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Emerging Stock Markets Factbook 1998
InternationalFinanceCorporation
Copyright © 1998 International Finance Corporation 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A.
*
*
*
First Printing May 1998 ISSN 1012-8115 ISBN 0-8213-4200-2 Cover and text printed on recycled paper
®
All rights reserved. May not be reproduced in whole or in part by any means without the written consent of the International Finance Corporation. This information is based on data obtained from sources that the IFC considers to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. This information shall not be construed, implicitly or explicitly, as containing any investment recommendations and, accordingly, the IFC is not registered under the
Published annually in the United States of Am eria
U.S. Investment Advisers Act of 1940. This information does not constitute an offer of or or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned, nor should it be considered as investment advice. *
The denominations and geographical names in this publication are used solely for the convenience of the reader and do not imply the expression of any opinion whatsoever on the part of the IFC, the World Bank, or other affiliates, concerning the legal status of any country, territory, city, area, or of its authori-
ties, or concerning the delimitation of its boundaries or national affiliation. *
The IFC may, from time to time, have a financial interest in the securities mentioned or included in the calculation of the IFC Indexes.
*
The Emerging Markets Data Base is a service of IFC's Central Capital Markets Department.
*
Any views expressed herein are those of the authors and do not necessarily represent the views of the World Bank or the International Finance Corporation.
Preface This edition of the Emerging Stock Markets Factbook is the twelfth in the IFC's annual series tracking the development of equity markets in developing countries. IFC's efforts were the first to pull together in a single volume the various time series of market data on the leading stock markets of the developing world. This Factbookputs these markets in perspective with their domestic economies and compares them to markets in the developed world. The Factbook is designed to serve as a reference for institutional investors, investment bankers, academics, economists, and journalists. Many of the tables and charts draw on data from more than 70 emerging markets. Additionally, market profiles have been compiled for all 45 of the IFC Index markets in 1997. The Factbook is divided into an introductory section
and seven chapters. The introduction includes background information on IFC and the IFC indexes. Chapter 1 begins with a description of emerging markets in general and emerging stock market performance and characteristics in particular. Chapter 2 details the performance and characteristics of world stock markets since 1988. Chapter 3 begins the discussion on IFC indexes, with detailed statistics on the IFC Global Indexes. Chapter 4 parallels this discussion, with details on the IFC Investable Indexes. Chapter 5 and 6 offers data summaries and market, political, and economic analyses for 32 IFC daily index markets and 13 IFC "frontier markets." Chapter 7 provides data summaries for markets not currently included in IFC Index coverage. Stock exchange addresses, names of top officials, telephone and fax numbers, and web site ad-
dresses can be found in Chapters 5 through 7. Appendixes provide sources and data notes, investor information, and information on IFC's Emerging Markets Data Base (EMDB). IFC is proud to continue building its coverage of emerging markets and providing the most complete and accurate data available. A member of the World Bank Group, IFC is the largest multilateral source of direct loan and equity financing for private sector projects in developing countries. EMDB, recognized as the world's premier source for reliable and comand statistics on stock information prehensive markets in developing countries, serves as a vital statistical resource for the international financial community and for IFC in its investment and advisory work.
Contents The International Finance Corporation Emerging Markets Data Base Evolution of the IFC Indexes for Emerging Markets Introduction to the IFC Indexes IFC Coverage, Base Periods, and Dates of Inclusion IFC Index Coverage Map
i i ii iii iv vv
Acknowledgments
vi
Introduction to Emerging Markets
Currency Exchange Rates per US$ Emerging Markets Currency Exchange Rates per US$, 1997 Emerging Markets Currency Exchange Rates per US$, 1988-1997
IFC Global Indexes Introduction Market Weights in the IFCG Composite Index, End-1997
36
Market Concentration in the IFCG Indexes, End-1997
37
Comparative Relative Characteristics of Emerging Markets Emerging Market Classification World Economic Statistics Aggregate Net Long-Term Resource Flows to Emerging Markets World GNP and GNP Per Capita Emerging Stock Market Performnance Key Trends in Emerging Stock Markets in 1996
fl
2 2 8 9
10
World Stock Markets
World Stock Market Statistics World Stock Market Performance, 1997 World Stock Market Turnover, 1997 World Market Capitalization, 1988-1997 Market Capitalization, Analysis and Summary World Value Traded, 1988-1997 World Number of Listed Domestic Companies, 1988-1997 World Rankings of Market Capitalization, Value Traded, and Number of Listed Domestic Companies, 1997 World Ranking of Average Company Size, 1997 Local Stock Market Price Indexes Emerging Markets Local Stock Market Price Indexes, 1997 Emerging Markets Local Stock Market Price Indexes, 1988-1997
14 15 16 18 20 22 24 25
26 28
30 32
Valuations of the IFCG Indexes, End-1997
38
IFCG Price Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997
40 41 42 43
IFCG Price Indexes, 1997 IFCG Price Indexes, 1988-1997 Statistics of the IFCG Price Indexes IFCG Price Index Correlations
44 46 48 50
IFCG Total Return Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997
52 53 54 55
IFCG Total Return Indexes, 1997 IFCG Total Return Indexes, 1988-1997 Statistics of the IFCG Total Return Indexes IFCG Total Return Index Correlations
56 58 60 62
IFCG Industry Indexes Industry Weights in the IFCG Composite Index, End-1997 Industry Concentration in the IFCG Composite Index, End-1997 Industry Distribution by Market Cap of IFCG Composite Index, 1997
64 65 66
COntents
(continued)
Industry Weights by Composite Index, Industry Distribution Composite Index,
Market Cap of IFCG 1997 by Number of Stocks in IFCG 1997
68 70
IFCG Industry Price Indexes, 1997 Performance Summary 1FCG Industry Price Indexes, 1997 IFCG Industry Price Indexes, 1988-1997
72 73 74
IFCG Industry Total Return Indexes, 1997 Performance Summary IFCG Industry Total Return Indexes, 1997 IFCG Industry Total Return Indexes, 1988-1997
76 77 78
t3
IFC Investable Indexes
Introduction Market Weights in the IFCI Composite Index, End-1997 Comparative Valuations of the IFCI Indexes, End-1997
82 83
IFCI Price Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997
84 85 86 87
IFCI Price Indexes, 1997 IFCI Price Indexes, 1988-1997 Statistics of the IFCI Price Indexes IFCI Price Index Correlations
88 90 92 94
IFCI Total Return Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997
96 97 98 99
IFCI Total Return Indexes, 1997 IFCI Total Return Indexes, 1988-1997 Statistics of the IFCI Total Return Indexes IFCI Total Return Index Correlatiotns
100 102 104 106
IFCI Industry Indexes Industry Weights in the IFCI Composite Index, End-1997 Industry Concentration in the IFCI Composite Index, End-1997 Industry Distribution by Market Cap of IFCI Composite Index, 1997 Industry Weights by Market Cap of IFCI Composite Index, 1997 Industry Distribution by Number of Stocks in IFCI Composite Index, 1997
108 109 110 112 114
IFCI Industry Price Indexes, 1997 Performance Summary IFCI Industry Price Indexes, 1997 IFCI Industry Price Indexes, 1988-1997
116 117 118
IFCI Industry Total Return Indexes, 1997 Performance Summary IFCI Industry Total Return Indexes, 1997 IFCI Industry Total Return Indexes, 1988-1997
120 121 122
n IFC Index Market Profiles Market and Data Summaries Argentina Brazil Chile China Colombia Czech Republic Egypt Greece Hungary India Indonesia Israel Jordan Korea
126 130 134 138 144 146 150 154 156 162 166 170 174 178
Malaysia Mexico Morocco Nigeria Pakistan Peru
182 186 190 194 198 202
Contents (continued) Other Equity Market Profiles
Market and Data Summaries(continued) Philippines Poland Portugal Russia Slovakia South Africa Sri Lanka Taiwan, China Thailand Turkey Venezuela Zimbabwe
M
206 210 214 218 222 226 230 234 238 242 246 250
IFC Frontier Markets
Introduction Frontier Market IFCG Price Indexes, 1997 Frontier Market IFCG Total Return, 1997
256 257
Market and Data Summaries for IFC Frontier Markets Bangladesh Botswana Bulgaria Cote d'Ivoire Ecuador Ghana Jamaica Kenya Lithuania Mauritius Slovenia Trinidad and Tobago Tunisia
258 262 266 270 274 278 282 286 290 294 298 302 306
Data Summaries for Markets not Included in IFC Index Market Coverage in 1997 Armenia Barbados Bermuda Bhutan Bolivia Costa Rica Croatia Cyprus Dominican Republic ElSalvador Estonia Fiji
312 312 313 313 314 314 315 315 316 316 317 317
Guatemala
318
Honduras India (other principal exchanges) Iran Kuwait Kyrgyz Republic Latvia Lebanon Mongolia Namibia Nepal Oman Palestine Panama Paraguay Romania Saudia Arabia Swaziland Ukraine Uruguay Uzbekistan
318 319 321 322 322 323 323 324 324 325 325 326 326 327 327 328 328 329 329 330
Zambia
330
Contents (cont,inued)
-ri 0l-VITI q"Ml Sourcesand Notes Stock Market Reference List Notes on Macroeconomic Data Currency Notes Standard Industrial Classification (SIC)Codes
W-011621312am
332 333 334 335
Investor Information
Foreign Investment Ceiling for Listed Stocks in Emerging Markets Withholding Taxes for Emerging Markets Investment Risk Summary for Entering and Exiting Emerging Markets Global Trading Costs Investment Regulations Summary for Entering and Exiting Emerging Markets
338 339 340 342 343
IFC Emerging Markets Data Base Summary of Major Changes to Coverage in 1997 EMDBPublications and Products Subscription Information News Service Access to Indexes
346 347 348 348
The International Finance Corporation
Emerging Markets Data Base
The International Finance Corporation (IFC) is the world's largest multilateral source of financing for private enterprise in emerging economies. Its mandate is to promote the growth of productive and profitable private enterprises in its developing member countries.
The Emerging Markets Data Base (EMDB) serves as a vital statistical resource for IFC and the international financial community in its investment and advisory work. Now in its second decade, the data base has gained recognition as the world's premier source for reliable and comprehensive information and statistics on stock markets in developing counitries. With information collected since 1975, the data base covers 45 markets, providing regular updates on more than 2,200 stocks comprising its IFC Global Index series and over 1,400 stocks in its IFC Investable series.
A member of the World Bank Groulp, IFC is owned by 174 countries. Since its establishment in 1956, IFC has committed more than $21.2 billion in financing for its own account and has arranged $15 billion in syndications and underwritinig for 1,852 businesses in 129 developing countries. IFC supports its clients xvith a full array of financial and advisory services. Project financing is offered through loans, equity, and specialized financial instruments such as hedging and swap facilities. IFC mobilizes additional financing through loan syndications and securities underwritings.
-
.f
"
4
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n
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Through its advisory services and technical as-
sistance, the Corporation helps private businesses increase their chances of success, and assists governments in creating environments that encourage private investment. TFC's Central Capital Markets Department has been at the forefront of the Corporation's efforts to increase the flow of portfolio investment to the developing world. Beginning with the Korea Fund in 1984, IFC has sponsored or invested in more than 30 collective investment vehicles such as country, regional, and global funds.
1998 FAL I I 0()K
-
Using a sample of stocks in each market, TFC calculates indexes of stock market performance designed to serve as benchmarks that are consistent across national boundaries. This eliminates the inconsistencies that make it difficult to compare locally-produced indexes with differing methodologies. Monthly indexes are available from the end of 1975, weekly indexes from 1988, and daily indexes from October - end . -; of'the 1995.
IFC's new headquarters
The products of the EMDB are available in computerized form and as publications. The data base provides three levels of computerized data: comprehensive data on individual stocks covered in all markets; data series for each index computed; and data series for each market covered. Delivery options and informationi on publications are described in Appendix 3. EMDB also maintains a comprehensive emerging markets web site (www.ifc.org/EMDB).
Exit IG\
XI xNRiLr Vs
B
SM
i
Evolutionof the IFC Indexes For Emerging Markets IFC began producing its own standardized stock indexes for developing countries in mid1981 in response to the need for better means to evaluate the performance of these stock markets than local stock price indexes, which are each calculated in their own way and based on stocks selected by different criteria. With common data structures, IFC's own indexes could also be easily linked into composite, regional, and industry indexes, which could better measure return and diversification benefits from broad-based emerging market investment. The original IFC indexes were calculated only once a year, used month-end prices, were based on the 10 to 20 most active stocks in each of 10 emerging markets, and were equally weighted and available on a "price only" and total return basis. Nine of the 10 markets had a history back to December 1975; one (Jordan) had a base in January 1978, when the Amman Financial Market first opened. In addition to individual market indexes, IFC prepared a Composite Index. Gradually, calculation periods increased to once a quarter using month-end prices. In late 1985, in response to growing interest in emerging markets among the international fund management community (which was due in part to information conveyed by the original IFC indexes), IFC decided to revamp the methodology it used from equal weighting to market capitalization weighting, improve the timeliness of calculating its month-end indexes from a quarterly lag to a one-month lag, expand the number of stocks covered, and increase the number of markets covered from 10 to 17. IFC also added
ii
1998 FAc F130(K
regional indexes for Latin America and Asia to supplement an all-market Composite Index. The new IFC indexes launched in January 1987 proved very popular with money managers. Other markets were added to IFC coverage in 1989 (Portugal and Turkey) and 1990 (Indonesia). In response to user demand, IFC again improved the timeliness of index calculation from month-end (with a considerable lag) to weekend (with a one-week lag), beginning in 1988. From 1988 until 1992, IFC devoted its index efforts to expanding the number of stocks covered in the indexes and adding to the number of data variables available for each stock. In mid-1991, IFCalso released its IFC Industry indexes, which sorted the stocks of the IFC Composite Index into their respective sector and industry categories. By 1992, the need for more sophisticated indexes for institutional investment in emerging markets had become pressing. IFC responded by tightening features of its basic index methodology and by introducing a new set of indexes in March 1993. These indexes, called the IFC Investable indexes, were designed specifically to be benchmarks for international portfolio managers. The former series of IFC indexes were renamed the IFC Global indexes to distinguish them from the new series.
as highly liquid subsets of the IFCI indexes and to reflect broad regional movements. IFC also added index coverage of South Africa in 1994. In Fall 1995, IFC began calculating the IFCG and IFCI Index series on a daily basis and added index coverage of the Czech Republic. In January 1996, IFC began adjusting its indexes for cross-holding of shares. The adjustments eliminated distortions caused by double-counting of share capitalization and thereby reduced the weights of several IFC index stocks and markets where cross-holding is prevalent. In September 1996, IFC began calculating monthly indexes for 14 "frontier" marketsBangladesh, Botswana, Bulgaria, Cote d'lvoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovakia, Slovenia, Trinidad & Tobago, and Tunisia. At the same time, IFC began calculating stand-alone daily indexes for Egypt, Russia, and Morocco, bringing the full scope of coverage to 44 separate markets. In November 1996, IFC began removing government lholdings from the market capitalizations of IFCG and IFCI Index constituents. A summary of the major changes to the IFC indexes in 1997 can be found in Appendix 2.
In 1993, IFC extended its index coverage to China, Hungary, Peru, Poland, and Sri Lanka. In 1994, EMDB introduced the IFC Tradeable indexes-IFC100, Asia5O, and Latin5O-to serve
El[410X0 MARKErS DviA BASF,
introduction to the IEC Indexes The IFC Global and IFC Investable indexes have manv common features. Both series of indexes are market capitalization weighted, with period method. data linked by the chained-Paasche Both series are calculated on a price and a total return basis, in local currencv and U.S. dollar terms. IFC prepares composite, regional, sector, and industry indexes for each series. Calculations of all IFC indexes include the preparation of such valuation ratios as Price-Earnings, PriceBook Value, and Cash Dividend Yield. The IFC indexes have become widely accepted in the international investment industry, forming the basis for index funds (funds managed so as to replicate an index's return) and structured financial instruments such as swaps and index-linked warrants. IFC GlobalIndexes The IFC Global (IFCG) indexes are the core of the IFC family of emerging market indexes. All of the constituents of the IFC Industry and JFC Investable indexes are selected from the constituents of IFC Global indexes; a stock must qualify for an IFCG index to be considered for inclusion in any other IFC index. IFCG indexes are intended to represent the performance of the most active stocks in their respective stock markets, and to be the broadest possible indicator of market movements. In order to ensure that the indexes capture the real market, the target aggregate market capitalization of IFCG Index constituents for 1994 forward is 60%,'cto 75%( of the total capitalization of all listed shares on the local stock exchange.
:'1!,,
1
It R
,;,,
IFCG indexes are built from the "bottom up", that is, IFC analysts do not look at composite, regional or industry balances in overall market capitalization in determining stock coverage for each IFCG Index. For instance, IFC does not attempt to require that Argentina's share of total is represented emerging market capitalization in the TFCG Composite Index, or that the share of the Argentine oil industrv in the capitalization of the Bolsa de Valores de Buenos Aires is replicated in the IFCG Argentina Index. Selection guidelines are described in TlheIFC Indexcs, wlhich1 can be obtained by contacting EMDB. Once a market is qualified as "emerging" (see Chapter 1) and llC viewvs the market as appropriate for an IFC index, EMDB market analysts begin the stock selection process. This begins with a survev of the market and all listed companies and shares, and is repeated each year during an annlual review process. The IFCG Composite and the IFCG Regional indexes consist of all the constituents of the respective individual market TFCG indexes, with any new IFCG indexes being added to the these schedules. indexes according to pre-announced !FC Investabie Indexes These indexes are designed to measure the type of returns foreign portfolio investors might receive from investing in emerging market stocks that are legally and practically available to them. The calculation methodology for the IFCI indexes is the same as for the TFCG (i.e., market capitalimethod of zation weighting, chained-Paasche series) return total and price calculation, and
applied to a subset of IFCG index constituents that TFC has determined to be "investable," that is, stocks which are available to foreign institutional investors, and which pass screens for minimum size and liquidity. iFC Industry undexes While most analvses of emerginig stock markets factors and focus on country or regional-level index movements, IFC recognizes that industry analysis is also a valuable tool in the international portfolio selection process. Accordingly, IFC codes the stocks in its Emerging Markets Data Base bv sector and industry to permit creation of the IFC Industry indexes. The IFC Industrv indexes are subsets of the IFCG is, IFC calcuand IFCI Composite indexes-that lates both global and investable industrv indexes. As a matter of standard practice, the industry indexes are prepared only on a composite index basis. IFC has not prepared regional or marketlevel industry indexes because the number of stocks included in some of these categories are statistics. If a too few to generate significant market's securities have not vet been added to an IFC Composite Index, they are not eligible for an IFC industry index. IFC publishes nine sector indexes and 23 industry indexes forboth the TFCG and the IFCI Industry index series. The nine sector indexes capture all the stocks in the IFCG and IFCI Composite Indexes, xvihile the 23 industry indexes focus on in the most significant industries represented those indexes, each having tvpicallv 1';c or more of a composite index's total capitalizationl.
IFC Coverage, Base Periods, and Dates of Inclusion Coverage
Dates of Ilud sion1 Global Indexes (IFCG)
Investable 1Indexes(IFCI)
Monthly
Weekly
Daily
Base period (=100.00)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec 75 Dec 75 Dec 75 Dec 84 Dec 75 Dec 92 Dec 84
Dec 88 Dec 88 Dec 88 Dec 88 Dec 88 Dec 92 Dec 88
Oct 95 Oct 95 Oct 95 Oct 95 Oct 95 Oct 95 Oct 95
Dec 84 Dec 84 Dec 84 Dec 84 Dec 84 Dec 92 Dec 84
Dec 84 Dec 84 Dec 84 Dec 84 Dec 84 Jan 94 Dec 84
Dec 84 Dec 84 Dec 84 Dec 84 Dec 84 Jan 94 Dec 84
-
-
Dec 88 Dec 88 Dec 88 Feb 91 Dec 88 Dec 92 Jan 90
East Asia China Korea Philippines Taiwan, China
Dec 92 Dec 75 Dec 84 Dec 84
Dec 92 Dec 88 Dec 88 Dec 88
Oct 95 Oct 95 Oct 95 Oct 95
Dec 92 Dec 84 Dec 84 Dec 84
Oct 95 Dec 84 Dec 84 Dec 84
-
Oct 95 Dec 84 Dec 84 Dec 84
Dec 92 Jan 92 Dec 88 Jan 91
Oct 95 Jan 92 Dec 88 Jan 91
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec 75 Dec 89 Dec 84 Dec 84 Dec 92 Dec 75
Dec 88 Sep 90 Dec 88 Mar 91 Dec 92 Dec 88
Oct 95 Oct 95 Oct 95 Oct95 Oct 95 Oct 95
Dec 84 Dec 89 Dec 84 Dec 84 Dec 92 Dec 84
Dec 84 Dec 89 Dec 84 Dec 84 Jan 94 Dec 84
-
Dec 84 Dec 89 Dec 84 Dec 84 Jan 94 Dec 84
Nov 92 Sep 90 Dec 88 Mar 91 Dec 92 Dec 88
Nov 92 Sep 90 Dec 88 Mar 91 Jan 94 Dec 88
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Dec93 Dec 95 Dec 75 Dec 92 Dec 96 Dec 78 Dec 95 Dec 84 Dec 92 Jan 86 Dec 95 Dec 95 Dec 92 Dec 86 Dec 75
Dec93 Dec 95 Dec 88 Dec 92 Dec 96 Dec 88 Dec 95 Jul 93 Dec 92 Dec 88 Dec 95 Feb 97 Dec 92 Dec 88 Jul 93
Oct 95 Dec 95 Oct 95 Oct 95 Dec 96 Oct 95 Dec 95 Oct 95 Oct 95 Oct 95 Dec 95 Feb 97 Oct 95 Oct 95 Oct 95
Dec93 Dec 95 Dec 84 Dec 92 Dec 96 Dec 84 Dec 95 Dec 84 Dec 92 Jan 86 Dec 95 Dec 95 Dec 92 Dec 86 Dec 84
Jan 96 Jan 97 Dec 84 Apr 94 Nov97 Dec 84 Jan 97 Dec 84 Apr 94 Jan 86 Jan 97 Nov97 Apr 95 Dec 86 Dec 84
-
Dec93 Feb 97 Dec 88 Dec 92 Dec 96 Dec 88 Feb 97 Dec 92 Dec 88 Feb 97 Feb 97 Dec 92 Aug 89 Jun 93
-
-
Dec 95
-
Frontier Frontier
Composite Index
Latin America Index
-
Asia Index
-
-
-
-
-
-
-
-
Base period (=100.00)
Composite Index
Latin America Index
Asia Index
EMEA Index
Dec 88 Dec 88 Dec 88 Feb 91 Dec 88 Jan 94 Jan 90
Dec 88 Dec 88 Dec 88 Feb 91 Dec 88 Jan 94 Jan 90
-
-
-
Oct 95 Jan 92 Dec 88 Jan 91
-
Nov 92 Sep 90 Dec 88 Mar 91 Jan 94 Dec 88
Jan 96 Nov97 Dec 88 Apr 94 Nov97 Dec 88 Nov97
-
-
Apr 94 Dec 88 Nov97 Nov97 Apr 95 Aug 89 Apr 94
-
-
-
-
-
-
-
Jan 96 Nov97 Dec 88 Apr 94 Nov97 Dec 88 Nov97
-
Apr 94 Dec 88 Nov97 Nov97 Apr 95 Aug 89 Apr 94
-
Markets Markets'
Dec 95
Netes: At year-end 1997, IFC frontier markets included Bangladesh, Botswana, Bulgaria, Cote d'lvoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovenia, Trinidad & Tobago, and Tunisia.
iv
1998 FACTBOOK
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V
1.
Introduction to Emerging Markets
Emerging Stock Markets Factbook 1998
Emerging Market Classification transparency and level of accounting standards are all important considerations. As the mix of these and other features vary, categorizations based on them remain quite subjective.
Currently, IFC is considering ways in which to officially amend its selection criteria to include emerging stock market criteria. An amended definition will allow for a more comprehensive screening process bv addressing some of the deficiencies that result from using only economic criteria. For example:
Emerging stock markets can be defined in different ways. The term "emerging market" can imply that a process of change is underway, with stock markets growing in size and sophistication, in contrast to markets that are small and stagnant. The term can also refer to any market in a developing economy, with the implication that all have the potential for development. A stock market might then be said to be "emerging" if it meets at least (i) an Emerging one of two general criteria: Economy Criterion, and (ii) a Developing Stock Market Criterion.
While IFC has not vet arrived at a new definition that takes both economic and stock market criteria into account, several options are currently under review by the Index Advisory Panel. A decision is expected in 1998.
* US$fGNPpercapitacanbesignificantlyaffected
by fluctuations in currency (e.g., the Korean won's decline in 1997). Accordingly, a band of allowable fluctuation may be useful.
The following table lists some of the major macro-
Many economiesdeveloprapidlyonaGNPper
In the past, IFC's definition of an emerging stock market was aligned only to an emerging economy criterion: if a country's GNP per capita did not exceed the World Bank's threshlhold for being a high income country, i.e., if a country was eligible to borrow from the World Bank, its stock market was said to be emerging.
economic characteristics of both emerging and developed markets for year ending 1997. These tables are followed on pages eight and nine with a summary of aggregate net long-term resource flows to emerging markets from 1985-1997, and a map and data summary of 1997 world GNI' per capita.
capitabasis,buthavestockmarketstthatretainssubstantial features of emerging stock markets. ualitative features in * There are man emerging markets. Areas such as operational efficiency of stock markets, quality of market regulation, supervision and enforcement,
World Economic Statistics WorldEconomiesin 1996 GNP per capita
GNPI/na
1'1'1
¾ S,vl l,it'u
..
Afghanistai
Albania Algeria American Samoa Andorra Angola Antigua and Blarbuda Argentina Armenia Aruba Australia Austria Azerbaijan
2
¾
1998 FACiTBOOK
2,705 43,726 ..
..
c
820 1,520
..
.. ..
2,972 482 295,131 2,387
270 7,330 8,380 630
..
..
367,802 22h,51 0 3,642
20,090 28,110 480
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..
1,030 8,660 9,530 2,160
-5.6 2.0 3.9 -15.0 2.4 2.7 ().9 -18.7
7 4 6 44
11 47 19 11)
..
19,870 21,650 1,490
Average anniaol inflation rate
CumrrntIaccownt balanice
Total exterial debt
EV llll
re.ll g.witih.
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4,620 d e
Agricltimre
..
..
4 2 23
21 25 24
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781 33,260
111,612 93,841 552
6.6 -4.0 -1.9 18.2
435
ENIERGIN(. MARKErs DATA BAsE
World EconomicStatistics WorldEconomiesin 1996(cont.) GNF/ a
u's1 liilfioml
Econolaw Bahamas, The Bahrain Batngladesh Barbados Belarus Belgium Belize Benin
GNP per capita
1996
in99 f e
... ...
31,217
260
...
22,452 268,633 600 1,998
2,070 26,440 2,700 350
282 6,302
390 830
Bermuda
f..
Bhutan Bolivia Bosnia and Herzegovina Botswana Brazil Brunei Bulgaria BuLrkina Faso Burundi Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Chad Channel
II-I IP b Intl. Aollaws 1996~
'
709,591
4,400 1,190 230 170 300 610 19,020 1,010 310 160
70,060 906,079 153,288 80,174 228 5,727 1,813 9,081 9,434 18,130
4,860 750 24,290 2,140 450 130 670 2,640 660 3,800
Islands
Chile China Hong Kong, China /h Colombia Comoros Congo, Dem. Rep. Congo, Rep. Costa Rica C6ted Ivoire Croatia Cluba
..
Cyprus Czech Republic Denimark
...
Djibouti
Domlinica
1998 FACTBOOK
48,861 168,917
3,090
CN
I 9'
'%
51
9
1 30 5 16 1 21 38
27 17 13 25 18 19 17
2.9 -0.5 4.9 0.7 714.9 2.8 3.9 10.8
-4.2 11.0 -5.1 5.2 -4.7 5.4 -2.9 2.4
...
-o n
16,083 381 1,071 288 1,594
47 15
9.3 10.5
-15.0 -4.9
1.3 2.0 -1.5 -1.8 -0-1 -6.4 2.9 -3.8 0.6 -16.7
4 14
24 19
7.5 -3.2 -0.2 0.8 -0.5 -9.5 -2.4 0.5 -9.2
9,819 1,294 1,127 2,111 9,515
7
14 25 9 21 16 18 34
9.7 675.4 0.0 80.3 7.1 14.3 44.7 6.4 1.3 3.6
56 46
6 19
6.6 8.6
-2.7 -4.5
928 997
28 42
13.6 12.0 7.0 23.0 4.4 2,746.5 8.3 18.4 9.8 218.1
-3.9 0.9
27,411 128,817
-5.6 -8.1
28,859 206 12,826 5,240 3,454 19,713 4,634
.........
§ 10 35 57 51 40
§
..
87 5,174 815 613 179,047
211
..
1,430 d 880 d
-1.7 -1.7
..
11,700 3,330 24,260 6,720 1,770 d 790 d 1,410 6,470 1,580 4,290
g
...
228
99%
§
..
4,740 32,100
%toGN'Io
996
42
1,760 21,380 2,640 d
g. f
-of (-;DP
..
4,280 950 cd 590
f..
Total external debt
2.0 1.8
f..
1,024 1,035
Current account balance
..
I. f.. 9,924 2,4101 1,066 3,088 8,356 569,899 393
Average annual inflation rate
.
7,390 6,340
...
Investment
-Avg7oi nual
cnol gvowtlx,K I99 n96-2.0 3.8 2.7 -0.8 -8.6 1.2 0.7 1.9
2,860 c
...
10,180 13,970 1,010 10,510 4,380 22,390 4,170 1,230
Agriculture
..
6.4 11.0 3.7 3.0 -1.8 -10.4 -4.3 2.4 0.2 2.2
§ 21 II32 16 40 64 10 16 28 12
..
20,490 d 10,870 22,120
2.6 11.9 2.1
...
4,390
2.3
21 17 6 61 23 14 15
..
-43.3 -1.6 -1.9 -7.6
..
5 6
§ 3 20
22 35 17 9 27
4.3 17.7 1.8 4.9 ..-
1.0 -7.8 1.1 -4.7 16.4
20,094 241 110
EMERGING MARKETs DATA BAsE,
3
World EconomicStatistics WorldEconomiesin 1996(cont.) GNPI a
GNP per capita
u xvjllfo o Econoln,
Domiotican Republic Ecuador Egypt, Arab Rep. El Salvador Equatorial Guinea Eritrea
Estonia Ethiopia Faeroe Islands
Fiji Finland France French Guiana French Polynesia
Gabon Gambia, The Georgia Germany Ghana Greece Greenland
Grenada Guadeloupe Guam
Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hungary Iceland India Indonesia Iran, Islamic Rep. Iraq
Ireland Isle of Man
Israel Italy Jamaica Japan Jordan Kazakhstan
PEP , b, Av'-annUal Intl. dollars real grmvetlf.'C
UC,sa;
Ip
Agriculture
5
12,765 17,531 64,275 9,868 217
1,600 1,500 1,080 1,700 530 c
...
4,509 6,042
3,080 100 2,470 23,240 26,270
...
4,444
3,950 c
...
4,590 2,364,632 6,223 120,021
850 28,870 360 11,460 f
...
285
2,880
...
16,018 3,804 270 582 2,282 4,012 44,274 7,175 357,759 213,384
1,470 560 250 690 310 660 4,340 26,580 380 1,080
...
.
. .
.
17,110
16,750 e
...
90,310 1,140,484 4,066 5,149,185 7,088 22,213
.
6,300 1,280 d 1,810 21,110 1,790 d 12,730
3,820 1,720 1,030 2,280 1,130 d 2,130 6,730 21,710 1,580 3,310 5,360
...
62,040
.
4,340 e f
...
.
4,070 18,260 21,510 f f
...
15,870 19,880 1,600 40,940 1,650 1,350
4 1998 FACT1300K
3.1 0.8 2.2 3.5 15.9
...
4,660 500 f
...
1,983 119,086 1,533,619
4,390 4,730 2,860 2,790 2,690
.
18,100 19,890 3,450 23,420 3,570 3,230
Go- DI' I'05
1#-)
-4.9 2.0
Investment
Average annual inflation rate
Cof CDI'1
Current account balance
NGtN 1P I sQl(01)01O
ji
12.3 35.0 11.3 10.8 3.9
Total external debt
CUS$mill 003 0o
13 12 17 13 34
24 17 17 16 114
-0.8 1.5 0.7 -3.4 -120.6
10
26
16.1
7 55
27 21
116.7 9.7
-10.3 -7.7
405 10,077
23
14 16 18
3.3 1.8 2.0
0.5 3.9 1.3
217
9.8 5.4 2,279.3 2.9 26.9 12.2
1.9 -2.3 -5.0 -0.6 -5.1 -3.7
4,213 452 1,356
§
20 21 4 23 19 14
11
32
2.3
-12.7
120
24 26 54 36 42 22 7
13.0 8.8 47.8 26.4 25.0 20.0 22.5 3.1 9.2 8.1 32.3
-2.9 -4.5 -10.2 -21.7 -5.3 -5.1 -3.8 0.7 -1.1 -3.7
3,785 3,240 937 1,631 897 4,453 26,958
28 16 25
13 13 22 30 2 32 27 15 27 32 29
§
15
1.9
2.0
§
24 18 27 29 35 23
12.2 4.7 36.1 0.7 4.0 604.9
-5.7 3.4 -1.9 1.4 -3.1 -3.6
..
4,310 14,491 31,407 2,894 283 46
..
0.6 -0.2 0.7
§ 2
.. ..
-1.2 -0.5 -19.3 0.7 1.5 1.3
7 28 35 1 44
6,202
..
0.6 . ..
0.5 1.9 0.5 10.4 -6.9 1.2 -0.6 0.5 3.8 5.9 1.0
§
..
89,827 129,033 21,183
..
5.1 ..
3.2 0.9 0.9 1.2 4.0 -10.3
3 8 2 5 13
4,041 8,118 2,920
~~~~~~~~~~~~~~~~~~~~~~~EME MARKETs DATA BASE
World EconomicStatistics WorldEconomiesin 1996(cont.) GNP/ a
UsS Imillions EcollomV
Kenya Kiribati Korea, Dem. Rep.
Korea, Rep. Kuwait Kyrgyz Republic Lao PDR Latvia Lebanon Lesotho Liberia Libya Liechtenstein
Lithuania Luxembourg Macao
Macedoniia, FYR Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique
Mauritaria Mauritius Mayotte
Mexico Micronesia, Fed. Sts. Moldova Monaco
Mongolia Morocco Mozambique Myanmar Namibia Nepal Netherlands Netherlands Antilles New Caledonia
New Zealand Nicaragua
1998 FACTBOOK
~~~~1 Y96 8,661 75
GNP per capita
L WSi a/
lmTitdolrI Lr~ ead growib'I, 99% 1990 96
19>96
320 920
1,130
10,610
13,080
..-
...
483,130
.
f
...
2,486 1,895 5,730 12,118 1,331
550 400 2,300 2,970 660
... ...
8,455 18,850
2,280 45,360 990 250 180 4,370 1,080 240
108
1,890
1,089 4,205
470 3,710 3,670 2,070 590
.
..-
1,440 1,820 3,320 500 d c
2,250 210 25,940
...
15,720 380
..
5,390 d 1,090 20,850 f f
...
57,135 1,705
.
7,660
360 1,290 80
...
3,569 4,710 402,565
Current account balance
0
0 CI
1996
1999 096
1996
29
20
§
§
6 0 52 52 9 12 11
38 12 19 31 19 30 104
~
ofl(-WN 1
Total external debt
uL';
~jmil
9'1yi99
16.6 6.4
-0.8 3.6
5.8
-4.8 17.2 -23.0 -6.9 -8.3 -25.7 14.1
6,893
..
256.2 11.1 110.6 32.8 8.8
789 2,263 472 3,996 654 2,107
.. ..
-6.0 0.1
13 1
21
§
..
35 40 13
-9.3
1,286
-13.9 -3.7 -34.9 -8.6 3.0 -8.9 -11.3
1,659 4,175 2,312 39,777 167 3,020 953
2.1 0.4
2,363 1,818
-0.6
157,125
-16.6
834
4.1 -1.7 -30.4
524 21,767 5,842 5,184
9.6
.31
8.5 -2.0 -0.2 6.1 4.1 -0.2 3.1 4.0
179.3 2.6
15 10 17 41
...
48 § §
27 §
25 10
226.2 26
..
286.4 25.4 33.2 4.4 9.9 10.6 3.6 6.4
..
1.7 3.6
6.5
..
-0.3 1.3 -16.8
50
28
18.5 4.7 307.7
-2.3 0.2 2.6 3.9 1.6 2.3 1.8
31 20 37 60 14 42 3
22 21 48 11 20 23 19
106.2 4.0 47.2 21.9 9.6 10.1 1.9
2.6 -12.8 5.2
1.8 70.9
-6.1 -22.1
5
21
...
f......
...
902 34,936 1,472
900 690 10,390 3,140 710 13,870 1,810 9,000
e
...
341,718 225 2,542
Average annual inflation rate
..
6.2 15.7 -12.7 3.9 -10.1 5.4 0.9
...
..-
f
...
.
..-
e
...
-0.5 0.6
Investment
......... .
4,390 34,480 f
..
1,956 3,428 1,832 89,800 277 2,422
..
1,970 1,250 3,650 6,060 2,380 d c e f
...
Agriculture
.
..
.
..
16,500 1,760 d
1.7 -0.2
..
2,414
.. ..
§ 34
22 28
5,929
EMERGING MARKETs DATA BASE
5
World EconomicStatistics WorldEconomiesin 1996(cont.) GNP/ a
[5b$ I.
0110
Niger Nigeria Northern
~~~~~~~
Mariana Islands
Palau
199h
200 240 34,510 e
...
63,567
Puer-to Rico Qatar Reunion
Rumania Russian Federation Rwanda Samoa Sao Tome and Principe Saudi Arabia Senegal Seychelles Sierra Leone Singapore Slovak Republic Slovenia SolomonlIslands Somalia
South Africa Spain Sri Lanka St. Kilts and Nevis St. Lucia St. Vincent and the Grenadines Sudan
8,249 5,049 9,179 58,671 83,298 124,682 100,934
480
e
...
f.. f..
36,191 356,0301 1,268 200 45
1,600 2,410 190 1,170 330
1998FACTBOOK
433 1,122 227,315 313,729 16,808
~~IJQ6
,
of GDLP 19896996
of GIll
q13N-9i,
23,220 8,680 1,600
3.7 -0.3 1.1
2 § 26
17 19
7,060 2,820 d 3,480 4,410 3,550 6,000 13,450
3.6 5.0 -1.5 4.8 1.0 3.3 1.5
8 26 24 7 21 6
29 27 23 24 24 20
§
§
§
§
21 7 40
§ 25 22 14
...
Average annual inflation rate 2P
19,6
39 43
Current account balance (if tGN I' 1996
Total external debt US$ mnillions 1996
10 19
7.4 37.6
-8.1 9.7
1,557 31,407
§
1.7 -2.9 11.3
7.1 -6.6 -6.5
3,415 29,901
2.7 6.6 17.4 49.1 9.0 32.4 7.0
-0.7 6.1 -6.9 -5.9 -4.5 -2.4 -2.6
6,990 2,359 2,141 29,176 41,214 40,895
132.7 394.0 19.5 2.2 52.5 1.1 8.4 2.4 37.7 3.4 14.2 39.2 11.3
-7.2 2.6 0.1 7.0 -75.5 -4.3 -1.2 -3.9 -9.6 15.2 -11.0 0.2
8,291 124,785 1,034 167 261
..
16,330 .
..-
9,700 1,650 ..
510 26,910 7,460 12,110 2,250 d c
3,520 14,350 740 5,870 3,500 2,370
-5.1... ..
0.1 -9.2 -8.2 0.1 1.7 -3.1 -0.6 1.5 -3.9 6.6 -1.2 4.4 1.3
...
7,450 d 15,290 2,290 7,310 4,920 4,160 c
1,000 1,210 25,710 44,350 1,160
...
..
570 6,850 200 30,550 3,410 9,240 900
...
132,455 563,249 13,475 240 553 264
Avg2,.atnneal real grow%th,~,,
Investment
-2.3 1.2
4,580 4,190 630 e
...
4,856 526 925 92,987 18,206 18,390 349
Agriculture
e.....,
3,080 1,150 1,850 2,420 1,160 3,230 10,160
...
Suriname Swaziland Sweden Switzerland Syriani Arab Republic
920 d 870 £
...
151,198
..
Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal
PITIlb Intl. dollars
t
1
1,879 27,599
Norway Oman Pakistan
6
oifllion~
GNP per capita
-0.2 1.0 3.4 3.5 2.8 2.4
...
2,630 3,320 18,770 26,340 3,020
-0.3 -1.2 -0.2 -1.0 4.3
§
§
20 § 18 4 44 0 5 5 § 5 3 22 6 11 13 §
50 20 17 23 9 35 38 23 § § 18 21 25 46 19 30 §
§
§
12
21 15
..
§ § §
..
§
..
86.2
138.1 10.6 2.8 2.3 8.5
7,704 4,031 145 2,643
...
10.6 5.0 10.4 4.0 3.1 2.7
3,663 148 1,167
-1.6 0.3 -4.7 -11.9 -12.5 -7.2 ..
21.8 0.9 2.4 7.0 2.2
23,590 7,995 58 142 213 16,972
220 21,420
EMERGINGMARXETS DATA BASE
World Economic Statistics World Economies in 1996 (cont.) GNP/ a
US$ millionis 1996
EcoInomrTy
Tajikistan Tanzania /i Thailand Togo
175
Trinidad and Tobago Tunisia Turkey Turkmenistan Uganda Ukraine United Arab Emirates
United Kingdom United States Uruguay Uzbekistan Vanuatu Venezuela Vietnam Virgin Islands (U.S.) West Bank and Gaza
Yemen, Rep. Yugoslavia,
ULS$a/ 1996
1,964 5,174 177,476 1,278
Tonga
FR (Serb./Mont.)
Zambia Zimbabwe
GNP per capita
5,017 17,581 177,530 4,319 5,826 60,904 ..
1,152,136 7,433,517 18,464 23,490 224 67,333 21,915
340 170 2,960 300
..
..
..
6,016 ..
3,363 6,815
6,700 1,650
f
f g
380 ..
360 610
-18.5 -0.2 6.7 -3.9
§ 48 11 35
1>of GlFof I' 1996
17 18 41 14
Average annual inflation rate
Currentaccount balance
1> 1990 9C)
394.3 25.9 4.8 9.4
9
GN P 196
-4.1 -15.8 -7.9 -6.1
Total external debt
US$; :nilfions 1996
707 7,412 90,824 1,463
2.0
37
§
0.1 1.3 1.7 -13.1 4.0 -13.5
2 14 17 § 46 13
6.5 5.1 78.2 1,074.2 20.4 800.5
1.7 -2.7 -0.8 1.0 -8.2 -2.3
2,242 9,887 79,789 825 3,674 9,335
17,000 d
-4.8
§
19,960 28,020 7,760 2,450 3,020 d 8,130 1,570
1.5 1.2 3.8 -5.6 -1.1 -0.3 6.2
§
15 24 24 § 16 23 27 § 18 12 16 § 17 28
3.3 2.5 49.8 546.5 3.2 46.7 22.7
0.0 -2.0 -1.6 -4.3 -9.1 13.1 -11.3
5,899 2,319 47 35,344 26,764
18
25
27.1
-1.2
..
..
18 14
15 18
..
..
..
..
790 g
1,>offGDP 1996
Investment
6,100 4,550 6,060 2,010 1,030 d 2,230
.
19,600 28,020 5,760 1,010 1,290 3,020 290
..
Avg. annual coalgrowflt, > 1990-96
..
3,870 1,930 2,830 940 300 1,200 ..
P'lP j/b Intl. dollars 1996
900
1,790
Agriculture
..
860 2,200
-2.2 ..
-4.8 -1.1
§ 9 26 § 4 27
3.7
..
70
.. ..
..
86.8 26.4
..
..
-2.1
6,356 13,439
7,113 5,005
.. Not available. t Not applicable. § See map for range estimate. Note:Note: Figures in italics are for years other than those specified; the number 0 or 0.0 means zero or less more precisely. a. Atlas method; b. Purchasing power parity. c. Estimated to be low-income ($785 or less). d. Obtained from regression estimates. e. Estimated to be upper-middle-income ($3,117 to $9,635). f. Estimated to be high-income ($9,686 or more). g. Estimates for the economies of the former Soviet Union are preliminary and their classification will be kept under review. h. Estimated to be lower-middle-income ($786 to $3,116). i. References to GNP relate to GDP. j. Data cover mainlamd Tanzania only. Source: World Bank Atlas 1998. World Bank: Washington, D.C.
1998 FACTBOOK
EMERGING MARKETS DATA BASE
7
Aggregate Net Long-Term Resource Flows to Emerging Markets (US$billions)
Tl/pcqf filume,
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997p
Official Development Finance
37.8
42.9
43.4
42.4
42.6
56.4
62.7
53.8
53.6
45.5
54.0
34.7
44.2
Private Debt Flows Commercial banks Others Portfolio, bonds & debt
21.8 8.5 7.6 5.6
10.9 3.3 6.3 0.8
9.8 3.0 5.0 1.0
12.7 7.3 1.4 2.9
12.8 0.9 3.1 5.3
15.0 3.8 11.1 0.1
13.5 3.4 2.7 7.2
33.8 13.1 12.4 8.3
44.0 2.8 9.4 31.8
41.1 8.9 4.7 27.5
55.1 29.3 2.0 23.8
82.2 34.2 2.3 45.7
103.2 41.1 8.3 53.8
0.1
0.6
0.8
1.1
3.5
3.2
7.2
11.0
45.0
32.6
32.5
45.8
32.5
Foreign Direct Investment
11.3
10.3
14.6
21.2
25.7
23.7
32.9
45.3
65.6
86.9
101.5
119.0
120.4
Total Private
33.3
21.7
25.2
35.0
41.9
41.9
53.6
90.1
154.6
160.6
189.1
246.9
256
Aggregate Net Resource Flows of which official (%) of which portfolio, equity
71.1 53.2 0.2
64.6 66.3 0.9
68.5 63.3 1.1
77.4 54.8 1.4
84.5 50.4 4.1
98.3 57.4 3.3
116.3 53.9 6.2
143.9 37.4 7.6
208.2 25.7 21.6
206.1 22.1 15.8
243.1 22.2 13.4
281.7 12.3 16.3
300.3 14.7 10.8
Portfolio, Equity
p: preliminary Source: World Bank, Global Development Finance 1998.
8
1998 FACTBOOK
MARKETSDATA BASE EMERGING
World GNP and GNP Per Capita GNP Per Capita IBRD 29536
-~
~~~ ~ ~ ~ ~ ~ ~~~~~~P
US dollars *
$765 or less E 766 - 3035
$3 36
938 9-38
$9386 or more No data
APRIL 1998
Emerging i!iYomc
C'wilOnNN
connNiI,
OfiIli
NU L
C,NP
63 63 32 52
1,597 1,963 2,178 23,772
3,236 1,125 473 919
490 1,740 4,600 25,870
Emerging Markets Developed Markets
158 52
5,738 23,772
4,834
1,187 25,878
World
210
29,510
5,753
Low Lower-middle Upper-middle High
l1998FA( 11100K
919
Markets'
Emerging
Share of World GNP, 1996
(InfINIoIIc,)lb
5,130
Markets'
Share of World Population, 1996 Emerging Markets
Emerging 19°/
N_
Developed Markets 81%
Developed Markets 16%
E\Ir :RC.ING,MAI1ZKI i
,
D.~i\
X\BAsil
9
Key Trends in Emerging Stock Markets in 1997 The Year in Review Dramatic plunges in East Asian currency, property, and share values dominated emerging stock markets in 1997. Through June, emerging stock markets appeared on their way to enjoying their best year since 1993 in terms of price performance, capital raised, new depository receipts issued, and international capital flows. But the last two quarters of the year erased a decade of value in some large East Asian markets, sobering the international marketplace more than 1995's "Tequila Effect" did, and the so-called "Asian Contagion" overshadowed positive news from outside the region. Emerging Markets' Performance in 1997 Emerging markets' performance was mixed in 1997, with steep losses in Asia and strong gains in Latin America highlighting some of the disparities in emerging market equity performance. Overall, markets performed poorly in 1997, with the IFC Investable Composite Index (IFCI) falling more than 16%, the sharpest one-year decline in the index's 10-year history. The sharp 57% fall in the IFCI Asia Index easily outweighed the 10% rise in the IFCI Europe/Mideast/Africa (EMEA) Index and the nearly 26% rise in the IFCI Latin America Index. The 32-market IFC Global (IFCG) Composite Index posted similar results to the IFCI Composite Index. The IFCG Asia Index fell 44%, less than IFCI Asia, largely due to strong gains in Chinese A-shares, which are not open to foreign investment. In contrast to emerging market retums, the U.S. S&P 500surged 31% for the year, beating all but eight of the 32 IFCG market indexes. Other developed stock 10
1998 FACTBOOK
market returns, with the exception of those in Asia, were generally strong across the board. The IFCI Composite rose strongly at the start of by surging demand for 1997, underpinned shares in the EMEA and Latin America regions. Eastern Europe enjoyed an influx of foreign capital; there was broad-based enthusiasm for markets with falling interest rates and privatization hopes. The IFCI Composite reached its first-quarter high on February 25 with a year-to-date gain of 14.4%. The vast majority of IFC index markets posted gains in January and February. IFC frontier markets, however, lagged in performance during this period. Increasing concerns surrounding Asia's outlook began to weigh on the IFCI Composite between March and April, and the index's year-to-date gain fell to less than 10%. Asian markets' declined in reaction to concerns about U.S. interest rates in March, growing current account deficits, and concerns about the banking and property sectors of several Asian markets in April. Several key Asian markets continued to weaken in May and June, but enthusiasm for Latin equities more than offset the losses. Latin American equities drew investors because of the region's favorable economic outlook and attractive stock valuations. As a result, the IFCI Composite reached its 1997 high on July 8, up 17.6%. With the exception of Latin America, emerging markets drifted lower in July. August marked the beginning of a period of accelerating de-
clines that carried through to year-end. Collapsing share prices and currencies in Asia fueled a 12.9% plunge in the IFCI Composite in August; IFCI Asia dropped more than 22%, the largest monthly decline posted by an IFC regional index since the 1990 Brazilian financial markets crash and the 1987 world equity market crash. Although the IFCI Composite rebounded in September, Asian equities continued to decline during the month amid selling by regional fund managers and continued anxieties over the health of financial sector companies. By mid-October, sustained declines in Asia sparked another round of selling throughout emerging markets. During the second half of October, IFCI Latin America plunged 20.5% and the IFCI Composite dropped 18.4%. Several smaller EMEA markets actually posted gains during the month as they were dominated more by local developments than by international trends. (The same was true for many IFC frontier markets; during this period, most were influenced entirely by local developments and concerns.) Leading Latin American markets bucked the downtrend in November and December as investors sensed buying opportunities. Several EMEA markets joined in during December to post doubledigit gains. Major declines continued throughout Asia, however, and the net impact was a 4.8% decline in the IFCI Composite in November and a modest 1.1% increase in December. IFCI Asia ended the year down 61% from its 1997 high on February 25. Its end-of-year level was also the index's lowest value since March 1989. EMERGING MARKETS DATA BASE
Key Indicators of Market Development Markets included in lFC's "emerging markets" category often diverge in terms of their level of overall development. It is best to look at the entire emerging markets group to identify the most significant market trends. It is also useful to remember that stock market trends may be distorted by currency conversions, especially when a currency has registered a significant devaluation. One trend remains constant-an increasing number of new stock markets. In this year's IFC survey of emerging stock markets, featured in Chapter 2 "World Stock Markets," 75 emerging markets are represented, up from 70 last year. Another trend in recent years is that, due to the worldwide bull market for equities as well problems in some of the largest emerging stock markets (last year Latin America, this year Asia), the share of emerging markets as a group in world equity markets has remained nearly constant. Using data on the 32 markets covered in the IFCG Composite to represent all emerging markets, the impact of the Asian Contagion is most apparent in market capitalization. The aggregate year-end capitalization of the group fell to $2.1 trillion, down 4.5% from 1996's $2.2 trillion. Since the IFCG Composite Index lost nearly 16.5% over 1997, this implies that a net $360 billion of market capitalization was created in 1997 through new listings and capital increases. In a rare event, the total number of companies listed in emerging markets dropped in 1997, from
1998 FACTBOOK
20,018 to 19,787. The net decline was due largely to "housecleaning" in the Czech and Slovak markets. These countries' privatization programs in the early 1990s had caused thousands of companies to be admitted for trading, but no real market ever developed for many stocks and the national exchanges began delisting these stocks in 1997. Much the same applied to Egypt, Portugal, and several other markets where the number of listed companies fell or hardly increased despite active primary markets and major new listings. This should be seen as a healthy trend which will likely continue in 1998.
up substantially in most markets during 1997. Large increases were observed in Russia, up 453% last year, Hungary, up 368%, and Portugal, up 193%. The Factbook's market profiles and year-in-review summaries (Chapters 5 to 7) illustrate the progress on a country basis.
On the other hand, the economic crises in Indonesia, Korea, Malaysia, and Thailand are sure to cause the number of listed companies in those markets to decline in 1998; many bankruptcies, mergers, and acquisitions did not have time to appear in 1997. This consolidation of listed companies is expected to continue through 1999.
Though this record did not advance the emerging markets' share in world stock trading (in 1997, it was 14%, below 1994's record 19% share), the general improvement in the trading environment is significant in several ways. First, and perhaps most importantly, trading in emerging markets, whether in severe crisis or in boom times, did not collapse or stop for even short periods in 1997, as has happened in some developed markets. This is a tribute to the respective stock markets' management and backoffice capabilities, because though dollar volume may have declined for those markets in crisis, volumes of shares traded grew substantially.
Record trading activity in emerging markets was an unexpected 1997 result. More than $2.7 trillion was traded in local stock markets, a 77% increase over 1997. Much of this increase was due to a phenomenal 176% annual increase in share trading in Taiwan, China, which itself accounted for 48% of all emerging stockmarket trading in 1997. But leaving aside stock trades in Taiwan, China, and despite one-year drops in dollar volume terms of 58% in Thailand, 15% in Malaysia, and 4% in Korea, trading in all emerging markets surveyed increased 27% in dollar terms in 1997. This means local volumes picked
Secondly, the increase in home markets' trading happened in spite of expanded trading in depositary receipts of emerging market companies. The Bank of New York estimates that this grew by at least one-third in 1997, with $144 billion in American Depositary Receipts by emerging market issuers being traded on U.S. exchanges. Most of the trading volume centered on Latin American issues -ADRs by Mexican issuers traded $76.5 billion, followed by Brazilian ADRs ($31.7 billion), Argentina ($18.1 billion), and Chile ($11 billion). This compares to $52.6 billion, $203.2 billion, $25.7 billion, and $7.4 bil-
E[NlR(.IN;.
\I xIzKFlS
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Xl
,v'
V
lion total trading home bolsas.
of all stocks in the respective
Progress in stock market development can't be expressed only by statistical measures of size, listings, trading volumes, or new issues activity. Overall efficiency of market processes and trends in such important considerations as trading costs, clearing and settlement, and safekeeping have been quantified in many instances, and are presented in this Factbook.Appendix 2 contains contributions by Elkins/McSherry Co., Inc., (on comparative costs of trading in world equity markets), by GSCS Benchmarks (on settlement, safekeeping, and operational risk in emerging markets), and by IFC staff, which quantify some of the costs and risks stock investors run in some of the most significant emerging markets.
was offset by the sale of $9 billion in new issues from the region in 1997, and left the net flow position at about $1.5 billion, compared to $14 billion in 1996. South Asian markets drew $3 billion, down from $5.2 billion in 1996. According to the World Bank's Global DezVelopmnentFinantce 1998, Latin America took in net new portfolio equity of $15.5 billion, up from $13.9 billion in 1996, while Eastern Europe drew $8.9 billion, about the same as 1996. Middle East and North African markets drew $1.5 billion, and sub-Saharan markets took in $2.1 billion, both about the same as in 1996. As noted above, international investors had a good appetite for new equity issues from emerging markets for much of the year. The Bank of New York reported that $4.7 billion was raised in 1997 in public offerings via depositary receipts by companies from emerging markets, and an
International Capital Flows
additional $5.2 billion was raised through de-
and Equity Offerings International capital flows to emerging stock markets slowed in 1997. The World Bank estimates that net new portfolio equity flows fell to $32.5 billion from $45.8 billion in 1996 (see p.8 for a recent history of annual net long-term capital flows). Up until the middle of the year, in fact, things looked set for a new record in portfolio flows to emerging markets, when the crises in most East Asian markets caused a sell-off to occur and dampened international investors' interest in other regions.
positary receipts that were privately placed. Firsttime issuers included companies from Slovakia, Kazahkstan, Egypt and other markets, while the largest dollar volumes were by companies from Brazil ($2 billion), Taiwan, China ($1.5 billion), India ($1.1 billion), and Argentina ($0.9 billion).
Decline in the growth of net inflows was largely the result of the estimated outflow of $7 billion from East Asian emerging markets. This outflow
II
I1998 1-\
I liool)1I
Trends and Prospects The trend for stock market returns in emerging markets in the aggregate over the last four years has been one of disappointment and frustration. While emerging markets consistently outscore developed markets in annual "best-performing stock markets" categories (in 1997, eight of the top 10 and 14 of the top 20, in dollar terms), the winners are inconsistent and often quite small in
size, while nasty surprises in major markets in the group have hurt overall performance. The performance results reinforce that investors need to watch for problems and circumstances at country and regional levels, and to be ready to challenge long-held assumptions about economic and political prospects. What are the prospects for emerging markets? For investment returns, the field will be inevitably mixed, and even 1998's best performers may only be setting-up investors who stay in for another major loss in the future. Trends in 1998 suggest some investors believe the East Asian currencies were oversold, as were many regional stocks, while the international markets are cautious about committing fresh money to other emerging markets that did not suffer the obvious damage of 1997. What are the prospects for emerging stock markets, in terms of overall development? The broader trends continue. Modernizing economies need good equity markets. The better the equity market, the less it has to fear from economic crisis. This doesn't mean that a developed stock market won't collapse, that its investor base, as widely diversified as it may be, can't suffer from manias, and that unforeseen (if not unforeseeable) exogenous events can't take such a market by surprise. What it does mean is that perhaps the true definition of a developed stock market is the market's ability to cope with disaster, even if self-inflicted, and to provide a good portion of the means tb economic recovery and progress. 1(
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World Stock Markets
Emerging Stock Markets Factbook 1998
World Stock Market Performance, 1997 (rankedby 1997 % changein priceindexesin US$)
I
~II
d
I
RussWa
142.7
46
Sweden
6.5
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
Omian New Zealanid Turkey* Trinidad & Tobago' Botswania' Ireland Latvia Hungary' Panama Barbados Mexico* Swjitzerland Portugal* Morocco' Kuwait Italy Greece* China' Auistralia U.S. Saudi Arabia Germany
141.7 139.1 109.9 109.3 99.8 76.6 67.5 60.9 60.5 50.5 47.6 46.3 43.6 37.8 36.9 36.0 33.5 31.8 31.5 30.3 27.9 26.1
47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68
India* Costa Rica Mauritius' Paraguay, Namibia Chile* Nigeria* Austria Taiwan,Chinan Ecuador* Cote dIlvoire* Kenya* Slovakia' South Africa* Luxembourg Cyprus Iran Poland* Hong Kong Japan Czech Republic* Ghana'
5.4 5.316-
-1.9 -2.812-8.312 -8.7 -10.6 -11.010 -11.2 -13.9 -14.7 -15.9 -17.4 -18.5 -19.3 -28.7 -30.4 -32.4
25 26
Denmark Venezuela*
23.4 23.2
70 71
Swaziland Tunisia*
-43.2 -47.0
21.9 21.4
73 74
Philippines' Bangladesh'
-62.3 -67.7
24 Colombia' 27
28
Pakistan*
29
Israel* Spain
30 31 32 33 34
Netherlanids Brazil* U.K. Egypt' Argentina*
35 36 37 38 39 40 41 42 43 44 45
24.1 69 Singapore 22.0
29
72
Zimbabwe*
20.7 210.5 19.9 18.0 17.3
75 76 77 78 79
Korea' Bulgaria* Malaysian Indoniesia' Thailand*
Peru* Norway
13.9 13.9
Regional
Finland France Jordan" Belgiumi Slovenia* Lithuania' Canada Sri Lanka" Jamaican
12.0 11.9 1 1.8 9.4 9.2 8.7 8.3 8.2 7.2
1 2 3 4 5 6 7 8 9
160
4.9 4.914140
-42.7 -54.6
-69.4 -70.5 -72.3 -74.2 -80.0
0
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Emergingmarkets Developed markets
Indexes
IFCI Latin America IFCG Latin America FT/S&P World IFCI EMEA FT/S&PEuroPac IFCG Composite IFCI Composite IFCG Asia IFCI Asia
Top 25 Market and Regional Indexes by Percent Change in Prices, 1997
25.9 25.0 19.3 111.11 8.7 -16.3 -16.6 -43.9 -57.4
Notes: Markets nmarked by an asterisk indicatelIFC Global Index as source; developed market returns conmefrom a varietyvof sources, including Reuters and Bloombcrg; other markets' retLirnsarc based on local stock exchiaoge index results. \,''s
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World Stock Market Turnover, 1997 (rankedby 1997turnoverratio)
I
t1-nov0\' '1
10
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Alo k?t
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
Taiwan, China* China* Korea* Spain Kuwait Germany Turkey' Swaziland Hong Kong Slovakia* Pakistan* U.S. Switzerland Brazil* Ireland Oman Poland* Hungary* Norway Malaysia' Greece* Romania Austria Indonesia* Sweden Canada Netherlands Portugal* Italy
462.2 230.9 188.4 169.9 144.9 137.6 129.7 126.0 113.4 108.0 106.2 103.2 101.3 86.0 83.4 79.4 77.7 75.9 74.9 73.4 72.5 71.7 70.7 69.3 67.8 67.5 67.2 65.8 65.8
45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73
Latvia Egypt* Saudi Arabia Venezuela' Slovenia (FYR)* Peru' Israel* Belgium Russia' Zimbabwe' South Africa' Lithuania' Sri Lanka' Botswana' Cyprus Bangladesh* Chile* Colombia* Morocco' Jordan* Ecuador* Armenia Tunisia* Mauritius' Iran Trinidad & Tobago* Kenya* Paraguay Namibia
33 34 35 36 37 38 39 40 41 42 43 44
Australia Singapore Argentina' Japan Czech Republic* U.K. Tndia' Mexico* New Zealand Mongolia Thailand* Philippines'
52.2
77 78 79 80 81 82 83 84 85 86 87
El Salvador Nepal Panama Barbados Fiji Cote d Ivoire' Zambia Luxembourg Uruguay Guatemala Bolivia
ratio Q
49.9 49.5 47.2 45.7 44.4 43.0 40.0 38.2 37.5 37.5 35.3
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ratio 34.4 33.5 31.4 31.3 30.9 27.0 26.4 23.1 19.8 19.0 19.0 18.3 15.8 15.8 14.6 12.6 10.8 10.3 10.0 10.0 9.1 8.7 8.7 8.2 7.5 5.9 5.7 5.210 4.1
3.2 2.5 2.4 2.4 2.3 2.2 2.0 1.7 1.3 0.7 0.4
Top 25 Market Indexes by Turmover Ratios, 1997
500 450 400 350300 250-
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. 150 _HI
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Emergig
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Notes: Asterisks indicate market turnover for markets covered by TFCIndexes in 1997. Ratios for each market are calculated in dollar terms by dividing total value traded by average market capitalization.
1998 FACTOOK
FvIImlNim.
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Market Capitalization Analyvsis,i and Suimmary
7%:..
,I:;
.. il
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aSe a Percentage
veloped economies, suggesting that market size is heavily influenced by factors such as institutional arrangements in the financial system, and the interaction of monetary, fiscal, and regulatory policies. It is also apparent that relative stock market development is not necessarily related to current per capita income levels. Because market capitalization is a function of stock market prices, the ratios depicted below fluctuate and should be used cautiously to form only a part of any consideration of a market's relative size and stage of development.
more than $275 billion since then. Emerging markets reached a milestone in 1993 when total market capitalization of all emerging markets surpassed the $1 trillion mark. By the end of 1997, this figure had risen to $2.2 trillion.
The map on the opposite page illustrates market capitalizations in world economies based on figures reported in IFC's 1998 Global Survey of Stock Exchanges (see pages 16 and 17 for data). The table beneath the map shows that while 98% of the darkest shaded regions are emerging markets, 66% of the medium-shaded regions are emerging markets, as are 25% of the lighter regions. Overall, the market capitalization of emerging markets represents 9% of the world total market capitalization in 1997. Although emerging market capitalization reached more than 12% of the world total in 1994, the dollar size of emerging markets has risen by
The diagram below is a plot of GNP per capita versus market capitalization as a percentage of GNP. Emerging markets are shown with green squares, while black squares indicate developed markets with the largest per capita GNP. The diagram reveals that relative to the size of their domestic economies, many emerging markets are as large or larger than the stock markets of deof GNP,
1996
U Malaysia spnqapuref
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is
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~~MexicoM
EColumbia *Turkey Trinidad & Tobago fleers Lithuania M EHungary
Ecuador
United Statesf
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Figure this page: Sorirce:IFC Emerging Markets Data Base, and the World Bank. Notes: End-1496 values of GNP anid mlarket cap are used. See GNI' footnotes on page 3-5, anid milarket cap)foottinotesots page 17.
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Market Capitalization
Analysisand Summary WorldMarketCapitalization,1997 IBRD 29537
U lSdollar m illionis
tt
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surveyed
Markelt c(p ('s5
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68,293
68,293
23,541,385
2,229,508
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Emerging Markets' World Market Cap,
Share of 1988-1997
Eegn
Markets
((s)
100%
9%
Markets' Share Market Cap, 1997
250
4
2,000
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EN11ERGINGMARKLTs DATA BASF
19
World Value Traded, 1988-1997 (US$millions;endof periodlevels)
Emerging Markets Argentina* Armenia Bangladesh* Barbados
593 4 -
1,916 5 -
Bermuda Bhutan Bolivia Botswana* Brazil' Bulgaria Cayman Islands Chile' China Colombia' Costa Rica Coted'lvoire" Croatia (FYR) Cyprus Czech Republic' Dominican Republic Ecuador" Egypt* E Salvador Estonia
4,824 3 9 -
15,679 11 2 -
10,339 15 4 -
11,372 0 107 6 -
-
8 13,373 1,900 820 203 7 65 -
15 20,525 2,029 16,715 554 11 4 89 -
20 57,409 2,797 43,395 732 11 6 29 -
139 -
195 -
41 170 -
17,979 610 63 9 -
-
-
-
21,918 3,992 5,535 32 407 10 75,949 -
0 2,443 1 117 24,295 2,922 5,217 8,389 95 432 11 85,464 -
0 1,605 10 38 20,597 3,903 6,995 14,694 386 1,317 12 116,101 -
5 2,713 23 99 21,879 9,158 311 30,327 336 1,377 14 211,710 2,612
0 31 109,498 5,263 97,526 2,191 10 12 252 85 1,328 73 757 0 75 5,145 0 270 27,290 11,801 424 25,110 158 626 62 286,056 1,948
-
-
-
-
-
10,871 6 12,212 62 11 231 -
10,657 5 31,723 49 9 620 -
21,730 10 44,582 70 0 14 102 980 1 417 3,104 167
153,661 39 62,454 498 0 10 108 1,844 7 3 1,672 6,785 2,170
126,458 85 82,964 788 18 14 18 242 3,198 70 6 3,080 13,949 5,134
16,762 866 74 5 -
5,598 783 71 18 -
-
-
91 -
126 -
-
-
60 -
-
-
Ghana* Greece" Guatemala I londuras Hungary India" Indonesia' Iran Israel" Jamaica' Jordan" Kenya' Korea" Kuwait Kyrgyz Republic Latvia Lebanon Lithuania* Malaysia" Mauritius' Mexico' Mongolia Morocco" Namibia Nepal Nigeria" Oman Pakistan" Palestine Panama Parapuay Peru Philippines" Poland' 199SFr(
-
313 -
549 -
3,924 -
12,241 4 2,447 25 337 -79,180 2,543 -
I
4,594 1 158 3 -
4,382 0 722 6 -
25,702 1 384 23 96
1 38 79,186 4 11,072 49,774 1,254 16 14 47 301 3,630 234 677 0 22 6,091 5 0 355 13,738 14,403 741 9,155 341 517 65 185,197 6,389 0 0 37 76,822 70 34,377 2 3 18 14 211 3,210 9 22 3,935 14,727 2,770
1 31 112,108 0 8,460 256,008 1,360 15 19 462 8,431 120 2,463 10 0 17 8,283 4 1 1,641 26,599 32,142 2,617 8,045 39 297 67 177,266 19,203 0 12 47 173,568 78 43,040 8 432 41 5 72 545 6,054 24 30 3,805 25,519 5,538
1 74 203,260 0 0 7,445 369,574 1,894
I
-
Fiji
211
852 6 10 -
()k
17,362 541 3,909 90 652 121,264 1,709 ---
2,623 5,732 33 5 177 -
6,888 6,232 16 4 193 -
-
-
57 875 -
90 2,410 -
99 1,216 -
130 1,506 28
FIl,
,l\ (. NM\1k I
-
-
24 343 319 7,055 0 186 5,859 15 1,484 2 47 21,146 1 0 7,684 53,954 41,650 1,212 10,727 76 501 104 170,237 34,576 0 84 640 239 147,036 137 52,646 15 1,048 24 5 132 3,880 11,476 25 42 20 4,033 19,783 7,977 I I)\I
\ BsI
World Value Traded, 1988-1997 (US$millions;end of periodlevels)
Zarl, ct
l') C)I I''t
1')')2
1,687
2,818
3,455
-
-
-
-
-
-
2,274
3,653
-
-
-
-
4,947 12
7,095 7
8,158 39
-
-
-
275,624 5,598 15 13 101
965,840 13,452 35 32 798
-
Il'lS 8
l SGo
1,136
1,912 -
9l')')'
I9')4
199
l')')6
4,835
5,275
4,233
7,147
20,932
-
-
3 268
2 465
11 2,958
268 16,362
4,629
6,632
6,194
6,773
16,549
-
-
120
832 345
2,321 401
2,165 352
8,051 104
7,767 114
13,049 385
15,607 700
17,048 221
27,202 134
44,893 311
0
0
0
2
0
2
378
715,005 22,894 55 19 5,841
365,232 30,089 80 30 8,571
240,667 72,060 22 33 8,191
346,487 86,934 56 46 23,242
711,346 80,188 52 296 21,692
383,099 57,000 137 663 51,392
470,193 44,365 107 281 36,831
1,297,474 23,119 134 285 59,105
-
-
-
-
14 -
12 -
5 -
4 70
3 35
221
93
2,232
3,240
2,631
1,874
936
510
1,275
3,858
-
-
-
-
-
-
366 -
0
3
48.6 9
39
36
51
77
20
53
176
150
255
532
IFC Index Markets All Emerging Markets
411,073 413,616
1,169,219 1,170,928
899,910 899,920
608,464 616,030
620,414 631,277
1,098,636 1,106,387
1,657,081 1,667,171
1,032,576 1,046,546
1,500,123 1,529,971
2,641,612 2,701,711
Developed Markets Australia Austria Belgium Canada Denmark Finland France Germnany HongKong
37,412 2,026 8,369 66,654 5,106 7,076 65,505 350,274 23,405
44,786 11,706 7,708 90,120 14,463 7,363 107,286 628,630 34,584
39,333 18,609 6,425 71,278 11,105 3,933 116,893 501,805 34,633
46,834 7,039 6,209 78,160 9,289 1,550 113,573 379,383 38,607
45,771 4,931 8,030 83,448 15,806 2,292 121,842 446,019 78,598
67,712 6,561 11,199 142,222 20,989 8,112 174,283 302,985 131,550
94,726 16,380 12,820 161,058 27,421 13,194 307,686 460,617 147,158
98,654 25,759 15,249 183,686 25,942 19,006 364,550 573,549 106,888
237,292 20,528 26,120 265,360 34,667 22,422 277,100 768,745 166,419
310,869 24,630 29,713 355,585 46,878 36,368 405,523 1,029,152 489,365
Emerging Markets (cont.) Portugal" Romania Russia'
Saudi Arabia
-
Slovakia' Slovenia (FYR)*
-
South Africa* Sri Lanka* Swaziland
Taiwan, China" Thailand* Trinidad & Tobago" Tunisia' Turkey' Uruguay Uzbekistan
Venezuela" Yugoslavia Zambia
Zimbabwe"
Iceland
-
I'J),c
-
-
-
-
-
-
19
44
92
-
Ireland Italy Japan Luxembourg Netherlands NewZealand Norway Singapore Spain Sweden Switzerland U.K. U.S.
31,721 2,597,637 259 34,555 1,124 4,849 4,470 25,608 18,752 579,171 1,719,731
38,926 2,800,695 106 89,848 3,027 12,489 13,711 38,389 17,420 320,268 2,015,544
42,566 1,602,388 87 40,199 1,933 13,996 20,293 40,967 17,571 278,740 1,751,252
24,991 995,939 135 38,971 2,892 11,642 18,074 40,591 21,662 68,836 315,279 2,183,910
28,100 635,261 118 45,511 3,168 10,151 14,084 39,987 28,395 75,407 382,996 2,081,658
65,770 954,341 1,104 67,185 6,785 8,751 81,623 47,156 43,593 167,880 423,526 3,354,961
4,380 117,894 1,121,438 269 170,596 7,162 8,817 81,054 61,452 85,407 226,723 464,085 3,564,315
13,241 86,904 1,231,552 205 248,606 8,407 24,420 60,461 59,791 93,197 310,928 510,131 5,108,591
4,655 102,351 1,251,998 534 339,500 8,882 35,882 42,739 250,951 136,898 392,783 578,471 7,121,487
15,168 198,235 1,251,750 562 284,869 24,648 46,421 63,954 453,016 176,172 494,912 829,131 10,216,074
Developed Markets
5,583,704
6,297,069
4,614,006
4,403,566
4,151,573
6,088,288
7,154,671
9,169,761
12,085,876
16,782,995
World Total
5,997,320
7,467,997
5,513,926
5,019,596
4,782,850
7,194,675
8,821,842
10,216,307
13,615,847
19,484,706
Notes: 'lable contains annual total turnover of listed company shares. See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total, Asterisks indicate IFC Index markets in 1997.
1998FciB looK
EMFRC,I\(
M \RiK
1is
D X,u\ BxsF
21
World Number of Listed Domestic Companies, 1988-1997 (endof periodlevels)
I'l,l ActI Emerging Markets Argentina' Armenua Bangaadcsh' Barbados Bermuda Bhutan Bolivia Botswana Brazil Bulgaria* Cayman Islands Chi1eF China* Colombia* CostaRica Coted'Ivoirel Croatia(FYR) Cyprus CzechRepublic* Domrinican Republic Ecuador Esrvpt ErSalvador Estonia F... Ghana Greecc* Guatemala Honduras Hungary* India~ Indonesia* Iran Israel* Jamaica* Jordan* Kenya* Korea' Kuwait KyrgyzRepublic Latvia Lebanon Lithuania* Malaysia* Mauritius Mexico* Mongolia Morocco* Namibia Nepal Nigeria' Oman Pakistan* Palestine Panama Paraguay Peru Philippines*
22
1998 F\- i ii0()K
186
IS,)S,
Q
l'
I'
I')2
178
179
174
175
-
-
-
-
116 -
134 14 -
138 14 -
145 15 -
180 153 16 -
-
-
-
-
-
-
-
592 213 82 78 23
581 215 80 23
9 570 221 14 83 82 25
11 565 245 52 80 93 27
-
-
-
-
I
11 550 263 183 89 118 24
40 -
483
510
573
627
39 65 656
39 142 674
2 11 544 16 279 291 113 116 27 29 38 1,024 145 700
-
-
-
-
-
119
145
13 126
1S 129
15 143
4 17 216
-
-
-
--
5,968 57 262 45 106 57 626 52 -
6,200 125 216 44 105 54 669 -
26 21 2,556 141 97 229 44 101 53 686 -
44 23 2,781 155 118 377 48 103 57 688 -
-
-
-
69 28 3,263 174 124 558 50 101 56 693 47 -
82 40 4,413 216 147 638 50 95 56 699 48 -
-
-
7 12 543 26 284 323 190 118 31 61 41 1,635 40 746 4 19 212 7 99 42 5,398 238 169 654 51 97 56 721 52 10 17
101 -
589 205 86 76 24 -
119 5,841 24 265 44 106 55 502 65 -
-
-
156 1 170 19 -
Iq
149 1 183 18
147 10 186 19 -
136 59 202 18 33
10 12 551 15 283 540 189 114 31 39 1,588 42 646 49 4 21 224 9 111 45 5,999 253 220 655 46 98 56 760
11 12 536 15 2 295 764 189 114 35 77 40 276 6 41 650 59 22
9
8
21 230 7 119 49 5,843 282 263 640 49 139 58 776 74
60 27 34
-
50 9
3 238 203 71 102 404 -
251 203 71 111 52 440 -
282 13 199 71 131 55 487 -
321 20 209 67 142 58 542 -
236 141
256 144
294 153
298 161
369 22 195 62 3 153 60 628 13 287 170
410 30 190 65 4 174 62 653 11 3 233 180
13 478 35 206 51 8 72 177 67 724 15 9 218 189
351 529 28 185 461 10 83 181 80 764 16 30 246 205
460 621 40 193 449 47 12 90 183 94 782 19 60 231 216
ENu¶iv;,Nl
wmxIl l
607 708 40 198 434 49 13 98 182 114 781 27 21 60 248 221
Dx
\x Br\ -i
World Number of Listed Domestic Companies, 1988-1997 (endof period levels)
Mark,t Emerging Markets (cont.) Poland Portugal"
1988
1989
171
Romania RussiaSaudi Arabia Slovakia' Slovenia(FYR)* South Africa* Sri Lanka* Swaziland Taiwan, China* Thailand* Trinidad & Tobago' Tunisia* Turkey* Ukraine Uruguay Uzbekistan Venezuela* Yugoslavia Zambia Zimbabwe' lFC Index Markets All Emerging Markets Developed Markets Australia Austria Belgium Canada Denmark Finland France Germany HongKong Iceland Ireland Italy Japan Luxembourg Netherlands NewZealand Norway Sirgapore Spaor Sweden Switzerland U.K. U.S.
-
1990
1991
1 992
19')
683 190 4 256 305 28 17 145
647 200 4 285 347 26 19 152
26 91 62
21 93 16 62
21 90 25 64
20 90 2 2 64
9,490 9,918
10,293 10,769
11,388 11,987
14,296 15,075
16,619 18,017
18,441 20,018
1,089 97 182 1,144 258 73 578 413 284
957 105 183 1,086 261 63 551 428 333
-
-
-
217 2,019 54 313 242 122 136 423 135 177 2,015 6,727
220 2,071 54 260 171 112 150 427 258 182 1,701 6,599
224 2,107 70 204 139 112 166 433 230 182 1,623 6,742
1,030 112 171 1,119 257 61 786 665 386 228 2,118 59 187 123 115 163 399 205 180 1,874 6,699
9 180
16 191
-
-
-
13
26 60 -
-
59
24 688 178 2 221 276 29 134 26
50
50 39 74 -
732 175 1 199 214 30 13 110 36 76 -
-
-
54
57
60
11,614 11,795
12,101 12,322
12,760 12,866
1,380 74 186 1,145 291 66 646 609 282
1,258 81 184 1,146 257 78 668 628 284
-
87 24
-
22 183 51 65 -
16
1,070 111 165 1,124 257 57 472 426 450 210 2,155 62 245 136 120 178 376 205 215 1,646 7,246
1,186 111 155 1,185 252 65 459 417 529 24 80 223 2,205 60 317 173 132 240 379 228 237 2,070 7,692
65 169 14 170 69
1996
83 158 34 73 70 816 21 626 235 6 382 454 23 30 229 18 4 87 6 64
181
-
748 176 181 175 31
211 1,967 422 232 297 130 132 368 142 161 2,054 6,680
1994
44 195 4 72 68 18 25 640 215 4 313 389 27 21 176
182
754 176 163 141 34
40 47 -53
1993
18
17 640 226 4 347 416 27 26 205
1,178 109 143 1,196 213 73 450 678 518 27 80 250 2,263 61 217 169 151 212 362 223 233 2,078 7,671
1,190 106 139 1,265 237 71 686 681 561 32 76 244 2,334 54 217 158 158 223 357 229 213 2,433 8,479
19)7
143 148 76 208 70 872 26 642 239 4 404 431 24 34 257 150 16
17,855 19,937
-
91 22 6 64
1,219 101 138 1,362 237 124 683 700 658 41 83 235 2,387 56 201 190 196 303 384 245 216 2,046 8,851
Developed Markets
17,475
17,164
16,323
16,199
16,937
16,926
18,419
18,555
20,143
20,656
World Total
29,270
29,486
29,189
26,117
27,706
28,913
33,494
36,572
40,161
40,593
Notes:Table contains the number of listings of domestic companies, excluding investment companies. See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total. Asterisks inidicate IFC Index markets in 1997.
1998 FACTBOOR
EIMERGING MARKrTTS DATA BAsF
23
World Rankings of Market Capitalization, Value Traded, and Number of Listed Domestic Companies, 1997 (rankedby end-1997 levels)
10
\?,, /l
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11.
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U.S.
1
U.S.
U.S.
Japan
2,216,699
2
Taiwan, China
1,297,474
2
Inidia4
8,851
2
U.K. Germany Australia France Switzerland Canada Netherlands Hong Kong Italy Spain Taiwan, China* Sweden Brazil' South Africa' China' Mexico* Belgium India* Russia* Singapore Denmark Malaysia' New Zealand Finland Chile* Norwav 4 Turkey Saudi Arabia Argentina* Israel* Korea' Portugal* Austria 4 Greece Luxembourg Philippines* Indonesia* Kuwait
1,996,225 825,233 696,656 674,368 575,338 567,635 468,736 413,323 344,665 290,383 287,813 272,730 255,478 232,069 206,366 156,595 136,965 128,466 128,207 1(06,317 93,766 93,608 90,483 73,322 72,046 66,503 61,090 59,386 59,252 45,268 41,881 38,954 35,724 34,164 33,892 31,361 29,105 25,888
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Japan Germaniy U.K. Switzerland Hong Kong Spain France China' Canada Australia Netherlands Brazil* Italy Sweden 4 Korca Malaysia* Sinigapore 4 Turkey India' Mexico' Denmark Norwav 4 SouthAfrica Indonesia' Finland Kuwait Belgium Argentina' New Zealand Austria Thailand* Greece' Portugal* 4 Philippines Saudi Arabia Russia' Ireland Pakistan*
1,251,750 1,029,152 829,131 494,912 489,365 453,016 4()5,523 369,574 355,585 310,869 284,869 203,260 198,235 176,172 170,237 147,036 63,954 59,105 53,954 52,646 46,878 46,421 44,893 41,650 36,368 34,576 29,713 25,702 24,648 24,63(0 23,119 21,146 20,932 19,783 16,549 16,362 15,168 11,476
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
Japan
2,387 2,046 1,362 1,219 872 781 776 764 708 700 683 658 650 642 640 607 536 434 431 404 384 303 295 282 276 263 257 248 245 239 237 235 230 221 216 208 202 201
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
11,308,779
4
10,216,074
1
U.K. Caniada Australia Slovakia* 4 Pakistan Korea* China* 4 Malaysia Germany France Hong Kong Egypt* 4 South Africa Israel* Lithuania* Brazil* Mongolia 4 l'hailand 4 Taiwan, China Spain Singapore Chile* Indonesia' 4 Czech Republic Iran Turkey' Peru* Sweden 4 Sri Lanka Denmark Italy Greece* Philippines* Switzerlanid Russia* 4 Banigladesh Netherlands
5,843
Notes: Market cap ranking based on end-1997 total narket values of listed domestic companies; value traded ranking based on end-1997 total value traded of listed domestic company shares; rankinlg of number of listed companies based on end-1997 levels, excluding listed investment fuoodswhere possible. See Stock Market Reference List in Appendix 1 for stock exchanges included inl each market total.
'4
I993
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IN
I\.
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World Rankingsof Average Company Size, 1997 (US$millions;rankedbyend-i 997 levels)
1 2
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 41 42 43 44 45 46 47
Switzerland Netlberlands Italy U.S. Germany Sweden Belgium France U.K. Japan Saudi Arabia Mexico* Spain Taiwan, China* Hong Kong Russia' Luxembourg Finiland Au-stralia Brazil* New Zealand Argentina* Canada Denmark South Africa* Austria Singapore Kuwait Norway Lebanon Hungary* Ireland China* Portugal' Morocco* Chile* Turkey* Venezuela* Greece' 41) Philippines' Malaysia, Trinidad & Tobago* Zambia Panama Colombia' Indonesia* Poland* 48 Peru*
1998 F \C li 1100
132.2 129.9 117.5 103.6 103.3 103.2 84.9
49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95
Israel* Tunisia* Barbados Omnan Slovenia (FYR)l Iran Croatia (FYR) Thailand* Korea' Ghana' Namibia Ecuador* Botswana* Cyprus Czecb Republic, Estonia Jamaica* Bermuda Mauritius* Jordan' Cote dIlvoire' Swaziland Egypt* Bolivia Kenya* Zimbabwe* P'alestine Dominican Republic Caymani Islands Inidial Nigeria* Guatemala Pakistan' Uruiguay Fiji Sri Lanka* El Salvador Romnania Bangladesh* Costa Rica Latvia Paraguay Lithuania* Slovakia' Nepal Armenia Bulgaria'
70.9
96
Mongolia
2,663.6 2,332.0 1,466.7 1,277.7 1,178.9 1,113.2 992.5 987.4 975.7 928.7 848.4 790.9 756.2 712.4 628.2 616.4 605.2 591.3 571.5 476.6 476.2 435.7 416.8 395.6 361.5 353.7 3510.9 349.8 339.3 322.7 305.6 290.8 270.1 263.2 248.5 244.2 237.7 160.2 148.5
~141.9
70.7 68.0
63.4 62.4 62.0 57.5 55.1 54.6 54.0 53.8 53.0 52.3 51.1 50.3 46.3 45.8 45.1) 42.8 41.6 39.2 35.1 32.3 32.0 31.3 31.2 30.8 24.51,0 23.3 22.11 22.0 20.0 19.9 14.0 13.3 11.6 8.8 8.5 8.3 7.5 7.2 6.7 6.5 2.8 2.1 2.0 0.3 0.1
Top 25 Markets by Average Company Size, 1997 3,000
2,500-
2,000-
1,500-
00
500
0Z .
E
4:R5 <
1<
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o Z0
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Ntes: Average company size is calculated by dividing end-1997 total market values of listed domestic compaof listed domestic comipanies, excluding listed investment funds wbere possible. See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total.
nies in US$ millions by end-1997 number ~~~~~~~~~~~~~0.1
E
ItGI\(,
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3.i As
25
Emerging Markets Local Stock Market Price Indexes, 1997 (end of period levels)
\ ,1l\n i.l ',IItI1I
I[
\ I
II
1'
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t
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Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Bolsa Indice Genieral (1977=0.0001) IBOVESPA(1968=0.000000001) IGPA (Jan. 1980=100) IBB (Jan. 2, 1991=100) BMV General (Oct. 1978=0.7816) IGBVL (Dec. 1991=100) IndicedeCapitalizacion (Dec. 1993=1,000)
20,129.1 7,964.6 5,227.3 965.7 3,647.2 1,541.0 6,417.0
20,413.5 8,828.7 5,368.5 1,069.0 3,841.0 1,620.1 6,709.4
20,149.7 9,044.0 5,278.1 1,068.3 3,748.0 1,673.7 6,331.7
21,027.9 9,982.0 5,331.1 1,148.4 3,756.6 1,758.8 6,237.0
22,386.9 11,344.0 5,652.2 1,213.8 3,968.8 2,128.4 6885.4
22,793.8 12,567.0 5,732.1 1,183.1 4,458.0 2,155.0 9,273.4
24,602.3 12,872.0 5,706.7 1,199.6 5,067.8 2,052.6 9,466.0
24,028.3 10,609.0 5,480.5 1,361.2 4,648.4 1,974.2 9,660.5
24,761.4 11,797.0 5,481.3 1,472.1 5,321.5 1,858.0 10,489.1
20,418.0 8,986.0 5,071.2 1,499.6 4,647.8 1,884.5 9,289.9
21,847.0 9,394.0 4,942.3 1,399.7 4,974.6 1,780.5 8,706.3
23,071.9 10,196.5 4,794.4 1,431.7 5,229.4 1,794.2 8,656.0
East Asia China Korea Philippines Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Jan. 2, 1985=100) TSE Average (1966=1(0(1)
964.7 685.8 3,421.9 7,283.4
1,040.0 676.5 3,315.3 7,875.3
1,234.6 677.3 3,223.0 8,004.2
1,393.8 703.2 2,648.2 8,485.7
1,285.2 756.8 2,809.5 8,163.1
1,250.3 745.4 2,809.2 9,030.3
1,189.8 726.1 2,616.4 10,066.4
1,221.1 695.4 2,021.5 9,756.5
1,097.4 647.1 2,057.4 8,7(08.8
1,180.4 470.8 1,818.1 7,313.4
1,139.6 407.9 1,771.9 7,797.2
1,181.1 376.3 1,891.3 8,145.8
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug. 10, 1982=1(1(1) KLSE Composite (Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (Jan. 1985=100) SET (Apr. 30, 1975=100)
329.4 691.1 1,216.7 1,534.2 949.4 788.0
350.8 7(15.4 1,270.7 1,667.1 955.1 727.6
327.6 662.2 1,203.1 1,574.7 977.5 705.4
367.4 652.1 1,080.2 1,538.8 1,172.9 661.3
361.4 696.0 1,104,8 1,508.0 1,142.0 566.4
403.7 724.6 1,077.3 1,565.7 1,267.0 527.3
417.8 721.3 1,012.8 1,989.5 1,411.2 665.6
380.0 494.1) 804.4 1,744.6 1,273.9 502.2
378.7 546.7 814.6 1,849.7 1,227.2 544.5
371.4 500.4 664.7 1,875.0 1,119.2 447.2
346.9 401.7 545.4 1,772.2 1,024.1 395.5
354.5 401.7 594.4 1,746.3 1,068.0 372.7
Europe/Mideast/Africa Czech Republic PX 50 (April 1994=1,000) Egypt EFG (Jan.2 1993=1,000) Greece ASE General (1980=100) Hungary BSE BUX (Jan. 2, 1992=1,000) Israel Tel Aviv 100 (Dec. 1991=100) Jordan AFM (Dcc.91=100) Morocco Upline Securities (Dec. 31, 1989=10,000) Nigeria NSE General (1984=100) Poland WIG All Share Perf. (Apr. 1991=1,00(0) Portugal Banco Totta & Acores (1977=100) Russia ASP General 100 (June 20, 1994=100) Slovakia SAX (Dec. 1992=100) South Africa JSE Overall (Jan. 19611=1110) Turkev ISE Composite (Jan. 1986=100) Zimbabwe ZSE Industrial (Dec. 31, 1966=100)
565.2 5,872.2 1,166.2 5,468.8 242.3 153.2 65,000.0 7,268.3 16,105.5 3,641.8 751.1 186.2 6,676.0 1,605.0 10,276.1
609.20 6,682.0 1,303.6 5,462.9 253.1 156.8 70,746.0 7,699.3 17,543.8 3,817.0 972.3 205.2 7,145.11 1,612.0 1(1,699.8
558.2 529.3 6,274.4 6,223.7 1,368.8 1,467.5 5,413.7 5,985.2 245.6 255.1 151.8 150.2 79,397.0 86,113.0 8,561.4 8,729.9 16,690.4 16,546.7 3,761.8 3,884.5 959.6 984.5 207.0 194.5 7,095.0 7,131.11 1,613.0 1,427.0 10,171).11 1(1,825.8
488.6 5,593.4 1,635.3 6,018.1 274.4 162.8 76,430.0 8,592.3 15,941.7 4,042.9 1,087.7 193.6 7,022.0 1,595.0 10,022.2
489.0 508.6 5,664.2 5,409.3 1,518.5 1,598.3 6,795.0 7,880.2 285.0 306.1 158.7 166.9 80,467.0 83,604.0 8,459.3 8,148.8 15,163.8 15,166.7 4,316.2 4,761.3 1,3(05.2 1,694.5 166.7 169.6 7,421).11 7,485.0 1,857.0 1,953.0 10,437.4 11,784.5
546.3 5,750.9 1,517.6 7,449.2 280.8 165.7 86,688.0) 7,682.0 16,833.1 4,478.8 1,835.8 173.1 7,380.0 1,980.0 10,905.3
535.9 5,977.7 1,771.4 7,697.9 295.6 176.2 87,860.0 7,130.3 17,482.8 4,777.3 1,987.(1 173.7 7,123.4 2,593.0 9,8114.0)
503.1 5,765.9 1,488.5 7,134.8 279.0 171.0 87,252.0 6,554.8 15,371.9 4,537.2 1,868.8 179.9 6,589.1 2,846.0 10,192.4
479.3 5,390.1 1,474.0 6,652.8 285.6 172.0 87,989.0 6,395.8 14,322.6 4,527.5 1,479.0 167.2 6,326.3 2,879.0 8,773.6
495.3 5,365.7 1,479.6 7,999.1 291.0 169.2 88,595.0 6,440.5 14,668.0 4,706.8 1,772.2 182.5 6,202.0 3,451.0 7,196.4
'(,
1998F
Fo ioui;(,i \(.
NI \i i,s i) iX
B S\i
Emerging Markets Local Stock Market Price Indexes, 1997 (monthly % changes)
I/a
Al)k
leob
NOlar
A\pr
\l'luv
L
1Jn ILII
Am,
Sep
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Bolsa Indice General (1977=0.0001) IBOVESPA(1968=0.000000001) IGPA (Jan. 1980=100) IBB (Jan. 2, 1991=100) BMV General (Oct. 1978=0.7816) IGBVL (Doc. 1991=100) Indice de Capitalizacion (Dec. 1993=1,000)
8.84 13.14 6.62 26.61 8.51 8.29 -4.08
1.41 10.85 2.70 0.02 5.31 5.13 4.56
-1.29 2.44 -1.68 -0.07 -2.42 3.31 -5.63
4.36 10.37 1.00 7.50 0.23 5.08 -1.50
6.46 13.64 6.02 5.69 5.65 21.02 2.06
1.82 10.78 1.41 -2,53 12.33 1.25 45.68
7.93 2.43 -0.44 1.39 13.68 -4.75 2.08
-2.33 -17.58 -3.96 13.47 -8.28 -3.82 2.05
3.05 11.20 0.02 8.15 14.48 1.71 8.58
-17.54 -23.83 -7.48 1.87 -12.66 -7.47 -11.43
7.00 4.54 -2.54 -6.66 7.03 -4.17 -6.28
5.61 8.54 -2.99 2.29 5.12 0.77 -0.58
East Asia China Korea Philippines Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=1 00) KSE Composite (Jan. 1980=100) PSE Composite (Jan. 2,1985=100) 'FSE Average (1966=100)
4.93 5.32 7.93 5.04
7.80 -1.36 -3.12 8.13
18.71 0.12 -2.78 1.64
12.89 3.82 -17.83 6.02
-7.79 7.61 6.09 -3.80
-2.72 -1.50 -0.01 10.62
-4.84 -2.59 -6.86 11.47
2.63 -4.23 -22.74 -3.08
-10.13 -6.94 1.77 -10.74
7.56 -27.25 -11.63 -16.02
-3.45 -13.37 -2.54 6.62
3.64 -7.74 6.73 4.47
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug. 10, 1982=100) KLSE Composite (Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (Jan. 1985=100) SET (Apr. 30, 1975=100)
7.75 8.42 -1.72 13.26 5.76 -5.23
6.49 2.06 4.43 8.66 0.60 -7.67
-6.59 -6.11 -5.32 -5.54 2.35 -3.04
12.15 -1.54 -10.22 -2.28 19.99 -6.26
-1.64 6.74 2.28 -2.01 -2.63 -14.35
11.71 4.10 -2.49 3.83 10.95 -6.91
3.48 -0.45 -5.98 27.07 11.38 26.24
-9.04 -31.52 -20.58 -12.31 -9.73 -24.55
-0.36 10.67 1.26 6.02 -3.67 8.42
-1.92 -8.46 -18.40 1.37 -8.80 -17.87
-6.59 -19.73 -17.94 -5.48 -8.50 -11.57
2.17 0.00 8.98 -1.46 4.28 -5.76
4.74 27.24 24.93 32.28 14.83 -0.20 16.00 3.95 12.29 12.16 40.72 4.04 0.27 64.47 16.96
7.78 13.79 11.79 -0.11 4.46 2.39 8.84 5.93 8.93 4.81 29.45 10.18 7.03 0.44 4.12
-8.37 -6.10 5.00 -0.90 -2.96 -3.21 12.23 11.20 -4.86 -1.45 -1.31 0.91 -0.70 0.06 -4.95
-5.18 -0.81 7.21 10.56 3.86 -1.03 8.46 1.97 -0.86 3.26 2.60 -6.06 0.51 -11.53 6.45
-7.69 -10.13 11.43 0.55 7.56 8.35 -11.24 -1.58 -3.66 4.08 10.48 -0.47 -1.53 11.77 -7.42
0.08 1.26 -7.14 12.91 3.86 -2.52 5.28 -1.55 -4.88 6.76 19.99 -13.87 5.67 16.43 4.14
4.01 -4.50 5.26 15.97 7.43 5.17 3.90 -3.67 0.02 10.31 29.83 1.70 0.88 5.17 12.91
7.41 6.31 -5.05 -5.47 -8.28 -0.71 3.69 -5.73 10.99 -5.93 8.34 2.07 -1.40 1.38 -7.46
-1.90 3.95 16.72 3.34 5.27 6.32 1.35 -7.18 3.86 6.66 8.24 0.36 -3.48 30.96 -10.1
-6.12 -3.54 -15.97 -7.31 -5.61 -2.96 -0.69 -8.07 -12.07 -5.03 -5.95 3.59 -7.50 9.76 3.96
-4.73 -6.52 -0.97 -6.76 2.35 0.20 0.84 -2.43 -6.83 -0.21 -20.86 -7.06 -3.99 1.16 -13.92
3.34 -0.45 0.38 20.24 1.88 -1.62 0.69 0.70 2.41 3.96 19.83 9.13 -1.96 19.87 -17.98
Europe/Mideast/Africa Czechi Republic PX 50 (April 1994=1,000) EFG (Jan.2 1993=1,000) Egypt Greece ASE General (1980=100) BSE BUX (Jan. 2, 1992=1,000) Hungary Tel Aviv 100 (Dec. 1991=100) Israel Jordan AFM (Dec.91 =1 00) Upline Securities (Dec. 31, 1989=10,000) Morocco Nigeria NSE General (1984=100) Poland WIG All Share Perf. (Apr. 1991=1,000) Portugal Banco Totta & Acores (1977=1 00) ASP General 100 (June 20, 1994=100) Russia SAX (Dec. 1992=100) Slovakia JSE Overall (Jan. 1960=100) South Africa ISE Composite (Jan. 1986=100) Turkey Zimbabwe ZSE Industrial (Dec. 31, 1966=1 00)
1998 FA\CTBOOK
ENMERGI\IGMARKfTS DATA BASE
27
Emerging Markets Local Stock Market Price Indexes, 1988-1997 (end of period levels)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Bolsa Tndice General (1977=0.0001) IBOVESPA (1968=0.000000001) IGPA (Jan. 1980=100) IBB (Jan. 2, 1991=100) BMV General (Oct. 1978=0.7816) TGBVL (Dec. 1991=100) Indice de Capitalizacioni (Dec. 1993=1,000)
4.1380 459.8 872.1 211.5 0.0090 3,866.4
717.2 0.0060 757.6 975.9 418.9 0.3360 2,754.0
2,202.9 0.0250 1,166.7 1,392.3 628.8 25.7600 17,881.9
17,856.0 0.6080 2,483.7 358.1 1,431.5 100.0 29,316.6
13,427.5 6.7800 2,733.5 499.9 1,759.4 373.0 19,874.1
20,607.2 375.5 3,915.5 749.1 2,602.6 930.5 1,000.0
15,855.6 4,353.9 5,425.2 889.9 2,375.7 1,414.9 1,348.8
16,237.8 4,299.0 5,740.0 755.0 2,778.5 1,243.4 2,0)19.4
18,494.9 7,039.9 4,902.6 844.1 3,361.0 t,423.0 6,690.1
23,071.9 10,196.5 4,794.4 1,431.7 5,229.4 1,794.2 8,656.0
East Asia China Korea Philippines Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Jan. 2, 1985=100) TSE Average (1966=100)
907.2 841.7 5,119.1
909.7 1,104.6 9,624.2
696.1 651.8 4,530.2
292.8 610.9 1,151.9 4,600.7
780.4 678.4 1,256.2 3,377.1
833.8 866.2 3,196.1 6,070.6
647.9 1,027.4 2,785.8 7,124.7
555.2 882.9 2,594.2 5,158.65
919.4 651.2 3,170.6 6,933.9
1,181.1 376.3 1,891.3 8,145.8
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug. 10, 1982=100) KLSE Composite (Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Sensitive Share (Jan. 1985=100) SET (Apr. 30, 1975=100)
634.5 305.1 357.4 262.7 172.4 386.7
839.9 399.7 565.3 277.3 341.7 879.2
1,040.7 417.8 505.9 308.5 680.3 612.9
233.6 247.4 556.2 718.2 1,198.7 711.4
314.8 274.3 644.0 1,243.7 826.6 893.4
407.5 588.8 1,275.3 2,164.3 1,442.4 1,682.9
442.5 469.6 971.2 2,049.1 1,438.8 1,360.1
313.7 513.9 995.2 1,497.8 990.5 1,280.8
305.1 637.4 1,238.0 1,354.6 897.7 831.6
354.5 401.7 594.4 1,746.3 1,068.0 372.7
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
PX 50 (April 1994=1,000) EFG (Jan.2 1993=1,000) ASE General (1980=100) BSE BUX (Jan. 2, 1992=1,000) Tel Aviv 100 (Dec. 1991=100) AFM (Dec.91=100) Upline Securities (Dec. 31, 1989=10,000) NSE General (1984=100) WIG All Share Perf, (Apr. 1991=1,000) BancoTotta&Acores(1977=100) ASP General 100 (June 20, 1994=100) SAX (Dec. 1992=100) JSE Overall (Jan. 1960=100) ISE Composite (Jan. 1986=100) ZSE Industrial (Dec. 31, 1966=100)
279.7 84.5 167.2 233.6 2,355.9 1,984.0 3.7 552.6
459.4 93.3 122.7 325.3 3,287.0 -
932.0 202.8 80.4 158.6 513.8 2,143.4 2,719.7 32.6 2,282.7
809.7 837.6 313.9 10(.( 187.6 784.0 919.1 1,977.7 3,440.3 43.7 1,953.6
108.9 672.3 890.9 191.6 129.9 201.8 1,107.6 1,040.7 1,637.9 3,259.0 40.0 865.6
135.7 958.7 1,264.2 270.2 158.5 259.8 1,543.8 12,439.0 2,617.0 4,893.0 206.8 2,325.3
557.2 238.4 868.9 1,470.1 163.8 143.6 342.3 2,205.0 7,473.1 2,913.4 214.3 5,867.0 272.6 3,160.8
425.9 213.2 914.2 1,528.9 186.7 159.2 41,929.0 5,092.2 7,585.9 2,489.9
539.6 4,615.1 933.5 4,134.3 211.0 153.5 56,034.0 6,992.1 14,342.8 3,247.1 533.8 178.5 6,657.5 975.9 8,786.3
495.3 5,365.7 1,479.6 7,999.1 291.0 169.2 88,595.0 6,440.5 14,668.0 4,706.8 1,772.2 182.5 6,202.0 3,451.0 7,196.4
22.2 869.1
-
153.8 6,228.0 400.2 3,972.6
Notes: In India, IFC svitched from using the F.E. Bombay Index to the BSE200 because the latter is more representative of market movements. For the same reason, IFC switched from using the SPB Index in Pakistan to the KSLIndex. In Venezuela, the Indice de Capitalization replaced the New BVC Index. In Colombia, the IBB Index replaced the General Index. In Morocco, IFC replaced the IMGA Index with the Upline Securities Index in 1996. All local index time series in this Factbook have been adjusted to reflect the new indexes for as far back as data for tllese indexes is available.
28
1(98 F \( I BOOK
I \1I 1\ If,l
\sek I;h I
1)i \I
v.i
Emerging Markets Local Stock Market Price Indexes, 1988-1997 (annual % change)
Alo kl K.
l)
JYY
I9) "')2 I
I
l 'i".
I ""4
l
If,
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Bolsa Indice General (1977=0.0001) IBOVESPA (1968=0.000000001) IGPA (Jan. 1980=100) TBB (Jani. 2,1991=100) BMV General (Oct. 1978=0.7816) IGBVL (Dec. 1991=100) Indice de Capitalizacion (Dec. 1993=1,000)
526.27 2,549.53 33.81 2.45 100.18 -1.58
17,231.80 1,762.49 64.76 11.90 98.04 -28.77
207.13 308.28 54.00 42.66 50.10 549.31
710.58 2,315.96 112.88 127.65 288.20 63.95
-24.80 1,015.58 10.06 39.59 21.77 273.00 -32.21
53.47 5,437.20 43.24 49.85 47.92 149.49 -
-23.06 1,059.65 38.56 18.80 -8.72 52.07 34.88
2.41 -1.26 5.80 -15.16 16.96 -12.12 49.71
13.90 63.76 -14.59 11.59 20.97 14.93 231.29
24.75 44.84 -2.21 69.60 55.59 26.09 29.39
East Asia China Korea Philippines Taiwan, China
Shanghai S.E. Comp. (Dec. 19, 1990=100) KSE Composite (Jan. 1980=100) PSE Composite (Jan. 2, 1985=100) TSE Average (1966=100)
72.76 3.50 118.78
0.28 31.24 88.00
-23.48 -40.99 -52.93
-12.24 76.73 1.56
-12.87 11.05 9.06 -26.60
6.84 27.67 154.42 79.76
-22.30 18.61 -12.84 17.36
-14.30 -14.06 -6.88 -27.59
65.17 -26.24 22.22 34.40
28.46 -42.21 -40.35 17.48
South Asia Inidia Indonesia Malaysia Pakistan Sri Lanka Thailand
BSE 200 Index (1989-90=100) JSE Composite (Aug. 10, 1982=100) KLSE Composite (Jan. 1977=100) KSE 100 Index (Nov. 1, 1991=1,000) CSE Senisitive Share (Jan. 1985=100) SET (Apr. 30, 1975=100)
62.73 269.68 36.83 15.02 35.72
32.38 31.04 58.17 5.55 127.34
23.90 4.53 -10.02 11.27 99.10 -30.29
-40.79 9.94 76.20 16.07
23.59 10.89 15.77 73.1 -31.00 25.59
29.47 114.61 98.04 74.02 74.51 88.36
8.58 -20.23 -23.85 -5.32 -0.25 -19.18
-29.11 9.41 2.47 -26.91 -31.16 -5.83
-2.73 24.05 24.40 -9.56 -9.37 -35.07
15.95 -36.98 -51.98 28.92 18.96 -55.18
2.64 6.02 29.50 22.37 -21.21 -
64.29 10.41 -26.60 39.26 39.52 -
102.86 -13.83 29.30 57.95 -34.79 -
-13.12 24.38 18.30 52.59 -7.73 -
-16.97 6.36 29.90 7.60 41.28 13.20 -17.18 -
-
-
26.70 41.14 2.11 170.41
493.07 57.28
46.81 162.64
34.20 -14.41
-8.35 -55.69
75.60 -9.36 19.65 -9.40 31.80 42.83 -39.92 11.45 19.91 31.79 35.93
-23.56 -10.60 5.21 4.00
-44.44 22.79
24.70 42.59 41.90 21.98 28.80 39.38 1,095.25 59.77 50.14 415.99 168.65
-8.21 16.27 58.51 93.48 37.87 10.28 58.11 -7.89 2.27 44.95 232.04 1.96 -6.84 253.63 -18.09
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
PX 50 (April 1994=1,000) EFG Jan.2 1993=1,000) ASE General (1980=100) BSE BUX (Jan. 2, 1992=1,000) Tel Aviv 100 (Dec. 1991=100) AFM (Dec.91=100) Upline Securities (Dec. 31, 1989=10,000) NSE General (1984=1 00) WIG All Share Perf. (Apr. 1991=1,000) Banco Totta & Acores (1977=100) ASP General 100 (June 20, 1994=100) SAX (Dec. 1992=100) JSE Overall (Jan. 1960=100) ISE Composite (Jan. 1986=100) ZSE Industrial (Dec. 31, 1966=100)
-
-
10.84 130.94 1.51 -14.54 -28.20 6.15 46.84 25.68
-3.59 33.64 37.31 89.07 30.20 190.55 15.77 6.89 143.82 121.17
Notes: In India, IFC switched from using the F.E. Bombay Index to the BSE200 because the latter is more representativc of market movements. For the same reason, IFC switched from using the SPB Index in Pakistan to the KSE Index. In Venezuela, the Indice de Capitalization replaced the New BVC Index. In Colombia, the IBB Index replaced the General Index. In Morocco, IFC replaced the IMGA Index with the Upline Securities Index in 1996. All local index time series in this Factbook have been adjusted to reflect the new indexes for as far back as data for these indexes is available.
