Emerging Stock Markets Factbook 1999
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
Pub
lic D
iscl
osur
e A
utho
rized
Emerging Stock Markets Factbook 1999
Copyright © 1999International Finance Corporation2121 Pennsylvania Avenue, N.W.Washington, D.C. 20433U.S.A.
First Printing April 1999
ISBN 0−8213−4403−XSTOCK NO. D14403
All rights reserved. May not be reproduced in whole or in part by any means without the written consent of theInternational Finance Corporation.
This information is based on data obtained from sources that the IFC considers to be reliable, but is notguaranteed as to accuracy and does not purport to be complete.
This information shall not be construed, implicitly or explicitly, as containing any investment recommendationsand, accordingly, the IFC is not registered under the U.S. Investment Advisers Act of 1940. This information doesnot constitute an offer of or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned,nor should it be considered as investment advice.
The denominations and geographical names in this publication are used solely for the convenience of the readerand do not imply the expression of any opinion whatsoever on the part of the IFC, the World Bank, or otheraffiliates, concerning the legal status of any country, territory, city, area, or of its authorities, or concerning thedelimitation of its boundaries or national affiliation.
The IFC may, from time to time, have a financial interest in the securities mentioned or included in thecalculation of the IFC Indexes.
The Emerging Markets Data Base is a service of IFC's Financial Markets Advisory Department.
Any views expressed herein are those of the authors and do not necessarily represent the views of the WorldBank or the International Finance Corporation.
Published annually in the United States of America break
Preface
This edition of the Emerging Stock Markets Factbook is the thirteenth in the IFC's annual series tracking thedevelopment of equity markets in developing countries. IFC's efforts were the first to pull together in a singlevolume the various time series of market data on the leading stock markets of the developing world.
The Factbook is designed to serve as a reference for institutional investors, fund managers, investment bankers,academics, economists, consultants, and journalists. Many of the tables and charts draw on data from more than
Emerging Stock Markets Factbook 1999
Emerging Stock Markets Factbook 1999 1
75 emerging markets. Additionally, market profiles have been compiled for all 51 of the IFC Index markets in1998.
The Factbook is divided into an introductory section and seven chapters. The introduction includes backgroundinformation on IFC and the IFC indexes. Chapter 1 begins with a description of emerging markets in general andemerging stock market performance and characteristics in particular. Chapter 2 details the performance andcharacteristics of world stock markets since 1989.
Chapter 3 begins the discussion on IFC indexes, with detailed statistics on the IFC Global Indexes. Chapters 4 and5 parallel this discussion, with details on the IFC Investable Indexes and IFC Frontier Indexes.
A much−expanded Chapter 6 incorporates data summaries as well as market, political, and economic analyses forall 33 IFC daily index markets and 18 IFC monthly frontier index markets. Chapter 7 provides data summaries formarkets not currently included in IFC Index coverage. Stock exchange addresses, names of top officials,telephone and fax numbers, and web site addresses can be found in Chapters 6 and 7. Appendices provide sourcesand 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 accuratedata available. A member of the World Bank Group, IFC is the largest multilateral source of direct loan andequity financing for private sector projects in developing countries. EMDB, recognized as the world's premiersource for reliable and comprehensive information on stock markets in developing countries, serves as a vitalstatistical resource for the international financial community and for IFC in its investment and advisorywork.break
Contents
The International Finance Corporation link
Emerging Markets Data Base link
Evolution of the IFC Indexes for Emerging Markets link
Introduction to the IFC Indexes link
IFC Daily Index Coverage, Base Periods, and Dates of Inclusionlink
IFC Daily Index Coverage Map link
IFC Frontier Index Coverage, Base Periods, and Dates ofInclusion
link
IFC Frontier Index Coverage Map link
Acknowledgments link
1Introduction to Emerging Markets
Relative Characteristics of Emerging Markets
Emerging Market Classification link
World Economic Statistics link
Aggregate Net Long−Term Resource Flows to Emerging Marketslink
World GNP and GNP Per Capita link
Emerging Stock Markets Factbook 1999
Contents 2
Emerging Stock Market Performance
Overview of Emerging Stock Markets in 1998 link
2World Stock Markets
World Stock Market Statistics
World Stock Market Performance, 1998 link
World Stock Market Turnover, 1998 link
World Market Capitalization, 19891998 link
Market Capitalization, Analysis and Summary link
World Value Traded, 19891998 link
World Number of Listed Domestic Companies, 19891998 link
World Rankings of Market Capitalization, Value Traded, andNumber of Listed Domestic Companies, 1998
link
World Ranking of Average Company Size, 1998 link
Local Stock Market Price Indexes
Emerging Markets Local Stock Market Price Indexes, 1998 link
Frontier Emerging Markets Local Stock Market Price Indexes,1998
link
Emerging Markets Local Stock Market Price Indexes, 19891998link
Frontier Emerging Markets Local Stock Market Price Indexes,19891998
link
Currency Exchange Rates per US$
Emerging Markets Currency Exchange Rates per US$, 1998 link
Frontier Emerging Markets Currency Exchange Rates per US$,1998
link
Emerging Markets Currency Exchange Rates per US$, 19891998link
Frontier Emerging Markets Currency Exchange Rates per US$,19891998
link
3IFC Global Indexes
Introduction
Market Weights in the IFCG Composite Index, End−1998 link
Market Concentration in the IFCG Indexes, End−1998 link
Comparative Valuations of the IFCG Indexes, End−1998 link
IFCG Price Indexes
1998 Performance Summary link
Emerging Stock Markets Factbook 1999
Contents 3
1998 High, Low, Close link
Regional vs. Developed Market Performance, 1998 link
Regional vs. Developed Market Performance, 19891998 link
IFCG Price Indexes, 1998 link
IFCG Price Indexes, 19891998 link
Statistics of the IFCG Price Indexes link
IFCG Price Index Correlations link
IFCG Total Return Indexes
1998 Performance Summary link
1998 High, Low, Close link
Regional vs. Developed Market Performance, 1998 link
Regional vs. Developed Market Performance, 19891998 link
IFCG Total Return Indexes, 1998 link
IFCG Total Return Indexes, 19891998 link
Statistics of the IFCG Total Return Indexes link
IFCG Total Return Index Correlations link
IFCG Industry Indexes
Industry Weights in the IFCG Composite Index, End−1998 link
Industry Concentration in the IFCG Composite Index, End−1998link
Industry Distribution by Market Cap of IFCG Composite Index,1998
link
Industry Weights by Market Cap of IFCG Composite Index, 1998link
Industry Distribution by Number of Stocks in IFCG CompositeIndex, 1998
link
IFCG Industry Price Indexes, 1998 Performance Summary link
IFCG Industry Price Indexes, 1998 link
IFCG Industry Price Indexes, 19891998 link
IFCG Industry Total Return Indexes, 1998 Performance Summarylink
IFCG Industry Total Return Indexes, 1998 link
IFCG Industry Total Return Indexes, 19891998 link
4IFC Investable Indexes
Introduction
Market Weights in the IFCI Composite Index, End−1998 link
Comparative Valuations of the IFCI Indexes, End−1998 link
Emerging Stock Markets Factbook 1999
Contents 4
IFCI Price Indexes
1998 Performance Summary link
1998 High, Low, Close link
Regional vs. Developed Market Performance, 1998 link
Regional vs. Developed Market Performance, 19891998 link
IFCI Price Indexes, 1998 link
IFCI Price Indexes, 19891998 link
Statistics of the IFCI Price Indexes link
IFCI Price Index Correlations link
IFCI Total Return Indexes
1998 Performance Summary link
1998 High, Low, Close link
Regional vs. Developed Market Performance, 1998 link
Regional vs. Developed Market Performance, 19891998 link
IFCI Total Return Indexes, 1998 link
IFCI Total Return Indexes, 19891998 link
Statistics of the IFCI Total Return Indexes link
IFCI Total Return Index Correlations link
IFCI Industry Indexes
Industry Weights in the IFCI Composite Index, End−1998 link
Industry Concentration in the IFCI Composite Index, End−1998link
Industry Distribution by Market Cap of IFCI Composite Index,1998
link
Industry Weights by Market Cap of IFCI Composite Index, 1998link
Industry Distribution by Number of Stocks in IFCI CompositeIndex, 1998
link
IFCI Industry Price Indexes, 1998 Performance Summary link
IFCI Industry Price Indexes, 1998 link
IFCI Industry Price Indexes, 19891998 link
IFCI Industry Total Return Indexes, 1998 Performance Summarylink
IFCI Industry Total Return Indexes, 1998 link
IFCI Industry Total Return Indexes, 19891998 link
5IFC Frontier Indexes
Introduction
Emerging Stock Markets Factbook 1999
Contents 5
Market Weights in the IFCG Frontier Composite Index,End−1998
link
1998 Performance Summary link
IFCG Frontier Price Indexes, 1998 link
IFCG Frontier Price Indexes, 19951998 link
IFCG Frontier Total Return Indexes, 1998 link
IFCG Frontier Total Return Indexes, 19951998 link
Comparative Valuations of the IFCG Frontier Indexes, End−1998link
6IFC Index Market Profiles
Market and Data Summaries
Argentina link
Bangladesh link
Botswana link
Brazil link
Bulgaria link
Chile link
China link
Colombia link
Cote d'Ivoire link
Croatia link
Czech Republic link
Ecuador link
Egypt link
Estonia link
Ghana link
Greece link
Hungary link
India link
Indonesia link
Israel link
Jamaica link
Jordan link
Kenya link
Emerging Stock Markets Factbook 1999
Contents 6
Korea link
Latvia link
Lithuania link
Malaysia link
Mauritius link
Mexico link
Morocco link
Nigeria link
Pakistan link
Peru link
Philippines link
Poland link
Portugal link
Romania link
Russia link
Saudi Arabia link
Slovakia link
Slovenia link
South Africa link
Sri Lanka link
Taiwan, China link
Thailand link
Trinidad & Tobago link
Tunisia link
Turkey link
Ukraine link
Venezuela link
Zimbabwe link
7Other Equity Market Profiles
Data Summaries for Markets Not Included in IFC Index MarketCoverage in 1998
Armenia link
Azerbaijan link
Bahrain link
Emerging Stock Markets Factbook 1999
Contents 7
Barbados link
Bolivia link
Costa Rica link
El Salvador link
Fiji link
Guatemala link
Honduras link
India—Calcutta link
India—Delhi link
India—Madras link
India—National link
India—OTC link
Iran link
Kazakhstan link
Lebanon link
Macedonia link
Malta link
Moldova link
Mongolia link
Namibia link
Nepal link
Oman link
Panama link
Paraguay link
Swaziland link
Uruguay link
Uzbekistan link
WestBank and Gaza link
Zambia link
Appendix 1Sources and Notes
Stock Market Reference List link
Notes on Macroeconomic Data link
Currency Notes link
Emerging Stock Markets Factbook 1999
Contents 8
Standard Industrial Classification (SIC) Codes link
Appendix 2Investor Information
Foreign Investment Ceiling for Listed Stocks in EmergingMarkets
link
Withholding Taxes in Emerging Markets link
Benchmarks for Settlement, Safekeeping, and Operational Risklink
Global Trading Costs link
Investment Regulations Summary for Entering and ExitingEmerging Markets
link
Appendix 3IFC's Emerging Markets Data Base
EMDB Publications and Products link
Subscription Information link
News Service Access to Indexes link
The International Finance Corporation
The International Finance Corporation (IFC) is the world's largest multilateral source of financing for privateenterprise in emerging economies. Its mandate is to promote the growth of productive and profitable privateenterprises in its developing member countries.
A member of the World Bank Group, IFC is owned by 174 countries. Since its establishment in 1956, IFC hascommitted more than $23 billion in financing for its own account and has arranged $17 billion in syndications andunderwriting for 2,067 businesses in 134 developing countries.
IFC supports its clients with a full array of financial and advisory services. Project financing is offered throughloans, equity, and specialized financial instruments such as hedging and swap facilities. IFC mobilizes additionalfinancing through loan syndications and securities underwritings.
Through its advisory services and technical assistance, the Corporation helps private businesses increase theirchances of success, and assists governments in creating environments that encourage private investment. IFC'sCentral Financial Markets Advisory Department has been at the forefront of the Corporation's efforts to increasethe flow of portfolio investment to the developing world. Beginning with the Korea Fund in 1984, IFC hassponsored or invested in more than 30 collective investment vehicles such as country, regional, and global funds.
Emerging Markets Data Base
The Emerging Markets Data Base (EMDB) serves as a vital statistical resource for IFC and the internationalfinancial community in its investment and advisory work. Now in its second decade, the data base has gainedrecognition as the world's premier source for reliable and comprehensive information and statistics on stockmarkets in developing countries. With information collected since 1975, the data base covers 51 markets,providing regular updates on almost 2,300 stocks comprising its IFC Global Index series and almost 1,200 stocksin its IFC Investable Index series.
Emerging Stock Markets Factbook 1999
The International Finance Corporation 9
Using a sample of stocks in each market, IFC calculates indexes of stock market performance designed to serve asbenchmarks that are consistent across national boundaries. This eliminates the inconsistencies that make itdifficult to compare locally−produced indexes with differing methodologies. Monthly indexes are available fromthe end of 1975, weekly indexes from the end of 1988, and daily indexes from October 1995.
EMDB products are available in computerized form and as publications. The data base provides three levels ofcomputerized data: comprehensive data on individual stocks covered in all markets; data series for each indexcomputed; and data series for each market covered. Delivery options and information on publications aredescribed in Appendix 3. EMDB also maintains a comprehensive emerging markets web site (www.ifc.org/emdb).break
Guayaquil Stock Exchange in EcuadorPhoto taken by Carlos Julio Gonzalez
Evolution of the IFC Indexes for Emerging Markets
IFC began producing its own standardized stock indexes for developing countries in mid−1981. The initiative wastaken in response to the need for better means to evaluate the performance of these stock markets than local stockprice indexes, which are each calculated in their own way and based on stocks selected by different criteria. Withcommon data structures, IFC's own indexes could also be easily linked into composite, regional, and industryindexes, which could better measure return and diversification benefits from broad−based emerging marketinvestment.
The original IFC indexes were calculated only once a year, used month−end prices, were based on the 10 to 20most active stocks in each of 10 emerging markets, and were equally weighted and available on a "price only" andtotal return basis. Nine of the 10 markets had a history back to December 1975; one (Jordan) had a base inJanuary 1978, when the Amman Financial Market first opened. In addition to individual market indexes, IFCprepared 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 managementcommunity (which was due in part to information conveyed by the original IFC indexes), IFC decided to revampthe methodology it used from equal weighting to market capitalization weighting, improve the timeliness ofcalculating 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 regional indexes for Latin Americaand Asia to supplement an all−market Composite Index.
Emerging Stock Markets Factbook 1999
Evolution of the IFC Indexes for Emerging Markets 10
The new IFC indexes launched in January 1987 proved very popular with IFC's client base. Other markets wereadded to IFC coverage in 1989 (Portugal and Turkey) and 1990 (Indonesia). In response to user demand, IFCagain improved the timeliness of index calculation from month−end (with a considerable lag) to week−end (witha 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 andadding to the number of data variables available for each stock. In mid−1991, IFC also released its IFC Industryindexes, 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 becomepressing. IFC responded by tightening features of its basic index methodology and by introducing a new set ofindexes in March 1993. These indexes, called the IFC Investable indexes, were designed specifically to bebenchmarks for international portfolio managers. The former series of IFC indexes were renamed the IFC Globalindexes to distinguish them from the new series. In Fall 1995, IFC began calculating the IFCG and IFCI Indexseries on a daily basis.
In January 1996, IFC began adjusting its indexes for cross−holding of shares. The adjustments eliminateddistortions caused by double−counting of share capitalization and thereby reduced the weights of several IFCindex stocks and markets where cross−holding is prevalent.
At the same time, IFC began excluding government holdings that accounted for more than 10 percent of an indexconstituent's total market capitalization. Taken together, adjustments for cross−holdings and governmentownership helped IFC more accurately approximate free float.
In September 1996, IFC began calculating monthly indexes for 14 "frontier" markets—Bangladesh, Botswana,Bulgaria, Cote d'Ivoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovakia, Slovenia, Trinidad &Tobago, and Tunisia. In December 1995, IFC introduced a global frontier composite index with monthlycoverage.
In early 1999, IFC introduced a new data feature to the EMDB 2000 product, the BARRA TED consensusearnings module. Produced in conjunction with BARRA's The Estimate Directory, the module adds brokers'one−year and two−year consensus net profits, earnings−per−share, and dividend per−share forecasts for almost allIFC Index constituent companies to EMDB 2000.
Also of note in 1999 is the IFC's first "graduation" of an index market. On March 31, 1999, Portugal was removedfrom both the IFC Global and Investable indexes. IFC is pleased to have chronicled the market's journey and isproud to see it transition to "developed market" status.
Detailed descriptions of historical as well as on−going changes to the IFC indexes can be found at the EmergingMarkets Data Base website (www.ifc.org/emdb ) in the form of special announcements and technical notes.break
Introduction to the IFC Indexes
The IFC Global and IFC Investable indexes have many common features. Both series are market capitalizationweighted, with period data linked by the chained−Paasche method. Both series are calculated on a price and atotal return basis, in local currency and U.S. dollar terms. IFC prepares composite, regional, sector, and industryindexes for each series. Calculations of all IFC indexes include the preparation of such valuation ratios asPrice−Earnings, Price−Book Value, and Cash Dividend Yield.
Emerging Stock Markets Factbook 1999
Introduction to the IFC Indexes 11
The IFC indexes have become widely accepted in the international investment community, forming the basis forindex funds (funds managed so as to replicate an index's return) and structured financial instruments such asswaps and indexlinked warrants.
IFC Global Indexes
The IFC Global (IFCG) indexes are the core of the IFC family of emerging market indexes. All of the constituentsof the IFC Industry and IFC Investable indexes are selected from the constituents of IFC Global indexes; a stockmust 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 stockmarkets, and to be the broadest possible indicator of market movements. In order to ensure that the indexescapture the real market, the target aggregate market capitalization of IFCG Index constituents for 1994 forward is60% to 75% of the total capitalization of all listed shares on the local stock exchange.
IFCG indexes are built from the "bottom up", that is, IFC analysts do not look at composite, regional or industrybalances in overall market capitalization in determining stock coverage for each IFCG Index. For instance, IFCdoes not attempt to require that Argentina's share of total emerging market capitalization is represented in theIFCG Composite Index, or that the share of the Argentine oil industry in the capitalization of the Bolsa de Valoresde Buenos Aires is replicated in the IFCG Argentina Index. Selection guidelines are described in The IFCIndexes, which can be obtained by contacting EMDB or visiting the EMDB website at www.ifc.org/emdb .
