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 example, posted the lowest return in 1993 as measured by IFCI country indexes for Asia. Hopes that the foreign investment ceiling would be raised again also acted as a catalyst in mobilizing market liquidity. Additional liquidity came from several offshore funds launched by domestic investment trust firms marketed solely to foreigni investors. 1995 FACTBOOK
The Ministry of Finance (MoF) grew increasingly concerned about the impact of an overheated stock market in 1994 and attempted to fine tune market movement with a series of measures which in cooling proved ineffective ultimately speculation. Cash deposits for buy orders were imposed and subsequently increased to 40% of purchase value for institutional investors and to The deposit investors. 80% for individual requirements were later reduced by half for all investors. (The MoF announced in December that institutional investors will be exempt from the 20%' deposit requirement effective in January 1995.) The stock transaction tax was also raised to 0.35% of sales value from 0.2%. The Stock had been Fund-which Market Stabilization established in 1989 to boost the then depressed stock market with pooled funds from securities houses and other listed firms-was instructed to unload its equity holdings during market rallies.
quickly followed in POSCO's path with an issue of a list of its own. The MoF also announced companies approved for overseas ADR listings, which included Samsung Electronics, Goldstar, Hyundai Motor, and Daewoo Corporation.
Auctions of government holdings of Korea Telecom and several large IPOs drew substantial investor interest away from the secondary market. Among the largest IPOs of 1994 were Samsung Heavy Industry, Goldstar Industrial System, Citizens National Bank, and Industrial Bank of Korea. The offering of IBK and the last round of auction for Korea Telecom in November attracted $2.7 billion and $1.7 billion respectively, according to local securities houses, resulting in M2 growth of 16% (above the BoK's target rate of 14%) and prompting the BoK to tighten market liquidity.
Surging corporate investment in production facilities and strong export growth helped Korea's real GNP expand by an estimated 8.1%Ain 1994 compared to 5.3% in 1993. On a quarterly basis, GNP growth posted annual growth rates of 8.9%, 8.1%, and 7.5% in the first three quarters respectively, and was estimated to exceed 8.5% in the fourth quarter due largely to higher-thanexpected growth in the service sector. The government said it will attempt to cool GNP growth to the 7% level in 1995.
In regulatory news, Korea boosted the foreign investment limit from 10%,oto 12% of listed company shares on December 1, and announced its intentions to raise the limit to 15% some time in 1995. The current 8% limit on KEPCO and POSCO remained unchanged. The news caused prices to investors as domestic in October surge accumulated shares in anticipation of increased foreign capital inflow.
Economic/Political Events In political news, threats from Pyongyang and subsequent speculation over political stability in the Korean peninsula caused intermittent jitters in the market. The sudden death of North Korean leader Kim II Sung in July, while resonating on Korea's political scene, had little overall impact on the stock market, which fell 2% on the next trading day but quickly rebounded as it became apparent that the passage of political power would be peaceful.
Korea's international trade surged in 1994 due to strong domestic economic growth as well as of OECD economic performance improved countries. Exports grew at 17% yoy and imports by 22% on a customs-clearance basis, resulting in a trade deficit of $6.1 billion for 1994 compared with a deficit of $1.8 billion in 1993. Exports were led by the heavy and chemical industries, with semiconductors accounting for about 15% of total exports in 1994.
Following a period of indecision, the MoF finally approved listing of ADRs by POSCO on the New York Stock Exchange in mid-October. KEPCO EMERGINGMARKETSDATA BASE 165
Korea 1994 (currency in millions)
Number of listed companies Korea Stock Exchange Market capitalization In won In U.S. dollars Trading value In woni In U.S. dollars Turnover ratio
Jan
Feb
Mar
Apr
May
Jin
Jul
Aug
Sep
Oct
Nov
Dec
698
698
698
701
701
692
692
697
701
693
698
699
124,791,095 155,039
122,590,217 152,324
116,046,433 143,889
128,616,208 159,593
128,361,718 159,992
128,942,117 161,299
130,981,952 163,615
146,434,206 183,295
159,447,553 200,022
16,882,618 20,977 13.6
14,456,236 17,925 12.1
14,781,591 18,310 12.3
18,347,418 22,766 14.5
16,594,632 20,684 12.9
16,942,243 21,194 13.2
25,724,270 31,960 21.7
123,747,193 153,285
13,377,371 18,766,246 16,710 23,490 10.3 13.5
157,216,838 197,857
27,075,815 33,966 17.7
23,816,0)53 32,489 16.3
Local index KOSI' ' Change in inidex (%)
945.7 9.2
918.9 -2.8
867.2 -5.6
908.7 4.8
939.5 3.4
933.4 -0.6
928.0 -0.6
944.2 1.8
1,050.5 11.3
1,105.6 5.3
1,074.4 -2.8
IFC Global Index Numberof stocks Share of market cap. () Share of trading value (%) P/E ratio P/BV ratio Dividenid yield(°) Total return index Change in total returi inidex ft
162 70.6 62.1 28.9 1.5 1.3 704.7 12.4
162 71.0 66.0 28.6 1.5 1.3 693.6 -1.6
162 69.4 53.9 26.4 1.4 1.5 638.8 -7.9
162 70.0 55.8 30.8 1.4 1.4 680.7 6.6
162 69.5 64.3 31.8 1.4 1.4 702.6 3.2
162 68.6 53.4 31.4 1.4 1.4 695.9 -0.9
162 67.7 42.6 29.3 1.4 1.4 687.6 -1.2
162 69.5 61.5 3(1.8 1.5 1.4 712.1 3.6
162 71.1 70.8 36.4 1.7 1.2 812.5 14.1
162 69.0 53.7 38.5 1.8 1.2 820.7 1.0
162 67.4 50.2 37.0 1.7 1.2 789.0 -3.9
Economic data Exchange rate
804.9000
804.8000
806.5000
807.3000
805.9000
802.3000
799.4000
800.5500
798.9000
797.1500
794.6000
151,217,230 191,778
21,)07,403 26,642 13.6
1,027.4 -4.4
162 65.2 40.9 34.5 1.6 3.8 746.6 -5.4
788.5000
Note: The base date for the KOSPI is Jani. 1980=100. The base date for the IFCG Korea Index is Dec. 1984=100.
1995
FACTBOOK
EMERGING MARKLTS DATA BASE
166
Korea 1985-1994 (currency in millions; end of period levels)
1986
1987
1988
1989
1990
1991
1992
1993
1994
342
355
389
502
626
669
686
688
693
699
Market capitalization In woin In U.S. dollars
6,570,403 7,381
11,994,200 13,924
Trading value inwon In U.S. dollars Turniover ratioi
3,620,600 4,162 61.8
1985 Number of listed companies Korea Stock Exchanige
Local index KOSPI Clhanige ininidx
(s.)
IFC Global Index Ntumbrerof stocks Share of miarkt cap.() P'/E ratio P/BV ratio Dividenid yield(.;,) Total retuLrnindex Change in inldex ,) Economic data GrNssdomesticproduct (US$) Clhanige in consumnerprice index (') Exchianigerate Exclhange rate (average of period)
9,597,965 10,889 103.4
26,163,050 32,9(5
64,543,684 94,238
95,476,773 140,946
79,019,675 110,594
73,1 17,833 96,373
84,711,982 107,448
112,665,260 139,420
151,217,230 191,778
20,497,444 24,919 107.4
58,081,409 79,180 128.1
81,199,753 121,264 101.5
53,454,058 75,949 61.3
62,564,888 85,464 82.3
90,624,380 116,101 114.8
169,919,588 211,710 172.2
229,771,896 286,056 174.1
163.4 14.7
272.6 66.9
525.1 92.6
907.2 72.8
909.7 0.3
696.1 -23.5
61 0.9 -12.2
678.4 11.0
866.2 27.7
1,027.4 18.6
25 32.5 4.1 138.1 38.1
23 39.3 19.1 1.7 2.7 256.6 85.9
23 24.4 18.6 2 0 2.1 350.2 36.5
62 58.8 38.7 2.8 .5 745.3 112.8
61 45.7 28.1 2.2 1.3 797.5 7.0
63 57.4 16.4 1.3 0.5 595.3 -25.3
77 62.9 21.3 1.0 1.6 500.8 -15.9
91 61.9 21.4 1.1 1.8 518.6 3.6
134 65.6 25.1 1.4 0.6 627.1 2(.9
162 65.2 34.5 1.6 3.8 746.6 19.0
92,926 2.5 890.1997 870.0195
105,991 2.8 861.3999 881.4500
131,816 3.1 795.1000 822.57001
174,446 7.1 684.9000 733.5390
213,559 5.7 677.4000 669.610(0
245,411 8.6 714.50o0 703.8149
294,692 9 7 758.7000 732.0654
307,973 6.2 788.4000 7810.5632
330,857 4.8 808.1000 802.6(058
6.3 788.5000 803.2404
Not,e:The base date for thie KOSPI is Jan. 1980=10U).The base diate for the IFCG Korea Index is Dec. 1984-10(1.
1995 FxCtI 1u00K
ENllIVRCINGMARKETS DA I'A BASE
167
Malaysia IFCI Malaysia
Exchange Rate
Average Daily Value Traded
(US$; end 1993=100)
(Ringgit/US$)
(US$ milliotns)
110 -
2.80
1,000
100
2.70800
900
~~~~~~~~~~~~~700600-
2.70 -
nf iii500-
90
2.60 60_
70
__
__ _ _ _ _
_
_
_
_
_
_
_
~~~~~ ~~2.50 ~~~~~~2.40
60
rIFCIComposite -
IFCImarketindex
Mar 94
Dcc94
Sep94
Jun94
Mar 94
--
MillffU l30~f I li LLLLIJ
l-ii400-
80
200-
Dec94
Sep94
jun 94
Share of Total Emerging Market Capitalization (enld-1994; total=LlS$1,929 b7illion7)
5045-
Malaysia
_103%
40 -
A OtherSouth 16.7%
.._
r
_
t
35 . _ _ _ _ iln
Li. LI 30
25 Mar 94
1995 FACTBOOK
Junt94
Sep 94
Jutn 94
Sep94
Dec 94
Localindex
IFCI P/E Ratio (en)d of month1Zvaluess)
01 30ii _ _ _t__ __
Mar 94
Ot
\value
~~~~~$510 ~~~~~~~~~~~~~~~~~~~~~~~~ ~ ~~~~~~~~~~Other emergig
Dec94
markets 72.9%
Market Performance Rising global interest rates countered the influence of sound corporate fundamentals and a positive economic outlook to move share prices lower on the Kuala Lumpur Stock Exchange (KLSE) in 1994. For the year, the IFCG and IFCI Malaysia indexes plummeted 23.3% and 21.4% respectively in dollar terms while the local KLSE Composite dropped 23.8% in local currency terms. Total % to $126 billion, or about traded fell 18pt million per trading session. The IFCG Malaysia Iidex plunged 26o in the first
quarter after Malaysia's central bank took steps to curb inflationary pressure stemming from surging money supply and increasing foreign capital inflows for short-term trading. Adding to the selling pressure, Bank Negara, Malaysia's central bank, liquidated its own equity holdings to tighten market liquidity and the government introduced new trading restrictions on brokerage EMdERGINGMARKETS DATA BASE 168
firms. Rising U.S. interest rates added selling pressure, as did growing investor sensitivity to With foreign overseas market movements. institutional investors on the sidelines, strong corporate earninigs reports and positive economic figures did little to convince local investors.
escalated the political uncertainty. In September, the Malaysian Cabinet lifted its seven month old ban preventing British firms from participating in public sector contract bidding. The government's crackdown on the Al Arqam Islamic movement in September brought social unrest.
Following a sluggish second quarter, the market began climbing in the third quarter on speculation over corporate restructuring and hopes for an early election. Foreign institutional investors returned to the market in the third quarter, helping to boost trading volume. The KLSE Composite Index surged 13% in August in response to bargain hunting, healthy corporate earnings, and steadily falling domestic interest rates. Investors were also anxious about the prospects for early elections, rumors of which lingered throughout the year, which lifted stocks perceived as possible beneficiaries of election-inspired spending.
On October 28, the Malaysian government unveiled a 48.8 billion ringgit ($19.1 billion) federal budget for 1995. The government said the budget would boost corporate profitability by cutting the corporate tax rate from 32% to 30% and sustain the nation's rapid economic growth rate. Personal income tax rates were reduced from a maximum of 34% to 32%. Both tax cuts take effect in January 1995. The budget also cuts or abolishes import duties on more than 2,600 items, including 600 food items and 1,400 raw materials.
Blue-chip stocks suffered heavy losses in late October following the release of the government's 1995 budget, which was thought to be lacking in sufficient measures to fight inflation. Fund switching from equities to fixed-income instruments accelerated as worry spread over U.S. interest rate hikes. A record 65 new companies were listed in 1994 compared to 44 new listings the previous year, according to KLSE officials. Total market capitalization fell 9.6% to $199.3 billion.
Economic/Political
Events
Malaysia's political climate deteriorated significantly in 1994 amid conflicts between leaders of the country's main political party and a scandal that resulted in the resignation of Malacca Chief Minister Rahim Thamby Chik from all posts. Strained in relations between Prime Minister Mahathir Mohamad and Deputy Minister Anwar Ibrahim fueled speculation that Anwar's prospects for succeeding Mahathir have slipped, which also 1995 FxCTBOO:K
end. Under the new rule, the KLSE can suspend trading in shares of companies that fail to submit results on time. Previously, results had to reported within six months. The head of Malaysia's securities commission said the government will allow warrants on stocks to be issued beginning in January 1995. This will increase market liquidity and give investors a new risk management tool. Options and futures are also slated for introduction in 1995.
The Malaysian economy grew by about 8.7% in 1994 compared with 8.5% in 1993. The manufacturing sector registered the largest growth at 14.6%, followed by the construction sector at 14.5%. Malaysia's Industrial Production Index rose 11.7% in the first 11 months of 1994, compared to the same period of 1993, the Statistics Department said. Consumer prices rose 3.7%,/in 1994, compared to 3.6% last year. The biggest increases were in food (5.30/), beverage and tobacco products (5%), and transportation and communications (4.6%). After Bank Negara regained control of Malaysia's money supply, it lifted the ban on sale of short-term money market instruments to foreigners, effective August 12. Bank Negara had imposed the ban in January to curb inflows of foreign capital intended for speculative and short-term trading, and at the same time to curb surging monetary growth. The stock market welcomed the news as foreign investors can now shift their funds between shortterm money market instruments and the stock market. In regulatory news, the KLSE said that listed companies must now disclose their financial results within three months of their fiscal yearENiERGING MAIRKETs DATA BASE
169
Malaysia 1994 (currency in millions)
jail
Feb
Mtar
Apr
May
Jim
Jul
Aug
Sep
Oct
Nov
Dtv
416
420
423
424
426
431
432
439
441
454
469
478
532,730 192,356
577,990 211,990
472,630 176,816
516,830 192,991
472,870 183,318
482,1770 185,13(0
496,680 191,487
566,570 221,360
587,740 229,272
576,170 225,357
531,420 207,870
508,850 199,276
Trading value In riniggit In U.S. dollars t1urnoverratio
54,164 19,557 9.4
32,380 11,876 5.8
20,033 7,495 3.8
18,684 6,977 3.8
10,779 4,179 2.2
19,512 7,492 4.1
12,570 4,846 2.6
45,701 17,855 8.6
53,800 20,987 9.3
33,849 13,239 5.8
17,139 6,704 3.1
12,773 5,002 2.5
Local index KLSE Comiipositelndexi Change in index )
1,107.0 -13.2
1,125.6 1.7
952.7 -15.4
1,054.5 111.7
993.7 -5.8
1,011.6 18
1,027.5 1.6
1,130.0 10l.(0
1,129.8 0.0
1,1018.8 -1.8
1,013.1 -8.6
971.2 -4.1
10(5 67.9 54.1 37.7 4.6 1.4 376.4 111.4
105 h8.7 58.3 32.7 4.1 1.5 361.6 -3.9
105 68.8 60.5 32.5 4.2 1.6 365.3 1.0
105 68.7 59.1 32.1 4.1 1.6 377.1 3.2
105 65.8 44.7 34.7 4.5 1.4 417.6 10.8
104 63.5 40.8 34.9 4.5 1.4 419.2 0.4
104 63.5 31.3 34.3 4.4 1.5 411.8 -1.8
104 63.t1 42.4 31.0 4.0 1.7 375.7 -8.8
104 63.2 48.7 29.0 3.8 1.8 361.3 -3.8
2.5795
2.61(45
2.5938
2.5595
2.5635
Number of listed companies Kuala Lumipur Stock Exchange Market capitalization In riiggit In U.S. dollars
IFC Global Index Nutznberofstocks Share of market cap. i, Share of tiading value (;) I /E ratio P/BVratio Dividendyield (%) Total return iidex Change in total returni index (S) Economic data Exchanige rate
105 68.9 53.3 40.7 5.0 1.0 380.9 -17.2
2.7695
105 66.2 50.2 42.4 5.1 1.0 402.2 5.6
2.7265
105 67.1 60.8 35.0 4.3 1.5 340.9 -15.2
2.6730
2.6780
2.5567
2.5565
2.5535
Note: The base date for the KLSE Composite Inidex is 19774100.The base date for the IFCG Malaysia Inidexis Dec. 1984=1(00.
1995 FACT1O3IK
[NMI 1?(IIN(G MXJ\RKETSDATA BASE
170
Malaysia 1985-1994 (currency in millions: end of period levels)
Number oa listed companies Kuala Lumpur Stock Exchange Market capitalization In ringgit In U.S. dollars
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
222
223
232
238
251
282
321
369
410
478
39,380 16,229
39,214 15,()65
46,106 18,531
63,193 23,318
107,513 39,842
131,166 48,611
159,495 58,627
245,820 94,004
593,343 220,328
508,850 199,276
Trading value In ringgit In U.S. dollars Ttirnover ratio
5,799 2,335 13.4
3,046 1,180 7.8
9,647 3,829 22.6
6,858 2,623 12.5
18,638 6,888 21.8
29,391 10,871 24.6
29,294 10,657 20.2
55,347 21,730 27.3
395,554 153,661 94.3
331,384 126,458 58.7
Local index KLSE ComilpositeIndex * Change in inidex Vt
233.5 -23.1
252.4 8.1
261.2 3.5
357.4 36.8
565.3 58.2
505.9 -10.0
556.2 9.9
644.0 15.8
1,275.3 98.0
971.2 -23.8
IFC Global Index Number of stocks Share of market cap. (') P/F ratio P/BV ratio Dividenid yield(%) Total retirn index' Change in index (%)
40 54.6 1.3 85.8 -14.3
40 63.8 30.9 1.6 2.9 96.0 11.9
4(' 53.9 33.5 1.6 2.4 96.8 0.9
62 79.8 33.2 2.1 2.0 123.7 27.7
62 68.6 27.4 2.6 2.2 178.2 44.0
62 46.9 23.6 2.3 2.2 158.2 -11.2
62 63.8 21.3 2.5 2.4 177.3 12.1
62 51.0 21.8 2.5 2.4 226.9 27.9
66 61.5 43.5 5.4 1.0 460.3 102.9
104 63.2 29.0 3.8 1.8 361.3 -21.5
31,231 0.3 2.4265 2.4830
27,735 0.7 2.6030 2.5814
31,602 0.3 2.4880 2.5196
34,750 2.6 2.7100 2.6147
37,497 2.8 2.6985 2.7059
42,745 2.6 2.6983 2.70)37
47,125 4.4 2.7205 2.7489
58,023 4.8 2.61550 2.5470
64,431 2.0 2.6930 2.5742
2.5535 2.6205
Economic data Gross domestic prodLuct(US$) Change in consomerprice iidex Ct Exchange rate Exchange rate (average of period)
-
Note: The base date for the KLSE Composite Index is 1977=100.The base date for the IFCG Malaysia Index is Dec. 1984=100.
1995
rA
fIFOOls
[,IlI
R(.ING MARKETs
DAIA
BASE
171
Mexico Average
Rate
Daily Value Traded
IFCI Mexico
Exchange
(US$; end 1993=100)
(Pesos/US$)
(US$ millions)
110
5.00
600
100
4.5050090 -
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~400-
~~~~~4.00
~~~~~~
5
80 70
60-
~~~~~3.50
'~~~~~~~~~~
~
~
70 -
300 202 00
,
h..0
.
.3.00
50 -2.50
IFCIComposite -
i
Dec94
Sep94
Jun94
Mar 94
IFCImarketindex
--
Mar 94
Dec94
Sep94
Jun94
Share of Total Emerging Market Capitalization
values) (etnd of m1ion0tlh
(entd-1994; total=US$1,929
18 17145
14 -.
].~ LIIIfl
X
t'
¶6
liii
_ _ _ __ _ _ _ _ __ _ _
Mar 94
Jun94
Mar 94
Jun 94
Sep94
Dec 94
Market Performance
billioni)
The implementation of NAFTA and one of the least controversial presidential election in Mexican history might have marked 1994 as a pivotal year
~r
__
Hi...IJ.iiii
Localindex
IFCI P/E Ratio
2221203-
1l ii l n
Sep94
Mexico
Other Latin
6 8%
America
developed nation. But a pasant
revolt in Chiapas,
devaluation that rocked world financial markets
HF
~~inivesto nhmi ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I~II ___Other _ _L.I emerging Dec94
in the country's march toward becoming a fully
markets
76.2%
raised serious doubts in the minds of many rs. For the year, the IFCI Mexico Index fell 39.7% in dollar terms and the bolsa's IPC Index dropped 8.7% in peso terms. The sharp difference in the performance of the two indexes stemmed from the 36.8%,,plunge in the peso, most of it cominig in the last two weeks of December. In the first quarter, investor confidence was undermined by the assassination of presidential candidate Luis Donaldo Colosio in March and rising U.S. interest rates, which led to imbalances in the local financial markets beginning in the
1995 FACTBOOK
EMERGING
MARKETS DATA BASE
172
second quarter. The market rebounded 6.5%7o in May following a temporary drop in U.S. yields and in response to the first-ever televised presidential candidates debate. The market resumed its slide in June, falling 10.2%7 after foreign investment shifted to tesobonos-pesodenominated, dollar-linked government securities-from equities and cetes (equivalent to U.S. Tbills). Prompting the switch were new rules for tesobonos whereby interest would be paid in dollars instead of pesos. Overall, the Mexican bolsa lost 18.9% during the first two quarters of 1994. The market rebounded strongly in the third quarter, rising 20.4% as measured by the IFCI Mexico Index. Fueling the rally was the presidential election victory of Ernesto Zedillo from the ruling Partido Revolucionario Institucional (PRI) in August. Prices plunged 38.3%oduring the fourth quarter, with 34% coming in the final two weeks alone in response to the devaluation of the peso. In the face of massive foreign capital outflows, Mexico was forced to devalue the peso against the dollar on December 20 and later let the currency float. Foreign investors, concerned about political and social instability, sold Mexican securities throughout the year and especially in December. Foreign reserves fell from $24.5 billion at the beginning of the year to about $6 billion by yearend. Market capitalization plunged 35.1% to $130.2 billion in 1994, but total value traded jumped 32.8%7 to $83.0 billion. The most active trading month was August, with average daily value traded of $501 million. The number of listed companies grew by 16 to 206. In corporate news, several companies launched international equity offerings under the ADR program, including Sidek ($92 million), the DESC conglomerate ($130 million), Grupo Industrial Durango ($113.6 million), Grupo lusacell ($155.8 million), GGemex ($139.6 million), CBM Atlantico I'i'J5
I % I l;( It!i
($119.5 million), Grupo Palacio de Hierro ($270 million), and La Moderna ($396 million).
Economic/Political
Events
President Ernesto Zedillo took office on December 1, amid social tensions in the southern state of Chiapas and a large current account deficit. Among his stated priorities were to fight poverty, overhaul the justice system, and implement electoral reform. These became secondary on December 20, however, when then Finance Minister Serra Puche announced a 14%7widening of the peso's fluctuation band, increasing the maximum rate from 3.47 to 4.00 pesos per U.S. dollar. Two days later, authorities floated the peso, a move that quickly pushed the currency to a low of 5.60 on December 27. The collapse was halted by the announcement of a $10 billion support package from the U.S. and G7 nations. On December 29, the currency rebounded to 4.875.
billion in 1994, based on exports of $60.8 billion and imports of $79.4 billion. Inflation fell to 7.05% in 1994, compared to 8.01% a year earlier. The Finance Ministry granted licenses to 52 foreign banks and financial institutions to operate in Mexico in wholesale, investment banking, and securities trading.
The financial crisis prompted President Zedillo to announce new privatization proposals, promise to open the financial system, and to renew the Pacto agreement between business, unions, and government. Under the agreement, leaders from the three groups agreed to freeze wages and price increases for the next 60 days. Finance Minister Jaime Serra Puche resigned in December and was replaced by Guillermo Ortiz, former deputy finance minister under the previous administration. The December 28 auction of 28-day cetes saw yields rise 156% to 31'%0.As a result of the crisis, the government's growth target for 1995 was slashed to 1.5%ofrom 4%. In economic news, Mexico's GDP grew by 3.5% in 1994. The construction sector grew by 6.4'%o,while mining expanded 1.6%, services 3.6%, and transportation and communications 7.8%,,. Financial services, insurance, and real estate rose 5.2% in 1994. Mexico's trade deficit totaled $18.5 I \1 i i1;(.i
\,I Ns \\IUI
\
l)xi
'
1Sxs
173
Mexico 1994 (currency
in millions)
Jan
Feb
Mar
Apr
May
Juni
Jul
Aug
Sep
Oct
Nov
Dec
190
191
193
197
197
201
198
196
197
198
198
206
668,958 215,418
650,757 202,646
624,111 186,302
593,384 181,114
626,354 188,230
591,395 174,582
626,975 184,372
685,006 202,049
694,826 204,933
671,494 195,429
673,898 196,072
641,461 130,246
Trading value Inpesos In U.S. dollars Turnover ratio
32,239 10,382 5.0
31,451 9,794 4.8
22,817 6,811 3.6
18,144 5,538 3.0
21,922 6,588 3.6
18,896 5,578 3.1
17,011 5,002 2.8
39,033 11,513 5.9
22,125 6,526 3.2
20,489 5,963 3.0
16,417 4,776 2.4
21,011 4,266 3.2
Local index BMV General Index ' Change in index (%,)
2,781.4 6.9
2,585.4 -7.0
2,410.4 -6.8
2,294.1 -4.8
2,483.7 8.3
2,262.6 -8.9
2,462.3 8.8
2,702.7 9.8
2,746.1 1.6
2,552.1 -7.1
2,591.3 1.5
2,375.7 -8.3
IFC Global Index Numberofstocks Share of market cap. (%) Shareof trading value(%) P/E ratio P/BV ratio Dividend yield(%) Total return index ' Change in total return index (',9)
84 71.6 91.0 19.8 2.6 1.3 4,208.4 7.6
83 69.2 77.0 18.3 2.4 1.5 3,820.6 -9.2
83 67.4 87.5 16.4 2.5 1.6 3,438.1 -10.0
83 66.8 91.9 15.4 2.3 1.7 3,320.5 -3.4
81 67.9 93.2 18.1 2.4 1.8 3,536.6 6.5
81 65.9 90.1 16.6 2.2 1.8 3,193.3 -9.7
81 66.7 79.9 17.6 2.4 1.7 3,415.0 6.9
81 66.7 86.2 19.1 2.6 1.6 3,738.9 9.5
80 66.7 88.3 19.3 2.6 1.6 3,796.5 1.5
80 65.2 88.0 18.3 2.4 1.7 3,543.1 -6.7
80 65.4 91.8 17.9 2.3 1.6 3,572.9 0.8
80 63.9 90.1 17.1 2.2 1.8 2,320.9 -35.0
Economic data Exchange rate
3.1054
3.2113
3.3500
3.2763
3.3276
3.3875
3.4006
3.3903
3.3905
3.4360
3.4370
4.9250
Number of listed companies Bolsa Mexicana de Valores Market capitalization Inpesos In U.S. dollars
Note; The base date for the BMV General Index is Nov. 1978=0.7816. The base date for the IFCG Mexico Index is Dcc. 1984=100.
1995 FACT3oo0K
[NIL(ING;
N1 utI,I
S l
l.
B)A hAsE
174
Mexico 1985-1994 (currency in millions; end of period levels)
1991
1992
1993
1994
199
209
195
190
206
60,514 22,550
96,472 32,725
303,271 98,178
433,313 139,061
623,887 200,671
641,461 130,246
13,027 5,732 51.7
15,421 6,232 33.3
34,575 12,212 44.0
95,725 31,723 47.9
137,902 44,582 37.0
194,421 62,454 36.8
281,554 82,964 44.5
105.7 124.3
211.5 100.2
418.9 98.0
628.8 50.1
1,431.5 127.6
1,759.4 21.8
2,602.6 47.9
2,375.7 -8.7
118.3 18.3
26 56.3 6.7 0.7 2.6 233.4 97.2
26 36.9 4.9 0.6 3.9 222.3 -4.8
52 64.1 3.5 0.6 3.0 463.0 108.3
52 65.5 8.4 0.9 2.1 802.7 73.3
54 62.5 10.3 1.0 3.4 1,041.0 29.7
56 51.6 14.1 1.8 0.8 2,152.4 106.8
66 47.5 12.3 2.0 1.0 2,608.2 21.2
69 62.0 19.4 2.6 1.6 3,909.8 49.9
80 63.9 17.1 2.2 1.8 2,320.9 -40.6
177,476 57.7 0.3717 0.2569
129,858 86.2 0.9235 0.6118
140,375 131.8 2.2000 1.3782
174,201 114.2 2.3200 2.2726
199,662 20.0 2.6835 2.4745
242,452 26.7 2.9480 2.8311
286,716 22.7 3.0890 3.0175
334,029 15.5 3.1 160 3.0932
360,420 9.7 3.1090 3.1130
7.0 4.9250 3.3937
1985
1986
1987
1988
1989
157
155
190
203
203
Market capitalization In niewpesos In U.S. diollars
1,418 3,815
5,497 5,952
18,416 8,371
31,978 13,784
Trading value In niewpesos In U.S.dollars Turnover ratio
606 2,360 65.8
2,350 3,841 68.0
21,437 15,554 179.3
Local index BMV General Index Change in index(9
11.2 177.3
47.1 320.6
26 36.6 -
Number of fisted companies Bolsa Mexicana de Valores
IFC Global Index Ntumberof stocks Slhareof market cap. 1%) PI/E ratio P/BV ratio Dividend yield (%,) Total return index* Change in index (') Economic data Grossdomesticproduct(US$) Change in coisimer price index(7) Exchanigerate Exchange rate (average of period)
6.5
1990
-
The base date for the BMV General Index is Nov. 1978=0.7816.The base date for the IFCG Mlexico Index is Dec. 1984=100. NV,ohSv: GNP data froim the 1995World Batik Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Mexico's GNP totaled $329,300million.
1995FAC
t BOOK
I ENIlzRGIcNG MARKE-IS
DATA BASE
175
Nigeria IFCI Nigeria
Exchange
(US$; end 1993=100)
(Naira/US$)
300-22.0
Rate
Average
Daily Value Traded
(US$ millionis)
-0.25-
250 -C21.5
-
-
0.20
200
0.1521.0-
150
0.10
1oo
20.5 -0.05
50
_
_
_
_
Mar 94
_
_
Jin 94
IFCIComposite
_
_
Dec94
IFCGmarketindex--
-
0.00
_20.0
Sep 94
Mar 94
Jin 94
Sep794
Dec94
Share of Total Emerging Market Capitalization
(end of month values)
(end-1994;
total=US$1,929
0. 1 , _
Other EMEA _21.1'%0
6.0 -
Market Performance
r 5.0jJ-jjn
5.0 __ 11un
__ 94
v <
L]
__ _ _Other
Sep 9 4
Dec 94
terms. The dollar-based performance of the IFCG Nigeria Index is misleading, however, since the government's decision to abolish the parallel foreign exchange rate in January 1994 caused a
_
Mar 94
Dec94
The IFCG Nigeria Index rose 47.9% in naira terms and 168.8% in dollar terms during 1994, while the local NSE General Index climbed 42.8% in naira
_
4.0.- _ _ _ _ _ _
ULI
Sep 94
billion)
9.0 -
70 7.0- . 6.0
Jum94
Localindex
IFCI P/E Ratio
_ 8.0 -Nigeria
Mair 94
Hn UL t
emerging markets
78.7%7o
one time gain in the index of nearly 82%. Furthermore, the official exchange rate, used to calculate IFC indexes, was fixed at N22.00per U.S. dollar throughout the year whileinthe black market rate climbed from about N40.00 early January to almost N100 by the end of 1994. In real terms, it is estimated that the IFCG Nigeria Price Index declined at least 20% in 1994. Turnover on the Nigerian Stock Exchange (NSE) increased slightly in local currency terms in 1994 with trading values averaging 33.6 million naira per month as compared to 23.9 million in 1993.
1995 FACTBOOK
E\li RGIN(I NI\ i;ItTS l)A .\ BIxS I 176
Total share volume on the six NSE trading floors totaled 191.2 million shares in 1994, up slightly from the 186.6 million shares traded in 1993. Favorable earnings results helped push equity prices higher in the first six months of 1994, with the IFCG Index gaininlg 25.8%, in naira terms for the period. A major oil worker strike and several general strikes in other industries between July and early September, protesting the arrest of Moshood Abiola, kept prices flat and turnover very low in the third quarter. The market resumed an upward track in late September following the end of the oil worker strike. Rising equity prices were largely attributed to higlher corporate profits, as well as anticipation that the government would allow the naira to float in the 1995 budget. The IFCG Nigeria Index increased by 5%.oa month during the fourth quarter for a gain of 15.3%o.
Economic/Political
Events
climate and economic political Nigeria's deteriorated significantly in 1994, largely due to measures in the 1994 government budget and the continuing political struggles for the country's leadership. Announced in early January 1994, the 1994 budget signaled a radical departure from the government's structural adjustment program, the guiding policy for the previous seven budgets. the 1994 budget When initially presented, predicted a balanced budget and an inflation target of 15%, considered unrealistic relative to Nigeria's deficit of 17.5% of GDP and an inflation rate of 100%'oin 1993. The most significant policy measure in the 1994 budget was the abolishment of the parallel exchange rate and pegging of the naira to the dollar at a rate of N22 per dollar. The 1994 budget also fixed bank interest rates and changed tariff structures.
1')95 I' \-
I
The country's political outlook was clouded on June 12 when Chief Moshood Abiola, winner of the annulled 1993 presidential elections, declared himself president. In his presidential declaration he ordered the national assembly to reconvene and the state governors to take up their posts. Within two weeks of his attempt to lay claim to the presidency, Abiola was arrested and charged with treason by the ruling military leaders and remained in confinement throughout the remainder of the year. The arrest of Moshood Abiola sparked a nineweek strike by the two major oil worker unions who demanded an immediate termination of military rule and Abiola's unconditional release. Other unions also sporadically participated in strikes to encourage Abiola's release. The oil worker strike was called off on September 6 after General Sani Abacha's military government clamped down by arresting chief union officials, detaining pro-democracy campaigners, and closinig newspapers.
industrial output fell by 4.8%, as compared to the first half of 1993 and 1.1%, against levels for the second half. Capacity utilization dropped to 32.1% at the end of June from 33%nin December 1993 and 37% in June 1993. The central bank attributed the sharp declines in the manufacturing sector to an inadequate supply of foreign exchange. Official data suggests that consumer prices increased 70% in 1994, but some non-official estimates show the real inflation rate to be nearer to 170%,. Fuel costs rose nearly 160%oduring the year while food costs increased at a relatively slow rate of about 41%,. The heavy weighting of food in official inflation calculations helped keep the overall inflation rate under the 100% rate registered in 1993.