1998 FACI BCOOK
EmIERGING M ARKETS D)A 1XB \xsr
29
Emerging Markets Currency Exchange Rates per US$, 1997 (endof periodlevels)
\ 1,o kct
I ch
\.l1
A[PI
\1.1\
IUII
IUIILI
\LI
(ti I
\
I
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
0.9996 1.0456 420.1500 1,063.750 7.8200 2.6420 474.6000
0.9996 1.0510 413.2750 1,075.900 7.9700 2.6460 479.6250
0.9999 1.0603 414.4500 1,061.200 7.9310 2.6505 477.7550
0.9998 1.0636 419.3500 1,063.250 7.9525 2.6650 480.6800
0.9995 1.0715 418.6500 1,076.650 7.9160 2.6675 484.2500
0.9999 1.0766 416.2500 1,091.000 7.9545 2.6525 486.8800
0.9998 1.0830 416.6500 1,112.650 7.8285 2.6560 497.5100
0.9998 1.0920) 415.1500 1,174.175 7.7790 2.6525 497.0000
0.9998 1.0956 414.3500 1,245.400 7.7755 2.6515 497.5000
0.9994 1.1025 422.0000 1,285.475 8.4200 2.7100 498.7600
0.9996 1.1093 437.5000 1,308.250 8.2105 2.7220 501.1000
0.9998 1.1161 438.5000 1,296.650 8.0620 2.7260 504.3000
8.2934 864.150 26.3500 27.4300
8.2954 864.350 26.3315 27.5200
8.2955 895.500 26.3650 27.5400
8.2945 892.000 26.3700 27.6600
8.2921 891.500 26.3750 27.8700
8.2907 888.000 26.3760 27.8000
8.2903 890.000 29.0000 28.6880
8.2884 902.500 30.4000 28.7200
8.2849 914.450 34.3500 28.5995
8.2834 964.800 35.3750 30.9370
8.2796 1,169.500 34.8300 32.2865
8.2796 1,695.000 39.9000 32.6680
35.8750 2,376.500 2.4853 40.0799 57.6900 25.9150
35.8800 2,397.500 2.4830 40.0799 57.5000 25.8950
35.8750 2,401.000 2.4793 40.0799 58.3300 25.9750
35.7550 2,430.000 2.5100 40.1998 59.2000 26.1250
35.7750 2,432.50)0 2.5127 40.3496 58.3050 24.9200
35.8000 2,431.500) 2.5240 40.4195 58.4900 25.9050
35.6950 2,615.000 2.6365 40.4795 58.8500 31.8750
36.3300 2,950.000 2.9155 40.4795 59.2850 34.1900
36.1700 3,270.000 3.2415 40.4795 59.7500 36.3000
36.3650 3,605.000 3.3500 44.0060 59.7750 41.0250
38.5850 3,647.500 3.4910 44.0060 60.7500 40.2500
39.2100 5,495.000 3.8925 44.0060 61.7500 48.1500
27.7380 3.4001 257.690 169.695 3.3104 0.7098 9.1685 80.1300 3.0030 164.180 5,636.500 32.407 4.5665 116,150.0 10.9675
29.1550 3.3925 264.720 175.545 3.3436 0.7090 9.3797 79.8000 3.0588 169.760 5,683.500 33.146 4.4815 122,935.0 11.1775
29.0180 3.3962 265.070 175.685 3.3532 0.7090 9.3235 85.1500 3.0745 167.760 5,729.000 32.923 4.4205 127,665.0 11.26
30.9500 3.3952 275.070 182.555 3.4061 0.7090 9.5105 85.0500 3.1628 173.745 5,761.000 33.560 4.4465 135,560.0 11.322
32.4900 3.3897 272.500 182.815 3.3962 0.7090 9.4123 84.9600 3.1945 172.570 5,768.000 33.833 4.4690 141,150.0 11.295
32.4020 3.3988 274.470 187.155 3.5937 0.7090 9.5595 84.5000 3.2863 175.790 5,773.500 33.615 4.5355 148,455.0 11.405
34.3460 3.3933 286.880 196.475 3.5371 0.7090 9.9100 82.5000 3.4648 185.600 5,809.500 34.677 4.6105 159,855.0 11.545
33.5710 3.3980 283.110 195.725 3.5190 0.7095 9.7790 82.0000 3.4748 182.720 5,840.500 34.785 4.6915 167,610.0 11.9325
32.7880 3.3950 278.940 195.105 3.4972 0.7100 9.6481 81.8850 3.4190 179.880 5,858.500 33.769 4.6625 174,260.0 12.5275
32.9950 3.4025 272.015 194.425 3.5362 0.7105 9.4405 81.9150 3.4850 175.740 5,897.000 33.296 4.8125 183,500.0 12.7375
34.4555 3.4005 276.785 199.445 3.5389 0.7093 9.5850 78.3650 3.5370 180.210 5,932.500 34.383 4.8565 195,605.0 14.55
34.6735 3.4025 283.710 204.225 3.5374 0.7093 9.7415 75.7200 3.5250 183.850 5,997.500 34.900 4.8665 207,125.0 18.45
East Asia China Korea Philippines Taiwan, China
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
30
1998 F \t l Baooi
ENERGING
NI \iur r s DA I ABASF
Emerging Markets Currency Exchange Rates per US$, 1997 (monthly % change)
laIrkct
Jan
Feb
\Mar
A pr
Mav
Jun
JII
A ig
Sep
Oct
Nov
De(
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
0.02 -0.62 1.00 -5.42 0.66 -1.70 0.35
0.00 -0.51 1.66 -1.13 -1.88 -0.15 -1.05
-0.03 -0.88 -0.28 1.39 0.49 -0.17 0.39
0.01 -0.31 -1.17 -0.19 -0.27 -0.54 -0.61
0.03 -0.74 0.17 -1.24 0.46 -0.09 -0.74
-0.04 -0.47 0.58 -1.32 -0.48 0.57 -0.54
0.01 -0.59 -0.10 -1.95 1.61 -0.13 -2.14
0.00 -0.82 0.36 -5.24 0.64 0.13 0.10
0.00 -0.33 0.19 -5.72 0.05 0.04 -0.10
0.04 -0.63 -1.81 -3.12 -7.65 -2.16 -0.25
-0.02 -0.61 -3.54 -1.74 2.55 -0.44 -0.47
-0.02 -0.61 -0.23 0.89 1.84 -0.15 -0.63
East Asia China Korea Philippines Taiwan, China
0.06 -2.16 -0.19 0.26
-0.02 -0.02 0.07 -0.33
0.00 -3.48 -0.13 -0.07
0.01 0.39 -0.02 -0.43
0.03 0.06 -0.02 -0.75
0.02 0.39 0.00 0.25
0.00 -0.22 -9.05 -3.10
0.02 -1.39 -4.61 -0.11
0.04 -1.31 -11.50 0.42
0.02 -5.22 -2.90 -7.56
0.05 -17.50 1.56 -4.18
0.00 -31.00 -12.71 -1.17
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
-0.14 -0.59 1.62 0.00 -1.66 -1.06
-0.01 -0.88 0.09 (.00 0.33 0.08
0.01 -0.15 0.15 0.00 -1.42 -0.31
0.34 -1.19 -1.22 -0.30 -1-47 -0.57
-0.06 -0.10 -0.11 -0.37 1.54 4.84
-0.07 0.04 -0.45 -0.17 -0.32 -3.80
0.29 -7.02 -4.27 -0.15 -0.61 -18.73
-1.75 -11.36 -9.57 0.00 -0.73 -6.77
0.44 -9.79 -10.06 0.00 -0.78 -5.81
-0.54 -9.29 -3.24 -8.01 -0.04 -11.52
-5.75 -1.17 -4.04 0.00 -1.60 1.93
-1.59 -33.62 -10.31 0.00 -1.62 -16.41
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
-1.84 -0.21 -4.26 -4.74 -1.96 0.00 -4.51 -2.16 -4.75 -5.44 -0.84 -1.58 2.43 -6.07 -1.32
-4.86 0.22 -2.66 -3.33 -0.99 0.11 -2.25 0.41 -1.82 -3.29 -0.83 -2.23 1.90 -5.52 -1.88
0.47 -0.11 -0.13 -0.08 -0.29 0.00 0.60 -6.28 -0.51 1.19 -0.79 0.68 1.38 -3.71 -0.73
-6.24 0.03 -3.64 -3.76 -1.55 0.00 -1.97 0.12 -2.79 -3.44 -0.56 -1.90 -0.58 -5.82 -0.55
-4.74 0.16 0.94 -0.14 0.29 0.00 1.04 0.11 -0.99 0.68 -0.12 -0.81 -0.50 -3.96 0.24
0.27 -0.27 -0.72 -2.32 -5.50 0.00 -1.54 0.54 -2.79 -1.83 -0.10 0.65 -1.47 -4.92 -0.96
-5.66 0.16 -4.33 -4.74 1.60 0.00 -3.54 2.42 -5.15 -5.29 -0.62 -3.06 -1.63 -7.13 -1.21
2.31 -0.14 1.33 0.38 0.51 -0.07 1.34 0.61 -0.29 1.58 -0.53 -0.31 -1.73 -4.63 -3.25
2.39 0.09 1.49 0.32 0.62 -0.07 1.36 0.14 1.63 1.58 -0.31 3.01 0.62 -3.82 -4.75
-0.63 -0.22 2.55 0.35 -1.10 -0.07 2.20 -0.04 -1.89 2.36 -0.65 1.42 -3.12 -5.04 -1.65
-4.24 0.06 -1.72 -2.52 -0.08 0.17 -1.51 4.53 -1.47 -2.48 -0.60 -3.16 -0.91 -6.19 -12.46
-0.63 -0.06 -2.44 -2.34 0.04 0.00 -1.61 3.49 0.34 -1.98 -1.08 -1.48 -0.21 -5.56 -21.14
1998 FACTBOOK
ENFRGING MARKETS DAy1A BASE
31
Emerging
Markets
Currency Exchange Rates per US$, 1988-1997 (endof periodlevels)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
0.0016 0.0000 249.5400 336.0000 2.3200 37.2000
0.1360 0.0000 294.1100 423.0900 2.6835 43.5000
0.5670 0.0001 336.8600 523.0000 2.9480 0.5400 49.7400
0.9990 0.0004 374.8700 705.4100 3.0890 0.9750 60.8000
0.9980 0.0045 382.3300 811.7700 3.1160 1.6350 78.1600
1.0000 0.1167 431.0400 811.9000 3.1090 2.1500 104.4600
1.0001 0.8470 401.0500 831.6000 4.9250 2.1810 169.8700
0.9999 0.9720 406.6500 990.7500 7.7050 2.3035 339.5406
0.9998 1.0391 424.3500 1,006.095 7.8720 2.5970 476.2550
0.9998 1.1161 438.5000 1,296.650 8.0620 2.7260 504.3000
-
677.4000 21.7700 26.0500
5.2221 714.5000 27.2000 26.6300
5.4352 758.7000 26.1500 25.5000
5.7518 788.4000 25.6000 25.1700
8.7000 808.1000 27.000(0 26.3600
8.4462 788.5000 24.4000 26.2880)
8.3174 775.7500 26.2300 27.2870
8.2984 845.5000 26.3000 27.5000
8.2796 1,695.000 39.9 32.668
East Asia China Korea Philippines Taiwan, China
684.9000 20.7000 28.1900
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
15.0200 1,717.355 2.7100 18.5000 25.1900
16.8400 1,797.000 2.6985 21.2500 40.0000 25.6100
18.1500 1,889.000 2.6983 21.7200 40.2400 25.3000
25.8000 1,984.010 2.7205 24.6000 42.7138 25.0500
28.6800 2,063.500 2.6150 25.5000 46.0000 25.4900
31.1300 2,103.010 2.6930 29.9800 49.5600 25.4800
31.3688 2,198.000 2.5535 30.7692 49.6650 25.105(1
35.1650 2,286.500 2.5390 34.2158 53.5000 25.1900
35.825 2,362.500 2.5255 40.0799 56.7300 25.6400
39.21 5,495.000 3.8925 44.006 61.75 48.15
26.6660 3.4355 236.5800 136.6300
27.2280 3.3929 246.7100 161.6500 3.2456 0.7098 8.7551 78.4000 2.8605 155.250 5,589.000 31.895 4.6775 109,095.00 10.8225
34.6735 3.4025 283.7100 204.2250 3.5374 0.7093 9.7415 75.7200 3.5250 183.850 5,997.500 34.900 4.8665 2(07,125.()0 18.4500
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkev Zimbabwe
312
1948 1
147.70(0(0
156.3000
0.4750
159.5000
0.6376
-
0.6409
-
-
175.0000 75.6200
215.30)00 83.9700
-
249.3500 100.7000
-
28.1890 240.6000 113.1500
-
-
0.6730
0.6742
0.6870
0.7040
21.50(00 1.5767 146.9200 4.8420 8,540.000 5.4816
40.0000 2.1444 176.6200 4.2900 14,570.000 6.9351
22.0000 2.4370 159.2(10() 4.0750 38,700.000 8.3650
5.3000
7.4500
8.7000
146.7200 -
149.6000 -
136.6400 -
9.8000 1.0957 133.6000 -
1,805.100 1.9429
2,293.000 2.2448
2,898.000 2.6609
5,025.000 5.0355
0.7090 8.4141 86.1000 2.4668 149.3900 4,64(1.()00) 29.628 3.6455 60,900.00 9.3188
F\lc()\r11 mj.\, . \1Sll wm I t
\ B \s,
Emerging Markets Currency Exchange Rates per US$, 1988-1997 (annual % change)
,\ lai kcl Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela East Asia China Korea Philippines Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Czech Republic Egypt Greece H:ungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
t BssK 1998 F1AC
I')SS
-
1')')., -94
I' '.)
1
1 '9)
I C),
-12.55
0.10 -91.10 -1.95 -13.10 -0.87 -40.37 -22.21
-0.20 -96.19 -11.30 -0.02 0.23 -23.95 -25.18
-0.01 -86.22 7.48 -2.37 -36.87 -1.42 -38.51
0.02 -12.86 -1.38 -16.06 -36.08 -5.32 -49.97
0.01 -6.46 -4.17 -1.53 -2.12 -11.30 -28.71
0.00 -6.90 -3.23 -22.41 -2.36 -4.73 -5.56
-
-14.48
-20.83
1q)')' 2
-43.24 -85.23 -10.14 -25.86 -4.56 -44.62 -18.19
-76.01 -92.98 -12.69 -19.10 -8.97
-98.80 -93.53 -15.15 -20.58 -13.55
-78.53 -90.26 -6.86 -21.98 -5.17
1) )1
1'It I)SC
16.09 0.14 1.10
1.11 -4.92 8.21
-5.82 -5.19 -19.96 -2.18
-5.52 -5.83 4.02 4.43
-40.84 -3.77 2.15 1.31
-33.89 -2.44 -5.19 -4.51
3.00 2.49 10.66 0.27
1.55 1.64 -6.98 -3.66
0.23 -8.25 -0.27 -0.77
0.23 -50.12 -34.09 -15.82
-14.18 -3.92 -8.19 -5.41
-10.81 -4.43 0.43 -12.94 -79.30 -1.64
-7.22 -4.87 0.01 -2.16 -0.60 1.23
-29.65 -4.79 -0.82 -11.71 -5.79 1.00
-10.04 -3.85 4.03 -3.53 -7.14 -1.73
-7.87 -1.88 -2.90 -14.94 -7.18 0.04
-0.76 -4.32 5.46 -2.56 -0.21 1.49
-10.80 -3.87 0.57 -10.07 -7.17 -0.34
-1.84 -3.22 0.53 -14.63 -5.69 -1.76
-8.63 -57.01 -35.12 -8.92 -8.13 -46.75
-2.06 1.20 -4.11 -15.48
-21.47 -0.28 -13.04 -20.85
-
-
0.00
-
-5.50
-14.22
-
-2.01 -
-
-
-
-
-
-
-
-
-
-
-8.86 275.18
-18.72 -9.94
-13.66 -16.61
3.64 -11.00
-4.77
-0.18
-1.86
-2.41
5.71 1.70 -17.19
-21.86 -11.48
-11.22
-14.37
-28.86
9.48
-1.93
-
-
-
2.28
-
-
-
-
-21.28 -13.45
-
-
-20.88 -15.64
-
-42.33 -47.16
-41.16 -8.14
12.87 -41.39 -20.96
-74.45 -1.21 6.57
81.82 -12.01 10.94
-46.25 -26.47 -16.82
-54.42 -30.51 -9.07
-0.71 -
-
-
-
-
-
-
-45.28 -14.46
-(.51
-
-
-
5.28 -62.35 -17.09
-
-
-
-25.50
-27.79
-
11.78 -36.45 -10.24
-0.11 -3.89 9.82 -13.76 -3.77 -16.98 -7.11 -22.06 -44.18 -13.89
EMILGI.NG MARKETS Di\iv
-8.25 0.07 -10.13 3.54 -18.85 -15.56 -6.81 -8.61 -3.88 -47.33 -41.34
BASE
33
3. IFC
Global Indexes
Emerging Stock Markets Factbook 1998
Marilh-.-
vlfuiu-iz
oil-7.
i
-iuexste1
ic;
End-i 997
\hl.kc-4L \E,11115 !Afia,-,.~
:
S!,,tLS
't
%k
-I.l.apnit.liaatiui
i.h\ llt,
I
nu'((I,I5,l.
LS.,i, IIa.n,. Weights in the IFCG Composite Index, End-1997
Latin Amnerica
35 87 53 27 75 37 19
35,142 102,965 44,498 11,452 108,941 9,657 9,138
3.58 10.48 4.53 1.17 11.09 0.98 0.93
China Korea Philippines Taiwan, China
195 195 59 98
49,981 25,157 18,650 153,176
5.09 2.56 1.90 15.60
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
133 62 157 55 50 74
50,856 13,554 45,911 5,979 1,293 10,921
5.18 1.38 4.67 0.61 0.13 1.11
41 54 56 15 49 44 17 31 29 23 37 20 78 58 22
4,847 8,141 16,255 11,176 18,812 3,261 7,562 2,554 6,234 24,745 54,744 1,320 90,297 33,732 1,123
0.49 0.83 1.66 1.14 1.92 0.33 0.77 0.26 0.63 2.52 5.57 0.13 9.19 3.43 0.11
1,985 333 1,078 574
982,072 321,792 375,478 284,803
100.00 32.77 38.23 29.00
Argentina Brazil Chile Colombia Mexico Peru Venezuela
EMEA 2929%
Latin America 33%
East Asia
Asia 38%
Stock Distribution by Region in the IFCG Composite Index, End-1997
Europe/Mideast/Africa
Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zirnbabwe 9egq Composite Latin America Asia EMEA
36
1il08 [
1(
EMEA 29%_O*
Latin America 17%
Asia 54%
ENIERGING MARKETs
DATA3 BSE
Market Concentrationin the IFCG Indexes End-i 997 (percent)
Market
Inidex stocks' sh-are of total market cap
Index stocks' share of total valuie traded
1(1 lar-gest index stocks' shore of total m-arket cap
111miost zactive inidex stocks' share of total vallue tradled
61.4 68.7 69.2 68.9 72.1 62.0 66.9
92.7 72.1 74.9 83.0 79.9 74.8 70.5
51.9 42.4 42.2 49.8 35.5 51.1 61.5
85.4 63.7 58.3 67.8 45.6 56.4 65.8
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
IFCG Index Share of Total Market Capitalizationin 1997 (percent)
100 90
East Asia China Korea Philippines Taiwan, China
38,9 79.2 71.1 59.6
39.7 39.5 62.2 44.4
13.9 38.8 48.1 28.6
13.8 12.5 35.2 22.7
8 70
60
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
52.6 67.5 70.5 79.7 65.1 73.3
93.8 53,9 42.3 94.5 73.6 65.9
24.8 47.6 36.4 66.8 36.6 47.6
81.1 32.1 15.5 90.5 52.2 36.0
Europe/Mideast/Africa Czech Republic Egypt Greece
75.4 51.0 77.2
5.5 67.7 71.0
58.4 29.8 61.1
4.0 36.4 50.1
10.
87.4
77.0
85.2
73.0
0
Hungary
Israel
Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
1998 FACTBOOK
00 40-
30 200
~~~~69.4 81.2 75.4 73.1 58.9 95.8 66.4 82.8 54.0 79.1 76.4
61.2 78269.7 75.5 81.6 43.2 79.5 76.3 1.8 35.1 62.4 50.1
38.8
65.2 45.8 40.0 83.3 58.5 76.8 26.1 54.2 67.4
32.0 58.1 73.4 57.2 23.5 67.5 71.9 1.7 27.6 33.7 42.9
S4z
2.
e
s
5
a. N
liINWM.k~t
.-
cap floth., IFC0 mcd..chock
DATA BASE 37 EMFRCING MARKEThs
Comparative Valuationsof the IFCG Indexes End-1997 Price-earnin1gs
ratio
Price-book value ratio
Alarket
EDd 1997
Relative toMSCI World
Ernd 1996
End 1997
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
16.34 12.37 14.67 15.51 19.16 13.97 12.83
0.70 0.53 0.63 0.67 0.83 0.60 0.55
38.21 14.50 14.62 10.40 16.79 14.21 32.49
1.81 1.00 1.64 1.12 2.29 1.98 1.18
East Asia China Korea Philippines Taiwan, China
34.48 17.86 10.86 28.89
1.49 0.77 0.47 1.25
27.76 11.69 19.99 28.16
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
15.16 10.46 9.53 14.76 11.68 -32.79
0.65 0.45 0.41 0.64 0.50 -
Europe/Mideast/Africa CzechRepublic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
37.11 11.53 17.63 27.35 14.29 14.36 18.31 8.09 11.38 22.95 8.08 15.98 10.82 20.13 10.28
Regions Composite Latin America Asia Developed Markets Japan U.K. U.S. MSCI World
38
1998 FACTGOOK
Relati \e tolsISCI VVorld
Dividend
yield
Relative toNISCI WVorld
Enld 1996
End 1997
End 1996
0.59 0.32 0.53 0.36 0.74 0.64 0.38
1.62 0.73 1.59 0.84 1.68 2.52 3.25
2.09 3.92 3.92 2.89 1.53 2.30 1.16
1.16 2.18 2.18 1.61 0.85 1.28 0.64
2.95 2.33 3.95 3.15 1.49 2.43 1.27
3.89 0.51 1.35 3.07
1.26 0.17 0.44 1.00
2.15 0.76 3.14 3.31
1.31 3.02 1.44 0.59
0.73 1.68 0.80 0.33
0.83 2.29 0.75 0.93
12.32 21.62 27.11 11.67 9.71 13.06
2.26 1.39 1.39 2.25 1.35 0.78
0.73 0.45 0.45 0.73 0.44 0.25
2.07 2.66 3.78 1.52 1.18 1.78
1.83 2.90 3.99 3.20 2.60 7.67
1.02 1.61 2.22 1.78 1.44 4.26
1.71 1.35 1.17 3.17 3.15 3.30
1.60 0.50 0.76 1.18 0.62 0.62 0.79 0.35 0.49 0.99 0.35 0.69 0.47 0.87 0.44
17.62 11.31 10.45 17.48 16.89 13.84 10.07 14.30 18.14 6.28 8.50 16.27 10.74 12.88
0.84 3.95 3.13 4.20 1.41 1.77 3.54 2.30 1.69 3.12 0.47 0.54 1.59 6.84 1.68
0.27 1.28 1.02 1.36 0.46 0.57 1.15 0.75 0.55 1.01 0.15 0.18 0.52 2.22 0.55
0.89 3.21 2.01 1.97 1.71 2.55 2.68 2.59 1.70 0.35 0.54 2.34 3.98 2.41
2.82 3.44 2.91 0.46 1.70 2.06 1.47 5.69 1.50 1.74 0.16 2.89 2.50 1.64 2.94
1.57 1.91 1.62 0.26 0.94 1.14 0.82 3.16 0.83 0.97 0.09 1.61 1.39 0.91 1.63
1.39 4.92 3.67 1.05
16.00 15.08 20.33
0.69 0.65 0.88
18.08 16.17 19.91
1.54 1.47 1.93
0.50 0.48 0.63
1.77 1.11 2.16
2.47 2.84 2.54
1.37 1.58 1.41
1.92 2,46 1.49
41.90 16.80 22.90 23.20
1.81 0.72 0.99 1.00
108.70 14.90 19.30 22.40
1.77 3.43 4.20 3.08
0.57 1.11 1.36 1.00
2.09 2.87 3.50 2.69
0.90 2.80 1.60 1.80
0.50 1.56 0.89 1.00
0.80 3.90 2.00 2.10
-
2.27 2.11 4.09 1.17 2.31 0.86 -
2.69 3.30 2.81
EMERGING MARKFTS DATA BASE
ComparativeValuationsof the IFCG Indexes End-i 997 IFCG PIE Ratios, End-i1997 45403530-
20
10
-.
a
0
5
8.
5
0~~~~~~~~~~
0
5
*
o-
IFCG Dividend Yields, End-i1997
765-
0
a
0)~~~~~~~ a
29
E-eging m.rkets D-I 059 (-k0( IFCR.gionalind...
1998 FAcTBooi
EMERGING
MARKETs
DATA
BAsE
39
IFCG Price Indexes 1997 Performance Summary (rankedby 1997% changesin US$) Percent Change in IFCG Price Indexes, 1997
cIhnge
RPtllAn/c Emerging Markets
A'ct
in
IrFG
yPriceInde\
60D
4i76
Russia Turkey
3
Hungary
60.9
4
Mexico
47.6
5
Portugal
43.6
6
Morocco
37.8
_
7
Greece
33.4
_IGCG
8 9 10
China Colombia Venezuela
31.8 24.1 23.2
11
Pakistan
22.0
12 13
Israel Brazil
21.9 20.5
205
14 15 16 17 18 19
Egypt Argentina Peru Jordan Sri Lanka India Chile
18.0 17.3 14.0 11.8 8.2 5.4 3.4
160
Egypt
17i3
krg-n
Nigeria
-1.9
-
Nigerga
-2
MSCI,
EAFE
-8.3
Twan,
China
142.8
109.9
22 23 24
Taiwan, China Slovakia SouthAfrica
-8.3 -11.2 -13.9
25
Poland
-18.5
26 27
Czech Republic Zimbabwe
-30.4 -54.6
28 29 30 31
Philippines Korea Malaysia Indonesia
32
Thailand
-62.3 -69.4 -72.3 -74.1 -80.0
Murooco9 V6-cc
3
Gra i
1
Latin America Composite
-16.3
3
Asia
-43.9
40
1998 FACTBOOK
1 2 3 4
U.S., S&P 500 U.K., FT 100 MSCI, EAFE Japan, Nikkei
31.0 19.9 -2.3 -29.7
Latin Annca
241
C-lora
23.2
Venezuela
22 0
Paistan
Brazil LI K, FT 100
14.0
Peru
118
Jnrdan Sri Lanka
.4
India
.4
Chile
Slotak
2
S.uth A-rica
IFCGCoinpn-ite
-18.5
Poland Japan, Nikkai
29 7
Czech Republic
-304
IFCG Aa
-43.9
54.6
iZmbabwe Philippines
3
Korea
__
n72
_Maya
Indone-
-600 -60 -60 .60 .20
Markets
S&P L00
D
Israel
25.0
2
Chin.
31.6 2
-69 4
Developed
.- c
1 2
20 21
Regions
Hungary
Tha and 0 20 60 60) 50 100 120 140 160
E, _
eisg ncercel evelocennmarkets
FCReg.n.u,nd.a.
EMERGINGMARKETSDATA BASI
IFCG Price Indexes 1997 High, Low, Close (US$; year-end and daily closing levels)
Market
End-1996
Hi-gh
Date
Low
Date
End-1997
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
1,549.5 329.1 2,629.4 1,452.2 1,344.5 225.8 469.1
2,088.6 537.4 3,519.2 2,015.1 2,107.1 321.3 736.9
Oct 22 Jul 10 Jul 4 Sep 5 Oct 7 Jun 2 Sep 23
1,482.9 312.4 2,594.5 1,447.9 1,338.2 225.8 428.4
Nov 12 Nov 12 Dec 23 Jan 3 Jan 2 Jan 1 Mar 12
1,817.1 396.6 2,717.9 1,802.3 1,985.1 257.3 577.9
IFCG Price Indexes High and Low vs. 1996 Close
East Asia China Korea Philippines Taiwan, China
98.2 334.1 3,778.3 955.8
168.0 387.5 4,110.7 1,283.6
May 7 Jun 17 Feb 3 Jul 28
94.5 86.1 1,381.7 818.1
Jan 6 Dec 23 Dec 16 Dec 1
129.4 102.3 1,423.4 876.7
SouthAsia India Indonesia Malaysia Pakistan Sri Lanka Thailand
270.2 124.1 361.9 199.1 82.5 618.6
388.1 136.6 390.0 308.4 121.8 643.1
Aug 5 Feb 13 Feb 25 Jul 3 Jul31 Jan 22
258.2 25.4 96.5 198.9 82.5 120.8
Dec 12 Dec 15 Dec 24 Jan 7 Jan 1 Dec 26
284.7 32.1 100.2 243.0 89.3 123.9
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
75.7 138.8 347.1 135.0 100.0 147.0 138.4 83.4 729.5 796.5 255.9 115.7 211.8 330.6 946.7
84.3 214.4 578.4 221.0 133.8 172.8 197.9 110.6 877.9 1,143.7 861.0 131.0 245.1 782.6 1,220.8
Feb 24 Feb 24 Oct 15 Aug 6 Aug 8 Sep 29 Apr 14 Apr 23 Feb 18 Dec 31 Oct 22 Apr 3 Feb 25 Oct 17 Aug 5
48.7 145.9 347.1 134.9 100.0 143.2 139.3 76.6 553.3 796.5 255.8 97.6 174.2 330.6 397.0
Dec 1 Jan 2 Jan 1 Jan 3 Jan 1 Apr 29 Jan 2 Nov 5 Dec23 Jan 1 Jan 2 Aug 6 Dec 12 Jan 1 Dec 24
52.7 163.8 463.2 217.2 121.9 164.3 190.7 81.8 594.2 1,143.7 621.2 102.7 182.4 693.8 430.2
71%
* 5
67°/
%
63%
70% 35%
44Y 39%
34%
30%
18% 16%
1
10% -10%
64%57%
39%
_ -
4
.4%
1%
-30% 50%
0 *3%
*%
-36%
-70% 74%
90%1
'
E
391.8
464.6
Jul 4
315.4
Dec 24
Latin America Asia
649.2 403.2
952.3 428.3
Oct 21 Mar 3
646.1 220.2
Jan 2 Dec 24
328.1 811.6 226.0
'
a
,u
,
<
u
cc =0
236%
250%
200%
0
137%
56%
100% 55% 42%
s0%-4%
33%
1N
48%
44%
oo
57%
34%
0% 20%
4%
0
29%
4%
16%
_N
0%
-6% _-2%
1%64 -100%
Regions CoRposite
-73%
80%
I.
,
-80%
63%
I
I
: a a.
t-
a
a a°-
.C
I a
a
-a .
03
.
>
Nl
1997 Market low 1997 Market high
1998 FAcTBOOK
EMERGINGMARKETSDATA BASE 41
IFCG Price indexes Regional vs. Developed Market Performance, 1997 (end-of-periodvaluesin US$; end 1984=100)
Tan
IIIdirX Index levels
% change
NMar
Feb
Apr
Mayv
Tun1
Jul
Aug
Sep
Oct
Nov
Dec
IFCG Composite IFCG Latin America IFCGAsia
417.2 707.4 417.6
436.0 753.9 427.6
427.4 743.0 415.4
426.1 767.1 409.9
432.1 823.8 405.9
453.3 889.8 419.6
459.4 938.2 414.4
409.2 858.4 350.4
410.7 926.3 324.9
347.9 749.9 270.9
327.6 769.5 242.1
328.1 811.6 226.0
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
470.1 480.8 337.0 451.2
472.9 493.3 343.1 458.4
452.7 497.0 324.5 457.4
479.2 505.1 336.8 458.6
507.2 530.6 384.3 490.5
529.3 537.7 401.9 515.2
570.6 563.9 383.2 521.3
537.8 548.3 338.2 481.3
566.4 594.5 330.6 505.7
546.9 569.8 305.4 466.8
571.3 571.3 290.9 459.1
580.3 592.9 261.9 459.7
IFCG Composite IFCG Latin America IFCGAsia
6.5 9.0 3.6
4.5 6.6 2.4
-2.0 -1.5 -2.8
-0.3 3.3 -1.3
1.4 7.4 -1.0
4.9 8.0 3.4
1.4 5.4 -1.2
-10.9 -8.5 -15.4
0.4 7.9 -7.3
-15.3 -19.0 -16.6
-5.8 2.6 -10.6
0.2 5.5 -6.6
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
6.1 -2.8 -9.5 -4.1
0.6 2.6 1.8 1.6
-4.3 0.7 -5.4 -0.2
5.8 1.6 3.8 0.3
5.9 5.0 14.1 6.9
4.3 1.3 4.6 5.0
7.8 4.9 -4.6 1.2
-5.7 -2.8 -11.7 -7.7
5.3 8.4 -2.2 5.1
-3.4 -4.1 -7.6 -7.7
4.5 0.3 -4.7 -1.7
1.6 3.8 -10.0 0.1
IFCG Regional Price Indexes vs. U.S. S&P 500, 1997 (daily; rebased to end-1996=100) 160 150 140 130120110 100 -
_-=-I
I
90 80 70 6050 40 30 Dec31 1996
42
1998 FACTBOOK
_ -
Jan22
Feb12
Mar5
Mar26
Apr16
May7
May28
Jun18
Jul9
Jul30
Aug20
Sep10
Octl
Oct22
Nov12
Dec3
IFCG Composite
IFCGLatinAmerica IFCGAsia U.S.,S&P500
Dec31 1997
EMERGING MARKETS DATA BASE
IFCG Price Indexes, Regional vs. Developed Market Performance, 1988-1997 (end-of-periodvaluesin US$;end 1984=100)
Index levels
Index
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
IFCG Composite IFCG Latin America IFCG Asia
224.0 154.1 283.7
339.9 221.8 434.0
234.8 203.7 275.3
271.5 439.2 274.1
267.8 457.0 273.8
439.6 695.0 459.5
430.0 682.3 454.9
370.4 559.8 387.0
391.8 649.2 403.2
328.1 811.6 226.0
166.1 226.6 538.5 397.5
211.3 274.4 604.2 435.4
197.5 290.3 391.9 324.5
249.4 317.5 411.0 357.2
260.5 302.5 302.6 303.5
280.2 354.9 348.2 391.1
274.6 336.5 441.2 418.9
368.3 401.9 429.8 453.8
442.9 494.5 372.3 470.3
580.3 592.9 261.9 459.7
IFCG Composite IFCG Latin America IFCG Asia
53.2 58.7 68.3
51.7 44.0 53.0
-30.9 -8.1 -36.6
15.6 115.6 -0.4
-1.4 4.0 -0.1
64.1 52.1 67.8
-2.2 -1.8 -1.0
-13.9 -18.0 -14.9
5.8 16.0 4.2
-16.3 25.0 -43.9
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
12.0 0.8 30.7 26.5
27.3 21.1 12.2 9.5
-6.6 5.8 -35.1 -25.5
26.3 9.4 4.9 10.1
4.5 -4.7 -26.4 -15.0
7.6 17.3 15.1 28.9
-2.0 -5.2 26.7 7.1
34.1 19.4 -2.6 8.3
20.3 23.0 -13.4 3.6
31.0 19.9 -29.7 -2.3
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
% change
IFCG Regional Price Indexes vs. U.S. S&P 500, 1988-1997 (monthly; end-1987=100)
1,100 1,000 900 800 -
__
_
600
iFCG Composite IFOGLatinAmerica
5000 -I\F 400
~~~ ~ ~ ~
~
~
~
~
~
~
~
~
Dec 1994
Jun 1995
Dec 1995
-
~~~~
UFCG -
Asia
U.S. S&P500
300 200 100 0 Dec 1987
1998 FAcIBOOK
Jun 1988
Dec 1988
Jun 1989
Dec 1989
Jun 1990
Dec 1990
Jun 1991
Dec 1991
Jun 1992
Dec 1992
Jun 1993
Dec 1993
Jun 1994
Jun 1996
Dec 1996
Jun 1997
Dec 1997
EMERGING MARKETS DATA BASE
43
IFCG Price indexes 1997 (end-of-periodvaluesin US$)
VBIa,kt
llase dale i (=C.f)
Jan
Feb
Mlar
Apr
Maya
JLn1
Jul
ALig
Sep
Oct
No\
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
1,668.0 365.2 2,879.4 1,532.9 1,456.9 243.0 452.6
1,687.8 403.6 3,049.0 1,668.6 1,507.2 257.5 475.3
1,662.4 399.9 2,969.1 1,687.9 1,482.2 264.9 449.5
1,723.0 422.6 3,047.6 1,790.0 1,476.2 279.3 443.0
1,839.8 457.1 3,307.3 1,858.1 1,558.8 309.7 493.5
1,887.4 499.8 3,401.4 1,803.3 1,736.1 305.1 648.5
2,001.3 517.0 3,417.3 1,810.7 1,970.1 284.2 649.9
1,962.2 436.9 3,263.1 1,914.0 1,858.8 283.4 656.9
2,008.4 480.1 3,289.9 1,930.0 2,081.8 282.7 713.3
1,634.9 362.0 2,954.9 1,901.7 1,678.7 259.8 631.7
1,735.2 368.2 2,775.3 1,755.3 1,829.3 256.6 590.8
1,817.1 396.6 2,717.9 1,802.3 1,985.1 257.3 577.9
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
104.0 343.2 4,074.8 996.6
111.2 331.9 3,948.1 1,056.6
131.7 319.0 3,834.9 1,042.7
153.1 328.3 3,161.8 1,100.9
144.0 353.7 3,328.7 1,045.6
147.4 361.1 3,254.3 1,170.4
138.3 347.4 2,780.0 1,264.1
141.8 335.5 2,093.9 1,202.4
124.9 303.8 1,839.7 1,068.4
135.9 213.5 1,601.4 848.6
126.4 153.9 1,581.5 862.7
129.4 102.3 1,423.4 876.7
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
291.4 134.7 368.3 231.9 85.2 579.7
310.0 133.3 388.0 256.2 86.0 527.6
286.3 123.8 364.2 239.8 86.9 513.1
318.8 119.7 318.0 234.1 100.8 486.3
311.9 127.9 321.9 229.7 100.3 427.1
355.5 133.1 310.2 236.5 109.3 377.1
367.1 122.0 283.5 304.6 121.8 406.7
327.3 73.1 194.6 260.9 110.8 272.9
328.0 77.0 182.1 275.2 105.7 285.2
317.1 65.6 144.1 263.3 97.1 194.7
282.9 50.2 109.6 248.2 86.9 165.9
284.7 32.1 100.2 243.0 89.3 123.9
Europe/MideastVAfrica Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84
77.9 174.7 414.1 168.3 112.5 146.7 146.3 84.8 781.5 858.6 349.0 115.8 217.6 519.6 1,108.4
79.6 203.4 444.2 163.7 117.8 150.1 157.0 93.6 837.1 862.1 437.8 127.0 238.3 505.9 1,157.5
73.0 189.3 466.5 162.9 111.8 144.2 181.9 103.4 765.8 879.6 425.7 129.5 240.0 508.8 1,099.0
64.9 188.8 476.7 172.3 111.1 143.8 192.4 108.5 724.5 879.5 429.2 120.0 241.3 419.8 1,119.7
57.0 170.0 533.5 175.8 121.3 148.3 173.6 105.3 696.5 943.0 453.4 119.8 232.5 470.7 1,047.8
57.2 171.1 493.8 193.2 121.6 149.3 178.3 102.7 642.9 1,009.3 518.8 101.3 241.9 511.4 1,075.9
56.5 163.6 494.2 207.8 131.4 159.5 176.8 99.9 608.1 1,036.8 632.8 100.3 239.1 486.9 1,210.0
61.1 175.7 476.3 190.4 123.6 158.6 184.8 92.5 682.8 976.4 646.1 102.8 227.2 474.9 1,062.6
62.3 182.3 564.1 204.2 128.6 171.9 187.9 85.7 736.8 1,105.7 748.4 107.9 222.9 601.6 923.7
57.7 175.9 485.0 190.3 117.4 167.3 193.0 77.3 620.8 1,066.3 710.7 109.7 195.4 613.4 944.8
52.1 165.1 474.9 173.8 120.8 167.0 192.5 78.4 566.9 1,097.9 553.0 100.4 186.8 590.5 702.0
52.7 163.8 463.2 217.2 121.9 164.3 190.7 81.8 594.2 1,143.7 621.2 102.7 182.4 693.8 430.2
44
1998 FACTBOOK
EMERGING MARKETS DATA BASE
IFCG Price Indexes 1997 (monthly% changein US$)
jan
Feb
Mar
Apr
Mae
Juni
Jul
Aug
Sep
Oct
Nov
Dec
7.6 11.0 9.5 5.6 8.3 7.6 -3.5
1.2 10.5 5.9 8.8 3.5 6.0 5.0
-1.5 -0.9 -2.6 1.2 -1.7 2.9 -5.4
3.6 5.7 2.6 6.0 -0.4 5.4 -1.4
6.8 8.1 8.5 3.8 5.6 10.9 11.4
2.6 9.3 2.8 -2.9 11.4 -1.5 31.4
6.0 3.4 0.5 0.4 13.5 -6.8 0.2
-1.9 -15.5 -4.5 5.7 -5.6 -0.3 1.1
2.4 9.9 0.8 0.8 12.0 -0.3 8.6
-18.6 -24.6 -10.2 -1.5 -19.4 -8.1 -11.4
6.1 1.7 -6.1 -7.7 9.0 -1.2 -6.5
4.7 7.7 -2.1 2.7 8.5 0.3 -2.2
5.9 2.7 7.8 4.3
6.9 -3.3 -3.1 6.0
18.5 -3.9 -2.9 -1.3
16.3 2.9 -17.5 5.6
-6.0 7.7 5.3 -5.0
2.4 2.1 -2.2 11.9
-6.2 -3.8 -14.6 8.0
2.5 -3.4 -24.7 -4.9
-11.9 -9.4 -12.1 -11.1
8.8 -29.7 -13.0 -20.6
-7.0 -27.9 -1.2 1.7
2.4 -33.6 -10.0 1.6
7.8 8.5 1.8 16.5 3.4 -6.3
6.4 -1.0 5.4 10.4 0.9 -9.0
-7.7 -7.1 -6.1 -6.4 1.0 -2.8
11.3 -3.4 -12.7 -2.4 16.1 -5.2
-2.2 6.8 1.2 -1.9 -0.6 -12.2
14.0 4.1 -3.6 2.9 9.0 -11.7
3.3 -8.3 -8.6 28.8 11.4 7.8
-10.8 -40.1 -31.3 -14.4 -9.0 -32.9
0.2 5.4 -6.4 5.5 -4.7 4.5
-3.3 -14.8 -20.9 -4.3 -8.1 -31.7
-10.8 -23.5 -23.9 -5.7 -10.4 -14.8
0.6 -36.1 -8.6 -2.1 2.7 -25.3
Czech Republic Egypt
2.9 25.9
2.3 16.4
-8.3 -6.9
-11.1 -0.3
-12.2 -9.9
0.4 0.6
-1.2 -4.4
8.2 7.4
1.8 3.7
-7.3 -3.5
-9.8 -6.1
1.2 -0.8
Greece
19.3
7.3
5.0
2.2
11.9
-7.4
0.1
-3.6
18.4
-14.0
-2.1
-2.5
Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
24.7 12.5 -0.2 5.7 1.7 7.1 7.8 36.4 0.2 2.8 57.2 17.1
-2.7 4.7 2.3 7.4 10.3 7.1 0.4 25.4 9.7 9.5 -2.6 4.4
-0.5 -5.1 -3.9 15.8 10.5 -8.5 2.0 -2.8 1.9 0.7 0.6 -5.1
5.8 -0.6 -0.3 5.8 4.9 -5.4 0.0 0.8 -7.3 0.5 -17.5 1.9
2.0 9.2 3.1 -9.8 -3.0 -3.9 7.2 5.6 -0.2 -3.7 12.1 -6.4
9.9 0.2 0.6 2.7 -2.5 -7.7 7.0 14.4 -15.4 4.0 8.7 2.7
7.6 8.0 6.9 -0.8 -2.7 -5.4 2.7 22.0 -1.0 -1.1 -4.8 12.5
-8.4 -5.9 -0.5 4.5 -7.4 12.3 -5.8 2.1 2.5 -5.0 -2.4 -12.2
7.3 4.1 8.4 1.7 -7.4 7.9 13.2 15.8 4.9 -1.9 26.7 -13.1
-6.8 -8.7 -2.7 2.7 -9.8 -15.8 -3.6 -5.0 1.7 -12.3 1.9 2.3
-8.7 2.8 -0.2 -0.2 1.5 -8.7 3.0 -22.2 -8.5 -4.4 -3.7 -25.7
25.0 0.9 -1.6 -1.0 4.3 4.8 4.2 12.3 2.3 -2.4 17.5 -38.7
.Mnrket Latin America
Argentina Brazil Chile Colombia Mexico Peru Venezuela East Asia
China Korea Philippines Taiwan, China South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa
1998 FACIBOOK
ENTERG[NGMARKEI'S DATA BASE
45
indexes
IFCGi Price
1988-1 997 (end-of-periodvalues in US$)
\,7etill kt,
Ba>se datc (100.0)
1988
39
1990
1991
1992
1993
Latin America Argentina Brazil
Dec-84 Dec-84
179.3 94.0
426.7 126.3
267.7 41.3
1,322.0 102.6
958.0 101.1
Chile
Dec-84
471.5
638.6
838.8
1,593.5
Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-92 Dec-84
228.7 362.9 123.1
237.3 609.1 80.7
299.9 760.8 551.8
821.3 1,540.2 792.9
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
616.0 1,228.9 649.0
650.8 1,935.8 1,287.7
483.3 870.2 632.1
South Asia India Indonesia Malaysia
Dec-84 Dec-89 Dec-84
204.4 112.8
208.7 100.0 158.5
Pakistan
Dec-84
128.1
Sri Lanka
Dec-92
-
Thailand
Dec-84
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84
46
1998 FACTBOOK
1994
1993
1996
1,602.4 193.4
1,200.0 324.2
1,303.8 252.4
1,549.5 329.1
1,817.1 396.6
1,788.8
2,315.8
3,269.7
3,175.1
2,629.4
2,717.9
1,117.5 1,848.0 100.0 454.2
1,471.6 2,715.1 134.9 406.5
1,866.0 1,585.6 205.2 296.0
1,390.0 1,157.3 224.3 202.3
1,452.2 1,344.5 225.8 469.1
1,802.3 1,985.1 257.3 577.9
406.5 1,372.4 623.9
100.0 420.9 1,608.5 451.2
92.5 507.7 3,753.2 843.3
60.7 590.5 3,713.9 1,024.4
51.8 549.3 3,171.9 702.2
98.2 334.1 3,778.3 955.8
129.4 102.3 1,423.4 876.7
243.4 98.9 137.7
283.7 57.1 150.7
346.3 57.6 187.8
405.6 120.5 374.7
431.9 95.7 289.2
279.9 105.2 294.4
270.1 124.1 361.9
284.7 32.1 100.2
126.1
132.2
345.3
274.7
418.6
377.8
254.6
199.1
243.0
-
-
-
100.0
161.9
158.8
95.9
82.5
89.3
257.0
497.4
381.1
445.7
605.6
1,192.9
1,036.2
998.6
618.6
123.9
172 106.7 31.0 597.6 -
287.9 102.3 34.2 820.4 -
559.9 100.7 42.8 565.2 -
437.6 106.7 54.5 556.7 -
292.1 100.0 129.1 33.3
-
-
-
-
123.5 488.8
642.2 612.4
601.3 1,130.5
336.2 511.6
100.0 339.2 119.1 156 27.3 817.9 570.9 177.5 477.1 437.6
80.4 332.3 98.3 137.8 73.3 469.3 665.0 228.1 268.1 536.1
63.1 100.0 350.7 69.3 152.4 100.0 53.6 426.2 637.6 100.0 100.0 262.0 232.2 593.0
75.7 138.8 347.1 135.0 100.0 146.9 138.4 83.4 729.5 796.5 255.9 115.7 211.8 330.6 946.6
52.7 163.8 463.2 217.2 121.9 164.3 190.7 81.8 594.2 1,143.7 621.2 102.7 182.4 693.8 430.2
100.0 431.1 100.0 152.1 196.7
1997
ENIERGING MARKETS DATA BASE
IFCG Price Indexes 1988-1997 (annual % change in US$)
Market
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
30.7 105.4 22.0 -17.8 99.2
138.0 34.4 35.4 3.8 67.8
-37.3 -67.3 31.3 26.4 24.9
393.8 148.4 90.0 173.9 102.4
-27.5 -1.5 12.3 36.1 20.0
67.3 91.3 29.5 31.7 46.9
-25.1 67.6 41.2 26.8 -41.6
8.7 -22.1 -2.9 -25.5 -27.0
18.8 30.4 -17.2 4.5 16.2
17.3 20.5 3.4 24.1 47.6 14.0 23.2
Latin America
Argentina Brazil Chile Colombia Mexico Peru
Venezuela East Asia China
Korea Philippines Taiwan, China
-
-
-25.1
-34.4
-
583.8
-
43.7
-
34.9
52.1
9.3
0.7
-42.7
-10.5
-27.2
-31.7
131.9
-
-
-
-
-
-7.5
-34.4
-14.7
89.6
31.8
107.0 34.6 90.9
5.6 57.5 98.4
-25.7 -55.0 -50.9
-15.9 57.7 -1.3
3.5 17.2 -27.7
20.6 133.3 86.9
16.3 -1.0 21.5
-7.0 -14.6 -31.5
-39.2 19.1 36.1
-69.4 -62.3 -8.3
32.1 24.1 4.6
2.1 40.5 -1.6
16.6 -1.1 -13.1 4.8
16.6 -42.3 9.4 161.2
22.1 0.9 24.6 -20.4
17.1 109.2 99.5 52.4
6.5 -20.6 -22.8 -9.7
-35.2 9.9 1.8 -32.6
-3.5 18.0 22.9 -21.8
5.4 -74.1 -72.3 22.0
61.9
-1.9
-39.6
-14.0
8.2
97.0
-13.1
-38.1
-80.0
20.0 38.8
-30.4 18.0
South Asia
India Indonesia Malaysia Pakistan Sri Lanka
-
Thailand
34.6
Europe/Mideast/Africa Czech Republic Egypt
-
93.5
-
-
-23.4
17.0
-
-
-
-
35.9
-
-
Greece
-43.9
67.4
-21.8
-33.2
16.1
Hungary Israel
-
-
-
-
-
19.1
Jordan
94.5
-14.7
-4.1
-1.6
6.0
Morocco
-
-
-
-
-
Nigeria
-3.0
10.3
-
-
Poland
Portugal Russia Slovakia South Africa
Turkey Zimbabwe
1998 FACTBOOK
-29.2 -
37.3
25.1
21.0
-
27.3
-38.9
-
-
-31.1
-1.5
-22.6
-
-
-
-
-21.5 -
-2.0 -17.5
-
5.5 -29.5
-
20.8
-
-19.6
-3.6
-1.0
33.4
94.8
60.9 21.9
-
-
-11.7
10.6
-3.6
11.8
-
-
38.4
37.8
-
-
-18.0
168.5
-26.9
55.6
717.9
-42.6
-9.2
71.2
32.4 -
-1.9 -18.5
16.5
-4.1
24.9
43.6
14.9
155.9 15.7 -19.2
142.8 -11.2 -13.9
-13.4 10.6
42.4 59.6
109.9 -54.6
-
-
-
-
-
-
-
-
77.5
28.5
-63.7 14.1
420.0 25.3
-6.4 84.6
-44.1 -54.7
-54.8 -61.6
213.7 122.5
-43.8 22.5
EMERGING MARKETS DATA BASE
47
Statistics of the iFCG Price indexes (US$;December1992-December 1997)
An nat
Number of moiths
It/ I t
Mean ot ' chaige
Stanid,ard deviationi
i
a7ed
Annit
aoreiltation
Aninutiilized me1an
sttandard deviationi
with S&t'th
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
60 60 60 60 60 60 60
1.46 2.88 0.93 1.03 0.73 2.00 1.32
8.77 11.09 6.96 6.93 10.62 9.39 13.16
17.52 34.56 11.16 12.36 8.76 24.00 15.84
30.38 38.42 24.11 24.01 36.79 32.53 45.59
0.48 0.26 0.28 -0.08 0.34 0.09 0.08
East Asia China Korea Philippines Taiwan, China
60 60 60 60
1.75 -1.88 0.22 1.64
18.24 9.03 9.42 10.98
21.00 -22.56 2.64 19.68
63.19 31.28 32.63 38.04
-0.02 0.07 0.16 0.18
60 60 60 60 60 60
0.01 -0.30 -0.59 0.16 0.14 -1.94
8.42 10.97 9.29 8.80 8.26 11.33
0.12 -3.60 -7.08 1.92 1.68 -23.28
29.17 38.00 32.18 30.48 28.61 39.25
0.11 0.42 0.20 0.27 0.11 0.33
Europe/Mideast/Africa 47 Czech Republic* 24 Egypt* Greece 60 60 Hungary 12 Israel* Jordan 60 Morocco' 24 60 Nigeria Poland 60 60 Portugal 24 Russia' South Africa 60 12 Slovakia* Turkey 60 Zimbabwe 60
-1.88 2.79 0.97 1.90 1.85 0.48 3.04 3.39 4.72 1.76 9.77 1.21 -0.77 3.97 1.94
6.95 8.34 6.43 11.58 6.39 3.88 4.96 18.90 20.52 5.11 16.61 6.47 6.68 17.59 10.95
-22.56 33.48 11.64 22.80 22.20 5.76 36.48 40.68 56.64 21.12 117.24 14.52 -9.24 47.64 23.28
24.08 28.89 22.27 40.11 22.14 13.44 17.18 65.47 71.08 17.70 57.54 22.41 23.14 60.93 37.93
-0.07 0.01 0.30 0.35 0.81 0.21 -0.42 -0.05 0.15 0.37 0.17 0.13 -0.37 0.07 0.07
atli/eil
(rkret
at ion
w.'ith
Sltaid, a,r de\viationi
60 60 60
0.48 1.23 -0.13
5.30 7.30 6.28
5.76 14.76 -1.56
18.36 25.29 21.75
0.38 0.40 0.27
Developed Markets 60 U.S., S&P 500 60 U.K., FT 100 60 Japan, Nikkei U.K., EuroPac 60
1.39 1.19 -0.01 0.77
3.09 3.59 6.91 4.04
16.68 14.28 -0.12 9.24
10.70 12.44 23.94 13.99
1.00 0.54 0.23 0.43
.liaLIat A
Regions Composite Latin America Asia
stdandard de\ iatiti
Nleallnot "1 change
NaUm-ber af ,iiirths
S&I'500
South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand
Note:
48
O
Statisticaldata based on less than 60 months of results.
1998 FACTROOK
ENIERGING MARKt I s DAIA BASE.
E cn CDcr*t CD
CD0~
Russia
Poland
Poland
Nigeria
Turkey
China
Nigeria
Turkey
Morocco
Russia
Brazil
Venezuela
Egypt
Hangary
Peru
Thailand
Zimbabwe
Brazil
0
(D
0. X
Taiwan, China
Hungary Israel
Indonesia
Portugal
Zimbabwe
China
Mexico
E3
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, CD
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O
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O
orea
>
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Taiwan, China
Pakistan
IFCG Latin America
Argentina
South Africa
Egypt
CD
Colombia lS
Greece
xx
o (Dil
Chile *
U.K., EuroPac Mexico
3
_
Jordan
Philippines
Sri Lanka IFCG Latin America
BL
Chile
0_
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Colombia
CD
Japan, Nikkei Soa. Slovakha
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IFCG Composite
_.
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U.K., FT 100
Mexico
3 CD_
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rc Greece
India
Israel
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^
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_
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_
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IFCG Composite
5
-0
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Chile
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IFCG Asia _ Pakistan
~~~~Brazil
| _|
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ai ° 3,
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t
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cl
-
1
IFCG Total Return Indexes 1997 Performance Summary (rankedby 1997% changein US$)
Maikct
"i change in I-CG Total Returin Indcx
1 2
Russia Turkey
144.6 117.1
3
Hungary
62.9
62.9
Hungary
4
Mexico
50.4
.4
Mexico
5
Portugal
47.3
6 7
Morocco Greece
40.4 37.5
R,7,,k Emerging Markets
8 China
Percent Change in IFCG Total Return Indexes, 1997 Russia
1171 47.3 404
Developed
Greece
~~~
~
~~~~~~~~~~~~~~~~~~~~3.3 U.S., S&P 500
9 10
Colombia Pakistan
11
Brazil
24.9
28.5
12 13 14 15
Venezuela Israel Egypt Argentina
24.8 24.4 23.6 19.9
28.1
IFCGLatin America Colombia
16
Peru
17
Jordan
18
Sri Lanka
11.1
19 20
India Chile
21
Nigeria
22 23 24 25 26 27 28 29 30 31 32
Taiwan, China Slovakia South Africa Poland Czech Republic Zimbabwe Philippines Korea Malaysia Indonesia Thailand
1 2 3 Markets
Portugal Morocco
7.5
33.0
28.1 26.1
0Chn
26.1
Pakistan
24.9 24.8
Brazil Venezuela
16.6
24.4
Israel
14.5
23,6
Egypt
19.9
1 2
Latin America Composite Asia
1.4
-7.7 -8.5 -11.5 -17.0 -29.0 -53.3 -61.9 -68.7 -71.7 -73.7 -79.3
U.S., S&P 500 FT, EuroPac
28.5 -14.5 -43.1 33.3 -0.2
Argentina
6.6
7.1 6.6145Jra
Peru
11
SriLanka
.6
Chile
4
Nigeria FT,EuroPac Taiwan, China Slovakia
0°
-7.7 -6.s
-115
South Africa
145 170
IFCGComposite Poland
-29.0 -43.1
Regions
Turkey
Czech Republic
_
IFCG Asia
=liS
Zimbabwe PhilIppines Korea
-68.7 -71.7
B
Malaysia
-73.7
E
Indonesia
-79 _3 13 . Thailand .80 -60 .40 -20 0 25 40 60 80 100120 140160 -merging markets
Note:
52
Neither of the local Japanese indexes (Nikkei and Topix) publishes a total return index.
1998 FACTBOOK
Develorped markets IFC Rexgonl nde-es
EMFRGINC. MARKETS DATA BASE
IFCG Total Return Indexes 1997 High, Low, Close (US$;year-endand daily closinglevels)
Markct
End-1996
high I
Date
Low
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
2,290.0 577.2 5,575.3 3,106.0 2,024.2 241.1 609.5
3,138.5 963.8 7,604.1 4,404.4 3,227.4 346.3 966.1
Oct 22 Jul 10 Jul 4 Sep 5 Oct 7 Jun 2 Sep 23
2,228.9 563.6 5,575.3 3,099.9 2,014.7 241.1 557.9
Nov 12 Nov 12 Jan 1 Jan 3 Jan 2 Jan 1 Mar 12
2,746.2 720.9 5,944.9 3,978.1 3,045.4 281.2 760.5
East Asia China Korea Philippines Taiwan, China
104.2 429.9 4,965.0 1,110.8
178.3 509.2 5,401.9 1,498.6
May 7 Jun 17 Feb 3 Jul 28
100.3 113.2 1,833.4 956.5
Jan 6 Dec 23 Dec 16 Dec 1
138.5 134.5 1,890.6 1,025.0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
341.8 136.4 465.9 360.4 90.8 1,013.4
497.9 150.9 503.0 566.6 136.4 1,054.0
Aug 5 Jul 8 Feb 25 Jul 3 Jul 31 Jan 22
332.1 28.4 127.2 360.4 90.8 204.8
Dec 12 Dec 15 Dec 24 Jan 1 Jan 1 Dec 26
366.1 35.8 132.0 454.6 100.9 210.1
Europe/Mideast/Africa 79.1 Czech Republic 148.1 Egypt 774.8 Greece 152.1 Hungary 100.0 Israel 226.6 Jordan 142.0 Morocco 213.8 Nigeria 784.2 Poland 1,064.5 Portugal 261.1 Russia 119.2 Slovakia 233.9 South Africa 599.0 Turkey Zimbabwe 2,338.8
88.2 231.7 1,329.9 252.0 135.0 272.7 203.7 285.8 943.8 1,567.4 885.2 135.0 272.1 1,466.4 3,068.9
Feb 24 Feb 24 Oct 15 Aug 6 Aug 8 Sep 29 Nov 11 Apr 23 Feb 18 Dec31 Oct 22 Apr 3 Jul 28 Oct17 Aug 5
51.9 155.7 774.8 151.9 100.0 222.7 142.8 202.5 605.8 1,064.5 261.0 103.7 197.5 599.0 1,008.2
Dec 1 Jan 2 Jan 1 Jan 3 Jan 1 Mar 17 Jan 2 Nov 5 Dec 23 Jan 1 Jan 2 Aug 6 Dec 12 Jan 1 Dec 24
56.2 183.1 1,065.2 247.7 124.4 259.4 199.4 216.7 650.5 1,567.4 638.7 109.1 207.1 1,300.2 1,092.4
627.0 1,548.9 530.5
Jul 4 Oct 21 Jul 4
429.1 1,028.0 275.8
Dec 24 Jan 2 Dec 24
Datc
Lnci-1997 IFCG Total Return Indexes High and Low vs. 1996 Close
Latin America Asia
50%
67%
42%
36%
37%
72% 66%
71%
46%
3
20%18%
30% 10% 10%
0%
0% -3%
-2%
0%
%0%
0
-3%
.4%
-30%50%
-2%
-34%
-70%
522.3 1,032.5 497.3
446.4 1,326.9 283.1
-74% -73%
79%
90% N
X
_
=
.. =
a
-
rE
s
.=
r
0
0
r
c
,
0
c 239%
250% 200%
145% 150% 100% 50%
47%
57% 44%
14% 1
50%
01% 0%
0%
0
*
59%
3
0%%
0'!
0% -50%
*
-57%
-63% -20%
-100%
.
3
Regions
Composite
90% .
.. r
rL
0.
C
~~ O
r
~~~~0 .t>
N
i
1997MarkeUow 1997Markethigh
1998 FACIBOOK
EMERGINGMARKETSDATA BASE 53
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1997 (end-of-period values in US$; end 1984=100)
jan 13
Feb
Mlar
557.4 1,126.7 516.5
582.8 1,202.0 529.0
572.4 1,188.9 514.6
685.7 586.3
691.2 596.6
6.7 9.1 3.8 6.2 -3.9
IUdc
Index level
IFCG Composite IFCG Latin America IFCGAsia U.S., S&P 500 FT, EuroPac
% change
IFCG Composite IFCG Latin America IFCGAsia U.S., S&P 500 FT, EuroPac
Nlav
jUn
JuL
Aug
Sep
572.4 1,235.0 508.2
581.9 1,330.1 504.2
611.6 1,438.7 522.1
621.3 1,521.5 516.6
554.0 1,394.1 437.5
556.6 1,505.8 406.0
472.0 1,220.4 338.9
444.8 1,253.6 302.9
446.4 1,326.9 283.1
662.8 596.3
702.4 599.0
745.1 641.7
778.5 675.1
840.4 684.3
793.4 632.8
836.8 666.0
808.9 615.9
846.3 606.7
860.8 608.6
4.5 6.7 2.4
-1.8 -1.1 -2.7
0.0 3.9 -1.2
1.6 7.7 -0.8
5.1 8.2 3.6
1.6 5.8 -1.0
-10.8 -8.4 -15.3
0.5 8.0 -7.2
-15.2 -19.0 -16.5
-5.8 2.7 -10.6
0.4 5.9 -6.5
0.8 1.8
-4.1 0.0
6.0 0.4
6.1 7.1
4.5 5.2
8.0 1.4
-5.6 -7.5
5.5 5.2
-3.3 -7.5
4.6 -1.5
1.7 0.3
Apr
Oct
\Nov
Dec
Nute:Trhe FCGComposite and regional indexes do not include all markets. See base date table in introduction for details.
IFCG RegionalTotal Return Indexesvs. U.S. S&P 500, 1997 (weekly; rebased to end-1996=100) 160 150 140-
130120110
_
1000 90 80
=_
100-
IFC~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Composite
IFCGLatin America
70 -
60 50 40 30-_ Dec31 1996
54
1998 FACTBOOK
Jan22
Feb12
Mar5
Mar26
Apr16
May7
May28
Jun18
Jul9
Jul30
Aug20
Sep10
IFCGAsia
~
'
Octl
Oct22
Nov12
U.S., S&P500
Dec3
Dec31 1997
ENMFRGINGMARKFTS DAIA BASE
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1988-1997 (end-of-periodvaluesin US$; end 1984=100)
Index level
% change
1993
1994
1995
1996
1997
331.4 659.3 319.3
555.2 1,032.2 543.2
552.2 1,030.9 545.9
484.2 866.8 470.2
522.3 1,032.5 497.3
446.4 1,326.9 283.1
318.3 416.2
342.7 362.9
376.9 477.3
381.8 521.0
524.7 576.4
645.6 609.9
860.8 608.6
-29.9 -3.7 -36.1
17.6 123.5 0.5
0.3 5.7 1.3
67.5 56.6 70.1
-0.5 -0.1 0.5
-12.3 -15.9 -13.9
7.9 19.1 5.8
-14.5 28.5 -43.1
-3.1 -23.8
30.4 12.6
7.6 -12.8
1().0 31.5
1.3 9.2
37.4 10.6
23.0 5.8
33.3 -0.2
Index
1988
1989
1990
1991
1992
IFCG Composite IFCG Latin America IFCG Asia
258.9 191.2 316.7
400.5 289.8 490.7
280.9 279.0 313.5
330.3 623.7 315.2
U.S., S&P 500 FT, EuroPac
191.5 436.2
251.9 485.2
244.1 369.6
IFCG Composite IFCG Latin America IFCG Asia
58.2 70.2 72.0
54.7 51.6 54.9
U.S., S&P 500 FT, EuroPac
16.5 28.7
31.6 11.3
IFCG RegionalTotal Return Indexesvs. U.S. S&P 500, 1988-1997 (monthly; end-1987=100) 1,400 1.2001,000 IFCG Composite
800 -
Dec 1987
1998FACI
6BOOK
LatinAmerica ~~~~~FOG
Jun 1988
Dec 1988
Jun 1989
Dec 1989
Jun 1990
Dec 1990
Jun 1991
Dec t991
Jun 1992
Dec 1992
Dec Jun 1993 1993
Jun 1994
Dec 1994
Jun 1995
Dec 1995
Jun 1996
Dec 1996
Jun 1997
Dec 1997
EMERGINGMARKETSDATABAS
55
IFCG Total Return Indexes 1997 (end-of-period values in US$)
VIl7/kct
BoDc datc (=1(10.1))
1Ja
Feb
Mlar
Apr
I.N av
Ii1
I Lii
Aug
Scp
Oct
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
2,465.0 642.1 6,121.7 3,285.4 2,193.3 259.4 588.2
2,500.6 710.3 6,491.3 3,581.9 2,269.1 275.4 618.7
2,466.5 708.3 6,327.8 3,635.1 2,236.2 284.5 585.4
2,559.1 756.1 6,535.3 3,872.1 2,233.6 300.6 577.9
2,742.5 818.9 7,144.1 4,026.1 2,364.8 333.8 644.2
2,813.4 895.6 7,348.3 3,919.8 2,643.8 330.8 848.9
2,995.6 929.1 7,400.7 3,944.5 3,011.0 308.2 851.2
2,944.2 786.6 7,078.9 4,181.0 2,842.3 307.8 861.0
3,013.6 865.4 7,143.1 4,227.2 3,187.8 307.0 935.2
2,457.5 652.9 6,440.8 4,175.5 2,571.4 282.2 829.2
2,614.4 664.3 6,062.0 3,860.2 2,802.0 280.3 776.9
2,746.2 720.9 5,944.9 3,978.1 3,045.4 281.2 760.5
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
110.3 450.8 5,354.8 1,158.2
117.9 435.8 5,191.3 1,227.9
139.7 419.3 5,051.7 1,211.8
162.5 431.4 4,166.7 1,279.4
152.9 464.8 4,388.9 1,217.1
156.8 474.6 4,293.8 1,365.4
147.4 456.7 3,669.0 1,476.0
151.8 440.9 2,766.1 1,403.8
133.7 399.3 2,432.4 1,247.4
145.5 280.6 2,117.3 992.1
135.3 202.3 2,094.7 1,008.6
138.5 134.4 1,890.6 1,025.0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
368.6 148.0 474.9 420.9 93.8 950.1
392.4 146.5 500.6 464.9 95.0 865.1
362.3 136.1 470.1 436.8 96.3 850.2
404.4 131.6 410.8 427.1 112.3 813.4
396.7 140.9 416.5 419.2 111.8 717.8
454.2 146.8 402.2 434.5 122.3 633.9
470.4 136.3 368.0 559.7 136.4 683.6
420.3 81.6 253.3 479.3 124.1 461.3
421.4 86.0 237.8 507.2 118.6 483.2
407.7 73.3 188.7 487.0 109.3 330.0
363.8 56.1 143.8 459.4 98.1 281.1
366.1 35.8 132.0 454.6 100.8 210.1
Europe/MideastVAfrica Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84
81.4 188.8 924.8 189.6 112.5 226.2 150.0 218.1 840.1 1,147.5 357.8 119.4 240.5 941.4 2,741.8
83.3 219.8 992.3 184.4 117.9 231.4 161.1 240.9 900.0 1,152.2 448.7 130.9 263.8 916.7 2,864.8
76.4 204.7 1,049.2 183.5 111.9 224.2 186.5 266.3 823.3 1,175.6 436.4 133.5 266.5 924.6 2,732.1
67.9 204.4 1,073.2 194.1 111.3 225.1 197.4 280.7 778.9 1,197.0 441.3 124.4 268.8 775.5 2,788.5
60.0 184.1 1,211.2 199.2 122.2 234.1 178.0 275.3 749.8 1,291.7 466.2 127.2 259.1 881.9 2,610.8
60.9 186.1 1,130.0 220.2 122.7 235.6 183.1 269.6 701.0 1,383.3 533.4 107.6 271.0 958.3 2,700.2
60.3 180.0 1,135.9 236.8 132.6 251.8 184.3 262.6 663.5 1,420.9 650.7 106.6 267.9 912.3 3,041.9
65.2 193.4 1,095.2 217.1 125.0 250.4 192.8 243.9 747.5 1,338.1 664.3 109.2 254.9 889.9 2,671.3
66.4 200.6 1,297.2 232.9 130.4 271.3 196.5 226.1 806.7 1,515.3 769.5 114.6 251.2 1,127.4 2,331.2
61.6 193.6 1,115.2 217.0 119.1 264.0 201.8 204.3 679.7 1,461.3 730.7 116.5 220.6 1,149.4 2,386.0
55.5 182.6 1,092.1 198.2 122.8 263.5 201.3 207.7 620.6 1,504.6 568.5 106.7 211.4 1,106.6 1,776.5
56.2 183.1 1,065.2 247.7 124.4 259.4 199.3 216.7 650.5 1,567.4 638.7 109.1 207.1 1,300.2 1,092.4
56
1998 FACTBOOK
E[IERGTNGMARKFlS DATx BASE
IFCG Total Return Indexes 1997 (monthly% changein US$)
Jun
Jul
Aug
Sep
Oct
Nov
3.8 6.8 3.3 6.5 -0.1 5.7 -1.3
7.2 8.3 9.3 4.0 5.9 11.0 11.5
2.6 9.4 2.9 -2.6 11.8 -0.9 31.8
6.5 3.8 0.7 0.6 13.9 -6.8 0.3
-1.7 -15.3 -4.3 6.0 -5.6 -0.1 1.1
2.4 10.0 0.9 1.1 12.2 -0.2 8.6
-18.4 -24.6 -9.8 -1.2 -19.3 -8.1 -11.3
6.4 1.8 -5.9 -7.5 9.0 -0.7 -6.3
5.0 8.5 -1.9 3.0 8.7 0.3 -2.1
18.5 -3.8 -2.7 -1.3
16.3 2.9 -17.5 5.6
-5.9 7.7 5.3 -4.9
2.5 2.1 -2.2 12.2
-6.0 -3.8 -14.5 8.1
3.0 -3.4 -24.6 -4.9
-11.9 -9.4 -12.1 -11.1
8.8 -29.7 -12.9 -20.5
-7.0 -27.9 -1.1 1.7
2.4 -33.6 -9.7 1.6
6.4 -1.0 5.4 10.4 1.2 -8.9
-7.6 -7.1 -6.1 -6.0 1.4 -1.7
11.6 -3.4 -12.6 -2.2 16.6 -4.3
-1.9 7.1 1.4 -1.9 -0.5 -11.8
14.5 4.2 -3.4 3.6 9.4 -11.7
3.6 -7.2 -8.5 28.8 11.5 7.8
-10.7 -40.1 -31.2 -14.4 -9.0 -32.5
0.3 5.4 -6.1 5.8 -4.4 4.8
-3.3 -14.8 -20.6 -4.0 -7.9 -31.7
-10.8 -23.5 -23.8 -5.7 -10.2 -14.8
0.6 -36.1 -8.2 -1.0 2.8 -25.3
2.3 16.4 7.3 -2.7 4.8 2.3 7.4 10.5 7.1 0.4 25.4 9.6 9.7 -2.6 4.5
-8.3 -6.9 5.7 -0.5 -5.0 -3.1 15.8 10.5 -8.5 2.0 -2.8 1.9 1.1 0.9 -4.6
-11.1 -0.1 2.3 5.8 -0.6 0.4 5.8 5.4 -5.4 1.8 1.1 -6.8 0.8 -16.1 2.1
-11.7 -9.9 12.9 2.6 9.8 4.0 -9.8 -1.9 -3.7 7.9 5.6 2.3 -3.6 13.7 -6.4
1.5 1.1 -6.7 10.5 0.4 0.6 2.8 -2.1 -6.5 7.1 14.4 -15.4 4.6 8.7 3.4
-1.0 -3.3 0.5 7.6 8.1 6.9 0.6 -2.6 -5.3 2.7 22.0 -1.0 -1.1 -4.8 12.6
8.2 7.4 -3.6 -8.3 -5.7 -0.5 4.6 -7.1 12.7 -5.8 2.1 2.5 -4.9 -2.4 -12.2
1.8 3.7 18.4 7.3 4.3 8.4 1.9 -7.3 7.9 13.3 15.8 4.9 -1.4 26.7 -12.7
-7.3 -3.5 -14.0 -6.8 -8.6 -2.7 2.7 -9.7 -15.8 -3.6 -5.0 1.7 -12.2 1.9 2.3
-9.8 -5.7 -2.1 -8.7 3.0 -0.2 -0.2 1.7 -8.7 3.0 -22.2 -8.5 -4.2 -3.7 -25.5
1.2 0.3 -2.5 25.0 1.3 -1.6 -1.0 4.3 4.8 4.2 12.3 2.3 -2.0 17.5 -38.5
Feb
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
7.6 11.3 9.8 5.8 8.3 7.6 -3.5
1.4 10.6 6.0 9.0 3.5 6.2 5.2
-1.4 -0.3 -2.5 1.5 -1.4 3.3 -5.4
East Asia China Korea Philippines Taiwan, China
5.9 4.8 7.8 4.3
6.9 -3.3 -3.0 6.0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
7.9 8.5 1.9 16.8 3.4 -6.3
Europe/Mideast/Africa Czech Republic Egypt Greece HUngary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa TUrkey Zimbabwe
2.9 27.5 19.4 24.7 12.5 -0.2 5.7 2.0 7.1 7.8 37.0 0.2 2.8 57.2 17.2
1998 FACQBOOK
Dec
May
Mar
Jan
Market
Apr
EMERGINGMARKETSDATA BASE 57
IFCG Totai Return indexes 1988-1997 (end-of-periodvalues in US$)
Bt>e datc (-0(1.0()
!Afayil Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84
East Asia China Korea Philippines Taiwan, China
Dec-92 Dec-84 Dec-84 Dec-84
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84
58
1998 FAC I BOOK
iS•'S
196.0 122.0 678.5 347.5 463.0
I 9S)(I
-
797.5 2,371.5 1,407.1
230.8 123.7 173.4 338.3
240.7 100.0 178.2 184.5 679.3
446.4
247.7
538.4
735.9
145.8
-
613.8
624.3
-
-
-
-
-
-
-
-
140.9 731.0
849.0 1,028.9
825.3 2,005.8
480.5 956.1
1
I
I 9L9
99?1
1,661.4 538.2 6,470.7 3,770.7 2,320.9 210.6 362.2
1,872.1 429.3 6,508.0 2,874.5 1,717.9 233.8 255.5
2,290.0 577.1 5,575.3 3,106.0 2,024.2 241.1 609.5
2,746.1 720.9 5,944.9 3,978.1 3,045.4 281.2 760.5
100.( 518.6 2,056.8 503.7
92.7 627.1 4,831.4 952.2
62.1 746.6 4,802.3 1,166.2
54.4 695.4 4,125.5 808.7
104.2 429.9 4,965.0 1,110.8
138.5 134.4 1,890.6 1,025.0
416.0 59.0 226.9 455.1 100.0 900.4
494.0 126.0 460.3 710.8 165.4 1,827.8
530.7 101.6 361.3 650.3 164.8 1,621.2
349.2 113.8 374.2 447.8 102.3 1,598.1
341.8 136.4 465.9 360.4 90.8 1,013.4
366.1 35.8 132.0 454.6 100.8 210.1
79.1 148.1 774.8 152.1 100.0 226.5 142.0 213.8 784.2 1,064.4 261.1 119.2 233.9 599.0 2,338.8
56.2 183.1 1,065.2 247.7 124.4 259.4 199.3 216.7 650.5 1,567.4 650.5 109.1 207.1 1,300.2 1,092.4
537.4 100.0
100,0
81.1 -
655.3 124.6 -
100.0 227.0 384.8
-
203.7 -
64.4 100.0 503.1
668.6 105.5
225.7
181.8
99.0
1 'J"4
2,164.7 316.9 4,462.9 2,925.4 3,909.8 137.2 487.3
-
71.8
874.5
-
I 9) 3
1,253.1 158.9 3,315.6 2,171.6 2,608.2 100.0 523.6
-
-
-
-
641.8
126.6
51.1
624.2
338.5 57.4 177.3 557.8
-
42.2
285.8 99.4 158.2 205.0
911.2
121.4
500.8 1,738.5 686.6
-
122.8
595.3 1,094.0 690.8
-
-
907.4
627.4
-
-
1,704.8 158.4 2,853.9 1,561.1 2,152.4 -
89.4
745.3 1,486.5 703.7
I' 9 )1
343.1 58.6 1,440.9 535.9 1,041.0
540.7 170.7 1,026.0 389.8 802.7
133.6
|99
57.0 839.6 694.6 182.4 759.0 938.0
165.8 484.0 834.0 239.5 449.7 1,203.2
65.0 100.0 737.5 76.9 229.5 100.0 131.1 450.3 824.5 100.0 100.0 282.1 402.1 1,403.8
EMERGING MARKFTS DATA BASE
IFCG Total Return Indexes 1988-1997 (annual% changein US$)
iayrket Latin America Argentina
Brazil Chile Colombia Mexico
1988 38.8
175.9
125.6 37.1 -12.3 108.3
Peru
Venezuela
39.9 51.2 12.2 73.3
-
-
-24.2
-33.1
East Asia China
Korea Philippines Taiwan, China
1989
1991)
1991
J992
I 993
1994
19995
1996
1997
-36.5
396.9
-26.5
72.7
-23.3
12.7
22.3
19.9
-65.7 40.4 37.5 29.7
170.4 98.1 191.3 106.8
0.3 16.2 39.1 21.2
99.4 34.6 34.7 49.9
69.8 45.0 28.9 -40.6
-20.2 0.6 -23.8 -26.0
34.4 -14.3 8.1 17.8
24.9 6.6 28.1 50.4
-
601.6
-
44.6
-
-42.3
37.2
53.5
11.0
3.1
16.6
-6.9
-25.7
-29.5
138.6
24.8
-33.0
-
-
-
-
-
-7.3
-12.4
91.5
33.0
112.8 38.1 93.3
7.0 59.5 100.0
-25.3 -53.9 -50.9
-15.9 58.9 -0.6
3.6 18.3 -26.6
20.9 134.9 89.0
19.0 -0.6 22.5
-6.9 -14.1 -30.7
-38.2 20.3 37.4
-68.7 -61.9 -7.7
37.3
4.3 0.0 44.0 6.4
18.8 -0.6 -11.2 11.1
18.4 -42.3 12.1 172.1
22.9 2.9 27.9 -18.4
18.8 113.4 102.9 56.2
7.4 -19.3 -21.5 -8.5
-34.2 12.0 3.6 -31.1
-2.1 19.9 24.5 -19.5
7.1 -73.7 -71.7 26.1
65.4
-0.4
-37.9
-11.2
11.1
103.0
-11.3
-1.4
-36.6
-79.3
21.7 48.1
-29.0 23.6
5.1
37.5
South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand
27.7 13.8 -
40.7
Europe/Mideast/Africa Czech Republic Egypt
Greece Hungary Israel Jordan Morocco
Nigeria Poland
Portugal Russia Slovakia South Africa
lurkey Zimbabwe
-
100.8
-
-
-
-20.7
19.2
-
-
-
-37.6
80.2
104.1
-
-
-
-10.1
-
-19.3 15.1 -
-
40.3 -
-
-27.0
21.9
0.0
24.6 -
-18.9
-19.9 -
2.0 -15.3
-
10.3 -27.1
97.8
-
-
-
-9.8 -
-11.6
190.9
-20.9
63.1
-42.4
-7.0
74.2
-17.0
47.3 150.8
-
-1.3 42.0
-1.1 -
4.3
-
7.0
21.1
40.5
37.8
-34.9
-
-
-
-
0.0
-28.3
40.1
-29.8
1.7
-19.4
38.1
20.1
-1.1
29.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
82.4
31.3
17.8
161.1 19.2 -17.1
-61.1 25.0
502.4 40.8
-2.8 94.9
-41.8 -52.3
-52.8 -59.8
234.3 143.8
-40.8 28.3
-10.6 16.7
49.0 66.6
-
62.9 24.4 14.5 40.4
-
24.7
24.2
739.6
12.7 -
1.4
-8.5 -11.5
117.1 -53.3
E.tEiKGt.\GMARtUEIS DAT. BASE 59
Statistics of the IFCG Total Return Indexes (US$; December 1992-December 1997)
Annun a lized
Nuimber of months
Mviakfat
Nlean of chanlge
St.tandard deviation
Ar< tnUaled mean
sta htndard deviation
C(roe I at ion
S&rl' 5ttt
Latin America
Argentina Brazil Chile Colombia Mexico Peru Venezuela
AnnuLalized
Nsuth
Number of \I?)kt
lonths'.
Mean of
Stalndard
change
dxs iationt
AnnIualizedi miiealn
standard deviation
Correlationi
with S&P 500
Regions
60 60 60 60 60 60 60
1.71 3.13 1.21 1.24 0.87 2.15 1.54
8.85 11.08 7.01 6.94 10.64 9.40 13.16
20.52 37.56 14.52 14.88 10.44 25.80 18.48
30.66 38.38 24.28 24.04 36.86 32.56 45.59
0.48 0.30 0.32 -0.09 0.33 0.10 0.09
60 60 60 60
1.87 -1.77 0.29 1.72
18.25 9.07 9.41 10.97
22.44 -21.24 3.48 20.64
63.22 31.42 32.60 38.00
-0.05 0.09 0.14 0.17
60 60 60 60 60 60
0.13 -0.15 -0.44 0.36 0.35 -1.73
8.45 10.97 9.29 8.81 8.26 11.32
1.56 -1.80 -5.28 4.32 4.20 -20.76
29.27 38.00 32.18 30.52 28.61 39.21
0.10 0.43 0.18 0.28 0.11 0.32
47 24 60 60 12 60 24 60 60 60 24 12 60 60 60
-1.75 3.17 1.34 2.11 2.02 0.67 3.24 3.93 4.88 2.03 9.93 -0.52 1.42 4.36 2.38
6.92 8.63 6.42 11.53 6.43 3.93 4.91 19.06 20.56 4.99 16.78 6.70 6.48 17.63 10.90
-21.00 38.04 16.08 25.32 24.24 8.04 38.88 47.16 58.56 24.36 119.16 -6.24 17.04 52.32 28.56
23.97 29.90 22.24 39.94 22.27 13.61 17.01 66.03 71.22 17.29 58.13 23.21 22.45 61.07 37.76
-0.07 0.00 0.25 0.34 0.81 0.24 -0.44 -0.03 0.12 0.35 0.17 0.11 -0.34 0.09 0.04
Composite Latin America Asia
60 60 60
0.64 1.44 -0.01
5.31 7.33 6.29
7.68 17.28 -0.12
18.39 25.39 21.79
0.37 0.41 0.26
Developed Markets U.S., S&P 500 60 FT Europac 60
1.59 0.95
3.11 4.04
19.08 11.40
10.77 13.99
1.00 0.40
East Asia
China Korea Philippines Taiwan, China South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa
Czech Republic* Egypt* Greece Hungary Israel* Jordan Morocco' Nigeria Poland Portugal Russia* Slovakia* South Africa Turkey Zimbabwe
Note: Statisticaldata based on less than 60months of results.
60
1998 FACTBOOK
EMERGING MARKETS DATA BASE
Statistics of the IFCG Total Return Indexes (US$; December 1992-December1997)
IFCG Total Return Index Annualized Standard Deviation, 1992-1997 80 70 60-
50 4030-
20 10
merkets
Eegn
a
Mean Return, 1992-1997
IFCG Total Return Index Annualized 1201
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crJ
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Industry Weights in the IFCG Composite Index End-1 997
SIC
Scctor/lJindstry
Number of Stoclks
Nlarket capitalilation (U55 millions)
Weight in IFCC, CMmposite ("la
0
Agriculture/forestry/fishing
40
7,928
0.8
1 10
Mining Metal Mining
89 53
86,393 19,993
8.8 2.0
2 15
Construction General Building Contractors
78 43
16,562 11,756
1.7 1.2
3 20 22 23 26 28 29 30 32 33 34 36 37 39
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment MiscellaneousManufacturing
946 126 56 28 49 132 43 36 108 42 53 116 56 35
346,636 50,440 10,245 8,775 20,522 30,404 28,529 10,327 32,017 11,122 12,297 84,217 14,874 11,031
35.3 5.1 1.0 0.9 2.1 3.1 2.9 1.0 3.2 1.1 1.2 8.6 1.5 1.1
4 44 48 49
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
186 21 59 80
183,604 6,592 108,072 64,661
18.7 0.7 11.0 6.6
5
Wholesale/retail trade
102
35,631
3.6
Finance!
6 60 61 62 63
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
394 171 43 31 30
235,561 148,035 7,356 2,071 33,358
24.0 15.1 0.7 0.2 3.4
insurance/ real estate 20%
7 70
Services Hotels & Other Lodging Places
41 23
9,670 5,073
1.0 0.5
9
Other/diversified holding companies
109
60,088
6.1
1,985
982,073
100.0
IFCG Composite Index
64
1998 FACTBOOK
Weights in the IFCGComposite Index, End-i1997 Other 22%
Manufacturing 325Maufcurn
Finance/ rale/ ra 24%
Transportation/ communication/ utility 19%
Stock Distribution by Industry in the IFCGComposite Index, End-1997 O23% theri_ 23%
S
Manufacturing 48%
Transportation/ communication/ utility 9%/
EMERGINGMARKETSDATABASE
Industry Concentrationin IFCG Composite Index End-i 997 (percent)
Sector's share of market cap
Market
Sector with largest share of market cap
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Mining Transportation/communication/utility Transportation/communication/utility Manufacturing Manufacturing Transportation/communication/utility Transportation/communication/utility
44.9 50.9 42.9 46.9 31.9 38.8 43.6
East Asia China Korea Philippines Taiwan, China
Manufacturing Manufacturing Finance/insurance/real Manufacturing
52.7 51.8 48.4 56.1
Share of Market Cap of Largest Sector,End-1997
100 90
estate
80 70 -
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Manufacturing Manufacturing Transportation/comnunication/utility Manufacturing Finance/insurance/real estate Finance/insurance/real estate
82.5 52.5 20.4 48.7 35.7 36.6
Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Manufacturing Manufacturing Finance/insurance/real estate Transportation/commnunication/utility Manufacturing Finance/insurance/real estate Finance/insurance/real estate Manufacturing u e estate F c Finance/insurance/real estate Mining Manufacturing Finance/insurance/real estate Finance/insurance/real estate Finance/insurance/real estate
41.0 57.2 40.1 44.4 37.2 71.2 64.9 57.9 42.6 45.3 71.8 81.8 38.0 58.2 55.6
IFCG Composite
Manufacturing
35.3
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria
Poland
1998FAcEBooR
60 -
5
40 30
20
10
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EMERGINGMARKETs DATA BAsE
65
Industry Distribution by Market CapitaiEzation of IFCG Composite Index, 1997 (US$millions;end-1997)
n
W)
t
SIC
Secv
0
Agriculture/forestry/fishing
1 110
Mining Metal Mining
2 215
Construction General Building Contractors
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4
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252
285
218
278
-
15,783 -
5,460 5,460
517 517
159 159
-
44 44
-
-
1,924 476
-
6,540 918 113 50 151 506 509 3,811 254 -
26,698 5,419 468 69 1,544 2,039 9,594 296 610 2,411 257 1,221 87 -
14,501 5,102 6,089 1,329 229 188 891 129 -
26,343 632 905 440 81 3,739 777 470 805 751 506 13,453 2,614 249
5,371 3,293 79 156 -
444 448 449
Transportation/communication/utility 6,924 Water Transportation Communications 5,799 Electric, Gas or Sanitary Services 1,125
52,363 32,540 19,750
19,087 305 6,739 12,043
5
Wholesale/retail trade
710
191
6
660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
4,346 3,627 -
15,643 15,643 -
7 770
Services Hotels & Other Lodging Places
9
Other/diversified holding companies IFCG Composite Price Index
m
E °
C
m
5 >~CS
r a*c0a
c
>,
v
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x
S
-
523
371
-
2
-
4,184
162 -
1,510 -
129 129
251 251
-
98 -
46 -
61 20
3,968 1,831
699 171
--
-
-
-
681 681
-
-
956 284
2,677 1,737
2,994 2,994
7,120 360 294 778 180 779 181 320 139
6,991 576 23 85 4,192 141 -
13,022 430 296 197 93 789 858 123 323 2,206 223 5,251 1,123
180
8,535 1,098 340 12 384 351 301 477 850 264 130 1,151 117
34,724 10,564
1,974 -
708 7 26 12 9 303 87 122 43 85
A
-
74
-
-
104 78
-
192
)
S
LU -
o
'-
I
v
-
E
4,653 634 84 84 7 1,925 1,483 176 49 9
5,890 2,705 99 38 1,262 623 747 -
3,401 248 -
-
1,988 544 52 205 193 27 75 56 162 -
-
41,978 1,402 509 4,985 89 6,888 1,584 311 1,312 1,397 2,156 3,696 4,419 8,679
6,133 320 1,065 2,778
361 361
1,696 872 824
96 -
2,206 405 1,801 -
4,967 4,845 121
2,651 451 1,164 1,036
2,625 2,412 -
738 738 -
45 10 35
4,444 195 2,294 1,742
9,369 1,194 3,717 3,921
25,992 374 25,618
4,740
1,908
808
-
27
413
19
-
430
826
-
929
390
16,301
4,686 4,045 -
10,039 3,913 -
4,912 3,749 281
866 866 -
3,306 2,168 -
6,515 5,698 500
967 967 -
4,314 2,375 1,011
-
-
-
-
45
248
-
-
5,703 4,248 8 611
2,320 2,255 48 7 6
5,449 4,066 24 901 457
7,493 4,414 221 363 127
9,676
-
1,677 737 81 55
-
1,660 18 -
-
-
-
-
-
-
-
667
-
3,067 85 -
-
-
6,576 1,595 -
10,488 62 2,698 -
-
-
-
-
-
-
36 -
471 322
-
-
-
-
59 59
297 -
243 243
1,262 1,262
282 233
-
87 33
312 35
4,331 1,802
496 496
544
2,324
713
2,725
-
-
-
-
70
-
797
3,873
-
-
8,870
14,790
35,143 102,964
44,498
49,980
8,141
16,256
11,177
50,857
13,553
18,812
3,260
25,158
11,452
4,846
45,910 108,941
Note:Figuresmay not preciselyadd up due to rounding.
66
1998 FACfBOOK
ENIFRGING
MARKFTS
DATA BASE
Industry Distribution by Market Capitalization of IFCG Composite Index, 1997 (US$millions;end-1997)
0
0 8u
-
-
-
-
-
1,661 1,661
71 71
382 382
-
39,299
-
-
-
-
18 -
240 126
355 355
-
1,479 739
2,911 381
1,907 904
3,781 2,838
2,189 582
2,356 276
-
42
185
2
-
-
-
-
-
-
-
-
-
45 47
47 1,210 888 -
-
15
469 178
213 323 511
294 221 -
1,021
58
141
961
54
201
1,448
166 -
7 -
-
-
-
541
59 -
34 209 -
153 205 -
-
-
13 2 11 -
46
-
2,633
3,748
4,076
-
1 741 1,866
3,268 -
12 2,563 1,266
-
8,516
-
-
483
14
122
-
768
511
4,909 2,439
548 511
421 297
2,219 912
9,029 3,126
2,655 2,655
11,216 7,953
223 -
37 -
-
2
-
-
-
55 69
-
-
-
-
-
-
14
-
-
44
-
-
7,562
2,554
5,979
2
Z
a.
o
Agriculture/forestry/fishing
19
-
-
-
1 110
Mining Metal Mining
678 -
-
-
2
Construction General Building Contractors
-
-
215
3 320
Manufacturing Food & Kindred Products
1,910 723
322 323 326 328 329 330
Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products
332
Cement & Glass Products
333 334 336 337 339
Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4
Transportation/communication/utility
444 448 449
Water Transportation Communications Electric, Gas or Sanitary Services
5
Wholesale/retailtrade
6 660
Finance/insurance/realestate Banking
661 662 663
Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
7 770
Services Hotels & Other Lodging
9
Other/diversified
IFCG Composite Price Index
-
I
1,198 -
cu
C
FE
.0 W
-
60
1,437
142
-
-
83
7,928
-
11,758 6,276
-
3,192 3,192
980 21
-
-
36 23
86,393 19,993
19 -
-
16 -
5,599 4,675
236 135
-
-
-
16,562 11,756
1,081 22,133 7,803 -
386 157
86,007 1,029
1,951 -
6,361 615
2,263 367
10 372 280 20 120
172 326 130 299 603
52 362 224 -
8 5 -
-
-
1
26 264 373 10
1,209 209 6,027 128
41 35
7,033 2,480 1,675 711 6,644 7,003
-
260 346,636 94 50,440
-
14
655
44
4,837
612
790
619
62
344 9 6 12
610 4,664 828
-
9 512 -
864 29 949 1,426 158
-
-
-
34
759 487 51,017 2,143 -
638 -
-
12,180
123
-
-
3,325
3,004
2,274
3,982
123
-
-
2,103 541
2,242
1,445 2,538
-
-
3,325 -
151
-
3,618
32
526
404
1,261
-
49
1,916 1,916
98 83
34,313 18,245
461 233
52,717 29,506
4,001 3,426
19,641 15,239
2,881 2,546
-
14
11,500
172 17 -
4,274 654 18,283
390 48 98
90
110 -
-
1,088
-
-
-
-
-
1,056 137
51 51
373 373
38 -
1,662
-
1,791
-
-
17,419
287
-
164
9,657 18,651
-
6,234
-
-
5,104 3,412
3,244 8,937
24,745
54,744
1,321 90,297
-
1,293 153,176
-
10,245 8,775 20,522 30,404 28,529 10,327
32,017 11,122 12,297 84,217 14,874 11,031
183,604 -
6,592 108,072 64,661
35,631
624 235,561 177 148,035
-
-
7,356 2,071 33,358
235 -
-
27 27
9,670 5,073
3,959
12
44
60,088
10,920 33,731
:*nXi
>
I
0,
619 472 -
-
E
co
(n
ir
c
C
.C >
a.
Sccto Intl ustr;/
holding companies
~
a.
a
SIC
Places
~
RD-~~~~0 C
9,138
1,123 982,073
Note:Figuresmay not preciselyadd up due to rounding.
1998FAciBOOK
EMERGING MARKtES DAfA BASE
67
Industry Weights by Market Capitalization of IFCG Composite Index, 1997 (US$millions;end-1997) 4)
4)
~~~~i 0) C~~~~~~ -
221 m
0S O
m
c~~ z
E
a 0) 4) ~~0 ~~~~) -
N
C
U 4)
S~~o
i
I
SIC
Scto r/IIidIIstr
0
Agriculture/forestry/fishing
0.03
0.03
0.02
0.03
1 110
Mining Metal Mining
1.61 -
0.56 0.56
0.05 0.05
0.02 0.02
0.02
-
-
-
-
0.02 -
2 215
Construction General Building Contractors
-
-
-
-
0.20 0.05
-
0.01 0.01
-
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
0.67 0.09 0.01 0.01 0.05 0.05 0.39 0.03 -
2.72 0.55 0.05 0.01 0.16 0.21 0.98 0.03 0.06 0.25 0.03 0.12 0.01 -
1.48 0.52 0.62 0.13 0.02 0.02 0.09 0.01 -
2.68 0.06 0.09 0.04 0.01 0.38 0.08 0.05 0.08 0.08 0.05 1.37 0.27 0.02
0.55 0.33 0.01 0.02 -
0.20 0.05 -
0.47 0.06 0.01 0.01
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
0.70 0.59 0.11
5.33 3.31 2.01
1.94 0.03 0.69 1.23
5
Wholesale/retail trade
0.07
0.02
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
0.44 0.37 -
7 770
Services Hotels & Other Lodging Places
9
1
O
O
W L
-
-
0.02 0.02
-
-
0.17 -
0.01 0.01
-
-
XY
0.05
0.04
-
0.15 -
0.01 0.01
0.03 0.03
-
0.07 0.02
-
-
-
0.60 0.27 0.01 -
0.35 0.02
-
0.31 0.01 -
4.27 0.14 0.05 0.51 0.01 0.70 0.16 0.03 0.13 0.14 0.22 0.38 0.45 0.88
-
0.20 0.15 0.02 -
0.13 0.06 0.08
-
-
-
'
--
'
0.01
-
>'
oa4)
0 U
0)*0
-
0.43
-
-
0.01 -
0.40 0.19
0.07 0.07
-
0.10 0.03
0.27 0.18
0.30 0.30
0.72 0.04 0.03 0.08 0.02 0.08 0.02 0.03 0.01
0.71 0.06 0.01 0.43 0.01 -
0.07 -
1.33 0.04 0.03 0.02 0.01 0.08 0.09 0.01 0.03 0.22 0.02 0.53 0.11 0.02
0.87 0.11 0.03
3.54 1.08
0.04 0.04 0.03 0.05 0.09 0.03 0.01 0.12 0.01
0.67 0.16
0.95 0.12 0.38 0.40
2.65 0.04 2.61
-
0.01
-
0.20 -
-
0.03 0.01 0.01 -
-
-
-
-
1.07 0.01 0.27 -
0.02
-
-
-
-
-
-
-
0.62 0.03 0.11 0.28
0.04 0.04
0.17 0.09 0.08
0.01 -
0.51 0.49 0.01
0.27 0.05 0.12 0.11
0.27 0.25 -
0.07 0.07 -
-
-
0.22 0.04 0.18 -
-
0.45 0.02 0.23 0.18
0.48
0.19
0.08
-
-
0.04
-
-
0.04
0.08
-
0.09
0.04
1.66
1.59 1.59 -
0.48 0.41 -
1.02 0.40 -
0.50 0.38 0.03
0.09 0.09 -
0.34 0.22 -
-
-
-
0.07
-
-
-
-
0.44 0.24 0.10 -
0.17 0.07 0.01 0.01
0.58 0.43 0.06
-
0.55 0.41 0.09 0.05
0.76 0.45 0.02 0.04 0.01
0.98
-
0.10 0.10 -
0.24 0.23 -
-
0.66 0.58 0.05 0.02
-
-
-
-
-
-
0.05 0.03
-
-
-
-
0.01 0.01
0.03 -
0.02 0.02
0.13 0.13
0.03 0.02
-
0.01 -
0.03 -
0.44 0.18
0.05 0.05
Other/diversified holding companies
0.05
0.24
0.07
0.28
-
-
-
-
0.01
-
0.08
0.39
-
-
0.90
1.51
IFCG Composite Price Index
3.57
10.49
4.52
5.09
1.17
0.49
0.83
1.65
1.14
5.17
1.38
1.90
0.33
2.55
4.67
11.09
0.01 -
-
-
Note:Figuresmay not preciselyadd up due to rounding.
68
1998
FACTBOOK
EMFRGING MARKETS DATA BASE
Industry Weights by Market Capitalization of IFCG Composite Index, 1997
(D
end-1997) (% of marketcapitalization;
0
8
SIC
Seccor/lndustrtl
o
Agricult ure/f orestry/f ishing-
1
Mining
110 MetalMining 2 215
Construction General Building Contractors
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products
TextileMillProducts Apparel & Other Textile Products
Paper & AlliedProducts Chemicals& AlliedProducts Petroleum Refining & Related Products
Rubber& Misc.PlasticsProducts Cement & Glass Products
Primary MetalIndustries Fabricated metal products
Electric& ElectronicEquipment Transportation Equipment
MiscellaneousManufacturing
0
a.
a.
-
-
-
--
0.07 -
-
-
0.17 0.17
0.01 0.01
0.04 0.04
-
-
-
-
-
0.02 0.01
0.04 0.04
0.19 0.09 -
0.38 0.29 -
0.22 0.06 -
0.24 0.03 -
0.15 0.07 -
-
-
0.10 0.02 -
0.01 -
0.30 0.04 0.02
-
-
-
0.12 0.09
-
-
0.01 -
0.10 -
-
-
0.05 0.02 -
-
-
-
-
-
-
0.02
0.05
0.01 -
-
-
-
-
0.27
0.38
-
-
-
0.07
0.19
0.33 -
0.26 0.13
0.05
-
0.01
-
0.06 0.05 -
0.04 0.03 0.01
0.23 0.09 -
0.92 0.32 -
Communications Electric,Gas or SanitaryServices
-
5
Wholesale/retail trade
-
6 660 661 662 663
Finance/insurance/realestate Banking
7 770 9
0.50 0.25 0.02 -
-
0.02 0.03 0.05 0.02 0.02 -
0.02 -
-
-
0.03 0.02 0.15 -
m
4.00 -
-
-
-
0.06
-
-
-
-
0.12 0.02 0.61 0.01 0.07 0.06
>
-
0.01
0.15
0.01
--
-
0.32 0.32
0.10 -
-
-
0.57 0.48
0.02 0.01
-
8.76 0.10 0.72 0.25 0.17 0.07 0.68 0.71 0.49 0.08 0.05 5.19 0.22 -
0.20 -
0.04 0.02 -
-
-
0.47
-
-
-
-
0.08
-
-
9-~
0.65 0.06 0.02
-
0.04 0.03 0.01 0.06 -
0.82
-
-
8.80 2.04
-
-
1.67 1.20
0.23 0.04 -
0.04 0.02 0.06 -
0.01 -
-
-
-
0.10 0.14 0.02
-
0.06 -
-
0.31
0.23
0.41
-
-
-
0.21 0.05
0.23
0.15 0.26
-
18.67 0.67 10.99 6.58
-
3.58
1.24
0.01
-
-
-
-
-
0.52 0.35
0.33 0.91
0.01
-
-
-
-
0.34 0.34 -
0.08
0.05
0.01
-
0.37
-
0.05
0.04
0.13
-
0.27 0.27 -
1.14 0.81 -
0.19 0.19 -
5.37 3.00 0.43
0.41 0.35 0.04
2.00 1.55 -
0.29 0.26 0.01
0.02
-
-
0.87
0.05 0.02
-
35.29 5.09 1.03 0.89 2.08 3.07 2.90 1.03 3.24 1.14 1.24 8.55 1.52
0.05 -
-
3.49 1.86 -
-
-
-
0.01 0.01 -
0.03 0.01 -
0.03 0.01 0.03 0.06 0.08 0.09
-
-
N
0.01
0.41
-
0.06 0.02 -
1.10
23.97 15.05 0.73 0.21 3.39
-
-
0.07
-
1.17
-
1.86
0.01
0.01
-
-
-
0.11 0.01
-
0.04 0.04
-
0.02
-
-
-
-
-
-
-
0.97 0.49
0.18
-
-
1.77
0.03
-
0.02
0.40
-
-
6.10
2.52
5.56
0.13
9.19
0.13
15.60
1.11
3.43
0.93
0.10
100.0
MARKFTS
DATA
0.01
0.11
-
-
-
-
-
-
-
-
-
-
-
-
0.17
-
0.76
0.26
0.61
0.98
1.89
0.63
Other/diversified holding companies
0.03 0.04 0.03
2.25 0.79
CO
-
-
-
-
-
0
. E-.
-
-
Services Hotels & Other Lodging Places
0.11 -
1.20 0.64
.0
001
0.05 -
-
-
-
-
0.12 -
0 CO -
-
-
-
cn -
-
-
IFCG Composite Price Index
-6s
-
0.19 0.07 -
a.
c a.
a.
Transportation/communication/utility Water Transportation
Credit AgenciesOther Than Banks
2M
z
2
4 444 448 449
Security & Commodity Brokers Insurance
-
-
-0 A
-
-
-
Note: Figuresmay not preciselyadd up due to rounding.
1998FACTBOOK
EMERGING
BASE
69
Industry Distribution by Number of Stocks in IFCG Composite Index, 1997 (end-1997)
-°
-
s
~~~~0
0
0
0
2
2
2
-
-
-
2
-
1
4
-
1
-
15
3 -
7 7
2 2
1 1
-
3
-
-
1 -
1 -
2 2
2 2
-
1
-
-
1 -
3 1
2 1
1 1
-
-
-
8 4
-
1
-
10 2
-
-
-
2 2
-
14 7
13 5
8 8
17 3
48 7
21 7
111 6
12 2
22 5
35 11
24 8
8 2
107 4
26 2
23 1
105 7
42 2
26 9
Textile Mill Products Apparel & Other Textile Products
1
2 2
-
8 3
1
-
2 1
3 -
-
3
1
9
2
-
3 9
21 2 1 -
Paper & Allied Products Chemicals & Allied Products
1 2
5 3
3 3
1 18
1 -
1 10
1
5
2 30
3 2
1 7
1 2 2
329 330
Petroleum Refining & Related Products Rubber & Misc. Plastics Products
-
6 1
1 -
3 4
-
1 4 1
1 2 12
-
326 328
1 2 7
-
-
-
6 5
-
1 -
1 -
6 3
1 5
-
-
332
Cement& Glass Products
3
2
1
6
6
1
5
2
1
6
4
-
1
6
7
6
333 334 336 337 339
Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
1 2 2 -
7 3 5 3 -
3 1 -
5 3 20 16 5
1 -
1 2 -
5 3 -
-
-
-
1
-
-
5 8 13 6 5
3 3 2
9 -
3 5
5 7 25 9 3
3 1 6 3
1 3
-
2 2 2
4
Transportation/communication/utility
7
19
15
20
1
9
1
3
2
9
4
1
2
11
10
7
444 448 449
WaterTransportation Conmmunications Electric, Gas or Sanitary Services
2 5
7 11
1 5 9
2 2 7
1
3 6
-
2 1 -
1 1
3 2 4
2 -
1 -
1 1
3 3 4
2 2 3
2 5
5
Wholesale/retail
1
2
4
14
4
-
1
4
1
-
3
3
-
12
5
10
6 660
Finance/insurance/real Banking
3 2
6 6
7 4
20 1
10 6
5 5
16 8
10 6
1 1
12 8
18 6
13 4
14 10
49 22
30 4
9
661 662 663
Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
-
-
-
-
1
-
-
2
-
3
-
-
-
-
-
1
-
-
-
1
-
-
-
2
1
-
-
1
1 2
1 1 1
3 20 4
2 2 1
-
7 770
Services Hotels & Other Lodging Places
-
-
1 -
5 3
-
-
1 1
2 -
1 1
2 2
3 2
-
3 2
3 1
6 2
3 3
9
Other/diversified
2
3
1
14
-
-
-
-
1
-
2
9
-
-
33
10
35
87
53
195
27
41
54
56
15
133
62
49
44
195
157
75
-
*N 4)
SIC
SeJtor/IndustrVc
0
Agriculture/forestry/fishing
1
1 110
Mining Metal Mining
2 215
Construction General Building Contractors
3 320
Manufacturing Food & Kindred Products
322 323
trade
holding
estate
companies
IFCG Composite Price Index
a)0
-
x
Es
Si
_
2
s-
0
.0
S
0
E
3 2
-
-
-
Note:Figuresmaynot preciselyadd up due to rounding.
70
1998 FACTBOOK
EMERGING MARKETS DATA BASE
Industry Distribution by Number of Stocks in IFCG Composite Index, 1997 (end-1997)
o
SIC~~~~~~~~~
SIC
Sector/Industry~
0
Agriculture/forestry/f ishing
1 Mining 110 Metal Mining 2 215
Construction General Building Contractors
Manufacturing Food &Kindred Products 322 Textile Mill Products 323 Apparel & Other Textile Products 326 Paper & Allied Products 328 Chemicals & Allied Products 329 Petroleum Refining & Related Products 330 Rubber & Misc. Plastics Products 332 Cement & GlassProducts 333 Primary Metal Industries 334 Fabricated metal products 336 Electric & Electronic Equipment 337 Transportation Equipment 339 Miscellaneous Manufacturing 3 320
z 0 1a--Agricltureforetry/fshin 2 o .2~~~~2 w~~
E
Z
IL
0.
u
-
cn co
FFe>N
0.
cc
(jn
()
(11
I9
-
-
4
1
19 16
-
1 1
4 1
-
1 -
7 6
19 4
22 6 1 -
-
-
-
-
-
I
-
-
1 1
-
-
4 4
15
-
12 12
-
-
-
-
-
-
-
-
-
-
-
3 2
3 3
1
-
1 -
-
-
-
-
7 4
17 6
28 1
17 6
13 7
15 4
7 1
4
15
-
-
-
2 -
8 -
1 -
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
1
2
-
1
2
4 3 -
-
-
3
1
-
1
4
-
1
-
-
1 1
2
2 1
-
1 5 1 1
-
3 1 1
2
2 -
1
3
3
2
2
-
-
-
-
-
-
3 -
10
-
1
2 1 -
-
5
9 2
1 -
-
11
-
-
-
1 1
5
Wholesale/retailtrade
-
7 3 2 -
N
0.
-
1 1 1 1
(c
a.
-
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
6 Finance/insurance/real estate 660 Banking 661 Credit Agencies Other Than Banks 662 Security& Commodity Brokers
.2
1
444 448 449
4
~~~~~ o o ~~~~ -etl11llsr
.~~~
-
1
2 1 2
-
-
1
fr
40ECe
3
40
3 2
89 53
E
o
i
-
-
-
-
4 2
-
-
-
-
-
78 43
66 3
17 -
34 4
10 1
7 1
946 126
-
3
1
1
1 2 3 2 1
-
-
-
3
3 2
1
2
8 4 5 2 4 5
6
7
1 4
-
-
-
2 2 22 1
1
2
-
-
-
3 3
-
-
-
56 28 49 132 43 36
4
5
2
1
108
-
-
-
-
-
-
3 1 3 3 2
42 53 116 56 35
1 2
-
-
-
1
1 1
16 6 10
1 -
-
-
-
3 3
11
-
-
-
-
-
-
1
-
-
-
7 2
-
3 m
-
1
-
-
-
1
-
-
-
4
2
-
-
-
-
1 1
-
3
-
186 21 59 80
-
5 2
-
8
-
3 2 1
7
1
1
-
4
1
1
-
7
4
1
6
4
-
1
102
6 5 1
15 7
4 3
22 6
6 6
7 4
1 1
3 2
18 7
14 6
17 9
29 9
12 4
6 4
4 2
394 171
6 -
-
-
-
-
-
-
-
-
-
11 4
1
-
4 2
4
-
1 -
-
-
-
-
43 31
-
-
30
1
41
1
23
1
663
Insurance
-
-
2
-
-
-
2
-
1
7
-
3
1
1
7
Services Hotels & Other Lodging Places
-
-
-
-
-
-
-
2
2
2
-
-
-
-
-
-
-
1
2
2
1 -
2 -
-
-
1 -
-
770
9
Other/diversifiedholding companies
-
1
-
-
8
-
2
-
-
13
3
-
1
2
1
3
109
17
31
55
37
59
29
23
37
20
78
50
98
74
58
19
22
1,985
IFCG CompositePrice Index
1
Note:Figuresmaynot preciselyadd up due to rounding.
1998FACrBOOK
MARKETS DATABASI 71 EMERGING
IFCG lndustry Price Indexes
1997 Performance Summary (US$; end 1984=100)
SIC
Sctior hIud/ ho
0
Agriculture/forestry/fishing
111.5
-46.0
1
Mining
229.1 94.2
12.4 -25.9
I-Ft-119
110 Metal Mining 2
Construction
195.8
-57.5
215
General Building Contractors
229.8
-43.0
3
Manufacturing
394.6
-12.3
320 322 323
Food & Kindred Products Textile Mill Products Apparel & Other Textile Products
767.9 302.5 153.5
-0.2 -26.4 -0.6
326 Paper & Allied Products
673.2
-16.2
328 329 330 332 333 334
314.8 243.6 596.(1 774.0 171.2 99.9
-12.3 -4.4 -23.9 -26.3 -24.7 -17.3
336 Electric & Electronic Equipment
749.0
21.9
337 339
Transportation Equipment Miscellaneous Manufacturing
322.4 414.4
-38.0 4.4
4
Transportation/communication/utility
444
Water Transportation
Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products
1,613.0 183.6
Electric, Gas or Sanitary Services
1,199.2
5
Wholesale/retail trade
268.5
1.6
6
Finance/insurance/real estate
167.3
-26.0
660 661 662 663
Banking Credit Agencies Other Security & Commodity Insurance
218.0 172.0 9.8 142.8
-18.7 -53.9 -78.2 -14.5
7
Services
172.0
-51.6
770)
Hotels
136.0
-47.9
9
Other/diversified holding companies
205.1
-40.6
IFCG Composite Price Index
328.1
-16.3
72
1998 FACTBOOK
Places
Mining
1.6
Wholesale/retail trade
_
-2.9
Transportation/communication/utility
-12.3
Manufacturing
_
EIG Composite Price Index
-16.3
-26.0
6.0
449
Lodging
12.4
Finance/insurance/real estate
-40.0
5,357.0
& Other
7
-2.9
448 Cornmunications
Than Banks Brokers
PerformanceHighlights of IFCG Industry Sector Price Indexes(%)
Other/diversified holding
-40.6
companies
-4.5
-46.0 |AgriculIture/forestry/fishing Services
-51.6
575
Construction _
,
-70 -60 -50 -40 -30 -20 -10
.
0
.
