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Emerging Stock Markets Factbook 1991

Emerging Stock Markets Factbook 1991

International Finance Corporation Washington, D.C.

© 1991 International Finance Corporation 1818 H Street, N.W.,Washington, D.C. 20433

• 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. Investment Advisers Act of 1940. This 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. • The denominations and geographical names in this publication are used solely for the convenience of the reader and do not imply the expression of any opinion whatsoever on the part of the IFC, the World Bank or other affiliates, concerning the legal status of any country, territory, city, area, or of its 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. The views expressed are those of the authors and do not necessarily reflect policies of the IFC or its affiliates. Published in the United States of America, May 1991

ISSN 1012-8115 ISBN 0-8213-1826-8

iv Emerging Stock Markets Factbook

Contents Introduction vii IFC's Emerging Markets Data Base viii The International Finance Corporation ix Glossary x Abbreviations xi Acknowledgments xii 1. Overview of Emerging Markets 1 Trends in Emerging Markets 2 Market Size and Liquidity 49 Comparative Valuations 63 Country Funds 65 Indicators of Market Quality 68 Exchange Rates 71 2. Stock Market Indexes 77 IFC Index Methodology 78 Principal Industries in the IFC Indexes 82 Total Return Indexes 86 Price Indexes 96 3. Equity Market Profiles 113 Markets in IFC's Composite Index 114 Markets not in IFC's Composite Index 154 4. Directory of Stock Exchange Operations

169

EmergingStockMarketsFactbook v

Introduction This is IFC's fifth Factbook on the stock markets of developing countries. The series is the first to pull together in one volume the various time series of fundamental market data on the leading stock markets of the developing world. It puts these markets in perspective with their own domestic economies and compares them to markets in the developed world. The Factbook is designed to serve as a reference work for use by institutional investors, investment bankers, academics, economists and joumalists. Many of the tables and charts draw on data from more than 40 emerging markets, unlike previous years' Factbooks, which focused almost exclusively on the larger markets included in IFC's Composite Index. New to this year's Factbook are an introductory essay on the role stock markets play in economic development, commentaries on each market's activities in 1990 with highlights for the first quarter of 1991, and a look at trends in the 1990s. In 1990, Indonesia became the 20th market in IFC's Composite Index, and it appears in this edition with substantially more data than in previous editions.

The Factbook is divided into 5 sections: *

*

*

* *

Introduction: background on the Intemational Finance Corporation and its Emerging Markets Data Base; Overview of Emerging Markets: commentaries, tables and charts on numerous statistical fundamentals of both developed and developing markets; Stock Market Indexes: a description of the methodology of the IFC Indexes plus informnationon the performance of stock markets as measured by the IFC Indexes and the most commonly used local market indexes; Equity Market Profiles: a statistical look at 33 emerging markets; Directory of Stock Exchange Operations: a listing of the principal officers, addresses, hours of operation and holidays in 1991 of more than 50 stock exchanges in the developing world.

Unless stated otherwise, all indexes and currency data are shown in U.S. dollars; currency amounts are shown in millions.

EmergingStockMarketsFactbook vii

IFC's Emerging Markets Data Base The IFC Emerging Markets Data Base is the first comprehensive data base to provide detailed statistics on stock markets in developing countries. International investors can purchase securities, directly or indirectly, in most of these markets, with a growing trend to reduce restrictions. But information on these markets is scarce and often not consistent from one period to another or one market to the next. The data base is part of IFC's expanding line of products to disseminate information, serving its mandate of seeking to stimulate the flow of private capital, both domestic and foreign, into productive investment in developing countries. Using a sample of stocks in each market, the data base includes weekly and monthly statistics on more than 800 stocks from 20 markets, in many cases going back as far as 1975. To establish representative indexes for stock market performance, IFC selects stocks based on trading activity, market size and sectoral diversity. IFC has established a network of correspondents in each market who provide the data on a regular basis. These correspondents include local brokers, investment banks, stock exchanges and regulatory authorities. For each market, IFC calculates two types of indexes, a price index and a total returns index. These indexes appear weekly in the international financial press and are the only

viii EmergingStockMarketsFactbook

indexes of stock market performance available today that are calculated in a consistent manner for a large number of developing countries. In some cases, the weekly and monthly index series for the same period may not be identical because of more frequent compounding in the weekly series. The indexes are weighted by market capitalization using a formula based on the chained Paasche method. For a detailed discussion of the indexes calculation, see the section on "Index Methodology" in Chapter 2. Price indexes are derived from changes in prices, adjusted for changes in capitalization. The Total Return indexes include changes from adjusted prices as well as cash dividends received and dividends implicit in rights issues with a subscription price below the prevailing market price. The IFC Latin America, Asia and Composite Indexes follow the same methodology but treat all stocks in the group of markets as if they were in a single market. In addition to this Factbook, IFC publishes a Quarterly Review and a Bibliography of reports covering equity markets in developing countries. The data in these reports and the underlying data on individual companies come from the Emerging Markets Data Base, which IFC offers as a commercial service to subscribers.

The International Finance Corporation The International Finance Corporation (IFC), an international organization, was established in 1956 to promote the economic growth of its developing member countries through private sector investment. It is the world's largest multilateral organization providing financial assistance in the form of loans and equity to the private sector in developing countries. Its capital resources are provided by its more than 130 member countries, which collectively determine the Corporation's policies and activities through a Board of Governors.

writing and investing IFC's capital in these funds.

The Capital Markets Department of the IFC is the focal point of financial market development activities of the IFC and the World Bank. With years of accumulated experience, its specialized staff maintain consistent contacts with senior government officials and leaders of financial institutions and markets in the developing world.

Through its underwriting and private placements, the IFC has been involved in assisting corporate clients raise financing through offerings of their securities, such as equity and convertible debt issues as well as floating rate note and Euro-commercial paper issues, in the international capital markets. Altogether, in recent years, IFC has also been involved as an underwriter of more than three dozen domestic private securities issues from developing countries.

The IFC pioneered the linkage between international and developing countries' capital markets through the use of international investment funds. Its role in establishing intemational funds has typically involved: discussions with host country authorities on the appropriate legal and regulatory framework, structuring of the funds to ensure professional and independent management, and under-

In 1984, for example, the IFC helped establish the Korea Fund, Inc., a mutual fund that is listed on the New York Stock Exchange, with an initial value of US$100 million. Since then, the IFC has brought over 25 local, regional, and global funds to the market. The IFC is currently also working on a number of investment fund transactions in several countries involving both new cash and debt conversion schemes.

The Emerging Markets Data Base was developed as part of this activity, to provide a fim foundationfor its investmentprogram and advisory activities. Begun in 1981, the data base has become one of the world's leading sources of information on emerging stock markets.

EmergingStockMarketsFactbook ix

Glossary Billion: 1,000 million. IFC Asia Index: Korea; Malaysia; Taiwan, China; and Thailand IFC Composite Index: Argentina; Brazil; Chile; Colombia; Greece; India; Indonesia; Jordan; Korea; Malaysia; Mexico; Nigeria; Pakistan; Philippines; Portugal; Taiwan, China; Thailand, Turkey; Venezuela; and Zimbabwe. IFC Latin America Index: Argentina, Brazil, Chile and Mexico. Listed Companies: Number of listed companies at the end of the year. Listed Issues: Number of listed issues at the end of the year. Some companies may list more than one class of stock. Market Capitalization: Market value of all listed companies at the end of the year. The market value of a company is the share price times the number of shares outstanding. Market Dividend Yield: Average cash dividend yield for all listed companies at the end of the year. It is usually calculated as total cash dividends paid as a percent of market capitalization.

x EmergingStockMarketsFactbook

Market Price/Book Value Ratio: Average of price/book value ratios of all listed companies at the end of the year. "Book value" is the same as "Net Worth," which is the difference between total assets and total liabilities. Market Price/Earnings Ratio: Average of price/earnings ratio of all listed companies at the end of the year. Number of New Issues: Number of new offerings of stock during the year. If, for example, a company issues one million new shares through a single rights issue, it is considered to be one new issue. Number of Shares Traded: Total number of shares traded during the year expressed in millions. Number of Trading Days: Number of days during the year that stocks traded on the exchange. Share Price Index: Level of the specified share price index at the end of the year. Value of New Issues: Value of new issues during the year, expressed in millions of local currency. Value of Shares Traded: Total value of shares traded during the year, expressed in millions of national currency.

Abbreviations AFM Arg ASE BMV BOVESPA Bra BTA BVC Chi Col CFA CPI CSE DSE DSE EAFE EMDB EuroPac F.E. Fra FT GDP Ger GNP Gre IBVL Idn IFC IFS IGPA Ind Int'l IPC ISE Ita

Amman Financial Market Argentina Athens Stock Exchange Bolsa Mexicana de Valores Bolsa de Valores de Sao Paulo Brazil Banco Totta & Acores Bolsa de Valores de Caracas Chile Colombia Communaute Financiere Africaine Consumer Price Index Colombo Securities Exchange Delhi Stock Exchange Dhaka Stock Exchange Europe, Australia and the Far East Emerging Markets Data Base Europe and Pacific Financial Express France Financial Tines Gross Domestic Product Germany Gross National Product Greece Indice de Bolsa de Valores de Lima Indonesia International Finance Corporation International Financial Statistics Indice General de Precios de Acciones India International Indice de Precios y Cotizaciones Istanbul Stock Exchange Italy

Inv. Jor Jpn JSE KLSE Kor Korea KSE LDC Mal Mex MSCI MSE NAV Nig No. NSE NSE Pak Phi Por P/BV P/E RBZ SBP SEC SET S&P500 Tai Tha TSE TTSE Tur UK USA Ven Zim

Investment Jordan Japan Jamaica Stock Exchange Kuala Lumpur Stock Exchange Republic of Korea Republic of Korea Korea Stock Exchange Less developed country Malaysia Mexico Morgan Stanley Capital International Madras Stock Exchange Net Asset Value Nigeria Number Nairobi Stock Exchange Nigerian Stock Exchange Pakistan Philippines Portugal Price - book value ratio Price - earnings ratio Reserve Bank of Zimbabwe State Bank of Pakistan Securities and Exchange Commission Stock Exchange of Thailand Standard & Poor's index of 500 stocks Taiwan, China Thailand Taiwan Stock Exchange Trinidad and Tobago Stock Exchange Turkey United Kingdom United States of America Venezuela Zimbabwe

EmergingStockMarketsFactbook xi

Ackrnowledgments Sources

Data Base Staff

The bulk of the information in this Factbook was provided by a network of correspondents in each of the markets who report to IFC on a regular basis, as well as stock exchanges and other official agencies. Certain other statistics come from data series published by the World Bank, the Intemational Monetary Fund, and Morgan Stanley Capital International.

The following individuals, under the supervision of Peter Tropper, contributed to the production of this Factbook: Madhumita Dutta-Sen, Robert Ginis, Dong-ik Lee, Sonia Miklas, Kyuee-ha Pahk, William V.Todd, Peter Wall and Jian-Yuan Zhu, with production support provided by Janice Morrow and James E. Wise.

xii EmergingStockMarketsFactbook

:

X

§1 Overview of EmergingMarkets

Trends in Emerging Markets

Country Funds

Trends in Emerging Markets 2 Market Commentaries 6 Overview of Emerging Stock Markets, End 1990 46 Best and Worst Performing Markets in 1990 47 Performance of World Stock Markets in 1990 48

Performance of Selected Country Funds 65 Performance of Selected Closed-End Country Funds for Emerging Markets 66

Market Size and Liquidity The World of Emerging Stock Markets, 1990 49 Market Capitalization, 1981-1990 50 Equity Markets and GNP 52 Regional Weights of Emerging Markets 53 Market Size and the Economy 54 Number of Listed Companies, End 1990 55 Number of Listed Domestic Companies, 1981-1990 56 Value Traded, 1981-1990 58 Number of Large Companies in the IFC Composite Index, End 1990 60 Selected Turnover Ratios, 1990 61 Market Concentration 62 Comparative Valuations Price-Earnings Ratios, End 1990 63 Comparative Valuations 64

Indicators of Market Quality Market Information and Investor Protection 68 Entering and Exiting Emerging Markets 69 Withholding Tax for U.S.-based Institutional Investors 70 Exchange Rates A Note on Exchange Rates 71 Currency Exchange Rates per U.S. Dollar, 1990 72 Percent Change in U.S. Dollar Exchange Rates, 1990 73 Currency Exchange Rates per U.S. Dollar, 1981-1990 74 Percent Change in U.S. Dollar Exchange Rates, 1981-1990 75 Standard Deviation of U.S. Dollar Exchange Rates 76

Trends in Emerging Markets In the past decade, stock markets in the developing world experienced a remarkable growth in size and sophistication. As partof IFC's commitment to promote the dissemination of information about these markets, previous editions of this Fact book focused on filling in the gaps in statistical coverage. The heightened interest of academics and market professionals has led IFC to add a further, qualitative, dimension to this year's edition, with a discussion of the role played by stock markets in economic development and commentaries on developments in each of the larger markets, The remarkable growth of emerging stock markets in the developing world recently has to be seen in the context of a wider change-a general change away from goveminent control and direction to policies that allow the forces of the market to work and that encourage the private sector to be the driving force of economic growth. A move to a market-based economy must involve the financial sector at an early stage. Market forces cannot determine the pfice and volume of output properly if one of the most crucial factors of production-capital-is priced artificially and arbitrarily.Free, market-driven financial markets are essential to determine the price of capital realistically on the basis of retumnexpectationsof investors and to ensure that such capital is used efficiently. Competitive financialmarkets transmiitefficiency to the real sectors of the economy; controlled markets spread inefficiency. Stock markets play a critical role in the process, as a source of equity finance as well as a pricing mechanism for new issues. Economic growth requires that new and growing companies expand their capital bases. Many are initially closely held firms, often family owned, which need to open up if they are to grow. A large, liquid stock market facilitates the process, giving the owners a chance to realize capital gains and new investors a chance to share in future growth and profitability.

2 EmergingStockMarketsFactbook

The new importance of stock markets for developing economies can be seen by looking at the decade of the 1980s, when the total capitalization of the 20 largest markets increased sevenfold and the number of listed companies doubled. More remarkably, the value traded on these exchanges by 1991 had increased to nearly 39 times the level of 1980. As a percentage of GDP, capitalization increased from 6% in 1980 to 32% at the end of the decade. But these indicators of growth in emerging stock markets do not reveal the scale of their contribution to equity finance. In 1990, more than 1,200 companies in the 20 largest emergingmarkets raised over $22 billion from share offerings in their domestic markets. The comparable amount in 1989 was $28 billion. Clearly, local stock markets have become a significant source of capital for industry. One reason why companies have tuined to their equity markets to raise capital is the markets' outstanding performance. In the six years from the end of 1984 to the end of 1990, the markets in IFC 's overall Composite Index rose 110% in U.S. dollar terms, outperforming the U.S. benchmark Standard and Poor's Index of 500 stocks. For the past few years, the top performing stock markets in the world were primarily in developing countries. 1990 was no exception. Emerging Markets in 1990 In 1990, the period on which this Fact book focuses, the top eight performing markets in the world were in developing countries, and the IFC Composite Index of 762 stocks in 20 emerging markets hit its all-time high in early February. The eight, in US$ terms, were Venezuela (up 572%), Greece (+90%), Zimbabwe (+84%). Chile (+31%), Colombia (±27%), Mexico (+25%), Nigeria (+24%), and India (+ 16%). Like any group of widely different markets from different parts of the world, many

emerging markets rose during the year while others fell. The collapse of the Japanese market at the beginning of the year severely affected the larger Asian markets, (such as Korea; Philippines; and Taiwan, China) which comprised half the Composite Index. As a result, the Composite also fell, reaching its low for the year in September, down 47% from the high. In comparison, the S&P 500 in the United States fell slightly in the spring, rallied until a few weeks before the start of the Gulf crisis, and then rose in the fall, closing the year down a net 6%. Along with the world's major markets, most of the emerging markets rose in the last few months of 1990, but the Composite Index ended the year 32% down from the start of the year,marking the first timein its six year history that it declined from its prior year-end level. As investors in developed countries have recently discovered, the debt crisis of the 1980s obscured the existence of numerous world class companies in the developing world, particularly in Latin America. The successful launch of new international securities by companies in Chile, Korea, Mexico, Portugal and Thailand in 1990 changed their perspective. During the past year, Latin American companies, especially in Mexico and Venezuela, raised almost $1 billion in debt and equity directly in the developed markets, a development that would have been unthinkable a few years ago. The listing of shares in the Chilean telephone company, for example, marked the first time a Latin American company had ever been listed on the New York Stock Exchange. The nascent global linkages among developed and developing markets were reinforced by announcements that additional markets will be opened to international investors: Korea agreed to permit foreign broker/ dealers to deal in Korean securities and Taiwan, China allowed foreign portfolio investment by institutional investors. Country funds continued to attract investors, with over three dozen new funds

offered during the year, despite the existence of generally steep discounts of share prices to net asset value, and despite sharp declines in prices from 1989 levels. Their creation followed investor trends, focusing for the first time on Latin America and Eastern Europe. At the end of 1990, the net assets of almost 140 such funds totaled $12 billion. 1991 Highlights This Factbook focuses on events in 1990. Nevertheless, significant developments had also taken place in 1991 by the time this book went to press. Following are some highlights. Argentina The market soared in early 1991, with changes in economic policy and the announcement that the austral would be fully convertible into the dollar. In dollar terms, the market rose 77% in the first three months of the year, one the best performances in the world. Brazil The government initiated a new economic plan on January 31 in an attempt to halt inflation. Collor Plan II increased public utility prices, froze wages and prices, eliminated price indexation and abolished overnight short and medium term financial instruments. The Sao Paulo stock market surged the first trading day following the announcement, posting a 35% increase in dollar terms. In March, the government shortened the required holding period from 90 days to 1 day and allowed foreigners to purchase individual stocks directly instead of requiring the purchase of shares in Brazilian funds. In the first quarter of 1991, the market surged 65% in dollar terms. India In January 1991, the IMF approved two loans totaling US$1.8 billion to the government, leading to a brief upswing in the stock market. The rally ended following a series of

EmergingStockMarketsFactbook 3

events, including the postponement of the annual budget, resignation of the prime minister, and the announcement that the government had sought emergency funding from several foreign governments to avoid defaulting on debt payments. Indonesia The Jakarta stock market plunged 11% in one week at the end of February due to moves announced by the government to freeze the funds of some state-owned companies and convert them into investments in government bonds. The move was reportedly undertaken to curb speculative activity against strong rumors of a major devaluation of the rupiah. The ensuing liquidity squeeze pushed interest rates even higher than the already high rates prevailing in December, and investor funds flowed from the stock market into bank deposits. Subsequently, in midMarch, the market improved with subsiding interest rates. Pakistan In early February, the Pakistani government announced major liberalization moves, complementing measures announced in November of 1990. The loosening of foreign exchange controls, the opening up of the Pakistani stock market to foreigners, free repatriation of capital and profits, and the lifting of several restrictions on the operation of foreign banks and companies operating in Pakistan were the most significant policies adopted. Thailand A military coup ousted Prime Minister Chatichai Choonhavan from power at the end of February and was followed by the installation of a Thai businessman, Mr. Anand Panyarachun, as interim prime minister. The stock market, after an overnight fall of 7% following the coup, bounced back to precoup levels. The end of the Gulf war reassured investors about the prospects for stronger economic growth and in particular a recovery in the country's tourism industry. In

4 EmergingStockMarketsFactbook

the first three months of 1991, the market registered a 36% increase in dollar terms. Trends for the 1990s More changes are already underway that will continue to transform emerging markets in the 1990s. First, the rate of creation of new, straight equity country funds is likely to slow rapidly, as the number of markets not covered by funds shrinks and the number of markets covered by multiple funds increases. Further, the types of funds available to investors will vary more widely, to focus on new opportunities as governments approve new debt conversion programs in Latin America and, possibly, Eastern Europe and implement large-scale privatizations. Second, privatization by itself will quickly increase the size and liquidity of many markets, especially in Eastern Europe, where such programs could form the core of stock markets that have begun operating only recently or do not yet exist. Third, the opening of economies to market forces will lead closely held companies to raise capital from beyond their traditional family owners. Open markets lead to competition, forcing investments in new facilities, in export drives and in mergers and acquisitions at home and abroad. The rapid rise in stock prices in many emerging markets also contributes by dropping the cost of equity relative to that of debt. Stock markets will grow in important source of funds to finance investment in developing countries. Fourth, the pace of initiatives to improve the environment for foreign portfolio investment is likely to continue during the 1990s. Already in 1991, Brazil and Pakistan have announced specific programs; others, such as China and the Philippines, are likely to do so during the year. Fifth, companies in developing countries are raising funds not just in their national markets but in foreign markets as well. The

search for new sources of equity has led companies in developing countries to issue shares through private placements and public listings on the major developed markets. The number of such intemational offerings should rise significantly in the 1990s. Finally, emerging markets are rapidly gaining in sophistication. Numerous markets are in the process of implementing more effective regulatory environments, better information systems, advanced trading systems, and centralized, streamlined clearing and settlement procedures. Efficient markets cannot

function without credible information that is disseminated quickly, a need that led IFC to create its Emerging Markets Data Base ten years ago. These markets are like stock markets everywhere: they go up and down, sometimes with dramatic speed. Over the long run, however, they can provide substantial benefits to local economies and to foreign investors. But only recently have many of them begun to demonstrate their potential. The 1990s will see them play an increasingly strong role as a tool for economic development.

EmergingStockMarketsFactbook 5

Market Commentaries Argentina Market Performance After experiencing a one-month drop of 54% in January 1990, the Buenos Aires stock market produced only modest gains in the months that followed. Year-end statistics show the IFC Price Index for Argentina down 38% for the year and the stock exchange's Indice General off 26% in dollar terms during the same period. Total market capitalization fell from US$4.2 billion in December of 1989 to US$3.5 billion in December of 1990, a 16% decline. The poor performance of the stock market was in sharp contrast to 1989 results, when the IFC Price Index for Argentina soared 136% in dollars. In addition to falling stock prices, market liquidity also declined significantly in 1990. For the year, the total value traded was US$820 million, down from US$1,214 million reported in 1989. Slow trading in January and February of 1990 saw average daily trading values fall to US$1.5 million a day. In the latter part of the year, average daily trading values increased to about US$3 million a day, but this was still well below the US$5 million a day average recorded in 1989. The precipitous drop in share prices in January was caused by a rapidly devaluing austral, an increasing inflation rate and an overall decline in economic conditions. A series of new economic plans and the Central Bank's tight monetary policy created uncertainty in the stock market for much of the year. Many investors moved from equities to the money markets where dollar yields of 10% a month were available.

6 EmergingStockMarketsFactbook

The successful completion of two major privatizations provided the stock market with increased optimism late in the year. Entel, the state owned telephone monopoly, was the first privatization completed under President Menem's privatization program. After months of delay, the company was sold for US$214 million in cash and US$5.03 billion in Argentine foreign debt certificates. Aerolineas Argentinas was the other successful privatization, bringing US$130 million in cash and US$2.01 billion in foreign debt certificates to the government. Economic and Political Events Economic and political turmoil plagued Argentina for much of the year. Inflation was a major problem, surging 95% in March alone, and totalling 1,343% for the year. Improvements did occur in the last quarter when the CPI registered an average rise of 5% per month, the lowest rate of increase in five years. Estimates for 1990 show that GDP declined about 2% compared to a 4.6% drop in 1989. President Menem's economic policies have continued to stress economic liberalization. Privatization, free trade agreements, and reduced government intervention in business have been key components of his liberalization efforts. So far, the privatization program appears successful, and with recently issued Decree 1474 many additional government companies will be placed on the auction block. Although President Menem appears to continue to have strong support, some disagreements did occur with the military during the year. An uprising by dissatisfied military officers was crushed by loyal military officers in December.

Argentina, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

7

Brazil Market Performance The Sao Paulo and Rio de Janeiro stock markets crashed in 1990, with both markets suffering their worst performance ever. In dollar terms, the IFC Price Index for Brazil and the local Bovespa index plunged 68% and 71% respectively during the year. Total market capitalization of the Brazilian market fell from US$44 billion at the end of 1989 to US$16 billion at the end of 1990. Liquidity on both Brazilian stock exchanges also dropped dramatically in 1990. The Sao Paulo and Rio stock exchanges watched the total value of shares traded fall from US$16.7 billion in 1989 to US$6.2 billion in 1990, a 63% decline. In December, daily trading on the Sao Paulo exchange averaged US$9 million, compared to US$30 million a day in December of 1989. The severe decline in trading activity moved the Sao Paulo and Rio exchanges to discuss possible merger terms and a joint custody service. The dismal performance of the stock market resulted largely from the Collor plan introduced in mid-March by incoming president Femando Collor. The plan froze almost all assets, introduced a new currency, and taxed stock market transactionsheavily. Stock prices fell 68% immediately after the plan was introduced and there was virtually no trading on either market in the weeks that followed. The plan also initiated a deep recession that eliminated most corporate profits, delaying any chances the market had for a quick recovery.

8 EmergingStockMarketsFactbook

Investors holding shares of the closedend Brazil Fund saw the market value of their investment drop, but not as much as the overall Brazilian market. The New York Stock Exchange-listed Brazil Fund fell from $1278 at the end of 1989 to $63/ at the end of 1990, a 47.6% decline. The fund went from a discount of 32% at the end of 1989to a premium of 13% at the end of 1990. Economic and Political Events The inauguration of Fernando Collor as president and the introduction of the Collor economic plan on March 15 were probably the most significant events in 1990. The Collor plan, designed to eliminate hyperinflation, froze most assets and virtually shut down the Brazilian economy in its early months. Effects of the plan continued throughout the year as demand fell and the economy plunged into a deep depression. The Collor plan initially reduced monthly inflation rates to single digits, but by the last three months of the year inflation had increased to between 13% and 19% per month. At the end of the year, credit was tight, real interest rates were high. and demand was down by as much as 50% in some industries. Of 251 listed companies reporting results for the first two quarters of the year, 116 showed losses, according to a newspaper survey. Statistics indicate that inflation totalled about 1,794% in 1990. GDP growth for the year fell 4.6%, versus 3.6% growth in 1989. Industrial production plunged 8.9% in 1990.

Brazil, 1990 IFC Price Index (In US$; End 89=100)

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Emerging Stock Markets Factbook

9

Chile Market Performance A sharp rise in share prices in November and December made the Chilean stock market one of the world's best performers in 1990. In the last two months of the year the market rose nearly 28%. For the year, the IFC Price Index for Chile climbed 31% and the local IGPA index gained 34% in dollar terms. Total market capitalization in 1990 grew from US$9.6 billion to US$13.6 billion. Stock price increases during 1990 were largely attributed to country fund purchases at the beginning of the year along with lower interest rates and favorable economic news near the end of the year. Lower corporate earnings, declining demand, and tight monetary polices negatively affected market performance in the months between April and October. Although share prices increased overall, the Chilean market did not observe any corresponding improvements in liquidity in 1990. The total value of stocks traded during the year totaled US$782 million, about 7% less than the US$843 million traded during the same period in 1989. In 1990, the average daily trading value was about US$3.2 million. Two new Chilean closed-end country funds were offered to foreign investors in February of 1990. The Five Arrows Chile Fund and the GT Chile Growth Fund initially raised US$75 million and US$106 million respectively and were listed on London's International Stock Exchange. As of the end of

10 EmergingStockMarketsFactbook

December, the net asset values of the funds had increased to US$81.2 million and US$119.7 million; however, both funds were trading at discounts to net asset value of nearly 30%. The Chile Fund, initially offered in September of 1989, was trading at an 11.6% discount to net asset value at the end of December. In 1990, Compania de Telefonos de Chile (CTC) became the first Latin American company ever to list ADR's on the New York Stock Exchange. A total of US$100 million was raised by CTC through an initial offering which placed 6.5 million ADR's at a price of US$ 15l/s8The ADR offering was oversubscribed fourfold. Economic and Policital Events Patricio Alwyn became the country's first freely elected President in nearly 16 years after defeating General Pinochet. Upon taking office in March, President Alwyn instituted a number of financial changes aimed at reducing inflation and controlling an economy that grew 10% in 1989. Among the changes were an increase in the minimum wage and a restructuring of and increase in the corporate tax formula. The net result of the policies has been lower credit availability, reduced consumption and higher unemployment. Inflation, after climbing sharply in September due to rising oil prices, appears to have stabilized. Estimates for 1990 show inflation up about 27%, an increase over 1989's 21% rate of inflation. GDP growth for the year was estimated at about 1.6%.

Chile, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

~\1EastAsia

_

47%

120f

Chile EIlFCComposite

.

4

100:

Europe

26%

60o:

11% Latin America 16%

O, 0

Chile 18%

Other Latin America

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Average Daily Value Traded

Exchange Rate

US$millions

US$/Peso

0.0039 f ,

,

- - -

-

2;

1

,

,

,

,

~~5

- -

-

-

-

-

-

-

-

-

-

-

-

-

0.0037 ;

_

- - -----

-

-

-

- -

---

- -

---

---.-.-

-. -

4

0.0035 .

;

s

~~~. . P....

- - - -- - - - - - - -

0.0025

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

11

Colombia Market Performance Colombia's two largest stock exchanges, the Bogota and Medellfn exchanges, registered significant stock price increases in 1990. The IFC Price Index for Colombia, which includes stocks listed on both exchanges, gained 26.6% in dollar terms during the year. The Bogota Stock Exchange's composite index, Indice General, registered a rise of 15.4% in dollar terms during the same period. Market capitalization on the Bogotd exchange increased from US$1.1 billion in 1989 to US$1.4 billion in 1990, a 27% increase. The Medellfn exchange had a market capitalization of US$1.6 billion at the end of 1990. The combined trading activity for the Bogota and Medellfn exchanges declined slightly in 1990. Total value traded amounted to US$ 71 million for the year or about US$ 0.3 million per day. For each of the three years between 1987 and 1989, total trading activity on both exchanges averaged just over US$72 million, indicating relatively stable trading activity on the exchanges over the last four years. The Medellfn exchange accounted for about 64% of total trading value on both exchanges in 1990. Economic and Political Events President Cesar Gaviria of the Liberal Party was elected in May with 47.5% of the vote and was sworn into office on August 7, 1990. Since becoming president, Gaviria has attempted to liberalize the nation's economy through trade, foreign exchange and tax reforms. In late December 1990, the Colombian Congress approved a wide ranging reform

12 EmergingStockMarketsFactbook

package that affected labor issues, banking, taxation and foreign exchange control. Some specific changes included: *

*

*

Elimination of the requirement that all foreign exchange be sold to the Central Bank. Creation of a Foreign Trade Ministry to centralize all trade related policies. Introduction of flexible tariff rates for achieving govemment policy objectives, which generally seek to reduce the overall tariff structure.

The reform package also provided support for the new foreign investment code, Resolution 49, which was published in January 1991. Through Resolution 49, foreign investors will be provided the same rights as those granted to Colombian nationals in almost all industries. Furthermore, the new foreign investment code allows the following: remittances of up to 100% of most capital registered in the past year; equal access to local credit sources, as well as to export incentives; and 100% foreign ownership of financial institutions. Colombia's GDP grew about 3.7% in 1990, up from 3.1% in 1989, mostly from higher production in the coffee sector and increased oil revenues. Foreign investment in the country dropped an estimated 60% in 1990, with most of the drop attributed to domestic violence, the Gulf crisis, and a recession in the United States. Inflation in 1990 was 32%, compared to the 26% recorded in 1989. In line with inflation, the Colombian peso devalued about 30% during the year through a policy of daily mini-devaluations. It is expected that the policy of mini-devaluations will continue throughout 1991.

Colombia, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

,16

_

i

.,

-

...; ---

X

Asia East

U Colombia

1601

47%

D IFC Composite

- ---

|

1

-----

140-

100

so

~~~~~~~~~Europe

26%

Mideast/Africa 11% Latin America 16%

4

2020

s

Other

6

Cl/

LatinAmerica 98%

2%lo0bi 2%

-

-0

.

01 0

End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Exchange Rate

Average Daily Value Traded

US$/Peso

US$ millions

0.0025>

0.6.

-

-

--

-0.57

~~~--1

0.0023

0.4, 0.00211

. 0.3

0.00191

0.21jl

0.0017]1.0.-

0.0015 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

-

0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

13

Greece Market Performance The Greek stock market was one of the world's leading performers in 1990, with the IFC Price Index for Greece rising almost 90% in dollar terms. The index rose over 200% from December to June to an all time high, but fell over 37% from its high as worldwide equity market sentiment turned bearish. Liquidity increased dramatically in 1990 with the total value of shares traded for the year increasing over seven-fold from US$0.55 billion in 1989 to US$3.8 billion. Average daily value traded for the year increased from US$2.2 million to US$16.4 million, peaking in June at almost US$32 million a day, paralleling the index performance. Total market capitalization grew almost 140% in 1990, rising from US$6.4 billion at the end of 1989 to US$15.2 billion. Following the election of the New Democracy government of Prime Minister Constantine Mitsotakis in April, the market rose dramatically in expectations that the newly elected conservative government would quickly solve the country's economic problems. A combination of factors then contributed to the market's decline, beginning with a summer holiday slowdown, the onset of the Gulf crisis and Athens' failure to secure a bid for the 1996 Olympic games. The market pulled back further as investors began to view stocks as overvalued, with eamings multiples over 40. The large public sector deficit and 22% annual inflation rate transformed the mood from optimism to concern over the 1991 fiscal budget. A new 10% tax on interest eamed on bank deposits an-

14 EmergingStockMarketsFactbook

nounced late in November sent the market soaring once again, with the ASE General index rising 13.6%-the biggest one-day gain on record. There were 28 new issues listed on the Athens Stock Exchange in 1990, all substantially oversubscribed, raising over DR52 billion (US$326 million) compared to four new listings in 1989. Capital increases for 37 companies already listed raised another DR130.8 billion (US$820 million). Economic and Political Events 1990 saw the formation of a new govemient with the election of Prime Minister Mitsotakis in April. At a roundtable discussion with business leaders and other cabinet ministers, Prime Minister Mitsotakis said that the tremendous growth of the public sector in the 1980s created a negative climate for private enterprise and fostered rising inflation and unemployment. The New Democracy movement is seeking to shrink the state and help private sector business develop. The support of the populace for the new government was confirmed in October municipal elections. Early in 1991, the EC approved an ECU2.2 billion (US$2.97 billion) balance of payments loan to Greece. The funds are to be used for communications, energy and regional infrastructure development projects. The loan comes with strict conditions requiring, among other provisions, the reduction of balance of payments from 5.7% of GDP to 3% of GDP, reduction of inflation to 7% a year by 1993 and the reduction of government borrowing from 17% of GDP to 1.5% of GDP by 1993.

Greece, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

350

26%

l

u ! itlS

East Asia 47%

300-

I

250-

.. ....

4'~

BA

.. . ... . ..

;/o U reec

200 -

18%

/

2

Europe

e FComposite

re

>

_|

=

S~~~~~~~~~~~----'----

~~~~~~~~~1 00 J"

MideasVt

,'Africa 5.j.

~~~~~~~50

110/

Other Europe/ Mideast/Africa 69%

Greece 31%

0 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec

89 90

Exchange Rate

Average Daily Value Traded

US$/Drachma 00 7 0

0.

f

US$ millions

35

30-

0>--------S 000650

25 0 10

0.0055 15

0.0050 T0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

FF

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

15

India Market Performance India was one of the few emerging markets that ended 1990 higher than it began. The IFC Price Index registered a 16% rise in dollar terms during the year. Even after the onset of the Gulf crisis, the market remained bullish until mid-October, when it plummeted with a government announcement of a steep rise in retail oil prices. Market capitalization stood at US$39 billion at the end of 1990, up from US$27 billion at the beginning of the year. Average daily turnover hit a high of US$243 million in October, a substantial rise from the 1989 high of US$120 million. Significant factors that affected the stock market during the year included the announcement of the government's annual budget in March, generally received well by investors; excellent earnings performance by companies for 1990; a good monsoon ensuring a satisfactory harvest; and the gradual tapering off of heightened tension with Pakistan around mid-year. However, the Gulf crisis provided a serious damper to the market. Communal and separatist disturbances that the nation experienced for most of the year also depressed the market. In addition, the unstable political situation of the central government was a further cause of negative sentiment. The India Fund and the India Growth Fund, which had enjoyed wide premiums from mid-1989, slipped into significant discounts in August 1990. They traded at discounts of 33% and 23% respectively at the end of the year. During 1990, share prices of the India Fund and the India Growth Fund declined 35% and 42% respectively in dollar terms. Economic and Political Events

commenced with increased tension with Pakistan and internal crises resulting from secessionist and communal problems. In addition, the stability of the central government itself was in question, fueled by a controversial employment policy, which ultimately led to the resignation of Mr. V.P.Singh and appointment of Mr. Chandra Shekhar as prime minister. On the economic front, India's balance of payments and budget deficits persisted in 1990. The balance of payments deficit widened significantly with the onset of the Gulf crisis due mainly to higher oil prices at the beginning of the crisis, the cost of resettling Indians from the Gulf region, reduced exports to Iraq and Kuwait, and reduced remittances from Indians employed in the Gulf region. These factors have widened the current account deficit of the balance of payments to an estimated US$8 billion for 1990-91. Towards the end of the year, India approached the IMF for a loan to deal with the balance of payments situation. Higher oil bills and slowing exports contributed to a widening trade deficit. The chronic shortage of foreign exchange reserves became more acute, equivalent to about three weeks' imports in December, with the dwindling of remittances from expatriate Indians in the Gulf region and the settling of oil bills in hard currency. The widening budget deficit, equivalent to 8% of GDP in 1989-90, also remained a cause for concern. In December, the government increased direct taxes, imposed import restrictions, and attempted to reduce government expenditures, in an effort to combat the deficit. Inflation in 1990 reached 12% and interest rates were high, with minimum lending fixed at 16.5% towards the end of the year. India's uncertain economic conditions prompted both Moody's and Standard and Poor to downgrade its credit rating. Nevertheless, the GDP growth rate was estimated at 5% for 1990.

The Indian economy experienced several major crises in 1990. Politically, the year

16 EmergingStockMarketsFactbook

India, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

U.India EIFC Composite

X _ 180 Europe Europe Mideast/ Africa 116%

East Asia 47%

160 100

_

------

Latin America

100-

~ ~

160/0

6

40 South Asia 26%sI

4

20

Other South Asia

l

I_ ;

71/0%

India0 29%

EndJan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Average Daily Value Traded

Exchange Rate

US$millions

US$/Rupee 0.060

2501

200-, 0.058-

1500.056

0.0544

50

0.052 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

17

Indonesia Market Performance The Jakarta Stock Exchange, after a significant rally in the first half of 1990, declined in the second half of the year. The IFC Price Index for Indonesia declined 2.5% in dollars in 1990. Market capitalization of listed stocks stood at US$8 billion, more than triple the 1989 level of US$2.5 billion. The year saw listings of many stocks; the number of listed stocks on the Exchange at the end of 1990 was 123 as against 61 a year ago. Foreigners first entered the Indonesian market following deregulation measures that were introduced by the government in December 1987. With continued inflows from foreign investors buying a relatively small number of stocks, prices rose to about 60 times earnings in 1989 and 50 times earnings in early 1990. A lackluster market performance in the second half of 1990 was attributed mainly to dwindling interest from foreign investors who found the market high-priced, to an inefficient settlement and clearing system, to high interest rates, and to the uncertain conditions prevailing in much of the world arising from the Gulf crisis. The Jakarta Fund slid from a large premium at the end of 1989 to a 20% discount by the end of 1990. The adjusted share price of the fund declined 41% during the year. Several new funds for investing in Indonesia were launched in 1990. The largest of these funds were Indonesia Fund Inc. (US$60 million), Jakarta Growth Fund Inc. (US$60 million), Indonesian Capital Fund (US$32 million) and Java Fund (US$31 million). Several market reforms were introduced in December 1990. The most important was the privatization of the Jakarta Stock Exchange, effective as of June 1991. BAPEPAM, the Capital Market Executive Agency which was previously the regu-

18 EmergingStockMarketsFactbook

latory body for the exchange, will now exercise supervisory control over the exchange. Among other reforms introduced are the authority of securities houses to create mutual funds, a privilege previously enjoyed exclusively by the state-owned financial institution, PT Danareksa; stringent reporting and disclosure requirements; and the raising of capital requirements of brokers. Economic and Political Events The economy grew at a rate of 6% in 1990, as estimated by Bank Indonesia, the central bank. A significant boost to the economy was provided by the robust growth in domestic and foreign direct investment, the latter sourcing chiefly in Japan; Hong Kong; Taiwan, China; and Korea. Inflation reached an estimated 11% for the year. Major concems for the economy were its shrinking trade surplus due to surging imports of capital and consumer goods, and the economy's large debt burden, estimated at more than US$50 billion. The banking sector suffered a blow in October when Bank Duta announced its loss of US$420 million on foreign exchange operations. This announcement had an adverse impact on other banks as well. Local depositors began withdrawing their funds from banks and the ensuing liquidity shortage resulted in many banks seeking funds overseas. However, foreign banks also became wary of lending to Indonesia after this event. The liquidity shortage has forced interest rates up, with lending rates over 20% at the end of December. Indonesia is Asia's second-largest oil producer, after China. Oil and gas are the chief export-revenue eamers for the economy. Rising oil prices during the first few months of the Gulf crisis proved a boon to the economy, despite the slowing of world trade. However, the advantage started abating when oil prices subsided.

Indonesia, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

_ _ ~t 160-' East

~~'

'

^ -0-

:

9/

0

-

X

0

~~~Europe Mideast/ ~~~~~Africa

A

/l

K 7s

-

-

1

b

140

Indonesia ElIFC Composite ,

,'/

,

'

,

,

~~~~~~~120'

East_:.'..' --.--:-----Asia 47%

. ,

100/ Latin America

16%

_ /

\

- - -

~~~~~~~~~~~~~~~~80 -,0. ;. . 60-'

South ;Asia I 26%

Other SouthA ia 94%s

- - -

..

,

~~~~~~~~~~~40l-

Indonesia

6%

0

_' End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec

89 90

Exchange Rate

Average Daily Value Traded

US$/Rupiah('000)

US$ millions

0.60

301

25 0.55

_

_

_

'

'.

Z

04i___0~~~~~~~~~~~~~~~~~-

-----

10 0.45-

0.40

.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

19

Jordan

Economic and Political Events

Market Performance

Good economic performance was reflected in the stock market trend in the first seven months of the year, led by a boost in the economy's exports, tourism and industrial production. The onset of the Gulf crisis damaged Jordan's economy severely as Iraq was a major buyer of Jordanian exports, and Jordan had obtained over 80% of its oil requirements from Iraq. After August, foreign remittances from expatriate Jordanians employed in the Gulf states decreased drastically, unemployment rose due to the return of expatriates to the country, and Jordan's budget was severely affected due to the financial assistance provided to refugees. The current account deficit for 1990 was estimated at US$600 million, a sharp rise from the 1989 deficit of US$60 million. Jordan's GDP growth rate declined from -3.9% in 1989 to an estimated -8.2% in 1990. The economy's estimated 1990 budget deficit of US$146 million comprised 4% of its GDP for the year.

The Jordanian stock market performed well in the first seven months of 1990, with the IFC Price Index for Jordan gaining 8% in dollars in that period. But due to Jordan's proximity to both Kuwait and Iraq, initially its market performance was severely affected by events in the Gulf. With the onset of the Gulf crisis, the Amman Financial Market, normally a less active stock market, lost 13% in dollars in August 1990, as registered by the IFC Price Index for Jordan. However, the market recovered from September onward and the IFC Price Index lost only 1.4%in dollars during the entire year. Trading activity slowed down in the latter part of the year due to the uncertainties prevailing at the time. Average daily value traded stood at approximately US$0.5 million in the last four months of 1990, significantly lower than the 1989average of US$2.6 million.

20 EmergingStockMarketsFactbook

Jordan, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

Jordan EFC Composite

120 '

Asla v

\

0

0

Asia ~~East

\0

-----

~

_

100

80

60 Latinp

t::

X

L40

i

16%

Europe Mideast/ Africa 11%

Other

Europe/ Mideast/Africa

96% /

I.

20-

|

Jordan 4%

.

17_____

:____

7_______

End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Average Daily Value Traded

Exchange Rate

US$ millions

US$/Dinar 1.8

1.7 1..5

,

- - - --- - --- - --- - --4--- - ---

'': --.

1............ - -- - -- - -

-- - - - - - -

1.4~~~~~~~~~~~~~~~~~~

1.3

1.2 5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

21

Korea

Economic and Political Events

Market Performance

While GNP growth rose from 6.7% in 1989 to a projected 9% for 1990, this is much slower than the annual average 1986-1988 GNP growth rate of 12-13%. The slowdown has created doubts about the Korean economy's ability to sustain a high growth rate into the 1990s, particularly in a climate of higher oil prices and reduced exports resulting from recession in other industrialized nations. These fears translated into a tight domestic monetary policy and an inflation rate which doubled government estimates. Moreover, a sharp increase in labor costs and continued labor unrest contributed to growing concems over competitiveness of Korean goods abroad.

Year-on-year results were quite poor, with the IFC Index for Korea posting a 27% loss in dollar terms. This placed the performance of the Korean stock market in the bottom quartile of world equity markets. Liquidity decreased significantly in 1990 with the total value of shares traded for the year falling over 37% from US$121 billion in 1989 to US$76 billion. Average daily value traded for the year decreased from US$420 million to US$260 million, reaching yearly lows following the invasion of Kuwait. Total market capitalization fell over 21% in 1990, from US$141 billion at the end of 1989 to US$110 billion. While the Gulf crisis and its impact on oil prices were a significant factor affecting the market and the economy as a whole, the market had fallen almost 30% prior to the August 2 invasion. A 4 trillion won (US$5.7 billion) stock market stabilization fund, backed by financial institutions and blue chip companies, was set up in May to provide market liquidity.

The cumulative trade surplus with the United States declined 48% between January and August, while the trade deficit with Japan rose by 50% over the same period. With the trade deficit growing vis-a-vis Korea's major trading partners-the United States, Japan and Europe-Korean officials have come under fire from United States trade officials for rising trade tensions and launched an anti-import campaign in an effort to correct the trade imbalance.

In November, the Ministry of Finance announced guidelines goveming the opening of the securities industry to foreign institutions. As the cost of entry is high and the regulations require a presence in the Korean securities market for at least ten years, no more than ten licenses are expected initially.

Early in the year a new political party, the Democratic Liberation Party, was formed by merger of the ruling Democratic Justice Party and two conservative opposition parties. The current presidential system is facing serious challenges and the ongoing debate reflects a power struggleamong variousparty factions.

The Korea Fund, which sold at an 85% premium at the end of December 1989, fell to an 11% premium by the end of 1990. The fund fell 64% in price and 40% in net asset value over the same period.

Several meetings took place between the prime ministers of the Democratic People's Republic of Korea and the Republic of Korea; however, no substantial headway toward resolving disputes was made. Negotiators continue the dialogue.

22 EmergingStockMarketsFactbook

Korea, 1990 Share of Market Capitalization of IFC's Composite Index

Latin America\

IFC Price Index (In US$; End 89=100)

'

120-,

SouthI 16%j k

\

~~~~

~

Europe

Korea E1IFCComposite

K~~~~~26

~~~Asia

~ ~~

----------------

--

~~'~

100-

11%X\\j|0 80

_- . /, - X ,-

1

.i

-

- -. f i~

- -- -----

',',..........

EastAsia 47%

EastAsia

49%

.. 20 -

Korea

_____ ____ ____ ____ ___

~~~~~51%

/____

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate

Average Daily Value Traded

US$/Won

USSmillions

500

0.00161

400

0.0015

.

