.3 719.0 394.2
400.6 662.3 418.0
410.4 692.0 425.4
402.3 647.3 424.5
427.4 697.4 448.0
473.4 825.6 481.7
487.9 867.7 492.6
477.2 837.5 484.6
456.3 819.6 454.8
430.0 682.3 454.9
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
288.0 369.4 416.1 439.2 424.9
279.3 347.1 427.0 437.5 425.3
266.5 321.6 415.9 418.1 408.3
269.6 333.2 433.7 435.4 424.5
273.0 314.9 446.6 432.3 422.4
265.6 316.2 467.6 437.9 428.2
274.0 333.7 455.6 441.6 430.4
284.3 349.3 459.8 451.5 439.3
276.7 334.8 440.7 436.6 425.4
282.4 354.4 460.0 450.8 439.1
271.0 338.4 430.2 428.6 414.7
274.6 336.5 441.1 430.7 418.9
Dec
IFCGComposite IFCG Latin America IFCGAsia
2.8 14.8 -2.5
-3.5 -3.5 -2.9
-8.5 -6.6 -9.4
0.3 -7.9 6.1
2.4 4.5 1.8
-2.0 -6.5 -0.2
6.2 7.7 5.5
10.8 18.4 7.5
3.1 5.1 2.3
-2.2 -3.5 -1.6
-4.4 -2.1 -6.2
-5.8 -16.8 0.0
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
2.8 4.1 19.5 8.3 8.6
-3.0 -6.0 2.6 -0.4 0.1
-4.6 -7.3 -2.6 -4.4 -4.0
1.2 3.6 4.3 4.1 3.9
1.2 -5.5 3.0 -0.7 -0.5
-2.7 (0.4 4.7 1.3 1.4
3.1 5.5 -2.6 0.8 0.5
3.8 4.7 0.9 2.2 2.1
-2.7 -4.2 -4.1 -3.3 -3.2
2.1 5.9 4.4 3.2 3.2
-4.0 -4.5 -6.5 -4.9 -5.6
1.3 -0.6 2.5 0.5 1.0
Note: The IFCG Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCG Regional Price Indexes vs. U.S. S&P 500, 1994 (weekly; rebased to end-1993=100) 150-
125
~ ~ ~ ~_
sn~
100
*
00
*0
00
0 0
.
10
4
0
*
0.0.0
*
.*0IFCG
OF
- -
1995
FACTBOOK
IFCG Asia
..*U.S.,
75 Jan I 1994
Composite Latin America
-IFCG
Feb
Mar
Apr
May
lull
1Jul
ALug
Sep
Oct
Nov
Dec
S&P 500
lan 1 1995
ENMIRGING MARKETS
DATA BASE
40
IFCG Price Indexes Regional vs. Developed Market Performance, 1985-1994 (US$:end 1984=100)
Index level
%change
fnidex
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
IFCG Composite [FCGLatinAmerica IFCG Asia
122.2 155.5 106.6
132.9 146.4 131.4
146.2 97.1 168.6
224.0 154.1 283.7
339.9 221.8 434.0
234.8 203.7 275.3
271.5 439.2 274.1
267.8 457.0 273.8
439.6 695.0 459.5
430.0 682.3 454.9
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
126.3 143.2 143.6 153.0 151.6
144.8 173.7 237.2 255.2 252.1
148.2 224.9 412.0 314.3 314.2
166.1 226.6 538.5 398.1 397.5
211.3 274.4 604.2 434.8 435.4
197.5 290.3 391.9 327.4 324.5
249.4 317.5 411.0 360.8 357.2
260.5 302.5 302.6 310.6 303.5
280.2 354.9 348.2 405.4 391.1
274.6 336.5 441.1 430.7 418.9
IFCGComposite IFCGLatinAmerica IFCG Asia
22.2 55.5 6.6
8.7 -5.9 23.3
10.0 -33.7 28.3
53.2 58.7 68.3
51.7 44.0 53.0
-30.9 -8.1 -36.6
15.6 115.6 -0.4
-1.4 4.0 -0.1
64.1 52.1 67.8
-2.2 -1.8 -1.0
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
26.3 43.2 43.6 53.0 51.6
14.6 21.3 65.2 66.8 66.4
2.3 29.5 73.7 23.2 24.6
12.0 0.8 30.7 26.7 26.5
27.3 21.1 12.2 9.2 9.5
-6.6 5.8 -35.1 -24.7 -25.5
4.5 -4.7 -26.4 -13.9 -15.0
7.6 17.3 15.1 30.5 28.9
-2.0 -5.2 26.7 6.3 7.1
26.3 9.4 4.9 1(0.2 10.1
Nwte: The IFCG Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCG Regional Price Indexes vs. U.S. S&P 500, 1985-1994 (monthly: end- 1984=100) 900 800 700°600 -
500 -_ 400300 -
--
200 -a..*-66.
-#*
Composite
.IFCG
£4646
-
100 .
- -IFCG
01 Jati 1 1985
1995 1 \C I ;oo1 K
IFCG Latin America Asia
* * U.S., S&l' 500 1986
1987
1988
1989
1990
1991
1992
1993
1994
Japn 1 1995
EN\El1GING NIARK[1S
DATA BASE
41
IFCG Price Indexes 1994 CUSS)
Base date (=1000)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
1,763.6 251.0 2,804.7 1,728.4 2,922.4 159.6 395.5
1,644.8 258.9 2,757.2 2,014.4 2,647.0 173.0 481.0
1,444.2 264.5 2,350.3 2,176.1 2,379.8 165.5 448.3
1,433.6 209.0 2,505.8 2,094.4 2,294.2 159.2 348.0
1,584.1 204.2 2,734.1 2,144.7 2,435.9 170.0 354.6
1,351.2 204.7 2,670.3 2,213.5 2,192.1 157.3 263.9
1,463.6 237.6 2,635.4 2,228.0 2,343.1 152.0 269.6
1,597.2 336.2 3,025.8 2,017.8 2,564.2 164.4 317.5
1,565.7 371.4 3,181.8 2,047.3 2,602.7 207.3 330.4
1,482.7 354.0 3,522.0 1,928.9 2,428.9 215.8 321.0
1,386.2 343.7 3,438.0 1,781.7 2,442.5 205.8 268.0
1,200.0 324.2 3,269.7 1,866.0 1,585.6 205.2 296.0
East Asia Chinia Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
81.6 565.4 3,390.7 850.0
81.2 556.5 3,295.5 742.9
70.6 511.7 3,160.0 726.0
60.1 545.2 3,320.9 802.0
55.3 562.8 3,664.1 806.0
46.4 557.3 3,372.2 822.7
36.9 550.6 3,541.5 949.7
73.6 570.2 3,887.7 991.1
76.9 650.5 3,741.7 1,022.8
63.1 657.1 3,984.9 934.8
64.5 631.7 3,687.3 905.6
60.7 590.5 3,713.9 1,024.4
South Asia India Indonesia Malaysia Pakistani Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
480.6 122.7 310.1 426.4 187.3 1,067.4
502.3 110.1 327.3 462.1 227.6 971.4
438.2 96.7 276.5 464.6 195.4 879.5
425.3 91.7 304.5 436.3 169.3 919.4
433.6 104.0 292.1 405.4 164.8 996.9
459.0 94.7 294.7 427.2 163.4 944.8
467.0 92.1 303.9 421.2 163.3 1,036.0
501.4 105.8 336.4 412.1 172.3 1,163.5
475.9 102.8 337.2 423.5 189.1 1,138.1
462.0 107.8 330.9 412.8 181.0 1,186.6
453.6 96.9 301.4 393.7 175.1 1,042.4
431.9 95.7 289.2 377.8 158.8 1,036.2
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal SouthAfrica Turkey Zimbabwe
Dec-84 Dec-92 Dec-84 Dec-84 Dec-92 Jan-86 Dec-92 Dec-86 Dec-84
382.2 171.6 161.6 54.3 1,101.6 647.4 167.3 402.0 451.3
389.0 150.4 162.5 55.8 1,284.4 667.9 160.5 292.3 586.8
364.1 147.3 159.5 58.6 877.2 693.5 155.8 214.8 564.7
365.4 130.7 149.1 60.2 658.4 661.5 181.3 147.0 565.3
319.8 124.3 150.4 60.9 699.2 600.9 177.9 163.8 627.9
319 7 112.6 151.0 62.4 502.8 587.4 179.4 221.8 529.4
318.7 118.8 145.9 62.8 662.4 614.0 192.3 245.8 530.3
320.1 123.3 145.0 62.5 684.5 658.8 205.5 263.8 581.3
325.8 114.8 144.5 63.5 564.6 658.7 209.8 259.4 604 8
322.2 116.8 140.3 66.5 515.6 684.9 225.1 256.1 599.7
320.6 108.5 140.2 70.1 503.6 675.8 223.1 294.8 594.0
332.3 98.3 137.8 73.3 469.3 665.0 228.1 270.5 536.1
Market
1995 FACTBOOK
EMIERGING MARKETS
Dec
DATA BASE
42
IFCG Price Indexes 1994 (monthly
% change
Market
in US$)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
10.1 29.8 21.1 17.4 7.6 18.3 -2.7
-6.7 3.2 -1.7 16.5 -9.4 8.4 21.6
-12.2 2.2 -14.8 8.0 -10.1 -4.3 -6.8
-0.7 -21.0 6.6 -3.8 -3.6 -3.8 -22.4
10.5 -2.3 9.1 2.4 6.2 6.8 1.9
-14.7 0.3 -2.3 3.2 -10.0 -7.5 -25.6
8.3 16.1 -1.3 0.6 6.9 -3.4 2.1
9.1 41.5 14.8 -9.4 9.4 8.2 17.8
-2.0 10.5 5.1 1.5 1.5 26.1 4.1
-5.3 -4.7 10.7 -5.8 -6.7 4.1 -2.9
-6.5 -2.9 -2.4 -7.6 0.6 -4.6 -16.5
-13.4 -5.7 -4.9 4.7 -35.1 -0.3 10.4
East Asia China Korea Philippines Taiwan, China
-11.8 11.3 -9.7 0.8
-0.5 -1.6 -2.8 -12.6
-13.1 -8.0 -4.1 -2.3
-14.8 6.6 5.1 10.5
-8.1 3.2 10.3 0.5
-16.0 -1.0 -8.0 2.1
-20.6 -1.2 5.0 15.4
99.6 3.6 9.8 4.4
4.5 14.1 -3.8 3.2
-17.9 1.0 6.5 -8.6
2.2 -3.9 -7.5 -3.1
-6.0 -6.5 0.7 13.1
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
18.5 1.8 -17.2 1.9 15.7 -10.5
4.5 -10.3 5.5 8.4 21.5 -9.0
-12.7 -12.2 -15.5 0.5 -14.1 -9.5
-3.0 -5.1 10.1 -6.1 -13.4 4.5
2.0 13.3 -4.1 -7.1 -2.6 8.4
5.8 -9.0 0.9 5.4 -0.9 -5.2
1.8 -2.7 3.1 -1.4 0.0 9.6
7.3 14.9 10.7 -2.2 5.5 12.3
-5.1 -2.9 0.3 2.8 9.8 -2.2
-2.9 4.9 -1.9 -2.5 -4.3 4.3
-1.8 -10.1 -8.9 -4.6 -3.3 -12.1
-4.8 -1.3 -4.1 -4.0 -9.3 -0.6
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
12.7 44.1 3.6 99.2 34.7 13.4 -5.8 -15.7 3.1
1.8 -12.4 0.5 2.7 16.6 3.2 -4.1 -27.3 30.0
-6.4 -2.0 -1.8 5.1 -31.7 3.8 -2.9 -26.5 -3.8
0.3 -11.3 -6.5 2.6 -24.9 -4.6 16.4 -31.6 0.1
-12.5 -4.9 0.8 1.3 6.2 -9.2 -1.8 11.4 11.1
0.0 -9.4 0.4 2.4 -28.1 -2.2 0.8 35.4 -15.7
-0.3 5.4 -3.3 0.6 31.8 4.5 7.2 10.8 0.2
0.4 3.8 -0.6 -0.4 3.3 7.3 6.9 7.3 9.6
1.8 -6.9 -0.4 1.7 -17.5 0.0 2.1 -1.7 4.0
-1.1 1.8 -2.8 4.6 -8.7 4.0 7.3 -1.3 -0.8
-0.5 -7.1 -0.1 5.5 -2.3 -1.3 -0.9 15.1 -0.9
3.6 -9.4 -1.7 4.5 -6.8 -1.6 2.2 -8.2 -9.7
1995 FACTBOOK
EMlERGIN(. MARKETS DATA BASE
43
IFCG Price Indexes 1985-1994 (US$;end of period levels)
Base date (=100.0)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
174.5 182.7 135.6 74.9 107.6 70.2
128.1 134.0 317.9 167.8 194.6 108.4
137.2 45.8 386.3 278.1 182.2 164.4
179.3 94.0 471.5 228.7 362.9 123.1
426.7 126.3 638.6 237.3 609.1 80.7
267.7 41.3 838.8 299.9 760.8
1,322.0 102.6 1,593.5 821.3 1,540.2
958.0 101.1 1,788.8 1,117.5 1,848.0 100.0 454.2
1,602.4 193.4 2,315.8 1,471.6 2,715.1 134.9 406.5
1,200.0 324.2 3,269.7 1,866.0 1,585.6 205.2 296.0
EastAsia China Korea Phihppines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
128.9 132.6 107.0
225.5 613.7 156.6
297.6 912.8 339.9
616.0 1,228.9 649.0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
199.9
189.3
154.8
204.4
84.8 110.4 91.3
91.7 122.3 145.8
90.9 122.5 190.9
Europe/Mideast/Atrica Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
Dec-84 Dec-92 Dec-84 Dec-84 Dec-92 Jan-86 Dec-92 Dec-86 Dec-84
91.5 144.0 95.4 -
129.9
306.8
Market
1995 FACTBOOK
-
-
-
235.6
-
-
650.8 1,935.8 1,287.7
112.8 128.1
497.4
172.0
287.9
-
792.9
-
-
100.0
406.5 1,372.4 623.9
420.9 1,608.5 451.2
92.5 507.7 3,753.2 843.3
60.7 590.5 3,713.9 1,024.4
243.4 98.9 137.7 132.2 381.1
283.7 57.1 150.7 345.3
346.3 57.6 187.8 274.7 100.0 605.6
405.6 120.5 374.7 41t,.6 161.9 1,192.9
431.9 95.7 289.2 377.8 158.8 1,036.2
559.9
437.6
292.1 100.0 129.1 33.3 100.0 431.1 100.0 152.1 196.7
339.2 119.1 156.0 27.3 817.9 570.9 177.5 477.1 437.6
332.3 98.3 137.8 73.3 469.3 665.0 228.1 270.5 536.1
483.3 870.2 632.1
208.7 100.0 158.5 126.1
257.0
-
551.8
-
-
-
-
-
135.5 38.3 264.8 100.0 248.7
125.0 32.0 844.0 340.5 428.4
106.7 31.0 597.6 123.5 488.8
102.3 34.2 820.4 642.2 612.4
100.7 42.8 565.2 601.3 1,130.5
-
445.7
106.7 54.5 556.7 336.2 511.6
ENIERGING MARKETS
DATA BASE
44
IFCG Price Indexes 1985-1994 (annual % change in US$)
Market
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
74.5 82.7 35.6 -25.1 7.6 -29.8
-26.6 -26.7 134.4 124.0 80.9 54.4
7.1 -65.8 21.5 65.8 -6.4 51.7
30.7 105.4 22.0 -17.8 99.2 -25.1
137.9 34.3 35.4 3.8 67.8 -34.5
-37.3 -67.3 31.4 26.4 24.9 583.9
393.9 148.6 90.0 173.8 102.4 43.7
-27.5 -1.5 12.3 36.1 20.0 -42.7
67.3 91.3 29.5 31.7 46.9 34.9 -10.5
-25.1 67.6 41.2 26.8 -41.6 52.1 -27.2
East Asia China Korea Philippines Taiwan, China
28.9 32.6 7.0
75.0 362.7 46.4
32.0 48.7 117.0
107.0 34.6 90.9
5.6 57.5 98.4
-25.7 -55.0 -50.9
-
-
-15.9 57.7 -1.3
3.5 17.2 -27.7
20.6 133.3 86.9
16.3 -1.0 21.5
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
99.9 -15.2 10.4 -8.8
-5.3 8.1 10.8 59.8
-18.3 -0.9 0.2 30.9
32.1 24.1 4.6 34.6
2.1 0.0 40.4 -1.6 93.6
16.6 -1.1 -13.1 4.9 -23.4
16.6 -42.3 9.5 161.1 16.9
22.1 1.0 24.6 -20.5 35.9
17.1 109.1 99.5 52.4 61.9 97.0
6.5 -20.6 -22.8 -9.8 -1.9 -13.1
-8.5 44.0 -4.6
41.9 -5.9 -59.9
136.1
-43.9
67.4
94.5
-21.8
-33.3
-
-
-
-
-
-
-7.8 -16.5
-14.7 -3.0
-4.1 10.2
-1.6 25.1
5.9 27.4
21.1 -38.8
16.1 19.1 20.8 -18.2 717.9 32.4 77.5 213.7 122.5
-2.0 -17.5 -11.7 168.8 -42.6 16.5 28.5 -43.3 22.5
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zinmbabwe
1919 Frx,( IllOttR
-
-
-
-
-
-
-
-
-
-5.8
135.6
0.0 5.6
218.7 240.5 72.2
-29.2 -63.7 14.1
37.3 420.2 25.3
-31.1 -6.4 84.6
-1.5 -44.1 -54.7
-22.5 -54.8 -61.5
-
-7.5
ENII 1
-34.4
M(-13NG NAIAINI IS DATA BASL
45
Statisticsof the IFCG Price Indexes (US$:December 1989-December 1994)
Number of months
Mean of % change
Standard deviation
Annualized mean
Annualized standard deviation
Correlation with S&P500
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
60 60 60 60 60 24 60
3.35 3.51 3.08 4.04 2.06 3.64 3.24
19.08 19.49 8.20 11.17 9.29 11.33 15.00
40.20 42.12 36.96 48.48 24.72 43.68 38.88
66.10 67.52 28.41 38.69 32.18 39.25 51.96
0.36 0.28 0.29 0.12 0.35 0.27 -0.03
East Asia China Korea Philippines Taiwan, China
24 60 60 60
0.46 0.19 1.59 0.61
26.30 8.63 10.15 14.50
5.52 2.28 19.08 7.32
91.11 29.90 35.16 50.23
0.05 0.20 0.36 0.14
South Asia India Indonesia Malaysia Pakistan Sri Lanka * Thailand
60 60 60 60 24 60
1.80 0.34 1.29 2.22 2.38 1.69
11.08 9.22 7.60 9.13 9.63 9.83
21.60 4.08 15.48 26.64 28.56 20.28
38.38 31.94 26.33 31.63 33.36 34.(5
-0.08 0.27 0.39 0.06 0.04 0.38
Europe/Mideast/Atrica Greece Hungary Jordan Nigeria Poland Portugal Turkey South Africa Zimbabwe
60 24 60 60 24 60 60 24 60
0.92 0.51 0.60 2.42 9.88 -0.16 0.14 3.70 0.29
12.67 11.80 4.56 16.98 28.68 6.26 18.26 6.80 10.26
11.04 6.12 7.20 29.04 118.56 -1.92 1.68 44.40 3.48
43.89 40.88 15.80 58.82 99.35 21.69 63.25 23.56 35.54
0.06 0.47 0.10 -0.01 0.45 0.43 -0.19 0.21 0.03
Market
Number of months
Mean of X change
Standard deviafion
Annualized mean
Annualized standard deviation
Correlation with S&P500
Regions Composite Latin America Asia
60 60 60
0.58 2.21 0.34
6.28 8.07 7.39
6.96 26.52 4.08
21.75 27.96 25.60
0.30 0.41 0.20
Developed Markets U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FTEuroPac
60 60 60 60 60
0.50 0.47 -0.10 0.14 0.11
3.59 5.17 9.32 5.72 5.91
6.00 5.64 -1.20 1.68 1.32
12.44 17.91 32.29 19.81 20.47
1.00 0.60 0.29 0.46 0.44
Market
Note: Statistics are for five years of monthly retums beginning December 1989, except for China, Hungary, Peru, Poland, South Africa, and Sri Lanka, which begin December 1992.
1995 FACTBOOK
ENIE M; 1,NG NI \R KILrS DATA B \SL
46
~j41-
a,
WLJ~~~~~~L
-~~~~~
-
~~~~~~~~~~~~~Poland
-
c,~-
0
0
Colombia South Africa Peru Brazil Argentina Venezuela0 Chile
( ( >C J
CDN
'0
Nigeria Sri Lanka Pakistan IFCG Latin America Mexico3 India Thailand Philippines Malaysia
0
ID(D
C C
0O
'
Taiwan, Chn
C ED m r) 5
C
IFCG Composite Hungary U.S., S&P 500 U.K., FT 100 China0 IFCG Asia Indonesia Zimbabwe Korea MSCI, EAFE Turkey
(
0
~~~~FrEuroPac ~~~~~Portugal
Japan, Nikkei
Eix
z
Pol~~~~~~and Chi na Brazil
0L (
Argentina
Turkey> Nigeria Venezuela
I
_
_
_
_
_
_
_
_
_
_
Taiwan, China
_
_
_
_
I__ ND
Hungary Peru
_
_
_
_
_
_
_
_
_
Colombia
<
a__________2
Thailand _
_
_
_
_
_
Japan, Nikkei
7" M
>
~~~~~r
IndonesOa Pakistan Korea Chile IFCG Latin America Malaysia Asia Africa IFCG Composite Portugal FT EuroPac MSCI, EAFE FT 100
~~~~~~~~~~IFCG ~~~~~~~~~~~South
~~~~~~~~~~~U.K., ~~~~~~~Jordan U.S., S&P 500
_
aL
India Zimbabwea Philippines Sri Lanka
_
_
_
_
_
'
IFCG PriceIndex Correlations (US$; December 1989-December 1994)
U.S., SArP50(1 U K.,FTIOO Japan.Nrk-kei MSCI, ESAFE FT. EuroPac ItKG Composite IFCC Lati Anreca IFCG Asia
1.00 0 60 0 29 0.46 0.44 0 30 041 0.20
100K 0.46 0.70 068 0.37 0.28 030
100i 0.92 0.94 024 0.16 0.23
Argehntn Brazil Chile china Colombia Creece Hungary Iiidia Indoneia Jordan
036 0.12 -0.07 0.28 0 15 013 0.29 0.14 -0.12 0 05 (1.80 -002 0.12 0.09 006 11.06 0.17 (1.15 047 046 0.33 -000 -0.01 -0.18 0.27 0 23 -004 0.10 0(19 0.19
Korea Malaysia Me-co Nigeria Pakistan Peru Philippnes Poland Portugal So,uthAfnca
0210 (1.39 0 35 -001 (1(16 0.27 03 0 45 0.43 0 21
Sn Lanka Taiwan Thailand Turkey V.eneula Zimnbabwe
101(4 0.03 0 14 0 24 0 38 0.27 -0 19 0 04 -0.03 -0 02 0 03 0.10
0.33 038 024 0.11 0 18 021 0.30 0.39 0 5t 0.41
1.00 100 0.38 0.27 034
1.00) 0.36 1.00 024 10.57 100 034 094 029
0.012 001 0.21 0 18 -001 -(0.04 -0.012-001 0.119 009 013 Ott1 037 0.36 -11.15-0 16 0.11 0 10 0 19 0.19
0.34 11.24 0.12 036 -0 12 0.22 008 0.26 0.42 001
0.35 041 0.20 0.25 002 033 0.30 0.41 056 0 25
00(6 0.36 038 0 26 0.12 -0.01 032 012 0.47 035
039 -0.07 0.78 0.11 046 0.26 0.27 0 17 0 13 008 012 -0.08 10.60 006 0.19 0.05 0 18 0.42 0 10 0.33
036 (1.45 0 It 048 041 0.60 0.27 0.62 0.19 051 0.71 033 026 -11.03 0.05 -007 0.01 0.17 0 08 0.17 0.30 040 0.50 0 27 0.28 05.5 0.26 056 0 42 0.35 0 34 0.25 055 024 0 29 0 12 0.24 0.48 0.01 0.68
-0.10 -0 05 -0 05 0 35 0.22 0 29 0.29 0.80 0 12 (1.29 0.27 0 50 0.19 0.05 0 03 0.20 -0.09 -010O -01.09 -0 19 0 09 0 11 0 12 00(8
-~~~~
.~~
1.00
A
~~~~E 0
C e
0 55 0.22 0 24 -001 -((114 0.14
Ei < <
0.15 0 87 051 0.18 -0 20 0.05
100 0.10 020 0.05 002 -001 1.50 0 17 -0 09 -0.06
1.00 023 10(1) 041 0.15 I 00 10.17 -0 13 -036 0.24 0.09 0.20 049 11.44 -003 0201 0.22 012 0.15 028 11.26 008 OtO0 -009
-0 07 -0.15 -0.111 0.08 0.36 021 003 0.1(1 0.07 -0.01 (1.5.4 028 0.22 0 15 039 0.20 014 040 0.27 -0 27 0 26 -0.09 0 12 -0 22 (1.14 0 02
~~~~
1.00 024 0.44 0.03 0 17 012
0 14 0.0(2 -0.05 0.10 0.26 0 11 01.27 009 001 0.09 003 0.18 0 02 -0.17 0.40 0.38 -0.12 031 0.23 0 19 0.30 0.07 -10117 041 0.21 0.11 0 16 0.13 0 10 -(1.20
0.43 0 29 0 13 ((.16 0119 0 23 0.16 -0 16 -0.05 -0 12 0 03 0.00
0.07 0.00 0 19 0.23 032 0 16
0.42 0(19 0.12 0 10 018S -0.01
,5 .0 -u .z~~~~~~~~~~~~~~~~~~~~~~~~~~
i
U
Q
1.00 043 0.15 (1.27 0.19
1181 0.57 1.00 0 30 0 15 1 00 003 -0.09 0.09
-0 22 0.22 -0.02 -0 18 -0.07 0 43 011 0.56 -(1.05 0 05 0.11 0.37 0 16 -((.02 0 25 0 41 0.34 0 67 0 09 -0 27 0.25 0.36 0 00 0 01 0 16 ().01 11.23-0 04 0.11 0 03 0 06 (123
3
.
-0.07 0.06 11.02 044 0 11 02(0 001 -0.06 -0(14 0 09 0.04 0 29 0 00 11.54 03'4 0 47 0.18 0.29 -0 16 8 15 0.58 -0 13 0 17 0.12 0.07 -0 07 2
1.00 0.13 11.13 0 07 0 12 0 t9 0.16 01 11 0 36 0312 0.15
0 14 0 13 03~'4 0.29 (1.4IS 0.20 0 30 0 19 0 54 -0.17 0.20 -016 2
~
100O 0 28 1.00 031 0 39 118X) 0.21 -0 20 1.00 1 00 0 06 01.14 0 08 -0(13 0.3'4 0.12 0 36 0.05 006 0 60 11.22 -0 13 0 19 031 0.32 0 19 000 0.12 -001f 0.11 11.33 0.60 ((16 -0 27 03 0 1.16 0 24 0.39 (1.19 0 66 -0 01 0.18 -0.08 -0.06 0.00 0 24
'
0 44 0 20 1131 -0 12 -0 05 0.18
0.14 -0.07 -0 14 0.01 0.09 0 06
100 0 27 1.00 0.24 01 10(1IX 0.19 0 06 0.15 0 09 0 24 021 0 31 -0.09 0 70
100 0 47 100 0.03 -0 28
0 48 0 4(1 0.00 0.12 0.21 0 50 (1.22 0.19) 0.64 0 10 -0 16 0.10 00(4 (1.31 -0 04 (1102 0 47 0 13
0 32 0.02 0 13 0 04 0.34 0 33
2
0.18 0.10 0 15 0.06, -0 10 0 14
1.00 -0 25 0.56 0 55 -0 04 0(Xg) -0.01
1.00 -0 13 0117 -0.07 0 41 0.61
1.00 0 29 100A 0.13 0.21 100 -0(.19 -0.00 -1115 100 0.00 0 04 -0.08 032
0
C
.
-
1.00
2u.
0E
n
5
H
0
Note':CorrelatiOns are for five years of mnonthly returns beginning December 1989, except for China, Hungary, Peru, Poland, South Africa, and Sri Lanka, which begin December 1992.
1995FACTBOO)K
[N¶RGI,INc; NIARI-KLTsDATA
Bxs[ 48
G)C)
C CD
CD
G
(D~
U.S., S&P 500 U.K., FT 100
~~~~~~~~~~~~Hungary
0
C
CD-(
a.
MS5CI,EAFE Poland FT EuroPac0
0(
Portugal
OD
C
00
IFCG Latin America Malaysia Thailand Argentina Philippines Mexicocm IFCG Composite ChileJapan, Nikkei Brazil Indonesia
( :
3DC C
0
.
Peru0 South Africa
IFCG Asia
0
Korea Taiwan, China
0
C)
Colombia Jordan
CQ
Greece Pakistan China
0. 0D x 0D
Sri Lanka
o mc
;a
0 El11Venezuela -n r <
Zimbabwe
~~~~~Nigeria
f
India
~~~~~Turkey
-
ID0
0~~~~~~~~~~~~~~~~~~~
Argentina Poland
Malaysia
0D
Greece0 Taiwan, China
0
South Africa Mexico China Hungary
0
0
Thailand
a3
Sri Lanka EL
I
Chile Korea0 rri
~~~~~~~~~Indonesia India Philippines Brazil Venezuela
> 7'.
~~~~~~~~~~Pakistan ~~~~~~~~Turkey Portugal Zimbabwe Peru Colombia
rn~~~~~~~r m1 ID
~~~Jordan
~ '
IFCG Total Return Indexes 1994 Performance Summary (ranked by 1994 % changes in US$)
Emerging Markets
Regions
Developed Markets
Note:
1995
% change in IFCG Total Return Index
Rank
Market
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Nigeria Brazil Peru Chile South Africa Colombia Zimbabwe Taiwan, China Portugal Korea India Greece Sri Lanka Philippines Pakistan Jordan Thailand Hungary Indonesia Malaysia Argentina Venezuela China Turkey Mexico Poland
I 2 3
Asia Latin America Composite
0.5 -0.1 -0.5
I 2 3
FT, EuroPac MSCI, EAFE U.S., S&P 500
9.1 8.1 1.3
190.9 69.8 53.5 45.0 31.3 28.9 28.3 22.5 20.1 19.0 7.4 2.0 -0.4 -0.6 -8.5 -9.8 -11.3 -15.3 -19.3 -21.5 -23.3 -25.7 -33.0 -40.2 -40.6 2 -42.4
Percent Change in IFCG Total Return Indexes, 1994
200
150
-
100
-
50
_n_uu0
-50
X
Uu
E 15oEu
o c < 4 cm
u^ U EXX
u
Lf
Neither of the local japanese indexes (Nikkei and Topix) publishes a total retum index. Nigeria's dollar-based index performance was greatly enhanced in 1994 by a switch from the parallel exchange rate to the official exchange rate in January 1994.
FACTBOOK
o
LL
L
EMitRGING
m
Emerging markets Developed markets
5
IFC Regional Indexes
MIARKETS
D A I A BASE
50
IFCG Total ReturnIndexes 1994High, Low,Close (US$;year-end and week-end values) Low
End-
1993
EndHigh
week
Low
week
1994
2,164.7 316.9 4,462.9 2,925.4 3,909.8 137.2 487.3
2,493.5 615.9 6,901.4 4,499.1 4,275.2 225.3 607.2
4-Feb 30-Sep 28-Oct 15-Jul 4-Feb 16-Dec 18-Feb
1,661.4 273.2 4,547.4 3,034.8 2,320.9 136.0 319.1
30-Dec 13-May I-Apr 7-Jan 30-Dec 7-Jan 25-Nov
1,661.4 538.2 6,470.77003,770.77,0 2,320.9 210.6 362.2
92.7 627.1 4,831.4 952.2
93.9 842.0 5,214.5 1,166.2
7-Jan 14-Oct 4-Nov 30-Dec
37.6 631.0 3,831.5 829.8
29-Jul 21-Jan 11-Mar 1-Apr
62.1 746.6 4,802.3 1,166.2
494.0 126.0 460.3 710.8 165.4 1,827.8
619.2 130.6 442.2 822.9 232.5 1,853.5
16-Sep 7-Jan 16-Sep 25-Mar 25-Feb 21-Oct
518.2 93.7 337.8 628.4 151.2 1,345.9
29-Apr 8-Apr 9-Dee 23-Dec 17-Jun 18-Mar
530.7 101.6 361.3300650.33,0 164.8 1,621.2U
Market
High
Lotin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
IFCGTotalReturnIndexes High and Close, 1994
6,000
EastAsia China Korea Philippines Taiwan, China
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
5,000-
4,000-
2,000-
Europe/Mideast/AfricaU Greece
655.3
792.6
21-jan
585.2
10-jun
Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
1 24.6 225.7 57.0 839.6 694.6 182.4 759.0 938.0
171.9 239.3 165.8 1,307.6 870.1 239.9 965.3 1,366.3
18-Feb 18-Mar 30-Dec 11-Mar I11-Nov 18-Nov 14-Jan 27-May
105.5 203.7 106.4 456.5 716.2 148.4 237.4 849.2
30-Dec 30-Dec 7-Jan 9-Dee 1-Jul 15-Apr 29-Apr 7-Jan
668.6 105.5U 203.7 165.8Uu 484.0 834.0EUU*E 239.5 453.8 1,203.2
576.9 1,032.2 543.5
651.3 1,318.3 592.7
23-Sep 23-Sep 16-Sep
519.7 919.3 469.1
8-Apr 6-May 1-Apr
572.5 1,030.6 545.8
1,000 r
o[
** 0 122
0M2
MM
M
q .q
Regions Composite Latin America Asia
r :.~2~.
>.3~
r
(. U f-u~~~~~~~~~i
nEnd-1993 index level *End-1994
index level
*1994 high
1995
FACTBOOK
EMERGINGNMARKETs
DA-A
BASE
51
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1994 (US$:end 1984=100)
Index
Index level
IFCG Composite IFCG Latin America IFCG Asia U.S., S&P 500 MSCI, EAFE FT, EuroPac
%change
IFCGComposite IFCG Latin America IFCGAsia U.S., S&P 500 MSCI, EAFE FT, EuroPac
Jan
Feb
Mar
571.7 1,185.5 530.5
552.2 1,146.1 515.3
506.3 1,071.8 467.9
389.5 520.7 519.6
379.0 519.4 520.4
3.0 14.9 -2.3 3.3 8.5 8.9
Apr
May
Jun
509.2 990.3 496.8
522.6 1,037.1 506.3
513.0 971.9 505.7
362.5 497.1 500.5
367.2 518.3 521.1
373.2 515.4 519.4
-3.4 -3.3 -2.9
-8.3 -6.5 -9.2
0.6 -7.6 6.2
-2.7 -0.3 0.2
-4.4 -4.3 -3.8
1.3 4.3 4.1
Jul
Aug
Sep
Oct
Nov
545.5 1,047.9 534.2
604.9 1,242.1 574.9
623.9 1,306.0 588.3
610.7 1,261.3 579.2
584.5 1,236.6 544.0
552.2 1,030.9 545.9
364.0 522.8 527.4
376.0 528.0 531.4
391.3 540.6 542.8
381.8 523.7 526.5
390.6 541.2 544.2
376.3 515.3 516.5
381.8 518.7 521.0
2.6 4.7 1.9
-1.8 -6.3 -0.1
6.3 7.8 5.6
10.9 18.5 7.6
3.1 5.1 2.3
-2.1 -3.4 -1.6
-4.3 -2.0 -6.1
-5.5 -16.6 0.4
1.6 -0.6 -0.3
-2.5 1.4 1.5
3.3 1.0 0.8
4.1 2.4 2.1
-2.4 -3.1 -3.0
2.3 3.4 3.4
-3.7 -4.8 -5.1
1.5 0.6 0.9
Dec
Note: The IFCG Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCG Regional Total Return Indexes vs. U.S. S&P 500, 1994 (weekly; rebosed to end-1°993=100) 130 125 120 115110 105
do 0.00
.
@0.
oNia
*
FCGCornposite IFCG Latin America
90 -e 8580 Ian I 1994
1995
FACTBOOK
.
.
~~~~~~~~I
,,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FCG Asia a* U.S., S&P 500
Feb
Mar
Apr
May
Juntl
IJul
Aug
Sep
(d
Nov
Dec
Ian I 1995
EM[RCING
NMARKETS DAXA BASI:
52
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1985-1994 (US$; end 1984=100)
Index level
%change
Index
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
IFCG Composite IFCGLatinAmerica IFCG Asia
127.7 165.6 109.7
144.1 161.5 140.1
163.6 112.3 184.1
258.9 191.2 316.7
400.5 289.8 490.7
280.9 279.0 313.5
330.3 623.7 315.2
331.4 659.3 319.3
555.2 1,032.2 543.2
552.2 1,030.9 545.9
U.S., S&P 500 MSCI, EAFE FT, EuroPac
131.7 156.7 157.8
156.2 266.3 267.8
164.4 332.7 339.0
191.5 427.9 436.2
251.9 474.1 485.2
244.1 364.1 369.6
318.3 409.6 416.2
342.7 361.1 362.9
376.9 480.0 477.3
381.8 518.7 521.0
IFCGComposite IFCGLatinAmerica IFCG Asia
27.7 65.6 9.7
12.8 -2.5 27.7
13.5 -30.4 31.4
58.2 70.2 72.0
54.7 51.6 54.9
-29.9 -3.7 -36.1
17.6 123.5 0.5
0.3 5.7 1.3
67.5 56.6 70.1
-0.5 -0.1 0.5
U.S., S&P 500 M4SCI,EAFE FT, EuroPac
31.7 56.7 57.8
18.6 69.9 69.7
5.2 24.9 26.6
16.5 28.6 28.7
31.6 10.8 11.3
-3.1 -23.2 -23.8
30.4 12.5 12.6
7.6 -11.9 -12.8
10.0 32.9 31.5
1.3 8.1 9.1
Note: The IFCG Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCG Regional Total Return Indexes vs. U.S. S&P 500, 1985-1994 (monthly; end-1984=I100) 1,400 1,2001,000 800 600 -
~
400_o _ 400 200 O___ JIn 1 1985
1995 FACTBOOK
I 1986
1987
Ce
_____
.
,z..
e
#
Composite
^IFCG
z^z^esz^e.*zs
*
.
1988
1989
1990
1991
1992
2993
1994
-
IFCGLatin America
- -
IFCG Asia
..
