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Public Disclosure Authorized
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Public Disclosure Authorized
May 1998
losure Authorized
of Source Leading TheWorld's Markets onFinancial Information World in theDeveloping
Kli ,)''(181)' 'lal4i)ll *'l}i'((
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
.n -
n
-
,.-
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-
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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
1,
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.
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..
2.2 -1.9
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..
55 13
21 27
.. .
.. ..
.. ..
..
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.
..
4,620 d e
Agricltimre
..
..
4 2 23
21 25 24
.
.*\1'
67.9 25.4
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1,103.2 2.6 15.8 896.6 4.5 1.1 3.0 589.9
-7.9 -3.6 -1.4 -19.2
..
L¾ Y11eillj,,v.
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
l)
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
Ra,nk
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
R)ikt
ai kI,u I
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(T
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-
[]
200-
.
. 150 _HI
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s
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3
Emergig
arkets
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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.
M
\I1.IL I
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Market Capitalization Analyvsis,i and Suimmary
7%:..
,I:;
.. il
'
-,;nihlization .t
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 $2.2 trillion.
The map on the opposite page illustrates market capitalizations in world economies based on figures reported in IFC's 1998 Global Survey of Stock Exchanges (see pages 16 and 17 for data). The table beneath the map shows that while 98% of the darkest shaded regions are emerging markets, 66% of the medium-shaded regions are emerging markets, as are 25% of the lighter regions. Overall, the market capitalization of emerging markets represents 9% of the world total market capitalization in 1997. Although emerging market capitalization reached more than 12% of the world total in 1994, the dollar size of emerging markets has risen by
The diagram below is a plot of GNP per capita versus market capitalization as a percentage of GNP. Emerging markets are shown with green squares, while black squares indicate developed markets with the largest per capita GNP. The diagram reveals that relative to the size of their domestic economies, many emerging markets are as large or larger than the stock markets of deof GNP,
1996
U Malaysia spnqapuref
*South Africa to
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is
,
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Mlndia
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lsdosasala
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MoroccOMl LankaU Egypt MChina M
*Cote dIlvoire M
M M
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~~MexicoM
EColumbia *Turkey Trinidad & Tobago fleers Lithuania M EHungary
Ecuador
United Statesf
Thailand
*Tssisia~
*Zimhahws 3r
c
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1996GNPper Capita(US$) (togscale)
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.
1roi lt,l\( ,\1
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Market Capitalization
Analysisand Summary WorldMarketCapitalization,1997 IBRD 29537
U lSdollar m illionis
tt
nM1000-O lO 00s0J' El loo,ool-1-,000,00 31,0 00001 cormore
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1,0,000 or les
430
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98
surveyed
Markelt c(p ('s5
narkets;
mil]ionls)
Slhare of
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eniergingf
68,293
68,293
23,541,385
2,229,508
glouLp
2
Emerging Markets' World Market Cap,
Share of 1988-1997
Eegn
Markets
((s)
100%
9%
Markets' Share Market Cap, 1997
250
4
2,000
:10
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_ J
1998 FAC I BOOK
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MkA
g
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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
'
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solidation through bank mergers. Countering
the rise was telecom deregulation by the government,
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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
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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 re