:

300 0.0014-

0.0013100~

0.0012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

oJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 23

Malaysia Market Performance The Kuala Lumpur Stock Exchange, like most markets, suffered a downturn in 1990; the IFC Price Index fell 13% in dollar terms. Monthly trading value doubled after the separation of the Kuala Lumpur and Singapore stock exchanges early in the year, and the exchange had difficulties coping with the increased volume. With the onset of the Gulf crisis, trading value fell 38% between August and Septemberto pre-separationlevels. The stock market's fall at the beginning of the second quarter was triggered by the poor performance of the Tokyo market, to which Kuala Lumpur remains sensitive. Subsequently, the announcement of strong economic fundamentals provided a boost to the market, with the IFC Index gaining 13% in dollars in May. For the first half of the year, the exchange remained riddled with backlogs arising from the increased volume of trading which hampered the normal functioning of the exchange. It introduced an automated trading system later in the year which improved the situation somewhat. Despite Malaysia's being a net oil exporter, the stock market did not escape the negative sentiment felt in most markets from the Gulf crisis, and the market dropped 27% between July and September. Since oil accounts for only 12% of the nation's exports, investors did not consider the rise in oil prices significant enough to boost the market. In fact, oil company stock prices fell in August. October saw an upward swing in the market

24 EmergingStockMarketsFactbook

due to the victory of Prime Minister Mahathir Mohammed in the country's general elections. Market sentiment improved once again in December with the announcement of the Malaysian budget for 1991 and in anticipation of a peaceful solution to the Gulf crisis. The New York-listed Malaysia Fund and the London-listed Malacca Fund suffered price drops of 41% and 22% respectively during the year. Both funds slid from premiums at the end of 1989 into wide discounts in the latter part of 1990. Several new funds for Malaysia were offered in 1990, the largest of which were Malaysia Capital Fund (US$88 million),MalaysiaSelectFund (US$60million) and Malaysia Equity Fund (US$75 million). Economic and Political Events Mahathir Mohammed, following a twothirds majority victory in the October elections, remains prime minister, a position he has held since 1981. The economy grew at an estimated rate of 10% in 1990 and is expected to grow at approximately 8.3% in 1991, as estimated by Bank Negara, the central bank. Foreign investments, attracted by liberal policies, have provided a bigboost to the economy in recent years. Malaysia has a large privatization program underway. Twenty-five percent of the state telecommunications company, Syarikat Telekom was privatized in 1990. The next major candidates are Proton, the automotive company, and Tenaga National Berhad, formerly called the National Electricity Board.

Malaysia, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

120 -

_

_

-

-

0

. - ,/

Emalaysia

~~~Europe/ ~~~~Mideast/,L

> \

-

~

~~~~-

'~

100,

11%

East Asia 47%

'~~

'IFCComposite

so

Latin

America 16%

/

\<

~~~~~ : ~~

/

:

~~ ; ~ ~~~~~~60

<, 40 . . .. - i.-4SouthAsia 26%

Other South Asia 59%

i

-

Malaysia 41"/_0 41%

20: __/_I/

0

_I/

_I/

_I __I __I_/

I

__/I

_/I

_/ _____/

_

End Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate

Average Daily Value Traded

US$/Ringgit

US$ millions

0.39.

100

80 0 38

.

600.37 40

0.36

¾

0.35 Jan Feb Mar Apr MayJun Jul AugSep Oct NovDec

20

~~~~~~~~~~~~~~00 Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec

Emerging Stock Markets Factbook 25

Mexico Market Performance Mexico had one of the world's best performing stock markets in 1990, with the IFC Price Index for Mexico and the Mexican IPC index increasing 25% and 45% respectively in dollar terms. The best performing sector as indicated by the stock exchange's sectoral indexes was the retail sector, up almost 190% through the first eleven months of 1990. The mining sector was the worst performer, down about 11% for the same period. Liquidity on the Mexican exchange increased substantially during 1990. The average daily value traded during the year was about US$52 million, up over 100% from the US$25 million registered in 1989. The volume of shares traded in 1990 increased nearly 40% over 1989 values. Success in restructuring the external debt, lower interest rates, increased foreign investment and negotiations to create a free trade zone with the United States were important factors contributing to increases in stock prices in the first seven months of the year. The Gulf crisis initially triggered a fall in the market, but rising oil prices later helped move stock prices upward. Worries of a major U.S. recession restrained market performance in the latter part of the year. The Nafinsa trust, established in November of 1989, provided foreigners with the ability to purchase Mexican "A" class shares, which were formerly restricted to Mexicans. In 1990, the value and number of shares in the trust grew significantly. At the end of the year investments in the trust totalled more than US$686 million, and total foreign investment in listed shares was estimated to be about US$1.5 billion.

26 EmergingStockMarketsFactbook

The Mexico Fund climbed from $103/ at the end of December 1989 to $125 /8 at the end of 1990, a 17% increase. The fund was trading at a 19% discount to net asset value at the end of the year. Two new funds, the Mexico Equity and Income Fund and the Emerging Mexico Fund, were offered in 1990, raising a total of US$147 million. Economic and Political Events The successful restructuring of the external debt through the Brady plan was a major economic achievement in 1990. The deal gave Mexico's 500 creditors three options: lend new money, convert debt at face value to 30-year debt service reduction bonds paying 6.25% fixed interest, or convert debt at 65% of face value into 30-year principal reduction bonds. Estimates indicate that the deal will reduce Mexico's net external transfers by between US$2 billion and US$4 billion annually until 1994. External debt is now 44% of GDP, much lower than the 1986 figure of 74% of GDP. In November, the Pact for Stabilization and Economic Growth was extended through December of 1991. The pact is an agreement among the government, industry and unions to stabilize both prices and wages. The pact was not as effective at stabilizing prices in 1990 as in 1989, as consumer prices increased 29.9% during the year. In 1989, prices rose 19.7%. Real GDP increased 3.9% in 1990. Telmex, the state telephone monopoly, was sold to private investors in December for US$1.76 billion, making it the largest privatization ever for Latin America. The government also has approved a new banking law calling for the privatization of 18 state owned banks with an estimated aggregate market value of almost US$6.5 billion.

Mexico, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

140 /

Mexico

E1IFCComposite

~~~~~~~Europ60i

SouthAsia

47%

120

S U26%A

/ M~~~~~~~~ideastVAf rica6+|-

\

Latin

40|89

Amerca

0gN.'0k

9

1-0;,: 20<1/. 20 -

Other

I

t

57%

Mexico

/

.-.

4

- 0 T Jan Feb MarApr MayJun JulAugSepOctNovDeEnd Jan FebMar Apr MayJun Jul AugSep Oct NovDec

89 90

Exchange Rate

Average Daily Value Traded

US$/Peso('000s)

US$ millions

0.401

0.382 r

120-1

----

-

------

---

_ '

--

-- -

--

100-

-

1

~~~~~~~~~~~~~80-

I

0.36t_

~~~~ p

032

,

T

60 :' - - |

2

i

0.30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

0

..

(I

^

l~6

h0

1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

27

Nigeria Market Performance The Nigerian stock market continued to climb in 1990, with the IFC Index for Nigeria rising almost 24% in dollar terms, more than doubling last year's rise and placing the performance of the Nigerian stock market among the top ten world equity markets. The market's rise was led primarily by investors seeking an inflation hedge. Following the invasion of Kuwait, optimism surrounding the rise in oil prices provided the market with added momentum. Liquidity increased dramatically in 1990 with the total value of shares traded for the year increasing almost 190% from US$3.8 million in 1989 to US$10.9 million. Average daily value traded for the year increased from US$15,323 to US$43,426, peaking in August at almost US$108,696 a day, on expectations of improved oil revenues following the invasion of Kuwait. Total market capitalization grew over 36% in 1990, rising from US$1 billion at the end of 1989 to US$1.4 billion. While there are currently no country funds to serve as an equity investment vehicle in Nigeria and foreigners cannot invest directly, the stock exchange is said to be considering ways to improve international opportunities, including the establishment of such a fund. Economic and Political Events Economic growth in 1990 was driven mostly by growth in oil exports, which account for 95% of foreign exchange earnings and 80% of government revenue, and a strong agricultural sector. GDP rose 5.2% in 1990 as compared to 4% in 1989, and is expected to rise 6.6% this year.

28 EmergingStockMarketsFactbook

The austerity measures accompanying the Structural Adjustment Program, initiated in 1986, have begun to show positive results, including the devaluation of the naira and the commencement of the privatization program. Both the domestic and foreign investment communities view the privatization program positively as the increased productivity of Nigerian firms and consequent profitability have sparked renewed interest in investment. More than 70% of the 19 companies in which government holdings were privatized have taken place through public offerings, thus increasing the number of new listings, turnover and market capitalization at the Nigerian Stock Exchange. The banking sector is likely to be the next sector privatized. Early in 1991, agreement was reached on a foreign debt accord with the Paris Club to reschedule US$34 billion of debt as well as a new stand-by agreement with the IMF. However, there was no cancellation of debt because although Nigeria falls into the World Bank's definition of "low-income African country," higher oil prices intervened. Much of the oil revenue is slated for government projects such as highways, agriculture, defense, and petrochemical and steel plants, meaning that two-thirds of government expenditure is going to the public sector, despite the emphasis on private sector liberalization. As a result there will be no significant oil surplus available to creditors or to soften the strict austerity measures affecting the populace. The transition from military to civilian rule came one step nearer with December elections for local governnents. Voter turnout, however, was poor with less than 15% of eligible voters coming to the polls in some parts of the country.

Nigeria, 1990 IFCPrice Index (In US$;End89=100)

Shareof MarketCapitalization of IFC's CompositeIndex

~~~~~ \ ~~~~~~~140 A`siia

26% /

I'

\

Z.

.

w\ Wo

\East

Asia12

47/

I

',

140-fI. 4 '

\

''' *Nigeria

'

_

j

*IFC Composite -

._:

1201

100-

80-

60 America Europe Mideast! Africa

--

\il1

11%

20

Other Europe/ Mideast/Africa

Nigeria 5%

-

-

L

0:

96 A

--

:

F

0

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

AverageDailyValueTraded

ExchangeRate US$/Naira

US$ millions

0.1 4I'

0.12

0.10 '

0.13-._

' 00q1-~~~~~~

'

1-

0.12;

~

;

----

---

7 ' - j 0.08.

~

-

0.06

'---

~

~ ~

-~~

0.04l 0.110.02

0.100

;

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

0.00

-:

-r

Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 29

Pakistan Market Performance The IFC Price Index for Pakistan remained virtually unchanged during 1990, gaining 3.2 % for the year in dollar terms. The State Bank of Pakistan Index rose 9% in dollars for the same period. The effect of the Gulf crisis was observed in the trading value, rather than in stock prices, with monthly trading value in dollars dropping 25% from July to August. However, trading activity picked up again from November onward. Stock prices, in dollars, declined only in the second quarter, but gained in all other quarters in 1990, even after the start of the Gulf crisis. Market sentiment did not seem to suffer because of the uncertainties presented by the Gulf situation and the lackluster economic situation. Under the government's privatization plan, 10% of the shares of Pakistan International Airlines was offered for sale to the public, raising Rs274 million (US$12.7 million). Economic and Political Events In August, the government of the then Prime Minister, Ms. Benazir Bhutto, was dismissed and replaced by a caretaker government appointed by the President. Elections were held in October, following which Mr. Nawaz Sharif succeeded as Prime Minister.

30 EmergingStockMarketsFactbook

The year 1990 saw a heightening of tensions with India, which gradually eased off around mid-year, just before the start of the Gulf crisis. Following the developments in the Gulf, Pakistan, like most other developing economies, fell prey to rising oil prices, reduced exports to the Gulf states, and a sharp decrease in foreign exchange remittances from expatriates working in the Gulf region. These factors contributed to a worsening of the economy, accompanied by swelling trade and current account deficits. In addition, the decision of the United States to suspend aid of US$564 million dealt a serious blow to the economy. Despite these adversities, the economy grew at the rate of approximately 5% during the year. The severe economic situation prompted Prime Minister Sharif to take measures to deal with the crisis. In November, he announced several liberalization moves that smoothed both domestic and foreign investment procedures such as the granting of approvals, repatriation of capital and income, and ceilings on investment. In addition, further privatization plans for public sector companies were announced. The measures were favorably received by the business community. The liberalization moves are also more in line with some IMF loan requirements, in light of the fact that the Pakistani government was denied an IMF loan disbursement in June due to its failure to meet economic targets.

Pakistan, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

*Pakistan EIFC Composite

1201

^

:

~~~~~Mideast/

w tX

11%

East Asia 47%

t/

E

100-1

80 Latin America 16% 60-

40 South Asia 26%

20

Other South Asia

Pakistan 3%

970/

0

End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Exchange Rate

Average Daily Value Traded

US$/Rupee

US$ millions

0.0480

1.4

1.2

0.0475 -

1.0 0.0470-

...... . . . .

.

-. 0.8-

0.0465 0.6 0.0460 0.4

0.04550.

0.0450 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

0.2

0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

31

Philippines Market Performance The IFC Price Index for the Philippines fell over 52% in dollar terms during 1990, while the Manila Commercial/Industrial Index ended 1990 at 870.1, down almost 64% in dollar terms from its November 1989 peak, making the Philippine stock market the second worst performing equity market in the world. The Makati Stock Exchange surpassed the Manila Stock Exchange in terms of value traded and market capitalization for the first time this year, but trading on both exchanges decreased significantly in 1990 with the total value of shares traded for the year falling 50% from US$2.4 billion in 1989 to US$1.2 billion. Average daily value traded for the year decreased from US$10 million to US$5 million. Total market capitalization also fell 50% in 1990, from US$12 billion at the end of 1989 to US$6 billion. The Gulf crisis had perhaps its greatest impact on the Philippine market. The Philippine economy is almost wholly dependent on imported oil, with more than 98% of total crude oil consumption coming from abroad, and 81% from the Middle East. The invasion of Kuwait precipitated the dislocation of Filipino workers contracted to work in the Middle East, causing a loss of foreign exchange reserves stemming from reduced remittances from abroad and a rise in unemployment as dislocated workers retumed to the domestic labor force. In addition, several political and natural disasters occurred during the year which contributed to the market's poor performance. While attempting to thwart a resurgence of the kind of military activity which resulted in the December 1989 coup attempt, the Aquino

32 EmergingStockMarketsFactbook

government faced a widespread drought in the first quarter, major electrical shortages during March-May, a devastating earthquake in July which killed more than 1,600 people and bombings in Metro Manila. The First Philippine Fund, which sold at a25% premium at the end of December 1989, fell to a 30% discount by the end of 1990. The fund fell 54% in price and 17% in net asset value over the same period. Economic and Political Events Inflation for 1990 is estimated at close to 15%, due in part to price adjustments made to bring refined petroleum products in line with world prices. Price hikes were met with violence as higher fuel costs passed through to public transportation fares. Tight monetary policy helped to drive real interest rates higher and fueled the peso's 25% slide during the year. The impact of the peso's slide was disastrous for importers as the trade deficit soared 64% to US$2.25 billion for the first seven months of 1990. The GNP growth rate is expected to have fallen from 6% in 1989 to a projected 3.1% for 1990. A US$1.3 billion debt buy-back plan at 50% of face value was completed in January 1991, followed by a debt reduction agreement with international banks in February. The debt reduction agreement is expected to provide US$712.5 million in new money from 82 banks and about US$1.4 billion through the end of 1991. Intense political debate surrounds the disposition of United States bases in the Philippines following the expiration of the current treaty in September of 1991. Some form of renewal is now being debated.

Philippines, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

ca

,,.:|

Xouth.

|4

t

Philippines EIFC Composite

'

120

Latin

~~~26% |0Q

\

o100o

Europe

\'

Africa 11%_' II' .M: -,-;

:

EastAsia 47%

Oathe Asia E-astAsia

-

60

Tf

~~~~-';

;>

-x_~6

| 220i l

', ,'

PhilippinesLI 3P°O%

i

80

_

0

. .. : . .

-

_

.

7

A

A

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Average Daily Value Traded

Exchange Rate

US$millions

US$/Peso 8

0.050

!~~~~~~~~~~~~~~~~-0.045

~

--- -

~ ~ ~61~~

0.0351

21

0.030

0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

-----

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 33

Portugal Market Performance The IFC Price Index for Portugal dropped 33% in dollar terms for the year. From August to December alone, following the onset of the Gulf crisis, the index dropped 25%. One cause of the downfall, which had begun before the invasion of Kuwait, was a waning of interest from foreign investors, who had come into Portugal in a big way in 1989, boosting share prices. High interest rates also contributed to the lackluster performance. The fall in the market was accompanied by lower turnover at the Lisbon Exchange. Market capitalization decreased from US$10.6 billion at the end of 1989 to US$9.2 billion at the end of 1990, and the average daily value traded decreased from US$8.3 million to US$6.9 million in the same period, rendering the market somewhat illiquid. Seven privatizations took place during the year, with the government receiving PTE148 billion (US$1.0 billion) from the sale of privatized shares. On average, the offerings were oversubscribed. A new fund, The Portuguese Investment Fund, was launched in May 1990. The fund, listed in London, had a gross initial size of US$31 million. The New York-listed Portugal Fund, Inc., and the London-listed

34 EmergingStockMarketsFactbook

Portugal Fund and Oporto Growth Fund all experienced drops in market price of close to 50% for the year. At the end of December, the funds traded at discounts of 14%, 16% and 37% respectively. Economic and Political Events Major concerns for the Portuguese economy were its relatively high inflation rate, estimated at about 13% for 1990 (more than double the average of the European Communities) and its growing budget deficit, equivalent to about 6.5% of GDP. As a result of its high inflation rate, it faces concerns about smooth entry into the European Monetary System. The government continued to devise various means to combat pressures of inflation and the budget deficit, such as tight monetary policies and reduced government expenditures. Despite these problems the economy grew at a real rate of an estimated 4.5% in 1990, one of the highest in Europe. It was fueled by both domestic and foreign direct investment. The latter increased 46% from 1989 to 1990, continuing the trend of large increases each year for the past few years. The privatization drive that took off in 1989 continued in 1990. In March, new privatization laws were adopted that permitted 100% privatizations and called for a limit on foreign ownership on a case-by-case basis, depending on the industry, eliminating the earlier limit of 10% foreign holding of privatized shares.

Portugal, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

1201 South\ 26%

East Asia

,

*Portugal

1IFCComposite --------

100 100-

80

60:

America

40 . t: 4

/

,

- ;j

Europe Mideast/ Afrir-a 11% Other Europe/ Mideast/Africa 82%

:;

. :

.0

E

. ..

20

|_18%_____= Portugal

18%0

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

°7, t

Average Daily Value Traded

Exchange Rate

US$ millions

US$/Escudo

0.010

14

0.00Y-

12' 10-

0.008-

0.005

0.00417 I

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 35

Taiwan, China Market Performance The IFC Price Index for Taiwan, China, fell almost 51% in dollar terms in 1990, while the Taiwan Stock Exchange weighted price index fell 54% in dollars during 1990 from last December's level and 64% from its February peak of 12,682. This made the Taiwan stock market one of the worst performing equity markets in the world.

billion in the market, limiting each investor to US$50 million, and requiring investment principal to remain for three months. No foreign investor can have more than a 5% holding in a single company, with a 10% ceiling on total foreign ownership of any listed company. The Taiwan Fund, which sold at a 57% premium at the end of December 1989, fell to a 29% premium by the end of 1990. The fund fell 40% in price and 26% in net asset value over the same period.

Liquidity decreased significantly in Economic and Political Events 1990 with the total value of shares traded for the year falling over 25% from US$966 bilThe primary force which propelled the lion in 1989 to US$718 billion. Average daily market to a three year low in October was the value traded for the year decreased from slowdown in the economy: real GDP growth US$3.4 billion to US$2.5 million, reaching a for 1990 is expected to be 5.2%, an eight year yearly low in September following the invalow, down from the 7.3% 1989 rate. sion of Kuwait. Total market capitalization fell almost 58% in 1990, from US$237 billion One fundamental component of this at the end of 1989 to US$101 billion, slowdown has been a poorly performing exat teno19toS1bportsector. The trade deficit with Japan, the Because of the appreciation of the New island's second leading trade partner behind Taiwan dollar, the rampant stock speculation the United States, continues to grow despite a that was largely responsible for the spectacu17% appreciation of the yen, and the trade lar rise in the market prior to February fell surplus with the United States is expected to radically. Stock market losses eliminated up drop to US$9.5 billion in 1990, well below to 80% of the wealth of individual investors the levels of the late 1980s. Rising labor costs and led to a significantreductionin domestic and the appreciation of the New Taiwan dolconsumption. lar over the last several years are responsible for severely reduced export sales to the UnitAs with almost all equity markets world ed States, causing the composition of foreign wide, the invasion of Kuwait and subsequent trade to shift substantially, reducing the value increase in oil prices further depressed an alof trade with the United States and increasing ready weakened stock market. Because the trade with Eastern Europe. Taiwanese import all of their oil, the official 1990 inflation rate is expected to be over 6%, In May, President Lee Teng-hui was rea nine-year high. elected by the national assembly to another six-year term; however, he is caught between In mid-September, the Securities and pressure from the aging Kuomintang party Exchange Commission announced a proposal leadership to slow reform and reformists to open the stock market to foreign instituseeking speedier democratic reforms. Student tional investment in an effort to stabilize the sit-ins coincided with his reelection and endmarket and dampen speculative fervor. The ed after President Lee announced plans to esplan, which received final approval from the tablish a more democratic government and a cabinet in late December, permits qualified national affairs conference to discuss demobanks, insurance companies and fund managcratic reforms and the relationship with the ers from abroad to invest a total of US$2.5 government in Beijing.

36 EmergingStockMarketsFactbook

Taiwan, China, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

Latin

Amria

,.

16% /-iw

{

~~~~South

\

~~~~~~~~~~140f *Taiwan,China

DIFCComposite

.

|

120 Europe Mideast/ Af rica

1001 80 1

~~ ~ ~ ~ ~ ~ ~ ~ ~X ~~t

''

'

60

40 EastAsia

' 20)

m

Other East Asia 540/

__

Taiwan, China 46%

0~ EndJan Feb Mar AprMay Jun Jul Aug SepOct NovDec 89 90

Average Daily Value Traded

Exchange Rate

US$ billions

US$/NewTaiwanDollar 6

0.040,

0-039

----

-

-

5-

-

0.0379

ij

0.036

0.037

~

I

I

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook

37

Thailand Market Performance The IFC Price Index for Thailand fell 28% in dollar terms in 1990, compared to a rise of 85% in 1989. Monthly trading value, which had been rising steadily from the beginning of the year, fell 64% between July and September to US$1.4 billion, with the onset of the Gulf crisis.

than 20%. However, this left the Thai market sensitive to world market sentiment, evidenced by the effects of the Gulf crisis. The IFC Price Index dropped 38% in dollars between the end of July and end of September. In early December, the Bank of Thailand raised the ceiling on interest rates for commercial loans from 16.5% to 19% to curb credit demand. This move was not received well by the market. Economic and Political Events

Country funds for Thailand suffered due to negative market sentiment. All except the Thai Fund Inc. traded at significant discounts at the end of 1990, whereas at the end of 1989, the same funds either hovered around the NAV level or sold at significant premiums. The funds also registered large drops in price in 1990, ranging from Thai Euro Fund's decline of 20% to Thai Prime Fund's drop of 48%.

The Thai govemment has traditionally had differences of opinion with the Thai military and this remained true in 1990. Through the course of the year, there were several cabinet reshuffles amidst charges of corruption. The last reshuffle came in December, following the resignation and subsequent reinstatement of Prime Minister Chatichai to form a new coalition more acceptable to the military.

The downtrend of the market during the first quarter was welcomed by many who considered the market to be overheated and felt that a descent to more realistic levels was long overdue. The damper on the market came mainly from suspensions of brokerage houses that attempted to manipulate the market in the early part of the year, port strikes, and problems between Thailand's political parties and the military.

The economy was adversely affected by the Gulf crisis. Following double-digit economic growth rates in the last few years, the growth rate fell slightly below 10% in 1990 and is expected to be 8% for 1991, as estimated by the Bank of Thailand. Inflation for 1990 was 6.5% officially. A major concem is the current account deficit estimated at US$5.5 billion following the Gulf crisis, up from a previous estimate of US$4.4 billion.

The market recovered during the second quarter, bolstered mainly by bank stocks, which had excellent second-quarter eamings performances. In addition, steps were initiated for liberalizing the market by removing foreign exchange controls. Anticipation of a large inflow of foreign funds as a result of the new rules helped push the market up more

The trade deficit, swelling from more expensive imports, is estimated at US$8 billion for the year. However, the economy's foreign exchange reserves are still strong, equivalent to approximately five months' imports. Fiscally, the economy remains strong with a budget surplus estimated at over US$3.8 billion.

38 EmergingStockMarketsFactbook

Thailand, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

140-' _ _

t

'

~~~~~~~Europe ; > ~~~~~~~Mideast/

--.-

..-..

Thailand ElIFCComposite ....

--

---

Aftrica 11%

t0O'

East Asia

[

~~~~~~~~~~~Latin

4711.

America

80<'

-'

I' .;,,:,

1-_0/o

40

South Asia 26%

20:14 South Asia21 79°/°_ 20 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Average Daily Value Traded

Exchange Rate

US$ millions

US$/Baht 200

0.043

0.041

~~~~~~~~~~~~~~~~150

0.039

~~~~~~~~~~~~~100-

0.037j..

0.035 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

50

0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

EmergingStockMarketsFactbook 39

Turkey Market Performance Following a spectacular 300% rise in stock prices during 1989, the Istanbul Stock Market faltered and registered only mixed results for 1990. The 18 stock IFC Price Index for Turkey showed negative returns for the year, with the index declining about 25%. The IFC Total Return Index for Turkey, which includes dividends as well as stock prices, reported positive returns for the year, with the index gaining 27%. The Istanbul Stock Exchange (ISE) index, which consists of a different group of stocks and includes some return components, showed positive returns in 1990, with the 50 stock price index up 16% in dollar terms. The Gulf crisis was probably the single most important factor affecting stock prices on the Istanbul exchange in 1990. In the week following the Iraqi invasion of Kuwait, both the IFC and ISE price indexes fell more than 18%. Although the market rallied to near precrisis highs between September and early October, renewed fears of hostilities in the Gulf caused stock prices to fall rapidly in November and December. It was reported that many foreign investors withdrew from the Istanbul market as a result of the situation in the Gulf, especially in the last three months of the year.

40 EmergingStockMarketsFactbook

Average daily trading values on the Istanbul exchange increased from just over US$3 million in 1989 to US$23.4 million in 1990, a 680% increase. A small part of the improvement in trading activity is due to the merger of the Senior Market and Junior Market in June of 1990, as 1989 trading statistics only considered the Senior Market. Before the merger, the value traded on the JuniorMarket typically accounted for less than 15% of total value traded on the exchange. The Turkish Investment Fund performed poorly in 1990, as a result of investor response to the Gulf crisis and declining share prices on the Istanbul exchange. During the year, the net asset value of the fund fell just over 36% and the discount to net asset value of the fund widened from an 8% discount to an 18% discount. Overall, investors holding shares of the fund saw the market value of their investment drop 44% during the year. Economic and Political Events Although the Gulf crisis slowed economic growth in the last half of the year, the Turkish economy continued to perform well. Estimates for 1990indicate that Turkey's real GDP grew 9.0%, up substantially from the 1.1% rate recorded in 1989. Inflation decreased slightly during the year, dropping from a 63.3% annual rate in 1989 to a 61 % annual rate in 1990.

Turkey, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

200J" South 26%

U Turkey13 IFCComposite

' ,

.

tt

-

,

g

\East

,

Asia,,

----

47%

|

~ ~ ~ MideasVt 1 '

16%

~~~~~~~

A

~~15010 9

50-

AfricaA

89 90

AverageDailyValueTraded

ExchangeRate

US$millions

US51Lira(000's)

401

C

0.5o-t

2

I

0.35i

;

-:

'

L;

0.30 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

10

0

:

T

i

n

1

0

X

--

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 41

Venezuela

Venezuela had the world's best performing stock market in 1990. During the year, the IFC Price Index for Venezuela gained over 571% in dollar terms. The Caracas Stock Exchange's Indice General registered somewhat lower returns, posting a 467% increase in dollars. Total market capitalization increased from US$1.5 billion at the end of 1989 to an estimated US$8.4 billion at the end of 1990.

Government officials reached an agreement in March with commercial banks to restructure almost two thirds of external bank debt. The debt reduction agreement negotiated under the Brady plan affected US$20.5 billion in foreign debt. Restructuring options offered to commercial lenders included lending new money, exchanging current loans for new credits, selling existing loans back to the government at a discount, and swapping existing loans for bearer bonds at lower interest rates. About 34% of the commercial banks chose to lend new money.

The spectacular performance of the stock exchange was attributed to several factors, including: opening the market to foreign investors, takeover bids for several companies including the much publicized bid for Banco de Venezuela, rising oil revenues as a result of the Gulf crisis, speculative activity in the market, scarcity of listed stocks, and undervalued shares at the start of the year.

The controversial Labor Law Reform Bill was passed by Congress in late November and was later signed into law by President Carlos Andres Perez. The law, which took effect on May 1, 1991, affects workweek length, salary criteria, maternity leave, and vacation benefits. Economists expect the bill to contribute to both inflationary pressures and unemployment.

Turnover on the Caracas Stock Exchange averaged US$8 million a day in 1990, a substantial increase over the US$0.4 million daily average recorded in 1989. In the last quarter of the year, average daily trading totals exceeded US$26 million; in sharp contrast, total trading for the entire fourth quarter of 1989 was only US$23 million.

Preliminary figures released by the Central Bank indicate that GDP grew about 4.4% in 1990, versus a decline of 8.3% in 1989. Most of the growth was registered in the petroleum sector which expanded by 8.5%. Venezuela's non-petroleum sectors, showed a growth rate of about 3.8%. Inflation for 1990 totaled 36.5%, a substantial improvement over the 81% figure recorded in 1989.

Market Performance

Economic and Political Events On January 16,1990, Venezuela enacted legislation that significantly liberalized foreign investment. Decree 727, which replaced Decree 1200, simplified investment registration procedures, allowed total foreign ownership in most industries previously reserved for nationals, and permitted the full repatriation of profits.

42 EmergingStockMarketsFactbook

The Superintendencia de Inversiones Extranjeras released figures showing that foreign investment in Venezuela totaled US$4 billion in 1990, double the amount reported in 1989. The figure includes debts canceled under the debt-swap program. Statistics released by Salomon Brothers Inc. indicated that Venezuela had real foreign inflows of capital totaling US$1.8 billion in 1990.

Venezuela, 1990 Share of Market Capitalization of IFC's Composite Index

IFC Price Index (In US$; End 89=100)

700 v 47%

eS_~~ ~ ~~

~

~

~ ~

~ ~ ~ ~ t ~ ~~- ---------S -t

500-

400-

mE ~~~ --------~ ~ ~ ~ ~ ~ ~ ~ ~ ~~- - - - SouthAsia 26%

uoe300 Europe30 Mideast/Africa

%

wS

1:

---g -

--

-. 2

~~~~~11%. ... , <~~~~~'~~~~200-

Latin America 11% 100 Other Latin America 89%

Venezuela I1

0

a

89% E

End Jan Feb Mar AprMay Jun Jul Aug Sep Oct NovDec 89 90

Exchange Rate

Average Daily Value Traded US$millions

US$/Bolivar 50 /

0.030

30

- - - - - - - - - --

R

420

0.015.

0.010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

;r Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 43

Zimbabwe Market Performance The Zimbabwe stock market rose steadily in 1990, as the IFC Index for Zimbabwe jumped almost 84% in dollar terms and more than tripled last year's gain, while the Reserve Bank of Zimbabwe Industrial Index rose almost 122% in dollar terms for the same period, placing the Zimbabwe stock market in the top three world equity markets. Liquidity increased dramatically in 1990 with the total value of shares traded for the year increasing almost 43% from US$36 million in 1989 to US$51 million. Average daily value traded for the year increased from US$141,434 to US$205,263, registering its lowest point in September following the invasion of Kuwait. Total market capitalization grew almost 125% in 1990, rising from US$1.1 billion at the end of 1989 to US$2.4 billion. The rise in the market was driven primarily by excess liquidity in the economy as a result of increased government spending. In addition, corporate profits improved as sales by both industrial and commercial companies rose dramatically. Despite their increase, corporate profits have barely outpaced inflation. Nonetheless, stock holdings remain a way for

44 EmergingStockMarketsFactbook

less wealthy Zimbabweans to maintain an inflation hedge, as real estate, the only other viable option, is too expensive for most to afford. In September of 1990, Cluff Resources Zimbabwe Ltd., a UK-based natural resources group, became the first foreign firm since independence to seek a public listing. The US$25 million issue was 18% undersubscribed, owing mainly to the fact that the issue yielded 7% in contrast to most other mining issues yielding 10%. Economic and Political Events In September 1990, Finance Minister Bernard Chidzero announced the details of a widesweeping trade liberalization and economic reform program. The reforms are expected to provide for the reduction of corporate and personal tax rates from 50% to 30% and 60% to 40% respectively, the elimination of all government subsidies, removal of wage and price controls and a reduction in the tariffs that provide protection for most Zimbabwean industries. In 1991 Finance Minister Chidzero is expected to meet with the Paris Consultative Group meeting of donors to try to raise US$600 million over the next five years to finance economic reforms.

Zimbabwe, 1990 IFC Price Index (In US$; End 89=100)

Share of Market Capitalization of IFC's Composite Index

South X Asia Ag-i 261%

7

EZimbabwe LIIFCComposite

200l

X

;

0EastMAsiai'e'stl

W ~~ ~ ~~ ~ ~ ~ ~ ~~~~~~~~~~-1-5----/

*

50' '

/Mideas / Latin<\\ America <^ L. / A41mca~~~~frc

- - 4----- -

-----.

-

0

_Afric

11%

Other

|

T0

I

Europe/ Mideas3/Africa 97%/

*

Zimbabwe _

3

i

0

____

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate

Average Daily Value Traded

US$/ZimbabweDollar

US$ millions 0.35 -{

0 45

*

0.43

~~~~~~~~~~~~~~~~~~~0.30

i ,

0.41

0.20

---

0.391 0.37-

5~~~~~~~~~~~~~~~02

~

~~~0.15 .Bmid

W0.10

0.05

0.35 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

0.001 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 45

Overview of Emerging Stock Markets, End 1990 CD 00

Percent change fromtheendof 1989

Market

Market capitalization (US$millions)

Average daily valuetraded (US$millions)

3,268 16,354a 13,645 1,416 32,725 8,361

3.53 23.23 3.17 0.29 49.05 9.07

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

o)

Number of listed companies

Change in Change in IFCtotal IFCtotal returnindex returnindex (In US$) (In localcurrency)

Market P-Eratio

Change in currency exchange rate

179 581 215 80 199 66

3.11 5.34 8.86 10.66 13.20 29.31

36.25 -65.39 40.19 38.06 30.08 603.17

165.79 393.24 60.56 70.66 42.91 704.03

-76.01 -92.98 -12.69 -19.10 -8.97 -12.55

EastAsia Korea Phiiippines Taiwan, China

110,594 5,927 100,710

260.10 4.86 2,544.50

669 153 199

21.48 24.51 44.41

-25.55 -50.62 -50.48

-21.47 -38.30 -49.38

-5.19 -19.96 -2.18

SouthAsia Indiab Indonesia Malaysia Pakistan Thailand

38,567 8,081 48,611 2,985 23,896

113.57 16.43 44.37 1.01 92.69

2,435 125 282 487 214

20.59 30.84 23.01 8.53 10.90

18.30 0.15 -4.99 11.39 -19.47

27.51 5.27 -4.99 13.85 -20.44

-7.22 -4.87 0.01 -2.16 1.23

Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe

15,228 2,001 1,372 9,201 19,065 2,395

16.70 1.63 0.04 6.86 23.65 0.21

145 105 131 181 110 57

26.23 8.15 7.01 15.47 22.50 12.01

97.81 4.44 40.86 27.85 27.09 95.18

101.85 4.98 64.50 -34.10 60.62 131.36

-2.01 -0.51 -14.37 9.48 -20.88 -15.64

a SaoPauloonly. Bombay only.

*

,* N, ,

,,

,.

*

,*

-

Best and Worst Performing Markets in 1990 (US$, percent change in price indexes) Percent Change

Best 10

572%

572% Best 10 100%

89%:--

-

Emerging markets Developedmarkets

-

84%

~~~~~4

.

.

.

.

.

. . . ..

.

.

.

.

.

.

.

--

. . . . . . . . . . . .

80%

60%

e

40% --.

........ ...

31% _

27%

25%

24%

20%

Venezuela

Zimbabwe Colombia Nigeria Greece Chile Mexico

UK India

Austria

Percent Change 0%

-20%

-27%

-281% -33%

-33%

-40%

-38%

-40%

-51%

-52%

-60%

Worst 10 -80%

l7 Korea

Finland Thailand

Japan Portugal

-68%

NewZealand Philippines Argentina Taiwan,China Brazil

Emerging Stock Markets Factbook

47

Performance of World Stock Markets in 1990 (PercentChangein US$)

TotalReturnIndex

PriceIndex Rank Market

% change

Rank Market

1 Veeul 2 Greece 3 Zmaw 4Cile S~Colomibia

771Venezuela 89.5 373Zimbabwe 114 25~

6 7 8 9 10 11,

25.2 23.8 16.2 6.0 5.2 3

Mexico Nigeria India UnitedKingdom Austria Hong Kong

12 Pakistan 13 Norway

14~Jordan

603.2 2

ree97.8 95.2

6 7 8 9 10 11

iei Chile

40.

Colombia Mexico Turkey India Pakistan UnitedKingdomi

38.1 30.1 27.1 18.3 114 10.3

402

12 HongKong9.

3. -0.8 141

~~~~~~~~~137 ~Ausia6.

-13.1 -14.2 -14.4 -15.2 -15.3

Jra 12.0 15Norwa 16 Indonesia 17 Denmark 18 Netherlands 19 MSCINorthAmerica States 20 United KokusalIndexi 21 MSCg Malaysia Switzerlad 24 G a00any Belgi 26 MSCIPacificexJapan 27 Singapore 28 Canada 29 Spain 30 France

-5.4 -8.9 9.9 -10.1 -11.7 -122 -127 -134

36 Australia 37 Sweden 41IFKoratAea3ff8 MSCIWorldexUS 39 EAFE Authaian 42 MSCI 40 Turkey 437 SFCwompsit

-21.0 -224 -26.7 -24.4 -24 7 -2160 -25.0 -31.6

36 Sweden 37 MSCIWorldexUS 341 ItalCopsie-8.4 38 MSCIEAFE 39 Sweland 42 Korea 40 Portugal 437Jpn MSCIWolexU

-20.4 -22.8 -23.2 -25.6 -31.1 -27.9-2 -36.0

405 uky-504 44 FinlaId E

Portugal -33.3

5NwZeln -27 44 Aorgena

3.5 -356.

46 Japan, Nikkei 47 Argentina 48 IFCAsia 49 NewZealand China 50 Taiwan, 51 Philippines 52 Brazl

-35.1 -37.8 -39.3 40.3 -50.8 -2 -6.

46 47 48 49 50

15Dnmark 16 Indonesia States 17 United 18 MSCINorthAmerica 19 MSCIEurope17 20 Netherlands Index Kokusai 21 MSCI 22Swizrland 23Luxembourg Ge24 1 Gemny-08

-2.5 -5.6 -6.4 -6.4 -6.6

0-70

-7622 -i.s23 0

$0251-1. }0;;0f<<;; 0000;; ;SingaptCiore; 00t2:5 ;;;0 |00000020000 26 27 28 29 30

Malaysia Belgium MSCIPacificexJapan France Canada

- Notavailable.

markets. MSCItor developed markets; IFCforemerging Sources:

48

% change

Emerging Stock Markets Factbook

.51

IFCAsia Taiwan, China Philippines Brazil 17 MSCIEurope Luxembourg 2 Irelnd

. . 0.2 -0.4 -20 -2.9 -3.1

-3.6

-3728 -50.5 -50.6 -65.4 -

t*

.4

The World of Emerging Stock Markets, 1990 (Market Capitalization in US$) Yugoslavia $0.04 billion r~~

>

r

@r20

t

~~~~_ _ o'f ,Kfir~x._//, a; -t-fYS7 (~'J f ---k(~'-'N(,5S

Greece $15.2 billion

1s

1 1f "s

/

-,'

D

"

Turkey $19.1 billion

L

w

'l.

&f)

9X

Tunisia$0.5 billion Portugal$9.2 billionr

<,<; _

Jordan$2.0billion

,, ,,Ji

, ,,ti

. N

Bangladesh

N.

Morocco$1.0 billion . { Af1 . $0.9 r>Jd-Jamaica billion .g<-

$8.4 billio f Ven~~~ezuela B\i l c . Vneuearbados billion

y

Colombia $1'4 billionTobago Colombia$1.4billionV bl

01

'~>\

-Peru$0.8billon

~

°

'

>.

Chile

g$1lh3.l6

A

ntina $3.3 billion

o 0t 0

oO

N

Korea $110.6 billion -T~~ Taiwan, China $100.7 billion

,

Thailand $23.9 billion Philippines $5.9 billion

1

Malaysia $48.6 billion

$0. bilio $0.9 billio

r

ndonesiaion on $billion billi Mauritius

Botswana $0.2 billion L$0.3 8':

billion

< ni < $pF,n3d8.6 3 1 ........... .

Sr SriLanka

() /_J

'K

N;

/

$0.5 billion Nigeria $1 b.4billi

$16 :

r

"

P$ak0.billion

$0.7 billin' Coted'lvoire

.Brazil

er$0.8 billion

e -

and

t>inidad

X,,5,

5

\ .

/

$0.3 ,

t9

fD 0

/

Mexico)

ci

1 ;

(

$0.3billion

,

billion Zimbabwe ' $2.4 / > billion v

K

'

' .

.2

->-

Market Capitalization, 1981-1990 (In Millionsof U.S. Dollars) as

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

De -

Developed markets

Finland

-

2,759

4,134

4,167

France Germany HongKong Israel

5,855

11,692

38,100 62,600 38,912 6,972

19,698

28,000 68,900 18,784 150894

30,179

38,100 82,600 17,095 5,083

30,652

41,100 78,400 23,602 6,120

22,721

79,000 183,765 34,504 7,626

149,500 257,677 53,789 91,84

172,048 213,166 54,088 12,001

244,833 251,777 74,377 5,458

364,841 365,176 77,496 8227

341,695 379,399 83,397 10,560

Norway SGouth Arica Singapore Spain Sweden

3,334 74,900 34,808 16,700 17,200

2,396 77,900 31,235 11,100 18,600

4,597 82,800 15,525 10,908 30,200

5,793 53,400 12,247 120 25,700

10,063 55,439 11,069 , 37,296

16,28 102,652 16,620 48,922 63,354

11,818 128,663 17,931 71,188 70,564

14,332 126,094 24,049 90,904 100,083

25,285 131,059 35,925 122,652 119,285

26,130 137,540 34,308 111,404 92,102

2,501,655

2,670,238

3,306,060

3,350,632

4,551,656

6,367,448

7,691,613

9,404,602

11,025,722

9,058,995

8,6

2221

Developed markets New~ ~~ eaan

a ExcludingUndertakingsfor CollectiveInvestment.