U.S.,S&P500
Jan 1 1995
EMERGING MARKETS DATA BASE 53
IFCG Total Return Indexes 1994 (US$)
Base date (=100.0)
Jan
Feb
Mar
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
2,386.5 411.5 5,420.3 3,441.6 4,208.4 162.5 475.4
2,225.6 425.3 5,333.4 4,014.7 3,820.6 176.5 579.3
1,954.3 435.3 4,547.4 4,341.2 3,438.1 169.5 541.8
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
81.8 704.7 4,365.2 959.8
81.4 693.6 4,243.4 838.8
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
585.6 128.3 380.9 724.3 191.5 1,636.3
Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal SouthAfrica Turkey Zimbabwe
Dec-84 Dec-92 Dec-84 Dec-84 Dec-92 Jan-86 Dec-92 Dec-86 Dec-84
738.2 179.5 234.0 113.7 1,130.8 787.6 172.0 639.6 970.5
Market
1995
FACTBOOK
Apr
May
Jun
Jul
1,943.8 345.3 4,883.5 4,186.7 3,320.5 163.0 420.6
2,155.6 337.6 5,346.3 4,291.9 3,536.6 174.1 428.9
1,838.7 338.8 5,224.0 4,433.3 3,193.3 161.0 320.2
1,994.7 393.3 5,166.4 4,467.5 3,415.0 155.7 327.1
2,180.5 557.4 5,944.8 4,050.2 3,738.9 168.5 386.3
2,138.6 615.9 6,255.2 4,116.2 3,796.5 212.5 403.4
2,027.4 587.2 6,942.4 3,882.4 3,543.1 221.2 391.9
1,906.3 570.2 6,788.3 3,593.0 3,572.9 211.0 327.4
1,661.4 538.2 6,470.7 3,770.7 2,320.9 210.6 362.2
70.7 638.8 4,071.3 819.8
60.3 680.7 4,279.2 906.4
55.8 702.6 4,721.4 914.4
47.3 695.9 4,352.6 933.5
37.6 687.6 4,572.1 1,077.6
75.1 712.1 5,020.2 1,124.6
78.5 812.5 4,834.4 1,160.6
64.5 820.7 5,148.9 1,062.9
66.0 789.0 4,764.9 1,030.9
62.1 746.6 4,802.3 1,166.2
612.0 115.1 402.2 786.0 232.8 1,490.0
534.0 101.1 340.9 791.1 200.4 1,358.3
518.2 95.9 376.4 744.1 173.9 1,425.6
528.7 108.9 361.6 691.8 169.6 1,546.4
560.2 99.4 365.3 732.2 168.4 1,465.7
572.5 97.5 377.1 721.9 168.7 1,607.3
615.2 112.2 417.6 706.2 177.9 1,812.3
584.3 109.0 419.2 727.2 195.7 1,776.0
567.4 114.4 411.8 709.1 187.3 1,852.1
557.3 102.9 375.7 676.5 181.5 1,629.8
530.7 101.6 361.3 650.3 164.8 1,621.2
751.5 157.4 235.1 117.9 1,318.5 812.5 165.4 465.0 1,263.7
708.0 154.1 232.7 124.6 900.5 843.7 161.0 343.8 1,222.7
712.4 136.8 219.3 129.0 677.1 827.0 187.3 237.4 1,228.5
623.4 131.2 222.0 133.6 719.1 753.6 184.4 268.0 1,369.0
632.2 120.9 222.9 138.1 518.3 736.8 186.4 363.3 1,164.1
637.2 127.5 215.5 139.2 683.0 770.0 200.0 407.8 1,169.8
642.3 132.3 214.5 139.2 705.8 826.3 214.0 438.7 1,282.5
653.9 123.2 213.6 141.6 582.2 826.2 219.2 434.4 1,341.8
646.5 125.4 207.6 149.6 531.6 859.0 235.4 429.0 1,331.6
643.5 116.5 207.3 158.5 519.3 847.5 233.8 493.6 1,320.8
668.6 105.5 203.7 165.8 484.0 834.0 239.5 453.8 1,203.2
Aug
Sep
Oct
Nov
ENMERGING MARKETS
Dec
DATA BASE
54
IFCG Total Return Indexes 1994 (monthly % change in US$)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
10.2 29.8 21.4 17.6 7.6 18.5 -2.4
-6.7 3.3 -1.6 16.6 -9.2 8.6 21.9
-12.2 2.3 -14.7 8.1 -10.0 -4.0 -6.5
-0.5 -20.7 7.4 -3.6 -3.4 -3.8 -22.4
10.9 -2.2 9.5 2.5 6.5 6.8 2.0
-14.7 0.4 -2.3 3.3 -9.7 -7.5 -25.3
8.5 16.1 -1.1 0.8 6.9 -3.3 2.2
9.3 41.7 15.1 -9.3 9.5 8.2 18.1
-1.9 10.5 5.2 1.6 1.5 26.1 4.4
-5.2 -4.7 11.0 -5.7 -6.7 4.1 -2.8
-6.0 -2.9 -2.2 -7.5 0.8 -4.6 -16.5
-12.8 -5.6 -4.7 4.9 -35.0 -0.2 10.6
East Asia China Korea Philippines Taiwan, China
-11.8 12.4 -9.6 0.8
-0.5 -1.6 -2.8 -12.6
-13.1 -7.9 -4.0 -2.3
-14.7 6.6 5.1 10.6
-7.5 3.2 10.3 0.9
-15.2 -0.9 -7.8 2.1
-20.5 -1.2 5.0 15.4
99.7 3.6 9.8 4.4
4.6 14.1 -3.7 3.2
-17.8 1.0 6.5 -8.4
2.3 -3.9 -7.5 -3.0
-6.0 -5.4 0.8 13.1
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
18.5 1.9 -17.2 1.9 15.8 -10.5
4.5 -10.3 5.6 8.5 21.6 -8.9
-12.7 -12.1 -15.2 0.6 -13.9 -8.8
-2.9 -5.1 10.4 -5.9 -13.2 5.0
2.0 13.5 -3.9 -7.0 -2.5 8.5
6.0 -8.7 1.0 5.8 -0.6 -5.2
2.2 -1.9 3.2 -1.4 0.1 9.7
7.4 15.0 10.8 -2.2 5.5 12.8
-5.0 -2.8 0.4 3.0 10.0 -2.0
-2.9 4.9 -1.8 -2.5 -4.3 4.3
-1.8 -10.0 -8.8 -4.6 -3.1 -12.0
-4.8 -1.2 -3.8 -3.9 -9.2 -0.5
12.7 44.1 3.6 99.5 34.7 13.4 -5.7 -15.7 3.5
1.8 -12.3 0.5 3.7 16.6 3.2 -3.8 -27.3 30.2
-5.8 -2.0 -1.0 5.7 -31.7 3.8 -2.7 -26.0 -3.2
0.6 -11.3 -5.8 3.5 -24.8 -2.0 16.4 -30.9 0.5
-12.5 -4.1 1.2 3.6 6.2 -8.9 -1.6 12.9 11.4
1.4 -7.8 0.4 3.3 -27.9 -2.2 1.1 35.5 -15.0
0.8 5.4 -3.3 0.8 31.8 4.5 7.3 12.3 0.5
0.8 3.8 -0.5 0.0 3.3 7.3 7.0 7.6 9.6
1.8 -6.9 -0.4 1.8 -17.5 0.0 2.4 -1.0 4.6
-1.1 1.8 -2.8 5.6 -8.7 4.0 7.4 -1.3 -0.8
-0.5 -7.1 -0.1 6.0 -2.3 -1.3 -0.7 15.1 -0.8
3.9 -9.5 -1.7 4.5 -6.8 -1.6 2.4 -8.1 -8.9
Europe/Mideast/Atrica
Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
1995
FACuTOOk
E[mERGING MARKETS DATA BASE
55
IFCG Total Return Indexes 1985-1994 (US$)
Market
Base date (=100.0)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
128.6 146.4 380.3 221.9 233.4
141.2 54.1 495.0 396.2 222.3
196.0 122.0 678.5 347.5 463.0
540.7 170.7 1,026.0 389.8 802.7
343.1 58.6 1,440.9 535.9 1,041.0
1,704.8 158.4 2,853.9 1,561.1 2,152.4
1,253.1 158.9 3,315.6 2,171.6 2,608.2 100.0 523.6
2,164.7 316.9 4,462.9 2,925.4 3,909.8 137.2 487.3
1,661.4 538.2 6,470.7 3,770.7 2,320.9 210.6 362.2
LaftinAmerica Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
174.9 194.2 149.3 88.8 118.3 73.4
115.5
176.2
133.6
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
138.1 146.5 110.4
256.6 707.0 164.9
350.2 1,076.7 364.1
745.3 1,486.5 703.7
South Asia India
Dec-84
205.1
199.2
168.1
230.8
Indonesia
Dec-89
Malaysia Pakistan
Dec-84 Dec-84
Sri Lanka
Dec-92
Thailand
Dec-84
100.1
Greece
Dec-84
103.4
Hungary
Dec-92
Jordan Nigeria
Dec-84 Dec-84
Poland
Dec-92
-
Portugal
Jan-86
-
South Africa
Dec-92
-
Turkey Zimbabwe
Dec-86 Dec-84
-
-
-
-
-
-
-
85.8 118.3
96.0 142.9
96.8 152.4
-
-
174.8
-
-
-
123.7 173.4
-
240.4
89.4
-
907.4
797.5 2,371.5 1,407.1
595.3 1,094.0 690.8
500.8 1,738.5 686.6
100.0 518.6 2,056.8 503.7
92.7 627.1 4,831.4 952.2
62.1 746.6 4,802.3 1,166.2
240.7
285.8
338.5
416.0
494.0
530.7
100.0
99.4
57.4
59.0
126.0
101.6
178.2 184.5
158.2 205.0
177.3 557.8
226.9 455.1
460.3 710.8
361.3 650.3
-
338.3
627.4
-
-
679.3
-
-
538.4
-
641.8
100.0
165.4
900.4
1,827.8
1,621.2
537.4
655.3
668.6
100.0
124.6
105.5
181.8 64.4
225.7 57.0
203.7 165.8
100.0
839.6
484.0
503.1
694.6
834.0
100.0
182.4
239.5
227.0 384.8
759.0 938.0
453.8 1,203.2
164.8
Europe/Mideast/AfFica
1995 FACTBOOK
157.4 -
148.4 105.0
253.8
396.9
247.7
446.4
911.2
735.9
-
-
-
-
-
-
143.2 45.4
136.6 39.4
122.8 42.2
121.4 51.1
126.6 71.8
145.8 99.0
-
-
268.7
870.8 -
100.0 300.4
-
624.2 -
362.1 584.8
-
874.5 -
140.9 731.0
-
613.8 -
849.0 1,028.9
-
624.3 -
825.3 2,005.8
-
480.5 956.1
EMERGING MARKETS DATA BASE 56
IFCG Total ReturnIndexes 1985-1994 (annual % change in US$)
Market
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
74.9 94.2 49.3 -11.3 18.3 -26.6
-26.5 -24.6 154.8 150.0 97.2 57.4
9.8 -63.1 30.1 78.6 -4.8 52.6
38.8 125.6 37.1 -12.3 108.3 -24.2
175.9 39.9 51.2 12.2 73.3 -33.1
-36.5 -65.7 40.4 37.5 29.7 601.6
396.9 170.4 98.1 191.3 106.8 44.6
-26.5 0.3 16.2 39.1 21.2 -42.3
72.7 99.4 34.6 34.7 49.9 37.2 -6.9
-23.3 69.8 45.0 28.9 -40.6 53.5 -25.7
East Asia China Korea Philippines Taiwan, China
38.1 46.5 10.4
85.9 382.6 49.3
36.5 52.3 120.8
112.8 38.1 93.3
7.0 59.5 100.0
-25.3 -53.9 -50.9
-15.9 58.9 -0.6
3.6 18.3 -26.6
-7.3 20.9 134.9 89.0
-33.0 19.0 -0.6 22.5
105.1 -14.3 18.3 0.1
-2.9 11.9 20.8 74.8
-15.6 0.9 6.7 37.5
37.3
4.3 0.0 44.0 6.4 100.8
18.8 -0.6 -11.2 11.1 -20.7
18.4 -42.3 12.1 172.1 19.2
22.9 2.9 27.9 -18.4 40.3
18.8 113.4 102.9 56.2 65.4 103.0
7.4 -19.3 -21.5 -8.5 -0.4 -11.3
3.4 48.4 5.0 -
52.2 -3.5 -56.7 -48.1 0.0 18.4
152.2 -4.6 -13.2 224.1 262.1 94.7
-37.6
80.2 -1.1 21.1 40.1 502.4 40.8
104.1
-19.3 15.1 37.8 1.7 -41.8 -52.3
-27.0 24.7 -34.9 -19.4 -52.8 -59.8
21.9 24.6 24.2 -11.6 739.6 38.1 82.4 234.3 143.8
2.0 -15.3 -9.8 190.9 -42.4 20.1 31.3 -40.2 28.3
South Asia In,dia
Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Greece
Hlungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
1995
FACTBOOK
-
153.8
27.7 13.8 40.7
-10.1 7.0 -28.3 -61.1 25.0
4.3 40.5 -29.8 -2.8 94.9
EMERGING
MARKETS DATA BASE
57
Statistics of the IFCG Total Return Indexes (US$;December 1989-December 1994)
Number of months
Mean of %,change
Standard deviation
Annualized mean
Annualized standard deviation
Correlation with S&P500
Latin America Argentina Brazil Chile Colombia Mexico Peru * Venezuela
60 60 60 60 60 24 60
3.51 3.86 3.43 4.40 2.24 3.74 3.40
19.18 19.54 8.14 11.18 9.36 11.30 15.03
42.12 46.32 41.16 52.80 26.88 44.88 40.80
66.44 67.69 28.20 38.73 32.42 39.14 52.07
0.37 0.29 0.31 0.11 0.34 0.31 -0.01
East Asia China ^ Korea Philippines Taiwan, China
24 60 60 60
0.55 0.26 1.68 0.68
26.28 8.62 10.13 14.50
6.60 3.12 20.16 8.16
91.04 29.86 35.09 50.23
0.00 0.20 0.34 0.13
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
60 60 60 60 24 60
1.91 0.45 1.47 2.50 2.53 1.92
11.10 9.24 7.58 9.19 9.60 9.79
22.92 5.40 17.64 30.00 30.36 23.04
38.45 32.01 26.26 31.84 33.26 33.91
-0.08 0.27 0.35 0.07 0.03 0.36
Europe/Mideast/Africa Greece Hungary ' Jordan Nigeria Poland ' Portugal South Africa Turkey Zimbabwe
60 24 60 60 24 60 24 60 60
1.38 0.79 0.97 3.13 10.02 0.11 3.91 0.54 0.77
12.87 11.71 4.70 17.11 28.74 6.24 6.78 18.33 10.23
16.56 9.48 11.64 37.56 120.24 1.32 46.92 6.48 9.24
44.58 40.56 16.28 59.27 99.56 21.62 23.49 63.50 35.44
0.03 0.44 0.12 0.01 0.38 0.41 0.13 -0.17 0.00
Market
Number of months
Mean of % change
Standard deviation
Annualized mean
Annualized standard deviationi
Correlation with S&P500
60 60 60
0.73 2.46 0.45
6.27 8.09 7.38
8.76 29.52 5.40
21.72 28.02 25.57
0.29 0.40 0.19
Developed Markets U.S., S&P 500 60 MSCI, EAFE 60 FT EuroPac 60
0.76 0.31 0.29
3.61 5.72 5.91
9.12 3.72 3.48
12.51 19.81 20.47
1.00 0.44 0.42
Market
Regions Composite Latin America Asia
Note: Statistics are for five years of monthly returns beginning Deceinber 1989, except for China, Hunigary, IPeru, Poland, South Africa, and Sri Lanka, which begin December 1992.
1995
FACTBOOK
ENMIl{(clNG MARKETS
DATA BASE
58
rs
to
sD
'a
'a 'a
Poland
>-
o '~
oo ~~~a, 'a
o
___ __ __ __ __ _*__ _*_*__ _*___*_*___
Colombia Africar°°
S
;
'a..
7'
-:
".
__ __ __ _
(D 0~~~~~~~~~~~~~~~~
t
O
~~~~~~~~~~~South Brazil ~~~~Peru
5
_~~~~~~~~~~~~~~~~~
C
O
0
B3c 0L° _
Argentiia
Chile Venezuela
> 1
:
0
a
Nigeria
Sri Lanka Pakistan
'CD
(D-
CD
0.
IFCG Latin America Mexico Thailand India
G
07
M
'0 _
Philippines Malaysia Greece Jordan Hungary Zimbabwe
ZC. I
Q
10~~C
iO C
U.S., S&P 500
IFCGComposite Taiwan,China China Turkey _.
(D x (D
Indonesia
IFCGAsia MSCI, EAFE O*
En C rn
-
FTEuroPac Korea Portugal
'a
0
,
~ ~~ ~ ~
; c;m
China Gec
Argentina Turkey
Nigeria
C(
Venezuela Taiwan, China Hungary
Peru
0.
Colombia India0
1
Zimbabwe Philippines Thailand
C
0. I0
Sri Lanka
F .0Hnar
~~~~~~~~~~~Korea Chile IFCGLatin America >eMalaysia IFCG Asia South Africa
IFCGComposite Portugal FT EuroPac MSCI, EAFE
> xrm U]
~~~~~~~~~~~~Jordan ~~~~~~~~U.S-, S&P 500
.
c ^ '0
IFCGTotalReturnIndex Correlations (US$; December 1989-December 1994)
U.S.,S&P500 MOCI,EAFE FT, E-rOPac 18CGCom,posite :FCG Latin Amenca IFCGAsia
2 00 04-4 042 0.29 040 0 19
Argentina Brazil Chile China Colombia Greece Hungary In,dia Indonesia fordan
037
Korea Mialaysia menxico Nigeria Pakistan Peru Philippines Poland Portugal South Africa SriLanka Taiwan Thailand Turkey Venezuela Zi.babwe
1.00 100 0.38 0.28 0.34
029 0.31 0.00 0.11 0.03 0.44 -0.0$ 0.27 0 12
002 0.21 000 -0 02 0.09 0.12 0.37 -0 16 0.11 0 15
020 0.35 0.34 001 007 0.31 034 038 0041 0.13
0.35 0.41 021 026 0.01 0 33 0.30 0.42 0.59 025
0.03 -0.05 0.13 029 0.36 0 29 -0 17 0.05 -11.01 -0 10 0.00 0.10
I100 0.3b 0.25 0.34
1.00 0.56 1.00 0.94 0.29
1.00
0.02 0.06 0.39 -0.07 018 0.36 0.78 -0.03 0.37 0.46 -0.02 026 0.27 0.0$ 0.12 0.12 011 -0.03 0.11 0.36 0.32 060 -0.16 0212 0.19 0.09 0.47 0.18 016 0.31 006 0.36 0.39 0.19 0.27 0.00 0301 0.28 042 057 0.2.3
0.4.4 0.59 0.00 -004 0.16 0.40 055 0.35 0.23 0.48
0.11 0.26 0 16 0.08 -0.09 0.05 0.04 0.43 0.31
0.10 0.48 0.26 0.62 0.70 0.32 0.05 -0.08 007 016 049 0.27 0.25 057 0.35 0.25 027 0.12 002 0.68
-0.05 0.35 0.55 0.15 030 0080 0.21 0.88 0.26 0.49 0.23 0.51 0.04 0.20 -001 0.17 -0 09 -0.28 -0 03 -0.20 0.11 0.07 0.13 0.04
1.00 0.10 0.20 0.04 0.02 -002 049 0.17 -0 09 -001
1.00 -036 0.17 -0.05 0.12 0.26 -0.07
1.00 0.25 044 0.03 0.16 0.08
1181 0.42 0.14 0 27 0.16
0.13 0 10 027 1.11 002 037 0.23 008 0 19 0 14
0 01 0.26 0.09 0.03 -0.18 -0.13 0.29 -0 07 0 14 0.09
-0.05 0.11 001 0.17 0.45 031 0 29 0.41 0 15 -0.20
-0.22 -0.03 -0.09 0.20 -0 05 (1.12 0.17 023 033 0.08
-0.07 0.02 0.10 0.00 -0.04 004 0.00 034 0 15 -0.16
0.06 0.44 020 -006 0.09 0.28 0054 048 0.29 0 16
0.10 0 11 009 0.13 0.20 0.13 0.12 0.37
0 25 0.43 0.28 -0 09 0.13 0 17 0.12 007 0.2.2 -0 21 0.16 -0.15 0 14 -0.04 -0 11 0.01 0 03 0.01
0.06 -0.01 0.19 024 0.32 0 15
0.42 026 0.37 0.58 009 -0.01 -001 -0 14 0 10 0 16 001 0.17 0.09 0.24 -0.03 0II 0 20 1006 004 007 -001 0.06 022 -0.06,
0.14 0 34 0.46 0.30 0114 021
0210 0 26 0.19 0.22 -0.13 -0.14
-0.08 0.00 035 0.03 0 05 0054 0.22 0.39
-0.15 0.06 0.20 001 -00(2 0.28 0 14 021 oo 105 039 0.28 -0.27
am mmS (.1
<
0-
Q
100X 0.23 1.00 0 42 0 15 0.16 -0.14 0.23 0 11 0.50 045 0.20 0.22 014 028 0.03 0.07
0
C,n
Em%
mm
0-
C -o 40
e
1 00 0.58 1.00 0.36 0.14 1 00 0.0.4 -008 0.11 0.23 -0.19 0.42 057 0.06 0.38 -0.04 0.41 0.6,4 -0 28
ooi1 0.16
100 0.28 0 29 0.23 0.05 0 34 0 05 0.16 1001 0 32
1 00 0.38 -0.19 0 14 0 11 0.o0 0.31 o15 0.60
1.00 000 1.00 0.09 -0.04 1.00 0.36 0 05 0.27 1 00 0.21 -0.13 0 24 0.19 100 0.32 0.16 0 18 0.05 0 15 -0.01 0 15 (1.09 020 0.23 0 26 -0.28 0.32 -0.08 0.70
0.29 0 15 0.44 0.13 0 48 0.40 0 25 0.39 0.20 -0.08 0.11 0.21 0.18 0.65 0 31 -0.14 0.21 0.19 -11.02 0 17 -0.12 0 02 0.09 -0 17 -0 08 -006b -0.05 0 09 0.04 031 -001 0.24 0 16 0.07 001 0.45
0 00 0.51 0 64 0.11 -0.05 0 13
1.00 0050 1.00 0 02 -0.26 0.32 003 0.13 0.05 035 0 37
0 12 0.09 0 14 0.07 4110 0.14
1.00 -0.25 0.56 0.55 -0.03 -0 02 -0 01
31 ~~~~~~~~ ~~~~~~~~~~~~~~~ e ~~~~~~~~~~~~~~~
.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 41 n .0 -
1 00
C
C
C
0
0
118M) -0.13 1.00 0 06 0 29 100 -0 07 0.12 0.21 1.00 0.4I -0219 -0 05 -o.os 1131) 0.59 0 (81 0.04 -008F 0.32 100 C
-n
o.
Z
-C
mm~~~~~6 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~ -~~E
U
>~
Note: Correlations are for five years of monithly retums beginning December 1989, except for China, Hiungary, Peru, Poland, Sooth Africa, and Sri Lanka, which begin December 1992.
1995FACTBOOK
EMERGING MARKETs DATA BASE
60
C)
(D-
>o(D
_
0
-I
~~~~~~~~~~~~~~~~ --*O '0 (D
2
=: (D
Non X
0
0'
u.s., S&Psn 500 Hungary
'
'''''
'''''
° o
MSCI, EAFE_ FT EuroPacS
Portugal IFCGLatin America Poland
IS
+
i
0~~0C
e
Argentina Thailand
.
Ma]laysia Mexico Philippines Chile Peru Brazil = IFCGComposite Indonesia
0_I 0J |w
r=
|
^
g
-
1
.0
0W5
Pordanl
Colombia
Pakistan
-
n
<
^> =
:tm
O
Sri Lanka
~~~~GreeceO ~~~Nigeria
ArgtChina
: X a
3B 7 O
Z
~~Zimbabwe
Venezuela C.)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C India
~~~~Turkey
J~~~~~~~~~~~Jra
-4
z
; './-
~~ ~ ~ ~ ~~~Clmi
'05 '0z
South Africa
:
s U'
Korea IFCG Asia Taiwan, China
E] *
0
I
Industry Weights in the IFCG Composite Index End-1994 Number of stocks
Market capitalization (US$ millions)
Weight in IFCG Composite (%)
SIC
Sector/lndustry
O
Agriculture/forestry/fishing
25
12,489
1.3
I 10
Mining Metal mining
56 39
44,122 29,462
4.7 3.1
2 15
Construction GeneralBuildingContractors
40 22
23,641 13,365
2.5 1.4
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products TextileMillProducts Apparel&OtherTextile Products Paper&Allied Products Chernicals & AUied Products PetroleumRefining&RelatedProducts Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing
669 94 59 30 38 70 33 27 72 23 46 59 36 38
350,297 37,498 19,954 13,351 27,077 20,009 39,785 10,851 45,866 17,877 13,701 44,221 20,125 9,151
37.3 4.0 2.1 1.4 2.9 2.1 4.230% 1.1 4.9 1.9 1.5 4.7 2.1 1.0
4 44 48 49
Transportation/comm./utility Water Transportation Communications Electric, Gas, or Sanitary Services
76 9 31 25
190,671 7,672 91,183 82,317
20.3 0.8 9.7 8.8
5
Wholesale/retail
61
21,359
2.3
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security&CommodityBrokers Insurance
241 106 39 28 12
230,493 144,204 23,156 12,338 19,882
24.5 15.3 2.5 1.3 2.1
trade
Industry Weights in the IFCG Composite Index, End-1994
Other 18%
Manufacturing
-
37% ;
Tranisportation! comm. utlity Finance! insurance/ real estate 25f,-
Stock Distribution by Industry in the IFCG Composite Index, End-1994
Other
7 70 9
Services Hotels & Other Lodging Places Other/diversified companies
holding
IFCG Composite Index
1995
FACTBOOK
28%
I
Manufacturing _
30 22
19,781 11,508
2.1 1.2
68
46,945
5.0
1,266
939,799
100.0
Finance/
~~~~53%,X
-
insurance! real estate 19%
ERllRGING
MARKETS Dx IA BASE
62
Industry Concentration in the IFCG Composite Index End-1994 (percent) Sector with largest share of market cap
Market
Sector's share of market cap
Share of Market Cap of Largest Sector, End-1994
Latin America 38.2
Argentina
Mining
Brazil
Transportation/comm./utility
42.5
Chile Colombia Mexico Peru Venezuela
Transportation/comm./utility Manufacturing Manufacturing estate Finance/insurance/real estate Finance/insurance/real
50.0 57.7 27.5 36.1 46.3
East Asia Korea Philippines Taiwan, China
Manufacturing Manufacturing Finance/insurance/real
estate
47.0 35.1 47.3
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Manufacturing Manufacturing Transportation/comm./utility Manufacturing estate Finance/insurance/real Mantifacturing
81.7 69.3 25.6 74.5 48.7 50.9
estate
46.7 41.7 59.3 71.4 37.1 51.6 57.0 39.0
100 90
80 70 60
50
40
Europe/Mideast/Africa GreeL Hungary Jordan Nigeria Poland Portugal Turkey Zimbabwe
Finance/insuirance/real Manufacturing Finanice/insurance/real Manuifacturing Manufacturing Finance/insurance/real Manufactiring Finance/insurance/real
IFCG Composite
Manufactiring
estate
estate estate
37.3
30 20
10 Li
_
a
w
a
E~a-
Lc
a4
a
c
-c
w0
o Manufacturing Note: China and South Africa were not included in IFC's industry indexes in 1994.
1995
FAt I uOOtz
Transportation/communication/utility
c-
a
u ~~~N U
a
U
Mining Finance/insurance/real
E[LMIING
estate
NIARK! IS DATA BASI
63
Industry Distribution by Market Capitalization of IFCG Composite Index, 1994 (USSmillions;end-1994) Brazil
Chile
-
42
192
-
15,727 15,727
Argentina
SIC
Sector/lndustry
0
Agriculture/forestry/fishing
I
10
Mining Metal mining
2 15
Construction General Building Contractors
3 20 22 23 26 28 29 30 32 33 34 36 37 39
7,170
1,044 1,044
-
Manufacturing Food & Kindred Products TextileMillProducts Apparel &OtherTextile Products Paper&AlliedProducts Chemicals&AlliedProducts PetroleumRefining&Relatedl'roducts Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipmenit Transportation Equipment Miscellaneous Manufacturing
5,136 2,201
35,159 4,221 299 515 3,626 1,868 11,932 373 1,530 4,656 1,016 1,860 310 28
17,819 4,039
4 44 48 49
Transportation/communication/utility Water Transportationi Communications Electric, Gas, or Sanitary Services
4,373
47,558
5
Wholesale/retail
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies OtherThanBanks Security & Commodity Brokers Insurance
7 70
Services Hotels & Other Lodging Places
9
Other/diversified holding companies
trade
IFCG Composite Index
1995
FACTBOOK
-
185 95 115 176 76 470 179 748 656 -
60 60
-
-
197 197
-
-
-
10,620 935 -
199 169 -
3,654 1,569 63 14 36
-
-
-
-
756 423 717
6,597 1,949
-
3,999
23
-
21 -
-
-
-
1,121
India
Hungary
Jordani
Indonesia
-
554 -
3,250 1,148
-
6,819 1,210
5,688 1,400
3,165 3,165
15,383 628 570 308 2,336 182 110 1,176 320 851 1,060
819 36 63
58,729 495 2,516
18,981 2,737 119
22,874 5,226
-
-
-
-
5 116 85 252 131
141 3,443 6,791 637 2,589 8,193 2,761 18,230 5,633 262
52 513 1,702 322 2,170 1,210 1,378 4,288
2,563 1,112
1,178 -
26 26
25,747 2,951 21,242
15,616
-
3,852
2,250
9,300 9,666
-
-
314 314
71 71
182 -
-
-
-
-
-
311 261
53,389 1,456 2,236 7,502 444 8,971 2,089 558 2,614 3,405 3,881 5,170 5,258 5,480 3,070 917 1,129 1,025
-
-
31 -
-
-
-
15 -
-
-
-
-
-
-
-
Nigeria
Mexico
Malaysia
-
686
19 -
Korea
7,926
2,083
-
-
50 50
Greece
Colombia
-
133
-
1,403 660 48
-
-
-
43 58
10,727 141 335 279 -
632 32,242 2,526
-
-
-
488
21,587 369 21,170
-
-
-
-
-
4,248 125
21,820 25,632
22,535 528 5,701 16,306
-
1,029
-
328
132
106
-
484
2,533 1,139 -
4,438 2,364
-
-
-
3,742 3,459 284 -
36 -
-
10,284 10,284 -
5,129 3,380 750 -
2,350 1,758 23 -
1,653 1,620 10 15
29,589 16,581 1,432 11,007 570
19,173 10,308 1,337 722
-
-
-
-
-
-
-
-
296 88
86 73
1,273 1,273
501 501
107 67
329 329
14,547 6,750
1,064 1,064
-
-
24,522
12,374
52
125,883
83,279
1,964
1,464 1,464
-
1,405
-
-
-
-
559
2,105
935
-
-
208
100
1,547
-
18,751
111,905
45,058
11,437
8,021
747
65,358
22,199
2,787
-
125,065
12,003
290
-
219 219 -
-
-
EMTRGING MARIKETS DATA BASE
64
IndustryDistributionby Market Capitalization of IFCGCompositeIndex, 1994 (US$millions: end-1994) SIC Secthr/lndiustry
Pakistan
0
Agriculture/forestry/fishing
1 10
Mining Metal mining
2 15
Construction General Building Contractors
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Peru
Philippines
Poland
Taiwan, China
Thailand
Turkey
Venezuela
Zinmbabwe
IFCG Composite
41
106
622
785
-
-
7
12,489
-
-
-
-
8,989 8,989
4,454 179
-
-
272 260
44,122 29,462
126 -
181 45
290 290
26 -
4,557 4,557
2,532 2,452
-
-
-
23,641 13,365
10,621 6,049 -
549 416 -
319 111
-
47
-
86 -
2,045 270 1,118 130 -
65,115 2,242 12,322 4,193 5,071 433 6,475 7,689 7,875 581 1,578 15,167 1,000 377
13,822 68 370 502 2,156 486 9,680 -
8,694 784 498 129 42 2,991 374 677 683
1,554 262 108 50 349 534 -
361 146 27 6 43 46 -
-
27
-
196 128
1,153 1,242 96
250 -
-
350,297 37,498 19,954 13,351 27,077 20,009 39,785 10,851 45,866 17,877 13,701 44,221 20,125 9,151
15,891 12,851 -
1,280 129
1,107 1,107
-
-
190,671 7,672 91,183 82,317
-
-
-
-
103 -
852 852
1,081 820
12 -
-
Manufacturing Food & Kindred Products Textile Mill Products Apparel &OtherTextile Products Paper&Allied Products Chemicals & Allied Products PetroleumRefining&Related Products Rubber & Misc. Plastics Products Cement&Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
5,715 595 1,080 150 1,653 983 30 441 32
1,248 1,080 4 -
137 414
12 103 17 6 27 -
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
1,014 24 851
5
Wholesole/retail
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies OtherThan Banks Security & Commodity Brokers Insurance
7 70 9
-
Sri Lanka
Portugal
4,406 98 69 -
--
-
-
-
-
94 130 304 -
-
26 71 -
-
-
-
-
1,172 1,172 -
7,862 3,992 3,871
-
533 -
-
-
533
-
-
-
-
3,482 3,309 -
-
98
-
299
1,246
75
848
668
354
-
-
21,359
823 404 297 122
1,901 1,678 223
9,696 3,265 -
450 450 -
40,550 25,709 10,916 609 357
-
-
-
75,737 51,062 7,763 16,912
681 614 67
-
834 501 277 -
3,252 2,968 -
-
5,770 4,835 278
-
-
523 143 -
230,493 144,204 23,156 12,338 19,882
Services Hotels&OtherLodgingPlaces
-
-
-
-
-
-
71 71
862 647
446 446
-
-
103 103
-
-
-
-
97 97
19,781 11,508
Other/diversified
-
-
836
-
1,158
281
-
513
1,663
11
82
46,945
7,668
5,271
30,222
1,479
11,185
1,711
160,212
79,660
15,243
3,353
1,341
939,799
trode
holding companies
IFCG Composite Index
1995 [AC( i;()()k
1'11
-
35
18
-
E[NIFRGING M NARKETS
DATA
BASF
65
Industry Weights by Market Capitalization of IFCG Composite Index, 1994 (% of market capitalization: end-1994) SIC
Sector/lndustry
Argentina
Brazil
Chile
O
Agriculture/forestry/fishing
1 10
Colombia
Greece
-
0.00
0.02
-
Mining Metal mining
0.76 -
1.67 1.67
0.11 0.11
0.01 0.01
2 15
Construction General Building Contractors
0.00
-
0.00
-
-
-
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food& Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper&Allied Products Chemicals & Allied Products PetroleumRefining&RelatedProducts Rubber & Misc. Plastics Products Cement&Glass Products Primary Metal Industries Fabricated Metal Products Electric& ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing
0.55 0.23 0.02 0.01 0.01 0.02 0.01 0.05 0.02 0.08 0.07 -
3.74 0.45 0.03 0.05 0.39 0.20 1.27 0.04 0.16 0.49 0.11 0.20 0.03 0.00
1.90 0.43 1.13 0.10
0.70 0.21 0.02 0.02 -
-
-
-
-
-
-
0.08 0.04 0.08
Ilndonesia
0.22
0.07
-
-
0.84
-
-
0.03 0.03
0.01 0.01
0.02 -
-
0.06 -
0.35 0.12
0.02 0.02
-
-
-
-
0.73 0.13
0.60 0.15
0.34 0.34
0.39 0.17 0.01 0.00
0.03 0.03 0.00 -
5.68 0.15 0.24 0.80 0.05 0.95 0.22 0.05 0.28 0.36 0.41 0.55 0.57 0.58
1.64 0.07
0.06
0.09 0.00 0.01
6.25 0.05 0.27
2.02 0.29 0.01
2.43 0.56 -
0.03 0.25 0.02 0.01 0.13 0.03 0.09 0.11
-
-
-
-
0.00 0.01 0.01 0.03 0.01 0.01
0.01 0.37 0.72 0.07 0.27 0.87 0.29 1.94 0.60 0.03
0.00 0.05 0.18 0.03 0.23 0.13 0.15 0.46 0.07
0.27 0.12
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
0.46 0.45 0.01
2.74 0.31 2.26
3.43 0.27 1.66 1.28
2.30 0.04 2.25
-
-
-
5
Wholesale/retail
6 60 61 62 63 7 70
Services Hotels&OtherLodgingPlaces
9
-
-
0.42 0.00 0.00 -
-
-
-
-
5.06 2.32 2.73
2.40 0.06 0.61 1.73
0.00
-
0.11
Finance/insurance/realestale
0.16
Banking Credit AgenciesOtherThan Banks Security &Commodity Brokers
0.16
0.12
India
-
0.00
Hungary
-
0.00 -
-
-
-
-
-
-
-
-
-
-
-
0.03
0.01
1.09
0.27
0.47
0.12
-
1.09 -
0.25 -
-
-
-
-
-
-
-
-
-
Other/diversified holding companies
0.06
0.22
0.10
IFCG Composite Index
1.99
11.89
4.80
trade
Insurance
1995 FACTBOOK
-
-
0.15 -
1.21
-
Jordan
Korea
Malaysia
Mexico
Nigeria
-
0.15 0.07 0.00 -
-
1.14 0.01 0.04 0.03
-
0.00 0.01 -
-
-
-
0.05
0.33 0.10 0.12 0.11
0.13 -
0.00 0.00
0.01
-
0.05
-
0.41
0.24
0.99
0.03
0.40
0.00
0.55
0.25
0.18
3.15
2.04
1.03
0.02
0.37 0.03 -
-
0.36 0.08 -
0.19 0.00 -
0.17 0.00 0.00
1.76 0.15 1.17 0.06
1.10 0.14 0.08
-
0.02
-
-
-
-
-
-
0.03 0.01
0.01 0.01
0.13 0.13
0.05 0.05
0.01 0.01
0.03 0.03
1.55 0.72
0.11 0.11
-
0.02
0.01
0.16
-
-
2.61
1.32
0.01
0.85
0.07
6.95
2.36
0.30
13.39
8.87
0.21
13.31
-
EmERGING MARKETS DAEA BASE 66
Industry Weights by Market Capitalization of IFCG Composite Index, 1994 (% of market capitalization; end-1994) SIC
SectorlIndustry
o
Agriculture/forestry/fishing
1 10
Mining Metal mining
0.01
2 15
Construction General Building Contractors
0.00
3 20
Manufacturing Food & Kindred Products
0.62 0.06
22
TexfileMillProducts
0.11
23 26 28
Apparel & OtherTextile Products Paper&Allied Products Chemicals& Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment TransportationEquipment Miscellaneous Manufacturing
0.02 0.18 0.10 0.05 0.00 0.02
0.11 0.00
0.13
48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
-
0.13
5
Wholesale/retail
6 60
Finance/insurance/real estate Banking CreditAgenciesOtherlhanBanks Security & Commodity Brokers Insurance
29
30 32 33 34 36 37
39 4 44
61
62 63 7
Pakistan
Peru
-
-
Philippines
Poland
0.09 0.09
-
0.11
-
0.09
-
Portugal
Sri Lanka
Taiwan, China
0.00
0.01
0.07
1.33 4.69 3.14
-
-
0.03
-
-
0.03
0.48 0.48
0.27 0.26
-
-
-
-
6.93 0.24 1.31 0.45 0.54 0.05 0.69 0.82 0.84 0.06
1.47 0.01
0.92 0.08 0.05
0.01 -
0.02 0.00
0.03 0.03
0.00
0.13 0.11 0.00 -
1.13 0.64
0.06 0.04
0.22 0.03
0.03 0.01
-
-
-
0.00
-
-
-
-
0.12 0.01
0.00
0.47
-
-
-
0.01 0.01 -
-
-
-
-
-
-
-
0.01 -
-
-
-
0.17
-
-
-
-
-
0.02
0.12 0.13
0.00
1.61 0.11 0.04
0.01
0.37
0.35
-
-
0.00 0.01 0.00 0.00
-
0.00
0.02
-
0.04
0.09
-
-
0.01 0.01 0.03
-
-
-
0.84 -
0.01
-
-
-
0.06
-
-
-
0.42
-
0.41
-
-
0.06
-
2.52 1.42
0.16 0.03 0.01
0.04 0.01 0.00
37.27 3.99
-
-
-
0.01 0.00
0.00 0.04
0.00
1.42 2.88 2.13
0.23
0.32
-
0.05 1.03
0.04 0.07 0.07 0.00
-
-
0.04 0.05 -
-
2.12
4.23
0.06
0.00 0.00
-
-
-
-
-
-
-
1.46 4.71 2.15
0.01
-
0.00
0.97
1.69
0.14
0.12
-
-
-
-
-
-
-
20.29 0.82 9.70 8.76
-
1.37
0.03
-
-
-
-
-
0.01
0.12
1.15 4.88 1.90
-
0.01
-
0.03
0.13
0.01
0.09
0.07
0.04
-
-
2.27
0.09 0.04
0.20 0.18
1.03 0.35
0.05 0.05
0.61 0.51
0.09 0.05 0.03 -
8.06 5.43
4.31 2.73
0.35 0.32
0.07 0.06
0.06 0.01
24.53 15.34
0.83
1.16
-
0.01
-
2.46
0.06
-
-
-
1.31
-
1.80
0.04
-
-
-
2.12
0.09 0.07
0.05
-
-
0.05
-
-
0.01 0.01
2.10 1.22
0.05
0.18
0.00
0.01
5.00
8.46
1.63
0.35
0.15
100.00
0.03
-
0.01
-
-
-
-
-
-
0.03
-
-
0.01 0.01
0.01 0.01
0.02
9
Other/diversitied
-
-
0.09
-
0.12
0.03
0.83
0.56
3.21
0.16
1.18
0.18
F.1 \c I I;()( )1I
0.00
0.02
-
I9
-
0.47
-
Index
-
0.96 0.96
Services Hotels & Other Lodging Places
IFCG Composite
0.08
Zimbabwe
-
70
companies
Venezuela
-
-
IFCG Composite
Turkey
-
-
trade
holding
Thailand
-
-
17.05
ENIFRGINGN.AlRKITs DAT.x BAsI
67
Industry Distribution by Number of Stocks in IFCG Composite Index, 1994 (end- 1994) SIC
Sector/lIndistry
0
Agriculture/f
1
10
-
9
I
-
-
1 -
2
-
-
-
12 4
6 1
5 5
-
28 1 3 3 3 3 1 3 2 3 2
21 2 2
85 3 11
30 4 1
27 8
17 6
-
-
-
2
-
1 4
1 8 6 3 6 4 10 18 6 1
1 2 2 1 4 2 1 5 3
4 2
1 -
3 -
5
-
1 -
-
1
1 1
2
4
-
I 1
I 1
-
-
5 3
3 1 -
21 6 2 1 I
-
-
2 3 4
1 -
2 -
5 I 1 -
104 4 6 9 2 27 5 4 5 4 7
-
-
-
I
3 2 1
11 5 5
13 I 5 7
-
2
-
2 2 -
7 7 -
-
Insurance
7 70
Services Hotels & Other Lodging Places
9
Other/diversified
-
1
2
-
Mining Metal mining
3 -
7 7
2 2
1 1
-
2 15
Construction General Building Contractors
I
-
-
-
I
-
-
I
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & OtherTextile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
19 4 1 1 2 1 1 3 1 2 1 -
51 8
16 6
14 2
I
-
-
3 6 3 5 2 2 7 4 5 2
3 3 -
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas,or Sanitary Services
5
Wholesole/retail
6 60
estate Finance/insurance/real Banking Credit Agencies Other Than Banks Security & Commodity Brokers
61 62 63
orestry/fishing
IFCG Composite
1995 FACTIOOK
trade
holding companies
Index
1
-
-
-
1 -
-
-
11
1 2 4 5
I
-
-
8
1
I
-
1 1
-
1
-
-
-
6 -
2
7 2 3
1
-
-
12
4
9
7
16 11 2 2
49 14 7 26 2
17 3 2 1
15 -
3 3
1 1
3 2
1 1
5 2
3 3
-
1
1
-
-
27
12
1
119
47
42
162
104
80
28
7 6
-
-
1 -
-
-
-
-
-
-
-
-
6 2 2 2
1
3
3
-
3
-
6 2 -
8 4 -
8 5 3
1 -
-
-
-
-
-
-
-
2
-
-
3 1 I -
8 4 1 -
-
-
-
-
-
-
-
-
3 I
2 1
2 2
2
4
1
-
-
2
30
83
40
25
36
13
-
Nigeria
Mexico
Malaysia
Korea
Jordan
Indonesia
India
Hungary
Greece
Colombia
Chile
Brazil
Argentina
1
-
-
ENERGINCG MARKETS
DATA BASE
68
Industry Distribution by Number of Stocks in IFCG Composite Index, 1994 (end-1994) Sri Lanka
Taiwan, China
Thailand
Turkey
2
1
2
-
-
-
2 2
3 1
-
2 1
3 3
1 -
5 5
2 1
6 3 2 1 -
11 1 3 2 -
9 2 -
17 1
-
-
-
-
-
-
-
-
-
-
1 2 2 -
62 4 11 5 7 1 3 6 6 2 4
2 2 -
5 3 2
-
2
-
2 -
-
1
-
1
11 3 6 2
4 3 -
10 4 -
3 3 -
1
-
-
1
Services Hotels & Other Lodging Places
-
-
-
-
1
-
-
-
-
Other/diversified
-
-
3
71
35
41
SIC
Sector/lIndustry
0
Agriculture/forestry/fishing
1 10
Pakistan
Peru
Philippines
-
-
-
-
Mining Metal mining
1 -
9 9
17 10
-
-
-
2 15
Construction General Building Contractors
I
-
1 -
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper&Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Tndustries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
53 9 11 1 6 5 3 1 2 5 8
19 8 2 -
5 2 -
-
-
-
-
2 3 1 1 2 -
1 1 1
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
5 1 3
5
Wholesale/retail
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies OtherThan Banks Security & Commodity Brokers
7 70 9
trade
Insurance
IFCG Composite
1995 FACTBOOK
holding companies
Index
-
-
Poland
Portugal
-
1
-
-
2 2 -
IFCG Composite
Zimbabwe
1
25
-
5 4
56 39
-
-
-
-
-
-
40 22
27 3 2 1 1 3 3 5 2 1 3 2 1
11 2 2 1 2 3 -
11 2 3
669 94 59
-
-
30
1
38
-
70 33
1 1 -
27 72 23
-
46 59
10
-
1 1
1 2 5 4 -
2
1
-
-
-
-
-
3 2 -
1
1
-
2
5
2
3
3
-
-
61
10 7 -
10 6 2 -
14 9 4 -
23 7 10
6 3 -
4 3
3 2
241 106
I
I 1
-
-
39 28
I
-
2 2
3 2
3 3
-
-
1
-
-
1 1
30 22
-
2
3
-
3
2
1
3
68
12
32
32
61
40
17
24
1,266
-
-
-
2 1 1 1 6 -
Venezuela
1 -
92
1 -
EMERGING
36 38
1
76
-
9 31 25
12
MARKETS DATA BASE
69
IFCG IndustryPriceIndexes 1994 PerformanceSummary (US$and 1994 % changes in US$;end 1984=100) EndSIC Sectorllndustry
1994 (1984=100)
%change from end-1993
0
Agriculture/forestry/fishing
223.3
-13.3
Percent Change in IFCGIndustry Price Indexes, 1994
1 10
Mining
231.2 174.7
47.1 77.3
s
2 15
Construction
564.3 504.2
-11.7 -22.7
3 20 22 23 26 28 29 30 32 33 34 36
Manufacturing
540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0
8.5 -4.5 24.7 6.9 44.9 11.7 31.3 6.9 -4.9 15.6 7.5 23.4
60
39
Miscellaneous Manufacturing
447.5
4.3
0
4
Transportation/comm./utility
1,613.2
-3.9
44 48 49
Water Transportation Communications Electric, Gas, or Sanitary Services
342.0 4,622.5 1,249.0
5
Wholesale/retailtrade
400.8
-32.2
6
Finance/insurance/realestate
233.4
-4.8
60 61 62 63
Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
264.0 600.3 79.8 167.1
Metal mining
General Building Contractors
Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper &Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement &Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electroniic Equipment
37 Transportation Equipment
7 Services
567.6
20
-16.5HD -5.8 -19.2 21.2
7.5 -8.8 -16.8 16.5
41.
