Public Disclosure Authorized
Public Disclosure Authorized
Public Disclosure Authorized
Public Disclosure Authorized
~~~~~1E ~~ ~
III
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I'llO I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~e
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Headquarters 18501Street,N.W. Washington,D,C.20433 U.S.A. (202)473-9520 Teleplhone (202)676-9299 Facsimile WUI64145WORLDBANK Telex RCA248423WORLDBANK WASHINGTONDC INTBAFRAD Cnble CORINTFIN ParisOffice. 66,avenued'ldna 75116Paris France (1)40,69.30.60. Telepihone (1)47.20.77.71 Facsimile 620628 Telex. TokyoOffice KokusalBuilding Marlnouchi3 Chome I .11Chiyoda-Ku,Tokyo100 Japan, (03)3201-2310 Telep4one (03)3211.2216 Facsimile 26838 Telex LondonOfflce 4 Millbank LondonSWIP3JA England (071)222-7711 Telephone (071)976-8323 .Pcsinile 919462 Telex * FrankfurtOffle Messeturm,Box23 6000Frankfurtam Main - Germany (069)97544613 Telephone (069)97544900 Facsimile
rcYCkpajwr
Emerging Sock M'arkets. Factboo.k 1-l994
4!::
SIFC
Cruiip WorldHi3nk AN!qiibrncrfilii
Corpo'ra'tion Finance
~~~~~~~~~~~~International
Copyright C 1994 international FinianceCorporation 18501 Street N.W. Washington,D.C. 20433 U.S.A.
*Allrighitsreserved.Mayniotbe reproduicedIn whole or in part by aniymeanllsvithioit.thle Finanice written conisentof the linterniationacl Corporation, Is based on,data obtaliied *This lInformiationi fran souircesthiat the IFC 5Onsidersto be CY as to accurac * reliaible,but is noatguiarainteed aniddoesnotpuirportto be complete., inot be%conistruied, *This. iniformation*'shiall Iimplicitlyor explititly, as containing anly anid,accordingly, investmentrecornmiendations the IFC is niot registered,unider the U.S. linvestmientAdvisers Act of. 1940. This
PublishedAnnally In
.
theJUnlitedStatesof America h~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
First PrintinigJutne1994 ISSN 1012-8115 ISBN.0-8213-2820-4 on recycledpaper SPrinted
ofe fo ifraondentcnstuean tofinancial ainttonbornbelffIF mnoitioned, or sell any of thieshanres puirchiase It be conisideredaisInvestment noarshoutld* advice. *
nameshii and geographi.cal denominations this puiblicatlionare :ttse slyfo.te.DepartmentL the of thiereaderaniddo niotimiply coniveneience * exprssio ny oinio ofWhasoevr oi the. part of thel K' ho World Bank, or oilier the legal staktnof.anly conicerninig coutrity, territory, city, area or of its authiorities,or conlcerningthe deljminationof affiliationl. Its bounidariesor niationial
*The
.affiliates,
The IFC miay,fromntime to time, have interestin the securitiesmentioned orincludedin the calculation of the IFC ioree MlarketsDataBaseis a service The Emeorginig akt entralCptl of thle ICs Any.views expressedhereinare thoseof the ersn.h n ontncesrl auhr h ol ako h ne toa veso FnneCroain
Preface I.
edition of the .zewrghrg Slack Markets ~~~This
r.-
Factbookis the eighithIn thecIFC'sannual series tra~ckingthe.develiopmentof equiltymarkets In. developingco(lntries,IEC'seffortswere the firstto *.pulltogethierIn a siniglevolumeithe varioustime mairketdata onithe leadinig 5srie of funidamenital
niot currently included -in IFC Index Market coverage.The afpepndixesprovide sourcesand c ata notes, Investor information,a directoryof emergingstockexchangesaround the world, and The FadibookIs divided Into an introdtuctor informationon JEC'sEmergingMarketsDataBase includes sectionianidsixcliapters.-Tleintrodu'ction C(EMDB).. F rdte bakrudifraino an accurate representation of the inivestable emergingmarketuniverseavailable, ..
IFCis proud.to continiuebuildingits coverageof In generalanidemeirgingstock emerginigm6arkets marketsand providingthe mostcomplete emierging In chanracteristics' and market 'performanice accurate daitaavailable. A miemberof the Chiapter2 detail tepromnead p~articutlar. the developed marketsinworld. WrdBnGou,ICithlagsinultilatea of wvorldstockninirketsin 1993and' ~~~~~~~~characteristics o Chapter 3 begIns thioreofdrcloninaqiyfiacn betwee .18ad1993. for is designiedto serveas a referenlce TheFaci4ook countries. in developing projects sector private of pages 50 wvith n IFC.iindexes, discussoilon instituitionialinvestors, investment: bankers, EMDB,recognizedas the wrld's premiersource detailed statistics oni the IFC Global lIndexes. and journalists.Many of academics,ecoiiomists,* informationand reliableand comiprehensive ealn dicsinwt 4 aalesti Chapter than more from dta chats raw n theanable dveloping ountries the tables and cliarts drawoii 4d,pilrallels(iiisdis ussock.rnaretsnin oitis eelpn statistic o'nsEokmresi thleIPCInve5tablelindexes,Chapter5 offersdata' .50emergingmarkets,This yeair,market profiles serves as- a vital statistical resource for the or all 1FCInidexMarkets,as ivell as suinre up from18 compiledforover25 mnarkeis, haebeen Internationalfinancialcommunityand for IFCin econoi anilyses,Chatpter makt oiia,ad In 1992.Analysesalso tincludereglionalinidexes, ok isivsmntadavsr ie seriessuimmaryof data formares. 6 Ie lindexesprovidinig iidexes,anidinidLstry coniposit6
~~P~~Facibook putsthese markets In perspectivewitl domiesticeconomiesand comparesthem to ~thieir "M
.
.and
.
.
.
.for
.
j.2
4w
Contents
Preface TheInternational Finance Corporationgniygi 'Mrkes DtaBoise Evolutionof theIFCStockMarketlindexes Introductfoit Indexes to the IFC IFC tindex Coverage, BosePeriods, andDates of Iinclusioi IFC IndexCoverage Map
2WrlStc
* Acknowledgments
Mrkt
II
World Stock Mafket Statisiics
Ill
~~~~~~~World StockMnrketPerformance, 1993
IV Y
WrdSokMre unvr 931 ~~~~~~~~~~~~~World MarketCapitalization, 1984-1993
14
vi
~~~~~~~~~~~~~~~~Market Capi'talization, Analysis and Suimmary
16
12
WorldValtieTroded, 1984-1993 WorldNumlber of LigtedDomestic Companies, 1984-1993
introduction to Emerging
1B
20
~~~~~~World Ranlkings of MarketCaoitahization, ValueTraded,and ~~~~~~~~~~~~~~~~~~~~~~Numbe r ofListedDomestic Companies, 1993
1 Markets
22 2
WorldRankingof Average Comppany Size,1993
RelatIveCharacteristics of EmergingMarkets Enie~glg MarkthClssification
* WorldEconomic Statistics Aggregat e o,-en eore lw oEegn *WorldGNPanidGNPperCaiipta
*
LocalStockMarketPrloeindexs ~~~~~~~Energing Mark(esLocalStockMarketPriceIndexes, 1993
.2
* Emerging StockMarketPerformance ~~~Key Trenids In Emelrginig StOck MarketslIn1993
.
2 EmergInig Matrkets LocalStbckMarketPriceIndexes, 1984-1993 26'
.
akt 7
CurrencyExchange. Ratesper USS EmergIng Markets Currency Exchange Rates perUS$,1993 Emlerginig Mairkcts Cturreincy Exchange Rates perUSS, 1984-1993 30 .2
8
*
K3
GlobalIndexes ~~IFC Indexes
~~~~~~~~~~~~IFGIndustry Introduction 34Industry CompositeIndex,End-1993 Weights IFCG ~inthe Market
Index,End-1993 Weightsfinthe IFCGComiposite ConcentrationIn thteIFCGCompositelIndex,End-1993. of IFCG Distributionby MarketCapitalizationi Index,1993 ~~~~~~~~~~~~~~~~~~~~~~~~~Composite of IFCG IndustryWeighitsby MarketCapitalizationk
35Industry 36Industry
Indexe, End-1993 Cocentration 1KG Market 7:1. inthe lndexes,nd-1993 of the IFGValuation Comparativ Ag
IFCGPrice Indexes Summary 1993Performance 3 .aga, Close Low, Coe3 .
A
1993Flih
*
.
38 39
194193 Regtoionlvs. DevelopedMarketPerformanice,
410FGIdsr
IFCcj Price Indexes, 1993 1984-199 Pefr.ace949 Pric IDexes,pp RFdgiia
42 441
IFCGPrice Index Correlations
~ ~~~ ~ ~ ~ indexes IFCGTotalldRetusn 9?
1993n D~~~~~~~~veloped vs.Performance,otl Market st Regional 1984-1993 Performance,dusry vs.*Developed Market RegIonal .dexs
~
FG
Return Indexes,18-935 ?-,j:v-IFCG.Total
t
53
Coreaton 'IFCGTotal ReturnInidexes
60
idxe,94,935
FGTtaAeur
:-ttsAso
117CtToal
h
It
FCTtlRtriliee
eunlie
orliiis
71 76
ndlsr
tMlttu
ndxe,
99
erornac
Smmry
7
7 7
5293 SIdexe,3194-193
Stat isticsothe FCGlotas etreIdxe.
72
e umr
Inexs,1933 IndustryTotalRneturn ~~~~~~~IFCG InidustryTotalcetrIndexes,1984 -1993 ~~~~IFCG
.
50
.
6
937
P-f IndustryPriceIndexes,1984193 ~~~~~~~~~IFCC
~ ~ ~ ~~~~~~~~~
Summary Performance .1993
rceIdxs
64 66
Index,1993 ~~~~~~~~~~~~~~Composite Distributionby NumberofStocksin IFCG ~~~~~~~Inidustry Inidex,1993 ~~~~~~~~~~~~~~Comiposite
.
62 6
4
Indexes.. In4estabile ~IFC Indexes Industry ~~~~~~~~~~~~IFCI ID Sry'WeighitsIn iheIFC Compositeindex,End-1993
Introduction ...
IFCI In heEn-1993 Weghtsndex, Market omposite *
0
.
.
teFCCooieIde,n-93 *InduistryDistributionby MarketCapitalizationof IFCI Inex, 1993. Composite,
Valuptionsof the IFCIIndexes,End-199381IdtrCocnrtni ~~~Comparative
Indexes iFCIPrice
.
1993I'erforn,ance Summary 1993Hight,Low,ClJose vs. DevelopedMarketPerformance,1993 Resionial Regionalvs. DevelopedMiarketPerformance,1988-1993
.
WeIghts.byMarketCapitalizationof IFCI ~~~~~~~~~~~Induistry Index,1993 ~~~~~~~~~~~Composite
.
.
108 110
83.12 XId,19 Copost 84 85ICIndsrPicIdes,93PrfraeSumy14 may115 IFCIIndustryPriceIndexes,1993PromneS InduistryPriceIndexes,1881993 1 ~~~~~~~~~~IFCI 86 88 may 1981993 PromneS Prietr Indexes, IFCIIndustryTa .116
90 92
Statisticsof the IFCIPriceIndexes IFC[PriceIndexCorrelations
.IC
Idsr
~tIRtr
Indexes IFCITotalReturn Summary 1993Performanice Close 1993High,Lowv, vs. DevelopedMarketPerformance1993 Regionafl vs. DevelopedMarketPerformance,1.988-1993 Regiornal .94
95 96 9 98
100 102 ...
104
J.,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I
1186 1
nee,19
IFCTIndustryTotal RetutrnIndexes,18-1993
iFCITotalRetuirnIndexes,1993 IFCITotalRetuirnIndexes,1988-1993 Statisticsof the IFCITotalReturnIndexes IFCITotailRetuirnIndcxCorrelationis
10
InidustryDistributionby NumberofStocksin IFCI
IFCI Price Indexcs,1993 IFCIPriceInidexes,19-1993
.
106
120
IFCIndexMarket
5,
OhrEutMake
6
Profleos*
~~\':
Market/PailtIcaI/Ecanomlc'.Analyses and Data SUmmaries far IFCIndexMarkets T.:-.'Argentina Brazil Chille Chinia Colombia' :::Greece Hungairy
124 .128
.
.132
16Costa 140 144 148. 152
A India
156 160 164 168 172 .176
[indonesia
.Iiidia
.
~~~216~~220
228 229 230 .231' 232 ~~~~~~~~Egypt 23
~
Ghana (otherprincipalexchangs Iran Jaca237 Keny Mauritius Morocco.24
23.4 23 236 238. 239
.241 *..242
'
243 244: 245 247
.Tunisi6
Venezuela Zimbabwe
./
Omnan Panama SouthAfrica' Swaziland TriniidadanidTobago'24
.
212
.227'
.
.
Turkey.
226
Bangladesh Barbados .Botswvana Rica dilvoire Cyprus Ecuiador
~~~~~ ~~
'192
.208
DataSumMaries tFoMarkets. notIncludedIn IFCJndexMarket,Coveragep
.
'.Cote
Jordan Koirea Malaysia Mexico Nigeria Pakist~~~~~~~n ~180 4 Prui 18kamibia Philippines 1 88 Poland Pottugal 9 200 Sri tank, Tatwn Chn 204 Thailand
Profiles
Uruguacy
248
App~endlx1Iore
Appendix4IF
and Notes
Stock Market List Reference Macroeconomic DataNotes CurrencyNotes. Standa-rdIndustrialClassification(SIC)Codes Glasscry -
.Abbreviations
1993 Changesto Coverage rae in in199 Summaryoof Mctor MajorCiangs
251 252 253 254
MBPblctosnd Pout SusrpInIfrain276 NeivsServiceAccessto Indexes
Ivso Information'
WithhloldinigTaxes -forEmergingMarkets hnvestnient Reguilationis SummaryforEnteringand Exiting. Emerging Markets
*
250
.255
.Appendix 2
..
-.
258. 259
..
[n~Iiformatto6n DisclosureSimmary fr Emierging Markets26
Appendx.3
Stock MarketDirectory
,~Emerging
*Addresss RaxNumbers, andOth'er O0perating Infornmation forEmerging StockMarketExchanges .
Data Bass Emrging MarFkets
262'
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~X ~ ~ ~~~~~~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~~~1
.250
274ry 7 276
Eegn
Finance 'TheInternational CorporationDaaBs The%InterationlIFinanceCorporation(IFC)is the world'smr for est rivate sourceof fin'incin Isto Itsmiauidate eniterprisein emergingecoinomies.. ~ ~ ~ ~ ~ promote and theprofitable growthof productive developing miember priva-te eniterprises in 4 r'~~~~~~~~~~~~~~ ~~ countries. ~ A ~~~~- "xyy;s~~~~~ member IFC of is theowned WorldBankGroup, '-~0&'-7.-t..4 150 itsmember morethan cuntries. Strong t by shiareholder support and a substantial capitalbaise eniable.IFC to tap internationali capital Marketsatomieetthleneeds of Its clients.Since its # establishmentIn 1956;IFChas investedmore thann * in over 100 1,500businesses $11 billion and coutitries. ~~~' developingmember
TheEmergingMarketsDataBaseservesasa vital
.r-
resouirce for the IEC and the ~~~~~~~~~~~~~~~statistical
-
~
w~
4
..
*.
.
.
.
-
7.
nisivsmn .aca omnt nentoa and advisorywork-Now in its seconddecde, the daabshsgindrcntoiashewls premier source for reliabie and comprehensive and statistics on stock mnarketsin ~information ;r.:g~~~~tr~~'zx With infornnationcollected counitries.' ~~~developing since 1975,'the data base covens 25 mnarkets,
S'Jt1~.
~ ~~
.Its
.
akt
,
.poingrulrpdtsnmreha1,0
;ft4
4
A
\i~~~ -i
',
stoc 4%~kscomnprising
Itsmpieldx o F nec akt fsok rkUigasml indexes of stock market perfoTnance ~~~calculates ~~~~~~~~~~~~ : designed' to 'serve. as benchimarks thait are conis.ntacrssnational boundaries. This
_
e
.
.
itacemilepluoie.elmntsheicsseceshamketdfiut dishies offfiePhdiipipuws Loi o afeflite comipare locally-produced indexes with o 0uo eLtinateonnncto proinp3Uy969.FCfrs ~~~fiinancial an advisoryservices.Projectfinancing *methodologies.Monthly indexes are is offered through loans, eq'uity,anidspecialized from the end of 1975for ninny markets, wpavailable uha egn fnania intiet Indexesfromthe endofl1988 facilities., IFC mobilizes additional financing thirouigh loan syndicationis anid securities ~~~~~~~~~~~IFC's in'vestableIndeixeswvereintroduced in March underwritings. 1993.a,nd are designed,to meet the increasingly 't. 'Z~~~~~2. sophisticated needs of international nvestorF ~ itstechnical advisory services Through an~~~~~ Adjustedto refl'ectthe accessbilityof marketsand businessesiFC increase helps t private :. assistance,, stocks for foreign investors,'te IFC ~~~~individu,al ~~~~~~~~~~ ~~~ ~ thirliitcs f uce and assists governments offeirthe idealperfotmancebenchmark ~~~Investables I. private that inencourage creating environments both active and passive international inesmet IF~sCaialMakesopraioshae nvstis 5 jI effortsto bea'en at theforefrontofthleCorporationi's C . inceaethe flowvQf portfolio investment to th6 The productsof the EmergingMarketsData Base tt!-i. ~~~~~ ~ ~ ncrease r....~~~~~~~.i omada opteie r aalbei developinig%vorld.'Beginningwith the Korearuiind 7 r' da i i In 1984,IEChas sponsored or invested in more publications.The data base provides three levels C-.* than .25,collective investmientvehicles such as ~~~~~~~~~~~of computerized data: co'mprehensivedata on funds.regional, and country, ~~~~ individual stocks covered in'all markets; data 0 ~~~~~~~~~~~ global ~~series foreachindexgomputed;and data seriesfor Ike Boo Erxd,a,:gc covered. each market jiouray Stock inwuig Paulo
rcsppot is clients withi a.1full ara
4
.differing
-po'c(19),,..
..
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-'
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.
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MARKET DATABASEI EMEuG1%IM
t994 FACTaookc *A
Evolutionof the IFCEn.;arging: * Stock Market Indexes
!
IFC began to produce its ownistandardizec; stock indexes for developing countries in mid-1981, in responseto the need for better means to evaluate the performance of these stock markets than local stock price indexes, which are each calculated in their own wvayand based on stocks selected by different criteria. Also, IFC's owntindexes could be easily linked together into a composite index that Xmight better measure return and diversification - benefits from broad-based emerging market investment.
wvasdue in part to management community (wvhichi the information conveyed by the original IFC indexes), IFC decided to revamp the methodology from equal weighting to market capitalization weighting, to improve timeliness of calculation of end-montliindexes from a quarterly toa one month lag, to expand the nuniber of stockscovered,and t increasethe number of markets covered from ten to seventeen.In addition, IFCadded regional Indexes for Latin America and Asia tosupplementthe allmarketCompositeIndex.
The, original IFC Indexes vere calculated only once a year, ucod end-month prices, were based on the 10 to 20 most active stocks in each of ten emerging markets, wvereequally weighted, and wvereavailable on a "price only" and total returns basIs Nine of the 10 markets had a history back to December1975;one (Jordan) had a base in January 1978; whlienthe Amman Financial Market first .opened. In addition to the individual market indexes, IFC prepared an all-market Composite Index. Gradually; calculationperiods tightene up to once a quarter, on end-month prices.
The new IF Indexes vere launched in January 1987, with a base date of Dec. 1984, and proved to be. very popular vith money managers. Other markets wvereadded to coverage in 1989(Portugal anndTurkey, svith base periods back to 1986)and 1990(Indonesia, with a base period of Dec. 1989), and, in response to user demand, IFCimproVedthe timeliness of index calculation fron end-month (with considerable lag) to end-wveek(wvitha one veeklag) beginning in 1988..
In late 1985, in response to the growing interest ini
*emerging markets among the international fund
FACTBQOoK 199M4
*
Industry Indexes in mid-1991, which sorted the stocks of the IFC Composite Index into their respectivesector andtindustry categqries. By 1992, the need for more sophistiated indexes for institutional investment in emerging markets had become pressing. IFC responded by tightening features of its basic index methodology and by introducing, in March 1993, a newvset of indexes, designed specifically as benchmarks for the international portfolio manager, called the IFC Investable Indexes. The former series of IFC Indexes were renamed the IK Global Indexes, to distinguish them from the new series.
'
2 Finally, in 1993IFC added index coverage of the stock markets of China, Hungary, Peru, Poland and Sri Lanka..IFC remains committedto expanding its coverageof emerging stock markets. ensuring that the family of IFC Indexes wvillincrease in number through expanded geographic and industry coverage, and through the development of specialized and more sophisticatedindexes.
From 1988until 1992, IFCdevoted its index efforts to expanding the.number of stocks covered iii the indexes and addinrg to the number of data variables available for each stock. IFC also released the IFC
ARmus DATABAS'E EMERtvGiNG
Introduction tolnthe ~~The IF Global. and IFC talIFC .nee
Z ;
.,
i P
*
t,
.
" .
o
'155
I
hav
1KG Indxe ar buit frn th -bo
up' tha is,
inetr.Ti
*ninny common features.Both series of indexes are
.FC analyLs do nof look.at comi,posite, regional, 'in'IFC's
market capitalizationi weighited,wvithi period,data linikedby the chalnedPaascliemethiod. Bothiseries ~~~are calculatedonia price only antd'atotalreturni bass in local cuirrenicyanid[US dollar termis, usn ,''end-of-week th data. IFC
lindustrybalanctes InoverallmarketcapitalIzation in determininiig stockcoverageforeach1FCGinidex. For instance,IFCdoes not attempt to requiirethat Argentlina'sshiare ~of total emerging miarket capitalization. Is represented in the [FCC
prepares composite, regiCInal,sector and iidustry in/dexes for each series. Calculations of all IFC Indexescomiioly inclthd [ie preparationof suci
Compositeindex,or thatfthe share ofthi Argeltii oil industryin the capitalizationof theBolsa de Valors de BuencosAires Is replicited In the IFCG
.IFC
and index'movements,IFCrecognizedthat industry analysis is a comnionly used tool in tsxe international portfolio selection process.
Argentina inidex.Sclectilpn guiidelinies are described
-.
Actordinrigy, IFCcodesthe stocksIn Its,Enwctging
in detail in IFC's id'XMetholBdoloty, whrichcan be ,btalned by'ccntacting EMDB..
Dato Base by sector anId industcy to permit thecreation of theIFC InduastryIndexes.
.Markets
IFC Global Indexes
On,ce a market is quaifed asbeinfgemergingby the
The
ThleIt Global(IFCG)ind'exes nie the coreof the
Wol
IFC[Compoisite Indexes; therefore,'there are focG industry-indeXes and IFCIIndastry Indexes.
IFC family of etiwrgingmarketindexes. All of the con;stituientsof the IFC sindustry antid FC.Investable Indexes are selyeced froi the benastitlents of'IFC' Global inldexes; a stock mist qialify to be considered for Incslusio IF Indi
for an IFCG in any othmer
akGPpr'aia'eiiin
Chapter 1FaCnis
.
.
.
to
begi nin it a suirvey of the market and, ar l listed 'comjanies aiid shares; and is rpeated ech year'
basis. IFC has notc pepared regionIl or marketlevel ifdustry iidexes because the number of socks for some of. these would not create.
c of the moIdt active
respective
stock mimarkets, and to be the broadest
stocks
in their
einsuire that tle Indexes cailptire the reail market, the ',:' intarext aggregated market cOpitalization of IFCC. conlstitudenits
'Index
4~>l,l,i ;,
;'
for
194
of the total capitalization onl th'e locastock exchange.
,,;75%
forward
Is 60%
some
instanlces
indexes'accordiig
..
'
IFC Investable Ind exes The IFC Investable IFCl) Indexes '
late 1992/early1993ai
'for an IFCG
the public.at
created in
weefrtrleased
the end of March
1993. These
I
1994 ACTDOOK
'
to
'
The basic IFC Index calcilatio n iethodology is
Induistrylindexseries'.The niit sector indexes all of the stocks in the FCG aInd iFCI while the ondmtery 2o indexes focuis onI themastsignifican pre dL. tries represented Ie tiiseindex ne,'xach etpiclly Ii.t ringonepercent or mtkore of a Composite lindex's total prepared in
':
U..
codes and names this text.
dollar
terms.
Sc, tar anid industry
are listed In t-w introduction
's analyst.i classify stock by industry
'FCG,
.
arc susG iit sector and 23 thc FCC and IFCI
capitalization.'Thle IFC Indu:-.ry Indexeg are
indexes
legally andpracticallvaibletothem.
aire Argentina,
the fiandsof thecf govericet,' btit thelacal 'stock h conts. ottexchange thiemin the companiies'and the 4-'
'
werc
IFC routinoly publishies I dustry indexes bach'for
Compoite
'
ctapitalizatione weighting.
where the shares of specific classes of shalres of the airgest p tlzat6is'are hot listed and are still In
W'
'
are designed to measire mndoreprecisely thesorts of retirins foreign portfolio inivestrs iiight receiQe from investingdin baskets of stocks that wvere
Bolsa's total.cnpitallzatlon.
'
'
to pre-alnoucod schedules. dilcsture eidexes,
Index to reach thex target capitalization range with .out conflictine th g with th&osindelx toiles, suic ais r the utse of specific classes of stock for bindexs Examples
'
to
of all listed shares'
it is not' possible
'
newvlFCG[indexesb.clngadded to the' these
''aniy
indexein ,eparticularlyarly earlierrperiods.
regional
consist of all the coinstaiunits of tle respective individual mitarket IFCG Indxes, ith
.
Il
add
idexes
possibleindicatorof miarketmiovemniits. [itorderto
msdatterof staydard practicie the Industry reprpoared only on a Comiposite Index
omposite and the 1KG regional*gin a IFCC CImdtsitr is
taie
'.erforni'n
views the miarket as
moindustryIndexesare subsets of the IFCm G
Asa
.
xe i
(seand
appropriate for anhc FCin.dex, oEMDB1market. nalysts begini the stock.selactlon process. IIdexes This
Indexes represent are intended the to'The IFCG l[Ide
r.e,.. f''
'itex Meth'dota.gy.
IndustryIndexes Whilemaostanalysesof emiergingstock nmarket focusion.cou try-level or regional-level'
.
.
b,/Index
in detail'
ets
Vaue anidCash Dividend Yield.
'''
Is decie
.1
vlualtioniratios ais Price-Eartilogs,Price-Book
i H.
mehoolg
-
to
based on
b.vst tuIess lines,' as defined by principal soneurc fn revenue (Where Sales or revenue breakdowns are,
'to thedatl firiFCG index cdnstffitents%:: 'availabl).or by principal'products or services t, that is,' ' provided, aiid cross-referencetheir coding with wvhich IFChas determiliedare "''nvbstable'
'aplied
'
stocks that are available to foreign Institutionial
otlier sources as possible. '
'
ENIERGINGMARKETS DATA BA5E iil
;
BasePe'riods, Coverage, ,_:IFC-Index andDiatesofInclUsion ot InclUSIOn Dalesi
Coverage IhiLk'xes Ghdilal (IWOG)
Waekly ly MoNinth *LatinAmeic *Argentina Brazil Clille *Colombia MxCO' peni yenezuoia
Dec-75
Dec-SB
Dec-88. ~~~~~~~Dec.75 Dec-75 Dec-84 Dec-75
Dec-88 Dee-BR Dec-BK.
~Dec-92Dec-92 De-88 ~~~~~~Dec-S-i
(IFCI) Monilily&pro Weekly
EastAsia V.
China -1 Korea.Dec-75 PiFIlippliies
7$lan, ChnaDc-84
*
AsiaSoOth India Indonestia "aVyI,
Pakistan Sri Loakai *Thailand Eurapii/Mideast/Africa GreQCeC *
H-ungary
*
Jordan
Nigeria *Polanid Portugal Turkey -De-c-73 Zimnbab.we
Ilodex.
Dec-92
30-De-c-92
DLec-92
Dec-84
Dec-88 Dec-B8 Dec-88
3-Jan-92 30-Dec-RB 1-Ja1n-91
Dlec-84 Dec-84 Dec-54 Dec-54 Dec-84 Dec-84
MODc-7
Dec-89 Dec-84 Dec-84 Dec-92 Dec-75
6-Nov-92 Dec-88 28-Sep-90 Sep-SO 3d-Dec-BR Dec-88 I-Mar-91 Mvar-91 '30-Dec-92 Dec-92 Dec-SB8 30-ec-8B .3-ecBDe-4
.
Dec-73 Dec-883ES8 30-Dec-92 Dec-92. DeC-92 30-Dec-SB Dec-78, Dec-88 Dec-84 84Dec-84 Jul-93 30-Dec-92 Drc-92 iDec-92 30-Dec-SB Dec-3B ~~~~~~JAn-586 -Aust-89 Dec486 De.c-88 2-Juil-93 Jull-93
.
30-Deuc-88 30-Dc8 30-Dec-SB 30-Dec-8B..8
Dec-84 Dc8 Dec-84 Dec-84 Dec-92 14 Dec;
Dec488 Dec-B8 Dec-BR Dec-BR Feb-91, Dec-B8 bvDc-g Jan-94 Jan-90 Ja-D
-Dec48 -Dec-88 -Feb-91 -Dec-88
-
Dec-92
---.
.
Dec-84 e49Sep-9O Dec-84
4 Dec-H De-9DecH 0c--IJanl-94 Dec-H
Dec-84, Oct-84
Dec-84 Dec-84 Dc-84 .
-
. .
Jon-94 Dec-84
-
D"c-8 -
..
-
Nov-92
.
Dec-92
.
-Auig-89 -
-
Jn-93
-
Dec-
AEEA nex
-
-
Jan-92
-
Dec-88
anV
N'ov-92Sep-9O Dec-BR Mar-OS1 Jan-94-
-
Dec-88
Apr-94 ec.-SB-
-
-9
-
c-SR -
Apr-94 Dec-B
--
--
AtB-89
--
Apr-94
-
e-R
-
.
Apr-94 Dec-BR Aug-89 Apr-94
Dec-SB-
-Dec-BR
Dc-c
Dec48 Dec-BRDec-88Feb-91-Dec-KBJan-94 Jn0--
-9Sp-O0 '
M.ar-91ar-9t Dec-92 Jan-94 Diec-BR Dec8
-DcDec-
.
-
.
Dee-8R jan-91-
e48 -IDIO4 Dec-92 Apr-94 -Dec48 e4
-
--
Jnn-92
. .
Asi Ine
---
jian.92 Dc-BR Jan-91 Nov-92.
Dc--
DcSI--D48 e-4~D.%S Dec-92 Ar9 Dec-84 Dec-84 De-84------Dec-92 Apr-94 Jan4-6 Jan1-86 ..Decx-10 Dec-86 . Dec-84 Dec-84
e-4Dec-84
BaeLatin Composite America Index Index
Asaperiod loeW.00,00)
Aerc ne
Dec-84 Dec844-. Dec-84 Dec-84 . Dec-84 Dec-84 Dec-84 Dec-84 Dec-H4 Dec84 Ja-94 Jan94 Dec-84 Dec-84
Dec-92
Regions Dec44 Dec-&l 'Composfib DeeBDc4 LatinAmerica Dec-84 ~~~~~~Dec-84 .. Asia'. -. Bt:r~peMideas/Africa,
'1994 FACTIJUDK
(nIldb)
1-Feb-91 3-Dec-88 30-Dec-92 5-an-90
.30-Dcc-88
~~~~~~Latin
Base Cepli
Dec-84 Dec-84 Dec-84 Dec-84 Dec-54 Dec-92 Dec-84
30-Dee-8B 30.0cc-RB
(IFCI) Indexes hncestl'ab,
(JCG) I,ndexes Globmal
iuheed'r fvriviftale
Dec8 DecB Dec-388
ec8 -
Dc8 Dec48
DATABASE iv MARKETS EMErGImNG,
IFCIndexCoverageMap (WorldBank,May1994)
K)"~~~of "laJZ of Ur I'l* rl!8"
-
CARIBBEAN
Zw&hv
Cshhp
EUROPE
Ai
'
Marketscovered by l1F
'I
IL~~~~~~~~~~~~~~~ MIAY1994
1994 FACT11O0K
EINILIWINU MARKETs DATAIAME V'
Acknowledgments Ruseirclh (Or EcoiinitAeFInancIal Insistttite ~~~~~~~~~~~~Indonesia
StockExchange. ftewrdsJra nulsre [PC. odcsa as the basis for tlhe figuires 5tack.exchanges the [PCacknowledges presenitedinthilsFacibooik. stock those by Pactbojok this to maide contribution Notes onitheReferenice listedpreviously exchianges page.
ma
ia1IiMr'
KraScllLs iCr.Mnlas, Maasa Mexico
Aa~ansa
oslatBn
ii.Madhutmitai
CrupaFinaiiclcroSorfin.Obsa Nigeria L'curltcs&E~canwCorniissionZind
Correipondentt'
eaSt'rsJlniridi Pakistan 1 ilA,Peter bySpcatanslogoutoIFsafmebr alsoprovided bookwvas informaltionrinthiisPaict & l3Ardiay Cloinoy Peru in ealchof thleniiarkots a networkof correspontdents basis. *whoreporito IPC-oila reguilar lcrlu,ISchioenfelid PhilippinestiCayluSo Argentina NlercliantlinkersAsucladois ESItil1rokours Poland *.adaKabt,lrgd
Marnkets Capital Roberts
.
Waswomok icias
Brazil
do Cunsuitores Plth6& Asoclados Lapesi
Prua
Chile
Sals Ni VAsoctiados Jtulioi
SriLanka
.China
StockExcil'ianExLecutIveCunciiill
awn
-FNNTASd%al
.
hn
Asociados Tailand S.A, Corredores colombia
.Eonmc
o ietnets
of the Emierginig Thlefollowinigstaff memiibers of lynd supervisioni MarketsDataBase,unidertheo of thiis conitrbibtedto the ~prodtiction -. Cug FactbvOk amnCmol,D Esguerra,Llying, Dotta-Sen,'janniette Grigorkidis,SaraHlalfpenny,' Constaintinos Penig, Dong-ikLee, H-anipson, SookyongKwvak, G~~~~Cilenn Sonia Miklias,Roni Mvontic'one, Manlou1.f,
Palbk,WilliamiV. Todd, Kyuee-H-a Nuncldy, ~~~~~~~~~~~~~~~~~~~Anju Wall,anidjamesE, WISe.
olrn,ndSen (CentralCapitalMarketsDeparmn) DenitseBerger'on staff memiibers Dank World ryford (internaitional lhbt Crogah) (Art and Departmet),aindMayHEidi of FML. Designi),anidMonilcaMohlonec
(Itvt)MtdOhrSore CKNFundi(aNajivige:ivt Wlpolscrte
t.
C., Lt. Chin WuiilionoocuriIos TaIwan FunitCompany TheMutual t.tniltcd rsinaaiAS.teIientoa,oetr
Greece
BA, SecuritIes Kyranis "NI.
Turkey
TFi knm
Hunogay.
ItudipestStock&dchnge
venezuela
NMerinvest
zimbabwe
(I'vE) 'idi. SalgtStocbrokers
indla
Lt.W Slorw& Stockbrokers J.NL
PACTuQOK 1994
EMDBStaff
thevaluabl IFCwvouldalsolike to acknowledge fromdata statistIcs otlier certaini of ccotribuitioni WorldBatik, by othieruinitsof thec ~seriespuiblisised ud h iaca CapitallInternational. press,anidMorganStanley
BASE VI DA%TA NlAItKxuTs L%ttntc~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'Im
Introdluction to Em~~~~~e,rging Markets Factbook1994 Stock:Markets Emerging
Market Emerging Classification definecd. canibe vamriouisly stockmarkets Emierging impliesthata market Ontheoniehanid,'enierginig" growingin sizeand, of chiange, ha teunapoess aresmall. thant to mairkets sophisticato inconitrast Alterniatively, ofchange. anidgivelittleappearance Ina developinig canrefertoaniymiarket "emiierginig" tha al havetile thleimlplication711,1 * economy,with L'CDIIOMyo fordevelopmienit. *potenltiail just asmlostlowvthilslatterdefiniition,. iFC followvs to be areconisidered economnies *and miiddle-inicomei regardlessof thieirparticularstageof developinig, all stockmiarketsIn developing9 * evelopmenit, IEC to be emiergling. counitriesare conisidered Ifollows the criteria of the World Bank fin classifyingeconomiesas low tincorne,miiddleor hilgh-iniconme: lnicotu6
*
arethosewith aGNPI economiiies Low-Incomne pe apitaof $675or lessIn 1992.
*
a arethosewvithi economiiies Middle-Inicomie 92 f$7-S35i GNPpercpt
evenl timec bnseforsomei ilkelytoremiaIifinthedatai hilgh-inicome latermovesinitotheo If theeconlomly
and lowv list thea onithefollowinigtwopages Tables ctoie ol akiime iidl icii cnme nof noeWrdBakmme a GNPmdl ~~~~~~~~~~~~~~~~~~~~~~~~other wvith arethose econiomies Higil-in&mona. * withPopulations Inthisrantge economies are divided ore than 30,000.Ecaionomies pe aia fl,S o oei 19. by to 1992GNPpercapitaascallculated a1ccordling 4anld5 list somec on pages WorldBank.Tables sclasthe rgn MaksDta: ecueteE of bothi characteristics majormacroeconomic thea sokof qiy mresad il prmrl hinirketsforyearenidinig mrginiganddeveloped otrfrecsaetomrestale exhne, DaitaNotesIn Appendix. 1992(seeMacroeconomic s ftetr ontis thneooiso tablesarefollowedoni ThieseI I for meithodoilogy). limpliesnciJudgmentby thleWorldBank "counitry" longneat of aggregate pages6anld7 bya summary h te ttso rICaottelglo eoreflw list oeegngmresfo ten territory, negigiiresfai tri eoic of 1993 anddatasurmmary anida nmap 1983-1993, pecai. marketsthat arewolGM of conisistenicy, For purpo"ses DatalBaseare Mvarkets fii theEnmerginig fincluided -
ion of Economiesby Incomeand Region,1993-9.4 WorldBankClasslficaf slfir';l S,if..SoJr.nu,
~
fnnnn..
grorj'
~ ~~
Subgroup
* *
~
Africa
~
B~~~~~~ ~ Coiiirton Erttn, Ethiopia Kenya
Luotho
~
~ ~ ~ ~ ~ ~ ~ ~ ~ ~~:
Mmic MMn
~~uniundl litaulo
ItirkIi Film Cvntr,flAMican Rkppubllc
~~Chad E2 ~%tatoriai
u e Niadagaser The Nialawi G¶asbITZ Nlnaambique ~Cisana1 Rwanda C11m1ae C1ohwa-iitms.,ul ~~~~~~Sonnill Liberia Sudan Mali1 Tanxania Ntau1ritanla1. UHMaI.i Ntgv 7.airem Zanibia Nira Zinmbabwve M o artSPrlitacipe SierraLeooe TnWi
10011w'
ilr'r'sul
Aski
nd EuLlL*Rt 1Ivalr411a
MaIMIC
MMi Scuills
AsIii Centro,I
carntnt Chinas fiadowasIa I'DRI Lao)
A(ghau11isas fl.;115ihiLi IBhutan India
TaftliituVepov
Niyanniar votiNail1
No th frk,i sfl ,1111 p in
r?a ,,;Alth oif Eunope
litddI1
Rant
Noirth Afric EgyptArb R''onAab ep.Egpt Fnl
Anwrican cli1J
Ou.iu
I Ni'%mlMgr.
*Niaiaiivs Nupal aistan SrI LUnhI
Foure";VrviA TaUrs1594.Wuiridl1flankWVashit; 5 iws, D.C. SovietUnionare preflininaryind tiir classIfiratinlwviltbekeiptutLdLr for the ropublIcsi lci rthernier DaItaU3se.P1111.siimni IFChoy IFC'sEnawrgilogMarkets with thosetuscdby thelEt tin notcoireospondL NoIl'SRegIoins ic f LMacedonia, Republ1C YugoS0l,v Miacedoniarefersto tlhe ormiier reviaw.Letters;a. FY11
FACTROOK *199.4
*
DATABASE.2. MNtiiR"uNoARtKETs
Emerging Market Classification -
Worldlank Classlfication of Economies by IncomeaindRegIon,1993-94 (contL) ~~~~~~~~~~~~~~~~Snl'-Slvanw ,ifrin; Thnij's' iwi Ca'aunwl Aillh
Mild!.'Cia and arfth Afrkca
.
:7.-
F.151atiLi
lncwiie 5t~~~mup East and Middlfr*
Lerer
~ ~ ~ ~
Incense
~~~YestAfrica
An 1la jhI~~~uuill . anilIn Swayfiland
s.Asbg antil
Conerown Capu Wade Congo C6ced'lvolro Senegal
Un~~~~~~~~~~~~~~~~~~~~~~~~~~~Estern Eurvjiv
it
Fii . irb IAnnania Koreai, Petm Rap. Malrshall
iand.
Re'stof
MIlddle
North
Aeia
Albnia1
Ttre
Iran,islanie 4R. Ireu Jordn Lebanen
Maleria
heolip iiolivla ChilL' chnb Rica
.
Auerbaijan Ikosnin anti 1Iie.reuvhta
ISlAnds
Syrian Arab
IluiRarii
Niicrnivusia, Su., Fed. Me agolia N.Niarlana Is. i'pa New
.
Croatia CachtiRebli.c
.
Iep
Mioroico
Tunisia .Costa
Culm
Drnsin lca Domninican Rpbi Ecuador Salivador
.%
~~~~~~Georgia ..
Guinea
Phitlippipnes
Kunkhissian KygzEl Republic
~~~~~~~~~~~Grenw& utml ~~~~~~~~~~~~~~~~~~~~
Latl
Solomon. Lithuania
Thailand Toanut
FYRIn Nioldfova
IWestern Samoai
Ruanianl Rumsin
Paraguay Nrfu n h Geai
Slovak Repiublic Turkininistan Ulraine. Wboldstaia, Fatl.Rar. Up~ilifpce
7
PIncesw
-
. .
"lolwana. Gation Ni~~~~~~~auritius .
.
-
Smo
.
MNa3'otl'
1'
.AnwrICIMI
.Korea, Reunion S~~~~~~~~~~~~~0ebelles Sonibil Africa .
.
(bum111 Repl Ma1can ia.yi NewCatedonia
.i .
Owltanis . Entunia planay SheniIn
.
Gbraltar Greece; taIle of NIan Mills. loriugai
lilairrin Onus SaudiArabtia
LibyAaftaai Argontia.1 Aruba Dalbados lit,iItil French Guiana Gimadatoute
,
Netherlands Antilles PueLrtoi Ricoi
St.Kittsan Nonis *St.Lucia Surfinanio Trinidad Na. tci,iiiili'ds:169 Soiurce: Worl
27
.
23
26
ii27
1,
9
5
Unignay, 1'~~~~~~~~~~~~~~~~~~~~~~~~~~ 38
eaas '1994.World Dank:Washington,D.C.
review,Letters:a.FYR4 MNccetonia refersto Ithe FormerYugosiavlRepuiblIcof Macedonia. 1994FACTRO(K
...
...
Msul(611~~~~~~~~~~~~~~~~EIEIGNG MARtKETs DAtA BAsE 3
Ec5ionomlic Statistic's Woirld Economies In 1992 *
*
livilly
GNP'j'r CoIIIR Rel share or share or Share or ANI,,AueReal agriculture Mnords!nvwnlnnt tndIlIkrnaoi Initln5)tvh InG' nCP nOl(mtlllonoof ralolfi US$ USS NIleM CE CE 1 99 26592 992 393 I9hS-92 1 5992 992 199 2
~~~~~~~~~~~~~~~USSI
A, nIi Algeria
AmcrlcanSamie
a b31 2,530 c.
2,990
.
Andorra
.
Ani guaand Blarbuda Argentluia Anmnhioi Ald Arwba
393 200,282 2,729
Australia Atistria
2092,23 274,767 6,290 3,161 .2,00 24,672
~Arerba3jan (.d D,Iahiuit,The. Bab ,Tr,'2n D,rtaoh BarSasios Uklarw/d tigiuns I,.
52 . 2,. 5.5 0l.2 7.6 4.3.; 41.6 3.0 3.2
2,055I
2.2
380
263 .5,084
0.6 13.7
190 650
3,797 425,422
22,9 732.3
2,580 2.920
.
35.6
~~~~~~1,693
30,127 309,594 442
22,906 2,906
.
.
Cuba,.. Cyprus CzechRepublic IJenrn,urju DjtL'uII Damlnfr.
.1.22
.
. .. 7
.
.
-,
.1.5
37
..23
23
roe75,106
5.2 1.0
42 I5
34 IS
38 26
Gromada CwII&0u1pe
2,790 2.770
8.1 *0.7
5 II1
20
.
12
220
l.0
54
9
20
-6.? 0.3 3. -. 4 213
22 2 Ii 42 48
20 Y15 23 12 19
I2 20 26d 32 8
33 201
24 34
~~~~ ~ ~ ~~~~~~~200 5..long
860 20,320 750 40 ,.210
7.5 .
2,230
2,290
2n
490 2,040l 2.870
520 2,030 . 2,040
.2.3 .3.3 0 2.6
25. 40 3 22a
680o
670
.5.7
37
.
8,670. 2,700 23.760
4.5
b b 9.620 2,440 25.930
6.2 .. 604
.
,30
.
9 26 37 39
.
.
34 .
.
.
-
a. 6 4 3 26
46 56
'3.3 3.2
. .240
24
3.1
.
J7 .
itO .4
367 4,659
.
Iriel lad1y farnal.1
.Kent
27 25 .
37
32 27
SctsarctIWarbl'Baoik Alias2994.World Dank:Waishington, D.C.SeeNt,icroecunomlc Notes fi'
23.? 3.2
3,970 220
2,750 220
.2.0 -2.0
is 45
3.2
2,130
2,020
2.6
5,1 3.2
23,930 20,4W
22,980 2D2,3e.
1.6 14.4 33.7 2,9. 32.2
3,5 360 2,750 20,520 420
,3 390 330 13,030 450
23 22 28
38
is
55
23
0.7 2.1
3 .2
22 2.2
20 22
.
2.1 2.8
9 29 S 124 .49
42 . 63 461 56
27 29 9 23 3
2.2 2.2
7.160
2.2
23
28
2,300
2,320
4.4
23
53
33
9,568 3,203 237 268
20. 23.3 71.2 67.3 77
940 500
980 510 210 330
0.8 03.8 0.4 .5.4
25 33 46 42
17 23
216
12
12
2.3 9,0 28.5 26. 9.3 88 23.0
590 2,750 23,230 330 60 2,4210
22 0* 7 32 2
29 344 33 33
24
93 37
26 29 19 29 23
.2.290
0.53 3.6 -2.5 05* 3.3 471 -1.4
2.4
13,230
.122,00
3.0
l0
62
29
2.3 2.5 2.9 4.0 .7.0
3 5 2 7
5
29 20 61 i0 43 .
23 20 20 32 32
0,6 -2.2
26. 24
27
6.3
8
.
,
I80
300 38
.
13.580
550 23,350 3,020 23,670 320
673.
453
20.4
52
3.2
.723)
68~
6,3.50
6,740
4.406 29,584
.1.9
14 *
20a
17 27 32
27
.
13.230 20,5:0 2,32) 28.220 3,230 3,680 330. 700
.,3(17,841
Kuw.utI XAKV!1stPtIbtC /41
l8
6,410
67.638 2,186,568 ,226
/st
. .ilkateraRp,.
7
23 9
5.2
-
a . KIrI.3 Iccau,a.MMRLT.-
3M
16.5
42,798
.
isa2
Joran/bh
50
31
220
130.910
IsleoelNan
.
0.914I .0.3
29
-
3,742 89,274. 3,673 6,27? 272,638
.Imeland
.karz,l,hislan
.90 290
*.
IIersi,ros I 3KongIg~/ fluosaqy lam instI Indonesa2283 Iran,1613mic Rji i,i
3 20 1? 28 9
.
25a.
.
The Georgia/41 GA-maony.134,6 Ghmna .7,066 c,tbraliar
Guinea.Bissau C,uAn. 1,31249
..
2,730 280
~~~~333,9421 282~~~~~16 5.0
.
,
2,360 370
-
4.2 8.3 3.4.
820 202320 830 40 20 a
28 23
08sI
......-
-Giea
45 .
.rnbambh
28 auInea
290
3.0 .0.3 l8.2
16 44
32 259 .34 20 29
0.3 0.6
1,040 1,070 630 1,170 330
610
c
236,309 2,278,652
Cbn5,343
22
220
.
ilani. Prince French Gulaiaa Frnch 2'alynaul.s
t80 690
.
-
940 1,010
..
430
.0.8
219 10 63 47 73 73
34.4 .39.6 27.2 77 .o.4
U55
1992
Shr o -bofi Sham-elo Reailattrkcuhur orq cls Ivwsttflt InD n1P InGCDP rateC21 CE4 ) () 31) 1935.91 292 1992 29
.It6-
4,297 6.206
2.8 6.3.
1.7
623 246
Wantie /d tthlopta /1 P lia.f 61is FII.3520
I 24 I5 5t 2 20
-
220 6,530 2,910 20,8802,220
290
-2.3
*
28
343,514
I lnhLa1
3 .26 20
a.
26.2
7,070 25.323
1 41
4.3 .-0.6 3.7 8,6 1.3 -0.2
-
27
23 24
44.53$-
.8,65
7
.3.6. 0,9
,
Croatia
12,020 .
.3
*
~~~~~~~30. ,i,4o 3,330
29.7
262 2,502 6,262
pro
c
37,064. 442,346
*CoIernbI. cemeure Congo CostaRica g%e 1 I's.o;re
.
12
7,6211 31.843
Guinea
..
07 2.4
£opw1 992
.Iquatorlal
43
5
.
10
28
.
.3 6
-.8.
1700 22,210
'
3
.
2.2 0.5 .
Ut~~~~nandt 3~~~~,223 Cinikidla . Cinoum 20.003 * Cnada 569,787 *CapeoVenle 330 Central2AfricasnRepublic 1,307 Chad 1,262 Chile China
4,720 3,970 2.930 17,120 20,200 2,240 22,790 72150 220 6,630 3,280 19,010 2,260
Bhrutan Bolivia
Charnel Islanuds.
b 4,870 6,050 750
.
3,0 493.7 33.8
.
2mmn
Botsweana Warnz Bnesjs. .a * OuIg.,rI.s nu,Ilne Pso
4.8
22
2?
25
.D
eninlcanRepuablle Ec,iodvr feItPArabRep.
.
.2,0
.
Ang4.
lklie
15,2 38.4
481,326
GNPire rarthsl
GN3 ' Arage Ifaingrowith US$3 ralolE US$ i5592 1991
..
20.3 6.6 23.9 2.4
7.2 .
32.120 . 39,50 2,490 26,840i 1.060 2,0.30 340
I
.
7
319
.
296,344 .
3,667
29 is00
Il3
penldixI of this text tor liislruictlonoson howvto aocoss
3,260
Sti0
.i.3
28
39 .56
33
3
mocre s tieiatleinforimation or methodiology noteson the
Information contaitned in,thIstaible,-
-.-
Notes:D,ish.indicates dattiitotiv,,liablo,§Indicaites that rangeesliniiteIs providedin niips of WorldBatikAlMas 1994. Woarldi Batik:Washtington, D.C.FiguresIn 13,llecs are (or yearsoCher Chinthosespercifid.The numiber0 or 0.0meansq zeroor lesstitanhalfIlathe uit shownvi and rotlknownmioreptocisoiy.Letiers:a. Estlmmhtai to hotuw,lncome(5675or less);b. Estimatedto be linwcr-mldclle-inconte (5676-$2A695); c. Estimanted to be uppor-mlddle-tncome ($2.696-S8,355); d. 139tlmates for31wc economies of thefarmlerSovietUnioni amrelinilnary ancitheIcr classlfieatifon wIllbe kepttinderreview;e. Estlmniicd tobi.tilth-Income($8,kq6'or'more); F. DatafrErltroa no ytdlogrgae, .rw incltidedi in Ekilopla;S. Referenceus to GNI'relatetoGDP,II.Daa forJosrda,n cover liheEastBankonly I. FormerYugoslavRepibhlt-of.Nlacedoniu, I.Datafor cNr andGNP percapiti coveIrmainlandTanzaniaoniiy.
1994 11FAcT1UOK
.
E-,IFRGcuNG MVARKFTS DATA.BASE4'
World
EconomicStatistics
N..
In 1992(cant.) WorldEconomies
Eeoiwirqi
of. Slrawof Shiireof Shime LM v tpa cap. U~~~~~~~~~~NP . .10idcul1hre qwores awwenertm.n, GhiT AverageR'l arowvib InCOUP InGOP' In CDP1 Inilliloosof inflation *.reuiUyHS$) ('4) P 4) UrSI wHoP us. ULS$1 r.ie M% 1992 1992 3992 1992.1985.92 1991 3935-92
~~~~~~~~1992
LaoPD03 .Litya Ali Lebiann Leroio Liberia LUbya /d I-IlthuanIa
1,104 5,080 . . 3,090
30.1 43.8 ... 33.8
220 3,920 . 570
4,922 1,716
-2.7 AS, 3,3
2,420 33,060
.
£ 241 5 ii
1.8 -3.6
250 3,930 1. 390
01S
c 1,310 33,260 c*
5.
0 .31 24 19
397,786
Rwandn SanMarinoe St.K1itsandNeils St: 3 Lucia St 5i.Vnrenr M.oTom6,in.1i%Hlncp SaudiArabila SC"egit
-
22 331
23 3
-2.7 3,)
ro'11 Federation/jj Russian
133 34 23 713
.
GNP'pr o6a injiiulonsef Iftingrowth ratae (93 13-2 92
94 ~~~~~~~LrauminIujg ~~~~~9.3 ~~~~~~~~ ~b Macan PYRe /I NI.redonia, ~~~~~~~~~~~~~~2*.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~SI SierraiLame II1 37 33 -.,7 230 I30 335.6 ~~~~~~2,809 Nljilagasrar Snaoe44,315 39 24 25 -03 330
"
.
..
.
.Sycele
-
.
17.6
3,896 31,917
Nialaysia Nieldyes Miail MaltaI
MoarsaIs'aII sI,d.
NH,awrIt,nl.i Slaurlilun
1134 2,730
2.5 6.7 1.2
2,606
1.7
M&yal
*"I.
NfaxIce294,531 Sts. hi lcronnlsia,Fed. 5,485 /d MNIIdo,.,, NIongella 27,210 Morocco 1,034 Nfnzarniblquo . * Ntyanrtrkr 2,102 Noanibla
V,
p. . r
32,944
Niguria NorthernMlariana HaIs Norwiy3043
-
.
7,300
5,7 48.1 25.6 10.0 30.0 1.5
-
1,520
18.840 .20,550
.
6,6 2533,5 .1.6 25,0
12,360 400.
330 350
-.
45
2,9
.
6.333
. I'umO lip,NewCslre.i
IParaguay
Nm PhIlIppines Poland Rico . Pluertol Ilar. ReUnIon (Iounia
. ,
1,3. 4.1. 3,846 28.3 6,035 736.8 10.1 49,462 124.2. .~~~~~~~~754268 219 23,603 -8,5II
9303
3,270
.
-.
24,65
-
3MN,
.
3,400
14 55
.
.
.
.SouIh
*
*
.
-
29 331
39
.
64
IS 28
'
1.3 -1,3 -
.1.11
2. 2.1
..
c c 12,060 410 . 300 330 b 2554 6,490
4
54
21
Tvba5o Trlnld-ida,id
410 2,440 950 .1,340
950 7701 1.960 6.610 36,240 c 1,090
Washington,M.C. World DMink: Alfias1994: WoldIBattik Slsu(ra': ... . thistable. . Irrfurrnaliuncanitainedhni
.T,rnz,ni.i
0. 3.0
3 4
43
3,7 13.2 -0.11 . .0 -4.3 3.9 -339 3.9 -6.9
26 9
17 33
19 39
UabIokllrtn1.1 Vinuala1
24
23 It) 29 19
23
Mu IMI'ri
37
14 39
-
35 *UniLI
-.
-5,8
.
21 I
22a 6
.
45
I
5
.
.
20,
See MI,crnecdinomlc
28
9
37
.
23 if6
23 22 I1 -ZatnbLi -zlnk%inve
Ventiojuia
Vlgns.esUS.) 1%clenama:3 WnIfrs'n Za4to
73.41 34.4 5.9 .9 33.3
.
0.4
12.7 6,9 4.0 19.4 .5.8
2.3 30.4
5.
5,696
480 110 118410 tOO 130
-
860 1.220 2,900 a
6,746
.2,3615
-
960 3.380 2,720
. 10.6
.
20
0.0 5.9 -7.0
37 0 6 5
-1.3
63 1
2.2
26 29
26 174 28 64 4. 10 23 17 1 32 3
32 41 23 Is, 35 36 36 2 25~~~~~~~~~~~~~ 23 33
37 77 28 is3. .29
96 20 37
17 36 32
39 40 37
5
3.4 853 *H.5 33.--
4
it
is 2
Jo 6 62 12 36 . 3 15 522
*3.0. 2.3 2.7 -
44 39
.
33
27 35
.
I1 2
19
*
-
6
34
0,0D 3.5 332
2 2
33
67 .24 II 22
22 16 35I 133
36 20 3
46 26
0.5 3.3
S-
-0.3
.26
44 23
,.-
-
940
40 21
74.2 69.3
420
290
.2.3
9
37.6
670
370
.0.6
2033
33. 16
-A-
.a.
57
24
57
-
.
-
1.8
2.9
.43
m
960 3 520
67.
-3.2 6.4 0.4 3, 0.0
36,230
.
63.7 6.3 35.5
It1d,
58,903
33.710 1,170 690 320 LCZO 410 3,9
2.4 6.0 3.7 7..
13.2 91 1
15
3.5 .84
3.700 3.050.
31,940 1,740 1,950 1.270 3713 3,670 22.220 17,760 23.120
6.6
39
.
.2.7
.26.780
3,790 3,500 1,790 3.440 370 2,190 22.350 1630 22,340 25
54.7
6 47 7.3
-
*36530 1.130 ,.23.150
25.2
38,377 159
2.840 12,80 12.480 Sool -a
14.7
4,9953
14,633 uky114,234 4,593 Turkinunl3lan/Id 39 Umanla. 67,0'25 UI,ralolt k8 ArabEUhIT,IHLs 37,055 United 3024,769 oIkIngIom 5904,522 Ries. UnlielS,i 044 rga
29 36
37 7 5
.
3.729 930 233,209 248,655 34.607 2,7233 2,361 106,539 3,1575 336
IT0 I5.7S0 3,920 6.330 710 a. 2.670 34,020 4.2D 540
200 73,3 14,110 2.7 2,200 7.6 * 3700
-
14l 14 22
47
.Tunisai
-0.4 -7.6 -.3. 3.4
106,019 547,947 %,459
SurlnaniL
5 30 37
.
..
34 64 9 30 2
is 24
..
10,249 12,744
38 30 *22 29 2 56 20
34
30 ~~~19.4 .
SlovakRepi.blic Sliovnia, Solonreltands27 soni.iIIa Africai SpaIn Sri I.kan. Sudarn SielndI odn Bwmf--. SwIlleerlard SyrianA rabPop 10 Taillkishan jj 1thilrnd Toga Tongi
.
3.070 ~~~~~~~~~~21.272 740 1:790 . 6330 35,040
42 I
2 1 ~~~ ~ ~5 ~ ~~~~~~~~~1.1
370
.ISOS
34 23 33
78
.
-0.3 6.3
3,040 60 a 3,610
3.030 so0
6,340 1.1 3~~~~~~~~~~13653 Cmiii ~~~~~~-' 400 5.6 49,477 ~~~~~~~~Iicsian 3 2,330 -
*
-2.9
-
43,196
300.
*
312,340
NewZeuilind Nicaraguau .1,323 *.2,466 Niger
5,7 5, I9 54
2,790 500
13261) 3700 14.11 ~~~~~ ~ ~ ~, ~~~
~~~~~~~~~~)3,355 Nepal
Netherlarnds NelherLanldsAnllILr NvwCalednalri-
270-
b . . . Nlarihnu.~~~~~~~~se , . 530 330 7.2 2,700 2,380 9,0 c. 3.47(1 3,080 52.7
1,109 2,965
*
230 2,320 470
1.i
39 16 46
II 3 41 -9 143 18 29
2,630 .2. 250 'a5.3 . 3,99 5.2 2.900 3.7 3,990 -Ii8 270 7,4136469 03 750 4.1 5,480
3,470 290 3.750 2.700 3,840 400 7.900 730 3.070
33.6 2.4 8.5 3.6 1.3 33.4 1.5 3.4
726
.
MNIaail
1,833 I 153 453 217 44 2635 6,324 378
USt 92
us55. 19
Shareof of Sharec Realagriculture op .knnt, Huo? D' GDP 11.131 (¶3 (23 (2e raeX 19 92 19 18-2
.Shmr.
20'
42 23 3 284
Notes 33 Appenidix I of
or methodologynotes on the detailed Informattion niore toaccess on how (IlIs text foir linstrtictIonis
lT.lgaties In(Itlicsareforye.trsoilier than thosespecified.The DankAlias1994.World Ban3k:VVashlofgimst, of MsIAil Intmaps areprovildedllr Wsimrata thmat raH35u §indlicateis available. to c.Estimated (5676-52,695); tobe aIoer-nmiddie-income ($675 oirless);b.Estilmatedil lbe iow-hicorrle Lette'rs:a. Es11.timated anidnntkisowftn otu precisely. Mil,half thetinit:Shown zerooirloss. 0 or0.0me,mns. iinumber or more);f. ($8,356 tobe-hilgh-income will be,keptunderreview;oF.sPtimatmŽdI andtheirclassiflcatkiui Lipreilmilinary oitUin,-i bettppor-miiddle-incomne(52,695-58,355);siae o h cnme ftefre j. Latafor CN! ard CNP of Niaicdont1a; covertheEastDankonily; FormerYtlgoslav Repuiblc Xg. Referelcesto GNPrMat toGI;i,DiofrJordnis areinciuettlcin Ethio6pia Polo~~~~~D11 for Eritre,not yet disaggrgapted, ., percopLt, oer mainlland Touniiaol only. hicint incilcatuhE,1. Noties.Posh1
-p .4, .
22
28
1.
1994 FA'cTBool
ENL i.Ic
DATADAE ARKET.,s
*Aggregate-NetLong-Term Resource Flo'ws toErerglng Markets Type offinaniice
1983
OfficIalde0velopment finance
Official deveIopm611tias stistne
*Officiail grants /3, Officialeconcessionary loans Bilateral Multilateral
Officialio'nconc~ssianrvy loans Bilateral Multilateral
* *
..
1984
32,908.4 12,101.8 *.12,954.4 5,221.5 3,294.1 4,049.9. 7,686.9 *.8,807.7 8,914.5 39,287.2
Scuds Conmielrciol bank%. Otlierprivato Farelgn drectfinvestniont
23,433.2. 23,015.6 . 5,669.2 4,487,2 8,552.5 9,437,4
:Aggregate net resourceflows Aggregatenet transfers Priate grants NetuseofIMPcrit /c Real asggIgate awltresouirce faws Irmportpriceltd ex
1986
1987
34,802.6 .33,619.4 39,650.6 43,959.5 21,894.2 :21,517.6 26,692.2 27,831.6 10,404,7 32,572.9 15,617.7 16,022.3 11,489.5 8,944.?7 1945 11,809.3 7,918,5 5,252.9 7,081,0 7,321,5 ~~~3,571.0 .3,691.8 3,993.5 4,487.8
Pdyvate loans
Podlfolloequity flows
1985
36,822.8
.
1988
1989
0.0 .
32,160.5 31,582,4' 33,814,7 43,708,8 46,793.7 i26,690.7 18,257.4 19,022.5 28,458.3 32,870.0 15,469.8 '13,325.0 14,792.2 15,250.5 13,923.7 10,021A4 7,961.7. 9,480.7 8,943.5 7,281.8 5,445.4 .5 ,363.a 5,311.5 6,307.0 6,49
16,32718 11,753.8. 5,437,1 .2,218.9 30,690.7 9,354.9.
9,167.6 3,407.6 5,760.0
7,325 .0 .928.8 6,396.2
31,938.9
19,331,8 23.123,9.32,200.6 34,862.0 753,7 1,029.9 2,938,8 4,221.9 ,6, ,6. ,8, ,0. ,1. 7,223.0 .6.670.6 6,477.1 355.9' 2,011.9 11,336.1 30,341.8 14,534.3 23,204.4 .2,0.
50.0
338.
~
oi6.0
763,0
.1,096,0
74,059.8
70,592.2
71,733.5
63,597,2
67,799.2
74,046,6
9,705.4
2,046.8
586.6
.5,065.0
.2,921.7
-5,445.0
2,300.1 33,067.7
2,600.0 4,454.0.
2,900,0 55.0 .
3,300.1 .2,8/5.7
...
1991
,4,000,0
.4,300.1
-6,303.7
-5,493.9
3,485.9
15,414.7 6,928.9 8,455.8
16,118,3 7,908.0 8,210.3
80,0
77.6
76,
75.9
3993/a
86,0
91,3
45,315,0 51,422.8 34,460.5 35,504.5 13,854.5 15,918.3 6,497.2 7353.6,266.3 1-2,031.5 1,435.64,830.7
39,2)03.6 50,668.0 58,977.2 100,014.0 ;2,251.4 7423 6347 2,464.5 5,418.0 .18,542.3 13,077.2 .961;3 .16,822.76395 36,876.4 47,267.5 5,8. 3,773.16
7,552,2
13,072.9 13,192.0
79,457.6 102,100.7 123,132.2 156,631.4 176,660.6 *.2,265,6
4,000,0 -2,320,6
25,462.4
44,462.7
79,613.6
91,586.9
4,890.0 132.7
5,199.8 3,159.8
5,499.9 1,351.8
5,900.0 364.4
90,969.3 94,015.1 80,985,0 75,536.3 81,1102.5 85,932.6~104,631.4.124,110.9
.92,612.3
1992
43,914.3 40,750.0 41,139.-7 59,123.5 62,912.0 54,581.3 63,454.3
~~~~~~~~~~1,~632,3 1317,4 5,630.5
.
1990
92.5
97.6,
97.6
155,053.9 176,640.6 99.1 300.0
table tls: ge Soubce this Bnk DebtorRIeportling System:iOrCD;dataaniforeign dlirectlnveiinwonta,ru frnii the1IMP; asreprinited IniFP1inacial FAowshto Derriopinj Cnunldfrsg, Meay 1994. WorldM,ink. Washington, D.C See Macpoeeonor,Ile NotesInAppendix tIs6 itets IC ntutoso o oacesmr ealdifrilt rmtoooyntso h iornaiaon contained In thilstable. TablelnIticeslata o'4 cIaLoIpIigcountries, ofwhirl, 129reportto theWorldBankD.ebtor Reporting Systemn. Dislhindicates dat,inOtav,ilable.. .
ANrapandtt figuresopposite pagse;. Sonri;I,WuraI BWuk, Alias 1994. WcnkIBank:Washingtoni, D.C. . Note. SeeMacroleconornIc DataNotesInAppendix secIonii oftls vt
~1994 FACTI300K
EMERGING. rIARICETS DATA BASE 6,*X~~~~~~~~~~~~~~~~~~~~
World GNP and
1'
.GNP-Per Capita GNP Per CapIta, 1992
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~7~~~~~~~~~~~~~~~~~~~~ $675 or
*
.
b
Id7
lesrs-E~l
If
un~~Ino -an
Low
57~~ $Z69 -$8,35
Higli
I 5,35 o
Zt3<0
more700
822,0
NPpe 22plaio apt
Deeopld MarpketnieolGN Low Uppr-mddle207 1i94 FAT.O
18,2397,000 57~~~~~~3 12,887,000 ..
18E,297,000AK
EqomegnMrel'ErigMakt
3,285MrLI 443
4,070 2AE,100
138
TS828A
Key Trends
in Emerging
Stock Markets in 1993. The Role of Stock Markets In Emerging t s Economles As Iindevelopedeconomic,sthe stock marketsof emerging economiesplay vital roles in setting R prices for capital, constlttititig markets for new share issues and providing secondarymarkets svwiclhfacilitate the transferof assets.Emerging stockmarketsaiso fill critical nichiesby providing eiterprises meclianilis for tei saleof state-owned and by Iinkingdomesticcapitalmarketsto broader internationalcapitalmiarkets.
The Emergence of Emerging Stock Markets In the history of Internationalfinance,1993may bbeseenas a vatershedyear in whiichiemerginn markets camlinito their owsnas capital ralsing firmly established as a anidbzecame ; mechilanisms distinct assetclass for the world's Investment community. Investorshaveclearlyrecognizedtlhe performance potential and the diversificatIon benefits of tlese markets, and hlave started applylingsophisticatedquantitativetccliniq!es to marketinvestmeit. emierging
Emerging Market Investment Pertormance m 1993 in Emergingmarketequitieslid tleir bestperforming year ever in 1993 as measured by the IFC indexes.The.IFCGlobal(IFCG). benchlmark CompositeIndex rose 64%in dollar termsto an all-time hligh.TheIFCInvestable([FCI)Composite Index (designedto indicate the returns foreign investorsmightachieveby takingInto 5institutional accountrestrictionson stockpurchases)roseeven more 1 ending1993uptaImost75%for thebestgain in its five-year history. By region, the best performing emerging markets were the six IFCI; the of markets constituent Europe/Mideast/Africa Index which finished 1993up 122%in dollar terms.The IFCIAsia and IFCI Latin America Indexesrose 94%and 56% respectivelyduring1993.
.
iEmerginigstock mlarkets lhave provided a Ih 1993,the market capitalization of ewerginig amount of quilty capital to local significant stock marketstopped the$1,000billion mark for vyhlclhneedto niodernizeandexpandin businesses traded thefirst timeever,wihilethevalueof shiares an increasinglycompetitiveinterilationalbusiniess almost reached the record level set In 1989:. environment. In 1993, an estimated 2,000 Malaysia,. Sduth Africa, Mexico, Korea, and enterprisesfrom the 25 IFC Index Marketsralsed Talwan,China rank amongthe vorld's top fifteen more than t.$37.9.billoni In equity isstues markets in terms of market capitalization, far Prlvati7ationscompriseda significant portioniof ahead of Italy, Spain, S6vddenand the otlier raisedalmost$9.5 thlistotal. ArgentineIcompanies smaller developed: markets familiar to of oil ginnt YPF privatization the with billion, stock Internationailinvestors,In total, emerging accouiting for about.aquarterof the total, Indian marketsgrew to representalmost 12%of vorld at $7.4 companiesralsedthesecondlargestamoount capitalizationby year.end,tup fronm stock mavrket bililon withlirivatizations also coinstituting a i4% in 1984:In terms of total value traded; the signilficantslare, markets of. Korea, Malaysia, Thailand, and . 1 ' Taiwan, China ranked among the, vorld's top In 1993,stockmarketsbeganto takeroot in former ;fifteen markets,wvithlemerging markets overall planned economies,wherevirtually every public 15% of the value tradedIn shiareson constitLutilig shiareoffering lias the featuresof a privatizationi wvorldstock nmrkets,As of end-1993,44%of all -since governmenitias iistorically cointrolledmost listed :companilesIn the world were listed on of lIsted companlesin i enterpriss The nuiber emergingstockmarketexchanges .
.
In the latter part of 1993,price gains in many steepand thevaluation emergingmarketswvere'so so rich that many observersconsidered Cmeasures Thecombinationof the levelsto beunsustainable. very lowvreal interestratesin theU.S.andstrong. economic growrth in the developing world com'bIned to create an enthusiasm for emerging market equities which pushed marketsbeyond values. thelr fundameintal
.
&.;'!'.'
r
.
'
''
,.
.
'=
,
'
.
markets On thebasisof marketsizenlone,emerginig havcbecomedifficult for initernatiolialinvestorsto' l;/ igpiore.Add!ingthe fact that emergingeconomies represent 20%.of vorld CDP and the world's are ionic to 5%of fastestgrowingeconomics,anid the world's populationand niuch of thle planets natural resources, the' case for formally emerggngmarketsas a distinct asset 'recognizinig ; evenstronger. classbecomes -
makingit indollarterms, nearly720% increased
duriiig theyear(23to roscby ona-fifthi Hungary
28), by one-thlirdin Poland(16 to 22),and more than tripled in China (52 to .183).This trend is likely to continie and will be a primilemotivatinig forcefor establishingncv stock markets.inAfrica,
.nIndochina,andCentralAsia
F194 FAcTUGOK
oninvestmentfortheyear Inson markets,returns wveretruly extraordinary.The IFC Poland Index stock marketin thewvorldin thebest-performiing Polandwas followed by Turkey (up nearly 214%)and Zimbabwe(up 122%).A ranking of. wvorld stock market performance for 73 stock surveyed by IFC in early 1994sh1ows withieightof thetop dominiating nmarkets cemerging tenpositions.Japanfinishied43rdwvithan increase fustbelow 25%,and U.S.sharepricesranked61st with a 7% increasefor theyear(seedataon pages 14and 15).
.1993. .
.imarkets
E:IIEc
DATABASE 8 MARKCETS
2.9v
H-ighi returns foremiergingmarketswvereachiieved time that real*risk divetsiflcation at thle sameeni opportunitieswvereavailableto Investorsin thicse Mairkets.Retuirnsonithe IFCGComipositeover thie last ive hve ha yars a crrelaion o onlyO.26These totIs of the S&P500Inidexand a crrelation of 0.30 to thie returns of the FT-ActuariesEuroPac Inidex.The'IFCICompositeshowvsslightly.hiighier correlitions'of 0L39to the S&P500'and 0.42to thei FT-ActuiariesEuiroPac,bitt still provides solid diversification. .
.
.
.
Trite to the historicpatterniof their annuialresuilts, emierging marketsalsodominiiated the tankingof the withtsomie year's worst performilngstockmarkets,~ of 1992s becming leadrs193's lagards:In 1992, nimaical, PerLuanld Chiinawverethe wvorld's best performersbuitin 1993these marketsranked 72ind,28th and 65thi,respectively.Coniversely, 1993leaders Turkey, Zlimbabwve, anid'Argentina in had beehlat the bottomof performaince rankinigsin 1992.
Perhaps lihe:greatest levelofdtiabu international portfolios.and portfolio flows is availablefor investors in the United States.The U.S.SecuritiesIndustry Association(SIA),citing U.S..TreasuiryDepartment data, notes that U.S. Investorssent twicethe aimountof capitalabro'ad in ~~~~~~~~1993 tha in 1992.This amount exceedsthe,net amount sehitabroad during the entire 1980-1990 decade. Mutual fund tracking services estimate that U.S.mutual fundstargetingemergingmarkets. 1993net iniflowvs of mnorethan $20 billion, bringingthe total assets of such funds up to $100 by year-n.Temrggmaktsos boughitand held by global and regional funds are not dedicated to emerging markets would add billionsmioreto this figure.
.
.
*.
.Record
. .billion
..
.vwhich
.
"
Inl early 1994;corrections began' in' overvalued emiergingmairkets,First in.Asia, thienin Latin Americaand Euirope,enithusiasmi wanedas prices drQppedshanrply. This,correctioniprocesstends to be healthyforthe developmienit of mairketsbecautse *it leads to more reailistic valuations anid enorgslong-tr ivestment perspectvs
.
..
-... .
~~~~Despite relativclyhiigh'volatility,emergn'akt
. .
..
Estimatesof theactualamountof fuindstransferred varry,somietimessubstantially,due to the difficulty fsorigtuyacuaead'opral aa nlwtoblin. ts'l gloant emierginigequifty.maorketsfor 1993at abouit'$37 billioni-douible the aniount estimatedfor 1992-and puitsemerginigmiarketequittieshieldat about $160billioni.Althiou gh thesefigutresare aitthe hilgh, of suichie'stimates,all sourcesiagreethat 1993 was clearly-a record year for foreign portfolio flows 'to emerging markets. 'In cases wvhere counitrieshave reported 'net 1993portfolio'flowvs equiitiesNkxI Iico reports the laregest amiouint at
.fuinds
'.'DrnsSeuisp
'
1994FcrloooIc
lonig-termperformancestatisticscomibined vithithe substantial returnis In 1993 Illustraite somie of -the basic characteristics of emerging marketperformanice, inamely,thant emierging markets provide attractive,-rik-adjusted retuirns,'as wvell as. al substantial degree of portfolio6 risk diversification.
,had
'
.asdtermnmmivestetaount
have, overall,,consistenitlyoffered a favoraible rlsk-idjustedireturn opportunity, wvithithe IFCI Composlte.Index:generating a modified Shat-pe Ratio (mean monthly. return divided by .the standard deviatioziof meanimonithlyreturens) o-ver tepatfiveyears'of 0.38.This mieanisthat Inand averagemionth,investotsaccepteda degreeof risk of ±1i'Nforeachi0.38%of retuirniachieved. Overthe samie period, the S&P 500 produiceda ratic' of almost0.25,anidthieFTEuroPaca Sharpe ratio of
about $10.7 billion, followvedby Korea ($5.7 billion),Braizil($5.5billion),'Jndia($1.5billion), and Peru ($1.2billion).
FrinPtfloCpital Flowsand nternatIcnal Sec'uultlsaIssues flowvsof.'frinciia ordit emiergingmiarketsIn 1993,pariual bten Auutad December.Internationial fuindmannagers reportedsuichstrongdemaindtowvard yer-end that inlseveralInstances,fuindmianagementcompaniies were'unable to)hiandlethe.paperwork and eithier per investor or. wvereforced to turn awvaynewv accoutiis.It was a 'record-breaking year.for new Issuesof shares, DepositaryReceipts,and equiftyIinikedsecuiritiesas comipanies.from emierging mharkets rushed to the rmarketplace to take advaintageof ilnvestorenthutsiasmn
.
'
C
aver 0.025. By comparison, the least fav"orable rikadjussted return among the IFCIinldexeswaes forPortugalat 0.06.
.
'
..
."inito
''.estimates '''emerging '
Accordingto the SIA,emerging market equities accountedfor$13.6billion(includingpurchasesof Amnericanl DepositaryReceiptsand other types of Ppoitary Receipts),or about 20%of the $67.8 billion of net purchases of foreign equities last year by all types of U.S.investors-mutual funds, inidividuals,trust accOunlts, intsuranc cmanies, nd pensionfuinds.The leadingrecipientsof these wvereMexico($5.2billion),Argentina($2.3 billion),and Br,azil($1.7billioni),writhother-Latin Cribbean markets' securities taking $3.1 It Asia, Koe wsrprted to have receivednet purchasesworth $1.3billion,wxith net purchiasesfor the rest.of Asia (excludingJapan, HongKong and Australia)totaling$3.4billion., Usn ths .. fgrsadrPOrsailbefo recipienit countries on total portfolio inflow's, of the U.S. share of net purchases in marketsrangesfrom20%to 50%of 1993'net inflows.Thissuiggest that investorinte~rest in -ECI.ntw M'ARKETsDATA BASE
9
v
:.; -S;: f \
:
s
emerging ffiarkets is strong thiroughoutthteworld, especially With U.K.- and Japani-baisedinvestors and managrs (althoughi most of the Japan-based investment interest is in Asia).Oniemeasure of this ntvestmentsis the i ni g arkets interest in emerglin iinvestmelnt position of U.S. pension fund portfolios. A recent survey of U.S.pension funds by the pension and investment consulting firm 'Greenwich Associates indicates that nil non-U.S. equities (not only emergingmarket equities)held by public pension funds (about half .of the total 'U.S. billion wvortli surveyed) accounted for $2,500 ' about 5.2% of total plan assets. Po'reign equities accountld for about 6.4% of total issets of corporaite pension funds, tip from 5.456the year '" before. Emerging market stocks are estimated to be 'a frction of that figure, at about 0.5%. However, according to the siurvey, corporate pensions funds predict that their portfolio share of foreign equities Willrise by 5Q%to about 9.6%by 1996.Since non-U.S.equities accounted for 63%of world market capitalization in 1993, one might. expect to see continued highinet purchases of nonUS.equities by U.S.pension ftinds, and possiblya higher tlian pro-rata share of nev contributions being invested in emerging 'market stocks, wvithl pensioh funds trying to build, their exposures to emerging markets to reach somethingclose to those markets' share of world !arket capitalization (I A) or uorld GOP (20%). Other institutional ma!agers use the optimal locationon . iimvestorafund the efficient frontier to determine the emerging market asset allocalion which wvill maximize returiis and minimize risk on global Investment. ample, Morgan Stanley 'tUsiplgthis techniqgie,for ex Asset Management recently estimated that for the nine years ending February 1994, the optimal emergiign market allocation is 23% of a. global portfolio and 39% of a U.S. investors'portfolio. .
1e94 FACTBOOK
'IEERGlJNIARKEsDATA
19,
t megngrnreto -
E
-
:
-
C:
:
,
:~~~~~
:
investors continiue to commit more assets to akteuds eegn
As interrnationallinvdstorj dramnaticallyincreased their purchases of emierging market securities rushed to cpnies d tapI tho International equity markets for newv Capital. According to Titeri'natioial Finascieg Reviewv,emerging market companies from 22 developing countries floated 113 international equiityissues in 1993, worth $9.6 billion for 21% of the total value of such issues (which excludes' proceeds from country fund issues) for the year. Latin American issuers wvere reported to have taken almost $5.8 billion of the total, mosttly throu'gh the. issuance of American and Global Depositary Receipts,' led by Argentina ($2.8 billion) and Mexico ($2.5 billion). In fact, the international tranche of Argentina's YPF equity ssue was the largest of its kind for the year. issuers in emerging Asian markets raised $3.4 billion, led )y China ($1.5 billion) and Thailand ($0.6billion). Equity issues In emerging European nmarkets raised $374 million, vhile issues in emerging Africanmirkets raised $82million. Looking Forward Toward Healthier and More Efflcient Markets Apart from being remembered for record setting emerging market performances, 1993will also be remembered as the year in which sophisticated developed-world investnent approaches were increasinglyused in emergingmarket investments. 'These approaches include tactical market allocation, indexation, and other quantitative technIques, and the use of equity derivative structures such as index sWaps 'an:d basket wrarrantson emerging market stocAs.The use and groNvingacceptanceof such techniques is a sign of increasing efficiency and maturity in many emerging markets. Such techniques are likely to proliferate in coming years as institutional
,
Emerging Stockmarkets became firmlyestablished as an asset clnss in 1993due to three interrelated trends: the overall size of emerging markets, the sizeofemergingeconomiesandtheirrobustgmroth prospects,'and the stellar perfornance of emerging markets individually and as a whole. These Factors hae been recognized by internationa! institutional investorsand are drivinga maprand
.
ongoingsecularshiftintheirportfoliosdesignedto increase exposure to emerging markets. Although this trend might be temporarily'interrupted by short-term fear of emerging market volatility, the long-termtrend is firmlyestablished.
'.
The future remains bright-for emerging markets. The more advanced of these markets are displaying gieater maturity and efficiencyand are attractive based on their fundamentalvalue and prospects for strong economic gro th. Privatizations an. new share offerings will continue to offer opportunities to local and intemational investors. Foreign investors can be expected to apply increasingly rigorous research and implement sophisticated investment techniques,both of which will further increase the efficienc of the markets In addition, a newvwvave of stock markets, in Easten Europe, Central America, Africa, and the Middle East are expected to grow and become larger component of t1ie emerging narketuniverse. These new, frontier markets will provide investors and companieswith similarrrewardsthat emerging stock markets have provided investors over the last decade.
BASE
10
T~~i.21~~.;I .,
.
W~orld Sock. MIVa-rket
.EmergingStockMarketsFactbook.1994.
World'Stock MarketPerformance 1993, (rankedby 1993%change In price IndexesIn USS) Riiiikitrketprice
4 6
.*Indoinesia
7
11
12 13 14 IS
.16
133.3 122.5 109.9 0,
.
Malaysia*99, Ltwembbourg Thailand' 10BrazIl
5 9 *
~~~717.9'
Poland Thirkey .213.7 I'hllilppities' ZImbabwe I 1-. Flun Kong
2 s3
,
1A7 18 19 20
5 98.4 97,0
~~~~
.
~~~~~Taiwan, China*
'
Finland IFCGAsIn' Arge~ntina SIgngpore IFCGCaCmposlte' NowvZealand Sri Lank a *61.9 Pakistan *.52.4 IFCGLntIiAnmerica'
2.1. 22.
Nlinurltiuis Nlexico* .46.9 23 SwItzerland 24 Norway 25Ireland . 29 . CoelidIor 26 . Gliana 27 Sweden 28 . Peru *3.4,9 30 Cerniany' .31. 32 33 34
38 40'
39
RIA.uk1*
Index
Chile! P.T.F.urol'ac .n Austria
48 49 ~~91.350
6.9 8113 67.8 67.3 65,5 63.7 62,6 5I,7
44.1 40.3 38,~~~u9 3446-yp7 37,5 35.6 33.6
1'rtugn1". Asala32072 Denmark ColomibIa'
32.4
.
31.7 31.7
'.
italy Spain. .25.7 Japan Egypt Barbildus Panalma Jordan*20.8 Moarocco Korea'20,6
46 .47
50.5 .
41 42 43 44 45
29.me5ngmrkt 28Maket 26.7
israel. Namnibia BelgIumn Hungary*19.1 Pronce India' Cm-ea Canada Kenya Tunisia
61 62 63 64 65
U.S.
71 73
26.6
.
Top 25 Mairkelsby MairketPerformance,1993
2. 23.2 .
18 21.0
75.0
20.7
650
700,
.U.K.2.
51 52 53 54 55 56. 57 58 59 60
66 67 68 70
pricoIndlex
4
Bangladesh . Trinidad& Tobago Oman China.75 Venezuela' Bosaa.-1.5 .
Ecuador.
Swaziland Nigeria' Jamaica Iran-6?.
55
.99
19.5 19.4
45
19,0 .17,1 16.1
400 3s
.15.1
144 14,3 7.0a 3.7 0.215 .
.
00
.
3.36 .10
1.i -10,5 .11.90 -14,8 -18.2 -57.4
St E a 6' ,u .p
.
U
DtvWoL'xLi markets
5t
NoIvlw AslerlikIndica tesmarketslIncludedi In theIFCGIobalprIceIndexes In 1993, Data for emeorginig nmarketi notpart of IFCGloballiitluxmnarketI cove ragearelocalIndeitlx percenitage changes aidjustedl to USdoillaIrs. DevelopedmarketI datra for this tabl fromn NISCIL
1994 PACTJIOOk
I(C Rt'gltal Indexes
INLIW.ING NIAwKIKrS DATA~ BASis12.
World Stock Market Turnover ; 1993 (ranked by 1993 turnover ratlo) Turnover
Tumnover
R(n1k
Markel
I
3
Taiwan,China * Korea Chilia Poland Malaysia
fi6
Thailand
7 : 6 9
Singapore Turkey CGrmialy
tfe^;S
2 .3 4 ;;..
.
;:
;:
;:
i
II
.
12 13 .;14 15 16
;
.
7
1 19 20
.
10 Israel
Switzerland U.S. Denmark Kutait Canada
Italy Sweden lHon8Ko.ng Finland Porhigal
'. . . f8
I'ert0
21 22 23 24 !w
"""''25
26 27
.
France Spaln Nelherlands Indonesia U.K. Australia
31 32
;;:;.
Markdl
235.5 172.2 164.0 129.1 94.3 91'5 89,8 80.9 73.6
41 42 43 44 45 46 47 48 49
SriLanka Pakistan Iran 1ikgium 1-unmgary Jamaica Trinidad and Tobago Colombla' Chilte
73.5
50
72.3 72,2 55.9 52.3 49.5 49.1 47.4 47.2 46.3 44.0
51 52 53 54 55
Top 25 Markets by TurnoverRatIos,1993
250 225 22 07.40
.7.2 UBtswana Luixemnbourg lvmauritlus Zimbabive
56
Tunisia Ecuador
57 58 59 60
Uruiguay Ghana Danngladesli Cypnis
43,6
61
CostaRica
42.7 42.4 418 40.6 40.6 40.0
62 63 64 65 66
Nigeria 1arbados Coledivolre Kenya Honduras
7.0 6.5 5.2 5.2 4.7 4.7 4.5
175 ,
,
*0
l
125
3.8
-
2.7
2.4 t
50
*
:
2
.
.
4
72_
1.5 1.5 1.5 1.4 0.0
.
.
..
Birazil'
330C3 32.6.
35
India'
27.5
40
iMorocci
AustriaVceue.3.0 Phlilipplines 38 Grece' .Venomezua~ 39 .
25,8 mrij,slkl 25.1 24rgn,4re 23.7 . 21.7
0 u.~
.0
.
.
z
T
.
.
33.2
NeWZealand Jodn33.2 33 Argentina'
34 36 . :::s339 37
19.6 18.7 18.4 15.7 14.2. 14.1 12.0 9.8 7.4
oSitthAfrica
.
37.57 36,8
Noriay 28 M3xico' 29 30:i:pan
ratlo (%)
Htil R
ratio(M)
Ivt
Etwgnmaks markets Developeti
:
IFCGlobalpriceInidxesIn 1993. in the Includled markets Indicates Moles, Asterisk NISCI. adjustedto USdollars.DevelopedmarSetdtla for this laNefrmn1 ar, localIndex perceniageclangL's IndXmarketcoVerage Datafor emergingmatketsnot iartOftir Glbalhl
¶'994FAcTuooK
-
ENIrRGINGMARKF1TSDATA lasE
13
.,WorldMarketCapitalization .1984-1993 *
(Us$millions;end of period levels) Market 1984
I1985
1986
1957
1988
'989
2,037 113
1,591 186
1,519 405
2,025 130)
4,225 476
42,768 2,012
42,096 4,062
199(1
1991
1992
1993
18,5091863397 its 307 258
4534 326
Emerging Markaof1833396 Argnin'1,171 Bangadshi Darbaclus
87
3,268 321r269 280
--
Botswana
-.
Brazil Cle'l
28,995 2,2106
261
16,900
.32,149
5,341
China1
6,849 .
ColoMbIa *762
Costa Rfic Cotedilvolre
4216 193 302
256 237
.
822
1,255
.246
44,368 9,587
16,35.3 13,645
1,136
1,426
42,759 27,984 2,028
-
1, H15
458
437
53.1
261 99,430 44,622
18,255
40,567
5,651
.4,036
--
332
.
295 45,261 29,644
549
Cyprus
477 331
1,290
1,183
.981
101
1,566
Ecuandor
Egypt
1,691
GI alna
1,726
.1,382
2,150
1,760 m
1,713
1,835.
2,527
6,023
2,592 54 9,489. 562 65,119 12,039
3(1),509
29,765
76
...
Greece'
~~~~~~~~~766 765
.
1-lngary India*6,370 Indonesia'B
3,12
4,464
4,285
D3,58 821
27,057 68
23,623. 253
....
..
14,364 117
l
.iton
6,375
15,228 .38,567
.47,730
8,082
--
*Jamaica . Jordan'
266 2,185 2,454 - Kci~~~~~~~~~~~~~ya .6,223 7,381 19,401 1.16,229
.142
Korea Nialaysia : 4Naurlitus
-
NexIco' Moarocco Namibla NigerIW'I
536 2,839
631 2,643
-
-
13,924 25,065
32,905 18,531
.---.
2,197
3,815 255
5,952 279
8,371. 357
3,191
2,743
1,112
974
.236
13,115
.505
27,316 2,254
796. 2,233
957.911 . 2,3t62 2,001 ~~~~~~~~~~~~~~~~~4 74 499 . 453 94,238 140,946 110,5931 23,318 39,542 40,611 253477 3,784 22,553) 32,725 . 446 62! 966
1,034 2,512 635 96,373 58,:627
Oman
-
.
~~~~~~~1,226 1,370
PakIstan*
.
. .
1,710
.
13,6 1,8175
.
397 834 4 .
.
.
SoutilA(r1ca Sri Lanka'..-365 Swvaziland
.
~~~~~~73
53,400 .
760 669 192 55,439
2,322 2,008 3.530 302,652 4121
.
83; 2,94~ 88957 228,663 608
.
1,882
983
1,274
1,506*1,545 7.326
41,280 7,1?; .126,094.
-171 ..
.
932 1,965
812 5,927
10,618 233,0610
137,540
427
9
-0
937
17
118
12,319 532. 97,976 32,9533 1,297
.
2,469 4,891 1,421 139,420 220,328.
.
3,311 10,197~. , 243 168,497 1,936
27
799J
1,221
200,671 2,662 3,443 3,029
8028
1,6105 31,602
327
1,372
2421
421
2,630 13,7914
5,113 40,327.
onr,aana o
Pen,'I Phiflippilaws
3,800
.
95,175 2,528
1,005
,902,61247,51
433 415
3,227. 3,365 607 107,448 94,0224
.
960
9,237
311 567
)222
I2,470
148,802 2,439 207
217.110
.2,498. 297
.NuiILt Tablecontainsy4mr-ald totalmakirket v,ltiwsof lisIcdi domeslic enniip.milus, SeeStockc M~arket Refere tee ListI InAppe'ndix I foirstockL'cl. ile Itichatted 3gn eachwarkoelt'll Asterisks IndicAte markets coveredt byIFCGlobalhIndexes In 1993. SouthAfricalasbeenrelsiedaanerlnmrktbsdoCI'prcptcrlr, itibliinefigcwri akt,
1g9 PATIOOK
ENIERGINCNMAi1IiTS DAT 'DAS
14
*.World-MarketCapitalization 1984-1993 (US1$ mlllions;end of periodlevels) Mar&cJ
3~~~
Tl* mergngMarkts(ant. Tli,llindt .1,720 . Trinidaid andTobago * Tunisia Ttirkey Uruguaiy Velimuchla' Zimbabwve *. IFCGIndexmarAil All Evnerghsg Markeis
.956
9 .
176 88,726
145,873
~
Israel .
~
Luixembouirg Neliwrlands N'cwZc,iland . Norway Shingpore Spain 8%wudv
-'
Switzerland
-
.
15 1,128 60 I 223
171,263
60,363 ,500 4,602 12,200 . 20.871 3~~~~~~~~34,700 . 147,000 7,600 15,096 ,6 ,5 . 41,300 .70,000 78,400 183,765 23,602 .34,504 6,120
~
10,432 1,856 463 600
843 346
Deverlope Mres49,038 Austriai . ILiiu Canada Denniark . Finln Fr,inice Germany haongKonig .
Japan ~
~~~~~984 1985
9,859
.
Italy
~
7,626
.
1986
15,367 2,878 374 595 935 ~ 35 1,530 4310 . 3332
48,634 5,485 388 662
120,017 8,811I 268 6108 3.135 24. 1,816 774
237,012 25,648
.
.3,221
40 2,278 718
.
3558
1,067
351,795
600,147
1992
100,710 23,896 .696 533. 1.9,065 35 8,361 2,395
124,864 315,81I5
101,124 55,259 514 17 .955 9,931 368 7,600 128
071
712 15,703 44 11,214 1,394
465,996 611,674
638,360i
94,733 6,656 37,337 366,3010 16,284
305,709
138,283
140,958
107,633
144,867
7,411 41,377 218,817 20,181
8,862 58,920 2.43,880 30,178
22,261 74,596 21,328 2. .40,152
11,.476 65,449 241,920 39,0613
7,89 71,31.9 266,874 44,843
30,379
310,652
1
.1,99,698
.149,500 25,7 53,789
172,048 3,6 54,085
9,884
6,648
32,658
26,163
I119,55 2,802,952
38,277 -.. 56,24l0 35,713 33,838 37,932 71,185 70,564
63,354
90,000 328,000
132,400 A339,530
U.S.
1,862,945
2,324,646
.
12,003
~~~~~~31,100 59,363 83,714 6,161 8,761 22,235 ~~~~~~ ~~~5,793 10,063 10,122 12,247 33,069 16,620 3~~~~~ ~ ~~~~~~ 19,000 ~~3,200 48,922 242,700
2'.t,3 2177 74,377
.8,227
t 35,428 3. 0 68
369,417 ',392,597 -.
44,805 333,565 33,163 314,332 24,049 93,138 100,0831
125,527 680,721
3410,527 773,206
2,636,598
2,588,890
2,793,536. 9,245,358
.
6,4 365,376 77,496.
5,458
All Drvdc'peed Markeo
'3,296,370
4,496,503
6.275,582
7,5113,072
WorldTotal
3,4142,233
4,667,766
6,513,885
7,8331,394: '3,725,493 .
*Nulca;Tatbl
638 6,783 27 1,o472
1991
738,0163
U.K.
~.
411
1991
483,135
.340,249 1,841,785
.38,700
1989
319,322
58,502 978,6631
37,296i
1988
238,303
25,700 66,09
25,700
1987
30,348 157,789 33,487 .25,285 35,925 122,652 119,285 170,936. .826,598
3,505,686 .10,975,622
3,733,6185
22,721
31'33~ 355,073 83,397 3,324
.
851,486
1993
195,198 1301,510 . 490 37,496 251 8,010 3,433
744,394
I,354,9365
135,451.
203,964 281,437 78,067 326,524 41,785
956,858
21,750 64,172 213,038 32,635 14,271 . 12,202. 4,). 3088'5,3 93443838463,476
3,636,106
.23,562
121,986
172,106
385,247
6,376
29,634
50,773
148,768'
158,85
129,393
136,153
2,917,679
3,130,863
2,399,004
2,999.756
10,456 *339,f25 . 8,835 26,330 3111,404 92,102
11",.)O 1361,352 1.4,336 22,3).i3 7674,3 1437,928 97,495.
360,0144 484,866
173,881 987,952
.3,0
3,089,65
.
.1,099,470
.
33,936 134,59.i 5,3418 17,821 98,969 76,622 195,255
19,337 2831,576 25,597 27,350 3,4 119,2641 107,376 273,7133
'127,129. ,351,646 4,4-97,8331 5,223,768
5,83.2,484110,4437,505 9,962,5t4 12,464,657 'J,424,3158 I 2,298,93I
310,939,372 141,300,7631
conilainis yearundl totalmarketvaIlues idlIle th'1i'i0stC comlpanivs. See, Sitock M,l4et~k lOwfcncgLi1st In AppendixI I rut rstuck ecI;,ngeslIncluidck In vubcm1arket total,Asterisksridilic nalemrkts covered l y IPCGlobi,3 Indlexes In 399.3 SouthAfrica3ms beenrecl,issifled asanwurerging marketbalsed onCGDI' percapitacrliteriausedbiyIFClit .IvfIhiln uniirgtingni,rkou-Is. 1994FACTOOOK
~~~~~~~~~~~~~~~~~~~~~~~ENuiacaN MARKI1TsDATA BASE15
Market Capitalization Analysisand Summary Up 12%of thewvorldtotal marketcapitalization, from4%In 1984and996in 1992. A mIlestonie was reached in '1993 as thetotalmarketcapitalization tlih$1 trililon! of all emerginig marketssuirpassed mark,
Themapon theoppositepageIllustratesmawrket capItalizatIons1invorld economiesbasedon figuresreportedin IFC's1994GlobalSurveyof (seepages 14 anid15for data), StockExchanges Shadingi n this niap does not necessarily correspondwith wvhether a mairketis considered cmerging,As the tablebeneathtlle mapshows, while all of tihereglonsshiadeddark greenare emergingmarkets,61%of the reglonsshaded medium-green areemerging markets, asare23%of tihereglonisshaidedliglhtgreen.Overall,market caoitahizatioils of eneginrgmarkets nowrepresent
belowIs n plot of GNPper capita Thediagrmii versusmarketcapitalizatioti asa percentage of CNP..Emerginig marketsareshowniin greydots, whileblackdotsIndlcate developed markets. It can beseci froi thediagra tilhiat rlative to tle sizeof ecoionoies, maniiy emerginig markets thicrdomestic
arens largeor largertlhanthestockmarkets6f econolies, suggesting thatmarketsizeis developed heavilyintuencedby factorssucihfs instittitional arrangeuiietsIn the finanicialsystem,and thc literactloniof monetary,fiscal,and regulatory policies.It Is alsoapparentthat relntivestock marketdevelopmcitIs 11otnecessarily relatedto curreint percapitN incomelevels. Becouse market capitalizatlonIsa (uniction of stockmarketprices, theratiosdepictedbelowflucttiateandshouldbe used cautiouslyto formi only a part of anly considoration ofalmnarket's relativesizeandstage ofdevelopment.
GNPPer Capiltavs. Market Capitolizatlonas 'a Percentageof GNP,1992
oi5i)
,s
,
.1OX _ -
fi
g
a
a
_
0 .
rXll~~~~~~~~n ndia risas IlM . 111114 , fl g t
; ~ ~ ~~~~~Ci: _ ~~ ~ ~ ~ .NnIin
1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~o
hlpna
ri 9mliliQrk,n
,
Caun.lAsil;unl* l5tlSwailnerlbim *Sg'a'VZM*IX Ckwsblnny Sr*3 11 Gsmumr~~74
ChzE
*
i riwnIin.i
*InInstil
TunSi
s; hJ.
.,
7rIra
Chi.,
.h .w-. T
,haiand
s7J.im.sic.
Iaka \wtt
Surlni
'
A~
W
Aff,.
lw7g.ary
k lyIt,
'
.n.
" I'u.Ian-
*
00-
1111O1)
GNP'Jh,rCap1Iit (LISS JDOI
Mapalidfiguiresoppositepalg:' Sotrce:
IFC EKnerging Miarkuis D.ita Bonw
Note:Scepages14andt15for daa,.
FigtireItlis pngv'; smurn;': IFC tnergling Mlarkets Da,i Saw,
indtIho World la nuk. NM: End-1992va4lusof ONI' and :lirket capare usel.
1994.FACTBOOK
ENIICC(;INGNiARtKT5 DATA BASE. 5
i
'
)
S
16:
!~~~~~~~~~~~
MarketCapitalization andSummary Analysis Woild'Market CapltalIzatIon,1993 r
~~~~~~~~~~~~~~~ 2584
__
US dollar iisillio)Is~e'.-~
orless~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 10,000
rS
*>'~'%* U N000crleormore III Nodata MAY1994
Markrt (US$
Maretcap
cop~m:p/ug Nuber of
1mUlVITs)
miariws
Of wvhicht Shareof
markets total(% mililions)emerginig
.(US$
EmerginMkesEmerging Shareof WorldMarketCap, 1993.
Markets Shareof World Market Cap, 1984-1993 12%
or more 1,000,001
..
.3
ia0o,ai-taa,uoo00 00,000 10,001I-1 10,00or less
20 30
Totalsurveyed
70
17
9,375,170 3,887,683
778,717 59,193
0
.%
1,103,237 .
14,100,763
.
473,676 59,193
1,636,106
0
S"
23%
61% 100%
~AX
9
12%Dacod[o Miarkels
'1994 FIACT-2OOK
DATABASF 17 NMARKETS ENIIRCINC
World Value Traded 1984-1993 end of periodlevels) (us$ millions; Mairkel
1984
ImngIng Maikeots ArgentIna * Dangladesh Barbados
198
~~~~~~277 0
631 I
1986
1987
309 2
25! 6
181991990
593 4
552 63111 09
1,916 5
.
Daliwana 9~~~~ ~ 31
BrazIl . Club' China Colombia CostaRica Cotedilvoire
28,912 ~~,962 21,454 298 ~~~~~~~~~~~~~57
5,598 783.
16,762 866
17,979 610
9.608 503'
30 0
Cyprus:
80
49 0 3
.
I 9
14
I-----4 132
Ghana
Cwo.d1
17
8I
441
313
549
3,qi6 2
4,939 3
6,743 3
12,241 2 4
17,362 54!
3,924
.
10,781I I
308
75
1,605
2,713
3 38
24,295 2,922.3,903
21,918 3,992
.
Keniya
73 2
68 183
21 163
7 138.
25 337
-229
---
3,869.
Korca' Malaysia '2,226.
-
.
.
16
Pakistan'
Oman . . 180
sIanarna
Peru PhIli11PpInes I'orwgaI' SouthAfrica SruLankaY . * Swaziland
-
.
.
-
155
162
~~~~ ~
~~~~~28
301
125 . Poland .,
I
239 63
~~~
.560
5,732. 33
6,232. 16
12,212 62
31,723 49.
~
~~~ .5
~
.
. 12 116,101 21.730
39 ~~~~~~~~~~~~~~~~~~~~6 10
. .
.
177
9
~~~~~~~
25 193
151
231
62,434 498
144.582 70 0
0
14
10
-
II
336 1,377 14 . 211,710 153,661
109. 107 ~ ~~~~~~~~~~~~~~~~~~~~~120 .
980
.620
.
1,844 7
...
.1,524 .
-
~~~~3 2,836 3
.2,528
10,657
~
-
311
386. .1.317
11
59985,464 10,871
754
6
-
.
-
-
---
236
.
2,6 6,888
2,623
-
15,554 9
3,841 9
51
'3.8
.
.
-
2,360 13
.-
Nigeria'
4997,8 3,829
1089 1,18
.4,162 2,335
Maurlilus - . 2,160 16
MOXlco Nborocco
4407 10
21,879 9,158 6,994
95 432
32
90 .652
99.
.
.20,:597
5,217
.---
Jamaica Jordan'
Narfibla
30 1
117
Hungary
India' Indonesia' Irial
4. .2 20 ~~~~~~~~~~~~~~~~~~~~~~~~~~ 15 57,409 20,525 2,797 2,029 4335 161 732 554 1 I 6 4
262 00 2,443
126
115
32
~
1,900 820 203 9 7
--
2
10,339
569
235
180
97
-.
15,679
--.
.
.--
* Ecuador Egypt
4,824
.13,373
71 5 19
74 4. 5
-63
1993
~
---.-
47 0 I1
1992
-
-
.
-
1991
-
.1,518 4,990 5
.------
.9,568
1127
57 875 -
1,136 4,947
90
2,410 . -
1,912 7,095
130 1.506
99 1,216
~~~~~~~
-
.
1,687 8,158. 39 0
.
417 3,104
2,818 8,051 .7,767 1041438 000
167
3,455
1,672 .6,785
~~~~~~~~~~~~~~~~~~~~ 2.170 4,835 13,049
In eachmarkettot,i. I !rstcwk exchangelincludede MalrketReferenice LIst1InAppenidix conjianiyshares.SueeStack yea,r-end ltotal valuetradedof.lIsteddonmestIc WO'Tabl conltaIns
markets covered by IrC Gluballinlexes AsterIsks Indicate
int 1993.
emeirgingmarkets., CDi'uhAra capItacriteriausedby IFC.In definIngk nu irketbased ni s'llper asanon emrgInig Scls Afiahahsbiiren elsIlcl
7
.1994
FAcTDOoK
ENIIJIG
INMARKEFTSDATA BASE 18
Value-Traded
K.World
'>.1984-1993 (US$millilons;end of period levels) .1984
1985
1986
1987
1955
1959
1990
.1991
Markols(cont.) EMnPrglng TAIwan,China' Taland Tobago Trinidadarid Tunisia Tuirey' Uruuaiy. Venlezuela' * Zimbabwe'
8,194 434 76 27 7 0 27 6
4,899 568 61 10
18,931 1,133 52 6. 13
.84,112 4,633 25 6 113 4 148
*275,624 5,59B 22 13 101 2 2211 .39
965,840 13,452 69 32 798 1 93 36
715,005 22,894 55 19 5,841 I .2,232 51
365,232 .30,089 80o 30. 8,571 2 3,240 77
imairk-ets IFCGInrdex Markets. All Emrginr~ig
31,680 34,468
403,520
1,157,941 1,165,593
5885,883 894,513
590,777 605,652
Markets Devesloped Australia Auistria
15,736 ~~~~~~10,654
Markel
x1
114 1,575
.686 186443
.
E,Z3,95
1,274
173
~~~~~~~~417502 7,690 6,243
735
.
329,970 .
286,182
l a
.23
77,656 82,985
154,905 164,846
26,871
58,860 , 9,754
65:952,526 1,350 3,549 . 2,465
..