On September 27, military ruler General Sani Abacha reshuffled the Provisional Ruling Council, dropping its three civilian members. At the time of the reshuffling the council was also expanded from 11 members to 25 members to secure a wider representation of the command structure of the armed forces. Later, on October 17, Finance Minister Kalu 1. Kalu was dismissed and was replaced by Antlhony Ani. Kalu had joined the Abacha government in November 1993, but had been critical of its economic policies. The 1994 budget policies and the ongoing political turmoil severely affected the Nigerian economy in 1994. GDP growth was virtually zero for the year with agricultural output climbing a scant 1.6%,and the manufacturing sector contracting by about 5%, according to Finance Minister Ani. This was confirmed by statistics from the Central Bank of Nigeria for the first half of 1994. They show that output increased 1.6% as while agricultural compared to 1.9%o in the first half of 1993,
NGAMIARZKETS DA IA B ASI N [MIFRI
177
Nigeria 1994 (currency in millions)
Jan
Feb
Mar
Apr
Mlay
Jim
Jtd
Aug
Sep
Oct
Nov
Dec
175
175
176
174
175
175
175
175
177
176
177
177
45,315 2,060
46,295 2,104
47,649 2,166
51,179 2,326
52,466 2,385
52,609 2,391
50,566 2,298
53,199 2,418
54,751 2,501
57,316 2,605
59,635 2,711
62 3 0.1
89 4 0.2
1,666.3 7.9
1,715.3 2.9
1,792.8 4.5
1,845.6 2.9
1,875.5 1.6
1,919.1 2.3
1,926.3 0.4
1,914.1 -0.6
1,956.0 2.2
2,023.4 3.4
2,119.3 4.7
2,205.0 4.0
28 70.9 46.7 8.4 1.8 5.8 113.7 99.5
28 71.5 14.6 8.7 1.9 6.7 117.9 3.7
28 73.0 49.8 8.3 2.0 7.2 124.6 5.7
28 73.3 63.2 8.5 2.0 7.2 129.0 3.5
28 70.6 33.2 7.9 2.0 8.0 133.6 3.6
28 70.6 46.9 8.1 2.1 7.7 138.1 3.3
28 70.8 23.2 8.1 2.1 8.0 139.2 0.8
28 73.3 61.2 8.1 2.1 8.3 139.2 0.0
28 70.9 36.5 5.2 1.4 8.1 141.6 1.8
28 71.7 54.2 5.4 1.4 8.8 149.6 5.6
28 72.1 59.6 5.7 1.5 8.8 158.5 6.0
28 72.5 31.5 6.0 1.6 8.4 165.8 4.5
Number of listed companies NigerianStockExchange
Market capitalization In naira In U.S. dollars
48,722 2,215
Trading value In naira In U.S. dollars Turnover ratio
21 1 0.0
40 2 0.1
36 2 0.1
27 1 0.0
18 1 0.0
10 0 0.0
32 1 0.1
15 1 0.0
21 1 0.0
33 1 0.1
Local index NSE General Index * Change in index ('/7)
IFCGlobal Index Numberof stocks Shareofniiarketcap.(5) Share of trading value (5) P/E ratio P/BV ratio
Dividendyield(%) Total return index Change in total return index (55) Economic data Exchange rate *
Notes:
1995
22.0000
22.0000
22.0000
22.0000
22.0000
22.0000
22.0000
The base date for the NSE General Index is 1984=100. The base date for the IFCG Nigeria Index is Dec. 1984=100. Nigeria fixed its exchanige rate at 22 naira per dollar on Jan. 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throughout March 1995.
FACTBOOK
22.0000
22.0000
21.8900
22.0000
1994, btit switched to using Nigeria's autonomous
22.0000
exchange rate in
INILlt(;lN(. MARKlETS DATI X 1\ASL
178
Nigeria 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
96
99
100
102
111
131
142
153
174
177
2,742 2,743
3,688 1,112
4,032 974
5,089 960
7,489 1,005
11,935 1,372
18,448 1,882
26,246 1,221
41,168 1,029
59,635 2,711
13 15 0.5
22 16 0.7
27 7 0.7
24 5 0.5
28 4 0.4
88 11 0.9
91 9 0.6
235 14 1.0
287 10 0.8
403 18 0.8
Local index NSEGeneral Index * Cliange in index (%)
128.3 28.3
163.4 27.4
190.9 16.8
233.6 22.4
325.3 39.3
513.8 57.9
784.0 52.6
1,107.6 41.3
1,543.8 39.4
2,205.0 42.8
IFC Global Index Ntimberofstocks Share of market cap. (%) P/E ratio P/BV ratio Dividendyield(%) Total return index * Change in index(%)
15 54.6 9.0 105.0 5.0
15 54.1 5.1 2.6 6.9 45.4 -56.7
15 51.6 4.5 2.6 4.1 39.4 -13.2
15 52.8 5.6 3.2 9.0 42.2 7.0
15 55.9 6.5 1.4 7.3 51.1 21.1
22 71.7 6.0 1.3 12.0 71.8 40.5
24 69.0 10.6 1.6 6.8 99.0 37.8
24 65.3 9.0 1.7 5.1 64.4 -34.9
24 65.3 8.4 1.8 6.9 57.0 -11.6
28 72.5 6.0 1.6 8.4 165.8 190.9
59,110 5.7 3.3168 1.3484
28,755 11.3 4.1413 3.8455
30,503 54.5 5.3000 4.4900
32,815 7.4 8.7000 7.9425
32,631 13.0 9.8000 9.9295
32,021 44.6 21.5000 17.2747
29,112 86.1 40.0000 28.2335
-
Number of lisled companies NigerianStockExchange Market capitalization In niaira In U.S. dollars Trading value In naira In U.S. dollars Turnover ratio
Economic data Grossdonsesticproduct(US$) Change in consumer price index (,) Exchange rate * Exchange rate (average of period)
Notes:
90,228 5.4 0.9996 0.8938
27,918 50.5 7.4500 7.1959
22.0000 21.9956
Ihe base date for the NSE General Inidex is 1984-100. The base date for the IFCG Nigeria Index is Dec. 1984=100. Nigeria fixed its exchange rate at 22 naira per dollar on Jan. 1, 1994. IFC used this rate in calculating the IFCG Nigeria Index throuighout 1994, but switched to using Nigeria's autonomous exchange rate in March 1995.
1'910 1 \ ( Il;)():,
E.IIR(AING NIIlKi
[5 DxrA l1ssri: 179
Pakistan IFCI Pakistan (US$; end 1993=100)
Exchange Rate (Riipees!LJS$)
Average Daily Value Traded (US$ mnillionis)
150 -
30.8
25
125 -
[115-
30.6
30.4 -fl
Jun94
Mar 94
Sep94
IFClmarketindex
: -WICI Composite -
Malr94
Dec94 - -
Juin94
Dec94
Sep794
IFCI P/E Ratio
Share of Total EmergingMarket Capitalization (end-1994; total=US$ 1,929 ll1ion))
_
Mar 94
Jun94
Sep94
uPakistan
Dec94Mar94
32l.6in 24ido
30 -
_
mnh
_
_ __e(down
28
I
26
j 0I 0 21
32 22
20- ._
111l0Al
t
UdriftedlowenOther
_ _ __ _ _ __ _ _ _ _ __ _ _ _ _ Sep94 Mar 94 Junl94
Mar 94
Jun94
Dec94
Sep94
Localindex
values) (enld of mo0nthl 3634
20
_ _P_s_ Dec94
eOteerging m.a2rk9e,ts
= 0.T6
Other South Asia 26T4e,t
Market Performance Stocks on the Karachi Stock Exchange (KSE) drifted lower in 1994, with the IFCG and IFCI 9.8% and 5.6%S3 indexes falling Pakistan
respectively in dollar terms. The outcome was
better for domestic investors, with the local SBP While 1994's results markaa=sharp9reversalofro Index holding fairly steady in local currency terms 0.7%).
52o5n ure willthe
3 Asia
be~~2.9 littengs,
irhe aFCG
doetcapinvsars
Pakistan Index wion,h
In
oclB
1993 and the 93.8% jump in its IFCI counterpart,
the market continued to deepen in terms of new lsig,market
captalztin
and
trading
activity. Some 724 companies were listed on the KSE at the end up 1994, compared to 653 in 1993 and 628 in 1992. As a result, market capitalization jumped to $12.3 billion (despite the falling share prices) from $11.6 billion in 1993. Share utrnover also jumped, up 73.5capito $3.2 billion, while trading volume rose 51.8% to 1.95 billion shares. ENIERGINGMARK[ TS DATA BASE
18()
Stock prices rose in the first quarter of 1994 in response to buying by foreign institutional investors. An ambitious privatization program prompted investors to buy equities, as did various incentives provided by the government to the local textiles sector. Increased investment in utility stocks added momentum. Investors also reacted favorably to economic goals laid down by the government to reduce the federal budget, current account deficit, and inflation rate. The IFCG Pakistan Index soared 110,%in dollar terms during the first quarter. In the second quarter, a sharp 28%,,reduction in the major annual production of cotton-Pakistan's export-and increasing political tension between Prime Minister Benazir Bliutto and opposition party members significantly reduced activity on the KSE. A power shortage due to a severe drought added to market pessimismil.The net result was that investors on the KSE suffered heavy losses in April and May. Prices rebounded temporarily in June as local investors returned to the market, but worries about higlier U.S. interest snuffed out the rally before it could gain momentum. Trading on the KSE remained active throughout the year, with investors focusing on Pakistan Telecommunications Company (PTC) and Hubco, whichI issued IPOs. The government's placement of PTC-the biggest IPO ever in Asia excluding clearly the most significant Japan-was development on the KSE. Led by Jardine Fleming International of Hong Kong and local banks, the first placement was made available mainly to local investors with some 100 million vouchers being sold, each representing 100 shares. This was a huge success and demanid from both domestic and foreign investors soared. A second placement was held in mid-September, with sales of 500 million vouchers. PTC vouclhers began trading on the KSE's gray market on September 5, and were officially listed on November 15. Acquiring the vouchers poses some risk to investors since no guarantees have been made regarding the government's promise to 1995
I ACTI300K
exchanige shares for the vouchers in two years. Still, the government has said it would pay Rs 4,680 per voucher if the exchange does not happen. Investors also may have difficulty receiving companiy financial results for several years. The government promised to disclose audited financial statements for the year ending June 30, 1993, by the end of 1994. The success of the PTC placemenit helped enhance Pakistan's image in the internationial financial community. The government raised $900 million from abroad in the form of GDRs convertible into total market shares-10% of the company's capitalization of $9 billion. This boosted Pakistan's foreign exchange reserves by almost 50'%. Encouraged by the success of PTC, Hubco of Pakistan, a giant private power project, placed $135 million through the issuance of GDRs in an interniational private placement. The offer was oversubscribed by a factor of ten. Hubco is a $1.5 billion project aiming to produce 1,292 megawatts of electricity once it is completed in 1997. In large part due to the IPO of PTC, average daily turniover on the KSE soared to $13.4 million in gain. 1994 from $7.7 million in 1993, a 73.8'%,o
Economic/Political
an opposition leader in November sparked more violence in Karachi. Inflation continues to be a problem in Pakistan. Through mid-November, consumer prices were up about 15.25% for the year. Among the factors are higher food prices and government-set electricity and gas rates, wliicli were raised 20% to attract private investment into the utility sectors. Pakistan's budget deficit fell to 5.8% in FY 1994 from 8%7n a year earlier, according to figures in the State Bank of Pakistan's anniual report for 1993-94. Economic growth jumped to 4% compared with 2.3%1in 1993. Last June's budget included a series of measures aimed at reducing the deficit further. These include new sales taxes and customs duties. The country appears prepared to follow IMF recommendations by striving to cut the annual fiscal deficit to 4%'nof GDP. On the privatization front, Pakistan plans to auction off 15 state enterprises in the near future. Pakistan also announiced plans to tap the Eurobond market by the end of 1994 with a $200 million issue. This marks the first such Eurobond issue for Pakistan. S&P and Moody's have rated the government's credit at BB-minus. Separately, the IFC approved an investment in General Tyre and Rubber Co., the country's leading automobile tire producer, on October 31.
Events
Pakistan's internail turmoil played a major role in undermining the confidence of both domestic and foreign investors in 1994. Of greatest concern was the hostile relations between the ruling Pakistan Peoples Party (PPPI'), led by PM Bhutto, and the opposition party Muslim League. Since her election last year, Bhutto frequently faced political pressure from former Prime Minister Nawaz Sharif. Along with corruption charges and a finanicial scandal, the ruling party militarily confronited social uLnrest spurred by an MQM movement in the Sindh and Northwest provinces, the country's two largest provinces. The arrest of
ENIFRGING. MAIZKETs DATA BASr
181
Pakistan 1994 (currency in millions)
Number of listed companies Karachi Stock Exchange Ltd. Market capitalization Inrupees In U.S. dollars Trading value Inrupees In U.S. dollars Turnover ratio Local index KSE 100 Index ' Change in index (%) IFC Global Index Numberof stocks Share of miarket cap. (%1) Share of trading value (%) PIE ratio P/BV ratio Dividenid yield (%) Total return index Chanige in total return index (%) Economic data Exchange rate
Notes:
1995
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
654
663
669
669
676
683
687
695
704
707
717
724
375,038 12,447
411,840 13,579
424,644 13,969
410,591 13,484
380,401 12,435
404,578 13,217
401,945 13,170
391,618 12,827
396,580 12,969
387,783 12,665
366,823 11,961
377,333 12,263
9,402 312 2.6
7,263 239 1.8
7,316 241 1.8
11,036 362 2.6
4,967 162 1.3
7,368 241 1.9
9,191 301 2.3
7,395 242 1.9
9,191 301 2.3
6,893 225 1.8
7,040 230 1.9
10,411 338 2.8
2,244.8 3.7
2,461.7 9.7
2,540.5 3.2
2,361.8 -7.0
2,247.3 -4.8
2,333.0 3.8
2,240.5 -4.0
2,188.4 -2.3
2,257.3 3.1
2,211.1 -2.0
2,144.5 -3.0
2,049.1 -4.4
71 69.2 51.0 26.0 4.3 1.3 724.3 1.9
71 68.7 51.3 27.3 4.7 1.3 786.0 8.5
71 67.2 44.4 27.5 4.7 1.2 791.1 0.6
71 64.9 48.6 25.2 4.3 1.3 744.1 -5.9
71 65.5 62.4 23.4 4.0 1.5 691.8 -7.0
71 65.1 73.0 22.6 4.0 1.5 732.2 5.8
71 64.7 54.7 25.4 3.9 1.5 721.9 -1.4
71 65.0 41.7 24.8 3.8 1.5 706.2 -2.2
71 66.1 62.4 25.3 4.0 1.4 727.2 3.0
71 66.1 57.7 24.6 3.9 1.4 709.1 -2.5
71 66.8 26.9 23.4 3.7 1.4 676.5 -4.6
71 62.5 28.5 23.3 3.5 1.6 650.3 -3.9
30.1300
30.3300
30.4000
30.4500
30.5900
30.6100
30.5200
30.5300
30.5800
30.6194
30.7692
30.6h93
IFC switched to the KSE 100 Index (Nov. 1, 1991=1,000) from the SBP Index in this Factbookbecause the former is more representative of market movements. This time series has been adjusted to reflect the new index. The base date for the IFCG Pakistan Index is Dec. 1984=100.
FACTBOOK
,J I \1l U.IN(,. N1 \111 IS 1[1)
SI
182
Pakistan 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
362
361
379
404
440
487
542
628
653
724
21,900 1,370
29,491 1,710
34,300 1,960
45,508 2,460
52,207 2,457
61,900 2,850
1 80,222 7,326
204,723 8,028
347,829 11,602
377,333 12,263
Trading value In rupees In U.S. dollars Turnover ratio
3,757 236 18.4
2,583 155 10.0
2,813 162 8.8
3,181 177 8.0
3,910 193 8.0
4,979 231 8.7
15,232 620 12.6
24,435 980 12.7
51,579 1,844 18.7
97,472 3,198 26.9
Local index KSE 100 Index ' Change in index(°'
166.5 -1.1
199.9 20.1
228.4 14.3
262.7 15.0
277.3 5.5
308.5 11.3
718.2 132.8
1,243.7 -
2,164.3 74.0
2,049.1 -5.3
IFC Globat Index Number of stocks Share of market cap. (S.) P/E ratio P/BV ratio Dividend yield (,) Total return index* Change in index(91)
52 42.6 6.7 118.3 18.3
52 38.0 6.8 1.4 8.2 142.9 20.8
51 32.9 7.6 1.3 6.5 152.4 6.7
50 33.3 7.4 1.2 7.9 173.4 13.8
50 31.0 8.0 1.3 8.3 184.5 6.4
49 33.4 7.0 1.3 5.6 205.0 11.1
54 53.6 23.9 3.1 1.9 557.8 172.1
58 47.0 21.9 2.5 2.5 455.1 -18.4
64 68.5 27.6 4.2 1.5 710.8 56.2
71 62.5 23.3 3.5 1.6 650.3 -8.5
29,642 5.6 15.9800 15.9284
30,907 3.5 17.2500 16.6480
32,903 4.7 17.5000 17.3990
37,606 8.8 18.5000 17.9594
37,977 7.8 21.2500 20.2685
40,071 9.1 21.7200 21.5232
41,599 11.8 24.6000 24.5750
48,560 9.5 25.5000 24.9436
48,590 9.4 29.9800 27.9756
12.5 30.7692 30.4758
Number of listed companies Karachi Stock Exchange Ltd. Market capitalization In rupees In U.S. dollars
Economic data Gross domestic product (US$) Changeinconsumerpriceindext/o) Exchange rate Exchanige rate (average of period)
Notes: IFC switched to the KSE 100 Index (Nov. 1, 1991=1,000) from the SBP Index in this Facitlookbecause the former is more representative prior to 1992, the SBP Inidex is referenced The base date for the IFCG P'akistanIndex is Dec. 1984=100.
1993 1:%( I n(t1(
-
of market movements. The KSE 100 begins with 1992 data;
[Nil ICGING NIAlRKL
S DATA BASE
183
Peru IFCI Peru (US$; enid 1993=100)
Exchange Rate (Soles/US$)
170 -2.25
Average Daily Value Traded (US$ mnillions)
-2018 16
150
130
flfl
2.20
910
14
12-
704-
Mar 94 IFCIComposite
Jun94 -
Sep94
Dec94
IFCImarketindex
--
Mar 94
Jtuni 94
Sqe94
Dec94
Jun 94
Sep94
Dec94
Localindex
IFCI P/E Ratio (etnd of monthivalues)
Share of Total Emerging Market Capitalization (en/I-1994; total=LIS$1,929 billion)
Market Performance Peru outperformed all other Latin American markets except Brazil in 1994, with the IFCI Peru
70 65 -
Mar 94
_
0 -
04Per
OtherLatin 23.3%
55 50 -
Index rising 47.5%/ev in dollar terms and the Indice General de la Bolsa de Valores de Lima rising 52.1%K in nuevos soles terms. The ride was bumpy, with the IFCI Pertu Index up 20.8%oin the first quarter, down 4.9%7in the second, Up 36.7%/(in the third, and down lost 6.1% in the final three months of 1994. Average daily value traded peaked at $19
45 -
millionin
40 35 35_ _ _ _ _
Ll _
Mar 94
L| t | _
Jun94
_
Sep94
_
_Other
Dec94
emerging markets 76.2%,'
February, and totaled $3.1 billion for the year, 84.1%. higher 59.9%7) than in 1993.billion Marketin capitalization increased to $8.2 1994, of which $1.6 billion was held by foreign investors. In January, the IFCI Peru Index rose 17.7%70in anticipation of a successful privatization of Compania Peruana de Telefonos and Entel Peru. Between March and July, the index dropped 11.1%7
1995 FACTBOOK
EMERGING NIARKETS DATA BASE 184
as foreign investors reassessed their Latin American investments amid rising U.S. interest rates, political disturbances in Mexico, and economic instability in Venezuela. In August, the market gained 10.3%o after several companies expressed interest in launchiing international equity offerings. Foreign capital returned to the Bolsa de Valores de Lima (BVL) followed betterthan-expected financial reports and opinion poll results favoring President Fujimori. In September, the market rallied 26% after Banco Wiese launched a level 3 international offering under the ADR program and was listed on the New York Stock Exchanige. After rising 2.5%., in October, the market reversed course and posted a loss of 8.4% in November and December. The BVL felt the effects of the Mexican financial crisis in December, but to a smaller degree than other Latin American markets. The privatization of telecommunications companies CPT and Entel raised $2 billion also sparked interest on the exchange. The new company, called CPT Telefonica del Peru, will enjoy a 5-year monopoly over telephone services and has plans to invest $1 billion in infrastructure by the year 2000. Cementos Lima entered the international markets by setting up a 144A facility. The Bolsa Mexicana de Valores signed an agreement with the BVL in January to increase informationi flows between the two markets. Each will gain access to information about the development plans of the other, as well as financial statemenits of listed companies.
Economic/Political
Events
In economic news, Peru's GDP expanded by 12.9%S in 1994, fueled by private investment and government spending in infrastructure. 'Fhe construction
1995FA(
BOOK
sector grew by 34.3'%0,followed by fishinlg (up 23.8%), manufacturing (up 17.3%), and mining (up 5S).
aimed at boosting participation of Peruvian citizens and corporations in the privatization program.
Considerable progress was made in fighting inflation in 1994. Consumer prices rose 15.4%o compared to 40%,0in 1993 as a result of strict fiscal and monetary policies. The nuevo sol fell 1.7%,in the first half of the year, but rose 2.9%7,between August and December. Overall, the currency lost 12%7 in real terms. Higher mineral prices, an expansion in fishing, and investment in the agricultural sector helped boost exports to $4.5 billion; imports totaled $5.6 billion. Tax revenues rose by 25%,!,in 1994. International reserves totaled US$5.7 billion at the end of the year.
The Administradoras de Fondos de Pension (AFPs), the private pension system, is facing difficulties because the government has yet to issue so-called recognition bonds to cover the contributions of state employees who want to transfer from the state pension system.
In other economic news, Peru is expected to resume talks on restructuring its $7 billion external debt with commercial creditors in 1995. Although negotiations were stalled in 1994 as a result of the Citibank steering committee's refusal to continue talks until Peru recognized a controversial $72 million loan from Chemical Bank and American Express, a Brady-style restructuring agreement is expected before the end of 1995.
Copri, the privatization commission, announced a plan in July that would allow workers to take their state pension in the form of shares in privatized companies and have AFPs manage them. Small investors will be able to purchase up to $4,500 worth of shares through loans. After making a 10% cash deposit, investors will make installment payments over three years. The government intends to cover any losses in share value during the pay back period.
In political news, President Fujimori is leading a pack of presidential contenders in the lead up to the April 1995 elections, drawing about 44%,oof support in opinion polls. Former UN Secretary General Javier Perez de Cuellar is second at 22%,/n, followed by Alejandro Toledo at 9%. Privatization revenue from the sale of 30 stateowned entities in 1994 totaled $2.9 billion. Besides the privatization of Compafifa Peruana de Tel6fonos in February, copper mine Tintaya, zinc refinery Cajamarquilla, Electrolima's two distribution units, commercial bank Interbank, and the government's 48%,stake in Cementos Lima were sold off. FutLre privatizations include Petroperu, Electroperu, Edegel, Banco Continienital, Centromlfnt, and Sedapal. In related news, the privatization committee introduced two programs
[ LNii RCING MARKETs DATA BASE 185
Peru 1994 (currency in millions)
Number of listed companies BolsadeValoresdeLima Market capitalization Insoles In U.S. dollars Trading value Innuevossoles Tn U.S.dollars Turnover ratio Local index IGBVL* Changeinindex(%) IFC Global Index Number of stocks Share of market cap. (%) Share of trading value(%) P/E ratio P/BV ratio Dividend yield (%) Total return index^ Change in total return index (l%) Economic data Exchange rate
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
232
232
234
213
211
213
212
212
214
215
217
218
12,865 5,901
14,058 6,472
13,592 6,249
13,246 6,076
13,873 6,364
12,808 5,848
12,620 5,750
13,684 6,109
18,049 8,022
18,612 8,352
18,155 8,360
17,835 8,178
555 254 4.6
837 385 6.2
676 311 4.9
344 158 2.6
645 296 4.8
385 176 2.9
273 124 2.1
410 183 3.1
699 310 4.4
711 319 3.9
683 314 3.7
526 241 2.9
1,106.4 18.9
1,183.4 7.0
1,157.2 -2.2
1,079.8 -6.7
1,126.9 4.4
1,086.5 -3.6
1,106.6 1.9
1,168.1 5.6
1,403.9 20.2
1,525.9 8.7
1,433.0 -6.1
1,414.9 -1.3
35 72.9 72.0 63.6 4.1 0.4 162.5 18.5
35 72.1 80.3 68.2 4.4 0.5 176.5 8.6
35 71.4 86.5 45.3 3.9 0.7 169.5 -4.0
35 70.6 86.6 43.8 3.7 0.8 163.0 -3.8
35 72.0 91.4 45.0 3.9 0.7 174.1 6.8
35 72.6 78.5 41.0 3.6 0.7 161.0 -7.5
35 67.2 77.4 40.1 3.5 0.8 155.7 -3.3
35 69.1 77.7 49.5 2.8 0.7 168.5 8.2
35 66.3 83.0 59.7 3.5 0.6 212.5 26.1
35 66.4 78.9 61.5 3.6 0.6 221.2 4.1
35 63.2 66.9 46.8 3.0 0.7 211.0 -4.6
35 64.5 68.3 43.9 3.0 0.7 210.6 -0.2
2.1800
2.1720
2.1750
2.1800
2.1800
2.1900
2.1950
2.2500
2.2285
2.1715
2.1810
2.2400
Note: The base date for the IGBVL is Dec. 1991=100. The base date for the IFCG Peru Index is Dec. 1992=100.
1995
FACTBOOK
L\Il 1I(,N(,
N1luu5 l IS D
X, \ 1; %18
IX
Peru 1985-1994
(currency in millions; end of period levels)
TJC1 of isled companies BolsadeValoresdeLima
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
159
177
197
236
256
294
298
287
233
218
-
5.0000 931
439
1,090
4,300
10,993
17,835
812
1,118
2,630
5,113
8,178
0.2938 90
25
104
519
3,332
6,742
99 11.3
130 13.6
417 19.3
1,672 43.8
3,080 46.8
100.0
372.9
930.5
1,414.9
288.2
273.0
149.5
fL
Moikel
capitlalization
Chaige
831
0.003300 239 15.5
0.005100 301 17.0
0.007300
38 6.5
0.000274
o.0o0998
0.000943
0.008580
0.3362
691.3
264.4
759.9
3,81 7.9
0.000400
local index IGBVL' in index(%)
-
2,322
760
I,oiladm vOlUe Insoles In U.S. dollars Turinover ratio
0.0274
0.0324
0.0106
In nuevos soles In U.S. dollars
57 -
-5.5
-
25.8 7,544.3
52.1
IF(C Global Index Number
of stocks
Share of market cap. (') P/E ratio P/BV ratio Dividend yield (%) Total return index Changeinindex(%)
-
-
-
-
-
-
-
18
18
35
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
47.7 25.9 2.7
46.0 44.0 3.6
64.5 43.9 3.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0
-
--
0.8 137.2 37.2
0.7 210.6 53.5
40,857 409.5
42,060 73.5
40,982 48.6
23.7
0.9750 0.8042
1.6350 1.2458
2.1500 1.9921
-
Economic data Gross domestic product (US$)
Change in consumer price index (%S) Exchange rate Exchiange rate (average
of period)
16,955 1 63.4 0.0000139 0.0000110
26,143 77.9 0.0000139 0.0000139
44,224 85.8 0.0000330 0.0000168
43,739 667.0 0.0005000 0.0001288
40,942 3,398.7 0.0053000 0.0032000
36,184 7,481.7 0.5400 0.2540
2.1810 2.1892
Note: The base date for the IGBVL is Dec. 1991=100. The base date for the TFCGPeru Index is Dec. 1992=100.
It():;
I \t
1
)l,
\11RING 1[tlR
Is DATA B1ASr187 NItIku 1
Philippines IFCI Philippines (lIS$; enid 1993=100)
Exchange Rate (Pesos/US$)
Average Daily Value Traded (lIS$ miiillionis)
110
28.0
120
~~~~~~~~~~~~~~~~~~27.0 -100
100
10:0
sO
Mar 94
1Jun94
IFCI(Composite-
Sep 94
S8
Dec94
IFCImarket2index ---
Mar 94
Jun194
Sep94
Dec94
Share of Total EmergingMarket Capitalization
(end1rof mon lItl valle7s)
(,end-I 994; otahl=US$1,929
~~~~~~~~~~~~~21 ~~
34-~ 33-
JIm) 94
arrt
tn94
S194
Asia
.I
rI _
.
_
Dc4Mareol
OtherEast
_Fl_
29 - . 27
m
I'hilippines
31
28-
Dec94
__2.9%
32
30
Sep94
29
_
jjjJJ
[
fli
25.0,o
.
;.
ni n _
J
_
LIJi____.___
_ ____
Sep94
Dec94
Other
Market Performance
Ibillion,)
70~
Mar94
Junl94
Localindex
IFCI P/E Ratio 35 -
Mar 94
.
After an extraordinary gain of 154%/ in 1993, the Philippine Stock Exchange (PSE) composite index whic 94e 1to19 SoepstiDc 94etos lost 12.8% in peso terms in 1994, while the IFCG and IFCI Philippine indexes fell 1,. and 11.5%, respectively in dollar terms. Continlued economic recovery and ample liquidity helped support the market, but large IPOs drew considerable investor ~~~~~~~~~interest and drained capital from the secondary
market. The disparity between the IFCGand IFCI results partly reflect sharper declines in B-class shares,wich
arXe5r open
to bdothdomestic and
Average daily turnover increased to $55 million in 1994 from $27 million in 1993. The monthly turnover ratios, however, held withinl a relatively low range of 1-3%Sof total market capitalization, reflecting comparatively low levels of market
1995 FACTFIOOK
[ieStcING
MIARKETSDPST, BAnsi 188
liquidity. With the addition of 21 new listings in 1994, the PSE's total market capitalization increased 37%,,to $55.5 billion. The total number of listed companies increased to 189 in 1994 from 180 the previous year. Because of its relatively small market capitalization and less stringent foreign investment regulations, the Philippine market again showed its sensitivity to the direction of foreign capital flows. Investors were particularly concernied about the possible impact of higher U.S. interest rates on foreign capital outflow from Asia last year. But this concern had a strong impact on the PSE only in the first quarter wheni the IFCI Philippine Index fell 23% in dollar terms. Positive domestic news boosted the market 8% in the second quarter and 7'%0in the third , as measured by the IFCI index. The appreciating peso pushed stocks down 0.1/,, in the fourth quarter. Throughout 1994, signs of the nation's economic turnaround-a better-than-expected economic recovery with GNP growth estimated at 6'%0in 1994, surging corporate earnings, lower interest rates, and stable inflation figures-helped support the stock market and acted as a catalyst in mobilizing liquidity in the financial system. Market liquidity also benefited from an inflow of investment capital in response to a 3%,cut in bank reserve requirements in August, which pushed interest rates to a seven-year low. Inflation continued to slow in the second half of the year, but 1994's 9% overall increase in the CPI was still higher thani the 7.67o rise in 1993. PSE volatility was closely linked to the rising value of the peso against the U.S. dollar. Declines in large-cap stocks such as Petron, which stands to pay higher prices on imported oil, and PLDT and PNB, which generate over 70% of their earnings in U.S. dollars, led the overall decline on the PSE. There were also a series of major IPOs in 1994, particularly in the second half of the year. These include a large IPO by Petron, the largest stock
1995 [At
I IS100K
offering in Philippine history. Petron's price surged 170'7%from the offering price on the first day of listing on the PSE in September. Investor interest in IPOs drew sizable amounits of capital from the secondary market. However, ample market liquidity on the back of declining interest rates kept the exchange from turning sharply lower. President Ramos's administration received mixed reviews from stock market investors. The president's attempts to increase tax revenues repeatedly faced fierce opposition. Furthermore, Ramos was forced to roll back a previously scheduled oil price increase in response to threats of nationwide labor strikes and other protests. These added volatility to trading during the first quarter. The proposed implementation of an expanded VAT scheme was revised and reversed several times by the Philippine Supreme Court following its passage in April, and the court's restraining order remained intact at the end of 1994. While there was little change in the country's low tax collection rate, faster economic growth helped increase tax revenue and contributed to a budget surplus in 1994. The IMF and many economists had previously expressed concern about the country's fiscal affairs. On October 3, the PSE revised the constituents of its composite index (PHISIX) and sub-industry indexes and added an index for its newly classified property sector. The PHISIX is broader than the former index, representing over 70'%0 of the market's total capitalization as of end-September. The new index also includes B-class shares, whiclh were previously excluded, has more evenly distributed stock weights, and includes newly listed stocks such as Petron. The PSE previously required a minimum trading period of six monitlhs before a stock could be added to its indexes.
Economic/Political
Events
Despite active central bank intervention and various measures introduced by the Ramos Administration to restrict currency speculation, the Philippinie peso appreciated over 10% in 1994 to P25.5 to the dollar. Capital inflow surged in response to increasing foreign investment, multilateral and bilateral loans, proceeds from offerings of Eurobonds, as well as increasing remittances from overseas contract workers. The central bank reduced reserve requirements on bank deposits from 20% to 17%, effective August 15. Reserve requirements were lowered to 20%o from 22% at the end of 1993 on the condition that 2% of bank deposits be invested in Treasury bills or notes. The 3 point reduction triggered a drop in 91-day T-bill rates to a seven-year low of 8.7% in September from over 15'% at the end of 1993. Banks responded by lowering their lending rates to between 10.5% and 12%o.Declining rates paid by banks on deposits resulted in negative inflationadjusted returns and prompted capital flows to the stock market. T-bill rates, however, turned upward at the end of October after the central bank began mopping liquidity to cap inflationary pressure resulting from pesos released to purchase U.S. dollars. Weighted average yields of T-bills stood at 11%/at the end of 1994.
The Manila and Makati stock exchanges began functioning under a one-price system in March after the Philippinie Stock Exchange successfully linked their computer systems.
ENiEI(CIN(; MIAtKuTs
DATA BASE
189
Philippines 1994 (currency in millions)
Number of listed companies Philippines Stock Exchange Market capitalization Inpesos In U.S. dollars
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
181
183
185
185
185
187
188
181
183
185
188
189
949,718 34,980
1,006,295 36,928
1,333,701 52,570
1,409,700 56,660
1,300,007 54,508
990,338 36,410
980,841 35,994
1,126,516 42,510
1,075,606 40,574
1,170,126 45,284
1,302,554 49,773
1,354,660 55,519
Trading value Inpesos In U.S. dollars Turnover ratio
35,329 1,299 3.4
20,965 769 2.1
18,333 675 1.9
17,920 658 1.8
19,313 729 1.8
33,144 1,250 3.0
20,175 781 1.8
37,323 1,426 3.0
56,262 2,218 4.3
38,027 1,528 2.8
37,741 1,582 2.8
29,696 1,217 2.2
Local index PSE Composite Index* Changeinindex(%)
2,874.6 -10.1
2,861.6 -0.4
2,711.5 -5.3
2,844.2 4.9
3,030.8 6.6
2,746.4 -9.4
2,803.2 2.1
3,112.8 11.0
2,908.2 -6.6
3,068.5 5.5
2,691.2 -12.3
2,785.8 3.5
IFC Global Index Number of stocks Share of market cap. (51) Share of trading value (%) P/E ratio P/BV ratio Dividendyield (51) t Total return index Chanige in total return index(5)
41 63.7 57.1 36.0 4.9 0.4 4,365.2 -9.6
41 62.8 56.5 35.1 4.7 0.4 4,243.4 -2.8
41 62.1 47.4 32.6 4.3 0.4 4,071.3 -4.0
41 61.9 58.1 31.3 4.2 0.3 4,279.2 5.1
41 59.8 63.4 31.4 4.5 0.2 4,721.4 10.3
41 57.7 73.7 29.9 4.1 0.4 4,352.6 -7.8
41 54.3 46.5 30.6 4.2 0.4 4,572.1 5.0
41 54.2 45.3 34.0 4.7 0.4 5,020.2 9.8
42 57.8 52.0 32.7 4.8 0.3 4,834.4 -3.7
42 57.2 42.1 34.0 5.0 0.3 5,148.9 6.5
42 55.0 43.4 29.9 4.4 0.4 4,764.9 -7.5
41 54.4 45.2 30.8 4.5 0.4 4,802.3 0.8
Economic data Exchange rate
27.2000
27.2500
27.1500
27.2500
26.5000
26.5100
25.8400
26.1700
25.3700
24.8800
23.8500
24.4000
Notes:
IFC switched to the new Philippine Stock Exchange (PSE) Composite Index (Aug. 19,1985=100)following the merger of the Maniila and Makati stock exchanges. This time series has been adjutsted to reflect the niewindex. The base date for the IFC Philippine Index is Dec. 1984=100.
1995F,xcTiloIr
| \litTht\G
RI \ktft
l- 1)t
l:\st
loll
Philippines 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
138
130
138
141
144
153
161
170
180
189
12,741 669
41,214 2,008
61,108 2,948
88,592 4,280
260,470 11,965
161,219 5,927
266,648 10,197
353,139 13,794
1,088,819 40,327
1,354,660 55,519
Trading value Inpesos In U.S. dollars Turniover ratio
2,067 111 14.1
11,471 563 42.5
31,352 1,524 61.3
18,251 875 24.4
50,730 2,410 29.1
28,569 1,216 13.5
40,330 1,506 18.8
77,002 3,104 24.8
180,741 6,785 25.1
364,226 13,949 29.9
Local index PSEComposite Index* Change in index (%)
131.2 32.1
424.8 223.8
813.2 91.4
841.6 3.5
1,104.6 31.2
651.8 -41.0
1,151.9 76.7
1,256.2 9.1
3,196.1 154.4
2,785.8 -12.8
IFC Global Index Ntumberofstocks Share of market cap.(%) PI/Eratio P/BV ratio Dividend yield(%) Total return index' Change in index(%)
18 39.7 8.9 146.5 46.5
18 61.6 2.0 707.0 382.6
18 62.4 2.4 1,076.7 52.3
18 59.0 12.6 2.6 2.2 1,486.5 38.1
18 33.6 14.1 3.6 1.1 2,371.5 59.5
29 70.8 11.3 2.6 2.3 1,094.0 -53.9
30 68.1 11.3 2.6 0.8 1,738.5 58.9
30 58.0 14.1 2.4 1.0 2,056.8 18.3
37 59.0 38.8 5.2 0.3 4,831.4 134.9
41 54.4 30.8 4.5 0.4 4,802.3 -0.6
30,725 23.1 19.0320 18.6073
29,886 0.8 20.5300 20.3860
33,347 3.8 20.7300 20.5680
38,493 8.8 20.7000 20.8614
43,825 12.2 21.7700 21.0509
45,683 14.1 27.2000 23.4900
46,497 18.7 26.1500 26.7706
54,491 8.9 25.6000 24.8034
55,370 7.6 27.0000 26.6398
9.1 24.4000 26.1112
Number of listed companies PhilippinesStockExchange Market capitalization In pesos In U.S. dollars
Economic data Gross domestic product (US$) Changeinconsunmerpriceindex(%) Exchange rate Exchange rate (average of period)
Notes:
1')')
IFC switched to the new Philippine Stock Exchange (PSE) Composite Index (Aug. 19, 1985=100) following the merger of the Manila and Makati stock exchanges. This time series has been adjusted to reflect the new index. The base date for the IFC Philippine Index is Dec. 1984=100.