1.9-.
70
Hotels & Other Lodging Places
333.5
-13.9
9
Other/diversifiedholding companies
338.0
-24.1
IFCG CompositePrice Index
430.0
-2.2
1995 FACTBOOK
40
Ou.~O i
o
of
-20
-40 E -,E
:2 l '2
5Industries *Sectors ENIERGING MARKETs
DATA BASE 70
IFCG Industry Price Indexes 1994 (USS;end 1984=100)
SIC
Sector/lIndustry
0
Aug
Sep
Oct
Nov
224.9
250.0
250.9
241.1
231.6
223.3
159.1 100.2
178.4 114.7
198.8 130.3
222.2 153.0
237.6 168.6
232.6 168.5
231.2 174.7
587.1 567.8
550.5 514.7
590.7 559.7
632.0 609.6
663.5 629.8
636.0 595.4
620.3 582.2
564.3 504.2
478.6 809.9 468.7 266.1 811.6 407.0 194.8 586.9 1,348.2 337.1 147.0 609.6 580.9 442.7
499.4 847.4 472.0 270.3 891.7 409.9 197.7 598.9 1,434.0 348.5 150.0 653.0 600.1 450.9
495.7 804.6 473.8 275.4 881.4 422.9 208.3 633.4 1,398.0 364.0 151.8 657.4 569.5 434.2
523.2 834.7 494.9 285.3 944.5 438.1 233.3 693.8 1,512.0 387.5 156.2 694.0 582.8 447.6
581.4 915.7 513.1 315.0 1,064.4 485.5 287.5 720.5 1,639.3 444.8 171.9 779.9 617.7 480.5
590.0 912.3 511.0 291.8 1,080.2 493.9 308.8 730.0 1,660.3 476.1 179.7 777.8 612.5 472.1
588.5 909.9 482.7 289.3 1,140.1 494.9 310.0 692.4 1,643.2 453.0 178.3 782.5 606.4 474.3
572.2 886.5 493.0 284.2 1,122.7 491.6 296.1 667.4 1,613.8 430.6 174.4 756.7 585.2 461.8
540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0 567.6 447.5
1,611 3 311.8 5,108.5 1,131.1
1,616.5 320.2 5,078.0 1,145.7
1,632.5 306.9 5,254.1 1,121.1
1,571.8 308,1 4,885.1 1,125.5
1,652.3 320.0 5,250.9 1,145.1
1,917.3 377.0 5,979.8 1,373.8
2,000.3 368.8 6,060.6 1,497.0
1,887.9 362.7 5,694.1 1,409.5
1,746.4 332.7 5,196.2 1,315.6
1,613.2 342.0 4,622.5 1,249.0
512.0
487.2
471.0
480.1
460.9
473.6
493.4
499.1
489.8
481.8
400.8
241.8 245.3 598.6 96.4 151.6
225.3 227.0 542.8 95.8 139.7
210.4 218.3 498.9 85.9 132.6
212.7 218.6 545.1 84.1 149.4
217.7 222.9 567.7 86.1 149.9
214.6 221.8 570.7 84.1 154.1
231.5 243.0 625.2 80.3 177.5
246.6 261.4 656.7 73.9 173.6
256.8 277.5 668.0 76.1 182.3
251.2 269.4 647.6 87.2 168.3
239.2 259.2 579.2 88.2 159.4
233.4 264.0 600.3 79.8 167.1
Hotels&OtherLodgingPlaces
439.2 353.5
441.5 353.6
383.3 312.4
422.9 334.8
426.9 350.7
428.7 346.6
450.3 366.6
490.0 401.1
475.0 387.9
455.1 367.9
409.2 332.5
411.4 333.5
Other/diversified
holding
411.0
423.5
356.6
372.0
362.5
354.2
374.7
423.4
429.7
410.9
398.9
338.0
IFCG Composite
Price Index
452.1
436.3
399.3
400.6
410.4
402.3
427.4
473.4
487.9
477.2
456.3
430.0
Jan
Feb
Mar
Apr
May
Jun
Agriculture/forestry/fishing
224.5
246.8
199.8
212.7
209.2
213.7
1 10
Mining Metal Mining
178.6 113.9
169.3 103.7
156.7 99.0
156.9 96.2
166.7 103.0
2 15
Construction General Building Contractors
662.4 649.5
619.2 585.4
556.4 538.8
578.7 539.8
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals & Allied Products PetroleumRefining&RelatedProducts Rubber& Misc. Plastics Products Cement&GlassProducts Primary Metal Indtistries Fabricated Metal Products Electric&ElectronicEquipmenit Transportation Equipment MiscellaneousManufacturing
530.2 898.1 497.4 309.6 812.4 439.8 241.3 665.5 1,493.7 369.0 165.5 616.8 683.5 488.0
521.1 879.5 472.7 302.3 819.2 467.8 220.0 594.4 1,476.2 365.8 167.2 601.3 699.9 512.3
485.4 825.4 440.3 269.8 762.0 426.0 217.3 578.5 1,390.8 326.7 151.6 585.6 586.1 474.7
4 44 48 49
Transportotion/communication/utility WaterTransportation Communiications Electric, Gas or Sanitary Services
1,856.0 353.7 6,188.7 1,217.1
1,789.2 325.0 5,778.1 1,236.3
5
Wholesale/retail
562.5
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers Insurance
7 70
Services
9
1995
FAC 110B K
trade
companies
Jul
ENIERGING MARKETS
Dec
DATA BASE
71
IFCG Industry Price Indexes 1985-1994 (US$: end 1984=100)
SIC Sector/lndustry
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
96.3
113.8
124.2
135.5
155.9
129.5
135.5
138.2
257.6
223.3
0
Agriculture/forestry/fishing
1 10
Mining Metal Mining
113.5 112.3
97.2 89.3
88.3 64.6
149.9 113.5
242.5 184.2
98.6 70.0
136.0 77.2
110.2 62.1
157.1 98.5
231.2 174.7
2 15
Construction General Building Contractors
114.6 117.7
108.7 94.7
159.0 141.7
389.6 299.3
537.9 531.0
338.4 290.2
336.5 382.9
356.0 375.3
639.2 651.9
564.3 504.2
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals & Allied Products PetroleumRefining& Related Products Rubber&Misc. Plastics Products Cement&GlassProducts PrimaryMetalIndustries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
132.5 101.2 115.1 141.5 138.9 142.7 127.9 122.9 99.8 210.3 128.3 110.2 185.2 142.0
161.3 138.4 133.4 141.5 268.4 225.1 142.6 176.6 203.4 175.1 100.7 163.6 239.7 140.8
180.3 163.7 238.6 187.7 432.8 193.4 97.3 335.0 255.7 179.8 77.8 229.4 303.5 124.7
282.3 229.3 375.5 236.3 476.2 322.3 167.3 504.7 485.0 267.6 130.8 382.8 457.7 129.2
424.9 436.8 615.0 286.0 738.8 399.4 197.3 782.3 1,025.5 312.4 182.3 626.3 601.2 173.7
288.4 302.6 347.4 190.8 538.8 292.2 112.6 424.7 722.5 218.0 122.5 371.8 485.5 187.0
358.7 517.8 493.5 227.5 677.8 316.7 134.7 488.1 985.9 233.9 142.8 407.5 506.4 212.1
327.8 508.8 352.2 228.2 564.5 296.7 107.6 432.9 925.1 224.5 122.9 358.7 429.0 286.9
498.5 848.0 455.2 268.3 740.7 415.8 211.7 705.0 1,448.7 328.4 155.7 593.9 679.5 428.9
540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0 567.6 447.5
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
124.1 160.2 92.6 120.6
241.1 200.2 241.9 186.5
335.1 199.9 420.4 279.9
425.0 262.9 463.5 304.8
670.1 355.2 830.3 459.1
567.2 183.5 1,090.6 480.1
941.7 255.6 2,829.8 620.7
1,047.5 250.2 3,315.7 672.9
1,678.8 363.1 5,724.0 1,030.6
1,613.2 342.0 4,622.5 1,249.0
5
Wholesale/retail
109.7
108.7
149.3
298.7
354.8
342.3
322.8
407.8
590.8
400.8
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security&CommodityBrokers Insurance
128.2 130.2 94.4 131.7
107.4 108.5 147.3 139.8
102.7 100.2 281.9 223.1
157.7 164.4 164.6 153.8 77.8
242.7 245.3 377.1 131.4 168.0
165.2 175.0 267.7 90.0 76.7
143.4 142.8 280.6 79.2 80.7
138.4 140.5 302.5 77.6 59.1
245.0 245.7 658.0 95.9 143.5
233.4 264.0 600.3 79.8 167.1
7 70
Services Hotels& Other Lodging Places
93.5 93.5
125.6 125.6
99.7 99.7
115.8 115.4
199.5 200.0
161.4 157.0
185.2 161.6
225.6 175.0
495.4 387.2
411.4 333.5
9
Other/diversified holding companies
81.8
76.9
98.7
137.6
213.5
193.0
214.1
225.3
445.1
338.0
122.2
132.9
146.2
224.0
339.9
234.8
271.5
267.8
439.6
430.0
trade
IFCG Composite Price Index
1995
FACTBOOK
ENMERGING MARKETS DATA BASE
72
IFCG Industry Price Indexes 1985-1994 (annual % change in US$)
1992
1993
1994
4.6
2.0
86.4
-13.3
-59.3 -62.0
37.9 10.3
-19.0 -19.6
42.6 58.7
47.1 77.3
38.1 77.5
-37.1 -45.4
-0.6 32.0
5.8 -2.0
79.5 73.7
-11.7 -22.7
56.6 40.1 57.4 25.9 10.0 66.7 71.9 50.7 89.6 48.8 68.2 66.9 50.8 3.6
50.5 90.5 63.8 21.1 55.2 23.9 17.9 55.0 111.5 16.8 39.4 63.6 31.4 34.4
-32.1 -30.7 -43.5 -33.3 -27.1 -26.8 -42.9 -45.7 -29.5 -30.2 -32.8 -40.6 -19.2 7.6
24.4 71.1 42.0 19.3 25.8 8.4 19.6 14.9 36.5 7.3 16.6 9.6 4.3 13.4
-8.6 -1.8 -28.6 0.3 -16.7 -6.3 -20.1 -11.3 -6.2 -4.0 -13.9 -12.0 -15.3 35.3
52.1 66.7 29.3 17.5 31.2 40.2 96.7 62.9 56.6 46.3 26.7 65.6 58.4 49.5
8.5 -4.5 24.7 6.9 44.9 11.7 31.3 6.9 -4.9 15.6 7.5 23.4 -16.5 4.3
39.0 -0.2 73.8 50.1
26.8 31.5 10.3 8.9
57.7 35.1 79.1 50.6
-15.4 -48.3 31.3 4.6
66.0 39.3 159.5 29.3
11.2 -2.1 17.2 8.4
60.3 45.2 72.6 53.2
-3.9 -5.8 -19.2 21.2
-0.9
37.3
100.0
18.8
-3.5
-5.7
26.3
44.9
-32.2
-16.2 -16.7 56.1
-4.3 -7.6 91.4 59.6
53.5 64.1 -41.6 -65.1
53.9 49.2 129.1 -14.6 116.0
-31.9 -28.7 -29.0 -31.5 -54.4
-13.2 -18.4 4.8 -12.0 5.3
-3.5 -1.6 7.8 -2.0 -26.7
77.0 74.9 117.5 23.6 142.7
-4.8 7.5 -8.8 -16.8 16.5
34.3 34.3
-20.7 -20.7
16.2 15.7
72.2 73.4
-19.1 -21.5
14.8 2.9
21.8 8.3
119.6 121.2
-16.9 -13.9
-18.2
-6.0
28.3
39.5
55.1
-9.6
10.9
5.2
97.6
-24.1
22.2
8.7
10.0
53.2
51.7
-30.9
15.6
-1.4
64.1
-2.2
1985
1986
1987
1988
1989
1990
1991
Agriculture/forestry/fishing
-3.7
18.2
9.1
9.1
15.0
-16.9
1 10
Mining Metal Mining
13.5 12.3
-14.4 -20.5
-9.2 -27.6
69.8 75.7
61.8 62.2
2 15
Construction General BuildingContractors
14.6 17.7
-5.1 -19.5
46.2 49.6
145.1 111.1
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals& Allied Products Petroleum Refining&Related Products Rubber & Misc. Plastics Products Cement&Glass Products PrimaryMetalIndustries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing
32.5 1.2 15.1 41.5 38.9 42.7 27.9 22.9 -0.2 110.3 28.3 10.2 85.2 42.0
21.8 36.8 15.9 0.0 93.3 57.7 11.4 43.7 103.7 -16.7 -21.5 48.5 29.4 -0.8
11.8 18.3 78.9 32.6 61.2 -14.1 -31.8 89.6 25.7 2.7 -22.8 40.2 26.6 -11.4
4 44 48 49
Transportotion/communicotion/utility Water Transportation Communications Services Electric,GasorSanitary
24.1 60.2 -7.4 20.6
94.3 25.0 161.3 54.6
5
Wholesole/retail
9.7
6 60 61 62 63
estate Finance/insurance/reol Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers Insurance
28.2 30.2 -5.7 -
-
-
31.7
6.2
7 70
Services Hotels &Other Lodging Places
-6.5 -6.5
9
Other/diversified
holding
IFCG Composite
Price Index
SIC
Sector/lIndustry
0
1995
FACTBOOK
trade
componies
EMERGING
MARKETS DATA BASE
73
IFCG IndustryTotalReturnIndexes 1994 PerformanceSummary (US$ and 1994% changes in US$;end 1984=100)
SIC Sector/Industry
End1994 (1984~100)
% change from end-1993
0
Agriculture/torestry/fishing
307.0
-11.9
Percent Change in IFCG Industry Total Return Indexes. 1994
1 10
Mining Metal mining
316.8 237.0
50.3 81.0
100
2 15
Construction General Building Contractors
686.1 567.6
-10.5 -21.8
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refiniing & Related Products Rubber & Misc, Plas~ticsProducts Cement &Glass Products Primary Metal Industries Fabricated Metal Products Electric& Electronic Equipmenit Transportation Equipment Miscellaneous Manufacturing
709.1 1,089.0 691.9 340.3 1,401.7 751.9 388.1 932.4 1,948.7 472.2 219.0 885.8 711.0 580.0
10.6 -3.2 26.6 8.0 46.6 14.1 33.5 9.5 -3.0 17.9 10.0 25.7 -14.9
4 44 48 49
Transportation/comm./utility Water Transportation Communications Electric, Gas, or Sanitary Services
2,402.6 467.7 7,526.6 2,395.0
-2.2 -4.4 -18.2 24.2
5
Wholesale/retail
537.6
-31.2
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Seuiy&Cnnidt rkr Insurance
299.2 344.8 836.5 83.1 254.3
-2.6 10.5 -7.2 -15.6 16.7
498.7 398.3-1.
-16.2
830
60
4 4
20
5.7 0
trade
7
Services 70 Hotels & Other Lodging Places
9
Other/diversified holding companies
430.4
-22.8
IFCG Composite Total Return Index
552.2
-0.5
-
Lu
-20
-40 p
~
t
a
C-
5
0 Ce,
3fC
<
E
5Industries *Sectors
1995 FACTBOOK
EMIERGING; MARKETs
DATA
BASE
74
IFCG Industry Total Return Indexes 1994 (US$; end 1984= 100)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
303.9
334.5
271.3
289.6
285.3
292.1
307.6
342.0
344.1
331.4
318.5
307.0
Mining Metal Mining
240.1 151.5
227.5 137.9
211.0 131.9
211.8 128.6
225.3 137.8
215.1 134.0
241.3 153.5
269.8 174.9
301.6 205.4
324.7 228.8
318.9 228.7
316.8 237.0
2 15
Construction General Building Contractors
796.7 724.9
744.8 653.4
669.3 601.3
697.5 604.4
708.0 636.2
664.6 576.9
713.3 627.4
763.1 683.4
801.7 706.0
768.5 667.4
749.7 653.0
686.1 567.6
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products TextileMill Products Apparel&OtherTextileProducts Paper&Allied Products Chemicals&Allied Products PetroleumRefining& Related Products Rubber& Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing
683.5 1,192.0 598.2 363.6 1,049.0 699.1 332.3 805.8 2,074.6 452.7 212.2 735.4 842.1 625.0
672.1 1,167.7 568.5 355.1 1,058.4 743.7 303.0 719.7 2,051.5 448.7 214.3 717.0 862.3 656.2
627.4 1,097.1 529.5 317.0 985.8 677.5 299.8 700.6 1,934.7 400.9 194.4 698.2 722.5 608.5
619.5 1,079.8 564.0 312.8 1,051.6 647.8 268.9 712.8 1,880.4 414.3 189.0 727.1 717.3 568.6
648.7 1,132.5 571.5 318.4 1,157.5 653.9 274.2 735.2 2,017.1 428.3 193.1 780.1 743.4 579.4
644.5 1,076.4 574.1 324.9 1,145.6 675.9 289.0 778.6 1,966.6 448.2 195.6 785.3 705.9 559.2
681.7 1,118.0 600.3 338.4 1,227.5 701.9 324.0 853.5 2,129.5 477.2 202.3 831.2 724.3 576.5
758.0 1,227.3 622.5 373.7 1,384.4 779.2 399.4 886.6 2,308.9 548.0 222.8 934.6 768.9 619.4
769.9 1,223.9 620.5 346.4 1,406.8 793.2 429.5 898.5 2,341.4 586.7 232.9 932.8 763.1 610.2
768.1 1,221.1 586.1 343.4 1,484.9 795.5 431.2 852.9 2,318.0 558.3 231.2 938.5 755.4 613.5
747.2 1,189.9 598.9 337.4 1,463.6 790.7 412.1 822.1 2,278.0 530.7 226.9 907.5 729.7 597.4
709.1 1,089.0 691.9 340.3 1,401.7 751.9 388.1 932.4 1,948.7 472.2 219.0 885.8 711.0 580.0
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
2,722.7 476.7 9,949.6 2,289.8
2,624.7 438.0 9,289.5 2,326.1
2,364.1 420.3 8,213.7 2,128.6
2,378.3 433.8 8,183.3 2,163.5
2,404.5 416.5 8,476.9 2,119.5
2,319.5 418.1 7,908.6 2,128.3
2,439.1 434.3 8,500.6 2,167.2
2,832.4 512.1 9,687.9 2,602.0
2,956.0 504.3 9,819.2 2,835.8
2,791.3 495.9 9,225.4 2,673.2
2,587.3 454.9 8,448.8 2,496.3
2,402.6 467.7 7,526.6 2,395.0
5
Wholesale/retail
744.4
677.8
645.8
625.8
638.4
614.4
631.4
658.0
666.3
654.6
644.0
537.6
6 60 61 62 63
estate Finance/insurance/real Banking Banks Credit AgenciesOtherThan Security & Commodity Brokers Insurance
303.6 312.6 820.0 99.0 230.1
283.5 289.8 744.0 98.4 212.1
265.8 279.8 687.5 89.2 201.6
269.5 281.1 753.8 87.5 227.1
276.0 286.7 786.1 89.6 227.9
272.4 285.8 791.6 87.5 234.3
293.9 313.3 867.1 83.6 270.0
313.7 337.6 911.7 76.9 264.0
326.9 358.9 927.7 79.3 277.4
319.9 348.6 899.7 90.8 256.1
305.1 336.1 805.5 91.9 242.6
299.2 344.8 836.5 83.1 254.3
7 70
Services Hotels & Other Lodging Places
527.5 419.0
530.3 419.1
460.6 370.5
508.8 397.3
513.7 416.4
517.9 412.7
544.2 436.7
592.9 477.9
575.2 462.9
551.2 439.0
495.7 396.7
498.7 398.3
9
Other/diversified
515.0
530.9
447.5
468.4
457.4
447.5
473.9
535.6
544.0
520.4
505.7
430.4
571.7
552.2
506.3
509.2
522.6
513.0
545.5
604.9
623.9
610.7
584.5
552.2
Jan
SIC
Itidustry
0
Agriculture/forestry/fishing
1 10
trade
holding companies
IFCG Composite Total Return Index
1995 FACitIOOK
ENILRGINGMARKETS DATA BASE 75
IFCG Industry Total Return Indexes 1985-1994 (US$;end 1984=100)
SIC Industry
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
0
Agriculture/forestry/fishing
98.5
123.3
138.6
158.4
189.1
161.0
172.1
181.6
348.6
307.0
1 10
Mining Metal Mining
119.0 117.2
104.9 95.6
98.7 72.1
172.8 130.3
295.4 219.0
122.6 85.1
171.5 95.1
143.9 80.0
210.9 130.9
316.8 237.0
2 15
Construction GeneralBuildingContractors
118.5 121.7
118.2 99.3
177.7 149.7
444.9 320.0
619.5 571.5
390.3 312.5
392.0 416.2
423.1 414.2
766.7 726.2
686.1 567.6
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel &OtherTextile Products Paper & Allied P'roducts Chemicals & Allied Products PetroleumRefining&Related Products Rubber&Misc.PlasticsProducts Cement& Glass Products Primary Metal Industries Fabricated Metal Products Electric& Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
139.2 110.5 119.3 144.8 148.2 149.7 135.3 124.6 107.4 214.2 132.9 115.0 191.5 145.6
175.6 158.5 142.4 147.1 298.6 249.3 155.1 184.5 240.2 181.2 107.1 175.5 258.8 149.3
202.8 192.6 260.3 198.3 493.0 221.6 113.6 357.6 310.8 193.0 84.6 252.0 335.7 135.6
328.6 277.7 416.7 257.2 564.0 388.8 204.4 549.2 612.3 299.9 149.7 430.9 522.0 145.4
507.2 539.8 691.2 316.6 896.6 524.4 248.7 868.6 1,322.7 358.4 216.2 715.0 693.9 201.7
349.7 380.3 392.4 213.3 665.3 401.3 144.9 474.8 942.9 254.3 148.8 426.2 567.4 225.2
445.5 661.8 569.2 258.2 850.2 480.9 178.5 558.5 1,310.8 278.7 177.2 472.2 604.5 262.7
414.1 662.1 414.5 262.4 717.9 459.4 145.3 510.3 1,254.3 270.5 154.3 420.8 521.3 359.9
641.4 1,125.1 546.5 315.0 956.2 658.7 290.7 851.7 2,010.0 400.5 199.1 704.6 835.8 548.7
709.1 1,089.0 691.9 340.3 1,401.7 751.9 388.1 932.4 1,948.7 472.2 219.0 885.8 711.0 580.0
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
137.5 163.7 109.5 133.3
281.0 212.2 314.7 223.8
403.6 222.2 567.8 351.4
544.2 317.7 654.8 444.1
904.2 439.4 1,233.3 774.5
779.3 230.4 1,666.8 825.0
1,324.3 327.7 4,391.1 1,098.8
1,498.8 328.1 5,192.4 1,234.5
2,456.4 489.3 9,200.0 1,927.7
2,402.6 467.7 7,526.6 2,395.0
5
Wholesale/retail
118.1
122.6
174.8
361.0
437.6
428.3
411.0
529.2
781.1
537.6
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security &Commodity Brokers Insurance
134.0 136.1 101.0
116.7 117.6 166.3
115.3 112.2 333.2
282.1 284.6 485.8 132.0 249.6
194.6 206.0 350.2 91.0 114.3
171.7 171.6 371.0 80.4 120.6
169.8 174.0 407.7 79.5 89.1
307.1 312.0 901.4 98.5 217.9
299.2 344.8 836.5 83.1 254.3
7 70
Services Hotels&OtherLodgingPlaces
9
Other/diversified
holding
IFCG Composite
Total Return Index
1995 FACTBOOK
trade
companies
153.0
192.3
324.6
182.0 189.1 209.8 154.4 115.5
93.5 93.5
129.1 129.1
103.9 103.9
123.8 123.1
216.5 216.4
184.5 178.8
215.9 186.7
268.8 206.3
594.9 458.8
498.7 398.3
83.4
82.4
107.8
154.3
244.3
225.5
257.6
277.6
557.7
430.4
127.7
144.1
163.6
258.9
400.5
280.9
330.3
331.4
555.2
552.2
-
-
-
EMERGING MARKETS
DATA BASE
76
IFCG IndustryTotal ReturnIndexes 1985-1994 (annual % change
SIC
Industry
0
in US$)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
Agriculture/forestry/fishing
-1.5
25.2
12.3
14.3
19.4
-14.9
6.9
5.5
92.0
-11.9
1 10
Mining Metal Mining
19.0 17.2
-11.9 -18.4
-5.8 -24.6
75.0 80.9
71.0 68.0
-58.5 -61.1
39.9 11.7
-16.1 -15.8
46.5 63.6
50.3 81.0
2 15
Construction General Building Contractors
18.5 21.7
-0.3 -18.4
50.4 50.7
150.4 113.7
39.2 78.6
-37.0 -45.3
0.4 33.2
7.9 -0.5
81.2 75.3
-10.5 -21.8
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products TextileMill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals & Allied Products Petroleum Refining &Related Products Rubber & Misc. Plastics Products Cement&Glass Products Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing
39.2 10.5 19.3 44.8 48.2 49.7 35.3 24.6 7.4 114.2 32.9 15.0 91.5 45.6
26.1 43.5 19.3 1.6 101.5 66.5 14.6 48.0 123.6 -15.4 -19.4 52.5 35.1 2.5
15.5 21.5 82.8 34.8 65.1 -11.1 -26.8 93.8 29.4 6.5 -21.0 43.6 29.7 -9.2
62.1 44.2 60.1 29.7 14.4 75.4 80.0 53.6 97.0 55.4 77.1 71.0 55.5 7.2
54.4 94.4 65.9 23.1 59.0 34.9 21.7 58.2 116.0 19.5 44.4 65.9 32.9 38.7
-31.1 -29.6 -43.2 -32.6 -25.8 -23.5 -41.7 -45.3 -28.7 -29.0 -31.2 -40.4 -18.2 11.7
27.4 74.0 45.0 21.1 27.8 19.9 23.2 17.6 39.0 9.6 19.1 10.8 6.5 16.6
-7.0 0.0 -27.2 1.6 -15.6 -4.5 -18.6 -8.6 -4.3 -2.9 -12.9 -10.9 -13.8 37.0
54.9 69.9 31.8 20.0 33.2 43.4 100.1 66.9 60.2 48.1 29.1 67.5 60.3 52.4
10.6 -3.2 26.6 8.0 46.6 14.1 33.5 9.5 -3.0 17.9 10.0 25.7 -14.9 5.7
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
37.5 63.7 9.5 33.3
104.5 29.6 187.3 67.9
43.6 4.7 80.4 57.0
34.8 43.0 15.3 26.4
66.2 38.3 88.3 74.4
-13.8 -47.6 35.2 6.5
69.9 42.3 163.4 33.2
13.2 0.1 18.2 12.3
63.9 49.1 77.2 56.2
-2.2 -4.4 -18.2 24.2
5
Wholesale/retail
18.1
3.8
42.5
106.6
21.2
-2.1
-4.0
28.7
47.6
-31.2
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
34.0 36.1 1.0 53.0
-12.9 -13.6 64.6 25.7
-1.2 -4.6 100.4 68.8
57.8 68.6 -37.0 -64.4
55.1 50.5 131.5 -14.5 116.1
-31.0 -27.6 -27.9 -31.1 -54.2
-11.8 -16.7 5.9 -11.7 5.6
-1.1 1.4 9.9 -1.2 -26.2
80.8 79.3 121.1 24.0 144.6
-2.6 10.5 -7.2 -15.6 16.7
7 70
Services Hotels&OtherLodgingPlaces
-6.5 -6.5
38.0 38.0
-19.5 -19.5
19.2 18.4
74.9 75.8
-14.8 -17.3
17.0 4.4
24.5 10.5
121.3 122.4
-16.2 -13.2
9
Other/diversitied
holding
-16.6
-1.3
30.8
43.2
58.3
-7.7
14.2
7.7
100.9
-22.8
IFCG Composite
Total Return Index
27.7
12.8
13.5
58.2
54.7
-29.9
17.6
0.3
67.5
-0.5
1993 rE , Ilitk
trade
componies
E\lEIclN(.N
AIARKErS DATA BASE 77
4.
IFC: Investable Indexes
Emerging Stock Markets Factbook 1995
Market Weights in the IFCI Composite Index End-1994 Number of stocks
Market
Market capitalization (US$ millions)
Weight in IFCI Composite (%)
Latin America
Regional Weights in the IFCI Composite Index, End-1994
Argentina
24
Brazil Chile Colombia Mexico Peru Venezuela
57
18,395 70,194
25 I1 67
8,865 74,025
4.4 16.7 2.3 2.1 17.6
11 12
4,280 2,607
1.0 0.6
9,734
EMEA
8%
Latin Amnerica East Asia China ' Korea Philippines Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
45% 18 156 19 90
1,903 13,848 16,306 13,357
3.3 3.9 3.2 Asia_ 48%
76 38 104 15 5 55
14,117 11,193 104,127 4,028 515 22,177
3.4 2.7 24.7 1.0 0.1 5.3
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa* Turkey Zimbabwe Regions Composite ' Latin America Asia * EMEA
Stock Distribution by Region in the IFCI Composite Index, End-1994
25 5 13 12 25 59 40 5
890 207 558 125
7,422 473 980 1,479 7,212 131,841815,243 157
420,730 188,100 199,666 32,964
1.8 0.1 0.2 0.4 1.7
EMEA 14,
LtAmi
3.6 0.0
100.0 44.7
47.5 7.8 Asia 63%/
Notes:
1995
China and South Africa were not included in regional or composite statistics in 1994. IFC does riot calculate an investable index for Nigeria.
FACTBOOK
ENIERGING MAIJI
Ts DATA BASE
80
Comparative End- 1994
Valuations of the IFCI Indexes Price-earnings ratio
Price-bookvalue ratio
Dividend yield
Market
Frnd 1994
Relative to MSCI World
End 1993
End 1994
Relative to MSCI World
End 1993
End 1994
Relative to MSCI World
End 1993
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
17.49 13.59 21.58 21.24 18.33 47.71 54.46
0.75 0.59 0.93 0.92 0.79 2.06 2.35
25.95 11.69 20.04 24.90 19.79 39.19 26.07
1.43 0.66 2.62 1.40 2.31 3.01 1.79
0.66 0.30 1.20 0.64 1.06 1.38 0.82
2.37 0.69 2.22 2.02 2.76 3.77 1.32
2.92 0.62 2.47 1.86 1.73 0.52 2.38
1.22 0.26 1.03 0.77 0.72 0.22 0.99
2.37 0.42 2.73 1.54 1.55 0.57 3.17
East Asia China Korea Philippines Taiwan, China
34.26 29.50 36.97
1.48 1.27 1.59
25.13 37.46 34.97
1.56 4.80 4.42
0.72 2.20 2.03
1.38 5.64 3.94
3.53 0.29 0.70
1.47 0.12 0.29
0.69 0.28 0.46
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
25.95 20.68 31.66 23.80 18.14 23.14
1.12 0.89 1.36 1.03 0.78 1.00
37.38 29.43 42.65 33.41 35.19 28.27
4.29 2.52 4.03 5.43 2.83 3.78
1.97 1.16 1.85 2.49 1.30 1.73
4.95 3.14 5.36 7.85 4.83 4.89
0.94 1.43 1.98 1.34 1.03 1.96
0.39 0.60 0.82 0.56 0.43 0.82
1.01 1.21 1.09 1.98 0.56 1.53
Europe/Mideast/Atrica Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
9.78 87.23 13.91 12.94 19.18 21.33 30.99 13.81
0.42 3.76 0.60 0.56 0.83 0.92 1.34 0.60
9.67 45.56 17.38 31.47 16.96 17.19 36.20 9.45
1.87 2.66 1.86 2.30 1.78 2.64 6.35 1.92
0.86 1.22 0.85 1.06 0.82 1.21 2.91 0.88
1.85 2.41 2.28 5.69 2.03 1.80 7.42 1.40
4.78 1.50 2.49 0.44 3.22 2.05 3.57 3.89
1.99 0.63 1.04 0.18 1.34 0.85 1.49 1.62
5.46 2.19 2.47 0.43 2.38
Regions Asia Composite EMEA LatinAmerica
29.15 21.09 18.03 16.70
1.26 0.91 0.78 0.72
36.78 23.71 21.93 18.33
3.60 1.81 2.78 1.14
1.65 0.83 1.28 0.52
4.42 2.48 3.79 1.72
1.72 1.96 3.88 1.88
0.72 0.82 1.62 0.78
1.09 1.70 3.62 1.92
Developed Markets Japan U.K. U.S. MSCI World Free
97.30 14.80 16.90 23.20
4.19 0.64 0.73 1.00
67.80 20.70 22.10 28.70
2.17 2.20 2.61 2.18
1.00 1.01 1.20 1.00
1.99 2.55 2.64 2.29
0.70 4.20 2.90 2.40
0.29 1.75 1.21 1.00
0.90 3.50 2.80 2.30
-
2.44 -
Note: IFC does not currently prepare valuation ratios for its China indexes due to difficulties in interpreting company accounting data. I99"
I
Im\I
i(, I\lN((.%I NXllzl I
D;\r X B:x.r
81
IFCI Price Indexes 1994 Performance Summary (Ranked by 1994 % changes in US$) % change in IFCI
Emerging
Markets
Price Index
Ranik
Market
1 2 3 4 5 6 7 8 9 10 11 12 13
Brazil I'eru Chile South Africa Colombia Taiwan, China Zimbabwe Korea Portugal India Greece Sri Lanka Pakistan
65.2 47.4 42.1 27.4 25.9 21.7 21.1 15.8 6.4 6.0 -0.9 -3.0 -5.6
14 15 16 17 18
Hungary Jordan Phiilippines Venezuela Thailand
-8.9 -9.4 -11.4 -16.4 -19.7
Indonesia
-20.0
19
20 21 22
Malaysia Argentina Mexico
24 25
Turkey China
-42.7-2 -49.2
I 2 3 4
Latin America Composite Asia EMEA
-10.8 -13.6 -14.2 -30.0
4 5
U.S., S&P 500 U.K., FT 100
-2.0 -5.2
23 Poland
-20.7 -26.1 -39.6
-42.6
Percent
Change
in IFCI Price Index, 1994
80
60
40
20
r
0
L
1
0
U
uuuu
20
U
UUU
U
~llf
-40 Regions
-60
A
i
_
UJ
E
Emerging markets
*
Developed markets IFC Regiona1 Indexes
5
1995
FACTBOOK
[.\lll,lGN(.
Nl,\A I is DATA BANSE 82
IFCI Price Indexes 1994 High, Low, Close (US$;year-end and week-end values)
Low
Low week
End1994
4-Feb 30-Sep 21-Oct 18-Mar 4-Feb 28-Oct 18-Feb
734.4 200.7 561.1 671.0 607.9 119.5 425.9
30-Dec 13-May 1-Apr 7-Jan 30-Dec 7-Jan 25-Nov
734.4 384.4 784.3 811.6 607.9 178.3 495.0
144.0 155.4 330.6 164.6
7-Jan 14-Oct 4-Nov 30-Dec
75.9 117.1 250.9 117.9
30-Dec 21-Jan 8-Apr I-Apr
75.9 136.8 298.1 164.6
144.0 129.2 325.7 436.1 241.8 450.5
16-Sep 7-Jan 16-Sep 18-Mar 18-Feb 21-Oct
121.9 92.7 247.2 353.8 160.9 338.7
29-Apr 8-Apr 8-Apr 10-Jun 17-Jun 18-Mar
123.5 99.8 268.8 366.1 172.0 383.5
End1993
High
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
994.0 232.7 551.8 644.7 1,006.4 120.9 591.9
1,129.8 450.1 836.9 971.0 1,104.4 193.6 844.4
East Asia China Korea Philippines Taiwan, China
149.3 118.2 336.6 135.2
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
116.5 124.7 339.0 387.9 177.2 477.6
Market
H{igh week
IFCI Price Indexes
High and Close,
1994
1,400 e
1,200
*n
1,000 *
*
800
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
600
400
ca 227.7 166.6 165.5 817.9 113.8 176.4 212.6 202.1
280.8 258.7 176.8 1,273.8 136.4 225.9 273.1 293.2
21-Jan 4-Feb 18-Mar 11-Mar 18-Feb 21-Oct 14-Jan 18-Mar
203.2 151.8 150.0 442.7 107.3 142.0 66.1 178.9
10-Jun 30-Dec 30-Dec 9-Dec 1-Jul 15-Apr 29-Apr 7-Jan
225.6 151.8 150.0 469.3 121.1 224.7 121.8 244.7
355.7 650.6 291.0 169.3
377.8 790.0 287.5 207.6
23-Sep 23-Sep 16-Sep 14-Jan
294.4 563.8 226.8 98.4
6-May 6-May 8-Apr 14-Jan
307.3 579.9 249.4 118.5
L
200
-
0
E
Regions Composite Labn America Asia EMTIA
-
5
0 r S
.0
e x L)>
xN < ea _ -
g.°
o Hc
_ o. r
.
>
<
2
>, < D_ 0
E
5
-
c 3 -
U
End-1993 index level
n End-1994index level *
IL)075
I
Iit j(),
)a.
I
MII
1994 high
AkNG. AI1IETS A
DAI A BASE
83
IFCI Price Indexes Regional vs. Developed Market Performance, 1994 (US$: end 1988=100)
Index level
% change
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
357.9 737.5 257.6 161.6
348.3 703.1 263.4 137.7
312.5 655.3 227.2 118.6
305.8 605.8 242.9 101.2
312.3 635.8 242.6 98.3
300.5 585.7 240.3 106.4
321.5 641.3 250.9 114.0
362.5 746.3 276.0 120.2
371.1 779.2 278.2 117.7
358.8 733.3 276.0 116.9
344.6 718.9 255.1 123.9
307.4 580.2 249.4 118.5
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI,EAFE FT, EuroPac
173.4 163.0 77.3 110.3 106.9
168.2 153.1 79.3 109.9 107.0
160.5 141.9 77.3 105.0 102.7
162.3 147.0 80.6 109.3 106.8
164.3 138.9 83.0 108.6 106.3
159.9 139.5 86.9 110.0 107.7
165.0 147.2 84.7 110.9 108.3
171.2 154.1 85.4 113.4 110.5
166.6 147.7 81.9 109.6 107.0
170.0 156.4 85.5 113.2 110.5
163.2 149.3 79.9 107.6 104.3
165.3 148.5 82.0 108.2 105.4
IFCI Composite IFCI Latin America IFCI Asia IFCI EMEA
0.6 13.4 -11.4 -4.6
-2.7 -4.7 2.3 -14.8
-10.3 -6.8 -13.7 -13.9
-2.2 -7.6 6.9 -14.6
2.1 5.0 -0.1 -2.9
-3.8 -7.9 -1.0 8.2
7.0 9.5 4.4 7.2
12.7 16.4 10.0 5.4
2.4 4.4 0.8 -2.1
-3.3 -5.9 -0.8 -0.7
-3.9 -2.0 -7.6 6.0
-10.8 -19.3 -2.2 -4.4
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
2.8 4.1 19.5 8.3 8.6
-3.0 -6.0 2.6 -0.4 0.1
-4.6 -7.3 -2.6 -4.4 -4.0
1.2 3.6 4.3 4.1 3.9
1.2 -5.5 3.0 -0.7 -0.5
-2.7 0.4 4.7 1.3 1.4
3.1 5.5 -2.6 0.8 0.5
3.8 4.7 0.9 2.2 2.1
-2.7 -4.2 -4.1 -3.3 -3.2
2.1 5.9 4.4 3.2 3.2
-4.0 -4.5 -6.5 -4.9 -5.6
1.3 -0.6 2.5 0.5 1.0
Index
Note: The IFCI Composite and regionial indexes do not include all markets. See base date table in introduction for details.
IFCI Regional Price Indexes vs. U.S. S&P 500, 1994 (weekly; rebased to end-11993=100) 130 120 -
* .. 0 .0. e~~~~~~~~~~~~~~
1 oo
90
OF~
.
_
0
-
VW
IFCI Composite
-
-
80-.
FACIBO00K
Feb
Mar
Apr
May
= -_
-
- -
-
___-
Jlun
Jld
Auig
Sep
Oct
Noz,
Dec
IFCI L
-
-.
-
-
- -
..
60 -
1995
-
.
70 --
7994
***
O
dO
90
50 Jan I
0
America atin
-
IFCI Asia
....
IFCIEMEA
**
U.S., S&P 500
Jan 1
1995
E.IIGNl.NAiwK
is DATA B.ASE 84
IFCI Price Indexes Regional vs. Developed Market Performance, 1988-1994 (US$; end 1988=100)
Index level
% change
Inidex
1988
1989
1990
1991
1992
1993
1994
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
100.0 100.0 100.0 100.0
155.5 164.9 150.0 168.7
147.4 174.0 118.2 184.6
200.5 406.3 129.7 126.1
202.9 415.4 149.8 79.8
355.6 650.6 290.8 169.3
307.4 580.2 249.4 118.5
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
100.0 100.0 100.0 100.0 100.0
127.3 121.1 112.2 109.2 109.5
118.9 128.1 72.8 82.2 81.6
150.2 140.1 76.3 90.6 89.9
156.9 133.5 56.2 78.0 76.3
168.7 156.6 64.7 101.8 98.4
165.4 148.5 81.9 108.2 105.4
-
55.5 64.8 50.0 68.7
-5.2 5.6 -21.2 9.4
36.1 133.5 9.8 -31.7
1.2 2.2 15.5 -36.7
75.3 56.6 94.1 112.3
-13.6 -10.8 -14.2 -30.0
12.0 0.8 30.7 26.7 26.5
27.3 21.1 12.2 9.2 9.5
-6.6 5.8 -35.1 -24.7 -25.5
26.3 9.4 4.9 10.2 10.1
4.5 -4.7 -26.4 -13.9 -15.0
7.6 17.3 15.1 30.5 28.9
-2.0 -5.2 26.7 6.3 7.1
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
-
U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
Note: The IFCI Composite and regional indexes do not incltude all markets. See base data table in introduction for details.