Once a market is qualified as "emerging" (see Chapter 1) and IFC views the market as appropriate for an IFCindex, EMDB market analysts begin the stock selection process. This begins with a survey of the market and alllisted companies and shares, and is repeated each year during an annual review process.
The IFCG Composite and the IFCG Regional indexes consist of all the constituents of the respective individualmarket IFCG indexes, with any new IFCG indexes being added to the these indexes according to pre−announcedschedules.
IFC Investable Indexes
These indexes are designed to measure the type of returns foreign portfolio investors might receive from investingin emerging market stocks that are legally and practically available to them.
The calculation methodology for the IFCI indexes is the same as for the IFCG (i.e., market capitalizationweighting, chained−Paasche method of calculation, and price and total return series) applied to a subset of IFCGindex constituents that IFC has determined to be "investable," that is, stocks which are available to foreigninstitutional investors, and which pass screens for minimum size and liquidity.
IFC Industry Indexes
While most analyses of emerging stock markets focus on country or regional−level factors and 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 by sector and industry to permit creation ofthe IFC Industry indexes.
The IFC Industry indexes are subsets of the IFCG and IFCI Composite indexes—that is, IFC calculates bothglobal and investable industry indexes. As a matter of standard practice, the industry indexes are prepared only ona composite index basis. IFC has not prepared regional or market−level industry indexes because the number ofstocks included in some of these categories are too few to generate significant statistics. If a market's securities
Emerging Stock Markets Factbook 1999
IFC Global Indexes 12
have not yet been added to an IFC Composite Index, they are not eligible for an IFC Industry Index.
IFC publishes nine sector and 23 industry indexes for both the IFCG and the IFCI Industry iIdex series. The ninesector indexes capture all the stocks in the composite indexes, while the 23 industry indexes focus on the mostsignificant industries represented in those indexes.break
IFC Daily Index Coverage, Base Periods, and Dates of Inclusion
Coverage Dates of Inclusion
Global Indexes (IFCG) Investable Indexes (IFCI)
Monthly Weekly Daily
Baseperiod(=100.00)
CompositeIndex
LatinAmericaIndex
AsiaIndex
EMEAIndex
Baseperiod(=100.00)
CompositeIndex
LatinAmericaIndex
AsiaIndex
EMEAIndex
Latin America
Argentina Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Dec−88 Dec−88 Dec−88 − −
Brazil Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Dec−88 Dec−88 Dec−88 − −
Chile Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Dec−88 Dec−88 Dec−88 − −
Colombia Dec−84 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Feb−91 Feb−91 Feb−91 − −
Mexico Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Dec−88 Dec−88 Dec−88 − −
Peru Dec−92 Dec−92 Oct−95 Dec−92 Jan−94 Jan−94 − − Dec−92 Jan−94 Jan−94 − −
Venezuela Dec−84 Dec−88 Oct−95 Dec−84 Dec−84 Dec−84 − − Jan−90 Jan−90 Jan−90 − −
Asia
China Dec−92 Dec−92 Oct−95 Dec−92 Oct−95 − Oct−95 − Dec−92 Oct−95 − Oct−95 −
India Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Nov−92 Nov−92 − Nov−92 −
Indonesia Dec−89 Sep−90 Oct−95 Dec−89 Dec−89 − Dec−89 − Sep−90 Sep−90 − Sep−90 −
Korea Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Jan−92 Jan−92 − Jan−92 −
Malaysia* Dec−84 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Dec−88 Dec−88* − Dec−88* −
Pakistan Dec−84 Mar−91 Oct−95 Dec−84 Dec−84 − Dec−84 − Mar−91 Mar−91 − Mar−91 −
Philippines Dec−84 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Dec−88 Dec−88 − Dec−88 −
Sri Lanka Dec−92 Dec−92 Oct−95 Dec−92 Jan−94 − Jan−94 − Dec−92 Jan−94 − Jan−94 −
Taiwan, China Dec−84 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Jan−91 Jan−91 − Jan−91 −
Thailand Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 − Dec−84 − Dec−88 Dec−88 − Dec−88 −
Europe
Emerging Stock Markets Factbook 1999
IFC Daily Index Coverage, Base Periods, and Dates of Inclusion 13
Czech RepublicDec−93 Dec−93 Oct−95 Dec−93 Jan−96 − − Dec−95 Dec−93 Jan−96 − − Jan−96
Greece Dec−75 Dec−88 Oct−95 Dec−84 Dec−84 − − Dec−95 Dec−88 Dec−88 − − Dec−88
Hungary Dec−92 Dec−92 Oct−95 Dec−92 Apr−94 − − Dec−95 Dec−92 Apr−94 − − Apr−94
Poland Dec−92 Dec−92 Oct−95 Dec−92 Apr−94 − − Dec−95 Dec−92 Apr−94 − − Apr−94
Portugal Jan−86 Dec−88 Oct−95 Jan−86 Jan−86 − − Dec−95 Dec−88 Dec−88 − − Dec−88
Russia Dec−95 Dec−95 Dec−95 Dec−95 Jan−97 − − Dec−95 Feb−97 Nov−97 − − Nov−97
Slovakia Dec−95 Feb−97 Feb−97 Dec−95 Nov−97 − − Dec−95 Feb−97 Nov−97 − − Nov−97
Turkey Dec−86 Dec−88 Oct−95 Dec−86 Dec−86 − − Dec−95 Aug−89 Aug−89 − − Aug−89
Mideast/Africa
Egypt Dec−95 Dec−95 Dec−95 Dec−95 Jan−97 − − Dec−95 Feb−97 Nov−97 − − Nov−97
Israel Dec−96 Jan−97 Feb−97 Dec−96 Nov−97 − − Dec−95 Dec−96 Nov−97 − − Nov−97
Jordan Dec−78 Dec−88 Oct−95 Dec−84 Dec−84 − − Dec−95 Dec−88 Dec−88 − − Dec−88
Morocco Dec−95 Dec−95 Dec−95 Dec−95 Jan−97 − − Dec−95 Feb−97 Nov−97 − − Nov−97
Nigeria Dec−84 Jul−93 Oct−95 Dec−84 Dec−84 − − Dec−95 − − − − −
Saudi Arabia Dec−97 Dec−97 Dec−97 Dec−97 Nov−98 − − Nov−98 − − − − −
South Africa Dec−92 Dec−92 Oct−95 Dec−92 Apr−95 − − Dec−95 Dec−92 Apr−95 − − Apr−95
Zimbabwe Dec−75 Jul−93 Oct−95 Dec−84 Dec−84 − − Dec−95 Jun−93 Apr−94 − − Apr−94
Note: Malaysia was dropped from the IFC Investable Composite and Asia indexes on September 30, 1998.
IFC Daily Index Coverage Map:(World Bank, March 1999)
Emerging Stock Markets Factbook 1999
IFC Daily Index Coverage Map: (World Bank, March 1999) 14
This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on this mapdo not imply, on the part of The World Bank Group, any judgmnet on the legal status of any territory, or any endorsement or acceptance of such boundaries.
IFC Frontier Index Coverage, Base Periods, and Dates of Inclusion
Coverage Dates of Inclusion
Global Indexes (IFCG) Investable Indexes (IFCI)
Monthly Weekly Daily
Baseperiod(=100.00)
CompositeIndex
LatinAmericaIndex
AsiaIndex
EMEAIndex
Baseperiod(=100.00)
CompositeIndex
LatinAmericaIndex
AsiaIndex
EMEAIndex
FrontierMarkets
Bangladesh Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Botswana Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Bulgaria Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Cote d'Ivoire Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Croatia Dec−97 − − Dec−97 Dec−97* − − − − − − − −
Ecuador Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Estonia Dec−97 − − Dec−97 Dec−97* − − − − − − − −
Ghana Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Jamaica Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Kenya Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Emerging Stock Markets Factbook 1999
IFC Frontier Index Coverage, Base Periods, and Dates of Inclusion 15
Latvia Dec−97 − − Dec−97 Dec−97* − − − − − − − −
Lithuania Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Mauritius Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Romania Dec−97 − − Dec−97 Dec−97* − − − − − − − −
Slovenia Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Trinidad &Tobago
Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Tunisia Dec−95 − − Dec−95 Dec−95* − − − − − − − −
Ukraine Dec−97 − − Dec−97 Dec−97* − − − − − − − −
Note: Date of inclusion in the IFCG Frontier Composite Index.
IFC Frontier Index Coverage Map:(World Bank, March 1999)
This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on this mapdo not imply, on the part of The World Bank Group, any judgmnet on the legal status of any territory, or any endorsement or acceptance of such boundaries.
Acknowledgments
EMDB Staff
Management Group
Emerging Stock Markets Factbook 1999
IFC Frontier Index Coverage Map: (World Bank, March 1999) 16
Teresa BargerPeter WallBetsy Lay, staff assistant
Publications/WebsiteGraeme Littler, managing editorLisa Balcazar, graphic designerSteven Qualiana, copy editor
Market AnalystsWilliam V. Todd, senior market analystMikhail BelikovMiguel BuckenmeyerBrian CasabiancaEnrique EstebanIrina KulishDerek LachmanShannon LaughlinNatalya Tverskaya, Factbook coordinatorSara Ugarte
Database SystemsKyuee−Ha Pahk, head—database systemsJong S. KimHwajung LeeAnju NundyAli Sher
Index/Derivatives ProductsMadhumita Dutta−Sen, head—new productsMari Ishii, head—fixed−income projectJin K. Du, analyst—fixed−income project
Quantitative Services and Client RelationsSteven Banowit, head—quantitative services and client relationsRyan Carrier, marketing officerStephanie Hughes, client relations officerAndré Léger, client relations officer
Stock Exchanges
IFC conducts an annual survey of the world's stock exchanges as the basis for the figures presented in thisFactbook. IFC acknowledges the contribution made by the stock exchanges listed in the Stock Market ReferenceList in Appendix 1.
Correspondents
IFC wishes to thank its network of correspondents for additional information in this Factbook: break
Emerging Stock Markets Factbook 1999
IFC Frontier Index Coverage Map: (World Bank, March 1999) 17
Argentina Banco Roberts
Bangladesh Equity Resources Ltd.
Botswana Stockbrokers Botswana Ltd.
Brazil Lopes Filho & AssociadosConsultores de Investimentos
Bulgaria Global Finance
Chile Julio Salas M Y Asociados
China Stock Exchange ExecutiveCouncil
Colombia Corredores Asociados S.A.
Cote d'Ivoire Hudson Finance
Croatia CA IB Securities
Czech Republic Zivnostenska Banka,Prague Stock Exchange
Ecuador Bolsa de Valores de Guayaquil
Egypt EFG−Hermes
Estonia Talinvest Suprema Securities
Ghana Gold Coast Securities Ltd.
Greece Alpha Brokerage S.A.
Hungary Budapest Stock Exchange,Concorde Securities
India Crisil Research & InformationServices
Indonesia Institute for Economic andFinancial Research
Israel Bank Hapoalim
Jamaica Barita Investments Ltd.
Jordan Amman Financial Market
Kenya Loita Asset Management Ltd.
Korea Korea Securities Finance Corp.
Latvia Riga Stock Exchange
Lithuania VB Vilfima Securities
Malaysia Maxis Sdn. Bhd.
Mauritius Newton Securities Ltd.
Mexico Casa de Bolsa Bancomer S.A.
Morocco Upline Securities S.A.
Emerging Stock Markets Factbook 1999
IFC Frontier Index Coverage Map: (World Bank, March 1999) 18
Nigeria Securities Transactions & TrustCo.
Pakistan Jahangir Siddiqui Ltd.
Peru G&B Sociedad Agente de Bolsa
Philippines Technistock Corporation
Poland BRE BrokersWarsaw Stock Exchange
Portugal Banco Finantia
Romania Bucharest Investment Group,RASDAQ Trading System,Bucharest Stock Exchange
Russia Skate−Press Consulting Agency
Saudi Arabia Saudi Arabian Monetary Agency
Slovakia CA IB Securites a.s., o.c.p.
Slovenia CA IB Securites a.s., o.c.p.
South Africa HSBC Simpson McKie
Sri Lanka Eagle NDB Fund ManagementLtd.
Taiwan, China Wellphone Securities
Thailand Mutual Fund Public Co. Ltd.
Trinidad & Tobago Fleming Ansa Merchant BankLtd.
Tunisia Tunisie Valeurs
Turkey TEB Ekonomi Arastirmalasi A.S.
Ukraine Finance and Credit Investment,PFTS Trading System
Venezuela Merinvest
Zimbabwe Sagit Stockbrokers (Pvt.) Ltd.
1—Introduction to Emerging Markets
Emerging Market Classification
The term "emerging market" implies a stock market that is in transition, increasing in size, activity, or level ofsophistication. Most often the term is defined by a number of parameters that attempt to assess a stock market'srelative level of development and / or an economy's level of development.
Emerging Stock Markets Factbook 1999
1— Introduction to Emerging Markets 19
In general, IFC classifies a stock market as "emerging" if it meets at least one of two general criteria: (i) it islocated in a low− or middle−income economy as defined by the World Bank, and (ii) its investable marketcapitalization is low relative to its most recent GDP figures.
Until 1995, IFC's definition of an emerging stock was based entirely on the World Bank's classification of low−and middle−income economies. If a country's GNP per capita did not achieve the World Bank's threshold for ahigh−income country, the stock market in that country was said to be "emerging." More recently, this definitionhas proved to be less than satisfactory due to wide fluctuations in dollar−based GNP per capita figures.Dollar−based GNP figures have been significantly impacted by severe swings in exchange rates, especially inAsia. Moreover, reported GNP figures, which take significant time to prepare, are often out−of−date by the timethey are released.
Accordingly, IFC has adopted new criteria for a market to graduate from index coverage. To graduate from indexcoverage, GNP per capita for an economy should exceed the World Bank's upper income threshold for at leastthree consecutive years. The three year minimum limits the possibility that the GNP per capita level is biased byan overvalued currency.
For a new market to be included in IFC index coverage, the market must be located in an economy whose GNPper capita places it in the World Bank's lower and middle income classifications in at least one of the last threeyears. Based on 1997 data, economies with a GNP per capita of $9,656 and above were classified as high incomecountries.
Another typical characteristic of an emerging stock market is its relatively small investable market capitalizationrelative to gross domestic product. Investable market capitalization is a market's capitalization after removingholdings not truly "in the market" for foreign portfolio investors. Non−investable holdings include, but are notlimited to, large block holdings and parts of companies that are inaccessible due to foreign investment limits. Fora market to graduate from index coverage it should have an investable market capitalization−to−GDP ratio nearthe average of markets commonly accepted as developed for three consecutive years.
In summary, for a market to graduate from IFC Index coverage two criteria must be met: i) GNP per capita mustbe in the high income economy range for three consecutive years, and ii) the investable market capitalization toGDP ratio must be near the average of developed markets for three consecutive years. New markets being addedto IFC Index coverage must have GNP per capita levels below the upper income economy threshold defined bythe World Bank in at least one of the last three years.
Stock markets that retain or introduce investment restrictions such as foreign limits, capital controls, extensivegovernment involvement with listed companies, and other legislated restraints on market activity, particularly onforeign investors, are generally considered emerging markets. Pervasive investment restrictions on foreignportfolio investment should not exist in developed stock markets, and their presence is a sign that the market isnot yet "developed."
There are also many qualitative features to consider about specific stock markets. Areas such as operationalefficiency of stock markets, quality of market regulation, supervision and enforcement, corporate governancepractices, minority shareholder rights, transparency, and level of accounting standards are all importantcharacteristics for investors to consider in their tolerance for any specific emerging market exposure.break
World Economic Statistics 1997
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 20
GNP /a GNP per capita Agriculture InvestmentAverageannualinflationrate
Currentaccountbalance
Totalexternaldebt
Economy
US$millions1997
US$ a/1997
PPP / bIntl.dollars1997
Avg.annual realgrowth, %1990−97
% of GDP1997
% of GDP1997
%1990−97
% of GNP1997
US$millions1997
Afghanistan .. .. c .. .. .. .. .. .. ..
Albania 2,540 760 2,170 d 2.2 62.6 12.2 58.1 −11.1 706
Algeria 43,927 1,500 4,250 d −1.6 11.4 25.7 23.8 .. 30,921
American Samoa .. .. e .. .. .. .. .. .. ..
Andorra .. .. f .. .. .. .. .. .. ..
Angola 3,012 260 820 d −10.0 9.3 24.7 1,091.4 42.9 10,160
Antigua andBarbuda
489 7,380 8,650 1.8 3.8 46.6 2.6 −0.1 ..
Argentina 319,293 8,950 10,100 4.2 6.6 20.1 12.2 −3.1 123,221
Armenia 2,112 560 2,540 −10.7 40.6 9.4 482.8 −18.6 666
Aruba .. .. f .. −0.6 .. .. 4.5 .. ..
Australia 382,705 20,650 19,510 2.4 3.2 20.2 1.7 −3.2 ..
Austria 225,373 27,920 22,010 1.1 1.4 24.0 2.6 −2.2 ..
Azerbaijan 3,886 510 1,520 −16.0 21.9 28.1 447.8 −18.2 504
Bahamas, The .. .. f .. −2.0 .. .. 2.9 −7.0 ..
Bahrain .. .. e .. 2.6 0.9 5.4 1.2 10.2 ..
Bangladesh 44,090 360 1,090 3.3 23.8 20.9 3.6 −2.2 15,125
Barbados .. .. e .. −0.9 § § 0.8 5.2 644
Belarus 22,082 2,150 4,820 −5.6 14.1 25.7 561.4 −3.5 1,162
Belgium 272,382 26,730 23,090 1.3 1.2 17.6 2.6 5.6 ..
Belize 614 2,670 4,080 0.3 23.5 23.6 3.7 −6.1 383
Benin 2,227 380 1,260 1.7 38.4 18.5 10.6 .. 1,624
Bermuda .. .. f .. .. .. .. .. .. ..
Bhutan 315 430 .. 2.0 37.6 42.7 9.7 −15.8 89
Bolivia 7,564 970 2,810 2.0 16.3 18.7 10.4 −8.8 5,248
Bosnia andHerzegovina
.. .. c .. .. .. .. .. .. ..
Botswana 5,070 3,310 7,430 1.3 3.4 25.9 10.2 12.3 562
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 21
Brazil 784,044 4,790 6,350 1.9 8.1 21.3 475.7 −4.1 193,663
Brunei .. .. f .. −2.1 2.7 .. 1.6 .. ..
Bulgaria 9,750 1,170 3,870 −2.0 23.3 11.8 109.5 4.4 9,858
Burkina Faso 2,579 250 1,000 d 0.8 35.4 25.4 6.9 .. 1,297
Burundi 924 140 620 d −5.9 53.3 6.8 10.7 0.4 1,066
Cambodia 3,162 300 1,290 d 2.7 51.1 16.1 37.8 −6.9 2,129
Cameroon 8,610 620 1,770 −3.3 40.9 16.2 6.4 −1.3 9,293
Canada 594,976 19,640 21,750 0.8 § 17.6 1.4 −1.5 ..