Spain
~~~~~~~. 8,496~.
Sweden
1,393
.408,691
37,412
933 9334,3
5,107,896,5 1,913 1,866 6,047 1,869 58,085 51,548 .373,428 135,700 . -17,627 15,299 4,828 1,455 44,715
9,644
~~~Switzerland
8,935 6,854 36,070
1,702 2,679 14,944
1,88
a'981
38,926 2,800,695
2,597,637 34,5
39,542
.,1,124
4,849 4,470 25,608
.
..
1,5
.
8. . .
.
.
.
.
Mark-ets :.1 All Develophnl World
997,189 ~~~~~~786,204
132,912 1,795,998
1,600,569
3,490,718
.1,645,725
.3,573,686
68,4317
48,857
LAS.
ro¶ol
.
1,237,6041
.1,272,072
389,829 2,4123,066 ,.56213
5,846,989
530,480 613,049
1,010,619 1,068,777
5056,1 5056,1
31,105 3,933 116,893 0;05 D3024 34,633
1,550 113,573 379,183 . 35,607
5535
8,389
14,694
42,566
.9,289~.
~.
1,602,388
.
1,933
3,027 24913,996 13,711 . 38,389
20,293 40,967
17,420.
15,718.
.
6,561
.
11,199 .142,222
20,989. 8,112 174,283 302,985 131,550
30,327
24,991
28,100
65,770
995,939
635,261
954,441
516,8
38914.
4403199
320,268 579,171 2 1,719,731 .2,015,544
346,487 86,934 56 46 23,242 13. 1,874 53
.4,931 8,030 03,448 15,806 2,292 121,842 446,019 78,598
,6 2,892 . 1,410518,751 14,054 I18,074 39,987 40,591
6,785 .
81,623 47,156
2051.
28,395
43,593
275,740 3,815,476
68,836 315,279 2,254,983
75,407 382,996
,2,678,523
167,880 423,526 .3,507,223
4,481,928
4,762,366
6,273,488
.----
*KU.K.
.
240,667 72,060 22 33 8,191 9. 2,631 20
4,3 7,039 6,209 78,160
.71,278
3,909
.31,721
.
18B,609. 6,425
11,706 7,708 90,120 14,463 7,363 107,286 68,3 . 34,584
2,447
2,643 1,877 1,383 3,382
..
.23,405
2,047,224
1,145,615
5,106 7,076 65,505
.
32,379
.
4,0
2,026 8,369
7,148
1.6t84:1,2
12,274
Newv Zealand Norway Singapore
14,672 71,572 9,732 748 13,782
.4,065
Netherlands
C.,
42,116 .45,156
52 12
*4,8
BelgILtni . Canada1. Denlmark Finland Franlce .29,764 Cermany . Fboi, 8 Konig Israel
Italy *'
02 31 9
1993
.1992
5,555,694
ii,302,687
4,681,9012
5,997,385
7,468,280
5,576,425
.5,087,580
.5,375,415
.7,342,269
1993, InI lIndexes byIFCGlobal coveredi ' narkets id I Asterisks mairkets. e'nierglng byirCIndeufninIn ustel crlterl,, percapita onGPI' basedl market asaneniergling reclassified Iasbeen Africa Soutil
1994FACTIlIOOK
.
.
B ING1KAiwxtsDATA~ :gc11711
r- 39
Companies WorldNumberof ListedDomestiC .1984-1993 (end of period levels) * Mackeg
1984
EMergIngMarkets Argentina'
Bangladesh * Barbados
236
Cyprus Ecuaodcr Egypt Ghana
- .
-
178
10!
116
.
14
14 .
208
590 209
589 205
592 213
IOu 41
102 51
99 61
96 71
56 76
82 78
80
25
25
25
25
24
23
23
~
~
570 221
58i
215
23
24
317
357
430
114
114
114
116
10573
483
145
119
119 '
...
3 103 54. 336 217
Jamalica... Jordan' . Kenya ' Korea Malaysia
..
Mvauritlus...
84.4 104 54 342 222
.
5 76
6 77
Mexico'
Morocco :Namibia
.
.
53
53
55
3819 232
502 238
155
190
230319209 71
76 99
362
36!
159 18130
177
.
.149
Sivaziland
.
. .
157
.
'
Poland'
Portugal' SoU thAfrica Sri Lanka'
.
-..
. .
.,
100
102
.45 .106. 57 626 251
.
is 129 44 23
15 143 25
6,540 155
6,500 174
~~~~~~~
13
.
379
.4104
23 470 -
24 42536 171 7
63
143 838 163
124 ~~~~~~~~~~~~~~~~~~~~~~~~ .
44
45
13 57 658 369.
S 0 56' 693 410
62
65
20
.
22 195
131
142
153
30 190 174
25'
B0
88
92
95
440
48?
542
628
653
236. 41144
256
294 153
295 161
287 170
233 ISO
171 5 176.
182 748 176
.13
.12
.
.
46
-..-
1907 13.
118
101 53 656 321 67
71
.39
132 126
141
44.
105 54 669 252
lii1 .
347
Piianama
96
---
.
..
.
44
~~~103 106
30 142 674
-6,229
-
59 118
656.
.---
93'
Omnan Pakistan'
~
355 223-
.
Niscril'
.
.
.
~~~~ ~~~~~10lo
.76
6,200 125
*5,968 57
5,841 24
.5,560 24
.183
627
21
4,744 24
550 263
65
.26
-
~~~~~~~~~~~~~~~~~~~~
~
~~
565 245
39
46 258.
4,344 24
153 16
62
83
--
3,882 i 24 Iran-
145 13
52 80 93
14
.40
.
1993
180
-138
.
.
1992
14175
179
.-
Finary' 'indIa' Indoniesia'
*,
186
1991
19190
592 .231
.I
7 Greece * Honduras
*
a5
1989
..--
Colombia' Cpsta Rical
Peru PliliippIn'
.206
75
1988
541 225
CotodIlvoire *
217
.
'522
*
227
1987
--
Oi3ril
*
1986
69
.56.
tlotswana
* Chiler China'
1985
9 IS1O
.181
732 175 1
685. 175 2
16
22
191 652-
153 647 200
.190. 3
4
I far stackexchangesincludedIn eachmarkettotal, LIstIn Appendix MarketReference SceStack whcrepossible. ftimdcs investment lIstedi totals,excludcing year-end Noeir; Tablecontains by IlPCGloballindexesin 1993. cuvered indicatenmarkes Asterisks. nmarkeis. emerging marketNsc onGi e ari rtraC%db E Indeofininig asangnmergIng SouitlAfricalhasbeen reclassfied FACTHOOK 1994
M MRIGNARKETs
DATA%BASE
.20
Companies of ListedDomestic Number. World~ 198.4-1993 (end of periodlevels) *
1984
Markdi
* FmerglngMarkets(cantj Cldnia' Tnlwvan, * TrInIcladandTobago
1987
.
1411 33
130 33
127 .36
123
Tunisia
1988
1989
163 33
181 31
1990
199 30 I 110 36 76 57
.
Turkey' Urugulay Venezuela* Zlnibabwe
.40
50
50
so
41 108 53
41 110 53
40 47 53
39. 74 54
7,745 8,916
8,287 9,617
9,317 11,012
1,004 64 192 912 243 50
1,134 74 191 1,034 274 49 42650
373 43 108
.43
116 56 .55 .7515 8,657
IFCGhidexarketls Markcet Ali Enwtrgfisg *DevelopedMarkets Australia * Auistria
.944
63 197
Belgium .943~ Canada Denmark .231 Finland ~ France Curni HongKong isral>c
~
~
52 044~ 449 .
269 :l ~~~~~~
. Japan
~~Kuwait
. Nnnvay
11.31145 2,171 7,977
Swivtzerland UXK U3.S. Mark-ets *il #11eVve'optl .25,952
260. 275583265
248
276
282
184 1,866 70 253 219
232 317
~~~~339
156 ~~~~~~~~140 375
Spalin Sweden.159
WaNldTotal
237
17,295
.
609
55
.263
NewZealand
.
1,380 74 186 1,145 291 66 646
507
.175
,134
1,423 69 192 1,147 277 49
204 1,912 64. 364 248 361
14
16330
.334
312
164
154
327 IS?
2,116 8,022
.
2,106 , ,037,181
166 2,135
10,238 11,981
.
492
~~1,802 1,829
..
Luxembourg Nthierlanids~
.
.
9',783 .11,464
472
147
143
Italy 4
1986
.1985
21217 1,967 65 422 232 297
.
.~628
284 262
.
2,019 52 54 313 242
1992
1993
221 29
255 27
285 26 152 21
145 26 91I.93 62
7
,
19
17
-
134 26 60
62
11,184 13,294
11,813 14,06D
12,3688 14,742
1,080 97 182 1,144 258 73 578 4131 284 216
957 105 153 1,086 261 63. 551 428 333 229
I.030 112 171 1,119 257 61 786 665 336
1,070 III 165 1,124 257 57 472 426 450l 558
20224 2,071
2,107
10,857 12,470
1,253 SI 184 1,146 257 78 668
1991
.
.377
210 2,155
228 2,118
47
..
54 2004187 171
70
59
139
123
.
62 245 136
122 423
112
11
115
368
427
433
399
120 376
142
135
122
117
118
105
6,712
1,874 7,014
215 1,646 7,607
117782 2,054 6,680
.
1,70a1,2 6,599
2,015 5,727
12
.10
.
I17,753
18,555
18,265
17,8305
17,478
16,403
16,315
17,542
17,792
26,669
28,172
29,277
29,269
29,459
28,873
29,609
31,602
32,534
totl,iI In ,xtI nmarket includ4d in AppedIifx1furslack xchanges Li1st SeeStockMarketReference funldswherepossible. listedlInvestment totals,excltnIcing year-emnd Nutes: Tablecontains by IFCGlobalIndexestin1993. coveredi markets Indicate .Asterisks akes used ibylrPCItt ofilnlngemerglIng on GDI'petcaplItacriteria i,irket based nsm'emnerginig reclaisslfled SouthAfrlicahasbeen 19 PACTOCOK
.
DATA BASE'>21 RCIc1NcMIARKETS
WorldRankings of Ma'rketCapitalization, Value Traded, a'ndNumberof ListedDomestic Compani'es, 1993 (rankedby end-1993 leVels) Ranik
Markyt
U.S.. Japan UK. Germany
I
*
2. 3. 4 5 6 7 a 9
France
.
.
Mark-VI
Totalv'aiuelr~uIed (US$ miilllIon.)..
I
U.S.
*.
)JIpan
3 4 .
.
U.~K. Taiwann, China *
5
385,247. 326,524 .271,713 220,328 1,1
Southtl Arrica
Rank
.2
456,111
.Malaysia
I It
ermiany
*.
6 7 8 9 10..
Korvi rrance
Nunmber of listeti
3,507,223 954,341 4123,526 346,487
.
302,985 .
Switzerland Malaysia*153,661 Canada
211,710 174,283 167,880. ..
RaFIk
Market .donmestic
I 2 3 4 8 6. 7 8 9
U.S. IridIa j. apIaI U.K.
142,222
to1
131,550
Australia Mexico' Taiwanii, China'n Notherlands
203,964 200,671 195,198 I 8 i876
11I 12 13 I14
Hingt Konig
12 13 14
Thalieund '86,934 Snaoe81,623 Australia
07,711
ii1 12 .13 14
15
xo7:'O
1139,420
I15
Nothaedands
67,185.
Ii
132,742
Nlexico' Bal'57,40918 SpaIn .
62,454
17
119,264.
I7 18 19
47,156
107,376
20
Swedent
43,593
21
Chiepa '43,395
,
17
.
Singapore lB Thailand *130,510
20
Spain Sweden
20
2i1
.
Brazil '99,430 lidia'
22' 23 24
B3elgiumrn israel Chlik' Argentina Dennmark Chinai l Philippines' Turkey
.
25 26 27 28 29 30
. .
31
97,976
.22
78,067 50,773
.
43,967 41,785 410,567. 40,327 37,4.96
Tuirkey' India' Dommark Southtl Afria
32,953
31
Finland
28,437 27,3P0
32 33
NewZealand14 . Phlilljapplines
34
AutiBriA Potrtuigal'
44,622
.
35 36
Austria1 Norway NewvZealaiid Finland Luxemnbourg .
37 35
P'ortugal Gracce'.
10
Kuailt
33 34
Israeli
23 24' 2 25 26 27 28 29 30
.Indonesia'
32
*
5,223,768 2,999,756. 1,151,646 463,476
HlongKang8 Canada Switzerland IC
*
Totalmarketcap CUS$ millions!1).
.25,597
23,562 193,337
35 36
12,417 12,319
37 38
39 Pakistan 11,602 10,103
39 40
Belgiumn
Argeitlila'I Indonesia' Norway
Canada411
1,124
Australia1 Kor%i 11akistan I653 Southtl Africa Israel
1,070 693 647 558 472 426
410
Thalland' Tin,Cna28 Clile' Dennmark
.20
347 263 257
.
26 27 28 29 301
Netherlands Peru' Switzerland Italy Sri L.anka'200 MeIxico' Chn1i 0 Potrttugal ' Argentina' Philippines'
8,112
31
Sitig1p0hre
178
0,785 6,785
32 3.3
.6,551
34
4,835 2,797 2,713 2,612 ..
35 36 37
Indonesia' MIgeria Beigium Bangladush Tuirkey' GreeCe'
174 1.74 165 153 152
21I
30,327 231,242 21,879.. 20,989 .13,0419 [ 1,199 10,339 9,158s 8,751
Chile'. C. ece, .Kuwait
Poland' Venezuela'
7,607 6,11F0 2,155 1,646
.
Brazil*550 Francu I-onigKong45 Germany NMalaysiai
19
..
cornpanies
22. 23 .24 .25
38
~~~~~~~~~
39
1,874 .40
.
245 233 .
215 210
190 183 183
ISO 180
Ecuador
143 142
Iran
124
~~~~~~~~~~2,170 NewZealand 136!
Noe:Market caprankingbasedonenid-19931 totalmarketvaluesl or listeddomesIciccomlpanlie;value tradedrankingbas1edon1end6-19931 minIvaluetraidedof listedi do(met41c companyishares; rankingf onuniberof In AppendkN1 foirstock eseliane "Incudd Ineachmarkettotal. listedinvestment (fundts wherePossible, SeeStock MlarketReferenceList1 listedi Cbmpanlies, based oinendti1993 levels,excluiding AsterisksIndicatemarketscoveredby IFCGlobalfindexes In 1993.Southtl AfricaIas bee elslkda 1994
FACTHOOK
..
.
....
neegn
market
ased on CDPper capitacritraedbIFindiigemgigakts kIiIN
NItTsDATA
BASE 22
of WorldRanking
AverageCompanySize,1993
* (US$millions;rankedby end-1993levels) size Company ~~~~~~~~Average * * Ranik
Mairkde
3
7 8 9
700
.
18
Swaziland Poritisal '68 Tunitsia.
44 45 46 4? 45 409
* Jordan NMorocco 1P1arnaa jarnilcl H-ungary.
Mauritius
271,0
50
Kenya
251,0
.
.
.
9 256 247
61 62
Sri Lanka* rungulay
1250
63 64
Ecuador
II 10
244 .
191
Australia
iroeir189 NewZealand
170
DeninarI
163 .
.Poland'
Colombln' Israel
68 9
123 '104 91
.
.Nigeria'
Egypt CostaRica Banglaidesh
2080 to 0 0
17 1460
12
620 6
4
300
.'
*10
3
,
0
.
~~~~~~ .18
86
.Greece'
6 67
215 0
Koreni'
Venezula'
6
228 224
ltrit . hn
,0
25100 24
.14
.222
.~Kuwait
Cyprus ~~~~~687
Coted'Ivotre
317
Luixenbouirg
.
48 41140 32 9 29
60
Spain
CompanySize,1993 byAverage Markets
50
59
55 56 57 Ss365
Top 25
74
312
54 473 413 376
Clille
40
41 42 43
52 53
*537
.34
39
CaOB MOrWe listeddomiestic
Belgitin Finland ThallAnd' SoutlhAfrica
33UrazIl'
.36 37 38
Cap/ (miarket
Ranik
, flotsw,n Zin,babwe*23 I22 Pleru Barbaidos. TrInidaldand Tobago *1 Pa9kistan Oman IndIa'
'31 '32 35
size Average.company
51
685
.tay648 .Malaysia
21 Canada. .AutiBria. 22 § Tuirkey' ~2 3 Aretn' 24 Norway 25 . .PhillipplInes 26 China 'i 27 30
~~~~~~~
ii US) T.aIIa, China
13
28 29
1,055 1,056 1,023 966 856' 746 742
* UK.
12
4,
1,264
* MVex.ico SWedenCI Prance Kong -Kong SlIngapore Netherlands
4 5 6.
19 20
~~~~1,392
Japan Switzerlind Cermniiy
2
14 IS5 16 17
CO/ Cni~~~~~~~~~~~~arket listeddomesticcd's)
.
.
U
.
N2
i~
a i AlE? 5 E ~~181 ~ uj , L
E
! I.3
a5E 3
*
z.A
0
*
Eegn nvip,
86
eoe
ak akt akt
cpaps ed.ireendi.1993total market valuesof listed domestic~ companiesInUS$millions.Ma%I.rket coi-i1993inumberof listedtdomiestic bye markTIcetrap Notes: Average,companysizeis calculptedby dividin g enid-1993 sincluded ineachmarkse stockexchangn MariretReferenceIsti;nAppendiixIfLor fundswherepossible.SLeeStock lfinvestmenit listed extcluding levels, areend*-1993 oflistedcompaniestused comipanies;nu3mber
markets. miarketbasedoni GDI' vercavit,tcriteriatused by li'CIn definineemereine SouthAfricahasbeenirecl,ssifiedasan enmeruintg cot'eredby IFCGlobal IndexesIn 1993. Asterisksifidicatemarkets
'1994FACTUDOK
E ucaMAKTDTBSE2
.Emerging Markt Local Stock MairketPrice,Indexes, 1993 (end o'f period levels)
~~~ n ~ ~~~~ Feb
Market Latin AMerica BalsaIndice General(1977=0.0000) Argentinai B IOVESPA (1968=0.0dO0000001) Bralzil IGPA (Jan.1980.100) Chile *.IBII (Jnn.2, 1991=100) Colombia UNMV General(Nov. 1978=0.7816) Mlexico .330.6 IGBVL (Dec.1991=100) Peru .18,002.3. Y 17=0). Ne Venezuela ChasaAsialS..Cm.
Dc
9,9010)
(Jan.1980=100) K5ECompousite Korea P1hilippines MaiaCm-n.(a.15=0)1,848 Taiwan, China TSE Average(1966-100)
*
SouthAsia *
India Indonesia Malaysia Pakistan Sri Lanka, Thailand
F.EBombay(1979=100)
.SOP
JS oposite (Aug.10,1982=100). KLSEComposite(Jan.1977=100) . (1980-1981=100) CSSSensitiveShare(Jan.1985=100) SET(Apr. 30, 19754I00)
13,515.7 92.9 3,187.9
455.1 1,653.2
ASEd~enera(18=0741.7 US Jn ~ 9i1)731.0 .137.7 AFM (Jan.1980=100) .1,113.4 General(1984=100) BancoTotta& Acores (1977-ICP WIG.All SharePerf.CAPr.199i=1,000) ISE Comiposite(jan. 1986-100) ZSE industrial (1967=100)
12,882.1 354.1. ~2,71 0.2 . 455.7 1,613.0 510.6 20,910.7
1,265.0
925.9
1,358.8
935.5
3,374.6
643.0 2,169.1 4,384.7
666.8 2,092.2 4,825.3
721.6 2,331.0: 4,563.5
7523..3 2,293.8 4,267.9
2,255.4 200.2 624.5 10. 762.2 974.5
2,230.1 300.4 638.2 186.0 756.5 937.7
1,927.5 310.8 643.3 151.6 781.7 865.2
1,811.6 31. 719.6 145.9 755.2 845.3
1,900.5 349 735.3.
1,687.1 1,050.3. 4,383.0 893.7
833.4 739.6 132.4. 1,1. 1,750.7 ,8. 5,923.6 957.8
76.62. 682.6 726.1 135.8 .. 135.5 1,131.1 .1,147.3 1,767.4 .1,737.3 1,302.9 1,837.5 5,564.2 '7,807.6 871.0 945.2
670.6
Europe/Mideast/Aftica Greece Hungary Jordan .NSE Nvigeria Portugal . oland . Turkey Zimbabwe
19,311.2
13,315.4 240.8 2,674.1 449.2 1,665.4 496.7 20,225.9
-153.6
762.3 825.7 3. 693.6 .151.9
Jul
Jun
May
13,686.1 191.8 2,879.4 437,3 1,771.7 487.9 17,374.8
12,710.9 140.4 3,057.7 456.5 1,546.7 .380.8
119
Ar ~~~~~~~~~Ja Matr
,EmERGiNG
2,0. 7068 7068 2,0. 3,754.5 2,740.3 3,915.5 3,389.0 749.1 654.8 2,213.7 2,60216 930.5 832.3 19,623.98 21,903.4
13,704.8 *13,420.1 655.8 537.5 2,928.2 2,931.9 452.6 482.0 ,6. .1,670.3. 619.6 710.1 20,573.4 19,604.2
1,6. 1,6. 964.2 3,082.6 52.3.7 ,0. 835.1 16,388.6
6197 6197 1,466.0 3,116.1 580.6 ,4. 880.0 19,776.9
1,3. 1,3. 1,843.5 3.212.9 636.9 2,020.3 .1,059.3 20,831.6
1,007.1
881.1
895.7
875.8
814.8
748.9 2,289.9 3,995.5
729.9 2,529.2
664.9 2,589.8 3,892.0
718.9 2.904.6 3,831.7
750.7 3,549.3 4,131.7.
811.1 3,465.9 4,353.9
866.2 4,756.0 6,070.6
2,265.5 473 808.5 160.8 995.3 963.2
2,381.0
2,349.4 461 972.0 184.0
2,824.6 588
2,963.4 588
996.5
1,275.3
-
1,934.2 364 721.2 161.7 837.6 877.5 6. 733.5 168.4 1,187.5
1,186.7. 2,006.8 .2,047.6 .3,504.2 3,784.0 10,778.7 8,375.8 940.9 ~1,002.8
.3,960.4
1,981.9
357
766.1 . 170.1 960.4 928.2
873.7 50.7 1,012.1 827.5 152.4. 164.5 . 1,195.5 1,180.8 2,655.3 .2,257.6 6,307.9 4,195.3 10,077.6 12,357.0 .1,430.4 1,219.4
Note:.The IJOVESI'Aindex was divided by lOon January26, 1993,on Auigust27,1993,and againon February10,1994.Theserieshasbeenadutdt
11994 FACT11OOK
Dir
Nov
SpOt
Aug
420
.853.8 164.2 999.4 971.4
1,130.6 1,260.9
984.9
.833.8
234.2 195.4 1,385.8 .1,442.4 1,682.9 1,310.0
863.0 958.7 833.6 82.3.6 1,184.1 11,228.7 1,092.9 '1,1 56.1 1583 159.3 157.7 .150.2 1,414.5 1,Z543.8 1,310.9 1,217.3 2,514.5 2,614.0 2,466.2 .2,632.2 5,5867.2 12,439.0 6,302.5 .7,974.5 20,682.0 15,079.9 14,500.7 '18,977.2 2,32533 1,887.2 .1,9645.4 .1,553.4
QelCtheedvsos
MiARKETS DATA BASE 24
VV
m'~,Ehrging~Markets Loical stock.MarketPriceIndexes,1993 (~MOnthly % changa)
markt
LatlinAmerica Argiitlfna Brazil * Chile Colombia WAxCO Peru Venezuela X
BalsaIndiceGoner.,](1977=0.00001) BOVESPA (1965=0.OOU00OO0i) IOPA (Jan.190:100) 1135(Jan. 2, 1991=10O) .BDMV GeneralCNuv.1978=0.7816)
0.66. 36.94 16.62 2.96 -6.04 -11.35 -9.42
IGI3VL (Dec.1991 waC) New B3VC(197tlOO0)
gool ~Asia China . SIhanglias.E. Camp. (Dec.19, 1990.100). Mown ICSEComposite(an. 1980.100) Phiilippines MaonilaComi.-ind. (Ja1n.1958=100) Taiwan,Cl South Asia India Indonesia MIalaysi Pakistan Sri Lanka Thailand
41"".1.
Jan
SHiAverage (1966=100) F ilomnbay R (1979=100) JSEComposite(Aug.10, 1982-100O) IC1 LSEComposite(Jan.1977=100 SOP(1980-1981-100) CSESenislitveShiare(Jan. 1985=100) SET (Ar. 30. 1975-i1U)
Europe/Midoast/Africa wen, ASEGeneralC1980u100) ifungiry Un. 2, 1991-1,00) BSE oardan . AFtv (Jan.1980=100) Nigeria NSEGeneral (1984=100) .. Poabnd . t IG All SharePer!. (Akpr.1991-1,000) Portugal BeancoToitla&Acores(~1977 100) Turkey. ISEConmposite (jain.1986=100) Zimbabwe ZSEIndustrial (1967=100)
. . . .
.
Mair
Apr
5.95 51.25 -4.08 -5.89 -6.44
7.67 36.54 5.3 -4.21 14.55
-2.71 25.59 -7.13 2,74 -6.00
-3.25 47.01 1.35 1.44 -3.15
15.17
28.13
MayJunju
Aug
6.39 51,80 8.18 -0.69 3.55
.
-2.08 -0.13 6.51 5.95 .
12.25 47.04 5.28 8.65 7.68
.22.01
Sep
..
7.37 52.04 1.09 10.86 -3.40
Gd
Nov
8.98 25.75 3.11 9.70 9.75
-3.04 48.65 .548
-21.43
2.52 9.67
FActiiaOK
20.533 37.01 .3 14.39 17.46 ILSO0
1.81
2.81
21.34
14.60
17.60'
5.38
20.38
-10.03
.16.41
3.39
-1.61
-4.71
-6.20
7.55
5.33
-5.80
-. 6 6.21
5.55 -4.12 . 14.48
-26.80 3.70 -3.55
.46.75 8.22 11.41
-31.15 4.26 -1.60
7.65 -0,46 -0.17
.- 12.51 2.53 10.45
1.66 -8.91 2.39
-2.22 5.12 12.16
-6.96 22.20
.20.88 8.04 -2.35
-15.34 6.80 37.22
-0.07.
29.93
10.05 .
-5.42
-6.45
-6.38
-0.88
1.73
-1.52
7.80
5.38
39.43
.1.28 2.12 3.02 0.93 -7.78 9,07
.-1.12 7.22 2,19 12,06 *0.76 r3,78
-13.57 3.46 0.79 -18.52 3.33 %-7,72'
-6.01 1.07 11.87 .3,70 . .- 3.38 -2,30
4.91 5,83 2.217
1,77 5.41 -1,91
5.10 0.64 5,61 2.14 0.41 0.56
-1.33 11.00
9.88 6,27
2.46 -1.0! 6.23 5.21 14.66 5.78
12.05 13.13 29.80
20.23 11.29 2.52 6.17 22.57 3.89
4.99 13.49 27.99 19.57 4.09 28.47
10.33
12,36
-7.99
-5.23
11.78.
2.70
-5.73
1.21
3.53
11.08
.8.22 6.04 0,52 0.92 3,00 9.946 3,25
1i18 -3.89 0.8 3.12. 3,77 35.15 7.17
-1.84 2.58 10 20.29 0.5 -1,00 -9.06
-5.99' .1.97 ,3 41,03 .1.70 33.14 . 852
5,76 10,90 0.0? -7,39 20 28.69 6.58
12.51 -2433 -0.56 19.72 1.6 -6.50 21.60
22.31 -7,33 1.24 50.36 189 22.62 17.30
7.98 4.48 1.82. -0.09 -56. 22.03 8.60
5.78 -0.98
.
.
.
5.527
.5.27
0.93 -2.32 1,9 1.61 9.65 .3.43
..
105.93 15.51. 7.28 -0.45
.~.8
.-
.
.-
.
.14.31 16.98 5.54 -5.51 3.64 3.77
.
.4.43
.13.84
.
26.5.3 6.73 -3.84 21.49
Note:Thie OVESP'Aindex was divided by l0on January26, 1993,on August 27,1993,alndagain onFebruairy10.1994.Theserieshasbeien djuistedtareEleddine divisians.
'1994
DrI
7.27
.53.57
.
.-
Feb
ENtt.N.NIIKPStAAIE25-
2.43 -4.72 7.909.3 11.19 -4.47 305$.95 4.09
.11.62
3.76 5.46 40.28 3.96 18.37
..EmergingMarkets Loc'alStock Market PriceIndexes, 1984-1993' (end of. period levels)
1988 1957 1956 1985 ~~~~~~~~~~~~~~~~~~~~~~~~1954
Marki':
(1977=-0,00001) Indliee Geeoral Poloa
Argentina
IOVESIPA(1968=0.000000001) ~~~~~~IGI'A (Jan.1950ai00) IOU(Jan.2,1991.100) DNIVGeneral(Nov.1978=0.7816) IGOYL (Dec.1991=100W ~~~Newv IIC (1971=I00)
Brazil* Chile Colombli ..i.nico Penu Venezuel.i Chilnn
* *
*
.
* Korta I'lidhippfrles Tamiwn, ChInl
India In1duoesia M laysia Pakistan Uiinka .. .. *Sri
.
9'E.0Ciarp,(Doc,19, 1990.100) Shangha.1 (Jan.1980nl100) KERCanlipcslte 1(JO) (an. 1958= MuanlIConw.!nd. (1966=100I). TSR Average (1979=100) P.ROom1b,iy 1982.100) (AugA.10, JSP.ConpoItelI (Jani. 1977-100)) KLSEComposite .. Sol'(1950.1981=100) Share(Jan.1 19055=10) CSDSensItive SET(Apr.X0 1975=100)
.
Jotdan. Nigerlo * Poland Poisal Tuirkey Zinibabweo
*
General (1950rnI00) . 0E (Pait 2, 1991=I,000) ~~~~~ARt. (Jan.,1980.100). (1984=100) ~~~~~NSB General P'erf (Apr, 1991=I.000) ~~~~~~~WIG AllSharm ilaico tTottli&Acores (1977=100). (Ja:i.1956=-100). ISOCompusite. .122.7 (1967=1110) ZSE.Induitstria
717.2
19g93
1992
2,202.9 17,556.0 13,427.5
67.5 6.0780 0.2516 0.0616 0.0000131 0.0000655 0,0000926 0.0001249 0.0033082 757.6 1,166.'7 2.453,7 2,733.5 459.8 343.6 110.3 262.1 63.3 499.9 355.1. 975.9 1,392.3 572.1 551.3 463.3 225.6 215.9 625.5 1,431.5 1,759.4 415.9 1.05.7~ 211.5 47.1 4.0 11,2 1110.0 372.9 0.3362008 25,76381 0.00003460,00027380.00099750.00094260,008`1809 .3,566.4 2,754.11 17,SS51.929,316.6 1'9,574.1 817.7 2,090.5 1,928.6 558.7
909.7 1,584.9
292.8 610.9 1,694.7 4,600.7
750.4 675.4 1,784.0 3,377.1
539.9
1,0140.7 1,503.9
2,227.0
-10.
.
142.5 10)6.3 838.1
163.4 160.9 535.0
195
396.4
272.6 545.0 1,039,1
66.5
63.5 303,6 168.3
233.5 -166,5-
122.2 1423 135.o
~ASH Cra~~~~~e I-ullgary
0,02805900.2094830 0.249147(10.65078104.1383000
1991
i990
1989
59.2 51.2 100,0
71.0 78.6 128,3
.
907.2 949.9' 2,339.9. 5,119.1 5295.! 7'50.1
424.8 69.7 252.4I 199.9 131.4 207.3
359,9 52.5 261,2 225.4 218.0 284.9
634.5
103.9
272.5.
279.7
417.8
357.4 262.7.
56543 277.3
1172.41
.141.7
356.7
879.2
505.9 3105.5 680,3 61.
556.2 718.2 1,198.7 714
459.4
932.0
672.3 800.7 796.5 891 129.9 1011l.0 754.0 1,107.6 .1 1 I0410.7 1D) 1,637.9. 1,977.7 4,360.2 .4,00.4.2 565.6 1,953.6
...
..
72.4
163,4
2.19.7
566.4
--
2531')
247.4
399.7
305.1
79.7
84.5
190,9
233,6 .
**..
696.1 870.1 9,6241.2 4,530.2
.
1,202.0 2,99.0. 2,355.9 373.9 673. PM0 4511.1 552.6 286.3
93.3
80.4
3,.25.3.
513.5
.
.
.
21434 3,287.0 2,217.7 ?,255.8 569,1 2,252.7
274.3 644,0 164.4 826.6
894
20,607.2 3,754.5 3,915.5 749.1 2,602.6 930.5 21,903.4 533.5. 566.2 4,736.0 6,070.6
*.
2,965.4 588.83 1,275.3 234.2 1,442.4 1629 958.7 1,228.7 158.5
1,543.8 12,439.0 2,614.0 201,682.02,325.3
divIsions. thesec adjusted toireflect hastbevii Theseries and aai 11on -ebruary ID,1994. 27,1993, on Autgust by looanJantary26,1993. dilvidedL Niew: TileBOVESI'AInidexwadias
1994FACTiOOOK
DATA BASE 26 lhiuRc.'ING M,NAHM;T
Markets. Emerging LocalSockMaktPie
Indexes,1984-1993
(nn'ual% change) 1988 ~~~~~ 1986 ~~~~~~1954 1987 1985 ~~~~~ ~~~~~
* MnrA'd
LatinAmerica Argentina Drazll*
Chile Wmxcc) erun Valenezula I
Asia East
China"
(Doe,19,1990=100) Shanighai S.r. Coamp.
Kore.1 P'hilippines Taiwan,Chiina
KSBComposite(Jaji.1980=100) ManillaCoin.-Indi,(jan. 1958=100) TSEAverage(1966=100)
SouthAsia india. indonesia . Malaysia Pa6kistan SriI.nklc Thailand EurSE
6410.62 6146,58 19.27 41,26 442.02 401.53 12,03 74.16 137.75 104.52 -~18.41 4.95 3120,6.5 64.71 17727 264.4 * 691.3 155.67 431.92 38.89
BalsalinikdcCenerali(1977=0.0001) BOVESI'A(1968u0,0000000011) IGI'A(Jani1980=1001 1130 (jan.2, 1991~~~~~~~~~)00) Colombia UNIV General(Nov.197711=0.7816) iISYL (Dee,1091=iOO) NewOVC(9i'Wi=)0)
Sol' (1980-1981=1001
1-lu'igary Jordan Nigeria *...NEE Poland i'ortugil Turkey Zinmbabwe
.-
92.62
9.99
51.35 -0.36
240.60 24.44
125.18
9.29
98.36
7.16 4.75
4.72.
0.95
-24.140 -.23.09 .1.07 13.49
36.87.
-8.21
18.42
$.II 206
3.4.8 14.26i
5.80
-5.13
53.54
37.5
10980=100)
1.58
19.89
46.38
162.34
USE(Jann2,199i=1,000)
~~~~ARM (Jan.1980=100)
Generall(1984=100)
~~~~WIG All SharePt!. (Apr. 1991=1),00) Tulsa& Acore's (1977=100) Da~~Pnco (),an.1986= 1W0) 592Comiposite ZSFlindustrial (1967=100)
5.27
166.60
-26.60
79.76-
23.90 4.3 -10.02 11,27
73.15 -40.79 9.94 132.77
23.59 10.89 15.77 -77.10
33.16 148 98.04 42.40
127.34
99.10 -30.29
76,20 16.07
-31.00 25.59
64,29
102.86
-13.12
.69
10.41
-13.83 57.95
19.10 24.38 52,59
-1.55 29.911 41.28 13.23 -17.18 -8.35 -55.69
26.63
66.86
118.78
p5.00
62.73
32.38
269.68 .36,83
25.02
31.04
58.17 5.55
.35.72 2,641
-
28.30'
*.
.
.
33.52*126.
83
.-
7.89 27.36 .
105,30
16.83
6.02 22.37
.39.26
--
-
-0.89
.10.08
...--.
11.22 13.66
53.47 5,437.20 43.24 49.85 47,92 149.5 10.21
166,53 11.05
0.28
-
.1-.20
1993
1992
192,80 -12.24 94.77 .1.56
72.76
-.-
-22.07
1991
-23.48 -45.10. .52.93
..-
66.87
Shalre (Jaii. 1985=100) CSE Seiisilive SBT(Apr. 30,1975=100) oneMieatAfi
1090'
-24.80 164.47 526.27 17,231.80 207.13 710.55 34.87 2,549.53 1,762.49 308.28 2 315.96 1,015.58 10.06 64.76 54.00 112,88 33.81 31,09 39.59 42.66 258,09 11.90 83.73 2.45 95.04 50.10 12i7.65 21.77 124.35 *100.18 288.2~ 273.0 -5.5 759.9 3,817.9) 7,544.3 63.95 -32.21 -28.77. 549.31 87.93 . -1.58
14.68
17.53 -26.47
.
P.2~~R Uomty (1979=100)
~~JSH Comp6isIie (Aug.10,1982=100W Composite (Jn.,1977=100) ~~~KL.SR
1989
1475 293 89N 57.19
3.2
-21.21
-44.44
493.07
22.79
57.28
-31479
-7.73
4.1
34,20
.162.64
-14.41
6.84 27.67
.
74.51 88.36 25 54.26 21.98 30,00 1,095.23 59.594 159 168.65
divisions and again11 ronPbruiryID,1994,Theseies hIs beenadjustedtoireflectthecse onl Augutst27,1993,411 div&idedby 20OilJAVIiary26, 19931, ltindXWAS Wafe;71wB3OVP.SPA
1994 F#ACT-iIOO
NIARiRETs DATA BASE 27 ENIFilCNG"
Markelts, Emerging perUS$I1993 Rates ExchangeCurrency (end of periodlevels) Market
.
~~~ ~
MarT ~~~Jan1 Feb
LatinAmerica 1.0000 19,8580 390.8400 ~~~~~~384.8200 Chile . 528.0900 Colombia519.6100 t 3.0900 3.1000 Mexico 1.8000 1.7100 Peru 82.7000 ~~~~79.9300 Veliezuela
1.0000 25.1220 388.1900 837.1400 3.0950 1,8700 84.6000
last Asia China Korea PhilIppines ChInail Taiwan,
5.1500 793.5000 24.950*0 25.8500.
Argenitina Brazil
0.9990
.15.7200
8.1465 793.1000 24.8000 25.2200
SoulihAsia India IndoinesIa Malaysia palistan SriLanka Thailand
.
.25.4800
8.2040 795.5000 25.2200 25.7500
Jun
May
.
0 1.000 000 54,3360 41.7000. 390.4400 405.2700 782.8500 757.1200 ~~~~~845,1400 3.1200 3,1170 3.0945 2,0100 1.9750 1.9400 09,6000 86.2400 84,6900 1.60000 32.2650. 404,5I000
8.1350 795.9000 25.7500 25,570D
8.1350 801.3000 26,4000 25,5400
*.10.6413
800.5000. 26.7500 26.1200
.
Jull
Aug
Sep
1.0000 1.0000 94.65~0 71,1530 409.2000 404.0700 800.42011 806,5600. 3.1135 3.1200 2.0600 2,040Q0 93.4800 90.7200
1.0000 .128.0700 410.1300 510.5400 3.1175 2,1400 97.0000
1.0000 174.0000 411.8600 818.9800 3.1132 2,1500 98.8400
8.7883 805.4000 27.6300 26,6600
8.6921 aoa.aooo 28,2500 26.5700
8,7000 808,9000 28.9500 26,5900
8.0911 506.6000 27.4000 26,6700
NovDL
Oct
1.0000.
.
235.9800 407.7200. 81700 3.1125 2.1700 101.5500
1.0000 320.9200 431.0400 811.9000 3.1090 2.1500 104.4600
5.7000 807.6000 27.3300 26.6500
8.7000 808.1000 .27.0000 26.3600
31.1300 31.1300 31.1300 31,1500 .31.1300 . 31.1400 .31.1300 31.0800 100 31.1 30.1700 .30.9400 28.7400 2,103.0100 2,102.0300 2,102.0300 2,103.5400 2,102.5200 2,090.0400. 2,091.0000 2,078.5300 2,060.5400 2,055.04002,072,2400 2,068.0400. 2.6930 2.5550 2,5565 2.54B0 2.5472 2,5650 . 2.5715. 2.5565 2.5660 .2.5915. 2.6305 2.6215 29.9800 29.9000 .. 29.9500 29.7800 29.7500 29.7000 27.0300 .300 26.7 26,5700 26.5300 26.1000 25.8000 49.5600 49.4200 49.2870 4.70 4910 4.10 820 479600 . 47.3500 .. 47.9600 4480 46.1500 25.4800 25.4300 25.3400 2200 5100 5300 2240 2.00 5.00 2.70 25.4100
EuropufMideast/Africa Grate H-ungary . Jordan Nigeria Poland Pcirtugal Tuirkey. Zimbabwe
Apr .
222.0000. 219.5500 ~~~~~~215.7000 86.3400 86.5850 52.9900 0.6733 0.6742 0.6723 . 32.0000 29.0000 20.5000 16,009.0000 16,383.0000 .. 16,758.0000 148.2900 145.5000 . .51.0000 8,711.O100 9,02740100 9,550.0000 6.5331 .6.2467 6.0394
249.3500 246.1500. 240.6500 235.5000 237.1500 237.7200 215.2500 214.8000 232.6700 .100.7000 I00.6900 98.8300 97.2100. 94.4100 95.5700 92.1550 88.1600 57.0600 0.6870 0.6870 . 0.681I 0.6782 0.6772 0.6811 . 0,6811 0.6723 0.6674 40,000 35.0000 35.0000 30,000.0 25.Ol 25,0000 25.0000 25.0000 1,0000 .2 16,735.0000 17,153.0000 17,865.0000 18,307.0000 19,728,0000. 19,945.0000 20,597.0000 20,962.0000 21,444.0000 l76.6200 175.7000 173.7800 167.8500 171.2400 179.7100. 162,4200 146.8500 .152.4100 9,956.0000 10,759.0500 11,323,0000 11,6813.0000 12,152.0000 12,911.0400 13,714.0000 14,570.0000 9,560.0000 6.9351 6.8760 6.7163 6.5050 6.5535 6.6740 65605, 6 ~6.3261 6.3038
PC-so. for I nuievo pesos of 1,000 ratle thepesoat anexchange Thenuevopesoreplaces 1,1993. erffctIveJanuary peso, nuievO t11w ainowctirrenicy, Introduced No1Ls:Mevlxico real. for I cnizeriar cruzeiras rateof 1,000 thecrtueiroataneNclwiige realreplaces chnuzera Theo Auigust1,1993, real,effective thecruizeiro anewcuirrenicy, BrazillintrodcedcL
. PACrilooK 1994
.
28 DATABASE. i INc;MiARKETS ENwnc.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~r
Markets Emerging perUS$,1993 Exchange.Rates Currency. (monthly% change)
EastAsla China . Korea * l'hlilpptnc *Taliwn, China A-
-0.10
-0.10
LAretinAeica ..Brazil Chile Colomblia Mexico4 Peru Venezuela
-20,84 -1.54 -1.02 0.32 -5.00 -3,35
22,12 -0.65 -0.96 0.52 .4.39 -2.21
-01.70. ~~~~~-29.40
.
-0.59 3,23 -0.20
~~Souih Asia * Indla lIndonesia Malaysia * Pakistan. Sri Lanka Thilannd
.
-0.30 -1.67 -2,06
-4.74 0,12 -0.34 ~~~~~~-0.25 -1.15. -1.16 -0.71 .0.33 0.25 0.04 .0.21
.0.14
Aug
Jill
anFbMrArayJuin
Market
*
0,66 0.35 1,08 -0.39 -2.49 -0.69 1.150 -1.62 -1.84 0.16
.
-23.63 -3.37 -1.66 0.00 -1.47 1.23
-0.11
-0.72 17 *l.50
-23326 3.90 -0.5,1 -0.10 -1.74 -3,75 *.
0.15 -0.30 -3.11 1.10
0.00 -0.67 -2.46 -1,04
-23.55 0.10 -1.31 -1.07
31.52 -0.76 -2.3? -2.06
-0.55 0,20 0.99 -0.15 i1.27 0.87
0.10 -0.50 0.37 .0,60. 0.00 -0.40
-0.19 -0,60 -0,58 -1.11 -0.50 0.04
0.03 0.05 0.25 -8.99 -1.05 -0.24
-7.68 -4.34
-2.12 -3.57 * 0.00 0.00 -2.41 -9.62 -4.98. -1.70
-32.63 .0.19
-22.15 -4.03 -0.95 0.02.
.7.96
0100
0.00
0100
0.00
0.00
0.00 -20.95 0,65 -1.08 -0.16 -3.7,36 -2.25
.
.
-24.'3 -1.25 -0.80 0.21 -0.97 -2.95 -7.93 -0.22 -0.83 0.04 -0.06 -0.59 0.70 . .-0.17 -0,81I 0.64
.
Nov
Oct
Sep
0,00
0.0
0.00 .
0.00'
-26,40 -26.09 -0,42 .0.23 -0,99 .0.49 0.14 -0.13 -3.4-07-09 -1.86 -3.63
-26.26 1.02 0.59 0.02 -2.67
-26.47 - 5.41 -0.02 0.111 0.93. -2.79
1.11 -0.05 -2.19 -0.78
-0.09 -0,01 -2.42 1,35
0.00. 0.16 5.93 0.23
0,00 -0.06 1.32 1.10
i.A0.00 -0.05 -0.03 -0.10 -0,12 -0,40
0.07 -0.33 .0.40 -0.24 -0.391
0.00 0.00 -0.06 -0.17 -0.27 -0.35
0.00 -0,05 -5.01 -0.10 -0.28 -0.20.
.-
KEurop./Mldoost/AhIdo
Grecec Hltngariy Jordan * * NIgeria Poland * I'ortugnl . TUre.
**
*
*
~~~ZImbabwe
1,00 1.13 -2.84 -0.83 0.28 -4.15 ~~~~~0.28 025010.8 52,38 -9,38 -29.31 4,88 .0.12 -2.24. -2.28 33.94 1.30,95 ~~~~~ ~ ~~~-3.64 0.08 0.31 *-5.77 .- 3.50 * -1.96 3,64 -4.38 -3,32 *9t24 -0,19 1,18
* .-
*
*
0.21 -1.3 -73-1.29 -16.00 -2.42 -3.65 -3.98 -0.35
0.00 3.399
*
6.16 -7.46. -3.57
0,24 1.23
.-
*-0.15
**0.58 .
0.57 -2.88
0.00 -7.20 4,95 ** -3,08 1.84
-16.67 -1.09 2.02 -3.86 0.75
-2.02 1.64 -0O43
*-14.29
-3.17 -3.41 -5.88 .3.15
*
-2.23-12 -1.55 -0.96 .0.00 0.00 -1.74 -1.09 5.86 -2.32
-0.01 -12.50 -2.35 -0.52 -5.85 -0.85
eo aeo ,0( eo o 1iuv elcpehoenata,xhne ,193 I uvops aur h ui es.efcle Itoue nwcrec, NNerMxc a newcturrency.thecrtIzelrorc.ii,cfrecliveAiguist1,1993.Thecruzelrorealreplacestliacniazeroat aniexchangerate of 1.000cruizelrosf(orI crtuzlto teal. BrazilIntroduiced
* 1994rFACTHOOK
DATABASE-,29 MIA1RKE.T ENIERiWNG
Markets Emerging perUS$,1984-1993 Rates; Exchange Currency (endot periodlevels) 1985 ~~~~~~~~1984
Markcl Latin AMerica Avgwflhin
0.000I ~~~~~~0.0000
Brlrzl
0,0000 128.2399 113.8899
Chille Colonmbil NlexIco .0,1926 Pe~ru
..-
183.8599 172.1999 0.03717
0.0001 I
0.0000
232.4300 262.14100 2,2000
204.7300 219.0000
0.921 -
14,4000 ~~~~~~~~12.6500
*Venezuela
000
.01
0,0000
19B8
1959
1990
0.0016 0.0007 *249.5400 3;i6.0000 2.3200
(.1360 0,0113 294.1100 423.0900 2,6835
0.5670.
1987
1986
.
29,4500
22,7000
-
..
43.5000
37.20001
0.1610 3316.8600 52.3.0000 2,9480 .0.5400
49,7400
1992
1991
19)03
0.9990 1.0902 374.8700 705,4100 3.0890 0.97.50 60.800(1
(1,9980 12.2430 382.3300 811.7700 3.1160 1.6350 78.1600
1.0000 320.9200 431.0400 8190
5.4342 75H.7000
5.7518 788.4000
8.7000 81108.100(I
3.1090 2.15o1) 104.4600
Asia loEst *
China
Korea.
5.2221.
.
827.3997 PhilIppInes 19.7600 .
3~~~9.4760
* Taiwan, China
714,5(100 677,4000 684.9000 795,1000 890.1997 . 61,3999 20.5.3(10 20.7300l .20.70(06 21.770(1 27,2000 1~~~~~I9.0)20 3.90
3.50
26.6300'
810
00 2850a0
1500 26.
25.6000
27.0001(
25,5000
25.1700
26,36100
2,063,5000 2.6150 25.5000 46,0000
2,103.0100 2.693(1 29.9800 49,56011
InuhdAia 1,074.0000
Inldonesia NIaldysiA *. .Pakistan
.15.3600
SriLaInkai...... Thailand
27.1500
Europe/MIdeasI/Afileo 128,4799 . Greee 1hingary
*
*
Jordan Nigeria
1,641.0000 2.60.10
1,125,0000
~~~~2.4250 2.4265
*.
15.9800
17.2500
26.6500
26,1300
.
0.4050 0.8083 ,i'oland . ..
.17.5000
25.1900
I,88g'Loo( 1i~797.0000 2.6983~ 21.69115 21.7200) 21,2500 40,2400 40,oo0o
1,717.35.18 2.7100 18.500(1 25.1900
.25,6101)
25,3000
25.05OU0
25.4900
25.4800
0.34411 3.3168 .
01,3430 1113
100.7000 83.9700 0.670 0.6742 . 40.00(00 21.5000 9,80(10 8.7a00 15,767.0000 21I,444.0000 I0,957,0(IP, ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~9,500.0(00(1 61,4490
.
0,3678 0,09906
0.4750 .oo7.4500
0,6376
.
169.2800
157.4960
146.1200
129.8701) 146.77200 149.6(100.136.6400
Ttirkey Zimbabwe
.144.7401) 1.5024 .
576.8599 1.6412
757.7898 1,6781
987.82(00 1,6620
*
2,293,0001) I,805..1000 2.24.1R 1.94129 *
75,6200
.
,.(,490,6730.
P'ortugal *
1,984-.0100 2.7205 24.61000 42,7138
1.17.75991138.7600( 126,7(100 1417.7000 156.300(1 159.5(100 175.00001 215.30001(249.35001
-.
1,65(0.0000 2.4880
2,898,00011 2.66090
133,6000( 146i.9200 176.6200 5.025,000(1 5.01355
8,540,0000 5,4816
14,570.0000 6.9351
at a,noxchiingerateoif MAI1postisfuir I niu'eviposo, MNew?s:Mexicointroduceda niewctirrency,ilhamuevopeso,utfk'ctivoJanuory1,1993.Tlhenwevo pL'soreplacesthe pevso crtizeIrosfor I crizeirtoreail. crumi~.roat an emcItingerateof l,0100 Theo crtiVelroreal replacesI11w . new currency,ilia cruizelroreal,offectIveAugutst I, 149'3. i3rullI inkraduCeLd
'1994 1ATsOK
DATA, BASE MNIARrrTS EN..IiMlRCING
30
Markets Emerging Exchange RatesperUS$,1984-1993 Currency (annual% change) 1984
Market Latin Amosicai Argentina
.30.25 -33.86 -48.19
-64,09 -79.56 -12,92 -616.46
-58,02
-78.53 -90,26 -6.86 -21.98 -5.17
-12.15
-36.56
-22.92
-20.83.
-7.05
3.34
8.34
-77.68
Colvnibla. *vcxc Nlenlc
-31.75 -22.06 -25,25 .
.
-
.
~~~aru 1* ~~~~~~-66.01
19901
1989
1988
1957.
-36.32 -27.88 -10.19 -21.37 -59.75
-86.98
~~~~~~~-69.10 -69.65
* Brazil ' *Chille
.
.1986
1985
1991
1992
1993
0.10 9.09.1
-0.20
-95.80 -93.53 -15.15 -20.58 -13.55
-76,01 -92,98 .12.69 -29.10 -8.97
-413.24 .85.23 .10.14 *25.56 -4.56
-14.48
-12.55
-18.19
1.95
.
44,62
-13.10 -0.87 -40.37
-22.21
.-
-11.30 -0.02 0.23 -23.9 25.15
. EastAsia Chin I Komia
58
---.-
-3,86
-29.14 2.03
lPhillippines CItinii TAmiwn, *SouthAsIa india.
15.73 -7.45
*.IndoneIaM
3,83 09511.66 2.35 -4.53
-7.29 -31.44.
-0.06 ~~~~~ ~~-3,58
Malaysia Sri Lna-------0,60 Tliailand .-
15.29
-7.30
-6.78
1.88
16.09
.0,96 20955,23 .
.
C,1 I I.1
1.0-14.25 1.055 -3,92 -8.19 4.62
1.99
3.73
6.49
9.52
0.00
-5.83
1.)1I-5.19
-4.92 8,21 .-
-19.96 2.18
-10.51 -4.43
-7.22 .4.87
0.43
0,01
-1.64
1.23
4.02 4.43 -29.65 -4.79 .0,82 .5.79 1.00
-8033.89 -3,77 2.15~ 1.31
-2.44 51 -4.51
-10.04 -3.855
-7.87 -1.88 .2.90.
.4.03
-7.14
-7.18
-1.73
0.04
Europo/MIdoastfAfrIca -23.20
* .Greece
Hungary di 7 Nigeriai
-13.05
-14.22
8,27
10.11
-7.39
-19.14
22.35
7.49
69 -69.86
,32 -19.91
-2,1 -21.86.
7.78 -23.88 -2.20,
12.51 -23.29 0.97
-Il.'48
~~~oad-7 Portupt
Turkey~
ZInbaibiw
-21.28
9,48 -20,818
-8.86 18.74 -4.77 -11.22 2.0-30.51 2MS -42.33
-23.45
-15.64
.. 47.16
-5.50
-2,01
-55 -28.86
-Oil1 -14.37
-.-
-
..-
-36.41 -26.42
-22.90 -8.46
.
.-
45.28.
-14.46
-1.93
.
-18.72 -9.94 -0.15 -54.42 -9.07 -41.16
.. 8.14
-13.66 -16.6.1 -1.86 -46.25 -50.68
-65
-42.39 -20.96
Peso rl'Of 1,000 pLmsfor I ntievo rep1 .lac the7 pe alliencIi,1115 In' 1,1993. The tifvOi puso peso. effective j~immiry the nuievoi a newictirrency, Motcs: Mexicolintrodutced rea.A f 1,000 cr:zelortsfo~I enizoirni Theccruzairoreal rplaces 1li eruzelroa iIm tncli,mg rat o1 Auigust 1,199.3. cruzxolirreal,effective Drazil Ilrmciuced anewcuirrenicy,31w
1994 FACT. O.
.
..
DATA BAsr. 15 GirNc;GNIAItiKE.-IT
.31
GlIobal. Indexes:,
StockMarketsFactbook1994 Emergaing
'i"'..
Market -WeIghts In the IFCGComposite Index End-1993 IWeight In Mairket capitalizationi. iIFCGComIposite
Nuimber of stocks
Marl-el
LafIn America Argenina Brazi Chile 'Mexico
(US$111illions)
.
14
.Weights
SI1 .70
Colombia
35 06,953 69123,785
ileru* Venezuela
IS~~~~~~1 I?~~~~~1
EastAsia Chiona. Korea Pilips e
81
60,549 25,595
7A4 3
.3114
1 177? 91,444
Vv,
23,910'
2.9
1241,647.
.
15,1
6,0161 122
lOS~~~~~~10 49,319 18,124 41
16A4
135,432
7,94510
64
1,466
~
74,595 ~~~~58
9,0 Numnber of CompaniesInthe iFCGCompositeIndex,End*1993
Europe/Mideast/Africa .
.
.
~~~~~~~35
.
.
13 29 24
NirL:.
Nigeia
~~ 2
Inland' Portugal
33
.
Turkey.36 Zimnbabive 7
21
Reg(ons Coniposite' America' GLain As
EMEA 514
..
1,
2,351 4,8400.
.
78
~~
In the IFCGCompoitteIndex,End*1993
0.
-
37
SouthAsia India Idosi ~~~66 \iaic~~~~~~ysIa Pakistan *30 SriLa-nka Thailand
3,5
~~~~~
.134
Tawiwa,China
31,496
~ .
0.9
6,955
659 2,5'iG 672
.
~~~~1 2,140
~~~~~1,006 825,619 .
58
525,413
Latin Americ
1, 2,9 (
8,551
257,109
.EB
%
23,7412 591
242.
0.3 0,
100a, 0 .31,1
63,7
Asia
nr culnsiII InrugioimaI werenti lincludedtn Lanka1 I'eiui, Polan, .111diu Sri Nu"Ies China,I fingn~ry, ,I 1KG13CCEN inDeIX, crrcmtllycalctulate 1 cgluLsnoct
194FACTIOOK
.EMERGIV,NG'
1993, statisticsInI
N'lAitwl-rSDATABASE 34
Market ConcentrationIn the IFCG indexes End-1993
(percent)*
IFCCindex shareor tot:l . Market
-
marketclp
E71,6
61.2 64,1 75,3 62.0 46,0 60.4
.VYenezuela
East Asia
86.2 .49.7 70.1 61.0 75.5 61.0 88.0
65.7 36.3 48,3 69.6 36.4 44.6 55.7
68.4 43.B 54.6 58.0 49.3 56.1 85.5
55.8 47.6 53.0 51.9
20,6 25,2 51.1 33.8
22.6 12.3 38.3 21.7.0
700
46.9 @3.6 23.6 65.4 60.2 44.6
19.6 :32.0 ::: 34.0 34,7 37.8 32.7
29.9 40.7 11.5 49.8 42,3. 240
50O
56.2
39.7 77,9
.10.7
79.2
77.9
20
67.7 46.81 80.1 61.9 45.2
44.0 45.0 75.5 53.2 45.6
45.2 .19.8 74.2 5. 25,3
10j
48,8
50.2
40.2
90
.0.
5\
: China Korea *Phillippine Tamian, China
47.3 65.6 59.0 63.9
South Asia *.. ndonesia Maaysia . Pakistan *Sri Lankan .;ailand
. shareoftshara totll valute trded
10largest 10mostactive stxk' .soch' shareor of hIPC IrCG mirketclp valuetraided
ShareIn MarketCapliallaclion,1993
LalinAmeilca Argentina . Brazil Clile Colombi.i Medoxico
Peru i
IFCC intlen
.50.3
61,5
~~~65.5 .
55,7 57.2
*Europ./Mldeost/Alrica 56.7 Gn..c . 5~1.2 . ftus~~~gavy -Jordan 52.1 65.3 NIGeri ~~~~79.1 roland Portugal 71.~3 Tuirkey.63,3 Zimbabwve
62.2
,
j55.0 40 30O'
H0
IH HH
FIiiCC.iLI% hr of toalalmarket r.ip marketcap1 1FCG *i)lreistocks'sh,ireoif
1994FAcTRIQOK
JERNIr.NG MARKETSDATA BASE3
ComparativeValuationsof the.IFCGIndexes
*
Ruljailvo to MSCI Woirld
End 1993
Muikel
Ufrlikurdyjdel
rnub' Price-Ar4k miume
PdIew6wreIIn8s rai o 192 En -C 1921993.
iontlve FM
RLittivi omc
.
t
M i19193World
World
19
LtiunAmni.gca
~P
Argentina BoilrnI Chtili Xolornbla vMlxco Peng VlneMCIo
..
4 t.90 12,519 20.04'. 25.54 1.50.68
1.46 tJ.44 07 0.89
17.44
0.61
3.91.94 -24.43 29 27.93 12.28 25.91 15.63
~~~~~~~~44.01 i .53
.
0.55 2.11 1.50 2,59 3,62 1.65
.
.
1.20 0.37 1.71 1.73 1.99 2.66 1.61
0.95 0,24 0,92 0.79 1,13 15 1. 0.51.
2.28 0.40 2.74 1.11 1.65 0.79 2.35
.
0.99 0.17 1.19 0.82 0.72 0.34 1.02
.
1.93 DAN9 3.82 1.89 .0.99 0.98
.
Aila East - 'Chlnn
I Pines
"-
~~~1.35
8.77
rn'Ai~vawChime
34.73
1.21.
39.68 28,93 4~~~~~3.49
1.35 .1 1.52 0,96 0,97 0.96.
IndonsIja Maloysia ' .Pikdslan
.27.64
Sri Lanka ThilLind
27,81 .27.54
1 8.. Euuope/Mldua.tdAfrIaa GreCC . 0.05 1-lungary Jordain
.
Nigeria
.
245 ,2
0.35
0.15
3,93
11.72
2.15
0.83
0,36
1.77
Compallo Aknwrca .18.42 ;1i1'1.LAitln Asia
.
33.74 1.93.109 21,841 218
4.90
2.14
4.74
1.605is
1.00 1.25
0.43 0.54
5.9 .01.53
2.35
2.53
1.05
0.46
0.73 2.06 2.36
2.55
1.55
.4,22
13.93
4.71
0 31945 0.356
2
~~~~~~~~1.63
17.97 36.34 8.54
0.063 1.27' 0,.I
~~~~25.8?
0.90 0.54 1.16
.1.65
0.53 0:29
143.49.1.96 8.96
1.76
1.05,69
,
.
33.25
1,54 2,0
.1.65
(.72.55 .0.72
2.52
1.51
5167.4.85
52.42 17.95 5.36
Nlond31.47
Portugal Turkeay Zimbabwc
9,05 6.95 ,0 17.93 19.45 .18.47
1.69 7.15 0.91
.
2,30,97 ,3 3.29
0.22.73. 0.116 . 0.7?' 2.4511 0,74 3.14 0.40
'
2.71' 6.57 0.43
1.61 1.74 1,02 1.29' 0.31
.
.2.95
2.39 3.62
2.62
2.11
11.02
1,19 1.18. 2.99 0.19 1.28 1.04 1.57
2.51 5.10 4.63 8.14 6.13~ 21 1.59'
146.4063
0.7104
'
170
1.144
*
0.66
2,10
0.91 0.43
.0.99
.19
Markets Developed apa...n
67.50'
UK. u.s. 'SIk hr• World
4
5.23
16.57
Suth Asia India
52
14.13
-."1994
F'ACTDOQK
~~~~~ ~ 22.10 .20d7
2.36
~~20.70 0.72 0.77 1,00
36,90 9.02.55 22.70 23,00 ..
1.99 .2.61
2.29
0.7 1411 1,1 I 100
.
17 2.13 2.36 13..
.
.90 350 2.80 .* .. 01.00
0,39
1.00
1.52
4.50
1.22
2.90 21
HN11:11iCING NIARaKrTs DATABASE 36
-
.~~
C,o
P
CD
En ~ ~~~
~~n CI
~M
C
O
96 Taian anChiia 1-lun~~~~~~~~~~F GA ar
-t
a
'a
_
_
_
_
_
_
_
t
.-......
......................
_
_
s Thailappnd JECCAsOite
_
ol:ndoia
_
...
______
-n-
Cbki.te
JFcrnordane
ONE]
Zi~~olmbabw
0~~~~~~~~~
us.
Mexic
(
-
Portugal
Jordan5 Venezuela
Aigena
~~~~~~~0
GnE15
7-
.
1.
-
b
.
*
>
a-~~~~FC
.-
Indi A,C
Poltuand
.
Brs.7.i M
to~~~~~~~~~ugr
im-*.~'-Phil~~~~~Oipph
..
.-
l
a 6Malysi
o* .
0
00
b
-
IFCGPriceIndexes Summary 1993Performance (rankedby 1993%changesIn US$) Ranik Mairkdl EmergingMarkets *
st
*..
1I'in
Turkey ~ ~~~~~~
~
3 4 5 6
. 9
19
TaMiyan, China Argenitina SriLanka
13 mexico4. Pent Colonmbia Portugal
.29.5 . Hungary Clille Jordan Korea
PercentChangeIn IFCGPriceIndexes,1993
717.9
~~~~~~~2 213.7 133.2 122.370 1091170 99.570
97.0 91.3
650
56.9 .67.360 61.9 82.4
550 500 450
34,9 31.7 30.9
20,8
400
-
IndIia Gracev. Chinai Venezuela
06.300 19.1 17.0 16.1 -7. -10.5
I*
Asia
67.8
2
Cimpoiled
63.7
3
LatinAmerica
51.7.
1 2 3 4 S
MNSCI, RArE.
20 21 22 23 24
5 250
.Nigeria
25
7;DevelopedMarkets
Philippines Zinrbabwe Indonesia Malaysia ~~~~~~~~~~~7 Thailand
~~12 l'aklbtAn ~~~~~~~~~~~~~~ 14 15 16 1I7 IS 8
Regions
~
~~ Brazil ~~~~~~~~~~~~~~~8 10 II
-s
1'rlcIndex
.
FT,EuraPlac U,K.,FT100 Nikkei Japan. U.S.,S&i' 500
200 150
-18.2
n n
0M
ib
30.5
'28.9 17.3 1isa 7.6
JfH H n n n ..
S
tj
m
z a
u' 3cn
,
I
0 nm
ub
u
*4U
.~ .. `--U
:11 2
QEmierging markets mark-ets *Developed o ir'CRegional indexes
1994 FACTBOQKC
EMERGING, MIARKTms DATA BASE 35
IFCGPrice.Indexes 1993High,Low,Close
(US$;year-:endand week-endvalues) Hight
%vak
Low
958.0 101.1 ,7888 1,117,5 1,848.0 100,0 454.2
1,602.4 208.7 2,315.8 1,471.6 2,715.1 135,1 433.2
31-Dec 17.Sop 31-Dec 31-10cc 29-Oct 8-Jan
879.7 95.7 1,573.9 335.8 1,648.5 .84.2 326.1
369.1 1,658.7 430.8
23-Jttl 5-Mar 15-jan B-Ja
92.500 507.7 3,753.2 843.32,0 405.6 120.52.0 374.7 418.6 161.9
IFCGPriesIndexesHighandClose,1993
Argentina Bralzil Chilei Colombia Mexico Peru Veniezuela East Asia China Korea Phlilippines Taiwan, Chlina
1060,
South Asia. Indin Indonciai Malaysia P~I'cstani Sri Lanka Thailand
.31-0cc
509.1 3,753,2 843.3
19-Feb 17-Dec 31-Dec 31-Djet
346.3 57.6 187.8 274.7 100,0 605.6
418.7 120.! 374.7 418.6 161.9 1,192.9
.17-Dec 31-Dec 31-Dec 31-Dec 31-Dec 31-Dec
236.7 58.9 181.1 238.9 83.5 596.6
23-Apr. 22-Jan 15-Jin 23-Apr 12-Feb 2-Apr
367,9.
13-Auig 31-Dec
431.1 152.1 196.7
178.6 32.8 817.9 585.7 477.1 437.6
. 9-Juil 20-Augl 3I-Ddc 10-Sep 31-Dec, 31-Dec
297.4 68.1 .129.4 25.8 97.4 431,3 138.9 191.9
8-Jan
I119.1.
6-Jnag 29.Oct 19-Feb 8-Jan 15-Jan 2-Juil
267.8 457.0 273.8
439.6 .695.0 459.5
31-Dec 31-Dec 31-Doc
277.2 438.9 271.0
29-Jiun 144iny 29-Inn
292.1
Greec .100.0
Jordan *Nigerfia Poland .100.0 Prugal Turkey Zimbabwe
*
*
129.1 33.3
.
~Conmpostit LattInAmerica Asin
.87.5
400 3,500
200
1,500
.1.192.9
?-Jull.
3,39,2 119.1 156.050 27.3a 817.9 570.9a 477.1 437 6
*-** m ..
15.
..
Reglons * .,.
1,602.4 5-Feb 193.4 7-May 2,315.8 1,471.6 Ig-Mar 26-Feb 2,715.1 134.9 21-May MAUvtn 406.5 5-Mar
420.9 1,608.5 451,2
EutopsiMldeost/Airica1,0 ..
1193
weevk
1992
LatinAmelica
H-ungary
E,id-
HihLow
EndMark.pt
439,6 695.0 459.5
jc
!
-
r
...
,U .
IriiEd-1993indextevel *.1993 high The low month-u-ndalue or Zinhib.vibwe s 184.6on .. Nottr IFC'swveeklyIndex coverage orZinbabwve.sariLedonJuly2, 1993,wlichlifsreported heLres tli low w%eek.
1994FACTUQOK
arch 31.
DATrABASIE.39 NIARKETS FNMERGING
1M .FG-PriceIndexes .vs. ~Developed .~"~t.",e~Regional
1993: MarketPerforma'nce,
(US$;end 1984-100)
Jan
Composite IFCGlevel Index
265.7
262.4 292.?
265.1
270.1
262.4
269.2
313.1.
269.4 303.5
304.9 310.1 302.9
320.5 319,0 312.7.
361.3 346.3 340.3
420.4 375.7 372.7
427.7 386.2 382.5
408.2 379.6 372.0
IFCGConiposito IFCGLatit America I rCC Asit.
"0.8 :2 -0,6
4.7 . 6.2
1.8 , 0.5
1.3 451338 2.9
0.5
1.9
0.3
-1.9
500 ~~~~U.S.,5&I'
0.7
1.1
1.9
-2,5
12.7 ~~~ 5.1 ~~0.8
16.4
2.6 . 1.?
9.3.
2.0
U.S.,S&P'500 U.K., Ff to0o .
F', EuroPac
.
* The Nuirn
496,2 294.3
289.0
U.K, FT 10t32o1156o. Japan,NIkko!
.446.6
~~~~
.
B.6-
2.9
-0.2
MC,ERAPE
299.9
310.4
305.7
289.4
.456.2
..
.
2.
1.
297.5.
293.7
288.2
8.8 450.3 299.1
446.4
mscL,EArE
*
~~~~278.1231
Sep
Aug
MyJnJul
471.7290.5
IFCG WVilAmerica 17CGAsia .272.1
Japan,Nikkei
%change
Apr ~~~Fab
~~~ Mr
~~~~
index
Oct
Nov
DM
345.2
368.9
439.6
620.2 3.7
503.2 298.5
53B.2 304.9
551.2 314.2
574.5 347.8
268.0 305.2
277.2 324.2
274.4 315.9
279.7 329.7.
434.0 392.5 358.3
445.5 413.2 407.1
423.3 403.4 395,2
405.3 415S.3 403.4
695.0 .459.5
280.2 354.9
276.2 .330.0
336.1 375.5 366.6 6.9 7.9 6.3
.
345.2 405.4 391.1 19.2 12.1 24.3
1.4
7.0 2.1
3.2 2.4 3.0
0.1 -3.1 -4.6
-0.5 0.6 6.3
.3.4 6.2 3.3
-1.0 -1.6 -5.6
1.9 3.4 -4.2
-1.3 0.1 -1713.
1.5 7.5
-J.7
3.4
5.3
:2.4
3.0
:5.9.
.
1.3 .1.4
.4.4
.7.7
4.2 10.7
.
ICC 17 CoiipuAilc ind regionalindexesdo not Includenll markets.SeebasedatetableIn Introduclionfor dletails. .
IFCG Regional Price Indexes vs. U.S.S&P500. 1993 (rebosed 16 1992-100) 175 150~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0
125 100
a
~~- ~
~
.~p-C~,-
~
-Z7Thk ~FM
.
A
i R X
j. Jan1
twO
9. 4
FAcgj o
reb.
Mvar
Alpr
Ma
Junil
fri
gI 1CG Composite I C¶ atin America
C
7
Aug1 el
~~~~~~~~~~~~ Sep!
at
.
N
Asia 17~~~~~~~ICC
DIV
EiNIIIRGCIG N1AtwKErsDa t
BASIH 40 i%
IFCGPrice Indexes Regional:vs. Developed Market Performance,1984-1993 (US$;.end1984=100)
Indexlevel
faWdN
1984
1955
1956
1057
1985
1989
1990
[FCCComposite IFCGLatinAmerica
100.0 1O0.0 100.0
122,2 155.5 106.6
132,9 146.4 131.4
146.2 97.1 168.6
224.0 154.1 253.7
339.9 221,1 434,0
234.8 203.7. 275.3
126.3
100.0 1~~~00. 100.0
143.2 4. 153. 151.6
1144,8 173.7
148.2 *224.9
166.1 226.6
211,3 274,4
197.5 290.3
IFCGAsIa U.S.,S&PV50a10. u.K., WI'100 Japan,NikkeI
MSCI,EAPE WI',EuraPac % chanpge
.100.0
IFCGComiposite LAtIIAmnTiCa IFCG IFCCA1541 U.S., S&ePSO U.K., Fr 100 Jaipnn,Nlkkeli MISCI,EAFE
.
.237.2 255,2 25211 5.7
22,2 6.6
-
.
26.3 43.2
..
FT',Euroi'ac
.10.0
23.3
375,744,0 25.3
14.6 21.3
2.3 29.5
-
53.0
-
51.6
.
538.5 398,1 397.5
604,2 -434.8 435.4
53.2
51,7
68,3
.53.0
391.9 .327.4 324.5
.
.
271.5 439.2 274.1
267.8l 457.0 273,9
439.6 69.5.0 459,5
249.4 317.5
260.5 302.5
260.2 354.9
411.0 360.8 357.2
'30.9 -8.1
.15.6 115.6
-.16.6
-0.4 26.3
326342 310.6 303.5
.
27.3
-. 66
21.1
5.5 35.1
9.4 4.9
405.4. 391.1 64.1 52.1
-14 4.0
..
-0167.8
-4.7 -26.4
7.6 17.3 1.
4.5
12.0 0.8'
3730712.21
65.2
43.6 .
.
..
.555-,
..
412.0 314.3 314.2
1993
1911992
.
66.8
23,Z
26.7
9.2
-24.7
10.2
.13.9
30.5
66.4
24.6
.26.5
9.5
-25.5
10.1
-15.0
28.9
fordetails, dte tableIn liitrodtuction secbin miarkeuts.8c Indexerdonotln'c1udueall andregional TheIFCGComposite Note 500, 1984-1993 S&P IFCGRegianal Priceindexesvs. U.S. (1984-100) 700 600
400 3100 .
200
1984
.1985
1986
.1994FACTIiOOK
.
1987
.1988
.
1989
lo90
1991
.
1993
t-iCGopst
America ICGLitln r-
7993
41 MARKETSDATA BAsE. ~~~~~~~~~~~~~~~~~~~~~~ENtiA[ING
Indexes IFGPrice 1993 .(US)
Basecdale
.C10.O
.MarIa WLatn America Airgtntinn Brazl Chile Colomblia Me'cko rena Venezuela EastAsia China Korea 7Philipphies Taia, CiaDec-54
i:Nigeria,
1I994 FIACTBOOK
912.6 123.1 1,883.3 2,009.9 967.0 1,022.0 ~~~~~~1,745.5 1,648.4 55,0 54.5 . 383.3 386.9
982.1 124.8 1,790.2 893.4 1,855.1 96.7 336.2
954.8 120.1 1,607.5 895.3 1,763.9 . $88. 3188.4
Dec.92 Dec~~~~.54
132.5 401.0 . 1.685.4 450.3
154.6 380.8 1,871.0 605..6
118.6 402.5 1,818.7
49.5
153.3 435.5 1,917.4 613.9
254.2 66.5 .190.3 247,8 91,7 599.2
238.3 67.9 216,6 241.3 87,2 609.3
318,3 85.9 134.1 23.5 120.0 466.6 196.2 184.'6
307.6 82,4 138.8 36.3 166.1 .456,0 .296.8 187.1
977.2
3, 59.8 181,5 273.7
Dec-89 Dec-54-~ Dec-Si Dec92 Dec-84
EurapojMideast/Airica Greec fiLingary Jurian
.l
Apr
Mar
Fab
Dec-84 De-8499.0. Dec-S.4 Dec-84 Dec-54 Dec-92 Dec-84
Dec-54
SouthAsia inidia 'De.4 Indonesia Maiaysid rakistain Sri Lankan Thailand
Poland Ilortugl Tukey' Zimbabwe
Jn
Dec-84 Dec-92 Dec-84 Dec-84 Dec-92 Jan-86 Dec-86 Dec-84
.~90.5
673.7. 317.8
.91.3
136.2 .36.2
100.9
. ..
454.5 .153.2
157.1.
.
309.5 65.0 286.9 257.7 91.0 .652.8
344.2 89,2 ..131.5 .25,8 101,1 466.9 213.8 188,0
.
.
.
Jn
May
.
1,219.6 187.5 1,890,0 1,143.7 1,906.6 119.4 361.6
1,336.3: 174,6 1,964.9 1,221.4 2,9. 135.1 4a6.7
1,302.3 193.7 2,081.4 1,268.7 2318 . 113. 387.!
1,602.4 193.4 2,315.8 1,471.6 2751 134.9 406.5
99.4 419.6 2,214.0 486
93.3 42.455 2,603.7 53.-
103.2 2,726.6 532833
92.5 507 3,753.2
316.4 94.6 302.3 302.3 134.7 918.5
381.0 103.0 310.1 333.3 157.1 .945.4
405.6 120.5 374.7 418.6 161.9 1,192.9
325.7 326.1 114.0 10.6 158,4 156.2 25.8 27.8 460.6 ~.554.6 539.9 562.3 359.1 42I3.0 308B.5 3 361.0
321.4
339.2
115.2
119.1
147.4 28.0 607.9 555.3 450.4 369.8 .
156.0 27.3 817.9 570.9 477.1 437.6
996.3 160.8 1,768.0 978.8 1,836.1 101.3 398.9
1,125.8 172.7 1,847,9 1,075.1 1,964.4 116.3 347.5
117.3
90.1 437.1 1,835,6. 535.8
103.8 419.4 2,005.6 516.1
100. 391.7 2,02219 506,5
258.1 78.4 218.3 276.8 100.9 630.2
253;6 .74.44
225.6 253.6 91.7 591.0
.:
Sep
996.7 163.4 1,839.3 949.9 1,740.5 98.8 421.0
1,872.7 574.5
315.0 83.4 15.2 31.8 334.9 491.4 271.2 189.3
290.8 81.3 164.1 32.4 .292.7
474.4 322.2 191.8
274.6 77.0 273.3 116,9 670.4 323.8 .86.4
161.7 32W 328.9 466.3 254.7 236.4
.
322.3 90,6 266.2 265.6 120.1 695.5
309.6 .92.0
.233.9
.
NovDL
Oct
Augs
925.2 134.7 1,620.4 983.3 1,702.8 .84.1.. 4.13.1
.447.0
.
Jul
252.0 258.0 118.3 6B7,4 345,2 104.1 151.8. 32.7' 464,9 556.8 335.5 282.0
.
.
.
EIuGNMAKET
..
AT
lAo4
IFCGPriceIndexes 1993. (monthly'% changelin US$)
Jan1
Markel. Latin America Argentina Brazil Chiile Colombia Mlexico.Peni Venezuela
.. .
East Asio Chiinai Korea
SouthAsIa india Indonesia Malaysia PakistaIn
.
Sri Lanka
Thail1and
Grolee
Hungary Jordan . Nigeria ruLiidl . Portugail ., Tuirkey Zimbabwe
~~~-4.2 -6.6
-17.5 2.3 2.0 -3.3
'1994 FACTODOK.
8.3 .2.3 -3.5 ,,, ~~~8.7 -28.6 0.2 ~~~~~~~~0.9 2.7 5.4 96-7.5 3, 0.8 2. 8.8 -8.7
Nov
Dt
.0 -1.3 -3.7 3.3 2.6 -5.1
13.0 7.9 4.8 10.3 7,0 14.8 -11,2
8.6 8.6 2.3 6.4 -2.9 2.7 4.5
9.7 -639 4.1 7.0 10.1 13.1 12.5
-2.5 10.9 6.1 4.2 10.7 -17.7 -4.5
24.4 -0.1I 11.5 16.1 16.9 21.4 4.9
15.3 -4.0 9.3 -3.7.-
-3.3 -6.6 0,9 1.8
-1.0 7.1 9.5 -3.7
-6.1 2.3 17.6 9.3
-3.1 9.8 10.6 6.7
.6.5 -1.0 7.3 -1.3 1571.3 6.4
13.1 19.6 7.9 .-5.6
4.3 -1.5 5.8 3.5 1.8 1.6
-2.5 0.5 8.9. 4.0 -11.5 -3.5 19.7 2.1
9.8 6.3 -1.3 -0.1 12.3 -1.7 .11,6 23,3
6.7 20.5' -6.12 1.6 41.A 19.4 18.2 19.5
-23.1 -2.2
-23.3 5.7
Europ./Mideosf/Africa
Oct
-23,5 2.6 23.-1.9. ,5.S
16.7 *. -5.0 ~~~4.8 110-2.7 ~ 34.5
8.8 2.9 -5.8. 0.7 -2,9
Sep
8.3 21.3
32.5 -4,7..
4,0 -3.2 -0.3 -9,5 11.2
Atug
-2.4 -2.8 -..12.3 -1.6 1313.6. .8.9 0.3 -C10.2 -3.1 -4.7 -5.2 -8.1 6.7 . 15.6
7,9 1.7 -4.9. -7.5 12.9 10.4
~~~~ ~
JItIl
JLn
Apr
-6.6 24.5 -6.0 -5.3 -5i4 4.4 10-12.8
-0,2
tliay
MaInr
2,3 1.6 .12.7 -8,35.5 -15.0 -15.3
~~~~
Philippines
Taiwan,China
Feb
7,2
.29.4 8.4 5. -5,4
-6.2 2.1 14.2 -2.4 ~~~~~~~~-4.5 2.3 -7,3
-7,5 -3.7 2.0 -8,8 18.7 0.0 -1.0
-3,3 -3.6 5.5 57.6 40.0 1,8 53.2 2.1
6.5 9.8 .5.7 4.3 5.2 ~~~~1.3 5.3 -2.9
~
.
2.6 2.2 9.4 -1046
.101.9
7.8 -8.1I 4.1
.
-3.1 3,0 17.5 2.1
5,5
.
-6.6 1.9
3.0
1.8 4.5 13.6 13.8 12.2 32.2
.
-570.1 5.2 4.4. -15.1 -0.9 -3.0 236-5.8 9.8
.
4.0 -1.4 *6.5 20.4 4.1. 17.1
.
10.6 7.1 4.8 3.95
-10.3 10.5 37.7 49.7
20.5 .6.5 8.9 2.8 10.4 6.169 2.9
17.2 21.0 25.5 3.2 26.3
-1.4 1.0 -.3.6 8.4 9.6 -1,3 15.859 2.8
6.0 3.4 5.8.1 -2.6 34.5 *2.8 18.8
DATA 1BAsE.43 E,%ir,:iCi,Nl,%RKI.TS
IFCGPrice-indexes 1984 1993 end of periodlevels) CUSS:
:Mnrkel Latin Ametica Argentina Brazil Chille Colombia Meoxico Peru Venezuela
(=100.0)
Dec484
1984
1985
1956
1987
1935
1959
2990
1991
100,0
174.5
128.1 134.0 3171.9 167.8 194.6
137.2 45.8 386.3 278.1 192.2
179.3 94.0 471.5 2287 362.9
426.7 126.3 638.6 237.3 609.1
267.7 4. 538.8 299.9 760.5
1,322.0 0. 1,593.5 521.3 1,540.2
958.0 0. 1,788.8 1,117.5 1,548.0 100.0
134.9
100,0
70.2
108.4
164.4
123.1
80.7
551.8s
792.9
454.2
406.5
200,0 .100,0 200.0
128.9 132.6 107.0
225.5 613.7 156.6
297,6i 912,8339.9
616.0 1,225.9 649.0
650.5 1,935.8 1,287.7
483.3 870.2 6312,1
406.5 2,372.4 623.9
10. 420.9 1,'605.5 452.2
507.7 3,753.2 543.3
100.0
199.9
189.3
154,8
204.4
243.4 98.9 137.7
283,7 57,1 150.7 345.3
346.3 57.6 187.8 274.7
100.0 100.0 100.0 100,0
Dec-84 Dec-84 Dec.84 Dec-84 Dec-92
182.7 135.6 741.9 107.6
----
--
~~~Dec-84
1992
EastAsia Chlina
Korea Ihililpplincs Taiwan,Chilina
Dec-92
De.c-84 Dec-84
SouthAsia India Indonesia *Malaysia Pakistan
Dec-84 Dec-89 Dec.84 Dec-84
Sri Lanka
Dec-92
Th.ilnd
De-c-84
/rMie i/Aro Hiingary Jordan Nigeria * Poland
Dec.84 De-2.100.0 . Dec-84 Dec.84
~~~~Dec-912
Jan-86 Portugal Dec.86 .-*Tuirkey Dec~M-84 Zin~~babwc
1994 F'ACTROOK
20. .100.0
--
---
-
~~~~~D.c-84
122.3
122.5
12 las.1
208.7 100.0 58.5 126.1
--
-
489.79, 110.4
.132.2
100.0
91.3
145.8
190.9
257,0.
49.7.4
381.1
445.7
605.6
100.0
91.5
129.9
306.8
172.0
207.9
559.9
437.6
292,1
00,0. 100,
2441.0 95.4
135.5 38.3
12. 32,01
1)6.7 31.0
102.3 34.2
100.7 42.8
106.7 54.5
565.2 601, 1,130,5
536.7 336.2 511.6
129.1 33,3. 100,0 *131.1 152.2 190.7
.
.100.0
-
-
235.6
~~264.8 597.6 844,0 ~~~~~~ ~~~~~~ 100.0 248.7
1,602.4 9. 2,315.5 1,471,6 2,715.1
92.5
405.6 120.5 374.7 418.6 161.9
100.0
-------..
1993
3410.5 * 128.4
223.5 488.8
'820.4
6412,2 612.4'
.
1,292.9 339.2 119.1 156.0 27.3 817.9 570.9 477.1 437.6
DATrABA,sr MARlKETS 1-il:NIUIGNG
44
IFCGPrice Indexes 1984-1993 (annual% change In US$)
3990
1991
1992
1993
138.0 34.4
-37,3 .67,3
393.9 148.4
-27.5 .1.5
67.3 91.3
-17.8 99.2
3.8 67.8
26.4 24.9.
173.9 102.4
36,1 20.0
31.7 46.9
43.7
-42.7
-10.5
Mairkel
1984
1955
1986
1987
1988
LatinAmerica Argentina Brazil
-15.5 41,4
74.5 82.7.
-26,6 -26.7
7.1 -65.8
30.7 105.2
65.7 -6.4
Clille
Colombli Meixico
-28.1
35.6
134.4
1.3
-25.1 7.6
124.0 80.9
Peru
22.1
21.5
---
Venezuela
--
.1989
90.0
31.3
35.4
29.5
12.,3
34.9
--
29.8
54,4
51.7
-25.1
-34.4
28.9
74.9
32.0. 4734655
107.0
5.6
90.9
95.4
32.0
2.1
24.1
40,5 -1.6
34.6
935,534
5535.
.
last Asia
*
~~~Chinai.--.-
-7.5
13.0
Korea Phiilippines32632
~
Taiwan, China
SauthAsia India Indonesia Malaysia Pah1staii aia SrI WOWThailand
~
-
3.5
20.6
-50.9
-1.3
-27.7
86.9
16.6 11.231.9 -13.1 4.8
16,6
22.1
9.4 161,2
24.6 -20.4
17.1 109.1 99.5 52.4
117.0
.99,9
-5,3
-18.2
15.2 10.4
8,1 10.5
-0.9 0.2
-8.7
59.7
30.9
'5.5
42.0
136,2
-43.9
67.4
94.5
49 -59,9
-7,7 -16.4
-141,6 -3.1
-4.1 10.3
-1.6 25.1
218.7 240.5 .72.3.
-29.2 -63.7 14.1
37.3 420.2 25,3
-31.1 .6.4 84.6
.
.--
-15,9
25,7 5.57712133
.46.4
-7.0
-6.5
.
.4.6
61.9 .-
Europe/Mideast/Africa Greece Hungary Jordan Nigeria
8.5 -24.7
.
1994FlACTmOOK
17,0359.70 -21.8
.16.1
-33.2
19.1
--.-.---
44.0 4.6
-15,5 --
.
27.3
21.0 -38.9
-1.5 -44.1 -54.7
-22.6 -54.8 -61.6
*6.0
*
20.5 -15.2 717.9
Polamnd
Portugal Turkvy Zimbabwe
.
----
-23.0
.
1565.6
32.4 213.7 122.5
NMARMIisDATA BAsF,.45i EMERI:IGING
of the IFCGPriceIndexes Statistics (US$;December1988-December1993).
7
Mecanof ~~Nunmbrrof
Mark-t'
oniobts %change
AnnualizedCorrelitIon Staindard Annualized standard 111C.fl devitifon deviation
LatinAmericaRgln 33.52 21.82 . 7.50 10.78 7.65 12.80 14.66
94.44
43.68 35.52 43.92 44,28 39.36 36.12'
116.12 75,59 .25.98 37.34 26,50 44.34 50.78.
19.80 8.50
13:56
0.02
68,59 244
60
2.41
10.55
28,92
36.55
60
1.50
15.03
18.00
52.07
2.24 2.35 4.38 3.01
*
20.76 9.54 26.88 28.20 52.56 36.12
38.35 32.29
60 12 60
11.07 9.32 6.71 8.97 7.99 9.35
/Afsica Europe/Mideast * 60
1.94
.13.7?
.60 60 12
0.79 0.48 22.05
5.59 11.68 30:20
7.22
2.04
60 60
4.06 0.24
20.20 9.24
48.72 2.58
Argentina
60
Brazil Colombia MeIXICO Peru Venezuelil
60 60 60 60 12 60
China Koren
.60
'Cilei
1111PhiIpnes
*Taiwan,China SouthAsila *India. indonesia Malaysia Pa.kistan. Sri Lanka *Thailand
K
n *Jorda Nigeria Iolanid
Plortuigal Tuirkey Zinbibbwo
7.87
3.64 2.96 3.66 3.69 3.28 3.01 EastAsia Eost A-ito 1.13 12
6173 48
~~~60
60'
1994FAcTooOK
.0.82
0.17i
.4
23:28 9.48 5.76 .264,60
.23.24
31.07 27.68 32.39
.47:70
Market
.0.04
Comiposite
60
1.33.
LatinAmerica . Asia .
60 0
2.93
0.211 0.13
~
0.10 0.34 9 0..1 0.10 -0.55
.
Correlation Annualized,L Whill Stanulard Annualized standard mnean dieviation S&i'500. .C deviation
1.09
Developed. 0.94 60 U.S.,S&P's00 0.90 60' U.K.,FT100 ~~~~~ -0.32 ~ 60 Nikkei ~ ~~~ ~~~~~~~~~~~~~ 0.20 60l SAFE M~~~~~~~~~~~~~~~~~NSCI, 600.15 ETir1forlac
6.39 8.84 . 7.61 3.72 5.66 ~~~~~ 9.16 5.91 6.10
15.96 35.16 13.08
22.14 30.62 26.36
. .
12.89 11t.28 . 19.61 10.50 31.73 ~~~~~~~~Japan. -3.84 20.47 2.40 21,13 1.80
0.26 0.24. 0.19 1.00 0.59 0.29 u.44 0.43
.01
0.37
.
0.16 .-
0.16 0.18 0.44 0.04 -0.05 .0.33
0,04
19.36 40.46 104.62.
0.22 *-0.i3 0,40
69.97 32.01
.0.23 0.06
25.01
oif MeNI1 of Numnber months %change
with S&i500
04.36
ENrtEcw.INCARKETsDATA BASE 46
U
o,
0
Ut
C_
Ut
Ul
0
0
C
Ut
' ~~~Poland ~~~~~~~~
'TI
-
-
SriLanka
nL4DC)
~~~~~~~~~~~~Turk`y
o
x
Me,Jco~~~~~~~~~~~~~~~~~~~c 0
Colombia Brazil Pewn xo
Thailand ChileIFCGLatinAmerica Philip*ies
CD
mC
CD)
Pakistan Malaysia
ol 30E
00
Hiungary Taiwan, ChinaC. IFCCComposite C3tna IFCCAisia us,. S&_P50 UX., FF1100 hidonesia Jordan NigeTi Zimbabive MM~, EASE Portugal Fr EuroPac
C
xD
0D
Korea Japan. N: ! "
C-
~
05
70
Argentina
am
-Z
D
D
D
D
a~~~
Poland
Taiwan. China
Colomia
8. Zimbabwe Japan. NVik(e, it
[FCC Uin~macric
~~~~~~~~~Kore.
Sri Lanka IRXC
Asia
Hungary Portugal Malaysia lRCGCompc4e. Fr Eu rPac MSI. !lEAIE
Jordan U.S,
S&P' 500
.
IFCGPrilceIndex Correlations *(December1988-December 1993)
uar,gFr soo * japin, Nihiel
Psooi 0iuS 0.44 0.43 0.26 0.24 0.29
NISCLHAPFE Fr., EurI%ic 11CCConpeosti I1CGLatintAiedria [FCCAsia
~~
'. *.-
Ar~~epIIuu Brazil Chile . Chin., Colombia Crone 2Iuogary India . Indonesia lrdain Jo Morel Ittysla 16,2cc
0,49 2.00 0.71 0.69 0.24 0.10 0.20
2.00 1,00 0.30 0.19 0.2?
2.00 0OX 2.00 0.18 0.51 1.00 0.28 0.96 0.2? 2.00
0.04 .0.1t 422 -0.21 .0.12 40? 0.02 .0.09 2.0 .00 020 0.0? 0.25 0.18 0.26 0.36 0.84 0.14 -0.19 10 0,23 4002 424 .0,25 42.7. 0.31 0,37 0.24 *002 0.21 10 '0.55 -0.36 022I 4080 -0.03 -.0.20 4G.M 4007 -0,46 .0.26 .0424 1.00 0.10 0.20 0.03 0.07 0.06 0.24 0.20 0.12 -0.08 0.14 .0.20 .0.32 2.00 0.04~~~O 0,09 0.0? 0,14 0.23 0.02 0.24 '-0.06 0.112 0.2I 0,02 0.4 0.6 0350 .0,23 0,07. 0.06 0.25 0139 0,15 0,42 40,0 0.04 -0.23 0.68 -0.26 -0.04 -0.26 -0,22 -0.23 0.03 0.,1 -0,02 0.1? 0.12 0,23 -0.02 -0,02 0.26 0.25 .107 0.08 0,06 0.43 1105 0.42i 9.u9 0.10 0.26 -0.25 0.24 0,22 0,27 0.22 0.28 0.26 0,28 -016 0,23 -0.14 *0.D8 0.02 .0,33 0,07
~~~0,42
~~~~~0.25 0.29 0.32 0.31 ~~~~0.44 0.44 0.40 0.52 ~~~0.34 0.25 0.24 0.28
.
Nizerla .0,13 0.02 .OM0 0,17 Peru 0.a49 O."3 PhOippina .~ 0.37 0.26 0.40 0.43 2'wtugal 026 0.44 SriLanka -0.05 0.02
.I'Akstan
Taiwan - Thailand Tertcoy
.
V.nauela
.
Zinhibmiw
0.92 0,94 0.25 0.27 0.23
0.32 0.50 0.27 0.27 0.02 0.7 0.31 0.3
0.42 0.04 0,60 0,27 0.44 0.43 1123 0.20 420 -0.07 .0.13 0.02 0.14 0.64 0.28 0.44 049 0l84 0.25 0.33 0.50 024 1127 0.35 0.03 '0.08. 0.41 0.54 0.M 0.22 0.z2 .0.34 -0.44 -0.44 0.22. 045
0.26 0.27 0.22 0.24 0.24 0122 0.26 0.28 .0.28 . 407? 0.0 0.06 0.05 0.10 .-0.02 -0.22 -0.22 '0,22 0.06 0.22 0.24 0.27 0.28
~~0.33 ~~~~-0.23
0,47 0.59 0.36 '0,08 0,15 0.39 0O5F 0.7 0.22 0.22
0.013 .0,13 -0.21 0,22 0.35 008 -.0,1 0.04 .0.03 1174: 0.06 44O 0.20 '044 .0.25 0.23.0.25 -0.02 0.23
~0.0?
2,00 0.23 2100 0,09 0.58 2.00 0221 0,49 0.22 2.OU 0.20 -0.50 -0,13 0.00 215O
.1103 .0.20 0.006 .0.21 -0.21 -0.4 .00 0.04 0.22 0.00 0.29 0,00 036 0.02 0.50 .59 0.07 .0,45 .0.02 -0.02 0.35 0.04 0.22 .0.05 -0.22 0.40 0.09 0.07 0.0,8 .0.28 .0.09 0.05 0.04 0.036 0.43 -0,09 .0.02 -0,03 0.14 0,20 0,19 .0.62 0233 4)05 0.23 .0,14 032 007 0.2? 0,10 0.32 0.21 0.10 -0.0 0,52 122 .0.22 -0.30 034 0.22 0.23 0.17 U03 0.22 0.22 .0.20 0.04 0.,46 0,61 0.12I 0.37 -005 0.20 .0.33 0.3 -0,09 0.31 0. 03 -0.05 .0.31
0O6 0.24 0.91 -1107 0.24 0.22 -0.02 0.12 -0.02 -0.05 -.0,6 0.3 1122 .42 0.2211043 0.08 0.02 0.20. 0.02 0.16 0.16.0.12 0.27 0.39 1129 1124 0.05 0.22 0.16 0.25 -0.13 0.43 0.20 .038 -0,09 0.20 0.32 *0.07 -0,29 .0120 0-026. 0.06 -0.29 -0.29 .0.06 (1.17 0OM -0.20 0.05 '0.06 .0.12 1106 1108 0103 0.21.2 0.04 -0.04 .0.20 -0.03 O.M1 0.78 -0.24 0.22 410.5
1,03 0.30 2,00 0.27 0.42 2.00 0.23 0,.06 .0.02 20 0,09 0,11 0454 '0.03 1.00 .1355 o.37 0.50 0,35 0.32 2.00 0.0 0.56 0,19 -. 2 0.23 0.37 2.00 0.20 035 .6,02 104580O0 -0.07 -007 1.13 1102 0,25 -102 -0.20 0.06 0.27 0.25 0.48 2.00 0.04 0.06 0.49 -0.22 0.38 0.25 0.06 -0,07 -0.24 1,00 1124 0.44 0.30 0.26 0.65 0.28 -1103 0.17 .0.13 '0.05 -01118 -0.22 -1105 0.27 0.05
-0.25 -0.02 0.20 0.29 0.06
0.11 0.38 0.47 0.22 0.35 0.52 0.04 -0.23 9.02 0.04 0.22 45,4 -0.02 0.53 0,13
-0.09 42.0 -0.23 0.26 0.08
0.07. 4006 I0 0.25 0.22. 0.212 1.111 O.211 -0.35 0.28 0.25 1.00 0.53 01123 40 -0.16 409 2.0 21.23 0.45 11070.06 0,03 0.27 1.00
NovI'; Corre tlatons are for fIvYe years; af nmonibhly reIltirs be-gi nnIngDecemibur 1988,eNccpifor ChIIlin,I lutin gary, I'oarus, Plola nd andSrI anka,wvh lic beglinDea.m nber 1992, andindoneshi, wiyichbegins D.cemnber 1989.
1994rPACTIIOOK
E~Nw KG! INc;NIA452< Ts DATA 115A0.48
-c t~tI
>
n
~~~~~~~~us. s&r 10a
X
MS~~~~~~NC!. EAFE
I
~~~II IlIlt 2
Il t i I I
l
b~~~~~~~~~~~~~~6.
-
I.II...........(
(
C
-
-.
'.0
CD
'Malaysia
6
Fr. EuwropPc Hungary
Ca*
Pojland Milippi-
CD = 0~~~~~~~~
=
Portugal MexicoThailand JapanU.
r-
0A
Nikkoi
IFXCC Cmposite IECO IadstnAmerica Jordan
2
'OP
-'l
-0
CD
IFCGA-ia Indontesia
aL
Koreal
Taiwan
0
Colombia Zimbabwve Argentina
Paua.tan
CEO
(
~~~~~Turkey ~~Chin;
Z3
ri
I
Nigeria IndiaX
g
Ca
-u
r
*
Po~~~I'land Argentina
*.
~
Hungary
~
C.
...
-
Taiwan. China
ikan
~
~
~
~ ~
........
Braile
ChinUea
-
.
(31de ~~~ .'ha
..
. ..
-
-I
-
~ ~ ~ ~ ~~. _
.
.
.~.
.
S
CD
o
In
.
V~~~~~~~~~~~enruel
Colombia hilippines Zimbabwve Niperi.a -jordan
.-
IFCG TotalReturnIndexes -1993PerformanceSummary (ronked by 1993% changes In US$)
% clinageIn IFCG .
:
~.:.
.
EmergingMarkets ,*;
'
Raink
Meirkel
I 2 3 4 S
IPoIland Turkey Zlbbivbae I'llilippinics Indlonesia
6
Ta,1iladll ,7
8 'tR3rai 9 t: 11 -12
*'. - i ;. .
.
.<:
;
.
'
Regions c
fi
PercentChange.In IFCGTotalReturnIndexes,1993
103.0
700
102.9 99.A 59.0
650
Argoitina
72.3
Sri Lanka ikistan
54 56,2
lMeXIco
600 550
'
500
49.1
450
35.1 37.2 34.7
I S.
Hlngary
24.6
19 20 21 22 23
Jonlan Grcvec Koreo Imlin Venezuela
24.2 21.9 20.9
250
18s
200'
24
ChIna NIgeria
-7.3 -11.6
150 1
AsIa
70.0
50 a
i7
I
~
;3 DevelopedMarkets
Taiwan,China
739.6 234.3 143.8 134,9 113.475
Portugall Peru Colombia
14 15 16
25
i.'
.
aIlaysia
b,i.,,'
13
TotalReturnindex
Chle .
40on
34f6 300
-6,9
~ ~~~~~~~2 Coinposilc
67.0 56.1
I.n1 Animericii
H H 0 n
I MI, AF 33.0 1,;;~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
.r,~~~~~~~~~~~~~ ;.
:.
.
.
,
.
,
,
.4ki -
,
nr
1--
.
uIMC3.
v;!. . ,
nm
;5
, E_ .g
g' q
,
.
.
.
Q EmrgiIn,mayrkets
U:p. D
;;
.
.,
Indexes(Nikkelndt! of IIhe I10a)I Japa1nese NolLs: Nelilter
1994 FACTBOOK .
' atotil returninex.-1 Topix)publishes
:
mrkets netrd
l dIndxes fl..IFCRegional
l NERGING MAIKETSDATA BASE 50
Indexes IFCGTotalRetUrn. 1993High,Low,Close yewr-endand week-endvalues) *(US.$; Market
1992
LatinAmerica *Argenthin
'MONic
I'en; VnLwZ1.la
*
EastAsia China Kor.La I'iuirppinLes
Chimi Taiwan,
341.7
17-Sup
5.Peb
.151.21
31-DeC 2,993.7
2,171.6. 2,9254 2,608.2 3,909.5 137.2 1~~~~~~00.0 506.1 523.6
1,632.3 19-Mar 3i-Dee 31-DLc 2,330.3 26.Peb 3,909.8 137.2 29-jinr, 85.0 29-Oct 487.3 377,5 19-Mair 22-Oct
.7-Mal-Y
17-Dee
509.9
23-Jtil
23-Apr
284.7
.460.3 455.1 710.8 100.0 165.4 900.4 1,827.8
31-Dt.c 31-Dec 31-Dec 31-Dve
218.8 399.3 83,6 698.8
Europe/Mldeast/AfrIca 537.4 707.7 GreeCe '124.6 ~~~~100.0 ilungary 258.1 ~~~~~181.8 Jordan
13-Aug 31-Dee
. 8-Jan 547.3 9.JuI 71, -a 18. 53.9 .29-Oct
RegionsX . nCoposIte LatIlnAnierica Asia n
450
59.0
126.0 31-Dee, 60,3
.9JI
64.4 100.0
67.9 .20.Aug 839.6 *31-Dec
503.1 227.0 384.8
712.5 759.0 935.0
331.4
555.2 .31.Dee
97.4
10-Sep 503,2 31-Dev 212.2. 31-0cc 404.6
.92.7
627.13,0 5-MuI 15-Jarl 4,831.4 8.-Jan 952.2
416.0
PortugalI Turke-y Zimblabwve
,0
4,000 87.7 100.0 167.2 19-Feb 518.6 628.9 17-Dec 454.8 2,121.0 2,1056.5 4,831.4.31-Dee 503.7 952.2 31-Dee 481.0
in1doniesia Malaysia .226.9 Palkistan Sri Lankai Tiailand
**Poland
316.9 4,462.95,0 2,925.4
3,315.6 4,462.9
hicdi
NIgerfii
1993
HighandlClose,1993 Indexes IFCGTotalReturn
SouthAsia
*
week
i.owV
1,253.1 2,164.7. 31-Dee 1,154.2 5-Ma4r 2,164.7 158.9
BIrazl Ch1iti Colombia
week
1-ughi
*
.494.0
22-Jan 120'.0
2,.500
I5.Jan 460.3 23-Apr 710.8 12-F-eb 165.4 2-Apr 1,827.8
2,000
1-Feb
655.3 124.6100** 2.7 57,10
1,500 101 500
m
U1
r
839.6
.
8-Jan.6941.6E 15-jan 759,0* 2-Juli 938.0
659.3
319.3
1.032.2
31-Dee
543.2 . 3-De
I
9h4
a
.
341.8 639.4
316.1
29-Jan * 555.2 * 12-Frb*b 1,032.2 543.2 29-Jan *
.
.
t2-
u z
u.. .
,
.
Qnd-1992lndexlane! indeN level End-199.3 tiinMarch31. was 372.5 hereas thelowvwe-k.Tiuelow montli-tl-ndI VAiLICfnr'Ziu-ImbiwL r0ported whichi1% onItilyZ,19931, startedL for Zim''babwve Indexcoviorage Nine:i1C'swyeekly
1994 FACTUOOK.
s DATA BASE 51 MARKET Emnir-c.IN
IFCGTotalReturn Indexes Regonal vs.Developed MarketPerformance, 1993 (US$;end 1984=10O)
Index
* Idex level
*
J~~
IFCGCComiposiIe IrCGLatinAmerica I rCCPAsli
329.2 643.4 317.3
~~~~~U.S., S&r500
345.1
NISCi,EAFE
*
PT~~~~~F, Euirol"ic
7 %ohange
Mar
344.5 646.6 337.3
351.8 684.6 339.6 357.3.
.349.5
361.1 362.9
IFCGCornposltu
-0.7
IFCGLatinAmerica
-2.1
2CG Asia
~ ~~~an Feb
U.S.,S&P500 NMSCI, EAFE 1ST, EurolPac
Juil
Atug
Se'p
Oct
358.0: 659.0 350.3
30,8 .670.1 352.1
.368.6 731.9 345.8
373,9 742.9 351.3
390.9 796,3 359.3
403.9
435.3
516.3
851.2
370.7
410.7
345.6
35510
445.7
357.5 461.4
365.9 436,41
365.4 475.6
375.9 490,4
449.7
470.2
493.8
480.1
490.8
1.4 1.5
4.5 7.2
3.3 2.5
4.8 0.2
2.0 5.9 0.7
1.8 -3.5 3.2
0..5 1.7 0.
2.2 9,2. 152623..
2,2 6.7 9,1
.2.5 9.3 9.0 .
2.7 2.1 2.5
2.7 -1.5 .2.6~ 7
1.4 . 3.4
443.2 449.1
-367.0
404.7 409.4
.6,3
0.7 0I 0.0
Jwii
372.1 375.4
.