,

-

6,16

15,71

13131,8,3

a

4y

4,

E

*1' t

Market Capitalization, 1981-1990 (conitinu1ed) (In Millionsof U.S. Dollars)

Emergingmarkets Argentina Bangladesh * Brazit(SaoPaulo) Chile Colombia CostaRica

Coted'lvoire Egypt(Cairo) * Greece India(Bombay)* * Indonesia Jamaica Jordan

-

1981

1982

1983

1984

2,056 30 12,598 7,050 1,399

974 34 10,249 4,395 1,322

1,386 48 15,102 2,599 857

1,171 87 28,995 2,106 762

Sri Lanka

Ei 0q

rvI w p T 0 0

Taiwan,China * Thailand andTobago Trinidad Turkey Uruguay Venezuela* * Zimbabwe Index IFCComposite markets Allemerging Total

1986

1987

1988

2,037 113 42,768 2,012 416

1,591 186 42,096 4,062 822

1,519 405 16,900 5,341 1,255

2,025 430 32,149 6,849 1,145

-

118

156

195

246

274 216 2,266 6,649 74 127 2,457

321 654 1,923 7,058 144 177 2,845

248 1,106 964 7,178 101 113 2,713

237 1,691 766 6,370 85 142 2,188

302 1,382 765 14,364 117 266 2,454

332 1,716 1,129 13,588 81 536 2,839

458 1,826 4,464 17,057 68 631 2,643

4,224 15,300 10,100 377 3,010 864 1,371 1,738 156

4,408 13,903 1,719 292 1,458 877 685 1,981 92

4,387 22,798 3,004 253 2,970 1,126 546 1,389 84

6,223 19,401 2,197 236 3,191 1,226 397 834 73

7,381 16,229 3,815 255 2,743 1,370 760 669 192

13,924 10,108 15,065 5,952 279 1,112 1,710 2,322 2,008 1,530

32,905 14,196 18,531 8,371 357 974 1,960 831 2,948 8,857

-

-

Kenya

Korea Kuwait Malaysia Mexico Morocco Nigeria* Pakistanf Peru Philippines * Portugal

.

1985

-

5,312 1,003 1,175 511 60 2,441 -

79,208 82,838 2,584,493

Index. in IFCComposite included markets Emerging -Notavailable.

-

5,086 1,260 1,357 952 24 2,415 355 63,416 66,960 2,737,198

-

7,599 1,488 1,011 968 9 2,792 265 79,770 83,222 3,389,282

-

9,889 1,720 843 956 9 176 88,329 92,127 3,442,759

365

10,432 1,856 463 !5 1,128 360 111,108 115,224 4,666,880

421

15,367 2,878 374 935 35 1,510 410 128,609 145,164 6,512,612

608

48,634 5,485 388 3,221 40 2,278 718 184,129 203,869 7,895,482

-

437 1,760 4,285 23,623 253 796 2,233 474 94,238 11,836 23,318 13,784 446 960 2,460 4,280 7,172 471

120,017 8,811 268 1,135 24 1,W16 774 351,327 368,269 9,772,871

1989

4,225 476 . 44,368 9,587 1,136

1990

3,268 321 16,354 13,645 1,416

-

-

531

549

6,376 27,316 2,254 957 2,162 -

140,946 9,932 39,842 22,550 621 1,005 2,457 930 11,965 10,618 427

15,228 38,567 8,081 911 2,001 448

110,594 -

48,611 32,725 966 1,372 2,985 848 5,927 9,201 917

237,012 25,648 411 6,783

100,710 23,896 696 19,065

1,472 1,067 598,789 613,074 11,638,796

8,361 2,395 464,402 470,058 9,529,053

r1h

Equity Markets and GNP 1989 0

110 -

U>> > Emerging 100 - markets 100 _ _

o

o

Malaysia

Taiwan,China

*Developed markets

Korea

UK

Jordan s

Thailand

U Philippines F.~~~~~~~~~~~~~~~~~~~~U

Chile

* Zimbabwe

~~~~~~~Zimbabwe

a 10-

cc

India

5--

USA

U

z

X

Japan

U

Brazil

Agnia Argentina

Francem

Mexico

~~~~~~India

Norway

aGermany Portugal Greece

Austria

UGreece ~~~~~~~~~~~~Turkey

Pakistan Nigeria _

Colombia Colombia

Venezuela

Indonesia

100

1,000

10,000 GNP per Capita(in US$)

..

.U

,,

...

,*

U

20,000 30,000

Regional Weights of Emerging Markets (Based on Market Capitalization in US$) 1990

1981

LatinAmerica Latin America 46%

LatinAmerica 17%

Europe

~~4%

Mideast & Afriaca 8%

Europe 9%

Asia Asia 29% ien EastAsia

46%

14% T

Total: $83 billion

u.o

Total: $470 billion

rD

Market Size and the Economy 0

Market Capitalization, 1990

Gross Domestic Product, 1989

0

:¢

Emergingmarkets $470billion 5%

Emergingmarkets $2.1 trillion 12%

Developedmarkets $9.1 trillion 95%

Developedmarkets $14.6trillion 88%

4~

~

q]

C

I

I

0

o

Number of Listed Companies, End 1990

873

6200

2071

2,006

669

6342

600

cu 500--

- - -

--

- -

0L

E 400 214

215

300

~~~~~~~r1 ~~~ ~

~

~

~

~

~

4

100 n~~~~~ o

~~~~~~~0 Bra

Chi

Era

Gre

Ind r

.Jpn

Kor

Emerging markets

Mex

Tai

Tha

markets Developed

UK

USA

Ven

Number oi Listed Domestic Companies, 1981-1990 roci

rs r

<

o

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

568 456 158 136

535 450 212

48 518 442 258

52 504 449 269

50 489 472 260 267

49 482 492 248 255

49 650 507 276 283

66 646 609 282 265

78 668 628 284 262

73 873 649 284 267

146 838 127 327 157

130 754 132 368 142 6

122 748 136 423 135 7

112 740 150 427 132 8 ,00W

Developed markets IAustraia636626647697819

Finland France Germany HongKong Israel Italy

~~~ ~

~~~~132131314141820212734

Norway SouthAlrica Singapore Spain Sweden Switzerland United Kingdom Unie Sttes

109 475 103 490 130 121 2,403 6,866

112 470 112 448 138 119 2,279 6,834

Developed markets

16,427

113 464 118 394 145 120 2,2172,171 7,722

16,090

ey

X,

7977 17,830

17,018

forCollective Investment. Undertakings a Excluding

.,

140 470 121 375 159 121

l,,

156 462 122 334 164 131, 2,1116 8,022 18,184

149 536 122 312 154 14566 21020 8,4037,1 19,049

68672634 19,144

18,417

0

18,251

17,892

*

S.t

,,

>,

*

,l\b

Number of Listed Domestic Companies, 1981-1990 (continued) Market

Emerging markets

W

ciz t g

t1

Argentina Bangladesh Brazil(SaoPaulo) Chile* Colombia CostaRica Coted'lvoire Egypt(Cairo) Greece* India(Bombay) Indonesia Jamaica Jordan Kenya Korea Kuwait Malaysia Mexico Morocco Nigeria Pakistan Peru Philippines Portugal SriLanka Chinat Taiwan, * Thailand andTobago Trinidad Turkey* Uruguay Venezuela~ Zimbabwe Index* IFCComposite markets Allemerging Total

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

263 25 477 242 19 23 64 111 2,114 8 36 72 55 343 187 229 75 93 311 133 190 23 107 80 29

248 28 493 212 193 24 25 112 113 3,358 14 35 86 54 334 194 206 78 93 326 144 200 26 113 81 34 314 49 98 62 6,750 7,347 23,437

238 43 505 214 196 32 25 154 113 3,118 19 36 95 54 328 204 163 76 93 327 150 208 25 119 88 34

236 56 522 208 180 41 25 258 114 3,882 24 36 103 54 336

227 69 541 228 102 51 25 317 114 4,344 24 38 104 54 342 55 222 157 76 96 362 159 138 24 171 127 100 36

217 78 592 231 99 61 25 387 114 4,744 24 40 103 53 355 70 223 155 76 99 361 177 130 63 171 130 98 33 40 41 108 53 7,915 9,151 28,200

206 85 590 209 96 71 25 430 116 5,560 24 43 101 53 389 64 232 190 76 100 379 197 138 143 168 141 125 33 50 41 110 53 8,928 10,238 29,382

186 101 589 205 86 76 24 483 119 5,841 24 44 106 55 502 65 238 203 71 102 404 236 141 171 176 163 141 33 50 40 60 53 9,360 10,788 29,205

178 116 592 213 82 78 23

179 134 581 215 80

119 5,968 57 45 106 57 626 52 251 203 71 111 440 265 144 182 176 181 175 31 50 39 60 54 9,735 10,745 28,996

145 6,200, 125 44 105 56 669

-

50 -

62 4,904 5,421 21,848

0

Index. in IFCComposite included markets Emerging a Estimated, - Notavailable.

47 60 6,094 6,764 23,782

217 160 77 93 347 157 149 23 123 96 36 373 43 116 56 7,334 8,141 25,971

-

43 108 55 7,391 8,509 26,693

23 -

-

282 199 71 131 487 265 153 181 175 199 214 30 110 -

66 57 10,253 11,176 29,068

Value Traded, 1981-1990 (InMillionsof U.S. Dollars)

o

_

Market

,

_

.__

_

_

_

_

_

_

_

_

_

_

_

___ _

_

_

1981

1982

1983

1984

1985

1986

1987

1988

1989

Finland France Germany HongKong Israel

8,403 13,670 18,959 4,210

138 7,328 14,490 7,615 6,650

249 8,345 32,949 5,116 10,284

417 7,690 29,764 6,243 735

502 14,682 71,572 9,732 748

1,869 51,548 135,700 15,299 1,455

6,047 88,085 373,428 47,627 4,828

7,076 65,505 350,274 23,405 2,447

7,363 107,286 628,630 34,584 3,909

5,170 129,013 1,003,609 34,633 5,535

Norway SouthAfrica Singapore Spain Sweden

101 2,837 6,377 1,622 3,669

96 2,575 2,419 1,380 4,614

962 3,752 5,588 1,300 9,847

1,350 2,528 3,849 2,465 8,496

1,877 2,836 1,383 3,382 9,644

1,702 4,990 2,679 14,944 19,830

8,935 9,568 6,854 36,070 19,588

4,849 4,947 4,470 25,608 18,752

12,489 7,095 13,711 38,389 17,420

14,100 8,158 20,293 40,967 15,797

1990

Developedmarkets

Developed markets

778,964

765,335

1,202,546

1,240,132

1,603,018

3,494,296

5,688,688

a Excluding Undertakings forCollective Investment.

,,

eU

,,

C

hi

kI

5,591,098

6,308,073

5,238,120

Value Traded, 1981-1990 (continued) (In Millions of U.S. Dollars) Market markets Emerging ' Atgentina Bangladesh (SaoPaulo)* Brazil Chile* Colombia CostaRica Coted'lvoire Egypt(Cairo) * Greece India(Bombay) Indonesia Jamaica Jordan* Kenya Korea Kuwait Malaysia Mexico Morocco Nigeria* ' Pakistan Peru Philippines* trr Portugal SriLanka China Taiwan, rF * Thailand no andTobago Trinidad z Turkey' ,,) nUruguay Venezuela' Zimbabwe >Index IFCComposite ~ Allemergingmarkets m Total

1981

1982

1983

1984

1985

454

231 5,961 163 93 48 12 37 5,030 19 6 318

389 4,887 65 65 2 32 17 2,377 11 5 329 2,260 3,398 1,112 17 18 26 483 1

277 0 9,962 51 47 0 1 132 12 3,916 2 7 .138 3,869 2,226 2,160 16 16 180 28 125 3

631

6,230 375 332 7 13 55 6,693 12 2 227

79 163 2

2,700 1,392 781 10 12 41 142 1

5,677 108 19

3,422 238 232

11 47 136 31,921 32,052 811,016

3 82 75 20,697 21,049 786,384

3,721 3,498 4,181 10

-

Index. in IFCComposite included 'Emergingmarkets Notavailable.

-

-

-

9,081 381 151 10 1 59 38 24,981 25,215 1,227,761

-

8,194 434 76 7 0 27 6 31,652 31,912 1,272,044

1 21,484 57 30 0 1 97 17 4,959 3 21 163 4,162 387 2,335 2,360 13 15 236 38 111 5 3 4,899 568 61 0 31

9 42,075 42,697 1,645,715

1986

309 2 28,912 298 49 0 3 180 32 10,781 1 68 185 10,889 1,412 1,180 3,841 9 16 155 239 563 60 5 18,931 1,133 52 13 2 52 12 77,412 79,384 3,573,680

1987

251 6 9,608 503 80 1 14 167 441 6,743 3 73 420 24,919 3,023 3,829 15,554 8 7 162 301 1,524 1,518 11 84,112 4,633 25 115 4 148 23 154,593 158,226 5,846,914

1988

593 4 17,979 610 63 1 9 115 313 12,241 4 25 337 79,180 2,543 2,623 5,732 33 5 177 57 875 1,136 12 275,624 5,598 22 101 221 39 403,451 406,272 5,997,370

1989

1990

1,916 5 16,762 866 74 4 5

852 6 5,598 783 71 18

-

549 17,362 541 90 652 121,264 1,709 6,888 6,232 16 4 193 90 2,410 1,912 3 965,840 13,452 69 798 1 93 36 1,157,844 1,159,836 7,448,018

3,924 21,918 3,992 32 407 206 75,949 -

10,871 12,212 62 11 231 176 1,216 1,687 22 715,005 22,894 55 5,841 -

2,232 51 885,745 886,322 6,124,442

ON

8

Number of Large Companies in the IFC Composite Index, End 1990 70 61 60o~ -

62

- - - - -- - - - - - 60

- - - - - - -

Companies withmarket

~~~~~~~~~~~~~~~~~~~~~~~~~~~~capitalization

~ ~~ ~~~~~~~~~-~~~~~~~~~~~~ ~ ~ ~ ~ ~~~~~Greater -----

-

50

---

-

-

-

than

-

BraN Col Id

$250 million

en

Ml hi

ThJo$100

million and

LI] ~~~~~~~$250 million

38

~40

36

_

_

_

_

_

E 0

1. 30 6

24

20

O

20

20

1 13~~~~~~~~~~~~~~~

~~~~~~~~~~8

10 10

65

0

4

W~~,

l

44 ~~~~~~~~~U!Between

4

0

4

_

_

_

_

_

-

l

Selected Turnover Ratios, 1990

Valuetradedas a percentof average1990marketcapitalization

_30_ 156%

150%

0

~~~~~93%

F5)

76%

100% ..61 o~~~....

54%

D)

50%~~~~~~~~~~~~~~3

o

0% Tai

Austria

Tha

Idn

Id

Kor

USA

Emergingmarkets E0

Jpn

UK

Phi

markets Developed

Chi

Zim

Nig

Market Concentrationa (Percentage of Total)

Shareof market capitalization heldbyten largest stocks,end1990

Shareof valuetraded heldbytenmost activestocks,1990

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

60.2 22.4 48.8 76,9 35.5 60.9

73.7 34.4 56.7 38.5 25.7 86.6

EastAsia Korea Philippines Taiwan, China

30.9 56.3 53.9

25.6 56.0 20.2

SouthAsia India Indonesia Malaysia Pakistan Thailand

23.5 51.0 28.0 25.5 35.7

30.6 41.1 19.2 20.2 20.4

Europe/MideastMAfrica Greece Jordan Nigeria Portugal Turkey Zimbabwe

48.2 67.2 53.1 46.6 61.7 48.3

57.4 46.8 60.7 23.8 40.0 33.5

Developed Marketsb Canada France Germany Japan Switzerland U.K. U.S.A.

28.4 25.8 41.7 17.1 49.6 244 14.1

Market

a StocksintheIFCComposite Index,relative to thetotalstockmarket. b Source for developed markets: MSCI,atApril1990. - Notavailable

62

Emerging Stock Markets Factbook

Price-Earnings Ratios, End 1990

Developedmarkets

Emergingmarkets

50

44

40

31 31 29 26

30

25

2

23 2

21 20

CD

~~~

~~~~~~~~14 12~~~~~~1

13

13 8

~~107 ~~~~~~~~3

eQ

0~~~~~~~

Chi

Arg Bra C) 0

Gre

Fra Col

Ger

Ind

Jpn

Kor

Mex

Pak

Por

Tha

Zim

USA

Tur

Tai

Phi

Nig

Mal

Jor

Idn

UK

Ven

Comparative Valuationsa

Price-earnings ratio o Market

g

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines Taiwan, China SouthAsia India Indonesia Malaysia Pakistan Thailand

Price-book valueratio

End Relative 1990 to worldtb

End 1989

End Relative 1990 to worldt

3.11 5.34 8.86 10.66 13.20 29.31

0.20 0.35 0.58 0.70 0.86 1.92

22.14 8.30 5.82 6.96 10.66 6.44

0.37 0.75 1.42 1.35 1.29 5.94

0.20 0.41 0.78 0.74 0.71 3.26

21.48 24.51 44.41

1.40 1.60 2.90

38.57 18.50 51.17

1.47 3.37 6.54

20.59 30.84 23.01 8.53 10.90

1.35 2.02 1.50 0.56 0.71

18.34 41.50 30.75 8.44 23.07

26.23 8.15 7.01 15.47 22.50 12.01

1.71 0.53 0.46 1.01 1.47 0.78

9.30 12.60 31.00 10.90 14.10 15.30

0.61 0.82 2.03 0.71 0.92 1.00

Dividend yield

End 1989

End Relative 1990 to worldb

End 1989

1.64 1.34 1.33 1.08 1.03 1.37

0.89 9.44 5.00 7.60 3.41 0.72

0.29 3.05 1.61 2.45 1.10 0.23

4.69 0.66 9.50 7.05 2.10 2.21

0.81 1.85 3.59

2.50 4.35 6.55

0.48 2.28 0.00

0.15 0.74 0.00

1.26 1.10 0.58

4.02 4.24 3.08 1.98 3.71

2.21 2.33 1.69 1.09 2.04

3.46 7.50 3.34 1.80 8.06

1.89 0.53 2.20 5.61 4.18

0.61 0.17 0.71 1.81 1.35

1.93 2.19 8.26 7.94

24.30 14.93 6.99 21.42 17.64 7.00

4.87 1.68 1.77 2.06 3.70 1.98

2.68 0.92 0.97 1.13 2.03 1.09

3.12 1.88 1.83 3.79 7.18 1.27

4.96 6.47 11.97 2.66 5.47 4.02

1.60 2.09 3.86 0.86 1.76 1.30

4.62 2.38 7.33 1.87 3.61 9.75

12.50 17.80 51.90 11.70 14.10 19.30

1.38 1.75 2.52 1.54 1.92 1.82

0.76 0.96 1.38 0.85 1.05 1.00

2.09 2.39 4.79 1.95 2.16 2.60

4.00 4.00 0.80 5.70 3.70 3.10

1.29 1.29 0.26 1.84 1.19 1.00

2.70 2.90 0.40 4.50 3.30 2.20

-

Europe/Mideast/Africa

Greece Jordan Nigeria Portugal Turkey Zimbabwe DevelopedMarketsC

France Germany Japan United Kingdom United States World

- Notavailable, a Thecomposite P-EandP-BVareaverages of thecompanies intheIFCindexes weighted by market capitalization; thedividend yieldrepresents a 12monthmovingyieldfortheindexes. bRelative to theMSCIWorldIndex. Source for developed markets:MSCI.

Performance of Selected Country Funds US$ billions

~ ~ ~~~.r1

CA

8.

0~~~~~.0 Sep Jun Mar. 8.0 Dec 4.0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. .. ........

..

:

.

Sep -

.

Dec

Mar ..... ... ...

Jun

Mar

Jun

Sep

De

90

90

90

9

............................

.0

ffq

-

~~~~0.0~ '///////

p.Dec 88

Mar

Jun

Sep

Dec

89

89

89

89

-

a0

Marketvalue

Net asset value

Performance of Selected Closed-End Country Funds for Emerging Markets (Currency Amountsin US$;End 1990)

r, S no no ITI

o

o°xr

Principal market andfundname Regional Funds EMGF, Inc.(1,11,111) Templeton E.M.Fund EMIF, Inc.(1,11,111) NewWorldInvestment Fund Commonwealth EquityFund AsianDevel. EquityFund JFAsiaSelect Fund Brazil Equity Fundof Brazil BrazilFund Chile ChileFund,Inc. FiveArrowsChileFund GTChileGrowthFund India IndiaFund IndiaGrowthFund Indonesia JFIndonesia Fund(1,l1) Jakarta Fund Nomura Jakarta Fund Indonesia FundInc. Korea Korea Fund(1,11,111) Korea GrowthTrust Korea Int'lTrust(1,11) Korea Trust(1,l1) Korea EuropeFund(1,I1, II) SeoulInt'lTrust SeoulTrust Malaysia Malaysia Fund Malaysia GrowthFund Malacca Fund(I,ll)

Market listed

Dateof first offering

Luxembourg AMEX Luxembourg Notlisted Notlisted Luxembourg Hong Kong

May86 Feb87 Feb88 May89 Sep90 Jan88 Dec89

383.21 115.00 230.74 62.50 56.56 100.00 103.00

Notlisted NYSE

Sep87 Mar88

87.50 150.00

NYSE London London

Oct89 Feb90 Feb90

80.50 75.00 106.00

15.00 10.00 10.60

London NYSE

Jul86 Aug88

127.80 60.10

Notlisted London Hong Kong NYSE

Mar89 Aug89 Sep89 Mar90

NYSE Hong Kong Notlisted Notlisted London Notlisted Notlisted NYSE Notlisted London

Gross initialsize (US$million)

Offering price pershare

Market priceper share

12-month %change inprice

20.75 10.00 11.59 10.00 10.00 10.00 1.03

23.64 13.13 13.64 11.18 10.06 13.11 0.82

-23.8 -11.0 -7.0 6.7 -10.8 -24.1

5.7 3.9 13.4 7.3 2.4 9.7 -20.4

-18.0

480.58 150.94 271.67 69.87 56.90 131.10 82.00

-71.3 -47.6

-14.4 -20.1

13.1

43.35 81.00

15.50 7.38 8.50

-0.8 -

2.8 -20.6 -18.3

-11.6 -31.9 -29.0

83.18 55.31 85.00

1.70 12.00

2.80 10.75

-35.2 -41.9

11.9 -4.6

-32.6 -22.7

209.92 53.86

67.52 42.00 30.00 60.00

1.35 21.00 10.00 15.00

1.34 12.25 8.63 10.00

-7.1 -41.0 -14.0 -

-0.6 -40.0 -11.1 -41.8

-20.0 -3.5

67.00 24.50 25.89 40.00

Aug84 Mar85 Nov81 Nov81 Mar87 Apr85 Apr85

150.00 31.50 27.25 26.03 116.13 31.35 31.35

10.88 10.50 10.48 14.87 4.04 10.45 10.45

12.38 32.00 43.50 51.75 4.85 32.00 32.00

-64.0 -52.9 -55.6 -55.0 -51.5 -53.6 -51.9

13.7 21.4 18.7 16.2 9.0 21.8 21.8

11.6 -3.7 -3.4 -1.7 10.0 -4.5 -3.3

266.76 96.00 113.10 90.56 139.24 96.00 96.00

May87 Apr89 Jan89

96.60 45.25 89.68

12.00 10.00 13.80

11.00 10.67 11.50

-41.3 -14.2 -22.0

-2.4 4.0 -14.1

-11.2 -17.6

88.55 48.28 74.75

_

..

~

..

4

100,000.00 12.50

59,176.00 6.75

~~~~ ~ ~ ~ ~ ~ ~ ~ ~

.

-

Compound annual return(%)

Premium/ discount to NAV(%)

Total marketvalue (US$million)

10.2 -

_

Compound annual return(%)

Premium/ discount to NAV(%)

Total value market (US$million)

Gross initialsize (US$million)

Offering price pershare

Market priceper share

12-month %change in price

Jun81 Aug90

147.31 72.00

7.47 12.00

12.63 9.88

17.4 -

2.9 -44.3

-19.4 -12.5

252.39 59.25

London NYSE

Oct89 Nov89

52.00 100.10

10.40 12.00

5.13 6.38

-35.1 -53.6

-45.5 -44.2

-25.7 -30.3

25.63 53.18

Portugal Fund Portugal GrowthFund Oporto Fund,Inc. Portugal Inv.Fund Portuguese

London London NYSE London

Aug87 88 May Nov89 May90

42.32 37.10 69.00 31.00

10.58 10.60 15.00 100.00

4.50 5.00 9.38 78.00

-47.8 -50.0 -45.6 -

-22.6 -25.2 -35.2 -29.9

-16.0 -37.3 -13.8 -2.0

18.00 17.50 43.12 24.18

China Taiwan, Fund Formosa TaipeiFund Fund(1,11,111) Taiwan Fund Taiwan R.O.C.

London London NYSE NYSE

Mar86 May86 Dec86 Oct83

25.70 25.70 94.31 42.13

10.28 10.28 23.46 10.28

69.50 44.84 21.63 7.50

-41.3 -53.3 -54.7 -43.4

49.5 37.9 -3.3 -4.3

-3.5 -10.4 39.4 -17.9

173.75 112.10 86.95 225.00

Thailand Fund(1,11,111) Bangkok SiamFund ThaiFund,Inc. Fund Thailand ThaiEuroFund ThaiPrimeFund ThaiInt'lFund

London Notlisted NYSE London London Singapore London

Aug85 Feb88 Feb88 Dec86 May88 Sep88 Nov88

44.17 95.04 114.96 31.14 80.25 155.00 80.03

17.72 11.88 12.00 10.38 10.70 10.00 10.67

55.00 17.25 15.38 29.31 11.75 12.30 11.50

-26.2 -28.9 -47.2 -19.9 -42.4 -47.7 -47.5

33.2 14.1 9.1 29.6 3.7 9.6 3.4

-13.2 -10.7 17.5 -29.1 -6.9 -28.7

137.50 138.00 147.29 87.93 88.13 190.65 86.25

Turkey Fund Investment Turkish

NYSE

Dec89

84.00

12.00

6.75

-43.8

-43.8

-18.2

47.25

market Principal andfundname

Market listed

Dateof first offering

Mexico Fund Mexico Fund Equity& Income

NYSE NYSE

Philippines ManilaFund Fund FirstPhilippine

C0

UQ no

Total

'

5,135.35

Notes: Notapplicable. oneor moreofferings. thetotalcapitalraisedbythefundthrough * 'Grossinitialsize(US$millions)': andsplits. for stockdividends adjusted soldbythefundin oneormoreofferings, fees,of shares pershare,including averageprice 'Offeringpricepershare':theweighted traded. is notactively pershareiftheshare price(inUS$)fortheshare,orthenetassetvalue(NAV) pricepershare':thelasttransaction * 'Market changes. for capitalization overthelevelof ayearago,asadjusted price(orNAV) in market change inprice':thepercent * '12month%change basedontheofferingpricespershareandthetimingof newsubscriptions. onthecurrentmarketprice(orNAV), cashdividends) meanmonthlyreturn(excluding annealreturn':theannualized ' .Compound whereatradingpriceis availabe. pershare, netassetvalue(NAV) to thepresent pricepershare market ordiscountof thepresent (%)':thepremium to NAV * 'Premium/discount of market in thecomputation arenotconsidered timesthelastpricepershare.VVarrants andoutstanding issued of shares thenumber bymultiplying valueof thefund,calculated themarket value(US$millions)': * 'Totalmarket theNAVpershareisused. notradingpriceisavailable, value.Where -

cr

4,000.20

Market Information and Investor Protection m

_

_

_

_

_

_

_

_

_

:(1)

__

_

_

_

_

__

(2)

_

_

_

__

(3)

_

_

(4)

_

_

_

__

(5)

(6)

(7) Financial disclosure

Share price index

'71

o o

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela Asia India Indonesia Korea Malaysia Pakistan Philippines Taiwan, China Thailand Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe Key: Column (1) (2) (3) (4) (5)& (6) (7) (8) (9)&(10)

Securities exchange publications

Regular publication of P-E, yield

International electronic coverage

Market commentaries in English

X X X X X X

AQMWD AMWD AMWD AMWD AMWD AMWD

X X X X X X

P C C P C p

LR LR,IR LR

X X X X X X X X

AMWD AMD AMWD A(M/2)WD AD AMWD AMWD AQMWD

X X X X

C C C C P C C C C P P C C P

X X X X X X

-

X X X

AMWD AMWD AWD AMWD AMWD AWD

X X X X X -

Company brokerage reports

Consolidated annual audited

LR LR,IR LR,IR LR LR,IR LR

X X X X X X

LR LR,IR LR,IR R,IR LR LR,IR LRIR LR,IR

LR -R,IR LRIR LR,IR LR,IR IR LR,IR

X X X X X X X X

LR,IR LR,IR LR,IR LR,IR LR,IR LR

LRJIR LR LR LR,IR LR,IR LR

X X X X X X

-

LR,IR

-

Symbols priceindexiscalculated; mosthaveseveral, andmanyhavesectoral indexes aswell. X = At leastoneshare A = Annual; 0 = Quarterly; M = Monthly;(M/2)= Biweekly; W =Weekly; D= Daily. X = Dailycoverage of stockmarketonaninternational wireservice. P Published; C= Comprehensive andpublished internationally LR= Prepared by localbrokersoranalysts; IR= Prepared byinternational brokers oranalysts. X = Consolidated audited annual accounts required. 0 = Quarterly resultsmustbepublished; S = Semiannual resultsmustbepublished. G = Good,of internationally acceptable quality;A = Adequate; P = Poor, requires reform; agency concentrating onregulating marketactivity. S = Functioning securities commission orsimilargovernment

4,

*

,

(9)

_

_

_

_

(10)

- timing requirements

00

r-0

(8)

* a.X

s

r

Interim statements

Q Q Q 0 Q S(banks only)

Accounting standards

Investor protection

A G G A G A

AS GS GS AS GS AS

S S S S S S 0 0

G P G G A G P A

GS AS GS GAS AS PS AS

S

P P A A A A

PAS AS AS PS AS

-

Q S Q S

Entering and Exiting Emerging Markets: A Summary of Investment Regulations (At February28, 1991)

Arelisted stocks freelyavailable to foreign investors?

Income

Repatriationof: Capital

FreeEntry Argentina Brazil Jordan Malaysia Pakistan Portugal Turkey

Free Free Free Free Free Free Free

Free Free Free Free Free Free Free

RelativelyFreeEntry Chile Colombia CostaRica Greece Indonesia Jamaica Kenya Mexico Sri Lanka Taiwan,China Thailand Trinidad& Tobago Venezuela

Free Somerestrictions Somerestrictions Somerestrictions Somerestrictions Somerestrictions Somerestrictions Free Somerestrictions Free Free Relatively free Somerestrictions

After3 years Free Somerestrictions Somerestrictions Somerestrictions Somerestrictions Somerestrictions Free Somerestrictions Free Free Relatively free Somerestrictions

SpecialClassesof Shares Philippines Zimbabwe

Free Restricted

Free Restricted

SpecialFundsOnly India Korea

Somerestrictions Free

Somerestrictions Free

Closed Bangladesh Nigeria Peru

Somerestrictions Somerestrictions Restricted

Somerestrictions Somerestrictions Restricted

Note: Someindustriesin somecountriesareconsideredstrategicandare not availableto foreign/non-resident investors,andthe levelof foreign investment in othercasesmaybe limitedby nationallaw or corporatepolicyto minority positionsnot to aggregatemorethan49% ofvoting stock.Thesummaries abovereferto newmoneyinvestmentby foreign institutions;otherregulationsmay applyto capitalinvestedthrough debtconversionschemesor othersources. Key to Access: FreeEntry- Nosignificantrestrictionsto purchasingstocks. RelativelyFreeEntry- Someregistrationproceduresrequiredto ensurerepatriationrights. SpecialClasses- Foreignersrestrictedto certainclassesof stocks,designatedfor foreign investors. SpecialFundsOnly- Onlyapprovedforeignfunds maybuy stocks. Closed-Accessprohibitedor severelyrestricted(e.g.,for non-residentnationalsonly). Key to Repatriation: Income- dividends,interest,and realizedcapitalgains. Capital- Initial capitalinvested. SomeRestrictions- Typically,requiressomeregistrationwith or permissionof CentralBank,Ministryof Finance,or an Officeof ExchangeControls that mayrestrictthe timing of exchangerelease. Free- Repatriationdone routinely.

EmergingStockMarketsFactbook 69

Withholding Tax for U.S.-based Institutional Investors (Percentage Rates in Effect at the End of 1990)

Interest

Long-term capitalgainson Dividends listedshares

LatinAmerica& the Caribbean Argentinaa 16.8 Barbados 15.0 Brazilb 25.0 Chileb 10.0 Colombia 15.0 CostaRicac 15.0 Jamaica 12.5 Mexico 15.0 Trinidad& Tobago 30.0 Venezuelad 20.0

17.5 15.0 25.0 10.0 0.0 5.0 15.0 0.0 10.0 20.0

36.0 0.0 25.0 10.0 30.0 0.0 0.0 0.0 0.0 0.0

Asia India Indonesia Korea Malaysia Pakistan Philippinese Sri Lanka Taiwan,Chinaef Thailandg

25.0 20.0 15.0 20.0 0.0 15.0 0.0 20.0 0.0

25.0 20.0 25.0 0.0 15.0 15.0 15.0 20.0 20.0

40.0 20.0 0.0 0.0 0.0 0.3 0.0 0.0 25.0

Europe/Mideast/Africa Botswana Greeceh Jordan Kenya Nigeria Portugal' Turkey Yugoslavia Zimbabwe

15.0 0.0 0.0 12.5 15.0 25.0 0.0 0.0 10.0

15.0 42.0/45.0 0.0 15.0 15.0 25.0 0.0 0.0 20.0

0.0 0.0 0.0 0.0 20.0 0.0 0.0 20.0 30.0

a Capitalgainstax appliesto gainsaboveinflation.

bNo dividendwithholdingtax if reinvested. ICapital gainstax of 52 millioncolones. 'No withholdingtaxesapplyto sharesof publiclycontrolledcompanies(SAICA). I Transactiontax on gross transactionvalue. f Availableonly to investorsin approvedinvestmentvehicles. 9Ratesforfunds registeredin Thailandarehalf of ratesshown. Unlikeothercountnes, Greecehasno corporate profittax on distributed earnings. Registered shares'rateis 42%,bearershares'rateis 45%,afterexemptions. On 80% ofthe total dividend.

70

Emerging Stock Markets Factbook

A Note on Exchange Rates Any international comparison of prices and values relies critically on the currency exchange rates selected as the basis for comparison. Consistency of sources, periods, averaging methods, and other uses of exchange rates can greatly affect the translated results, and thus their information content. At the same time, the timeliness of availability of exchange rate data is another major consideration. In view of these considerations, IFC uses several sources of exchange rates, for different purposes. The exchange rates used are: For comparative tables, market capitalizations and values traded were converted to US$ using the rates published in the International Monetary Fund's International Financial Statistics (IFS) end-of-period rate (line ae or equivalent) and period average rate (line af or equivalent), respectively. For 1990, however, the IFS has not yet released a full series, and in those cases, IFC has used exchange rates from the financial press, as described below. For Equity Market Profiles, the local currency values have been converted at end-of-period rates for stock items, and period average rates for flow items. The exchange rates used are shown in each

profile. The source is the financial press, and end of period exchange rates are used. The financial press reports used were principally the WallStreet Journal, supplemented by the Financial Times (London). For IFC Indexes and local indexes in US$, the exchange rates are taken from the Wall Street Journal, or if not available there, the Financial Times (London). The exchange rates are collected for each Friday and for the last day of each month. When countries have multiple exchange rate systems, IFC uses the nearest equivalent "free market" rate to convert values to US$. However, this selection is tempered by the need to reflect "repatriable" values; that is, the exchange rate that would apply to repatriation of capital and income at a given date. At times, this can lead to US$ amounts that seem overstated, relative to the amounts that would arise if a parallel market rate were used. The use of any particular exchange rate in this Factbook does not necessarily imply an endorsement of that exchange rate by IFC, the World Bank or other affiliates, nor should it be inferred that such exchange rate relationships will continue in the future.

EmergingStockMarketsFactbook 71

Currency Exchange Rates per U.S. Dollar, 1990 (Month-end)

on

p-

Market

m

Latin America Argentina Brazil Chile Colombia Mexico Venezuela

Iz o

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

1800.000 17.6400 286.2400 435.1300 2710.0300 43.5000

5765.0000 30.4000 282.9600 446.7500 2744.9900 43.5000

4655.0000 41.5000 285.4700 456.8000 2764.0000 42.4000

4890.0000 50.7500 287.1500 469.0000 2797.0100 44.4600

5070.2200 54.6600 294.4200 485.5000 2833.0100 46.2000

5330.2100 60.0000 285.1500 485.0000 2849.0000 47.1000

5560.1900 68.3300 287.8700 485.5000 2865.0000 47.1000

6325.0000 69.4200 305.2900 505.0900 2883.0100 47.1000

5675.0000 81.2900 307.3100 524.0000 2892.0000 47.0000

5550.0000 100.8800 319.1900 523.0000 2921.0000 49.0700

5190.0000 140.0000 331.1900 523.0000 2933.0000 49.5500

5670.0000 161.0200 336.8600 523.0000 2948.0000 49.7400

685.7000 21.7500 26.1300

687.3000 21.7700 25.9500

691.5700 22.0000 26.4000

698.5200 22.1000 26.1700

701.9000 22.2500 27.1200

706.9600 22.4500 27.2000

715.5000 23.1500 26.7800

715.5000 24.1500 26.8900

715.0000 24.8000 26.8000

715.0500 24.8500 26.7800

714.5000 27.0000 26.7500

714.5000 27.2000 26.6300

16.8900 1794.0100 2.6980 21.2500 25.5500

16.9400 1800.9900 2.7030 21.1800 25.6400

17.1400 1810.0200 2.7270 21.1800 25.8500

17.3000 1815.0100 2.7155 21.7000 26.0000

17.3000 1825.0300 2.7025 21.7700 25.6700

17.3600 1845.0200 2.7100 21.7000 25.7300

17.3400 1852.0200 2.6960 21.6000 25.5400

17.2900 1858.0100 2.6880 21.6300 25.4500

17.9500 1845.0200 2.6995 21.5500 25.2500

18.1400 1868.0100 2.6995 21.6700 25.0700

18.0700 1868.0100 2.7035 21.7200 25.0100

18.1500 1889.0000 2.6983 21.7200 25.3000

Europe/MideastMAfrica Greece 157.8000 Jordan 0.6524 Nigeria 7.8000 Portugal 147.4800 Turkey 2327.0400 Zimbabwe 2.3015

160.8000 0.6633 7.8400 147.7300 2374.0000 2.3052

163.2000 0.6643 7.8800 149.7500 2445.0500 2.4021

164.5000 0.6633 7.8800 148.4300 2497.0000 2.4408

166.4000 0.6613 7.8800 147.3500 2558.0000 2.4691

162.5000 0.6633 7.8800 147.2000 2615.0000 2.4771

155.6000 0.6570 7.9000 141.4600 2643.0100 2.4600

156.2000 0.6570 7.9000 136.5000 2663.1200 2.4820

154.2500 0.6458 7.9200 139.1000 2712.2300 2.5465

153.2000 0.6458 7.8804 133.6500 2747.0000 2.5294

154.1000 0.6409 8.6500 131.9000 2783.0000 2.5799

159.5000 0.6409 8.7000 136.6400 2898.0000 2.6609

EastAsia Korea Philippines Taiwan, China SouthAsia India Indonesia Malaysia Pakistan Thailand

I,~

~~~~~ *

.

*.

.

i

a *

(,

*I

Percent Change in U.S. Dollar Exchange Rates, 1990

Market

Jan

LatinAmerica

Argentina Brazil Chile Colombia Mexico Venezuela

CD

or

on wT

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

23.85 -26.75 -0.88 -2.20 -0.69 259

-4.81 -18.23 -0.59 -2.60 -118 -4.63

-3.55 -7.15 -2.47 -3.40 -1.27 -3.77

-4.88 -8.90 3.25 0.10 -0.56 -1.91

-4.14 -12.19 -0.94 -0.10 -0.56 0.00

-12.09 -1.57 -5.71 -3.88 -0.62 0.00

11.45 -14.60 -0.66 -3.61 -0.31 0.21

2.25 -19.42 -3.72 0.19 -0.99 -4.22

6.94 -27.94 -3.62 0.00 -0.41 -0.97

-8.47 -13.05 -1.68 0.00 -0.51 -0.38

-1.21 0.09 -0.31

-0.23 -0.09 0.69

-0.62 -1.05 -1.70

-0.99 -0.45 0.88

-0.48 -0.67 -3.50

-0.72 -0.89 -0.29

-1.19 -3.02 1.57

0.00 -4.14 -0.41

0.07 -2.62 0.34

-0.01 -0.20 0.07

0 08 -7.96 0.11

0.00 -074 045

-0.30 0.17 0.02 0.00 0.23

-0.30 -0.39 -0.18 0.33 -0.35

-1.17 -0.50 -0.88 0.00 -0.81

-0.92 -0.27 0.42 -2.40 -0.58

0.00 -0.55 0.48 -0.32 1.29

-0.35 -1.08 -0.28 0.32 -0.23

0.12 -0.38 0.52 0.46 0.74

0.29 -032 0.30 -0.14 0.35

-3.68 0.70 -0.43 0.37 0.79

-1.05 -1.23 0.00 -0.55 0.72

0.39 0.00 -0.15 -0.23 0.24

-0.44 -1.11 0 19 0.00 -1.15

-0.95 -2.27 -4.49 144 -1.46 -2.46

-1.87 -1.64 -0.51 -0.17 -1.98 -0.16

-1.47 -015 -051 -1.35 -2.91 -4.03

-0.79 0.15 0.00 0.89 -2.08 -1.59

-1.14 0.30 0.00 0.73 -2.38 -1.15

2.40 -0.30 0.00 0.10 -2.18 -0.32

4.43 0.96 -0.25 4.06 -1.06 0.70

-0.38 000 0.00 3.63 -0.76 -0.89

1.26 1.73 -0.25 -1.87 -1.81 -2.53

0.69 0.00 0.50 4.08 -1.27 0.68

-0.58 0.76 -8.90 1.33 -1.29 -1.96

-3.39 0.00 -0.57 -3.47 -3.97 -3.04

Europe/Mideast/Africa

Greece Jordan Nigeria Portugal Turkey Zimbabwe

Apr

-68.78 -41.97 1.16 -2.60 -1.27 0.00

SouthAsia

India Indonesia Malaysia Pakistan Thailand

Mar

-24.44 -35.94 2.75 -2.77 -0.98 0.00

EastAsia

Korea Philippines China Taiwan,

Feb

Currency Exchange Rates per U.S. Dollar, 1981-1990 (Year-end) no Market

Currency

1981

1982

1983

1984

1985

1986

Austral Cruzeiro Peso Peso Peso Bolivar

0.000725 0.000128 39.0000 59.0700 26.2289 4.2925

0.004855 0.000253 73.4300 70.2900 96.4800 4.2925

0.023261 0.000984 87.5300 88.7700 143.9299 4.3000

0.1787 0.003184 128.2399 113.8899 192.5599 12.6500

0.8005 0.01049 183.8599 172.1999 371.6997 14.4000

1.2570 0.01455 204.7300 219.0000 923.5000 22.7000

3.5000 0.07118 232.4300 262.1400 2200.0000 29.4500

16.3000 0.73107 249.5400 336.0000 2320.0000 37.2000

1360.0000 11.3000 294.1100 423.0900 2683.5000 43.5000

5670.0000 161.0200 336.8600 523.0000 2948.0000 49.7400

700.5000 8.2000 37.8400

748.7996 9.1710 39.9100

795.5000 14.0020 40.2700

827.3997 19.7600 39.4700

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

714.5000 27.2000 26.6300

9.0992 644.0000 2.2423 9.9000 23.0000

9.6339 692.5000 2.3213 12.8400 23.0000

10.4932 994.0000 2.3383 13.5000 23.0000

12.4514 1074.0000 2.4250 15.3600 27.1500

12.1655 1125.0000 2.4265 15.9800 26.6500

13.1220 1641.0000 2.6030 17.2500 26.1300

12.8900 1650.0000 2.4880 17.5000 25.1900

15.0200 1717.0000 2.7100 18.5000 25.1900

16.8400 1797.0000 2.6985 21.2500 25.6100

18.1500 1889.0000 2.6983 21.7200 25.3000

57.6300 0.3390 0.6369 65.2500 133.6200 0.7172

70.5700 0.3515 0.6702 89.0600 186.7500 0.9195

98.6700 0.3715 0.7486 131.4500 282.7998 1.1055

128.4799 0.4050 0.8083 169.2800 444.7400 1.5024

147.7599 0.3678 0.9996 157.4900 576.8599 1.6412

138.7600 0.3441 3.3168 146.1200 757.7898 1.6781

126.7000 0.3430 4.1413 129.8700 987.8200 1.6620

147.7000 0.4750 5.3000 146.7200 1805.1000 1.9429

156.3000 0.6376 7.4500 149.6000 2293.0000 2.2448

159.5000 0.6409 8.7000 136.6400 2898.0000 2.6609

1987

1988

1989

1990

LatinAmerica ITI

Og o

Argentina Brazil Chile Colombia Mexico Venezuela EastAsia

Korea Won Philippines Peso Taiwan, China New Taiwan Dollar SouthAsia

India Indonesia Malaysia Pakistan Thailand

Rupee Rupiah Ringgit Rupee Baht

Europe/MideastMAfrica

Greece Jordan Nigeria Portugal Turkey Zimbabwe

Drachma Dinar Naira Escudo Lira Zimbabwe Dollar

- - -- - - -

Percent Change in U.S. Dollar Exchange Rates, 1981-1990

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

-72.50 -48.75 0.00 -13.80 -11.33 0.00

-85.07 -49.43 -46.89 -15.96 -72.81 0.00

-79.13 -74.32 -16.11 -20.82 -32.97 -0.17

-86.98 -69.10 -31.75 -22.06 -25.25 -66.01

-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

EastAsia Korea Philippines China Taiwan,

-5.80 -7.32 -4.84

-6.45 -10.59 -5.19

-5.87 -34.50 -0.89

-3.86 -29.14 2.03

-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

SouthAsia India Indonesia Malaysia Pakistan Thailand

-12.85 -2.67 -0.89 0.00 -10.30

-5.55 -7.00 -3.40 -22.90 0.00

-8.19 -30.33 -0.73 -4.89 0.00

-15.73 -7.45 -3.58 -12.11 -15.29

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 1.23

Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe

-19.25 -9.00 -14.51 -18.71 -32.53 -12.07

-18.34 -3.56 -4.97 -26.73 -28.45 -22.00

-28.48 -5.38 -10.47 -32.25 -33.96 -16.82

-23.20 -8.27 -7.39 -22.35 -36.41 -26.42

-13.05 10.11 -19.14 7.49 -22.90 -8.46

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

Market LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

t

on

0

co

0 C

Standard Deviation of U.S. Dollar Exchange Rates (Five Years Ending December 1990)

Number of months

Standard deviation

Meanof % changes

Latin America Argentina Brazil Chile Colombia Mexico Venezuela

60 60 60 60 60 60

17.09 10.56 1.95 1.11 4.84 5.83

-11.49 -14.17 -0.99 -1.83 -3.26 -1.87

EastAsia Korea Philippines Taiwan,China

60 60 60

0.84 2.32 1,48

0.37 -0.57 0.68

South Asia India Indonesia Malaysia Pakistan Thailand

60 13 60 60 60

1.29 0.56 1.03 0.97 0.65

-0466 -0.41 -0.17 -0.51 0.09

Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe

60 60 60 60 60 60

2.99 2.80 9.84 2.97 2.02 2.01

-0.08 -0.88 -2.87 0.28 -2.63 -0.78

Market

76

Emerging

Stock Markets Factbook

2. Stock Market Idexes

IFC Index Methodology IFC Index Methodology

Price Indexes 78

Principal Industries in the IFC Indexes IFC Composite Index 82 Latin America 83 Asia 84 Europe, Mideast and Africa 85

Total Return Indexes Regional Total Return Indexes, 1984-1990 Regional Total Return Indexes, 1990 87 IFC Total Return Indexes, 1990 88 Percent Change in IFC Total Return Indexes, 1990 89 IFC Total Return Indexes, 1981-1990 90 Percent Change in IFC Total Retumn Indexes, 1981-1990 91 Correlation Coefficient Matrix of IFC Indexes 92 Correlation Coefficient Matrix of Total Return Indexes 93 Standard Deviations of Total Return Indexes 94 Highs and Lows of IFC Total Return Indexes 95

86

Regional Price Indexes, 1984-1990 96 Regional Price Indexes, 1990 97 IFC Price Indexes, 1990 98 Percent Change in IFC Price Indexes, 1990 99 IFC Price Indexes, 1981-1990 100 Percent Change in IFC Price Indexes, 1981-1990 101 Correlation Coefficient Matrix of Price Indexes 102 Standard Deviation of Price Indexes 103 Highs and Lows of IFC Price Indexes 104 Weekly IFC Price Indexes, January-March 1990 105 April-June 1990 106 July-September 1990 107 October-December 1990 108 Local Stock Market Price Indexes, 1981-1990 109 Percent Change in Local Stock Market Price Indexes, 1981-1990 110 Correlations between Changes in IFC Price Indexes and Local Market Indexes Il1

IFC Index Methodology General Methodology

Market Capitalization

The IFC Indexes are weighted by market capitalization. They measure the change in components' value, adjusted for changes in capitalization, and for addition or deletion of stocks to the Indexes.