Cape Verde 436 1,090 2,950 d 1.0 8.7 34.2 5.3 −7.0 220
Cayman Islands .. .. f .. .. .. .. .. .. ..
Central AfricanRepublic
1,104 320 1,310 d −1.0 54.1 9.0 5.9 .. 885
Chad 1,629 230 950 d 1.0 38.8 19.4 7.3 .. 1,027
Channel Islands .. .. f .. .. .. .. .. .. ..
Chile 70,510 4,820 12,240 6.4 7.5 26.9 10.2 −5.3 31,440
China 1,055,372 860 3,070 10.0 18.7 38.2 11.2 3.3 146,697
Hong Kong, China/ g
163,834 25,200 24,350 3.3 0.1 34.5 6.7 −1.5 ..
Colombia 87,125 2,180 6,570 2.6 11.5 18.8 22.4 −5.9 31,777
(table continued on next page)
(table continued from previous page)
World Economic Statistics1997 (Cont.)
GNP /a GNP per capita Agriculture InvestmentAverageannualinflationrate
Currentaccountbalance
Totalexternaldebt
Economy
US$millions1997
US$ a/1997
PPP / bIntl.dollars1997
Avg.annual realgrowth, %1990−97
% of GDP1997
% of GDP1997
%1990−97
% of GNP1997
US$millions1997
Comoros 209 400 1,530 d −3.1 38.7 21.3 3.9 −8.8 197
Congo, Dem. Rep. 5,201 110 760 d −9.6 57.9 7.1 2,012.8 .. 12,330
Congo, Rep. 1,827 670 1,290 −2.9 9.5 26.0 8.9 −11.0 5,071
Costa Rica 9,275 2,680 6,510 2.3 14.7 26.8 18.0 −2.7 3,548
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 22
Côte d'Ivoire 10,152 710 1,690 0.9 27.3 16.0 9.3 0.3 15,609
Croatia 19,343 4,060 4,930 2.7 12.4 14.8 218.1 −4.5 6,842
Cuba .. .. h .. .. .. .. .. .. ..
Cyprus .. .. f .. 2.6 § § 4.2 −2.5 ..
Czech Republic 53,952 5,240 10,380 −0.3 § 33.9 17.1 −6.3 21,456
Denmark 184,347 34,890 23,450 2.5 4.0 19.4 1.9 0.5 ..
Djibouti .. .. h .. .. 3.6 9.5 4.6 −4.7 284
Dominica 225 3,040 4,020 0.7 20.5 33.0 3.7 −16.9 98
Dominican Republic 14,148 1,750 4,690 3.5 12.4 24.5 11.5 −0.8 4,239
Ecuador 18,785 1,570 4,700 0.9 12.1 20.2 33.3 −3.8 14,918
Egypt, Arab Rep. 72,164 1,200 3,080 2.8 17.7 17.7 10.5 3.8 29,849
El Salvador 10,704 1,810 2,860 3.5 12.9 15.0 9.8 0.9 3,282
Equatorial Guinea 444 1,060 .. 12.1 23.1 96.5 14.7 −132.8 283
Eritrea 852 230 1,040 d 2.9 9.3 40.9 12.7 −3.2 76
Estonia 4,899 3,360 5,090 −2.8 7.2 29.8 92.2 −12.0 658
Ethiopia 6,507 110 500 2.2 55.5 19.1 8.9 −7.1 10,079
Faeroe Islands .. .. f .. .. .. .. .. .. ..
Fiji 2,007 2,460 3,860 0.4 17.6 12.4 3.5 0.5 213
Finland 127,398 24,790 19,660 0.9 4.0 16.6 1.8 5.4 ..
France 1,541,630 26,300 22,210 1.0 2.3 17.1 1.8 2.8 ..
French Guiana .. .. f .. .. .. .. .. .. ..
French Polynesia .. .. f .. .. .. .. .. .. ..
Gabon 4,752 4,120 6,560 −0.1 7.5 26.3 8.5 2.0 4,285
Gambia, The 407 340 1,440 d −0.6 29.9 17.7 4.7 −5.8 430
Georgia 4,656 860 1,980 −14.9 31.6 7.2 1,033.2 −6.5 1,446
Germany 2,320,985 28,280 21,170 0.7 1.1 21.2 2.5 −0.1 ..
Ghana 6,982 390 1,610 d 1.4 35.8 24.1 29.2 −4.7 5,982
Greece 122,430 11,640 12,540 1.0 10.7 19.5 12.2 −3.7 ..
Greenland .. .. f .. .. .. .. .. .. ..
Grenada 300 3,140 4,760 1.3 9.7 33.3 3.2 −19.6 105
Guadeloupe .. .. e .. .. .. .. .. .. ..
Guam .. .. f .. .. .. .. .. .. ..
Guatemala 16,582 1,580 4,060 1.5 23.6 13.8 12.2 −3.5 4,086
Guinea 3,830 550 1,790 2.7 22.6 21.8 6.2 −2.3 3,520
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 23
Guinea−Bissau 264 230 .. 1.0 53.8 23.9 45.3 −10.2 921
Guyana 677 800 2,800 d 12.9 § 32.2 26.7 −21.8 1,611
Haiti 2,864 380 1,260 d −4.4 30.3 10.2 25.3 −4.7 1,057
Honduras 4,426 740 2,260 1.0 19.7 32.0 20.4 −6.1 4,698
Hungary 45,760 4,510 6,970 0.2 6.0 27.4 22.8 −2.2 24,373
Iceland .. .. f .. 0.4 11.2 17.6 3.1 −1.8 ..
(table continued on next page)
(table continued from previous page)
World Economic Statistics1997 (Cont.)
GNP /a GNP per capita Agriculture InvestmentAverageannualinflationrate
Currentaccountbalance
Totalexternaldebt
Economy
US$millions1997
US$ a/1997
PPP / bIntl.dollars1997
Avg.annual realgrowth, %1990−97
% of GDP1997
% of GDP1997
%1990−97
% of GNP1997
US$millions1997
India 357,391 370 1,660 4.3 25.3 24.0 8.8 −1.5 94,404
Indonesia 221,533 1,110 3,390 5.9 16.0 30.9 8.6 −2.3 136,174
Iran, Islamic Rep. 108,614 1,780 5,690 1.9 25.2 29.3 32.5 3.7 11,816
Iraq .. .. h .. .. .. .. .. .. ..
Ireland 65,137 17,790 17,420 5.6 5.8 17.9 1.8 2.6 ..
Isle of Man .. .. e .. .. .. .. .. .. ..
Israel 94,402 16,180 17,680 2.6 .. 21.8 11.4 −5.1 ..
Italy 1,160,444 20,170 20,100 1.0 2.8 17.1 4.6 2.9 ..
Jamaica 3,956 1,550 3,330 0.8 8.0 34.5 32.8 −9.1 3,913
Japan 4,812,103 38,160 24,400 1.4 1.9 29.9 0.5 2.3 ..
Jordan 6,755 1,520 3,350 2.8 3.5 28.5 3.3 −2.9 8,234
Kazakhstan 21,317 1,350 3,530 −7.4 12.0 15.6 440.4 −4.1 4,278
Kenya 9,654 340 1,160 −0.3 28.8 19.1 16.0 −3.7 6,486
Kiribati 76 910 .. −0.6 § § 7.0 .. ..
Korea, Dem. Rep. .. .. h .. .. .. .. .. .. ..
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 24
Korea, Rep. 485,209 10,550 13,430 6.0 5.7 35.0 5.3 −1.8 143,373
Kuwait .. .. f .. 17.5 0.4 13.5 .. 25.7 ..
Kyrgyz Republic 2,211 480 2,180 −9.7 44.6 21.7 199.1 −7.9 928
Lao PDR 1,924 400 1,300 3.9 52.1 28.7 12.2 −12.8 2,320
Latvia 5,995 2,430 3,970 −7.3 7.4 19.7 87.7 −6.2 503
Lebanon 13,900 3,350 6,090 4.9 12.4 26.7 27.7 −23.3 5,036
Lesotho 1,368 680 2,490 d 2.5 11.5 85.5 8.0 .. 660
Liberia .. .. c .. .. .. .. .. .. 2,012
Libya .. .. e .. .. .. .. .. .. ..
Liechtenstein .. .. f .. .. .. .. .. .. ..
Lithuania 8,360 2,260 4,140 −7.1 12.8 26.5 140.3 −10.2 1,541
Luxembourg .. .. f .. 0.2 1.0 21.2 2.3 .. ..
Macao .. .. f .. .. .. § 7.5 .. ..
Macedonia, FYR 2,187 1,100 3,180 d −2.1 12.0 19.5 60.5 −12.5 1,543
Madagascar 3,575 250 900 −1.6 31.6 11.8 23.6 −3.8 4,105
Malawi 2,129 210 700 0.8 36.3 12.3 33.8 .. 2,206
Malaysia 98,195 4,530 7,730 5.8 12.1 42.8 4.5 −4.9 47,228
Maldives 301 1,180 3,340 d 4.3 .. .. 9.1 −4.6 160
Mali 2,656 260 720 0.3 49.2 23.3 10.0 −7.0 2,945
Malta 3,498 9,330 13,380 d 3.0 § 24.9 3.6 −5.0 1,034
Marshall Islands 97 1,610 .. .. § .. 7.0 .. ..
Martinique .. .. f .. .. .. .. .. .. ..
Mauritania 1,093 440 1,650 d 1.5 25.5 17.5 6.0 2.1 2,453
Mauritius 4,444 3,870 9,230 3.7 8.9 27.6 6.4 −2.6 2,472
Mayotte .. .. e .. .. .. .. .. .. ..
Mexico 348,627 3,700 8,110 d 0.2 5.3 26.4 19.3 −1.8 149,690
Micronesia, Fed.Sts.
213 1,920 .. −1.8 .. .. 3.4 .. ..
Moldova 1,974 460 1,450 −10.8 31.4 24.2 22.5 −15.8 1,040
Monaco .. .. f .. .. .. .. .. .. ..
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 25
World Economic Statistics1997 (Cont.)
GNP /a GNP per capita Agriculture InvestmentAverageannualinflationrate
Currentaccountbalance
Totalexternaldebt
Economy
US$millions1997
US$ a/1997
PPP / bIntl.dollars1997
Avg.annual realgrowth, %1990−97
% of GDP1997
% of GDP1997
%1990−97
% of GNP1997
US$millions1997
Mongolia 998 390 1,490 d −1.4 36.8 22.4 89.3 4.1 718
Morocco 34,380 1,260 3,210 0.2 15.3 20.6 3.8 −0.3 19,321
Mozambique 2,405 140 690 d 2.6 31.0 29.5 45.9 −15.6 5,991
Myanmar .. .. c .. .. 58.6 12.9 24.2 .. 5,074
Namibia 3,428 2,110 5,100 d 1.1 10.7 19.8 9.4 5.9 ..
Nepal 4,863 220 1,090 2.2 41.4 21.4 9.7 −9.3 2,398
Netherlands 403,057 25,830 21,300 1.9 3.1 19.9 2.0 5.9 ..
Netherlands Antilles .. .. f .. .. .. .. .. .. ..
New Caledonia .. .. f .. .. .. .. .. .. ..
New Zealand 59,539 15,830 15,780 1.2 § 21.5 1.7 −8.6 ..
Nicaragua 1,907 410 1,820 d 1.6 34.2 27.7 67.7 −22.1 5,677
Niger 1,962 200 830 d −1.9 38.0 10.8 7.2 −8.1 1,579
Nigeria 33,393 280 860 0.7 32.7 15.3 42.6 1.4 28,455
Northern MarianaIslands
.. .. f .. .. .. .. .. .. ..
Norway 158,973 36,100 24,260 3.8 2.2 23.4 1.9 5.3 ..
Oman .. .. e .. −0.4 § § −2.9 −6.6 3,602
Pakistan 64,638 500 1,580 2.0 24.7 15.2 11.3 −6.0 29,665
Palau .. .. e .. .. 6.8 .. .. .. ..
Panama 8,373 3,080 6,890 3.0 8.2 29.1 2.8 −0.9 6,338
Papua New Guinea 4,185 930 .. 2.5 28.2 37.0 6.7 5.9 2,273
Paraguay 10,183 2,000 3,860 0.0 22.6 22.8 16.1 −4.7 2,053
Peru 63,672 2,610 4,580 4.6 6.9 24.6 40.1 −5.3 30,496
Philippines 88,372 1,200 3,670 1.6 18.7 24.8 8.6 −5.2 45,433
Poland 138,909 3,590 6,510 4.2 6.4 22.2 29.5 −4.2 39,890
Portugal 109,472 11,010 14,180 2.0 3.9 24.3 6.3 −1.8 ..
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 26
Puerto Rico .. .. e .. .. § § .. .. ..
Qatar .. .. f .. −5.3 .. .. .. .. ..
Reunion .. .. f .. .. .. § .. .. ..
Romania 31,787 1,410 4,270 −0.1 19.6 21.5 124.0 −6.7 10,442
Russian Federation 394,861 2,680 4,280 −7.9 8.0 21.9 298.8 0.6 125,645
Rwanda 1,680 210 650 −5.7 37.5 10.8 19.3 −5.0 1,111
Samoa 199 1,140 3,570 d 0.7 § § 2.9 4.7 156
São Tomé andPrincipe
40 290 .. −1.7 23.3 49.8 56.9 .. 261
Saudi Arabia 143,430 7,150 10,540 d −2.5 6.3 20.3 1.8 0.2 ..
Senegal 4,777 540 1,690 0.0 18.5 18.7 6.5 −1.3 3,671
Seychelles 537 6,910 .. 1.7 4.1 36.0 1.4 −11.7 149
Sierra Leone 762 160 410 −5.7 50.1 −5.1 34.5 −14.6 1,149
Singapore 101,834 32,810 29,230 6.7 0.1 37.4 2.9 15.4 ..
Slovak Republic 19,801 3,680 7,860 0.3 4.8 35.5 12.6 −7.0 9,989
Slovenia 19,550 9,840 11,880 4.2 4.6 24.0 32.3 0.2 4,762
Solomon Islands 350 870 2,270 d 1.0 .. .. 9.9 −7.4 135
Somalia .. .. c .. .. .. .. .. .. 2,561
South Africa 130,151 3,210 7,190 d −0.2 4.5 15.9 10.1 −1.5 25,222
Spain 569,637 14,490 15,690 1.3 3.5 20.6 4.6 0.5 ..
(table continued on next page)
(table continued from previous page)
World Economic Statistics1997 (Cont.)
GNP /a GNP per capita Agriculture InvestmentAverageannualinflationrate
Currentaccountbalance
Totalexternaldebt
Economy
US$millions1997
US$ a/1997
PPP / bIntl.dollars1997
Avg.annual realgrowth, %1990−97
% of GDP1997
% of GDP1997
%1990−97
% of GNP1997
US$millions1997
Sri Lanka 14,781 800 2,460 4.0 22.2 24.4 9.8 −2.6 7,638
St. Kitts and Nevis 256 6,260 7,770 4.0 5.6 46.4 4.0 .. 62
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 27
St. Lucia 558 3,510 5,030 2.8 10.7 19.0 2.9 −13.4 152
St. Vincent and theGrenadines
272 2,420 4,060 1.8 12.6 31.6 3.0 −12.8 258
Sudan 7,917 290 1,370 3.7 .. .. 81.6 −19.5 16,326
Suriname 544 1,320 .. −0.5 § § 138.0 21.8 ..
Swaziland 1,458 1,520 3,690 −0.6 18.7 33.9 12.7 −3.7 368
Sweden 231,905 26,210 19,010 0.2 § 14.6 2.6 3.2 ..
Switzerland 305,238 43,060 26,580 −0.5 .. 20.3 1.9 6.9 ..
Syrian ArabRepublic
16,643 1,120 3,000 3.3 § 29.3 8.9 3.2 20,865
Tajikistan 2,010 330 1,100 −16.1 § 17.4 394.3 −4.2 901
Tanzania / i 6,632 210 620 0.9 47.3 20.4 25.2 −7.9 7,177
Thailand 165,759 2,740 6,490 5.9 11.2 35.0 4.8 −2.0 93,416
Togo 1,485 340 1,460 d −1.2 41.8 15.7 8.9 .. 1,339
Tonga 177 1,810 .. 1.4 37.1 § 3.8 .. 61
Trinidad and Tobago5,553 4,250 6,460 0.5 1.7 21.8 7.2 5.5 2,162
Tunisia 19,433 2,110 5,050 2.0 13.1 26.6 5.0 −3.4 11,323
Turkey 199,307 3,130 6,470 2.3 15.1 25.1 79.3 −1.4 91,205
Turkmenistan 2,987 640 1,410 −14.6 § § 1,074.2 1.0 1,771
Uganda 6,608 330 1,160 d 4.4 43.8 15.3 17.5 −7.9 3,708
Ukraine 52,625 1,040 2,170 −12.6 12.3 20.1 591.0 −2.7 10,901
United ArabEmirates
.. .. f .. −3.8 § § .. .. ..
United Kingdom 1,231,269 20,870 20,710 1.9 1.8 15.9 3.2 0.6 ..
United States 7,783,092 29,080 29,080 1.7 1.8 17.5 2.1 −2.0 ..
Uruguay 20,035 6,130 9,110 3.5 8.5 12.8 45.4 −1.6 6,652
Uzbekistan 24,236 1,020 .. −5.6 30.6 18.8 442.5 −2.3 2,761
Vanuatu 238 1,340 3,230 d −3.5 24.7 .. 4.8 −7.7 48
Venezuela 79,317 3,480 8,660 −0.2 4.1 17.7 50.0 5.4 35,542
Vietnam 24,008 310 1,590 6.1 26.2 29.0 19.7 −7.5 21,629
Virgin Islands (U.S.) .. .. f .. .. .. .. .. .. ..
West Bank and Gaza.. .. h .. .. .. .. .. .. ..
Yemen, Rep. 4,405 270 720 −1.5 17.6 21.2 26.7 2.4 3,856
Yugoslavia, FR(Serb. / Mont.)
.. .. h .. .. .. .. .. .. 15,107
Emerging Stock Markets Factbook 1999
World Economic Statistics 1997 28
Zambia 3,536 370 910 −0.9 16.4 14.9 72.4 .. 6,758
Zimbabwe 8,208 720 2,240 −0.7 18.6 18.7 22.4 .. 4,961
.. Not available. § See map for range estimate.