-06
Maly
.Apr
452.7 461.6
Nov 463.5 919.5 . 436.8
4.3
555.2 1,032.2 343.2
372.3
376.9
446.7
480.0 477.3
6.9 .0
19.3 12.3
.447.6
7.8 .
I
.
056.42. -2.8 3.5 4.0
3.2 5.11 5.0
-0.1 -2.2 -2.5
2.0 3.1 2.2
-0.9 -. -9.0
.
1.2 . 6.9
Nate: TheI1rG Composite anidregionalIndeNxes ito not inclutdeall markets.Seebasedate tableIn introduictionifLirdel Ils.
..
IFC.GRegionalTotalRetUrn IndeXesVs.U.S.SIP SOQ, 1993 (rebosedto 1992=100) 175 150
S
125-
l~~~~~~~~~~~~~~~~~~~~~~ FCGLatin Aiiierlca
too -
jlan
1994FA~CTE1aK
Feb
Matr
.Apr
May
[fi
Jll
MgAn
SO)$
Oct
M.z.
Dcc
Emni,CINc. MIARKETSDATA BASk 52
IFCGTotal ReturnIndexes 'Regional vs. Developed Market Performance,1984-1993
:
(USS;end 1984=100)
indexe.w
Inde"level
-1984
..
4t
1987
1988
1989
1990
1991
1992
1993
1000 100.0 100.0
127,7 165.6 109.7
144.1 161.5 140.1
163.6 112.3 154.1
258.9 191.2 316.7
400.5 289.8 490.7
280.9. 279.0 313.5
330.3 623.7 31_.2
331.4 659.3 319.3
555.2 1,032.2 543.2
U.s., SAP50o
200.0 100.0. 100.0
131.7 156.7 157.8
156,2 266.3. 267.8
164,4 332.7 339.0
19.5 427.9 436,2
251,9 474.1 485.2
244.1 364.1 369.6
318.3 409.6 416.2
342.7 361.1 362.9
376.9 480.0 477.3
27.7 65,6 9.7
I2.8 -2.5 27.7
13.5 -30.4 31.4
58,2 70.2 72.0
54.7 51.6 54.9
-29.9 -3.7 -36.1
17.6 123.5 0.5
0.3 5.7 1.3
67.5 56.6 70.1
31.7 . 56.7 57.8
18.6 69.9 69.7
5.2 24.9 26.6
16.5 28.6 28.7
31.6 10.8 11.3
-3,1 .23.2 -23.8
7.6 12.9 -12.8
10.0 32.9 31.5
IFCCCaniposita IFCC LatinAmoricaIFCCAsIn1
0
1986
IFCGCompuosito. IFCCGLatilAnierica IFCGAsi NISCI,RAFE FT, EniarIiMc
%change
1985
.-
U.S., SAP 500 -MSCI,EAFE PFTEurol'lc
-
30.4 12.5 , 12.6
;Notl ThoIFCG Composit m!drukonwalIdexes do nltinclude all markets.Seebse dtut tab!In iintodidctioofir details.
IFCG Regional Total Return Indexesvs. U.S.S&P500, 1984-1993 (1984=100) 1,100 1,000 900 800
700600 :
)
:
_
~~~500 400d
300
\
0if
t
200 ;a
:
0
1984.
10
-
3 0_
.,
L_
,F
-. .,,.$.,.,.7 1985
1986
1987
1989
5988
.
1994 FACTIJOK
-
.'
. .Soo
~~~~~~~~~~~~~~~~~~~~~ Amekat L-itin W~~~~~~~~~~~~~~~~~~~~~~~~~~
._ . _ . _
_ .7
p
1 .
..
199(1
5991
1992
U
C
P
5993
. ' ' , ' ,:' '.~~~~~~*..-,.
EERGIEIG NIARK1rFSDxra
BASE 53
IFCGTotal ReturnIndexes :>,
993 CUSS)
Bas date (.0.).jan
Mfar
Apr
1,255.9 194.9 3,044.4 1,749.3 2,506.5 90,0 412
~1,225.3
Chile Colombin Mexico Peru Venezuela ,
1,197.4 1,291.8 394.8 398.2 ~~~~~~~~~~3,737.6 .3,512.1 .3,340.8 1,885.6 1,744.7 1903 ~~~~~~Dv.c-84 2,463.6 2,330.3 2,629.9 811.8 98.0 Dec92 85,0 433 4.8, 304 Dec~~~~84
EastAsia China1 Kore Phlilippinecs Chiina TaIw,in11,
Dc9 D3-9 'Dec-84 Dec484 D,c.84
153.4 537.6 2,461.6 685.6
117.4 551.7 24104.3 645.9
Market
Feb
Latin America Argefittiuiu
Brazil
..
South Asia IndIa . IdoneCsia1 Malaysia .. *iakistaiu 'Sri Lankii *Thailahnd
-.
Dec-84 D.'c-84 Dec.34 Dec-84
1,282.2 156.4
154.6 469.2 2,393.2 676.1
32.5 494.1 2,155.1 . .502.7
61.4 219.6 453.8 90.5 1,00i.7'
DeIC-84
Dec.84. Dec.92 Dec.84
.2,327.8
725.1
3i9 66.8 226.1 427.3 .91.1 972.4
.Dc43.3
Dec-89
118.6 496.0
356 .68.3
230.5 413.3 .92.3
901.6
Jul
Aug
1,327.1 265.4 3,504.7. 1,867.5 2,503.3 100.4 914665
1,326.7 261.8 3,376.3 1,928.2 2,640.9 102.9
1,499.1 282.6 3,539.8 2,126.8 2,825.4 118.2 414.1
90.2 539.6 2,358.7 603.4
104.0 518.1 2,577.8 581.3
100.5 483.8 2,600.8 570.'.
2,848,9
311.1 266.0 466.2 102.6 955.0
332.4 80.2 285.3 460.4 118.7 1,016.3
376.1 95.9 307.8 ' 434.5 120.2 1,047.1
321..385.1 94.5 98.7 370.2 325.8 449.8 '512.1 122.3 137.2 1,064.1 1,406.6
566.9 85.1 237.2 66.9 300.5' 577.1 508.9 404.3
622.4 90.4 234.1 66.8 337.6 567.3 .849.7 498.5
@42 109.0 219.7 67.9 477,3 677.3 531.5 597.
May
Juin
218.8 3,084.9 *1,928.0 2,429.8 85.4 814
.
286.6 *69.8 263.3 403.3. 88.1 921.8.
305.1 76.6 274.6 424.4 92.8 895.2
.81.0
.
Sep
Oct
1,627.6 307.0. 3,621.1 2,262.0 2,743.1 121.3 432.6
1,785.4 286.0 3,770.8 2495 3,020.5 137.3 486.7
1,740.3 317.3 4,002.6 ,201 3,343.4 113.0 464.6
2,164.7 316.9 4.462.9 2,925.4 3,909.8 137.2 487.3
93.4
103.4 567.6
92.7 627.1 4,831.4 952.2
99.5 518.3
.530,0
549.3
3,349.3 600.6
Nov
-3,509.0
635.9 46.490 107.5 380.5 565.2 .160.3
1,447.8
BrLI
126.0 460.3 710.8 165.4 1,827.8
Eurape/Mldeasi/AfIrIa
'P' '
Dec-81 Dec-92 Jordan Dec*84 Dec-84 N~rI&CF Polaind . c-9. I'orIu~~~~~ai Jan46 ' Tuirkey Deec86 Zinmbab%ve ' v-84
584.7 91.3 191,8 70.0 100.9
reeCe
Hungary
Ig4rCUO
~~~~530.3 '
233.9 373.4
.
'
633.4 89.2 1~~~~ 50.0 101.1 544.8 326.5 376.5
585.7
566.6 82.8 199.2 ~~~~~~~85.1 388.8 *15.7 72.0 120.0 168.1 '544.5 554.5 462.8 302.0 3172.5 380.3
.85.9
~
.
SNUI 84.6 217.8 .64.3 339.4 397.9 425.1 '396.1
.
6.6 114,7. 220.3 57.7 472.9 656.9 657.1 655.9
'
627.4.. 119.3 26.214 33.9 56. ' 684.1 618.9 . 767.9
61S.4 120.5 5845 624.183.
675.6 716.5 789.3
655.3 124.6 257 57.0 694.6 759.0 938.0
BA%SE54 EMERGINGMIARKETsDXTA%
IFCGTotal ReturnIndee 1993InU) Cmonthly% change'nU$
~~~ ~
Market Latin America Argenitina
~~~~ ~
Chile * OXCO-5.5 *Peru *Venezuela im
EastAsia *China Karen Phili1ppines ailwan,China SouilhAsia *India *Indaonesia Malaysia Pakistan Sri Lanka Thtailand
EUsope/Mldeast/Atrica Cra'c. *Hungary Jordan *8.7 Nigeria * *.
at,d .
*Portugal *5.4 Tuirkey Zimbabwe
*3.0 *-2.9
'1994FA%CTOOCK
11.5 16.1 16.9 21.4 4.9
Oct
7.9
.2.5
-2.4
8.3
0.0
13.0
5,6
-4.9 -7.5 12.9 10.4 -12.8
.8.9 0.3 .4.7 -8.1 15,6
1.3 10.2 -3.1 -5.2 6,7
~~~~~~-3.13.3
4.8 10,3 7.0 .14.8 -11.2
.2.3 6.4 -2,9 2.7 4.5
29.4 8.4
-23.5 2.6 -2.3 -5.8
-23.1 .- 2.2 -199.3 '-6.6
3.3 -6.6 0.9 -1.8
-1.0 7.1 9.5 -3.7
13.1
4,3 -1.5 5.8 3513.8 1.8 .12.2 1.6
~~~~12.7 -6,0
.-0.2
34.5
-4.2 4.0 -3.2 .0.3 -9.5
-6.6 3.5 2,9 -5.8 .0,7 -2,9
-17.8 2.3 2.0 -3.3 1.3 -7.3
11.0
.
6.1. 4.2 10.7 -17.7 -4.5
SL.p
-23.3 5,7 -2.7 7,2
M.
.
4.1 7.0 10.1 13.1
Aug
16.7 -5.0
.58. .5 8.7 5.5
24.4
ulI
32.5 -4.7
.11.2
-2.5
lull
-15.0 -15.3
4.8
9.7
Ma.1y
-5.3 -5.4 4,4 1.0
-8.3 Columbia
Dx
Apr
-6.6
2,3
NnDV
Mar ~~~~~Jdn 1k
-2.3 -3.5 .28.6 0.2 2.7 39.6 0.8
.
.5.8
-5.4
-3.3
*3.7 2.0
-3.6 5.5 57.0
3.5.
*
18.7 0.0 -7.5 -1.0
*
*
3.0 17.5 2.1
5.5 2.6 -5.1
5.7 -3.1 9.8 10.6 6.7
4.3 5.2 5.3 -2.9
'40110
1.8 53.2 2.11
-3.,
6.5 .1.9
.61 .'9.8 14.2 -2.4 -4.5 2.3 .
-7,5
13.6
*
26-2.5 2.2 9.4 -(O.o 101.9 7.5 -8.14.1
.
.
15.3 -4.0
.-
..
-3.7 6.8 -1.0 7.3 -1.3 15.7 6.4
'286.7 (156320.355.40103. .- 1.3 5.9 -0.1 4.0 -11,5 . **12..3 -1.7 3. -11.6 I9.7 23.3 2.1
-19,6
7.9 -5.6 1.3 3.0
-. 2.3 17.6 9.3
-5.7 -6.2 1.6 41.4 19.4 18.2 19.8
4.4 -15.1 -0.9 -3.0 23.6 9.8
.
.12.5
.
.
106-10.3 7.1 4.8 .5.9
-1.8. C4. 13.6 .
32.2
20,5 S 2.8 0425.8 16.9 2.9
10.5 37.7 49.7 6.5 17.2 21.0 3.2 26.3 .
01-.
*
-1.4 6.5 20.4 4.1 -5.8 17.1
-5.6 8.4 *9.6
132.8 15.
.
.
I2.
5.8 -2.6 34.5 5.9 18.8
NIARtKETsDATA BASEUNIUMINCiNG
55
IFCGTotalReturnIndexes 1984-1993 (Us$)
*.
dato ~~~~~~~Base
* MArkeAl0
I=00.0)
10814
10985
1056
1057
100.0 100.0 100.0
174.9 194.2 149.3 . 58.5 115.3
128.6 146.4 380.3 221.0 233.4
141.2 54.1 495.0 396.2 222.3
Laun America De-c-84
-Argentinai
T
iDec-84 Brazil .* ClIlle Culombla MexIco
Dec-84 Dec-84
.100.0
~~~~~~Dec44
1'en:
Dec-92
Vcnezuul.i
Dec-84
East Aila CIiIn,i Korea hIllippineso Taliwan,Chin,i.
.
South Asia India, Indoneosia
NIi1.iysio Pakistan Sri iLanka Thailand
1001.0
~~~Dcc.92
I 15.5
73.4
138.1 146.;5 .110.4
. 1-Iwigary jordan Nigeria . Pulaint Pdrlugal * Trey Zimbabwe
Dee-84 Dec-89 Dec~~M-84 De~~~OLc-84I
100.0
205.1
-
.
1994FACTOGOK
-.
343.1 55.6 1,440.9 535.9 1,041.0
1,704.8 155.4 2,553.9 1,561.1 2,152.4
627.4
907.4
595.3 1,094.0
500.8 1,735.5 686.6
1,026.0 389.8 802.7
-347.5 463.0 .
..
.
1992
1,253.1 155.9 3,315.6 2,171.6 2,605.2
-.--
133.6
89.4
.
-
350.2 1.076.7 364.1
745.3 1,486.5 703.7
190.2
168.1
230.8
96.0 142.9
96.8 152.4
123.7 173.4.
240.7 100.0. 178.2 184.5
240.4
338.3
670.3
396.9
247.7
446,4
.11641.9
85.8 118.3. .
100.1
100,0
103.4
2,371.5 1,407.1
---
-
100.0
.797.5
.1174.8
157.4
.690.8
285.5 09.4 158.2 205.0
100.0 10.0
.
105.0
14.3.2 45.4
253.8
268.7 0.0 3001,4
136.6 39.4.
*
.100.0
121.4 51.1
624.2 140.9 731.0
874.5 849,0 1,028.9
100.0
137.2
523.6
457.3
*
870.8 362.1 584.8
92.7
2,056.8 503.7
338.5 57.4 177.3 557.8
416.0 59.0 226.9 455.1
494.0 126.0 460.3 710.8
.518.6
100.0
165.4
--
.
538.4.
641.8
900.4
1,827.5
911.2
735.9
53.7,4
695.3
100.0
124.6
126.6 71.5
145.8 99.0
181.8 64.4
225.7 57.0
613.8 825.3 2,005,8
624.3 480.5 056.1
5013:1 227.0 384.8
694.6 759.0 938.0
-100536
.
--
--
122.8 .12.2
2,164.7 316.9 4,462.9 2,925.4 34,909.8
627.1 4,831.4 952.2
..
148.4
1993
.
-
~Dec-92 Ja-6.. e-o Dec-84
54(1.7 .170.7
.678.5
..-.
100.0 100.0
~~Dec-92 Dec-841 Dec-84
*
106.0 122.0
-
.176.2
256.6 707.0
Europe/Mldeost/AfrIca .
1991
100.0
I UO.0 100.0( 100.0
~~~~~Dvc-84
G'LCr&ceDc--
1990
.-.--..--
Dv44 Dec-84 Dec.84
De-c-92
.
...
.
100.0
1959
1985
*
EMIERGINGMARKETs DATA BAsr
56
Indexes IFCGTotalReturn * 1984-1993, (annUal%change In US$)
Market
1955
1954
Latin Amefica Argentina Urazil
74.9 ~~~~~~-15.A 94.2 ~~~~~~~~53.4
49,3 -11,2 18.3
-23.7
* Clille ColombIn *Mexico
-
6.0
19816
1987
19118
1959.
I99(1
1991
1992
1993
-26.5
9.8 -63.1 3. i.2 78.5
3S.8 125.6 37.1 -12.3
175.9 39.9 51.2 12.2
-36.6 -65.7 40.4 37.5
396.9
97.3
-4,5
108.1
73,4
29.7
98.1 191.3 106.8
-26.3 0.3 16.2 39.1 21.2
.72.7
-24.6 154.7 149.9 57.4
52.6
.-24.2
-33.1
601.11
44.6
-42.3
85.5
36.5
112.8
7.0
-25.4
-15,9
49.4
52.3 120,5
35.1 93,3
59,5 100.0
-53.9 .50.9
55.9 -0.6
15.3 -26.6
-.15,8
37.3
4.3
~~~~~~~~ -42.3
18.4
22.9 2.5
-11.2
12.!
11.1
172.1
-38.4
P'eni a
-26.6
Venezuela *EastAsia *Chini-.-Knrvi ~
*19638.1
382,6 ~~~~ ~ ~~~~46.5 10.4
SoulhAsia hnulls Malaysia
.
i'~~~~kist.in Sri Lank.i-----*Thailand
-
*
~~~~~~18.3
*
-2.9
105.1
-2.8 * Indonesia
'~~~~
-
~~~~14.2 11.9
~
20.5
-14.7
*Grcxe
. Ilungary
.
Nigeria
.
i'orIugal
*Turkey
*
-
-
*---
Zimbabwe
1994rACTBOOK
*
0,8
27.5
6,6i
13.5
*
-
-
-
0.1
74.6
37.5
40.7
3A.
52,2
152.2
-37.6
.
.
~~~-12.2 48.4
JLITdflfl * *
49.9
37.2 -6.9
44,1 6.4
7.
~~~~ ~
3620.9
*
134.9 89.0
15.5
113.4 ~ ~~~~~~~~~~~~~-0.6
28.0
*
*
*
-1.5
* Europe/Mldeast/Affloa . ..
99.4 34.6 34.7
-7.3
~
~
~
* Philippines Chin,, Thiman,
*
170,4
-~~~
5.0 - i'~~~~1I.1flLI -
A 53,5 ~ ~~~6.3
.3,5
~~~~~~ .
. .
18.4
8(1.2 -
-
-
-ID,
-4.6
-20.7
t00,8
*
104.1
1.
21.1 7.1 ~~~~~-56.5 -1.2 4.0.1 -28.3 ~ ~~~~224.1 ~~~~~~~~~~~ -
* *
-
.
-
*
262.2 94.7
-61.1 .25.0
502.6 405
-19.2.
*
*-34.9 .37.9 -
-
-29.8 . -2.5 94.9
*1.7 *
41.5 -52-3
*
-27.0 24.7
15.2
4.3 105
*
-
-
-
.
*
192*40.3
12.9 56.2 6.
103.0 21.9
~~~~~~~~~~~~~~~~~ 24.2 -11.6
~~~~~~~~~~~~~~~~~~~~~~~~ -
-19.4 -52.5 -59.
38.1 234.3 143.8
EMucLRMN;MIARKETS DATABs
57
Statisti'csof the IFCGTotal ReturnIndexes
1993) -(US$December1988-December
AbN ~,nNuIIIL.I176
StanLiardAI1IILSMIZt%IAnntiallatI Correlation Nun~ba~rof Moa of Mairk&'1
Latin Aerica Argentina Brazil Chil Col ~ibia Meixico Peru Venezuela
--
12 60
Taiwan,China
60
South Asia India Int1onlesna
60 48
1.86, 0.91
601
2.43
60 12
2.74 4.56 3.27
IMaIlaysA
1.15 0:06
.
.1.57
~~~60
urope/Mldeasi/Alflca r0~~~~( 2.46 Cweco 2.08 (2~~I 1-lungazy 6~~~~(0 1.18 Jordan 1.21 60 . Nigeria 22:31I 12i Poland 0.42 60 Portugal .4.67 . 60 .. urkey 0.84 60 ZImbabM.e
.
M4nrk.'1
116.50(0 48.60 41i.40 49.44 4.2 41.0.1 381.01
21.92 7.46 . 10.76 . .6 12.76 14.68
4.05 3.45 4.12 .60 39 60 3.42 (~~~~~12 . ~~~60 3.17
with
standard Anualzed 1me.a11 dlLWiation*.S&l500
33630'2912
.26
60 60 60
EastAsia China Korea
Pakistan Sri Lanka 7.': Thailand
tandrd deioallon
Ntimiiro Mea of % chianIle
nwntiiis
0.33.63t1t4i 0,20 0.ir, 0.09 0.33 .U.S., 0,53 00
75,93 25.84 37.27 26.88 441.20 508
19.81 8:52
13,80 ((.72
662 29.51
-0.69 0,19
15.03
18,84
52.07
0.15
11.09 9.34 .8 9,00 .7.95
38.42 32.35
29.16
23.14
32,85
31.18 27.54 3.5
0.06, -0,12 0.31
48,53
0.03
19.81 41.19 104.82 24.91 7.1,01 32.15
0.22 -.011 0,21 0.36 -0.I1') 11,03
.54.72
9.31
39,24
14.01 7.25 5.72 11.89 30.26 7.10 20.50 9,28
29.52 24.96 14.16 14.52 267.72 5.014 56,011 10.08
I.a cf % Change
Sadr deviation
.46.0776
Regionsit
60
LaIinAmerica. Asia
60 60
3.24 1109
Developed SkI' 511 SISAJ
60 003
1.20
Fl' EuroIac
60
0.33
nu04 nivan
standard deviation
with 5&i'500.
22.17
0.25
30.83 26.36
.0.25 0.1I8
Ao 8.90 7.61.
17I76 38,88 14.28
.91
14.40 4.32
13.03 .20.47
6.10
3,96
21.13
.3.76
.
1.00 0.43 0.41
-0(17 0.J7
10.92
.22.32
ubro mlonthls
Correlaiton
.
.
0.42
*
1991 FACTOOOK
I0I41l 25.11
DASO 58~~~~~~~~~ DTAIISr5 NARETDATA NCNIAItKLTS ENIi:ltGI MIK N
'A
>
~
US
CA
-J
0
l.s
US
-
CD
US
U.
%
Poland.
.
Arg~entina
o
-
00
~~~~~~~~~~Turkcyl
O
Sri Lankca
a- c
Colomb&a
ID0
~~~~~~~~~~~ -e
ML'XRCO
Chile Thaila60 IVC-CLafin Amnicka VennzusAa3
CD.
g
Pakistan
Hu-ngaryTndia Taiwan. China 11cc Composite Nigeria U-S. S&P 500 IFCGAsia
FrEm~orea
rig
~2
~
~
~
..
....
a~~~~~~~~~~~~~~~~ *
~~~~~~~Turlcesr
.
-
*China Taiiwaii.
China
*
_________________a
ve~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I
0
kb~~~~~~~~~~~~~a SidI..
~~ ~ .
a .0
tn rn
malav-~~~Inonsiaa
FPaEisoaa EAmEric IFCC Lat~~~~Win ]ID~~~~~~~~~~~~~~~
-
M~~~~~~~~USC. S& S
'0
-4
0.
N&SO.EAFE
.
-I
C
China Indonesia ZimbabAe
13 013
*
IFCGTotalReturn Index W (December 1988-December 1993)
%C1EA rO. Pt, EuruI ic
0.43 (1AI
3.00 3.33( 1U) I 0230 0230 3130 0.25 0.19 1is0.98o Ine 0380 0.27 0.28 0.06 01.28 I.1
.
IrFCGCoUmposII0125 II=OLltnAmt'rlm
IFCCAs3a
0.06 -0.19 0 .0 06 O -) .0930 0.20 0.18 0.16 0216. 0.54 0.14 0.16 -0.14 -0.16 0212 1.38 024 -0~~~~1.9 .0,06 .0.03 ..0.21 .-0.66 .0.07 015 0.06 0.05 0.9;3 0.09 0.19 0.03 0.92 0.91 9.09 0.312 .0.0
Arsenliml
- Chile, ChIn.' Cbionblii Crucec * Iunsary In.dia P4t, ,
0.49 O 0.04 t02 0.23 -0.97 .0.22 .0.24 0.02 0.05 (106 .0.43 0.22 0.24 (124 0,96
~0.97
Ividomsk dua'n .
~~~~~0.19 0.39 0.32 0.49 0.42 0.69 0.50) 039 ~~~~0.33 0.98 0.17 0.4
(9.42 0.99 0.11 -002
0.03 0.49 -0.36 0.29
M0.0 0.4? 0.2? 0.59 04-.6 *N9gt'rin -0.99 0.9? 0.18 .0.90 -0,06 -0.08 1'4ikls,n (106 0.01 OM0 0.94 0.03 0.15 9''ifltne. 0.53 0.44 0.38 0.49 0.63 0.39 11111UPPIM"s0340.f3 0.39 0OM 0.24 0.50 Pol,iod 0.33 0.18 0.0 -0,07 0.08 I'outugal . . 0.33 0.34* 0.20 0.21 0.99 9iki Un -0.92 *0.45 -0.44 0.20 0.489 0.99 Km
M9.iLqsi ,N9v'9w .
~~~~~0.29 ~0216
TI(4v.1n
T3u3ial
.
,
.kP
Tuilcy
Vannur-3,,
ZImLobwo
.-
~~0.95 0.24
9.00 -U.919 1.00 -0.03,(23 9.01 -0,47 -0.23 -0.23 9.00 -0.0? 0.1 -0.92 -0.32 9.00 0.30 0.39 0.05 1.41 0.17
IN0
0,43 0413 0.08 .0.29 0.67 0.19' L.00 0,17
0.12
0.92 -0,01 .0,99
(106
0.,39 91,09
4 -139 UO0.90.(.6 .0.25 0.24 0.32 OM.5 0.31 900 .0.12 04.0' 03 -0.25 0,0 0.0' -0.45 -11.31 0,081 1,00 -0.13 -0.30 05 0.06
-0.93 O.0.0 -0.19 -0.07 0.92 0.3 0.09 93.9 00 33 0.4? -0.02 -0,99 .018 0.44.0.08
0.03 -0.03
0,04 -0.37
0.74 01,05 (3.97-0.62 -01.09 0.20) 0.97 0.90 -0.03 -0.14 -93.20-0.30 0.33 0.23 0.0') -0.02
-0.22 .0.23 -0.314OM0 (0.0 .m0 0.32 (102 0I.49 aJ8
I'00 (3.39 34)
0,08 -0.18 -0.9
.0,94 (3.0 -0.09 COOA 0.0 0.91 0.04 -0.0 9.00a -00 0.36 0.59 .0.35 0.39 3.00 0,0 ri.M 0.919-11.2 (0.22 93.37 9.00 1)2130.3 .0.0933.93 0.05-0.07-0.01 9.91 0.02 0.27 -0.0.1 (.0115 0,06 0.12 0.26 0.53 9I30 0,03 (1.05 0390-0.22 0.3810.94 0.9(5-0.33 -010. 14)1
-0.04
0.4) -0.90
0.32
(104 0.99 -0.02
0.13( *(03
.0.0 0.07 0.93
0.30
0.39 -0.02.0.46 -0.34 M0.3 ,034 0OM 0.23 0.138'306 0.3 a.2 0.54
0.07
0.24
0.16
039
0(124
0.04, 0.44 036. 0.09 037 0.005
-0.02 0.99 0.08 -0.34 0.32 .0.07 0.33 0.53 -0.03-.032
0.24 0.8 0.24 0.99 -0.06 0.14 (3.23-0.03 (3.990.00 -0.4(3.0.37 11,.3 0.20 0.31 0.2? 0125 0.41 0(132 0.44 0.07 0.091.' 0.0900 013.9 0.96 0.90 0.37 (LIV1 3.17 0,19 n.06 0.915 o.23.0.07 0.20. (.37 0.96 -0.91 0.44 0.05 0299 -0.10 0.30 0.39 -(11) .~~0. 41.19-.2 -0.12 -02') -(120 .0.2f 0.06 .0.99 -0.0 -0.07 0.98 0.02 -0.R043.08 -0.06 -(,13 0 0.03 0.3?. O.9is 0,05. 0P9 0.09 *0.30 0.0 -0.031-0,92 0.0336OM.0 0.77 -0.12 (3,1 -333
'3.27 042
.0
0.214 0.43 021( -0.96 AN1 0.96 0,64A0.2') .0.09 0.93.29 0.03 .0,0 -0.19 -(.191 0.198 0.04 -3I9,116 0.28 0,08 (,3 .0-0.02 -0,033 0.17. -0.11
0.3 0.48. 0,0 O -00') -(33) .0) 0.36 033 0.97 -3.90 0.99 -0.93 0.03 02(0 -0.22 -037 0.92 .0.94 -0.12 10.28 01.93 93.31 0.94 0.95 0.94 0.42
(.19) 0.28 34)1
0.17 0,99).1430) 4020 4.96 -(.I9 9.I 0.06 13.07 (U43 0.96 3.i1
NWteCorbelatldni are for fv1oeearsof monthly.retlirns beginning Docemiber 1988, exceptfoirClilii, I huingiry. Pleru,Po,land~, a93d SriL.onka,whichbegiiiDecembiLer 19)92,anhidt ILo91L-ita,wh3ch beg3in IJemwiC'1989.
'I994 FACTIPOOK
Em99.9u;INC mAIIIFs DA1TA1BASE60
mo 0 00
CDX
0D o
US.. S&P5(11)
o b
-
o
o
o
CA -~~~~~~~R
5~~~~~~~~C
MSCLE07EF FT JEuroPac Hungary l'ortuga PhIiippines0
()
Mexko IFCCCoL.poite IIFCGLaiai Ameirica Jordan Prdland
Brazil Kamat
C3
Indonesia Chile
Taiwvan.China Colombia Ar 1 entina
M
ZIimbabwec Venezuela * Mi-ria Sri Lanka India
Turkey *China
a-
C4
Af to M
1
X
industryWeightsIn the IFCGCompositeIndex. Market WeightIII capitalizatlIo IrCCiComp6ilhe (USli5millions) (%
Numnber of stocks
SIC SMOfbr/IdiusIry 0
Aguicu1lure/forestry /f Ishing
20
10,7011.0
1.3
1.0 MOeMa mInInig
I
Mining.
47 29
31,817.0 16,938.2
3.9. 2.1
2 'ConstructIon I15 GeneralIJuIiling Controctors
220574.4Other 22 16,347.8
3 Manufacturing 20 Foo & Kindrl P1rodutcts . 22 Tae.tiile Miil Products . 23Appairul &OtiwrTeNtiie l'rodu0ls 26 Paper & Alliedll'roditicts 28 ChentIcals & Allied[Products 29 Petroleum Refining& Related l'rxotucts 30 Rtibb'r& Nlise.Plastics lliroducts 32 Cemenlt & GlassProducts 33 Primairy MetalInduL1trieS 34 FabrIcated Mrail Products 36 37 Transliortation Fiiutpnmcnt 30 Iselieu al9cLrn 4 44 48 49
rransporIoIon/comm./u1ti1ty WaterTransportation Communiications
5
WholusoIe/roIail trade
6 60 61 62
Flnono,/insuranoo/Jo0l estate tIanking CredlIt Agencies OIlierThanRianks SeulyCmn ocliyllrokers
61
Insurance.
Eluctric,Cms. or SaniltaryServics
552 70
276,178.3 32,390.7 43 10,083.0 25I1,986.91.Trsprtl/ 33
.
.34
201 I 41 27 ID
I
.
21,4112.2
2.
211,375.1 114,1 57.3 30,9809.0 1.8, 16,83.1.5
9
30
41,373.4
1,006.
825,619.1
199J FACTOGOK
COmhIl/
.
Pnne l.nsurance/ r l%LitSt,lL 26%
IndusklyDlstilbution In the IFCGComposille Index,End-1993
12.3 8.2
25.6 13.8 3.8 . 2.11. .
'tttzifN4r
tit.t"'' f
1.5 1.9 3.2 2.6 0.9 22.5
26,9633 13,758.8
iFCGCompositeIndex
1.8 2.2 2.4 2.1
185,751.2 7,475.6 .0.9 001,459.8' 67,743.3
24 18
1%ManufIacturIing
33,5 4.0 1.2
.
14,964.7
7 Srvices 7?C I fotlds & OtherLodging1 Places Otherfdlversifiadholding companies
2,0
62 18,422.4 26 20,144.1 28 17,236.3 57 43,333.8 19 12,472.5 45 15,032.3 46 4lcrcHelclFqlmn 26,710.4 31 21,24 1.4 25 7,443.6 60 8 21 21
Industry Weights In theIFCGComposite Index,fnd*1993
NlLtcurn 551,;f
3. 1.7 5.01
real ustate 2)
Itl.0
EMERGIING MARKETS DATA IBASIE62
IndustryConcentrationin the IFCGCompositeIndex., End-1993 (percent) h ;:
~ithn
mnrketcip
morketcap
Shareof MarketCap of LargestSector,End-1993
* LatinAmedica *Argentiia UralZl Chile Colombia
47.0 44.5 59.1 57,1
Venezuela
Tr,ansportatioii/conmli./tiltllly TMnriispoirlttionn/comm./tltility Traoisport,lloi/ctnimiil./utDlity Nmilufacturing wahnufaturing estste Finaice/hisurince/reil
EastAsla Korea I'hilippines Taihian,Chinia
Transportatin/cainin./utlity realestate F4naiwe/hi1i..ncv/
SouthAsia 11uindi ;Indlonesia Mi,a1 ystal I'a1kistan Thiland
ManI.uilfaMcutUring MaNlttalillctring Triasportationii/ctiiniil./uitilt)anliiufacurilng estate Ptnnnco/lisurance/real
8S5.9 I S59.1 31.3 72.A 59.1
esasite Finanice/inisuirainsc/reil estate FlnRme/insunral¶ce/rll &ianufnctitring lestate I:i.,aucc/lImuilraaice/w.,l M.ii.ltrig35-.1 estlte * F`n.lcc/inisu3ranwc/rull
51.2 58.6 76.3 3.1
Niatifactrlg
33.4
hlexico
*
Sutcltras shoreof
Setor with largestshareof
Europe/Mldsast/Africa Greece Jorduin *Nigeria PrthI*1l l* * Tu!rkey Zinimbabwve IFCGCompositeindel -
.,.
tl
32.3
-
35.5
90
.108 0lanuf,icturlisg 37,9
at)
t.3
701
5n* 411
2110s 20
46.4
..
..
,
,
.
..
.
..
...
a
'.
.~ .k ~ .~~~~~~~~~.5~ ~~~~~~~~~~~~~~~~~~~~~~~u
k andSrii.lii i'crli, N1ii.1iad, Noe: China,Hiungary,
'1994 I:AC;rilooK
.x
.
-
'
.
. . . . .
...
30(-
.
R
.
>~
'
Tranlspoirta1ttol/cti,irniuilcaltktn/uitihiLy 2~~~~~~~~ esate FinIanicc/iinsutirnilceIreail |
in 1993. In liinid ry statistics weren!)t incldLlet
icNC.MARIKFTsDATAf,isE 63. i r iMtR
by MarketCapitalization Distribution i-,ndustry Index,1993 of IFCGComposite (US$millions;endl-1993) sic scxerrindffr
I I
.
5.834
MinIng mininiig Metal,
.54 Construction *2 Contr,actors BILullg 15 Ceneral
63
Insurance
11,992 12,613
6,207. 2,0(8 -
I,18 477
3,967 1,731
2,930 756 60
195 26* n
---
1,128
748
1,489 22 19
-
353 862
--
16,9014 666 .. 6,049 10,189 -
1,195 715
5,675 7,592
25
510
3
II6 316
77 77
16 fi
10,715 42,374 .568 1,763 19 2,119 . 392 5*v157. 2,362 423 400 7,756 732 845 507 123 2,2) -2,819 32 . 2,584 2,461 448 3,449 135174 524 ---
160
333 2,591 1,7
1,019
-
60,5491
667
25,595
3,171
.-
.773
40
3,030 2,1)04 23 .
-
726
3,158
280
2.967
37,277 320 1,l56
21,660 2.450
40.005 10,097
33
-.
6,985
1,17') 1,179
774 77.1
49,319
.
1512
139 2,670 3.271 36 205 7,476-1,846 9,239 5,6fig?
*
411 1,764 3,272 1,165 4,278
3,782. 23
46 1
-2
17,259 2,4053 716
4,551
42,434 36,542601 I 2,660 1 1,7899 16,246 35,,65 16,486i 21,500-19,218
3,135
510
1.390
11,958
lOb6
20.,473 11,931 1,701 '3I16
12.44$
52 34
-
1.160
--
8,810
1,455 1,455
17,556
16,052
3 1,771.
101
256
. .
-147
lb 16 .-
2,211.-.
513 238 25
-
1,4931 27,107 14,449 12,534 2,253 16 11,781 20
2,967
4,606
-
-
---
-
6,933
.
174
.402
1,919
.3,581
05 64 .
(J9
-
--
1,016
.553
65s
40
1,575 856
2,328 1,151
773
824 39 20
20
Nigurli
MNixlc(I
6,218
-
----.
--
IS
-
355 .
--
Other/diversified ho'ldingcompanies
2,028
-4,063
..
.
Korea Mialaysia
Jortlan
--
---
.31,I96
37 37
Indlia Indonesia
.
19,129 2,473
27,068
3,026 3,026
.
Onvee
-----
.
.
. 7 Services 70 IHotels&OtlierIo1glngPI'ces
1994 lbAcruooo
3,430 761
125
estate FInancs/lnsurance/reol Banking OtherThin Banks CreditAgencies &CcinninILlitylBrokers SecurIty
IFCGCompositeIndex
5.275 5,275
.--
TransportatIon/communIcatlon/utIllIy14,818 . . WaterTransportation 14,818 .. Comniwaicatitous Service-sEtccrlc,Gas,orSanitary
6 60. 61 62
':
159
36(9 232 ~1,924 50 952 96 7,592 36 179 54 . 1,000 506 209 651 633 338
traale ~~A.5 ~Wholesale/relaIl
9
24
-
4,748 1,488g
.. Manufacturing Produtcts Food&Kindired Taxe'NiMill'r-oducts roiducs APpprd&OtlherTcMilkr Paper& A1lit~~~1 26 Products &AIiILxllProdutcts 28 Chemnicals ItefiolngI&lRelctcI'roduicis 29 21L'truilt'ui Plastics Products MlrsN1.c. 30lii prodiuets .572 &Glass 32 Cemient Iicdustrivs :33 I'rlnmaryNietal .635 Metal Plrodutcts 34 FabrIcated Eqiipmniit Electronvic 36 ElecIrIc& .11,I142 Eqoilpinwiit 37 .*Transportation INlanutfacturing 39 MIscellineous
4 44 45 49
Colombila
.Clhile
-
54 .
.
3 20 22 23
*,
Birazcil
Agiculture/fioeslry/flshlng
*0 .
Argunitina
91,444i 1.35,432 123.785
.
.
-
-
672
DATABASE64 11ucr%.NARIIEs
Industry.Distribution by MarketCapitalization of IFCGComposite Index,1993' (us$m'illions; end-1993) sic
%'clvrfindInsIri
o
Agilcuhiure/foroslry/flshlng
.
745
Construction
3 20 22. 23 26 28 29
Manufacturing .. .. Food& Kindn.ed i'raducrts TexiiIeMili' roducts .. Appirdl& OtlierTextile l'romtucts Paper&AlIIkxl Plrodtcts. .160 Cjlenidcals &AhIitiL PrmdCtics P'etroleumlRefining &Ralateectl'rocducts Ruibbcr & Misc. rI,ustlcs l'ratucts Cemnitt&GlassProtlucts PrimairyMdetal linduistries Pabric,tedMetal!Products Ioctidc & ElectrcIulL 7qquipniet
32 .33
34 36
2
.1
5,754
.
1,070
-
98
422
62
--
-
896~
8,770 2,87
.262
7
Services
--
70
Hoitels&ObliwrLoxigingP1iacus
-.
9
Other/dlveisitledholding companies.
-
7,9-14
-
16,938
1,465 613 27
48,301 1,365' 4,026 4,922 3,210 2,455 399
9,594 226
13,799 595 492
1,627 368 86
232 87 16
.48 403
II1
1,070
130 59 4,295
10,864
202
599
6,971
162 121
7,002 195 I 1,090 .1I1 i.s
107
985
480 1,246 46 1,50 4,043 266
33 8
-
697 .I178 .
-
191
456
2,650
12,049
602
456
-
20,144 -29
.17,236
494
47
4,877 4,559 76
58,935 31,783 .12,803
242
9,000
--
26,710 228
561
44,116 23,057 12,657
6,057 5,643
730
528
90a
646
630
90
646
630
200
511
23,910
8,851
124,647
1241
-
7,444
-29
.1,481
-185,751
7,476 101,460
--
1,298
14,350
4 3,334 12,473 15,932
--
.-.
602 882
276,178 32,391 10,053 1,987 14,965
-18,422
--
. -
31,817
86
l b,348
.
170
100
20,057
1,053 .437
10,701
3,841
-2,650
5,428 3,2---
-
12
3,918
--
9,053
..
CompoFxsite
4,778
-
110
3417
Tuirkey. Venezuela1 Zinibabwe
4,778
.-
-
Timhairan
366
.394
.
u13 Insurance
1994 pATIOO
7,725 .366
235
6 Financu/Insurance/real estate 60 Bainking 61 CreditAgenicies OtherThanManks .
IFCG CerwpositoIndex.
953
199
Whioieslle/rd.4i/trade .--
Secuirity& Cao n no(lty Brokers
730 7,725
1,867 .848
4 Tronsportatlon/communlcotlon/uHlhiiy 537 44 WaterTransportnllmi 44 .48 CommuncaitIons 49. Electric, Gas;orSanitaryeris 18
62
341
-
4,750 4,589
$98 1,007 20
37 Transportation EqIipmlenit *39 N\11scellanau Nliiatri359
a.
T.i wan 1, Chinn
391
CenerilBI3ildiig Conit,ictors
11CC
IortuAni1 Plflpns
.938
Mctalmifniing
2 IS
30
-
Mining
I *.10
Pakista~n
1,481
-67,743
21,402.
--
1,717 1,631 86
..
413 130
.
~
211,375 114,157 .30,990
14,587
--
I6,835 94
--
667
2,723
74,595
23,742
Is
4,840
.26,964
13,759
*94
40
41,373
891
825,619
ENlFitGcN,wIcNAmotrTs DA~TABAsr . 65
Industry Weights by.MarketCapitalization. of IFCGComposite Index,1993. capialzation:end-1993) ( ofmrket, Argelitina
SIC SentorthIndustry
o
Agrlaulture/Iorestry/tlsh,ing..
1 MinIng 10 Metalmiining
1.07
2 Canstrutlion 15 General IuilldingContractor.s
0,0! 0.01
Manufacturing 20in~t~.~dProducts0.118 Food& 22 TextileMtillProduicts *.-.23 Apparel &Olther TextillelI'rolicts, 26 Paper&AlltedPrducts &AliIedProducts 28l Chemicals 29 Petroleumn Refininig & Related Produicts &Mlic.lPlasticssrrodtcts 30 Rubber 32 Cenient &CGlss Products . 33PrImaryMetahl Inidustries .. .0.08 Produicts '34 FabrIicatedNMetal 36 Electrdc& ElectmonicEqultpnient . Equipment 37 Transportation Manufacturing .-3~ 9 MlIscellaneous 4 Transpottation/communlcotlon/ullity
o.sa
2.32 0.30
0.03 0.0! 0.01
0.04 0.23 0.12 0.92 0.02-0.12 0.06 0.U8S 0.08 0,04
44 WaterTranspoirtation .1.79 48 Conuinaiwictons 49Electric, Gas,orSanItary Services Wholesois/retolltraide
6. 60 6I 62
estate Flnance/lnhuronee/real BankIng .0.37 CredlIt Agencies OtherThanBanks Security& CommcxtityBUreker
63
Insurance
7
Service06-
.0.25
0.42 0.09
--
India Indonesia: Jordin
Kore,i Malaysia
0.06 0.01 0.01
0.04 0.04
0.0! 0.07 0.03 -
0.14
0.75 0.25
3.28'
-
0.37
1.30 0,7.
0.01
0.26
0.10
-----
0.64
-
.
0.18
.
0.09 -.
0.14 . .
2,05
0.04 0.10
-
.
0.13
0.10
0,73 1.23
0.02
..-.
0.04
0.02
1.05 0.92
0.15 0.09
0.31 0.19
0.43 0.38 0.04 .
.
.
3.81
0.07
0.08
7.37
.3.46
0.12
C!.03. 0.02
0.360.36-
4.52 0.04
2.62 03
4.85 .2
0.02
-
2.00
.-
0,05
-
0.23
0.3.7 0.24
-
0.09
-
0.15 0.19
-.-
0.04
0.09
-0.14
0.01
0.09.
0.14 027,.
0.85
5.97
0.06 00
.--
-
0.05 0.21 0.40 0.14 0,52 -
0.46 01.080.01 2.090.29 0.09
.
-
0.55 0.02
--
5.14
44
0.32 1.97 2.60
0.07 4.32
0.38
:0.17
3.25 1.52 0.28 1.43
.2.48 1.45 0.210.11
.
1.45
0.01
1.51
0.01
0.14
0.06
.-
..
0.84
0.38 0.03
.0.22
0.12
*--
.--
05 0 (.49
.3
-
-
.-
0.28 0.14
0.02 0.32 0.40 0.06 0.25 0.91. 0.22 . 1.12 0.69
.
0,01 0.01
--
0.09
-.
1.45 1.53
...
-
0.17-
-
.,0.10
.-
0.75-
-0.09
.3.
.
--
-.
5.13 0.21
0.01
-
.
.
0.36 0.10
0.6 005-0.29 0.05 0.94 0.05 .. 0.09 0.06 0.10 0.25 0.1I5 0.34 -. 0.06 0.31 . 0.30 0.42 0.05
00 0,03
0.23 0.06
.
1.79
0.48 0.21
INieNico Niguriai
-
0.02 -
.0.08
Olhwr/diveruifled holdingcompanies
1994 FACTGODK
0.02
Greece
-.
.-
70 Htotels&OkhrLodigingPla.ces .
IFCGCompositeIndex.
0.64 0.64
-
S
Chile Colombila
-
3
4
Brazil
.
2.20
-
-.
0.31
2.64 1.-Id7
0.18
0.01t
2.13
19
11.08
16.40
.
0.18.
14..99
0.05
MIARKETs DATA BASE EMERGING
66
Industry:Weightsby Market Captlzton of IFCGComposite. Index, 1993 (*%of marketcopltarlzatlon;end-1993) sic SiectorIIimbutry .. O
Pakiston hlillippines Parlugal
Agricuiiur.#for.stry/fishrng 0.9 .
0.94
0.13
0.05.
0.94
0.04
0.04 0.04
0.55 0.58
0,47 0.47
0.18 0.07.
5.55 0.17
1.20 0.02
0.60 0.39 0.30 0.05
0.05.. 0.02
.
*3 Manufacluring *20 Food&KindredProdtucts *22 TextileMillPIroducls .0.12 23 .Apparel & OlIwrTextileProducts
0,70 0.07
Chemnicals &Alitii~ IProdutsm 29 Petroleum Refining&RehitedPwoduicts 310 Ru6ber & Misc.Plastics I'rwdticts 32 Cernent &Gla'ssIProducts *33 Prirnuiry hetal Indtisiries .. 34 ftbrlottel Met,iiProciucts *36 Eiecirit:& Elvcironic Equipmient 37TranisrMliionitquipment 39 MIlSeellineausMinnuficturing .0,04 .28
0,02
5
Financ*/insurance/reol estate 60Mnking 61Credit Agences OllierThanBacnks. *62 Security &ConirtmoityBrokers 63 Insurance
Oiher/diverilfledholdingcomponies
IFCGComposite Index
1994 ACTBOOK
0.55 0.02 0.13 1.35 0.12
0.02 0.01 0.01.
-
.-
0.02
1.11)
0.06
0.66 0.44
0.32 0.32
0.06u
a.ii1 0.05 0.03
2.43
--
1.67 0.07 0.06
0 0.04 0,01
0O.03 0.01 -
0 02 0:,02 0.52 0.07 0.06
0.01 0.03
-1819
2.23 2.44 -2.09
0.06
0.01
0.02
0.01 0.15 0.49 0.003
1.46
0,07
-
-
.1.93
3.24
0.03
-2.57
-
-0.90
0.15
22.50 0.91,
-
-12.29
5.21
0.59
7.14
5.34
0.55.
0.73
3.85
0.21
2.79
0.05
-
0.01
0.68
1.55
1.53
0.02
-
0.03
1.74
.9 0.06
0.20 0.01
0,01
0.08 0,08
0.08 0.08
2.90
*
0.06
1.07
*
15.10
5.25 1.51
.0.15
0.07
0.02
33.45 3.92 1.22 1.45
.
0.16
,.06 . 0.35
2.05
-1.98
0.15
-0.01
0.%96
.3.85
a,01
0.11
-
*-
0.13 0.02 0.84
.0.01
1.09
-
0.02
-
Composite
-1.30
-0.07
-0.13
7 .Services 770 lotels OIllir LodgjiigPlaces 9
-.
.1.32
.
0.01 0.03
Wholesaie/eioall trade
6
0.01 0,01
--
..
--
0.05 -
.0.49
0,05
.
0,23 0.10
4 Tronsportation/communicafion/utIiity 0.07 44 WaterTransportaiion.. 0.01 Comnmunications
0,55 0.56
.*
26 Panper &AlIiedI'roduicts
0.32
0.11*
2 Construction .0,02 I .G6nerol 15 Buildinig Conirociors
49 Electric, Gas,orSanitairy Services
0.09
-
1 Mining 10 . Mioll mining
48
Chinm ThMIantd Turlke Venezuela Zimbabwe
-2.59
.--
25.60
123.83 3.75 1.77 2.04 3.2? .1.67
.0.0! -0.01
.8.
0.33
.-
9.03
2.58
0.59
50
0.11
100.00
EMuERGING MNARKiETs DATA BASE. 67
by"Numberof Stocks Industry.Distribution KZin ~IFCG,ComrposIte Index,1993 (ed-1993) -IC
-0
ScIclorjhoidiistry
Argentina
.
Agrlculture/forestry/flshlng
13
.-
1' Mining ID, Metaminlnlng.
3.
.
15
p
22 23
TextileMill Producls
.
5
*1
7 SerIVces 70 Iiotels&OtlherLoclgInig Places
1994 FAafBOoK0
I.
.4 3-
I1
-
.I
8 12
12
183
5
3
2
4
3
-
3.
1
1 1 42-3
5 2
96 5
27.
14
I
1
.
66
2
*22 I
2-
23 3
29 7
2
2P1i 2
I
-
.
2
.3
3 2
I
I-4 1
--
3
9 7
3
.
3 4
7 5
.
ID
.
-
3 6
.
3
~
S.
.3
2 3 .
52
3
4 2-
2
-* .
-
2
--
1.1 6
26 -
1
7.5
2
.
2
5
-
4
4-4
.---
3
-6
3
4
8-
I
6
4
11 6
47. 13
.2 3
6
4
2
24 2
5
..
II ls41
-3
I252
-
---
2I 31
5
.*13-
3 12
. -
~
.7 13 5
-
-4
.
7
2
-I2-
--,
6
1I 2 32
S-.
-2
-.-
.
-2
2
-
5 3
3
I
2 3
--
.13
6 2
.
2
-7
.12 2
3
---
-
.---
tO
2 25
2 4 5.
-
--.
-.
16 6
-2
3
-
2 4
.
Ofr /diversifiedholdingcompanises t1'CGCompositeIndex
11I--1
41
3
2
6 Flnon.cefinsurcnce/real estate 60 Bankdng 61 Cred It Agencies OtherThanBanks
9
.
.1 .
-I-
8 Communications 49 leCITrIc,QGas orSanitary Services5
Security &ConmmdlityfBrokers Insurance.
Mlexico Nigeria
26318
. 441 WaterTrianspcrtatllon.
63
3 2
.---
Apparvl&OtherteNiluI'nxlutcts.I 2 rpr iad dca*16 .8 Chemicas&AlliedProdut ct 29 PetroleumaReflning;& RelatedIProduicts 30 Rubber di Misc.Plastics Products .2 Cenment&Gan'.lct 33 Primanry MetalInduistries 34 FabricatedMetotProducts 3b Electric& Elcctronic Eqtulpnient .37' TransportatlIonl Ejulipment 39 MvIscallaneous Miaiuifarturing
61
.
-----
5~ Whoiesalep/retollltrade '
Korea Malaysia
-2315-
..
4. T;nsportation/c ormmunica.tlon/utiilv 2
4
India Indonesia Jordan
.I----.
GeneralDtdnCotaor
.22 3 ManufacturIng 20DFood &KindredProdtucts
P40%
6 6
-
2 ConstructIon *
Clille Colonmbia Cra'ce
Brazil
.11-. I.1-3
I
1 --
7
3
3 .
1
-1I
29
134
66
69
24
EN.iFiGIN MARKETSDATABAsE: 68
Stocks by Number.of Distribution Indu'stry.: Index,,1993 in6 IFCGCompositei (end-1993)
o
.Agrlouiture/forestrV/fiihlng
I IC 0
2
MIning lmining Mvetai
"4
Transportaticn
-
2
-
12
53
1
1
45 28
2 3 3 4
1 5
-. -
2
1
I
.4
2
1
62 26 28 .57 19 5. 46
*
1
1
-3
-125
60
1.
4
1
2
9 6 2
II 3
4
.
-
.
3
21;
.2
4
2
5 6
23 7 10
.6 4
.12
*.34
5 4 I
5 2 -
.201 .
41
-27
-1
10
.
--
64.-
552
*-
9
.
9 270 2
11133
I-2
2
.
22
-
-2
2
.-
I
10 2
.-
5
29
--
33. 9
. .
3
29
.
< I
47
.
3.
'25
15 1
-13.
.-
Canipaqslle
.-
7 4
1
.
.
20
.
7-2 72 6 2
I
holding companies Other/dIver3ified
9g94FAwTaiooK
-4
1
2
& Other1^odgIngPlaces 70 Hotels
IFCGCompositeIndex,
2
2
I--.
ComScniiclr6ru;
Services
2 5
-2
3
7
-1
5
3
6 5
2
4
--
1
I
4
-1
-
esld. .6.Finance/insurance/real -60, Banking .2 OtherThanBanks 61 ICredit Agenicies Brokers 62. Security & Commodity ... 63 InsUraInce
9
4 223
48 . 8 9 I
.I
Wholesl/oaItrad'e
*7
-
.-
Transparoltfon/communtcation/utiltly .Water
8
.
3 Manufacturing 20'.Fuod&KindredProducts. 22 TextileMtyIll'Products .. 23 Apparel&OthwrTextle.Products &Ailicdl'rxluicts . * .26 ~~~Paper AlliedI'rodnrcts *28 *Chemkails& Roflniing &RelatedProduicts 29 Petroleum . & Mlki.Plastics Produicts 30 .Ruibber 32'Cement&GlassProduicts Metal1industries 33 Primiary . 34 Fau,.iwtd MetalPlroducts. Electric &Electronic EAulpnment $97 ~.. . 36 Equipmniit .5 3,7- Transportation .39 Nltisceilnqwous Manufacturing .
4
IS
-
11
Consiruction 1 General BuildingContractors
44
3
~~~~~~~~~~~~~~~~IFCG;
Taiwan, China . Thailand Tuirkey VeneiuelaZimbabwe
Portugal
Pailstan Phlippinies
SCSuworilil'rfvuuy
.
12 1
I
2
37
33
3
2
.
3
-3
78
.
58
124
. -1
2:
1
I
36:
17
2.1
39
i1006
69 DAMrBA%SE TMERGINGMIARKETS
I'FCGIndust rce Indexes 1993PerformanceSummary *(USS and .1993 %changesIn US$;end 1984= 100) .*
~~~~~ ~~~End $1chng
. .
Sic. 'Sccorlnifidiiiryi
(1984-100)
end-1992.
L,L 0 AgrIoultu,e/forestry/fIshing
265,7
86.9
PercentChangeIn IFCGIndustryPriceIndexces, 1993
1 Mining 10Metal mining
191.1 102.1
36.2 6U.8
S
22.:. Construction . 15 Gen'eral Buillding Contractors
55.7: 634.7
72.2 55.6.
3
Manufacturing 487.0 20' Food& 'KindiredProditcts .. 780.4 i,22 TextileMIlIIProduicts .236.5 2.3 :Appa~rel & OtherTextile Products. 312.4 26. P.iper&Alliedilroducts 616,3 V..,!..28 Chemicals & AlliediPnxiucls .381.6 29':UPcl&um Refining & Rolatoxi Produicts 122.3 '30 Rubber&LN1sc. Plastics i'rociuicts 793.5 32 Cemept & Glass I'radutcts . 1,457.0 33*P3rimaryMtl nusr 292.0 :34 Fabrieatml Mutl, Pwduitcts 224.0 36 Elmctric & Electronic Equifpmntvl 695.6 ~7:Trinsp'Ortation EcpiIpmenit 709 Al.. 441 48 '"49.
Transportationlcamrnj.utility WaterTransportation .. C6omnhiucatlons Electrlc, Gas,oeSanitairy Serv'ices
6 Wholesale/realliitrade 6
estate B0.lanking 61 Crdt 5 .iceOleTaiaiw512.6 62* .Scurlly&Conrnc~lityBrokers
.
. .
1,763.1 363.9 6,183.0 1,028.6
.
insurance
.
IFCGCompositePriceIndex
:1994 FACTBIOOK.
.
5.1
9.4
23
43.5 77.6 7 .9h .*110.1* 27.1
96.8 .
.7 Services Plcs408.0 70.) H-fols& OthierLod8ltg I.acs111.9 9 Oth,r/diveruilledholding companies
125
54.1
2412.7 250.3
143.6
53.7 .. 66.6 22.3 23.7 412.710 37.0 106.8 74.4 57.2 46.9 .42.7 65.6
6. 45,0
621.3
.F1nance/insurance/real
63
.
142.7 124.2 .132.0 1LL)~--
~
;il j
i ;
i1
]i
t~' j3
~~!~I
5
.j4
-
~~I '
vl
;
528.2.90.2.
439.6-
Q3Indtustrics
64.2
E
KRIG1rNIARKETS DATABASE 70
Industry PriceIndexes I,FCG: 1993, (US$;end 1984=100)
0
giclur/o:sryfIhn
.
2
Construtwion
IS
GeneralBiuildlngCqontractors
.
.
S.Manufacturing
Pood&Kindred Proxtlcts .47V6.7 .194.4 TextilIeNth11lIrodtlcls App.in.4l&OtIherTextIi'lradutcts 2npvr&Ali2kdI'rxaticts
28 Chemiicals&AlliediIl'wducts -29 l'i9erRfnn&uieirdcs58.2 l'roilucts 30 Rtibber& Milsc.Plaistics I'rodtuts . .. 32 Cemeirt&CGhss 33: 'PrinnryMetill nditslries 34 FabricatedMetal lIroctutcts 36Electric& ElectroniicFEqulpm6t Equipmenit .450.5 .37 TrAnsportatIon 39 Ntseln6sMnfcuig
48
'
49
Commnicunations Electric, Gais or SaintaryServices
*5
Whioiesai./rotuiI trade Finance/Insurance/ruaI estate
147,9.
140,5
Sep
146.3
155.7
163.4 159.3 80.8
139.2
67.1
67.3
141,4 74.4
149.9 -77.3
148,1 78.2
150,7 76.1
389.2 407.7
409.0 427.1-
433.7 .451.1
445.3 450.0
442,3 443.6
434.0 431.5
432.2 415.5
444.0 422.2
3115.6
322.3 479.8
322.1 504,5
330.6 .520,9
345 514.2
373 513.1 195.0
397 530.9 150.7
4421.5 280.6
88.9 1,066.2 263.6 3,523.4 642.0
'427.2
*104
248.8 256.4
.75.,8 62 Sccurity*&Commodttyllrokers
!
144.9
Auig
Ju
234.6. 62.6
.
.
Jun
57.9
249.9
6o0BDanking Lak 61- CredtitAgeutclesO2iirTIran
Maly
142.5
906,0 181.3 158.1 426,5
.n
Apr
149.4
.457,4
'4 Tronsportation/communalloon/utiIfty *44 WaterTransp5rt`twi
Ma,r
144.4
.
I mining .134,7. 10 MeclltalMining
20 22 23 26
eb
Ja
SIC. Ski uarlingusiry
208,3 267.6
108.0 247.2
438.4 272.6 60.7
.103.4
.
.186,0
INay
Drv
189..6
200.6
265.7
162,1
163.0
191.1
83.5
102.1
.78.0
415.9
509.4 475.9
546..6 517.1
5.0 568.5 176.4
6.2 576,5 280.6
5.9 646.4 187.1
423.7 682.5 209.7
236.8
244.1
.450.2
238.0
232.6
216.1
225.5
232.2
447.4 259.3 60.5
'426.1 261.5 65.6
440.8 272.5 63.8
.448,8. 274,3
506.9
524.5
498.8
496.4
558,4 170.3 260.7~ 432.4 492.4 264.6
911.7 152,0 163.2 451.6 489.9 251.2
902.3 169.5 165.6 478.1 571.9 254.4
265.2
476.4 931,0 272.0 171.1 485.1 566.5 270,8
439.5 275.0 83.9 472.5 964.0 167.8 271.6 463.2 550,8 . 272.9
464.9 283.0 90.0 481.4 . 1,015.6 176.2 150.6 4Ci5.58 50.7 312.0
.464.7 302.3. 200.3 485,2 1,040.7 192.5 184.9 490.4 572.7 333,6
485.3 303.3 80.9 523.5 1,171.6 189.3 193.3 522.5 591.6 329.5
2,097.5 254.8 3,752.2 646.2
1,0952 252.6 3,744.6 640.6
1,269.8 255.6 .3,965.7.. .703.0
2,186.0 251,8 4,07511 947
2,242.7 259.4 4,401.6 ' 6.6
1,322.4 250.9
1,439.7 .1.5133s 288.0 . 257.
3.526.2 654.5
1,112.1 279.6 3,802.2 643.5
4,553.7
5,112.7
400.5
430.2
4416.7
453.2
457.2
465.3
295
162.2. 174.7 292.3 76 07,6
102.3 176.4
:153,4 1273.41
2592
173A~ 234 7.8 90.3
697
17'1.9
21i4,6
268,5
274.8
272.9
832 91.5
23 81.6
8.6 77.1
79.7 74,5
74.6
77.8 74,4
1,074.4 -278.7
.
-
.133.9
Oct
221
.911,2~ .
IS.S. :174.0-~ 485,2
-567.0
.85.7
510.1 339.3 117.4 581.0 1,265.5 234.2 204.4 565.0 623.2 375,0
634.7 487.0 750.4 .
236.8 312.4 616.3 381.6 122.3 793.8 1,457.0 292.0 '224.0 695.6 .709.5
411.7 1,763.1 363.9
5,134.0 6,183.0 916.6
1,028.6
5284.6
576.9
621.3
17. 193.3
8. 198.9
242.7 250.3
782
822.7
492.3
48P..2
255,6
263.58
171,~7
180,2
6.. 181,0
.
.279.9
.655.7
.
321,9
344.3
79,6 86.7
86.6 89.9
512.6 96.5.. 143.6
:-
f3 61
Insurance
7. '70
Services
183.9
195.9
202,2
223.9
245.,8
241.2
260.3
286.2
30,131
342.6
343.3
408.0
Hiotels&Othierl.adglngiMaas
.133.5
241.3
248.2
157.3
272.6
H18.2
182,8
*200(13
225.7
247.5
252.4
321.9
276.0
284.9
310.4i
320.3
327 I
335.8
.372;I1
375.7
427.9
278.1
283.1
256.8
388.2
293.7
.297.5,
320.0
32.0.5
345.2
.57.6
Other/diversIied holding companIes
9
*
IFCG Composite Price Index
-1994- FACTUOK
-'..EMEiRGING
*.273.8
265.7
.76.3
..
.
528.2
.445.2
365.9
.439.6
MIARKE-TS DATA BAsE 71
jndutryPrice
Indexes.
1 sz1984-1993 CS:en'd1984= 100)
SIC~SecIor/Indissry
a Agrlcu'liure/Ioresiry/tishlng 1 miming * 10MNtal Mlulng
Construction
'2
CcntrictorS 15 Generallltulkdiiig
3 MonufaicIurlna Plroduscts '20 Fod & Kindr,ed 22 TextilevNIilI2'iuducits .100.0 .100.0 23 Apprcl &Oi0herTextIIcI'lrcxlicls .100.0 26 Paiper &A2I1alkx2uets *28 Chlmnilcls&AHII21droiducts. K 29 1Petroleum Refining &IRelatedI'lrodiucls * 30 Rubber &Nttsc.t'Insti1C3 2'nxlucts .*100.0 32 Cerrwnt&GIasqi'rodutcts 313 1'rlmryNlclallIndutstries 34 FAbrICAtUd MetalIProdcts 36 HLcric&.etollEupwt10. EquIlpmient :37. Transportation M' 39. MlscellaficousvMa:nufacturing .100,0
4
4 44 45 49
4'
estate 6 Flncnce/lnsuronce/real 60.. Dicnklng 61 CrcditAgenckesOthierTltanllanks 62 'Security & Conmmodlity Drwkers 63 tnsuraiice
7 Services r
4
I:.1994
1992
1993
124.2
131.7
157.6
:128.7
135.2
.142.2
265.7
160.3 111.6
250.0 177.4
I215.5 71.0
164.7 78.7
1403.3 63.5
191.1 102.1
434.9.
607.5 645.9.
364.3 371.3
350.1 412.7
276.2 200.7 162.3 253.4 465.0 349.1 97.5 521.6 480.7 2685,0
412,4 384.0 296.1 340.4 739.9 415.0 109.6 737.6 .997.5 30(1.7
279.7 276.9 156.5 212.4 452.6 279.'9 64.5 414.4 720.5 206.3
113.5 112,3
105.2 89.3
102.5 04.6
(00.0 100.0
117.2 1210.
1123.5
167.1 173.4
100.0 100.0
131.6 100,8 144.6 137,0 143.4 130.1 127.3 116.1 100.8 210.3
129.3
.113.8
117.3
175.4 154.6 .196,2 19581 409.0 199,18 67.5 313.6 255.7 179.5
.157.4 .
137.1 . 149.9 1.19.3 .249.6 151.6 135.4 161.3 203.5 .175.1
78,5
101.4
*.
.409.5
125.1
100.0
236429.2 3031.5 . 466.3 125,4 .130.1
100.0 100.0 100.0 100.0
124.1 160.2 92.6 120,6
241.1 200.2 2411.9 186.5
335.1 199.9 420.4 279.9
.425.0 262.9 463.5 304.8.
670.1 355.2 830.3. 459.2
100.0
110,4
125,7
175.5
358.7
200.0 100.0 1009.1.4 100.0 100,0
126..5 130.2
105.4
101.6
155.2 165.2 165,4
.
131.7
.
105,5 147.3
200.2 282.9
629.
223.1 55
77.5
77.1
Other/diversifIed holdingcomponles
100.0
79.0
90.3
11:25.9
169.0
IFCGComposite PriceIndex
100.0
122.2
132.9
1416.2
224.10
.
89.21 .
400,2
.346.6
474.5 256.3 27.i52.631. 575,6 309.9 77.5 482.6 986.7 205,10 170.0 474.1 547.0 202.6
316.9 468.5 193.6 431.9 275.6 59.1 455.3 927.1. 195,8 157.0 412,7 460.4 273.3
655.7 634.7 457.0 750.4 .236.5
616.3 351.6 122.3 793.5 1,457.0 292.0 224.0 695.6 709.5 411.7
3, 256.5 2,529.5 609.5
10V95.4 251.0. 3,649,5 667.5*
363.9 6,153.0 1,025.6
427.7
410.7
356.1
433.0
621.3
235.2 234.0 453.3
162.3
141.5
136.7
176.7 249.5
143.9 244.1
76.7
145.4 . 240.5 52.3 . 0.5
123.7 1541.2
..
1,763,!
.242.7
250.3 522.6
76.2
96.5
59.2
143.6
140.3
182.0
40$.0
221.0
122.9
134.4
311.9
28(1.2'
206.7
287.6
277.6
528.2
339.9
2341.5
271.5 .
267.8
439.6
20,.0 .
5224.
98.6
F-ACTIIOOK
.
424.9 512.5 I50.8
.350.9
567. 154.1 2,090,6 479.9
13d.6
1.
.22.4
129.8
.136.4
724.4 632.4 265.2
299 239.7 241.5
97.3
.
199.7
2. 185.2 138.4
100.0
&Ot1wer2Lodg2ng 2'1nces ,70 tHotels 9
1991
100.0 100.0
0.
.
1990
96,3
100.0
O W'hoIesaielretali Irode s
1959
100,0
100.0 '100.0
Transpaitctlon/comnmunIcatlonlfuIItty WYat'rTransportationt ... Communications orSanltnry servlces Electric,Cas
1988
1985
100.0 100.0
1986
1987
1984
.
92.5
DA~TA B3ASI:72 2N1:IGINC;MARKI rIKL
IFCG:industryPriceIndexes .1984-1,993. (annual% change In US$)
0
Agrlcuitutfo/f&estry/flshlng 1 Mining 10McaMining
*
15.2
3.7
.-
.
1987
586
198
:SIC Sectodilattfuusry
35
.-
,
12.3
.-20.5
2 Construiction Cuitr.eturw *15 . C,ncr.t tilfliiiing
17.2. 21.0
-3.1 -3.0
:3 Manufacturing Plrodutcts * 20 FoodA Kilndred NSIiS Produicts 222 Textile .37.0 TextileProdcxics 23 App.irelI&Otlicr &Allied Plrodutcts 26 P'nper &AllSed'ctlOmucts 28 :Chlnemicls *29 li'etroleurmnRef(Snng&StRelatediProduicts I'roducts &Mtisc.PS'asSlcs 30 ltubber .0.8 I'rutclus *32 Ceilnent&CGInss 33 P'rlnuryMietllInduistrlcs.. Meotal lroduicts ~~~3.4 Fabricated & ElctronlcEqujlpnwint .36 Electric Eqimn8 37, Transportation 19 3 NicellaneousM1,inufacturlng
35.6 0.8 44.6
4 .Tiransportatian/commnunlootion/utIlIIy WatorTransportaitIon
.
48 Comminitiicatlons
SanhlryServices Cuasor 49 Elcctrlc,
43,4 30.1 27.3 56.1 150.3 29.3 10.0 5.2 38.4
'
24.1 60:2 20.6
9.5 2355,8 -27.6
72.8
3.0
86.9
56.0
-53,7 .60.0
.42.2 10.9
-14.8 -19.4
36.2 60.8.
48.3 41.55,
-40..0 .425
4.3 51.1
0,2 -3.0
23.9 71.4 38.5 29,1 . 19.9 10.,7 20.6
.58,9
145,1 150.8
19.7 .36.5) 3.7 1.6 74,5 39.5 6.4 39.0 101.9 -16.7 -21.6 54.4 29.45 2.2
55,4 52.8 30.9 42.8 63,9 .. 10.0 -50.2 94.5 25.6 2.7 422.6 .49.2 26.6 -55.4
57.4 29.8 -17.3 27.5 13.7 74.7 445.4 66.3 . 88,0 49.1t 59.4 . 69.3 53.6 3.7
49,3 91.3 52.'5 341.3 59.1t 59.8 12.4 41.4 107.5 12,2 59.6 68.8 35.6 29,2
-32.2 -27.9 .37.0 -37.6 -34.8. -33.0 -43.5 -43.5 -27.7 -31.4 -31.7 . -41.3 -59.5 7.5
94.3 2500.2 574 65. .54,6
39.0
26,5 31:5
57.7 35:1
-15.3 -48.2
.50.6
81.9
.
97104,3
1.
26.5 30.2 -5.7
Otherldlverslfledholding companies
-21.0
1154,3
28.3
45,8
IFCGCompositePriceIndeX
22.2
5,7
I50.1
53.2
16.7 -56.7 56.5
-3652.6 766.839.2-45 -41.3 91.4
--
59.6
-65.2
31,7
6.2
-3:8 -2.8.
16.8 .1.0 ~~~~~~~~~.-20.8. 5.5 -21.7 . 51,4 .
.
.16.5
36,9 Q's 46-7.6 11.6 7.0 12.1
-8.6 -1.3 -25.5 -7.9 -25.4 -10.1 -24.1 -5.7 4.10 -4.4
.
72.2 8.6 53.7 66.6 22.4 23.7 42.7 37.0 106.8 74.4 57.2
.
46.9
42.7 -1.0 -15.5 34.9
.54.1 50.6
AS.I 39.3
57.3 .2.1
60.5 45:0
4.6
27.0
9.5
54.1
19.2
-4,0
-6.0
12.1
43.5
Salo6
-35,8
-52.7 1, -.15 -11.3 5,4
3s10.39.313159.5
50.5
esitat Finance/tnsu'cnce/reoi 13anking Ranks CreditAgdcIesOtherThain Brokeorsr Conimotlity Sectirity!& r:utivir,co . Sesvfc~~~~~s . 70 ltneIs&oftierLiginigP5aLccs
-.
7.3
51990
47.2 47.8
6 .60 65 62 63
1994 FACTIOOCK
-18.3
19,7
104
9
1993
6.0
trade WhoIesaIOftellOll
--
1992
1989
5
.
1991
1.988
9064
-3.67. -1.0 1.4 -7.5 -26.7 29.7522 9.4
57-1.5 -34.3 I156.0 4. 73.0;
-45.0 -29,51 -54.4 -15.0 -25-.5
65.8
-4.8
7.8
-3,5
55,7
-,It30.9
55.6
-1.4
.
13.5 .1.5
*ir
68.6.
73.9 55.0.5 27.1 142.7 13. 90.2
.
64,2
IN;NIASIKSiSDTEAE7
TotalReturnIndexe's Summary 193Performa'nce
~;'~IFCGIndustry.
ad 1993% changesIn us$;e~nd1984=100) (US
SC SderIurli1tirstry
.
* 1993 (1984=tO0)
endti-992
359,8
91,9
254,8
39.6
135,1
65.7
783.7 755.9
73.7 60.2
Agriautture/forestry/qishing
.0
I Mining lo0~etirinn
"'~~'.
2
Construction
15
ConeraIBi3ildligCcntractors
* 'S Manufacturing Produicts & Kinidredi * 20~ Foodi
22.. 23. 26 .28 29.
30 .'
.
..
32 33 34 '36 :37 39
.
.1,046,9
1,5112,1 93278.8 2,031.2 353.9 292.5 . 822.1 874,6
Tran-iportatioti/commj/ulltly .490.4 44. Witor Tr.wspormtaIon 49
EILectric, Gas9, or Sanlitry Service's
I9?457.3
trade' 5Wholesale/etaloi
2.
.
Finance/lnsurance/leat estate
61
63 Insurance
7
.
*2
se:rvices,
Hotets& dglKugplaces * 70Otherl.
1 ,1
5.
2
.
~lb 1
113j.3
.~
75~
*
J
jI
MEJ'
~~
144.7
1 26.0.~ 133..7 .
9353
**6,19,6
so
1. 7,
*
675.2 9.
0. 375.8
*
.Index TotalReturn IFCGComposite
70.5 5. 53.8
46.1
320,3
holding 9 Other/dlVersified V
30,7
.
.*
Olicr Thirn Banks CrediltAgencies Brokers 62ecrity & Commondmity
45.7.
73.5
9,918.5
60 i3inkiing
48.575
64.2 49.0
Communications.
o
.61.2
2,579,6
48
nee,19
2
24.9 26.7 45.6 40.5
282.3 367.0 82,
TLxillgvll lMciiiPodcts Apparel&Othcr Te,%tlleProdutcts Poper& AlliediProducts. Chanicilas&AilloieProducts .566.7 1etroleum Refliiing& RelotedProdutcts . Products Rtibber& MiNsc..Plastics Cement&GhissPwodticts Mcitii dstries PrIimaryllM . NU PraduLCtS Fabriatd Metal EquiIpment.. Eloctlrc&Electronic TransporNtltonEquipment McelnusanFcuig530,0
ChangeInIFCGIndustryTtlRtr Percent
56.0 70.0
.629.6
-.... 4
6
(rom
.
75QIdsre
~~~~~~~~~~~~~~~~~~
*.U
1994FACTDOOK
t
.
.
NE
G IN ARNETS AT IIAsE 74
Indexes TotalReturn IFCGIndustrY 1993 O) (U$; end 1984=W1
*0
1 Mining MlinIng 1.0 Metall
..
Construction 2 Contraciors 15 Genvrlalfltalldlg ManufacturIng 3 20 Food&KlndiredlProducts MllirrdKcts .c.t 22 Textile PrOvucis &O0l1orTextiIe .23 Apparel A AlliedP'roducts .564,0 *26 1Papfer Produebc.. & AlIedLx 28 Clfcnilcols &ReldtedI'rodlucls RefInlnig ? 29 C'etoIIurn 3.0 Rtibber&Mlisc.P1.1lausllsProdtucts 32CementCasrdcs....1235 33 PrimaryMet.lallduisrires.. .. Produicts MeOM 34 Fabriclc.ed 36.lectic&IlectronkieEqulpnient -.
Equkipenct 3.7 Triansportation .7
..
4 :, Transporlalion/aomrnunlcotlon/utlllty 4Wmatr TronsporMtlan .5,518.4 45 Conimunlcntl6ns . . Services or5anmitry 49Eiectrlc.Cn4s trade S Wholesois/retoil 60 61 '62 *63
sae173.1 6 _laceimrnc/el I1ankIn~ OilirTlianfHonks CredltAgercles &Comnodllty0Brokers.77,7 Scuirllty Insurance
.224.3 7 services &OrlierLodginglI'Ices :70 1-IoIeIs 9.ther/diversIfIedholding companies
CompositeTotalReturnIndex .IFCO.
1994 FACTUCOK
Atig
Sep
Oct
Nov
196.0
157.5
195.3
208.2
219.4
255,8.
270.7
175.5 87.2
185.6 96.4
197.1 100.3
194.9 10.
.198.6 91
210,0 154
215.6 132
216.5 110.9
254.8 13.
529.6 5.33.6
527.9 528.2
518.7. 513.9
516.5 495.8
530.7 502.8
608.9 566,7
653.3 615.8
783.7 755.9
Apr
Ma.1y
195.4
187.0
191.1
175.7 74.4
175.7 80.4
181.8 86.4
461.5 481.8
455.0 504.8
514,3 533,1
400.4 627.2 227.7 286.6
217.6 201.9 498
409.1 631.5 244.1 306,8 560,8 395.5 87.4 . 602,3 .,0, 204.4 205,3 568
548.8.
599,8
407,1 83.9 542.7
.
.
39 Mlucellaneousnniflacturlng
Jutl
Mar
.185,8
Agrlculture/farestry/fIshlng
Junl
Feb
jon
siC indulstry
421.1 409.3 659.1 664.4 227,8 232,2 273.3 283.4 572.4 .547,0 381.3 376,8 95.7 87.8 593.4 623,3 ,.30.1223 204.4 152.5 216.2 208.6 560.7 .529,3 596.8
333.7
364.4.
381
..
697.2,%,
241
436.6 432.8 681.5 *.705.7 219.4 .215.0 220.4 2631.6 252.6 269.6 Sr7.3 578.-1 566.3 406.1. 404.0 399.0 122.4 124.9 100.3 571.0 575.7 598.5 . 1,o338,4 1213.1,290.8 203.1 207.1 218.9 221,3 220,4 223,6 547.1 563.3 570.5 428.2
-681.9
693.4
3.1
695,2
460
1,539.0 1,593.8 1,5819.7 1,588.0*,1,704:7 31 3..3 37 368 356 5,525.0 5,965.2 5,948.4 5,910.8, 6,343.5 1,202.0 1,193.9 1,310.6 1,183,5 1,206.5*,1,195,1 589.2 584.2 573.4 51.0 .593 5~~~~305.
1,526:5 35
86.8 159.7
471.0a 494.4 454,6 .866.6 773.2 761.4 222.8. 21600. 215.0 278.2 .286.8 272.8 630.9 602.4 6100.9 449.8 447.6 418.7 131.6 147.0 131,4 588.2 . 635.0 583,0 1,415.3 1,448.8 1,632.4 229.3 2.33.3 213.5 251.1 239.5 . 233.0 617.6 579.5 550.3 677.4
400.7
429.2
503.1 375.8
463.9
511.9
547.3
649.6
403.9
435.3
465.5
555,2
123.8
1I16,9.
239.0
246.8 177.4
274.1 188.6
301.5 206.2
296,.0. 202.0
3120.0 218.9
351,9 241,2
374.1 259.')
49
378.4
391.6,
387.8
411.0
*I55.6
351,8
358.0
360.8
368.6
373.9
3911,9
331.1
33.
.329.2
314-.8,
~
..
53.0
423.2 303.0
137.9
.,169.0
874.6
422.0 . 298.2
247.3. 4101.7. 51.8 131.7i
147.1
85.9
767.8
48.
453.5 89.1 136.6
0. 231.2 359.4 80. 113.0
136.0
.84.5
629.6 547.5 915.3 1,046.9 249.9 *282.3 367.0 328.9 802.0 663.3 566.7 503.4 180.5 173.1 963.2 705.0 1,763.8 2,031.2 333.9 283.8 291.3 265.7 822.1 667.8
0. 320.3 675.2 99.5 218.1
205.1 229.8 361.3 . 76.7 115.7
85.4
198,5 2fl,I 347.5
.424.2
.358.8
2,211.5 2,579.6 1,916.4. 2,0.2% i729.1 '1,812:4 490.4 385.0 36.6 37, 343 .30 6,519.2 7,047.1 7,291.0 5,184.3 8,222.4 9,918.5 1,~538.9 1,715.5 1,927.4 1,296.5 1,307,7.1,454,8 802.9 756 304.6.2 635.4 604.0'
78.7
.381.?
197.0201.6 219.3 223.0. 369.5 ~ 353.6
728.6
704.5
74.5
217.5
.
3,1
498.9
198.2 218.6 352.8 . 81.9 113.1
200.8 219.6. 351,0
.197.0
186.3 333.1
676.5
.538.1
DX
2.
3. .254.5
.i,qcNIARKETsDATA BASE 75. ENIEIiNrGt
IFCG,IndustryTotalReturnIndexes .1984-1993 fr~
USS;end 1984=IUO) SIC lhtfusiry
AgrIICulcuttur/Worestry/fIshlng
0
1 MIning 10 WllNMinling
ConstructIon
2
Monufooturlng
.1986
1987
1988
3989
300.
98.5,
123.3
138.6
154.0
393.3I150.8
30. 100.0
138.8 317.2
113,2 95.6
114.1 72.1
185.0 128.0
304.4 230.4
121.3
123,6 127,9
187.1 194.7
468.3 498.8
699.8 746.4
125,2
.
197.7
.138o.a171.6i
rraducts 20 Faad&3(Indrocl . 22 ToxiIIeNllIIProtIucts &OllicrTextileP'mduiCtS 23Appairel '26 Paper& MlimiP'rudlclts 'rodlucts 28 Clhrnlcals&kAllied RolnIcdOroiactcs 29 retroletmntcliefnlnga& j:.roducts 3' & MIlsc. 30 Rtubber '32. Ctennt &03a153'raduts 33 P'rifivryMclt11llnduistrlcs .1
34 '36 37 39
11255
100.0 300,0
Uta33d3ntlgContmicors 35. Gencrill '3
1984
.
I'roduicls M3t.tM Fabricated EleclranncEqulpnielit Electric& EquIpment Trinsport.illuii Nt3sco3.i1usN.nuau1g
337,5 63,7 . 309.5 133.3
281.0 212.2 33i4,7 223,8
3~a0
379
139,3
00.0 100,0 300,0
323134.5 336,3 . 301.0
137,6 166.3
100,0 Transpiialtlonfcommunlcollon/utlIIty . 3~~~~00.0' . . 44 lYaterTrnnsport.itlon 300,0 48 CommunilatIons . ~100.0 49 rnectric,CasorsanltaryServlces 4
S
licide Wholescles/rotall
stt 60 BankIng Thi.nBanks Agenc3c.;Other 61 Crcc33I ,100.0 Ity Oroikers &Comniod 62 SecurIIty 63 Insurance 6 Flncnce/Insuraa/ra
7 ServIces &OtIhrLudgInigi'1.icus 70 HIotels
~9 S~~~
3(~~~~~ '
00,0 300.0
holdingcompanies Other/dlverslIIed
100.0
TotalReturnIndex IFCGComposite
300.0.
'1994 ;ACTHOoKc
~
*.274.7
.
556.2 *15.6 124.7 570.2 606,3
.
358.8
143,9 86.0
207,6 98.7
382.5
254.5
81.6
135.1
420.3.. '329.2
442.3 480.9
453.3 472,2
783.7 755.9
612.4 206.0 310.9 727.9 439.2 110.2 . 554.3 3,334.2
618.0. 226.0 289,6 550.7 40.35 85.3 538.8 3,260.0
1,046.9 282.3 367.0 802.0 568,7 180.5 963.2 2,033.2
238.3
353.9
.
246.7.
200.129. 4S2.1 560,8 344.5
822,1 874.6 530.0
904.2 4139.4 3,233.3 774.5
779.5 231.1 3,666.8. 824.7
337,353. 328.8 . 4,391.2 3,079.3
329.2 5.735,9 3.225,0
203.3
424,4.
516.o
502.9
480.8
549,7
114.1 132.2 333.2
178.9 393,3 206A4 152.093. 15.5
276.9 271.7 569.1
160.816830. 393.2 379.1 375.2 208.5 208.5175.2179.1320. 307.7 .336.6 336.3 809. 38.8. 89.2. 120.7 314.3
320.37 675.2
1.37A4
367.1 144.0
3222,050. I160.8
375.8
307.5
339.6
3357
649.6
222.2 567.8 . 35444.
.
.
.79,7 806
95.!
1.60.2 166.8
325.5
387.5.
316.9
32.14.36..
186.0
544.2 337.7 654.8
.403.8
99,2 301.6 96,11
174.8
678213.8 547.7 485,9 654.9 599.0 252.0 218,4
236,4. 825.6 733.3 195.4 .
343.6 482.5 532.3 146.4
3246
803
1993
240,0
344.5
300.3
192,3 153.0' ~~~~~~10.10 97.0 5
1992
493.239943540562. 351.3 478.5 210.8 332.0 235.8 374.5 598.0 902.2 365.3 527.8 18.4 145.7 464.9. 521.6 943.6 3,287.2.
.
244.6 179.3
182.4 230.6 209.7 476.7 229.4 .80,8 336.9 330.2 303,0 85.3 278.1 335.7 13615 .
157,41 3~~~~~00,0330.3l 3~~~~~48.3157,5 300,0. 144,8 140.2 3000 282.3 154.5 300,3) 201.3 1338.9 300.0 148,3 135.1 300.0. 169.7 119,8 . 300.0 239,9 108.4 10. 381.2 24,2 000 307,8 134.0 300.0 182.2 111,119 300,0 258,8 39135 300,0 1 150.3 143.9 00.0
*.
22
.
1991
1990
259430F
2419.6.
.
. 142.7
.
.2596 .
490.4 9985 1.927,41 802.9
18.3
289303334552
IIASI. 76 DAVTA iN1A;twETS EMERGICING
IFCGIndustry TotalReturnA Inexes, 1984~-1 993 (annual,% change in uS$)
SIC
*
.
18 togissr~
1986
1987'
1988
1989.
1990
1991
1992
1993
0
Agricultur./larestry/fishlng
-1.5
25.2
12.3
11.2
24.2
-16,5
9.4
6.4
92.9
1 I
N101 1talMinlIng M
MIning
18.8
.4,7 -18.4
0.8 '-24.6
62.1 77.6
41.5 04.4
-52.7 -59,1
.44.3 12.4
-12.3 -15.6
39.6 65.7
2
ConstructIon I 'Inen Dultldlgcnt.ita25.2
21.3
1.4 52.3
150.3 156.2
49.4 49.6
-39.9 -42.5
5,2 12.0
2.0 -1.8
73.7 60.1
15.2' 15.9 33,?'
62.8
53.2
-31.1
27,0
314.11
-7.0 0.6
56.8 70.0
17.2
.
3 Manufooturlnlg 38.4 20 PooKd& Kindred Pro' :Ls 10.1 22 TextileN1I1I I'roducbi 48.3 23 Apparol&iOthwrTaxiIIPo'rducts .40.2' 26 rapcr&AIIIvdProducts ,. 54.5 25 ChernlcM & Alied ('rcdiuicts 36.9 29 i'otroeiirnIReNlnin &Relatedlrdics35.11 30 Ribber &MiIsc.i'Istlcsl'roducts 19.8 32. Ccmient &CGMIaisi,txlcis 8.4 33 PrimaryMNetal Industries 114.2 34. PibIcip NlIi mucs3.19.6 36 Uioctrlc&*ElectronicEquipnrcut . 14.9 37 Transortarlonqulpmrent. 1535.1 * 39 Mlsedllanuous &Ma"ruactiuln . 41.9 4
Tronsporialion/oommunlcallon/uIIilIy
37.5 63.7
44 WVaterTransporlntlon:
* 45 Conimunlc,itIcms ~~~~~~~~~~95 49 'Elcctric, GasorSanilary Smrvces
33.3
6 Flntance/insurancelrual estate 60 liantdng * 61 Agendles Oilur TliaruIknks. .CIL'd1t
.
.-
9~Other/dyivesIfled holdingcompanies
'IFCG CoMposite TotalReltun Index
.EIE
23.9 42 9 6.2
3.3 82,8
.
.441.9
~~~~ ~ 13.9.
81.2
27.0
-45,5 98.5 29.3 6.5 -20.8 52.6 29.7 -9173.
54.4
1'6.5 414.1 112.3 14.7 66.0 71.1 37.4 3.
5.7 104.5
29,6
187.3 67.9
.
...
.
93.5 55.0. 68.3 73.5 58.5 34.8 43.0 15,3 26.4
441.5 .
111.3
-0.4 4.6
56. 72.3 -3.18I
-13.3 .13.6
1.a
64.6
100.4
53.0
15.7
68.8
.-
.69.2
43.6 4.7 80.4,. 57.0'
32.1 36.1
3.0 -2.5 .
-14.9 31.0 ~~~~68,9 16.7 .
9,8 .41I.? 121.3 -15.4 58.6
.
..
95.6 85.2 36.3 62.2
17.0
,4
7 Services 70 Irfctell&Otlier LmtglngiPlaces
'it49rACTUCIOK
.
~~~~ ~~17.9 18.0
O Whoissolo/rolcIl trade
*.62 Sectirity&4Conimwdllty Brokers 63,Insurance
1.9 2.2
.
66.2 38,3 854s 74.4t
2.2 41
."
-13.8 -47.4
35.2 6.5
.64.4
4.4g-
.
8.2
19.3 .0.1 30.2 13.5
.
.78.8
61,2 45.5 70.5 55.9 53,8 64.2
49,0 73.5 57.3
'1.
-.
81.6
-16.0 -272.9 -10.8
2.2 -6.7
78.9 113.3 27.5 1447
-11.0
.17.11
32.9
.126.6
1.7I.
133.7
.29,9
I13.5
69,0 42.3 163.4 30.8
40.5 112.1
.23.3 .44.4 -28.5 .5,2526.2
5*1.7
12.8
12.7 9.3
-.3.4 644. -12.0 -14A4 36.7
26.7
-30.9
-3.0
27.7,
24.7 19.2. 3.-4.1 2.5
24.9
40.6 175.58 .4.2 116.1
69.0
30.6
20,2
-23.6 .. -6.9 -2,,45.6 -8.? -22.7 -2.8
54.5.
67.7
19.7
.
1436.
19.7 * 19.9 -06107531764.8
-.19.7
74.3. 40.4 31.9 21.7
21.6-2744
--
.
.-
-26.6 -36.5 37.0 -313.7 -30.8 -39.3 -43,4 -26.8 .30.4 .962. -41.1 -1I8.1I 181.5.4
101-1.1
17.6
93.5
0.3
'67.5
iNNtrKTsD
ABAE'77
I~
.,v p.
4. IFC
V:.;.
~~~~~~~~~~~~~~~~~~~Indexes
-Emergi.ngSok-a"s
actbook 1994
CMPositeIndex in the IFCOI MarketWeights 1993 E'ndWeightsIn the IFCICompositeIndex,Ed*1993
Argentina Brazil Chiile
I 42 20
NleXICO Peru Veneazuela
56
Colomrbia
.
.EN
9%
1.5
28.7 0.6 America
.L.,tin
2,275
16
China'
130 1111,974 76 Asia South
Komei philitppines 'Tamiwn 9 China
India
7,5 8.9
26,922 34,238 6,1341. 5,874
110,468 ~~~~~~~~~72,202 2,391.
EastAsia
*
(,
(US$inililanis) ~~~~~~~stocks
Lat!nAmerica
*
IFCIConimpulit
capitalization
Nuinberof AdarAve
61
In4onesia
VIAlaysia
~
~~
.
192,310
.
Pakistan SriLanka'
.
.~~~~~~~~~~~~~~~~~~~~~Ai
2.6
9,948
~~31 8 660
2.2 .24.0
2,711
5
544
0.7
21,050
.
.
5,
Numberof CompaniesIn the IFCIComposlleIndex,End-199l
Europejiidecast/Afriora Crecc H-ungary' Jordan polariP ~16 l'ortug~~~~~~iI Tuirkey
17
.5,500
S 5870.2EE
5
C~orposite
644
.
385,147 188,027
145
Latin Amrerica't
163,588 ~~~~~~~~430
'
(79
A EMBI
33,532
<~
%
.1.3
.
0. iaa.a
r;'vyi
.
4'ckq
48.8r'
"'
w"
42.5r'' 8.7
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~67%
"V
F
LaitinAmerica
1
22,05157 127..
31 .
.1.4
409 2,140, 5,134
12
Zimibbibwe
Asia
8,177
8 52
Thailand
2.3 3.1 2.1
8,758
In 1993.
were noatincludledIn rt.gOnlI Orcomposite.statIstics Poland,a'.ndSri iLanka 1-ungairy,Pecru, tiles:Chinla,
MIAI%ETSDATA BASE 80 MERGING, 1994 FAcrlooK'
.....
...
of the IFCIIndexes ;~~Compadrative.Valuations 1993 En'dratio r'ahwe Price-Sook
ratio P:Ice'-earlIihis
Market
444~
LatinAmerica
~
Colombia Mexico Peru
.
EaIstAsila.-. China Korea Plidppines "Taiwan, China
39.19 26.07
.
~~~~~~~~13.12 21.64 13.76 16.50
[ndonei1a Maiiysia Pakisthn
29.43
1.02
12.23
Thailand
28.27
.25.13 .
.82.453
26
fordAn
.
ioIaind 'Portuigal Turkey 7imbaibwo
0.38 1.76 1.85 1.95 3.61 0.92
.
..
2.37
1.03.
0.42 2.73
0.18 1.19 0.67 0.67 0.25 .615
.1.54
1.55 0.57 3.1?
20.70
U:S, .
23
.534
2.14
.4.59
7.67 76743.4144 6
.
0.52 0.64
.~0.72
22.10
0.77
28.50
1.00
19.37
.1.00 2.48 0,59
1,40
0.61
0.30
.0.69
0.94 1.50
0.12
0.25
.
,
.3.1.69 .717
.412 .010
2.44
2.58
0.*7
.1.53
1.72
2.29
.1.13
.1.07
.
2.27
0.191.03 1.06
4.10 8.46
0.47 0.74
2.52 2.34
1.57 0.83
9.45 1.41
0.39 1.52 1'.22 1.00'
1.00 4.50
.-
0.75
13 1.43 1.61.92
1.11 3.15 1.00
2.13 2.36' 1.59
1.08
~..1.66
1.9.0.571.7 2.55 .2,64
0,95 2.47 0.43 2.35 2.44
1.73
.01.09
.219 -2.48
.17.61
38.90 19.70 22.70 23.00
2,25 5.69 2.03
.
16.56 71:,3.79
.
1.07 2.57
.
0.65 4.00 2.05 0.65 0.00
1.6554623115
13.20
~~36.78 1.25
.
102.19
2.4
-.
0.60 . 109 0.59 1.26 0,33
~~~~~~67.502.35
Japan , .
UK
1.37
.3.14
14.16
5
18.33
Develaped Markets
.5.64
29150.
96 45.56 17.35 31.47 16.96 36.20 9.45
.23.71
Composite EMEHA.2930.76 LatinAnerie
0.60 2.46 .9172.10460:20
1.35 .
1.96 ..
-
.
42
0,95
~~~~~ ~
Asia
d.'A4. %.'ATIOO EACTiEOK ~~~1994 $2.
1.23
0.30 0.97 0.85 1.21 1.65 0.58
.
0.57 1,30 1,21
MSCI WourldFree
1.03
0.69 2.2.2 2,76 .3.77 1.32
12.32 25,01
37.46 34,97
Rogions
2.37'
:1992
World Free
1993
.
,--.
Europa/Midoost/Africa Greece Hungary
*4*
13.30
0.69 1.36 0,91
.19,79_
Vendzuela
I
0.41 0.70
11.69 20,04 2.008255'.12
Chile
k'~~
33.10 -604.64
nina25950.90.
Drazi
1992
World Free
93
19
ordFe.
.DidedytieIli
1.70. .
.3.62
0.90 .3.50
2.80 .2.30.
.2.90
2.50
T
'EiitcuwG
MIARKETsDATA BA~sl:81
IFCI'PriceIndexes -Summary Periformtance .11993: by 1993%changesIn UW$) CRanked
InlFCI" %change .
*
Index Price Marke'it ~~~~~ ~~~~~~~~Ranik
-
.Plillippines15.
IndoniesIa Thailand Malaysia *1021 Zimbabwe
PakIstan
q
112.4 107.3 107.2
0 W
93.8
650
8. 83,1 77.2 71.5
.Brazil
China TAl;~'an, Sri Lanka 1 Argentina i-inay66,7 13 Colombia 14 China 15. Nleeidco Portugal 17 1 Jordan Chile 19 .India 20 Peru71 ~~~ ~~~~~~21 Koaea 22
~~16 4s~~~~~~~
PercentChangeIn IFCIPilesIndex, 1993
717.9 210.6
Polaid' Tuirkey
':I 2 3 4 5 6 7 S 9 10 .1Il
EmrigMaFket,
51.6 49.3 48.0 47.0 41.7 31.9 24.130 20..930 20.4
.
,
.
23
GreeceL
16.6
24
VeumiluzueA
13.9
600
~550
SI 450
*,400
350 2. 20.0 iSO
:Regions
~Composite
3
L-tinAmurica
.4
DevelopedMarkets,
112
EMEHA
.I
2 3
,
,P~A
28.9
Fr,EuroPad' U.K.,FT100
.
7.3
io~i
7.6
500 U.S.,56W1
`5
nnD
74.9 6.1.
Si5A93.
1
1002
A d
~
tS'
Ci~1 -
i j
6
6r
.
market o3Ernwrging
markets UDevei.opald
Indexes Regionnal oIFC ibFCwaisaddedlottbe Zimbabe V.i's:. Zi
'1094 FACTIJOOK'
r only, Dienembe ynr arefor Junethrouigh fIguresforthec Plerforianice InJuhe1993, Irdiexes Investable
.
...
DATA BASE 82 TNIERCING.N1.ARIcrrS
* IFCIPriceIndexes 1993High,Low,Close
(U$:year-endand week-endvalues) Me,A'~~~~~~~i~1992
En~~~~I1-ugh
H~tighl iwek
LOW ivek
Lowv
Enid. I1993 Price Indxes. High and Ciose,1993 ~~~~~~~~~~~~~~~~~~~~~~~~~~~IFCI
LatinAmerica .579.6 125.0 418.5 425.2 676.0 100.0 519.6
Argetthn Brizil Chille Colombfii Meixico ileru *Venlezuela EastAsia Chiina Korea rhiflippineos TaIw, China *
.
539.2 122.1 364.6 322.7 604,1 78,9 326,1
094.0 5-Mn 232.7 5-Feb 551.8 7-May 644.7 19-Malr 11-Jun 1,006.4 120.9 21-May 591.,9 19-Mar
133.5 .73.8
31-DLc . 17,Dec 31-Dec 31-DLC
76,2 643 140.5 69.1
23-Juil 5-Maz 8-jan 8-Jan1
149.3 119,2 336.6 135.270
93.7 58.7 163.5 200.2 100.0 230.4
l20.3 124.7 .339.0 387.9 177.2 477.6
17-Dec 31-Dec 31-Dv,c 31-Dec 31-Dec 31-Dec
68.5 60.1 15.66 180.7 82.3 228.2
23-Apr 22-jan 15-jan 23-Apr 19-Pd, 2-Apr
116.5 124.7 339.0 387.9 '177,2
.
U
800
60 500
.477.6
300
Europe/Mldeasf/Arrica . Cn.'ece Filungilfy Jordnn I'olanid. l'ortug.iI. .68.4 Turlwy Zimbabwe
253,5 ~~~~~195.3
Region$ Composite Lat In Amerfu LatlnArnerlca
2-a4356..8 217 31Dc 202.9 .355.6 650.6 26-Feb 398.3 31-Dec 650.6 ~~~~~~~~~~~~~~~~~~~~~~~~~~415.4 290.5 8-Janl 31-Dec. 149.0 290.8 ~~~149.8 169.3 8-jim 79.0 31-Dec l693 79.8
ElviEA
1,000 900
149.3 118.3 336.6 135,2
11)0.0 .98.2
SouthAfia India1 Indones1ia Mala1,Y3ia pakistan Sri Lanka Thailand
31-Doc 994.0 244.5 .15-Oct 5511.8 31-Dtec 31-Doc 644,7 31-Dec 1,006.4 31-Div 120,9 22-Oct 664.7
.,
8-Jan1 196.4 83.0 14-Mvay 1666 100.0 Sl-jan .117.4. lbO2 116.8 19-Feb 97.4 817.9 100.0 8-len 77,1 114.5 .10-Sep ~~~~~77.3 15-jan 64,3 212.6. 31-Dec 2-Jul 24-DLec 100.0 202.4 13-Au8g 31-DLc 9-Juil 31-Doc
227.7 166.6 16355 817.9 113,8 .212.6 202.1
m mu
200
.m
ou
m
.
c
~ F
.
O
oEnd-1992indexl1eve1 Indexlevel IIEnd-1993 * 93hg EmIERGING
1994FACTIIOOK
MARKUTS DATA BASF
B3
IFCI Price Indexes Regional vs. Developed Market Performance, 1993 (US$; end 1988=100)
0 . Inid&x
Indexievel
%change
Jun
Jul
Atig
Sep
Oct
Nov
ac
223.4 416.6 174.4 118.5
228.8 437.4 171.1 126.7
235.6 449.6 180.5 120.1
254.3 486,3 191.8 133.9
264.1 495.9 201.1 150.1
286.2 529.2 227.7 146.8
304.1 569.2 237.0 159.7
355.6 650.6 290.8 169.3
158,0 137.0 78.1 95.1 93.8
162.1 138.1 79.4 97.0 96.2
16212 133.9 75.8 95.4 93.6
161.4 134.7 80.6 98.6 97.7
166.9 143.0 83.3 103.8 102.4
165.2 140.7 78.6 101.3 99.4
168.5. 145.5 75.3 104.3 101.5
166.3 145.6 62.4 95.1 92.2
168.7 156.6 64.7 101.8 98.4
3.0 8.3 *1.6 -6.2
3.0 -453 8.7 24,0
1.9 0.9 .4.2 -2.3
2.4
7.9 8.6
-1.9 6.9
3.0 2.8 5.5 -5.2
11.5
3.9 1.6 4.8 12.0
8.4 6.7 13.2 -2.2
6.2 7.6 4.1 8.8
16.9 14.3 22.7 6.0
1.9 5.6 12,7 8.6 8.8
-2,8 1.6 16.4 9.3 9.5
2,6 0.8 1.7 2.0 2.6
0.1 -3.1 -4.6 -1.7 -2.7
-0.5 0.6 6.3 3.4 4.4
3.4 6.2 3.3 5.3 4.8
-1.0 -1.6 -5.6 -2.4 -2.9
1.9 3.4 4.2 3.0 2.1
-1.3 0.1 -17.1 .-. 9 -9.1
1.5 7.5 3.6 7.1 6.7
Jan
Feb
Mar
Apr
May
IFCICornposite IFCILatitlAnierirn IFCIAsia IFCIENIEA
201.6 402.5 151.5 85.8
206.6 398.3 156.6 104.3
212.8 431.3 154.0 97.8
219.3 412.8 167,4 121.3
500 U.S.,SEeP U.K, FT 100 Japan,Nikkel EAFE ; -MSCI, FT,EuroPac
15.0 129.2 56.6 77.9 76;2
159.7 127.7 59.5 80.1 78.7
162.6 134.9 67.1 87.0 85.6
IFCIComposite IFCILatinAmerica IFCIAsia IFCIEMIEA
-0.6 -3.1 1.2 7.5
2.5 -1.1 3.3 21.6
U.S., S&rPs5o U.K., FT100 Japan,Nikkei EAFE , MvISCi, FT.EurcoPac
0.7 -3.2
1.1 .1.1 .1 2,9 3.2
0.8 -0.2 -0.2
.
.
5.0
6.3
.
.
regionalIndexesdo not includeall markets.Seebasedate tablein introducticnfor details., CompositeRad NaolTheIFCC
IFCIRegional PriceIndexes vs.U.S.SIP 800, 1993
-
(rebosed to 1992=100) 225 .
.
.
;200 -
.
.
'0'
,,
'
_,^_._,'0
,^__^
'-,
175 -I~~~~~~~~~~~~~~~~~~~~x
9
125
-
-
Jan
1994FAcTu0ooI
Felb
IC ~ lCiomposite ~~~~~~~~j,~ ~~~~~~.
~
~
~
~
~~ ~ ~
Lutin America
eaCI
Mar
-
Apr
-r
~~~ ~~~~nr ~
~~~~~~ May
..
Ju 1.
jill
Ails
~ Stp
~
~~
~~IFCI .:r~~~,Q. W.$'~~~~ Nov
Asia
DO
NIARKrTS DATA BASE 84 ELMERcINc
IFCI Price Indexes, Regional vs. Developed Market Performance, 1988-1993 (US$; end 198B=100)
Iriehw : I/1988 Index level
7
-
1989
1990
1991
1992
1993
IFCIComposite IFCILatinAmernca IFCIAsia IFCIHENiEA
100.0 100,0 10.0
155.5 164.9 150.0
147.4 174.0 118.2
200.5 406.3 129.7
202.9 415.4 149.8
355.6 650.6 290.8
100.0
168.7
184.6
126.1
79.8
169.3
U.S.,s&r 500 UK.,Fr100 Japan,Nikkei MSCI,EAPF
100,0 100.0 100,0 100.0
127.3 121.1 112,2 109.2
118.9 128.1 72.8 82.2
150.2 140.1. 76.3 90.6
156.9 133.5 56.2 78.0
168.7 156.6 64.7 101.8
FT,EurulPlc
100.0
109.5
81.6
89.9
76.3
98,4
55.5
-5.2
64.9 50.0 68.7
5.6 -21.2 9,4
36.1 133.5 9.8 -31,7
1.2 2.2 15,5 -36.7
75.3 56.6 94.1 112,3
27.3 21.1 12.2 9.2 9.5
-6.6 5.8 -35.1 -24.7 -25.5
26.3 9.4 4.9 10.2 10.1
4.5 *4,7 -26A4 -13.9 -15.0
7.6 17.3 15,1 30.5 28.9
IClCoimpoultc IFCILatin America IFCIAsia IFCIEMEA
%change
.
-
12,0 0.8
U.S., S&lP5O0 U,K., Fl' 100 Japon, Nikkei MSCI,EAFE FT, Eural'ac
30.7
26.7 26.5
Note:TheoIFCIComposite and regional lndexesdo not include all markets.Sec base dala table in inlraduction fordetails.
IFCI RegionalPrice Indexes vs. U.S. S&P 500, 1988-1993 (1988= 100)
700 A:00
0
500
7.
300 -
.
7
r 0. 1 .
19941FACTUOOK
a
.
2400 -JIFCI BOO
m
-
a -
--
.rt,,4$97,
.,0
0
|Qt
dyry
....