10 20
30
EMFRGING MARKETS DATA BASE
IFCG Industry Price Indexes 1997 (end-of-periodvaluesin US$;end 1984=100)
SIC
Sector/ldfisftrl
0
Agriculture/forestry/fishing
aiJan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
218.5
236.9
224.5
210.2
212.5
215.5
207.6
169.7
173.9
146.3
128.0
111.5
Mining 1 110 Metal Mining
212.8 130.0
235.9 145.9
232.7 139.8
228.8 136.5
232.3 135.2
241.2 132.1
256.0 129.7
249.9 122.6
272.9 122.6
246.2 102.6
221.4 93.9
229.1 94.2
2 Construction 215 General Building Contractors
467.7 402.9
481.6 423.0
462.1 410.5
422.6 378.2
397.0 331.1
402.2 350.7
392.7 355.9
309.0 286.6
304.5 297.0
233.8 233.5
198.4 222.2
195.8 229.8
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products TextileMillProducts Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
480.0 813.0 428.2 179.7 835.5 378.2 280.9 821.4 1,089.0 258.9 130.4 647.8 540.5 413.0
499.7 848.7 447.1 193.7 864.5 401.0 286.9 828.5 1,120.4 271.1 136.3 698.6 566.6 443.4
493.5 845.2 422.8 179.1 829.5 397.3 282.3 794.0 1,076.6 258.9 134.8 763.7 563.4 434.4
509.6 842.3 450.5 197.0 829.0 412.5 291.4 846.5 1,043.7 274.6 133.6 860.6 571.3 465.1
515.8 862.2 430.3 190.6 834.7 396.9 297.2 835.4 1,016.0 270.1 138.4 920.6 562.0 462.4
553.3 884.1 431.0 208.3 909.3 405.1 320.5 872.0 1,058.2 288.5 139.5 1,104.3 570.8 538.1
568.8 893.7 429.4 207.4 934.2 415.0 330.0 859.5 1,083.9 302.2 146.1 1,213.1 556.0 532.5
526.9 835.6 432.0 189.2 861.3 392.3 298.3 811.9 965.1 284.3 133.6 1,181.3 490.7 492.1
513.7 881.6 380.3 190.1 879.4 381.2 310.0 778.2 990.9 275.7 135.3 1,026.3 460.5 473.5
426.4 771.3 312.0 171.8 751.6 344.7 239.1 598.0 812.0 228.7 116.2 768.0 410.6 445.5
405.1 768.1 284.6 151.3 693.4 318.9 234.1 574.3 777.7 191.9 105.8 781.6 356.7 428.6
394.6 767.9 302.5 153.5 673.2 314.8 243.6 596.0 774.0 171.2 99.9 749.0 322.4 414.4
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
1,768.8 294.0 5,404.9 1,350.2
1,840.7 299.0 5,694.3 1,387.4
1,823.8 294.2 5,663.1 1,362.3
1,864.6 286.3 5,836.4 1,395.9
1,983.9 274.7 6,376.7 1,459.0
2,102.2 304.3 6,695.2 1,561.9
2,111.0 291.2 6,764.6 1,569.3
1,795.0 273.0 5,639.7 1,364.2
1,889.9 252.7 6,045.5 1,435.0
1,567.3 203.5 4,926.8 1,222.0
1,532.9 185.7 4,976.4 1,167.1
1,613.0 183.6 5,357.0 1,199.2
5
Wholesale/retail trade
276.5
294.6
290.8
297.2
300.2
309.6
313.2
293.5
310.1
265.7
257.4
268.5
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
238.0 283.9 373.4 47.4 170.9
245.7 295.7 376.1 43.9 176.9
238.4 290.7 343.2 40.0 166.2
232.1 287.1 334.0 37.1 167.5
230.9 286.3 309.4 40.1 157.1
236.7 294.2 289.2 41.0 166.3
237.6 295.9 298.6 39.0 179.5
207.2 261.0 240.9 30.4 167.0
201.8 257.6 243.1 28.0 157.8
177.6 226.7 210.6 23.1 145.4
165.4 213.3 185.6 14.0 139.9
167.3 218.0 172.0 9.8 142.8
370.2 266.6
372.4 269.8
360.2 264.9
327.4 236.7
319.1 229.8
310.9 228.7
289.9 212.8
228.4 176.5
216.6 165.8
189.8 151.2
171.2 138.6
172.0 136.0
Other/diversified holding companies
369.3
387.8
374.4
346.7
343.8
354.6
348.9
290.2
292.8
242.6
218.5
205.1
IFCG Composite Price Index
417.2
436.0
427.4
426.1
432.1
453.3
459.4
409.2
410.7
347.9
327.6
328.1
7 Services 770 Hotels & Other Lodging Places 9
1998FACTmOOK
EMERGING MARKETS DATA BASE
73
IFCG Industry Price Indexes 1988-1997 (end-of-periodvaluesin US$; end 1984=100)
SIC
ScCt)rilThdu1str11
19X8
19989
1L99(
199 1
1992
1
] 994 1)
199 C)
11%)9
1997
135.5
155.9
129.5
135.5
138.2
257.6
223.3
186.7
206.6
111.5
1 Mining 110 Metal Mining
149.9 113.5
242.5 184.2
98.6 70.0
136.0 77.2
110.2 62.1
157.1 98.5
231.2 174.7
199.3 133.3
203.9 127.1
229.1 94.2
2 Construction 215 General Building Contractors
389.6 299.3
537.9 531.0
338.4 290.2
336.5 382.9
356.0 375.3
639.2 651.9
564.3 504.2
483.7 400.1
461.0 403.5
195.8 229.8
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment MiscellaneousManufacturing
282.3 229.3 375.5 236.3 476.2 322.3 167.3 504.7 485.0 267.6 130.8 382.8 457.7 129.2
424.9 436.8 615.0 286.0 738.8 399.4 197.3 782.3 1,025.5 312.4 182.3 626.3 601.2 173.7
288.4 302.6 347.4 190.8 538.8 292.2 112.6 424.7 722.5 218.0 122.5 371.8 485.5 187.0
358.7 517.8 493.5 227.5 677.8 316.7 134.7 488.1 985.9 233.9 142.8 407.5 506.4 212.1
327.8 508.8 352.2 228.2 564.5 296.7 107.6 432.9 925.1 224.5 122.9 358.7 429.0 286.9
498.5 848.0 455.2 268.3 740.7 415.8 211.7 705.0 1,448.7 328.4 155.7 593.9 679.5 428.9
540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0 567.6 447.5
432.1 753.1 365.5 158.3 869.3 341.3 194.3 550.2 1,083.4 252.9 123.0 702.7 468.2 357.9
450.1 769.3 410.9 154.5 803.8 358.8 254.9 783.2 1,050.7 227.5 120.7 614.6 519.6 396.8
394.6 767.9 302.5 153.5 673.2 314.8 243.6 596.0 774.0 171.2 99.9 749.0 322.4 414.4
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
425.0 262.9 463.5 304.8
670.1 355.2 830.3 459.1
567.2 183.5 1,090.6 480.1
941.7 255.6 2,829.8 620.7
1,047.5 250.2 3,315.7 672.9
1,678.8 363.1 5,724.0 1,030.6
1,613.2 342.0 4,622.5 1,249.0
1,525.7 289.9 4,583.5 1,148.4
1,660.5 306.1 5,055.8 1,255.3
1,613.0 183.6 5,357.0 1,199.2
5
Wholesale/retail trade
298.7
354.8
342.3
322.8
407.8
590.8
400.8
304.4
264.2
268.5
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banl<s Security & Commodity Brokers Insurance
157.7 164.4 164.6 153.8 77.8
242.7 245.3 377.1 131.4 168.0
165.2 175.0 267.7 90.0 76.7
143.4 142.8 280.6 79.2 80.7
138.4 140.5 302.5 77.6 59.1
245.0 245.7 658.0 95.9 143.5
233.4 264.0 600.3 79.8 167.1
204.8 241.7 514.0 61.5 131.9
226.0 268.2 373.5 44.8 167.0
167.3 218.0 172.0 9.8 142.8
7 Services 770 Hotels & Other Lodging Places
115.8 115.4
199.5 200.0
161.4 157.0
185.2 161.6
225.6 175.0
495.4 387.2
411.4 333.5
373.2 289.4
355.2 261.1
172.0 136.0
9
Other/diversified holding companies
137.6
213.5
193.0
214.1
225.3
445.1
338.0
320.3
345.4
205.1
IFCG Composite Price Index
224.0
339.9
234.8
271.5
267.8
439.6
430.0
370.4
391.8
328.1
0
74
Agriculture/forestry/fishing
1998 FAC I BOOK
EmERGING
MARKETS DATA BASE
IFCG Industry Price Indexes 1988-1997 (annual% changein US$)
SIC: 0
1988
5:tor111idu1stry Agriculture/forestry/fishing
1 Mining 110 Metal Mining 2 Construction 215 General Building Contractors
1989
1990
1991
1992
1993
9.1
15.0
-16.9
4.6
2.0
86.4
69.8 75.7
61.8 62.2
-59.3 -62.0
37.9 10.3
-19.0 -19.6
145.1 111.1
38.1 77.5
-37.1 -45.4
-0.6 32.0
1994
1995
1996
-13.3
-16.4
10.7
-46.0
42.6 58.7
47.1 77.3
-13.8 -23.7
2.3 -4.7
12.4 -25.9
5.8 -2.0
79.5 73.7
-11.7 -22.7
-14.3 -20.6
-4.7 0.9
-57.5 -43.0
8.5 -4.5 24.7 6.9 44.9 11.7 31.3 6.9 -4.9 15.6 7.5 23.4 -16.5 4.3
-20.1 -7.0 -35.6 -44.8 -19.0 -26.5 -30.1 -27.0 -21.3 -33.4 -26.5 -4.1 -17.5 -20.0
4.2 2.2 12.4 -2.5 -7.5 5.1 31.2 42.3 -3.0 -10.0 -1.9 -12.5 11.0 10.9
-12.3 -0.2 -26.4 -0.6 -16.2 -12.3 -4.4 -23.9 -26.3 -24.7 -17.3 21.9 -38.0 4.4
1997
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
56.6 40.1 57.4 25.9 10.0 66.7 71.9 50.7 89.6 48.8 68.2 66.9 50.8 3.6
50.5 90.5 63.8 21.1 55.2 23.9 17.9 55.0 111.5 16.8 39.4 63.6 31.4 34.4
-32.1 -30.7 -43.5 -33.3 -27.1 -26.8 -42.9 -45.7 -29.5 -30.2 -32.8 -40.6 -19.2 7.6
24.4 71.1 42.0 19.3 25.8 8.4 19.6 14.9 36.5 7.3 16.6 9.6 4.3 13.4
-8.6 -1.8 -28.6 0.3 -16.7 -6.3 -20.1 -11.3 -6.2 4.0 -13.9 -12.0 -15.3 35.3
52.1 66.7 29.3 17.5 31.2 40.2 96.7 62.9 56.6 46.3 26.7 65.6 58.4 49.5
4
Transportation/communication/utility
26.8
57.7
-15.4
66.0
11.2
60.3
-3.9
-5.4
8.8
-2.9
31.5 10.3 8.9
35.1 79.1 50.6
-48.3 31.3 4.6
39.3 159.5 29.3
-2.1 17.2 8.4
45.2 72.6 53.2
-5.8 -19.2 21.2
-15.2 -0.8 -8.1
5.6 10.3 9.3
-40.0 6.0 -4.5
100.0
18.8
-3.5
-5.7
26.3
44.9
-32.2
-24.1
-13.2
1.6
53.5 64.1 -41.6 -65.1
53.9 49.2 129.1 -14.6 116.0
-31.9 -28.7 -29.0 -31.5 -54.4
-13.2 -18.4 4.8 -12.0 5.3
-3.5 -1.6 7.8 -2.0 -26.7
77.0 74.9 117.5 23.6 142.7
-4.8 7.5 -8.8 -16.8 16.5
-12.2 -8.4 -14.4 -22.9 -21.1
10.3 11.0 -27.3 -27.1 26.6
-26.0 -18.7 -53.9 -78.2 -14.5
7 Services 770 Hotels & Other Lodging Places
16.2 15.7
72.2 73.4
-19.1 -21.5
14.8 2.9
21.8 8.3
119.6 121.2
-16.9 -13.9
-9.3 -13.2
-4.8 -9.8
-51.6 -47.9
9
39.5
55.1
-9.6
10.9
5.2
97.6
-24.1
-5.2
7.8
-40.6
53.2
51.7
-30.9
15.6
-1.4
64.1
-2.2
-13.9
5.8
-16.3
444 Water Transportation 448 Communications 449 Electric, Gas or Sanitary Services 5
Wholesale/retail
6 660 661 662 663
Finance/insurance/realestate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
Other/diversified
trade
holding companies
IFCG Composite Price Index
1998 FACIBOOK
EMERGINGNMARKETSDATABASE
75
IFCG Industry Total Return Indexes 1997 Performance Summary (US$; end 1984=100)
change SrC sectur/i;;,lIs lr/ 0
Agriculture/forestry/fishing
EnLd1997
trom
Lndc 'I96
165.5
-44.6
1 Mining 110 Metal Mining
336.2 138.4
14.1 -24.1
2 Construction 215 General Building Contractors
245.6 266.6
-57.0 -42.4
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3 563.6
-10.7 1.5 -25.8 1.1 -14.7 -9.4 -2.0 -22.6 -25.0 -22.6 -15.8 23.0 -37.0 5.9
4 444 448 449
Transportation/communication/utility Water Transportation Comununications Electric, Gas or Sanitary Services
2,533.3 268.1 9,108.8 2,455.9
-0.8 -38.9 7.7 -1.8
5
Wholesale/retail trade
381.3
4.7
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
227.9 305.5 254.8 10.7 225.9
-24.3 -16.4 -53.0 -77.9 -13.3
7 Services 770 Hotels & Other Lodging Places
219.2 168.4
-50.5 -47.1
9
Other/diversified holding companies
276.6
-39.3
IFCG Composite Total Return Index
446.4
-14.5
76
1998 FACTBOOK
Performance Highlights of IIFCGIndustry Sector Total Return Indexes (%)
=
14.1
Mining
4.7
Wholesale/retailtrade
-0.8
Transportation/communication/utility
-10.7
Manufacturing IFCGComposite Price Index
-14.5 -24.3
Finance/insurance/real estate Other/diversifiedholding companies
1 -39.3 -44.6 |
Agriculture/forestry/fishing
-50.5
Services Construction
-57o0 -70
-60
-50
-40
-30
-20
-10
0
10
20
30
EMERGING MARKETS
DvFA\ BASE
IFCG Industry Total Return Indexes 1997 (end-of-period valuesin US$;end 1984=100)
Jan
rekb
mar
Apr
Mav
JLn1
fUl
Aug
Sep
Oct
Nov
LDec
316.5
343.1
325.7
305.5
309.0
315.1
303.9
249.5
257.0
216.8
189.9
165.5
Mining 1 110 Metal Mining
307.5 186.6
341.4 209.9
337.3 201.9
333.0 197.8
339.0 196.6
352.1 192.3
374.0 189.2
365.6 179.2
399.9 179.9
360.8 150.5
324.9 137.9
336.2 138.4
Construction 2 215 General Building Contractors
580.3 462.0
597.5 485.0
573.3 470.7
525.4 434.7
494.1 381.0
502.4 405.4
491.3 411.5
386.6 331.4
381.0 343.4
292.6 270.0
248.4 257.0
245.6 266.6
SIC 0
Sc(7or
lidustry
Agriculture/forestry/fishing
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous ManufactLuring
656.9 1,147.9 539.2 220.9 1,136.7 644.9 415.6 1,062.9 1,605.4 336.2 177.4 800.7 695.3 553.7
684.0 1,198.4 563.0 238.1 1,176.1 684.6 424.5 1,072.4 1,652.2 352.8 185.4 863.5 729.0 594.6
677.3 1,195.5 532.5 220.1 1,129.1 682.0 422.0 1,029.5 1,589.7 336.9 183.5 944.0 724.9 582.6
700.4 1,192.6 567.8 244.0 1,130.7 710.1 435.8 1,099.3 1,548.0 358.7 182.0 1,063.9 736.2 626.3
711.1 1,226.5 543.0 236.6 1,142.5 688.7 446.6 1,086.0 1,509.5 354.2 188.7 1,139.2 727.1 622.9
764.0 1,259.5 545.1 259.7 1,245.1 704.1 481.6 1,142.9 1,575.4 378.3 190.6 1,367.6 740.3 726.1
787.6 1,274.8 543.7 259.0 1,282.9 724.4 496.6 1,127.7 1,620.1 397.9 200.8 1,505.3 723.6 719.4
730.7 1,193.1 547.1 236.5 1,184.9 686.4 448.9 1,065.4 1,443.7 374.5 183.8 1,466.0 638.7 665.3
712.8 1,260.9 481.6 237.6 1,210.2 667.3 467.5 1,021.6 1,482.5 363.5 186.1 1,273.8 599.7 642.4
592.1 1,103.4 395.2 214.7 1,036.0 605.2 360.7 785.6 1,215.6 301.6 160.0 953.2 534.8 604.7
562.7 1,099.0 360.6 189.1 955.9 560.2 353.5 754.9 1,165.5 253.1 145.7 970.1 464.8 582.5
549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3
4 444 448 449
Transportation/communication/utility WaterTransportation Communications Electric, Gas or Sanitary Services
2,727.1 421.9 9,040.9 2,703.8
2,839.4 429.0 9,527.6 2,781.2
2,814.5 422.2 9,477.9 2,732.7
2,895.9 411.0 9,826.6 2,823.9
3,086.8 396.1 10,756.7 2,955.5
3,277.1 441.9 11,321.6 3,166.3
3,295.2 423.4 11,443.6 3,189.2
2,804.0 397.1 9,545.6 2,775.1
2,955.5 367.5 10,245.5 2,921.7
2,453.3 297.2 8,349.5 2,493.0
2,401.6 271.2 8,440.8 2,383.4
2,533.3 268.1 9,108.8 2,455.9
5
Wholesale/retail trade
382.9
408.0
404.5
414.5
419.6
433.4
443.6
415.7
439.4
377.0
365.4
381.3
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
317.7 388.2 542.1 50.9 266.8
328.2 404.5 546.9 47.2 276.0
319.4 399.3 500.5 43.2 260.1
311.9 395.8 490.4 40.1 262.3
310.9 395.5 455.3 43.3 247.3
319.3 407.2 425.8 44.3 262.0
320.9 410.1 439.9 42.2 282.8
280.4 362.9 355.9 32.9 263.1
273.4 358.3 359.5 30.3 249.2
241.0 316.0 311.5 25.0 229.8
224.7 297.7 274.5 15.3 221.1
227.9 305.5 254.8 10.7 225.9
462.4 325.3
465.2 329.2
450.4 323.7
410.1 289.2
399.8 280.9
391.8 281.2
366.5 262.0
288.7 217.4
274.6 204.6
241.7 187.2
218.2 171.5
219.2 168.4
Other/diversified holding companies
488.0
512.9
495.8
459.6
456.5
472.4
465.3
387.5
391.6
325.3
293.4
276.6
IFCGComposite Total Return Index
557.4
582.8
572.4
572.4
581.9
611.6
621.3
554.0
556.6
472.0
444.8
446.4
Services 7 770 Hotels & Other Lodging Places 9
1998 FACTBOOK
563.6
EMERGINGMARKETSDATABASF 77
IFCG Industry Total Return Indexes 1988-1997 (end-of-periodvaluesin US$; end 1984=100)
SIC
Ildu,stry
1988
1989
199(
1991
1992
0
Agriculture/forestry/fishing
158.4
189.1
161.0
172.1
181.6
348.6
1 Mining 110 Metal Mining
172.8 130.3
295.4 219.0
122.6 85.1
171.5 95.1
143.9 80.0
2 Construction 215 General Building Contractors
444.9 320.0
619.5 571.5
390.3 312.5
392.0 416.2
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food&KindredProducts Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
328.6 277.7 416.7 257.2 564.0 388.8 204.4 549.2 612.3 299.9 149.7 430.9 522.0 145.4
507.2 539.8 691.2 316.6 896.6 524.4 248.7 868.6 1,322.7 358.4 216.2 715.0 693.9 201.7
349.7 380.3 392.4 213.3 665.3 401.3 144.9 474.8 942.9 254.3 148.8 426.2 567.4 225.2
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
544.2 317.7 654.8 444.1
904.2 439.4 1,233.3 774.5
5
Wholesale/retail trade
361.0
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
1993
1994
1995
1996
1997
307.0
262.8
298.7
165.5
210.9 130.9
316.8 237.0
280.5 185.8
294.6 182.4
336.2 138.4
423.1 414.2
766.7 726.2
686.1 567.6
592.6 453.9
571.1 462.5
245.6 266.6
445.5 661.8 569.2 258.2 850.2 480.9 178.5 558.5 1,310.8 278.7 177.2 472.2 604.5 262.7
414.1 662.1 414.5 262.4 717.9 459.4 145.3 510.3 1,254.3 270.5 154.3 420.8 521.3 359.9
641.4 1,125.1 546.5 315.0 956.2 658.7 290.7 851.7 2,010.0 400.5 199.1 704.6 835.8 548.7
709.1 1,089.0 691.9 340.3 1,401.7 751.9 388.1 932.4 1,948.7 472.2 219.0 885.8 711.0 580.0
576.7 1,033.3 450.8 191.1 1,158.0 562.2 276.9 695.3 1,564.1 320.3 164.1 855.5 592.8 471.0
614.5 1,085.5 516.2 189.8 1,092.3 610.9 375.6 1,012.2 1,547.5 294.0 163.6 756.0 667.1 532.1
549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3 563.6
779.3 230.4 1,666.8 825.0
1,324.3 327.7 4,391.1 1,098.8
1,498.8 328.1 5,192.4 1,234.5
2,456.4 489.3 9,200.0 1,927.7
2,402.6 467.7 7,526.6 2,395.0
2,310.2 405.7 7,563.2 2,246.2
2,555.0 438.7 8,454.8 2,502.3
2,533.3 268.1 9,108.8 2,455.9
437.6
428.3
411.0
529.2
781.1
537.6
414.0
364.1
381.3
182.0 189.1 209.8 154.4 115.5
282.1 284.6 485.8 132.0 249.6
194.6 206.0 350.2 91.0 114.3
171.7 171.6 371.0 80.4 120.6
169.8 174.0 407.7 79.5 89.1
307.1 312.0 901.4 98.5 217.9
299.2 344.8 836.5 83.1 254.3
267.9 322.4 732.9 65.3 203.4
301.2 365.6 542.2 48.2 260.6
227.9 305.5 254.8 10.7 225.9
7 Services 770 Hotels & Other Lodging Places
123.8 123.1
216.5 216.4
184.5 178.8
215.9 186.7
268.8 206.3
594.9 458.8
498.7 398.3
459.0 349.0
443.3 318.6
219.2 168.4
9
Other/diversified holding companies
154.3
244.3
225.5
257.6
277.6
557.7
430.4
415.5
455.8
276.6
IFCG CompositeTotal Return Index
258.9
400.5
280.9
330.3
331.4
555.2
552.2
484.2
522.3
446.4
78
1998 FACI BOOK
EMERGING MARKETS DATA BASE
IFCG Industry Total Return Indexes 1988-1997 (annual % change in US$)
SIC Industry 0
Agriculture/forestry/fishing
1 Mining 110 Metal Mining 2 Construction 215 General Building Contractors
1988
1989
1990
1991
1992
1993
14.3
19.4
-14.9
6.9
5.5
92.0
75.0 80.9
71.0 68.0
-58.5 -61.1
39.9 11.7
-16.1 -15.8
150.4 113.7
39.2 78.6
-37.0 -45.3
0.4 33.2
1994
1995
1996
1997
-11.9
-14.4
13.6
-44.6
46.5 63.6
50.3 81.0
-11.5 -21.6
5.0 -1.9
14.1 -24.1
7.9 -0.5
81.2 75.3
-10.5 -21.8
-13.6 -20.0
-3.6 1.9
-57.0 -42.4
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products TextileMillProducts Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment MiscellaneousManufacturing
62.1 44.2 60.1 29.7 14.4 75.4 80.0 53.6 97.0 55.4 77.1 71.0 55.5 7.2
54.4 94.4 65.9 23.1 59.0 34.9 21,7 58.2 116.0 19.5 44.4 65.9 32.9 38.7
-31.1 -29.6 -43.2 -32.6 -25.8 -23.5 -41.7 -45.3 -28.7 -29.0 -31.2 -40.4 -18.2 11.7
27.4 74.0 45.0 21.1 27.8 19.9 23.2 17.6 39.0 9.6 19.1 10.8 6.5 16.6
-7.0 0.0 -27.2 1.6 -15.6 -4.5 -18.6 -8.6 -4.3 -2.9 -12.9 -10.9 -13.8 37.0
54.9 69.9 31.8 20.0 33.2 43.4 100.1 66.9 60.2 48.1 29.1 67.5 60.3 52.4
10.6 -3.2 26.6 8.0 46.6 14.1 33.5 9.5 -3.0 17.9 10.0 25.7 -14.9 5.7
-18.7 -5.1 -34.8 -43.8 -17.4 -25.2 -28.7 -25.4 -19.7 -32.2 -25.1 -3.4 -16.6 -18.8
6.6 5.1 14.5 -0.7 -5.7 8.7 35.7 45.6 -1.1 -8.2 -0.3 -11.6 12.5 13.0
-10.7 1.5 -25.8 1.1 -14.7 -9.4 -2.0 -22.6 -25.0 -22.6 -15.8 23.0 -37.0 5.9
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
34.8 43.0 15.3 26.4
66.2 38.3 88.3 74.4
-13.8 -47.6 35.2 6.5
69.9 42.3 163.4 33.2
13.2 0.1 18.2 12.3
63.9 49.1 77.2 56.2
-2.2 -4.4 -18.2 24.2
-3.8 -13.3 0.5 -6.2
10.6 8.1 11.8 11.4
-0.8 -38.9 7.7 -1.9
5
Wholesale/retail trade
106.6
21.2
-2.1
-4.0
28.7
47.6
-31.2
-23.0
-12.1
4.7
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
57.8 68.6 -37.0 -64.4
55.1 50.5 131.5 -14.5 116.1
-31.0 -27.6 -27.9 -31.1 -54.2
-11.8 -16.7 5.9 -11.7 5.6
-1.1 1.4 9.9 -1.2 -26.2
80.8 79.3 121.1 24.0 144.6
-2.6 10.5 -7.2 -15.6 16.7
-10.5 -6.5 -12.4 -21.5 -20.0
12.4 13.4 -26.0 -26.1 28.1
-24.3 -16.4 -53.0 -77.9 -13.3
7 Services 770 Hotels & Other Lodging Places
19.2 18.4
74.9 75.8
-14.8 -17.3
17.0 4.4
24.5 10.5
121.3 122.4
-16.2 -13.2
-8.0 -12.4
-3.4 -8.7
-50.5 -47.1
9
Other/diversified holding companies
43.2
58.3
-7.7
14.2
7.7
100.9
-22.8
-3.5
9.7
-39.3
IFCG CompositeTotal ReturnIndex
58.2
54.7
-29.9
17.6
0.3
67.5
-0.5
-12.3
7.9
-14.5
1998 FACIBOOK
EMERGINGMARKETSDATA BASE 79
4.
IFC Investable Indexes
Emerging Stock Markets Factbook 1998
Market Weights in the IFCI Composite Index End-1 997
Market Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Stocks
Market Capitalization (USS millions)
Weight in IFCI Composite Weights in the IFCIComposite Index, End-1997
32 75 50 15 62 24 12
35,016 89,416 44,017 9,110 103,278 9,039 8,334
4.87 12.45 6.13 1.27 14.37 1.26 1.16
Latin America 41%
East Asia China Korea Philippines Taiwan, China
43 184 49 98
5,081 13,699 9,012 60,525
0.71 1.91 1.25 8.42
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
72 61 157 24 5 65
14,693 13,240 42,955 5,304 435 5,136
2.05 1.84 5.98 0.74 0.06 0.71
1,828 6,436 16,220 11,121 18,701 1,119 6,497 6,234 22,256 34,640 1,137 89,821 33,732 454
.5in 0.25 0.90 2.26 1.55 2.60 0.16 0.90 0.87 3.10 4.82 0.16 12.50 4.69 0.06
718,484 298,210 170,079 250,195
100.00 41.51 23.67 34.82
Europe/MideastVAfrica EuzeMideastbAfica Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe Regions Composite Latin America Asia EMEA
82
1998 FACI BOOK
EMEA
6188 6 28 54 13 46 6 11 29 23 30 5 77 58 10 1,424 270 758 396
Asia 24%
Stock Distribution by Region the IFCI CompositeIndex, End-i1997
Latin America 19%
EMEA 28%
-
Asia 53%
EMERGINGMARKETSDATABASF
ComparativeValuationsof the IFCI Indexes, End-1997
Eind 1997
Relative toM5CI World
End 1996
End 1997
Argentina Brazil Chile Colombia Mexico Peru Venezuela
16.22 12.85 14.77 15.89 14.73 14.13 13.41
0.70 0.55 0.64 0.68 0.63 0.61 0.58
37.22 13.92 14.61 8.89 15.62 14.59 22.81
1.83 0.99 1.66 1.18 2.32 1.98 1.24
East Asia China Korea Philippines Taiwan,China
10.16 17.98 10.83 29.02
0.44 0.78 0.47 1.25
15.30 11.89 19.72 28.31
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
15.41 10.91 9.41 12.53 17.01 -68.71
0.66 0.47 0.41 0.54 0.73 -
12.96 22.20 27.24 10.87 11.65 14.48
Market
Dividend yield
Price-book value ratio
Price-earnings ratio
Relative toMSCI World
Relative toMSCI World
End 1996
1996
End 1997
0.59 0.32 0.54 0.38 0.75 0.64 0.40
1.63 0.71 1.58 0.86 1.75 2.61 3.44
2.09 3.43 3.94 2.94 1.49 2.30 1.09
1.16 1.91 2.19 1.63 0.83 1.28 0.61
2.84 2.83 3.82 2.69 1.29 2.56 1.24
1.11 0.50 1.38 3.20
0.36 0.16 0.45 1.04
1.72 0.76 3.02 3.35
1.57 1.25 1.33 0.50
0.87 0.69 0.74 0.28
2.23 1.74 0.90 0.74
2.49 1.45 1.41 2.58 1.60 1.01
0.81 0.47 0.46 0.84 0.52 0.33
2.33 2.84 3.99 1.61 1.29 1.82
1.45 1.76 3.98 2.81 1.25 5.19
0.81 0.98 2.21 1.56 0.69 2.88
1.53 1.35 1.21 2.73 1.47 3.06 -
ETPd
Latin America
Europe/Mideast/Africa Czech Republic
0.91
0.30
0.94
0.34
0.19
4.06
1.32
-
-
-
10.42 18.03
3.15 4.22
1.02 1.37
2.05 1.97
2.89 0.40
1.61 0.22
0.61
-
1.42
0.46
-
1.70
0.94
-
0.66
14.93
1.94
0.63
1.90
1.63
0.91
3.00
0.74
-
3.46
1.12
-
-
-
0.49 1.03
14.33 19.53
1.69 3.20
0.55 1.04
2.60 1.73
1.50 1.38
0.83 0.77
15.22 10.77
0.66 0.46
-
0.54 0.63
0.18 0.20
-
-
-
10.82 20.13 12.80
0.47 0.87 0.55
16.27 10.74 17.08
1.59 6.84 2.87
0.52 2.22 0.93
2.34 3.98 3.95
2.51 1.64 1.46
1.39 0.91 0.81
2.68 4.30 2.23
Composite Latin America Asia EMEA
14.64 14.24 15.11 14.84
0.63 0.61 0.65 0.64
17.84 15.56 22.06 14.86
1.51 1.50 1.55 1.51
0.49 0.49 0.50 0.49
1.82 1.14 2.76 2.27
2.54 2.65 2.68 2.25
1.41 1.47 1.49 1.25
2.14 2.55 1.33 3.34
Developed Markets Japan U.K. U.S. MSCIWorld
41.90 16.80 22.90 23.20
1.81 0.72 0.99 1.00
108.70 14.90 19.30 22.40
1.77 3.43 4.20 3.08
0.57 1.11 1.36 1.00
2.09 2.87 3.50 2.69
0.90 2.80 1.60 1.80
0.50 1.56 0.89 1.00
0.80 3.90 2.00 2.10
-
14.21
Egypt
11.21
0.48
-
Greece Hungary
17.64 27.39
0.76 1.18
Israel
14.14
Jordan
15.30
Morocco
17.10
Poland Portugal Russia
11.38 23.92
Slovakia
South Africa Turkey Zimbabwe
-566.30
6.14 1.06
1.31 2.10
Regions
1998 FACTBOOK
EMERGING MARKETS DATA BASE
83
IFCI Price Indexes 1997 Performance Summary (rankedby 1997% changesin US$)
% chalnge In IFCI
Ran k Emerging Markets
I 2 3 4
Markct
l'rice Index
Turkey
109.9 60.0
Percent Change in IFCIPrice Indexes, 1997
310
Turkey Hungary Mexico Portugal Greece U.S., S&P 500
30.4
Colombia
109.9
5
Hungary Mexico Portugal Greece
6 7
Colombia Pakistan
30.4 26.9
8 9 10 11 12 13
Venezuela Sri Lanka Brazil Israel Argentinia Jordan
25.7
14
Peru
12.5
14
India
5.8
_199
U.K., FT100
15 16
Chile
3.6
_
A
-8.0
19 20 21 22
Taiwant, China South Africa Poland Czech Republic China Zimbabwe Philippines
23 24 25
Korea Malaysia Indonesia
-68.9 -72.9 -73.6
26
Thailand
-78.8
17
18
60 0
48.8 44.4 33.7
48 8
44 4 33.7
22.3
28
21.8 21.7 17.4
25.9
IFCI
25.7
Venezuela
22.3 21.8
Sir Lanka Brazil Israel
12.6
Pakistan
21.7
217.4
-13.8 -18.5
12.8
-22.0 -25.0 -46.8 -61.6
10 0
Argentna Jordan
12.5
58
Peru IFCIEMEA India
3.6
Chile
FT,EuroPac
-2.3
-8 0
Taiwan, China
South Atrica IFCI Composite
-16.6
Poland
-18.5
CzechRepublic
-22.0
Regions
1
Latin America
25.9
2 3 4
EMEA Composite
10.0
-16.6
Asia
-57.4
-25.0
China Japan, Nikkei
-297
Zimbabwe
8
-46
IFCI P;.4Asia
-61.6
Philippines Korea
-68.9
Developed
Markets
1
U.S., S&P 500
31.0
-72.9
2
U.K., FT 100
19.9
-736
3 4
FT, EuroPac Japan, Nikkei
-29.7
-2.3
LatinAmerica
Malaysia Indonesia Thiland
-78 8 -80
-60
-40
-20
0
20
40
60
80
100
120
Dveoerid markets IFCReg,onaInde-en
84
1998 FACTBOOK
EN1ERGIN( MARKETS DATA BASE
IFCI Price Indexes 1997 High, Low, Close (US$; year-end and daily closing levels)
Market
End-1996
High
Date
Low
Date
End-1997 IFCI Price Indexes High and Low vs. 1996 Close
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
950.6 396.4 620.2 633.1 529.7 196.8 728.0
1,283.0 661.4 831.2 929.4 835.8 276.9 1,170.2
Oct 22 Jul 10 Jul 4 Sep 5 Oct 21 Jun 2 Sep 23
910.1 380.3 613.0 631.6 527.1 196.8 676.2
Nov 12 Nov 12 Dec 23 Jan 3 Jan 2 Jan 1 Mar 12
East Asia China Korea Philippines Taiwan, China
73.7 77.3 293.6 153.3
121.1 89.7 315.1 206.6
Aug 25 Jun 17 Feb 3 Jul 28
52.8 20.2 108.6 132.2
Dec 24 Dec 23 Dec 16 Oct 29
1,115.8 482.6 642.6 825.4 788.2 221.4 915.0915.0.
9(% 67%
6
50%
64% I
4% 344
3
3
35'
34%
21% 15
30%
0 -10%
55.3 24.0 112.8 141.1
64%
67% 70%
-4%
-4%
4%
-
-30%
*0
28%
-
-70% -90%1
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
78.8 127.6 336.6 195.7 95.1 221.4
113.8 139.1 365.8 316.0 154.0 230.8
Aug 5 Feb 13 Feb 25 Jul 30 Jul 31 Jan 22
75.4 26.6 88.0 195.7 95.1 45.9
Dec 12 Dec 15 Dec 24 Jan 1 Jan 1 Dec 26
83.4 33.7 91.2 248.4 116.3 47.0
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
70.2 242.4 196.8 100.0 186.7 732.3 146.1 208.6 148.7 473.5
80.8 119.5 404.5 322.6 133.7 226.6 135.5 881.5 211.1 210.2 116.4 241.5 352.0 677.5
Feb 24 Feb 24 Oct 15 Aug 6 Aug 8 Sep 15 Apr 16 Feb 18 Dec31 Oct 6 Apr 3 Feb 25 Oct 17 Jul 22
49.1 86.1 242.4 196.6 100.0 185.8 99.8 555.7 146.1 100.0 89.3 171.6 148.7 232.6
Dec 1 Dec 9 Jan 1 Jan 3 Jan 1 Apr 2 Feb 7 Dec 23 Jan 1 Feb 3 Jul 28 Dec 12 Jan 1 Dec 24
54.7 93.2 324.0 314.7 121.7 210.3 130.3 596.8 211.1 148.7 99.2 179.8 312.1 251.7
Regions Composite Latin America Asia EMEA
-79%
=0
r
-74% 6
5
a
c
-
0 0
150%
137%
125% 100% 75%
56%
61%
62%
61% 44%
50%
436
41%
35% 20%
25%
*%
*
167*,
%%
0%
0%
0%
0%
0%7%
-14%
-24%
-50%
-18%
*51% -63%
-75%
.79%
-79%
-100% 295.0 538.0 252.8 134.3
346.9 792.7 269.8 176.1
Jul 8 Oct 21 Feb 25 Oct 16
234.7 535.4 104.4 134.3
Dec 12 Jan 2 Dec 24 Jan 2
246.0 677.5 107.7 147.7
-74%
8
'
a 8
s a
a
a o a
.
c 5
r.
a F
'4
1997Maroethigh
1998 FACrBOOK
EMERGING MARKETS DATA BASE
85
IFCI Price indexes Regional vs. Developed Market Performance,1997 (end-of-period valuesin US$;end1988=100)
I1ndc.x
Index levels
% change
Jan
Feb
Mlar
Apr
IFCIComposite IFCI Latin America IFCI Asia IFCIEMEA
315.4 586.8 261.2 149.9
330.7 624.6 269.1 158.9
321.7 615.3 255.1 159.7
315.0 637.3 238.8 155.9
324.8 686.7 239.4 157.1
338.1 740.7 241.3 162.7
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
283.1 212.2 62.6 113.5
284.8 217.7 63.7 115.3
272.6 219.3 60.3 115.1
288.5 222.9 62.5 115.4
305.4 234.1 71.4 123.4
318.7 237.3 74.6 129.6
IFCI IFCI IFCI IFCI
Composite Latin America Asia EMEA
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
NvMas
lun
Jul
Aug
Sep
Oct
Nov
Dec
340.6 779.5 234.6 161.0
296.8 710.8 182.4 154.8
306.0 770.0 171.3 165.0
255.5 625.9 138.5 150.5
243.3 644.5 119.2 141.3
246.0 677.5 107.7 147.7
343.6 248.8 71.2 131.1
323.9 241.9 62.8 121.1
341.1 262.3 61.4 127.2
329.3 251.4 56.7 117.4
344.0 252.1 54.0 115.5
349.4 261.6 48.6 115.6
6.9 9.1 3.3 11.6
4.8 6.4 3.0 6.0
-2.7 -1.5 -5.2 0.5
-2.1 3.6 -6.4 -2.4
3.1 7.8 0.2 0.8
4.1 7.9 0.8 3.6
0.8 5.2 -2.7 -1.0
-12.9 -8.8 -22.3 -3.9
3.1 8.3 -6.1 6.6
-16.5 -18.7 -19.2 -8.8
-4.7 3.0 -13.9 -6.1
1.1 5.1 -9.6 4.5
6.1 -2.8 -9.5 -4.1
0.6 2.6 1.8 1.6
-4.3 0.7 -5.4 -0.2
5.8 1.6 3.8 0.3
5.9 5.0 14.1 6.9
4.3 1.3 4.6 5.0
7.8 4.9 -4.6 1.2
-5.7 -2.8 -11.7 -7.7
5.3 8.4 -2.2 5.1
-3.4 -4.1 -7.6 -7.7
4.5 0.3 -4.7 -1.7
1.6 3.8 -10.0 0.1
IFCI Regional Price Indexes vs. U.S. S&P 500, 1997 (daily; rebased to end-1996=100) 160 150140130 120110 -
_
:
100
, IFCI r | Composite , I
^ -
3709t i,
0
0I
;0
IFCI LatinAmerica FCF }= Asia
0
70
60 50 40 30 Dec31 1996
86
1998 FACTBOOK
..
Jan22
Feb12
-
Mar5
Mar26
Apr16
May7
May28
Jun18
Jul9
Ju130 Aug20
Sep10
OctI
Oct22
Nov12
Dec3
U.S., . -P
0
Dec31 1997
EMERGING
MARKFTS
DATA BASE
IFCI Price Indexes, Regional vs. Developed Market Performance, 1988-1997 valuesin US$;end1988=100) (end-of-period
Index levels
% change
1994
1993
1992
1991
1996
1995
1997
Index
1988
1989
1990
IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA
100.0 100.0 100.0 100.0
155.5 164.9 150.0 168.7
147.4 174.0 118.2 184.6
200.5 406.3 129.7 126.1
202.9 415.4 149.8 79.8
355.6 650.6 290.8 169.3
307.4 580.2 249.4 118.5
275.8 471.7 232.2 141.6
295.0 538.0 252.8 134.3
246.0 677.5 107.7 147.7
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
100.0 100.0 100.0 100.0
127.3 121.1 112.2 109.5
118.9 128.1 72.8 81.6
150.2 140.1 76.3 89.9
156.9 133.5 56.2 76.3
168.7 156.6 64.7 98.4
165.4 148.5 81.9 105.4
221.8 177.4 79.8 114.2
266.7 218.2 69.1 118.3
349.4 261.6 48.6 115.6
-
55.5 64.9 50.0 68.7
-5.2 5.6 -21.2 9.4
36.1 133.5 9.8 -31.7
1.2 2.2 15.5 -36.7
75.3 56.6 94.1 112.3
-13.6 -10.8 -14.2 -30.0
-10.3 -18.7 -6.9 19.5
7.0 14.0 8.9 -5.2
-16.6 25.9 -57.4 10.0
12.0 0.8 30.7 26.5
27.3 21.1 12.2 9.5
-6.6 5.8 -35.1 -25.5
26.3 9.4 4.9 10.1
4.5 -4.7 -26.4 -15.0
7.6 17.3 15.1 28.9
-2.0 -5.2 26.7 7.1
34.1 19.4 -2.6 8.3
20.3 23.0 -13.4 3.6
31.0 19.9 -29.7 -2.3
-
IFCI Composite IFCI Latin America IFCIAsia IFCIEMEA
-
U.S., S&P 500 U.K., FT 100 Japan, Nikkei FT, EuroPac
IFCI Regional Price Indexes vs. U.S. S&P 500, 1989-1997 (monthly; end-1988=100) 900 800 700-
/
600500 400 -
IFCIComposite
300
IFCI Asia_
200 100 0 Dec 1988
-L -
Jun 1989
1998 FACTBOOK
Dec 1989
Jun 1990
Dec 1990
Jun 1991
Dec 1991
Jun 1992
Dec 1992
Jun 1993
Dec 1993
Jun 1994
Dec 1994
Jun 1995
Dec 1995
Jun 1996
Dec 1996
Jun 1997
F
..
EMEA
& 0
Dec 1997
EMERGINGMARKETSDATA BASE 87
IFCI Price Indexes 1997 (end-of-period valuesin US$)
Barse date (=l(.l))
Alarkch
\lar
Nlae
Sep
Jun
Jul
Ag
1,128.7 559.6 781.4 859.2 619.1 266.4 786.6
1,157.9 611.7 803.2 829.4 688.9 262.5 1,041.7
1,227.9 630.5 806.9 829.4 778.8 243.3 1,046.2
1,204.2 526.6 770.5 874.6 728.3 244.1 1,046.6
1,233.3 582.3 777.0 890.6 824.5 242.8 1,129.0
1,003.4 438.6 697.8 877.5 668.3 223.1 995.9
1,065.7 451.1 656.1 802.0 728.4 219.4 929.8
1,115.8 482.6 642.6 825.4 788.1 221.4 915.0
83.3 75.9 239.0 176.2
81.2 81.9 250.0 168.0
82.1 83.3 247.5 187.5
94.6 80.3 216.9 202.8
109.7 77.3 161.3 192.8
87.0 69.8 146.4 171.6
71.3 49.1 127.5 136.4
56.4 35.9 123.8 140.0
55.3 24.0 112.8 141.1
84.5 125.5 339.9 236.3 99.2 186.2
96.0 121.4 295.8 232.5 111.7 174.6
94.2 130.7 299.2 228.4 113.8 151.5
105.9 134.8 286.7 237.5 131.0 136.8
108.0 123.9 263.0 310.2 154.0 146.0
96.0 74.6 179.0 261.6 134.7 97.2
96.3 80.1 167.9 279.5 133.0 102.7
93.3 68.1 132.6 267.2 119.8 69.3
82.5 52.2 100.6 251.5 110.8 60.5
83.3 33.7 91.1 248.4 116.3 47.0
68.1 104.9 326.6 238.9 111.8 186.3 125.0 768.8 162.3 112.8 114.9 236.5 228.9 584.1
61.0 105.2 333.6 254.0 111.1 188.1 132.2 727.2 163.0 116.3 107.4 237.7 188.9 589.7
54.0 95.4 373.3 257.2 121.3 198.9 120.5 699.1 176.0 125.9 108.6 229.0 211.7 555.6
56.3 97.2 345.5 283.7 121.5 198.2 122.4 645.3 188.6 149.4 91.4 238.3 230.1 578.0
56.9 94.4 346.2 302.9 131.3 212.2 120.8 610.5 191.3 180.7 92.1 235.6 219.0 668.1
62.9 100.5 333.6 276.8 123.4 209.2 126.7 685.6 180.7 168.8 94.8 223.8 213.6 580.5
64.0 105.5 394.9 297.7 128.5 224.1 128.9 740.0 204.3 184.5 100.5 219.6 270.7 522.2
60.0 101.6 339.1 276.1 117.3 212.7 132.8 623.5 195.8 163.3 104.3 192.5 275.9 537.7
53.5 95.0 332.1 251.7 120.6 214.3 132.5 569.3 202.5 126.3 96.8 184.1 265.7 403.2
54.7 93.2 324.0 314.7 121.7 210.3 130.3 596.8 211.1 148.7 99.1 179.8 312.1 251.7
Jaii
Feb
-Apr
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
1,023.5 440.1 679.5 684.3 574.5 212.0 707.8
1,034.3 486.6 719.8 757.3 595.1 224.6 750.0
1,018.8 482.8 701.0 767.6 584.4 231.2 708.3
1,056.2 514.1 719.6 830.8 583.5 244.0 702.3
Dec-92 Jan-92 Dec-88 Jan-91
73.1 79.8 312.3 159.8
75.1 76.2 301.7 169.3
72.7 73.7 291.5 166.5
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
85.1 137.4 344.2 233.4 97.0 208.3
91.1 135.7 363.1 253.4 100.5 192.5
Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Juni-93
71.1 289.7 246.9 112.4 186.8 784.6 158.7 214.4 233.7 550.2
75.4 110.7 310.7 240.8 117.8 192.7 108.5 840.5 159.5 118.8 112.1 234.7 227.6 614.5
Oct
No\
Dec
Latin America
Argentina Brazil Chile Colombia Mexico Peru Venezuela East Asia
China Korea Philippines Taiwan, China South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa
Czech Republic Egypt* Greece Hungary Israel Jordan Morocco* Poland Portugal Russia* Slovakia* South Africa Turkey Zimbabwe
Note:IFCIEgypt, Morocco,Russia,anidSlovakiahave a basedate of Feb. 3,1997-100.
88
1998 FACTBOOK
EMNlRGING MARK1,rs DATA BASE
IFCI Price Indexes 1997 (monthly % change in US$)
0.3 7.4 -6.2 6.8 -1.2 5.7
-3.1 -15.0 -21.0 -4.4 -9.9 -32.5
-11.5 -23.3 -24.1 -5.9 -7.6 -12.7
1.0 -35.5 -9.4 -1.2 5.0 -22.3
10.7 6.4 -3.6 -8.6 -5.9 -1.4 4.9 12.3 -5.5 -6.6 3.0 -5.0 -2.5 -13.1
1.6 5.1 18.4 7.6 4.1 7.1 1.7 7.9 13.1 9.3 6.0 -1.9 26.7 -10.0
-6.2 -3.7 -14.1 -7.3 -8.7 -5.1 3.1 -15.8 -4.2 -11.5 3.8 -12.3 1.9 3.0
-10.8 -6.6 -2.1 -8.8 2.8 0.8 -0.2 -8.7 3.4 -22.6 -7.3 -4.4 -3.7 -25.0
2.2 -1.8 -2.4 25.0 0.9 -1.9 -1.7 4.8 4.2 17.7 2.5 -2.3 17.5 -37.6
15.9 -3.8 -25.7 -5.0
-7.1 -7.5 -6.4 -6.7 -1.3 -3.3
13.5 -3.3 -13.0 -1.6 12.6 -6.2
-1.8 7.7 1.1 -1.8 1.8 -13.3
12.4 3.2 -4.2 4.0 15.2 -9.7
2.0 -8.1 -8.2 30.6 17.5 6.7
-9.7 -5.2 5.1 -0.8 -5.1 -3.3 15.2 -8.5 1.7 -5.1 2.5 0.7 0.6 -5.0
-10.4 0.2 2.2 6.3 -0.6 1.0 5.8 -5.4 0.5 3.1 -6.5 0.5 -17.5 1.0
-11.5 -9.2 11.9 1.3 9.2 5.7 -8.8 -3.9 8.0 8.3 1.1 -3.7 12.1 -5.8
4.1 1.8 -7.4 10.3 0.2 -0.3 1.6 -7.7 7.1 18.6 -15.8 4.0 8.7 4.0
1.1 -2.9 0.2 6.8 8.0 7.0 -1.3 -5.4 1.4 21.0 0.7 -1.1 -4.8 15.6
7.0 -1.2 5.5 8.5 3.5 -7.6
6.1
1998 FACITBOOK
-11.1 -39.8 -32.0 -15.6 -12.5 -33.4
15.3 -3.6 -12.4 8.1
8.0 7.6 2.2 19.3 2.1 -5.9
2.8 57.2 16.2
-2.0 -33.0 -9.0 0.8
1.0 1.7 -1.0 11.6
-3.2 -3.3 -3.4 -1.6
-
-20.9 -26.9 -2.9 2.6
-2.5 7.9 4.6 -4.6
2.8 -4.6 -3.4 5.9
-
-18.0 -29.7 -12.9 -20.5
14.5 3.1 -18.0 5.8
-0.9 3.3 6.4 4.3
7.1 8.6
-20.6 -9.6 -9.2 -11.0
-1.9 -16.5 -4.5 5.4 -6.5 0.3 0.0
East Asia China Korea Philippines Taiwan, China
7.3 -2.4 4.8 3.1 7.1 0.5 9.5 -2.6 11.7
4.7 7.0 -2.0 2.9 8.2 0.9 -1.6
6.0 3.1 0.5 0.0 13.0 -7.3 0.4
3.7 6.5 2.6 8.2 -0.2 5.5 -0.8
19.5 25.5 12.4 0.1
6.2 2.8 -6.0 -8.6 9.0 -1.7 -6.6
2.6 9.3 2.8 -3.5 11.3 -1.5 32.4
-1.5 -0.8 -2.6 1.4 -1.8 2.9 -5.6
-
-18.6 -24.7 -10.2 -1.5 -18.9 -8.1 -11.8
6.9 8.8 8.6 3.4 6.1 9.2 12.0
1.0 10.6 5.9 10.7 3.6 5.9 6.0
-
2.4 10.6 0.8 1.8 13.2 -0.5 7.9
Sep
7.7 11.0 9.6 8.1 8.5 7.8 -2.8
1.3
Dec
Aug
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
Nov
Jul
Apr
Feb
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Oct
Jun
Mar
Jan
Mmrket
May
EMERGING MARKEImSDATA BASE
89
IFCI Price indexes 1988-1997 (end-of-period valuesin US$)
.\l7rket
BaSc daitc (i=100.0)
I 9S8
1989
1 99i1
100.0 100.0 100.0 100.0 -
257.7 118.6 136.0 225.3 -
-
18 91
19Y92
1993
1994
1t99
-
146.2 34.7 182.2 278.3 684.6
791.5 125.9 367.6 310.9 582.8 1,063.8
579.6 125.0 418.5 425.2 676.0 100.0 519.6
994.0 232.7 551,8 644.7 1,006.4 120.9 591.9
734.4 384.4 784.3 811.6 607.9 178.3 495.0
800.9 305.3 748.5 598.1 453.2 197.2 334.4
950.6 396.4 620.2 633.1 529.7 196.8 728.0
1,115.8 482.6 642.6 825.4 788.1 221.4 915.0
1 9C
1997
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
100.0 -
159.2 -
65.7 -
111.7 101.9
100.0 98.2 133.5 73.8
149.3 118.2 336.6 135.2
75.9 136.8 298.1 164.6
54.1 125.9 259.5 112.8
73.7 77.3 293.6 153.3
55.3 24.0 112.8 141.1
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
100.0 100.0
143.3 198.5
96.3 126.7 145.1
57.4 135.9 304.1 171.6
93.7 58.7 163.5 200.2 100.0 230.4
116.5 124.7 339.0 387.9 177.2 477.6
123.5 99.8 268.8 366.1 172.0 383.5
80.4 109.7 271.2 242.6
78.8 127.6 336.6 195.7 95.1 221.4
83.3 33.7 91.1 248.4 116.3 47.0
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Jun-93
100.0 100.0 100.0 -
189.3 96.0 138.1
368.6 -99.4 89.6
288.6 -
195.3 100.0
100.0 227.7 166.6
80.2 225.6 151.8
60.0 241.5 98.4
54.7 93.2 324.0 314.7
-
-
-
99.9 91.7
116.8 100.0 77.3
165.5 817.9 113.8
150,0 469.3 121.1
184.7 426.3 115.8
70.2 242.3 196.8 100.0 186.7 732.3 146.1
-
-
-
-
-
100.0 68.4 -
176.4 212.6 202.1
224.7 120.7 244.7
258.0 104.5 274.7
208.6 148.7 473.4
90
1998 FACTBOOK
-
-
282.4 -
278.8
145.2 -
104.1 375.8
121.7 210.3 130.3 596.8 211.1 148.7 99.1 179.8 312.1 251.7
ENUERGINGMARKETS DATA BASE
IFCI Price Indexes 1989-1997 (annual % change in US$)
Market Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
1989
1990
1991
1992
1993
1994
157.7 18.5 36.0 125.3 -
-43.3 -70.8 34.0 23.5 -
441.5 263.2 101.8
-
-
55.4
-26.8 -0.7 13.8 36.7 16.0 -51.2
71.5 86.2 31.8 51.6 48.9 20.9 13.9
-26.1 65.2 42.1 25.9 -39.6 47.4 -16.4
-
19.6 -27.6
49.3 20.4 152.1 83.3
-40.4 7.2 18.2
2.2 20.4 -34.2 34.2
-
-21.7 -
-32.3 -
-
-
-
-
3.6
0.5
16.9
41.7
-9.4
East Asia China Korea Philippines Taiwan,China
59.2 -
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
43.3 98.5
Europe/Mideast/Africa Czech Republic Egypt Greece
Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
1998 FACTBOOK
109.4 -
-
-
-58.7 -
-
89.3 --4.0
-11.6 -26.9 94.7
70.0
1995
1996
1997
9.1 -20.6 -4.6 -26.3 -25.4 10.6 -32.4
18.7 29.8 -17.1 5.9 16.9 -0.2 117.7
17.4 21.8 3.6 30.4 48.8 12.5 25.7
-49.2 15.8 -11.4 21.7
-28.7 -8.0 -12.9 -31.5
36.2 -38.6 13.1 35.9
-25.0 -68.9 -61.6 -8.0
24.3 112.4 107.3 93.8 77.2 107.3
6.0 -20.0 -20.7 -5.6 -3.0 -19.7
-34.9 9.9 0.9 -33.7 -39.5 -2.0
-2.0 16.3 24.1 -19.3 -8.6 -41.1
5.8 -73.6 -72.9 26.9 22.3 -78.8
16.6 66.6
-19.8 -0.9 -8.9
-25.2 7.0 -35.2
17.0
-22.0
-
23.1
-
-
-
-
-
-
38.1
-35.1
2.3
-15.7
717.9 47.3
-42.6 6.4
-9.2 -4.4
-
-
-
-
-1.3 -
-47.9 -
-52.8 -
76.4 210.6 -
27.4 -43.3 21.1
14.8 -13.4 12.3
-
0.3 100.0 1.1
33.7 60.0 21.7 12.6
-
71.8 26.2
-18.5 44.4 -
-19.1 42.3 72.3
-
-13.8 109.9 -46.8
EMERGING MARKETSDATA BASE 91
Statistics of the IFCI Price Indexes (US$; December 1992-December 1997)
AI Itia1iiiZed
Nuimber of Mairkel
ill(orlnls
Nlean of
Standard
ange
I)evii [tion
" sCh
.nnInila iced IIIl
ntaridi pa dc.tiioil 0\
(CIIr'rliti()
w\itli SP501)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
60 60 60 60 60 60 60
1.49 2.84 0.94 1.35 0.85 1.75 2.11
8.82 10.98 6.80 7.11 10.51 9.43 14.89
17.88 34.08 11.28 16.20 10.20 21.00 25.32
30.55 38.04 23.56 24.63 36.41 32.67 51.58
0.48 0.30 0.28 -0.06 0.36 0.09 0.06
East Asia China Korea Philippines Taiwan, China
60 60 60 60
-0.36 -1.88 0.21 1.62
11.13 8.91 10.15 10.99
-4.32 -22.56 2.52 19.44
38.56 30.87 35.16 38.07
0.16 0.07 0.19 0.18
South Asia India Tndonesia Malaysia Pakistan Sri Lanka Thailand
60 60 60 60 60 60
0.15 -0.26 -0.47 0.83 0.63 -1.95
8.47 10.92 9.71 9.98 8.77 11.39
1.80 -3.12 -5.64 9.96 7.56 -23.40
29.34 37.83 33.64 34.57 30.38 39.46
0.11 0.42 0.19 0.23 0.20 0.34
Europe/MideasVAfrica Czech Republic' Egypt* Greece Hungary Tsrael* Jordan Morocco* Poland Portugal Russia' SouthAfrica Slovakia* Turkey Zimbabwe
47 10 60 60 12 60 10 60 60 10 60 10 60 54
-2.02 -1.59 1.06 2.75 1.83 1.07 2.01 4.73 1.84 3.22 1.19 -1.00 3.96 2.42
7.56 5.01 6.67 13.93 6.38 4.22 6.20 20.51 5.62 14.44 6.52 6.74 17.51 11.65
-24.24 -19.08 12.72 33.00 21.96 12.84 24.12 56.76 22.08 38.64 14.28 -12.00 47.52 29.04
26.19 17.36 23.11 48.25 22.10 14.62 21.48 71.05 19.47 50.02 22.59 23.35 60.66 40.36
0.09 -0.18 0.29 0.31 0.81 0.22 -0.60 0.15 0.38 0.50 0.13 -0.37 0.06 0.03
AnII iitii
1,7ukcl
o-Ibur ot Iniolltlbls
No.iieof Kciaiige
Stindiard D,x iai il
.\111 n u iCed 11t'.10l
oiz
stindard dcit''ilLi onl
CorrelatidIon (d \ith
S&P'5tXl
Regions Composite Latin America Asia EMEA
60 60 60 60
0.49 1.12 -0.26 1.31
5.81 7.68 7.57 7.58
5.88 13.44 -3.12 15.72
20.13 26.60 26.22 26.26
0.41 0.41 0.28 0.13
Developed Markets U.S., S&P 500 U.K., FT 100 Japan, Nikkei U.K., EuroPac
60 60 60 60
1.39 1.19 -0.01 0.77
3.09 3.59 6.91 4.04
16.68 14.28 -0.12 9.24
10.70 12.44 23.94 13.99
1.00 0.54 0.23 0.43
Note: Statistical data based on less than 60 months of data.
92
1998 FAC I BOOK
EMFRGING MARK[TS DAT-A BASF
Statistics of the IFCI Price Indexes (US$December 1992-December 1997) 80
IFCI Price Index Annualized
Standard
Deviation,
1992-1997
r
70
2,,
IFCI Price Index Annualized Mean Return, 1992-1997
I
-
'<
1-
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0
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_
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-
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°i
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C
c
(D 3
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Israel U.K., FT 100
(
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Russia Argentina
CD
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CD 5
IFCI Composite
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0
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(
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P
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z
Zimbabwe Colombia
>
Egypt Slovakia Morocco
> 'a
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aD =3
IFCI Total Return Indexes 1997 Performance Summary (rankedby 1997% changein US$)
challge in I FCI
Rank Emerging Markets
1 2 3
Market
Total
Return
Index
Percent Change in IFCI Total Return Indexes, 1997
Turkey Hungary Mexico
117.08 61.81 51.58
4
Portugal
47.77
5
Greece
37.73
6 7
Colombia Pakistan
34.45 30.87
8 9
Venezuela Brazil
27.19 25.79
10
Israel
24.25
293
11
Sri Lanka
23.96
272
12 13
Argentina Jordan
20.06 15.30
14
Peru
15.17
15 16 17 19
India Chile Taiwan, China South Africa Poland
7.30 6.89 -7.40 -11.47 -17.02
20
Czech Republic
-21.81
21
China
-23.88
69
22
Zimbabwe
-45.54
2
23 24 25 26 27
Philippines Korea Malaysia Indonesia Thailand
-61.21 -68.22 -72.27 -73.20 -78.07
18
11171 Turkey
y618 =
1
IFCI Latin America
29.27
2
IFCI EMEA
12.85
3
IFCI Composite
-14.74
4
IFCI Asia
-56.65
1 2
U.S., S&P 500 FT, EuroPac
33.34 -0.22
Neither of the localJapanese indexes (Nikkei and Topix) publishes a totalreturn index.
333
US S&PSoo Pakistan IFCILatm A-relca Venezuela
Portugal Greece Colombia
Braz Israel
243
240 201 163 152 129
SrLanka Argentina Jordan Per, FCI EMEA
3
Iml,a Chile
FT, EuroPac T-an China awanC South Africa IFCComposne Poand
11 147
172
CaechRepubirc
E
Z,nlbabwe
455
FCIAsa
.566
-612
Ph91ppn =
0144
72.3
Malaysia
.732
HInonesia
78.1
Thailand
80 60 40 -20 0
Note:
MIco
_5E
6582
Developed Markets
16 478 377 345
30.9
218
Regions
Hungary
20 40 6080
107 120 140
Enrsn9aeg FC eaa-era
96
1998 FACTBOOK
EMERGING MARKETS DATA BASE
IFCI Total Return Indexes 1997 High, Low, Close (US$;year-endand dailyclosingvalues)
Market
End-1996
Latin America Argentina Brazil
High
Date
Low
Date
EncI-1997 IFCI Total Return Indexes High and Low vs. 1996 Close
1,315.9 518.5
1,806.1 884.6
Oct 22 Jul 10
1,281.5 511.3
Nov 12 Nov 12
Chile
935.5
1,277.5
Jul 4
935.5
Jan
Colombia
742.9
1,114.4
Sep 5
741.9
Jan 3
998.8
Mexico
607.9
975.6
Oct 21
605.0
Jan 2
921.4
50%- 37%
Peru Venezuela
209.4 859.9
297.2 1,393.8
Jun 2 Sep 23
209.4 800.1
Jan 1 Mar 12
241.1 1,093.7
30°- *5%
1
1,579.8 652.3 999.9
90% 70%
72
71%
71
67%
3
China Korea Philippines Taiwan, China
-10%
82.1 82.9 316.9 163.2
136.8 98.3 340.1 221.0
Aug 25 Jun 17 Feb 3 Jul 28
59.6 22.2 118.3 141.7
82.9
121.2
Aug 5 Jul 8 Feb 25 Jul 30 Jul 31 Jan 22
Dec Dec Dec Oct
24 23 16 29
62.5 26.3 122.9 151.2
80.5
Dec 12
89.0
29.4 107.6 231.5 100.4 58.5
Dec 15 Dec 24 Jan 1 Jan 1 Dec 26
37.3 111.4 302.9 124.4 60.0
South Asia
India Indonesia Malaysia Pakistan Sri Lanka Thailand
139.1 401.7 231.5 100.4 273.4
152.1 437.4 379.3 164.7 285.2
46%
37%
35%
24% 19° *
9%
10%
East Asia
% 66% 50%
0
%
0
9%
0
0
01%
_ -3%
_
-30%
-30%
-30%
7 -50% -70% 90%
-73% -73%
79% 4
N
C
S
0
145%
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary
150%125%-0
70.6 384.3
81.3 119.5 660.9
Feb 24 Feb 24 Oct 15
49.6 89.1 384.3
Dec 1 Dec 9 Jan 1
55.2 97.2 529.3
Israel
216.5 100.0
359.0 135.0
Aug 6 Aug 8
216.3 100.0
Jan 3 Jan 1
350.3 124.3
Jordan
236.5
293.9
Sep 15
235.6
Jan 6
272.7
50%
Morocco Poland Portugal
136.8 947.8 269.5
Nov 12 Feb 18 Dec 31
99.8 608.4 182.3
Feb 7 Dec 23 Jan 1
132.9 653.4 269.5
25%
787.4 182.3
210.4
Oct 6
100.0
Feb 3
148.8
-25%
Apr3 Jul 28 Oct 17 Jul 22
92.5 194.6 207.7 271.1
Jul 28 Dec 12 Jan 1 Dec 24
102.7 204.1 450.9 293.3
50%
Jul Oct Feb Oct
292.9 672.7 125.4 185.0
Dec 12 Jan 2 Dec 24 Jan 2
307.3 873.5 129.4 208.8
-
Russia
-
Slovakia South Africa Turkey Zimbabwe
230.6 207.7 538.6
116.4 268.1 508.5 782.9
Regions Composite Latin America Asia EMEA
360.4 675.7 298.5 185.0
429.6 1,017.4 319.2 248.1
100/. 75% 60% 64% 5
64%
42%
20%
45%
16%
7% 0%
0%
4%
0%
%
0%
0
16%
-13%
0%
-7% -50%
-75%
_
-63%
-100% _
8 21 25 16
62%
48%
a
=
a=
,a a
°
=
=
2
S
2
> H
1997Marketlow 1997Markethigh
1998 FACITBOOK
EMERGINGMARKErS DATA BASE 97
N
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1997 valuesin US$;end 1988=100) (end-of-period
Index level
% change
Index
Jan
Feb
Mar
Apr
Mlay
Ju11
Jul
Aug
Sep
COct
IFCIComposite IFCI Latin America IFCI Asia IFCI EMEA
385.9
404.8
394.6
387.9
401.1
418.4
422.5
738.0 309.0 206.5
786.2 318.5 219.2
777.0 302.2 220.9
809.5 283.1 216.8
874.9 284.4 219.5
945.2 287.1 228.3
997.7 279.8 226.0
368.5 910.9 217.8 217.4
380.5 987.8 204.9 232.4
318.1 803.8 165.9 212.2
303.3 828.6 142.8 199.4
307.3 873.5 129.4 208.8
U.S., S&P 500 FT, EuroPac
685.7 586.3
691.2 596.6
662.8 596.3
702.4 599.0
745.1 641.7
778.5 675.1
840.4 684.3
793.4 632.8
836.8 666.0
808.9 615.9
846.3 606.7
860.8 608.6
7.1 9.2
4.9 6.5
-2.5 -1.2
-1.7 4.2
3.4 8.1
4.3 8.0
1.0 5.5
-12.8 -8.7
3.3 8.4
-16.4 -18.6
-4.7 3.1
1.3 5.4
IFCI Asia IFCIEMEA
3.5 11.6
3.1 6.1
-5.1 0.8
-6.3 -1.8
0.4 1.2
1.0 4.0
-2.5 -1.0
-22.2 -3.8
-5.9 6.9
-19.0 -8.7
-13.9 -6.0
-9.4 4.7
U.S., S&P 500 FT, EuroPac
6.2 -3.9
0.8 1.8
-4.1 0.0
6.0 0.4
6.1 7.1
4.5 5.2
8.0 1.4
-5.6 -7.5
5.5 5.2
-3.3 -7.5
4.6 -1.5
1.7 0.3
IFCI Composite IFCI Latin America
Nov
Dec
Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details. IFCI Regional Total Return Indexes vs. U.S. S&P 500, 1997 (weekly; rebased to end-1996=100)
160 150140 13012098 0
IFCI Composite ~~~~~~~~~~~~~~~~~~~~~ Latin America ~~~~~~~~~~~~~~~~~~~~~ Asia
'77 77
-
80 K,
-IFCIEMEA -U.S.,
40 30 Dec31 1996
98
S&P500
1997
199
Jan22
1I998 FACTBtOO
Feb12
Mar5
Mar26
Apr16
May7
May28
Jun18
JuI9
Jul30 Aug20
Sep10
Octl
Oct22 Nov12
Dec3
Dec31 1997
EMERGING MARKETS DA\TABASE
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1988-1997 (end-of-periodvalues in US$; end 1988=100)
Inde' Index
Level
IFCI IFCI IFCI IFCI
Composite Latin America Asia EMEA
U.S., S&P 500 FT, EuroPac
Percent
Change
1988
1989
1990
1 99 1
1992
1993
1'99)
100.0 100.0 100.0 100.0
161.5 176.2 154.1 175.8
158.0 192.3 124.5 200.2
220.4 460.0 139.9 141.7
227.7 475.8 165.8 95.4
408.9 764.9 327.7 212.2
359.8 693.3 285.8 154.6
100.0 100.0
131.6 111.3
127.5 84.7
166.2 95.4
179.0 83.2
196.8 109.4
329.5 576.5 270.1 189.4
199.4 119.4
219.3 157.1
i)q -
I 099
,)
360.4 675.7 298.5 185.0
307.3 873.5 129.4 208.8
269.9 166.3
359.8 165.9
IFCI Composite
-
61.5
-2.2
39.5
3.3
79.6
-12.0
-8.4
9.4
-14.7
IFCI Latin America IFCI Asia IFCI EMEA
-
76.2 54.1 75.8
9.1 -19.2 13.9
139.2 12.4 -29.2
3.5 18.5 -32.7
60.7 97.6 122.4
-9.4 -12.8 -27.1
-16.9 -5.5 22.5
17.2 10.5 -2.3
29.3 -56.6 12.9
U.S., S&P 500 FT, EuroPac
-
-3.1 -23.8
30.4 12.6
7.6 -12.8
10.0 31.5
1.3 9.1
10.0 31.5
23.0 5.8
33.3 -0.2
.
31.6 11.3
Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCI Regional Total Return Indexes vs. U.S. S&P 500, 1989-1997 (monthly; end-1988=100)
1,100 1,000 ' 900 800700600500
IFCI Composite I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~_____
-
IFCI LatinAmerica
400 300 200
IFCIAsia
IFCIEMEA U.S.,S&P5e0
100 0 Dec 1988
1998 FACTBOOK
Jun 1989
Dec 1989
Jun 1990
Dec 1990
Jun 1991
Dec 1991
Jun 1992
Dec 1992
Jun 1993
Dec 1993
Jun 1994
Dec 1994
Jun 1995
Dec 1995
Jun 1996
Dec 1996
Jun 1997
Dec 1997
LNMER(1\.(; MARtFS
fJDA
EA
1Bxst.
99
IFCI Total Return Indexes 1997 (end-of-period valuesin US$)
Arsket
Base rdtc (=lIOD
Jan
Feb
%lar
Apr
Nav
jun
jul
Aug
Sep
Oct
No\
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
1,416.9 577.1 1,027.8 804.6 659.3 225.6 836.0
1,435.3 638.5 1,090.2 891.9 683.0 239.4 887.0
1,416.0 637.0 1,062.8 907.1 672.2 247.6 838.0
1,469.5 686.1 1,097.6 985.4 672.1 261.5 832.5
1,576.1 748.0 1,200.7 1,021.0 715.1 285.9 933.1
1,616.8 817.7 1,234.3 988.7 799.0 283.6 1,239.3
1,721.8 845.1 1,243.0 990.8 906.7 262.9 1,245.4
1,692.7 706.8 1,188.9 1,047.9 848.5 264.1 1,246.2
1,733.6 782.2 1,200.1 1,069.8 962.0 262.8 1,344.8
1,412.9 589.5 1,081.9 1,055.7 780.0 241.5 1,187.8
1,504.2 606.5 1,019.4 966.4 850.1 238.8 1,111.0
1,579.8 652.3 999.9 998.8 921.4 241.1 1,093.7
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
81.4 87.5 337.1 170.2
83.6 83.5 325.8 180.3
81.0 80.8 315.5 177.4
92.8 83.2 258.8 187.7
91.5 89.8 270.8 179.3
92.6 91.3 268.3 200.5
106.9 88.0 235.2 217.0
123.9 84.7 175.0 206.2
98.3 76.6 159.1 183.6
80.6 53.8 138.5 146.2
63.8 39.3 134.7 150.0
62.5 26.3 122.9 151.2
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
89.6 149.7 411.4 277.0 102.6 257.4
95.8 147.9 434.3 300.7 106.2 237.9
89.0 136.7 406.7 280.8 105.1 232.1
101.2 132.3 354.2 276.8 118.6 219.8
99.7 142.9 358.8 272.0 120.8 191.5
112.4 147.6 344.4 285.1 140.1 173.0
114.9 137.1 316.5 372.4 164.7 184.6
102.3 82.6 215.9 314.1 144.1 123.5
102.7 88.7 203.2 336.6 142.3 130.8
99.5 75.3 160.9 322.6 128.2 88.3
88.0 57.8 122.3 303.6 118.5 77.1
88.9 37.3 111.4 302.9 124.4 60.0
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Jun-93
71.5 459.6 271.6 112.4 236.7 843.7 198.0 237.0 326.5 626.0
75.9 110.7 493.2 265.0 117.9 244.1 108.5 903.7 199.1 118.8 112.1 259.9 317.9 699.1
68.7 104.9 521.9 262.8 112.0 237.9 125.0 826.6 202.5 112.8 114.9 262.7 320.6 666.3
61.5 105.3 533.7 279.4 111.3 242.5 132.2 781.9 206.4 116.4 108.1 264.9 268.9 673.4
54.4 95.5 602.2 284.6 122.2 258.0 120.5 752.8 224.6 126.0 112.5 255.4 305.8 635.1
56.7 97.8 561.9 315.4 122.6 257.1 122.7 703.7 240.8 149.5 94.7 267.1 332.3 667.9
57.4 96.8 565.4 336.7 132.4 275.2 122.8 666.2 244.3 180.9 95.4 264.1 316.4 772.0
63.5 103.0 545.0 308.0 124.9 271.3 128.8 750.6 230.7 168.9 98.2 251.2 308.6 670.8
64.5 108.2 645.2 331.3 130.3 290.7 131.4 810.3 260.9 184.7 104.1 247.6 391.0 605.2
60.5 104.2 554.1 307.3 119.0 275.8 135.5 682.6 250.0 163.5 108.1 217.4 398.6 623.5
54.0 97.8 542.5 280.1 122.6 278.0 135.2 623.3 258.6 126.4 100.2 208.3 383.8 469.0
55.2 97.2 529.3 350.3 124.3 272.7 132.9 653.4 269.4 148.8 102.7 204.1 450.9 293.3
Notc: IFCl Egypt, Morocco, Russia, and Slovakia have abase date of Feb. 3,1997=100.
100
1998
FACTO3O00
ENMERGING MARKETS
DATA
BASE
IFCI Total Return Indexes 1997 (monthly%changein US$)
Market
Jan
Feb
Mar
Apr
May
JLin
Jul
Aug
Oct
Sep
Nov
Dec
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
7.7 11.3 9.9 8.3 8.5 7.8 -2.8
1.3 10.6 6.1 10.9 3.6 6.1 6.1
-1.3 -0.2 -2.5 1.7 -1.6 3.4 -5.5
3.8 7.7 3.3 8.6 0.0 5.6 -0.7
7.3 9.0 9.4 3.6 6.4 9.3 12.1
2.6 9.3 2.8 -3.2 11.7 -0.8 32.8
6.5 3.3 0.7 0.2 13.5 -7.3 0.5
-1.7 -16.4 -4.3 5.8 -6.4 0.5 0.1
2.4 10.7 0.9 2.1 13.4 -0.5 7.9
-18.5 -24.6 -9.8 -1.3 -18.9 -8.1 -11.7
6.5 2.9 -5.8 -8.5 9.0 -1.1 -6.5
5.0 7.5 -1.9 3.4 8.4 1.0 -1.6
East Asia China Korea Philippines Taiwan, China
-0.9 5.5 6.4 4.3
2.8 -4.6 -3.3 5.9
-3.2 -3.3 -3.2 -1.6
14.5 3.1 -18.0 5.8
-1.4 7.9 4.6 -4.5
1.2 1.7 -0.9 11.8
15.5 -3.6 -12.3 8.2
15.9 -3.8 -25.6 -4.9
-20.7 -9.6 -9.1 -11.0
-18.0 -29.7 -12.9 -20.4
-20.9 -26.9 -2.8 2.6
-2.0 -33.0 -8.8 0.8
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
8.0 7.6 2.4 19.7 2.2 -5.8
7.0 -1.2 5.5 8.5 3.5 -7.6
-7.1 -7.5 -6.3 -6.6 -1.1 -2.5
13.7 -3.3 -12.9 -1.4 12.8 -5.3
-1.5 8.0 1.3 -1.8 1.8 -12.9
12.8 3.3 -4.0 4.8 16.0 -9.7
2.2 -7.1 -8.1 30.6 17.6 6.7
-11.0 -39.8 -31.8 -15.6 -12.5 -33.1
0.4 7.4 -5.9 7.2 -1.2 5.9
-3.1 -15.0 -20.8 -4.2 -9.9 -32.5
-11.5 -23.3 -24.0 -5.9 -7.6 -12.7
1.0 -35.5 -8.9 -0.2 5.0 -22.2
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco -Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
1.3 19.6 25.5 12.4 0.1 7.1 8.6 2.8 57.2 16.2
6.1 7.3 -2.4 4.8 3.1 7.1 0.5 9.7 -2.6 11.7
-9.6 -5.2 5.8 -0.8 -5.0 -2.5 15.2 -8.5 1.7 -5.1 2.5 1.1 0.9 -4.7
-10.4 0.3 2.3 6.3 -0.6 1.9 5.8 -5.4 1.9 3.2 -5.9 0.8 -16.1 1.1
-11.5 -9.2 12.8 1.8 9.8 6.4 -8.8 -3.7 8.8 8.3 4.0 -3.6 13.7 -5.7
4.2 2.4 -6.7 10.8 0.4 -0.3 1.8 -6.5 7.2 18.6 -15.8 4.6 8.7 5.2
1.1 -1.0 0.6 6.8 8.0 7.0 0.1 -5.3 1.4 21.0 0.7 -1.1 -4.8 15.6
10.7 6.4 -3.6 -8.5 -5.7 -1.4 4.9 12.7 -5.5 -6.6 3.0 -4.9 -2.4 -13.1
1.6 5.1 18.4 7.6 4.4 7.1 2.0 7.9 13.1 9.3 6.0 -1.4 26.7 -9.8
-6.2 -3.7 -14.1 -7.3 -8.7 -5.1 3.1 -15.8 -4.2 -11.5 3.8 -12.2 1.9 3.0
-10.8 -6.1 -2.1 -8.8 3.0 0.8 -0.2 -8.7 3.4 -22.6 -7.3 -4.2 -3.7 -24.8
2.3 -0.6 -2.4 25.0 1.3 -1.9 -1.7 4.8 4.2 17.7 2.5 -2.0 17.5 -37.5
1998 FACTBOOK
EMERGING MARKETS DATA BASE
101
IFCI Total Return Indexes 1988-1997 (end-of-periodvalues in US$)
lb,I
\lf7lR('t
l.ts
(-111))
1Ic
1 991)
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90
100.0 100.0 100.0 100.0 -
304.6 123.0 152.7 229.8 -
-
-
East Asia China Korea Philippines Taiwan, China
Dec-92 Jan-92 Dec-88 Jan-91
-
-
100.0 -
161.0 -
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88
-
-
100.0 100.0
Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe
Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Jun-93
10)2
1998 FAt I 51o)11
1'9]
19) 2
199) 3
1994
I 99
1'19h
1997
175.2 37.5 221.3 292.3 703.5
954.6 144.6 466.8 324.3 625.3 1,103.8
709.3 146.1 550.8 454.5 729.9 100.0 544.3
1,257.1 283.7 755.8 703.6 1,106.6 122.8 639.7
951.9 474.5 1,103.7 901.7 679.1 182.2 547.0
1,077.1 386.1 1,091.4 680.4 512.9 204.7 381.6
1,315.9 518.5 935.4 742.9 607.9 209.4 859.9
1,579.8 652.3 999.9 998.8 921.4 241.1 1,093.7
68.0 -
116.5 102.6
100.0 99.8 140.4 75.4
149.8 121.5 356.1 139.7
78.2 144.0 316.4 171.5
58.3 132.8 277.2 118.9
82.1 82.9 316.9 163.2
62.5 26.3 122.9 151.2
147.4 205.8
96.3 133.5 155.6
57.4 147.1 320.6 187.6
93.8 59.7 182.6 215.1 100.0 259.8
118.2 129.3 385.0 433.1 179.3 555.6
126.4 105.1 310.9 413.9 175.6 454.7
83.5 117.7 319.2 280.4 108.4 454.4
82.9 139.1 401.7 231.4 100.4 273.4
88.9 37.3 111.4 302.9 124.4 60.0
100.0 100.0 100.0 -
205.4 98.6 140.7 -
421.7 105.6 93.1 -
341.4 113.3 97.9 -
-
-
-
-
-
294.7 -
159.9 -
253.4 100.0 136.1 100.0 85.6 100.0 78.8 -
100.0 311.4 174.1 197.9 839.6 130.5 181.3 260.6 205.5
80.4 322.0 160.8 183.5 484.0 142.9 236.0 155.9 258.4
60.4 360.7 106.8 229.1 450.6 140.2 278.0 139.4 301.7
70.6 384.3 216.5 100.0 236.5 787.4 182.3 230.6 207.7 538.6
55.2 97.2 529.3 350.3 124.3 272.7 132.9 653.4 269.4 148.8 102.7 204.1 450.9 293.3
287.5 -
ENIFRGINGMAIRELfS D\ IA BASt
IFCI Total Return Indexes 1989-1997 (annual % change in US$)
1997
.Markct
1'989
1990
1991
13992
1993
1994
1995
1996
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
204.6 23.0 52.7 129.8 -
-42.5 -69.5 44.9 27.2 -
444.9 285.1 110.9 113.9 56.9
-25.7 1.0 18.0 40.2 16.7 -50.7
77.2 94.2 37.2 54.8 51.6 22.8 17.5
-24.3 67.3 46.0 28.2 -38.6 48.3 -14.5
13.2 -18.6 -1.1 -24.5 -24.5 12.3 -30.2
22.2 34.3 -14.3 9.2 18.5 2.3 125.3
20.1 25.8 6.9 34.5 51.6 15.2 27.2
East Asia China Korea Philippines Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
1998 FACIBOOK
-
61.0 -
-57.8 -
71.3 -
20.6 -26.5
49.8 21.7 153.5 85.3
-47.8 18.5 -11.1 22.7
-25.4 -7.8 -12.4 -30.7
40.8 -37.6 14.3 37.3
-23.9 -68.2 -61.2 -7.4
47.4 105.8
-9.4 -24.4
-40.4 10.3 20.6
3.9 24.1 -32.9 38.5
26.1 116.7 110.9 101.3 79.3 113.8
6.9 -18.7 -19.2 -4.4 -2.1 -18.2
-33.9 12.0 2.7 -32.3 -38.3 -0.1
-0.7 18.2 25.8 -17.5 -7.4 -39.8
7.3 -73.2 -72.3 30.9 24.0 -78.1
-
-
-
-
-
-19.6
-24.9
16.9
-21.8
105.4 -1.4
105.3 7.1
-19.0 7.3
-25.8 20.1
22.9 74.1 45.4
3.4 -7.7 -7.3
12.0 -33.6 24.9
6.5 102.7 3.2
37.7 61.8 24.3 15.3
40.7
-33.9
5.2
-12.6
739.6 52.5
-42.4 9.5
-6.9 -1.9
74.7 30.0
-17.0 47.8
2.5
-45.8 -
-50.7 -
81.3 230.6 -
30.2 -40.2 25.8
17.8 -10.6 16.8
-17.1 49.0 78.5
-11.5 117.1 -45.5
-
-
EMERGING MARKE1S DAIA BASE
103
Statistics of the IFCI Total Return Indexes (US$; December 1992-December 1997)
A`nnialized Annualized mIlean)
iCorrelation
Ntleat of " change
Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela
60 60 60 60 60 60 60
1.74 3.09 1.22 1.56 0.99 1.89 2.33
8.91 10.98 6.85 7.13 10.55 9.42 14.88
20.88 37.08 14.64 18.72 11.88 22.68 27.96
30.87 38.04 23.73 24.70 36.55 32.63 51.55
0.48 0.32 0.31 -0.08 0.35 0.11 0.08
East Asia China Korea Philippines Taiwan, China
60 60 60 60
-0.15 -1.75 0.27 1.69
11.18 8.95 10.14 10.98
-1.80 -21.00 3.24 20.28
38.73 31.00 35.13 38.04
0.13 0.09 0.17 0.17
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
6(0 60 60 60 60 60
0.26 -0.11 -0.32 1.05 0.75 -1.75
8.50 10.93 9.70 10.02 8.80 11.39
3.12 -1.32 -3.84 12.60 9.(10 -21.00
29.44 37.86 33.60 34.71 30.48 39.46
0.43 0.17 0.24 0.19 0.33
Europe/Mideast/Africa Czech Republic' Egypt* Greece Hungary Israel* Jordan Morocco' Poland Portugal Russia* Slovakia' SouthAfrica Turkey Zimbabwe*
47 1() 60 60 12 60 10 60 60 10 10 60 60 54
-2.00 -1.18 1.45 2.94 2.01 1.25 2.21 4.88 2.07 3.23 -0.64 1.4() 4.34 2.71
7.55 4.98 6.64 13.92 6.42 4.27 6.12 20.55 5.53 14.44 6.85 6.52 17.52 11.61
-24.00 -14.16 17.40 35.28 24.12 15.0() 26.52 58.56 24.84 38.76 -7.68 16.80 52.08 32.52
26.15 17.25 23.00 48.22 22.24 14.79 21.20 71.19 19.16 50.02 23.73 22.59 60.69 40.22
0.08 -0.13 0.25 0.30 0.81 0.24 -0.57 0.12 0.36 0.50 -0.32 0.11 0.09 -0.01
Aklark,(
Standard Deviationi
tLandard
Nitibn oe nmilths
deviation
with S&P'5()0
M\lttkcil
Nuntimber-io ttnth
Regions Composite Latin America Asia EMEA
Mleall n .
chlanuge
Staidard Deviation
AninuElalizedi miiean1
Annri ltl led standard deviation
Correlationt with S&P500
60 60 60 60
0.67 1.32 -0.12 1.59
5.82 7.70 7.58 7.64
8.04 15.84 -1.44 19.08
20.16 26.67 26.26 26.47
0.40 0.41 0.26 0.15
Developed Markets U.S., S&P 500 60 FT Europac 60
1.59 0.95
3.11 4.04
19.08 11.40
10.77 13.99
1.00 0.40
0.10
Note: Statistical data based on less than 60 months of data.
104
1998 FAcTBoOK
EmFERGING MAIRKErs DATA BASF
Statistics of the IFCI Total Return Indexes (US$; December 1992-December1997) IFCGTotal Return Index Annualized Standard Deviation, 1992-1997 80 70 -
50
403020 10 0
.
60 -
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[ = FM7777777777
QO X
Industry Weights in the IFCI Composite Index End-1 997
SIC
S.toy
(irhi•try
ol Nulilber Stocks
Market capitallizatioll (1Jr% million,)
WVcight in IFCI Cornpo 0ite 5 I
32
6,064
0.8
1 Mining 110 Metal Mining
71 43
65,831 17,931
9.2 2.5
2 Construction 215 General Building Contractors
62 34
10,173 7,724
14 1.1
0
Agriculture/forestry/fishing
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
639 83 35 17 38 77 34 25 79 28 40 86 37 15
217,392 42,232 4,068 2,775 18,608 16,260 20,343 4,628 25,122 6,533 9,669 40,878 7,509 3,407
30.2 5.9 6 0.6 0.4 2.6 2.2 2.8 0.6 3.5 0.9 1.3 5.7 1.0 0.5
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
141 l6 50 58
166,858 2,692 103,200 58,556
23.2 0.4 14.4 8.1
5
Wholesale/retail trade
69
31,553
4.4
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
294 134 26 24 25
157,632 103,193 2,831 1,138 19,955
21.9 14.3 0.4 0.2 2.8
7 Services 770 Hotels & Other Lodging Places 9
Other/diversified holding companies IFCI Composite Price Index
108
1998 FATGTBOOK
28 14
7,529 3,297
1.0 0.4
88
55,453
7.7
1,424
718,485
100.0
Industry Weights in the IFCIComposite Index, End-1997 Manufacturing
Other
30%
25%
--
,
-
Finance/ insurance/ realestate 22%
Transportation/ communication/ utility 23%
Stock Distributionby Industry in the IFCI Composite Index, End-i1997 Other 24% M M
Finance/ insurance/ realestate 21%
45 turing
Transportation/ communication/
utility 10%
MARKFTSDAIA BASE EMFIRGING
Industry Concentrationin the IFCI Composite Index End-i 997
Mariket
S'ector with largest shar-eof market cap
Sector's share of miarket cap Share of Market Cap of Largest Sector, End-i1997
Latin America Argenitina Brazil Chile Colomnbia Mexico Peru Venezuela
Mining Transportation/com-munication/utility Transportation/con-munication/ utility Manufacturing Manufacturing Transportation/crommunication/utility Transportation/conununication/utility
45.110
Manufacturing Manufacturing Finance/insuranice/real Manufacturing
60.0 50.5 40.5 60.9
57.7 42.6 54.9 31.8 41.5 47.8
0
6
East Asia China Korea Philippines Taiwan, China
estate
0
South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand
Manufacturing Manufacturing Other/diversified holding companies Transportation/communication/utility Other/diversified holding companies Transportation/com-munication/utility
72.3/ 53.70 20.6 47.1 66.1 36.2
Czech Republic Egypt Greece Hungary Israel Jordan Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe
Transportation/comumunication/utility Finance/insurance/real estate Finance/insurance/real estate Transportationi/commnunication/utility Manufacturing Finance/insuranice/real estate Finance/insurance/real estate Finance/insurance/real estate Mining Manufacturing Finance/insurance/real estate Finance/insurance/real estate Finance/insurance/real estate
67.5 49.3 40.2 44.77 37.0 66.8 42.6 40.1 62.1)0 82.6 37.7 58.2 79.9
IFCI Composite
Manufacturing
30.3
Europe/Mideast/Africa
1998 FACrFBOOK
0
0
00O
2a7
I ff E
I
01
t
a
M......
"0
0..he'
FMERIGNG M4ARKETSDATA BASE
109
Industry DiStributiOn by !vlarket Capitalization
of IFCI Composite Index, 1997 (US$ millions; end-1 997) C)
1
a
N
Ci
co1
E o 0
sl.
>C,t,
0
Agriculture/forestry/fishing
1 110
Mining Metal Mining
2 215
Construction General Building Contractors
3 320
Manufacturing Food & Kindred Products
322 323 326
Textile Mill Products Apparel & Other Textile Products Paper & Allied Products
328
Chemicals & Allied Products
329 330
Petroleum Refining & Related Products Rubber & Misc. Plastics Products
332
Cement & Glass Products
333 334 336 337 339
Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4
Transportation/communication/utility
444
Water Transportation
448
N
@
=
C
N
m
252
270
218
43
15,783 -
5,286 5,286
517 517
-
-
-
-
-
-
-
198 -
-
78 78
6,458 918
20,847 4,474
14,362 4,963
3,049 145
5,002 3,293
517 -
113 50
468 69 1,514
6,089
253 81
-
88
1,114
1,329
176
-
-
7,885 296
229 -
262 251
487
402
188
113
1,545
509 3,811 254 -
1,729 210 1,172 87 -
891 129 -
192 141 393 710 -
-
6,924
51,610
18,745
1,254
361
1,234
-
-
-
320
-
-
Communications
5,799
32,540
6,739
-
-
728
449
Electric, Gas or Sanitary Services
1,125
19,071
12,007
151
361
5
Wholesale/retail
710
191
4,740
32
6 660
Finance/insurance/real Banking
4,346 3,627
9,495 9,495
4,686 4,045
356 -
661 662 663
Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
-
-
-
-
-
-
-
-
-
-
667
7 770
Services Hotels & Other Lodging Places
-
-
36 -
24 24
-
9
Other/diversified
544
1,717
713
124
-
89,416 44,017
5,080
9,110
trade
holding
estate
companies
IFCI Composite Price Index
35,017
Q
u
0
0
m
aL
c)
>
a)
u
w)
~
.
C) r-
0
'a
a
I
a
SE
-3 ,
74
-
125
371
-
162 -
1,510 -
22 22
251 251
-
-
699 171
-
-
-
681 681
LU -
CZ
c co 0
-~
a
0j)
<
I HIN,
O -
o
-
co5
3
E -
4,184
-
23 -
61 20
3,968 1,831
-
518 171
2,677 1,737
2,966 2,966
6,923 215
8,529 1,098
32,836 10,104
150 99 49
340 6 384
3,165 550
5,855 2,682
3,365 212
10,626 251
7,111 360
6,919 576
54
-
-
87 -
-
122 1,179 15
294 778
85
656
38
3,067
1,386
180
4,192
223
406
351
193 -
-
-
-
1,109 50
-
141 -
-
518 63
301 477
-
1,442
1,262
85
331
779
161
850
623 747
-
-
1,925 -
26
731 120 3,041 635 90
264 130 1,151 117
62 2,698
-
181 310 139
-
-
424 538 1,112 1,026 2,049
-
122
176 -
96
2,206
4,967
1,466
2,625
738
-
2,581
7,052
25,687
-
405
-
81
-
-
108
402
374
1,801
4,845
1,164
2,412
738
751
3,104
25,312
506
-
-
121
221
-
-
-
1,615
3,260
-
210
-
-
413
-
-
430
826
-
474
390
16,301
3,537 2,870
-
3,175 2,136
967 967
2,150 1,619
1,373 433
5,664 4,248
748 748
3,005 2,278
6,860 3,904
-
-
-
309 -
-
248
-
-
81 55
8 611
-
-
-
14 485 229
214 363 127
-
-
297
243 243
303 303
282 233
-
-
-
174 19
4,331 1,802
397 397
-
-
-
70
-
797
3,873
-
-
8,870
14,763
16,221 11,122
14,692
13,240
-
-
157 -
1,829
84
-
6,436
6,515 5,698 500
-
-
18,701
371 -
-
-
1,119
13,698
-
6,576
167 -
10,488 -
6,360 -
42,954 103,278
Note: Figuresmay not add up preciselybecause of rounding.
11I
1998 F \( rtwoiR
ENIFRGI,NMAI1L1s DA I ABA
Industry Distribution by Market Capitalization in IFCI Composite Index, 1997 (US$millions;end-1997)
2 .0~~~~~~~~~~~~~~~~~~~~~~
-
0
0
SIC
SectorsbilU,slty 1
0
Agriculture/forestry/fishing
1
Mining
110
Metal
2 215
Construction General Building
-
O
x
=
co0
X
Xz
0.
Z
<¢>
s
a=
-
0
E
X
X
0. :L
tL 0.
-
-
-
-
-
-
678
-
1,625
40
382
-
-
-
1,625
40
382
-
-
-
-
7
240
355
-
126
355
-
-
-
-
-
2,189
2,150
945
940
582
69
-
-
Mining
Contractors
-
v)
5
I-
t_
>
s
LL
-
-
-
431
57
-
-
39
6,064
-
11,758
-
1,669
600
-
-
9
65,831
6,276
-
1,669
12
-
-
-
17,931
-
1,680
74
-
-
10,173
37
-
-
1,402
-
36,830
1,041
2,075
16
309
-
615
367
-
42,232
-
172
-
-
-
-
4,068 2,775
102
326
273
113
130
224 -
-
20,343 4,628
-
25,122
-
21,487
3
Manufacturing
910
2,491
1,812
320
Food & Kindred Products
403
381
879
322 323
Textile Mill Products Apparel & Other Textile
-
165
-
-
-
-
-
326
Paper
-
47
-
-
213
294
-
-
-
2,257 931 523
328
Chemicals
-
1,210
-
-
323
221
-
244
209
-
213
329 330
Petroleum Refining & Related Products Rubber & Misc. Plastics Products
629
-
-
373
6,027 128
-
-
-
2,051 2,101
11 77
299 603
-
-
655
-
1,625
221
790
572
610
-
228 146 25,745 643 -
3 506 -
864 29 949 1,426 158
-
-
323 -
& Allied
Products
Products
& Allied Products
1,564
cc
X
983
-
-
-
-
-
-
315 71
511
-
-
7,803 -
-
-
-
332
Cement & Glass Products
341
59
933
22
201
1,448
333 334 336 337 339
Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
166
-
-
-
-
-
-
-
-
14 160
153
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
205
22,133
-
-
366
-
-
472
-
1,209
4,664
-
-
-
-
828
-
6,361
-
-
-
638 -
-
-
Transportation/communication/utility
-
2,497
3,748
3,257
-
8,516
12,057
123
-
1,861
2,274
3,982
-
741 1,756
-
-
-
-
123
-
997
-
-
-
-
-
-
-
1,196 345
-
-
5 2,269 889
-
997
Water Transportation Communications Electric, Gas or Sanitary
5
Wholesale/retail
122
-
768
511
151
-
3,618
-
217
188
Services
-
trade
-
-
5,104 3,412
3,244 8,813
2,242
1,261
1,445 2,538
7,724
217,392
18,608
16,260
-
4
3,268
-
444 448 449
-
E E
°-
n
-
-
6,533 9,669 40,878 7,509 3,407
166,858 2,692 103,200 58,556
31,553
6
Finance/insurance/real estate
4,909
315
1,733
3,652
2,655
8,934
-
75
33,837
147
18,589
1,269
19,641
2,277
362
157,632
660
Banking
2,439
254
425
1,048
2,655
5,914
-
75
18,245
32
11,612
1,062
15,239
2,052
73
103,193
661 662
Credit Agencies Other Security & Commodity
223
-
-
2
-
-
-
-
-
-
-
-
-
-
116 -
663
Insurance
-
61
-
-
-
845
-
-
1,293 196 5,488
152 13 34
90
-
-
-
-
2,831 1,138 19,955
7 770
Services Hotels & Other
-
-
-
-
-
-
12
235
27
7,529
-
-
-
-
-
-
-
-
-
-
27
3,297
9
Other/diversified
-
-
-
491
-
1,791
-
-
6,497
5,303
9,040
9,011
6,234
22,257
Lodging
Than Banks Brokers
Places
holding companies
IFCI Composite Price Index
34,640
1,138
11,500
-
1,056
-
112
137
-
112
-
17,419
287
-
35
3,959
-
-
55,453
89,821
434
60,525
5,137
33,731
8,334
453
718,485
Note:Figurcs may not add up precisely because of rounding.
1998 FACI BOOK
EwEiRGvNc MARKE
IS DAT\A BASI
111
Industry Weights by Market Capitalization of IFCI Composite Index, 1997 (% of market capitalization; end-1 997) 0. z
SIC
(xs
m
o
O
co0
E .0
sEr N
r
0
0)
WL
c )
c~T3
4> 0)0
UL'S)}1'/llUllIsfIII
SIC
Scct(y',1w11hitril
0
Agriculture/forestry/fishing
0.03
0.04
0.03
0.01
-
-
-
0.01
-
1
Mining
2.20
0.74
0.07
-
-
-
-
0.02
110
Metal
-
0.74
0.07
-
-
-
-
-
-
Mining
0~~~~~~~~~~~~~~~5
0.02
0.05
-
-
-
0.58
0.21
-
0.03
-
-
-
0.01
0.55
-
-
0.03
-
-
-
-
0.25
0.10 0.02
-
-
-
0.09 0.09
-
0.07 0.02
0.37 0.24
0.41 0.41
4.57 1.41
2
Construction
-
215
General Building Contractors
-
-
-
0.03 -
-
0.01 0.01
3 320
Manufacturing Food & Kindred Products
0.90 0.13
2.90 0.62
2.00 0.69
0.42 0.02
0.70 0.46
0.07 -
0.44 0.08
0.81 0.37
0.47 0.03
1.48 0.03
0.99 0.05
0.96 0.08
0.05 -
0.96 0.03
1.19 0.15
322 323 326
Textile Mill Products Apparel & Other Textile Products Paper & Allied Products
0.02 0.01
0.06 0.01 0.21
0.85
0.03 0.()1
-
0.01 0.01
0.01 -
-
0.01
-
0.02 0.01 0.01
Chemicals & Allied Products
0.01
0.15
0.18
0.02
0.43
0.19
0.02
0.58
0.03
0.06
329 330
Petroleum Refining & Related Products Rubber & Misc. Plastics Products
-
1.10 0.04
0.03 -
0.04 0.03
0.03
-
-
0.04 0.11
0.05
-
0.02 0.16 -
328
-
-
-
-
-
0.15 0.01
-
0.02 -
-
332
Cement & Glass Products
0.07
0.06
0.03
0.02
0.21
0.20
0.18
0.01
0.05
0.11
333 334 336 337
Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment
0.07 0.53 0.03
0.24 0.03 0.16 0.01
0.12 0.02 -
0.03 0.02 0.05 0.10
-
0.02 -
0.06 0.07 0.15 0.14
0.02 0.04
339
Miscellaneous
-
-
-
-
-
-
-
-
-
0.02
0.09 0.10 -
-
0.28
0.02
Manufacturing
4
Transportation/communication/utility
444
Water Transportation
448
-
0.09
0.31
-
-
-
0.05
0.91
0.05
0.02
0.07 0.01
0.04 0.07
-
0.02
0.02
0.12
1.46
-
0.04 0.02 0.16
0.01 0.38
0.27 -
-
0.10 0.02 0.42 0.09
-
-
0.01
0.02
0.36
0.98
3.57
0.01
0.06
0.05
0.10
0.43
3.52
0.22
0.45
-
-
0.96
7.18
2.61
0.17
0.05
0.17
0.01
0.69
0.20
0.36
0.10
-
-
-
0.04
-
-
-
0.06
-
0.01
-
-
Communications
0.81
4.53
0.94
-
0.10
0.67
0.16
0.34
0.10
Electric, Gas or Sanitary Services
0.16
2.65
1.67
0.05
0.07
-
0.25
449
0.02
-
0.02
0.03
-
-
-
5
Wholesale/retailtrade
0.10
0.03
0.66
-
0.03
-
-
0.06
-
-
0.06
0.11
-
0.07
0.05
2.27
6 660
Finance/insurance/real estate Banking
0.60 0.50
1.32 1.32
0.65 0.56
0.05 -
0.49 0.40
-
0.44 0.30
0.91 0.79
0.13 0.13
0.30 0.22
0.19 0.06
0.79 0.59
0.10 0.10
0.42 0.32
0.95 0.54
0.88
661 662 663
Credit Agenicies Other Than Banks Security & Commodity Brokers Insurance
-
-
-
-
0.07
-
-
-
0.04 -
0.09
-
-
0.03
-
-
0.01 0.01
0.08
-
-
-
-
-
-
0.07 0.03
0.03 0.05 0.02
-
7
Services Hlotels& Other Lodging Places
-
-
-
-
-
-
-
0.03 0.03
0.04 0.04
0.04 0.03
-
-
0.04 -
-
770
-
-
0.02 -
0.60 0.25
0.05 0.05
9
Other/diversified holding companies
0.08
0.24
0.10
0.02
-
-
-
-
0.01
-
0.11
1).54
-
-
1.23
2.05
IFCIComposite Price Index
4.87
12.45
6.12
0.70
1.27
0.25
0.89
2.26
2.04
1.83
2.59
0.15
1.90
5.96
14.35
1.54
-
-
Note:Figuresmay not add up preciselybecause of rounding.
112 1998 FACTBOOK
EMERGINGMARKETSDATA BASE
Industry Weights by Market Capitalization of IFCI Composite Index, 1997 (% of marketcapitalization;end-1997) O
SIC Sect0 /7X1dMstzv
SIC
Sector/hicIustry
0
Agriculture/forestry/fishing
1 110
Mining Metal Mining
2 215
Construction General Building Contractors
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4
444 448 449
E .~
2)
Xr-
X
~~ ~ ~a.I
~a.
o X
v m
~~~~~~~o. a. a.
a.
CU
I
X
cn
ciD
cn9
E~~~~~~~~~~~~~ 0)
N
E
Ri
-
-
-
-
-
-
-
-
-
0.06
0.01
-
-
-
0.84
-
0.23 0.23
0.01 0.01
0.05 0.05
-
2.99
-
-
-
0.08 -
-
-
-
0.23 0.23
-
-
1.64 0.87
-
-
-
-
9.15 2.48
-
-
-
-
-
-
-
-
0.03 0.02
0.05 0.05
-
-
-
-
0.23 0.19
0.01 -
-
-
-
1.40 1.05
0.13 0.06 -
0.35 0.05 0.02
0.25 0.12 -
0.22 0.14 -
0.30 0.08 -
0.30 0.01 -
0.13 -
0.13 -
3.08 1.09
-
0.14 -
-
-
-
-
-
-
-
-
-
0.01 0.17 0.09
-
-
0.05 0.02 -
0.01 -
0.13 -
0.05
0.03 0.05 0.04
-
-
-
-
-
0.02
0.03 -
-
-
0.17 0.03 0.84 0.02 0.09 0.08 0.65
-
-
0.04 0.03 0.20 -
-
-
0.03 0.04 0.07 0.03 0.02
-
0.07 -
-
-
-
-
0.11
-
0.01 0.02 0.01 0.03 0.07 -
0.04 0.02 0.04 0.08 0.11 0.12 0.13 0.20 0.02
0.29 0.05 0.04 0.03 0.08 -
-
-
0.88 0.09 0.02
-
5.13 0.04 0.31 0.13 0.07 0.03 0.29 0.29 0.23 0.03 0.02 3.58 0.09 -
30.24 5.88 0.55 0.38 2.58 2.23 2.83 0.64 3.52 0.89 1.34 5.67 1.04 0.46
Transportation/communication/utility
-
0.35
0.52
0.45
-
-
-
-
-
0.10 0.24
0.45 -
0.32 0.12
-
-
-
1.18 0.71 0.47
1.68 0.45 1.23
0.02 0.02
0.26
Water Transportation Communications Electric, Gas or Sanitary Services
0.17 0.05
0.32 0.31
0.55 0.20 0.35
5
Wholesale/retailtrade
-
-
0.02
-
0.11
0.07
0.02
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
0.24 0.06 -
0.51 0.15 -
0.37 0.37 -
1.24 0.82 -
-
-
-
-
-
0.04 0.03 0.01
7
Services
770
Hotels & Other Lodging Places
-
-
-
-
-
9
Other/diversified
-
-
-
0.07
0.74
1.26
1.26
-
0.09 -
holding companies
IFCI Composite Price Index
0.68 0.34 0.03 -
0.90
0.04 0.01 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
0.14 0.14 -
-
0.50
-
0.03
0.03
0.18
-
0.01
0.01
4.71 2.54 1.60
0.02
-
0.18 0.15 0.02 -
-
2.59 1.62 0.18 0.03 0.76
-
-
0.09 -
-
-
-
-
23.19 0.37 14.35 8.13
-
-
4.40
2.73 2.12 0.01
0.32 0.29 -
0.05 0.01 -
-
-
21.91 14.34 0.39 0.16 2.76
-
-
0.12
-
-
-
-
-
-
0.02 0.02
-
-
-
-
-
0.15 0.02
0.03
-
-
1.02 0.44
-
0.25
-
-
2.42
0.04
-
-
0.55
-
-
7.71
0.86
3.09
0.16
12.50
0.06
8.43
0.71
4.69
0.05
100.0
4.82
-
0.02 -
-
-
-
-
1.16
Note:Figuresmay notadd up preciselybecauseof rounding.
1998 FACIBOOK
EMERGING MARKETSDATABASE
113
Industry D-istributuon by Nu,m.--cr"-f in IFCI Composite Index, 1997
tv-
(end-1 997)
C2 4)
4)~~~~~~~c
U
4
it
i(l1,>X-I:l.lll
/lli
m C)
mN
I't.IW
S S 4) .C
cc
s
r
~~
=C)
4~ ~~ N
-
M54
4)
(~~~~~~~~z
z
a)
X~~~~E aL
~ ~~~ o
0
C) a)~ 4)
I4)4 0)
~~~ ~~) C ~~~
C 0
4
4)
'aI
~~~0 Va4)
02 -
4
Agriculture/forestry/fishing
1
1
2
1
-
-
-
2
-
1
4
-
-
-
15
i
Mining
3
5
2
-
-
-
-
1
1
1
2
-
-
1
3
2
110
Metal
-
5
2
-
-
-
-
-
-
1
2
-
-
-
1
1
Mining
2
Construction
-
-
-
2
-
1
-
10
-
-
-
2
-
10
13
6
215
General Building Contractors
-
-
-
-
-
1
-
2
-
-
-
2
-
5
5
6
: 320
Manufacturing Food &KindredProducts
15 3
44 6
20 6
28 2
8 2
3 -
18 6
22 7
7 1
54 2
25 2
19 2
3 -
103 7
42 2
24 8
322 323 326
Textile Mill Products Apparel & Other Textile Products Paper& Allied Products
1 1
2 2 4
3
1 1
-
-
3 3
1
-
9
-
3
328
Chemicals & Allied Products
1
3
3
2
329 330
Petroleum Refining & Related Products Rubber & Misc. Plastics Products
-
5 1
1 -
1 2
-
1
-
-
2 -
-
3 4 1
2
2 1 2
4
1
5
15
2
7
1
12
2
1
1 -
-
-
4
-
-
1 -
-
6 3
1 5
-
-
4
2
1
1 4
-
4
6
7
6
5 3 -
-
3 2 2
-
-
2 4 6 3 3
-
1
1 -
8 -
-
3 1 6 3
1 3
1
5 7 24 9 3
1
-
332
Cement & Glass Products
2
2
1
2
5
333 334 336 337 339
Primary Metal Industries Fabricated metalproducts Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
1 2 2 -
7 3 4 3 -
3 1 -
1 2 4 5 -
-
-
1 -
7
17
13
6
1
2
1
3
2
5
4
1
-
10
10
6
-
-
-
2
-
-
-
2
-
1
-
-
-
3
2
2
-
-
1 -
1 1
2 2
2 -
1 -
-
2 4
2 3
4
-
-
4
Transportation/comnmunication/utility
444
Water
448 449
Conimunications Electric, Gas or Sanitary Services
2 5
7 10
5 8
1
1
1 1
5
Wholesale/retail
1
2
4
1
1
-
-
4
-
-
3
3
-
11
5
10
3
4
7
2
5
-
9
10
1
9
18
12
3
46
30
5
2 -
4 -
4 -
-
-
7 -
6 2
1 -
6 2
22 2
4 2
-
1
3 -
-
-
-
-
1
-
-
1
6 I
4
-
4 -
-
-
1
2
-
18 4
2 1
-
-
-
1 -
1 1
-
-
-
2 -
1 1
2 2
3 2
-
-
3 1
6 2
1 1
2
2
1
2
-
-
-
-
1
-
2
9
-
-
33
8
32
75
50
43
15
6
28
54
13
72
61
46
6
184
157
62
Transportation
trade
6
Finance/insurance/real
660 661
Banking Credit Agencies
662 663
Security Insurance
7 770
Services Hotels & Other Lodging
estate
Other Than Banks
& Commodity
Other/diversified
Brokers
Places
holding
companies
IFCI Composite Prie Index
II
1998 F N( I 1()(}K
-
RI\c
-
\RI{R IS L) D i x BASF
Industry Distributionby Number of Stocks in IFCI Composite Index, 1997 (end-1997)
co 0Agriculture/orestry/fishig 1 1 11CC. 2-. Construction -o -
Sc'cfol;I;Idu
0
Agriculture/forestry/fishing
tryi
1 Mining liO Metal Mining
3
3
3 -
--
0.
a
L
-
-
-
-
1
-
10
-
-
10
EL
E
cc
-
-
-
2
1
-
2
1
-
-
-N
> co.0
Ih
o
SIC
0.
a 1
Ca
En)
Cln
--
11
-
-
7
4
-
6
2
-
-
-
34
66 3 8 4 5 2 4 5 7 2 2 22 1 -
16 2 3 2 1 4 1 2 -
34 4 3 3 1 3 3 5 3 1 3 3 2
6 1 1 2 1 -
1 -
639 83 35 17 38 77 34 25 79 28 40 86 37 15
10 6 2
4 3
2 I 1
-
-
141 16 50 58
-
1
3
3
-
--
-
-
2
3
-
-
-
-
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper&Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary MetalIndustries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
3 1 -
14 1 4
7 4 -
10 4 -
15 4 -
7 1 -
3 -
3 -
19 4
-
-
-
-
-
-
-
-
-
1 3 2 2 1
2 1 2 -
-
1 1 -
-
-
4
Transportation/communication/utility
-
444 448 449
WaterTransportation Conimunications Electric, Gas or Sarnitary Services
5
Wholesale/retail
6 660 661 662 663
-
-
-
2
71
---
-
-
1
-
1
-
3 -
32
4
-
1 1
3
-1
-
1 1 1 1 2
F
-1
General Building Contractors
3 -
E0
16
Construction
-
F
E
(U
19
215
1
I-
0~~~~~~~. )
-11--
2
1 4
(
CD
-
-
-
-
1
1
-
1
-
2 1 2 1 3 1 4 -
-
-
1
1 1
-
-
-
-
3 3 -
-
-
-
-
-
43 -62
-
1 -
-
-
-
5 -
3
7
-
-
1
-
1 4
1 -
3 1
-
2 1
15 6 9
-
-
1
-
4
1
1
-
7
-
1
5
4
-
-
69
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
7 3 2 -
5 4
3 2
1 1
17 7
-
-
-
-
-
1
-
-
-
7
23 9 9 2 1
4 2
-
17 9 4 1 3
4 3
-
2 1 1 -
12 4
-
7 4 2
-
-
6 6 -
-
-
22 6 1
1
-
-
294 134 26 24 25
2 1
-
2 2
1 -
2
-
1
13
3
-
1
2
77
5
98
65
58
trade
-
3 -
7
Services
-
-
-
-
-
-
-
-
770
Hotels & Other Lodging Places
-
-
-
-
-
-
-
-
9
Other/diversified
-
-
-
7
-
2
-
11
24
24
49
29
23
30
holding companies
IFCI Composite Price Index
1998 FAC GIBOOK
5
-
-
1
28 14
-
-
88
12
10
1,424
-
EMERGING MARKETS DATA BASE
115
IFCi Industry Price Indexes 1997 Performance Summary (end-of-period values in US$; end 1988=100)
" C lldgC' ',I(
Scctol iullulls,I
0
Agriculture/forestry/fishing
hnd.] 9')7
fromll Performance Highlights of
enidi-9')h
IFCI Industry Sector Price Indexes, 1997
68.2
-54.4
1 Mining 110 Metal Mining
352.9 178.7
-9.1 -26.5
2 Construction 215 General Building Contractors
153.1 260.5
-61.7 -41.6
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
232.3 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2
-13.0 6.5 -29.1 -10.1 -11.1 -16.8 2.8 -35.0 -16.8 -25.3 -7.1 13.1 -49.1 -19.6
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
928.0 89.6 1,353.5 1,649.3
7.5 -31.5 15.5 3.3
5
Wholesale/retail trade
672.2
21.5
26 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
169.1 239.2 99.1 17.2 394.4
-22.1 -7.8 -62.2 -84.3 -6.7
-61.7
7 Services 770 Hotels & Other Lodging Places
195.0 156.7
-56.9 -57.0
-70 -60 -50 -40 -30 -20 -10
9
Other/diversified holding companies
143.4
-40.0
IFCI Composite Price Index
246.0
-16.6
-I 16
1998 FACTBOON
21.5 Wholesale/retail trade 7.5
Transportation/communication/utility
E
Mining
-16.6 2 -22.1
IFCIComposite Price Index Finance/insurance/real estate
X.