IFCI Regional Price Indexes vs. U.S. S&P 500, 1988-1994 (monthly: end- 1988=100) 800) 700600 -
400300 -IFCI
Composite
IFCI Latin America
No 200-
... 6O
100 ...
e9
O
-*-
6E*O61kee
6*66
.'
..
I
0
Ian 1 1989
1995 FACTIIOOK
- -
*
1990
7991
1992
1993
1994
*FCt l Asia IFCIEMEA U.S., S&P 500
janI 1995
ENIERGINGMARKETS DATA BASE 85
IFCI Price Indexes 1994 (USS)
Market
Base date (=100.0)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
1,080.2 307.7 661.1 764.1 1,087.0 142.4 601.4
1,008.9 315.8 653.8 877.2 980.6 153.7 769.4
884.9 320.6 561.1 948.0 880.0 146.1 719.8
877.1 254.7 603.3 910.1 854.1 141.6 540.9
970.1 250.8 660.9 911.3 909.5 151.8 592.2
826.3 250.5 643.1 935.7 816.3 139.0 422.3
896.6 291.0 639.7 962.1 886.2 136.7 463.3
979.4 410.0 725.7 875.4 964.4 150.8 545.9
959.5 450.1 759.6 891.2 983.0 190.0 554.5
908.3 421.4 839.8 826.9 911.5 194.7 549.7
848.8 407.3 822.5 769.7 920.2 182.8 443.7
734.4 384.4 784.3 811.6 607.9 178.3 495.0
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
128.0 130.4 296.7 136.3
121.6 127.7 279.8 119.3
99.6 118.4 259.6 116.5
94.5 125.6 272.6 128.8
99.2 129.8 304.7 129.5
85.8 128.5 280.1 132.3
96.7 126.7 286.9 152.8
103.3 131.1 319.5 159.1
105.5 148.8 298.5 164.4
104.0 152.2 323.3 150.1
88.4 146.3 296.0 145.5
75.9 136.8 298.1 164.6
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
138.6 127.0 276.0 373.7 206.0 425.3
144.2 114.0 298.6 425.0 240.9 381.2
125.5 100.0 247.6 415.6 198.0 341.7
121.9 95.0 273.6 393.6 172.1 357.8
124.1 107.9 262.1 357.3 176.6 384.7
131.7 98.2 262.6 396.5 183.5 359.9
133.7 95.6 274.9 387.8 181.5 390.4
143.3 110.0 304.8 389.1 185.3 441.7
135.8 106.8 309.6 412.6 206.4 434.6
132.0 112.3 301.4 406.8 191.4 451.0
129.4 101.2 278.1 388.0 185.3 392.4
123.5 99.8 268.8 366.1 172.0 383.5
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jun-93
261.5 270.6 172.3 1,101.6 128.7 165.8 180.9 197.5
266.4 230.0 173.6 1,284.4 130.5 158.9 131.5 264.0
248.4 229.7 170.0 877.2 134.9 153.9 96.7 282.8
249.4 212.5 159.9 658.4 128.7 179.4 66.1 271.7
217.1 196.3 162.6 699.2 115.7 175.1 73.7 291.8
217.0 180.0 164.2 502.8 110.4 176.6 99.8 250.0
216.1 187.4 157.8 662.4 116.4 189.4 110.6 241.1
217.2 192.2 156.3 684.5 126.2 202.6 118.7 262.1
221.1 176.4 157.3 564.6 123.2 206.7 116.7 264.7
218.6 180.1 153.3 515.6 126.7 221.7 115.3 264.3
218.2 166.7 154.0 503.6 124.4 219.2 132.7 265.3
225.6 151.8 150.0 469.3 121.1 224.7 121.8 244.7
1995 FACTBOOK
EmFRGING
l-NARKETS D,A IA BASE
86
IFCI Price Indexes 1994 (monthly % change in US$)
Market
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Latin Americca Argentina Brazil Chile Colombia Mexico Peru Venezuela
8.7 32.2 19.8 18.5 8.0 17.7 1.6
-6.6 2.6 -1.1 14.8 -9.8 7.9 27.9
-12.3 1.5 -14.2 8.1 -10.3 -4.9 -6.4
-0.9 -20.6 7.5 -4.0 -2.9 -3.1 -24.9
10.6 -1.5 9.5 0.1 6.5 7.2 9.5
-14.8 -0.1 -2.7 2.7 -10.2 -8.4 -28.7
8.5 16.1 -0.5 2.8 8.6 -1.7 9.7
9.2 40.9 13.4 -9.0 8.8 10.3 17.8
-2.0 9.8 4.7 1.8 1.9 26.0 1.6
-5.3 -6.4 10.5 -7.2 -7.3 2.5 -0.9
-6.5 -3.3 -2.0 -6.9 1.0 -6.1 -19.3
-13.5 -5.6 -4.6 5.4 -33.9 -2.4 11.5
East Asia China Korea Philippines Taiwan, China
-14.3 10.3 -11.9 0.8
-5.0 -2.1 -5.7 -12.5
-18.1 -7.3 -7.2 -2.3
-5.1 6.1 5.0 10.6
5.0 3.3 11.8 0.5
-13.5 -1.0 -8.1 2.1
12.6 -1.4 2.4 15.6
6.8 3.5 11.4 4.1
2.1 13.5 -6.6 3.3
-1.4 2.3 8.3 -8.7
-15.0 -3.8 -8.4 -3.1
-14.2 -6.5 0.7 13.1
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
19.0 1.8 -18.6 -3.7 16.3 -10.9
4.0 -10.2 8.2 13.7 16.9 -10.4
-13.0 -12.3 -17.1 -2.2 -17.8 -10.4
-2.9 -5.0 10.5 -5.3 -13.1 4.7
1.8 13.6 -4.2 -9.2 2.6 7.5
6.1 -9.0 0.2 11.0 3.9 -6.4
1.5 -2.7 4.7 -2.2 -1.1 8.5
7.2 15.1 10.8 0.3 2.1 13.1
-5.2 -2.9 1.6 6.0 11.4 -1.6
-2.8 5.1 -2.6 -1.4 -7.3 3.8
-2.0 -9.9 -7.7 -4.6 -3.2 -13.0
-4.6 -1.4 -3.3 -5.6 -7.2 -2.3
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
14.8 62.4 4.1 34.7 13.1 -6.0 -14.9 -2.3
1.9 -15.0 0.7 16.6 1.4 -4.2 -27.3 33.7
-6.8 -0.1 -2.1 -31.7 3.4 -3.1 -26.5 7.1
0.4 -7.5 -6.0 -24.9 -4.6 16.6 -31.6 -3.9
-12.9 -7.6 1.7 6.2 -10.1 -2.4 11.5 7.4
0.0 -8.3 1.0 -28.1 -4.6 0.8 35.4 -14.3
-0.4 4.1 -3.9 31.8 5.5 7.2 10.8 -3.5
0.5 2.5 -0.9 3.3 8.4 6.9 7.3 8.7
1.8 -8.2 0.6 -17.5 -2.4 2.0 -1.7 1.0
-1.1 2.1 -2.5 -8.7 2.9 7.3 -1.2 -0.1
-0.2 -7.5 0.5 -2.3 -1.8 -1.1 15.1 0.4
3.4 -8.9 -2.6 -6.8 -2.6 2.5 -8.2 -7.8
1 495 1- \C 1tO;O)R
EMI R(.ING NMARKETiSDATA
BASE
87
IFCI Price Indexes 1988-1994 (USS:end of period levels)
Base date (=100.0)
Market
1988
1989
1990
1991
1992
1993
1994
146.2 34.7 182.2
791.5 125.9 367.6 310.9 582.8
579.6 125.0 418.5 425.2 676.0 100.0 519.6
994.0 232.7 551.8 644.7 1,006.4 120.9 591.9
734.4 384.4 784.3 811.6 607.9 178.3 495.0
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
100.0 100.0 100.0 100.0 -
257.7 118.6 136.0 225.3 -
-
-
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
-
-
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jun-93
1995
FACTBOOK
278.3 684.6
65.7 -
111.7 101.9
100.0 98.2 133.5 73.8
149.3 118.2 336.6 135.2
75.9 136.8 298.1 164.6
57.4 135.9 304.1 171.6
93.7 58.7 163.5 200.2 230.4
116.5 124.7 339.0 387.9 177.2 477.6
123.5 99.8 268.8 366.1 172.0 383.5
288.6 99.9 91.7 145.2 -
195.3 100.0 116.8 100.0 77.3 100.0 68.4 -
227.7 166.6 165.5 817.9 113.8 176.4 212.6 202.1
225.6 151.8 150.0 469.3 121.1 224.7 121.8 244.7
-
159.2 -
-
-
100.0 100.0
* 143.3
198.5
96.3 126.7 145.1
100.0 100.0 100.0 -
189.3
368.6
100.0
-
-
-
96.0 138.1 282.4 -
1,063.8
99.4 89.6 278.8 -
100.0
EMIERGIN(. N1ARKHS DATA BASE
88
IFCI Price Indexes 1989- 1994 (annual % change in US$)
Market
Latin America Argenfina Brazil Chile Colombia Mexico Penu Venezuela
1989
1990
1991
1992
1993
1994
157.7 18.5 36.0 125.3 -
-43.3 -70.8 34.0 23.5 -
-
-
441.5 263.2 101.8 109.4 55.4
-26.8 -0.7 13.8 36.7 16.0 -51.2
71.5 86.2 31.8 51.6 48.9 20.9 13.9
-26.1 65.2 42.1 25.9 -39.6 47.4 -16.4
70.0 -
19.6 -27.6
49.3 20.4 152.1 83.3
-49.2 15.8 -11.4 21.7
-
24.3 112.4 107.3 93.8 77,2 107.3
6.0 -20.0 -20.7 -5.6 -3.0 -19.7
16.6 66.6 41.7 717.9 47.3 76.4 210.6 -
-0.9 -8.9 -9.4 -42.6 6.4 27.4 -42.7 21.1
East Asia China Korea Philippines Taiwan, China
-
-
59.2 -
-58.7 -
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
-
-
43.3 98.5
-11.6 -26.9
-40.4 7.2 18.2
2.2 20.4 -34.2 34.2
89.3 -4.0 38.1 -
94.7 3.6 -35.1 -1.3 -
-21.7 0.5 2.3 -47.9 -
-32.3 16.9 -15.7 -52.8 -
Europe/Mideast/Atrica Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
1995 1xCTIOOK
-
ElERIG1NGI1AR\KETs
D,
IABASE
89
Statisticsof the IFCI Price Indexes (US$; December
1989-December
1994)
Annualized standard deviation
Correlation wvith S&P500
Number of months
Mean of % change
Standard deviation
Annualized mean
Latin America Argentina Brazil Chile Colombia * Mexico Peru * Venezuela '
60 60 60 46 60 24 59
3.52 4.75 3.28 5.11 2.15 3.05 4.87
19.55 23.58 8.24 11.84 9.68 11.43 20.13
42.24 57.00 39.36 61.32 25.80 36.60 58.44
67.72 81.68 28.54 41.01 33.53 39.59 69.73
0.37 0.27 0.31 0.13 0.37 0.26 -0.13
East Asia China * Korea * PhiLppines Taiwan, China *
24 35 60 47
-0.30 1.14 1.70 1.93
13.12 7.74 11.51 11.97
-3.60 13.68 20.40 23.16
45.45 26.81 39.87 41.47
0.36 0.00 0.40 0.13
South Asia India * Indonesia' Malaysia Pakistan * Sri Lanka * Thlailand
25 51 60 45 24 60
1.56 0.49 1.36 3.46 2.72 1.59
8.67 10.11 7.83 11.72 9.48 10.08
18.72 5.88 16.32 41.52 32.64 19.08
30.03 35.02 27.12 40.60 32.84 34.92
0.24 0.29 0.37 0.11 0.09 0.40
60 24 60 24 60 24 60
1.06 2.75 0.86 9.88 0.00 3.42 0.19 5.76
13.41 16.11 4.92 28.68 6.74 6.98 18.44 12.41
12.72 33.00 10.32 118.56 0.00 41.04 2.28 69.12
46.45 55.81 17.04 99.35 23.35 24.18 63.88 42.99
0.06 0.43 0.07 0.45 0.41 0.21 -0.21 0.00
Market
Europe/Mideast/Africa Greece Hungary Jordan Poland * Portugal South Africa * Turkey * Zimbabwe *
18
Number of months
Mean of Cochange
Standard deviation
Annualized mean
Annualized standard deviation
Correlation with S&P500
EMEA
60 60 60 60
1.32 2.47 1.09 -0.08
6.03 8.42 7.04 10.21
15.84 29.64 13.08 -0.96
20.89 29.17 24.39 35.37
0.49 0.49 0.44 -0.03
Developed Markets U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac
60 60 60 60 60
0.50 0.47 -0.10 0.14 0.11
3.59 5.17 9.32 5.72 5.91
6.00 5.64 -1.20 1.68 1.32
12.44 17.91 32.29 19.81 20.47
1.00 0.60 0.29 0.46 0.44
Market
Regions Composite Latin America Asia
Note: Correlations are for five years of monthly returns beginning December 1989, except for the following markets (beginning dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Veniezuela: Jan. 1990.
1995
FACTBOOK
China: Dec. 1992. Korea: Mar. 1992. Taiwan, China: Jan. 1991.
India: Jan. 1992. Indonesia: Sep. 1990. Pakistan: Mar. 1991.
Sri Lanka: Dec. 1992. Hungary: Dec. 1992. Turkey: Auig. 1990.
Poland: Dec. 1992. South Africa: Dec. 1992. Zimbabwe: Jul. 1993.
ENIERGIN(; NIAIRKI-TS DAi A BASE
90
'Jl
,,
,,,,,
'D
Poland Zimbabwe
(D
Colonmbia
_
Venezuela Brazil
°° x
I~~~~~~~~~~~~D
_ __ _ __ __ _
.> rD (D aLl
(D
C 0
n
C, (fl
Indonesia U.K., FT 100 Turkey MSCI, EAFE
FT EuroPac Portugal IFCIEMEA Japani,Nikkei China
n 0ol
ag
C
ID
Venezuela
x
Argentina Turkey Hungary Greece
> I
o o
-
a
__
Colombia Pakistan
a
o c
_
,D 0
0 p -o
Thailand Mexico
Sri Lanka Japan, Nikkei India
IFCILatin America 2
Chile Malavsia
Korea IFCIAsia South Africa Portugal
I>
IFCIComposite FT EuroPac MSCI,EAFE U.K., FT 100 Jordan U.S., S&P 500
_
8o
X
U.S., S&P 500
Philippines Peru IFCIEMEA Indonesia
3
CD
Jordan
China Zimbabwe Taiwan, China
DO DO
u (D
-
Greece
-~~~~~~
CO
OCD
IFCIComposite Korea IFCIAsia
~~~~~~~B
°
o
Hungary Sri Lanka IFCI Latin America Mexico Taiwan, China Philippines Thailand India Malaysia
fJ
3 C
Argentina Pakistan Sotith Africa Chile Peru
o *
(D o
,
IFCI Price Index Correlations (US$; December 1989-December 1994)
U.S1.,'S&P 500) U.K.,Fr1100 Japan.Nikkei MOCI,EAFE FT, EuroPac IFCI Composite IFCI Latin America IFCI Asia PFCIEMEA
100 710 0.29 0.46 0.44 0.49 0 49 0.44 -0.013
1.00O 0.46 1.00 0.70 0.92 0.68 0.94 0.46 0.24 031 0.20 04(0 0.24 0.19 0.05
1.00 1 00 042 (1.30 042 016
1.00 0.39
1.00
0.28 0.79 100 0.40 013
0.74 71.35 1.00 0.38 -0.02 0 26 1 00
Argeirira B-ail Chile China Colonbia Greece Hun.gar~y India Indonesia Jordan
0 37 0.27 0.31 0.36 0 13 0.1)6 0 43 024 0 29 0.07
012 -0.07 0.02 0.10 0.13 020 016b -0.10 0.02 026 -0.79 0.04 0.109 0.04 010 0.17 005 013 044 0.380 (.41 021 -0.15 -0.11 0.24 0.01 018 0 12 0 19 020
001 0 32 0.17 0.49 -0.01 0.30 0.04 0.62 009 0.24 0.11 0.28 0.39 028 -0.12 0.37 0.15 0.59 0.20 0.16
0 55 0.04 -01 0.56 0 07 027 0 30 0.20 -003 0 35 0.67 0.37 0.17 0.15 0 16 0.02 0.07 0.6.4 0 52 -0.11 0.07 0 42 0.17 0.15 0.22 0 60 049 0.00 0.18 024
1tI00 0.13 0.22 0 43 -0.01 -0.02 0.44 0.26 -(713 -0.15
1.0 0 70 0 13 0.29 0.34 0 50 0.4(0 0.26 0 02
1.00 0.18 -0.19 0.09 0 42 0.56 0.22 0.09
1.00 0 04 029 -(0.04 0.25 052 -0.08
1.00 0 31 0.49 0 46 0 25 (1.07
Kore Malaysia Menico Pk"alssa Peru Philippines Pol-nd P-rliaol South Africa 1 Si Lanka
0.1) 0.37 0.37 0 11 0 26 0.40 0 45 0 41 0.21 0.09
0(04 0.11 0 37 0.26 0 25 0.15 011 -(1.24 0.21 0.19 0.25 -0 02 039 0.26 77.49 0.38 0 46 0.02 0 07 0 01
012 0.461 0.21 -009 028 0.15 042 051 0.26 0.07
0.24 0.28 0085 01(1 0.52 029 0.40 0.24 0.07 052
0 07 -0.02 0.35 0 15 0 58 0.24 0 40 0.11 0.26 0.32
-(Ii)) 0.01 0 20 -0 06 0.31 0.12 0 28 0.36 -0.25 0.38
0.18 0 10 0 25 (1.05 0.44 0 22 0 07 0.19 010 030
0.17 0 57 7735 0.20 0.00 0.71 (7.32 030 045 77.)0
0 08 0 09 0.02 0 36 0 30 ((23 0.45 0 19 -011 0.50
-0(71 0.17 -0 24 0.07 0.34
0.14 0.12 009 0.25 0.09 -0.16 -77.05 -0.24 0.02 -0.07
0.48 0.58 0.23 0.19 029
0 08 (1.07 0.10 0 43 0 38
Taiwan Thaila-d Turkey Venezuela Zimbabwe
0 13 0.40 -0 21 -0 13 0.78)
0.26 0.27 0.04 -0.07 -0 09
011 041 ((.23 -0.08 031 0.18 0.41 0.53 0 28 0.07
0 15 0 29 0 10 0 28 77.00 0.04 -0.05 -008 0.10 0 20
g La
~
0.30 0.66 070 018 043 0.51 0.40 036 0.39 0.46
028 0.42 0.26 0.62 003 021 -007 -003 77.22- 0.32
0.17 0 53 0.30 0 78 -0.13 0.21 77.03 -0.14 0.27 0.34
r.
.0 2 0i
-
L
E2
00
J
0.28 0.07 0 95 0.19 0 41 -0.11 0.25 0.05 0.21 -0.14 0 68 0.17 0 3504.16 0.21 0.31 0 67 0.04 0 25 0.00 028 0.26 0.86 0.02 -0.23
.2
8)-o
a
io
9
~
~
0P
U
1.00 0 46 0 39 7745 0.21
-0.02 0 16 0.17 -(1.01 -0.23 0.04 -007 0 30 031 -0 04 -0 11 0.34 0.074 0.36 -002 0.11 -0.04 005 0 24 0 38 0 34 0.37 (1.62 0.35 77.03 -0.23 -0 15 021 0.33 0 50
0
ey.
1.00
0 06 0 10 0 43 0 14 Ol1Ir 0.02 0.07 0 20 0 29 0 09 0 55 0.7(3 (1.47 0.45 0 37 0.02 0 15 0 03 77.19)0.32
0.29 0.02 -00(8 0.41 0.13 -0.03 0 14 0 46 0 25 -007 0.7(7 0.34 0.08 -0(04 0.05 0 01 0.16 0.09 0 07 0 20 I
.0
1 00 0 54 1.00 0.32 0 34 100 0 10 0 10 0 18
-001 0.16 0 23 -0.05 021
1 00 0.19 035 0.13 (7.39 0.00 0717 -0 25 0.39 0 37
1.00 0 37 0 18 0.14 0 54 0.34 0.14 0 62 0 22
1 077 4.12 100 0 39 0 16 0 25 0 22 17.93 0.08 0.03 -0.02 0.17 0 27 0.43 0.55
((.19 0.17 0 11 02(0 -0.21
0.41 0.63 0 20 -0.10 0 41
0 10 0.34 ((.13 -0.05 0 29
1.00 0.24 0 03 0.11 7)7)5 0.4b
1.00 0.12 018S 0.66 0 04
0.03 028 0.24 0.25 0.09 -0 18 0 02 0 10 0 23 0(.36
((.52 0.58 0 03 -0.1(( 0.30
2
n 5 C
u 2
.
n
z
02.-
100 0.55 1.00 0 04 -0 23 100 0 42 0 08 -0.13 1.00 0.03 0.14 0 04 0.38 0.46
0 13 0 50 -0 01 0.17 (7.54 0.11 0.03 -0.01 0 02 -0 11 0 01 0 30 0 30 -0.08 0.41
3
n
1.00 0 40 100 0 21 7)19 1.00 -(7.01 -0.14 -0 02 100 -0.15 0 23 -0 34 0.39 -n -~~~~~
1.00
", -~~
-
-o
Note: Correlations are for five years of monthly returns beginning December 1989,except for the following markets (beginning dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Venezuela: Jan. 1990.
1995 FACTBOO0K
China: Dec. 1992. Korea: Mar, 1992. Taiwan, Chinia: Jan. 1991.
Inidia:Jan. 1992. Indonesia: Sep. 1990. Pakistani: Mar. 1991.
Sri Lanka: Dee. 1992. Hungary: Dec. 1992. Turkey: Aug. 1990.
laoland: Dec. 1992. South Africa: Dee. 1992. Zimbabwe: Jul. 1993.
EMILRGING NMAIZIK1,] , DATA BAS[
92
_~
~ ~~ ~~ ~ ~
~
~
~
~
~
~
~
~
~~~~C
oD o (D(D-
(DQ CO
g5,D (D
o
~ u n-O CD
o GO X, Ql o
IFCI
Asia
Thailand
r.<
3
ms Q^ 3 ' 3> ID
-
~~~~~~~~~~~~~-o On
r~~~~~~~~~~~' C CD
ET DIx
_
) 0 CD
_
0
*r U'20
C °
Chile
'0
Sri Lanka
Jordan Greece Korea Zimbabwe IFCI EMEA Venezuela
Turkey
,0
_ O
Argentina Mexico Malaysia China Indonesia Japan, Nikkei Brazil Peru India South Africa Colombia Taiwan, China Pakistan
O *
O Vl
0
U.S., S&P sno U.K., FT 100 IFCI Composite IFCI Latin America MSCI, EAFE Poland FT EuroPac Hungary Portugal Philippines
O 5
*0
'
IFCI Total Return Indexes 1994 Performance Summary (Ranked by 1994 % changes in US$) '%, change in IFCI
Emerging
Markets
Regions
Developed
Markets
Total Return Index
Rantik
Market
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
Brazil Peru Chile South Africa Colombia Zimbabwe Taiwan, China Korea Portugal India Greece Sri Lanka Pakistan Jordani Hungary Philippines Venezuela Thailand Indonesia Malaysia Argentina Mexico Turkey Polanid China
67.3 48.3 46.0 30.2 28.2 25.8 22.7 18.5 9.5 6.9 3.4 -2.1 -4.4 -7.3 -7.7 -11.1 -14.5 -18.2 -18.7 -19.2
I 2 3 4
Latin Anerica Composite Asia EMEA
-9.4 -12.0 -12.8 -27.1
I 2 3
FT, EuroPac MSCI, EAFE U.S., S&P 500
Percent
Change
in IFCI Total Return Indexes,
1994
80
60
40
20
0
UU
-24.3
-38.6 -39.6 -42.4 -47.8
9.1 81 1.3
Ll
H
-20
-60
0
U U
°
r LA
.
-F E EU > ZL
U
U
Note:
Neither of the local Japanesc indexes (Nikkei and Topix) publishes a total return index. Emerginig nmarkets E
1995
FAC I )()]K
\1l
*
Developed markets
E5
IFC Regionial Inidexes
,I \iUxl, N(l\(.
IsD,\
I\ 1, \oi
94
IFCI TotalReturnIndexes 1994High,Low,Close (US$;yeair-endand week-end values) End1993
High
High week
Low
Low week
End1994
1,257.1 283.7 755.8 703.6 1,106.6 122.8 639.7
1,431.1 555.0 1,172.8 1,067.4 1,214.9 197.8 918.1
4-Feb 30-Sep 21-Oct 5-Auig 4-Feb 28-Oct 18-Feb
931.9 246.7 771.9 732.7 679.3 121.4 470.4
30-Dee 13-May I-Apr 7-Jan 30-Dec 7-Jan 25-Nov
951.9 474.5 1,103.7 901.7 679.1 182.2 547.0
Eaist Asia China Korea Philippines Taiwani, China
149.8 121.5 356.1 139.7
144.6 161.7 350.7 171.5
7-Jan 14-Oct 4-Nov 30-Dec
78.2 121.5 265.6 121.9
30-Dee 21-Jan 8-Apr I-Apr
78.2 144.0 31 6.4 171.5
South Asia India Indonesia Malaysia Pakistani Sri Lanka Thailand
118.2 129.3 385.0 433.1 179.3 555.6
147.2 134.0 374.5 487.1 244.7 532.8
16-Sep 7-Jan 16-Sep 18-Mlar 18-Feb 21-Oct
123.8 96.2 282.0 397.0 163.5 395.8
29-Apr 8-Apr 8-Apr 20-May, 17-Jun 18-Mar
126.4 105.1 310.9 413.9 175.6 454.7
Europe/Mideast/Atrica Greece Huingary Jordan Poland Portugal Souith Africa Turkey Zimbabwe
311.4 174.1 197.9 839.6 130.5 181.3 260.6 205.5
383.9 270.3 213.3 1,307.6 156.5 236.3 334.7 299.3
21-Jan 4-Feb 18-Mar 11-Mar 18-Feb 21-Oct 14-Jan 27-May
280.6 160.8 183.5 456.5 126.6 146.7 82.3 181.9
10-jun 30-Dec 30-Dec 9-Dec 1-Jul 15-Apr 29-Apr 7-Jan
322.0U 160.8 183.5 484.020Ur 142.9Ur. 236.0 157.30 258.4
Regions Composite Latin America Asia EMIEA
409.0 764.9 328.0 212.2
440.4 940.0 327.7 260.2
23-Sep 23-Sep 16-Sep 14-Jan
341.0 667.4 256.7 126.0
6-May 6-May 8-Apr 3-Jun
359.7 692.9 285.7H 154.6
Market
Latin America Argentifia Brazil Chile Colombia Mexico Peru Venezuela
IFCI Total Return Indexes High and Close, 1994
1,600-
1,400-
1,200
-
1,000
8i00
600-
400
* *00
-
M
Z < u > .5 >0
~
H-c
E, X C, Uc-
-
o
N
~ -3
c 0
indlexlevel UEnd-1993 *End-1994 index level 1994 highi
I 995 VFMI mt l'
ENruulwlN(. NIARlKns DAVIA BASE 95
IFCI Total Return Indexes Regional vs. Developed Market Performance,
(USS;end 1988=100)
Index
Index level
% change
1994
Jan
Feb
Mar
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
411.7 867.6 290.4 202.5
401.0 828.1 297.1 172.5
360.6 772.6 257.1 149.4
353.7 715.9 275.3 128.9
362.1 753.4 275.3 125.8
349.1 695.6 273.1 136.8
374.2 762.1 285.6 147.9
422.3 887.9 314.5 156.2
432.8 927.3 317.3 153.4
418.5 873.2 315.1 152.3
402.8 857.9 291.6 161.5
359.8 693.3 285.8 154.6
U.S., S&P 500 MSCI,EAFE FT, EuroPac
203.4 121.7 119.1
197.9 121.4 119.3
189.3 116.2 114.7
191.7 121.1 119.4
194.9 120.5 119.0
190.0 122.2 120.9
196.3 123.4 121.8
204.3 126.4 124.4
199.4 122.4 120.7
203.9 126.5 124.7
196.5 120.5 118.4
199.4 121.2 119.4
lFCIComposite IFCILatinAmerica IFCI Asia IFCIEMEA
0.7 13.4 -11.4 -4.6
-2.6 -4.5 2.3 -14.8
-10.1 -6.7 -13.5 -13.4
-1.9 -7.3 7.1 -13.7
2.4 5.2 0.0 -2.4
-3.6 -7.7 -0.8 8.7
7.2 9.6 4.6 8.1
12.9 16.5 10.1 5.6
2.5 4.4 0.9 -1.8
-3.3 -5.8 -0.7 -0.7
-3.8 -1.7 -7.4 6.0
-10.7 -19.2 -2.0 -4.2
3.3 8.5 8.9
-2.7 -0.3 0.2
-4.4 -4.3 -3.8
1.3 4.3 4.1
1.6 -0.6 -0.3
-2.5 1.4 1.5
3.3 1.0 0.8
4.1 2.4 2.1
-2.4 -3.1 -3.0
2.3 3.4 3.4
-3.7 -4.8 -5.1
1.5 0.6 0.9
U.S., S&P 500 MSCI, EAFE FT, EuroPac
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCI Regional Total Return Indexes vs. U.S. S&P500, 1994 (weekly; rebased to end-1993=100) 130 120 110
'
9U ]*t 00
1 0
6000.
~
80 -
70 -
-..
.
'-.00
..
. _-_
. .
-_
-
; - . --.
__
_
_
_
-
4
60
-*
.S<
_
,
-MP ,
-
-
,
-
^ 0
~
'
~
'
IFCI Comiiposite
-
-
50() Jan
1994
1995 FACTIOKIK
reFb
Mar
Apr
Mai/
[Lill
-
IFCI Latin America
--
IFCIAsia
..
T IFCI EMEA U.S., S&P 500
111
Aug
Sep
Oct
Nov
Dec
Jlan 1
1995
1 llI m.'.
1l \I\U\l
?)
SI \ iSsI
91t
IFCI Total Return Indexes Regional vs. Developed Market Performance,
1988-1994
(US$: end 1988=100)
Index level
% change
Inidex
1988
1989
1990
1991
1992
1993
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
100.0 100.0 100.0 100.0
161.5 176.2 154.1 175.8
158.0 192.3 124.5 200.2
220.4 460.0 139.9 141.7
227.7 475.8 165.8 95.4
408.9 764.9 327.7 212.2
359.8 693.3 285.8 154.6
U.S., S&P 500 MSCI, EAFE FT, 1-roPac
100.0 100.0 100.0
131.6 110.8 111.3
127.5 85.1 84.7
166.2 95.7 95.4
179.0 84.4 83.2
196.8 112.2 109.4
199.4 121.2 119.4
-
-
61.5 76.2 54.1 75.8
-2.2 9.1 -19.2 13.9
39.5 139.2 12.4 -29.2
3.3 3.5 18.5 -32.7
79.6 60.7 97.6 122.4
-12.0 -9.4 -12.8 -27.1
16.5 28.6 28.7
31.6 10.8 11.3
-3.1 -23.2 -23.8
30.4 12.5 12.6
7.6 -11.9 -12.8
10.0 32.9 31.5
1.3 8.1 9.1
IFCI Composite IFCI Latin America IFCI Asia IFCI EMEA
-
U.S., S&P 500 MSCI, EAFE FT,l uroPac
1994
Note: The IFCI Composite and regional indexes do not include all markets. See base data table in introduction for details.
IFCI Regional Total Return Indexes (monthly; end- 1988= 100)
vs. U.S. S&P 500, 1988-1994
1,000 900 800
y
700600 500 400
[TFCT Composite
300 -
IFCI Latin America
200 0
1
ani1 1989
1990
1991
1992
199.3
1994
- -
IFCI Asia
**
U.S., S&P 50s
jan1 1995
I \111 i,1(.,
N.01\tum
I
1),x I
1, x,
i97
IFCI Total Return Indexes 1994 (USS)
Base date (=100.0)
Jan
Feb
Mar
Apr
May
Jun
Jill
Aug
Sep
Oct
Nov
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
1,368.3 375.3 908.4 835.3 1,195.3 144.6 653.4
1,277.9 385.8 899.4 959.8 1,079.7 156.4 837.0
1,120.8 392.4 771.9 1,038.2 969.6 149.1 786.0
1,113.3 312.9 836.4 999.2 942.5 144.5 590.8
1,235.8 308.4 919.0 1,001.5 1,007.0 154.9 647.4
1,052.6 308.3 894.7 1,029.4 907.3 141.9 463.6
1,143.8 358.1 891.7 1,059.9 985.6 139.5 508.8
1,251.6 505.5 1,014.0 965.4 1,073.1 154.0 599.9
1,226.9 555.0 1,062.0 984.6 1,094.3 194.0 612.2
1,162.5 519.8 1,177.2 914.7 1,014.6 198.9 607.0
1,092.8 502.5 1,155.1 853.2 1,027.6 186.7 490.2
951.9 474.5 1,103.7 901.7 679.1 182.2 547.0
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
128.5 135.3 313.9 140.9
122.0 132.5 296.0 123.3
99.9 123.1 274.8 120.4
94.8 130.6 288.5 133.3
100.4 135.0 322.5 134.5
88.0 133.7 296.8 137.4
99.1 131.8 304.1 158.7
105.9 136.4 338.8 165.3
108.6 154.8 316.6 170.7
107.3 158.3 342.9 156.2
91.1 152.2 314.0 151.6
78.2 144.0 316.4 171.5
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
140.7 131.7 313.4 417.2 208.5 494.9
146.4 118.3 339.3 474.7 243.9 443.8
127.4 103.8 282.4 464.8 200.6 400.0
123.8 98.5 312.7 440.2 174.4 420.5
126.1 112.2 299.9 400.2 178.9 452.2
133.9 102.4 301.2 446.4 186.5 423.2
136.5 100.5 315.6 436.6 184.7 459.1
146.5 115.8 350.1 438.1 188.6 521.5
138.9 112.5 356.2 465.4 210.8 514.0
135.1 118.2 347.1 459.2 195.5 533.4
132.4 106.5 320.9 438.3 189.2 465.0
126.4 105.1 310.9 413.9 175.6 454.7
Europe/Mideast/Africa Greece Hungary Jordan Polanid Porttigal South Africa Turkey Zimbabwe
Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jtn-93
357.6 282.8 206.0 1,130.8 147.6 170.4 221.8 200.8
364.4 240.3 207.6 1,318.5 149.6 163.7 161.2 268.5
342.1 240.0 205.3 900.5 154.7 159.0 119.2 288.4
344.5 222.0 194.1 677.1 151.4 185.4 82.3 279.1
299.8 206.4 198.4 719.1 136.5 181.5 92.9 300.8
304.4 190.7 200.4 518.3 130.2 183.6 126.0 260.7
306.6 198.6 192.6 683.0 137.3 197.0 141.4 252.4
309.1 203.6 191.2 705.8 148.9 210.9 152.1 274.5
314.7 186.9 192.4 582.2 145.3 216.0 150.6 277.1
311.2 190.8 187.5 531.6 149.5 231.9 148.7 276.7
310.5 176.6 188.4 519.3 146.8 229.8 171.2 278.3
322.0 160.8 183.5 484.0 142.9 236.0 157.3 258.4
Market
1995
FACTBOOK
EMIIRGING MARKEis
Dec
DATA BASE
98
IFCI Total Return Indexes 1994 (monthly % change in US$)
Market
Jan
Feb
Mar
Apr
May
Latin America Argentina Brazil Chile Colombia Mexico Peru Veneztlela
8.8 32.3 20.2 18.7 8.0 17.7 2.1
-6.6 2.8 -1.0 14.9 -9.7 8.1 28.1
-12.3 1.7 -14.2 8.2 -10.2 -4.6 -6.1
-0.7 -20.3 8.3 -3.8 -2.8 -3.1 -24.8
11.0 -1.5 9.9 0.2 6.8 7.2 9.6
East Asia China Korea Philippines Taiwan, China
-14.3 11.4 -11.8 0.8
-5.0 -2.1 -5.7 -12.5
-18.1 -7.1 -7.2 -2.3
-5.1 6.1 5.0 10.7
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
19.0 1.9 -18.6 -3.7 16.3 -10.9
4.1 -10.2 8.3 13.8 16.9 -10.3
-13.0 -12.3 -16.8 -2.1 -17.8 -9.8
Europe/Mideast/Africa Greece Huiigary Jordan Poland Portugal South Africa Turkey Zimbabwe
14.8 62.4 4.1 34.7 13.1 -6.0 -14.9 -2.3
1.9 -15.0 0.7 16.6 1.4 -3.9 -27.3 33.7
-6.1 -0.1 -1.1 -31.7 3.4 -2.9 -26.0 7.4
10)(53I \(t Itx
Juln
Jul
Atug
Sep
Oct
Nov
Dec
-14.8 0.0 -2.6 2.8 -9.9 -8.4 -28.4
8.7 16.2 -0.3 3.0 8.6 -1.6 9.8
9.4 41.1 13.7 -8.9 8.9 10.3 17.9
-2.0 9.8 4.7 2.0 2.0 26.0 2.0
-5.3 -6.3 10.8 -7.1 -7.3 2.5 -0.8
-6.0 -3.3 -1.9 -6.7 1.3 -6.1 -19.2
-12.9 -5.6 -4.4 5.7 -33.9 -2.4 11.6
5.8 3.3 11.8 0.9
-12.4 -1.0 -8.0 2.1
12.6 -1.4 2.4 15.6
6.8 3.5 11.4 4.1
2.5 13.5 -6.5 3.3
-1.2 2.3 8.3 -8.5
-15.0 -3.9 -8.4 -3.0
-14.2 -5.4 0.8 13.1
-2.9 -5.0 10.7 -5.3 -13.1 5.1
1.8 13.8 -4.1 -9.1 2.6 7.5
6.2 -8.7 0.4 11.5 4.2 -6.4
1.9 -1.8 4.8 -2.2 -0.9 8.5
7.3 15.2 10.9 0.3 2.1 13.6
-5.2 -2.8 1.8 6.2 11.8 -1.4
-2.7 5.1 -2.5 -1.3 -7.3 3.8
-1.9 -9.9 -7.5 -4.5 -3.2 -12.8
-4.6 -1.3 -3.1 -5.6 -7.2 -2.2
0.7 -7.5 -5.5 -24.8 -2.2 16.6 -30.9 -3.2
-12.9 -7.0 2.2 6.2 -9.8 -2.1 12.9 7.8
1.5 -7.6 1.0 -27.9 -4.6 1.2 35.5 -13.3
0.7 4.1 -3.9 31.8 5.5 7.3 12.3 -3.2
0.8 2.5 -0.7 3.3 8.4 7.1 7.6 8.7
1.8 -8.2 0.6 -17.5 -2.4 2.4 -1.0 0.9
-1.1 2.1 -2.5 -8.7 2.9 7.4 -1.3 -0.1
-0.2 -7.5 0.5 -2.3 -1.8 -0.9 15.1 0.6
3.7 -8.9 -2.6 -6.8 -2.6 2.7 -8.1 -7.1
V,FI Itt,lN(.
NIItiI
I5 D \I.A B sr
99
IFCI Total Return Indexes 1988- 1994 (US$)
Miarket
Latin America Argentita Brazil Chile Colombia Mexico
Base date (=100.0)
1988
1989
1990
1991
1992
1993
1994
304.6 123.0 152.7
175.2 37.5 221.3 292.3 703.5
954.6 144.6 466.8 324.3 625.3
709.3 146.1 550.8 454.5 729.9 100.0 544.3
1,257.1 283.7 755.8 703.6 1,106.6 122.8 639.7
951.9 474.5 1,103.7 901.7 679.1 182.2 547.0
100.0 100.0 100.0 100.0 -
Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
-
-
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
-
-
-
-
Peru
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jun-93
1995
FACTBOOIK
100.0
229.8 -
161.0 -
-
-
-
-
-
1,103.8
68.0 -
116.5 102.6
100.0 99.8 140.4 75.4
149.8 121.5 356.1 139.7
78.2 144.0 316.4 171.5
57.4 147.1 320.6 187.6
93.8 59.7 182.6 215.1 100.0 259.8
118.2 129.3 385.0 433.1 179.3 555.6
126.4 105.1 310.9 413.9 175.6 454.7
253.4 100.0 136.1 100.0 85.6 100.0 78.8 -
311.4 174.1 197.9 839.6 130.5 181.3 260.6 205.5
322.0 160.8 183.5 484.0 142.9 236.0 157.3 258.4
100.0
205.8
96.3 133.5 155.6
100.0
205.4
421.7
341.4
98.6 140.7 287.5 -
105.6 93.1 294.7 -
113.3 97.9 159.9 -
100.0
147.4
100.0 100.0 -
-
EI\l RGXI(; NI \lKLTS
D3 \i A B
xs
100
IFCI Total Return Indexes 1989- 1994 (annual % change in US$)
Market
Latin America Argentina Brazil Chile Colombia Mexico Peru Veneztiela
1989
1990
1991
1992
1993
1994
204.6 23.0 52.7 129.8 -
-42.5 -69.5 44.9 27.2 -
-
-
444.9 285.1 110.9 1 13.9 56.9
-25.7 1.0 18.0 40.2 16.7 -50.7
77.2 94.2 37.2 54.8 51.6 22.8 17.5
-24.3 67.3 46.0 28.2 -38.6 48.3 -14.5
-
-
61.0 -
-57.8 -
71.3 -
20.6 -26.5
49.8 21.7 153.5 85.3
-47.8 18.5 -11.1 22.7
-
-
-
-9.4 -24.4
-40.4 10.3 20.6
3.9 24.1 -32.9 38.5
26.1 116.7 110.9 79.3 113.8
6.9 -18.7 -19.2 -4.4 -2.1 -18.2
105.3 7.1 -33.9 2.5 -
-19.0 7.3 5.2 -45.8 -
-25.8 20.1 -12.6 -50.7 -
22.9 74.1 45.4 739.6 52.5 81.3 230.6 -
3.4 -7.7 -7.3 -42.4 9.5 30.2 -39.6 25.8
East Asia
Chinia Korea Plhilippinies Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe
1995 [I \(1 I l;t)()k
47.4 105.8
105.4 -1.4 40.7 -
101.3
CMI11(I.1NC, N..\1itkTs
DATA BASE 101
Statistics of the IFCI Total Return Indexes (US$;December 1989-December 1994)
Standard deviation
Annualized mean]
Annuualized standard deviation
Correlationi with S&P500
Number of months
Mean of % chanige
Latin America Argentina Brazil Chile Colombia ' Mexico Peru * Venezuela
60 60 60 46 60 24 59
3.69 5.06 3.67 5.34 2.31 3.13 5.05
19.65 23.63 8.16 11.88 9.74 11.38 20.19
44.28 60.72 44.04 64.08 27.72 37.56 60.60
68.07 81.86 28.27 41.15 33.74 39.42 69.94
1l.38 0.26 0.33 0.11 0.36 0.31 -0.11
East Asia China Korea ' Philippines Taiwan, China
24 35 60 47
-0.17 1.32 1.78 2.02
13.09 7.67 11.49 11.96
-2.04 15.84 21.36 24.24
45.35 26.57 39.80 41.43
0.24 0.02 0.38 0.11
South Asia India * Indonesia Malaysia Pakistani Sri Lanka * Thailand
25 51 60 45 24 60
1.66 0.59 1.55 3.69 2.81 1.81
8.71 10.13 7.80 11.84 9.50 10.05
19.92 7.08 18.60 44.28 33.72 21.72
30.17 35.09 27.02 41.01 32.91 34.81
0.21 0.29 0.34 0.13 0.08 0.38
Europe/Mideast Greece Hungary Jordan Poland Portugal South Africa Turkey' Zimbabwe '
60 24 60 24 60 24 60 18
1.54 3.00 1.16 10.02 0.24 3.64 0.59 6.06
13.63 16.09 4.97 28.74 6.72 6.96 18.48 12.27
18.48 36.00 13.92 120.24 2.88 43.68 7.08 72.72
47.22 55.74 17.22 99.56 23.28 24.11 64.02 42.50
0.03 0.40 0.09 0.38 0.39 0.13 -0.19 -0.12
Market
Number of months
Mean of % change
Standard deviation
Annualized meani
Annualized stanidard deviation
Correlation with S&P500
60 60 60 60
1.52 2.66 1.27 ().30
6.02 8.46 6.99 10.33
18.24 31.92 15.24 3.60
20.85 29.31 24.21 35.78
0.48 0.48 0.42 -0.03
Developed Markets 60 U.S., S&P 500 MSCI, EAFE 60 60 FT EuroPac
0.76 0.31 0.29
3.61 5.72 5.91
9.12 3.72 3.48
12.51 19.81 20,47
1.00 0.44 0.42
Market
Regions Composite Latin America Asia EMEA
Note: Statistics are for five years of monthly returns beginninig December 1989, except for the following markets (beginninig dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Venezuela: Jan. 1990.