U.S.,S&P'son
.; . :E988
iSP199019 9Yf
1901
5992
Americo -
IFCIAshi IFCIENIFA
1993
EMERGIN6 NIARKETs DATA BASE 85
IFCIPriceIndexes 1993 (US$)
Mar
Apr
May
JLun
556.3 150.0 430.1 372.8 606.1 87.4 476.4
602.4 154.2 415.0 353.2 682.7 94.2. 360.0
5UbS 149.4 373.3 354.8 645.9 86.2 476.8
569.8 169.9 375.0 393.5 623.7 79.3 555.8
612.0 190.8 426.1 .
121.9 94.1 144.0 72.1
143.3 89.2 162.1 97,1
123.8 94.3 153.4
118.2 101.8 159.8 98.5
95.5 61.1 160.9 207.3 88.6 255.5
89.1 66.6 169.4 196.0 90.5 250.0
I100.0)
Jail.
Colombia Mexilco Pnm *Veneazulc
Dec-88 Dec.88 Dec438 Feb.91I Dec'88 Dec-92 Jan.90
591.0 123.5 457.9 397.5. 642,3 84,5 436.2
East Asia China Korea1 Phiilippines *Taiwain,ChInia
Dec'92. Jain.92 Dec-88 Jan.I91
MvfarAvl
Feb
Sup
Aug
Jill
D
Oct
Nov
804.4 229.6 495.3 545.8 859.1 97.4 588.7
994.0 232.7 551.8 644.7 1,006.40 120.9 591.9
121.7 107.3 242.5 90.2
149.3 118.2 336.6 135.2
148.4 362.6
110.0 108.5 278.7 316.2 164.0 372.4
116.5 124.7 339 387.9 177.2 477.6
224.7 152.3
219.1 153.1
227.7 166.6 16. 817.9 113.8 2)12.6 202.1
LatinAmerica ArgeintiiaBrazil1 ChileL
SouthAsia India Indonesia Malaysia. Pakistan Sri Lanka Thailand
.
Nov'92 Sep-90
~~~~Dec488 .
Mar-91 Dec-92
~~~~Dec488
-
634.1 91.0 587.6
607.9 187.1 410.9 409.5 672.1 90.4 564.6
692.6 205,6 430.4 451.5 725.3 100.1 452.1
745.9 222.5 444.4 475,7 703.4 106.5 501.1
821.7 209.2 465.3 515.5 781.4. 118.5 603.7
123.1 104.8 154.5 .92.1
89.4 102.5 150.7 55.5
89.9 98.3 164.4 82..7
94.4 91.6 165.8. 81.1i
.103.1 98.2 194.4 78.1
111.0 100.1 236.6 85.3
73.8 76.5 208.5 195.0 100.1 226.0
74.6 80.9 198.9 221.,0 109.0 242.6
79.7 *79.6
89.5 95.0 230.3 215.1
92.1 93.5 243.4 229.7 . 131.1
90.4 97.7 274.5
193.3 93.3 229.5
69.3 69.9 196.0 183.3 90.5 232.9
239.5
220.3
212.4.
220.0
206.9
90.0
86.9
83.8
87.9
91.4
120.0 87.3 91,4
166.1 85.5 138.3
.104.2
.
73.4 68.4 .170.9
.
.385.9
.213.3
228.9 125.1 258.9
Europe/M(deasi/Aflca Greece H-ungairy
~~~~~De-c-88
Jordan
Poland Portuigal Turkey Zimbarbwe
1994 FAcTBooFC
.
Dec-88 Dec-92 Dec-88
.
~~~~~Auig-89 Jtun-93
217.4
.
.89.2
.De-c-92
.-
128.2 121.8 ~~~~~~ ~~~~119.7
124.8 100,9 82.5 71.0
101.1 87.2 .99.5 .
--
.
145.6 334, .95.2 126.3 .100.0
161.3 292.7 89.6 146.5
.
227.3 104.7 162.1 328.9 89.3 129.5 127.1
...
.125.3
267.4
.272.3
224.4 237.4 150.5 139.0 1656561643 460.6 464.9 104.5 109.3 . .180.6 145.1 1353.4 .161.5
.
.266.4
.157.8
554.6 109.7 172.1 183.4
607.9 110.0 198.2 .176.4
EsIERGINC;IM-AIKETh.DAT'ABAsrE 86
IFCIPriceIndexes 1993 (monthly% ohcnge In US$)
Markel
Mar
Feb
J.on
Latin America ~~~-5,9 Argo:~~~~~~I~~~~ 2.0 21.5 -1,2 Brazil -6.1 9.4' Child -6.2 -6.5 Colonmbia -5.6 -5.0 Mexico 3,4 -15.5 Peni 9.2 -16.0 Venezuela EastAsia China
-13.6 17.5 ~~~~ ~ ~~~~21.9
Talivan,China South Asia
7.8
12.6
-2.2
34.6
1.9 4.1
India
*..
-5.2
-4.2
Korea Phillipplines
Indonesia Malaysia Pakistan Sri Lanka Thaliland
53-3.4 2.8 -3.5 -5.3 12.6 7.8 -24.4
..
.
.-
5.7 5.4.4.1 7.3
.
.17.6 2.6
-6.7 9.1
Apr
May
-3.1 -10.1 0.4 -5.4 -8.5 32.4
-2.1 13.7 0.5 10.9 -3.4 -8.0 16.6
*4.5 8,0
0.9 6.8 3.8
Poland
Porluigal Turkey ZImbablve
1994 FA rIc
--
..
*
*...
~~~~ 5.7 '30,1
.-
21.7
2,5
38.6
II1 5.8
6,9 -1.7
12.3 19.4
2.9 -1.6
-1.9 4.5
8.0 -6.0 .2 :33
5.7 6.8 4.6 1.8
12.8 16.0 13.2 33.1
4.5
-s.s
0.1
-2.5
.*3.9
5.6 -0.9
-0.1 20.4
-3.9
.
24.5 5.3
-4.7 13~.5
-3,0
~
15.2
6.5
1.5
-6.81
.
22.6 10.1
-5.6 2,2.9.5
-8.2 -5.0 -3.4 1.7 ~~~~ 18.7 0.3 8.2
9.6 7.2
379.1
-3.3 -
7.7 1.9
2.7
3.6
10.2 1.11 -4.0
9.2 .7.2
-1.9
-5.1
11,3
.
9.1
14.6
.10.8
5.0 -5.8
0.6 4.1
0.5
..3.7
6.4 6.4 10.5 -3.0
.Europo/Midoast/Afiica
CreeCe Huingary Jordan
,
20.5
.11.3
-6.8
0,9 3.1
-27.4 -2.1
23.6 1.3 11.4 18.1 17.1 24.2.
9.8 6.4 5.9 9.9 -17.8 4.25
-6.0 4.7 8.3 11.1
5.2 3.2 5.4 -3.0 6.3 l0.8
-2.4
-1.4
2.1
4.1 2.9
139771..2.1 9,9 4.7 10.3 7.9 10.8 -19.9
-1.9 .3.6 6.1 6.0 .0.7 -3.9
-6.5
5.3
.
,4-0.7 12.3 13.6 -.19 1.7 14.7 5.7
-3.3
-5.5
A12.2
IlAgSpOtovf-
-5.5
-1,6 -11.4
.
Jun
-3.6 -3.7 5,3 ~~~0.2 38.4 -1.8 51.3
3.6 5.0 13.6 IOB-12.6 11.0 -8.7 --
-4.6 13.3 9014.7: 7.3
7.2 3.6
-6.:o
9.9
.
5.7
14.6 0.5 . 12341.4 59-0425-44500.3 -11.6 16,0 27.1 3.9 10.8
.
.
32.8 -3.3
32.0 20.7
8.3
5149.8 5.9 17.0
21.7 9.a 1.5 18.7 10.5 2.7
.
.
21.7 22.7 8.1 28.2
8.8
0.6
1.1
.4.9
963.
.
15.1 -3.8
M , kKI&i.is DATA BAsr NC,G Em uRC.I
3.4 7.3 14.6'
87
IFCI Price Indexes -1988-1993 k
(US$, end of perlod levels)
Base date
(Mico.0)
Markel
1988
America Latin
1990
1989
1991
1993
1992
5
Argentina
[kc-88
1o1.a
257,7
146.2
791,5
579.6
994.0
Dra.il Clile eiolnibia Mionica Mvm Venezuela
Dcc-588 Dec-88 Fcb91 D.c.88
OU0 100.0 100.0
.118.6 136.0 -225.3
.34.7 182,2 278,3
125.9 367.6 310,9 582,B
125.0 418.5 425.2 676.0 100.0
684,6.
1,063.8
232.7 551.8 6441.7 1,006.4 120.9 591.9
^
Dec92 Jan-90
519.6
Eat Asia
Chifn
Dec-92 Dec.88 Jan-91
* 100.0
100.0
*
-
-
Ja9892
Korea Philippines Tolwan,China
.
95.2
.
111.7 ,1019
65,7
159.2
.
133.5 73,8
.
149.3 118,2 336.6 135.2
SouthAsla ,
India
Indonesia
Malaysia Pakistan SriLanka Tiiailand
. .
* * 100.0
Nov-92 Sep-90 Lec-88 -hlar.91
Dec-92
.
* 100.0
* 198.5
96.3 126,7 * * 145.1
100,0
189.3
365.6
143.3
-
.
Dcc-88
Europe/Mldeast/Africa Dec-88 Greece Dec.92 Hunjary Dec-88 Jordan Dec-92 Poland Dec-88 Portugal Aug89 . Torkey jun-93 Zlmibbwe
*
100.0 !
99.4 89,6
96,0 * 138.1 282.4 ,
*
-
171.6 288,6 -
-
100.0 *
.
-
57.4 135.9 304,1.
.278.8 -
.99,9 91.7 145,2
93,7 58.7
163.5 200.2 100.0 230,4 195.3
100.0 116.8 100.0 77.3 68.4
1 116.5 124.7 339.0 387.9 177.2 477.6 227.7 166.6 165.5 817.9 .113.8
212.6 202.1
~~~~ ~~~~ ~~~~ ~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
A
:~~~~~~~~~~~~~O
1994 FACTBoO
~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ENIt: EM
T
BASE 88S GI4G NIARICETsMDATA
PriceIndexes IE-CI 1988-.1993 (annual
%changeIn US$)
Market ilain America Argenllna 1 Urn! Clille Colombia Moxiclc PeruVenezuela
1989
1990
1991
1992
1993
157,7
-43.3
36.0
34,0
441.5 263,2 101,8
-26.8 -0.7 13.8 36.7 16.0
71.5 86.2 31,8 51.6 48.9 20.9 13.9
-70.8 ~~~~ ~ ~~~~18.5 -
125.3
--
23.5
109.4
-51.2
55A4
--
EastAsia -China
49.3
---
Korea Phillpplines Taviwa, China
20.4 152.1 83.3
--
59.2
-58.7
70.0
19.6 27.6
-40.4 7.2
2.2
----
SouthAsia India
24.3
.-
, indonesia Malaysia
~~~~ ~ Pakistan
-
Sri Latnka
-
.20.4
~~~~~ ~
-
---
98.5
Thahind
Euuope/Mideast/Afrlca
~~~~ ~
Grew Hungary
Jordan Ploland Portugal Tuirkey
-11.6 ~~~43.3 -26.9
-21.7 ~~~~~89.3 94.7 3.6
-32.3
0,5
16,9
1994 FACTUQOK
-.
.
16.6 41.7 717.9
---.-38.1
.
66.6
.-
-
-4.0
34,2
18.2
112.4 107.3 ~~~~~~~~~~~-34.2 93.8 77.2 107.3,
-35.1I 1.3
2.3 -47.9
-15.7 -52.8
47.3 210.6
DATABASE 89 mitRCiNG,NIAR.KETs
-of the IFCIPriceIndexes Statistics 1993) December1988-December (US$;-
Market
Latin America Argentina Brazil Chile Columbia Mexico Peru Vejiezueta EastAsnia China Koram
Standard Annualized mean deviation
Meanof Number of Mionthis %cliange
60 .A0 34 60 12 47
.
2.81 1.01
12 23
.
.PhillIppines
60
Taiwan,China
35
1.92
SouthAsia India indlonestin Malaysia Pakistan Sri Lanka Thiand
13 39 60 33 I2 6
2.30 1.09 2.29 4.52 5.14 3.07
.
.
.
.2.71
lurop./Mldeast/Afrlca ~~~60 2,31 Greece 6.27 12 Hungary 1,03 60 Jordan 23.97 12 *. Poland 0.49 . 60 Portugal 3.01 52 Turkey.
1994 F1ACrTIJOUK
33.87 26.03 7.75 12.75 8.54 12.75 20.78
8,28 4.87 3.17 6.11 4.27 2.34 6.13
.60
~.51,24
14.02 8.50 11.70 .13.iO
.
99.36 551,44 38.04 73.32
9.52 10.46 6.88 12,85 7.48 9.51 14.588 10.34 6.13 30.90 7.65 20.96
28.06
*.73,56
Annualized Correlatiton wvithi standard S&i'50 deviltion
33.72 1212 32.52 23.04
*48.57 29.44 40.53 45.35
0.15 -0.19 0.39 0.07
27.60 13.08 27.48 57.84 6,5 36.84
32.98 36.23
-.0.05 0.16,. 0.43 0.20 00 03
2, 75.24 12.36 287.64 5.81 36.12
51.18 35.52 21.23 107.04 26,5.0 72.61
23.83 44.51 25.91 32.94
Market
. 0,04 . 0.19 0.16 .18. 0.38 0.2Developed -0.23
117.33 90.17 25.8p 44.171 29.58 44.17 71.98
. .
standard deviation
Correlation utith 5&P500
17.60. 44.04 24.12 17.16
20.44 35.51 22.79 37.79
0.39 0.19 0.47 .0.06
11.21 10.50 -3.54 2.40
12.59 19.61 31.73 20.47
1.00 0,59 0.29 0.44 0.43
-Annualized
.
Numberoat months
Stanldard Annualized mein deviation
Main of %change
Regions Composite.. LatinAmerica . Asia. MEIA
60 60 60 60
2.30 3.67 2.01 1.43
U.S.,S&P500 U.K.,FT 100 Japan, Nikkei ISCI,SAFE FTEuroPae
60 60 60 60 60
0,94 0.90 -0.32 0.20 0.15
5S90 ..
,
10.25 6.55 10.91 3.72 5.66 9.16 .5.91 6.10
1.10
.
.21.13
0,04 0.44 0.20 0.41 0.33 -0.24
BASF, 90 EMNlincNc; MNARIK.IT5DATA
a
r.. . a u~~~ Ia
0
pi
F
C2us
En
0
CA
CDc
Poland
E
Argentina Hungary
-
CD.C
Columbia. Sri Lanka
DC
Pakistan
r1
Thailand Turkey
0-
China
C
Philippines Geree India IFCIComposite Malaysia. IFCIAsiaTaiwan, China IEdIEMEA Indonesia Jordan Korea us., S&P~ 00 UXK_FT100.oPortugal MSCd.EAPE
CD -e'
'0
(.1
c
0 CD c
Japan. ND"ce
-
0.
*~~~~~~~~~~~~~~~~~C
CDC
Arg~~~enezuea
U,.
'Ia
.
DC
-
_________
________________
CL
TaPn hina
.
.
Pedrug0. 1lungary
-
IPCLatn An eicb
~~~~~~~~~Thailand
rr.
Japan,Nikkei* *Korea
-
.
7, -t
Sri Lanka
~~~~~~~~~Malaysila iFCI Asiba Jordan F-TEuroPac MSCI,EAFE IPCiComiposite.
.~~~~~~~~~~~~~~~~
Us..5&P 500
.-
IFCI PriceIndex Correlations (December-1988-December1993)
US,FTJ 200
0.9 .00
Japan,NIkkw PT,Eurol'ae
0.19 0.49 3.00 0.44 0.71 0.92 1.00 0.43 0.69o 0.94 3.O0 3.00
IFCIComposiIo
0.39
U.K., F&rs
WUC, EAFE
It'd L.ini America IFCIAsI.i IFCIENIIIA Argentina. Drarll * Chile China Colombia *
*
Craw'c lsnp,ry India
U to OU 0.33
D033 0.42
0,40
0.04 0.19 0.16 0.35 0.10
-0.12 -0.12 0,04 0.15 0.01 -0.19 0.29 -0.2? 0.16p-0.01
-0.22 -0.22 0.37 0.16 .0.20 -0.12 -0.04 -0.02 0.08 0.07
0.04 0.08 0.07 0.33 0.12 0.44 0.32 -0,05 0.05 0.04 ,? .0.67O2 *0.61 -0.05 -.0,?D
.
Indonesia2. Jordan Kom,a mauy~la
NiQ%ayst I'altislan Peru
Philippines tPoland 2'ortugal 9ril.anka Taiwan Ilhaltauidl
T.urlwy Venezuela
I.=
0.19 0.03 0.26 0.23 0.13 Ofl2 2.00 0.47 0.45 0.36 0.49 0.422 0.72 0.24 2.00 .0.06.0.24 0.15 0.23 0.23 0.45 *.0.05. 027 2.00
0.26 0,18 -0.03 0.20
030
0.21
-0.28 .0.0? 0.03 0.43 0.45 0,43 0.143 0.43 020 0.15 -0.25 0.42 032 0.25
0.21 0.48 on2 0.56 0.37
0.22 0.551 0. 0.17 .2
0.39 0.20 0.012 0.29 0.27 0.43 0.43 0.38 0.2? 0.33 0.36 0.07 0O3 0.42 0.38 251S 030 .0.47 0.0? 0.27 -0.36 -0.221-0.21 0.3 0.07 0.24 0.28 0.33 0.30 032 0.3 0.22 0.24 -0.24 0.0 0.22 -0.23 -0.08 -0.05
1.00 '0.14 0.00 0.23 -0.04
3.00 0.28 t0f) 0.07 -0.04 1.00 0.31 .0.22 0.53 2.00
2.200 0.43 1.00 0.28 .0.24 0.39 0.02 0.04 0.14 0.46 0.34 0.57 0.23 0.50 . .000.34 0.13 0.58 0,08 0.66. 0 l .2 -0.26 0.22 0.018 0.39 0.36 026 0.49 0.M 0.29 0.28 -0.01 -0.37 0.21 0.213 -0.20 -0.20 -0,L9 -0.22 -0.02 0.09 -0.20 -0.12
0.02 0.03 0.28 0.12 0.3 0.08 53 .0.0? -0.09 0.1 03
0.43 0.28
0.36 -0.06 10.0 0.5 0OM 0.24 oat1 0.28 -0.07 0.26 0.67 0.22 0.223 0.29 0.26 0.15 0.21 0.73 0.3
0.08 0.57 23 0.20 06404
0.24 -0,04
0.03 0.27
0.58 0.1K
0.342 0.09 -0.07 -0.34 -0.08 0.27 0.4 0.40 -0128 .0 0.2051212 0,9603 0.23 -0. 200.05 0.22 0. 40 0,23 0.02 0.16 -0.09 0.13 0.18 .4.07900 .0 00
0.16 0.62 0.25 -.006 0.24 -0.21 0.33
0.121 0.30 0.40 0.10
0.30
nl53
0.45 0.24 -0.53 0.23 0.63 0.29
0.27 0.23 0O2 0.23 0.78 0.22 0.22 0.34 0.0 .25 -0.20 -0.09 -0.24 -0.0? -0.23.
0.19 0.8? 0.0.2
0.33 0.49
0.12 -0.24 0.02 -0.03 6.1 ,12? -0.03 0.35 -0.03 .35 -0.29~
0.03 0.23 0.24 0.72 0,35 -0.03 .0.03 -0.27 0219 0.50 0.26 0.24 0.22 0.36 0.18 0.20 0.05 0.09 0.05 033j -0.03
0.26
0.26
0,65
0.32
3.0 0,26
3.00
-0.5.4 -0.0 -0.03 0.07 . 0.10.26 0.0 0.1 0.03 .0.53 .0.20 -0.28 0.43 0.22 0.15 0.29 -0.20 0.32 -0.02
0.2?. 0.08 0.08 0.22' 0,24. 0.24 0.48 0.67 0.26 420I -0.03 0.20
0.52 0.36 0.43 -.0,4
0.14 0.40 -0.04 -.006
0.32 -G.1I1 -0.23
0.47
0.03
0.09 0.02 0.20 0.33 0.17 0.13 0.08 0.1? 0.39 0.24 0.03 0.23 -0.1220. O. 0.22 .0.43 .0.21 4.221 0.37. 0).12 0.02 -0.22 -034 0.22 0.46 .0.08 -0.46 -0.07 -0.10 -.0-0
.00 .0.29 10.3 0.27 2,66 0.26 ,0.09 0.04 0.37
i 0.12 0.51
2.00 0.22
100
-0.03 0.48 CZ2 - 0.2 0.49 .0.14 0.37 408.8 -0.10 -0.21 -0.38 0.27 -0.02 -0.03 0412 0.28 0.28 '0.48 0.55 0.30 0.22
0.53
0.217 0.63 0.27 0.27 0.28 -0.22
0.2 0.32 -0.21 412J
0409
0.47
1.00 -0.23 24D0 0.210.5
t-" il
025 4020 0.22 141 0OA0. -0.12
0.17
0.09
1.0
0.30 0.43 0.48 -0.0? 0.18 0.2 0.40 0W.07 I-0.30404-0.9 .0.2 -0:43 0.2 0.00 -.0.7 4018 0.26 -0.28 0.24 0.02
'
100 0.25
1.00
-0.24 0M .02 *
ii~~~~~~~~~~~~~~~~7
LIatotablein iitrmduction. NoMSdebase
1094FACT1oo2C
ENIumcN' NI~ttr
AA BASE 92
0
0 a-
a
UI -
-~~~~~~~~~~~~:5a
-u~ us_. S&kP500 IJIL
FT 100
IFCI Asia
_
_
_
_
_
.
_
Hungary
MSCLEAFE Malayi-a
FTrEuraplc~ Poland_ Philipp,hIFC Composite Maocio
0
Thailand.-
.
Portugm~~~~~~~~~~~
Japan. Nikkei Pakistan Jordan
a .
IFCI Lakin America Colombia Chile Indoneni China
o N EI
Taiwan. china Sri Lanka
B
~~Argt-ntina -
India
9 -
*
-cl
n.~~~~~j~~~~
EMIEA ~~IFCI ~~~~~Korca Venezuela Turkey
.
~
C
IFCITotalReturnIndexes PerformanceSummary
.:1993
(Rankedby 1993%changesin US$)
In IFCI % chlange l ReturinIndex ~Tot
Rqi:kMnrkd Emeiging Mackets
I 2 3 4 5 6 7 5 9 I10
.
I1I
12 13 14 i5 16 *17 18 19 20 21 22 23 24
Poland Turkey ...PhIlIpptne IncdonLsia Thniland Malaysia Zimbabwe'10..70 Pakistan Brazil Taiwan.Chino Sri Lanka .79.3 Argentina 1-lungary lpolornbia Portugal Mexico Cia49.8 Jordan Chile IndIa Gri'vce
*.
Peni Korea Venezuela
.
739.6 230.6 153.5 116.7 113.875 110.8
..
Percent Change In IFCITotal ReturnIndexes, 1993
1.3650 94.2 85,2
.
76.7 74.1 54.850 52.2 50.7
600 550 450 400
45.4 37.2 25.9 22.9 22.825 21.7 17.5
350
.200 150
IFCRegions
I 2
,.122.3 EMNEA Asia Composite
97.610 792
*4
Latin America
60.1
1
EAFE N~~~~IMSCI,
330i=
3
DevelopedMarkets.
.
DeVelopedMarkols
n 50rl
r, '-
V
fo and the earae forune hroug Deceber oly. [ Japanese iofJune1993~pi~rFmiancfI~ues tothe wsTopix) addd Zimbbwe Notes Invetabieilideas Index,~~~. (NLkkeI indexes a totalreturn local the publishes NeIther 1994FACTOCOK
n n n
- 2 -2
2
S0
-'
.2=I-~
o
De~1oed aret p t' a -C.~~~~~~~~~~~~~~~* 1KReina V dx 1 -E EMERGING MARKETS DATAolBcASE 94
IFCITotalReturnIndexes: 1993High,Low,Close (US$;year-endand week-endvalues)., Mark!
111gb Endweek FlUgh .~~~~~~~~~~~~~~~~
Lowo
iek ~~~~1992 Low
End19
IFCITotcalRetuin Indexes High cind Close. 1993
Latin Americai Argentina
Brazil Clille Colomibia Mtexico Pont VeneUZuda
661.9
755.8. 703.6 1,106,6 122.8. 717.1
31-Dec 15-Oct 31-De-c 31-Dec 31-Dec 31-Dec 22-Oct
149,8
709.3 146.1
1,257.1 297.9
550.5 454.5 729.9 100.0 544.3
5-,Mar 1.257.1 5-Feb
143.5
493.2 346.6 654.5 79.9 344.4
283.7
755.8 7-May 703.6 19-Miar 26-Feb 1,106.6 122.8 21-May 69.71,0 19Mr
Cls Aiia
I0.U
31-Dec
76.4
23-Juil
149.8100
Kaorea hiiipne. Taiwanl,China
99.8 140.4 75.4
17-De* .121.7 356.1 *3.1-Dec 139.7 31-Dec
88.6 147.8 .70.6
5-Mar 8-Ian. 8-Jan
121.5 356.1 139.7
93.8 59.7 182.6 215.1 100.0
122.0 129.3 385.0 433.1 179.3 555.6
17-Dec 31-Dec 31-Dee 31-Dec 31-Dec 31-Dec
68.6 61.2 177.1 197.6 82.4 260.6
23-Apr 22-jan 15-Jan 23-Apr 19-Feb 2-Apr
South Asta..
Iadia In'donesia NMaaysIa Pakistin Sri Lanka I259.8 Th..an
Portu.gal Tuirkey Zimbabwe
*
.
.. Eutope/Mldeast/Atrlca 345.0 13-Au8g 253.4 CreOm 174.1 31-Dec .100.0 H-ungary Jordan 136.1 215.4 9-Jul 839. 31-Dec Poland ~~~~~~100.0
8. 78.8 -
131.3 I0-Sep 260.6 *31-Dec 4-Dec 258 954 212.24 31-Dec
00
118.2. 129.3 355.0 433.160 179.3 555.6
800
-
0 8-Jan 254.8 -83.4 14-May 136.7 8-Jan 97.4 19-Fob
15.4 75.9 0.0 95.
5-Jan *.15-jan
2Jl 8Jani
311.4 174.1 197.9 839.6
130.5 260.6 -20.
200
0i
-
~ ~ ~ -g ~ rj~~~~
la
Fj
1994 ... .. ~~~~~~~~~~~~~~. FACTOQOK onps*
277
48.
1D..2.
. 9-a
-
-
M
M
212.2
0.
I~~~
-
~~~~~~En-199 inex e 1931=J ~~~~~~
EMERGINGMARKETSr DATA BASE
95~~~~~~
: .IFCITotal ReturnIndexes Regional vs. Developed Market Performance, 1993 (US$; end 1988=100)
Jan
Feb
Mlar
Apr
IFCIComposite IFCILatinAmerica IFCI Asia IFCIEvIEA
226.7 461.9 168.0 103.4
232.4 457.4 173.7 125.7
240.0 496.4 171.2 118.3
248.6 478.1 186.6 148.5
U,S., S&P S00 MSCI,EAFE FT,EuroPac
180.2 84.4 83.2
182.7 87.0 86.1
186.6 94.6 93.9
182.1 103.6 103.0
-lidex
Index level
L%chonge
IFCIComposite IFCILatin America IFCIAsia IFCIEMEA .
-0.4 -2.9 1.3 8.3
;U.S.,SLIP50D NISCI,EAFE Fr, EuroParc
0.7 0.0 0.0
2.5 , -1.0 3.4 21.6 1.4 3.1 3.4
2.7 2.1 2.8
194.5 104.6 102.4
4.0 1.6
8.4 6.8 13.3 -n2
6.3 7.6
4.2
22..
8.8
6.1
2.0 3.1 2.2
-0.9 4.7 -9 n
1.2 7.2 6.9
2.8. 5.5 -1.8 8.3
3.1 2.9 5.6 -S.1
8.1 8.8 11.7
12.4
2.7 -1.5 .- 2.6
-2.8 3.5 4.6
3.2 5.4 5.0
-4.1
192.0 104.2 103.1
-2.5 9.5 9.7
196.3 114.6 112.5
192.6 113.7 113.2
187.0
2.2 8.7 9.1
192.4 111.2 110.1
186.7 107.8 107.8
525.8 202.0 149.7
2.2 1.3 4.3 -1.9
408.9 764.9 327.7 212.2
3214
581.2 226.1 1879
2693
511.2 191.2 157.8
3.6 -3.7 9.0 25.5
349.2 667.9 266.9 1999
302.9
571.9 215.2 167.2.
261.2
484.5 194.7 145.6
3.3 8.5 -1.4 -5.8
620.5 256.1 183.8
291.2
2a4.0
105.8
Ds
Oct
Jun
.105.8
Nov
5eP
Jul
May
.
r
Aug
6.
5-1
-2.2 -2.8
-
.
196.8 11212 109.4 17.1 14.5
Nolte.TheIFCICompositeandregionalindexesdo not includeall markets.Seebasedatetablein Introductionfor details.
IFCIRegional Total Return Indexes vs. U.S.S&P500. 1W3 (rebosed to 1992=100)
225-
-
..
.200
.
. ' '
.
175. 150 .
do
W-
ioo
-
.
.
~fi
1994FAcTfooK
R.Mar
.pr.
;Iuucr
ay.......ep..
DMATAAE9 EMEItGING Nt~~~~~~t"
IFCI TotalReturn Indexes
Regionalvs. Developed Market.Performance,1988-1993 .(US$; end 1988=100)
i-rdex Index level
IFCIComposite IFCILatinAnierica
1FCIAsla IFCIEMEA U.S.,S&P 500 MSCI,EAF8 FT,Eurol`ac % chdngs '::
-
' p
'*;~'
1990
1991
1992
1993
100.0 100.0 100.0 100.0
161.5 176.2 154.1 175.8
158.0 192.3 124.5 200.2
220.4 460.0 139.9 141.7
227.7 475.8 .165.8 95.4
408.9 764.9 327.7 212.2
100.0
131.6 110,8 111.3
127.5 85.1 84.7
166.2 95.7 95.4
179.0 84.4 83.2
196.8 112.2 109.4
-2.2 9.1 -19.2
-
61,5 76.2 54.1 75.8
.13,9
39.5 139.2 12.4 *29.2
3.3 3.5 18.5 -32.7
79.6 60.7. 97.6 122.4
16.5 28.6 28.7
31.6 10.8 11,3
-3.1 -23.2 -23.8
7.6 -11.9 -12,8
10.0 32.9 31.5
100.0
IFCIComposito IFCILatinAmerica IFCIAsin IFCIEhlEA
.
-
MSCI,EAFE FT,HuraPac * ,";
1989
100.0
U,S.,S&P 500
.:
1988
',.' NOIL:The IFCICompositemitd regionalIndexesdonot Inc
30.4 12.5 12.6
aludel niumrkets. Seebasedata tableIn Introductionfor detills.
IFCIRegionalTotalReturn IndexesVa.U.S.S&P500,1988-1993 0i.: ;.
*j
(1988u100) 800 700 600-
~~~~~500./
t
>
400 <; -9 300
,,
f
~
2110
~,~
200
1986
1994.[FTB
~
.-
1989
7990
, 'IFCIConiposite
1.
1991
1992
4~$S~'&~
~-
114-11.
-
IFCILatinAmerica IFCI Asiat
1993
MARuKETS DATA BASE .97. EmE1RGING,
Indexes IFCITotalReturn, .1993 (Us9$)
Basedate .000
Markel Latin America Argentina Brazil Chile Colanmbla Meixico Ireni Venezuela
Jan
725.5 1459.0
Dec-85 Dec.55 Dec.88 Feb-91 Dec488 Dec.92 jan-90
~~~~~~ 425.9 693.5 85.1 460.0
Jul
Aug
ia'p
761.9 230.2 577.4 417.0 696.4 92.4 628.5
756.8 226.3 555.1 443.4 738.1 91.7 606.1
862.2 250.4 586.4 459.5 796.6 101.6 485.4
930.8 271.1 605.4 516.6 772.6 106.1 540.5
1,026.8 254.5 634.7 560.7 858.4 120.3 651.3
1,005.3 279.5 677.3 595.3 944.6 95,9 635.4
1,257.1 253.7 .755.8 703.6 1,106.6 122.5 639.7
123.2 107.7 163.0 94.5
89.6 105.4 159.1 85.5
90,2 101.1 173.6 55.2
94.7 94.2 175.3 83.6
103.5 101.0 205.6 50.6
111.5 102.9 250.1 58.1
122.2 110.3 256.4 93.3
149.5 121.5 356.1 139.7
73.9 78.2 234,3 213.2 100.6 259.6
74.9 83.0 223.5 244.4 .110.1 278.8
50.4 52.2 240.3 253.1 126.3 297.7
90.6 95.3 260.0 . 237.9 126.6 309.3
93.4 96.8 275.4 256.4 132.6 316.3
91.7 101.2 310.7 297.4 150.1 42'1.5
111.7 110.3 316.2 353.0 165.9 433.0
118.2 129.3 385.0 4313.1 179.3 55.6
256.3 88.3 173.2 339.4 109.2 152.4
280.0. 95.5 192.8 300.5 102.8 178.2 0.0
309,0 1109.4 193.8 337.6 102.4 157.5 127.1
323.1 145.3
305.3 157.3 197.9 472.9 119.8 221.4 162.2
305.5 159.1 196.4 569.3
298.1 160.0 188.6 624.1 126.2 242.9 178.2
MaIr
Apr
May
741.5 682.9 176.6 181.8 550.5 ~~~~605.0 570.1 400.1 379.4 739.1 654.5 88,3 95.4 503.1 352.5
716.2 179.8 525 381.2 701.2 57,3 507,3
705.0 205.1 575 424.3 650.2 50.4 592.4
118.2 104.6 168.5 100.7
Feb
Juin
Oct
Nov
Dxc
EastAsia China Korea PhlilppInes Taiman, Ci~ina South Asia Inrdila *Indonesia Malaysia
Makistan Sri Lanika. Thl~aland.
Dec-92 Jan i-92 Dec-88 Jan-91
121.9 96.5 151.4 73.7
143.3 91.5 170.6 99,3
123.8 96.7. 161.5 106.5
Nov-92 Sep-90 Dec-88 Mar-911 Dec-92 Dec.55
95.6 62.3 179.6 223.1 *8.7 291.5
89.2 68.0 189.4 210.9 90.8 282.5
73.5 69.8 191,4 210.7 93.8 261.8
69,4 71.3 220.0 200.4 91.0 267,2
282.1 89.2 145.3 100.9 91.4 83.8
310.5 90.0 139.5 101.1 96.6 117.4'
255.5 56.9 141.9 120.0 96.7 108.7
275.6 84.6 152.2 165.1 98.3 166.0
.
-
.
.
.
Europe/Mid.asI/Afrlca Dac-88 Dec-92 DecSB8 Dec-92 Dec-88 Aug-89
CreeCe
H-ungary Jcrdan Poiand Portuga Turkey * Zimbabwe
.
1994 FACTIOOk
.
~~~~~~Jun-93
-
..
.
.
.187.4
477.3 125.3 177.0 154.0
.125.8
211.0 184.1
311.4 174.1 197.9 839.6. 130.5 .260.6 205.5
%I%AItKE.TSDATA BAsr. 95 EN%IERG.ING
IFCITotalReturn Indexes, 1993
"Y.
(monthly % change In US$) Ma
t~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~p .:il
Ma:kfl *
-,
JaI
..
FEb
Mar
DL
Ap
May
im
-3.4 -1i -8.7 n.5 -5.l *8.5 32.5
-1.6 14.0 1.0 11.3 -3.0 *7.9 16.8
8,1 12.3 13.7 -1.7 2.4 14.9 6.1
-27.3 -2.1
-5.-I
4.3 2.9 *3.3 -5.8
-5.6 2.2 15.0 49 -3.0 2.0
A!tg
Sep
Oct
NOV
-0.7 *1.7 .33 6.3 6.0 -0,7 -3.6
13.9 10.6 5.0 10.4 7.9 10.b -19.9
7.9 8.3 3.3 5.5 -3.0 6.3 11.4
10.3 -6.0 4.8 8.5 11.1 11.3 20,5
-2.1 9.8 6.7 6.2 -17.8 *2.4
2S.0 1.4 11.6 18.2 17.1 24.2 0.7
0.6 -4.1
5.0 .6.8
9.3 7.2
7.7 1.9
9.6 7.2
22.6 10.1
21.7
2.5
38.9
9.4
5.8
49.8
-1.8 1.5 12.8 16.0 13.2 33.3
21.8 9.0 1.8 18.7 10.5 2.7
5.9 17.2 21.8 22.7 8.1 28.3
,til
LatinAmelrca
- :
-
Argentilna i i Brazil Chile Colombia !'xico
'
Pent .Venezuela East Asia Chluin Kome-3.3
* 2 .
<;; :
2.3 *0.7. 9.8 -6.3 *5.0 .IE -14.9 -15.5
*5.9 21.8 .5.8 -6.1 -S.f 3,7 9.4
8.6 3.0 -3.4 *5.2 12.9 8.0 *23.9
21.9
17.5 *5.2
.
Philippines
7.8
12.6
Taiwhan,China
-2.2
34.7
*13;6 5.7 *5.3 7.3
1.9 4.4 -1.6 3.7. -11.3 12.2
-6.7 9,1 5.4 -53 2.4 -3.1
-17.6 2.6 1.1 -0.-1 3.3: -7,3
11.3
10.1 1.0
-8.0
-3.6
-3.-1 1.7 18.7
-2; 7,3
.4.b
8,2
4.3
-2.4
9.1
2.7
15.3
-6.7
-3.7
-1.5
-3,7
6.5 9.6 6.5 6.4 10.5 -2.8
1.3 6.1 -4.5 14.6 9.5 7.4
7.4 -0.9 7.4 3.6 14.7. 6.8
12.7 19.6 8.2 6.0 0.2 3.9
3.1 -1.6 5.9 7.8 4.7 2.3
3.9 4.4 13.8 101.9 11.1 *8,2
-2.2
4.6
-5.5
0.1
32.8
8.3 5.6 -0.9 44 25.1 5.3
1.1 -0.8 20.4 5.0 -4.7 13.5
.
10.0
soulhAsia India As. Indonlesia 1.: MalaysIla Pakistall Sri Lanka Thailand Europe/Mldeast/Arrica .- ; ce . I-ingary ;ordanJordan
-10.8 6.8
Poland Iorluugal
6.8
-Trirkey
6.3 .
Zimbabwe
1994 FACtcruIOK *
-4.0 D 0.2 5 *10.1 -
*7
0.1 -7.4 .
.
'
40.0 1.6 52.7. .
8.1 11.3 -11.5
-5.8 16.9
-
.
1O.-4 14.6
.
0.5
-3.3
12.3
41.4 22.5 12.4 21.2
*-0.4
-11.6 27.1
.
*-2.5
0.6
-3.9 9.6 0.3 15.1
-3.2
4.4 8.8 4.9 34.5 3.4 7.3 15.3
IJNIuIorNG' iNIAIKETS I)ATA\ 1ASE99
IFCITotal ReturnIndexes 1988-1993 (US$) basedate Market
(100.0)
1988
1989
1990
1991
1992
1993
100.0 100.0 100.0
304.6 123.0 152.7 * 229,5
175,2 37.5 221,3 * 292,3 *703.5
954.6 144.6 466.8 324.3 625,3
709.3 146.1 550.8 454.5 729.9 544.3
1,257,1 283.7 755,8 703.6 1,106,6 122.8 639.7
100.0 99.8
149.8 121.5
latin America .Argentina Orazil Clile Colombla Mexico
Pert Venezuela
Dte-88 Dec-S8 Dcc-88 Feb-91 Dec-88 Dec-92 Jan-90
-
100.0 -
100.0 1,103.8
Eait Asia China
Dcc-92
Koren Plhilippines Taiswan, Clilna
Jan-92 DccK88
Soulh Asia India Indonesla Mlalaysia Pakistan Id Sri Lnka Thailalind
Noy-92 Sep-90 0cc-SB
Mlar-91 Dec92 Dec-88
1994 FAcriJOoK
jtJuni-93
-
*
100.0 * * 100,0
*
68.0 ,
II165 102.6
140.4 75.4
356,1 139,7
* 147.4
96.3
57.4 147.1
93,F 59.7 182.h
259.8
118,2 129.3 385.0 133.1 179.3 555,6
253.4 100.0 136.1 100.0 85,6 78.5
311.4 174.1 197.9 839.6 130.5 260.6
* 205.8 205.4 .
-
16110
-
100.0 100,0 * 100,0
-
.
.
.
. -
.
100.0
Jan.91
Europs/Mideast/AfrlIau : Gresee . . Dec-88 Hungary Dcc-92 Jordan Dec-88 Woland . Dec-92 Portilgal Dec-88 Turkey . Ag-89 Zlimbalbwe
* *
.
98,6 140.7 287.5 -
.
133,5 ;
320.f6
155.6
* 187,6
421.7
341.4
.
105.6 . 93.1 294,7 *
113.3 97.9 159.9 .
-
215.1 100.0
*
205.5
I.Es11iINC,NIAIwETSDATA BJASE 100
IFCITotalReturnIndexes 1988-1993
(annual%changeIn US$)
Mwrket Latin America ArgwnIlsm Brazil ,, aChile Colombia Nt'xico ,',. rcnl " Veneziwla .':
1989
1990
1991
204.6
*42,5
444.9 285.1 110.9
23.0 52.7 129,8
wh9.5 44.9 27.2
1992
,
25.7 1.0 18.0 40.2 16,7
113.9
eh56.9
*50.7
.
EaslAsda ' ChinaCn Korra
phiilippiiles Taivan,China
61.0
-57,8
20,6 26.5
71.3
1993
77.2 94,2
37.2 54.8
51,6 22,8 17.5 49.8 21.7 153.5
85.3
South Aila
:India IndoietiaMialaysia :-- I'akislitn ! *
..
Sri LUnaka Thil,and Grtcca
;
**.
i
9.4
-.
*
32.9
116.7 110.9 I n01,3 79,3
105.8
.24.4
20.6
38.5
113.8
105.4
105.3
*19.0
.25.8
2,9 74.1 43.4
F'iiniig.iry
'Zlnibibsve
.
1.4
Jord,mn Voland Pr'tugail Turkey '
47.4
3.9 24.t
*.10.4 10.3
rica Europe/MIdeast/At
,.; .;;
;'t; .l,
26.1 *
7.1
*
.
7.3 .
40.7
. *
.33,9 . 2.5
5.2 *45.8
20.1 *
.12.6 *5s.7
739.6 52.5 230.6 105's
nrcir lli,ures forliieyeatra indcxes InJInnc 1993; perlottmnance tnIheIFClInveslable wals nadded Noles:Zimb,abwe
1994FACTIiOOK
lunc llRthruiu ilai£ebe.imtly.
E13NG1w.NG M~A1UKET DATA BASIH.101
of the IFCITotalReturnIndexes Statistics
(US$,December 1988-December1993)
Nuniberof months
Markel
Meanof
%chiange
Antnualized standard devialion meian
Standard Annmalized deviation
Correlation witli
s5WS&O
*.
.
0.07 0.18 0.19
Composite Latin Americo Asla
44.34
O.1S
EMEA
53.25
29.96
0.37
29.52 75,60
43.92 72.26
0.48. .0.21
Argentlina Brazil Chile
60 60 60
8.72 5.23 3.71
34.01 26,13 7.70
104.64 62.76 44.52
117.S1 90,52 26.67
Colombia
34
6.38
12.80
76.56
Mexico
60
4,44
8,65
*Peru Venezuelal
il.2 47
2.,46 6,30
12,68 20,86
Standard deviation
Annualized nican
Annualized standard deviation
Correlatilon wivth S&P300
1.12 2.81
14.00 8.43. 11.67
34,0S 13.44 33.72
45.50 29.20
O.15 -0.16
4043
0.37
35
2.01
13.08
24.12
45,31
0,04
Indin hIndonesia
13 39
2.41 1.19
9.55 10.48
28.92 14,28
33.19
*0.14
36,30
0,15
Mllaysin
60
2.50
6.85
30,00
23,73
0.41
:PI'dklitn
33
5.09
12.96
61.08
44.89
12 60
5,24 3.32
. 7,47; 9.48
62.88 39.84
25,88 32.84
12
2.84
Korea. PhillppIncs
23 60
Chinn
.60 60 60
2.54 3,95 2.21
5.91 10,28 6,54
30,45 47.40 26.52
20.47 35.61 22.66
0.39 0.20 0.45
60
1.82
10,99
21.54
3s.07
.0.03
Developed U.S., 5&I, 500
60
1.20
3.76
14.40
13.03
1.00
MISCI, EAPE
60 60
0.36 0,33
5,91 6.10
4.32 3.96
20.47 21.13
0.43 0.41
Fl Eurotrc
East Aila China.
Taiwan,
Me!ianof %c1iiangc
Regions
Latin America
:
Arloket
Ntniberni mntliills
Soulh Asia
-
Sri Lialik,l Thail.id
-
0.22 -0,01 0.33
Europe/Mldeast/Africa -
*
Greee
60
2.85
15.1S
34,56
52.59
0,03
Hungpry Jordan
12 60
6.68 1.33
10,24
6,19
50.16 15.96
35.47 21,44
0.44 0,21
Poland Portugal
12 60
24.25 0.71
30.93 7.62
291.00 B.52
107,14 26,40
0.41 0.33
Tuirkey
52
3.42
21,14
41,04
73.23
0.21
'1994
FAc-rTboci
NrricNAtcT
OrA
BA.SE
0
~
>
-
1*~.
--
3
0
Sri Ltanka
.
-
.
------
un
o
.
.~*--
0
5
.
.
.
3
1
t
.-
CD
.
0~~~~~~~~~~~~~~~~~~~3
1~
*-...-.
Hu~~~~~~~~~.ngr
oc=
.
.
SrLiiLAnkeri 0~~~~~~~~
7~~~~~~na
GO-.
pakistan
IFCI LaonAmiera
~o ~~~~~~~~~~~~~~S2C
Pffu~~~~~~
Turkey Ta
ailnd
-.
-
CC
-
-
Mralneia al~~~~~ni
.
Andentsia
G oreeaaI
>~~~~~~~~~~~~~~~~~'
Odna
Portuga
~ ~ ~~gr Idi ~
o a
aa
O~~~
Chfle~~~~~~~~~~~~~~~~~~~~~~~~f
Jordan~~~~~~~~~~~~~~ FVEneurvPac-_IFCI
MSCI.EAE M~~Cin
Tai an Chna&P__
.
Composite~~~~~~~~~~~~
. _
__
__
__
IFCITotalReturnIndex Correlations 1993) (December 1988-Decenmber
U-S,&s
I~SW10 0.43 1.01 EAPE NtSCI, 0.41 1,0013.00 VP,Eurol'c 0.39 0.42 0.40. IFC3Composite 13'CILaiIifAmericai 0.20 0.13 0.33 0.45 0.18S0.47 I3'C3AsLr -0.03 0.22 0.20 IFCIEN3EA Argenlinn 33nu31 Chile.0.39 China CulvmbMi Gwvcce Ilung.iry IWin IndWombl Jordan .0.21
*
0.07 .0.13 .0.12 0.23 0.18 0.1? 0.36 0.48 .0.10 .0.11 0.24 0.35 -0.0.3-0.02 0.54 0.13 Olga. 0.07 0,36 0.02 0.11 0.30 039 0.44 0.03 0.01 0.25 -3.134-0.62 .0.61 0.27 015 0.14 0.31 0.58 0.27 0.26 -0.03
-0.16 0.03 0.02 Kerne. 0.52 0.41.0.53 . N3.layuhl 0.37 0.18 0.38 h3eN3CU 0.9 Pakista.2.n.0 0.48 0.41 034 3'eni 037 0.19 0.37 3'hlllpplmnt 0.43 0.33 036 Ma.ndl 0.33 0.53 0.52 Poartugal3 . 0.01 .0.22 -0331 SriUanka 0.04 0.33 0.3 Taiwan Tlailaind Ttilkey Veneauca
3.00 0.72 1.00 0.72 0.25 1.00 0.43 004 0.26 3.00
0.2 0.6? 0.55 0,8 0.62 0.43 0.07 0,47 0.33 0.3
0.35 -0.05 0.04 0.5 0.08 0.24 0.22 0.138-0.06 0.34 0.67 0,38 0.39 0.28 0.24 0.33 O.3 0.74 030 0.10 -0,03 0.24 0.19 0.00 0,08 0.66 0.52 0.04 0.23 0,12 0.08 0.24 0.58 0.3 0.64 0.16 -0.06 0.25 0.48 0.23
0.3 0.08 0.96 0.22. 0.40 -0.39 0.2 0.2 0.2 .0.35 0.62 0.,35 024 -0.20 OM 03 0.53 0.22 -0.34 0.6 0.28
0.33 0.26 .0.24 0.32 0.16 0.76 0.19 -~~0.33 0.1 . 3 0,35 0.04 0.24 0.67 -0.23I-0.32 .0.09 -0.34 -0.07 .0.25 0.0
I.OD .0.35 1.00 -0.03 0.20 3.00 0.33 0.06 -0.04 1.00 -0,304 0.31 .0.23 0.33 0.33 0.28 0.06 0,47 0.40 0.13 0.32 0,09 0.04 0.13 0.46 0.33 -0.26 0.21 0.08 038 -0.20 -0.10 -0,02 -0.43 -0,06 0.034.0.08 -0.l0 0.05 0.12 0.30 0.11 GAS 0.17 -.0.0 0.12 0.79 -0.02 0.29 0.03 0,13 0.35 .0.03 -0.01 -0.36 0.36 0.24 0.30 0,33t 0.02 0.07 -0.01 0.36 0.37
0.36 0.64 0.30 0.14 0.00 0,70 0.38 034 0.03 0.65
1.00 3)31 0.35 0.55 0,36 4006
1.00 0.42 3,00 0.24 0.50 10 0.57 0.50 0.34 1.00 0.08 .0.18 -0.35. 0.18 3.00
0.30 -0.16 -0.57 -0.05 -0.06 0.0 0.37 0.03 0.06: 0.02 0.83 0.19 0.01 -0,03 0.35 0l6 0.033-0.08 0,35 -0.05 .0.38 0.40. 0.12 0.16 0.33 -.0.34 033 -0.26 0312 .0,03 0.33 0.35 0.04 OM0 0.83I 0.15 0.50 0,36 0.0M 0.13 0.35 0,41 0.36 0.45 0.59) 0.24 0.43 -0.0] 0.53 -0.35 -0.03 0.23 -0.03 .0.08 0.32 030 -0.35 -013 0.47 0.03
0.02 0.20 033 0.35 11.140.08 0.16 0,39 0.33 -.0.38 -.0.32 0.36 0.10 1105 0.14 -0.32 0.08 0.20 0.02 -0.32 -0.32 0.33 0.46 0.08 .04 0.08. 40.0 -0.08
.0.10
1.00 0.26 0.25 0.36 0.03 4003 0.34 .0.3 0.34 0.2
1.00 038 1.00 0.09 0.13 0.37 0.53 0.45 0.27 0.37 -0.09 0.25 4003 0.37 0.45 0.53 0.23
3.300 0.24 3.00 0.27 0.49 3.00 -0.13 .0.25 -0.34 1.09 -0.04 -0.03 0.2 0.61 1.00 0.53 030 0.34 -0.03 -0.2 1.00 0.09 0.48 0.60 -0.32 0.16 0.09 3.00
0.17 0,62 0.33 0.29 0.42 0.48 -0.07 0.17 022 0.40 0.17 0.26 -0.23. 0.07 -0.12 404.0. 0.2? 0.33 .0.45 0.22 0.27 -0.22 -0.32 -0.01' -0.07 -L.11 D0.37417 0.24 0.03
3.00 10 0.35 -0324 0.02 3.00
datatableIn inirodtuction. NoifcSeebane
1994FACTIIOOK
lS1~i,N
I3K~SDT
3314
.~~~~~~~~~~~~~~~~~~
,
* ^'
' 0 '
. ..
.
. E.-.. -
.
-
-
-
s
o -
~~~~~~~~~~~~~~~~~~~ 0-_
- ~ ~~~~~~~~~ -
As~~~~~~~~~~~~~~~~~~~~ia,
-
~~
~ :
-
Malays~~~h
~
.
~ C~ - ~~~~~u .s r 0 W
i
0ia
.0U
-
L...L...J....L ..L..
-
-
'
.
..
_ .
~~~~~~~aa i-: -e,dco
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--
-
.
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o_
- - - - Br~~~~~Tazila_ .d
Colombia -. lndozwsa Q -China t . . ~ Moc Taiwan, Ckina
~
.
, .
.
.ina
-
. . -
--
-
. -:
Siialnca-
0~~~~~~~~~~~~~~~~~~~~~~~~ M-yidia
n~~~~~~~~~~Jra _.
D.
..
.
Korea
-
r::
3rVnuelar
.-
*~
.~
~ ~ ~ ~~~~Clmi
~~~~~~~~~awn
~ ~ ~~~~S
:-~
:~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C ..
C...
IFC EQ
-I
IA
v,
C
}
PC
c
c
..
~
-
0S.'--
rn
rQliSpHunlax
~ ~
e
.
:Poldsand
. ;::
-I
'-
iFOComposite~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C--~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~c uF
-
o
*
~~~~~~~~~~~
0~
*
g 7_~~~~~~~~~~
.
Industry:Weights In the IFCI Composite Index End-1993 Market capitalization (US$millkmns)
11
6,921.3
l.s
Mlning I 10 Metalrninilig
22 13
17,683.6 6,569.1
4.6 1,7
2 Consiruction 15 deneralBuildingCntractors
23 18
8,066.3 5,096.5
335 36
120,298.0 20,672.6
31.2 5.4
22 17
2,145.0
0.6 0.5
20 4'2 12 33 34 23 8
2,042.7 5,762.9 4,734.1 11,628,5 5,232.6 24,632.2 2,715.3 8,929.1 5,032.4 12,132.9 2,043.1
44
96,749.1
25.1
SIC
3<'corIliuisIry
0
Agriculturo/forostry/flshing
3 20
22 23. 26 28 29 30 32 33 34 36 37. 39
*
.
WeIlghtIn IFCIConmposite
Numberof slocks
Manufacturing Food&Kindrel Products TextileMilll'rod4tcts . lProducts Apparel& OtherTextilc Paper & Alli Products ChemicaIs&Alliedlitrodurts & RelntedlProLucts PetroleumRefinlng Rubber&Mise.PlastlcsProducts Ceniont&GlMssProducts Industries PrImaryMetal MetalIProducts Fabricated Equipmtcl Electronic Electrlic& EquIlpmienil Transportatlon Manufacturing Mvliscellanecotus
4 Transpotatlion/oomm./utltliy 44 WaterTransportatIon. 48 Communlcaitions 49 Electric,Cas,or SanitarySorvices
19 32 I5
(%)
IndustryWelghtsIn the iFCICompositeIndex,End-1993
21M 1.3
1.2 3.0 1.4 6.4 0,7 2.3 1.3 3.2 0.5
Finance/ Transportatlon/
insir,
In the IFCICompoiltsIndex, End-1993 IndustryDIstrIbutIon
0.5
16 16
72,767.4 17,211,3
18.9
24
15,926.9
4.1
estate 6. Flnance/insurance/real 60 Banking Othler ThanBanks 61 CrdclitAgenicies Brokers 62 Security&Commudlty 63 Insurance
140 57 29 26
61,141.6 33,257.1 6,284.9 2,397.9
15.9 B,6 1.6 0,6
5
2,136.1
7 70
Services i-otels&OtherLodginglPlaces
17 .12
24,223.4 11,087.4
6.3 2.9
Fln
9
Other/dIversIfiedholding
28
34,137.0
8.9
realestatoe
644
385,147.2
100.0
companies
IFCICompositeIndex
31994 FACTIOOK
comm./ utility 25%
real estate 16%
1,849,7
Wholesdle/retalltrade
~~~~~~~31%
1.5
7
5
Manufacturing
28%
C1.5
Othor T_nsportaton/ rnm./ comm./
utilitYy
0O6
.
.
M inufacturing 52%
22%
E,:utc.iNGrNIARKItTSDATA BASF 106
IndustryConcentrationin the IFCICompositeIndex End-1993 (percent) Sctor's
Market
Sectorwith largestshareof marketrap
latinAmerica Argentinii. Brazil Chilc Colombia Mexico Velezue.ula
Transportation/commn./itility Transportlatlon/comm./utttiity Transportationi/comrn./utiilty Manufacturing Transportatlon/aomm./tility Traisportation/comni/uttility .
51t '11.8,. 65.5 59.4 33.5 61.9
Mnanufacturing Tranisporiatiloi/comn./titility
41.0 50.5
cstiate Finance/insurance/rentl
7.9 47
India hidonesia
Ma8ufacturing
B4.5.
Mllanufacturilig
59.1
Mallysla
Services Manufacturing
23,6 91.9
EastAsla .Korea Philippilles
shareof marketcap
Shareof MarketCap of LargestSector,End-1993
.
Taiwan,China
100 90 80 70
5uth Asla, So
*) .. . Pakistan
estate Finance/Insurance/real
57.5
Europe/Mldeasd/Afrlca estate Guroe~MIaaArIaFinance/Insurarice/reai estate Finnhce/insurance/real uordan
59i, 73.9
Thailand
Portugal Turkey
Finance/lnsurance/realestale Manufacturing
IFCIComposiltIndex
ManLifActurlng
51,3 62.3
60 .
5.
J. ,
12,
£
,
0 4
r_
.
.
30 t 20 10
0
Manufacturing
olTransporttlion/communication/utility * Services
.*
estate inance/insurance/reai
In 1993. statistics In industry alidSriLankawerenotincutded Poland, MNoMChina,Hungary, Ierum, 1994I:ACTUOOI Yw;:
,..
E.NIiNG
MlARKEtsDATABASE 107
Capitalization by Marke,%t industry'Distribution Index,1993 of IFCIComposite enid-1993) (US$millions; Argentina
SIC S'cioiulnuitiisry
o
Ag;tculture/Iorestey/islhIng
15
3 *20
8,834
22
-.
*.------Construclton BuildinigContractors Genteral
TextileMitll'rdtucts
11,203
6
60 61 62 63
9
.-
1,697 466:
-
4,332.
209 1,142
3,026 3,026
Finance/insuroncelreal estate Bankcing CreditAgenciesOilherThanBanks & ComimodityBrokers .Secuirity
1,477
-
748
--
337 492
.
-
4,016 166 1,424
-
-.
2019 179
2,385 1,412
171
174
..
203 507
.
.
--
9 69
34,238
-
6,134
5,874
5,500
9,948
1,764 3,272 1,165 4,278 -
-
15,865 2,097 704
4,581
798
-
626 626
.-
58578
4,062
36,273
300
1,390
11,958
10,121 . 3,579 1,202 916
5,062
5,375
.2,803
1,253 374 1,125 51
..
-10
847
8,758
174 -
8,810
1,455 1,455
16,233
13,275
.21,771 --
.
601
179
1,319.
1,431 939
8,660
2,087 623
.-
1,592 12,262 36,963
--
.1,084
36,567 10,097 -
-
.
20,842
52-
--
-
------
28,922
43
---
7
-
holdingcompanies Other/diversified
-
--
973
--
127
-
-
..
-
173 461
2,910 2,910
.2,450
258 327 54 :203 624 155 935 569
-
261
655
2,277 1,100
3,158 280
-.-
-
245
.
-
206
3,253 3,082
.773
139
-
--
.
-
3,592 32
---
-.
4,851 3,767
.
414 624
.
5,761-
461 406
222
*15 1,158. 152
450
-.
.2,426
125
154 72 334 585 615 237 766 1,195
-
773
.367
1,351
--
.
-
5,118 278
8,406 342
Mxc
Korea Malaysia
..-
.--
5
-
Insuranlce
1994FA~CToooK
.5
---
-
38 .38
393
119
634 43 355 353 338
76
1,161
430
-
trade Wholeoale/retaii
IFCiCompositeIndex
2,007 374
---
& RelatedNPoducts Petroleumraefining & Misc,PlasticsI'roducts Ruibber .. &GIassProcluctIs Cenment PrimaryMtetalInduistries FabricatedMetal Produtcts .522 Equipmeont Electronic Ele'ctric& TransportationEquipment Manufacturing Miscellaneous
7 ServIce 70. F-lotels & Otiur LodglinglPlaces
3,490 1,731
.-.170
239
.
-
1,051
.--
487
-76
.5012
14,515 14,314 4. Transpotta!ion/communtcatton/utiity .Trainsportation 44 Water 14,818 7,738 48 Comimunications ... 472 Services .49 . HlectrcCs, or Sanitiary 5
858 190
Jordan
Idonesia
Ini
rec
-
.1,443
.371
&OlliwrTuxtIVlrcit'r cts 23 Apparel AlliedProduictn. 26 Paper& & Allied Products 28 Chiemicals 29 30 32 33 34 36 37 39
3,745 3,745
--.
2,244
Manufacturimg Food&KindredProducts
Clille Colombia
---
1 Mining 10 Metalmlning .2
Brazil.
92,310. 110,468
MARKETSDATABASE 108 ENnIlRGaNG
IndUstryDistributionby Market Capitalization of IFCICompositeIndex, 1993 (US$millilons; enci-1993) Taiwan, PakistanPhlilippines Portugsal China Thailand
SIC Seetorllniduuisj, .0
Agrlculiur*/Iareslry/fl,hlng
--
I
Mining
-
ID
Metal Mining
--
49
386
509
356
--
509.
139
--
223 223
318 318
998 960
1,908
B00
1,908
410
3,202 91
2,517 51
-
-
219
2 Construction 15 General BuildingConitractors..-
*30
3
Manufacturing
20'
Food&Kindred Products
22 23 26 28 29 32 .34 36 ..37
39
.
TextileMilliProduicts Apparel &OtherTextile Products Paper &AlliedProducts Chemicals & AlliedProduicts Potroleum Reflning &Related Products Ruibber SrMisc.PlastI csProducts Ccrment&GlassProducis 33 PrimaryMetal in astre FabrIcated Met,iiProduicts Electric& Eltctronlc Equipment ..Transporlation Equipm,ent Miscellaneous Mvanufacturing
427 -
-
225
92
--
-
162 121 107
Transpeoiltlon/communlcatlon/uilllty
6,041
225
WhcIesate/relollbade
6 60 61 62
Finance/lnsurancefreal estate Banking CreditAgencies OtherThanBanks Seccuty& Commrodity Brokers
7
Services
79
-
..
4,450 1,592 -
220 152 658
3,606 708
321 99 1,742 .
-
741 2,635 2,635. -.
--. -.--
9
-
2,711
*1994 FAcifooK
I1t,974
43 54 ..-.
494 .2,715
8,929 228
6012
1,481
96,749
1,481
72,767 17,211
.
-5,032
--
555
561
5,764
4,435 4,021
.12,100
3,444
.
.
1,3 2,043 1,550
--
-602
3,919 2,114 851
5,763 4,734 11,629 5,233 24,632.
1,450. 4,043 266
3,600
59
2,145 2,043
-15,927
-61,142 .
-33,257 -6,285
3342,398 -
200
86
-
-
-
-
120,298 20,673
-
130 154 4,295 599 480 1,242
3,905
.1-
70 iliolels&OtherLodgingPlaces Ciher/dlvoruifledholdingcompanies
225
910
--
-
79
.
5
13,729 595 476
-24
WalterTransportation
1768.1 .6,569
8,066 5,097
-
723 466 13 73 739 66-
Composite
.
6,921
230
-27 .--
4
(FCC CompositeIndex
.--
1,338 409
258
327 213 163
-.-
44
48 CommunIcations .49 Electric, GalsDr Sanitary Services
4t~p,. .~
2,491
.-
Turkey Veneaucla
511
5m,13
43 .43 -
8,177
132 .
132
24,223
--
11,087
.-
101
2,723
21,050
22,051
-34,137
2,391
385,147
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ MktARKETs DATABASE 109
IndustryWeightsby, MarketCapitalization of IFCICompositeIndex,1993 C%of marketcapltollzatlon;end-1993) Argentina
siCt SeclorlItIdaasIry
o
Agriculture/toresf ilqllshing
* *.
ConstfuctIon
GeneralBuildingContractors
Tuansportalionlcammunication/utfifiy 4 ... . Transportation *44 .Water * 48 Commruniications . *. * 49 Electric;Gasor SanitaryServices 5
Whoiesate/,etcll trade
.6 60 61 62
Flnonoe/fnsurance/reoi asmato Banking Oilier ThanBanks Credit Agenicies Securlty &Comm dtfrkr
63
insurance
'IFCI Composite Index
'1994FACTOCOK
0.02 0.02
0.1 0.1-.
2.91 0.38
2.15 0.09
0.52 0.10
0.91 0.45
0.27 0.13
0.10
-
0.04. 0.44 0.12 .3--
-
.
0.11--0.03
0.30 0.01.
-
.-.-
0.16 0.01 0.09 0.09 0.09
-
0.14 .0.30
. .
0.35
0.19
-
-
0.119 0.13
. -. ..-
3.72
3.85 -
.
sr'
-
2.01 1.08
-
0.03
0.79 0.79
.1.26
0.98
1.04
.
0.84 0.04
0 .25 .
...
7.51
..
8.89
0.05 .
0.12
1.53
.
0.01
0.07 .
0.01
-
0.02 0.02
1.43
2.59
0.16 0.1:6 -
0.15 0.15
--
0.28
-
2.24
0.82
0.76
0.10
0.07
0376
0.93 0.01 0.04
5.41 0.64-
9.49 26 -
4
-
0.16
0.46 0.85 0.30
1.12 0.54 0.18
1.11 -
1.19
-
-
9.60 6 9.42
0.05 0.34
3.15 0.1 1.05 lAO0
0.05
0.36
3.10
763 0.93
1.31
0.24
0.04
.0-73
0.32 0.10 .9. .01.
.
..
-
.0.31-
.-
5.65 2.29
0.35 0.38
.00
4.21
3.45
2.27
23.96
25.65
.
0.22
--.
-
0.41
.
0.37 0.24
0.12
7
.-
0.04
.-.
1.58
-
...-
. .-
0.03
-
0.04-
-
.0.80
-.
.
-
0.05 0.13
0.59 0.29
0.07 0.08 0.01 0.05 0.16 0.05 0.24 0.15
-
-
0.02-
0.62 0.37
-
-
-
.
-
0.11 0.16
0.06
.-
..
0.06
1.33 0.07 0.09 0.040.0 0.04
.--
.
-
0.05 0.05
-
0.35 0.04 0.02 0.10 0.15 0.16 0.06 0.20. 0.31 0.12 .5---
..-
0.04
0.37 0.63
.-
-5
0.20 0.20
-1-
-
Mlexico
I-S
--
.
-
0.55 0.10
Services.'
Othor/diversifIed hdWdIngcomfpanies
--
o.as
-.
Hotels&Otler LodgingPlaces .-. 9
0.22
0.06
Korea Malaysia
Jordan
Indonesia
0.13
..
.--
Manufacturing 3 Products 20 FoodJ&Kindred 22 Textile MvillProducts 23 Apparel&Otlier TextileProducts 26 Paper&Allied Products &Allied Products. 2 8 Chremicals &RelntedProduicts 29 .PetroleumnRefining 30 Rubber& Misc.Plastics Products &GlassiProducts .32 Cemient .0.05 Meitalindustries 33 .Primary Products 34 Fabricated.Metal . 36 .Electric&ElectronicEqulpm.nent 37 TransportationEquipmnent . 39 MiscellaneousMianufacturing
'~70.
0.97 0.97
-
15
7
---
2.29
2
IndIa
Greece
Chile Colombia
-
1 MIning MyetalMining
10
Brazil
INI ARKETs DATA BASE; 110 EN%IEIIC['s
IndustryWeightsby MarketCapitalization Ind'ex,1993 of IFCIComposite of marketicapitalization;end-1993) M94
Taivan, Pakistan.P'lllippliies
SIC.Sect oriluidiisry
0
Agrlculture/Ioiestry/flshlng
1
Mining
.
10
MoltalMining
--
2.
Construction
-0.06
*
GenieralBuiildingContracor ~~~~15
* *
Products Food&StKlndred ~~~~20
S.3
ManufactuFing
-
37 39
TransportationEquirnment Manufacturing Ntiscellaneous
-
0.35 0.11
44
WaterTranbportation CommunIcatlions
Wholesaie/retaiItrade,
0.08 0.05
0.26 0.25
0.63
0.65
0.02
0.01
0.070.08 0.05 0.04 0.01 .19 0.12
-
--
-
.
.
.. ..
1.57
0.06
1.15. 0.41
0.06
.06
.
0.08 0.03 0.45
0.94
3.14 1.5 0.59
...-.
holding comnpanies Otheqlorsdivaflod
.
0,71
0.05
0.13
*
3.11
1.33
0.03
0.01
0.03
2.11
0.48 18.89
0.16
0..38
0.15
-4.12
4.46
58
.1.15. -*8.63
*1.04
**1.62
.-
0.62 0.55
-.
**
3.16
.25.12
.-
0.05 0.04 *-
0.01
.*
.
-0.53
-.
1.02 0.55 0,22
*..
6.37
.
2.32
0.38
0.68
0.25
.1.37
0.69
0.16
0.14 .
.
.-
-
1.22 3.02
0.13
1.01
0.0!
*
1.48
0.01 0.01
0.06
0.19
..
0.55
0.02
1.0! 0.07
0.93
-
.
.*0.02
5.37
-.
00
.
0.02
..
31.22
0.24
-.
0.02
0.68 0.18 ~~~~~ ~~~~~0.04 .
3.56 0,15 0.12 0.03 0.04 1.11 0.16 0.12 0 '~2-
.-
..
-13
.0.52
-
0.02
0.03
-
2.10
-. .
0.06
.-
Servlo*s
* 1994 FACTIIOOK
1.71
0.02 0.02
70 FHotels& Oilier LodgintgPlaces
IFCICompositeIndex
4.58
--
-1.80
a
.
&CommmdiltylBrokers 62 *Security 63 Insuranc
9
-
0.04
.0.04
6 FPnance/insuranco/real estate 60 Ilanklng ThallanBks Othior 61Credit Agencies
7
0.09
0.13
-
Services Gasor Sanitary 49 Electric, U
0.13
0.21 0.11
0.49
0.06
4 ..TransporlatIon/cormmunlaotlon/utiIlty .48
0.1
0.11-
vllellProducts. 2~~~2 2Toxtii 23 Apparel&OtlherTextileProduicts 26 PaprAlei'rdcs.& Allied Products Prdcs 28. Clhemicals Reflnlng & RelatedPrxtit 29 Petroleumn PlasticsProducts 30 Rubber&MIvisc. 32 Cenient&GlassProdutds 33Primary MvetalIndustrios
FabricatedMletalPIriduicts
0.01
0.06
0.49
0.65
Composite
Venezuela
Thalland
0,06
-
Turkey
Chinat
-.--
.
34
Portugal
*6.29
-*2.881
0.03
0.71
5.45
5.73
*8,86
0.62
100.00
EMIURGINGAiLICTs DATA BASE111-.
-
7Industry Distribution by. Number of Stocks In IFCI Composite Index, 1993 (end-1993) SIC. &'clorJlndi islsry
0
Argentina
4 4
3
Mlning 10 Metal Mining Constructlon
15 CcneralBlulidingContractors
3 2
-
-
-
4 .I15 I
*
MetalProducts 34 Fabricated
* I
2 I
1
2 I 2
2 * -
I
1 1
Jordan
-
3 5
I 2 3 1
4
Transportatilon/communlaatlon/ul4lily
2
7
48 49
Transportallon Conmmunicatioiis Electric,Gasor SanitaryServices
* 2
* 2 4
5
Wholsuail/ruiall trade
6 60 61 62 63
estate Finance/insurance/real
2
6
3
Banking Credit AganciesOtherTlanBanks Security&ConimodityBrokers Insurance
2
4
2
7
Services
I 1
.
* .
-
5
3
4
3
-
13 5 3
4 1
6
1 2
-
* -
2
-
I
-
I
2
3 6
5
1
6
2
4
2
46
10
5
5
-
2
2
I
1
-
*
3 2 1
-
1
13 8 23 2 2 -
7
3
3
3
1
8
61
56
-
-
-
I -
20
i 1
2
holding companies Other/dlversilted
42
6
1
-
II
2 1
3
.
Places 70 Hlotlis&OtilierLodginig
--
-
1
3 4 3
I
*
8
2
6
-
.
24
-
2
-
-
21 3
5 7
2
1
64 2
3 2
2
.
-
1
*2
I
3
3 -
2
-
1 1
2
2 3 2
2 5
2 1
2 6
-
4 2
1 a8
3
-
-
3 2
-
*
-
8
1 *
-
-
13
-
IMol co
7
1 *!-
-
-
Electvic&ElectronicEquipment TransportatllonEquipmenlt MiscellaieousNInuifacturinr-
44 4Waer
21 1
Korea Malaysia
4
-
51 3
*
36 37 39
1994F~ACTiIOOi
2
9 2
1
1
IFCIComppi1el Index
2
-
*
3
.
5 2
6 3
24
4 1
23 26
9
Indla Indonesla
-
ManufacturIng 3 Plrducts & Kiiidred 20 Food 22 Text1leMill Prditcts Apparel&OllerTextile Products Nipor&AlliedIProducts 28 Ciicnicals& Aliled l'roducts Products icfiiing & Related 29 Petrolcurn & Mlsc,PlasticsProducts 30 R1bber 32 Cemelit&Glassroductis 33 PrimaryMetal Industries.
Crcecc
-
-
Agrlculture/foaeslly/flshing
I
2
Chilo Colombia
Brazil
8
17
61
I
31
*I
5
130
-
D)ATABA91I 112 NIARIFKISi EmI:RGING,
by Numberof Stocks Distribution Indausrry Index,1993 in IFCIComposite (end-1993) SIC Saitori,,i:islry 0
I'liilipplnt's P'Ortual ki'kstim
AgrioIuIture(Iorestty/fishIng
--
*
*
.
1
.
I
Apparei& OtherTextile Produicts
2
52 3
I2 1
2 I
.
-.
I
-7
I7 19
3 3 4
1 1
15 -20
412
2
12 33
.
--
34 I
-2
.23
-II-S
2
I
7 16
1
2
4
12 5
23
5
4
Insurance*
~
I
4
I
-16
*6
~
~
~
~
1
8
II
2 ..
7 10 I-26 I-*.5
-.
3
*.
2
lbI
76
52
57 29J
17
12
2 2
24
5*1.10
2
-2
*2
holdingcompanies 9 Olher/dlv.rsified
1994 FACTIIOOK
22
2 I
I
Index IFCIComposite
.36
I32
I9
--
Otlher ThitaBanks 61 CredliAgencies & Comnoiittlly Blrokers .* 62 Security
~
.
I
3
I
~
2
-2
-I
-
I.
Solvlces
I
335
.
4
I4
esae2 Financu/insuranoe/reol
~
7
2
-
60lBanklng
7
.
1 I
O
-
trade. WhclesoaiereIoII.
Places 70 Hotels& OilierLodiging
-23
.6
.
ranspoitotion/communtcation/utiity 4'a 44 WaterTransporttion .I 48 Communications.II3 Services Gas orSanitary 49 Electric.
63
2 1I
2
& EILctroniiiciEuipment 36 Electrlc Equvipmnt ciIl 37 Transporltaton Mianulacturhig30 Iscellaneous
§6
5 5
.7
&Aitci Prodlucts ~~26rapoar & Allied[rrodicts 28 Chemicals R4elakdlProdutcts Petroleum IRellning& ~~~29 Rkubber & Mlisc.PlaisticsPlrodutcts ~~~30 & ClassPlrodLtits 32 Cemenit ~~33Primry Metal 1nduslries Produicts ~~~34 Fabricaate Mevtcal
5
i
-.
113
2 2
6I5
3 ManufoicturIng Products 20 rood & Kindred-L M'vIII Produvcts 22 Textile
* *
Cimpiosilte
-
2 Conshiuotlon IS General BuldlingContractors
* .:
Thaila,nd Turkey Venozuela2
.
10 MetalMining
23
Chin
.
28
2
31
864
I3N1:INEGIN, NMAIKIiTsDATA BJASE:113
; :
IFCI Industry Price Indexes 1993 Performance Summary (US$and 1993% changes In US$,end 1988=100) FJ1t
% Cllanlge
1993
0
ciutl-1992
(1988=100)
SIC Sectlvr/liiflistry
PercentChangeIn IFCIIndustryPriceIndexes,1993
116.3
198.3
Agricullurelfarestry/lIshlng
29.5 53.71
Mining I 10 Melaining
275,11 144.8
2 Constructiorn Conitror,o Buildling 15 Gincranl
444.1 670.7
112.0 71.4
Manufacluilng 3 [ronhiIics 20 Food& Klildrud
276.5
70.2
464.6
85.4
534.4 -
21.9
1511
22
ThxlileNlilPi'roducts
&OIhrTe.xilel'roduicIs 23 Apparel
26
iaper & Alime il'rodticts
28
ChaniMoks & Allott
29 30 32 33 34 36 37
liefituin & RelaiedPlrxlicts ietroleLtim Rubber& Milsc. Listics Irotidicts Camenit& ClassPrrAiucis PrImaryMetallidtistrhes Products FibricatedM..etal Electric&ilIlctrofllcrquiulpient TransportationEqltipmelit
44
50.3
trade
6
Flnance/insuuance/real estate
60
Baklinlig
61
Crel'lt AgeniesOtherTliafi Ranks
62
Security&ComniodllyBrokers
63
Insurance
7
ServIces
70
Hotls
9
Other/diversifiedholding companies
& Other ltasldgIi
. .
. 'laces
146,6 1398 672,1 82.7 277.6 351.9 419.0
676.9
48 *Commnunoictlon% 49 Electric,as, nirSanitnaryr5vices Wholhsole/telaIl
49.1
74,0
Trnspoilation/comm,/utlIily TronspLrtalnlon %Vaier
5
18.0
135.2
125
57.8
123.7
Proolucts
Niallufacturing 39 Miscellanebus 4
108.4
.
161.5 78.6 67.6 54.1 60.2 76.1 53.5
Ico 75
66,3: 60A1 24.6
1,2151.7 1,202.3
58.4 9"1.n
2,895.0
49.8
126,7 115.7 231.3
89.f 67RJ IO(.I
86.8
71.5
166.8I
113.3*2
139.4 5
613.2
169.9
f9i
79,7.
304.8
j
d *
5i
_
.
89,2
-,
.
0 Index IFCICompositePFrice
'1994 FACTDOOK
355,6
75.3
.
.
-
*
indhustrIes Scclors
NIII.l(.dNfl. NIARKI IS D)ATA 11AS1 '114
IFCIIndustry PriceIndexes 1993 * (US$,end 1988.100) SIC Sedar/Juderstry
0
)Jn
Agriculturelitovefty/fluhlng I
.89
Mining
.
~~~~10 meIilIMining
* *
2
Consfrucl(on 15 G~n~r.i1Du1I~IiIigc~rdrackr
*3
Manufacludng .
20
?(Kul
23 20 28 29 30 32 33 34 36 37 4.
A Kinkiredproducts
.
97.5 81.1 222.7 435.7
ransporldlion/comaiiunlcatlnuIIy Tr.sffl1In 'vea~.ro.42.2 Commirnicallons .781.4 Electrlc.Guorat nlhiry Sorvkoa
a
Wliale(.hclIAtl
.
trade
6
Miar
93.o
90.11
Apr
May
Jun
oo1
99,7
911.11
.11111.6
Ocd
No
I)
108.1
130.5
1312.8
1915.3 275.0. 144.8
101.1 91.1
105.8 09.1
221.5 I1 4.4
217.5 115.9
231.5 110.7
247,9 129.1
25-1.5 120.5
253.2 13.6.1
223.1 40D9.1
241.7 437.7
.261.7 4372
25(1.5 43!.!
261.8 426.1
278.6 41.
3(11.6 13.
3011.7, 2.
345.5 76.1
3,1111,1) 4144.1 551.2 .670.7
186.2 '201.3 3105.7 337.5. 4115.1 .120 78.6 115.0 911.7 1116.8 86.3 88.6 73.6 90.6 . 72.5 78.3 443,6 '112.2 48.7 53.5 199.7 217.6 248.4. 264.1 327.5 .339.3 48.8 56.1I
209.2
222.0 382.11 418
150.4
4199,5.
160,2
164.5.
167,9
177.3
178,3
182.0
266.7
.255.0
296.5
294.5
294.11
442
447
671.7
4. 765.3 707.7
1,867,8
1,794.3.
443.9 87.2 19.4. 77.0 62.5 78.5 . 379.2 48,2 171.3 213.1 28V.7 459
404.8 74.3 93.2 75.2 611.3 76.4 407.9 42.4 ISO'0. 211.3 . 273.3 4. 43. 43!
409.2 71.7, 89,9 76.2 5.36, 74.1 4016.7 46.2 192.7 235.1 . 351.4l 16,11
676.4
38.5 790.2 678.7
1,051.5
(.997A4
.835,9.
76.9 . 78.4 111.13 51,0 85,5
75.1 78.0 739 77.9 (105.5 (04.2 57.5 623 85.4 ~~~~~~~ 83.8
7 Services . . 70 Ilotels&ClhorI.odgingPai.s
342.0 231.9
361.4 239.2
373.4 252.7
.122.7 2711.4
011her/divnIers.ldholding conipanl.
157.4
1550.6
160if.9
176.7
.IFCICompoultePrice Index
226.7
232.4
2401.0
248.6
.
402.0 76.1 93,! 7. 69.4 73.5 405.0 46,3 197.1 2.19.6 3411.2 '9.
1.
70.7 74.5 122.5 51.6 76.2
1994 FACTI1OOK
'5.5
Aug (4
201.4 68.9
PinancefinsuranceIrealIssIafe 60 0.LnkIn8g 61CmlAendes Othei ThmJ,nhiiks 62 Security&ConinQ[dtylrLokers 63 . Insurane~~~~~~
.9
Jill
192.3 83.9
252.9
~421.6 22 ToxtIioMIflI'n~~~~ducIs Apprarl&Othear Tiixdllkrodticls 90.3 flawr& AIllui'mlvLICb 90.4 Clwrniclsb&A1lIj I'Wu,cts .78.5 rlktro1eurm Refii~nIng& Whited~ I'wktluct 54,4 RuebLvrMisc. l'ulleuI'rcducha 76.4 Cenmuk Alaul'ruduclo 393.7 P1'rninry Meal.IndLIlfim 50.5 Pabdo,lvtlMeL,Ia I'rwlucta * 163.6 Ekdlric& F.ctrncIirtieEuipment .2116, Transpor(.nlun EquIpnwdnt 278.7 39 MI~~ceItaiiusM~~nuIiidudn~i 47.2
44 48 49
RL,b
(. 37.!V 796.6 7019.6
436.9 73.2 (00.7 845 70.3 7.1). 42.5 50.'s I1J5,4 257.3 344.6 50(1 3. 38.3 829,0 767.2
3?.!1 852.8 7177.
1,982.1 . 2,0128.41 2,117.3 79.3 79.2 Wks.
.481.5
40.[ 91I8.3. 797.5 2,288.0
3-10.3 457 85.6 104.4 94.4 116.2 79.1 483.7 64.1 219.1 285.4 3.17.3 6(1.6
545.0
3. I0R.4 (35.2 123.7 146.6 13S9.8 672.1 52.7 277.6 351.9 419,0 74.0.
570.0 43.4. 1,051.9 1,069.4
676.9 50.3 1.281.7 1.2D2.3
2,225,0
2,385.0
2,722.0.
2,5195.0
92,5 03.8 12(1.1 63.2 911,0
459.1 3112.2
49. 330.7'
5.7 373.2
59. 4119.5
6. .173.9
.181.3
17811,
17.
208.3.
241
291
254.11
261.2
269.3
291.2
302.9
328..!
471.5
4164.6
39.6 1,034.9 939.3
119.2 119.7 220.6 61.6 . V(i.5
*315.0
276.5
39.3 943.1 870.4
83.2 112.2 112.5 60.2 90.6
83.3
40119
7L .88.0 103.3 11(1.6 ,114.2 .96.6 1111.4 102.8 134.9 90113 99.4 54R.2 592.5. 61.5 82.7 2,35.2 2501.0 3109.1 31-1.6 354.2 362.'4 58,0 68.4
110.7 111.6 1115.3 61.4 8.1.8 .
.62.2
244.4
~
1100.7 99.0 145.4 .70.5
110.1
104.2 (00.2 104 741.6
12(1, 116.7 231.3 86.8 151
65. 480(.6
797 613.2
.170
5.
349.2
0.
4.08.9
EN(INIGINC. MvAIKIITs DATAUAB,SE115
IFCI IndustryPrice Indexes : 1988-1993 (US$; end 1988-100) :~~~~~~~~
-
SIC Sechyrilnffsiry. 0
Agriculture/torestfy/(ishlng
1 Mlning o0 MchIlNwlInIi 8 Constructlon Geeral BluNliding Contricturs
3 20 22 23
Manufacturing Foo XKndrli & lrxducits TextileMNlill Prodtcts Apparel&OOtherTcxtilleIrodticts
26
1Iaper&Alliel
28 29 30
Chenifics& AlliedPlroxtucts . . Le1roleiUmlRc liilng & Relatedl'diitlds Rubber & Misc. Plastics lrodxucts
32
Crcnt&CGlass1'rotlicts
33 34
i'dlmaryMetll
1990
1991
1992
1993
100.o
95.1
°111
93.4
91.7
198.3
100.0
197.5 197.0
130.9 97.2
.212.4 94,2
275.0
112.8
.
100.0 100.0
209,0
Ixs,9
172.2 286.7
209.5 391.2
444.1 670.7
.
100.0 100.0
132.6 1l 1.4 404.2 48.3 114.0 93.2 64.0
181.2 253.2 552.0 145.5 126.6 108.3 78.8
162.5 250.6 438.5 91.9 90.7 78.4 55.6
276.5
100.0
151,0 167.2 383.A 63.3
81a. 246.9
417.1
loo.0
Ilroducts. .
.
144.0
130.2
10,
217,8
95.A 117.3
78,2 .
191.4
198.
1-12.6
226h2
174.7
212,3
100.0
202.0
258.7
100.0
183.2
103.1
69.4
44.5
r,onspoitallon/communloailon/ully Tran3portaltIon Services - Cargo.
100. 10.0
141.6 39.5
16,1.8 31.4
386.7
44
422.9 40.4
48 49
Comninunlctlions .100.0 Electric, Gas or Sanitary Services
202.1
689.4
100.0
266,9 392
5
Wholesole/fratall
100.0
6 60 61
Flnance/insurance/real estate
100.0
52,3
78.9
71.6
66.7
BankIng
100.0
75.5
7s.2
73.8
69.5
CrecIt AgenclesOlherThalin lanks
100.0
128.5
158.5
114.5
111.2
62
100.0
63
Secirity& Conimolilty Brors Insu5ralnice
7
SelvIce
70
Ilolels
9
4
tlade
.
190.9 547.5
1,015,0
64.8 6
100.0 100
t27.9
401,1
100.0 1.OO0
39
88.3
61.2
100.0
37
ilndtstrIes
i0oo,
100.0 100.0 100I0
260n6 .
FRbricatedcNIehil 1'rodticts Electric& ElcscinnicEqtsipment Tramsportation Equtipmtienit MIscellaineous ianufaclturing
36
'
1989
100.0
.
2 Is
1988
.82.7
246.6
277.6 351.9
282.2
273.0
419.0
35.3 so0,n
1,195,5
676.9
50.3
509.1 632,5
1,281.7 1,202.3
1,932.5
2,895.0
126.7 116.7 231.3
50.6
86,8
78.2
166.5
235.1185.7
Other/diversifIed holding companIes
100.0
161.9
149.8
166.9
IFCI Composite
100.0
155.5
147.4
200.5
;1994FACTIIOOK
741.0
8 4.5
168,3
Price Index
.
7-1.0
193,10
1.1cen
139.8 672.1
73.3 199,8
165.7 157,2
I.odging
164.6
534.6 I0B.-l 135.2 123.7 146.6
53.7
1000
. & Oiler
144,8
333.6 227.2
6il.1
202.9
798.7 613.2
3(14.8
355.6
.
I,3MrNC3 NIARKIlrs DATA B1ASI116i
IFCIIndustryPriceIndexes 1988-1993 (annual % change In US$)
*
*
SIC SeclorfluiiffneIry
.
.
. .
0
AgrIcullure/toresiry/fishing
I
Io
Mining MetalNMilhig
2
Construction
1989
.
.
.:
29 30 32 33 34 36 37 39
-
-
Manufaclurlng rood& Kiidred['roducIs Textile lill i'xKluicls Apparel&OtiherTolId'rodn cts I'apu'r& Alliedl'roiicl5s 'etrolcuim RfiiIng & Related llxi'riucts Rtibber& Mlisc.P'lastics P'roducts Cement & Glanss Prducts Primnary MetalIndiustries Fibricated McalIllrtidticts Electrle&Elctronic Fqulpniciwt TransportatilonE Equipmmnut. Nlscellaneous Manuracturflig
4 Transporlafion/cornmunication/utiliy 44 TransportationServices-CCargo
*
48 .
3.4
-1.8
.116.3
97.5 97.0
-33.7 -50.7
99,1 16,1
*16.5
29,5 53.7
109.0
-9.1 *
-9.3
21.7
112.0
36.l
71.4
51.0 67.2 283,4 -36.7 44.0
-12.2
36.7 79.1 36,6 2Q13 11,0
-10.3
711,2 85,.21,9 18,0 49.1
30.2
-28.4
16,2
-4.6 17,3 117,.8 91.4 98.8 74.7 102.0 83,2
-32.9 -30.6 13.4 -53.9 -28.3 21.5 28.1 -43,7
23.0 -241.8 68.9 44.8 58.6 16.2 9.1I -32.7
-29,4 27.9 -3i8 -58.0 -23.-I -19.0 *3.2 . -35.9
163.S 78,6 67.6 54.1 6O.2 76.1 3.5 66,3
16.4
134.6
9.4
(W.I
21.9 158,3
5.3 17.4
24,6
129,5
*29,7 61.7
41.6
Communicatlions
5
Whol.sale/reall trade
6 60
Flnance/lnsuronce/roal outaoe ,ilnklng
.
61 CreditAgenclesOtlierTlianllbsks 62 Security&CommodityBrokers 63 ins.urance . 7 services 70 1oteis&OtlierLod gngl'lacs
-
IFCIComposltePilce Index
.
-15a
5,4 -23.7 -20.8
.
-20.3
90,9
32,1 105.5
147.5
85.4
17.0
-17.7
.
42
-21.5
3.5
-9.3 -3.6
28.5
23.3
-27.8
* *
Other/diverrsieldholdingcompanies
1994 IFACTIOOK
*5.0
-60.6 102,1
49 Electric,GasuirS.SniltaryServices
9
1992
-
2eA8 Chlemicnls&Aliid A1llrxiutcts
'','''
1991
-41.9
15 General OuildliingContraclors 3 20 22 23 26
1990
-
*
14.2 *
199.3
.18.5
.
-1.0
-20.6 -36,9 -28,4 -27,7 .
.
-6,8 -5.,8
-2.9 -31.6
57.8
58,4 90.1 -
4958 89,8 67.8
108.1
75
71,5 113.3
65.7 57.2
16.5 7.1
22,41 10.3
41.7 22,4
130.4 169.9
61.9
-7,5
11.4
-3.5
89.2
55.5
-5,2
36,1
1.2
75.3
EmlRGING MARKETSDAT,A BASE 117
IFCI,IndustryTotal ReturnIndexes 1993Performanc'eSummary (us$ and 1993% changes In US$:end 1988o1OO)
(1984=W0OI
SIC SectiLrliintirsiry
enct-1992
0
Agdcoulture/foremtry/tlshlng
241.9
t25.0
I 10
Mining mIning NMetil
340.6 175.3
33.1 58.7
2'
ConstructIln
474.51 700.0
114.1 73.1
ManufacturIng Food& KindredtPlrodtcts TextilleMill Praxducts 2 ppirel &OllherTexillel'wducts 26 Poiper& Allied ProduLCts 28 Chlmetcls& Allied Produtcts tcd Plrodutcts 29 IletroletirnReflinitg& Rei.1 30' lltftwr & Nflc. lnlsticsPrOdlticl 3 2 Cement&GInssProLdticts ' Mtal iidutsirics 33 1'rinmary 34 FabricatedMetal [Prmducis
315.5 518,0 609.8
74.4 59.4 26.3
149.0 158.0 174,9 162,9 739.5 96.2 331.2
52.2 63.0 173.4 53.6. 72.0 59.0 64.0
36 EILcWrc& Electronic EquIIPMLnt
395.2
78.8
459,4 7.3
56,3 69.3
756,8
64.3
25 Geneal.OIlidluigContrictors 3 20 22
EquIipmniit *TrnsalPTIation MiscellaneousMaInUrActurlng
37 39
.
4
Transportation/cormm./ulIIlty 44~ Waer.Transportatiot% 48. Cornin,iunotions Stin1ry Servkces 49 Electric1Gor a,
5
.Wholesale/retaIl
trarde
estate 6 F*linance/Ins6rance/reol 60 Kinking .147.4 OllicrTiinMinnks Agencices *61 Credilt lrokcrs 62' SLcuriLy&Conimnioity
63 Insuane171.~9
20.022
116.7
55.2 1,356.5 .1,710.0
.
.7
50
52.5.
154.1
96.2 '74.9
90.5
113.7 72.6 115,7
II
II I
f
936.5
141.7
722.6
17.1.1
Other/diversifIedholding companies
337.1
92.2
FCICompositeTotalReturnIndex
408.9
79,6.*Scts
Services .
*9
19941FATU
I
~i.,
PlInces 70' i'oIls & OtlherLodglIng
7
I
27.8EI 62.4 95.6
3,292.7
'251.9
ChangeIn IFCIIndustryTotalReturnIndexes,1993 PeocenI
~~J .
I
i
"
~ ~
If
ih
tjR:!
IU.4
i~
a Industriels U3
h.NiFFIGINGN'lARlKETSDA
BASE 118
IndustryTotalReturnIndexes
*%IFCI
1993 (US$.;
end
1988=100)
SIC Scylor/induslry
Feb
Mar
Apr
Mlay
Juni
Jill
Auig
6
cp
Oct
NoivDo
0
Agflcuiture/Iorestry/flshing
104.4
109.7
107.0
114.0
118.6
108.9
114.6
120.9
130.7
159.2
162,0
241.9
*I
Mining MetalMiinlng
239.1 07.6
233.1 100.4
244.3 106.5
233.2 110.5
239.3 120.2
271.4 139.5
266.9 141.7
254.4
304.7
313.8
312.2
340.6
10
143.3
159.5
145.3
167.6
178.3
2 15
256.0 453.1
277.4
455.8
449.7
279.9 444.8
294.7 436.2
322.4 462.8
325.7 438.5
369.4 496.9
406.3
440.6
236.4 424.3
'278,7.
Ceneral UiIuIdIlgContractors.
575.4
.700.0
178.7 276.1 466.0 915.6
183.9 291.3 490.8 92.3
187.8 312,0 4,19.8 78.7 101.5
199,0 . 325.7 463.3 76.1 98,1 95,6 76.8 85,0
201,2 324.4 456.1 80.9 101.7 100.3
206,5 324.4
225.5
235.1 379.1 496.9
253.1 426.5 451.0
279.0
95.4
95.7
443.4 53.5
115.2 120.2 137.2 92.0 531.6
122.5 123.2 122.5 105.3
437.7 53.2 225.5, 260.9 378.8
231.4 279.2 368.7
315.8 518.0 6019.8 116.7 149.8 158.0 174.9 162.9 739.8 .96.2 331.2 395.2
53.7.
57.3
210.9 340.9 461.6 84.0 108.5 109.4 86.3 83.7 456.5 56.4 234.9 275.5 357.0 57.1
485.7
501.0
42.3
41.0
ConstructIon
.236.0
*3
ManufacturIng [roLIticts *20 Food& Kinidru.xi 22 TextileNliIMISL'rttCIS 23 APFparvl& OthwrTextiIeI'lruduct0 26 I'epr &Aied'lrodticts .98,3 &Allia1i Produjcis * 28 Chemilcals & Relaed.Products 29 1Petroleuniltufinlnig 30 Rubber&MIsc. 11JaaIScsIVrod tchs 332 Cemienit &GlisslProducts *33 PrImnnrylvltcillhiduurlu . 34 Fabricated Moetal Plroduicts 36 Electtlc&ElectronicPqlulpnwnlt 37 TransportailonEqutpipmnt
39 Miscellaneous Manufacturing 4
97.1 62,6 86.7 422.3 56.9 190.5 228,3 300.0
48
ConmmunicatIons
49
EIectric,CGas or SanitaryServices
S
Wholesole/rotalltrade
578.3 111.2 126.5 140.9 160.9 115.8 52.0 96.2 297.8
470.6 46.'1
454.9 42.3
462.5
807.8
883,5
8451.4
848.4
1,016,5
1,115.4
1,133.9
1,356.5
083.5 ..
940.8
952.8
998.5
1,080.3
1,096.8
1,130.1
1,247.2
1,333.5
1,519.1
1.710,0
2.087,3. 2,005,2
2,201,6
2,258.1
2,24.9.5
2,302.1
2,403.2
2,600.8
2,528.5.2,712.7
3,096.0
3,292.7
83.6
91.2
94,9
95.7
89,5 90.6 127.1
93,2
90.8
96.1 125.9
97.2 101.7 127.7 63.8 87.0
100.6 103.2 136.5 62.5 93.0
10n8.1I 112.8 146.7 64.0 99,2
112.7 118.2 153.7
.824.7
estate 6 Flnance/Insuronce/real 60' Bianking TIa 91~11an 61 Credi1tAgt.ucIL'sOllier 62 .Secuirlty&StConimudilly Brokers .53.4 63 Insuirancec
81.3
458.4 91.5 217.4 112.4 106.2 90.8 529.0 62.2 256.2 29645 370.6 65.8
441.2 45.2
451.5
.941.1
144.5
72.0 89.7 406.9
93,3
75.3 110.2 106.5 92,9 81.0 . 461.4 58.8 229,5 257.9
453.5
199.7 236.1. 309.7 53.2 .
46.0
-Cargo
97.3 95.3
495.3
375.7
474.8
.71.3 87,2 438.4 .57,59 211.1 234.1 2941,2 52.1
54.7
Trcnsportatlon/communicctlon/utlllty
44.Transp5ortntIon5oervIces
..
jail
54.3
536.3 .52.5
77.7
87.5
84,6
411.1.
59.7 58.3
64.7 85,6
97,8 529.2 64.5 85,4
375.3 58A4
894,0
958.8
74.5
599.9.
71.4
71.4 285.1 347.1 3811.0 69.5:
536.4
556.6
607.4
44.4
43,5
44.1
200.2 320,4
379.9
989,7
65.0 101.7
353.4 396.9 80.6
459.4
635.4 48.5
756.8 56.2
87,3
122.4 524.9 177.2
126.7 .154.1 547.4 526.5 281.9 195.5
.73,41. .113,3
77.7
90.5
120.5
171.9
7 70
Services LodlgIng P'laces 1Hotels& Othier
397.4
420.0
492.7 327.01
550.3 370.3
536.3. 355.4
646.4
691.9
7815.8
782.2
280.6
434.1 296.7
582.0
272.5
389.7
439.7
482.6
558.5
566.4
9
Othor/dlversifled holding companies
171.4
569.4
175.3
19.
599. 'j4
596,0o
206.8
229.3
235,8
263.2
282-2
337.1
IFCI Composite Total ReturnIndex
201.6
206.6
2112.8
259.3
228.8
2.235.6
254.3
264.5
286.2
304.1
355.6
'1994 FACTBJOOK
~2234
.
936.5 .
722.6
EN:rrtWANG MANtAKTs DATA BASEl119
IFCI Industry Total Return Indexes. 1988-1993 (US$; end 1988=100)
sic Si.cIorI slry
1988is
199
0)go
1991
1992
1993
0
Agilculture/forestry/fishing
100.0
100.7
99,0
104.3
107,5
241.9
I
Mlning MaIcalkilning
100.0 100.0
216.6 202.1
150.1 107.1
307.9 130.6
255.9 112.4
340.6 178.3
100.0 100.0
211.6
474.8 700.0
100.0 101.0 100.0 100.0
I0D.0
156.5 173.6 396.9 64.8 147.1 136.6 1004 121.9 222.0 193.2 212.0
100.0
180.4
10
. 2 Construction 15 Qener,iIDislkllngcontrnclors
.
176.2
221.5
291,7
4n4,3
181,1 273.5 *182,9 97.3 98,5
266.5 115.5
198.2 270.8 599.4 152.9 135.4 129.9 89.1 67.6 440.6 139,3 260.3 265.7 298.9 79.2
174.5 32.9 276,9 497.9
417,6 41.0 722.9 1,216.6
460.6 44.0
2,159,2
194,0
*
.
, 141,7 118,2 433.4 49A4 119.2 106.3 .70,0 87.3 256,6 92.7 160.1
315.8 518.0 609.8 116.7 149.8 158l0 174.9 162.9 739.8 96,2
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturlng Pood& Kinldrellrolucts' TextcNtIIliPIlroiticts Appirel & OtlerTextile Plrodiicts & liedProducts Paoper Protiucts Chemilcals&Ahlicl lktArloum Refllning&Reledl'roditcts &isc PlastIcslPrOdcicts RUIbbor MissIlroducts Cemcint&C .100.0 Primary Mtlt Iniduistries . Metaillroduicts PabricMied Transpor6titon Elquipment kManufactring MIscellaneous
100.0 100.0
204.5 183.2
4 44 48 49
Transportalion/communicaticn/utiliIy TrinspartmlonSCrvIces- Crgso Communflations Elkciric,GasorSanitaryServices
100.0 oo0,o 100.0 100.0
146.1 40.1 206.6 226,1
5
Wholesale/retall Itode
100.0
563.4
1,090.1
1,310,0
6 60 61 62 63
Flnancelinsurance/real estate fanking Tihnlinks CreltiAgeicles OllwrTl Security& Conwnodlty Brokers Insiuraince
100.0 1oo.o 100.0
85.3 78.2 137.9
85.2 85.0 175,9 65.8
80.1 83.6 132.6 76,2 85.4
786 54.3 131.9 52.4 79,7
7 70
Services
100.0
169,9
210,5
161.0
185,0
266f,6 213,2
387.6 266,5
936.8
100.0
9
Olher/diversifledholding componles
300.0
164.9
155.3
177.0
175.4
337.3
IFCI Composlle Total Return Index
100.0
161.5
158.0
220.4
227.7
408.9
. ElectronlcEquilpment ElecIr;c&
.
l00.0 100.0 100.0
100.0 100.0
.
.
1-l.0.0
1994FACTRiOOx
224,8
.
.
100.0
-
IIolels&IllerLodgingi'lIaces
.
.
.
.
-
969
64,10 88.7
430.0 60.5 202.0 221.0. 293.9 51.5
853.9
874.2
331,2
395.2 459,4 87.3 756.8 56.2 1,386,5 1,710.0 3,292.7 154.1
147,4.
281.9 90.5 I71.9
722.6
DATA 1Asr, 120 EMErRGICiNGlAxicErs
IFCI IndustryTotalReturnIndexes 1988-1993
*- ; .(annual
''.,t.*.;
S&l'orjI/itfislry
SIC
.
'0
Agricullure/forestry/f1shlng Mlning
.1 10
Consiructlon GemeriI rluliting
3 20 22 23 26 28 29 30 32 33
Manutacluring Food & Kindred Products Textile MiIl P'roducls Appinrcl&OtlIwrTexlilelrodluicts I'nper&AlliedI'rPloucts Chwnilcals&Allledllroxluctsc Pletrolemtef RtefInig &Reli0,ledP'rdKlucts Ruibber& Nlisc. 'lastics l'rotiucts Cenicit&MGlassIl'rodticts PrimaryMIeIAllndilistries
*
34
'
36 37 39
:
4 : 44 48 49
*:
i , '
N1ela1lMinlillg
2 I5 *;,;
*,r
% change In US$)
.
I1 ; 62 ;*
s
1992
1993
0.7
.1.7
5.4
3.1
125,0
116.6
-30.7
105.1
*16.9
33.1
102,1
-47.0
21.9
-13.9
58,7
25.8 35.6
114.1 73.1
18.7 1.0. -19.4 -36.4 .27.3 -25,4 -28.2 31,2 -2.41 -56.6
74.4 59.4 26.i 20,0 52.2 63.0 173.4 83.6 72.0 59.0
-8.3 -
.9.2
56.5 73.6 296.9 *35.3 47.1 36,6 21.9 122.0 93.2
-9,5 -14.6 9.2 -23.7 *19.0 .2i.2 -30.2 -28.4 15.6 -52.1
39.9 52.7 38.3 209.4 13,6 22.2 27.3 -22,5 71.7 50.4
FabrlcatewdMeial Il'OIcLIs
112.0
-24.5
62.6
ElecirIe&ElectromlicFtqlprpncint Transportllon lquilpmenit Misa'llanenisMilnufacturing
80.4 104.8 83.2
24,7 30,1 -36.9
1852 12.2 -31.5
Transportaiion/communlcolon/utility TrainsportltionlServices - Cargo Conmininlclolios F.lectric,.GCsurSaniilry Services
46.1 -599. 106.6
126.1
19.4 -18.1 34.0 120.2
139.3 24.8 161.1 144.4
-23.2
64.3 27.8 62.4 95.6
463.4
93.5.
20,2
64.58
52.5
-14.7 -21.8
-0.1 0n5
*-6.0
1.9
96.t
37,9
29,8
-
-
-25.9 15.9
6Wholesole/reltaIl tade
Hlanks CrediltAencivsO1liwrThia,n Secuarilty&ComimodxllBrokers Insuriwce
7
ServICeO
9
1991
111.6
'63 * 70
1990
Conlraclors
6 Flnance/insuronce/reaI estate 60 Banking
,';
1989
.
04
.
-22.4 .16.8
-1.7 -34.9 10.3 7.2 18.1
-1.7
*
64.0
78.8 56,3 69.3
0.8
74.9
0. -31.3 -6.7
113.7 72.6 115,7
&OtherLodIging PIaces FIotels
69.9 61.0
2519
26.7
'15.4
14.9
15.2
25.0
i11.7 171.1
Other/dIversifIed holding companles
64.9
-5.9
14.1
-0.9
92.2
IFCIComposite Total ReturnIndex
61.5
-2.2
39.5
3.3
79.6
1994FAcrIOOK
DATAIBASE 121 ENMIERGING &NIARKETTS
.: :::~~~Ine :u: :
.~~5 :~~~~IF Profiles:
:~~__ :~~~~~~Eegn
Stc:akt
atok19
f :a
Argentina :IFCGArgentina Index
Exchange Rate
(LIS$;enld1992=100)
(Pesos/LIS$)
175
100
150-
z
35~~~~~~~~~~~~~~~~~~~~~4 50
0.40-
F
75 J¶PWf
.0
4
I
100
...
*
Average Dally Value Traded (LIS$ millions)
3
30
Voa.25
fl'~'f/M
JJI[Q.[h
~~~~~Mar 93 Junit93 Selp93 Dec93
Mar93Sep93 Jun93Dec93
i I
I
I I
,I
L
-
Mar93
"Jun93 Sep93. Dec9
1IFGConmposIte ~~~~IFCG Inidexfor miarket
~ ~~
'1
*
IIFCG P/E Ratlo (ectdof owinth valuies)
Share -of IFCG Index Morkels' CapItalIzatlon (ed-1993; totla=LIS$852billit;)
.
Market Performance
Argentiha
.
40
9
.
O;lier
7s ,
n0
30
50
xi
Latin
35
LmLLLt 2
Anwrica
fl?
^ 27% 0
vii
4$t. 0
\.ijS 34.$_%
¢
;
1t igL
prices soared 63.5% in dollar terms. The m~~~~~~~~~~~~~~~~~~~~~~~~~~~iost active mionth tin1993 was'December, whleni averagedaily value traded reached $55million. stock
.
r.Nir.