I.\ti1lo)l
t\I
Nlllf(;lN NIAIZKTIS
DAIA
BASE
191
Poland IFCI Poland (US$; end 1993=100)
Exchange Rate (Zlotys/US$)
Average Daily Value Traded (US$ mnillionis)
180
2.5
80
160 -
*
70 60
2.4
140
n
120
60 -
-
m
2FC
50 -
2.2
40 30-
100
680
_
_
_
40 Mar 94
_
_
Jim 94
rFCI Comiposite -
_
2.0. Sep 94
Dec94
IFCI market index--
*
Mar 94
Jit,z 94
Sep794
0[.
DcC94
Mart 94
Jun 94
Sep 94
Dec94
Local inidex
IFCI P/E Ratio (enid of mon lb values)
Share of Total Emerging Market Capitalization (end-1994; total=US$1,929 billion)
Market Performance The Warsaw Stock Exchange's WIG Index dropped 39.9% in zloty terms and 47.1% in dollar terms, making Poland one of the worst performing
60 50-
Poland
OtherEMEA 21.1%7,
40-
30 -
lfL-
_
Ir _i_i/)
20-
n
n 1
l_1
10- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 1 LJ _ a Mar94 imu94 Sel94 Dec94
emerging
markets in
1994.
The IFCG and IFCI
Poland indexes lost 34.8% and 42.6% respectively in dollar terms in 1994. Poland was the world's best performing emerging market in 1993.
The year began on a positive note as investors continued Other
emerging markets
78.7%/,
their aggressive
buying spree. WSE-
listed stocks soared to record levels, with the WIG
index jumping 35.7%,,in January and 19.6%foin February. Market optimism and fresh capital pushed stock prices higher following an
announcement that the government planned to privatize hundreds of small- and medium-sized enterprises. The Ministry of Finance decided to speed up mass privatization by distributing nearly 450 companies to private hands through 15
1995 FACTBOOh
EMii
.\l'%1t%l idi'J, s I) I
\l I X
192
investment funds, the so-called National Investment Funds (NIFs). At the same time, the Polish parliament approved a new securities law that cleared the way for the creation of an over-thecounter market and a national securities depository. The listing of Poland's second largest bank in January not only created massive buying from domestic and foreign investors but also led to the resignation of the finance minister and the deputy finance minister after the bank's share price rose to nearly 17 times the issue price. Beginning in March, however, domestic investors started liquidating their equity positions because of the very steep P/E ratios on the WSE. Panic selling among domestic investors fueled declines in the WIG of 28% and 24.2% respectively in local currency terms in March and April. In June, foreign investors were cleared to participate in 12-month index-linked government bonds, which were previously unavailable to nonPolish investors. The WIG Index, however, continued its plunge, dropping 35.3% to close the month at 7,792, one of its lowest levels since August 1993. Trading was extremely volatile, with daily prices swings on individual securities often reaching the WSE's 10% fluctuation limit. The sharply lower prices of Polish blue chips failed to attract foreign institutional buying. Domestic investors demonstrated a clear preference for quality initial public offerings (IPOs), which drew significant amounts of capital from the secondary market. On July 1, the Warsaw Stock Exchange anniounced the launch of a fourth weekly trading session and in early September the WSE went daily. Good financial earnings and a lack of attractive investment alternatives drew investment capital back to the market during the summer months. Investor optimism sparked by a strong economic recovery and encouraging financial results for listed companies sent the WIG 37.5%ohigher in July and August. A new 0.2, transaction tax proposed by the Polish government for 1995 had little effect. I'9. 1 \( I r)()IX
To boost trading and attract more foreign funds, the government decided in September to allow foreign investors to buy shares in all publicly traded companies without first obtaining permits from the Ministry of Privatization. Increased domestic interest in IPOs drained liquidity from the WSE, however, while approvals for additional listings by the Securities and Exchange Commission added to the bearish tone. The market fluctuated between 10,000 and 12,000 for the remainder of the year, well below its all-time highi of 20,760.
funds in the international market. The 5-year economic plan included a variety of measures to boost capital inflow and promote exports. The plan predicts Poland's GDP will expand by 5% per year over the new five year, with exports growing by 8% and imports 5%.
In December, the WSE introduced a new index, the WIRR, for its parallel market. The WIRR is a total return, market capitalization weighted index similar to the WIG. The Warsaw Stock Exchange became a full member of the International Federation of Stock Exchanges (FIBV) in 1994, the first Eastern European stock market to gain membership.
Poland's lower house of Parliament, the Sejm, gave tentative approval to a draft bill liberalizing the country's currency regulations. The new law aims to bring the Polish zloty closer to full convertibility and will allow banks to set their own currency exchange rates for their clients and for transactions on the interbank market. The Polish zloty was replaced by the "new zloty" at the rate of 10,000 old zlotys for each new zloty, effective on January 1, 1995. The current mechanism of crawling devaluation of the Polish zloty continued throughout 1994, initially at a monthly rate 1.6% and later at a 1.4% pace.
Despite the WSE's steep losses in 1994, total market capitalization on the exchange rose to $3 billion by year-end, compared to $2.7 billion at the end of 1993. This is attributable to the 22 new listings approved by the WSE policy committee during 1994. Some $5 billion in shares traded hands in the Polish market during 1994, more than double the previous year's $2.1 billion. Trading on the WSE itself rose to $346 million from $107 million in 1993.
Economic/Political
Events
Among the most important economic events in Poland during 1994 was an agreement with the London Club of Western commercial banks covering nearly 43% of Poland's $13.1 billion debt, and Parliament's approval of a 5-year plan for the Polish economy, which grew by 4.5% in 1994. The agreement on Polish debt followed four years of negotiations and covered $9.3 billion of debt and $3.8 billion of interest payments. It opened the door for Poland to seek additional
In privatization news, Prime Minister Pawlak announced plans in September to convert nearly 1,500 state-owned companies into stock companies during 1995, in addition to the mass privatization program through the NlFs.
Parliament's upper house (the Senate) passed the country's 1995 budget in late December. The 1995 state budget anticipates a deficit equal to 3.3%oof GDP and accelerated privatization outside of the government's mass privatization program through the NIFs. In other economic news, the IMF granted the Polish government a $900 million standby credit line in July as a reward for its economic restructuring. More than 60% of Poland's workforce was employed by the private sector at the end of the third quarter of 1994. Poland signed an agreement with the European Union in early February to become an associate member of the organization. The agreement allows Poland to export more goods to EU members by lowering tariffs.
E[t IRGINc. Nl.AK\IhIS I\ IISI A
\SL
193
Poland 1994 (currency in millions)
Number
Jan
Feb
23
23
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
24
25
29
32
32
40
43
Dec
of listed companies
Warsaw
Stock Exchange
Market
capitalization
In ziotys In U.S. dollars
24
24
44
14,344
15,246
10,850
8,725
9,088
6,612
6,945
4,888
3,880
4,007
1,860
1,995
1,764
665
795 13.5
296 6.8
246 7.4
843 369 12.1
414 11.2
602 258 7.4
569
909 13.5
818 361 9.2
556
857 18.5
246 7.8
502 208 6.5
577 237 7.5
16,881.0 35.7
20,196.0 19.6
11,020.3 -24.2
12,036.7 9.2
7,792.5 -35.3
10,715.8 37.5
11,181.4 4.3
9,185.3 -17.8
7,793.6 -15.1
7,959.3 2.1
7,473.1 -6.1
12 47.5 39.8 16.6
12 48.4 30.9 12.9
5,901 2,612
8,086
9,024
7,282
7,371
7,970
7,450
3,540
3,889
3,124
3,193
3,300
3,057
Trading value In Zloty In U.S.dollars Turnover ratio
960
Local index WIGAII-ShlarePerforn.* Change
in index
(%)
14,536.9 -28.0
IFC Global Index 12
Nuniiberofstocks Share of market cap.(%) Sliare of trading value(91) P/E ratio P/BV ratio Dividend yield (%1) Total return index* Change
in total return
Economic Exchange
Notes:
43.6 71.8 45.2 8.1 0.3 1,130.8
index ((X)
34.7
12 50.1 65.3 55.0
12 48.6 59.1 38.0
12
9.2 0.3 1,318.5
6.3 0.4 900.5
4.2 0.5 677.1
16.6
-31.7
-24.8
46.8 67.0 29.4
12 50.7 47.1 27.9 3.8 0.4 719.1 6.2
12 58.7 49.0 21.0 2.5 0.4 518.3 -27.9
12 57.1 49.0 21.9
12 53.7 43.3 21.3
12 56.1 42.8 18.0
12 50.2 36.6 16.3
3.0 0.3 683.0 31.8
3.1 0.3 705.8 3.3
2.6 0.4 582.2 -17.5
2.4 0.4 531.6 -8.7
2.4 0.4 519.3 -2.3
2.3 0.4 484.0 -6.8
data rate
21,692.0000
21,952.0000
22,196.0000
22,489.0000
22,680.0000
22,589.0000
22,840.0000
23,206.0000
23,307.0000
23,080.0000
24,147.5000
24,370.0000
The base date for the WIG All-Share Performance Index is Apr. 1991=1,000. The base date for the IFCG Poland Index is Dec. 1992=100. Poland changed the value of the zloty on January 1, 1994.The "new" zloty's value is 10,000times that of the "old" zloty. This series has been adjusted to reflect the chanige.
1995 FACI BOOK
[s\1Fr;lINc(
NI \AlTiko:l
s DATA
B,ASI
194
Poland 1985- 1994 (currency in millions: end of period levels)
Number of listed companies Warsaw Stock Exchange
1985
1986
1987
1988
1989
1990
-
-
-
-
-
-
1991
1992
1993
1994
-
9
16
22
44
-
158 144
351 222
5,803 2,706
7,450 3,057
29 28 -
228 167 89.7
3,973 2,170 129.1
11,711 5,134 176.7
919.1 -8.1
1,040.7 13.2
12,439.0 1,095.3
7,473.1 -39.9
12 48.4 12.9 2.3 0.4 484.0 -42.4
33.3 2.4370 2.2809
Market capitalization
In zlotys
-
In U.S. dollars
-
Trading value In zloty In U.S. dollars Turnover ratio
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Local index
WIG All-SharePerform.* Change in index
(%)
IFC Global Index Number of stocks Share of market cap. (') P/E ratio P/BV ratio Dividend yield (%) Total return index Change in index (%) Economic data Gross domestic prodtict (US$) Change in consumer price index (M) Exchanige rate Exchange rate (average of period)
NotCs:
1'995
-
-
9
-
-
-
-
-
-
-
56.6 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12 79.1 31.5 5.7 0.4 839.6 739.6
-
-
-
-
-
-
-
77,943 70.3 1.0957 1.0576
84,048 43.0 1.5767 1.3676
84,979 30.4 2.1444 1.8311
-
-
-
-
-
-
-
-
-
-
100.0
-
The base date for the WIG All-Share Performance Index is Apr. 1991=1,000. The base date for the IFCG Poland Index is Dec. 1992=100. Poland changed the value of the zloty on January 1, 1994. The "new" zloty's valtue is 10,000 times that of the "old" zloty. This series has been adjuisted to reflect the change.
FI:AC FII(OOI
ENlI\lCING
MARKrTS
DATA BASIE 195
Portugal IFCI Portugal (US$; end 1993=100)
Exchange Rate (EscudoslUS$)
Average Daily Value Traded (US$ mnillionls)
150
180
60
~~~~~~~~~~~~~~50-
-
125 -
~~~~~~~~~~~~~170 -4
A
160 -30-
100
-150
10
575
50 -
140 1 _
Jiun94
Mar 94 IFCIComposite -
I0 EBILB 20
Dec94
Sep)94
IFCImarketindex
--
_
_ _
__
Mar 94
Juin94
Sep94
Share of Total Emerging Market Capitalization (end-1994; totaI=US$1,929 billion-)
22 21 Inmmajor
Portugal
1I
10.8%
20
n
19 18
-n
161 1
4 11 I
17 -
n 1 111 1 1 1 111 1 1 Sep 94
Sep94
DeNc 94
OtherEMEA Ier 20.4EME
The Portuguese stock market registered gains in 1994, despite a general downturn in the world's equity markets. The IFCI and IFCCGPortugal indexes rose 6.4% and 16.5% respectively in dollar terms, while the local BTA index climbed 11.5% in escudos and 23.6%o in dollar terms. International investors benefited from a escudo, which appreciated
nearly
10% against the dollar during the year. Trading in Portuguese equities increased in 1994 as monthly
emerging IiuFz 94
Jun94
Market Performance
strengthening ma1r1ke t
Other
16 Mar 94
Mar 94
Dec94
Localindex
IFCI P/E Ratio (end of monlth values)
21
Li Dec94
_
value
traded
figures
averaged
$440 million
compared with $402 million in 1993.
11iarkets 78.7%,
Portuguese
equities performed
well in the first
quarter, adding to the 1993 bull run which pushed the IFCI Portugal Index up 47.3%,,.Lower inflation, local interest rate cuts, and high levels of cash flowing into the market pushed the index nearly 20% higher in the first seven weeks of the year. interest rates in the U.S. Higher short-term
1995 FACI
KOOK
EMERGINGC MARKETS DATA BASE
196
and a downturn February and momentum, but gains during the
in world equity markets in late March halted the market's local equity prices held onto their latter part of the quarter.
Continued concern over higher U.S. interest rates and declining foreign investor activity combined to move share prices gradually lower at the start of the second quarter. Prices fell more rapidly in May and June as turmoil in the foreign exchange and debt markets eroded investor confidence. In tandem with international equity markets, Portuguese equities fell 10.1% in May, 4.6% in June, and 18.2% for the entire second quarter as measured by the IFCI Portugal Index. Declining money market rates and surging bond prices helped equities rebound in July and August, with the IFCI index moving up 14.3% during the period. In September, rising U.S. interest rates and declines in world markets again combined to pull shares lower and reduce foreign participation in the market. Overall, however, the third quarter ended positively with the IFCI index up 11.6%. Positive economic indicators, including lower inflation, and renewed foreign investor interest helped stabilize equity prices early in the fourth quarter. In December, however, the market followed major European exchanges lower amid worries of another interest rate increase by the U.S. Federal Reserve. Tensions between the president and the government further contributed to a slide in share prices. The 2.7% decline in the IFCI Portugal Index during December erased October's small gains, with the index closing the fourth quarter down 1.7%. The Oporto Stock Exchanige closed in June as part of a plan to base Portugal's spot trading in Lisbon and develop Oporto as a national options and futures exchange. The rivalry between the two exchanges was considered unproductive for Portugal's small market and Oporto agreed to accept Es2.4 billion to abandon spot trading.
1995 FAC I BOOlK
In July, BCP, Portugal's fifth largest bank, launched a takeover bid for rival BPA, the country's second largest bank. The government vetoed the takeover on legal grounds, claiming the takeover could destabilize Portuguese financial markets and decrease competition. BPA's involvement in the privatization process was also a consideration. Portuguese industrialist Antonio Champalimaud reached an agreement with Spanish bank Banesto in late December to purchase a 25% direct and 25%r,indirect stake in Banco Totta & Acores (BTA) for about $960 million. Banesto had been under pressure from Portuguese authorities to sell the 50% stake as it violated Portuguese bankinig regulations that prohibit foreign companies from holding more than 25% of Portuguese banks. Champalimaud's agreement to purchase BTA followed his 80% purchase of Banco Pinto e Sotta Mayor in October.
Economic/Political
The lower rate of inflation was attributed to a combination of wage moderation, weak internal demand, and the rising escudo, which reduced import costs. Portugal's bond market was overhauled in June with a package of measures designed to increase liquidity, improve efficiency, and bring trading practices in line with other European markets. Two of the more important reforms included the elimination of the 20% withholding tax (except for tax-haven investors) and the creation of a screenbased trading system open to banks for wholesale fixed-income security transactions. In early 1994, Portugal's foreign ownership limits were eliminated for all privatizations carried out prior the end of the government's current term in 1995. For companies already privatized, foreign ownership limits were increased to 25%.
Events
The Portuguese economy emerged from a recession in the second quarter of 1994 after five successive quarters of declining GDP growth. Preliminary estimates indicate that GDP grew about 1%, in 1994 after falling 1.2% in 1993. The recovery was led by exports as domestic consumption remained relatively depressed during the year due to a drop in real wages and an increase in unemployment. The trade deficit widened by 6.7% to EsI.5 trillion in 1994, the National Statistics Institute said. Total exports grew by 17.2% to Es2.9 trillion while imports rose 13.4% to Es4.4 trillion. Imports of non-EU oil products, Japanese electronic products, and U.S. food products all rose, but there was also strong growth in exports of textile and wood products to the EU. Portugal cut its inflation rate differential with the average EU rate to 1.9% in 1994. Consumer prices rose by 4.0% in 1994, compared to 6.4% in 1993.
ENIERGING MARKEIS DA [A BASr 197
Portugal 1994 (currency in millions)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
183
174
175
176
177
199
194
197
199
194
198
195
2,435,025 13,978
2,464,953 14,209
2,543,160 14,831
2,503,623 14,748
2,344,718 13,709
2,246,161 13,746
2,426,543 15,057
2,525,372 15,697
2,465,935 15,591
2,482,984 16,108
2,533,389 15,789
2,586,787 16,249
Trading value Inescudos In U.S. dollars Turnover ratio
89,130 512 3.8
98,439 567 4.0
80,801 471 3.2
32,981 194 1.3
56,457 330 2.3
51,334 314 2.2
66,871 415 2.9
67,008 417 2.7
53,228 337 2.1
46,018 299 1.9
61,527 383 2.4
170,825 1,073 6.7
Local index BTA lndex * Changeinindex(%)
3,018.0 15.5
3,112.8 3.1
3,140.8 (.9
3,093.6 -1.5
2,879.0 -6.9
2,717.5 -5.6
2,769.4 1.9
2,956.8 6.8
2,882.9 -2.5
2,880.7 -0.1
2,956.6 2.6
2,913.4 -1.5
32 74.6 61.4 19.7 1.9 2.5 787.6 13.4
32 75.7 54.5 20.3 2.0 2.5 812.5 3.2
32 77.5 69.8 20.5 2.0 2.3 843.7 3.8
32 74.6 69.5 21.8 1.8 2.8 827.0 -2.0
32 73.3 59.5 22.8 1.7 3.3 753.6 -8.9
32 68.2 51.3 21.4 1.6 3.5 770.0 4.5
32 70.7 69.1 22.9 1.7 3.2 826.3 7.3
32 70.9 59.0 22.5 1.7 3.3 826.2 0.0
32 71.4 75.7 22.8 1.7 3.2 859.0 4.0
32 71.9 55.4 23.4 1.8 3.1 847.5 -1.3
32 68.8 59.6 20.3 1.8 3.2 834.0 -1.6
Number of listed companies BoisadeLisbon Market capitalization Inescudos In U.S. dollars
IFC Global Index Numberofstocks Share of market cap. (94) Share of trading value(%) P/Eratio P/BV ratio Dividenidyield(9) Total return index t Change in total return index (%4) Economic data Exchange rate
Notes:
1995
174.2100
173.4800
171.4800
169.7600
171.0400
32 71.5 52.7 20.7 1.6 3.6 736.8 -2.2
163.4100
161.1600
160.8800
158.1600
154.1500
160.4500
159.2000
Rlcl1NG MeJAIRKETSDAIA
B4ASE 198
Value traded figures iniclude the Lisbon and Oporto exchanges. The base date for the BTA Index is 1977=100. The base date for the IFCG Portugal Index is Jai. 1986=100.
FACTBOOK
E
Portugal 1985- 1994 (currencyin millions;end of period levels)
Number of listed companies BolsadeLisbon Market capitalization InescLudos In U.S. dollars Trading value Inescutdos In U.S. dollars Turnover ratio Local index BTA Index * Changein index(%) IFC Global Index Numberofstocks Share of market cap. (914 P/E ratio P/BV ratio Dividend yield(%) Total return index Change in index(%) Economic data Gross domestic product (US$) ' Change in consuLmer price index (7,,) Exchange rate Exchange rate (averageof period)
Notes:
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
24
63
143
171
182
181
180
191
183
195
30,254 192
223,519 1,530
1,150,304 8,857
1,052,277 7,172
1,588,380 10,618
1,257,248 9,201
1,284,348 9,613
1,353,627 9,213
2,193,021 12,417
2,586,787 16,249
851 5 4.0
9,041 60 7.1
213,904 1,518 31.1
163,384 1,136 14.8
300,394 1,912 22.8
240,449 1,687 16.9
406,158 2,818 32.0
467,263 3,455 35.4
780,284 4,835 44.0
874,620 5,275 36.6
566.4 126.8
1,202.0 112.2
2,990.0 148.8
2,355.9 -21.2
3,287.0 39.5
2,143.4 -34.8
1,977.7 -7.7
1,637.9 -17.2
2,614.0 59.6
2,913.4 11.4
-
-
9 58.5 15.4 2.5 0.5 268.7 -48.1
12 41.5 22.6 5.4 1.3 870.8 224.1
12 40.0 18.0 3.7 1.3 624.2 -28.3
23 53.4 19.0 3.4 1.9 874.5 40.1
27 58.5 11.8 1.7 2.7 613.8 -29.8
30 61.3 10.9 1.3 3.7 624.3 1.7
30 52.8 9.0 1.0 4.7 503.1 -19.4
33 71.3 18.0 1.7 2.9 694.6 38.1
32 68.8 20.3 1.8 3.2 834.0 20.1
20,681 19.3 157.4900 170.3900
29,532 11.7 146.1200 149.6800
36,731 9.4 129.8700 140.8800
41,721 9.6 146.7200 143.8786
45,623 12.6 149.6000 157.1232
59,680 13.4 136.6400 142.5526
68,774 11.4 133.6000 144.1212
84,039 8.9 146.9200 135.2289
77,749 6.5 176.6200 161.3912
5.3 159.2000 165.8165
-
-
Value traded figures include the Lisbon and Oporto exchanges. The base date for the BTIAIndex is 1977-100. The base date for the IFCG Portugal Inidex is Jan. 1986=100. GNP data from the 1995 World Bazsk Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Portugal's GNP totaled $73,958 million.
1995 FACTBOOK
EMLRGING MARKET-S DAT'A BASE
199
South Africa IFCI South Africa (US$; enld 1993=100)
Exchange Rate (Rand/US$)
Average Daily Value Traded (US$ miiillions)
150 -
5.00 -
80 75-
-70-
125 -4.80
65
4.60
IJun94Sep 94
Mar 94
IFCl6marketindex
1 C Composite -
Mar 94
Dec94
Jun94
Sep9Y4
Dec94
Share of Total EmergingMarket Capitalization
values) (enld of mo101t)1
(enld-I994; total=US$1,929 billionl)
22 _America 20-South
4220-o117 timproved,9turnover.i
17n
16
Africa
OtherEMEA
Composite
19
18 20-5ouh14rc
r
21 -
_
_
_
t
Sep94
Sep94
Dec94
DecJ94
Market Performance South Africa was the best performing emerging stock market tracked by the IFC outside of Latin in 1994, with the IFCG and IFCI indexes and 27.4% gaining for the market on1much duringththeueyeare The Johannesburg terms.28.5% in dollar respectively
Stock Exchange's (-SE)
Index posted
in dollar termss65 26 2% anIFCndexegiig similar results, America in with ~~~~~~~~~~~~~~~~~~~~1995, JSclimbing the Ina Cia aricesfutugatedn widely indth firttre Iforte p
_Oth_er
JS 94
9.6%
Share
18 Mar 94
Jun294
Localindex
IFCI P/E Ratio
21
Mar 94
markets
)SFinancial _ _ _ __ _ _ ____ __ _Otlie-MA
sector shares were the top performers in ingely2 in thelfirs terms ~~~~~~~~~~~~~~~~~~~~~~~~~~Simiare priesuflutuatclm to a 25.3% gain in the
in rand terms as compared k Index. g All Gold
months of 1994 as the market reacted to a series of events related to the April elections. A general decline in world markets, prompted by a hike in U.S. interest rates, exerted downward pressure on the market during the period. At the close of the 1995 FACTBOOK
I 1\11RGING \IAIIKfKIS DATA BASL 200
quarter, the IFCI South Africa Index was nearly unchanged in rand terms, but had declined 12.8% for the period in dollars as a result of a drop in the value of the financial rand. Shares moved mostly higher at the start of the second quarter, but exhibited a very high level of volatility in the pre-election period. Much of the quarter's gains occurred in a pre-election price run-up which pushed the IFCI index up over 26% between April 15 and April 29. The market dropped about 2% on profit taking in the week following the election. Shares moved slightly higher in the post-election period, with the IFCI South African Index rising 14.8% for the entire second quarter. The market posted strong gains in the third quarter as improvements in the price of gold helped spur gold sector equities to a 7-year high. The third quarter ended with the IFCI index gaining 17%. The fourth quarter began with the market moving higher, mostly on the strength of industrial sector stocks which performed well in October and early November. In late November and early December share prices shifted downward with industrial shares following equity prices in London and New York and gold shares falling with the price of bullion. Equity prices recovered toward the end of the year and the IFCI index closed the fourth quarter up 8.7%. Monthly turnover in 1994 averaged $1.3 billion, an improvement over the $1.09 billion averaged in 1993. Net investment by foreign investors fell to R185.3 ($43 million) in 1994 from R2.81 billion in 1993. Market capitalization increased 31.3%7 to $225.7 billion from $171.9 billion. Stock Exchange In May, the Johannesburg announced its intentions to relax restrictions on foreign participation and ownership of stock brokerages, to allow corporate membership, and to encourage the entry of first-time investors. The proposed changes were included in a committee
1995FIc A ioo(1
report advising the exchange on needed changes. must be All of the report's recommendations legislated in parliament before becoming effective.
Economic/Political
Events
South Africa's first all-race elections were held on April 26-29 with the African National Congress (ANC) party receiving 62.6%7of the vote. Nelson Mandela, leader of the ANC, was elected president of the Republic of South Africa at the first sitting of the all-race National Assembly on May 9, 1994, and was inaugurated as president on May 10 in Pretoria. Mandela's new 27-seat cabinet included 18 ANC party members, six from the National Party, and three from the Inkatha Freedom Party. Outgoing President FW de Klerk of the National Party became second deputy president in the new government and Derek Keys retained his position as finance minister. In July, Keys shocked international investors and local markets by announcing he would leave his position in October for personal reasons. He was replaced by Chris Liebenberg, former chief executive of the Nedcor banking group. South Africa received international credit ratings in October. Moody's and Japan's Nippon Investment Services gave the country investment grade ratings of Baa3 and BBB respectively, while Standard and Poor's and the European IBCA gave the country BB ratings with a positive outlook. The rating agencies praised South Africa's infrastructure, financial services, and relatively low international debt, but expressed reservations about the new government's promises of fiscal discipline.
bonds apartheid. The 5-year dollar-denominated were initially priced at 193 basis points above the benchmark U.S. Treasury. The South African economy showed signs of most of 1994, economic recovery throughout although activity contracted slightly in the first quarter amid nervousness over the elections. Real GDP increased 2.3% in 1994 compared to 1.1% in 1993. The manufacturer sector led the economy by expanding 2.5%7,followed by trade (2.9%), and finance (2.7%). South Africa received R5.2 billion in net capital inflows in 1994, the first positive capital inflows in 2 1/2 years. Approximately RI.4 billion was long-term capital and R3.8 billion was short-term capital. The improvement in the capital account helped boost the Reserve Bank's net gold and foreign exchange reserves to Rll billion at the end of December. Figures released by the Central Statistics Service indicate that inflation averaged 9% in 1995, its lowest level since the 6.1%7recorded in 1972, and over 1993's 9.7% rate. After an improvement falling to a 21-year low of 7.1%oin April, year-onyear inflation increased to 10.1% in September and then dipped to 9.9% in December. Food prices jumped nearly 20%7in 1994 and were the most significant component behind the overall inflation rate.
The government returned to international capital markets in early December with a $750 million dollar bond offering, the government's first international bond offering since the end of
ENLr\L1GIN NGMAIKEiS
DATA BAsE 201
South Africa 1994 (currency in millions)
Number of listed companies Johannesburg Stock Exchange Market capitalization In ranid In U.S. dollars Trading value In rand In U.S. dollars Turnover ratio Local index JSE Overall Index * Change in index (%A) IFC Global Index Number of stocks Share of market cap. (%) Share of trading value (%) P/Eratio P'/BV ratio Divideiidyield('%) Total return index Chanige in Ltotal return index (%) Economic data Exchange rate
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
644
641
638
638
634
635
635
638
634
637
637
640
723,415 164,226
733,905 155,901
748,251 152,471
806,264 171,911
823,474 173,546
827,246 174,524
861,262 185,817
894,807 199,511
874,414 204,781
884,218 219,955
897,523 218,269
919,802 225,718
7,056 1,602 1.0
5,550 1,179 0.8
8,261 1,683 1.1
5,463 1,165 0.7
6,118 1,289 0.7
6,010 1,268 0.7
4,705 1,015 0.6
6,357 1,417 0.7
6,538 1,531 0.7
5,194 1,292 0.6
5,654 1,375 0.6
4,847 1,189 0.5
4,754.0 -2.8
4,846.0 1.9
4,939.0 1.9
5,359.0 8.5
5,396.0 0.7
5,404.0 0.1
5,652.0 4.6
5,834.0 3.2
5,676.0 -2.7
5,724.0 0.8
5,756.0 0.6
5,867.0 1.9
63 61.1 71.2 16.6 1.7 2.3 172.0 -5.7
63 61.7 69.5 16.8 1.8 2.3 165.4 -3.8
63 61.3 73.7 16.5 1.7 2.3 161.0 -2.7
63 63.3 76.1 18.4 1.9 2.1 187.3 16.4
63 61.7 73.0 18.1 1.9 2.2 184.4 -1.6
63 61.9 64.3 17.7 1.9 2.1 186.4 1.1
63 62.3 62.9 18.6 2.0 2.0 200.0 7.3
63 62.1 62.4 19.2 2.1 2.0 214.0 7.0
63 61.7 62.6 18.7 2.5 2.1 219.2 2.4
63 61.7 62.9 19.2 2.6 2.1 235.4 7.4
63 61.7 65.0 19.0 2.6 2.1 233.8 -0.7
63 61.1 71.2 21.3 2.6 2.0 239.5 2.4
4.6350
4.4850
4.2700
4.4050
4.7075
4.9075
4.6900
4.7450
4.7400
4.0200
4.1120
4.0750
Note: The base date for the JSEOverall Index is Jan. 1960=100. The base date for the IFCG South Africa Index is Dec. 1992=100. The exchange rates shown are for the finianicial rand.
1995
FACTBOOK
E[NERGING NXItMI
is Dx ]-A BAsE 202
South Africa 1985-1994
(currency in millions; end of period levels)
Number of listed companies Johanncsburg Stock Exchange Market capitalization In ranid In U.S. dollars Trading value In rand In U.S. dollars Turnover ratio Local index JSE Overall Index Change in index (%) IFC Global Index Number of stocks Share of market cap. (9) P/E ratio P/BV ratio Dividend yield (%) Total return index Change in index(%) Economic data Grossdomesticproduct(US$) Change in consuimer price iidex(%) Exchange rate * Exchange rate (average of period)*
Notes:
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
462
536
838
754
748
732
688
683
647
640
141,785 55,439
224,130 102,652
248,152 128,663
300,015 126,094
332,367 131,060
350,726 137,540
462,187 168,497
501,324 103,537
737,632 171,942
919,802 225,718
6,214 2,836
11,320 4,990 1.4
19,471 9,568 1.3
11,247 4,947 2.2
18,607 7,095 1.6
21,130 8,158 5.8
22,231 8,051 7.2
22,134 7,767 4.6
44,077 13,049 7.1
71,754 15,954 8.5
1,972.7
1,820.0
1,990.0
2,976.0
2,719.7
3,440.3 26.5
3,258.8 -5.3
4,893.0 50.1
5,867.0 19.9
-
62 58.1 13.2 1.4 100.0 -
63 62.7 17.3 1.8 182.4 82.4
63 61.1 21.3 2.6 2.0 239.5 31.3
107,882 15.3 2.7430 2.7613
114,769 13.9 4.8420 -
118,057 9.7 4.2900 -
9.0 4.0750 4.4918
-
1,322.8 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-MI
-
-
-
80,847 16.1 1.9287 2.0350
87,118 12.8 2.3793 2.2735
-
2.5575 2.1910
18.6 2.1834 2.2686
89,003 14.7 2.5360 2.6227
102,009 14.4 2.5500 2.5900
-
The base date for the JSE Overall Inidex is Jan. 1960=100. The base date for the IFCG South Africa Index is Dec. 1992=100. The exchanges rate shown prior to 1992 are for the commercial rand. Starting in 1992, rates are for the financial rand. GNP data from the 1995 Woirld Batik Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, South Africa's GNP totaled $106,019 million.
1995 FA( I1100K
EMIERGING MARKETS DATA BAsE
203
Sri Lanka IFCISri Lanka
Exchange Rate
Average Daily Value Traded
(US$; end 1993=100)
(RupeesILUS$)
(US$ millions)
150
50.0
7 6-
125
495 -5-
50_____ Mar 94
Junl94
IFCIComposite -
Sep 94
IFCImarketindex
Dec 94 --
Mar 94
f Hul
Jun94
Sep 94
Dec 94
Share of Total Emerging Market Capitalization
(enid of monithzvalues)
(end-1994; total=US$1,929 billioni)
45 _Sri 40
Lanka
Sri Lanka 0.1%
Other South
OtherSoiith Asia 26.9%
30 25 -
20 15 Mar 94
Jun94
_ Sep194
Mar 94
Jun94
Sep 94
Dec94
Localindex
IFCI P/E Ratio
40 _ 35
4-
Other
emerging __ _ Dec94
m7a2rket7
_
Market Performance Stocks on the Colombo Stock Exchange (CSE) drifted lower in 1994, but the losses were modest in comparison to other emerging markets. The fact that the market held relatively steady in 1994 following 1993's huge returns of 62% and 77%, as measured by the IFCG and IFCI Sri Lanka indexes, continuing ppoints to the local market's attractiveness. For the year, the CSE Sensitive Index fell by 0.3% in local currency terms, while the IFCG and IFCI indexes dropped 1.9% and 3.0% in dollar terms. Total market respectively capitalization _ _ _ _ _ _ ___increased ___| _ to $2.9 billion in 1994 from $2.5 billion at the end of 1993.Total turnover rose by almost 85'7o, from $380 miillion in 1993 to $700 million in 1994. The market began 1994 on a positive note, with looking to banking, finance, and investors manufacturing stocks. Largely unaffected by volatility in other Asian markets, the demand for
1995 FACT300K
ENIL.RGING NimIR[riSDATAB3A,i 204
shares grew steadily in January and February in to lower local interest rates, the response funds, and of two new country approval expectations of higher corporate profits. The CSE Sensitive Index reached an all-time high 2,093.75 at the end of February. The bull market came to an end in March following defeat of the ruling United the unanticipated in provincial elections, [UNP] Party National along with growing local perception that the market had become overpriced. The slide continued between April and July as political instability, lack of institutional interest, high spending in an election year, and fears of an overheated economy all weighed heavily on investors. The market rebounded in August following the victory of the opposition People's Alliance in parliamentary elections. Following a period of initial uncertainty, stocks rallied after the new ruling party assured investors that it would follow the UNP government's liberalizing policies. The previous government opened the country to and share ownership, foreign investment, privatization over the past five years, resulting in rapid economic growth. The market renewed its slide in October, triggered of Gamini in part by the assassination Dissanayake, the UNP leader and presidential in the lead-up to the November contender presidential elections. The election of then-prime minister Chandrika Kumaratunga of the People's Alliance as president did little to reverse the downtrend in November. In December, rising domestic and U.S. interest rates, a lack of clear economic direction, and labor disputes contributed to a slowdown in trading. Despite the immense political problems facing Sri Lanka, the country continued to attract a large number of foreign investors during 1994. One reason is that stock prices average only about 15 times earnings, about half those of neighboring India. Another reason is that foreigners are free to
1995 lACTIM01,
any acquire authorization.
shares
without
the
need
for
More than a dozen initial public offerings (IPOs) came to the market last year, the two biggest being Asia Capital and Forbes Ceylon. The IPOs boosted liquidity on the Colombo Stock Exchange, as well as the market's capitalization. The new country funds, Sri Lanka Growth Fund and Sri Lanka Fund Ltd., with a combined $125 million in subscriptions, also added depth to the market.