1995
FACTBOOK
China: Dec. 1992. Korea: Mar. 1992. Taiwan, China: Jan. 1991.
India: Jan. 1992. Indonesia: Sep. 1990. Pakistan: Mar. 1991.
Sri Lanka: Dec. 1992. Hungary: Dec. 1992. Turkey: Aug. 1990.
Poland: Dec. 1992. South Africa: Dec. 1992. Zimbabwe: Jtl. 1993.
E[ltEGIN(;
NI %ltsLTS DATA BAsr
102
Statistics of the IFCI Total Return Indexes (USS,December 1989-December 1994)
IFCI Total Return Index Annualized Mean Return, 1989-1994
IFCI Total Return Index Annualized Standard Deviation, 1989-1994
140
100 90
120
80 70 60
60o
50
1(Jo 40
40
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EMERGING MARKlETs DATA BASE 103
IFCI Total ReturnIndex Correlations (US$;December 1989-December 1994)
U.S., S&P 500 MSCI, EAFE FT, EuroPac IFCI Composite FCI Latin, America Fdt Asi tEdI EMEA
1.00 0 44 0 42 0.48 0.40 0 42 -0.0)3
100 1 00 0.42 0 30 0 42 0.16
1.00 0.39 0 28 040 013
1.04) 0.79 1.00 074 0.35 0.37 -0.03
1.00 0.20 1.00
Argentina Brazi Chile China dolneihi Greece Hung,,ry I,dia Indonesa Jordan
0.38 002 026 020 0.33 0.03 024 004 011 0 10 0.03 0.12 040 0.40 021 -011 0.29 0 18 0.09 0.18
001 0 17 0.00 0.03 0.09 0.10) 0.39 -0 12 0.15 0.18
0.33 049 0.30 0.61 0.23 0.26 0.27 037 059 0.15
0.55 0.014 -0.11 0056 0.07 027 0.30 019 -0.04 0.34 0.67 0.36 0.16 0 14 015 001 0.06 064 0.52 -0.12 11.07 042 0 17 014 021 060 0.49 10.01 0 17 023
1.00 010 022 0.42 -0.01 -004 043 0.26 -0.13 -0.12
t.00 020 1)13 0.28 0.33 051 0.39 025 001
100 019 -0.20 0.11 0.43 0.56 022 0.07
1 00 0.03 0 24 -007 0.25 0.53 -0.10
1.100 0.31 1.00 0.48 0.40 1.00 01.46 0 40 0 54 1.00 0.24 0.46 0.32 0.35 1 00 0.03 0.20 0.11 0.07 0.16
1.101
Kore Malavsia Mexic PakistaPeru Philippies Pola-d Poriugal Sooth Africa Sr Lanka
0 02 0.34 0.36 0.13 (0.31 0.38 0 38 039 0.13 008
0 12 4)40 0.21 -009 028 0.15 042 054 (0.25 0.07
028 066 0.69 018 042 11.51 0.45 036 039 0.45
0.22 0.28 0.85 0 10 0.52 01.28 0.40 0.23 0.07 0.52
026 005 095 0.18 0.41 -10.12 0.24 0.04 021 -0.10 1168 0 17 0.34 0.16 022 0.32 0 67 0 05 0.24 -1(111
0.07 -0.09 -0.02 0.01 035 0.20 0.15 -0.05 0.58 030 0.24 012 01.401 1129 0.11 0.36 028 -0 25 0.31 0.38
0.19 009 026 0.04 043 022 008 0.18 0.11 029
0.15 0.57 034 (0.19 0.00 0.70 0 31 0.28 0.44 0 08
0.119.0.014 (0.17 0.17 0.07 0.05 -0.02 -0.24 0.040 1.42 0 02 -009 0 38 031 0.16 0 36 -0.04 -011 032 0 06 0.29 0.115 11.36 1.01034)28 0 23 0 12 -005 0.05 0.56 0435 0 21 0 37 0.34 0 47 0.18 (136 0359 0.34 0.37 -0.11 0.02 -0.25 -0.15 (1.19 0 50 0.22 0.34 0.49 0 19
0 09 1113 0.04 0.20 007 11.04 0 45 0 01 11104 0.28
0 53 0.77 0.21 -0 14 0.35
0.00 0.14 0.17 0 08 -10.23 ((.1( 0.07 -0 05 0 34 0.01
0.13 0.24 -(1.15 -023 -007
0.48 0.58 024 0.18 0.29
0.08 0.06 0 09 0.43 0 39
Taiwan Thailand Turkey Venezuela Zimba,se
0.11 0.41 0.23 -0 08 ((.31 0.18 042 0.55 0.27 007
0.11 1129 028 042 017 0.38 0.28 0.25 0.61 0.3(1 -0 19 0.04 003 022 -0.13 -((I1I -00(9 -0.08 -0.03 0.04 -0.12 0.20 0.22 0.32 (1.26
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1.00 017 0.32 012 030 -I I 0.17 -023 0 38 0.35 0 19 0.17 0.10 0 20 -0.25
1 00 0(.37 0.18 0.13 (.54 0) 0.34 0.16 062 0.21
0 40 0 15 0 03 0 63 0 34 0 23 0.19 -0.13 0.118 -0 10 -0 05 0 02 0.41 0.28 0.22
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0 28 0.52 0 25 0 50 -1116 1103 0.18 -0.11 0 36 0.31
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Note: Correlationis are for five years of monthly returns beginning December 1989,except for the following markets (beginning dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Venezuiela: Jan. 1990.
1995 FACTBOOK
China: Dec. 1992. Korea: Mar. 1992. Taiwani, Chinia:Jan. 1991.
India: Jan. 1992. Indonesia: Sep. 1990. Pakistan: Mar. 1991.
Sri Lanika: Dec. 1992. Hunigary: Dec. 1992. Turkey: Aug. 1990.
Poiland: Dec. 1992. SouithAfrica: Dec. 1992. Zimbabwe: Jul. 1993.
[MERlGING.M \RZKFIs DAXIAB.xs[, 104
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Industry Weights in the IFCI Composite Index End-1994
SIC SectorlIndustry
Number of stocks
Market capitalization (US$ millions)
Weight in IFCI Composite (%)
0
Agriculture/forestry/fishing
18
9,165
2.2
I 10
Mining Metal mining
27 17
24,441 13,558
5.8 3.2
2 15
Construction GenieralBuilding Contractors
39 22
11,501 6,289
2.7 1.5
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manutocturing Food & Kindred Produicts Textile Mill Products Apparel & Other Textile 1'roducts Paper&AlliedProducts Chemicals& Allied Products PetroleumiRefining & Related Products Rubber& Misc. Plastics Products Cemiient&GlassProducts Primary Metal Induistries Fabricated Metal Products Electric& Electronic EqLipment TranisportationiEquipmenit Miscellaneotis Mantitacturing
452 55 36 21 27 48 26 16 57 16 36 44 27 15
135,897 22,421 3,744 2,923 10,415 7,510 19,20h 1,745 23,946 4,025 5,158 8,594 9,379 2,612
32.3 5.3 0.9 0.7 2.5 1.8 4.6 0.4 5.7 1.0 1.2 2.0 2.2 0.6
4 44 48 49
Transportation/comm./utility Water Transportationi Communications Electric, Gas, or Sanitary Services
61 8 28 18
93,842 1,630 60,445 26,918
22.3 0.4 14.4 6.4
5
Wholesole/retail
42
15,772
3.7
6 60 61 62 63
Finance/insurance/real estate Banking Credit AgenciesOther Than Banks Security & Commodity Brokers Insurance
175 78 27 26 5
71,353 45,420 5,415 2,067 3,008
17.0 10.8 1.3 0.5 0.7
7 70
Services Hotels&OtherLodgingPlaces
21 15
16,715 8,692
4.0 2.1
9
Other/diversified companies
trade
holding
IFCI Composite Index
1995 FACTBOOK
sS
890
42,044
10.0
420,730
100.0
Industry Weights in the IFCI Composite Index, End-1994
Other 28
Finance/ insurance/ real estate 17%2
Manufacturing 32%;
-
-
Transportation/ comm./ utility 22%
Stock Distribution by Industry in the IFCI Composite
Index, End-1994
Other
Transportation/ co'[m n.! utility Finance!
_ -
M Manufacturing %
-
insurance! real estate 20%
EmNrG;IN,
NcARRI is DX\T.x BASE
106
Industry Concentration in the IFCI Composite Index End-1994 (percent)
Market
Sector with largest share of market cap
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Mining Transportation/comm./utility Transportation/comm./ itility Manufacturing Manufacturing estate Finance/insurance/real Manufacturing
39.0 45.6 53.5 52.8 30.6 30.9 57.1
East Asia Korea Philippines Taiwan, China
Maniufacturinig Manuifacturing Finanice/inisurance/real
48.4 40.6 47.8
South Asiac India Indonesia Malaysia Pakistan Sri Lanka Taiwan, China
Mantifacturing Manufacturinig Other/diversified holding companies Maniufacturinig Finance/insurance/real estate Finance/insuranice/real estate
79.8 67.0 23.5 83.7 58.3 47.8
60
Zimbabwe
Finance/insurance/real estate Other/diversified holdiig companies Finance/insuirance/real estate Manufacturing Finance/insuirance/real estate Manufacturing estate Finance/instirance/real
50.1 44.0 70.2 37.1 50.2 57.0 77.7
IFCG Composite Index
Manufacturing
32.3
Europe/Mideast/Atrica Greece Huingary Jordan Poland Portugal
Ttirkey
Sector's share of market cap
Share ot Market Cap ot Largest Sector, End-1994
1 00
80
estate
70
50
-
40
_ -
30
-
2
-
_ 20 * 10 __ _
0
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Note: China, Nigeria, and South Africa were niot included in IFC's investable industry indexes in 1994.
1995
IF.\( rf)OK
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El Manufacturing
U Mining
3
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Other/diversified holdinig comipanies Transportation/communication/utility
U
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E!lERGING
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NIAIIKETS DA1 A BASI
107
Industry Distribution by Market Capitalization of IFCI Composite Index, 1994 (US$ millions; end-1994) SIC
Sector/lindustry
0
Agriculture/forestry/fishing
I 10
Mining Metal mining
2 15
Construction General Building Contractors
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Brazil
Argeniina
Chile
-
-
Colombia
Greece
-
Hlungary
-
-
Korea
India
Indonesia
Jordan
500
329
-
75 75
35 35
-
Malaysia
Mexico
7,926
-
554
3,250 1,148
7,170 -
10,270 10,270
261 261
-
-
-
-
50 50
-
-
197 197
-
-
-
-
-
-
-
-
-
Manufacturing Food & Kindred Products Textile Mill Products Apparel & OtherTextile Products Paper&Allied Products Chemicals& Allied Products PetroleumRefining& Related Products Rtibber & Misc. Plastics Products Cement & Glass Products Primary NMetalIndustries Fabricated Metal Products Electric & Electronic Equipmiielit TransportationEquipment Miscellaneous Manufacturing
4,904 2,201
20,248 2,582 299 316 3,205 1,008 6,871
3,765 601
11,268 267 429 1,740 96 1,913 468 32 554 767 861 864 1,124 1,234
7,494 308 255 151 1,144 77 54 576 157 409 520
292 -
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
4,248
737 220 271 246
988 -
-
2,240
-
-
-
354 1,699
12,049 758 6,194 3,001
21,555 369 21,170
5
Wholesale/retail
-
225
-
440
2,250
9,079
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
1,231 811 180 -
1,119 840 -
688 688 -
3,610 2,150 172 1,247 41
17,610 9,110 972 722
2,674
7 70
Services Hotels & Otler Lodging Places
9
Other/diversified
IFCI Composite
1995 FACI t0oo0
trade
holding
Index
companies
185 95 83 176 -
449 179 690 656 -
-
970 1,527 652 872 310
4,684 1,949
2,552 234 -
-
-
-
-
188 157 -
36
-
-
31 -
-
225 -
-
756 397 478
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
76
-
31,998
-
3,261 1,546 48
2,498 -
-
-
-
16,942 14,950
5,210 132 1,354 3,724
-
1,029
-
328
36
1,464 1,464 -
5,162 5,162
265 182 -
3,853 2,172
3,719 3,459 260
4,248
-
-
-
-
-
-
-
-
-
34 42 122 46 48
818 145
5,688 1,400
3,165 3,165
6,700 59 279
18,981 2,737 119
22,684 5,101
-
-
17 413 815 76 275 680 331 2,203 676 31
52 513 1,702 322 2,170 1,210 1,378 4,288 632
-
2,497 1,112 -
10,727 141 335 279 -
-
-
-
-
-
-
-
1,351
-
-
-
-
-
-
208
-
-
-
-
-
-
306 306
245 245
-
-
-
39 39
14,547 6,750
1,064 1,064
559
1,487
234
-
-
208
-
758
-
-
24,522
10,556
18,395
70,194
9,734
11,193
980
104,127
74,025
-
-
8,865
7,422
473
14,117
13,848
-
-
EXfURIG ING NIAItK i IS DI I
i13xsr
108
Industry Distribution by Market Capitalization of IFCI Composite Index, 1994 (US$millions; end-1994) SIC
Sectorllrrdistry
0
Agriculture/forestry/fishing
1 10
Mining Metal Mining
-
2 15
Construction General Building Contractors
-
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufocturing Food &Kinidred Products Textile Mill Products Apparel &Other Textile Products Paper&Allied Products Chemiiicals& Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement& Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4 44 48 49
Transportation/communication/utility Water Transportation Communicationis Electric, Gas or Sanitary Services
5
Wholesole/retail
6 60 61 62 63
Finonce/insurance/reol estate Banking Credit Agencies Other Than Banks Security & CommodityBrokers Insurance
7 70 9
Pakistani
Philippines
3,371 665 150 1,504 543 441 -
658 658 1,028 1,028 -
-
69 274 -
Sri Lanka
Portugal
-
-
-
-
751 751
1,049 88
-
-
181 45
290 290
26 -
384 384
652 613
497 67 -
56 56 -
5,489 189 1,039 354 428
3,635 33 130 647 238 2,436 -
-
549 416 -
-
-
47
-
-
-
-
-
-
-
-
86 -
71 -
4,406
-
-
-
-
-
-
69
-
-
-
-
-
-
-
-
-
94 90
-
-
-
-
174
-
-
-
-
261
-
-
-
-
-
261
-
-
-
2,931 1,789
317
-
6,615 2,141
1,172
52
Turkey
-
50
4,720
Thailanid
41
363 267
1,172 -
Taiwan, Chinla
5
-
-
l'oland
37 546 648 664 49 133 1,279 84 32
-
6 6
24,441 13,558
-
-
-
-
-
11,501 6,289
8,694 784 498 129 42 2,991 374 677 683
1,490 198 108 50 349 534 -
4 4
-
27
-
96 19
1,153 1,242 96
250 -
-
135,897 22,421 3,744 2,923 10,415 7,510 19,206 1,745 23,946 4,025 5,158 8,594 9,379 2,612
5,851
-
152 152 -
1,280
-
129
5,547
1,107
-
15,772
-
-
122 27 -
-
-
-
-
71,353 45,420 5,415 2,067 3,008
-
-
24 24
16,715 8,692
1,663
11
-
42,044
15,243
2,607
157
420,730
L 1.lr
\Al(lel N
1,246
-
72
241
354
383 383 -
1,324 1,324 -
3,887 550 -
450 450 -
3,617 2,877
-
-
-
-
-
-
-
83
-
6,385 4,305 654 1,426
10,241 6,427 2,949 97 107
3,252 2,968
-
300 72 228 -
Services Hotels & Other Lodging Places
-
-
-
-
103
-
103
-
73 55
106 106
Otlier/diversified
-
-
671
-
1,158
133
-
85
16,306
1,479
7,212
515
22,177
F.\t I1B)(\ U%i
-
-
299
13,357
-
-
-
4,280
-
-
98
4,028
-
93,842 1,630 60,445 26,918
-
holding companies
IFCI Composite
Zimbabwe
9,165
-
trode
Venezuela
-
274
IFCI Composite Index
i19't
Peru
1,107
-
-
I 51)
I\
IHAsr
109
Industry Weights by Market Capitalization of IFCI Composite Index, 1994 (% of market capitalization; end-1994) SIC
Srctorllrzslustrry
0
Agriculture/forestry/fishing
I 10
2
Argentinia
Brazil
Chile
Colombia
Greece
Hungary
Ilidia
-
-
Mining Metal mininug
1 70
2.44
-
2.44
Construction General Building Contractors
0o.o
-
0.05
0.01
-
-
-
15
-
0.05
-
3 20
Manufacturing Food & Kindred Products
1.17 0.52
4.81 0.61
0.89 0.14
1.11 0.46
0.04 0.04
22 23
Textile Mill Products Apparel & OtherTextile
-
-
-
0.04
0.07 0.07
0.77 0.37 0.01
-
-
-
-
26 28
Paper & Allied Products Chemicals & Allied Products Petroleum Refinsing& Related Products
0.02 0.02 0.04 0.11
0.76 0.24
0.61 0.06
-
-
-
-
0.01
-
0.04
0.36
0.16
0.15
-
0.21 0.07
29
30 32 33
34 36 37
39
Products
Rubber & Mrsc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment Transportationi Equipment Miscellaneous Manufacturing
0.16
4 44
Transportation/communication/utility
48 49
Communiications
5
Wholesale/retail
6 60
Finance/insurance/real Bankinig
61
Credit
62 63
Security & Commodity Brokers Insurance
7 70
Services Hotels & Other Lodging Places
9
Other/diversified
Water Transportation Electric, Gas, or Sanitary trade
AgenciesOtherThan
IFCI Composite
1995 FA
Services
I BOtOK
holding
Index
estate Banks
companies
-
0.06 0.06
1.63
--
0.23
-
-
-
-
-
-
-
0.59
0.18
0.01
-
Indoniesia
Jordan
Korea
1.88
-
0.08
0.02
0.01
-
0.02
0.01
-
-
-
-
0.19 0.03
0.33
0.75 0.75
-
1.59 0.01
4.51 0.65
5.39 1.21
-
0.07
0.03
-
-
2.68 0.06 0.10
1.78 0.07 0.06
0.41
0.04
0.02 0.45 0.11
0.27 0.02
0.01
0.01
0.13
0.14
0.07
0.13
-
-
0.01 0.01 0.03
-
-
0.18
-
-
-
o.09
-
0.04
0.01
-
-
0.11
-
0.20 0.20
-
0.10 0.12
-
0.01 0.12
0.19
0.40
0.02
0.08 0.52
0.06
0.77 0.27
-
0.00 0.10
0.16
-
0.59 0.26 -
-
0.03
-
0.16
1.02
-
0.01
0.15
-
2.86
0.18
5.12 0.09
1.47
5.03
-
-
-
-
0.27
-
-
-
-
-
0.29
1.01 1.01
7.61 -
1.24
0.03
-
-
-
0.05
4.03 3.55
0.32 0.88
-
-
-
-
-
-
-
-
0.24
-
0.08
0.01
0.02
0.35 0.35
1.23 1.23
0.06 0.04
0.92 0.52
0.88 0.82
-
-
-
-
-
0.06
-
-
-
-
-
-
-
0.32
-
-
-
-
-
-
-
0.05
-
-
-
-
-
0.07 0.07
0.06 0.06
-
-
-
0.01 0.01
0.13
0.35
0.06
-
-
0.05
-
0.18
-
-
4.37
16.68
2.31
2.11
1.76
0.11
3.35
2.66
0.23
3.28
0.01
0.29 0.33
-
2.55
0.08 0.52
-
0.17
1.35
-
-
(.08 0.07
0.23 -
-
0.06
-
-
0.53 0.08
0.06
-
-
0.40
0.71
-
0.05
-
0.10
0.53
2.16
0.29 0.19
0.27 0.20
. 16 0.16
0.86 0.51
4.19 2.16
0.63
0.04
-
-
0.04
0.23
0.30
0.17
-
-
Mexico
0.12
0.05
-
Malaysia
-
0.01
I.ll II t I N .
-
-
-
1.60
0.25 0.25
5.83
2.51
24.74
17.58
3.46
NI.\l iRLISii)
\
I
i \A
110
Industry Weights by Market Capitalization of IFCIComposite Index, 1994 (% of market capitalization; end-1994)
Thailand
0.01
0.07
-
0.18 0.18
0.25 0.02
0.07
0.01
0.07
-
0.09 0.09
0.13 0.10
0.12 0.02
0.01 0.01
1.30 0.04
-
0.01
-
-
-
-
Sectorlildutstry
0
Agriculture/forestry/tishing
1 10
Mining Metal mining
-
2 15
Construction GeneralBuildingContractors
-
-
-
-
0.01 -
0.04 0.01
3 20
Manufacturing Food &Kindred Products
0.80 -
0.24 0.24
1.57 0.51
22
Textile Mill 1roducts
0.16
23
Apparel &Other Textile Products Paper& Allied Produicts Chemicals& Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cenment & Glass Prodticts Primary Metal Iidustries Fabricated Metal Products Electric & ElectronLic Equipment Transportation Equiipment Miscellaneous Maniufacturing
-
-
26 28 29 30 32
33 34 36 37
39 4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services
5
Wholesale/retail
6 60 61 62 63
estate Finance/insurance/real Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers Insurance
7 70
Services Hotels & Other Lodgiig
9
Other/diversified
IFCI Composite
1995
I ACTBOOK
l'erm Philippines
Pakistan
trade
-
0.16
0.09 0.06
0.16
-
0.01 -
-
-
-
l
-
-
0.13
-
1.05
-
-
-
-
-
-
-
0.02
0.02
-
Veniezuela Zimbabwe
Turkey
-
-
-
-
0.15 0.15
-
-
-
-
0.86 0.01
2.07 0.19
0.25
-
0.12
0.08 0.10 0.01
0.03
0.13
0.00 0.00
5.81 3.22
0.00 0.00
32.30 5.33
-
-
0.69
0.01 0.08
-
2.48
-
1.79
0.03
0.01 0.71 0.09 0.16
2.18
2.73
0.35 0.05
0.03
-
-
-
-
Composite
1.49
0.89
-
-
-
0.16
-
-
-
-
-
-
0.01
0.15 0.06 0.58 -
-
-
-
-
0.02
-
0.03
-
-
-
-
0.02
-
0.30
-
0.02 0.01
0.02
0.04 0.04
1.39
-
1.32
-
0.02
0.06
0.08
-
0.07 0.02 0.05 -
1.52 1.02
2.43 1.53 0.70 0.02 0.02
0.77 0.70
-
-
-
-
-
-
-
16.96 10.80 1.29 0.49
-
-
-
0.72
-
0.01 0.01
3.97 2.07
0.10
-
0.02
-
-
-
-
-
-
-
0.04 -
0.06 -
0.28 0.28
1.12 -
-
0.06
0.70 0.42
-
0.06
-
-
-
-
0.02
-
-
0.06
-
0.02
-
-
-
0.07
0.30
0.86 0.68 0.02
0.15
-
4.57 0.41
0.13
0.96
-
-
0.01
-
-
-
0.27
-
-
0.29 0.02
0.00
0.06
0.03
2.23 0.62
-
0.26
22.31
-
0.39
-
-
1.23 2.04
-
-
0.30 -
5.69
-
0.16
-
0.26
14.37
-
6.40
-
3.75
0.03 0.01
0.09 0.09 -
0.31 0.31 -
0.92 0.13 -
0.11 0.11 -
-
-
-
-
-
-
0.20 0.02
-
0.02 0.01
0.02
-
0.02
-
-
-
0.16
-
0.27
0.03
-
0.02
0.39
0.00
-
9.99
0.95
1.01
3.87
1.71
0.12
3.18
5.25
3.61
0.61
0.04
100.00
Places
companies
Portugal
0.04 0.36
-
holding
Index
-
Polanid
Sri Lanka
IFCI
Taiwan, China
SIC
0.35
-
-
0.16 0.34
EMERGING
MIARKETS DATA BASF
Ill
Industry Distribution by Number of Stocks in IFCI Composite Index, 1994 (end- 1994) Brazil
Argentina
Chile
Greece
Colombia
Inidia
Hungary
SIC
Sector/lniduistry
0
Agriculture/forestry/fishing
-
-
-
-
-
-
2
1 10
Mining Metal Mining
3 -
5 5
2 2
-
-
-
2 15
Construction General Building Contractors
I I
-
-
-
I
-
-
I
-
-
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & OtherTextile products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
62 2 3 6 17 4 I 4 3 5 5 4 4
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
5
Wholesale/retail
6 60 61 62 63
estate Finance/insurance/real Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
7 70
Services Hotels & Other Lodging Places
9
Other/diversified
IFCI Composite
1I995 F[At I llO\
trade
holding
Index
companies
-
Mexico
Malaysia
Korea
Jordan
Indonesia
3
-
-
9
-
1
1
1
1
-
-
1
-
-
2 1
-
-
12 4
6 1
5 5
23 1 1 3 3 1 -
7 -
83 3
25 7
-
10
30 4 1
-
-
3
1
1 2 2 1 4
3 2
1 -
-
-
1
2 2 2
2 2
I 8 6 3 5 4 10 18 6 1
2 1 5 3
1 1
1 -
-
3 -
-
1
6 2 3
1
5 1 2 1
-
-
2 1 -
-
1
-
-
2
2
1
-
-
-
-
2 3
-
-
-
-
I
-
-
-
4 5
-
-
-
6 2 2 2
2
-
I
1
1
-
2
-
11
4
8
2 2 -
4 4 -
2 1 -
5 3 -
7 5 2
-
3 1 1
-
-
-
-
-
6 6 -
-
-
I
-
-
-
46 14 7 24 I
17 3 2 1
-
6 3 -
8
-
-
-
-
-
-
-
-
2 2
1 1
-
1
-
-
2
-
1
5 2
3 3
2
2
1
-
-
2
-
I
-
-
27
10
24
57
25
11
25
5
76
38
13
156
104
67
14 4 1 1 1 1 2 1 1 1 -
33 4 1 2 5 3 3 2 3 4 2 2 -
10 3 2 3 -
5 2 -
14 5 1
-
-
-
2 2 -
11 5 5
10
-
-
1 -
-
1
-
1
1
-
-
\ I 1 i.lr.
\RI 1xl 1d
-
-
8
-
-
-
I)\
l\sl
112
Industry Distribution by Number of Stocks in IFCIComposite Index, 1994 (end- 1994) SIC
Sector/lltduistry
Pakistan
0
Agriculture/forestry/fishing
1 10
Mining Metal Mininig
2 15
Construction General Building Contractors
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Ruibber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Prodiucts Electric& Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4 44 48 49
Peru
Plilippines
Poland
Sri Lanka
Taiwan, China
I
-
1
2
Portugal
Tliailand
Turkey
Venezuela
-
-
2 2
5 2
-
-
-
-
1 I
3 I
-
-
1 1
27
-
-
-
1 -
2 1
3 3
1 -
5 5
2 1
-
-
-
39 22
12 3 -
4 4 -
3 1 -
5 1 -
1 1 -
62 4
-
-
6 3 2
-
-
10 1 2 -
1 1 -
452 55 36 21
-
-
-
-
-
5 7
27 3 2 -
1
I
I
-
3
-
-
I
1 -
-
1
-
27 48
3 6 6 2 4
1 3 3 5 2
2
-
13 1 2 1 1 5 -
-
-
-
I -
3 -
-
1
-
1
-
-
-
-
11
-
3
-
-
-
1
-
3 2 1
1 -
-
-
-
1 1 I
-
10 1
-
-
-
-
1
1 1
2 1
-
2 -
-
5 4
2 -
1 -
I
-
2 -
2 2 -
1
2 2 -
-
-
-
-
I
-
1
2
-
2
2 2 -
2 2 -
6 2 -
3 3
2 1
-
9 6 -
14 9 4
-
-
-
-
-
-
-
-
-
I
-
Services Hotels & Other Lodginig Places
-
-
-
-
I
-
1
Othor/diversified
-
-
2
-
15
11
19
12
-
-
-
-
1
-
-
-
-
Tronsportotion/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
1 -
5
Wholesale/retoil
6 60 61 62 63
Finance/insurance/real estote Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
7 70 9
holding
IFCI Comnposite Index
m I \(
11)
companies
18
-
-
trade
IFCI Composite
Zimbabwe
-
17
26 16 57 16 36
44
-
27
61
-
-
1
1
-
28 18
3
3
-
-
42
6 3 -
-
2 1 -
-
-
-
1
23 7 10 1 1
-
-
-
175 78 27 26 5
-
3 2
2 2
-
-
1
-
-
1
21 15
2
1
-
2
2
1
-
55
25
5
90
55
40
12
5
890
1
FlvIII;t1\r;,
MAIRI1511 Dkl
15
8
\ 1AM-
113
IFCI industry Price IndeXeSe
19,94PerformanceSummar0y
(us$ and 1994 % changes in US$;end 1988~O
SiC
End1994 (19S8-100)
SectOY1/1111,40ry
'* change from end-19 9 3 -.
0
AgticUlture/lorestrY1Iishng
I
Mining
10
Metal mining Construction
2 15
192.4 5418.4 54.1
42.5 121.2
441.6 556.8
-22.9 -30.7
3
General Buildins ContraCtoTs Manufacturing
22 23
2pood d & lindred 20 , Textile Mil Products Apparlel & Other Textile Products
436.3 3, . 7 145.0 195.765
10.7 187 22.
26 29
Paper & Allied Products ProductS C1lem Ceias&Allied Icals&r ei & Related products
239.0 2.56.4
22.9
30
Rubber & Misc. plastics PrdUt CemAent & GlasspTOdUCtS primary Metal IndUstries,
738.85
32 33
34
~~~~~~dproduct
44
4 T[OnSPO't Water Transportation'Lon
48 49
Cummunications Electric, Gas, or532lrySevie
5
Wholes Fhn/ins/WIOI91r5e gance/m,l
6
3
2
456.2 4 816.45
-31.1
20
-10.7
0
-21.4 27.8
q51.3 23.0
.20
40,
-
tnsurance
e
~~~~~~423. 611.3
7ceSS e r v i c e s 524659 Pla 4 13 63 Fnancene In5urance 61. 61 Credit Agncieps Pother Than 269.6 1995,'a 1an 20.3 7 0 Se rv ic e s Otrhe L od ginI g Pla'ces 9 45e" &
S3.