Notes:Figures in italics are for years other than those specified; the number 0 or 0.0 means zero or less than half the unit shown and not known more precisely. a. Atlas method. b. Purchasing
power parity; see the technical notes. c. Estimated to be low income ($785 or less). d. Estimate is based on regression; others are extrapolated from the 1993 International ComparisonProgramme survey. e. Estimated to be upper middle income ($3,126 to $9,655). f. Estimated to be high income ($9,656 or more). g. References to GNP relate to GDP. h. Estimated to be lowermiddle income ($786 to $3,125). i. Data cover mainland Tanzania only.
Source: World Bank Atlas 1999.World Bank: Washington, D.C.
Aggregate Net Long−Term Resource Flows to Emerging Markets:(US$ Billions)
Type of finance 1990 1991 1992 1993 1994 1995 1996 1997 1998p
Official flows 56.9 62.6 54.0 53.3 45.5 53.4 32.2 39.1 47.9
Private flows 43.9 60.5 98.3 167.0 178.1 201.5 275.9 299.0 227.1
From international capital markets19.4 26.2 52.2 100.0 89.6 96.1 149.5 135.5 72.1
Private debt flows 15.7 18.6 38.1 49.0 54.4 60.0 100.3 105.3 58.0
Commercial banks 3.2 4.8 16.3 3.3 13.9 32.4 43.7 60.1 25.1
Bonds 1.2 10.8 11.1 37.0 36.7 26.6 53.5 42.6 30.2
Others 11.4 3.0 10.7 8.6 3.7 1.0 3.0 2.6 2.7
Portfolio equity flows 3.7 7.6 14.1 51.0 35.2 36.1 49.2 30.2 14.1
Foreign direct investment 24.5 34.4 46.1 67.0 88.5 105.4 126.4 163.4 155.0
Net long−term resource flows 100.8 123.1 152.3 220.2 223.6 254.9 308.1 338.1 275.0
of which official (%) 56.4 50.9 35.5 24.2 20.3 20.9 10.5 11.6 17.4
of which portfolio, equity (%) 3.7 6.2 9.3 23.2 15.7 14.2 16.0 8.9 5.1
p: preliminary
Source: World Bank, DebtorReporting System
Emerging Stock Markets Factbook 1999
Aggregate Net Long−Term Resource Flows to Emerging Markets: (US$ Billions) 29
World GNP and GNP Per Capita, 1997
GNP Per CapitaThis map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations, and any other information shown on this mapdo not imply, on the part of The World Bank Group, any judgement on the legal status of any territory, or any edorsement or acceptance of such boundaries.
World Bankincomegrouping *
Number ofeconomies
GNP(US$billions)
Population(millions)
GNP percapita (US$)
Low 61 712 2,036 350
Lower−middle 59 2,803 2,283 1,230
Upper−middle 36 2,609 574 4,540
High 54 24,001 927 25,890
EmergingMarkets
156 6,124 4,893 1,252
DevelopedMarkets
54 24,001 927 25,890
World 210 30,125 5,820 5,176
Note: Low income defined as per capita GNP of $785 or less,lower−middle ($786−$3,125), upper−middle ($3,126 to $9,655), andupper income ($9,656 or more).
Emerging Stock Markets Factbook 1999
World GNP and GNP Per Capita, 1997 30
Emerging Markets'Share of World GNP, 1997
Emerging Markets'Share of World Population, 1997
Key Trends in Emerging Stock Markets in 1998
The Year in Review
IFCI and IFCG Composite Index returns indicate that 1998 was the worst year ever for emerging markets. Itappeared that everything that could go wrong in emerging markets did go wrong during the year. The term"contagion" was used liberally by the financial press to describe the ripple effect of one country's economicproblems and related misfortunes in other markets.
The contagion had its beginning in July 1997, when a sharp decline in the value of the Thai baht initiated majorrisk reassessments throughout the Asia region. Eventually risk reassessments spread throughout Europe, Africa,and Latin America, underpinning sharp declines in both currencies and equities in those regions. Stock markets incountries with the weakest macroeconomic fundamentals generally suffered the sharpest losses, but countries withstronger economic policies and more robust financial sectors were not able to escape effects of the contagioncompletely.
Key Trends
Emerging market performance on a country−by−country basis was overwhelmingly negative in 1998, with 24 of31 markets tracked by the IFCI Composite registering losses. Of the seven IFCI markets posting gains, only fivemarkets, Greece, Korea, Morocco, Portugal, and Thailand registered double−digit gains. On a regional level,losses were generally steepest in Europe and Latin America, but no region was completely exempt from thecontagion that effectively swept through all emerging markets.
The IFCI Composite Index fell 24.1% in 1998, the steepest one−year decline in the index's 11−year history. TheIFCI Latin America and IFCI EMEA indexes, fell 38.0% and 22.6%, respectively, during the year, while the IFCIAsia Index, after falling more than 57% in 1997, registered a much more modest 0.7% decline. Performance ofthe broader IFCG Index—which does not consider foreign investment restrictions—mirrored the IFCI, with theIFCG Composite Index falling 22.9% during the year. The IFCG Latin America, EMEA, and Asia indexes fell38.2%, 27.3%, and 6.8%, respectively, in 1998.
The smaller, less active frontier markets tracked by IFC followed the downward trend of the most heavily
Emerging Stock Markets Factbook 1999
Key Trends in Emerging Stock Markets in 1998 31
capitalized emerging markets. The IFC Frontier Composite, a new index introduced in 1998, registered a 17.2%decline for the year. On a country−by−country basis, performance in the frontier markets was more mixed with 7of 18 markets posting gains. The African and Caribbean regions were generally the strongest, with the IFCGindexes for Trinidad and Tobago, Ghana, and Kenya posting returns of 17.5%, 17.3%, and 13.8% in dollars,respectively.
Equity returns in emerging markets were vastly different from returns registered in non−Asian developed markets.During the year, the S&P 500 soared 28.4%, powered by a surge in the most heavily capitalized issues. Equities indeveloped European markets also climbed with the FTSE−100, CAC−40, and DAX indexes gaining 14.5%,31.5%, and 18.5%, respectively. Japan's Nikkei 225 Index lost 9.3% as conditions in that market remainedunfavorable.
The contagion that rippled through the emerging market universe during the year severely crippled capital flows.Preliminary estimates by the World Bank indicate that net portfolio flows to emerging markets plummeted to just$14.1 billion in 1998, the lowest level since 1992. The $14.1 billion total registered during the year was less thanhalf of the 1997 total and only 29% of the total portfolio flows recorded in 1996. While private debt and equityflows to emerging markets declined to three−year lows, official flows reached three−year highs.
The poor performance of emerging markets in 1998 was visibly reflected in key market statistics such as marketcapitalization and value traded. Aggregate market capitalization of emerging markets contracted fromapproximately $2.2 trillion in 1997 to $1.9 trillion in 1998, the second consecutive annual decline. The decline inemerging market capitalization combined with expanding capitalization levels in developed markets loweredemerging markets' share of total world capitalization to 6.9%, the lowest percentage since 1990.
Value traded also showed a significant decline in 1998, with aggregate turnover falling to $1.96 trillion from$2.71 trillion in 1997. Emerging markets' share of total world trading slipped to 8.8% in 1998 from 13.9% in 1997as developed markets recorded sharply higher trading activity. Taiwan, China represented approximately 45% ofemerging marketcontinue
turnover, despite a 38% decline in that country's trading during 1998. The number of listed companies inemerging markets surged to 26,360 in 1998 from 19,747 in 1997 due to the inclusion of RASDAQ−traded stocksin Romania, which boosted the number of listed issues by nearly 5,700.
The disparity in valuation ratios and dividend yields between emerging markets and developed markets continuedto widen in 1998. The IFCI Composite P / E was 15.9 at the end of 1998 as compared to P / Es of 30.2, 20.4, and185.2 for the U.S., U.K., and Japan. The P / BV of the IFCI Composite fell to 1.3 at the end of 1998, a six−yearlow, while P / BVs in the U.S., U.K., and Japan stood at 5.1, 3.8, and 1.6, respectively. Moreover, dividend yieldsin emerging markets climbed to their highest level since 1991, reaching 2.9% in 1998, up from 2.5% in 1997.
Spread of Contagion and Emerging Market Performance
The contagion had its start in 1997, ending a period of robust Asian growth that had been underpinned bylow−cost foreign borrowing and stable yet overvalued currencies. In mid−1997, speculators sensed weakness inthe Thai baht and mounted attacks on the currency. The baht's devaluation in July soon triggered similardevaluations throughout the region. Indonesia, South Korea, and Thailand were the hardest hit by the fallingcurrencies with the IFC Investable indexes for those countries declining 73%, 70%, and 68%, respectively, in thelast six months of 1997.
At the start of 1998, the contagion appeared to have stalled as Asian currencies stabilized and as several equitymarkets in the region, most notably Korea, registered gains. The region, however, quickly succumbed to a second
Emerging Stock Markets Factbook 1999
Spread of Contagion and Emerging Market Performance 32
round of downward pressure, as continued high interest rates and the rapid depreciation of the Japanese yenthreatened East Asian GDP and export growth. Continued concern over the health of the Japanese economy, amajor investor and trading partner for Asian economies, as well as balance−of−payments concerns stemmingfrom Russia, caused the IFCI Composite to sink 12.8 and 10.5% in April and May, respectively.
As effects of the initial Asian crisis on emerging markets began to diminish by mid−summer 1998, the crash ofthe Russian financial system in August caused a second sharp downturn in emerging markets. In late spring, theruble came under mounting pressure to devalue as signs of macroeconomic imbalances and political reshufflingtriggered investor concerns. Most importantly, the government began covering a growing budget deficit, whichresulted from record−low oil prices and poor tax collection, by increasing its level of expensive short−termborrowing. By summer, investors began to question the ability of the government to service its debt as currencyreserves rapidly depleted, sending the interest rates on government debt even higher. In August, Russia devaluedthe ruble, defaulted on short−term domestic bonds, and declared a moratorium on commercial debt payments. Asa result, the IFCI Russia Index plunged 84.2% in 1998. Eastern European markets also suffered heavy losses as aresult of their trading and investment links to Russia as the IFCI Eastern Europe Index (including Russia) tumbled59%.
The contagion effect was rekindled by the Russian debacle, as investors feared that countries with similarmacroeconomic imbalances would be the next targets. Latin American stock markets, which had fallen only16.5% in the first six months of 1998, largely from high interest rates, were the obvious candidates, given fallinginternational commodity prices and, consequently, growing current account deficits. The largest country, Brazil,became the driver of the third wave of emerging market fallout, given high fiscal and current account deficits.More fiscally disciplined countries, such as Argentina, Chile, and Mexico, were also punished alongside Brazil in1998, although largely from severely high interest rates. Latin American market returns were slightlydifferentiated for all of 1998, however, as countries with fewer macroeconomic imbalances fared better.Argentine and Chilean shares emerged the least affected of all Latin American countries, posting IFC InvestableIndex losses of 28.5% and 29.8%, respectively, while Brazil registered losses of 43.0% in 1998.
Since December 1997, emerging markets have seen their fortunes rise and fall quite dramatically. A brief (onemonth) run−up in share prices (IFCI Composite up 10%, Asia up 25%, EMEA up 6%, and Latin America up 5%)in February 1998 was thought to be a sign of recovery. In−soft
stead, a sense of hope turned out to be false as shares continued to cede ground until September 1998. SinceSeptember, emerging markets have once again been on the track to recovery: The IFCI Composite has gained17%, Asia has increased 41%, Europe / Middle East / Africa has risen 13%, and Latin America has gained 7%.
By the end of 1998, the IFCI Composite Index stood at about half of its July 1997 level, having fallen about 45%in a 17−month period. In spite of the overall magnitude of the correction, the timing of losses followed aneast−west trajectory so that by the time Latin American stocks were plunging, Asian equities were booming. Thecontinued troubles of Latin America compared to the structural reform and simultaneous gains in share pricesunderway in Asia may mean that investors have returned to the practice of assessing risk on acountry−by−country basis rather than viewing emerging markets and regions as one asset class. This may be goodnews for governments considering privatization. In the absence of other foreseeable catastrophes, the introductionof structural reforms, including privatization, should encourage investors and lift stock markets, thus helpingreformist governments increase the gains from privatization.break
Emerging Stock Markets Factbook 1999
Spread of Contagion and Emerging Market Performance 33
IFCI Composite Index: Major Events in 1998
2—World Stock Markets
World Stock Market Performance, 1998:(Ranked by % Change in Price Indexes in US$)
Rank Market
% changeinpriceindex Rank Market
% changein priceindex
1 Korea* 118.8 51 India* −15.3
2 Greece* 91.2 52 Israel* −16.0
3 Finland 81.2 53 HongKong −18.2
4 Japan 70.1 54 Taiwan, China* −19.9
5 Belgium 56.7 55 Sri Lanka* −20.9
6 Italy 51.2 56 Jamaica* −21.3
7 Panama 48.6 57 China* −23.3
8 Spain 47.9 58 Saudi Arabia* −26.8
9 Barbados 47.6 59 Argentina* −28.4
Emerging Stock Markets Factbook 1999
2— World Stock Markets 34
10 France 41.6 60 Nigeria* −28.4
11 Netherlands 40.3 61 Indonesia* −29.3
12 Portugal* 38.2 62 Egypt* −29.5
13 Thailand* 31.9 63 Chile* −30.0
14 Norway 28.6 64 Bulgaria* −30.1
15 Morocco* 27.4 65 South Africa* −30.5
16 Germany 27.1 66 Croatia* −33.8
17 US. 26.7 67 Ecuador* −36.9
18 Cyprus 23.2 68 Bangladesh* −38.5
19 Switzerland 21.4 69 Mexico* −38.8
20 Costa Rica 19.6 70 Lithuania* −39.2
21 Slovenia* 19.0 71 Peru* −39.7
22 Malta 17.9 72 Brazil* −42.6
23 Ireland 17.8 73 Colombia* −43.6
24 Trinidad &Tobago*
17.5 74 Namibia −46.4
25 Ghana 17.3 75 Swaziland −48.6
26 U.K. 15.8 76 Zambia −50.0
27 Australia 14.2 77 Venezuela* −51.8
28 Kenya* 13.8 78 Oman −52.5
29 Palestine 11.4 79 Turkey* −53.1
30 Philippines* 9.8 80 Slovakia* −53.9
31 Botswana* 9.2 81 Zimbabwe* −59.2
32 Bermuda 8.8 82 Pakistan* −59.5
33 Jordan* 8.3 83 Estonia* −65.4
34 Sweden 7.8 84 Latvia* −67.4
35 Cote d'Ivoire* 4.4 85 Romania* −67.7
36 Austria 2.9 86 Ukraine* −82.3
37 Denmark 1.5 87 Russia* −87.5
38 Mauritius* 1.4
39 Luxembourg 0.0 Regional Indexes
40 Malaysia* −1.6 1 MSCI World 22.8
41 NewZealand −1.9 2 MSCI EAFE 18.2
42 Nepal −4.0 3 FT, EuroPac 16.9
Emerging Stock Markets Factbook 1999
2— World Stock Markets 35
43 Iran −6.0 4 IFCI Asia −0.7
44 Tunisia* −6.4 5 IFCG Asia −6.8
45 Singapore −9.0 6 IFCI EMEA −22.6
46 Canada −9.8 7 IFCG Composite −22.9
47 Czech Republic* −10.0 8 IFCI Composite −24.1
48 Hungary* −10.8 9 IFCG EMEA −27.3
49 Paraguay −12.1 10 IFCI LatinAmerica
−38.0
50 Poland* −12.2 11 IFCG LatinAmerica
−38.2
Notes: Markets marked by an asterisk indicate IFC Global Index as source;developed market returns come from a variety of sources, including Reuters andBloomberg; other markets' returns are based on local stock exchange indexresults, converted into U.S. dollars.
Top 25 Performing Stock Markets in 1998 (% of change))
World Stock Market Turnover, 1998
Emerging Stock Markets Factbook 1999
World Stock Market Turnover, 1998 36
Rank MarketTurnoverratio (%) Rank Market
Turnoverratio (%)
1Taiwan,China* 323.0 46 Mexico* 27.3
2 Spain 201.9 47 Saudi Arabia* 26.9
3 Korea* 176.2 48 Israel* 26.6
4 Germany 144.9 49 Latvia* 23.9
5 Turkey* 144.9 50 Egypt* 22.2
6 China* 130.1 51 Peru* 19.0
7 Estonia* 116.9 52 Lithuania* 16.0
8 Hungary* 111.3 53 Sri Lanka* 14.8
9 Pakistan* 111.1 54 Venezuela* 13.6
10 U.S. 106.2 55 Lebanon 12.4
11 Italy 104.1 56 Jordan* 11.6
12 Switzerland 100.8 57 West Bank &Gaza
11.0
13 Portugal* 93.4 58 Botswana* 10.5
14 Greece* 82.3 59 Zimbabwe* 10.1
15 Ireland 81.8 60 Morocco* 9.9
16 Slovakia* 74.3 61 Guatemala 9.6
17 Sweden 73.9 62 Colombia* 9.4
18 Romania* 72.1 63 Iran 9.3
19 Thailand* 71.0 64 Russia* 9.1
20 Netherlands 70.7 65 Tunisia* 8.2
21 Brazil* 70.4 66 Ecuador* 7.4
22 Norway 69.4 67 Chile* 7.1
23 France 68.7 68 Bermuda 6.8
24 Canada 67.0 69 Armenia 5.9
25 Bangladesh* 61.7 70 Mauritius* 5.8
26 New Zealand 56.2 71 Trinidad &Tobago*
5.0
27 India* 55.2 72 Nigeria* 4.9
28 Poland* 54.7 73 Ghana* 4.8
29 Hong Kong 54.4 74 Fiji 4.4
30 U.K. 53.4 75 Paraguay 4.3
Emerging Stock Markets Factbook 1999
World Stock Market Turnover, 1998 37
31 Finland 53.0 76 Kenya* 4.1
32 Australia 51.9 77 Panama 3.8
33 Singapore 50.5 78 Luxembourg 3.4
34 Austria 47.4 79 Croatia (FYR)* 2.8
35 Japan 40.3 80 Ukraine* 2.5
36 CzechRepublic*
38.2 81 Cote d'Ivoire* 2.5
37 Indonesia* 37.9 82 Bulgaria* 2.4
38 Slovenia(FYR)*
34.4 83 Namibia 2.3
39 Oman 33.8 84 Barbados 1.9
40 Malaysia* 30.0 85 Uruguay 1.9
41 Philippines* 30.0 86 Jamaica* 1.9
42 South Africa* 29.1 87 El Salvador 1.9
43 Belgium 28.9 88 Bolivia 1.9
44 Argentina* 28.8 89 Nepal 1.7
45 Cyprus 27.7 90 Swaziland 0.0
Notes: Asterisks indicate market turnover for markets covered by IFCIndexes in 1998. Ratios for each market are calculated in dollar terms bydividing total 1998 value traded by average market capitalization for 1997and 1998.