Other/diversified holding companies
-40.0
Agriculture/forestry/fishing
-54.4
Sevie Services
-56 9
Construction 0
10 20
30
ENiIRC,IN;MARKETSDA I A BASL
IFCI Industry Price Indexes 1997 valuesin US$;end1988=100) (end-of-period
Jan
Feb
Mar
Apr
Mlav
Jun
jul
Aug
Sep
Oct
157.4
170.5
157.9
144.0
146.6
144.4
135.0
107.9
114.9
98.4
82.7
68.2
1 Mining 110 Metal Mining
408.1 249.6
439.9 282.3
430.2 268.9
425.8 259.2
429.4 256.4
432.5 249.4
428.2 242.4
405.2 230.2
413.1 233.5
347.1 195.5
337.8 178.1
352.9 178.7
Construction 2 215 General Building Contractors
408.2 454.0
427.2 483.4
403.9 457.9
357.8 408.2
345.8 371.6
335.5 378.5
327.3 390.1
234.6 294.0
234.0 313.3
181.0 253.0
154.5 246.9
153.1 260.5
285.7 389.4 225.7 66.9 148.1 159.4 213.5 111.4 536.8 92.9 190.2 309.4 499.7 199.5
297.1 411.8 238.8 72.9 152.6 169.9 217.1 110.6 562.2 95.7 199.5 329.1 522.3 215.2
289.9 410.2 223.5 67.2 145.8 166.9 213.3 104.6 538.9 91.6 196.2 349.0 512.1 206.9
290.4 409.9 231.5 72.5 144.6 171.8 223.6 104.4 513.5 89.6 190.3 378.1 488.7 205.4
297.7 423.4 220.1 71.1 149.0 169.5 227.4 102.1 522.5 88.9 201.1 414.7 482.5 204.9
316.4 437.3 221.7 77.6 163.6 172.4 249.1 103.2 552.9 93.2 203.3 491.7 489.6 229.3
326.6 450.5 226.6 77.7 169.3 177.1 256.7 100.8 579.6 98.5 211.6 551.3 476.8 220.1
298.6 422.3 237.3 - 69.8 157.8 161.7 232.0 91.8 514.7 94.2 200.1 528.7 386.0 206.0
302.3 450.6 203.7 69.9 161.9 161.0 251.3 91.4 536.1 95.6 206.9 468.2 373.3 191.1
249.7 390.9 165.1 59.4 139.7 139.3 193.9 71.8 436.7 77.7 175.8 331.8 326.1 178.0
238.8 391.8 146.5 53.0 130.4 126.9 192.0 66.2 423.0 65.1 171.0 340.6 271.2 167.3
232.4 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2
932.4 126.0 1281.5 1732.3
973.0 126.9 1354.3 1780.6
963.2 125.6 1345.7 1750.9
984.4 123.4 1399.6 1754.8
1073.5 121.7 1563.7 1858.1
1137.1 139.5 1638.6 2002.1
1146.8 138.7 1655.5 2017.9
960.4 136.0 1368.5 1717.1
1040.8 122.3 1493.4 1877.8
862.4 100.5 1220.6 1595.0
874.7 91.9 1261.3 1597.7
928.0 89.6 1368.1 1649.3
SIC Sector/llclustry 0
Agriculture/forestry/fishing
Nov
Doc
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
4 444 448 449
Transportation/communication/utility Water Transportation Communicatons Electric, Gas or Sanitary Services
5
Wholesale/retail trade
588.5
630.9
622.6
635.8
655.5
687.0
708.4
663.8
738.9
625.6
633.6
672.2
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
233.6 281.4 267.5 122.8 440.4
245.2 297.6 278.4 119.9 466.8
236.8 294.2 252.1 110.7 445.1
225.8 285.7 237.6 97.6 448.7
230.4 292.9 236.7 98.1 437.8
236.2 303.4 213.1 97.4 451.3
234.0 299.7 212.1 91.7 491.9
201.0 265.8 159.3 54.8 463.6
200.7 269.4 158.6 50.8 440.4
174.1 237.6 130.5 40.4 397.0
164.9 228.3 110.3 25.9 387.3
169.1 239.2 99.1 17.2 394.4
470.3 365.0
470.2 370.5
448.5 363.1
392.8 308.4
386.1 302.6
369.3 293.8
346.1 273.1
258.6 220.1
255.2 206.5
220.3 183.7
193.0 163.1
195.0 156.7
Other/diversified holding companies
255.0
269.0
258.6
239.3
237.0
243.8
242.7
202.3
206.1
168.2
152.4
143.4
IFCI Composite Price Index
315.4
330.7
321.7
315.0
324.8
338.1
340.6
296.8
306.0
255.5
243.3
246.0
7 Services 770 Hotels & Other Lodging Places 9
1998 FACTBOOK
EMERGINGMARKETSDA IA BASE 117
IFCI industry Price Indexes 1988-1997 (end-of-periodvalues in US$; end 1988=100)
SIC Sectorhi, duestrt
1988
198c9
0
Agriculture/forestry/fishing
100.0
1
Mining
110
Metal Mining
199(
199'1
19'32
193
199IQ4
93.5
87.9
88.2
78.9
165.0
156.2
138.2
149.7
68.2
100.0
192.3
119.3
262.9
233.8
301.3
420.5
383.2
388.2
352.9
100.0
158.4
75.3
94.7
101.3
149.4
324.7
258.6
243.3
178.7
2 Construction 215 General Building Contractors
100.0 100.0
226.1 222.4
186.9 141.9
182.7 240.5
241.2 397.0
535.3 764.4
409.4 526.4
371.5 421.4
399.6 446.3
153.1 260.5
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
183.3 168.2 191.7 124.2 129.9 185.6 114.1 206.5 263.6 323.0 228.1 183.5 283.2 261.9
162.1 141.3 182.5 46.5 109.5 139.8 76.6 110.3 298.8 149.0 163.9 222.9 362.7 217.9
226.0 263.9 271.9 174.5 136.6 161.2 98.0 59.8 501.2 215.8 261.5 272.6 353.4 165.9
198.5 266.6 212.1 110.8 105.1 117.8 69.3 57.1 484.2 93.3 150.2 215.4 341.0 135.2
327.9 436.3 268.0 113.6 144.5 178.3 176.0 95.3 796.5 144.0 191.3 377.1 636.8 215.0
308.4 387.4 292.1 133.3 174.4 186.1 214.4 86.7 662.0 135.6 190.6 395.1 428.5 207.2
254.4 378.6 218.1 60.5 149.0 136.5 158.1 79.6 496.3 89.1 161.6 345.9 350.0 191.0
267.1 369.0 216.0 58.4 141.9 151.2 194.3 104.6 511.8 79.7 174.8 286.4 471.9 196.8
232.3 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
100.0 100.0 100.0 100.0
184.8 131.5 202.1 190.9
213.8 104.8 266.9 392.2
534.8 132.7 754.1 917.3
581.1 139.8 863.2 701.0
946.8 174.2 1,406.7 1,316.2
833.5 144.9 1,089.9 1,655.8
767.0 131.8 1,048.8 1,429.2
863.3 130.9 1,184.2 1,596.8
928.0 89.6 1,368.1 1,649.3
5
Wholesale/retail trade
100.0
238.3
441.8
527.4
852.5
1,231.5
827.9
630.1
553.1
672.2
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
100.0 100.0 100.0 -
135.9 132.6 133.6 -
144.7 158.8 166.9 71.8 -
121.0 127.3 153.2 79.9 181.9
116.3 123.0 167.0 84.3 168.3
217.9 220.4 404.5 142.4 349.4
192.4 217.7 338.9 113.2 449.1
194.5 231.8 320.2 102.9 418.6
217.0 259.5 261.9 109.8 422.8
169.1 239.2 99.1 17.2 394.4
-
-
19)3
19)'
1997
7 Services 770 Hotels & Other Lodging Places
100.0 100.0
157.7 157.7
164.3 158.2
198.5 176.1
265.5 214.1
630.8 549.2
519.3 469.7
482.7 423.1
452.0 364.6
195.0 156.7
9
Other/diversified holding companies
100.0
148.9
131.6
146.1
153.3
307.8
237.5
228.5
239.1
143.4
IFCI Composite Price Index
100.0
155.5
147.4
200.5
202.9
355.6
307.4
275.8
295.0
246.0
118
1998 FACTBOOK
EMERGING NIARKETS DATA BASE
IFCI Industry Price Indexes 1989-1997 (annual % change in US$)
S(IC Scctor 0
mo dustrl1
1990
1991
1992
-6.5
-5.9
0.3
-1().5
92.3 58.4
-38.0 -52.4
120.5 25.6
1989
Agriculture/forestry/fishing
1 Mining 110 Metal Mining
1993
1994
1995
1996
1997
109.1
-5.4
-11.5
8.4
-54.4
-11.1 7.0
28.9 47.5
39.5 117.3
-8.9 -20.3
1.3 -5.9
-9.1 -26.5
2 215
Construction General Building Contractors
126.1 122.4
-17.4 -36.2
-2.3 69.5
32.0 65.1
121.9 92.5
-23.5 -31.1
-9.2 -19.9
7.5 5.9
-61.7 -41.6
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
83.3 68.2 91.7 24.2 29.9 85.6 14.1 106.5 163.6 223.0 128.1 83.5 183.2 161.9
-11.6 -16.0 -4.8 -62.6 -15.7 -24.7 -32.9 -46.6 13.3 -53.9 -28.1 21.5 28.1 -16.8
39.5 86.8 49.0 275.3 24.7 15.3 28.0 -45.8 67.8 44.8 59.5 22.3 -2.6 -23.9
-12.2 1.0 -22.0 -36.5 -23.1 -26.9 -29.3 -4.4 -3.4 -56.8 -42.6 -21.0 -3.5 -18.5
65.2 63.7 26.4 2.5 37.5 51.3 153.8 66.8 64.5 54.4 27.3 75.1 86.8 59.0
-6.0 -11.2 9.0 17.3 20.7 4.4 21.8 -9.1 -16.9 -5.8 -0.4 4.8 -32.7 -3.6
-17.5 -2.3 -25.3 -54.6 -14.5 -26.7 -26.3 -8.2 -25.0 -34.3 -15.2 -12.4 -18.3 -7.8
5.0 -2.5 -1.0 -3.5 -4.8 10.7 22.9 31.4 3.1 -10.5 8.2 -17.2 34.8 3.0
-13.0 6.5 -29.1 -10.1 -11.1 -16.8 2.8 -35.0 -16.8 -25.3 -7.1 13.1 -49.1 -19.6
4
Transportation/communication/utility
84.8
15.7
150.2
8.7
62.9
-12.0
-8.0
12.6
7.5
444 Water Transportation 448 Communications 449 Electric, Gas or Sanitary Services
31.5 102.1 90.9
-20.3 32.1 105.5
26.7 182.5 133.9
5.3 14.5 -23.6
24.6 63.0 87.8
-16.9 -22.5 25.8
-9.0 -3.8 -13.7
-0.7 12.9 11.7
-31.5 15.5 3.3
5
138.3
85.4
19.4
61.7
44.5
-32.8
-23.9
-12.2
21.5
35.9
6.5
-16.4
-3.9
87.4
-11.7
1.1
11.6
-22.1
32.6 33.6 -
19.8 25.0 -
-19.9 -8.2 11.2 -
-3.4 9.1 5.6 -7.5
79.2 142.2 68.8 107.6
-1.2 -16.2 -20.5 28.5
6.5 -5.5 -9.0 -6.8
11.9 -18.2 6.7 1.0
-7.8 -62.2 -84.3 -6.7
57.7 57.7
4.2 0.3
20.8 11.3
33.8 21.6
137.6 156.6
-17.7 -14.5
-7.0 -9.9
-6.4 -13.8
-56.9 -57.0
48.9
-11.7
11.0
5.0
100.8
-22.8
-3.8
4.6
-40.0
55.5
-5.2
36.1
1.2
-13.6
-10.3
7.0
-16.6
Wholesale/retail trade
6
Finance/insurance/real
660 661 662 663
Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
estate
7 Services 770 Hotels & Other Lodging Places 9
Other/diversified
holding companies
IFCI Composite Price Index
1998 FACTBOOK
75.3
FMERGING MARKETS DATA BASE
119
IFCI Industry Total Return Indexes 1997 Performance Summary (US$; end 1988=100)
I
IC~~~
5c'(lO)
Iii.!,,
2
1ldL
~~~~~~~endI F
troiii
I- 1
91.3
-53.1
1 Mining 110 Metal Mining
503.8 250.4
-7.0 -24.6
2 Construction 215 General Building Contractors
170.8 283.6
-61.1 -40.9
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2
-11.1 8.3 -28.4 -8.6 -9.3 -13.7 5.9 -33.5 -15.4 -22.8 -5.4 14.3 -48.2 -18.3
4 444 448 449
unication/utilIity Transportation/comm Water Transportation Communications Electric, Gas or Sanitary Services
1,116.6 109.5 1,582.2 2,568.2
10.0 -30.3 17.6 6.6
5
Wholesale/retail
trade
816.2
25.4
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
225.3 333.8 132.3 19.6 429.6
-20.3 -5.3 -61.4 -83.9 -5.0
242.9 189.2
-55.7 -56.3
Other/diversified holding companies
172.4
-38.6
IFCI Composite Total Return Index
307.3
-14.7
0
Agriculture/forestry/fishing
Services 7 770) Hotels & Other Lodging Places 9
121) 1998 F \( rsuoo
Performance Highlights of IFCI Industry Sector Total Return Indexes (%)
25.4
Transportation/communication/utility
10.0 -7.0
E
Mining Manufacturing
-11.1
IFCI Composite Total Return Index
-14.7
Finance/insurance/real estate F
-20.3 -38.6 -53.1 ,
Wholesale/retailtrade
Other/diversified holding companies
X
...... . Agriculture/forestry/fishing
-55.7 Services -61.1
L -70 -60 -50 -40 -30 -20 -10
Construction 0
10
20
30
ETAL RGINGMARKIUSDATA BASI
IFCI Industry Total Return Indexes 1997 (end-of-period valuesin US$;end 1988=100)
SIC Secrtor/Iu1duastry
Jan
Feb
Mar
Apr
mavy
Jun
Jul
Aug
Sep
Oct
Nov
Dec
0
205.0
222.1
206.0
188.1
191.6
189.7
177.7
142.7
152.9
131.5
110.7
91.3
1 Mining 110 Metal Mining
569.4 340.6
615.3 386.4
603.0 369.5
600.2 357.6
607.2 354.9
611.9 345.5
606.7 336.7
575.5 320.7
588.6 326.6
494.6 273.5
482.2 249.4
503.8 250.4
2 Construction 215 General Building Contractors
449.2 488.1
470.2 519.7
444.5 492.3
394.4 439.8
381.7 401.2
371.6 410.0
363.3 422.7
260.5 318.6
259.8 339.5
201.1 274.2
171.9 267.6
170.8 283.6
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
349.9 461.2 275.0 75.7 174.5 217.1 274.3 138.4 625.7 117.7 245.9 368.5 578.7 228.8
364.0 487.7 291.2 82.4 179.8 231.7 278.9 137.3 655.5 121.8 258.0 392.0 605.2 246.7
356.3 486.6 272.5 76.0 171.8 229.3 278.0 130.4 629.3 116.5 253.7 415.8 593.3 237.3
357.5 486.8 282.8 82.5 170.9 236.4 291.7 130.4 602.2 114.6 246.4 450.5 567.7 236.0
367.9 505.3 269.6 81.0 176.7 235.7 298.1 127.8 614.3 114.3 260.7 495.5 563.3 235.4
391.5 522.5 272.1 88.8 194.1 240.5 326.6 130.2 651.2 119.7 264.4 587.8 572.4 264.4
405.2 538.8 278.5 89.1 201.4 247.7 336.8 127.4 684.3 127.2 277.0 660.5 559.6 254.2
371.2 505.7 291.7 80.0 188.1 226.7 304.4 116.1 608.3 121.9 262.0 633.5 453.0 238.0
376.3 540.5 250.3 80.2 193.1 225.8 330.8 115.6 633.7 124.0 270.8 561.2 438.8 221.4
311.0 468.9 202.9 68.1 166.8 196.1 255.4 90.9 516.7 100.8 230.2 397.7 383.5 206.3
297.7 470.1 180.1 60.8 155.8 178.7 253.3 84.0 501.1 84.4 224.0 408.3 319.2 194.7
290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2
4 444 448 449
Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services
1,098.2 151.6 1,455.6 2,623.7
1,146.8 152.6 1,538.8 2,700.1
1,135.8 151.1 1,529.6 2,657.6
1,170.0 148.7 1,601.2 2,694.2
1,278.5 147.1 1,792.3 2,858.4
1,357.0 169.5 1,883.5 3,081.5
1,370.6 168.8 1,903.9 3,115.3
1,148.6 165.6 1,574.6 2,653.8
1,246.5 149.0 1,720.9 2,905.5
1,034.0 122.8 1,406.5 2,474.7
1,049.9 112.3 1,454.9 2,482.3
1,116.6 109.5 1,582.2 2,568.2
5
Wholesale/retailtrade
693.7
743.7
738.5
755.4
780.9
819.9
858.1
804.2
895.4
759.3
769.3
816.2
6 660 661 662 663
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
304.5 383.2 350.0 136.1 470.9
319.8 405.6 364.6 132.8 499.2
309.8 402.2 330.7 122.9 478.7
296.6 392.8 314.4 108.4 482.7
303.5 403.8 313.6 108.9 472.6
311.6 419.1' 282.6 108.1 487.7
309.0 414.5 281.8 101.8 531.6
265.6 368.1 212.0 61.1 501.1
265.6 373.2 211.7 56.7 478.4
230.8 330.0 174.1 45.0 431.3
219.0 317.5 147.2 29.4 420.9
225.3 333.8 132.3 19.6 429.6
7 Services 770 Hotels & Other Lodging Places
571.3 433.0
571.2 439.5
545.3 431.7
478.7 366.6
470.6 359.8
453.4 351.9
426.3 327.3
318.6 263.8
315.6 248.3
274.1 221.9
240.4 197.0
242.9 189.2
9
Other/diversified holding companies
300.3
317.1
305.1
282.7
280.4
289.6
288.6
240.8
245.8
201.2
182.5
172.4
IFCI CompositeTotal ReturnIndex
385.9
404.8
394.6
387.9
401.1
418.4
422.5
368.5
380.5
318.1
303.3
307.3
Agriculture/forestry/fishing
1998 FACTBOOK
EMERGING MARKETS DATA BASE
121
IFCI Industry Total Return indexes 1988-1997 (end-of-period valuesin US$;end 1988=100)
1'988
SIC
Sectorh ldl.4trl/
0
Agriculture/forestry/fishing
1'
91)
I
11))"2
1119
1
9
95
I WWW
1997
100.0
98.5
95.9
98.4
92.4
200.2
192.8
174.5
194.5
91.3
1 Mining 110 Metal Mining
100.0 100.0
217.7 163.0
141.8 84.4
323.0 112.3
293.0 123.9
388.9 189.1
554.1 418.4
519.9 342.1
541.7 332.0
503.8 250.4
2 Construction 215 General Building Contractors
100.0 100.0
229.3 225.6
191.0 143.9
187.4 246.4
255.8 414.0
572.7 803.0
441.6 556.8
404.1 448.9
439.3 479.8
170.8 283.6
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
189.9 174.7 198.5 127.1 133.3 194.7 120.0 213.9 268.6 326.1 244.5 189.4 287.1 265.0
173.1 147.9 195.7 47.6 114.9 157.4 83.7 117.4 310.5 156.4 185.6 236.1 373.6 229.6
246.9 281.5 296.4 183.1 146.6 188.8 110.9 64.8 529.5 235.1 304.4 293.7 374.4 177.6
220.8 290.1 234.8 117.3 114.5 142.9 79.7 62.8 519.3 105.2 176.7 238.2 367.4 146.4
372.9 484.8 306.9 122.1 159.7 224.4 207.0 108.0 874.4 167.8 230.4 422.9 698.9 236.6
358.1 436.3 339.7 145.0 195.7 239.0 256.4 102.2 738.8 160.2 235.0 456.2 481.4 230.6
302.8 435.5 258.4 67.2 171.7 179.7 194.3 96.4 566.1 108.9 204.3 405.5 399.6 215.5
326.5 436.7 262.8 66.0 167.0 205.7 249.2 129.9 596.2 100.8 225.1 339.9 545.7 225.6
290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2
4
Transportation/communication/utility
100.0
190.7
226.3
577.6
633.0
1,057.7
944.7
884.8
1,015.3
1,116.6
444 WaterTransportation 448 Communications 449 Electric, Gas or Sanitary Services
100.0 100.0 100.0
133.7 206.6 226.1
109.5 276.9 497.9
142.1 790.8 1,240.1
152.3 911.0 968.9
194.6 1,524.2 1,862.6
165.4 1,198.6 2,380.6
154.2 1,171.4 2,102.9
157.2 1,345.0 2,409.0
109.5 1,582.2 2,568.2
5
100.0
245.2
474.5
577.9
952.5
1,401.3
951.3
733.5
651.0
816.2
100.0
141.0
156.1
135.2
136.9
264.0
239.0
247.6
282.6
225.3
100.0 100.0 -
137.3 143.3 -
171.6 188.4 72.9 -
143.2 177.7 82.3 183.8
148.0 198.9 87.4 171.5
274.6 493.6 149.0 359.0
279.9 423.1 120.3 463.6
306.8 410.3 112.3 439.8
352.6 342.7 121.7 452.1
333.8 132.3 19.6 429.6
7 Services 770 Hotels & Other Lodging Places
100.0 100.0
161.8 161.8
182.0 175.5
224.9 198.6
307.9 246.5
736.4 634.1
611.3 545.6
576.7 496.0
548.5 432.6
242.9 189.2
9
100.0
152.1
136.7
156.4
168.4
343.6
269.4
264.0
281.1
172.4
100.0
161.5
158.0
220.4
227.7
408.9
359.8
329.5
360.4
307.3
Wholesale/retail trade estate
6
Finance/insurance/real
660 661 662 663
Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance
Other/diversified
holding
companies
IFCI Composite Total Return Index
122
1998FACIO1N
ENirRG1N(;MARNE-ISD.1 \ BA\SL
IFCI Industry Total Return Indexes 1989-1997 (annual% changein US$)
1989
SIC SctOI/IULIIStTY
1990
1991
1992
1993
1994
1995
1996
1997
-1.6
-2.6
2.6
-6.2
116.7
-3.7
-9.5
11.5
-53.1
1 Mining 110 Metal Mining
117.7 63.0
-34.9 -48.2
127.8 33.0
-9.3 10.4
32.7 52.6
42.5 121.2
-6.2 -18.2
4.2 -3.0
-7.0 -24.6
2 Construction 215 General Building Contractors
129.3 125.6
-16.7 -36.2
-1.8 71.2
36.5 68.0
123.9 94.0
-22.9 -30.7
-8.5 -19.4
8.7 6.9
-61.1 -40.9
3 320 322 323 326 328 329 330 332 333 334 336 337 339
Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing
89.9 74.7 98.5 27.1 33.3 94.7 20.0 113.9 168.6 226.1 144.5 89.4 187.1 165.0
-8.9 -15.3 -1.4 -62.6 -13.7 -19.1 -30.2 -45.1 15.6 -52.0 -24.1 24.7 30.1 -13.3
42.7 90.4 51.5 284.7 27.6 19.9 32.4 -44.8 70.5 50.4 64.0 24.4 0.2 -22.7
-10.6 3.0 -20.8 -35.9 -21.9 -24.3 -28.1 -3.0 -1.9 -55.3 -41.9 -18.9 -1.9 -17.5
68.9 67.1 30.7 4.2 39.5 57.0 159.6 71.9 68.4 59.5 30.4 77.5 90.2 61.6
-4.0 -10.0 10.7 18.7 22.6 6.5 23.9 -5.4 -15.5 -4.5 2.0 7.9 -31.1 -2.5
-15.4 -0.2 -23.9 -53.7 -12.3 -24.8 -24.2 -5.7 -23.4 -32.0 -13.1 -11.1 -17.0 -6.5
7.8 0.3 1.7 -1.8 -2.7 14.4 28.2 34.8 5.3 -7.4 10.2 -16.2 36.6 4.7
-11.1 8.3 -28.4 -8.6 -9.3 -13.7 5.9 -33.5 -15.4 -22.8 -5.4 14.3 -48.2 -18.3
4 444 448 449
Transportation/communication/uti;ity Water Transportation Communications Electric, Gas or Sanitary Services
90.7 33.7 106.6 126.1
18.7 -18.1 34.0 120.2
155.2 29.7 185.6 149.1
9.6 7.2 15.2 -21.9
67.1 27.8 67.3 92.2
-10.7 -15.0 -21.4 27.8
-6.3 -6.7 -2.3 -11.7
14.7 1.9 14.8 14.6
10.0 -30.3 17.6 6.6
5
Wholesale/retail
145.2
93.5
21.8
64.8
47.1
-32.1
-22.9
-11.3
25.4
6 660 661 662
Finance/insurance/real estate Banking Credit Agencies Other Than Banks Security & Commodity Brokers
41.0 37.3 43.3 -
10.7 25.1 31.5 -
-13.4 -16.5 -5.7 12.9
1.2 3.3 11.9 6.2
92.8 85.6 148.1 70.5
-9.5 1.9 -14.3 -19.3
3.6 9.6 -3.0 -6.7
14.1 14.9 -16.5 8.4
-20.3 -5.3 -61.4 -83.9
663
Insurance
-
-
-
-6.7
109.3
29.1
-5.1
2.8
-5.0
7 Services 770 Hotels & Other Lodging Places
61.8 61.8
12.4 8.4
23.6 13.2
36.9 24.1
139.2 157.2
-17.0 -14.0
-5.7 -9.1
-4.9 -12.8
-55.7 -56.3
9
52.1
-10.1
14.4
7.7
104.0
-21.6
-2.0
6.5
-38.6
61.5
-2.2
39.5
3.3
79.6
-12.0
-8.4
9.4
-14.7
0
AgricuIture/forestry/fishing
Other/diversified
trade
holding companies
IFCI Composite Total Return Index
1998 FACIBOOK
EMERGING MARKETS DATA BASE
123
5.
IFC Index Market Profiles
Emerging Stock Markets Factbook 1998
Argentina Market Performance A rosy economic outlook and optimism over corporate earnings helped lift the dollar-based IFCI and IFCG Argentine indexes by 17.4% and 17.3%, respectively, in 1997. Share prices were highly correlated with the 30-year U.S. bond yield and Wall Street sentiment and were adversely influenced by the Asian currency crisis. Weakness in neighboring Brazil weighed on the market, as investors assessed Argentina's vulnerability to a market that receives 39% of its exports. Overall, the Asian currency crisis was less severe than the Mexican crisis because of a
stronger banking sector and investors' confidence in the convertibility
plan. The economy
expanded about 8% in 1997, inflation was virtually unchanged at 0.3%, and unemployment dropped sharply. In 1997, the government reported a consolidated fiscal deficit of $4.26 billion, below the IMF target of $4.5 billion. The IFCI Index rose 7.2% during the first quarter following a drop in 30-year U.S. Treasury bond yields. The lower U.S. rates raised hopes of increased foreign capital flows to the Argentine equities market. Because of attractive dividend yields, gas and electric utilities drew investor attention. The IFCI Index rose 13.6% in the second quarter with the largest gains in May following an easing in interest rate pressures. Signs of a construction boom and progress on labor legislation also lifted investor sentiment. In April, stocks received a boost after Standard & Poor's raised the country's debt risk rating to "BB"from "BB-" and upgraded 13 companies and banks to investment-grade levels. Blue-chip companies
126
1998 FxCTF0Ook
140 130 1
= -
120
110100 9() 80.
60 cm
N N
-
NN O
N
,
ND
N
N
C' O
N C'
N
N
O
N_
o)
10
°N N, -
N
C 0 °N
IFCIComposite in the oil sector pulled back in June on expectations of lower oil prices resulting from an increase in quotas by oil-producing countries. Investor enthusiasm over the earning potential of stocks more than offset the currency worries that spilled over from Southeast Asia. The net effect was that the IFCI Index rose 6.5% during the third quarter. Concerns that Brazil would devalue its currency, an increase in U.S. interest rates, and warnings from the International Monetary Fund over recent gains in global stock markets kept many investors on the sidelines, and share turnover slowed. Share prices were volatile during the last quarter of the year, with the IFCI Index falling 9.5%. Shares rose in early October in response to declining U.S. interest rates and a U.S. jobs report that convinced investors that moderate growth
-
I
I N
-
CD
N
N
N
N
IFCIArgentina
C
10
N 10
N
-
C 0)
CO
N I
O C) O
O
N
N
C
C
C
-
-
N
N
N
N
N
N
N
N
N
Bolsa Indice General
would follow. Telecom stocks rose in October on expectations that earnings reports would be favorable as a result of a new telephone tariff rebalancing that increased monthly fees and local rates while reducing long-distance fees. Prices plummeted on October 27, starting a steep downward trend in concert with global stock markets as a result of the currency crisis in Asia set off by heavy selling in Hong Kong. Optimism returned to the market during the last three days of the year as investor worries eased when multilateral institutions bailed out Korea, and the likelihood of a Korean debt default vanished. The ruling Peronist Party lost seats during the October congressional elections, giving the Radical-Frepaso Alliance the possibility to win the 1999 presidency.
S DA 1A BASE ENTR( TN\c; NIARIFIIE
Argentina
IFCIArgentina Index Correlation (5-year period ending 12/97)
Monthly Value Traded (US$ millions) 3,500
1.00 0*10
3,000
0.80
IFCI P/E Ratio (end of month values)
45 40 35
0.73 0.0 0.67
2,500
0.030
2,000
0.50
0li8
0.43
0.44
0.40 1,500
25 20
0.30
0.26 15
0.20 1 .000
101
010
500
-
0.0000
5
0
0
71.3, % <0
-,
70,000
0
C 5
0 O lZ °
a
z
1U *O
t
2
-
MonthlyMarket Capitalization (US$millions)
t
5m
CO
-
c
N
N
N
N
N
O'
N
_
N
4O
Share of Emerging Market Capitalization*
Exchange Rate (pesosper U.S.dollar)
(end-1997;total=$2,097billion)
-----
05
80,0000. 0.7
---
- - - -
0.8
50,000
Argentina 2.8%
40,000
Other Latin America
30,000259
. . I. .-----
1.2 1.3
20,000
Emerging
10,00
71.3%
1998FACTBOOK
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EMERGING MARKETs DATA BASE
127
Argentina 1997 (currencyin millions)
1i1n1
Feb
\lar
149
148
148
148
148
148
48,634 48,653
49,445 49,465
48,937 48,942
51,173 51,183
54,669 54,696
55,668 55,674
451 451 1.0
2,466 2,467 5.0
2,716 2,716 5.5
2,225 2,226 4.4
2,231 2,232 4.2
20,129.1 8.8
20,413.5 1.4
20,149.7 -1.3
21,027.9 4.4
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return indexe Change in total return index (%)
35 60.2 83.9 40.8 1.8 2.6 2,465.0 7.6
34 59.7 92.6 39.5 1.8 2.7 2,500.6 1.4
34 59.5 96.8 29.9 1.7 2.8 2,466.5 -1.4
Exchange Rates Exchange rates (end of period)
0.9996
0.9996
0.9999
Number of Listed Companies Buenos Aires Stock Exchange Market Capitalization In pesos In U.S. dollars Trading Value In pesos In U.S. dollars Turnover ratio Local Index BolsalndiceGeneral' Change in index (%)
Apr
Nla
JLuIn
uL11
Aug
hop
Nov
Oct
Dec
149
149
149
148
136
60,088 60,100
58,546 58,558
60,464 60,476
51,803 51,834
55,878 55,901
59,240 59,252
2,073 2,074 3.8
3,038 3,039 5.3
2,619 2,619 4.4
1,981 1,981 3.3
2,734 2,736 4.9
1,691 1,692 3.1
1,471 1,472 2.6
22,386.9 6.5
22,793.8 1.8
24,602.3 7.9
24,028.3 -2.3
24,761.4 3.0
20,418.0 -17.5
21,847.0 7.0
23,071.9 5.6
34 59.1 96.4 30.3 1.8 2.7 2,559.1 3.8
34 59.0 96.1 29.5 1.8 2.5 2,742.5 7.2
34 59.5 93.1 31.8 1.9 2.4 2,813.4 2.6
34 60.3 95.0 31.8 2.0 2.5 2,995.6 6.5
34 60.9 85.8 27.9 2.0 2.5 2,944.2 -1.7
34 60.5 93.0 25.4 2.0 2.4 3,013.6 2.4
34 57.5 84.7 20.7 1.6 3.0 2,457.5 -18.4
35 61.8 95.0 15.4 1.7 2.7 2,614.4 6.4
35 61.4 95.7 16.3 1.8 2.1 2,746.2 5.0
0.9998
0.9995
0.9999
0.9998
0.9998
0.9998
0.9994
0.9996
0.9998
149
Notes: The base date for the Bolsa Indice General is Dec. 29, 1977=0.00001. The base date for the IFCG Argentina Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Buenos Aires Stock Exchange Mr. Julio Macchi, Chairman Mr. Edgar I. Jelonche, Chief Executive Sarmiento 299,2nd Floor Buenos Aires, 1353 Argentina Tel: (54-1) 316-7050 Fax: (54-1) 312-9332 http://www.bCba.sba.com.ar/
128
1998FAC-1BO(h
Rosario Board of Trade Ing.Cristian F. Amuchastegui, Chairman Cont.MarioA. Acoroni, General Manager Cordoba 1402 Rosario, Santa Fe, 2000 Argentina Tel: (54-41) 213-471,213-478 Fax: (54-41) 241-019
IFC Correspondent: HSBC Banco Roberts S.A. 25 de Mayo 258 Buenos Aires Argentina Tel: (54-1) 342-4964 Fax: (54-1) 343-9852
EMERGING MARKETS DATA BASE
Argentina 1988-1997 (currencyin millions;endof periodlevels)
I 9Sf7
1989
1990
1991
7 1°992
186
178
179
174
175
Market Capitalization Inpesos In U.S. dollars
3.3006 2,025
574.61 4,225
1,852.9 3,268
18,491 18,509
TradingValue Inpesos hnU.S. dollars Turmoverratio
0.5548 593 28.9
70.857 1,916 24.5
408.1 852 33.6
4,612 4,824 45.3
Local Index BiulsaIndice Ceneral' Change in index (%)
4.1383 526.3
717.2 17,231.8
2,202.9 207.1
17,856.0 71l3.6
24 67.7 3.2 0.3 3.6 196.0 38.8
24 77.8 9.1 1.1 4.7 540.7 175.9
27 68.7 -3.1 0.3 0.9 343.1 -36.5
28 85.9 -406.0 1.7 0.3 1,71t4.8 396.9
126,207 343.0 0.00163 O.t01t94
76,637 3,079.8 0.13600 0.03698
141,352 2,314.0 0.5670 0,4793
189,720 171.7 0.9990 0.9560
Number of Listed Companies BuenosAires StockLxchanige
IFCGlobal Index Nomber of stocks Share of market cap. (I%b PIE ratio PlBVratio Dividend yield I%) Total returniindex' Chanigein index (°) Economic Data Grosmdomesficprodot(`U681 (2sangeincot-numerpie;eindex(.,) Fxd gerate Fxchanrgerate(averageofperind)
1994
1995
1996
1997
180
156
149
147
136
18,595 18,633
43,967 43,967
36,867 36,864
37,780 37,783
44,670 44,679
59,24t0 59,252
15,551 15,679 83.9
10,337 10,339 33.0
11,370 11,372 28.1
4,594 4,594 12.3
4,378 4,382 10.6
25,696 25,702 49.5
20,607.2 53.5
15,855.6 -23.1
16,237.8 2.4
l8,494.9 13.9
23,071.9 24.8
29 76.7 38.0 1.2 1.9 1,253.1 -26.5
31 71.6 41.9 1.9 2.3 2,164.7 72.7
30 50.9 17,7 1A 2.9 1,661.4 23.3
34 58.6
1.3 3.5 1,872.1 12.7
35 60.8 38.2 1.6 2.9 2,290. 22.3
35 61.4 16.3 1.8 2.1 2,746.2 19.9
228,779 24.9 0.9980 0.9918
257,841 10.6 1.00010 0.9998
281,925 4.2 l.tU01 0.9998
280,835 3.4 0.9999 0.9999
294,687 0.2 0.9998 0.9992
0.9998 0.9998
13,427.5 -24.8
99:
15.0
Incalculatingshare oftotalmarket cap,IFCGnarket capis notadjusted forcross Thebasedatefor the IfCGArgentinaIndexis Dec.19841300. Nltes:Thebaseddateforthe folsa IndiceGencralis,Dc. 29,1977=0.OO01. holdings.
MAIIKFTSDATA BA5E 129 ENiERKGNC
Brazil Market Performance Brazilian equities posted sizable gains in 1997, in large part from enthusiasm over the mid-year passage of legislation that clears the way for the privatization of Telebras in 1998. The IFCI and IFCG Brazil indexes rose 21.8% and 20.5%, respectively, in dollar terms in 1997.
210
190 170 -
\
150 130
In the first quarter, shares rose 21.8% (as measured by the IFCI Index) thanks to gains in electric and telecom stocks and rising foreign investment. Adding momentum was news thatA
110
90
>4
45% of state-owned Vale do Rio Doce (CVRD) a voting shares would be sold. Also, a congressional committee passed a petroleum deregulation bill that cleared the way for the oil and gas industry competition and allowed Petrobras to enter into ventures with international partners. A Supreme Court ruling granting state workers a 29% salary increase triggered a stock market sell-off on February 19, raising concerns that it would inflate the budget deficit. Stocks continued their upward trend in the second quarter, with the IFCI Index gaining 26.7%. The privatization of CVRD helped lift equities in May. Also, telecom stocks led the market after telecom companies announced an increase in local calling rates, causing expectations that higher rates would boost revenue. Optimism ahead of the June 4 vote on the telecom law to grant wireless telecom concessions also raised prices. The market consolidated during the third quarter with the IFCI Index losing 4.8%. Prices tumbled for the first time in mid-July and August on worries that the Brazilian real could come under pressure as a result of the devaluation of the Thai baht and the Philippine peso. 130
1998 FACTT3OK
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Panic-selling triggered by the Asian financial turmoil resulted in a drastic price drop amid devaluation concerns. Share prices registered sharp losses amid concern that the currency crisis in Asia could spill over to Brazil. The market changed course after the national development bank (BNDES) initiated a Telebras options sale that allowed investors to hedge against future declines in the stock's price, spurring a rally in Telebras preferred shares.
ber following South Korea's requested IMF help and as the Brazilian legislature approved an economic austerity package. The government announced a fiscal policy reform package that included higher income taxes and a reduction in the number of government employees. In December share prices picked up as news of government tax cuts for individuals and spending cuts in the form of a gradual reduction in fiscal incentives for certain areas increased investors' optimism.
The market was depressed during the last quarter as the IFCI plummeted 17.1%. The biggest losses came in October when prices fell 25.7% as they were hit by the domino effect caused by the Hong Kong market crash and sharp declines in other global markets. The government reacted by doubling the prime lending rate. The government used some $5 billion in reserves to defend the currency, helping to diminish concerns that the currency would follow the path of Asian currencies. Shares posted small gains in Octo-
Brazil's GDP grew nearly 3.0% in 1997, with economic activity accelerating toward year-end amid expectation that the hike in local interest rates would be temporary. International reserves amounted to nearly $52.2 billion in 1997, and foreign direct investment totaled about $17.1 billion. According to the Brazilian securities regulator, net capital inflows reached $1.6 billion in 1997 under the Annex IV foreign investment mechanism.
EMERGING MARK -IS DA I A B ASF
Brazil
Monthly Value Traded (US$ millions)
IFCI Brazil Index Correlations (5-yearperiod ending 12/97)
30,000
IFCIP/E Ratio (end of month values) 20
1.00
0.80
25,000
20,000
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18
0.75
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1.20 1.25
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ENwIWIANG MARKEIS DA]A BASL 131
Brazil 1997 (currencyin millions)
Jan
I-el,
Nlar
Apr
\rlMLp
Juit
573 550
577 554
578 552
582 556
580 557
579 556
576 553
576 552
576 551
575 550
577 550
574 536
247,860 237,050
269,589 256,507
269,010 253,711
282,594 265,696
303,471 283,221
340,956 316,697
354,420 327,258
310,945 284,748
336,754 307,369
270,751 245,580
272,442 245,598
285,139 255,478
1,104 11,400 12,504 11,959 5.3
1,599 14,003 15,602 14,845 6.0
1,620 11,567 13,187 12,437 4.9
1,133 14,940 16,073 15,112 5.8
1,310 14,669 15,978 14,912 5.4
2,427 25,291 27,718 25,746 8.6
1,758 24,064 25,822 23,843 7.4
1,237 16,485 17,722 16,229 5.3
686 15,724 16,410 14,978 5.1
1,067 24,910 25,978 23,562 8.5
492 14,853 15,345 13,833 5.6
1,214 15,520 16,735 14,994 6.0
7,964.6 13.1
8,828.7 10.8
9,044.0 2.4
9,982.0 10.4
11,344.0 13.6
12,567.0 10.8
12,872.0 2.4
10,609.0 -17.6
11,797.0 11.2
8,986.0 -23.8
9,394.0 4.5
10,196.5 8.5
86 64.7 62.9 15.8 0.9 2.3 710.3 10.6
86 64.1 70.8 14.5 0.9 2.6 708.3 -0.3
86 64.8 65.4 16.1 1.0 2.8 756.1 6.8
86 66.4 71.7 17.4 1.1 2.5 818.9 8.3
86 64.4 61.7 18.3 1.2 2.3 895.6 9.4
86 64.9 75.6 18.6 1.2 2.4 929.1 3.8
86 62.4 77.3 14.7 1.0 2.7 786.6 -15.3
86 63.8 77.1 16.4 1.1 2.4 865.4 10.0
86 60.9 75.8 12.5 0.9 3.2 652.9 -24.6
88 67.5 84.4 11.4 0.9 3.5 664.3 1.8
87 68.7 70.6 12.4 1.0 3.9 720.9 8.5
1.0510
1.0603
1.0636
1.0715
1.0766
1.0830
1.0920
1.0956
1.1025
1.1093
1.1161
Jul
hig
(NOt
Nov
Dec
Number of Listed Companies Rio de Janeiro Bolsa de Valores Sao Paulo Bolsa de Valores
Market Capitalization In reais In U.S. dollars
Trading Value Rio de Janciro Bolsa de Valores Sao Paulo Bolsa de Valores Total in reais In U.S. dollars Turnover ratio
Local Index IBOVESPA* Change in index (%)
IFC Global Index Number of stocks Share of market cap. (O/,3* Share of trading value (NY,) P/F ratio P/BV ratio Dividend yield ('Y,A) Total return index' Change in total return index ("NO)
86 63.1 74.7 16.2 0.8 3.11 642.1 11.3
Exchange Rates Exchange
rates (end of period)
1.0456
Notes: Market cap figures are for Sao Paulo only. The base date for IBOVESPA is 1968=0.000000001. The base date for the IFCG Brazil Index is Dec. 1984=100. This series has been adjusted to reflect the change. IBOVESPA was divided by 10on March 3,1997. The series has been adjusted to reflect this change as of Jan. 1998. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
132
Sao Paulo Stock Exchange
Rio de Janeiro Stock Exchange
IFC Correspondent.
Mr. Gilberto Mifano,CEO Rua XV de Novembro, 275 Sao Paulo-SR 01013-001 Brazil Tel: (55-11)233-2000 Fax: (55-11)239-4981 http://www.bovespa.com.br/
Mr.Fernando Opitz,Chairman Mr.SergioLuiz Berardi,CEO Praca XVde Novembro,20 Centro - Rio de Janeiro, 20010-010 Brazil Tel: (55-21)271-1011 Fax: (55-21)271-1193 http:H/www.bvrj.com.br/
Lopes Filho& Associados Rua Araujo PortoAlegre 36-8 andar Rio de Janeiro, RJ 20030-010 Brazil Tel:(55-21)210-2152 Fax: (55-21)240-2828
1998 FACTBOOK
E.SiIRGIN( IM XRKETS DAIA BASE
Brazil 1988-1997 (currency in millions; end of period levels)
1988 Number of Listed Companies Rio de Janeiro Bolsa de Valores Sao Paulo Bolsa de Valores
1989
1'990
1991
1992
1993
1994
1995
1996
1997
598 570
593 565
577 550
576 544
570 543
577 551
574 536
630 589
629 592
612 581
Market Capitalization* In reais In U.S. dollars
0.00855 32,149
0.18231 44,368
0.95760 16,354
16.95121 42,759
201.50365 45,261
11,603.31 99,430
160,321 189,281
143,502 147,636
225,474 216,990
285,139 255,478
Trading Value Rio de Janeiro Bolsa de Valores Sao Paulo BoIsa de Valores Total in reais In U.S. dollars Turnover ratio
0.00066 0.00104 0.00170 17,979 37.8
0.00688 0.01019 0.01707 16,762 17.9
0.04147 0.09280 0.13427 5,598 23.6
0.56725 1.40548 1.97273 13,373 22.0
8.9529 25.468 34.4208 20,525 31.5
252.06 1,671 1,922.7 57,409 32.6
11,092 60,575 71,666 109,498 83.4
9,144 63,551 72,693 79,186 47.8
14,192 98,476 112,669 112,108 61.1
15,648 203,426 219,073 203,260 85.8
IBOVESPA*
0.00033
0.00616
0.02516
0.60776
6.7805
375.450
4,353.9
4,299.0
7,039.9
10,196.5
Change in Index (0/,,)
2,549.5
1,762.5
308.3
2,316.0
1,015.6
5,437.2
1,059.6
-1.3
63.8
-85.5
56 40.8 4.7 0.5 1.5 122.0 125.6
56 43.5 5.9 0.7 0.7 170.7 39.9
67 40.1 4.7 0.3 9.4 58.6 -65.7
69 47.6 15.5 0.8 0.6 158.4 170.4
69 51.3 -24.4 0.4 0.7 158.9 0.3
70 61.2 12.6 0.5 0.4 316.9 99.4
83 59.1 13.1 0.6 0.7 538.2 69.8
87 64.1 36.3 0.5 3.4 429.3 -20.2
86 61.7 14.5 0.7 2.3 577.1 34.4
87 68.7 12.4 1.0 3.9 720.9 24.9
329,913 629.1 0.0007311 0.0002600
448,763 1,430.7 0.01130 0.00280
479,214 2,947.7 0.1610 0.0660
386,213 432.8 1.0902 0.4057
376,949 951.6 12.2430 4.6118
436,791 1,928.0 320.9200 92.1026
556,441 2,037.8 0.8470 0.6545
688,085 66.0 0.9720 0.9180
748,916 15.8 1.0391 1.0050
-
Local Index
IFC Global Index Number of stocks Share of market cap. (04)0 P/E ratio P/BVratio Dividend yield (%) Total return index' Change in index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) ExChangerate ExChangerate(averageofpeniod)
1.1161 1.0778
Notes:Market cap figures are forSao Paulo only,Thebase date for1BOVESPAis 1968=0.000000001. Thebase date for the IFCGBrazil Indexis Dec.1984=100.Brazilreformedits cunrencyonJuly 1,1994, exchanging its former currency(the rzeiro real) for a new currency (the real) at a rate of 2,750:1.This series has been adjusted to reflect the change. IBOVESPA was divided by 100on Feb. 10, 1994, and again on March 3,1997. The series has not been adjusted to reflect the second change. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
1998 FVCTJJOOK
EMERGING MARKETS DATA BASE
133
Chile Market Performance The Santiago Stock Exchange (SSE) turned in an improved performance during 1997, as compared with 1996. The dollar-based IFCG and IFCI indexes rose 3.4% and 3.6%, respectively, as compared with losses of 17.1% and 17.2% in 1996. Overall, Chilean share prices mirrored the Asian stock markets, rising early and falling at year's end on concerns that economic and currency problems in Japan and Korea would reduce Chilean export revenue from copper, pulp, and other goods. While GDP expanded by a solid 6.4% for the year, the 6.0% inflation rate missed the central bank's 5.5% target, largely because of food hikes from El Nino weather phe-
nomenon. Despite gains from January through July, the peso-based IGPA Index did not escape the spillover effect of the Asian financial crisis, posting a loss of 2.2% for 1997. Confidence in the Chilean economy was bolstered in January by the first 100-year bond sale by a Latin American company, Endesa, offering interest rates comparable with U.S. rates. Cuts in the interbank lending rate in the first week of February sparked demand for Chilean equities and carried the market forward throughout the month. Fears that electricity rationing tied to El Nino droughts would cut into company profits, and the government's decision to cut the electricity rate charged to Chilean households, further affected utility shares. Both the IFCI and IFCG indexes posted the first losses of the year in March. Utility and wine company shares led the market rebound during the second quarter when the government cut interest rates for a second consecutive time on April 11 to 7.0%. Winery stocks in particular gained much ground on 134
1998 FAC TBOlOK
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IFCIComposite news that first-quarter wine exports increased 40%, year on year, to $77.9 million. Utility shares soared in May as heavy rains in southern Chile increased capacity at hydroelectric plants, and Chilgener, Chile's second-largest electricity generator, announced plans to expand into the Peruvian market. Among the top stories of the year was the announcement in July of the $1.5 billion acquisition of five investment companies known as Chispas by Endesa. Collectively, the Chispas companies hold a 29% stake as an electricity service provider. In August, declines in Chilean shares trading in New York pressured the local market downward as the IFCG Index posted only its second monthly loss of the year. In September, shares inched higher following congressional approval of a new banking law enabling Chilean banks to obtain licenses more efficiently, offer more domestic services, and expand abroad more easily. Private pension funds continued to be
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(pesos per U.S.dollar)
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(US$millions)
N
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MonthlyMarket Capitalization 90,000
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50,000 50,000 40,000 Ohr450 Emerging Markets
30,000 20,000
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1998FACTBOOK
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EMFRGING MARKETs DATA BASF
)
135
Chile 1997 (currencyin millions)
I"m
jul
287
287
286
289
290
289
292
290
295
31,197,535 75,275
31,600,010 75,355
34,014,905 81,249
35,354,799 84,936
35,736,471 85,771
34,806,706 83,841
34,638,687 83,598
31,986,667 75,798
32,102,104 73,376
31,592,248 72,046
289
287
285
30,401,826 72,359
31,661,885 76,612
Number of Listed Companies Bolsa de Comercio de Santiago Market Capitalization Inpesos In U.S. dollars
uP
MFelb
APr
Xp
<.e
Dec
\1eW
Fet
\AN\
Trading Value Inpesos In U.S. dollars Turnover ratio
292,502 696 1.0
242,206 586 (1.8
246,146 594 0.8
278,121 663 0.9
270,194 645 0.8
345,970 831 1.0
311,655 748 0.9
220,853 532 0.6
135,320 327 0.4
312,783 741 0.9
225,499 515 0.7
239,694 547 0.8
Local Index IGPA* Change in index (0/,)
5,227.3 6.6
5,368.4 2.7
5,278.0 -1.7
5,331.0 1.0
5,652.2 6.0
5,732.1 1.4
5,706.7 -0.4
5,480.4 -4.0
5,481.3 0.0
5,071.2 -7.5
4,942.3 -2.5
4,794.4 -3.0
IFC Global Index Number of stocks Share of market cap. (/)0 Share of market value (0/,) P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in index (()
47 60.9 75.0 15.9 1.7 3.8 6,121.7 9.8
47 61.1 75.7 16.7 1.8 3.6 6,491.3 6.0)
47 60.7 74.0 17.3 1.7 3.6 6,327.8 -2.5
48 61.8 75.1 18.0 1.8 4.7 6,535.3 3.3
48 62.5 75.7 19.5 1.9 4.0 7,144.1 9.3
48 62.1 7(0.3 18.7 1.9 3.8 7,348.3 2.9
48 62.1 68.6 18.8 1.9 3.8 7,400.7 0.7
48 60.7 70.1 17.9 1.9 4.0 7,078.9 -4.3
48 61.3 74.9 18.0 1.9 4.0 7,143.1 0.9
48 60.7 84.2 16.5 1.7 4.4 6,440.8 -9.8
53 69.4 80.7 14.7 1.7 3.8 6,062.0 -5.9
53 69.1 74.9 14.7 1.6 3.9 5,944.9 -1.9
Economic Data Exchange rate
421).150
413.275
414.450
419.350
418.650
416.250
416.650
415.150
414.350
422.0(0)0
437.500
438.500
Notes: The base date for the IGPA Index is Dec. 1980=100. The base date for the IFCG Chile Index is Dcc. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Santiago Stock Exchange Mr. Cristian Solis de Ovando Lavin, Chairman La Bolsa64 Santiago Chile Tel: (56-2) 698-2001, 695-8077 Fax: (56-2) 672-8046 http://www.bolsantiago.cl/
136
1998FFAciBooK
Electronic Stock Exchange Mr.AndresValenzueladelValle Huerfanos770, 14th floor Santiago Chile Tel: (56-2) 639-4699 Fax: (56-2) 639-9015 http:l/www.bolchile.cl/presenta/ipresent.htm
IFC Correspondent: Julio Salas M Y Asociados Santa Lucia 150, piso 5 Santiago Chile Tel: (56-2) 632-3166 Fax: (56-2) 632-5268
EmI R(.1NGMARKFTsD
A1BASE
Chile 1988-1997 (currencyin millions;endof periodlevels)
Number of Listed Companies Bolsa de Comercio de Santiago Market Capitalization* In pesos In U.S. dollars Trading Value In pesos In U.S. dollars Turnover ratio
1988
1'989
205
213
1,709,099 6,849
149,659 611) 10.1
199(
1991
1992
1993
1994
1995
1996
1997
215
221
245
263
279
284
291
295
2,819,642 9,587
4,596,608 13,645
10,490,229 27,984
11,333,749 29,644
19,233,969 44,622
27,349,445 68,195
30,035,249 73,860
27,981,726 65,940
31,592,248 72,046
224,673 866 9.9
233,884 783 6.3
663,347 1,900 8.8
735,798 2,029 6.7
1,131,810 2,797 7.4
2,208,808 5,263 9.5
4,393,212 11,072 15.3
3,487,298 8,460 12.1
3,120,943 7,445 10.5
Local Index IGPA* Change in index (%)
459.8 33.8
757.6 64.8
1,166.7 54.0
2,483.7 112.9
2,733.5 10.1
3,915.5 43.2
5,425.2 38.6
5,740.0 5.8
4,902.6 -14.6
4,794.4 -2.2
IFC Global Index Numnber of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return indecx Change in index (%)
25 66.0 3.7 0.7 9.4 678.5 37.1
26 63.6 5.6 0.9 9.5 1,026.0 51.2
28 62.9 7.9 1.0 5.0 1,440.9 40.4
35 68.2 15.9 1.7 3.5 2,853.9 98.1
35 74.0 13.0 1.7 3.8 3,315.6 16.2
35 64.1 20.0 2.1 2.7 4,462.9 34.6
40 66.1 21.4 2.5 2.4 6,470.7 45.0
47 65.1 17.1 2.1 3.5 6,508.0 0.6
47 61.1 14.6 1.6 3.9 5,575.3 -14.3
53 69.1 14.7 1.6 3.9 5,944.9 6.6
24,151 14.7 249.540 245.419
28,182 17.0 294.110 259.331
30,387 26.0 336.860 298.544
34,396 21.8 374.870 349.141
42,699 15.4 382.330 362.693
45,638 12.7 431.040 404.720
52,176 11.4 401.050 419.709
67,297 8.2 406.650 396.791
74,292 7.4 424.350 412.226
-
Economic Data Grossdomesficproduct(US$) Changeinconsumerprceindex(%CY) Exchangerate Exchangerate(averageofperiod)
438.500 419.216
Notes:The base date for the IGPA Index is Dec. 1980=100. The base date for the IFCG Chile Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FAC [BOOK
EMERGING MARKETS DATA BASE
137
China Market Performance Chinese domestic shares jumped during 1997, spurred by local trading, while foreign investable shares fell because of the Asian financial crisis in the second half of the year. The dollarbased IFCG Index rose 31.8% because of rises in/ A-shares. A-shares, reserved for domestic Chinese, posted gains of 31.8% and 18.9% in Shanghai and Shenzhen, respectively. The IFC Investable Index, composed of mainland B-shares and Hong Kong H-shares, posted losses of 25.0% in 1997. B-shares fell 20.0%band 32.0% in Shanghai and Shenzhen, respectively. The H-shares m fell 26.2% on the Hang Seng China Enterprises Index. Daily trading averaged $1.5 billion, 47%
higher than in 1996. Fueled by lower returns in bank deposits, the year began with active local interest in A-shares. Deng Xiaoping passed away in February, and stocks initially fell in a knee-jerk reaction, only to rebound in a bout of buying. The nation's ability to recover from Deng's death without turmoil removed a potentially upsetting factor for the stock market. The market rallied on confidence that the economic reforms engineered by Deng in the late-1980s were firmly entrenched. Foreign funds poured into foreign investable infrastructure and transportation shares. Early in the second quarter, optimism over the economy, lower inflation, and political stability combined to boost returns. Annual results from 1996 were perceived to be better than expected, for companies had benefited from two interest rate cuts during that year. Despite controlled inflation, the government delayed interest rate cuts till later in 1997, concerned that rate cuts would spur volatility in stock trading. laq
1998 Faci8O(k
170
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160
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IFCIComposite In May, the government activated new measures to crack down on illegal trades and fined some brokerage firms for illicit trading practices. China's State Council raised the cost of transactions by increasing the stamp tax on stock trading to 0.5% from 0.4% to quell wild and speculative price jumps. The central bank ordered banks to stop lending money for stock market speculation. After 156 years under British rule, Hong Kong was peacefully transferred to the PRC on July 1 as the Hong Kong Special Administrative Region of the PRC. The Hong Kong market's bull run in the months preceding the handover was fueled by frenzied activity in China-related shares, such as red chips that are backed financially by the Chinese government. This spilled over into China H-shares and B-shares. In fact, turnover in H-shares nearly doubled during August, as investors positioned themselves ahead of government-led restructuring of vari-
IFCIChina
ShanqhaiS.E.Composite
ous state-owned enterprises. The crisis in Asia's financial system sparked a wave of speculation during August against the HK dollar, which is pegged to the U.S. dollar. The devaluation of the Thai baht in June and jitters in Korea in November caused wild gyrations in Hong Kong. High interest rates in Hong Kong weighed heavily on the foreign investable China shares. The Chinese yuan, which is not fully convertible, appreciated over the year, and there was concern that large devaluations throughout Asia in the last quarter would stymie earnings. Also causing the slide was a decision by the Communist Party's plenum in September to give support to state-sector reforms. Expectations that state firms would be restructured into shareholding entities raised concern of a sudden surge in listings. The number of companies listed in Shanghai and Shenzhen increased to 764 from 540 the previous year, and the markets' capitalization almost doubled to $206.4 billion. E\1I l.l \.
Mi IIFTs
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97 Dec 97
~-
China 1997 (currencyin millions)
\1lav
Jan
Fell
Ni
561
573
584
610
640
712
1,078,410 130,032
1,166,521 140,623
1,362,683 164,268
1,544,640 186,225
1,496,196 180,436
177,816 21,441 17.6
145,008 17,481 12.9
414,539 49,972 32.8
501,361 61),445 34.5
Local Index SSEComposite* Change in index ('To)
964.7 4.9
1,040.0 7.8
1,234.6 18.7
IFC Global Index Numberof stocks Share of market cap. (3)0 Share of trading value ('/0) P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in total return index ('Y,)
180 47.6 32.6 29.5 2.3 1.2 110.3 5.9
180 47.0 41.8 33.7 2.6 1.1 117.9 6.9
8.2934
8.2954
Number of Listed Companies Total Market Capitalization In yuan In U.S. dollars Trading Value In yuan In U.S. dollars Turnover ratio
Economic Data Exchange rate
18(1 47.6 36.6 40.0 3.0 0.9 139.7 18.5 8.2955
JLunI
Augl
SCp
718
728
739
750
759
764
1,614,142 194,693
1,575,419 190,032
1,587,236 191,501
1,426,687 172,203
1,641,011 198,108
1,619,414 195,591
1,708,630 206,366
445,739 53,755 29.3
302,238 36,455 19.4
236,148 28,485 14.8
172,639 20,829 10.9
156,616 18,904 10.4
201,743 24,355 13.1
154,999 18,721 9.5
154,808 18,698 9.3
1,393.8 12.9
1,285.2 -7.8
1,250.3 -2.7
1,189.8 -4.8
1,221.1 2.6
1,097.4 -10.1
1,180.4 7.6
1,139.6 -3.4
1,181.1 3.6
180 47.8 40.0 45.9 3.4 0.8 162.5 16.3
180 45.1 43.5 43.1 3.3 0.8 152.9 -5.9
180 40.6 38.8 44.4 4.3 0.6 147.4 -6.0
180 41.8 59.3 45.3 4.3 1.2 151.8 3.0
180 41.1 49.6 39.9 3.7 1.3 133.7 -11.9
180 39.2 36.6 43.6 4.0 1.2 145.5 8.8
195 40.2 32.5 32.8 3.7 1.4 135.3 -7.0
8.2945
8.2921
8.2903
8.2884
8.2849
8.2834
8.2796
180 42.0 37.8 43.9 3.3 0.7 156.8 2.5 8.2907
JLul
Oct
\Nv
Dec
195 38.9 26.7 34,5 3.9 1.3 138.5 2A4 8.2796
Market cap and value traded figures combinedboth Shanghaiand Shenzhenstock Notes:The base date for the ShanghaiComposite Index is Dec.1990=100.The base date for the lFCGChina Index is Dec.1992=100. exchanges.TheTFCIndexes are comprised in Chinese A-,B, and H-classshares.In calculatingshare of total market cap, IFCGmarket cap isnot adjusted for cross holdings.
ShanghaiStockExchange Mr.XianghuaYang, President Bo Liu YalunWu, Vice President No. 15, Huang Pu Road Shanghai PRC 200080 China Tel: (86-21)6306-8888 Fax: (86-21) 6306-3076
140
1998 FNCTIIODI
ShenzhenStockExchange Mr RuoXian Rong, Chairman Mr. Xia Bin, President 203 HonglixiRd., Futian District Shenzhen, Guangdong Shenzen, China Tel: (86-755)323-7076 Fax: (86-755)320-3505
IFC Correspondent: Stock Exchange ExecutiveCouncil 4th Fl., Tongguang Jindu Ofc. Bldg. c/o Shui Zhui 2 Post Ofc Beijing100026 China Tel: (86-10)6508-5854 Fax: (86-10)6500-8011,500-7702
EL\rwlxiN(cMAxRI TSD XT B xsi
China 1988-1997 (currency in millions; end of period levels)
1988
1989
1 90
Number of Listed Companies Total
-
-
-
Market Capitalization* In yuan In U.S. dollars
-
-
Trading Value* In yuan In U.S. dollars Turnover ratio Local Index SSE Composite' Change in index (%) IFC Global Index Number of stocks Share of market cap. (,)* P/E ratio P/BV ratio Dividend yicld (%) Total return index' Change in index (Y.) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofpernod)
1996
1997
323
540
764
367,585 43,521
349,791 42,055
943,981 113,755
1,708,630 206,366
375,571 43,395 164.0
840,775 97,526 235.2
415,580 49,774 115.9
2,128,478 256,008 329.0
3,063,656 369,574 231.0
780.4 -12.9
833.8 6.8
647.9 -22.3
555.2 -14.3
919.4 65.2
1,181.1 28.5
61 91.3 -
81 47.3 57.3 4.8 0.2 92.7 -7.3
117 44.2 20.1 1.3 2.3 62.1 -33.0
149 58.5 16.7 1.0 3.2 54.4 -12.4
18( 51.8 27.8 2.1 0.8 104.2 91.5
195 38.9 34.5 3.9 1.3 138.5 33.0
431,780 14.6 8.7000 8.6548
540,925 24.2 8.4462 8.6210
697,647 16.9 8.3174 8.3494
815,412 8.3 8.2984 8.3141
-
19994
1'99'5
183
291
105,000 18,255
352,934 40,567
4,366 820 -
92,177 16,715 158.9
292.8
1992
1'993
14
52
-
11,019 2,028
-
-
-
-
-
-
-
1991
-
-
-
-
-
-
-
-
100.0 -
307,167 18.7 -
342,292 18.3 -
354,644 3.1 -
376,617 3.5 5.4342 5.3234
418,181 6.3 5.7518 5.5146
-
-
8.2796 8.2897
Net-s:Thebase date for theShanglhaiComposite lndex is Dec.1990=100.Thebase date forthe IFCGChina Index is Dec. 1992=100.Marketcap andvalue traded figures combined bothShanghai and Sherzhen- stockexdcanges.The TTClndexes are comprised in Chinese A-, B-, and H-class shares. In calculating share of total market cap, llCG market cap is not adjusted for cross holdings.
I 1998 FAXevOOK
1SI DABTA EMEROIINGMARKETS
141
Colombia Market Performance The Bogota Stock Exchange was the second-best performer in Latin America during 1997, with the dollar-based IFCI and IFCG indexes gaining 24.1% and 30.4%, respectively, while the local IBB Index gained 69.5% in Colombian peso terms. Some 9.2 billion shares traded hands, a decrease from 35.4 billion in 1995 and 13.6 billion in 1996. Unlike its Latin American neighbors, Colombia was largely insulated from the Asian financial crisis, drawing on the lowest inflation level in 14 years, steadily declining interest rates, and strong demand for local bank
and beverage company shares. Strong economic statistics, including GDP growth of 3.2% in 1997, compared to 2.1% in 1996, and inflation of just under the 18% target at 17.7%, provided a sound foundation. Value traded on the Bogota, Medellin, and Cali stock exchanges averaged $154 million per month in 1997. Despite government efforts to tax funds borrowed abroad, interest rate cuts fueled strong gains in shares in January. Rates on benchmark 90-day certificates of deposit fell from 27.5% in December 1996 to approximately 25.8% in January. The IFCG Colombia Index surged 8.9% in February-its largest gain of the year-as strong 1996 year-end company financials attracted considerable local interest in shares. Momentum was slightly lost in March, however, over concerns the government would raise taxes to balance the budget deficit and raise short-term interest rates. Political uncertainty over U.S. trade certification decreased value traded in the country's three stock markets in March to under $100 million, yet the quarter closed on a positive note with rises of slightly more than 1% in both IFC indexes. 142 1998 F.\CnT1OIl
150 1401
_
130 120
I10 I 90 -
70 N N
8
m'
5
8
8
8
8
8
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8
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a
IFCIComposite Equities posted strong gains in the second quarter on solid demand for brewery company shares and a further decline in one-year interest rates to 23% in June-the lowest rate level in more than five years. Reports that the industrial sector had contracted 3.5% in 1996 and dismal 1.33% first-quarter GDP growth rates prompted the central bank to jump-start the economy by cutting interest rates. Optimistic news over Bavaria's forthcoming split into two entities representing soft drink and brewing interests and a separate company handling the brewer's investments, drove the market up throughout the quarter. Except for a strong rally in August, the market entered a flat period in the third quarter, owing to lower-than-expected second-quarter corporate earnings. In spite of this, Banco Industrial Colombiano's announced plans to merge with Banco de Colombia to create the country's largest bank. News of a 3.04% increase in second-
8
8
N
CO
N
a'a
IFCIColombia
8
8
C
C
C 0
0'
m IBB
18C CM
m m C)
quarter GDP gave the market a much-needed jolt in August. In September, a depreciation of the peso to its lowest point in five years eroded a hefty monthly gain of 8.2% in the local currency IBB Index to a mere 0.7% gain in the dollar-based IFCG Index. The precipitous drop in the Hong Kong Hang Seng Index on October 27 affected Colombia the least of all Latin American emerging markets. While the Argentinean, Brazilian, and Mexican markets posted one-day IFCG Index losses of 13.7%, 12.9%, and 13.6%, respectively, their Colombian counterpart declined by only 2.5%. The country did not escape the Asian financial crisis entirely, however, as foreign fund managers sold Colombian shares to compensate for their losses. The IFCG Index closed the year on a positive note, posting a 2.7% rise in December on news that the Bavaria spin-off and BIC mergers had entered their final stages.
E\I[ RGI..Nc MIARRKI is DATABASF
Colombia MonthlyValueTraded (US$ millions)
IFCIColombia Index Correlations (5-year period ending 12/97)
1.0
IFCIP/E Ratio (end of month values)
300~~~~~~~~~~10
18
300
O
1 50
0
O
O
0
m
(n
O
ol
O
F'
°
°
'08016
0.60~~~~~~-00 0
2~~~~~~~~~~~~~~~~~~04
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0.
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0
z
m
EL
~~~~~~~~~~~~~~~~~~~~~~~~~~~~ a~U
17,00
21,000
*
*
IC)
.
toa=2097 billon)
21,000 *
*
123;/.20 | | || | | || |
2~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~c 6 N CM 1
0
o .0
17,00 *
0 .06 [[
(end-1997;~~~~~~~~~~~~~~~.0
*
*
*
*
MonthlyMarketCapitalization (US$millions)
Shareof Emerging Market Capitalization*(pss 0.05 mrescvrdbEMB130 .06. .
1,00
ExchangeRate erUSdol) erUSdol)
(end-1997; total=$2,097 billion)(pss
20,500
20,000 19,500 19,000
[: IL : E <: ' E *t:
1998FACTBOOK
0°
°
°
w
@~~~~~~~~~~E
Colombia 0.9%
-
a
Other Latin America 27.8% F
Other Emerging
950 00 1,050 EMERGING MARKETS DATA BASE
1,100 Il5
143~~~~~~~~~~~~~
18,500Makt 71.3% 18,000
1,200 .
EEONN
17,500
,5
1,300 45 marketscovered by EMDB
1,350
17,000 1,400 16,500
1998FACTI300K
05c
oC
-
-
-
-
o
CC
0
0
0
Em4ERGI;NG MARKETs DATA BASE,
C
143
Colombia 1997 (currencyin millions)
Number of Listed Companies Total Market Capitalization* In pesos In U.S. dollars Trading Value* In pesos In U.S. dollars Turnover ratio Local Index IBBI Change in index (%) IFC Global Index Number of stocks Share of market cap. (%y' Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return index' Change in total return index (%) Exchange Rates Fxchange rates (end of period)
tII
In I
189
189
189
189
189
189
21,702,542 19,892
22,150,833 19,908
24,293,431 20,690
25,352,871 20,357
25,807,232 20,076
25,419,572 19,430
163,806 152 0.8
163,044 149 0.8
20)1,183 181 0.9
180,676 154 0.8
253,629 204 1.0
199,285 155 0.8
168,478 129 0.7
331,5(03 256 1.3
1,148.4 7.5
1,213.8 5.7
1,183.1 -2.5
1,199.6 1.4
1,361.1 13.5
1,472.1 8.1
1,499.5 1.9
1,399.7 -6.7
1,431.7 2.3
27 65.5 89.4 14.1 1.() 2.7 3,872.1 6.5000
27 66.1 78.9 13.3 1.0 2.6 4,026.1 4.0000
27 65.7 79.6 13.2 0.9 2.8 3,919.8 -2.6000
27 65.7 88.6 12.8 1.0 2.8 3,944.5 0.6000
27 66.7 82.9 15.2 1.1 2.7 4,181.0 6.0000
27 67.6 85.2 15.3 1.2 2.5 4,227.2 1.1000
27 67.8 80.5 16.7 1.1 2.7 4,175.5 -1.2000
28 67.6 88.9 15.2 1.1 2.8 3,860.2 -7.50()0
28 68.9 80.3 15.5 1.1 2.9 3,978.1 3.0000
1,076.6511
1,091.000
1,112.650
1,174.175
1,245.400
1.an1
Feb
\a1% Iar
189
189
189
189
19,246,402 18,093
20,529,690 19,081
20,773,648 19,576
20,996,423 19,747
98,627 93 0.5
99,924 93 0.5
99,372 94 0.5
204,590 192 1.0
965.7 26.6
1,069.0 0.0
1,068.3 -0.1
27 61.8 60.8 12.3 0.9 2.6 3,285.4 5.8000
27 63.5 91.6 13.4 1.0 2.5 3,581.9 9.0000
27 62.5 83.1 13.3 1.0 2.3 3,635.1 1.5000
1,063.750
1,075.900
1,0)61.200
Apr-
1,063.250
Nli
189
21,949,949 20,387
ALI
Sep
Oct
1,285.475
\Nt\
1,308.250
Dec
189
25,322,924 19,529
1,296.650
Notes: From 1995, number of listed companies, market cap and value traded figures are for the combined Bogota, Medellin, and Cali stock exchanges. Prior to that, the data include only Bogota. The base date for the Bogota Stock Exchange's IBB Index is Jan. 1991 =100. The base date for the IFCG Colombia Index is Dec. 1984=100. In calculating shares of total market cap, IFCG market cap is not adjusted for cross holdings.
Bogota Stock Exchange Augusto Acosta Torres, President Carrera 8, No. 13-82 Piso 4 Santa Fe de Bogota Colombia Tel: (57-1) 243-6501, 243-6502 Fax: (57-1) 281-3170 http://www.bolsabogota.com.co
144
1998 FACTBOOK
Medellin Stock Exchange Mr. Luis Fernando Uribe Restrepo, President Edificio Bolsa de Medellin Carrera 50, No. 50-48, Piso 3 Medellin,Antioquia Colombia Tel: (57-4) 260-3000 Fax: (57-4) 251-1981 http://www.bolsamed.com.co
Occidente Stock Exchange Mr. Julian Dominguez Rivera, President Calle 10 #4-40, Piso 13 Edificio Bolsa de Occidente Colombia Cali Colombia Tel: (57-2) 889-8400 Fax: (57-2) 889-9435, 889-8731 http://cali.cetcol .net.co/-bolsaocc
IFC Correspondent: Corredores Asociados S.A. Carrera 7 No. 71-52 Torre B Piso 16 Sante Fe De Bogota, D.C. 1 Colombia Tel: (57-1) 312-3100 Fax: (57-1) 312-2788
E\FXR11N(-. MAsRKrTS D-TX Bxs[
Colombia 1988-1997 (currency in millions; end of period levels)
1'3SS Number of Listed Companies Total
1989
1990
1991
1992
1993
1994
189
17,727,776 17,893
17,241,605 17,137
25,322,924 19,529
1,811,394 2,191 18.9
1,145,770 1,254 7.0
1,408,685 1,360 8.1
2,164,116 1,894 10.2
749.1 49.8
889.9 18.8
755.0 -15.2
844.1 11.6
1,431.7 69.6
20 89.9 27.9 1.7 1.9 2,171.6 39.1
20 75.3 25.5 1.8 1.9 2,925.4 34.7
25 81.5 19.5 1.4 1.7 3,770.7 28.9
25 47.6 11.3 1.0 2.6 2,874.5 -23.8
27 61.8 10.4 0.8 3.1 3,106.0 8.1
27 68.9 15.5 1.1 2.9 3,978.1 28.1
49,214 27.0 811.770 759.433
55,797 22.6 811.901) 814.420
70,152 23.8 831.600 826.745
80,586 21.0 990.750 913.893
85,202 20.2 1,006.095 1,035.651
-
82
80
83
8(
89
113
384,744 1,145
480,531 1,136
740,673 1,416
2,846,929 4,036
4,611,818 5,681
7,499,837 9,237
11,665,541 14,028
18,793 63 5.3
28,092 74 6.5
34,389 71 5.6
126,557 203 7.1
420,709 554 11.4
596,047 732 9.8
Local Index 0 IBB Change in index (%)
872.1 2.4
975.9 11.9
1,392.3 42.7
358.1 258.1
499.9 39.6
IFC Global Index Number of stocks Share of market cap. (%)' P/E ratio P/BVratio Dividend yield (%) Total return index' Change in index (%)
21 88.0 6.3 1.0 5.9 347.5 -12.3
20 90.5 5.3 0.7 7.0 389.8 12.2
20 94.5 8.4 0.8 7.6 535.9 37.5
20 91.8 40.1 2.3 2.3 1,561.1 191.3
39,212 28.1 336.000 296.381
39,538 25.8 423.090 381.828
40,274 29.1 523.000 485.375
41,487 30.4 705.410 622.164
Trading Value* Inpesos In U.S. dollars Turnover ratio
Economic Data Grossdomesticproduct(US$) Changeinconsurnerpriceindex(%) Exdhangerate Exchange rate (averageofperiod)
1997
1996
189
86
Market Capitalization* In pesos In U.S. dollars
1995
190
1,296.650 1,142.334
Notes:From1995,number oflisted companies, market cap and value traded figures are for the combined Bogota,Medellin, and Cali stock exchanges. Prior to that, the data includes only Bogota. The base date for the BogotaStockExchange's rBB Index is Jan. 199Y1100. The base date for the IFCG Colombia Index is Dec. 1984=100. The IBB Index replaced the General Index in 1993. In calculating shares of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACfBOOK
EMERGING MARKETS DATA BASE
145
Czech Republic Market Performance Czech equities posted losses in 1997, despite early optimism and intermittent rallies. For the year, the dollar-based IFCG and IFCI indexes lost 30.4% and 22.0%, respectively, while the loca1lPX-50 Index fell 8.2% in koruna terms.
130 120
_ 110
100_ 90
In January and February, Czech equities benefited from a heavy in-flow of foreign portfolio money into Eastern Europe and from government commitments to improve the country's securities regulations. The government ordered
A
8
80 7060 -
market participants to publish all off-exchange
N
-
N
transactions and announced it would set up a
2
2
2
2
02
N
N
N
N
N
regulatory commission modeled after the U.S.
N
N
,
N
N
N
5
N
0
N
0I
N
N
N
N
N
N
N
o
N
N
V5
20
2
N
N
O
N (
N
N
N
a
N
-
-0
N
N
e
O
N
N
Securities and Exchange Commission. It also said a new clearinghouse would be operational by early 1998. Share prices began to move lower in March as sparse activity among foreign investors who grew cautious as signs of an economic slowdown weighed heavily on the market. Czech accounting practices also left foreign investors wary of increasing investment stakes. The government announced an economic package in April that included a 5% cut in spending, a lower 7.3% cap on government wage growth, and a pledge to amend the law on investment funds, prohibiting employees of such funds from owning shares in the companies they manage. The market drove deep into negative territory during May. The month was plagued by news of poor corporate earnings and an unstable koruna on the foreign exchange market. The Czech National Bank switched from a fixed-rate to a floating-rate regime and the currency dropped by approximately 15% between April and July.
146
1998 F \CTnOOIK
Attempts to maintain the fragile stability on the forex market and craft measures to rein in the worsening macroeconomic situation helped the market rise moderately in June. The Prague Stock Exchange announced that starting January 1, 1998, stocks listed on the main market must register average daily turnover of I million koruna, up from the current 300,000 koruna. Equities stagnated during July, as many companies suffered from devastating floods in the region. In August, gains in blue chips helped the Czech market pull out of its prolonged period of decline, with the PX-50 Index registering a 7.4% gain. The Prague Stock Exchange approved a request by Unipetrol for a listing on the main market. The company ended up being one of the most heavily capitalized shares on the bourse. Investors became more cautious in September as government officials discussed budget de-
tails. The possibility that the government might boost spending as a result of recent floods left market participants concerned. Participation of foreigners in the stock market waned. Fall did not bring optimism to the Czech market. Poor corporate results, political instability, and turbulence in world equity markets depressed equity prices. On November 11, the market crashed through the psychological threshold of 500 points on the PX-50 Index, reaching a three-month low. The main reason for the decline in November was turmoil on the Czech political scene, which culminated in the government's resignation at the end of month. The British rating agency IBCA downgraded the Czech Republic's credit rating to BBB+ from A-. The market, however, moved higher in December amid hopes that newly appointed Prime Minister Josef Tosovsky would stabilize the political and economical situation.
ENl
\ M \IhK
IS D \r
B \Y
Czech Republic MonthlyValue Traded (US$millions)
1,000
1.~00
IFCIP/ERatio (end of month values)
IFCICzechRepublicCorrelations (47-monthperiodending 12/97) 4 40
900 0.80 800
35
700
0.60
600
0.40
500
02
30 0.33
0.31
~~~~~~~25
0.25
400 15
(end-1997;total=$200.00
1,00 0 200
-0.20
100
-0.40
5
10.1 0
N.A.
5
ol
0
.
6
0
3000
097 bilion
1,000(n-99;ttl$
a aSa4a7aa a MARKFTS
olar
(kruaherU..
ion
(U$Rilios)Caitlia
800
ape
(kora a
a$
mill ion a(a
1998a
A2
900 0~~~~~~~~~~~~~~
0
800
LI
<:
-
0
0 ...... S. ..
z
0
C\lo0 DoQ000c
Repuhic
700
~ ~~
Markets
~ 0E/0rging ~ ~ ~
0
<
the 9.%30
300696 32
200 Markets4
b ED
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100 38 NN-
-'
1998FACT8300K
a<
00
N-N-
N- N- N- N- N
~~~~~~~< cn 0 Z0
N-
N-
N-
0
0
0
0
0
0
0
0
0)
0
EmERGING MARKETS DAT-A BASF
147
Czech Republic 1997 (currencyin millions)
Number of Listed Companies Prague Stock Exchange Market Capitalization In koruna In U.S. dollars Trading Value In koruna In U.S. dollars Turnover ratio Local Index PX-50' Change in index (%)
IaII
Feb
1,588
1,588
521,410 18,798
Exchange Rates Exchange rates (end of period)
S.'
Oct
A/pXr
NIo v
Lill
111
AuLIg
1,477
1,085
1,083
575
565
565
564
274
276
276
557,390 19,118
511,794 17,637
484,609 15,658
448,840 13,815
446,953 13,794
441,372 12,851
495,559 14,762
489,087 14,917
454,027 13,760
432,763 12,560
443,320 12,786
18,297 660 3.6
28,030 961 5.2
21,178 730 4.0
15,527 502 3.1
18,368 565 3.9
16,791 518 3.8
19,402 565 4.4
23,610 703 5.0
11,456 349 2.3
24,415 740 5.2
13,035 378 2.9
13,834 399 3.2
565.2
4.7
583.7 3.3
558.2 -4.4
529.3 -5.2
488.6 -7.7
489.0 0.1
508.6 4.0
546.3 7.4
535.9 -1.9
503.1 -6.1
479.3 -4.7
495.3 3.3
74 78.9 5.5 18.3 0.9 2.0 81.4 2.9
74 79.5 7.3 19.7 1.0 1.9 83.3 2.3
74 79.0 6.5 18.0 0.9 2.1 76.4 -8.3
74 78.8 6.3 17.0 0.9 2.2 67.9 -11.1
74 78.4 6.5 15.8 0.8 1.8 60.0 -11.7
74 79.2 3.9 15.5 0.8 2.0 60.9 1.5
72 83.9 3.9 16.6 0.8 2.0 60.3 -1.0
71 77.3 3.8 17.7 0.9 1.9 65.2 8.2
70 76.1 5.4 24.6 0.8 2.0 66.4 1.8
70 76.6 4.9 23.0 0.8 2.1 61.6 -7.3
41 75.0 6.5 18.4 0.8 2.9 55.5 -9.8
41 75.4 5.2 37.1 0.8 2.8 56.2 1.2
27.7380
29.1550
29.0180
30.9500
32.490(0
32.4020
34.3460
33.5710
32.7880
32.9950
34.4555
34.6735
IFC Global Index Number of stocks Share of market cap. (O)* Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return indexx Change in total return index (%)
N%lr
N\o
Dec
Notes:Thebase date forthePX-50 Index is Apr. 1994=1,000.The base date for the IFCGCzechRepublicIndex is Dcc.1992-1,000.In calculatingshare of total market cap, IFCGmarketcap isnotadjusted for crossholdings.
PragueStock Exchange Ing. Jiri Franc,GeneralSecretary Mr. VaclavSkolout,DeputySecretaryGeneral Rybna 14 Praha1, 11005 CzechRepublic Tel: (42-02)2183-2191,2183-2825 Fax: (42-02)2183-3041 http://www.pse.cz/en
148
1998 F.xC-BooK
IFC Correspondent: ZivnostenskaBanka a.s. Na Prikope20 Praha1,11380 CzechRepublic Tel: (42-02)2412-7212 Fax:(42-02)2412-7474
EMIRGINGMARKLISDATA BASF
Czech Republic 1988-1997 (currencyin millions;end of periodlevels)
['389
[988
Number of Listed Companies Prague Stock Exchange
-
1991
199(
-
-
-
-
1993
1992
Market Capitalization In koruna In U.S. dollars
-
-
-
-
-
Trading Value In koruna In U.S. dollars Turnover ratio
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35,742
34,848
31,599
24,310
27,980
-
-
-
-
-
-
Local Index PX50* Change in Index (°)
-
-
1996
1,024
1,635
1,588
276
167,381 5,938
417,689 15,664
492,188 18,077
443,320 12,786
38,218
96,099
228,733
223,941
-
1,328 -
3,630 24.9
8,431 50.3
7,055 47.9
-
557.2 -
425.9 -23.6
539.6 26.7
495.3 -8.2
60
-
74 79.7 17.6 0.9 1.4 79.1 21.7
41
16.3 1.0 1.1 81.1 -18.9
65 65.1 11.2 0.9 1.4 65.0 -19.9
37.1 ([.8 2.8 56.2 -29.0
31,235
36,043
47,176
54,890
-
-
28.1890 28.7824
26.6660 26.4729
27.2280 27.1314
34.6735 31.7436
-
60 18.8 1.3 100.0
Economic Data Grossdomesticproduct(US$) Change in consumer price index (%) Exchange rate Exchamgerate(averageofperiod)
1995
-
IFC Global Index Number of stocks Shareofmarketcap.(%)' P/Eratio P/BV ratio Dividend yield (%) Total return index' Change in index (%)
1997
1994
-
147.1
Note: The base date for the PX 50 Index is Apr. 1994=1,000. The base date for the IFCG Czech Republic Index is Dec. 1992=1,000. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTIoOOK
EmLRGING MARKEI S DATA BASE
149
Egypt Market Performance The IFCI Egypt Index's launch year proved to be an uneven one, but a mid-year rally prevented the fourth-quarter's bearish mood from doing much damage and allowed the index to post relatively modest losses for the year. The dollarbased IFCG index rose 18.0% in price terms, while local EFG Index rose 16.0%. The IFCI Index, which was launched in February of 1997, missed the year's early gains and closed down 6.8%, in U.S. dollar terms. Egyptian shares began 1997strongly, with the IFCG Egypt posting a 25% gain in dollar terms in January and a further rise of 16% in February. IFCI Egypt, which was launched on February 3, rose nearly 11% for that month. Demand for shares was high across several sectors and did not diminish greatly during the fasting month of Ramadan (as it usually does). Prices corrected in March because of profit-taking, however, which pulled down the gains for the quarter somewhat. Turnover fell slightly in the second quarter, with share prices remaining in a fairly narrow band through most of April despite government efforts to stimulate trade. Measures included a promise to lift the 5% daily stock-price fluctuation limit-which was later postponed until early 1998-and to advance ongoing privatization efforts. Following several religious holidays that dampened trade volume at the Cairo Stock Exchange (CSE), shares moved sharply lower in May as the Middle East peace process stalled, and foreign investors drifted to the sidelines to await the outcome of talks. The
150
1998FACTBOOK
170 160
150 140 -
130 120 110
100 90 80
7
O
N
0
C E C C 1C
C
C
C
C
C C
N
N
N
N
N
N
N
N
N
N
IFCGComposite
milling sector proved particularly weak because increased competition in that area had many fearing an erosion in company profits, but the banking and industrial sectors suffered as well. The market recovered slightly to close out June, following the announcement by the IFC that it planned to add Egypt to the IFCI Composite Index on November 3. MIBank's successful GDR issue added to the recovery. The milling sector remained depressed through mid-July, and lower prices in the cement sector prompted worried retail investors to dump shares. The CSE rallied in August as several blue-chip firms released solid earnings reports. The positive market sentiment continued through September, as shares of companies that also trade as GDRs rose on bullish international markets. Profit-taking in mid-September cut into
N
N
N
N N
C
N
N
IFCGEgypt
C
C
C
O N
N
N
N
C
C o
0o
N
0
N
N
C
C
N
NN
N
N
N
Egyptian FinancialGroup
the quarter's gains a bit, but ongoing strength in the chemicals sector ensured that the market ended the period ahead of the game. Egypt was relatively unaffected by the October arrival of the "Asian flu," dropping only about 4% in IFCI terms. However, a vicious attack on tourists at Luxor combined with international volatility to depress Egyptian shares by 7% in November (the tourist industry is Egypt's largest foreigncurrency generator). The common practice of distributing year-end dividends resulted in share price declines through much of December. Although the final quarter of the year ended on a positive note as investors took positions in firms offeringthelargestdividends,itwasalsotheweakest. The quarter accounted for a decline of more than 10% in the IFCI.
EMERGINGMARKETSD2xi\
B xSI
Egypt
800
IFCIP/E Ratio (end of month values)
IFCI EgyptIndex Correlations (10-month period ending 12/97)
Monthly Value Traded (US$ millions)
20
700
0.80
600
0.60
500
0.40 -0.29
14
0.20 -
2 12 100
18 16
400
~~~~~~~~~~~~~~~~~~~~~~~~~0.00 -0.09 -0.17 ~~~-0.18 -0 20 ~~~~~~~~~~~~~~~~~~~~-0.404 -0.364
300
-
300 200
-*-8
*------
-------
2
-0.60
100
oa
O
2000
Monthly Market Capitalization , = (US$ millions)
0
-CU1C
0
25,000
0
0 20
-,
* U-
Share of Ernerging Market Capitalization* (end-1997; total=$2,097 billion)
aC)U
,
o00 <
)
o
|
~
Other
~
N
~
.2 3.3 3 .a 3.5
thr
3.2
gyt
N
N
N
n
N >
Exchange Rate aa (pounds per U.S. dollar)
29.4% U-
=
...
05
a
..
N
a
..>f
.CE .
0fi?2.
3.8~~~~~~~2.4
69.6% 16,0003. 10,000
N
N<
EM-EA
ot her Othe F.2 -
Ot
Egy,
a
2
_
FL
wc
c,a
~~~~~~~~~~~0
a
= 0
8~~~~~~~~~~~~~~~~-02 6
E
Emergig
3.5-
45 markets covered by EMDB.
1998FACTBOOK
BASI EMI RGING;MAIRKIETSDATA
151
Egypt 1997 (currencyin millions)
Number of Listed Companies Egypt Stock Exchange Market Capitalization In pounds In U.S. dollars Trading Value In pounds In U.S. dollars Turnover ratio Local Index EFG Change in index (0/,) IFC Global Index Number of stocks Share of market cap. (52)0 Share of trading value ('A,) P/Eratio P/BVratio Dividend yield (%) Total return index' Change in total return index ('S,,) Exchange Rates Exchange rates (end of period)
Ian
Fr.
Inr
656
653
56,644 16,659
64,855 19,117
1,516 446 2.9
2,398 707 3.9
2,139 630 3.4
5,872.1 27.2
6,682.0 13.8
6,274.4 -6.1
32 47.5 60.7 14.3 4.0 3.4 188.8 27.5
49 63.4 75.9 17.6 5.8 0.9 219.8 16.4
49 64.0 65.0 16.5 5.4 1.( 204.7 -6.9
3.4001
3.3925
3.3962
650
60,308 17,758
Apr
\I.ax
654
658
661
65,630 19,330
62,230 18,359
I
S1
664
666
664
661
658
650
61,503 18,095
63,734 18,782
68,246 20,084
71,464 21,050
70,520 20,726
69,473 20,430
70,873 20,830
1,166 344 1.8
1,713 504 2.8
1,197 353 1.9
1,267 373 1.9
1,563 460 2.2
2,051 603 2.9
1,583 465 2.3
2,037 599 2.9
6,223.7 -0.8
5,593.4 -10.1
5,664.2 1.3
5,409.3 -4.5
5,750.8 6.3
5,977.7 3.9
5,765.9 -3.5
5,390.2 -6.5
5,365.7 -0.5
49 59.4 69.6 16.6 5.1 1.1 2(04.4 -0.1
49 56.9 69.5 13.2 4.3 1.3 184.1 -9.9
49 58.0 83.6 13.3 4.3 1.6 186.1 1.1
48 53.7 65.7 11.4 4.1 2.6 180.0 -3.3
48 53.8 73.9 12.2 4.4 2.4 193.4 7.4
48 53.0 75.6 12.7 4.6 2.3 200.6 3.7
48 52.0 55.9 12.3 4.4 2.4 193.6 -3.5
54 52.7 68.3 11.7 4.0 2.7 182.6 -5.7
54 51.0 53.1 11.5 3.9 3.4 183.1 (1.3
3.3897
3.3988
3.3933
3.3980
3.3950
3.4(025
3.4005
1,271 374 2.0
3.3952
LIn
InI,g
(X))c ct
Notes:Thebase date for the EFG Index isJan. 21,1993=1,000. The base date for the IFCG Egypt Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is notadjusted
Cairo Stock Exchange Mr. Abdelghany Gamea, Chairman 4-A. El Sherifeen Street Cairo Egypt Tel: (20-2) 392-1447, 392-8698 Fax: (20-2) 392-8526
152
1998F\cTBoOK
Alexandria Stock Exchange Mr. Abdelghany Gamea, Chairman 11 Talat Harb Street AlMunshea Alexandria Egypt Tel: (20-3) 484-3600,484-3601 Fax: (20-3) 484-3603
V
3.4025
for cross holdings.
IFC Correspondent. EFG-Hermes 55 Charles de Gaulle St. Giza Egypt Tel: (20-2) 571-7846, 571-7848 Fax: (20-2) 571-6121, 571-0849 http://www.EFG-hermes.com/my-services/ market_information .html
Ef[r]G\c. N ,N9IekiklsD,xv\B
-so
Egypt 1988-1997 (currency in millions; end of period levels)
1988
1989
1 99(
1991
1992
1993
1994
1'995
1996
1997
483
510
573
627
656
674
700
746
646
650
4,147 1,760
4,381 1,711
5,071 1,765
8,845 2,651
10,845 3,259
12,807 3,814
14,480 4,263
27,420 8,088
48,086 14,173
70,873 20,83(0
134 60 3.3
229 91 5.4
342 126 7.2
428 139 6.1
597 195 6.1
569 170 4.8
2,557 757 18.7
2,294 677 10.9
8,374 2,463 22.2
19,902 5,859 33.5
-
-
-
-
-
-
1,377.0
-
-
-
-
-
-
3,557.3 156.9
4,615.1 41.1
5,365.7 16.3
32
54 51 11.5 3.9 3.4 183.1 23.6
Number of Listed Companies Egypt Stock Exchange
Market Capitalization In pounds In U.S. dollars
Trading Value In pounds In U.S. dollars Turnover ratio
Local Index EFG Change in index (/,,)
-
IFC Global Index Number of stocks Share of market cap. ()44.7 P/Eratio P/BVratio Dividend yield (%) Total return Index* Change in Index (0/,)
-
-
--
-
-
11.3 3.2
4.9
-
1()0.0
-
-
-
-
-
-
-
-
148.1 48.1
35,045 17.7 2.3555 2.2255
39,648 21.3 2.5600 2.5200
43,130 16.8 2.8736 2.7072
36,971 19.7 3.3370 3.0873
41,857 13.6 3.3280 3.0652
47,197 12.1 3.3580 3.3497
51,898 8.2 3.3970 3.3800
59,117 15.7 3.3900 3.3900
67,691 7.2 3.3929 3.3996
-
-
-
-
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(/) Exchangerate Exchangerate(averageofperiod)
-
3.4025 3.3966
Notes: The base date for the EFG Index is Jan. 21, 1993=1,000. The base date for the IFCG Egypt Index is Dec. 1995=1 00. In calculating share of total market cap, IFCG mnarket cap is not adjusted for cross holdings.
1998 FAC I ooi0K
ENIURGING;MARKETS DATA BASE
153
Greece Market Performance The Greek market rose sharply in 1997, with the dollar-based IFCI and IFCG indexes gaining 33.7% and 33.5%, respectively. The country showed good macroeconomic progress, including a sharp decline in inflation. However, structural reforms were slow and fell short of earlier expectations. The current account deficit was still a major consideration, as it likely exceeded 4% of GDP in 1997.
190 1y70
-
151 130
110 90
The market reacted positively to economic prospects during
the first five months
of the year,
and stocks continued their late-1996 rally. In- 0 vestors were very enthusiastic over the country's improving prospects for entering the European Monetary Union. News that inflation had eased to 6.8% year on year in January and expected cuts in deposit rates sparked renewed interest in equities. Hopes that a pension fund deregulation might boost market liquidity also had an impact on the market. Shortly after, the path was cleared for pension funds to invest up to 20% of their incremental new funds in stock mutual funds without permission from the Ministry of National Economy. Investors also began turning to smaller companies, which had previously been overshadowed by blue chips. The bullish sentiment in January and February was interrupted only twice. The market retreated when several strikes disrupted the country's transportation system and after the Capital Markets Committee president urged investors to select shares based on company fundamentals, not rumors. Further gains were posted in March, although bearish sentiment was more evident because of an absence of market-boosting news. The esca154
1998 F\CTHOOK
70 N o N
g
0
N
7
N
N
N
N
N
N
N
N
N
N
ICCopstIFI
lation of the Albanian crisis caused some uneasiness as well. In April, investors started to move capital to industrial stocks from banking sector shares as the gap in valuations and yearto-date performance between the two sectors widened. Construction and industrial stocks, however, were seen as attractively priced by local analysts. News that inflation dropped to 5.9% and fiscal revenues increased by 16.5% in April sparked a new rally in May. The second half of the year was more volatile, with the market zigzagging up and down. The down shift was triggered by the oversubscription in OTE (Hellenic Telecom), and its subsequent listing on the ASE depressed other Greek equities. Reduced liquidity in the interbank market and a disappointing monthly floating-rate notes auction also depressed the market. News that the government might impose a one-time tax of 10% on corporate profits drew a negative
N
N
N
N
N
Greece
N
N
N
N
N
N
N
N
N
N
ASE General
reaction from investors. Still, most traders were bullish about the market. In July, market sentiment improved following an agreement signed by Greece and Turkey that promised better relations in the Aegean Sea. The Bank of Greece seized the opportunity and announced individuals could freely convert drachmas into foreign currencies effective August 1, thereby completing its plan to deregulate the foreign exchange market. In August, the market continued its up-and-down trend. The choice of Athens as the host city for the 2004 Olympic Games boosted the market throughout September. In mid-October, the market lost its bullish tone, and prices fell as the Asian crisis took its toll. Money market rates rose, easing selling pressure on the drachma but adding downward pressure on the stock market. Rates trended higher and stock prices lower through year-end. EIIm i ,n(; M \ kv Ks
D \T,\ B \si
Greece IFCIP/ERatio (end of month values)
IFCIGreeceIndexCorrelations (5-yearperiodending 12/97)
MonthlyValue Traded (US$millions) 4,500
25
1.00
4,000 0.80 3,500
0
3,000
0.60 15
2,500
o 0.29
2,000 1,500 1,000
0.29
10
0.30
0.30
0.20
0.15
*
~~~~~~~~~~~~~~~~~~0.00
500
500
a
0 199
FCBO 05
05
05
<
~
05 0
05 9
5 05
a (~~a O 0
>KT
z
E
a
-
0
0
O
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.
75
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h
0,
e
.
n to
a
-'
a LU > -
0
c
-
ov
0 °
Vo
05@ 05
~ 05
U-
(US$millions)
05
0 )0
0
0
MA
0 a
0
o DT
0
05
B AS
5
(drachmasper U.S.dollar)
Capitalization*
1997;total=$2,097billion) ~~~~~~~~~~~~~~~~~(end-
45,000
05
ExchangeRate
Shareof EmergingMarket
MonthlyMarketCapitalization 45,000
o
s
22
40,000 230 35,000 240 30,000
Other
Greece
250
EMEA
1.6%
25,000
28.8%
260
20,000 270
15,000 10,000
Other Emerging
280
Markets
290
69.6%
5,000-
300
I LL
1998FACTBOOK
<
cn~
o
a
o 0W~
~
~
~
45 marketscvrdby ~~cvee
EMDB 0000 50
55555555
EMERGING
MARKETs
50
50
DATA BASE
155
Greece 1997 (currencyin millions)
225
226
226
227
228
230
232
227
229
229
229
230
7,231,000 28,061
8,049,000 30,406
8,345,704 31,485
8,955,550 32,557
9,955,487 36,534
9,690,000 35,304
9,958,916 34,715
9,705,000 34,280
11,101,046 39,797
9,515,189 34,980
9,533,445 34,444
9,692,640 34,164
Trading Value In drachmas In U.S. dollars Tumover ratio
264,434 1,026 4.0
432,545 1,634 5.7
276,062 1,041 3.4
296,435 1,078 3.4
581,747 2,135 6.1
1,084,469 3,951 11.0
293,810 1,024 3.0
217,486 768 2.2
573,039 2,054 5.5
615,953 2,264 6.0
483,655 1,747 5.1
654,574 2,307 6.8
Local Index ASEComposite' Change in index (%)
1,166.2 24.9
1,303.6 11.8
1,368.8 5.0
1,467.5 7.2
1,635.3 11.4
1,518.5 -7.1
1,598.3 5.3
1,517.6 -5.0
1,771.4 16.7
1,488.5 -16.0
1,474.0 -1.0
1,479.6 0.4
58 78.6 74.6 13.1 2.5 4.9 924.8 19.4
58 78.8 71.9 14.5 2.8 4.5 992.3 7.3
58 79.4 71.6 16.2 2.8 4.9 1,049.2 5.7
58 79.5 67.4 16.4 3.0 3.9 1,073.2 2.3
58 79.2 69.2 19.5 3.2 4.2 1,211.2 12.9
58 78.1 88.8 17.7 3.0 3.9 1,130.0 -6.7
58 78.1 67.8 18.5 3.1 3.1 1,135.9 0.5
58 77.5 68.0 17.7 3.0 3.2 1,095.2 -3.6
58 77.6 69.8 20.6 3.5 2.8 1,297.2 18.4
58 76.1 60.0 17.5 2.8 3.3 1,115.2 -14.0
56 75.8 74.6 17.3 3.1 3.0 1,092.1 -2.1
56 77.2 53.2 17.6 3.1 2.9 1,065.2 -2.5
257.690
264.720
265.070
275.070
272.500
274.470)
286.880
283.110
278.940
272.015
276.785
IFC Global Index Number of stocks Share of market cap. (O)* Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index~ Change in total return index (%) Exchange Rates Exchange rates (end of period)
Auig
stp
Nla
Market Capitalization In drachmas In U.S. dollars
NLax
mLl
Feh
Number of Listed Companies Athens Stock Exchange
.Apr
lIn
Ian
Oct
\ov
Dec
283.710
Notes: The base date for the ASE Composite Index is 1980=100. The base date for the IFCG Greece Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for crossholdings.
Athens Stock Exchange Dr. ManolisXanthakis, President 10 SophocleousStreet Athens, 10559 Greece Tel: (30-1) 321-1301 Fax: (30-1) 321-3938 http://www.ase.gr
156
1998 FACTBOOK
IFC Correspondent: Alpha BrokerageS.A. 6 DragatsaniouStr. Athens GR-10559 Greece Tel: (30-1) 331-3315 Fax: (30-1) 331-1193
EMEURGINGMARKLTS DATA BASF
Greece 1988-1997 (currencyin millions;endof periodlevels)
1 988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Number of Listed Companies
Athens Stock Exchange Market Capitalization In drachmas In U.S. dollars
119
119
145
126
129
143
216
212
224
230
632,950 4,285
996,623 6,376
2,428,929 15,228
2,295,594 13,118
2,042,896 9,489
3,071,801 12,319
3,589,955 14,921
4,(]36,000 17,060
5,965,000 24,178
9,692,640 34,164
44,413 313 7.4
89,006 549 10.9
621,370 3,924 36.3
444,977 2,443 18.8
3(06,800 1,605 14.1
623,434 2,713 24.4
1,248,170 5,145 37.5
1,409,528 6,091 37.0
1,994,437 8,283 39.9
5,774,208 21,146 73.8
Local Index 0 ASE Composite Change in index (°/.,)
279.6 2.6
459.4 64.3
932.0 102.9
809.7 -13.1
672.3 -17.0
958.7 42.6
868.9 -9.4
914.1 5.2
933.5 2.1
1,479.6 58.5
IFC Global Index Number of stocks Share of market cap. (0/1)* P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in index (%)
26 58.5 10.6 1.7 5.6 247.7 -37.6
26 66.7 16.6 2.2 4.6 446.4 80.2
35 55.9 16.7 4.3 5.0 911.2 104.1
32 60.7 10.7 2.3 3.8 735.9 -19.3
32 56.7 6.9 1.7 11.0 537.4 -27.0
35 56.7 10.2 1.9 4.8 655.3 21.9
36 53.8 10.4 1.9 4.6 668.6 2.0
50 59.6 10.5 1.8 4.5 737.5 10.3
58 76.3 10.4 2.0 3.7 774.8 5.1
56 77.2 17.6 3.1 2.9 1,065.2 37.5
64,634 13.5 147.7000 141.7146
67,082 13.7 156.3000 162.1108
82,914 20.4 159.5000) 158.3425
89,048 19.5 175.0000 182.1592
97,984 15.9 215.3000 191.1194
92,066 14.4 249.3500 229.7990
97,921 10.9 240.6000 242.6157
114,330 8.9 236.580)0 231.4208
122,946 8.2 246.7100 240.7824
-
Trading Value In drachmas In U.S. dollars Turnover ratio
Economic Data Gross domestic product (US$) Changeinconsumerpriceindex (%) Exchangerate Exchangerate(averageofpenod)
283.7100 273.0644
Notes: The base date for the ASE Composite Index is 1980=100. The base date for the IFCG Greece Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap isnot adjusted for cross holdings.
1998 FAcrBOOK
EMERGINGMARKETSDA[ABASF
157
Hungary Market Performance Hungarian equities posted sizable gains in 1997, thanks to a steady flow of foreign investment capital through mid-summer and a relatively muted downturn following the Asian financial crisis. For the year, the dollar-based IFCI and IFCG Hungary indexes rose 60.0% and 60.9%, respectively.
190 170
_ 130 110 -
The IFC indexes jumped by about 25% in January as frenzied late-1996 buying spilled into the new year. Good corporate earnings reports and
90
a perception
70,
that Hungarian
equities
offered
relatively good value helped underpin the gains. >
-
I
g
g
N
N
Corporate results helped the rally extend into February,
although
by mid-month
profit-taking
and concern about the impact of upcoming IPOs, including sale of a large government stake in oil company MOL, the market's largest security, began to weigh in. The selling continued through late March as many investors opted for the sidelines to await details of the government's plan to sell part of MOL. A lack of corporate news contributed to the wait-and-see attitude. Foreign investors returned to the market in late March, boosting turnover sharply and setting off a rally that extended through the end of July. Signs of economic strength, including a report that industrial output rose 6.4% year on year in January lifted investor sentiment in March. In April, foreign investors remained active as many world equity markets posted gains. The upcoming sale of MOL had a mixed impact: attracting some investors to acquire a stake in the firm and encouraging others to hold off stock purchases generally. Details of the MOL sale and a series of positive corporate earnings reports were the 158
1998 FACTROOK
ICI Composite
primary focuses in May, although share price gains were modest. The rally picked up steam in June and July for a combined gain of about 17%. In addition to the earnings outlook and good economic news (industrial output expanded at a 12.3% annual pace in April), the market benefited from a cut in interest rates and news of a higher credit rating for the country's foreign currency obligations. Expectations that MOL would benefit from government clearance to raise gas prices led that stock sharply higher in June. By the end of July, the IFCI Index had soared 102%, in U.S. dollar terms. Analysts noted that Hungary was the region's leading choice among foreign institutional investors. The rally continued into early August but began to peter out after some mid-year corporate earnings did not prove as favorable as expected. Declines in U.S. share prices also weighed against the Hungarian market in late August,
ICI Hungary
BSEBUX
and prices closed lower for the month. Selling continued in early September, but an upbeat report to Parliament by the prime minister on the state of the economy sparked renewed interest at midmonth. The report pointed to falling public and external debt, and falling unemployment and inflation compared to a year earlier. Together with fresh foreign buying, Hungarian equities posted IFCI Index gains of 7.6% in September. The buying activity extended through the end of October when the impact of the Asian financial crisis began to weigh in. The IFCI Index fell 7.3% in October and 8.8% in November. Fortunately, the market was cushioned by news of a lower inflation rate and good earnings results. In December, investors shrugged off the Asian financial crisis and sensed a major buying opportunity. Again, a positive outlook for earnings and the economy was the focus of investor attention. EMERGING
MARKFTS
DA A BASE
Hungary MonthlyValue Traded (US$millions)
1,200
IFCIHungaryIndex Correlations (5-yearperiodending 12/97)
IFCIP/ERatio (endof monthvalues) 40
1,000
1.00
35
0.90
0.80 800
07
600
0.60 0.50
30 2 2 2
0.45
0.40 0.30
0.1
0.30
0.29
0.715
4000.01 0.10~~~~~~~~~~~~~~~~~~~~~~~~~ 0.00 0.00
200 -
.5 0
O o
0
E mn
0
.r 0
(o
;
U) ~~~~~~~~~~
,,
F a
>
'
< ,
U, o)
0
z
s
>
N
S
(
a
U-o'
,
S
0
C
rs ..,~~~~~~~~
<
U
-
0
MonthlyMarket Capitalization (US$ millions)
Shareof EmergingMarket Capitalization* (end-1997; total=$2,097billion)
16,000
ExchangeRate (forintper U.S.dollar)
14,000
5 O
12,00016.. N
N
N
N
N
~ ~~~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ N
N
N
N
N
N
N5mrescvre
n~ -
10,000
i s
CM
ar
)
0)
.i
0)
0
0)
..
e
(0
0)
0)
0)
0~ _
C
yED..
Hungary 0.7%
8,000
Other17 EMEA 29.7%19
180
6,00020 4,000
Emerging Markets 2,000
,210
~~~~~~~~~~~~69.6%
2,000
0
1998FACTE300K
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~230 Lu.
0)
0)
0) 0)
0)0)
0) 0) 0) 0)
0)
.
....
220
'~45 markets covered by EMDB
Lu
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)0))
EMERGING MARKETs
DATA
BASE
159
Hungary 1997 (currencyin millions)
!I-eb 11A
Niar
\1pr
iM.I\
1lun1
Jul1
,\lsg
Sep
.OcUt
N
DcL
Number of Listed Companies Budapest
Stock Exchange
44
44
45
46
49
47
46
46
46
46
47
49
1,146,140 6,754
1,137,333 6,479
1,124,849 6,403
1,251,520 6,856
1,296,547 7,092
1,475,636 7,885
1,683,865 8,570
1,619,198 8,273
1,711,324 8,771
2,059,445 10,592
2,801,282 14,045
3,058,360 14,975
64,785 382 6.5
63,068 359 5.5
48,512 276 4.3
63,090 346 5.3
79,624 436 6.3
101,215 541 7.3
136,493 695 8.6
150,969 771 9.1
152,717 783 9.2
183,752 945 9.8
173,428 87() 7.1
218,429 1,070 7.5
5,468.8 32.3
5,462.9 -0.1
5,413.7 -0.9
5,985.2 10.6
6,018.1 0.5
6,795.0 12.9
7,880.2 16.0
7,449.2 5.5
7,697.9 3.3
7,134.8 -7.3
6,652.8 -6.8
7,999.1 20.2
18 85.6 74.8 22.9 2.6 1.0 189.6 24.7
18 86.2 80.7 23.0 2.6 1.0 184.4 -2.7
18 86.3 80.9 22.9 2.6 1.() 183.5 -0.5
18 85.8 69.3 25.2 2.8 0.9 194.1 5.8
17 84.8 80.3 25.9 2.9 1.4 199.2 2.6
17 84.7 70.2 29.1 3.3 1.2 220.2 10.5
17 83.6 64.9 32.9 3.7 0.9 236.8 7.6
17 79.6 70.9 30.2 3.3 1.1 217.1 -8.3
17 80.4 64.5 20.1 3.1 1.0 232.9 7.3
17 62.3 72.5 18.7 2.9 1.1 217.0 -6.8
15 74.8 94.3 21.4 3.3 0.6 198.2 -8.7
15 87.4 90.5 27.3 4.2 0.5 247.7 25.0
182.555
182.815
196.475
195.725
195.105
194.425
199.445
204.225
Market Capitalization Inforint In U.S. dollars
Trading Value Inforint In U.S. dollars Turnover ratio
Local Index BUX* Change in index (%)
IFC Global Index Number of stocks Share of market cap. (A4' Share of trading value ('N.) P/E ratio P/BV ratio Dividendyield('/O) Total return index* Change in total return index (0/,)
Exchange Exchange
Rates rates (end of period)
169.695
175.545
175.685
187.155
Notes:The base date for the BSE BUX Index inJan. 2,1992-1,000. Thebase date for the IFCG Hungary Index is Dec. 1992-100. In calculating share of total marketcap,
160
IFCG market cap isnot adjusted for crossho1dings.