East Asia
J"~~~~Li
25
.
iLduiAiM
The Argentine stock market posted an impressive -gain 1993 wviththe IFC Investable price index increasing71.5% In dollar tenns for the year and the Balsa index up 53.5% in local currencyover the same period. The nmarketgain&da modest4.9% on the IFCI during the first seven months of 1993 ~~~~~~~~~~~~~~~~~~~~~~buit MailledfronmAuigust thiroughi year-edwe
3 MaIr ,k'!.' 93 g |JunAt93 &p9Lt!1 Depc9R3
.
'
Themnrket'smoderate gain of4.9% during the first
mon1tlths was due to Argentina's increasing trade deficit and opposition by unlions to creation of the private pension fund system
jseven
(Administradoras
de
Fondos
de
Jubilaci6n
y
Penslones) as part of the social security reform. No noteworthy
1994 FACTBOOK
.
.
price
E.tuIc
movements
occurred
despite-
NlAitKwrsDATABASE 124
" conclusion of a Brady Plan in April which allowvedArgentinato restructure its externialdebt. In July, oil company Yacimientos Petroliferos Fiscales (YPP) was'partly privatized wshenthe governient sold 45%-of Its holdings In the company to domesticand ilterniational investors througha publicofferingand subsequentlistingon the New'Yorkand BueniosAiresStockExchanges. YPF'ssale came amid lowvworld oil prices, wvhich felleven furtlherdue to disagreementamongOPEC members regarding production quotas, and Iraq's discussionswith the U.S.to resumeoil production. The subsequentdrop in price of YPFlhada slight negative impact on the market, whichiended the month vitl a lossof2.1 Was YPPrepresented27% of the total valueof the Argentinemarket. *
:
'
Marketsentimentturned bullish for the rest of the year afterjuly on improvedcompanyproductivity, tax cutstoreduce agricultural andmanufacturing costs,and the long-awaitedsocial security reform approved by Congress in September. Increased liquidity also hit the market in September and October due mainly to the conversionof BOCON. pension boiids into YPFshares. Pensionerscould eith'er cash in their BOCON bonds-consolidation
.
The market'slFCIindex gainof 23.6%In December followved a surge in foreigninvestmentencouraged by privatizations of. s'tate-nowned utility companies, lower inflation, and better than expected economic forecasts for 1994. Taking advantage of increased access to international rniarkets, several companies launched ADR. programs in>1993, including Baesa (bottling company),YPF(oil),and Bancode Galicia(bank).
Economic/Politlcal Events
1994FACTUOOK
.
Argentina's trade deficit ended 1993 at $3.2 billion. The government continued its impressive privatization program wvith the intention of reducing the budgetary burden of inefficientstate economicenterprises and enhancing productivity through private investment.Thesale ofYPFraised over $2.5 billion. Other important privatizations In 1993include the sale of electricitydistributors Central Puerto, which raised approximately$134 million, and Central Costanera, vhich raised around $97million.The Bank of Cordobaplans to privatize 40% of its capital. The bank would retain 51% of its stock and offer 9% to its employees.The governmentalso plans to privatize 100%of Bankof Misiones.Privatizationplans for Aguaty Energia (electricity company) and Caja Nacional de Ahorro y Seguro (savings and insurancecompany)areexpectedtobe announced soon.
Reformof Argentina's social security system wVas approved by Congressin September,allowing for the creationof a private pension fund system. The plan caillsfor workers to contribute 11%of their. salary to an AFIP(Administradorasde Fondos de Jubilacl6n y Pensiones) with employers contributing16%of salaries.The private pension funds ivill begin,operating in mid-1994and are allowed to Invest up to 50%.of their assets in equities. Interest rates were reduced in 1993 to stimulate investment. In May, the Banco de la Nacidn extendedits credit lines,reducedlendingrates,and redirected its credit policy towvard export, agricultural,Industry,mining and tourism sectors. Inflation for the year totaled. 7.4% and the economygrew an estimated6.2%. .
bonds authiorized by Congress to settle social securitydebt to retirees-or exchangethem forYPF shares.
A Brady Plan agreement'was formallyconcluded InIApril,'reducing Argentina's comnercial bank
debt and Interest arrears. The agreement restructured $21 billion in principal and $7.9 billion in interest arrears. Argentine authorities deposited $3.2 billion for the purchase of 30-year U.S. Treasury zero-coupon bonds to secure the ' principal.
Constitutional reformnspassed in December1993 nowvallowvfor reelection of the president and establisha presidential term of four years instead of six, meaning that economic programs of the
.
In an effort to alleviate economic hardship in Argentina'sagriculturalsector, EconomyMinister Cavallo lowered federal and state taxes levied on the agricultural sector to assist exporters.Import tariffs on capital goods wvereabolished In 1993, and a 15% tax reimbursement to producers of capital goods wvasimplemented in May. Due to increased Brazilian imports - totaling approxiiately $2.2 billion in November and leading to a trade deficit for the montlh,Argentina may delay its integratio'n into Mercosur-the proposed common market betwveenArgentina, Brazil, Paraguay.and Uruguay-until differences -'oncommon external tariffs for certain goods are settled and trade policies are more in linle between Mercosur counltries.Any removal of tariffs will imost likelybe delayed since Brazilis.protectingits computer and capitalgoods industries.inresponse to the tariffs by otlherMlercosurmembers on steel, pulp and paper, and nonferrous metals imports.
..
Menemadministration arelikely to continue.The road to. President's Menem reelection wvas smoothed in December after his last minute agreement on constitutionalreform with Radical party leader and former president Raul Alfonsin. The agreement, which calls for a two-terMfouryear presidency, requires the approval of Congress. However,a majority vote in Congress wasassuredaftertheagreermentbehteen President Menemand Alfonsin. Argentina's agreement with the IMF calls for a $3.7 billionbudget surplus in 1994,lower than in 1993 due to a decrease in government income brought about in part by introduction of a private retirement plan to replace the state run pension system.
E:ERGING MARKETSDATA BASE 125
:Argentina 1993' '(currency In millilons)
Ja1n
Mnrket
Number of listed companies ComerciodeBLtenosAires 175 ol3osade
Feb
r V1a
Apr
Maloy
Juni
Juil
Auig
Sep
Oct
175
175
175
175
176
176
176
173
176
175
17,71? 17,717
19,102 19,102
34,719
34,163 34,163
43,967 43,967
1,025
857
1,158
1,025 3.1
887 2.6
1,155 3.0
17,632.0 9.0
17,096.8 -3.0
20,607.2 20.3
31 74.8 86.7 33:8
31 71.6 75.2 41:9
Market capllallzatlon In U.S.dOllars
Inpesos .18,554 15,902
.847
1,150
Tradings In U.S. dollars Turnioverrato
847 4.6
1,151
.. .6.1
Local Index Balo.IaindicoCCencra ClianngeIninnlex()
12,710.9 -5.13
13,515.7 0.7
IFCGlobal In-Jex Nuiniberofstocksi (% cap. Shareofmarket Shareof tradinigvalue (sf) P/fl ratio
30 75.6 55.6 ~~~~~32.0i.299 30 78..9 89.0
2.3
2.1
DivILCldenY!lettl()
1,197.4
1,282.2
Total retuirn Index.
CuiangeIn totalretturnlindex(%)
-6.6
2.3
Iconomlc data Exchinnger,ite
.
.0,9990
.
1.0000
15,580 15S,580
15,215
26,968
26,344 26,344
29,600 29,600
573
725
665
755
725 31.2
665 2.5
755 2.7
744
836
744 3.9
836 4.5
30 75.5 57.3 36.5
.573
3.1
13,315,4 -2.7
13,56.1A 7.7
30. 78.5 87.2 35.9
.
1,255.9
30 .77.6 84.9 35.6
.
2,8
.
1,225.3.
1.0000
30 56.5 57.2 32.63. 3.1
1,327.1 8.3
-2.';
-2.5
7.9
13,704.5 61.4
12,552,0 -3.3
2.4
2.4
1,291.8
loo
2695 ~~~~~~~~18,215
1.0000.
1.000.1.000
.
13,420.1 -2.1
15,068.5 12.3
31 70.1I 56.5
31 70.4 57.2 36.0
2.6
1,326.7
2.3
1,499.1
315134,719 31,811 972 .972
3,2 16,179.7 7.4
.
.
31 71.0 .86.0
39.3 2.1
1,627,6
0,0
13,0
8.6
1.0000
1.0000
1.110110
.
No1vDe
.31
74.9 87.1 41:9'
.
2.2
1,785.4 9.7
1.0000
18
2.3
2.2
2,164.7
1,740.3
24.4
-2.5
1.0000
.
1.0000
Thebaidodae,for the ll'CG ArgentinaIndex Is Dec.1984=100. basodate for thieBalsaIndira General IsDec.29 1977=0.00001. Nvk:ThI'lo
1994 FACTROOK
126 DATABAsE. NIAHKETS l3Ntturn.Nr.
Argentina 1984-1993
(currency In millions;end of period levels)
1985
1986
2987
1988
1989
1990
1991
1992
1993
227
217
206
186
178
179
174
175
i80
In U.S.dollors
0.021 1,171
0.163 2,037
0.200 1,591
0,532 1,519
3.301 2,025
575 4,225
1,853 3,268
15,491 18,509
19,595 18,633
43,967 43,967
Tiading value Inpestos
0,0019
0,03n0
0.0292
0.0538
0 5548
408
4,612
15,551
10,337
852
4,824
15,679
10,339
Mnrksel
ib94M
Number of listed companies BolslideCornorclodeOtienosAlres
236
Maiket capliallzation In pLsos
In U.S. donlars
277
631
309
Tufhnivr rantio
15.5
41.3
16.1
251
71 1,916
593
33.6
24.5
28.9
.4.7
Local index 540.6
. Chan:gelIn2nlex(C7
0.2498
0,2095
0,0281
GCueral Bols.i Iiild2ce
646.6
0.6608
19.3
164.5
24
24 fi7.7
2,202,9
727.2
4.1383
526.3
207.1
17,231.8
IFCGlobal !ndex Numberofstocks silgeof,iiarke2c.ip.(%) SI,
21
24
38.1
63.9
-
-I'/E ratIo -
:'/BV ratio
0.1
(%) D1i'Idendylci TOtMl retuir lilde1xt
200.0
0.7 174.9
721.9
In li nlex (M). ,CInge
60,2 fi,7
0.2 0: 0.2 128,6
-7.,
4,3 0,2 1.9 142.2
9.5
24 67.7 3.2 0.3 3.6
24 68.7 .3.1 0.3
24
77.0 9.1 .1.1
196.0
38.8
4.7
.29
343.1
540.7
175,9
0.3 1,704.8
289.22i
31
29 76.7 38.0 1.2 1.9
27
85.9 .406.0 1.7
1)5,440
53.5
-24.8
710.6
3969
20,607.2
13,427.5
17,856.0
-36.5
33.0
83.9
45.3
71.6 41.9 1.9 2.3 2,164.7
1,253.1
*26.5
.
72.7
EconomI!cdata (US$1
78,121
65,790
cuilisinLvrpricellhule(%)
626.7
672.1
Grossdonmitc CllingeIn
proutict
Exchmiprgeorat. Exciloge rille(average ofprodp
0.0000179 *ro 00000068
0.002O1)O0 0.0000602
78,801 9o.I
0,0001257 n 001109413
82,635 231.3
0,0103500 01 21044
83,0821
68,997
343,0
3,079,8
0.0016300)
0.02109364
0)1360 0.03711
2,314,0 *
228,512 24.9
171.7
0.56701
0.999(1
,4793
0.956(
.
(1.9980 0.9918
7.4
1.0000
0o9998
Tlheb,setite frir 1lthIFCGArgunliin InludxIs Dec.19&I-=100(. Is Dec.291977=001MO0, Thebise date for theHolsaILlicct Ceenoral Noleh:
'1994 -ACTrIIOOK
NIIAIlKEI: 1),%r,%13ASI: 227 ENITAM(1NG
Brazil IFCGBrazil enid1992=100) (.$SS;
Exchange Rate (Crizuirosrenis/I5W$)
AverageDalIlyValue Traded (LIS$udilions)
.250
350
.300
02W q0 2t0
250-
~~~~~~~~~~~~~~~~275
300 +
/
250 2250 20
200
.. 15
-
93 Seq'
Jun93
Mar93
.
Jun93
Mar93
bD.r93
.
SLP93
3 SLjg
.1
D;v93
pRitS IFCCCompsite Indexformarket : I~~~FCC
; ;' .:
IndexMarkets'CapItalizatIon . Shareat IFCG 5
IFCG;P/ERatio . : :., ^-: lB0 - : _ vahwls) ofmonith (end( -200 20. . b,c9 e 3 ::~~~~~a M"I9 93 0 s
-
;
-407 0 -6.:2
,!,',,,
'-1O0-
'
-
'
-6 -
strong gains in Februaryand Junecwhienpriccs soire!d,and average danilytradinigreachled$296
$ .^1
23%
sE1994 ii F-CT
.
p93
.
.:: ~ ~ ~~ ~~ ~ ~ ~ ~ ~ ~~~~~~~~~~Siil ~ .n~.#:
IFCGC1 ostIn .8 fr:ixn -;CG IFC; P/I R o
*
showved Marketperformiance termls. currenicy
_
... ".',
Q!mArncrlc
.
-N:ESAE,
M00 _,~
'
'
'
.,
.
; -120-., ::-140" -160, .
.a'n3 .gL
.
iOO-
Braziitip 91.3%In dollar termsanldthe BIOVESPA Index tip 111,2%, also in dollar terms. The posted a gain of 54i37.2%in1local IBsOVESPAe
Asia
fSomith
.':other
...- 80-
for IFCGlobalpriceinidex shlowthec endstatistics
Brazil
.
:: tSenate
fi
,
S
.,
Other. ....
e of IG
..
I
. .
.
:
.,de
Asi
, . . . .. , . . :~~~~~~~~~~~~34
xM
MarketPerformance. walstheBestperformer TheBrazilianstockmairket liill markets in 1993.YeatranmongIFC Latin AXmericanl
93 3Mr 93 3 DL-e Sl 1)93 93 Selp
a-9 93
______________
___l______n__n
";:
Manr93 Iu::l93
Dru.3
' Cn
,s
mil;.onin December. The]FCGindexforBraziljumped61.6%in dollar duiringthlefirst half of the year compared ~~~~~~~~~~~~~~~~~~~~~~~~~~term1s T. tems
dola 11.% of only 18.4% fortheosecondhalf. anltiIncrease *v~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ithl '-' tp 24.3%aslocathe moved February, 'pstthe lFCG of 5437,.2 d. a g, IBVSI bil whichilallowed sector passedan eergy ttors and generators of electricityto set M edis Franco tariffs, antd as l'reside rt ;e B.ctrzilty
Dnar kJASt c Ir iKiTS A ENlErnC;IgF
128
a sliock plan wvasIn the making,Anxiety and fiscal policies distrust of tha governmei1ont's the temporaryfinancial in 1993wvlheni increased transactilois tax of 0.25% on all f1minancial transactions-n measuireapproved In the fiscal reform package-wasdeclared unconstitutionial In response, by IheSupremeCourt In September. President Franco ordered a neiv Financial Operations Tax (IOF) of 0.75%to 3,2%, wvithi iivestmeintsover15 days excimptfromthe tax in With short-terminvestmcnts order to discourage lessthani15days. maturities
of stateprocess tlhoprivatlzationi wvithi conitiniued ownedcompaniles. Bythe end of the firstquarterof 1993,the market posteda stgigificantgainiof 23,5%onithieIFCGas investorsmoved money ouitof governmentdebt Instrumentsand lnitostocksdue to fears that the migit takedrasticactoisostclias price governmenti assets Thle of finianicial freezesor thc coilfiscationi with the IFCGup marketsurged againiIn Junec 21.25%following the appointenit of Economy MinisterCardosoandlfovorableexpectationsfor policies.improvedcorporateresults hiseconomtic alsohelpedsharepricesmovchighierSeptember for thethilrdquarter, the mostactivemonithi wvas on rumors of an increasing with volatility by the shockplanidespitereassurances economic miniisterand delaysIn revicviingthie economily Pricesdropped6.9%In Octoberas Constitutlon., over *nervousniess a budgetfraudscandalhiltthe market, with mitorethiana dozen politictnias of skimiiilngmillionisof dollarsfromtlie acctised to pricesgained11%accorditig budget.November theIFCGandmovedto endtheyearwith a record hligihdally value tradedsince1988,averaging $296milllon,
The administration'spinn to combat inflatIon thie1994federalbuidget, livolvesoverhaulinlig a deandiiiploimetilling revisingtheConstitutionl system.Debt paymentson the $19 tindexationi billion owedby statesto thefederalgovernimilent plansare Budgetoverhiaul alsoresclhedutled. wvas to includedIn a stabilizationpackagepreseinted 1993by the economiiy in Deceimber Conigress minister.Thestabilizationplanproposesamong the 1994budget22%by reducinig otlhermeasures, closini some.ministries, eliminating export federaltaxesby 5%. andIincrealsing financing, ConstitutionilnreformisInclude labor benefits, fiscal reforimto broaclenthe tax base;and goverinimentprivatization of utilities. The systemcallsfor a de-indexntioni aclminilstrationi's fully convertiblecurrency.A newunit reference to serveasbotha value(URV)will be lintroduced ulnit of value and an indexinigsystem for governmenttaxesand publictariffs.TlheURVY to tlie which will be fixeddaily and ainchored dollar, vill replacethe old ctirrencywhenprice Inflation. beforezerninig arein hlarmony increilses
In April, newily privatized steel company (CSN)launchied Nacloinal Sidertirgica Conipanhia a level1 ADRprogramiprior to its full listiingin 1994. Several other companies launched in 1993. cquityofferinigs international
Economic/PoliticolEvents Brazil'sfiscalreformpackagewasapprovedIn impactof thiese 1993.The immedinteeconiomilc turnoverrate reformshasbecnhilideredby a hi1ghi a ansd Inlthepostof Brazil'sMinisterof Economily, betweenthc executive,the lack of conlsCensuls central bank, and tihe economy miiiistry. the year therewas a greatdeal of Tlhrouighiouit that aionolginvestorsandspeculatioln uncertailnty
.1994 FACTrIlOOK
*
to restructuireBrazil's$35bilioll Negotiatiniis debt vithi commercialbanks took place in Planagreementwill not be November.The B1rady flinlized until an economicreformagreementis laspostponiedIts reaclhedwvitItthe IMF.The IMPF decisiolnuntil the firstquarter of 1994,givingthe Braziliangovernmentadditional time to correct alid combatinflation.October's fiscalimibalanice by impacteddebtnegotiationis scandal corruptionl of constitutional delaying approvalby Congress requirements and INIFfiscaladjustmenit reformis pendilingthe oUtcOimeof the corruption Congressis not likely to vote on investigation. Thedeadlinefor Issucsunltilmid-February. thicse to April extended a finalaccordhasbeeni reaching 14,1994. On tlhe privatization fronti Poliolefinas was sold iln March for $86 -(petrochemlicals) million,CSNwassold in April for $10 billion, andAcominas(steelmilfl)wasauctionedfor$435 milion,l Tlhereare plansto sell the remaining In Companhia participation minoritygovernment shares Naclonal(CSN)andrmaininhig Siderdirgica anilinternational throuigih In Usiiiiinas(steelsector) senta decreeto pulblicoffering. The governmenuit
in 1993thatwould permitup to 100% Congress in privatizations. foreigninvestment
by to datewerereflected imiprovemiienits Economtic increasedprodiuctivityduring 1993.Tle auto industry set new productioni records, and shown tradlesurplusfor estimates prelliminiary billionias the economiiy $143 of in 1993 Brazil 4.9%.Foreigncurrencyreserves grewanestimated at $23billioll. areestimated
-E
*
GING iNl,A1IT.S.DAT,A
lIAsE
129
Brazil 1993
(currencyIn millilons)
Mari-l Numberof listedcompanies ilnisatdeValoras RiodeJaneiro SaoPatlo10llsa dI V;lores Market copllalizollon lncrtizeirosrells In US,dollars
In
Feb
Mllar
Apr
May
Junl
Jul
Aug
Sep
Oct
Nnwv
Dm
.590 564
590 563
587 56!
583 558
584 559
581
582 555
582 554
579
580 551
578 551
577 550
1,114,908 1,494,471 1,918,514 59,456 59,489 56,144
735,306 46,775
Tradingvalue BoladeVAlores 4,973 :UiodeJaneiro 19,816 BiolscaValores SanPwaulo 24,790 TotalIn crizeirosrears 1,577 In U.S,dollars 3.8 rati Turmover LocalIndex BIOVESI'Aindce, li Index() Change
559
2,740,000 4,130,787 5,372,8'19 7,952,985 11,936,767 15,357,675 22,533,837 31,909,090 99,430 95,490 88,263 93,2(15 84,023 75,511 76,023 65,709
Nuimberof stocks cp.(') Shlre ofnmarket Shareof trTalingvalue('A I'/Eralio I/D%V ratio yieldI DiviLdend& Totl returinilndex ChanglleintotalretuirlIntlex (A
224,147 119,779 724,863 1,771,019 8414,642 1,995,166 6.217 3,579 7.3 4.5
1,843.5 25,8
2,740.3 48.6
13,936 52,380 66,317 2,640 51i
14,260 58,490 72,750 2,255 4,3
15,280 74,984 90,265 2,165 3.9
49,879 191,047 240,92i 4,434 7.0
27,330 131,799 159,135 2,237 3,3
49,796 308,036 357,5133 3,781 5,4.
69,056 531,553 600,609 4,690
92.9 36.9
140.4 51.3
191.8 36.5
240.8 25,6
354.1 47.0
537.5 51.8
655,8 22.0
964.2 *17.0
1,466.0 52.0
71 64.7 65.2 -23.2 0.3
70 65.3 62.3 196.5id 0.3
70 62.6 64.8 16.1 0.4 0.7 198.1
70 61.J
70 63.0 66.3 17.2 .4
70 67,0 55.7 16.7 0.5
70 64.3 63.9 12.7 0.5 I.3 282,6 7,9
70 62.9 60.5 14.1 0.5 307.0 5,6
586.0 *6.9
94,02C
128.070
17-1.0000
.
0.8
0.7
156.4l .1.6
194.8 24,5
1.7
58,5 5,2 0.3
2.8
2.:
1.3
15.7200
19.8580
25.1220
70 66,5 68.9 16.6 .s5 1.2
265.4 21.3
261,8
*.6
218.8 12.3
0 32.2650
1.7000
543360
71.1530
194.9
Economic data
:exclaiigerale
99,363 703,549 802,912 4,614 5.9
5,370 26,834 32,205 1,622 3.5
IFCGlobalIndex ;
555
.1,3
6.0
0,9
70 62.2 58.3 15.2 0.5
0.7
70 63.8 51.6 14.1 (.5
3,754.5 37.0 70 61.2 35.4 12.6 0.5
0.5
0.4
317.3 10.9
316.9 0.1
235.9800
320.9200
Not': MarketcapfiguresareforSaniaulowlily. hasbeenadjusited Tlh series 10,190-1. andagainomFebru.iry on Auust 27, 1993, 26,1993, divitidelby 10onJanuary Indexwa1s TheiIOVESV'A Ilnex Is 1968=0.,0OOOlOOI. Tliubas slatefurth. BOVPSI'A tlhLsedi isions, to reflect ,(ir theIrCCllr,zil ilILWexis Iec, 1984.100. The ,.sedL,ate for I cruxeiroreal. rateof 1,0Hcruzelr1s oat anexcilhailg Thucrtizeir real repinlcsthccru4rss Auigust, 1993, real,effective tie ermxeiro :Ora.linlroducedn cv etiurrency,
:1994lTACTilooKc
I)ATrA BiAsr 130 AKET-S iiNMIEGIN(;NL
Brazil
1984-1993
(currency In millons:end of period levels)
19B5
1981
MNu*fdl Numberof listidcompanies BolsaLdiValores RlodeJariulro de Valores BOlsa SaoP.aulo Marketcapltallzolton
601 522
615 541
1986
1987
1988
1989
199J
1991
1992
1993
658 592
650 090
630 589
629 592
612 581
598 570
593 565
577 550
21 32,149
44,365
0.0923
0.4186
O.6123
1.2029
In U.S.dollars
28,995
-12,768
42,096
116900
value Trading RlodeJanciroBolsadtiVlores do Valores Bolsa SaoPa.utln
0.0070
0.0660
0.1500
0.1440
0.0120 0.0184 9,962 34.3
0,0670 0.1332 21,184 49,3
0.2440 0.3948 28,912 74.4
0.2330 0.3709 9,608
reals Incrtzeiros
reals Total In cmruzelros In U.S.dollars Turnoverrallo Local Index
0.00007
0.00009
0.0001
442.0
401,5
41.3
34l,9
25 27.7
26 27.
29 28.0 2.9 0,6 4,3
30 26.0 6.6 0.3 .1.7 54.1 -63.1
0.0000l
Indmx BOVEHGIA CliaingelnlIndonx%)
IFCGlobalindex NunAbvrofstocks marketcap.(%) * Shareof V/E ratio 1'1/Vratio Divldcndylekel(s) Totalrettirii Ilext ChangeInliidex(%)
-
* .
f
2.3 194.2 94.2
2.1 100.0
Economicdata Grosstomiesticprtliuct US$) Cliangeltcnstarpricelltilexe) Excliangerate Excliangerae(averageoflptriola)
411,5
205,929 197.0 0.00110032 0-.o000018
140.A *2l.6
222,970 226.9
265,185 145.2
0,0000062
0,0000137
o.0nno005 n10ool045
only. arefor SaoPaulo Notes: Market.capfigiures Thc fErt11BOVESI'AInLlexIs 1968=0.)0000001I. Thelbise datIu
Intlux sym IOVVSPA
294,083 229.7 0.X000712 0.0000392
0.1103
16,354
693,177
1,560 3,865 5,425 13,373 22.0
24,620 70,037 94,657 20,525 31.5
4,594,371 5,257,547 57,409 32.6
0,0616
0.2516
6,0776 2,316.0
67,805 1,015.6
3,754.5 5,437.2
3ri
56 43.5
56 I. 4.7 0.3 9.1 58,6
5.9 0.7 0,7 170,7 39.9
331,517 682.3 0.0007311 ,o0002600
99,430
114
30853
122.0 125.6
31,909,090
45,261
255 359 5,598 23.6
1,762.5
I,5
554,135
19
2,549.5
40.5 4.7 0.5
42,759
25 47 16,762 17,9
2 3 5 17,979 37,R
46,616
2,633
501
452,268 1,287.0 O.01II 0.0023
*65,7
4190,51. 2,937.8 0.1610 0.1166
69
70
67 47.6 15.5 0.8 06 158,4 170.4
51.3
61.2
-24.4 0.-1 0.7 158.9 0,3
12.6 0.4 316.9 99.4
406,714 440.9 1,0902 0.4057
385,741 i,0OS.7 12.2430 4,6118
2,705.7 320.9200 92,1026
05
TheseriesIi,s beenid ustI by lIOni January26, 1993,on AtIgUst27, 199.3,and again on Flbrtliry 10,1991.
tlIvlldl
to reflxthlse divIsIons,
-
Is Dcc.1984Il00. Inidex basvdatefairtlheIFCG1rjazil ~~~~~Thec
real. crelrtio forI cmuzeiro rateoif1.00X t an excha.1nge thecruzelrOn Thecruzelrorvalreplaces Atigist 1,1993J cmrzelrireal,effective ,i newctrrilcy, Iho IlrazilIntroduced
1994 FACTOOOK : ,, ,
.
.IEII:IC;INt. ' ' '
,
'
0
;.
.,
.
.
N1AKIt:TsDATA 13AS; 131 ,'.-'~~~~~~~~~~~~~ .
Chile Average DailyValue Traded
Exchange Rat.
IFCGChile (LIS$;evid 1992=100)
(Pesos/US$)
(LIS$mIllilolns)
175
4401 430
20
420
.
4 150-
410
IFCGlondexformar4I
'4
;''
10 .ti4
.
390 -
Th'
.
LL
X
r?
.
.L,--4
39
IFCGComposite formairket IFCGInidex
Sip.93
Mar931 fim 93
Dec93
93 1911193 SL'~
Mar 93
X D
4
15 l15
r..
S
Dex93
US$852b1illon) (end.i993; JotoI=
t'lut'es) of muwnlii ' neid 2.0. .-
16
ChIlu
18 ' -Otl.r .
.
_
,
_
L HHRBH
14
727%
,N
;3 -Ei'
,
'.'
'.'
~~~~~~*
Alf:¢lu .A.:m:
'
SothIl Asln
_
OllIer
':
14rricn:-
,'.__,t ,,34Wt
Dsgaining
wA
.
I r 93 Ma;
-1994PACTUOOK
9t &p!13 Jun913 H HEast
r9 Dcc
Marr93
Jvni93
Sri)9S
Dxc93
.
-
Shareof IFCGIndex Markets'Capitalization
IFCGP/ERatlo
';
.
30%Ia A%si
Market Performance priceindexesfor TheIFCGlobaland Investable Clilleclimibed29.5%and 31.8%respectivelyin rallyin thesecond 1993In dollartermsasastrong halfof theyearerasedshareprice declinesfrom quarters.TheSantiagostock the first andseconid exchange'sIGPAIndex postedsimilar results 43.2%Inpesosand27%in dollarterms, Share prices started 1993oniian upwardtrend,
the IFCI 'index cimiibinigalmiost10% In w~~~~~~~~~~~~~~~~~~~iithi acapital toduring monthi. thtemarket themarkets aspresented toreacted Conngress Januaicry reformbill of Deputies by theChamilber Thebill, laterpassed June 22 andsigned into law in early1994,is o .on alternativesfor deslgned to expandInivestmenit Chile'sAFP's. (private peinsionfulids) and by increasinglinvestment listiranicecompanies conipany AFPandlife insurance limits on mai'ny
EMIRGING; NIARKiTS DrAT BASE 132
linvestmenits,incitidiig existing limits on investmentsin blue-cliipfirmswith concentrated ownershipblocks.The bill also providesfor nowv investmentoptionssucihas Investment In stock marketsabroad. In February, MarchanidApril the market moved sharply lower, vitli tie IFCIindexdecliningmore than 18%1o as failingcommoditypricesand higer than expectedinflationfigureshelped push shiare prices downward. Nervousinessabout a possible increaseIninterest ratesby the centralbankand a 5% depreciationof the Chilean peso during the three monithlperiod further conttributedto tile market'sslide, The market started moving on ain upwvardtrack again in May,witlh the IFCIgaining nearly 15% during the next four monthisincluding a gain of 13.5%1ilJune. June's positive performancewvas attributedto fallinginterest and inflationrates as -Well as
Increasing nearly 45% over the $160 millioni
GDP grev 6% in 1993after jumping10.3%in 1992
monthly average recordedIn 1992.Transaction volutime on the twvo-year old BolsaElectroniica de Clille (BEC)alsoimprovedin 1993as the BEC managedto. process over 28%of Chile'sstock market transactionsIn the first ninemonthis, Up from22%In thesamaperiodof 1992.
according to central bank figures,GDP growth was lead by the constructionsector and by the commerce,hotel andrestaurant sector, expanding 14%and8.7%respeclively, The rate of economic growth was assisted by an estimated 15% rise In iivestimenit, includingover $2billion In foreign linvestment.
Part of the significantincreaseIn tradlingactivity and sharepricesdurinigthieyear wasattriblutedto strong foreigninvestordemandforADRissues.At the start of 1992,thireeChilean ADRIssueswvere tradingin the U.S.,and by Deconeberthenimber had Increased to seven with an additional 11 companiesplanninigADRsales,Madeco,Masisa, Soqulmichiand Enersisall made successfulADR issues In 1993.New ADR announcementswere viewed favorablyby the local market as trading activityand prices for potential ADRcompanies typicallyjumpedafterADRplanswvereainounced.
Chileposteda $978mlillioni dollar trade deficitin 1993comparedto a $749millionsurplus in 1992. Plummetinigcommodityprices,most Importantly copper, celiluloseaid fishimeal,substantially reduced export revenues for the year. Copper, whichaccountedfor 39%of total exportsin 1992, fel from an average price of $1.04per pound in 1992to 74.7centsper pound in October1993.
positive news about the capital markets
Economic/Political Events
reformpackage.Anapprecintingpesoalsoboosted market performaiice,'.-.'
December saw the [FCI Index jtump11.3%as investorsreactedpositivelyto news regardinga changeIn Chile'sforeigncurrencydebt ratinigand
On December11,EduardoFrel,the candidatefronm the rullng center-leftcoalitionigovernment,easily won Clhile'spresidentialelectioniApproximately eighitmillionCliileanisvoted In the quiletclectlonis which were the counitry'ssecond free elections sinicethe end of milltaryrule. Frei has Indicated that lie wvillcontinue the free-mnrketeconomic policiespursued by the curreintpresident,Patricia AyIwin.In congressionral electiois, the balanceof powverbetweenthe partieswas maintainedas the ceniter-left goveriment failedto invii a majorityin
the presidential election results. Duiringthe mointhi,
the Senate,
In the last four nmontihs of 1993 the IFCIIndex * gained 28%as strong demand for current and prospectiveADRissues movedpriceshigier. The approval of NAFTA and lower inlflation hi November were also factors in the market's positiveperformanice duringthe period,
-Stanidardand Poor's raised its rating of the country'ssenior long-termforeigncurrency debt from BBBto B3BB+. EduardoFrei'selectionto the presidenicyand his likely continuation of probusiness policiesalso hlada Favorableeffect on share l
Chile'sconisumerprice Index Increased12.2%in 1993,sigltly abovethe 11%to 12%price increase originiallyforecastby the goveriinie1t.The.1993 consulmler price index increase,which wvaslowver
prices.
thalnthe 12.7%registered In 1992, was slowed by
an 8.5% rise In food prices and 4.8% rise in clothingprices.Wholesaleprices increased6.7% In 1993compared to 8.9%In 1992,
Turinover on the Santiago Stock Exchange averaged $232 million per msonithIn 1993,
D 1994 FACTBIOOK
.
.
NIARKI?TS DATA DRcI B3A5rE133
::!,
Chile 1993 (currencyIn mIlIlIns)
Jan
: Feb
Mar
Apr.
May
Jun
Jul
; Numberof listed companles 247 *BoolsndeConwcrciodmtatiago
253
251
255
256
258
260
Mn,kcl R
,1;,::
Marketcaplfalizollon I Mpaeos .In U.S.dollars volue .Trading Inpesos In US. dollars 'Turinoverratio Local Index IGI'AInidex' Cl1angOIIlhdox(%)
Oct
Nov
l>c
261
263
266
266
263
54,904 140 0.4
76,994 198 0.6
92,028 228 0.8
62,707 155 0.5
76,358 196 0,6
87,624 217 0.7
101,355 248 0 O.
100,613 245 0.7
105,0ns 262 0,7
121,467 298 0.8
147,891 343 0.8
3,187,8 16,6
3,057,7 .4.1
2,879.-4 *5.8
2,674.1 -7,1
2,710.2 1.3
2,931.9 8.2
2,928.2 -0.1
3,082.6 5.3
3,116.1 1.1
3,212.9 3.1
3,359.0 3.5
3,915.5 15.5
35
35
71.1 71.2 14.5 1.9
69.9 68.7 13.8 1.9 3.8
3.5 DivlclesidyieldC) 3,737.6 Total return Index 12,7 ChangeIn totalreturn inlex (¶1)
35
35
384.8200
35
35
35
35
35
35
35
35
68.5 74.3 IS.5 1.6 4.0
66.2 60.6 16.4 1.7.
65.7 67.1 16.9 1.7
66.5 68.7 17.7 1.8
65.4 65.4 17.0 1.8
64.1 67.1 20.0 2.1 2.7
64.6 77,2 13.1 1.6
69.8 78.3 2.3 1,5
f7.3 81.3 14.4 1.5
64.4 69.6 158 1.6
3,512.1 -6.0
3.9 3,340.8 .4.9
4.9 3,044,4 -8.9
4.5 3,084.9 1.3
4.1 3,504.7 13.6
390.8400
J88,1900
404.5000
405.2700
390.4400
data Economlc
V.
Sep
101,864 265 0.8
IFCGlobalIndex
Exchangerate
Aig
13,162,866 12,738,697 13,005,436 11,262,832 11,468,347 13,557,921 12,692,788 11,011,442 14,572,084 15,023,341 16,031,217 19,233,969 44,622 39,319 36,477 35,530 34,241 31,412 34,725 28,298 27,844 33,510 32,593 34,205
. Ntmberofstocks
Shilreof marketcap.(% *Shareoftradifigvalue(I%) P/Eratlo P/lV ratio .
.
3,376.3 -3.7
3,8 3,539.8 4,8
3.6 3,621.1 2.3
3.4 3,770.8 4.1
4041,0700
409.2000
410.1300
411.8600
3.2 4.002,6 6.1
407.7200
4,462.9 11.5 431.0400
IsDec.1984m100. fortheIfFCGChilelindex Thebarsodate InidexDec.1980=100. *Note:Thebasedaleforth 11wIA
1994
1994
E'MERCING
FACTB4OK
,AT3cI
,ilRtl
.3T
-3s
l,lit;N
NIAj1KI;jS
DATA
BASE
134'
134
Chile
1984-1993
(currency In mllllons;end of period levels)
Numberof listedcomponles Santlago olsadceConerciude Market capitalizallon Inpesos In U.S.dollars
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
208
228
231
209
205
213
215
221
245
263
11,333,749 19,233,969 44,622 29,644
270,048 2,106
369,930 2,012
831,550 'I,06i2
1,241,500 5,341
1,709,099 6,849
2,819,642 9,587
4,596,608 13,643
10,490,229 27,984
5,079 51 2.0
9,153 57 2.9
57,5t2 298 9.6
110,353 503 10,6
149,659
224,673 866 9,9
233,884 783 6.3
663,347 1,900 8.8
735,798
610 101.
2,029 6.7
2,797 7.4
IGPAIidox .Clhi,uenglndlex(%)
6 63.3 12.0
110.3 74.2
262.1 137.B
343.6 31.1
459.8 33,S
757,6 64.8
1,166.7 54.0
2,483.7 112.9
2,733.5
10.1
3,915.5 43.2
IFCGlobolIndex Numberrofstocks M) Shareofmarketcap. F/ E ratio
25 35.3
25 46.3
23 50.9
25 53.0
4.9
4.6 0.7.
26 63,6 5.6 0.9 9.5
28 62.9 7.9 1.0 i.0
35 68.2 15.9 1.7
35 74.0 13.0 1.7
35 64.1 20.0 2;1
7.5
',S 5.9
25 66.0 3.7 0.7
149,3 49.3
380,3 154.8
1,026.0
1,440.9
15,996 30.7 183.8599 161,0806
16,817 19.5 204,7300 193,0200
Tradingvalue lnpcsos In U.S.dollars Turn;overratio
LocalIndex
.
.
PPISVratio DIvilend yiold()
TotalratwrnIndex' ChangeinIdio!9f
-
5.0 100.0
data Economic GrossdomesticprodIct(USS Changeinconsumerpricelidex(%) rate Exchlange period) Exchangerate(averagLeof
19,192 19.9 128.2399 98,6556
for tIe Thelase clam. Thebasedate for the IGI'A lidex Dec.1980=100. NMte.:
'1994 i'AC1 HOUOK
5.9 495.0 30,1 15,9458 19.9 232,4300 219.5400
9.4 678.5 37.1
51.2
22,048 14.7 249,5400 245.4187
26,138 17.0 294.1100 259.3306
40.4
.
30,853
26.0 336.F8600 298.5440
3.5 2,853.9 98.1 33,999 21,8 374.8700 349.1.112
3.8 3,315.6 16.2 41,192 15.4 382.3300 362.6925
1,131,810
2.7 4,462.9 34.6
-
12.7 431.0400 404.7200
Chilc hidcx Is Dcc,1984=100. CFCG
DATA B3ASE135 Nt11ARKCT's NENliC.ING
China Exchange Rate (RMB/LIS$)
IFCGChina (LIS$;eni11992=100)
.
350
~~~~~~~~~11.00.
175
Average Daily Value Traded (LIS$nilflolls)
.300
;0
250200
125 .
;.. to :10
S
933
50.
5,50 9
.
,,.vI99
.
IFCGComposite I'.
IFCGIndexformarket
Shareof IFCGIndex Markets'Capitalizatlon 1illion) total=LIS$852 *id-7993;
Lallltin s,
EnsItiatt
Anwrlca
3I1 -
30%.
' ' 5',
.
'
otiwr
fr
;28%f
o:MI '1994 FACTBDOK
'
'
S
13,>188\ U
;li,il
-Afteti
Market Performance China'sstockmarketszig-zaggedii 1993wvith anddeclinesthatculillinatedin shlarpadvances figures.TheIFC year-endperformance divergenit GlobalIndexfor Chiinaroseonly 1.3%in yuan the In dollarterms;howyever, 6.1%% anddcclined lindexfor Chiniarose49%In yuan IFCInvestable stroig foreign and44.6%Indollarterms,reflecting in China'srapid economic lInvestorconfidenice
~~~~~~~~~~~~~~~~growthl. peakingnt 1398in February,theSlianighiai A sliaremarketsfell nearly31%in tand Shelinzlenl
tookprofits. in MarchasInlvestors term1s Sdollar by steady overcome were April in Shortrallius to livestor declinesunitilearlyJunieIn response austerity unicertainltyover tihugovernment's program approach to managing China's -A buddinigmarketrally overheatingeconomily. inthegovernmeint's by growingconlidenice catised ucix'&M
I.PArAI3Asr
136
programto bring disciplineto themarketturined into a declineon anticipationof the flod of new listings expected in September.The market remained bearishiin the thiirdquarter on stilllinigeriig uincertainty over the governmen!t's policies.The marketwas sluggishin tile economic by fourti quarteras investorswere disappointed for 1994 onbondIssuies emphasis thegovernment's (with a targetof $11.5billion),and vorriednbotit unconfirmedreportsof a stocktransactiontax beingintrodticedearlyIn the cominigyear.Tlih market fluctuatedafter Octoberon*take-over and actionsand kpeculationson rights issuies companies.. by existinig offerings bonuks
*-
Bsharemarketswere andSliciziheni TheiShianghai overthegovermncit's tounicertainty alsosensitive policy in 1993,losiing 28% macroeconomic. betweenearly May anldearly Auguist.Prices movedup sharplyIn August,gaininig31%durinig plans of compaany themonthonltheannlouincement to pickup continued to listADR'sIn theU.S.Prices ducIn onrcnievedinterestfromforegigInvestors, of 1-Isharesin I-long partto thesuccessfillistinigs KongandIn partto betterdisciplineIn theBshare and market,particularlyin termsof transpirency becoming the timelydisclosureof restilts.Sinice HoIg KoIngexciange,six of the nin1e listed on t IlC
strong giantsliaveshiowved staterunmanufacturing froni thlir [PO prices;threeof thiese Increases ointhe Shanghiai alsolistedA shlares companies tradingin heavilyIliflueniced exchange,andhanvc themarket. rapid experienced two stockexchanges Clhihia's expansiontuinderthe government'starget of a totalvallueof RMIB5 shareswvitlh bringingnewv Marketcaptripled billionito marketduring.1993. er of listed ;In '1993to $40.56billion as thonumibii increasedfrom 59 to 183;B share comnpanies * listings increasedfrom 14 In Januaryto 41 by year-end.
Thereweremany miajordevelopmentsfin 1993 of of thelegalframevwork regardingenforcement ever first China's Under market. secuirities China's
*
1994FACroo
comprehensivelaw on secuirities,presented In
April, the State Couticil'sSecuiritiesRegulatory (CSRC)formallydisplacedtheacentral Comimisslon bank as the regulatoryautllorityfor the securities nuimiuerouis hasissuied theCSRC thienl Slince iiidtustry. regulationsand lhs beenpursuinigcomipaniesand individuals suspected of breakingstockmilarket rulesnndreguiations.
Economlc/PoliticalEvents of the 14tihpicilarymeetilng Tli mid-Novemilber Central Committeeof the Commntiistparty of endorsedIn broad termisa conitiiituationi mid1993's reformpoliciosthit preceded economic for Thereformpackage yearausterityprograms, financial and banking reformis, price 1994Ilicitides sectorreforms,anda new taxlaw andcorporate Tax Law law, The latter ltvo reforms-Chinila's to becriticalto Lanw-arexpected andCorporate market.The of thiesecuirities the developimicit CorporateLnawcstablishcsstrict standardsfor and the supervisionand accounting, disclosure, wilel theTax of companines, legalresponsibilities Lawvlintroducesa new tax systemilthiat wvill thepersonallincomtax,personalilncome conTbine regulatorytax, anc the taxon privatebusiness income,
stibilixing it 10.97:1following governmentaction
onJtuie 17to liftthe ceilinigfor the swap marketIn Sinicethenithleyuan has becnstabilized Shanghlai. nt 8,7:1due to interventionfrom Chilnascentral bank. Despite governillent efforts to dampen the to have ChinaIs expected overieatingeconomy, upward edged Inflation 1993. in growth GDP 13% towardthicend,of theyearas banksrelaxedthe thatresultedfromthecentralbank's creditsqueeze orderIn Julyfor statebanksto callin loansmade of purposes.Dueto theabsence for speculative the toguidetheeconomy, mechanisms institutional countrymayagainshortlyfacea clioicebetween Inflation. crashlandingoraccelerated aneconomilc Clilia's firstevertradedeficitofabout$12billion Is likely to appearin 1994diueto the massive tomecttheneedsof rapidly of equipment limports projectsalthoughrecent growingforeign-fiuided devaluationof the yuan will offset projected exports. by increasing deficitfiguressomewvat
announcedthe long-awialted The goverinimient unlification of its dLualcurrenicysystem Iln theuseof forelgigcurrenicy albolishinig December certificatesstnrtingJanuary1 1.994.Until tien, Couldonly be spentdirectlyin foreigncurreincy Chinaafter thiepureciaseof. foreign currciiey certificates,Thilsclange, which wvillmakean for foreign unwieldysystemmore manageable to Isexpected 'sisilCs ill Chilina doingg compallies lhaveonly limitedimpacton B sharetradingsinice pricesareconivertedutsingswap rates.Flowever, rate for companiestusiligthe official exclhange foreigincurreincytransactionsare expectedto reportlowereariings.In earlyJuei,theswaprale of yuan to the U.S.dollar fell over 35%,before I.MIRC;IN{.Ni
15 l) v1
B,si
137
China 1993
K..
(currencyIn millions)
'
Mnrket
Jan
Feb
Number of listed companles a14 CombinedShenzhenand Shiinglil Stock Exchanges
59
62
MarketcaplIalizcllon
71
78
90
Jul
JImn
Atg
107
100
13,694
28,954
58,066
55,383
1,576 4.8
3,328 9.9
6,674 17.5
6,366 15.3
581.1 -12.5
895.7 1.7
875.8 -2,2
814.8 -7.0
984.9 20.9
833.8
79 54.8 45.1
80 56.5 49.2
0 52.3 45.8
80 49.9 5.5
81 49.9 36.7
81 47.3 36.3
104.0 15.3
100.5
99.5
93.4 *6.1
103.4 10.6
92.7 -10.3
8.7000
8.7000
8.7000
16,498 2,025
26,863
36,012
19,532
21,416
15,150
12.7
44,317 5,402 2.17
3,296 14.4
4,427 15.4
2,401 7.1
2,013 7.9
1,872 5.5
Ie1,198.5 53.6
1,265.0 5.5
925.9 *26.8
1,358.8 46.8
935,5 -31.1
1,007,0 7.6
74 87.0 88.4
75 65.2 83.0
77 52.7 46.0
77 60.3. 73,9
1I3
4,516 14.9
278,168 31,652
67 84.9 86.3
138
39,686
255,542 31,583
65 86.9 85,2
124
DLr
352934 40,567
292,438 27,481
IFCGlobalIndex
Nov
372,692 42,83B
250,500 30,793
Nuniberofstocks C%) Shareaf narwktcap. of trading salue (¶) Sl1pre
Oct
259,455 33,271
297,136 36,526
InU,S.dollars Turnoverratio
Sep
33,852
169,931 20,850
. Tradingvalue In yuan
::
May
202,647 24,701
In US.dollars
LocailIndex iCondpositelndx ShLocal CNingelnindex(%)
Apr
155,574 19,097
In yuan
''!.
Mar
294,247
.
-15.3
/E ratlo
P/V ratio Dividendyield I%) Totalreturnindex ChiangeinlotalretuinIndex(¶)
-
*
-
132.5 32.5
154.6 16.7
118.6 -23.3
153.4 29.4
8.1465
8.2040
8,1500
8.1350
117.4 -23,5
-
-
.
90.2 *23,1
* -
data Economic rat Exchange
*v..
Thebase ailefor theIFCGChinaindexIsDcc,1992-100. IndexIsDee.1990=100, Composite M. Thebasedatefor theShanghid Not:
1994FACTiIOoK
t.l3$0
10.6413
~NEN:RCIcG
8.0911
*.3.3
8.7883
-1.0 8.6921
DATA BASF.138 MIARKETS
China 1984-1993: (currency In millions:end of perlod levels)
Mnrkel
1954
1985
1986
1987
1988
1989
1990
1991
1992
1993
14
52
183
11,019 2,028
105,000
352,934 40,567
4,366
92,177 16.715
375,571 43,395 64.
780.4 166.5
833.8 6.8
61 91.3
.81
Numberof listed companies CombinedShenzlienand Shanghial StockExchanges
-
Market capitallzatlon In yuan In U.S.dollars Trading value In yuan In U.S,dollars Turnoverralio
-
Local Index SSECompositeIndex* Changein index(%)
-
IFCGlobal Index Numberof stocks Share of mnarketcap.(M) P/H ratio
-
*
-
-
*
-
-
-
-
-
-
.
-
- ..
-
.
-
-
-
-
-
. .
*
-
-
-
-
-
.
,
:
292.8 192.5
-
-
.
-
-
-
,
.
.
-
18,255
820
100.0
.
-
-
-
-
-
.
-
-
.-
.-
-
.
.
-
-
.
Dividend yield () .-
Economil data GrossdomesticprodLtctCUSS) :Change in consumerprice index(i) Exchange rate . Exchangerate(averageof period) .
.
-
-
:
-
-
-
-
PI/BV ratio
Totalrcturn Index Changein index($)
.
-
-
.
-
-
-
-
-
-
-
47.3
.
100.0 -
-
424.012
-
5.1 5.4342
-
5 S.3234
-
92.7 -7.3
515,147 6.7 5.7518 5.5146
9.1 8.70DW 8.6548
Note.Thebasedatefor theShang,hai Compositeindexis.Dec.1990=100. Thebasedatefor Ihe IFCGChinaindexis Dcc.1992=100.-
1994 FACTIJOOK
ElR;c
IRKr
AABs
139
Colombia .. P~~~~~ ~~~~~~~~~~~
5
IFCGColomhbia.00) enid1992=1 (LIS$;-
Exchange Rtob (Pesos/LIS)
Average Daily Value Traded (US$li illionis)
75 -850 175
77
06.... ..
1507 ":
ARqPs825
4
.
27 2-
S00 -
_ _ __ _ __ _
Jin93 93 ~~~~Mar ~j¶-lmiF Co posite
.
-
_
_
_
_
ILl
_
of (eU$d .
I
-~~~~~~~~~~~~-r
lity9.3
Mar-93
Dec93
Se-p9)3
Sep 93
Dec93
Share of IFCG Index Markets' Capitalization
Junit93.Sep
93
Dec93
Shares listed on the Bogota, Medellin, and Occidente sFGto exchanges posted strong Price Other Latin
,^ .Amazi.
20;. 'f'" ..
''.C
Xf
.'
7 10 ;vur -a -un93
1994FACTrUoOK
Market Performance
(lalS$S$852
billionl)
(co'd-1993;
9o9t valies) 0
0 25
M ar 93
IFCG Inidexfor nmarket
IFCG PE Ratlo ,
7
3.
125
*
.
L i,¢ _
,;:
M
h
7,.
gainsin 1993.TheBogota Stock Exchantge's aBB
Colmbi
Index Increased nearly 50% in peso termsId the year,
A
30%
34%
.
:',.''
E i l 3i1 4s
7
2 1] 1I
F
a
with the Medellin
excha.;;es
Colombia gained 31.7% and ST.6% respectively during 1993 in dollar terms. 0 EnF A Z ee E started 1993 on at mqtynarket Colomibiani ~~~~~~Tile ,\sia EMEA~~~~~~~ase inidex falling IFCI the wvithi trend ~~~~~~~~~~~~~~~~~~~~30%downward |
.
and along
[HOMED index enided the year at record hIighrs. The for price indexes and Investable IFC Global
|
-
|
.
vas 17% In the first quarter. The market i nearly -inactive during the period wvithl combined averaige Bogota and on the Medellin trading daily exchianges totaling less than $1.5 million. company sound and turn1over Increasing ffunidaniciitals combined to put share prices back on an upward track in the second quarter. In July,
Se- 93-Dec
..
DATA BASF: 140 NIARKImTS NIL:RCiNcG
combined daily turnover on- the Bogota and Medeilin exchanges topped $4.5 million, their higlhestlevelsIn1993.
Foreign investment In Colambia for 1993 was expectedto eclipse 1992levels as inivestmentover the firstniinemonthistotaled$395imillioni,tup55% froni the $254 miillionrecorded a year earlier. Portfolio investment accounted for nbout $180 milliot of foreign Investment In 1993,wviththe number of foreign investment companies nuthorizedto operatein Colombia increasingfroai 28to 64during the year.
The market mtovedsharply upward in the third quarter as strong earningresults were announced iil Aiugust.and increlsed foreign activity in the market helped push the IFCIindex up more than 23%,Foreignersslhosvedmore enthuslasmfor the market duritig the period as economicprospects, coutitry security aondsilare valuatioinstwereall seenasiimproving.
Pablo Escobar,leaderof the Medellindrug cartel, shot dead by police on December 2. Eliminatiollof the fugitiveEscobar vas liailedas a much neededsuccessfortheGaviriagoverimnent which liad. lost local and international prestige a . followiig Escobar'sescfapefromjai.
.vas
in the hurth quarte theIFCIjumpedan additional. 35% as foreign Iiivestor linterestcontinued. The deathiof Pablo Escobar in early Decemberalso strengtlienedtlhemarket as drug related violence was expected to decline. In Noveimber,Banco Ganadero placed a successful$83 million ADR Isstie for preferred shares that 'was heavily oversubscribed.
-
Total fixed income nnd equity tratnsactionison Colelinbla'sthree exchangessurpassed$13 billion ' in 1993 witl about $8.2 billion in trades beiig transacted on tlhe Bogota exchange. Although transaction valuiesIncreased'nearly 67% onithle Bogotaexchange,the equiitymarket nccountedfor only about4% of trading..
Events Economlc/Polltical TheColombianeconouilygrewan estimated5.1%in 1993after growving3.5% In 1992 and 2.3% in 1991. Strong, growth in tIlc construction, sptir transportationi, and investmeint sectorsheliped duriingthe-year,Removalof econiomic performiiance electricityrationingin April alsocontributed to a ConLsumiler prices lighier rate of economicgrowythi. increased 22.6% in 1993,compared to a 25.1%
.
' Thedeath of EscobarIs not expectedto alter the outcome of thie presidential electionis wvhiich Congress has slated for May 29, 1994. Both candidates, Andres Pastrana and Ernesto lea1ding Samper,havebeenvictlimsof drug relatedcrimes. Escobar'sdeath is, however,expectedto redLlcethe possibilityof violenicedurilngthe cam1paign.
Newforeignexchangegtideliniesbecameeffective October1, 1993,representiniggiother slep in the liberalizatilonof the economy.,The regulations, isstiedby the centralbank,siiplify niidstreamline the exchaingeregulatioiswhichwerelostreformed in 1991.The most importaintFeatures of the inewv exchianigeregulations includc
increasing 29.5%,28.0%andi healtil cOiiponeCnts
peso can be conviertediito aniy foreigncurrency without first being coniverted into dollars; w
1994 FACTIoouK
.
Bancode Colombia,the second largest bank in Colombia,was scheduled to be privatized in late 1993. A 17%block of shares. vas offered to employees'and workers'unions in Novemberand the sale of the remaininig shares, originially scheduled for auction in December, Was rescheduled for January. The privatization is expected to brinigthe governmenitrevenuesof at least$400million.
Colombiapuslhedforward an attempt in 1993to strengthienl regionalintegration wvithneighiborinig coulitries.Thtecountry angreedto a free trade pact with VenezuelanndMexico,effectiveJnnuary1, 1994,wvlhichi ivill reduce trade barriers In most industriesover a 10to 12-yearperiod.In addition, a free tradeagreciiement vitih Chiilewas iecched in enrly December lVhichivill affectabotit 90% of bilateraltrade;the agreenmcitwillbe implemieted over a five-yearperiod.
increase in 1992, with hiotisinig, education annd
27.1%respectively.
2) Colombilaiscan obtain short-terni loans (less thlani six-montihs)abroad; 3) Colombianfinancial institutions can make harld-currencyloans to entitiesoutside of Colombia;4) currencyfutures and optlons are officiallypermitted;5) dollarscan be used internally for a nuimberof transactions; and 6) businesses that buy and sell foreign exchangeare muchmoretighttyregulated.
.
the followving: 1) tlle
1M1irtC); M,ARR:TSD,AT.rBASE.141
Colombia 1993 (currencyIn millilons)
*
~~~ ~
Market
Numberof Ilistedcompanies Bolsadellogota
80
~~~~~jan Feb Mlar 80
80
Apr
Maiy
)JII
Jtul
Atig
SLp
Oct
s0
so
80
so
s0
s0
80
4,355,564 5,189
4,214,607
4,158,327
4,827,894 6,032
5,439,566 6,742
5,569,926 6,569 73525,1
Nov
tl
80
89
Market caplfallzofion 4,562,457
in Pesos
5,567
In U.S.dollars
4,535,078
5,500,873
5,477
6,571
5,384
5,280
6,029,216* 6,226,498 7,499,837 7,362
7,671
9,237
6.512
76.447
Tradingvalue KIn pesos
15,824
27,969
22,520
29,290
34,790
65,740
InU.S.dollirs
19
34
27
35
50
102
43
81
91
66
Turnoverrallo
94
94
0.3
0.6
0.4
0.6
0,9
1.9
0.8
1.3
1.3
(hO
1.3
1.1
451 -3.0
45. 45. -5.9
43.44. 3.3 -4.2
492 2.7
9.7
2.8
4. 14.4
20 56.3 73.8 26.6 1.6 2.0 1,990.3 -8.3
20 63.0 34,6 25.4 1.6 2.2 1,885.6 .5.3
20 63.9 70.7 23.7 1.5 2.4 1,744.7 . 7.5
20 78.1 63.6 19.5
20 77.8 47.3
Local Index45. IOU lndcO ~ ChiangeIIIncfex(9
~
~
39,228
80,349
45745.42053.58666864.79. 45. 5.6 1.4 -0.7
42052. 6.5
8.666865. 10.9
8.6
IFCGlobalIndex Nunmbercfstocks . Share of market cap. I%) shareoftlrading valtiie(E7
*-
P/EnT,111
P/1~l3Vrtic Diviien'l yield(% Total retuiruhidex Changelon totalMrntii liidluxI)
*
.
.
20 81.1 52.0 15.3 .1.3 2.2 1,749.3 0.3
20 85.9 52.8 15.0
20 84,6 81.1 14.6 1.3 2.5 1,867.5 .3.1
2.4 1,928.2 3.3
787.1200
800.4200
1.3 2.4 1,928.0 10.2
.
20 76,3 71.1 16.0
1.2
20 75.2 60.2 .
.17.0
20 78.3 60.5 .18,0
1,4 2.2 2,126,8 10.3
1.5
1.6
20.1 1.7
2,262.0 6.4
2.1 2,419.5 7.0
2.2 2.520.l 4.2
810.8400
818,0800
511.7300
.2.2
20 75.3 60.2 25.5
1.8 1.9 2,925.4 16.1
Economicdata Exciatngerate
N:.e *
*
819.6100
828.0900
837.1400
845,1400
782.8500
806,8500
811.9000
Marketc.ip figuresare for Bogotaonly. Valuetradedfiguires includePlogokianwd Medullin. ~~~The basedale fuirthelOtS1tidexis Jan.199k10D.The asedale foir1lc IF'CGColombiafindexIs Dec,1984=100.
~1994 FACTOQO1171EM
I:;Nc. NIARINITSDATA 13ASIl
142
Colombia 1984-1993
(currencyIn milions;end of perlodlevels)
.Mnrk&'l
1988
1989
85
82
384,744 1,145
480,531 1,136
28,092 74l
1987
1991
1992
1993
83
80
89
740,673 1,416
2,846,929 4,036
4,6h1,818 5,681
7,499,837 9,237
34,389 7! 5.6
126,557 203 7.1
1,392.3 42.7
3581 258.1
990
1984
1985
1986
180
102
99
86,817 762
71,689 416
180,012 522
329,112 1,255
Trading value In pesos In U.S.dollars Turnoverraio
4,762 47 5.8
4,204 30 5.3
9,521 49 7.6
19,524
local Index lIOBldex' Changein lidx(Cd )
215.9 -18.4
226.5 4.9
463.3 104.5
851,3 83.7
872.1 2.4
24 52.6
24 72.2
21 91.5
20 94.5
.
22 94,6 9.6
22 88,0
-
24 83.4 -39,0 1.1
6.3
5,3
8.
1.3
1.0
0,7
6.6
4.9
5.9
7.(
Number ot listed companies
BolIsade3og,ota. .Market capitalizatlan lnpesos In U.S.dollars
IFCGlobal Index Numberofstodcks Sharoornmarketcap.C(%) P'/Eralio . P'/bV ratdo, DividLndl yield
TotalroelirilIndex i4 Claingel Inidex%) Economic *
'
1C)
1000. .
16.1
96
18,793 63 5.3
80 7.7
88.8
221.9
396.2
-
-11.3
150.0
78.6
38,253
34,891
34,943
36,373
347.5
i6,5
.
975.9 1.9.
389.8 12.2
.12.3
s8
-
420,709 554 11.4
596,047 732 9.8
499.9 39.6
749.1 49.8
20 89.9
20 75.3
27.9
25.5
0.8
.20 91.8 40.1 23
7.6
2.3
1.9
.
1.7
535.9 37.5
1,561.1 191.3
2,171.6
41,675
42,177
43,538
39.1
1.8 1.9
2,925.4 34.7
data
Grossdorniesile prdiuct (US$) ChangeinconsuiniwirprlceIndclx() Excivangerwto Exchange rate (averagoof period)
16.1
24.0
18.9
39,246
23.3
39,781
28.1
25.8
29.1
.123.0900
523.00'0
705.4100
811.7700
811.9000
485.37-15
622.1644
759.4330
814.4196
113.8899
172.1999
219.0000
262.1400
336,0000
100.8172
142.3116
191.2600
242.6100
296 3809
381.8281
30.4
27.0
22.6
NowI:Mairketcapfigutresare lor Bogotannly. ValI tradedlfiguresIncliudeBogotand Nledellil.n Thebasedale for 1liIB InDILex Is Jan. 1991 =100.The based,tt' for t1wIrCG Coliblia IILiL'xis Dev. 1984,100.
1994 FACTHOOK
*
FlIc
c
I~cx:~D~Al.s:143
Greece IFCG Greece (LIS$;ein 1992=100)
Rate .Exchange (Drnchlmas/LIS$)
.
175. 150 *
_
1125
Average Daily Value Traded (ISS nIIIionws)
250-
25
~~~~~~~~~~~~~~~240
2(
230[
220
:>"
I
.
ltfis93
$eii9.3
ajL
iL
I-I~~~~~~~~~~~~~~~~~~~~~L
.vitir93
Dec93
lMar 93
liJ 93
St-lo 93
D,r 93
M,ar93
Jiint93
Selp93
.
D.Y93
I IFCGComposite
-IFCGindexfor market
Market Performance
Shareof IFCGIndex Markets'Capitalization Wifllon) (eidi-7993; hlnta=US$852
IFCGP/ERatio mtines) feudiof motithil
The AthensStockExchangeCASE)Generl Index
0..
~~~~~~~~~~~~~~~~~~~~~~~~~~~posted gaiinsof 42.59%in drachniaterimsand ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~23.55% In dollartermisto endttho yeara,t958.66. theofirst ninelLmonithisof 1993,investor ~~~~~~~Duirinig
Ii * 10
7.
.
141,,
America Sotilli Asla
9-
themassq. privatixatiom of manjor a~~~~~~~~~~~~~~~~~~~~~ptimiismi regalrding
l t c rgo idi.atiouis-partictilarly Greek TeleLcom1
341 8
.
7K
(J.H~~~~~~~~~~~~~~~~~Gov
:L~IA Index :- .- . 6
m.6%. M9
J3*
S93
Def93
eyear,
COT~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~( 13)-aflong wvithi newlIIstinigs onithe ASHand a pLUslhed dakily, lnew% compulerizedtradingsystemi, value,and volume,traldedto recordihilghs.By,thle
P/ERatloShare theG olIFCG totallmalrketcapitaiation had
increasedto $12.4)bfilloiofromlS $6.8billionl In J1,nury, with ai aerage moinothlya total value tr.2,5ed. of $215molr cillio, and average,monatht5ly volum'etrade of 20 mil.lio shares.The IFCGlobal and invustable priceIndexesrose,34.5%and 35% in drilchnia terimsfor 1993,and 16.1%ind 16.6% 1ti .'ollr termavs.
1994FAcTnoo-
I
CNU IN1 i's D AIs I1ASI:144 1u1Krb
Tlhemarket'seupioric rise was folloivedlby strog concernisabout the rulinig conservative party's fragile majority In Parliament, and conttinuois opposition to the coniservative's privatization programs from Greek socialist parties. In early 1993the conservativegovernmnictsold 66%of the Bank of AthelIs to the Korean group Kllanwhafor Drs 7.1billion Cabout$34 miillion)Jdomilestic aid foreign investors also welcomed the partial privatization of the Greek moniopoly sugar producer. ilelleiiic Sugar Industries, ovcrsubscribingthe Initialpublic offeringof 4.652 millionbearer shares by more than fivetimes.The market slowved oln October 11 folloiving the socialists' electoral victory, anaitinig some indication of the new governmencit'seconomiilc policies and plans for already sclheduled privatization and infrastructureprojects.
and social sectirity progranms,thl Ini-lileonic Socialist Movinment party (PASOK)wvonilte manjorityof edoctoralvotes,Mr. MiltladesEvert took over as president of thc New Democracy party, becoming the conservative's party fifth presidenit In its 19-year history. Frorer Primll Mvlinister PapandreouresuLimed his post nsthe new pricimminiisterof Greece, The strict monetaryand fiscalpoliciesof tlhoNew Democracyparty have shown significanitsuiccess Inlconitrolliniginflation,reducinig the conisumer price Index from20%In April 1990to 12.8%at the end of September H-lowever,Inflation Is still runniniigat miorethan thire tlimesteia European1 UnioI's average. At tlheEdinzburghi summtitof December12, 1992, EuropeanUnlionleaders finalixedan agreemcentlo devote an average of 1.22%of the EU's annial GNI to help developits poorestimemiiiber couiitries over the next five to seven years as part of the move toward unification In 1999,In March, the EU's Fiianceanid EconomiicMiiiiisters(ECOFIN) pilshed the Greek governmientto privatize stateowvned public enterprIscs, including two oil refilnerisand a 49%stake of govermiien1t lioldinigs i1'OTE,ECOFIN'srecommendationswere Inticlided in a largerset of recommendiations intendedto hlcp Greccedevelop an1economilcconiergence plan-a plan intended to reciprocate the EU's financial efforts at unificationiby helping Grecce develop econiomilc policies that wvouldallow It to enter tlie mainstream of European conomies. Despite
On Mlay1, thleBank of Greece issued a directive permitting intra-EU capital movlmelnts wivtlh matuiritieslonger than three months, liiciliding investmienit in foreigi stocks,bonds, co1mmodIties, currency options and svaps. The market reacted favorably to an ann1ouLIncemnent by Finance MiinisterGeorgeYennimattas in DecemlbertIat no disclosure of origin swill be required for futnds eniteringthe stock market agldthat n1o additionial dividend taxes vill be imposedoi comiipaniies listed onitiheAthelisStockExclhange.
Economlc/Polltlcal Events
P1re-electiondrafts of the convergence program presented to the EUby StephanosManos,Minister of theLNationalEconoily,iInclidudplatis for mass privatizationsand fuirtiherliberalizationof public. utilities, allowing for private sector construction andownershipof electricitygeneratingplants and promotinig the Cied of OlymspicAirways' (thte natlonal nir carrier's) monopoly on domestic routes. On July 20, ECOFINapproved the Delors Package 11,which wvillprovide $17 blillionfor Infristructure projectsand public works.Tlhenew government'sconvergenceprogralmis o:pected to be subimilttedby no later than the cnd of first quarter of 1994. The rullng govurnment's1994statebudget WAS presented In early December,calling for a 17.6% licreaseIn spenidingand a 23%rise In revenLICs nui,depossible tlhroughiaddillonal Iindirocttaxes and efforts to combtt lax evasion. Accordingto FinanceMvinilister GeorgeYemniniatls, publicsector borrowingrequiremlentsivill Increaseby 3.7%and1 remailnat over 12%of GDI', figures that were reportedly not satisfactory to EU economillc observers. In othieriewvs,Interest rates on 3-monitlhTreasury bills closed Ilteyearat 18%,with 6-month T-bills ending at 20% and 12-monithi T-bills at 20.25%. UnemploymentIs expectedto end-1993at 7.8%of the labor foice.
continluous oppositioni to thle privatizationi of OTE
Tiglht economic programs and the October 10 general elections moniopolizedtlte political and
by Greek Telecom employees and lPASOK, Investorsremained optilmisticduiing tlhestiuimimier
economic scene durinig 1993.On September 9, the
that Prime Milister
Creek conservativeparty Nev Democracylost its parliamentary majority of 151 seats out of 300 aftera dopLitydeclaredhimiiself indepeiidenit.PIrimiie Mlinister Constantlnos Milsotakis dissolved P arlian1cetitaid set October 10 as tlhc dant for
could devise a privatization plan acceptableto all parties. The 49% sale of OTE, 35%nvIa* ain international strategic Investor niid 14%via thie Athenss lock Exclhange,Would have totaled over Drs 330 bililoni(nearly $1.4billion),vithi proceeds
general electlons. Promisinigmore economic growth, a lower unemploymnentrte, and generous welfare
i*sed to h1elpfinanice Grecce's. ballooning ptiblic debt.
*
1994lFACTrOOK
Constantlinos Mitmotakilks
-
ENItIRc;IN MARKETS DATABl,AS 145
Greece 1993
(currencyIn millions)
-.
.
*:
.
..
*
* ;
:
131
137
137
137
139
2,189,317 9,410
2,430,134 10,223
2,602,599 10,974
2,438,194 11,425
2,509,246 10,427
2,669,328 10,844
22,818 106 1.1
30,223 130 1.-4
50,587 213 2.2
71,607 302 2.8
69,118 293 2.7
54,270 226 2.2
62,355 253 2.4
126,539 507 4.4
726.7 -5.2
739.7 1.8
761.0 2.9
850.7 11.8
873.7 2.7
823.6 -57
833.6 1.2
863.0 3.5
958.7 11.1
36 63.4 71.4 7.0
35 64.4 65.6 9.3 1.8
9.3 566.6 3.3
36 63.7 63.4 7.2 1,6 6.1I 581.5 2.6
215.2500
214.8000
Number of listed companies Exchange At1twnsStom'
130
130
130
130
In drachlas in U.S.dollars
2,127,444 9,863
2,344,163 10,550
2,179,896 9,929
2,077,030 9,649
Trading value In dr.ichmas InU.S.dollars Turnoverratio
33,192 153 1.6
54,535 246 2.4
28,548 130 1.3
19,740 92 0.9
741.7 10.3
S33,4 12.4
766.8 -8.0
36 63.8 49.5 7.5 1.9 9.4 5R4.7 8.8
36 64.6 67.7 8.4 2.1 633.4 8.3
36 63.5 63.4 7.4 1.9 9.2 585.7 -7.5
215.7000
222.0000
219.5500
ASECompositelntlexo Chiangolnlniex(%)
*
Oct
1tA'
Local Index
.
IFCGlobal Index . Numberofstocks ShareaofiLarketcap,(% Shiareoftrading value(1) 1P/E1ratio /raHo .. DiYkiert8yilell(l
Total1rettirii inidex ChangeIn totnl rettirniIndex(%)
S.4
Economicdato rate Excihaigec
18 .
DX
Sep
1Jan1
Market capitalization
Nov
Attg
Apr
Ma r
tv'garket
'Nl.y
130 2,114,49.1 9,844
JunI
Juil
130
366 62.8 6i3.2
s.0
.
.16 5.1. 566.9 -2.5 232.6700
622.4 9.8
664.2 6.7
626.f *5.7
35 64.4 60.9 9.5 18 4.8 627.4 0.1
237.720n
237.1500
235.8000
240.6500
3 63.1 69.0 9.0 1:8 s.n
35 64.8 69.7 9.9 1.9 -1.6
4.9
.
35 61.1 39.2 9.5 1:8 CS8
618.4 -1.4 246.100
143
3.,071,801 12,319
33 56.7 34.4 10.2 1.9 4.8 655.3 6.0 249.3500
indix is Dec. 198.1=100. IFCGGrecce for the ThlebasedalLte Nvr: Thebasedate for th iSFComposite Indexis 1980=0IU.
1994F"ACTUDOK
DATA%BAsr 146 NIARKxETs Emir.RING~w
Greece 1984-1993 (currency In millions; end of period levels)
Market Number of listedcompanies Alihensstock Exchnnge Market copItalIzallon In drachnins In U,S.dollars
1984
1985
1986
114
114
1987
1988
1989
1990
1991
1992
1993
114
116
119
119
145
126
129
.143
565,582 4,464
632,950 4,285
996,623 6,376
2,428,929 15,228
2,295,594 13,118
2,042,896 9,489
3,071,501 12,319
444,977 2,443 18.8
306,800 1,605 14.1
623,434 2,713 24.4
.
98,359 766
113,060 765
156,611 1,129
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
Local Index ASEConmposite Indexx CliaageilntIdex (%)
59.2 1.6
70.9 19.9
103.9 46.4
272,5 162.3
279.6 2.6
459.4 64.3
932.0 102.9
809.7 -13.1
672.3 -17.0
955.7 42.6
IFCGlobal Index Numbercfutocks Slnre of mret Cop.(%)
20 39.4
10 36.1
10 35.6
10 50.0
26 58.5
26 66.7:
26 55.9
32 60.7
32 56.7
35 56.7
10.6
10.6
16.6
16.7
10.7
6.9
10.2
1.7 5.6 247.7 .37.6
2.2 4.6 446.4 50.2
4.3 5.0 911.2 104.1
.2.3 3.8 735.9 -19.3
66,602 20.4 139I5000 158,3425
70.281. 19.5 175.0000 152.1592
.
Tradingvalue In drmchnins In US.,dollars Turniorerratlo
.
I/Era:lIo
.
*
P/BV ratio Dividendyie1ld(SI) Totalreutirilnd.ex * CliangeIniliex(d )
-
.
12.5 100.0
EconomIc data ..Grossdminesikiprlxhcl(US$ 33,763 Ch.lnge.incolnsumi.erpriceIndexLI%) 18.4 EXx1incr,ge rle 12284799 0Exei!tangeraleol,n'ecrnleoc\fpori3l) . 112.7165
12.0 103.4 3.4
:.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~IDc :i()
1. CUO
.NIIGN
5.1 157.4 52.2
33,433 19.3 .147.7599. 138.1190
19NvlTheba%se lor theASI;Composite Indesx Is 1950fIn.ThobAse
199
-
39,397 23.0 133.7600 139.9800
1.9 2.3 396.9 132.2 46,212 16.4 126.7000 135.43110
511,779 13.5 147.7000 141.7146
54,145 13.7 156.3000 162.110.
.
1.7 11.0 . 537.4 -27.0 77,684 15.9 215.3000 191.1194
1.9 4.8 655.3 21.9
14.4 249.3500 229.7990
1,
for the IFCCGrce iidex Is DLC.1984=100W
IatICe
.AKT
AISll
D. T HAH
4
;,
.
1!
.
'
Hungary
, IFCG Hungary (LIS$;etif 1992=1UO)
Exchange Rate
ExchaS$ n
.
150
.
125.
,
.:.'-.: ~
~r.q
100. ^!,'
':
,AtW
50
lOG
1.2.
95
0.9.
.
.
','
175
'
.
.r
,
Mcar93
Jiin93
Average Daily Value Traded
tDilyTades) .
St'p93
8
DeC93
. Jim93
Mar93
0.3 -
SVii93
.1011.
DeC93
r
Mar.9.5
.
tau93
Sqt93
L
Dw93
IFCCComposite :
IFCC Iidex formarket X[.
IFCG P/E Ratlo -4i
-Share of IFCG Index Markets' CapItalizallon (d-1993; en. oIaI-LIS$852bifiion)
.(ofmontil tPnlttes)
55Z E
.
;5 50
Market Performance
. . _in
- .
-
.S .
45 -Siil
(
.
.
_
.
i
.
Latin
fl
TheUSE Indux,motdeledafter
3;lq 3:S: 5 Q 1'I
Nt
.
W 3.
3_
f' . :
.'
tz S
O.lri
z
-
Eltraded
.'
30
:25
iQ
HI Mar93
_
lean.3
-
4LL.LiLLhUJJJL_ _
Sp 93
,,
.
EnR3 /T3 UJ3 Dec93
ENiFA A _j.
.
eNlE8\5,wT
F:.
lie
CernianDAX and
the U.S. S&P 500, was first introducecd in January 1991 wvith1 a base value of 1,000. In 1992, shares on the exciangeaccounoitedfor onily 15% to 18% of thie total turnover. Slhort-term discounlt
SI I. 1 -j7 .,l!i!!ll *xi; }uyl|1*lw 1
The Budapest Stock Exchange(BBSE) Index Jumped 54,27%7 In foriiint terms And 29,19% in dollar terms durinig 1993, uip432 points on the year to cnd at 1,228,
t .
Treasury-bills, proved tO be the mnostpopular suctrities since reail titerest rates were negative (i 1992 and thlrouighoLut1993.
At thlo beginiiing of 1993 the USEoiperated as a debt market siince most traldling was in corporate boinds and governiment paper. i3y year cnd, 28 equ.ity s'curilies, 6 closud-ended itvestmncitftifuds,
i
1994FACTI300K
ME-I;RGINC; NMAIKIKETS DATABASE 148
several government debt securities, and compensationcoUpolls were quoted oil the exclhange. Exchanlge officialsare aptimisticthat additional privatized companileswill soon be listedon the.exchange. Thenumberof Incorporated organllizatfons il F-tiigary hasgolieUp from11,000 at the begininiig of. 1989 to 80,000 in 1993, Follosving implementation of theBankruptcyLaw, 3,000companiesfiled for bankruptcyof which 30%wereliquidated.Twenty-eightcompanies are currenitlytradedon the BudapcstStockExchange with fewerthain10accountingfor betiveeni70% and 90% of total daily value traded. Market capitalizationof the BSEhias increased to HF 64 :bilion (about $640million) sincethe market's opening.
*
Eventhloughi tiheBSEsawincreased stockdemand durinigthc last quarter of 1993,the supply of newlyprivatizedcompanles wvasvery liiited. In addition,listlingrequiremlenl1ts remainvery strict, callingfor amiiiitinim of 20%publicownershipa totalshlare valueof at 1east H 200millilon(about $2 milleon), and publishiedaudited finanicial statements for threecoLnsecutive butsiniess years.
Economlc/Polillcal Events After a longIllness,61year-oldHlungarianPrime Minister JosefAntall died on Decomber12,The ruling Il-ungarianDemocratic Porum(I-IDF)party nominatedliiteriorNMinister PeterBorossto serve a .- Hunihgary's cs newY prime miillster.Parliamenit approved the nomination of Mlr. Blorosson1 Deceimber 21.Tlihnwcvgoverinmenit is expectedto li ivea sliort lifesince newv parlanientaryelectionts havebecnschiedtuled for nolaterthall May 1994. Hungary'sindustrial productionigrew% by 2% In 1993after falteringbadly followvinig the collapse of EastEuropeanl markets,droppinig21.5%in 1991 K and.S0e in 1992 Despite idustrial production growth Hlungary's 1993GDP Is expectedto declinieby 1% due mainly to the counitry's
.
1994F*AcTBooK
agriculturalcrisis.GDPdropped 11,9%In 1991 and4.5%in 1992, butis expected to growby1%In 1994,At current prices,GDPfor 1993exceeded $33billioii while GDPper capitareached$3,500, up from $2,780In 1990(1990dollars).
policy In order to reduce the current account deficitaid linflntioiduring'1994. I-lungary's gross foreign debt reaclied $24.56 billioniat the eindof 1993,14.5%hlilger than 1i 1992.
H-lungary facestihreemaineconomnic cinallegesfor 1994:weakexports,a ballooningpublicdebt,and decreased agriculturaloutput whichdropped30% durinig1993comparedto 1992levels,1-luigary's exporttotal nisodropped30%below1992levels to $3.8billionifor 1993.After conltintuous pressure fromexportersandthe governmiiienit, the National Bankof Hungaryanniotiunced a 4,5%devaluation of tile forint lii Septeiber.TlhoforinitIs weighted against n basketof currencies equallyapportioned between the dollar and the deutscihcmark. September's devaluationwas the fifth In 1993, bringing thetotaldevaluationfor theyearto 15%. Accordingtoitlic Mlinistcrfor EcoInomicRelatlonis the foriiit'sdevaluationwas In llile vithi the 1993 CPIincreaso of betwveeni 23%and25%considerinig thilata 10% Vahie Added Tax onl domestic electricityand on increased tobaccoconstiutmption1 waslintroduced In Augustthat addedto inflation totalsfor theyeor; 1-lunigary's revisedmnssprivatixationprogram wivllstart in early 1994,offering morethan 70 proviously state-ownedenterprisesto domestic and foreign linstitutionialinvestors.One of the privatizationimethiodswill be basedon a loantype nclieniism which, for a small fee, offers shares wvortlhtip to HP 100I000($1,000)via 1instal,lmen1t payments. Thc HnILIgarian Parliamentapprovedthe *iialn partsof thc1994statebludiget In late December, callingfor a budget.deficit of I-IF330billioni(about $3.3 billion). Extensivetax evasioniand lower than expectedprivatheatlolo rovenuecs expianded I-liungary's. budget deficit In 1993to i-IF 213.3: bililoni (about $2.4billon), nearly 7% of GDP. Targetedoxponditiresareexpected to reach$16.4 billion and rveinues$13.3billiol, The National Bankof 1-lunlgary Is ndvocatinga tiglit monietary .MCING
17
BAsh149
N'lAR4KITSDATA
Hungary
1993
(currency In milliors)
MOArk
Ma r
.jailFe
Number of listed companies BudapestStockExchange Market caplializalion In forlints InU.S. dollars
Apr
23
23
23
42,804 516
42,138 487
41,685 483
39,206 450
.1 0.2
140 2 0.3
55 1 all
726.0 -1,8
682.6 -6,0
Junl
Mlay
Jill
ASe
p
Oct
NOV
223
.44,497 50
45,931 498
Dec 2
49,670 520
57,782 612
63,715 655
926
1,376
1,074 11
63,128 689
69,577 691
81,741 812
9 1.3
2,673 27 3.5.
1,154.1 2.4
1,228.7 3.8
Tradingvalue12
IIntarinls
C *
*
1968 2 0.3
lnU.S.dollars T%irnovrwuraio
Local Index BSEIndex 731.0 Citaa:goiniai~~~lexf%) -8.2 IFCGlobal Index Nimberostrcicks . Shareofmarket cap. Shareoft ding vnlue(
23
84.0 96.3
739.6 1,2
2
86.6 87.3
.
12 86.1 82,5 !'''
Ifis19840.8
:;:.:;:: InU.S.*lollar20.9
2
56. . 9451 38.930.3 55 09
337
.356
.15
o,8 693.6 1.6 123 5.4 95.5
109904 ii 1..7
0,8
1.9
2.6
733.5 5.8
827,5 12.8
1,012.1 22.3
1,092.5 8.0
1,156.1 5.8
93.4 9l5 42.6 1.3
3 92.2 9553 46.5 1.5
13 91.2 93.9 49.1 1.6
13 91.9 951. 50.6 1.6 2.5
114.7 5.2
2.7.
119.3 4.0
120.5 1.0
324.6 3.4
123 89. 94.9
120
1.0
123 91.9 97.0 36.1 II1
84.6 2.2
85.1. 0.5
90.4 6,
309.0 20.5
95.5700
9414100
32
Dividenid yield(%)....-
Totaln1irnirtido Change18 In total retuirnlndc Economic.data Exchange rate'
%)
910.3 -.7-.
82.9900
89,2
86.5850
85.9 -3,7
87.3i00
82.8 -3.6
87.0600
88.1600
93.1550
097.200
98.5300
100.6900
213
81.2 39.0 52.4 1.6
100.7000
M'hn'riteb,ivd,ite for tin.' 051Incx Jan.1991=1,00.2 Thet,scdai, furtli IFCGHungary IndeI.Is D5ec.1992=1002
1994 rtACT1noaK
EmlEttc;INCMARZKETS DATA BAsi. 150
Hungary 1984-1993
(currency In millions:end of period levels)
Market
1984
1985
1987
1986
1990
1989
1988
.
1991
Number of listed companles BudnpcslStock Exchalige
1992
1993
1
23
38,200 505
47,207 562
81,741 812
2,996 38 6.3
9,136 99 14.2
796.5
1,228.7 54.3
28
Market copitalizallon In forinits In U$. dLollars
-
.
*
-
-
.
-
-
-
-
*
*
Tradingvalue
hl krint In U.S.dollars Tutroverratio
.
.
-
-
-
*
.
LocalIndex In1ex* OSE ; N Ch!anige it indlex(%)
-
-
*09 -
: IFCGlobalIndex Numberofstocks of niarketcap. (%) Slhare
-
-
-
I*IE ratio P/BV ratio DIvideldyleklt. Totalrettin Index' Chanigein InIlI x C5A)
-
-
-
.
.
*
-
*
*
-
-
.
;
*
*
-
-
-
*
*
*
*
-
-
-
*
-
-
-
.
117 1
*0.)o *
-
-
*
-
.-
*
-
.
. .
*
-
*
-
-
.
8,723
-
*
-1.5 12 84.l
i3
81.2
-
-
52.4
* *
*
100.n
1.6 2.7 124.6
*
24.6
* *
Economicdolo Grossdoinestlcprodcilt(US$) ChnngelIncenstinier prleuIndex%)
nrie Exchange nle(avLrageofperitid) Exch,ingie
-
-
.
. .
*
30,SS
-
*
*
-
35,448
73,62(1(0
22.9 83.97010
74,7351)
78.9880
34.2
21.5
100.7000 92.0065
1092-1(k). ThebasedIa,efor Ili II CGI lungpryIndexIsDeC. Noh:Tlhobasedale for IheUSEIndexJan.1991=1,0(10.
1994FACTRtooK
EMERGING MIARKETs DAr1A BASE
151
India AverageDailyValueTraded
ExchangeRate
IFCGIndla (LIS$;cuid1992=100)
(R1qwee/lUS$)
175
32,0
150
31.5 S.02
(LIS$millions) 35D
.
.
300
~~~~~~~~~~~~~~~200
30.5 30.0
~~~~~~~~~~~~~~~29,5
100 ..
~~~~~~~~~28,5
~~~.Dcc JIn93
*Mair93
100
290
.*.
.
50Sep9
-
.
28.0. 93
9
~~~~~~~~~~~~~~~~~~~~~~~~~~0 93 ar9
3
93c
93
Dc 9.3ai
Juni93.
Secp 93
DL-e 93
IFCCCoomposite IFCGIndexforilirket
*
IFCGP/ERatlo
Shareof IFCGIndexMarkets'Capitalization
(endof moiliatines)
(cnd-7993;totl=LIS$852billioni)
45
ws
I.ntlut
oth Ar
35
~
20. ~ dilr93 M... Z
.
.1
emerging stock marketsin 1993.
31}- _ _ _ _ 25
.
#it,+s''
6
w ENIUA
r 25-I< s n n jF|-11% EAllDX
7
^ li.B!;vwidespread
c 9Z 13 3 ;Sc 91! ,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
3Dx
.
.'
'
.
,
.,,
,
.
-
'
.
.
(BSE) Trading on the BombaiyStock Exchiannge
ssedia
) 1fldI~~~~~~~~~~~~~~~~~ started
~~ ~ ~~EJu1992 . Jim . 93 A.
l
Afterlarge losses during tlhe'first lhalfof 1993and improvementdurinigthe second half,the Bombay ith a netgain,of 17% stockmarketended the yearwey the IFC oil onthe IFC Globalprice index aind24%onn amiongAsian the poorestperformance ~~~~~~~~~~~~~~~~~~~~~~~~~~~Investable,
.45,
;0 40 -
Market Performance
-
the year oni a weak note foilowing religious disturbances in December and January.1993.Inve'storappreheonsion througlh the first quarter fucledby dcontinued ovcertiic-inanii,l budgetanntouncedi clppoiliitliieit [st
by a causedi itid ~~~~~~~~~~~~~~~~~~~inFebrulary, of bsoliibltiigsin Bombtay dlufing Mlarch ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~series jll
Market sentiment expectations
disniptiotis
niarket
improved
of favorable
corporate
In Mlay on results
and
goverinmenit reductionis of importduties.June failed
1994 FACTOGOK
EMERGING MARKETSDATA BASE 152
to sustain the mllarket'srise vith prices falling on disappoiniting earnings announcements for several large companies. Market jitters resurfaced vheln the chief broker namiled in the 1992 securities scandal aniounced that lie had paid Prime Miniister Rao several million rupees in political donations. Sentiment improved toward the end of July on thie defeat of a no-confidence motioin in Parliament againtst Prime Minister Rao. Both domestic and foreign portfolio investors began buying stocks actively on good half-yearly and announcements, earnings corporate expectations of political stability mnd continlued economic reforms. The IFCG price Index gainied 13%in dollar terms in Autigst. The market suffered anothiersetback In September in the aftermathi of the 1992 scandal vhen Indian lincome tax autilorities froze blocks of slhares of several large companies thiat authorities claimed belonged to proxy holders of the chilef broker named In the scandal. Stock prices and volumes declined on the BSE as investors were afraid of purchasing shares tainted by the scandal. BSE brokers went on strike in October to protest the action takeni by tax autihoritles. A furtler deterreint to market performanice was the siege of a Moslem shrinie In Kashmir by the Indian army. November saw large gains in stock prices attributed mninily to a peaceful end to the siege, the results of state electionis that indicated popular support for the rtuling Congress party, aid hleavy demand from
foreign investors. The uptrend continuled In December,but was disruptedIn mid-montlhdtueto a strike by brokers protesting actions taken by teie SecLltitiesand ExchanigeBoard of India (SEBI)to curb speculation.. 1993 was an active year for Indiani companiesr launiciniig Interinationialissues, some of which company Hindalco ($72 incIlided alum tinum syntlietic textile maiinufacturerReliance nmillion), Industries ($125 million), cement maniufacturer Cuiarat Ainbtlja Cemcnit ($75 million), and transportationeqtilpniciitminitifactirerMaihindra ;dan Mnlihindra ($75. milionl). The interest 1994 IACTIIOOK
generated by these issues has increased substantially in recent montls, resulting In large oversubscriptions. In additioni to International offerings, foreign iivestor Interest has beenievident in a profuision of offshore funds launched for investment In India, some of the managers being Allianice Capital, Credit Lyonnais, anid Jardine Fleming. Another significanit development in thte capital miarket was the government's approval for the operation of private mutiual funds. lrior to this action, only the government was allowed to run mutual funds.
year, aggregating over $8 billion for 1993 versus India's foreign debt is $6 billion in 1992. HEowvever, estimated at approximately $85 billion. The Reserve Bank of India (RBI), in its latest annual report, varned that government borrowving and spending shiould be more stringent. The report indicated that tilgovernment was slipping from its fiscal deficit target of 4.7% of GOP, as stipulated by the IMF for the current fiscal year. The actual deficit is estimated at approximately 7% of GDP for the year ended March 31, 1994.
Economic/Polltlcal Events The year began with parts of India-particularly Bombay-still in thle thlroes of violence from religious tensionis spilling over from Decombor 1992. Despite the crises faced by the Indian governmeint, refonrs continued, thouil at a slower pace. While the ability of the ruling coalition government to keep the peace and prevent further violenice was questioned maliy times state elections at the end of the year showed the ruling party enjoying a higlher level of popular support thanl anticipated. However, the party was not an overwvhelmingchiolceof voters. A parliamenitary panel's report on1 the 1992 scandal was released in December, faultinig
Finance Minister Manmohan Singih for being unable to prevent the scandal fromoccurrinig.The report prompted Mr.Slligihto offer his resignationi, thouglhit was not acceptedby Prime MiinisterRio. Analysts feel that the retention of ir. Singlhand the favorable outcome of elections for the ruling party are likely to result in the preSIt administration's conitiinuingto implen ent economic reforms at an active pace.
Large Inflows of funids from expatriate Indians aid foreign fLlndmanigers, along with rising export levels, helped improve India's foreign exchangereserves significantlyby the end nf the E.-tRCINC MIARKETS.DATA BASE 153
M
. L
India 1993
(.currencyIn millions)
Mnrket Number of listed companles BombayStockExchanige Market capiltalization Innipoes In U.S.dollars
2,800
Feb
2,822
ainr
2,862
Apr
May
Jun
Jul
Aug
2,882
2.905
2,950
3,020
3,075
Sep
Dr
O:t
NOV
3,134
3.174
3,228
3,263
1,914,320 66,60S
1,894,050 62,779
1,881,460 60,810
1,750,930 56,282
1,809,040 58,206
1,837,750 59,016
1,920,800 61,703
2,172.910 69,756
2,235,490 71,811
2,205.870 70,860
2,667,380 85,65i5
3,030,000 97,976
16,215 564 0.Y
36,524
46,935
1,211
t,517
1.9
2.5
29,456 947 1.6
54,345 1,749 3.0
45,406 1,458 2.5
37,431 1,202 2.0
85,012 2,729 4.1
60,923 1,957 2.8
86,125 2,767 3.9
75,793 2,435 3.1
100,987 3,244 3.5
2,255.4 1.3
2,230.1 -1.1
1,927.5 -13.6
1,811.6 *6.0
1,900.5 4.9
1,934.2 1.8
1,981.9 2.5
2,265,5 14.3
2,381.0 5.1
2,349.4 -1.3
2,824.6 20.2
2,965.4 5.0
IFCGlobal Index Nimberofstocks Nti 108 Sharetofmarketcap.(%) 53.1 51 h.re oftradins %aluett) 62.0 l- , I'JErat(o .. 29.7 P/BV rali. 4.3 p Divklendyield(.) 0.5 Totalrettinrilndlex 398.3 ChaigeoIntotalIretiumnldex(%) -4.2
108 54.8 69.5 29.1 4.2 0.5 371.9 *6.6
108 46.8 33.5 24.7 3.5 0.6 305.6 -17.8
108 47.4 55.5 23,3 3.3 08 286.6 -6.2
l 49.6 36.6 24.7 3.4 0.7 305.1 6.5
10 49.9 56.6 25.8 3.4 0.9 311.1 1.9
is8 51.3 54.7 27.3 3.5 1,1 332.4 6.8
30.1700
30.9400
31.1100
31.0800
31.1400
Trading value IIlIrupees ' I. U.S.dollars . Ttirnoverr,itio Local Index RF.E Bombaylindex Changlnindex(%)
.
Jan
Economic data Exclangerate
28.7400
MieN:The base date for the F.fi Bombay Index Is 1979=1(M).The base itato for the IFCG India
:J-904 FACTlOok
lilLiex
.
.31.1300
108 52.0 57.1 31.8 4.0 1.2 376.1 13.1
108
ins 53.0 52.8 33.1 4.2 1.2 392.1 4.3
108 53.5 25.9 32.2 4.0 1.2 385.1 -1.8
108 53.6 63.2 37.8 4,8 1.1 464.0 20.5
108 50.3 31.9 39.7 4.9 1.0 494.0 6.5
31.1500
.31.1300
31.1300
31.1300
31.1300
isDec. 1984=100.
ENiERCING MARKETSDATA BAsE 254
India
1984-1993 :(currencyIn
mililons;end of poriodievels)
Mlarket
companies oflisteod * Numnber *BombaySlock aNxchiaunge
-
: :
1984
1985
1986
1,295
1,529
1,912
2,095
1957
198S
1989
1990
1991
1992
1993
2,240
2,407
2,435
2,556
2,781
3,263
Market capitalization Inmnrpecs InU.S.daltars
79,310 6,370
174,730 14,364
178,300 13,558
219,870 17,057
354.820 23,623
n60,000 27,316
700,000 38,567
1,231,440 47,730
1,867,610 65,119
3,050,000 97,976
Trading value Inmnipees In 11.5.dollars Turinoverratio
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
250,320 17,362 68.8
382,091 21,918 65.9
546,330 24,195 56.5
572,723 20,597 37.0
675.152 21,879 27.5
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
1,801.9 73.1
2,227.0 23.6
2,965.4 33.1
25 29.7
25 27.6 * * 2.0 205.1 105.1
47 -.. 9 12,0 2 25 2.6 199.2 .2.9
40 34.1 13.0 1.4 2.7 168.1 -15.6
40 33.5 18,9 2.3 3.2 230.8 37.3
60 46.0 14.9 2.5. 1.9 240.7 4.3
60 40.6 17.8 2.9 1.9 285.5 18.8
60 36.2 25.4 3.9 1.3 338.5 18.4
62 39.0 33.7 4.7 0.7 416.0 22.9
108 50.3 39.7 4.9 1.0 494.0 18.8
211,760
231,520 8,7 13.1220 12.6110
256,609
284,365 9.4 13.0200 13.8903
274,233
304,527 9.0 18.1500 17.4326
270,044 13.9 25.o000 22,5704
310,126 11.8 28.6500 27.S066
8.0 31.1300 30.8583
LocolIndex F.EBombayIndex' Chalifein index('4) * IFCGlobal Index :mNumberofstocks Shareofmarketcap.(') . P/Ertio P/iBv ralio Divifeiid yield(%) t Totalreturnildex jndex( ¢) . Change1In Economic dale produict(US$) Grossdumiestic indexC) Changeinconsunecrprtcc . rt Exchange rate(averageofperlod) Exchange
3.A1 100.0
203,639 8.3 12.4514 11.3626
5.6 12,1655 12.3687
8.8 12.8900 12.9620
6.2 16.8400 16.1457
1Dc. 1984-100. Thebasrdatater tIh IFCGInlia indeXis roEBombayIndexIs 1979-100, Thebasedatafor the F, Notew
1994 FActuoCO
ENIERGINGiMARKETs DATA BASE 155
Indonesia IFCGIndonesia (LIS$; Le0d 1992=100)
ExchongoRate (Rupiaih/LIS$)
Average Daily Value Traded (US$,jifIlioirs)
225-
2,110
60
200
2,100.
1753
2,090
150.
2III0
125
.',~
Sli'93
Dex93
~~~~~~~~30
L H.
lar93
IFCGComposite ''~~~~~~~~~~~~~~~~~~~~~~~9
Se93
iJun 93
IFCGP/ERatio 30 n 3: 25
:
.1.
.
Mar93
lJunt93 Syp93
Dec9
IC.,: 1
Shareof IFCGIndex Markets'Capitallzation (ed-1993;ohtal=LIS$852 iWIlloni)
.
.
a..W.L.D..L.R
D933L
.. -:
IFCGIndex foriniarket
.
:
Jill
~~~~~2,060
Juii.93
(e,i; of ontilih values)
, P. . .4.
flflj
li2i70
100 Mar93
0
7
I.ath,
OIIwr
Americ.1 30%
SouLth Ast.¶
.12%,
Market Performance TheJakartaboursemadelargegainsfor investors in19.TeIC lblpieIndex for Indonesia cliiiibed 109%c and the IFC Investablevasup makingtheJakarta Stalck Excliange UJSE) the
l sixtli - _ best america 9'L32' performinzg stock marketin the wvorld in
~~~~~~~~~~~~~~~~~~~~~~~~~~~1993.
'20
The begininiiigof thieyear sawbuoyancy returuito
.15
' / . 'IMdr93 *,1't'
lI dwI I I
Jimw 93 93
vu
93 5q1i 5i,~93
93 Div 93 Dec93
.
sI.
2.%triggered
ENIEA
30% %
.
.
was luill.Tle rev'ival thlemiarket afterai30-mionitl
by renewedinitereistfromi orii ;ilvestors, andl resalution of a series of ~~~~~~~~~~~~~~~~~~~probleims far tle a miajor corporation-Astra Internatianal-that hadnunisettledthe market toward the end of 1992.The market receiveda
boostin early1993fromthereelection of Presidenit 'Suharto, a wvell-putblicized visit to Indonesia by foreLignfuLid man 1aiagers, lowerinterestrates,andi ;'gondeconmic
1994FACTISOOK
-
perfonaiance.
E,MIFRGINCG MARIKlITsDAI1AI ASE156
In early April, the JSE suspendedfour brokers following revelations thliatcounterfeit sharesof several largelisted companiles vere circulating in the market. Trading in thcse companies wias suspended while BAPEPAM, the market's supervisory body, investigated the fraud. In thle aftermiatiof the scandal, BAPEPAMtemporarily stispended Issutes of varralits and convertible bontds.
*
Interest in the market was rekindled in May on rumors thiatBAPEPAMIplanined to raise the 49% foreIgn shareholdinglilit on listed sharcs.The last quarter of 1993 saw large appreciations In stock prices stemming fronmcontinued foreign ttivestor interest triggerinig local demalid, heiglhteliedinvestor interestdue to iiminint riglhts and bonus issues, anti price gains fronmthe newlylisted Barito PacificTimber, Barito PacificTinter wastlie largestof Indonesia's ptiblic flotationsin 1993,raising closeto $300 million on the sale of 85mililonishares.
In addition to controllinginflation,thegovernment is alsocreditedwivtlhproduciniga healtihiertrade balanc in 1993,A largeexporterof oil, Indoniesin in receintyearshassuccessfillystecredexportsto nonl-oilsectors so tlhatdespite the recent sluiip in wvorldoil prices, its exports have grownvisteadily In the past feiv years. Also, the yen's appreciation lidonesia's exports to Japan. hasstrenigthien'ed Relatively low import growth hasbeci attribtited In part to the sluggish pace of foreignand domestic investmentin 1993.Approved foregig Investment, aggregating approxinmately $8 billion in 1993, dropped 22% from 1992 levels accordinig to govermieniitstiniates. A liberalization packagewias univeiled by the governmeit in October whichl included among other initiatives,a reductIon in import tariffs for specific goods, and simplification of existilig investmentprocedures.
. Economle/Political Events
.:
-
As expected,PresidentSuhartowas reelectedin Marchto anothierfive-yearterm.Sliortly after hlis victory Suhiartounidertooka majorresiluffleof his Cabinet,dismissinig20 of 35 minlistersincILidiig of hilseconomicteam. imembers The economy is expectedto contilnuetile high1 growvthirates it has enjoyed over the past fevw years, with 7% growvtlhprojected for 1994. Inflatini, unidercontrolat the enidof 1992,edged upward in early 1993on news of annual btidget
salarles, pricesandgovernment it funel Increases
and floods in Iavatatigcausedvidespread crop damage and also affected transportation and communication lines, However, inflition wsas managedsuccessfullyover the remilainderof the year, vitlh an annualrateof about9%.
1994 FACTUOOK
E;ING
NIA:IKIrsDATABAsE 157
Indonesia
1993
(currency In millions)
: Number of lIsted componles Jiliarth StockF.change i Market capitalizatlon ;uruplall * In U.S.dollars Tradingvalue Inriirplah In U.S.dollars ratio Tuinuiwver
155
158
Mar
15S 20,809,122 14,385
1,179,841 573 4,3
1,088,667 525 3,7
1,441,004 699 5,7
IFCGlobal Index Nunibernistocks Shareof markelcap.(r) SIi.ireofirradingvAlueC'2) . /IEr iio P/UVraI DivIdcidyicid(d) Totil retuiriiIndeex WMreturnlindexC't Ch,ngelolnl Economicdata rate E.ExdcrgL.
Feb ln
26,064,382 28,609,143 13,901 12,649
Index :Loccl JSECoapositneIix * CJS.11eCoIn¶oIt,InLk\ .0 ChI$cnnia(f
:
jf
Apr
M1ill
JNo
Jll
Aig
sup.O
139
159
159
160
164
16f
30,498,335 33,8B3,813 16,302 14,747 551,787 267 1.8
911,545 439 2.8
2801 2.1 .1
300.4 7.2
310.8 35
314.1 I
341.8
41 67.0 88.2 13.0 1.8 .2.4 61.4 4.0
41 66.5 79.9 15.1 1.9 2.2 66.8 8.S
41 65.8 74.9 14.7 1.9 2.1 68.3 2.3
41 65.8 69.1 15.0 1.9 1.8 6J,8 2,1
41 65.4 64.6 16.5 2.1 1.4 76.6 9.8
2,060.5100
.
.5
2,058.0-1400 2,072.24(10 2,06)8.0400 2,078.53n0
35,757,219 36,055,113 17,251 17,1111 1,448,359 693 4.2
1,240,316 593 3.4
360.3 5.4
356.7 10
41 66.0 69.7 17.6 2.2 1.3 81.0 :.7
41 64.8 53.5 17.5 2.2 1.9 80,2 *1.0
170
N'.v
Dt
173
174
42,963,367 43.536,041 54,510,356 60,696,217 28,875 25.932 211,697 20,134
69,209,600 32,953
2,603,349 1,238 4.5
2,371,884 1,223 4.0
518.S 11.3
585.8 115
1,612,208 767 4.1 417.3 17.0 41 65.5 73.1 20.9 2.6 1.6 9Yi,9 19.6
2,559,425. 1,218 5,2
1,879,641 804 4.3 420.0 0.6
466.1 110.
41 64.0 65.4 21.7 2.4 1.7 94,. *I.5
41 5;3.4 45.9 22.3 2.3 1.3 98.7 4.3
2,091,01)00 2,190.041m 2,102.5200 2,103.5400
41 52.6 .55.0 52.4 24,3 2.7 1.3 107.5 8.9
2,102.0300 2,102,0300
41 59.4 2S.9 3.1 1.3 126.0 17.2 2,103.0100
Nob:Thu b.isetdaefor ihe )SECumposile.IndlexIsOct. 1982a0l0.Thob,LsLdale for theIrCC IndoncsIlIndexis Dec,1989=10h0. NOV
'1994
FAcrIIoOK<
DATA BAs1E158 NXIARlETs MERIhCINC
Indonesia 1984-1993 (currencyin millions;end of period levels)
*iirkest
1984
Number of listed companies Jkik.urtiStockExchinge
119B
2.1
24
1986
1987
1988
1989
24
24
57
241
199(1
1991
1992
1993
125
141
155
174
Market coaplitalialon
Inr.pNilh In U.S.dollirs Trading volue Inropllih In U.S.dollars Tutrniover rMtio
90,900 85
131,900 117
132,900
2,139 2
3,206 3
1,816 1
8
112,080 . 68
434,178 253
4,049,993 2,254
15,26.1,600 ,S01
13,537,020 63,823
24,839,466 12,03s
69,299,600 32,953
5,185
6,944 4
957,031 541
7,318,0)89 3,992
5,778,252 2,922
7,909,164 3,903
19,088,056 9,158
3
2.2
2.9
1.4
4.2
2.5
38.r
75,8
40.1
41.2
40.5
63.5
66.5
69.7
82.5
305.1
399.7
417 8
247.4
274.3
58H.8
18.4 .
269.7
Local Index JSEConiposislic.dc.x
Chang18eInlinlk'N(&)
-20.9
4.7
.1.8
*
-*
31.0
4.3
57
72 64.3
-40.8
10.9
114.6
IFCGlobal Index NUImber of stocks SIioreof mrktcap.(')
-
.