Emerging Stock Markets Factbook 1999
World Stock Market Turnover, 1998 38
Top 25 Market Indexes by Turnover Ratios, 1998
World Market Capitalization, 1989−1998:(US$ Millions; End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Emerging Markets
Argentina* 4,225 3,268 18,509 18,633 43,967 36,864 37,783 44,679 59,252 45,332
Armenia − − − − − 0 3 7 16 18
Azerbaijan − − − − − − − − − 3
Bahrain − − − − − − − − − 6,770
Bangladesh* 476 321 269 314 453 1,049 1,338 4,551 1,537 1,034
Barbados − 282 308 259 328 518 494 770 1,141 2,412
Bolivia − − − − − 24 97 114 328 570
Botswana* − − 261 295 261 377 398 326 614 724
Brazil* 44,368 16,354 42,759 45,261 99,430 189,281 147,636 216,990 255,478 160,887
Bulgaria* − − − − − − 61 7 2 992
Chile* 9,587 13,645 27,984 29,644 44,622 68,195 73,860 65,940 72,046 51,866
China* − − 2,028 18,255 40,567 43,521 42,055 113,755 206,366 231,322
Colombia* 1,136 1,416 4,036 5,681 9,237 14,028 17,893 17,137 19,529 13,357
Costa Rica − − − 475 434 − − 781 820 1,308
Cote d'Ivoire* 531 549 541 483 414 428 866 914 1,276 1,818
Croatia (FYR)* − − − − − 514 581 2,975 4,246 3,190
Czech Republic* − − − − − 5,938 15,664 18,077 12,786 12,045
DominicanRepublic
− − − − − − − − 140 −
Ecuador* − − − 69 1,098 2,496 2,631 1,946 2,128 1,527
Egypt* 1,711 1,765 2,651 3,259 3,814 4,263 8,088 14,173 20,830 24,381
El Salvador − − − − − − − 452 499 1,435
Estonia* − − − − − − − − 1,101 519
Fiji − − − − − 32 67 82 93 88
Ghana* − − 76 84 118 1,873 1,649 1,492 1,138 1,384
Greece* 6,376 15,228 13,118 9,489 12,319 14,921 17,060 24,178 34,164 79,992
Guatemala − − − − − − 124 168 139 172
Emerging Stock Markets Factbook 1999
World Market Capitalization, 1989−1998: (US$ Millions; End of Period Levels) 39
Honduras − − 40 − − 270 338 − − 458
Hungary* − − 505 562 812 1,604 2,399 5,273 14,975 14,028
India* 27,316 38,567 47,730 65,119 97,976 127,515 127,199 122,605 128,466 105,188
Indonesia* 2,254 8,081 6,823 12,038 32,953 47,241 66,585 91,016 29,105 22,104
Iran − − 34,282 33,663 1,304 2,770 6,552 17,024 15,123 14,874
Israel* 8,227 3,324 6,176 29,634 50,773 32,730 36,399 35,934 45,268 39,628
Jamaica* 957 911 1,034 3,227 1,469 1,753 1,270 1,887 2,206 2,139
Jordan* 2,162 2,001 2,512 3,365 4,891 4,594 4,670 4,551 5,446 5,838
Kazakhstan − − − − − − − − − 37
Kenya* 499 453 453 637 1,060 3,082 1,886 1,846 1,824 2,024
Korea* 140,946 110,594 96,373 107,448 139,420 191,778 181,955 138,817 41,881 114,593
Latvia* − − − − − − 10 151 337 382
Lebanon − − − − − − 400 − 2,904 2,385
Lithuania* − − − − − − 157 900 1,693 1,074
Malaysia* 39,842 48,611 58,627 94,004 220,328 199,276 222,729 307,179 93,608 98,557
Malta − − − − − 52 154 61 281 112
Mauritius* − 268 312 416 791 1,514 1,331 1,676 1,665 1,849
Mexico* 22,550 32,725 98,178 139,061 200,671 130,246 90,694 106,540 156,595 91,746
Mongolia − − − − − − 27 26 54 40
Morocco* 621 966 1,528 1,909 2,651 4,376 5,951 8,705 12,177 15,676
Macedonia − − − − − − − − − 8
Moldova − − − − − − − − − 0
Namibia − − − 21 28 201 189 473 689 429
Nepal − − − − − 264 244 207 200 267
Nigeria* 1,005 1,372 1,882 1,221 1,029 2,711 2,033 3,560 3,646 2,887
Oman − − − 1,061 1,088 1,705 1,978 2,662 7,108 4,392
Pakistan* 2,457 2,850 7,326 8,028 11,602 12,263 9,286 10,639 10,966 5,418
Panama − − − 226 419 698 831 1,279 2,175 3,347
Paraguay − − − − 24 46 144 383 389 312
Peru* 931 812 1,118 2,630 5,113 8,178 11,795 12,291 17,586 11,645
Philippines* 11,965 5,927 11,386 15,282 40,327 55,519 58,859 80,649 31,361 35,314
Poland* − − 144 222 2,706 3,057 4,564 8,390 12,135 20,461
Portugal* 10,618 9,201 9,613 9,213 12,417 16,249 18,362 24,660 38,954 62,954
Romania* − − − − − 52 100 57 627 1,016
Emerging Stock Markets Factbook 1999
World Market Capitalization, 1989−1998: (US$ Millions; End of Period Levels) 40
Russia* − − 244 218 18 151 15,863 37,230 128,207 20,598
(table continued on next page)
(table continued from previous page)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
EmergingMarkets (cont.)
Saudi Arabia* − − 48,213 54,960 52,773 38,686 40,907 45,861 59,386 42,563
Slovakia* − − − − − 1,093 1,235 2,182 1,826 965
Slovenia (FYR)* − − − − − 595 311 663 1,625 2,450
South Africa* 131,060 137,540 168,497 103,537 171,942 225,718 280,526 241,571 232,069 170,252
Sri Lanka* 427 917 1,936 1,439 2,498 2,884 1,998 1,848 2,096 1,705
Swaziland − 17 27 111 297 338 339 471 129 85
Taiwan, China* 237,012 100,710 124,864 101,124 195,198 247,325 187,206 273,608 287,813 260,015
Thailand* 25,648 23,896 35,815 58,259 130,510 131,479 141,507 99,828 23,538 34,903
Trinidad &Tobago*
411 696 671 510 485 663 1,125 1,405 3,117 3,922
Tunisia* 638 533 711 814 956 2,561 3,927 4,263 2,321 2,268
Turkey* 6,783 19,065 15,703 9,931 37,496 21,605 20,772 30,020 61,090 33,646
Uruguay − − − − 251 170 183 266 212 209
Uzbekistan − − − − − − − 128 465 −
Ukraine* − − − − − − − − 3,667 570
Venezuela* 1,472 8,361 11,214 7,600 8,010 4,111 3,655 10,055 14,581 7,587
West Bank &Gaza
− − − − − − − − 662 589
Zambia − − − − − − 19 195 705 293
Zimbabwe* 1,067 2,395 1,394 628 1,433 1,828 2,038 3,635 1,969 1,310
IFC IndexMarkets 745,278 613,322 873,214 964,503 1,684,608 1,906,185 1,916,867 2,246,635 2,166,319 1,867,645
All EmergingMarkets
745,278 613,621 907,871 1,000,319 1,688,781 1,913,273 1,929,050 2,272,184 2,200,591 1,908,258
Emerging Stock Markets Factbook 1999
World Market Capitalization, 1989−1998: (US$ Millions; End of Period Levels) 41
DevelopedMarkets
Australia 140,956 107,611 144,867 135,451 203,964 219,188 245,218 494,503 696,656 874,283
Austria 22,261 11,476 7,689 21,750 28,437 30,272 32,513 33,953 35,724 34,106
Belgium 74,596 65,449 71,319 64,172 78,067 84,103 104,960 119,831 136,965 245,657
Bermuda − − − − − − − − 1,411 1,500
Canada 291,328 241,920 266,874 243,018 326,524 315,009 366,344 486,268 567,635 543,394
Cayman Islands − − − − − − − − 42 160
Cyprus − − 1,290 1,183 981 1,334 2,516 2,355 2,011 2,618
Denmark 40,152 39,063 44,841 32,635 41,785 54,399 56,223 71,688 93,766 98,881
Finland 30,652 22,721 14,271 12,202 23,562 38,278 44,138 63,078 73,322 154,518
France 364,841 314,384 348,083 350,858 456,111 451,263 522,053 591,123 674,368 991,484
Germany 365,176 355,073 393,454 348,138 463,476 470,519 577,365 670,997 825,233 1,093,962
Hong Kong 77,496 83,397 121,986 172,106 385,247 269,508 303,705 449,381 413,323 343,394
Iceland − − − − − 484 720 1,210 − −
Ireland − − − − − 8,408 25,817 12,243 24,135 29,956
Italy 169,417 148,766 158,865 129,191 136,153 180,135 209,522 258,160 344,665 569,731
Japan 4,392,597 2,917,679 3,130,863 2,399,004 2,999,756 3,719,914 3,667,292 3,088,850 2,216,699 2,495,757
Kuwait 9,932 − − − 10,049 10,850 14,353 21,840 2,588 −
Luxembourg 10,348 10,456 11,308 11,936 19,337 28,511 30,443 32,692 33,892 35,403
Netherlands 157,789 119,825 136,158 134,594 181,876 283,251 356,481 378,721 468,736 603,182
New Zealand 13,487 8,835 14,336 15,348 25,597 27,217 31,950 38,641 90,483 89,373
Norway 25,285 26,130 22,043 17,821 27,380 36,469 44,587 57,423 66,503 56,285
Singapore 35,925 34,308 47,637 48,818 132,742 134,516 148,004 150,215 106,317 94,469
Spain 122,652 111,404 147,928 98,969 119,264 154,858 197,788 242,779 290,383 402,180
Sweden 119,285 97,929 100,913 78,376 107,376 130,939 178,049 247,217 272,730 278,707
Switzerland 170,936 160,044 173,881 195,285 271,713 284,092 433,621 402,104 575,338 689,199
U.A.E. − − − − − − − − − 31
U.K. 826,598 848,866 987,952 927,129 1,151,646 1,210,245 1,407,737 1,740,246 1,996,225 2,374,273
U.S. 3,505,686 3,059,434 4,087,660 4,485,040 5,136,199 5,067,016 6,857,622 8,484,433 11,308,77913,451,352
DevelopedMarkets 10,967,3958,784,770 10,434,2189,923,024 12,327,24213,210,77815,859,02118,139,95121,317,92925,553,855
11,712,6739,398,391 11,342,08910,923,343 14,016,02315,124,05117,788,07120,412,13523,518,52027,462,113
Emerging Stock Markets Factbook 1999
World Market Capitalization, 1989−1998: (US$ Millions; End of Period Levels) 42
World Total
Notes: See Stock Market Reference List in Appendix 1 for stock exchanges included in each market total. Asterisks indicate IFC index marketsin 1998.
Market Capitalization Analysis and Summary
The map on the opposite page illustrates market capitalizations of world economies based on figures reported inIFC's 1999 Global Survey of Stock Exchanges (see pages 16 and 17 for data). The table beneath the map showsthat while 95% of the darkest shaded regions are emerging markets, 61% of the medium−shaded regions areemerging markets, as are 18% of the lighter regions. Overall, the market capitalization of emerging marketsrepresented 7% of world total market capitalization in 1998. Emerging market capitalization reached almost 13%of the world total in 1994, but has decreased steadily since then to just under 7%. The dollar size of emergingmarkets has also dropped significantly (down 16.2%) from its peak of $2.27 trillion in 1996. Over the sameperiod, the market capitalization of developed markets surged 40.9% to $25.55 trillion.
The diagram below is a plot of 1997 GNP per capita versus 1997 market capitalization as a percentage of GNP.*It includes the 25 largest emerging markets by market capitalization and the 10 largest developed markets bymarket capitalization. Emerging markets are shown with black squares, while blue squares indicate developedmarkets. The diagram reveals that relative to the size of their domestic economies, many emerging markets are aslarge or larger than the stock markets of developed economies, suggesting that market size is heavily influencedby factors such as institutional arrangements in the financial system, and the interaction of monetary, fiscal, andregulatory policies. It is also apparent that relative stock market development is not necessarily related to currentper capita income levels. Because market capitalization is a function of stock market prices, the ratios depictedbelow fluctuate and should be used cautiously to form only a part of any consideration of a market's relative sizeand stage of development.break
GNP Per Capita vs Market Capitalization as a Percentage of GNP, 1997Source: IFC Emerging Markets Data Base, and the World Bank.Notes: End−1997 values of GNP and market cap are used because of lags in reporting of GNP data.
Emerging Stock Markets Factbook 1999
Market Capitalization Analysis and Summary 43
World Market Capitalization, 1998This map was produced by the Map Design Unit of The World Bank. The boundaries, colors, denominations and any other information shown on this mapdo not imply, on the part of The World Bank Group, any judgement on the legal status of any territory, or any endorsement or acceptance of such boundaries.
Mkt cap grouping(US$ millions)
Numberofmarkets
Market cap(US$millions)
Of whichemerging
Share ofgroup(%)
10,000 or less 53 84,640 80,491 95%
10,001−100,000 28 1,224,143 785,670 64%
100,001−1,000,00017 6,737,986 1,042,257 15%
1,000,001 or more 4 19,415,344 0 0%
Total surveyed 102 27,462,113 190,258 7%
Emerging Markets' Shareof World Market Cap, 1998
Emerging Stock Markets Factbook 1999
Market Capitalization Analysis and Summary 44
Emerging Markets' Shareof World Market Cap, 1989−1998
World Value Traded, 1989−1998:(US$ Millions; End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Emerging Markets
Argentina* 1,916 852 4,824 15,679 10,339 11,372 4,594 4,382 25,702 15,078
Armenia − − − − − 0 1 0 1 1
Azerbaijan − − − − − − − − − −
Bahrain − − − − − − − − − 577
Bangladesh* 5 6 3 11 15 107 158 722 384 793
Barbados − 10 9 2 4 6 3 6 23 34
Bolivia − − − − − 0 1 1 1 6
Botswana* − − 8 15 20 31 38 31 74 70
Brazil* 16,762 5,598 13,373 20,525 57,409 109,498 79,186 112,108 203,260 146,594
Bulgaria* − − − − − − 4 0 − 12
Chile* 866 783 1,900 2,029 2,797 5,263 11,072 8,460 7,445 4,419
China* − − 820 16,715 43,395 97,526 49,774 256,008 369,574 284,766
Colombia* 74 71 203 554 732 2,191 1,254 1,360 1,894 1,539
Costa Rica − − − 11 11 10 16 15 − −
Cote d'Ivoire* 5 18 7 4 6 12 14 19 24 39
Croatia (FYR)* − − − − − 252 47 227 343 104
Czech Republic* − − − − − 1,328 3,630 8,431 7,055 4,741
DominicanRepublic
− − − − − − − − − −
Ecuador* − − − − 41 73 234 120 186 136
Emerging Stock Markets Factbook 1999
World Value Traded, 1989−1998: (US$ Millions; End of Period Levels) 45
Egypt* 91 126 139 195 170 757 677 2,463 5,859 5,028
El Salvador − − − − − − − 10 15 18
Estonia* − − − − − − − − 1,484 947
Fiji − − − − − 0 0 0 2 4
Ghana* − − 0 0 5 75 22 17 47 60
Greece* 549 3,924 2,443 1,605 2,713 5,145 6,091 8,283 21,146 46,999
Guatemala − − − − − − 5 4 1 15
Honduras − − 1 10 23 0 0 1 0 −
Hungary* − − 117 38 99 270 355 1,641 7,684 16,135
India* 17,362 21,918 24,295 20,597 21,879 27,290 13,738 26,599 53,954 64,498
Indonesia* 541 3,992 2,922 3,903 9,158 11,801 14,403 32,142 41,650 9,709
Iran − − 5,217 6,995 311 424 741 2,617 1,212 1,389
Israel* 3,909 5,535 8,389 14,694 30,327 25,110 9,155 8,045 10,727 11,291
Jamaica* 90 32 95 386 336 158 341 39 − 41
Jordan* 652 407 432 1,317 1,377 626 517 297 501 653
Kazakhstan − − − − − − − − − −
Kenya* − 10 11 12 14 62 65 67 104 79
Korea* 121,264 75,949 85,464 116,101 211,710 286,056 185,197 177,266 170,237 137,859
Latvia* − − − − − − − 12 84 86
Lebanon − − − − − − − − 640 328
Lithuania* − − − − − − 37 47 239 222
Malaysia* 6,888 10,871 10,657 21,730 153,661 126,458 76,822 173,568 147,036 28,835
Malta − − − − − 3 16 2 3 −
Mauritius* − 6 5 10 39 85 70 78 137 102
Mexico* 6,232 12,212 31,723 44,582 62,454 82,964 34,377 43,040 52,646 33,841
Mongolia − − − − − − 2 8 15 −
Morocco* 16 62 49 70 498 788 2,426 432 1,048 1,385
Macedonia − − − − − − − − − −
Moldova − − − − − − − − − −
Namibia − − − − − 18 3 41 24 13
Nepal − − − − − 14 18 5 5 4
Nigeria* 4 11 9 14 10 18 14 72 132 161
Oman − − − 102 108 242 211 545 3,880 1,943
Pakistan* 193 231 620 980 1,844 3,198 3,210 6,054 11,476 9,102
Emerging Stock Markets Factbook 1999
World Value Traded, 1989−1998: (US$ Millions; End of Period Levels) 46
Panama − − − 1 7 70 9 24 42 104
Paraguay − − − − 3 6 22 30 20 15
Peru* 90 99 130 417 1,672 3,080 3,935 3,805 4,082 2,776
Philippines* 2,410 1,216 1,506 3,104 6,785 13,949 14,727 25,519 19,783 9,992
Poland* − − 28 167 2,170 5,134 2,770 5,538 7,977 8,921
Portugal* 1,912 1,687 2,818 3,455 4,835 5,275 4,233 7,147 20,932 47,577
Romania* − − − − − 3 1 6 268 592
Russia* − − − − − 268 465 2,958 16,362 6,805
(table continued on next page)
(table continued from previous page)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
EmergingMarkets (cont.)