Economic/Political
of the elected president changes in policy.
will push for radical
The economy grew approximately 5.8% in 1994 after growing 6% in 1993. Growth prospects hinge on a reduction in political tensions and the government's clear articulation of its economic policies. Inflation fell to 8.4% in 1994 from 11%oin 1993. Consumer prices are expected to pick up in 1995 due to the huge budget deficit and to soaring world commodity prices. Interest rates on 365-day Treasury bills fluctuated throughout the year and rose sharply to 19.4% at the end of the year.
Events
Political turmoil continued to plague Sri Lanka in 1994. After 17 years of United National Party (UNP) nile, power was handed over to the People's Alliance, which won both the general elections and the presidency. But the election campaigns were tainted by violence and bloodshed, most of UNP leader the assassination notably Dissanayake. Peace negotiations with the Tamils topped the agenda of newly elected President Kumaratunga. The ongoing conflict between the Tamils and the ethnic Sinhalese continued to have a major impact on the economy. War expenses constitute onequarter of government spending, or about 5% of the country's gross domestic product. The war has also hurt business by driving away many tourists and foreign investors, and caused many of the country's best-educated people to emigrate. Following the August parliamentary elections, the new government promised to launch a program to eliminate poverty and to create about one million jobs within the next two years. Low-income families would receive a special monthly allowance and prices of essentials would be reduced. The new government also made it clear it would continue to follow its predecessor's freemarket policies to encourage foreign investment. Still, there is lingering concern that left-wing allies
INuIRICING NIARKETS DATA BASE 205
Sri Lanka 1994 (currency in millions)
Number of listed companies Colombo Stock Exchange Market capitalization In rupees In U.S. dollars Trading value Inrupees In U.S.dollars Turnover ratio Local index CSESensitivelndex^ Change in index (%) IFC Global Index Numberof stocks Share of market cap.(%) Shareoftradingvalue(%) P/E ratio P/BV ratio Dividend yield (0) Total return index Change in total return index('/O) Economic data Exchange rate
Jan
Feb
Mar
Apr
May
Jun
Jui
Aug
Sep
Oct
Nov
Dec
201
201
201
202
203
206
207
208
212
212
213
215
163,960 3,328
158,422 3,237
153,871 3,120
143,213 2,884
145,680 2,941
175,840 3,574
154,590 3,151
137,290 2,797
133,770 2,702
133,140 2,701
134,252 2,733
145,107 2,931
4,500 91 3.3
5,510 112 3.4
5,468 111 3.3
2,106 43 1.4
1,584 32 1.2
2,335 47 1.8
2,082 42 1.6
2,224 45 1.6
1,734.4 20.2
2,093.8 20.7
1,755.9 -16.1
1,555.8 -11.4
1,479.0 -4.9
1,458.0 -1.4
1,455.1 -0.2
1,537.1 5.6
32 64.9 54.5 31.5 4.7 1.1 191.5 15.8
32 65.3 61.8 37.6 5.4 0.9 232.8 21.6
32 64.5 65.1 28.3 4.6 1.2 200.4 -13.9
32 63.4 66.7 24.7 3.8 1.4 173.9 -13.2
32 64.5 59.7 23.6 3.5 1.4 169.6 -2.5
32 64.8 61.9 23.8 3.4 1.4 168.4 -0.6
32 64.0 61.8 23.7 3.4 1.6 168.7 0.1
32 63.0 68.8 22.4 3.3 1.5 177.9 5.5
49.5349
49.2015
49.0650
49.0925
49.5089
49.3000
49.1200
49.5101
1,495 30 1.0
1,679 34 1.0
1,580 32 1.0
1,682.6 9.5
1,601.0 -4.8
1,589.6 -0.7
1,438.8 -9.5
32 61.1 54.9 24.7 3.6 1.4 195.7 10.0
32 60.1 53.0 23.2 3.4 1.5 187.3 -4.3
32 60.4 55.5 20.9 3.3 1.6 181.5 -3.1
32 59.3 61.2 17.6 2.8 1.7 164.8 -9.2
3,959 80 2.6
49.2600
48.9450
49.6650
49.3250
Note: The base date for the CSE Sensitive Inidex is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec. 1992=100.
1995 FACT100oi
[LN1LRC(INN(I
S \IlIKLT I
\I \
1, vi
206
Sri Lanka 1985-1994 (currency in millions; end of period levels)
Number of listed companies ColonmboStockExchange Market capitaiization Inrupees In U.S. dollars Trading value In rupees InU.S.dollars Turnover ratio Local index CSE Sensitive Index Change in index (%) IFC Global Index Numberof stocks Shareof market cap. (%) P/E ratio P/BV ratio Divideid yield(%) Total return index Change in index (%) Economic data Gross domestic product (US$) * Change in consumer price index (%,) Exchange rate period) Exchangerate(averageof
Notes:
1988
1989
1990
1991
1992
1993
1994
168
176
176
175
178
190
200
215
12,000 421
18,700 608
15,500 471
17,087 427
36,880 917
82,700 1,936
66,200 1,439
123,790 2,498
143,213 2,884
144 5 -
335 11 -
380 12
256 7
1,563 39
4,302 104
-
-
-
-
4,969 114 6.7
18,579 385 19.6
34,522 700 25.9
-
131.4 7.5
218.0 65.9
172.4 -20.9
341.7 98.2
680.3 99.1
1,198.6 76.2
826.6 -31.0
1,442.4 74.5
1,438.8 -0.2
-
-
-
-
-
-
-
-
-
29 57.7 -
-
-
-
-
-
-
-
30 58.7 27.8 4.2 1.6 165.4 65.4
32 59.3 17.6 2.8 1.7 164.8 -0.4
8,031 21.5 40.2400 40.0692
8,976 12.2 42.7138 41.5084
9,689 11.4 46.0000 43.6870
10,658 10.3 49.5600 48.2626
-
1985
1986
1987
171
171
10,000 365
72 3 -
122.2
-
-
-
-
-
-
5,978 1.5 27.4080 27.1630
6,406 8.0 28.5200 28.0170
6,681 7.7 30.7630 29.4450
-
6,979 14.0 32.8911 31.8000
-
6,988 11.6 40.0000 37.3858
-
100.0
-
49.6650 49.3288
The base date for the CSE Sensitive Index is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec. 1992=100. GNP data from the 1995 World Bank Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Sri Lanka'a GNP totaled $9,459 million.
1995 FACTIBOOt
[r(;NcIN EI
IAIt;KTS
DATA BASI.
207
Taiwan, China IFCI Taiwan, China (US$; end 1993=100)
Exchange (NT$IUS$)
130
27.5
Rate
Average Daily Value Traded (US$ millionis) 3,500
120 -27.0
3,000-
110o
2,50026.5 -2,000-
100 26.0 -1,50090 80
25.5
70 120
500 11111
Jun94
Mar 94
IFCIComposite -
S,p 94
Dec94
IFCImarketindex
--
0..1 Mar 94
jun 94
Syt 94
Dec94
Share of Total Emerging Market Capitalization
(en1d of month values)
(enid-1994; total=US$1,929
31 2927
China 128
_ ~Other East
_ r
_
Uu lU l'2the.z Mar 94
Jun94
_
r
_
l
SP794
Dec94
L
Market Performance
billion)
Taiwan,
r
Jun94
Localindex
IFCI P/E Ratio
43 41 39 37 35 33 0
Mar 94
Asia n A
Election year optimism and the ruling party's subsequent victory helped the Taipei bourse post the highest return among the ten IFC index markets in Asia during 1994. The Taiwan Stock Exchange (TSE) Weighted Price Index advanced 17.4% in NT dollar terms, while the IFCG and IFCI Taiwan indexes rose 21.5% and 21.7% respectively in U.S. dollar terms. Although
the IFCI Taiwan Index
consolidated 14% in the first quarter amid overall declines in emerging markets, it posted positive
25 Sep 94
ei--
etilergiiig Dec 94
returns in the following three quarters, rising 14%, ~~~~~~~~~~~~~~~~~~~~~~24%, and 0.1% respectively in U.S. dollar terms.
markets 72.1
Trading was heavy throughout 1994 with average daily turnover exceeding US$2.5 billion compared with US$1.2 billion in 1993. Monthly turnover peaked in August at 42% of total market capitalization, reached a low in November at 15%, and averaged 29% for the year. The Taipei exchange ended 1994 as the largest and most liquid 1995 FACU1n00K
[i
i;J\l t; 1N \iu,i
1', 1) xI x l; \,i
20)8
bourse among the 26 IFC index markets based on market capitalization (US$247.3 billion) and annual trading value (US$711.3 billion). The addition of 29 newly listed firms in 1994 boosted the total number of listed companies to 313 in 1994 from 285 in 1993 and helped boost market capitalization by 26.7% in NT dollar terms.
the central bank's accommodative monetary policy also helped the market. Local investor sentiment was also swayed by continuing rumors of an increase in the foreign investment ceiling, an actual increase in March, and by the central bank's reluctance to pick up the pace of opening up the market.
While trading occasionally turned volatile on unfounded rumors of Deng Xiaoping's death, the market's overall direction in 1994 was mostly driven by internal rather than external factors. The spillover effects of weak neighboring markets waned by the end of March. Even rising U.S. interest rates sparked only brief and intermittent jitters largely because trading by foreign investors accounts for a small portion of total activity.
Trading activity by those with margin accounts reached new highs in 1994. Much of the increase followed an SEC decision to raise the ceiling on margin financing by qualified securities firms from 150% to 250% of paid-in capital, effective August 1, 1994, thereby effectively raising the amount of funds available for stock investment. However, the increased margin lending limit helped cause a credit shortage in the third quarter, pushing up interest rates. Although margin trading has added volatility to an already highly speculative stock market, the commission said it will try to deepen the market by approving as many as four new firms that specialize in securities financing.
The most significant internal factor affecting investor sentiment was the leadup and the aftermath of the December gubernatorial and mayoral elections. The ruling KMT party's victory in January regional elections had little impact because the outcome had already been widely anticipated. Trading peaked in August on growing expectations that the government would announce a series of market-boosting measures ahead of the December election. It subsequently slipped to its lowest level of the year in November on mounting uncertainties over the KMT party's election prospects. The IFCI Taiwan Index surged 13% in December on news that the ruling party had won two of the three major posts. Investors further welcomed the subsequent reshuffling of cabinet members, which was seen as reaffirming the administration's commitment to build the island into a regional financial center and establish direct shipping links with mainland China. Reports on the economy and corporate earnings were mostly positive in 1994, with GNP growth holding steady at an estimated 6%, inflation in check except for a temporary surge in the summer due to severe typhoons and heat waves, and strong growth in exports and industrial production. These reports, however, tended to support rather than lead market rallies. Falling interest rates and (95
I \( F
A stock manipulation scandal fueled a market selloff in October, with the TSE index falling over 15% in the first two weeks on volatility not seen since a 1992 scandal involving Formosa Rubber. Panic selling was triggered when manipulation led to some US$280 million in defaulted payments for stock purchases. The TSE initially refused to protect the securities firms left holding the stocks, arguing that TSE investor-protection funds would ultimately benefit stock manipulators by ensuring payments on defaults, but eventually yielded to SEC intervention.
capitalization at the end of March 1994. In November, the central bank also tentatively agreed to other SEC deregulation proposals, including a proposal that would allow a single qualified foreign institution (QFII) to buy up to 10% of a listed company's total issued shares, up from the current 5%, and increase the maximum aggregate foreign holdings in a single listed company to 25% from the current 10%. These changes would not affect total foreign capital inflows into the local market, however, which are dictated by the US$7.5 billion limit.
Economic/Political
Events
The economy continued to expand during the fourth quarter of 1994, with real GDP rising 6.8% year on year. The island's exports grew 9.4%oyoy to US$93 billion in 1994 while imports climbed 11% year on year to US$85 billion, resulting in a trade surplus of US$7.7 billion, a decline of 4% from a year ago. Exports growth accelerated in the fourth quarter due to the strong yen and an improved global economy. The CPI rose 4.1% in 1994 compared to 2.9% in 1993. The higher inflation rate in 1994 reflected higher food and other commodity prices caused by severe typhoonis. Import prices also surged because of the 10% depreciation of NT dollar against the yen and increased imports from Japan.
In regulatory news, the central bank raised the ceiling on foreign portfolio investment to US$7.5 billion from US$5 billion, effective March 5. It also set a new limit of US$2.5 billion on funds that can be established by local investment trust firms (ITFs) on behalf of foreign investors. These limits, combined with the previously announced ceiling of US$3 billion for the total issuance of GDRs or corporate convertible bonds, puts the maximum foreign investment allowed in the market at US$13 billion, or approximately 7.5% of the total market EM!l:lN(: RCIN
NIAiZ[E]S DATA BASE
209
Taiwan, China 1994 (currency in millions)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
287
288
291
294
293
292
293
293
295
306
311
313
Market capitalization In New Taiwan dollars In U.S. dollars
5,206,885 197,081
4,601,220 173,696
4,492,914 170,186
4,768,850 180,570
4,886,502 180,647
5,075,940 188,627
5,538,864 208,534
5,546,316 211,288
5,842,283 222,988
5,685,295 218,271
5,716,002 217,603
6,501,682 247,325
Trading value In New Taiwan dollars In U.S. dollars Turnover ratio
2,032,067 76,914 39.3
1,099,803 41,518 22.4
1,155,783 43,780 25.4
1,374,167 52,032 29.7
1,427,742 52,782 29.6
1,353,394 50,293 27.2
2,123,907 79,963 40.0
2,327,197 88,655 42.0
1,471,110 56,149 25.8
1,555,412 59,716 27.0
850,237 32,368 14.9
2,041,293 77,651 33.4
6,115.1 0.7
5,414.6 -11.4
5,249.2 -3.1
5,737.3 9.3
5,891.6 2.7
5,932.6 0.7
6,720.0 13.3
7,008.1 4.3
7,091.1 1.2
6,526.5 -8.0
6,363.7 -2.5
7,124.7 12.0
92 66.6 64.8 35.8 4.0 0.7 959.8 0.8
92 66.1 68.2 31.4 3.5 0.8 838.8 -12.6
92 66.0 64.5 30.5 3.4 0.8 819.8 -2.3
92 68.9 60.9 33.8 3.8 0.8 906.4 10.6
92 69.2 57.9 29.0 3.7 0.7 914.4 0.9
92 67.7 62.0 29.5 3.8 0.6 933.5 2.1
92 70.7 62.1 33.6 4.3 0.5 1,077.6 15.4
92 73.1 52.9 41.0 4.4 0.5 1,124.6 4.4
92 71.5 59.3 34.7 4.3 0.5 1,160.6 3.2
92 66.9 54.7 31.6 3.9 0.6 1,062.9 -8.4
92 65.1 51.9 32.5 3.9 0.8 1,030.9 -3.0
92 64.8 59.5 36.8 4.4 0.7 1,166.2 1 3.1
26.5610
26.2500
26.2000
Number of listed companies Taiwan Stock Exchange
Local index TSE Average Index ^ Changeinindex(%) IFC Global Index Number of stocks Share of market cap. (%r) Share of trading value (,,) PIE ratio P/BVratio Dividend yield (98 *Total return index Change in total return index (') Economic data Exchange rate
26.4200
26.4900
26.4000
26.4100
27.0500
26.9100
26.0470
26.2680
26.2880
Note: The base date for the TSE Average Index is 1966=100. The base date for the IFCG Taiwan, China Index is Dec. 1984=100.
1995 FACTBOOK
Elif(;CN\c
NARKrrS
DATA BASE
210
Taiwan, China 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
127
130
141
163
181
199
221
256
285
313
Market capitalization In New Taiwan dollars In U.S. dollars
415,700 10,432
548,436 15,367
1,386,065 48,634
3,383,280 120,017
6,174,164 237,012
2,681,911 100,710
3,184,028 124,864
2,545,302 101,124
5,145,410 195,198
6,501,682 247,325
Trading value In New Taiwan dollars In U.S. dollars Turnover ratio
195,200 4,899 48.4
675,655 18,931 140.2
2,668,603 84,112 275.9
7,872,393 275,624 330.1
25,407,964 965,840 531.7
19,031,282 715,005 429.8
9,682,738 365,232 330.1
5,995,748 240,667 209.3
9,056,716 346,487 235.5
18,812,112 711,346 323.1
Local index TSE Average Index Change in index (%)
835.0 -0.4
1,039.1 24.4
2,339.9 125.2
5,119.1 118.8
9,624.2 88.0
4,530.2 -52.9
4,600.7 1.6
3,377.1 -26.6
6,070.6 79.8
7,124.7 17.4
IFC Global Index Nuimber of stocks Share of market cap.(%) P/E ratio P/BV ratio Dividend yield (%) Total return index Change in index (%)
30 36.6 2.7 110.4 10.4
30 36.4 11.7 1.6 1.7 164.9 49.3
30 25.1 12.0 2.5 1.3 364.1 120.8
62 61.4 35.3 6.9 0.6 703.7 93.3
62 62.1 53.6 10.8 0.6 1,407.1 100.0
64 81.7 25.0 4.0 0.0 690.8 -50.9
70 66.5 22.3 3.3 0.9 686.6 -0.6
70 59.8 16.6 2.1 1.8 503.7 -26.6
78 63.9 34.7 3.9 0.8 952.2 89.0
92 64.8 36.8 4.4 0.7 1,166.2 22.5
62,080 0.0 39.8500 39.8486
80,000 0.7 35.6900 35.6900
101,586 0.5 28.5000 31.7267
122,435 1.3 28.1900 28.5621
147,674 4.4 26.0500 26.3066
159,285 4.1 26.6300 26.6170
177,755 3.6 25.5000 26.5112
208,750 4.5 25.1700 24.9130
218,921 2.4 26.3600 26.1387
26.2880 26.4458
Number of listed companies TaiwanStockExchange
Economic data Gross domesticproduct(US$) Change in consumer price index (%) Exchange rate Exchangerate(averageofperiod)
-
Note: The base date for the TSE Average Inidex is 1966=100.The basedate for the IFCG Taiwan, Chinia Index is Dec. 1984=100.
1995 ixI
1ooK
EMEIRGINGNlI.IKxETs DATA BASE 211
Thailand IFCI Thailand (US$; end 1993=100)
Exchange (Baht/US$)
120
25.5
110
Rate
Average Daily Value Traded (US$ imillions) 800
25.4 100
loo -
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~600-
~~~~~~~~~~~~~~~25.3-
90 25.2
II ~~~~~~~~~~~~~25.1 I
80 70
70 60 50 Mar 94
-
Jun94
IFCIComposite
~~~~ ~ ~~~~~~~~~~~~~~~~I200 ~~~~~ ~~~~~~~~~~~~25.0 ~~~~~~~~~24.9
Sep 94
IFCImarketindex
Dec94 --
Mar 94
Jun 94
Se7 94
Dec94
400-
0 Mar 94
Junl94
Sep 94
Dec 94
Localindex
IFCI P/E Ratio (end of monith values)
Share of Total Emerging Market Capitalization (enid-1994; total=US$1,929 billiotn)
Market Performance Stock prices on the Stock Exchange of Thailand (SET) were volatile throughout 1994 and ended
3432-
Ihailand
30-
6.8%
28 -
Other South Asia 20.2%.E
the year sharply lower, with the IFCG and IFCI
Thailand indexes registering losses of 13% and 20%7, respectively
in dollar
terms.
The SET
Composite Index lost 19'%oin baht terms and 18,
26 -
in dollar terms.
24
As in most emerging markets, the first quarter was
22 20
Othler _ Mar 94
Jun94
Se.,s94
Dec94
emerging m7a2rk97e9ts
marked by severe declines in Thai stock prices. Investor sentiment was adversely affected by foreign institutions selling aggressively in search
of less expensive markets, rising U.S. and Thai interest rates, political concerns, and declining world equity prices. By the end of the first quarter, the IFCG and IFCI Thailand indexes had lost 26%, and 28% respectively. The second quarter saw prices inch up on satisfactory first quarter earninigs, positive trends
1995 FACTBOOK
ENERGING N1ARKH-F sDATA BASE 212
in interniational equity markets, and active buying by bargain hunters. However, concern over domestic politics and the shaky state of the coalition government, along with rising interest rates loomed large, and the uptrend was shortlived. The market's decline was also brought on by a steep drop in the value of the U.S. dollar against the Japanese yen. Because the Thai baht is pegged to the dollar, this sparked fears of further hikes in domestic interest rates to defend the currency. Investor sentiment improved again during the third quarter, fueled by institutional buying of communication, finance, and banking sector stocks. Positive second-quarter earnings results, good economic fundamentals, and a shift in foreign investor interest from Japan to Southeast Asia helped underpin the rally. The third quarter saw the IFCG and IFCI Thailand indexes gain 20% and 21% respectively, but remain below end of 1993 levels. The market plummeted during the fourth quarter on renewed interest rate worries, with the largest declines in bankinig and finance stocks. The fall was initiated by selling pressure in New York, where investors were moving funds to the bond market, and led to foreign capital flight from the Thai market and domestic capital flight from the stock to the bond market. Several large issues came to market during 1994. The more prominent of these include Bangkok Bank, Thai Telephone and Telecommunication (TT&T), and Electricity Generating Company Ltd. (Egco). Bangkok Bank's Euroconvertible issue of February raised $400 million for the company. TT&T, whiclh has a contract to install one million telephone lines in Thai provinces, launched its issue with a domestic and an international tranche whose total size was $290 million. Egco was the first public-sector power company to be partially privatized (50%A).This offer of $180 million also had a domestic and an international tranclhe and was heavily oversubscribed in both. The SET and SEC approved a trust fund last year that will offer foreign investors wider and more
1995FACTIIOOK
open access to the Thai stock market. The fund, which is expected to begin operations in 1995, will coinsist of individual unit trusts representing each listed stock. It will be set tup on a voluntary basis by listed companies.
Economic/Political
Events
Last year was marked by frequent disagreements between ruling coalition members and by various challenges facing the administration which threatened to disband the coalition. However, the administration successfully averted impending threats to its existence. The yearbegan with the government's unsuccessftul attempt to amend the constitution. Among the amendments proposed was a reduction in the number of senators appointed by the military, a move designed to limit the military's influence in government and politics. Opposition members defeated this proposition. The government is still working on ways to implement reform measures, including a proposal introduced in December that would allow for direct election of local officials. But this too fueled widespread political concern after the second largest party in the coalition government threatened to withdraw its support if other aligned parties supported the amendment. Following through on the threat, the New Aspiration Party pulled out of the coalition. Prime Minister Chuan Leekpai helped the coalition to survive after opposition party Chart Pattana joined the grouping, thus restoring the government's parliamentary majority.
the forecasted figure of 4.2%. Government wage increases, higher food prices, higher costs of crude oil, and rising consumer demand were behind the price hikes. While the government has attempted to curb liquidity by tightening guidelines for domestic banks and imposing restrictions on foreign exchange holdings, these attempts have yielded little due to the large influx of foreign capital flowing into Thailand through offshore banking facilities. (Offshore banking facilities were launched in 1994 following the establishment of offshore banking laws. Thailand's Ministry of Finance relaxed controls on foreign-exchange transfers and began a process that allows certain foreign banks to borrow and lend in Thai currency if specific conditions are met.) Thai banks raised lending and deposit rates several times in 1994 in response to rising international interest rates, increased competition among banks for deposits, heightened competition with the stock market for capital, and increasing demand for domestic credit.
Thailand's central bank revised its economic growth estimate for 1994 from 8.2% to 8.5% and predicted growth of 8.5% in 1995. Last year's robust growth was attributed to the fast-growing export sector, particularly exports of value-added goods such as electronic and electrical equipment. Inflation continued to be a concerni in 1994, and stood at an annual rate of about 5o, in contrast to ENEIrlGING;MAUIK[TS DATA BASE 213
Thailand 1994 (currency in millions)
Number of listed companies Stock Exchange of Thailand Market capitalization In baht In U.S. dollars
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
349
353
354
355
358
362
367
376
379
381
384
389
2,995,354 117,603
2,840,828 112,330
2,654,288 105,120
2,766,969 109,713
3,063,460 121,566
2,896,722 115,730
3,202,114 127,982
3,711,081 148,206
3,571,101 143,245
3,643,779 146,201
3,275,471 130,734
3,300,769 131,479
387,360 15,208 12.3
164,332 6,498 5.6
115,220 4,563 4.2
80,728 3,201 3.0
128,366 5,094 4.4
150,160 5,999 5.0
144,919 5,792 4.8
288,588 11,525 8.3
197,135 7,908 5.4
132,475 5,315 3.7
134,811 5,381 3.9
94,861 3,779 2.9
1,493.4 -11.3
1,372.9 -8.1
1,240.0 -9.7
1,266.7 2.1
1,356.9 7.1
1,273.3 -6.2
1,376.9 8. 1
1,524.8 10.8
1,485.7 -2.6
1,528.8 2.9
1,362.4 -10.9
1,360.1 -0.2
61 67.6 54.0 29.0 4.7 1.4 1,636.3 -10.5
61 64.6 43.7 24.6 4.0 1.5 1,490.0 -8.9
61 62.6 48.5 22.1 3.5 1.9 1,358.3 -8.8
61 62.7 44.2 23.2 3.7 2.0 1,425.6 5.0
61 61.4 41.4 24.8 4.0 1.8 1,546.4 8.5
61 61.3 37.6 22.4 3.7 1.9 1,465.7 -5.2
61 61.1 39.0 24.3 4.0 1.7 1,607.3 9.7
h1
59.4 39.8 26.5 4.4 1.7 1,812.3 12.8
61 60.4 42.5 24.8 4.2 1.7 1,776.0 -2.0
61 61.9 49.9 25.6 4.4 1.6 1,852.1 4.3
61 61.2 49.3 21.6 3.7 1.9 1,629.8 -12.0
61 60.6 48.6 21.2 3.7 2.0 1,621.2 -0.5
25.4700
25.2900
25.2500
25.2200
25.2000
25.0300
25.0200
25.0400
24.9230
25.0545
25.1050
Trading value
Inbaht In U.S. dollars Turnover ratio Local index SET Inidex * Change in index
(%)
IFC Global Index Numberof stocks Share of market cap. (%) Share of trading value (%) P/E ratio P/BV ratio Dividend yield(%) Total return index Change in total return index Economic data Exchange rate
(,)
24.9300
Note: The base date for the SET Index is Apr. 1975=100. The base date for the IFCG Thailand Inidex is Dec. 1984=100.
1995
FACTBOOK
E[iERGING
MARKlTS
DA] A BAsE
214
Thailand 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
100
98
125
141
175
214
276
305
347
389
In baht In U.S. dollars
49,457 1,856
75,200 2,878
138,170 5,485
221,958 8,811
656,842 25,648
604,566 23,896
897,159 35,815
1,485,019 58,259
3,325,393 130,510
3,300,769 131,479
Trading value In baht In U.S. dollars Turnover ratio
15,438 568 32.1
29,807 1,133 47.8
119,179 4,633 111.7
141,473 5,598 78.6
344,778 13,452 78.5
584,154 22,894 92.6
767,056 30,089 102.2
1,830,026 72,060 153.6
2,201,148 86,934 91.5
2,018,955 80,188 60.9
Local index SETIndex * Change in index (O)
135.0 -5.1
207.3 53.5
284.9 37.5
386.7 35.7
879.2 127.3
612.9 -30.3
711.4 16.1
893.4 25.6
1,682.8 88.4
1,360.1 -19.2
lFC Global Index Nu nberofstocks Share of market cap. (%) PIE -atio P/BV ratio Dividend yield (%) Total return index Change in index (%)
10 59.1 9.6 100.1 0.1
10 62.8 11.6 1.2 6.0 174.8 74.8
10 48.8 10.4 1.1 4.8 240.4 37.5
19 53.8 11.2 1.9 4.0 338.3 40.7
29 45.8 16.3 3.1 7.9 679.3 100.8
34 44.0 8.7 2.1 4.2 538.4 -20.7
43 50.0 12.0 2.1 1.9 641.8 19.2
51 48.7 13.9 2.5 2.6 900.4 40.3
58 57.2 27.5 4.7 1.5 1,827.8 103.0
61 60.6 21.2 3.7 2.0 1,621.2 -11.3
103,220 4.1 25.4900 25.3960
120,235 3.6 25.4800 25.3198
Number of listed companies StockExchangeofThailand
Market capitalization
Economic data Grossdomesticproduct(US$) Changeinconisumerpriceindex(%) Exchange rate Exchange rate (average of period)
Notes:
1995
37,351 2.4 26.6500 27.1587
41,651 1.8 26.1300 26.2990
48,717 2.5 25.1900 25.7230
59,628 3.9 25.1900 25.2731
69,292 5.4 25.6100 25.6308
80,389 5.9 25.3000 25.5160
91,924 5.7 25.0500 25.4933
-
25.1050 25.1779
The base date for the SET Index is Apr. 1975=100. The base date for the IFCG Thailand Index is Dec. 1984=100. GNP data from the 1995 World Bank Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Thailand's GNP totaled $106,559million.
FACTIiOOK
ENIERGING NIAIRKETS DATA BASE
215
Turkey IFCI Turkey (US$; end 1993=100)
Exchange (Lira/US$)
150
40,000
125-
35,000 -20030,00025,000 -160-
100
Average Daily Average (US$ mtiillions)
Rate
240
75-
20,000 -
20-
50 -
15,000 -8010,000 5000
40
25 0
aktine
-
Jun94
Mar 94
IFCIConmposite-
oclidx0
Sep 94
IFCImarketindex --
Mar 94
Jull 94
Sep 94
Dcc94
Mar 94
Jun94
SeIp94
Dec94
Localindex
Share of Total Emerging Market Capitalization (end-1994; total=US$1,929 billion)
IFCI P/E Ratio (end of month valUes)
Market Performance The world's second best performing emerging stock market in 1993 registered huge dollar losses in 1994 due entirely to a 65% devaluation in the
45 4035 -
Turkey
OtlerTurkish
Otlir20.2EE
30 25 -
2015 -
10
-
0.
m-
Dec94
Daily Value Traded
IU Lj .
Mar 94
lun 94
HUH1
.1 I
Sep 94
Dec94
__
_ emerging
fell 43.3% and 42.7% respectively in dollar terms while the Istanbul Stock Exchange (ISE) Composite Index rose 31.8%, in lira terms but fell 50.7% in dollar terms. Volatile money markets and political instability undermined foreign confidence in the
lira, while efforts to reduce Turkey's current and trade deficits were not enough accoint, ___ _____ budget, __ __Other to chan-ge the negative investment mood.
markets
78.7%.;
1995 FACTBOOK
lira. The IFCG and IFCI Turkey indexes
Share prices opened 1994 on a positive note in response to tax reforms introduced by Prime Minister Tansu C,iller in January. The reforms were expected to increase the number of type-A mutual funds, which are required to hold at least 25% of their assets in equities. Expectations for good year-end earninlgs and fresh capital from [IN1EllGINGMNiAR,isD ATA BASI
216
foreign investors created a positive investment climate and pushed the ISE Composite Index 14.5% higher in the first half of January. By late January, interest rate worries became the dominant concern after two leading U.S. credit rating agencies Turkey's foreign debt rating. downgraded Exchange rate worries triggered panic selling by both domestic and foreign institutional investors and resulted in a net loss in the ISE Index of 2.7% in January. The Turkish market registered its worst monthly performance for 1994 in February amid heavy profit-taking and fear of a currency devaluation. The ISE Composite Index fell 25.4% in local currency terms and the IFCI Turkey Index dropped 27.3% in dollar terms. A lack of public confidence market in the economic outlook dampened sentiment dramatically and resulted in massive selling. Further pressure on the ISE Index came in March when Turkey's central bank abandoned its interventionist policy and began to gradually devalue the lira. Pessimism ran high throughout the month as foreign investors stayed on the sidelines and domestic players were selective in their buying. C,iller's three-month economic austerity program, announced in April, sent prices 33%,olower during the month as measured by the ISE Index and 31.6% as measured by the IFCI and IFCG Turkey indexes. In May, high inflation and disappointing first quarter earnings reports prompted investors to move funds to government paper. But the downturn was short-lived after the Constitutional Court announced its initial position favoring a proposed privatization bill in June. As a result, investors acquired stocks with large government-held stakes and privatization candidates. The Constitutional Court later rejected the bill, adding a negative tone to a market already weighed down by worries of poor corporate earnings. In August, news that the main opposition party had agreed to support the privatization program under certain conditions renewed hopes that the measure would ultimately be approved by the 1995 F\CTBI..K
Constitutional Court, which it did on September 8. At the end of August, the Turkish government refinanced a large T-bill issued with a new T-bill carrying a very attractive rate. The high yield sparked equity selling, with investors liquidating nearly $635 million in shares. Political uncertainty and fear of currency turmoil kept investors cautious and selective in September. Selling pressure in October stemmed from political disagreements between the two coalition partners, further weakness in the lira, and military in the Persian Gulf. Investor developments sentiment turned positive in November when renewed their commitment to parliamentarians support privatization plans. On December 2, the ISE Composite Index reached an all-time high of 29,145 after the Turkish Parliament decided not to that investors had been hold bi-elections This reduced anticipating since September. political uncertainty in Turkey, especially for foreign investors. The ISE board increased the numbers of listed companies to 176 in 1994 from 152 the previous year. The stock exchange's total market capitalization reached $21.6 billion, down 42.3% from a year earlier. Total annual value traded remained steady at about $21.9 billion, while the total number of shares trading hands more than doubled to 100 billion.
Economic/Political
Events
The 65% devaluation of the Turkish lira, PM Ciller's three-month economic austerity program to decrease government spending and slow rapid inflation, and political disagreements between the coalition partners and opposition parties over the new privatization law dominated Turkish politics and economics in 1994.
program, and exempted taxes for type-A mutual funds. In February, the new head of the Turkey's Public Participation Administration announced an accelerated privatization program that included sale of the country's leading car makers and the section of the Turkish Post telecommunication Office. 4Aller's conservative coalition government, under pressure from a weak lira, announced a threemonth economic austerity program on April 15 to lower inflation and reduce the budget deficit. measures were adopted Several unpopular including higher taxes and state-controlled prices, a speed-up of the privatization program, and a further devaluation in the lira. To keep foreign investment capital in the country and to boost confidence in the lira, the (;iller government announced in May that all bank deposits up to $10,000 would previously guaranteed receive additional deposit insurance from the national government. The IMF increased Turkey's credit line in June to $713 million from $400 million following the adoption of the austerity program. At the end of the three-month program, the central bank's reserves had increased to $4 billion while foreign exchange reserves declined from $6.3 billion at the end of 1993 to $3 billion at the end of June, in large part due to the central bank's efforts to defend the lira. The unexpected resignation of a True Path Party (DYP) deputy created political uncertainty and fears of early elections during the last quarter of 1994. Despite the uncertainty, Qller managed to secure approval for the privatization bill from the main opposition party, the Social Democrat People's Party. In trade news, Turkish and European Union officials agreed on December 19 to postpone their customs union until March 1995.
In January, §3ller announced the first part of a tax reform package that reduced taxes on investments specified in Turkey's five-year development ENIERGING MARKETS DATA BASE 217
Turkey 1994 (currency in millions)
Number of listed companies IstanbulStockExchange Market capitalization Inliira In U.S. dollars Trading value In lira In U.S. dollars Turnover ratio Local index t ISElndex Change in index (%S) IFC Global Index Ntimber of stocks Share of market cap. (5'S) Share of trading value (51) P/E ratio P/yV ratio Dividend yield (51) Total return index Change in total retim index(51) Economic data Exchange rate
Jan
Feb
Mar
Apr
May
Jul
Jui
Aug
Sep
Oct
Nov
Dec
161
164
161
160
160
162
162
164
167
167
171
176
539,662,516 31,142
401,583,435 21,619
359,442,120 16,109
79,315,828 4,577 14.6
25,750,437 1,386 5.5
17,391,162 779 4.6
33,31 2,724 976 9.1
16,333,034 523 4.4
34,445,824 1,108 7.8
49,188,133 1,583 9.1
80,786,478 2,379 12.7
76,569,210 2,249 10.9
67,230,501 1,871 9.4
87,915,067 2,406 11.3
82,625,700 2,135 9.9
20,104.8 -2.8
15,003.6 -25.4
14,087.2 -6.1
15,096.7 7.2
14,749.1 -2.3
19,766.4 34.0
21,752.2 10.0
25,282.4 16.2
26,825.5 6.1
24,889.5 -7.2
28,181.0 13.2
27,257.1 -3.3
40 69.5 45.4 42.4 7.7 1.7 639.6 -15.7
40 72.9 51.1 33.2 6.0 2.2 465.0 -27.3
40 71.9 49.2 11.2 3.7 2.8 343.8 -26.0
40 73.0 54.9 12.0 3.9 3.2 237.4 -30.9
40 74.6 57.6 12.1 3.8 4.4 268.0 12.9
40 74.2 63.7 16.3 5.1 3.1 363.3 35.5
40 73.3 52.3 22.5 5.0 3.5 407.8 12.3
40 72.0 49.3 26.4 5.8 3.4 438.7 7.6
40 69.4 41.4 26.3 5.5 4.0 434.4 -1.0
40 72.2 49.7 27.4 5.7 3.8 429.0 -1.3
40 72.2 59.7 31.8 6.6 3.3 493.6 15.1
40 70.6 45.8 31.0 6.3 3.6 453.8 -8.1
17,329.3100
18,575.4000
22,312.6600
373,504,097 374,106,301 507,215,866 577,775,552 690,180,599 10,947 11,986 16,313 18,591 20,323
34,120.8400
31,211.7600
31,091.8800
31,079.0100
33,960.0100
714,730,884 20,990
34,050.9100
716,364,915 838,932,286 19,941 22,962
35,925.0000
36,535.0000
836,11 7,801 21,605
38,700.0000
Note: The base date for the ISE Index is Jan. 1986=100. The base date for the IFCG Turkey Index is Dec. 1986=100.