-
: r.Mtio I/E P/13Vr.io Dividendyicli TWAlretiuri1itInex Ch.ange inintvs (1i)
I0.
* ** -
*
.
-
-
.. * -
-
56.6 i.8
20.3 3.4 .
O1 11)0.0
66 .
II.6
1.6 0.11
0.5 99.4 .0.6 0
-
63 72.0 12.2 1.6
77.5
57.4
2.1 59.0
.42.3
2.9
41 53.0
28.9
.3.1 1.3 126.0 113.4
Economicdata GrissLlomi.stIcproL1LIct(UE5)
87,616
-CluinMge lnconsuni1erpriceirtdLex(M) l;cIiiange
i.me
Exchn11a18 mate (wrnger(if
Mile:
periotd)
10.5
4.7
73.345
5.9
75,674
9.2
84,335
8.0
91,627
( .4
1016,694 .
I14,27-5
1,125.0(M011
1,64 1.0(100
116501.)000
1,717.3548
1,797,0)000
1,889.0000
1,025.8999
1,111.110io
I,n.a1100
1oo 1,649.4000
1,685.0000
11,770.01600
1,83).2602
126,573
9.2
7.5
1,074.00n01
Thebaseld.at ftor iheJSeComppositeIldex
i1994 FACTIIOOK
87,306
1,984.0111u .1,977.6143
7.5
9.7
-063.5U(JL
2,103.0100
2,026.3672
2,084.2433
Is Oct. 1982=1(X).The hasi' 1llenfor tw Il'CG IinlonlwSi, hindcxIS DeC. 19892 10M.
EMRIGNAIESDATA
BA5rE159
Jordan IFCGJordan (LIS$;cie?1992=100)
Exchange Rate (DI,jars/LlS$)
175
01.69
Average Daily Value Traded (US$ Inflliwlls) .5 12-
,
150
0.68
7
9
3.256
75
Mari93
juh93
Sol)93
Dev9.3
~~~~~ ~~~~~~0.66A
LL
Jun9.3 Sol)9.3
Mam 93
0
Dx,93
MAlr93
Jimi93
Sep93
Di 93
IFCGComposite IFCGIndexformarket
vauIes) (inldof ionwthI
US$852billion) 993; totN1?=
.(vind-1
19 ;;;318
_._
-
17-
30'
16-J.
1
..
:
.
M
3
2. '.I.
..
.
1994
FIACrOOK
De &[a;093
1gS#193 .(
SeP93
SitiliMM <: " ;
:
Index rose FinanicialMarket (AFRN) -The i Aimimian by 21.97% durinig 1993 to close at 158.45. Althloughioverall market sentiment remalned I llin toward the end of the year,thecrewasstill positive amonginvestorsregarding the Arab:ulicertainty ,sraeli peace negotiations.The bankingsectorsav increase In share prices.as domestic a significan4t 4 - 11 .34sf
ancl international Institution,al investors
.
.;.'.rn<{'0.3'7% n:1 14
Market Performance
Shareof IFCGIndex Markets'Capitalization
IFCGP/ERatlo
ll
anticipated tremenldous grovth for hew,bank brancheslinthe WestBankand GazaStrip areas. .3'
New inflowvsof foreign capital wvillbe able to
enter the Amman StockMarketIn 1994follaiviig thu lifting of inivestmentrestrictionison foreigin capital in effect for most of 1993.Total market c,ipital1zationIncreased 48.10%7for. thle year to traded nearly$4.6 blilion,withaverage nm1onthlly values fluctuating betweenJD 76millioniand JD78
l
DATA.BASE 160 1I,CNGN'lAxtKl(TS
mililion (about $110million) and totaling JD 969 million ($1,300millioni) for the year In both the mainanidparallelmarket.Averagemonthlyvoltime tradedremainednear19millionisharesfor mostof theyear doublingin May,juneand July. ratio of thle The IFC-calculatedprice-to-earinings AFM rose to 21.67 by year-end, vitlh the IFC Global anid Investable Price Indexesincreasing 23.1%and 44,4%in dinar teris and 20.8%and 41.7%in dollar termisfor 1993.
Economlc/Political Events *
The Palestinian-Israelipeacetalks and signinigof the Declarationof Principlesare likely to greatly futtire.The Declaration ImproveJordan'seconiomic provides for self-governmelitfor tile Palestinians and businiess In Gaza and Jerichio.Economlilsts leaclersare optilistic aboutthe potentialof a new attract Palestinlan econiomy whichivill Internationalfunds.
Parliamentaryeiectionistook placeiln November in almost four decades.KIng 1993for tlhefirst timoe Hlusseinidissolved thle National Asseimiblyon Augtist 4 in preparationfor the electiois.The newv amongIts 80 parliamenit%villhave54new memibers recaptturedmost seats,with seats.Traditioncalists the Islamic ActionlFront (IAF) gaininiig16 In the neivassembly. dinar,Jordan's Thecentralbankconfirinedthat etie nationaleurreicy, wvillremanilIn ciretilationiiII thle occupied territories for the next two or three years; The JordanianigovermiienitIntroduced a dovelopmentplan durinigthiefinal quarterof 1993 thiatforecaststotal capital spendingof JD 5,300 million (about$7.6billioni) on infrastructureand higlhpriority public wvorksprojectsover the next five years.
agreemieint Jordanand thePLOsignedan economillc onlJantiary7, 1994,after maniymonthisof delay. The agreementstresseseconomiccooperatlonin a tnumberof areas, licludiiig inifrastrticture,the promotionl of investment, and private-sector cooperation.The agreementstipulates that the Jordanian dii'ar will be thie legal tender In the -WestBanikand Gazauntil a Palestiniancurrenicy is in use. Jordanian banks vill be allowed to reopen thlir branchesIn the West Bank for the first time sinceclosingafter tie 1967 ivar. Jordan'sGDP Is expectedto register growvthiof between5.5%and 6% for 1993and have similar growth in 1994.Tlhe1993tradegap is expectedto reach$650milllon, due miinly to thedeclile In reexports from JD195.5milioan($277 millloni) to by the endi of lmilllion) JD80.4 million ($114 to around.14% September1993.Unemployment.fell by November1993,a substantialdecliniefromii18% for 1991. 1994 FACTriC)Ox
EMI.I;iNC; NIAnKE19DATABASE 161
Jordan 1993 (currency In millions)
Jan
Feb
Nlnr
Apr
Mhy
Jun
l
Au tig8
Sep
act
Nov
103
103
98
99
100
101
101
101
101
101
101
2,483 3,693
2,481 3,680
2,870 4,269
3,544 5,203
3,520 5,168
3,248 4,797
3,329 4,909
3,309 4,858
3,225 4,694
3,360 4,591
Tradingvaluo Indinars
120
60
44
69
104
171
148
49
54
47
21
45
In U.S.dollars ratlo Ttiurnover
178 5,0
89 2.4
65 1.8
104 2.7
155 3.8
252 5.3
217 4.2
73 1.5
80 1.6
69 1.4
31 0.7
65 1.4
137.7
132.4
135,8
138.5
151.8
168,4
164.5
152,4
159.3
157,7
150.2
158.4
6.0
-3.9
2,6
2.0
9.6
10,9
-2.3
-7.3
4.5
-4,7
5.5
29 59.0 .61,1 15.4 1.8 2.3 193.8 5.3
29 57.2 75.1 14.9 1.7 2.4 185.1 *3.5
29 56.6 70,2 15.2 1.7 1.2 188.8 2,0
29 56,5 67.7 16.1 1.7 2.3 199,2 5.5
29 j6,7 64.9 17.4 1.8 2.5 217,8 9.4
29 50.8 67.7 18,6 2.0 2.3 237.2 5.9
29 50.4 68.9 18.3 2.0 2.8 234.1 -1.3
29 51.0 69.6 17.1 1.9 2.9 219.7 .6.2
29 52.4 75,6 18.0 2.0 2.7 229.3 4.4
29 52.2 71.2 17.8 1.9 2.7 226.1 .1.4
29 51.0 62.9 17.0 1.8 2.9 213.4 -5.6
29 52.0 60.9 17.9 2.0 2.7 225.7 5.8
0.6723
0.6742
0.6733
0.6723
0,6811
0.6811
0.6772
0.6782.
0.6811
0.6870
0.6870
Market
>
Numberof listedcompanles AmmanFinFlncialA4arktt
Marketcapiializatlon Indinars In U.S.dollars
-i
LocalIndex LoAFIIndex
,' ;.* :
CiCnngeinIndex(¶k) PIFC Global Index Numberof stocks Shalreofnmarketcinp.C&) Shareoftredingv.alueCI%) : P/Ermralo P/ DVratio Dlvidendyield(%) -Toal.reurnindex' ChlingeIn totalreturmindcx (q)
2,551 3,793
2,625 3,933
.O10
101
Economic data Excihange rata
0.6674.
Nvte:Thebaseclate for IheAFM IndexIs Dec. 1991100.Thebasedatefor tho IFCGJordanIndexto Dec 1984=100,
.
1994 FACTHOOKC
IIIt.ING
MARKETS IATA
BA.sr 162
Jordan 1984-1993
(currencyin millions:end of perlodlevels)
Market Numberot listedcompanles Am*an rFnancialMarket Market capltallzatlon indin,rs In U.S.dollars
1985
1984
1986
1987
103
10-1
103
101
886 2,188
903 2,454
977 2,839
907 2,643
Tradingvalue In dInmrs
In U.S.dollars. T|irnoverralio LocalIndex AFNIIndex ChangolnllndxCtcxV) IFCGlobalIndex Ninberofstocks S,1ireof nwrkelcap.Q&) I'/Eraila r/av r,ito yicLd(%) Divildend Totalreturnindex' Change Inindex (7)
1991
1990
106
205
101
103
1,061 2,233
1,378 2,162
1.283 2,001
1,691 2,512
2,269 3,365
93i
100.0 24.4
129.9 29.9
158.4 22.0
25 74,3 7.8 1.4 6.5 126.6
25 62.7 10.0 1.4 8.7 143.8
29 52.0 17.9 2.0 2.7 22.7,
4,3
15.1
27 59.1 14.5 1.6 2.5 181.8 24.7
127
365
266
292
337 12.9
652 29,9
407 20,0
4*32 19,7
81.2 -22.1
78.6 -3.2
72,4 -7.9
79.7 10.1
84.5 6.0
93,3 10.4
80.4 -13.8
9 '11.1 *
10 53.9
in 43.9 12.0 1.4 3.5 136.6 -4.6
20 68.2 14.2 1.3 3,4 122.8
25 70.2 14.4 1.6 2.4 121.4
48.4
10 44.3 12.4 1.6 2.5 143.2 -3.5
.1)1.I
-1-1
4,81.0 3;0 0.3678 0.3946
5,829 0.0 0.3441 0.3499
6,166 -0.2 0.3430 0.3387
3,849 6.6 0.4750 0.3764
3.0 148.4
-
4,857 3.8 1.4050 0.3845
.
4,538 25.7 0,6376 0.5599
3,360 41,891
1,377 33.2
142.
420 15.1
3.9 100.0
101
879
65
185 6.9
-
1993
1,317 44.4
64
163 7.2
-
1992
106
53
ThebasedaletorleIFC basedatefor tiheAPLIIndexIs Dec.1991-100. Nt T*.ho
'1994 FACTDlOOK
i989
138 5.6
doel Economic (US) Grossdomesllcproduict in consumerpriceIndex(') Cha1nge *3xchinguale of period) Exchanger.ite(average
1988
3,992 16.2 0,6409 0.6544
.
4,110 8.2 0.6730 0,6762
4,882 4.0 0.6742 0.e671
24.2
-
5.0 0.6S70 0.6776
1984=100, is:Dec. IndeLx JrC lordan
.
163 DATAVIBASElThtrit.INC. N1.AnKEIrs
Korea Average Daily Value Traded
IFCGKorea
Exchange Rate
eiti 1992=100) (LWS$;
(Wonl/LIS$)
fUSS n,illons)
175
510
1,250
I50
805i
1,000
125
B00
750
795
500.
100,
,
,,ar
93
S'pi93
/lls 93
Sol93
Iln"93
Mar93
Dcc93
Mnr93
Dec93
Set93
Dcc93
:; .j ICC Cnwmpsito IFCGlindox for nirket
; s.
Shareof IFCGIndex Markets'Capitalization
P/ERatio
>-IFCG .,.
': .. (ctidof iiiorittivalules)
(;udofuwniltt'altws) 26.
biiton1) Cit-1993; tota?l=US$852
.
_ -_.Iin
24 _
_Ui
22.
F1LFI
; , t ;20 18,,
M.r 93
; ;;* *,.
1994-ACTIIOOK
[
~
t
I
0
18. 111111
~
ilFA
.
.
-
.
:
9u
.._. ., Aierf 34
E1^ <
1
;7f _ _
W
r
.
~~~ ~~~~~~~~~~~~~~~~~ lFl
.lller
.-
.lr.Zzl
Market Performance Contrairy to tile expectationsof most fund anagers, the Korcan stock market marketsin mostotilercmergintg underperforilicre 1993.After an 11%gainin 1992,theKoreaStock indexfinislhed1993at (KSE)Composite Excilihange 866for a gainiof 20%.TheIFCGand IFCIKorea pric.cindexeseacihrosenearly20.5%for theyear hiidollnr'termis.
loitil=L!852 billion) (cnd-1993;
;
.*
gmu 93
PresideniKm's anti-corruptiondrive and social reformimeasures,which begansoon after liis weighedheavilyon the in Febrtuary, inaugurgtion tiheeLid andstockmarkettihrougih Koreanecononiy into inivestigatioll of ti thlirdquarter.Continiued the personal asset lholdlingsof rlinig party ii;embersand lawnmakers resuiltedin a seriesof officials.I'residenlt by high1-ranking, -resignations Kim's suddenimplimentition of therea.name Iled to panic system(RNS)on August12 finalncial I%I :nINC A
D0ArA BASI; KIAKETS
164
vithi allaccounts sellingby mostlyslall Investors; to funds to transfer days 60 given were falscnames real nameaccountsto avoida maximumpenaltyof upto 60%of the totalaccountvalue. A liquidity-drivenrally in the secondquarter, triggeredby anticipationof overall economicie was uinderthienev administratlon, improvemeint of the dueto continuedsluggishliness shiort-lived economyamid the uncertainbtisinessclimate beganin turnaround by RNS.Themarket's created the fourthlquarter,sparkedby theendof the60and accounts dayconv&slonperiodto realnamiie foreign and domestic from liquildity by increasing investors,supported by improved economic a 6.5% for the third quarter,includinig Iindicators rallycooledon reports * gainIn GOP.Thieyear-end autilorizedsectiritieshotuses that thiegovernmclnt and the Stock Market Stabilization Ftind, to establishedin 1990to support the nmarket, Themarketcurrently unloadthleirequityholdings. facessignificantinstitutionaloverhangthatmust be unloadedbeforea sizablerally can occur despite sufficient liquidity and a steadily improvingeconomy.
1993,sharesin the export-orienlted Tlhrotighiout in sectorbenefitedfrom increases manufacturing exportordersduc to a strongyeinanddeclininig initerestrates.Fiiinaiceindustrysharesroseonl favorable earnings and a positive lindustry (MOF's) outlookunderthe Minilstryof Finance's trust financialreformplans.Investment continuing and Septemiber between sellers net were conipanies for m1aturin1g as theyfacedrepayments year-entd unit trusts and loans borrowvedfroiii the banks. andcommercial governmenit Accordingto the SecuritiesSupervisoryBoard, of $57 billioniin madenetinvestments foreigners in 1993for a nlettotalof $7.8 the ScoulbLourse bililonisilncethe marketfirst openedin January inflowsof foreigncapitaland .1992.Thehlighiest monithly purchasescamein the fouirthiquarter neCt
in theKSEr participation In recentn1iontls, of 1993.
'1994 FACTriiooK
.
investorsaccoutitedfor overoneby U,S,-based By thlecnd of 1993, thilrdof totalilnvestimien!ts. excangewere nearly9%of shareslisted a accountingfor9.8%of total by forelgigers, owvned market capitalization.Althouglhmost listed the10%limit on foreigni havereached companies limitls anIncreiseIn foreignowvnerslip ownership, 1994 of hialf second the until occuir to likely isnot supplyin dticto tihchigihgrowthrateof themloniey effects. anidItspossibleinflationary monitlis recent
againto below 12%on abundantliquidity and weak credit demanidafter the second-phase rates in November.The deregulationof linterest to improvein 1993,viti continued trade balance exportsandimportsrisingat annualratesof 7.8% and 2.1%respectively,resulting in a budget to a deficitof surplusof $2.08billionicompared balance Thecurrentaccount $2.15billioinIn 1992. of $450millionin 1993 alsoiniprovedtoa surpluis aftera $4.5billion deficitin 1992.Theis the first a timesince1989that thelaccounthasregistered surpitis.
Economic/PolitIcalEvents triedto turniaroundthe administration Tlhenewv of 1993with agrowth-oriented In Marcih econonmy Thepackage stimtiluspackage. economilc 100-day forsniallcorporations, includedloanconcesslons redtape,andplansfor of goverinimlenlt a redcuctioni policy,along thecentralbanktoeaseIts monetary that stichaspriceandwagefreezes wvithmeasures the inflationaryimpactof tlils wvotildminimiiize social policy. However, the adminiistrationi'q reform efforts-particularly the RNS-conflicted
financial effortsby disrupting.Korea's with tihese tomitigatetheimpact attempted TheMOFP systemll. of RNS-includingan exodusof fundsfrom the anidthe bankruptciesof small financialsystem1 heavilyonltheblack whichdepended corporations market-byallowingthemoneysupplytogrowat Capital over20%durinigthesecondhalfof 1993. sluggishi remained andcreditdecmalid investment anidcapital climiate dueto an uncertainbusiniess by reformproposals. created shiortages economiiy the Koreanii Despitenaniyuncertaintlies, madea moderaterecoveryin 1993,WithGNI' postiniga better than expectedgain of 5.6% comparedto 4.7% In 1992.The CPlIroseat an innual rateof 5.8%in 1993from4.5%in 1992due corporate supply.Three-year to surgedmoniiey boondyields mnyed up from 11%in April temporarily to 14%1in tihe third quarter as the
systemadjustedto RNS,buit kiciiied financlilal
D . INIERGINGNlIRKrTS i)ATA
AsA
165
Korea : 1993
(currencyIn millions)
. 1..
Mirka
Ja1n
Fab
Ntor
Apr
Mlay
JI
Number oaIIsted companies KoreaStock Exchange
693
694
694
694
693
692
693
Sip
Oct
Nov
Dw
694
693
693
693
80,95t6,503 84,054,686 105,929 101,783
91,312,584 114,729
95,455,740 119,126
95,130,867 92,913,776 115,192 118.839.
85,199,099 105,392
92,577,192 114,462
Ttadingvolue dinvon
14,675,317
10,045,996
8,610,883
17,791,027
13,173,877
21,423,705
10,532,668
7,110,811
6,831,098
18,504
ocol Index LKOScInde ChaigeInlIndex(M IFCGlobal Index lNunberofstocks .134 cap.('A Shareof n,arket Shareoftrndlingvalue1) 1'Il3Vratlo
*
./8
Dividend yield (l)
Totalreturnindex' ChanSeinltoallrelurnliidex(M Economic data rate Exchlanige
22,353
10,852
12,629
26,763
16,441
13,0;8
8,796
8,446
96,887,954 104,947,613 112,665,260 139,420 129,950 119,777 12,883,630 1S,927
134 64.4 37.1
134 63.7 46.5
134 65.6 56.6
20.6
21.1
22.6
25.1
0.8
0.7
0.7
0.6
14.1
22.5
11.2
S.O
7.7
670.6 -1.2
643.0 -4,1
666.8 3.7
721.6 8.2
752.3 4.3
748.9 -0.5
729.9 -2.5
664.9 .8.9
718.9 8.1
750.7 4.4
134 67.1 5).0
134 66.5 43.3
134 65,4 41.2
134 65.0 38.4
134 66.4 56.2
134 65.7 48.8
22.3
24.4
23.9
23.2
21.9.
0.7
0.8
11.1 2.5
4i41 -4.7
793.1000
.1
.
1.1
.
1.2
1.2
1.2
1.1
2.6 469.2 -5.0
09 496.0 5.7
0.8 537.6 8.4
55i.7 2.6
0.8 539.6 -2.2
518.1
795.5000
793.5000
795.9000
801.3000
800.5000
806.6000
0.5 *4.0
1.1
27,01S
866.2 6.8
20,3
134 67.0 55.5 20.6*
21,833,494
811.1 8.0
10.4
134 65.9 39.5 19.5
30,965
20.1
12,2
66.7 47.3
25,007,082 24.8
13.6
17.4
20.4
P/Erntlo
,
692
.
83,903,164 105,791
Turnoverr. tio
*
Aug
Market capialiallon : <won In In US. oIllars
In U.S. dolnrs
i.r
Jul
1.1
1.2
1.4
1.3
483.8 *6.6
518.3 7.1
530.0 2.3
567.6 7.1
627.1 10.5
808.4000
808.8000
808.9000
807.6000
808.1000
forthe IFCGKoreaindexIs Dc.,1984=100. Thebasedlate Thebasedate for the KOSPl isJan..1980=100. iNote
~.rj
1994 FACTIOOK
ENIrRCINc. NIAItiI:Ts DATA BASE
166
Korea 1984-1993
(currencyinmillons; end of period levels)
MartA. Numberof llstedcompanies KoreaStockExchange Market capilalizatlon Inwaon .5,149,000 in U.S.dollars
value Trading In won InU.S.dollars Turnoverratio Local Index i KOSPr Changeniliidex(5 IFC Global Index Numberof stocks Shareof mirke Cap. {1) PI/Eratio P/BV ratilo Dividendyieldl() Totalreturnindex' . Chiangeinindex(%) Economic data Cross5domestlicproductCUSS) Cliangeincansunierpricetnddx(%1x . Exchangerate * Exchinngerate(averageofperic)
1991
1992
1993
686
68S
693
79,019,675 110,594
73,117,833 96,373
84,711,982 107,448
112,665,260 .139,420
81,1'9,753 121,264 101.5
53,454,058 75,949 61.3
62,564,888 855464 82.3
90,624,350 116,101 114.8
169,919,588 211,710 172.2
907.2
909.7
696.1
926
72.8
0.3
-23.5
610.9 -12.2
678.4 11.0
866.2 27.7
23 24.4 15.6 2.0 2.1 350.2 36.5
62 58.8 38.7
61 45.7 28.1
63 57.4 16.4
77 62.9 21.3
91 61.9 21.4
134 65.6
2.8
2.2
1.3
1.0
1.1
0.5 745.3 112.8
1.3 797,5 7.0
0.5 595.3 -25.3
1.6 500.8 -15.9
1.8 518.6 3.6
1.4 0.6 627.1 20.9
131,816 3.0 795.1000 822.5700
174,446 7.1 684.9060 733.5390
245,411 8.6 714.5000 703.8149
284,402 9.7 758.7000 732.0654
296,872 6.2 788.4000 780.5632
4.8 808.1000 802.6038
N
A
1984
1985
1956
1987
1988
1989
336
342
355
389
502
626
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
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
142.5 17.5
163.4 14.7
272.6 A.9
525.1
25 24.8
25 32.5
-
-
23 39.3 19.1 1.7 2.7 256.6 85.9
-
4.7 100.0
90,132 2.3 827.3997 803.9756.
4.1 138.1 38.1
92,926 2.5 890,1997 870.0195
105,991 . 2.8 861,3999 881.4500 :
213,559 5.7 677.4000 669.6100.
I190
669
. .
.
25.1
.
for the IFCGKareaIndex is Dcc.1984=100. Thobasedkate iJan. 1980=100. date for theKiOSPh Noleh Thl base
1994
Malaysia Average Daily Value Traded (LIS$millionts)
Exchange Rate (RfriSit/LIS$)
IFCGMalaysia - t[rSS;erd 1992=100)
1,500-
2.70
$5:i, <. 225-
i 200
1,250
175-
1,000
is2
,60
-..125
250
.100
.
750
A
-
255H[0HnM 0
75J2 Mar '3
J:.ts93. .Sep93
.
r93
Dec
Jun1o93 Sel93
Mar 93
.
Jim93
Sqi93
LXv93
IFCGComposite IFCG Index for market
r'K''!;
Market Performance
Shareof IFCGIndex Markets'Capitalizatlon
IFCGP/ERatio.
totnl=ltS$852.billiuW
.(cend-1993;
-¢S;(eiid of n!roittil vnhiiss) .
(vied-I 993; total=t
(;nd of'month t'nhiies)
billion)
50 * Wi ! , .
Olicer Sd: '4i . . sii*\!a So 5011111.
-
,5il
.or(ea
'40 -.
;.
.. ,.;,
liquidity coupled with positive political and economlic developments pushed the Malaysian market to nneof the best performiances in the 'vorld . .. Lnlil in 1993. After a moderate 16% rise in 1992, the Ktaala Luimpur Stock- Exchanige (KLSE)Composite lIndex advanced 98% in 1993, reachiing a new liigih of 1,275, Tle IFC Global and hreCOTd Sufficient
, Nialaysia neL X",, .*:e,\%
hwiieslableprice lIndexesfor Malaysia rose 99.5% 107.3%respectively In dollar termis. a~~~~~~~~~~~~~~~~~~~~~~nd
l6~~~ (4
~~ 20
and Ralmadan After a quiletfirst quarterthirouigh
.~L
.,
the Chinese New Year, tthemarket'Isyear-longrally begani in April as domestic and international
;Ai
Mar 3East
Investors acted oni an encourging :orporate earnings outlook and positive economic news. The
rally
conitinued as increasing
liquidity
was
second supported by a bettcr-thian-expected quarter CDI' report (up 10.4%),declininig interest :2,lt' ;2
'
.
"
'
1994 FACTBOOK
?AS,, X,xe<
'
' '
\'h
,
'
,
'
'
'
'
'
'
'
improving exports,and stableinflation. ra': mtes, NI FICR;GN;MIARNiTSDATA 11ASE168
..
.'..
-
also Includesan increasein laconictax rebatesfor 70% of tnxpayers, nnd a large Increase in developmentalexpeniditireto iniprovethe nation's Infrastructure.
The resignationof deputy Prime MinisterGhafar Babarwas wellreceivedby the market in October, preemptingthe influeniceof pro-electionjitterson tradIzig.;'Malaysia's pro-business 1994 budget package furthierboosted market sentimenltIn the fourthiquarter.
The goverinimenit'sbudget plan is based on sustahied GDP grosvthiof 8% for 1994 led by manufacttUring and coinstruction sectors, Imptovonent In exports,higier capital contitinuing investmelit,and increasingprivate consumption. Real GDP greowby 8.5%in 1993compared with of 7.8%in 1992,boosted by double-digitgrowvthi manufacturingexports and private constimption. Manufacturing production rose 13% in 1993 accoulting for 30%of the nation's GDP. Exports sectorrose 26%comparedto In the marnufacturinig a growth of 16.5%in1992,producing over 70%of the Malaysia's gross. exports carinigs. Bank Negara forecastsa similarrate of groth for 1994. balance of payments posted a record Malaysia's v highIsurpitis of RM29.2billioni($10.8billion)dtio to the surged Inflow of forein capital in 1993. to the cuirrenltaccountdeficit lincreased Hoowever, RIMS.4bililoni($2 billion) in 1993 from RM4.2 blillio iln1992.as a 10% Increase in the services deficit outweigheda more moderate2.3%rise in surpilisfor 1993. merclhanidise
Througlout. the year,. turnover was driven by sound market fundamentals and ram pant speculative trading. Most speculation vas by domestic retail investors actinigon privatization and take-over rumors for second-tier stocks. volumes surged to record liglhs evary fTrading ' montIldurriiggtlesecoidli,alfofl993. By the end of the third quartr, after suiccessive monthilyrallies and a surginigturnover rate the Malaysian market became the largest emerging niarket in' Asia in terms of bothi market capitilizationiand total montily va!ue traded. In addition to surged foreigin capital inflows,. domest'- ijivestable ftuiids also increased substantially in .1993with Ml growving37.5% while r12 and M3 eachi increased 24% for the year.- As in other Asian markets, T.S.-based investors were particularly active in the fourthi quiarterwvithpurchases concentratedon large cap 'index-linked stocks, tviile domestic retail investorspuhled upsecondtler stocks.
EconomIc/PolItical Events Malaysia's94 budigetplan cleaIly showed the goverinment'spro-blusiniesspolicy. The budget Inclided: 1) a 4% cut in corporatc tax rates over tile next tW(oyears to 30%; 2) aziincrease in the reinvestnmentallowance froni 40% to 50%. of capital expendittiresthat can be clairmedagainst taxes; 3) a reductionl in tihc tax rarc on ilicome remitted fromapprovedoversensInvestmentfrom 17%to 10%;4) a neiv research and development of 50%to 100%of capital expendittires allowvance for approved projects;and 5) a redtictionior liftilng Thebudgetplan of importdutieson over500 itenms. 1994 FACUIIJOOK
'
Bank Negara relaxed its tiglt money policy beginningin early 1993as Interestrates continiuted their downward trend on increasedforeigincapital inflows,easinginflationarypressure.Byyear-enid, the 3-monthiInterbaikrate had fallento 6.5%from arounid 8.0%at the beginiliaigof 1993,and the. prime lendinigrate declilnedto 8.0%fromt9.2%at the end of 1992.Inflationdeciniiedto an annual rate of 3,6% for 1993comiparedwvitlh4.7% for 1992. forecastincreasingcorporate demniad Econonmists for credit in the second hialf of 1994 as Infrastructure expencditures and . capital and investmcintsrise, in turinpushliiig-inflationi iiIterest rates higher. The. government's active privatizationprocesswill continuc with plans for over 100projectsbeforetho cndof 1994. .A
..
BAsiE 169 D5%TA iARKET
Mdlaysia1993
,1iJr
(currency In millions) 'N
Jua
Ja.n
Feb
M.Ir
Apr
May
370
371
373
377
381
390
240,100
91,589
254,950 96,921
259,320 100,143
299,400 116,680
318,820 124,710
3,756 1,433 1.5
12,302 4,677 5.0
14,399 5,556 5.6.
30,742 11,980 11.0
29,223
624.5
638.2
2.2
643.3 0.8
66 69.0 30.1 22.0 2.7 1.7 226.1 2.9 2.6305
nrA Marke.
A41,>
Aug
Sep
Oct
Nov
Dl)
394
398
402
403
407
J10
305,570 118,829
331,530 129,251
360,700 141,606
391,220 153,540
463,320 181,232
475,950 186,063
18,080 7,049 5.7.
22,854 8,972 6.6.
30,503 19,821 13.4
61,730 24,146 14.4
37,546 14,678
9.4
26,929 10,472 8.6
719.6 11,9
735,3 2.2
721.2 -1.9
766.1 6.2
808.5 9.5
853.8 5.6
972.0 13.5
996.4 2.5
1,273.3 28.0
66 68.1 29.4 22.2 2.7 1.7 230.5 2.0
66 66.7 26.7 25.0 3.0 1.6 263.3 14.2
66 65.2 28.4 26.2 3.2 1.6 274.6 4.3
66 66.2 21.i 25.6 3.1 1.7 266.0
G66 65.2 23.8 26.9 3.3 1.5 283.3 7.3
66 64,1 26.2 28.8 3.3 I .3 307.8 7.9
66 62.7 21.1 29.7 3.7 1.4 325.8 5.8
66 60.3 21.8 33.8 4.2 1.2 370.2 13.6
66 60.2 23.6 34.4 4.3 1.2 380.5 2.8
66 61.5 20.0 43.5 5.4 1.0 460.3 21.0
2.5915
2.5660
21.5565
2.5715
2.5472
2.5480
255365
2.55S0
2.6930
Jul
Number of listed companies ,''.,.
....
.KualaLLlnlpurStockExctalige
Maiket .apitalzation lnringgit 'In US, dollairs 4,
*
A;
: :Trading value 1 Inringgi t In US.dollars Turnover ratio
11,431
b.0
593,343
220,328 87,490 32,488 16.4
;; Local Index KiSEiConipositelndex ChangeinIndex( t)
,z ;!'>, '^v73nY
,
-3.0
IFCGlobal Index N,tiuniberofstocks S1iarcofimarketcnap.() Shareoftrading valueI%) P/Eraoto 'P/BV'aio Dividendyield . Totalreturnilndc' . Change hi totalreturnIndex(%M) Economicdata Exchiangitgerate
66 71.1 44.5 21.4 2.6 1.7 219.6
*3.2
2.6215
3.3
2.5650
WNe:Theb,isedate for ilkeKLSECornposll IndexIs 1977=100. Thebasedntlefor the FCCMal.hyslaindexIs Dec.1984=1t1.
,'
4
SIN
1994FACTBocK
ILNI1M3WiNG NIAR4WLTS IJATA
BASI: '170
Malaysia 1984-1993, (currencyInmillions:end of period levels)
.1985 ~~~~~~~~~~~198 4
Mnrk&'?
of ir c Nut tmbe
xcag
copllalitatlon *Market ILIrlnggtt III U.S.diollars
217
222
223
47.048
39,380
39,214
19,401
16,229
15,065
1989
1990
1991
1992
232
238
251
282
321
369
46,106 18,531
63,193 23,318
107,513 39,842
1,31,166
139,495
243,820
48,611
38,627
94,004
220,328
5,216
5,799 2,333 13.4
18,638 6,888 -21,85
29.391
29,294 110,637 20.2
55,347 21,730 27.3
395,554 153,661 943
15.8
98.0
62 51.0 2, 6 2.5 .4 226.9
66 61.5 43.5 5.4 1.0 460.3
27.9
102.9
4.8 2,6130* 2.5470*
2.0 2.6930 2.5742
value' 'Trading IIIrinigglt
IniL1..dollars * Turnoverratio Lo6calindiv KLSECnmposlttIndtex' In hidex('A) Cha,nge IFCGlobal Index . N'umborofstocks of nmrket cap.('41 .Share nIE ratIo P/3V r,illo *DivIdeniiyedykId1) TOtalreturnlindex *Chaingelnilndex ('4)
2,226 10.4
2.5252.4 .23,1
303,6 -24.4
~~~~~~40 40 54.6
40.1
3,046 1,180s 7.8
V.647 3,829 22.6
6l,858 2,623 12.5
S. I
261,2 3.5
374 36.8
40 53.9 33.5 1.6 2.4 96.8
79.8 33.2 .2.1 2.0 123.7
68.6 27.4 2.6 2,2 178.2
0.9
27.7
44.0
40 63.8
-30.9
*.
100.0
... Economicdata 3394 CUSS) Grossdcniostlicprntluct 3.9 . . * Cltangonconsumepriee1tuk(~1) *2.4250 Fxchangerate .2.3436 * Exrhiuigeatoiaveragefperiod)
.
1.3 85.8
1.6 2.9 96.0
-14.3
1119
1,23.1 .3 2.4265 2.4830
21,735 0,7 2.0030 2.5814
.162 1,0 0.3 2.48811
* *
1993
1988
1987
1986
*2,196
612
.
6.3 58.2
62
747.
*3,5
4703,974,4 * 2.6 2.7100 2.61417
2.8 2.6983 2.70519
I0.871
24.6
5i59362644.0127. 9,9 . 10.0
.62
46.9 23.6 2.3 2.2 138.2 *I112 4,4 2.6 2169$3 . 2.7(1137
2 63.8 21.3 2.5 2.4 177.3
12.1 7155,2 7155,2 4.4 2.7205. 2.7489
.
410
593,343
Thebasedate foir ltheirCCNLilayslahln,exIs Dec.'1984.111, lIndexIs 11977=1(10 KLSEComipoisite Thebasedatefor thec NLi'le:
1994.1FAC,ruooK<
*
AlI W1N(NIARIII'ISDAT1rABASE 171
Mexico 15
-
AverageDailyValueTraded
ExchangeRate
IFCGMexlco
11,,lolnis)
(PWsLS).fS$
(LISS;end1992-100)
600-
175.31
~~~~~~~~~~~~~~~~~~500
J -400
3.0
30
125 3.0
200-
!
f fA 93 M/ir93 li"'1
__75
;e
i
93 Srlp
93 Jun
93 Miar
93 Dec
LA3i 93 Selp
9 1 Mar93
.3
93 Dec
0 Irnt93
1
So)Y93 Dx 93
. IFCGCompositle
for iarket IFL: Index
Shareof IFCGIndexMaikets'Capitalization til,i/oii) .enifi-1993;t1oal=LlSSS52
IFCGP/ERallo vllies) (cd ofmiolnlit ^20 sil,ll, i; X*16 16 .,k.-
liii _ ;
14 ;i; 12
.,i_
,r
.
Mar93
ini
Oilr
:
n1Ijf[
Jriu93
10~ ~ ~~~ ~ ~ Sep93 Dec93
_ )
Ltn Lrl
.,
1 !!I
~
~
~
~
.
i
'
abo
~ ~ ~
~~~~~~The ~~~~~~~~1
30%
-
MarketPerformance TheMoxianstockmarketposteda gainof 48.9% Investable Indexin dollar tenrs fofr an theIFC 1993,tlkinig tilrd place in termis of market among Latini American markets perforinmaice llthe iI'Cindexcnded yearwith bysIIFC.The Lr.ackzedl of tlle a1 gninof 47.9%in lIlCevOS pesos.Passage U.S by tilhe FreerradeAgreement NorthiAmerican Conugrcss isI
November was instrumental
i
confidence. investor the dLlrinig performance mixed showed miarket in thefirsttwo postiIglosses firstquarterof 1993, and ilDmoniths
March to rebounding in N
endthe
to theIFCI. quarterwith a gainof 1'7 accordinlg rose (Treasury-bills) Theyield on 28-dayCETES in Februar)Whileforeignhiodiilgsof to 17.78rc asftinidsmovedfromn decreased .lexican equitics A visit debt instruments. tohigher-yielding equities
OOK EAuCTr 19941
..
NiKr,I;:usl)ArA HASE172 IM RCUNG
by U.S. governmcnt officials to Mexico in iMarchl
reqyiremen1tof $7 milion, a record of thireeyears
extended poeiodof timie.Tlheautomotive anid textile
enhanced investor optimilsmthat prospects for bettereconomicgrowthlay ahead.
of profitability,and a 30%floatrequirciimeilt.
industries are to be liberalized with some constraintson product origin.The financialsector ivillgradually open uintil the year 2000, wvhienfull
During the second quarter,theimarket posted a loss
of 7%,but rebounidedfora gainlof I I%in the third quarter duc to lower initerestrates aixdpositive NAFTAdevelopinnts as sile agreementsto tile treaty were com1pletedin Augiustand ready for considerationby the U.S.Congressin September. The market consolidatedin September.withstock ; pricesdropping3%asPrsidentClilitol signiedtihle NAFr'Asideagreements,despitestrong oppositioni from labor groups wvlichiClinitonicontietred throuighi strong lobbyingforthe bills passage. The most Impressive gains of the year were * registered in the fotirthiquarter when the market beganan upward trend. Sharepricesgained43.1% for the qtiarteron positivetlilrdquarter corporate earnings announcnients wiicl verein line with linvestorexpectations, a free trade agreement betWeenMexico,Colombiaand Venezuelasignud in October, and NAFTA'sapproval by tile U.S. Congressin November.Increasedliqtuidityhiitthe nmarketin the last twvomonthisof 1993following NAFTA'sapproval wvitliDecemberposting the largest monthilygains as stock prices incrcased 17.1%, fucled by increased foreign demanid about prospectsforgrowth genpratedby optimiiisimi in 1994.
Economic/Politicol Eventi Fluctuntionscaused by deblateover NAFTAand its, varius side agreeeints, environimental regulations, and oversight bodies, characterized mucihof tlecmarket's performanceIn 1993,Trade negotiators agreed tha t expert pancls wvould oversee.. th implementation of labor and environmnntalagreeciments aid would hiavethic autihority to withdraw trade benefits for violations. .l.han
InItile veekprior to tilevole In the U.S.Conigress
compolition Will be allowed. Oil exploration and
extraction sectors wIII remaini closed but the petrochemicalsectorwouldbe opento coipetition. On January t 1993,MexicoIntroduced a ncwv monetaryun11it called thc "NowPeso"equivaletIlto onethousandpesos.TlihNew Pesostrengthelned in 28-dayCetusyieldcontinuedto DecemberandtiLhe declineto finiisliat 10.67W/c. Inflationended 1993at to have aboutitc. Mexico's economy Isestimilated gosn S thlian 1,1%in 1993.Slowgrowthdurinig the year was attributed to slow productivity growtil, tighitfiscalnndmonetary policies,and a weak U.S. economy. Finance Secretary Aspe presentedthe 1994budget proposalforecastinga 3% GNI' growth In 1994 a 5Winflation rate anid aninicreascinipublicsple1ndingonsocialprojects. Mlexicopassed a law in December to furthier liberalize foreign investment 1inorder to attract state-of-the-arttechnology,stimulatejob creation and increaseproductivity. Under the new laow foreigigdirect Investmetitcanibe made ivithiolit priorgovernmentapprovalifthe investillentis less 5100millioll In regions outside of Niexico City,Guadalajaraor Monterrey.
ott NAFTA, increaseduncertainty about NAFTA's.
Neowregulatio'ns bringinig the Mlexicanstock market more liti ine with the U.S. market vere introduced, including stricter disclosure reqUiremirents,insider trading ruiles, andc the introductioni of market makers to improve liquildity.A new internationalsectionwas created In thieBolsa Mexicalnade Valores (B3IV)where foreign eutilties, forcign debt linstrtumlenits, derivatives,and funidswillbe traded. In1additioni, the B3hVintroduced an.intermediary market for sm7alland medlum-slied companies In fitly to assist smaller companies in tapping the equity market at reduced cosIsAListing requtremetitsfor sucih companifesInclude a miniimutmcapital .
:1994FACTIIOOK
- large A iutilber of Mioxicani coiipahlesraised moncy In the international nmarkets with great sticcessin '1993. Coiinpinieslaunchedglobaleqtuity offeringsduring the year lincludeGrupo Corso, Crupo Embotellador de Ni6xico, Conmpailfa Nlexicana do Desarrollo,13ufeteIndustrial Grupo Casa Tribasa,Din.a,TANISA,Emwasa,Benavides, Atutrey,Maseca,Coke-Fenmsa, SFQuadruni,Grupo Radio Centro, Grupo Simec, DESC, Crupo FinancieroSerfin,Grupo FlilancieroInvormexico, and Televisa.
passagepushledthe peso rate to N$3.50per doillar on November 10.The Batikof Mexicointervened in curreincymarketsto sttpport the peso and wass also an active participatnt in the seconclar) treasury bond market. The central baiik was eventuallysuccessfulItI stemmig movemllent into dollars as hiighiCetes yieldisattracted Investors and compensatedthemfron any possiblecurretc depredcalionslouldNAFTAniothavepassed.
Mlexico,Venezuela and Colombibaconcluded iOnegtiatiolls otl a free trade pact to take effectby mid-1994.Linidertilts agreement, cLustomtariffs amotig the tlhreesignatorieswIllbe lowered 10W annually overaperiod of I1 years.
NAFTA will streng(thle trade liberalizatioin
private seclor participation; ownerr: of power
The priv'atization process cOnltinlued7 wvithithe divestiture of several state-ownedcompanies.In addition,the governmentplans to increaseeniergy generating capacity over tilc next decade with
reform,foreseeingthe eliminationof tariffand nongenerating ceniterswould sell electricity to the, slate-ownedcnergyagency,Comisi(6nFederalde tariff,barriers between the three parties to thle agrecent over la 15-yearperiod, The Mexican Electricidad (CFE) which in tirniwould thiepowertoend-users. agriculturalsector will also be liberalizedover anrecistribtute .E.INI:1ItNC.
MIA1RKLS DATA\BASI. 173 6
Mexico~ 1993. f
(currency In millions)
-Markt'
Number of listedcompanies OolsaMeN[icandeVolores
r
Market, capitlilzation .409,998 Inipesos U.S.dollars .in Trading value Ipesos In U.S.dollars Turnoverratio
II
Mar
) an
Feb
198
197
192
393.803. 127,444
410,319 132,575
. 132,257
7,224 2,338 1.8
10,767 3,473 2.5
.
.11,616
.3,753 2.9
Apt
May
Juln
Jill
Auig
*1p
Oct
Nov
DvI
189
lBS
158
192
lIq
192
191
189
190
399,8J7 129,206
393,554 126,260
405,546 129,983
426,730 136,772
11,802 3,814 2.9
6,859 2,2(10 1.7
10,461
15,105 4,841 3.6
1,613.0 -3.1
1,670.5
',353 2,6
LocalIndex 8\VIVGeneralinludx Inlndex(1 . Ch,ange .IFC Global Index . N'urnberol'slockcs *Shiarcof markel cap.(¶) 41''"Shaire of tradlingv.ilue () P/ERratlo P/ BY rM1i1 x Dividandyield (() totil return.lntie'LO .7Clinge In total retuirnindcex(() T
datai ralteExchange
1,546.7
74 59.4 85.0 11.9 1.9. 0.7 2,463.6 -5.5
74 74 .63.1 58.3 8.77165225.068.8 12.5 11.3' 2.0 . 3.8 0.11 0.8 2,629.9 2,330.3 12.9 -5.4
.
1,665.4
1,771.7 14.5
1,653.2 60-6.4
.
74 .
61.6 12.0 1.9 0.8. 2,506.5 -4.7
.
74 61.0
.
12.7 1.7
.
.3.5
.
74 .. 60.6
-Nvtr.
¶1C9O0
3,0950
3.0945
5.9
74 60.9
477,752 153.460
525,033 165,653
623,887 200,671
5,462 3.9
13,262. 4.254 2.9
22,787 7,319 4.9
29,248 9.397 5.8
38,284 12,314 6.7
1,905,6
1,840.7
2,020.3
2,215.7
2,602.6
.17,007
7.7
.
73
2,429.8 -32
12.4 . 2.7 2.9 2,503,3 3.0
13.2 2,8 1.9 2,64(1.9 5.5
61.2 86583.2 14.0 1.9 1.7 2,825.4 7.0
3.1170 .
3,1200
3.1200
3.1135
.1.2
4 .UEconomic
3,1OOL
1,769.7. .
452,519 145.,154
453,765 145,741
.89717.5
*3,4 72
71.
59.4
60.3 79.3 15.4 2.0. 1.7 3,020.5 10.1
14.1. 1.8 1.8 2,743.1 -2.9 3.1175
.
3.1132
69 62.0
.70
.
60.8 77.0 15.9 2.1 2.0 3,343.4 20.7 3.1125
.6.
19.4 2.6 1.6 3,909.5 16.9 3.1090
index Is Dcc. 1984%100. ThebNs Liatefoirt11wIFCi Meuxico GenerallIndexIs Nciv. 19784.07826. OMY1 basedale for I11w Theo. peso. foirI timevo ratleif I (1()pesos excluimge pesonlian 1l1e 1,1993.T1wnuevopesoreplaces peso. effective January maev'O. .i new cuirrenicy,the$. IIirtroduiced XMexico
.4,
.4T 1994IA%CTiICOoI
174 N.AtRrM1D.ATA13A~S1: EN1MRGING
Mexico 1984-1993 '(currencyiIh millons;endof periodlevels) *.Markef Numberof listedc.ompanies de h1olres ~klexiann flolsa
*
MarkewcalIsIos lo fInU.S.dollars * Tradingvalue. .362 Innewposcis IiiU.S. dollars rallo TI'urnover *
IFCGl6oblIndex of stocks iNurMb,r rn,.lrk cap.(q) Shanreof * P/Eratto
r,aVratio
* Divldend(iyleid(& .100.0 TotalrehirnIndex (5) * Chang180inlllidex *EconomIcdata (US$) prodtuct Grorssdonieslic lndex( Inconsuinerprice Change . rate Exchian'se rate(.1veraco(period) Exchange
..
~
1990
1991
1992
203
203
199
209
195
60,514 22,550
96,472 32,725
1.3,027 5,732 51.?
15,421 6,232 33.3
34,575 12,212 44.0
105.7 124.3
211,5 100,2
.418.9 98.0
628.8 so0.1
26 36.9 ..4 9 0.6 3.9 222.3 .4.8
5252 6.1.1i 3.5 0.6 3.0 *2.1 463.0 * 108.3
65.5 8.4
54 62.5 10.3
160
157
423 2,197
1,418 3,815
5,497 5,952
18,416 8,371
31,978 13,784
606
.2,350
84,8
65,8
68.0
21,437 15,5541I9.3
4,0 64,7
11.2 177.3
47,1 320.6
22 62.6
26 36.6
26 56.3
155 .190
-6.7 -
4.3
1711,30.0 65.5 0.1926 0.1678
G'enerallide Isatvo1 for lio 13MV clote Thebase Ni'h's,
.1994 FIACTUQOK
1989
1955
2603,841 ~~~~~~2,160
Localindex lidex BIVConeral ailiidexI%) Change
1988
1987
1986
1984
6.5 118,3 15.3 177,476 57.7 0.3717 0.2569
. .
0,? 2,6 233.4 97.2
129,858 86.2 0.9235 016118
asedMeforth
IiCG
.
140,375 131,8 2.2000). 1.3782
i De
174,201 114.2 2.3200 2.2726
184-0.
.
~~~~
303,271 98,178
.95,725
31,723 47.9 1,431.5 127,6
.1.0
3.4 1,041.0 29.7
199,662 20,0 2.6835 *. 2.4745
242,452 .26.7 2.9480 2,8311
.
190
433,313 139,061
623,887 200,671
137,902 44,582
194,421 62,454 36.8
.37.0
1,759.4 21,8
2,602.6: 47.9
69 66 62.0 47.5 19.4 12.3 *14.1 202.6. 1.8 ~~~~~~~~~~~~~~~~~0.9 1.6 0.8 *1.0 3,909,8 2,608.2 2,152.4 49.9 21.2 106.8 56 51.6
~~~~~ ~
802.7 73,3.
1993
*
*
286,716 22.7 3.08910 3,0175
.334,029
15.5 3.1160 3.09.32
9.7 3.1090 3.1130
of 1816,Tl00 rxio snlw
kIAI4KErsDATA BASh: 175 EhIER(CINC.
Nigeria
(LIS$;enid1992=100) _(
'I.W...,,.,...t
(LIS$milillioris)
_i1s
.40.0 A~~~~~~~~~~~
..
175
AverageDallyValue Traded
ExchangeRate (Naira/LIS$)
IFCGNigeria
,>'"*
150
01 0,12
350 50.09
125-
flH-BRu
30.0 .sk[]06
*100
i~~~~~~~~~~~~~2. .03
75 4
so
20,00,0 Jun93
Mar93 e
e;
-Jj;i
Mar 93
Sepo93 Dx 93
Mar93. Jun93 Sep93
Jiun193 Seip93 DVeerI
Co. josi06tc ~~~~~IFCC;
IFCGIndexformarket
:
IFCGP/ERatio
.
.
MarketPerformance
Shareof IFCGIndex Markets'CapItalization tctnI=LIS$852 billion)
(ed1993;
(:iid of iionitl valueo)
NigeriansharepricesmovedstronglyhigherIn
1993, but.n rapidly depreciating naira pushed
10. 10' .9
Dcc93
shilareprices lower in dollar terms durinig the year.
.
.
i iSi8s il:^i0;
i,L
a:
I| HT H _
.
7 I
62
Ma9
V
J9
~
:Jj.LH U
,
.IN w il^
ID|ID||MI
1[1
W
I
up 52.1%In The 24stockIFCGprice lindexmovedt Sc:' 1_ i^;Amrc i Sseiliinaira terimsin 1993,btit fell 18.2%in dollars exchang legal)Parallel basedonithe (formerly ratc. The local NSE Generallidex gaIned 38.6% In 3 in naira dLuriigtheperiodwhileducliniig25.1% .0-llil
dollar9
.l ENISA5-r
Eitu s
.
Dn
Sp
vcry low level a Nigeria'scquitymarketexhibited total share 1993, althloughl of activitytlhroughiout over1992 volumiereflecteda significantIncrease levels. Average montlhlytrading activity In 1993 wai lbout $0.9 million, a slight decreasefrom the
$1.1miililon averageda year earlier,Average volumes,hoyever,improvedfroni 8.5 i;monitlyl), .illimoi .
'
,.,
,M'.RK. 94.
A1994 ICTUOok
.
:
-
.
,.
shares in 1992 to 15.5 miillion shares in
1993. .
..
N'lARNuTS AT1AlL1sE 176 I.MI;IlGINAG E!IA
U
The number of companieslisted on the exchange ; increased, from 153 to 174 durinig 1993.Neiv listinigsalong wvithhlghor prices combined to increasetotal market capitalization from 26.245 billion nalra at the end of 1992to 41.168billion * naira at the etnd of 1993.In dollar terms, total nmarketcapitalizationdeclined from $1.22bililoni to $1.03billion due to a fall in the value of the nalra,
Economlc/Political Events
for tec year was expectedto be over 60%for 1993 afterclimbing48.8%in1992. Nigeria's external debt service arrears incrcased to more than $5 billion In 1993.The coun1tryhas nearly $30billion in externlaldebt which it lias not serviced since September1992.Wlhilearrears have risen, exchange reserves have decilned, falilingfrom $4.1billionin 1991to $972millionat the end of October 1993. At the end of 1993 excliangereserves had declined to less than one montl's ilmlports.
Politicalturmoil affectedNigeriathroughout 1993 as the result of several chalinges inileadershipand * an annulled presiden.,al electioniAt the start of 1993It was expected that presidential elections vould be hield during June and that a democraticallyelectedciviliangovernmentwould *asstimeftill control from the milltary's President Ibriham Babangida in lnte August. The June 12 vote went as scheduled aind was fair and free accorditig to most outside observers. Chief -fMoshood Abiola of thecSocial Denmocratic Party wvasthe apparent victor In the clections,but the elections were quickly annulled by Presidenit ; Babangida. On August 26, President Babangida officially
resigned from the presidencyand retired fromthe nmilitary. Followving hlIs resignatlon an interim '
government headed by ChliefEnniest Shoiekan was installedand fresh clectionswere sciwdilod ; for February1994.ChiefShonekanresigned uinider pressure il Novemiiber and was succeeded by
GeneralAbacha,the defenseministerand head of the armed forcms.PresidentAbilchaquicklymoved to dissolvethe Iiterimigovernmentand to suspenid all futtire clectinis, At the cnd of tili year the goverinnwieint was headed by PresidenitAbachnand an cleveon mcmberProvisionalRullngCoun.cil. *PreliminiaryestlimatesliidIcatethat real GDPgrc6v 2.9% in 1993as compared to a 411%growth rnte estinmatedby thc central bank for 1992.Inflation 1994FACTUIOOK
-ME:gcNG I
Nl,tRKwrSDATABASE
I77
Nigeria 1993 (t,;'r'','
'currency
in millions)
in
Feb
Ma r
Apr
zb ENcitangeC . ; Stock :.';:Nigeri;an
155
156
159
1(iO
Market capItalzatlaon In iairn In U.Sdollars
27,417 1,337
Mark'
Nurnberof lilstedcomprnifs
27,901 872
27,430 946
Tradingvalue 58 3
In 'nalra In U.S,dollars
0,2
Turnovcrrallo . Local Index NSEGonarIitdoex M) InIndex CIia!ige
.,S
0
1,113.4 0,5.
IFC Global Indox stocks Numiiberof
24
Shareof ni,rkelc.(i)
64.7
.
la3iuea% sharcortrading s* P/E.ralln P/BYVratio
33.9 9.0 .7
.
yicltI(.) Divk3eiid Toal reMtiriIndex, ChinngnInt3olreturnindoxM3ci5
sh,:.
Economic data
rito Exclhnge
5.1
1,119S 0.6
.
1,1313.
1,0.
28,255 345
jlun
160
163.
27,691 1,108
26
19 I
0.1
0.1
1,117.3 1.4 24 64.; 53,3
1,186.7 3.4
24
5.0
5.0
6.3
7,3
45.7 *8.8
72,0 57.6
64.3
50.0 -28,6
20.5000
29.0000
1,7
32,)000
1,7
21.0000
1,187.5 U.1
65.1
9,2 '1,
-10.6 25.000n
Juit
164
29,989 1,200
18 I1 0.1
24
24 64.4
69.6 9.1
29,965 1,199
69.2 55.8
24 65.1 39.3 9,0 1.7
70.0 8,7
.
26 I 0.1
31 I 0,1
.
Nlay
66.9 4.0 25,0000
Oct
Nov
166
168
172
172
30,160 1,206 11 0
0.0
0.0
24 64.8
46,3 6.3 1.4 1,4
3.4 8.8
Scp
13
1,150.8 .0.6
49.6 6..4
Aug
1,195.5 1.2
19 1 0.1 1,217.3 1.8
33,713 963
20 I 0.0 .
1,310.9
1,414.5
9.2
25.0000
25.0000
1.6
0.1
1,543.8 9.1
24 65.3
49.1
34.1
24
65.2 36.6
67.9
32
24 63.4
24
9,2
41,168 1,029
7.9
66.7 52.8 6.4 .
1774
7.7
24
1.4
37,599 1,074
14 0 0.3.
65.2 46.5 6.3
66.8 .0.1
.
30,407 1,014
as
7.0 1.5
7.4. 1.6
8.4 I.8
8,7
8,4
7.7
6.9
3577 -15.1
53,9
58.5 8.4
57.0
30.0010
-6.5 35.0000
.35.oe000
-2.6 40.0000
I3J(, Indox hiDec.19&3B The basedato forIheIFCGN3igrla Is 1984.100. for tlio NSF.ConeralIndex Tle base%Into NNiek
1994 3FACTROlK
D NI )tIK37Ts
BASEi178
Nigeria 1.984-1 1993 (currency In millions;end of periodlevels)
~~~~~~~~~~~~~~~1985 1955 1957
1954
Market
Numberof IliMedcompanies *Nlgcrlan11StockHExchange
93
InMalrk *In U.S.diollars
2,579 3,191
Tradingvalue In nalr . InLL9.dollars Turrnavicrratio
13 16 0.5
Localindex N5flGenerallIndcn'
96 2,742 2,743
3,685 1,112
13 IS5
22 16 0.7
.0.5
100.0
ChmangeInlIndex(l M532.
99
128.3
163,4
.
1o0
102
4,032 974
5,089 960
.27 7 0.7.
1990
1991
1992
1993
III
131
142
153
.174
21336 22.4
1,372
.
154526,246 1,852
28 4 0.4
88 1I 0.9
91 9 0.6
325.3 39.3
513.5 57.')
784.0 52.6
O'5
.
1989
74911,935 1,005
24 5
190.9 16.8
.
.1958
1,221
41,165 1,029
235 14
286 10
1.0
1.5
1,107.6 41.3
1,543.8 .10.0
IFCGlobalIndex Num.berofstocks . Shiare ormarketecip.(% P/E.ratlo. .
I 54.6
54.1
is151 51.6
9,0 105.0 5,0
2.6 6,9 45.4 -56.7
2,6 4,1 39,4 -13.2
90,228 5.4
59,110 5.7
45.9 .-
*P/UOVraIto
Dividendyield(¶U TuaIaIr,lhrntidex. C1115CIin iindux(q1 Economic dale Grosstoniestlc prcxluict(USS).93,025 Chinng Incanstuhier pricelIndex M1 ENchiange riate,.* ExchIange rawe(verage of eid
.4.5
.5.1 .--
100.0
40.0 0.5083 0,7665
IS 52.8
*0,9996
0.5935
*3.3165
1.3454 *
28,755 11.3 4.14131 3.5455
5.6 3.2 9.0 42.2
*
22
24
24
24
71.7
69.0
65.3
6,5
65.3
6.0
10.6
9.0
8.4
1.3 12.0 .6.8 71.5 40.5
1.6
1.7 5.1 64.4 -314.9
1,5 6.9 57.0 *11.6
29,061 *26,369 13.0 44.6 9. Simi 21.51000 9,929517242823
86.1 40.0000
1. 7.3 51.1 21.1
.*
.7.0
30,503 54.5 .. 000 4.4900
I 55.9
27,918 **
32,815
*
*50.5
7.4500 7.1959
*7.4 *8.7000
7.9425
*
99.0 37.8
Malt; Thebasedale for the NSEGenerallindexIs 1984=100. Theo basedate for tlheIrCC Nigeria index Is DL'c.1984=100.
1994 FAcTIscok
UWIi~IclNc NlIuVIARTs DA'TA BASr. 179
..Pakistan IFCGPakistan
Exchange Rate
(LIS$;vied19924100)
(RilpesA/LlS$)
Average Daily Value Traded (US$ mlilios)
-,.... t~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2
,A.
;
FCCComposite15
10 ;
25.0
1259 .100..270
s.-i«
7
;';50:
.
Mar93
'
26t0
IFCG
.; 6Wshidexformarivet
*
Junpt93 Sep)93 Dec93
*E.c!
I
:~~~~~~~~~~~~~~~'.
-
Jimn93 Solt93
Mar93
Mar93
Dec93
Jimn 93
S
S93
-
' '
TFCC;Cbmposite IFCG indexf:r market
,;;0 50 27'K
20 r*~*
1l
_
-
-
Market Performance
Share of IFCG Index Markets' Capitalization loIgNUS$52 bitliont) (ehd-1993; n _ :, _ ,<>;+X.\
IFCG PIE Ratio valueese) 4i,'dof tilAsdlvit
F
latygissiht
vtl
0a..rnsldteya
U. Div93
Et
priceson the Karai StackEhiange (KSE) NvShare with healthygains, with the IFC y er finhedtre yea
-beup
.
t;i
M X25
tf 0
a
.
.
M
3
30%
I
,g
*
*~~~~~~~~~
Dec93 Mar93 Sep93Jun93
Asia
ihii
dismissalof Mvr.
improved in Maty oni reassurance fronii then.
. .
.
soq
er
out pro-buisiniess ~~~~~~~~~~~~~~~~~~~~~~~~~~~~carry
.
.
wrs depressedduring thefirst
Nawaz Shdref'sgovernment in April. amidst to tiolit tgoverment's concernoverthe investorst reformsir.Sentiment
I'akistan 15
stet
fewmionitlso h
.
H
MinisterLeghariof the governmnt'nsproF~~~5. inance, lintenitionis. The miarket wvas also ~~~~~~~~~~~~~~~businiess in anniounlcemniit budtget by a favorable ~~~~~~~~heartened from foreignportfolio Jun, ad renewedIniterest Investors,Two suiccessiveruipeedevaluationsin
JJly of 3% and 6% wvere wvell received investors, and lhelped pushi prices higher.
1994FACTuooK
94mo .
t9 Other ~~~~~~~~~~~~~~~~~~~~~~~~~~~trisrindtneICIivs,
.
-
by
DATABASE180 MARKAETs ENBIiNGm
The market reacted favorably to 'lie appointmenit of Nr. Moeen Qureshl as interim Prime MlinisterIn July, anticipatinigsound economicpolicies and new loans from Internatioial lenders Mtarket mood slackened in August as Investors took profits. The last four monthis of 1993 saw steep gains in stock prices spurtred by good corporate results, heavy local and foreign Institutional buying, and the election of Prime Mlinister Benazir Bhutto In * October. Iinvestors wvereoptimistic that Blhutto's election marked an end to the political uncertainty of the previous fev months, and were coifideit in the Prime hlinister's. ability to improve the 'econom: and make Pakistan more visible in the International arenia. The textile sector, which comprises about onethird of the total stocks listed on thieKSE,suffered lheavy losses in the first half of 1993 due to poor cotton yields cauised by floods In '1992. Textiles saw steep gains later in the year steminig iniitially from devaluatlon of the rupee and later in the year frohi inivestor optimiismiiover a likely boost In exports and profits due to a sharp fall In the ptice of domestic cotton. The textile sector wvasalso bousted by, expectations of. a satisfactory cotton ;yield for 1993. Other. sectors thlat were popular vithi, investors during, the bull run were pharmaceuticals, fuel, energy and chiemicals,Total market capitalization on the KSE increased froni * $8 billon at the: end of 1992 to $11.6 billion In .,1993. Total trading value almost doLubled from
the decisioniin coulrtand won, and was reinstated as prime 'minister. However, In July, Mr..Sharif stepped down from lis post under pressure from opposition parties and the military. Presidenit GClulan Ishaq Khan also resignied paving the way for a caretaker governm11ent to be formed under the leadership of Mir. Mocen Qurcshi as primei minister, Electionlswvereheld in October in wvhich Pakistan's former primiie miinister Ms. Benazir Blhutto von by a narrowi margin. Withlout a clear majority but Vithl the endorsemenit of several other parties, Ms. Bhutto formed hier coalition governmentand became primemiinister. This chain of eveints threw the country into ;iuncertailnty wvile political analysts remained skeptical wlhethor the dismissal or the elections vhicih failed to produce a clear majority wvould solve any of Pakistan's political problems. The Sliarif administration was the second elected government to be dismissed by the President in less than three years. Thcse events also prodtuced a lack of' continuilty in economic policy which analysts felt was likely to adversely affect Pakistan's reputation initeriationially.
-
deficit and a severe drain on* foreigni exchanige
Economic/Pt.tical Events
.
Pakistan experienced a considerable degree of political uncertainty in 1993. The first major political event of th.e year occurred in April wvitlh the dismissal of Mr. Navaz Sliarif as primia Presidenit
Ghulam
Isliaq'
Khan,
on
charges of corruption, mishandling of funds and economic mismanagement. Mir.Sharif challenged
1994 FACTUOOK.
;.0
i,
in September thieIMFapproveda one-yearstandby loan of $377 million. It wvasgenerally expected that loniger-termloans Would beapproved solrtly thereafter. However, 'at the end of November after Ms. Bhutto formed her government the IMF annotiniced it would hiold off its loan approval decision uitil February 1994. Ms. Blutto endorsed nmostof Mr. Qureshi's reform measures when they vere first initroduced, and is in the rocess of devising processes for their successful !mplementation.
1993 wvasa trying year in economic terms as ivell. Wlille the ecoinomilygrev at only 3% in 1992, It Is targeted, by the IMvPF to grow at 6% in. eachiof the next thrce years beginniingwith 1,993,The econonmy faced a majorcrisis'at the time of tIle annu:l budget. aninounicemiient In Jun1edlue to an ever-increasing
$980 millioni in 1992 to $1.8 billion in 1993.
. .minister by
deslred effect of boosting exports, particularly textiles for Which Pakistan faces' stiff competition from both India and China. By the end of 1993 reserves had Increased to over $800 million from less than $200 million only five nionths earlier.
.
reserves caused by plummeting exports. It was widely felt that the economicmismaliagement of thle Sharif administration had left the budget with a deficit ofapproximately $3.5 bililon, for the fiscal year ended juLne1993, equilvalentto 7.5%of GDP, The caretaker administration under Mir.Qureslii: put aocomprehiensive refonrmpackage inito place aimed alt lowvering the deficit by. Increasing government reveniues tlhroughiraised tariffs and taxes,
more
effective
tax collectioni,
and
curtailing
government expenditures, Qureshi also devalued thie rupee by over 9%. TIlhedevaluntion0 had the
ENlIiHINC MARKETSDATABASE 181
7~~~~~~~~~~~~
-.;:Pakistan (currencyIn millions)
Number of listedco"mpanies. Ltd. KaIacIStac Exchauingu
*
Ma r
F.eb
a
Mn,kel
634
.
8,168
*.
637
Dc
Nov
653
62526447652
647.
652
198,254 7,417
191,320 7,078
231,664 7,500
3,078 115 1,6
3.314 123 1.7,
4,637 156 2.2
646
.64.0
c
Sep
ulAug
ArMyJun
.
Market capliallzatlon IniUS.dlas
*
-In
*
Tradinigvalue rupec In US. dollars* Ttirnover ratio
L,ocalIndex SBPIndex' * Chicnge.nlIndex()
.
2,456 95 11.2
2,083 80 1.0
166.0 0.0
186.0
182,680 6,875
390,988 7,199
197,167 754
-210,722
44 0.
2,163 81I 1.2
151.5 -18.5
145.9 -3.7
64. 64.0 69.8 18.0 2.5 1.9 413.3 .8 3.3
64: 65.2 .73.2 17.3'. 2.4 2.1 403.3 -2.4
+1,163
.12.1
.
153.6 5.3
.
361.7 .3
-
.
.
1571 8,553
279,195. 9,322
1.8
2,567 6 1.1
6,353 212 2.6.
10,764 359 4.0
8,971 299 2.9
160.8 -. 5,
164.2 2.1
184.0 12.0
195.3 6.2
234.2 19.9
64 65.3 77.1 1. 7 - 2.2 434,5 -5.6
64 656.767.9 73.8 . 1. 2.5 2.5 449.8 -. .3.5
64
64
65.1 2. 3.2 2.1 512.1 13.8
60.6 22.1 3.4 1.9 565.2 10.4
68.5 70.0 2. 4.2 1.5 710.5 25.8
29.9000
29.9500
29.9800
*.2691
4,030 . .
.135
170.1 5.2
IFCGlobal Index:
~~-,..Nurnberofistocks,
cap..(t Shar ofnmarket *..Shar oftridIng vnlueC(%) .18.9 P/Eratlo I'/BV ratio .Divldendyleld() Total rettiri lInddx* Chaingehiitotal returnIndex() *
Economic data Exdiangerate
.
64 61.8 63.4
~~~~
1i9 453.5 -0.3
25.8000
64-
.63.1
75.0 .17.9 2.5 ~~~2.6: 2.0 127.3. .
26.1000
26.5300 ..
26.5700
-
64 .63.6 682' 17.1 : 2.5 2.0. 424.45.2
64 72.0 71.5 17.7 2.7 2.4 466.2 9.8'
26.7300
27.0300
64 65.3 72.3.. 19.2 2. 29. 2.2 16.4-1.3
.
.
-
29.7800
29.7500 .
29.7000
347,819 11,602.
7,622
218,895 7,358-
.
.
-64
V~
Ntolt.The basedat
Ile SOP Index Is 1990-1991I100-Thebased thfo
~
~
-~~~:~~~~",:1994,FxCTBOOK
~~
fothL,ICG
~
1kstn
~
idx Is Dec.1984=100.
~
~
~
~
~
~
-
EM,IERGIN
NIARKETS DATA BASE
182
Pakistan end of period level.s).. (currencyIn'millions;
*
1.984
.-
.Market
Numberof listedcompanies Stuck Ltd..347 Karachi Exchange marketcapItalIzatIon in rupes, In U.S.dollars -1,226
1957
362
351
379
21,900* 1,370
ratio Turnover
2,523 150. 14.5'
3,757, 236 18.4
Index. Locai SOP Index'
165.3 13.5
In rupees .
in U.S.dollnrs
0~ChangeIn
..
1956:
18,534
value Trading *
19955
index(V)
IFCGlobal"Index Numnierofstocks of niarket1cnp.C¶%) .'.Sltare PIEratio P/BY ratio (V.) bDivIdenyeield TotialreturiilIndaix'. Charge In IndexCV6) Economicdata
52 ..
.*
-67
100.0 -
.
,
..
-
15.3600 14.0463
34,30450852071,00 2,460 1,960 -
2,457
166.5
199.9
-2,
-3.1
20.1
52 35.0' 6,8 ,-1.3 5.2: § .142,9. 118.3 20,8 ~~~~~18.3
30,907 29,6421 5.6',3547 17.2500 15.9500 16.6480 .15,9254
8.0
3,1 193 5.0
262.7
277.3
14.3
15.0
5.5
51
50 33.3 7.4 1.2 .. 173.4 13.8
.
62 .8.81
:177
,32L9
7.6
A
6.5 152,4. 6,7
-
,-
.
1992
1993
52
628
653
204,723
4,979 231 .620 8.7 .,
.15,232 12.6
347,829
.
5,028
.
11,602
51,579
24,435 9801,4 12.7 .
18.7 234.2
715.2 .164.4
308.5-
132.8
11.3 ,
.
558 53.6 23.92197. 3.1 . 578455.1
-77.1
42.4
47.0
64 68.5
2.5 2.5'
4.2 1.5
.710.8
-18.4
.
5.
1594,0 -
-88 ..
.
1991
180,222 7,326
.2,850
49. 50. 33.4 31.0 7.0 8.0 1.3 1.3 . . .205.0 18.4.5 6,4.421.121
2933,66-4.7 390376637,977, 1750 17.3990
.1990
440 .457
3J151I ~~~~~~~~~~~2,813
-5
.
29,887
product(U15$) ddrnestlc Gdross caistrnerpriLene()V10.1 ChiangetIn . rat Exkchange rite(nivera&eoflperlod) Exchange
404
2,553 IS 10.0
7
j52 42.6
490.6
.
29,491 1,710
1959
1985
1.00 17.9594*
-
.594,0 001 9,1 78 217200 21.25.00 21.5232 20,2685 *
-.
189.5 25002990 24.6000 *27.9756 24.57,50 *24.9436
94
Indexis Dec.1984-100. datafor theIFCGPnklstani 30,1992. Thebase Junie effective to 1990.1991-100 Indexwasreformed.!and.rqba!sed NvW: ,The eBr
:1994 FACTIjOOK
-
'
MARKETSDATA IBASE 183 EN1rRcGiNG.c
Peru Traded 'Average Daily.Value
Rote Exchanige
FOGPeru
v-;
;~.:(US$:,end1992=100) .(SokseS$) '175
5iO
r"
(LIS$JIIIIIiOIJs)
.
2.20
12
2.10
10 6 -~~~~~~~1'
~~~~~~~~~1.80
~~~~~~~~~~ 50
77>.~ *
~
Ma167. ar93
Dec 93
Sep93
ftrPJ 9
r
.
2-i~
Mar93
l'inn93
c'
Sepi93' Decc93
Mar93
Jin93
Sep 93
.Dec
93
IFC Composite -I1CG
liidexformairket
!IF~CG PIERatio
CapItalIzatIon Shareiof IFCGIndexMdukets'
...
*
~~~~~~ ~~~~o 45
,
.
i:I ~~~~~~~~~~~~~~~~Perui's
.
.
.
40
Other
0.3%. Latin
AIIILTICi
stock miarketwvasthe fourthbest performer during 1993,posting again of In LatiVAnmerica ~~~~~~~~~~~~~~~~~~~~34.9% In dollarterms for the yearaccordingto the ~~~~~~~~~IFC Globalprice index. The Bal1sa'sIGBVLwas lip 149.5%In localcurrencyterms. Sou~~~~~~~~~~~~~~~~~xthtl Asia
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~The Marketpasteda slighitlossin thtefirstquparter-
30%
35
30
~~~~~~~~~~~~~
.**
PNIE~~~~~~~~~
Mar 209393
~' 1994FA&TDOOK *
.ENnuIc-RiNaMARKETs
.
Jut:
MaiketPerformance
.
Sepua Dec
.
o~~~~~~~~f 1993,idth the IFCGdowvn3.3%.During the quairter,the makrket wvent up 2.2%as mining A~~econ'd
.
'W Y~~~~~~~~~~FNE shagr'eslincre'asedin ~~~~~~~~~~~~~30~
value and contiinued to in gold and silver,-prices. Foreigniinvestors, transactions n~~~~~~~~~~~~ fr70% cfdiystock ~ ~~~ccoimnted *idurinig thiisperiod.roreigtninivestmentIn Peruvian eqLtitiestotaled$1; billionduring 1993of whiich UJ.S.jitwestors accounted for $635.9 million.. Restructuringof Pernt'sexternaldebt w i~'scrded outithtrouigh theoParisCluibin May.*
.184 DATABIAS.E
tincreased-21% diuring h
*.Sokprices
*
.,
hr
The Goverlnmenit continiuedIt'sefforts to reduce
quarter as Congress.approved the text of a new constituitionii Il AuguLst; a referendumin onithe new constitto a asdbyvtr nOtbr *l Imotxt prvsoso*tenwcnttuinCI i~ncIludeallowing consecuitivq terins' for the *president, 'andimplemenitatio'n of thedeath penalty. Themarket lost 17.8%.in Novemberduielargely.to highlvaluatilonratios fromithilrdquiarterf1inacial. resuiltsand duleto the constitutionalreferenduim's narrow miarginiof victory. Prices soared In December with the IPCG uip 31% oni foreignt interest.and good growthlexpectations for 1994, atiictenidedthe quarter wvithi a galinof 13%.Average daily value traded duirins the quarter was $12.53 millionl,
.for'
.
The currenitadniniisteatIonhlasbeensuccessfuilin Itseffortsto increasetax'"rveiiueby extenidinig the tax base anidIncorpoaigteifra etrit the tax struicture.Taixesoniassets put pressure on compinies anidresuiltedIn thleirreporting larger losses.
Food company 'La Pabril raised $26.9.'mlilloion. thirouighaniIntetnatiomalprivate shiareofferinigIn .1993,'thlefirst Peruvian conmpaniy to,sell shiaresIn ~~~Internationial markets via rule :144A, This was also thielargesttrantsactionh ever onithe Linma Stock
1994 buidget goals iniclttde4.5% GCDP growth, a 25% Inflation .rate, 2.8% annuital depreciationof the cuirrenicy, tax revenutesat 8.83% of CDP, anida trade deficit of $359.niiiilion.Thie de' Foidos' d'e Pensi6n were au~~~~~~~~~~~thoicrized to stadtoperationsin.junb'1993and as of enld*October,,thle total 'aniutmngd ~by privatepensionfuindsexceeded$16millioni.
.Perui's
E~~~conomlc/PolItIcal Events *
.
.
.
.Adnitnistradoras .
Perut's poresidenithais acted as an amnbassador. ,promoting bilat'ral etanormicaiid financial aid a.greemients,Goveraniients thaitsuispendedall aid to PeruiIn'1992.afterPresident.Fujimori'scouipd'dtat; ,reversed 'their decislion this year.: Germnany reestablishedaiid to Perit tinresponiseto positive takeni by thte cuirrent'administration oni hum~iLtiani rights.:The JappianeegovernimentIssuieda Creditlinieto finance.exportsfromiPeruito Japan.A .lfineof credit was also extended by the Korean gov&ner nit. A free! trade gone fou' Korean companiesin Peru hanvingaccessto port facilities will 'nableproducio jfrom thIls zone. to be exported to differenitcotinltriesliiiLatin Anierica.. .Thlinternationalcommnintity ratified Itssuipportof Pre idealPutjimiori as theb Inter Amierican Develophmient Banikapproved loans to'Peru for.the :~~. 1993-.1994perii,od.
The financ minister epresdoptirniism for thle coniclusionof a. Brady planideal by mild-1994to restructurePeru's.externaldebt,nftermeetinigwith a commiitteeof commercialcretIX.iwh New York. Baniksare willling to swap .i:-z :r equity in Peruvihn comipaniesiInternlationalcomminercial. banks agreed.to withdicirw N4 lawsuitsagainistthle Peruvian 'government.,as long as the cuirrant dnilnistraltlonrccognizesthleChemicalBankloaniP tyich v wvasruled. fraludtflent by' the' Peruvian Conigressin 19.85.'
.'steps
*
.
Cerro .Verdr, Petrolera Transaceanica, and the Boli'vian.branchof BancoPopular del Peril were also sold. Petroperil Is an thleblock for 1994.To elp in. this sale, Peru's hydrocarbons law has beenrevisedto give equaltreatmentto foreignand domiesticcompanies 'and to*allow for private own~ership of oil and gas sectors.CentrominPerO, Compafifa Peruana de *Teldfonos, Entel, Electrolima and Electroperil are, awaiting approvalfront Congressto use PerWfs externaldebt paper fordebt-equityswvaps.
.'year.t
:7.Exchange.
*
.
..
.,
*
hinflatin aud h fiscal deficit. Annualin. inflationi 1993 wals appro'ximately 40%. Econiomic growthresultsannouncedIn Decembershiowed6% rwhoe h ist1 otso 19,wt GDP'growth for the wyholeof 1993likelyto be 7%.'' Growvthresulted from several indusitrieswhiich performedwith greater dynamismin 1993thalnin' 1992,lincludingcemenitproduicers,brewving,tire n.anuifactuirinig, anid'climicals.Agricultural.sector ouitpultis expected rise 6% fin 1993despite se~veredrouights duiring the first qu"arte'rsinice wveathler conlditionis Improvedover the rest of tlhe .to
.
*
purchased Aeroperil for $54 million In January.
'
1994PACTUOOK
.
' ' .
'
Oni the privatization fronit,the governmniit hias sold moire thann 13. companifes 'sinice the rivatization 'prograin first started. Ae'ronm6xico EMERGiItNG4 MARKETs DATA
BASE 1B5
FPe3ru 1993
/
4
(currency,In millions)
Market
j~~
*Number of listedcompanies deLima 7$folsddeVaiawrs
248
~
~~~~An Feb
MNiar
234
.230
1
Markt0apitalzelon5,074 n In U.S.dollars
2,5273
2,342
Tradingvalue16 soles InMuevos doillrs ?7.In U.S. TurnoVer'ratio
5886 89 38
.51.
2.1
~ ~ Local index
~ ~33.6
.
01
*11,3
*.Changi,InlIndex(4%)
IFOGlobalindeix
~~':Numberabfataicks18 62.6 ofmnrketcop.(. ~"~Siinre 79.0 ~ 'K.~%` ShareOf tradingvalue( 22,9 ~ ratio r' rP/E .
2.4 . .,P/BYrtio Dividendyield(W. inidex*85.0 ;:TotIlreturn tutalIrclurnitndexC% -25.0 ChanucIn 7 Economicdata r,ite Exchange
.
Apr
May
229
225
5,111 2,635 137 71 2,7
195 106 4,2
496.7
487,9 2511.5
Jun,
Jul
Aug
231
237
235
5224:
6,455
6,938
2,645
3,212.
3,401
-92
2,8t
3.5.
2.8
:510.6
619.6
710,11
533,1
21.3
14.6
17.6
51.9
18 55.4
15s1 53.6
5810:
61.6
55.7
69.6
28,5 3.0
27.4 22,
26.5 2,7
22,4 2,9
Is 62.0
77.0
25,1 2.6
7
18 .61.1 .
233
233
4,169
4,533
4,579
5,113.
450 210 5.3.4.9
478 222
422 194 4. 1
468 218y 4.5
,
1,059.3
580.0 5.4
isis 51.0 67.3. .
-21.4
it 48.7 49.1 39.7 3.9
i8 42.3 55.5
3.2 118.2 14,58
121.3 2.7.
137.3 13.1
2.1400
2.1500
.
---
-.
88.8 4.4
95.0 10.4
90.0 *58.i
1.8000
1.5700
1.9400
85.4 -5.2
100.4 17.5
-102.9 2,8
930.5
532.3
20.4
49,9 60.5 34,9 3.4
.~.32.7
.3.
~
11.8
it '46.0 52.9 44.0 3.6
,,36.6
3.0O 1.3 113.0 -17.7
o.s
137.2 .21.4.
.
..
i
23.3
.
352 185 5,0
18B8
I18 58.7
18 63.5
393
109
2.8
233
235
.
DrI
5,1945921031,36093
219
-142 .72
OtNov
Sep
1.7100
. 1.9750
2.010.0
.2.0400
2.0600
2.1700
2.1500
Dec.1992.100, insdexIs bisedate'forthieIFCGPeru 1991=100.Tue IGBYLlisDcc. for 11w Ne.hbas#idnte
194 l'AcTBooK
-,
DATABASE M'VARKETs EMERGING
.186
It
*
~Peru,
1984-1993
(currency in millions;end of period levels)
Market **.
Number ofllisedcompanies
IlolsadeValores deLlUna *Market capitalactIon I~nileiDiso1os In U.S.Whilrs
1984
1955
157
259
6.0023
Tradingvalue. Insoles . *In U.S. dollars *TuiTnover ratlo Index. 4 IGDVL ChtangeInlindex() .,.
.
.0.0106
1986
1987.
177
17236 0.0274 831
.0.0324
397
760
2,322
0.0002 28 3.0
0.0004 38 6.5
0.0033 239 15.5
..
1988
2989
-... .-
0,0051
.
.30.1
0.0073 57
t7.0
1901991
1993
.1992
256
294'
298
287
233
5 931.
439 522
1,a90o
1,118
4,300 2,630
10,993 5,713
25 104 99 130 1..361.343.8
519 417
.0.2935
90
-
3,332 1,672
.Local
*IFCGiabal
Index
.
...-.
0.00003460 0.00027351 0.00099780 691.3 264.4 /
....
*N:imbcr ofstocks. f maar irket cap. (%)
0.0009426 -5,5
0.0085809 759,9
Dividendyield (IA). Total retuirnIndex
P/H . ratio - . P/ISVratio -
25.76381 7,544.3
100.0 258.2
372.9 273.0
930.5 149.5
2.1
.....
.
0,3362008 3,817.9
.
.
.*
.
-
.
..*
-
.
..-.
. -
.
4776.
..-
~~~~ ~ ~~~~~~~~~~~ 44.0 ~~~~~~~~~~~~~~~~~~ 3.6
. *. -
.
.-..
..
05
--
1 00.0
.
137.2
Economicat Grossdomestic produict (S)19,8SB. Chagein cosil rccIdxi)10.2 Exchiange rate xchiaiige rate(averageoflperl(d)
0,0000057 0.0000033
.
16,955 26,143 4-1,224 43,739. 163.4 . 79 . 85.8 667.0 n.0000139 0.0000139~0.0000330 0.0,065000. 0.000011 *O 0.0000139 0.00.00168 0.0001255
40,942 3,398.7 0.0053 0.0032
36,184 7,481.7 Q5400 *0.2540
413.778 .j. 409.5.
. *.0.9.750
0.8042
*
4,27. 73.5 '116350 1.2458
4. *2.1500
1.9921
NOle: lhebasedatefor the IOBVLIsDcc,1991IIOU. Thebasge datefor IliaIFCG Pleri lIndex IsDec. 1992300.
~~2¶994FACTIIOOIZ ~ ~ ~ 4
~
~
~
~
~
~
~
~
~
~
~ ~ ~ ~ ~~
E~~~1icn.~~~~~~c MAaKrrs MRx-T DAA DATA BASE ,%E 18 ¶87IN
.~Phlippines Average Daily Value Traded LIS$yvillions)
ExchangeRate
IFCGPhilippines =160) enld1992 (L[15$;
(Peo/IS
8M,2o0
.
so7
30.0
~~~~~~~29.0.
~~'225-
7.0
20
60
2. 28.0~~~~~~~~~~~~~5
175.
fl~~~~~~~~~~~~~~~~~~~~~70-40 30 liiiT lii
K'
* 150 ,tr~~t~
u93
_125
Sp3
26.0
9~
20
e93li
100
. 5
75
5.0jil
lt4<9
,4~Mir93
t
,,..
Sep9
243
c%%;.
10
Mal-93 l.jun93
Mar93
Dec 93
.Set)93
93 Jiunt93 Sep
Dec 93
IFCCConmposite lI9G indexformarket...
MW
33~- ~ ~ ~ 44Q
~
~ .
~
~ .
.~~
~ ~ 30 ~ ~~~~~~~~Vecoinomy. 30.- ~~~ ~ ~
~
~
~
-
~ ~~
.
~
~
~
its potentialbased skepticswhoassessed ~~~~~~~~~~~~~~~~~~~defying
~ ~~~Sb
on the many.challengesfaced by the Phiilippine
~
~
ijtin.
2MEA
~~
.,
15
**.
Sep93 Jun93 . Mar93 Dec93 ..
*
. I
.
...
..
mirn 1
.
20
Thte Philippitie stock market wvasthe best
.
25
1994 UtP FACUrooK
Market Performance.
Inde Markets'Capitalization Shareof IFCOG bilJliohi) (end4993:icta1=L15$852
IFOGPIERatio,~ (endofwonthvalue)
~ OtlwrEast AsIn 28%.
-
.;
*~~
perfonneramongall Ailan marketsin 1993,i Amipleliquidity supportedby betterthaln-expected econioniic growvth in thesecondand ledthemarketto ispeoenal ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~thilrd quarters in 1993. ~~~~performni-tce
,the Mvanila Aftera moderate gainof 9%in 1992, Indexsurged (MSE)Composite PhIIJppInc~~~~~~~~~~~StockExchainge The a recordhighof 3,196. in 1993, reaching ~~~~~~~~~~~~~~~154% 2.5% Indexclimbed167% .MSE Comnertclil/induistrial thte.year,while 'the MSEMviningindex rose ~~~~~~~~~~~~~~~~~~~~~~~~for T~heMS!!.oil sectorstocksrallied in.the *** ~~~~~~~~~~~~~~~~~~~~~~~~~~163%o. * ona. disappointrmelits firstquairterbutitsubsequent nwdrillinig'projectas Well as,a lack of newv oil fieldshieldthesWtortoa7% developentsfromn gainforthteyeair. DATA BASE. 181 EMIERGINGMARKEtTs
ThteIFCIanidJPCG Phillippinieprice Indexesrose Th aiSakEcAng auoaed Istaing 152% and 132%/respectively In 1993 in dollar, systemi In January 1993 after 5yaso terms.The~ ~ ~ eun ~ ~ ewe ~~~~~~ h FIoeration, difrnei 6 hivlie the MakatiStockExchiange began' *anidIFCGindexes reflectsactive participation'by uisinganlatoitoated tradingsystemIn June.Shliftinig (foeignlInvestorsIn the Philippinemiarketas well from,ithe original planiof a plhysicalmierger,the n weghts diferet orPLT shres n eah [index localSECanidtwvoaxc.l age memibersagreed on a At the end of 1993,PLOTshalrescomiprised36%of fuinctional mnerger via comiputersystemswhichsvlll *thleIPCI Philippinieindex, and 18%of the.IFCG enable.trAders to'matchi orders and generaitea *Phiflipp[ines Index. singlepdIcoonievery issue, anidIn turni,eliminate arbitrage traidinigbetween thie exchages Infreign *The miarket's liquidity-driven rally began in Augtist of thlePhilippineStackExchange 1 memibers Janulary1993 after several mouths of bear ruin. (['SE)agroeedoninewvlocationsfor the PSE'sfutuire Mairketliquidlityconitiniued to incrLease thirouighout operationts, The PS5's cenitral depositary- and 1993on weakcreditdemanidIna sluggishiecoinomy clearinigh1ouSeS Willbe liocatedIn thieAyalasite of the Makati Stick~ Exchhn'zge,and' the. PSE's anid lower bank re'serve requiiremients that s*btai ncesd defunids in the finaincial prinicipal. and: admitnistrative offices 'wllbe system. tiivestorsalso'graduallyshiftedfuindsfronm located in Tektlte Tower, the site of the Manila fxd !Inconme iinvestmnents to equities as linterest StockExchaonge.. ratesdeclined,Atlothoghi foreignlInvestorsretuirned the market bn the first quacrter,thieirpresence wa[smore prominientIn the second haclfof the year i s InothierAsianmarkets. Events '*k
.l
.
sytm Thsaton was fallowved by a reductionin the rediscountrate rm1.%t .%i uyh volume'.of weekly T-bill offerings as significantly decreased in line with the governmient'sattempt.to iconrlbdedfits However,,Wieak.loan demnan'dpushied market: Interest. actesdowvnto a five-yearlow of 11%in* June, edn banstln'texssfdsiohr nvestrments inordlertoraiserevenues,such as the. exchangemarket,wvhichresultedin a high volatilityof the peso.:.Thepeso depredated to P30 per dollar during the thiirdquarterto end the year at P28.5per dollar.
Concernedwith the possibleinflaltionaryeffectsof sIncreasing liquidity and in order to curtail spculative trading On the peso, the central bank deferred the, reduction of bank reserve requirementsschedulledfor the enidof Septemnber, and established a 10% reserve requirement on trust funds (CTF)effectiveOctober-1993. The CTF.sare trust aiccounts,structured w4itha pool of retail funds over wvhichbanks have~full. The Phiflippineecoinomyshowed sigis of recovery conitrol.Afterthe centralbank's attempt to absorb fromithe second half 6( 1993 dye ini part to ani excessli'quidityIn the financialsystem at the end September,the Weightedaverageof T-bill-ates Improvingpowversuipply.RealeDP grew by 1.%Of In 1993comiparedwvitha 0.1%lincreasetin 1992, rose to 15.5%from 12.5%over the nextmonthand real GNPpostedgrowvth of 2.3%,boostedby stood at 16.5% at the end of 1993. Follown 27% rise In riemittanicesby vrescnrc restructuringof the formercentralbank's liability, workers,uup fromiiarise 'of 1% tn.1992..Inflationbyisngovrm tbndttangP0blin declined furthier to 7.6% In 1993 from 8.9% in tpBnko Sentral ng Pilipinas, the previously 1992.Thectrade deficitover the firs the uresdeferred reductionof reserverequiremnst20 reached $4.5 billion fromi$4.7.billion for ihillof tookeffectin January 1994wviththe conditionthat 1992,wth expotts and liniports 12.4% bank berequired to invet newly released funds anid19%respectivelyover the firstthireequacrters IinT-bills.and notes. of 1993versus,the Same period In 1992.lnport. program forthe figures reflect ail inicreaiseddemnand.forelectric: The IMPSeconomic.sta~ilization ended in Mvarch1993,and negotiations powedr generators. tinder Way as of.year-end-1993 for the 'tle central banikgradluallyincresed the money releaseof a newvthree-year extendedfund fadility suipplyto revive theisagginigeconiomy,reducingofuto$0milnfrmheIFAnw1K reserverequiremenltsonibankdepositsfrom25%to progrm is neededto rescheduleoutstandingParis beginningjanuary 1, 1993,and by 1% at the Club debtand would give a psychologicalboostto tart of eachiquarter tbitoughiJuly 1, thiereby. the.Phiipnet arkt the financial ani estimaid 9bilointo ..
*.to
.common
.Economic/Political
ThiePhillippinestack market exp#riencedvolatility fn' the.first half of 1993aimid Worseningpowver shortaiges,dispuitesover,theowniershlip of PLDT,,a scanidalinivolvinigthe alcquisitionof Philippine Airies, azi'd'several volcaniiceruptions. Thle mnarket'smoderate lIntermititentconlsolidationis 'throughout 1993Wecre. miostlydue to the jiclv 'participation 'of investors In IPO's, which drew ~~~funids away froniifindex-lIniked stocks. Althiouigh overall economicfgrowvthhiasbeenihampered to a ~~var:ying degreeby a hilghbud'get'deficit, suibptantial i.foreignand dome.sticdebt, surging.traidedeficits, and cripplinlg power. shortages, the average corporate eiarningsgrowvthof listed bluiechilp eoinpanies has been suibstanitiallyhItghierthain general econiondc growvth.Thiis'difference in performancehas beentdue to*the monlopolistic anid defensivenature of thleindutstriesIn whlichithiese.. comp'aniesoperate, and also in 1993by aiwveak peso bdenefiting-stockssuchi as PLDT.anid PNB whiichi genierat aihprcentage of thleireariiings in dollars. .
1-~. *
r
,*..
1994FACTacox
.
.
*freei'ng
.while .a
...
'
.
.growling
.Phillippines
.
.were
*.22% *
-
ENIERG1CrINMARKETS DATA BASE.1891
9tPhilippines
1993 (currencyIn millIlons)
4
ManIel
Jan
Number of listed companies ManilAStockEFxchangc
170
170'
170
171'
171
172
373,466
413,988
407,699
441,932
.452,289
15,059
16,415
16,341
17,162
3,203
5,046. 4,578
MarkeatcapItalizallon ipesos Int InU.dliars M
.Tadinglalu
~~~2,992
MAatt Total InPesos 'in U.S..dol50l32 Turnoverratio :Local
ebM
6,194
Ar.
6,913 4,099
.
9,624
1.7.
.
11,012 441433 2.7
2.4
index.
-
1,894.8
2,169.1 14.5
1,092.2 -3,5
37
37
SeP.Oc
173
173.
174.
175 651,990
482,193
502,542
556,622
16,611
17,595
18,153
19,703
.5,922
4,810 4,618
3,203 3,900
5,733 5,266
11,140.
?,429
7,103 266 1.6.
10,999 2.4.
12,957 -469 2.6
2,2S9.9 -0.2
2,529.2 10.4
5,218
.
357 2.6
2.1
Nov
Aug
.444,338
2,331.0 11.4
.24.8000
37. 70.8 60.3 16.8.:
37
Shareof miarketcap.C% 70.9 .72.3 Shareofirncling value0& .64.0 65.9 /Eratio I 51:8 17:9 . P/ BV ratio 252929272626282933'. Dilvidetid.l(9 0.5 0.6 TotallreturnIndex. 2,155.1 2,393.2 Changain.totairetuirniindexCE 4,8 11tin ia con,omicdata Exclhange rate,
A
17,132
IFCGlobaInex
-
InJul
8,771t 7,253
6,249 .6,707
401
16,024
567
711.911
1,088,819
22,3521
26,049
40'327
9,781 7,135
15,948 13,037
20,730 19.629
16,916
28.985 1,061
t584
3.0
2.8
2591 2.4
,0. 12.2
,4. 22.2
37. 70.1 47.3 19:3
.37 70.9 60.2 21:6
37 73.3 61.7 258.8
0,6 ,4.9,4.3 9.
0.5
.
18O
.I18
40,359 1,4953 4.3 4.
,...
ManlliCCenm/Ind.indlex' hnei idx6.2 Nuir'oftck
may
25.2200
70.6 .74.4
17,
2,293.8 1.16 37
69.3 67.0 8
..
37. 70.1 60.8 .17:1.
0.6 2,327.8 -2.7
0.8 2,461.6 5.8
.0.8 2,404.3 -2.3
0.7 2387 -.1.9
24.9500
25.7500
26.4000
26.7500
.
37 71.7 01, 18:5. 0.6. 25.5,605 9.3 27.4000
.
0.6 0.9 27.6300
~
23.2500
,6. -2 3
,5. 37.2
37 66.3 37.6 28.5 . 0.5 3,509.0
37 59.0 40.1 38:8 . 0.3 4,3.
27.3300
27.0000
764837.7 25.9500
t4lv Theo basedata for the ManilaCommn/lnd.tndcxIs jan. 19586-100. TIie basedate far tHipIFCGMhIllIppinesIndexIs Dc . 1984.100.
1994TACTROOK ~ ~~
~
~
~
~
~
~
~
~ ~ ~
EN,%tRifn ,cI. MARKETS DATA BASE 190
Philippines 1984 1993
end of periodlevels) (currencyIn millilons: Markd
*.
*
*Number of listed companies
1984
*
~~~in pesos JiG. dollArs ~~~~In
*
Mrain
16,456 834
*
.125
.
.
11.6
~ Global Index PFC NUimberof stocks Siiareofmrarkettcap.(% P/E ratio .~P/BV
106.3 26.5 .1
24.0
2,067 III
ratio
85,592
19,273
10,05-6
25,395.
12,079 31,352 1,524
.8,195 19,251 875
22,334 50,730. 2,410
42,5
114,11 :160.9 51.3
..
.260,470
11,965
4,280
1993
161
170
161,219' 5,927
266,648 10,197
35313 13,794
,033,519 40,327
13,213 15,355 29,569 1,216
18,611 21,718 .40,330 1,506
34.576 42,126 77,002 3,104
85,137 95,604 150,741 6.785
15.5
13.53
29.1
24.4
61.3
.
545.0
750.1
949.9
240,6
36.9
26,6
1100.0 .
8.9 146.5
*
3145 50.3 19.7600 1657
2.0 707.0
46.5
352.6.
30,725 23.1 19,0320 1673
2956 0,8 20.5300 2.50
dfi Economic produict(US$) Grsosdomeostic price Index(56 ChangeIn ccansurrner Exchangerate period) EcIiangerate(averageaof
..
,12,6
2.4
.. 1,456.5
.
.1,076.7
33.6 14.1
~
.
~
5?
43,825 12.2 . 21.7700 . 20.7000 ~~~~~~~~~~~~20.7300 21.0509 20.8614 20.3650 .35,493'
.~37
3.5
-
4
1S0
25.1
24.8
.
.
.
5.3
68.1 11.3
55.0 14.1
2.6
2.6
2:4
.53.9 45,683 14.1 27.2000 3.4900
.
166.6
03
11.3' 2.3 1,094.0
4,756.0
1,784.01
94.8
.3
.70.5
1.1 2,371.5.
38.11
52.3
.
3.6
2.6
.
-45.14
66.9?
59.0
62.4
1,694.7
870.1
1,584.9 8
8I Ialala.S.t293307 61.6 39.7
.
in index() ~~~~Chiange
.
3,109 11,471 .563
61,108.. 2,948
--.
..Dividendyield(56) Total returnIndex*
3
1992 ~ ~~1957
1991
Local Index kinfln Commr/Ind.Index' inIndex(5)~~~~Chainge
*
9,362
510o ~~~~~~~~~~~1,434 .2,052
.
Tuirnoverraitio 4
41,214 .2,008
12,741 669
1,557
vou645
Makati. Totalin pesos l~~~~n U5. dollars.
~
31
Market copltallzollon
*
~~
1990
153
144
14
30ts~41
3
*ManilaSiockExchanige
~
1951989 ~~~~~~~~~~~~~~~
1956
1955
081.00. 1,735.5 ' 35.9
4,9 15.7 26.1500 :26.7706
59.0 38.5 5.2 4,531.4
2,056.8 . .18.3
-,4 8.9 23.6000 24.8034
134.9
*
.
7.6 27.00 26.6398
Index.ts Dec. 1984-IOU0. Tuebasedatefar the IFCGPhIlippinnes Comm/ind.IndoxIs Jan.1958=100. 141e Thebasedate'for the Nimaidla
DATA.BA~S191 ENIERGINGNMARKETS
1994F-AaToooiR. A
p
p
.
.~~~~~~~~~~~~~~~~~~~~
K.Poland Average Daily Value Traded
Exchange Rate
IFCGPoland ft2 (1IS$;cend1992=100)
(ZIotys/LIS$)
.
~~~~~~~~~~~~~22,000
850
~~~20,000 ~~~~~~~~~~ ~~~~~19,000
650 550
.
ilos
35 30
21,000
750
LI$.
2 20
450
.
330
250 -
MarS93
*
-
.
1~~~~~~~~~~~~I8,000
.
~~'' 150 250
.
frnS 3
*.Sep9
3 10 -
~~~~~~~~~17,000
.
501
I
93 Jan911,3Sep
Mar9
De93
Mar93
Dec93
Jiun93
Sep 93
Dee93
IFCGComrposfte Indexformnrket 11~~ICC
of IFCGIndex MresCpllltonaksPeFoMac ~~~~~~~~~~~~~Share
IF (gp;d of ,nd,:nihvalhes)
billioni) loMal=UIS$852. (end-1993; 30
25
.
z
~~~~~~~~~~~~~~Latin ~~~~~~~AmeoricasouthAsia ~~~~~~~~~~~~~~~~~~~~~~~~. '
.
20
15
gain of 11,399points, and a returno at 12,43Y--a
in zloty terms, 787%in dollar terms. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,095%7
.
OYi ~~~~~~~~~~~~~~~Poland
10
.
4 ~~E113!IRI
~~
5.2~~ ENIE,~~~~
ifast ,%sIa
wvasestablishedIn Stock Exchange The Warsawv * Apri 1991 nd mod,eled after the F.rench order with share prices allowed omv ~~drivenisystem, ~~~~~~by no nmorethian10% per session. Twenty-twro .
v,
Jun93 Sep93 Dec93 Mar93
The WarsawvStack Exchange (WSE)wafran away the best performing market in the ivorld In 'The official WSE inidex, the Warszawski igga~~~~~~~~~~~~~~~~~~~~~~~93 Indeks Gieldowy (WIG) All Share Perforarance Index started 1993ait 1040.70'and ended the year
were listed on the exchange as of year~~~~~~~~~~~~~~~~comipanies atthe beginning of IC The idexintrduce he FCEmerging Markets Data , i 19baedon
-1994
FACTDOOK
EMERGING M'ARKETsDATABASE 192
_Baesindexmethodology.Durinigthe firstquarter dynamicgrowthl,withthe WIG jlmping to 7,474 ballooningtrade gap is expectedto reachabout 92 of the year,the WIGfluctuatedbetween 1,000 anid pointsby the end of August.The WIGsoared80% billion in 1993. 'inthe. third quarter,with the average market value 1,100; the bull mArket took hold as domestic investors and savers looking for .investment. of listed companiesending at least,10timeshigher The Polish Zloty is linked to a, crawling peg ' nlternativesfled decliningbank interest rates. On than a year earlier.The relentlessrise of the WIC exchangerate mechanismoperated by the central FPebrary22,thieNaticinalBankof Poland lowered continued during the last quarter ,of 1993,witli , bank and steadily depreciatesby 1.5%per month its mauil'interest rate, followed by far greater , market capitalization, passing .PLZ 42, trillion fo1llOwingits 8% 'depreciation in August. The Polish National Bank,after continuous pressure ' reductions by all commi'ercial banks; At the same (about $2.1 billion)and producing a market P/E ratio of. 24. Trading during the quarter wvas fromexporters,devaluedthe zlotyand reducedthe time foreignhundswere enteringthe Polisi Markel giving share prices'aconstant.upward trend. The domi!ntedbiydomesticretail Investors, monthlyautomaticdepreciationfrom1.8%to 1.5%. 1993equitiesboomalso resulted fromapproval of the -state budget, positive reports by. foreigni Inflation jumped 4% in November and 5.6%in financialInstitutions,excessiveforeigndemand for December to, push 1993'syear-on-year inflation .,securities, good financial results by WSE-listed Economic/Poltical Events . rated to; 37,8%. According to the Central companie,s, and low companyand market price-to- , . StatisticalOffice,the.zloty'svalue against a trade*earnilgs multiples. . On September.19,the Union.of DemocraticLeft weighted currency basket fell 25.8% while (SLD)won anielectoralvictory i Polands general consumer:prices increased 23%.Unemployment t 'Value traded during the first montl of 1993. . electioniswith 20.4%'of the vote aid formed a, -, remained high during 1993,totaling 155% of the averaged 1PLZ13.3 billion per session (nearly ,. coalitionigoverinmenitwithanotherleft-ivingparty, active labor forceor more than29millionpeope $836,000),a high turnover rate given that no signs ' the United Peasnnt5' Party (PSL). The coalition Over the first nine months of 1993, exports fell of a sustained bull run were yet apparent, Trading government, representingtwo-thirds of the Polish 4.9% from the same period in 1992 to $9,859, continued'tofluctuatearound PLZ12.5billionper. Parliament, was formed after three. veeks of , million. Imports increased 25.9% to S11,774 negotiationsand ended with the approval of Mr. million, resulting in a trade deficit for the year of ,',", sessionduring Feb1ruryon high expectationsfor a bettereconomicfutureand signs that literestrates ' Waldemar Pawlaik as the new Polish Prime $1,915million. Constructionincreased 12.3%for the year while industrial output rose 3.9%, would soon be redticed, This optinism was Minister. 'strongly, s tAmplifledin lMarchi wlen the WSE's ' ' '' capping an industrial growth rate for 1993 of turnover Increasedsignificantlyto more than PLZ The newgovernmentpromisedto increasepensions 8.1%. 46 billionper session. The WIGgained additional 'and public-sector wages,' take appropriate momenitumiduring the first week of April and , measures to reduce unemploymnent, and help'the readiceda newvall-time Iiigh'oii positiveearnings country's suffering farming and food sectors ' ' '4 arnnoidneements fro,mcompaniesthat sent average competewith Westeminpports' valtie traded on thleexchangc.toPLZ 100 billion -, towiard,mnsoith-end. The WIG increased more than n ' Tight 'and fiscal anionetary policies of Ms. 41%in April while market capitalizationreached Suchocka'sDrtiocratic Union (UD) produced a PLZ 6125:trillion($366million). ' ' stealdy reduction In inflation 'despite the ,; '; ', " ,': ' , ': -' - ,.i : , ': ' introduction of a 22%VAT in July. The inflation The'most rapid increases started in My'as rteended1993at35% year-on year. ,, ,' ' ',-quotations of all securitieslncreasedthe maximtum ''i allowable10%pricemovementlimitsduring every Polaihd'soeconomic growth aind,trainsition to -a trading session and the WSE'saverage tturoverL market economyn is. expected to 'econtinue passed the PLZ 100bilion mark. Thebull market successfully;,international ,porganIzations,have w9i'7accomnpanied vas' ' by stronig demand for' initIal. a willinguiessto continue helping and,, public offerings of newly-privatized securitIes , cooperating with Polish 'authorities. The Polish. ,All-timehighs tvereposted throughotutJune, July GDP grew 4% In 1993,oiie of the 'most'dynamnic .< "August and as the stock market experienced growth ratesaimongEuropeaneconomiesPoland's -
t
.',,
.