Market Capitalization (M) is the sum of the market value of all stocks included in the Index. The market value of each stock is equal to:

Formula where The formula is based on the chained Paasche method. The general expression of the Indexes is: when i > 1,

and when i = 1, X1=100,~L1 M, M where Xi = index at time i; Bi = base value of the Index; when i= 1 (the first period), market capitalization equals the Index base value; Mi = market capitalization of components at time i; and Mi = adjusted market capitalization (adjusted for stock splits, stock dividends, rights issues, new issues of stock, stock cancellations and, in the total return Indexes, for payment of cash dividends and stock dividends implicit in rights issues).

78 EmergingStockMarketsFactbook

Pi = the last transaction price for the stock in period i; ni = the number of shares issued and outstanding at the end of the period i.

Adjusted Market Capitalization

Total Return Index

The adjusted market capitalization for period i (M-) is determined as:

The adjustments described above are used to calculate the Price Indexes; the adjusted market capitalization calculation for the Total Return Index is:

Mi

-Ii-Ri-Ni+Qi_ 1 )_

(M 1

where

1i

M = (M -IL-Rl-Ni+Q1-+D +V1 )

= the market value of new issues of shares

for period i. A cancellation of shares would be treated as a negativenew issue. Stocks created by the conversion of other securities are treated as new issues; Ri = the market value of rights issues made in period i, calculated as the market price per share times the number of shares; Ni = the market capitalization of any new stocks that were added to the Index in period i; and

Qi = the market capitalization of any stocks in the Index in the prior period which were deleted from period i. Stocks may be deleted from the index, through mergers or delistings, for example.

where Di= the total cash dividends paid in period i (cash dividend paid per share times the number of shares eligible for the cash dividend); Vi

=

the total implied stock dividend in rights issues as determined by the number of shares in the rights issue, times the difference between the previous stock price and the rights issue price. Rights issues at market prices thus have no impact on total returns, while right issues at prices above market decrease total returns.

EmergingStockMarketsFactbook 79

Indexes in U.S. Dollars

Component Stocks

The above equations are used to generate the IFC indexes in the various local currencies. IFC also calculates its Indexes in U.S. dollars by converting stock prices in local currency into U.S. dollars and then calculating the Index.

IFC selects stocks for inclusion in the Indexes on the basis of three criteria:

Regional Indexes IFC also calculates a twenty market Composite Index and regional Indexes for Latin America and Asia. The regional Indexes follow the same methodology but treat all stocks in the regions as if they were in a single country. Regional Indexes are calculated in U.S. dollars only.

Markets in the Regional Indexes Latin America Argentina Brazil Chile ^Mexico

The Indexes include actively traded stocks broadly diversified by industry, whose combined market values are approximately 60% of total market capitalization at the end of each year. Once a year, the components of the Indexes are reviewed for their representativeness (shares of total market capitalization and total value traded in the local stock exchanges), and additions are made as necessary. Stocks are not selected on the basis of their availability to foreign investors or any performance criteria other than those described above.

Asia Korea 0gX1-l Malaysia Taiwan, China - ^ Thailand

1- Composite Argentina -0-00 Brazil Chile Colombia Greece India -Indonesia

Market capitalization Liquidity Industry classification

If several stocks meet the liquidity and market capitalization criteria, but only one or two are needed, IFC selects the stocks in industries that are under-represented in the IFC index. In a few instances, particularly where

Jordan Korea Malaysia Mexico Nigeria Pakistan Philipinest

Portugal -: Taiwan, China -00 [ Thailand Turkey Venezuela Zimbabwe Zimbto

80 EmergingStockMarketsFactbook

multiple classes of stocks are common (e.g., Brazil and Mexico), IFC may include in the Index more than one class of stock for the same company. These are not necessarily actively traded, but their presence is necessary give a balanced view of the capitalization of companies that have other classes of stock that are actively traded.

IncreasedCoveragein 1991 IFC increased its coverage of companies in emerging markets in 1991. The IFC Composite Index increased from 762 stocks to 838

stocks, a net gain of 76, by the addition of 124 new stockand the deletionof 48 stocks.A breakdown of the changes by region is shown below.

Changein Coverage # Stocks in 1990

Added in 1991

Deleted in 1991

# Stocks in 1991

Latin America Europe/Mideast/Africa South Asia East Asia

195 134 243 190

33 23 33 35

-5 -4 -34 -5

223 153 242 220

Total

762

124

-48

838

EmergingStockMarketsFactbook 81

Principal Industries in the IFC Indexes IFC Composite Index

Coverage at end1990

Sector

No.of stocks

Market capitalization (US$millions)

Coverage for 199 1a Weight (percent)

No.of stocks

Market capitalization (US$millions)

Weight (percent)

Agriculture/forestzy/fishing

22

3,624.3

1.33

22

4.546.7

1.49

Mining Metalmining Oil& gasextraction

41 26 11

14,930.7 11,137.4 2.860.8

5.50 4.10 1.05

44 27 14

15,143.3 11,190.0 3,054.1

4.96 3.66 1.00

Construction

23

7,036.9

2.59

23

7,576.1

2.48

427 54 27 24 27 41 20 21 41 19 35 28 29

103,769.5 7,331.2 3,839.9 6,310.0 6,520.2 8,527.1 5,668.1 7,098.2 17,044.1 7,516.0 5,184.8 11,056.3 8,549.7

38.21 2.70 1.41 2.32 2.40 3.14 2.09 2.61 6.28 2.77 1.91 4.07 3.15

465 61 32 26 32 44 25 21 41 18 36 35 30

115,632.9 9,104.2 4.342.8 6,307.0 7,383.3 8,877.4 8,064.5 7,237.0 18,151.4 7,472.2 6,325.4 12,639.1 9,514.7

37.85 2.98 1.42 2.06 2.42 2.91 2.64 2.37 5.94 2.45 2.07 4.14 3.11

Transport/communications/utilities Communication Electric, gas,andsanitary services

27 7 11

26,739.9 5,110.5 16,900.4

9.85 1.88 6.22

37 11 15

29,430.7 7,093.9 17,295.8

9.63 2.32 5.66

Wholesale/retail trade

25

7,068.3

2.60

24

7,061.3

2.31

149 69 27 15 16

94,021.9 62,722.8 11,597.1 6,612.1 8,869.3

34.62 23.10 4.27 2.43 3.27

171 88 30 18 9

108,423.8 74,724.4 12,184.5 8,264.8 8,808.5

35.49 24.46 3.99 2.71 2.88

Services Hotel

17 13

3,469.4 2,847.9

1.28 1.05

19 15

5,634.1 3,742.7

1.84 1.23

Other/diversified holdingcompanies

31

10,920.9

4.02

31

12,042.3

3.94

762

271,581.8

100.00

836

305,491.2

100.00

Manufacturing Foodandkindred products Textilemillproducts Apparel & finishedtextileproducts Paper & alliedproducts Chemicals & alliedproducts Petroleum refining& alliedproducts Rubber& misc.plasticproducts Cement & cement products Primarymetalindustries Fabricated metalproducts Electrical & electronic equipment Transportation equipment

Finance/insurance/real estate Banking Creditagencies otherthanbanks Security& commodity brokers Insurance

Total

a SeetheIFCIndexMethodology sectionfora discussion of theincreased coverage of stocksin 1991.

82

Emerging Stock Markets Factbook

Principal Industries in the IFC Indexes Latin Americaa

Sector

Market No.of capitalization stocks (US$millions)

Weight (%)

Agriculture/forestry/fishing

7

322.0

0.72

Mining Metalmining Oil& gasextraction

14 10 3

4918.3 1,948.6 2,273.6

11.07 4.39 5.12

Construction Manufacturing Foodandkindred products Textilemillproducts Apparel & finishedtextileproducts Paper&alliedproducts Chemicals & alliedproducts Petroleum refining& alliedproducts Rubber & misc.plasticproducts Cement & cement products Primarymetalindustries Fabricated metalproducts Electrical & electronic equipment Transportation equipment

1

0.8

0.00

118 19 1 7 11 10 7 4 14 7 14 7 6

20,235.2 3,418.1 116.3 347.7 3,687.4 1,474.4 1,364.0 281.8 4,277.2 186.3 1,715.2 791.7 1,180.5

45.56 7.70 0.26 0.78 8.30 3.32 3.07 0.63 9.63 0.42 3.86 1.78 2.66

13 3 6

6,984.3 3,955.2 2,447.2

15.72 8.90 5.51

4

1,972.9

4.44

26 14 1 3 4

6,397.9 4,7101 281.4 392.8 465.7

14.40 10.60 0.63 0.88 1.05

Services Hotel

1 1

186.7 186.7

0.42 0.42

Other/diversified holdingcompanies

11

3,399.6

7.65

195

44,417.7

100.00

Transport/communications/utilities Communication Electric, gas,andsanitary services Wholesalelretail trade Finance/insurance/real estate Banking Creditagencies otherthanbanks brokers Security& commodity Insurance

Total a Argentina, Brazil, Chile,Colombia, MexicoandVenezuela.

Emerging Stock Markets Factbook

83

Principal Industries in the IFC Indexes Asiaa (End 1990)

Sector

Market No.of capitalization stocks (US$millions)

(%)

Agriculture/foresty/ffishing

14

3,258.0

1.59

Mining Metalmining Oil& gasextraction

21 12 8

9,332.7 8,712.0 587.3

4.55 4.25 0.29

Construction

20

6,877.4

3.35

239 24 19 16 11 24 10 13 20 9 15 18 22

75,287.1 2,943.4 3,480.3 5,579.4 1,830.2 6,755.7 4,157.7 6,404.9 10,998.5 6,403.8 2,778.6 9,678.8 7,213.0

36.72 1.44 1.70 2.72 0.89 3.30 2.03 3.12 5.36 3.12 1.36 4.72 3.52

9 2 3

18,503.9 479.6 13,897.9

9.03 0.23 6.78

Wholesale/retail trade

14

4,680.3

2.28

Finance/insurance/real estate Banking Creditagencies otherthanbanks Security& commodity brokers Insurance

86 33 19 12 10

78,382.2 50,648.0 10,214.0 6,219.3 8,395.1

38.23 24.70 4.98 3.03 4.09

Services Hotel

13 10

2,967.6 2,503.0

1.45 1.22

Other/diversified holdingcompanies

17

5,730.1

2.79

433

205,019.3

100.00

Manufacturing Foodandkindred products Textilemillproducts Apparel&finishedtextileproducts Paper&alliedproducts Chemicals & alliedproducts Petroleum refining& alliedproducts Rubber & misc.plasticproducts Cement & cement products Primary metalindustries Fabricated metalproducts Electrical & electronic equipment Transportation equipment Transport/communications/utilities Communication Electric, gas,andsanitary services

Total

a India:Indonesia; Korea; Malaysia; Pakistan; Philippines;Taiwan, China; andThailand.

84

Weight

Emerging Stock Markets Factbook

Principal Industries in the IFC Indexes Europe, Mideast and Africaa (End 1990)

Sector

No. of stocks

Market capitalization (US$millions)

Weight (%)

Agriculture/forestry/fishing

1

44 4

0 20

Mining Metalmining Oil & gas extraction

6 4 0

679.9 476.8 0.0

3.07 215 0.00

Construction

2

158.7

0.72

Manufacturing Foodand kindredproducts Textilemill products Apparel& finishedtextile products Paper& alliedproducts Chemicals& alliedproducts Petroleumrefining& alliedproducts Rubber& misc. plasticproducts Cement& cementproducts Primarymetalindustries Fabricatedmetalproducts Electrical& electronicequipment Transportationequipment

70 11 7 1 5 7 3 4 7 3 6 3 1

8,247.1 969.7 243.2 3830 1.0026 297.0 146.4 411.5 1,768.4 925.9 691.0 585.7 1562

37.24 438 1.10 173 4.53 1.34 0.66 1.86 7.99 4.18 3.12 2.64 0.71

Transport/communications/utilities Communication Electric,gas,and sanitaryservices

5 2 2

1.251.7 675.7 5553

5 65 3.05 2 51

Wholesale/retail trade

7

415.0

1.87

37 22 7 0 2

9,241.9 7,364.7 1,101.8 0.0 85

41 73 33.26 4.98 0.00 0.04

Services Hotel

3 2

315.2 158.3

1.42 0.71

Other/diversified holding companies

3

1,791.3

8.09

134

22,145.2

100.00

Finance/insurance/real estate Banking Credit agenciesotherthanbanks Security& commoditybrokers Insurance

Total

Greece,Jordan,Nigeria,Portugal,Turkeyand Zimbabwe.

Emerging Stock Markets Factbook

85

Regional Total Return Indexes, 1984-1990

(Index in US$;Dec 84=100) 700-

600-

IFC Latin America IFC Asia

500 -

IFC Composite

......... - - - - - - -

400 300

----

0

200 020

100

Dec 84

Dec 85

Dec 86

Dec 87

Dec 88

Dec 89

Dec 90

1984

1985

1986

1987

1988

1989

1990

100.0 100.0 100.0 100.0 100.0 100.0

128.3 179.2 98.1 131.7 156.7 157.8

144.1 168.8 134.9 156.2 266.3 267.8

166.2 103.3 193.6 164.4 332.7 339.0

267.3 200.4 354.9 191.5 427.9 436.2

414.7 331.9 557.0 251.9 474.1 485.2

297.0 282.8 346.7 244.1 364.1 369.6

-

28.3 79.2 -1.9 31.7 56.7 57.8

12.3 -5.8 37.5 18.6 69.9 69.7

15.3 -38.8 43.5 5.2 24.9 26.6

60.9 94.1 83.3 16.5 28.6 28.7

55.1 65.6 56.9 31.6 10.8 11.3

-28.4 -14.8 -37.8 -3.1 -23.2 -23.8

Index

IFCComposite IFCLatinAmerica IFCAsia S&P500 MSCIEAFE FTEuroPac Percent Change

IFCComposite IFCLatinAmerica IFCAsia Pecn Chang S&P500 MSCIEAFE FTEuroPac

1 1 1 1

Rcgional Total Return Indexes, 1990 (In US$;Dec. 1984=100)

Eli CD

no no c 0

0'

07

00

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Index IFCComposite IFCLatinAmerica IFCAsia S&P500 MSCIEAFE FTEuroPac

469.2 326.0 653.1 235.3 456.5 466.6

457.9 345.6 626.9 238.0 424.8 433.5

418.5 264.0 574.8 244.5 380.6 388.8

380.2 293.7 493.0 238.6 377.7 382.8

361.9 299.3 456.7 261.3 420.9 426.7

324.0 295.0 378.7 259.7 417.3 421.9

346.1 333.9 395.9 259.0 423.3 429.2

288.2 299.6 304.1 235.3 382.3 385.9

258.5 273.3 262.4 224.0 329.1 331.0

275.0 266.3 301.3 223.3 380.5 386.7

289.4 280.1 332.4 237.4 358.2 362.5

297.0 282.8 346.7 244.1 364.1 369.6

PercentChange IFCComposite IFCLatinAmerica IFCAsia S&P500 MSCIEAFE FTEuroPac

13.1 -1.8 17.3 -6.6 -3.7 -3.8

-2.4 6.0 -4.0 1.1 -7.0 -7.1

-8.6 -23.6 -8.3 2.7 -10.4 -10.3

-9.2 11.2 -14.2 -2.4 -0.8 -1.5

-4.8 1.9 -7.4 9.5 11.4 11.5

-10.5 -1.4 -17.1 -0.6 -0.9 -1.1

6.8 13.2 4.5 -0.2 1.4 1.7

-16.7 -10.3 -23.2 -9.1 -9.7 -10.1

-10.3 -8.8 -13.7 -4.8 -13.9 -14.2

6.4 -2.6 14.8 -0.3 15.6 16.8

5.2 5.2 10.3 6.3 -5.9 -6.2

2.6 1.0 4.3 2.8 1.7 1.9

IFC Total Return Indexes, 1990

X0

(In US$; Dec. 1984=100)

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

w 7

"TI o:

8

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

293.3 190.9 1,110.1 413.1 793.0 81.9

329.5 199.0 1,266.6 454.3 826.1 95.4

403.7 86.2 1,275.1 460.4 834.8 142.1

451.7 119.3 1,249.3 469.8 860.2 167.4

434.5 99,7 1,193,8 482.9 1,015.3 180.9

428.6 100.6 1,256.7 584.5 966.2 182.5

481.8 133.8 1,246.6 609.1 1,044.8 236.1

409.1 115.9 1,192.3 556.6 942.8 344.3

450.6 96.7 1,180.4 522.1 858.6 406.8

417.5 69.7 1,143.4 537.3 963.6 472.0

433.6 72.8 1,296.0 565.3 990.7 531.9

406.2 65.3 1,471.4 567.6 1,002.8 631.9

EastAsia Korea Philippines Taiwan, China

771.7 2,300.8 1,888.6

736.0 2,261.9 1,796.4

707.9 2,365.6 1,597.4

570.2 2,092.4 1,381.1

679.5 1,860.7 1,075.0

606.6 1,994.4 790.9

579.2 2,016.8 858.8

511.0 1,638.0 565.8

512.7 1,158.1 433.0

587.6 1,120.0 527.0

593.2 1,138.8 677.3

593.5 1,171.6 715.1

SouthAsia India Indonesiaa Malaysia Pakistan Thailand

217.8 111.3 185.3 188.9 787.5

216.6 126.2 198.2 188.4 744.0

237.3 149.9 188.6 191.7 768.2

236.8 145.2 168.6 185.2 768.8

241.2 144.2 190.8 181.1 898.0

251.9 141.5 188.4 189.1 933.8

318.2 142.1 205.8 196.1 1,038.6

365.1 135.7 177.8 195.9 870.0

387.1 108.9 152.6 197.8 674.2

352.0 97.8 163.1 205.6 665.9

320.5 92.4 158.4 206.4 593.3

287.2 100.1 173.0 206.4 659.3

530.2 128.0 52.8 1,094.4 4,878.2 1,055.6

554.7 121.3 54.6 1,085.9 4,835.8 1,214.3

584.9 124.0 55.2 1,053.9 4,288.5 1,251.0

927.6 128.3 56.3 1,100.4 4,648.6 1,263.0

971.5 129.3 60.7 1,123.6 5,523.7 1,347.6

1,397.4 132.8 65.9 1,123.7 6,083.4 1,495.8

1,370.7 130.3 67.6 1,117.7 7,827.2 1,641.4

1,228.3 113.6 69.1 1,029.9 7,137.2 1,754.6

1,084.4 113.6 70.1 917.3 8,156.2 1,822.5

946.3 114.0 72.2 951.7 7,122.2 1,902.7

864.6 114.9 70.0 874.9 4,882.0 2,025.3

899.6 118.6 72.0 837.8 4,408.9 2,010.4

Europe/Mideast/Africa Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe a Dec89=100. b Jan86=100. c Dec86=100.

Percent Change in IFC Total Return Indexes, 1990

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

-54.0 1.1 5.8 0.5 2.9 -8.9

12.3 4.2 14.1 10.0 4.2 16.5

22.5 -56.7 0.7 1.3 10 48.9

11.9 38.3 -2.0 2.0 3.0 17.9

-3.8 -16.4 -4.4 2.8 18.0 8.0

-1.4 0.9 5.3 21.0 -48 0.9

12.4 33.1 -0.8 4.2 8.1 29.4

-15.1 -13.3 -4.4 -8.6 -9.8 45.8

10.1 -16.6 -1.0 -6.2 -8.9 18.2

-7.3 -27.9 -3.1 29 12.2 16.0

3.9 4.5 13.3 5.2 2.8 12.7

-6.3 -10.3 13.5 0.4 1.2 18.8

EastAsia Korea Philippines China Taiwan,

-3.2 -3.0 30.8

-4.6 -1.7 -4.9

-3.8 4.6 -11.1

-19.4 -11.5 -13.5

19.2 -11.1 -22.2

-10.7 7.2 -26.4

-45 1.1 8.6

-11.8 -18.8 -34.1

0.3 -29.3 -23.5

14.6 -3.3 21.7

0.9 1.7 28.5

0.1 2.9 5.6

SouthAsia India Indonesia Malaysia Pakistan Thailand

-10.3 11.3 1.8 2.0 -3.8

-0.6 13.4 6.9 -0.3 -5.5

9.5 18.7 -4.8 1.7 3.3

-0.2 -3.1 -10.6 -3.4 0.1

1.8 -0.7 131 -22 16.8

4.5 -1.8 -1.2 4.4 4.0

26.3 0.4 9.2 3.7 11.2

14.8 -4.6 -13.6 -0.1 -16.2

6.0 -19.7 -142 0.9 -22.5

-9.1 -10.2 6.9 4.0 -1.2

-8.9 -5.6 -2.9 0.3 -10.9

-10.4 8.4 9.2 0.0 11.1

Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe

16.6 12.8 3.2 -5.8 40.6 2.5

4.6 -5.3 3.5 -08 -0.9 15.0

5.4 2.3 1.2 -2.9 -11.3 3.0

58.6 3.4 1.9 4.4 8.4 1.0

4.7 0.8 7.8 2.1 18.8 6.7

43.8 2.7 8.6 0.0 10.1 11.0

-1.9 -1.9 2.5 -0.5 28.7 9.7

-104 -12.8 2.2 -7.9 -88 6.9

-11.7 0.0 1.5 -109 14.3 3.9

-12.7 0.4 3.0 3.8 -12.7 4.4

-8.6 0.8 -3.1 -81 -31.4 6.4

4.0 3.2 2.9 -4.2 -9.7 -0.7

Market

W

ru

cj

PO 0

00.

o0

IFC Total Return Indexes, 1981-1990 (In US$; Dec. 1984=100)

2 (b rio o-

Oav o

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

LatinAmerica Argentina Brazil Chile

206.9 48.5 420.8

80.5 41.7 191.4

119.2 65.0 131.0

100.0 100.0 100.0

174.9 195.0 149.3

128.6 148.0 380.3

141.8 54.8 507.2

197.1 126.5 694.6

637.1 188.8 1,049.6

406.2 65.3 1,471.4

Colombia

Mexico Venezuela

-

-

100.0

88.8

227.0

409.4

359.4

411.1

567.6

175.1

43.8 -

-

88.4

100.0 100.0

118.5 73.4

236.4 115.5

215.8 176.5

448.3 134.7

770.9 89.9

1,002.8 631.9

81.9 -

84.5 -

82.1 -

100.0 100.0 100.0

138.5 146.5 110.4

260.8 707.0 164.9

365.4 1,063.8 364.7

788.6 1,488.2 725.1

797.2 2,372.4 1,444.0

593.5 1,171.6 715.1

103.8

101.4

102.9

100.0

205.1

199.3

168.8

232.2

242.8

287.2

100.0

100.1

EastAsia

Korea Philippines Taiwan, China SouthAsia

India Indonesiaa

Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria PortugalTurkeyc Zimbabwe

-

-

61.3

82.8

251.0 124.1

250.4 122.6

-

209.9

-

101.0 117.2 113.9 -

-

-

120.2

106.9

- Notavailable. a Dec89=100. Jan86=100. c Dec86=100.

..

..

-

-

-

-

-

100.0 100.0 100.0

86.1 117.8 102.0

96.4 142.3 183.6

97.9 151.8 253.2

126.5 174.0 360.7

182.1 185.3 818.7

173.0 206.4 659.3

100.0 100.0 100.0 100.0

103.4 148.4 105.0 253.9

157.7 143.2 45.4 309.0 100.0 300.5

397.8 136.6 39.4 1,107.0 453.0 585.0

252.4 115.0 42.2 828.9 287.2 731.8

454.8 113.5 51.1 1,161.2 3,469.1 1,030.0

899.6 118.6 72.0 837.8 4,408.9 2,010.4

.

(t

Percent Change in IFC Total Return Indexes, 1981-1990

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

LatinAmerica Argentina Brazil Chile

-46.2 34.4 -42.3

-61.1 -14.0 -54.5

48.1 56.0 -31.5

-16.1 53.8 -23.7

74.9 95.0 49.3

-26.5 -24.1 154.8

10.2 -63.0 33.3

39.0 130.9 37.0

223.2 49.2 51.1

-36.3 -65.4 40.2

-

-11.3

155.8

80.4

13.1

18.5

99.6

-26.6

Colombia

Mexico Venezuela

EastAsia Korea Philippines Taiwan,China

SouthAsia India Indonesia Malaysia Pakistan

Thailand Europe/MideastVAfrica Greece Jordan on

Nigeria Portugal Turkey

Zimbabwe

- Notavailable.

0

'o7 0

C

-

-45.9 -

41.8 -

29.5 -

-

-75.0 -

-

101.6 -

-

-12.2

14.4

38.1

-8.7

107.7

71.9

30.1

57.4

52.8

-23.7

-33.3

603.2

1.1

-25.5

21.8

38.5

88.3

40.1

115.8

-

-

46.5 10.4

382.6 49.3

50.5 121.1

39.9 98.8

59.4 99.2

-50.6 -50.5

-2.4

1.5

-2.8

105.1

-2.8

-15.3

37.6

4.6

18.3

-

-

-

-

-

-

-13.9 17.8

11.9 20.8

1.6 6.7

29.2 14.6

43.9 6.5

0.1 -5.0 11.4

3.1

-2.9

-

-

-

-

-

-

-15.7

35.1

22.1

-1.0

2.0

79.9

37.9

42.5

126.9

-19.5

-30.6 52.2

-0.2 -13

-53.2 -7.1

-14.7 -12.2

3.4 48.4

52.5 -3.5

152.2 -4.5

-36.6 -15.8

80.2 -1.3

97.8 4.4

5.0 -

-56.7 22.4 -

-13.2 258.2 353.0

7.0 -25.1 -36.6

21.1 40.1 1,107.7

40.9 -27.8 27.1

153.9

18.4

94.7

25.1

40.8

95.2

-

-63.0

-

-

-

-

-

-

-

-42.7

-

-11.0

-6.5

CorrelationCoefficientMatrix of IFC Indexes The correlation coefficient describes how closely a series of numbers moves together with other series over time. The coefficient ranges from -1 to + 1. A coefficient of +1 indicates that two series always change at the same time and in the same proportions. A coefficient of 0.0 indicates the variables are unrelated and, at the other extreme, a coefficient of -1 indicates that two

Correlations

variables move precisely in opposite directions all the time. Investors seeking to diversify their portfolios often look for industries or countries that have low or negative correlations with the rest of the portfolio in the expectation that increases in one part of the portfolio will offset decreases in another.

with the S&P 500, 1985-1990 Total Return Indexes

Arg BraChi 0.11

mId -

KorMa!Mex

0.66

---- -

h-a

- - 0g i2I-1l -i--a-a- I---------------------------------------

- - - --

Phi -- - - - - - - -Tur V en PorC

---

- - - -

2

-. - - -

-- - - - - - - -

- - - - - -

-

--- -- --

Tai Tha-04 TurVen----0.2

0

0.2

0.4

Correlationcoefficient

92

Emerging Stock Markets Factbook

0.6

0.8

,

;,~~~~~~~~~~~~~~~~~~~~~~

Correlation Coefficient Matrix of Total Return Indexes (Five Years Ending December 1990)

USA EAPE RTEP IFCr, IFCL: IFCA Arg Bra Chi Col

Gte

In~d Idri jor Kor Mal Mex mig Pak Phi Por Tat Tha Tor., on

Vef!

zim

1.00 0.45 0.45 0.37 0.31 0.36 0.03 0.03 0.34 0.16 0.13 -0.1

1.00, 1.5 100 0.26 0.27 1.00 0.20 0.21 0.67 0.26 0.27 0.89 -0.14 -0.14 0.00 0.10 0.11 0.40 0.07 0.08 0.44 0.12 0.12 0.09 0.5 0.07: 0.00 -0.18 -0.18 -0.05 0.20 -411 -0.11 5.22 3 01'001 53-0.00.14 (o 0,34 0.36 0.20 .0.30 0.66 0.37 0.37 0.44 0.46 0.20 0.20 0.48 0.07 0.04 0.05 -0.14 -0.17 0.10 0.10 0.01 0.28 0,32 0.32 0.13 0:36 0.37 0.3 -0.17 0,82 019 01 1 0,43 0.39 0.39 .46 0.03 -0,03 5,25 00 -010 -023- -0.23 -0,35 -0.32 -005 -0.44 .23

1.00 0.33 -0.04 0.81 0.36 0.06 ;0.03 -0.02 -0.15 0.19 047 0.29 0.37 -0.02 -0.03 0.0 0.2 5,27 0.27

1.00 -0.03 0.11 0.37 0.06 -0.04 -0.16 0.19 0.03 0.21 0.50 0.48 -0.23 0.01 0.15 032 0. 1 '0.49 0.26 0.14 -030 -0,30 -0.19 -020

USA EAFE FTEP IFCC IFCL

CD

0

IFCA

1.00 -0.21 -0.08 -0.14 040 0.31 -0.57 -0.13 0.17 0.00 0.11 0.11 0.10 -0.15 -0.01 -0.1 0.15 0,20 003

1.00 0.09 0.04 0.01 -0.03 -0.16 -0,14 0.06 0.07 -0.08 0.03 -0.04 0.11 0.09 0,03 0,0 016

1.00 0.42 1.00 0.14 0.33 1,00 -0.07 -0.08 -003 1,00 5.42 0,23 0.20 -0.07 1 00 -. 01 0142 0.0 -0.08. 0.24 0,06 000 -0.27 -011 -016 0.25 0.01 0.02 -0.03 0.37 0.35 0.07 0.16 0.04 0.18 0.05 0.08 0.13 0.03 0.9 0.06 0.18 -0.11 0.22 -003 0.23 0.11 0.05 -0.10 0.63 0.21 0.3 0.42 .- 5.12 0.16 076 0.14 0,04 .14 5.19 029 0.15 5.28 -0.03 0.45 0.09 .020 0.14 0.2 0.06 -0.31 -0.2.0 -0,14 -010 0.17 0,13 -0.24 -0:06 0.50 0.20 0.05 0,.12 0,05 Arg

Bra

Chi

Col

Gre

Ind

Notes: EuroPacific). for FTEP(FT andFarEast),andFT-Actuaries Australia (Europe, for USA,MSCIfor EAFE * S&P500 1989. startsDecember 1986,andIndonesia startsDecember 1986,Turkey startsJanuary Portugal

Idn

1,05.. -6,20 1.00 0.03 0.19 1.00 -0.07 0.22 0.45 1.00 -0.10 003 -0.21 -0.14 1.00 0.07 0.12 -0.10 0.04 001 0.15 0.26 0.26 0.07 0.07 -0.02 005 0.22 0.39 -0.23 0,09 -0.03 0.24 5.3 -0.23 .0W 0,01 0,~52 046 -0,10 -011; -007 0,24 0.20- 0,14 -005 -0.10 -0,13 -0,12. -001 4 0.2 .12 -0.17~4 I 11-0 Jor

Kor

Mal

Mex

Nig

1.00 0.01 0.09 0.02 0.14 0.05. 0.06

1Z0 004 5,02 0,23 -004 -0,24

0.17

-0.01

Pak

Phi

1.00 0,39 0.0 0.40 0,43 17T- 0,09 -0.08 -0.27 0.15 -0.08 Por

Tai

1,00 0,18 1.00 -0.25 -0,17 1.00 5.00 0.02 1.00 -011 Tha

Tur

Ven

Zim

Standard Deviation of Total Return Indexes The standard deviation is used here to measure the volatility of changes in the indexes. If, for example, an index consistently increases about 5% every month, then the standard deviation would be low. It would be similarly low if the index changed 100%every month. If changes in the index vary widely from month to month (ranging from 20% in some months to +100%in other months,for example) the standard deviation would be larger.

It does not indicate whether the changes themselves are large or small; rather, it indicates whether the changes are consistently of a similar magnitude over time. The standard deviations shown here are derived from monthly percent changes in monthly total return indexes.

Standard Deviations of Total Return Indexes (Five Years Ending December 1990)

Market LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines Taiwan, China SouthAsia India Indonesiaa Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria5 Portugal Turkeyc Zimbabwe IFCRegional Indexes Composite LatinAmerica Asia Developed Markets U.S.A. (S&P500) EAFE (MSCI) EuroPac (FT-Act) a SinceDecember 1989.

b SinceJanuary 1986. cSinceDecember 1986.

94

Emerging Stock Markets Factbook

Numberof months

Standard deviation

Meanof %changes

60 60 60 60 60 60

31.68 22.94 8.20 6.45 15.79 13.66

5.17 0.81 4.21 3.33 5.08 4.44

60 60 60

8.80 12.66 17.94

2.82 4.27 4.74

60 12 60 60 60

8.87 10.81 8.49 3.06 9.45

0.94 0.55 1.54 0.98 3.62

60 60 60 59 48 60

15.29 5.06 11.40 16.52 32.58 5.72

4.68 -0.25 0.16 4.84 11.75 3.66

60 60 60

8.08 13.43 9.90

1.74 1.66 2.63

60 60 60

5.43 6.58 6.71

1.18 1.63 1.65

1,

o

Highs and Lows of IFC Total Return Indexes (In US$; Since December 1984)

Lowest

Highest

Market LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines China Taiwan, SouthAsia India 0 Indonesia Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe Indexes IFCRegional Composite LatinAmerica Asia

00-

G'Q

8) t' u'