Budapest Stock Exchange
IFC Correspondent:
Mr.Jozsef Rotyis,Chairman Judit Rajnai, Head of Research Deak Ferenc U. 5. Budapest, 1052 Hungary Tel: (36-1)266-1847 Fax:(36-1) 118-1737
Concorde Securities Vorosmarty 1 x.em Budapest, H-1051 Hungary Tel: (36-1)266-8035 Fax: (36-1)266-8036
1998 F\CTwooi,
Em11C.iNc.MARKEits DATA BA\SF
Hungary 1988-1997 (currencyin millions;end of periodlevels)
1988
1 989
1 990
1991
1992
1993
1994
1995
1996
1997
Number of Listed Companies Budapest Stock Exchange
-
-
-
21
23
28
40
42
45
49
Market Capitalization In forint In U.S. dollars
-
-
-
38,200 505
47,207 562
81,741 812
181,527 1,604
327,775 2,399
852,456 5,273
3,058,360 14,975
Trading Value In forint In U.S. dollars Turnover ratio
-
-
-
8,723 117 -
2,996 38 6.3
9,136 99 14.2
28,382 270 21.6
44,054 355 17.3
245,265 1,641 41.6
1,436,083 7,684 73.4
Local Index BUX* Change in index (%)
-
-
-
837.6 -
890.9 6.4
1,264.1 41.9
1,470.1 19.6
1,528.9 4.0
4,134.3 170.4
7,999.1 93.5
-
-
-
12 84.2 -
13 46.6 -55.3 1.7 2.7 105.5 -15.3
17 33.2 12.0) 1.2 3.1 76.9 -27.1
18 85.6 17.5 2.0 1.0 152.1 97.8
15 87.4 27.3 4.2 0.5 247.7 62.9
41,506 18.9 113.1500 105.2104
44,669 28.3 136.6300 124.0602
44,845 23.5 161.6500 149.4919
-
IFC Global Index Number of stocks Share of market cap. ( P/E ratio P/BV ratio Dividend yield (%) Total return index Change in index ('V.) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Excdungerate Exchangerate(averageofperiod)
-
-
-
-
-
-
-
100.0 -
13 81.2 52.4 1.6 2.7 124.6 24.6
28,572 15.8 -
29,167 16.9 -
33,055 29.0
33,429 34.2 75.6200 74.735(0
37,255 22.9 83.9700 78.9880
38,596 22.5 100.700(0 92.0065
-
-
-
-
204.2250 186.8872
Notes: The base date for the BSE BUX Index in Jan. 2, 1992=1,000. The base date for the IFCG Hungary Index is Dcc. 1992=100. In calculating sharc of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FAC rBOOK
EMERGING MARKETS DATA BASE
161
India Market Performance A stellar performance by Indian equities in the first half of 1997 carried the market into positive territory for the rest of the year. Favorable market conditions, such as a well-received 199798 budget, an environment of stable interest rates, and a firm rupee lifted securities. These factors lured both local and foreign investors to Indian securities and resulted in first-half IFCI index gains of 24.4% in dollar terms. The Asian crisis and polifical anxieties weighed in later in the year, slashing the yearly return for the IFCI and IFCG indexes to 5.8% and 5.4%, respectively. The local BSE-200 Index of the Mumbai Stock Exchange tallied a higher return of 16% in rupee terms. Heightened
awareness
140 130120-
110 -
_
_F-\
1 100 90
-
80 70
70 s
n
N
N
N
CD
,
g g
N
N
O C 8 8 8'
C')
n
N
N
N
of Indian
securities increased the value of traded securities on the Mumbai Stock Exchange by 151.9%. The well-received 1997-98 budget proposed by the government of Prime Minister Deve Gowda boosted share prices during the first quarter. It contained numerous tax incentives as well as an increase in the foreign investment limit, both of which helped share prices achieve a 15.6% return in the IFCI Index through February. The market ended the quarter on a sour note after Gowda received a vote of no confidence from the Congress Party, the majority member of the ruling United Front. The market zoomed ahead in the second quarter, buoyed primarily by reassurance from the newly formed government of Prime Minister Inder Gujral that the proposed budget under the previous government would be approved. The increased in-flow of foreign investments, attracted by better corporate earnings prospects,
-162 1998F\CTBOOK
150
N
NM N
N
N
IFCI Indi_
further boosted the market. The reinstatement of former Finance Minister P. Chidambaran into the new government brought renewed optimism for the economy. The IFCI Index rose 24.3%from the previous quarter. The bull run ended in August, stumped by Asia's currency crisis, which began to take its toll on the rupee and on the securities market. The market fell modestly, however, with the local BSE-200 Index shedding 6.2%, compared with huge declines by Southeast Asian neighbors. Some local analysts wrongly concluded that India was somewhat immune to the Asian financial crisis.
n
N
N
n
C
C
C
N
N
N
N
N
N
n
BS_20
again. The United Front's majority member, the Congress Party, withdrew its support from the coalition government following allegations of involvement by one of the coalition members-the Dravida Munnetra Kazagham Party-in the assassination of former Prime Minister Rajiv Gandhi. National elections were called, casting a shadow on the country's economic and political agenda until a new government was put in place. The uncertainty and speculation dragged the IFCI Index down by 13.4%.
The final stretch of 1997 proved no different in its dismal performance from the third quarter, exhibiting a gradual depreciation in equity values, not so much from the regional financial turmoil, but rather from the political front once
E\Ii\z(.n\(.M
ikriTs
[) D
\ B,\sI
India
(end of month values)
(5-year period ending 12/97)
(US$ millions)
7,000
IFCIP/E Ratio
IFCI India Index Correlations
Monthly Value Traded
20
1.00
18
6,000 0.80
186 5,000
0.80
4,000
0.0
3,000
0.20
14 2
031
039
10 0.14
011
0.08 2,000
0.00
1,000
-0.20.
6
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2
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8
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total=$2,097billion)(u
19980,00(end-1997;
o
rU.
140,000 -
r-
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.2
120,000Asa3
~
.%Other
0
)
MRIndia
34
160,000
>
Z
ExchangeRate erUSdol)
Shareof EmergingMarket Capitalization*(rpe
MonthlyMarketCapitalization millions) 1 80,000(US$
. 0),. Ca)
U!
C-
3
t
Lo
t0
N
09
o o
N~~
Other347
~~~Emerging ~~~~~~~~~~~~~~~Markets
100,000 100,000
338
80,0059.1%
----
3
60,000 yED
40,000
40mrescvee 4
20,000
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~42
0
L
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LI.
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50 I
z
>0 0
1998FACTBOOK
0000 UL
UL
U0
UL 0 0 UN 0000~~~~~~~~~~~~~~~~~~o0,-,. UL UL UL
-
N UL
MARKErs DATA BASE 163 ~~~~~~~~~~~~~~~~~~~~~~ENERGING
India 1 9 , (currency in millions)
1.111 Number of Listed Companies Mumbai Stock Exchange
I-Feb
ar1,
Apr
NIje
ILIe
ILII
Aug
Sep
Oct
No
Dec
6,008
5,839
5,832
5,831
5,840
5,844
5,844
5,848
5,839
5,842
5,842
5,843
4,582,610 127,738
4,846,240 135,068
4,639,150 129,314
5,020,820 140,423
5,063,910 141,549
5,884,960 164,384
5,953,460 166,787
5,508,830 151,633
5,477,280 151,432
5,261,420 144,684
4,935,730 127,918
5,037,160 128,466
160,050 4,461 3.6
128,690 3,587 2.7
164,220 4,578 3.5
122,550 3,427 2.5
114,390 3,197 2.3
181,770 5,077 3.3
214,280 6,003 3.6
183,430 5,049 3.2
189,110 5,228 3.4
167,050 4,594 3.1
153,260 3,972 3.0
180,740 4,610 3.6
Local Index BSE 200* Change in index (%)
329.4 7.8
350.8 6.5
327.6 -6.6
367.4 12.1
361.4 -1.6
403.7 11.7
417.8 3.5
380.0 -9.0
378.7 -0.4
371.4 -1.9
346.9 -6.6
354.4 2.2
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%)
131 51.9 95.7 13.2 2.2 1.8 368.6 7.9
131 52.4 89.7 14.1 2.3 1.6 392.4 6.4
131 51.1 96.5 13.0 2.2 1.8 362.3 -7.6
130 53.1 95.9 14.6 2.4 1.8 404.4 11.6
129 51.7 91.8 14.5 2.4 1.7 396.7 -1.9
129 50.0 93.2 16.8 2.7 1.6 454.2 14.5
129 50.6 96.2 17.2 2.8 1.5 470.4 3.6
129 49.5 90.2 15.8 2.5 1.7 420.3 -10.7
129 50.2 94.1 15.1 2.4 1.6 421.4 0.3
129 51.2 94.1 15.4 2.2 1.7 407.7 -3.3
133 52.4 90.4 14.8 2.2 1.9 363.8 -10.8
133 52.6 95.6 15.2 2.3 1.8 366.1 0.6
35.8750
35.8800
35.8750
35.7550
35.7750
35.8000
35.6950
36.3300
36.1700
36.3650
38.5850
39.2100
Market Capitalization In rupee In U.S. dollars Trading Value In rupee In U.S. dollars Turnover ratio
Exchange Rates Exchange rates (end of period)
Notes:The base date for the BSE200is 1989-90=100. The base date for the IFCGIndia Indexis Dec.1984=100.In calculatingshare of total market cap, IFCGmarket cap is not adjusted for cross holdings.
MumbalStockExchange MrR.C. Mathur,Exec. Director Mr. J.J Bhatt,Director 25th floor,Phiroze Jeejeebhoy Towers, DalalStreet Mumbai,400 001, India Tel: (91-22)265-5860 Fax: (91-22) 265-8121 http://www.bseindia.com
164
1998FACIB)OOK
IFC Correspondent: J. M.Share &Stockbrokers Ltd. 46 BankStreet Khatau Building,Ground Floor Mumbai,400 023 India Tel: (91-22)265-6234 Fax: (91-22)265-5441
M,\RKEIS DATA BASE EMEIuRGING
India 1988-1997 (currencyin millions;endof periodlevels)
1988
1989
1990
1 991
1992
1993
1994
1995
19996
1997
2,240
2,407
2,435
2,556
2,781
3,263
4,413
5,398
5,999
5,843
354,820 23,623
460,000 27,316
700,000 38,567
1,231,440 47,730
1,867,610 65,119
3,050,000 97,976
4,000,000 127,515
4,472,970 127,199
4,392,310 122,605
5,037,160 128,466
170,035 12,241 59.2
280,320 17,362 68.8
382,091 21,918 65.9
548,350 24,295 56.8
572,723 20,597 37.0
675,152 21,879 27.5
851,360 27,290 24.1
445,764 13,738 10.5
940,672 26,599 17.4
1,959,540 53,954 41.6
634.5 62.7
839.9 32.4
1,040.7 23.9
233.6 73.1
314.8 23.6
407.5 29.5
442.5 8.6
313.7 -29.1
305.1 -2.7
354.5 16.0
40 33.5 18.9 2.3 3.2 230.8 37.3
60 46.0 14.9 2.5 1.9 240.7 4.3
60 40.6 17.8 2.9 1.9 285.8 18.8
62 36.2 25.4 3.9 1.3 338.5 18.4
62 39.0 33.7 4.7 0.7 416.0 22.9
108 50.3 39.7 4.9 1.0 494.0 18.8
119 51.3 26.7 4.2 1.0 530.7 7.4
123 45.4 14.2 2.3 1.8 349.2 -34.2
131 50.2 12.3 2.1 1.7 341.8 -2.1
133 52.6 15.2 2.3 1.8 366.1 7.1
273,330 9.4 15.0200 13.8903
274,202 6.2 16.8400 16.1457
298,348 9.0 18.1500 17.4326
251,549 13.9 25.8000 22.5704
243,840 11.8 28.6800 27.8066
258,134 6.4 31.1300 30.8583
303,720 10.2 31.3688 31.1970
328,450 10.2 35.1650 32.4471
356,027 9.0 35.8250 35.3656
-
Number of Listed Companies Mumbai
Stock Exchange
Market Capitalization In rupee In U.S. dollars
Trading Value In rupee In U.S. dollars Turnover ratio
Local Index BSE 200* Change in index (%)
y
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in index (Y.)
EconomicData Gross domestic product (US$) Changeinconsumerpriceindex(°/O) Exchangerate ExChangerate(averageofperiod)
39.2100 36.3184
Notes: The base date for the BSE200 is 1989-90=100. The base date for the IFCG India Index is Dec. 1984=100. In 1994, IFC switched from using the F.E. Bombay Index to the BSE 200 because the latter is more representative of market movements. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGINGMARKE1s DAIA BA5F. 165
Indn^-nfoei o Market Performance It was a currency market for Indonesian stocks this year, as companies suffered sharp losses on tremendous drops in the value of the Indonesian rupiah. The IFCJ Indonesia Index regis-
140
1io
tered a loss of 73.6% in dollar terms, and the Jakarta Stock Exchange (JSE) fell 37.0% in ru-
piah terms.
60-
Equities on the JSE started the year on a positiveC40 note, with optimism over controlled inflation and the possibility of lower interest rates. Bank-
20
ing issues were expected
to benefit most from
rate declines and led the market higher during January
and
February.
The equity market fell in March after various companies reported disappointing profits. Cigarette makers, telecom stocks, and financial stocks exerted downward pressure. In particular, a decision by the government to limit loan growth in 1997 to 17% raised great concerns about earnings prospects in the bank sector.The downward track continued into April because of political unrest preceding the May elections and because of rumors that President Suharto was ill. Deregulation and greater competition for state-controlled companies, including Telkom, led stocks lower. Indonesian stocks rebounded sharply in May and June, bolstered by expectationsof favorable corporate earnings and a decisive win by President Suharto's Golkar Party in the May 29 national elections. The IFCI Index rose 3.3% the day it was announced that the Golkar Party had received more than 70% of the vote. This reassured investors that political unrest would not derail the country's economic growth. 166
1998 FAXFBoOK
0 C-0
NL)N(
000
-(
00
-
-
-
00 '
(00
IFCIComposite The turmoil in Asia took Indonesia by storm in July, and equities dropped precipitously. Concern that Indonesia's rupiah would follow the Thai baht and Philippine peso lower proved correct.In August, the central bank raised interest rates in an attempt to defend the rupiah, and the combination of sharply rising interest rates and a sliding rupiah severely weakened corporate earnings estimates. The country widened the intervention band to 12%from 8%, and the rupiah slid further, feeding a 39.8%drop in the IFCIIndex for August. Unfavorablefirst-halfresults by several heavily capitalized firms contributed to the decline. The market rebounded in dollar terms during September,with prices soaring after the government pledged to remove foreignownership limits on most equities, such as banks, which are capped at 50%.Continuing turbulence in Asian equity markets, however, sparked equity and currency losses. Panic-selling drove prices lower in October,although losses were stemmed
00
0 '0
'0
)000
)
IFO!Indonesia JSEComposite by Indonesia's decision to seek financial assistance from the International Monetary Fund. Despite the IMF-led economicaid, during the remainder of the year, stock market prices dropped and volatility rose, with banks closingand many companies proving insolvent. Following the liquidation of 16 banks in early November, public confidencein the banking sector fell sharply. The currency devalued from 2,431rupiah per dollar in June to 3,605in October and ended 1997in a free-fall.Concerns over sharp declines in the Korean won and the closing of YamaichiSecurities in Japan in November triggered fears that the crisis would be extended. In December,the government announced the merger of sixstate banks into two institutions, and the country's Capital Market SupervisoryAgency (Bapepam)suspended 16 brokerages for being undercapitalized. The government announced 15 new capital market regulations designed to strengthen basic laws, improve infrastructure, and allow new instruments for securities. ENERCGING MARKITSDATA
B.vE
Indonesia
6,000
Monthly Value Traded (US$ millions)
IFCI P/E Ratio (end of month values)
IFCI Indonesia Index Correlations (5-year period ending 12/97) 30 25
1.00
5,000
0.90 0.80
0.74
0.70
4,000
0.520
0.60 0.50
3,000
15
0.42 0.37
0.40 0.26
0.30 0.20
2,000
0.1 0
'0
120,000
MonthlyMarketCapitalization (US$millions)
100,0002,0.. =.. ......
0
o
.9 F
0
It
~
S f
0
0
L ,
a0
Z
N
N
N
o
rn
>
N
-
~~~~~~~ ~ ~Share ~ ~of Emnerging ~ ~ ~ Market ~~~~~~~~~~,0
N N 00<
ExchangeRate (rupiahper U.S. dollar)
Capitalization* billion) (end-i1997; total=$2,097
.
sO,ooo | i | | |
60,* 0 *0 0
|
|
~~~~Indonesia 3,50000>#
~~~~~~~~ 1 Other 3.4%0~~
. Eegn
400,000 40,000 60,000
~~~~~~~~~~~5
gm
0.00
1,000
10
0.27
*
_
i-----
Asia
4
000
.:
Markets ...... Ind |||
..
:
w
......
5~~~~~~~~~~~~~~,500
695,0 6,500
20,000
5,000~~~~~~~~~~~~~~~~~~~~~~N
40,000
E
4 U2
<
(n
°
Z
°
*45 markets coveredkbysEMDB
0 1-
0
1998FACI-BOOIK
.......; ..... ... ;000. ..0
3,500 0 2\|Othesi
.0
606C)
59 'IT
0
0
06
R
R
0
02
°
;° 0
5
5
-
60
- ..........
0M D \
by EMDB '.o~~~~~~~~~~~~~~~~~~~5mark~etscovered
E,\lFR(;I\G
MARKETs
DXif BAxSE 167
Indonesia 1997 (currencyin millions)
J,111
I.l
lat
257
257
259
260
261
265
272
236,474,326 99,505
241,366,958 100,674
228,212,546 95,049
228,857,417 94,180
245,589,302 100,962
259,561,676 106,750
264,379,504 101,101
10,291,557 4,331 4.6
8,834,803 3,685 3.7
9,063,929 3,775 3.9
8,621,940 3,548 3.8
9,885,035 4,064 4.2
12,088,100 4,971 4.8
13,110,963 5,014 5.0
11,549,628 3,915 5.2
10,200,253 3,119 5.3
10,171,019 2,821 5.2
7,255,947 1,989 4.2
9,311,528 1,695 5.9
Local Index JSE Composite' Change in index (%)
691.1 8.4
705.4 2.1
662.2 -6.1
652.0 -1.5
696.0 6.7
724.6 4.1
721.3 -0.4
494.0 -31.5
546.7 10.7
500.4 -8.5
401.7 -19.7
401.7 0.0
IFC Global Index Number of stocks Share of market cap. (°)* Share of trading value ('S,,) P/E ratio P/BVratio Dividend yield (0/,) Total return index' Change in total return index (%)
50 69.3 47.1 24.0 2.8 1.5 148.0 8.5
50 67.6 50.0 23.9 2.8 1.5 146.5 -1.0
50 66.2 52.7 22.3 2.6 1.6 136.1 -7.1
50 65.1 51.8 21.9 2.6 1.6 131.6 -3.4
50 65.3 41.3 23.4 2.7 1.6 140.9 7.1
50 64.3 38.6 24.4 2.8 1.2 146.8 4.2
50 62.7 40.7 21.4 2.9 1.8 136.3 -7.2
50 62.2 55.8 14.4 2.0 2.6 81.6 -40.1
50 64.6 60.8 15.9 2.1 2.2 86.0 5.4
50 65.9 67.9 15.0 2.0 2.3 73.3 -14.8
63 69.3 82.0 10.8 1.4 2.9 56.1 -23.5
64 67.5 73.0 10.5 1.4 2.9 35.8 -36.1
3,270.00
3,605.00
Number of Listed Companies Jakarta Stock Exchange Market Capitalization In rupiah In U.S. dollars Trading Value In rupiah In U.S. dollars Turnover ratio
Exchange Rates Exchange rates (end of period)
2,376.50
2,397.50
2,401.00
Apr
Jul,
IaxLnll
2,430.00
2,432.50
2,431.50
2,615.00
A\''g
275
9e p2 Pt
S\u
275
276
181,681,448 203,695,786 61,587 62,292
188,287,756 52,230
2,950.00
Dec
278
282
154,828,346 159,929,860 42,448 29,105
3,647.50
5,495.00
Notes: The base date for the JSE Composite Index is Oct. 1982=100. The base date for the IFCG Indonesia Index is Dec. 1989=100, In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Jakarta Stock Exchange Mr. Cyril Noerhadi, President JI. Jend. Sudirman Kav. 52-53 Jakarta, 12190 Indonesia Tel: (62-21)515-0515 Fax: (62-21) 515-0115 http://www.jsx.co.id
168
1998 FA;.TB000K
The Surabaya Stock Exchange Gedung Medan Pemuda 5th. Floor (Bank Exim) JI. Pemuda 27-31 Surabaya, Java Timur 60271 Indonesia Tel: (62-31)531-0646,531-0246 Fax:( 62-31) 531-0823,531-9438 http:l/www.bes.co.id
IFC Correspondent: Institute for Economic & Financial Research Jl. Cik Ditiro No. 31 Jakarta 10310 Indonesia Tel: (62-21)310-8057,310-7058 Fax: (62-21) 314-5584
EMIERGING MARKE I s DATA BASE
Indonesia 1988-1997 (currency in millions; end of period levels)
1988 Number
of Listed
1'989
1 990
1991
1 99 2
1993
19941
1)v95I
1997
Companies
Jakarta Stock Exchange
24
57
125
141
155
174
216
238
253
282
434,178 253
4,049,993 2,254
15,264,600 8,081
13,537,020 6,823
24,839,466 12,038
69,299,600 32,953
103,835,241 47,241
152,246,463 66,585
215,026,098 91,016
159,929,860 29,105
6,944 4 2.5
957,031 541 38.6
7,318,089 3,992 75.8
5,778,252 2,922 40.1
7,909,164 3,903 41.2
19,088,056 9,158 40.5
25,488,019 11,801 29.4
32,358,355 14,403 25.3
74,829,894 32,142 40.8
120,384,701 41,650 64.2
305.1 269.7
399.7 31.0
417.8 4.5
247.4 -40.8
274.3 10.9
588.8 114.6
469.6 -20.2
513.8 9.4
637.4 24.0
401.7 -37.0
-
57 100.0 56.6 5.8
84 64.3 20.3 3.4
73 77.5 11.6 1.6
63 72.0 12.2 1.6
41 55.0 28.9 3.1
47 47.0 20.2 2.4
50 56.6 21.4 2.7
50 69.4 21.6 2.7
62 67.5 10.5 1.4
Market Capitalization
In rupiah In U.S. dollars Trading Value
In rupiah In U.S. dollars Turnover ratio Local Index
JSEComposite' Change in Index (%) IFC Global Index
Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend
yield (O)
Total return index" Change in index (%)
-
0.5
0.0
2.1
1.3
1.5
1.3
2.9
-
100.0 -
-
99.4 -0.6
57.4 -42.3
59.0 2.9
126.0 113.4
101.6 -19.3
113.8 12.0
136.4 19.9
35.8 -73.7
88,787 8.0 1,717.35 1,685.00
101,455 6.4 1,797.00 1,770.06
114,426 7.8 1,889.00 1,833.26
128,168 9.4 1,984.01 1,977.65
139,116 7.5 2,063.50 2,026.57
158,007 9.7 2,103.01 2,084.24
176,892 8.5 2,198.00 2,159.82
201,183 9.4 2,286.50 2,246.56
225,828 8.0 2,362.50 2,328.10
1.9
Economic Data
Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) ExChangerate ExChangerate(averageofperiod)
-
5,495.00 2,890.39
Notes: Thebase date for the JSEComposite Index is Oct. 1982=100.The base date for the IFCGIndonesia Indexis Dec.1989=100.In calculatingshare of total market cap, IFCGmarket cap is not adjusted for cross holdings.
1998 FACTBOOK
ENFRc.sNc MARK;-.Ts DATA BASIr 169
Israei Market Performance The IFCI Israel Index posted a respectable gain in its first year, rising 21.7% in dollar price terms and 24.3% on a total return basis. Prices at the Tel Aviv Stock Exchange (TASE) proved volatile through most of the year, especially following the Asian financial crisis, which caused so much volatility in global markets. Israeli shares, which
are generally
highly correlated
to inter-
140 130 120
,
_
-
too go -
national price movements because of the common practice of listing in New York as well as
Tel Aviv, saw marked declines in August and October but proved resilient, posting gains in
most other months. The IFCI Israel Index was launched as a standalone index in May 1997, with calculation going back to the beginning of 1997. Over the first four months of the year, the IFCI Israel Index rose more than 11.5% and then rose another 9% in May on news of an April budget surplus. Falling bond yields and rallies on Wall Street also contributed to the May gains. An all-time high was reached at the TASE following the successful sale of the government's holdings in Bank Leumi, which was the biggest offering to date on the exchange. The bullish mood continued, albeit weakly, through June, with a cut in interest rates bolstering equity prices. The third quarter began well, with a strong showing at the TASE in July that lifted the IFCI Israel Index nearly 8%. A strong shekel, which often dampens investor enthusiasm for exportoriented firms, proved a boon in early July as the banking sector reaped the benefits of a solid currency. The appointment of a new finance minister also spurred investor confidence, but
170
1998F\vcion.
70 O
_
n
N
N
N
V N
~~~~0 N N N
N 0
N
N
C
N
0)
N
N
0
N
IFCI Composite
sectarian violence in Hebron and Jerusalem left some analysts shaky on the market outlook, triggering a correction that continued through August. The Asian financial meltdown and the volatility it caused on Wall Street further weakened stock prices. A slight mid-month rally proved insufficient to overcome investor malaise, and a slash in interest rates at month's end did little for share prices. Prices rallied in September despite the stalled Middle East peace process, with the market rallying to close out trading following gains in New York. October proved a damaging month, however, as international markets crashed following the crisis in Asia. Prices actually rose through the first three weeks of October trading but fell more than 10% in the final week of the month. On October 28, a global stock market selloff sparked the largest one-day drop in share prices since August 1994, spurring a 45-minute
0C
N
0C
N
N
N
N
IFCI Israel
C
N
N
N
N
N
N
N
N
N
Tel Aviv100
suspension of trading. Prices continued to drop through the rest of the week's trading sessions. Equities then stabilized through the rest of 1997. Gains in New York revived investor confidence in the local market, and the inclusion of Israel in the IFC Investable Composite Index from November 3 boosted shares as well. Expectations of strong third-quarter earnings contributed to the positive investment climate, overcoming regional concerns and more difficulties in Asia. December trading was shortened by a crippling labor strike and weak international markets, but equities posted a slight increase of 0.9% to close the year on a positive note.
EXNiRzCIN(. MAxM viir i D, i . B \,i
Israel IFCIP/ERatio (end of month values)
IFCIIsrael Index Correlations (12-monthperiodending 12/97)
MonthlyValue Traded (US$millions)
25 1,400
1,200
1.00 0.90
1,000
0.80 0.70
800
0.81
0.65
0.60 0.50
800
0.40
400
0.30 0.20
200
0.10 00
20
0.81
0.50
15
0.45 0.33
5
0~~~~~~~~~~~~~~~~~00
75 LC
A
E
<
0
0
~
~
E C)
Z0 CO0_
:c
E 0~~~~~
co
0n
0
.
C0) m _
go
y)
L CO
L
n
a
Share of EmergingMarket Capitalization*
Monthly Market Capitalization (US$millions)
(end-1997;
50,000
0)
c
sCO
0°
ExchangeRate (shekel per U.S. dollar)
total=$2,097 billion)
2.0
-
-
-
------
2.3 - -- - ---- - --- - - - 48,000
Other
Israel
46,000
44,000
Other Emerging
2.5
-
3.0
-
--
--------
EMEA
2.2%
3.3 .
42 .000Makt38 69.6%
4.0
40,000
4.34.5 4.8
38,000
36,000
C n0 1998
1998FACTB300K
~
'
>
c
0)
-,
<
45 markets * )°
0F
0
0B
covered
by EMDB
45. O
CO
-
0
0
01 °°
0
0 >I
CU
-
0
O
01
CO
0
0
0
0
N
0
0
0
0
0
0
C-
0
O
0…
EC
EMERGING. M'ARKETs
DATABASE
171
Israel 1997 (currencyin millions)
1an1
Feb
MaV
656
652
135,600 40,962
138,500 41,422
In shekel
4,100
4,500
3,500
In U.S. dollars
1,239
1,346
1,044
488
695
3.3
2.5
1.2
1.6
253.1
245.6
255.1
274.4
Apr
NMl
Jun
Jul
651
649
634
639
639
639
639
639
640
640
143,300 42,735
141,632 41,582
152,047 44,770
158,687 44,157
172,475 48,762
158,313 44,988
162,549 46,480
156,350 44,214
158,175 44,696
160,132 45,268
1,661
2,361
3,664
3,710
2,783
2,466
3,136
2,631
2,492
1,019
1,049
Aug
Sep
Oct
Nov
Dec
Number of Listed Companies Tel Aviv Stock Exchange
Market Capitalization In shekel In U.S. dollars
Trading Value Turnover ratio
Local Index Tel Aviv 100*
3.3
242.3
2.4
285.0
2.2
306.1
791
705
887
743
704
1.7
1.5
2.0
1.7
1.6
280.8
292.4
279.0
285.8
291.0
Change in index (°%)
14.8
4.5
-3.0
3.9
7.6
3.9
7.4
-8.3
5.3
-5.6
2.3
1.9
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (0/,)
42 62.0 48.7
42 63.9 49.1
42 59.6 35.9
42 62.7 62.6
42 62.1 64.2
42 61.7 63.0
42 61.2 67.5
42 62.7 63.9
42 63.1 71.3
42 61.8 72.3
49 69.0 76.1
49 69.4 80.0
P/Eratio
16.8
17.9
P/BVratio Dividend yield (%) Total return index' Change in total return index (N%)
17.5
16.6
16.8
19.0
20.2
17.4
19.8
18.4
14.9
14.3
1.5 0.0 112.5 12.5
1.6 0.0 117.9 4.8
1.5 0.0 111.9 -5.0
1.5 0.0 111.3 -0.6
1.7 0.0 122.2 9.8
1.7 0.0 122.7 0.4
1.8 0.0 132.6 8.1
1.7 0.0 125.0 -5.7
1.7 0.0 130.4 4.3
1.6 0.0 119.1 -8.6
1.4 1.3 122.8 3.0
1.4 1.7 124.4 1.3
3.3104
3.3436
3.4061
3.3962
3.5937
3.5371
3.5190
3.4972
3.5362
3.5389
3.5374
Exchange Rates Exchange rates (end of period)
3.3532
Notes: The base date for the Tel Aviv 100 Index is Jan. 1, 1992=100. The base date for the IFCG Israel Index is Dec. 19984100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
172
Tel Aviv Stock Exchange
IFC Correspondent:
54, Ahad Maam St Tel Aviv65202 Israel Tel:(972-3)567-7411 Fax:(972-3)510-5379 http://www.tase.co.il
Bank Hapoalim 62 Yehuda Halevi St Tel Aviv65227 Israel Tel:(972-3)567-4003,567-5823 Fax: (972-3)567-4864 http://www.bankhapoalim.co.il/national
1998 FACTBOOK
EMERGING MARKETS DATA BASF
Israel 1988-1997 (currency in millions; end of period levels)
1988
1989
199()
1991
1992
1993
1994
199)5
1996
1'997
265
262
216
229
377
558
638
654
655
640
Market Capitalization* In shekel In U.S. dollars
9,133 5,458
16,149 8,227
6,807 3,324
14,100 6,176
81,907 29,634
151,607 50,773
98,779 32,73(0
114,150 36,399
116,629 35,934
160,132 45,268
Trading Value In shekel In U.S. dollars Turnover ratio
3,913 2,447 85.7
7,491 3,909 59.3
11,160 5,535 97.2
19,121 8,389 182.9
36,134 14,694 75.3
85,828 30,327 73.5
75,609 25,110 6(0.4
27,569 9,155 25.9
25,644 8,045 22.2
37,004 10,727 26.7
-
-
-
-
202.8 -
313.9 54.8
191.6 -39.()
270.1 41.0
163.8 -39.4
186.7 14.0
211.0 13.0
291.0 37.9
-
-
-
-
-
-
-
-
-
-
-
49 69.4 14.3
78,439 12.3 3.0180 3.0111
91,965 10.0 3.1361 3.0113
11.3 3.2456 3.1876
Number of Listed Companies Tel Aviv Stock Exchange
Local Index Tel Aviv 100' Change in Index (O) IFC Global Index Number of stocks Share of market cap. (O)O P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in indcx(%) Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(/%) Exdhangerate Exchange rate (average ofperiod)
-
-
-
-
-
-
-
-
-
-
-
-
-
47,143 16.3 1.6733 1.5992
46,835 20.2 1.9630 1.9164
55,039 17.2 2.0480 2.0162
62,910 19.0 2.2830 2.2792
85,956 11.9 2.7640 2.4591
69,889 10.9 2.9860 2.8301
-
-
-
-
-
-
1.4 1.7 124.4 24.4
-
3.5374 3.4495
Notes: The base date for the Tel Aviv 100 Index is Jan. 1, 1992=100. The base date for the IFCG Israel Index is Dec. 1998=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
f B,\SE EMERGING MARKETS DATi\
173
Jor
n" i
Market Performance Jordanian equities posted sizable gains in 1997, thanks largely to the introduction of several market-opening measures, which sparked enthusiasm among foreign investors. The IFCI Jordan Index rose 12.6% during the year. Prices were little changed in January as the Moslem fasting month of Ramadan and worries over the Middle East peace process depressed demand for shares. News that Israel and the Palestine Liberation Organization had agreed on a deal to launch
Palestinian
self-rule
in Hebron
and on Israeli withdrawals from the West Bank helped support the market, as did favorable company financial results for 1996. The market rose in February as investors responded to news that Parliament had agreed to eliminate a 15% tax on certain capital increases. Steady foreign and local institutional demand also played a role in lifting prices. Low turnover and uncertainty over the Middle East peace process following political unrest in the West Bank again weighed down the market in March and April. Delays in implementing Iraq's "oil-for-food" deal, which would boost Jordanian exports, further contributed to a general weakening of the market. In May, news of government plans to reform the country's capital markets led to a 5.7% spike in the IFCI Index. The new measures included canceling the 15% tax on capital increases, allowing mutual funds to be listed on the bourse, and creating a securities commission and central depository. Expectations that these reforms might jump-start the stagnant market sparked investor enthusiasm, as did indications of increased foreign investor activity and the per174
1998 F\CTIooI
130 120
-
_
100
90 80 . 70
~~o
N
N
.-
N
-
CD
N N N N
N
N
O N
N
N
N
N
o
Cd
C
m
o
O
N N
N
N
N
IFCI Composite
ception that Jordanian equities were attractively priced compared to other regional bourses.
N
N
N
-
10
N
N
N
N
CD
C
10
CD
C
-
t
N
IFCI Jordan
N
N
N
N
N
N
C
M
C
-
C
N
N
N
N
AFM General
oil-for-food deal lifted securities likely to benefit.
The market posted mixed results in June as local investors awaited signs of increasing foreign investor interest. News that the Central Bank of Jordan lifted all controls on foreign currency transfers in an attempt to boost foreign investment sparked interest late in the month. Early in July, the government added to the enthusiasm by announcing plans to lift its 50% foreign ownership limits on most listed companies, helping fuel a 7% rally for the month. The plan would eliminate all restrictions on foreign holdings for all securities but those in construction, general retail trade, and mining.
The impact of the opening of the market to foreigners was felt strongly in September, with the IFCI Index jumping 7.2% as the measure took effect. Foreign investors actively pursued stakes in Arab Bank, a stock that accounted for more than 38% of the AFM General and 53% of the IFCI Index, as measured by market capitalization. By October, however, foreign investors stepped back from the market after several weeks of strong gains. Local investors also became increasingly inactive before parliamentary elections on November 4. As a result, the IFCI Jordan Index registered a loss of 5.1%. Asian financial turmoil had little impact on equity prices, according to local analysts.
The lifting of the restrictions proved supportive to the market in August, but prices pulled back anyway as disappointing half-year results and political tensions dented confidence in stocks. Better prospects for trade with Iraq under the
Share prices were mixed to lower in November and December. The results of national elections had no detectable impact in early November. Thin trading and a lack of foreign investor activity characterized the market during this period. EmtFRGINGMARIU.rs DATA BASF
Jordan IFCIP/ERatio (end of monthvalues)
IFCIJordan Index Correlations (5-yearperiod ending 12/97)
Monthly Value Traded (US$millions)
18
80 70
1.00
60
0.80
16 14 12
50 0.60
0
1
40 8
0.40 30 -
0.23
-.
0.22
18
6
0.200.5016 4
20 0.00
10
0 -
r .0 C
1998
-
-
C5 -,ERG
0)
-
N
LU
=C
FACTBOOK
N
N
a,
N
Z
O
a-
a
.
)
-
0
n
-
ns
milli~~~~~~o
.
0
2UN
N0 0
N
-
C
a
(d
ia
pe na ia
U
N 5-
0
0
N-
N
-
N
N
-
_N
C
; MARKETS
a
DATA
175a,.
in .Sdolr
Shareof EmergingMarket Capitalization* (end-1997; total=$2,097billion)
MonthlyMarketCapitalization (US$millions)
6,000
'a
-E (US$
6,000
-
2
ExchangeRate (dinar per U.S. dollar) 0.690 ..
.. ...
5,000069 0.700
0)
0
0)
0)
0
0 4,000
0)
C
0)
0)
0)
(
0)
-
45
maret
~~~~~~ ~ covre
by
EMD
0.3% 3,000
Other Emerging Markets
2,000
0
EMEA 30.2%
0R
)
0
0
0.710 0.71 5
~
h ,0.720
-
~
~ 0.725
69.6%
1,000
R) R R Ra R) R) ~~~~~~~~~~~~~~~~~~~~~~~Jordan Other 0.705
0.730
0) 0) 0) )
U
~~~~~~~ ~ ~ ~ 1998FACT1300K
Ca
~0
0)
0)
Z
0
~~~~~~~~45 markets covered by EMDB
N-
-N-N
-N-
-N-
-N-
-N-
-
~~~~~~~~~~~~~~~~~~~~~EMERGING MARKETs DATA BASE 175
Jordan 1997 (currencyin millions)
136
138
137
137
137
137
137
139
139
3,411 4,811
3,629 5,119
3,563 5,026
3,742 5,278
3,709 5,228
3,913 5,511
3,820 5,377
3,836 5,408
3,863 5,446
18 25 0.5
14 20 0.4
28 40 0.8
42 59 1.2
28 40 0.8
32 45 0.9
50 70 1.3
35 49 0.9
24 34 0.6
50 71 1.3
156.8 2.4
151.8 -3.2
150.2 -1.0
158.9 8.3
158.7 -2.5
166.9 5.2
164.5 -0.7
176.2 6.3
170.0 -3.0
171.3 0.2
169.2 -1.6
51 68.9 60.8 16.8 1.7 2.6 226.2 -0.2
51 69.8 64.3 17.3 1.7 2.5 231.4 2.3
51 68.6 69.6 14.9 1.6 3.5 224.2 -3.1
51 69.2 57.7 14.9 1.6 2.6 225.1 0.4
51 67.6 77.9 14.5 1.6 2.5 234.1 4.0
50 69.3 83.5 12.8 1.5 2.3 235.6 0.6
50 70.0 79.5 13.7 1.7 2.1 251.8 6.9
50 70.2 81.9 13.6 1.6 2.1 250.4 -(1.5
50 71.6 79.6 14.8 1.8 2.0 271.3 8.4
50 71.2 85.2 14.4 1.7 2.0 264.0 -2.7
44 82.2 81.5 14.5 1.8 2.0) 263.5 -0.2
44 81.2 82.3 14.4 1.8 2.1 259.4 -1.6
0.7098
0.7090
0.7090
0.7090
0.7090
0.7(190
0.7090
0.7100
0.7105
0.7(093
0.7093
M arI
133
134
136
3,467 4,884
3,517 4,961
3,444 4,857
19 27 0.6
15 21 0.4
Local Index AFM General, Change in index (%)
153.4 -0.2
IFC Global Index Number of stocks Share of market cap. (/Y.)Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return index' Change in total return index (%)
Number of Listed Companies Amman Financial Market Market Capitalization In dinars In U.S. dollars Trading Value In dinars In U.S. dollars Turnover ratio
Exchange Rates Exchange rates (end of period)
Apr
LW
0.7095
Sep
Nov
T1im
b-eb
Aug
Oct
\lauv
lan
Dec
Notes: The base date for the AFM General Index is Dec. 1991=100. The base date for the IFCGJordan Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Amman Financial Market Mr. Wahib Shair, Director General P.O. Box 8802 Amman Jordan Tel: (962-6) 607-216,660-170 Fax: (962-6) 686-830 http:H/www.accessme.com/AFM/
176
1998 F \CTB,OOK
IFC Correspondent: Amman FinancialMarket RmO. Box 8802 Amman Jordan Tel: (962-6)607-216,660-170 Fax: (962-6) 686-830 http://www.accessme.com/AFM/
EMERGING MARKsEIs DATA BASE
Jordan 1988-1997 (currency in millions; end of period levels)
1988
19 89
106
106
105
101
1,061 2,233
1,378 2,162
1,283 2,001
Trading Value In dinars In U.S. dollars Turnover ratio
127 337 12.9
365 652 29.9
Local Index AFM General* Change in Index (%)
84.5 6.0
Number of Listed Companies Amman Financial Market Market Capitalization In dinars In U.S. dollars
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
1990
1991
1992
1 993
1994
1995
1'996
1'397
103
101
95
97
98
139
1,691 2,512
2,269 3,365
3,360 4,891
3,234 4,594
3,311 4,670
3,230 4,551
3,863 5,446
266 407 20.0
292 432 19.7
879 1,317 44.4
933 1,377 33.2
430 626 13.0
362 517 11.1
211 297 6.4
355 501 9.7
93.3 10.4
80.4 -13.8
100.0 24.4
129.9 29.9
158.4 22.0
143.6 -9.4
159.2 10.8
153.5 -3.6
169.2 10.3
19 68.2 14.2 1.3 3.4 122.8 -10.1
25 70.2 14.4 1.6 2.4 121.4 -1.1
25 74.3 7.8 1.4 6.5 126.6 4.3
29 62.7 10.0 1.4 8.7 145.8 15.1
27 59.1 14.5 1.6 2.5 181.8 24.7
29 52.0 17.9 2.0 2.7 225.7 24.2
42 60.7 20.8 1.7 2.4 203.7 -9.8
50 74.6 18.2 1.9 1.9 229.5 12.7
51 74.1 16.9 1.7 2.3 226.5 -1.3
44 81.2 14.4 1.8 2.1 259.4 14.5
6,050 6.6 0.4750 0.3764
4,128 25.7 0.6376 0.5599
4,020 16.2 0.6409 0.6544
4,193 8.2 0.6730 0.6762
5,138 4.0 0.6742 0.6671
5,487 3.3 0.6870 0.6776
6,013 3.5 0.7040 0.6880
6,645 2.4 0.7090 0.7010
7,343 6.5 0.7098 0.7094
-
0.7093 0.7094
Notes: The base date for the AFM General Index is Dec. 1991=100. The base date for the IFCG Jordan Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGING MARKFTS DATA BASF
177
Korea Market Performance Korean equities took a heavy beating in 1997 because of a domestic financial crisis resulting from numerous corporate bankruptcies, a devalued won, and a reassessment of corporate v 2M o R Z IFCI * and: IFCG * A Korea. The dollar-denominated indexes plunged 68.9% and 69.4%, respectively, while the won-based Korea Composite Index (KOSPI) plunged 42.2% for the year. The contraction in values precipitated a 39.5% decline in the market capitalization of securities listed on the Korean Stock Exchange.
140 120
ico
~~~~~
V
cial crisis in years, brought on by the collapse of Hanbo Steel, the nation's fifth-largest steel maker, and by labor strikes that erupted after the passage of a new labor law. Despite all these problems weighing on the market, investors remained bullish, primarily because President Kim Young Sam promised to support the financial system. At this point, the government was capable of rescuing struggling corporations, such as Hanbo, and alleviating any concems of further losses. Confidence in the government's actions lifted the KOSPI Index by 4%. A 5.6% won devaluation clipped 4.6% from the IFCI Index. A false sense of recovery characterized the following quarter as investors flocked to the market and took a more aggressive look at Korean equities. The quarter's largest gains were registered in May when the IFCI Index rose 7.9%, driven higher by signs and expectation that the economy could be on its way to recovery. Signs included an appreciating yen, which would make Korean exports more competitively priced 178
1998FA\ciBOOK
.
20
N
finan-
~~80
p
the market
by the largest
~
t4
60 -7
Korean equities began l997 on a negative note: was besieged
~~
X
~w
_
V
V
N
N
V
V
K7,
O
N
V
N
V
O
N
V
V
ON C
,
V
IFCI Composite
(the yen gained 8.9% vs. the dollar in May), and lower interest rates, resulting from large capital infusions into the banking system. These two factors raised confidence and investor profits, driving up the IFCI Korea Index by 13.1%. The beginning of Korea's deep-rooted problems surfaced in the third quarter. Concerns that the Kia Group, Korea's eighth-largest business conglomerate, was undergoing some liquidity problems put investors in a very cautious mood. Next came the reversal of last quarter's two positive factors-flush liquidity and an appreciating yen-both of which heightened bankruptcy concerns. The largest and most significant fall in Korean equities was registered in September, with the IFCI Index falling 9.6%. Much of the decline was rooted in the fallout from East Asia's ongoing currency fluctuations, which put pressure on the won. Overall losses for the quarter
0
N
V
V
V
IFCI Korea
V
V
V
0to-
V
V
O
V
V
V
V
V
V
V
KSE Composite
registered at 16.1% in the IFCI index. Korean equities performed miserably in the fourth quarter, no thanks to unsuccessful attempts by the government to remedy the financial crisis. October's worldwide equity sell-off caused by the Asian financial crisis triggered a wholesale retreat from Korean equities, which set the stage for a dramatic run on the won. The currency lost 46% of its value in the fourth quarter alone. With the economy in dire straits, the government was forced to seek a $55billion bailout package from the IMF. This hastened the increased foreign investment ceiling for listed companies, which rose from 24% to 50% in mid-December. With the required reform measures only beginning to take form, the IFCI Korea Index suffered a 65.6% drop in dollar terms while the local KOSPI Index declined by 41.8%.
E\1[ItGING MARkE IS DAI-\ B\SF-
Korea IFCIKorea Index Correlations (5-yearperiod ending 12/97)
MonthlyValue Traded (US$ millions)
IFCIP/ERatio (end of month values)
45
20,000 40 1.00
18,000
0.90
35
14,000
0.80 0.70
30
12,000
0.60
16,000
0.025 0.40~~~.5
10,000 0.30 6,000
0.20
4,000
0.10
2,000
00
15 0.14 0.07
~~~~
0
On O On
1h1;,-,.~~~~~~~~~~~~~~~~~~~~~a
nL2 < ~3 OnOn .0
On OnE; C >,
67
0) O
0)
Z0 0)
o
C 0) 0-
,E (
.
.~~~~ L
J~~~~~~~
10
LVz 5) 10
L (0
U) 05 -
FL 0 ,
J
V
00
o
8
a
~ LD:oU
D )
'
o-
0)
0)
(end-1997;total=$2,097billion)
160,000
0)
0)
0)
0 0)
0)
0)
0)c0
ExchangeRate (won per U.S.dollar)
Market Shareof Emerging Capitalization*
MonthlyMarketCapitalization (US$millions)
0)
700
................ ..............
140,000120,000 -900 Korea 2.0%
100,000
80,000
Other
60,000
Emerging Markets 59.1%
1,000 Other Asia
1,1 00
38.9%
1,200
..... . ........
............ ...
1,300 1,400
40,000
1,500 1,600 1,700
20,000 *45 markets covered by EMDB 0 aO ve LL
1998 FACTBOOK
E
a
X
r
'
1,800 1,800~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0 C
C
aO N
- Ov
°
0
0
0
0
0~~~~~~~~~~~~~
N
06v N )
N'
N 00000 N
N0
N
N_
N
N
N
N
N
0
0)
O
m
0
0
0
0
0)
0)
O
EMIERGING MARKETS
DATA
BASr 179
Korea 1997 (currencyin millions)
Ian
Feb
I'l.
\1'v I'
759
763
764
763
123,377,675 142,773
122,057,048 141,213
122,760,657 137,086
11,969,810 13,852 9.9
12,115,384 14,017 9.9
Local Index KOSPI* Change in index (%)
685.8 5.3
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield ('Y.) Total return index* Change in total return index (%)
Number of Listed Companies Korea Stock Exchange Market Capitalization In won In U.S. dollars Trading Value In won In U.S. dollars Turnover ratio
Exchange Rates Exchange rates (end of period)
Iun
JtulI t11
763
766
769
127,822,610 143,299
137,361,372 154,079
136,229,883 153,412
134,065,723 150,636
12,972,295 14,486 10.6
15,198,132 17,038 12.1
17,311,677 19,419 13.1
17,435,298 19,634 12.8
15,233,609 17,116 11.3
12,696,782 14,068 9.6
676.5 -1.4
677.3 0.1
703.2 3.8
756.8 7.6
745.4 -1.5
726.1 -2.6
162 64.3 35.2 12.3 0.8 2.1 450.8 4.8
162 62.0 29.4 11.9 0.8 2.2 435.8 -3.3
162 62.0 27.0 11.9 0.8 2.0 419.3 -3.8
162 61.4 26.9 38.9 0.8 2.0 431.4 2.9
162 61.8 35.2 41.5 0.9 1.8 464.8 7.7
162 63.0 44.4 42.8 0.9 1.8 474.6 2.1
864.150
864.350
895.500
892.000
891.500
888.000
Autig
Scup
O,.t
Nov
1.)ec
774
775
726
776
129,372,825 120,673,514 143,349 131,963
88,364,648 91,589
76,704,164 65,587
70,988,897 41,881
9,258,864 10,125 7.4
10,711,215 11,102 10.3
14,317,854 12,243 17.3
13,059,782 7,705 17.7
695.4 -4.2
647.1 -6.9
470.8 -27.3
407.9 -13.4
376.3 -7.7
162 62.2 35.9 41.5 0.8 1.9 456.7 -3.8
162 63.0 31.8 38.4 0.8 1.9 440.9 -3.4
162 61.8 31.6 35.3 0.8 2.1 399.3 -9.4
162 62.2 43.1 26.2 0.6 2.8 280.6 -29.7
195 74.1 55.9 18.4 0.5 2.9 202.3 -27.9
195 79.2 74.9 17.9 0.5 3.0 134.4 -33.6
890.000
902.500
914.450
964.800
1,169.50
1,695.00
774
Notes: The base date for the KOSPI is Jan. 1980=100. The base date for the IFCG Korea Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Korea Stock Exchange Mr. In-Kie Hong, Chairman & CEO 33 Yoido-dong Yongdeungpo-ku Seoul, 150-010 Korea Tel: (82-2) 3774-9000 Fax: (82-2) 786-0263 http://www.kse.or.kr/
180
1998 FACTBOOK
IFC Correspondent: Korea Securities Finance Corp. 34-9 Yeouido-Dong Yongdeungpo-Ku Seoul Korea Tel: (82-2) 3770-8574 Fax: (82-2) 784-0243
EMERGINGM \RKETSDATA BASE
Korea 1988-1997 (currencyin millions;end of periodlevels)
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
502
626
669
686
688
693
699
721
760
776
Market Capitalization In won In U.S. dollars
64,543,684 94,238
95,476,773 140,946
79,019,675 110,594
73,117,833 96,373
84,711,982 107,448
112,665,260 139,420
151,217,230 191,778
141,151,399 181,955
117,369,988 138,817
70,988,897 41,881
Trading Value In won In U.S. dollars Turnover ratio
58,081,4(09 79,180 128.1
81,199,753 121,264 101.5
53,454,058 75,949 61.3
62,564,888 85,464 82.3
90,624,380 116,101 114.8
169,919,588 211,710 172.2
229,771,896 286,056 174.1
142,912,976 185,197 97.8
142,642,243 177,266 110.3
162,280,702 170,237 172.3
Local Index KOSPI* Change in index (%)
907.2 72.8
909.7 0.3
696.1 -23.5
610.9 -12.2
678.4 11.0
866.2 27.7
1,027.4 18.6
882.9 -14.1
651.2 -26.2
376.3 -42.2
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BV ratio Dividend yield (,) 0 Total return index Change in index (%)
61 58.8 38.7 2.8 0.5 745.3 112.8
61 45.7 28.1 2.2 1.3 797.5 7.0
77 57.4 16.4 1.3 0.5 595.3 -25.3
92 62.9 21.3 1.0 1.6 500.8 -15.9
91 61.9 21.4 1.1 1.8 518.6 3.6
134 65.6 25.1 1.4 0.6 627.1 20.9
162 65.2 34.5 1.6 1.3 746.6 19.0
162 68.0 19.8 1.3 1.4 695.4 -6.9
162 63.6 11.7 0.8 2.3 429.9 -38.2
195 79.2 17.9 0.5 3.0 134.4 -68.7
182,009 7.1 684.900 733.539
222,152 5.7 677.400 669.610
253,671 8.6 714.500 703.815
294,175 9.3 758.700 732.065
307,938 6.2 788.400 780.563
332,821 4.8 808.100 802.606
380,820 6.2 788.500 803.240
456,357 4.5 775.750 771.679
484,777 4.9 845.500 804.677
-
Number of Listed Companies Korea Stock Exchange
Economic Data Gross domestic product (US$) Changeinconsumerpriccindex(%) Exchangerate Exchangerate (averageofperiod)
1,695.000 953.266
Notes: The base date for the KOSPI is Jan. 1980=100. The base date for the IFCG Korea Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGING MARKFTS DATA BASE
181
Malaysia Market Performance Equities in Kuala Lumpur fell sharply during 1997, dragged down by high interest rates and currency pressures. The IFCI Malaysia Index fell 72.9% during the year in dollar terms, while the
140 120
8
7
o0' i-
Kuala Lumpur Stock Exchange (KLSE) Index slumped 52.0% in ringgit terms.
e
The market rallied to three-year highs in January and February, led by Malayan Banking, the country's largest bank. Bank stocks lifted the market on news that bank loans grew 28% in 1996 and on expectations of the industry's con-
..
mi%t
20
'
-
solidation through bank mergers. Countering
the rise was telecom deregulation by the government,
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
CO
CO
CO
CO
CO
CO
C
CO
N
N
N
N
N
N
N
N
which chipped away some of the mo-
nopolistic advantages of certain blue-chip companies. Stock prices slid in dollar-terms over the rest of the year, except for a brief interlude in May. Higher interest rates slashed prices for much of the period. In April, the Thai financial crisis and a stronger Japanese yen pressured the market. Auto sector shares declined on worries that a stronger yen would likely curtail earnings growth by boosting import costs. Banking and property stocks fell on new lending regulations set out in the central bank's annual report that limited the proportion of all bank loans to the property industry to 20%, effective April 1, 1997. Although this was to prevent a crisis similar to Thailand's, investors were anxious this would crimp bank earnings. The central bank also limited lending for stock purchases by commercial banks and finance companies to 15% of total loans. In May, under revised rules, loans made for the purchase of owner-occupied houses were exempted from the lending curbs. 182
N
1998 F\CTBOOK
Shares coasted lower during June, largely on investor concerns regarding the direction of interest rates and their effect on corporate earnings growth. Worries that the central bank would continue its high interest rate policy to prevent a speculative attack on the ringgit pummeled share prices. The ringgit fell to a 38-month low against the dollar in July, and in August, it plummeted amid weakness of currencies in many Asian markets. On August 27, the KLSE restricted trading in the 100 stocks comprising the main benchmark index. The rule required investors to pay in full for stocks and required sellers to deliver all shares before signing the contract. This rule, which effectively prevented investors from selling short, backfired and caused panic on the part of investors wanting to hedge positions. A massive sell-off ensued, and stocks slumped to a four-year low before the settlement rule was relaxed. The market soared in local currency terms during September as the trading limits ended.
Equities resumed their downward course in October, after Prime Minister Mahathir Mohamad renewed calls for tighter restrictions on currency trading. An IMF-led rescue package for Indonesia in November lent some support to market confidence. Nevertheless, stocks in Kuala Lumpur slumped as regional markets were rocked by the closing of Yamaichi Securities in Japan. Concerns that the central bank would increase interest rates to stem a rise in inflation fed losses, as did weak corporate earnings. Finance sector shares were especially hard hit on investor expectations that the country's slowing economy and lending restrictions would combine to sharply reduce banking profits. The year ended on an upbeat note, led by gains in financial sector stocks on news that Bank Negara would release plans to merge the strongest financial institutions with smaller institutions in an effort to strengthen the finance sector.
ENFRGI'NK.MARkFIS
1Jx\vNB.xsi
Malaysia
25,000
IFCIP/E Ratio (end of month values)
IFCI Malaysia Index Correlations (5-year period ending 12/97)
Monthly Value Traded (US$ millions)
30
0.96
1.00 20,000
0.80 0
25
0.70
15,000 20
0.60 0.42 .0.30 30,030
10,000 2s0,000
l
.0_23 10
1 l i l0.19
5,000 0.00
|
|
100,000 *
|
|
|
|
|
|
|
4.0
0.
W&_
591%
* 0
CO~
-,
400,000
U-
~~~~
-,
-,~
2-
O
1998 FAC I BOOK
'
-
o05
°N5
Cl CO
,
-,
CO
0 0,MARKE
<
0I 5
cn
DA10
A
05 05 BASE,183
ExchangeRate (ringgit per U.S.dollar)
Shareof EmergingMarket Capitalization* billion) total=$2,097 (end-1997;
MonthlyMarket Capitalization (US$millions)
,' 0
o 5 05 >NIERGING
2.0
350,000
300,000
S
19 s
Ps
s( S 1-t. SPv
~
2.3
4
.6
50,000~~~~~~~~~~~~~~~~~~
-
5
2.5
0 5mrescvrdb EMD
Malaysia
250,000
Asia
~Eme~~~~~~~~~~rging3. ~~~~~~
150,000
150,000
N
N
N
.
.
.
.\
N -
N '
N
-
N<0
N
N >
N XX
3.3
~~~~~~~Other
36.4%35
3.8
Markets 59,1%
100,000
1N
.
2.8
Other
200,000
N
.
4.0 4.3
50,000
4.5 45 marketscoveredby EMDBN
0 (0
1998FACFEBOOK
a
= a ~~~~~
05
-
05
05 0 N
N50
-05 0N
0a N
5
0
N5
05 N
EMERGING
0 N
05 N
0
C'05
5
0 N
MARKETis
05 N
DAl
5 05 5 N N N~~~~~~~~~~~~~~~~~~i
A BASE
183
Malaysia 1997 (currencyin millions)
J1o:
Fl:
\I,:v II\IL\r
624
627
635
641
648
657
668
852,030 342,828
917,440 369,489
810,190 326,782
726,110 289,287
737,760 293,612
714,17(0 282,952
Trading Value In ringgit In U.S. dollars Turnover ratio
38,008 15,293 4.7
48,013 19,337 5.4
53,731 21,672 6.2
42,295 16,851 5.5
35,056 13,951 4.8
Local Index KLSEComposite* Change in index (%)
1,216.7 -1.7
1,270.7 4.4
1,203.1 -5.3
1,080.2 -10.2
148 61.2 37.0 27.2 3.8 1.4 474.9 1.9
148 59.9 38.8 28.7 4.0 1.3 500.6 5.4
148 64.0 34.6 26.9 3.7 1.4 470.1 -6.1
148 64.0 42.2 24.0 3.3 1.5 410.8 -12.6
2.4853
2.4830
Number of Listed Companies Kuala Lumpur Stock Exchange Market Capitalization In ringgit In U.S. dollars
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in total return index (0/n) Exchange Rates Exchange rates (end of period)
2.4793
.\P
2.5100
juII Iug
Sep
Ocutov
681
682
688
698
708
714,970 271,181
531,990 182,470
562,130 173,417
466,210 139,167
363,160 104,027
364,370 93,6(08
36,910 14,623 5.1
35,201 13,351 4.9
32,079 11,003 5.1
33,534 10,345 6.1
25,640 7,654 5.0
20,882 5,982 5.0
12,574 3,230 3.5
1,104.8 2.3
1,077.3 -2.5
1,012.8 -6.0
804.4 -20.6
814.6 1.3
664.7 -18.4
545.4 -17.9
594.4 9.0
148 63.9 44.4 23.6 3.2 1.4 416.5 1.4
148 64.4 32.8 22.9 3.1 1.5 402.2 -3.4
147 61.4 41.2 21.2 2.8 1.6 368.0 -8.5
147 62.7 45.3 16.1 2.2 2.3 253.3 -31.2
147 61.8 54.7 16.8 2.3 2.3 237.8 -6.1
147 61.2 50.0 12.5 1.7 2.8 188.7 -20.6
157 66.2 48.3 9.4 1.3 3.8 143.8 -23.8
157 70.5 61.9 9.5 1.4 4.0 132.0 -8.2
2.5127
2.5240
2.6365
3.2415
3.3500
3.4910
3.8925
NOvJn
2.9155
Dec
Notes: The base date for the KLSE Composite Index is 1977=100. The base date for the IFCG Malaysia Index is Dec. 1984=100. In calculating share of total market cap, lFCGmarket cap is not adjusted for cross holdings.
Kuala Lumpur Stock Exchange Mr. Mohammed Azlan bin Hashim Executive Chairman 12th Fl., Exchange Square Bukit Kewangan 50200 Kuala Lumpur, Malaysia Tel: (60-3) 206-7099 Fax: (60-3) 206-3684 http://www.kIse.com.my/
184
1998FACeBOOK
IFC Correspondent: Infostats Sdn Bhd 107B, Jalan SS 25/2 Taman Jaya Mewah 47301 Petaling Jaya Selangor Darul Ehsan, Malaysia Tel: (60-3) 703-2889 Fax: (60-3) 703-3263
EIFRGING MARKEiSDATABASE
Malaysia 1988-1997 (currencyin millions;endof periodlevels)
1'994
1995
1996
1997
410
478
529
621
708
245,820 94,004
593,343 220,328
508,850 199,276
565 510 222,729
775,780 307,179
364,370 93,608
29,294 10,657 20.2
55,347 21,730 27.3
395,554 153,661 94.3
331,384 126,458 58.7
192,631 76,822 35.9
436,523 173,568 66.0
413,922 147,036 72.6
505.9 -10.0
556.2 9.9
644.0 15.8
1,275.3 98.0
971.2 -23.8
995.2 2.5
1,238.0 24.4
594.4 -52.0
62 68.6 27.4 2.6 2.2 178.2 44.0
70 46.9 23.6 2.3 2.2 158.2 -11.2
62 63.8 21.3 2.5 2.4 177.3 12.1
62 51.0 21.8 2.5 2.4 226.9 27.9
66 61.5 43.5 5.4 1.0 460.3 102.9
104 63.2 29.0 3.8 1.8 361.3 -21.5
114 64.0 25.1 3.3 1.7 374.2 3.6
148 67.0 27.1 3.8 1.2 465.9 24.5
157 70.5 9.5 1.4 4.0 132.0 -71.7
37,872 2.8 2.6985 2.7059
42,775 2.6 2.6983 2.7037
47,046 4.4 2.7205 2.7489
57,603 4.8 2.6150 2.5470
62,849 3.5 2.6930 2.5742
70,759 3.7 2.5535 2.6205
85,311 5.3 2.5390 2.5075
99,213 3.5 2.5255 2.5150
-
1991
1992
282
321
369
107,513 39,842
131,166 48,611
159,495 58,627
6,858 2,623 12.5
18,638 6,888 21.8
29,391 10,871 24.6
Local Index KLSE Composite' Change in Index (%)
337.4 36.8
565.3 58.2
IFC Global Index Number of stocks Share of market cap. (o/) P/E ratio P/BVratio Dividend yield (%) Total return Index* Change in Index (%)
62 79.8 33.2 2.1 2.0 123.7 27.7
34,696 2.6 2.7100 2.6147
Is
19990
238
231
63,193 23,318
Trading Value In ringgit In U.S. dollars Turnover ratio
1Y8 I Number ot Listed Companies Kuala Lumpur Stock Exchange Market Capitalization In ringgit In U.S. dollars
Economic Data Grossdomesticproduct(USS$) Changeinconsumerprioeindex(%) Exchange rate Exchange rate (averageofperinod)
19913
3.8925 2.8151
Notes: The base date for the KLSE Composite Index is 1977=ltO0.The base date for the IFCG Malaysia Index is Dec. 1984=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings,
1998 FACTEOO
LENTFRGING MARKETSDATA B3AS
185
Mexico Market Performance The dollar-based IFC Mexico indexes rose sharply in 1997, bolstered by expectations that equities would benefit from an expanding economy and by speculation that inflationary pressures would ease. In 1997, real GDP grew 7%, and consumer prices rose 15.7%. The IFCI and IFCG indexes surged 48.8% and 47.6%, respectively, in dollar terms. Share prices mostly mirrored the erratic movements of Wall Street and were highly correlated with the direction of U.S. 30-year Treasury bond yields. Overall, share prices weathered
170
ht606 150140 -
130 120 11( .
100 90, 8070 -
the Asian financial cri-
sis fairly well, with analysts arguing that Mexico's policy framework allowed the country to absorb adverse shocks more smoothly than other Latin economies.
O
=
N
N
m
N
N
N
N
N
N
(0
N
N
N
N
N
N
IFCI Composite
The IFCI Mexico Index rose 10.3% during the first quarter on expectations of increased spending ahead of the state elections in July. The impact that this might have on economic growth combined with declining 28-day Cetes Treasury bill rates to spark fresh demand for equities. Telmex fell in January amid concern that its earnings would suffer when competitors enter the long-distance market. Mexican equities benefited from the government's final payment of its $13.5 billion 1995 bailout loan from the United States and IMF in January. Weakness on Wall Street placed selling pressure on the market in February. Share prices consolidated in March as shares in New York fell. Mexican ADRs trading on the NYSE were hard hit, as the falling DJIA pulled Mexican ADRs about 1.2% lower.
and June as first-quarter economic growth results outweighed investor uncertainty over the future of the ruling political party in state and local elections. Also, the Cetes interest rate fell to 18.07% in May. In June, equities soared on speculation that Cuauhtemoc Cardenas from the center-left PRD party would win Mexico City's first mayoral election.
During the second quarter, the IFCI went up 17.9%. Prices picked up significantly in May
The bolsa rallied in September on hopes that the 8.0% surge in Mexican GDP during the first
186
1998VF\CTROOk
Shares continued to surge in the third quarter, with the IFCI Index rising 19.7%amid optimism over lower interest rates and a stronger peso. Shares soared in July as a stronger peso, a decline in local interest rates, and an increase in consumer spending boosted shares to record levels. Shares fell in August in expectation of the presidential state-of-the-nation address, and to a lesser extent the Asian currency crisis.
N
N
N
N
O
N
N
N
N
N
N
C0
0O
O
N
N
N
N
N
N
N
N
N
N
BMVGeneral
IFCI Mexico
six months of the year would translate into higher company profits and consumer spending. Helping the market in September was a drop in the Cetes rate to 16.91% as political confidence in the new pluralistic political platform grew. The IFCI Index fell 4.4% in the final quarter of 1997, due in large part to the global stock market fall on October 27. Fears that money managers would cover losses in Asia by cashing in Latin American gains dragged prices down further. The peso dropped 7.1% to close at 8.42 pesos to the dollar in October. In November, the bolsa recovered half of its October losses as strong retail sales, positive employment reports, and positive money supply data outweighed the Asian equity malaise and its spill-over effects. The IFCI Mexico Index closed 1997 with a gain of nearly 50% in dollar terms.
ENILI.c
MAR115Ds
xBxs
Mexico
9,000
IFCI P/E Ratio (end of month values)
IFCIMexico Index Correlations (5-year period ending 12/97)
Monthly Value Traded (US$ millions)
25 8,000 0.91
1.00
20
7,000 0.80
0.73
6,000 06
5,000
0.20
03 0 0
t
(n19
3,000
0.38
0.36
0.40 rr
4,000
10
0.0
2,000
1-0.20
1,000
m
0
1998
6XrGN
Monthly
.6 U
0~~~~~~~
U)
Market
15 DA I ,\ B \$
M.
FACTBOOK 5RKI
Share of Emerging
Capitalization
(US$million)
Exchange
Market
187
Rate
(pesos per U.S.dollar)
Capitalization*
(end-i997;total=$2,097billion)
180,000
6.5 1 60,000 1 40,000
ob~~~~~~~~~~~~~~~~~~~~~~~~~U
U)
-)
120,000
=)
)
Mexico
Other
7.5%
Latin
........
7.0......... 0 N0
75
S0
O
O
O
0N~~~~~~~~~~
0
100,000213 8.0 80,000 8.5-
60,000
Other Emerging Markets
40,000
9.0
71.3%
20,000
0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ *45marketscoveredby EMDB <>U
1998 FAxCTHo30.
~
-
0
0
N
C-
-
>
0N
>
0>
0)
, RK-j -DAxi A Bz\SE EMER~GINGNI
187
Mexico 1997 (currencyin millions)
Jon11
192
189
192
192
195
191
191
198
911,688 114,952
911,100 114,568
955,909 120,757
1,048,236 131,779
1,179,587 150,679
1,126,534 144,817
1,287,110 165,534
1,130,214 134,230
1,193,711 145,388
1,262,469 156,595
26,528 3,329 2.9
20,885 2,633 2.3
21,634 2,720 2.4
23,194 2,930 2.5
41,321 5,195 4.1
46,588 5,951 4.2
62,260 8,004 5.4
38,324 4,929 3.2
46,819 5,560 3.9
26,179 3,188 2.3
30,867 3,829 2.5
3,647.2 8.5
3,841.0 5.3
3,748.0 -2.4
3,756.6 0.2
3,968.8 5.6
4,458.0 12.3
5,067.8 13.7
4,648.4 -8.3
5,321.5 14.5
4,647.8 -12.7
4,974.6 7.0
5,229.3 5.1
76 70.5 90.1 20.7 1.8 1.3 2,193.3
8.3
76 71.3 89.9 19.6 1.9 1.2 2,269.1 3.5
76 70.4 82.8 16.1 1.8 1.4 2,236.2 -1.4
76 70.4 89.0 17.3 1.7 1.3 2,233.6 -0.1
75 70.6 85.4 18.0 1.8 1.4 2,364.8 5.9
75 71.8 83.8 20.6 2.1 1.4 2,643.8 11.8
74 71.8 83.6 23.3 2.3 1.6 3,011.0 13.9
74 70.4 49.2 20.0 2.1 1.7 2,842.3 -5.6
74 71.2 77.1 23.1 2.4 1.6 3,187.8 12.2
74 70.8 85.0 19.9 2.1 1.8 2,571.4 -19.3
75 71.9 84.9 17.9 2.1 1.5 2,802.0 9.0
75 72.1 90.8 19.2 2.3 1.5 3,045.4 8.7
7.8200
7.9700
7.9310
7.9525
7.9160
7.9545
7.8285
7.7790
7.7755
8.4200
8.2105
8.0620
192
889,550 113,753
925,823 116,164
Trading Value In pesos In U.S. dollars Tumover ratio
32,249 4,124 3.7
Local Index BMV General* Change in index (%)
Exchange Rates Exchange rates (end of period)
Dec
192
191
IFC Global Index Number of stocks Share of market cap. (°/.)* Share of trading value (() P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total return index (%)
N1v
I ul
193
Market Capitalization Inpesos In U.S. dollars
O5t
II11
\LIr
Number of Listed Companies Bolsa Mexicana de Valores, S.A
p
\o1.1\
1-ch
Notes: The base date for the BMV General Index is Oct. 1978=0.7816. The base date for the IFCG Mexico Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
188
MexicanStock Exchange
IFC Correspondent:
Mr. Manuel Robleda Gonzales de Castilla, Chairman of the Board Gerardo Flores, General Director Paseo de la Reforma No. 255 Col. Cuauhtemoc Mexico City, 06500, Mexico Tel: (52-5) 726-66-00 Fax: (52-5) 726-68-36 http://www.bmv.com.mx/bmvenglish/index2.html
Casa de Bolsa Bancomer SA de CV Insurgentes Sur 1811-4o piso Col. Guadalupe Inn Mexico D.F., 01020 Mexico Tel: (52-5) 621-9889 Fax: (52-5) 621-9891
1998 FAB I BOOK
E.NI [-I.z
.MARKETSDAT.\ B,\sE
Mexico 1988-1997 (currency in millions; end of period levels)
1988
1989
1990
1'991
1992
1993
1994
1995
L996
1997
203
203
199
209
195
190
206
185
193
198
Market Capitalization In pesos In U.S. dollars
31,978 13,784
60,514 22,550
96,472 32,725
303,271 98,178
433,313 139,061
623,887 200,671
641,461 130,246
698,797 90,694
838,682 106,540
1,262,469 156,595
Trading Value In pesos In U.S. dollars Turnover ratio
13,027 5,732 51.7
15,421 6,232 33.3
34,575 12,212 44.0
95,725 31,723 47.9
137,902 44,582 37.0
194,421 62,454 36.8
281,554 82,964 44.5
221,024 34,377 33.0
327,028 43,040 42.5
416,846 52,646 39.7
Local Index BMV General* Change in index (Yo)
211.5 100.2
418.9 98.0
628.8 50.1
1,431.5 127.6
1,759.4 21.8
2,602.6 47.9
2,375.7 -8.7
2,778.5 17.0
3,361.0 21.0
5,229.3 55.6
IFC Global Index Number of stocks Share of market cap. P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in index (/h)
52 64.1 3.5 0.6 3.0 463.0 108.3
52 65.5 8.4 0.9 2.1 802.7 73.3
61 62.5 10.3 1.0 3.4 1,041.0 29.7
69 51.6 14.1 1.8 (.8 2,152.4 106.8
62 47.5 12.3 2.0 1.0 2,608.2 21.2
69 62.0 19.4 2.6 1.6 3,909.8 49.9
80 63.9 17.1 2.2 1.8 2,320.9 -40.6
8() 67.1 28.4 1.7 1.1 1,717.9 -26.0
76 69.7 16.8 1.7 1.5 2,024.2 17.8
75 72.1 19.2 2.3 1.5 3,045.4 50.4
183,144 114.2 2.3200 2.2726
222,980 20.0 2.6835 2.4745
262,710 26.7 2.9480 2.8311
314,451 22.7 3.0890 3.0175
363,609 15.5 3.1160 3.0932
403,196 9.8 3.1090 3.1130
420,776 7.0 4.9250 3.3937
286,302 35.0 7.7050 6.4295
334,792 34.4 7.8720 7.5982
-
Number of Listed Companies Bolsa Mexicana de Valores, S.A
(°)t
Economic Data Grossdomesticproduct(US$) Changeinconsumerprieeindex (/o) Exchangerate Exchange rate (average ofperiod)
8.0620 7.9179
Notes: The base date for the BMV General Index is Oct. 1978=0.7816. The base date for the IFCG Mexico Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGING MARKETS DATA BASE
189
Morocco Market Performance The dollar-based IFCG Morocco Index had a positive run in 1997, rising 37.8% in price terms. Low correlation with international markets meant the Casablanca bourse was mostly immune to the worst of the emerging market volatility brought on by the currency crisis in Southeast Asia, and technological advances at the exchange brought trading at the Casablanca Stock Exchange
closer
to international
stan-
dards. The IFCI Morocco Index, launched in February 1997, rose 30.3% for the period.
160
150 140 130 1201 110
90 80 70 N
Healthy
earnings
expectations
boosted
trading
(D
-
t
N
N
Ct
N
OJ
*D
N
NO
N9
_
0
NC
N
NO
N
N
N
N
N
N
N
N
N
N
N
N
to begin the year, and January saw local indexes rise 16% and the IFCG Morocco Index increase 6%. Blue-chip demand bolstered prices further in February, and receding inflationary pressures buoyed investor sentiment as well. The year's largest gain, however, came in March, when the implementation of a new electronic trading system prompted record gains at the bourse. The IFCG Index rose nearly 16%, and IFCI Morocco celebrated its launch with a 15% increase.
privatization bonds for investor attention. (Privatization bonds give holders the option of converting bonds into shares of privatized companies.) Predictions from the Statistics Directorate in June that Morocco's economy would probably contract 2.5% in 1997 did little to lift the market mood.
The first quarter's bull run continued through April, with stocks registering gains from local institutional investors and mutual funds. The banking sector remained strong, although investor profit-taking took its toll by month's end. The first declines of 1997 came in May when blue chips suffered from selling pressure through most of the month's trading, bottoming out approximately 9% lower than at the beginning of the month. Stocks recovered somewhat in June as investors took advantage of bargain prices but had to battle with government
Investor sentiment remained sluggish through mid-July, and weakness in the dirham translated local gains into declines in IFC's dollarbased indexes. Conglomerate ONA Group continued in its role as the leading blue chip in bourse trading, but privatization bonds stole the spotlight from equities yet again. Both local and IFC indexes jumped in August, going against the sluggish summer trend as investors hoped to buy into firms expecting good earnings results. Slow trade returned to the CSE in September, however, and prices inched up in light trade.
190
1998 FAx I B(o0K
IFCGComposite
N
IFCGMorocco
N N
N
0
0
CD
C
_
-
N
N
N
N
N
Nt
N *
Upline Securities
Remarkably, the IFC indexes for Morocco gained more than 3% in October, making it one of only four IFC Investable indexes to do so. Local indexes dipped slightly, but a strong dirham bolstered dollar-based returns. Trading was light, with most investors staying on the sidelines to await a clear direction from the market. The characteristic lack of foreign participation in Moroccan equities insulated prices from the global crash in October's last week. Stock prices stagnated through November on a combination of rising regional tensions and the volatility affecting most emerging markets, then inched up in December to close out the year.
E\lm[ r(;IŽ(,
N1x\u
Is
Dv x BASF t)
Morocco
IFCI P/E Ratio (end of month values)
IFCI Morocco Index Correlations (1 0-month period ending 12/97)
Monthly Value Traded (US$ millions) 20018
180
1.00
16
160
0.80
14
140
0.60
12
1220
0.40
10
0.20 1 00 *--0-|
0.00 | |
|
4,000
|
| |
|
-0.60
20
-.
-0.13 | |
-0.41
,
~ ~ ~
<
C~
N
-
-0.41
}s
00
_s
FACTBOOK 0
; ; ; ,,-0.20
0 00 0
E 1998
69.6% 98
|
2
c0
I0
-0.44
0-0.60 N
0
6|
|
-0.34
-0.40 40
8.
O
|
n
115
,
n
C
,
a
O
7 MAR
E041 RGING
0
> ETS DT
z
Share of EmergingMarket Capitalization* (end-i1997;total=$2,097billion)
MonthlyMarketCapitalization (US$ millions) 14,000
ExchangeRate (dirham per U.S.dollar) 8.4 8.6
Morocco 0.6%
12,000 10,000
Other
8.8
EMEA
9.0
.... . . ................ ....
.. ..
..................
8,000 9.4
Other Emerging Markets 69.6%
6,000 4,000
.....
,9.6
9.8 10.0 45 marketscoveredby EMDB
2,000
1. 10.2 10.40
0
0
an
a,
1998FACTBOOK
a,a,ana
0
0
0
0
0
a
,
,
,
,a,a,a
191 ~~~~~~~~~~~~~~~~~~~~~~EmERGIN MARKETS DATA BASE
Morocco 1997 (currencyin millions)
in1n
J
48
48
49
120,749
109,878
112,923
115,375
12,696
11,674
11,813
11,642
1,484 159 1.4
1,652 174 1.4
785 83 0.7
856 90 0.8
70,746.0 8.8
79,397.0 12.2
86,113.0 8.5
76,430.0 -11.2
13 67.1 83.7 15.3
13 65.2 80.6 16.8
13 64.0 75.8 19.4
13 64.3 76.0 18.7
2.8 1.9 150.0 5.7
3.1 1.7 161.1 7.4
3.6 1.5 186.5 15.8
9.1685
9.3797
9.3235
Feb
Nblr
47
48
48
83,892
94,958
111,019
9,150
10,124
11,907
850 93 1.1
1,083 115 1.2
65,000.0 16.0
Jan1 Number of Listed Companies Bourse des Valeurs de Casablanca
Apr
\Mav
tL
Autg
Sep
C ct
Dec
Nov
49
48
49
118,866
118,197
117,774
118,516
118,621
12,155
12,251
12,475
12,365
12,177
639 64 0.6
466 48 0.4
744 77 0.6
553 59 0.5
417 44 0.3
451 46 (1.4
80,467.0 5.3
83,604.0 3.9
86,688.0 3.7
87,860.0 1.3
87,252.0 -0.7
87,989.0 0.8
88,595.0 0.7
13 63.9 75.8 16.7
13 64.6 57.6 17.5
13 64.8 55.5 18.0
13 64.5 82.3 18.6
13 64.7 82.7 17.2
13 65.3 73.6 17.3
17 74.5 83.6 18.1
17 75.4 82.2 18.3
3.6 1.4 197.4 5.8
3.2 1.6 178.0 -9.8
3.4 1.5 183.1 2.8
3.5 1.8 184.3 0.6
3.6 1.8 192.8 4.6
3.4 2.0 196.5 1.9
3.4 2.0 201.8 2.7
3.5 1.6 201.3 -0.2
3.5 1.5 199.3 -1.0
9.5105
9.4123
9.5595
9.9100
9.779(0
9.6481
9.4405
9.5850
9.7415
48
48
49
Market Capitalization
In dirham In U.S. dollars Trading Value In dirham In U.S. dollars Turnover ratio Local Index
Upline Securities* Change in index (%) IFC Global Index
Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* (US$) Change in total return index (%) Exchange
Rates
Exchange rates (end of period)
Notes: The base date for the Upline Securities Index is Dec. 31,1989=1,000. The base date for the IFCG Morocco Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings. Market-level data does not include OTC figures.
Casablanca Stock Exchange Mr. Abderrazak Laraki, Director General 98, Boulevard Mohammed V Casablanca Morocco Tel: (212)20-4110 Fax: (212)20-0365
192
19 9 8FACI OOK
IFC Correspondent: Upline Securities 41-43, Angle Bd d'Anfa et Rue 1st and 2nd Floor Casablanca, Morocco Tel: (212) 224-9104 Fax: (212) 240-2234 http://upline.co.ma
ENIFRGINCMARKETSDA IA BASE
Morocco 1988-1997 (currencyin millions;end ofperiodlevels)
199'1
1')8S
]1989
1990
71
71
71
3,604 446
5,043 621
268 33 8.4
1992
1993
1994
1995
1996
1997
67
62
65
51
44
47
49
7,768 966
12,449 1,528
16,975 1,909
25,689 2,651
39,825 4,376
50,401 5,951
76,212 8,705
118,621 12,177
133 16 3.1
512 62 8.0
428 49 4.2
601 70 4.1
4,633 498 21.7
7,24(0 788 22.1
20,716 2,426 45.9
3,758 432 5.9
9,978 1,048 10.2
167.2 29.5
122.6 -26.6
158.6 29.3
187.5 18.3
201.8 7.6
259.8 28.8
342.3 31.8
41,929.0 -
56,034.0 33.6
88,595.0 58.1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13 67.0 13.8 2.5 2.1 142.0 -
17 75.4 18.3 3.5 1.5 199.3 40.4
26,801 5.2 9.6900 9.2990
30,351 5.1 9.1000 9.1881
32,928 6.1 8.4690 8.5400
36,820 3.0 8.7551 8.6905
-
Number of Listed Companies Bourse des Valeurs de Casablanca
Market Capitalization In dirham In U.S. dollars
Trading Value In dirham In U.S. dollars Turnover ratio
Local Index Upline Securities* Change in Index (%)
IFC Global Index Number of stocks Share of market cap. (%)0 P/E ratio P/BV ratio Dividend yield (%) Total return Index* Change in Index (%)
-
-
-
-
-
-
-
-
-
Economic Data Gross domestic product (US$) Change inconsumer priceindex(%) Exchangerate Exchangerate(averageofperiod)
22,198 2.4 8.0873 8.2092
22,847 3.1 8.1218 8.4882
25,825 6.9 8.0438 8.2420
27,836 8.0 8.1499 8.7065
28,451 5.7 8.8900 8.538(0
9.7415 9.5167
Notes: IFC began using the Upline Securities Index in 1996. The index's base date is Dec. 31, 1989=1,000. The base date for the IFCG Morocco Index is Dec. 1995=100.The trading value figure for 1996 is for the official market only. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings. Market-level data does not include OTC figures.
1998 FACTBoo0K
EMFRGING MARKETS DATA BA\SE 193
Nigeria Market Performance Nigerian shares moved lower in 1997 after strong first-quarter gains were more than canceled by deteriorating economic conditions and falling share prices in the second half of the year. During 1997, the IFCG Price Index lost 1.9% in dollars
while
the local NSE All-Share
Index
140 130120 .
110 N
shed 7.9% in naira. Trading activity on the exchange totaled nearly 10.8 billion naira ($132 million) during the year, an 85% increase over the 5.9 billion naira ($172 million) traded in 1996.
(O
X0
90b
70
Shares moved strongly higher in the first quarter, boosted
by favorable
corporate
eamings
an-
nouncements, news on the government budget, and declining interest rates. The market, led by the banking and petroleum sectors, moved higher early in the period, bolstered by impressive third-quarter earnings results and speculation surrounding contents of the 1997 fiscal budget. The market continued moving higher in February and March as declining money market yields encouraged investors to move into equities. The budget, released on January 19, was generally pro-market as its stated policies included keeping the exchange rate stable and interest rates low. The market ended the second quarter virtually unchanged after opening gains were offset by declines in the final two months of the quarter. Shares moved higher in April, bolstered by strong gains in banking and conglomerate stocks. The banking sector was buoyed by the government's decision to relax ownership restrictions on bank stocks while conglomerates strengthened on increased investor demand and favorable earnings announcements. The market slid in May as petroleum marketing shares 194
1998 FACTBOOK
00 -C0)0
-N
00
01000
-
N
N
-NN-NN-NN--N--N--N--N--0)-N--
IFOGComposite
fell on a weak earnings outlook and as bank shares fell on increased competition in the sector. The market also was slowed by the launch of the computerized Central Securities Clearing System, which caused some trading problems for investors. The market continued on a downward path to end the quarter as interest rates rose and a fuel shortage weakened investor sentiment. Shares moved lower throughout the third quarter as deteriorating economic conditions continued to depress investor sentiment. Declines in July and August were attributed to a string of poor company results and slowing business activity caused by the government's reluctance to release capital budget funds. Analysts noted during the period that the government's tight fiscal policies had capped inflation and stabilized the naira but had also started pushing the economy into recession. Sentiment remained bearish in September, and shares fell sharply as nervous investors sought to dump holdings.
FO NgeiaNSE General IC iei The market ended the final quarter of the year lower after gloomy investor sentiment early in the period more than countered small gains in the closing months of the year. Shares slid sharply in October largely due to effects stemming from a deepening recession, including declining corporate profits. Steep drops in international markets were not a significant factor contributing to the drop in Nigerian shares. In the final two months of the year, the market showed some signs of recovery despite continuing pessimistic sentiment and cautious trading by investors. Bargain-hunting by institutional investors largely underpinned gains late in the period.
Preliminary government estimates indicated that GDP grew 3.7% in 1997. Year-on-year consumer inflation was 7.0% at the end of 1997 while the 12month moving average was 8.3%. The country's balance-of-payments deficit grew to $1.01 billion in 1997 from $761 million in 1997, according to the central bank. FNmR(.I\C. Ni-RFkiS DAI ABASI
Nigeria
IFCGNigeria Index Correlations (5-yearperiodending 12/97)
MonthlyValue Traded (US$ millions)
30
IFCGP/ERatio (end of month values)
16
1.00
14
0.80
12
0.60
10
25
20
15
0.40
8
::05 0.03
5
(N.A.)
-00
0US$ millions) 000
|
t | 50 0
|
|-
|
|'
0|
|0
-,~~~~~~~ >
Z
|)
w(
00 o~~ | (8
00 *-
N
N
r(US$ millions) N
N
-
C)
0|| 0
2.
0 C)
0 -aNigeria (n Share of Emerging Market
000| | || * Monthly 4Market Capitalization 0
N
N
5,000
N WV
.......................... 0 0 cr
V
6%
LL Other
2
72
.....
dla V
0
V
0\Ca |69
0
a
<
)
0
0
0
... .\ Exchange Rate
(naira per U.S.dollar)
Capitalization* (end-1997;total=$2,097billion) 70 Nigeria
4,000
Other
72
~~~~~~~~~~~~~~~~~~~~~~~~~~30.2% EMEA
3,500
74
76
3,000
78
Other Emerging Markets 69.6%
2,500
1,500
80 8 8
1,000
84
2,000
500
45 marketscoveredby EMDB
86 88
0 N
1998FACTBOOK
..
U.S.
)
V
80|
6s\\\\ \\ .--
4,500
31500 FACTBOO0.2%
per
(naira
Capitalization* 7
4so 0
1,
6~~~~~~~.2
014
0.20
NN
N
NN
NN
N
N
N
N
N
0)
CO
CO
CO
-
ENIERGING MARKETS
CO
10
CO
a,
DATABA\S 195
CO~~~
Nigeria 1997 (currencyin millions)
IJIn Number of Listed Companies Nigerian Stock Exchange Market
I.l,
\Inr
\ln,
JIn1uIl
JL
.\ug
183
183
183
183
182
182
182
182
294,511
O.-t
178
\,n
LXx DUp
181
181
182
Capitalization
In naira
321,733
370,073
387,283
378,270
374,263
355,809
328,731
305,124
280,495
273,690
276,112
In U.S. dollars
3,675
4,032
4,346
4,554
4,452
4,429
4,313
4,009
3,726
3,424
3,493
3,646
Trading Value In naira In U.S. dollars Turnover ratio
460.0 6.0 0.2
935.0 12.0 0.3
949.0 11.0 0.3
1,166.0 14.0 0.3
834.0 10.0 0.2
812.0 10.0 0.2
676.0 8.0 0.2
2,191.0 27.0 0.6
76(0.0 9.0 0.2
722.0 9.0 0.3
721.0 9.0 (0.3
587.0 8.0 (0.2
7,268.3 3.9
7,699.3 5.9
8,561.4 11.2
8,729.9 2.0
8,592.3 -1.6
8,459.3 -1.5
8,148.8 -3.7
7,682.0 -5.7
7,130.3 -7.2
6,554.8 -8.1
6,395.8 -2.4
6,440.5 0.7
35 71.2 80.4 10.0 2.7 4.3 218.1 2.0
35 73.4 69.9 11.3 3.1 3.9 240.9 10.5
35 75.4 79.0 13.3 3.6 3.1 266.3 10.5
35 75.3 77.9 13.9 3.8 3.3 280.7 5.4
35 74.8 92.0 13.5 3.6 3.6 275.3 -1.9
35 73.3 87.5 13.1 3.5 3.8 269.6 -2.1
35 73.2 78.7 12.4 3.4 4.0 262.6 -2.6
35 73.0 87.1 11.3 3.0 4.4 243.9 -7.1
35 72.7 77.7 10.6 2.9 4.8 226.1 -7.3
35 71.3 75.5 9.5 2.6 5.5 2(04.3 -9.7
31 73.2 80.2 7.9 2.3 5.8 207.7 1.7
31 73.1 87.7 8.1 2.3 5.7 216.7 4.3
79.8000
85.1500
85.0500
84.9600
84.5000
82.5000
82.00(00
81.8851)
78.3650
75.7200
Local Index NSE All-Share' Change in index (0/,,) IFC Global Index Number of stocks Share of market cap. (0/,,)0 Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%Y,) Exchange Rates Exchange rates (end of period)
80.1300
81.9150
Notes: The base date for the NSE All-Share Index isjan. 3,1984=100. The base date for the IFCG Nigera Index is Dec. 1984=100.In calculating share of total market cap, IFCG marketcap is not adjusted for crossholdings.
Nigerian Stock Exchange Mr. Hayford Alile, Director-General Stock Exchange House, 8-9 FIs. 2-4 Customs Street P.O. Box 2457 Lagos Nigeria Tel: (234-1) 266-0287,266-0305 Fax: (234-1) 266-8724, 266-8281
196 1998 F \(
TI )( )k
IFC Correspondent: Securities Transactions & Trust Company Limited Foreshore Towers, 8th Floor 2A Osborne Rd, Falomo, Ikoyi Lagos Nigeria Tel: (234-1) 269-4005, 269-0861 Fax: (234-1) 269-4392
ENIR(lNcG MARIKFTS D'AT \B
i
Nigeria 1988-1997 (currencyin millions;endof periodlevels)
1988
1989
1]99(
1991
1992
1993
1994
1'995
1996
1997
Number of Listed Companies Nigerian Stock Exchange
102
11]
131
142
153
174
177
181
183
182
5,089 960
7,489 1,005
11,935 1,372
18,448 1,882
26,246 1,221
41,168 1,029
59,635 2,711
175,065 2,033
279,097 3,560
276,112 3,646
24.0 5.0 0.5
28.0 4.0 0.4
88.0 11.0 0.9
91.0 9.0 0.6
235.0 14.0 1.0
287.0 10.0 0.8
403.0 18.0 0.8
988.0 14.0 0.8
5,879.0 72.0 2.6
10,814.0 132.0 3.9
233.6 22.4
325.3 39.3
513.8 57.9
784.0 52.6
1,107.6 41.3
1,543.8 39.4
2,205.0 42.8
5,092.1 130.9
6,992.1 37.3
6,440.5 -7.9
15 52.8 5.6 3.2 9.( 42.2 7.0
15 55.9 6.5 1.4 7.3 51.1 21.1
24 71.7 6.0 1.3 12.0 71.8 40.5
24 69.0 10.6 1.6 6.8 99.0 37.8
24 65.3 9.0 1.7 5.1 64.4 -34.9
24 65.3 8.4 1.8 6.9 57.0 -11.6
28 72.5 6.0 1.6 8.4 165.8 190.9
35 75.6 12.5 3.6 5.6 131.1 -20.9
35 72.2 10.1 2.7 4.1 213.8 63.1
31 73.1 8.1 2.3 5.7 216.7 1.4
22,848 54.5 5.3000 4.4900
23,844 50.5 7.4500 7.1959
28,472 7.4 8.7000 7.9425
27,313 130 9.8000 9.9295
29,239 44.6 21.5000 17.2747
23,294 57.2 40.0000 28.2335
25,068 57.0 22.0000 21.9956
23,911 72.8 86.1000 70.3317
31,995 29.3 78.4000 82.2229
-
Market Capitalization in naira In U.S. dollars
TradingValue In naira In U.S. dollars Turnover ratio
Local Index NSEAll-Share* Change in index (%)
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%/,) Total return index* Change in index (%)
Economic Data Grossdomesticproduct(US$) ClZmangeinconsumerpriceindex (%) Exchangerate Exchangerate(averageofperiod)
75.7200 81.8551
Notes:The base date for the NSE All-Share Index isJanuary 3,1984=100. The base date for the IFCG Nigeria index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMI 11GING MAIKETS DAIA BASL
197
Pakistan Market Performance Two stellar quarterly performances led equities on the Karachi Stock Exchange (KSE) to finish 1997 with enviable results. A new government and support from the IMF outweighed the impact of the worldwide equity sell-off in October and the financial crisis that besieged Southeast Asia. The dollar-based IFCI Index jumped 26.9%, while its local counterpart, the KSE-100 Index, leapt by 28.9% in rupee terms.
160 150 140
130 120
110
no 90
Equities galloped into the New Year, first on optimism
that ex-Prime
Minister Nawaz
Sharif
would be elected in national elections and later following news that the pro-business Sharif had won. The unveiling of a new economic program, which included the reduction in the general sales tax from 18.0% to 12.5% and the reduction of personal income tax brackets to the 5%-to-20% range from the 10%-to-35% range, also lifted market sentiment. Also helping boost the Karachi bourse was the switch to Monday through Friday trading, which led to the necessary buying impetus to lift the IFCI Pakistan Index by 20.7%. Substantial losses in April and May overshadowed the marginal gains of June, leaving index levels mostly unchanged from the first quarter. The local KSE-100 Index posted a 0.6% loss while its IFCI counterpart gained 0.5%. Poor economic indicators, such as lower tax revenue collections amounting to a $1.2 billion shortfall and concerns of a modest devaluation as indicated by Finance Minister Sartaj Aziz pushed the budget deficit above the government's 5.8% target. Investor sentiment improved dramatically at quarter's end after most camps welcomed the contents of the 1997-98 budget. The i 98X
1(98)
1 \(
I 1; )()I1
70 N
N
CM
N
N
N
00
0
N 0
N
.-
0000
N
N
N
N
N
0
N
N
ICI Composite
equity market applauded two measures: the tax exemption of bonus shares and the extension of the capital gains tax exemption to the year 2001 from its current expiration date of 1998. Stock prices zoomed into the black in the third quarter, as the recomposed KSE-100 Index and the near disbursement stage of a $1.6 billion medium-term Extended Structural Adjustment Facility (ESAF) by the IMF brought an influx of buyers. The implementation of a new electronic trading system played a role in pushing both the IFCI and KSE-100 indexes higher by 17.7% and 18.1%, respectively, in the third quarter. July's gains alone were an astonishing 30.6% for the IFCI Index, driven mostly by foreign and local buying into the KSE-100. The rebalanced IFCI Index increased Pakistan Telecom's weight to 30.0% from its 6.47% share in the index. The quarter had its dark side as well, suffering big losses in August as foreign institutional investors trimmed their holdings on fears of rupee
N
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KSE 100
IFCI Pakistan
devaluation brought to light after the Asian currency and market crisis surfaced. The effects of the Asian financial crisis were not fully felt in the Pakistani equity market, leaving share prices only slightly down at year's end. The KSE-100 Index shed only 5.6%, while an 8.0% devaluation extracted a bigger 11.1% loss from the IFCI Pakistan Index. The Karachi bourse weathered most of the worldwide equity storm in late October, helped in part by solid institutional demand following the devaluation of the rupee and on signs of an economic recovery as shown in the first-quarter figures of fiscal year 1997-98.The IMF approved its ESAF loan while other Asian markets experienced big drops. Apart from the Asian crisis, a constitutional standoff between Prime Minister Sharif and the Supreme Court over differences on the court's member selection authority left Pakistani equities mostly flat.
}I \11
v
'1
:11
-1
-
Pakistan IFCIPakistanIndexCorrelations (5-yearperiod ending 12/97)
MonthlyValue Traded (US$millions)
2,500
IFCIP/ERatio (end of month values)
20 8
1.00 2,000
1 6
0.60
1,500
0
0.4
12
0.40 0.23 1,000
|
|
* 1,000
|
|
0.20
|
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10 0~~~
~
~~~~~~~~~~~~~~~~~~~~~~.07 0.03 8
A
0
0.00 500
-0.20
-0.09
a913zS Ft'1X)
=
MonthlyMarket Capitalization (US$ millions) m
0
.0
0)
Shareof EmergingMarketExhneRt Capitalization* ~~~~~~~~~~~~~~~~~~~~(end-i 997; total=$2,097billion)
10,000 14,000
0
~~~~~~~~~~~~~~~, 8 .0 ~~~~~~~~~~~5
@ X 12,000 12,000
( u,°I coee6yED
s
>
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>
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38
...
3
~~~~~~~~~~~~~~~~~~~~~~~~Pakistan ~~~~~~~~~~ Other ~ ~~~~~~~~~~~~~~~0.5% 40 ~~~~~~~~~~~~~~~~~~~~~~~~~~~Asia '
.S
a
10,000
~~~~~~~~~~~~~~~~Other
8,000
Emerging Markets 59.1%
6,000 4,000
42 4
4 4
2,000
4
N N
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Pakistan 1997 (currencyin millions)
a u[] Number of Listed Companies Karachi Stock Exchange
Ie
\lar
783
783
785
462,501 11,539
507,983 12,674
481,548 12,015
474,992 11,816
15,760
29,172
25,910
728 6.0
646 5.2
.\pr
\l.av-
juLI
1 iLI
Aul
782
Oct 783
\u\
Dec 781
783
782
782
466,314 11,557
469,149 11,607
553,431 13,672
491,187 12,134
516,849 12,768
520,989 11,839
494,585 11,239
482,555 10,966
25,242
22,254
20,609
96,068
46,564
38,764
75,079
41,470
34,448
628 5.3
552 4.7
510 4.4
2,373 18.8
1,15( 8.9
1,565.7
1,989.5
1,744.6
783
783
782
Sup
Market Capitalization
In rupee In U.S. dollars Trading Value
In rupee In U.S. dollars Turnover ratio
393 3.5
958 7.7
1,706 14.5
942 8.2
783 7.0
Local Index
KSE-100* Change in index (/N) IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value ('/.) P/E ratio P/BVratio Dividend yield (%) Total return index' Change in total return index ('Yo) Exchange Rates Exchange rates (end of period)
1,534.2
1,667.0
1,538.8
1,508.0
1,772.2
1,746.3
13.3
8.7
-5.5
-2.3
-2.0
3.8
27.1
-12.3
6.0
1.4
-5.5
-1.5
64 52.8 94.3 13.0 1.7 2.9 420.9 16.8
64 53.1 91.6 14.8 1.9 2.6 464.9 10.4
64 52.2 90.6 14.7 1.8 3.1 436.8 -6.0
64 51.9 96.9 13.3 1.7 3.1 427.1 -2.2
64 52.4 96.8 13.1 1.8 2.7 419.2 -1.9
64 53.6 97.7 14.5 1.9 3.2 434.5 3.6
63 58.6 94.3 18.3 2.4 2.5 559.7 28.8
63 79.9 91.3 15.8 2.0 2.9 479.3 -14.4
63 80.4 93.1 16.3 2.1 2.2 507.2 5.8
63 80.8 94.4 16.7 2.2 2.4 487.0 -4.0
55 79.5 98.9 14.8 2.4 2.4 459.4 -5.7
55 79.7 96.9 14.8 2.3 3.2 454.6 -1.0
40.0799
40.1998
40.4795
40.4795
44.0060
44.0060
44.0060
40.0799
40.0799
1,574.7
40.3496
40.4195
40.4795
1,849.7
1,875.0
Note: The base date for the KSE-100 Index is Nov. 1, 1991=1,000. The base date for the IFCG Pakistan Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Karachi Stock Exchange Mr. Arif Habib, President Mr. Mohammed Yacoob Memon, General Manager Stock Exchange Road Karachi, Sindh 74000 Pakistan Tel: (92-21) 242-5502,242-5503 Fax: (92-21) 241-0825 http://www.kse.org
200
1998 F[ysoot.
Islamabad Stock Exchange Mr. Tariq lqbal Khan, President Mr. Mian Muhammad Akram, Vice President 101-E, Fazal-UI-Haq Road Blue Area Islamabad Pakistan Tel: (92-51) 215-047, 215-050 Fax: (92-510) 215-051
Lahore Stock Exchange Mr.Noshir Dastoor, President Mr. M. Tabassum Munir, Vice President 19 Khayaban-e-Aiwan-e-lgbal Lahore, Punjab 54000 Pakistan Tel: (92-42) 636-8000 Fax: (92-42) 636-8484
IFC Correspondent. Jahangir Siddiqui Ltd. Chapal Plaza, 14th Fl. Hasrat Mohani Road Karachi, 74000 Pakistan Tel: (92-21) 243-1181,243-1188 Fax: (92-21) 243-1178
ENIFRGIN(. MARKLTS DATA BASF
Pakistan 1988-1997 (currencyin millions;endof periodlevels)
I "SS Number of Listed Companies Karachi Stock Exchange
I '3S'3
199()
199 1
1')92
19B3
1 994
I)95 1) (I
1
1.
404
440
487
542
628
653
724
764
782
781
45,508 2,460
52,207 2,457
61,900 2,850
180,222 7,326
204,723 8,028
347,829 11,602
377,333 12,263
317,732 9,286
426,400 10,639
482,555 10,966
Trading Value In rupee In U.S. dollars Turnover ratio
3,181 177 8.0
3,910 193 8.0
4,979 231 8.7
15,232 620 12.6
24,435 980 12.7
51,579 1,844 18.7
97,472 3,198 26.9
101,446 3,210 29.2
218,210 6,054 58.6
471,339 11,476 103.7
Local Index KSE-100* Change in index (%)
262.7 15.0
277.3 5.5
308.5 11.3
718.2 132.8
1,243.7 -
2,164.3 74.0
2,049.1 -5.3
1,497.8 -26.9
1,354.6 -9.6
1,746.3 28.9
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in index (%)
50 33.3 7.4 1.2 7.9 173.4 13.8
50 31.0 8.() 1.3 8.3 184.5 6.4
62 33.4 7.0 1.3 5.6 205.0 11.1
58 53.6 23.9 3.1 1.9 557.8 172.1
58 47.0 21.9 2.5 2.5 455.1 -18.4
64 68.5 27.6 4.2 1.5 710.8 56.2
71 62.5 23.3 3.5 1.6 650.3 -8.5
8() 69.8 15.0 2.2 2.4 447.8 -31.1
64 47.2 11.7 1.5 3.2 360.4 -19.5
55 79.7 14.8 2.3 3.2 454.6 26.1
38,473 8.8 18.5000 17.9594
40,174 7.8 21.2500 20.2685
41),013 9.1 21.7200 21.5232
45,621 11.8 24.6000 24.5750)
48,885 9.5 25.5000 24.9436
51,809 10.0 29.9800 27.9756
52,0)50 12.4 30.7692 30.4758
60,649 12.3 34.2158 31.60)59
64,846 10.4 40.0799 36.0416
-
Market Capitalization In rupee In U.S. dollars
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex() Exchangerate Exchangerate(averageofperiod)
44.0060 41.0717
Notes: The base date for the KSE-100 Index is Nov. 1, 1991=1,000. The base date for the IFCG Pakistan Index is Dec. 1984=100. IFC switched to the KSE 100 Index from the SBP Index with data from January 1992 forward. In calculating share of total market cap, TFCGmarket cap is not adjusted for cross holdings.
1998 FACTBOOK
MAIKLisDI D\TA BASt EN1FRRcINC
201
Peru Market Performance In 1997, the IFC Investable and Global Price In-
170
dexes moved up 12.5%and 14.0%,respectively,
160
in dollars. The completion of the Brady agreement to restructure commercial bank debt with creditor banks helped boost shares. With the agreement, Peru effectively entered internationalaol2 capital markets for the first time in more than a decade. Inflation ended the year at 6.5%, and international reserves continued to rise as a result of ongoing banking reserve requirements
and privatizations. GDP growth topped 7.4%.
1s5 1401\ 130 -
110
100 -
70
-
Investors continued to worry about the possible
effects of El Nino on the economy. The IFCI shot up 17.5% during the first quarter amid optimism over economic growth prospects, results from blue-chip strong earnings Telefonica del Peru, and higher world metal prices. Rising metal prices and improving economic fundamentals translated into a favorable performance at the Lima Stock Exchange in February. The privatization process continued as the government sold utility Electro Sur Medio in February. Prices rose in February when energy and mining stocks benefited from a surge in international metal prices. The IFCI moved up 13.5% during the second quarter as recent enthusiasm for mining stocks continued, sparked by higher international metal prices and the release of a positive February GDP figure. Share prices soared following the military's successful raid on the Japanese ambassador's house on April 22, which resulted in the rescue of hostages and the death of all Tupac-Amaro Movimiento Revolucionario members responsible for the 126-day siege. Investor confidence continued through May because of President Alberto Fujimori's increased
:
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0
N
0
°
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X-
.-
.
,
,-
0
0
IFCIComposite
0
0
0
IFCI Peru
0 C
0
0
Indice General
approval rating and because March and April GDP figures continued to show strong economic growth. Stocks started to fall in mid-May from rising tensions along Peru's border with Ecuador, and a Shining Path car-bombing brought political concerns to the forefront. Warmer weather brought on by the onset of El Nifio lifted brewery shares in June.
dayrallyaftertheU.S. FederalReserveBoardopted against raising interest rates. Falling zinc and copper prices continued to depress mining stocks in August. Real GDP rose in September with the fishing and construction sectors posting the strongest growth. Construction growth is explained by El Niiio-related government spending as well as strong private sector investment.
Peruvian equities dropped during the third quarter with the IFCI down 7.5%, the result of a general distrust of Latin American currencies following devaluations in several Southeast Asian markets. Mining stocks suffered amid concerns that they were overvalued after the long-standing rally in international ore prices. Telefonica fell when government regulators ruled that competitor Tele2000 was entitled to a portion of the Peruvian cellular phone market. A price rebound followed panic-selling on Brazil's BOVESPA. Concern over the Brazilian real spilled over into Peru, pushing share prices lower in July. Telefonica ADRs sparked a three-
The market crash in Hong Kong on October 27 and the ensuing global domino effect pulled Peruvian equities lower during the fourth quarter with the IFCI losing 8.8%. The government announced a set of tax breaks that had investors speculating that earnings at some mining companies would rise. Share prices dropped as tension increased between the governments of Peru and Ecuador after Peruvians alleged an Ecuadorian mortar attack on a Peruvian army post across its border. Lower metal prices pulled down zinc stocks. The trade deficit widened in November a copper, gold and fishmeal share prices dropped B ENIrRG.IxM X\RKLTS DAVTA
Peru MonthlyValue Traded (US$millions)
500
IFCIPeru Index Correlations (5-yearperiod ending 12/97)
IFCIP/ERatio (end of month values)
18
450
186 1.00
400
4
350
0.8012
300 500..
0.60 0.60
25
0a49
200
10 1811111
bl
0.49 0.40
0.32
0.34 n
150 0.20
6
0.13
100
0.09
4
~~~~~~~~~~~~~~~~~0.00
50 50
0
CB -)
LU -'
.0 LU 04 LU C CI)
~~
0 1990 0
C.)
0
0
z
MonthlyMarket Capitalization (US$millions)
~ ~~ in
2
cC
UO In
o
2
~
-
i: LU
0
C~~~~~~~~~~~~~~~~~0 U0SC LU
Share of EmergingMarket Capitalization* (end- 1997;total=U$2,097 billion)24
20,000
N-< CS
LU
LU
C
=
LU
.LI
s
BI)
LU
0
ExchangeRate (soles per U.S.dollar)
18,000 186,000
0
Peru
C ,C
0L
LI
LU
0.8C/
14,000
Other Latin C.) Amlerica 27.9%
2.5
LU
O
N
W
O
8
r
2.6
1 2,000
~~~~~~~~~~~~~~~~~Other ~~~~~~~~~~~~~~~~~~Emlerging
1 0,000 10,000 8,000
Markets 71.3%
2.7....
2.8
6,000 4,00029
2,000 0
'45 markets covered byEMDB a
1998FACTBOOK
U
L
L
C
0
L
0
0
0
0
3.0 0
0
0
0
0
EmFRGINGN1AKK1,vs
.