"
'expressed
-mn>^K
:
.
.
.
.
:
.
FA E2SIERIC.SC M4XARrETS DATA BASE.:193
Poland
ii'1993
'(currency In mlillions)
Number of listed companies WarsawStock Rex.hapge.
M ar
Apr
16
16
17
3,650,630
4.391,613
6,171,590
16
3940,786
Markeoty
~~~~Jan Feb
~~~ ~
Marka.i
.Trading valuei InZloty InU.S.clollairs Ttirnover ratto
166,220 ~~~~~~~160,611
15.070,648
18,086.154
844
985
37 .11.7
1,475,531 56 15.0
2,033.564 114 14.2
2,750,166 150
3740 10S.'g
3,504:2 -7.41
4,195.3 9.7
10 4,6
1,083:1 1,050:3 3. 0.9 In fnox M Change
1,302:9 20.3
1,837:5 41.6'
9 85.3 92.4 2.5 0.7
9 56.1 3.4 0.5
9 84.7 55.2 4.5 1.1
15.7
165.1 40.0.
tO 4.6
19
790
61,3
394,798 24 9.5
.
13,556,776
Sep
Oct
INov
Dec
20
21
22
22
22
28,212,116
29,013,947
37,139.653
jlAug
19
158
369
262
.223
221
In UtS. dollars
Jun
May
,
46,77 236 20.1
,.16.6
,d,5 5,244,2 301 263 8315.8 -
58,028,438
4,6,76
2,706
2.036
1.803
1,455
1,430
.7.2
7.251.515 346 18.2
409 17.4
Local Index .WICAll.Share Perform.
-:
-
*
iFCGlobal Index I4umbercfstocks Sharecof market cap. (S) Shareof tmndirigvalue . 'P/ lra tio ratio P/BYV ....--.Dividend yield () TotalireturnlfndexO ChangaIn tot-,Irettumlindex(%) Economicdatac Mte Exchainge
9 55.7 8S) 9.5 2.5
.
0..07
-'90.9
.
10a .86.5 91.5 10.0 23152.0
1 84,8 59.7 9.1
I1 1.4 83.4 10.5
.
. .
100.9 0.9
339A4
101.9
300.5 -11.5
I1 79.5 79.6 16.0 . 31.3.1
*,
12 5 1.0' 0.9 16.1
337.6 12.3
477.3 41.4
472.9 0.9 .-
.12,439.D
.8,867.2 7,974.5 2.1.240.3
62302:5
.12 79.1 77.6 31.5 5.7
78.6 79.7 20.0 3.9
12 76.3 75.3 22.3 .3 . 0.6
0.4
569.3 2.4
624.1 9.6
539.6 34.3
12
--
.
.111120.0 0.2
,307.9' 50.4
-
,
16,009.00C0.,,16,383.0000 16,758.0000 16,738.0000 17,153.0000 17,B65.0000 18,307.0000 19,725.0000 19.945.0000 20,597.0000 20.962.0000 21.444.0000
Theba,sedatefor the IFCCPoland IndexIisD-c. 1992=100. is Apr. 1991=1,000. NMute.Thebaisedatefor theWIG All-SharePerfornm.index
1994FACTPDOK~ ~ 7,
~
~
~
~
~
~
ENIERCINGMRFSDTA F
.
BS
g
Poland 1984-1993 *(currency
.
en.dof periodlevels) In mlillions;
1984
*Marko'
1985
.
1986
11988
1957
1990
1989
1991
1992
1993
9
16
2.2
companies NUmber,oflisted Warsaw Slack Exchange
Market capItalIzation in zlotys inU.S.dollars
,
----
..
-
.. .
.
Trading volue. In zloty
9.88 2188 2is
.
..-
In U.S. dollars Turnover ratio .
1.575.550
3.507.688 58A028.438
--
---
2.706
222
144
---
.
.-
9.2.3
.2278
3,2,3
22974
2,170 129.1
167 9.7
-Locall Index WIG All-Share Perform.
..
.-
*-.-.
.
..
.
.
.1.040.7
-919.1
(T).-------6.1. ChangeIn index
13.2
*IFCGlobal Index Numiberofstocka cap.(S)-* Shareof mnArket
56.6
9
1.093-3 12i
79.1 31MS. 5.-.7
?P/Eralto
P/BY ratio
0.4 39.6
*Divdn yilM~ retunidexi*Total Int index (T)-.. 7Change Econo'mic,data839. domesticproduct (US$)7793324 Gross V..Changein consumerpric Index(S)-.-7343.0 rate E,'xchange of period) Exchangerate(avenage
M439.u
739.6
---
..
.
.--
-
-
10,957.00I0 10,576.0000
15,767.000 13,676.O00
30.4 2144.-IlLUU 18.311.05-77
Thebasedalefor the IPCGPolandindexcsDec. 19922100. indexIs Apr. 1991-1,000. NoI.Theb.se date for the WiGAll-Shame'Perform.
1994 FAaaBoox
-
MRIGMARKETS
DATA BASE 193
Portugal AverageDailyValueTraded
ExchangeRote
IFCG'Portugal -($$S;,en
1992=100)
(IS$ iillio,ss)
.(EscoidosALIS)
175
1SO0-
-150
170-.
.60.
50.f
y4~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~4
~~~~~~~~~~~~~160-.0.
125
140 ~~~~~~~~~~~~~~~~~~~~~~~~~~
75
4~~~~~~0
iso sixI ¶7
.
~~~~~Mar,93 Ju93 .i
93
.Sep
Mar93
Dec93
~~~~~~~~~~~~~~~~20 Ma9
Junit93 Sep 93
un93n lt 3
Dec93.Ma93
Sep9 Se.3
Drc93 Dv3
t
IFCG Composite
t2.
-.
~~~~IFCG index for market
IFCGPI)E Rafio
Share.of IFCGIndexMarkets' CapItalIzatIon
fendof wntle valuies)
(d-9;ton=l852 of
MarketPeiformance
billion)i
.
.
.
.
~~~~~~~~~~~~~~~~~~~~~~~Despite depreciationof.tho.escudo,thzePortuguese
.
stack market posted an excellentpprformancefor ~~~~~~~~~~~~~~1993. The BancoTotta & M~oresIndexgained 977
20 .
.
.
H~~~~~ .AIk jjinj
~dollar ternis tol close thecyear at 2,614.The IFC, ~~~~~~~~Global andInvestable priceindexes jumped57.3% ~~~~~~~~~~~~~~and 76.6%in escudo terms aind30.9%and47% in ~~~~~~~~~~~~~~~~~~~~~~~~~dollar termis, respectively.
"
7
America SoittliAsia
_VN
~~r~~~iV ~~~~~
~~fljj[iPj1 ~~~~~~ 6!4,
~
_______4__44*
Mar93
Jumn93 Selp93 Dec93
30% .
Portu*il
\
*
.
~~~~~~~~Expectatloiis remainii optimitstic for the stock .
market s performiancein 1994. Econiomicrecovery
EastAsia 3%.in
a~~~~~~~~~'-'
r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~xi,hvsPe3,2
.
and Euirope, combined Portugal company finanicial results an nraewith stronger freg ~~~~~~~~~~~~~~~~~~~~~capital linflowvsare expectedto boost thecLisbon anid Oporto Stock Exchanges.In 1993,average mionithlyvalue traded on the Lisbon Stock ilin(bu
$206milltion)anidPta 22,134million (nearly$131.
1994I,ACTrooOK
DATA BASE 196 EMEirRGING NIARKE:Ts
~1
millioni)on the OportoStockExchalinge (OSE).Tlie Aggregatenumbersof shares traded reached '192 millionon the LSEand 126millionon the OSE.
macrocconoiniclaidIcatorsthit iavebeenaffected by the recessloioin Western Europoduring 1993, The maiinpoints of tile convergence program lincludc:1) public debt (PD)wvillremainnt 67%of GDP duirinig1995-97,decreasing to belosv60% thereafter.The MnastrichtCriteria Limit (MCL) for PD Is 60%of GDP;2) estimatesregardingthe budget deficit as a percenitof GDP are 8,2% In 1993,7% in 1994,3,5%In the 1995-97period and 3% thereafter;3)GDPgrowtliis estimatedat 0% in 1993 and 1,5% In 1994; and 4) exports are expectedto growvby 3.25%In 1994,while Imports are expected to rise by 6,25%during the same perd od .
Late in the year,.thc governmneint ainnouelilidIts plans to. exempt non-resident Investors from withhlolding taxes on iiterest earned on PorigLIese securities. This action would make Portugal'stax policiesconsistentwvithi the policies of otherEuropeanUnion(EU)membercotmtrles.
E:Econo*mI/PolItco Evients
.
Ten days before municipal electlons in early *December,PrimiieMlinisterAnibal CavacoSilva ;annotinced a major,reshuffling of hlis cabinet, including the appointment of newvministers of ;inaince,health, unemployment and education. ;* Alth1ough the movehas beencriticizeddomestically 7'7 by oppositionleaders,most marketanalystsagree thaitthe maiii Impactof this reshumflig wvillbe a shift in dconomicpolicy toward fightiniggrowving unemployment(whiciliticreasedfrom4,1%to 5.5% r* X ; 'l p of thle wvorkfurcedurin7g1993)anld enhlancicng ecconomicgrowvth by cuttingInterestrates
The year-on-yearinflation rate rose duriniglast quarter of tlhe year- to enid-1993at 6,5%. Expectationsfor lower Europeaniinfintion rates and the factthat the 1994budgetdeficitis basedan Infrhstructurespendiingand social tranisfersnnd not on admiiistrativeexpenscsis expectedto push tle Consuiier Price Inidex(CPI) to lower levels during 1994. A drop In interest rates along with inistabilityIn the ERMled to wideningof the fluctuationbands and pusled the cscudo to depreciatenearly 13% against the deutschemark. I-looever,the escudo galned.3%againstthe SpanishiPesetain the samc period.
*I ;
Oni Noveniber 30 the Portuguese Parliamelnt approved the 1994 state budget. Ptibic Sector BorroaiviigReqtlirenmieats (PSBR's)are expectedto decreasesliglitlyduring 1994,from 8,8%of GDP A Pte 1,066billion(nearly$6 btillon)in 1993to r and 8.1% of GDP In 1994 Duie'to sv'ak economic *conditions, tle Portugucsc goverinmeintalso proposeda high budget deficitfor 1994to be able - to meet social security, expenses and maintalin groi;`thIn publicinfrastrticttireprojects. .
;
.
required for completion of these infrastructure projectsIs estimated at $14billion over the next fiveyears.
.
.
Treasiry-billsdropped significanltly durinig1993, The 3-month, 6-month, pnd 12-month T-Bills presented ananuilyields of 10.96%,10.61%and 10.05%,respectivelyat th eindof 1993. Porttigat wvillbenefit from EluropeanFlundsfor iinfrastrticture developmentIn 1994,nmid the public works sector Is expected to operate at full
In December, Portugal presented its ndwv i convergence program(CP)to the Europcni:i Union's. - monetarycommittee.TheCPwillattempttobriig the Portuguese economy in 'line with other EU counitries,aiminiiig to establish a single currency unitby 1999Thenew pramn addresss llbrd L
1994 FACTIIODK
'capacity.Amoig tile majorlnfrstrtictire projects expectedto take placebefore thiecndof the 20thi century pre modernization of thc rilway and highlwnysystem,constrtictloliof pipeilinesforthe distrilbtloniof natluralgas, naidconstructionof a ofovertlieTalgUsRiver The totillinvestimienit
EH.I:RGINGMARKETs DATABASE 197
'
Portugal 1993. (cUrrencyn'mlIIIIns)
JAn
1kb
of listedcormpantes NuMber 159 deLlsbo Dolsa
185
Market
Maly
Apr
Mar
.173
176
178
37,612 259 2.7
32,432 215 2.2 .
47,145 318.. 3.1
Index. Local I3IAlncdex Cliangellnindex(V)
1,687.1 0,0
3,750,? 3.8
1,767,4 Ole
IFCGIoalcIndexg 38 of stocks Numnber Cap. ()66.3 Sharef market 53.3 () o tradingValue Sharo 9.4 P'/Eratio 1.1 r/DVratio 3.5 yteld.() P1ivdend 530,3 "', TotalreturnIndex' 5.4 CIhange In totalreturnIndex(%).,
38 66.3 55,5 .9.6 1.2 3,3. 544,8 2.7
38 68.1 32,4 O's 1.2. 3,3 544,5
*
77EconomIcdata to Ehangr,i
Nesw
145.5000
151.0000
0.0,3
148.2900
48,229 328 3,3
52,750 325 3.2
62,827 30 3.6
2,006,8 1515
2,047.6 2.0 ,
2,257,6 10.3
37 73.4 46,5 11.3 1,3 4C0 597,9 ,
36 70.6 44.7 13.3 1.3 3,8 577.1 35*.
36 71.6 57.6 14.5 1,4 3,5 567.3
102.4100
162,4200
,1,737,3
-1.7 37 72.7 A44.2
9.7 1.1 4,9 55,4.5 3. . 146.8500
.
175
183
184
2,069,921 2,015,147 2,101,877 2,115,354 2,193,021 ,21,294 12,417. 2,040o I209 12,006 12,088 10,135
50,533 332 3.3
.
Dxv
Nuv
SLPOct
176
1577182
Ma.rket. capitalization ,5,5 1,4383,9,5 1,433,727 1,540,530 1,481,151 Inosrudtos 10,443 10,405 .9,754 ~~~~~~9,988 50,202 9,854 In 1J,S,dollarp Tradingvalue Inesucuos In U1.5.dollar. tnl Turnover
Aug
Jutl
IJin
,
56,816 332 2,9
49,350 294 2.4
90,316 47,569 255141,5 4.3 2.3
204,403
2,685,3 18.9
2,465.2 *S2
2,632.2 6.7
2,514.5 4.45
2,614.0 4.0
36 72.4 76.9 .17.1
34 71.5 49,0 17.1 1.6. 3.0 675,6 -1.3
33 71.3
36 71,7 68,9
*. .16.7
1.6 3.1 .3,3 677.3 94-3.0
179,71110 171,2400
36 70.0 73,5 15.9 1.5.1.6 656.9
3.0 684.1 4.1
.173.7800 167.84500
175,7000
9.5
.82I.4
180 1.7 2.9 694.6 2.8 176.6200
exchanges. LisbonandOpcorto tle lncluclu figuires irac1edi Valute 1986=100. Inidex IsJan. (tirtheIrCGPonrtugal daite Thebase Is1977.100, theo OTAlindex data for Tite base
1994rACTUGOK
.I!uEmIw.INc
DATA~ BASI NIARucri.T
198
Portugal. 1984-1993 end of periodlevels) !(currencyIn mlillions;,
Markt
.
Numb.r of listedcompanies Iolosa deLlsbon Market oaipitolliotion Inc4udos In VA.& dollArs
1955
23
24
' Clinngelnindex(%)
IFCGlobalIndex Nunitrbrostackcs hreo Mi~nl op(). .. P/Erglo PfIDY.rillo.. yioldl% UMdLnd D TotillreturnIndex0InIndex(M *Cluange
.
.
Exdliangeratu *xI-angornlue(iivgoofperIod)
7.1
9 585. 15,4 2,5 05.3 265,7 .
29.3 169.2800 146.3900 .
20,661 19.3 157,4900 370.3900
29,532 I I'? 146,1200
2994PACTiIOOK
..
1990
373
152
151
1,555,380 10,615
1,052,277 7,172
2 40,0 18,0 3.7
2 43,5 22.6 5,4 1.3 570.5 224.1 36,731 9,.
129.5700 1419,65800140,5800
the,Lisbon.iid Oportoexehliatges. :Nvt&*: ValuetradedfigureslIncluide IrOiouglIdx3W dalefor 11iw Thcbase Is 1977=100. Thobasedotefor Ilie oTAInex
1959
. 300,394
624.2 -25,3
2,393,021 .12,417
2,10,449
406,155
467,263 3,455 35.4
750.284 4,535 44.0
3,637.9
2,614.0 59.6
43,721 9.5 146,7200 143.5786 .
32.0
36.9
45,623 12.6 349.60110 157.3232
1,977.7 7.77-32
2,143.4 -34.8
.2.7
874.5 40.3
383
191
.
1,353.627 9,233
2 .7303 55.5 53.4 33, 19,0 1,7 3.4
1.3.-3.9
ISO
1993
1992
1,254,348 9,613
22.5
.
1993
.
1,257,245 9,203
.3,287.0 2,355;9 2,990;0 39,5 -21.2 3~~~~~~~~~~~~~J45,8
1,202.0 1122
.
1985
163,354 213,904 ,55,36112,572,815 14,5 31,3
9,041
-45.1
Economicdata .19,234 C;ross.domesttcproductUS$) price3ndox(% CI1a4nguhInconh%Iint'r
-
....-
1,150,304 5,557
223,519 3,530
566.4 126.5
249.7 33.5
.
63143
551 560 4.0
476 3 4,1
1957
1956
30,254 192
121307 73
Value Traiding inescudos 'InU.S.dulirs ratio. Turniov6r Index Lo6cal lindex' PITA
1984
.
6133, -29.5
59,650. 13.4 136,6400 142.5526
..
61.3. 3. 0.9 1,3. 3.7 624,3 1.7
03 52,8 9.0 1.0 4.7 903,1 .19.4
65,774 11.4 133.6000 144.3212
54,0395.9 146.9200 335.2289
. 71.3 .
.15.
1.7 2.9 694,6 3,11
6.5 176.6200 163.3912
9610
IN3tNcM,wirDATA
HAI;
19
Sri Lanka .IFCG Pri Lanka
Exchange Rate
(LI$5$; eid 1992=100)
(RInpxs/tS$),
:175
AverageDqlly Value Traded (145$nlllns)
.:--
.4.0
50.0
3,5 .
1509 '125
3.0
j254
100 1 41
30~~~~~~~~~~~~~~~4.
~~~~~~~~~~~~~~~~~~~~~~~4.0.... ~ ~ ~ ~ ~
' -Indexformarket - IFCC
01
t
00
~
-
}bm.,.,:;'"~~~~~~~~~~~~~~~~
Ratio nInli valis) -i5dofP/E
t;.j ::IFCG
fr.,
Share of IFCGIndexMarkets' Capitalization ltlie,;) (cnd-1993;lolal=LIS$852
.J
-
30
.
1-.
With a return of 62%on the IFCGlobalprice
S
't; 20t =US$852 :endl-199.3; 15't ;-:d
.
'x
S:;'' ....
_
;
10
4
3
billion at yearend1993.Total turnoveralso
s$2 0increased
'
'.'
.> I#t.2
.t
.
HNIEA
F. ge,sea i'
l1
^Sri ;l I10 auki 1 Hos1 tiJAs_ 5 ia
I
_ov _rn _t_a_
93 v 9.3 1113 Mar93--an 93 . Sep93 fl'
hlMr93
40'-<;; :
; ; i ,
i
:
significarntlyin
$^
i
i
m ilion 1993 $385lo
(7' iroaii $114millionn 1992; January ' t ; depressed butbegana Sarket _started |2 7 R ~; gradual i tiptrendon rcncwYed Interestfromforeign investors,and to somieextent,fromdomestic speculativeInterest.Bankinigand hotelsectors ivcre theimostheavilypurchased,followved by properlydovolopimient ald textilessectors.
71 Tlho 1m 01
iMarket
9,
,2
MarketPerformance :
:
.
"
recovery was hampered hi April after the
assassination of Sri Lanka'soppositionileader morcresilient butremained L*alithl Athulathmlludalt,
- , I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1994 IIACTIIOOK
'-
ENRG,INCMI1tKEiTSDAT,\ HAs! 200
-
on newsof PresidentPremadasa's assassiniatlon on May I. StockpricesInitiallydeclinedon noews of thc President'sassassinmation, with Investors expectingpoliticalluncertainty,but recovered quilcklyoi rcassuranice fromthe government that therewouldbenochanige in economic pollcy.Thc IFCGlindex endedMaywith a gainof over5%for
nnaouicedby tlic govarniment in Junewil1hlp l reduce thie fiscal, deficit in Iline with IMF stipulations. 1-loevor,sincerisinguneiiployment due to job lossfromiprivatizationshasproduced somedisconitanit nmongtlie electornte,annlysts suspect thlatpopulisteconomic policieswill notbe totallynbandoned.
themonth, The market's recovory In the face.of ohese assassinations heraldeda stendyuptrendfor the restof theyear,boostedby activeforeignbiuying andconfidence In tlhenewly-plected governmniit's ability to mnIntaii thieeconomicprogramput in place earlier, Stock prices ttumbledbriefly in Novembetafter thoSri Lailkanarmy suffered losses duringa raidby Tanillsoparatists,
*Poreign exchange rescrvee increaseid significantly In.1993,leadingto a morefavorablebalanceof paymenits following thierelaxationof exclhanigc controls.Internatlonial donorcountriespledged $840millll toSri LnnkaIn InJune.
Economlc/PoliticalEvens
r
-
.
; Srl LnioknfacedmajorpoliticalcrisesIn 1993witl thl assassination of theoppositionleaderin late April, and n wyeeklater, the assassination of PresidentPremadasa. However, observerswere * Impressed by tpc ibli'csresilienceto thecrises alndthe governmelt's, ability to mailitain'pCO:ce throtighout the period folloiving thle assassinations. Additionally,the assassinations failedto havennynegativeImpacton economic performance. FollosvingPresidentPremndasn's assassination, tranisitiol1 td thic newv administration wassmootlh andforeigninvestors * tookheartat newly-elected President Wiletutnga's a&ssertion that all economic libernlization * measures adoptedin thepastwvould contlinue, .
;
Iinflatioiconities to berclativelyligih, stimated at nround11%for 1993. Interestrates,whichlhave remained hIIII ni d therebynttractedfunidsaway fromthestockmarketto government fixed-income iistrtimenlts,are presentlycloseto 20%(T-bill rate). Thefirst everissucsof comimercinl paperby Sri Lankancompanies occtirredIn 1993,with Aitken Spenceand JahtnKeelis I-oldings eacli making Issuiesiti tiree-montimnttirities
Theeconomy grewv approximately 6% In 1993after growing nt.a 1%rate in 1991anid 1992.Tlwe improvedperformanecwas due to a boost In agriculturalproductionlfollowvinig a drouglht1in 1992,In recentyears,tilc nationalbudgethasbecin underconsiderable strafindue to thc sizcof the defensebudget,constructedto deal vith Sri Lanka's separatist concerns.Spendinigclits 1994 I.,ACTUOOK
EMIRt;iNc MARkETSnTA
UASE 201.
Sri Lanka
1993
currency in millions)
Feb
Mar
Apr
May
:Number of listedcomponles ColoniboSlockExchlange
191
192
194
196
196
63,590 1,343
65,140 1,358
67,900 1,416
Tradingvalue Inrupees In U,S.dollars Turnoverrntla
, \
?>
4,;l,! +'
62,000 1,334
n
Sep
Oct
Nov
Dx
196
195
195
195
197
197
200
74,940 1,555
88,410 1,815
85,370 1,799
88,690 1,804
97,270 1,974
115,960 2,346
123,790 2,498
516 II 0.8
1,266 26 1,8
2,227 46 2,7
2,016 41 2,3
1,913 39 2.2
1,931 39 2.1
3,971 80 3.7
3,209 65 2.7
P81.7
755.2 -3,4
762.3 0,9
837.6 9.9
960,4 14,7
993.3 3.6
999,4 0.4
1,130.6
1,385.8
1,442.4
*0.8 3,3
13, 1
22.6
4.1
29 56.9 88.9 10.3
29 57,4 80D2 1.0,6 2.4
aa 55.0 71.8 10.8 2.2
30 55.6 87.1 11.6 2.3
30 56.1 12.9 2.7
30 55,8 62.3 15.1 3.1
30 58.0 62.4 15.5 3,2
30 60h0 83,0 .16,3 3.4
30 61.7 56.5 24.6 3.8
3060.6 50.1 26.9 4.1
91.1 0.7
92.3 1.3
88.1 4,5
92.8 5.3
102.6 t0.6
118.7 15.7
120,2 1.3
122.3 1.8
137.2 12.2
160.3 16.9
30 58.7 42.9 27.8 4.2 1.6. 165.4 3.2
47,3500
47.9600
47.9600
48.2000
48.7100
49.1100
' LocalIndex 762.2 CSHSensltiveIndex jn! Ct,iv.'\ hangelninlden(SI)-7.8
756.5
46.1.500
Aug
36 8 0.6
306 7 0,5
IFCGlobalIndex 29 Nurnierof(odcs Shareofnmarket cap.%) 56.1 SthareoftradinggvalueC(%) 73.0 P/Eralio 10.1 2.32.4 I /Bv ratlo . ODividend yleldl%) -TotalreturnIndex' 90.5 Cliang@Iitolallrciitrninidex(6) -9,5
Jnl
Jun
494 10 0,8.
363 8 0,6
Economic data Exclianserlte
Vt",,
62,100 1,346
.
<- X0
4.E .n
Jan
Marketvcplfillzatlon Inrupees In U,S.dollars
~-'! "-'
NO"'.
Markta
.66.4
1.4
*
46.4800
49.1700
49.2870 .
49.4200
49.5600
Thebase dalefortheIFCGSriLankaIndexis Dec.1992=100. IndexIsJan.1985=100. Sensitive NoleN Thebase d,tofort1eCSE
4*; >:
1,994FecrnooK
~ElcRINc
B
N'fARKrTm DATABJASE: 202
SriLanka 1984-1993 (currency (n millions;end of Period levels)
MarketS
1951956
1984
Number of listed companies Colombo St~ckFxchange Markpet aIalzt InU.S. dollars
1990
1991
1992
1993
200
165
176
176
175
175
190
10,000
12,000 421.
15,700 608
15,500 471
17,087 427
36,580 917
52,700 1,936
66,200 1,439
12,790 2,498
144 5
335 II 1.3
380 12 2.2
256 7 1.6
1,563 39 5.8
4,302 104 -7.2
4,969 114 6.7
18,579 385 19.6
131.4
218.0
172.4
341.7
660.3
1,198.6
826.6
1,442.4
7,5
65.9
.20.9
98,2
99.1
76.2
.72 -1.4
CSE Sensitive Index*
1959
171
-3
tocal Index
1988
171
-365
Tradingvalue Inniupees In:U.S.dollars Tuirno'ver ralio
1957
122.2
Index~c *Cha,ngeIn
.31.0
74.5
iFCGloballIndex Numberof stocks Shaireof nmarket cap.(%M * P/H ratio *.-----.-27.8
.
.--..
29
57.7
-: gBez'rlld (% TotillretturnIndex" Cia~nge in lindexC~ *Economicdata Crossdumestic proiluctC(US$) .6,044 ~16.6 CIiangc.incnsunicrprIolndcx(~1 Excliangc rate ExcInian'erale (averagof period) .-
--.
.
4.2
..
100.0
--
5,978 1,5. 27.4080 .27,1630
6,406' BID 25,5200 28.0170
6,681 7.7 3p.7630 29,4450
6,979 14.0 32.8911 31.8000
6,958 11,6 40.0000 37.3858
30 !557
5,031 .21.5
'40,2400 40,0692
8,978 9,659 221.410.3 42.7138 46.0000 41.5084 43.8570
165.4 65.4
49.5600 45.2626
IndiexIsJani. 1985=100. Thtebasednlefor ilia IECGSriLankaIndexIsDec.1992=100. Note.Thebasedatefor 11wc CSESenisitIve
~~
.
~1994FACTUOOK
BNitRGINCKIARKrITS DATA BAsr. 203
Taiwan, China
.
FICGTaiwan, China (US$; end 1992=100)
Exchange Rate (NT$/LIS$)
Average Daily Value Traded (LISSmillionls)
200
27.0
3,000) 2,500
175
26.5:
15a
ti-~
2,000
P1
1,000 25,0A4S~~~~~~~III4$*~~~~~~ 1So0
125
i50 Y''
';:
25.25.
L0
De93
93 Sep
Jun93
Mar93
vauies) (endof mnwutli
500Jo_ .I: Mqr93
Dec93
.
:
40 . ,35: i
fuis93
.
93 Sep
Dcc93
.
.
20 j~~~~~ V ,.l "
V 4E 20
Nt
,l
,l ,
3
line93
loss In 1992,the TaiwvanStock Exchange(TSE) price indexstronglyreboundedin 1993,
34n' .
;li
mP,A
E
i AS
r
idvanicIng 80%.to 6,070.The IFC Investable a aind
m
Taiwan price index rose83%In.dollarters
92%|i .NT dollars, while the IFCGlobalTaiwan
|
~~~~~~~~01w~ Talwan, 93 Se)P
ASCI
DJw19~3 .
;. . . 1994FACTBOOK
_Oilli,s S.
:S . . t 1i
30,
0'-
Mar-9J3
Latisi
Anirlic
.:I_weighted r
An Ivith tension in 1993along Easing political improvingcorporate earningsuoutlookand a substatitlalIicreaseIn marketliquidity from both anid foreign linvestors reversedthe ~~~~~~~~~~~domiestic bearrun thatstartedIn 1990.Aftera 27% market's
:
.
.
.dIh~
15
Market Performance
.o
.
.
25 ,X
::
,
Sep93
Share'of IFCG Index Markets' Capitalization tolallSS852 bilioni) (eivd-1993;
'IFCOG P/F Ratlo
7,
fini93
IFCCComiposite IFCGIndexformarket
,|jX
.30
Mar93
Ir
, r. 3 TiIIM%r ciflnn 93 1lll93 Sewi93 (Clilsin. .
96%in 87%Indollartermnsand rce Indexgained NT dollars.
The TSEhiasfrequentlydisplayedhiglhvolatility * since n large percentageof trading activity is generatedby individual investorsaind becausc trading .activItiei have been largely speculative nnd short-termoricnted.Thercwasnoexceptionto this trendIn 1993with theTSEindex fluctuating * 204 AE I.IGINGNMARKE:TSDATABASE
between 3,098In Janutary antd6,070onithelast tradingdayof thteyear.Hlowever,asIn othier markets,onice a rallyhiasbeensparkedby other catalysts,retailInvestorshavehielpedaccelerate thebull rutn,In 1993, governeniituthtlorities took fincremein.tal steps'to developtte. Institutional inivestorbae lvnnw~crt'inv smen truist companies (SIT's) wvere, establishedin * Janua ry anid'Februiary,anidn totailof NT$53 * billioni wasraisedandinivested Intheo stackmarket by~theS1T's.Althioutgh thisamounit onily accounted "for' 2% of the total market capialization, anlticipated piirchiases by inicominig muituial funids actedatractin s a ctalystin a lage numer of retail ijivestorswho conitribuited significantly to' theTSElindex's43%gainfor theo firstquanrter.
tile year as a resuiltor:1).the aidminiistration's Economlc/Poiitlcai Events cuirtailingor delaying lInJuilyniany projects containedIn tfie original six-yearpln )teThe economiy expandedby 5.3%finthe fourthi centralbanik's shift to anieasymonietarypolicy qtarteor of 1993, and5.9%for 1993, lowerthin the followeodby reduictionis of key official lenidinig previotisestimnteof 6.03%and below 1992's ratesto commiiercial baniks InJulyadNvm r,Increase of 6.0%.The 1993figuires reflectlowe and 'a'reduction in banik resdrverequiirenments In thaniexpectedgrowth In exportsand sluggish Septemiber; 3) deceleratedcapital outflowvsto privateinvestmeints. Thiecentralbankforecasts Chtinadtteto Chinia's imipositlion of aniausterity thlattheeconomy wvillcbntintie to growv at 6%in program;4) thecentralbanik'srei.snse of Postatl 1994, suipported by stroniger' economic recoveryin Savings funids Intotheflinancial system; 5)a suirge OECDcouintries and hiigher level.sof publicand In foreign capitalInflow'In theo last quarter,of privaite Investment. 1993and anIncreased numiberof offshiorefuind offerings;and'6) aniIncrease inlocalivsal h tradesurplusniarrowved furtlherduring 1993 funids whliIle private capitalliiwestnieint growvth to $7.8 billioi,' down fronm$9.5 billion the remainssluggishi asevideniced by.accelerated MI prevIouis year.Exportsgrew4.5%compared to7%. growth slince July. 1992,andimiports wvere tip7%versus14.5%in. 1992. Lower nimport. growthrfet redue Thlestockmatrket wvas aloobuoyedby animProved limportsof capitalequipme.nt for Infrastructure earnin[gs outlookforlistedcompanies for1993anid projects, 1994,after almostflat growth.In thecorporate
.
.
.In
Loalpolitica.ldevelopnments hanve allwaysplayed a majorroleIn dictatingthenmarket'i directioni and * Prem-ierFlau's resignatlion In late January * promptedthlemnrketrs firstbuillrutnfin1993aftera
asthelocalbusiness communiity aildstockmafrket projectthact'llhore wvillbemorethian 13%growthIn inivestorswelcomedthe appoinitmniit of a newi corporate 'earniiiigsfor, 1993,. based uiponl PrimecMinistet anid.newvpro-business cabinet expectationis of dellning' oil prices,declning membersIn. late February.F-lowvever, linvestor 'Interest rates,limprovinig exportsonithebackof thle conifideiice fellamidtheruilinig Kuiominiaing party's stronig yen,thefimprovingecoinmites of OECD KTs)continuiniig Internal dispuites anid couintries, kindaniirnroved climaite for capital corrtuptioni scaindalls, thedefection~ of a grouipof. 'investmniit suipported by the economnic stimuluts KMT miemibers to form theNowvPairty, and tile packagann ouniced InlJuly, unCertainouitcomeof the 14thNationialPArty CongressIn Auigut, Thlemarketremained In a In 1993,theadministrationtookseveralstepsto conlsolidation.stage:until Octoberwhlenipre-' Iliberallize'local financialmiarketsand relax electioiinmarket boostinig mea(suires coupledwvithl restrIctions on foreignportfolioinv'cstiiienits'. liudt netdnweeg noteMeasures takeniby the.adminhistration InCIlude1) mairket.Tuecresuiltof the'Novemnber regional loweoringqualificailonlevels requtired for electioni, In whichtheKMT.mnaniged to retainits Investing fore!gin instituitionis; 2) Increasing the nmajority status, hielped gignite a stronigrebounld at investmenit limit bya sinigle foreigninistituitioni fromi year-enid. , US$50 mIllionto US$200 millifon; 3) openiiiig ihe. preferredstocks.. of listedcomipanies to foreignl Thlemarket suiffered fromi tighitliqutiditythirouighouit 4)increasingtileAggregate linvestijient 1992anidIn tl,'cfirst halfof 1993duec to Increased for'foroigilorsto US$5.0 billioni fromiUS$2.5 capitall ouitflowvs toChifina anda significant' numllber billions anld5) allowving foreigni inIvestors to sell. of boindissuies by thegoverinmenit to mieet six-year stocks, onie'dayafterpuirchanse, a cianige fromithe Infrastructure expenidituire plans.Marketliquildity rulles of allowving salesonly after dramiatically' inmproved dutringthec seconid halfof phiysically takingdelivery. ..
US$1.45billion for 1993,versus'a deficit' of US$639 miillionin 1992. Theimproved1993figure reflectssuirged foreignportfolioinvestnments in the quarterwhichreduicedthiedeficitin the lonig-terni capitalaccountto US$2.4 billion fronm US$3.6billiolnin 1992.H-owever,the current accounit suirpluis droppedto a 10-yearlow of US$5.84billioi fil 1993,duecto decelerated' growth, suirged of capital equipment, anidtheIconitinued growthof overseas travelspenldinig by localresidents,,
'fourthi
'
.
'eXports
'Imports
.
'iprovin
.:
'
.
'Investors;
'.limiit
'
' '
.'previouis
.
.1994.F,ACT11oK
.
'
Uniderthecenitralbanik'sesmoy'plcan the weakcorporatedemandfor credit,interest ratesdeclinedslighitly in 1993by 20 to 40basis points.TheL primec leniding ratewais 8%atthec endof 1993conmpared to 8.3%a yearearlier.Interest rates, nr iey ors nt0 eodhfo 94a puiblicandprivatesectoeinvestmeonts rise. Thec CPI declinied to2.9%in 1993versuts 4.3%In 1992due partlyto stablewholesale pricesaniddecelerated wge growvth. In 1994,inflaitioniary preassure Is' likelyto resultfromhi'glher fImportpricesandrising Wholesale Pricesuniderimiprovingeconomilc performiance.' EtiImcuNc N'iAuIKr-TS DATA BASE 205
i, ,A
Taiwan,China. 1993 (currencyin milons)
.;Marker
Jan
Peb
Mar
Apr
Maiy
257
260
261
264
271
271
JLII
Jiun
Atig
SLP
Oct
Nov
Dr
273
275
280
281
285.
2,924,313 109,689
2,928,511 10o,988
3r291,812 123,799
3,522,745 132,186
5,145,410 195,198
316,720 11,787 10.8
521,514 19,613 16.8
753,296 28,266 22.1
-Number of listed companles Taiwan Stock Exclianige Market
271
capltollzalion
In NowTaiwan dollars In U.S.dollars
2,585,471 102,517
Trading value In New Taiwan dollars In US. dollars ralio mTrnover
168,070 6,664 6,5
3,441,286 133,642
851,217 33,057 28.3
3,838,413 14B,4F18
3,636,969 142,23G
3,426,233 132,594
3,185,945 121,973
1,628,374 62,993 44.7
1,034,129 40,443 27.7
676,019 26,162. 19.1
384,300 14,713 11.6
3,107,487 116,516 354,053 14,400 12.2
378,162 14,185 12.5
1,960,862 74,388 45.2
Local Index TSEAversgelnd"x
3,374.6
CsChingelnlndex) IFC
Global
Number
78
ShareaOmarketcap.(% trading
value%)
BP/Era tin P/3V
3,960.4
3,995.5
-6.5
-6.4
3,892.0
-0.9
.4,353.9.
4,131.7
3,832.7
-1.7
-1.5
7.8
6,070.6
5.4
39.4
totil
return
78.
78
78
78
78
78
78
78
63.6
64.4
65.0
68,2
66.1
63.5
63.0
63.9
43.9
59,2
58.0
50.6
49.1
50.1
46.7
46.6
41.1
42.1
44.3
55.4
22,9
24.6
23.0
21.8
20.5
22.1
21.8
21.2
22.9
23.5
34.7
2.0
3.0
3.2
3.0
2.8
2,7
2,4
24.
2,3
2.5
2,6
3.9
1.6
1.2
1.1
1.2
1.3
1.5
1.6
1.3
1.2
502.7 1nd1cx 1%)
78 63.3
i4.9
4
785
78
1 64.1
.
Tomlretuirnlndex
Eoonomlc
.4,267.9
-5A.
66.4
Dlvidenctyield(%)
Excllange
4,563,5
10.0
64.4.
rlaio
Change ,;;
29,9
Index
of stocks
ShareO
4,825.3
4,384.7
-0.1
.
*0.2
676.1 34.5
725.1 7.2
6685.6 4549 5.8
54
603.4 -6.6
1.5
.
581.3 -3.7
570.6
549,3
600.6 9.3
-.18
0.8
635.9
952.2 49.7
5.9
data rate
25.2200
25.7500
25.8500
25.5700
25.8400
Noe: Tuec base date for IIIe TSE Average lindex Is 1966.10W.Thebase date for the IFCG Taimnvi, Chli,i
26.1200
26.6700
26.6600
26.8700
26,5900
26.6500
26.3600
indexIs Dcc. 1984=100.
I.:..;
1994 FACTooK
.
E
IN
KTs DATA,BASE
Chin Tawan, * 1984-1993.
end of periodlevels) (currencyIn millilons;
Mairket
1984
Numberof listedcompanies Taiwa I tV
*
123
xcag
Marklcecapitalization InNewTalwan dollars In U.S. dollars Tradingvalue In Newv Taiwvan dollars InU,5.dollars Turnover ratlo.
127
390,300
ChangeInlIndexC(%)
324,475 5,394 93.2
163
1991
1993
.1992
221
.11199
285
256
1,386,065 4864
3,383,250 6,174,164 120,01?7 237,012
2,681,91 100,710
3.,184,028 124.864
2,545,302 101,124
5,245,410 195,198
.195,200 .4,899 48.4
675,655 18,931 140.2
2,668,603 84,112 275.9
7,572,393. 25,407,964 19,031,282 275,624 965,840 . 715,005 429.5 330.1 531.7
9,652,738 365,232 330.1
5,995,745 240,667 2093
9,056,716 346,457 235.5
.3,377.1 .26.6
6,070.6 79.8
835.0
538.1 20-
142
'.130
1990
951959
548,436 153?
.
..
19618
415,700
~~~~~9,859 ID,432
..
LocalIndex t ThEAveragelIndex *.
1985
0.4
2,339.9
1,039.1 24.4
5,119.1
125.2
9,624.2
m4,530.2 -52.9
11.58.0
4,600.7 1.6
IFCGlobalIndex Niniberaofstocks 5I,areafmarketcnp.(%) . P/BEraIlt
30
.
~~~35.7
30 36636.4
11.7
.o
r/BDV ratio Divldand yieldl%
Index Tatal * relurn * laingeinlIndexC)
30 2.5.1
30
12.0 2.5
-1.6
2.?
~~~~100.0 120.4
62 6.2.1
64 81.7
70 66.5
35.3 6.9 0.6
53.6 1.0.8 0.6
25.0 4.0 0.0
49.3
364.1 120.8
703.7 93.3
62,080 80.000 . 0.0* * 0.? 39,8500 **35,6900 35,6900 39.8486 *
101,586 0.5 28,5000 31.7267
122,435 1.3 28.1900
.
101,4
-
1.7 .1.3 164.9 .
61.4
.62
1,407.169.086537922 100.0 -50.9
70
78
22.3 3.3 0.9
59.8 16.6 2.1 %1.5
63.9 34.7 3'.9 0.8
.0.6
.-26.6
89.0
data Economic (US$) domasticpOroduct ChNingeIn canstumer priceindexI%). **Ex(clhnge rateo rate(Overage of period). ExcIinnge -Gross
59,174 0.0 39.4700 39.5970
*
*.
.28.5621
347,674 4.4 26.0500 26.3D66
159,285 4.1 *26.6300 *.26.6170
.
177,755 3.6 25.5000 26.5112
*208,750-
4.5. 25.1700 *24.9130
.
2.4 26.3600 26.1387
basedate for the IRCETalwArs, Chi1na indexIs Dee,1984=100. Note,: Thebiasedatefor thec TEEAveragefindexis 1966=100. Thec
1994FAcTUoCK
EMEIrRGINCG NIARKErSDATABASE~207
-Thailand ""
I, '
IFCGThailand Cied1992=100) tU(LS$;
Exchange Rate (BailtILIMSS
Average Dally Value Traded (LISS niflions)
225.
25.5.
1,WO
200.
25
800
25.3-
600 -
175,C
. ': .i Composite4. IFCC
'
F't;"'/:;'
Mar93
.
.
t;o',.igi
. #....IFCGCom%posite lFCG;.Inexforn_kanket Se 93 ~ ~~~~~'ti >:i:~
40093 Mar93
Dec93;
Mar93l Ju93s Sp
Sep93 Dec93
J.n3
Asian markets in 1993 One.ofthebestperformning otn a 97%gain in dollar terms wsTalnd Globalprice index and a 107.3%gain on the I~~FC ionthe Investableindex.
30 Oilier
,.
Sr{CAP :
.
South Asia
U. LaUnf
.
25
20
X
~Mar93
5e'v93
J:iir93
. :;:;
.. ~~~~~ ~ 1 ~. . ~
~~~~~I....
:
D c93
Stock prices retreated temporarily only in Febrary and March,and gainedsteadilyfram
.
.
.
spurred locai demand for shares, some speculative
atAL
.............
-
';'e'fo!r'-a.'n.'e.,
'
pS
Se,i93
3
1994 FACTUOOK
:;.
De 93
~ . .
;
Thailand.t'; 93
lowverinterestgrates, and a perYfionrmances, Themarket'sfirst: fundamentallysound economy*. ~~~~~~~~~~~~~~~~~~~~~~~
.ati
.
.
~ ~ . ~ ~ ~ ~~~~5
C-
93 ,.t s.j~~~~a
19-93
(end-1993; total=LIS$852billionl)
valuies) (coldof mon11th
1,,.,; '
et
Market Performance
Shareof IFCGIndex Markets'Capitalization
IFCGP/ERatio
5cp93 Asia
One thIetefring
9f
De9.
Se9232
Jn93
. '.;NIEAs.\:.¢': .s:t-e30.
.
.
:
decline wvaspromnptedby the suspension of: ~~~~~~~~~~~~~~~~~~~~~~~quarter
a listed securities company in financial trouble and the Stock Exchange of Thailand's (SETs) a.. an raes stricter weouldimpose ent that it interest.... announcenm ,lo''wer'.
.
MIARKETSDATA BASE 208; EMIERGING
..
disclosure requirements on listed companies. An
services company FinianceOne. The many issues
overall market correction after strong gains in 1992 and in January 1993 also factored in the decilne.Bankand financestocksremainedfavorite picks, causing the largestgains for 1993to accrue to this sector. Trading activity swelled to aggregate $87 billion in 1993 compared to ,.$72billion in 1992.
that followed,encouragedby the successof the initial two, tapped the. Eurodollar market to obtain debt at far more reasonablecosts than in
The Thai SEC began 1993 by continuinig to investigatea largestockmarketscandaluncovered in late 1992.The scandal involved maniptilating stock prices of the BangkokBank of Commerce. Soon after the scandal was discovered, the SEC suspended trading in the bank's shares; trading resumed in February 1993 to a strong price increases.TheSECpressedchargesagainst30and implicatedover a hundred others,despite several of those implicatedbeing influentialin political, *corporate,or militarycircles.Observersexpressed satisfactionat the maninerin which the relatively new SECexercisedits authorityinvestigatingthis caise.
'
'
The year's first listing of a privatized company took placein June TheThai oil and gas company, PTTEP,offered40 nillion shares compr;i3ng15% df its total siare capital to foreignadl domestic Institutional investors and local individual * investors.Soon after PITEP's shares were listed on the SET,the companiybecamiethe exchange's ' most activelytraded stock for several days. The end of November sawvthe largest initial public '' ' ' share. issue to date on the SET when telecommunications company Telecom' Asia Corporation offered 223 million shares, raising
the domestic market white giving investors the
opportunityto participatein Thailand'sbooming stockmarket
Economic/Political Events Thecoalitiongovernmentof PrimeMinisterChuan Leekpaicameunder considerablepressurein 1993. In June, the oppositionbrought a non-confidence motionvoteagainsttlhegovernmentinparliament; the motionwas defeatedafterthreedaysof debate. In mid-SeptemberPrimeMinisterChuandropped one of the five parties to the coalition,the Social Actio. Party (SAP)The SAP vas replacedby the Serith iimparty,a mnuchsmallergroup,leadingto a reduction in the size of the majority held in parliament by the administrtion.
TheThai economyhas enjoyedhigh growvthrates for severalyears,and grew at approximately7.5% in 1993; the Bank of Thailand has forecast a growvthi rate of 7.8%for 1994.Inflationhas also stayed low-approximately 3.5%in 199-and is projectedat 4% for 1994.In addition,interestrates moved dcownin 1993,with Tlhailand'sleading banks slashing' lending rates in February. The Bankof Thailandfollowedby cuttingthe discount rate in. May and September. Leading banks respondedwitli furtherreductionsin lendingrates; ratesstoodat slightlyover 15%by year-end
approximately $1,02 billioil througih placement of
lchalf its shares to domesticinvestorsand half to
Exceptfor good growvthin manufacturedexports,
foreigners.
export performance remained sluggish for most of
1993saw a spate of Eurodollarconvertibledebt ' issuesofferedby Thaicompanies.Thefirstof these issues was launichiedby property development companlyLand and House in April. Close on its lieels was the $75 million issue by financial
'1994
FACTOOK-
the year due to a weak agricultural sector and sloWv economicrecoveryin most OECDcountries. Thailand's trade deficit has been widening as a resultof slov exportsand risingImports.
EsmERGING NIARKETS DATA BASE 209
'~5~Thailand I 9,93
In millions)
'c.* (curency
V
Jan
~~~~
315
317
~~FebApr ~~~ Mar
Numberof Ilstedcompanles tackE Fcliaingcof Tmlwind Sr..
capItalIzatIon .Moiket lntibaht Ini U.S. dollars
1,645,065 64,563
.
11,569,924 62,200
.1,494,542 58,910
1,476,454 58,706
139,203. 5,4758
71,146. 2,804
59,274. 2,357
56,658 2,244
132,460 5,248
4.6
4.0
3.9
8.8
825.7'
577.5
-2.3
6.3
.1,458,164 57,749
..-
-
In balit *177,634 In U.S.dlas6,972
ralto Tuirnover Laco! Index
. . SETlndex* .
In Index(¶6 ChangeL
l4.Nu lberofstckcs
8
.5
r
55
64.1 419.5
64,6. 56.5 701.
.
1I/3V ratlo
3.1
nyICle (¶61 Divltvid Total rctturnlIndox' hiitgc In total retuirnIndex(V) . ExcolnArnrlate rat. Excoanomi
8524.3
1.8 1,001.7 11.2 25.4800
..
3.0 1.9 972.4 -2.9, 5'10 2.40
-2.3
-7.7
-3.8
9,
.
.
~~~937.6
974.5
Slia reofrniarketC'p. (Wt 'lreof`trAdlng.Vi1L1C(V) iC.
~P/Ern!
8.6
11,3
..
.55 63.3 52.4 4814.7 2.7 .2.2
901.6 -7.3 25.37001
.
2.7 2.2 921.8 2.3 25.1500
..
2.6 2.3 595.2 -2, 25.2500.
.
2.8 2.2.. 955.0 6.7
25.2400
NovDv
341
345.
317
1,778,665 70,470
2,323,122 91,678
2,409,567 94,753
3,325,393 130,510
114,355
146,029 5,809
160,216 6,345
259,337 11,418
370,074 14,553
484.732 19,024
.
.4,521
7.1
14.1
971.4
1,260.9
0,9
29.8
3.5
5.8 58.
.
9.1
8.6
928.2932
.55
58.
.55 57.2 358.0 27.5
1,064.1 1.6.
37 1.9 1,447.8 2.9
25.2400
25.3400
3.0
.25.11400
55
3.7 1.9 1,406.6 32.2
.2.4.
.25.3000
25.5
2.8
2.5 2.1 .1,04.7.1
558
3.9
62.3 44.4 21.2
2.9 2.1 .1,016.3 6.4
161
1,309.9
62.5 45.0 20.5
61.5 36.9 15.5
16.9
15.6
.61.5 41.5 15.6
63.4 40.8 15.6
63.2 45.8 114.4
63,8 417.5 13.6
341
336
.
Oct
.1,743,715 69,360
55
55
55
64.6' 55.2
Ata5Se
1,669.376 *65,983
valueTrading .-
t.
u
334
334
1,603.,571 63,108
.
.
.
329.
324
321
ayJu
.25.4300
4.7
. .1.5
1,827.8 .26.3
25.4500
.Wate:
ThebWmulatefoir 1liwIFCGThailand lindexIs Dec. 1984=100 SFT lIndexis Apr. 1975=100. Thebasedate.for thec
1994
AT
0KEmIIRGcINC
DATABASE 210 MvARKETs
Thailandll 1984-1993
end of period levels) (currencyIn mllllonsa,
I1985 ~~~~~~~~~~~~1984
.Mar&4
Numberof littedcompanies ofThinflim StockEwhlgine
96
49,457 1,556 15,438 10,258 4~4581,133 32.1 25.3
*
LocalIndex SBTIncietO liidox(k) ~~~Clm,wgln IFCGlobalIndex Nunibe'rofstocks M~. cap. iitarkct .Sliareof
..
. .
125
IliaLSUTIti,io IsApr 195110 1 bisL*tiIitc,for *Nale.:The
1992
1993
214
276
30)5
347
11175.
897,159 604,566 2386.58558,259
2,07
I119,179 .4,6.33
141,473 5,598.
3.44,778154;47706 228430,059 13,452 92.6.102.2 78.5 .
47.8
10 62.5 I 1.0 1.2 6.0 174.8
23.6392
1991
656,842 25,648
I0 59.1
111.7
.
9.6 1(10.1 ~~~~74.8 (1.1
41,651
78.6
.
284.9. 37.5
386.7* 35.7
in1
19 53,8 11,2 1.9
48,5
10,4 .
1.1
4.10
4.8
335,3 40.7
240.4 37.5
2,5
3.9
26,65011
26.1300
25,1900
25,1900
27.1587
2fi,2990
25.7230.
25.2731
612,9 -30.3
879,2 127.3. 29. 415.8 3,1 7,.9 679.3 1011,5
5.4. 25.61110 25.OM
.
.
.
25.5160
3,325,393 130,510
.,3,2 72.060
,0.4 56,934 91.5
711.4 16.1
25.6
9194103,220
5.7 25.03110
25.4933
58 57.2
51 48.7. 13.9 . 2.5 .4.7 2.6 9010.4 . 492.0.3
1.9 641.8
.
1,682.8 85.4
*.893.4
43 50.0 12.0i
4 44I.0 8.7 21.2.1 *4.2 538.4 -20.7 80,389 5.9 25.3000
1,4R5,019
.153.6
.
16.3
69,292
187759,628
1.8
2.4
1990
221,958 8,511I
8 61.7
37,351
1989
138,170 5,4855..
207.3 53,5
41,175 0,9 7.15010
19118
75200 2,878
135.0 .5.1
5.5 .100,0 alreuml,ncix* * Tl1 CIi~~~~n~~oln1ndex~~~~~~~%)
FACTUOOI(EIiC.N 1994
.
-.
* ChAn9dIn consumerprikvIiidel(7M . . *icl .118 ri pro) tOCverigeOof *fl~cinliigrat.
98
142,3 5.8
1P/RrntIo) 1'/13Vratin (1) WivdendICyLeI
da'ta EconomIc C'rdoniustlptit(S)
1987
I00
Maetkocaplilollwlon. In Wlt .46,710 in U.S.d'olln1,0 Inralitg In U.S.dolI,ars ratlo Turnover
1986
.27.5
1.5. 1,827,8 103.0
3.6
4.1
25,4900
.25.4500
*25.3960
25.3198
lntlexI Dec.1984=I100. ThaliI1nd for thOIIPCG iswda1l'te
NIA ITS AABS
1
.9:
Turkey
.ra(L
1992=100) (US$; acd
160-
.15,000
:
:.325
.
225
I-t
12000
o1gs°AL 1
t
93 Jime93 ~~~~~~Mar '
'
.' 75j,.
Sepi93
Mar93.1 /vmr93 Selt9.3
93
.Dec
.
.
HR
. .
Anwrtca
*
.Infltio, <
i
_
..5 .~ _ . _ _
A
g.+
.
SSep91 ig. t1 lai 13 r 9,} c4 913 13
.
'
'
d h
! :.r
15
j J
Sep I9.3
Dx-93
.tirsey2s
.llglier.
.
lowecr Inflationrateduring 1993,and expectatiolls al resultsmovedshiare fianMu f-orgoodthree-limontil turnover priceson olw ISEslharplyhigher.Da1)ily
341n
.
E.
ComppsiteIndtex iXjumpingby 416%In lira 60-Slhare terms anidnarly 210% In dollar terilis, Declies in short-termInterest rates, expectatlonsof lover of stroig year-end i.ind aniniotiuicemelits earninigs movedslharcprices olnth ISE ^ corporate .. O I short-terni T-bltl In the first quarter, declin_es
.
.
a::
.
Pt
.
93 Mar
_
r.ip
.
.
_
L.
.
.
,',Lan zK,;
20
4a :
-
.
25-
;-
9.3
Market Performance : theseconid (ISE)w%ias StockExchange The Istainbul bestperformingmarketin the wborldin1993,its
billin).. hc1`ql=LLS$852 teud1993;
.
.
.\
r
.frmi
Shareof IFCGIndex Markets'Capitalization
IFCG Ratio
. .40t-j 35* 30
I'F
Mar9.3
93. DLCc
':-
(cludof mont/tvalues
r',,A,'di.:^";t: ' ' '
400
1tG lIndexformairket
-
N;-.>. I .2 :: .
2~~~~~~~~0
1146
25
*
-i 12
~~~~~~~~~~~~~~~~~flUflH
___________
Hn;H
o
80 6
12,000
t., 175
t:<
14
14,000
275A¶12
,
Average Dally Average Daily Value Traded ((S$ imillios)
Exchange Rate U/S$)
((IFC$Turkey
.
h
averaged
. . m~~~~~~~~~~~~~~~~~~iillloil
i ..................................
,
,
1994I ACTUOOK ;
'
$61 ne,rly $27 million In Janiary and y April,: il icbr'isiry, radclilg $75 mi11icnl1
Tue market'snpprovlalof the selectioinof Ms. Tanisti1iller as Turkey'sPrimc Mlinister,Increased I)ATA A;13.212 NIAItKuTS ANtCING DA,'
linstitutlonialinterest 1intlhestock market,nid
quarter,growth reached4%, followed by 11%
excellcit first quarter financial results for the
growth In thosecondquinrterand 7.9%In thethird.
maioritlyof listed companiesdoubled the ISE Compositelindexby theen!dof thesecondquarter andsentmonitlhly valuetradedup to$1,058 million in Junennd $1,480million in July.Of all sectors, the nutomotivesectorsnavthe m*ostimpressive quarterlygrowthiof 1,520% comparedto thesame period a year earlier, Overall,of the'145listed 85 companies. on tile IstanbulStock Exchiange, recordedcarinigsgreaterthantheaiinualrateof inflation,The60-Shlare Conmposite Indexjumped anothier 22% by clhe enid of Atugtist o° aniniounicemiienit duriig thestiuimmer that lth Public Participation Administrationi (PPwr,whicis responsiblefor all privatizations,was to sell l-share blocksof twenty previously state-owned einterprises to domesticand forelgigInstittitiona andstrategicInvestors,
Overall in 1993,GDP grew nt an exceptionally higihrateof 7%, ip from 5.5%the previousyear andexceeding initinlgovernmental targetsof5%.
.
Strong third qtiarter company earningsand poor
performanceon alternateinvestimeonits drove tho even higher and foeledthe ISE with fresh ; 0 capital,D:>urinig foreign September, oneof thebest montlisof the yearfor the ISE,the IndexJuLped nearly36%to an all-timelilgi of 15,952Toward thoendof theyear,foreignparticipationontile ISE Iicreasedsigiilficanitlyto 25% of the total valuie tradedwith the indexbreakingthe 20,000barrier to eindDecembernearly 30%and 5,000poinits hlighier thanat thecloseof thietillrd quarter.
.
'market
The unlexpected deathon April 17 of Presideiit Ozal led to thieTurkishi Parliamentapproving PrimeMlinisterSulcymanDemirelas thc ncsv TurkishiPresident.Thicselectionof Ms. Tnnsu QI1lerforthepostof PrimeMinisterendedn period of politicialtncertalintydlurinigthiemiddle of 1993; skyrocketed since thestockmarketsubsequlenitly Ms. qiller and her pro-capital markets program were well-knowniand regarded,especiallyill ternisof givingtnxbreaksto mutuialfundics whicli investover25%of theirnssets 1ilthestockmarket, Prime Minister announced IIIler significant corporatetaxchangesdurinigthe last quarterof 1993, Thecorporatetaxratewill be loweredfrom 46%to .25%,except for privatelyhieldcompanies, which vill besubjectto anadditionilal 20%taxoni distribuited profits. Tlils menasure wvillptislhmany qualifiedcoimpanies to list on tlecIstanibuil Stock Exciange.Oneof themaineconomicgoalcof tlic Turkish coalition governiment ias been. accelerating thipprivatizationprogramto meetIts targetrevenutes fromprivatizationsof $2.7billon by year-end.
Sincethe begininig of tile year,thegovernment tried to push 9-monitil nd 12-monithi T-bili interest rateshigherin ordertoattractfundsto financethe publicdebt.PublicSectorBorrownvg Requirements (PSUR's)MIulltotal 16%of GDPfor 1993versus tthegovernmiiiets iniltialtargetof 9%of GDP. Foreigncapitalflaws jumpediii 1993,reacing $2.3bihlicin,n 27%increase over1992.On thelast day of 1993,governmentofficials announced significant chanigesto import tariffs for mnliy products,but primarilyautomotives nndcigarettes dueto newtraderelationsihips with theEuropeani Union.
The newly appoitiledGovernorof tile Turkishi ControlBank,Dr. Gultokiln,hasannouncedthat the contral banikwill closely supervisemoney supply, with the continluing litenit of Firthier decreasing interestratesand keepingthellra fully adjusted waiththle cuirreiit inflationi rate. The
For the year,thieIFCGlobalnnd Investabletotal returnlindexes jumped47040%anid464%In lira termsand 234309% and 230.6%In dollar toris, respectively.*
ConistumerPrice Index (CPm)fluctuated, year-on-
Economic/PoIItIcoiEvepti*.* loEconomid/Poltiol Eallvent5
year, throughlouit1993between58%(in March, anmong thlelowvest ratessiniceAugtust1990)anid 073.10% In August,to closethe yearat 71.1%.Tlih
,
::inflaton
Growth In theTurkisheconomily vas remavrkable over the first tilree quartersof 1993witl GNI risingdespiterestrictedtradeopporiutilticsducto politicaldifficultiesIn neilgiborinigcounitries nid the recessloniIn WesternEurope. In the first .
1994 FACTUOoK
rate had a promilisinigdownwivard trendi In
the Mlistthircemonithisof 1993,from 59.80In January to 58.20%in Febrmaryto 58.00%in Marcihbuitlost its momenlitumn in the secondand thilrdquarters.
r-siTh:
NG
MARKETSDATAU.ASI 213
Turkey (curencyInmlilions)
Mu;rkd *
Numberof listedcompanies Excliunge Stobu5lck Market lnit rn
capitalization
ltoU.S.dallatsr
a
eL
141
141
11,16,596
.1675
535 5.2
linU.S,dolla.rs raltio TuirnoEver LocalIndex t ISHInidex in lIndex()9,3 Change
*.:
1,237 10.0
.
36 68,6 57,8. 10,3 2.0 4.2 233,9 3,13
.
36 71.7 62,0. 13.9 2,9 2.9 326.5 39.6
7,8107.6 33.1
5,864.2 .1.0
.
36 71.0 65.1 11.9 2.2 .031.5 302.0 -7.5
366 74,7 58.1 14.3 2.9
10,778,7 28,?'
8,375.8 7.3 3
3
6 70.1 52.3 13,8 .2,5 .
462.8 53.2
'125.1 -8.1I
6 69.9 . 47.3 17,8 3.5 334.0 508,9. 19,7
10,077,6 -6.5
69.1 43.5 26.5 3.3 449,7 .11,6
8,711,0100 9,027.0100 9,580.001W 92,560,0000 9,956,1000010,759.05001,2.00
basedale or t Theo 1986=11X1. 1.Jan.1 ThobasedalerftilllwIS2 Indelx NOle.-
'1994 rACT1lO)K
I
Noy
5
1711
147
6,740,627 15,585,465 13,623,820 17,702,780 14,780,267 17,698,766 34,289,724 24,529,282 42,452,446 52,946,185 3,634 3,023 ' 3,900 2,822 2,15t 1,305 1,051 1,367 1,630 704. 10.4 9.9 6.7 to.5 6,8 6.2 8,1 7,2 9,8 5.2
5,923;6 35.1
4,383.0
*IFCGlobalIndex Ntuniborotfasloecka Siaireolmarke!vanp.( trudingvawhlt(% Shnreotf * i'1E ratio Pi/l1V ratio. y1ud( Dlvidvnd TotalroturnIndelxt otar.urnInclcx(%) ClhaiigeInlW ' Economicdata rate ixhnge
1416
auct
469,5313,505546,318,238 231,807,915 285,685,163367,986,275 368,963,0818 93,922,662~ 130,189,595129,044,Si11187,426,131-190,5241,481 2416,164,659 37,496 34,237 28,577 30,282 241,453 20,472 22,880 10,137 19,605 13,470 14,422 10,782
TaIng valu
*
Ati8
1413
1412
41
14
u
u
a
.MrAr
12,357,11 22.6 3 68.2 40.3 20.4 4.2 3.5 532.5 18.2 1,8.00
14,50(2.7 -3,8
15,079.9 22.0 6..36 67.9 39.6 26,2 5.2 .5.2 3.2 657.1 23.6
.
67.8 '15.1 26.3 3.7 618.9 -5,8
291010
21200
18,977.2 30.9
20,682.0 9.0
36 05,5 43.1 32.3 6.4 3.0 . 716.5 15.8
3 63.3 39.2 36.3 7.2 .4 759,0 5.9
3740(0
1,7,0)
1C TurkeyIndex Is Dec,19816=10(1.
IiNi
TKISDATA BA.sr.21 A RNU
Turkey 1984-1993 (currencyin millions;end of period levels)
1985 ~~~~~~~~~~~1984
MarAW Numberof listed companies Exchiangu IstanbulStoick Markel capitailization Inl1iM In U.S.dollars
373
2,663 7 0.8
Nunibcrclstcicks of marketcaip.().-39.9 Sluare I'/BralIo. yildlt(%) DividlendL Totalreturn1ndc,l' In intlex(% Cluinge
40
.50
50
50
87! 115 5.1
170.9
673.0 203.9
14
~~4 44.4
...
FCGlobalIndex
itao
1959)
..
.
LocalIndex
I,/VIN
19818
,0 13
.
ISElIndex'
(%) index Chanile,In
1987.
3,181,715 708,801 953,221
425,044 -956
Tradingvalue In Bra In US, doillrs rallo Tuirnover
3986
.
.2,048,000 1,135
.2.9
.--
100.0
Economiodoja 49,668 prodcxltt(US$) cnrmeslic Gross 48.4 inconsumerprlcaindt.xa) Chainge 444.7400 rate Excluiagb 366.6799 ofperlodi) r,te (averago Rxchange
52,783 *I5.0 5689 521.9800
5736.
34.6
~
~~ 14 17.2 2,0
75798 68,1.5008
i8.8 8720 860,5800
1991
1902
1993
134
145
152
15,553,000 55,149,665 19,0)65 6,783
78,906,556 15,703
84,809.00! 5,16,316,238 37,496 9,931
1,2,1 5',841 42A'
35,487,077
55,855,518 2593,223,182 23,242 8,191 80.9 68.3
3,255,8 46.8
4,369.1 34.2
2,217.7 193.1
373.,0 .44A4
~
~
I18 ~~
67.0 16.5
6.7 3.6
.
1b571
52.9
~ ~~ 18 23.2-52.7 13.2 C.0
~~ 25 13.7
.1.4 480.5 .41.8
119,071. 0,113 7148 6.3 633 73.7 2,89s.00o1 1,5100..2,293,01000 1,410.1965 2,0911,2619) 2,572.M75
104,522 66.0 5,025.0000 4,140.4688
849.0
502,4
.
4,004,2 8.83
~
25 ~~~1 39,0 6,9
1.3
2.3.
5,. 825,3 .28.8
11.2 1410.0 *61.1
362.! 2612.1 67,744
II(
16809 . 142,867 798 101 .9,5 .19,1)
-1.3 .*.
1990i
20,682.0 416.0
36 63.3 36.3
7.2
$I2.4
227,0 .52.8
759.0 234.3
1019,609-55.2 70.1 8,540.0000 14,570.OCIOO 6,819.3819 10.981.03190
r idxIs Dec.1996=tOC. 1C r Tuky for 11w untot Thebases WEIndexIsjan. 1986-100, tlatefor tlhe. baise Nulr;TTIw
1994FACTHOOK
AKTs WlNII4lNCMARKt
DATA BASR 215
Venezuela Average Daily Value Traded (US$;nilIIIons)
Exchange Rate
IFCG Venezuela (LIS$;eii 1992=100)
tSBoIi'nrcs/LIS$)
175-05.
16
150 325.
-100 -
~~~95
1I
.'.
'
.'
';ri,'i"-'~~~~~~ '
..
12-
31)
1
..
5
.
;:
Mar93Composite J.93 ..({TjICO
Mair93
DeeD 9
Se93
lliI93 Moi93
93 uiiD93 Sqi;
Mayr 9.3'
Dcc913
,
p
Market Performance
Shareof IFCGIndexMarkets'Capitalization bliJlln) (end1993; 1INa7=LIS$852
sharepriceswereextremelyvolatile Voenozuelani 1993aspoliticallinstabilitynndslowv tirotughlotit econiomiIcgrowvthlaffected equtity market
o20
'
.CIIr
.atin .
16
m ;
u
14 -
8|
.
i
. lo-;;.
_
f _
_: ;
:
e
.
Dec93 .
:
.
. :
.
.
34V1
.
i
W
4
-
' t '
~' 1994FACTUOOK
BVC Indexgalined Tl1cCaracas Stuc Excliange's in Bolivar terms,blut dropped17.5%in ternisduriLig1993.The exclanige'sfinancial clollar d aslwile the indicustrial . lindexfell 36.6%in dollars lindexincreised10%in dollarsduringthe period. Total tradingfell 6.5%in localtermsand49%In dollar tenrmsfor tlecyear.
- 10.2%
.
.
^
'
.rIERING11C1
'
' ........
.
- !;
'
.
performalce. IFCGlobalanldInvestable price
indexesshowedmixedyear-endresultswiththe IFCGpriceinidox dropping6.9%and theIFCIprice i~~~~~~~~~~~~~liidox gflining 13,9%.PoorrettirtisIn bahkii1 por!tfolio Investors sectorissuies, closedtoforeigni to tOwoverall delic in the hin 1993, cont13mriited liidex. !_t__M;X._.__|''ElA^-IFCG
Snitili Asii
Fas '
.As.i0%'a
-
'V2
Pk'
f.,.jii.,l-
.
.
Sp;)9] v
.
zmcricflAn_ Anwt...
UHUL1
Si .. ¢x t
;;lt! w 10 &4j
Ycwwii.
1l
,18
/
i-t;:12ls
Sepi93 Dec9.3
market FCGlindexforM
-I
IFCGP/ERatio .(cidof
,fi4,.';,,
Ju93 o
..
.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I
DATABAsE 216 MIARKE:Ts
The marketstarted1993on a downwardtrackas sharepricesresponded to PresidentPerez's alleged Involvenient Iln a corruptioln scandal andl the possibilityoflis impeacihment.Inaddition,rumilors of a possiblecotip attempt,after.tvo attempts In 1992,furthler weakenedthemarket,In Janulary the IFCI prIce index dropped 16%and in March the indexfell almost24%.1-figiinterestrate policies, pursued by tlhe cenitralbank to stabilize the currency and discouragecapital flight, also contribuited to themarket's26%decilineIn thefirst quarter. Sharepricesiniprovedin the secondquarterwitht the ousting of PresidentPerezand optimism surrounding a possible Decemberwvin by presidenitial.candidateOswvaldoAlvarez Paz, tDuring July anidAugustthe milarket plungedas a series of bombings,a proposedtax on bank transactionis, and continiuedpolitical Ltlicertaility pushedcquitleb downmorethan23%. *
:
-*. In September, October,andNovemiiber siareprices moved upwvardns increasedpolitical stability helpedbring foreignibuyersbackInto thenmarket; theiFCIandIFCCpriceindexesgainedmorethan 30%and 11%respectively during the three-mionthl period.A newbankinglaw openingbaik stockito fureign Investorsand news reports that stock speculatorsand not teeroristshad initiated the Augustbomblings alsocontribtitedto themarket's Upwardmovement. The presidential electionisanid post-electioln statemenlts by presidenit-clect CalderaInitiated substanitial pricemovementsIn Deceminber. In tihe wveek prior to the December 5 elections,the IFCI priceindexJumpednearly13%onexpectationis of acome-from-behlinid winlby OswaldoAlvarezPaz. .In the first post-electtoni trading sessioni,share prices pluniged.more thani6% in reaction to* Caldera s confiwmnts thathiewvould seektoelimiinate tile recentlyintrodticedvalueaddedtaxand also renegotiatethe couitry's debt. In the last two weeksof Decemiiber themarketrebotiuided over9%
1994 F,ACTIUOOK
,NIIIGINV
as Calderaand his advisorscommunicated more favorable economicstrategies antd investors realizedthat majoreconomic policy ihanlgswre unilikely.
Economlc/Political Events Political turmoll, especiallyin the presidency, dominatedVenezuelan eventsthroughotit1993.At the startof thieyearPresidentPerezvas fighting nalegations that he had mistised$2.75million of public funidsin 1989.On May 20 the Supromc Court uphield the corruption charges,and thic followving dayPerezwassuspenlded fromofficeby tie Senate. OctavioLepage, presidentof Congress, assumedthe acting presidencytuntil Ramon VelasquezwvaseiecWtdinterim president by Congress inearlyJune. On Decemlber5, RafaclCaidera, the populist Inidepeindenit caindidate, receivedabout30%of the voteIn thepresidenitillelections defeatligClaudio Fermin, OswvaldoAlvarez Paz, and Andres Velasquezwvhoenchlreceivedbetveen20%and 24%of the vote. Tlhe77 year-oldCaldera vill assum1le thlepresidencyIn February1994for the secondtimc after hiavingserved as presidenit betveen1969and 1974.
A controversial 10% value added tax on wviholesalers andimporters vasimplementedon October 1. The tax had a smaller impact on lnflation thlainoriginally forecast as the tax Increasedconisumerprices 2.9%in the final three monthscomparedto the 4% expected by thecentral bank. A corresponding 10% value added tax on retail saleswvasapprovedto start on Jantiary1, 1994. LegislatIonwvaspassedin earlyNovemberwhich openedthe Venezuelati bankingsectorto foreign investment;effectiveJanuary1, 1994foreigners maybuyintoexistingbanks,setup nepw banksand brancheson thiesanietermsas local institutions and investin othertypesof financialinstitutions. Moreover, the newvlegislation allowvsfor the establishiment'4 "universal' banks which can carry out all the functions of commercial, investmeintand mortgagebanks.Withi the new legislation,helianking sectorbecomes open to foreign portfolio investmentthrough the stock exchange.
Tlhroughiout hliscampaign Calderapromisedto roll back liberal economillcreforms which vere Initiated by the Perez administratloii. Hl-s ltidepenidenit candidacywasbackedby 17partIes from}boththeleftandright wings. EconomicgrowvthiIn 1993 was curtalled by' politicalunicertaintyand the centralbank'stiglht monetarypolicywith GDPfalilinganiestimiiated 1% afterclibliig 7.3%In 1992.Higherinflationalso contributedto theslowdownin economic growvth; governimeitfiguiresshow consuimiier prices up 45.9%for 1993,a substantial increase over the 31.9%increase recordedfor 1992.
MARKETS
DATA
DASE 217
Venezuela 1993
(currency In mIlIlons)
e;z;; i::
t;'
MahinrkS
Jan
Peb
Mar:
Apr
HNumber of listedcomponies Deliadc Valores deCaracas
- 93
93
93
93
MoricetoopllaIIa1ion lnit I,ibolivarus 5 S In U.S.dollars .Wbi, ". z
562,037 7,032
581,853 7,036
489,838 5,790
4a955 62 0.9
8,478 103 1.5
ioaUlS3 *9.4
Nirniborof stocks 18 Sliaieofnmarket cap. ) 64.6 Shawa OfIradingvalwu() 57.0 P,FErallo . 13.7 P/Thy ratio 1,4 P/,ffil'^fli W rvnvMtio
value TradIn bollvlrg InU.Sdollars Tumio.erratio
Mday
Junll
Jill
Auig
Sep
Oct
Nov
93
Dx
93
542,199 6,402
545,409 6,324
541,199 6,040
614,945 6,778
666,952 7,135
700,521 7,222
757,910 7,668
768,406 7,567
836,679 8,010
8,550 101 1.6
9,647 114 1.9
16,706 194 3.1
24,807 277 4,6
16,958 187 2,9
9,745 104 1,5
13,820 142 2.0
22,755 230 3.1
13,761 136 1.8
18,9g5 181 2.4
19,311.2
17,374,8
20,225,8
793
20,910.7
-10.0
16.4
20,573.4
3.4
-1.6
20,831.6
19,623.8 .5.8
21,903.4
18 65,2 69.9 14.0
17 68.8 92.4 13.9 1.3 113
17 71,9 16.5 6,1
r,;..Tradlng
i,;.
Local Index : LNosv VC IndeiC. , Cianige InIndex(%)
19,604.2 -4,7
18,388.6 -6.2
i9,776.9.
7.5
5.3
11.6
IFC Global Index
1.sj'n>'' .
Dividcnidyluld(%)
Tptal relririnilndex ChnngeIn totalritrn lindex1) ;e
'Economic dola EkcoYngeramL d2.7000
1.3. 443,3 -15.3 79,9300
I's 1.3
4147,8 1.0
.
1.4 390.4 *12.8 54.6000
t
~~~ 1,)
1.4 451.2 15.6 84.69l00
17
17
17
17
17
17
77.4
17
82.6
69,7
57.7
59.5
71.8 17.8
63.2
61.1
92,9 16.11
95.7 13.9
611.4
85.5 15.4 1.7
S4.9 17.4 1.8
89.3 : 94.4 17.5 18.6 ~~~~~~~~ 1.6 1.5.7 1,6 1,5 481.4
6.7? 86.2400
491.4 2,1
1.8 466.5 5.1I
89,6000
90,7200
2.2 414.1 *11.2 93,4SOO
~~
94.3 15.6 *I'l l.S~~~~~~~1.5
2.4 432,6 4.5
97.0000
2.4 48(t.7 12.5
2.5 464.6 *4.5
17
2.3 487.3 4.9
98.8400 101.5;00 104.4600
NoiueThebasdalatoforlie Now DVCInldux1s 1971l100,Tiebasedale fuirIlh IFCGVanezuela Indtx Is Dee,1984uitX),
21994 IFACTDOO0<
EXII71~MINGc Nl,iiiT.cjr DATAlB3ASE 218
Venezuela ; 1984-1993(currency In millionst:end of period levels)
MarrAel
1984
1985
Numberof listedcompanles ;Bolosa to Valores1do riw
p
.
InU,S,dollars
,
Lacal Index NoYNw VCIndex.* Clia,116iInIndx(%).
-.
IFCGloballndex Ntiniberofstocks Slnreof markctCp.1p) IVE/ratlo I'/MVratlo Dividendyyicdl%) W Totalrturn Index ^. CIiangcnl:idex%)
1987
1988
I989
R33
Maiket capltallzatlan In bolvares Tradingvalue Inballvares In U.S.dollars Ttiroverratio
19R6
75
16,235 1,128.
34,275
19190
1991
76
87
1992
90
1993
93
1,510
67,077 2,275
67,546 1,816
04,l51 1,472
415,593 8,361
681,838 11,214
593,993 7,6n10
536,679
s,0o
341 27
428 31
1,0'17 52 4,1
4,087 145 5,1
7,360 221 10,9
3,575 93 5.4
103,236 2,232 43.0
181,688 3,240 33.1
177,648 2,631 27.8
169,1fi8 1,574 23.6
586.7 43.9
817.6 38.9
2,090.5 155.7
3,928.6 57.9
3,866.4l 1.6
2,754.0 .28.8
17,881.9 549.3
29,316.6 63.9
19,874.1 .32.2
21,903.4 10.2
12 53A4
61,2
17 65.8 15.6 1,6 1.0 523.6 .42.3
-17 60.4 17.4 1,8 2.3 487.3 -6.9
.12 *
12
. .
100.0 .
3.9 73.4 .26,.6
7.6 2.4 1.3 115,5 57.4
12
13 63,7 10.1
13 53.0
1.7
0.8
L1I 133.6 .2.1.2
2.2t 8P.A .33.1
2f,3416
3,4-194
61.6
.61.1 2.9 (.5 176.2 552.6
13 644.6 26.0 3,4 . 0.7 627.4 rol.6
.
16 77.1 28.5
3.6 0.5 907.4 44.6
Economicdata Crossdornstilcproduct(US$)
Change Ilnconsumerprlcln.&cnd tP) *
Exchangerate* l xchingeratL.(avera geupfLperill)
32,075
32,638
12,2 12.6500 12.6500
*
*
11.4 14.4000 137580.
24,411
-
1.15 22.70011 20.1603
24,677
- 2s.t 29.4500 27,5330
'
29.5 37,2000
,1.2 43.51100 38.5919
33.23106i
49,2Hfi
54,175
4in'
34.2 60.5000
49.7400 46.2453
56,11f683
61,206 31.4 78.1600 67.5143
38.1 104.4600 90.2763
.Niie.h '71w base dalefor ilw NewIVC ImilexIs1971=1X). TilPbasedatl fIurIheIrCCVwexuzel, Indewx Is Dec.195l-100,
'1994F
,TBOOK
*
,
.
EMERGING MARKETs
A.. 219
Zimbabwe y: -.
.
IFCGZimbabwe (LIS$;eivtf1992=100) 225-
Exchange Rate
Average Dally Value Traded
(Z$/LIS$)
(LIS$ inlliilio)
0
.
6004-
.200
fg
NSoJ
4,'
6.40-
125
4K-;
'tt
P/E Mair93
4
~ 60~t ~~~~~~~~~~ ~620-0.10 A
4~I.f~n,.
C
J' 9I3 .
-
93
93
Mar 93
Jun93
S,' 93e
i.
'1L
~~~~~~~~~~~~~~~~~~6.60
175 t
0.50
.0-
0.30 0.20
. Mar9.3
Dx 93
Junia 93
93 Sepv
Dec93
riJ~~ IWOGComiposite IPCGljitidxfor miarket
41'
IFCGP/IERatio
Shareof IFCGIndexMarkets'Capitalization
of montlbvailues) Miend
11illio.) (cnid1993; 1ota1=LUS$852
°.iv .9. §r i: ! ~ 7 e;,5-
The Zimbabwe stock market vas one of the top emergingmnarkets In 1993as a resultof performinig
_ 8
-.
s -tr
MarketPeiformance
Lalln
_.S
;
A
.
.
.t
4
.
.
.
_
_1_
.
.
Za
Othier iii,9:
;
$q91 l Mar93 93
D93
. 2ns:- ; .
.
As9. Satitli
AmaHr.l
_ _ -
:
6
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~new investment regitiations whichallowedforeign
A
j,4qR 5*fl
.index
_ _ _ {, . _ ffi _ : _F8StSin L _,ELILL 30~
portfolio investors to particlpate in the market. Duiringthe year the IFC Globalpriceand total return indexesgained more than 122%and 143% respectively.The IFC linvestableIndex for Zlimbabwe, a five stock inidexintroduced on June 30,showeda pricelindexseriesanda total return seriesgain of about 102%anid103%for the
lastsixmothisof theyear. . .
Share prices started Januiaryon a downward trendplungilIg to athrecyearlow In mid-January as 1992s poor economillcand share price drifted into1993. The marketbegan to perfornmance recoveras rainis returniedto the region aid brightenied the outlook for the agricultural sector.
-
. 1. FACTUOOK t994
''ENRGING
DATABASE 220 iCNAl'icRETs
Economic/Political Events
prices-for tobacco, lowverthaniexpected Shiarply generally low. commiiodity.prices, and. poor prevenitedthe miarketframl corporateeanmings a robst reoey,i miakinig
about1% EarlyeitlniatesindicatethatCDP'grewv 93 afterrealGDPdeclined7.7%to$5 billion rate of inflantionwas In 1992,The averange to b. 28%hti1993comparedto 42%In estimaitedt 1992.
* In: late April, Finance MinisaterClhidzero anidexport guildelines linvectmenti newv anniouniced thieZimbabwve whitchOffClivelyopenied incentiv,es to foreignportfolio Investment. StockExchanige oni effective becamie guidelines Thenewinvestmenit Jtzite 23 anld triggered suibstanitialforeign DuirinigJuilyanidAugust,the i investeniitinflowvs. *first twvomo6nthsfollowing liberaiiza'tion,thle IFCGpriceIndexsoared47%anidmonthilyValue traded on the Market averaged$4.2 miillion, 350%over theo$0.9miiiioni monthlyl * nreasing year. of the& recordedihithefirstsixmoniths *averaige
newlinvestmenclt regn:rdinig April's anniotmicemencit was n important gildeliniesanidexportlincenitives thec localeconiomiy InitiativeIn opentinig gov'erniment trade,Thenew andIncreased investment to.globall pckage liberalized ivesmntadicetv widenedthiescope regulations, dividenidremiittanice fundscreatedby for uisingblockedand suirpOLuS existing exchangeconltrols,anid openiedthe (ZSE)to foreign Stock Exchanige. Ztimbabwve prtfollp net~n
.
-
.
demiand foreignlinvestor of the year, Itieasthalf
Malngwithi a shortageof availableshiaresWas * primarily'responsible,for soaringshiareOrices: morethan100%in dollartermis. whiichjumlped
V:
show .,Statisticscomipiledby th'iestockexchange that foreigniinvestorspurchasedmiore.thant$16 In 1993untderthlenewi shanres miilfllo in`Zimbabwe figuresalsfo *Exchnnge investnent. reguliationis. foat responisible reflecttlat foreigniInvestorswybre duiringthielast million in shiaretraides almost-$20 . for six moncithisof theIeyear, ~accouniting approximately35%of all,tradesonithe ma1(rket duringtheperiod. of threegains endthe thethe year, At sare largst untderthe new investment positionisacquilredt regime wevre.ror WantkleColliery, lunyanni. ings-preferred,anid PortlanidHolIdings; FlHold hield22%,18%/anid foreigniportfolio inivestdrs. thiree of thecse totalshiares of theo respectively I11%, issuies. .
J:1994 FACTbIOQK'.
.. *
lImportanitpoinItsof the 'April anniounlcement' 1) iticluide: relatinigto foreigniportfolioinvestmenoit foreignIiiivestors may participaiteon the ZSE of shares.by provided they financepuirchasess :tltrouigh iivnwrdtransfeorof foreignicuirrenicy ofshares 2)'thepuirchase normalbankingchannels; will be limittedto 25%of the'total eqIuityoif a foreignsharrlholdings. existting (excILuding comipaniy prior to May 1, 1993)wvithia sinigleinvstor outsianding; of 5%of shares atmaximumi acquiirfing 3) tinvestmnittswill quanlifyfor.100%dividenid remittabilityotter taxes;anid4)capitalanidcapital arefreelyremittableaftercapitalgain;staix ions. [n 'addition, forelign Investor participatingIn theostockmarketunder theneW control areniotrequiiredtoobtaii exchange approvalaindconregistersharepurchaises'either compianies. of noineeilic ornamiies Intheirown.namnes
'deduict
,rultes
EMRIGMARKET
DTBAE221
*(currency In millions)
Markel
.
Number of listed compantem ZinithbwieStock Exeluizige -Mreoapicizalztion
*Trading value InZirnbabwe dolirs AnUJS,dcllars, Turnover rtido
4
Local Index
nO ZSElndustriAdal *Cininndx&)
62
4,010
4,011 614
'.642
.I 0.1
4 I 0.1
893.7 3,
957.8 .
.4
.
Mar ~~~n.
62
62 3,527. 554
In Zinbibbwe dolla,rs~ In U.S.,dullnrs
~~~~ rcI, ~
~
Jo~~
8 I 0.2 871.0 918.5
PIFC Globail Index
21 21 . Nuiniberof otocks 54.0 cap.(5L)59.0 of nnrket Sliare 60.5 54.3 oftradingvahue(%) Sliare 2.5 ~~~~~~2.4 *. I'/Erntio 0,4 0.4 P,/BV nilti 5.3 5,5 yield (% DividendL 376.5 373.4 * Total retuirnIndex *. 0.8 -2.9 Cliiagb In totnidretuniIndex() 'Economic data rate. Exchange
*
6.0394
*
6.2467
*
21 60.4 64.6 . 3.1 0.4 5.4 * 325803 -1.0 6,5331.
for bse da1frtte lindexIs 1967m100.TheW theMZEIndusiri datlefor boise NoeIL;The
Apr*
Maty.
Jun
62
62
62
6
8
0.1
0.2
2.1 6.3038
1,002.8 6.6
940.9 *.4
9415.2
21 60.1 6046. .3.0 . 0.4 6.3
~
21 60.3
~ *
3.1 0.4 9.2 361043* 4.1 6.3261
**
36 6 0.6
I19 3 0.4
6 I 0.1
.
221 57.8. 0741.8 3.5 0.4' 8.5
1,430.3 17.3
1,219,4 21.6
21 60.6
2.1
4.4 0.5 6.5 498.5 23.3'
6.5605
6.6740
.
*
21. 62.9 16373.3 5.7 0.6 5.4. 597.4 19.8 6.5535.
.
9.8
21 63.1 52.6 7.1 0.7 4.0 6.9 17.1
6.5050
6.7163
21 63.5 6.0. 0.6 4.5 *655.
.
1
62
1,964.4 4.1
1,887.2 21.5
1,553.4 .6
c
9,937 1,433 74 II 0.8
72 la 0.9
63 9 (1.9
47 7 0,s
NOV
8,149 1,155
7.818 .1,164
6,429 988
5,948 908
5,227 783
4,375 667
3,989 631
3,940 625
61 .6
61
62
62
Oct
Sep
Augl
juil
.
it2 63.4 34.4 7.4 0.5 4.1 789.5 281.8
*
.8'760.
2,32533 1. 21 62.2 42.1. 8.8 . .3.6
938.0
6.9351
ZIrnbobweIndex Is Dee,.1984-100, CwiPC
E,,IEHGiNc. NIA,RikETs DATA'BASE~ 222
1994 FACTBOOK
Zimbabwe, 1984-1993 (currencyI -
millions;end of period levels)
. Markel .
~~~~~ ~
Number of listedcompaniw.e0626 StackExclhanIge 156. Zimbiabwe
.
1986 1985 ~~~~~1984
55
Market capifatliation In Zimbabwedollars in USdollars
591 264 360: ITS~~~~~~~~17
Trading Value TriZlmrbabve.doliar; IllU..lJSdaIars, Turnoverratio
.8 6 2.9
rLocal
Index ZSE idustral inex
251.9
*.122.7
Cliangelnindende:)
-0.9
38 23 4.0
20 I1 3.1
5.
5.
.
13.7
105.3
'
57
54
2,396 1072,395
552.6
569.1
22.5
57.3
51 . 2.9 .2,282.6
26
6
6.373
7516252 36 3.9
71 39 5.3
57.
,
.
1,504
1,194 715774
588, 410
1.4 9 3.3
.53
53
53
9119219
99
195515
1987
7,020 1,394
3.440 628
77 4.2
.103 20 2.0
.
3.87 53 5.2 2,153
1,953,6856
.
9.937 1,433
126-44.
3.
6.
42.7
21 62.2
6.1 384.8
.3.6 935.0
IFC Global Index Njuniberofs%ocks ShaNre a! niarketCap.(¶)23.A P/Eratio . P/hlVratio Dividendyield (%). Totalireturn lindex (DccB4=00)
9
JO 471
..
--~~
15.6 100.0
~
-
7,3 253.8
~~153.8 In index (~~~~~~~~~~~~~) Economic data Cr6sn domesticproduct(LIS) pricelisdexC%) Cliingeoitnconsurner Exchange . . rate Of Period) raluCaverage Exchiange
15.4
503430476 20.2
5,.5 ~~~~~~~1.5024 1.6412. .6137 1.2575 .
.
14.3 1.675!. 1.6650
94.7 5,7
.
,7. 12.5 1.6620 1.661'1
i16 46.5 4.4 0.9 1.7 7.5 9.8 31010892005.8
17 .17 50.0 7.02.88 1.0030. 5.8: 95-6.1
1
l .. 1 44.5 43.8 463.2 3,9. 1.9 ~~~~~~~ 1.2 9.2 10.9 8 30.
.50.5
~
40.51 76
25.0 571
.
.
5741 7.4 1.9429 1.8109
.
12.9 2.24418 2.13
56.5. .8.3
1.5 4.0
...
5.
94.9.-2 600,995,4 17.4 2.6609 .2.44181
..
2.3.3 5.0353 3.6346
.
.
,6 42.1 .17.1 5.4816 .2635061
4.
6.9351
'The base date for the IFCC ZImibabweindex is Dcc. 1984=100. NO'II 11wbasedate for thleZSE Industrial index Is 1967=100.
1994, FACTDCo0K' '.9
L 6~~~
EIERG.ING MIARKEr DAA
BASE 2423
Oter Equity Mharket.. Profies EmergingStockMarketsFacbok19
Ba'ngladesh -end.o f perlodievels) (currncy in mililions 1984
Mnrkel Numberof listedcompanies Excbnnge Stock IJitaka
%
~~~~~56
capliolzalion. -Market .2563435,73312,3 7;.imiik-iV .InUSBdoliars
-
2:
.69
75
-
113
156
32 1.2 111.0
30. 0 0.6
.
.
.
..
.. .. .
-
458
244.4
.
6.8
~~~ 9.3
~
405
430
1758 6 1.9
130 4 1.0
51.2,3 109.6 20.6 1.5 ~~~
15,351 476
3.5
17,394 s4~5,313 9.5 110 . 30,86003100 30.9500 30.4070
.533.6
~
42123-5,0 7.5 1.8 ~ ~~~~ 7.0
35,732,. 9.3 3151 33.7300
.
134 .11,456
321
174
195
5 1.2
6 1.5
467.5
350,5
23.9 ~~~1.0 31.1
13.7 1.1
145
153
10,397 2693544
12,299
15,099
116 3115 1.1. .
438
579
138
3.9
296.3 -552. 953. 0.915
,3.5.
369.6
391.5 .
23,273 4.3 .390000 35.9510
2.7 39.5500 39.5670
737.76.
4.4
20,153 30.0 32.2700 32.2700
1921993
i991
.1990
116 .
.10
55
-144.4
dataEconomfic 14,452 13,301 G,, Casodornestllproduct(US$) 10P.7 10.5 pricefindex(% fn consumer Chainge 31.0000 ~~~~~~~26,0000 r,,te Sxchange 27.9950 .25.3540 .' Exciai'igera'teCAverigeofperIo1)
19094 FACTIJOK
1959
181571985
13,557 87
inaka dollars .inUS ratlo Tufrnover LocalIndex Index(1985=100) -Price DSEAll Shiare . in hiex %change PIE ratio . . PIBV.rntio Dvden il %
19855
*
22,579. 5, 35.7900 34.5670
22,590 i 72 38.5500 36,5962
.
DATA BASE. 226-!. TiiiIIC1.Nc NI1ARKI-ETh
Bdrbados 94-1993 end ot periodlevels) (currencyIn,millllons; 1985 ~~~~~~~~~~1984
Mar1.et
1986
companles Numberof!lsted 9urteEchiange,ofofi3rbadom Maretc apitaiizoil1n dollars In Barbadian i In USdolhirs
563
...
.
.
lii dollars.
.
~~
.
.
I0
-II..
.
Turnover'natlo
...
.
Localindex SHBIndex4Jan. 1 1988=1,000) cliangein lIndex
1,205.9
...
-....
9.
P/BYratio.
data Economic Grw~clomestic product(US$5)
-.
..
3.1
of perilcd) rate (average Exchainge
~"' 19941r~C'rulol(
*
. .
... .....-
..
41
Is
61751 307
258
~~ 158
.
.
.2.0113
2.0113
16 656
~
326
9 ~4 ~ ~~~~~~~~~~~~~ ..
924
3.1.071. 1,.319.3
1,099.1 .16.7
,36 21.8 ,
.08
1,755
.1,743
..
....
priceIndex(V).. In consunmer Clhange rate ExchanOge
~
1993
1992
9.4
..
......
.
.
280
-.
.
1991
1990
1
..
..
TradIngvalue in,uSdas
1969
.1988
1957
1,740.
6.3
6.1
1
2.0113
2,0113
2.0113
2.0113
2.0113
.2.0113
:EdICNGMRUT
DATAB
2
Btswctna 1984-1993 end of periodlevels) y In mllllons,, (currenc 1989
1988
1987
1986
1985
19841
Mairketi
1990
companles Numberoflhsed BtswaiiiaStockMNarkgt
1
9
Market caphialhzatlon. in pula
...
[II pulii..
17
..
Index Local .
.
.
.
*
io.
2301.4 130 i.4
.*.....10,5 .*... ..
.
.
....
271,7
669
251
I5
48 20
5.3
7.2
273.7
278.5:
.-.
(1989=100) lindex Mlarket Share Botswana in filde 'Achanlige PIE raltio P/BY ratio Dividen,dyield().
..
32
.
.8
.
..
.
657 295
545 261
...
In USdollars Tradingvalue
ratio Turniover
.I
..
..
In US dollars
1993
.1992
1991
7 3,9.
0.8 8.2 2.8 4.4
3,460 11.8
3,702 16,2
17.9.
1.7 7.7 1.6 5.3
doat Economic produict (US$) Gross donmestic gxchanige rate (lVr.1130 r (ate Exehangse
'19R
Vow'rHO"K
.. *-....
pel'Td)~.
..
3,295 11.4
...
.
idex(. eonsutnwr prkicn Cha11ge0In
...
-...
.,.. .1'.8601
..
.
..
1.8605.
2.0921
.
2.2311
2.01732.27219
INFi;iGNIR(TDTA18l228
14.3 2.564
Costa'RICO 1984-19-93
of periodlevels) (currencyIn mllllonis:.end MnIk4?
companies. NumberofIlisted Vi1lares Wm sNaicIwT1,1iIL,
1986
198?
1988
1989
SI
.61
71
76
78
41
is Inarkeo In USdolliar Trading value
198 ~~~~~~~~1984
.. 1ncokne~~~~~
in USdo1lrs Turnover r.1lo0
II 0.3. 0,2
I'l1470 246
1.0,477 195
7,452 156 .
15 0.3 0,2
. .
1,0 0,5
93 42,050 311
~~~~~~~~~~78: 39
1992
.82
..
22 ,A0. 0.
.
1991
1990
30 4
944
.1,149
5. ..
.
5.5
1993
115s
65,543 477
65,543 433
1,489 1I 2.6
1,579 2.4
Local index %cli4i1eIn tindex. P/Enatio .,5,9,
..
P/BV rntlo
(U$).3,660. .'Grss prxitil dniolc nile .o Exc ,.,nsu .4530 (.iive eotplcrod) Exciilge r.1to
1994 FACT110OK
8,8
.
.
47.7500
3,923 53.7000 0,30
4,425. 58.8750 .55.9860
.
.1.3
4..
4,538 69,2500 62,7760.
4,701 79.3901. 75.8000:
5,314 4.843500
51.5042
5,702 10'3.550 91.5800
11.2
.11.2
2.3
2,3
6,214 5,5W0 151.4400 13.5.4250 1740 13504.1700 122.4320
BAsE 229 MAIIKI:TS.DATA B11:1TWCING
Cyprus., 1984`1993 end of periodlevels): (currency.In millilons; Market~ Numberof listedcomnpanies StockExcluange Abidm
Tradingvalue InCPAfrancs In USdollIers Turnoverraillo
.
1986
1987
1988
25
25
25
25
24
.113,700 237.
.114,000 302
483
565 0.5
-3.6
123.7 4.45
99.1 .19.9
6,8
8,2
.0,4.
.129.5
..
1DI;ldendm yield (I
. (US$) produict domestlic Groiss Changelneoinsurrierprlceindex(%1
riet Excllinen
of periodI) ge rote(Overnge Excben
19941FACTOOoK
107,000 332 994 3 a.;j
I
LocalIndex 31 1985=100) IndiceOVA(Dec. Idex %cbnngelnin P/BVm
1985
1999
1993
1991299
1990
30
24
23
323
12.4
* Market capitollzalion In'CPAfiins In USdoIlnrs *
1984
9.6.
122,400 458 4,126 149 3.6 100.8 17233.7 :9.5
132,300 .437
153,630 531
91,1121234 331
146,745 567
140,729 5419
415
.5,032 19 3.4
1,909 746 1.3
1,143
1,607
2.1
1,5'10 5 1,1
1.0
.1.5
103.1
106.9
103.7 .3.0
102.4. .1.3
62.9 -38.6
90.5 43.9
.2,717
10.0.
.-
.
6,841 4.3
479.51999
.436,9600
6,978 1.8 378.0498 449,2598
9,369 . .7.3 322.7500 346,2998
965. 0.4 267,00003 300,5400.
942939 :70 302.8634 302.9000
10,158
820903. I. .0 289.4000 319.0.070
-0.8 256,.4500 '272.2600
.
1.7
3.5
3.2
259.0000 282.1060.
275.3300 264.6900
294.7800 283.1600
.
N
DATA BAlsL 23 IEIGNN1%,AIu.k1Ti
Coledilvoire end of period levels) (currency In mIlIlions; -4 Numberof listedcompanies CypruisOTC
Market capItalzailon lInpoundsi56 IniUSdollars
556
...
Tradingvalue
.-
InPounds*.In USdollars O'... Tuirnovermite.
LocalIndex CC&lIndex(Dec1992.100)
....
% ChangeInindex
40aIS
30
3 7,0
2.8
100.0
92.4
Sto ratio ai P/I
3.6
Economic data.
.
..
..
.-
(US$) tIcpruduict Grossdamies priceIndex().Inconsumer Change rate U.. Exchange rate(avcr*g.ofperlod). ~~~~Exchainge
-7
.2352.
.
...-
.
510 981
572 1,183
589
-.
.
39
39
40
..
...
.
.-
.
-
.
-.
583670
,3670 ..-.-
. *..
.
.5.0
..
..
..
.
.-.-
0.4390 0.46 15
5.5
4,9
0.4830
0.5198
0.4970
.0.4502
V0
~ ~
S.'
'19
oCIJICsIit
~ ~~~~OKEt. '1~
N.M RIT
A
AE21
Ecuador1984-1993 (currencyIn millions: end of periodlevels) 1984
market
Numberatlisted.companies doQuito Balsa doValores
1986
1955
19817
1988
1990
1989
1991
1921993
486
65
142
128,828
3,20314,3 1,566
Market IcapItalIzation Insuicres
.
In US dollars
--.-
O 0..
..
.
l.Icdng value 40
IInsuocre
-.
I-
-In us doliars
.
..
78,990.
-.. .41
.---.-
Turnover ratI.oLocalindlex 113Q % chan11ge In fIndex
--.
.
.
. .
*.
-.-.-.
231174.6
.
41.8
.....--
P/1E.rAtfa. P/BY ratio. yieldM5)Di'idond
.-.
.-..-.-..
--
.
Economic data Groiss domestI product(USe) Changeincionsumer priceIndex(%). Exclionge rale
Exwlunge ratc(a%erage ofperiod).7
1941ACTE100K *.
-
67,1750 62.5360
.
--
95.7500 69.5560
18,592 54.605.
..-
.
. ---
..
* ..
.. ..
..-
WIE$iNG"
1,270.5801 2,045.0000: 1,046.2300 1,941.5250
NI vARrnTs
DATA BASE23
7Ž
Egypt 1984-1993-
(cUrrenc inmlin:end
of periodlevels)
Numberof llistedcompanies duiCairo deVnieurs Douirse
F
317 .357
258.
Market oapltallzatlon *inPounds dolMmr InUS1
110 132
.
.
.
.
index lii %chonge PI/Mr.,ilIio
180 117
7.78
4,021 2,150
4,147 1,760
1992
204
.256
6.3
8.434 2,527
5,274 1,835
4,384 1,713
342 . 16.22308 7.
.
.4.8
.8,632
2,592
.
.
.
period) * rAte (averqgcof Excliange
21. ~~~~0.83171.3300* 0.8317
*
1.3009,
*
2.9
19.7
*.
1,5700
1,3600
.*
*..13503
2.3
.135.7
.108.87 -24.7 .8.8
1.1
7.377,004
**** n4,641.
64151,484
39,837.
250 7
1811.1
... ..
.
12,507 3,800
94.5
508
.
.
.1993
51057626667
.
in2nunrrcidelt.*1.
Exchanlwrate
483
..
..
data Economic Gosdornestic prctluct US$)
43
....
Dividendyield I¶)
*,Clionge
1985
1991
1990
1959
1987
357 351581 1.2
243
126: 97
.
.9.5
LocalIndex 2CiMIndex (1992-100) .
2,333 1,716
1,538 1,382
1,406 1,691
Tradingvalue inpouinds lnLs~~~doilArs Turnoverrallo
1986
1985
1954
.Miik
..
. 1.513
*.*
17.7
*
. *21.3
*..
2.3553
2.5600
2,2255
2.5200
50,908 ** 16.8 2.8736 2.7072
35,774 .. 19.8 3.3370 3.0873
44,431 13.6 *
3.3103
1. 3.3704
3,0652
3.3497
"P.
¶994FACruooiK I,.
DATABASE 233 M'ArtKIrrs EMERGING
Ghana 1984-1993, (currencyIn mifllons; end o.fperiodlevels)'. Markwt
1984
1985
1986
NuMberof listedcompaneie Ghlna Slack Exchange.-.
l oss
1987
1989
1990
1991
.~
..
.
..
.
37396,514.
.2,0
Iasolls
7.6
.
Trrodlngvalue .
In USdollars
.
Turnoverratio *
.*
-.
0.3
2xcitoinpernte;'
1994FACTI300I
.
.
.
-.
.
.
.
.
.-
*.
170.9
.16.1
5.5
.
7006,86
.
390.0300 ....
4.8
.79.1, -.
.8.9
.
~~~105 3,178
173 0.4
4.5
...----
-.
..
118
.0.5
Dv oI~d yield ().-..... Ecnmi at . Grossdorneslh. prodtuct (US$196 ChangieIn consumerprIkL index %.
~
84
~~~~~~~~
..
....
...
LocalIndex Dalobnnk StockIndex. %1 change In lIndex
1993
13151
..
Market capitalization
1992
.367.8300
-
32.001500 438.1667
6197
IiNIEI4GING NtARtxrs. DATA BASE 234
.
m .
India(otherprincIpalexchanges) -1984-1993end ofperiod levels) In mlillions: (currencyV Market
* t'
*.
Numberof listd. companies StockfExchange Calcutta Exclanfe DotlIlIStock MidrasStockExchange Market capitalization ExcIraIagL' Stuck Calicutta Inruipeb In USdollars Dnirupl In USdol 1-irs ExchIange StockMaglras . Inrupee InUSdollars Tradingvalue &ktl4IlaslackExchlmagI..SO. lInrupees In USdollars,. StockTxhrrav:rls Delhi4
* *
. .
1985.
1986
1,6862 952 441
1,900 1,086
2,113 1,t396 492
2,073 1,816 529
9,272
8,321 116,150 9,011
'48,490 3,894 41,440
.451
~~~~~~
-121,670 .-
1992
2,077 622'
2,090 660
2,456 .2,114 717
19
2,370 815
6,987 ~~~2,067
.14,407-
128,370 *.
.8,547.
.494
330,000 19,596
.707,533 38,983
159,681 482
213,800 11,780
371,094 14,354
501,126 17,473
460,161 .14,782
551,821. .19,241
793,810 2,0
.
. . Innlpees . . In USdollmrs
.
.,.
-
.
Local Index .. .... . Wee 1987.10 Cftt-CSEmndcxy In Index ti change DiStil. P5Kludcx(IOSJ=1001 ..In Index ¶tchange ... Mallras.MSKIndex .-.. . In !ndL,A. ¶1change
.
..
.
.
60,1259510 ~~~14,700 18,973. ~~~~~~~ ~~~~~~~~ 3,514 3,421 2,664 ~~~~~~~~~~873 ~ ~~~~~ 10 ~~~ ~ ~~~~~ .)949
.
.
.
153
10,661
,5
,7
,0 .17
,6
.137
..
.
..
324
..
472
~~~~~ ~
.
.
.
.211,760 203,639 . CrossdornosllcprnduclQdS5) 8 3*5.6 . priceliidlvx() canoniier ChiangeIn 12.1655 ~~~~~~~12.4514 Exclinngotate 1,67 Exchinngri(veraefpro).132
33.
,224.3
..
.50.4
.
.
20,074
20,672
650,
743
352.2
.10,
Econamlcdatai
?!.
583
228,020 15,181
63,470
-
.85,000
.
1994 FACT1IOOK
1991
216,390
StockExchangye Maimtrs . In rupees In USdollars
1990
2,3901
2,233 1802,004 536 .