1995 FACTBOOK
EMEr-GING MARKETS DAIA BASE 218
Turkey 1985- 1994 (currency in millions; end of period levels)
1986
1987
1988
1989
1990
1991
1992
1993
1994
-
40
50
50
50
110
134
145
152
176
-
-
708,801 935
3,181,715 3,221
2,048,000 1,135
15,553,000 6,783
55,249,665 19,065
78,906,566 15,703
84,809,001 9,931
546,316,238 37,496
836,117,801 21,605
Trading value In lira In U.S. dollars Turnover ratio
-
8,703 13 -
98,701 115 5.1
142,867 101 5.5
1,668,609 798 19.0
15,028,176 5,841 42.4
35,487,077 8,571 52.9
55,855,518 8,191 68.3
255,223,182 23,242 80.9
650,864,098 21,692 94.2
Local index ISE Indext Cliange in index 0%)
170.9 -
-
673.0 293.9
373.9 -44.4
2,217.7 493.1
3,255.8 46.8
4,369.1 34.2
4,004.2 -8.3
20,682.0 416.0
27,257.1 31.8
-
-
14 39.9 100.0 -
14 44.4 2.9 362.1 262.1
14 47.2 2.0 1.3 11.2 140.9 -61.1
18 67.9 16.5 6.7 3.6 849.0 502.4
18 23.2 13.2 4.0 5.5 825.3 -2.8
25 52.7 13.7 2.3 4.4 480.5 -41.8
25 39.0 6.9 1.3 8.1 227.0 -52.8
36 63.3 36.3 7.2 2.4 759.0 234.3
40 70.6 31.0 6.3 3.6 453.8 -40.2
52,783 45.0 576.8599 521.9800
57,396 34.6 757.7898 684.5098
67,744 38.8 987.8200 860.5800
71,498 73.7 1,805.1000 1,410.1965
80,113 63.3 2,293.0000 2,090.2619
110,071 60.3 2,898.0000 2,572.7715
104,522 66.0 5,025.0000 4,140.4688
109,609 70.1 8,540.0000 6,819.3819
126,330 55.2 14,570.0000 10,981.0390
-
1985 Number of listed companies IstanbulStockExchange Market capitalization In lira In U.S. dollars
IFC Global Index Number of stocks Share of market cap. ('%,) P/E ratio P/BV ratio Dividend yield(%) Total return index ' Change in index (%) Economic data Grossdomesticproduct(US$) Change in coisumer price index(%) Exchange rate Exchange rate (average of period)
Notes:
-
38,700.0000 30,005.4223
The base date for the ISF Index is Jan. 1986=100. The base date for the IFCG Turkey Index is Dec. 1986=100. GNP data from the 1995 World BastikAtlas is reported for 1993 instead of GDP data fromii the IMF. In 1992, Turkey's GNP totaled $114,234 million.
1995 FACTI;UOK
E,[tIi3IGING MANIZKITs DA IA BASE
219
Venezuela IFCI Venezuela (US$; end 1993=100)
Exchange Rate (Bolivares/LIS$)
150
200
Average Daily Value Traded (LIS$ millions) 18
~~~~~~~~~~~~~~~16-
180
12 10 V n140
160600125
94
l
120 -
Dc9
IIX
4
JP
S79
4
De9
11111111 I1 III 50 Mar 94
Jn 94
IFCI Comsposite -IFCI
*
Ses94
Dec94
marketindex
IHI
n
00
Mpsr94
S
94
Dec94
(enid-1994; total=US$1,929 billioni)
60 55 50 -
Veneztiela
Other Latin
45 -
0.S2%
Anierica
40 -257,losses 35 30 -dropped
]hterms.
De9
Mar 94
Jum94
Sep 94
Dec94
VLocal
Market Performance Venezuelan share prices fluctuated wildly in 1994 in response to the collapse of 14 financial inistitutionis, rising inflation, and turmoil in the currency market. The Caracas Stock Exchange's BVC Index jumped 35.9% in peso terms, but sharp in the peso resulted in a 16.4% loss in dollar
The IFCG and IFCI Venezuela indexes 27.3% and 16.4% respectively in dollar
-
.
liii EloH onHu Sep)94
4
I/I9
I
Share of Total Emerging Market Capitalization
FAeTierging Mair94 Junt94
4
index
(enid of mtonithvalues)
10
n
2-
IFCI P/E Ratio
25
14 6 -e14
t
Bumins 0.
..
Jsuin94
o
Dec94
O
t
*
~
h>er'fThe
markets 76.27,,
-
)terms.
year
started
on an optimnistic
note
as investors
looked to President-elect CaOdera to stimuilate the Venezuelan economy. Following Caldera's inaugu-
~~~~~~~~ration speech on February
2, buyers rushed into the equity market, senidinig the IFCI Venezuela Index 28%rhigher in February. Share prices declined in March and April, however, due to the collapse of Banco Latino (the first of 14 banks to fail in 1994) and the
1995 FACTBOOK
ENILRU;NG.MARK[Ts DATA\ BAsi
220
resignation of central bank President Ruth de Krivoy on April 26. Her departure followed disagreements between the central bank and the government over the Roosen Plan, which aimed at stimulating economic growth by easing monetary policy. The plan called for lower interest rates and the elimination of zero-coupon bonds as the main instrument of monetary policy. De Krivoy's in financial created uncertainty resignation markets, and investors grew wary about Caldera's commitment to curbing inflation, leading to a 31% selloff in the IFCI Venezuela Index between March and April. Shares rebounded in May after President Caldera a new cabinet. Yet turmoil in the appointed by excess liquidity currency market-triggered from massive injections of government funds to the bolivar's value revive ailing banks-sent plummeting to its lowest level since the early 1980s. As a result, the IFCI Venezuela Index plunged 29% in dollar terms and 9% in local currency terms during June. The government intervened on June 27 to quell excess demand for dollars and prevent capital flight. Finance Minister Sosa imposed exchange controls in early July, fixing the exchange rate at Bs.170 per dollar and banning trades at all other levels. Special measures were enacted to centralize control of foreign exchange transactions and restrict the purchase of dollars. Despite currency restrictions and the virtual absence of foreign investors, the IFCI Venezuela Index posted gains during August and September of 20%, losing a little ground in October. Local investor participation increased significantly in response to falling interest rates, which were sharply negative in real terms. Stocks fell in November following a rights offering de utility stock Electricidad by benchmark Caracas. The offer flooded the market with more than 100 million shares worth $61 million and prompted investors to sell shares to raise cash for became investors Foreign the purchase. increasingly frustrated over the lack of progress 1995 FAC I B;()OK
on currency regulations. A measure announced on November 2 to ensure that foreign investors would have access to foreign funds and be able to repatriate profits was met with skepticism. Foreign investors remained cautious as the repatriation procedures laid out by Decree 41 appeared too complicated and ambiguous. In December, the central bank moved to suspend two during bonds sales of zero-coupon consecutive weeks. Anticipation that this might increase capital flows to equities led to an 11.5% rise in the IFCI Venezuela Index. The Mexican currency crisis, which had rippling effects throughout Latin America, had minimal effect on Venezuela because the foreign-exchange controls imposed in June made it hard for foreign investors to sell their stocks. Trading for the six months leading up to the exchange controls averaged Bs.951 million ($7.7 million) a day, and decreased to Bs.212 million a day during the last six months of the year. Decree 41 had little effect on trading, with average daily turnover falling to just Bs149 million ($0.87 million) in November and December.
Economic/Political
45.9%, while foreign currency reserves increased from $8.9 billion in June to $11.9 billion at yearend. Despite this, the economy contracted 3.3% over the year. The combined effects of rising exports and falling imports (due to the currency controls) resulted in a $4 billion trade surplus in 1994, compared to a $1.8 billion deficit in 1993. In order to help pay the increasing cost of debt servicing, Venezuela's Congress authorized the government in December to sell Bs.160 billion (equivalent to 10% of the 1994 budget) in Treasury notes. This would enable Venezuela to complete debt. the 1994 payments on its non-restructured The nation's budget was based on an average exchange rate of Bs.180 per U.S. dollar. The government maintained a fixed rate of Bs.170 to the dollar during the second half of 1994; at the border with Colombia, meanwhile, the currency was trading for about Bs. 230 per dollar.
Events
President Caldera officially assumed the office of the presidency on February 2. In his inauguration speech, Caldera stated he would fight inflation and corruption, reduce government expenditures, open the economy to foreign investment, and initiate tax reform. Yet as Venezuela's protracted banking crisis tnfolded and the government intervened to help ailing banks by infusing over $6 billion, the over 43%. A sharp 125%o bolivar depreciated increase in the money supply in 1994 helped push yearly inflation to a 5-year high of 70.8%. The excess liquidity slashed interest rates and boosted foreign currency reserves after foreign exchange controls were imposed in June. Interest rates dropped between June and July from 85.0% to El\rIRGINC.
AIARlTs DATA BASI
221
Venezuela 1994 (currency in millions)
Jan
Feb
Mar
Apr
May
93
93
93
93
93
660,249 6,063
785,240 7,037
751,250 6,567
650,683 5,247
Trading value In bolivares In U.S. dollars Turnover ratio
21,516 198 3.2
33,060 296 4.6
20,731 181 2.7
Local index IndicedeCapitalization Change in index (71)
1,018.4 1.8
1,333.4 27.2
17 77.7 96.5 18.1 1.9 1.5 475.4 -2.4
18 81.4 95.5 22.6 2.3 1.4 579.3 21.9
Number of listed companies Bolsa de Valores de Caracas Market capitalization In bolivares In U.S. dollars
IFC Global Index Nurnberofstock-s Share of market cap. (7O) Share of trading value (5) P/E ratio P/BVratio Dividendyield(%0,) Total return index Change in total retumindex(%) Economic data Exchange rate
Notes:
1995
108.9000
111.5900
Jum
Jul
Aug
Sep
Oct
Nov
Dec
93
90
90
90
90
90
90
789,482 5,194
758,327 3,849
659,559 3,880
767,033 4,512
743,645 4,378
633,761 3,731
10,181 82 1.4
10,886 72 1.5
16,822 85 2.2
3,951 23 0.6
6,500 38 0.9
6,148 36 0.8
3,716 22 0.5
4,029 24 0.6
2,394 14 0.4
1,262.6 -5.3
1,043.3 -17.4
1,361.1 30.5
1,281.1 -5.9
1,203.6 -6.0
1,427.3 18.6
1,496.5 4.8
1,448.7 -3.2
1,220.4 -15.8
1,348.8 10.5
18 81.3 96.4 14.7 2.1 1.6 541.8 -6.5
18 79.0 93.7 11.7 1.7 2.2 420.6 -22.4
18 82.2 92.1 14.7 2.2 1.6 428.9 2.0
18 81.7 95.7 14.0 2.1 1.8 320.2 -25.3
18 82.8 72.2 12.5 1.8 2.1 327.1 2.2
18 87.6 94.5 15.2 2.0 1.9 386.3 18.1
18 87.4 75.0 13.9 2.1 2.1 403.4 4.4
18 87.1 89.5 12.9 1.9 2.1 391.9 -2.8
18 86.8 83.2 16.3 1.7 2.5 327.4 -16.5
17 81.6 90.3 18.1 1.8 2.5 362.2 10.6
114.4000
124.0000
152.0000
197.0200
170.0000
734,228 4,319
170.0000
170.0000
169.8700
169.8700
698,320 4,111
169.8700
Venezuela replaced the New BVC Index with the Indice de Capitalization dc la BVC (Dec. 1993=1,000) in January 1995. This time series has been adjusted to reflect the new index. The base date for the IFCG Veniezuela Index is Dec. 1994=100.
FACi BOOK
ENlVl;(;lN(.
NJAIKI ITS
DATAx B 1SF
222
Venezuela 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
108
108
110
47
74
76
87
91
93
90
16,238 1,128
34,275 1,510
67,077 2,278
67,546 1,816
64,051 1,472
415,893 8,361
681,838 11,214
593,993 7,600
836,679 8,010
698,320 4,111
428 31 -
1,047 52 4.1
4,087 148 8.1
7,360 221 10.9
3,575 93 5.4
103,236 2,232 43.0
181,688 3,240 33.1
177,648 2,631 27.8
169,168 1,874 23.6
139,932 936 20.2
Local index IndicedeCapitalization Change in index (91)
817.6 38.9
2,090.5 155.7
3,928.6 87.9
3,866.4 -1.6
2,754.0 -28.8
17,881.9 549.3
29,316.6 63.9
19,874.1 -32.2
1,000.0 -
1,348.8 34.9
IFC Global Index Nunmberof stocLs Share of market cap.(91) P/E ratio P/BV ratio Dividendyield(%) Total return index* Change in index (91)
12 53.4 3.9 73.4 -26.6
12 61.2 7.6 2.4 1.3 115.5 57.4
12 61.6 14.6 2.9 0.5 176.2 52.6
13 63.7 10.1 1.7 1.1 133.6 -24.2
13 53.0 4.1 0.8 2.2 89.4 -33.1
13 64.6 26.0 3.4 0.7 627.4 601.6
16 77.1 28.5 3.6 0.5 907.4 44.6
17 65.8 15.6 1.6 1.0 523.6 -42.3
17 60.4 17.4 1.8 2.3 487.3 -6.9
17 81.6 18.1 1.8 2.5 362.2 -25.7
32,638 11.4 14.4000 13.7580
24,411 11.5 22.7000 20.1603
24,677 28.1 29.4500 27.5330
26,346 29.5 37.2000 33.2306
38,494 84.2 43.5000 38.5919
49,286 40.8 49.7400 46.2453
54,175 34.2 60.8000 56.0683
61,194 31.4 78.1600 67.5143
60,360 38.1 104.4600 90.2763
60.8 169.8700 149.5574
Number of listed companies Bolsa de Valores de Caracas Market capitalization In bolivares In U.S. dollars Trading value In bolivares In U.S. dollars Turnover ratio
Economic dota Grossdomesticproduct(US$) Changeinconsumerprice index(%) Exchange rate Exchanigerate (average of period)
Notes:
-
Veniezuela replaced the New BVC Index with the Indice de Capitalization de la BVC (Dec. 1993=1,000)in January 1995. The Indice de Capitalization begins with 1993 data; prior to 1993, the New BVC Index is referenced. The base date for the IFCG VeniezuelaIndex is Dec. 1994=100.
1995 FAC I BOOK
ENILIRGING. NIAIKkIs
DAN1A BNSI~ 223
Zimbabwe IFCI Zimbabwe (US$; end 1993=100)
Exchange (Z$/US$)
150
8.50
Average Daily Value Traded (US$ millionls)
Rate
1.8() 1.60-1.40-
125 -8,25
1.20
1.00 -
8.00 -08
100
0.80-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0.40-
7.75 -
75
0.200.00
7.50 --
50
Jiu 94
Mar 94 IFCI Composite
Sep;94
IFCI market index
-
Dec94
-
Mar 94
Jui 94
Sep 94
Share of Total Emerging Market Capitalization (end-1994; total=US$1,929 billion)
20_ Ziibabwe
Othr EMEA 21.2%
17 -
16 15-
14 -
n
132-
11- 1
Ma9492Dc4
H
n-'
C
01 ----- L
- -1 H - - - -Decm94
10--ii-u Mar 94
JiJ 94
Se;194
Sep 94
Dec94
Local iniex
IFCI P/E Ratio (end of month valuies)
19-
Jul 94
Mar 94
Dec94
. , I mrgn
Other
emerging
Tiarkets 7 78 7,,-M
1Stock
Marl<et Performance The Zimbabwe stock market was among the few emerging markets outside Latin America to post strong gains in 1995. Foreign investor activity, positive developments in South Africa, and firmer commodity prices helped boost the IFCG and IFCI Zimbabwe indexes 22.5% and 21.1% respectively in U.S. dollar terms while the local Zimbabwe
Exchange (ZSE) Industrial Index rose 35.9%o in
local
currency
averaged
terms.
by increased
accompaniied
US$14.7
million
The per
were
gains
turnover, month
which
in 1994
compared to US$4.4 million in 1993. Mining shares generally outperformed industrial shares during the year with the local ZSE Mining Index moving up 67.7% in U.S. dollar terms compared to a 12.7%, dollar increase in the ZSE Industrial Index. The market began the year on a solid upward trend, adding to a bull rally that got underway in
1995 FACTROOI,
II
MAN((. \,IN umXi I1) \ 1.\ 1; \sI
224
June 1993 when the Zimbabwe market was opened Actual and to foreign portfolio investment. buying by foreign investors were anticipated largely responsible for a 34% jump in the IFCG Zimbabwe Index during the first two months of the year. In March, foreign investors moved to the sidelines as interest rates in the U.S. and other major markets began climbing and as a wait-and-see attitude took hold pending the outcome of the South African elections. Local investors began selling in response to falling foreign investor demand, prompting a sharp 20% decline in the IFCG Zimbabwe Index during the last two weeks of March and first two weeks of April. to the ZSE in May Price stability returned following a pickup in blue-chip trading activity and the positive outcome of the South African elections. Firmer gold, base metal, and other commodity prices also contributed to the market recovery. Following a brief rally, the market turned downward in early June in response to negative economic and political developments. The adoption of a tight monetary policy by the central bank was a key factor in the market downtLrn-as 30% yields on money market instruments made equities unattractive to many investors. The IFCG Zimbabwe Index fell 16.4% during the last five weeks of the quarter and 6.2% during the entire second quarter. Shares climbed gradually higher in the third quarter as local institutional investors increased share purchases. Improved corporate results for some companies and increased foreign activity also helped prices move higher during the period. Mining shares performed particularly well during the quarter. Overall, the IFCG Zimbabwe Index rose 14.2%,ofor the quarter on low turnover of about $6.3 million per month. The equity market held steady throughout most of October and November as money market yields of more than 32% (real yields of about 11%) kept many investors from moving back into equities. The 1995 F \( F1n viooK
absence of foreign buyers and a substantial number of new issues and rights issues also affected the market. On November 30, the market turned sharply lower on worries that an ongoing dry spell would negatively affect the outcome of rainy season. Between the November-to-April 25 and December 30 the IFCG November Zimbabwe Index fell 10.5% with most of the decline due to the weather. The index fell 11.4% during the fourth quarter.
Economic/Political
Events
The mining sector was a bright spot for the economy in 1994, spurred by rising ferrochrome, nickel, and copper prices. Manufacturing, which saw production decline by 8.2% in 1993, recorded growth of 13.2% in the first nine months of 1994 compared to the same period in 1993. Consumer prices moved higher in the first half of 1994, peaking at 25.1% in May compared to 18.6% in 1993. The trend reversed in the second half of the year, partly as a result of the Reserve Bank's tight monetary policy, and inflation declined to 21.1% in December. Through October, food products were the most significant component of inflation, rising at a year-on-year rate of 26.1%.
On January 1, 1994, the Reserve Bank of Zimbabwe removed most remaining restrictions on current account transactions. At the same time, the Reserve Bank introduced a new two-tier foreign exchange system to establish a market-determined exchange rate for the Zimbabwe dollar (ZWD). The two tier exchange-rate system was made up of an inter-bank market rate and a Reserve Bank rate for specific government transactions. The ultimate objective of the two-tier system was to unify the two rates such that all transactions would be conducted at a single market rate. Wheni the two-tier system was initiated there was a 5% gap between the interbank and Reserve Bank rates. On July 2, following an increase in foreign reserves and a narrowing of the gap between Reserve Bank and interbank rates to about 1%, the two-tier system was abolished leaving a single exchange rate to be determined by the inter-bank market. The unification of the rates meant that for current account transactions most purposes became fully convertible. In his State of the Nation message on November 30, that predicted Mugabe Robert President Zimbabwe's economy would grow by 4.5% in 1994, its fastest pace in six years. Even with strong growth, the economy remained weak with unemployment estimated at 30%,, real wages at a 25-year low, and external debt totaling $3.8 billion, or about 30% of export earnings. El\lR(;ING
MA1.IK[Ts DATA BASL 225
Zimbabwe 1994 (currency in millions)
Number of listed companies Zimbabwe Stock Exchange Market capitalization In Zimbabwe dollars In U.S. dollars Trading value InZimbabwedollars In U.S. dollars Turnover ratio Local index ZSE lndustrial Index Changeinindex(%) IFC Global Index Number of stocks Share of market cap. (%) Share of trading value (%) P/Eratio P/BV ratio Dividend yield(%) Total return index' Changeintotalretumindex(%C) Economic data Exchange rate
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dcc
62
62
62
62
62
62
62
62
62
62
64
64
12,905 1,523
16,206 1,986
14,969 1,865
16,345 2,038
16,421 2,085
14,295 1,763
14,369 1,782
15,372 1,901
16,473 1,983
16,373 1,968
16,539 1,980
15,292 1,828
144 17 1.3
200 25 1.4
315 39 2.0
86 11 0.5
101 13 0.6
116 14 0.8
51 6 0.4
64 8 0.4
93 11 0.6
94 11 0.6
89 11 0.5
94 11 0.6
2,929.3 26.0
3,678.1 25.6
3,465.4 -5.8
3,483.1 0.5
3,733.8 7.2
3,211.5 -14.0
3,200.8 -0.3
3,432.8 7.3
3,548.7 3.4
3,509.0 -1.1
3,477.3 -0.9
3,160.8 -9.1
24 70.9 79.0 11.5 1.2 2.5 970.5 3.5
24 70.7 63.0 15.1 1.5 2.1 1,263.7 30.2
24 72.5 86.8 14.2 1.4 2.6 1,222.7 -3.2
24 68.2 54.8 14.6 1.4 2.7 1,228.5 0.5
24 74.1 69.2 14.4 1.4 2.2 1,369.0 11.4
24 73.9 79.0 12.3 1.2 3.3 1,164.1 -15.0
24 73.2 81.1 11.9 1.2 3.6 1,169.8 0.5
24 75.2 53.7 10.8 1.3 3.2 1,282.5 9.6
24 75.0 76.7 11.7 1.3 3.4 1,341.8 4.6
24 75.8 80.6 11.8 1.3 3.4 1,331.6 -0.8
24 75.1 55.8 11.4 1.3 3.4 1,320.8 -0.8
24 73.4 71.9 10.1 1.2 4.6 1,203.2 -8.9
8.4744
8.1582
8.0259
8.0196
7.8774
8.1069
8.0650
8.0850
8.3050
8.3200
8.3550
8.3650
Note: The base date for the ZSE Industrial Index is 1967-100. The base date for the IFCG Zimbabwe Index is Dec. 1984=100.
1995
FACTHOOK
ENIERGING MARKETS DATA BASE
226
Zimbabwe 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
55
53
53
53
54
57
60
62
62
64
Market capitalization In Zimbabwe dollars In U.S. dollars
591 360
688 410
1,194 718
1,504 774
2,396 1,067
6,373 2,395
7,020 1,394
3,440 628
9,937 1,433
15,292 1,828
Trading value In Zimbabwe dollars In U.S. dollars Turnover ratio
14 9 3.3
20 12 3.1
38 23 4.0
71 39 5.3
75 36 3.9
126 51 2.9
282 77 4.2
103 20 2.0
347 53 5.2
1,445 176 11.5
Local index ZSE Industrial Index Change in index (%,,)
251.9 105.3
286.3 13.7
450.0 57.2
552.6 22.8
869.1 57.3
2,282.6 162.6
1,953.6 -14.4
865.6 -55.7
2,325.3 168.6
3,160.8 35.9
IFC Global Index Numilberofstocks Share of market cap. (°) P/E ratio P/BV ratio Divideid yield(%) Total return index (Dec 84=100) Chanige in index (%)
10 47.1 7.3 253.8 153.8
11 43.8 3.9 1.2 10.9 300.4 18.4
11 44.5 4.6 1.9 9.2 584.8 94.7
11 50.5 3.2 1.7 7.8 731.0 25.0
11 46.5 4.4 0.9 9.8 1,028.9 40.8
16 56.5 8.3 1.5 4.0 2,005.8 94.9
17 50.0 7.0 1.0 5.8 956.1 -52.3
17 42.7 2.0 0.3 6.1 384.8 -59.8
21 62.2 8.8 0.9 3.6 938.0 143.8
24 73.4 10.1 1.2 4.6 1,203.2 28.3
4,350 8.5 1.6412 1.6137
4,746 14.3 1.6781 1.6650
5,375 12.5 1.6620 1.6611
5,714 7.4 1.9429 1.8109
5,736 12.9 2.2448 2.1173
6,070 17.4 2.6609 2.4481
5,699 23.3 5.0355 3.6346
5,264 42.1 5.4816 5.1112
5,756 17.1 6.9351 6.5061
-
Number of listed companies Zimbabwe Stock Exchange
Economic data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchange rate Exchange rate(averageof period)
8.3650 8.2064
Notes: The base date for the ZSE Induistrial Index is 1967=100. The base date for the IFCG Zimbabwe Index is Dec. 1984=100. GNP data from the 1995 World Batik Atlas is reported for 1993 instead of GDP data fromilthe IMF. In 1992, Ttirkey's GNP totaled $5,896 imiillion.
1995 FA CI BOOK
EMERGING
MARKETS
DATA BASE
227
6. Other Equity
Market Profliles EmergingStock MarketsFactbook 1995
Bangladesh 1985-1994 (currency in millions; end of period levels)
Number of listed companies DhakaStockExchange Market capitalization In taka In US dollars Trading vailue In taka In USdollars Turnover ratio Local index DSE All Share Price Iindex (1985=100) % change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross doinestic product (US$) Changeinconsumerpriceindex(%) Exchange rate Exchange rate (averageof period)
1995
FACTBOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
69
78
85
101
116
134
138
145
153
170
3,493 113
5,731 186
12,635 405
13,557 430
15,351 476
11,486 321
10,397 269
12,299 314
18,099 453
41,770 1,049
32 1.2 1.1
48 1.6 1.0
178 5.7 1.9
130 4.1 1.0
174 5.4 1.2
195 6.0 1.5
116 3.2 1.1
438 11.2 3.9
579 14.6 3.8
4,284 106.5 14.3
-
244.4 144.4 6.8 1.0 9.3
512.3 109.6 20.6 1.8 3.5
533.6 4.2 7.8 1.8 7.0
467.8 -12.3 23.9 1.1 4.4
296.3 -15.5 9.5 0.9 7.7
369.6 24.7 10.6 1.5 6.6
391.8 6.0 -
845.6 115.8 10.1 1.5 5.7
14,482 10.7 31.0000 27.9950
15,313 11.0 30.8000 30.4070
17,394 9.5 31.2000 30.9500
18,732 9.3 31.5091 31.7300
20,153 10.( 32.2700 32.2700
22,800 7.2 38.5800 36.5962
23,273 4.3 39.1236 38.9510
23,957 2.7 39.9400 39.5670
-
350.8 -25.01 13.7 1.1 7.7
22,579 8.1 35.7900 34.5670
EMERGING
-
-
MARKETS
25,750 39.8000 40.2120
DATA BASE
230
Barbados 1985-1994 (currency in millions; end of period levels)
Trading value In dollars In US dollars Turnover ratio Local index SEB Index (an. 1 1988=1,000) %z, change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross domestic product (US$) Change in consumer price index (%) Exchanige rate Exchange rate (averageof period)
Notes
1995
1991
1992
1993
1994
-
14
14
15
16
19
-
-
563 280
617 307
518 259
656 328
1,035 518
-
-
-
20 10.1
4 2.2
-
-
-
-
0.7
9 4.4 1.5
12 5.8 1.4
-
-
1,395.2 4.2
1988
-
-
-
-
-
-
-
-
Number of listed companies Securities Exchange of Barbados Market capitalization In Barbadian dollars In US dollars
1990
1989
1987
1986
1985
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18 9.1 3.1
9.1 0.9 6.0
1,319.3 9.4 9.6 5.0
1,099.1 -16.7 10.1 0.8 5.5
1,338.6 21.8 10.1 0.9 4.9
1,743 3.1 2.0130 2.0113
1,755 6.3 2.0113 2.0113
1,740 6.1 2.0000 2.0113
1,620 1.1 2.0000 2.0113
1,205.9
-
-
2.0000 2.0000
GNP data from the 1995 World Bank Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Barbados's GNP totaled $1,693 million.
FACTI1OOK
EllERGING
MARKIETS DATA BASE
231
Botswana 1985- 1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
9
11
11
11
545
Number ot listed companies Botswana Stock Market
-
-
-
-
-
-
Market capitalization In pula In US dollars
-
-
-
-
-
-
261
657 295
669 261
1,024 377
Trading value In pula In US dollars Turnover ratio
-17 -
-
-
-
-
-
8.5 3.1
32 14.9 4.8
48 19.9 7.2
84 31.1 8.2
-
-
-
-
-
-
-
-
-
-
-
-
-
271.7 17.9 10.5 2.7 3.9
273.7 0.8 8.2 2.8 4.4
278.5 1.7 7.7 1.6 5.5
312.9 12.3 9.4 1,7 5.5
-
-
-
-
-
-
-
-
-
3,295 11.4 1.8605 1.8601
3,460 11.8 2.0921 2.0173
3,702 16.2 2.2311 2.1327
3,630 14.3 2.5648 2.4190
11.5 2.7178 2.6971
Local index Botswana Share Market Index (1989-100) %,change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross domestic product (US$) Change in consunier price index (%) Exchange rate Exchange rate (average of period)
Notes
1995
-
230.4 -
GNP data from the 1995 World Bank Atlas is reported for 1993 instead of GDP data from the IMF. In 1992, Botswana's GNP totaled $3,797 million.
FAC tI
ooK
FNIIIRGNG NT\ARK\[TS D XTx B.\s
232
Costa Rica 1985- 1994 (currency in millions; end of period levels)
Number of listed companies Bolsa Nacional de Valores Market capitalization Tncolones InUSdollars Trading value Incolones In US dollars Turnover ratio Local index (None calculated) %change in index P/E ratio P/BV ratio Dividend yield(%) Economic data Gross domestic prodtict (US$) Chanigein consumer price iidex(%) Exchange rate Exchange rate (average of period)
I 1995 FX\cv
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
51
61
71
76
78
-
82
93
118
116
10,477 195
14,470 246
-
-
-
-
-
-
42,050 311
65,543 475
65,543 434
-
-
15 0.3 0.2
22 0.4 0.2
39 0.6 0.5
78 1.0 -
306 3.8 -
484 5.3 -
1,149 9.4 5.5
1,489 11.1 2.8
1,579 11.1 2.4
1,574 10.0
-
-
-
-
-
-
-
8.9 7.7
8.9 8.3
9.7
-
-
-
-
-
-
8.8 1.3 4.6
11.2 2.3 2.2
11.2 2.3 2.2
3,923 15.1 53.7000 50.4530
4,425 11.8 58.8750 55.9860
4,538 16.8 69.2500 62.7760
4,701 20.8 79.3901 75.8000
5,314 16.5 84.3500 81.5042
5,710 19.0 103.5500 91.5800
5,637 28.7 135.4250 122.4320
6,721 21.8 138.0700 134.5100
7,557 6.6 150.8900 142.1700
-
-
-
[ooiM ME IRGING
.I 1-1s
-
-
-
-
165.6300 157.6100
DATA BASE 233
Cote d'lvoire 1985-1994 (currency in millions; end of period levels)
Number of listed companies Abidjan Stock Exchange Market capitalization In CFA francs In US dollars Tracling value InCFAfrancs In US dollars Turnover ratio Local index Indice BVA (Dec.31 1985=100) X, change in index PI/E ratio P/BV ratio Dividend yield (%) Economic data Grossdomesticproduct(US$) Change in consumer price index (M) Exchange rate Exchanige rate (average of period)
1995
FACTBOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
25
25
25
24
23
23
23
24
30
30
114,000 302
107,000 332
122,400 458
132,300 437
153,630 531
140,729 549
146,745 567
91,112 336
122,349 415
224,000 428
565 1.3 0.5
994 2.9 0.9
4,126 13.7 3.6
2,717 9.0 2.1
1,640 5.1 1.1
5,032 18.5 3.4
1,909 6.8 1.3
1,143 4.3 1.0
1,607 5.7 1.5
6,400 11.6 3.7
123.7 -4.5 8.2
100.8 1.7 9.8 -
103.1 2.3 10.0 -
106.9 3.7 -
103.7 -3.0 -
102.4 -1.3 -
62.9 -38.6 -
90.5 43.9 4.4
128.9 42.4 11.6
-
99.1 -19.9 9.6 -
-
-
-
-
-
10.1
6,978 1.8 378.0498 449.2598
9,369 7.3 322.7500 346.2998
9,675 0.4 267.0000 300.5400
9,842 7.0 302.8634 302.9000
9,239 1.0 289.4000 319.0070
8,920 -0.8 256.4500 272.2600
9,503 1.7 259.0000 282.1060
10,158 3.5 271.4900 264.6900
-
-
3.2 294.7750 283.1600
-
EMERGING
MARKLS
-
523.0000 550.0000
DATA BASE
234
Cyprus 1985-1994 (currency in millions; end of period levels)
Number of listed companies Cyprus OTC
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
-
-
-
-
-
-
40
39
39
38
-
-
-
-
-
-
566 1,296
572 1,184
1,071
638 1,335
30 65.0 -
40 88.8 7.0
15 29.2 2.8
42 85.3 7.3
100.0 2.7 20.0
92.4 -7.6 -
118.3 28.0 14.5
Market capitalization In pounds In US dollars Trading value In pounds In US dollars Turnover ratio Local index CC&I Index(Dec 1992=100) % change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross domestic product (US$) Change in consumer price index (%) Exchange rate Exchanige rate (average of period)
1995 FACTBOQOK
-
-
510
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
278.7 0.0 23.5
-
-
-
-
-
-
3.6
-
4.9
-
-
-
6,700 6.5 0.4829 0.4502
-
-
5-,830 5.0 0.4371 0.4615
-
-
-
-
-
4.9 0.4762 0.4970
-
-
-
-
-
0.4778 0.4926
ENIEItCINC( NIARIKETS DATA BASE
235
Ecuador 1985-1994 (currency in millions: end of period levels)
Number of listed companies Bolsa de Valores de Quito Market capitalization In sucres In US dollars Trading value In sucres In US dollars Turniover ratio Local index IBQ change in index P/E ratio P/BV ratio Dividenid yield(%)
%
Economic data Gross domestic product (US$) Change in consumer price inidex (%) Exchanige rate Exchange rate (average of period)
1995
FACTBOOK
1987
1986
1985
1990
1989
1988
1991
-
1993
1994
65
142
145
128,828 69
3,203,143 1,620
7,938,729 3,499
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,592 54.6 1,857.5000
-
1,046.2500
-
-
1992
-
-
78,990 40.7 -
161,653 73.5 2.9
-
147.3 19.7
234.5 59.2 15.7 7.6
123.1
-
-
-
45.0 1,977.8500 1,941.5250
ENIERGING MARKETS
2,2691000n 2,198.0000
DATA BASL
236
Egypt, Arab Republic 1985-1994 (currency in millions; end of period levels)
Number of listed companies BoursedeValeursduCairo Market capitalization Inpounds In US dollars Trading value Inpounds InUSdollars Turnover ratio Local index ECM Index (1992=100) '. change in index P/E ratio P/BV ratio
Dividendyield(%) Economic data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchange rate Exchange rate (average of period)
1995
FACI-BOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
317
387
430
483
510
573
627
656
674
700
1,838 1,382
2,333 1,716
4,021 2,150
4,147 1,760
4,384 1,713
5,274 1,835
8,434 2,527
10,845 3,259
12,807 3,814
14,480 4,263
126 96.6 7.8
243 180.3 11.7
357 235.0 11.2
256 115.1 6.3
204 81.0 4.8
342 126.3 7.1
428 138.6 6.2
945 308.4 9.8
569 169.3 2.1
1,210 358.0 8.9
-
-
-
-
-
-
-
108.9
-
-
-
-
-
-
-
8.8
135.7 24.6
366.8 170.3
-
-
-
-
-
-
-
1.1 I
46,451 12.1 1.3300 1.3009
51,484 23.9 1.3600 1.3503
64,641 19.7 1.8700 1.5183
77,933 17.7 2.3555 2.2255
77,004 21.3 2.5600 2.5200
50,908 16.8 2.8736 2.7072
35,774 19.8 3.3370 3.0873
44,431 13.6 3.3280 3.0652
-
-
-
-
12.1 3.3580 3.3497
8.2 3.3970 3.3800
ENIERGING MARKETS DATA BASE
237
Ghana 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
13
15
15
17
29,600 76
43,753 84
96,514 118
1,968,400 1,873
Number of listed companies Ghana Stock Exchange
-
-
-
-
-
-
Market capitalization In cedis In US dollars
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
105 0.3 -
173 0.4 0.4
3,178 4.8 3.3
73,088 75.1 3.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
79.1 0.3 3.0 8.9
170.8 116.1 6.7 1.5 5.5
371.7 117.6 11.7 2.5 2.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,000 18.0 390.6300 367.8300
Trading volue In cedis In US dollars Turnover ratio Local index Databank Stock Index % changeinindex P/E ratio P/BV ratio Dividend yield(%) Economic data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchange rate Exchange rate (average of period)
1995 FACTBOOK
-
6,867 10.1 520.0000 438.1667
EMERGING
815.0000 661.9667
1,051.0000 973.7500
MARnhETS DAIA BxSE
238
Honduras 1985- 1994 (currency in millions: end of period levels)
1985 Number of listed companies Honduras Stock Exchange Market capitalization In lempira In US dollars
1986
1987
1988
1989
1990
1991
1992
1993
1994
44
-
82
-
464 49
-
-
-
-
-
26
-
-
-
-
-
-
218 40
-
-
-
-
-
-
5.4000
Trading value In lempira In US dollars Turnover ratio Local index (no index at present) % change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross domestic product (US$) Change in consumer price index (-Exchange rate Exchange rate (average of period)
1995
FACd110B K
-
5.8900 -
-
7.3700 6.5925
EMiEINRGINGMARKITS
9.4001 8.7500
DATA BASE
239
India (other principal 1985-1994
exchanges)
(currency in millions; end of period levels)
Number of listed companies Calcutta Stock Exchange Delhi Stock Exchange Madras Stock Exchange Market capitalization Calcutta Stock Exchange In rupees In US dollars Delhi Stock Exchange In rupees In US dollars Madras Stock Exchanige In rupees In US dollars Trading value Calcutta Stock Exchange In nipees In US dollars Delhi Stock Exchange In rupees In US dollars Madras Stock Exchange in rupees In US dollars Local index Calcutta - CSE Index (Dec 1987=100) % changeinindex Delhi - DSE Index (1983=100) % chanigein index Madras - MSE Index %changeinindex Economic data Gross domestic product (US$) Chanigein consuimerprice index(%) Exchange rate Exchange rate (averageof period)
1995 FACI HOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1,980 1,086 451
2,113 1,396 492
2,073 1,816 529
2,233 1,880 536
2,390 2,004 583
2,077 622
2,090 660
2,456 2,114 717
-
-
2,390 815
2,887
-
-
216,390 14,407
-
-
-
-
107,260 8,321
-
-
-
-
-
121,670 9,272
116,150 9,011
228,020 15,181
330,000 19,596
707,533 38,983
-
501,126 17,473
460,161 14,782
2,609,043 83,1 73
85,000 6,987
-
63,470 4,924
128,370 8,547
159,681 9,482
213,800 11,780
371,094 14,384
551,820 19,241
793,810 25,500
-
-
-
-
-
-
-
-
-
-
14,700 873
18,973 1,088
60,125 2,664
95,130 3,421
108,438 3,514
-
-
1,765 137
1,609 107
2,576 153
5,654 324
10,661 472
20,672 743
20,074 650
-
100.0
-
-
-
-
-
-
352.2
-
265.4 337.4 50.4
233.6 -12.0 486.9 44.3
327.8 40.3 681.3 39.9
482.5 47.2 957.1 40.5
450.0 -6.7 1,349.9 41.0
704.2 56.5 2,591.8 92.0
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
8.0 31.1300 30.8583
-
-
-
224.3 -
211,760 5.6 12.1655 12.3687
231,520 8.7 13.1220 12.6110
256,609 8.8 12.8900 12.9620
-
-
-
-
1994
111,815 3,584
-
ElEcRGINc
NG
868.9 23.4
-
31.3688 31.1970
I DxA-1 AD\A A BA.\SE 240
Iran, Islamic Republic 1985-1994 (currency in millions; end of period levels)
Number of listed companies Tehran Stock Exchanige Market capitalization In rials In US dollars Trading value In rials In US dollars Turnover ratio Local index Tepix (Nov. 3 1990=100) %,change in index P/E ratio P/BV ratio Dividend yield (°) Economic data Gross domestic product (US$) Change in conisuimierprice inidex (%) Exchange rate Exchange rate (average of period)
1I9 1- I \
I I;
I-',
1985
1986
1987
1988
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1989
1990
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1991
1992
1993
1994
97
118
124
147
1,970,593 30,509
1,995,404 1,370
2,281,361 1,304
4,847,264 2,770
352,166 5,216.9
458,495 6,994.4 23.1
394,183 310.9 18.4
742,022 424.0 20.8
382.8 -14.0 4.0
570.5 49.0
-
472.1
-
-
-
-
-
-
20.0
445.1 -5.7 15.0
-
-
-
-
-
-
-
-
22.8
-
-
-
-
-
-
74,228 17.1 64.5910 67.5050
103,446 22.9 1,457.0000 65.5520
-
-
20.3 1,750.0000 1,267.7700
31.5 1,750.0000 1,750.0000
-
-
-
N1II1(;,IN(; G N
\ ltlx lIS D.