DAxvAB,AsE203
Peru 1997 (currencyin millions)
Dcs
InIIn
Ju1l LII
257
258
259
259
259
247
248
51,480 19,299
51,919 19,574
49,962 18,811
50,462 19,024
50,488 19,041
49,068 18,106
47,826 17,570
47,94(0 17,586
808 303 1.8
839 315 1.7
930 351 1.8
950 358 1.9
796 300 1.6
929 350 1.8
818 302 1.6
1,324 486 2.7
1,005 369 2.1
1,673.7 3.3
1,758.8 5.1
2,128.4 21.0
2,155.0 1.3
2,052.6 -4.8
1,974.2 -3.8
2,008.0 1.7
1,858.0 -7.5
1,780.5 -4.2
1,794.2 (1.8
35 62.0 68.7 14.8 2.6 2.1 275.4 6.2
35 61.4 75.3 15.3 2.6 2.4 284.5 3.3
35 63.0 79.6 16.2 2.6 2.0 300.6 5.7
32 60.8 79.2 16.8 2.9 1.9 333.8 11.0
32 59.5 76.0 16.7 2.9 2.6 330.8 -0.9
32 57.5 81.7 15.5 2.7 2.2 3(08.2 -6.8
32 56.2 56.5 14.4 2.6 2.3 307.0 -0.2
32 54.8 80.6 13.6 2.4 2.4 282.2 -8.1
37 62.() 91.7 14.7 2.0 2.3 280.3 -0.7
37 62.0 73.6 14.0 2.0 2.3 281.2 (1.3
2.6460
2.65(05
2.6650
2.6675
2.6525
2.6515
2.7100
2.7220
Jan11
[,lo
\.li
Apr,-
240
239
240
247
38,662 14,634
41,842 15,813
43,5(0(0 16,412
44,886 16,843
929 352 2.5
793 300 2.0
6(18 230 1.4
1,541.0 8.3
1,620.1 5.1
36 63.1 55.1 15.(1 2.5 2.2 259.4 7.6
\l.a\
A,,.p
At'p
Ott UJ
Number of Listed Companies Bolsa de Valores de Lima
25(0
Market Capitalization In nuevos soles In U.S. dollars
Trading Value In nuevos soles In U.S. dollars Turnover ratio
Local Index IGBVL' Change in index (%) IFC Global Index Number of stocks Share of market cap. (%)' Share of trading value (%) P/E ratio P/BV ratio Dividend yield ('Y.) Total return index' Change in total return index (%)
Exchange Exchange
32 56.6 58.(1 14.8 2.6 2.3 307.8 -().1
Rates rates (end of period)
2.6420
2.6560
2.6525
2.7260
Notes: The base date for the IGBVL is Dec. 1991=100. The base date for the IFCG l'cru Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
204
Lima Stock Exchange
IFC Correspondent:
Mr. Jose Carlos Luque Otero, President Mr.Jose Almenara Battifora,General Manager Jiron AntonioMiroQuesada 217 Lima Peru
G&B Sociedad Agente de Bolsa S.A. MiroQuesada 260, 10th Floor Lima Peru
Tel: (51-14)260-714
Tel: (51-14) 287-006
Fax: (51-14)267-650 http://www.bvl.com.pe/homepage2.htmI
Fax: (51-14)269-434
1998 F \( Ts
1csr31
ENIi
I N(, M w kt- Ts D \T
B v\v
Peru 1988-1997 (currency in millions; end of period levels)
199637
1Y
1989
1990
1991
199'2
1993
1994
1995
236
256
294
298
287
233
218
246
231
248
Market Capitalization Innuevos soles In U.S. dollars
0.0910 182
5.0000 931
439 812
1,090 1,118
4,300 2,630
10,993 5,113
17,835 8,178
27,170 11,795
31,921 12,291
47,940 17,586
Trading Value In nuevos soles In U.S. dollars Turnover ratio
0.0073 57 8.0
0.2938 90 5.9
25 99 5.7
104 130 9.5
519 417 19.3
3,332 1,672 43.8
6,742 3,080 46.8
8,855 3,935 39.3
9,322 3,805 31.5
10,730 4,033 25.6
(0.0086 759.9
0.336 3,817.9
25.800 7,544.3
100.0 288.2
372.9 273.0
930.5 149.5
1,414.9 52.1
1,243.4 -12.1
1,423.0 14.9
1,794.2 26.1
-
-
-
-
18 42.7 25.9 2.7 100.0
-
-
-
18 46.0 44.0) 3.6 0.8 137.2 37.2
35 64.5 43.9 3.0 0.7 210.6 53.5
36 62.3 14.5 2.8 1.3 233.8 11.0
36 70.2 14.2 2.5 2.4 241.1 3.1
37 62.0 14.0 2.0 2.3 281.2 16.6
28,636 3,398.7 0.00530 0.00320
32,802 7,481.7 0.5400 0.2540
29,197 409.5 0.9750 0.8042
42,155 73.5 1.6350 1.2458
41,284 48.6 2.1500 1.9921
50,174 23.7 2.1810 2.1892
58,996 11.1 2.3035 2.2500
60,926 11.5 2.5970 2.4501
-
1 '8S Number of Listed Companies Bolsa de Valores de Lima
Local Index IGBVL* Change in index (0/,) IFC Global Index Number of stocks Share of market cap. (%)' P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in index (°) Economic Data Gross domestic product (US$) Changeinconsumerploeindex(o) Exchangerate Exchangerate(averageofperiod)
-
17,223 667.0 0.00050 0.00010
-
2.7260 2.6604
Notes: The base date for the IGBVL is Dec. 1991=100. The base date for the IFCG Peru Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
ENwEIccuG1NG SAIKETS 1EDT,\ BA-sF
205
Philippines Market Performance Philippine equities registered huge losses in 1997, swept into the currency crisis that enveloped Southeast Asia. Early in the year, however, optimism over the country's robust economy, a stable peso, and an environment of low interest rates lifted equity prices. This favorable combination was shattered by the financial crisis in Southeast Asia later in the year that left in its wake a peso devalued by 34.0% and an economy teetering on the brink of recession. For the year, the dollar-based IFCI and IFCG indexes plummeted 61.6% and 62.3%, respectively, while the local Philippine Stock Exchange (PSE) Composite Index, unaffected by the devaluation, finished the year with a 40.3% loss in peso terms. The only period in 1997 that saw Philippine equites put in a shining performance was the first quarter, and only January's results showed a year-on-year increase. The IFCI Index posted a 6.4% increase, propelling Philippine equities to an all-time high in January. The marginal l.6o gain for the quarter, as measured by the local PSE Composite Index, seems large when compared to the losses generated through the remainder of the year. Contributing factors included strong economic fundamentals, confirmation of positive 1996 GNP growth, and an environment of low inflation and favorable interest rates. Suggestions that the Philippine real estate sector was headed for a financial crisis similar to Thailand's spooked investors into a panic in April, driving down the PSE and IFC indexes by about 18 %. In the remainder of the quarter,
,199
1
v
n
I.
130 120 -
110 -
loo9( 8f 70 50 40 40 20
,
o0 Eo N'
5i
N N)
2
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FC Composite
share prices recouped some of their lost value from lower-than-expected inflation reports and from the release of first-quarter GNP figures, at slightly lower than last year's levels, which diminished fears of a Thai-like crisis. The net second-quarter results were a 15.1% decline in the IFCI Index. The local equities market was faced with two of its worst enemies in the third quarter: a weakening currency and high interest rates. The peso was hit by massive speculative selling, especially after the devaluation of the Thai baht. Philippine monetary authorities fended off speculators for a brief period, but eventually gave in and let the peso trade in a wider band, resulting in a de facto devaluation of roughly 12% in July. By quarter's end, the peso lost more than 23.2% of its value, pushing interest rates to almost double the level of a year earlier. In the fourth quarter, Philippine equities received no
.
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2 N
N N
N N
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PCI Philippines
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N
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)
PSE Composite
reprieve from the crises that enveloped Southeast Asia. The contagion brought persistent volatility to the peso (which fell 13.9%) and forced the government to maintain a restrictive monetary policy that kept interest rates at very high levels. The higher borrowing cost was impacting corporate earnings reports by as early as the third quarter. The adverse market conditions drew more losses out of the IFCI Index, extracting 22.8% of its value. In regulatory developments, Philippine equities received a boost in transparency and liquidity after the Securities and Exchange Commission ruled in favor of the declassification of companies with A and B shares. A shares are reserved only for Filipino nationals, but both local and foreign investors can purchase B shares. Historically, B shares have traded at a premium to A shares because of their greater demand and limited ownership.
\
-.
I.
Philippines
Monthly Value Traded (US$ millions)
IFCIPhilippines Index Correlations (5-year period ending 12/97)
IFCI P/E Ratio (end of month values)
25
3,000
2,500
1.00
20 0.81
0.80 2,000
0.68 15 0.60
1,500 0.40
0.30
1,000
0.1 9
10
0.20
0.20
01
500
5 0.00 20
03 0.0
,ooo aCO zC~~~~ C.,
00 a
a,
a
MonthlyMarketCapitalization (US$millions)
100,000
Ca
~ toa
0
x(C-
.
~~~~~5
N
Za
N
N
Shareof Emerging Market Capitalization*
N
N
N
N
N
N
>
N
N
ExchangeRate (pesos per U.S.dollar)
(end-i997; total=$2,097 billion) 90,000 80,000
Philippines __ _
24
~~~~~~~~~~~~~~~~~~~~~1.5% 26
__
70,000
28 60,000
Other Emerging Markets 59.1%
50,000
Other Asia 39.4%
30
40,000
32 34
30,000
36
20,000
38
10,000
45 marketscovered by EMDB
40 42
0 N
NS
N
N)C
N
a,
a,
a,
a,
a,
1998F\(t I ()()K
N
NS
N^
NS
N
N
a,
a,
a,
a,
a,
NCM
-O
C
CO
, ,
O-C 15 CO
, N
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a,
8C O0
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0
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0
0
0
0
0
0
C
DC
0
,C -
C
ENtiER(1NG MARELTs Di xt - BAS,t 207
Philippines
1997
(currencyin millions)
1.111
Feb
Mar N
Apr.
217
218
218
220
2,345,978 89,031
2,335,613 88,700
2,264,006 85,872
76,638 2,908 3.4
72,878 2,768 3.1
Local Index PSE Composite* Change in index (%)
3,421.9 7.9
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (0) Total return index* Change in total return index (%) Exchange Rates Exchange rates (end of period)
Number of Listed Companies Philippine Stock Exchange Market Capitalization In pesos In U.S. dollars Trading Value In pesos In U.S. dollars Turnover ratio
\'l
J1
J
\nlg
Sup
Oct
No\
Dec
221
221
221
221
221
221
221
221
1,902,701 72,154
1,980,095 75,075
1,961,894 74,382
1,812,874 62,513
1,451,050 47,732
1,413,305 41,144
1,255,964 35,504
1,211,578 34,785
1,251,288 31,361
58,682 2,226 2.5
53,337 2,023 2.6
41,405 1,570 2.1
44,705 1,695 2.3
49,045 1,691 2.6
40,662 1,338 2.5
50,427 1,468 3.5
43,369 1,226 3.3
26,867 771 2.2
28,156 706 2.3
3,315.3 -3.1
3,223.0 -2.8
2,648.2 -17.8
2,8(09.4 6.1
2,809.2 0.0
2,616.4 -6.9
2,021.5 -22.7
2,057.4 1.8
1,818.1 -11.6
1,771.9 -2.5
1,891.3 6.7
52 68.9 51.8 21.0 3.4 0.8 5,354.8 7.8
52 67.2 42.2 19.4 3.2 0.8 5,191.3 -3.0
52 67.6 47.3 18.8 3.1 0.7 5,051.7 -2.7
52 66.3 63.7 15.2 2.5 0.8 4,166.7 -17.5
52 66.6 64.4 16.3 2.5 0.8 4,388.9 5.3
52 66.2 72.4 15.9 2.5 0.9 4,293.8 -2.2
52 66.9 68.1 14.4 2.3 0.9 3,669.0 -14.5
52 65.8 65.3 11.4 1.8 1.2 2,766.1 -24.6
52 66.5 70.6 11.4 1.7 1.2 2,432.4 -12.1
52 66.8 76.7 10.4 1.5 1.3 2,117.3 -12.9
59 70.9 81.0 1().5 1.3 1.5 2,094.7 -1.1
59 71.1 81.5 10.9 1.3 1.4 1,890.6 -9.7
26.3500
26.3315
26.3650
26.3700
26.3750
26.3760
29.0000
30.4000
34.3500
35.3750
34.8300
39.9000
Notes:The base date of the PSEComposite Index is Aug. 19,1985=100.The base date for the IFCPhilippine Index is Dec.1984=100.In calculatingshare of total marketcap, IFCGmarket cap is not adjusted for crossholdings.
208
PhilippineStockExchange Mr. WilsonL. Sy, Chairman PhilippineStockExchangeCtr. OrtigasCenter,ExchangeRoad PasigCity,MetroManila1605
IFC Correspondent: TechnistockCorporation 906TaipanPlace/Emerald Ave. OrtigasCtr, PasigCity MetroManila
Philippines Tel: (63-2) 636-0122,636-0123 Fax: (63-2) 634-9520,634-5113
Philippines Tel: (63-2)910-8800 Fax: (63-2) 910-6050
1998F\[c iBook
Exi[RGING MARKFHIs DAIABASE
Philippines 1988-1997 (currencyin millions;end of periodlevels)
1 )92
I 993
]'9I34
153
161
170
18(
189
205
216
221
260,470 11,965
161,219 5,927
266,648 10,197
353,139 13,794
1,088,819 40,327
1,354,660 55,519
1,543,871 58,859
2,121,059 80,649
1,251,288 31,361
18,251 875 24.4
50,730 2,410 29.1
28,569 1,216 13.5
40,330 1,506 18.8
77,002 3,104 24.8
180,741 6,785 25.1
364,226 13,949 29.9
378,974 14,727 26.1
668,855 25,519 36.5
586,173 19,783 34.8
841.6 3.5
1,104.6 31.2
651.8 -41.0
1,151.9 76.7
1,256.2 9.1
3,196.1 154.4
2,785.8 -12.8
2,594.2 -6.9
3,170.6 22.2
1,891.3 -40.4
18 59.0 12.6 2.6 2.2 1,486.5 38.1
18 33.6 14.1 3.6 1.1 2,371.5 59.5
34 71).8 11.3 2.6 2.3 1,094.0) -53.9
30 68.1 11.3 2.6 0.8 1,738.5 58.9
30 58.0 14.1 2.4 1.0 2,056.8 18.3
37 59.0 38.8 5.2 0.3 4,831.4 134.9
41 54.4 30.8 4.5 0.4 4,802.3 -0.6
45 54.3 19.0 3.2 0.6 4,125.5 -14.1
52 69.6 20.0 3.1 0.8 4,965.0 20.3
59 71.1 10.9 1.3 1.4 1,890.6 -61.9
37,876 8.8 20.7000 20.8614
42,647 12.2 21.7700 21.0509
44,331 14.1 27.2000 23.4900
45,382 18.7 26.1500 26.7706
53,002 8.9 25.6000 24.8034
54,408 7.6 27.0000 26.6398
64,139 9.1 24.4000 26.1112
74,176 8.1 26.2300 25.7333
83,840 8.4 26.31)00) 26.2096
1'839
141
144
88,592 4,280
1 990
Number of Listed Companies Philippine
Stock Exchange
Market Capitalization In pesos In U.S. dollars
Trading Value Inpesos In U.S. dollars Turnover ratio
Local Index PSE Composite* Change in index (%)
IFC Global Index Number of stocks Share of market cap. (%)t P/E ratio P/BVratio Dividend yield (%) Total return index* Change in index (%)
Economic Data Grossdomesticproduct(US$) Change inconsumerprice index(') Exchangerate Exchange rate (averageofperiod)
19 ) 7
1'9I5 -i996
19'91
1 9 8S
-
39.9000 29.6301
Notes: The base date of the PSE Composite Index is Aug. 19, 1985=100. The base date for the IFC Philippine Index is Dec. 1984=100, In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 Fc
IGOOK
DA I XBA\si MNGARKETs EnMFTRG1N
209
Poiand Market Performance Despite a strong foreign investor-fueled start and a powerful surge in the fall, Polish equities were overcome with several rounds of heavy selling and finished the year with sharp losses. The 18.5% losses in both the dollar-based IFCI and IFCG indexes were sharply divergent from 1996's gains of just over 71%.
130
1y20 110
loo. 91)
Shares on the Warsaw Stock Exchange (WSE) extended their 1996 rally at the start of 1997, as gains were registered in January and February. Foreign investors responded to positive economic signs, which helped spur local demand.
70 C M
co
N C N
N
0
°CN
0
N
N
-
0
-
N
N m
')0 N
N,
N
N
N
N
0
-
0
N
N
N
N
-
)
O- _M N
C N
N
The construction and banking sectors benefited most from investor
optimism.
Investor sentiment turned markedly bearish over the next five months and share prices moved steadily lower. Declines on world markets encouraged many investors to close out positions. Domestic political anxieties were also a factor after the Gdansk shipyard was closed, resulting in a loss of 10,000 jobs and demonstrations in Poland's major cities. IPOs, the biggest of which was that of Bank Handlowy, pulled investment capital from the secondary market from April through June. Continued weakness in world markets was also a factor in April, as were several downward revisions in the 1996 earnings reports from a number of Polish companies. Generally, however, 1996 results were positive-preventing more widespread selling. Weakness in the zloty played a significant role in depressing share prices in May. In July, the focus turned to severe flooding in the south of Poland, which threatened to cause billions of dollars in damage and possibly drive
210 1998 F\ciIsooI,
IFCIComposite
up interest rates and inflation. Share prices rebounded strongly in August and September. Foreign investors played a major role in the 20% rebound in the IFC indexes, as many shifted capital out of other markets in the region, such as Hungary and Russia, where share prices had risen dramatically since the beginning of the year. News that flood damage was not as severe as first expected, strong earnings reports by leading listed companies and rising optimism that the Solidarity Party stood to win the September 27 elections also sparked demand. The election predictions were on the mark, with the Solidarity Party proving victorious. Polish equities suffered heavy losses in October and November as investors liquidated holdings in response to panic-selling in Asia. International volatility overshadowed well-received
IFCIPoland
WIG All-SharePerformance
domestic political news that Leszek Balcerowicz, a well-known economist and architect of Polish reforms following the collapse of communism in 1989, was appointed finance minister and deputy prime minister. News of 7.3% GDP growth failed to stem the tide of selling. Investors sensed a buying opportunity in the final month of 1997, despite continued turmoil in Asia. Local analysts reported renewed foreign interest in the Polish market, which they consider the most undervalued in Eastern Europe. In regulatory news, the WSE announced tougher initial listing requirements in September. Effective October 1, the minimum capital requirement was set at 36 million zloty, up from 24 million zloty, and the three-year total pre-tax profit requirement was hiked to 8 million zloty from 5 million zloty. Listing requirements on the parallel market were also raised.
E[mERIc.I\C MirK T\ D AT\ B xsi
Poland MonthlyValueTraded
IFCIPolandIndexCorrelations
(US$ millions)
(5-yearperiod ending 12/97)
1,00
IFCIPIERatio (end of month values)
18
900
16
800
1.00
14
0.80
2
700 600 10 500
0.60
400
0.40
0.46
8 0.35
300
0.21 0.20
02
01
200
4
1 00
0.00
2 0
0 N-N
a
ci
~~~
N-N 0)
ci
0) 0~~
~~ a:
N- N
N- N
O
cI)
0
NN
N
0~ 0)
0
z
~~~~~~~~~- a
~
0 .~~,
~~aEL
a
MonthlyMarketCapitalization (US$millions)
20
uJ ci L
0)
8
0r
.
a
V0
)
0
0
)
0
)
<
Shareof Emerging Market Capitalization* (end-i997; total=$2,097 billion)
16,000
)<
a-
'-,
0
0)
0)
0
Cl)
0
ExchangeRate (zlotyper U.S.dollar)
14,000
2.4....... 2.6
12,000
Poland 0.6%
Other
10,000298
~~~~~~~~~~~~~~Emerging Markets
8,000 6,000
69.6%
3.2 3.4
4,000
3.6 3.8
2,000 4.0 45 marketscovered byEMDB
N
a aa m
1998FACwTto00K
a0)
a0) a
0)
a
a
a
ciCO
N
cicO 0 N
N
C>0 N
c 0 N
0 N
0 N
0 N
0
0 -
C
ON0
N N~~~~~~~~~~~~~~~~~~~r N N
CM N
~~~~~~i0z EMERGING MARKFTs DATA.BAsE
211
Poland 1997 (currencyin millions)
1ii'' Number of Listed Companies Warsaw Stock Exchange Market Capitalization In zloty In U.S. dollars Trading Value In zloty In U.S. dollars Turnover ratio Local Index WIG All-Share Performance* Change in index (%) IFC Global Index Number of stocks Share of market cap. (/o)* Share of trading value (%) P/E ratio P/BVratio Dividend yield(%) Total return index* Change in total return index (%) Exchange Rates Exchange rates (end of period)
Feb
I'l
\'r
\la,
ILIII
l
iFl
.\ug
h-k'p
clt
No\
DLc
86
89
93
95
104
124
125
130
131
134
141
143
27,293 9,089
30,827 10,078
30,031 9,768
31,045 9,816
31,184 9,762
36,170 11,006
40,433 11,670
45,181 13,003
48,133 14,078
43,493 12,480
41,586 11,757
42,775 12,135
2,071 689 8.1
2,818 921 9.7
2,087 679 6.9
2,230 705 7.3
1,941 608 6.2
1,765 537 5.2
2,482 716 6.5
2,091 602 4.9
2,486 727 5.3
2,777 797 6.1
1,571 444 3.7
16,105.5 12.3
17,543.8 8.9
16,690.4 -4.9
16,546.7 -0.9
15,941.7 -3.7
15,163.8 -4.9
15,166.7 0.0
16,833.1 11.0
17,482.8 3.9
15,371.9 -12.1
14,322.6 -6.8
14,668.0 2.4
31 75.8 56.9 16.1 2.9 1.2 840.1 7.1
31 73.3 45.3 15.5 2.6 1.1 900.0 7.1
31 69.2 43.9 14.3 2.4 1.1 823.3 -8.5
31 65.3 46.8 13.9 2.3 1.1 778.9 -5.4
31 63.4 41.7 13.5 2.2 1.2 749.8 -3.7
31 51.7 37.4 12.8 2.1 2.3 701.0 -6.5
32 52.8 48.7 10.6 1.8 1.4 663.5 -5.3
32 53.3 42.7 11.9 2.0 1.5 747.5 12.7
31 49.2 32.3 10.4 1.8 1.7 679.7 -15.8
30 58.8 49.5 10.9 1.6 1.6 62(1.6 -8.7
29 58.9 40.5 11.4 1.7 1.5 650.5 4.8
3.0030
3.0588
3.0745
3.1628
3.1945
3.2863
3.4648
3.4748
3.4850
3.5370
3.5250
32 53.2 35.6 12.7 2.2 1.5 8(16.7 7.9
3.4190
1,853 526 4A4
Notes: The base date for the WIG All-Share P'erformance Index is Apr. 1991=1,000. The base date for the 1FCG Foland Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Warsaw Stock Exchange Dr. Wieslaw Rozlucki,President& CEO Mr. Wlodzimierz Magiera, Executive Vice President Nowy Swiat 6/12 Warsaw, 00-400 Poland Tel: (48-22) 628-3232 Fax: (48-22) 628-1754 http://www.atm.com.pl/gpw/mapa2.htm
212
1998 F.CTBOOKuR
IFC Correspondent: BRE Brokers S.A. Swietokrzyska36 Warsaw, 00-950 Poland Tel: (48-22) 636-6899 Fax: (48-22) 635-4345
EilF(,]\(.
M\kILTI
D\TI\ B\SI.
Poland 1988-1997 (currencyin millions;endof periodlevels)
I19S8
1989
1'3'3()
l91
19'32
] 993
1'394
l 99 5
l96(,
l')'7
Number of Listed Companies Warsaw Stock Exchange
-
-
-
9
16
22
44
65
83
143
Market Capitalization In zloty In U.S. dollars
-
-
-
158 144
351 222
5,803 2,706
7,450 3,057
11,259 4,564
23,999 8,390
42,775 12,135
Trading Value In zloty In U.S. dollars Turnover ratio
-
-
-
29 28 -
228 167 89.7
3,973 2,17(0 129.1
11,711 5,134 176.7
6,691 2,770 71.5
14,943 5,538 84.8
26,171 7,977 78.4
-
-
-
-
-
-
919.1 -
1,040.7 13.2
12,439.0 1,()95.3
7,473.1 -39.9
7,585.9 1.5
14,342.8 89.1
14,668.0 2.3
-
-
9 -
12 48.4 12.9 2.3 0.4 484.1) -42.4
17 43.5
100.0 -
12 79.1 31.5 5.7 0.4 839.6 739.6
1.3 2.6 4511.3 -7.0
31 78.1 14.3 2.6 1.2 784.2 74.2
29 58.9 11.4 1.7 1.5 650.5 -17.0
76,478 76.7 10,957.00 10,576.00
84,356 45.3 15,767.00 13,676.00
85,995 36.9 21,444.00 18,311.06
92,580 33.3 24,370.00 22,808.59
118,807 26.8 2.4668 2.4154
134,477 20.2 2.8605 2.6981)
-
Local Index WIG All-Share Performance, Change in index (%) IFC Global Index Number of stocks Share of market cap. (/)P/E ratio P/BV ratio Dividend yield (%) Total return index' Change in index (%) Economic Data GrossdomesDcproduCt(US$) Changeinconsumerpriceimdex(°%) Exchangerate Exchdngerate(averageofperiod)
-
-
-
68,742 58.7 -
82,223 244.6 -
58,976 555.4 -
-
-
7.0
3.5250 3.2810
Notes: The base date for the WIG All-SharC Performance Index is Apr. 1991=1,000. The ba se date for the IFCG Poland Ind ex is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
MARKF, D,ATABASt 213 EN1RFGING
Portugal Market Performance The Portuguese market registered outstanding results throughout 1997, as the local Lisbon Stock Exchange (BVL) indexes closed the year at record highs. Over the year, the escudo-based BVL General Index rose 65.3% and the BVL30 Index gained 74.7%. The dollar-based IFCI Portugal Index gained 44.4%. The exchange was very active in 1997, with total turnover of 7.1 trillion escudos ($39.0 billion), up 58.0% from
1996.
150
140 130 120 -
_
110
v.
M
90
80 70
The first quarter of the year started with signifi-
cant gains in the market. A sustained drop in interest
rates coupled
with falling bond yields
and an encouraging corporate profit outlook lifted investor sentiment. Following a period of mixed results, telecommunication stocks hit alltime highs and pulled the market higherinJanuary and early February. The market subse-
'It N
N N
N
N o
0 N
N
I
0
C
10
o
iD
N~ (D
N
N
N
N)
N
N
N
)
2
0 C
N
N
N
N
N
ICI Composite
N
N N
CDO
N
N
N
N
o
0 O
N
N
N
0
-
_
N
N
N
N
N
N
N
Banco Totta & Acores
IFGI Portugal
for entry into the European Monetary Union in 1999. In May, the escudo appreciated, and the market rose in dollar terms. However, worries
In regulatory news, in July Portugal's securities the Lisbon Stock approved commission Exchange's plan to cut transaction fees for share
selling by foreign investors, who cashed in on stocks that had rallied sharply to record levels. Disappointing company results on several fronts put prices under additional pressure. In March, the market followed the sideways pattern of other European markets in expectation possible of higher U.S. consumer price data and Ressible interesterateShikessbyerheri.S.datderal interest rate hikes by the U.S. Federal Reserve,
over higher U.S. interest rates and upcoming privatizations chipped away at gains as investors sold off shares to raise cash. The June of Electricidade de Portugal privatization (EDP)-the largest privatization in Portuguese a strong rally. history -trigger
trading from 0.2% to 0.1% of the transaction value.
During the third quarter, the market slowed from the fast-paced growth of previous months.
The Portuguese market rose during the last quarter of the year despite the turmoil on international markets triggered by the Asian financial crisis. Equities closely followed the mood of U.S. and stocks helped in bankinvestment Gains Positive markets. European recin October. lift the market ommendations issued by international agencies
optimistic over the prospects for privatization and an appreciation in the escudo.
Equities surged and then fell back on profit-taking in July, a result of a weaker dollar and losses elsewhere in Europe. The technical correction
helped boost prices. The market's growing credibility abroad was reinforced when 19 Portuguese stocks joined the Dow Jones global indexes. On
After an initial setback, Portuguese stocks rose sharply during the second quarter. In April, a sharp depreciation in the escudo wiped out gains and left the IFCG Index virtually unchanged for the monthl. Inflation news renewed optimism that Portugal would meet the criteria
was viewed as inevitable following the market's recent gains. In August, nervousness in international markets and a vacation lull weighed on Portuguese stocks. The market picked up again in September following gains in foreign markets and on news of good corporate results.
the other hand, the market was negatively affected by higher German interest rates. Throughout the rest of the year, Portuguese equities benefited from the inclusion of Portugal in Morgan Stanley Capital International's developed world indexes, announce in April and effective December 1997.
214
1998 FACTBOOK
I
cv \
xl't\'l
\-I
)
X \xl8X91
Portuga! IFCI P/E Ratio (end of month values)
IFCIPortugal Index Correlations (5-year period ending 12/97)
Monthly Value Traded (US$ millions)
3,500
30
3,000
2,500
2,000 -
1.00
25
0.80
20
0.60 15
0.47
0.42
40,00
0.30.3
0.40
10
.20.0.1
1,000
500
00
8 c NN
N
N
N
N
N
N
r u)
E
LLO z
f]
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E
n
n
<
1,500
(US$ millions) 45,000
.
F
°>°
E
8 0.38....
r
N
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N
1MR
O
O
N
O
o
O
O
_L_
otg :
| 10.39
ExchangeRate (escudos per U.S.dollar)
Shareof EmergingMarket Capitalization* 997; total=$2,097billion) ~~~~~~~~~~~~~~(end-i
Monthly Market Capitalization 45,000
'
N
N
N,,4maketcoerebyEMD
C
-~~~~~~c
15
40,000
1 5.......
35,000
Portugal 16 0.......................
1.9%
30,000
Other 6........
25,000EMA 20,000
Other286 Emerging
15,000
69.6%
170
~
............
7 180......
10,000
185
5,000 0 0)
0, 0)
0, 0)
0) 0,
0,0)
0, U-
I
0)
0,
.. ......
190N
~~~~~~~45 markets covered by EMDB
)-
,
)( 0)2
' 0)
o
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1
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e
zi~~~~~~~~~~~~~~~~~~~000000
~ ~ ~ ~ [ ~~~ ~~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~
~
~
~
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~ ~ ~ ~
,E1tEZG1\c( M ARKEtIS DAtIA
BASE
215
Portugal 1997 (currencyin millions)
SKp) i\,g
()ci
148
146
147
147
148
6,287,487 33,877
5,872,464 32,139
6,614,589 36,772
6,622,452 37,683
6,592,310 36,581
7,161,669 38,954
452,059 2,572 8.5
562,171 3,029 9.4
280,500 1,535 4.6
276,902 1,539 4.4
402,569 2,291 6.1
375,478 2,084 5.7
427,030 2,323 6.2
4,042.9 4.1
4,316.2 6.8
4,761.3 10.3
4,478.8 -0.7
4,777.3 6.7
4,537.2 -5.1)
4,527.5 -0.2
4,675.90 3.3
32 70.5 83.3 20.0 2.1 1.9 1,197.0 1.8
32 72.7 80.5 20.7 2.2 2.3 1,291.7 7.9
33 104.2 82.1 22.6 2.3 1.9 1,383.3 7.1
33 1(0(0.3 66.2 22.9 2.5 1.8 1,420.9 2.7
33 99.0 73.5 21.2 2.3 1.9 1,338.1 -5.8
33 97.3 81.7 23.0) 2.7 1.7 1,515.3 13.3
32 92.9 86.0 18.1 2.5 1.8 1,461.3 -3.6
23 98.0 89.9 21.6 2.9 1.8 1,504.6 3.0
23 95.8 82.7 22.9 3.1 1.7 1,567.4 4.2
173.745
172.570
175.790
185.60)0)
182.720
179.880
175.740
18(0.21(0
183.850
1'inl
liii
157
153
150
4,789,106 27,564
4,970,134 28,801
5,680,681 32,315
140,1(07 835 3.0
190,147 1,094 4.0
197,186 1,143 4.0
3,817.0 4.8
3,761.8 -1.4
3,884.5 3.3
32 73.1 79.9 20.5 2.0) 2.0 1,147.5 7.8
32 70.3 70.8 21.5 2.0 1.9 1,152.2 (1.4
32 69.9 78.6 21.1 2.1 1.9 1,175.6 2.0
164.180
169.760
167.760
J.Ian
I-va
\.lar
A\pr1
NI.x,
158
157
156
155
4,273,949 26,032
4,604,805 27,125
4,660,172 27,779
209,583 1,277 5.2
155,800 918 3.5
3,641.8 12.2
i\o,
Dn,
Number of Listed Companies Lisbon Stock Exchange
Market Capitalization In escudos In U.S. dollars
Trading Value Inescudos Tn U.S. dollars Turnover ratio
Local Index 0
BTA Change in inidex (%)
IFC Global Index Number of Stocks Share of market cap. (0 Share of trading value ("') P/F ratio P/BV ratio Dividend yield (%) 0 Total return index Change in total return index(04,)
Exchange
Rates
Exchange rates (end of period)
Notes: The base date for the BTA Index is 1977=100. The base date for the IFCG Portugal Index is Jan. 1986=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
216
Lisbon Stock Exchange
IFC Correspondent:
Mr.Jose Carlos Pestana Teixeira,CEO Edificioda Bolsa Rua Soeiro Pereira Gomes Lisbon, 1600 Portugal Tel: (351-1)790-9904,795-2091 Fax: (351-1) 795-2022 http://www.bvl.pt
Banco Finantia Av.dos Combatentes Torre1, (LoteH) - 1st Floor 1600Lisbon, Portugal Tel:(351-1)720-2000 Fax: (351-1) 726-5310
1998 F \( III(H)k
EMErGINGMA Hk s D
,xB -\sr
Portugal 1988-1997 (currency in millions; end of period levels)
I 988
1 91)(
171
182
181
180
191
183
1,052,277 7,172
1,588,380 10,618
1,257,248 9,201
1,284,348 9,613
1,353,627 9,213
Trading Value In escudos In U.S. dollars Turnover ratio
163,384 1,136 14.8
300,394 1,912 22.8
240,449 1,687 16.9
406,158 2,818 32.0
Local Index 0 BTA Change in index (°/,)
2,355.9 -21.2
3,287.0 39.5
2,143.4 -34.8
12 40.0 18.0 3.7 1.3 624.2 -28.3
23 53.4 19.0 3.4 1.9 874.5 40.1
48,317 9.6 146.720(0 143.8786
51,980 12.6 149.6000 157.1232
Number of Listed Companies Lisbon Stock Exchange Market Capitalization Inescudos In U.S. dollars
IFC Global Index Number of stocks Share of market cap. (o)* P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in index (0/,) Economic Data Gross domestic product (US$) Change inconsumerprice index(%) Exchangerate Exchangerate(averageofperiod)
I)11
I
1 989
193')
1994
')(7
199 5
19 9 6
195
169
158
148
2,193,021 12,417
2,586,787 16,249
2,743,070 18,362
3,828,406 24,660
7,161,669 38,954
467,263 3,455 35.4
780,284 4,835 44.0
874,620 5,275 36.6
634,139 4,233 23.1
1,102,573 7,147 33.6
3,669,532 20,932 66.8
1,977.7 -7.7
1,637.9 -17.2
2,617.0 59.8
2,913.4 11.4
2,489.9 -14.5
3,247.1 30.2
4,675.90 44.0
30 58.5 11.8 1.7 2.7 613.8 -29.8
30 61.3 10.9 1.3 3.7 624.3 1.7
30 52.8 9.0 1.0 4.7 503.1 -19.4
33 71.3 18.0 1.7 2.9 694.6 38.1
32 68.8 20.3 1.8 3.2 834.0 20.1
30 59.5 14.8 1.4 3.3 824.5 -1.1
32 71.6 18.1 1.7 2.3 1,064.4 29.1
23 95.8 22.9 3.1 1.7 1,567.4 47.3
67,491 13.4 136.6400 142.5526
76,354 11.4 133.6000 144.1212
92,055 8.9 146.9200 135.2289
82,149 6.8 176.6200 161.3912
84,839 4.9 159.2000 165.8165
99,753 4.1 149.3900 149.8089
104,000 3.1 155.25(00 154.2768
-
1992
183.850)1) 175.3103
Notes: The base date for the BTA Index is 1977=100. The base date for the IFCG Portugal Index is Jan. 1986=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FA(TBOOK
EmEIRcING MARKETs DAIA BASI
217
Russia Market Performance The Russian equity market, despite a severe setback in the fourth quarter of 1997, was the bestperforming emerging market in the world last year. The IFCG Price Index surged an impressive 142.8% in 1997 on turnover exceeding $15 billion. Monthly value traded increased fivefold, from $210 million in December 1996 to $1.4 billion in December 1997. Market capitalization more than doubled during 1997 to reach $128 billion.
400 375 350 300 275 250 225 200
During the year, the number of traded Russian
75
stocks
almost
doubled,
In 1997, investors had a greater likelihood of investing in stocks that appreciated 1,000% in dollar terms than in stocks with negative performance. Some 19 companies posted capital gains of more than 1,000%, most of them were local utilities and telecom companies brought to the market at a fraction of their fair value and then propelled to industry-based valuations during the year. Investors also discovered that among top performers, several had been incorrectly valued in previous years. Unlike 1996, newly listed stocks offered fantastic returns in 1997. The Russian ADR sector tended to offer very modest returns to investors, with stocks with ADR programs normally
1998 FACTBOOK
/ _
175 ISO 125 100
to reach 300 issues.
However, only 191 equities traded continually throughout the year, while the others often went for days and sometimes weeks without trading after their initial listing on the RTS-2 secondtier sector of the equity market. Of the 191 stocks, 97 outperformed the market in 1997, while 13 companies posted negative results.
218
J
N
0
0
0O
N
0
O
N
0
co
,
0
'
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0
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FOG Composite
underperforming both Russian and emerging markets averages. Sectorwise, there was little change in the dominance of certain key industries. Similar to 1996, three sectors-oil and gas, utilities, and telecommunications-represented more than 90% of total market capitalization and almost 70% of all traded stocks. The oil and gas sector alone traditionally contributes to two-thirds of market capitalization. Oil and gas, engineering, and the banking sectors emerged as the best performers in the Russian equity market in 1997. If oil and gas's strong performance was largely explained by its traditional liquidity advantages and "must have" status for international investors, then banking and
D
0
3
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0
0
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0
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O
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ASP General
engineering sectors had much more interesting reasons to lure investors. The banking sector drew investor attention because in 1997 Russian banks made enormous progress in tapping international markets with ADRs, Eurobonds, and syndicated loan issues, nourishing investor confidence with a few years of full International Accounting Standards reports and international credit ratings. The engineering sector benefited from the perception that the Russian economy was expanding. This is expected to create enormous opportunities for the sector because most Russian industries will have to embark on a rapid modernization process. The successful Uralmash GDR placement in December was a good example of how investors were willing to bet on perception during even the most bearish of international markets.
FII(
I\(.Nt
xFrs WM
D\T \ BASV
Russia Monthly Value Traded (US$ millions)
IFCI P/E Ratio (end of month values)
IFCIRussia Index Correlations (10-month period ending 12/97)
1.00
3,500 25 0.75
0 .80
3 , 0 00
20 ~~~~~~~~~~~~~~~~~0.64 0.62
~~~~ ~
2,500 0.60
15.5
2,000
ibilll6I
1,500
D 5J
0.29
10
0.20 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1
1,000
5
500
0.00 0 rn
r
N
0 EN
N
N
1998FAC1 BOOK <
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o
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EMERGING -
N
N
N
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ExchangeRate e S olr dollar) (rublspe U.S....
Shareof Emerging Market (n Capitalization,*rbe billion) (ed-1 997;total=$2,097
MonthlyMarketCapitalization (US$millions) 180,000
N
N
0
z
19
in
......
5,200.......
1 60,000 140,000540 Russia560 6.1%
120,000 100,000
~~~~~~~~~~~~~Other ~~~~~~~~~~~~~~~~Emerging ~~~~~~~~~~~~~~69.6%
80,000 80,000 60,000
60,000
5,800
24.3%
6,000 600
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~6,200 6,400
40,000
,0........
20,000 0N
N
N N
N~~r
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1998 FACI-BOOK
Other
-,
~~~~ CO C
Nrkt
ND
- .0
U
z
o
cvNe
b
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~6,800 ~~ CO 0
'N
CO
(9
10 N
(0 N
EMERGIN(C
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(0 0
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MARKETs
DATA
C
BAsu 219
Russia 1997 (currencyin millions)
Number of Listed Companies Combined Market Capitalization In rubles In U.S. dollars
Ia '
lfb
\1,Ml
115
114
113
II
123
129
I(I
\r
141
X1
L
146
1511
17(0
\,I,
195
202
208
329,576,174 383,742,942 385,065,270 456,639,146 504,627,004 602,965,709 785,621,114 851,399,813 926,894,329 873,142,676 697,345,754 768,924,389 135,230 145,775 158,214 148,066 117,547 128,207 58,472 67,519 67,213 79,264 87,487 104,437
Trading Value In rubles In U.S. dollars Turnover ratio
4,972,859 882 1.8
4,374,290 770 1.2
Local Index ASP General* Change in index (0/,)
751.1 40.7
972.3 29.4
IFC Global Index Number of stocks Share of market cap. (0/,,)0 Share of trading value (%) P/E ratio P/BV ratio Dividend yield (0/s) Total return index* Change in total return index ('S,,)
25 73.7 78.4 8.6 0.5 0.6 357.8 37.0
25 80.1 72.0 1().9 0.6 0.5 448.7 25.4
5,636.50
5,683.50
Exchange Rates Exchange rates (end of period)
4,308,939 748 1.()
6,002,393 1,041 1.3
6,066,184 1,051 1.1
11,340,736 1,952 1.6
11,151,093 1,909 1.4
9,499,870 1,622 1.1
17,848,169 3,027 2.(
7,328,713 1,235 0.9
8,151,605 1,359 1.1
959.6 -1.3
984.5 2.6
1,087.7 10.5
1,305.2 20.0
1,694.5 29.8
1,835.8 8.3
1,987.0 8.2
1,868.8 -5.9
1,479.0 -20.9
1,772.2 19.8
25 77.4 59.6 1(0.7 0.6 0.5 436.4 -2.8
25 67.5 73.7 1(0.6 0.6 0.3 441.3 1.1
25 65.0 72.0 11.3 0.6 0.3 466.2 5.6
25 62.0 63.9 7.2 0.4 0.2 533.4 14.4
25 57.8 70.2 9.9 0.4 0.2 650.7 22.0
25 55.4 72.5 10.2 0.4 0.2 664.3 2.1
25 59.1 73.4 11.9 0.5 0.2 769.5 15.8
25 59.9 82.4 11.4 0.5 0.2 730.7 -5.0
37 64.1 92.1 7.1 0.4 0.2 568.5 -22.2
37 66.4 87.8 8.1 0.5 0.2 638.7 12.3
5,768.00
5,773.50
5,809.50
5,840.50
5,858.50
5,897.00
5,932.50
5,997.50
3,629,206 633 (1.9
5,729.00
5,761.00
Notes: The base date for the ASP General Inidex is June 20,1994=1,000. The base date for the IFCG Russia Todex is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Russian Trading System Mr. Dmitry Ponomarev, President Mr. Alexey Telyatnikov, General Manager Chayanov St., 15/5 Moscow 125267 Russian Federation Tel: (7-095) 705-9031, 232-6469 Fax: (7-095) 973-4435 http://www.rtsnet.ru/rts/default.stm
220
1998 F\( i i)oot
IFC Correspondent: Skate-Press Consulting Agency Ul. Vyborgskaya 16 Moscow,125212 Russian Federation Tel: (7-095) 232-9272 Fax: (7-095) 232-1769
IFC Correspondent: AK&M Gubkina 3 k. "G" Moscow,117924 Russian Federation Tel: (7-095) 132-6130 Fax: (7-095) 132-6026
IFC Correspondent: Interfax Financial Information Agency 2, 1-st Tverskaya-Yamskaya Moscow,103006 Russian Federation Tel: (7-095) 250-9670 Fax: (7-095) 251-0911
EBi1IO,iv,
M,\IKl
TF D \ \ B,\',I
Russia 1988-1997 (currencyin millions;end of periodlevels)
1991
1990
1989
1988
1')92
1'993
Number of Listed Companies Combined
-
-
-
13
26
51
72
170
Market Capitalization In rubles In U.S. dollars
-
-
-
31,715 244
90,541 218
27,687 18
476,447 151
Trading Value In rubles In U.S. dollars Turnover ratio
-
-
-
1,817 -
18,981 -
115,853
-
-
591,744 268 -
-
-
-
Local Index 0 ASP General in index Change
(%)
IFC Global Index Number of stocks Share of market cap. (%)P/E ratio P/BV ratio Dividend yield (/) 0 Total return index Change in index (%0) Economic Data Grossdomesticproduct(US$) Change inconsumerpice index Exchangerate Exchangerate(avcrageofperiod)
-
554,713
-
208,076,612 37,230
768,924,389 128,207
946,129 465 2.5
15,188,530 2,958 10.8
94,674,059 16,362 19.4
-
533.8 190.5
1,772.2 232.0
-
-
25 83.4 6.3
-
100.0 -
261.1 161.1
393,449
325,918
357,552
440,562
-
1,540.00 -
3,160.00 2,205.00
4,640.0)0) 2,033.28
5,589.11(1 5,135.22
-
-
-
-
599,937
579,068
542,10)4
-
-
-
-
73,603,078 15,863
-
-
-
-
-
208
37 66.4 8.1 0.5 0.2 638.7 144.6
-
73
130.000 -
445,480
ii
-
-
-
I9 Y9
1 9'
1995
1 994
-
0.3 (1.9
-(°/
415.000 -
5,997.50 5,786.30
Notes:Data prior to 1996isan estimate of al Russian stocks.Prom 1996,data reflectsstocksadniitted fortrading ontheRussianTrading System. Thebase date forthe ASPCGeneralIndex isJune 20,1994=l,000. Thehbasedate forthe ICG Russia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMiEGINGMARKETSDAT
SB
\5f
221
Slovakia Market Performance Slovakian equities lost ground in 1997, damaged mainly by a number of domestic economic problems. For the first half of the year, the threat of currency devaluation held investors at bay. Although the Asian currency crisis had relatively little effect on the market in the second half of the year, rising fiscal and current account deficits, high interest rates, and increasing short-term foreign debt significantly damaged prices in 1997. The dollar-based IFCG Slovakia Index lost 11.2%, while the local market rose by 2.0% in koruna terms. The IFCI Slovakia Index, launched in February, lost 11.5% over eleven months.~~
months.
Slovakian equities registered gains in early 1997, thanks to steady investor interest in largecap stocks. Foreign investors continued to seek out Slovak stocks, but the market's lack of liquidity remained a problem and discouraged many. In January, the Bratislava Stock Exchange (BSE) announced it would delist illiquid shares and transfer them to the second board. Only 15 out of 967 issues registered on the bourse were trading on the BSE's main market at that time. Share turnover eased further in March as local investors focused on high rates offered in the money market. In other news, the Slovak Parliament postponed the privatization of two major banks and two financial institutions until late 2003. The IMF voiced concern about the country's rapidly deteriorating current account deficit. The market slide that began at the end of March continued into April when the IFCG Slovakia Index lost 7.3% of its value on low liquidity and declines in other Eastern European markets. In 222
1998
FAC-IiOOK
130
120n
110
100. 90 -
8V 8() 70 N C) N
'°
N
~~~~~
N
C 0
~g 0oO
~
C
~ 0
N
N
m-N 0
0
0
FCGComposite response to the country's rising trade deficit, the Slovak government said it would begin requiring importers to post 20% deposits in non-interest-bearing accounts for 180 days. Equities did not do much better in May, as money markets offered more attractive returns to investors. Foreign investor participation decreased as the danger of currency devaluation limited interest in the Slovak market. In June, low liquidity in the money market and turbulence on the foreign exchange market sent Slovak equities into a free fall, with the IFCG Slovakia tumbling by 15.4% in dollar terms. In the following months, the market remained in the doldrums. After Slovakia was excluded from the first wave of integration into Western organizations such as NATO, political instability concerned foreign investors. The continuing problem of liquidity stagnated the market. Local analysts said that low share prices were not indicative of fundamentals but rather re-
0
0)
N
DN 0 0
0
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0
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SAX FCGSlovakia flected the poor liquidity and consequent lack of demand. Investors also did not consider prices to be reasonable, thus making buy-and-sell orders hard to match. Interest from foreign investors slowly began to revive the market in September, however, and large-cap shares posted gains. The market was unaffected by the Asian financial crisis in October and posted gains. The investment climate in Slovakia significantly cooled after the government announced plans to halt voucher privatization and replace it with a "bond" system. The rising fiscal and current account deficits, high interest rates needed to support the koruna, and increasing short-term foreign debt made the economy more susceptible to external shocks, according to Moody's. In November, the market dropped significantly. Then, as expected, equities rose in December driven by year-end portfolio transactions.
Slovakia IFCI P/E Ratio (end of month values)
IFCISlovakia Index Correlations (10-month period ending 12/97)
Monthly Value Traded (US$ millions)
12
300 1.00
10
0.80
0
250
0.602008 0.406
0.14
0.20
1 50
0.01 0.00 4
100 -0.20
~~-0.40 -0.272 ~~~~~~~~~~~~-0.37 ~~~~~ -0.402
-0.30 ~~~~~~~~~~~~~~~~~ ~~~~~ ~
50 50
-0.60
0
05 W
0~~~~
=.
*
*
*
°3,' 0
Share of Emerging Market Capitalization* 997; total=$2,097 billion)
Monthly Market Capitalization millions)i 0 20(US$
5 MonthlyMarket apitalzation
0
it)
y
< ,Z
2,000
8
i0
==
75
0
0
0)
Exchange Rate per U.S. dollar) , ..
(koruna
31.0
..
2,500
Li.
..........
..
| 32.0
t(end-1
.
hare o Emergig MarkteExchage3Rat
|
USlovakia
*
o-
-
-
*
*
-
o
1%
-
*
Other
32.5
.
.
.
.
EMEAit
35.5
marketscoveredby EMDB 45
3
32.0 2,000
.0 O)0 00 (D00 0 (
NN N N_ _ OOO N 01
1,500
U)~~~~~~~~~~~~~~~~~~~~~~~~~~
z
o
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n
r
EMERGING MARKRETsDATA\BASE 1998 F, \( I wl<()I
223
Slovakia 1997 (currencyin millions)
Nox
Dec
871
870
872
64,865 1,921
65,791 1,976
61,117 1,778
63,742 1,826
5,491 158 8.6
4,456 132 6.9
6,003 180 9.2
9,959 290 15.7
9,958 285 15.9
169.5 1.7
173.1 2.1
173.7 0.4
179.9 3.6
167.2 -7.1
182.5 9.1
20 80.7 1.4 13.3 0.5 3.4 1116.6 -1.0
20 80.6 2.3 14.4 0.5 3.3 109.2 2.5
20 82.9 3.2 15.0 0.5 3.2 114.6 4.9
20 82.1 1.8 15.1 0.5 3.2 116.5 1.7
20 82.4 0.9 15.4 0.5 3.0 106.7 -8.5
20 82.8 0.5 16.0 0.5 2.9 109.1 2.3
34.7850
33.7690
34.3830
34.9000
I-cL'
\1. In
\pr1
\l.a\ LlInn
833
837
838
850
85(
865
865
868
872
71,472 2,205
79,450 2,397
79,952 2,428
73,860 2,201
72,247 2,135
61,899 1,841
62,973 1,816
64,090 1,842
4,948 153 7.0
9,803 296 13.0
4,134 126 5.2
3,089 92 4.0
3,413 101 4.7
6,176 184 9.2
5,524 159 8.8
186.2 4.11
205.2 10.2
2(07.() 0.9
194.5 -6.1
193.5 -0.5
166.7 -13.9
20 80.6 1.7 8.6 0.5 3.2 119.4 (1.2
20 811.3 2.8 9.7 0.6 2.9 130.9 9.6
20 80.4 3.0 9.8 0.6 2.9 133.5 1.9
20 80.7 3.7 9.5 0.6 2.9 124.4 -6.8
20 81.5 2.3 11.2 0.6 3.2 127.2 2.3
20 81.0 11.7 9.6 0.5 3.7 107.6 -15.4
lIan1
ILI]
A\Lg
Su'p2
()ct
Number of Listed Companies* Bratislava
Stock Exchange
Market Capitalization In koruna In U.S. dollars
Trading Value In koruna In U.S. dollars Turnover ratio
Local Index SAX* Change in index (/)
IFC Global Index Number of stocks Share of market cap. (%) Share of trading value (34) P/E ratio P/BV ratio Dividend yield (%) Total return index' Change in total return index (0)
Exchange Exchange
Rates rates (end of period)
32.4070
33.1460
32.9230
33.5595
33.8325
33.6150
34.6765
33.2960
Notes: The base date for the SAX Index is Dec. 1992=100. The base date for the IFCG Slovakia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings. The number of listed companies includes investment funds and exdudes companies with nominal value th-athave never been traded.
224
The Bratislava Stock Exchange
OTC Exchange
IFC Correspondent.
MarianSasik, Secretary General Vysoka 17 PO. Box 151 Bratislava, 814-99 Slovak Republic Tel:(421-7)503-6111 Fax; (421-7)503-6103 http://www.bsse.sk/eindex.htm/
RM-System Zamocke schody 2/A 810 00 Bratislava 1 Slovak Republic Tel:(421-7)532-9211 Fax: (421-7)532-9218 http://www.rms.sk/indexe.htm
Creditanstalt Securities, a.s. Dubravska, SK-81703 Bratislava, SK-81703 Slovak Republic Tel:(421-7)434-1120 Fax: (421-7)743-4111
1998 F,\(TBIt)I0
ENIFRGNG MARIKrs DATABASL
Slovakia 1988-1997 (currencyin millions;end of periodlevels)
1988
19Y9
1')9(
1'9)'1
-
-
-
-
-
-
-
-
-
-
-
-
-
1992
1993
19994
1995
1Y9h
1997
18
18
816
872
34,191 1,093
36,590
1,235
69,605 2,182
63,742 1,826
-
3,839 120 -
24,730 832 69.9
71,158 2,321 13.4
72,954 2,165 109.4
Numberof Listed Companies* Bratislava Stock Exchange
-
Market Capitalization In koruna In U.S. dollars
TradingValue In koruna In U.S. dollars Turnover ratio
-
-
-
Local Index SAX* Change in index (/o) IFC Global Index Number of stocks Share of market cap. ('o)' P/E ratio P/BV ratio Dividend yield (%) Total return indexChange in index (%) Economic Data Grossdomesticproduct(US$) Change inconsumer price index (%)Exchangerate Exchangerate(averageofpenod)
-
-
-
-
-
-
-
214.3 -
153.8 -28.2
178.05 15.8
182.5 2.0
-
-
-
-
-
20 82.7 8.5
20 82.8 16.0
0.5
0.5
-
2.9 109.1 -8.5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
119.2 -
17,890
17,761
15,485
10,845
11,757
12,022
13,771
17,336
18,963
-
-
-
-
-
-
-
-
-
31.2770 32.0390
29.6280 29.7350
31.8950 30.6597
34.9000 33.7022
-
-
-
-
Notes: The base date for the SAX Index is Dec. 1992=100. The base date for the IFCG Slovakia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTIBOOK
EMERGING MARKETS DATA BASF
225
South Africa Market Performance South African shares moved lower in 1997 as gains in the first quarter were more than overshadowed by fall out from the Asian economic crisis and sharp declines in the price of gold bullion. For the year, the dollar-based IFCI and JFCG indexes registered declines of 13.8% and 13.9%, respectively, while the JSE All Share In-.... dex fell 6.8% in rand. The JSE Financial Index rose 36.1% during the same period while the JSE Industrial and All Gold indexes shed 6.3% and 46.8%, respectively. Net foreign portfolio
130
120 110
100
go0
-
-
70
investment in listed shares totaled 26.2 billion rand ($5.3 billion) in 1997, a five-fold increase from the 5.2 billion rand registered in 1996. The first quarter saw non-gold equities drift higher while gold shares registered sharp declines. Throughout January and February, both industrial and financial shares rose on increased institutional demand, a stronger rand, and gains in global markets. Gains were more subdued in March after favorable news surrounding the government's 1997-98 budget was offset by concerns over a possible hike in U.S. interest rates. Gold equities weakened substantially throughout the period due to a stronger rand and falling gold bullion prices, which slid to below $350 an ounce. Equities continued to drift higher in the second quarter, but gains were curbed by interest rate worries and some weak earnings announcements. Early in the quarter, non-gold equities tracked Wall Street higher with strong demand by institutional investors helping underpin market gains. Worries over the direction of interest rates and the release of disappointing earnings figures by several companies damp226
1998 FACTBOOK
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ened sentiment in May. The market rebounded strongly in June on positive economic news, including a surge in foreign exchange reserves, a May trade surplus of 1.75 billion rand ($380 million), and a slowdown in both money-supply growth and inflation rates. Gold shares continued their slide throughout the period on poor first-quarter earnings and soft bullion prices. The market drifted lower in the third quarter as volatility in global markets and a weakening rand reduced equity returns. Non-gold shares moved higher at the beginning of the period on positive sentiment related to strong foreign inflows and favorable economic news. In mid-August, the market reversed course, falling throughout the remainder of the period, as global markets weakened and as investor hopes for an interest rate cut diminished. Sentiment was also hurt in mid-September after Cape Town lost its bid to host the Olympics in 2004.
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IFCI South Africa IFCI South Africa
Shares continued on a downward track in the final quarter on investor worries surrounding the effects of the ongoing Asian economic crisis and turbulence in major developed markets. Equities began the quarter moving higher, bolstered by news that foreign exchange reserves had reached 26.5 billion rand ($5.5 billion) and news that the Reserve Bank had cut its bank rate to 16% from 17%. The trend quickly reversed as investor concerns over turmoil in Asian markets and poor macroeconomic figures outweighed any support provided by sporadic bargain-hunting. Plunging gold prices, which fell to less than $290 an ounce, pulled down the JSE All Gold Index to 14-year lows during the quarter. According to Reserve Bank figures, real GDP increased by 1.5% in 1997 as compared to 3% in 1996. Consumer prices rose at an annual rate of 8.6% in 1997, as compared to 7.4% in 1996. E[ i(.\(. ;
MXRiKlS
11r\TiA BAsr
South Africa
(US$millions)
5,000
20
*
4,500
IFCIP/ERatio (end of month values)
IFCISouth Africa Index Correlations (5-yearperiod ending 12/97)
MonthlyValue Traded
18
1.00
*
~~~~~~~~~~~~~~~~0.90
4,0003,500 -
0.80
3,000
07
2,500
0.80 0.50
2,000
0.40
1,500
0.30
1,000
0.04
500
0.10 0.02
2 10
0.54
0.37
0.37 0.27
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Exchange Rate (rand per U.S.dollar)
Shareof EmergingMarket Capitalization* billion) (end-1997;total=$2,097
Monthly Market Capitalization (US$ millions)
8
4.0
4.3
250,000 South Africa
Other
200,000 -.
.
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4.5
19.3% Other48 Emerging
150,000
Markets 69.6%
100,000
5.0
53
50,000
45 markets covered by EMDB
*
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mm ='
1998
FACTBOOK
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DA rIA BASE
227
South Africa 1997 (currencyin millions)
Number of Listed Companies Johannesburg Stock Exchange Market Capitalization In rand In U.S. dollars Trading Value In rand In U.S. dollars Turnover ratio Local Index JSEAll-Share' Changeinindex(%) IFC Global Index Number of stocks Share of market cap. (%)" Share of trading value (%) P/Eratio P/BVratio Dividend yield (%) Total returni index' Change in total return index (%) Exchange Rates Exchange rates (end of period)
Jan
Feb
Malar
622
620
618
1,133,451 248,210
1,215,0)13 271,117
AuLIg
Sucp
618
611
611
1,274,808 281,073
1,304,309 282,900
1,280,476 272,935
MiaL
Jun
jL
620
619
617
1,211,156 273,986
1,215,893 273,449
1,208,408 270,398
Apr
Nov
DcL
624
638
642
1,258,726 269,968
1,181,677 245,543
1,148,141 236,413 17,387 3,580) 1.5
0ct
11,771 2,578 1.0
17,060 3,807 1.4
12,418 2,809 1.0
17,392 3,911 1.4
14,634 3,275 1.2
19,001 4,189 1.5
21,002 4,555 1.6
18,848 4,018 1.5
18,947 4,064 1.5
21,860 4,542 1.8
6,676.11 0.3
7,145.0 7.0
7,095.0 -0.7
7,131.0 0.5
7,022.0 -1.5
7,420.0 5.7
7,485.0 0.9
7,38(1.0 -1.4
7,123.4 -3.5
6,589.1 -7.5
63 53.9 56.4 16.2 2.3 2.7 240.5 2.8
63 54.8 58.1 17.4 2.5 2.4 263.8 9.7
63 54.2 57.9 16.3 2.4 2.5 266.5 1.1
63 53.9 50.9 15.6 2.4 2.6 268.8 0.8
63 52.6 51.3 15.1 2.3 2.7 259.1 -3.6
63 52.4 52.1 15.2 2.2 2.4 271.0 4.6
63 50.1 50.9 15.4 2.3 2.4 267.9 -1.1
63 49.2 49.4 14.3 2.1 2.5 254.9 -4.9
61 48.3 53.2 14.0 2.1 2.6 251.2 -1.4
4.5665
4.4815
4.4205
4.4465
4.4690
4.5355
4.6105
4.6915
4.6625
6,326.3 -4.0
61 46.2 57.8 12.6 1.9 2.9 221).6 -12.2 4.8125
1,129,362 232,0)69
78 54.1 61.9 12.2 1.8 2.4 211.4 -4.2 4.8565
16,519 3,394 1.4 6,202.3 -2.0 78 54.0 63.3 111.8 1.6 2.5 207.1 -2.0 4.8665
Notes:Thebase date for theJSEAll-ShareIndexisJan.1960=100.Thebase datefor the IFCGSouthAfricaIndexis Dec.1992=100. The exchangeratesshownpriorto 1992arefor thecommercialrand.Between1992and 1994,thefinancial rand is reported.SouthAfricaabolisheditscdualexchange-rateregimein March1995.In calculatingshareof totalmarketcap,IFCGmarketcap isnot adjustedforcrossholdings.Statisticsfor "numberof listedcompanies,""market capita7ization" and "tradingvalue" includelistedforeigncomalnesand domesticdosed-endinvestmentcompanies."Turnoverratio"excludesarbitrage.
Johannesburg StockExchange Mr.R.M. Loubser,ExecutivePresident PO. Box 1174 Johannesburg,2000 SouthAfrica Tel: (27-11)377-2200 Fax: (27-11)834-7402 http://wwwjse.co.za
228
1998 FACTBOO&
IFC Correspondent: HSBCSimpson McKie HSBCPlace G-9 RivieraRoad Houghton,Johannesburg South Africa Tel: (27-11)481-4200 Fax:(27-11)646-8301
ENIFRx lNc
M.ARKEl l S DA
IA
B,Asr
South Africa 1988-1997 (currencyin millions;end of periodlevels)
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
754
748
732
688
683
647
640
640
626
642
300,015 126,094
332,367 131,060
350,726 137,540
462,187 168,497
501,324 103,537
737,632 171,942
919,802 225,718
1,022,656 280,526
1,129,949 241,571
1,129,362 232,069
TradingValue In rand In U.S. dollars Turnover ratio
11,247 4,947 2.2
18,607 7,095 1.6
21,130 8,158 5.8
22,231 8,051 7.2
22,134 7,767 4.6
44,077 13,049 7.1
70,104 15,607 8.5
63,237 17,048 6.5
117,099 27,202 10.9
206,839 44,893 18.3
Local Index JSEAll-Share* Changeinindex(%)
1,984.0 9.0
2,976.0 50.0
2,719.7 -8.6
3,440.3 26.5
3,259.0 -5.3
4,893.0 50.1
5,867.0 19.9
6,228.0 6.1
6,657.5 6.9
6,202.3 -6.8
-
-
-
-
-
-
-
-
-
-
62 58.1 13.2 1.4
63 62.7 17.3 1.8
-
-
-
-
182.4 82.4
63 61.1 21.3 2.6 2.2 239.5 31.3
65 58.0 18.8 2.5 2.3 282.1 17.8
63 54.4 16.3 2.3 2.7 233.9 -17.1
78 54.0 10.8 1.6 2.5 207.1 -11.5
117,456 9.7 4.2900 3.3779
121,619 9.0 4.0750 4.4918
133,927 8.6 3.6455 3.7094
126,301 7.4 4.6775 4.3048
-
Number of Listed Companies Johannesburg Stock Exchange Market Capitalization In rand In U.S. dollars
IFC Global Index Number of stocks Share of market cap. (')* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in index (%) Economic Data Grossdomesticproduct(US$) Changeincorsumerprceindex-() Exchangerate Exchangerate(averageof period)
-
-
-
-
-
-
100.0 -
88,168 12.8 2.3793 2.2735
91,753 14.7 2.5360 2.6227
106,682 14.4 2.5500 2.5900
112,309 15.3 2.7430 2.7613
119,569 13.9 4.8420 2.8498
4.8665 4.6074
Notes:Thebase date for theJSEAll-ShareIndexis Jan. 1960=100. Thebasedate for the IFCGSouth AfricaIndexis Dec.1992=100. Theexchangerates shownprior to 1992are for thecommercialrand. Between1992and 1994,thefinancial rand isreported. SouthAfricaaboLshedits dualexchange-rateregimeinMarch1995.In calculatingshareof totalmarketcap,lFCGmarketcap isnot adjustedfor crossholdings.Statisticsfor "numberof listedcompanies,""market capitalization"and "tradingvalue"includelistedforeigncomaniesand domesticclosed-endinvestmentcompanies."Turnoverratio"excludesarbitrage.
1998 FACTBOOK
EMERGINGMARKETSDATA BASE 229
Sri LanKa Market Performance Sri Lankan equities posted strong gains in 1997 despite significant losses in the last quarter. Good first-half profit results, especially after the central bank cut banks' reserve requirements by 2% in April, drove share prices higher. For 1997, the IFCI Sri Lanka Index rose 22.3% in dollar terms, while its broader IFCG counterpart gained 8.2%. The rupee-based Colombo Stock Exchange (CSE) Sensitive Index rose 19%. Expanded trading activity resulted in a 132% increase in the value of shares traded on the exchange in 1997.
170 160150 -
140 30 -
120 1H( 100 80
-
70 2 N
Sri Lankan equities enjoyed robust growth in the first quarter of 1997, pushed higher on hopes of strong corporate growth and expectations that listed securities would perform well in the coming months. The local CSE Sensitive Index chalked up higher returns for the quarter, registering an 8.8% rise in rupee terms, while a 1.1% depreciation of the rupee detracted from the dollar-based IFCI Index, limiting its gain to 4.3%. In the second quarter, robust gains of 32% in the IFCI Index and an equally impressive 29.6% rise in the local CSE Sensitive Index were attributed to a 2% reduction in the banking sector's reserve requirement in April. This move paved the way for heightened expectations of strong growth. The lower borrowing costs kept investors in active pursuit of blue-chip issues. Share prices took a slight dip in May as profit-taking ensued following April's big gains. Renewed foreign and local buying, again on expectations of strong corporate growth, drove share prices higher in June.
230 1998 FACTBOOIK
_
90 -
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IFCI Composite
Sri Lankan equities posted mixed results for the third quarter, with the IFCI Index registering a 1.5% gain, and the local CSE Sensitive Index shedding 3.4%. The divergent results can be explained by the 26.7% price rise recorded in July for IFCI's largest capped stock, John Keell's Holdings (JKH). The company's profits tripled in the six-month period ending June 1997, but the generous gains came to an abrupt end in August as mounting speculation on the full effect of Asia's problems began to surface. The IFCI Index shed 12.5% in August. Foreign and local investors remained on the sidelines through the end of the quarter awaiting positive market signals. The securities market suffered large losses in the final quarter of 1997, dragged lower by the general weakness in equity markets across the region. Also keeping investors at bay was a fatal bomb explosion in Colombo's central busi-
ness district in October. The biggest losses came in October and November when the IFCI Index fell 9.9% and 7.2%, respectively. A quick turnaround in December was bolstered by gains in blue-chip and plantation issues. The net result for the fourth quarter was a dismal 12.6% drop in the IFCI Index and a 13.0% decline in the local CSE Sensitive Index. In stock exchange news, a screen-based trading system was put into full operation in July. Its implementation was aimed at boosting liquidity by eliminating bottlenecks created by the old openoutcry system. Again, in an effort to boost liquidity, the CSE allowed brokers to trade on their own accounts, with a limit on trading to 2% of the issued capital of any one stock.
EBlIL\c NI w\lDRKF1 DAix BBASE
Sri Lanka
IFCISri LankaIndexCorrelations (5-yearperiod ending 12/97)
Monthly Value Traded (US$ millions)
40
35
IFCIP/E Ratio (end of month values)
25
1.00
20
0.90
2
0.80
30
17
0.70
~~~~~~~~~~~~~~~~~~~~~~0.60
25
0.42
20500.50 20
0.6
0.30
15
10Emergmg
|
0.40 |
|
0.20
0.20 01
0.200.3 0.105
10
am5 -,
C-
7a.
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-,
2
-,1<
o 0~~~2
0 6
<,
0
Monthly Market Capitalization
Share of Emerging Market
Exchange Rate
(US$ millions)
Capitalization* (end-i1997; total=$2,097billion)
(rupeeper U.S.dollar)
2,000
5 56
2,500
58
Sri Lanka
2,000
0.1% Other
1,500
40.8%'/
Other Emerging
1,000
Markets 59.1%
500
62
~~~~~~~~~~~~~~~~~64 6
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~66
0
45 markets covered by EMDBa
1998FACTBOOt
60
a
a
a
a
a
a
a
a
a
FEMERGING MARKETs
a
a
a
DtA IBASE
a
231
Sri Lanka 1997 (currencyin millions)
Number of Listed Companies Colombo Stock Exchange Market Capitalization In rupee In U.S. dollars Trading Value In rupee In U.S. dollars Turnover ratio Local Index CSE Sensitive* Change in index (%) IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/Eratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%) Exchange Rates Exchange rates (end of period)
Jon1
Feb
Mar
Apr
236
236
235
235
108,496 1,881
108,445 1,886
111,636 1,914
753 13.0 0.7
445 8.0 0.4
949.4 5.8
M\a
Au,g
Sep
Oct
lun
Jlul
235
235
235
236
236
237
237
239
129,612 2,189
128,219 2,199
139,289 2,381
153,000 2,600
149,090 2,515
142,754 2,389
133,352 2,231
123,186 2,028
129,428 2,096
997 17.0 0.9
2,243 38.0 1.9
1,997 34.0 1.5
2,159 37.0 1.6
2,069 35.0 1.4
1,803 30.0 1.2
1,573 26.0 1.1
1,670 28.0 1.2
1,276 21.0 1.0
1,330 22.0 1.0
955.1 0.6
977.5 2.3
1,172.9 20.0
1,142.0 -2.6
1,267.0 10.9
1,411.2 11.4
1,273.9 -9.7
1,227.2 -3.7
1,119.2 -8.8
1,024.1 -8.5
1,068.0 4.3
47 65.2 53.2 10.2 1.2 3.0 93.8 3.4
47 65.5 81.5 10.3 1.2 3.2 95.0 1.2
47 65.2 61.1 10.3 1.2 3.1 96.3 1.4
47 66.3 78.9 12.2 1.5 2.8 112.3 16.6
47 65.6 51.2 12.0 1.4 2.8 111.8 -0.5
47 66.3 76.9 13.4 1.6 2.4 122.3 9.4
47 67.6 76.5 15.1 1.8 2.1 136.4 11.5
47 63.7 80.2 13.8 1.6 2.3 124.1 -9.0
47 63.8 82.4 13.3 1.5 2.3 118.6 -4.4
47 62.7 79.8 12.2 1.4 2.6 109.3 -7.9
50 65.6 80.3 11.2 1.3 2.7 98.1 -10.2
50 65.1 72.5 11.7 1.3 2.6 100.8 2.8
57.6900
57.5000
58.3300
58.3050
58.4900
58.8500
59.2850
59.7500
59.7750
60.7500
61.7500
59.2000
Nov
Dcc
Notes: The base date for the CSE Sensitive Index is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
232
ColomboStockExchange
IFC Correspondent:
Mr. Ajit Jayaratne, Chairman Mr. Ravi C. Peiris, Deputy General Manager 04-01, West Block WorldTrade Centre, EchelonSquare Colombo1, Sri Lanka Tel: (94-1) 446-581,445-280 Fax: (94-1) 445-279 http://www.lanka.netVlisl2/yellow/stocks
Eagle NDB FundManagement Co. Ltd. 163, Union Place Colombo02 Sri Lanka Tel: (94-172) 288-800 Fax: (94-172) 288-806, 436-522
1998 FACTBOOK,
EMERGING MARKETS DATA BASE
Sri Lanka 1988-1997 (currencyin millions;endof periodlevels)
1988 Number of Listed Companies ColomboStockExchange
19990
1989
178
190
200
215
226
235
239
15,500 471
17,087 427
36,880 917
82,70(0 1,936
66,200 1,439
123,790 2,498
143,213 2,884
106,869 1,998
104,848 1,848
129,428 2,096
380 12.0) 2.2
256 7.0 1.6
1,563 39.0 5.8
4,302 104.0 7.2
4,969 114.0 6.7
18,579 385.0 19.6
34,522 700.0 25.9
11,249 221.0 9.0
7,403 134.0 7.0
18,314 311.0 15.6
172.4 -2(0.9
341.7 98.2
680.3 99.1
1,198.6 76.2
826.6 -31.0
1,442.4 74.5
1,438.8 -0.3
990.5 -31.2
897.7 -9.4
1,068.0 19.0
-
-
-
-
-
-
-
-
29 57.7 100.0 -
30 58.7 27.8 4.2 1.6 165.4 65.4
32 59.3 17.6 2.8 1.7 164.8 -0.4
41 62.5 8.2 1.4 3.0 102.3 -37.9
47 64.1 9.7 1.2 3.1 90.8 -11.2
50 65.1 11.7 1.3 2.6 100.8 11.1
6,979 14.0 32.8911 31.8000
6,988 11.6 40.0000 37.3858
8,032 21.5 40.2400 40.0692
9,000 12.2 42.7138 41.5084
9,705 11.4 46.0(000 43.6870
11,719 8.4 49.6650 49.3288
13,029 7.7 53.5000 50.7864
13,912 15.9 56.730)0 55.2645
IFC Global Index Number of stocks Share of market cap. (%)0 P/E ratio P/BVratio Dividend yield (%) Total return index Change in index (%)
-
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchingerate(averageofperiod)
1997
1996
175
Local Index CSE Sensitive' Change in index (%)
1995
176
TradingValue In rupee In U.S. dollars Turnover ratio
1994
176
Market Capitalization In rupee In U.S. dollars
1993
1992
1991
1(0,338 11.7 49.5600 48.2626
-
61.7500 58.9484
Notes: The base date for the CSE Sensitive Index is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGING MARKEIS DATA BASE
233
Taiwan, China Market Performance Regional pressures late in 1997 eroded early gains at the Taiwan Stock Exchange (TSE), as the NT dollar followed regional currencies downward. In U.S. dollar terms, the sharpest losses occurred in September and October when the NT dollar slumped to a 10-year low of NT 30.897 per U.S. dollar. For the year, the IFCI Tai-\ . wan, China Index fell 8.0% in U.S. dollars but rose 9.3% in local currency terms.
lS0 140 -
120 -
110 100 90 80 -
Stocks surged to a seven-year high in January amid heavy interest from foreign investors.
The
Chicago Mercantile Exchange and Singapore's Simex exchange
launched rival derivativeprod-
ucts in January based on two stock indexes of TSE-traded stocks. Securities authorities gave permission to small, non-corporate, foreign securities investment firms to invest on the TSE. This allowed foreign groups that do not meet the current criteria of "qualified foreign institutional investors" to invest in the market. Upward momentum continued through February, then succumbed to modest profit-taking in March. The discovery of an epidemic in local pork farms led to sharp price declines in shares of meat and livestock feed companies. Positive economic sentiment and plans by the finance ministry to increase the limit on banks' stock investments to 20% of their net asset value from 15%, effective June 30, fueled April trading. Market turnover swelled, hitting an all-time daily high on April 8 of US$8.7 billion. Former Central Bank Governor Y.D. Sheu warned that shares had risen impetuously and dissuaded investors from borrowing excessive amounts from commercial banks to invest in shares. A market tumble in May triggered an out-flow of funds as a wave of high-profile crimes gener234
1998 FACIBOOK
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ated public demand that the ruling KMT Party reshuffle Parliament. The party lost its majority in local government elections on November 30. Electronics shares rose in June and July on optimism over increasing orders for computer-related goods. The high-tech industry has created much of the growth in the island's export-oriented economy. However, the technology-driven rally lost steam in August, as developments in Asia sullied investor sentiment. Stocks coasted lower during the remaining months of 1997 on concerns that the regional economic crisis would stem world economic growth, thus reducing demand for the island's exports. To shore up equity prices, the central bank loosened investment restrictions. The finance ministry raised the foreign limit on share ownership from 25% to 30% and ruled that foreign institutions investing less than $50 million no longer require central bank approval. As the currency lost value in October, export-oriented
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steel and plastic companies bolstered the market with prices that were more attractive to local buyers. However, as instability in South Korea's financial system came to the forefront, the belief that a weaker Korean won would increase price competition for the island's technology firms pressured the market lower. Investors feared that the Yamaichi collapse in Japan on November 25 signaled an extension of the crisis. Positive local economic news offset regional pressures in the final month. The finance ministry reported that exports reached an all-time high of US$11.41 billion in November, fueling optimism that the economy would weather the regional economic malaise. However, while Moody's cut the ratings of South Korea, Thailand, and Indonesia and left the local rating unchanged, investors remained cautious. On December 3, the government opted to allow mutual fund companies and stock consulting firms to manage accounts for investors in 1998. FNER(.ING MARIK IS DATA BASE
Taiwan, China MonthlyValue Traded (US$ millions)
IFCITaiwan, China Index Correlations (5-year period ending 12/97)
IFCI P/E Ratio (end of month values)
200,000
45 40
1.00
180,000 160,000
35 0.80
140,000
30
~~~~ ~
120,000
~~~~~~~~0.60 0.51
25
1 00,000 80,000
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0.27 60,000
0.18
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1998FACrBOOK
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235
Taiwan, China 1997 (currencyin millions)
Ian1 1
Feb
NMal
386
387
Market Capitalization In New Taiwan dollars In U.S. dollars
7,997,263 291,552
Trading Value In New Taiwan dollars In U.S. dollars Turnover ratio
Jl
S. .p
Apr-
\1M1
387
389
391
391
393
396
396
400
402
404
8,703,691 316,268
8,845,012 321,1701
9,156,282 331,030
8,723,807 313,018
9,326,965 335,502
10,114,689 352,576
9,953,485 346,570
9,337,647 326,497
8,066,581 260,742
8,823,294 273,281
9,402,278 287,813
1,865,920 68,025 24.0
2,305,608 83,779 27.6
3,555,460 129,102 40.5
3,599,059 130,118 4(0.0
2,408,399 86,415 26.9
3,756,763 135,135 41.6
5,127,168 178,722 52.7
3,900,531 135,812 38.9
2,559,676 89,501 26.5
2,432,66(0 78,633 27.9
2,443,978 75,697 28.9
3,285,926 100,585 36.1
Local Index TSE Average Change in index (%)
7,283.4 5.0
7,875.3 8.1
8,004.2 1.6
8,485.7 6.0
8,163.1 -3.8
9,030.3 10.6
10,066.3 11.5
9,756.5 -3.1
8,708.8 -10.7
7,313.4 -16.0
7,797.2 6.6
8,187.3 4.5
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (N) P/E ratio P/BV ratio Dividend yield (N) Total return index~ Change in total return index (")
90 59.7 42.9 29.3 3.4 0.9 1,158.2 4.3
90 58.4 44.1 31.7 3.6 (1.8 1,227.9 6.0
90 56.6 44.4 31.3 3.6 0.8 1,211.8 -1.3
90 58.0 45.3 33.2 3.8 0.8 1,279.4 5.6
9() 58.6 45.4 32.0 3.4 0.8 1,217.1 -4.9
90 61.3 43.7 35.8 3.8 0.6 1,365.4 12.2
90 63.9 44.5 40.1 4.2 0.6 1,476.0 8.1
90 61.9 38.8 38.3 4.0) 0.6 1,403.8 -4.9
9() 58.6 39.2 34.0 3.5 0.7 1,247.4 -11.1
90 58.4 42.1 26.3 2.8 0.9 992.1 -20.5
98 61.9 54.0) 28.0 3.0 0.7 1,008.6 1.7
98 59.6 49.1 28.9 3.1 0.6 1,025.0 1.6
Exchange Rates Exchange rates (end of period)
27.4300
27.52()1)
27.5400
27.6600
27.8700
27.8000
28.6880
28.7200
28.5995
311.9371)
32.2865
32.6680
Number of Listed Companies Taiwan Stock Exchange
rtill
A,,I
0Oct
No\
Dec
Notes: The base date for the TSE Average Iindex is 1966=100. The base date for the IFCG Taiwani, China Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Taiwan Stock Exchange Mr. Jong-Ing Lee, Chairman 3F, City Building #85 Yen-Ping S. Rd. Taipei Taiwan, Republic of China Tel: (886-2) 311 4020 Fax: (886-2) 381 8000 http://www.tse.com.tw/
236
1998 FACTHOOK
IFC Correspondent: Wellphone Securities No. 1 Section 2 Nanking E. Road Taipei Taiwan, Republic of China Tel: (886-2) 581-6111 Fax: (886-2) 563-0537
[EmlicoIN MARKETS DATA BASE
Taiwan, China 1988-1997 (currencyin millions;end of periodlevels)
1993
1994
1995
256
285
313
347
382
404
3,184,028 124,864
2,545,302 101,124
5,145,410 195,198
6,501,682 247,325
5,108,292 187,206
7,524,211 273,608
9,402,278 287,813
19,031,282 715,005 429.8
9,682,738 365,232 330.1
5,995,748 240,667 209.3
9,056,716 346,487 235.5
18,812,112 711,346 323.1
10,151,198 383,099 174.9
12,907,589 470,193 204.4
37,241,148 1,297,474 440.0
9,624.2 88.0
4,530.2 -52.9
4,600.7 1.6
3,377.1 -26.6
6,070.6 79.8
7,124.7 17.4
5,158.7 -27.6
6,933.9 34.4
8,187.3 17.5
62 61.4 35.3 6.9 0.6 703.7 93.3
62 62.1 53.6 10.8 0.6 1,407.1 100.0
70 81.7 25.0 4.0 0.0 690.8 -50.9
70 66.5 22.3 3.3 0.9 686.6 -0.6
70 59.8 16.6 2.1 1.8 503.7 -26.6
78 63.9 34.7 3.9 0.8 952.2 89.0
92 64.8 36.8 4.4 0.7 1,166.2 22.5
93 60.4 21.4 2.7 1.2 808.7 -30.7
90 61.0 28.2 3.3 0.9 1,110.8 37.4
98 59.6 28.9 3.1 0.6 1,025.0 -7.7
122,435 1.3 28.1900 28.5621
147,674 4.4 26.0500 26.3066
159,285 4.1 26.6300 26.6170
177,755 3.6 25.5000 26.5112
208,750 4.5 25.1700 24.9130
218,921 2.9 26.3600 26.1387
237,960 4.5 26.2880 26.4458
-
3.7 27.2870 26.4976
-
-
1988
1989
163
181
199
221
Market Capitalization In New Taiwan dollars In U.S. dollars
3,383,280 120,017
6,174,164 237,012
2,681,911 100,710
Trading Value In New Taiwan dollars In U.S. dollars Turnover ratio
7,872,393 275,624 330.1
25,407,964 965,840 531.7
5,119.1 118.8
Number of Listed Companies Taiwan Stock Exchange
Local Index TSE Average* Change in index (%) IFC Global Index Number of stocks Share of market cap. (o/,)e P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in index (%) Economic Data Gross domestic product (US$) Change in consumer price index (%) Exchange rate Exchange rate (average of period)
1990
1991
1992
1996
27.5000 27.4517
1997
32.6680 28.7028
Notes: The base date for the TSE Average Index is 1966=100. The base date for the IFCG Taiwan, China Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTI'BOOK
EMERGING MARKETS DATA BASE
237
Thailand MarketPerformance Thai stocks trekked through difficult territory during much of 1997, as the banking and property sectors struggled, and the Thai baht was sharply devalued. The IFCI Thailand Index slumped 78.8% in dollars terms, while the local market index fell 55.2% in baht terms. Despite turbulence in stock prices, value traded picked up 32% in dollar terms and averaged $170.3 million a day.
140
100
60 4(0 20)
Stocks trended lower from the outset, on speculation over a possible devaluation of the baht. By February, the baht had fallen to its lowest level in 10 years and many property sector stocks and banks, which held high levels of dollardenominated debt, were in default. The government suspended many banking and finance stocks from trading on March 1 following steep declines. The government then ordered commercial banks to raise their bad loan reserves from 100% to 115% of their bad loan levels and finance firms to increase reserves from 100% to 120%. The downward spiral continued in May, and Thai equities plunged to a seven-year low on concern over the baht's stability. The country's credit-rating agency downgraded debt ratings of the entire banking and finance industry as a result of rising loan defaults. The government raised short-term interest rates to protect the baht, hitting shares hard. Thai equities reversed course in July, boosted by the flotation of the baht, which had been tied to a basket of currencies and propped up at great cost to the central bank's foreign reserves. Stocks gained largely on expectations that the 15% drop
238 1998FCTIOOK
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in the baht's value would boost exports and eliminate the drain on the country's foreign currency reserves. Foreign buyers moved off the sidelines and bought into blue-chip finance stocks. The rally lost steam in August, despite news of a forthcoming $17.2 billion aid-loan package from Japan and the IMF to assist the economy. Investors were uneasy about several austerity measures within the IMF-backed international rescue package that would hinder economic growth. After falling more than 30% in dollar terms during August, Thai shares recovered slightly in September, only to resume a downward course from October through December. The market stumbled lower on political worries. The resignation of Finance Minister Thanong Bidaya was Chavalit by Prime Minister followed Yongchaiyudh's resignation in November.
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Chuan Leekpai, the leader of the Democratic Party, became the country's new prime minister and Tarrin Nimmanahaeminda was appointed to the finance minister post. Declines in other Asian markets reverberated in the Thai market, especially following the closure of Yamaichi Securities in Japan during November. As part of the ongoing financial reform process, the government closed 56 finance companies in December. Thai shares plunged as the baht slid further, and interest rates rose. The market responded with concern following Moody's announcement that it was lowering to "junk" status government debt and the debt of 11 banks and financial companies. The signing of a loan package between South Korea and the IMF in December provided a slight respite to the downward course, because regional stability was expected to help stabilize Thailand's economic recovery. I
i3 D B.xs \c NIxjz&mHs vFii
Thailand Monthly Value Traded (US$ millions)
IFCIThailandIndexCorrelations (5-yearperiodending12/97)
4,500
1.00
4,000
0.90 0680
3,500
0
IFCIP/ERatio (endof monthvalues) 18
0.79
16
0 o70
14
~~~~~~~~~~~~~~~0.60
3,000
12
0.50
10
2,500
0.40
2,000
0.20
6
1,500
0.10
4
1,000
0 00
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0.34
0.32
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~~~~~~~~~~~~~~~~~~Other ~~~~~~~~~~~~~~Emerging ~~~~~~~~~~~~~~~~~~Markets
50,000 40,000 40,000 30,000
69.6%
232
EMEA
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1998 FACTRtOOK
0
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60,000 * -\ -- - *
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DATA
BASE
239
Thailand 1997 (currencyin millions)
Jan
Feb
i\lar
454
454
454
2,423,518 93,518
2,239,268 86,475
76,530 2,953 3.1
Local Index SET* Change in index (%) IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total return index (%)
Number of Listed Companies Stock Exchange of Thailand Market Capitalization In baht In U.S. dollars Trading Value In baht In U.S. dollars Turnover ratio
Exchange Rates Exchange rates (end of period)
Notes:The base date
Jun
Jul
454
455
455
455
455
455
455
455
431
2,173,957 83,694
2,034,125 77,861
1,738,963 69,782
1,614,920 62,340
2,047,145 64,224
1,556,780 45,533
1,691,242 46,591
1,394,498 33,991
1,232,844 30,630
1,133,344 23,538
70,702 2,730 3.0
55,591 2,140 2.5
45,177 1,729 2.1
54,914 2,204 2.9
67,127 2,591 4.0
126,649 3,973 6.9
56,614 1,656 3.1
54,348 1,497 3.3
36,215 883 2.3
44,095 1,096 3.4
36,290 754 3.1
788.0 -5.2
727.6 -7.7
705.4 -3.0
661.3 -6.3
566.4 -14.3
527.3 -6.9
665.6 26.2
502.2 -24.5
544.5 8.4
447.2 -17.9
395.5 -11.6
372.7 -5.8
88 67.7 75.7 12.4 1.7 3.7 950.1 -6.3
88 67.0 73.9 11.2 1.5 3.6 865.1 -8.9
88 67.3 73.8 11.5 1.5 3.7 850.2 -1.7
88 68.1 63.1 11.0 1.4 3.5 813.4 -4.3
88 67.5 74.1 10.4 1.2 4.8 717.8 -11.8
88 67.5 69.1 10.5 1.1 5.2 633.9 -11.7
88 70.4 58.1 13.9 1.5 3.9 683.6 7.8
88 66.5 52.3 10.0 1.0 5.3 461.3 -32.5
88 69.3 59.5 11.2 1.2 4.4 483.2 4.8
88 65.2 66.1 10.4 1.0 5.3 330.0 -31.7
74 70.7 68.0 8.0 0.8 7.0 281.1 -14.8
74 73.3 58.0 -32.8 0.8 7.7 210.1 -25.3
26.1250
24.9200
25.9050
31.8750
34.1900
36.3000
40.2500
48.1500
25.9150
25.8950
25.9750
Aug
Sep
Oct
41.0250
Nov
Dec
for the SET Index is Apr. 1975=100. The base date for the IFCG Thailand Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Stock Exchange of Thailand Mr. SinghTangtatswas,President 2nd Floor,Tower 1, Sindhom Building 132 WirelessRoad Bangkok,Metropolis10330 Thailand Tel: (66-2) 254-0960,254-0961 Fax: (66-2) 263-2746-7 http://www.set.or.th
240
NMav
Apr
1998 FACTBOOK
IFC Correspondent: Mutual Fund Public Co. Ltd. 30th-32nd Fl/LakeRatchada Bid 193-195 RatchadaphisekRoad, Klong-Toey Bangkok,10110 Thailand Tel: (66-2) 661-9000,661-9099 Fax: (66-2) 661-9106
ENItGING
MARKETS DATA BASI
Thailand 1988-1997 (currency in millions; end of period levels)
1988 Number of Listed Companies StockExchangeof Thailand
1989
1990
1991
1992
1993
1994
1995
1996
1997
141
175
214
276
305
347
389
416
454
431
Market Capitalization In baht In U.S. dollars
221,958 8,811
656,842 25,648
604,566 23,896
897,159 35,815
1,485,019 58,259
3,325,393 130,510
3,300,769 131,479
3,564,569 141,507
2,559,579 99,828
1,133,344 23,538
Trading Value In baht In U.S. dollars Turnover ratio
141,473 5,598 78.6
344,778 13,452 78.5
584,154 22,894 92.6
767,056 30,089 102.2
1,83(0,026 72,060 153.6
2,201,148 86,934 91.5
2,018,955 80,188 60.9
1,420,330 57,000 41.4
1,124,860 44,365 36.7
724,252 23,119 39.2
Local Index SET* Change in index (%)
386.7 35.7
879.2 127.3
612.9 -30.3
711.4 16.1
893.4 25.6
1,682.8 88.4
1,360.1 -19.2
1,280.8 -5.8
831.6 -35.1
372.7 -55.2
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in index (/S)
19 53.8 11.2 1.9 4.0 338.3 4().7
29 45.8 16.3 3.1 7.9 679.3 100.8
44 44.0 8.7 2.1 4.2 538.4 -20.7
51 50.0 12.0 2.1 1.9 641.8 19.2
51 48.7 13.9 2.5 2.6 900.4 40.3
58 57.2 27.5 4.7 1.5 1,827.8 103.0
61 60.6 21.2 3.7 2.0 1,621.2 -11.3
76 67.3 21.7 3.3 2.2 1,598.1 -1.4
88 67.1 13.1 1.8 3.3 1,013.4 -36.6
74 73.3 -32.8 0.8 7.7 210.1 -79.3
61,668 3.8 25.1900 25.2731
72,251 5.4 25.6100 25.6308
85,640 6.0 25.3000 25.5160
98,248 5.7 25.0500 25.4933
111,307 4.1 25.4900 25.3960
124,961 3.4 25.4800 25.3198
143,038 5.2 25.1050 25.1779
168,356 5.7 25.1900 24.9180
185,048 5.8 25.640(0 25.3545
EconomicData Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerates Exchangerates(endofperiod)
-
48.1500 31.3278
Notes:Thebase date for theSETIndex is Apr. 1975=100.Thebase date for the IFCGThailand Index is Dec. 1984=100.In calculatingshare of total market cap, IFCGmarket cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGINGMARKETSDATA BASE 241
Turkey Market Performance Turkish equities experienced wide price fluc-
250
tuations in 1997, with swings as great as 53 percentage points from one month to the next. Overall, however, share prices in Istanbul soared in 1997. Even the Asian meltdown, which proved so damaging to many international markets, could not stem the gains at the Istanbul StockExchange (ISE).The dollar-based IFCIIndex rose 109.9%in price terms and 117% on a total return basis.
225 200-
175
/
150 125.
1 75 1--
The year began with a stellar 57% increase for
N
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Turkish
indexes,
as a28% rise followed
the final approval of the partial privatization of Turk Telecomin the third week of January. Opposition in Parliament failed to block the sale, strengthening the already bullish market sentiment. Investors took the lack of action from opposition parties as a sign that other planned sell-offs would be carried out unimpeded. Lower-than-expectedinflation results of 80% at the end of 1996 also contributed to gains, prompting a drop in overnight money-lending rates. Price levels corrected slightly in February on a combination of rising inflation and rising T-bill yields, but they stabilized in March, closing almost unchanged after weeks of politically induced fluctuations. A healthy correction hit the ISE in April, leading to a decline of 12.8%,as political concerns over the coalition government and high inflation numbers prompted investors to scale back, awaiting the outcome of a power struggle in Parliament between Muslim parties and the secularist military. The downturn was short-lived, however, and equities resumed their upward
242
1998 FxCT0OOW
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trek. The market rallied on the belief that a new prime minister could stabilize the country's political climate.The return to power of pro-market former Prime Minister Mesut Yilmaz was taken as a positive sign, and the IFC indexes closed out the second quarter up 3.3%overall. Local prices rose in July, but a 7% devaluation of the lira against the dollar resulted in a 5% loss in the IFC Index.Pricesrose for the first two weeks of the month on high political hopes, but then faltered on profit-taking and high interest rates. Prices continued to fall throughout the next six weeks of trading. Thin trading proved problematic but eased toward the end of August, setting the stage for September's impressive 28% surge. Relatively low inflation figures and falling bond yields were again given credit for the price jumps, but government-controlled stocks contributed because of the expectations for high earnings from privatizations. Talks be-
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ISE
tween the IMF and Turkish officialsput yet more positive spin on the market, which lasted through mid-October. Optimism over the economicoutlook did not fade, but profit-takingput a halt to the market's upswing late in October.The sharp fall in international markets during the last week of the month caused a one-day 11% plunge, cutting short any gains. Prices fell through much of November despite some spurts of upward movement. Enthusiasm for the government's proposed anti-inflation programs proved to be a spark in December, however, and banking shares, seen then as undervalued, spiked. The IFC Turkey indexes ended the year up, posting a 17.5%rise for the month.
TfixRcI;\G MARKrEs DA-TABASE
Turkey IFCIP/E Ratio (end of month values)
IFCITurkey Index Correlations (5-year period ending 12/97)
Monthly Value Traded (US$ millions)
25 -
1.00
10,000
0.84
*
9,000
0.80 20
8,000 0.60
7,000
15
6,000 0.40
0.33
5,000 10
0.20
4,000
~ 0.06 ~~~~~~~~~
3,000 2,000
0.00
1,000
-0.20
I
0.06 ~~~~~~~~~~0.06
-0.04
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ExchangeRate (liras per U.S.dollar)
(end-1997;total$2,097billion)
70,000
N
N
FLii
Market Shareof Emerging Capitalization*
MonthlyMarketCapitalization (US$millions)
N
Lii
100,000
60,000
Other
2.9%
EE
40,000 Other Emerging Markets 69.6%
30,000
160,000 .
... 80,000
20,000 -1
200,000
10,000 0 N N
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1998FACTBOOK
140,000
C, <,
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EMERGING MARKETs DAIrA BASE
-N -
243
-
Turkey 1997 (currencyin millions)
lan
Feb
Mar
231
232
234
5,245,193 45,159
5,384,388 43,799
724,170 6,235 17.0
(i)ct
Nuv
N\lav
lIn
Jul
238
240
241
247
251
252
253
255
257
5,661,686 44,348
4,987,960 36,795
5,525,040 39,143
6,423,060 43,266
7,172,453 44,868
7,335,460 43,765
9,614,242 55,172
10,155,884 55,345
10,543,055 53,900
12,653,308 61,090
477,243 3,882 9.(
630,468 4,938 11.4
288,821 2,131 5.4
363,301 2,574 6.9
571,470 3,849 9.6
585,738 3,664 8.6
428,505 2,557 5.9
876,244 5,028 10.3
1,742,947 9,498 17.6
1,128,908 5,771 1().9
1,220,714 5,894 10.5
1,605.0 64.5
1,612.0 0.4
1,613.0 0.1
1,427.11 -11.5
1,595.0 11.8
1,857.0 16.4
1,953.(1 5.2
1,980.0 1.4
2,593.0 31.0
2,846.1) 9.8
2,879.0 1.2
3,451.0 19.9
58 76.9 64.1 18.0 6.6 2.6 941.4 57.2
58 76.5 58.3 16.6 5.8 2.5 916.7 -2.6
58 78.1 64.3 15.5 5.2 2.4 924.6 0.9
58 77.3 57.8 13.5 4.6 3.1) 775.5 -16.1
58 79.6 66.2 13.5 4.6 3.6 881.9 13.7
58 79.6 64.4 15.4 5.3 3.0 958.3 8.7
58 75.2 56.9 15.7 5.4 2.9 912.3 -4.8
58 73.6 50.9 15.3 5.1 2.9 889.9 -2.4
57 74.4 56.9 17.4 6.2 2.2 1,127.4 26.7
57 72.5 59.2 18.6 6.5 2.0 1,149.4 1.9
58 77.0 71.2 16.1 5.5 2.0 1,106.6 -3.7
58 79.1 68.3 20.1 6.8 1.6 1,300.2 17.5
116,150
122,935
127,665
141,150
148,455
159,855
167,610
174,260
183,500
195,605
207,125
Apr
A\g
Sep
Dec
Number of Listed Companies Istanbul Stock Exchange
Market Capitalization In lira (1/1,000) In U.S. dollars
Trading Value In lira (1/1,000) In U.S. dollars Turnover ratio
Local Index ISE* Change in index (N)
IFC Global Index Number of stocks Share of market cap. (%)* Share of tradinig value (O/) P/E ratio P/BVratio Dividend yield (%) Total returni index* Changeintotalretumnindex(1,)
Exchange Rates Exchange
rates (end of period)
135,560
Notes: The base date for the ISE Index is Jan. 1986=100. In March 1997, the index was divided by 100. The series shown here reflects that divison. The base date for the ECG Turkey Index is Dec. 1986=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Istanbul Stock Exchange
IFC Correspondent.
Mr.Osman Birsen, Chairman & CEO Mr.ArilSeren, Senior Vice President lstinye
TEB EkonomiArastirmalasiA.S. Meclis'iMebusanCad FindikiiHan No:75 Kat:2
Istanbul, 80860 Turkey Tel: (90-212) 298-2100 Fax: (90-212) 298-2500
Findikli 80040 Istanbul, Turkey Tel: (90-212)251-8910 Fax: (90-212) 251-8912
http://www.ise.org
244
1998 FACTBOOK
ENIFRGINC. MARKF-ISDATABASE
Turkey 1988-1997 (currency in millions; end of period levels)
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
Number of Listed Companies
Istanbul Stock Exchange
50
50
110
134
145
152
176
205
229
257
Market Capitalization In lira (1/1,000) In U.S. dollars
2,048.0 1,135
15,553.0 6,783
55,249.7 19,065
78,906.6 15,703
84,809.0 9,931
546,316.2 37,496
836,117.8 21,605
1,264,997.8 20,772
3,275,038.1 12,653,308.1 30,020 61,090
TradingValue In lira (1/1,000) In U.S. dollars Tumover ratio
142.9 101 5.5
1,668.6 798 19.0
15,028.2 5,841 42.4
35,487.1 8,571 52.9
55,855.5 8,191 68.3
255,223.2 23,242 80.9
650,864.1 21,692 94.2
2,374,085.3 51,392 226.0
3,025,985.9 36,831 133.3
9,038,528.4 59,105 113.5
Local Index ISE* Change in index (%)
3.7 -44.4
22.2 493.1
32.6 46.8
43.7 34.2
40.0 -8.3
206.8 416.0
272.6 31.8
400.2 46.8
975.9 143.8
3,451.0 253.6
14 47.2 2.0 1.3 11.2 140.9 -61.1
18 67.9 16.5 6.7 3.6 849.0 502.4
25 23.2 13.2 4.0 5.5 825.3 -2.8
25 52.7 13.7 2.3 4.4 480.5 -41.8
25 39.0 6.9 1.3 8.1 227.0 -52.8
36 63.3 36.3 7.2 2.4 759.0 234.3
40 69.9 31.0 6.3 3.6 449.7 -40.8
44 66.3 8.4 2.7 4.4 402.1 -10.6
58 74.2 10.7 4.0 3.3 599.0 49.0
58 79.1 20.1 6.8 1.6 1,300.2 117.1
90,853 73.7 1,805.10 1,410.20
107,143 63.3 2,293.00 2,090.26
150,657 60.3 2,898.00 2,572.77
151,041 66.0 5,025.00 4,140.47
159,095 70.1 8,540.00 6,819.38
180,422 66.1 14,570.0 10,981.0
130,655 106.3 38,700.0 30,005.4
169,319 88.1 60,900.0 46,195.8
181,464 80.4 109,095.0 82,159.4
-
IFC Global Index
Number of stocks Share of market cap. (%)* P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in index (%) EconomicData Grossdomesticprodud(US$) Changeinconsumerpriceindex(Y.) Exchangerate Exchangerate(averageofperiod)
207,125.0 152,922.5
Notes:The base date for the ISEIndex isJan. 1986=100.In March 1997,the index was divided by 100. The series shown here reflects that divison. The base date for the IFCGTurkey Index is Dec.1986=100. In calculatingshare of total market cap, IFCGmarket cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGINGMARKETSDATA BASE 245
Venezuela Market Performance Despite a shaky start and year-end uncertainty arising from the Asian financial crisis, Venezuelan equities galloped ahead for the second consecutive year posting the third-best performance in Latin America in 1997. Buoyed by strong economic growth, steady implementation of labor reforms, and continuing privatizations, the dollar-based IFCI and IFCG indexes rose 25.7% and 23.2%, respectively, while the Caracas Stock Exchange Index gained 29.4% in local currency terms. Driven by an 8.8% rise in the oil sector, GDP grew 5.1% in 1997, compared to a 1996 contraction of 1.6%. Inflation reached almost 38%,14 percentage points over the government's target, but substantially less than 1996's 103%0/ pace.
170
Trading in the first quarter of the year was light as both foreign and domestic investors remained sidelined amid growing social and labor unrest. A boost in the dollar-based IFCI Index fueled by strong blue-chip company earnings in February was largely offset by declines in the index in January and March. Overall, the dollar-based IFCI Index inched up a mere 0.1% for the quarter, constrained by investor worries that the government would yield to striking workers' demands for higher wages that would accelerate inflation.
pany Petroleos de Venezuela SA's auction of 18 contracts to operate oil fields also lifted the market. The auctions netted the country approximately $2.1 billion in bids, mostly from foreign investors. Steel and cement company equities rose because of their commercial ties to the oil industry. Government authorization enabling blue-chip Electricidad de Caracas (EDC) to raise electricity rates an average of 20% helped lift the IFCI Index by 48.3% for the quarter. Trading in EDC shares often accounts for two-thirds of trading in Venezuelan stocks.
Shares soared in the second quarter following a resolution of the labor strike, the successful conclusion of auctions for oil operating contracts, and gains in utility shares following rate hikes. On June 19, the Venezuelan Congress approved labor market legislation changing the country's severance-pension system, a move lauded by investors as a reconciliation between labor and industry. Strong foreign interest in state oil com-
A rally in September hoisted the IFCI Index 7.9% in the third quarter, bringing the market out of stagnation in July and August. Falling interest rates, a stable bolivar, and reports that the economy had grown 4% during the first six months of 1997 contributed to gains in share prices. Investor confidence was bolstered when CANTV was granted government approval to raise telephone rates by 2% and a congressional
246 1998FACTBOOK
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subcomnmitteeapproved the sale of the state-owned Sidor steel plant, Latin America's last large publicly owned steel company. By quarter's end, the Venezuela's Futures and Options Market began trading stock futures with the first trade in EDC, expanding later to CANTV and Brady Bonds. As was the case in Argentina, Brazil, and Mexico, the collapse of Asian markets pressured shares down in Caracas in the fourth quarter of the year. On October 27 alone, the Venezuela IFCG Index declined 8.1% as foreign investors began a threemonth sell-off to cover Asian losses. Cushioning the fall was news late in the quarter of economic growth above expectations, $6.5 billion in 1998 oil industry expansion programs and the billiondollar sale of Sidor on December 18 to Argentinean, Brazilian, and Venezuelan investors. In spite of this, the IFCI Index closed down, losing 8.1% for the quarter.
ENLtRGING MARKUTS DAI ABASE
Venezuela MonthlyValue Traded (US$millions)
IFCIVenezuelaIndex Correlations (5-yearperiodending 12/97)
IFCIP/ERatio (end of monthvalues)
800
20
700
1.00
18
600
0.80
16
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0.60
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0.20 200
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Monthly Market Capitalization
Shareof Emerging Market
(US$ millions)
Exchange Rate
Capitalization* (end1 1997; total
18,000
(bolivarsper U.S.dollar)
$2,097 billion) 650
16,000 14,000
Venezuela 0c7r
12,000 180,000 1998 FAC 0
Other Latin America 28.0%
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247
Venezuela 1997 (currencyin millions)
Jan
Feb
Mar
88
88
88
4,791,504 10,096
4,989,065 10,402
Trading Value In bolivars In U.S. dollars Turnover ratio
82,182 173 1.7
Local Index Indice de Capitalizacion* Change in index (%)
Number
Apr
Aug
Sep
Oct
Nov
May
Jun
Jul
Dec
88
88
88
88
88
88
89
91
91
4,748,472 9,939
5,635,189 11,723
5,191,683 10,721
6,623,683 13,604
6,987,405 14,045
8,043,886 16,185
8,449,502 16,984
7,587,586 15,213
7,291,066 14,550
7,352,989 14,581
74,164 155 1.5
76,823 161 1.6
59,915 125 1.1
105,286 217 1.9
232,216 477 3.9
271,244 545 4.0
372,023 749 4.9
175,469 353 2.1
231,984 465 2.9
104,221 208 1.4
98,587 195 1.3
6,417.0 -4.1
6,709.4 4.6
6,331.7 -5.6
6,237.0 -1.5
6,885.4 2.1
9,273.4 45.7
9,466.0 2.1
9,660.4 2.0
10,489.1 8.6
9,289.9 -11.4
8,706.3 -6.3
8,656.0 -0.6
18 72.3 78.2 9.9 1.8 1.2 588.2 -3.5
18 73.9 78.4 10.3 1.3 1.3 618.7 5.2
18 73.1 71.1 9.5 1.2 1.4 585.4 -5.4
18 60.7 76.1 8.2 1.1 1.6 577.9 -1.3
18 74.2 77.6 9.6 1.3 0.8 644.2 11.5
18 76.4 66.6 12.8 1.6 0.7 848.9 31.8
18 73.2 65.5 13.5 1.6 0.8 851.2 0.3
18 64.0 58.0 13.6 1.7 0.8 861.0 1.1
18 66.3 83.0 16.2 1.7 0.7 935.2 8.6
18 65.5 72.8 14.4 1.3 1.0 829.2 -11.3
19 67.7 86.0 13.3 1.2 1.1 776.9 -6.3
19 66.9 73.3 12.8 1.2 1.2 760.5 -2.1
501.100
504.300
of Listed Companies
Bolsa de Valores de Caracas Market Capitalization In bolivars In U.S. dollars
IFC Global Index Number of stocks Share of market cap. ('br Share of trading value (It) P/E ratio P/BVratio Dividend yield(%) Total return index' Change in total return index (') Exchange Rates Exchange rates (end of period)'
474.600
479.625
477.755
480.680
484.250
486.880
497.510
497.000
497.500
498.760
Notes: The base date of the Indice de Capitalizacion de la BVC is Dec. 1993=1,000. The base date for the IFCG Venezuela Index is Dec. 1994=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Caracas Stock Exchange Mr. AlejandroSalcedoThielen, Chairman Calle SorocaimaEntreTamanaco y Venezuela Atrium,Piso 1, El Rosal Caracas, 1060-A Venezuela Tel: (58-2) 905-5511 Fax: (58-2) 952-2640 http://www.caracasstock.com
248
1998 FACTBOOK
Venezuelan Electronic Stock Exchange LuisGuillermoDegwitz, President Avenida Principalde Los Ruices Centro EmpresarialAutana, Piso 2, Oficina 2-A Caracas Venezuela Tel: (58-2) 239-8433 Fax: (58-2) 237-7949 http://www.venezuelastock.com
IFC Correspondent: Merinvest Av.Andres Bello No. 1 TorreMercantilPiso 23 Caracas, 1010 Venezuela Tel: (58-2) 503-2752 Fax: (58-2) 575-0783
EMERGINGMARKETSDATA BASE
Venezuela 1988-1997 (currency in millions; end of period levels)
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
47
74
76
87
91
93
90
90
87
91
67,546 1,816
64,051 1,472
415,893 8,361
681,838 11,214
593,993 7,600
836,679 8,01()
698,320 4,111
1,241,061 3,655
4,788,748 10,055
7,352,989 14,581
7,360 221 10.9
3,575 93 5.4
103,236 2,232 43.0
181,688 3,24(0 33.1
177,648 2,631 27.8
169,168 1,874 23.6
139,932 936 20.2
94,655 510 9.8
592,159 1,275 19.6
1,884,114 3,858 31.0
3,866.4 -1.6
2,754.0 -28.8
17,881.9 549.3
29,316.6 63.9
19,874.1 -32.2
1,000.0 -
1,348.8 34.9
2,019.4 49.7
6,690.1 231.3
8,656.0 29.4
13 63.7 10.1 1.7 1.1 133.6 -24.2
13 53.0 4.1 0.8 2.2 89.4 -33.1
17 77.1 28.5 3.6 0.5 907.4 44.6
17 65.8 15.6 1.6 1.0 523.6 -42.3
17 60.4 17.4 1.8 2.3 487.3 -6.9
17 81.6 18.1 1.8 2.5 362.2 -25.7
16 67.9 12.0 1.6 2.6 255.5 -29.5
18 74.6 32.5 3.3 1.3 609.5 138.6
19 66.9 12.8 1.2 1.2 760.5 24.8
60,221 29.5 37.2000 33.2306
43,551 84.5 43.5000 38.5919
58,128 60.8 169.8700 149.5574
76,363 59.9 339.54116 185.6402
67,311 99.9 476.2550 464.5281
-
Number of Listed Companies Bolsa de Valores de Caracas
Market Capitalization In bolivars In U.S. dollars
TradingValue In bolivars In U.S. dollars Turnover ratio
Local Index Indice de Capitalizacion* Change in index (%)
IFC Global Index Numberof stocks Share of market cap.(%)* P/E ratio P/BV ratio Dividend yield (%) Total returo index* Change in index (%)
16 64.6 26.0 3.4 11.7 627.4 601.6
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate (averageofperiod)
48,593 40.7 49.7400 46.2453
53,453 34.2 60.8000 56.0683
611,765 31.4 78.1600 67.5143
60,049 38.1 104.460)0) 90.2763
504.3000) 488.4015
1995. The index'sbase date is Dec. 1993=1,000. Thc base date for the lFCG Venezuela index is Dec. 1994=100. Since Nov.29,1995, the exchange rate applied was Notes: IFC switched toThe IndicedeCapitalizacioninjanuary Bond trading. Pollowing the impiemcntation of anew foreign exchangeregime onApril22,1996,wwhen the government allowed thebolivar (fixed at S5.290per USS) to float, the implicit rate derivedfromVenezuelanBrady rate. Marketcap and trading value data does not include tle VenezuelanElectronic StockExchange, which opened in mid-1995. Incalculating share of totalmarket cap, the exchange rate applied is thecentralbankmarket IFCG market cap is not adjusted for cross holdings.
1998 FACIBOOK
MARKETSDATA BASE 249 EMERC.ING
Zimbabwe Market Peformance The Zimbabwe equity market was the worstperforming market outside of Asia in 1997, with shares plummeting in the fourth quarter on declines in the local dollar, concerns surrounding government land reform proposals, and higher interest rates. For the year, the IFCI and IFCG price indexes plunged 46.8% and 54.6%, respectively, while the local ZSE Industrial Index slid 18.1% in local currency. Weak global commodity prices, especially gold, pulled the Zimbabwe Stock Exchange (ZSE) Mining Index down 57.7% for the year. ,,
150 140 1
l
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0o 0(.,
90 70
60
.
.