77
662c79riy &Coll°it ro12.9 - 93
60 8anking
6
2.0
98.~65. 1,198.6 2,380.6
estae
1
102.2
l.60.2
6 3 37
120 10
235 .0
FabricaLed Metal products lect r iC & rt ton lc Tr,nsportation EqUipment236 39 Misellanous Mn,facur"19944.7
4
5 .4t
-14.3
5
e; V
8
1 2: 6
o
E C
SC
:v
'<
E E
-
l
c c
- 21. 6 ba29 -193 17.0.6 -214.6
t
- s
1a-C
.5
I
2
307.4
1995 FACTBOOR,
I n d ustri es~~.1 Td
t ie
329. Sectors
companies
lFClComposite
z
Price Index
~
~-13.6 ~
~~
~
~
~~~~~EMIGIG
\KETS NEGIGNA
DATA BASFE 114
95
IFCI Industry Price Indexes 1994 (US$; end 1988=100)
SIC
Sector/lltIdustry
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Agriculture/forestry/fishing
144.2
163.4
128.0
140.3
136.9
141.2
149.0
1 10
Mining Metal Mininig
359.5 196.4
351.1 191.7
325.3 189.0
317.6 168.8
337.9 183.3
317.2 177.4
2 15
Construction General Btuilding Contractors
543.0 820.5
519.9 742.7
440.4 640.7
447.2 626.9
455.3 676.6
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProdutcts Paper& Allied Products Chenmicals&Allied Products Petroleum Refining&Related Products Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal lndustries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
351.1 479.5 287.5 149.3 165.3 185.1 201.6 87.6 834.9 155.9 201.7 399.5 605.4 228.6
341.7 472.7 290.2 151.9 163.7 198.9 170.8 73.9 815.5 137.9 209.7 396.2 600.0 245.5
311.1 439.3 267.2 135.5 151.0 182.2 173.5 64.8 745.6 125.1 177.3 362.0 468.6 214.2
294.4 424.4 275.6 127.0 157.6 172.6 137.1 61.4 704.0 111.7 174.0 345.7 453.9 200.7
4 44 48 49
Transportation/communication/utility Transportation Services - Cargo Communiications Electric, Gas or Sanitary Services
1,042.0 170.8 1,550.6 1,512.5
995.6 163.0 1,463.5 1,535.8
905.0 150.5 1,290.7 1,528.8
5
Wholesale/retail
1,220.2
1,102.2
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgencies OtherThan Banks Security &Commodity Brokers Insurance
213.6 224.8 341.4 126.6 401.9
7 70
Services Hotels & Other Lodging Places
9
Other/diversified
IFCI Composite
195 F AC I ;
trade
holding companies
Price Index
Aug
Sep
Oct
Nov
168.9
172.3
168.3
161.5
156.2
344.8 195.9
392.9 243.4
443.6 301.7
467.5 345.6
452.4 337.8
420.5 324.7
419.1 596.8
470.9 673.3
529.0 763.4
558.0 802.5
523.7 741.4
524.1 761.3
409.4 526.4
305.8 441.6 264.6 130.8 172.1 169.6 139.5 67.4 756.5 116.6 176.0 360.3 448.8 206.3
297.6 416.1 268.8 132.2 164.0 175.3 147.3 74.0 717.9 128.6 178.7 368.2 421.0 198.3
314.6 437.4 273.1 135.1 174.3 179.2 167.4 86.0 783.7 129.8 180.1 375.1 448.4 202.7
355.3 468.7 289.3 150.8 197.4 197.8 222.8 89.3 880.7 157.8 200.0 427.0 485.9 224.9
365.3 469.2 301.0 141.9 204.1 204.5 243.2 92.6 905.1 166.8 215.3 435.9 481.1 222.8
361.2 457.2 289.1 144.8 207.5 204.3 242.1 87.3 883.9 166.3 208.7 427.0 467.5 222.8
353.7 446.1 288.1 137.8 204.6 201.4 235.0 86.3 887.5 161.6 202.7 420.6 442.9 215.7
308.4 387.4 292.1 133.3 174.4 186.1 214.4 86.7 662.0 135.6 190.6 395.1 428.5 207.2
859.8 154.8 1,248.6 1,375.5
884.6 148.4 1,311.2 1,328.0
832.8 147.1 1,200.1 1,335.7
906.1 151.7 1,311.7 1,426.8
1,057.3 171.1 1,476.0 1,875.2
1,077.3 168.3 1,498.5 1,938.6
985.1 163.9 1,339.0 1,850.6
925.7 149.7 1,252.3 1,720.0
833.5 144.9 1,089.9 1,655.8
1,055.8
1,020.4
1,034.0
988.6
1,031.7
1,084.6
1,095.8
1,068.7
1,064.2
827.9
205.2 213.4 323.8 129.9 428.2
187.0 201.6 284.5 114.4 451.1
185.3 195.9 307.5 114.5 450.4
188.9 199.3 316.1 110.5 459.4
182.8 194.7 311.5 106.2 466.2
195.3 208.5 341.1 107.7 508.4
213.5 227.4 367.7 116.5 485.7
216.9 233.0 387.9 123.7 504.5
213.3 229.5 372.9 127.7 455.1
201.6 219.1 331.7 120.7 438.2
192.4 217.7 338.9 113.2 449.1
550.2 489.9
556.5 494.0
474.0 423.6
531.6 463.8
531.8 483.9
534.4 475.7
561.8 504.3
612.6 554.4
595.4 539.7
580.6 526.9
520.8 475.4
519.3 469.7
286.7
296.7
247.3
261.5
252.2
246.3
262.7
298.3
303.4
289.0
280.3
237.5
357.9
348.3
312.5
305.8
312.3
300.5
321.5
362.5
371.1
358.8
344.6
307.4
Dec
ENIMERGINGMAIIKIZ IS DA IA BASE
115
IFCI Industry Price Indexes 1988-1994 (US$; end 1988=100)
SIC
Sector/lIndustry
1988
1989
1990
1991
1992
1993
1994
0
Agriculture/forestry/fishing
100.0
93.5
87.9
88.2
78.9
165.0
156.2
1 10
Mining Metal Mininig
100.( 1(0.0
192.3 158.4
119.3 75.3
262.9 94.7
233.8 101.3
301.3 149.4
420.5 324.7
2 15
Construction General Building Contractors
100.0 100.0
226.1 222.4
186.9 141.9
182.7 240.5
241.2 397.0
535.3 764.4
409.4 526.4
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kinidred Products Textile Mill Products Apparel&OtherTextilel'roducts Paper& Allied Products Chemicals& Allied Products 'roducts PetroleumRefiiing&Related Rubber & Misc. Plastics Products Cement&GlassProduicts Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Tranisportation Equipmenit Miscellaneous Maniufacturing
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.( 100.0
183.3 168.2 191.7 124.2 129.9 185.6 114.1 206.5 263.6 323.0 228.1 183.5 283.2 261.9
162.1 141.3 182.5 46.5 109.5 139.8 76.6 110.3 298.8 149.0 163.9 222.9 362.7 217.9
226.0 263.9 271.9 174.5 136.6 161.2 98.0 59.8 501.2 215.8 261.5 272.6 353.4 165.9
198.5 266.6 212.1 110.8 105.1 117.8 69.3 57.1 484.2 93.3 150.2 215.4 341.0 135.2
327.9 436.3 268.0 113.6 144.5 178.3 176.0 95.3 796.5 144.0 191.3 377.1 636.8 215.0
308.4 387.4 292.1 133.3 174.4 186.1 214.4 86.7 662.0 135.6 190.6 395.1 428.5 207.2
4 44 48 49
Transportation/communication/utility Tranisportation Services - Cargo Communications Electric, Gas or Sanitary Services
100.0 100.0 100.0 100.0
184.8 131.5 202.1 190.9
213.8 104.8 266.9 392.2
534.8 132.7 754.1 917.3
581.1 139.8 863.2 701.0
946.8 174.2 1,406.7 1,316.2
833.5 144.9 1,089.9 1,655.8
5
Wholesale/retail
100.0
238.3
441.8
527.4
852.5
1,231.5
827.9
6 60 61 62
estate Finance/insurance/real Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers
100.0 100.0 100.0
135.9 132.6 133.6
121.0 127.3 153.2 79.9
217.9 220.4 404.5 142.4
192.4 217.7 338.9 113.2
63
Insurance
181.9
116.3 123.0 167.0 84.3 168.3
349.4
449.1
7 70
Services Hotels & Other Lodging Places
9
Other/diversified
IFCI Composite
1'995 FACTBOOIK
trade
holding
companies
Price Index
-
-
144.7 158.8 166.9 71.8
-
-
-
100.0 100.0
157.7 157.7
164.3 158.2
198.5 176.1
265.5 214.1
630.8 549.2
519.3 469.7
100.0
148.9
131.6
146.1
153.3
307.8
237.5
100.0
155.5
147.4
200.5
202.9
355.6
307.4
EEII RGIN(G1NI \KKE1 S D \ I AB,\SI
116
IFCI IndustryPrice Indexes 1989-1994 (annual % change in US$)
SIC Sectorr/linduistry
1989
1990
1991
1992
1993
1994
0
Agriculture/forestry/fishing
-6.5
-5.9
0.3
-10.5
109.1
-5.4
1 10
Mining Metal Mining
92.3 58.4
-38.0 -52.4
120.5 25.6
-11.1 7.0
28.9 47.5
39.5 117.3
2 15
Construction General Building Contractors
126.1 122.4
-17.4 -36.2
-2.3 69.5
32.0 65.1
121.9 92.5
-23.5 -31.1
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel &OtherTextile Products Paper& Allied Products Chenmicals & Allied Products 1'etroleum Refining&Related Products Rubber & Misc. PlasticsProducts Cement & Glass Products Primary Metal Indtistries Fabricated Metal Products Electric&ElectronicEquipmeoit Transportation Equipment Miscellaneous Mantifacturing
83.3 68.2 91.7 24.2 29.9 85.6 14.1 106.5 163.6 223.0 128.1 83.5 183.2 161.9
-11.6 -16.0 -4.8 -62.6 -15.7 -24.7 -32.9 -46.6 13.3 -53.9 -28.1 21.5 28.1 -16.8
39.5 86.8 49.0 275.3 24.7 15.3 28.0 -45.8 67.8 44.8 59.5 22.3 -2.6 -23.9
-12.2 1.0 -22.0 -36.5 -23.1 -26.9 -29.3 -4.4 -3.4 -56.8 -42.6 -21.0 -3.5 -18.5
65.2 63.7 26.4 2.5 37.5 51.3 153.8 66.8 64.5 54.4 27.3 75.1 86.8 59.0
-6.0 -11.2 9.0 17.3 20.7 4.4 21.8 -9.1 -16.9 -5.8 -0.4 4.8 -32.7 -3.6
4 44 48 49
Transportation/communication/utility Transportation Services- Cargo Communications Electric, Gas or Sanitary Services
84.8 31.5 102.1 90.9
15.7 -20.3 32.1 105.5
150.2 26.7 182.5 133.9
8.7 5.3 14.5 -23.6
62.9 24.6 63.0 87.8
-12.0 -16.9 -22.5 25.8
5
Wholesale/retail
138.3
85.4
19.4
61.7
44.5
-32.8
6 60 61 62 63
estate Finance/insurance/real Bankinig Credit AgenciesOtherThan Banks Security& Commodity Brokers Insurance
35.9 32.6 33.6 -
6.5 19.8 25.0 -
-16.4 -19.9 -8.2 11.2 -
-3.9 -3.4 9.1 5.6 -7.5
87.4 79.2 142.2 68.8 107.6
-11.7 -1.2 -16.2 -20.5 28.5
7 70
Services Hotels &Other LodgingPlaces
57.7 57.7
4.2 0.3
20.8 11.3
33.8 21.6
137.6 156.6
-17.7 -14.5
9
Other/diversified
48.9
-11.7
11.0
5.0
100.8
-22.8
55.5
-5.2
36.1
1.2
75.3
-13.6
trade
holding companies
IFCI Composite Price Index
1l995 F \t I1l()()1
E[NlElGGINGM NAIKrTSDATABASE
117
IFCI Industry Total Return Indexes 1994Performance Summary (US$and 1994 % changes in US$;end 1988=100) End1994 (1984=100)
% change froni end-1993
SIC
Sectorllndustry
0
Agriculture/forestry/fishing
192.8
-3.7
1 10
Mining Metal mining
554.1 418.4
42.5 121.214
2
Construction
441.6
-22.9
15
General Building Conitractors
556.8
-30.7
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Produicts Textile Mill Products Apparel &Other Textile Produicts Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products, Rubber & Misc. Plastics Products Cement &Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipmient Miscellaneous Manufacturing
358.1 436.3 339.7 145.0 195.7 239.0 256.4 102.2 738.8 160.2 235.0 456.2 481.4 230.6
-4.0 -10.0 10.7 18.7 22.6 6.5 23.9 -5.4 -15.5 -4.5 2.0 7.9 -31.1 -2.5
4
Transportation/comm./utility 944.7
-10.7
44 48
Water Transportation Comnmunications Electric,Gas, or SanitaryServices
165.4 1,198.6
-15.0 -21.4
2,380.6
27.8
49
PercentChange in IFCIIndustryTotalReturnIndexes,1994
120
0
80
60
40
fufu0 0
20
0
0
u
CC-M
NnU u 'H
-20 5
Wholesale/retail
trade
951.3
-32.1
6
Finance/insurance/real
239.0
-9.5
60
Baniking
279.9
1.9
61 62 63
Credit Agencies Other ThaniBanks Security &Commodity Brokers Insuirance
423.1 120.3 43629.1
70 9
estate
7 Services Hotels &Othier Lodging Places Other/diversified companies
IFCI Composite
holding
Total Return Index
-14.3 -19.3
-40 E
t~ S
e~
j E
C~~~~'
~~
~
-14.0
269.4
-21.6
359.8
-12.0
~c
*
1
613-17.0 545.6
U H I IIff
1'E~a
5E
"C
S
3
5t C
5
O
W
3 aC
flIndustries *Sectors
1995 FACTBOOK
EMERGING
MARKETS DATA BASE
118
IFCI Industry Total Return Indexes 1994 (USS.end 1988=100)
Jan
Feb
Mar
Apr
May
Jin
Atig
Sep
Oct
Nov
Agriculture/forestry/fishing
174.9
198.6
156.0
171.4
167.3
173.1
182.8
207.2
212.2
207.6
199.4
192.8
1 10
Mining Metal Mining
465.0 248.7
454.1 242.7
421.7 240.6
413.0 216.1
440.3 234.6
413.3 227.1
449.3 250.9
514.9 313.0
581.2 388.1
613.3 445.4
596.2 435.3
554.1 418.4
2 15
Construction General Buiilding Conitractors
581.3 862.3
556.6 780.5
471.5 673.4
479.8 661.1
488.6 713.6
450.7 630.0
506.7 710.8
569.2 805.9
600.5 847.2
563.6 782.7
564.5 804.5
441.6 556.8
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & OtherTextile Products I'aper& Allied Products Cheriicals&Allied Products PetroletumRefininiig&Related Products Rubber & Misc. Plastics Products Cement&GlassProducts Primiiary Metal Industries Fabricated Metal Products Electric&ElectronicEquipmiienit Transportation Equipment Miscellaneous Manufacturing
399.5 532.8 329.5 160.4 182.8 233.2 237.2 99.5 916.8 182.1 243.2 449.4 664.7 251.8
389.3 525.5 332.6 163.4 181.1 250.6 201.1 83.8 896.0 161.1 253.0 445.8 658.8 270.4
355.7 488.9 306.3 145.8 167.5 229.8 204.5 73.6 819.8 146.1 213.8 407.3 515.0 236.1
337.3 474.1 315.9 136.9 174.8 217.9 161.7 71.1 775.9 130.9 210.3 389.4 500.4 221.4
351.9 494.1 305.0 141.0 191.3 215.1 165.6 78.5 840.8 136.7 213.0 407.8 498.4 227.8
342.8 466.0 310.0 142.8 182.7 223.1 174.9 86.5 798.0 151.2 216.4 416.7 467.9 219.5
363.4 490.6 315.4 146.8 194.2 228.5 199.4 100.8 872.4 152.6 220.0 428.3 499.2 224.4
410.8 526.2 334.1 163.9 220.2 252.5 265.4 104.7 980.5 185.6 244.3 488.8 542.8 249.2
422.9 527.2 348.9 154.3 228.3 261.2 290.3 108.5 1,008.5 196.4 263.2 500.5 538.2 247.4
418.3 513.8 335.1 157.5 232.1 261.3 289.2 102.6 985.2 195.8 255.1 490.3 523.0 247.5
410.0 501.4 334.5 149.8 229.3 257.7 280.7 101.5 989.8 190.3 249.5 483.0 496.3 239.7
358.1 436.3 339.7 145.0 195.7 239.0 256.4 102.2 738.8 160.2 235.0 456.2 481.4 230.6
4 44 48 49
TransporTation/communication/utility Transportation Services - Cargo Communiications Electric, Gas or Sanitary Services
1,164.8 190.8 1,680.3 2,147.3
1,112.9 182.0 1,585.8 2,180.5
1,011.9 168.1 1,398.7 2,171.8
963.4 174.0 1,355.0 1,962.1
992.3 167.8 1,424.4 1,896.3
937.4 166.4 1,310.0 1,908.1
1,020.1 171.6 1,431.8 2,039.6
1,191.1 193.7 1,611.9 2,683.3
1,214.0 192.0 1,636.5 2,775.2
1,110.4 187.0 1,462.4 2,651.4
1,046.9 170.8 1,374.4 2,465.1
944.7 165.4 1,198.6 2,380.6
5
Wholesale/retail
1,388.6
1,254.4
1,203.0
1,165.2
1,181.5
1,132.0
1,181.4
1,242.2
1,256.9
1,226.5
1,221.4
951.3
6 60 61 62 63
Finance/insurance/real estate Banking Credit AgenciesOtherThan Banks Security&CommodityBrokers Inisurance
258.9 280.5 416.6 132.5 413.0
249.3 266.9 395.3 136.0 440.1
228.2 253.7 349.7 120.5 464.0
227.1 247.8 380.0 121.2 463.4
231.7 252.2 391.1 116.9 472.8
224.9 247.3 386.3 112.4 480.2
240.4 265.1 423.1 114.0 523.9
263.3 289.8 456.5 123.2 500.6
267.9 297.5 481.9 131.5 520.2
263.8 293.5 463.6 135.8 469.5
249.6 280.5 413.4 128.4 452.2
239.0 279.9 423.1 120.3 463.6
7 70
Services Hotels & Other Lodging Places
642.3 565.6
649.6 570.4
553.4 489.2
621.2 535.7
621.4 558.9
627.3 551.4
659.5 584.7
720.2 642.8
700.6 626.9
683.2 612.0
613.1 552.1
611.3 545.6
9
Other/diversified
320.1
331.4
276.5
293.4
283.5
277.2
296.0
336.1
342.2
326.0
316.5
269.4
411,7
401.0
360.6
353.7
362.1
349.1
374.2
422.3
432.8
418.5
402.8
359.8
SIC
Sector/lndustry
0
IFCI Composite
1995
FACI 100K
trade
holding companies
Total Return Index
Jul
EMERGING MARKETS
Dec
DA1 A BASE
119
IFCI Industry Total Return Indexes 1988- 1994 (US$;end 1988=100)
1988
1989
1990
1991
1992
1993
1994
Agriculture/forestry/fishing
100.0
98.5
95.9
98.4
92.4
200.2
192.8
I 10
Mining Metal Mining
100.0 100.0
217.7 163.0
141.8 84.4
323.0 112.3
293.0 123.9
388.9 189.1
554.1 418.4
2 15
Construction GeneralBuildingContractors
100.0 100.0
229.3 225.6
191.0 143.9
187.4 246.4
255.8 414.0
572.7 803.0
441.6 556.8
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food& Kindred Products Textile Mill Products Apparel &OtherTextile Products Paper & Allied Products Chemicals& Allied Products PetroleumRefining& Related Products Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipmenit TranisportationEquipment MiscellaneousManufacturinig
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
189.9 174.7 198.5 127.1 133.3 194.7 120.0 213.9 268.6 326.1 244.5 189.4 287.1 265.0
173.1 147.9 195.7 47.6 114.9 157.4 83.7 117.4 310.5 156.4 185.6 236.1 373.6 229.6
246.9 281.5 296.4 183.1 146.6 188.8 110.9 64.8 529.5 235.1 304.4 293.7 374.4 177.6
220.8 290.1 234.8 117.3 114.5 142.9 79.7 62.8 519.3 105.2 176.7 238.2 367.4 146.4
372.9 484.8 306.9 122.1 159.7 224.4 207.0 108.0 874.4 167.8 230.4 422.9 698.9 236.6
358.1 436.3 339.7 145.0 195.7 239.0 256.4 102.2 738.8 160.2 235.0 456.2 481.4 230.6
4 44 48 49
Transportation/communication/utility Transportation Services - Cargo Communications Electric, Gas or Sanitary Services
100.0 100.0 100.0 100.0
190.7 133.7 206.6 226.1
226.3 109.5 276.9 497.9
577.6 142.1 790.8 1,240.1
633.0 152.3 911.0 968.9
1,057.7 194.6 1,524.2 1,862.6
944.7 165.4 1,198.6 2,380.6
5
Wholesale/retail
100.0
245.2
474.5
577.9
952.5
1,401.3
951.3
6 60 61 62 63
Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security &Comminodity Brokers Insurance
100.0 100.0 100.0 -
141.0 137.3 143.3 -
156.1 171.6 188.4 72.9 -
135.2 143.2 177.7 82.3 183.8
136.9 148.0 198.9 87.4 171.5
264.0 274.6 493.6 149.0 359.0
239.0 279.9 423.1 120.3 463.6
7 70
Services Hotels&OtherLodgingPlaces
100.0 100.0
161.8 161.8
182.0 175.5
224.9 198.6
307.9 246.5
736.4 634.1
611.3 545.6
9
Other/diversitied
100.0
152.1
136.7
156.4
168.4
343.6
269.4
100.0
161.5
158.0
220.4
227.7
408.9
359.8
SIC
Sector/lIndustry
0
trade
holding companies
IFCI Composite Total Return Index
1995 FACTBOOK
EMERGING MIARKETS DATA BASE
120
IFCI Industry Total Return Indexes 1989-1994 (annual % change in US$)
SIC
Sector/lIndustry
0
Agriculture/forestry/fishing
1 10
1989
1990
1991
1992
1993
1994
-1.6
-2.6
2.6
-6.2
116.7
-3.7
Mining Metal Mining
117.7 63.0
-34.9 -48.2
127.8 33.0
-9.3 10.4
32.7 52.6
42.5 121.2
2 15
Construction GeneralBuildinigContractors
129.3 125.6
-16.7 -36.2
-1.8 71.2
36.5 68.0
123.9 94.0
-22.9 -30.7
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Prodiicts Textile Mill Products Apparel &OtherTextile Prodticts Paper & Allied Products Chemicals&Allied Produicts Petroleum Refining & Related Products Rubber & Misc. Plastics Produicts Cement & GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEqtiipment Transportation Equipment Miscellaneous Manufacturing
89.9 74.7 98.5 27.1 33.3 94.7 20.0 113.9 168.6 226.1 144.5 89.4 187.1 165.0
-8.9 -15.3 -1.4 -62.6 -13.7 -19.1 -30.2 -45.1 15.6 -52.0 -24.1 24.7 30.1 -13.3
42.7 90.4 51.5 284.7 27.6 19.9 32.4 -44.8 70.5 50.4 64.0 24.4 0.2 -22.7
-10.6 3.0 -20.8 -35.9 -21.9 -24.3 -28.1 -3.0 -1.9 -55.3 -41.9 -18.9 -1.9 -17.5
68.9 67.1 30.7 4.2 39.5 57.0 159.6 71.9 68.4 59.5 30.4 77.5 90.2 61.6
-4.0 -10.0 10.7 18.7 22.6 6.5 23.9 -5.4 -15.5 -4.5 2.0 7.9 -31.1 -2.5
4 44 48 49
Transportation/communication/utility Transportation Services- Cargo Communications Electric, Gas or Sanitary Services
90.7 33.7 106.6 126.1
18.7 -18.1 34.0 120.2
155.2 29.7 185.6 149.1
9.6 7.2 15.2 -21.9
67.1 27.8 67.3 92.2
-10.7 -15.0 -21.4 27.8
5
Wholesale/retoil
145.2
93.5
21.8
64.8
47.1
-32.1
6 60 61 62 63
Finonce/insurance/reol estate Banking CreditAgeniciesOtlierThan Baniks Secuirity& Commodity Brokers Insurance
41.0 37.3 43.3 -
10.7 25.1 31.5 -
-13.4 -16.5 -5.7 12.9 -
1.2 3.3 11.9 6.2 -6.7
92.8 85.6 148.1 70.5 109.3
-9.5 1.9 -14.3 -19.3 29.1
7 70
Services Hotels&OtherLodgingPlaces
61.8 61.8
12.4 8.4
23.6 13.2
36.9 24.1
139.2 157.2
-17.0 -14.0
9
Other/diversified
52.1
-10 1
14.4
7.7
104.0
-21.6
61.5
-2.2
39.5
3.3
79.6
-12.0
trode
holding companies
IFCI Composite Total Return Index
I1[99 I\
I l()()R
[NIMl R(GtN(, NMAI(O1 IS DATA BASE
121
5
IFC Index Market Profiles
Emerging Stock Markets Factbook 1995
Argentina
120
IFCIm
-
Average Daily Value Traded (US$ milliolls)
Exchange Rate (Pesos/LIS$)
IFCI Argentina Index (US$; enid 1993=100)
100
i
o.80
110
0.60-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~60H
0.40-
90-
80
40 -
I
70 -0.20-
60 ~~~~~~~~~~~~0.00 Dec94 jun 94 Sep 94 Mar 94
IFCI Coinposite
-
IFCImarketindex
--
20
.
Mar 94
Juni94
Sep 94
Dec94
Share of Total Emerging Market Capitalization (end-1994; total=US$1,929 billioni)
45 -
r
Argentina
Other Latini
America 21.8%
35 -1.9% 30 -
i
25 20 Other
emerging Mar 94
Jun94
SeP94
Jun 94
Sep 94
Dec94
Localindex
IFCI P/E Ratio (end of montil values)
40-
__n Mar 94
Dec94
markets 76.2S,',
Aplunging
Market Performance The Argentine stock market fell sharply in 1994, with the IFCI Argentina Index dropping 26.1%oin dollar terms and the local bolsa's Indice General falling 23.1%sin peso terms. Prices were choppy throughout the year, with the market falling 11.0%o in the first quarter and 6.6% in the second, rebounding 16.1% in the third quarter, and then
23.4%'in the fourth, as measured by the
IFCI. Fourthi quarter
to
losses were attributed
h leavy selling by foreign investors who feared the the Mexican wake mightcrisis. be devalued inythe peso active te of most wauar was financial month, with average daily value traded of $86 iimillion.For the year, value traded rose 10%, to $11.4 billion, while total market capitalization fell 16.2% to $36.9 billion. Foreign buying helped boost prices by 8.7% in January, but stocks fell 6.6% in February due to profit taking in telecommunications shares, which
1995 FACTBOOK
E\1ii-iUING NIizr15
r
IABxS[ IDA
124
rose 113% between January 1993 and January 1994, and higher U.S. interest rates. The assassination of Mexican presidential candidate Luis Colosio in March fueled further losses by undermining investor confidence in Latin America. Sentiments improved in April, however, after Economy Minister Cavallo predicted falling inflation and 6% economic growth in 1994. The IFCI Argentina Index was mostly directionless in April, falling 0.9%7 amid concern about rising interest rates. Prices rebounded a strong 10.6% in May, spurred by a $526 million global equity offering by Transportadora de Gas del Sur (TGS). In June, the IFCI Argentina Index plunged 14.8% due to rising U.S. interest rates. In July, rising Mexican equity prices spurred buying throughout the region, and pushed the index up 8.5%7.Also in July, the Merval Index Futures Market was created to provide investors with a new hedging tool, and the MERCOSUR common market agreement was signed by Argentina, Brazil, Paraguay, and Uruguay. In August, the IFCI Argentina Index rose 9.2',,%in response to higher company earnings. In September, the index lost 2.0% and began a downward spiral that continued through December. Share prices fell in October on news that Argentina could face its first fiscal deficit under the current 1991-94 economic plan. In November, continued anxiety over U.S. interest rates added selling pressure, despite healthy third quarter corporate earnings reports. Higher U.S. rates also boosted local yields and prompted investors to move funds from shares to less-risky debt instruments. Prices fell 13.4% in December, triggered by the Mexican crisis but worsened by higher U.S. interest rates and concern that some local brokers would be unable to liquidate futures contracts on stock indexes at month-end. Argentina, with its currency fixed in value against the U.S. dollar, felt the impact of the Mexican currency devaluation more than any other Latin American market except Mexico. Authorities were quick to point out differences between Mexico and Argentina and 1""5 I \ I
,
'.\lj
were able to mitigate somewhat the fears that Argentina might follow in Mexico's path. For example, the convertibility plan backs the country's monietary base with U.S. dollar reserves, and at the end of December 1994 there was virtually no domestic short-term debt outstanding. In contrast, Mexico expanded its domestic debt without sufficient reserves. Telecommunications company Telefonica de Argentina set up an ADR program on the New York Stock Exchange in 1994 to replace its Rule 144A and Regulation S programs. Other companies setting up ADR programs included real estate firm Inversiones y Representaciones IRSA, which converted from Rule 144A to fully listed shares on the New York Stock Exchange, Capex (electricity generator; $163.6 million), MetroGas (gas distribution; $121.5 million), and Baesa (beverages, $197 million). Telecom set up a fully listed NYSE registration for its ADRs in December.
Economic/Political
Events
In economic news, Argentina's GDP grew by 6.2%o in 1994 with the construction sector Up 157o, manufacturing up 4.5%, services up 7%7, and agriculture up 1.5%7. At the sector level, auto industry production increased 19.4%o in 1994. Inflation totaled 3.9% in 1994, compared to 7.4%7 in 1993. Exports of $15.2 billion and imports of $20.9 billion resulted in a trade deficit of $5.7 billion. The government reached an agreement with the IMF in 1994 in which Argentina would aim for a budget surplus of $3.7 billion compared with a $4.4 billion surplus in 1993. Argentinia turned down two IMF tranches in 1994. The new pension system began operating on July 15, 1994, allowing workers to choose between the state system or a private system-the Administradoras de Fondos de Jubilaci6n y Pensi6n (AFJPs), which can invest up to 50% of
their total funds in government bonds, 35% in shares of public companies, and 28% in corporate bonds. The AFJPs expected nearly 4.5 million contributors, but only 3.0 million were enrolled at the end of 1994. In related news, all pending lawsuits against the National Social Security System over a recent decision to stop adjusting benefits to reflect inflation were suspended in December. Congress was to debate this matter in February 1995. In regulatory news, banks are now required to secure a rating for any borrower seeking more than $200,000 and report the rating to the central bank. The goal is to reduce the high default rate of Argentine banks. The government held its first auction of Treasury bills in more than 20 years during August, selling $27 million in peso-denominated bills. The government will use these funds together with a $500 million syndicated loan from foreign banks to refinance foreign loans due at the end of the year. The MERCOSUR treaty between Argentina, Brazil, Paraguay, and Uruguay was signed in July. The treaty abolishes tariffs on goods shipped between the signatories beginning on January 1, 1995, and establishes common tariffs on imports from other countries. Each country can exclude from the tariff-cutting program a list of products tuntil 1999. About 90% of trade is now duty free. A constitutional amendment was passed in August to allow the president to seek a second term in office, while reducing the term from six years to four. Presidential elections will take place in May 1995. On December 29, President Menem signed a decree aiming to cut public expenditures by $1 billion by freezing jobs in the administration. The budget was based on the assumption that prices, measured by a combined index of consumer and retail prices, will rise 3% in 1995.
M.1 ((
. NA RMl.II S l) \I \ BXAsI 125
Argentina 1994 (currency in millions)
Jan
Feb
Mar
Apr
May
Jun
Jtl
Aug
Sep
Oct
Nov
Dcc
165
165
162
161
160
161
158
157
154
155
156
156
49,649 49,649
46,830 46,830
41,569 41,569
41,371 41,371
47,888 47,888
41,291 41,291
44,797 44,797
48,703 48,703
47,188 47,188
44,669 44,674
41,557 41,582
36,867 36,864
1,828 1,828 3.8
1,284 1,284 2.9
820 820 2
871 871 1.9
728 728 1.6
610 610 1.4
868 868 1.9
761 761 I.h
718 718 1.6
713 713 1.6
654 654 1.7
23,245.8 12.8
21,925.8 -5.7
19,210.4 -12.4
19,119.3 -0.5
21,059.0 10.1
18,001.4 -14.5
19,532.2 8.5
21,235.4 8.7
20,534.6 -3.3
19,317.7 -5.9
17,929.2 -7.2
15,855.6 -11.6
IFC Global Index Numberof stocks Share of market cap. ('7O) Share of trading value (%) P/E ratio P/BV ratio Dividenld yield (%) Total return index * Change in total return index (%1)
31 54.8 71.4 42.1 2.1 2.4 2,386.5 10.2
31 54.2 73.7 39.3 1.9 2.6 2,225.6 -6.7
31 54.8 79.5 31.6 1.8 2.8 1,954.3 -12.2
31 54.7 78.8 25.8 1.8 3.0 1,943.8 -0.5
31 52.2 72.7 31.8 1.9 2.7 2,155.6 10.9
31 51.6 73.7 26.6 1.7 2.8 1,838.7 -14.7
31 51.6 75.5 27.3 1.8 2.7 1,994.7 8.5
31 51.8 71.3 28.6 2.0 2.6 2,180.5 9.3
31 52.4 67.6 27.0 1.9 2.5 2,138.6 -1.9
31 52.4 66.5 25.5 1.8 2.6 2,027.4 -5.2
30 51.9 65.0 23.9 1.7 3.4 1,906.3 -6.0
30 50.9 67.3 17.7 1.4 2.9 1,661.4 -12.8
Economic data Exchange rate
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
1.0000
0.9999
0.9994
1.0001
Number of listed companies BolsadeComerciodeBuenosAires Market capitalization Inpesos In U.S. dollars Trading value Inpesos In U.S. dollars Turnover ratio Local index Bolsa Indice General Changein index(%)
1,515 1,515 3.2
Note: The base date for the Bolsa Indice General is Dec. 29, 1977=0.00001. The base date for the IFCG Argentina Inidex is Dec. 1984=100.
1995 FACrBOOK
['\I
R(wN(. NRIMI
isf
t
A, \ ID Nsti
126
Argentina 1985- 1994 (currency in millions, end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
227
217
206
186
178
179
174
175
180
156
In pesos In U.S. dollars
0.1631 2,037
0.2000 1,591
0.5318 1,519
3.3006 2,025
575 4,225
1,853 3,268
18,491 18,509
18,595 18,633
43,967 43,967
36,867 36,864
Trading value Inpesos In U.S. dollars Turnover ratio
0.0380 631 41.3
0.0292 309 16.1
0.0539 251 14.7
0.5548 593 28.9
70.8573 1,916 24.5
408 852 33.6
4,612 4,824 45.3
15,551 15,679 83.9
10,337 10,339 33
11,370 11,372 28.1
0.2095 646.6
0.2499 19.3
0.6608 164.5
4.1383 526.3
717.2 17,231.8
2,202.9 207.1
17,856.0 710.6
13,427.5 -24.8
20,607.2 53.5
15,855.6 -23.1
24 60.2 6.7 0.2 0.2 128.6 -26.5
24 67.7 4.3 0.2 1.9 141.2 9.8
24 67.7 3.2 0.3 3.6 196.0 38.8
24 77.8 9.1 1.1 4.7 540.7 175.9
24 68.7 -3.1 0.3 0.9 343.1 -36.5
27 85.9 -406.0 1.7 0.3 1,704.8 396.9
29 76.7 38.0 1.2 1.9 1,253.1 -26.5
31 71.6 41.9 1.9 2.3 2,164.7 72.7
30 50.9 17.7 1.4 2.9 1,661.4 -23.3
228,512 24.9 0.9980 0.9918
255,377 7.4 1.0000 0.9998
4.2 1.0001 0.9998
Number or listed companies BolsadeComerciodeBueniosAires
Market capitalization
Local index BolsalndiceGenleral Change in index (%) IFC Global Index Number of stocks Share of marketcap. (%) P/E ratio P/BV ratio Dividend yield(') Total retturn index Change in inidex L,) Economic data Grossdomesticproduct(US$) Change in consumer price index(%) Exchange rate Exchange rate (average of period)
24 63.9 0.7 174.9 74.9
65,790.0 672.1 0.000080 0.000060
78,801.0 90.1 0.000126 0.000094
82,635.0 131.3 0.000350 0.000214
83,808.0 343.0 O.0016 0.0009
68,997.0 3,079.8 0.1360 0.0370
105,440 2,314.0 0.5670 0.4793
189,216 171.7 0.9990 0.9560
Note: The base date for the Bolsa Indice General is Dec. 29, 1977-0.00001. The base date for the IFCG Argentina Index is Dec. 1984=100.
1995 Fct
1is(oK
ENIERGING MARKETS DATA BASE
127
Brazil IFCI Brazil (US$; end 1993=100)
Exchange Rate (ReaislUS$)
Average Daily Value Traded (US$ millions)
200 -1.00
800-
175 -
700-
150 -
.0-600-
125 -0.60 100 _
-500-
0.40
50
020200
25 Mar 94 IFCIComposite
Jun94 -
Sep94
IFCImarketindex
.IJIJ[i
Dec94 --
Mar 94
n
20 -
_
I 20
Liii
Mar 94
Jun94
Jun94
Sepl94
Dec94
Share of Total Emerging Market Capitalization (enrd-1994; total=US$1,929 billion)
2624 22 -
12 -
io Jui 94
Sep94
Dec94
Oec94
Brazil 9.8',%,
Othier Latin America 13.9%"
Market Performance Brazil outperformed all other Latin America markets in 1994, posting a 64.9% gain in U.S. dollar terms as measured by the IFCI Brazil Index. The ride was uneven as the market gained 37.8% in the first quarter, lost 21.9% in the second quarter, soared 79.7% in the third quarter, and then lost 14.8% in the fourth quarter. December was the most active month, with average daily value traded
of $783 million. Total value traded reached $109.5
emerging
billion in 1994, a 90.7% rising over 1993 figures and more than five times 1992's turnover. Market capitalization increased 90.4% to $189.3 billion
markets
over the year.
Other
Sp794
Mar 94
Localindex
IFCI P/E Ratio (end of montfl values)
18- r 16 14 -
400 -
[-ii300-
75
76.2%
The IFCI Brazil Index jumped 32.2% in January in response to strong prospects for economic growth in 1994. The market posted small gains in February and March, but turned sharply lower in April following the assassination of Mexican presidential candidate Colosio, which raised concern 19)95 V.( 115O()t
I \11It.;(
NIl \1,\I I 19 ) ;l \ 1 ,I;
Ins
about political stability throughout Latin America. The market rebounded in July with a gain of 16.2% following the introduction of a new currency, the real, as part of the government's antiinflation program. The IFCI Brazil Index surged again in August, gaining 40.9% in response to a record $1.5 billion in foreign capital inflows into equities following news that the government's economic stabilization plan had slashed inflation to 1.95% in August. Foreign investment totaled $6 billion in the first nine montlhs of 1994, Brazil's securities commission said. After rising 9.8% in September, the market drifted lower during the last three months of the year. The devaluation of the Mexican peso in December discouraged investment throughout the Latin American region and caused prices to fall 9.4% in the final two weeks of December. In corporate finance news, several companies launched global equity offerings under the ADR program in 1994, including Companhia Energetica de Sao Paulo (CESP), Telebras, Ceval Alimentos, and Eletrobras. The Sao Paulo BM&F commodities and futures exchange launched two new options products in November, one based on the exchange's overnight interest rate futures contract and the other on the BOVESPA equity index futures contract.
Economic/Political
Events
In economic news, the government announced plans for a new currency and introduced the Unidade Real de Valor (URV) in March, an index for controlling price increases. The URV was adjusted daily based on changes in the value of the cruzeiro real against the dollar. The new currency, the real, was introduced on July 1 as part of the antiinflation program and was initially fixed at one real per dollar, but rose in value to 0.85 real per U.S. dollar quickly thereafter.
1995FAC
I B1OOK0
The implementation of the currency stabilization plan prompted businesses to ignore URV indexing and continue marking up prices. As a result, consumer prices increased 7% in July, although frost-which damaged fruit and vegetable crops, including about 25%,,of the coffee harvest-also had an effect. The relatively low levels of inflation in subsequent months fueled a credit-financed spending boom among middle- and low-income individuals. In response, the central bank announced in October that banks and businesses must pay a 15% tax on all consumer loans and installment payments. The government also introduced its first tax on foreign investment in October. The 1% IOF tax on trading value aimed to slow the inflow of foreign capital. But high local interest rates continued to boost foreign investment inflows, adding to inflationary pressures.
companies, which will absorb excess liquidity, and as social security and tax reforms take effect. Brazil's GDP expanded about 5.2% in 1994, with the industrial sector registering the greatest growth. Fernando Henrique Cardoso, the candidate of the Partido da Social Democracia Brasileira political party, was elected president in September by defeating Lula da Silva from the Partido dos Trabalhadores party. In laying out his priorities, Cardoso said he would focus on deregulation and decentralization issues, while also promoting health, education, housing, and agriculture projects. Cardoso took office on January 1, 1995, for a four-year term.
In other economic news, Brazil restructured its commercial debt with foreign banks in 1994. The Brady agreement, signed on April 15, involved commercial creditor banks agreeing to waive the requirement of an IMF Standby Loan agreement. About $49 billion were swapped into five types of bonds guaranteed by U.S. Treasury zero-coupon bonds. Brazil ran a trade surplus of $10.4 billion in 1994, down 39%, from the previous year. Exports totaled an estimated $43.6 billion while imports reached $33.2 billion. At year-end, confusion over foreign trade figures created some concern about the country's actual foreign exchange position. On December 30, the central bank took over two state banks, Banespa and Banerj, due to their inability to service $10 billion in debts. The central bank said it would restructure the banks and return control to the respective state govemments within a year. Inflation fell from 2,541%/ in 1993 to 928% in 1994, and is expected to remain low in coming months due to the privatization of state-owned EMIRGING NIARKIIs DATA BASE
129
Brazil 1994 (currency in millions)
Number of listed companies RiodeJaneirofBolsadeValores Sao Paulo Bolsa de Valores Market capitalization In cruzeiros reais In U.S. dollars Trading value Rio de Janeiro Bolsa de Valores Sao Pauilo Bolsa de Valores Total in cruzeiros reais In U.S. dollars Turnover ratio Local index BOVESPA Index ' Change in iidex (%) IFC Global Index Numberof stocks Share of market cap. (,) Share of trading value (%) P/E ratio P/BV ratio Dividend yield 1%) Tota return indexy Change in total return iidex (Vt) Economic
1995
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
571 548
571 546
568 541
569 543
567 541
568 538
568 542
571 542
570 542
570 542
573 541
576 544
20,625 123,661
122 677 799 4,791 5.0
7,405.5 97.2
83 67.9 61.9 18.6 0.7 0.3 411.5 29.8
30,031 129,589
43,322 130,465
51,443 108,633
72,213 105,897
105,918 105,918
122,251 122,251
154,102 173,343
166,026 194,410
161,417 191,140
161,162 190,611
160,321 189,281
207 1,486 1,692 7,303 6.7
288 1,830 2,118 6,378 5.8
227 1,921 2,149 4,538 4.5
369 2,438 2,807 4,116 4.5
682 4,520 5,202 5,202 5.8
641 3,748 4,390 4,390 3.8
1,269 10,164 11,433 12,860 8.3
1,070 9,345 10,415 12,196 6.5
1,682 8,702 10,385 12,297 6.3
1,047 5,309 6,356 7,518 3.9
3,487 10,434 13,921 16,436 8.7
10,538.0 42.3
15,155.0 43.8
17,084.0 12.7
24,672.0 44.4
36,231.0 46.8
42,013.0 16.0
53,294.0 26.8
54,840.0 2.9
47,979.0 -12.5
46,560.0 -3.0
43,539.0 -6.5
83 66.9 51.8 19.1 0.7 0.3 425.3 3.3
83 68.1 65.5 19.5 0.8 0.4 435.3 2.3
83 64.6 59.0 14.7 0.6 0.7 345.3 -20.7
83 65.3 62.4 14.7 0.6 0.5 337.6 -2.2
83 65.4 55.5 14.4 0.6 0.5 338.8 0.4
83 66.0 70.3 16.5 0.6 0.4 393.3 16.1
83 66.0 51.7 18.7 0.7 0.5 557.4 41.7
83 65.8 58.7 20.2 0.8 0.5 615.9 10.5
83 63.9 45.2 24.1 0.7 0.5 587.2 -4.7
83 62.2 57.0 18.0 0.7 0.5 570.2 -2.9
83 59.1 34.6 13.1 0.6 0.7 538.2 -5.6
data
Exclange rate
Notes:
Jan
458.6600
637.2800
913.1700
1,302.2600
1,875.2700
2,750.0000
1.0000
0.8890
0.8540
0.8445
0.8455
0.8470
Market cap figuires are for Sao Paulo only. The base date for the BOVESPA Index is 1968=0.000000001. The BOVESPA Inidex was divided by 10 on Janriary 26, 1993, on August 27, 1993, anid again on February 10, 1994. The series has beeni adjusted to reflect these divisions. The base date for the IFCG Brazil Inidex is Dec. 1984=100. Brazil reformed its currency on July 1, 1994, exchanging its former currency (the cruizeiro real) for a new currenicy (the real) at a rate of 2,750:1. This series has been adjusted to reflect the change.
FACTBOOK
UNlt1\1lING(
MI.\itw;
S D,\iA
13\SIt
130
Brazil 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
615 541
658 592
650 590
630 589
629 592
612 581
598 570
593 565
577 550
576 544
Market capitalization In crtizeiros reais In U.S. dollars
0.000160 42,768
0.000220 42,096
0.000440 16,900
0.008550 32,149
0.1823 44,368
0.9576 16,354
17 42,759
202 45,261
11,603 99,430
160,321 189,281
Trading value Rio de Janeiro Boilsade Valores Sao Paulo Bolsa de Valores Total in cruzeiros reais In U.S. dollars Turnover ratio
0.000024 0.000025 0.000050 21,484 49.3
0.000055 0.000089 0.000140 28,912 74.4
0.000052 0.000085 0.000140 9,608 41.5
0.000656 0.001044 0.001700 17,979 37.8
0.006880 0.010187 0.017070 16,762 17.9
0.0415 0.0928 0.1343 5,598 23.6
0.5673 1.4055 1.9727 13,373 22.0
8.9529 25.4680 34.4208 20,525 31.5
252 1,671 1,923 57,409 32.6
11,092 60,575 71,666 109,498 83.4
Local index BOVESPAIndex Change in index (%)
0.000070 401.5
0.000090 41.3
0.000120 34.9
0.003310 2,549.5
0.061610 1,762.5
0.2516 308.3
6.0776 2,316.0
67.8050 1,015.6
3,754.5 5,437.2
43,539.0 1,059.6
56 40.1 4.7 0.3 9.4 58.6 -65.7
Number of listed companies Rio de Janeiro Bolsa de Valores Sao Paulo Bolsa de Valores
IFCGlobal Index Nu iiberof stocks Share of market cap. (%) P/E ratio P/BV ratio Divideid yield(%) Total return index* Change in iidex (%)
26 27.4 2.3 194.2 94.2
29 28.9 2.9 0.6 4.3 146.4 -24.6
30 26.0 6.6 0.3 4.7 54.1 -63.1
56 40.8 4.7 0.5 1.5 122.0 125.6
56 43.5 5.9 0.7 0.7 170.7 39.9
222,970 226.9 0.000000004 0.000000002
268,185 145.2 0.000000005 0.000000005
294,083 229.7 0.000000026 0.000000014
331,517 682.3 0.000000266 0.000000095
452,268 1,287.0 0.000004109 0.000001018
67 47.6 15.5 0.8 0.6 158.4 170.4
69 51.3 -24.4 0.4 0.7 158.9 0.3
406,714 440.9 0.000396436 0.000147516
385,741 1,008.7 0.004452000 0.001677017
70 61.2 12.6 0.5 0.4 316.9 99.4
83 59.1 13.1 0.6 0.7 538.2 69.8
Economic data
Crossdomesticproduct(US$) Change in conisumer price index (95) Exchange rate Exchianige rate (average of period)
490,514 2,937.8 0.000058553 0.000023985
419,475 2,708.7 0.1167 0.0335
-
0.8470 0.6545
Notes: Market cap figures are for Sao Paulo only. The base date for the BOVESPA Index is 1968=0.000000001.The BOVESPA Index was divided by 10 on January 26, 1993, on August 27, 1993, and again on February 10, 1994. The series has been adjusted to reflect thesedivisions. The base date for the IFCG Brazil Index is Dec. 1984=100. Brazil reformed its currency on Jtily 1, 1994, exchanging its former cuirrency (the crtizeiro real) for a new currency (the real) at a rate of 2,750:1.This series has been adjusted to reflect the change.
1995 1: FA
IMIH)
EERGING EtN
NIARItKLTs DATA BASE
131
Chile IFCI Chile (US$; end 1993=100)
Exchange Rate (Pesos/US$)
Average Daily Value Traded (LIS$ millions)
175
440
35
430-
30
420-
25 -
150-70 -
125
-
390C
20 -
~~~~~~~~~~~~~~~~~~~400 -15-
100
75 -
[10
O Mar 94
Junt94
rFCI Composite -
Sep;94
Dec94
LFCImarketindex--
I
10 Mar 94
Juni94
Sep 94
Dec94
Juni94
Sep)94
Dec94
Local index
IFCI PIE Ratio
Share of Total Emerging Market Capitalization (etid
Mar 94
of iiititiz
valiie) (end-1994;total=US$1,99
billioti)The
Market Performance IFCG and IFCI Chile indexes climbed 41.2%
27 -and
42.1%, respectively in 1994, boosted by strong
26 -economic
growth, appreciation 25
25 -
~~~~~ ~ ~~~~~~~~~~~ Other Latin ~ ~~~Chile capital market reforms. The 3.5% ~~~~~~~~~~~~~~~~Anerica Exchange's IGPA inidex posted
I1
24 -l2
2pesos,
of the peso, and Santiago Stock a 38.6% gain in
and was up 49.0%oin dollar terms.
l-i
23 22 -iiiChilean
stocks started 1994 with a strong rally in
IJanuary 1.11.1
21 20
19
prompted by passage of a capital markets
~~~~~~~~~~~~~~~Other emerging
Mar 94
Juin94
Sep)94
Dec94
miarkets
76.2%
funds (AFPs) to invest in equities traded abroad. The measure, which spurred a 20%~o rise in the IFCI Chile Index, eased restrictions on pension fund investments, improved finanicial m-arket regulation, and developed new financial instruments through securitization. Higher U.S. interest rates anid a telephone tariff dispute between the government and Compania de Telefonios de Chile (CTC) depressed share prices
1995 FACTBOOK
LNEIEGING; MARKETs
DATA BASE
132
during February and March. News that the government planned to reduce telephone rates sent CTC shares plummeting; the IFCI Index fell 13%. Capital reforms and higher corporate earnings figures helped the market to rebound in April, leading to a 39%W increase in the IFCI index during the seven months from April to October. On April 14, Chile's central bank eased regulations on share and bond sales by reducing the minimum amount required for bond and ADR sales from $50 million to $25 million. In addition, the central bank eased the restriction that companies be rated "A" by local rating agencies. It also increased the amount that pension funds can invest outside Chile from 3% to 4% of their portfolio, and allowed companies to hold more of their export earnings abroad.
the Santiago exchange jumped 6% to 279 companies in 1994. Market capitalization rose by an even faster 52.8%nto $68.2 billion while value traded soared 88.2% to $5.3 billion.
Economic/Political
Events
President Eduardo Frei was sworn into office on March 11, 1994. He pledged to promote economic growth, increase investment levels, develop the export sector, pursue an anti-poverty drive, and launch an anti-corruption drive.
The rally was further supported by rising international commodities prices (especially copper) that benefited leading export companies. Appreciation in the peso increased speculation that company earnings would be even stronger in the third quarter, particularly for electric utilities with large U.S. dollar-denominated debts. Accounting regulations adopted in October allow companies 10 years instead of 5 to amortize the cost of acquiring other companies. This increased the short-term profits of some companies, and provided a boost to the market.
The Chilean economy grew 4.5% in 1994, spurred largely by exports and high levels of investment. A recovery in the price of copper and rising demand for cellulose helped boost exports $11.6 billion for the year. Imports rose to $11.0 billion, creating a $550 million trade surplus, as opposed to a $979 million trade deficit in 1993. Economic, political, and social stability earned Chile a favorable risk rating, and foreign investment rose to $4 billion during the first 11 montlhs-an increase of 65.5% compared to 1993. Inflation totaled 8.9% in 1994, well below the government target of 11% for the year and 1993's 12.2% pace. Encouraged by low inflation figures, monetary authorities began easing interest rates in November.