-
FA B S\s
241
Jamaica 1985- 1994 (currency in millions;end of period levels)
Number of listed companies Janmaica Stock Exchange Market capitalization In Jamaica dollars In US dollars Trading value In Jamaica dollars In US dollars Turnover ratio Local index JSE Index (Jun. 30 1969=100) % change in index P/E ratio P/BV ratio Dividend yield(M) Economic data Gross domiiestic product (US$) Changeinconsuinerpriceindex(%) Exchange rate Exchange rate (average of period)
1995 FACTBOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
38
40
43
44
45
44
44
48
50
50
1,460 266
2,940 536
3,470 631
4,290 796
6,200 957
7,320 911
22,215 1,034
76,974 3,227
41,879 1,469
58,018 1,753
117 21.1 4.9
375 68.4 17.0
400 72.9 12.5
137 24.9 3.5
516 89.8 9.8
230 32.0 3.4
1,157 95.5 7.8
4,678 386.1 9.4
8,347 336.3 14.0
4,121 126.0 8.3
941.5 104.2
1,499.9 59.3 -
1,515.1 1.0 -
1,439.2 -5.0 5.7
2,075.8 44.2 7.0
2,539.4 22.3 7.0
7,681.5 202.5 13.4
13,099.7 -49.1 7.3 2.6 1.3
16,676.7 27.3 8.4 2.5 3.1
3,859 30.0 28.5000 24.8200
33.1030 32.7042
2.9
2,015 25.7 5.4800 5.5586
2.5
3.1
2.5
3.4
3.9
2.8
25,745.9 235.2 22.0 6.8 2.6
2,444 15.1 5.4800 5.4778
2,917 6.7 5.5000 5.4867
3,416 8.3 5.3910 5.4886
3,334 14.3 6.4800 5.7446
3,606 22.0 8.0380 7.1840
3,497 51.1 21.4925 12.1159
3,179 77.3 23.8500 12.1159
-
-
-
-
-
-
EN1LRGINGMARKI ISDATA BASE 242
Kenya 1985- 1994 (currency in millions: end of period levels)
Number of listed companies Nairobi Stock Exchange Morket capitalization In shillings In US dollars Triding value In siillinigs In US dollars Turnover ratio Local index NSE Index (Jan. 1 1964=100) % change in index P/E ratio P/BV ratio Dividendyield(%) Economic data Gross domestic produict (US$) Changeinconsumerpriceindex(%) Exchange rate Exchange rate (average of period)
1995
FACTBIOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
54
53
53
55
57
54
53
57
56
56
-
-
-
-
-
-
8,674 474
10,780 499
10,900 453
17,900 638
22,000 607
96,878 1,418
136,800 3,081
-
-
-
-
4,710 228.9
-
-
-
-
-
235 10.3 2.2
302 11.0 2.1
400 12.4 2.0
825 14.2 1.4
3,080 62.2 2.6
421.1 9.0 12.6
506.0 20.2 12.1
735.3 45.3 8.3
858.6 16.8 7.0 8.4
815.8 -5.0 3.3 12.3
915.3 12.2 5.2 3.3 12.3
958.3 4.7 5.2 3.6 15.7
1,167.3 21.8 5.8 2.1 11.1
2,513.7 115.3 9.4 1.5 6.0
4,559.4 81.4 9.8
6,126 13.1 16.2840 16.4320
7,253 3.9 16.0420 16.2260
7,972 5.2 16.5150 16.4540
8,509 8.3 18.3139 17.7400
8,377 9.8 21.6010 20.5725
8,533 11.7 24.0840 22.9150
8,043 34.0 28.0741 27.5079
7,938 29.5 36.2163 32.2170
5,569 45.7 68.3060 58.0010
-
-
MLERGING MARKETS
-
5.0
-
44.4000 49.5000
DATA BASE
243
Kuwait 1985- 1994 (currency in millions; end of period levels)
Number of listed companies Kuwait Stock Exchange
1985
1986
1987
1988
1989
55
70
64
65
52
-
-
-
2,955 10,108
3,831 14,196
3,345 11,836
2,900 9,932
-
116 -
410 1,412.3 27.7
842 3,023.4 24.8
710 2,543.4 19.8
502 1,709.4 16.1
-
1,000.0 -
1,167.0 16.7
1,086.0 -6.9
968.0 -10.9
6,126 13.1 0.2890 0.3007
7,253 3.9 0.2923 0.2906
7,972 5.2 0.2699 0.2787
8,509 8.3 0.2826 0.2790
8,377 9.8 0.2920 0.2938
Market capitalization In dinars In US dollars Trading value In dinars In US dollars Turnover ratio Local index Index of Kuwait Stock Exchange % change in inidex P/E ratio P/BV ratio Dividend yield (%) Economic data Grossdomesticproduct(US$) Change in consumer price index(%) Exchange rate Exchange rate (average of period)
1995
FACTBOOK
386.6
1990
1991
1992
1993
1994
-
47
48
-
-
3,015 10,049
3,155 10,517
-
-
-
788 2,612.2 -
584 1,947.7 18.9
-
-
-
-
979.0
8,011 29.5 0.3027 0.2934
45.7 0.3000 0.3017
0.3000 0.3000
-
8,756 11.7 -
8,261 34.0 0.2843 0.2843
ENfERGING MARKHIS DATA BASE
244
Mauritius 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
-
-
-
-
13
20
22
30
35
-
-
-
-
-
-
-
-
-
-
3,793 268
4,800 312
6,400 416
14,907 791
28,536 1,514
-
-
-
-
-
-
-
-
-
-
89 6.0 -
81 5.1 1.9
160 10.3 2.9
692 38.7 6.5
1,510 84.5 7.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
171.2 8.0 6.5
154.2 -9.9 7.0 0.7 6.1
183.2 18.8 11.6 0.7 1.4
302.6 65.2 12.8 1.6 4.3
473.7 56.5 18.4 2.1 3.1
6.7 -
1.8 -
0.6 -
9.2 -
12.6 -
-
-
-
-
-
2,559 13.5 14.1724 14.8630
2,730 7.0 15.4000 15.6520
3,035 4.6 15.4000 15.5630
3,075 10.5 18.8430 17.8600
7.3 18.8430 17.8600
Number of listed companies Stock Exchanigeof Mauritius Market capitalization In rupees InUSdollars Trading value In rupees In US dollars Turnover ratio Local index SEMDEX (ul. 5 1989= 100) % change in index P/E ratio P/BV ratio Dividenid yield (,) Economic data Gross domestic product (US$) Chanigein consumer price index(%) Exchange rate Exchanigerate (averageof period)
1995 [Aeli\
IIK)
E[MERGING MAlRKYI SDATA
-
BASE
245
Morocco 1985-1994 (currency in millions, end of period levels)
Number of listed companies Bourse des Valeurs de Casablanca Market capitalization In dirhams In US dollars Trading value Indirhams In US dollars Turnover ratio Local index Indice Moyen General Annuel (1979=100) X, change in index P/E ratio P/BV ratio Dividend yield (%) Economic data Gross domestic product (US$) Changeinconsumnerpriceindex(%) Exchange rate Exchanigerate(averageofperiod)
1995
FACTBOOK
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
76
76
76
71
71
71
67
62
65
61
2,450 255
2,430 279
2,782 357
3,604 446
5,043 621
7,768 966
12,449 1,528
16,975 1,909
25,689 2,651
39,825 4,376
126 12.6 5.4
81 8.9 3.3
71 8.5 2.7
268 32.6 8.4
133 16.0 3.1
512 62.0 8.0
428 49.2 4.2
601 70.4 4.1
4,633 498.2 21.7
7,240 788.0 22.1
113.6 8.8 -
112.7 -0.8 -
129.1 14.6 -
167.2 29.5 -
122.6 -26.7 -
158.6 29.4 -
187.5 18.2 -
201.8 7.6 -
259.8 28.7 9.2
342.3 31.8 14.0
8.6
9.5
9.1
9.2
6.9
-
4.4
4.2
14.4
2.5
12,871 7.7 9.6210 10.0620
16,995 8.7 8.7120 9.0690
18,944 2.7 7.8000 8.3590
21,986 2.4 8.0873 8.2092
21,670 3.1 8.1218 8.4882
23,788 6.9 8.0438 8.2420
26,537 8.( 8.1499 8.7065
28,762 4.9 8.8900 8.5380
4.5 9.6900 9.2990
9.1000 9.1881
-
EMIERGING MARKETS DATA BASE
246
Namibia 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
Number of listed companies Namibian Stock Exchange Market capitalization In Namibia Dollars In US dollars Trading value In Namihia Dollars In US dollars Ttirnover ratio Local index NSE Index (Dec 1992=100) %change in index P/E ratio P/BV ratio Dividend yield (7) Economic data Gross domestic product (US$) Change in consumer price index (Exchange rate ' Exchange rate (average of period) '
1988
'
-
-
1989
1990
1991
1992
1993
1994
4
6
14
-
1,000 326
11,697 3,450
39,016 9,574
65 18.4 0.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0
-
-
-
--
-
-
-
-
0.0
-
-
-
-
-
-
-
-
-
-
-
100.0 10.0
-
-
-
-
-
-
-
1.4 4.4
0.0
-
3.07010 -
-
-
-
2.8520
133.0 33.0 12.3 1.2 5.1
155.5 16.9 15.4
-
-
-
3.3
-
-
3.3900 3.2677
4.0750 3.5508
Notes: Most companies listed onithe Namibian Stock Exchanigeare SouithAfrican and should not technicallv be considered in these statistics. Disaggregated informationi wvasnot av,ailableat the time of publication. Ehe exchange rates shown are the commnercialrand exchange rates, not the financial rand rates applied to foreign investimient.
1995 IACTBOOK
ENIERGINGMARKETS DATA BASE 247
Oman 1985-1994 (currency in millions; end of period levels)
Number of listed companies Muscat Securities Market Market capitalization Jn rials In US dollars Trading value In rials In US dollars Turnover ratio Local index MSM Indcx (Jan. 1 1992=100) % chanige in index P/E ratio P/BVratio Dividend yield (%) Economic data Gross domestic product (US$) Change in consumer price index ()Exchange rate Exchange rate (average of period)
1995 FACTBOOK
1985
1986
1987
-
-
-
-
-
-
-
-
-
1988
1989
1990
1991
1992
1993
1994
-
25
80
88
89
95
100
-
-
-
-
378 983
490 1,274
579 1,506
594 1,544
617 1,599
821 2,135
10
-
-
-
25 -
46 120 10.7
58 151 10.9
42 110 -
72 188 11.9
118 307 16.4
-
-
-
-
-
-
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
113.7 -3.6 12.0 1.5 4.8
146.2 28.6 10.5 2.1 8.2
-
-
-
-
-
-
-
-
-
-
-
-
0.3845 0.3845
118.0
-
0.3845 0.3845
1.5 0.1
11,489 -
0.3850 0.3845
-
0.3860 0.3845
-
0.3846 0.3846
EN1ERGINGMARK[Ts DA1Al3 AsF 248
Panama 1985-1994 (currency in millions, end of period levels)
Number of listed companies Boisa de Valores de Panama
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
-
-
-
-
-
-
-
39
13
14
-
-
241 241
421 421
763 763
1 1.2 -
7 6.6 2.1
70 70.1 11.8
149.8 21.0 6.3 1.3 5.6
215.8 44.1 11.0 1.8 2.8
6,001 1.8
-
-
1.0000
1.0000 1.0000
Market capitalization In balboas In US dollars Trading value In balboas In US dollars Tuirnover ratio Local index BVPlndiceGeneral changein P/E ratio I'/BV ratio Dividend yield (%,) Economic data Gross domestic product (US$) Change in consumer price index (%) Exchange rate Exchange rate (average of period)
1995 FAC I BOOK
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
123.8 9.3 1.1 6.1
1.0000
-
-
1.0000 1.0000
EMiFRG.IN(G MARKCTS DATA BASE 249
Swaziland 1985-1994 (currency in millions; end of period levels)
1985
1986
-
-
-
-
-
In lilangeni
-
-
-
-
-
In US dollars
-
-
-
-
-
-
-
-
-
-
Number of listed companies Swaziland Stock Market
1987
1988
1989
1990
1991
1992
1993
1994
1
2
4
4
4
44 17
75 27
341
-
1,009 297
1,200 338
-
-
0 0 -
1
1
0 1.1
0 0.6
0 0 0.0
7 2 0.6
-
-
-
120.0 20.0 -
115.3 -3.9 -
-
-
-
-
-
-
9.3 1.3 5.5
101.3 -3.2 11.5 1.7 5.0
132.9 31.2 10.6 1.3 5.6
17.0 3.3993 3.2636
14.3 3.5483 3.5607
Market capitalization
Trading value Inlilangeni In US dollars Turnoverratio Local index SSM Index (Uul1990=100) % change in index P/E ratio P/BVratio Dividend yield (%,) Economic data Gross domestic product (US$) Change in consumer price index (7/%) Exchange rate Exchange rate (average of period)
1995 FACTBOOK
-
111
104.7
-
-
-
-
-
997
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 3.0863 2.8526
2.5608 2.5879
2.7443 2.7610
EMERGING
MARKETS DATA BASE
250
Trinidad and Tobago 1985-1994 (currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
36
33
33
33
31
30
29
27
26
27
Market capitalization In Trinidad & Tobago dollars In US dollars
1,668 463
1,346 374
1,398 388
1,136 268
1,748 411
2,956 696
2,850 671
2,185 510
2,851 485
3,874 663
Trading value In Trinidad & Tobago dollars In US dollars Turnover ratio
149 60.6 8.1
186 51.7 12.3
91 25.2 6.6
85 22.0 6.7
293 69.0 20.3
235 55.3 10.0
339 79.7 11.7
95 22.4 3.8
301 56.3 12.0
301 51.7 9.0
49.1 -17.6
39.9 4.2
32.4 -18.8
48.7 50.3
83.1 70.6
81.8 -1.6
60.2 -26.4
82.5 37.0
88.6 7.4
13.7
0.9 7.7
38.3 -22.0 5.2 0.7 7.8
5.8
6.3
7,266 7.6 3.6000 2.4500
4,794 7.7 3.6000 3.6000
4,806 10.8 3.6000 3.6000
4,509 7.8 4.2441 3.8438
Number ot listed companies Trinidad and Tobago Stock Exchange
Local index TTSE Index (an 1983=100) ' change in index P/E ratio P/BV ratio Dividend yield ('%) Economic data Grossdomesticproduct(US$) Chanigeinconsumerpriceindex(%) Exchange rate Exchange rate (average of period)
1995
FAcrilooi\
9.5
13.5 0.8
-
-
-
-
-
-
-
-
-
-
1.4 6.4
-
-
-
4,339 11.4 4.2500 4.2500
4,891 11.0 4.2500 4.2500
5,266 3.8 4.2500 4.2500
5,229 6.5 4.2872 4.2500
4,538 13.1 5.8790 5.3511
-
-
5.8431 5.8180
E[IIIME.INGMI.AR[KETS DATA BASE 251
Tunisia
1985-1994 (currency in millions: end of period levels)
Number of listed componies Bourse de Valeurs Mobilieres de Tunis
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
-
-
-
-
-
13
-
17
19
21
Market capitalization In dinars In US dollars
454 600
500 595
515 662
546 608
577 638
445 533
611 711
777 814
1,000 956
2,525 2,561
Trading value In dinars InUSdollars Turnover ratio
8 10 2.1
5 6 1.0
5 6 1.0
11 13 2.1
30 32 5.3
17 19 3.3
28 30 5.3
29 33 4.2
46 46 5.2
300 296 17.0
-
-
-
-
-
-
-
-
-
170.6 33.5 -
-
-
-
-
-
127.8 27.8 13.1 1.8 3.3
-
199.4 16.9 12.3 1.5 4.0
251.0 25.9 12.0 1.5 3.5
507.2
-
-
-
-
-
-
0.7570 0.8345
-
-
-
-
12294 6.8 0.8355 0.8783
12,952 8.2 0.8588 0.9246
15,552 5.4 0.9550 0.8844
14,634 4.0 1.0460 1.0037
15,943 4.7 0.9860 1.0120
Local index Indice General BVM (Sept.30 1990=100) % changeinindex P/E ratio P/BV ratio Dividend yield (%) Economic data Grossdomesticproduct(US$) Change in consumer price inidex (S.) Exchange rate Exchange rate (average of period)
1995 FACTnlot\
0.8402 0.7940
0.7779 0.8287
0.8985 0.8578
0.9046 0.9493
-
ENlIERGlNc.NM\Ki Fp, 1) \1
102.1 25.0 3.3 2.5
3I\W,, 252
Uruguay 1985-1994
(currency in millions; end of period levels)
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
43
41
41
40
39
36
26
26
21
21
1,900 15
6,300 35
11,300 40
11,000 24
21,200 27
60,500 38
109 44
1,282 368
1,107 251
956 170
36 0.4 4.0
318 2.1 7.8
872 3.8 9.9
672 2.0 6.0
608 1.0 3.8
1,007 2.0 2.5
4,292 2.1 14.2
27,228 8,995.0 3,914.9
56 14.2 4.7
59 11.6 5.7
592.8 178.4
2,499.5 321.6
4,645.1 85.8
5,033.9 8.4
8,278.2 64.4
18,953.8 129.0
34,395.6 81.5
-
-
-
-
-
-
-
-
-
-
11,677 68.5 3.4808 3.0270
13,144 54.1 4.4160 3.9484
44.7 5.6400 5.0529
Number of listed companies Bolsa de Valores de Montevideo Market capitalization In Nuevo pesos InUSdoilars Trading value In Nuevo pesos In US dolidrs Turnover ratio Local index Indice de Precios (Dec. 31 1977=100) %change in index P/E ratio P/BV ratio Dividend yield (%) Economic data (US$) Grossdomesticprodict Change in consumer price index (to) Exchange rate Exchange rate (average of period)
Note: The Indice de Precios was discontinued
199)5 IAC I BOOKs
4,718 72.2 125.0000 101.4300
-
-
-
6,455 76.4 181.0000 151.9900
7,738 63.6 281.0000 226.6700
7,944 62.2 449.425t) 359.3000
-
-
7,538 80.4 802.0000 605.6190
8,355 112.5 1,594.0000 1,171.0000
10,041 102.0 2,489.0000 2,018.8201
in 1992.
LNi IR(
N(.I\ I
DA I'A BASE 253 I'EIIS .
Other Markets 1994 (currency in millions; end of period levels)
Bulgaria
Ar-menia
Czech Republic
Croatia
Lithuania
Malta
Nepal
Russian Federation
Saudi Arabia
Slovak Republic
Slovenia
Number of listed companies 1,024
13
4
72
200
68
18
25
353,103 12,589
165 41
140 52
12,934 264
30,000
145,100 38,693
34,191 1,093
75,590 594
1,510 227.4 52.2
42,604 1,480.2 12.1
27 6.8 16.4
7 2.6 5.0
703 14.1 5.4
-
24,871 6,632.3 17.1
3,839 119.8 11.2
47,108 365.7 62.3
-
557.2 12.5
15.8 1.6 3.8
195.3 34.9 3.0 3.0
-
128.3
-
13.6 1.6 3.4
214.3 27.6 0.6 3.3
1,396.8
-
1.6
31.6 1.0 17.7
28,192 11.0 28.0490 28.7824
4,891 84.6 4.0000 3.9750
-
3,174 10.4 49.0000 50.0000
348,413 91 4 3,160.0000 2,205.0000
2.5 3.7500 3.7500
10,145 8.9 31.2770 32.0390
12,566
2.7 2.7166 2.6486
1
16
29
193 0
3,451 52
2,893 514
27 0.1 14.0
116 2.1 3.4
1.3 1.3 19.0
278.5 25.4 1.0 0.3
15.8 -
2,471 71.3 405.5100 300.7700
9,773 35.5 66.1060 54.1314
Principal exchange
Market capitalization Local currency (see notes below) In US dollars
Trading value In local currenLcy In US dollars Turnover ratio
-
Local index Local index (see notes below) P/E ratio P/BVratio Dividend yield (%)
1.5
-
Economic data 1993 Gross national product (US$) 1985-93 average inflation rate (Sl) Exchange rate Exchangerate(averageofperiod)
-
5.6300 6.6400
127.2039 128.8086
Notes: Due to the relatively short operating lives of the stock exchanges listed on this page, IFC does not yet have a long enough time series of annual data to allow for a full page of coverage. IFC will continue to monitor these markets and expand its database for publication in future editions of the Factbook. The economic data section on this page is different than on other pages in this section, citing 1993 GNP and 1985-93 average inflation rates inistead of 1993 or 1994 GDP and CPI. The data was also obtainied from a different source, in this case, the 1995 World Bank Atlas instead of the IMF's International Financial Statistics (IFS) database. The following table contains background information for the stock exchanges listed on this page.
Market
Stock exchange
Armenia Bulgaria Croatia Czech Republic Lithuania
Yerevan S.E. First Bulgarian S.E. Zagreb S.E. Prague S.E. National S.E. of Lithuania
1995 FACTBOOK
Index & base date (-100)
FBSE (9/93=100) PX-50 (1/94=1,000) -
Name of currency dram lev kuna koruna litas
Market
Stock exchange
Index & base date (=100)
Name of currency
Malta Nepal Russian Federation Saudi Arabia Slovak Republic Slovenia
Malta S.E. Nepal S.E. (Brokers' estimates) Saudi Arabian Monetary Agency Bratislava S.E. Ljubljana S.E.
-
lira rupee ruble riyal koruna tolar
NPSE (2/94=100) -
NCFEI (2/85=100) SAX (9/30=100) SBI (1/94=1,000)
[NilI.I1ING
MARKETS
DATA BASE
254
Appendix 1.
Sources and Notes
Emerging Stock Markets Factbook 1995
Stock Market Reference List IFC coniducts ani annual suirvey of the world's stock exchanges as the basis for the figuires presented in this Factbook. The informationi referred to in this Factbook is for tihe stock exchanges listed below.
Croatia
Zagreb Stock Exchange
Korea
Korea Stock Exchange
Cyprus
Cyprus Stock Exchange
Kuwait
Kuwait Stock Exchange
Czech Republic
Prague Stock Exchange
Lithuania
National Stock Exchange of Lithuania
Denmark
Copenhageni Stock Exchange
Luxembourg
Luxembourg Stock Exchange
Santo Domingo Securities Exchange, Inic.
Malaysia
Kuala Lumpur Stock Exchange
Dominican
Republic
Malta
Malta Stock Exchange
Argentina
Buenos Aires Stock Exchange
Ecuador
Stock Exchange of Quito
Mauritius
Mauritius Stock Exchange Commission
Armenia
Yerevan Stock Exchange
Egypt, Arab Republic
Cairo Stock Exchanige, supplied by the Capital Market Authority
Mexico
Mexican Stock Exchange
Australia
Australian Stock Exchange
El Salvador
El Salvador Stock Exchange
Morocco
Casablanca Stock Exchange
Austria
Vienna Stock Exchange
Finland
Helsinki Stock Exchange
Namibia
Namibia Stock Exchange
Bangladesh
Dhaka Stock Exchange, Ltd.
Germany
German Stock Exchange, Inic.
Nepal
Nepal Stock Exchange
Bahrain
Bahrain Stock Exchange
Ghanc
Ghana Stock Exchange
Netherlands
Amsterdam Stock Exchange
Barbados
Securities Exchange of Barbados
Greece
Athens Stock Exchange
New Zealand
New Zealand Stock Exchange
Belgium
Brussels Stock Exchange
Honduras
Stock Exchange of Honduras
Nigeria
Nigerian Stock Exchange
Bolivia
Bolivian Stock Exchange
Hong Kong
Stock Exchange of Hong Kong, Ltd.
Oman
Muscat Securities Market
Pakistan
Karachi Stock Exchange (Guarantee), Ltd.
India
Panama
Panama Stock Exchange
Market cap and trading Bombay Stock Exchange Listings Combinied 21 Indian stock exchanges
Paraguay
Stock Exchange of Paraguay
Peru
Lima Stock Exchange
Philippines
Philippines Stock Exchange
Poland
Warsaw Stock Exchange
Santa Cruz Stock Exchange Hungary Botswana
Stockbrokers Botswana, Ltd.
Market cap and listings Sao Paulo Stock Exchange Value traded
Bulgaria
Combined Sao Paulo and Rio de Janeiro Stock Exchanges First Bulgarian Stock Exchange
Btidapest Stock Exchanige
Indonesia
Jakarta Stock Exchange
Iran, Islamic Republic
Tehran Stock Exchange
Ireland
Irish Stock Exchanige
Portugal
Israel
Tel-Aviv Stock Exchange
Italy
Italian Stock Exchange Council
Market cap and listings Stock Exchange of Lisbon Vazluetrailed Combined Lisbon and Oporto Stock Exchaniges
Jamaica
Jamaica Stock Exchange
Russian Federation
(Brokers estimates)
Japan
Combined Fukuoka, Hiroshima, Kyoto, Nagoya, Niigata, Osaka, Tokyo, anid Sapporo Stock Exchanges
Saudi Arabia
Saudi Arabian Monetary Agency
Slovak
Bratislava Stock Exchanige
Jordan
Amman Financial Market
Slovenia
Kenya
Nairobi Stock Exchange
Canada Market cap and listings Toronto Stock Exchange Value traded
Combined Monitreal, Toronto, and Vancouver Stock Exchanges
Chile
San1tiago Stock Exchange
China
Combined Shanghai and Shenzhen Stock Exchanges
Colombia Market cap anid listinigs Bogota Stock Exchange Value trziled
1995
FACTBOOK
Combined Bogota, Medellini, and Cali (Occidente) Stock Exchanges
Republic
Ljuibljana Stock Exchange, Inc.
ENIERGING MARKETS DA EA BASE
256
Macroeconomic Notes South Africa
Johannesburg StockExchange
Spain Market cap and listings Madrid Stock Exchange Value traded
Combined Barcelona, Madrid, and Valencia Stock Exchanges
Sri Lanka
ColomboStockExchange
Swaziland
Swaziland Stockbrokers, Ltd.
Sweden
Stockholm Stock Exchange,Ltd.
Switzerland
GenevaStock Exchange Swiss Stock Exchange
Stock Exchange of Thailand
Thailand
Trinidad and Tobago Trinidad and Tobago Stock Exchange
Data
GNP and GNP per capita maps and tables in Chapter 1 are from the 1995 edition of the World Bank Atlas. The Atlas lists the following technical notes (paraphrased):
Data on net aggregate financial flows to developing countries in Chapter 1 was obtained from the February 1995 edition of the World Bank publication Financial Flows to Developing Countries.
GNP, calculated in national currency, is usually
converted to U.S. dollars at officialexchange rates for comparison across economies, although an
For information on how to obtain copies of the publications cited in Chapter 1, write to:
alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. GNP has been adjusted to exclude inflation. Growth rates of GNP and GNP per capita are average annual growth rates computed by fitting trend lines to
World Bank Publications 1818 H Street N.W. Washington, D.C., 20433 U.S.A. Inquiries
and orders can also be faxed to World
the logarithmic values of the variables for each year of the period. The agriculture category of Table 2 includes forestry, hunting, and fishing;
Bank Publications
essays and statistical profiles may differ from the macroeconomic data reprinted- from the World Bank Atlas tables in Chapter 1. Macroeconomic data in
at (202)676-0581.
Tunisia
Tunis Stock Exchange
Turkey
IstanbulStock Exchange
United Kingdom
London Stock Exchange
exports of goods and nonfactor services represents the value of all goods and nonfactor services provided to the rest of the world;
United States
Combined NASDAQ,New York (NYSE),and American Stock Exchanges
investment consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. The data for China do
Chapter 5 essays is compiled from a variety of reliable sources, including official government announcements and figures collected by
Uruguay
Montevideo Stock Exchange
not include Taiwan, China.
correspondents,
In Chapters
5 and 6, macroeconomic
but
may
use
data used in
a
different
methodology than the Atlas. Macroeconomic data Zimbabwe
I
t
\t
Zimbabwe Stock Exchange
I 1i: j, iih
More detailed definitions and concepts are included in the World Bank's World Development Report, Social Indicators of Development, the World Tables, and the World Debt Tables. Readers interested in a fuller explanation of the technical issues are invited to address their queries to the Socio-economic Data Division, International Economics Department, World Bank, 1818 H Street N.W., Washington, D.C., 20433, U.S.A.
in the profile tables of Chapters 5 and 6 is supplied by the International Monetary Fund from its International Financial Statistics data base, except where noted for a few markets.
. ,
t i lI
)mi . XljI tJAS,E 257
Currency Notes All IFC Index data variables are maintained in local currency terms. If a local currency unit changes in a currency reform, IFC's custom is to restate the data in the new currency unit; if several currency reforms threaten to eliminate significant digits (as has been the case for Argentina and Brazil), IFC uses a currency factor to create an internal currency conversion rate. Appendix 4
exchange rate service as its principal source for closing spot rates in October 1994. The WM/Reuters closing spot rates are derived daily by the WM Company from the latest quotes available to Reuters at or near 4 p.m. London time. Each published rate is the median of a series of snapshots taken around this time. Commercial interbank bid and offer quotes are used unless a
lists the currency changes in IFC Index markets since 1975.
different type of rate is deemed to be more appropriate for foreign investors in a particular market.
Argentino for 10,000Pesos. June 14, 1985: The Austral replaces the Peso Argentino, I Austral for 1,000Pesos Argentino. Jan. 1, 1992:The Peso Argentine replaces the Austral, I ['eso for 10,000Australes.
IFC reserves the right to substitute other sources of exchange rates if the WM / Reuters rates are not available or if in IFC's opinion the rates are not
Brazil Feb. 28, 1986: The Cruzado replaces the Cruzeiro, at the rate of
IFC also calculates index levels in U.S. dollar terms. As a general rule, IFC uses spot exchange rates to the U.S. dollar which it believes represent mid-rates between those a foreign portfolio
manager might reasonably expect to receive when selling dollars (for stock purchases) and buying dollars (selling currency received from proceeds of stock sales for repatriation), or for valuing a portfolio in U.S. dollar terms. In the absence of a legal market-determined rate, IFC uses the official rate. IFC's multi-market indexes are prepared in U.S. dollar terms by converting constituent data into U.S. dollars and calculating index levels as if all constituents are part of a single market. indexes of the other *Calculation of the Calculation indexes in in currencies currencies other thanrates tliaii the U.S. dollar can be done by using a currency's cross-rate to the U.S. dollar. cross-rate dollar. to the U.S.
reflectiveof market circumstances. SiticeOctober1994: The WM/Reuters Closing Spot RatesService. Prior to October1994: Argenltinia Brazil
Colombia
Central Bank selling rate at close Comiimercial Banks' selling rate posted by Gazeta Mercanitil Observado rate posted by the Bolsa de Comercio de Santiago ShanghiaiSwap Center mid-rate for renminbi to U.S. dollars; Shenzhen Swap Center midHong Kong dollars to of renminiibi Bankfor of America, World Value the Dollar
Hungary Korea
National Banikof Hungary official buying rate for dollars at close of businoseomarktess
Chlue China
Korea
Mexico
IFC's stanidard
procedure
for converting
local
currency values to U.S. dollar values is to choose one source of exchange rates as its primary source, and to continually compare that source's rate to the U.S. dollar with at least two other sources to
Nigeria Peru Polanid Soth Africa SOLIthAfrica Sri Lanka
~~~Bank of America,
World Value of the Dollar
Diario Oficial rate (average mid-rate posted by
exchangehouses)
Central Bank mid-rate Closing mid-rate posted by the Bolsa de Valores do Lima Bank Rozwoju Eksportu Spolka Akcvjna buying rate for dollarsat closeof business Mid-rates for the financial rand Central Bank spot rate (mid-point) for dealings
with commercialbanks
ensure the primary source's figure has not been corrupted, or is not moving out of line with
Zimbabwe
comparators. Currencies are carried to four decimal places.
The Wall Street losirnaeil'sforeign exchange tables were used for the following countries: Greece, India, Indonesia, Jordani, Malaysia, Pakistan, Philippinies, Portugal, Taiwan (China), Thailand, Turkey, and Venezuela.