Saudi Arabia* − − 2,274 3,653 4,629 6,632 6,194 6,773 16,549 13,712
Slovakia* − − − − − 120 832 2,321 2,165 1,037
Slovenia (FYR)* − − − − − 366 345 401 352 700
South Africa* 7,095 8,158 8,051 7,767 13,049 15,607 17,048 27,202 44,893 58,444
Sri Lanka* 7 39 104 114 385 700 221 134 311 281
Swaziland − − 0 0 0 2 − 2 378 0
Taiwan, China* 965,840 715,005 365,232 240,667 346,487 711,346 383,099 470,193 1,297,474 884,698
Thailand* 13,452 22,894 30,089 72,060 86,934 80,188 57,000 44,365 23,119 20,734
Trinidad &Tobago*
35 55 80 22 56 52 137 107 134 177
Tunisia* 32 19 30 33 46 296 663 281 285 188
Turkey* 798 5,841 8,571 8,191 23,242 21,692 51,392 36,831 59,105 68,646
Uruguay − − − − 14 12 5 4 3 4
Uzbekistan − − − − − − − 70 35 −
Ukraine* − − − − − − − − − 54
Venezuela* 93 2,232 3,240 2,631 1,874 936 510 1,275 3,858 1,510
West Bank &Gaza
− − − − − − − − 25 69
Zambia − − − − − − − 3 9 −
Emerging Stock Markets Factbook 1999
World Value Traded, 1989−1998: (US$ Millions; End of Period Levels) 47
Zimbabwe* 36 51 77 20 53 176 150 255 532 166
IFC IndexMarkets 1,169,219 899,910 610,738 624,067 1,103,265 1,664,334 1,041,244 1,507,141 2,660,313 1,952,334
All EmergingMarkets
1,169,219 899,920 615,965 631,188 1,103,746 1,665,141 1,042,297 1,510,529 2,666,647 1,956,858
DevelopedMarkets
Australia 44,786 40,113 46,834 45,771 67,712 94,726 98,654 237,292 310,869 407,420
Austria 11,706 18,609 7,039 4,931 6,561 16,380 25,759 20,528 24,630 16,566
Belgium 7,708 6,425 6,209 8,030 11,199 12,820 15,249 26,120 29,713 55,360
Bermuda − − − − − − − − 96 99
Canada 90,120 71,278 78,160 83,448 142,222 161,058 183,686 265,360 355,585 372,082
Cayman Islands − − − − − − − − − −
Cyprus − − 65 89 29 85 301 462 319 641
Denmark 14,463 11,105 9,289 15,806 20,989 27,421 25,942 34,667 46,878 −
Finland 7,363 3,933 1,550 2,292 8,112 13,194 19,006 22,422 36,368 60,321
France 107,286 116,893 113,573 121,842 174,283 307,686 364,550 277,100 405,523 572,151
Germany 628,630 501,805 379,383 446,019 302,985 460,617 573,549 768,745 1,029,152 1,390,798
Hong Kong 34,584 34,633 38,607 78,598 131,550 147,158 106,888 166,419 489,365 205,918
Iceland − − − − − 19 44 92 181 178
Ireland − − − − − 4,380 13,241 4,655 15,168 22,126
Italy 38,926 42,566 24,991 28,100 65,770 117,894 86,904 102,351 198,235 475,791
Japan 2,800,695 1,602,388 995,939 635,261 954,341 1,121,438 1,231,552 1,251,998 1,251,750 948,522
Kuwait 1,709 − − − 2,612 1,948 6,389 19,203 34,576 9,333
Luxembourg 106 87 135 118 1,104 269 205 534 562 1,173
Netherlands 89,848 40,199 38,971 45,511 67,185 170,596 248,606 339,500 284,869 379,166
New Zealand 3,027 1,933 2,892 3,168 6,785 7,162 8,407 8,882 24,648 50,514
Norway 12,489 13,996 11,642 10,151 8,751 8,817 24,420 35,882 46,421 42,638
Singapore 13,711 20,293 18,074 14,084 81,623 81,054 60,461 42,739 63,954 50,735
Spain 38,389 40,967 40,591 39,987 47,156 61,452 59,791 250,951 453,016 699,034
Sweden 17,420 17,571 21,662 28,395 43,593 85,407 93,197 136,898 176,172 203,690
Switzerland − − 68,836 75,407 167,880 226,723 310,928 392,783 494,912 637,344
Emerging Stock Markets Factbook 1999
World Value Traded, 1989−1998: (US$ Millions; End of Period Levels) 48
U.A.E. − − − − − − − − − −
U.K. 320,268 278,740 315,279 382,996 423,526 464,085 510,131 578,471 829,131 1,167,382
U.S. 2,015,544 1,751,252 2,183,910 2,081,658 3,354,961 3,564,315 5,108,591 7,121,487 10,216,07413,148,480
DevelopedMarkets 6,298,778 4,614,786 4,403,631 4,151,662 6,090,929 7,156,704 9,176,451 12,105,54116,818,16720,917,462
World Total 7,467,997 5,514,706 5,019,596 4,782,850 7,194,675 8,821,845 10,218,748 13,616,07019,484,81422,874,320
Notes : Table contains annual total turnover of listed company shares. See Stock Market Reference List in Appendix 1 for stock exchangesincluded in each market total. Asterisks indicate IFC Index markets in 1998.
World Number of Listed Domestic Companies, 1989−1998:(End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Emerging Markets
Argentina* 178 179 174 175 180 156 149 147 136 130
Armenia − − − − − 1 1 10 59 82
Azerbaijan − − − − − − − − − 2
Bahrain − − − − − − − − − 38
Bangladesh* 116 134 138 145 153 170 183 186 202 208
Barbados − 14 14 15 16 19 18 19 18 20
Bolivia − − − − − 2 7 10 11 14
Botswana* − − 9 11 11 11 12 12 12 14
Brazil* 592 581 570 565 550 544 543 551 536 527
Bulgaria* − − − − − 16 26 15 15 998
Chile* 213 215 221 245 263 279 284 291 764 277
China* − − 14 52 183 291 323 540 743 853
Colombia* 82 80 83 80 89 113 190 189 189 163
Costa Rica 78 − 82 93 118 116 118 114 114 97
Cote d'Ivoire* 23 23 25 27 24 27 31 31 35 35
Croatia (FYR)* − − − 2 − 29 61 66 77 50
Czech Republic* − − − − − 1,024 1,635 1,588 276 261
Emerging Stock Markets Factbook 1999
World Number of Listed Domestic Companies, 1989−1998: (End of Period Levels) 49
Dominican Republic − − − − − − − − 6 −
Ecuador* − − − 65 142 145 40 42 41 37
Egypt* 510 573 627 656 674 700 746 649 654 861
El Salvador − − − − − − − 49 59 80
Estonia* − − − − − − − − 22 26
Fiji − − − − − 4 4 4 8 9
Ghana* − − 13 15 15 17 19 21 21 21
Greece* 119 145 126 129 143 216 212 224 230 244
Guatemala − − − − − − 7 9 7 7
Honduras − − 26 44 69 82 99 111 119 94
Hungary* − − 21 23 28 40 42 45 49 55
India* 2,407 2,435 2,556 2,781 3,263 4,413 5,398 5,999 5,843 5,860
Indonesia* 57 125 141 155 174 216 238 253 282 287
Iran − − 97 118 124 147 169 220 263 242
Israel* 262 216 229 377 558 638 654 655 640 650
Jamaica* 45 44 44 48 50 50 51 46 49 49
Jordan* 106 105 101 103 101 95 97 98 139 150
Kazakhstan − − − − − − − − − 18
Kenya* 57 54 53 57 56 56 56 56 58 58
Korea* 626 669 686 688 693 699 721 760 776 748
Latvia* − − − − − − 17 34 51 69
Lebanon − − − − − − 3 − 9 12
Lithuania* − − − − − 13 351 460 607 60
Malaysia* 251 282 321 369 410 478 529 621 708 736
Malta − − − − − 4 5 6 6 7
Mauritius* − 13 20 22 30 35 28 40 40 40
Mexico* 203 199 209 195 190 206 185 193 198 194
Mongolia − − − − − − 461 449 434 430
Morocco* 71 71 67 62 65 51 44 47 49 53
Macedonia − − − − − − − − − 2
Moldova − − − − − − − − − 21
Namibia − − − 3 4 8 10 12 13 15
Nepal − − − − − 72 83 90 98 104
Nigeria* 111 131 142 153 174 177 181 183 182 186
Emerging Stock Markets Factbook 1999
World Number of Listed Domestic Companies, 1989−1998: (End of Period Levels) 50
Oman 52 55 58 60 62 67 80 94 114 131
Pakistan* 440 487 542 628 653 724 764 782 781 773
Panama − − − 13 11 15 16 19 21 27
Paraguay − − − − 3 9 30 60 60 55
Peru* 256 294 298 287 233 218 246 231 248 257
Philippines* 144 153 161 169 178 189 205 216 221 221
Poland* − − 9 16 22 44 65 83 143 198
Portugal* 182 181 180 191 183 195 169 158 148 135
Romania* − − − − − 4 7 17 76 5,753
Russia* − − 13 26 51 72 170 73 208 237
(table continued on next page)
(table continued from previous page)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Emerging Markets(cont.)
Saudi Arabia* − − 59 60 65 68 69 70 70 74
Slovakia* − − − − − 18 18 816 872 837
Slovenia (FYR)* − − 24 − 16 25 17 21 26 28
South Africa* 748 732 688 683 647 640 640 626 642 668
Sri Lanka* 176 175 178 190 200 215 226 235 239 233
Swaziland − 1 2 4 4 4 4 6 4 5
Taiwan, China* 181 199 221 256 285 313 347 382 404 437
Thailand* 175 214 276 305 347 389 416 454 431 418
Trinidad & Tobago* 31 30 29 28 26 27 27 23 24 25
Tunisia* − 13 − 17 19 21 26 30 34 38
Turkey* 50 110 134 145 152 176 205 229 257 277
Uruguay 39 36 26 26 21 21 20 18 16 19
Uzbekistan − − − − − − − 4 − −
Ukraine* − − − − − − − − − 125
Venezuela* 74 76 87 91 93 90 90 87 91 94
WestBank & Gaza − − − − − − − − 27 20
Emerging Stock Markets Factbook 1999
World Number of Listed Domestic Companies, 1989−1998: (End of Period Levels) 51
Zambia − − − − − − 2 6 6 8
Zimbabwe* 54 57 60 62 62 64 64 64 64 67
IFC Index Markets 8,540 8,995 9,549 10,354 11,451 14,397 16,817 18,639 18,603 24,795
All EmergingMarkets
8,709 9,101 9,854 10,730 11,883 14,968 17,954 19,949 20,075 26,354
Developed Markets
Australia 1,258 1,089 957 1,030 1,070 1,186 1,178 1,190 1,219 1,162
Austria 81 97 105 112 111 111 109 106 101 96
Belgium 184 182 183 171 165 155 143 139 138 146
Bermuda − − − − − − − − 33 32
Canada 1,146 1,144 1,086 1,119 1,124 1,185 1,196 1,265 1,362 1,384
Cayman Islands − − − − − − − − 2 1
Cyprus − − 40 39 39 38 41 39 40 45
Denmark 257 258 261 257 257 252 213 237 237 242
Finland 78 73 63 61 57 65 73 71 124 129
France 668 578 551 786 472 459 450 686 683 711
Germany 628 413 428 665 426 417 678 681 700 741
Hong Kong 284 284 333 386 450 529 518 561 658 658
Iceland − − − − − 24 27 32 41 56
Ireland − − − − − 80 80 76 83 79
Italy 217 220 224 228 210 223 250 244 235 320
Japan 2,019 2,071 2,107 2,118 2,155 2,205 2,263 2,334 2,387 2,416
Kuwait 52 − − − 47 48 52 60 74 69
Luxembourg 54 54 70 59 62 60 61 54 56 53
Netherlands 313 260 204 187 245 317 217 217 201 212
New Zealand 242 171 139 123 136 173 169 158 190 135
Norway 122 112 112 115 120 132 151 158 196 236
Singapore 136 150 166 163 178 240 212 223 303 321
Spain 423 427 433 399 376 379 362 357 384 484
Sweden 135 258 230 205 205 228 223 229 245 258
Switzerland 177 182 182 180 215 237 233 213 216 232
U.A.E. − − − − − − − − − 44
Emerging Stock Markets Factbook 1999
World Number of Listed Domestic Companies, 1989−1998: (End of Period Levels) 52
U.K. 2,015 1,701 1,623 1,874 1,646 2,070 2,078 2,433 2,046 2,399
U.S. 6,727 6,599 6,742 6,699 7,246 7,692 7,671 8,479 8,851 8,450
Developed Markets 17,216 16,323 16,239 16,976 17,012 18,505 18,648 20,242 20,805 21,111
World Total 25,925 25,424 26,093 27,706 28,895 33,473 36,602 40,191 40,880 47,465
Notes: Table contains the total number of domestic companies, excluding investment companies. See Stock Market Reference List inAppendix 1 for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1998.
World Rankings of Market Capitalization, Value Traded, and Number of Listed DomesticCompanies, 1998:(Ranked by End−1998 Levels)
Rank Market
Total marketcap (US$millions) Rank Market
Total valuetraded (US$millions) Rank Market
Number oflisted domesticcompanies
1 U.S. 13,451,352 1 U.S. 13,148,480 1 U.S. 8,450
2 Japan 2,495,757 2 Germany 1,390,798 2 India* 5,860
3 U.K. 2,374,273 3 U.K. 1,167,382 3 Romania* 5,753
4 Germany 1,093,962 4 Japan 948,522 4 Japan 2,416
5 France 991,484 5 Taiwan,China*
884,698 5 U.K. 2,399
6 Australia 874,283 6 Spain 699,034 6 Canada 1,384
7 Switzerland 689,199 7 Switzerland 637,344 7 Australia 1,162
8 Netherlands 603,182 8 France 572,151 8 Bulgaria* 998
9 Italy 569,731 9 Italy 475,791 9 Egypt* 861
10 Canada 543,394 10 Australia 407,420 10 China* 853
11 Spain 402,180 11 Netherlands 379,166 11 Slovakia* 837
12 Hong Kong 343,394 12 Canada 372,082 12 Pakistan* 773
13 Sweden 278,707 13 China* 284,766 13 Korea* 748
14 Taiwan,China*
260,015 14 Hong Kong 205,918 14 Germany 741
15 Belgium 245,657 15 Sweden 203,690 15 Malaysia* 736
16 China* 231,322 16 Brazil* 146,594 16 France 711
Emerging Stock Markets Factbook 1999
World Rankings of Market Capitalization, Value Traded, and Number of Listed Domestic Companies, 1998: (Ranked by End−1998 Levels)53
17 South Africa* 170,252 17 Korea* 137,859 17 South Africa* 668
18 Brazil* 160,887 18 Turkey* 68,646 18 Hong Kong 658
19 Finland 154,518 19 India* 64,498 19 Israel* 650
20 Korea* 114,593 20 Finland 60,321 20 Brazil* 527
21 India* 105,188 21 South Africa* 58,444 21 Spain 484
22 Denmark 98,881 22 Belgium 55,360 22 Taiwan, China* 437
23 Malaysia* 98,557 23 Singapore 50,735 23 Mongolia 430
24 Singapore 94,469 24 New Zealand 50,514 24 Thailand* 418
25 Mexico* 91,746 25 Portugal* 47,577 25 Singapore 321
26 New Zealand 89,373 26 Greece* 46,999 26 Italy 320
27 Greece* 79,992 27 Norway 42,638 27 Indonesia* 287
28 Portugal* 62,954 28 Mexico* 33,841 28 Chile* 277
29 Norway 56,285 29 Malaysia* 28,835 29 Turkey* 277
30 Chile* 51,866 30 Ireland 22,126 30 CzechRepublic*
261
31 Argentina* 45,332 31 Thailand* 20,734 31 Sweden 258
32 Saudi Arabia* 42,563 32 Austria 16,566 32 Peru* 257
33 Israel* 39,628 33 Hungary* 16,135 33 Greece* 244
34 Luxembourg 35,403 34 Argentina* 15,078 34 Iran 242
35 Philippines* 35,314 35 Saudi Arabia* 13,712 35 Denmark 242
36 Thailand* 34,903 36 Israel* 11,291 36 Russia* 237
37 Austria 34,106 37 Philippines* 9,992 37 Norway 236
38 Turkey* 33,646 38 Indonesia* 9,709 38 Sri Lanka* 233
39 Ireland 29,956 39 Pakistan* 9,102 39 Switzerland 232
40 Egypt* 24,381 40 Poland* 8,921 40 Philippines* 221
Notes: Market cap ranking based on end−1998 total market values of listed domestic companies; value traded ranking based onend−1998 total value traded of listed domestic company shares; ranking of number of listed companies based on end−1998 levels,excluding listed investment funds where possible. See Stock Market Reference List in Appendix 1 for stock exchanges included ineach market total.
World Rankings of Average Company Size, 1998:(US$ Millions; Ranked by End−1998 Levels)
Emerging Stock Markets Factbook 1999
World Rankings of Average Company Size, 1998: (US$ Millions; Ranked by End−1998 Levels) 54
Rank Market Ave. companysize*
Rank Market Ave. companysize*
1 Switzerland 2,970.7 52 Ghana* 65.9
2 Netherlands 2,845.2 53 Croatia (FYR)* 63.8
3 Italy 1,780.4 54 Iran 61.5
4 Belgium 1,682.6 55 Israel* 61.0
5 U.S. 1,591.9 56 Tunisia* 59.7
6 Germany 1,476.3 57 Cyprus 58.2
7 France 1,394.5 58 Cote d'Ivoire* 51.9
8 Finland 1,197.8 59 Botswana* 51.7
9 Sweden 1,080.3 60 Bermuda 46.9
10 Japan 1,033.0 61 Mauritius* 46.2
11 U.K. 989.7 62 CzechRepublic*
46.1
12 Spain 831.0 63 Peru* 45.3
13 Australia 752.4 64 Jamaica* 43.7
14 Luxembourg 668.0 65 Ecuador* 41.3
15 New Zealand 662.0 66 Jordan* 38.9
16 Taiwan, China* 595.0 67 Zambia 36.6
17 Saudi Arabia* 575.2 68 Kenya* 34.9
18 Hong Kong 521.9 69 Oman 33.5
19 Mexico* 472.9 70 WestBank &Gaza
29.5
20 Portugal* 466.3 71 Namibia 28.6
21 Denmark 408.6 72 Egypt* 28.3
22 Canada 392.6 73 Bahrain 25.3
23 Ireland 379.2 74 Guatemala 24.6
24 Austria 355.3 75 Estonia* 20.0
25 Argentina* 348.7 76 Zimbabwe* 19.6
26 Greece* 327.8 77 India* 18.0
27 Brazil* 305.3 78 El Salvador 17.9
28 Morocco* 295.8 79 Lithuania* 17.9
29 Singapore 294.3 80 Swaziland 17.0
30 China* 271.2 81 Malta 16.0
Emerging Stock Markets Factbook 1999
World Rankings of Average Company Size, 1998: (US$ Millions; Ranked by End−1998 Levels) 55
31 Hungary* 255.1 82 Nigeria* 15.5
32 South Africa* 254.9 83 Costa Rica 13.5
33 Norway 238.5 84 Uruguay 11.0
34 Bolivia 230.1 85 Fiji 9.8
35 Lebanon 198.8 86 Sri Lanka* 7.3
36 Chile* 187.2 87 Pakistan* 7.0
37 Cayman Islands 160.0 88 Paraguay 5.7
38 Philippines* 159.8 89 Latvia* 5.5
39 Trinidad &Tobago*
156.9 90 Bangladesh* 5.0
40 Korea* 153.2 91 Honduras 4.9
41 Malaysia* 133.9 92 Ukraine* 4.6
42 Panama 124.0 93 Macedonia 4.0
43 Turkey* 121.5 94 Nepal 2.6
44 Barbados 120.6 95 Kazakhstan 2.1
45 Poland* 103.3 96 Azerbaijan 1.5
46 Slovenia(FYR)*
87.5 97 Slovakia* 1.2
47 Russia* 86.9 98 Bulgaria* 1.0
48 Thailand* 83.5 99 U.A.E. 0.7
49 Colombia* 81.9 100 Armenia 0.2
50 Venezuela* 80.7 101 Romania* 0.2
51 Indonesia* 77.0 102 Mongolia 0.1
Notes: Average company size is calculated by dividing end−1998 total marketcapitalization of listed domestic companies in US$ millions by end−1998 number oflisted domestic companies, excluding listed investment funds where possible. See StockMarket Reference List in Appendix 1 for stock exchanges included in each market'stotal.