50 40 -
°, o)
Shares moved strongly higher in the first quarter, lifted by easing interest rates, good rains, and favorable corporate earnings announcements. The market climbed throughout January on bullish sentiment that was underpinned by expectations of favorable economic growth and lower interest rates. Profit-taking and declining share demand, largely linked to several expected new issues, pulled shares lower in early February. In the second half of the month, lower interest rates, which declined after the Reserve Bank of Zimbabwe cut its rediscount rate to 23.5% from 27%, and strong earnings by Barclays Bank, boosted shares. In March, shares generally fell on profit-taking and a worse-than-expected inflation figure for February. The market drifted slightly higher in the second quarter after gains in April and June offset losses in May. In April, the market gained on improved liquidity following the completion of several public offerings and the subsequent listing of new shares on the exchange. Despite a string of favorable earnings announcements, shares fell in May as higher inflation figures boosted short250
1998 FACTBOOK
_
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term Treasury bill rates from just under 17% to more than 22%. Shares recovered slightly as the second quarter closed when favorable inflation results for May more than countered an increase in the Reserve Bank's rediscount rate to 25.5% from 23.5%. The market slipped in the third quarter after investor sentiment declined on fears of a drought following the resurgence of El Nino and on weak global markets. Shares started the period surging higher on strong demand for equities, increased foreign inflows, and a favorable government budget announcement. Profit-taking, declines in global markets and fears of a drought related to El Nino pulled shares lower in August. The market continued moving lower in September as drought fears continued to dampen investor sentiment. Equities tumbled in the fourth quarter as investor sentiment plunged because of sharp declines
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C
ZSEIndustrial
in the local dollar, the planned seizure of commercial farms by the government, and uncertainty about large payments to war veterans. The market opened the period moving higher from lower inflation figures and bargain-hunting despite fears of a drought and higher interest rates. Shares quickly plummeted in November as a tumbling local dollar, higher taxes, and concerns over the government's announced acquisition of about 1,500 commercial farms seriously damaged investor confidence. Shares continued on a downward track in December because of concerns about policies needed to raise Z$4 billion to pay independence war veterans, the announced land reform program, and rising interest rates. Higher interest rates were linked to the Reserve Bank's 3.5 percentage point hike in the rediscount rate to 31.5%. Real GDP grew by 3.7% and consumer prices rose by 20.1% in 1997, according to the Reserve Bank. Net foreign portfolio inflows totaled Z$411 million (US$30 million) in 1997, according to the ZSE. EN[lsRNGIc MARKETS DA I A BASL
Zimbabwe IFCIP/ERatio
IFCIZimbabwe Index Correlations (54-month periodending 12/97)
MonthlyValue Traded (US$millions)
(end of month values)
30
1.00 25
60 0.80 50
0.60
40
0.40
30
0.2000
2
0.28
10
000
20
-0.40
~
0 CCC
EC
. ~ ~ bilion
toa=$,9 L0 (end-1997;~
0
0~~~~~~~~~~~~~~~
C
-Co
I
0 OC0)
0) 0~
CCC
0~
0
CC <
C
CC
)
C
5=0 <\<00
05,0
|°%OhrMA13 | 4,000
~
~
~~ ~
Monthly Market Capitalization
~ ~ ~~
~
|~
te
C
0
;
..
0
>
0.
(Zimbabwedollars per U.S. dollar)
0 1
6,000
5,000
0;
..
Exchange Rate
Capitalization* (end-1997; total=$2,097billion)
(US$millions)
.
.
C_C00
0
Shareof EmergingMarket
1a> Dr
oJ rJ a, °~~~~~~~~~~~
D,
r,
rD
~ ~ ~ ~~ W
nCC
n
a, C
rD
a
O.0
a, O
8q
w
0
-
*5
<-^
byMD covre maret Zimbabwe
DOOr
0.1%
4,00003%
2,000
Other EMEA
D
a °b n °
,-
a
r
J
D
DrD
CC
13 1
15 16
Other Ernerging M arkets 69.6%,'
3,000
22
CL
17
1,000
45 markets co vered by EMDB
0 a,a
1998FACTBOOK
a)
a
20I
'
C
C
EMERGING
)0
MARKETs
DATA
B3ASE
251
Zimbabwe 1997 (currencyin millions)
\pr
janl
Feb
Mlar-
64
64
64
65
45,769 4,173
49,651 4,442
51,502 4,574
526 48 1.2
674 60) 1.4
10,276.1 17.0
IFC Global Index Number of stocks Share of market cap. (Ny). Share of trading value (N) P/E ratio P/BVratio Dividend yield (N) Total return index* Change in total return index (N) Exchange Rates Exchange rates (end of period)
Number of Listed Companies Zimbabwe Stock Exchange Market Capitalization In Zimbabwe dollars In U.S. dollars Trading Value Tn Zimbabwe dollars In U.S. dollars Turnover ratio Local Index ZSE Industrial* Change in index (°)
M1 a
Selp
Oct
No\
Dec
Jua
JL1
65
65
65
65
64
64
64
64
54,873 4,847
52,081 4,611
53,587 4,699
60,176 5,212
62,060 5,201
58,069 4,635
61,959 4,864
47,522 3,266
36,322 1,969
513 46 1.0
614 54 1.1
601 53 1.1
455 40 (1.9
746 65 1.3
703 59 1.1
487 39 ().8
312 25 0.5
433 30 0.8
388 21 ().9
111,699.8 4.1
10,170.0 -4.9
10,825.8 6.4
111,022.2 -7.4
10,437.4 4.1
11,784.5 12.9
10,905.3 -7.5
9,804.0 -10.1
10,192.4 4.0
8,773.6 -13.9
7,196.4 -18.0
22 73.3 56.3 14.9 2.8 2.5 2,741.8 17.2
22 71.9 33.7 15.8 3.0 2.4 2,864.8 4.5
22 66.2 39.8 16.9 2.9 2.4 2,732.1 -4.6
22 63.9 38.1 17.4 2.9 2.3 2,788.5 2.1
22 63.4 57.5 16.1 2.7 2.4 2,610.8 -6.4
22 63.8 45.8 16.8 2.9 1.8 2,700.2 3.4
22 64.9 34.8 2.9 1.5 3,041.9 12.6
22 57.5 611.6 17.1 2.6 1.4 2,671.3 -12.2
22 56.2 39.7 15.7 2.4 1.8 2,331.2 -12.7
22 54.5 42.7 16.3 2.5 1.8 2,386.0 2.3
22 74.8 79.3 13.2 2.2 2.3 1,776.5 -25.5
22 76 92.6 10.3 1.7 2.9 1,092.4 -38.5
10.9675
11.1775
11.2600
11.3220)
11.2950
11.4050
11.5450)
11.9325
12.5275
12.7375
14.5500
18.4500
18.8
ALug
Notes:The basedatefor theZSEIndustrialIndex is 1967=100.Thebasedate for theIFCGZimbabweIndexis Dec.1984=100. Listedcompayand marketcapitalizationfiguresdo notincludeforeign-basedsharesthat arecross-listed.In calculatingshareof totalmarketcap, IFCGmarket capis notadjustedforcrossholdings.
252
ZimbabweStockExchange Mr. A. Barfoot,Chief ExecutiveOfficer P.O.Box234 UA 5th Floor, SouthamptonHouse UnionAvenue
IFC Correspondent. Sagit Stockbrokers(Pvt.) Ltd. 20th Floor,KarigamombeCtr. SamoraMachelAvenue RO. Box21
Harare, Zimbabwe Tel: (263-4) 736-861, 796-255 Fax: (263-4) 791-045
Harare, Zimbabwe Tel: (263-4) 757-867, 757-869 Fax: (263-4)750-564 http://www.zimbabwe.net/business/sagiV
1998 FACTBOOK
EklRGING MARKETSDATA BASE
Zimbabwe 1988-1997 (currency in millions; end of period levels)
1988 Number of Listed Companies Zimbabwe Stock Exchange
1989
1990
1991
53
54
57
60
1,504 774
2,396 1,067
6,373 2,395
7,020 1,394
TradingValue In Zimbabwe dollars In U.S. dollars Turnover ratio
71 39 5.3
75 36 3.9
126 51 2.9
Local Index ZSE Industrial' Change in Index (%)
552.6 22.8
869.1 57.3
IFC Global Index Number of stocks Share of market cap. ('7')' P/E ratio P/BVratio Dividend yield (N) Total return Index' Change in Index (%)
11 50.5 3.2 1.7 7.8 731.0 25.0 6,336 7.4 1.9429 1.8109
Market Capitalization In Zimbabwe dollars In U.S. dollars
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex('/) Exchamgerate Exchangerate(averageofpenod)
1992
62
1993
1994
1995
1996
1997
62
64
64
64
64
3,44(0 628
9,937 1,433
15,292 1,828
18,988 2,038
39,337 3,635
36,322 1,969
282 77 4.2
103 20 2.0
347 53 5.2
1,445 176 11.5
1,299 150 7.6
2,555 255 8.8
6,452 532 17.1
2,282.6 162.6
1,953.6 -14.4
865.6 -55.7
2,325.3 168.6
3,160.8 35.9
3,972.6 25.7
8,786.3 121.2
7,196.4 -18.1
11 46.5 4.4 0.9 9.8 1,028.9 40.8
18 56.5 8.3 1.5 4.0 2,005.8 94.9
17 50.0 7.0 1.0 5.8 956.1 -52.3
17 42.7 2.0 0.3 6.1 384.8 -59.8
21 62.2 8.8 0.9 3.6 938.0 143.8
24 73.4 10.1 1.2 4.6 1,203.2 28.3
24 74.5 7.3 1.3 5.2 1,403.8 16.7
22 72.8 12.9 2.4 2.8 2,338.8 66.6
22 76.4 10.3 1.7 2.9 1,092.4 -53.3
6,552 12.9 2.2448 2.1173
6,806 17.4 2.6609 2.4481
6,595 23.3 5.0355 3.6346
5,464 42.1 5.4816 5.1112
5,574 27.6 6.9351 6.5061
5,819 22.3 8.3650 8.2064
6,601 22.6 9.3188 8.6820
7,550 21.4 10.8225 10.0159
-
18.4500 12.1380
Notes:Thebase datefor theZSEIndustrialIndexis 1967=100. Thebasedate for theIFCGZimbabweIndexis Dec.1984=100. Listedcompanyand marketcaitalizationfiguresdonot include foreign-basedsharesthat arecross-listed.In calculatingshareoftotalmarketcap,IFCGmarketcapis not adjustedforcrossholdings.
1998 FACTBOOK
EMERGING MARKETS DATA BASE
253
6.
IFC Frontier Markets
Emerging Stock Markets Factbook 1998
Frontier Markets IFCG Price Indexes, 1997 (US$; Dec 1995=100) End-of-month levels Marko/ Bangladesh Botswana Bulgaria Coted'lvore Ecuador Ghana Jamaica Kenya Lithuania Mauritus Slovenia Trinidad & Tobago Tunisia
Jan
Feb
251.6 83.1 8.7 104.9 82.4 73.0 148.5 106.1 251.0 96.0 145.8 116.8 77.3
212.2 88.5 4.1 105.6 79.4 73.0 143.4 107.2 228.8 97.5 128.4 126.2 77.1
Nov
Dec
Nlar
Apr
Mayv
Jun
Jul
Aug
Sep
Oct
146.7 95.8 5.6 106.3 80.2 70.1 135.3 103.9 240.4 97.8 112.9 141.7 77.6
120.2 103.2 6.1 110.5 75.6 69.4 120.5 103.7 225.2 103.7 106.0 145.4 73.0
157.3 116.9 5.7 125.8 82.7 66.9 127.1 111.5 219.5 100.3 109.0 143.4 69.5
142.7 125.2 5.2 122.8 81.3 65.7 123.1 109.0 214.7 99.4 103.7 143.6 58.5
123.2 147.5 4.8 100.0 85.3 62.9 129.9 100.9 229.8 93.1 128.4 148.6 50.2
100.3 169.0 4.9 94.7 86.6 61.5 138.4 89.8 261.0 92.7 127.0 157.7 48.3
117.7 171.9 4.9 101.4 83.4 59.1 135.0 92.1 257.8 102.1 120.8 183.9 49.4
102.8 164.0 5.2 94.8 82.0 62.6 137.6 86.3 245.2 101.1 118.7 201.2 54.3
96.5 155.2 5.0 96.5 80.4 56.3 141.5 81.1 210.3 99.3 103.7 228.0 51.7
95.7 159.3 5.0 94.1 77.4 53.2 149.9 80.3 197.8 98.1 112.0 232.1 49.6
Jun
Jul
Aug
Sep
Oct
Nov
Dec
-9.3 7.1 -8.8 -2.3 -1.7 -1.9 -3.2 -2.3 -2.2 -0.9 -4.9 0.1 -15.9
-13.7 17.8 -6.8 -18.6 4.9 -4.2 5.6 -7.4 7.0 -6.4 23.9 3.5 -14.1
-18.6 14.6 0.4 -5.3 1.5 -2.3 6.5 -11.1 13.5 -0.5 -1.1 6.1 -3.8
17.4 1.7 0.0 7.1 -3.7 -3.9 -2.4 2.6 -1.2 10.1 -4.8 16.6 2.2
-12.7 -4.6 6.8 -6.6 -1.6 5.9 1.9 -6.4 -4.9 -1.0 -1.7 9.5 9.9
-6.1 -5.3 -2.7 1.8 -2.0 -10.0 2.8 -6.0 -14.2 -1.8 -12.6 13.3 -4.8
-0.8 2.6 -0.6 -2.4 -3.7 -5.6 5.9 -1.0 -6.0 -1.2 8.0 1.8 -4.1
% change in index janlFeb
Market Bangladesh Botswana Bulgaria Cote d'lvore Ecuador Ghana Jamaica Kenya Lithuania Mauritius Slovenia Trinidad & Tobago Ttunisia
256
1998 FACTBOOK
-15.0 1.9 -48.8 -0.4 -2.8 -7.2 6.2 17.8 37.9 3.0 42.1 5.3 -17.4
-15.6 6.4 -53.4 0.7 -3.6 0.1 -3.4 1.0 -8.9 1.6 -12.0 8.1 -0.3
Mar
Apr
-30.9 8.3 37.9 0.7 1.0 -4.0 -5.6 -3.1 5.1 0.3 -12.0 12.3 0.7
-18.1 7.6 8.2 4.0 -5.7 -1.0 -10.9 -0.2 -6.3 6.0 -6.1 2.6 -6.0
May 31.0 13.3 -6.3 13.8 9.4 -3.6 5.4 7.5 -2.5 -3.3 2.8 -1.3 -4.7
EMERGING MARKETISDATA BASE
Frontier Markets IFCG Total Return Indexes, 1997 (US$; Dec 1995=100)
End-of-month levels Market Bangladesh Botswana Bulgaria Coted'lvore Ecuador Ghana Jamaica Kenya Lithuania Mauritius Slovenia Trinidad & Tobago Tunisia
Jan
Feb
258.1 88.8 8.7 110.3 89.3 75.2 154.5 118.0 257.2 99.5 152.0 121.8 78.9
217.7 94.5 4.1 111.1 86.3 75.4 149.7 119.3 234.6 101.0 133.8 131.6 78.7
Mar 150.6 102.7 5.6 111.8 88.5 74.2 141.3 117.3 248.8 102.0 117.7 147.9 79.3
Apr
May
123.9 112.7 6.1 116.2 84.8 73.4 126.4 119.1 233.1 108.4 110.5 152.5 74.6
163.0 129.4 5.7 132.3 92.9 70.9 134.2 128.6 227.2 11)5.4 113.6 151.7 71.4
Jun
Jul
Aug
Sep
Oct
Nov
Dec
147.8 138.9 5.2 129.2 91.9 69.5 13(0.0 125.6 222.2 105.2 108.1 152.3 61.1
127.8 163.9 4.8 105.1 96.4 66.9 137.6 116.8 237.9 98.5 133.9 157.7 52.2
104.7 187.8 4.9 99.6 99.2 65.4 147.2 1(05.2 270.1 98.3 135.8 168.2 50.2
123.2 191.1 4.9 106.7 95.5 62.8 144.0 110.0 266.8 108.5 129.3 196.5 51.3
107.6 186.3 5.2 99.6 94.0 66.5 146.9 104.8 253.8 107.5 127.0 215.1 56.4
101.9 176.9 5.0 101.4 92.2 59.8 151.9 99.1 217.7 105.9 111.0 245.2 53.7
101.4 181.7 5.0 99.0 88.8 56.5 161.5 98.3 204.7 105.1 119.9 274.0 51.5
%changein index Markft
Jan
Feb
Bangladesh Botswana Bulgaria Coted'lvore Ecuador Ghana Jamaica Kenya Lithuania Mauritius Slovenia Trinidad & Tobago
-15.0 2.8 -48.8 -0.4 -2.7 -7.2 6.5 18.5 37.9 3.1 42.1 5.5
Tunisia
-17.4
1998 FACITBOOK
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
-15.7 6.4 -53.4 0.7 -3.3 0.3 -3.1 1.1 -8.8 1.6 -12.0 8.1
-30.8 8.7 38.2 0.6 2.6 -1.7 -5.6 -1.6 6.1 1.0 -12.0 12.4
-17.7 9.7 8.2 4.0 -4.2 -1.0 -10.5 1.6 -6.3 6.2 -6.1 3.1
31.5 14.8 -6.4 13.8 9.5 -3.5 6.2 7.9 -2.5 -2.8 2.8 -0.5
-9.3 7.4 -8.6 -2.4 -1.0 -1.9 -3.2 -2.3 -2.2 -0.2 -4.9 0.4
-13.6 18.0 -6.9 -18.6 4.9 -3.8 5.9 -7.1 7.0 -6.4 23.9 3.5
-18.1 14.6 0.6 -5.3 2.9 -2.3 7.0 -9.9 13.6 -0.2 1.5 6.7
17.8 1.7 0.0 7.1 -3.7 -3.9 -2.2 4.6 -1.2 10.4 -4.8 16.8
-12.7 -2.5 6.6 -6.6 -1.5 5.9 2.0 -4.7 -4.9 -0.9 -1.7 9.5
-5.3 -5.0 -2.7 1.8 -2.0 -10.0 3.4 -5.4 -14.2 -1.6 -12.6 14.0
-0.6 2.7 -0.4 -2.4 -3.6 -5.6 6.3 -0.8 -6.0 -0.7 8.( 11.8
-0.3
0.7
-6.0
-4.2
-14.6
-3.8
2.2
9.9
-4.8
-4.1
-14.5
EMERGING MARKETSDATA BASE 257
Bangladesh Market Performance If 1996 was a phenomenal year of gains for Bangladesh equities, 1997 was equally impressive for its sizable losses. The integrity of the Dhaka Stock Exchange (DSE) came into question following the dismissal of Chairman
140( 12(
500
8
Imtiyaz Husain for alleged price manipulation in 1996's bull run. Along with the regional
fi-
60
nancial crisis and local political turmoil, there was no reason for Bangladesh equities to show
40
gains this year. The forsaken
20 -
state of the equi-
ties market resulted in a 67.1% loss for the DSE All-Share Index in taka terms while the dollarbased IFCG Bangladesh Index crashed by 67.7%. Securities on the DSE failed to find any buying impetus through the first quarter as investors began doubting that 1996's surreal gains would continue. The market suffered huge retractions month after month as strong selling pressure persisted amid expectations the opposition Bangladesh National Party (BNP) intended to undermine the Awami League-controlled Parliament. For the quarter, the DES All-Share Index fell by a steep 47.9% in taka terms, while the IFCG Bangladesh Index plunged 50.5%. Despite a 30.9% rally in the IFCG Bangladesh Index in May, the index failed to post net gains during the second quarter. The rally, however, did reflect a renewed confidence in the Dhaka Stock Exchange. The rally was led by a massive overhaul in the leadership of the DSE after the Securities and Exchange Commission found former DSE Chairman Husain guilty of permitting massive price manipulation in 1996 trading. Losses were registered in June, following the dismal reception of the 1997-98 budget,
258
1998 FACTBOOK
-
-
0 04i
-
NN
N 4 00
.-
0 04
0404
0
0~V 040
N 0 4
0T 04
V C) 0 04
CO 00 N
N 04
04
(0 i 0 N )0
0 co in 0O N 04
101 N
n
04 in
0 N
N
01 N
N
co0 N
N
L0 04 0 N
04
04
CD
04
04
04
04
in
N
0
FOGComposite
which failed to provide any market boosting incentives. Losses for the period were not severe, however, amounting to 2.7% and 7.3% declines in the IFCG and DSE All-Share Indexes, respectively. Unfavorable market conditions fueled a 17.5% third-quarter decline in the IFCG Bangladesh Index despite a rally late in the third quarter. Deteriorating market sentiment was sparked by strikes, lack of institutional buying, poor weather conditions, and speculation surrounding loan defaults by Beximco, the country's largest corporate group. The Bangladesh market was affected by the Asian market slump in August, suffering particularly from the devaluation of a basket of Asian currencies. A 17.4% rise in the IFCG Index in September, mainly on institutional buying after the long bear market, sparked local buying interest, albeit, too late and too little.
0
0c0
a,
04
°co
N 0 04
(
04
04a
FOGBangladesh
The fourth quarter proved no different from the rest of the year as more losses mounted on the DSE. A combination of foreign selling, induced by the financial problems in the region, as well as local political wrangling, conspired to drag down the performance of both the DSE All-Share and IFCG Indexes by 19.5% and 18.7%, respectively, in the period. Political uncertainty struck a distinct chord this quarter after a one-day strike was called by the BNP to highlight its disapproval of a peace treaty signed with tribal rebels. In exchange news, a fully automated trading system and amendments to the DSE's Article of Association to separate management from its policymaking council are in the pipeline following the price-fixing scandal involving top officials at the DSE.
ENIERGINGMARKETS
D\-rT\BASE
Bangladesh
Yearly Value Traded (US$ millions)
Monthly Value Traded (US$ millions)
IFCGP/E Ratio (end of month values)
45
800
60
40 35
700
00 n
40
(a
¢
m
30
'600
20
1 00
500
25
400
20
300
15
10
1l200 10~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 100
4500
0~~~~~~~~~~~~~~~~~~~~~~
0
4,500
0
0
0
0 N
4,000 a, a
0
N
0
N
0 1 ,000 N __465S-SS<= \1 SzS00 \= 500
~.,
1998 [BOOK FAC =
5
5,000
N
N
N
a
N
N
a
N
a EMEGIN a a
N
N
MARKET a a
N
O
aDATAa0a2a BASE
259
N a lCO l fi OOOOOO0 a ~ ~~ ~a ~~a ~a ~ a1~ a~~~~~~~,504.
a > 3,500
2,500
3,000
2,000
2,50044
1,500
2,000
1,000
1,50045
500
1,000
0
500
4450
46.5 w co 00
1998FACIFBOOK
4.
0)
'O
~
0~~~~~~~')
4)CO
N
a,a
-
EMEI(GING MARKIETs DATA BASE
C
259
Bangladesh 1997 inmillions) (currency
I.]Xa n Number of Listed Companies Dhaka Stock Exchange
eb
a1Or
A rr
NIa
tini
IL1
A ng LcI
Oct
Dec
\;o\
185
191
192
192
192
194
194
195
198
198
199
202
164,678.9 3,864.7
140,851.3 3,282.4
98,026.4 2,260.7
78,765.1 1,797.9
98,949.4 2,258.6
94,942.3 2,167.1
81,756.9 1,871.3
69,758.8 1,580.4
79,414.8 1,799.1
73,645.6 1,653.5
68,191.8 1,531.0
69,166.5 1,537.4
Trading Value Intaka InUSdollars Turnoverratio
1,552.3 36.4 0.9
2,042.1 47.6 1.3
2,120.1 48.9 1.8
947.3 21.6 1.1
1,563.0 35.7 1.8
1,250.1 28.5 1.3
820.4 18.8 0.9
853.8 19.3 1.1
1,630.1 36.9 2.2
1,660.8 37.3 2.2
1,327.6 29.8 1.9
1,086.9 24.2 1.6
Local Index DSE All Share' Change in index (%)
1,962.3 -14.7
1,702.5 -13.2
1,198.8 -29.6
957.5 -20.1
1,216.7 27.1
1,111.5 -8.6
973.1 -12.4
823.8 -15.3
939.9 14.1
839.6 -10.7
749.8 -10.7
756.8 0.9
IFC Global Index Number of stocks Share of market cap. (%)*
46 68.7
46 68.5
46 69.7
46 71.7
46 74.9
46 70.8
46 70.8
46 68.3
46 70.5
46 67.1
46 68.2
46 67.4
Share of trading value(%)
77.3
71.4
71.8
71.1
65.1
61.3
64.1
64.3
57.9
87.0
65.5
63.7
P/E ratio P/BVratio
42.5 5.7
35.9 4.8
24.7 3.3
20.4 2.7
26.8 3.6
24.4 3.3
20.7 2.8
17.0 2.3
20.0 2.7
16.2 2.4
14.5 2.2
13.5 2.1
Market Capitalization Intaka InUSdollars
Dividend yield (%) Total return index' Change in total return index (%) Exchange Rates Exchange rate (end of period)
1.3
1.5
2.1
3.2
2.2
2.2
2.6
3.4
2.9
3.3
4.3
4.3
258.1 -15.0
217.7 -15.6
150.6 -30.8
123.9 -17.7
162.9 31.5
147.8 -9.3
127.8 -13.6
104.6 -18.1
123.2 17.8
107.6 -12.7
101.9 -5.3
101.4 -0.6
42.6110
42.9110
43.3610
43.8100
43.8110
43.8110
43.6905
44.1405
44.1405
44.5405
44.5405
44.9905
Notes: Thebase date for the DSE All Share Price is 1985=100. The base date for the IFCG Bangladesh Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Dhaka Stock Exchange Ltd. Dr. Raqibur Rahman, Chairman Stock Exchange Building 9F. MotlijheelCommercial Area Dhaka,1000 Bangladesh Tel: (880-2) 955-1935, 955-9118 Fax: (880-2) 867-552,956-4727
260
1998
FACTBOOK
IFC Correspondent: Equity Resources Ltd. JahangirTower 10 Kawran Bazar C.A. Dhaka 1215 Bangladesh Tel: (880-2) 816-556 Fax: (880-2) 817-721
EmiERrCNC MARKETS DArA B&\SF
Bangladesh 1988-1997 (currencyin millions;endof periodlevels)
1988
1989
Number of Listed Companies Dhaka Stock Exchange
Market Capitalization Intaka InUSdollars
Local Index DSE All Share* Change in index (%)
IFC Global Index
1'991
116
134
138
145
153
170
183
186
202
13,557.0 430.3
15,350.5 475.7
11,486.0 320.9
10,397.0 269.5
12,299.1 314.4
18,098.7 453.1
41,770.0 1,049.5
53,931.0 1,338.2
193,922.6 4,551.0
69,166.5 1,537.4
130.0 4,1 1.0
173.7 5.4 1.2
195.0 5.6 1.4
116.0 3.2 1.1
437.8 11.2 3.9
578.8 14.6 3.8
4,283.7 106.5 14.3
6,380.9 158.4 13.3
29,958.1 721.9 29.6
16,854.5 383.9 12.8
533.6 4.2
467.8 -12.3
350.8 -25.0
296.3 -15.5
369.6 24.8
391.8 6.0
845.6 115.9
834.7 -1.3
2,300.1 175.6
756.8 -67.1
-
-
-
-
-
-
-
46 67.4 13.5 2.1 4.3 101.4 -66.6
-
-
-
-
-
-
-
-
45 72.7 -
-
-
-
-
-
-
-
(%)
-
-
100.0 -
46 68.6 49.0 7.0 1.1 303.5 203.5
Grossdomesticproduct(US$) 0 Changeinconsumerpriceindex( /o) Exchangerate(endofperiod) Exchange rate (average of period)
19,111 9.3 31.5091 31.7300
19,867 10.0 32.2700 32.2700
22,149 8.1 35.7900 34.5670
23,394 7.2 38.5800 36.5962
24,045 4.3 39.1236 38.9510
25,081 0.0 39.9400 39.5670
25,695 3.6 39.8000 40.2120
29,111 5.8 40.3000 40.2780
31,824 2.7 42.6110 41.4966
Number of stocks Share of market cap. (%)P/E ratio P/BV ratio Dividend yield (%) Total return index Change in total return index
1997
1996
1995
1994
1993
1992
101
TradingValue Intaka InUSdollars Turnover ratio
1990
-
-
-
Economic Data
-
-
-
44.9905 43.9089
of total market cap, IFCC market cap is not adjusted for cross holdings. Notes: The base date for the DSE All Share Price is 1985=100. The base date for the IFCG Bangladesh Index is Dec. 1995-100. In calculating share
1998 FACTBOOK
EMERGING MARKFTS DATA BASE
261
Botswana Market Performance The Botswana Stock Exchange (BSE) outperformed all other sub-Saharan markets and most frontier markets in 1997, as investors responded to the country's economic expansion (one of the fastest-growing developing economies in the world) and strong banking sector. Stocks on the BSE climbed strongly through most of the year, until the Asian financial crisis erupted in October and stock prices posted a modest retreated. The IFCG Index for 1997 gained 99.8% in dollar terms, and the local All Share Index rose 101.7% in pula terms.
225 200
175 150 125
too
50 N
The year started quietly on the BSE, with the IFCG Index edging up in January, with generally light trading. In February, activity picked up with banking stocks Barclays and Standard Chartered boosting the market on favorable earnings reports. In March, the BSE surged, driven by a rally in banking stocks, especially Barclays and Standard Chartered, which moved higher on improved earnings results. Brewery Sechaba jumped after financial reports showed higher operating profits. Banking stocks continued their momentum in April, further bolstering the general market. Barclays gained 18% for the month on strong institutional and private investor buying. The Central Statistic Office announced that exports were at a record high, further adding to investor optimism. Increasing local and foreign demand helped stocks continue their ascent in May, with the IFCG Index gaining 13.3%. Barclays put in another strong performance,
262
1998 FACTBOOK
-N -. 0
NN C-
N NN -00
C)
N
CO N
CO O
CO C 000 0
CO
CO
C 0
N
N
COCO10 0
CC) 0
0 C
CO 0
N
CO
N
COC 0
0
IFCGComposite
The Botswana rally extended into its sixth straight month in June. Prices of stocks rose across the board, with Barclays becoming the most sought-after equity. Forbes Group Limited listed its shares on the BSE, making it the fifth foreign company to dual-list on the exchange in 1997. In July, the BSE hit record highs, with the IFCG Index gaining 17.8%. Banks remained the driving force behind the market's rise in July and August. Barclays Standard Chartered and First National Bank accounted for more than 50% of domestic capitalization. In September, the Botswana market began to lose steam, with the BSE climbing marginally. Al-
10 NC
N
and Sechaba soared because of large orders from overseas institutional investors.
-
CO 0 0
N
N
NI N
10
C
OCOCO 0 0
CO
C
00
N
0
O
C
O
0
-
N -NN
N
N
N
N -
N
N
IFCG Botswana
though the IFCG Index gained only 1.7%, investor sentiment remained positive. But in October, the Asian financial crisis hurt the BSE, with the IFCG Index going into negative territory for the first time all year. Although the Botswana market is traditionally not highly correlated to world markets, the market slipped as investors scrambled to unload emerging market shares all over the globe in the final week of the month. Stock prices retreated for the second month in a row in November. The drop in prices, however, attracted investors back into the market at the end of the month. The bourse moved up marginally in December, with the IFCG Index rising 2.6%. The small uptick was attributed to institutional yearend portfolio shuffling.
ENIFR-.ING MAIRKLTS D T \
B ASi
Botswana Monthly Value Traded (US$ millions)
16
Yearly Value Traded (US$ millions)
IFCGP/E Ratio (end of month values)
70
14
60
12
50
10
40
8
14
12
10 8 6
30
4
20
2
10
6
4
2
0
0 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 0* o0
MonthlyMarketCapitalization (US$millions)
U
'5
N
N
N
N
0
N
N
N
N
N
<<
YearlyMarketCapitalization (US$millions)
ExchangeRate (pula per U.S. dollar)
650
0
800 700
550
600
4503
4
..................
50036....... 350 40038 250 300 4.0 200
150
100
50
.......
4 .2
0
<0
'1998FACTBOOK
~
0
~ ~~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~CO 5'<0
0
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0
5
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0
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00
EmERGING MARKETs DATA\ BA\sr
263
Botswana 1997 (currencyin millions)
1,Jn Number of Listed Companies Botswana Stock Exchange
Fcb
\ar
,
N,,
Li
JllLI>
tl
Dec
I
12
12
12
12
12
12
12
12
12
12
12
12
1,197.0 331.2
1,266.1 354.6
1,348.4 381.2
1,456.3 408.5
1,635.3 459.3
1,771.7 493.9
2,036.0 562.1
2,465.9 665.6
2,504.4 677.2
2,379.1 632.6
2,329.0 613.7
2,335.5 614.5
10.2 2.8 0.9
13.6 3.8 1.1
28.3 8.0 2.2
6.3 1.8 0.4
10.0 2.8 0.6
12.4 3.5 0.7
12.0 3.3 0.6
21.3 5.7 0.9
16.9 4.6 0.7
10.6 2.8 0.4
20.0 5.3 0.8
55.2 14.5 2.4
354.0 0.5
374.5 5.8
386.7 3.3
430.7 11.4
483.4 12.2
523.7 8.3
618.6 18.1
749.1 21.1
759.7 1.4
721.7 -5.0
706.5 -2.1
708.5 0.3
7 76.4 95.4 6.4 1.7 7.4 88.8 2.8
7 75.5 84.1 6A 1.8 7.0 94.5 6.4
7 76.3 97.6 6.9 2.0 6.8 102.7 8.6
7 76.5 95.8 7.5 2.1 8.0 112.7 9.7
7 77.5 81.8 8.1 2.4 7.4 129.4 14.8
7 77.2 98.3 8.8 2.6 6.9 138.9 7.4
7 78.4 78.5 1).4 3.1 4.8 163.9 18.0
7 75.0 84.7 12.2 3.6 3.4 187.8 14.6
7 74.6 64.7 12.4 3.7 3.3 191.1 1.7
7 76.1 71.9 12.0 3.6 5.4 186.3 -2.5
7 74.2 89.2 11.5 3.4 5.7 176.9 -5.0
7 75.8 11.8 3.5 5.6 181.7 2.7
3.6140
3.5702
3.5868
3.6219
3.7051
3.6982
3.7608
3.7951
3.8008
Market Capitalization Inpula InUSdollars
Trading Value Tnpula InUSdollars Tumoverratio Local Index BSE DCI* Change in index (%) IFC Global Index Number of stocks Share of market cap. ('%.)* Shareoftradingvalue(%) P/Eratio P/BVratio Dividendyield(%.) Totalnrestmindex* Changeintotalreturnindex(%) Rates Exchange Exchange rate (end of period)
3.5373
3.5651
3.5600
-
Notes: The base date for the BSEDCI Index is 1989=100. The base date for the IFCG Botswana Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
BotswanaStockExchange Mr.Louis Nchindo,Chairman PrivateBag 00417
IFCCorrespondent: Stockbrokers Botswana Ltd. Private Bag 00113
Ground Floor, Barclays House Khama Crescent Gaborone Botswana
Ground Floor, Barclays House Khama Crescent Gaborone Botswana Tel: (26-7)357-900
Tel: (267) 357-900 Fax: (267) 357-901
264
1998 F[a-TI0o0K
Fax: (26-7)357-901
Eltceca\
MxAiKCTsDAiA. B.Asu
Botswana 1988-1997 (currency in millions; end of period levels)
1988 Number of Listed Companies Botswana Stock Market
L992
1991
19901
1989
19 93
1994
19935
11
11
11
12
12
12
545.4 260.7
657.3 294.6
668.9 260.8
1,024.3 376.9
1,120.3 397.6
1,189.8 325.5
2,335.5 614.5
-
17.1 8.5 -
31.8 14.9 5.3
48.0 19.9 7.2
83.8 31.1 9.9
106.8 38.4 10.0
103.4 31.2 9.0
216.8 74.3 12.3
-
230.4 -
271.7 17.9
273.7 0.8
278.5 1.7
312.9 12.3
332.8 6.4
352.2 5.8
708.5 101.2
-
-
-
-
-
-
-
-
-
-
-
-
-
7 77.4 -
7 75.8 11.8 3.5
-
-
-
7 76.1 6.3 1.7 8.2 86.4 -13.6
4,936 10.1 3.6550 3.3203
-
-
-
-
inUSdollars Turnover ratio
-
-
Local Index BSE DCl Change in index (%)
-
-
-
Market Capitalization In USdollars
-
Trading Value
Inpula
IFC Global Index Number of stocks Share of market cap. (%)P/E ratio P/BV ratio Dividend yield (%) Total return index. Change in total return index (%) Economic Data Gross domestic product (US$) Changeinconsumerpnreindex(%) Exehangerate(endofperiod) Exchange rate (average of period)
1'997
9
-
Inpula
1996
-
-
-
-
-
-
-
-
-
-
-
100.0 -
2,398 8.4 -
2,932 11.6
3,387 11.4 1.8605 1.8601
3,941 11.8 2.0921 2.0173
3,967 16.2 2.2311 2.1327
4,098 14.3 2.5648 2.4190
4,317 10.5 2.7178 2.6971
4,585 10.5 2.8177 2.7824
-
-
-
-
-
-
-
-
5.6 181.7 110.2
-
3.8(008 2.9196
Notes: The base date for the BSE DCI Index is 1989=100. The base date for the TFCGBotswana Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FAcXIBOOK
BASE 265 MARKETSDATA EMERG]NG
Bulgar-iad Market Performance While the Bulgarian equity market was closed for much of 1997, the groundwork for economic stabilization was well established during the year. Under pressure from the International Monetary Fund, World Bank and, above all, because the country's new government seems to be firmly devoted to the reforms, the business climate in Bulgaria showed
steady signs of im-
provement. For the year, the dollar-based IFCG Bulgaria Index fell 70.5%. However, as the market was closed until October, this figure simply represents exchage rate movement, thus high-
lighting weakness in the
lev.
In 1996, the Securities and Stock Exchange Commission began requiring full financial reporting from listed companies. As no company was able to comply with the requirement, trading was suspended on October 23, 1996. The market also lacked companies to trade because of delays in implementing the country's privatization program, which intended to use the stock exchange as one of its principal venues for share sales. In October, the commission licensed the Bulgarian Stock Exchange-Sofia, which combined the former Bulgarian and Sofia stock exchanges, to operate a single stock exchange. The exchange's board of directors soon after announced the opening of daily trading sessions (from 10 a.m. to noon) for block trades beginning on October 21. Trading immediately began taking place on the "free market." A "listed market" with tougher listing requirements was also planned. By the end of November, exchange membership stood at 36 banks and brokerage firms. Some 71 266
1998 FwcTsooK
140
120 100 80 6 40 20
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a,
a
m
m
m
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NS
m
>
>
N
s
m
0
a,
IFCG Composite
companies met the requirements for trading on the free market. Also, real-time trading began on the exchange floor. Prior to the introduction of real-time trading, only blocks of unlisted shares in companies involved in Bulgaria's voucher privatization traded hands and at preestablished prices. In other news, the beginning of the year was a volatile period because of mass protests and strikes against the ruling Socialist Party and early parliamentary elections. The situation calmed only after the appointment of a new Parliament on April 19. The economy was afflicted by a dramatic depreciation of the Bulgarian lev, which raised the prospect of default on the country's large foreign-debt burden, declining output and exports, and surging prices of fuel and electricity. Bulgaria has attracted the lowest amount of foreign investment in Eastern Europe, with only $1 billion flowing into the country between 1989 and March 1997. To raise
0
a
0 )
0
>a
1 N
)
a m
0
)
IFCGBulgaria
funds, the government said it intended to sell stakes in some state-owned companies. The government also reached a new agreement with the IMF that included a $510 million oneyear standby accord and a rescue package for banks. Efforts by the new government to address the country's economic and financial crisis were well received. On April 11, the IMF approved a 14-month standby credit to help Bulgaria restructure state-run companies and introduce a currency board regime. The country launched a currency board system on July 1, with gross foreign exchange reserves of 2.7 billion German marks to cover Bulgarian National Bank liabilities of 2.2 trillion levs. The lev was pegged at 1,000 per mark. In July, the government also sent legislation to Parliament to permit foreigners to repatriate profits on securities held less than six months.
ENirRGoNG
M xjK[ is DAxi
Bxsi
Bulgaria YearlyValueTraded (US$millions)
MonthlyValueTraded (US$millions)
,.01
50
45
0.9
50
0.8
4.5
40
0.7-
4.0
3
0.6
3.5
30
0.5
3.0
25
0.4
2.5
2
0.3
2.0
15
5.0
IFCGP/ERatio (end of month values)
~~~~ ~ ~ ~ ~ ~ ~ ~~~~~4
10
0.21 .0~~~~~~~~~~~~~~~~~~~~~~~~ .
0.1
~~~~~~~~~~N.A.
5
0.5
~ ~~~~~~~~~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~C
0.0
MonCthlyC
Captaiato C C
Market
0.0rl
C
MaNrNket
Cptlz
NRateN
ioExhngN
(lev per U.S. dollar)
(US$ millions)
(US$ millions) 4.0
0 250
70
3.550 60 3.0 2.5
-7
LL
E
E
C
7C
0
z
0
501,250
OOK
FA I
1998~~~~~~~~~
50 Z
CC
2.0 2.0
40 40
1.5
30
~~~~~
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CC
..... .. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~750 ~~~~~~~~~~~~~~~~~1,000 CC
C
-,
L
CC
C
-
C
CC
C
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05
CCOO
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,500 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,750 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2,000 2,250
202,500
1 .0 0.5
10
0.5~~~~~ 0.0
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2,750 ...... ~ ~~~~~~~~~~~~~ 3,000
N3,250
O
1998FAC
I1BO0K
.0~~~~~~~~~~~~~~~
CCCC2
CM
~-
0
-
0
Em.FRGINC MAR~KLTsDA-IABASE
-C
-C
-
267
Bulgaria 1997 (currencyin millions)
Ianll
1-b
Mar,1
AprI
Nla\
JunII
[til
15
15
Au 4p
Oct
NoN
15
15
15
3,832.0
3,832.0
Sp
Dec
Number of Listed Companies Bulgarian
Stock Exchange
Market Capitalization In lev
15
15
15
15
15
3,832.0
3,832.0
3,832.0
3,832.0
3,832.0
hnUS dollars
3.7
1.7
2.4
Trading Value In lev
0.0
0.0
In US dollars
0.0
0.0
Tumoverratio
0.0
0.0
3,832.0
3,832.0
15
3,832.0
3,832.0
15
3,832.0
2.6
2.4
2.2
2.1
2.1
2.1
2.2
2.2
2.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
(.0
(1.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0 0.0 0.()
0.0 0.0 0.(
0.0 0.0 0.(
0.0 0.0 0.0
0.0 0.0 0.0
Local Index BSE Composite'
Change in index (°)
77.6 0.0
77.6
77.6
77.6
77.6
77.6
77.6
77.6
77.6
77.6
77.6
0.0
0.0
0.0
0.0
77.6
().()
0.0
0.0
0.0
0.0
0.0
0.0
12 -
12 -
12 -
12 -
12 -
12 -
12 -
12 -
12 -
12 -
12 -
12 -
IFC Global Index Number of stocks Share of market cap. (%y' Shareoftradingvalue(%) P/Eratio P/BVratio Dividend yield(%) Totalreturnindex* Changeintotalreturnindex(°)
-
16.9 (1.9 0.2 8.7 -48.8
-
16.9 0.9 0.2 4.1 -53.4
-
16.9 0.9 11.2 5.6 38.2
-
-
-
-
-
-
-
-
-
16.9 0.9 0.0 6.1 8.2
16.9 0.9 0.0 5.7 -6.4
16.9 0.9 0.0 5.2 -8.6
-59.6 0.7 0.0 4.8 -6.9
-59.6 0.7 0.0 4.9 0.6
-59.6 0.7 0.0 4.9 6.6
-59.6 0.7 0.0 5.2 -2.7
-59.6 0.7 0.0 5.0 -0.4
-59.6 0.9 0.0 5.0
1,467.8(1
1,568.10
1,718.60
1,843.80
1,834.00
1,834.00
1,767.00
1,775.50
Exchange Rates Exchange rate (end of period)
1,021.90
2,194.20
1,588.7(0
1,719.00
Notes: The base date for the BSEComposite Index is Dec. 1992=100. The base date for the IFCG Bulgaria Index is Dec. 1995=100. The exchange has been closed since September 19, 1996. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
268
Bulgarian Stock Exchange
IFC Correspondent:
Mr. Victor Papazov, Chief Executive 1 Macedonia Sq. Fl.12,Rm.5
GlobalFinance 39 Vitosha Blvd, I Floor
1000 Sofia Bulgaria Tel: (359-2) 81 55 40 Fax: (359-2) 87 55 66
Sofia 1000 Bulgana Tel: (359-2) 81 00 36 Fax: (359-2) 80 59 00
1998 FACTBOOI
EN1LItR1-, MARKLTS D\IA B,xi L
Bulgaria 1988-1997 (currencyin millions;endof periodlevels)
I9]8' Number of Listed Companies Bulgarian Stock Exchange
-
-
-
-
Market Capitalization
Inlev Trading Value In lev InUSdollars Turnover ratio
-
Local Index BSEComposite Change in index (%)
-
-
-
-
-
-
-
-
IFC Global Index Number of stocks Share of market cap. (0o)0 P/E ratio P/BVratio Dividend yield (%) Total return index Change in total return index (0/,) Economic Data Grossdomesticproduct(US$) Change in consumer price index ) Exchange rate (endofperiod) Exchange rate (average of period)
15
15
-
4,389.1 61.4
3,832.0 7.3
3,832.0 2.2
-
300.7
5.2
44
0.0
-
-
-
0.1
-
118.4 -
113.6 -4.1
105.0 -8.2
77.6 -26.1
77.6 0.0
-
-
-
12
12
12
-
-
-
-
16.9 0.9
-
-
-
-
100.0
17.0 -83.0
-12.1 0.9 0.0 5.0 -70.5
12,918
9,484
-
71.5030 67.9375
523.3000 178.4316
1,775.500
-
-
26
0.0 0.0 0.0
-
-
1997
16
-
-
-
InUSdollars
1996
1995
1994
1 993
1992
1 9IY
1990
1 S9
-
-
-
-
23,002
21,747
20,726
10,944
10,570
10,833
-
-
-
-( -
-
-
--
9,72(0 -
0.2
-
Notes: The base date for the BSEComposite Index is Dec. 1992=100. The base date for the IFCG Bulgaria Index is Dec. 1995=100. The exchange has been closed since September 19, 1996. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FAC I[B00K
EMIFRCGNCMARKITSDAIABASF
269
Cote d'ivoire Market Performance The Ivorian equity market posted sizable gains in 1997, as a healthy outlook for corporate profits, the prospect of new institutional players, and higher commodity prices combined to lift investor spirits. The 22.3% increase in the CFA franc-based Bourse des Valeurs d'Abidjan (BVA) Index, however, was dramatically different from the 10.6% drop in the dollar-based IFCG Index. The difference was attributable to weakness in the CFA franc and to the performance of several blue chips in the IFCG Index.
Equities drifted mostly higher in the first quarter. In January, a sizable local currency gain of 5.9% in the IFCG Index turned into a 0.4% decline in dollar terms because of the weakness in the CFA franc, which is pegged to the French franc. Local investors were encouraged by the successful privatization of CL-Telecom, which generated revenues of $190 million. The same pattern emerged in February, with the IFCG Index inching only slightly higher because of continued weakness in the CFA franc. News of a plan to restructure the country's $7 billion in commercial debt raised investor confidence by promising better relations with the international finance community. Share prices held steady in March. The gently rising market turned more aggressively bullish in the period from April to June, with the IFCG Index surging 15.6% in dollar terms. In April, dividend payments lifted investor interest in blue chips, as did news of progress in the country's debt-relief program. In May, the market benefited from news of a new African insurance regulation that aims to encourage local insurance companies to participate in the 270
1998FACIr0ooK
140
130 120 . 110
100 9
_
80
.
70
60 50 40
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N
N
N
N
IFCG Composite
securities market. Previously, insurance companies were restricted to investments in real estate. Higher international coffee prices also underpinned the market. The market surged 7.9% in IFCC dollar terms in June, thanks to strong gains in newly listed metal box maker SIEM. Positive economic news, including year-on-year inflation of 6.4% and projected 1997 economic growth of 6.5% also lifted sentiment. The local index inched higher in July, but much of the year-to-date gains were erased by a weakening CFA franc and declines in blue chips in the IFCG Index. During the month, the dollarbased IFCG index fell 18.6%.Weakness extended into August, partly because of the summer holiday trading lull. The IMF and Cote d'Ivoire failed to agree on a new structural adjustment program in August, which analysts said would have had a detrimental effect on the rescheduling of Paris Club debt.
N
N
N
N
0
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o
1
C
o
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N
C
N N N N IFCG Cote d'lvoire
.O,
N
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N
N
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N
N
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September and October were choppy months, with equities first rising amid fresh signs that the IMF and Cote d'Ivoire would resume talks on debt relief. After rising 7.1%in September, the market gave up 6.6% in October, as measured by the IFCG Index in dollars. Investors were apprehensive about the imminent demise of the Abidjan bourse, which was to be replaced with an eight-country regional exchange in December. Local analysts noted that the market was oblivious to Asian financial market turmoil. More modest losses were reported in November amid continued anxieties over the impact of the regional bourse. After four consecutive months of losses, however, some local analysts sensed a buying opportunity ahead. Still, the market moved lower in December. The launch of the regional bourse, originally planned for December, was postponed until 1998.
lE
I\NGMARKITIS DATA BAsr
Cote d'lvoire
35
IFCGP/ERatio (end of monthvalues)
YearlyValue Traded ($US millions)
MonthlyValueTraded (US$millions)
14.0
30 3.0
12.0
25 2.5
10.0 20
2.0
8.0
1.5
15
6.0
1.0
10
4.0
0.5
5
2.0
0
0
0
0.<
~~~ ~
<
-,
0
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z
~~~~~~~~~~~~~~~0
0
)
0
-
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0)
-
0
0)
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0
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)
0)
n
zo
ExchangeRate (CFAfrancs per U.S. dollar)
YearlyMarket Capitalization (US$millions)
MonthlyMarket Capitalization (US$millions)
0
0)
)
0)
500
1,400
. ......
... . .........
1,400 520........
1,200 F
0
~
-
........ S
S
-,
>
7N
...........
560
1,000
~~
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5 40..........
oQ m
mQ
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m ,~~~~~~~~~~~~ (VI a ¢C
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800
s00
F
FS6
1 000
1,200 o
7
AABS
FATBO
WMRIGMRE
800
560
600
600
600
620
40400 400
640
20
200
5
1998FACTBOOK
~
~ ~
S
0.
0
0)
U) z
0
0
)
0
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0
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)
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)
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0
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0 0
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0 0
0 0) I~~~~~~~~~~~~~~~) 0)
is DATA
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0
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271
0
Cote d'Ivoire 1997 (currencyin millions)
I,1an
F-h
Mar
Apr
Nl.X
31
31
32
32
32
527,862.0 954.9
549,710.0 964.9
li
ull
I LI
AuLIg
34
34
Sep
Oct
\ov
Dec
Number of Listed Companies Abidjan
Stock
Exchange
33
34
34
34
35
Market Capitalization In CFA francs InUSdollars
600,581.0 1,067.0
639,610.0 1,095.9
701,527.0 1,221.0
774,335.0 1,328.5
809,320.0 1,308.3
788,210.0 1,242.9
789,457.0 1,324.4
751,653.0 1,265.7
739,109.0 1,276.9
738,635.0 1,276.0
Trading Value InCFAfrancs InUSdoLUars Tumoverratio
798.0 1.4 0.2
746.0 1.3 0.1
912.0 1.6 0.2
459.0 (.8 0.1
1,790.0 3.1 0.3
1,765.0 3.0 0.2
1,471.0 2.4 0.2
782.0 1.2 0.1
1,145.0 1.9 0.1
1,340.0 2.3 0.2
1,133.0 2.0 0.1
1,875.0 3.2 0.3
379.1 6.0
390.3 2.9
399.5 2.4
418.9 4.9
450.7 7.6
491.4 9.0
496.6 1.0
453.4 -8.7
452.3 -0.3
428.2 -5.3
421.0 -1.7
437.6 3.9
8 68.5 63.7 8.9 2.4 4.5 110.3 -0.3
8 68.3 72.5 9.2 2.5 4.3 111.1 0.7
8 62.1 86.1 9.2 2.5 3.2 111.8 0.6
8 63.0 42.0 9.9 2.7 2.3 116.2 4.0
8 64.6 38.7 11.1 3.0 1.0 132.3 13.8
8 67.7 5(0.2 12.2 3.2 0.4 129.2 -2.3
8 64.8 74.7 12.7 3.4 0.0 105.1 -18.6
11 65.7 94.6 9.0 3.0 0.0 101.4 1.8
11 64.2 92.0 8.8 2.9 0.0 99.0 -2.4
Local Index BVA* Change
in index
(%)
IFC Global Index Number of stocks Share of market cap. (%)' Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index
(%)
8 64.3 53.0 9.7 3.2 0.0 99.6 -5.3
8 64.5 68.8 9.8 3.2 0.0 106.7 7.1
8 63.2 68.1 9.1 3.0 0.0 99.6 -6.6
Exchange Rates Exchange
rate
(end
Notes: The base date
Abidjan
of period)
552.770
for the BVA Index is Dec. 1992=100.
569.730
Stock Exchange
1998 F^cTBoOK
583.640
The base date for the IFCG Cote d'Ivoire
Mr. Leon Naka, Chairman Avenue Joseph Anoma Immeuble BVA 01 BP 1878 Abidjan Cote d'lvoire Tel: (225) 21-5742, 21-5783 Fax: (225) 22-1657 hftp://www.africaonline.co.ci/AfricaOnline/societes/bva/bva.html
272
562.850
574.530
582.880
Index is Dec. 1995=100. In calculating
618.600
share of total market
634.150
596.100
cap, IFCG market
593.850
cap is not adjusted
578.850
578.850
for cross holdings.
IFC Correspondent:
Hudson Finance 15, Avenue Joseph ANOMA Immeuble MACI 3eme Etage/18 BP Abidjan, 18 Cote d'lvoire Tel: (225) 33-2233 Fax: (225) 33-2224
EMlRE;GIN(GMARKLTSD\TX
BxsL
Cote d'lvoire 1988-1997 (currencyin millions;endof periodlevels)
1989
1988
1991
Number of Listed Companies Abidjan Stock Exchange
24
23
23
25
27
24
27
31
31
35
132,300.0 436.8
153,630.0 530.9
140,729.0 548.8
140,000.0 540.5
131,000.0 482.5
122,000.0 413.9
224,000.0 428.3
425,000.0 866.4
475,490.0 914.4
738,635.0 1,276.0
2,717.0 9.0 2.1
1,640.0 5.1 1.1
5,032.0 18.5 3.4
1,909.0 6.8 1.4
1,143.0 4.3 0.8
1,606.8 5.7 1.3
6,400.0 11.6 3.7
7,050.0 14.1 2.2
9,947.0 19.5 2.2
14,216.0 24.3 2.3
105.1 4.3
106.9 1.7
103.7 -3.0
102.2 -1.4
62.9 -38.5
90.5 43.9
125.6 38.7
277.2 120.7
357.8 29.1
437.6 22.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8 70.7 100.0 -
8 71.8 8.4 2.3 4.8 110.7 10.7
11 64.2 8.8 2.9 0.0 99.0 -10.6
10,255 6.9 302.8634 302.9000
9,757 1.0 289.4000 319.0070
10,797 -0.8 256.4500 272.2600
10,493 1.7 259.0000 282.1060
11,167 4.2 271.4900 264.6900
10,405 2.2 294.7750 283.1600
7,666 26.1 523.0000 550.0000
9,992 14.3 490.5500 499.1500
10,688 2.5 519.9800 510.1310
-
Market Capitalization InCFAfrancs EnUSdollars
TradingValue InCFAfrancs EnUSdollars Turnover ratio
Local Index BVA' Change in index (%)
IFC Global Index Number of stocks Share of market cap. (%)0 P/E ratio P/BV ratio Dividend yield (%) Total return index Change in total return index (04,)
Economic Data Grossdomesticproduct(US$) Change in consumer price index (%) Exchange rate (end of period) Exchange rate (average of period)
199 7
1996
1995
1994
1993
1992
1990
-
578.8500 584.8246
cap, IFCG market cap is not adjusted for cross holdings. Notes: Thebase date for the BVA Index is Dec. 1992=100. The base date for the IFCG Cote d'Ivoire Index is Dec. 1995=100. In calculating share of total market
1998 FACTBOOK
EMERGINC MARKcTS DAxAi BASI
273
Ecuador Market Performance Ecuadoran equities struggled in 1997 amid political uncertainty surrounding the interim government of President Fabio Alarcon, slow enactment of fiscal reform measures, and sluggish economic growth. A brief second-quarter rally failed to lift investor sentiment as the dollarbased IFCG Ecuador Index fell 8.7% for the second consecutive year. Overall, market capitalization grew
130 120110 . 100 * 90 -
9.4% from $1.9 billion in 1996 to
80-
$2.1 billion in 1997, with 1.3 billion shares trading hands. Consumer prices rose 31%, slightly
70
over the government's
60
year-end
target of 30%,
and GDP muddled along with growth of 3.3%.
N N
_
ro
The market started the year on a downward track, pressured by investor anxiety over a turbulent political and economic climate. Charges of government corruption and opposition to proposed reforms led to countrywide protests and a congressional vote to remove Abdala Bucaram from the presidency in February. Declining oil revenues, delays in the government's privatization of telephone company EMETEL, and a persistent fiscal deficit of 5% of GDP further dampened investor sentiment. Although Bucaram's successor, congressional leader Fabio Alarcon, pledged to restart the economy and address corruption problems, investors remained on the sidelines as the IFCG Index posted a 2.7% loss for the first quarter. News that Ecuador's economy expanded 3.2% year on year in the first quarter gave the market a much-needed boost in the second quarter. The IFCG Index posted its only quarterly gain of the year, a 7.5% hike, as share prices rose on optimism that rising private consumption would fuel economic growth through year's end. Equities rallied to their highest point of the year in 274
1998 F \CTBOOK
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a
a
a
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a
a
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IFCG Composite
May as the government recorded a trade surplus from January to April. International reserves climbed to a record $2.05 billion by the end of April, and the Ecuadoran sucre remained within the predicted exchange-rate band. Bolstering the market further was news that Alarcon gamered 65% support in a nationwide referendum on May 25 that made him interim president until 1998. Shares in Banco Popular and Banco Provisora were the biggest gainers in the quarter, rising by more than 20%. Despite rising prices of construction and manufacturing shares in July, stock market gains proved ephemeral as the index fell 2.2% in the third quarter. Among the factors contributing to the fall were slow progress in reducing the fiscal deficit, further postponements of the planned 35% privatization of telecommunication company EMETEL, and steadily rising inflation. Although economic order had been partially restored by Alarcon, political disagreements be-
N_
N
O
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a
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a
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-
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IFCG Ecuador
tween the administration and Congress prevented far-reaching structural reforms of the economy. While fiercely advocated by the IMF, attempts to cut social expenditures to reduce the government deficit were strenuously opposed by segments of the Ecuadoran Congress. Concerns over the country's capacity to meet its economic targets, electricity rationing, and public-sector strikes depressed the market in the final quarter. Electric rationing from low water levels at Paute, the country's principal hydroelectric power plant, caught businesses unprepared to adapt to irregular working hours and insufficiently stocked with alternative energy resources for production. On the political front, the Supreme Court announced in October that it would bring corruption charges against President Alarcon from his time in Congress. Share prices lost momentum, dropping consecutively throughout the quarter as the dollar-based IFCG Index closed down 5.6%. EN1LFRZGIN(, M\NRKETS DArTx B AS[
Ecuador Monthly Value Traded (US$millions)
Yearly Value Traded (US$ millions)
70
IFCGP/ERatio
500
60
(end of monthvalues)
16 14
450 12 400
50 350 40
10
300 250
30
6 200
20
1504
10
100
2
50 0 -FI
0~~~~~~~~~~~~~~00
-
BO
n
<
V
ciT0
0
>0
z
904
0
MonthlyMarketCapitalization (US$millions) 2,250
0
04
0
I
C EMERGIN
YearlyMarketCapitalization (US$millions)
0
-
0Z
444 275
ExchangeRate (sucres perU.S.dollar)
3,000 -2,750
......
2,000
3,000
1,750
2.500325 N
N
N
N
N>
N
Ns
N
N
N
N
N
1,500 2,000
3,500
1,250 3,750 1,000
1,500 4,000 -..............
..
750 1,000
4,250
500 250
4,500
500475 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~,5 0 0
1998 FAC
BOOK
~~
~
~
~
~
~
~~~4040
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04
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04~~~~~~~ CD 4
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4
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-
EMERGING1c MAIZKEhTSDATA BASL
D 40
275
Ecuador 1997 (currencyin millions)
IIJl
ALIg
5k2
Oct
N\D
41
41
41
41
41
41
41
8,546,661.0 2,181.4
8,654,549.0 2,174.5
8,954,927.0 2,208.4
9,080,706.0 2,212.4
9,101,873.0 2,198.7
9,232,536.0 2,165.7
9,315,952.0 2,152.1
9,481,380.0 2,127.8
11,070.0 2.9 0.1
44,028.0 11.2 0.5
33,783.0 8.5 0.4
64,274.0 15.7 0.7
58,661.0 14.2 0.6
81,001.0 19.0 0.9
54,791.0 12.7 0.6
263,754.0 59.2 2.8
203.7 4.5
191.0 -6.2
214.0 12.0
216.4 1.1
232.3 7.3
229.6 -1.1
226.1 -1.5
228.2 0.9
222.3 -2.6
217.5 -2.1
11 54.6 85.1 12.3 2.5 4.3 88.5 2.6
11 52.3 72.6 11.8 2.4 5.9 84.8 -4.2
11 54.8 91.2 11.( 1.8 5.2 92.9 9.4
11 54.1 86.5 10.9 1.7 5.9 91.9 -1.0
11 55.9 77.1 11.7 1.9 5.3 96.4 4.9
11 56.6 83.1 12.0 1.9 5.6 99.2 2.8
11 54.9 71.0 11.7 1.9 5.7 95.5 -3.7
11 54.8 64.3 15.1 1.9 5.7 94.0 -1.5
12 60.6 65.6 15.0 1.8 5.1 92.2 -2.0
12 59.0 25.6 14.8 1.8 4.9 88.8 -3.6
I'.ll
I ch
\l\I'
\rpt
\1,a\
42
42
40
41
7,912,430.0 2,136.4
8,001,390.0) 2,124.4
8,083,690.0 8,107,167.0 2,125.0 2,092.7
54,556.0 14.7 0.7
3,896.0 1.0 0.0
20,685.0 5.4 0.3
198.2 -0.3
194.8 -1.7
11 54.9 91.4 12.1 2.4 6.2 89.3 -2.7
11 53.6 251.3 11.9 2.4 6.4 86.3 -3.3
Dec
Number of Listed Companies Guayaquil
Stock Exchange
40
Market Capitalization' Insucres InUSdollars
Trading Value* Insucres InUSdollars Turnoverratio
53,741.0 13.3 (1.6
Local Index BVG* Change
in index (%)
IFC Global Index Numberof stocks Share of market cap. (%)* Share of trading value (%) P/Eratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%)
Exchange Rates Exchange rate (end of period)
3,703.57
3,766.39
3,804.00
3,873.96
3,918.00
3,980.00
4,054.98
4,104.50
4,139.72
4,263.1)10
4,328.7(0
4,456.00
Notes: The base date for the BVG Index is Jan. 3,1994=100. The base date for the IFCG Ecuador Index is Dec. 1995=100. Trading value figures combine the Guayaquil and Quito stock markets. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
276
Guayaquil Stock Exchange
Stock Exchange of Quito
IFC Correspondent:
EnriqueArosemena, DirectorGeneral Luis Alvarez, Director of Operations 9 de octubre 110 y Pichincha Guayaquil Ecuador Tel:(593-4)564-304,561-519 Fax: (593-4)561-871 http://www4.bvg.fin.ec/eng
DrErnesto Andrade Veloz,President Mr. Arturo Quiroz Riumallo,ExecutiveOfficer Av.Amazonas 540 y Carrion, Piso 8 Apartado17-01-3772 Quito3772 Ecuador Tel:(593-2)526-805,551-837 Fax: (593-2)526-048 http://www.ccbq.com
Filancasa de Valores Av.9 de Oct. 203 y Pichincha Piso 5 Guayaquil Ecuador Tel:(593-4)322-780ext. 2884 Fax: (593-4)321-349
1998 r \T I13001,
EmILR-,ING MAisRK is D IA BASL
Ecuador 1988-1997 (currency in millions; end of period levels)
I9SS
I'
I'!')0
Number of Listed Companies Guayaquil Stock Exchange
-
Market Capitalization In sucres InUSdollars
-
-
-
Trading Value In sucres InUSdollars Turnover ratio
-
-
Local Index BVGChangeinindex()
--
IFC Global Index Number of stocks Share of market cap. ('<)' P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate(endofperiod) Exchange rate (average ofperiod)
1
I ')
19')2
1')'3
19 94
1'995
I9')(i
I'17
65
142
145
40
42
41
-
128,828.0 69.4
2,171,559.0 1,097.9
5,664,301.0 2,496.4
7,680,973.( 2,631.4
7,062,168.0 1,945.5
9,481,380.0 2,127.8
-
-
-
266,491.9 137.3 23.2
1,060,951.0 482.7 27.1
600,789.0 234.3 9.0
384,070.0 120.4 5.2
744,240.0 186.1 9.0
-
-
-
-
174.6
154.4 -11.6
198.8 28.8
217.5 9.4
-
-
-
-
-
-
-
50.4 100.0 -
11 62.1 12.2 2.4 6.0 91.7 -8.3
12 59.0 14.8 1.8 4.9 88.8 -3.2
10,012 58.2 -
9,823 75.6 -
10,686 48.5 -
-
-
11,752 48.7 -
12,656 54.3 1,857.500 1,533.960
14,304 45.0 1,977.850 1,941.525
16,606 27.4 2,269.000 2,198.000
17,939 22.9 2,919.000 2,564.500
19,360 25.5 3,630.000 3,190.175
20,048 30.7 4,456.000 3,998.669
-
-
11
Notes: The base date for the BVG Index is Jan. 3,1994=100. The base date for the IFCG Ecuador Index is Dec. 1995=100. Trading value figures combine the Guayaquil and Quito stock markets. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACI BOOIK
EN1FRGI\G MARKLTS DAT \BASL
277
Ghana Market Performance The Ghana Stock Exchange (GSE) registered a mixed performance in 1997, with the IFCG Index falling sharply and the local GSE All Share Index moving strongly higher. Performance differences between the IFCG Index and the All Share Index were due to a weakening of the cedi and the poor performance of heavily capitalized Ashanti Goldfields. During the year the GSE All Share Index gained 41.9% while the dollar-based IFCG Index moved steadily lower, finishing the period down 32.4%. Stocks on the GSE moved down in January, when market
heavyweight
Ashanti
Goldfields
(AGS) fell sharply on investor weariness over the price of gold on world markets following a dramatic slide at the beginning of the year. Gold exports earn Ghana the bulk of its hard currency, followed by cocoa exports. In 1995, Ghana exported more than 1.6 million ounces of gold worth $650 million. AGS is the largest capitalized stock on the exchange, and it often helps move the market up or down along with its movements. In February, the release of the 1997 budget put the market in a positive mood, with the budget forecasting real GDP growth of 5.5% and an inflation rate of 15%. Bearish sentiment that had settled on the market since early 1996 began to lift in March and April and share prices moved higher in local currency terms. Banking and brewing blue chips gained during this period, along with AGS. But a sharp depreciation of the cedi against the dollar, canceled those gains and resulted in a negative returns over the two-month period. Although the GSE hit a record high in
278
1998 F \CTI00w11'
130 120 110
100 _
9(
So 70
60
N
N
_
O N
CO
N
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0)
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IFCG Composite
mid-May, profit-taking pulled the market down 3.6% as measured by the dollar-based IFCG Index. From June toSeptember, the market moved lower in small increments. At the end of June, the market was briefly stimulated by large trades in Social Security Bank, which reinforced speculation that the government was transferring its stake in the bank to the government-run Social Security National Insurance Trust. After that, investors waited on the sidelines for half-year performance results of companies. Analysts noted that investors were shifting the investments into government short-term and risk-free instruments that have high rates of fixed returns. In August, AGS reported a sharp drop in second-quarter profits despite an active hedging policy against gold prices. But in September the company bounced back amid continued wor-
a
a
a N
a
CO
CO
O
_ N
N
o 0)0)0)
0
a,
IFCG Ghana
ries about oversupply on world gold markets. Market sentiment rose in September because of diminishing fears of inflation. Local analysts regarded the market as being undervalued. While most other markets around the world were hurt by the Asian financial crisis, the GSE rose to record levels on low turnover in October, with the IFCG jumping 5.9% in dollar terms. Although the stock market struggled in November to lure investors from the money market, analysts noted an increase in local participation because of attractive market price-to-earning ratios. Bearish gold prices, however, sent AGS shares spiraling down, which caused the IFCG Index to sink 10% while the local All Share Index rose 6.1%. At the end of the year, AGS slid sharply again, helping cause the largest one-day drop in the GSE's eight-year history. AGS's fall was due to declining gold prices and forecasts of long-term weakness in the metal.
EmiL(',iNI. MA.I
TS D \T \ B \SV
Ghana MonthlyValue Traded (US$ millions)
YearlyValue Traded (US$millions)
25.0
IFCGP/ERatio (end of monthvalues)
80
16-
70
14
60
12
50
0
20.0
15.0
8 4010.0 6 30 45.0
20 210 0.0 -,L
0~~~~~~~~~~~~~~~~~~~~ -
C
.
MonthlyMarket Capitalization (US$ millions)
YearlyMarketCapitalization (US$ millions) 2,000
1,500
1,600
1,800
1,600
1,600
1,700
1,400
1,800
1,200
1,900
1,000
2,000
800
2,100
1,200
a
0
ExchangeRate (cedis per U.S.dollar)
1,800
1,400
0
1,000 800 6 0600
2,200................
400
2,300 400
200
2,400 200
0
2,500f
0
1998FACTBOOK
0
0
0
-0
0
000
EM~~~~~~~~~~~~~~~~~~~~~~~~E\iRGING MARKET's DATA BASE
,
279
Ghana 1997 (currencyin millions)
I.tL)
LI11 I
!'
21
21
21
21
2,686,680.0 1,536.3
2,736,500.0 1,533.2
2,763,360.0 2,801,000.0 1,444.4 1,462.1
Al \U.c
p)
t)Ct
1l
J11 ill
21
21
21
21
21
21
2,833,650.0 1,400.7
2,875,840.0 1,367.4
2,841,150.0 1,309.7
2,836,670.0 1,297.1
2,770,010.0 1,251.6
2,950,760.0 1,322.3
Not\
Dc'.
Number of Listed Companies Ghana Stock Exchange
21
21
Market Capitalization Incedis InUSdollars
Trading Value Incedis InUSdollars Tumoverratio
3,247.6
36,510.2
426.1
10,288.3
4,826.6
7,041.2
3,909.9
11,886.6
3,725.1
2,669,060.0 2,552,780.0 1,137.8 1,193.1
10,587.6
1,482.8
1,907.0
5.4 0.4
1.7 0.1
4.7 0.4
0.7 0.0
0.8 0.1
390.5 1.3
418.1 7.1
452.2 8.2
490.8 8.5
520.9 6.1
511.7 -1.8
8 94.6 95.7 13.1 2.4 3.9 69.5 -1.9
8 94.6 87.5 13.0 2.4 4.2 66.9 -3.8
8 93.6 25.8 12.8 2.3 3.2 65.4 -2.3
8 92.8 63.4 12.5 2.3 3.2 62.8 -3.9
8 93.0 12.2 13.3 2.4 2.9 66.5 5.9
8 92.0 40.2 12.0 2.2 3.3 59.8 -10.0
8 91.1 39.5 11.4 2.1 3.4 56.5 -5.6
2,103.14
2,169.32
2,186.86
2,213.1()
2,237.14
2,243.64
1.9 0.1
20.5 1.3
0.2 0.0
5.3 0.4
2.4 0.2
3.3 0.3
346.7 -3.9
359.0 3.5
363.0 1.1
37(0.8 2.1
381.2 2.8
385.3 1.1
8 94.5 87.2 13.5 2.4 4.2 74.1 -1.7
8 94.7 98.0 10.8 2.7 4.0 73.4 -1.0
8 94.1 46.7 12.9 2.4 4.0 70.9 -3.5
1,890.05
1,939.23
2,023.09
1.8 ().1
Local Index GSE All Share' Change in index (%)
IFC Global Index Number of stocks Share of market cap. ('/O)" Share of trading value (%) P/E ratio P/BV ratio Dividend yield ('Y,) Total return index* Change in total return index (%)
Exchange Exchange
8 84.0 94.6 11.0 2.5 3.9 75.2 -7.2
8 94.0 99.4 13.3 2.4 3.7 75.4 (0.3
Rates rate (end of period)
1,748.82
1,784.78
2,231.46
Notes: Thebase date for the GSE All Share Index is 1990-93=100. Thebase date for the IFCG Ghana Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
280
Ghana Stock Exchange
IFC Correspondent:
Mr.Yeboa Amoa, Managing Director Dr.F.D.Tweneboa, General Manager 5th FloorCEDI House LiberiaRoad, P.O. Box1849
Gold Coast Securities Ltd. 350 Nima Avenue North Ridge Accra Ghana
Accra Ghana Tel: (233-21) 66-9908, 66-9914, 66-9935 Fax: (233-21) 66-9913
Tel: (233-21) 22-5155, 22-6310 Fax: (233-21) 77-7380
1998 F \( i mm,s
ENii wi\.
M x\iz is D \i x B \sr[
Ghana 1988-1997 (currencyin millions;end of periodlevels)
1988 Number of Listed Companies Ghana Stock Exchange
1( '
19t997
1]994
199)
15
17
19
21
21
43,753.0 84.1
96,514.0 118.4
1,968,400.0 1,872.9
2,399,020.0 1,648.8
2,597,210.0 1,492.5
2,552,780.0 1,137.8
173.5 0.4 0.5
3,177.9 4.8 4.5
73,088.1 75.1 7.1
27,590.6 22.3 1.3
27,785.1 17.0 1.1
95,839.0 46.7 3.7
1992
1'9)92
199)
199 1
-
-
13
15
29,600.0 75.8
1(04.7 0.3 -
19S'
Market Capitalization In cedis In USdollars
-
-
-
Trading Value Incedis In USdollars Turnover ratio
-
-
-
Local Index GSE All Share* Change in index ('%.)
-
-
-
-
79.1 -
170.8 115.9
371.7 117.6
298.1 -19.8
360.8 21.0
511.7 41.8
-
-
-
-
-
-
-
-
8 98.7 -
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
8 93.3 11.8 2.7 3.7 81.1 -18.9
8 91.1 11.4 2.1 3.4 56.5 -30.3
6,180 74.3 1,455.000 1,237.167
6,344 34.0 1,740.225 1,633.574
-
IFC Global Index Numberofstocks Share of market cap. (O/,)* P/E ratio P/BV ratio Dividend yield (%) Total return index. Change in total return index (%) Economic Data Crossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate(cndofperiod) Exchange rate (average of period)
-
--
-
-
-
-
-
-
-
-
-
-
5,195 31.4 -
5,249 25.2 -
5,886 37.3
6,600 18.1 390.630 367.830
6,413 10.0 520.000 438.167
5,662 25.0 815.000 661.967
-
-
-
5,174 24.9 1,051.01()( 973.750
2,243.635 2,051.569
Notes: The base date for the GSE All Share Index is 1990-93=100. The base date for the IFCG Ghana Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACI BOOK
ENl IT;(I\( MA;KF
\ BASi DTSAT
281
Jamaica Market Performance Strong third- and fourth-quarter performances lifted the Jamaican stock market to a second consecutive year of gains, with the dollar-based IFCG Index rising 7.2% while the local index gained 8.9% in Jamaican dollar terms. Falling interest rates and the lowest inflation rate in more than seven years propelled the market through the year despite a significant level of business foreclosures and a drought that affected the island for most of the year. Government bailouts of troubled banks and insurance companies by FINSAC (Financial Sector Adjust-j-0 ment Co.) also contributed to restoring market
confidence by year's end. Efforts to establish harmony among the Caribbean's four existing Barbados, exchanges-Bahamas, stock Trinidad and Tobago, and Jamaica-continued in 1997, with improvements in computerized trading systems and technical aid from the Inter-American Development Bank and the Caribbean Development Bank. The market began the year on a negative note as ongoing troubles in the insurance and financial sectors translated into a lack of investor confidence in equities. While low interest rates sparked trading activity in February, fears over rapid growth in the money supply and uncertainty over FINSAC's initial plans to rescue struggling financial institutions combined to depress the IFCG Index 8.9% in the first quarter. Bank and insurance shares in particular suffered losses because of the possibility that anxious depositors would withdraw large sums from the domestic banking system. Declining first-quarter exports for two of the country's and alumithree principal exports-bauxite equities lower. num-pulled 282 1998F xCTIBOOK
140
130 120(-
.
110
M 9() 80
.
70
r-
o)
N
N
0I
N
N. N
C
oN CO o N
-
C
o
a
m N
N m
C
a N
N
.
O
-
N
C aQ
1
a
C
a
aC
aN
aN
N
N
N
N
N
N
FOGComposite
The market entered the second quarter on a dismal note as the IFCG Index posted its heaviest loss of the year in April. Weighing down investor sentiment was a current account deficit approaching 5% of GDP and news that interest payments on the public sector debt had reached 14% of GDP from April 1996 to March 1997. Despite this, the market showed modest signs of a recovery in late April as interest rates on Treasury bills fell to 16.3%. In May, trading activity increased, with value and trading volume reaching yearly highs of $19.9 million and 100.6 million shares, respectively. In the third quarter, the IFCG Index gained 3.9% Ciboney, Lascelles, as index constituents Trafalgar, and Grace posted double-digit gains, Financial-sector reforms continued with estimates that government bailouts would cost Jamaican taxpayers $845 million. September was the only month posting a decline in the IFCG Index. Market watchers attributed part of the losses to news that a new World Trade Organi-
C C
N
a
) ax
m
N
C C
-
N
N
C 0) C
N
-
C
C
-
N
N
-
C
-
N
N
CD
FOGJamaica
zation ruling would give U.S.-owned banana companies in Latin America open access to European markets to the detriment of small-scale Caribbean producers. Also affecting the market was a U.S. congressional vote against North American Free Trade Agreement trade parity for Caribbean Community (CARICOM) members that would hurt Jamaican garment and assembly industries. CARICOM is a 14-member country organization geared toward regional Caribbean integration. Equities surged in the last quarter of the year on FINSAC's continuing successes. In October, the agency took on the ailing tourism group Ciboney and in November acquired Jamaica Mutual Life's 45% stake in the country's largest commercial bank, National Commerce Bank. The latter acquisition gave the government ownership of approximately 60% of the assets of the local banking system, further bolstering much-needed investor confidence in the government's cleanup efforts. The IFCG Index gained consecutively through the quarter closing up 8.9%. EN¶ I\c
M xRKFIS DXr B -vi
Jamaica IFCGP/ERatio
Yearly Value Traded (US$millions)
Monthly Value Traded (US$ millions) 20
450
c
18
(end of month values)
10 9
400
16
350
7
300
6
250
5
10 2004
uK 6
1 503
* l
4 2
1002
~~~~~~~-Mmmmm
0
50
AEEEEE~
2
C 25 0
0
3
0
0
Co
Co
Co
Co
o(
N
0
0
0
0) N
N
N
-
N
o
O°
)
.. ..
(0
C
0'
0)
'0 0
0
2
3~~~~~~~~~~~~~~~,500
2,250 19980 FACTBOOK 0 0 1202,000
0
0
°
-
.'
CO
O
Co
Co
EM
N
M
D
30
1,000
1~~~~~~~~~~~~~~~,50003 3
1750 500~~~~~~~~~~~~~~~~~,0 1,500~~~~~~~~~~~~~~~~~503 250~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~3 ~~~ 0
~~~~~~~~~~~~~~~~33
750~~~~~~~~~~~~7 0 0 W 250z
1998 FACTBOOK
~
50
3
EmLKGINGMARKE-isDATABAL;r
283~
Jamaica
1997
(currencyin millions)
Number of Listed Companies Jamaica Stock Fxchange Market Capitalization InJamaicadollars InUSdollars Trading Value InJamaicadollars In US dollars Tumoverratio
o\
I LI:
liil
Aug
',up
)Ct
49
49
49
49
49
49
49
49
59,350.5 1,673.6
61,636.6 1,748.1
61,406.5 1,736.1
65,172.4 1,837.3
72,478.8 2,032.6
72,147.7 2,011.1
73,244.4 2,038.0
74,888.0 2,090.8
79,619.6 2,205.9
89.5 2.6 0.1
78.7 2.2 0.1
791.5 22.4 1.3
74.5 2.1 0.1
118.7 3.3 0.2
89.6 2.5 0.1
133.1 3.7 0.2
129.2 3.6 0.2
237.9 6.6 0.3
292.9 8.1 0.4
16,987.2 -2.0
16,149.5 -4.9
14,914.9 -7.6
15,489.4 3.8
15,431.6 -0.4
16,378.0 6.1
17,957.5 9.6
17,875.4 -0.5
18,147.1 1.5
18,554.3 2.2
19,846.7 7.0)
22 78.6 95.2 9.0 1.1 9.0 154.5 6.5
22 78.2 98.2 8.3 1.0 9.3 149.7 -3.1
22 77.3 95.9 7.7 0.9 9.6 141.3 -5.6
22 75.5 96.8 7.1 0.9 11.0 126.4 -10.5
22 76.1 76.5 7.() 0.9 10.4 134.2 6.2
22 74.2 94.3 6.8 0.8 10.7 130.0 -3.2
22 75.5 94.0 9.1 0.9 10.1 137.6 5.9
22 72.7 92.5 9.2 1.0 3.6 147.2 7.0
22 71.7 79.6 7.9 1.0 3.6 144.0 -2.2
22 72.1 95.9 8.6 1.0 3.7 146.9 2.0
22 70.9 96.1 8.7 1.0 3.6 151.9 3.4
22 71.1 97.4 8.8 1.1 3.8 161.5 6.3
34.7220
35.0639
34.9561
35.4638
35.3700
35.4716
35.6588
35.8752
35.9389
35.8182
36.0937
\hl\l
Ap
1011
lIh0P
49
49
49
49
68,962.9 1,986.1
67,596.7 1,927.8
64,263.3 1,838.4
150.1 4.3 0.2
505.7 14.4 0.7
17,342.6 4.4
I a
l)eC
Local Index JSEP Change
in index (°/,)
IFC Global Index Number of stocks Share of market cap. (O/,,)0 Share of trading value (V,) P/E ratio P/BVratio Dividend yield (0/0) 0 Total return index Change in total return index (%o) Exchange Rates Fxchange rate (end of period)
35.2600
Notes: The base date for the JSE Index is June 30, 1969=100. The base date for the IFCG Jamaica Index is Dec. 1995=100. In calculatinig share of total market cap, IFCG market cap is not adjusted for cross holdings.
Jamaica Stock Exchange Mrs. R. Humphries-Lewin. Chairman Mr. C. Wain Iton, General Manager 40 Harbour St. P.O. Box 1084 Kingston Jamaica Tel: (809) 967-3271, 967-3272 Fax: (809) 967-3277 http://www.jamstockex.com
284
1998 Fx\( Iio)oK
IFC Correspondent: Barita Investments Ltd. 15 St. Lucia Way Kingston 5 Jamaica Tel: (809) 929-8433 Fax: (809) 929-8432
EN1FRGINGMx RKi TS D \T
B ASF
Jamaica 1988-1997 (currencyin millions;end of periodlevels)
I ') Number of Listed Companies Jamaica Stock Exchange Market Capitalization InJamaicadollars In US dollars Trading Value InJamaicadollars InUSdollars Turnover ratio Local Index JSE* Change in index (/,,) IFC Global Index Numberof stocks Share of market cap. (%)P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%) Economic Data Gross domestic product (US$) Change in consumer price index (%) ExChangerate(endofperiod) Exchangerate(averageofperiod)
81
SI'X)
44
I 9)'))
1 ')9 9
45
44
44
48
50
50
51
46
49
4,290.0 795.8
6,200.0 956.8
7,320.0 910.7
22,215.0 1,033.6
76,974.3 3,227.4
41,879.3 1,469.4
58,018.1 1,752.7
50,755.8 1,270.4
66,116.3 1,887.3
79,619.6 2,205.9
136.7 24.9 3.5
516.0 89.8 9.8
230.0 32.0 3.4
1,157.0 95.5 7.8
4,678.3 386.1 6.1
8,346.8 336.3 14.0
5,155.5 157.6 10.3
11,560.4 340.7 21.3
1,435.7 38.5 2.5
2,691.3 75.9 3.7
1,439.2 -5.0
2,075.8 44.2
2,539.4 22.3
7,681.5 202.5
25,745.9 235.2
13,099.7 -49.1
16,676.7 27.3
14,267.0 -14.4
16,616.0 16.5
19,846.7 19.4
-
-
-
-
-
-
-
-
-
-
22 82.3 -
-
22 77.7 8.5 1.0 9.3 145.1 45.1
22 71.1 8.8 1.1 3.8 161.5 11.2
4,426 26.4 35.0328 37.2774
9.2 36.0937 35.4740
-
I ')'I 2
Y').4
-
I
t)'
1
')')9
I
1
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
3,545 8.3 5.3910 5.4886
4,073 14.3 6.4800 5.7446
4,248 22.0 8.0380 7.1840
3,706 51.1 21.4925 12.1159
3,191 77.3 23.8500 12.1159
3,915 22.1 28.5000 24.821)0
3,908 35.1 33.1030 32.7042
4,149 19.9 39.9520 33.9325
1) ( 7)
(I'
-
Notes: Thebase date for theJSE Index isJune 30,1969=100. The base date for the IFCG Jamaica Index is Dec. 1995=100.In caIculating share of total market cap, IFCG market cap is not adjusted for cross h1oldin1gs.
1998 FACTIBOOK
EwI-,i.I\c.
MARKL IS DA r\ B \si
285
Kenya Market Performance After registering solid gains through May, Kenyan equities entered a bear market period that lasted through year's end, leaving the dollar-based IFCG Index with a loss of 32.4%. Active foreign selling, a plummeting currency, political violence, and news that the IMF had suspended the country's structural adjustment facility depressed share prices. For the year, the shilling-based Nairobi Stock Exchange Index rose 41.9%.
140 130
120
I 11\ _
100
90
8070 60
In January, higher foreign institutional demand and expectations of better earnings and lower interest
rates lifted the IFCG Kenya
lndex by
17.8%. Mutual fund managers turned to equities amid expectations of falling interest rates. Short-term speculation over annual earnings results, ahead of their mid-February release, was a major driving force behind the rally. Foreign demand helped sustain gains in February, although gains were much more modest in light of disappointing year-end earnings results from the finance and banking sector. Moderate profits were blamed on the sluggish economy because of an East African drought and heavy corporate investment in restructuring. Profit-taking ensued in March, depressing the IFCG Index by 8.6%. During the period, Kenya's securities commission said it would review its restrictions of foreign portfolio investment, indicating that it might boost the 40% limit. It also announced a three-year plan for the exchange to adopt an electronic trading system. The securities commission indicated it would address pressing problems of clearance and registration of shares by creating a central depositorv system. Trading remained lackluster in April and prices drifted slightly lower. 286
1998 F \CiBoo,
t -X
N
0Z
o
O
O
Nt , N~N
CO
01
N
O
o
O
o
o
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a
a
a
a
a
a)
m
a)
O
a
IFCG Composite
The rally resumed in May with an IFCG Index gain of 8.1%. Kenya Power generated buying interest on speculation that the stock was undervalued. Budget announcements in June and a general election scheduled for later in the year sparked caution among some investors. A full-fledged bear market took hold in June, and negative results were posted in six of the year's seven remaining months. Despite continued foreign buying in June, the market moved lower following disappointment over the coming year's fiscal budget. The market slumped to its lowest level of the year in July amid foreign selling, a plummeting currency, and political violence. News that the IMF had suspended the country's structural adjustment facility because of concerns over a financial scandal proved to be a major concern in the months ahead. Pre-election violence and signs of an economic recession further dampened enthusiasm for eq-
_
a
N a
a
CO
O)
O
0
N
N a
0 a
, ,
O
O .-
,
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-
N
I O
,0
N
a
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O
a,
IFCG Kenya
uities in August. The shilling continued to falter despite the resumption of talks between the government and IMF. Stock prices rebounded slightly in September, thanks to sharp gains in agriculture stocks and stability in the shilling, but the same negative factors - concerns about the upcoming elections and the withdrawal of foreign investors-continued to weigh down sentiment. Asian market turmoil played a small role in October, although the Kenyan market continued to lose ground from election anxieties and from the shifting of funds from equities to high-yielding Treasury bills by institutional investors. In November, election anxieties prevailed, and the IFCG Index dropped another 6%. The presidential elections in late December failed to spark a rally, although increasing optimism over the economic outlook followed a positive economic report from the central bank. Analysts, however, remained concerned about the budget deficit and its possible impact on interest rates and economic growth. E¶uzl;;ING
MxRKLNTsDXTA BAsE
Kenya IFCGP/E Ratio (end of month values)
Yearly Value Traded (US$ millions)
Monthly Value Traded (US$ millions)
16
9.0 1 20 14 12
1100
1:0
80
8.5
-
8.0 8 60 675 40 4 7.020
0
0
LL
<E0
__6.5
05
G
millions) ~~~(US$
N)
N)
C
0
ExchangeRate (shillings per U.S.dollar)
(US$millions) 0
~~~~~~~~~~~~~~~3,000
2,000 N
C
~~~~~~~ ~ ~ ~~3,500
2,500
0-
0
YearlyMarketCapitalization
MonthlyMarketCapitalization 2,500
O
N-
2,000~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2 o N N N_ N< N N-
N
N-
1
~
CC
10
CD
N-
N
,
90
c
2,500
1,5oo
30 2,000
1,000
. ....
1,500
5
1,000
60 -..
... .
500 70
500
80
0 O 04LL
1998 FA\CTBOOK
10
C,
0
.5 ,
~ ~~0)73 S
C. CC
S
0
)
C0 '
'
CD05 C '
CD 0) 0
05 --
0) C
0) 0
'
~~~~0 J15
0 (O 05 0
0) )
0) ) -0
0
C
)~
140
~
0 0
0 )0
EMERGING
0
0
OmJ 0
)~
MARKETs
Om
0
a'
0
m
0)
DATA
JN OS
BASE:
m
2S7
Kenya 1997 (currencyin millions)
Number of Listed Companies Nairobi Stock Exchange
I.ui)
1 tle
\1.ai
\i',-
56
56
57
57
Market Capitalization
Jnshillings InUSdolLars Trading Value hnshillings InUSdollars Tumoverratio Local index NSE* Change in index (%) IFC Global Index Numberofstocks Share of market cap. (o/o)* Share of trading value (%) P/E ratio P/BVratio Dividend yield ('/O) Total return index* Change in total return index (%) Exchange Rates Exchange rate (end of period)
58
58
ui ().t
\LI
59
58
58
I)ec
N\
58
58
10)8,813.4 114,181.3 1,824.0 1,712.2
123,423.7 2,309.1
124,692.9 2,294.3
123,703.5 2,096.7
125,716.7 1,926.7
123,359.9 1,989.7
118,624.6 1,855.0
669.7 12.3 0.6
464.0 8.4 0.4
541.1 10.1 0.4
753.8 13.9 0.6
551.8 9.4
0.4
427.9 6.6 0.3
493.6 8.0 0.4
387.3 6.1 0.3
342.8 5.4 0.3
336.6 5.4 0.3
3,474.0 -0.1
3,354.0 -3.4
3,394.6 1.2
3,460.5 1.9
3,350.4 -3.2
3,466.9 3.5
3,403.2 -1.8
3,447.4 1.3
3,314.8 -3.8
3,0)46.6 -8.1
3,115.1 2.3
17 86.7 86.0 7.8 1.7 9.2 119.3 1.0
17 81.4 83.1 7.6 1.7 8.4 117.3 -1.6
17 81.3 86.6 7.6 1.6 8.8 119.1 1.6
17 79.9 81.3 7.9 1.7
17 79.4 90.1 7.9 1.7 7.7 125.6 -2.3
17 80.3 84.7 7.9 1.7 8.0 116.8 -7.0
17 77.2 64.1 8.9 1.6 9.1 105.2 -9.9
17 77.1 75.7 8.9 1.6 8.3 110.0 4.6
17 77.5 78.3 8.6 1.5 10.3 104.8 -4.7
17 77.9 88.7 8.0 1.4 11.1 99.1 -5.4
17 80.2 86.2 7.9 1.5 10.5 98.3 -0.8
54.9500
54.6500
55.2500
54.3500
59.0000
62.0000
63.9500
63.5500
62.6000
111,573.0 2,030.4
522.9 9.6 0.5
634.1 11.5 0.6
3,476.7 11.6
54.7000
58
lI
114,524.7 115,225.5 2,085.5 2,095.6
109,844.0 2,008.1
17 85.9 81.4 7.7 1.7 9.3 118.1) 18.5
1tll n:.1\
8.5 128.6 7.9 53.450)0
65.251)1)
market cap,IFCGmarket cap is not adjusted for cross holdings. Notes:The base date for the NSE Index is Jan. 1,1964=100.The basedate for the IFCGKenyaIndexis Dec.1995=100.In calculating share of total
NairobiStockExchange P.O.Box43633 lst F., NationCentre Nairobi Kenya Tel:(254-2) 230-692 Fax: (254-2)224-200 http://www.africaonline.co.ke/stockexchange.bin
288
1998FAC1OIuK
IFC Correspondent: LoitaAssetManagementLtd. 16thFloor,AmbankHouse UniversityWay Nairobi Kenya Tel:(254-2)219-015, 219-033 Fax:(254-2)218-992
ENfLRGI\(, MARKI PSD \TA B \SE
Kenya 1988-1997 (currency in millions; end of period levels)
1988 Number of Listed Companies Nairobi Stock Exchange Market Capitalization Inshillings InUSdollars Trading Value In shillings In USdollars Turnover ratio Local Index NSE* Change in index (%) IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in total return index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriccindex(%) Exchangerate(endofpenod) Exchange rate (average of period)
1989
199)'3 1
1 9)
1 9 93
19Y2
1'3395
14
1)997
1'9f)
55
57
54
53
57
56
56
56
56
58
8,674.0 473.6
10,780.0 499.1
10,902.0 452.7
12,706.0 452.6
23,063.0 636.8
72,395.0 1,059.9
136,831.0 3,081.8
105,527.0 1,886.1
101,539.8 1,846.2
114,181.3 1,824.0
-
-
235.0 1(0.3 2.2
302.0 11.0 2.6
384.0 11.9 2.1
825.2 14.2 1.7
3,076.0 62.1 2.9
3,348.8 65.1 2.8
3,835.3 67.1 3.7
6,125.6 104.4 5.7
-
-
-
858.6 16.8
815.8 -5.0
915.3 12.2
958.3 4.7
1,167.3 21.8
2,513.7 115.3
4,559.4 81.4
3,468.9 -23.9
3,114.1 -10.2
3,115.1 0.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16 78.7 -
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
17 78.5 6.6 1.5 10.3 99.6 -0.4
17 80.2 7.9 1.5 10.5 98.3 -1.3
8,519 11.2 18.3139 17.7400
8,341 12.9 21.6010 20.5725
8,533 15.6 24.0840 22.9150
8,043 19.8 28.0741 27.5079
7,951 29.5 36.2163 32.2170
5,520 45.8 68.3060 58.)0()1(
6,810 29.0 444000 49.5000
8,960 (1.8 55.9500 51.4300
9,222 8.8 55.0000 57.1456
62.6000 58.6641
-
-
-
-
Notes: The base date for the NSE Index is Jan. 1, 1964=100.The base date for the IFCG Kenya Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
. BASI ENR\14GINGMARKF1 S DATA
289
Lithuania Market Performance Lithuanian equities ended the year with modest gains, but the Asian financial crisis took its toll. For the year, the dollar-based IFCG Index gained 8.7%, while the local National Stock Exchange of Lithuania's LIT-N Index rose 40.3% in lita terms. Lithuania posted sharp gains in January, with the IFCG Index rising 36.1%. But profit-taking in February deflated the index 10.7%. The market bounced back in March as many Western emerging market funds and neighboring Baltic countries added Lithuanian
shares to their port-
folios. The government agreed to approve a list of companies for the auction block in an effort to speed up economic reform and privatization. Among the companies slated for privatization are the national airline (49%), Lithuanian Oil, Lithuanian Sea Shipping, and the State Commercial Bank. Selling pressures in international equity markets and losses across Eastern European markets pulled down the IFCG Index 6.5% for April. Then in May and June, the market stayed in a slump with the IFCG Index lagging 2.5% and 2.2%, respectively. The board of the stock exchange decided to lift restrictions on price fluctuations in block trades, which sparked several block trades during May. Previously, block trades in shares of companies on the "A" list were not permitted if prices moved 10% above or below their prices on the central market. The fluctuation limit for most other shares was 20%. Over the summer, the Lithuanian market cast off its doldrums, with the IFCGIndex rising 7.0%
290
1998 FACTI300K
180
140 120 -
8xo 60
N
N
N
r10
~ ~N ) N)
M
~
-
-
2 °0
00
0
0N
(N
(N _
~ (N0 (N N
0 (N-
0N
°0 (
0
N
a
0
(NN
m
IFCGComposite
in July and 13.6% in August. Two companies helping to fuel the surge were Rokishkis Cheese and Vilniaus Bank, which posted solid semiannual earnings results. The rise was spurred by foreign investors who were attracted to the official list of companies. Both Rokishkis Cheese and Vilniaus Bank are on the stock exchange's official list, which includes companies with proven track records and transparency. The market simmered down in September and October, with the IFCG Index falling 1.2% and 4.8%, respectively. Falling prices in international markets and other Baltic states pulled down the stocks of many Lithuanian companies, including Hermis Bankas, Rokiskio Suris, and Ragutis. In privatization news, the government chose Paribas Banque as the adviser on the privatization of Mazheikiu Nafta, the only oil refinery in the Baltic states.
'O2 N
0 (N l
0
N (N N
0
co 0 co C 0
(N
(N-
0
(( 0 C (N ( 0N N N
0 ( N
0
0
-
N N
(N
(
0N
N
0N
CM
(N
N
(
0N
IFCGLithuania
November and December were difficult months for the Lithuanian stock market. In November, prices plunged 14.2%, registering their biggest losses since April. Record losses in neighboring Estonian triggered more selling in Vilnius, which lacks institutional investors. By the end of the month, however, interest from local investors increased as the lowest prices of the year stimulated buying. In December, prices fell another 6.0%. The Bank of Lithuania said preliminary data put the current account deficit between 5.8% and 6.2% of GDP in the third quarter. The current account deficit in the first nine months reached 2.38 billion litas ($594 million). The deficit raised concerns that the country could fall prey to currency speculators, but little pressure has been exerted on the lita.
Evii
MA(. M IK.IiuAts Di\i
,\ BASL
Lithuania Yearly Value Traded (US$ millions)
Monthly Value Traded (US$ millions)
16
~~~~~~~~~~~~~~~250
35
IFCGP/E Ratio (end of month values)
14 225
30
200
12
175
10
150
8
25
20
125 6
15 1 00
4 75
10
502
N.A.
5 0
25
<0
n~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C
o)nZC
Yearly Market Capitalization (US$ millions)
Monthly Market Capitalization (US$ millions)
* 1,400 Oa C
*I
fl
E
N200 N2,0003
N-
0,,
a C
N
N1
Oc
a
cc
N
)
a
a
-D
-
a ) a. O
'
N
) O
a S
N-
1,600
1,200
1,400
O
G
a
C
i
N-0
2000
\
N-
Oc
a
IIIIItIIUL
1,600~~~~~~~~00
z
600 1,400
1,200
3.9 .
c
t
0 = S S.\
S
c)
N-
N
\ S\ \ \\S \\ S.S=
<_
.-,
\\.
N-
\
0)
O
O n
OONF
ONN
0
4
1,8~~~~~~~~~~~~~~~~00
1,800
699
a} |1,400
. . .
..
1,60038
1 800
N
--N- --
3 .77-
2 ,0 0 0
1
Exchange Rate (litas per U.S. dollar) N
U
4.2 3.9~~~~~~z
E
G
.. .... M
T
D
291
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~41 4.0EGIGARLTDTAA,T
9
Lithuania 1997 (currencyin millions)
N.Lir
pr
\1I'v
468
470
482
484
5,919.() 1,478.6
5,239.0 1,308.8
5,892.0 1,471.9
5,726.0 1,43().4
98.0 24.5 2.1
35.8 8.9 0.6
45.9 11.5 0.8
72.3 18.1 1.2
2,449.6 84.5
1,993.5 -18.6
2,290.2 14.9
31 22.5 62.2 -29.6 1.7 0.9 257.2 37.9
31 25.1 51.8 -26.3 1.7 0.8 234.5 -8.8
4.0030)
4.0030
.l n
Number of Listed Companies National Stock Exchange Market Capitalization Inlitas hnUSdollars Trading Value In litas hnUSdollars Turnoverratio Local Index LfT-N* Change in indcx (%) IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/Eratio P/BVratio Dividend vield (%) Total return index* Change in total return index (%) Exchange Rates Exchange rate (end of period)
460
FcLh
oct
I
LiIA 4
5.cp
516
524
541
561
561
587
607
5,200.0 1,299.0
5,550.0 1,386.5
6,866.0 1,715.2
7,325.0 1,829.9
7,238.0 1,808.1
6,341.0 1,573.4
6,824.0 1,693.3
49.9 12.5 0.9
36.3 9.1 0.7
70.0 17.5 1.3
135.1 33.8 2.2
89.3 22.3 1.3
105.6 26.4 1.4
110.1 27.3 1.6
110.7 27.5 1.7
2,002.9 -12.5
1,764.5 -11.9
1,668.6 -5.4
1,714.4 2.7
2,069.9 20.7
2,216.4 7.1
2,175.6 -1.8
1,910.9 -12.2
1,862.9 -2.5
31 23.8 51.6 -31.1 1.7 1.0 248.8 6.1
31 29.7 25.7 10.1 1.7 0.8 233.1 -6.3
31 31.4 37.6 9.8 1.6 0.8 227.2 -2.5
31 32.0 86.7 9.8 1.6 (1.8 222.2 -2.2
31 32.0 59.8 11.0 1.8 0.8 237.9 7.0
31 32.2 73.4 13.9 2.3 0.6 270.1 13.5
31 29.9 74.3 11.7 2.1 0.6 266.8 -1.2
29 68.6 36.4 2.8 0.7 0.8 217.7 -14.2
29 60.5 35.0 8.0 1.0 0.8 204.7 -6.0
4.0030
4.0030
4.0030
4.01130
4.0030
4.0030
4.0030)
4.0300
4.0300
5,279.0) 1,318.8
L1i
31 28.9 35.4 11.2 2.11 0.7 253.8 -4.9 4.0030
Nu\
Dec
Notes:The base date for the LIT-NIndex is Dec.1995=1,000.The base date for the IFCGLithuania Index is Dec.1995=100.In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
NationalStockExchangeof Lithuania Mr. RimantasBusila,Chairmanof theBoard Ukmerges41 Vilnius Lithuania2600 Tel:(370-2)723-871 Fax: (370-2)724-894 http://www.nse.lt
292
I998FNc ii(u)k
IFC Correspondent: VilfimaFinancialBrokerageCompany 41-602UkmergesSt. Vilnius Lithuania Tel:(370-2)724-259 Fax: (370-2)724-279
ENIINc;
M \I(Kt l',lDR1A B,sv
Lithuania 1988-1997 (currencyin millions;endof periodlevels)
1989
1988 Number of Listed Companies National Stock Exchange
-
1991
-
-
-
-
13
351
460
607
-
165.0 4.1
630.0 157.4
3,603.8 900.3
6,824.0 1,693.3
-
27.0 6.8 -
148.4 37.1 37.3
187.6 46.9 8.9
959.1 239.4 18.4
-
1,000.0 -
1,327.5 32.8
1,862.9 40.3
31 78.5 -
31 27.6 -23.9 1.2 1.2 186.5 86.5
Market Capitalization Inlitas In USdollars
-
-
-
-
-
TradingValue Inhitas In USdollars Turnover ratio
-
-
-
-
-
Local Index LIT-N* Change in index(%)
-
-
-
-
-
-
-
-
-
-
-
IFC Global Index Number of stocks Shareof market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total return index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%)Exchangerate (end of period) Exchange rate (average of period)
-
-
1997
1996
1995
1994
1993
1992
1990
29 6(0.5 8.0 1.0 0.8 204.7 9.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
11,371
12,508
12,760
9,682
11,287
7,666
7,514
7,243
7,779
-
-
-
-
4.0000 3.9750
4.0030 4.0000
4.0030 4.0030
4.0300 4.0060
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Notes:Thebase date for the LIT-NIndex is Dec.1995=1,000.The base date for the IFCGLithuania Index is Dec.1995=100.In calculating share of total market cap, IFCGnmarketcap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGINGMARK1TSDATA BASE
293
Mauritius Market Performance Investors in Mauritian stocks experienced a roller-coaster ride in 1997, with the market both rising and falling before settling near its opening level. The IFCG Index gained 5.3%in dollar terms, and the local Semdex Index rose 10.5%.
120 115 -
-o
i0
105-
0V
*
100
95
The year began with blue-chip shares in the banking and hotel sectors lifting the IFCG Index in January and in February. Foreign investors were especially active in both sectors. The Semdex Index edged up marginally in March, although banking and hotel shares performed well with some favorable
earnings
announce-
90-
85 80 75 70 C
N
N
N)
N
N
N
N
N
,,
I N
,
N
N
CC
N
ments helping firm prices. The market was weighed down, however, when Air Mauritius plunged 23% after the company's chairman drastically reduced the expected operating profit. The market moved-up again in April with the IFCG Index gaining 6.0%. Strong performances in the banking and hotel shares boosted the market with State Bank of Mauritius and Sun Resorts leading the gainers. Local analysts said that share prices rose because of earning growth expectations.
mixed review to the budget, but generally supported the measures which were expected to stimulate economic growth, restrain inflation, and lift savings and investment. Analysts projected growth in such key sectors as tourism, sugar, and the export processing zone, both offshore and free port.
May was the beginning of an extended decline for Mauritian equities. The market turned bearish because investors were uncertain about the economic outlook as they awaited announcements on economic policies and the budget. The Stock Exchange of Mauritius expected listings to increase from the privatization of a number of state assets. It also expected activity to pick up after automated trading was implemented.
Lack of liquidity and weakness in blue chips plagued the market in July, with the IFCG Index falling 6.4%. Brokers blamed the lack of liquidity on subscriptions of secured debentures. Analysts said the market was in a downtrend because of a lack of interest from foreign investors stemming from political instability. In August, foreign investors remained on the sidelines and the market edged down.
The stock market reacted positively to the various budgetary measures in June, but the IFCG Index dipped marginally. Economists gave a
Shares surged in September, with the IFCG Index jumping 1(0.1%. Hotel sector stocks were buoyed by strong foreign investor interest,
294
199SF\T(1100K,
m
M
0
N- C
N
N
IFCGComposite
N
N
0
N
N
N
N
-1
Cm N
C
N
N
O
IFCGMauritius
which helped boost the entire market. Analysts warned, however, that the upturn was temporary because it was largely driven by investor response to company financial reports. In October, stocks once began moving lower. The minor drop in the IFCG Index during the month was mainly due to profit-taking. Turnover of listed shares increased two and a half times in October. Despite the introduction of a daily trading system in the last week of November, the market continued to stumble. Analysts had expected that the new trading system would boost liquidity by drawing more foreign investors. Stocks continued their gradual slide in December, mainly from a lack of liquidity in the market. The total transaction value of listed shares was less than one-tenth of what it was in November. Analysts were optimistic about the tourism sector, but noted that the Asian crisis would increase competition in the textile sector.
EmLIG\(c
MARKFTS,DATA BASF
Mauritius YearlyValueTraded (US$ millions)
MonthlyValueTraded (US$ millions) 50
IFCGP/ERatio (end of month values)
14.0
160 13.5
45 140
1 3.0
40 35
120
30
100
1 2.5
1 2.0
25 80
11.5
20 60 15
11.0 10
IIIE.IIK10.0 5
40
~~~~~~~~~~~~~~~~20
10.5
0~~~~~~~~~~~~~~~~~~~~~~~~~~~
-,
1i8so
(0
'0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ExchangeRate (rupee per U.S. dollar)
YearlyMarketCapitalization (US$ millions)
MonthlyMarketCapitalization (US$millions)
19.0 1,800 19.5
1,800 1,600
20.0 1,750140 20.5 1,200
1,700
2.
1,000 21.5
1,650 800
22.0 600
1,600
22.5 400 1,550 200 1,500 N-
1998FACTBIOOK
NN- N- NN-
N-
N-
N-
N-
N-
N-
0N
23.0 2. N-N--~( -
N
N
40
N 0
-(2 N-
(
N
0
0
ENLRGING MARKrFS DAxT, BAsE-
-
N
295
Mauritius 1997 (currencyin millions)
1. aFel, 1 Number of Listed Companies Stock Exchange of Mauritius
b
N ir
APrT
N1l1v
1tilJ
III]
U. t
A-\Li
Dec
Ne\
40
40
40
40
40
40
40
40
40
40
40
40
34,398.9 1,718.4
34,645.8 1,722.7
34,584.0 1,715.8
36,968.9 1,797.3
35,809.3 1,750.1
36,021.7 1,726.4
34,976.0 1,624.0
34,907.8 1,604.2
37,662.6 1,730.9
37,387.4 1,725.2
37,183.1 1,684.5
36,934.9 1,665.1
Trading Value In rupee In US dollars Turnover ratio
178.2 8.9 0.5
171.0 8.5 0.5
279.5 13.9 0.8
229.8 11.2 0.6
134.7 6.6 0.4
178.5 8.6 0.5
79.0 3.7 0.2
76.4 3.5 0.2
107.1 4.9 0.3
250.2 11.5 0.7
1,(9(.9 49.4 2.9
100.1 4.5 0.3
Local Index SEMDEX* Change in index (%)
364.3 3.1
366.9 0.7
366.2 -0.2
391.5 6.9
379.2 -3.1
381.5 0.6
370.4 -2.9
369.7 -0.2
398.8 7.9
395.9 -0.7
393.7 -0.5
391.1 -0.7
13 64.5 69.7 11.9 1.2 3.2 99.5 3.1
13 65.3 68.2 12.1 1.2 3.2 101.0 1.6
13 66.1 59.2 11.4 1.2 3.3 102.0 0.9
13 66.8 75.5 12.3 1.3 2.6 108.4 6.2
13 66.0 74.0 11.8 1.2 3.0 105.4 -2.8
13 66.3 61.5 12.0 1.2 3.1 105.1 -0.2
13 66.2 78.7 12.7 1.2 3.2 98.4 -6.4
13 66.6 51.3 12.7 1.2 3.5 98.3 -0.2
13 67.2 64.7 13.6 1.3 3.2 108.5 10.4
13 66.6 66.7 12.9 1.3 3.3 107.5 -0.9
14 78.4 97.4 12.9 1.3 2.5 105.9 -1.5
14 78.6 72.4 12.8 1.3 2.7 105.1 -0.8
20.0180
20.1115
20.1565
20.8650
21.5375
21.7605
21.7585
21.6710
Market Capitalization In rupee In US dollars
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total rCturn ndcx (%) Exchange Rates Exchange rate (end of period)
21).5695
211.4615
22.0)735
22.1815
Notes:The base date for the SEMDEXIndex is July 5,1989=100.The base date for the IFCGMauritius Index is Dec.1995=100.n calculatingshare of total market cap,IFCGmarket cap is not adjusted for crossholdings.
StockExchangeof Mauritius Mr. RichardMorin,Chief Executive 6th Floor- "LesCascades" 33, BisEdithCavellStreet Port-Louis Mauritius Tel:(230)212-9541,212-9542 Fax:(230) 208-8409
296
1998
FACTBOOK
IFC Correspondent: NewtonSecuritiesLtd. HappyWorldHouse,Level8 37, SirWilliamNewtonSt. Port Louis Mauritius Tel:(230)208-8626,212-6768 Fax: (230)208-8749
E\ltIsC,N.