1989. a SinceDecember 1986. tSince January 1986. SinceDecember

Date

Percent to change Level endof 1990

Date

Level

Percent to change endof 1990

Jun 1989 Apr 1986 Dec 1990 Jul 1990 Jul 1990 Dec 1990

678.3 316.7 1,471.4 609.1 1,044.9 631.9

-40.1 -79.4 0,0 -6.8 -4.0 0.0

May1985 Dec1987 Feb 1985 Oct 1985 Jul 1985 Feb1986

39.9 54.8 97.9 81.5 86.3 63.4

918.1 19.2 1,403.2 596.4 1,062.4 896.9

Mar1989 Nov1989 Jan 1990

867.6 2,741.2 1,888.6

-31.6 -57.7 -62.1

May1985 Dec1984 Jul 1985

90.0 100.0 74.2

559.2 1,060.5 864.0

Sep 1990 Mar1990 Jul 1990 Dec1990 Jul 1990

387.2 149.9 205.8 206.4 1,038.6

-25.8 -33.2 -15.9 0.0 -37.0

Dec1984 Nov1990 Apr 1986 Feb1985 Jan 1985

100.0 92.4 67.2 98.3 96.7

187.2 8.4 157.4 110.0 581.6

Jun 1990 Oct 1985 Apr 1986 Sep1987 Sep1990 Nov1990

1,397.4 154.3 117.3 2,346.9 8,156.2 2,025.3

-35.6 -23.1 -38.6 -64.3 -45.9 -0.7

Oct 1985 Jan 1985 Mar1989 Jan 1986 Dec1986 Dec 1984

91.8 95.1 33.5 100.0 100.0 100.0

880.0 24.7 115.1 737.8 4,308.9 1,910.4

Jan 1990 Feb1990 Jan 1990

469.2 345.6 653.1

-36.7 -18.2 -46.9

Apr 1985 Apr 1985 Aug 1985

95.4 76.1 92.5

211.1 271.4 274.8

o

Regional Price Indexes, 1984-1990

~~~~~(Index in US$; Dec 84=100) 600

3b

-

IFC Latin America

IFC Composite

0~~~~~~0 0~~~~~0

100

Dec 84

Dec 85

Index IFCComposite IFCLatinAmerica IFCAsia S&P500 FT-100 Japan, Nikkei MSCIEAFE FTEuroPac Percent Change IFCComposite IFCLatinAmerica IFCAsia S&P500 FT-100 Japan, Nikkei MSCIEAFE FTEuroPac

Dec 86

Dec 87

Dec 88

Dec 89

Dec 90

1984

1985

1986

1987

1988

1989

1990

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

121.6 166.5 94.5 126.3 143.2 143.6 153.0 151.6

129.2 150.0 121.4 144.8 173.7 237.2 255.2 252.1

137.8 86.3 164.9 148.2 224.9 412.0 314.3 314.2

208.5 152.8 289.6 166.1 226.6 538.5 398.1 397.5

305.9 231.6 439.4 211.3 274.4 604.2 434.8 435.4

209.6 186.9 266.7 197.5 290.3 391.9 327.4 324.5

21.6 66.5 -5.5 26.3 43.2 43.6 53.0 51.6

6.2 -9.9 28.4 14.6 21.3 65.2 66.8 66.4

6.7 -42.4 35.8 2.3 29.5 73.7 23.2 24.6

51.3 77.0 75.7 12.0 0.8 30.7 26.7 26.5

46.7 51.5 51.7 27.3 21.1 12.2 9.2 9.5

-31.5 -19.3 -39.3 -6.6 5.8 -35.1 -24.7 -25.5

-

Regional Price Indexes, 1990 (In US$; Dec. 1984=100)

Index IFCComposite IFCLatinAmerica IFCAsia S&P500 FT-100 Japan, Nikkei MSCIEAFE FTEuroPac

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

345.7 226.5 514.9 196.8 275.4 574.7 418.2 418.1

336.9 238.1 494.0 198.5 265.8 518.3 388.6 387.9

307.1 180.5 452.1 202.5 259.8 422.9 347.6 347.3

277.1 199.4 386.4 197.8 242.3 419.4 344.4 341.4

263.0 202.1 357.6 216.0 276.0 485.7 383.3 379.9

234.3 198.8 295.9 214.1 291.4 468.3 379.4 375.0

250.0 224.3 309.0 213.0 304.4 475.0 384.2 380.8

207.4 200.5 236.1 192.9 287.5 402.5 346.4 341.8

183.7 182.3 203.1 183.0 261.8 338.1 297.6 292.6

194.9 176.6 232.6 181.8 280.1 432.5 343.5 341.0

204.5 185.2 255.8 192.7 292.9 377.9 322.7 319.0

209.6 186.9 266.7 197.5 290.3 391.9 327.4 324.5

13.0 -2.2 17.2 -6.9 0.3 -4.9 -3.8 -4.0

-2.5 5.1 -4.1 0.9 -3.5 -9.8 -7.1 -7.2

-8.9 -24.2 -8.5 2.1 -2.2 -18.4 -10.5 -10.5

-9.8 10.4 -14.5 -2.3 -6.7 -0.8 -0.9 -1.7

-5.1 1.4 -7.4 9.2 13.9 15.8 11.3 11.3

-10.9 -1.6 -17.3 -0.9 5.6 -3.6 -1.0 -1.3

6.7 12.8 4.4 -0.5 4.5 1.4 1.3 1.5

-17.0 -10.6 -23.6 -9.4 -5.6 -15.3 -9.8 -10.3

-11.4 -9.1 -14.0 -5.1 -8.9 -16.0 -14.1 -14.4

6.1 -3.1 14.5 -0.7 7.0 27.9 15.4 16.6

5.0 4.9 10.0 6.0 4.6 -12.6 -6.1 -6.5

2.5 0.9 4.2 2.5 -0.9 3.7 1.5 1.7

Percent Change

IFCComposite IFCLatinAmerica IFCAsia S&P500 FT-100 Japan, Nikkei MSCIEAFE FTEuroPac

-i

5, 0 g 07

IFC Price Indexes, 1990 (In US$; Dec. 1984=100) 0

on 0

Market

'Tt

o

o

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

193.0 129.3 649.7 232.4 594.8 68.0

216.9 132.2 741.1 254.3 619.6 79.0

263.7 56.7 744.7 254.9 620.9 116.9

295.1 78.4 709.9 257.3 637.0 137.5

282.8 65.4 674.1 262.6 746.2 148.3

276.7 65.9 709.4 316.5 708.0 149.2

311.1 87.5 760.2 326.9 763.9 192.8

264.1 75.1 666.8 296.7 688.8 280.9

290.9 62.0 658.8 277.1 627.0 331.2

269.5 44.6 634.6 282.4 696.0 376.2

278.4 46.5 716.1 295.2 716.0 423.7

2608 41.7 811.1 294.6 724.5 503.3

451.9 1,833.8 1,699.8

430.5 1,802.8 1,616.8

413.6 1,883.9 1,435.5

331.1 1,666.6 1,239.5

394.3 1,481.8 964.8

351.9 1,586.8 709.8

335.7 1,600.2 770.7

295.5 1,299.7 507.6

296.4 917.6 388.0

339.5 887.2 472.1

342.6 902.1 606.4

342.7 918.2 640.1

182.2 110.7 154.6 121.3 387.8

181.1 125.5 164.9 120.9 365.5

198.4 149.0 156.6 121.2 371.0

197.9 144.4 138.6 115.8 368.8

201.5 143.3 156.1 113.1 430.2

208.8 138.3 153.4 116.4 438.8

263.7 138.7 166.8 119.7 485.5

302.3 132.1 143.3 119.6 391.6

318.7 106.0 120.9 120.2 303.1

289.4 95.2 127.2 124.8 299.4

263.5 89.9 120.9 124.3 266.6

236.0 97.5 132.0 122.9 295.2

Europe/Mideast/Africa Greece 326.8 Jordan 103.8 Nigeria 34.8 Portugalb 613.6 Turkeyc 339.2 Zimbabwe 625.9

341.9 98.3 35.7 608.8 336.2 717.8

360.2 96.4 36.1 582.3 298.2 729.0

560.4 98.3 36.6 585.0 289.9 736.0

586.9 99.1 37.7 593.9 319.5 783.4

841.5 101.8 40.0 588.2 326.6 860.9

838.3 99.8 40.9 583.3 420.3 935.5

749.9 86.9 41.6 537.4 382.9 995.4

658.6 87.0 42.1 478.7 334.5 1,029.1

574.7 87.3 43.2 494.8 292.1 1,074.4

525.1 87.9 41.5 454.9 200.3 1,140.0

531.1 90.8 42.3 435.6 180.8 1,121.6

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines Taiwan, China SouthAsia India Indonesiaa Malaysia Pakistan Thailand

a Dec89=100. bJan86=100. c Dec86=100.

Percent Change in IFC Price Indexes, 1990

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

-54.0 0.5 5.0 -0.1 2.8 -9.2

12.3 2.3 14.1 9.4 4.2 16.1

21.6 -57.1 0.5 0.2 0.2 47.9

11.9 38.2 -4.7 0.9 2.6 176

-4.1 -16.5 -5.0 2.0 17.1 7.9

-2.2 0.8 5.2 20.5 -51 0.5

12.4 32.7 -13 3.3 7.9 29.2

-15.1 -14.1 -4.8 -9.2 -9.8 45.8

10.2 -17.4 -1.2 -6.6 -9.0 17.9

-7.3 -28.0 -3.7 1.9 11.3 13.6

3.3 4.2 12.8 4.5 2.6 12.6

-6.3 -10.4 13.3 -0.2 1.2 18.8

-3.3 -4.9 30.7

-4.7 -1.7 -4.9

-3.9 4.5 -11.2

-19.9 -11.5 -13.7

19.1 -11.1 -22.2

-10.7 7.1 -26.4

-4.6 0.8 8.6

-12.0 -18.8 -34.1

0.3 -29.4 -23.6

14.5 -3.3 21.7

0.9 1.7 28.4

0.0 1.8 5.6

-10.3 10.7 1.8 1.8 -4.1

-0.6 13.4 6.7 -0.3 -5.7

9.5 18.7 -5.0 0.2 1.5

-0.3 -3.1 -11.5 -4.5 -0.6

1.8 -0.8 12.7 -2.3 16.6

3.6 -3.4 -1.8 2.9 2.0

26.3 0.3 8.8 2.9 10.6

14.6 -4.8 -14.1 -0.1 -19.3

5.4 -19.8 -15.6 0.5 -22.6

-9.2 -10.2 5.2 3.8 -1.2

-9.0 -5.6 -4.9 -0.4 -10.9

-10.4 8.4 9.2 -1.1 10.7

16.6 12.8 1.7 -6.2 40.6 2.5

4.6 -5.3 2.5 -0.8 -0.9 14.7

5.4 -2.0 1.2 -4.3 -11.3 1.6

55.6 2.0 1.5 0.5 -2.8 1.0

4.7 0.8 3.0 1.5 10.2 6.4

43.4 27 59 -1.0 2.2 9.9

-04 -1.9 2.3 -0.8 28.7 8.7

-10.5 -12.9 1.8 -7.9 -8.9 6.4

-12.2 0.0 1.1 -10.9 -12.6 3.4

-12.7 0.4 2.6 3.4 -12.7 4.4

-8.6 0.7 -3.8 -8.1 -31.4 6.1

1.1 3.2 1.9 -4.2 -9.7 -1.6

LatinAmerica

Argentina Brazil Chile Colombia Mexico Venezuela EastAsia

Korea Philippines China Taiwan, SouthAsia

India Indonesia Malaysia Pakistan Thailand Europe/Mideast/Africa

Greece Jordan Nigeria Portugal Turkey Zimbabwe C) 0

-n 0

0 0 o0

-

IFC Price Indexes, 1981-1990 (In US$; Dec. 1984=100)

Ccl

no_

(D

,TI o °r

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

225.3 72.7 486.3 266.3 -

85.8 54.0 209.3 55.3 -

124,1 70.9 139.0 102.1 -

1(00.0 100.0 100.0 100.0 100.0 100.0

174.5 181.3 135.5 74.9 107.8 70.2

127.9 132.4 317.6 165.3 195.6 108.4

136.5 45.2 374.1 268.4 175.0 157.6

177.7 92.3 457.0 219.7 347.3 115.8

419.4 128.6 618.8 232.6 578.7 74.9

260.8 41.7 811.1 294.6 724.5 503.3

EastAsia Korea Philippines Taiwan,China

113.2 -

108.4 -

92.7

100.0 100.0 100.0

127.4 132.6 106.9

202.9 613.7 156.6

245.4 900.5 338.9

482.1 1,224.3 665.6

467.3 1,927.9 1,300.3

342.7 918.2 640.1

116.3 -

109.1 -

106.9 -

199.9 84.6 107.7 87.5

188.6 91.4 119.2 130.7

152.6 89.1 119.1 166.9

200.5 108.9 122.0 218.2

203.1 100.0 151.8 119.1 404.4

236.0 97,5 132.0 122.9 295.2

129.0 135.6 38.3 267.4 100.0 248.5

304.5 125.0 32.0 733.0 246.1 427.9

167.9 96.1 31.0 499.7 60.3 487.4

280.3 92.1 34.2 654.4 241.2 610.7

531.1 90.8 42.3 435.6 180.8 1,121.6

SouthAsia India Indonesia Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkeyc Zimbabwe

98.1

106.7

112.9

100.0 100.0 100.0 100.0

338.0 138.4 -

310.8 131.8 -

132.7 118.4 -

100.0 100.0 100.0

91.5 144.0 95.4 -

100.0

235.4

-

-

350.7

-

-

-

166.7

--

129.7

- Notavailable.

a Dec89=100. b Jan86=100. Dec86=100.

.~~~~~~

~

(.

e

f

~*

a

.

Percent Change in JFC Price Indexes, 1981-1990

Market

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

LatinAmerica Argentina Brazil Chile Colombia Mexico

-56.1 12.4 -44.1 -49.4

-61.9 -25.8 -57.0

44.7 31.3 -33.6 84.6

-19.4 41.1 -28.0 -2.1

74.5 81.3 35.5 -25.1 7.8

-26.7 -27.0 134.4 120.7 81.4

6.7 -65.9 17.8 62.3 -10.5

30.1 104.3 22.2 -18.1 98.4

136.1 39.3 35.4 5.8 66.6

-37.8 -67.6 31.1 26.7 25.2

54.4

45.4

-26.5

-35.3

571.7

Venezuela

EastAsia Korea Philippines Taiwan,China

SouthAsia India Indonesiaa Malaysia Pakistan

Thailand Europe/Mideast/Africa Greece Jordan Nigeria 5 Portugal Turkeyc

Zimbabwe r4 -Not available. I a

o

a Dec89=100b Jan 86=100. c Dec 86=100-

-

25.5

-79.2 -

-4.3

-

-

-29.8

-14.4

7.8

27.4

59.3

21.0

96.4

-3.1

-26.7

-

32.6 6.9

362.7 46.4

46.7 116.4

35.9 96.4

57.5 95.3

-52.4 -50.8

99.9

-

-

-

23.6

-6.1

-2.0

-6.4

-

-

-

-

-

-

-

-

16.2

-5.7

-19.1

31.4

1.3

-15.4 7.7

8.1 10.8

-2.5 -0.1

22.1 2.5

39.4 -2.4

-2.5 -13.1 3.2

-

-

-

-29.5

8.7

5.9

-11.4

-12.5

49.5

27.6

30.8

85.3

-27.0

-35.3 48.9

-8.0 -4.8

-57.3 -10.1

-24.6 -15.5

-8.5 44.0 -4.6

40.9 -5.9

136.1 -7.8

-44.8 -23.1

66.9 -4.2

89.5 -1.4

-59.9 59.2 -

-16.5 174.1 146.1

-3.0 -31.8 -75.5

10.2 30.9 300.1

23.8 -33.4 -25.0

5.6

72.2

25.3

83.7

-

-

-

-

-

-

-67.2

-52.5

-22.2

-

-22.9

-

135.4

13.9

Correlation Coefficient Matrix of Price Indexes (Five Years Ending December 1990)

IFCC IFCL IFAF ArgTE O BraC ikf ; In;

°

JoIFC IFor KoFC KorC M FAl Mal Mra Nig

Phor Veng Por Tal Zak Thex Mer

Tur Ven Zim

0.82 0.1.00 3 .6 0 8 0.30.2450,0.1 0 1.00 01 0.44 0.40 0.49 02 .7 0,02 -0.048 0.540.14.00 1 0.201A 0109C;;i -0.1 0.36 0.41 0.32 -0,11S 0.26 -0.1 0.28

1 06 1.00 .9 03 -00 1.00 00 0.24 0;2 03 -0. 08 1.00 .1 -0.0 01 -01

0.01 0.30 0.06 0.25 0.35 0.35 0.33 0.40 0.64 0.68 0.62 -0.04 0.043 0.00 0.07 -0.26

0.020.1 00 -05 -. 2 012 .9 -. 1 013 .0 0.66 -. 1 00 -01 01 01 -.0.621.00 01 .9-.1 01 0.20 00 002 027 012 014 0201.00 0.89 01 0.33 0.0-.6 02 01 .7 .6-.2-.7 1.00 01 01 02 0.45 0.27 053003.7 02 .2 1.00 .2 -. 2 04 .2 02 0.00 -0.2703 5 1.002 00 7 -0.03 02 .2 00 .2 10 0.38 0.81 0.18 Ol-.0 1.00.503 00-0.19.6 00 .0 -0.43, 0.036-. 3 -0.08 01 0.35 0 000,08-012 1.00 003-023-01

0.06 0.17 0.39 0.37 0.38 -0.14 0.11 -0.14

0.27 0.24 023 0.0 -0.014 01 .8 0.3-0.6 02 .0,14 0.21 -o:io 0.238 -0.22 -0.01 00.00 0.45 .0.39 0.235 0.43 0.39 0.23

0.16 0.20 0.33 0.26 0.37 -0.14 0.10 0.05

0.15 0.21 0.35 0.27 0.31 -0.14 0.11 0.06

0.316 0.32 0.05 -0.04 80.39 .0.3 70. 0.18 0.09 0.19 0.09 11 0.18 0.38. 0.19 0.19

0.13 -0.07 0.04 -0.14 0.11 0.19 -0.01 0.11 0.48 0.25 0.52 0.09 0.48 0.36 0.48 0.11

-0.16 -0.03 -0.23 0.01 29333 0.28 0.82 -00 0.26 -0.201 0.91

0.41 0.0

0,1 -0,0

-0.11 -0.22 0.09 0.14 0.30 0.100.150.12 0.302.40.02 0.0-0.13 -0.0 0.08 0.354 0.14 0.00 0.02 -0.11 -0.105 .0.25 0.18 0.22 -0.10 0.35 0.08 0.16

.E

1.00

.0

-0.09 0.6013 .023 0~0Q 1.00 00 00 0.0 -0.15 0.08 -0.12 -0.20 0.03 -0.23 -0.01 -0.14 1.00 0-00.2703 1.00 -0.14 0.42 C 002 -0.0 0.206 -001 V1.~000.30 3 -0082 02 0 0.05 0.43 C0.09 0.201 0l.4 04501 .6 0.05 0.20 -0.09 0.203 0.345 03 .4 00

.2 04 1.00 2 .5 .7 1.00 03

0 1.00 04 .6 02

0.13 0.11 0.20 0.10 0.1.0 0.33 0.26 0.25 0.23 0.11 0.17 0.10 0.25 0.08 0.31 -0.09 0.03 0.34 0.33 0.14 0.06 0.17 0.32 0.16 0.28 1.00 -0.10 -0.11 -0.28 -0.23 -0.24 -0.35 -0.30 -0.29 0.04 -0.30 -0.19 -0.15 -0.10 0.17 0.15 -0.07 -0.17 -0.13 -0.12 0.01 0.02 -0.24 -0.07 -0.27 -0.25 -0.12 1.00 -0.34 -0.22 -0.23 -0.04 -0.03 -0.23 -0.20 -0.20 -0.27 -0.07 -0.01 0.23 0.06 0.11 0.00 0.10 -0.20 -0.14 -0.10 -0.01 0.22 -0.04 0.10 -0.07 -0.12 -0.08 0.03 1.00

USA UK Jpn EAFEFTEP IFCC IFCL IFCA Arg Bra

Chi Col Gre

Ind

Idn

Jor

Notes: * S&P500for USA,Nikkeifor Japan, MSCIforEAFE (Europe, Australia andFarEast),andFT-Actuaries forFTEP(FT EuroPacific). * Portugal startsJanuary 1986,Turkey startsDecember 1986,andIndonesia startsDecernber 1989.

~ ~~~ ~~ ~ ~ ~

4

i

v

Kor Mal Mex Nig Pak

Phi Por

Tai

Tha

Tur Ven Zim

Standard Deviation of Price Indexes (Five Years Ending December 1990)

Numberof months

Standard deviation

Meanof % changes

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

60 60 60 60 60 60

31.69 22.81 8.34 6.41 15 83 13.67

4.42 018 3.36 2.50 469 4.14

EastAsia Korea Philippines Taiwan,China

60 60 60

8.92 12.64 17.92

2.05 4.04 4.60

SouthAsia India Indonesiaa Malaysia Pakistan Thailand

60 12 60 60 60

8.89 10.81 8.65 2.83 9.20

0.65 0.32 1.13 0.26 2.48

Europe/MideastVAfrica Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe

60 60 60 59 48 60

1519 508 1130 16.68 22.64 578

398 -0.64 -0.57 3.75 3.49 2.80

IFCRegionalIndexes Composite LatinAmerica Asia

60 60 60

8.08 1334 9.88

1.24 1 08 2.25

DevelopedMarkets U.S.A.(S&P 500) U.K. (FT-100) Japan(Nikkei) EAFE(MSCI) EuroPac(FT-Act)

60 60 60 60 60

5.47 619 6.73 6.57 6 70

0.90 0.90 1.26 1.49 1.50

Market

a SinceDecember1989. h SinceJanuary1986.

c SinceDecember1986.

Emerging Stock Markets Factbook

103

8

Highs and Lows of IFC Price Indexes (In US$; Since December1984)

oci Highest

Lowest

Market

Date

Percent change to Level endof1990

Date

Percent change to Level endof1990

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

Jun 1989 Apr 1986 Dec1990 Jul 1990 Sep1987 Dec1990

567.1 290.2 811.1 326.9 787.7 503.3

-54.0 -85.6 0.0 -9.9 -8.0 0.0

May1985 Dec1990 Feb 1985 Oct 1985 Jul 1985 Feb 1986

39.9 41.7 96.8 71.0 81.2 60.5

554.1 0.0 737.9 314.7 792.6 731.9

Mar1989 Nov1989 Jan 1990

519.5 2,232.1 1,699.8

-34.0 -58.8 -62.3

May1985 Dec1984 Jul 1985

82.8 100.0 71.9

314.1 819.2 790.1

Sep1990 Mar1990 Jul 1990 Mar1989 Jul 1990

318.7 149.0 166.9 132.9 485.5

-25.9 -34.6 -20.9 -7.5 -39.2

Dec1984 Nov1990 Apr 1986 Feb1985 May1986

100.0 89.9 65.0 96.7 83.3

136.0 8.4 102.9 27.2 254.2

Jun 1990 Oct 1985 Apr 1986 Sep1987 Aug1987 Nov1990

841.5 154.3 103.7 1,907.6 461.2 1,140.0

-36.9 -41.2 -59.2 -77.2 -60.8 -1.6

Oct 1985 May1989 May1989 Jan 1986 Jan 1989 Dec1984

81.3 85.1 24.1 100.0 57.3 100.0

553.6 6.7 75.7 335.6 215.8 1,021.7

Jan 1990 Apr 1989 Jan 1990

345.7 248.6 514.9

-39.4 -24.9 -48.2

Apr 1985 Apr 1985 Aug1985

93.3 74.0 89.2

124.5 152.6 198.9

East Asia

Korea Philippines Taiwan, China SouthAsia India Indonesiaa Malaysia Pakistan Thailand Europe/Mideast/Africa

Greece Jordan Nigeria Portugalt Turkeyc Zimbabwe IFCRegional /ndexes Composite LatinAmerica Asia a SinceDecember 1989. o Since January 1986. c SinceDecember 1986.

.h~~~~~~~~~~~~~~~I

*

Weekly IFC Price Indexes, January-March 1990 (In US$; Dec. 1984=100)

4tj

w, i,

Mar 2

207.0 151.5 651.1 235.0 616.8 73.8

236.7 149.3 650.7 240.6 631.7 72.1

212.5 131.2 688.5 252.0 635.6 79.9

2133 137.2 767.8 252.5 623.9 80.2

440.5 1,675.2 1,702.7

438.9 1,725.2 1,766.9

434.5 1727.4 1,640.1

422.6 1,743.9 1,625.8

190.0 151.9 380.9

182.2 159.3 373.2

176.6 164.0 364.1

184.1 167.1 368.2

312.4 98.7 653.5 326.8 619.6

321.8 97.8 636.3 304.7 625.1

329.0 103.8 645.1 362.0 629.6

343.4 100.8 647.0 414.2 650.1

235.1 495.7

229.8 513.8

230.8 510.8

246.9 523.6

19

26

Feb 2

317.0 139.0 654.1 223.9 597.8 73.7

211.8 139.1 667.7 221.8 596.2 72.1

223.2 139.3 656.3 226.5 595.2 69.4

191.3 135.1 650.5 226.7 591.8 67.5

186.2 133.5 657.8 229.1 607.5 70.4

465.0 1,914.5 1,361.4

460.7 1,887.8 1,463.2

445.9 1,883.1 1,618.5

460.5 1,727.4 1,696.3

SouthAsia India Malaysia Thailand

204.1 156.0 414.2

205.0 158.8 403.6

189.0 155.1 387.9

Europe/Mideast/Africa Greece Jordan Portugala Turkeyb Zimbabwe

298.9 96.8 686.1 276.1 608.5

316.5 98.1 676.5 296.6 615.6

RegionalIndexesc LatinAmerica Asia

238.9 452.2

235.2 471.0

EastAsia Korea Philippines China Taiwan,

on

23

12

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

171

16

Jan 5

Markets

aJan86=100. b Dec86=100. Brazil, ChileandMexico. Argentina, LatinAmerica: andThailand. Taiwan, China; Malaysia; Asia:Korea;

9

16

23

30

224.2 119.8 757.5 246.6 624.2 86.8

209.3 113.5 769.1 252.6 626.3 96.3

174.7 71.3 760.0 251.7 616.1 104.1

256.1 54.6 745.3 251.7 623.3 117.5

439.7 1,714.3 1,574.4

420.1 1,708.4 1,623.9

410.0 1,801.2 1,574.8

410.0 1,815.6 1,406.1

412.9 1,782.4 1,446.8

181.4 164.3 365.8

183.4 163.8 360.2

178.5 163.5 350.8

182.3 162.1 341.9

198.0 160.3 346.0

200.3 156.4 367.5

346.2 101.7 641.9 388.8 676.8

349.8 98.4 647.5 322.9 699.0

362.0 98.5 637.7 362.1 718.3

382.0 98.1 630.0 321.1 725.4

386.9 97.6 613.4 323.0 713.9

367.8 97.5 606.0 331.3 726.4

360.3 96.5 612.7 299.9 722.5

248.3 498.6

235.5 491.7

242.8 486.1

228.8 489.7

224.0 476.5

186.7 443.5

176.6 452.4

9

Wcekly IFC Price Indexes, April-June 1990 rm

(In US$; Dec. 1984=100)

00

on g

Markets

'>

LatinAmerica

o

Argentina Brazil Chile Colombia Mexico Venezuela

Apr 5

13

20

27

May 4

11

18

25

Jun 1

289.7 65.6 729.0 241.4 638.6 111.5

280.1 55.8 715.9 240.4 645.0 113.8

293.7 68.5 724.5 248.7 641.4 114.8

280.7 76.9 714.2 251.3 639.9 121.4

289,9 75.1 701.4 253.1 667.9 153.2

306.7 68.4 675.6 249.7 707.3 171.8

302.1 61.0 665.7 257.8 727.5 157.3

284.5 64.7 669.1 259.8 754.4 158.4

267.5 62.3 691.9 258.5 752.1 149.4

394.4 1,757.0 1,326.7

376.4 1,758.1 1,285.9

373.6 1,740.2 1,268.1

346.0 1,635.1 1,289.7

379.4 1,546.7 1,200.5

370.4 1,553.2 1,129.8

380.9 1,481.8 954.0

387.5 1,435.5 825.1

197.4 143.2 359.4

191.6 148.0 362.9

198.2 143.8 358.1

200.0 140.0 370.3

196.4 142.2 367.8

199.6 149.3 372.4

197.1 150.4 395.2

373.5 96.0 601.1 307.3 716.9

462.1 96.2 595.1 294.9 736.8

531.3 95.9 597.0 303.1 736.6

553.7 97.7 608.2 301.2 733.8

576,6 99.4 631.7 328.3 733.9

567.8 98.6 625.0 348.7 793.6

188.0 420.3

179.9 408.7

190.7 403.2

196.2 399.4

198.3 391,8

197.6 377.6

8

15

22

29

258.6 61.2 704.6 273.5 744.3 134.8

258.4 56.6 721.5 290.6 712.9 134.9

242.0 61.3 717.6 298.4 717.4 146.2

273.9 63.5 710.0 309.7 710.8 149.8

399.0 1,395.7 1,051.3

396.7 1,344.9 822.3

383.4 1,464.3 812.8

369.4 1,525.2 769.5

352.2 1,456.1 715.3

202.2 157.4 418.5

202.6 155.7 426.2

199.5 155.0 431.9

198.1 150.8 415.7

204.6 152.3 418.4

211.0 153.1 437.2

621.1 98.6 632.6 344.6 775.7

599.8 99.7 627.0 339.5 779.2

590.6 99.1 618.8 329.1 779.5

633.1 101.6 610.8 324.0 824.6

694.2 101.5 616.7 292.9 833.7

776.1 100.2 611.6 282.9 837.7

842.9 101.8 610.2 328.7 851.4

193.7 347.9

199.9 327.7

198.1 374.6

196.5 329.9

189.3 322.4

192.9 310.6

194.6 296.6

EastAsia

Korea Philippines Taiwan, China SouthAsia

India Malaysia Thailand Europe/MideastlAfrica

Greece Jordan Portugala Turkeyb Zimbabwe Regional lndexesc

LatinAmerica Asia

aJan86=1 00. b Dec86=100. LatinAmerica: Argentina, Brazil, ChileandMexico. Asia:Korea; Malaysia; Taiwan, China; andThailand.

.,

I'

.

S

Weekly IFC Price Indexes, July-September 1990 (In US$; Dec. 1984=100)

Markets LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines China Taiwan, SouthAsia India

87t -

20

27

Aug 3

10

17

24

31

Sep 7

14

21

28

286.6 66.3 663.9 317.1 709.9 153.2

270.9 74.3 674.6 326.1 742.7 151.9

287.7 80.4 688.9 323.3 761.8 160.5

326.3 78.8 685.8 314.5 769.2 176.4

353.4 85.2 706.3 311.8 7582 191.4

331.4 77.0 702.1 289.3 7564 225.6

337.5 75.0 703.8 290.2 719.9 250.2

274.9 69.4 7039 286.2 650.4 261.2

263.5 72.1 669.2 289.8 691.2 277.0

267.8 68.6 698.3 281.0 676.4 296.7

266.0 66.7 684.3 279.2 673.5 284.8

292.9 66.2 683.2 2771 670.9 288.4

290.2 59.7 659.9 271.2 629.4 325.4

354.7 1,433.1 707.6

343.2 6 1,439 686.2

341.9 1,444.6 7403

335.6 1,473.0 753.5

330.3 1,460.6 702.5

3207 1,375.4 581.9

305.2 1,336.3 536.1

286.5 1,166.6 448.2

296.8 1,189.9 527.2

299.4 1,066.8 463.7

288.3 991.1 473.9

287.7 972.1 430.6

296.3 866.4 391.0

231.3

250.7

258.9

254.1

262.9

279.0

305.2

288.9 143.6 3393

323.0 131.2 289.4

321.6 106.0 119.2 301.6

155.4 433.5

161.6 4361

164.2 489.2

164.8 494.6

161.8 484.1

147.5 4088

147.2 413.2

1275 316.0

143.1 389.7

Europe/Mideast/Africa Greece Jordan portugalb Turkeyc Zimbabwe

9172 102.1 598.6 3272 877.9

865.0 102.4 596.9 337.0 869.6

863.4 101.5 598.1 347.7 903.9

823.5 99.5 597.2 396.0 915.6

814.8 99.7 603.4 427.0 927.1

770.5 83.4 574.0 347.5 9720

835.5 81.1 569.3 392.5 970.6

728.0 81.2 517.6 3374 993.5

750.7 87.0 572.5 385.3 988.6

717.0 89.0 535.1 3657 978.9

701.6 91.0 539.5 400.6 987.6

757.0 88.9 535.3 375.7 4 1,010

659.1 87.1 496.7 337.9 1,021.1

RegionalIndexesd LatinAmerica Asia

194.9 296.1

205.7 290.5

2145 3040

2156 305.2

221.3 292.6

213.5 2592

207.3 246.2

190.8 2141

196.4 239.9

193.2 2274

1905 224.8

190.7 210.6

178.6 203.0

Malaysia Thailand

8

13

300.7 1428 372.1

Indonesiaa

00

Jul 6

227.3

220.5

a Dec90=100. t bJan86=100. 86=100.Argentina, c Dec Brazil,ChileandMexico. d LatinAmerica: andThailand. China; Taiwan, Malaysia; Asia:Korea;

-

-

-

-

-

-

-

-

800

Weekly IFC Price Indexes, October-December

1990

(In US$; Dec. 1984=100) on no Oct g

Markets

Nov

5

12

19

26

2

Dec 9

16

23

30

7

14

21

28

-t

E,

o 0

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

268.4 57.8 647.8 269.2 650.5 357.6

262.2 50.4 627.7 276.8 652.4 403.6

256.8 46.2 622.4 275.7 682.3 336.6

261.9 45.3 636.3 275.1 700.7 379.0

290.0 42.0 632.9 278.1 700.4 366.0

297.6 47.5 634.9 280.4 664.8 409.4

289.5 49.7 659.7 281.5 698.2 430.4

296.8 52.3 688.9 285.1 717.0 411.4

279.2 44.7 717.5 288.9 718.6 412.1

247.3 43.2 748.2 289.1 749.4 401.5

256.1 39.8 774.4 287.8 746.2 422.7

263.5 41.0 820.3 286.4 728.1 467.3

261.5 40.0 813.5 288.2 726.8 493.2

EastAsia Korea Philippines Taiwan,China

303.4 828.9 393.4

306.8 861.8 386.3

349.2 854.0 441.1

360.7 931.2 443.4

350.4 826.6 464.4

343.8 841.7 501.1

339.9 873.7 574.5

332.6 875.8 672.0

348.5 853.2 652.6

359.4 853.9 647.4

344.5 915.8 598.7

344.7 885.2 589.4

339.6 867.8 644.1

SouthAsia India Indonesia' Malaysia Thailand

321.7 105.2 122.3 309.9

314.1 97.4 122.3 296.8

2959 91.2 123.6 296.3

288.2 99.1 126.3 313.6

296.9 96.0 120.7 299.7

309.8 95.8 117.8 302.0

292.4 93.3 118.9 298.4

288.7 91.8 120.7 293.8

265.9 89.5 116.8 265.3

261.0 89.6 124.2 297.8

274.3 90.5 128.9 306.8

234.2 92.5 124.8 294.3

237.2 97.4 125.5 292.2

668.4 88.9 507.4 343.1 1,022.4

645.1 87.7 512.1 335.3 1,040.6

612.6 87.6 511.8 319.2 1,039.7

606.6 89.7 519.7 320.2 1,049.5

545.0 87.3 511.1 276.9 1,048.2

492.2 87.0 506.0 237.5 1,096.2

503.6 90.1 507.4 248.1 1,120.9

549.1 88.6 498.8 236.9 1,136.6

525.5 88.0 472.0 202.3 1,133.1

625.0 88.7 480.7 242.8 1,154.8

598.1 91.1 489.6 226.2 1,162.5

551.4 90.3 473.7 193.4 1,164.4

529.3 90.1 451.9 181.2 1,114.5

178.5 206.7

171.7 205.5

171.9 228.0

174.6 233.3

172.8 232.2

175.5 236.7

180.1 249.7

186.5 266.4

181.4 264.6

184.7 270.3

183.2 258.7

184.4 255.2

183.0 264.2

Europe/Mideast/Africa Greece Jordan Portugalb Turkeyc Zimbabwe RegionalIndexesd LatinAmerica Asia

a Dec90=100. bJan 86=100. c Dec86=100.

dLatinAmerica: Argentina, Brazil, ChileandMexico. Asia:Korea; Malaysia; Taiwan, China; andThailand.

~~~~~~~~~~~~~It i

4*

4*

Local Stock Market Price Indexes, 1981-1990 (In Local Currency, Year-end)

IIW

0 CC

1990

1981

1982

1983

1984

1985

1986

1987

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

2.3 (1977=0.10) BolsalndiceGeneral MarketIndex(1968=0.0001)0.017 BOVESPA 75.5 IGPAIndex(Jan1980=100) 440.0 (3/15/76=100) General Bogota 947.9 (Nov1978=781.6) BMVGeneral 275.5 BVCIndex(1971=100)

5.6 0.028 68.3 349.0 677.6 315.7

43.8 0.241 56.5 264.6 2,451.9 409.1

280.6 1.307 63.3 215.9 4,038.4 588.7

2,094.8 6.6 110.3 226.6 11,197.2 817.7

2,498.5 9.3 262.1 463.3 47,101.0 2,090.5

6,607.8 12.5 343.6 851.3 105,669.9 3,928.6

EastAsia Korea Philippines China Taiwan,

00) (Jan1980=1 KSEComposite 00) (Jan1958=1 ManilaCom.-lnd. Index(1966=100) TSEAverage

131.4 99.2 551.0

127.3 90.5 443.6

121.2 144.6 761.9

142.5 106.3 838.1

163.4 160.9 835.0

272.6 548.0 1,039.1

525.1 750.1 2,339.9

907.2 949.9 5,119.1

909.7 1,584.9 9,624.2

696.1 870.1 4,530.2

SouthAsia India Indonesia Malaysia Pakistan Thailand

Index(1970=100) FE.Bombay (8/19/1982=100) JSEComposite (Jan1977=100) Composite KLSE SBPIndex(1980-1981=100) SETIndex(4/30/75=100)

175.2 100.3 380.8 99.4 106.6

166.9 95.0 291.4 114.8 123.5

182.8 80.4 401.6 148.3 134.5

199.8 63.5 303.6 168.3 142.3

396.4 66.5 233.5 166.5 135.0

424.8 69.7 252.4 199.9 207.3

389.9 82.5 261.2 228.4 284.9

634.5 305.1 357.4 262.7 386.7

839.9 399.7 565.3 277.3 879.2

1,040.7 417.8 505.9 308.5 612.9

(1980=100) ASEGeneral AFMIndex(Jan1980=100) Index(1984=100) NSEGeneral Totta& Acores(1977=100) Banco ISEIndex(Jan1986=100) (1967=100) RBZIndustrial

86.6 176.9 203.5

93.4 203.5 190.5 136.1

58.3 153.4 187.0 123.8

59.2 119.5 100.0 249.7 122.7

71.0 115.7 128.3 566.4 251.9

103.9 106.5 163.4 1,202.0 170.9 286.3

272.5 117.3 190.9 2,990.0 673.0 450.1

279.7 124.4 233.6 2,355.9 373.9 552.6

459.4 137.3 325.3 3,287.0 2,217.7 869.1

932.0 118.4 513.8 2,143.4 3,255.8 2,282.7

Europe/Mideast/Africa

Greece Jordan Nigeria Portugal Turkey Zimbabwe

-

C 0t

1989

Index

UQ

0' 0,

1988

Market

Notavailable

227.7

41,383.0 7,172,417.0 22,028,788.0 25,156.0 6,161.5 330.8 1,166.7 757.6 459.8 1,392.3 975.9 872.1 628,790.3 418,925.1 211,531.8 17,881.9 2,754.0 3,866.4

Percent Change in Local Stock Market Price Indexes, 1981-1990

QQ

Market

Index

Latin America Argentina Brazil Chile Colombia Mexico Venezuela

BolsaIndiceGeneral(1977=0.10) BOVESPA Market Index(1968=0.0001) IGPAIndex(Jan 1980=100) BogotaGeneral(3/15/76=100) BMVGeneral(Nov 1978=781.6) BVCIndex(1971=100)

EastAsia Korea Philippines Taiwan,China South Asia India Indonesia Malaysia Pakistan Thailand

1981

1982

1983

1984

1985

1986

1987

1988

88.62 113.48 -24.47 69.23 -33.82 -7.42

142.24 64.21 -9.59 -20.68 -28.52 14.58

679.36 758.62 -17.25 -24.19 261.85 29.58

540.62 442.02 12.03 -18.41 64.71 43.92

646.58 401.53 74.16 4.95 177.27 38.89

19.27 41.26 137.75 104.52 320.65 155.67

164.47 34.87 31.09 83.73 124.35 87.93

526.27 2,549.53 33.61 2.45 100.18 -1.58

KSEComposite(Jan 1980=100) ManilaCom.-Ind.(Jan 1958=100) TSEAverageIndex(1966=100)

22.93 -6.42 -1.33

-3.09 -8.77 -19.50

-4.79 59.76 71.77

17.53 -26.47 9.99

14.68 51.35 -0.36

66.87 240.60 24.44

92.62 36.87 125.18

72.76 26.63 118.78

0.28 66.86 88.00

-23.48 -45.10 -52.93

FE.BombayIndex(1970=100) JSEComposite(8/19/1982=100) KLSEComposite(Jan1977=100) SBPIndex(1980-1981=100) SETIndex(4/30/75=100)

41.76 -3.17 3.85 5.74 -14.51

-4.77 -5.25 -23.48 15.49 15.85

9.58 -15.40 37.82 29.18 8.91

9.29 -20.95 -24.40 13.49 5.80

98.36 4.72 -23.09 -1.07 -5.13

7.16 4.75 8.11 20.06 53.54

-8.21 18.42 3.48 14.26 37.52

62.73 269.68 36.83 15.02 35.72

32.38 31.04 58.17 5.55 127.34

23.90 4.53 -10.02 11.27 -30.29

-13.41 58.65 -19.21 -

7.89 15.04 -6.39 -

-37.64 -24.62 -1.84 -

1.58 -22.29 33.52 -

19.89 -3.18 28.30 126.83

46.38 -7.95 27.36 112.22 -

162.34 10.14 16.83 148.75 293.89

2.64 6.05 22.37 -21.21 -44.44

64.29 10.37 39.26 39.52 493.07

102.86 -13.77 57.95 -34.79 46.81

-52.24

-40.23

-9.04

-0.89

105.30

1989

1990

C,

g

C a

Europe/Mideast/Africa Greece ASEGeneral(1980=100) Jordan AFMIndex(Jan 1980=100) Nigeria NSEGeneralIndex(1984=100) Portugal BancoTotta& Acores(1977=100) Turkey ISEIndex(Jan1986=100)

Zimbabwe

- Notavailable

RBZIndustrial (1967=100)

13.66

57.19

22.79

17,231.80 1,762.49 64.76 11.90 98.04 -28.77

57.28

207.13 308.28 54.00 42.66 50.10 549.31

162.64

Correlations between Changes in IFC Price Indexes and Local Market Indexes a (Five Years Ending December 1990)

Market

*

Number of months

Correlation coefficient

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

60 60 60 60 60 60

0 996 0.964 0.945 0696 0.986 0.943

EastAsia Korea Philippines Taiwan, China

60 60 60

0.922 0.856 0 973

SouthAsia India Indonesiab Malaysia Pakistan Thailand

60 12 60 60 60

0.898 0966 0985 0.585 0.955

Europe/Mideast/Africa Greece Jordan Nigeria Portugalc Turkeyd Zimbabwe

60 60 60 59 48 60

0.949 0.643 0 877 0.959 0 936 0.710

a IFCandlocalindexes denominated inlocalcurrency. aSeriesbeginsDec.1989. SeriesbeginsJan.1986. d SeriesbeginsDec.1986.

Emerging Stock Markets Factbook

III

Market Profiles

Markets in IFC's Composite Index

Markets Not in IFC's Composite Index

Argentina 114 Brazil 116 Chile 118 Colombia 120 Greece 122 India 124 Indonesia 126 Jordan 128 Korea 130 Malaysia 132 Mexico 134 Nigeria 136 Pakistan 138 Philippines 140 Portugal 142 Taiwan, China 144 Thailand 146 Turkey 148 Venezuela 150 Zimbabwe 152

MarketsNot in IFC's Composite Index 154 Bangladesh 155 Costa Rica 156 C6te d'Ivoire 157 Egypt 158 India (Calcutta, Delhi and Madras) 159 Jamaica 160 Kenya 161 Kuwait 162 Morocco 163 Peru 164 Sri Lanka 165 Trinidad and Tobago 166 Uruguay 167

Argentina, 1990 (CurrencyAmountsin Millions) rx

0r

i

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

184

184

184

181

181

181

181

181

181

179

179

179

A. Numberof listedcompanies

Bolsa deComercio deBuenos Aires B. Marketcapitalization

o

1) In australes 2) In USdollars

3,700,893 12,264,567 12,439,670 15,889,180 16,501,677 17,100,452 20,074,537 19,672,712 19,508,726 17,966,433 18,266,582 18,529,329 2,056 2,127 2,672 3,249 3,255 3,208 3,610 3,110 3,438 3,237 3,520 3,268

C. Tradingvalue

1) Inaustrales 2) In USdollars 3) Turnover ratio

63,040 35 1.3

130,507 23 1.6

282,491 61 2.3

445,647 91 3.1

436,261 86 2.7

280,711 53 1.7

456,621 82 2.5

807,089 128 4.1

383,442 68 2.0

279,213 50 1.5

302,380 58 1.7

214,076 38 1.2

D. Localindex

1) BolsalndiceGeneral (1977=0.10) 2) Change inindex(%)

4,624,303.015,323,570.0 15,524,005.0 19,830,991.0 20,595,332.0 21,342,316.0 25,050,338.0 24,548,837.0 24,339,542.0 22,413,386.0 21,738,129.0 22,028,788.0 -35.5 231.4 1.3 27.7p 3.8 3.6 17.4 -2.0 -0.8 -7.9 -3.0 1.3

E IF EmergingMarketsDataBase

1) Number of stocks 2) Shareof marketcap.(%) 3) Shareof tradingvalue (%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

24 73.6 93.3 11.6 1.0 7.6 293.3 -54.0

24 79.9 94.3 2.0 3.8 2.1 329.5 12.3

24 77.3 91.1 7.0 2.6 2.9 403.7 22.5

24 71.2 88.4 4.1 2.1 2.5 451.7 11.9

24 68.1 83.6 3.0 1.1 2.8 434.5 -3.8

24 68.6 83.7 8.2 1.1 2.7 428.6 -1.4

24 68.6 86.0 5.2 1.2 2.3 481.8 12.4

24 67.6 88.7 -0.4 0.8 2.1 409.1 -15.1

24 67.4 80.8 -4.3 0.6 2.1 450.6 10.1

24 66.3 75.9 -0.6 0.5 2.2 417.5 -7.3

24 68.1 81.5 2.6 0.3 2.0 433.6 3.9

24 68.7 85.1 3.1 0.4 0.9 406.2 -6.3

F Exchangerates

1) Exchange rates(endof period)

1,800.0000 5,765.0000 4,655.0000 4,890.0000 5,070.2200 5,330.2100 5,560.1900 6,325.0000 5,675.0000 5,550.0000 5,190.0000 5,670.0000

Argentina, 1981-1990 (CurrencyAmountsin Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

263

248

238

236

227

217

206

186

178

179

1.5 2,056

4.7 974

32 1,386

209 1,171

1,631 2,037

2,000 1,591

5,318 1,519

33,006 2,025

5,746,133 4,225

18,529,329 3,268

C. Tradingvalue 1) Inaustrales 2) In USdollars ratio 3) Turnover

0.2 454 17.7

0.6 231 19.3

4 389 22.2

19 277 15.5

380 631 41.3

292 309 16.1

539 251 14.7

5,548 593 28.9

708,573 1,916 24.5

4,081,478 852 33.6

D. Localindex (1977=0.10) lndiceGeneral 1) Bolsa in index(%) 2) Change

2.3 88.6

5.6 142.2

43.8 679.4

280.6 540.6

2,094.8 646.6

DataBase Markets E IFCEmerging of stocks 1) Number cap.(%) of market 2) Share

22 45.6

21 36.4

21 38.9

21 38.1

24 63.9

-

-

-

-

of listedcompanies A. Number Aires deBuenos deComercio Bolsa B. Marketcapitalization 1) Inaustrales 2) In USdollars

3) P/Eratio 4) P/BVratio

on

-

yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change

1.l 206.9 -46.2

0.8 80.5 -61.1

1.3 119.2 48.1

0.1 100.0 -16.1

0.7 174.9 74.9

data f Economic (inUS$) product domestic 1) Gross priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

122,644 205 0.0007 0.0004

56,706 541 0.0049 0.0026

64,767 2,403 0.0233 0.0105

78,121 17,462 0.1787 0.0676

65,789 134,830 0.8005 0.6018

- Notavailable. Cr C

-

2,498.5 19.3

6,607.8 164.5

41,383.0 526.3

7,172,417.0 22,028,788.0 2071 17,231.8

24 60.2

24 67.7

24 67.7

24 778

24 68.7

16.0 0.3

3.8 04

11.3 0.3

22.1 1.6

3.1 0.4

02 128.6 -26.5

1.9 141.8 10.2

3.6 1971 39.0

4.7 637.1 223.2

0.9 406.2 -36.3

78,801 256,310 1.2570 0.9430

80,730 592,920 3.5000 2.1443

83,808 2,626,313 16.3000 9.3642

69,178 83,500,219 1,360.0000 369.7728

-

5,670.0000 4,792.7572

Brazil, 1990 (Currency Amounts in Millions)

A. Number of listedcompanies 1) SaoPauloBolsadeValores 2) RiodeJaneiroBolsadeValores

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

594 631

595 629

593 628

591 628

591 628

591 627

587 622

587 622

584 620

583 619

582 617

581 612

B. Marketcapitalization

1) In cruzeiros (SaoPaulo) 2) In USdollars C, Trading value RiodeJaneiro Bolsa deValores SaoPauloBolsadeValores 1) Totalincruzeiros 2) In USdollars 3) Turnover ratio D. Localindex 1) BOVESPA MarketIndex(1968=0.0001) 2) Change in index(%) E. IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof marketcap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%) F Exchange rates 1) Exchange rates(endot period)

876,343 49,679

1,593,115 52,405

714,674 17,221

6,378 11,554 17,931 1,017 2.6

9,014 19,436 28,449 936 2.3

5,985 13,626 19,611 473 1.7

2,799 8,593 11,392 224 1.0

6,395 14,616 21,011 384 1.4

5,221 14,569 19,790 330 1.2

14,632 35,203 49,835 729 2.4

16,847 44,377 61,223 882 2.8

8,626 21,946 30,571 376 1.5

8,177 17,288 25,465 252 1.3

16,136 27,780 43,916 314 2.0

13,846 26,204 40,050 249 1.6

10,049.0 63.1

16,597.0 65.2

7,275.0 -56.2

15,587.0 114.3

14,643.0 -6.1

17,618.0 20.3

29,822.0 69.3

25,071.0 -15.9

23,099.0 -7.9

17,848.0 -22.7

26,510.0 48.5

25,156.0 -5.1

56 38.2 33.6 13.5 0.7 15.1 99.7 -16.4

56 34.5 46.1 16.0 0.8 13.8 100.6 0.9

56 39.1 47.4 7.2 0.9 12.1 96.7 -16.6

56 38.3 45.8 7.0 0.7 13.8 69.7 -27.9

56 41.5 41.1 6.8 0.9 9.6 72.8 4.5

56 40.1 37.1 5.3 0.8 9.4 65.3 -10.3

54.6600

60.0000

56 39.3 44.4 8.6 1.2 0.9 190.9 1.1

56 39.2 45.7 10.1 1.4 13.3 199.0 4.2

17.6400

30.4000

56 51.4 36.6 6.5 0.6 22.9 86.2 -56.7 41.5000

1,543,961 1,463,308 1,794,353 2,361,202 2,023,067 2,024,692 1,845,699 2,470,703 2,633,390 30,423 26,771 29,906 34,556 29,142 24,907 18,296 17,648 16,354

56 40.3 39.0 9.3 1.0 13.5 119.3 38.3 50.7500

56 39.6 46.6 9.9 1.1 9.5 133.8 33.1

56 40.4 42.0 10.3 0.9 11.6 115.9 -13.3

68.3300

69.4200

81.2900

100.8800

140.0000

161.0200

~ ~

.1

.1

c

**

*

Brazil, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

477 609

493 607

505 593

522 601

541 615

592 658

590 650

589 630

592 629

581 612

1.6 12,574

2.6 10,261

14.9 15,100

92 28,994

449 42,768

612 42,096

1,203 16,900

23,504 32,149

501,354 44,368

2,633,390 16,354

value C. Trading deValores RiodeJaneiroBolsa deValores SaoPauloBolsa 1) Totalin cruzeiros 2) In USdollars ratio 3) Turnover

0.5 0.1 0.6 6,185 52.5

0.7 0.4 11 5,938 509

0.9 1.9 2.8 4,884 32.3

7 12 18 9,960 34.3

66 67 133 21,485 49.3

150 244 395 28,912 744

144 233 377 9,608 415

1,804 2,870 4,675 17,979 37.8

18,920 28,014 46,934 16,762 17.9

114,054 255,191 369,245 5,598 23.6

D. Localindex MarketIndex(1968=0.0001) 1) BOVESPA inindex(%) 2) Change

0.0 113.5

0.0 64.2

0.2 758.6

13 442.0

6.6 401.5

9.3 41.3

12.5 34.9

330.8 2,549.5

6,161.5 1,762.5

25,156.0 308.3

25 30.3

25 27.6 5.1 65.0 56.0

25 27.7 2.1 1000 53.8

26 27.4

10.6 48.5 34.4

25 28.6 16.8 41.7 -14.0

2.3 1950 95.0

29 28.9 4.2 0.9 4.3 148.0 -24.1

30 26.0 15.4 0.6 4.7 54.8 -63.0

57 40.8 7.9 0.7 1.5 1265 130.9

56 43.5 8.3 1.3 0.7 188.8 49.2

263,706 206 0.0001 0.0001

271,733 407 0.0003 0.0002

211,348 2,924 0.0032 0.0019

228,709 9,556 0.0105 0.0062

of listedcompanies A. Number deValores 1) SaoPauloBolsa deValores 2) RiodeJaneiroBolsa B. Marketcapitalization (SaoPaulo) 1) In cruzeiros 2) In USdoliars

=

<

DataBase Markets E. IFCEmerging of stocks 1) Number cap.(%) of market 2) Share 3) PIEratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-3

Notavailable.