Emerging Stock Markets Factbook 1999
World Rankings of Average Company Size, 1998: (US$ Millions; Ranked by End−1998 Levels) 56
Top 25 Markets by Average Company Size, 1998
Emerging Markets Local Stock Market Price Indexes, 1998:(End of Period Levels)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Bolsa Indice General(1977=0.0001)
21,046 22,725 23,395 23,230 20,543 19,551 20,909 14,488 16,344 18,264 18,958 17,409
Brazil IBOVESPA(1968=0.000000001)
9,720 10,571 11,947 11,677 9,847.0 9,678.0 10,707.0 6,472.0 6,593.0 7,047.0 8,631.0 6,784.0
Chile IGPA (Jan. 1980=100) 4,321.6 4,514.4 4,833.2 4,589.5 4,318.0 4,065.4 4,119.6 3,257.4 3,268.6 3,396.8 3,961.9 3,594.8
Colombia IBB (Jan. 2, 1991=100)1,362.2 1,185.4 1,179.0 1,233.4 1,183.9 1,123.5 1,073.4 902.4 860.6 825.6 1,025.6 1,109.2
Mexico BMV General (Oct.1978=0.7816)
4,569.4 4,784.5 5,016.2 5,098.5 4,530.0 4,282.6 4,245.0 2,991.9 3,569.9 4,074.9 3,769.9 3,933.2
Peru IGBVL (Dec.1991=100)
1,624.7 1,585.8 1,705.8 1,889.5 1,815.1 1,641.6 1,714.7 1,265.5 1,246.9 1,231.6 1,581.6 1,335.9
Venezuela Indice deCapitalizacion (Dec.1993=1,000)
7,332.8 7,175.6 7,685.8 6,079.9 6,175.7 4,770.5 4,848.0 2,904.0 3,893.9 3,631.2 3,944.0 4,788.7
Asia
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1998: (End of Period Levels) 57
China Shanghai S.E. Comp.(Dec. 19, 1990=100)
1,222.9 1,206.5 1,242.2 1,343.3 1,411.2 1,339.2 1,316.9 1,150.2 1,242.9 1,217.3 1,247.4 1,146.7
India BSE 200 Index(1989−90=100)
313.6 348.3 376.6 398.3 375.7 325.8 324.5 305.1 320.4 293.7 291.5 314.0
Indonesia JSE Composite (Aug.10, 1982=100)
485.9 482.4 541.4 460.1 420.5 445.9 481.7 342.4 276.2 300.8 386.3 398.0
Korea KSE Composite (Jan.1980=100)
558.3 548.4 481.0 421.2 336.6 297.9 343.3 310.2 310.3 384.8 451.9 562.5
Malaysia KLSE Composite (Jan.1977=100)
569.5 745.4 719.5 626.0 538.2 455.6 402.7 302.9 373.5 405.3 501.5 586.1
Pakistan KSE 100 Index (Nov.1, 1991=1,000)
1,609.2 1,650.3 1,553.1 1,562.2 1,040.2 879.6 920.5 970.8 1,111.5 841.7 1,051.0 945.2
Philippines PSE Composite (Jan. 2,1985=100)
1,948.0 2,266.3 2,238.4 2,181.3 2,011.5 1,760.1 1,607.6 1,192.3 1,259.6 1,755.0 1,975.4 1,968.8
Sri Lanka CSE Sensitive Share(Jan. 1985=100)
1,016.4 1,075.9 1,111.5 1,236.6 1,024.1 842.0 893.5 701.0 710.6 723.1 881.4 923.0
Taiwan,China
TSE Average(1966=100)
8,085.5 9,202.6 9,091.2 8,304.2 7,903.3 7,548.8 7,653.5 6,550.1 6,834.0 7,101.5 7,177.2 6,418.4
Thailand SET (Apr. 30,1975=100)
495.2 528.4 459.1 412.1 325.6 267.3 266.7 214.5 253.8 331.3 361.1 355.8
Europe
Czech Republic PX 50 (April 1994=1,000) 455.7 477.4 505.0 500.9 454.0 467.0 491.3 377.4 359.8 388.3 389.5 394.2
Greece ASE General(1980=100)
1,395.4 1,419.2 2,005.8 2,621.4 2,591.0 2,365.5 2,797.4 2,175.5 2,120.9 2,162.9 2,511.8 2,737.6
Hungary BSE BUX (Jan. 2,1992=1,000)
7,421.7 8,256.9 8,656.2 8,552.2 7,057.1 7,805.7 8,215.3 5,252.5 4,571.1 5,312.1 5,976.3 6,307.7
Poland WIG All Share Perf.(Apr. 1991=1,000)
14,602 17,621 16,864 17,744 15,683 15,729 16,534 11,636 12,238 12,345 11,778 12,796
Portugal BVL General (Jan.1988=1,000)
2,193.2 2,428.9 2,805.2 3,004.9 2,926.1 2,751.1 2,819.3 2,436.9 2,025.7 2,365.2 2,413.0 2,427.3
Russia ASP General 100 (June20, 1994=100)
1,321.4 1,329.4 1,401.6 1,336.7 872.7 734.1 697.5 503.1 726.3 828.6 1,103.8 1,035.6
Slovakia SAX (Dec. 1992=100) 154.8 150.1 139.2 130.7 111.8 108.0 111.3 113.5 100.8 89.4 82.6 94.0
Turkey National−100 (Jan.1986=1)
3,547.2 3,272.2 3,259.1 4,194.5 3,727.8 4,100.0 4,322.3 2,635.1 2,265.9 2,196.4 2,577.5 2,597.9
Mideast/Africa
Egypt EFG (Jan. 2, 5,044.9 5,021.5 5,239.5 5,150.5 4,741.2 4,504.8 4,498.8 3,918.8 4,155.7 3,915.8 3,908.8 4,003.8
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1998: (End of Period Levels) 58
1993=1,000)
Israel Tel Aviv 100 (Dec.1991=100)
267.1 282.3 302.8 307.4 326.8 319.0 318.6 293.6 280.8 280.3 296.5 299.9
Jordan AFM (Dec.91=100) 166.8 168.4 165.8 170.3 180.3 174.6 180.2 179.5 171.3 161.0 165.2 169.8
Morocco Upline Securities (Dec.31, 1989=10,000)
89,538 94,369.0 98,838 111,066 118,141 116,933 115,198 125,711 121,836 117,568 112,185 110,041
Nigeria NSE All Share(1984=100)
6,435.6 6,426.2 6,298.5 6,113.9 6,033.9 5,892.1 5,817.0 5,795.7 5,697.7 5,671.0 5,688.2 5,680.1
SaudiArabia
NCFEI (Feb.1985=100)
1,942.5 1,817.8 1,678.0 1,784.1 1,783.3 1,736.9 1,733.4 1,658.4 1,630.1 1,478.1 1,454.1 1,413.1
SouthAfrica
JSE Overall (Jan.1960=100)
6,550.3 7,095.7 7,578.9 8,235.5 7,629.6 6,771.6 7,020.4 4,923.4 5,098.6 5,828.3 5,620.9 5,430.5
Zimbabwe ZSE Industrial (Dec.31, 1966=100)
7,895.7 7,879.5 8,795.7 7,724.7 7,307.2 7,417.9 7,003.1 5,577.7 5,730.7 5,832.5 5,883.7 6,408.4
Emerging Markets Local Stock Market Price Indexes, 1998:(Monthly % Changes)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Bolsa Indice General(1977=0.0001)
−8.78 7.98 2.95 −0.71 −11.57 −4.83 6.94 −30.70 12.80 11.74 3.80 −8.17
Brazil IBOVESPA(1968=0.000000001)
−4.67 8.76 13.02 −2.26 −15.67 −1.72 10.63 −39.55 1.87 6.89 22.48 −21.40
Chile IGPA (Jan. 1980=100) −9.86 4.46 7.06 −5.04 −5.92 −5.85 1.33 −20.93 0.35 3.92 16.64 −9.27
Colombia IBB (Jan. 2, 1991=100) −4.85 −12.98 −0.54 4.62 −4.01 −5.11 −4.46 −15.93 −4.63 −4.07 24.23 8.15
Mexico BMV General (Oct.1978=0.7816)
−12.62 4.71 4.84 1.64 −11.15 −5.46 −0.88 −29.52 19.32 14.15 −7.48 4.33
Peru IGBVL (Dec. 1991=100) −9.45 −2.39 7.57 10.77 −3.94 −9.56 4.45 −26.20 −1.47 −1.23 28.42 −15.54
Venezuela Indice de Capitalizacion(Dec. 1993=1,000)
−15.29 −2.14 7.11 −20.89 1.57 −22.75 1.62 −40.10 34.09 −6.75 8.61 21.42
Asia
China Shanghai S.E. Comp.(Dec. 19, 1990=100)
3.54 −1.34 2.96 8.14 5.06 −5.10 −1.66 −12.66 8.06 −2.06 2.47 −8.07
India BSE 200 Index(1989−90=100)
−12.60 11.04 8.15 5.75 −5.66 −13.28 −0.40 −5.98 5.02 −8.34 −0.75 7.69
Indonesia 20.97 −0.73 12.24 −15.01 −8.62 6.05 8.03 −28.91 −19.36 8.92 28.43 3.05
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1998: (Monthly % Changes) 59
JSE Composite (Aug. 10,1982=100)
Korea KSE Composite (Jan.1980=100)
48.37 −1.77 −12.29 −12.44 −20.08 −11.51 15.26 −9.66 0.05 23.98 17.45 24.47
Malaysia KLSE Composite (Jan.1977=100)
−4.19 30.88 −3.47 −13.00 −14.02 −15.35 −11.63 −24.77 23.31 8.52 23.72 16.88
Pakistan KSE 100 Index (Nov. 1,1991=1,000)
−7.85 2.55 −5.89 0.59 −33.42 −15.44 4.65 5.46 14.49 −24.27 24.86 −10.06
Philippines PSE Composite (Jan. 2,1985=100)
3.00 16.34 −1.23 −2.55 −7.79 −12.49 −8.67 −25.84 5.65 39.33 12.55 −0.33
Sri Lanka CSE Sensitive Share (Jan.1985=100)
−4.83 5.85 3.31 11.26 −17.18 −17.78 6.12 −21.54 1.38 1.75 21.89 4.72
Taiwan,China
TSE Average (1966=100)−0.74 13.82 −1.21 −8.66 −4.83 −4.49 1.39 −14.42 4.33 3.91 1.07 −10.57
Thailand SET (Apr. 30, 1975=100) 32.88 6.70 −13.12 −10.23 −21.00 −17.89 −0.23 −19.57 18.31 30.52 9.01 −1.48
Europe
Czech Republic PX 50 (April 1994=1,000) −8.00 4.76 5.78 −0.81 −9.36 2.86 5.20 −23.18 −4.66 7.92 0.31 1.21
Greece ASE General (1980=100) −5.69 1.71 41.33 30.69 −1.16 −8.71 18.26 −22.23 −2.51 1.98 16.13 8.99
Hungary BSE BUX (Jan. 2,1992=1,000)
−7.22 11.25 4.84 −1.20 −17.48 10.61 5.25 −36.06 −12.97 16.21 12.50 5.54
Poland WIG All Share Perf. (Apr.1991=1,000)
−0.45 20.68 −4.30 5.22 −11.61 0.29 5.12 −29.63 5.18 0.88 −4.60 8.64
Portugal BVL General (Jan.1988=1,000)
−53.40 10.74 15.49 7.12 −2.62 −5.98 2.48 −13.56 −16.87 16.76 2.02 0.60
Russia ASP General 100 (June 20,1994=100)
−25.44 0.61 5.43 −4.63 −34.72 −15.88 −4.98 −27.88 44.37 14.08 33.21 −6.17
Slovakia SAX (Dec. 1992=100) −15.16 −3.07 −7.22 −6.15 −14.43 −3.42 3.02 2.03 −11.25 −11.25 −7.58 13.75
Turkey National−100 (Jan.1986=1)
2.79 −7.75 −0.40 28.70 −11.13 9.99 5.42 −39.03 −14.01 −3.07 17.35 0.79
Mideast/Africa
Egypt EFG (Jan. 2, 1993=1,000)−5.98 −0.46 4.34 −1.70 −7.95 −4.99 −0.13 −12.89 6.04 −5.77 −0.18 2.43
Israel Tel Aviv 100 (Dec.1991=100)
−8.21 5.68 7.28 1.52 6.32 −2.38 −0.13 −7.85 −4.37 −0.17 5.76 1.16
Jordan AFM (Dec. 91=100) −1.42 0.95 −1.57 2.74 5.85 −3.14 3.17 −0.38 −4.59 −6.00 2.60 2.81
Morocco Upline Securities (Dec. 31,1989=10,000)
1.06 5.40 4.74 12.37 6.37 −1.02 −1.48 9.13 −3.08 −3.50 −4.58 −1.91
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1998: (Monthly % Changes) 60
Nigeria NSE All Share (1984=100)−0.08 −0.15 −1.99 −2.93 −1.31 −2.35 −1.27 −0.37 −1.69 −0.47 0.30 −0.14
SaudiArabia
NCFEI (Feb. 1985=100) − −6.42 −7.69 6.32 −0.04 −2.60 −0.20 −4.33 −1.71 −9.32 −1.62 −2.82
SouthAfrica
JSE Overall (Jan.1960=100)
5.62 8.33 6.81 8.66 −7.36 −11.25 3.67 −29.87 3.56 14.31 −3.56 −3.39
Zimbabwe ZSE Industrial (Dec. 31,1966=100)
9.72 −0.21 11.63 −12.18 −5.40 1.52 −5.59 −20.35 2.74 1.78 0.88 8.92
Frontier Emerging Markets Local Stock Market Price Indexes, 1998:(End of Period Levels)
Note: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index for Cote d'Ivoire.
Frontier Emerging Markets Local Stock Market Price Indexes, 1998:(Monthly % Changes)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Frontier Markets
Bangladesh DSE All Share Price(1985=100)
−1.98 −7.32 −6.22 −10.92 9.36 7.69 −3.56 −10.49 2.85 −1.03 −4.00 −5.33
Botswana Botswana DCI(1989=100)
1.31 4.68 7.90 12.48 5.23 −1.09 1.05 1.76 −2.53 −0.66 3.15 −2.86
Bulgaria BSE Composite (Dec.1992=100)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cote d'Ivoire BRVM All−Share (Sept.16, 1998=100)
−1.66 1.18 1.27 3.61 3.52 2.12 1.89 1.18 // −1.07 −9.86 0.26
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Local Stock Market Price Indexes, 1998: (End of Period Levels) 61
Croatia CROBEX (July 1,1997=1,000)
−8.80 12.22 0.27 −9.22 −11.65 0.00 −3.73 −41.71 21.24 7.09 17.47 1.40
Ecuador BVG (Jan. 3, 1994=100)−0.87 4.20 4.31 0.21 −0.66 −2.96 1.83 3.49 −3.60 −1.48 −1.11 0.06
Estonia TALSE (June 3,1996=100)
−1.20 −13.39 13.40 −9.37 −16.71 −31.73 5.15 7.92 −31.61 −6.61 6.49 −11.43
Ghana GSE All Share Index(1990−93=100)
9.98 15.21 30.96 39.50 −13.17 −5.67 4.33 −3.16 −12.85 −8.18 −1.03 11.85
Jamaica JSE (June 30,1969=100)
−1.35 4.38 1.57 −3.21 2.60 5.97 15.97 −0.14 −5.47 −16.15 −5.53 8.72
Kenya NSE (Jan. 1, 1964=100)7.40 0.42 −4.43 −6.17 0.05 −3.58 −1.39 −0.19 −1.83 −2.73 −5.49 14.64
Latvia Dow Jones RSE (Apr. 2,1996=100)
−5.92 0.05 −5.92 −6.84 −13.16 −16.54 −0.37 −39.60 −8.80 −22.15 9.61 1.17
Lithuania LITIN−G (Jan. 2,1996=1,000)
−10.16 −1.09 7.98 −3.49 −4.64 −3.84 −6.64 −10.08 −10.78 −8.78 1.07 −0.31
Mauritius SEMDEX (July 5,1989=100)
3.72 2.18 4.42 5.16 0.40 2.40 12.68 −2.27 −10.40 −2.16 0.67 2.56
Romania BET (Sept. 19,1997=1,000)
−3.99 11.55 −2.29 1.46 −17.59 −4.50 −11.74 −35.63 −18.18 0.48 27.35 0.24
Slovenia SSEI (Dec. 1993=1,000)0.77 4.84 9.78 2.63 0.00 0.45 12.60 −5.86 −1.25 −5.88 −0.15 3.23
Trinidad &Tobago
TTSE (Jan. 1983=100) 2.35 2.22 3.62 4.29 0.70 8.27 1.75 8.36 −4.87 −0.40 −2.91 −1.04
Tunisia BVM General (Sept. 30,1990=100)
0.96 0.50 0.74 −0.09 −0.65 −1.03 −0.79 1.53 0.28 0.54 −0.33 0.32
Ukraine PFTS (Oct. 10,1997=100)
−15.89 −9.01 −3.05 −11.00 −17.83 −20.04 13.55 −33.19 −14.70 −22.87 22.12 −0.47
Note: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index for Cote d'Ivoire.