The long rally began to fizzle in November and December and the IFCI index dropped 6.6%. A new telephone regime launched on October 28 that allows callers to choose their long-distance carriers triggered a phone price-war that sent telephone stocks tumbling. Mexico's decision to let the peso float against the dollar and the ensuing currency crisis depressed Chilean prices (particularly for the 14 companies with ADR listings in New York), as Latin American markets in general were sent into a tailspin.
Chile's central bank revalued the peso on November 30. The central bank spent about $700 million in November to support the dollar against the peso, and this led to a significant accumulation of international reserves. Aiming to sustain growth and to avoid the adverse affects of currency appreciation on exporters, the central bank eased export finance regulations. A foreign exchange liberalization package was adopted that allows companies to keep 25% of their export earnings overseas instead of 14'%,,.
Besides the impressive gains in share prices, the Chilean stock market continued to deepen in 1994, with substantial growth in new listings, market capitalization, and value traded. New listings on
In a move to join regional trading blocs, President Frei signed an agreement in August with MERCOSUR member countries-Argentina, Brazil, Paraguay, and Uruguay-that may pave the
1995 FACTBOOK
way for Chile's membership. Chile was also invited by the United States, Canada, and Mexico at the Summit of the Americas in December to begin negotiations to bring Chile into the North American Free Trade Agreement.
ENMERGING MARKETs
DATA BASE
133
Chile 1994 (currency in millions)
Number of listed companies Boisa de Comnercio de Santiago Market capitalization Inpesos In U.S. doliars
Auig
Sep
Oct
Nov
Dec
272
273
273
279
279
279
21,818,284 52,080
21,668,510 51,245
24,673,671 58,903
25,859,3014 62,735
28,751,079 69,971
28,658,475 71,201
27,349,445 68,195
Jan
Feb
Mar
Apr
May
Jun
Jul
262
264
268
269
271
271
19,378,354 45,383
20,098,423 47,069
21,984,398 52,014
22,153,644 53,033
21,931,326 52,645
Trading value Inpesos In U.S. dollars Turnover ratio
189,523 454 0.9
175,006 420 0.8
172,h61 404 0.8
124,882 292 0.6
135,509 321 0.6
131,933 315 0.6
145,512 344 0.7
195,038 466 0.8
191,299 464 0.8
272,209 662 1.0
223,291 555 0.8
251,995 628 0.9
Local index IGPA Index * Changeinindex(%)
4,607.3 17.7
4,532.8 -1.6
4,026.7 -11.2
4,209.0 4.5
4,450.0 5.7
4,345.2 -2.4
4,300.6 -1.0
4,826.9 12.2
5,089.4 5.4
5,671.9 11.4
5,698.6 0.5
5,425.2 -4.8
IFC Global Index Numberof stocks Share of market cap. (%) Shdre of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index' Changein total returinindex(,)
41 72.7 78.9 24.3 2.6 2.2 5,420.3 21.4
41 72.0 76.0 23.9 2.6 2.1 5,333.4 -1.6
41 71.2 85.7 20.7 2.1 2.4 4,547.4 -14.7
41 73.0 90.2 22.1 2.2 2.1 4,883.5 7.4
41 72.1 84.3 21.0 2.3 2.1 5,346.3 9.5
41 70.8 83.4 20.5 2.2 2.2 5,224.0 -2.3
41 71.0 89.5 20.4 2.2 2.3 5,166.4 -1.1
41 70.9 83.3 23.2 2.5 2.1 5,944.8 15.1
40 70.0 86.8 23.8 2.6 2.0 6,255.2 5.2
40 69.6 84.0 26.3 2.9 2.0 6,942.4 11.0
40 66.0 70.5 25.0 2.8 2.2 6,788.3 -2.2
40 66.1 65.3 21.4 2.5 2.4 6,470.7 -4.7
Economic data Exclhanige rate
417.7300
416.5900
427.0000
427.0000
422.6600
418.9400
422.8400
418.8900
412.2000
410.9000
402.5000
401.0500
Note: The base date for the IGPA lindex Dec. 1980=100. The base date for the IFCG Chile Index is Dec. 1984=100.
1995 FACTBOOK
E.xL-RGINGMARKETS DATA BASE 134
Chile 1985-1994 (currency
in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
228
231
209
205
213
215
221
245
263
279
369,930 2,012
831,550 4,062
1,241,500 5,341
1,709,099 6,849
2,819,642 9,587
4,596,608 13,645
10,490,229 27,984
11,333,749 29,644
19,233,969 44,622
27,349,445 68,195
Trading voilue In pesos In U.S. dollars Turnover rati)
9,153 57 2.9
57,562 298 9.6
110,353 503 10.6
149,659 610 10.1
224,673 866 9.9
233,884 783 6.3
663,347 1,900 8.8
735,798 2,029 6.7
1,131,810 2,797 7.4
2,208,808 5,263 9.5
Local index IGPA Index Cliange in index(%)
110.3 74.2
262.1 137.8
343.6 31.1
459.8 33.8
757.6 64.8
1,166.7 54.0
2,483.7 112.9
2,733.5 10.1
3,915.5 43.2
5,425.2 38.6
IFC Global Index Number ofstocks Share of rnarket cap.(%) I/E ratio P/BV ratio Dividend yield (7,) Total return iidex Change in index(%)
25 46.3 7.5 149.3 49.3
25 50.9 4.9 0.8 5.9 380.3 154.8
25 53.( 4.6 0.7 5.9 495.01 30.1
25 66.0 3.7 0.7 9.4 678.5 37.1
26 63.6 5.6 0.9 9.5 1,026.0 51.2
28 62.9 7.9 1.0 5.0 1,440.9 40.4
35 68.2 15.9 1.7 3.5 2,853.9 98.1
35 74.0 13.0 1.7 3.8 3,315.6 16.2
35 64.1 20.0 2.1 2.7 4,462.9 34.6
40 66.1 21.4 2.5 2.4 6,470.7 45.n
15,996 30.7 183.8599 161.0806
16,817 19.5 204.7300 193.0200!
22,048 14.7 249.5400 245.4187
26,138 17.0 294.1100 259.3306
30,825 26.0 336.8600 298.5440
33,999 21.8 374.8700i 349.1412
41,192 15.4 382.3300 362.6925
43,644 12.7 431.0400 404.7200
11.5 401.0500 419.7085
Number of listed companies BolsadeComerciodeSantiago Market capitalization Inpesos In U.S. dollars
Economic data Crossdomesticproduct(US$) Clianigein consLImerprice index(%) Exchange rate Exchlaingerate (average Of period)
18,948 19.9 232.43ilO 219.5400
-
Note:The base date for the IGPA Index Dec. 1980=100.The basedate for the IFCG Chile Index is Dec. 1984=100.
1995
FAcTrrtotR
ENIERGING MARKETS DATA BASE
135
China IFCI China
Exchange Rate
Average Daily Value Traded
(US$; enid 1993=100)
(RMBIUS$)
(US$ millions)
125
8.80
1,400IFCI Composite -
IFCI market i
-- Local index1,200
8.60
1,000
~~~~~~~~~~~~~~~~~~~~~~~~~~~800-
%
6008.4050 25 Mar 94
IFCIComposite
400200 0DLA
~~~~~~~~~~~~~~~~8.20 Jun 94
-IFCI
Sep94
markethidex _
Dec94
--
Mar 94
BRUDUIIovenmnt
Jimi94
Localindex
Sep 94
Dec 94
Mar 94
Jun94
Sep?94
Dec 94
~~~~~~~~~~~~~~~~~~~~~~outllOgefirsbLteCifle
_ _
Share of Total EmergingMarket Capitalization (enid-1994; total=US$1,929
Market Performance
billioni)
Conitiniuingefforts by the Chinese government to revive local stock markets failed to prevent sharp declines in share prices during 1994. The IFCG and Chinia 2.3'
OtherEast Asia
25.6',
IFCI China
indexes fell 34.4% and 49.2%
respectively in dollar terms, while the Shanghai Stock Exchange (SSE) Composite Index lost 22.3% in local currency terms.
Other
emergkng markets 72.1%
1995 FACTBOOK
Uncertainty over the government's commitment toward capital market development depressed stock prices, which tumbled from January to yearlows in July amid low turnover. Local investors deserted the Chinese-only A-share market as confusion mounted over new tax and foreign exchange regulations. The market also suffered big losses due to the heavy volume of new listings, which increased total listings from 183 to 269 companies between January and May 1994.
EMERGING MARKETS DATABASE 136
In May, hoping to calm the volatile stock markets and rebuild public confidence, authorities postponed new A-share listings until 1995 and pledged to clamp down on price manipulation and insider trading. The Chinese Securities Regulatory Commission (CSRC) responded to pressure to prevent further declines by announcing a series of stock market reforms in August that sparked a sudden revival in the A-share market. Reforms included the establishment of a loan program for local securities firms and plans to authorize joint venture investment funds, which would effectively give foreign investors access to China's A-share market. Speculationi over the implications of these reforms, in particular the prospect of capital influx into the equities market, propelled share prices to year-highs. Shanghai's SSE index soared 136%, in August on record turnover. But the bull market came to a halt after the CSRC began wavering in its resolve to carry out the reforms and expressed concern that domestic exchanges were not yet ready for full internationalization. The CSRC proposed that the source of foreign funds come from domestic companies listing abroad. Following the speculation-fueled rebound in August and September, the market calmed and share prices began to slide again. Persistent concerns over China's failure to curb inflation, the prospect of austerity measures, and rumors of Deng Xiaoping's ill health contributed to selling pressure in November and December. Securities authorities took steps to control speculation and encourage longer-term investing by placing a ban on day trades and by tightening control on media reports that could ostensibly affect stock prices. This came in response to a report in the official Cliinn Secuirities News that said the government might allow pension and insurance funds to invest up to 10%Fo of their capital in A-shares. The report was denied by authorities, but A-share prices rose by as muclh as 5%;o in reaction to the news. The B- and H-share markets, while shadowing price swings in the A-share market, were much less volatile. Interest in B- and H-shares, which are open to foreign investors, remained light as 1995 F;ACI HOOK
investors awaited new foreign investable share listings and cautiously watched Chinese and U.S. interest rate increases. Between 1993 and 1994, Bshare listings (in Shanghai and Shenzhen) increased from 41 to 58, and H-shares (listed in Hong Kong) increased from 9 to 15. Chinese N-shares, a new category of securities listed in the New York Stock Exchange, met with lackluster support. The first two Chinese companies to receive such a listing were Shandong Huaneng Power Development (in August) and Huaneng Power International (in October).
Economic/Political
Events
Cooling the overheating economy was the primary economic objective this year. In 1994, real GDP and industrial output grew at a feverish 11.8%/o and 18% pace respectively, slightly slower than the 13.7% and 21.2% figures for 1993. Foreign direct investment increased almost 23% from 1993, reaching $33.8 billion for 1994. Average CPI and retail inflation rates jumped to 24.2% and 21.7%,, respectively in 1994 from 14.7% and 13.2%,,in 1993. The escalating inflation rate was of particular concern to the Communist party because of concerns over social discontent. Inflation was attributed to high food prices caused by severe floods and drought in the summer months and to high government spending and excessive credit.
certificates, acquired through the exchange of foreign currency into yuan. China also launched its first interbank foreign exchange market on April 1 to replace the approximately 100 swap centers nationwide. Tighter control on the flow of hard currency outside the banking system would provide the government with more control over currency fluctuations. Joint ventures, meanwhile, would continue to be served by the old swap centers. Remarkably, despite high inflation rates, China managed to maintain a stable exchange rate and even gained about 3%, on the dollar since the exchange rate unification at the beginning of the year. In trade news, China's external balances improved substantially in 1994. The country ran a trade surplus of $5 billion during 1994 compared to a $12.2 billion deficit in 1993. At U.S.-China trade negotiations in June, U.S. President Clinton delinked Chinese progress on human rights from Most Favored Nation (MFN) trading status. In December, however, marking a major trade setback, China was not invited to rejoin the General Agreement on Tariffs and Trade and become a charter member of the World Trade Organization.
Inter-enterprise debt, estimated at RMB400 billioni ($47 billion), is considered an obstacle to further economic reform. The government is struggling to limit "soft" policy loans to bankrupt state-run firms, but has been hesitant to reform the statesector or liquidate bankrupt state-firms until an adequate safety net-a welfare system with unemployment, health insurance, and retirement benefits for non-state workers-is well-developed. In a step toward creating a convertible currency, the government unified its dual-currency system on January 1 by abolishing foreign exchange EMERGINCcMAKIEIUsDATABASE
137
China 1994 (currency in millions)
Number of listed companies CombinedShenizhenand Shanghai Stock Exchanges Market capitalization In vuan In U.S. dollars Trading value In yuan In U.S. dollars Turnover ratio Local index Shanghai Composite Index Change in inidex (79 IFC Globol Index Numberofstocks Share of miarket cap. (%) Shareof trading value (54 P/E ratio P/BV ratio Dividend yield(5) Total return index Change in total retirn index (53) Economic data Exchange rate
Notes:
Jan
Feb
Mar
Apr
May
Jwu
Jid
Aug
Sep
Oct
Nov
Dcc
213
234
243
254
269
271
273
282
288
289
290
291
379,459 43,632
416,749 47,952
382,231 43,894
352,500 40,577
336,999 38,916
274,285 31,700
199,265 23,113
417,799 48,813
464,741 54,482
396,712 46,530
397,965 46,770
367,585 43,521
33,958 3,905 9.3
26,187 3,013 6.6
66,739 7,664 16.7
42,428 4,884 11.5
40,337 4,658 11.7
14,513 1,677 4.8
10,659 1,236 4.5
190,536 22,261 61.8
237,368 27,827 53.8
82,648 9,694 19.2
66,912 7,864 16.8
28,492 3,373 7.4
770.3 -7.6
771.0 0.1
704.5 -8.6
592.6 -15.9
556.3 -6.1
469.3 -15.6
333.9 -28.8
785.3 135.2
791.1 0.7
655.0 -17.2
683.6 4.4
647.9 -5.2
117 60.6 58.2 -
117 55.0 33.5 -
117 52.0 30.0 -
117 47.4 32.0 -
117 45.9 35.5 -
117 47.5 37.1 -
117 51.7 44.8 -
117 48.9 41.1 -
117 46.0 38.2 -
117 44.2 35.5 -
117 43.8 22.9 -
117 44.4 32.6 -
0.2 81.8 -11.8
0.2 81.4 -0.5
0.2 70.7 -13.1
0.3 60.3 -14.7
0.9 55.8 -7.5
2.0 47.3 -15.2
2.8 37.6 -20.5
1.4 75.1 99.7
1.5 78.5 4.6
1.9 64.5 -17.8
2.1 66.0 2.3
2.3 62.1 -6.0
8.6969
8.6909
8.7080
8.6872
8.6596
8.6526
8.6214
8.5591
8.5301
8.5260
8.5090
8.4462
The base date for the Shanghai Composite Index is Dec. 1990=100.The base date for the IFCG ChiniaIndex is Dec. 1992=100. Market capitalization anidvalue traded figures are for the combined Shanghai and Shenizlien stock exchanges.
1995 FACTBOOK
ENlLRGING MARKETS
DATA BAASE 138
China 1985- 1994 (currency in millions; end of period levels)
1985 Number of listed companies CoimibinedShenzhen and Shanghai Stock Exchaniges Market capitalization In yuai In U.S. dollars Trading value In yuan In U.S. dollars Turnover ratio Local index SSEComposite Iindex Changein index (%) IFC Global Index Ntimber of stocks Share of market cap. (%) P/E ratio P/BV ratio Dividend yield O Total return index' Change in index (--7Economic data Gross domiiesticproduct (US$) Change in consuiner price index(%) Exchanigerate Exchange rate (average of period)
1986
1987
1989
1988
1990
1991
1992
1993
1994
-
-
-
-
-
-
14
52
183
291
-
-
-
-
-
-
11,019 2,028
105,000 18,255
352,934 40,567
367,585 43,521
-
-
-
-
-
-
-
-
92,177 16,715 158.9
375,571 43,395
-
4,366 820 -
840,775 97,526 235.2
-
-
100.0 -
292.8 192.8
780.4
833.8 6.8
647.9 -22.3
-
-
-
-
61 91.3
81 47.3
117 44.4
-
-
-
-
100.0
0.2 92.7
2.3 62.1
-
-
-
-
-
-
-
-
-
-
-
-
166.5
164.0
7.3
-
-
-
-
-
-
-
-
-
-
-
-
379,269 5.1 5.4342 5.3234
435,571 6.7 5.7518 5.5146
362,573 9.1 8.7000 8.6548
-33.0
-
8.4462 8.6210
Notes: The base date for the Shanghai Composite Index is Dec. 1990=100.The base date for the IFCG China Index is Dec. 1992=100. Market capitalization and value traded figtires are for the comiibinedShanghai and Shenzhenistock exchanges.
1995 FACTIIOOK
EMERGINCNIARKETS DATA BASE 139
Colombia IFCIColombia
Exchange Rate
Average Daily Value Traded
(US$; enid 1993=100)
(PesosIUS$)
(US$ millionls)
175
850
12
9
150 -
10
~~~~~~~~~~~825
125 -
86-
100 800
42
50
775.
Mar 94
Jun94
Sep94
IFCIComposite -IFCI marketindex
Dec94 -
0 Mar 94
Jun 94
Sepy9 4
Dec94
Juni94
Sep 94
Dec 94
Localindex
IFCI P/E Ratio
Share of Total EmergingMarket Capitalization
(enid of m1ion0th valnes)
(end-1994; total=US$1,929 billioni)
Market Performance Shares listed on Colombia's Bogota, Medellin, and Occidente stock exchanges posted strong gains in 1994, despite major losses registered in other Latin
36 34 32 30 -
Mar 94
_0
7A
Atherica 23.0'
28 -
26 -during 24 22 - __ _ _ _ _ _ _22_ _ _ _ _ _ _ _ _ [1 [l El 20 Mar 94 Jui 94 Seqi94 Dec94
American markets. The Bogota Stock Exchange's IBB Index jumped 19% in peso terms, while the Medellin exchange's IBOMED index increased 24% in peso terms. A particularly strong rally the first months of the year led to 26.8%/and 25.9% dollar gains respectively for the IFCG and
Othe>~~~-~~/
~~~~~~~~~~~~~~~~~~~~~Othe emerging m17arkets
IFCI Colombia indexes in 1994. The year's steepest gains occurred during January and February in response to rapidly rising trading activity. Trading eased in March as the government and the central bank imposed tighter restrictions on domestic credit and clamped down on foreign loans. For the quarter, the IFCI Colombia Index rose 47% on average daily value traded of $9.4 million on the three exchanges, compared to $4 million in last quarter of 1993.
1995 FACTBOOK
EMERGINGN,ARKETs DATA BASE 140
Profit-taking, credit restrictions, and decreased foreign investment activity led to a 1.3% drop in the IFCI during the second quarter. Daily trading remained relatively active at $8.4 million per day, down 12% from the first quarter. Share prices dropped steeply in August following the inauguration of President Ernesto Samper, who began his tenure by announcing the details of a four year $4.5 billion social spending effort that would provide greater health and education services. Samper's emphasis on fiscal spending for social programs sparked fear among investors of high inflation. The Samper administration also reinforced restrictions on foreign borrowing imposed in April by the previous administration. This was in response to a 35% rise in official private-sector foreign indebtedness through the end of August to $5 billion. Among the restrictions, American Depositary Receipts backed by property assets were prohibited and foreign funds were required to register the names of their shareholders at the central bank. The IFCI Colombia Index lost 5%, during the third quarter, and turnover rose sharply with average daily trading during the quarter reaching a peak of $9.7 million. The last quarter saw a 9%, drop in the IFCI Colombia Index on average daily turnover of $8.1 million. As a result of the country's low exposure to foreign funds, the Mexican currency debacle in late December did not cause a major sell-off of Colombian equities. In fact, the IFCI Colombia Index for December gained 5.4%. Foreign investors provided approximately 5% of Colombia's market capital in 1994, or about $761 million. Colombia has only one company listed on the New York Stock Exchange, Banco Ganadero S.A.
Liberal Party was elected on June 19, defeating the conservative New Democratic Force candidate, Andres Pastrana, by a narrow margin. Samper campaigned in support of government spending for social programs, and to continue the "apertura" policy of economic liberalization that was started in 1990. President Samper took office during the middle of a serious outbreak of guerrilla violence. The violence continued to the end of September, but was most intense in the three weeks leading up to Samper's inauguration. In his inaugural speech, Samper said that combating terrorism, drug trafficking, corruption, and organized crime would receive top priority. The new administration's economic policy focused on restoring export competitiveness and stemming appreciation of the peso, which had risen 20'%oin real terms since the "apertura" policy began in 1990. Hoping to maintain international competitiveness and avoid over-dependence on oil exports, the new government introduced measures to devalue the currency. Following the imposition of tighter restrictions on foreign borrowing during August, the peso lost 3% of its value against the dollar in September, but appreciated again during October and November. Interest rates rose sharply in the last quarter of 1994 because of external loan restrictions and the scarcity of credit. In December, companies were paying annual rates of up to 45%. Colombia's GDP expanded by about 5.7% in 1994. The country's trade deficit jumped 34% to $2.64 billion, based on total imports of $11.9 billion (up 20.9%) and total exports of $8.4 billion (up 18%n). Consumer prices rose by 22% in 1994, about 3 points higher than the official target. Colombia's
trade
relations
with other
Latin
Economic/Political Events
American countries were further developed in
Cesar Gaviria Trujillo stepped down as president of the republic in August to take up an appointment of as secretary-general of the Organization American States. Ernesto Samper of the ruling
1994. A bilateral accord with Chile took effect at the start of the year; a tripartite deal with Venezuela and Mexico was completed; and the Andean pact free trade area was formed with Ecuador, Bolivia, Peru, and Venezuela.
1995 FAXI BOOK
EM1EIRCINC MARKETS DA1 A BASE
141
Colombia 1994 (currency in millions)
Number of listed companies BolsadeBogota Market capitalization Inpesos In U.S. dollars Trading value Inpesos In U.S. dollars Turnover ratio Locail index IBBIndex * Change in iidex
08
IFC Global Index Number of stocks Share of market cap. (7) Share of trading value OS) P/E ratio P/BV ratio Dividendyield(%) Total return index Change in total return index (%7) Economic data Exchange rate
Notes:
Jan
Feb
Mar
Apr
May
jwu
Jlt
Aug
89
89
90
90
94
96
97
97
9,033,489 11,038
10,386,488 12,671
10,399,323 12,364
11,410,592 13,921
11,558,575 14,168
11,510,525 14,110
11,265,469 13,713
10,854,611 12,972
Sep
Oct
Nov
Dec
100
105
110
113
12,698,714 15,113
201,799 240 1.7
13,517,014 16,146
137,685 164 1.0
11,237,026 13,549
88,558 107 0.7
11,665,541 14,028
182,300 219 1.4
111,741 137 1.4
184,039 225 2.0
175,569 214 1.6
160,259 192 1.4
132,701 158 1.2
134,135 164 1.2
126,253 155 1.1
176,353 216 1.6
878.3 17.3
976.4 11.2
1,052.3 7.8
1,021.4 -2.9
1,011.5 -1.0
1,000.0 -1.1
1,009.9 1.0
927.5 -8.2
992.2 7.0
957.1 -3.5
850.5 -11.1
889.9 4.6
25 102.3 74.0 29.9 2.7 0.8 4,014.7 16.6
25 90.8 80.2 32.4 2.9 0.8 4,341.2 8.1
25 94.0 72.8 29.9 2.2 1.0 4,186.7 -3.6
25 96.4 h2.5 30.8 2.3 0.9 4,291.9 2.5
25 98.6 74.5 30.9 2.3 1.0 4,433.3 3.3
25 97.9 75.1 26.4 2.0 1.0 4,467.5 0.8
25 96.8 50.0 23.9 1.8 1.2 4,050.2 -9.3
25 77.0 42.9 25.0 1.9 1.3 4,116.2 1.6
25 76.1 65.2 20.2 1.4 1.4 3,882.4 -5.7
25 73.5 63.1 18.4 1.3 1.6 3,593.0 -7.5
25 74.0 55.4 19.5 1.4 1.7 3,770.7 4.9
815.8000
815.7750
25 99.2 67.8 25.6 2.3 0.8 3,441.6 17.6
818.3800
819.7000
821.5000
836.7900
841.1200
819.6400
840.2300
837.1500
829.3500
831.6000
Market cap figures are for Bogota only. Value traded figures include Bogota, Medellin, and Cali. The base date for the IBB Index is Jan. 1991=100. The base date for the IFCG Colombia Index is Dec. 1984=100.
1995 FACTBOOK
ENllMtC;1N(-. NIAiIKETS D\
IA
B\ASE142
Colombia 1985-1994 (currency in millions; end of period levels)
Number of listed companies Bolsa de Bogota Market capitalization Inpesos In U.S. dollars Trading value In pesos In U.S. dollars Turnover ratio Local index IBBIndex' Change in index
(%)
IFC Global Index Number of stocks Share of market cap. (9) P/E ratio P/BV ratio Dividendyield(7,,) Total return inidex ' Changeinindex (9/) Economic data Grossdomesticproduct(US$) Change in consumer price index(91) Exchange rate Exchangerate(averageof period)
Notes:
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
102
99
96
86
82
80
83
80
89
90
71,689 416
180,012 822
329,112 1,255
384,744 1,145
480,531 1,136
740,673 1,416
2,846,929 4,036
4,611,818 5,681
7,499,837 9,237
11,665,541 14,028
4,204 30 5.3
9,521 49 7.6
19,524 80 7.7
18,793 63 5.3
28,092 74 6.5
34,389 71 5.6
126,557 203 7.1
420,709 554 11.4
596,047 732 9.8
1,811,394 2,191 17.8
226.5 4.9
463.3 104.5
851.3 83.7
872.1 2.4
975.9 11.9
1,392.3 42.7
358.1 -
499.9 39.6
749.1 49.8
889.9 18.8
24 72.2 16.1 88.8 -11.3
24 83.4 -39.0 1.1 6.6 221.9 150.0
22 94.6 9.6 1.3 4.9 396.2 78.6
22 88.0 6.3 1.0 5.9 347.5 -12.3
21 90.5 5.3 0.7 7.0 389.8 12.2
20 94.5 8.4 0.8 7.6 535.9 37.5
20 91.8 40.1 2.3 2.3 1,561.1 191.3
20 89.9 27.9 1.7 1.9 2,171.6 39.1
20 75.3 25.5 1.8 1.9 2,925.4 34.7
25 74.0 19.5 1.4 1.7 3,77'.7 28.9
34,894 24.0 172.1999 142.3116
34,943 18.9 219.0000 194.2600
36,373 23.3 262.1400 242.6100
39,246 28.1 336.0000 296.3809
39,781 25.8 423.0900 381.8281
41,675 29.1 523.0000 485.3745
42,177 30.4 705.41(00 622.1644
43,643 27.0 811.7700 759.4330
51,486 22.6 811.9000 814.4196
831.6000 826.7453
-
Market cap figtires are for Bogota only. Value traded figures include Bogota, Medellin, and Cali. The base date for the IBB Index is Jan. 1991=100.The base date for the IFCG Colombia Index is Dec. 1984-100.
1993 EACTI1t
lKx
E.Ih
IN;
NIARIK:I is DAIA
BASI
143
Greece Average
Rate
IFCI Greece
Exchange
(US$; end 1993=100)
(Drachinas/US$)
(US$
130
250
60
120
245
50
~~~~~~~~~~~240 -40-
-
110
Sep 94
Junl94
Mar 94
IFCIComposite -
IFCImarketindex
Dec 94 - -
Mar 94
Junl94
Sep 94
Dec94
Share of Total EmergingMarket Capitalization
(en7dOf mo1nth vXalueS)
(end-I 994; tOtal=US$ 1,929 billion)1
13 Jim94
SL94
ii94
Dec94Mar94
Greece
12-
Dec94Mthe
S94
OtherEMEA 20._
1110 l
9
l
B[Lflu g,fl n I
Mar 94
Jim94
LlLL
Sep94
Mnr 94
Juln94
Sep 94
Dec94
Localindex
IFCIPIE Ratio
Mar 94
Daily Value Traded
miillionIs)
Dec94
_5%;
Market Performance Greek stocks moved slightly lower in 1995 in response to the delay and eventual cancellation of privatization of Hellenic Telecom (OTE), an
increasing number of IPOs, and the lifting of all restrictions on capital movements abroad by the central bank. The Athens Stock Exchange (ASE) General Index dropped 9.4% in drachma terms and nearly 6% in dollar terms in 1994, while the IFCG
and IFCI Greece indexes lost 2% and 0.9% Other
emerging markets 78.7%,
in dollar terms. The market continued r respectively to deepen in 1994, with 216 listed stocks last year compared to 143 at the end of 1993. Total annual
value traded soared by nearly 90% to $5.1 billion, and the total number
of shares trading
hands
reaching 460 million, up from 236 million shares in 1993. The market's P/E ratio stayed flat at 14.2. In January, optimism surrounding new initial public offerings for construction companies along with promises of stock market reforms by the 1995 FACTBOOK
D,rAT B,xsE 144 LmtitRGINGNIARKETS
government helped propel the ASE to an all-time high of 1,194. Value traded reached a very high $1.01 billion. Uncertainty over the situation in Bosnia and the health of Greece's minister of national economy sparked investor concern in February, but the ASE Index continued to rise. The ASE committee imposed a 12-month waiting period on subsequent capital increases by listed companies. The move would give the ASE time to ensure that funds raised in initial offerings were being used as promised in prospectuses. Lower interest and inflation rates along with news that OTE would be privatized kept investor interest alive during March. However, these developments and an announcement by Prime Minister Papandreou that 13 large infrastructure projects would be partially funded by the European Union under the Second Delors Infrastructure package failed to prevent the stock market from sliding 5.9%. During the next six years, the European Union will provide more than $8 billion for public works and infrastructure projects in Greece. The market remained flat throughotut April and May, despite major political events that included a visit to the United States by Prime Minister Papandreou, the death of the minister of national economy, and Parliament's approval of a tax reform bill. Local and foreign investors were also concerned about the possible impact of a proposed 15%,ocapital gains tax on government securities held by mutual funds. In May, the lifting of restrictions on short-term capital movements combined with rumors of a drachma devaluation fueled a 13%7drop in the ASE General Index. The appointment of a new minister of national economy had little impact on the market. Pessimism about a devaluation continued into June, despite aggressive intervention by the central bank to defend the currency. The ASE announced new rules in July that require all companies applying for a listing to first submit I 940I
\( Nt
I
( )( )
a plan describing how they intend to use funds generated by the listing. by foreign investors, Blue chip purchases especially of constrtuction companies, kept the market active in August. Favorable economic reports about declining inflation helped nudge the market up 0.57o, but many domestic and foreign investors remained on the sidelines in the leadup to OTE privatization. On September 30, the ASE introduced a new General Index. The index, which represented contained 65 68.5%S,of market capitalization, stocks selected on the basis of capitalization and liquidity during the first half of 1994. Construction companies were among the most active during the last quarter of the year after the government awarded major infrastructure projects to domestic and international joint ventures. The market closed 1994 on a positive note, thanks to a drop in the inflation rate to 10.8%,,and news that PM Papandreou would not seek the presidency in the spring, which reduced the likelihood of early elections.
Economic/Political
Events
In economic news, the European Union's economic council expressed concern that Greece's public sector borrowing requirements could reach 18% of GDP in 1994 and called on the government to increase its revenues beginning in 1995. To boost revenues, the Parliament passed a new tax bill in April that increased the corporate tax rate for companies not listed on the Athens Stock Exchange from 35% to 40%. The rate remained unchanged at 35X/ for listed firms. The EU council also told the newly elected socialist government of PM Papandreou to ensure that Greece's economic growth is kept in line with that of other EU member states. In this regard, Greece submitted to the European Union on June
21 a 5-year convergence plan for the local measures for economy. The plan included increasing fiscal revenues and cutting public spending. It also predicted an inflation rate of 3.5% by 1998 and annual GDP growth of about 3% by 1998 from 1.1% in 1994. The Ministries of Labor and National Economy finally secured an agreement with labor unions to limit wage increases to 11% on a yearly basis on the condition that inflation would remain in check continued to through 1996. The government maintain its "hard drachma" convertibility policy in 1994 despite opposition from the Federation of Greek Industries, which said the policy was making domestic products less competitive in export markets. On May 14, the Greek government lifted all restrictions on short-term capital movements, thus allowing Greek investors to freely convert the national currency into other currencies, to keep foreign exchange accounts, to borrow in foreign currencies, and to carry out transactions in foreign exchange. The government also continued its antiinflationary policy by allowing the drachma to gradually slide against other major currencies. Rumors of a possible devaluation of the currency pushed the central bank to defend the currency by launching a series of ECU- and dollardenominated bonds. The Greek Parliament approved the first two bills necessary for the partial privatization of OTE on August 10. According to the Ministry of Finance, the government intended to privatize 25% of the Hellenic Telecom through the Athens Stock Exchange and foreign investors but was forced to postpone the flotation in November after international placing agents predicted the share price was likely to end nearly 15%7nlower than initially projected. On December 21, Parliament approved Greece's 1995 budget, which plans to eliminate income tax breaks and to renew the fight against tax evasion.
E\
;I N
I NI,\IzI11 {
Il).x .[IIB! 1 \Si:
145
Greece 1994 (currency in millions)
Number of listed companies AthensStockExchange Market capitolization In drachmas In U.S. dollars Trading volue In drachmas In U.S. dollars Tuirnover ratio Local index ASE Composite Index Change in index (%) IFC Global Index Nuinberof stocks Share of market cap. (9;) Share of trading valie(%) P/Eratio P/BV ratio Dividend yield (%) Total return index * Changeintotal return index(M) Economic data Exchange rate
Jul
Aug
Sep
Oct
Nov
Dec
159
164
190
200
203
208
216
2,903,199 11,947
2,989,581 12,475
3,092,101 12,903
3,291,640 13,718
3,326,759 14,055
3,230,634 13,907
3,407,312 14,084
3,589,955 14,921
90,500 373 2.7
85,645 352 2.8
79,597 332 2.7
51,011 213 1.7
95,826 399 3.0
77,199 326 2.3
65,198 281 2.0
72,464 300 2.2
107,101 445 3.1
1,003.5 -5.9
988.7 -1.5
860.1 -13.0
849.3 -1.3
845.8 -0.4
846.4 0.1
851.6 0.6
815.1 -4.3
846.6 3.9
868.9 2.6
36 64.6 58.0 12.1 2.3 4.3 708.0 -5.8
36 64.3 53.7 12.1 2.2 4.6 712.4 0.6
36 64.2 59.1 10.2 1.9 5.0 623.4 -12.5
36 61.5 47.1 10.2 1.9 3.9 632.2 1.4
36 59.3 44.1 10.2 1.9 4.6 637.2 0.8
36 56.0 36.6 10.3 1.9 4.9 642.3 0.8
36 55.7 38.2 10.3 1.9 4.9 653.9 1.8
36 55.8 35.9 9.8 1.8 5.0 646.5 -1.1
36 55.4 30.4 10.2 1.8 4.8 643.5 -0.5
36 53.8 33.0 10.4 1.9 4.6 668.6 3.9
Jaii
Feb
Mar
Apr
May
144
145
145
147
147
3,433,061 13,798
3,424,107 13,874
3,332,156 13,521
3,304,819 13,631
259,807 1,044 8.0
156,220 633 4.6
107,602 437 3.2
1,055.2 10.1
1,066.2 1.0
36 64.8 49.1 13.0 2.5 3.1 738.2 12.7
36 65.8 46.7 13.2 2.5 3.1 751.5 1.8
248.8000
246.8000
246.4500
242.4500
243.0000
JLM
239.6500
239.6500
239.9500
236.7000
232.3000
241.9350
240.6000
Note: The base date for the ASE Composite Inidex is 1980=100. The base date for the IFCG Greece Inidex is Dec. 1984=100.
1995 FACTBOOK
ENIFIRGING MARKETS
DATA BASE
146
Greece 1985-1994 (currency in millions; end of period levels)
Number of listed companies AtheiisStock Exchange Market capitalization In drachmas In U.S. dollars Trading value In drachmas In U.S. dollars Turnover ratio
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
114
114
116
119
119
145
126
129
143
216
113,060 765
156,611 1,129
565,582 4,464
632,950 4,285
996,623 6,376
2,428,929 15,228
2,295,594 13,118
2,042,896 9,489
3,071,801 12,319
3,589,955 14,921
59,676 441 16.5
44,413 313 7.4
89,006 549 10.9
621,370 3,924 36.3
444,977 2,443 18.8
306,800 1,605 14.1
623,434 2,713 24.4
1,248,170 5,145 37.5
2,384 17 2.3
4,5201 32 3.3
Local index ASE Composite Index* Change in index (%)
70.9 19.9
103.9 46.4
272.5 162.3
279.6 2.6
459.4 64.3
932.0 102.9
809.7 -13.1
672.3 -17.0
958.7 42.6
868.9 -9.4
IFC Global Index Numberofstocks Share of market cap. (,) P/E ratio P/BV ratio Dividend yield(%) Total return inidex Changeinindex(%)
10 36.1 12.0 103.4 3.4
10 35.6 5.1 157.4 52.2
10 50.0 20.6 1.9 2.3 396.9 152.2
26 58.5 10.6 1.7 5.6 247.7 -37.6
26 66.7 16.6 2.2 4.6 446.4 80.2
26 55.9 16.7 4.3 5.0 911.2 104.1
32 60.7 10.7 2.3 3.8 735.9 -19.3
32 56.7 6.9 1.7 11.0 537.4 -27.0
35 56.7 10.2 1.9 4.8 655.3 21.9
36 53.8 10.4 1.9 4.6 668.6 2.0
33,433 19.3 147.7599 138.1190
39,397 23.0 138.7600 139.9800
46,212 16.4 126.7000 135.4300
511,779 13.5 147.7000 141.7146
54,145 13.7 156.3000 162.1108
66,602 20.4 159.5000 158.3425
70,281 19.5 175.0000 182.1592
77,607 15.9 215.3000 191.1194
72,935 14.4 249.3500 229.7990
10.9 240.6000 242.6157
Economic data Grossdomesticproduct(US$) Chanigein constimer price iidex (,,) Exchange rate Exchangerate(averageof period)
-
Note: The base date for the ASE Composite Index is 19801100.The basedate for the IFCG Greece Inidex is Dec. 1984=100.
1995 I\CAt l(
E[\llHlGING
MAIRKI:Is
DA I.A BASE 147
Hungary IFCI Hungary (US$; end 1993=100)
Exchange Rate (ForintsIUS$)
Average Daily Value Traded (US$ mnillions)
160
116
5
140 -,
112-
4-
120 -108
-3-
10060
104_______100
[
2
UJIUE
]nBlEL
60-Hfi961n Mar 94
Jun 94
LFCIComposite -
Sep94
IFCImarketindex
Dec94 --
Mar 94
Juni94
Sep94
Dec 94
Mar 94
Jun94
Sep 94
Dec94
Localindex
IFCI P/E Ratio (end of month zvalues)
Share of Total Emerging Market Capitalization (ena'-1994; total=US$1,929 billioni)
Market Performance Hungarian equities registered impressive gains during 1994 in local currency terms, but moved
120100 -Hungary 80-
n
60 -17.5% 40 1
g
0
20 Mar 94
Jun94
Sep94
n
discouraged bycurrent account andbudget
~~~~~~~~~~~~~~~~~~~ ~~were deficit problems. Successful efforts by the BSE to
Othier emerging
°
sharply lower in dollar terms due in part to a steep drop in the value of the forint. The Budapest Stock Exchange (BSE) Index jumped 16.5% in forints while the IFCG and IFCI Hungary indexes dropped and 8.9%,respectively in dollar terms. Aside fromn exchange rate concernis, foreigni investors
P RflRH~~ _ _ __HugayOther EMEA 21.2%
Dec94
miarkets
list high quality companies and increase participation from domestic investors did little to attract foreign investors.
78.7%,'
In January, new BSE listings and rising investor demand pushed the BSE Index to record highs. Domestic investment funds bought aggressively in anticipation of rising foreign investment and improved corporate earnings. After moving steadily lower in February, the government 1995 FACTBOOK
ENIERGINGMARKETS DATA BASE 148
proceeds in the next few
announced the details of its privatization program, which aims to sell nearly 70 state-owned companies, including stakes in the national telecommunication and oil companies, and whiclh allow greater foreign institutional would participation. The market was unimpressed and the BSE Index stayed flat on light turnover through March. Also in March, the Ministry of Finance announced new regulations to allow foreign investors to participate in Hungary's bond market.
billion in privatization years.
The stock market continued to slide in April and May on declining trading volume. The market reacted calmly to the socialist's victory in parliamentary elections in May and remained optimistic about the coalition government's promises to support economic reformis. Toward the end of June, domestic investors started raising cash to participate in upcoming IPOs. Promises by the coalition government to promote parliamentary democracy and a market economy based on private ownership, along with several new listings on the Budapest Stock Exchange, helped boost investor sentiment in July. But rumors of a forint devaluation kept most foreign investors on the sidelines. Trading was active in July after the government announced it would speed up the privatization of utilities and banks and encourage the creation of domestic institutional investors such as pensioni funds. Foreign investors returned to the BSE in late August following an 8% devaluation of the forint. Compensation coupons given to Hungarians for property confiscated by the former government were actively traded on the exchange.
The market renewed its slide again in December after foreign investors interpreted government statements about the country's budgetary and current account problems as a signal that the forint might be devalued again.
Despite optimism surrounding the privatization of one of the country's largest pharmaceutical companies, the BSE Index fell 8.5% in September. But local brokers and investors predicted that through the BSE would more privatization increase overall trading value and volume and attract more foreign investors, who often acquire Hungarian securities on the neiglhboring stock markets of Vienna and Frankfurt. Despite falling asset values of many companies still under state especially in the control, several enterprises, banking sector, could generate as much as $5 1995 FACTBOOK
Hungarian companies looked to equity financing as an alternative to expensive bank loans during the final quarter of 1994. In late October, government officials expressed a willingness to sell 10%X company, of the national telecommunication MATAV, to a group of foreign investors through a private placement that could net $300 million.
The government has proposed that a Small Investor to Program (KRP) be launched Shareholder encourage small investors to participate in the market. Under the program, eligible investors could buy up to $970 worth of shares through interestfree loans payable in installments over five years. an agreement with BSE officials announced France's MATIF to cooperate in developing a derivatives market in Hungary. Although the Hungarian market contracted in dollar terms in 1994, market liquidity increased tremendously due largely to a surge in new listings. Twelve new companies were listed, raising the total number to 40. Market capitalization doubled to $1.6 billion.