206,423 985 0.0010 0.0006

271,635 23,436 0.0146 0.0137

303,344 77,258 0.0712 0.0392

353,651 604,389 0.7311 0.2600

375,146 8,382,802 11.3000 2.8000

56 40.1 5.3 0.8 9.4 65.3 -65.4 -

161.0200 65.9583

Chile, 1990 m

(Currency Amounts in Millions)

ri P71

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

212

215

214

214

210

213

215

216

216

218

217

215

A. Numberof listedcompanies

BolsadeComerclo deSantiago o

B. Marketcapitalization

1) In pesos 2) In USdollars

2,965,374 3,293,266 3,438,232 3,309,106 3,225,871 3,288,322 3,371,699 3,465,341 3,446,768 3,459,960 4,039,508 4,596,608 10,360 11,639 12,044 11,524 10,957 11,532 11,713 11,351 11,216 10,840 12,197 13,645

C. Tradingvalue

1) In pesos 2) In USdollars 3) Turnover ratio

23,435 82 0.8

18,010 64 0.6

27,410 96 0.8

13,142 46 0.4

17,005 58 0.5

17,796 62 0.5

15,380 53 0.5

16,660 55 0.5

11,334 37 0.3

14,462 45 0.4

24,089 73 0.6

35,162 104 0.8

804.7 6.2

900.7 11.9

921.1 2.3

889.2 -3.5

866.7 -2.5

877.0 1.2

875.8 -0.1

890.1 1.6

882.1 -0.9

877.6 -0.5

1,018.9 16.1

1,166.7 14.5

28 65.0 67.0 6.3 1.3 8.9 1,110.1 5.8

28 66.0 78.8 6.9 1.3 7.9 1,266.6 14.1

28 64.1 76.5 6.6 1.3 7.9 1,275.1 0.7

28 63.9 75.2 6.6 1.3 9.1 1,249.3 -2.0

28 63.8 69.2 6.3 1.2 8.8 1,193.8 -4.4

28 64.1 78.8 6.4 1.2 8.5 1,256.7 5.3

28 63.2 68.2 5.5 1.1 8.0 1,246.6 -0.8

28 62.1 59.9 5.8 1.1 8.1 1,192.3 -4.4

28 62.1 69.6 6.2 1.0 7.7 1,180.4 -1.0

28 61.9 65.2 6.7 1.0 7.9 1,143.4 -3.1

28 62.1 63.6 7.9 1.2 6.4 1,296.0 13.3

28 62.9 60.1 8.9 1.4 5.0 1,471.4 13.5

287.1500 294.4200

285.1500

287.8700

305.2900 307.3100

319.1900

D. Localindex

1) IGPA Index(Dec.31,1980=100) 2) Change in index(%) E IFCEmergingMarketsDataBase

1) Numberof stocks 2) Share of marketcap.(%) 3) Shareoftradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change in totalreturnindex(%) F Exchange rates

1) Exchange rates(endof period)

286.2400

282.9600 285.4700

331.1900 336.8600

Chile, 1981-1990 (Currency Amounts in Millions)

of listedcompanies A. Number deSantiago BolsadeComercio B. Marketcapitalization 1) In pesos 2) In USdollars C. Tradingvalue 1) In pesos 2) In USdollars ratio 3) Turnover D3.Localindex Index(Dec.31,1980=100) 1) IGPA in index(%) 2) Change

tm

o

o C

DataBase Markets E IFCEmerging of stocks 1) Number of marketcap.(%) 2) Share 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic 00) priceindex(1980=1 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

Notavailable.

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

242

212

214

208

228

231

209

205

213

215

274,943 7,050

322,751 4,395

227,448 2,599

270,048 2,106

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

14,607 375 4.5

8,278 163 2.8

5,112 65 1.9

5,079 51 2.0

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

75.5 -24.5

68.3 -9.6

56.5 -17.3

63.3 12.0

1103 74.2

262.1 137.8

343.6 31.1

459.8 33.8

757.6 64.8

1,166.7 54.0

25 37.9

25 27.1 6.3 191.4 -54.5

25 30.4 2.9 131.0 -31.5

25 35.3 5.0 100.0 -23.7

25 46.3 7.5 149.3 49.3

25 50.9 5.3 1.0 5.9 380.3 154.8

25 53.0 5.0 0.9 5.9 507.2 33.3

25 66.0 4.4 1.1 9.4 694.6 37.0

26 63.6 5.8 1.3 9.5 1,049.6 51.1

28 62.9 8.9 1.4 5.0 1,471.4 40.2

24,340 132 73.4300 50.9092

19,757 168 87.5300 78.8417

18,948 376 232.4300 219.5400

22,048 431 249.5400 245.4187

24,000 504 294.1100 259.3306

336.8600 298.5440

5.5 420.8 -42.3 32,644 120 39.0000 39.0000

-

19,192 201 128.2399 98.6556

15,996 262 183.8599 161.0806

16,817 313 204.7300 193.0200

-

Colombia, 1990 (Currency Amounts in Millions) CD

8

8

A. Number of listedcompanies BolsadeBogota B. Market capitalization 1) Inpesos 2) InUSdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

82

83

84

84

82

80

80

80

80

80

80

80

494,706 1,137

541,681 1,212

575,953 1,261

604,233 1,288

617,347 1,272

930 2 0.2

3,844 9 0.7

2,223 5 0.4

1,495 3 0.3

2,486 5 0.4

4,502 9 0.6

D. Localindex 1) BogotA General Index(1976=100) 2) Change in index(%)

991.4 1.6

1,067.7 7.7

1,101.6 3.2

1,096.0 -0.5

1,127.6 2.9

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

20 90.3 69.8 7.1 1.1 7.0 413.1 0.5

20 92.7 86.9 8.7 1.3 6.4 454.3 10.0

20 90.8 66.4 9.0 1.0 6.8 460.4 1.3

20 89.1 87.0 10.8 1.5 6.8 469.8 2.0

20 92.1 82.1 11.8 1.6 6.6 482.9 2.8

758,150 1,563

722,057 1,487

699,565 1,385

699,679 1,335

677,951 1,296

742,909 1,420

740,673 1,416

1,815 4 0.3

2,788 6 0.4

3,814 7 0.5

2,561 5 0.4

2,780 5 0.4

5,151 10 0.7

1,128.5 0.1

1,126,2 -0.2

1,119.2 -0.6

1,116.6 -0.2

1,140.8 2.2

1,174,7 3,0

1,392.3 18.5

20 90.8 33.9 13.3 1.4 5.3 584.5 21.0

20 98.6 89.8 14.8 1.5 5.8 609.1 4.2

20 96.8 92.8 11.9 1.5 6.4 556.6 -8.6

20 93.7 80.8 11.1 1.4 6.8 522.1 -6.2

20 98.4 62.6 11.1 1.4 7.3 537.3 2.9

20 94.4 54.2 11.3 1.4 7.3 565.3 5.2

20 94.5 28.1 10.7 1.3 7.6 567.6 0.4

505.0900

524.0000

523.0000

523.0000

523.0000

C. Tradingvaluea

1) In pesos 2) InUSdollars 3) Turnover ratio

F Exchange rates

1) Exchange rates(endof period)

435.1300 446.7500

456.8000 469.0000

485.5000

485.0000 485.5000

a Includes thevaluetradedat theBolsa in Medellin.

4*

I.

*

Colombia, 1981-1990 (Currency Amounts in Millions)

1981

of listedcompanies A. Number BolsadeBogota

-

CD

>

o 0 0

1983

1984

1985

193

196

180

102

1986

99

1987

1988

1989

1990

96

86

82

80

B. Marketcapitalization 1) In pesos 2) In USdollars

82,636 1,399

92,940 1,322

76,055 857

86,817 762

71,689 416

180,012 822

329,112 1,255

384,744 1,145

480,531 1,136

740,673 1,416

valuea C. Trading 1) In pesos US 2) In dollars ratio 3) Turnover

18,064 332 22.0

5,966 93 6.8

5,101 65 6.0

4,762 47 5.8

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

440.0 69.2

349.0 -20.7

264.6 -24.2

215.9 -18.4

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

24 52.6 5.3 0.7 100.0 -

24 72.2 3.1 0.6 16.1 88.8 -11.3

24 83.4 8.3 1.4 6.6 227.0 155.8

22 94.6 11.6 1.6 4.9 409.4 80.4

22 88.0 8.8 1.6 5.9 359.4 -12.2

21 90.5 7.0 1.1 7.0 411.1 14.4

20 94.5 10.7 1.3 7.6 567.6 38.1

36,373 402 262.1400 242.6100

39,246 514 336.0000 296.3809

39,518 647 423.0900 381.8281

523.0000 485.3745

D. Localindex Index(1976=100) General 1) Bogota in index(%) 2) Change

p

1982

DataBase Markets E. IFCEmerging stocks 1) Numberof 2) Shareof marketcap.(%) ratio 3) PI/E 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

-

-

-

-

-

-

-

36,388 128 59.0700 54.4905

in Medellin. thevaluetradedat theBolsa a Includes - Notavailable.

38,969 159 70.2900 64.0847

38,731 190 88.7700 78.8543

38,253 221 113.8899 100.8172

34,894 274 172.1999 142.3116

34,943 326 219.0000 194.2600

-

Greece, 1990 (Currency Amounts in Millions)

m

S xq

r8 @

8 Pr'

A. Number of listedcompanies AthensStockExchange B. Market capitalization 1) In drachmas 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

119

119

121

121

123

126

131

135

135

136

141

145

1,147,824 1,256,347 1,398,020 2,103,740 2,260,038 3,218,564 3,272,293 3,112,040 2,763,013 2,461,902 2,289,072 2,428,929 7,274 7,813 8,566 12,789 13,582 19,807 21,030 19,923 17,913 16,070 14,854 15,228

C Tradingvalue 1) In drachmas 2) In USdollars 3) Turnover ratio

17,147 109 1.6

17,666 110 1.5

37,445 229 2.8

51,266 312 2.9

78,094 469 3.6

109,084 671 4.0

94,999 611 2.9

47,195 302 1.5

28,288 183 1.0

55,289 361 2.1

41,523 269 1.8

43,374 272 1.8

D. Localindex 1) ASEIndex(General, 1980=100) 2) Change in index(%)

540.5 17.6

595.4 10.1

646.3 8.6

973.5 50.6

1,077.5 10.7

1,553.4 44.2

1,521.0 -2.1

1,379.3 -9.3

1,150.3 -16.6

972.7 -15.4

882.1 -9.3

932.0 5.6

E IFCEmerging Markets DataBase 1) Number ofstocks 2) Share of marketcap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=1 00) 8) Change intotalreturnindex(%)

26 67.9 71.1 31.1 3.9 3.9 530.2 16.6

26 66.1 65.6 31.9 4.3 3.7 554.7 4.6

26 63.6 63.2 32.1 3.3 3.5 584.9 5.4

26 66.4 70.3 31.1 4.7 4.1 927.6 58.6

26 64.0 87.5 31.2 5.4 1.8 971.5 4.7

26 64.7 67.5 31.5 7.2 1.4 1,397.4 43.8

26 62.7 52.6 30.2 7.0 1.4 1,370.7 -1.9

26 59.4 56.1 29.1 6.3 1.5 1,228.3 -10.4

26 58.9 56.6 26.5 5.8 1.7 1,084.4 -11.7

26 57.3 64.3 23.5 4.9 2.0 946.3 -12.7

26 56.6 60.1 26.6 4.8 2.2 864.6 -8.6

26 55.9 56.9 26.2 4.9 5.0 899.6 4.0

F Exchange rates 1) Exchange rates(endof period)

157.8000

166.4000

162.5000

154.2500

153.2000

154.1000

159.5000

160.8000 163.2000 164.5000

~

100

.,

155.6000 156.2000

M L

Greece, 1981-1990 Amountsin Millions) (Currency

A. Number of listedcompanies AthensStockExchange B. Marketcapitalization 1) Indrachmas 2) In USdollars

1983

1984

1985

1986

1987

1988

1989

1990

111

113

113

114

114

114

116

119

119

145

135,672 1,923

95,155 964

98,359 766

113,060 765

156,611 1,129

565,582 4,464

632,950 4,285

996,623 6,376

2,428,929 15,228

value C. Trading 1) In drachmas 2) In USdollars 3) Turnover ratio

3,025 55 2.2

2,499 37 1.9

1,480 17 1.3

1,314 12 1.4

2,384 17 2.3

4,520 32 3.3

59,676 441 16.5

44,413 313 7.4

89,006 549 10.9

621,370 3,924 36.3

D. Localindex 1980=100) 1) ASEIndex(General, 2) Change inindex(%)

86.6 -13.4

93.4 7.9

58.3 -37.6

59.2 1.6

710 19.9

103.9 464

272.5 162.3

279.6 2.6

459.4 64.3

932.0 102.9

Markets DataBase E IFCEmerging of stocks 1) Number 2) Share of marketcap.(%)

10 42.5

10 46.0

10 415

10 39.4

10 361

10 35.6

10 50.0

26 58.5

26 66.7

26 55.9

-

-

30.5 3.2

10.6 2.3

24.3 3.1

26.2 4.9

2.3 397.8 152.2

5.6 252.4 -36.6

4.6 4548 80.2

5.0 899.6 97.8

54,557 473 156.3000 162.1108

159.5000 1583425

3) P/Eratio 4) P/BVratio

aZ

yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic 1) Gross domestic product(inUS$) priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) 4) Exchange rates(average

0 0

1982

130,565 2,266

08

o

1981

-

Notavailable.

7.4 251.0 -30.6 36,999 125 57.6300 55.4084

-

-

7.6 250.4 -0.2

10.1 117.2 -53.2

12.5 100.0 -14.7

38,541 151 70.5700 66.8032

34,950 181 98.6700 88.0642

33,755 215 128.4799 112.7165

-

12.0 1034 3.4 33,423 256 147.7599 138.1190

-

5.1 157.7 52.5 39,274 315 138.7600 139.9800

45,987 366 126.7000 135.4300

52,937 416 147.7000 141.7146

-

India, 1990 (Currency Amounts in Millions)

A. Number of listedcompanies Bombay StockExchange B. Marketcapitalization 1) In rupees 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2407

2420

2431

2438

2456

2470

2480

2438

2455

2423

2428

2435

403,670 23,900

399,500 23,583

513,430 29,955

525,000 30,347

530,000 30,636

580,000 33,410

722,900 41,690

820,070 47,430

933,500 52,006

851,420 46,936

820,000 45,379

700,000 38,567

27,294 1,616 6.3

14,148 835 3.5

26,552 1,549 5.8

22,696 1,312 4.4

33,/03 1,948 6.4

35,058 2,019 6.3

47,370 2,732 7.3

51,570 2,983 6.7

21,050 1,173 2.4

37,350 2,059 4.2

23,830 1,319 2.8

41,470 2,285 5.5

D. Localindex 1) FEBombay Index(1979=100) 2) Change in index(%)

762.9 -9.2

764.1 0.1

860.9 12.7

861.2 0.0

891.6 3.5

902.9 1.3

1,162.9 28.8

1,257.6 8.1

1,399.6 11.3

1,203.3 -14.0

1,147.5 -4.6

1,040.7 -9.3

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

60 47.1 65.3 17.3 3.1 2.0 217.8 -10.3

60 48.8 67.5 17.0 3.0 1.9 216.6 -0.6

60 43.0 79.9 19.0 3.2 1.6 237.3 9.5

60 42.3 72.1 18.6 3.4 1.5 236.8 -0.2

60 42.8 76.4 18.2 3.6 1.5 241.2 1.8

60 40.7 92.3 17.0 3.4 2.1 251.9 4.5

60 41.2 30.8 21.6 3.8 1.5 318.2 26.3

60 41.9 59.8 23.9 4.2 1.3 365.1 14.8

60 40.3 53.6 27.0 4.8 1.7 387.1 6.0

60 40.9 66.0 24.8 4.3 1.7 352.0 -9.1

60 38.5 135.8 23.0 4.0 1.8 320.5 -8.9

60 40.6 26.9 20.6 4.0 1.9 287.2 -10.4

16.8900

16.9400

17.1400

17.3000

17.3000

17.3600

17.3400

17.2900

17.9500

18.1400

18.0700

18.1500

C. Trading value 1) Inrupees 2) In USdollars 3) Turnover ratio

F Exchange rates 1) Exchange rates(endof period)

11

~~

~

~

~

~

..

-

4

India, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

oflistedcompanies A. Number Exchange Stock 1) Bombay StockExchange 2) Calcutta 3) All India

1,031 1,068 2,114

1,106 1,305 3,358

1,151 1,218 3,118

1,295 1,862 3,882

1,529 1,980 4,344

1,912 2,113 4,744

2,095 2,073 5,560

2,240 2,233 5,841

2,407 2,390 5,968

2,435 6,200a

capitalization B. Market 1) In rupees 2) In USdollars

60,500 6,649

68,000 7,058

75,320 7,178

79,310 6,370

174,750 14,364

178,300 13,588

219,870 17,057

354,820 23,623

460,000 27,316

700,000 38,567

value C. Trading 1) In rupees 2) InUSdollars ratio 3) Turnover

57,950 6,693 108.3

47,560 5,030 74.0

24,010 2,377 33.5

44,500 3,916 57.6

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

175.2 41.8

166.9 -4.8

182.8 9.6

199.8 9.3

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

25 29.2

25 26.3

25 26.5

25 297

25 27.6

47 45.9

40 34.1

40 33.5

60 46.0

60 40.7

-

D. Localindex Index(1979=100) 1) FEBombay in index(%) 2) Change

T1

DataBase Markets E IfC Emerging of stocks 1) Number cap.(%) of market 2) Share 3) P/Eratio

ri2 OQ

4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change F Economicdata

jg

product(in US$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

U,

0S

a Estimated. - Not available.

ri LA

-

-

3.2 103.8 29.5

3.7 101.4 -2.4

184,120 113 9.0992 8.6585

187,822 122 9.6339 9.4551

-

-

3.2 102.9 15

3.4 100.0 -2.8

2.0 205.1 105.1

205,242 136 10.4932 10.0989

202,015 148 12.4514 11.3626

211,609 156 12.1655 12.3687

-

18.0

22.0

21.5

18.3

20.6

3.5 2.6 199.3 -2.8

1.9 2.7 168.8 -15.3

2.5 3.2 232.2 37.6

3.5 1.9 242.8 4.5

4.0 1.9 287.2 18.3

232,623 170 13.1220 12.6110

256,560 184 12.8900 12.9620

281,605 202 15.0200 13.8903

268,746 207 16.8400 16.1457

18.1500 174326

Indonesia, 1990 (Currency Amounts in Millions) no

(D

o

A. Number of listedcompanies Jakarta StockExchange B. Marketcapitalization 1) In rupiah 2) In USdollars C. Trading value 1) In rupiah 2) In USdollars 3) Turnover ratio

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

58

59

67

72

86

92

104

114

116

118

119

125

5,038,894 5,894,021 7,837,071 9,389,436 11,894,000 12,441,249 15,900,650 15,575,182 13,116,484 12,838,214 12,254,207 15,264,600 2,809 3,273 4,330 5,173 6,517 6,743 8,586 8,383 7,109 6,873 6,560 8,081 498,258 278 11.0

399,221 222 7.3

796,554 440 11.6

770,655 425 8.9

899,784 493 8.5

702,828 381 5.8

848,667 458 6.0

590,687 318 3.8

494,819 268 3.4

501,851 269 3.9

231,770 124 1.8

582,996 309 4.2

D. Localindex 1) JSEComposite Index(Oct.1982=100) 2) Change inindex(%)

441.8 10.5

504.3 14.1

609.0 20.8

638.8 4.9

636.4 -0.4

627.1 -1.5

613.6 -2.2

571.0 -6.9

468.5 -17.9

416.5 -11.1

382.2 -8.2

417.8 9.3

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof marketcap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec. 89=100) 8) Change in totalreturnindexI%)

58 100.0 100.0 54.9 5.1 0.0 111.3 11.3

59 100.0 100.0 49.4 5.7 0.0 126.2 13.4

67 100.2 100.0 53.8 6.8 0.0 149.9 18.7

72 100.0 100.0 47.7 6.2 0.0 145.2 -3.1

72 90.5 70.3 46.9 6.6 0.0 144.2 -0.7

72 86.8 58.4 43.1 6.4 0.0 141.5 -1.8

72 76.3 50.4 46.4 6.1 0.0 142.1 0.4

72 75.6 44.9 38.1 5.6 0.0 135.7 -4.6

72 71.7 43.5 30.5 4.4 0.0 108.9 -19.7

72 67.9 44.2 29.4 4.2 0.0 97.8 -10.2

72 71.3 59.3 28.5 4.0 0.6 92.4 -5.6

72 64.3 59.3 30.8 4.2 0.5 100.1 8.4

F Exchange rates 1) Exchange rates(endof period)

1,794.0100 1,800.9900 1,810.0200 1,815.0100 1,825.0300 1,845.0200 1,852.0200 1,858.0100 1,845.0200 1,868.0100 1,868.0100 1,889.0000

.,

,

,

,,

,

,

*,

Indonesia, 1981-1990 (Currency Amounts in Millions)

1981

of listedcompanies A. Number StockExchange Jakarta B Marketcapitalization 1) Inrupiah 2) InUSdollars

8

1983

1984

1985

1986

1987

1988

1989

1990

14

19

24

24

24

24

24

57

125

47,874 74

99,507 144

100,743 101

90,980 85

131,900 117

132,900 81

112,080 68

434,178 253

4,049,993 2,254

15,264,600 8,081

value C. Trading 1) In rupiah 2) InUSdollars ratio 3) Turnover

7,652 12 17.5

12,625 19 17.1

10,108 11 10.1

2,139 2 2.2

3,206 3 2.9

1,816 1 1.4

5,185 3 4.2

6,944 4 2.5

957,031 541 38.7

7,318,089 3,992 75.8

D.Localindex Index(Oct.1982=100) 1) JSEComposite in index(%) 2) Change

100.3 -3.2

950 -5.3

804 -15.4

63.5 -20.9

66.5 4.7

69.7 4.8

82.5 18.4

305.1 269.7

399.7 31.0

DataBase Markets E IFCEmerging of stocks 1) Number 2) 3) 4) 5) 6) 7)

g

Shareof marketcap. (%) P/Eratio P/BVratio Dividendyield I%) Totalreturnindex (Dec.89=100) Changein index(%)

data F Economic product(inUS$) 1) Grossdomestic 2) Consumerpriceindex(1980=100) (endof period) 3) Exchangerates of period) rates(average 4) Exchange

0

1982

Notavailable.

-

-

-

-

-

-

-

-

-

57

72

-

-

100.0 41.5 7.5 100.0

64.3

-

-

-

-

-

-

-

-

-

-

-

-

-

94,457 123 692.5000 661.4199

81,053 137 994.0000 909.2598

84,857 152 1,074.0000 1,025.8999

85,257 159 1,125.0000 1,111.0000

30.8 4.2 0.5 100.1

0.1

-

92,008 112 644.0000 631.7598

417.8 45

73,345 168 1,641.0000 1,400.0000

75,674 184 1,650.0000 1,649.4000

84,285 199 1,717.3548 1,685.0000

93,969 211 1,797.0000 1,770.0600

-

1,889.0000 1,833.2602

r)

Jordan, 1990

m

(Currency Amounts in Millions)

CD

no

ra @

o

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

105

105

105

105

105

105

105

105

105

105

105

105

1,545 2,368

1,521 2,293

1,443 2,172

1,482 2,234

1,493 2,258

1,526 2,301

1,506 2,292

1,327 2,020

1,298 2,009

1,282 1,985

1,273 1,986

1,283 2,001

64 98 4.4

29 44 1.9

15 23 1.0

21 32 1.5

40 61 2.7

31 47 2.1

24 36 1.6

9 13 0.6

9 14 0.7

8 12 0.6

7 11 0.6

9 14 0.7

D. Localindex 1) AFMIndex(Jan,1980=100) 2) Change inindex(%)

144.2 5.0

139.2 -3.5

135.8 -2.4

139.2 2.5

139.8 0.4

137.4 -1.7

135.7 -1.2

122.5 9.7

118.8 -3.0

119.3 0.4

118.0 -1.1

118.4 0.3

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of marketcap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change in totalreturnindex(%)

25 71.8 45.6 16.8 2.3 2.1 128.0 12.8

25 70.3 49.8 16.1 2.2 2.1 121.3 -5.3

25 72.6 52.9 12.9 1.9 6.5 124.0 2.3

25 72.0 41.8 11.1 1.8 5.7 128.3 3.4

25 71.9 46.3 10.6 1.9 5.7 129.3 0.8

25 72.4 50.5 9.3 2.0 5.5 132.8 2.7

25 71.3 51.9 9.1 1.9 5.7 130.3 -1.9

25 70.5 72.4 7.8 1.7 6.6 113.6 -12.8

25 70.9 50.0 7.8 1.6 6.7 113.6 0.0

25 72.0 52.6 7.8 1.6 6.7 114.0 0.4

25 72.5 53.5 7.8 1.6 6.7 114.9 0.8

25 74.3 54.0 8.1 1.7 6.5 118.6 3.2

0.6524

0.6633

0.6643

0.6633

0.6613

0.6633

0.6570

0.6570

0.6458

0.6458

0.6409

0.6409

A. Number of listedcompanies Amman Financial Market B. Marketcapitalization 1) Indinars 2) In USdollars C. Trading value 1) Indinars 2) InUSdollars 3) Turnover ratio

F Exchange rates 1) Exchange rates(endof period)

Jordan, 1981-1990 (Currency Amounts in Millions)

of listedcompanies A. Number Market AmmanFinancial B. Marketcapitalization 1) Indinars 2) In USdollars C. Tradingvalue 1) Indinars 2) InUSdollars ratio 3) Turnover D. Localindex 1) AFMIndex(Jan,1980=100) in index(%) 2) Change

t1

DataBase Markets E IFCEmerging of stocks 1) Number cap.(%) of market 2) Share 3) P/Eratio 4) P/8Vratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) 7) Changeinindex(%) data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange ofperiod) rates(average 4) Exchange Nt

$@- Notavailable. 0 or

t'

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

72

86

95

103

104

103

101

106

106

105

833 2,457

1,000 2,845

1,008 2,713

886 2,188

903 2,454

977 2,839

907 2,643

1,061 2,233

1,378 2,162

1,283 2,001

75 227 11.3

112 318 12.3

120 329 11.9

53 138 5.6

64 163 7.2

65 185 6.9

142 420 15.1

127 337 12.9

365 652 29.9

266 407 20.0

176.9 58.6

203.5 15.0

153.4 -24.6

119.5 -22.3

115.7 -3.2

106.5 -7.9

117.3 10.1

1244 6.0

137.3 10.4

118.4 -13.8

10 51.0

10 395

2.2 124.1 52.2

10 41.9 3.7 122.6 -1.3

3.4 113.9 -7.1

9 41.1 3.9 100.0 -12.2

10 53.9 3.0 148.4 48.4

10 44.3 12.9 1.8 2.5 143.2 -3.5

10 43.9 12.8 1.5 3.5 136.6 -45

20 68.2 17.3 1.5 34 115.0 -15.8

25 70.2 14.9 1.9 2.4 113.5 -1.3

25 74.3 8.1 1.7 6.5 118.6 4.4

3,523 108 0.3390 0.3304

3,748 116 0.3515 0.3525

3,916 122 0.3715 0.3631

3,896 126 0.4050 0.3845

4,067 130 0.3678 0.3946

5,786 130 0.3499 0.3441

6,121 130 0.3430 0.3387

5,817 134 0.4750 03764

4,566 168 0.6376 0.5599

0.6409 0.6544

-

Korea, 1990 (Currency Amounts in Millions)

no

A. Number of listedcompanies Korea StockExchange o

B. Marketcapitalization 1) Inwon 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

635

636

644

647

647

654

660

660

669

669

669

669

95,804,957 93,361,571 91,371,420 75,108,802 87,514,891 77,956,464 75,717,115 67,544,254 67,128,385 77,417,967 78,871,982 79,019,675 139,718 135,838 132,122 107,526 124,683 110,270 105,824 94,401 93,886 108,269 110,388 110,594

C. Tradingvalue

1) In won 2) In USdollars 3) Turnover ratio

6,753,464 4,837,487 5,722,778 4,192,554 4,342,945 3,515,610 2,255,676 3,212,681 2,418,809 5,528,327 5,356,527 5,317,200 9,849 7,038 8,275 6,002 6,187 4,973 3,153 4,490 3,383 7,731 7,497 7,442 7.1 5.1 6.2 5.0 5.3 4.3 2.9 4.5 3.6 7.6 6.8 6.7

D. Localindex 1) KOSPI (Jan.19 80 =100 )a 2) Change inindex(%)

896.2 -1.5

861.6 -3.9

840.9 -2.4

688.7 -18.1

797.9 15.9

706.8 -11.4

678.4 -4.0

606.9 -10.5

602.9 -0.7

690.2 14.5

697.0 1.0

696.1 -0.1

E IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof market cap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BV ratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

63 58.2 42.4 32.9 2.3 1.0 771.7 -3.2

63 57.3 39.1 31.5 2.1 1.0 736.0 -4.6

63 56.8 60.4 32.4 2.1 0.0 707.9 -3.8

63 56.2 37.9 21.4 1.7 0.5 570.2 -19.4

63 57.9 45.3 25.5 1.7 0.4 679.5 19.2

63 58.4 44.8 22.5 1.5 0.5 606.6 -10.7

63 58.1 44.3 21.5 1.5 0.5 579.2 -4.5

63 57.6 39.6 19.0 1.3 0.6 511.0 -11.8

63 58.2 41.6 19.1 1.3 0.6 512.7 0.3

63 57.9 45.2 21.9 1.5 0.5 587.6 14.6

63 57.4 46.4 22.2 1.5 0.5 593.2 0.9

63 57.4 37.7 21.5 1.5 0.5 593.5 0.1

F Exchange rates 1) Exchange rates(endof period)

685.7000

687.3000

691.5700 698.5200

701.9000 706.9600

715.5000

715.5000 715.0000

a Korea Composite StockPriceIndex(KOSPI) isthenewname for theKorean StockExchange Composite.

..

*

,

,*

,.

715.0500

714.5000

714.5000

Korea, 1981-1990 (Currency Amounts in Millions)

of listedcompanies A. Number StockExchange Korea

1982

1983

1984

1985

1986

1987

1988

1989

1990

343

334

328

336

342

355

389

502

626

669

capitalization B. Market 1) In won 2) In USdollars

2,959,000 4,224

3,301,000 4,408

3,490,000 4,387

5,149,000 6,223

6,570,403 7,381

11,994,200 13,924

26,163,050 32,905

64,543,684 94,238

95,476,773 140,946

79,019,675 110,594

value C. Trading 1) Inwon 2) In USdollars ratio 3) Turnover

2,534,000 3,721 92.4

1,974,000 2,700 63.1

1,753,000 2,260 51.6

3,118,000 3,869 72.2

3,620,600 4,162 61.8

9,597,965 10,889 103.4

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

D.Localindex (Jan.1980=100)a 1) KOSPI inindex(%) 2) Change DataBase Markets E IFCEmerging of stocks 1) Number of marketcap.(%) 2) Share 3) P/Eratio 4) P/BVratio

no

1981

yield(%) 5) Dividend 00) 6) Totalreturnindex(Dec.84=1 in index(%) 7) Change F Economicdata

product(inUS$) 1) Grossdomestic 2) Consumerpriceindex(1980=100) rates(endof period) 3) Exchange of period) rates(average 4) Exchange

131.4 22.9

127.3 -3.1

121.2 -4.8

142.5 175

163.4 14.7

272.6 66.9

525.1 92.6

907.2 72.8

909.7 0.3

696.1 -23.5

25 28.4

25 27.3

25 27.6

25 24.8

25 32.5

23 39.3

23 24.4

62 58.8

61 45.7

63 57.4

25.7 2.5

21.7 2.5

39.5 3.3

38.6 2.5

21.5 1.5

2.7 260.8 88.3

2.1 365.4 40.1

0.5 788.6 115.8

1.3 797.2 1.1

0.5 593.5 -25.5

131,816 149 795.1000 822.5700

174,446 160 684.9000 733.5390

-

6.3 81.9 41.8 69,048 121 700.5000 681.0283

-

6.1 84.5 3.1 72,376 130 748.7998 731.0839

-

-

4.7 100.0 21.8

5.2 821 -2.9 78,638 135 795.5000 775.7482

85,445 138 827.3999 805.9758

Composite. for theKoreaStockExchange is thenewname StockPriceIndex(KOSPI) Composite Korea - Notavailable. P7

-

4.1 138.5 38.5 86,792 141 8901999 870.0197

105,991 145 861.4000 881.4500

212,462 169 677.4000 669.6100

-

714.5000 7038149

Malaysia, 1990a (Currency Amounts in Millions) 2

PT1

o 0

A. Number of listedcompanies KualaLumpur StockExchange B. Marketcapitalization 1) In ringgit 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

253

255

257

258

259

260

261

263

266

271

276

282

118,490 43,828

131,166 48,611

113,707 42,145

125,012 46,249

123,734 45,374

110,704 40,767

123,612 45,740

123,808 45,686

136,944 50,795

117,060 43,549

C.Trading value 1) In ringgit 2) In USdollars 3) Turnover ratio

4,355 1,614 3.9

4,826 1,785 4.0

2,583 947 2.1

1,425 525 1.2

2,211 818 1.9

1,666 615 1.3

2,592 961 2.0

D.Localindex 1) KLSE Composite Index(Jan.1977=100) 2) Change in index(%)

570.2 1.4

603.2 5.8

583.6 -3.3

520.6 -10.8

583.9 12.2

584.6 0.1

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Shareoftrading value(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change in totalreturnindex(%)

62 55.6 44.6 30.1 3.5 2.5 185.3 1.8

62 55.0 46.6 29.9 3.8 2.5 198.2 6.9

62 53.8 41.0 27.3 3.7 2.4 188.6 -4.8

62 54.1 41.0 25.2 3.2 2.6 168.6 -10.6

62 55.0 38.5 27.7 3.7 2.3 190.8 13.1

2.6980

2.7030

2.7270

2.7155

2.7025

~~ ~

~

F Exchange rates 1) Exchange rates(endof period)

102,467 37,958

107,247 39,729

3,011 1,120 2.4

1,871 693 1.7

1,384 513 1.3

1,521 563 1.3

1,946 721 1.6

630.3 7.8

540.8 -14.2

459.1 -15.1

491.7 7.1

464.7 -5.5

505.9 8.9

62 54.3 48.5 27.6 3.6 2.3 188.4 -1.2

62 53.4 41.4 29.1 3.9 2.1 205.8 9.2

62 54.0 38.4 22.8 3.3 2.4 177.8 -13.6

62 53.1 37.2 19.9 2.9 3.2 152.6 -14.2

62 54.7 38.2 22.0 3.0 2.5 163.1 6.9

62 47.6 22.8 20.7 3.0 2.7 158.4 -2.9

62 46.9 45.7 23.0 3.1 2.2 173.0 9.2

2.7100

2.6960

2.6880

2.6995

2.6995

2.7035

2.6983

a Datafor Malaysia-incorporated companies only.

.,

~

~

~

~

'

,

,*

Malaysia, 1981_199Oa (Currency Amounts in Millions)

A. Numberof listedcompanies

StockExchange Lumpur Kuala B. Marketcapitalization

1) Inringgit 2) In USdollars C. Tradingvalue

1) Inringgit 2) InUSdollars ratio 3) Turnover D. Localindex

Index(Jan.1977=100) Composite 1) KLSE inindex(%) 2) Change

E. IFCEmergingMarketsDataBase 1) Numberofstocks

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

187

194

204

217

222

223

232

238

251

282

34,307 15,300

32,273 13,903

53,309 22,798

47,048 19,401

39,380 16,229

39,214 15,065

46,106 18,531

63,193 23,318

107,513 39,842

131,166 48,611

8,059 3,498 26.1

3,251 1,392 9.8

7,887 3,398 18.4

5,216 2,226 10.4

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

380.8 3.8

291.4 -23.5

401.6 37.8

303.6 -24.4

233.5 -23.1

252.4 8.1

261.2 3.5

357.4 36.8

5653 58.2

505.9 -10.0

3) P/Eratio t

ratio 4) P/BV yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change

-

-

of marketcap.(%) 2) Share

-

-

40

40

40

40

62

62

62

-

49.1

54.6

63.8

53.9

79.8

68.6

46.9

25.7

19.4

32.7

30.7

-

-

2.4 -

-

-

100.0 -

24.1

30.8

23.0

1.9 1.3 86.1 -13.9

2.3 2.9 96.4 11.9

2.1 2.4 97.9 1.6

2.6 20 126.5 29.2

3.3 2.2 182.1 43.9

3.1 2.2 173.0 -5.0

31,231 126 2.4265 2.4830

27,787 126 2.6000 2.5800

31,636 128 2.4880 2.5196

34,729 131 2.7100 2.6147

37,493 134 2.6985 2.7059

2.6983 2.7037

o0

0

F Economicdata

product(inUS$) domestic 1) Gross 2) Consumerpriceindex(1980=100) rates(endof period) 3) Exchange of period) rates(average 4) Exchange

only. companies a Datafor Malaysia-incorporated 0

0

25,005 110 2.2423 2.3041

26,796 116 2.3213 2.3354

29,969 120 2.3383 2.3212

33,944 125 2.4250 2.3436

-

Mexico, 1990a En

(Currency Amounts in Millions)

on

xx

-xl o

A. Numberof listedcompanies BolsaMexicana deValores B. Marketcapitalization 1) In pesos 2) In USdollars C. Trading value 1) In pesos 2) In USdollars 3) Turnover ratio

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

203

204

202

200

202

198

199

199

199

199

199

199

62,851,543 66,206,464 68,004,701 71,789,352 84,511,951 85,207,319 92,661,024 85,033,542 80,968,995 90,590,243 93,578,682 96,472,097 23,192 24,119 24,604 25,666 29,831 29,908 32,342 29,495 27,998 31,013 31,905 32,725 2,128,695 3,108,390 1,680,252 2,568,895 6,069,565 3,610,595 3,140,038 3,067,711 1,303,434 2,879,054 1,492,068 3,525,951 785 1,132 608 918 2,142 1,267 1,096 1,064 451 986 509 1,196 3.4 4.8 2.5 3.7 7.8 4.3 3.5 3.4 1.6 3.4 1.6 3.7

D. Localindex 1) BMVGeneral Index.(Nov.1978=781.6) 444,748.2 473,018.1 489,618.8 525,606.0 650,289.0 615,333.0 673,136.1 580,979.4 522,083.0 611,376.9 626,711.6 628,790.3 2) Change in index(%) 6.2 6.4 3.5 7.3 23.7 -5.4 9.4 -13.7 -10.1 17.1 2.5 0.3 E. IFCEmerging Markets DataBase 1) Numberof stocks 54 54 54 54 54 54 54 54 54 54 54 54 2) Share of market cap.(%) 69.7 69.8 68.6 69.0 69.5 66.9 66.7 66.0 63.2 63.6 63.4 62.5 3) Share of trading value(%) 59.7 64.2 71.7 50.6 76.1 53.4 72.0 74.9 72.5 50.3 69.0 74.6 4) P/Eratio 9.9 10.5 9.6 9.1 10.7 10.1 11.5 10.9 10.3 11.3 12.5 13.2 5) P/BVratio 1.1 1.1 0.9 0.9 1.2 1.2 1.4 1.2 1.1 1.2 1.3 1.3 6) Dividend yield(%) 2.0 1.9 2.8 2.3 2.3 2.5 2.4 2.8 3.1 3.4 3.5 3.4 7) Totalreturnindex(Dec. 84=100) 793.0 826.1 834.8 860.2 1,015.3 966.2 1,044.8 942.8 858.6 963.6 990.7 1,002.8 8) Change intotalreturnindexI%) 2.9 4.2 1.0 3.0 18.0 -4.8 8.1 -9.8 -8.9 12.2 2.8 1.2 F Exchange rates 1) Exchange rates(endof period) 2,710.0300 2,744.9900 2,764.0000 2,797.0100 2,833.0100 2,849.0000 2,865.0000 2,883.0100 2,892.0000 2,921.0000 2,933.0000 2,948.0000 aDatafor listedstocks,excluding stocksof investment companies andshares heldbythegovernment. If government-held shares areincluded, market capitalization for December 1990wouldbeUS$41,725million.

Mexico, 1981-199Oa (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

229

206

163

160

157

155

190

203

203

199

B. Marketcapitalization 1) In pesos 2) In USdollars

264,917 10,100

165,826 1,719

432,435 3,004

423,009 2,197

1,418,168 3,815

5,496,862 5,952

18,415,504 8,371

31,977,806 13,784

60,514,035 22,550

96,472,097 32,725

value C. Trading 1) In pesos 2) In USdollars ratio 3) Turnover

102,487 4,181 36.1

44,071 781 20.5

133,505 1,112 44.6

362,491 2,160 84.8

606,106 2,360 65.8

2,349,694 3,841 68.0

21,436,504 15,554 179.3

13,026,825 5,732 51.7

15,421,436 6,232 33.3

34,574,647 12,212 44.0

947.9 -33.8

677.6 -28.5

2,451.9 261.8

4,038.4 64.7

11,197.2 177.3

47,101.0 320.6

105,669.9 124.3

211,531.8 100.2

418,925.1 98.0

628,790.3 50.1

25 36.1 -

21 35.4

21 38.4 -

7.9 175.1 -45.9

21.9 43.8 -75.0

7.6 88.4 101.6

22 62.6 4.3 1000 131

of listedcompanies A. Number deValores BolsaMexicana

D. Localindex Index.(Nov.1978=781.6) 1) BMVGeneral inindex(%) 2) Change DataBase Markets E. IFCEmerging

m1

Ei 00

m C

stocks 1) Numberof of marketcap.(%) 2) Share 3) P/Eratio ratio 4) P/BV yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) index(%) 7) Changein

data F Economic product(in US$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

249,959 128 26.2289 24.5146

-

173,715 203 96.4800 56.4017

148,873 410 143.9299 120.0935

175,606 679 192.5599 167.8275

26 36.6 6.5 118.5 18.5 184,538 1,071 371.6997 256.8713

26 56.3 10.5

26 36.9 6.2

52 64.1 5.0

52 65.5 10.7

54 62.5 13.2

1.0

0.8

0.7

1.0

2.6 236.4 99.6

3.9 215.8 -8.7

3.0 448.3 107.7

2.1 770.9 71.9

3.4 1,002.8 30.1

129,858 1,995 923.5000 611.7698

139,993 4,625 2,200.0000 1,378.1800

165,347 9,904 2,320.0000 2,272.5660

185,711 11,890 2,683.5000 2,474.4609

1990wouldbeUS$41,725million. for December capitalization market areincluded, shares If government-held heldbythegovernment. andshares companies stocksof investment a Dataforlistedstocks,excluding - Notavailable.

1.3

-

0000 2,948 2,831.1166

Nigeria, 1990 (Currency Amounts in Millions)

m A. Number of listedcompanies NigerianaStock Market o)

B. Marketcapitalization 1) In aaira 2) In USdollars C. Trading value 1) Innaira 2) In USdollars 3)Turnover ratio D. Localindex 1) NSEGeneral Index(1984=1 00) 2) Change in index(%) E. IFCEmerging Markets DataBase ,~~~~~~~~~~~t 1)Number ofstocks 2) Share ofmarket cap. (%) 3) Share oftrading value I%) 4) PIEratio 5) P/BVratio 6) Dividend yieldI%) 7) Totalreturniadex(Dec.84=100) 8) Change in totalreturaindex(%) E Exchange rates 1) Exchange rates(endof period)

Jan

Feb

Mar

Apr

May

Juin

Jul

Aug

Sep

Oct

Nov

Dec

ill

112

113

113

114

114

121

125

126

127

129

131

8,668 1,111

8,924 1,138

9,168 1,163

9,427 1,196

9,390 1,192

10,130 1,285

10,639 1,347

10,971 1,389

11,092 1,400

11,365 1,442

12,039 1,392

11,935 1,372

5 0.7 0.1

3 0.4 0.0

5 0.6 0.0

3 0.4 0.0

5 0.6 0.0

9 1.2 0.1

11 1.2 0.1

20 2.5 0.2

5 0.7 0.0

7 0.9 0.1

8 1.0 0.1

6 0.7 0.0

343.0 5.4

349.3 1.8

356.0 1.9

362.0 1.7

382.3 5.6

417.1 9.1

445.4 6.8

463.6 4.1

468.2 1.0

480.3 2.6

502.6 4.6

513.8 2.2

22 71.6 56.9 7.6 1.9 4.5 52.8 3.2

22 71.7 70.6 7.7 2. 5.3 54.6 3.5

22 71.0 59.6 6.6 1.9 5.2 55.2 1.2

22 70.0 66.7 6.7 2.0 3.6 56.3 1.9

22 72.4 69.4 6.3 2.0 8.1 60.7 7.8

22 71.7 51.1 5.9 1.9 9.9 65.9 8.6

22 70.0 38.7 6.0 1.6 10.0 67.6 2.5

22 69.1 26.1 6.1 1.6 10.0 69.1 2.2

22 69.3 73.1 6.0 1.6 10.2 70.1 1.5

22 69.0 75.7 6.6 1.7 10.8 72.2 3.0

22 68.8 79.3 6.6 1.8 11.5 70.0 -3.1

22 71.7 58.1 7.0 1.8 12.0 72.0 2.9

7.8000

7.8400

7.8800

7.8800

7.8800

7.8800

7.9000

7.9000

7.9200

7.8804

8.6500

8.7000

Nigeria, 1981-1990 (Currency Amounts in Millions)

A. Number of listedcompanies Nigerian StockMarket B. Marketcapitalization 1) In naira 2) In USdollars value C. Trading 1) In naira 2) InUSdollars 3) Turnover ratio D. Local index Index(1984=100) 1) NSEGeneral in index(%) 2) Change

On

DataBase Markets E. IFCEmerging ofstocks 1) Number of marketcap.(%) 2) Share 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec.84=100)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

93

93

93

93

96

99

100

102

111

131

1917 3,010

977 1,458

2,223 2,970

2,579 3,191

2,742 2,743

3,688 1,112

4,032 974

5,089 960

7,489 1,005

11,935 1,372

6 10 0.3

8 12 0.5

13 18 0.8

13 16 0.5

13 15 05

22 16 0.7

27 7 0.7

24 5 05

28 4 0.4

88 11 0.9

-

-

1000 -

128.3 28.3

163.4 27.4

190.9 16.8

233.6 22.4

325.3 39.3

513.8 57.9

15 48.9 4.8 2.1 100.0

15 54.6 5.3 2.3 9.0 105.0

15 54.1 5.8 2.8 6.9 45.4

15 51.6 4.9 3.2 4.1 39.4

15 52.8 61 3.5 9.0 42.2

15 55.9 7.0 1.8 7.3 51.1

22 71.7 7.0 1.8 12.0 72.0

5.0

-56.7

-13.2

7.0

21.1

40.9

90,228 236 0.9996 0.8938

59,110 249 3.3168 1.3484

28,755 274 41413 38455

21,995 534 7.4500 7.1959

8.7000 79425

-

-

-

-

7) Changein index(%)

data E Economic product(inUS$) 1) Grossdomestic 2) Consumer priceindex(1980=100) rates(endof period) 3) Exchange rates(average of period) 4) Exchange

0

Notavailable.