Open market rate at close of business
The sources cited in Box 9 are those used by IFC at The IFC sources at cited in Box9 are those usedby
the dates shown. IFC began using the WM/ Reuters 1995 FACI BOOK
A number of emerging markets have made major currency reforms or changes of foreign exchange investment regimes during the life of the IFC indexes. These changes are listed below.
Argentina Junie 1, 1983: The Peso Argentino replaces the Peso, I Peso
I Cruzado for 1,000 Cruzeiros. Jan. 15, 1989: The New Cruzado replaces the Cruzado, at the rate of I New Cruzado for 1,000Cruzados. Mar. 16, 1990:The Cruzeiro replaces the New Cruzado, at a rate of I Cruzeiro for each Crtizado. Aug. 1, 1993: The Cruzeiro Real replaces the Cruzeiro, at the rate of I Cruzeiro Realfor 1,000Cruzeiros. March 1994: The Uniidad Real de Valor (URV) bega§a to be phased into use to replace the Cruzeiro Real. The URVis to be linked to the value of the US$. Mexico Jan. 1, 1993:The New Peso replaces the Peso, at a rate of 1 New Peso for each 1,000Pesos.
Nigeria Jan. 1994:The goverinmenitbanned the formerly legal parallel market for the naira (N44/US$l at the time) which [oC had been usinig and limited foreign exchiange transactions
to the
official rate only (N22/US$1). The forced switch to the official
rate boostedthe IFCGNigeriaIndexfor a one-timeUS$gainiof eal
0.
March 1995: IFC switchies from using the official governiment
exchange rate to the autonimonous rate for ptirposes of calculatinigthe [FCG Nigeria Index. Peru
Feb. 1, 1985:The Inti replaces the Sol, at a rate of 1 Inti for each 1,000 Soles. Jul. 1, 1991:The New Sol (Sol Nuevo) replaces the Inti, at a rate of 1 New Sol for each 1,000,000[ntis. Poland Jan. 1, 1995:The zloty is "revalued", with the "new" zloty equal to 10,000"old" zlotys. The new currency retains the niame zloty. [NERGING MARKETS D i AI BASE 258
Standard Industrial Classification (SIC) Codes Versionisof the U.S. GovernmilenitSIC codes are
28
Chemicalsand allied products
Sector 6: Finance, insurance and real estate
conmonlyi used to identify the business sectors itn Which companies operate. JFC adapted the fo110wing list fromn the Standard atnd Poor's Register for uise with the stocks in its Emerging Markets Data Base. Companies 17elorigto a sector, which hias a one-digit code, anid ani industry, whiich has a two-digit code. In
29 30 31 32
P'etroleum refining, and related industries Rubber and miscellaneous plastics products Leather aid leather products Stone, clay, glass, and concrete products
60 61 62
33
Primary metal indtistries
34
Fabricated
somiie cases, IFC further identifies a sub-industry. sotl1e cases, identifiesa IFCfurther sub-in1dttstry.
35 36 37
Sector 0: Agriculture, forestry and fishing I Agricultural production - crops 2 Agricuiltural production - livestock 2 Agricultural production - livestock 7
8 9
10 11 12 13 14 14
products,
except
transportation equipment Machinery, except electrical Electrical and electronic machinery, supplies Transportation eqtuipment
38
machiniery
eqtuipment
39
Sector
Sector 1: Mining Metal mining Anthracite mining Bituminouis coal and lignite mining Oiluand gas extracaltandioniteminin Miningandgasuextractiong of non-metallicmieralsexcept43 Mining and quarrying of non-metallic minerals, except fuels
and sanitary services 40 Railroad transportation 41 Local and suburban transit and interurban pasne rnprain82 42 passenger transportation82Euainlsrce 42 Motor freight transportation and warehousing P'ostal Service 44 Water transportation 45 Transportation by air
Secto Builg Constzruction - general contractorsandoperative48 15 Building construction - general contractors and operative builders 16 Constructionl other than buildinig construction - general contractors 17 Constructioni - special trade contractors
Sector 3: Manufacturing 20eFood3: andkindredg productshome 20 Food and kindred produts. 21 Tobacco manufactures 22 Textile mill products 23 Apparel and other finished products made from fabrics and similar materials 24 Lumber and wood products, except fumiture 25 Fuirniture and fixtures 26 Paper and allied products 27 Printing, publishing, and allied industries
FACTBOOK
63
Insurance
and
64
Insurance agents, brokers, and service
and
65 66 67
Real estate Combinations of real estate, instirance, loans, law offices Holding and other investment comiipanies
Meastiring, analyzinig and controlling instruments; photographic, medical and optical goods; watches and clocks Miscellaneous maniufacturing industries
Forestlhuryl services Forestry Fishinig, hunting and trapping
Sector 2: Construction
1995
metal
4: Transportation,
communication,
46
Pipelinies, except natural gas
47 49
Transportation services Commiiunication Electric, gas, and sanitary services
Banking Creditagenciesotherthanbanks Security and commodity brokers, dealers, exchanges and services
Sector 7: Services 70 Hotels, rooming houses, camps and other lodging places 72 Personal services 73 Business services
gas
75 76 79
Automotive repair services and garages Miscellaneous repair services Amusement and recreation services, except motion pichires
highway
78 80 81
Motion pictures Health services Legal services Educational services
83 84 86 88
Social services Museums, art galleries, botanical and zoological gardens Membership organizations Private households
89
Miscellaneous services
electric,
Sector 8: Government 91 Executive, legislative, finance
and general government,
except
Sector 5: Wholesale trade and retail trade 50 Wholesale trade - durable goods 51
Wholesale trade - nondurable goods
Sector 9: Other
52
Building materials, hardware, garden supply and mobile dealers General merchandise stores Food stores Automotive dealers anid gasoline service stationis Apparel and accessory stores Furniture, home furinishings and eqtuipment stores Fating anid drinking places Miscellaneous retail
99
53 54 55 56 57 58 59
Nonclassifiable establishments
EMERGING
MARKETS
DATA BASE
259
Glossary American Depositary Receipt: A negotiable certificate representing ownership of shares in a non-U.S. company. ADRs are issued by U.S. banks and traded in the domestic securities market. The certificates represent the number of foreign securities the U.S. bank holds in that security's country of origin. ADRs are also called American Depositary Shares. Annualized mean: Twelve times the annual mean of monthly percent changes. Annualized standard deviation: Standard deviation of the monthly percent changes times the square root of twelve.
Exchange rate per US$: The exchange rate at the end of the period. See the IFC Indexes for details on how exchange rates are selected. Global Depositary Receipt: A global corporate finance vehicle providing issuers access to the international investment community through the simultaneous issuance of securities in multiple markets. GDRs are issued both inside and outside the U.S. market, and on either public or private markets. IFC Global (IFCG) index: The IFC index that represents stock market performance without taking into account restrictions on foreign investors.
Billion: 1,000 million. Brady Bonds: Bonds issued to commercial banks by debtor countries to repay defaulted developing country loans. Brady bonds, named after former Treasury Secretary Nicholas Brady, are partially collateralized by the U.S. Treasury Department. Custodian: An agent that safe keeps securities for its customers and performs dividend and interest collection services. Dividend: The part of a company's profits that is distributed to shareholders, usually in cash, expressed in local currency. See also stock dividend. Dividend yield: Total cash dividends paid as a percent of market capitalization at the end of the period. The yield for the index is the total of all dividends paid over twelve months divided by the total market capitalization.
IFC Investable (IFCI) index: The IFC index that takes into account restrictions on foreign investors. Listed companies: Number companies with equities listed exchange at the end of the period.
of domestic on the stock
Listed issues: Number of listed issues at the end of the period. Some companies may list more than one class of stock. Local market index: The level of the principal locally calculated market index at the end of the period. Market capitalization: Share price times the number of shares outstanding. Also known as market value.
Price/book value ratio: Total market capitalization divided by the total of the book values of companies in the index at the end of the period. Book value is the same as net worth, which is the difference between total assets and total liabilities. Price/earnings ratio: Total market capitalization divided by the total earnings of companies in the index on a trailing 12-months basis. Rights issue: An offer by a company to its shareholders to purchase additional shares, usually in a fixed ratio to the number of shares currently held. Rule 144: U.S. Securities and Exchange Commission regulation that covers the selling of restricted securities. Standard deviation: Standard monthly percent changes.
deviation
of
Turnover ratio: Total value of shares traded during the period divided by the average market capitalization for the period, calculated in local currency. Average market capitalization is calculated as the average of the end-of-period values for the current period and the previous period. Value traded: Total shares traded during the period expressed in millions of local currency and U.S. dollars. Volume traded: Total shares traded during the period expressed in millions of shares.
Mean of % changes: Mean of monthly percent change in the IFC monthly indexes in US dollars.
Eurobond: Corporate or government bond issued in a currency other than the national currency and floated outside the issuer's home market.
1995 FACTIiOOK
EMERGING MARKETS DATA BASE 260
Abbreviations A FJIPs
Administradoras de Fondos de Jubilaci6n y Pensi6n ANC African National Congress AI)]\' American Depositary Receipts AFNI' Amman Financial Market APEC Asia-Pacific Economic Cooperation ASE Athens Stock Exchange 13M V Bolsa Mexicana de Valores 13OVESIPA Bolsa de Valores de Sao Paulo 1Fp Basis points B3TA Banco Totta & Acores 13SI Bombay Stock Exchange Budapest Stock Exchange livC Bolsa de Valores de Caracas 13\' I. Bolsa de Valores de Lima CFA Communaute Financiere Africaine cont. continued (i11 Consumer Price Index CSE Colombo Stock Exchange (LSRC Chinese Securities Regulatory Commission DSF Dhaka Stock Exchange EAFE Europe, Australia and the Far East; as in MSCI's EAFE index E-LOFIN EU's Finance and Economy Ministers l CU European Currency Unit FM I D13 Emerging Markets Data Base EMIFA Europe, Mideast, and Africa FU European Union i irol'ac Europe and Pacific Fed U.S. Federal Reserve Bank FT Financial Tines of London
1995 FACTIOOK
Fl I(0( FTlEl' (G7 (.1)' GDR) GNP IB13S I13V l IEt 11CC. LFCI JIIS IGI'A
Finanicial Times index of 100 stocks FT- Actuaries EuroPac Index Group of Seven Gross Domestic Product Global Depositary Receipts Gross National Product Indice Bolsa de Bogota Indice de Bolsa de Valores de Lima International Finance Corporation IFC Global Index IFC Investable Index International Finiancial Statistics Indice General de Precios de Acciones(Chile) INIF International Monetary Fund Il'P Initial public offering ISE Istanbul Stock Exchange ISIN International Securities I.D. Number 1S . Jakarta Stock Exchange Johannesburg Stock Exchange KlISE Kuala Lumpur Stock Exchange klSE Karachi Stock Exchange Korea Stock Exchange LI)C Less developed country MUd Market NvlFN Most Favored Nation M\o! Ministry of Finance NMSCI Morgan Stanley Capital International NISCLIFAFE See EAFE NATTA North American Free Trade Agreement NAV Net Asset Value
No. NSE NSE OECD
Nurnber Nairobi Stock Exchange Nigerian Stock Exchange Organization for Economic Cooperation and Development P / BV Price- book value ratio P/CF Price- cash flow ratio P/ E Price- earnings ratio l'SE Philippine Stock Exchange RBI Reserve Bank of India RBZ Reserve Bank of Zimbabwe S&P 500 Standard & Poor's 500 SE131 Securities and Exchange Board of India SEC Securities and Exchange Commission SEDOL Stock Exchange Daily Official List (London Stock Exchange) SET Securities Exchange of Thailand SIC Standard Industrial Classification SSE Shanghai Stock Exchange T-bill Treasury bill TR total return TSE Taiwan Stock Exchange UK United Kingdom lJK F1T100) See FTI00 URV Unidade Real de Valor US United States of America US S&P1500 See S&P 500 yoy year-on-year YTD Year-to-date ZSE Zimbabwe Stock Exchange
[,MlEIRGING
MARKIIS DtTA
BASE 261
Appendix 2. Investor Information
Emerging Stock Markets Factbook 1995
Withholding Taxes for Emerging Markets (U.S.-based institutional
investors; end-1994)
Interest
Dividends
Long-term capital gains on
Market
(%)
(%)
Latin America & the Caribbean Argentina ' Barbados Brazil ' Chile Colombia ' Costa Rica Jamaica Mexico * Panama Peru ' Trinidad & Tobago Venezuela '
0 1S 15 10 0 8 15 15 0 0 25 0
0 15 15 10 0 5 15 0 10 0 25 0
0 0 0 10 0 0 0 0 0 0 20 1
0 20 15 12.9 20 10.5 20 0 20 15
20 20 15 16.125 0 10 25 15 20 10
0 20 0 0 0 0 0 0 0 0
Europe/Mideast Cyprus Czech Republic Greece ' Hungary ' Iran
0 0 15 0 11
30 0 0 10 0
0 0 0 20 0
Jordan Poland t Portugal Slovak RepuLblic Turkey'
0 0 0 15 0
0 15 12.5 15 0
0 0 0 15 0
Asia China India Indonesia Korea ' Malaysia Pakistan ' Philippines Sri Lanka ' Taiwan, China Thailand '
1995
t
FACTBOOK
listed shares (%)
Interest
Market Africa Botswana Coted'Ivoire Ghana Kenya Mauritius Morocco Namibia Nigeria * Sotith Africa ' Swaziland Tunisia Zimbabwe *
(7)
15 5 15 10 0 20 0 10 0 10 15 15
Dividends
(%)
Long-term capital gains on
listed shares (%)
15 12 10 10 0 15 10 10 15 15 0 15
0 20 0 0 0 0 0 20 0 0 0 10
Notes: Asterisks indicate IFC Index markets in 1994. Brazil: Withholding tax on interest is 10% from Jan 1, 1995. Chile: Rates for capital invested under Law 18,657. Korea: Rates are for funds in which U.S. investments total more than 25%. Tax rates shown include 7.5% resident tax applied to base rate. Morocco: Withholding tax on dividends is 10%, from Jan 1, 1995. Portuigal: Tax rate on interest from public debt. Turkey: Tax rate on interest from government securities.
EmERGING
Nl
RI 1 s DA IA B,KASr 264
Investment Regulations Summary for Entering and Exiting Emerging Markets (as of end-1994) Exit
Entry Are listed stocks freely available to foreign investors?
Free Entry Argentina Bangladesh Botswana Brazil * Czech Republic Costa Rica Ghana Greece Hlungary Malaysia ' Mexico ' Pakistai ' Peru * Poland ' Portugal South Africa ' Turkey ' Relatively Free Entry Chile * Indonesia Jamaica Kenya Korea Sri Lanka ' Thailand ' Trinidad & Tobago Veneziuela ' Zimbabwe ' Special Classes China * Philippines
Repatriatiornof Income
Capital
Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free
Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free
Free Some restrictions Free Free Free Some restrictions Free Free Some restrictions Free
After 1 year Some restrictions Free Free Free Some restrictions Free Free Some restrictionis Free
of Shares Free Free
Free Free
Authorized Investors Only Free Colombia ' Free India ' Free Jordan Free Mauritius Some restrictions Taiwan, China '
Free Free Free Free Some restrictions
Closed Nigeria
1995 FACTISO)OK
Some Restrictions
Some Restrictions
Key to Entry: Free Entry: No significant restrictions to purchasing stocks. Relatively Free Entry: Some registration procedures required to ensure repatriation rights. Special Classes: Foreigners restricted to certain classes of stocks, designated for foreign investors. Authorized Investors Only: Only approved foreign investors may buy stocks. Closed: closed, or access severely restricted (e.g., for non-resident nationals only). Key to Exit: Repatriation of income: Dividends, interest, and realized capital gains. Repatriation of capital: Initial capital invested. Free: Repatriation done routinely. Some Restrictions: Typically, requires some registration with or permission of Central Bank, Ministry of Finance, or an Office of Exchange Controls that may restrict the timing of exchange release.
Notes: Asterisks indicate IFC Index markets in 1994. Some industries in soime countries are considered strategic and are not available to foreign/non-resident investors, and that the level of foreign investment in other cases may be limited by national law or corporate policy to minority positions not to aggregate more than 49% of voting stock. The summaries above refer to "new money" investment by foreign institutions; other regulations may apply to capital invested through debt conversion schemes or other sources.
E[ElRG.ING
MARKITS
DATA BASE
265
Investment Risk Summary for Enteringand ExitingEmergingMarkets (Cisof end-1994) The following benchmrarksmeasuring investment risk in emerging markets were prepared by and reprinted with the permission of GlobalSecurities Consulting Services,Inc. (GSCS),and Lee Schwartz Associates. Explanations of each benchmark are provided on the opposite page. The data reflects service levels received by global custodians and passed along to their institutional clients and is not a measure of broker-to-broker operational performance. Questions can be directed to GSCSat 139 South Street, Suite 104, New Providence NJ 07974, USA (telephone 908-464-0104;fax 908-464-9117). GSCSSafekeeping Benchmark Market
GSCS Settlement Benchmark
1993 Average
1994 Average
change
91.6 91.4 93.2 67.2 76.4 89.7 87.5 93.2 92.3 91.7 92.3 92.0
89.7 91.7 93.8 84.1 71.8 92.9 92.8 91.9 94.6 87.7 92.4 93.2
-2.0 0.4 0.6 25.1 -6.0 3.5 6.0 -1.4 2.4 -4.3 0.2 1.2
Argentina Brazil Chile Greece India Indonesia Korea Malaysia Mexico Portugal Thailanid Turkey
Market
Argentina Brazil Chile Greece India Inidoniesia Korea Malaysia Mexico Portugal Thailand Turkey
GSCSOperational RiskBenchmark
1993 Average
1994 Average
chanige
89.1 90.9 91.6 38.3 10.0 49.1 65.9 41.8 87.2 77.7 86.3 87.1
76.4 92.7 95.8 22.0 8.3 69.9 87.6 75.9 74.9 96 2 82.0 97.1
-14.2 1.9 4.6 -42.6 -16.8 42.2 32.9 81.4 -14.1 23.8 -4.9 5.2
Market
Argentina Brazil Chile Greece Inidia Indonesia Korea Malaysia Mexico I'ortugal Thailaind lTurkey
100.0
100.0
100.0
90.0
90.0
90.0
80.0
80.0
80.0
70.0
70.0
70.0
60.0
60.0
60.0
50.0
50.0
50.0
40.0
40.0
40.0
30.0
30.0
30.0
20.0
20.0
20.0
10.0
10.0
10.0
0.0 oa)
~.
1 'a
'
-C0
2 p~~~~ Cvr , 1995
FACTBOOK
Hl
a
Xo3 r;~~~m E ,
-
'0
0.0
1993 Average
1994 Average
69.4 68.9 71.7 42.5 33.5 47.2 69.7 45.9 68.3 71.7 69.0 66.8
63.0 69.9 73.7 39.2 28.0 63.4 71.9 65.7 65.8 74.9 69.5 70.1
change
-9.2 1.5 2.8 -7.8 -16.4 34.3 3.2 43.1 -3.7 4.5 0.7 4.9
0. 0 >.
ama
-
0
a m'
)
C;'7 -2 e: .
A
.-
1995 FACTBOOK
'
o
0
P3 N X
'a
'
a
)
'
acc
E011 tR(1;N(1 M,XtWKE1S IJA1Eu26
EN11I
DAT'A BASE
266
GSCS Safekeeping Benchmark The purpose of the Safekeeping Benchmark is to allow readers to compare the efficiency of different markets in terms of the collection of dividends and of withheld taxes, and interest, reclamation protection of rights in the event of a corporate action. In the case of income collection, there is both a financial and an administrative cost associated with timely and effective collection. There are also risks to be borne in the area of corporate actions. The Benchmark seeks to assess all of these aspects through use of a five factor model. The factors include typical market yields on equities and fixed income securities, rates of withholding tax and reclaim potential, average time between payable date and receipt of payment, local market interest rates, and the number and type of corporate actions that occur.
GSCS Settlement Benchmark The purpose of the Settlement Benchmark is to provide a means of comparing the settlement efficiency of different markets and track the evolution of settlement performance in individual markets over time. The Benchmark incorporates four components which, combined together, reflect the overall cost to market participants of failed trades. These include average trade size, local market interest rates, the proportion of trades that fail, and the length of time for which they fail. By converting information back into a base currency, comparisons between markets become possible. The Benchmarks are expressed as a score out of a maximum of 100. The lower the score the higher the effective operational costs of failed transactions in any given market. While the level of failed trades is naturally the principal influence on the Benchmark for each market, it is not the only one.
GSCS Operational Risk Benchmark The Operational Risk Benchmark is designed to allow comparison of the overall operational risk The markets. with individual associated Benchmark takes into consideration the Settlement and Safekeeping Benchmarks. However, it assigns them a different weight depending on the relative complexity of each in the different markets. The other also takes into account Benchmark operational factors, such as the level of compliance with the recommendations of the Group of Thirty (G30). It also accounts for the complexity and effectiveness of the legal and regulatory structure of the market, such as constraints on capital flows, and market restrictions foreign investment supervision. Finally, it seeks to incorporate two factors which may not be the direct responsibility of the custodians but cannot be ignored by them, namely counterparty risk and "force majeure" risk. The Benchmark is expressed as a score out of 100. The lower the score, the higher the risk.
By assigning weights to each of these factors, it is possible to calculate the Benchmark expressed as a score out of a maximum of 100. The lower the score the higher the effective operational cost and effort involved in a greater the administrative given market. While the time taken to collect dividends or interest due is the most important factor in scoring, it is not the only one that can impact individual country Benchmarks.
1995 FACTBOOK
ENIERGINGMAIRKETsDATA BASE 267
Information Disclosure Summary for Emerging Markets (as of end-1994)
Market
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela Asia China India Indonesia Korea Malaysia Pakistan Philippines Sri Lanka Taiwan, China Thailand Europe/Mideast/Africa Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe
International electronic coverage
Regular publications of PIE, yield
* *
AQMWD AMWD AMWD AMWD AMWD AMWD AMWD
* *
C NP C C C NP C
LR, LR, LR, LR, LR, LR, LR,
IR IR IR IR IR IR IR
LR, IR LR, IR LR, IR LR, IR LR, IR LR, IR LR, IR
* * *
AMWD AMWD AMD AMWD AM/2WD AD AMWD AMWD AMWD AQMWD
* * *
C C C C C C C C C C
LR, LR, LR, LR, LR, LR, LR, LR, LR, LR,
IR IR IR IR IR IR IR IR IR IR
LR, LR, LR, LR, LR, LR, LR, LR,
IR IR IR IR IR IR IR IR IR LR, IR
* * *
AMWD AMWD AMWD AMWD AMWD AMWD AM AMWD AWD
* * *
C C
* * * *
P C C C C C
LR, IR LR, IR LR, IR LR, IR LR, IR LR, IR LR,TR LR, IR LR, IR
LR, IR LR, IR LR LR LR, IR LR, IR LR, IR LR, IR LR,IR
* * * *
* * * * * * * * * *
* * * * * * * * *
Key Share price index Securities exchange publications International electronic coverage Regular publications of P/ E, yield Market commentaries in English Company brokerage reports Annual financial disclosure requirements Interim financial disclosure requirements Accounting standards Investor protection
19'1
I
1 1ioot,
Annual financial disclosure requirements
Stock exchange publications
*
* * * * *
* * * * * * *
* *
P
Market commentaries in English
Company brokerage reports
Share price index
Interim financial disclosure requirements
Accounting standards
Investor protection
Q Q Q Q Q Q Q
A G G A G A A
AS GS GS AS GS AS AS
S S Q S S S Q S Q Q
P A P G G A G G A A
PS AS AS GS GS AS AS AS AS AS
* * *
S S
* * * * * *
S S S S Q S
A A A A A A G A A
AS AS AS AS AS AS A AS AS
* * * *
* * * * * * *
-
*=At least one share price index is calcuilated (most have several, and many have sectoral indexes as well) A=Annual, Q=Quarterly, M=Monthly, M/2=Biweekly, W=Weekly, D=Daily *=Daily coverage of stock market on an international wire service P=Published, C=Coniprehensive and published intemationally, NP=Not puiblished LR=prepared by local brokers, IR=prepared by international brokers LR=prepared by local brokers, IR=prepared by international brokers *=consolidated audited annual accounts required Q-Quarterly results published, S=Semiannual results published G=Good, of internationally acceptable quality, A=Adequate, P=Poor, requires reform, S=Functioning securities commission or similar government agency concentrating on regulating market activity G=Good, of internaionally acceptable quality, A=Adequate, P=Poor, requires reform, S=Functioning securities commission or similar government agency concentrating on regulating market activity I '.11l',I\,\1kI,1
Is)\l
\
l; I
2irS
Appendix
3. Emerging Stock Market Directory Emerging Stock Markets Factbook 1995
Directory
Bahrain
The following directory of stock exchianges ini emergintg markets was compiled from information collected through IFC's 1995 Global Survey of Stock Exclanges. VVhere thle exchanige's street address differs from its mailing address, the street address is listed first. Holidays and hours of operation are listed for exchaniges for which this information was available at the time of printing.
Argentina Trading Hours: M-F 11:00-4:00* Office Hours: M-F 10:00-6:00 Holidays: Jan 1 Jul 9 Feb Aug 21 Mar Sep Apr 13,14 Oct 16 May 1,25 Nov Jun 10,19 Dec 25
Rosario Boardof Trade Ing. Cristian F. Amuchastegui, Chairman Cont. Mario A. Acoroni, General Manager Cordoba 1402 2000 Rosario Santa Fe Tel: 54 41 213471/78 Fax: 54 41 241019 Telex: 54 41824/54 41894
Trading Hours: M-F 11:30-4:00 Office Hours: M-F 9:00-6:00 Holidays:
Armenia
1995
FAUFnOOK
Telex:7939BOURSEBN
Bangladesh
Buenos Aires Stock Exchange Mr. Julio Macchi, Chairman Edgar Jelonche, Technical Director Sarimiento 299,2nd Floor 1353 Buenos Aires Tel: (54 1) 313-7218 Fax: (54 1) 313-6630 Telex: 121709/122864
Yerevan Stock Exchange Dr. Sedrak Sedrakian, President Sarian 22 Yerevan - Center Armenia Tel: 7-8852-53-58-23 Fax: 7-8852-15 1548 Telex: 24-33-11 OPSU
BalbrainStock Exchange Dr. Fawzu Behzad, Director General P.O. Box 3203 Bahrain Tel: (973) 243227, 259690 Fax: (973) 276181, 256362
Dhaka Stock Exchange Ltd. Mr. Aminul Islam Khan, Chairman Mr. Syed Mahbubur Rashid, Secretary Stock Exchange Building 9F. Motijheel Commercial Area Dhaka 1000 Tel: (880-2) 239-882 Fax: (880-2) 231-935 Telex: 632150 DSE BJl
Trading Hours: S-Th 11:00-1:00 Holidays: Jan Jul 1 Feb 8,21 Aug 10, 31 Mar 22,24,25 Sep Apr 14 Oct 24 May 1,6 Nov 7 Jun 1-3 Dec 16,15
Barbados Securities Exchange of Barbados Mr. Colin G. Goddard, Chairman Mrs. Virginia Mapp, General Manager 6th Floor Central Bank Building Church Village St. Michael Tel: (809) 436-9871/2 Fax: (809) 429-8942
Trading Hours: T-F 10:00-1:00 Office Hours: M-F 8:30-4:30 Holidays: Jan 21 Jul Feb Aug 7 Mar Sep Apr 14,17 Oct 2 May 1 Nov 30 Jun 5 Dec 25,26
Bolivia Trading Hours: T,F 11:00-4:00 Office Hours: M-Sat 9:00-5:00 Holidays: Jan 1,2,6 Jul Feb Aug Mar Sep 21 Apr 7,24 Oct May 28 Nov
Bolivian Stock Exchange Ing. Gerardo Garrett Mendieta, President Ing. Marcelo Montero N.P. General Manager Edificio Mutual La Paz #3 Av. 16 de Julio (XL Prado No. 1525 P.O. Box 12521
Trading Hours: M-F 10:30-11:30; 3:30-4:30 Office Hours: M-F 8:30-12:00; 2:30-6:30 Holidays: Jan Jul 17 Feb 27,28 Aug 7 Mar Sep
Jun
La Paz 12521 Tel: (591)239-2911 to 15 Fax: (591)235-2308
Apr 14 May l Jun 15
Dec 7,31
Oct Nov2 Dec25
LNIIR(NIN( N'IARKLTsDAviAI BAxsu
270
Bolivia (cont.)
Bulgaria
Santa Cruz Stock Exchange Mr. Hugo Jara Courtin, Manager Velazco 308 Santa Cruz Tel: (591-3) 334-679/350-780 Fax: (591-3) 334-679
First Bulgarian Stock Exchzange Mr. Victor Papazov, Chief Executive 1 Macedonia Sq. Fl.12,Rm.5 1000 Sofia Tel: (359-2) 81 55 40 Fax: (359-2) 87 55 66
Botswana Stockbrokers Botszvana Ltd. Mr. Allan Norrie, Chief Executive 5th Floor, Barclays House Khama Crescent Gaborone P.O. Box 41015 Gabarone Tel: (267) 357900 Fax: (267) 357901
Trading Hours: T 10:00-12:00 Office Hours: M-F 9:00-5:30 Holidays: Jan I Jul Feb Aug Mar 3 Sep Apr Oct May 2,24 Nov Jun Dec 25,26,31
Chile Trading Hours: M-F 9:00-12:00 Office Hours: M-F 8:00-5:00 Holidays: Jan 2, 3 Jul 17,18 Feb Aug Mar Sep Apr 14,17 Oct 2 May 25 Nov Jun Dec 25,26
Bolsa Electronicade Chile Mr. Rafael Aldunate Valdes General Manager Moneda 1020, Piso 3 Santiago 1, Chile Tel: (56-2) 6960503 Fax: (56-2) 6960503
Rio de Janeiro Stock Excihatige Mr. Carlos Alberto Reis, Chairman Mr. Sergio Luiz Berardi, CEO Praca XV de Novembro, 20-1 andar Rio de Janeiro-RJ 20010 Tel: (55-21) 271-1010/1011 Fax: (55-21) 221-2151 Telex: (55-21) 31500
Trading Hours: M-F 9:30-4:30 Office Hours: M-F 8:30-6:00 Holidays: Jan Jul Feb 27, 28 Aug Mar 1 Sep 7 Apr 13, 14, 21 Oct 12 May 1 Nov 2,15 Jun 15 Dec 25, 29
Santiago Stock Exchange Mr. Pablo Yrarrazaval Valdes, Chairman Mr. Enrique Goldfarb Sklar General Manager La Bolsa 64 Corner of Bandera and Moneda Streets Santiago P.O.Box 123D Santiago - Chile Tel: (56-2) 6982001, 6958077 Fax: (56-2) 6728046
Sao Paulo Stock Exchange Mr. Gilberto Mifano CEO Rua XV de Novembro, 275 CEP: 01013-001 Sao Paulo - SP Tel: (55-11) 239-2000 Fax: (55-11) 233-2099 Telex: 21 000
Trading Hours: M-F 9:30-1:00; 3:00-4:30 Office Hours: 8:30-1:00; 2:30-6:00 Holidays: Jan 25 Jul Feb 27,28 Aug Mar 1 Sep 7 Apr 13, 14,21 Oct 12 May 1 Nov 2,15 Jun 15 Dec 25,29
Brazil
1995
FACTIB(O)IK
Trading Hours: M-F 9:30-4:30 Office Hours: M-F 9:00-6:00 Holidays: Jan 1 Jul Feb Aug 15 Mar Sep 19 Apr 1 Oct 12 May Nov 1 Jtn 2,29 Dec 8
China Shanghai Stock Exchange Mr. Wei Wen-Yuan, President Mr. Li Xiang Rui, Board Director No. 15, Huang Pu Road Shanghai PRC 200080 Tel: (86-21) 306-3195 Fax: (86-21) 306-30763
Trading Hours: M-F 9:30-11:30, 1:30-3:00 Off1ce Hours: M-S 8:45-12:00,
[NIEIRGIN.
MARKETS
DAIA
BASE
271
Costa Rica
China (cont.) StockExchange Shtenzlhen Mr. Ruo Xian Rong,Chairman Mr. Xia Bin, President 15/F International Trust & Investments Bldg. Hongling Zhong Road Shenzen China Tel: (86-755)5594074 Fax: (86-755)5594074 Telex:420592SZSELCN3
Colombia
Trading Hours: M-F 9:00-11:00; 2:00-3:30 ,Office Hours: M-F 8:00-5:30 Holidays: Jul Jan 1,21,22 Aug Feb 25-29 Sep Mar Oct 1 Apr Nov May 3 Dec Jun
NationalStockExchanigeof CostaRica Mr. Roberto Venegas Renauld General Manager Edifico Cartagena, 4th floor Calle Central, Ave. Primera San Jose I000 Apdo. 1736-1000,San Jose Tel: (506)222-8011 Fax: (506)255-0131 Telex:2863BONAVA
Cote dilvoire AbidijanStock Exchange Mr. Leon Naka, Chairmani Stock Exchange Council Avenue Joseph Anoma Immecible BVA 01 BP 1878Abidjan Tel: (225)21-5742,21-5783 Fax: (225)22-1657 Telex:22221
Trading Hours: M-F 8:00-4:00 OfficeHours: M-Th8:00-5:00;F 8:00-4:00 Holidays: Jul 25 Jan Aug 2,15 Feb Sep 15 Mar Oct 12 Apr 11,13,14 Nov May Dec 8,25 Jun 15,29
Trading Hours: T-F 9:00 OfficeHours: M-F 7:30-6:30 Holidays: JanJul FebAug15 MarSep AprOct May 25Nov 1,15 JunDec 7
BogotaStock Exclhanige Mr. Carlos CaballeroArgaez President Carrera 8 No. 13-82 Piso 7, 8, y 9 Santafe de Bogota - Colombia Carrera 8 No. 13-82 Apartado Crereo 3584 Tel: (57-1)243 65 01 ext. 100 Fax: (57-1)281-3170 Telex:044807
Trading Hours: M-F10:00-12:00 Office Hours: M-F 8:00-6:00 Holdays: Jul 4,20 Jan 10 Aug 15 Feb Sep Mar 21,31 Oct 17 Apr 1 Nov 4,7 May 16 Dec 8 Jun 4,20
MedellinStockExchange Mr. Luis Fernando Uribe Restrepo, President Carrera 50, No. 50-48,Piso 2 P.O.Box3535 Medellin Tel: (57-4)2603000 Fax:(57-4)2511981 Telex: 77688
Trading Hours: M-F 10:00-12:00 OfficeHours: M-F8:00-12:00;2:00-6:00 Holidays: Jul 3, 20 Jan 9 Aug 7,21 Feb Sep Mar 20 Oct 16 Apr 13,14 Nov 6,13 May 1,29 Dec 8,25 Jun 19,26
Occidente Stock Exchange
Trading Hours: M-F 8:30-3:00
Cypris Stock Exchange
Trading Hours: M-F 11:00-12:00
Mr. Julian Dominguez Rivera, President Mr. Jorge Duran Cabal, VicePresident Calle 10 #4-40 Piso 13 EdificioBolsa de Occidente Apartado Aereo 11718 Cali, Valle del Cauca Tel: (57-23)889-8400 Fax: (57-23)889-9435/8731
Office Hours: M-F 8:00-5:30 Holidays: Jul 3,20 Jan 1,9 Aug 7,21 Feb Sep Mar 20 Oct 16 Apr 13,14 Nov 6,13 May 1,29 Dec 8,25 Jun 19,26
Mr. N. Metaxas, Head Constantinos Tymvios, Officer Chamber Building 38Grivas Dhigenis Ave.,& 3 DeligiorisSt. P.O. Box1455 CY-1509Nicosia Tel: (357-2)449-500 Fax: (357-2)458-630 Telex:2077ChamberCY
Office Hours: M-F 7:45-5:30 Holidays: Jul Jan 6 Aug 15 Feb Sep Mar 6,25 Oct 28 Apr 1,21,24 Nov May 1 Dec 26 Jun 12
Croatia
ZagrebStock Exchange Mr. Marinko Papuga, General Manager Ksaver 208 Zagreb 41000 Tel: (385)1428455/1425434 Fax:(385)1420293/1434010
Trading Hours: M-F 10:00-3:00 OfficeHours: M-F 9:00-5:00 Holidays: Jul Jan 1 Aug 15 Feb Sep Mar Oct Apr Nov 1 May 1,30 Dec 25,26 Jun 22
Cyprus
1995 FAC-lBOOK
ilS ElI iRGI N(. Nl\t xItI
D \Tr B:ASL 272
Czech Republic
Egypt, Arab Republic (cont.)