MARKETS
D XT\ B \si
Mauritius 1988-1997 (currency in millions; end of period levels)
1988
1989
1990
1'991
1992
1993
1994
1995
1996
1997
28
40
40
Number of Listed Companies Stock Exchange of Mauritius
-
-
13
20
22
30
35
-
-
3,793.0 267.6
4,800.0 311.7
6,400.0 415.6
14,907.3 791.1
28,536.0 1,514.4
24,397.0 1,330.7
33,376.7 1,676.3
36,934.9 1,665.1
-
-
88.7 6.0 -
80.5 5.1 1.9
160.0 10.3 2.9
691.6 38.7 6.5
1,510.0 84.5 7.0
1,214.0 69.8 4.6
1,546.9 78.5 5.4
2,875.4 136.9 8.2
-
-
171.2 -
154.2 -10.0
183.2 18.8
302.6 65.2
473.7 56.5
344.4 -27.3
353.5 2.6
391.1 10.6
-
-
-
-
-
-
-
-
-
-
-
-
-
13 64.4
-
-
13 80.3 -
-
-
-
-
-
-
-
-
-
100.0 -
1.1 3.3 96.5 -3.5
14 78.6 12.8 1.3 2.7 105.1 8.9
2,134 9.2 -
2,182 12.7 -
2,642 13.5 14.1724 14.8630
2,831 7.0 15.4000 15.6520
3,189 4.6 15.4000 15.5630
3,201 10.5 18.8430 17.8600
3,514 7.3 18.8430 17.8600
3,940 6.0 18.3335 17.3860
4,292 6.6 19.9110 19.7113
Market Capitalization In rupee In US dollars
Trading Value In rupee In US dollars Turnover ratio
Local Index SEMDEX* Change in index
(%)
IFCGlobal Index Numberof stocks Share of market cap. (%)* P/E ratio P/ BV ratio Dividend yield (%) Total return index* Change in total return index (%)
-
11.5
Economic Data Grossdomesticproduct((US$) Changeinconsumerpriceindex(%) Exchangerate(endofpcriod) Exchange rate (average of period)
-
22.1815 20.9987
Notes: The base date for the SEMDEX Index is July 5,1989=100. The base date for the IFCG Mauritius Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMERGING MARKETS DAIA BASE
297
Slovenia Market Performance While the Slovenianmarket posted minor gains in 1997,the stabilization of the economy and the resumption of economic growth laid the groundwork for the future development of the equity market. Direct foreign investment in
160
Slovenia rose to $83.1 million in the first quar-
110
ter of 1997,from $22.4 million in the same period of 1996.Slovenia's economy is projected to grow between 4% and 5% per year over the next
100*
four years. The government indicated that its first priority would be to boost the nation's in-
ternational competitiveness. For the year, the IFCG SloveniaIndex rose 9.2%in dollar terms.
150 140 -
.
130
J
120
-
90
8070 60) N M
Gains in other Eastern European markets helped spark foreign investors' interest and sharply lift prices on the Ljubljana Stock Exchange in January, with the IFCG Index posting a gain of 42.1%.Drug company Lek, which has shot up 41% since its listing in September 1996, drew the most foreign attention. SKB Banka, the country's second largest bank, gained approval from local regulators to list its shares abroad and raise its maximum foreign shareholding from 30% to 49%. Expectations that other Slovenian companies will be floated abroad also helped to boost prices. The spectacular surge in Slovenian stocks came to an abrupt end on February 11 when the central bank announced that foreign investors must hold special trading accounts with fully licensed banks before investing in domestic companies. Investors dumped holdings, driving the IFCG Index down 12%. After this crash, the market stagnated, with only moderate price movements. Localinvestors awaited on the sidelines for signs of the return of foreign investors. 298
1998 FACTB(OIO
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IFCGComposite Uncertainty over the ratification of an association agreement with the European Union also discouraged investor interest in the market. In July, however, the market reversed its trend with the IFCGIndex rising 23.9%after the Bank of Slovenia relaxed the restrictions on foreign investment that it imposed in February. Thenew rules allowed foreigners to buy shares without having to open a special custody account, thereby incurring penalties, where they were previously required to hold shares. However, foreign investors are obligated to hold securities for seven years or trade the shares only outside Slovenia. This was aimed at ensuring that only long-term investors enter the Slovenian market. Investors mostly targeted companies with large capitalization on the market, including pharmaceutical makers Lek and Krka, energy firm Petrol, trading firm Merkator, and health resort company Terme Catez.
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IFCGSlovenia Trading fell in August because of the summer vacation period. Analysts expected a surge in activity in Septemberwhen investorsreturned from vacation and companies semiannual earnings results were reported . These expectations,however, were not fulfilled,and stocks entereda three-month slide. Several corporate developments depressed the market in October, along with increasing concerns about the situation in international equity markets. The Asian crisis brought not only instability, but also drew foreign investor attention away from Slovenia to other markets with more attractively priced securities. The market rose moderately in Decemberas many shares drew investor interest. Foreign demand remainedlow, with buying stemming mostlyfrom domestic demand. Analysts are optimistic that foreignerswill return in 1998,attractedby the good economic prospects of the country and changes in banking legislation. LI
W<(.1\ MAIsk1
D AT A BASL
Slovenia Monthly Value Traded
Yearly Value Traded
(US$ millions)
(US$ millions)
70
IFCG P/E Ratio (end of month values)
~~~~~~~~~~~~~~20
41 0
18
400
60 5039
40
14
370
12 10
360
30 1~
~~~~~~~~~~~~~~~9 91 ~ ~~~~
8 6
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YearlyMarket Capitalization (US$millions)
MonthlyMarketCapitalization (US$ millions) 1,800
TS
-,
ExchangeRate (tolarsper U.S.dollar)
.......
.. ...... ........
120
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~~~~~~~~~~~~~~~130
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1998 FACIBOOK
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299
Slovenia 1997 (currencyin millions)
1-'a'
l-uh1.
21
22
22
23
24
25
24
24
23
25
25
26
134,130.3 898.8
131,957.7 856.9
109,831.3 717.3
118,847.4 752.3
149,497.1 964.7
158,675.7 1,011.5
205,173.2 1,217.8
206,293.9 1,231.8
201,238.1 1,216.7
195,502.3 1,191.3
235,706.1 1,424.4
271,663.3 1,624.7
10,329.2 69.2 9.1
7,283.7 47.3 5.5
1,422.5 9.3 1.2
1,306.9 8.3 1.1
1,696.3 10.9 1.3
1,381.3 8.8 0.9
8,637.7 51.3 4.8
4,250.5 25.4 2.1
4,100.4 24.8 2.0
4,871.7 29.7 2.5
4,154.8 25.1 1.9
6,794.8 40.6 2.7
1,573.5 33.0
1,431.1 -9.0
1,274.0 -11.0
1,316.6 3.3
1,323.3 0.5
1,262.4 -4.6
1,564.2 23.9
1,563.3 -0.1
1,498.3 -4.2
1,433.8 -4.3
1,313.6 -8.4
1,404.7 6.9
10 78.0 82.5 19.2 1.4 2.1 152.0 42.1
10 72.0 53.2 17.4 1.2 2.3 133.8 -12.0
10 75.6 48.4 15.3 1.1 2.7 117.7 -12.0
10 67.7 57.3 14.8 1.0 2.8 110.5 -6.1
10 55.1 34.6 14.8 1.0 2.2 113.6 2.8
10 50.0 53.1 14.3 1.0 0.0 108.1 -4.9
10 51.5 60.4 19.0 1.3 0.0 133.9 23.9
10 50.3 15.8 15.2 1.2 2.7 135.8 1.5
10 48.5 57.0 14.3 1.1 2.9 129.3 -4.8
10 48.6 42.7 13.9 1.1 3.0 127.0 -1.7
15 96.1 107.4 13.1 1.1 1.3 111.0 -12.6
15 91.8 83.5 18.7 0.9 1.2 119.9 8.0
149.2405
153.9974
153.1215
157.9770
154.9599
156.8729
168.4809
167.4757
165.3972
164.1082
165.4821
167.2076
Ni1.ar
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Number of Listed Companies Ljubljana Stock Exchange
Market Capitalization Intolars In US dollars
Trading Value In tolars In US dollars Turnover ratio
Local Index SSE* Changeinindex(%)
IFC Global Index Numberof stocks Share of market cap. (%)* Share of trading valuc (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%)
Exchange
Rates
Exchange rate (end of period)
Notes: The base date for the SSE Index is Dec. 1993=1,000. The base date for the IFCG Slovenia Index is Dec. 1995=100. In calculating share of total market cap, lFCG market cap is not adjusted for cross holdings.
Ljublijana Stock Exchange, Inc.
IFC Correspondent:
Mr. Drasko Veselinovic, President & CEO Mr.Tomaz Rotar, Vice President & CCO Slovenska C.56 Ljubljana,61000
Banka Creditanstalt Kotrikova5 Ljubljana Slovenia
Slovenia Tel: (386-61) 171-0211 Fax: (386-61) 171-0213
Tel: (386-61) 132-1174 Fax: (386-61) 133-2017
http://www.ljse.si/html/eng/kazalo.html
300
1998 F\CTBOOI(
ENir.r\oM\Rkli
i BASF
Slovenia 1988-1997 (currency in millions; end of period levels)
1991
199(
1989
1988
1992
1993
1994
1995
1996
1997
-
16
25
17
21
26
75,590.0 594.6
64,866.0 514.8
93,173.5 663.2
271,663.3 1,624.7
47,108.1
40,436.8 344.8 57.6
54,380.5 401.3 68.8
56,229.7 351.9 30.8
1,448.8 3.7
1,183.3 -18.3
1,404.7 18.7
10 74.4 12.7
Number of Listed Companies LjubljanaStokExchange
Market Capitalization In tolars In US dollars
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Trading Value In tolars In US dollars Turnover ratio
-
Local Index SSE* Change in index (%)
-
-
-
-
-
-
-
-
1,396.8
-
-
-
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total return index
-
-
-
-
-
-
0.9
-
-
-
-
-
-
-
100.0 -
3.2 107.0 7.0
15 91.8 18.7 0.9 1.2 119.9 12.0
-
-
-
-
-
12,673
12,523
12,673
14,386
18,743
18,558
-
125.9902 117.2600
140.4998 135.4983
167.2076 159.7794
-
-
-
-
(%)
-
10 93.1 -
-
-
-
Economic Data Grossdomesticproduct(Us$) Change inconsumer price index Exchangerate (endof period) Exchange rate (average of period)
-
-
-
-
-
-
-(
-
127.1292 -
Notes: The base date for the SSE Index is Dec. 1993=1,000. The base date for the IFCG Slovenia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMrlRG1NG MARKETS DATA BASE
301
Trinidad & T-obago Market Performance The Trinidad and Tobago Stock Exchange delivered one of the best performances in the world in 1997, posting double-digit gains in three of the year's four quarters. Supported by healthy corporate earnings, low inflation, and stable economic growth, the dollar-based IFCG Trinidad and Tobago Index catapulted 109.3%, posting a second consecutive year of gains. Closely paralleling the IFCG Index, the Trinidad and Tobago local index rose 110.7%in local currency terms. Value traded increased 25.3% to $134.0 million in 1997 while shares traded declined 16.9% to $100.3 million. The islands'GDP
220
200 _
180 160 140 I2 -
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grew 3.1%, making 1997 the third consecutive year that the country achieved positive growth,
while inflation dropped from 10.8%in 1993to 3.8% in 1997. Market capitalization grew a staggering 121.9% in 1997, reaching $3.1 billion by year's end. Strong 1996 corporate profits spurred investor confidence in share prices early in the year as the IFCG Index soared 21.3% for the first quarter. ANSA, Angostura, CCN, and Neal & Massy led the market upward as businesses capitalized on a cut in commercial bank lending rates from 17.5% to 16%. Bolstering the market further was the deregulation of telecommunication services on the islands, allowing for greater competition and solid business performance in the retail trade, hotel, and sugar-related sectors. The market retreated slightly in the second quarter amid light trading as the IFCG Index declined 1.3%. The government sold a 14% stake in National Flour Mills and announced it was stepping up efforts to attract non-energy-based
302
1998 FAlOO(
IFCG Composite
foreign investment to the islands through the Tourism and Industrial Development Co. New startup projects in the petrochemicals sector and favorable weather conditions for construction combined to bring unemployment down to 14.5%-the lowest level in more than 10 years. Value traded picked up in the third quarter on the strength of positive first-half earnings reports and increased demand for Neal & Massy and Angostura shares. Investor optimism over continued economic growth and the successful 30% rights issue of blue-chip Republic Bank in early September fueled the market, as the IFCG Index posted its largest quarterly gain of the year by rising 23.7%. In the third quarter, diplomatic relations between Venezuela and Trinidad and Tobago were restored after a series of confrontations had led to the recall of the Venezuelan ambassador.
IFCG Trinidad & Tobago
Considerable activity late in the year brought a fitting close to a stellar year of trading. Angostura's price more than doubled while ANSA and National Flower Mills also posted sizable gains. The effect of block trading was reflected in individual totals. Trinidad Cement, Royal Bank, Neal & Massy, and National Flour Mills traded in blocks of more than 1 million shares. Amoco's discovery of more than 600 billion cubic feet of natural gas off the coast of Trinidad and Tobago also boosted investor sentiment in the economy's future prospects as the market continued its bull run ending the fourth quarter 15.3% higher.
ENIIO1\(IN). MMxi±
DATABASL
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Trinidad & Tobago 1997 (currencyin millions)
1k1m
I',
24
NIa I
Apr
24
24
9,312.3 1,498.4
10,065.2 1,609.8
36.3 5.8 0.4
1,
Jun LI
InLI
Aug LIp
(t )t
Nm
[Dec
24
24
24
23
23
23
23
23
24
11,073.4 1,765.1
11,449.6 1,821.7
11,470.0 1,821.4
11,764.5 1,867.4
12,253.8 1,945.1
13,373.1 2,122.7
15,249.4 2,420.6
16,684.6 2,648.4
18,518.9 2,939.6
19,634.5 3,116.6
99.1 15.8 1.0
23.1 3.7 0.2
27.2 4.3 0.2
41.3 6.6 0.4
35.4 5.6 0.3
37.7 6.0 0.3
35.8 5.7 0.3
131.3 20.8 0.9
140.5 22.3 0.9
70.2 11.1 0.4
165.2 26.2 0.9
174.3 4.1
188.4 8.1
207.3 10.0
213.0 2.7
213.3 0.2
218.8 2.6
227.4 3.9
240.1 5.6
273.8 14.0
300.6 9.8
333.8 11.0
352.3 5.5
11 72.2 95.8 16.2 1.9 3.8 121.8 5.5
11 72.8 20.8 17.6 2.1 3.5 131.6 8.0
11 74.6 79.9 17.5 2.4 3.1 147.9 12.4
11 73.8 82.3 18.0 2.4 2.7 152.5 3.1
11 73.0 88.5 12.0 2.3 3.2 151.7 -0.5
11 71.3 48.2 12.0 2.3 3.2 152.3 0.4
11 71.2 94.3 12.4 2.4 3.0 157.6 3.5
11 69.2 86.6 12.8 2.5 3.0 168.1 6.7
11 75.4 93.9 15.4 2.6 2.3 196.5 16.8
11 75.7 39.1 16.5 2.8 2.1 215.1 9.5
11 77.3 83.6 17.9 3.3 2.3 245.2 14.0
11 74.2 89.0 17.4 3.3 11.8 274.0 11.8
6.2525
6.2735
6.2850
6.2975
6.2999
6.2999
6.2999
6.2999
6.2999
6.2999
6.2999
Number of Listed Companies Trinidad
and Tobago Stock Exchange
Market Capitalization InTrinidad&Tobagodollars InUSdollars
Trading Value InTrinidad&Tobagodollars IniUSdollars Turnoverratio
Local Index TTSE Change
in index (%)
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index
(%)
Exchange Rates Exchange
rate (end of period)
6.2150
Notes: The base date for the TTSE Index is Jan. 1983=100. The base date for the IFCG Trinidad & Tobago Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
304
Trinidad and Tobago Stock Exchange
IFC Correspondent:
Mr.HughEdwards,General Manager Mr.AnthonyTaitt,Deputy General Manager 65 Independence Square Port of Spain Trinidad&Tobago Tel: (868)625-5107 Fax: (868) 623-0089 http://stockex.co.tt
Ansa Merchant Bank Ltd. TatilBuilding 11 MaravalRoad Port of Spain Trinidad&Tobago Tel: (868) 628-5307 Fax: (868))628-5286
1998 FACTBOOK
ENJI IOIN(G M \RK1:1 D-\X X B S
Trinidad & Tobago 1988-1997 (currencyin millions;endof periodlevels)
1993
1994
1995
1996
1997
28
26
27
27
23
24
2,851.7 671.0
2,185.0 509.7
2,851.0 484.9
3,873.9 663.0
6,750.7 1,125.1
8,771.6 1,404.6
19,634.5 3,116.6
235.0 55.3 10.0
338.7 79.7 11.7
95.0 22.4 3.8
301.0 56.3 12.0
300.9 51.7 8.9
812.4 137.2 15.3
643.0 106.5 8.3
843.1 134.1 5.9
48.7 50.3
83.1 70.6
81.8 -1.6
60.2 -26.4
82.5 37.0
88.6 7.4
150.2 69.5
167.4 11.5
352.3 110.4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11 73.1
-
-
-
-
-
-
-
11 77.4 -
-
-
-
-
1'990
1991
198S
1989
34
31
30
29
1,136.0 267.7
1,748.4 411.4
2,956.0 695.5
Trading Value InTrinidad &Tobago dollars InUSdollars Turnoverratio
57.3 14.9 4.5
146.7 34.5 10.2
Local Index TTSE* Change in index
32.4 -18.8
Number of Listed Companies Trinidad and Tobago Stock Exchange Market Capitalization InTrirudad&Tobagodollars In US dollars
(%)
IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%) Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate(endof period) Exchangerate(averageofperiod)
1992
-
-
-
-
-
-
-
-
-
100.0 -
4,491 7.8 4.2441 3.8438
4,323 11.4 4.2500 4.2500
5,068 11.1 4.2500 4.2500
5,308 3.8 4.2500 4.2500
5,780 6.4 4.2872 4.2500
4,576 10.8 5.8790 5.3511
4,896 8.8 5.8431 5.8180
5,135 5.2 5.9999 5.9192
11
1.9 3.9 115.5 15.5
74.2 17.4 3.3 11.8 274.0 137.3
5,464 3.4 6.2450 6.0371
3.8 6.2999 6.2852
15.5
-
Index is Jan. 1983= 00. The base date for the IFCG Trinidad & Tobago Index is Dec. 1995=100.Tncalculating share of total market cap, IFCG market cap is not adjusted for cross holdings. Notes: The base date for the MESE
1998 FAC-IBOOK
EMERGING MARKITS DATA BASE
305
Tunisia Market Performance Tunisian equities registered sharp declines in 1997, losing 47.0%, as measured by the dollarbased IFCG Index, and 20.2%, according to the dinar-based BVM General Index. Throughout the year, the market was plagued by sluggish turnover and light demand. Even promising new regulations aimed at sparking investment had little effect on the bourse.
120
110
90
80
70 60
Share prices plummeted 17.4% in January after
50
the Tunis Stock Exchange launched
40
a new elec-
tronic trading system that imposes no restrictions on price movements.
Investors
took ad-
vantage of the lack of restriction to sell-off holdings. News that President Ben Ali had boosted the foreign ownership limit for listed stocks to 49% from 10% prevented an all-out free fall of the market by raising hopes of increased foreign participation. The market stabilized in February and March as optimism increased over the prospect of increased foreign investment, thereby lifting trading activity. Rising hopes of accelerated privatization also supported investor sentiment, as did better-than-expected annual results reported by banking blue chips. Later in the period, foreign investors slowly sampled the market after being encouraged by a new law aimed at establishing a market guarantee fund and furthering market transparency. The market then entered an extended period of decline, with stock prices falling steadily through the end of August. Thin trading and selling of blue chips characterized the market
306
1998
FACr13001i
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IFCG Composite
in April and May. The bulk of trading centered on Tunisie Leasing in expectation of its 10% share floatation on the exchange. The IFCG Index fell 14.1% in July as shares that moved to the electronic trading system plunged in value. By July 18, all 31 Tunis stocks listed on the bourse were trading electronically. Light demand in August caused modest declines. The market rebounded strongly in September and October following positive news from the government regarding the privatization program. In particular, the government said it had met its 1997 objective of selling half the asset value of 62 companies selected for privatization in 1996. Declining Treasury rates helped support the equities market. During October, the Tunis market was largely unaffected by the Asian financial turmoil. Local analysts noted
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IFCG Tunisia
that there are few foreign investors in Tunisia, and the local economy has few ties to the economies of Southeast Asia. Share prices resumed their downtrend in November and December, losing 0.7% and 4.0%, respectively, as measured by the IFCG Index. The government issued positive news concerning inflation and the economy, but this had little effect on the market. Nor was the market stimulated by news of a program that promised to privatize the government's 88% stake in cement firm Les Ciments d'Enfidha. Additionally, the government said it would play a bigger role in privatizations during 1998.
E-\11liN(.t.
M \R1o i19D[U\
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Tunisia YearlyValue Traded (US$millions)
Monthly Value Traded (US$millions)
35
IFCGP/ERatio (end of month values)
25
700 30 20
600 25 500 20
1
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10
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0
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ExchangeRate (dinar per U.S. dollar)
YearlyMarketCapitalization (US$millions)
MonthlyMarketCapitalization (US$ millions) ~
~~~~~~~~~~~~~~~~~~4,500
3,500 3,000
4,00006
2,500
3,500
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1998FACTBOOK
02
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C-C
EM,ERGIN-.G
M
OIZKE Es
C
C
C
DATA BA\SE
C
307
C
Tunisia 1997 (currencyin millions)
111
Felb
N1l.1r
31
31
31
31
3,530.0 3,388.4
3,630.0 3,384.6
3,760.0 3,515.3
22.5 21.6 0.6
33.5 31.2 0.9
Local Index BVM* Change in index (%)
485.0 -15.0
IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) Total return index* Change in total return index (%)
Number of Listed Companies Tunis Stock Exchange Market Capitalization In dinar In US dollars Trading Value In dinar In US dollars Turnoverratio
Exchange Rates Exchange rate (end of period)
II
ItI
litii
LIu
31
31
31
32
33
33
33
34
3,627.0 3,303.6
3,476.0 3,195.7
2,968.0 2,694.0
2,688.0 2,332.9
2,575.0 2,265.7
2,662.0 2,362.2
2,796.0 2,541.1
2,697.0 2,402.7
2,655.5 2,320.6
29.5 27.6 0.8
34.1 31.1 0.9
19.9 18.3 0.6
21.6 19.6 0.7
25.2 21.8 0.9
10.0 8.8 0.4
21.6 19.2 0.8
29.6 26.9 1.1
14.4 12.8 0.5
25.1 22.0 0.9
494.9 2.0
523.7 5.8
501.8 -4.2
487.1 -2.9
454.3 -6.7
447.8 -1.4
441.2 -1.5
446.4 1.2
478.3 7.2
475.2 -0.7
455.6 -4.1
11 68.7 30.0 22.2 2.7 2.5 78.9 -17.4
11 68.6 32.9 22.8 2.8 2.4 78.7 -0.3
11 67.2 31.8 20.4 2.8 2.4 79.3 0.7
11 67.5 49.5 19.7 2.7 2.5 74.6 -6.0
11 66.5 26.2 18.5 2.5 2.9 71.4 4.2
11 66.5 44.0 14.8 1.9 3.9 61.1 -14.5
11 67.1 84.6 13.3 1.7 2.7 52.2 -14.5
11 64.9 41.0 12.6 1.6 2.3 50.2 -3.8
11 66.0 68.1 13.0 1.6 2.2 51.3 2.2
11 67.9 66.7 14.0 1.7 2.1 56.4 9.9
13 72.1 76.9 13.2 1.7 2.1 53.7 -4.8
13 72.1 64.9 13.1 1.7 2.2 51.5 -4.1
1.0418
1.0725
1.0696
1.0979
1.0877
1.1017
1.1522
1.1365
1.1269
1.1003
1.1225
1,1443
A\i
Nb\
Sp
(Oct
N,'\
Notes: The base date for the BVM General Index is Sept. 30, 1990=100. The base date for the IFCG Tunisia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Tunis Stock Exchange Mr. Ahmed Hadouej, CEO & Chairman 19 bis, rue Kamel Attaturk Centre Babel Esc. E Tunis, Montplaisir, 1002 Tunisia Tel: (216-1) 259-411 Fax: (216-1) 347-256
308
1998 F\CTBooIK
IFC Correspondent: Tunisie Valeurs 17, rue de Jerusalem Tunis, 1002 Tunisia Tel: (216-1) 792-794 Fax: (216-1) 795-641
Exlet,(,i.> MmAIil
D %i \ B \
Tunisia 1988-1997 (currency in millions; end of period levels)
19
21
26
30
34
777.0 813.6
1,000.0 956.0
2,525.0 2,560.9
3,809.0 3,926.8
4,251.0 4,263.4
2,655.5 2,320.6
28.0 30.3 5.3
29.0 32.8 4.2
46.0 45.8 5.2
300.0 296.4 17.0
627.0 662.9 19.8
273.5 280.6 6.8
287.0 285.0 8.3
634.7 5.4
570.6 6.7
455.6 -20.1
1990
-
-
13
15
17
546.0 612.0
577.0 637.9
445.0 532.6
611.0 711.5
In dinar
11.0
In US dollars Turnover ratio
12.8 2.1
30.0 31.6 5.3
17.0 19.4 3.3
Market Capitalization In dinar In US dollars
I
Trading Value
Local Index BVM* Changeinindex(%) IFC Global Index Number of stocks Share of market cap. (%)* P/E ratio P/ BVratio Dividend yield (%) Total return index* Change in total return index (%) Economic Data Gross domestic product (US$) Change in consumer price index (%) Exchange rate (end of period) Exchange rate (average of period)
1997
1995
1993
1992
1989
Number of Listed Companies TunisStockExchange
1996
1994
199-1
1988
-
-
-
-
127.8 -
170.6 33.5
199.4 16.9
251.0 25.9
507.2 102.1
-
-
-
-
-
-
-
11
11
-
-
-
-
74.9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
100.0 -
66.4 25.8 3.1 2.2 95.5
10,096 7.2 0.8922 0.8578
10,102 7.7 0.9046 0.9493
12,291 6.5 0.8355 0.8783
13,075 8.2 0.8588 0.9246
15,575 5.8 0.9550 0.8844
14,663 4.0 1.0460 1.0037
15,650 4.7 0.9860 1.0120
17,987 6.2 0.9700 0.9458
-
-4.5 19,516 3.7 0.9971 0.9746
13 72.1 13.1 1.7 2.2 51.5 -46.1 -
1.1443 1.0069
Notes:The base date for the BVMGeneral Index is Sept. 30,1990=100.The base date for the IFCGTunisiaIndex is Dec.1995=100.In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
1998 FACTBOOK
EMFRGINGMARKETSDATA BASE 309
7.
Other Equity Market Profiles
Emerging Stock Markets Factbook 1998
I 97 (currencyin millions;end of period levels)
Armenia
14)')'.
Barbados
I ()-I
It))I
1
1
10
59
193.0 0.0
1,315.0 3.0
2,925.0 7.0
7,881.0 16.0
27.0 0.1 -
460.0 1.1 61.0
17.0 0.0 0.8
488.0 1.0 9.0
1.3 1.3
-
-
-
-
34.1
19.0
-
-
-
Gross domesticproduct (US$)
1,180
1,454
-
Changeinconsumerpriceindex(%)
-
-
-
405.5100 300.7700
402.0000 403.0000
I
Number of Listed Companies
Yerevan Stock Exchange
Dividend yield (%) Economic
Yerevan Stock Exchange Dr. Sedrak Sldrakian, President 22, Sarian St. Yerevan Armenia Tel: (3742) 52-58-01 Fax: (3742) 15-15-48
312
--
Data
Exchangerate Exchangerate(averageofperiod)
1998FFxci(-)()
I')')
Securities Exchange of Barbados
19
18
19
18
1,035.0 518.0
989.0 494.0
1,540.0 770.0
2,283.0 1,141.0
12.0 5.8 1.4
7.0 3.3 0.6
12.0 6.2 1.0
47.0 23.3 2.4
1,395.2 4.2 -
1,297.6 -7.0 13.2
1,257.9 -3.1 10.7
1,893.4 50.5 13.6
-
-
-
-
4.2
6.6
5.5
Gross domesticproduct (US$)
1,729
1,742
-
-
Changeinconsumerpriceindex(%)
0.1
1.9
2.4
In Barbadian dollars In US dollars Trading Value
Local Index % change in index P/E ratio P/BVratio
IQ')))
Market Capitalization
Trading Value
In dram In US dollars Turnover ratio
I Yf4
Number of Listed Companies
Market Capitalization
In dram In US dollars
I
In dollars In US dollars Turnover ratio Local Index SEB Index Uan. 1, 1988=1,000) % change in index P/E ratio P/BVratio
Dividend yield (%) Economic
441.2000 415.5800
-
494.9800 483.6840
Data
Exchangerate Exchange te(averageofperiod)
2.0000 2.0000
2.0000 2.0000
-
2.0000 2.0000
2.0000 2.0000
Securities Exchange of Barbados Mr. Colin G. Goddard, Chairman Mrs.Virginia Mapp, General Manager 5th Fl., Central Bank of Barbados Church Village St. Michael Barbados Tel: (246) 436-9871, 436-9872 Fax: (246) 429-8942
EK¶l.\G]\I.M.
i
Dxix B
1 9 97
(currencyin millions;end of periodlevels)
Bermuda of Listed
Number
I 9)9
I 99 7
I 99
I1
Companies
The Bermuda Stock Exchange
-
-
33
-
-
-
-
1,411.0 1,411.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.0000 1.0000
-
In Bermuda dollars In US dollars Trading Value In Bermuda dollars In US dollars Turnover ratio
96.0 96.4 -
Index
BSX Index % change in index P/E ratio P/BV ratio Dividend yield (%) Economic
1,400.3
The Bermuda Stock Exchange Mr. Arthur Sculley, Chairman Mr. W. William Woods, CEO 3rd Floor, Washington Mall, Phase I 22 Church Street Hamilton Bermuda HM1 1 Tel: (441) 292-7212 Fax: (441) 292-7619 http://www.bsx.com
1998 FACi BOOK
Number of Listed Companies Royal Securities Exchange of Bhutan
In ngultrum InUSdollars Trading Value In ngultrum In US dollars Tumover ratio Local Index Average Weighted Index % change in index P/E ratio P/ BV ratio Dividend yield (%) Economic
Data
Gross domestic product (US$) Change in consumerprice index (%) Exchange rate Exchange rate (average of period)
I 99 1
I C)7
1) 6
1 99
-
-
9
-
-
-
-
998.0 28.0
-
-
-
-
Market Capitalization
Market Capitalization
Local
Bhutan
-
48.0 1.3 -
-
3.3
-
-
-
-
5.9 1.5 24.5
271 7.0 -
301
321
-
-
-
-
Data
Gross domestic product (US$) Change inconsumer priceindex (%) Exchange rate Exchange rate (average of period)
-
-
35.4500 35.4000
39.2800 36.3130
Royal Securities Exchange of Bhutan Mr. Tashi Yezer, Chief Executive Officer RO. Box 742 Thimphu, Bhutan Tel: (975) 2-23995,2-24296 Fax: (975) 2-23849
EMFRGGINMARKFTSIDA1ABASi
313
1997 (currencyin millions;end of period levels)
Bolivia Number of Listed Companies Bolsa Boliviana de Valores Market Capitalization Inbolivianos In US dollars Trading Value Inbolivianos InUSdollars Tumoverraio Local
qy)
2
7
10
11
114.0) 24.0
479.0 97.0
589.0 114.0
1,844.0 344.0
0.0 0.0 -
3.0 0.6 1.0
3.0 0.6 0.6
4.0 0.7 0.3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1"')97
I
Index
%changeinindex P/Eratio P/BVratio Dividend yield (%) Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
1998 FNCTB0OK
CostaRica
t94
Number of Listed Companies Bolsa Nacional de Valores
116
Market Capitalization Incolones InUS dollars Trading Value Incolones InUSdollars Tumoverratio Local Index BNV Index (Jan. 1995=100) dichangeinindex P/E ratio
P/BVratio
I490
t1997
118
114
114
-
-
172,081.0 781.0
200,399.0 820.0
1,574.0 1(.0 4.8
2,876.0 16.0 -
3,047.0 14.6 3.5
-
1,000.0 0.0 8.2 1.3
1,252.4 25.2
1,438.2 14.8
1,679.9 16.8
-
-
-
8,312 13.5 165.6300 157.6100
9,024 23.2 195.3700 180.0100
9,015 17.5 220.3100 208.0400
244.2900 232.6000
I 9')
-
Dividend yield (%)
5,506 7.9 4.7000 4.6200
Bolsa Boliviana de Valores Mr. Marcelo Montero N.P., General Manager Av. 16 de Julio No. 1525 Edif Mutual La Paz-Piso3 P.O. Box 12521 La Paz Bolivia Tel: (591-2)392-911, 350-935 Fax: (591-2) 352-308 http://www.bolsa-valores-bolivia.com
314
I )94
6,131 10.2 4.9300 4.8100
-
12.4 5.1800 5.0)700
5.3650 5.2543
Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofpcriod)
-
Bolsa Nacional de Valores Mr. Roberto Venegas, President Central Street, 1st Avenue San Jose Costa Rica P.O. Box 1736-1000 Tel: (506) 256-1180 Fax: (506) 255-0131 http://www.cool.co.cr/usr/bev
NIERC.I.'uMAjKItTS DlA[A BASL
1j 997
(currencyin millions;end of periodlevels)
Croatia
1'994
1'9)95
29
Market Capitalization Inkuna InUS dollars Trading Value Inkuna In USdollars Tumoverrmtio
Number of Listed Companies Zagreb Stock Exchange
Cyprus
1996
1997
61
-
77
2,893.0 514.0
3,088.0 581.0
-
26,760.0 4,246.0
1,510.0 251.8 104.4
245.0 46.8 8.2
-
-
-
2,095.0 343.3 14.0
Local Index % change in index P/E ratio P/BV ratio Dividend yield (%) Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(avcrageofperiod)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14,226 107.3 5.6290 5.9960
18,081 4.0 5.3160 5.2300
19,081 4.3 5.5400 5.4340
-
Zagreb Stock Exchange Mr. Marinko Papuga, General Manager Zeljko Kardum, Public & Government Relations Ksaver 208 Zagreb, 10000 Croatia Tel: (385-1) 1428-455 Fax: (385-1) 1434-010 http://www.zsr.hr
1998 FACTBOOK
-
6.3030 6.1010
Number of Listed Companies Cyprus Stock Exchange Market Capitalization Inpounds InUS dollars Trading Value Inpounds In USdollars Tumoverratio Local Index CC&I Index (Dec 1992=100) % change in index P/E ratio P/BVratio Dividend yield (%) Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageof period)
1994
1995
1996
1997
38
41
39
40
638.0 1,334.0
1,153.0 2,516.0
1,108.0 2,355.0
1,057.0 2,011.0
42.0 85.1 7.3
137.0 301.5 15.3
216.0 461.8 19.1
164.0 319.4 15.1
1,389.9
183.0
82.3
77.3
28.0 184.8 64.0
54.7 14.6 2.7
-55.1 17.7 1.2 3.3
-6.0 11.3 1.7 4.7
7,189 4.7 ().4778 0.4926
-
-
-
2.6 0.4582 0.4531
3.0 0.4705 0.4671
0.5257 0.5135
-
Cyprus Stock Exchange Mr. Nondas CL. Metaxas, General Manager Mr. Nicos Tripatsas, Senior Officer 54, Grivas Dhigenis Avenue P.O. Box 5427, CY-1309 Nicosia, Cyprus Tel: (357-2) 368-782 Fax: (357-2) 368-790
EMERGING MAI1KETS DATA BASE
315
(currency in millions; end of period levels)
Dominican Republic
I''T Iq
El Salvador
.
Number of Listed Companies Santo Domingo Securities
-
-
-
6
-
-
-
-
-
-
2,008.0 140.0
-
--
-
-
-
-
-
-
-
-
Market Capitalization
Trading Value
Mercado
de Valores de El Salvador
Incolones In US dollars
In colones In US dotlars Turnover ratio
-
-
49
59
-
-
-
-
3,959.0 452.0
4,370.0 499.0
-
-
-
-
-
-
86.0 9.8 -
127.0 14.5 3.1
-
-
-
-
7.9
10.2
-
-
Local Index
% change in index
-
-
-
-
P/E ratio
-
-
-
-
% change P/E ratio
-
-
-
-
P/ BV ratio
-
-
-
-
Dividend
Economic Data Gross domesticproduct (US$) Changeinconsumerpriceindex(%)
P/BVratio
yield (%)
10,725 8.3
12,064 12.5
13,169 5.4
-
-
-
-
-
-
-
14.3660 14.2650
Exchangerate Exchange rate (average ofperiod)
SantoDomingoSecuritiesExchangeInc. Mr.Donald Cott Creus, Exec. VP & CEO EdificioDisesa Ave Abraham Lincoln,Suite 302 Santo Domingo Domican Republic Tel:(809)567-6694 Fax: (809)567-6697
1998FNciBook
I L)
Trading Value
Local Index
.316
1)(,
Market Capitalization
In pesos In US dollars Turnover ratio
Economic Data Gross domesticproduct (US$) Changeinconsumerpriceindex(%)
I
Number of Listed Companies
Exchange Inc.
In pesos In US dollars
Dividend
1,i
-
in index
yield
(%)-
Exchangerate Exchangerate (average ofperiod)
-
8,070 10.6
9,508 10.0
-
-
-
-
10,469 9.8 8.7550 8.7550
-
8.7550 8.7550
Mercadode Valoresde El Salvador Dr. GuillermoHidalgo-Quehl,President Lic. LuisErnesto Lopez Lindo,General Manager EdificioLa Centroamericana, Alameda Roosevelt, 6O Piso No. 3107 San Salvador El Salvador Tel: (503)298-4244 Fax: (503)223-2898 http://www.gbm.netlbolsa_valores
LI[<(.NI, NK
PI
B
"ithM 'MAlrkets =1997 (currencyin millions;end of periodlevels)
Estonia Number of Listed Companies Tallinn Stock Exchange
1996 )
1997
9 1'95
-
-
-
22
-
-
-
-
14,454.0 1,008.0
In Fiji dollars In US dollars
-
-
-
-
20,600.0 1,483.9
-
-
Trading Value In Fiji dollars In US dollars Turnover ratio
Trading Value In kroon In US dollars Turnover ratio
Local
Local Index TALSE Uune 3,1996=100) % change in index P/E ratio P/BV ratio Dividend yield (%)
-
-
-
-
-
-
-
-
265.3 9.8 6.6 0.4
3,844 -
Ta/linn Stock Exchange Mrs. Helo Melgas, Chairman of the Management Mr. Rain Semper, Head of Listing Dept. Ravala 6 Tallinn Estonia, EE0001
Tel:(372)640-8840,(372)640-8801 Fax: (372)640-8801
-
Brd
4,063 -
4,353 -
-
-
-
-
14.3360 13.8820
199
199)5
1996.
4
4
4
8
45.0 32.0
96.0 67.0
113.0 82.0
144.0 93.0
0.0 0.1 -
0.0 0.0 0.1
0.0 0.1 0.1
2.0 1.5 1.7
-
-
-
-
-
-
0.2 6.1
1,821 0.6 1.4090 1.4641
1,953 2.2 1.4294 1.4063
2,074 3.1 1.3839 1.4033
1997
Capitalization
Index
% change in index P/E ratio P/BV ratio Dividend yield (%) Economic
Data
Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exhdangerate(averageofperiod)
Number of Listed Companies Suva Stock Exchange Limited Market
Market Capitalization In kroon In US dollars
Economic
Fiji
1')"4
-
Data
Gross domestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
-
1.5492 1.4437
Suva Stock Exchange Limited Ms. Foana Tukana, Chairman Mr. Mesake Nawari, Company Secretary PO Box 11689 Suva Fiji
Tel:(679)304-130,304-145 Fax: (965)304-145
http://www.tse.ee
1998 FXC BIOOK
EMERGING MARKESDAT\BASt
317
Other
iviarKets
1997 (currencyin millions; end of periodlevels)
Guatemala
A)t
I )0(
I
I 7 1t)
-
7
9
7
-
747.0 124.0
1,001.0 168.0
861.0 139.0
22.0 3.6
9.() 1.5
2.5
0.9
-
Trading Value
t99 %
1997
111
119
82
99
2,540.0 270.0
3,501.0 338.0
In lempira In US dollars
1.0 0.1
3.0 0.3
6.0 0.5
5.0 0.4
Turnover ratio
0.1
0.1
-
-
-
-
-
Bolsa l ondurena de Vatores
In lempira In US dollars
.
-
Trading Value
In quetzal In US dollars
-
26.0 4.5
Turnover ratio
-
-
Local Index
Local Index % change in index P/E ratio P/BVratio Dividend yield (%)
-
-
-
-
-
-
-
-
-
-
-
-
31.9 2.1 -
% change in index P/E ratio P/BVratio Dividend yield (%) Economic Data
Economic Data
12,986 10.9 -
Bolsa de Valores Naclonal Dr. Rolando San Romen, General Manager 7 avenida 5-10, Zona 4 Centro Financiero Torre II Nivel 2 Guatemala City Guatemala 01004 Tel: (502) 331-7181,332-2301 Fax: (502) 332-1722, 332-1721
1998 FAC1BOOK
I99
Market Capitalization
Market Capitalization
In quetzal In US dollars
3 18
I1994
Number of Listed Companies
Number of Listed Companies
Bolsa de Valores Nacional
Gross domesticprodud (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
Honduras
-
14,633 8.4 6.0418 5.8103
15,817 11.1 5.9656 6.0495
-
6.1769 6.0653
Gross domesticprodud (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
3,432 21.7 9.4001 8.400)8
3,970 29.5 10.3428 9.4710
4,011 23.8 12.8694 11.7053
-
13.0942 13.0035
Bolsa Hondurena de Valores Lic.Gustavo Raudales Rusch, General Manager 2 Calle - 3 Ave. Edificio Martinez Valenzuela San Pedro Sula Honduras, C.A. Tel: (504) 53-4410 Fax: (504) 53-4480 http://www.bcv.hn
ENI ERGINGMARKE1is
DA FABASE
Other Markets 1997 (currencyin millions;end of periodlevels)
India Number
1994 of Listed
199'5
1996
1997
Companies
India Number
3,315
3,199
-
Delhi Stock Exchange
-
4,159,514.0 118,286.0
4,891,228.0 136,531.0
-
-
In rupee In US dollars
-
64,996.0 2,003.1 3.1
124,298.0 3,514.7 2.8
-
In rupee In US dollars Turnover ratio
CSE 75 Index
-
-
414.7
-
DSE Sensitive Index (1983=100)
% change in index P/E ratio P/BVratio Dividend yield (%)
-
-
-
-
-
-
-
-
-
-
-
-
-
% change in index P/E ratio P/BVratio Dividend yield (°%)
-
Gross domnestic product (US$) Changeinconsumerpriceindex(%) Exchangerate Exdhangerate(averageofperiod)
Market Capitalization
In rupee In US dollars
-
Economic
-
1998 FACTBOOK
2,887
3,415
3,839
3,884
2,609,043.0 83,173.0
2,079,396.0 59,133.0
111,815.0 3,584.2 7.3
111,815.0 3,446.1 4.8
333,667.0 9,434.8 15.6
724,395.0 19,945.7 31.3
868.9
703.6
689.5
775.2
23.4
-19.0
-2.0
12.4
-
-
-
-
2,195,778.0 2,432,909.0 61,292.0 62,048.0
Local Index
Data
Calcutta Stock Exchange Association Mr. P.K. De, Secretary 7 Lyons Range Calcutta, 700 001 West Bengal India Tel: (91-33) 220-6977,220-9366 Fax: (91-33) 20-2514
1997
Trading Value -
Local Index
Grossdomesticproduct(US$) Changeinconsumerpriceindex(1%) Exchangerate Exchangerate(averageofperiod)
1996
Market Capitalization
Trading Value
In rupee In US dollars Tumover ratio
1995
of Listed Companies
-
Calcutta Stock Exchange
1994
Economic
303,720 10.2 31.3688 31.1970
328,450 10.2 35.1650 32.4471
356,027 9.0 35.8250 35.3656
39.2100 36.3184
-
Data -
10.2 31.3688 31.1970
-
10.2 35.1650 32.4471
-
9.0 35.8250 35.3656
-
39.2100 36.3184
Delhi Stock Exchange Association Mr. S.S. Sodhi, Executive Director West Plaza Indira Ghandi Stadium Indaprastha Estate New Delhi 110 002 India Tel: (91-11) 337-9590,337-9653 Fax: (91-11) 337-9495
EMERGING MARKETS DA ABASE
319
(currencyin millions;end of period levels)
India Number of Listed Companies Madras Stock Exchange Market Capitalization In rupee In US dollars
Economic Data GrossdomesticproduLt(US$) Changeinconsumerpriceindex(%) Fxchangerate Fxchange rate (average ofpenod)
1998 FACTBOOK
-
1,458
1,750
-
-
1,956,593.0 55,640.0
2,068,415.0 57,737.0
-
102,159.0 3,148.5 10.4
16,602.0 469.4 0.8
-
3,114.3 -8.2 15.9 -
3,070.2 -1.4
-
328,45(0 10.2 35.1650 32.4471
-
3,393.3 3(0.9 -
303,720 10.2 31.3688 31.1970
Madras Stock Exchange, Ltd. Mr. A. Rajaei Salmassi, Secretary General No. 11, Second Line Beach Madras 600 004 Tamilnadu State India Tel: (91-44) 522-1071 Fax: (91-44) 524-4897
320
1 )
-
Trading Value In rupee In US dollars Turnover ratio Local Index MSE Index (1983~=100) 0/,, change in index P/F ratio P/BV ratio Dividend yield (%)
1o) ')'4
I 01)o
I ') 7
-
-
-
-
-
-
-
356,027 9.0 35.8250 35.3656
-
39.2100 36.3184
India Number of Listed Companies National Stock Exchange of India Market Capitalization In rupee In US dollars Trading Value In rupee In US dollars Turnover ratio Local Index NSE 50 (Nov.3, 1995=10()0) % change in index P/E ratio P/BV ratio Dividend yield (%)Economic Data Grossdomesticproductl(US$) Cl-angeinconsumerpriceindex(I%) Fxchangerate Fxdiangerate (average ofpenod)
1 99'7 I9(
l c)14
1 ')95
-
378
535
1,464
1,797,499.0 51,116.0
2,349,219.0 65,575.0
4,242,891.0 108,209.0
268,855.0 8,285.9
3,798,851.0 104,598.5 115.3
-
I
-
-
2,455,450.0) 69,430.5 118.4
-
908.5 -
889.1 -2.1
1,079.4 21.4
-
-
-
-
9.3
303,720 10.2 31.3688 31.1970
328,450 10.2 35.1650 32.4471
-
356,027 9.0 35.825(0 35.3656
39.2100 36.3184
National Stock Exchange of India, Ltd. Mr. R.H. Patil, Managing Director Mahindra Towers, 1st Floor A-Wing, Worli Mumbai, 400 018 Maharashtra India Tel: (91-22) 493-8009 http://www.nseindia.com
ENLMRC.INC; M4ARKTSDAvA BASE
Other Markets 1 997 (currencyin millions;end of periodlevels)
India Number of Listed Companies OTC Exchange of India Market Capitalization In rupee In US dollars Trading Value In rupee In US dollars Turnover ratio Local Index OTCEI Composite Index % change in index P/E ratio P/BVratio Dividend yield (%) Economic Data Gross domestic produd (US$) Changeinconsu merpdceindex(%) Exchange rate Exchangerate(averageofperiod)
OTC Exchange of India M. Pushpangadan, Managing Director 92 Maker Tower F" Cuffe Parade Mumbai India 400 005 Tel: (91-22) 218-8164,218-8165/8511 Fax: (91-22) 218-8503
1998 FACTBOOK
1994
Iran
19'35
1996
1997
-
79
106
115
-
5,836.0 166.0
3,394.0 95.0
61,744.0 1,575.0
2,799.0 86.3 -
2,090.0 59.1 45.3
2,500.0 68.8 7.7
88.9 -45.0 5.0
111.2 25.1 4.5
-
-
P/BVratio
-
161.7 8.4 1.1 2.0
-
-
Dividend yield
303,720 10.2 31.3688 31.1970
328,450 10.2 35.1650 32.4471
356,027 9.0 35.8250 35.3656
-
-
-
-
-
39.2100 36.3184
Number of Listed Companies Tehran Stock Exchange Market capitalization In rial In US dollars Trading Value In rial In US dollars Turnover ratio Local Index TEPIX (Nov. 3,1990=100) '%ochange in index P/E ratio
1994
1995
1996
147
169
220
1997
263
4,847,264.0 2,770.0
11,465,811.0 6,552.0
29,750,211.0 26,529,238.0 17,024.0 15,123.0
742,022.0 424.0 20.8
1,296,572.0 740.9 15.9
4,573,631.0 2,617.2 22.2
2,124,290.0 1,211.9 7.5
570.5 49.0 -
1,288.1 125.8 -
1,967.3 52.7 8.4
1,631.4 -17.1 4.9
-
-
(%)
Economic Data Gross domestic product (US$) Changeinconsumerpriceindex(CY) Exchangerate Exchangerate(averageofperiod)
-
-
-
31.5 1,750.000 1,750.000
49.6 1,750.000 1,750.000
28.9 1,747.500 1,747.500
-
1,754.260 1,752.920
Tehran Stock Exchange Mr. A.H. Nikbakhi, Director International Affairs Department 228, Hafez Avenue Tehran, 11389 Iran Tel: (98-21) 678-385, 670-309 Fax: (98-21) 677-888,672-524 http://www.neda.net/tse
E.NmRGING MARKETs
DATA BAsI
321
Other Markpts 1997 (currency in millions; end of period levels)
Kuwait Number
1994 of Listed
Market
Trading
48
52
60
74
3,255.0 10,850.0
4,290.0 14,353.0
6,552.0 21,840.0
7,891.0 25,880.0
In som In US dollars
584.0 1,947.7 18.6
1,907.0 6,389.1 50.5
5,761.0 19,203.3 106.3
10,487.0 34,576.3 172.2
In som In US dollars Tumover ratio
979.0
1,366.0
1,906.0
2,652.0
Number
ratio
P/BVratio
Dividend Economic
yield (%)
Changeinconsumerpriceindex(%/6)
49.0 4.0
82.0 5.0
-
1.0 0.1 -
3.0 0.3 5.2
KSE Index (July 19954100)
-
111.7
167.0
'YOchangc in index
-
-
49.5
-
-
1.0
-
-
0.1
Exchange rate Exchange rate (average of period)
-
-
Value -
Index
39.5
39.1
-
-
-
-
P/E
-
-
-
-
P/BVratio
-
-
-
-
Dividend
24,744
26,650
3.2 0.3000 0.3000
-
Gross domesticproduct (US$)
-
Changeinconsumerpriceindex()
-
Exchange rate Exchange rate (average of period)
-
ratio
yield (%)-
Economic
0.3000 0.3000
2.7
0.2989 0.2984
0.3048 0.3033
Data
Kuwait Stock Exchange
Kyrgyz Stock Exchange
Moubarak Al-Kaber St. P.O. Box 22235
Mr. Chinarbek Moskovskaya,
Satat Kuwait 13083
Bishkek, 720010 Kyrgyz Republic
Tel: (965) 242-3133 Fax: (965) 242-0779 http:ltwww.alsadon.com/rates.html
Tel: (7-3312) 215-957,221-352 Fax: (7-3312) 621-595
322
1998 FACTBOOK
-
Capitalization
39.5
2.5
1]997
Companies
0.0
Data
Gross domesticproduct (US$)
19(
27
Local
% change in index
1995
1()
Trading
Index
Kuwait Stock Exchange Index
of Listed
1M4
Kyrgyz Stock Exchange Market
Value
In dinars In US dollars Turnover ratio
P/E
19c)7
Capitalization
In dinars In US dollars
Local
19v6
Companies
Kuwait Stock Exchange
Kyrgyz Republic
1995
Otunchiev, 172
1,510
-
1,607 -
11.2000 10.8200
1,754 -
16.7000 13.0200
President
ENiERGING MARKETSDATA BASI
Other Markets 1997 (currency in millions; end of period levels)
Latvia Number of Listed Companies Riga Stock Exchange Market Capitalization In lats In US dollars
1994
-
-
-
Trading Value In lats In US dollars Turnover ratio Local Index RICI % change in index P/Eratio P/BV ratio Dividend yield(%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
Riga Stock Exchange Mr. Vidis Cerps, President Doma Laukums 6 Riga, LV 1885 Latvia Tel: (371-7) 212-431 Fax: (371-7) 820-504 http://www.rfb.lv
1998 FACTBOOK
1995
1996
19997
17
34
50
5.0 10.0
84.0 151.0
199.0 337.0
-
7.0 11.9 14.6
-
-
49.0 84.2 34.6
Lebanon Number of Listed Companies Beirut Stock Exchange Market Capitalization In pounds In US dollars Trading Value In pounds In US dollars Turnover ratio
1994
-
1995
1996
3
-
1997
9
- 4,434,423.0 2,904.0 -
-
638,400.0 400.0
-
-
-
-
-
-
-
-
-
-
-
-
16.4
-
-
-
2.5
-
-
-
1.9
9,110
11,119
12,997
6.8
-
-
-
1,596.000 1,621.400
1,552.000 1,571.400
1,527.000 1,539.500
-
985,018.0 639.8
-
Local Index -
5,461 -
-
-
4.3 0.5
417.0 -
10.6
-
-
4,904 0.5370 0.5280
5,024 0.5560 0.5510
741.1
77.7 -
0.5900 0.5810
% change
in index P/Eratio P/BV ratio Dividend yield(%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Excha,gerate Exchangerate(averageofperiod)
-
-
-
-
Beirut Stock Exchange Gabriel Sehnaovi, Director Beirut Stock Exchange Sadat Street - Sadat Tower, 2nd floor Beirut Lebanon Tel: (961-1) 786 501 Fax: (961-1) 786 506
EMERGING MARKETS DATA BASF
323
(currencyin millions;end of period levels)
Mongolia Number of Listed Companies The Mongolia Stock Exchange Market Capitalization In tugrik In US dollars Trading Value In tugrik In US dollars Turnover ratio
Dividend
yield
-
461
449
434
-
12,592.0 27.0
17,731.0 26.0
44,019.0 54.0
Market Capitalization' In Namibian dollars In US dollars
851.0 1.9 -
4,157.0 7.6 27.4
12,165.0 15.4 39.4
Trading Value* In Namibian dollars In US dollars Turnover ratio
-
112.8 -
118.5 5.0
-
-
-
-
-
-
2.1 0.3
-
-
-
9.7
686
957 473.6200 448.6100
972 693.5100 548.4000
-
-
-
P/BVratio (0/,,)
Economic Data Gross domestic product (US$) ChangeinconsumeIpniceindex() Exchangerate Exchangerate(averageofperiod)
I W4
I 1)J(
-
Local Index Top-75 %changeinindex P/Eratio
Namibia
1(c3*
-
I Y)T
-
813.1600 789.9900
Number of Listed Companies* Namibian Stock Exchange
Local Index NSE Index (Dec 1992=100) %changeinindex P/Eratio
8
('MO)
Economic Data Gross domestic product (US$) Changeinconsumerpriceindex('CY) Exchangerate' Exchangerate(averageofperiod)'
10
I
1 L)L)
I')'),
12
13
2,215.0 473.0
3,354.0 689.0
689.0 189.0
65.0 18.4 16.2
11.0 3.0 1.6
176.0 4(0.9 12.1
112.0 24.3 4.0
155.5 16.9 15.4
86.4 11.0
150.6 74.3 23.8
164.2 9.0 14.2
-
yield
) L)
711.0 201.0
P/BVratio Dividend
I
3.3
3,094 10.8 3.5435 3.5508
-
-
-
3.6
1.5
1.4
3,381 10.0 3.6475 3.6271
3,230 8.0 4.6825 4.2994
-
4.8675 4.608(0
'Figures do not include cross-listed South African companies.
Mongolia Stock Exchange Enkhbayar Ochirbal, CEO Amarsanaa Nosgoi, Deputy Director Sukhbaatar Square, 14 Ulaanbaatar Tel: (976-1) 310 530
Namibian Stock Exchange Mr. Tom Minney, General Manager Shop 11, Kaiserkrone Centre Post Street Mall Windhoek, Namibia Tel: (264-61)227-647
Fax: (976-1)325-170
Fax: (264-61)248-531
http://www.mse.com.mn/
324
1998 FACTBOOK
ENIERIGING,MAIKETS DATA BASE
Other Markets
1997 (currencyin millions;end of periodlevels)
Nepal
]'994
1'195
1996
72
83
90
98
12,934.0 264.0
13,681.0 244.0
11,849.0 207.0
12,650.0 200.0
Trading Value In rupee InUSdollars Turnover ratio
713.0 14.3 -
915,0 17.6 6.9
287.0 5.1 2.3
277.0 4.8 2.3
Local Index NPSE Index % change in index P/E ratio P/BV ratio Dividend yield (%)
195.3 34.9 3.() 3.0
20)6.6 5.8 23.2 534.6 3.6
10.2 34.9 5.6
170.9 8.5 1.2 6.2
4,456 9.4 57.3000 56.6920
-
Number of Listed Companies Nepal Stock Exchange Market Capitalization In rupee In US dollars
Data Economic Grossdomesticproduct(US$) Change in consumer price index (%) F.xchangerate Exchangerate(averageofpcriod)
4,044 8.3 49.0000 50.000()
Nepal Stock Exchange Mr. Madan Raj Joshi, General Manager Mr. Murari Prasad Sharma, Chief Officer P.O. Box 1550 Kathmandu Nepal Tel: (977-1)4-15210,4-11031 Fax: (977-1) 4-16461
1998 FAcIBOOK
4,388 7.6 56.0000 51.8900
1997
Oman
1'995
1996 (
67
80
94
656.0 1,705.0)
762.0 1,978.0
1,028.0 2,662.0
2,737.0 7,108.0
Trading Value In rial In US dollars Turnover ratio
93.0 242.1 17.3
81.0 211.4 11.5
210.0 544.6 23.5
1,496.0 3,879.9 79.5
Local Index MSM Index (an. 1 1992=100) % change in index P/E ratio P/BV ratio Dividend yield (%)
146.2 28.5 10.5 2.1 8.2
158.1 8.2 9.7 1.5 5.7
199.4 26.1 12.7 1.4 4.2
480.6 141.1 25.5 4.0 2.0
11,310
12,102
-
-
-
-
-
0.3846 0.3846
0.3850 0.3850
0.3860 0.3860
Number of Listed Companies Muscat Securities Market Market Capitalization In rial In US dollars
-
63.3000 58.0100
Data Economic Grossdomesticproduct(US$) Changeinconsumerprice index (%) Exchangerate Exchangeratc(averageofperiod)
199)4
19 7
114
0.3850 0.3855
Muscat Securities Markef Mr. Mahmood Ai-Jarwani, Executive President MO. Box 3265 Ruwi PostalCode 112 Muscat Oman Tel: (968)702-607,702-665 Fax: (968) 702-691
EMERGING MARKETS DATA BASE
325
Othe
i6idl
u,t:
1997 (currencyin millions;end of period levels)
Palestine
I c?14
Number of Listed Companies Palestine Securities Exchange
I')'RE
I
I L)'7
-
-
27
Market Capitalization In Jordanian dinars In US dollars
-
-
470.0 662.4
Trading Value In Jordanian dinars In US dollars Turnover ratio
-
-
18.0 23.0 -
-
-
139.1
-
Local Index Al-Quds % change in index P/E ratio P/13V ratio Dividend yield (0/,) Economic Data Gross domestic product (US$) Change in consumer price index (%) Exchange rate Exchange rate (average of period)
-
-
-
-
-
3.7450 3.7450
3.7450 3.7450
PalestineSecuritiesExchange SatwanBataina,GeneralManager AdawiyaMohammed,AssistantManager Al Oasr Bldg.- 3rd Floor,P.O.Box 128 Nablus Palestine Tel: (9729) 375 946, 375947 Fax: (9729) 375 945 http://www.p-s-e.com
326
1998 FACTBOOK
-
3.745(1 3.7450
10.7 -
-
0.7095 0.7095
Panama Number of Listed Companies Bolsa de Valores de Panama Market Capitalization In balboas In US dollars TradingValue In balboas In US dollars Turnover ratio Local Index BVP Indice General %-change in index P/E ratio P/BVratio Dividend yield (%)
I I))4
I()()0
1)7
16
19
21
831.0 831.0
1,279.0 1,279.0
2,175.0 2,175.0
70.0 70.1 12.5
9.0 8.6 1.1
24.0 23.6 2.2
42.0 42.2 2.4
215.4 43.8 11.0 1.8 2.8
222.4 3.3 9.4 1.9 4.0
277.6 24.8 -
445.4 60.5 21.1 2.2 3.1
7,906
8,244 1.3 1.00(10 1.0000
15
698.( 698.(1
Economic Data Gross domestic product (US$) 7,734 Change in consumer price index (%)13 Exchange rate 1.000() Exchange rate (average of period) 1.0000
I')
1.0000 1.0000
-
-
1.0000 1.0000
PanamaStockExchange Mr. LaurenceBerger,President Mr. RobertoBrenesP.,GeneralManager CalleElviraMendezy Calle52 EdificloVallarino/Planta Baja Panama Tel: (507)269-1966 Fax: (507)269-2457 http://www.urraca.com/bvp
Em11:R(Nc; MARKETSDATA BA5,I
Other Markets
1997 (currencyin millions;end of period levels)
Paraguay
1994
1995
1996
1997
9
30
60
60
87,469.0 46.0
287,000.0 144.0
813,830.0 383.0)
953,369.0 389.0
1(0,6(01.0 5.6 16.1
42,864.0 21.8 22.9
62,443.0 30.2 11.3
43,668.0 19.9 4.9
127.4 20.8 13.6 12.8
217.8 70.9 12.2 1.4 11.5
261.3 20.0 -
8,982 13.4 1,988.000 1,962.000
9,673 9.8 2,125.000 2,065.000
Number of Listed Companies Asuncion Stock Exchange
Economic
Asuncion Stock Exchange Dr. Jose Maria Pena Nieto Ms. Graciela Lugo, General Manager Estrella 540 Asuncion Paraguay Tel: (595-21)450-103,450-104 Fax: (595-21) 442-445,442-446 http://www.pdv.com.py/bolsa
1998 FACEBOOK
1997
Bucharest Stock Exchange
4
14
34
76
In lev In US dollars
14(0.0 52.0
517,906.0 201.0
461,570.0 122.0
5,055,664.0 630.0
In lev InUSdollars Turnover ratio
7.0 2.6 -
4,928.0 1.1 -
-
-
-
-
15.8 1.6 3.8
35,264.0 1,921,885.0 11.3 268.1 14.4 72.7
Local Index 105.5 3.4 -
-
-
Data
Gross domestic product (US$) Changeinconsumerpriceindex((%) Exchange rate Exchange rate (average ofperiod)
1996
Trading Value
Local Index PDV General (Oct. 11, 1993=100) % change in index P/E ratio P/BVratio Dividend yield (%)
1995
Market Capitalization
Trading Value In guarani InUSdollars Turnover ratio
1994
Number of Listed Companies
Market Capitalization In guarani In US dollars
Romania
BET (Sept. 19, 1997=1,000) % change in index P/E ratio P/BV ratio Dividend yield (%) Economic
7,826 2(0.6 1,919.000 1,900.000
-
2,450.000 2,191.00(0
-
757.9
-
-
-
-
-
-
10.7 0.8 5.2
30,086
35,686
35,508
-
-
-
-
2.7166 2.6486
5,160.000 2,207.000
7,590.00(0 6,218.420
8,023.000 7,167.940
Data
Gross domestic product (US$) Changeinconsumerpriceindex(/) Exchange rate Exchange rate (average of penod)
-
Bucharest Stock Exchange Mr. Stere Parmache, General Manager Doamnci St. No. 8 Bucharest Romania Tel: (40-1) 323-0900, 323-0937 Fax: (40-1) 323-5732 http://www.bse.ro
EMERGINGMARKETSDATA BASE 327
9 v
(currencyin millions;end of period levels)
Saudi Arabia
I )lc)4
Number of Listed Companies Saudi Arabia Monetary Agency Market Capitalization In riyal In US dollars Trading Value In riyal In US dollars Turnover ratio Local
yield
1)t)7
70
70
68
69
145,072.0 38,686.0
153,400.0 40,907.0)
171,980.0 45,861.0
222,698.0 59,386.0
24,871.0 6,632.3 14.5
23,227.0 6,193.9 15.6
25,397.0 6,772.5 15.6
62,060.0 16,549.3 31.4
128.2 -28.5 12.1 2.7
136.8 6.7 10.1 1.9
153.1 11.9 13.1 1.8
195.8 27.9 16.1 2.5
4.8
3.8
3.4
(0/,)
Economic Data Grossdomesticproduct (US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofperiod)
120,168 0.6 3.750(0 3.7500
Electronic Securities Information System Sheikh Hamad Al-Sayri, Governor Saudi Arabian Monetary Agency Governor's Office P.O. Box 2992 Riyadh, 11169 Kingdom of Saudi Arabia Tel: (966-1) 466-2000 Fax: (966-1) 463-3703
328
I 1)1)
1998 F.xc- BOOK
4.9
125,266 4.9 3.7500 3.7500
1.2 3.7500 3.7500
Swaziland Number of Listed Companies Swaziland Stock Market Market Capitalization In lilangeni In US dollars
Index
NCFEI (Feb. 1985=100) To change in index P/Eratio P/BVratio Dividend
I
Trading Value In lilangeni InUS dollars Turnover ratio Local Index SSM Index (uly 1990=100) % change in index P/Eratio P/BVratio Dividend
-
3.75(0)0 3.7500
yield
(°/,)
Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%)) Exchangerate Exchangerate(averageofperiod)
1')Q4
1'-)5
1QY)I
I1')7
4
4
6
1,200.0 338.0
1,235.0 339.0
2,204.0 471.0
7.0 2.1 0.7
1.0 0.4 ().1
1().0 2.2 0.6
1,739.0 377.8 122.7
132.9 31.2 10.6 1.3
136.8 2.9 7.4 1.3
192.8 41.0 9.7 1.8
114.0) -40.9 6.8 1.0
5.6
1,0)26 14.3 3.5483 3.5607
5.7
1,121 14.7 3.6488 3.6257
5.2
1,042 12.5 4.6785 4.6839
4
63(0.0) 129.0)
9.1
-
4.8676 4.6032
Swaziland Stockbrokers Mr. A. McGuire, Chief Executive Officer Suite 205, 2nd Floor Dhlan Ubeka House, Walker Street P.O. Box 2818 Mbabane, Swaziland Tel: (268) 46163 Fax: (268) 44132
EnI[(,I\-
M RKFTTsD\i-\ A B /sL
Ot-her,AV Ma
rke t s
(currencyin millions;end of periodlevels)
Ukraine Number of Listed Companies OTC Stock Trading System Market Capitalization In hryvna In US dollars Trading Value In hryvna In US dollars Turnover ratio Local Index PFTS % change in index P/E ratio P/BV ratio Dividend yield (%) Economic Data Gross domestic product (US$) Change in consumer price indcx (%) Exchange rate Exchange rate (average of period)
OTC Stock Trading System Ms. Irina Zarya, President 5th floor, 31 Schchorsa St. Kiev 252133 Ukraine Tel: (380-44) 264-1808,264-1809 Fax: (380-44) 264-2254
1998 FACIro0K
1994
1)96
1'997
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
79.7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.8960 -
-
1'395
6,952.2 3,666.8
Uruguay
1994
1'995
1 996
21
20
18
16
Market Capitalization In nuevo pesos In US dollars
956 170
1,300.00 183
2,320.00 266
2,133.00 212
Trading Value In nuevo pesos In US dollars Turnover ratio
59 11.6 5.7
31 4.8 2.7
32 4 1.7
32 3.3
635.2 44.1
860.3 35.4
-
-
-
-
-
-
-
16,250 44.7 5.615 5.0529
17,693 42.2 7.113 6.3491
18,18() 28.3 8.715 7.9718
Number of Listed Companies Bolsa de Valores de Montevideo
Local Index Indice de Precios (Dec. 31, 1977=100) % change in index P/E ratio P/BV ratio Dividend yield (%) Economic Data Gross domestic product (US$) Change in consumer price index (O) Exchange rate Exchange rate (average of period)
1i997
1.4
-
10.04 9.4448
Montevideo Stock Exchange Mr. Edgardo R. Nunez Misiones 1400 Montevideo, 11000 Uruguay Tel: (598-2) 965-051 Fax: (598-2) 961-900
EMERGINGMARKLTSDATABASL
329
Other
isk
i..
I
1997 (currencyin millions;endof periodlevels)
Uzbekistan Number
of
Toshkent Market
1994
Listed
195)'7
1999.
Companies
Republican
Number
Stock Exchange
-
-
4
-
-
-
7,025.00 128
37,272.00 465
Trading
2,338.00
-
2,815.00
In US dollars
-
-
69.6
Turnover
-
-
ratio
-
10.5
Index
P/E
in index
yield (N.)
Economic
-
18,053.00 19
In kwacha
-
-
217
In US dollars
-
0.3
Turnover
-
-
-
-
-
7.5
4
9.8
-
-
3.1
1.2
-
-
9.5
3
3,167
3,297
3,388
-
53.6
34.2
46.3
(US$)
price
index
(/)
rate rate (average of period)
Toshkent
Republic
8,
Vostoka
Pravda
700047 Republic
Stock St.
Tashkent of Uzbekistan
Tel: (7-3712) (7-3712)
ratio
36-07-40,36-05-36 33-32-31
1998 FACTBOOK
Exchange
change
3,428.00
11,588.00
2.8
8.5
2.5
1.8
-
-
-
P/BVratio
-
-
-
-
Dividend
21,078
23,170
25,198
-
Gross domestic product
-
-
-
-
Change
-
-
-
-
54.7 40.48
80.17 67.4
ratio
yield
(°/n)
in consumer
Stock
Mr. Charles P.O. Box
210.7
Data
(US$)
price
index
Exchange rate Exchange rate (average of period)
Lusaka
-
in index
-
Plot
252,467.00 1,006,674.00 195 705
Index
--
'
6
Value
Economic
in consumer
Exchange Exchange
330
-
6
Capitalization
-
Data
Gross domestic product
Fax:
-
P/E
Dividend
Companies
-
ratio
P/BVratio
Change
-
1997
2
Local -
1 996
1995
-
Trading
-
Listed
In kwacha In US dollars
Value
% change
of
Market
In local currency
1994
Lusaka Stock Exchange
Capitalization
In local currency In US dollars
Local
Zambia
199)7
Exchange
Mate,
General
(%)
-
950 82(1
1,297.00 1,228.00
-
1,427.50 1,362.25
Ltd Manager
34523
2A
Cairo
Road
Lusaka,
Zambia
Tel:
(260-1)
228-537,228-391
Fax:
(260-1)
225-969
EMERGING MAIRKETS DATA BASE
Appendix 1. Sources and Notes
Emerging Stock Markets Factbook 1998
Stock Market Reference List IFC conducts an annual survey of the world's stock exchanges as the basis for the figures presented in
Cyprus
Cyprus Stock Exchange
Jamaica
Jamaica Stock Exchange
Czech Republic
Prague Stock Exchange
Japan
Combined Japanese Stock Exchanges
this Factbook. The information for 1997 in this
Denmark
CopenhagenStockExchange
Jordan
AmmanFinancialMarket
Dominican Republic
Santo Domingo Securities Exchange
Kenya Kurea
Nairobi Stock Exchange Korea Stock Exchange
Kuwait
KuwaitStockExchange
Kyrgyz RepubIc
Kyrgyz Stock Exchange
Latv a
Riga Stock Exchange
Factbook is for the stock exchanges listed below. Argent na
Buenos Aires Stock Exchange
Armen a
YerevanStockExchange
Austral a
Australian Stock Exchange
Ecuador Market cap antidlistings
Guayaquil Stock Exchange
Austria
Vienna Stock Exchange
Value traded
Guayaquil and Quito Stock Exchanges
Bangladesh
Dhaka Stock Exchange
Egypt, Arab Rep
Cairo and Alexandria Stock Exchanges
Lebanon
Beirut Stock Exchange
Bahrairn
Bahrain Stock Exchange
El Salvador
Mercado de Valores de El Salvador
Lithuania
National Stock Exchange
Barbados
Securities Exchange of Barbados
Estonia
Tallinn Stock Exchange
Belgium
Brussels Stock Exchange
Fiji
Suva Stock Exchange
Bermuda
BermudaStockExchange
Finland
Helsinki Stock Exchange
Luxembourg Malaysia Malta
Luxembourg Stock Exchange Kuala Lumpur Stock Exchange Malta Stock Exchange
Bi utan
Royal Securities Exchange of Bhutan
France
Paris Stock Exchange
Maurt is
Stock Exchange of Mauritius
Bolivia
Bolsa de Boliviana de Valores Germany Botsvvana Botswana Stock Exc'nange Germany Botswana Stock Exchange Ghana
DeutscheB hnourse AG Deutsche Bourse AG Ghana Stock Exchange
Market cazil Market cap and listings
Sao Paulo StockExchangeGreece San Paulo Stock Exchange
Value traded Bulgaria
Botaziana
of Lithuania Luanin
rico
StockSE xc hange Mexican Stock Exchange Mongolian Stock Exchange
Athens Stock Exchange
Morocco
Casablanca Stock Exchange
Guatemala
Bolsa de Valores Nacional
Namibia
NamibianStockExchange
Combined Sao Paulo and Rio de Janeiro Stock Exchanges
Honduras
Bolsa Hondurena de Valores Nepal
Nepal Stock Exchange
BulgarianStock
Hong Kong BaurtgHary clndIeadtokxhg
Stock Exchange of Hong Kong Budapest Stock Exchange
Netherlands New Zealand
Amsterdam Stock Exchange New Zealand Stock Exchange
Iceland Stock Exchange
Exchange
Canad
~~Mexico Mongolia
Market cap and listings
Toronto Stock Exchange
Value traded
Combined Montreal, Toronto, and Vancouver Stock Exchanges
Iceland India India Market cap and traditg
Oman
Muscat Securities Market
Chile
Santiago Stock Exchange
Listings
Combined Indianstock exchanges
Palest ne
Palestine Securities Exchange
Chrina
Combined Shanghai and Shenzhen Stock Exchanges
Indonesla
Jakarta Stock Exchange
Pakista n
Karachi Stock Exchange
Colombia
Combined Bogota, Medellin, and
Iran, Islamic Repubihc
TehranStockExchange
Panama
PanamaStockExchange
Cali(Occidente)StockExchanges
Ireland
Irish StockExchange
Costa Rica
Bolsa Nacional de Valores
Iael
Tel-Aviv Stock Exchange
Parag uay Peru
Asuncion Stock Exchange Lima Stock Exchange
Cote d'Ivoire
Abidjan Stock Exchange Italy
Italian Stock Exchange CouncilPhiipna
Phlippres
PhilippineStockkxchange hipieSokEcng
Croatia
332
and listings
Nigeria
~~~~~~ ~
Nigerian Stock Exchange
~~~~~~~~~~~~~~~~~Norway Oslo Stock Exchange
Mumbai Stock Exchange
Zagreb Stock Exchange
1998 FAceooBIK
EN!titGING M, ERK i s D
\ ASF BT
Notes on Macroeconomic Data Poland
Warsaw Stock Exchange
Portugal
tisbonStockExchanige
GNP and GNP per capita maps and tables in Chapter 1 are from the 1998 edition of the World Bank Atlas. The Atlas lists the following technical notes
Romania
BucharestStockExchange
(paraphrased):
Ruausia
RUSssianTradingSystem
SaudiArabia
SaudiArabiaMonetaryAgency
Singapore
Stock Exchange of Sngapore
Slcvakia
Bratislava Stock Exchange
S~oven,a
LjubljanaStockExchange
South Africa
JoharnesburgStockExchange
Spain
Marketcap
Madrid Stock Exchange
anid istinOgs
Valie traded
Data on net aggregate
financial flows to develop-
ing countries in Chapter 1 was obtained from the 1998 edition of GlobalDevelopmentFinance. For information on how to obtain copies of the publications cited in Chapter 1, write to:
World Bank Infoshop 701 18thStreet, NW
Washington, DC 20433
Combined Barcelona, M\adrid, and
Valeticia StockExchanges Sr Lanka
Colombo Stock Exchange
Swaziland
Swaziland Stock Market
Sweiea
Stockhiolm Stoclk Exchange
Swizterland
Swiss Stock Exchange
Taiwan, Chr a
Taiwan Stock Exchange
Thailand
Stock Exchange of Thailand
ilnquiries and orders can also be faxed to World Bank Publications at (202) 477-0604. The macroeconomic
data in Chapters 5 through
7
comes from the Development Data Group at the World Bank.
Trinidad&Tobago Trinidad & Tobago Stock Exchange Tu,nlsia
funis Stockkxchange
Turkey
istanbultStock Exchanige
United Kingdcro
London Stock Exchange
United States
CormbinedNASDAQ,New York (NYSE),and American Stock Exchange
Uruguay
Montevideo StockExchange
Uzbekistan
Toshkent RepublicanStock Exchange
Venezuela
Caracas Stock Exchange
Yugcslavia
Belgraie Stock Exchaige
Zambia
LuisakaStockExchange
Zinbabwe
Zimbabwe Stock Exchange
1998 FACTIOOK
ENtERGINC-MtAtKLTs Dxi -t.BASI
333
Currency Notes All IFC Index data variables are maintained in local currency terms. If a local currency unit changes in a currency reform, IFC's custom is to restate the data in the new currency unit; if several currency reforms threaten to eliminate significant digits (as has been the case for Argentina and Brazil), IFC uses a currency factor to create an internal currency conversion rate. Appendix 4 lists the currency changes in IFC Index markets since 1975. IFC also calculates index levels in U.S. dollar terms.
the median of a series of snapshots taken around this time. Commercial interbank bid and offer quotes are used unless a different type of rate is deemed to be more appropriate for foreign investors. IFC reserves the right to substitute other sources of exchange rates if the WM/Reuters rates are not available or if in IFC's opinion the rates are not reflective of market circumstances. Since October 1994: The WM/Reuters Closing Spot Rates Service.
IFC's procedure for converting local currency values to U.S. dollar values is to choose one source of exchange rates as its primary source, and to compare that source's rate to the U.S. dollar with at least two other sources to ensure the primary source's figure has not been corrupted or is not moving out of line with comparators. Currencies arefour to carried decimal places. are carried tfordcmlpae.Venezuela. The sources cited below are those used by IFC at the dates shown. IFC began using the WM/Reuters exchange rate service as its principal source for closing rates in October 1994. The WM/Reuters closing spot rates are derived daily by the WM Company from the latest quotes available to Reuters at or near 4 p.m. London time. Each published rate is 334
1998 FACIBOOK
Jan. 1,1992: The peso Argentine replaces the austral, 1 peso for 10,000
australes. Brazil Feb. 28,1986: The cruzado replaces the cruzeiro, at the rate of I cruzado
for 1,OOOcruzeiros. new cruzado for 1,000 cruzados. Mar. 16, 1990: The cruzeiro replaces the new nruzado, at a rate of 1
cruzeiroforeachcruzado.
Prior to October 1994: Argentina Brazil Chile China Colombia Hungary
IFC's multi-market indexes are prepared in U.S. dollar terms by converting into dollar onverting termsby constituent consttuent data data into U.S. dollars and calculating index levels as if all constituents are part of a single market. Calculation of the indexes in currencies other than the U.S. dollar can be done by using a currency's cross-rate the dollar. to to th U.S. .. dla.Poland
1,000 pesos Argentino.
Jan. 15,1989: The new cruzado replaces the cruzado, at the rate of 1
As a rule, IFC uses spot exchange rates to the U.S. dollar which it believes represent mid-rates between those a foreign portfolio manager might reasonably expect to receive when selling dollars (for stock purchases) and buying dollars (selling currency received from proceeds of stock sales for repatriation), or for valuing a portfolio in U.S. dollar terms. In the absence of a legal market-determined rate, IFC uses the official rate.
June 14, 1985: The austral replaces the peso Argentino, 1 austral for
Korca Korea Mexico Nigeria Peru
South Africa Sri Lanka Zimbabwe
Central Bank selling rate at close Commercial Banks'sellingratepostedbyGazeta Mercantil Observado rate posted by the Bolsa de Comercio de Santiago Shanghai Swap Center mid-rate for renminbi to U.S. dollars; Shenzhen Swamp Center mid-rates for Hong Kong dollars to renminbi Bank of America, World Value of the Dollar National Bank of Hungary official buying rate for dollars at close of Banksof America, WorldlValuemofiUS$1)
BusnessAerc,Wol
aleo
Aug. 1, 1993: The cruzeiro real replaces the cruzeiro, at the rate of ] cruzeiro real for 1,000 cruzeiros. Jl ,19:Tera cruzeiro,
elcstecuer,a
aeo
elo
,5
Mexico Jan. 1, 1993:The new neso replaces the peso, at a rate of 1 new peso for each 1,000 pesos. Nigeri'a Jan. 1994:The government banned the formerly legal parallel market for the naira (N44/US$1 at the time), which IFC had been using and Thed foreign exchangetransactions to the official rate only (N22/
US$1).The forcedtswitchto theofficialrateboostedthe IFCGNigeria
the Dollar Diario Oficial rate (average mid-rate
Index for a one-time US$ gain of nearly 100%.
postedby exchange houses) Closing mid-rate posted by the Bolsa de Valores de Lima Bank Rozwoju Eksportu Spotka Akcyjna buying rate for dollars at
rate to the autonomous rate for purposes of calculating the IFCC Nigeria Index.
close of business Mid-rates for the financial rand Central Bank spot rate (mid-point) for dealings with commercial banks Zimbabwe Ope market rateat close ofPoland bOupenmarket rate at close of
The Wall Street Journal's foreign exchange tables were used for the following countries: Greece, India, Indonesia, Jordan, Malaysia, Pakistan, Philippines, Portugal, Taiwan (China), Thailand, Turkey, and
A number of emerging markets have made major currency reforms or changes of foreign exchange investment regimes during the life of the IFC indexes. These changes are listed below, Argentina June 1, 1983:The peso Argentino replaces the peso, 1 peso Argentino for 10,000 pesos.
Peru Feb. 1, 1985:The inti replaces the sol, at a rate ofI inti for each 1,000 sol. Jul. 1, 1991:The new sol (sol nuevo) replaces the inti, at a rate ofTInew sol for each 1,000,000 intis. Jan. 1, 1995:The zloty is "revalued", with the new zloty equal to 10,000 old zlotys. The new currency retains the name zloty. Venezuela In June1994, Venezuelan authorities fixed the exchange rate at Bs.170 per U.S. dollar. In June 1995, authorities permitted Venezuelan Brady bonds that trade abroad in dollars to be quoted also at the Caracas bolsa and pricing differences between the two markets creates an "irnplied"exchagerate. iFC began using the impliedrateforindex calcugovemmentuimplemi nted amnew 19f5rn April 221996, g the Venezuelan the exchange rate to fluctuate within an official band, and IFC returned
to the officialrate. Russia Jan. 1,1998: The ruble is "revalued", with the new ruble equal to 1,000 old rubles. The new currency retains the name ruble.
ExIFRGNc.G M'AR<sDATA B,\sF.
Standard Industrial Classification(SIC) Codes Versionsof the U.S. GovernmentSIC codesare commonly used to identify the business sectors in which companiesoperate.IFC adaptedthefollowing listfrom the Standardand Poor'sRegisterforuse with the stocks in its EmergingMarketsDataBase.Companiesbelongto a sector,which has a one-digitcode,and an industry,
28 29 30 31 32 33 34
which has a two-digit code. In some cases, IFCfurther
identifiesa sub-industry.
35 36
Sector 0: Agriculture, forestry and fishing 1 Agricultural production-crops 2 Agricultural production-livestock 7 Agricultural services 8 Forestry 9 Fishing, hunting and trapping
37 38
Sector 1: Mining 10 Metal mining 11 Anthracite mining 12 Bituminous coal and lignite mining 13 Oil and gas extraction 14 Mining and quarrying of non-metallic minerals, except fuels Sector 2: Construction 15 Building construction-general contractors and operative builders 16 Construction other than building constructiongeneral contractors 17 Construction-special trade contractors Sector 3: Manufacturing 20 Food and kindred products 21 Tobacco manufacture 22 Textile mill products 23 Apparel and other finished products made from fabrics and similar materials 24 Lumber and wood products, except furniture 25 Furniture and fixtures 26 Paper and allied products 27 Printing, publishing, and allied industries
1998 FACTBOOK
39
Chemicals and allied products Petroleum refining and related industries Rubber and miscellaneous plastics products Leather and leather products Stone, clay, glass, and concrete products Primary metal industries Fabricated metal products, except machinery and transportation equipment Machinery, except electrical Electrical and electronic machinery, equipment and supplies Transportation equipment Measuring, analyzing and controlling instruments; photographic, medical and optical goods; watches and clocks Miscellaneous manufacturing industries
Sector 4: Transportation, communication, electric, gas and sanitary services 40 Railroad transportation 41 Local and suburban transit and interurban highway passenger transportation 42 Motor freight transportation and warehousing 43 Postal Service 44 Water transportation 45 Transportation by air 46 Pipelines, except natural gas 47 Transportation services 48 Communication 49 Electric, gas, and sanitary services Sector 5: Wholesale trade and retail trade 50 Wholesale trade-durable goods 51 Wholesale trade-nondurable goods 52 Building materials, hardware, garden supply and mobile home dealers 53 General merchandise stores 54 Food stores 55 Automotive dealers and gasoline service stations 56 Apparel and accessory stores 57 Furniture, home furnishings and equipment stores 58 Eating and drinking places 59 Miscellaneous retail
Sector 6: Finance, insurance and real estate 60 Banking 61 Credit agencies other than banks 62 Security and commodity brokers, dealers, exchanges and services 63 Insurance 64 Insurance agents, brokers, and service 65 Real estate 66 Combinations of real estate, insurance, loans, law offices 67 Holding and other investment companies Sector 7: Services 70 Hotels, rooming houses, camps and other lodging places 72 Personal services 73 Business services 75 Automotive repair services and garages 76 Miscellaneous repair services 79 Amusement and recreation services, except motion pictures 78 Motion pictures 80 Health services 81 Legal services 82 Educational services 83 Social services 84 Museums, art galleries, botanical and zoological gardens 86 Membership organizations 88 Private households 89 Miscellaneous services Sector 8: Government 91 Executive, legislative, and general government, except finance Sector 9: Other 99 Nonclassifiable establishments
EMERGING MARKETS DATABASE 335
Appendix 2. Investor Information
Emerging Stock Markets Factbook 1998
Foreign Investment Ceiling for Listed Stocks in Emerging Markets (coveredby IFCIndexesas of end-1997)
\
kcf,
?Jai1,7i 1,%
Latin America Argentina Brazil Chile Colombia Ecuador Jamaica Mexico Peru Trinidad & Tobago Venezuela
100% in general 49% common stocks; 100% preferred 0/. for bank ordinary shares 100% in general 100% in general 100% in general 1003', in general 100% in general 100/., in general 30% in general 100%oin general
East Asia China Korea Philippines Taiwan, China
100% only for B- and H-class shares 55% in general; 250/, for KEPCO & POSCO; 33% for SKTelecom 40% in general; 30% for banks 311% in general
South Asia Bangladesh India Indonesia Malaysia Pakistan Sri Lanka Thailand
100% in general 24% in general 100% in general; 49% banks, 85% for securities companies 100% in general 100% in general 100% in general; 49% for banks 10°/,,-49°/,,depending on company by-laws
338
1998 FACTBOOK
stocks;
Europe/Mideast/Africa Botswana Bulgaria Cote d'Ivoire Czech Republic Egypt Ghana Greece Hungary Isreal Jordan Kenya Lithuania Mauritius Morocco Nigeria Poland Portugal Russia Slovakia Slovenia South Africa Tunisia Turkey Zimbabwe
49/, of free float 100% in general; banks need central bank approval 100%/o in general 100% in general; banks need central bank approval 100% in general 74% in general 100% in general 100% in general; above 10%, banks need central bank approval 100% in general 100% in general; 5 % 0 for construction, retail trade, & mining sectors 40% in locally controlled companies 100% in general 100% in general; 15% for sugar companies 100°/, in general 100% in general 10034, in general 100% in general 1000%,in general 100% in general; banks need central bank approval closed to portfolio investors 100% in general 49% in general 100% in general 40% in general
ENFR;m.IN, M\RKFITS DTA
B,\S1
Withholding Taxes for Emerging Markets (U.S.-basedinstitutionalinvestors;end-1997)
Long-te rm
A ong-ter-ml
Markct Argentina Bangladesh Barbados Bolivia Botswana Brazil Bulgaria Chile China Colombia Costa Rica Cote d'Ivoire Cyprus Czech Republic Ecuador Egypt Ghana Greece Honduras Hungary India Indonesia Iran Israel Jamaica Jordan Kenya Korea Latvia Lithuania Malaysia Malta Mauritius Mexico Morocco
Interest ("4) 0 0 12.5 12.5 15 15 0 15 0 7 24.5 0 3 0 8 0 0 15 10 0 20 20 0 35 25 () 10 13.2 0 0 15 0 0 0 0
Dividends ")
0 15 12.5 25 15 0 30 15 20 0 0 10 20 0 0 0 10 0 10 10 20 20 12-54 25 25 10 10 16.5 1( 0 II 35 0 0 10
capital gains on listed shares (`,j) 0 0 0 () 0 () 0 35 0 0 14.8 0 0 0 0 0 0 0 10 10 1) 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest MalaAt Namibia Nigeria Oman Pakistan Panama Paraguay Peru Philippines' Poland Portugal Russia Slovakia Slovenia South Africa Sri Lanka Swaziland Taiwan, China Thailand Trinidad and Tobago Tunisia Turkey Venezuela Zambia Zimbabwe
(O')
0 10 0 10 0 () 0 20 40 21) 15 15 0 0 0 10 20 15 10 20 0 0 15 30
Dividends (O)
10 10 0 10 10 0 0 15 20 17.5 15 15 15 0 15 15 35 10 10* 0 0 0 15 15
capital gains on listed shares (`I.) 0 10 0 0 0 0 () 0.5 0 0 20 15 0 0 0 0 0 0 0 0 0 1. 0 10
Notes:Ghana:No withholding tax on dividends for individuals. Israel:Tax treatiesexist with somecountries that lower these figures,including the U.S.(17.5%)and the U.K. (15%). Korea:Ratesare for funds in which U.S.investments total more than 25%.Tax rates shown include 10%resident tax applied to base rate. Poland: No withholding tax on interest for individuals. Philippines:Transactionstaxin lieu of a capital gains tax. Trinidad and Tobago: 15% tax on dividends for individuals. Venezuela:Transactions tax. 1998 FACTBOOK
EMERGING MARKE 15DATA BASE
339
Investmenit Risk Summary for
Entering and Exiting Emerging Markets (asof end-1997) The purpose of GSCSBenchmarks indexes is to provide an indication to institutional investors of the aggregate level of operational efficiency in securities markets posttrade. The risk reward ratio in emerging markets is usually calculated without regard to the unexpected-and often unquantified-costs of failure in market processes. GSCS Settlement Benchmark Market
First Quarter
Second Quarter
87.30 83.80 81.50 41.10 63.50 6.70 -1.10 43.10 35.20 90.00 90.50 86.10 90.70 87.00 85.60 82.60 -0.30 84.50 97.30 -0.40
89.00 87.70 62.50 74.90 74.00 17.10 -1.30 50.20 51.40 91.70 93.10 91.40 93.50 78.90 68.70 76.50 -1.00 80.50 93.50 33.60
Argentina Brazil China CzechRep. Greece Hungary India Indonesia Ireland Korea Malaysia Mexico Peru Philippines Poland Portugal South Africa Thailand Turkey Venezuela
GSCS Safekeeping Benchmark
Third Quarter 87.20 91.50 57.60 72.40 56.20 22.00 -2.10 38.20 62.10 88.30 90.80 88.80 93.10 79.80 75.40 67.60 -1.20 90.60 96.70 -1.90
Fourth Quarter
Average
88.10 88.80 71.70 74.90 74.50 24.40 -0.40 52.30 69.20 93.30 90.30 91.00 83.90 85.80 79.90 72.70 -1.20 92.10 95.60 43.60
87.90 87.95 68.33 65.83 67.05 17.55 -1.23 45.95 54.48 90.83 91.18 89.33 90.30 82.88 77.40 74.85 -0.93 86.93 95.78 18.73
Settlement The Settlement Benchmark provides a means of comparing the settlement efficiency of different markets and tracking the evolution of settlement performance of individual markets over time. The benchmark incorporates four components which, combined together, reflect the overall cost to the market participants of failed trades. These include average trade size, local market interest rates, the proportion of trades that fail, and the length of time for which they fail. By converting information back into a base currency, comparisons between markets become possible. The Benchmarks are scored out of 100. Turkey maintained its excellent settlement showing within GSCS Benchmarks' coverage in 1997. An av340
1998 FA{TBOOIj
Market Argentina Brazil China CzechRep. Greece Hungary India Indonesia Ireland Korea Malaysia Mexico Peru Philippines Poland Portugal South Africa Thailand Turkey Venezuela
First Quarter
Second Quarter
92.20 93.10 94.80 56.90 91.40 66.50 72.10 89.70 92.60 94.30 89.70 89.40 81.10 74.80 52.30 80.80 94.10 90.80 90.70 77.60
91.50 92.70 93.60 92.20 88.80 78.00 83.90 90.60 92.60 92.70 92.00 91.00 84.60 75.00 90.90 93.60 93.50 90.30 91.60 85.80
Third Quarter 92.00 91.50 79.50 85.20 86.40 85.70 78.80 87.60 89.50 84.30 92.10 91.00 78.60 80.90 88.90 51.50 91.00 87.30 94.80 75.70
GSCS OperationalRisk Benchmark Fourth Quarter
Average
92.80 89.80 92.20 64.10 57.60 91.80 72.20 88.10 86.50 92.40 91.90 92.50 85.60 85.10 65.30 95.00 90.00 83.80 91.80 88.30
92.13 91.78 90.03 74.60 81.05 80.50 76.75 89.00 90.30 90.93 91.43 90.98 82.48 78.95 74.35 80.23 92.15 88.05 92.23 81.85
erage Benchmark score of 95.8 placed it some way ahead of second-placed Malaysia, which posted a total of 91.2.It is worth noting that the Turkish market has now been top-ranked in terms of settlement for three consecutive years and, irrespective of its relatively moderate volumes, its settlement efficiencyclearly compares favorably with that of many major equities markets. Other markets with impressive settlement scores in excess of 90 were Korea (90.8) and Peru (90.3). A further five markets exceeded 80, including the leading Latin American trio of Mexico (89.3),Brazil (88.0) and Argentina (87.9). Overall, 10 markets saw an increase in settlement efficiency during 1997as indicated by trades reported to GSCS Benchmarks. A
Market Argentina Brazil China CzechRep. Greece Hungary India Indonesia Ireland Korea Malaysia Mexico Peru Philippines Poland Portugal South Africa Thailand Turkey Venezuela
First Second Quarter Quarter 68.30 65.90 65.20 39.10 59.40 28.20 22.20 52.80 51.20 73.50 70.60 68.80 67.00 60.70 52.60 65.90 32.00 69.80 71.90 21.60
69.40 67.70 55.60 61.30 63.00 34.80 25.80 55.50 56.80 73.70 72.50 71.60 69.40 57.40 58.60 68.60 28.80 68.10 70.50 41.40
Third Quarter
Fourth Quarter
68.70 69.20 49.40 58.20 54.50 39.60 21.00 50.20 59.20 69.20 71.60 70.50 67.10 59.80 60.70 48.00 27.20 70.90 72.90 14.30
69.40 67.50 59.70 53.80 54.30 42.80 24.90 55.20 60.40 74.30 71.40 71.90 65.60 63.70 54.60 67.70 26.70 70.10 71.50 46.80
Average 68.95 67.58 57.48 53.10 57.80 36.35 23.48 53.43 56.90 72.68 71.53 70.70 67.28 60.40 56.63 62.55 28.68 69.73 71.70 31.03
further six markets saw declines to varying degrees, while four markets-China, the Czech Republic, Hungary, and Poland-were included within our coverage for the first time. Of the markets to register a decrease in settlement efficiency, Portugal slumped from 90.4 to 74.9, its lowest score in five years. Venezuela dropped from 43.3 to just 18.7. The two bottom-ranked markets were once again South Africa (-0.9)and India (-1.2). Evidently, the Indian market's efforts to reduce the paper intensiveness of its settlement environment have yet to be translated into improved scoring within our survey. In South Africa, the new settlement environment being introduced in 1998should materially improve that market's scores. ENIr R.]N(K MAIRKETS DATABASF
GSCS Benchmarks GSCS Safekeeping Benchmark The Safekeeping Benchmark compares the efficiency of different markets in terms of collection of dividends and interest, reclamation of excess withheld taxes, and protection of rights in the event of a corporate action. The Benchmark assesses these aspects through a five-factor model. These include typical market yields on equity and fixed income securities; rates of withholding tax and reclaim potential; average time between payable date and receipt of payment; local market interest rates; and number and type of corporate actions that occur. By assigning weights to each of these factors, it is possible to calculate a Benchmark as a score out of a maximum of 100. The normally consistent emerging market scores for safekeeping showed a small decline in 1997 with 10 markets reporting a year-on-year decrease. Top ranked were South Africa and Turkey, both with totals of 92.2. A further seven markets also scored impressively with Safekeeping Benchmarks above 90: Argentina (92.1); Brazil (91.8); Malaysia (91.4); Mexico (91.0); Korea (90.9);Ireland (90.3); and China
gal structure of the market, such as constraints on capital flows, foreign investment restrictions, and market supervision. Finally, it incorporates two factors which may not be the direct responsibility of the custodians but which cannot be ignored by them: counterparty risk and "force majeure" risk. With a strong score of 72.7, Korea gained the highest Operational Risk Benchmark, underlining the market's strong operational performance. Turkey attained second place with another solid total of 71.77, while close behind was Malaysia (71.5) and Mexico (70.7). The general positive trend was illustrated by the fact that 10 markets showed an improvement on the previous year in terms of operational risk. Once again, India was the market with the lowest Operational Risk Benchmark. Its total of 23.5, however, represented a moderate advance on its previous score of 16.8 in 1996. South Africa, likewise, despite totaling just 28.7 to claim 19th rank, can take some solace from its improvement on the previous year's sum of 22.4.
(90.0).
Portugal, last year's top-ranked market by this measure, declined from an average of 94.4 to 80.2, largely due to a somewhat anomalistic score of 51.5 in the third quarter. The bottom-ranked market in terms of safekeeping was Poland (74.0), with Czech Republic (74.6), Indonesia (76.8) and the Philippines (79.0) in close company. GSCS Operational
Risk Benchmark
The Operational Risk Benchmark takes into consideration the settlement and safekeeping benchmarks. However, it assigns them a different weight depending on the relative complexity of each in the different markets. The Benchmark takes into account other operational factors, such as the level of compliance with the recommendations of the Group of Thirty (G30). It also accounts for the complexity and effectiveness of the regulatory and le1998 FACTBOOK
For further information, contact: Peter Staras, GSCS Benchmarks Ltd tel: (+44-171) 415 7199 fax: (+44-171) 415 7198 E-mail:
[email protected] GSCS/rhomson
Index
The GSCS/Thomson Operational Risk Adjusted Index has been created to help investment managers, custodians, broker/dealers and their clients better understand exactly what happens to costs when portfolios of cross-border equity securities are changed. The Index captures both the investment return of different markets as measured by standard indexes and the operational costs incurred through dealing in these markets. Index calculations for all of the major markets and most of the emerging markets were set at 100 on
December 31, 1992. Where new markets have been added to the sample, their date of entry is indicated in the accompanying table. Overall, 13 of the 20 emerging markets surveyed registered a decline between December 1996 and December 1997 as measured by the GSCS/Thomson Index. However, some markets have made strong progress over the year. Turkey, in particular, saw a 51% gain, while Hungary climbed 44%. Also registering a annual gain were Mexico (30%), Ireland (21%), Venezuela (6%), and Peru (5%). The worst showing, meanwhile, came from Thailand, which saw a year-on-year decline in its Index level of 8 6 %. For further information, Robert Kay, GSCS Ltd Tel: (+44-1932) 568 488 Fax: (+44-1932) 564 290
contact,
Dec 1996
Dec 1997
Change %
Agentina Brazil China CzechRep. Greece Hungary
182.58 352.27 100.00 100.00 147.38 100.00
153.76 326.92 66.24 76.39 122.62 143.94
-15.78 -7.20 -33.76 -23.61 -16.80 43.94
Indonesia Ireland
229.52 126.47
52.16 153.39
-77.27 21.29
80.13
20.54 46.25 104.65 156.93 38.86
-74.37
Market
Korea Malaysia Mexico Peru Philippines Poland Portugal South Africa
Thailand Turkey Venezuela
216.95 80.59 148.97 114.67
100.00
211.51 104.88 102.70 260.87 220.60
76.00
243.19 79.57 14.83 392.74 232.86
-78.68 29.85 5.34 -66.11
-24.00 14.98 -24.13 -85.56 50.55 5.56
Base = 100 as of 12/31/92 except India 31/3/93 Venezuela 29/2/96 Peru 28/2/95 China 31/12/96 Philippines 28/2/95 Czech Rep. 31/12/96 Ireland
29/2/96
Poland
31/12/96
E[\1ECING MAiKETs DAFA
BASE 341
Global Trading Costs (fourth quarter 1997) Elkins/McSherry (E/M) has been involved with trading cost studies for more than 550 institutions during the past 10 years. The company analyzes global trading costs for 120 large global institutions (pension funds, investment managers, banks, and brokers), which send E/M all of their global equity trades quarterly. The E/M analysis measures total trading cost, which consists of commissions, fees, and market impact. Market impact is the difference between the price at which a trade is executed and the average of the stock's high, low, opening, and closing prices during the trade date. The E/M Trading Cost Analysis Service is not designed to assess the quality of a trade, but rather to give an indication of how commissions, fees and market impact costs compare to a universe of costs in 42 countries.
more expensive to trade in emerging markets. It is broken down into five columns:
The methodology to calculate market impact resulted from consulting with a number of prominent global investment managers. The consistent response was that an average of the high, low, opening, and closing prices was widely used and deemed to be a reasonable benchmark. After extensive testing, this approach was adopted. The data base contains the high, low, opening, closing prices, and volume traded for every equity traded in 42 countries beginning January 1995.
Averagestockprice is the average traded stock price in U.S. dollars in that country. Averagecommissionis the average commission paid in that country (U.S. dollars). Averagefeesis the average fee paid in that coun try (U.S.dollars). Marketimpact is the average cost of trading in that country (U.S. dollars). More precisely, it is the average cost to trade versus the average price. Total is the total cost of trading in that country (U.S. dollars). The number is simply obtained by adding the cost of commission, fees and mar t ket e impact.
The Elkins/McSherry 42 country universe is composed of data from 120 institutions throughout the world. The data is compiled to create average trading costs across the 42 country universe. The chart provides a global equity investor with a universe of average costs to compare their costs versus 120 other institutions. It confirms that it is considerably FourthQuarter,1997 Elkins/McSherry GlobalUniverse
Country Avgs.
Price
Comm
Fees
Argentina Australia Austria Belgium Brazil Canada Chile Colombia CzechRepublic Denmark Finland France Germany Greece HongKong Hungary India Indonesia Ireland Italy Japan-Buys Japan-Sells Korea
$5.83 $4.06 $89.10 $208.23 $0.63 $27.71 $0.39 $4.13 $79.78 $62.94 $28.98 $83.27 $82.44 $32.79 $2.51 $29.05 $12.67 $1.69 $5.54 $3.56 $18.68 $13.50 $36.40
43.49BP 34.40BP 25.32BP 21.85BP 32.69BP 25.04BP 25.78BP 59.91BP 59.55BP 26.90BP 26.27BP 22.43BP 21.84BP 43.81BP 35.41BP 72.35BP 20.70BP 66.62BP 27.92BP 23.28BP 20.75BP 21.68BP 45.25BP
5.08BP 14.09BP 4.85BP 2.60BP 4.98BP 1.29BP 26.82BP 1.56BP 11.14BP 2.40BP 2.02BP 1.03BP 1.78BP 11.65BP 11.14BP 4.62BP 0.00BP 11.28BP 71.25BP 2.03BP 0.14BP 18.10BP 15.52BP
'Note: The United
342
1998Fu .1CB00K
States,
United
Kingdom,
Mkt Impact 26.52BP 3.99BP 14.74BP 16.18BP 26.56BP 29.20BP 42.09BP 31.47BP 52.46BF 13.11BP 12.31BP 6.56BP 12.02BP 14.30BP 9.46BP 66.19BP 49.53BP 23.38BP 29.11BP 7.47BP 9.13BP 13.57BP 158.81BP and Japan
Total 75.09BP 52.48BP 44.91BP 40.63BP 64.23BP 55.53BP 94.69BP 92.94BP 123.15BP 42.41BP 40.60BP 30.02BP 35.64BP 69.76BP 56.01BP 143.16BP 70.23BP 101.28BP 128.28BP 32.78BP 30.02BP 53.35BP 219.58BP
Country Avgs. Luxembourg Malaysia Mexico Netherlands NewZealand Norway Peru Philippines Portugal Singapore SouthAfrica Spain Sweden Switzerland Taiwan Thailand Turkey U.K.-Buys U.K.-Sells U.S.-NYSE U.S.-OTC Venezuela Total-45
have two universes
to acknowledge
Price
Cornm
Fees
Mktlmpact
Total
$27.55 $3.35 $3.87 $51.89 $2.53 $20.62 $3.18 $1.59 $24.33 $4.82 $4.44 $33.45 $24.62 $745.10 $3.51 $5.91 $0.15 $7.09 $6.78 $42.34 $30.21 $1.31 $41.83
15.38BP 61.77BP 31.71BP 21.23BF 33.03BP 27.12BP 50.35BP 77.89BP 35.17BP 52.15BP 33.63BP 28.42BP 23.79BP 23.94BP 24.01BP 65.16BP 39.02BP 20.30BP 16.12BP 12.20BP 2.90BP 88.00BP 35.26BP
1.67BP 9.59BP 1.51BP 1.99BP 0.52BP 1.92BP 15.25BP 26.14BP 7.53BP 3.17BP 4.28BP 3.53BP 1.57BP 5.63BP 28.54BP 1.63BP 7.66BP 42.70BP 0.41BP 0.16BP 0.13BP 15.08BP 9.02BP
78.11BP 16.36BP 23.66BP 15.58BP 14.33BP 12.45BP 38.17BP 6.76BP 23.90BP 16.64BP 65.89BP 8.18BP 8.44BP 8.95BP 21.15BP 20.66BP 32.57BP 11.48BP 18.51BP 22.11BP 55.89BP 34.79BP 27.17BP
95.16BP 87.72BP 56.88BP 38.80BP 47.88BP 41.49BP 103.77BP 110.79BP 66.60BP 71.96BP 103.80BP 40.13BP 33.80BP 38.52BP 73.70BP 87.45BP 79.25BP 74.48BP 35.04BP 34.47BP 58.92BP 137.87BP 71.45BP
special
tariffs and
marketplaces
in those
countries.
EM! ;C.IN(. MAIRkh IS DATA BAsI
Investment Regulations Summary for Entering and Exiting Emerging Markets (as of end-1997) Entry
Exit
Are listed stocks freely available to foreign investors?
Entry
Income
Repatriation of Capital
Free Entry Argentina' Bangladesh Botswana Brazil' Costa Rica Cote d'Ivoire Croatia Czech Republic* Ecuador Egypt Ghana Greece* Hungary' Jordan* Malaysia' Mexico* Namibia Oman
Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free
Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free Free
Pakistan*
Free
Free
Panama Peru' Poland' Portugal' South Africa* Turkey* Zambia
Free Free Free Free Free Free Free
Free Free Free Free Free Free Free
Free
After 1 year
Relatively Free Entry Chiles Indameaica Jamaica Kenya Korea' Lithuania Sri Lanka* Thailand' Trinidad & Tobago Venezuela, Zimbabwe
1998 FACO1BOOK
Some
Frestrictions Some Frestrictions Free Free Free Free Free Free Free Free Some restrictions Some restrictions Free Free Free Free Some restrictions Some restrictions Free Free
Are listed stocks freely available to foreign investors?
Exit Income
Repatriation of Capital
Free Free
Free Free
Authorized Investors Only Colombia Free India Free Taiwan, China Some restrictions
Free Free Some restrictions
Special Classes China Philippines
Closed Slovenia
of Shares
Restrictions
Restrictions
Key to Entry: Free Entry: No significant restrictions to purchasing stocks. Relatively Free Entry: Some registration procedures required to ensure repatriation rights, or significant limits on foreign ownership. Special Classes: Foreigners restricted to certain classes of stocks, designated for foreign investors. Authorized Investors Only: Only approved foreign investors may buy stocks, Closed: closed, or access severely restricted (e.g., for non-resident nationals only). Key to Exit: Repatriation of income: Dividends, interest, and realized capital gains. Repatriation of capital: Initial capital invested. Free: Repatriation done routinely. Some Restrictions: Typically, requires some registration with or permission of Central Bank, Ministry of Finance, or an Office of Exchange Controls that may restrict the timing of exchange release. Notes Soteil Some industries in some countries are considered strategic and are not available to foreign or non-resident investors. The level of foreign investment in other cases may be limited by national law or corporate policy to minority positions, not to aggregate more than 49% of voting stock. The summaries above refer to new money investment by foreign institutions. Other regulations may apply to capital invested through debt conversion schemes or other sources.
EMERGING MARKErS DATA BASE
343
Appendix 3. IFC Emerging Markets Data Base
Emerging Stock Markets Factbook 1998
Summary of Major Changes to IFC Index Coverage in 1996 and 1997 IFC made a number of important changes and additions to the IFC indexes in 1996 and 1997. This note chronicles the changes. Cross-Holding and GovernmentOwnership Exclusions Cross-holdings among index constituents were removed from January 1996. Government ownership in excess of 10 percent of total capital was largely excluded from the beginning of November 1996 and completed in November 1997. These actions were taken to eliminate double-counting of market value and more closely approximate free float. Reducing constituents' market capitalization affected country and stock weights in the IFC indexes. Launch of IFC Global Indexes for Egypt, Morocco, and Russia IFCG daily indexes were launched for Egypt, Morocco, and Russia on September 30, 1996, and they were added to the IFCG Composite Index on January 2, 1997.
346
1998 Ft i too
Launch of IFC Global Indexes for "Frontier Markets" IFC launched a new type of index coverage for smaller and less liquid emerging stock markets in 1996, called "frontier markets." IFC began producing indexes on the IFC Global Index basis for 14 such markets. The indexes, produced for month-end only, included Bangladesh, Botswana, Bulgaria, Cote d'Ivoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovakia, Slovenia, Trinidad & Tobago, and Tunisia. In February 1997, the IFCG Slovakia Index was elevated to daily index status. Annual Index RebalancingsSwitch to November Rebalancings In order to diminish the strain on parties closely following the IFC indexes, the annual rebalancing, which previously took effect during the year-end holiday season, has been moved up in the calendar. The annual rebalancing for 1997 was moved to the first business day of November 1996. The 1998 rebalancing took place on November 3, 1997. Future
rebalancings are expected to take effect on the first business day of November. Launch of IFC Investable Indexes for Egypt, Morocco, Russia, and Slovakia In February 1997, IFC launched new investable indexes for Egypt, Morocco, Russia, and Slovakia. These indexes were launched on a stand-alone basis and were added to the IFCI Composite and regional indexes in November 1997. Launch of IFC Indexes for Israel IFCG and IFCI daily indexes for Israel were released in April 1997, and Israel was added to the Composite and regional indexes at the annual rebalancing of those indexes in November 1997.
EN1RIN
NcM.\izKtiIsDxix\BASL
EMDB Publicationsand Products Publications Constituents of the IFC Indexes Constituents provides a monthly overview of the thousands of stocks comprising the IFC Global and Investable indexes. Data in this publication includes data on:
Monthly Review of Emerging Stock Markets The Monthly Review provides regular coverage of emerging stock markets. Each issue of the Monthly Reviewcontains:
* stock weights in the IFCG and IFCI Composite Indexes by market, listing market caps, weight in market, region, and composite, and foreign investable weight factor for each stock;
* summaries of overall trends in
* largest 100stocks in the IFCGand IFCI Composite Indexes, listing market caps, weight in the composite, and foreign investable weight factors for each stock;
* comparative tables, with the most recent
* monthly changes in constituent prices, in U.S. dollar terms; and * details on constituents of the IFC Industry Indexes.
emerging markets during the previous month, along with analyses of market movements and related politicaland economic events in individual markets;
The IFC Indexes: Methodology, Definitions, and Practices The IFC Indexes explains in detail the methodology and selection criteria for the markets and stocks that make up the IFC indexes. It also elaborates on the need for a standard measure of performance in emerging markets and describes the basic characteristics and weights of the indexes.
information on the IFC indexes, market valuation measures, and exchange rates; and coverage of frontier markets in their own section. An annual subscription includes a copy of The IFC Indexesand a copy of the annual EmergingStockMarkets Factbook.
An annual subscription includes a copy of TheIFC Indexes,a one-year subscription to the Monthly Review of EmergingStock Markets, and a copy of the annual EmergingStock MarketsFactbook.
1998 FACTsOOK
EMERGING MARKETS DATA BASL
347
News Service Access to Indexes Computer Products
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Stock Series This series provides data on more than 2,000stocks in 45 emerging markets. It includes data on prices, changes in capitalization,trading volume, and valuation ratios, and is available in daily, weekly, and monthly time series. Index Series This series consists of parallel sets of IFC Global and Investable indexes for the markets covered by EMDB. Statistics include price and total return indexes in local currency and U.S. dollars, as well as index-level capitalization, trading volume, and valuation ratios. Market Series This series provides monthly and annual series of aggregate market data for 45 emerging markets, dating to 1975.
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348
1998 FACTBOOk
ENMRGING MARKrTs DA IABASF
,I)
I
I
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i(
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