95,229 121 0.6369 0.6177

93,130 130 0.6702 0.6735

89,769 160 0.7486 0.7244

93,028 224 0.8083 0.7665

30,503 380 53000 4.4900

-

Pakistan, 1990 (Currency Amounts in Millions)

so Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

446

448

450

454

460

463

468

471

473

477

481

487

56,253 2,647

56,391 2,662

56,335 2,660

57,201 2,636

55,998 2,572

57,248 2,638

60,899 2,816

61,020 2,832

63,123 2,913

66,875 3,079

64,827 2,985

589 28 1.1

356 17 0.6

439 21 0.8

360 17 0.6

239 11 0.4

395 18 0.7

528 24 0.9

389 18 0.6

427 20 0.7

352 16 0.6

446 21 0.7

460 21 0.7

291.8 5.2

292.9 0.4

293.1 0.1

291.1 -0.7

283.8 -2.5

283.5 -0.1

296.0 4.4

291.0 -1.7

295.7 1.6

304.3 2.9

308.0 1.2

308.5 0.2

49 34.7 37.7 9.3 2.1 6.0 188.9 2.0

49 34.4 50.3 9.5 2.1 6.0 188.4 -0.3

49 34.5 49.2 9.6 2.0 6.8 191.7 1.7

49 33.3 39.3 9.3 1.9 7.2 185.2 -3.4

49 33.4 44.9 9.2 1.8 6.8 181.1 -2.2

49 33.9 57.5 9.9 1.9 6.9 189.1 4.4

49 33.6 41.5 9.8 1.9 6.7 196.1 3.7

49 32.9 39.6 10.3 1.9 6.7 195.9 -0.1

49 32.9 33.8 10.3 2.0 6.7 197.8 0.9

49 33.2 41.0 10.8 2.0 6.1 205.6 4.0

49 31.3 20.9 8.6 2.0 6.5 206.4 0.3

49 31.9 22.2 8.5 2.0 5.6 206.4 0.0

21.6000

21.6300

21.5500

21.6700

21.7200

21.7200

m m

A. Numberof listed companies

Karachi StockExchange Ltd. ,

8

B. Marketcapitalization

1) In rupees 2) In USdollars

59,741 2,766

C. Tradingvalue

1) In rupees 2) In USdollars 3) Turnover ratio D. Localindex

1) SBPIndex(1980-1981=100) 2) Change in index(%) E IFCEmergingMarketsDataBase

1) Number of stocks 2) Share of market cap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%) F Exchange rates

1) Exchange rates(endof period)

21.2500

21.1800

21.1800

21.7000

,,~~~~~~~~~~~~~~~~~~~~~

21.7700

21.7000

Pakistan, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

311

326

327

347

362

361

379

404

440

487

15,201 1,126

18,834 1,226

21,900 1,370

29,491 1,710

34,300 1,960

45,508 2,460

52,207 2,457

64,827 2,985

2,523 180 14.8

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 85

168.3 13.5

166.5 -1.1

199.9 20.1

228.4 14.3

262.7 15.0

277.3 5.5

3085 11.3

52 40.6

52 426

52 38.0

51 329

50 33.3

50 31.0

49 31.9

8.2 1.9

6.8 1.7

9.4 1.7

8.4 1.8

8.5 2.0

6.7 1178

8.2 142.3

6.5 151.8

7.9 1740

8.3 185.3

5.6 2064

178

20.8

6.7

146

6.5

114

30,008 141 15.9800 15.9284

30,907 146 17.2500 16.6480

A. Numberoflisted companies

Ltd. Karachi StockExchange B. Marketcapitalization

1) In rupees 2) In USdollars

11,267 877

8,554 864

C. Tradingvalue

1) In rupees 2) In USdollars ratio 3) Turnover

-

-

-

-

-

D. Localindex

1) SBPIndex(1980-1981=100) in index(%) 2) Change E. IFCEmergingMarketsDataBase

stocks 1) Numberof cap.,(%) 2) Shareof market

-

-

3) P/Eratio 4) P/BVratio

-

-

yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) 7) Changein index(%)

rs -Il - Notavailable. cr 0

'.

-

-

-

-

-

-

-

F Economicdata

product (in US$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

148.3 29.2

114.8 15.5

99.4 5.7

28,077 112 9.9000 9.9000

-

27,165 119 12.8400 11.8475

-

27,610 126 13.5000 131170

100.0 -

29,773 134 15.3600 140463

32,903 153 17.5000 17.3990

37,298 167 18.5000 17.9594

38,105 179 21.2500 20.2685

-

21.7200 21.5232

Philippines, 1990 (Currency Amounts in Millions) Cn no

(>D

o C)

A. Number oflistedcompanies ManilaStockExchange B. Marketcapitalization 1) In pesos 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

146

148

149

150

151

151

151

151

151

153

153

153

224,746 10,333

224,965 10,334

1,340 1,129 2,469 113 1.0

1,078 967 2,045 94 0.9

0. Localindex 1) ManilaComm/lnd.lndex (Jan1958=100) 2) Change in index(%)

1,456.5 -8.1

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change in totalreturnindex(%)

C. Trading value Manila Makati 1) Totalin pesos 2) In USdollars 3) Turnover ratio

E Exchange rates 1) Exchange rates(endof period)

235,462 10,703

218,714 9,897

196,877 8,848

205,804 9,167

214,192 9,252

186,094 7,706

153,071 6,172

158,148 6,364

156,317 5,790

161,219 5,927

1,845 1,805 3,649 166 1.6

949 1,227 2,176 98 1.0

884 1,299 2,183 98 1.0

1,242 1,955 3,198 142 1.6

1,030 1,234 2,264 98 1.1

1,181 980 2,161 89 1.1

580 786 1,366 55 0.8

720 1,914 2,634 106 1.7

783 738 1,521 56 1.0

1,583 1,321 2,904 107 1.8

1,404.4 -3.6

1,540.9 9.7

1,308.4 -15.1

1,139.1 -12.9

1,229.9 8.0

1,310.7 6.6

1,032.4 -21.2

732.7 -29.0

818.6 11.7

829.0 1.3

870.1 4.9

29 81.0 59.6 28.1 6.5 1.4 2,300.8 -3.0

29 79.6 55.9 25.6 6.2 1.4 2,261.9 -1.7

29 80.4 39.3 31.4 3.6 1.4 2,365.6 4.6

29 77.2 40.9 34.2 4.8 1.5 2,092.4 -11.5

29 76.6 54.4 34.6 4.3 1.7 1,860.7 -11.1

29 79.2 46.5 18.4 4.6 1.5 1,994.4 7.2

29 79.2 43.9 19.9 4.9 1.8 2,016.8 1.1

29 77.2 48.2 16.1 3.9 2.1 1,638.0 -18.8

29 68.1 64.4 24.3 2.7 2.7 1,158.1 -29.3

29 63.6 41.6 17.2 4.2 2.8 1,120.0 -3.3

29 71.1 76.1 24.0 3.3 2.5 1,138.8 1.7

29 70.8 75.4 24.5 3.4 2.3 1,171.6 2.9

21.7500

21.7700

22.0000

22.1000

22.2500

22.4500

23.1500

24.1500

24.8000

24.8500

27.0000

27.2000

Philippines, 1981-1990 (Currency Amounts in Millions)

of listedcompanies A. Number ManilaStockExchange capitalization B. Market 1) In pesos 2) In USdollars value C. Trading Manila Makati 1) Totalin pesos 2) In USdollars ratio 3) Turnover D. Localindex (Jan1958=100) 1) ManilaComm/lnd.lndex inindex(%) 2) Change DataBase Markets E IFCEmerging 1)Numberofstocks of marketcap.(%) 2) Share 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 84=100) 6) Totalreturnindex(Dec. in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange 0

-

Notavailable.

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

190

200

208

149

138

130

138

141

144

153

14,255 1,738

18,172 1,981

19,445 1,389

16,486 834

12,741 669

41,214 2,008

61,108 2,948

88,592 4,280

260,470 11,965

161,219 5,927

607 684 1,291 163 6.3

724 491 1,215 142 7.5

3,366 1,999 5,365 483 28.5

648 1,434 2,082 125 11.6

1,557 510 2,067 111 14.1

8,362 3,109 11,471 563 42.5

19,273 12,079 31,352 1,524 61.3

10,056 8,195 18,251 875 24.4

28,395 22,334 50,730 2,410 29.1

13,213 15,355 28,569 1,216 13.5

99.2 -6.4

90.5 -8.8

144.6 59.8

106.3 -26.5

160.9 51.3

548.0 240.6

750.1 36.9

949.9 26.6

1,584.9 66.9

870.1 -45.1

18 24.0

18 39.7 3.0 0.5 8.9 1465 46.5

18 61.6 44 0.9 2.0 707.0 382.6

18 62.4 8.9 2.4 2.4 1,063.8 50.5

18 59.0 9.9 2.8 2.2 1,488.2 399

18 33.6 18.5 4.3 1.1 2,372.4 59.4

29 70.8 24.5 3.4 2.3 1,171.6 -50.6

32,927 254 190320 18.6073

30,763 256 20.5300 20.3860

34,440 265 20.7300 20.5680

39,588 289 20.7000 20.8614

45,794 320 21.7700 210509

27.2000 23.4900

-

-

-

-

-

-

-4.0 -

-

-

38,648 113 8.2000 7.8996

39,883 125 9.1710 8.5400

34,564 137 14.0020 11.1127

0.7 -

100.0 32,368 206 19.7600 16.6987

Portugal, 1990 (Currency Amounts in Millions) Ei

A. Number of listedcompanies Bolsa deLisboa

p

B. Marketcapitalization 1) Inescudos 2) In USdollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

181

183

184

184

181

182

178

183

181

181

179

181

1,501,530 1,479,387 1,414,945 1,371,760 1,541,832 1,490,137 1,422,667 1,332,379 1,234,564 1,216,300 1,178,529 1,257,248 10,181 10,014 9,449 9,242 10,464 10,123 10,057 9,761 8,875 9,101 8,935 9,201

C. Trading Valuea 1) Inescudos 2) InUSdollars 3) Turnover ratio

16,045 109 1.0

15,135 102 1.0

16,859 113 1.2

11,415 77 0.8

42,298 287 2.9

24,439 166 1.6

25,270 179 1.7

17,429 128 1.3

14,/84 106 1.1

13,492 101 1.1

14,793 112 1.2

28,491 209 2.3

D. Localindex 1) BTAIndex(1977=100) 2) Change in index(%)

3,068.6 -6.6

3,019.9 -1.6

2,986.6 -1.1

2,918.8 -2.3

3,062.7 4.9

3,035.9 -0.9

2,932.9 -3.4

2,636.1 -10.1

2,315.7 -12.1

2,247.2 -3.0

2,112.6 -6.0

2,143.4 1.5

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BV ratio 6) Dividend yieldI%) 7) Totalreturnindex(Jan.86=100) 8) Change in totalreturnindex(%)

27 65.5 48.3 28.1 3.8 1.6 1,094.4 -5.8

27 66.0 48.3 28.5 3.8 1.6 1,085.9 -0.8

27 71.0 41.7 22.1 3.4 1.6 1,053.9 -2.9

27 75.2 56.9 22.4 3.0 1.2 1,100.4 4.4

27 67.4 41.5 20.2 2.8 0.9 1,123.6 2.1

27 69.5 34.7 20.5 2.8 1.9 1,123.7 0.0

27 69.8 40.5 19.8 2.7 2.0 1,117.7 -0.5

27 66.3 64.3 16.8 2.5 2.2 1,029.9 -7.9

27 65.0 64.1 15.5 2.3 2.4 917.3 -10.9

27 65.7 50.7 16.0 2.3 2.4 951.7 3.8

27 61.5 33.7 14.1 2.1 2.7 874.9 -8.1

27 58.5 18.9 15.5 2.1 2.7 837.8 -4.2

147.7300 149.7500 148.4300

147.3500

147.2000

139.1000

133.6500

F Exchange rates 1) Exchange rates(endof period)

147.4800

141.4600 136.5000

TotalfortheLisbonandOportoexchanges.

~~ ~ ~ ~~

a~ ,*

a

131.9000 136.6400

Portugal, 1981-1990 (Currency Amounts in Millions)

oflistedcompanies A. Number BolsadeLisboa capitalization B. Market 1) In escudos 2) In USdollars C. Tradingvaluea 1) Inescudos 2) In USdollars ratio 3) Turnover D. Localindex 1) BTAIndex(1977=100) in index(%) 2) Change

tm

no qo E;2

DataBase Markets E IFCEmerging 1)Numberofstocks 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Jan.86=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange a Totalfor theLisbonandOportoexchanges. - Notavailable.

w

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

23

26

25

23

24

63

143

171

182

181

10,179 156

8,220 92

11,029 84

129 2 1.3

65 1 0.7

135 1 1.4

476 3 4.1

203.5 -19.2

190.5 -6.4

187.0 -1.8

249.7 33.5

-

-

-

-

-

-

-

12,307 73

1,052,277 7,172

1,588,380 10,618

1,257,248 9,201

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

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

-

9 58.5 24.8 3.1

12 40.0 26.5 4.4 1.3 828.9 -25.1

23 53.4 21.4 3.8 1.9 1,161.2 40.1

58.5 15.5 2.1 2.7 837.8 -27.8

40,786 381 146.7200 143.8786

44,240 429 1496000 157.1232

136.6400 142.5526

-

-

05

-

-

309.0 209.0 29,522 318 146.1200 149.6800

36,821 347 129.8700 140.8800

-

23,928 120 65.2500 61.5460

1,150,304 8,857

12 41.5 27.2 6.1 1.3 1,107.0 258.2

-

223,519 1,530

30,254 192

-

-

23,365 147 89.0600 79.4730

-

20,663 184 131.4500 110.7800

19,291 238 169.2800 146.3900

20,700 284 157.4900 170.3000

27

-

Tfaiwan,China, 1990 (CurrencyAmounts in Millions)

(D

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

184

184

184

185

186

188

189

193

193

192

193

199

A. Numberof listed companies

Taiwan StockExchange B. Marketcapitalization

g

1) In New Taiwan$ 2) In USdollars

7,712,148 7,577,226 7,013,685 6,033,251 4,698,105 3,263,260 3,580,246 2,332,031 1,740,877 2,126,663 2,752,594 2,681,911 295,145 291,993 265,670 230,541 173,234 119,973 133,691 86,725 64,958 79,412 102,901 100,710

C. Tradingvalue

1) In NewTaiwan$ 2) In USdollars 3) Turnover ratio

2,259,699 3,191,567 2,667,456 2,052,297 1,796,304 1,416,651 1,307,205 86,479 122,989 101,040 78,422 66,235 52,083 48,813 32.5 41.8 36.6 31.5 33.5 35.6 38.2

917,173 34,108 31.0

421,818 15,739 20.7

579,045 21,622 29.9

1,302,172 1,119,895 48,679 42,054 53.4 41.2

D. Local index

1) TSEAverage Index(1966=100) 2) Change in index(%)

12,054.3 25.3

11,661.7 -3.3

10,755.9 -7.8

9,292.4 -13.6

7,290.9 -21.5

5,049.6 -30.7

5,618.2 11.3

3,635.3 -35.3

2,705.0 -25.6

3,318.5 22.7

4,377.3 31.9

4,530.2 3.5

64 73.3 59.8 52.9 6.4 0.4 1,888.6 30.8

64 70.5 57.7 55.3 6.2 0.2 1,796.4 -4.9

64 68.9 44.8 44.3 6.2 0.1 1,597.4 -11.1

64 68.7 40.5 39.3 5.6 0.0 1,381.1 -13.5

64 71.2 43.8 48.1 4.8 0.0 1,075.0 -22.2

64 75.6 54.2 37.8 6.2 0.0 790.9 -26.4

64 73.7 48.2 37.8 5.4 0.0 858.8 8.6

64 74.9 48.0 26.9 5.3 0.0 565.8 -34.1

64 76.6 52.7 22.0 4.5 0.0 433.0 -23.5

64 76.2 53.0 25.5 5.8 0.0 527.0 21.7

64 75.8 52.9 39.3 6.3 0.0 677.3 28.5

64 81.7 49.7 44.4 6.5 0.0 715.1 5.6

26.1300

25.9500

26.4000

26.1700

27.1200

27.2000

26.8900

26.8000

26.7800

26.7500

26.6300

E. IFCEmergingMarketsDataBase

1) Number of stocks 2) Share of marketcap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

F Exchangerates

1) Exchange rates(endof period)

26.7800

Taiwan, China, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

107

113

119

123

127

130

141

163

181

199

A. Numberof listedcompanies

StockExchange Taiwan B. Marketcapitalization 1) In NewTaiwan$ 2) In USdollars

201,000 5,312

203,000 5,086

306,000 7,599

390,300 9,889

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

value C. Trading 1) In NewTaiwan$ 2) In USdollars ratio 3) Turnover

209,200 5,677 99.6

133,875 3,422 66.3

363,845 9,081 143.0

324,475 8,194 93.2

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

551.0 -1.3

443.6 -19.5

761.9 71.8

838.1 10.0

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

30 35.7 11.7 1.7

30 36.6 153 1.6 2.7 110.4 10.4

30 36.4 12.0 1.7 1.7 164.9 49.3

30 25.1 13.0 2.7 1.3 364.7 121.1

62 61.4 40.2 4.6 0.6 725.1 98.8

62 62.1 51.2 6.5 0.6 1,444.0 99.1

64 81.7 44.4 6.5 0.0 715.1 -50.5

62,080 121 39.8500 39.8486

80,000 122 35.6900 36.7600

101,586 123 28.5000 317267

122,435 124 28.1900 28.5621

147,674 130 26.0500 26.3066

26.6300 26.6170

D.Localindex Index(1966=100) 1) TSEAverage inindex(%) 2) Change

(D

COn o

DataBase Markets E IFCEmerging of stocks 1) Number 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

Ut

Notavailable.

-

-

-

100.0

-

-

48,140 116 37.8400 36.8485

48,564 120 39.9100 39.1240

52,415 121 40.2700 40.0652

59,174 121 39.4700 39.5970

Thailand, 1990

4:>.

(Currency Amounts in Millions) -C

Onn

iu

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

181

181

182

186

187

191

197

202

204

204

213

214

A. Numberof listedcompanies

Securities Exchange ofThailanda B. Marketcapitalization

o C)

1) In baht 2) In USdollars

656,496 25,695

630,806 24,602

662,988 25,648

692,718 26,643

824,431 32,116

870,351 33,826

938,750 36,756

745,671 29,299

570,206 22,582

600,773 23,964

537,709 21,500

604,566 23,896

49,156 1,924 7.5

21,155 825 3.3

25,110 971 3.9

29,153 1,121 4.3

60,228 2,346 7.9

93,103 3,618 11.0

100,368 3,930 11.1

61,452 2,415 7.3

35,684 1,413 5.4

45,564 1,817 7.8

31,941 1,277 5.6

31,243 1,235 5.5

853.7 -2.9

813.7 -4.7

851.5 4.6

856.0 0.5

1,000.7 16.9

1,060.2 5.9

1,115.7 5.2

862.8 -22.7

641.6 -25.6

649.4 1.2

544.3 -16.2

612.9 12.6

34 48.6 27.1 22.2 7.4 2.5 787.5 -3.8

34 47.8 30.5 20.2 6.6 2.8 744.0 -5.5

34 47.4 29.6 19.9 6.2 2.8 768.2 3.3

34 45.4 23.5 20.4 6.3 3.0 768.8 0.1

34 44.2 27.3 22.5 6.8 2.6 898.0 16.8

34 43.8 24.6 23.1 6.6 2.5 933.8 4.0

34 45.1 33.6 23.1 5.8 2.5 1,038.6 11.2

34 46.1 40.7 15.8 4.5 3.3 870.0 -16.2

34 47.2 33.8 12.2 3.6 4.0 674.2 -22.5

34 44.2 26.2 12.1 3.6 4.1 665.9 1.2

34 43.8 26.3 10.1 3.1 4.6 593.3 10.9

34 44.0 28.9 10.9 3.7 4.2 659.3 11.1

25.5500

25.6400

26.0000

25.6700

25.7300

25.5400

25.4500

25.2500

25.0700

25.0100

25.3000

C. Tradingvalue

1) In baht 2) In USdollars 3) Turnover ratio D. Localindex

1) SETIndex(Apr30,1975=100) 2) Change in index(%) E. IFCEmergingMarketsDataBase

1) Numberof stocks 2) Shareof market cap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=1 00) 8) Change intotalreturnindex(%) F Exchange rates

1) Exchange rates(endof period)

25.8500

a Effective January 1991, theSETchanged its name to TheStockExchange of Thailand.

Thailand, 1981-1990 (Currency Amounts in Millions)

oflistedcompanies A. Number of Thailand' Exchange Securities capitalization B. Market 1) In baht 2) In USdollars

00g

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

80

81

88

96

100

98

125

141

175

214

23,058 1,003

28970 1,260

34,222 1,488

46,710 1,720

49,457 1,856

75,200 2,878

138,170 5,485

221,958 8,811

656,842 25,648

604,566 23,896

value C. Trading 1) In baht 2) InUSdollars ratio 3) Turnover

2,358 108 9.8

5,481 238 21.1

8,757 381 27.7

10,258 434 25.3

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

D. Localindex 1) SETIndex(Apr.30,1975=100) inindex(%) 2) Change

106.6 -145

123.5 15.8

134.5 8.9

142.3 5.8

135.0 -5.1

207.3 53.5

284.9 37.5

386.7 35.7

879.2 127.3

612.9 -30.3

10 47.8

10 51.4

10 52.0

8 61.7

10 59.1 -

5.5 100.0 -1.0

9.6 102.0 2.0

10 628 12.5 1.5 60 183.6 79.9

10 48.8 10.5 2.0 4.8 253.2 37.9

19 53.8 12.6 3.4 4.0 360.7 42.5

29 45.8 23.1 8.1 7.9 818.7 126.9

34 44.0 10.9 3.7 4.2 659.3 -19.5

37,351 127 26.6500 27.1587

41,651 129 26.1300 26.2990

48,717 133 25.1900 257230

59,628 138 25.1900 25.2731

69,869 145 256100 25.6308

25.3000 25.5160

DataBase Markets E IFCEmerging of stocks 1) Number 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

-

14.3 61.3 -15.7

9.2 82.8 35.1

11.3 1010 22.1

34,839 113 23.0000 21.8203

35,652 119 230000 23.0000

39,570 123 23.0000 23.0000

CD

o

of Thailand. itsnameto TheStockExchange 1991,theSETchanged Janauary a Effective NoNt available.

41,177 124 27.1500 23.6392

-

4F

Turkey, 1990a (Currency Amounts in Millions)

CD

on

CD

A. Number of listedcompanies Istanbul StockExchange B. Marketcapitalization 1) In liras 2) In USdollars C. Trading value 1) In liras 2) In USdollars 3) Turnover ratio

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

50

50

50

50

50

93

94

98

100

103

107

110

25,584,814 24,705,566 23,171,757 23,935,377 27,709,004 41,226,599 70,538,959 68,682,637 71,445,524 66,313,422 52,638,081 55,249,665 26,342 24,140 18,914 19,065 10,995 10,407 9,477 9,586 10,832 15,765 26,689 25,790 1,112,025 1,112,699 478 469 5.4 4.4

610,847 250 2.5

442,074 177 1.9

1,190,723 1,121,114 1,669,415 2,018,507 1,515,380 1,690,565 1,200,603 1,344,225 465 429 632 758 559 615 431 464 4.6 3.3 3.0 2.9 2.2 2.4 2.0 2.5

D. Localindex 1) ISEIndex(Jan.1986=100) 2) Change in index(%)

3,641.3 64.2

3,516.1 -3.4

3,293.6 -6.3

3,308.2 0.4

3,852.1 16.4

4,133.0 7.3

5,384.5 30.3

4,939.2 -8.3

5,085.1 2.9

4,570.4 -10.1

3,257.0 -28.7

3,255.8 0.0

Markets DataBase E. IFCEmerging 1) Number of stocks cap.(%) 2) Share of market 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.86=100) 8) Change in totalreturnindex(%)

18 58.9 81.6 25.8 9.7 2.5 4,878.2 40.6

18 61.7 80.0 26.5 9.7 2.5 4,835.8 -0.9

18 60.1 71.5 25.7 8.8 2.7 4,288.5 -11.3

18 60.2 65.5 17.8 5.1 3.5 4,648.6 8.4

18 61.0 58.1 22.0 6.3 3.5 5,523.7 18.8

18 44.1 42.1 24.7 5.5 4.2 6,083.4 10.1

18 33.6 31.9 50.4 6.6 3.2 7,827.2 28.7

18 31.6 31.0 40.8 6.0 3.5 7,137.2 -8.8

18 31.1 40.3 40.1 6.0 3.2 8,156.2 14.3

18 29.6 40.1 33.5 5.4 3.6 7,122.2 -12.7

18 25.9 47.2 23.4 4.0 5.1 4,882.0 -31.4

18 23.2 39.4 22.5 3.7 5.5 4,408.9 -9.7

F Exchange rates 1) Exchange rates(endof period)

2,327.0400 2,374.0000 2,445.0500 2,497.0000 2,558.0000 2,615.0000 2,643.0100 2,663.1200 2,712.2300 2,747.0000 2,783.0000 2,898.0000

a Thelargeincrease in June1990figuresresulted fromthemerger of theSenior andJuniormarkets.

.

,

.5 ,

*

U,

Turkey, 1981-199Oa (Currency Amounts in Millions)

of listedcompanies A. Number StockExchange Istanbul

-

-

B. Marketcapitalization 1) Inliras 2) InUSdollars value C. Trading 1) Inliras 2) InUSdollars ratio 3) Turnover

U

0

data F Economic product(inUS$) domestic 1) Gross priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange figuresonlyuntil1990. a SeniorMarket - Notavailable.

0

1985

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1986

1987

1988

1989

1990

40

50

50

50

110

7-08,801 935

170.9

673.0 293.9

373.9 -44.4

2,217.7 493.1

3,255.8 46.8

14 39.9 4.3

14 44.4 19.8 2.9 453.0 3530

14 47.2 2.6 1.5 11.2 287.2 -36.6

18 67.9 17.6 7.2 3.6 3,469.1 1,107.7

18 23.2 22.5 3.7 5.5 4,408.9 27.1

-

-

-

-

-

-

-

57,666 137 1336200 111.2190

53,031 179 186.7500 162.5530

51,149 238 282.8000 225.4570

-

100.0

-

49,668 352 444.7400 366.6800

15,028,176 5,841 42.4

-

-

--

55,249,665 19,065

1,668,609 798 19.0

-

-

15,553,000 6,783

142,867 101 5.5

-

-

2,048,000 1,135

98,701 115 5.1

-

-

3,181,715 3,221

8,703 13

-

D.Localindex 1) ISEIndex(Jan.1986=100) in index(%) 2) Change DataBase Markets E. IFCEmerging of stocks 1) Number cap.(%) of market 2) Share 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.86=100) in index(%) 7) Change

1984

1983

1982

1981

-

52,783 511 576.8600 521.9800

57,396 688 757.7900 674.5100

67,744 955 987.8200 860.5800

71,204 1,674 1,805.1000 1,410.1965

78,444 2,840 2,293.0000 2,090.2619

-

2,898.0000 2,572.7715

Venezuela, 1990 m

(Currency Amounts in Millions)

CD El

A. Niumber of listedcompanies Bolsa deValores deCaracas o

B. Market capitalization 1) Inbolivares 2) InUSdollars C. Trading value 1) In bolivares 2) In USdollars 3) Turnover ratio D. Local index 1) NewBVCIndex(1971=100) 2) Change in index(%) E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share oftradingvalue (%) 4) P/Eratio 5) P/BVratio 6) Dividendyield (%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%) F Exchange rates 1) Exchange rates(endof period)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

66

66

66

66

66

66

66

66

66

66

66

66

57,492 1,322 469 11 0.8 2,471.9 -10.2 13 53.7 72.9 4.2 1.0 2.9 81.9 -8.9 43.5000

63,793 1,467 389 9 0.6 2,742.9 11.0 13 56.3 79.1 5.7 0.9 2.7 95.4 16.5 43.5000

97,457 2,299

107,303 2,413

111,853 2,421

113,090 2,401

136,474 2,898

209,107 4,440

245,270 5,219

291,600 5,943

352,811 7,120

415,893 8,361

678 16 0.8

557 13 0.5

2,192 47 2.0

1,450 31 1.3

3,297 70 2.6

7,647 162 4.4

6,907 147 3.0

16,643 339 6.2

38,601 779 12.0

24,406 491 6.3

4,190.3 52.8

4,613.6 10.1

4,809.3 4.2

4,862.4 1.1

5,867.9 20.7

8,990.8 53.2

10,545.7 17.3

12,537.7 18.9

15,169.6 21.0

17,881.9 17.9

13 53.1 78.1 9.7 1.1 2.0 142.1 48.9

13 59.4 61.7 11.8 1.2 1.6 167.4 17.9

13 64.0 84.4 10.8 1.4 1.5 180.9 8.0

13 64.9 88.3 10.8 1.5 1.7 182.5 0.9

13 69.5 90.2 13.0 2.6 1.4 236.1 29.4

13 66.1 89.7 17.2 3.0 1.0 344.3 45.8

13 66.3 81.5 19.3 3.3 1.1 406.8 18.2

13 67.9 85.5 21.2 3.5 0.9 472.0 16.0

13 59.7 89.7 24.6 4.1 0.9 531.9 12.7

13 64.6 83.0 29.3 5.9 0.7 631.9 18.8

44.4600

46.2000

47.1000

47.1000

47.1000

47.0000

49.0700

42.4000

*

t

49.5500

49.7400

Venezuela, 1981-1990 (CurrencyAmountsin Millions)

1982

1981

of listedcompanies A. Number deCaracas deValores Bolsa capitalization B. Market 1) Inbolivares 2) In USdollars value C. Trading 1) In bolivares 2) In USdollars ratio 3) Turnover D. Localindex 1) NewBVCIndex(1971=100) in index(%) 2) Change

tt! 5 E; 0

DataBase Markets E IFCEmerging of stocks 1) Number cap.(%) of market 2) Share 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec.84=100) in index(%) 7) Change data F Economic product(inUS$) 1) Grossdomestic 2) Consumerpriceindex(1980=100) rates(endof period) 3) Exchange of period) rates(average 4) Exchange r Notavailable.

cr 0

98

-

10,368 2,415

10,476 2,441

1983

-

1984

1985

1986

1987

1988

1989

1990

116

108

108

110

60

60

66

12,005 2,792

-

16,238 1,128

34,275 1,510

67,077 2,278

67,546 1,816

64,052 1,472

415,893 8,361

202 47 1.8

350 82 3.4

255 59 23

341 27 -

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

275.5 -7.4

3157 146

409.1 29.6

588.7 43.9

817.7 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

12 -

100.0 -

12 53.4 3.9 73.4 -266

12 61.2 9.4 3.6 1.3 115.5 57.4

12 61.6 16.9 3.2 0.5 176.5 52.8

13 63.7 114 2.3 1.1 134.7 -23.7

13 50.3 6.4 1.4 2.2 89.9 -33.3

13 64.6 29.3 5.9 0.7 631.9 603.2

32,371 152 12.6500 12.6550

33,769 169 14.4000 13.7580

24,264 189 22.7000 201603

25,294 242 294500 275330

26,279 313 37.2000 33.2306

39,392 577 43.5000 38.5919

49.7400 46.2453

--

-

-

-

-

-

78,027 116 4.2925 4.2925

79,265 127 4.2925 4.2925

81,229 135 4.3000 4.2975

-

-

Zimbabwe, 1990 (Currency Amounts in Millions) g

CrD

o C)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

54

54

54

55

55

55

56

56

56

57

57

57

B. Marketcapitalization 1) In Zimbabwe dollars 2) InUSdollars

2,515 1,093

2,871 1,245

2,979 1,240

3,223 1,320

3,556 1,440

3,663 1,479

3,906 1,588

4,400 1,773

4,719 1,853

5,451 2,155

6,028 2,337

6,373 2,395

C. Trading value 1) InZimbabwe dollars 2) In USdollars 3) Turnover ratio

8 3 0.3

12 5 0.4

12 5 0.4

9 4 0.3

11 4 0.3

8 3 0.2

8 3 0.2

14 5 0.3

7 3 0.1

11 4 0.2

17 6 0.3

11 4 0.2

D. Localindex 1) RBZIndustrial Index(1967=100) 2) Change in index(%)

922.6 6.2

1,035.6 12.3

1,108.5 7.0

1,177.2 6.2

1,302.3 10.6

1,373.1 5.4

1,450.4 5.6

1,583.0 9.1

1,686.2 6.5

1,919.1 13.8

2,140.1 11.5

2,282.6 6.7

E IFCEmerging Markets DataBase 1) Number ofstocks 2) Share of marketcap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec.84=100) 8) Change intotalreturnindex(%)

16 66.6 48.1 7.8 1.4 6.5 1,055.6 2.5

16 67.0 79.5 8.7 1.5 5.9 1,214.3 15.0

16 68.5 70.4 10.0 1.5 6.9 1,251.0 3.0

16 64.9 51.6 10.9 1.4 4.9 1,263.0 1.0

16 63.9 42.6 8.9 1.5 4.5 1,347.6 6.7

16 68.4 62.3 8.5 1.5 4.2 1,495.8 11.0

16 69.2 57.1 8.4 1.5 4.6 1,641.4 9.7

16 67.1 52.6 9.4 1.7 4.4 1,754.6 6.9

16 66.4 52.2 10.0 1.8 4.1 1,822.5 3.9

16 59.7 33.9 10.7 1.8 3.9 1,902.7 4.4

16 58.8 39.2 11.6 1.9 3.7 2,025.3 6.4

16 56.5 28.1 12.0 2.0 4.0 2,010.4 -0.7

F Exchange rates 1) Exchange rates(endof period)

2.3015

2.3052

2.4021

2.4408

2.4691

2.4771

2.4600

2.4820

2.5465

2.5294

2.5799

2.6609

A. Number of listedcompanies Zimbabwe StockExchange

Zimbabwe, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

62

62

60

56

55

53

53

53

54

57

B. Market capitalization dollars 1) In Zimbabwe 2) In USdollars

-

326 355

293 265

264 176

591 360

688 410

1,194 718

1,504 774

2,396 1,067

6,373 2,395

C. Trading value dollars 1) InZimbabwe 2) In USdollars 3) Turnover ratio

94 136 -

57 75 -

38 38 12.3

8 6 2.9

14 9 3.3

20 12 3.1

38 23 4.0

71 39 53

75 36 3.9

126 51 2.9

2277 -52.2

1361 -402

123.8 -9.0

122.7 -0.9

251.9 105.3

286.3 137

450.0 57.2

552.6 22.8

869.1 57.3

2,282.6 162.6

10 -

10 19.3 -

9 20.0

19.9 209.9 -63.0

22.7 120.2 -42.7

14.1 1069 -110

9 23.4 156 100.0 -6.5

10 47.1 -7.3 253.9 153.9

11 43.8 4.2 3.7 10.9 300.5 18.4

11 44.5 7.0 2.1 9.2 585.0 94.7

11 50.5 4.2 4.0 7.8 731.8 251

11 46.5 7.0 1.3 9.8 1,030.0 40.8

16 56.5 12.0 2.0 4.0 2,010.4 95.2

6,423 113 0.7172 0.6902

6,813 125 0.9195 0.7591

6,144 154 1.1055 1.0131

5,108 185 1.5024 1.2575

4,715 201 1.6412 1.6137

4,746 230 16781 1.6650

5,375 258 16620 1.6611

5,714 278 1.9429 1.8109

5,736 374 2.2448 2.1173

2.6609 2.4481

A. Number of listedcompanies Zimbabwe StockExchange

D. Localindex Index(1967=100) 1) RBZIndustrial 2) Change in index(%)

0r no S

E IFCEmerging Markets DataBase 1) Numberof stocks 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec.84=100) 7) Change in index(%) F Economic data 1) Grossdomestic product(inUS$) 2) Consumer priceindex(1980=100) 3) Exchange rates(endof period) of period) 4) Exchange rates(average

- Notavailable.

C

-

Markets Not in IFC's Composite Index These profiles provide annual data for more than a dozen markets not included in IFC's Composite Index. Each profile is based on responses provided by the stock exchange

to an IFC questionnaire. Chapter 4, Directory of Stock Exchange Operations, offers information on additional markets.

The markets in this section are: Bangladesh Costa Rica C6te d'Ivoire Egypt India (Calcutta, Delhi and Madras) Jamaica Kenya

154 EmergingStockMarketsFactbook

Kuwait Morocco Peru Sri Lanka Trinidad and Tobago Uruguay

Bangladesh, 1981-1990 (Currency Amounts in Millions)

of ListedCompanies A. Number Dhaka StockExchange B. MarketCapitalization 1) In taka 2) InUSdollars Value C. Trading 1) In taka 2) In USdollars ratio 3) Turnover D. LocalIndex 1) DSEAllSharePriceIndex(1985=100) in index(%) 2) Change 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend til

Data E Economic product(inUS$) 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

-

-T

xl

Notavailable.

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

25

28

43

56

69

78

85

101

116

134

603 30

812 34

1,211 48

2,256 87

3,493 113

5,731 186

-

-

-

10 0.4 0.6

32 1.1 1.1

48 1.6 10

178 5.8 1.9

130 4.1 1.0

174 5.4 1.2

195 5.6 1.5

-

-

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 11 44

350.8 -25.0 13.7 1.1 7.3

15,313 194 30.7999 304069

17,394 213 31.2000 30.9500

20,341 255 32.2700 32.2700

35.7900 34.5670

-

-

-

-

-

-

-

12,968 116 19.8469 17.9869

11,988 131 24.0739 22.1179

11.717 143 25.0000 24.6149

13,801 158 26.0000 25.3539

14,482 175 31.0000 27.9949

12,635 405

13,557 430

18,734 233 31.5091 31.7300

15,351 476

11,486 321

-

Costa Rica, 1981-1990 (Currency Amounts in Millions)

m on oC

On

A. Number of ListedCompanies Bolsa Nacional deValores

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

19

24

32

41

51

61

71

76

78

83

B. Market Capitalization 1) Incolones 2) InUSdollars C. Trading Value 1) Incolories 2) In USdollars 3) Turnover ratio D. LocalIndex 1) (Nonecalculated) 2) Change inindex(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) Data E Economic 1) Grossdomestic product(in US$) 2) Consumer priceindex(1980=100) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

- Notavailable.

-

-

-

-

24.3 2,624 137 36.0900 21.7630

5,229 118

7,452 156

10,477 195

-

11 0.2

15 0.3 0.2

-

0.2

-

-

-

13.9 2,607 261 40.2500 37.4070

-

14,470 246 22 0.4 0.2

-

-

-

-

-

20,497 224

39 0.6

78 1.0

306 3.8

426 4.6

-

-

-

-

-

6.4

4.5

8.9

8.9

11.7

7.7

8.3

-

22.8 3,074 346 44.4000 41.0940

3,660 387 47.7500 44.5330

3,923 445 53.7000 50.4530

4,404 498 58.8750 55.9860

9.7 4,529 582 69.2500 62.7760

-

4,696

5,314

-

79.3901 75.8000

84.3500 81.5042

103.5500 91.5800

Cte d'lvoire, 1981-1990 (Currency Amounts in Millions)

A. Number of ListedCompanies AbidjanStockExchange B. MarketCapitalization francs 1) In CFA 2) In USdollars C. Trading Value 1) In CFAfrancs 2) InUSdollars ratio 3) Turnover D. LocalIndex 1) Localindex(Dec.31,1985=100) in index(%) 2) Change 3) P/Eratio 4) P/BVratio 5) Dividend yield(%)

on C) 0 P

{D 'ci

PJO

E. Economic Data product(inUS$) 1) Grossdomestic 2) Consumer priceindex(1980=100) rates(endof period) 3) Exchange of period) rates(average 4) Exchange

- Notavailable.

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

23

25

25

25

25

25

25

24

23

23

78,800 274

108,000 321

103,600 248

113,700 237

1,775 7 2.3

15,745 48 16.9

831 2 0.8

483 1 0.4

130.1 -06

133.5 2.6 8.3 -

1343 06 7.6 -

129.5 -3.6 6.8 -

9.6 8,433 109 287.3999 271.7300

7,682 117 336.2500 328.6099

6,961 124 417.3799 381.0598

6,541 129 4795999 4369600

114,000 302

107,000 332

122,400 458

132,300 437

153,630 531

140,729 549

565 1 0.5

994 3 0.9

4,126 14 3.6

2,717 9 21

1,640 5 1.1

5,032 19 3.4

1237 -4.5 8.2 -

99.1 -19.9

100.8 1.7 98 -

103.1 2.3

106.9 3.7 -

1037 -3.0 -

6,984 131 378.0498 449.2598

9.6 9,369 140 322.7500 346.2998

9,675 148 267.0000 300.5400

10.0 9,842 151 302.8634 302.9000

8,460 153 289.4000 319.0070

256.4500 272.6200

Egypt, 1981-1990 (Currency Amounts in Millions)

§

1981

1982

1983

1984

1985

1986

1987

1988

64

112

154

258

317

387

430

483

180 216

544 654

920 1,106

1,406 1,691

1,838 1,382

2,333 1,716

4,021 1,826

4,147 1,760

10 13 5.7

10 12 2.8

26 32 3.6

110 132 9.5

126 97 7.8

243 180 11.7

357 167 11.2

256 115 6.3

-

-

-

-

29,802 286 2.2026 2.1418

24,513 337 2.3555 2.2255

1989

1990

25,699 414 1.1000 0.8516

2.8736 2.7072

A. NumberofListed Companies

Bourse deValeurs duCairo B. MarketCapitalization

o

1) In pounds 2) In USdollars C. TradingValue

1) In pounds 2) In USdollars 3) Turnover ratio D. Local Index 1) (Nonecalculated) 2) Change inindex(%)

-

3) P/Eratio

4) P/BVratio 5) Dividendyield(%)

-

-

E. EconomicData

1) Grossdomestic product(inUS$) 2) Consumerpriceindex(1980=100) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

- Notavailable.

23,207 110 0.8317 0.7390

25,106 127 0.8317 0.8317

29,859 147 0.8317 0.8317

34,387 172 0.8317 0.8317

26,298 195 1.3299 1.3008

28,306 239 1.3599 1.3502

India, 1981-1990 Other Principal Exchangesa (Currency Amounts in Millions)

of ListedCompanies A. Number StockExchange Calcutta DelhiStockExchange StockExchange Madras Capitalization B. Market StockExchange Calcutta 1) In rupees 2) InUSdollars DelhiStockExchange 1) Inrupees 2) In USdollars StockExchange Madras 1) In rupees 2) In USdollars

m

no 5i °o

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1,068 474 403

1,305 542 411

1,218 641 421

1,862 952 441

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

-

-

-

-

-

48,490 3,894

107,260 8,321

216,390 14,407

116,150 9,011

228,020 15,181

330,000 19,596

707,533 38,983

63,470 4,924

128,370 8,547

159,681 9,482

213,800 11,780

14,700 873

18,973 1,088

160,932 10,715

257,561 15,295

565,430 32,435

265.4

233.6 --12.0 486.9 44.3

-

-

-

-

-

-

Value C. Trading StockExchange Calcutta 1) In rupees 2) In USdollars DelhiStockExchange 1) In rupees 2) InUSdollars Madras StockExchange 1) In rupees 2) In USdollars D. LocalIndex (1983=100) 1) Dehli- DSEIndex inindex(%) 2) Change - MSEIndex 3) Madras in index(%) 4) Change

-

-

-

-

-

121,670 9,272

-

-

85,000 6,987

25,740 2,067

-

-

-

-

-

-

-

-

-

-

0

Notavailable. data. andeconomic StockExchange ontheBombay for information section aSeeIndiaprofilein theprevious

-

-

41,440 3,328

-

-

-

176,540 13,696 -

-

2243 -

-

337.4 50.4

-

327.8 40.3 681.3 39.9

Jamaica, 1981-1990 (Currency Amounts in Millions) ro

§

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

ANumber of ListedCompanies A. Jamaica StockExchange

36

35

36

36

38

40

43

44

45

44

B. MarketCapitalization 1) In Jamaica dollars 2) In USdollars

226 127

315 177

369 113

700 142

1,460 266

2,940 536

3,470 631

4,290 796

6,200 957

7,320 911

C. Trading Value 1) InJamaicadollars 2) In USdollars 3) Turnover ratio

3 2 1.9

10 6 3.7

10 5 2.9

26 7 4.9

117 21 10.8

375 68 17.0

400 73 12.5

137 25 3.5

516 90 9.8

231 32 3.4

152.2 118.1

211.2 38.8

240.4 13.8

461.1 91.8

941.5 104.2

0'

o

D. LocalIndex 1) JSEIndex(Jun.30, 1969=100) 2) Change in index(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) E Economic Data 1) Grossdomestic product(inUS$) 2) Consumer priceindex(1980=100) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

1,499.9 59.3

1,515.1 1.0

1,439.2 -5.0

2,075.8 44.2

-

-

-

-

-

5.7

8.5

8.9

5.5

2.9

2.5

3.1

2.5

3.4

3,294 120 1.7813 1.7813

3,619 134 3.2777 1.9321

2,374 171 4.9299 3.9427

2,015 215 5.4799 5.5585

2,444 248 5.4799 5.4777

3,416 286 5.3910 5.4886

3,884 327 6.4800 5.7446

-

-

-

-

7.8 2,979 113 1.7813 1.7813

- Notavailable.