Economic/Political
Events
Three major events topped political and economic during 1994: the May news in Hungary elections which resulted in a parliamentary coalition of the two leading political parties, consecutive devaluations of the forint, and, as detailed above, delays in implementation of the new privatization law. The Hungarian Socialist Party (HSP) won 209 of 387 seats in P'arliament in May elections. Socialist
Party President Gyula Horn signed a coalition agreement on June 20 with the Alliance of Free Democrats (AFD), which placed second with 70 seats. Both parties appeared to favor measures to control the country's current account and budget deficit, attract foreign direct investment, decrease the inflation rate, and protect the poorest members of Hungarian society. The National Bank of Hungary, which can devalue the forint by up to 5%, without prior approval from the government, devalued the national currency 6 times during 1994. The forint started 1994 at Ft 100.7 per dollar and ended the year at Ft 110.69 per dollar, the bank said. In other news, growing imports of Western goods and uncompetitive exports kept Hungary's trade deficit ballooning in 1994. Hungarian business groups pushed for but did not receive a rapid devaluation of the forint, arguing that this was necessary for Hungarian exports to be competitive in the European Union. The level of bad loans held by Hungary's largest commercial state-owned banks rose in 1994, prompting the government to consider restnictiring bank sector. Non-performing the banking portfolios and tight economic conditions, along with inefficient methods for evaluating loans, caused the nation's largest commercial banks to record more than $2.3 billion in bad loans in 1994. On February 1, Hungary signed an agreement with the European Union to eliminate tariffs and import quotas on industrial goods. The government merged the State Property Agency and the State Holding Company Ltd. Hungary's debt was rated BAI by Moody's and BB+ by Standard & Poor's in August. The government's commitment to aggressively pursue market-oriented reforms will eventually improve the rating, the central bank said.
ENIERCING MARKETS DATA BASE
149
Hungary 1994 (currency in millions)
Number of listed companies Budapest Stock Exchanige Market capitalization In forints In U.S. dollars Trading value In forints In U.S. dollars Turnover ratio Local index BSEBUX Index Change in index ('§) IFC Global Index Numberof stocks Share of market cap. (', Share of trading value (',) P/E ratio P/BVratio Dividend yield(,) Total return index * Change in total return index (Co) Economic data Exchangerate
Notes:
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
28
29
30
33
37
39
39
39
40
40
124,942 1,204
120,159 1,173
108,783 1,064
113,569 1,109
111,217 1,089
145,737 1,431
174,647 1,593
165,748 1,536
165,867 1,537
184,493 1,676
181,527 1,604
8,265 81 7.4
4,205 41 3.1
1,378 13 1.1
654 6 0.6
825 8 0,7
1,106 11 1.0
1,402 14 1.1
3,082 28 1.9
2,036 19 1.2
1,768 16 1.1
1,386 13 0.8
2,275 20 1.2
2,004.7 58.1
1,840.4 -7.5
1,843.0 -0.2
1,635.4 -11.0
1,595.5 -2.5
1,462.0 -8.2
1,539.3 4.9
1,739.3 13.0
1,591.7 -8.5
l,h29.0 2.3
1,545.8 1.2
1,470.1 -8.4
13 80.2 142.6 89.6 2.8 1.6 179.5 44.1
13 81.1 74.0 79.8 2.5 1.8 157.4 -12.3
13 81.6 67.9 77.6 2.4 1.8 154.1 -2.0
13 79.8 58.7 68.4 2.1 1.9 136.8 -11.3
13 84.2 49.6 -78.8 1.9 2.1 131.2 -4.1
13 77.8 70.4 -73.1 1.7 2.6 120.9 -7.8
13 62.9 39.9 -66.3 1.9 2.5 127.5 5.4
13 58.7 35.7 -72.8 2.1 2.2 132.3 3.8
13 56.6 36.3 -63.1 1.9 2.4 123.2 -6.9
13 57.8 35.0 -62.0 2.0 2.4 125.4 1.8
13 49.2 22.9 -60.8 1.8 2.5 116.5 -7.1
13 46.6 21.6 -55.3 1.7 2.7 105.5 -9.5
101.9300
103.7300
102.4000
102.2300
102.3700
102.0900
101.8700
109.6200
107.8800
107.9400
110.0700
113.1500
Jan
Feb
28
28
141,672 1,390
Mar
Hungary replaced the BSEIndex with the BSE BUX Index (Jan. 2, 1992=1,000)in Jantiary 1995.This time series has beelnadjusted to reflect the new index. The base date for the IFCG Hungary Index is Dec. 1992=100.
1995 FACuIlOOK
[ElMRGING
MARKETS DAIA BASE 15U
Hungary 1985-1994 (currency in millions, end of period levels)
Number of listed companies Budapest Stock Exchange Market capitalization In forints In U.S. dollars
-
1992
1993
1991
1994
-
-
-
-
21
23
28
40
-
-
-
-
-
38,200 505
47,207 562
81,741 812
181,527 1,604
-
-
-
-
8,723 117 -
2,996 38 6.3
9,136 99 14.2
28,382 270 21.6
-
-
-
-
-
837.6 -
890.9 6.3
1,264.2 29.5
1,470.1 14.0
-
-
-
-
-
-
12 84.1 -
13 46.6 -55.3 1.7 2.7 105.5 -15.3
-
-
Local index BSF BUX Iidex * Change in ioidex (')
Economic data Gross domestic product (US$) Change in consumer price inidex (') Exchange rate Exchange rate (average of period)
1990
-
Trading value In forint In U.S. dollars Turnover ratio
IFC Global Index Nuimber of stocks Shareof market cap.(') P/E ratio P/BV ratio Dividenid yield (.) Total retirn index Change in inidex (')
1989
1988
1987
1986
1985
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
30,888 34.2 75.6200 74.7350
35.448 22.9 83.9700 78.9880
36,084 21.5 100.7000 92.0065
-
-
-
-
-
-
13 81.2 52.4 1.6 2.7 124.6 24.6
-
-
-
113.15001 105.2104
in January 1995.This time series has been adjusted io reflect the new index. N,e)ts: Hungary replaced the BSE Index with the BSEBUX Index (Jan. 2, 1992=1,0100) The base date for the IFCG Hunigary Index is Dec. 1992=100.
1995 FA( I BOOK
ENIERGING NIARKETS DATA BASF
151
India IFCIIndia
Exchange Rate
Average Daily Value Traded
(LIS$; en1d1993=100)
(RiipeeslUS$)
(US$ millions)
110-
32.0-
180 -
~~~~~~~~~~~~~~160-
-
100
31.0 IFCI9Composite -
140-
IFCImarketindex--Localindex120 100
30.0 -8
~~~~~~~~~~~~~~60-
29.0 70
40-
60
28.0 jun 94
Mar 94
IFCIComposite
SL'p94
IFCImarketindex
-
Dec94 --
1
-
Mar 94
-
-
Ju4n94
-
0-
-
Sep794
Dec94
IFCI P/E Ratio
Share of Total EmergingMarket Capitalization (end-1994; total=US$1,929 billion)
50 45 -
India
Other South Asia
6.6% 40 -
20.4'%;
_
_
_
_
-
3025 Mar 94
Jun 94
Sep94
Dec94
Oteri emerging markets 72.9%7
1995 FACTBOOK
IJin94
Sepi94
Dec94
Localinidex
(end of month values)
35 -
Mar 94
son
Market Performance India was one of the few Asian emerging markets to post gains in 1994, with the IFCG and IFCI India indexes rising 6.5% and 6.07o respectively in dollar terms and the BSE-200 Index jumping 8.6%o in rupees and 7.8% in dollar terms. As a result of rising share prices and a 35.2% jump in the number of listed companies to 4,413, market capitalization the Bombay Stock Exchange (BSE) soared by 30.1% to $127.5 billion in 1994. Aggregate turnover rose an equally impressive 23.0'%0to $26.9 billion, or $116.5 million per trading session. While most emerging markets registered large declines during the first quarter of the year, share prices on the BSE rose about 8% in dollar terms. Gains were very steep early in the quarter, prompted by heavy institutional buying by local and foreign investors and expectations of budget measures to cut corporate, personal, and capital EMERGINGMARKETSDATA BASE 152
gains taxes. The market dropped sharply in March, however, amid investor disappointment over the annual budget announced at the end of February, and international market forces such as increases in U.S. interest rates and falling world equity prices. March also saw thin trading due to several holidays and to a trading boycott by brokers in response to the Securities and Exchange Board of India's (SEBI) demand that forward (badla) trading practices be substantially revised for more by the stock exchanges or be transparency discontinued. The market remained depressed in April because of investor disappointment over the postponement of the $1 billion GDR issue of state-owned company VSNL. Renewed telecommunication interest from foreign investors helped prices rebound in May, as did buying by the Unit Trust of India (the state-owned mutual fund), excellent corporate results, prospects of a good monsoon, inflation rates, and bonus issue favorable announcements by some large companies. The uptrend contintued through August, but was followed by declines in September stemming from concerns over the outbreak of plague in western India. Hotel stocks were the hardest hit because of the plague's impact on tourism. Stock in textile manufacturers, many of whom are located in the west, also suffered as well as shipping stocks on concerns over diminishing exports resulting from the outbreak.
A total of 41 GDR issues were made by Indian companies in 1994, cumulatively raising slightly over $3 billion. Despite the profusion of issues, the market for Indian GDRs met with several disappointments during the year. Early in the year, a drop in world equity markets put a number of planned GDR issues on hold and sent GDR prices to wide discounts to underlying stock prices. In May, the much-publicized international issue of VSNL was postponed due to the high issue price (Rsl,400, or $45) of the units in a slumping domestic market. The postponement was viewed as a major setback for other companies planning international issues. In regulatory news, the government announced guidelines for companies offering international issues in 1994. The new rules allow companies to make one issue per financial year, and groups of two issues per group per year. companies Furthermore, consectutive issues by a company must be at least 12 montlhs apart. The government also for which international purposes specified offerings can be made. Companies that make GDR issues are no longer allowed to repatriate funds from the issue sale into India until they are ready to be utilized for the project for which they were also disallowed The government raised. international offerings of warrants, which were often used to enhance the attractiveness of issues.
rates by withdrawing most controls, abolished minimum lending rates, and permitted banks to set their own prime rates. Moody's, the U.S. rating India's sovereign debt to agency, upgraded investment grade in 1994. The RBI forecasts 5-66/t economic growth in India in fiscal year 1994-95, in large part due to rising industrial production, strong consumer spending, and a good monsoon season. Industrial output is expected to grow by 6-7%o,agricultural output by 3%), and private investment by 10%. Export growth for the first half of the fiscal year was 12% while import growth for the period was 19%7, resulting in a wider trade deficit. The fiscal deficit for 1994-95 is estimated at 6.7%c,of GDP against a target of 6%. The previous year's fiscal deficit was approximately 7.3% compared to a target of 4.7%. India's foreign exchange reserves almost doubled in 1994. At the end of the third quarter, reserves stood at $19 billion, excluding gold, an increase of 93% from a year ago and well above the $1 billion during the 1991 balance of payments crisis. The rise stemmed from aggressive buying of foreign currency by RBI to prevent the rupee from appreciating, sales of securities abroad by Indian companies, and through portfolio and direct investment flows. Large inflows of foreign funds have also led to fears of rising inflation, which stood at approximately 9% in 1994.
Economic/Political Events A 9% slide in equity prices in the fourth quarter was attributed to concerns about the economic consequences of the plague, and renewed fund interest in the primary market and the overseas GDR market. The outcome of the first part of state elections held in December, in which the ruling Congress party lost in three out of four states, further depressed the market. The year ended with uncertainty over whether the ruling party would continue or curb its efforts to liberalize the economy and over the outcome of the next round of state elections in early 1995.
1995
FACTBOOK
reiterated its In early 1994, the government intention to push ahead with economic reforms in its fiscal budget for the year beginning April 1, 1994. The budget included lower corporate tax rates and simplified duty structures for imports, customs, and excise. Import duties for a range of goods were also reduced. Other notable budget measures were a reduction in the minimum lending rate from 15% to 14,,, and currency convertibility on the current account. Later in the year, the Reserve Bank of India (RBI) deregulated interest
ENIELIGING
MARKETS DAT A BASE
153
India 1994 (currency in millions)
Jan
Feb
Mar
Apr
May
Jun
jul
Aug
Sep
Oct
Nov
Dec
3,353
3,483
3,585
3,705
3,813
3,900
3,987
4,077
4,172
4,245
4,345
4,41 3
3,641,390 116,974
3,906,960 125,666
3,680,710 118,237
3,648,680 116,200
3,729,770 119,813
3,980,440 127,865
4,082,300 131,137
4,468,840 143,508
4,169,660 133,943
4,158,81 0 132,546
4,016,920 127,948
4,000,000 127,515
106,460 3,420 3.2
82,510 2,654 2.2
80,860 2,597 2.1
35,030 1,116 1.0
35,880 1,153
76,920 2,471 2.0
79,400 2,551 2.0
59,650 1,916 1.4
80,980 2,601 1.9
88,310 2,815 2.1
53,420 1,702 1.3
71,940 2,293 1.8
Local index BSE200 Index ' Chanigein index (')
494.5 21.3
506.9 2.5
450.1 -11.2
447.2 -0.6
450.7 0.8
487.9 8.3
490.9 0.6
527.6 7.5
488.5 -7.4
476.8 -2.4
470.6 -1.3
442.5 -6.0
IFC Global Index Numberofstocks Share of market cap. (') Sliareof trading value () P/E ratio P/BVratio Dividenid yield Total rettirn index Change in total return index(%)
120 58.5 58.3 48.0 6.0 0.7 0;) 585.6 18.5
120 57.3 69.1 49.8 6.3 0.7 612.0 4.5
119 53.4 36.8 43.2 5.4 0.8 534.0 -12.7
119 53.2 30.1 39 8 5.1 0.7 518.2 -2.9
119 53.0 30.1 37.0 5.0 0.8 528.7 2.0
119 52.7 46.8 36.6 5.1 0.8 560.2 6.9
119 52.4 16.9 36.3 5.2 1.0 572.5 2.2
119 51.4 31.7 38.6 5.5 0.8 615.2 7.4
119 52.3 16.0 36.5 5.2 ((.9 584.3 -5.0
119 51.4 12.6 32.6 4.9 0.9 567.4 -2.9
119 53.6 19.5 30.9 4.7 0.9 557.3 -1.8
119 51.3 9.3 26.7 4.2 1.0 530.7 -4.8
31.1300
31.0900
31.1300
31.4000
31.1300
31.1300
31.130(0
31.1400
Number of listed companies BomiibayStock Exchange Market capitalization In rupees In U.S. dollars Trading value
Inrupees In U.S. dollars Turnover ratio
Economic data Exchanigerate
Notes:
1.0
31.1300
31.3763
31.3950
31.368S
IFC switched to the BSE200 (1989-90i100) fromiithe F.E. Bombay Index in this Factl7eokbecauisethe former is imiorerepresenitativeof market movements. This timyieseries has beeniadjusted to reflect the new inidex. The basedate for the IFCG Inidia Index is Dec. 1984=100.
1995 FACTBOOK
ENIrlERGING MAIRKETs DATA BASE
154
India 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1,259
1,912
2,095
2,240
2,407
2,435
2,556
2,781
3,263
4,413
174,750 14,364
178,300 13,588
219,870 17,057
354,820 23,623
460,000 27,316
700,000 38,567
1,231,440 47,730
1,867,610 65,119
3,050,000 97,976
4,000,000 127,515
61,340 4,959 48.3
135,960 10,781 77.0
87,400 6,743 43.9
170,035 12,241 59.2
280,320 17,362 68.8
382,091 21,918 65.9
548,350 24,295 56.8
572,723 20,597 37.0
675,152 21,879 27.5
851,360 27,290 24.1
Local index BSE 200 Index Clhangein inidex (()
396.4 98.4
424.8 7.2
389.9 -8.2
634.5 62.7
839.9 32.4
1,040.7 23.9
233.6 -
314.8 34.8
407.5 29.4
442.5 8.6
IFC Global Index Number of stocks Share of inarket cap.(¶3.) P/E ratio P/BV ratio Dividend yield(¶3.) Total return inidex Change in index(53)
25 27.6 2.0 205.1 105.1
47 45.9 12.10 2.5 2.6 199.2 -2.9
40 34.1 13.10 1.4 2.7 168.1 -15.6
40 33.5 18.9 2.3 3.2 230.8 37.3
60 46.0 14.9 2.5 1.9 240.7 4.3
60 40.6 17.8 2.9 1.9 285.8 18.8
60 36.2 25.4 3.9 1.3 338.5 18.4
62 39.0 33.7 4.7 0.7 416.0 22.9
108 50.3 39.7 4.9 1.0 494.0 18.8
119 51.3 26.7 4.2 1.0 530.7 7.4
284,365 9.4 15.0200 13.8903
274,233 6.2 16.8400 16.1457
304,527 9.0 18.1500 17.4326
270,044 13.9 25.8000 22.5704
310,126 11.8 28.6800 27.8066
262,810 8.0 31.1300 30.8583
-
Number of listed companies Bombay Stock Exchange Market capitalization
In rupees In U.S. dollars
Trading value In rupees In U.S. dollars Turinover ratio
Economic data GrossdomesticprodLct (US$)' Clianigeinconstimerpriceindex(%) Exchange rate Exchiange rate (averageof period)
Notes:
211,760 5.6 12.1655 12.3687
231,520 8.7 13.1220 12.6110
256,609 8.8 12.8900 12.9620
31.3688 31.1970
IFCswitched to timeBSE 200 (1989-90=100) fromii the F.E. Bombay Inidex in this FactIook because the former is more representative of market movements.The BSE 200 begins with 1991 data; prior to 1991, the F.E.Bombay Index is referenced. The base date for the IFCG Inidia Inidex is Dec. 19844100. GNP data from the 1995 World (lank Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, India's GNP totaled $271,638 million.
195 FAC I BF)OOK
E[mi If(.tN(;
MARIK
is DATA BASr
155
Indonesia IFCI Indonesia
Exchange Rate
Average Daily Value Traded
(US$; enid 1993=100)
(Ru piahlUS$)
(US$ millions)
130 -2,200
80
~~~~~~ -70-~~~~~2,180
120
110-
60
2,160
100
2,140 -50
2,120-40
90
-il
80-2,100 70 60
Mar 94
IFCIComposite -
K
30-1 Jun94
Sep94
IFC marketindex
Dec94 --
2 1080 -20210-0
Mar 94
Jum94
Sep94
Dec94
10LL
_ Mar 94
Jun94
Sep94
Dec94
Localindex
IFCIP/E Ratio
Share of Total EmergingMarket Capitalization
(enid of montil values)
(enid-1994; total=US$1,929 billioni)
31 2927 -
Indonesia
2.4%
25-
Other Sotith Asia
24.6%,R
23 -
Market Performance After more than doubling in 1993, Indonesian equities moved steadily lower in 1994 in response to dwindling investor interest amid rising global interest rates. The IFCG and IFCI Indonesia indexes suffered losses of 20.6% and 20.0% respectively in dollar terms while the local JSE Composite lost 20.2% in rupiah terms.
21-
19-
Despite
17 17 15 ._ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ 1 _ Mnr94 Juln794 Sep94 Dec94
fundamentals,lcorporate investors sold shares to raise funds intoIPOs. buy This fixed-income securities and participate was particularly evident in the first quarter when the broadest declines were registered.
eOther emerging 2.9,
healthy
economic
growth
and
solid
In April, selling pressure was sparked by social unrest fueled by labor disputes and tensions between ethlnic Indonesian and ethlnic Chinese living in Indonesia. The banking sector suffered due to a loan scandal involving Bapindo, a state 1995 FACTBOOK
ENIERGING MARKETsDATABASE 156
bank. By mid-year, increased activity by local and foreign investors sparked brief rallies, as did strong first quarter corporate results and low inflation figures. Blue-chip utility and consumer good stocks led the market. The uptrend quickly dissipated as continuing speculation over rising U.S. interest rates kept foreign investors away. Local investors monitored movements on Wall Street closely during the second half of 1994, while foreign investors reduced their exposure to equities. Indonesia's central bank Indonesian raised short-term interest rates, raising concernis affect corporate how this might about profitability. Despite the market setback in 1994, trading volume continued to expand, with some $11.8 billion in shares trading hands, a 29% increase from the previous year. Market capitalization also soared, rising 43.4% to $47.2 billion. This was helped by a 24.1% jump in the number of listed companies to 216 from 174. more bourses saw significantly Indonesian primary market activity in 1994, with 47 IPOs compared to 20 a year earlier. A total of Rp 6.1 trillion ($28.3 billion) was raised, compared to Rp 1.29 trillion in 1993. As one of the Asia's largestof its ever IPOs ($1 billion), Indosat offered 10%7 shares in the domestic market and 25% in overseas markets in the form of ADRs during September. The 25.9 million ADRs-each representing 10 ordinary positively received and began shares-were trading on the NYSE on October 19. The Indonesian government, which holds the remaining 65%, of the shares, will use the proceeds to develop the country's telephone system. The impressive debut by Indosat dominiated JSE trading volume in 1994. electricity company Perusahaan State-owned Umum Listrik Negara (PLN) was converted into a corporate entity in mid-June, and is regarded as a leading candidate for the Indonesian government's privatization program. The company increased its electricity rates by an average of 7.7% after the government cleared the way for rate adjustments
]995 FACIBOOK
1995's
expected to be major inflation rate.
In regulatory news, the Indonesian government relaxed foreign investment rules in order to make the country more competitive in attracting foreign funds. Reforms introduced include opening sectors previously off-limits to foreign investment, opening all regions of the archipelago to foreign investment, liberalizing ownership and divestment rules, and lifting minimum capital requirements. The Minister of Finanice, however, announced in October that Indonesia's 49% foreign ownership limit would not be lifted in the near future, contradicting rumors that the government would soon ease the cap. The decision was largely due to government concerns that a higher foreign ownership cap might result in speculative short-term capital inflows.
Total approved foreign investment reached $23.5 billion through December 15, up 191.4% from last year's $8.1 billion. The biggest portion flowed into the chemical industry ($7.7 billion) and the paper industry ($5.1 billion).
Economic/Political
factors
behind
every three months. The proceeds are to be used to develop Indonesia's power infrastructure.
The JSE launched a centralized settlement system for all listed securities in June. This was followed by an announcement in December that the JSE will split its listings into two separate boards from April 1995 in an effort to improve market efficiency and boost liquidity. The main board will be restricted to high quality blue-chip stocks while relaxed will include board the second requirements for smaller companies. The JSE also hopes to boost daily turnover to $100 million by introducing a computerized trading system for all listed stocks in February 1995.
Events
banking system Turmoil within Indonesia's dominated headlines when two former ministers were implicated by a scandal involving state bank Bapindo. To improve the sector's finances, the Indonesian government began considering new regulations that would force small banks to merge with their larger counterparts or with each other. Measures are also being considered to strengthen loan quality. In trade news, leaders from the 18 member Economic of the Asia-Pacific countries Cooperation (APEC) grouping agreed at a meeting in Bogor, outside Jakarta, in November to fully open the region's markets to trade and investment by the year 2020. Indonesia's effort to control inflation paid off when consumer price increases slowed mid-year to 7.6%,o.Rapid increases in food and housing prices, however, pushed inflation higher toward the end of 1994. The CPI rose 9.2% in 1994 compared with 9.8% in 1993. Higher wages and utility rates are
[N¶I:izc1NG
MARKETS DATA BASE
157
Indonesia 1994 (currency in millions)
JunI
Jul
Aug
Sep
Oct
Nov
Dec
182
187
192
198
199
205
209
216
65,589,040 30,351
74,601,662 34,473
70,028,905 32,315
79,525,780 36,681
86,405,314 39,799
95,6104,251 43,976
111,575,296 51,391
105,196,791 48,288
103,835,241 47,241
2,497,331 1,162 3.6
1,603,159 742 2.4
1,958,287 905 2.8
1,224,326 565 1.7
1,314,679 606 1.8
2,457,123 1,132 3.0
2,320,753 1,067 2.5
2,675,913 1,233 2.6
1,815,618 833 1.7
2,260,291 1,028 2.2
546.2 -7.7
492.4 -9.9
462.4 -6.1
501.8 8.5
457.3 -8.9
451.1 -1.4
510.3 13.1
498.0 -2.4
523.5 5.1
482.6 -7.8
469.6 -2.7
46 59.0 64.8 27.3 2.9 1.0 115.1 -10.3
46 53.8 60.6 23.7 2.7 1.2 101.1 -12.1
46 53.0 65.5 22.7 2.5 1.2 95.9 -5.1
46 65.0 67.1 24.7 2.9 0.9 108.9 13.5
46 63.1 55.1 22.5 2.6 1.2 99.4 -8.7
46 55.1 58.3 21.8 2.4 1.6 97.5 -1.9
46 58.3 59.4 22.2 2.6 1.5 112.2 15.0
46 51.3 57.5 21.6 2.5 1.5 109.0 -2.8
46 46.1 41.3 22.7 2.6 1.5 114.4 4.9
47 46.5 57.6 20.8 2.5 1.6 102.9 -10.0
47 47.0 60.8 20.2 2.4 1.5 101.6 -1.2
Jan
Feb
Mar
Apr
May
175
178
183
181
75,401,577 35,651
69,903,340 32,604
67,679,715 31,479
3,227,241 1,526 4.5
2,133,296 995 2.9
Local index JSECompositelndex' Change in index (%)
592.0 0.5
IFC Global Index Numberof stocks Share of market cap. (G Share of tradinig valtue (½ P/E ratio P/BV ratio Dividend yield (%,.) Total returii index' Change in total returni index (1)
46 58.5 70.6 29.1 3.4 1.0 128.3 1.9
Number of listed companies Jakarta Stock Exchange Market capitalization In rupial In U.S. dollars Trading value In rupiah In U.S. dollars Turinover ratio
Economic data Exchange rate
2,115.0100
2,144.0400
2,150.0000
2,160.9900
2,164.0300
2,167.0400
2,168.0200
2,171.0300
2,174.0100
2,171.1250
2,178.5500
2,198.0000
Note: The base date for the JSE Composite Index is Oct. 1982=100. The base date for the IFCG Indonesia lIndex is Dec. 1989=100.
1995 FACTBOOK
[Nti BIRNG NIAIiK
IS DArII
PS L
158
Indonesia 1985-1994 (currency in millions; end of period levels)
Number of listed companies Jakarta Stock Exchange Market capitalization In rupiah In U.S. dollars Trading value InrtIpiah In U.S. dollars Tuirnover ratio Local index JSE Composite Index Change in index (7)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
24
24
24
24
57
125
141
155
174
216
131,900 117
132,900 81
112,080 68
434,178 253
4,049,993 2,254
15,264,600 8,081
13,537,020 6,823
24,839,466 12,038
69,299,600 32,953
103,835,241 47,241
3,206 3 2.9
1,816 1 1.4
5,185 3 4.2
6,944 4 2.5
957,031 541 38.6
7,318,089 3,992 75.8
5,778,252 2,922 40.1
7,909,164 3,903 41.2
19,088,056 9,158 40.5
25,488,019 11,801 29.4
66.5 4.7
69.7 4.8
82.5 18.4
305.1 269.7
399.7 31.0
417.8 4.5
247.4 -40.8
274.3 10.9
588.8 114.6
469.6 -20.2
-
-
IFC Global Index Number of stocks
Share of market cap.(,)
-
-
57
72
66
63
41
47
-
-
1I0.0
64.3
77.5
72.0
55.0
47.0
P/E ratio
-
-
-
-
56.6
20.3
11.6
12.2
28.9
20.2
P/BV ratio
-
-
-
-
5.8
3.4
1.6
1.6
3.1
2.4
0.5
0.0
1.3
99.4
57.4
Dividend yield (%7) Total return
index
Change in index (%) Economic data Grossdomesticproduct(US$) Change in consumer price index(%) Exchange rate Exchange rate (average of period)
-
-
-
-
0.0 100.0
-
-
-
-
-
-0.6
-42.3
2.1 59.0 2.9
87,306 4.7 1,125.0000 1,111.0000
73,345 5.9 1,641.0000 1,400.0000
75,674 9.2 1,650.0000 1,649.4000
84,335 8.0 1,717.3548 1,685.0000
94,627 6.4 1,797.0000 1,770.0600
106,694 7.5 1,889.0000 1,833.2602
114,275 9.2 1,984.0100 1,977.6493
128,239 7.5 2,063.5000 2,026.5672
1.5
126.0
101.6
113.4
-19.3
144,905 9.7 2,103.0100 2,084.2435
-
2,198.0000 2,159.8167
Note: The base date for the )SE Composite Index is Oct. 1982=100. The base date for the IFCG Indonesia Inidex is Dec. 1989=100.
1995 FACTBOO()h
ENIERGING MARKETS DATA BASE
159
Jordan IFCI Jordan (LIS$; enfd 1993=100)
Exchange Rate (Dinars/US$)
Average Daily Value Traded (LIS$ iillionis)
110
0.71
6
105
0.70 -
5-
0.69
4-
100_ 95-
E_
0.68 -3
90
~~~0.67 ~~~~~~~ -2
85 -
80 -
_
_
_
_
_
75 -0.66-
_
L0
70
Mar 94 IFCIComposite
-
FCImarketindex
Mar 94
Dec 94
Sep94
Junl94
--
Jun94
Sep94
_
___
065
Dec94
Mar 94
Jun94
Sep94
Dec94
Localindex
Share of Total Emerging Market Capitalization (enid-1994; total=US$1,929 billion)
IFCI P/E Ratio (end of month values) 19181716 -
OtlherEMEA 21.0%
Jordan
Market Performance Share prices on the Amman Financial Market (AFM) moved lower in 1994, with the local AFM Index dropping 9.4% in local currency terms and the IFCG and IFCI Jordan indexes losing 11.7% and 9.4% respectively in dollar terms.
15-
14 13 12 11
_ | | |
)
t '
Other emerging
10. Miir 94
Jint94
Set 94
Dec94
markets
~
.
.
.l
Trading activity was light throughout the year, with average monthly value traded of just JD35 million ($51 million), about one-half of 1993 levels. An average of 11 million shares traded hands each month, down from 19 million in 1993. Market capitalization fell 6.1o'oto $4.6 billion. Six companies were delisted, cutting the number of AFM listings to 95. A record number of initial public offerings at JD353 million as compared to (IPOs)-estimated JD242 million in 1993 and JD59.6 million in to the decline in secondary 1992-contributed market trading in 1994, Jordanian officials said.
1995 FACI BOOK
LmlI-IRCA.\,NIARkII 1 D.\1.A B \.Si
160
Foreign investors mostly avoided the AFM, leaving domestic investors and local developments to establish market trends. Among the major local issues was the extent to which Jordanians would play a peace keeper role in the Mideast following the signing of the peace treaty with Israel in October 1994. Local investors remained skeptical about any immediate dividends from the treaty, and remained concerned about the continuation of the UN sanctions imposed on Iraq in 1990. International trade sanctions on Iraq, Jordan's main trading partner prior to the Gulf War, have cost Jordan $5 billion, officials said. The banking sector outperformed all other sectors during the year, with investors anticipating a rapid expansion of branches in the West Bank and Gaza. The expansion is expected to boost bank profits and facilitate trade. Jordanian banks are also counting on the possibility of lending to Jordanian enterprises in the West Bank and Gaza, and participating in an investment-led boom in that area. The tourism sector is also expecting a major boost, and key AFM tourism stocks enjoyed active trading. Tourism is Jordan's second largest source of foreign exchange, with about 350,000 tourists visiting the country in 1993, spending about $500 million. The industrial sector was the poorest performer in 1994, due to lower-than-expected corporate profits and tighter credit policies. In regulatory news, the Finance Ministry is considering a capital markets law that would liberalize foreign investment regulations and speed up trading at the AFM. Currently, foreigners are required to apply in writing to the Council of Ministers before investing in Jordanian equities, and to obtain prior approval for individual purchases of listed stocks. The creation of a central securities depository is also under consideration, as well as regulations for setting up mutual funds. A new construction site was acquired in 1994 to modernize the AFM. 1995 F.%(1 1)(
I)
Economic/Political
Events
The October signing of a peace treaty with Israel, which ended nearly half a century of hostilities, was the most important political and economic event in Jordan last year. Both countries have since moved forward on a wide range of economic initiatives, including transport, telecommunication, tourism, water resources management, and banking services agreements. The prospects for peace and regional economic integration could yield longterm benefits to the Jordanian economy. Reconstruction efforts in the West Bank and Gaza could create opportunities to export construction goods and services, and benefit Jordan through greater mobility of labor and capital, increased trade, and expanded foreign investment.
real per capita terms, while public consumption is expected to remain stable at 28% of GDP per year. These predictions assume that the domestic savings rate will rise from its current level of 0.1% of GDP to 16% by 2003. In trade news, Jordan's trade deficit declined by 7% in 1994 to JD1.47 billion, while exports expanded by 16%7,the Ministry of Finance said. Imports fell to 58.1% of GDP in 1994, and are targeted to fall to 57.8%7oin 1995. The dinar appeared to stabilize in 1994 in response to reduced political uncertainty. Interest rates paid on treasury notes doubled from 3.5% to 8% in 1994.
At the same time, Jordan remains exposed to certain external risks. Monetary and exchange rate policy could suffer should a new Palestinian currency be introduced in the West Bank and Gaza to replace the Jordanian dinar. This might result in the sudden withdrawal from circulation of an equivalent of $500-800 million in currency, and thus have a detrimental effect on Jordan's foreign exchange reserves, which stands at about $700 million. Jordan would also loose $50 million a year from seignorage revenue should a new currency be launched.
Jordan's $7 billion external debt burden, which totals 134% of GDP, continues to be a serious constraint on the economy. The country's lack of creditworthiness has discouraged capital inflows and foreign investment into the country. Although the government cleared the way for $280 million of foreign investment in equities in 1994, only about $15 million was actually invested. However, some progress has been made toward debt forgiveness. France promised to cancel some 25 million francs out of a total credit of 3 billion francs. This was followed by a similar move by the U.S. to cancel $270 million of official debt in recognition of Jordan's role in the Middle East peace process.
Jordan's government coffers will also be drained spending of $300 million for by additional upgrading Palestinian refugee camps. The industrial and manufacturing sectors will need to restructure in order to compete in the region and find new export markets.
Some $311 million of U.S. commercial debts were also rescheduled in 1994 under the umbrella of the Paris Club. Debt to the former Soviet Union was bought back at substantial discount, and a debt service reduction agreement has been reached and implemented with the London Club.
Jordan's economy remained strong in 1994, with real GDP expanding by 5.5% and consumer prices rising 3.5%7. According to a World Bank evaluation, growth could reach 6% in 1995 and 9% in 1996, and consolidate around 8% per annum until the end of the century. To attain the targeted growth rate, however, large private investments of approximately 20% of GDP will be required, the bank said. Consumption will grow moderately in ENIcRGING NIAR[I
SDATA
BAS[
161
Jordan 1994 (currency
in millions)
Jan
Feb
Mar
Apr
101
101
101
101
3,500 5,073
3,555 5,198
3,525 5,146
82 119 2.4
53 77 1.5
Local index AFMlndex Change in index (%)
166.2 4.9
IFC Global Index Number of stocks Share of market cap. (%) Share of trading valuie ($7) P/E ratio P/BVratio Dividend yield (X,) Total rettirn index Change in total return index (%s)
45 61.8 87.3 19.9 2.1 1.9 234.0 3.6
Number of listed companies Animan Financial Market Market capitalization In dinars In U.S. dollars Trading value In dindrs In U.S.dollars Turnover ratio
Economic data Exchange rate
0.6899
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
101
99
96
95
95
95
95
95
3,428 4,858
3,379 4,940
3,384 5,026
3,296 4,743
3,229 4,721
3,216 4,714
3,184 4,601
3,220 4,587
3,234 4,594
45 66 1.3
32 45 0.9
24 35 0.7
29 42 0.8
30 43 0.9
43 63 1.3
22 33 0.7
16 24 0.5
31 44 1.0
24 34 0.7
165.5 -0.4
162.9 -1.6
156.5 -3.9
152.5 -2.5
150.8 -1.1
150.4 -0.3
147.1 -2.2
146.1 -0.7
143.8 -1.5
145.6 1.2
143.6 -1.3
45 60.6 75.4 19.8 2.1 1.9 235.1 0.5
45 60.1 73.2 18.7 2.0 2.8 232.7 -1.0
45 60.5 80.1 24.3 1.9 2.4 219.3 -5.8
45 60.1 82.1 22.3 1.8 2.5 222.0 1.2
45 60.4 89.7 22.6 1.8 2.3 222.9 0.4
42 61.8 76.5 21.8 1.8 2.2 215.5 -3.3
42 61.7 76.9 21.0 1.7 2.4 214.5 -0.5
42 61.7 81.4 20.9 1.7 2.4 213.6 -0.4
42 61.5 82.2 20.7 1.7 2.4 207.6 -2.8
42 61.8 84.0 21.1 1.7 2.4 207.3 -0.1
42 60.7 81.0 20.8 1.7 2.4 203.7 -1.7
0.6840
0.6850
0.7055
0.6840
0.6950
0.6840
0.6821
0.6920
0.7020
0.7040
0.6733
Note: The base date for the AFM Inidex is Dec. 1991]100.The base date for the IFCG Jordan Inidex is Dec. 1984-100.
1995 FACTBOOK
RlLG(;IN(; MAIRIKES DArA
BASE
162
Jordan 1985-1994 (currency in millions: end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
104
103
101
106
106
105
101
103
101
95
903 2,454
977 2,839
907 2,643
1,061 2,233
1,378 2,162
1,283 2,001
1,691 2,512
2,269 3,365
3,360 4,891
3,234 4,594
Trading value In dinars In U.S. dollars Turnover rati(o
64 163 7.2
65 185 6.9
142 420 15.1
127 337 12.9
365 652 29.9
266 407 20.0
292 432 19.7
879 1,317 44.4
933 1,377 33.2
430 626 13.0
Local index AFM Index Change in index 77)
78.6 -3.2
72.4 -7.9
79.7 10.1
84.5 6.0
93.3 10.4
80.4 -13.8
100.0 24.4
129.9 29.9
158.4 22.0
143.6 -9.4
10 53.9 3.0 148.4 48.4
10 44.3 12.4 1.6 2.5 143.2 -3.5
10 43.9 12.0 1.4 3.5 136.6 -4.6
20 68.2 14.2 1.3 3.4 122.8 -10.1
25 70.2 14.4 1.6 2.4 121.4 -1.1
25 74.3 7.8 1.4 6.5 126.6 4.3
25 62.7 10.0 1.4 8.7 145.8 15.1
27 59.1 14.5 1.6 2.5 181.8 24.7
29 52.0 17.9 2.0 2.7 225.7 24.2
42 60.7 20.8 1.7 2.4 203.7 -9.8
4,810 3.0 0.3678 0.3946
5,829 0.0 0.3441 0.3499
6,166 -0.2 0.3430 0.3387
5,849 6.6 0.4750 0.3764
4,538 25.7 0.6376 0.5599
4,077 16.2 0.6409 0.6544
4,222 8.2 0.6730 0.6762
5,236 4.0 0.6742 0.6671
5,731 5.0 0.6870 0.6776
6,201
Number of listed companies AniiiinanFinancialMarket Market capitalization In dinars In U.S. dollars
IFC Global Index Numberofstocks Share of market cap.(,;) P/E ratio P/BV ratio Dividend yield (%) Total return indexk Chaige in index 77) Economic data Grossdomesticproduct(US$) Cliangeinconsumerpriceindex(%) Exchange rate Exchanigerate (average of period)
-
0.7040 0.6880
Note: The base date for the AFM Index is Dec. 1991=100.The basedate for the IFCG Jordan Index is Dec. 1984=100.
19'5
[ XACl lt
1k
EMI-RGING c\/ARKETS
DATA BASI
163
Korea IFCI Korea
Exchange
(US$; enid 1993=100)
(Won1/US$)
Rate
(US$
Average Daily Value Traded
150
810
1,400
millions)
805 -1,200-
15
[800
100 -
1,000 800-
795 -
50
790
60040
785
200
780 Mar 94
I FCIComposite -
Junt94
Sep 94
IIFCImarketindex
0
Dec94
--
Mar 94
Sep94
Junt94
Dec94
Jun94
Sep94
Dec94
Localindex
IFCI P/E Ratio
Share of Total Emerging Market Capitalization
(entd of monithz valuies)
(et'd-1994;
total=US$1,929
Market Performance
billioni)
A positive outlook for corporate earnings and the economy drew investors to the Korea Stock Exchange (KSE) in 1994, with the local KSE Composite Index gaining 18.6% in woIn terms and
3836-
34 32-9.9% 3028 26- l _ 24 . _ 22-
-IH1
Mar 94
Korea
Other East the IFCI Korea Index advancing 15.7% in dollar ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Asia 18.0% o terms. Average daily turnover totaled $966.4
32 -
i-millioncompared with $715.2 in 1993.Market . . . .
20
>
. >
.
. . .
< Other
-. _
-
capitalization
J
jumped 37.6% to $191.8 billion in
1994 in part due to newly listed companies on the KSE. Monthly turnover averaged 14.3%oof total market capitalization in 1994, with the highest and lowest levels seen in February (20.7%) anid
Dc4emerging 72.1%,7o
August
(10.3%). The KSE produced
positive
returns in the first three quarters, with the IFCI Korea
Index
climbing
0.2%, 8.5%, and
16%
respectively in dollar terms before succumbing to deteriorating liquidity in the fourth quarter, which pushed the index down 8%o.
1995 F..CTBOOK
lINIFR;GINc;NlARMIIS, lJ)\ l
\ I3.sr
164
The Seoul bourse was generally less affected by global investors' disenchantment with emerging markets in 1994 and posted the second highest return among the ten IFC index markets in Asia. For instance, a series of U.S. interest rate hikes had little local effect because of the relatively small share of foreign trading in the market. Data from the KSE's Securities Supervisory Board revealed that global investors were much more cautiotus in 1994: net investment by foreign investors on the KSE declined to $1.2 billion in 1994 compared with $5.4 billion in 1993. While gross foreign capital inflow reached $7.7 billion in 1994 versus $8 billion in 1993, the sales-to-purchase ratio for foreign investors were substantially greater in 1994 (85%/o)than in 1993 (32.5%). At year-end, total foreign ownership of KSE-listed shares exceeded 10%',of capitalization. The market's overall direction was largely dictated by changes in Bank of Korea (BoK) to cap monetary policy. The BoK attempted inflationary pressure by closely monitoring money supply growth and by tighteniing credit through repurchase agreements and issuances of Monetary Stabilization Bonds to financial institutions. It also imposed punitive measures on banks that failed to meet their monthly reserve requirements. Despite its balancing acts, the BoK had difficulty keeping money supply growth at its target rate. The BoK will lower its target rate for M2 money supply growth to a range of 12-16% in 1995 from 14-17%oin 1994. Positive economic fundamentals also helped boost the market in 1994, with GNP growth estimated at 8% and earnings growth for listed companies averaging 70%nin the first half of the year. The market was also seen as undervalued vis-a-vis other Asian markets in early 1994. The KSE, for exa