.107,260
~~3,328 .25,740
1958I99
1987in
1984
231,520 8.7 13.1220 1.10
256,609 8.8.46i 1.90n 1,60
~~~~~ 233.6 ~ .12.0 8, 44.3
254,36)5
274,233
.138g03
16.1457
681D
482.5 ~~~~~~265.4 327.8 47.2
40.3 613971 399 .
304,527 . 17.4326
40.8
270,04
15,IS9
.22.57014
594704,2 24.2. 1,349.9
.17.5
29. 92.0
41.0
1,2 25.6300 27.8066
30.8583
MARKETSDTABS EN11mCERINC
235
Iran .1984-1993 (currency In millions;end of period levls 1987
1951986
1984
MarAet Numberof listedcompanies ENcliai.ie Stock Ta-imir
1988
1989
1990
1991
.97
Market capllollzotlon Inrinil In UlSdolinrs
...
.
.
valuo Trading Inrinis InUSdollnrs Tuirnai'vrvillo
-..
.
1993
118
124
1,970,593 30,509
1,995,404. 29,765
2,166
458,495 6,994
5217
.
1992
2,381,361 1,297 394,183 311
23.1
.-..
Index......-*Local 1~ 00 Tcpix (Nov'. 3 199O=0w
-
..
421*
45.
2.
472..
44.
384.0
-.
.370.
lndi'x in' Chnn11go raiin IOIV rnio
--
..
14.3
Dividend yietld I%)...
dIata. Economic prxltut (US$) Grossdornwstlc~ oiicostnierprie IndeN I%) C1110Iin Ecmigio rjg
ate(oenge of periodl) Excane
1994FAcTsocK
.... . ..
.
.-
..
. ..-
.t.
1.
004150..
....-
.
.I'/E
18.4:
.
74,225 17.1 64.5910
103,446 20.3 22.9 67.0391) 1,758,5600
67.5050
65.5520 1.267,7700
-I,W-RcI
MAKTS DATA BS
3
Jamaica .. 1984--1993 end ot periodlevels) (currencyIn millilons: Mark'
.
1984
1985
1986
1987
1985
1989
1990
36
38
.40
413
44
45
44
2,940 536
3,470 631
4,290 796
6,200 937
7,320 911
375 17.0
400 73 12.5
1,499.9 59,3
1,515.1 1.0
Number of listed companIes StockExchang jamAcicl
1,460
or.700 Markt Jaac In uUdaUarls
142
266
Trading Value In linmaIcidolla.1rs In USdollars. Turnloverrllio
26 7 4.9
117. 2168 10.8
Local Index JEE.Index(Juni.301969=100).* 91dian n lIndex .-P/Era,tio P/ISVraltio Dividendyield()5,5
461.1
.
9140
A1994
FACTOOOK
941.5 104.2.
.
9.8
.
2.9
3.9428
2,015 25.7
2,5
3.4
3.9
2.8
.
3,416
3.334 143
3,606 .22.0
3,497 51.1
5.4800 5.5586
5.5000 . 5.4867
5,3910 5.4886
6.45.00 5.7446
8.0350 7.1840
21.4925 12.1159
2,917
2,444 1.6753. 5.4800 5.4778
.
.
.
,347. 336
.89414.0,
7,681.5 202.5 13,4
3.1
2.5
4,678
.1,157
2,539.4 22.3 7.0
.2,075.8
41,579 .1,469
76,974 3,227
22,215 1,034
44.2 7.0
1,439.2 -5.0 5.7:
1993
4550.
.44
230 396386 3.4
.--
dabc Economice .2,374 productl(US$) Grossdomiestic CIiangenconsunerprIcun4w(~)27.8 .4.9300 Exchangerate of parlod) Exchange'rate(average
.
516
.137 290 3.5
1992
1991
25,745.9 235.2 22.0 6.8 2.6 3,179.77.3
23.8300 2290
13,099.7 -49.1 7.3 2.6 1.3
3. 28.3000 4.820
ENERCINc. MvARKETSDATA BASEF 237.
Kenya 1993 :'984~
enofprdlves ees In mlillions;,edopro -,(curre,ncy ~~~1984 Mark~~~~~~~~~~~l
1987198
53
54 .53
.54
N.iriobi Stock Exchlange in shillings
~~~~~~
-
.
.
.
-
.
value Trading
.
.
. .
.
*
inUSdollars
.
~2. 199
1.0
421.1 9.0
.
00 20245.3
.
.
.753886
.2.1
.6,090
6,126 1313.9 ~ 16.2840 ~~~~~~~~15.7810 16.4320 14.4140
-
7,253
10.2
.
.
..-.
12.1
12.6
16.0420 16.2260
.
~~~~~~~~~~~~~~~~
.
13.5
1.
168-.
.
.
.
PACTOOE lk~
22pita0i96tI78 987 ,0 1,421 607
.,6.
P/BV raitio
Eaconomicdata: G'roSSdo'riesticproduct(US$) Cliinge in consunerprice index %) Exdinn5e rate Excluingerate (averageo period)
48.4
.-
-
8.3 7,972 .28 16.51150 16.4540
8,14.
. 12.3
8,756
8.~98,377 18.3139 17.7400'
15.2 1. 525.2 .. 12.3
9811.7 21.60.10 20.5725
24.0840 .22.9150
93.3 . .1.1 15.7
5
.
~~~~ .40082 302 235. ~~~~~~~~~~~~~~~ 12 1 ~~~~~~~~~~~~~~~~~~~~~~~229 2.0 2.2
-
-
.
.
.
.
...
Local Index NSE Index Ja.1 1964=100) .386.4: In Index .* ~Ichange P/Eratio Divdendyield()
6
7
I5
638
453
4p99:
-
.
.
. .
.
.
In shiillings IunoUSdoratio
1993.
.1992
17,900 10,900 ~ ~~~~8,674 ~~~~~~~~~~~~~~~ 10,780
474
...-
.
54
57
.5.5
Market In 1USdollors
1991
1990
lQ9
.
7
of listedcompanies Number. *
1986
1985
2116.8 2. 5.8 .. 1.
8,011 8,261 3.2954 36.2160 28.0741 2.0932.21705801
~ ~~~~~~~~4,710 4 1 1.4
,1. ,1. 1. . 9.4 ~~~~~~~~~~~~~~~~~ 1.5 .
5.7 68.1630
MARKETS DATA BASE. ENIRGiNG;
2385
Mauritiu 1984-1993 7(curenc In illins;and of periodlevels) 19~~
Mnr&ct
~
1986 ~~~~~~~84 1985
1957
1988
1989
Numberioflistedcompanles
:.Stock Excliatngc.of(Mauritlus
1990
1991
30
22
320
-
.1993
1992
197
Market capIIallzatlan-.480600 In USdollars -Tradingvalue Inrupees InUS dollars
ratio TUrnover Local Index (Jul.5 1989-10I SEMvDEX %clangeIn Index r/E rial* P/IN ratio Dividendyield(¶)..
-----
1994PA'CTDQOK
377
9
81
160
6
5
-1.9
-
-
. -
data Econoimic (USS) prodiuct Crassdomestic 6.M. consumerprlcerIndexc5 CihangeIn iingerat, Exc1 period) ExcIiin~~~~~eraie(averngeof
324
-265
..
171.2
8.0
154.2 9IA8.B 7.0
-0.7.
6.5
2,730.3 2,559.0 135704.6 14.7940 14.3220 15.652 14.8630 ~~~~~~~~~~~~~~ -
9.2i
. -
-
.
6.1
12.6
--
799 692 20
39
2.9
6.5
183.2
302.6
11.6 0.7
65.2 12.8 .1.6
1.4
4.3
3,034.5 10.5 16.9950 15.5630
I18.6560
17.6480
DATA BASF 239 ENIriuclwc MvARKETs
Morocco (currency.I. ilins!n
of.period leveis). 1985 ~~~~~~~~~~~1984
Market
oflistedc6omanies Number
OlourscdesVak'utsdeCnsnbb,uncn Market capitahlzatlon In dirliamis In UJSdollars
76
2,251 236
2,450 255
2,430 279
126 13
81I 9
.
* Dlvldeid yleld(%M Economic data . Grosadornntlcpwduct(USS) Clingeinoiuiepi1ncxCt E-chIng rWte ~ rte (averageof perfod) r'clng
* 1994 rA'CTBOUK
1985
1990
1989
1991
6.5 1044 10.5 P/Bratio .
9.8 12,751. 2.4 05510 8.8110
.43.3
.
.113.6 5.8 -
8.6
26
2,782 357
3,604 446
5,043 621
7,765 966
12,449 1,528
16,975. 1,876
25.689 2,662
268 33 8.4
133 16 3.1
512 62 5.0
428 49 4.2
6031 70 4.1
4.633
.
71 9 2.7
29.5
122.6 -26.7
158.6 29.4
157.5 18.2
129.1 14.6
.167.2
9.5
9,1I. . ..
8.7120 9.0690
18,944 2.7 7.8000 8.3590
21,986 2.4 8.0873 8,2092
21,670 3.1 8.1215 8.4382
.
23,79882,3 6.9 5.0438 8.2420
498
21.7 259.8. -25.7
.
-
4.2
4.4
.
.
201.8 7.6
-
-
-
.7?8.7
:9.6210 10.0620
71716625
..
112.7 -0.8
1,71695.
1993
1992
16
76
.140
Local Index Annuol(1979=100) I ndiceMoyenCGeneral . %changeln Index
76
77
.16 .
1987
.7
value. Trading rn dtrhanis In USdollars Ttirnover ratlo
1986
8.0 8.1499 . 8.7065
28,762.419 .9.0490-
8.5380
~~~~~~~~~~~~~~ 1.
4.5
. ..
6510 9.29900
NMARK-TsDATABASE 240 EM1ERGING
-Namibia' I1984,-1993
(crrny In milllons:end of.perlod leves)
Numbercoflfstedcompanle, StockI1xchianIe Nomblian
9219
19818.1J01991
1987
1986
1985
.1984
ket M14
4
MarketcapItalIzatIon In NarnilbtiDollars dollas.-w InUS
1,000 3273,3
....-...-
.-
.
Tradingvciu* In NabaDlas. In USdollars Tuirnoverraifo
6
-
11,697
*-0.1539, . -
LocalIndex.. Iiidex (Dec1992-100) NSE
of period)* (average Exchingrante
100.0
.-.
......
in Index %.chanue . P/E rngtio P/Blvr.10. yield (7w).. Dividenid
ChAngeIn tdr*nsienr pricelIndex ()Exchangerate*
0.00
.--....
..-
Economiadata* domesticproduct(US$) Gross
-0.047
..-
.....
-
10.0 1.4 4.4
----
.
.
.-.. -
..
.
..
.
...
.
.
..
.-.
.
.
..-
.
-.-
.
.-
3.0535
---
.. .
-1.2
5.1
--
*.
133.0 33.0 12.3
-
.
2.8520
3..3975 3.26?7
lion. timeor publica lnformiih,inwasnatavailableat kliwstillisics.Dis.,ggreatLed In tlhese investment. thefiminclalrandratesappiledto forelign rates,nout iornipercialrAndexclhange shownaretheo rate~s Thieexchange
nottecihlclplybeconsideired i andsholdcit l Africau aruSouti Exchainge listedonitheNainibilln.Stock Noltes:Mostconmpanies
FACTOCOK 1994
FAE241' DATA MAAuKirrs ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
19,84-1993 (currency. InmUfllons;. endof periodlevels) t~~~~~~~~~~~i9842 2985
-. KMarArI
1986
2987
2988
1989
Numberof listedcompanies Muscia Securities Market
-
....
.....
--
Tirniover r4tio
.
.
-
.
....
..
.1992
892
378 983
---
.
LocalIncdex MSMlIndex (Jan.I 1992=100) 7@chaglv n lindex l'/B rAtto
1991
258
Market eaplicllzotlan. In nuls. *.~ InUS.dollars Tradtngvcilue In riMas in us dpilurs
2990
490 1,274
1993 9
579 594 1561,545.160
617
9.5
46.3
55.11
42
72
24.7
120.4
151.1
109
187
10.7
10.9
7.2
11.9
18,0
-3.6
1.5
2.0 1.5
. I*..-
4.8
.
.10118.013. .-.. .
....
P/BV ratio
----
.
DividendyieldM~
-.
.
.0
.
EconomIe data GrossdonicstIc,prodtuct (US$) CliangeIn conisumer pricetiidex~ (M. Exchiingerule
RxchaiIsOrate' vaera6of perIodi)
'1994 FACTI3OOK
.
.-
.
.
...
.-
11.489
.-
...
.
.. .
0.3845
.S
~
0.3845 .
03845
0.3145 0.3'845
0.3845 0.3845)
EMIERGING PVIARU(r.T.9 DA~TA BASE 242
7Panama end of periodlevels) (currencyIn millilon's: .M,,rkvl
1986
1985
.1984
1988
l987
1991
1990
.1989.
1992
3
Numberof listedcompanies do P.anaminiii. RllpsodegVa,lores
12
in balbons. In USdol1i.rs
.Trading
. -...
dollars IRLUS railo Tuirncyer
.
-
.
421
d yield M ~~Divide
17 17
--
21
*LocalIndex BVPlindke Geneaml. in Index C11.1chaso ratio P3/1 i'/BV ratio .
42 1
241
-
....
1
241
value
rnWbniOas
pv
1993
123.8.149.8
...
...... ---...-.
...
*--.
2.
9,3
6.3
1.1 6.1
5.6
1,3
Economicdata Grossdornesticproduct(US$) pric ne ihagein consstuner
.
%
.
I ,doa
... .
. rate * Exchange
.
. 1101 ~~~~~~~ ~~~~~~~~~~~~
.. .
.
.
I.0010
raite(aorigo of pu.riod) E1Gcluinng
M
4 I.-
1994 FACTnOO0K
Nt
GNC.MAKTS
243 DATA BA~sr.
SouthAfrica 1984-1993 levels) In millions;end ofsperiod
.'(currency
Mnrkrl
1955 ~~~~~~~~1984.
.
Numberof listedcompanies SlackExchaInge Joh ansbuirg
1986
.1987.
3085
1256887541
47
5089
1090
748
732
199110209
647
652
688
Market capitalizatlon
105,094 53,400
In ind InUSdollirs Tradingvailue In imild InUSdoillars Tuimnver miati
3,636 2,28 3.4
local index jSP.ActuariesOverall %chnngein findex I'/H rao. c I'/BV raio.. Divldendyieid(%)
~~984.2 3.6
141,785 55,439 6,234 2,836 5.0 1,322.8 34.5
224.130 102,652 313,320 4,99,568 6.2 1,072.7 49.2
.19,473 8.2 1,820.0.. -7.7
332,367 131,060
350,726 137,540.
462,187 168,497
454,351 148,8112
3.1,247 4977,095 .4.1
18,607
21,130 83158 6.2
22,231 8,051 .5.5
22,1334. 7,767 4.8
,990.0 9,3'
2,076.0 49.5
2,719.7 '8.6
3,440.3 26.5 12.5
3,258,8 *5,3
300.015 . 120,094
5,9
.
a ..
4,9
5.6
3.8
data Economic
Crasdornsllcroduict(USS) M prie IndexU& CliongoInecoiisimer EX'cliangeat MN perlod) ratc(avarag,of EXCha.nse
248,152 128,603
-
18.6
.
139849 1.4380.
.2,5575
2.1910.
2.1834 2.2686
.4,7
08787,1 16.1 1,9287 2.0350
44,079 .1,4
7.4 4,754.5 45.9
.15,2
-
45.a 18 12.8. 2,3793 2.2.73.5
737,632 217,130
3.3
89,003 . .34.7 2.53160 2.6227.
102,009
107,882
14.4
15.3
2.5500 2.5900
2,7430 2.7613
a2.9
114,769
9.7
13.9 3.30534
2.8498
.
3.3975 3.2636
fivestnwnt., niotthefinanclilrinidrates.ippiicdto foreigni exclia:gerates, ratesshaw:ialieilconrniorc4ialrand t&h. Theexchinnge
394FACTuooK
ENnmIx'RIcMARKETSDATA BASE; 244:
Swaziland 1984-1993
endof periodrevels) (currencyIn mlIllions; 1990
1989
1988
1987
1986.
1985
1984
Mairket
Numberof liste-dcompanies Swa2llndStockMiarket
I2
..
..
Markietcapitalizailon.In US dollars
17.2
-.....
Tradingvalue .
v:.Ttiriover rTi11o
.
. .
..
...
-
.
-
120.0 20.0
..
.
..--
.
0.67
I 0,4
0.03
.115.3
.3.9
.
1994FrACTBOOIK
*
.-
0.1
0.0
106.8
101.3 3.2 11.5 1.7 ,
-7.4
997 8.2**
.
Eichangerate(averag~~~~~~~~~~~~~~~~~tperlod)
297
0.6
9.3 1.3 ,
-.
.
4
1,009
Economicdqat **-...CUSS)* Grossdlomistic produttct price indexCM CihnngcIn consunmer Fxclhangerite
3
326
-
.
.
..
..
1993
1U6.8
.1.1
.
-.
...
* LocalIndex SSNiindex (Jtil1§991=10O) % clian5ein lindex I'/E railo 1'/DV ratio DivkiL'tndyield (%I
0.21 010.2
.
..
.
Maiii~.ngan
iUSdollars In.
.
1992
27.2
74.6
44.1
IniniiatgLni
*.In
1991
2.5608
~~~~~~~~~~2.5879 -
*
2.7443 2,7610
3.0531. 2.8497
ARKETsDATA *RiN
3.3976 3.2636
BAsE245
and Tobago 1984-1993
~Trinidad
end of periodlevels) (currencyIn milflons; 1985 ~~~~~ ~ ~~1984
Markul. lmn TubrInddn Tofbig:Soc.Ec:ma Market*caplt tiEaflon &TobiSodollars InTr1uld41d
InUSdolim,s
& Tvbagadolhirs InTr1iildiid In USdoilars.
Turnoyerrotio LocalIndex 1983=100) TTSflindox(J.an %clmn&fitiIndQx /EraRtio ratio
blyidendyield(pc
2,022
.1,668
463.
183 76
49186
8.2
5,1
59.6 .16.8 6.9
49.1 .17.6 9.5
1.0 7.8
0.9 7,7
Ue7,57,6479 Economicdata productU6,7672 doniestlic Gros's Chnn8eincanrninerpreindi~(¶I)13.3 2.4000 . E~~cliangernte 2.00 ofperaI E,ccli,ingernmtc(aveago
.1994 FACTDOoK
36
36*
.843
value Trading
P/Bv
.
.
.
1956
1987
33.
33
1988
.33.
76
2.45001
1991
1992
1993
31
.30
29
27
26
2,850
2,155
2,551.
514
490
1,398
1,136
1,748
374
388
268
411
55232339 69 22 20.3 . 6.7
1
.9
1,
.
1990
1,346.
6152.5
~~~~3.6000
1989
38,3 .22.0 5.$2
.
32.4 .15.8
39.9 42 13,5
0. 7
0.8
7.8
5.8
2,956 66.671
.
.18.7 Sol3
.
6.3
4,0450433481529342 4744,04594394,9.42 7.8 . .1. 4.2441% .3.6000 3.6000 3.8438 3,6(100 3.6000
i?
1.
B3.1 70.6 3.7
.
81.8 .1.6.
.
95301 22 3812.0
56
82.5 37.0
60.2 -26.4
-
. .
.
.-
.1.4
.
80
55
-6.4.
,-
11.4
425,42500 4.2500
.66. 4.2500 4.2500 4.25004.00.31 .4.2500 110
E
Ic'
AKESDTBA
13.1' 5.8141
246:
-
Tnisia .1984-1.993
In millions;end of purio Ccourrenc 1985 ~~~~~~~~~~1984
* Mnrh't Numbergt listedcompanies dcTtnis Nfobilleres BoursaeoVnletirs *Market
--.
capItalization.
'indlnnrs
454 600
300 346
InUSdollars
value Trading *
*
Indinnri
Laol Index 1990.100) (Sept.30 DYMA General .indice ..-.. In lindex % change
*
1994 FACwrOOOK
-
515 662
500 595.
5
5 661 1.0
1.0
..
.
577 635
445 533
611 711
11I 3 2.1
30 32 5.3
17 19 3,3
28 30 5.3
. ...
0.8402 0.7940
0 (.7779 0.5287
0.5985 0. 0578
0,9046 .(3.9493
I,000; 955
29
46. 46 5.2.
4.2
12.3 1.5
343
4.0
6.8 .0.8355 0.8753
12,952
5,2
.
*0.8588 .0.9246
251.0 25,9.
199.4 16.9
I's5
12,294
.
... .
777 817
.33
13.1
.-
0,7570 0.8345
19
170.6 33.5
127.8
...
.0.7768
.17
546 605
--
..
13
1993
1992
1991
1990
.27.8 ...
yield(M. Dividend data Economic . (US$) pwdKuct Crom5dcnth'estIc Index%) ChangeInconiuimer'prlce rale .0.8666 ExchiAnge p rcrla) BxinngerM(werngeDf
B 10 2.1:
21 27 .7.7
InUSdo~irs Turnoverratlo
P/E rakia.llo P/IV ratla
1989
1955s
1987
1986
..
15,526 3440
0.9507 0,8844
12.0 1.5 3.5
*-
1.0468' 1.0037
247 ENlrC.IN M AilKMTDATA BASE-
Uruguay .11984-1993end of periodlevels) .(currencyIn millons:, .1986 1985 ~~~~~~~ ~~~~1984
M*wAvt.
.
companies Numberof listed . deVialros.deNlotvaievideo 13olsa
43
43
Influevopesos ..
700
1,900:
9
iS5
InUSdollors Tradingvalue [nNpevopesos
.
InUSdolInrs
rtio Turnoverm LocalIndex (Dec.31 1977=100). Indicedo1PrecIos %cuitigIn indlex 1'I/Erntlo .P/DYratio. yieldCM Osivldeind datai Eaanamic pdutCS) Grcjssdonmeslic prlceelndex() Inn unicmr Chwnge ' rato Exelange of Porio) Exchiiigerate(averaga
.
36 0 2.8
24 0 4.0. 212.9 .11,6
.
~
41
1987
1988
41
40
1989
39
11,000 ~~~~~6,300 ~~~~~~ ~ 11,300
318
.
~
~
7.8 2,499.5
592.8 17..2.
.
872 ~12 9.9 4,645.1
58
~
672
~
6.03, 5,033.9 .
81.4
608 ~II2
8,278.2. 64,4
1992'
1993
36
26
26
21
1,007
~
~
2.5
18,953.8 129.0
~
117
.
4
~
4.9
251
368
44
38
27
~
1991
60,500101,8
21,200
24
40
35
1990
~
27 ~913. 3.9
56
~~~~~~2 4.7
34,395.6 813
.-
4,829 55. 74.2500 56.1200
4,7183 72.2 125.0000 101.4300
.7,738 6,455 6463,6 281.0000 181.0000 226.6700 151.9900 .
.
7,944.' 62.2 449.4250 359.3000
7,929 7,538' 804112.5 802,0000 1,'594,0000 605,6190 1,171.0000
9'246.9,918 102.0 2.4890 2,0188
68.5. 3.4808 3,0270
.
4.4180 3.9484.-
in 1992.. walsdiscontinuted deIPrcclos Note:TheInditce
1994FACTUOOK
248 ATA BAss.. ENIEitGINGMIA1U(ItTS
Appendix
1. Sources and Notes
EmergingStock MarketsFactbook 1994
Stock Market Reference List IFC
coisiditcts
apt ailiiitnl
siorvey
of tle woortitfsstock
exchaniges as thebasisfor tilefigurespiresen tedin *lidsFaciltook. ThSei forzmationl i/erred to Ill tlis Factbtbok is for t1eslockexcIlhalges listedbeilouw.
Cyprus
Cyprms Strck 7xchange
Kuwall
CzechRepubic
Prague St(ck Exchange
Luxembourg
t)Denmark
Copenhagen St,ckExchIangce
Malaysia
Tllt'Kuala l.impurStockExchinge
Mautiulus
Mauritius StockExchalnge Comnmission
Mexico
M.xican StackExchalnge
DominicanRepuolloSanltiDonmingo Securities IExch,nge linc.
KuwaitStockExchaing .lxewnibaurg StockExcihiange
Ecuador
of Quito StockExchanige
Morocco
C.isablancaStockExchange
Egypt
TheCalmirlockElxchIange, suppliedby thec CapitolMarkeut Authtlority
Nomlbla
Namiblia StockExchange
Argintina
Buenos AiresStockExchange
Australla
Australian StockExchange
El Sclvcrdor
El1. "dar StockExchanlge
Netheilonds
,mtrlnSslEc.g
Austilia
ViennaStockExchange
Finland
IMisilikiSlackExciange
NewZealand
N'etw Zealand StockExchange
Bangladesh
DhakalStockExchangeLnli.
Germany
Germnan StockExchiange, hic.
Nigeria
TheNigerlan SlockExchange
Bahraln
Bahlrainl SttockExchange
SGhaa
GhaniStockExchangoe
Omnc
Muscat Securities Market
Barbados
Securities ExchI1nge of B3Ubados
Greece
Belgium
Brussels StockExchange
Bolivto
BolivianSlockExchange SantaCruzStock Exchange
Atiwais StockExchLnge Pakistan gea Stocki.c,liNcane of Iloodor,as TheStockExchange nf ig KuIA L.Exchaaige mHong Paraguay
Botswana
Stockbrokers BotswanaL.t],
Brazil Market t'apam, It fl0tgs SanPlauio S!tck Fxchange
Vuittetradeid
Hondufas Kong Hungary
BudapestStack Exch,nge
India hMarket cI awl nil in,g Tlt, Bombay StockExchalinge s U.stings
ConmbiLed Sao auliaandRiode Janeiro StockExc,anges
Conibhied21 Indianstock;exchlanges
Indonesla
Thwe Jakarta StockExchange
FirstBulgarian StockExchange
Iran
KarachiStack Exchange (Guarantee) t.t. StockExchange oif araguay
Peru
lnmaStockExchange
PhippInes Mmrrt'l rq awl tistiage ,%Lanilla StockExchange VlilaleIratid,|
Combined NalatiaandMlakatiStock Exchange
Tehran StockExcihige
Poland
Warstaw StackExchange
Ireland Israel
Thl IrishStockFxchange Tel-AvivStockMExciange
Portugal ,irket raj' andilistingsStockExcliange of l.ishin Val'liue trinledl Combin\ed lisbonandOpatrto Stuck
Vancouver Stock Exchalnges
Ill
Italian Stack ExchaigeCouncil
;ChIle
Sanitiago StockExchangec
Jamaica
jamnicaStockExck E agunge
Slvavk Ropublic
ThrLDratisaa LStockExhian.ge
China
Combined Shanghai andShenahen Stock Exchanges
Japan
Slovenia
I.jublijana StockExchange, Inc. Th11 Johannesburg Stock lExchange
Bulgaria Canada
Mrket rap andlistiligs TorointoStuckExchange Al
Vailue tradedl
Combined Montreal, Toronto,and
Colombia
Jordan
Coiblinved Funkuoka, Ilirtshlnea, Kyoto,Nagoyai, Nilgata, Osaka, Tokyo,andSapporo StockEx.iiangea: AmmanFinancial Market
*Marlet raipandlisti1gs Bogota StockExchange
Kenya
TheNairobi Stockck
Korea Korea
KoreaSitock Ekchange
Valu.leraviMf
Cimibiniedalogotaland Meldellin Stock Exchanges
1994 I'ACrllO)OK
Exchalllges
SouthAlrico Spain
Exchange
l Inill
lae Imlili
Comined Bclona8, Mardn CombinedBarcelona-Madrid,and ValenciaStockE%ch.anges.
EmiRC:NwC; N1Al;lAKTrstDA,rABisr.250
Macroeconomic Data Notes SriLanka
Colombo Stock Ixcla'ge
Swaziland
SwaziihndStockbrokersL.td,
Sweden
Stockholm Stock Exchziine Llti,
Swilzerland
GCenev StockExciiange Swiss Stock Exchange
GNP and GNIPper capita mapsand tablesin Cliapter I are froni thie 1994editioni of the WorIl
developinig cotintries in Cliapter 1 wvasobtained
dkeBak Atlas, The AtlfInslists the folloiving teclitnical
from the Mlay 1994 editioni of the WVorldBank
notes(paraphrased):
publication.* Colmldes.
itslaahae)
GNIP, calctilateci
n iatitonalcurrenicy,Is tusually
rates convertedto U.S.dollarsatofficial exchainge Taiwan
TilmivanStock Exch.nnge
for comparison acrosseconomies, nithotigih an
Thailand
Stock Exchange of ThailMind
alternative
rate
Is used
exchanige rate Is judged
when tho
largemargi fromthe rat acally GNP has iappliedin internallonaltransactions
Tuikey
beenadjustedto excludeinflation.Growthrates of CNI' and GNI' par capitaareaverageannual growth ratescomputedby fittinigtrendliniesto the logarithmicvaluesof tlio variablesfor each year of the period.The ngriculttirecategoryof fare5try,lntingitiig. and flslilsig; Table2 1includes exports of goods and nonfactor services represents thlevalILeof all goodsand nonfactor servicesprovided to thc rest of the world;
Istanbuil StockExchanllge Siock E-ichiinge 'staiibtil
Uruguay
Exchnnge Londonl Stock Combained NASDAQ, NewYork (NYSE), and AmericanStock Exchanges. Nlonievideo Stock Exchange
Venezuela
Stock Evchanige Caracas
Zlmbabwe
Zimbibwe Stock Exchliatge
UnitedKlngdom UnitedStotem
investment consists of outlaysonadditionsto the fixedlassetsof theeconomypltis netchangesIn the level of inventuries,The data for Chin3do not Iniclude Taivwan, China Mnor detalled definitions and conepts are Banpk's WorldDvelopivwint includedIn ihc oarld Report,Sociil of Dretelaoileit, Lln;'s the World TaNles,and thieWorld Delit Titlles. Readers of the technical iliterestedin a fuillorexplanation issucsareinivitedto addresstileir queriesto the Soclo-economicData Divisioni, International *Economics Department, World Bank, ISIS 1-1 D.C.,20433, U.S.A. StreetN,W.,WVasilngtoni,
1904 lACTcriooiC
flowVs to
Finan1ncial Flowgs to Dezocloping
For information on how to obtain copies of the
publicationis citedin Chapter1,wvriteto:
official
to diiverge by an
Tindad andTobagoTrinid nd Tob Stck Excngxceptonally TunisStockExchlinge Tunisia Tu-koy
Data oin net aggregate fi.nancial
World Bank Publications 1818H Street N.W. Washington, D.C., 20433 U.S.A. Inquiries and orders can also be faxed to World B1ankPublicationisat (202)676-0581. In Chapters5 and 6, macroeconomicdata used in essaysand statistical profiles maydiffer from the Baink macrocconiomic data reprinted from the WoIrldl Atlas tables in Chapter 1. Macrocconomicdata in Cliapter 5 essaysis compiled from a variety of reliable sources, includinig official government announcements and figures coliected by correspondents, but may use a different data methiodologythan the AtIas. vlacroeconomic in the profilL tablesof Cliapters5and 6 is supplied by the InternationalMonetary Fund from Its International FinancialStatisticsdata base.
EMiEIRGING N1AlanKTs DATA BASL 251
Currency Notes
cited below are tholsein use by IFC at The sourCeS March 31, 1994 IFC reserves the right to substitute or. changeexchiangerate sourcesas it deemsappropriate.
IFC also cilculites inidex levels in U.S. dollar terms. As a general rtule,IFC usesspot exchiange a rates to theiU. S. dollar that approximatewvihat foreign portfolio managerimigit expectto receive when selling. dollars (to buy stocks) or buyinig dollars(to repatriate capital or earnintgs)on the day of index valuation. In the absence of a legal market-determinedrate,IFCusestheofficial rate.
.
Chile
Chlja
C.ilinbia GCrLx%v Iliungary
Calculationof the inidexesin a curreincyotiler than
Malaysia Mexico .
the U.S. dollar would be donie thiroughi useof that currency's cross-rates to tic U.S. dollar.
NiNgeria
Pakistan
IFC's standard sources are either The ParIlSirel eign Excilange table, whichl posts n. 's *l rates for trades of US$1 itillion or more at Newv York prices at 3 p.m. as posted by Telerate and other sources ("WSJFX"), or Bank of America's "World Value of dle Dollar" from Bank of America Global Trasding, Lolndon midl-rates, (B3oAWVS), except as noted below, when rates are provided to IFC from othersources by EN1DBcorrespondenits. y
Perl' I'Milioresptie
ola
Srlainka
closb Selling lteat lDank Central nnerCial G Observado rall. piLstedl by tile Biolsal dte t'eSantiago LConercioi Ceoler m-etii Shanghai Swap dollars; Slilten ItU.S. Swap Center nnldl-ra.tesfrr toi Reniminbit Dollars I (igKong lnAWN
iv;sjrx National
Cr
.
I Peso Argentino repla.ces thie W'.Pe Arg.riitntinofor 10)n l'eost.
flank
f
x
t;S]FY
urikley
I
The Il'so Argentine replaces theAustrall I est fr Jan. 1,1992: 11p000iAustrales. Feb 2Br19zi6 Tlet Cruiado replact. tle Cnizeiro, at the rate of I Crnuado fur 1,000Cruzeiros.
the Cruzado, at the
Nac
:
5
J
h replace;tIeC,zllS.1 Nenv foir Cruz.do 11~~~~~~~~~~~Jn. tAflCruiadcs, Cntiado New The ofIi,I19SV:. rate.
liingary official buy!ing rate rtplaces the New.,Cruzado. at a Crmzeiro 1990: Thefoir 16. Mar. oif eachCniradio. I Cruzeiroi
WVJFXI
Aug. 1, 1993: The Cruzeino Real replaces the Cruzeiro. at the rate if Cru7eiro Realfor 1.00 Cmnzelros. bgan to be Valor Real *ie The (URV) 1Q94:
tSSJI\
IoAlWYS
ivs5jrx
mid-rate posl . Diario Oficial rate(average
larch b bynidad
Cernllal Ilonkmidl-rt.t WSJ¶~ F ln mdra Closingmild-rate postedby tleo Mllsa de F l.inW SpolkaAkcyjinil Eksporftu flankRoztwojlti busilt's Cluseof dollars rate for buying
APtasedlots ust' to replace the Cruizeiro Rfal. The UKR is to be oftheUS$. ito thevaluei linked
CentralBankspitrale(ild-point) foirILiligs
Peu
Mexico
It Wvsj9 wsjX
rpPieces ewl.ohe,.o
Pesn.,f1or Eh1
.
banks ith cilnlCmerciall T,iuvainCin1a Thailand,
Argentino,
Aigentino. for 1Ao Pesos Mistral
at clie of business tr dJoll.rs
.
Pet 1. l'3: The liti races SSJles. SILS
-ilrale,
sf I New
theSiI. at a rateof I Ioti tbr t'ach
1x
'enieli`11cw nSjrX Opit'nmarket.rati'at Clst'I(I tLlLs11lit-0 71~~~~~~~~~Zmbablve
Jul.I.1, 1991:TheNew SoltSol Nutivolruplace-the Inti. .t a tate of INew Silforeachl,l.iv*tfl Intis.
Nigeria
IFC's standardlpmrcediure for converting local cuirreincyvalues tcoU.S.dollar values is to choose one source as its primtary souirce of exchiangerates,
and to continually comparethiat source's rate to the U.S. dollar with at least two othlersotirees to ensuirethe primary source'sfigutrcas reFported lhas
*
1994 FAC1 HnOOK
a Tlle l'so JA lnLI9N3:
June 14. 1Qi8: Thi Auistral rerlaces the E'eso.
Argent!ina I5r,iziI
The multi-miarket inidexes are prepared in U.S. lIl.l conlstitUenllt dollar termisby converting all ~~~~~~~~~~~~~wJxrate y of~ the InLidnesial data into U.S. dollars and calculatinig tlhCdata as if oriii all conistitents were part of a silngle imiarket, Kolrea
.
A nutimberof emerginigmarketshavemademajor currelicy reformsor cihangesof foreign exchange investment regimes during the life of the IFC . Indexes.Tlics changesare listedbelowi
or that it is not not been corrupted somelhowv, Currecnries moving out of liniewith comparaLors. places. arecarried to four decimnal
All IFC Index data variables are maintained In local curreincyterms.If theuniitof localcurreincyis chlanendin a currenicy reforimi,IFC'scustom is to restate the data in thie new Unlit of currency; if several currency reformisthreaten to elininalL' significanit digits (as has been the case for Argentina and Brzil), IFCtises a currenicyfactor ratc. to createan internialcurrencyconV\ersionl
lrced
the folrmeriv legal parallel Jan. 1Q94:Thlegoemrnient btannedv whih IF had forthe nairatN4SSIatthetime) tl1ket beeni eisilig .4it limitedI Foireign cichange trans1ctionfl5toi the ,%%itchtotie official OfficiflralC 0mly(N22/USSD, The for . lle lime USSofincif Nigeria Indi,Te olyF e dr[tirat te lot uit'arlv
ltNT;
[.EM iERCl
NtAKtrTS 1D)TA
BfASE 252
Standard Industrial Classification(SIC) Codes Vvrsionis tf the Ll.S. Govermun eut SIC nidhsare 11s,M11 ilciVltifyII t fi Se>ztCteINs ill
2s Chleni.ais%,andallied products 29
Petroleumrefining
C(3)i
3 1)
Rubbl tle r
t'70l}/11l10)1l1/
iVUflch);lE j/d) uisoi l t1LXlbidntFy l Io urn1'7bsiness st'ft'tt)j.,,s zt'luidicoimipaniie&s op'erilt. 1FCadapj'td ttin' following
31 32
list frlolil tte StrdilrrdllS,:lt Poor's Rc'gisth' fil' Iltst wtitl tlut' sitocks in its EmergingM1l-ku-t'ts Dah7 Bass'. lponiiesbe'hongtto a sectoir, wluich blr(s a ileti'-digit codt, fndt n indusby, 7kwhich CJhss uw Code5 . n Cou
Sector6: Fnance,Insurcnceandrealestate
aIndreliled
and nl. li sct llRbrnimis
61
htidtustries
plustics products rotllucts
34
except michInery
3
metal protlucts,
Fabricaled
and
~~~~~~~~~~~~~transportation ttulpimmIll' rilchinery, etxcept teldrical
3h6 Flectrie.a anildl electronic
t.
.2
flanking
I
6
Leatherand leatherproducts Stine.clly, glass. an11d ctloncr'let 33 I'riumarymiealinihtilries
Credit
Securitv and
63.
Insurance
I
Agricultuirl
2
Agriculturalproduction - livestck
7
Agrktillurnl
t1
Fo ristry
9
Foistryng
production
-
crops
it
hlesutrinig
ks72Vlirtnlsc mdical
trlpping
9 trapping and 'ishIng. liotiting
machinellUry.eillipillnent andL
mnthr-ineBing
.
i$
extractint
Mining ind quirrying
n
ani
s
IS
*11
of "til -metal(tic miienrals,
exept
M f ii
5
4
ConsirutCtioliOther thin build ilig construlioin
ConmbinatIons o re.al estate, insurance.loanS,law Offices
67
I loldingand otlier investmentconipinies
ro1sacco
a
Appiralre
ndilier inl
11m101
suiburbal
durlng
tu
51l
fabrics
7:
lition
.
and
tiul
homedealers
7rs
intertrbain
highway
iarelitising
irer
and
Ililer liIging
pclace
.Ll giges 1
ll
grse
vna-pt niolion pictures
l.egal.services
$2
FlItdcatioinal srvices
$3
iociil
.10cessorv Stores hings
services
lMenibernhip rivatiust
orgpniiations
eltl
I,
sni sertict
Nlisellan
Sector f: Government
Illrut.2ware, girden ha stores
I
er
S1
81
services
FL,so.in
A1,11,1rulUlild
camps
Nlistlaneous
8
giaS
Auiiiolivet Jeit'
38
hoose%
N4 Museoums, art galleries,botainicalwaid ioologlcal gardens .
C-'neral nwrclialndit Foo stre
5t
IllllI
Si
gas, andsanithary
materials,
rooming
re:'air srvices 7Q Anuisunientand recreationsfvlict
or
Transporlatll iby air ipl'ielinc's, weceptnaturl
flultd ing
Services
7 SerIces I lte
. s Ife) Mtioun pictirLs servics iransit
Sector 8: Wholesale trade and retail trade It Wholesfletrade- dimraL,le gooids 51 W1iIt0 Ji' triae - nondturablegoois in 52
file wlli 'produclts
[c
Sto
iosswrk -vtrepairsrc
-e .
Manufacturing
inisli.ed lirtluticts matte trouii anti siln lar materials 24 I unil'eri nt itiwotd prouhck. eseeptfuirititure 251 FurnitureantI0fisturv 26 P'aper andalicl lidipidctis cs 27 irintin,gpulblihiIg1.a11iallied f'.f%WstIrS
1994
Seelot
Ti)
- gtuerai
C0111niclors 17 con5tractstinn-sprcil1 fr1;lrcolit1ors Cnst(rutiioniii - -pecial tradecorult ra rs rac
r
Elctcric,
builders
23
'
watces and
c u7 Transportntionservices
Sectcor 2: ConstruclionC011MiUkl BIS uildiinigcontiriution - generalcontraclorsindopitalive ttY9
-3: Sector
and
4 2 Mnotor freiglit transporltialon *;~~~~~~~~~~~1 Postll Strvice
Oil andgasestractine
jt
S2ctor 3: Manu
Local
and
06
ncllaneous tintiamfsn7iifaturl7
puasetigrtransportalion
I .i
t7
Iii4irililleivls;
aitti optical gtiotfls'
and aI.lrouldservices 40 srnitloy translporttillon
Oilft
2 I
c(iintruiiiig
ando ntrollInd Itcstrm1d
Sector 4: Transpartatlon, communicallon, electrlc, gas
l
13
I7
?sli
tx'l\ine,,
1)5 Realostate
-
gind
Athra ittlliIlill
16
ind
Olo'a pring nlxing
39
baLn, brOkers, Lv'alter,.
eiiiprilent uimlvzinig
.Pli8
hlfaiig Sector1:.Miz1 ilng NIck
Triasportiltion
38 .3
services litii
Sector lit)
37
ottlivrt than
ClminlllttlitV
Insurance atits,En brokers. anfservi
64
solppliet Sector 0: Agricullure, forestry and fishing
agencie,
12
s i'ply
FN'cutivt' legisi.tie, .in generalgoverment. e\cl't ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~finanlc .
Seclor 9: Other ai'
ill obile
N
on
-sdi-Aibrilwo'ttlisliWi
it,
t-r.Ict station1se
it
nrltircg .itiultrinfkiingpla.rces
Miscellaneous rt li
F:\MIu;I
. MAI
Itht Is iA T.AWAst 253
Glossary Annualized mean: Twelvetimestile mea of molitillypercenit cianges. Annualfzed standard deviatlon: Standard deviation of themontillypercent chaliges tim)es tho squarerootof twelve.
Llsted companles: Numiiberof domestic conipanieswith cqLlitieslisted on the stock
Price/earnings ratlo: Total miarket capitalizationdivided by the total earninigs of
exchiangeattihe id of the period.
companiesin the index on a trailing 12-mlonthis
baisis. Market capitalization: Sharepricetimes the nuimilrber of shiaresoutstanding.Also knonviias marketvaltue.
Standard deviation: Standarddeviation of monitlhly percentchanges.
Dividendyield: Totalcashdividendspaidasa
Mean of % changes: Meanof montillypercent chiange in theIFCIlmotilly indexes in USdollars.
percentof niarketcapitalization at tiheendof the period.Theyield for thl iliedx is the totalof all dividendspaidovertwelvemnonithis dividedby the totalmarketcapitalization.
Turnover ratlo: Total valuc of sharestraded durinigtheperioddividedby theaverage market capitalization for thcperiod.
Number of trading days: Numiiberof days durinig the period that stockstraded ont the exchange.
.
Billion: i,OOOmillion.
*IFCGlobal (IFCG) Index: The IFCindexthat representsstocklmarket performancewithout taking accounitrestrictions on foreign investors, .into
IFCInvestable(IFCI)Index:TheIFCIndexthat takes into account restrictions on foreigni Investors.
'1994 I'ACTUIIOOK
Price/book value ratio: Total market capitalizationdivided by the total of the book valuesof Cnn'panles in the lidexat thecndof the period.Book .lue Is i tilesameasnetwvorth, which is the differencebetveentotal assetsand total liabilities,
-lIItUING
Value/volume of sharestraded: Total shares tradieddurinigthe period.Valueis expressed in millionsof localcurrencyor USdollars;volurme is expressed in millionisofshares.
Nl.IjKLrSI)ABADSI
254
Abbreviations ADR AFM ASE BMV BOVESPA bp BTA BVC BVL CFA cont. CPI CSE DSE DSE EAFE ECOFIN ENDi3 ENIEA EU Eurol'ac RE.
Fed FT FT 100 FTEP CDI'
199.1
IK\crnook
American Depositary Receipts Amman Financial Market AtlhensStockExchange Bolsa Mexicana de Valores
GDR GNP IiB IBVL
Global Depositary Receipts GrossNational lProduct IndciceBalsa de Bogota Indice dceBolsade Valores de Limo
(equivalentto ll'C)
IFC
InternationalFinanceCorporation
Bolsa d VYalores de Sao Paulo Basis points Banco Totta & Acores Bolsa de Valores de Caracas Bolsado Yalores de Linia Commiiautc Financi&eAfricaine continied Consumer PriceIndex Colombo Securities Exchange DelhliStock Exchange Dhaka Stock Exchange Europe, Australia andcthe Far East; as in MISCI'sEAFE index EUtsFinance ancdEconomy Ministers EmerginigMarkets Data Base Europe, Mlideast,and Africa European Union Europe and Pacific FinainchilExprrss (India) U.S. Federal Reserve 3ank Finai,cialTihmes of Londoni FinancialTimeisindex of 100stocks FT- Actuaries EurolPacIndex CrossDomestic Product
IFCG IFCI IFS IGPA
IFCGlobal Index IFC investableIndex lntelrlional Fii,iiwhuillsiatistics Indice General de i'reclos dc Accioanes(Chlile) International Monetary Ftind International Indice de Precios y Cotizacionies (equivalent to BLMV) Iniitialpublic offering Istanbul Stock Exchange International Securities l.D iNumbler Jakarta Stock Exchange Kuala Lumptir StockExchange Korea Stock Exchalinge Less developed counitry Market Mlinilstryof Finance Morgan Stanley Capital
P/BV P/CF [/E RBZ S&P 500
UK
P7rice-book value ratio Price- cash floav ratio Price- earnings ratio Reserve Bank of Zimbabwe Standard & Poor's index of 500 stocks State Bank of Pakistan Securities and ExchangeCommission Stock Exchange Daily Official List (London Stock Exchange) Securities Exchanigeof Thailand Standard lindtistrial Claissification ShangrhaiStock Exclhange Treasury bill total relurn Taiwan Stock Exchange Triniidad and Tobago Stock Exchange UnitedxKingdom
International
UK FT100
See Ff100
US US S&t' 500 y.o.Y. YTD ZSE
United States of America Sec S6W500 year-on-year Year-to-date ZimbabwveStock Exchange
IMF Int'l IlC IPO ISE ISIN JSE KLSE KSE LDC midt MFOP MSCI
hlSCI SAFE See EAFE MISE MladrasStock Exchange NAPTA Norilt American FreeTrade Agreement NAV Net Asset Value
.it~u,
No. NSE NSE OECD
Numlnxr Nairobi Stock Exchange Nigerian Stock Exchanige Organization for Economic
Cooperationand Development
SBP SEC SEDOL SET SIC SSE T-bill TR TSE TTSE
l>tiuc.,x;
NI MVsrA255
~ I).xrEI
.
Appendix .
.~~~~~~~2
Investor Information
Emerging Stock Markets Factbook 1994
Withholding Taxes for Emerging Markets (U.S.-based institutional Investors; end-1993) i.ong-toni linerLst
'/Ivlnrkd
'
Div'idtelS
(M)
(V)
Lalln Amcirta & the Carlbbean Argentina
capitll
cs(hares Cl)Mrket
0
0
Africa ptilsna
Barbados
15
15
0
Colkdi1volre
Bratzil Chilce' I
15 15
15 23.5
0 15
C;itana Kelly.a
Culombia Costa Rica Jamaica Mlexico Pa*lnalma
12 S 15 15 0 0 30 30
12 5 15 a 10 10 25 0
30 a 0 0 0 0 0 0 30
laulrilius Muorcco Nrnilbii Nigerih Souil Africai Swaziland Tunishi Zinibabwe
.
Trinidald and Tobago Venazilta'
.
Asia Clhinal
10
20
o
India indanosia Korea Ialanysia Pa,1kisanl 1Philippines Sri Lanka Taiwian,China Thailland
20 12 12 20 ¶1 2 20 0
20 15 15 0 10 25 .15
20 0 0
20
20
0
15
l0
1;
0 0
3l1 0
0 1)
Grew Hungary Iranl
15 20 I0
0 10 0
0 20 0
rJornlan
O
.
Europe/Midaosl Cyprus Czech RepublIc
l'nland
. .
0)
(7)
(¶4)
un Iish%t hawrs(':)
15 0 30 10
15
0
iltLerost
0
Ieru
*:
IgstIeld
iLang*it'nl
gtuins 011
u
a /1 5 (1
DiidILends
capital gais
12
in
:
0
10
0
0 15 .1 a 5 1i5
0 3i 0 20 0 0
10
15
I :i i
15
n
11
0 0 0 0
l
0
20
l)
Portugal
25
15
0
Slovalkia Turkey
i5 15
15 1.5
1; 0
Nuksr Cbici:Effectiv dividedilhirotttti;zg IiS rate.lC Venezuwla: RAWlO nn c..pital gains in exccss of 13s.2 million. Zimbailbwe:Ratesa1sIn effect frmn Jani. 1, 1991.
199LIFAC I1I1100K
14(;mc; ,t
t 1S
,1.
I.
InvestmentRegulationsSummaryfor Enteringand ExitingEmergI-tgMarkets (as of end-1993) Enlry.
ExIt
Are listedstocksfreely available to forelgninvestors?
R ivUritlion'if incole
Capital
Argentina
Free
EatswVa1111 Brazil Colombibla
Free Free Fre
rro.! Free
Czech Republic Gha mna
Free
Free
Free
GrINce I-lingilry
Free Free.
Free Freve Free
Malaysa
FrIet
Free
Mexico
Free
Free
Free
Frer
Free
Free
Free' Free Froe
Frete Frie FrrI'
FreeEntry
kist"aln l'en
Poland P'ortugal StutilhAfrica Turkey .Free
.
IFre
Free
Frw
Relalively Free Entry l3anglad1.t'slh
.
Sonic
Restrictions
Chile
Free
CosinRica
Free
Indoiesi. Jamalic.a Jordan Kcnya
Korea Sri Lankia Triland TrinidalI& rTobgo Vcneziela Zimbabwe
Sonme Restrictions Free Free SonicResirictilos FIre
Sonie Restrictions
After I year
Free SonicRestrictioln Free
lree
Keyto Entry:
Sinic testriclions F:rev
Free linlry: No significlantrestrictiolns to purchasilgstocks. RelativelO Free Rlitry:Soniclregistratioiprsitedtirts reciquiredto ensuire relairiatiolnrights. Specil Cilasses IFreigners restricled to certailn clissesof stockstesigimtedtfor foreigninvestors AutlnLirizetliwvtrorsOnly: Only,appprove. foreigninvestnrsmy) buy stocks
SmKc ResirictRils SonicRetrictions Free Free Fretl Free Fre' Free Iree Frel
Closed: closed, oraccess severely restricted leg., fornon-resident nitivils only). Keyto Exilt; repatriationof incime: Dividerds, interest, ind realizedcptital gainS. 1 Initial capitalini'er'si Rep`traltion of c1p1ital:
Special Classesof Shares
China lPhilippinecs
FreI tr. lFreeL
Free:Re.ntrisiiondone iitiirisi.ely SomeNesteions l'vplrll requires.momeregisirationvith or jiervi:issitLnof Cerili ilink. Mitnistryof IFimnace, or aniOfficeof l chillgeCointrolstt I wy mali resIric Ill timing t of V'sci. ilyt relLeai.
rree Free
Authorized InvestorsOnly
India raisaii,China. Nlauriltls
FIree Free Sonle[iestriCtloits Sonme Restrictions
Vree
IT:'r
.
Notis:Sonie indlustries in somecountriisrlt' consitleresi strategic andire nt atvailabIe to ftireign/:iionl residentinvestorsand tnat it,heIv'e of foreigni illvestillelt iltn thlercases111av tbe liited bI nltional lia ot lttoaggregaltmorethan l-19rof voting stock.Thesunmmaris nsf illstlit ltn; tollthrregulations may.iiy til' icr VAPital invesietI e throghdebIVt CtoVrierloli scheiiiesor otherio9urces. or corporatepolicy to mlnority lPsitit
Closed
Nigeria
1991iFAcTrimoK .
,ot
SiomeRestrictions Stun1' Restrictionsi
ov .
tefe*r 1.i"new mon|.sey inl>ll;ve''nivisel l foreitb ri
iL.l;tlGiNLixAIIXi:rS
l3ASl: 1ATA 259
InformationDisclosureSummaryfor EmergingMarkets (as of end-1993) Share prlce hlvlirkl Latin America Arsentima B1razil Chile *Colombiail luxiCo
lm i Venemilcl
-
Asla Chlinall Indiea Indonesia Korea *Ma,laysia
tilI-N
a *
* * *
A;AN!IM)
*
^ANIWI)
* * *
a
nhailalnl
Europe/Mldeast/AfflIca Gnr IHlungary Jordl,an Nieria I'o;and I'osrti;g,l Turkey Zinib,iitbwe
Inturnailonal e.cirnniic co'rage
AQNIIVD l AMI ANIWI) A DNIW) ANIW) A \IYD) ANIIVI)
*
IPakistan l'izJiljl'ines Sri L.ankia T.aiiwin,China
StaidritIes Netu llinge pulbltlons
C * *
* *
*
* * * *
* *
A\I;VD AIW) M A,DN1I) AM\,I\ DANIWI) hM|ANID AIWVl) h\@AWl
C
l.i, IR 1.14, 114
C C C C C
1.14, I 1.1,I 1.14, I 1.1R, lIR
* *
C C C C C
*
C
* *
C C C C
S
.
AtI)
A AMWI) ANM/2awl) . AD) AI%VI) AMVI) ANIVI AQNIWI
larke public,1Ii1i11i onllnlioleiltriL's oFI I/I, yield in hl'n;ll
* *
|
*
*
*
C C is' 1' C C C C
.RUIR
1.14, 114 1.14, lit 1.1R, IR 1.1,III 1.14, 1I1 1.14 , It 1.14, I4R .1, I1 1.1,III
1.14, I1 1It, I1 l.R, IRt 1.14,IR 1.14, IIR 1.14, 1I4 1.14, 11' I.11,III 1.1,lIt
CompanY C4et,arN financI1,l1 fill,nancial brokl'rmgte discIosiure Iliscloisurt reporls reuiremirenws reqi:Irevimins
1JR,IR 1.1R, 114 1.1R, It 1.I, IIR 1.14. 114 1.14, IRI 1.14. I IR 1.14, 114 1.14, I14 51,114 I I R, I 1.14, I 1.14,IK I 1., 114 1.14, tiR IK .11t,III I.R.tIR I 1.1K. I 1.R 1.R 1.14,I 1.14, III 1.1R, It 1.1R, I
* * *
Q Q Q Q Q Q
S *
*
S S
*
*
.
Q
* *
Q
5 *S 5 *
S S S
*
QI S
Iwsei.or prrotecion
A .
AS CS
C
C'S
A C A A
AS CS AS AS
5i
s Q *
AccXxi,iilir SI,dLal.rdLl
I' C
( A C , A A A A A A A A A A
ItS CGS AS CS C' AS AS AS AS AS AS AS AS AS AS A.S AS AS
Key
Share pricL'indx I NA*\t SvcuriticsvN'IlangL'e publicationilM Inilrntm tion,l eleclruxniccov'erage Regularpublicat ions ofIV1.,rield Nlarketcomiiiiwil.lriesin IVngfIhil Companybrokeragte reports. Annu,IM finincidIldisclosuirvreqlIlirewleols In torinin filnanil,,I dLIsrlusrL rv%lIiinuInens * rAcumuntling sIidtardln Iiivtsto!r prulttclionil
19941IFACIlItOK
Il\Tt om,l shareplrickihidlvxis t'ilcilIttlei (1ltmLI havesev11r11v il tnimv !laiesectumral iltdL'ws,mswsll) A- Anntial, Q=QZartLrly, NIuiiihI, N12'DHllvtvkly.lVAVevLIy, D41 I)=I),iuI * IDaillycovegrae( of st(ockinarket ii iin iterlrII.inl I wire servic; I ':I'ublivdal, C=Conlimarthenhie andtlplfulliVIlLL iL1naltiLiIill)' I 14:piruarend by1io'al brokers,1l=4prul.artLtby initrnitionll bln ers I ,IR =pre%i reod elocallroierk , 114p¶relIhlrLlI b itnltlnal ('rokers b csoIIdaILted audhite?d a1nnu4l acc01ti its requlirWt Q'Qt3,irterlyruills 'IisIwd, SsSviIniI resuilts piablislhetI, S vSaui,iiiawaa.al results plbitshlled furbankNoni CCcauiudl, of i ern,,lloially *i eel,ille qi a,iliv, A=Ada', I'-I'our, re mpires W.fr,fliril,SIcl.ii rinin securilies L.onflf-IssiI onr simila%r go'vrlment 1aufl', ij;tCMyc ic nlralng amrguilting mriel,.iciviI% U oquIlylv, l, of inteIrnal o.llyl) accepltable A= Adeuat, I'=I'ut r, req=ires ir,refsrm efu 5r w
N1;mI ois
I)\I ri '
%SE (60
Appendix E merging
Stock Market Directory EmergingStockMarketsFactbook1994
Directory Directory
Bangladesh Ltd. Slocl -c1,aiigf DlinAe Clilrman MIr.Amiiitil IslamKhan,
lwalscoll:ipilkd 11111*kets it eIlIe?"iI?g Thefollowingdirectoryof stockeLxcJJnflges Survey of SStock GlobalSurvaey l1ircn~gb 1994 IFC's cul1ccti~d of Stock CollcctUdthrough IFC's folaal ilfol'iatioll fron .1994 diffeirsfrej.mits itaiiiiiig strectaddiress: Excl:ages. WlLe'retil. excihanige's
TradingHOlrts:S-Th11:00-1:00 iHolidays:
r Rashld,Sclr8,2r .ar
Mall bubg re BiUiIdIISii Exchange5L Commercial Motijlheel 91F. Dlaka1000
Feb8,21 22,24,25 Mrum Apr14
is listedlfilst. HIolidaysnild luoau,:of Op7e1r1i nre address,t11estreet atrgl'esss II tiltte (ifFax: aicnilntle at listed for exchauses for which ilaisinfinatiOn wLs dritstnge
Tol.: (880-2)239-882 (880-2)231-935 OSEBJI. 632150 Telex:
jun 1-3
Argentina E,vchw,ngls' AircsStock Buw,wsis Mr.JorgeEnriqut Berardi,Chairmnan ViceChalranll *Mr. JulloMacchl,
Barbados Ext 1fg&l'f BarlBarldo Sc'curilkes
299 Sarimlenito CapitalPederal-1002 AirLs Buenos Tcl.:(541) J13-3004/4002/41091 Fax-(541)313-9332 BolsaAr. Teiex:21709/22864/l7469
TradingHilurs:M-F11:00-3:00 lulidnys;
reb
Mar 31 Apr.! 1,25 PlMay Junl13-20
May 1,6
Managor lItolidayS: GCceral MIr.AnthonyK. Joihnson, Jaln 21
6th Floor CentralBankBilidinig ChlircihVillage St. Michael Tel.: (809)436-9871/2 Fax (809)429-8942
Jul 9 Aug15 Sep Oct 10 Nov Dcc8,25,31
MAr
lar
Apr I
Ma1Jy Jun
Bolivia
Armenia
.
YerevanSitck Exclhage
Dr. SRdrakSedrakiant'resident Sarian22 Yerevaii- Center Armenia Tel.-53-58-23 AT&T 7-8852-151548 Fax:52580l
E.vchuanqge Stock oljpalin
GarrettMlendieta,President lug.Gerar.do NI.,, General lig. MarculoMontLro Manager y MercadoNo. 3(8 AyACuc1io Lal'azCasill.a12521 935 Tel.: (591-2)322-422/392-912/350 Fax.:(591-2)352-31)08 '
Balhraln 25969X Tel.: (973)243227, 256362 Fax:(973)276181, BN Telex:7939BOURSE
. 1994FIAcroIlo.
...........
Aug10,31 Sep Oct24 Nov 7 D-c 16,15
Jul Sep
Sep
Oct Nov Dec30
Trading1Iouri,MI-F 1030-11:30; 4:M0-5:00 Office 1loiurs:MI-F8:30-12:00; 2:30-6:30 Hoilidaiys: Jullf JanI Auig7 Feb11,15 SRp Mar31
Apr I
May2 Julni
. ahraialn B SfockEMae Bahralti Cenera.l Director Dr. Fawzu3elhzad, Box3203 'P.O.
Jul
2:00 Trading Ilouirs:T-F 10:00-1 6:30-4:30 M-11 Office H-louirs:
Mr. Colin C,.Codlard, Chalrirain
Office Hours:NI-F10:00-6:00 JanI
M S
O,:
Nov 3 Dcc26
.. t:xciril,ge . . Stock Sitai Crur; NIr. Ilugo Jar,iCcntririn,Naliager
Ve'laco308 SantaCriiZ
Tel.: (591-3)33-.1679/350-7813 FIx.:(591-3)334-679
DATA1Asr 262 I7i:tM IC MIARMI(TS
Botswana
Trading louirs:MI-F9:00-12:00
Ltd. Bolsxnvnr Storkb1rokcrs
8:00-5:00 Mv-F OffiCeFlOUrs: Holidays:
Mr. Allan NorriO,Ciief ExecUtive 5th ROOr, BarclaysHouse
KhnmaCrescent Gaborone I'.O.Box41015
Jan3
Jtil 1,,19
Felb
Aug
Mar
Sep30
Gabarone
APT1A4
Oct
Mny12 Jun
Tel: (267)357900 Fax:(267)357901
Brazil Exchai;ge Stock RiodvjJniltiro1
1
M4r. CarlosAlbertaRefs,Chairman Man ger *ir, SergloLu(iBerardi,General 20-1andar Pr,caXVdeNovembro, 20010 Riodejarnelro-RJ 271-1010/1011 Tel.:(55-21) 221-2151 Fax.:(55-21) 31500 Telex:(55-21)
HoUrS:M-F19:30-4:30 Taddinig 1
NI-F8:30-6:00 OfficeHouirs: Holidays: Jul Jan20 Atig Feb14-16 So)7 Mar31 Oct.3,7 Apr2,21 Nov2,15 May Dec30 Jun2
Flliho,CEO 13iojone deSouza Nl*r.Gilberto
1:00; 3:00-4:30 I-lours:NI-F9:30Traidinig 2:30-6:00 8:30-1:00; Office lFlours: Holidays:
RuaXV de Novembro,275
Jan 2.;
Jtl
CEP:01013-001 SaoPaulo- Sp Tel.:(55-11)258-7222 360871 Fax:(55-11) Telex:21000
Feb14-16 ,Mar31 Apr 1,21 May
Auig Sep7 Oct3, 12 Nov2,15
JUn2
Dec30
Bulgarla Exchag Stock FirstBulgarlia ChiefExecutive Mr.Victor Papazov,
2:00 T 10:00-1 TradingFlours: OfficeHours: NI-F9:110-5:30
875566 Fax:(359-2)
Holidays: Jan I Feb
jtil Aug 16-20;23-27
Apr 19
Oct
lMar3
May24 Juni
niCOK 1994 FAcI
.*
IleCJil'l BLdsa Ekivirt71c1a Mr. RafaelAlduiate Valdes,General
Manager 1020, Piso3 Monleda Santliagol,Chlile Tel.:(56-2)6960503 FaX:(56-2)6960503
Nov Dec26,27
Stock EXC.lrnigc Sao Pauilo Mr.Alvaro AtigtistoVidigai,Chairman
Sq1. Fl.12 I MNlacedonia 1000sofia Tel.:(359-2)815540
Chile
Sep
Nov Dec31
Sanitiago StorkExrlhl e Valdes,.Clialrmian Yrarramav.l MIr.Pabin Skiar,General Goldfarb Mr.Enriiquic Mantager 64 LaBaisa Streets and lonoeda of liandera Cornier Santiago 123D IRO.b3ox Clle Sarillago6958077 Tel.: (56-2)6982001,
Trading Hours:NI-F9:304:30
.NI-F9:00-:00 Office lotirs: Hiolidays; Jul Jn 1 Aug15 FeLL Sep19 Mlar Oct 12 AprI Nov I May Dec8 Jun2,29
Fax:(56-2)67280-16
ChIna
1:309:30-11:30; TradingHours: Mi-F
,San1ghaii StrckExrhang'
3:00
Mlr.Wel en-Yun,Presidolit MIr Li XianigRlti, 3bardDirector Road No. 15,l tuaing17u PRC200080 Slhnilghal 306-3195 Tel.:(86-21) i306-30763 KIx:(86-21
1:00MI-S8:45-12:00; OfficeHoCurs:
5:00
1:00; TradingI(ours: t-F9:00-1 2:n0-3:30 NI-F8:00-5:30 OfficeHloutirs:
Sltckixcdlt1JLnge 5henz:hrn r. RuoXIanRang,Chairman Mr. Xlin. P3lnresidenl
I lolidays:
15/F internationalTrist St InVestmonts Bldg. I Zlog liRoad nling
China Shelizeni 5594074 Tel.:(B6-755) 5594074 Fax:(86-755) CN3 SZSEL Telex:120592
Jan1,21,22 Feb25-29 MSlar
Jtil Aug
Mlay3 Jun
NOv Dc
Apr
I
1 ElR::,;rNC NIARKlT1S
Sep
Oct1
3ArA IAS: 263
Colombia
Coto d'lvolre Er.t.inge Stock
BogotaStorkEvchng'e
(llAidfijoiv 10:00-1100 NI-F dingI-Hours: 1Tra
Dr. Daniel Mazuera Gnniez, l'resknlt Carrera 8 No. 13-82 .1 Iiso 7,8, y Saitifue tcl Bogota - Colonibio Carrera 8 No. 13-82 Apartado Crereti 3584 Tel.: (57-1) 243 65 01 ext. I100 Fax: (57-1) 281-3170
Office l-lours; M-l 8:00-6:00 H-lolidays: Jtll 4,20 Jlan 1 I A 15 ilAg llb Sop Nar 21,31 Oct 17 Apr I Nov 4,7 Mlay 16 licc 8 JLIn 4,21
Mr. I-etnnNaka, Stack 1 xchanigeCoulcilc ClIrnan Ainwrna emse Jeph IminlecibleBVA 01 Ul' 1878Abldj.an Tel.: (225) 21-5742, 21-5783 Pax: (223) 22-165i Telex: 22221
Nitelliti StockEXrtwl:1g * I.iis Irerawndo Uribe Resirepo, President NIr. Carrera 50, No. 50-48, P'isoi2 1'.0. Box 3535 Mledelliri Tel.: (57-4) 26031)0 Fnx: (57-4) 2511981 Telex: (396) 77688
''I Trading 1-1louirs:Ivl-P 10:00-12:00 Office 1[tours: NI-F 8:00-12:00;2:00-6:00 Holidays: Juil 20 JanI 10 Aug 1S reb Sup Mnar21 Oct 17 Apr I Nov 7,14 Mlay 16 Dec 8 jtiun6,13
Croatia
OccicidieStockEIxctalnII'
2:30;2:00-3:00(. Tradilng[-oLurs:Ni- 9:00-1
Cyprus
Lvlr,Juliaui Dominguex, I'resltdnt Mlr. Jorge Duran Cabal, Vice President .jan Calle 10 #0441) I'isc) 13 Edlificio 13olsade OCCidelte ApartardoiAereo 11718
2.00-5:30 Office IHtours: NI-I 8:100-1:00; Holidays: Jul 4,20 10 Aug 15 Feb Sep Mar 21,31
Call, V.lle del Cauca
Apr
OCt 17
Tel.: (57-23) 817-022/8-18900 Fax: (57-23)816720/812526
Ma.)y16 Jun 6,13
Nov 7,14 Dec 8
Trading Hours:T/Ti 9:110 Office lHour: &I/ F17:30-6:O0L
ZagnreSlorLkEix.nhsge General MAtniger lPapugag, MIr MNvarinko Ksovor 208 Zagreb 41(fX) Tel,: (38-41) 42-8455 Fax: (38-41)42-0293
Office Hours: N-P :00-6:00
CiiprusStliik EI.r,dia-nr -Iolikays: Mr. N. Nietaxas, Hlcad NlcosTripalts,mOfficer Chamber tJuilding 38Grivas Dliigenis Ave., & 3 Deligioris St, 1'.0. BIox1455 Nicosia Tel.: (357-2)-149-5001
Jeib 1.
Au 1
Mar 14,25 Apr 12') Nlav 2 JuD
Aug 15 Sep Oct 28 Nov Dec 23,26
[:ax: (357-2).149-098 Telex: 21)77
Costa Rlca
Czoch Republic
*f
Rika Niliviutil Slock Exchunvge Ct,Ca Mr. Rodrigo liolanos Zimora, General NIgr. Mr. Roberto Venegas Renalid, Assislanlt General Mainager i-difico Corlagelna,411ifloor Calle Central, Ave. ler. Sanl JoSLe11000
Jose A Apdo. 1736-1OOt),S0an TFel.:(506) 222-8011 IFax: (50)6)255-0131 Telex: 2863 IIONAVA
1994 FAc,TIo
.
Trading oluirs:,NI-l 8:00-4:001) Office I lotirs: N--r 8:1)0-5)0(;F8x00-4:100 IlOilkhl.s: Jutl 25 JaimI Aug 2 lFeb Sep 15 Mlar 31 Oct 12 Apr I No v My Dec8,25 JLii 16,29
i'n
Trading I lours: NI,T,F8:001-5:100
i-i Stiok ExrhIrta,ge
Ilug.Jiri Franc, Secrelary General Na Nustk-u 3 11001 I'mrha I Tel.; (-12-2)2-1493 111 IFax:(42-2) 2-J21")187
Ix
Uucuv;
LNI\.tK\1(
S DATA
1.Asi
264
DominicanRepublic
S .urlh's tExwliigeIic. D0JIWIfIgV SIIIIto Nvir.Felip Atiffant,lPresidenit Alvarez1Il,Exec.VI & CEO Dr. RIoseiido EdificioDisesa
l'b27 Ave.AbraliaimUncoit Suite302 SantoDmninigo
TOl.:(809)567-6694
567-6697 rax:1(809)
El Salvador
Hlolidays:
Jan1,6,21 MNar Apr9 May I
Juill10
I ltours: M-l' 10:45-11:4:; Tradinig OfficeIlours:Ni-F8:00-5;-i)0
Sltk Exclim,
11:30 Trading Hlours:W 10:1!1 OfficLI-lutrs!NI-F9:tl0-5;00 Jul Atg 5,16 Sep241 Oct 12
Holidays:
Jan lteb 30 31 XI.ar M A- I Mlay
(503)232-898
Nov Y,Fax
Dec23
JIM
Ghana
Ecuador
SiatkExdhmgo Ghalnim WhoaAn ianaging Dirccwr GeneralManager Sir.F.D.TwLneboa, 5th FloorCOlDlHouse Rocd I.Hibtrim 1849 l'.O. B3ox Accra 66-9908/66-9935/669914 Tcl.:(233-21) 66-9013 l'ax-(233-21)
11:00-12:303 TradingI-lotirs:NI1-F Qlgitt) Exd.ran11Igr.'of Stock 1) 9:005:(X Office lotirs:N1-1F Dr. 1irnestoAndradeV.,I'residenit Econ.1lectorTernetis'., GeneralManager H-lolidays: Jtl 24 JanI A. RioAAnMiaMoi.s Atug10 Feb No,540y Carrion Sep Nsar IliSC EdificoLondres8vo. Oct -12 Apr 17 Quito3772 Nov2,3 May I I69/523-l06/55l526805/326 Tel.:(593-2) Dcc25 Jun 837
31)
Jul Aug3.-S Sep1i Oct 12 Nov 2
D:c 3)0
Tradinglours:T-F 10:00-11:00 ONi, I lours:Ni-F8:00-5:0(1 Office IHolidays: Jan 7
Feb Mar Apr !4 Slav Jtiui
Jill I Aulg
Sep Oct Nov Dec2,26
Fax:(593-2)500942 Telex:2565BVQ-ED
Telex:2722STOCKEX
Egypt
Greece
! 1Talat 1IlarbStreet Alexandria MNensiha,
Ilass,iAIini,lra1ion-Acct:ting M'irs.1P. DireItor
Office I loutrs: I-F8:30-4:0K) lolidlavs:
Stork Excha.1nge Xigaklis, Mr.ChrHstos
J.n 6Jul
TradingDirector Street 10Sophocleuis 10l .;) ithens TlO.:(30-1)32113101 .1X (30-1)32139.38
Fell
li.xchi*rv:,qe' Stlock Aliewus
Exchange Stock II'.vdi,,dar
(203)4835432 rTel.:
StlckExd:lilkg TieEgypghiitI Il SlieriefecnSt. Cairn Tel.:(20-2)3928098 Fax: (20-2)3928526
I-(vCTlt(l()l.; 199-1
Dec
Aug I;
Sqep Oct 28 Nov D'c 26
NationalSocklEr,hal/ug -IaCalle6-35,Zona'9 c;utemaCiyv Guatemala Tel:(5022) 3-I24179 731 I:1l'9 FIlx15022)
Officc I fours:Ni-F8:30-2:301 lolildays: Jul 19,23 Jan7 Atig 28 Ie Sop Slatr1iS,14 Oct Apr27 N,ov klay 1,2,21,22 Junl
lar2425 Apr229 May2 Jilni 20
Guatemala
NI-FI :0tJ-1:11)0 Tradingloutrs:
1994F\cruooK
TradingI 10timNi-F10:30-1:31)
.
ILM B(;IVi \l.xulu is I)
Ii~si. 265
26> :~~I\11 26 1etiL \ I'A1} NI:vrkl:1'S17SX1'A 1GIG lnC.NARKII'S 1811Itt
Honduras
of Honduras StockExcIhe:gc General GCereite Raudales, Mr. CGustavo Edifl io MlartinezVnlenzuela I [Iiso,2 CalIle3 Ave.5.0. SanPedroSula Tel.:(504)53-4410 rax: (504193-4480
.
India (cont.)
,l-E 10:30-12:00 Trading t-lours: M-F8:00o-5:0O Office Flours: Holidays: JulJan 1 Atig reb Sep15 Mlar Oct 12,21 Apr 6,9 Nov MlayI 24,25 )Dec Jun,
lionLtd. TitoDcl/siSlock ExiwsgeAssoci NMr. 1..l'andey,ExecutiveDirector 3 and4/403AsafAll road Nev Delhi - 110002 WestPlava,IC. Stadium Indra I'rasthaEstate Nov Dclili - 110002 Tel.: (91-11) 3724387/3326803/3326804/3755314 Fax: (91-11)3326182 DSEA/IN Telex: (953)3165317
Trading Hotirs:Mt-F11:0-2:30 OfficeHours:NI-F9:30-5:30;
Limitled MadrasSlockExdhange Trading I-ouirs:NI-P 10:30-10 Office Flours:NI-F8:00-5:00 I-olidays: Jul Jan3,5 Aug Fe Sep15 NIar Oct 12,21 Apr 6,9 Nov May I lDec26 JutI n
ExecutiveDirectoir s. Ramanathan,
TradingHours;NI-F12:00-2:30 Office Hlours:M-F 1000-5:45 Hlolidays: Jul Jan 1,14,15,26 Aug l,20 Feb Sep9,30 Mar 14 Oct 13,14 Apr 1,2,12,14 Nov 2 May Dec25 Jun 20
Hungary Slock Exchange B.idfaipest Nir,Lafos Bokros,Clin,riiini,BSr Council Mr. FolsefRatyls,CEO .. V. DeakFerncnUtca5, BudapestH-1052 Tel.: (36-1)1175-226 Fax:(36-1)1181-737
India
SlvckExrlange Tilt' Bomnbgay Mir AN. Koliatkar, ExecutiveDirector Mr. A.D. Kale,Director,Plitance& I-JRD Towvers 'hlirojeJeejeeblhoy DalaStreet - 400001 Fort,Bombay Tel.:(91-22)2655860/61,2655581 Fax:(91-22)265-8121 STiIXIN Telex:01185925
Lid. Assodinat,pt, SthirkF.rchwnge TheCaklcutilat President Dr. DK KKhaa1leltCval, N.r. P.K.DL,Secretary 7 LyonisRange Calcutta- 70lo0 Tel.:(91-73)20-6957/20-6928
20-2514 Fax:(91-33)
CSAt IN Telx: 021-74114
INIMOOlM.R 1934FA,CrluoK
No. I I SecondLine Beach 001 hMadras-600 Tel: (91-44)5221071 Fax: (9144)514897 MIXIN Telex:418039
TradingHIturs:NI-F12;00-2:00 OfficeFlours:NI-F 11:100-6:00 S 11:00-2:30 . 1-lollijays: Jul Jan26 Aug 15,22,23 Feb Sep9 Mar 10,14 Oct 13 Apr 11,14 Nov 3,4,18 May 12,23 Dec26-31 Jun 21
TradingI hItirsNIl-F11:30-2:30 S 10t:30-2001 Office I-tours: NI-F 10:30-500; 1-lolldays: I JLIu Jan1,23.26 Atig 2,10,31 Feb - Sep30 vnlar8,9,2 Oct2,15 Apr 2,9,141 Nov 13,15,29 MayI Dec2S JunilI
.
.
Holidays:
Jan1,14,26 .Jl
Feb15 Mar 10,14,26,27 Apr 1,13,24 May 22,25 Juni20
Aug 15,21,29 Sep29,30 Oct 2,12-14 Nov3-5,8 Dcc25-31
ofwl.li, OTCExciwt11u1e 92-93'MakerTnvers"F' Cuffe Parade 400005 Bombay Th!:(9 1-22)2188164
Indonesia
.
S9:30-2:00
Thieltaorit ShirkExduan,ge Mr.-asan Zein Mlahiud, PIresident Director 14 JL .icrdela Selmtan 2iid loor GedungBulrsa Jakarta 10110 Tel: (62-21)386-2464 Fax:(62-21)384-0197/380-l841
Trading I-lutits:I-Th 10:nt-12:00;
I30-300;F:30-t130 OfficeHours: I-F 8:-5:00 Holidavs: Jul Jan1,20 Aug 17.30 Feb Sop NIar22-20 Cxt Ar9 Nov M,iay 61,21 DeL31 Jun 1.21
li%IlII(N;
RASI: 266 S lTSiDAA
Iran
SlockExcrhat'nge Secretary Nir.Allahvirdi RagaiSalamiass, General 228 FInfezAvenue Tehrai 11389 Tel.: (9S-21)670155/674130 Fax: (98-21)6725245 T'rir-al
Jamlica
9;30-10:30; Trading I-fotirs;MAV 11:;0-12:00 HceI-Yotrs: l-W8:00-4:00 Hlolidays: Jul 29 Jan 10 Atig7 eb Scp Masr14,20-24 Oct Apr2,7,24 Nov 17 May 29 Dec31 Jun2,5,20,21
Korea
Trading Flours:NI-F9:40-11:40; 5 9:40-11:40 1:20-3:20; NI-S9:30-5:30 OfficeElomirs:
ExLcunvg KiirraShirck Mr. In-Kie 1long,Chairman& CEO Voldo-dong,Youngdungpo-ku ISo-idwls Scoul 10-0 Tel.: (82-2)780-2271 Fax: (82-2)786-0263
J'lan1,2 Feb9,10,1'l I NarE Apr5 May 1,7,257 Jun 11
Lithuania TmrdingI-ours: NI-TI 1000-12:30 Office Hours:NI-F8:30-4:30 Holidays: JLII Ja11i A':;. Feb16 Sep Nlar Oct 17 Apr4 Nov May 23 Do Dec26
f Litimmia t StlacklExct,ge Busila Chairman,RIimantas Ukmergcs41 2662Viliuilis Tel: (3702) 353871 Fax:(3702)354894
11:30; Trading -lurs: SAY10:00SNI.W 5:00-6:00 Office.Hlours;S-V 8:00-3:30; T 8:00-2:00 S,lM,W9:30-7:00;
Liqmpr Stlak:Exchange ThieKwidiai Mr. YB Datl Nik NlolhmwdDiniBin Datuk Nik Yusuff, ExecutivvChairman 3rd-5th Fl., ExchangeSquare
Tel.: (962-6)660170
Holidays:
Off Jalal Sei1an1ta.11n
rax: (962-6)686830 Telex:(925)21711
J.1n9 Feb zMar12,16 Apr 1,2,25 M'dav Jnl;
StockExchange *Jama1dica Mr. C. WVainItout,General'Mauiager Tower,3rd Floor Bankof Jamiaica NethersoloP'lace Kingrtun ' l'.. Box621 Kilgston Tel.: (809)922-0806/9673271-4 Fax (809)922-6966
Jordan FinallcialM'Iark-e' APIUMaN Dr. UmayyaToukani,DirectorGeneral 1'.. Box8802 Amman
Kenya
Jul Atig 21) SLeP Oct
Nov 14 Doc
1()0(ra}-12g Hours:MI-1-10:00-12:00 .}ours: Exvchangle Tle Natiru/iSlac-kOffice flours: NI-F81X00-5:00 Mir. J.K.Kilumbail,Chief Execultive Holidays: P.O.13o 43633 JUl Jan Nairobi Auig Feb Tel.: (254-2)230692 Sep Mar 14 Fax: (254-2)224200 Oct 20 Apr 1,4 Noiv May 2 Dec12,26,27 Jull I
1994 FACTilor
JLIl Au 120 19-21 ' Oct3 Nov Decs25,29-31
Malaysia
:.3; 2:3Trading Hours:NI-F9:30-12 ;5:00 Office Hours: NI-Th9:00-5:30 F-9:00-5:00
Dmansara 1-leiglhts KunlaLumpur 50490 Tel.: (60-3)2:546433/25-46513 Fax: (60-3)2557463/2%61291/253569L) 30241/280093 Telex:KLUSEMA
Mauritius. 110-12i) Trading HLWours: 1.110.F hi4e Couissiuu n 5'c M Office Hours: NI-F9 X)-IX) Mrs. SliardaDindoya, Chlef Executive 9th11. Sico l tilldinig Street SirCelicourt Antemlne L.ort I.ouls Tel.:(230)2088735/2088736/2122072/3/4 Fax:(230)2088676 Telex 5291
DATA BA.E 267 E.IURc;lNGINIARKrUTS
Nigeria
Mexico*
*
Exchange MexicanStock deCastilla, Manuel Robledal Gonzalles Mir.ti Chairmanof the Hoard Exec.VP, Mvr.BJLrnardoGonzales-Arechica, PlanningDivision 255 Av. Pascodiela Refornma, Col. Cualitenioc 06500 D,F.Mexico Tel.: (52-5)726-660U/726-6950 Fax: (52-5)75-4798 Telex:.(383)1762233
830-2:00 MI-IF TradingHlouirs: OffIce
3:30-5:30 kI-F8:30-2:30; H-OWrs:
Holidays: Jnul2/4 Feb 21,31 M'var Apr I
~~~
~~~~~~~~~~~~Aug Sep 16 Oct Nov 1,2 ~~~May
~
JnDc11
'tI-Fl11:00-2:00 Trading Flours: OfficeHours:NI-F7:304:30 Hotlidays: 8i-9FIs, Houitse, StoickExchange bianIJl Street-~P.O.box '2457 Customs Aug 18 Feb L.igos Tel.: (234-1)266-0287,266-030%,2660335Ma131Se Oct I Apr 1,4 Fax: (234-1)266-8724 Nov May 1,20,21 NG Telex:(961)235675STEX 52 nU Exchailge Slock Nig~eriaa Thte Aile, DirectorGeneral Mir.I-layford
Oman
Morocco
ExtcaInIgJL St&ck hmIlnncir
Director CGneral *Mr. AbdorrozalkLaralki, ed V Mtohamo 98, Boulevard l CaSl.1blanca Tl.; (212)20-4110/27-9354 Fax: (212)20-0365 Telex:23698BOUSVAL
Trading -lotirs: N-F 11:00-12:30 NI-F 5:30-12:0;2:30-6:30 Office 1-louirs: Holidays: Jul 3ail II Aug IS9 Feb Sep Mla'3,14,15 Oct Apr Nov 1$ May23 DTl.-. Ju1DeTel.:(-
Market Securities &limcal
MIr.NIlalnoid Al-Jarwani,l)irector General S SecuritiesMarket iuildin4g MIuscat QuL'oos queSt. M1D, Ruil.i, M2uscat P.O.Box3262litFeb Code112 Postol (968)702-60C7 Faxx(968)702-691
Telex:3220N
*
BOSA.Ar TuluBx:2401 saf Namlbi¢nl)lnnLn NamibiaSleekExchange Consultant L.A. Hlanekorn,Executive 98Mr. CenitreShiopII Keiserkronie
*
Wind lhock
(2tox240*411 Pul.O Windholk Tel.: (264-till227647 Fax; (264-61)32513
12:00-2l.0 8:107-1:00;2:004.:30 Office.Hours:NVI-F-
5
janlI
Feb 21 Mahir Apr 1,4 I, 2,4,12,25 Mavly
Nlcargua Extairgutg NIar.i1,AlStock JallI
r..p37_Rnir. Sta. akZiiLI
Lltd (Ga:iranlee)
Alusxrhi.n3ig'S:43 rarii Slackno Ka1o-F Y ManagerHlias Stick EIchange lulildinulg
Huhd. vS
Jan10
JSle
Aig sep Oct Nov23,29,3) 2c
M5ar1-14 Apr
M7ay Juin
Octu S-Tli 10:15-2:)0 Trading H1ours: OfficeHours: S-T 9:30-5:4 Hla Jull2
JlStoick Aug 26 R-P I Och.t Nov 10,26 JunxDec
Kraciluii-7 -stiuSt.-lakist1 Tel.: (92-21)2411-9146241382/2425 Fax:(92-21)241-0825/'j289692 KASFX-PK Telex:201(116
Jail110,29) Febl VF:p Mar 6,12,15 Apr M 1,22-24,30 Juni9,19,20
nhih0rtc
l.1td. ranue Sltck IEcInig Soend, President Mr. Khawaja Il a.m11ad
Trading Flouirsi I-Th 10:10-2:3) Office I loUrs:N-Tb 0:30-4:30;
-D 8:10-1:00j2:00-d,
KEdiisclkrolscatrcPerez Callar
Ceifior Bsankee C%a *Km 4 1/2 Correterna Mavnsaya Nambia Managuillock
IFAcTll(oK N1994
S:emon,
Tradnficeng H1Jolidays:
Post StreLt.Mall
Narnbia
2. 00l 11-12:3( &I-FI Octi l.acilzlzlgc TradingHours:
Trading Hours; NIT:10-6:00; S-V 10:00-12:30 Office Flour: I,T 4:30-7:00; SV 7:30-:30
Jul
Road Exchange 1
I)r' YafisirFInt
Vice lPrevkidt
19KhvbneAwnelblI 1c.Box 131.5 ILahorexc.in,ge Tel.: (92-42)6-011(1-000 Fax': ('92-42)6.36-S.184./636-848.9 I'K htK/417N8475'K STti Tlelex:-1-1821
Auig14.20 6I1,
Oct 9,27 Dec23,31I NOv
H:0 0-1:30 S
lolisdays: Jan.1) I'100b Maar14,13,23 Apr Mlay1,22,23
Jul Aug 14 Sep(1,11 Oct Nov L)
Jun 19,20t
Dcc 25
IAII.liNt,\l%lI
N
268
Panama
StockExchajgzPiaamia GuillermoChapmin,Jr., Presidenit 1M1r. BranesP., GeneralManager MIr.Robterto y Calle52 CalleEIlviraMecndez EdificiaVallarino/Plinta Baja P.O.Box87-0878 Tel.:(507)691966 Fax: (507) 6924574
Paragucy
Bolsaife Valoresy Prodicelosd'eAsun:cion
Mir.Paul Diazde Espada CalieIstrella 54Q Asuncloln Tel.; (595-21)1442-445 Fax: (595-21)442-446
Peru
Exchanige .UntShtick Jose LuquicOtero, President Mvir. Ivir,JoseAlmeiara Battifora,General Nlanager PasajeAcuna 191 LjmDa Tel.; (51-14)327-939 Fax+(51-14)337-650
Philippines StockExchange Mlakawli NMr.EduardoC. Lirm,Chairman lPresideint NIr.JuanB. Francisco, NiakatiStockExchangetuilding Ayala Avenue,Mlakati M.anilal.1 MeTtro Tel.: (63-2)721-0286/786-4103 Fax: (63-2)721-9238 Telex:29010Cl S P113
lFAcT1tooK 19941
Phillppines(cont,) TradinigIltours: M-F 1110-12:00 Office Houre: tv-F8:00-5:00 Holidays: Jul nJa1,10 Atig Feb Sep Mar 31 Oct Apr I Nov 3,14,10,28 May I Dec8,25 Jun
ManilaSlac1Excintfr Mr. RobertCoyluto,Jr.,Chlimian Mir.VictorSnyitipek,ActiniglPresidient PhilippineStockExchanAeCentre 12thFl.,TekilteTower I Road Exchango Orligis Centre,PIasig hMetroManila 634-5028;5037 Tel.: (63-2)634-5112, Fax (63-2)634-5089,69013
Poland Trading Houirs:NI-F8:00-2:30
-iesiaw Office Hours:
SlaCkExduLn:1gc Wars51uiw
Riucki, r'sident & CEO Dr. ElzbletnPustola,Vice P7resident utl.NowsySwiat6/12 Warszawa00-920 Tel.; (48-2)6283232 6281754 Fax: (.18-2)
Portugal
Trading Hours:MN-F10:00-3:00 OfficeHotirs: NI-F9:00-5:00 Holidays: 1 IJan
Feb
NIar31 Apr I hlay
Jil
Jul4,28,29
Aug Sop5 Oct Nov I Dec12,25,31
of Lisht7 StockEx.ILulIL' Teixeira,Clicif NI,rJoseCarlosPestana ExecutiveOfficcr 10 Run dos F-asnquerios,
LisboLin10 Tel.:(351-1)88827/38 Fax;:(351-1)8774-02
OportlSitikE 'tehonge TradingI-lours:Ni-F9:30-12:001 OfficeFlours:NI-F8:00-5:00 Ivilaiay: JUI Jan I Alig IOeb SQp Ma31 Oct Apr 1,9 Nov 1,30 May I Dcc25,30,31 Juini12
Chief NIr.Nllintel AIvOs iuonteiro, ExecutiveOfficer INr.CarlosOliveiral,Chainna I'alacio d0llolsa Ruade erreiraforges Portou4100 Tel.: (351-2)2026234/3183516 Fiax:(351-2)200-2475
TradingHours: NI-F 9:30-12:00 OfficeHours:MI-F8:00-5:00 Holidays: Jul Jan1 Atug Feb Sep 31 Mklar Oct Apr 1,9 Nov 1,30 May I Dec25,30,31 Jun 12
Trading Hiours:M,T,Th 11:00-1:00
OffilceHours:NI-F8:1X14:On Holidays: nul Jan Aug 15 Feb Sep Mar Oct Apr 4 Nov I,11 Mlav3 Dec26 Juti2
Tradingfl otirs: Ni-F9.0n-3:00 Office llours: M-F9:00-5:00 Holidays: Jul Jan 1 Aug1; Feb15 Sep 1,4,25 IMar Oct 5 Apr Nov I Ntay DecI,824-27 Juin2,10,13,24
9:0W-5:00 Trdiig Hlours:Nt-F Office Hlours. Nt-F 830-5:00 I Pkldavs: Jul Jan I Aug 15 Feb15 Sep Mar Oct 5 Apr 1.25 Nov I Nlay1 Dec7,8,25 2j,0,24 Jun1
EMIENIINU MARKUS
I)ATAI
HAqS269
Slovenla Ife. Lfi'ljdlim,SlockEx.c?itge', President& ClEO MIr DrmskoVes'Ilinowtc, Mr. BorisT. Snuderl,Vice P'resitenitand . Chikf Operating Officer Sl4 ovenska56 r61000I.juhljalna1 Slovenia Tel,:(38-6n1) 1710211,1710212 Fax (38-61)1711)213
Russia Slatck E£xdh;,me Moascowv Cenitirnl llPresidenit -Mr. Vjucleswar V. Paninie, Sergey1. Karpov,Vice Presidlent Mvlr. llyinka WtretO,3/8
Bldlg.3, Mvloscov 103012
Tel.: (7-095)921-25-51. Fai (7-093)297-1-93-91
*:
Slatck Exclavne Ruissiai IgorStivorov,1'rcsidlent
South Africa
SlockExdegt'ie TIlL'ltah,i:meslburg
.r.
la'narin,Assistant YYurl 40 Ilerye.nSt. 'VIoscowv 202-644U6 Tel.: (099)230-2698, Fax: (093)230-269S Telex:411760VerdiSU
:
.
!
SttckExcinte, Si. Petersbturg Mr. Iglr K, Klioutchnikov, l'residenit Plehiaova,36 St. Petersburg190107 Tel.: (7-812)355-59-88 Fax: (7-812)33:5-9-55
.Swaland
*
1.1,?. Slu'cklrok'rs su'a:iblad Mr. A, NleGuire,C)E-O
oiftiul oard Mr, l)asa:t l'aulik, Chairma~n
UI'ekaIltInueI 1Phm
General Secretary MarianSasik-,
Curkrova14 81339 Bratislava 1 .O.liuix 151 8.1419 lratklaha Tel.: (.12-7) 322-073 rFax: (42-7)322-068
1994FACUIS(X)X
Mr. R.C.Anderson, ecutidvePresident 111Till, EixectiveComnsult.t IMr.D ! 17DiagonalStreet 2000 Johannesburg l',C).lox 1174 Johanilsburg2(100 Iel.: (27-11)8336380 Fx: (27-11)8343937
Sri Lanka Cvlr'nl'oSfhik 1nItitiuge Mr. RohanFernando,DeptityGeneral Nlanaur 2ind.Floor,Niackinnons1ldg. York Street CoIIlon11>ibo 1 Telv.:(94-I) -14/65/81/ 328014 Fax (94-1)44-52-74
-
Slovak Republic Stockaxc-h.nmt' Baismlavra Thet *
MA, 9:30-1:00; Triding IHfours: T,Th 10:1)0-12:00 NI-F:l4:00 Office I-oumrs: H.lolidavs: Jul JanI,_ Aug Il. SIP M lar (Xt Apr 20,27 Nov I MIavI Doc25 Ju;n2
~alke.r
Sutile205.2ndtFloor . St. W eSaiatdNIr P.O.Bo02SIS Xlbahan~' 4-16 13 Tel.: CMa½) Fa. . (26) F1132
':30-4:00 NMI-F Trading I lOTrs: Office outirs: I-F 8:31-4:31) Hlolidays: Jl Ja Atg rFeb Ser NLir Oct 111 Apr 1.4,6,27. Nov MSla 12.31 Dee16,2o Jun
4:l3 12:00 Trading IHloirs:NI-1F Office Hlours:NI-FS:30-4:31) Holitdays: Jul 22 jan 14,27 . Aug'[ Feb4,23 Sep I') N\Ifar1,13,14,25 Oct IS Apir Nov 17 May2.23-25 Junli22 Dec26,27
I Ititin;r:NI-1I W120 Tradi1ng Office I Itours:NI-I' :151-4:15 oidls:2 Juil2 at1,3,7 Augt Feb, Selpb( Mabb Oct Apr 1,4,14,25 .Nov NIy12 InDc2,
JAI IlC,I\ NIRuuAr%DAT BJAS 270
Taiwan,China
Jnil 1-4 FL'bQ912 Mar 29 Apr -1,5 MNWy Jtn
Thailand
E.xvhmk~,,e andilTolh; Trh-iiri,s,rd 1 o S1tirk LIr. liughI .. Edwards,GeneralNlinager MIr.AnthonyTiltt, Dep.GuenerlManaer Sqtire 65 hinlepencidvnce Port of Spain .Feb Trihidd Indies .llar WVest TL.: (809)625-5108 623-0)089 Fiix: (81)9)
Tunisia
TumisStockE.x-chilng NIr. AbmeldIll.adourg.President 19b1s,rIc Kiaick At.iturk TunIis11101 Tel.: (216-1)259411/259(;16 rax:(216-1) 3,17-256 Telex:14931
1994 IACTIIOC)K
.ihuliil
Uruguay
Troding Hour,;M-F 2:01) OfflicaI lours: -F 9I10-5:01 olidas: Jul 18 Jiln I -( Auig25 Feb14,15 SvpS NI.r 31 Oct 12. Apr 11 Nov 2 1,18 Nlay% Dec25 Juln II)
Slock1 ehmIIo . vIonbUrguay Bergafll,iPresident vlr.Joirge Slisiones140(0 oedIdeo 10(1)0 Tel.:(598-2)965051 Fi,x: (598-2)96iI901)
.
.
Venezuela
TrinidadandTobago
CIIOIs Slui, !2.'kijg. 'rcsideit &Ik Znmbrrano, AIr Nn-s ; Aguirre Ch,irmainoifthieBoard Edifit-loAtrium Caill'Sirociin l l Urb1 iza 1061 C' carat-as II/9-5-111 Tel,:(58-2)905-551 Fax : C58-2)452-2640/uil8 elex:(395)2ui536
TrradlogI-iours:T,V,,F93-Cl1omse Office Hlours:NI-Tl H0-4:00l, F:8:00.4:301 ilolidayts: Jul Jhin Atug31 IS
.
Apr 1A May Jun
Oct Nov
.
DTc
1:311 Tradlng I louirs:NI-F10:00-1 2:1)(1Offic IFlotirs: I-F8:01-12:00; . 6:11(1
12:30 tmNI-F 10:30TradingI ii rs: OfficL I lours: NI-FS:30-5:30 I loliilvss: I AlIgM J7390 Lbi Sop M.ar -1,15 Oct 28 Apr NMa19,20,23,24 Nov Dec JIi
Stock-ExchInll ISn,1111a CIlirm.in & CEOC iMr.Y.Imn TimlInmLer, CaddesiNo.245,Eren I-ln nbul8003(1 yulidtys:ly Kl n -480ul/80113 Tar.:k(9-) t12 Fa\ :(60)212252-82-13; 2122937-125 Telex:(821)227-18 WMliLb
I Atig Sep20,28 Oct Noiv Dec
Trading I-ntirs: NIj?10:00-12:30; 2:3(1-4:10 Office I-lotis: NI-Fl :30-4:00 25Nl I loelidayds: ,2:s ti1n3 n Aug 12 Feb25 .S MaIr Oct2I4 Apr 6,12-14 Nov May2,5,24 12 lXDec Junl
of 7T111,11,,,,1 ShitikE.vrhniig,* luisaib llrtbiaphongs, Supervisor, & DevcelopmentDepairthment Research . 2nd1Floor SinthonBuilldinig, 132Vireles Roadl Bangkok M10310 Tl.: (66-2)256-7100-9 :(66-2) 2596-7110%7120 Fa1x
TuLlem:270
Turkes
12:0(); TradingHouIrs:M-l"'OGMS9:(00-11:00 Office I-tours:
Tiiin;fiiiStork E&cLhIm1F!e See-NIingChen,Chairin NMr. -linig SouthRoald 85 Y\en Taipei Tel.: (886-2)3114021) Frx:(886-2)3114004
Zlrnbabwe .tFl
Ximl'aul StockEx.re-aNg vr-,SiothanlptonI louse Street Union Avti,ue/ Istm Illrore I. IIPixLA\U23. Union Ave. lI9r3rt 73oHI1(/) I)-I,; TOl.: (2634-I) (r3-)7'110.I5 .D 'Idel: 2-1I6tiZW
.
NI-F Itl:30-12:30 Tracing [ lours: -2:3I0; 1: Nu -F: Offie I :o00-6:100 Ilolida,s: Jul:l J1,IIIl0 AuigI4 14,15 Sep NIIMr31 Oct 12,31 Apr 1,1') Nov Nlav I 6
Iljln24,27
1I2 Lc
Trading I tours:N- 1:(1) 12:Oi) (ffice I loirs: \1I-FS:1t0-I:30) I lolittays: Jul Jon Auig 11.12
i
Mar Apr 1,4,18 25 Jn
I.:-ttcts;
Sep Oct. . Nov 3c 2
N1RtkiTI.ID:vrzrli,\s 271
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Appendix
4
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IFC Emerging Markets Data Base
EmergingStockMarketsFactbook1994
Summaryof MajorChanges to Coveragein 1993 IFC r1as pleased toi aininionce ltheaddition of IFC
capitalization, and accounltsfor moretlhln 85'A of
Peri:, Polan7d, . indexes in 1993 for Chinap,-IungarY, aiid Sri Lanka,t1teaddition of an IFC hivestlabl of twetrkli Index for Zflaltmwe, andiithe addl(itionii agxcfin Nigeri iilndexevrase
thietotal valuetradedointhe exchangein 1993The five-stock I rCi Hunigary index has a market capitalization of $409 millioi. The l3udapest lhange's index ended the year tvitlh a gain of .29%in dollar teris,
.exci,ange's
i
.
traded on the exchangein 1993. The exchange's WIG All-SharePerformanceindex ended 1993 in dollar trils. with a gainof 787%7
IFC add1liull igary Poland, nd Zienhw hu the aulitregionaIindexesin April lInviestalle Composite 1994. IFC ;iliiirs to colitu/w adding eiwlmarketsto; ils ind,ex lo stay abreastof tlher(ap/uigrowtlh in
Threenew stockshavebeenlisltd on the Budapest StockExchangeso f.arin 1994,brlnginigthe total numberof stockslistecon theexchangetotwenty-
countries. eqliity niarkets in developping
eight. Strict listing reqtilreniienits-inicluidinig a
China
a total share of 20% public owvinership, nimiiiiumit vailuieof at least 200 millioni forints (52 millioni), andl published audited financial statementsfor
.
IFC introduced coverage of Chinese stocks for the
three business years-still
first timoe,lanicinilg a China "globial indlex" containing81 stockscapitalizedat approximately $17billion, antl a narrower "Itivestableindex" of 16 stocks with a market valtic of about $1.7 *billion. The IFC clobal Chiiin index incclides Shetioxhn,anid Chineseshareslisted in Slhanghai, IloongKong,while the IPC investableChina lnd1Cex includesonly B sharesand 11shares,which are eligiblefor foreigninvestment.
for nianycornpanles.
Developedii coopLratioiwitiflit StockExchange ExecutiveCouncil, a securitiesmarket research. and policy institute headquartered1inBeijing,the IFCChiia iindexeshavea baseperiodof Decemilber 1992.
hlecChinese markets grcev from 54 listed * companies at tlhe end of 1992 to 129 listeid with more compan1ies by thcenLlof September1993, listinigsexpectedto beaddce throughout199.1. Hungary thirteenstocks rheIFCCHungaryindex :oromprlses with a total capitalizationaf $659million, or 80% of the BudapestStock Exchange'stotal market .
1994FAc'Tr K
*
Sri Lanka
represent in obstacle
Peru The IFCGlobal Index for Perucontains18stocks valued at $2 I billioni, representinigjust over half of thie Lima B3olsa'smarket capitalization and albout65perceit of thevaluetraded.
.necessary
The IFC Investable Index for Pleru hIlasseven conistititiut stocks,whosecombiled marketvaluc was $1.6billion. As vith the IFC InvestableIndex market capitalization for Sri I-ankl, the miiwiniLmu stocksIn the and tradingactivity elliminatedmnany in the IFIC. I1C CGlobalIndex fromii incilusisoni Investableidiclex. Poland indexesfor i'oland The llPC Global and Investable, rose a remirkable 717?r in dollar ternis dtiring 1993,far highierthan any other mnarketIn tile ndexescomprisetwelvestocksvitlha world. Binthli total capitalizatolnof $2.14billioni, or 79'7,of the Warsaw Stock lxclange's total of total value capitalization,and accountfor 79%A,
performancein The Warsaw Stock 1993 was bolstered by Pcland's aggressive privatization programi. The program will SL.pport of capital marketsand lead to thedevelopmeLnt in Poland's indtistrial increasedforeigninvestmlelnt and commercialsectors.1y theeni of 1993,more than 400 comnpanieswere set to be priv.itized in 1994.
The IFC InvestableIn;dexfor Sri Lanka contailns five stocks,as most stocks cotuld not meet the .1inimiiumit valuetradedlevel of $10millioinper year in thleInvestableIndex. to beinicludedi Zimbabwe The new IEC Investable Zlnibabwe index, i local brokerage developed in cooperationwith firim, SagilStockbrokersLtd., is madc up of five stocks with a total market capitalization of approximiatelySlIS million dollars as of the end of October1993. IFC created Its Zimrbabve.inv6stable index in In Jun1e 1993to responseto thecountry's clecisionii open its. stock market to foreign portfolio alid toallow for thefree convertibilitv investllelit of principal, interest, and capital giniils.Foreign invUstors mayl now buy Up to 24V, of listedi Zimbabwenn companiesthrotughistock market purchases.
*lmarket
* .I1.MI;RWtNG
NI;Rh:lS D)ATAUASI: 274
EMDBPublications and Products Publicailon5
For eaFyuse,the Qtwrteri,yReview' is divided ilto sectionsthat providemarket-level informatiolas
IFC IndexMeliaodoiagy
M hlonthilly UIpdaste onlElinergin8 Manrkets
wvell as sectlons that offer ili-deptlh data on individual markets. The infornmalioniIs displayed In tables aiind ig5tlghitg graphds to the tolihL tnd
The Meihodol,ogy explains in detail [lie metidllology and selectionCriterilafor themarkets stocks that make tp thl various IFC Indexes, It
TheMonithlly llpnhfprovides regullarcoverageof
The MitlyUdtprvdsrglrcvrgof
ImportanttrendsInthesemarkets.
emergingstockmarkets,Eaci isstueof theMonthlioi Update~~~~~~~~~~~~~~~~~~~~~~~~~~~~n contains:ic Llpdmte contains: A subscriptioi to tie QuarterlyReverw inctludesa rvlarketAnalysesof overalltreis In eimergiing ialirkctsduLrig thc previous month, along with analysesof market movementsand related political ancdeconomicevents ill individual imarkets. Thesc analyses often containS importanitfundamentalecoiiOinic information suchlas cu:-ent interest rates and the latest official Iinflation figures;
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Er
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1994I1ACTNrOOK
..
StoickSeries This series provides data on miore than 1,400 stocksin 25 emergingmarkets.It InclUdesdata on prices, changes In capit;alization,trading volInIme, andllvaluation rdtios. hiuer Series This scriesconsistsof par,llel sets of IFC Global and InvestableIndexesfor the milarkets coveredby ENIDB0Statistics inicitilueprice and total returni Iidexes in local currencyand U.S. dollars, as well as Index-level capitalization, trading volume, and
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ilhclr lncal cotinwerpairts;
24counttries. oulltris. destcopilig Each ssUC coversmoetathedoneerngakt;ad cocrs P Nlarket pr(ifilesprorvidea statisticalIno(kat In 24 developing E-achi issuec m1orothan1 tlircecloxeiiemlerging ii mrkets; and several quarters' data of major performaince
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alsoelaborates onitheneced fara standardmeasure
dThis
fsokechneoeain gives listinigs of the principal officurs, addresses, hauts ofof m1ore operation, and telephone/fax nuimiLbers thian75stock exclianges in thedeveliopiigworld.
Ma1rket Ser;e
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1 11RG;I; NAKKI ISIDATA IIASI: 275
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1994Fm,wuOR
.
[
r 1 ViI mCRC. NiAr
276