.,

4*

2,917 264 5.5000 5.4867

7.0

2,539.4 22.3

7.0 3.9 -

8.0380 7.1840

Kenya, 1981-1990 (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

55

54

54

54

54

53

53

55

57

56

-

-

-

10,780

A. Numberof ListedCompanies

StockExchange Nairobi Capitalization B. Market 1) In shillings

8,674 474

2) In USdollars C. TradingValue 1) In shillings 2) In USdollars

-

-

-

-

-

-

448 4,710 206

-

ratio 3) Turnover D1Loca/index

1964=100) 1) NSEIndex(Jan.1, inindex(°%) 2) Change 3) P/Eratio 4) P/BVratio 5) Dividendyield(%)

(0

E EconomicData product(inUS$) domestic 1) Gross 2) Consumerpriceindex(1980=100) rates(endof period) 3) Exchange of period) rates(average 4) Exchange

- Notavailable. (0

(0

c71 (0

a >a

350.4 -7.4

349.8 -0.2 -

382.7 9.4 -

3864 1.0 -

421.1 9.0

506.0 20.2

735.3 45.3 -

-

6,683 112 10.2859 90474

-

-

6,489 135 12.7249 109222

5,740 150 13.7959 13.3114

6,090 165 15.7809 14.4139

-

6,131 187 16.2839 16.4319

-

7,240 194 16.0419 16.2259

-

7,929 205 16.5150 16.4540

-

7.0 -

-

815.8 -5.0

858.6 16.8 8.4

8,422 221 18.3139 17.7400

915.3 12.2 -

3.3

-

-

8,284 245 21.6010 20.5725

12.3

24.0840 229150

Kuwait, 1981-1990 (Currency Amounts in Millions) CD

1981

0r

m C."

o

1982

1983

1984

A. Number of ListedCompanies Kuwait StockExchange B. MarketCapitalization 1) Indinars 2) In USdollars

E.Economic Data 1) Grossdomestic product(inUS$) 2) Consumer priceindex(1980=100) 3) Exchange rates(endot period) 4) Exchange rates(average of period) - Notavailable.

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

-

-

116 387 -

410 1,412 -

842 3,023 24.8

710 2,543 19.8

502 1,709 16.1

-

1,000.0 -

1,167.0 16.7

1,086.0 -6.9

968.0 -10.9

17,691 126 0.2923 0.2906

22,084 126 0.2699 0.2786

20,019

23,075

C. Trading Value 1) Indinars 2) In USdollars 3) Turnover ratio D. LocalIndex 1) BorsaIndex (Dec. 31,1986=1,000) 2) Change inindex(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%)

1985

-

-

-

-

-

-

-

-

----

-

25,248 107 0.2814 0.2787

-

21,583 116 0.2887 0.2879

20,869 121 0.2925 0.2914

21,702 123 0.3044 0.2960

21,446 124 0.2890 0.3007

-

0.2826 0.2790

-

0.2920 0.2938

1990

Morocco, 1981-1990 (Currency Amounts in Millions)

A. AlumberofListedCompanies deCasablanca desValeurs Bourse Capitalization B. Market 1) In dirhams 2) In USdollars Value C. Trading 1) Indirhams 2) In USdollars ratio 3) Turnover D. LocalIndex Annuel(1968=100) General 1) IndiceMoyen in index(%) 2) Change 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend

:2

Data E Economic product(inUS$) domestic 1) Gross index(1980=100) 2) Consumerprice rates(endof period) 3) Exchange of period) rates(average 4) Exchange

P71

- Not available.

tTi CD9

Cr aC w

1987

1988

1989

1990

76

71

71

71

3,604 446

5,043 621

7,768 966

71 8 2.7

268 33 8.4

133 16 3.1

512 62 8.0

533.1 14.6

690.5 29.5

122.6 22.6'

158.7 29.4

9.2

6.9

5.8

21,986 183 8.0873 8.2092

22,385 189 8.1218 8.4882

1981

1982

1983

1984

1985

75

78

76

77

76

1,827 292

2,039 253

2,251 236

2,450 255

2,430 279

2,782 357

58 10 30

118 17 6.1

140 16 6.5

126 13 5.4

81 9 3.3

384.0 4.9

350.0 -8.9

390.0 11.4

431.0 10.5

4690 8.8

465.3 -0.8

8.3

10.2

9.3

9.8

8.6

9.5

15,280 113 5.3329 5.1719

15,424 124 6.2679 6.0229

13,942 132 8.0609 7.1109

12,750 149 9.5509 8.8109

12,871 160 9.6209 10.0619

17,061 174 8.7119 9.0689

2,008 377 -

to 100.0atthestartof eachyear isrebased General 1988,theIndiceMoyen a Since

1986

76

9.1 18,945 179 7.8000 8.3590

-

8.0438 8.2420

5

Peru, 1981-1990 (Currency Amounts in Millions)

B

A. Numberof ListedCompanies Bolsade Valoresde Lima B. Market Capitalization 1) Inintis 2) In US dollars C. TradingValue 1) Inintis 2) In US dollars 3) Turnoverratio O. LocalIndex 1) IndiceGeneralIBVL(Dec. 1986=100) 2) Changein index (%) 3) P/Eratio 4) P/BVratio 5) Dividendyield(%) E. EconomicData 1) Grossdomesticproduct(in US$) 2) Consumerprice index(1980=100) 3) Exchangerates(endof period) 4) Exchangerates (average of period)

- Notavailable.

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

133

144

150

157

159

177

197

236

265

265

695 1,371

678 685

1,241 546

2,264 397

10,599 760

32,387 2,322

27,430 831

33 79 -

29 41 4.2

42 26 4.4

99 28 5,6

419 38 6.5

3,331 239 15.5

5,072 301 17.0

0.5 -

0.5 0.0

1.2 140.0

3.5 191.7

27.4 682.9

100.0 265.0

94.5 -5.5

4,894,864 930

438,600,607 848

7,305 57 -

293,763 91 -

33,036,901 176 14.9

860.0 810.1

33,694.3 3,817.9

2,581,995.0 7,563.0

33,517 2,992,077 5,261.4000 3,247.2425

516,923.0000 187,886.0000

-

-

25,008 175 0.5071 0.4223

-

24,923 288 0.9900 0.6976

19,294 609 2.2710 1.6286

19,888 1,280 5.6960 3.4669

16,955 3,372 13.9450 10.9740

26,143 6,000 13.9500 13.9480

44,224 11,150 33.0000 16.8360

34,173 85,514 500.0000 128.8000

Sri Lanka, 1981-1990 (Currency Amounts in Millions)

1981 of ListedCompanies A. Number Exchange Securities Colombo

-

1982

-

1983

-

B. MarketCapitalization 1) In rupees 2) In USdollars

D. LocalIndex Index(Jan.1985=100) Share 1) CSEAll in index(%) 2) Change 3) P/Eratio 4) P/BVratio 5) Dividendyield (%)

m (D

mz,

Data E. Economic (inUS$) product 1) Grossdomestic priceindex(1980=100) 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

oQ ,

rA

- Notavailable.

-

Value C. Trading 1) In rupees 2) In USdollars 3) Turnoverratio

1984

-

1985

1986

1987

1988

1989

1990

171

171

168

176

176

175

10,000 365 72 3

--

-

-

-

-

1222 222

12,000 421

18,700 608

15,500 471

17,087 427

36,880 917

144 5

335 11

380 12

117 3

881 22

1.3

2.2

22

0.7

3.3

1314 7.5

218.0 65.9

172.4 -20.9

1795 4.1

3844 114.2

21.1

18.9

6,681 205 30.7630 29.4450

6,961 234 32.8911 31.8000

-

-

-

4,417 118 20.5500 19.2460

-

-

4,768 131 21.3200 20.8120

5,168 149 25.0000 23.5290

6,044 174 26.2800 25.4380

5,978 176 27.4080 27.1630

6,406 190 28.5200 280170

7,013 261 40.0000 32.2700

40.2400 40.0630

Trinidad and Tobago, 1981-1990 (CurrencyAmountsin Millions) CD

go

rD

8

A. Number of ListedCompanies Trinidad andTobago StockExchange B. Market Capitalization 1) InTrinidad & Tobago dollars 2) InUSdollars C.Trading Value 1) InTrinidad & Tobago dollars 2) In USdollars 3) Turnover ratio

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

29

34

34

36

36

33

33

33

31

30

2,821 1,175

3,258 1,357

2,427 1,011

2,022 843

1,668 463

1,346 374

1,398 388

1,136 268

1,748 411

2,956 696

46 19

557 232 18.3

362 151 12.7

183 76 8.2

149 61 8.1

186 52 12.3

91 25 6.6

85 22 6.7

293 69 20.3

235 55 10.0

145.9 19.2 8.6 1.5 3.5

71.6 -28.4 7.3 0.8 5.9

59.6 -16.8 6.9 1.0 7.8

49.1 -17.6 9.5 0.9 7.7

38.3 -22.0 5.2 0.7 7.8

39.9 4.2 13.5 0.8 5.8

32.4 -18.8 -

48.7 50.3 -

83.1 70.6 -

7,990 127 2.4000 2.4000

7,800 147 2.4000 2.4000

7,845 166 2.4000 2.4000

7,378 179 3.6000 2.4500

4,790 193 3.6000 3.6000

4,603 214 3.6000 3.6000

4,138 230 4.2441 3.8438

3,735 256 4.2500 4.2500

4.2500 4.2500

D. Locallndex 1) TTSEIndex(Oct.1981=100; Jan.1983=100) 122.4 2) Change in index(%) 3) P/Eratio 12.6 4) PIBVratio 2.3 5) Dividend yield(%) E. Economic Data 1) Grossdomestic product(inUS$) 2) Consumerpriceindex(1980=100) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

-

6,849 114 2.4000 2.4000

Notavailable.

,

1

.

-

6.3

-

1981-1990 Uruguay, (Currency Amounts in Millions)

1981

1982

1983

1984

1985

1986

1987

1988

1989

50

49

47

43

43

41

41

40

39

B. MarketCapitalization 1) In nuevopesos 2) InUSdollars

700 60

800 24

400 9

700 9

1,900 15

6,300 35

11,300 40

11,000 24

C. Trading Value 1) Innuevo pesos 2) InUSdollars ratio 3) Turnover

117 11 9.0

41 3 5.5

25 1 4.2

24 0.4 4.4

36 0.4 2.8

318 2 7.8

872 4 9.9

167.6 -54.0

318.1 89.8

191.3 -39.9

2129 11.3

592.8 178.4

2,499.5 321.6

4,645.1 85.8

5,033.9 8.4

8,278.2 64.4-

5,245 370 74.2500 56.1200

5,207 637 125.0000 101.4300

6,455 1,123 181.0000 1519900

7,738 1,836 281.0000 2266700

7,947 2,978 449.4250 360.9100

8,4175,372802.0000 605.6190

A. Number of ListedCompanies deMontevideo Bolsa deValores

D. LocalIndex (Dec.31,1977=100) 1) Indice dePrecios 2) Change in index(%) 3) P/Eratio 4) PIBVratio-yield(%) 5) Dividend E. Economic Data product(inUS$) 00 1) Grossdomestic 00) priceindex(1980=1 2) Consumer rates(endof period) 3) Exchange of period) rates(average 4) Exchange

7'

-

Notavailable

-

11,317 134 11.5940 10.8200

-

1990

-

6088 1-

-

9,252 160 33.7500 13.9100

5,356 238 43.2500 34.5400

1,594.0000 .0000 1,171

4. Directory of Stock Exchange Operations

Argentina 170 Bangladesh 170 Barbados 170 Botswana 171 Brazil (Rio de Janeiro) 171 Brazil (Sao Paulo) 171 Chile 172 China 172 Colombia (Bogota) 172 Colombia (Medellin) 173 Costa Rica 173 C6te d'Ivoire 173 Cyprus 174 Egypt (Alexandria) 174 Egypt (Cairo) 174 Greece 174 Honduras 175 Hungary 175 India (Bombay) 175 India (Calcutta) 175 India (Delhi) 176 India (Madras) 176 Indonesia (Jakarta) 176 Indonesia (Surabaya) 177 Jamaica 177 Jordan 177 Kenya 178 Korea 178

Kuwait 178 Malaysia 179 Mauritius 179 Mexico 179 Morocco 180 Nigeria 180 Pakistan 180 Panama 181 Paraguay 181 Peru 181 Philippines (Makati) 182 Philippines (Manila) 182 Portugal (Lisbon) 182 Portugal (Oporto) 183 Sri Lanka 183 Taiwan, China 183 Thailand 184 Trinidad and Tobago 184 Tunisia 184 Turkey 185 Uganda 185 USSR (Leningrad) 185 USSR (Moscow) 185 Uruguay 186 Venezuela 186 Yugoslavia (Belgrade) 186 Yugoslavia (Ljubljana) 187 Zimbabwe 187

Argentina C.Alvarez Mr.Alberto President

Mercado deValores deBuenos Aires 25deMayo 367 Buenos Aires1002 Telephone: (54-1) 313-4522 Fax:(54-1) 313-4472 Telex: (390)17445 MERVA AR Holidays in1991:

Jan:1 Feb: Mar:29 Apr:t 6 May:6, 9,31 Jun:

Jul: Aug: Sep: Oct:10 Nov: Dec:16,25-26

Trading Hours: Mon-Fri 11:30 a.m.-3:00 p.m.

Bangladesh Dhaka Stock Exchange Ltd. Stoch Exchange Building 9F,Motijheel Commercial Area Dhaha 1000

Mr,Khwaja Abdul Quddus Chairman Mr.Syed Malhbuur Rashid Secretary

Telephone: (680-2) 239-882/231-935 Telex: 632150 DSE BJ Holidays in1991: Jan: Feb:21 Mar:3,26 Apr:13,15-17 May:1,27 Jun:22-24

Jul:23 Aug: Sep:1,22 Oct:27 NoV:7 Dec:16,25

Trading Hours: Sat-Thu 11a.m.-ip.m.

Barbados Securities Exchanges oxBarbados 6rhFloor Central Bank Building Chirch Village St.Michel

Mr.Anthony K.Johnson Genera. Manager

Teephone: (809) 436-9871/2 Fax:(809) 429-8942 Holidays in1991: Jan:1.21 Feb: Mar29 Apr:1 May:1,20 Jun:

Jul: Aug:5 Sep: Oct:7 Nov:30 Dec:25-26

170 Emerging Stock Markets Faetbook

Trading Hours: Tue& Fri10a.m.-12 p.m. Office Hours: Mon-Fri 8:30amM.-4:30 p.m.

Botswana Stockbrokers Botswana Ltd. 5thFloor, Barclays House Khana Crescent Gaborone

Mr.W.J.Picken Chief Executive Mr.M.Makgatnhe Assistant Manager

Mailing Address P.O. Box41015 Telephone: (267)357900 Fax:(267)357901 Holidays in1991: Jan 1-2 Feb: Mar:29-30 Apr:1 May:1 Jun:

Ju: 15-16 Aug: Sep:30 Oct 1 Nov. Dec:25-26

Trading Hours: Mon-Fri 9 am.-12p.m. Office Hours: Mon-Fri 8 a.m-4:30p m.

Brazil (Rio de Janeiro) Bolsa deValores deRiodeJaneiro Praca XVdeNovembro No.20.3rdFloor RiodeJaneiro 20010

Mr.Francisco deSouza Dantas Chairman

Telephone: (55-21) 271-1001 Fax(55-21) 221-2151 Telex. 31500 Holidays in1991:

Jan:1

Feb:11,12,13 Mar:28,29 Apr. May.1,30 Jun:

Jul: Aug Sep: Oct. Nov:15 Dec:24-25. 31

Trading Hours: Mon-Fri 9:30a.m.-5 p.m. Office Hours. Mon-Fr8.30a.m.-6p.m.

Brazil (Sao Paulo) Boisa deValores deSaoPaulo RuaAlvares Penteado, 151 SaoPaulo 01012

Mr.Alvaro Augusto Vidigal Chairman

Telephone: (55-11) 258-7222 Fax:(55-11) 360871 Telex: (391)34089 Holidays in 1991: Jan:1,25 Feb.11,12,13 Mar.28.29 Apr: May:1,30 Jun:

Jii:

Aug Sep: Oct Nov:15 Dec24,25,31

Trading Hours: Mon-Fri 9 30a.m.-I p.m Mon-Fri 2:30-5p.m.CATS* 'Computer Assisted Trading System Office Hours Mon-Fri 9 a m-6p.m.

Emerging Stock Markets Factbook

171

Chile Bolsa deComercio deSantiago Calle LaBolsa 64 Casilla 123-D Santiago

Mr.Pablo Yrarrazaval Valdes President

Teephone: (56-2) 698-2001/2002 Fax.(56-2) 698-2001 Toon:(352) 340531 BOLCOM Holidays in1991: Jan:1 Feb: Mar: Apr: May:1,21 Jun:29

Jul: 15 Aug:11,18,19 Sep: Oct:12 Nov:1 Dec:3,25

Trading Hours: Mon-Fri 10:30 a.m.-5:30 p.m. Office Hours: Mon-Fri 10:30 a.m.-4:30 p.m.

China Shanghai Securities Exchange 15Huang PuRoad Shangnai 200080

Mr.Xiang-Rui Li President Mr.Wen-Yuan Wei General Manager

Telephone: (86-21) 306-3076 Fax:(86-21) 306-3196 Holidays in 1991: Jan:1 Feb:15-16 Mar: Apr: May:1 Jun:

Jul: Aug: Sep: Oct:1,2 Nov: Dec:

Trading Hours: Mon-Fri 9:30-11 a.m./11:30-3 p.m. Oflice Hours: Mon-Sat 9 a.m.5 p.m.

Colombia (Bogot•t) Balsa deBogotd Carrera 8A,No.13-82, 8 Aparlado Aereo 3584 Bogota

Mr Carlos delCastillo Restrepo President Mr.Carlos Burag iaGomez VicePresident

Telephone: (57-1) 2436501 Fax:(57-1) 281-3170 Telex: (396)044807 Holidays in 1991: Jan:1,6 Feb: Mar:19,28-29 Apr: May:1,9, 30 Jun:29

Jul:20 Aug:7,15 Sep: Oct:12 Nov:1,11 Den:8,25

172 Emerging Stock Markets Factbook

Tradiag Hours: Mon-Fri 10:30 a.m.-12 p.m.

Colombia (Medellin) Bolsa deMedellin S.A. Carrera 50,No.50-4B. Piso2 Apartado Aereo 3535 Medellin

Mr.Francisco Piedrahita E. President

Telephone: (57-4) 2603000 Fax(57-4) 2511981 Telex: (396)66788 Holidays in 1991: Jan:1,6 Feb Mar:19,28-29 Apr: May:1,9.30 Jun:29

Jul 20 Aug:7,15 Sep: Oct:12 Nov:1,11 Dec:8,25

Trading Hours: Mon-Fri 10:30 a.m.-12 p.m./2-3 p.m.

Costa Rica Costa Rica Stock Exchange PO.Box1736-1000 San Jose

Mr Leonel Baruch Gotfrid President

Telephone: (506)228011 Fax:(506)550131 Telex: 2863 in1991: Holidays Jan:1 Feb: Mar:19,28,29 Apr:11 May:1-30 Jun:29

Jul:25 Aug:2-15 Sep. Oct: Nov: Dec:25-31

Hours: Trading Mon-Fri 10:00 a.m.-11:30 a.m. Office Hours: Mon-Fri 8:00a.m-5:00p.m.

C6te d'Ivoire Rose BrouKone Mme. Secretary General

Abidjan Stock Exchange Bolte Avenue Marchand-Ol Abidjan 01 Mailing Address: Postale 1878 Telephone. (225) 21-5742 Fax:(225) 22-1657 Telex:2221Bourse Abidjan Holidays in1991 Jan:1 Feb Mar:17 Apr:1 May1,24 Jun:3

Jul: Aug:15 Sep: Oct: Nov:1,15 Dec:7.25

Trading Hours: Tue&Thuopens at10a.m.

Emerging Stock Markets Factbook

173

Cyprus Cyprus Investment Security Corp. P.O. Box597 Nicosia

Mr.Socrates Solomides General Manager

Telephone: (357-2) 451535 Telex: 4449CISCO CY Holidays in1991: Jan:1.6 Feb:18 Mar:25 Apr:1,5 8 May:1,27 Jun:

JOu: Aug:15 Sep: Oct:1,28 Nov: Dec:26

Egypt (Alexandria) Alexandria Stock Exchange 11Talat Harb Street Menshia Alexandria Telepnone: (20-3) 483-5432 Holidays in 1991: Jan:

Jul: 13,23

Feb: Mar: Apr:8,16-18,25 May:1,18 Jun:22-25

Aug:2 Sep:21 Oct:6 Nov: Dec:

Egypt (Cairo) Cairo Stock Exchange 4 Sherifien Street Cairo Telephone: (20-1) 392-8526 Holidays in1991: Jan: Feb: Mar: Apr:8,16-18,25 May:1,18

Jul:13,23 Aug:2 Sep:21 Oct:6 Nov:

Jun: 22-25

Dec:

Greece Athens Stock Exchange 10Sophocleous Street Athens 10559

Mr.Nikitas A.Niarcnos President

Telephone: (30-1) 3211301 Fax:(30-1) 3213938 Telex: (863) 215820 BURS GR

Mon-Fri 8:30a.m.-3:30 p.m.

Holidays in1991: Jan:1 Feb:18 Mar:25 Apr:5, 8 May:1,27 Jun:

Jul: Aug:15 Sep: Oct:28 Nov: Dec:25-26

174 Emerging Stock Markets Factbook

Trading Hours: Mon-Fri 8:30a.m.-12:30 p.m.(Mainmarket) Mon-Fri12:30-12:50 p.m.(Parallel market) Office Hours: Mon-Fri 8:30a.m.-3:30 p.m.

Honduras Mr.Ramiro Figueroa Managing Director

Honduras StockExchange P.O.Box161 SanPedroSula Telephone: (504)53-4410 Fax:(504)53-4480 Holidays in 1991: Jan: Feb: Mar: Apr May: Jun:

Jul: Aug: Sep:15 Oct: Nov: Dec:25

Trading Hours: Mon-Fri11:00a.m.-11:30a.m. OfficeHours: Mon-Fri8:00a.m.-5:00 p.m.

Hungary Mr.JozsetRotyis General Manager

Budapest StockExchange DeakFerencutca5.1.151 Budapest 1052 Telephone(36-1)1175-226 Fax:(36-1)1181-737 Holidays in 1991: Jan:1 Feb Mar:15 Apr:15 May:1 Jun:

Jul: Aug:20 Sep: Oct:23 Nov: Dec:25-26

Trading Hours. Tue-Thu10-11:00a.m.

India (Bombay) Mr M.R.Mayya Executive Director

TheBombay StockExchange Phiroze Jeejeebhoy Towers DalalStreet Bombay400023 Telephone: (91-22)275860/61 Fax:(91-22)202-8121 Telex:(953)115925 STEXIN Holidays in 1991 Jan 26 Feb:12 Mar:1,28-29 Apr:17 May:1,15,28 Jun:

Jul: 23 Aug:15, 24 Sep:2,11, 23 Oct:2,17 Nov 4-7,21 Dec:25-31

Trading Hours Mon-Fri12:00p.m.-2p.m.

India (Calcutta) Association, Ltd. TheCalcutta StockExchange 7 LyonsRange Calcutta 700 (91-33)229366 Telephone: Holidays in 1991: Jan: 26 Feb:12 Mar:1,28-29 Apr:17 May:1,15, 28 Jun:

Jul: 23 Aug: 15,24 Sep:2,11,23 Oct:2,17 Nov:4-7, 21 Dec:25-31

Emerging Stock Markets Factbook

175

India (Delhi) TheDelhiStockExchange Association, Ltd 3 and414BAsafAli Road NewDelhi110002

Mr.HarishBhasin President Mr S.K.Bajpai General Manager

Telephone: (91-11)327-9000 Fax:(91-11)326-7112

Telen: (953)3165317 DSEAIN Holidays in 1991: Jan:1,14, 21,26 Feb:12,28 Mar:1,28-29 Apr:17 May:28 Jun:

Jul: 23 Aug:15 Sep:2,21, 30 Oct:2, 15-17 Nov:6-8 Dec:25-31

Trading Hours: Mon-Fri12 p.m.-2:30p.m. OfficeHours: Mon-Fri9:30a.m.-5:30p.m. Sat9:30a.m.-4p.m.

India (Madras) MadrasStockExchange 11 Second LineBeach Madras600001

Mr.S.P.Sivaprakasam President Mr.S. Ramanathan Executive Director

MailingAddress: RO.Box183 (91-44)514897 Telephone: Telex:(953)418059MSEX-IN Holidays in 1991: Jan: 1,14-16,26 Feb: Mar: 29 Apr:1-5, 17 May:1 Jun:

Jul: 23 Aug:15 Sep:12,21,30 Oct: 2,14-18 Non:5-6 Dec:25-31

Trading Hours: Mon-Fri12 p.m.-2:30 p.m.

Indonesia (Jakarta) TheJakarta StockExchange Ji Merdeka Selatan 14 JakartaPusat10110

Mr.MarzukiUsman Chairman CMEA

MailingAddress: P.O.Box1439 Telephone: (62-21) 365509 Fax: (62-21)350442 Telex:45604BAPEPAM IA Holidays in 1991: Jan: 1 Feb:12 Mar: 17,29 Apr:16-17 May:9,28 Jun:23

Jul: 13 Aug:17 Sep:21 Oct: Nov: Dec:25

176 Emerging Stock Markets Factbook

Trading Hours: Mon-Thu10 a.m.-3p.m. FrilOa.m.-12p.m.

Indonesia (Surabaya) Surabaya Stock Exchange JIPemuda No.29-31 Surabaya

Basj iruddin AS. Chairman

Holidays in1991: Jan:1 Feb:12 Mar:17,29 Apr:16-17 May:9,28 Jun:23

Jul:13 Aug:17 Sep:21 Oct: Nov: Dec:25

Trading Hours: Mon-Thu 10a.m.-3p.m. Fri10a.m.-12 p.m.

Jamaica Jamaica Stock Exchange Bank ofJamaica Tower Nethersole Place Kingston

Mr.Fernando DePeralto Chairman Mr.Wain Iton General Manager

Mailing Address: P.O. Box621 Teephone: (809) 922-0806/7 Fax:(809) 922-26966 Telex:2165/2167 Holidays in1991: Jan:1 Feb:13 Mar:29 Apr:1 May:23 Jun:

Jul. Aug:5 Sep: Oct:21 Nov: Dec25-26

Trading Hours. Tue-Thu 10-11a.m

Jordan Amman Financial Market P.O. Box8802 Amman

Mr.Ibrahim Balbeisi Acting General Manager

Telephone (962-6) 663170 Fax:(962-6) 686830 Telex:(925) 21711 Holidays in1991: Jan: Feb11 Mar: Apr:15-18 May:1,25 Jan 10,22-26

Jul:12 Aug:11 Sep:20 Oct: Nov:14 Dec:31

Trading Hours: Sat-Wed 9-9:30a.m.(Parallel market) Sat-Wed 9:45-10 a.m.(Bond market) Sat-Wed 18-11:30 a.m(Regular market) Mon-Wed 5-6p.m.(Regular market) Office Hours: Sat-Sun 8 a.m.-3:30 p.m. Mon-Wed 8a.m.-7p.m. Thu8 a.m.-2 p.m.

Emerging Stock Markets Factbook

177

Kenya TheNairobiStockExchange P.O.Box43633 Nairobi

Mr.I.N.Kariuki Chairman

Telephone: (254-2)727640 Fax:(254-2)729349 Telex:25344BMEW Holidays in 1991: Jan:1 Feb: Mar:29 Apr:1, 15-17 May:1 Jun:1,22-24

Jul: Aug: Sep: Oct:10,20 Nov: Dec:12,25-26

Trading Hours: Mon-Fri8 a.m.-5p.m.

Korea KoreaStockExchange 33 Yoido-Dong Yongdeungpo-ku Seoul150-010

Mr ByungWooKoh Chairman & CEO

Telephone: (82-2)760-2271 Fax:(82-2)786-0263 Telex:K 28384(KOSTEX) Holidays in 1991: Jan:1,2 Feb:14-16 Mar:1,10 Apr:5 May:5,21 Jun: 6

Jul: 17 Aug:15 Sep:21-23 Oct:3 Nov: Dec:25-31

Trading Hours: Mon-Fri9:40-11:40 a.m./1:20-3:20 p.m. Sat9:40-11:40a.m.

Kuwait KuwaitStockExchange Mubarak Al KabirStreet Safat13063

Mr Hisham Al Otaibi President

MailingAddress: P.O.Box22235 Telephone: (965)24 23 130/9 Fax:(965)2420779/2558832 Telex:44105-44026 Holidays in 1991: Unavailable atpresstime

178 Emerging Stock Markets Factbook

Trading Hours: Sat-Wed10a.m.-12:30p.m./5-7p.m.

Malaysia TheKuala Lumpur Stock Exchange 3 &4thFl.,Exchange Square OffJalan Semantan Damansara Heights KualaLumpur 50490

Mr.NikMohamed DinBinDatuk NikYusoff Executive Chairman Mr.Salleh Abdul Majid General Manager

Telephone: (60-3) 2546433 Fax(60-3) 2557463/2558832 Telex: KLSE MA(784) 30241 Holidays in1991: Jan:1 Feb:1,15-16 Mar: Apr:16-17 May 1,28 Jun:5,23

Jul:13 Aug:31 Sep:20 Oct Nov:5 Dec:25

Trading Hours: Mon-Thu 9:30a.m.-5:30 p.m. Fri9 a.m.-5p.m. Sat9a.m.-ip.m. Office Hours: Mon-Fri 10a.m.-12:30 p.m./2:30-4 p.m.

Mauritius Stock Exchange of Mauritius Ltd. Rez-de-Chaussee SICOM Bldg. SirCelicourt Antelme Street PortLouis Telephone: (230) 088735/36 Fax:(230)088676 Telex: 5291

MrSharda Dindoyal Chief Executive

Holidays in1991: Jan:1-2,30 Feb:12,15 Mar:12,17 Apr:15-17 May:1 Jun:

Jul: Aug: Sep:12 Oct: Nov:1,5 Dec:25

Trading Hours: Wed10:30 a.m.-12:30 p.m.(Official market) Thu11a.m.-12 p.m.(OTC market) Office Hours: Mon-Fri 9 a.m.-5p.m.

Mexico Balsa Mexicana deValores, S.A. deC.V. Paseo delaReforma, 255 Col.Cuauhtemoc Mexico D.F06500 Telephone. (52-2) 208-3131 Fax:(52-2) 208-8972 Telex: (383)1762233

Mr.JoseMadariaga L. President

Holidays in1991: Jan:1 Feb:5 Mar.21,28-29 Apr: May:1 Jan:

Jut: Aug. Sep:16 Oct:12 Nov:2,20 Den:12,25,31

Trading Hours: Mon-Fri 10a.m.-2 p.m.(Money market)/ 10:30 a.m.-:30p.m.(Capital market) Office Hours: Mon-Fri 8:30a.m.-2.30 p.m./ 3:30-5:30 p.m.

EmergingStock MarketsFactbook 179

Morocco Casablanca Stock Exchange 98,Boulevard Mohammed V Casablanca 01 Telephone: (212)279354/20 0366 Fax:(212)200365 Telex: 23698 BOURSVAL

Mr.Abderrazaq Laraki Director

Holidays in1991: Jan:1,11 Feb: Mar:3 Apr:16 May:1.23 Jun:23-24

Jul:9 Aug:14.20 Sep: Oct: Nov:6,18 Dec:

Trading Hours: Mon-Fri 11a.m.-12:30 p.m. Office Hours: Mon-Fri 8:30a.m.-12 p.m 2:30-6:30 p.m.

Nigeria Nigerian Stock Exchange Stock Exchange House 2-4Customs Street Lagos Mailing Address: P.O. Box2457 Telephone: (234-1) 660287 Fax:(234-1)668724 Telex:(961) 23567 STEX NG

Mr.Hayford Alile Director-General

Holidays in1991: Jan:1 Feob: Mar:29 Apr:1,17-18 May:1 Jun:23-24

Jul: Aug: Sep:23 Oct:1 Nov: Dec:25-26

Trading Hours: Mon-Fri 7:30a.m.-4:30 p.m.

Pakistan Karachi Stock Exchange Ltd. Stock Exchange Building Stock Exchange Road 2 Karachi

Mr.JanangirSiddiqui President

Telephone: (92-21) 241-9146 Telex: (952)2746 Holidays in1991: Jan: Feb:28 Mar:23 Apr:15-17 May:1 Jun:22-24

Jul:21 Aug:14 Sep:6,11,20 Oct: Nov:9 Dec:25

180 EmergingStockMarketsFactbook

Trading Hours: Sat-Wed 10:15 a.m.-2:00 p.m.

Panama BolsadeValores dePanama, S.A. CalleElviraMendez y Calle52 Edificio Valarino Panama

Lic.Roberto Brenes Manager

MailingAddress: Apartado 87-0878 Panama4 Telephone: (507)69-1966 Fax:(507)69-2457 Holidays in 1991: Jan:1,9 Feb 12 Mar:29 Apr: May Jun:

Jul: Aug: Sep: Oct: Nov:3,10,28 Dec:8,25

TradingHours: Tue& Thur9:00a.m.-lO:OO a.m. OfficeHours: Mon-Fri9 00 a.m.-1200noon/2.00 p.m-5.00p.m.

Paraguay BoisadeValores y Productos de Asuncion S.A. CalleEstrella540

Sr.AntonioZucolillo President

Asuncion Holidays in 1991: Jan 1 Feb:3 Mar:1 Apr: May:1,15 Jun: 12

Jul: Aug. 15 Sep: Oct: Nov.2 Dec:8,25

Peru LimaStockExchange Pasaje Acuna191 Lima 1

Mr.VictorSalas Campos President Mr.JoseAlmenara Battiora General Manager

Teephone:(51-14)286-280 Fax:(51-14)337-650 Telex:25856 Holidays in 1991 --

Jan: 1 Feb: Mar:29 Apr May:1 Jun. 27

Jul: 28-29 Aug: 30 Sep. Oct 8 Nov:1 Dec:8,25

Trading Hours Mon-Fri1:00 a.m.-1:30p.m.

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181

Philippines (Makati) MakatiStockExchange, inc. MakatiStockExchange Building AyalaAvenue, Makati MetroManila

Mr.Eduardo C.Lim Chairman Ms.VivianY Locsin ViceChairman

Telephone: (63-2)8101145/1146 Fax:(63-2)8105710/819 1063

Teleo: 45074 MKSE PM Holidaysin 1991: Jan:1 Feb: Mar:28-29 Apr:9 May:1 Jun:12

Jul: Aug: Sep: Oct: Nov: 1,30 Dec:25,30

Trading Hours: Mon-Fri9:30a.m.-12p.m. OfficeHours: Mon-Fri8 a.m.-5p.m.

Philippines (Manila) ManilaStockExchange Prensa St. cor Muelle ela Industria Binondo Manila

Mr.Robert Coyiuto, Jr. President

MailingAddress: P.O.Box4229 Telephone: (63-2)47-11-25/40-88-66 Fax:(63-2)471125

Telen:(722)40503 MSE PM Holidays in 1991: Jan: 1 Feb: Mar:28-29 Apr:9 May:1 Jun: 12

Jul: Aug: 25 Sep: Oct: Nov:30 Dec:25,30

Trading Hours: Mon-Fri9a.m.-12:15p.m. OfficeHours: Mon-Fri8a.m.-5p.m.

Portugal (Lisbon) LisbonStockExchange RuadosFanqueiros, 10 Lisbon1100

Mr.JoseCarlosPestana Teixeira President

Telephone: (351-1)879-416/879-417 Fax:(351-1)864-231/877-402 Telex:(832)44751BVLISB P Holdaysin 1991 Jan:1 Feb:12 Mar:29,31 Apr: 25 May:1,30 Jun: 10

Jul: Aug: 15 Sep: Oct:5 Nov:1 Dec:1,8, 25-26

182 Emerging Stock Markets Factbook

Trading Hours: Mon-Fri10a.m.-4p.m. OfficeHours: Mon-Fri9a.m.-5p.m.

Portugal (Oporto) Oporto Stock Exchange Palacio daBolsa RuaFerreira Borges 4000Porto

Mr.Manuel Alves Monteiro Chairman

Telephone: (351-2) 200-2476 Fax:(351-2) 200-2475 Telex28663 Holidays in1991: Jan:1 Feb:12 Mar:29.31 Apr.25 May:1.30 Jun:10

Jul:

Trading Hours: Mon-Fri 9:30a.m.-12:30 p.m.

Aug:15 Sep. Oct:5 Nov:1 Dec:1, ,25-26

Sri Lanka TheColombo Securities Exchange 2ndFloor, MacKinnons Bldg. York Street Colombo 1

MrRaviC Peiris General Manager

Telephone: (94-1) 546581/54 5280 Fax:(94-1) 447748 Telex: 21124 MACKINON CE Holidays in1991: Jan:14,29 Feb:4,12,28 Mar:29 Apr 15,17 May:1.22,27-28 Jun:26

Jul:26 Aug. Sep20.23 Oct:22 Nov:5,21 Dec20,24-26.31

Trading Hours. Mon-Fri 9:30-11.30 a.m. Ottice Hours: Mon-Fri 8:30a m.-430p.m.

Taiwan, China Taiwan Stock Exchange 7-10th Floor, CityBuilding 85Yen-Ping South Road Taipei

Mr.C.F. Wu Chairman

Telephone: (886-2) 3114020 Fax:(886-2) 3114004 Telex: (785) 22914 TSEROC -

Holidays in1991: Jan:1-2 Feb:14-16 Mar:29 Apr.5 May: Jun:16

Jul:

Aug: Sep:22,28 Oct:10,25,31 Nov:12 Dec:25,31

Trading Hours. Mon-Fri 9 a.m.-12 p.m. Sat9-11a.m.

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183

Thailand TheStockExchange ofThailand SinthonBuilding, 2nd Floor 132Wireless Road Bangkok10500

Mr.NibhatBhukkanasut Chairman

Telephone: (66-2)254-0440/0960 Fax:(66-2)254-3040/3069 Telex:(788)20126BEJARATH Hoidaysin 1991: Jan:1 Feb:28 Mar: Apr: 8,12 May:1,6,28 Jun:

Jul: 1,29 Aug: 12 Sep: Oct:23 Nov: Dec:5,10,31

Trading Hours: Mon-Fri9 a.m.-12p.m. OfficeHours: Mon-Fri8:30a.m.-5p.m.

Trinidad and Tobago Trinidad & Tobago StockExchange 65 Independence Square Portof Spain

Mr.HughL.Edwards General Manager

Telephone: (809)625-5108/9 Fax:(809)623-0089 Telex:CBTRIN 22532 Holidays in 1991: Jan: 1 Feb: Mar: Apr: 13,15-17 May: Jun:4,14,19

Jul: Aug: 1,31 Sep:24 Oct:18 Nov: Dec:25-26

Trading Hours: Mon-Fri9:00a.m.-4:00 p.m.

Tunisia TunisStockExchange 19bis,rueKamel Ataturk 1001Tunis

Mr.Mohamed SalahH'Maidi President

Teephone:(216-1)259-411/259-148 Fax:(216-1)347-256 Telex:14931 Holidays in 1991: Jan:1 Feb: Mar:20,21 Apr:9 May:1 Jun:

Jul: 25 Aug:13 Sep:20 Oct: Nov:7 Dec:

184 Emerging Stock Markets Factbook

Trading Hours: Mon-Fri10-11:30a.m. OfficeHours: Mon-Fri8 a.m.-12p.m./2-6p.m.

Turkev Istanbul MenkulKiymetler Borasi RibtimCad.,No.245 GrenHan Karakoy-Istanbul 80030

Mr.Yaman Toroner President & CEO Mr.ArilSeren Secretary General

Telephone: (90-1)15248 00 Fax:(90-1)14372 43 Telex:(821)22748IMKBTR Holidays in 1991: Jan: 1 Feb: Mar: Apr: 16-18,23 May:19 Jun: 23-26

Jul: Aug: 30 Sep: Oct:29 Nov: Dec:

Trading Hours: Mon-Fri10 a.m.-12p.m. O1fine Hours: Mon-Fri8:30a.m.-530 p.m

40

Uganda Kampala StockExchange PO.Box8223 Kampala

Mr.LeoKibiranga Chairman

Holidays in 1991 Jan:26 Feb. Mar: Apr: 15-17 May:1 Jun.

Jul Aug. Sep: Oct:9 Nov: Dec 25-26

Expected to starttradingin late1991

USSR (Leningrad) Official. Leningrad StockExchange Plehanova 36, Room 714 191186,Leningrad

Unofficial Skorohodova Street19.Room310 197061,Leningrad

Telephone: (7-812) 312-79-93/312-78-94 Fax:(7-812) 232-18-86/110-53-71

lelephone: (7-812)238-83-34/232-5500

Holidays in 1991: Unavailable atpresstime

IgorK Klioutchnikov Chairman oftheBoard

Planned Trading Hours: Wed12 noon-2:00 p.m. OfficeHours: Mon-Fri10:00a m.-6:00p.m.

USSR (Moscow) Moscow International StockExchange USSRMinistryofFinance 9 Kuibyshev Street 103097,Moscow

Mr AndreiZaharov ChiefExecutive Officer

Telephone: 298-91-65 Fax:010-7-095/925-08-89 Telex:412248ABAKSU Trading operations andprocedures stillunderpreparation

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185

Uruguav Bolsa deValores deMontevideo Misiones 1400 Montevideo

Mr Carlos J.Cabral deSimoni President

Telephone: (598-12)954921 Fax:(598-12) 961900 Telex: BOLSA UY26996 Holidays in1991: Jan:1,6 Feb: Mar: Apr: May:1 18 Jun:19

Jul: 18 Aug:25 Sep: Oct:12 Nov:2 Dec:25

Trading Hours: Mon-Fri 2:00p.m.-3:00 p.m.

Venezuela Bolsa deValores deCaracas Avda. Urdaneta Banco Central deVeneouela, Piso19 Caracas

Dr.JuanDomingo Cordero M. President

Telephone: (56-2) 815141 Fax:(58-2) 838355 Telex: (395)26536 Holidays in1991: Jan:1 Feb:11,12 Mar:28-29 Apr:19 May:1 Jun:24

Jul:5,24 Aug: Sep: Oct:12 Nov: Dec:25

Trading Hours: Mon-Fri 11:00 a.m.-12:00 p.m.

Yugoslavia (Belgrade) Belgrade Stock Exchange Vladimira Popovica6 Novi Belgrade 11070

Mr.Branislav Cosic Managing Dinector

Telephone: (38-11)2224049 Fax:(38-11) 2224355 Teex:71122 TRZNOVYU Holidays in1991: Jan:1-2 Feb: Mar: Apr: May:1-2 Jun:

Jul:4,7 Aug: Sep: Oct: Nov:1,29-30 Dec:25

186 Emerging Stock Markets Factbook

Trading Hours. Tuel 10a.m.-4 p.m. Office Hours: Mon-Fri 8:30a.m.-4p.m.

y

Yugoslavia (Ljubljana) Yugoslav StockExchange, Inc. 1,Kraigher Square Ljubljana61000

Mr.DraskoVeselinovic ChiefExecutive Officer Mr.BorisT.Snuoerl ChiefOperatingOfficer

Telephone. (38-61)301-959 Fax:(38-61)301-950 Telex(38-61)31 606 Holidays in 1991: Jan:1-2 Feb: Mar: Apr: May.1-2 Jun:

Jul: 4,7 Aug: Sep Oct: Nov: 1,29-30 Dec:25

Zimbabwe StockExchange 6th Floor,Southampton Place UnianAvenue Harare

Trading Hours: Tue&Thu 11a.m-12 p.m.

Mr.R.TGWilliams Chairman

MailingAddress: P.O.BoxUA234 Telephone: (263-4)736861 Telex:(987)24196ZW Holidays in 1991: Jan: 1 Feb: Mar:29 Apr. 1,18 May:1.25 Jun:

Jul: Aug. 11-12 Sep: Oct: Nov: Dec:25-26

Trading Hours: Mon-Fri8 a.m.-4.30 p.m

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187

INTERNATIONAL FINANCE

E J~@ \JCORPORATION HEADQUARTERS

1818 H Street, N.W. Washington, D.C. 20433, U.S.A. Telephone: Facsimile: Telex: Cable:

(202) 473-9550 (202) 676-9299 WUI 64145 WORLDBANK RCA 248423 WORLDBANK INTBAFRAD WASHINGTONDC

PARIS OFFICE

66, avenue d'lena 75116 Paris France Telephone: Facsimile: Telex:

(1) 40. 69. 30. 60 (1) 47. 20. 77. 71 620628

ToKYo OFFICE Kokusai Building 1-1, Marunouchi 3 Chome Chiyoda-Ku, Tokyo 100 Japan Telephone: Facsimile: Telex:

(33) 400-4336 (33) 211-2216 26838

LONDONOFFICE New Zealand House, 15th Floor Haymarket London SWlY 4TE England Telephone: Facsimile: Telex:

(071) 930-8741 (071) 321-0589 919462

ISBN 0-8213-1826-8