PragueStockExchange Ing. Jiri Franc, SecretaryGeneral Mr. Vladimir Ezr, Marketing Na Mustku 3 11000 Praha 1 Tel: (42-2)244 93 111 (42-2)267 95 433 Fax: (42-2)242 19 187
The EgyptianStock Exchanige El Sheriefeen St. Cairo Tel: (20-2)3921447 Fax:(20-2)3928526
Trading Hours M-F8:00-2:00 Office Hours: M-F 8:00-4:30 Holidays: Jan Jul Aug Febl5-23 Apr14 Oct Ov Ay 18 Nov May 1,8 Jun Dec
El Salvador
Dominican Republic Santo DomingoSecuritiesExchanige Inc. Mr. Felipe Auffant, President Dr. Rosendo Alvarez III, Exec. VP & CEO EdificioDisesa Ave. Abraham Lincon Suite 302 Santo Domingo Tel: (809)567-6694 Fax: (809)567-6697
Trading Hours: W 10:00-11:30 Office Hours: M-F9:00-5:00 Holidays: Jul Jan 1,6,21 Feb 27 Aug 5,16 Mar Sep 24 Apr 9 Oct 12 May 1 Nov Dec 25 Jun 10
El SalvadorStock Exchange Dr. Guillermo Hidalgo-Quehl Mr. Gerardo Alvarez, General Manager Edificio La Centroamericana 6 piso, Alameda Roosevelt#3107 San Salvador Tel: (503) 98-4244 Fax: (503)232-898
Trading Hours: M-F 10:45-11:45 OfficeHours: M-F 8:00-5:00 Holidays: Jul Jan Aug 3-5 Feb Sep 15 Mar 30, 31 Apr I Oct 12 May Nov 2 Dec 30 Jun 30
Ghana
Ecuador
GhanaStockExclhange Mr. Yeboa Amoa, Managing Director Mr. F.D. Tweneboa, General Manager 5th Floor CEDI House
Trading Hours: T-F 10:00-12:00 Officeflours: M-F8:00-5:00 Holidays: Jan 2 Jul 3
Aug 10
Liberia Road
Feb
Aug
Sep Oct 9-12 Nov 2,3 Dec 25
P.O. Box1849 Accra Tel: (233-21)66-9908/66-9935/669914 Fax: (233-21)66-9913 Telex:2722STOCKEX
Mar 6 Apr 14,17 May 1 Jun
Sep Oct Nov Dec 1,25,26
Stock Exchan)7ge of Quito Dr. Ernesto Andrade V., President Sr. Arturo Quiroz, Executive President Av. RioAmazonas
Trading Hours: M-F 11:15-1:00 Office Hours: M-F 9:00-5:00 Holidays: Jul 24 Jan 1
No. 540 y Carrion
Feb
Edifico Londres 8vo. Piso P.O. Box 17-01-3772 Quito 3772 Tel: (593-2)526805/523-106/551-837 Fax: (593-2)500942 Telex:2565BVQ-ED
Mar Apr 17 May 1 Jun
Egypt, Arab Republic
Greece
AlexandriaStockExchange 11Talat Harb Street Menshia, Alexandria Tel: (203) 483 5432
Athens Stock Exchanige Mrs. P. Passa, Director Administration-Accounting Mr. Christos Xigakis,Stock Exchange Trading Director 10 Sophocleus Street Atliens 105 59 Tel: (30-1)3211301 Fax: (30-1)3213938
I1
Trading Hours: M-F 11:00-1:00 Office Hours: M-F8:30-2:30 Holidays: Jul 19,23 Jan 7 Feb Aug28 Mar 3,14 Sep Oct Apr 27 May 1,2,21,22 Nov Dec Jun
;(.1
S
Trading Hours: M-F 10:30-1:30 Office Hours: M-F 8:30-4:00 Holidays: Jan 6 Jul Feb Aug 15 Mar 24,25 Sep Apr 29 Oct 28 May 2 Nov Jun 20 Dec 26
.\ I
I\
i.\\
Is
I
273
Guatemala NationalStock Exchange 4a Calle 6-55,Zona 9 Guatemala City Guatemala Tel: (502 2) 34 2479 Fax: (502 2) 31 4509
Honduras StockExchangeof Honduras Mr. Gustavo Raudales, Gerente General EdificioMartinez Valenzuela 1 Piso, 2 Calle3 Ave. S.O. P.O. Box 161 San Pedro Sula, Cortes Tel: (504)53-4410 Fax: (504)53-4480
Hungary BudapestStock Exchanige Mr. Lafos Bokros, Chairman, BSECouncil Mr. FolsefRotyis,CEO V. Deak Ferenc Utca 5. Budapest H-1052 Tel: (36-1)1175-226 Fax: (36-1)1181-737
India The BombayStock Exchiange Mr. A.N. Kolhatkar, Executive Director Mr. A.D. Kale, Director, Finance & HRD Phiroje JeejeebhoyTowers Dala Street Fort, Bombay - 400 001 Tel: (91-22)2655860/61/69,2655626 Fax: (91-22)265-8121 Telex:01185925
1995 FACTBOOK
India (cont.) The CalcuttaStock Excihange Association,Ltd. Dr. D.K. Khandelwal, President Mr. P.K.De, Secretary 7 Lyons Range Calcutta - 700 001 Tel: (91-33)20-6957/20-6928 Fax: (91-33)20-2514 Telex:021-7414CSEA IN
Trading Hours: M-F 11:30-2:30 Office Hours: M-F 10:30-5:00;S 10:30-2:00 Holidays: Jan 1,23.26 Jul 1 Feb Aug 2,10,31 Mar 8,9,25 Sep 30 Apr 2,9,14 Oct 2,15 May 1 Nov 13,15,29 Jun I Dec 25
Trading Hours: M-F9:30-4:00 OfficeHours: M-F 9:00-6:00 Holidays: Jan Jul Feb Aug Mar Sep 15 Apr 13,14 Oct 3,12 May 1 Nov Jun Dec25
The DelhziStock ExhangeAssociationi, Ltd. Mr. R.K. Pandey, Executive Director 3 and 4/4B Asaf Ali road West Plaza, I.G.Stadium Indra Prastha Estate New Delhi - 110 002 Tel: (91-11)3352951,52,53,54 3326803,4 Fax: (91-11)332 6182 Telex:(953) 3165317DSEA/IN
Trading Hours: M-F 11:00-2:30 Office Hours: M-F9:30-5:30; S 9:30-2:00 Holidays: Jan 1,14,26 Jul Feb 27 Aug 10,15,18 Mar 3,16,17 Sep 30 Apr 9,13,14 Oct 1-3,23-25 May 11,14 Nov7,26 Jun 9 Dec 25-31
Trading Hours: M-F 10:30-1:00 OfficeHours: M-F9:00-5:00 Holidays: Jan 3,5 Jul Feb Aug 20 Mar 15 Sep Apr 17 Oct 23 May 1 Nov Jun 5 Dec 25, 26
MadrasStock Exchange,Ltd. S. Ramanathan, Executive Director No. 11 Second Line Beach Madras-600 001 Tel: (91-44)5221071 Fax: (91-44)514897 Telex:418059MSEXIN
Trading Hours: M-F12:00-2:30 Office Hours: M-F 10:00-5:45 Holidays: Jan 1,14,15,26 Jul Feb Aug 15,20 Mar 14 Sep 9,30 Apr 1,2,12,14 Oct 13,14 May Nov 2 Jun 20 Dec 25
Trading Hours: M-F 12:00-2:00 OfficeHlours:M-F11:00-6:00 S 11:00-2:30 Holidays: Jan 26 Aug 10,15,18, Feb 27 23,29 Mar 17 Sep Apr 13,14 Oct 2, 3, 23, May 1, 11 24, 25 Jun Nov 7 Jul Dec 25-31
OTC Exchangeof India 92-93Maker Towers "F" Cuffe Parade Bombay400 005 Tel: (91-22)2188164
EMN! RGINGMIARKETSDA I B BASE 274
Jordan
Indonesia The Jakarta Stock Exchanige Mr. Hasan Zein Mahmud, President JL Merdeka Selatan 14 Gedung Bursa 2nd Floor Jakarta 10110 Tel: (62-21) 386-2464 Fax: (62-21) 384-0197/380-1841
Trading Hours: M-ThI 10:00-12:00; 1:30-3:00; F 9:30-11:30 Office Hours: M-F 8:00-5:00 Holidays: Jul Jan 1,20 Aug 17,30 Feb Sep Mar 22-26 Oct Apr 9 Nov May 6,20 Dec 31 Jun 1,21
The Stirabaya Stock Exchange Basjiruddin A. Sarida- President H. Sumitro Director I H.T. Helmy Azwary Director ll Medan Pemuda Building (Bank Exim)Lt.5 JI. Pemuda 27-31 Surabaya 60271-East Java Indonesia Tel:62-031-510646/514012/510654/512472 Faz: 62-031-510823/510246/519490
Trading Hours: M-F 10:00-12:00 1:30-4:00 Office Hours: M-F 8:00-5:00 Holidays: Jul Jan 1,10 Aug 17,20 Feb Sep Mar 14,15 Oct Apr 1,12 Nov May 12,21,25 Dec 25,29,30 Jun
Amman FinanicialMarket Dr. Umayya Toukan, Managing Director P.O. Box 8802 Amman, Jordan Tel: (962-6) 660170 Fax: (962-6) 686830 Telex: (925) 21711
Kenya
Trading Hours: M-F 9:00-10:30; 11:00-12:00 Office Hours: M-F 8:00-4:00 Holidays: Jul 30 Jan 17 Aug 7-26 Feb 11,21,24 Sep Mar 20-22 Oct Apr 1,3,23 Nov 17 May 21, 29 Dec 17-31 Jun 4,5,19
1995 FACTBOOK
Korea Stock Exclhange Mr. In-Kie Hong, Chairman & CEO 33 Yoido-dong, Youngdungpo-ku Seoul 150-010 Tel: (82-2) 780-2271 Fax: (82-2) 786-0263
Trading Hours: M-F 9:30-11:30; 1:00-3:00; S 9:30-11:30 Office Hours: M-S 9:30-5:30, Holidays: Jan 2,30,31 Febl Mar l Apr5 May I Jun 6
Jul 17 Aug15 Sep 8,9 Oct 3 Nov Dec 25, 28-30
Latvia
Jamaica famaica Stock Exchange Mr. C. Wain Iton, General Manager Mrs. R. Humphrics-Lewin,Chairman Bank of Jamaica Tower, 3rd Floor Kingston, Jamaica P.O. Box 621 Tel: (809) 922-0806/ 9673271-4 Fax: (809) 922-6966
Trading Hours: M-F 10:00-12:00 Office Hours: M-F 8:00-5:00 Holidays: Jul Jan I Aug Feb Sep Mar Oct 10, 20 Apr 14,17 Nov May I Dec 12,25,26 Jun 1
Korea
Iran, Islamic Republic Tehran Stock Exchiange Mr. A.R.Salamassi, Secretary General Mr. A.H. Nikbakht, Dir., International Affairs 228 Hafez Avenue Tehran 11389 Tel: (98-21) 670155/674130/ 676219/670309 Fax: (98-21) 672524 Telex: 223282
The Nairobi Stock Exchange Mr. J.K. Kihumba, Chief Executive P.O. Box 43633 Ist Floor, Nation Centre Nairobi Tel: (254-2) 230692 Fax: (254-2) 224200
Trading Hours: Sat-Wed 10:00-11:30, S,M,W: 4:00-5:00 Office Hours: Sat-Th 8:00-3:00 S,M,W 3:30-6:00 Holidays: Jul Jan Aug 9, 11 Feb Sep Mar 2 - 5 Oct Apr Nov 14 May 1, 9 -13 Dec 19 Jun 11
Trading Hours: M-Th 9:30-1:30 Office Hours: M-F 8:30-4:30 Holidays: Jul Jan 2 Aug 7 Feb Sep Mar I Oct 16 Apr17 Nov May 23 Dec 25, 26 Jun
Riga Stock Exchanige Karlis Cerbulis Aldis Duntares Doma Paukums 6 Riga, LV 1009 Latvia Tel: 371-2-212431 Fax: 371-8-820504
EM\ERGINGMARKETS DATA BASE 275
Lithuania of Lithuania Stock Exclhange Rimantas Busila, Chairnan
Trading Hours: T,Th 11:00-1:00 OfficeHours M-F9:00-600Mr.
Ukmerges 41
OfcHor:MF90600Chiairmian
2662Vilnirs Lietuva Lithuania Tel: (3702) 353 871 Fax: (370 2)354894
Malaysia Stock Exchange The KualaLum1pu1r Mr. YB Dato Nik Molhamied Din Bin Datuk
Holidays: Jan Feb Mar Apr 18 May Jun
Mexico MexicanStock Exchange Manuel Robleda Gorzales de Castilla, of the Board
Jul 6 Aug Sep Oct Nov2 Dec 26,28
Trading Hours: M-F 9:30-12:30, 2:30 - 5:00
Mr. Bernardo Gonzales-Arechica, Exec. VP, Planning Division Av. Paseo de la Reforma,255 Col. Cuahtemoc 06500Mexico D.F. Tel: (52-5) 726-6600/726-6950 Fax: (52-5) 726-6805 Telex: (383) 1762233
Trading Hours: M-F 8:30-3:00,Fall, M-F 7:30-2:00,Spring/Summer Office Hours: M-F 8:30-2:30; 3:30-5:30
Holidays: Jan Feb Mar21 Apr 13, 14 May 1, 5 Jun
Jul Aug Sep 1 Oct Nov 2, 20 Dcc 12, 25
Morocco CasablancaStock Exchanzge
Trading Hours: M-F 11:00-12:30
Mr. Abderrazak Laraki, Director General
Office Houirs: M-F 8:30-12:00; 2:30-6:30
Nik Yusoff,Executive Chairman
Office Hours: M-Th 9:00-5:30,
98, Boulevard Mohammed V
Holidays:
4th Fl., Exchanige Square
F 9:00-5:00, Sat 9:00-1:00
Casablanca
jani11
Jul
Off Jalan Semantan Damansara Heights DamalsaLupra 50490t Kuala Lumpur 50490
,t F0 ohays Jan 2,30,31 Feb 1,2
Feb Mar 3 a1,10,11,23,31
Aug 9,10,14 Sep Nov 6
Tel: (60-3) 2546433 /2546513
Fax: (60-3)2557463/2561291 Telex:KLSEMA 30241/28009
-Tel: Jul
Aug 9,31
(212)20-4110/27-9354/ 20-0365 Fa:(1)2-352-10ArOct Fax: (212)20-0365/20-4110
Sep
Mar 2,3
May 1,0,1,2,3eNvc
Jun10
Oct 23 Nov Dec 25
Apr May 1,10,15,31 Jun
Dec
Malta Malta StockExchizange
Trading Hours W 900-1200
Namibia NainibiaStock Exchiage
Trading Hours: M-F 10:00-12:00;
Mr. Paul J. Spiteri, General Maniager Mr. Mark A. Guillaumier
- :551 rafingHours. Hofficeayus: MF74-:5Kaiserkronie
T. Minney, Administrative Officer Centre Shop 11
2:00-4:00 Office Hours: M-F 8:00-4:30
Deputy Generak Manager Pope Pius V Street
jaii 1,2,17,31 Feb 27
Jul Aug 30
P.O. Box2401 Windlhoek,Namibia
Holidays: Jan 2
Valletta
Mar 3,12
Sep
Tel: (264-61) 227647
Feb
Aug
Malta CMR 01 Tel: (6-356)244-051 Fax: (6-356)244-071
Apr 1 May 1 Jun
Mar21 Apr 14,17 May 1,4,25
Sep Oct Nov
JunI
Dec 10,25,26
Oct 23 Nov 1 Dec 25
Nepal
Mauritius MaiuritiiusStockExchange
Mr. D. Virahsawmy, Manager Mr. R. Jheengun, Administrative Officer 6th Floor,Cascades Bldg. 33 Bis, Edith Cavell St. Port Louis Tel: (230)2129541-44 Fax: (230)2088409
1995 FACTBOOK
Fax: (264-61)248531
Jul
Trading Hours: M-F 11:00-1:30
Office H urs M-F81.0-4:00 Holidays: Jul Jan 1,2,17,31 Aug 30 Feb 27 Sep Mar 3,12 Oct 23 Apr 1 Nov 1 May I Dec 25 Jun
StockExclatige Nep?al
Mr. Shanbhu Prasad Kharal, Chairman Kathnmandu,Nepal Tel: 224467/415210 Fax:977-416461
ENMERGINGMARKETS DATA BASE 276
Nicargua
Pakistan (cont.)
NationalStock Exchiange EdificioOscar Perez Cassar Centor Banic Km 4 1/2 Carretera a Masaya Managua
Stock Exchange(Guarantee),Ltd. Karachii Mr. Mohammed YacoobMemon General Manager Stock Exchange Building Stock Exchange Road Karachi-7400-Pakistan Tel: (92-21)241-2425502, 3, 4, 8 Fax: (92-21)241-0825 Telex:20046KASEX-PK
Trading Hours: S-Th 10:30-2:00 Office Hours: S-Th 9:30-5:45 Holidays: Jul 20 Jan 17 Aug 10, 14 Feb 22, 28 Sep 6,11,8 Mar 4-6,23 Oct Apr May 1, 11-13,19,29 Nov 9,17 Dec 21,25 Jun 9,10
GuaraiteeLtd. LahoreStock Exchzanige Mr. Khawaja Hamad Saeed, President Dr. Yasir Mahmood, Vice President 19 Khayaban-e-Aiwan-e-lqbal P.O. Box 1315 Labore 54000 Tel: (92-42)636-8000 Fax: (92-42)636-8484, 636-8485 Telex:44821 STOKPK/47887 STOK PK
Trading Hours: Sn-Th 10:30-2:30 Office Hours: S-Th9:00-4:30; S 9:30-1:30 Holidays: Jul Jan Aug 10*,14 Feb Sep 6,11 Mar 3*,4*,23 Oct Apr Nov 9 May 1,11*,12* Dec 25 Jun 9* *Subject to appearance of moon according to Hijre calendar
Nigeria ThzeNigeriatn Stock Exchlange Mr. Hayford Alile,Director General Stock Exchange House, 8-9Fls. 2/4 Customs Street P.O. Box2457 Lagos Tel: (234-1)266-0287,266-0305,2660335 Fax: (234-1)266-8724 Telex:(961) 23567STEXNG
Trading Hours: M-F 11:00-2:00 OfficeHours: M-F7:30-4:30 Holidays: Jul Jani Aug 8 Feb Sep Mar 1,2 Oct Apr 14,17 Nov May 1,9,10 Dec 25,26 Jun
Panama
Oman Muscat SecuiritiesMarket Mr. Mahmood Al-Jarwani Executive President Quaboos Mosque St. MBD,Ruwi, Muscat P.O.Box3262Ruwi Postal Code 112 Sultanate of Oman Tel: (968) 702-665 Fax:(968) 702-691/799266 Telex: 3220MSMON
Trading Hours: S-W 10:00-12:30, M,T 5:00-6:00 Office Hours: M,T4:30-7:00; S-W 7:30-2:30 Holidays: Jul Jan 10 Aug 2O Feb Sep Mar 12-16 Oct Apr Nov29,30 May 21-25 Dec Jun 18
1995 FACTISoOK
Trading Hours: M-F11:00-12:00 Office Hours: M-F 8:00-5:00 Holidays: Jul Jan 1,9 Aug Feb28 Sep Mar Oct Apr14 Nov 3,10,28 May 1 Dec 8,25 Jun
Paraguay
Pakistan (G),Ltd. IslamabadStock Exchzanige Mr. Tariq Iqbal Khan, President Mr. Farooq Zafar, Vice President 101-E-Fazal-Ul-HaqRoad Blue Area Islamabad, Pakistan Tel: 92-51-215047-50 Fax:92-51-215051 Telex:54673 ISEGL PK
Panamna Stock Exchange Mr. Fernando Aramburu P., President Mr. Roberto BrenesP., General Manager Calle Elvira Mendez y Calle 52 Fdificio Vallarino/Planta Baja P.O. Box87-0878 Tel: (507) 691966 Fax: (507)692457
Trading Hours: Sun-Th 11:00-2:00 Office Hours: Sun-Th 10:30-6:30 Sat 1:30-6:30 Holidays: Jul 5 Jan Aug 14 Feb Sep 6,11 Mar 13-16,23 Oct Apr Nov 9 May 1,3,22,23 Dec 22,25 Jun 19,20
Bolsa de Valores y Productos de Asuncion Mr. Raul Diaz de Espada Calle Estrella 540 Asuncioni Tel: (595-21)442-445 Fax: (595-21)442-446
Trading Hours: M-F 8:00-2:30 OfficeHours:
MARKETSDATA BASE 277 EMNERGING
Portugal (cont.)
Peru Lima Stock Exchatnge Mr. Jose Luque Otero, President Mr. Jose Almenara Battifora General Manager Pasaje Acuna 191 Lima Tel: (51-14) 267939 Fax: (51-14) 267650
Trading Hours: M-F 10:00-1:30 Office Hours: M-F 9:00-5:15 Holidays: Jul 28 Jan 1 Aug 30 Feb Sep Mar Oct Apr 13,14 Nov I May 1 Dec 8,25 Jun 29
Oporto Stock Exchange Mr. Manuel Alves Monteiro Chief Executive Officer Palacio de Bolsa Rua de Ferreira Borges Porto 4050 Tel: (351-2) 202 6234/ 3183546 Fax: (351-2) 200-2475/ 202-6308
Trading Hours: M-F 9:30-12:00 Office Hours: M-F 8:00-5:00 Holidays: Jul Jan 1 Aug Feb Sep Mar 31 Oct Apr 1,9 Nov 1,30 May 1 Dec 25,30,31 Jun 12
Moscow Central Stock Exchatige Mr. Vjucheswar V. Pankine, President Mr. Sergey P. Karpov, Vice President llyinka Street, 3/8 Bldg. 3, 4 Moscow 103012 Tel: (7-095) 921-25-51 Fax: (7-095) 297-1-93-91
Trading Hours: M-F 11:00-1:00 Office Hours: M-F 9:00-5:00 Holidays: Jul Jan Aug 14,15 Feb Sep Mar Oct Apr 17 Nov I May 1,2,3 Dec 25,26 Jun 15
Russian Stock Exchatge Igor Suvorov, President Yuri Panarin, Assistant #40 lFlerzen St. Moscow Tel: (095) 230-2698, 202-6446 Fax: (095) 230-2698 Telex: 411760 Verdi SU
Trading Hours: M-F 10:00-4:00 Office Hours: M-F 9:00-5:00 Holidays: Jul Jan Aug Feb 28 Sep Mar Oct Apr 17 Nov May Dec 24,26 Jun
St. Petersburg Stock Exchange Mr. Vladimir Gorbunov, Chairman of the Board 274, Ligovsky pr. St. Petersburg 198084 Tel: (812) 286-1080/ 298-8931 Fax: (812) 296-1080
Russian Federation
Philippines Philippine Stock Exchange Mr. Robert Coyiuto, Jr., Chairman Atty. Eduardo de los Angeles, President Philippine Stock Exchange Centre Exchange Road Pasig, Metro Manila 1605 Tel: (63-2) 636-0122 to 41 Fax: (63-2) 634-5920/5113
Poland Warsaw Stock Exchange Dr. Wieslaw Rozlucki, President & CEO Wlodzimierz Magiera Vice President Gietda Papierow Wartossciowych ul.NowySwiat6/12 Warszawa 00-400 Tel: (48-2) 628 32 32 Fax: (48-2) 628 17 54
Portugal Stock Exchange of Lisboa Mr. Jose Carlos Pestana Teixeira Chief Executive Officer Rua Soeiro Pereira Gomes Edificio da Bolsa Lisbon 1600 Tel: (351-1) 790-99-04, (351-1) 795-20-31 Fax: (351-1) 795-20-21, (351-1) 795-20-24
1995 FACTBOOK
Trading Hours: M-F 9:00-4:00 Office Hours: M-F 8:30-5:00 Holidays: Jul Jan I Aug 15 Feb 15 Sep Mar Oct 5 Apr 1,3,25 Nov 1 May 1 Dec 1,8,25 Jun 2,10,23
Trading Hours: M-F 11:00-2:00 Sat 10:00-3:00 Office Hours: M-F 9:30-6:00 Holidays: Jul Jan 1,2,7 Aug Feb Sep Mar 8 Oct Apr Nov 7,8 May 1,2,9 Dec 31 Jun
ENIERCINCMARKETS DATA BASE 278
Slovenia
Russian Federation (cont.)
Inc. StockExclhange, Ljubljaane Mr. Drasko Veselinovic,President & CEO Mr. Boris T. Snuderl, Vice President and Chief Operating Officer Slovenska56 61 000Ljubljana Slovenia Tel: (38-61)1710212 Fax: (38-61)171 0213
of V1adivostock InternationalStock Exclhatnge Mr. Victor B. Sakharov, President 10-aAleutskaya Street Vladivostock,Russia 690091 Tel: (8-7) 4232-228-009 Fax: (8-7)4232-226-798
Saudi Arabia
ElectronicSecuritiesInformationSystem Sheikh Hamad Al-Sayri,Governor Saudi Arabian Monetary Agency Governor's Office P.O. Box2992 Riyadh, 11169 Kingdom of Saudi Arabia Tel: 966-1-466-2008 Fax: 966-1-463-3703 Telex:201736
Serbia The BelgradeStock Exchange Mr. Slobodan Vukovic, Chairman Ms. Pava Zedevic, Managing Director Vladimira Popovica No. 6, B02 11070Belgrade Serbia Yugoslavia Tel: 381 1122 4049/4159 Fax:381 11222 4355
Slovak Republic
South Africa Trading Hours: Sat-Th 10:00-12:00, 4:00-6:30(Thursday - AM only) Office Hours: Sat-th 7:30-2:30 Holidays: Jul Jan Aug Feb 25-28 Sep Mar 1,2,4,5 Oct Apr Nov May 8-11,13 Dec Jun
Sri Lanka Trading Hours: Tu-Th 10:00-11:30 Office Hours: M-R 8:00-4:00 Holidays: Jul 4,7 Jan 2 Aug Feb Sep Mar 28 Oct Apr Nov 30 May 1,2 Dec Jun
Trading.Hours M-Fl O.0(1-2.0() 10.00-2400 M-F Hours.M-F Trading 8:00-4:30 OfficeHours: Holidays: Jul 5 Jan 6 Aug29 Feb
Tel: (42-7)386-111 Fax: (42-7)386-103
Apr 1,4 May Jun
1995FACTBOOK
Stock Exclhange Colon1ibo Mr. Rohan Fernando, Deputy General Manager 2nd Floor,Mackinnons Bldg. York Street Colombo 1 Tel: (94-1)44/65/81/ 325804 Fax: (94-1)44-52-79
Swaziland
Stock Exchlanlge ThleBratislazXa the Board of the Paulik, Dasan Mr. Board Chairman of Mr.Darian Paulik, Chairman Marian Sasik, SecretaryGeneral Vysoka 17 P.O. Box151 SK-814 99 Bratislava
Stock Exchanige ThteJohannesburg Mr. R.C. Anderson, Executive President Mr. N.T. Carter, Director - Operations 17 Diagonal Street Johannesburg 2001 P.O. Box 1174 Johannesburg 2000 Tel: (27-11)377-2200 Fax: (27-11)838-1463
Mar
Sep 1,15Ap147192
Oct Nov 1 Dec26
Trading Hours: M,W,F9:30-1:00; T,Th 10:00-12:00 OfficeHours: M-F 8:00-4:00 Holidays: Jul Jan 1,2 Aug 15 Feb 8 Sep Mar 3,4 Oct 31 Apr 27 Nov 1 May 1,2,22 Dec 25,26 Jun 25
Trading Hours: M-F9:30-1:00, 2:00-4:00 Office Hours: M-F8:00-5:00 Holidays: ul 1 JFanb Aug 9 Feb Sep 24 Mar 21 Oct apr 1,,27 Nov May 1 Dec 16,25,26 Jun 16
Trading Hours: M-F9:30-42:00 OfficeHours: M-F8:30-4:30 Holidays: Jul 12 Jan 13,16,17 Aug 10 Feb 3,4,14 Sep 8 Mar 16 Oct8 Apr 13,14,15 Nov 6 May 1,14,15,22 Dec 6,25,26 Jun 12
SwazilandStockbrokers CEO Mr. A. McGuire, Dhlan Ubeka House Floor Suite 205,2nd Walker St. P.O. Box2818
Trading Hours: M-F 10:00-12:00 OfficeHours: M-F8:15-4:15 Holidays: Jul 22 Jan Aug Feb Sep 6 Mar
Mbabane, Swaziland Tel: (268)46163 Fax: (268)44132
Apr 14,17,19,25 May 25 Jun
Oc
Oct Nov Dec 25,26
EmERGINGMARKETSDATA BASE 279
Taiwan, China Taiwant Stock Exchange Mr. See-Ming Chen, Chairman 7-10th Floor, City Bldg. 85 Yen-Ping South Road Taipei Tel: (886-2) 311 4020 Fax: (886-2) 311 4004
Turkey Trading Hours: M-F 9:00-12:00; S 9:00-11:00 Office Hours:M-F9:00-12:00, 2:00-5:00 S 9:00-12:00 Holidays: Jan 1,4,30,31 Jul Feb 1,2,3 Aug Mar 29 Sep 9,28 Apr3, 4,5 Oct 10,25,31 May Novl2,13 Jun 2,3 Dec 25
Istanibul Stock Exchange Mr. Tuncay Artun, Chairman & CEO IMKB Istinyc 80030 Istanbul,Turkey Tel: (90) 212 252-4800 Fax: (90) 212 2524915 212 293 74 25 Telex: 25193 imkb
Trading Hours: M-F 10:00-12:30; 2:30-4:30 Office Hours: M-F 8:30-5:00 Holidays: Jan 2 Jul 12 Feb 14 Aug 14 Mar Sep Apr 6,12-14 Oct 23 May 1,5,15 Nov Jun Dec 5,11
Montevideo Stock Exchaniige Mr. Jorge Bergall, President Misiones 1400 Montevideo 11000 Tel: (598-2) 96 50 51 Fax: (598-2) 96 19 00
Thailand Stock Exchzangeof Thiailand Busaba Lertbanaphongs, Supervisor, Manager Corporate Finance and Statistics Sinthon Building, 2nd Floor 132 Wireless Road Bangkok 10330 Tel: (66-2) 254-0960-9 Fax: (66-2) 254-3040
1995 FACTBOOK
Trading Hours: M-F 2:00-3:00 Office Hours: M-F 9:00-5:00 Holidays: Jan 1-6 Jul 18 Feb 14,15 Aug 25 Mar 31 Sep 5 Apr 19 Oct 12 May 1,18 Nov 2 Jun 19 Dec 25
Venezuela Trading Hours: T,W,F 9:30-Close Office Hours: M-F 8:00-4:00 Holidays: Jan 1 Jul F-eb27,28 Aug 31 Mar 3 Sep 24 Apr 14,17 Oct May Nov Jun 5,9 Dec 25,26
Tunisia T,tiis Stock Exchtanige Mr. Ahmed Hadouej, CEO and Chairman 19 bis, rue Kamel Ataturk Tunis 1001 Tel: (216-1) 259-411/259 056 Fax: (216-1) 347-256 Telex: 14 931
*Half-day
Uruguay
Trinidad and Tobago Trinidad and Tobago Stock Excihange Mr. Hugh L. Edwards, General Manager Mr. Anthony Taitt, Dep. General Manager 65 Independence Square Port of Spain Trinidad and Tobago West Indies Tel: (809) 625-5107-9 Fax: (809) 623-0089
Trading Hours: M-F 10:00-12:00, 4:00-6:00 Office Hours: M-F 8:30-5:30 Holdays: Jan Jul Feb Aug 30 Mar 2*,3 Sep Apr Oct May 9*,10-12,18*,19 Nov Jun Dec
Caracus Stock Exchange Mr. Alejandro Salcedo Thielen President & Chairman of the Board Edificio Atrium Calle Sorocaima Urbanizacion El Rosal, PlisoI Caracas 1061 Tel: (58-2) 905-5511/905-5560 Fax: (58-2) 952-2640/5668 Telex: (395) 26536
Trading Hours: M-F 9:45-11:45 Office Hours: M-F 8:30-12:30; 1:30-5:00 Holidays: Jan 9 Jul 5, 24 Feb 27,28 Aug 15 Mar Sep 14 Apr 13,14,19 Oct 12,30 May 1,29 Nov JuLn19,26 Dec 11,25
Zimbabwe Trading Hours: M-F 10:00-11:30 Office Hours: M-F 8:00-12:00, 2:00-6:00 Holidays: Jan Jul 25 Feb Aug 9 Mar 2,20,21 Sep Apr Oct May 1,10,30 Nov 7 Jun Dec
Zimnbabw'eStock Exchianige 8th Floor, Soutlhampton House Union Avenue/lst Street Harare P.O. Box UA 234 Union Ave. Harare Tel: (263-4) 736861/791045 Fax: (263-4) 791045 Telex: 24196ZW
Trading Hours: M-F 9:00-12:00 Office Hours: M-F 8:00-4:30 Holidays: Jan 2 Jul Feb Aug 11 Mar Sep Apr 14,17,18 Oct May 1, 25 Nov Jun Dcc 25, 26
ENMERGING MNARKETSDA IA BASE 280
Appendix 4. IFC
EmergingMarkets Data Base EmergingStock Markets Factbook 1995
Summary of Major Changes to Coverage in 1994 The IFC Indexes underwent extensive expanisions in 1994. In Novemiber, IFC wuyas pleased to announce the additioni of IFC inidexes for South Africa. Also, followinig the annual review of IFC Index constituents, a large numriber of securities were added to almost all markets. AnI excerpt from the press release announcing the IFC Soutlh Africa Index that describes features of thze inidex at its lauincii date is reprinted below, along woith an excerpt from the IFC's annual Executive Sunmmary describing additions to the IFC Indexes.
South Africa IFC's new indexes for South Africa, developed in cooperation with Simpson McKie Inc., have a base period value of 100 on December 31, 1992. As with IFC's other emerging market indexes, the new indexes are market capitalization weighted and available in IFC Global (IFCG) and IFC Investable (IFCI) versions, allowing researchers to measure returns to both local and foreign-based investors. As is common with the addition of new index markets, IFC will calculate a stand-alone index for South Africa until end-March 1995, when South Africa will be added to the composite and regional indexes. However, because of the large size of the South African market, IFC will calculate composite indexes with and without South African stocks to run concurrently through end-1995. South Africa, with a per capita GNP of $2,670 as of end-1992, qualifies as an emerging market according to the World Bank's classification of a developing country ($8,350 or less GNP per capita). The South African stock market is the world's largest emerging stock market with a total capitalization of about $218 billion.
1995 FACTIOOK
Annual Review IFC's Emerging Markets Data Base will add a large number of constituents to its IFC Investable indexes in 1995. This decision reflects the dynamic nature of emerging markets, and particularly the rapid growth in three key stock market measuresnew listings, total market capitalization, and value traded. Over 1,700 new companies were listed on the 26 markets tracked by EMDB by the end of 1994,18% more than in 1993. Similarly, total market capitalization in these markets jumped 15% in U.S. dollar terms, even though many stock indexes showed losses for the year. Aggregate value traded data was even more impressive, up 53%. Because of widespread index losses, this gain has been a result of a large jump in trading, which represents a substantial improvement in liquidity.
previously constituents of the IFCG, but now meet IFC investable criteria such as increased liquidity. An equal number are also new to EMDB. Only 29 stocks were eliminated from the IFCI Composite. The additions represent about an 11.8% increase in the IFCI Composite's market capitalization. As for individual markets, the IFCI South Africa Index will add three new stocks from the 1994 IFCG Index due to increased trading activity. The IFCI China Index drops 5 constituents (because of low liquidity) and picks up 6 new, reflecting the large number of B- and H- shares that come to market in 1994. The total number of "investable" stocks covered by EMDB at the beginning of 1995 thus increases 19%, from 967 to 1,147.
The growth in these measures is the principal reason behind changes to the IFCG and IFCI indexes for 1995. The IFCG Composite, for example, will add 131 constituents and drop only 5 (due to extreme illiquidity or imminent delisting), a net increase of nearly 10%. As for individual markets, the IFCG China Index, which is not yet part of the Composite, is noteworthy because it will include 27% more constituents to reflect the 58% rise in listings in China. The IFCG South Africa Index, which will not be part of the IFCG Composite until March 1995, will not be changed, reflecting the more modest 6% increase in new listings in Johannesburg. Overall, EMDB's stock coverage will increase about 11%, from 1,448 to 1,605 stocks. The number of constituents of the IFCI Composite Index will increase by 20%, from 890 to 1,065. Many of these new additions (102) were
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Market analyses of overall trends in emerging marketsduring the pre smonth, along with analyses of market movements and related political and economic events in individual markets. TOKese analyses often contaDn
1995 FAC:I 1;00K
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listings
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operations
principal
The IIC Indexes: Meti 0110gy,, Prizetices
officers,
Befin Wons, ni
The IFC Indexes explains in detail the methodology and selection criteria for the markets and stocks that make up the various IFC indexes. It also elaborates on the need for a standard measure of performance in emerging markets and describes the basic characteristics and weights of the indexes.
1 acthooi
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Bloomberg Business News Pages IFR (regional indexes), IFG (global indexes) and IFI (investable indexes) in the Index service.
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Inde.xSeries This series consists of parallel sets of IFC Global and Investable Indexes for the markets covered by EMDB. Statistics include price and total return Indexes in local currency and U.S. dollars, as well as Index-level capitalization, trading volume, and valuation ratios.
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Data Delivery EMDB publications can be sent by first class mail or next-day delivery. EMDB computer products can be updated by dialing into EMDB's Bulletin Board System (BBS). Please call for more information. 1995 l,X 1 I(
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