Emerging Markets Local Stock Market Price Indexes, 1989−1998:(End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Bolsa Indice General(1977=0.0001)
717.2 2,202.9 17,856.0 13,427.5 20,607.2 15,855.6 16,237.8 18,494.9 23,072.0 17,409.0
Brazil IBOVESPA(1968=0.000000001)
0.006 0.025 0.608 6.781 375.5 4,353.9 4,299.0 7,039.9 10,196.0 6,784.0
Chile IGPA (Jan. 1980=100) 757.6 1,166.7 2,483.7 2,733.5 3,915.5 5,425.2 5,740.0 4,902.6 4,794.4 3,594.8
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1989−1998: (End of Period Levels) 62
Colombia IBB (Jan. 2, 1991=100) 975.9 1,392.3 // 358.1
499.9 749.1 889.9 755.0 844.1 1,431.7 1,109.2
Mexico BMV General (Oct.1978=0.7816)
418.9 628.8 1,431.5 1,759.4 2,602.6 2,375.7 2,778.5 3,361.0 5,229.3 3,959.7
Peru IGBVL (Dec. 1991=100) 0.336 25.800 100.0 372.9 930.5 1,414.9 1,243.4 1,429.0 1,792.7 1,335.9
Venezuela Indice de Capitalizacion(Dec. 1993=1,000)
2,754.0 17,881.9 29,316.6 19,874.1 1,000.0 // 1,348.8
2,019.4 6,690.1 8,656.0 4,788.7
Asia
China Shanghai S.E. Comp.(Dec. 19, 1990=100)
− − 292.8 780.4 833.8 647.9 555.2 917.0 1,194.1 1,146.7
India BSE 200 Index(1989−90=100)
839.9 1,040.7 // 233.6
314.8 407.5 442.5 313.7 305.1 354.4 314.0
Indonesia JSE Composite (Aug. 10,1982=100)
399.7 417.8 247.4 274.3 588.8 469.6 513.8 637.4 401.7 398.0
Korea KSE Composite (Jan.1980=100)
909.7 696.1 610.9 678.4 866.2 1,027.4 882.9 651.2 376.3 562.5
Malaysia KLSE Composite (Jan.1977=100)
565.3 505.9 556.2 644.0 1,275.3 971.2 995.2 1,238.0 594.4 586.1
Pakistan KSE 100 Index (Nov. 1,1991=1,000)
277.3 308.5 718.2 // 1,243.72,164.3 2,049.1 1,497.8 1,339.9 1,753.8 945.2
Philippines PSE Composite (Jan. 2,1985=100)
1,110.6 653.1 1,154.3 1,272.4 3,241.9 2,785.8 2,594.2 3,170.6 1,869.2 1,968.8
Sri Lanka CSE Sensitive Share (Jan.1985=100)
341.7 680.3 1,198.6 826.6 1,442.4 1,438.8 990.5 897.7 1,068.0 923.0
Taiwan,China
TSE Average (1966=100)9,624.2 4,530.2 4,600.7 3,377.1 6,070.6 7,124.7 5,173.7 6,933.9 8,187.3 6,418.4
Thailand SET (Apr. 30, 1975=100)879.2 612.9 711.4 893.4 1,682.8 1,360.1 1,280.8 831.6 372.7 355.8
Europe
Czech Republic PX 50 (April 1994=1,000)− − − − − 557.2 425.9 539.6 495.3 394.2
Greece ASE General (1980=100)459.4 932.0 809.7 672.3 958.7 868.9 914.1 933.5 1,479.6 2,737.5
Hungry BSE BUX (Jan. 2,1992=1,000)
− − 837.6 890.9 1,264.1 1,470.1 1,528.9 4,134.3 7,999.1 6,307.7
Poland WIG All Share Perf. (Apr.1991=1,000)
− − 919.1 1,040.7 12,439.0 7,473.1 7,585.9 14,342.8 14,668.0 12,795.6
Portugal BVL General (Jan.1988=1,000)
3,287.0 2,143.4 1,977.7 1,637.9 // 848.0
919.9 887.7 1,163.5 1,922.7 2,427.3
Russia − − − − − − − 534.5 1,772.2 1,032.6
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1989−1998: (End of Period Levels) 63
ASP General 100 (June20, 1994=100)
Slovakia SAX (Dec. 1992=100) − − − − 109.6 214.3 153.8 179.0 182.5 94.0
Turkey National−100 (Jan.1986=1)
22.2 32.6 43.7 40.0 206.8 272.6 400.2 975.9 3,451.0 2,597.9
Mideast/Africa
Egypt EFG (Jan. 2, 1993=1,000)− − − 1,000.0 1,377.0 3,537.3 3,269.6 4,615.1 5,365.7 4,003.8
Israel Tel Aviv 100 (Dec.1991=100)
− − 313.9 191.6 270.1 163.8 186.7 184.8 291.0 299.9
Jordan AFM (Dec. 91=100) 93.3 80.4 100.0 129.9 158.4 143.6 159.2 153.5 169.2 170.1
Morocco Upline Securities (Dec.31, 1989=10,000)
122.6 158.6 187.5 201.8 259.8 342.3 // 41,929.0
56,034.0 88,595.0 110,263.0
Nigeria NSE All Share(1984=100)
325.3 513.8 784.0 1,107.6 1,543.8 2,205.0 5,092.1 6,992.1 6,440.5 5,672.8
SaudiArabia
NCFEI (Feb. 1985=100) − − 178.8 188.9 179.3 128.2 136.8 153.1 195.8 141.3
SouthAfrica
JSE Overall (Jan.1960=100)
2,976.0 2,719.7 3,440.3 3,259.0 4,893.0 5,867.0 6,228.0 6,657.5 6,202.3 5,430.5
Zimbabwe ZSE Industrial (Dec. 31,1966=100)
869.1 2,282.6 1,953.6 865.6 2,325.3 3,160.8 3,972.6 8,786.3 7,196.4 6,408.4
Notes:In India, IFC switched from using the F.E. Bombay Index to the BSE 200 because the latter is more representative of market movements. For the same reason, IFC switched from using the
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, IFCreplaced the IMGA Index with the Upline Securities Index in 1998. All local index time series in this Factbook have been adjusted to reflect the new indexes for as far back as data for these indexesis available.
Emerging Markets Local Stock Market Price Indexes, 1989−1998:(Annual % Change)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Bolsa Indice General(1977=0.0001)
17,231.80207.15 710.57 −24.80 53.47 −23.06 2.41 13.90 24.75 −24.54
Brazil IBOVESPA(1968=0.000000001)
1,762.49 308.44 2,315.58 1,015.65 5,437.20 1,059.65 −1.26 63.76 44.83 −33.46
Chile IGPA (Jan. 1980=100) 64.76 54.00 112.88 10.06 43.24 38.56 5.80 −14.59 −2.21 −25.02
Colombia IBB (Jan. 2, 1991=100) 11.90 42.67 // −39.60 49.85 18.80 −15.16 11.80 69.61 −22.53
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1989−1998: (Annual % Change) 64
Mexico BMV General (Oct.1978=0.7816)
98.04 50.11 127.66 22.91 47.93 −8.72 16.96 20.96 55.59 −24.28
Peru IGBVL (Dec. 1991=100) 3,817.90 7,578.57 287.60 272.90 149.53 52.06 −12.12 14.93 25.45 −25.48
Venezuela Indice de Capitalizacion(Dec. 1993=1,000)
−28.80 549.31 63.95 −32.21 // −
34.88 49.72 231.29 29.39 −44.68
Asia
China Shanghai S.E. Comp. (Dec.19, 1990=100)
− − − −12.87 6.84 −22.30 −14.31 65.17 30.22 −3.97
India BSE 200 Index(1989−90=100)
32.38 23.90 // −34.76 29.45 8.59 −29.11 −2.74 16.16 −11.40
Indonesia JSE Composite (Aug. 10,1982=100)
31.04 4.53 −40.79 10.87 114.66 −20.24 9.41 24.06 −36.98 −0.92
Korea KSE Composite (Jan.1980=100)
0.28 −23.48 −12.24 11.05 27.68 18.61 −14.06 −26.24 −42.21 49.48
Malaysia KLSE Composite (Jan.1977=100)
58.17 −10.51 9.94 15.79 98.03 −23.85 2.47 24.40 −51.99 −1.40
Pakistan KSE 100 Index (Nov. 1,1991=1,000)
5.55 11.25 132.80 // −
74.02 −5.32 −26.90 −10.54 30.89 −46.11
Philippines PSE Composite (Jan. 2,1985=100)
31.24 −41.19 76.74 10.23 154.79 −12.84 −6.88 22.22 −41.05 5.33
Sri Lanka CSE Sensitive Share (Jan.1985=100)
− 99.09 76.19 −31.04 74.50 −0.25 −31.16 −9.37 18.97 −13.58
Taiwan, China TSE Average (1966=100) 88.00 −52.93 1.56 −26.60 79.76 17.36 −27.38 34.02 18.08 −21.61
Thailand SET (Apr. 30, 1975=100) 127.34 −30.29 16.07 25.58 88.36 −19.18 −5.83 −35.07 −55.18 −4.53
Europe
Czech RepublicPX 50 (April 1994=1,000) − − − − − − −23.56 26.70 −8.21 −20.41
Greece ASE General (1980=100) 64.29 102.87 −13.12 −16.97 42.60 −9.37 5.20 2.12 58.50 85.02
Hungary BSE BUX (Jan. 2,1992=1,000)
− − − 6.36 41.89 16.30 4.00 170.41 93.48 −21.14
Poland WIG All Share Perf. (Apr.1991=1,000)
− − − 13.23 1,095.25 −39.92 1.51 89.07 2.27 −12.77
Portugal BVL General (Jan.1988=1,000)
39.52 −34.79 −7.73 −17.18 // −
8.48 −3.50 31.07 65.24 −48.43
Russia ASP General 100 (June 20,1994=100)
− − − − − − − − 231.56 −41.73
Slovakia SAX (Dec. 1992=100) − − − − − 95.6 −28.23 16.38 1.96 −48.49
Emerging Stock Markets Factbook 1999
Emerging Markets Local Stock Market Price Indexes, 1989−1998: (Annual % Change) 65
Turkey National−100 (Jan.1986=1)
493.07 46.85 34.05 −8.47 417.00 31.82 46.81 143.85 253.62 −24.72
Mideast/Africa
Egypt EFG (Jan. 2, 1993=1,000) − − − − 37.70 156.89 −7.57 41.15 16.27 −25.40
Israel Tel Aviv 100 (Dec.1991=100)
− − − −38.96 40.97 −39.36 13.98 −1.02 57.47 3.06
Jordan AFM (Dec. 91=100) 10.41 −13.83 24.38 29.90 21.94 −9.34 10.86 −3.58 10.23 0.53
Morocco Upline Securities (Dec. 31,1989=10,000)
−26.60 29.36 18.22 7.63 28.74 31.76 // − 33.64 58.11 24.46
Nigeria NSE All Share (1984=100)39.26 57.95 52.59 41.28 39.38 42.83 130.93 37.31 −7.89 −11.92
Saudi Arabia NCFEI (Feb. 1985=100) − − − 5.65 −5.08 −28.50 6.71 11.92 27.89 −27.83
South Africa JSE Overall (Jan.1960=100)
− −8.61 26.50 −5.27 50.14 19.91 6.15 6.90 −6.84 −12.44
Zimbabwe ZSE Industrial (Dec. 31,1966=100)
− 162.64 −14.41 −55.69 168.63 35.93 25.68 121.17 −18.10 −10.95
Notes: In India, IFC switched from using the F.E. Bombay Index to the BSE 200 because the latter is more representative of marketmovements. For the same reason, IFC switched from using the SPB Index in Pakistan to the KSE Index. In Venezuela, the Indice deCapitalization replaced the New BVC Index. In Colombia, the IBB Index replaced the General Index. In Morocco, IFC replaced the IMGAIndex with the Upline Securities Index in 1998. All local index time series in this Factbook have been adjusted to reflect the new indexes for asfar back as data for these indexes is available.
Frontier Emerging Markets Local Stock Market Price Indexes, 1989−1998:(End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Frontier Markets
Bangladesh DSE All Share Price(1985=100)
467.8 350.8 296.3 369.6 391.8 845.6 834.7 2,300.1 756.8 540.2
Botswana Botswana DCI(1989=100)
− 230.4 271.7 273.7 278.5 312.9 332.8 352.2 708.5 946.9
Bulgaria BSE Composite (Dec.1992=100)
− − − − 118.4 113.6 104.3 77.6 77.6 77.6
Coted'Ivoire*
BRVM All−Share (Sept.16, 1998=100)
106.9 103.7 102.2 62.9 90.5 125.6 277.2 357.8 437.6 // 98.0
Croatia CROBEX (July 1,1997=1,000)
− − − − − − − 1,000.0 1,002.1 715.8
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Local Stock Market Price Indexes, 1989−1998: (End of Period Levels) 66
Ecuador BVG (Jan. 3, 1994=100) − − − − − 174.6 154.4 198.8 217.5 223.1
Estonia TALSE (June 3,1996=100)
− − − − − − − − 257.3 90.7
Ghana GSE All Share Index(1990−93=100)
− − − 79.1 170.8 371.7 298.1 360.8 511.7 868.3
Jamaica JSE (June 30, 1969=100)2,075.8 2,539.4 7,681.5 25,745.9 13,099.7 16,676.7 14,267.0 16,616.0 19,846.7 20,593.3
Kenya NSE (Jan. 1, 1964=100) 815.8 915.3 958.3 1,167.3 2,513.7 4,559.4 3,468.9 3,114.1 3,115.1 2,962.1
Latvia Dow Jones RSE (Apr. 2,1996=100)
− − − − − − − − 345.9 98.0
Lithuania LITIN−G (Jan. 2,1996=1,000)
− − − − − − − 1,327.5 1,862.9 1,088.8
Mauritius SEMDEX (July 5,1989=100)
− 171.2 154.2 183.2 302.6 473.7 344.4 353.5 391.1 465.6
Romania BET (Sept. 19,1997=1,000)
− − − − − − − − 757.9 377.7
Slovenia SSEI (Dec. 1993=1,000) − − − − 1,000.0 1,396.8 1,448.8 1,183.3 1,404.7 1,705.8
Trinidad&Tobago
TTSE (Jan. 1983=100) 48.7 83.1 81.8 60.2 82.5 88.6 150.2 167.4 352.3 436.3
Tunisia BVM General (Sept. 30,1990=100)
− 127.8 170.6 199.4 251.0 507.2 534.7 570.6 455.6 464.6
Ukraine PFTS (Oct. 10,1997=100)
− − − − − − − − 79.7 21.0
Note: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index for Cote d'Ivoire.
Frontier Emerging Markets Local Stock Market Price Indexes, 1989−1998:(Annual % Change)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Frontier Markets
Bangladesh DSE All Share Price(1985=100)
−12.3 −25.0 −15.5 24.7 6.0 115.8 −1.3 175.6 −67.1 −28.6
Botswana Botswana DCI (1989=100)− − 17.9 0.7 1.8 12.4 6.4 5.8 101.2 33.6
Bulgaria BSE Composite (Dec.1992=100)
− − − − − −4.1 −8.2 −25.6 0.0 0.0
Cote d'Ivoire BRVM All−Share (Sept.16, 1998=100)
1.7 −3.0 −1.4 −38.5 43.9 38.8 120.7 29.1 22.3 // −
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Local Stock Market Price Indexes, 1989−1998: (Annual % Change) 67
Croatia CROBEX (July 1,1997=1,000)
− − − − − − − − − −28.6
Ecuador BVG (Jan. 3, 1994=100) − − − − − − −11.6 28.8 9.4 2.6
Estonia TALSE (June 3,1996=100)
− − − − − − − − − −64.8
Ghana GSE All Share Index(1990−93=100)
− − − − 116.1 117.6 −19.8 21.0 41.8 69.7
Jamaica JSE (June 30, 1969=100) 44.2 22.3 202.5 235.2 −49.1 27.3 −14.4 16.5 19.4 3.8
Kenya NSE (Jan. 1, 1964=100) −5.0 12.2 4.7 21.8 115.3 81.4 −23.9 −10.2 0.0 −4.9
Latvia Dow Jones RSE (Apr. 2,1996=100)
− − − − − − − − − −71.7
Lithuania LITIN−G (Jan. 2,1996=1,000)
− − − − − − − − 40.3 −41.6
Mauritius SEMDEX (July 5,1989=100)
− − −9.9 18.8 65.2 56.5 −27.3 2.6 10.6 19.0
Romania BET (Sept. 19,1997=1,000)
− − − − − − − − − −50.2
Slovenia SSEI (Dec. 1993=1,000) − − − − − − 3.7 −18.3 18.7 21.4
Trinidad &Tobago
TTSE (Jan. 1983=100) 50.3 70.6 −1.6 −26.4 37.0 7.4 69.5 11.5 110.5 23.8
Tunisia BVM General (Sept. 30,1990=100)
− − 33.5 16.9 25.9 102.1 5.4 6.7 −20.2 2.0
Ukraine PFTS (Oct. 10, 1997=100)− − − − − − − − − 73.7
Note: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index for Cote d'Ivoire.
Emerging Markets Currency Exchange Rates per US$, 1998:(End of Period Levels)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina 0.9996 0.9995 0.9999 0.9999 0.9995 0.9999 0.9995 0.9998 0.9999 0.9997 0.9998 0.9991
Brazil 1.1231 1.1302 1.1371 1.1440 1.1502 1.1566 1.1630 1.1769 1.1852 1.1929 1.2009 1.2083
Chile 455.000 449.650 453.750 452.750 454.950 466.500 465.950 472.650 467.250 462.600 467.950 473.250
Colombia 1,342.4001,343.1501,361.0001,364.3501,397.6001,371.6201,372.3501,442.3501,559.0501,575.5001,545.3751,547.500
Mexico 8.4600 8.5235 8.5180 8.4895 8.8160 8.9860 8.9215 9.9695 10.1900 10.1230 10.0095 9.8900
Emerging Stock Markets Factbook 1999
Emerging Markets Currency Exchange Rates per US$, 1998: (End of Period Levels) 68
Peru 2.7715 2.8140 2.8085 2.8230 2.8618 2.9395 2.9285 3.0140 3.0535 3.0680 3.1235 3.1560
Venezuela 510.680 517.000 524.800 536.225 538.500 552.755 562.855 582.005 573.375 567.575 572.250 564.505
Asia
China 8.2785 8.2789 8.2793 8.2779 8.2793 8.2797 8.2799 8.2800 8.2780 8.2778 8.2782 8.2789
India 38.8200 39.3500 39.4825 39.7150 41.6750 42.3750 42.5400 42.5200 42.4028 42.3600 42.5800 42.4963
Indonesia 10,500.008,850.00 8,650.00 8,075.00 11,300.0014,800.0013,150.0011,200.0010,700.007,600.00 7,425.00 7,950.00
Korea 1,524.0 1,633.0 1,385.0 1,336.5 1,407.5 1,373.0 1,230.5 1,350.5 1,390.8 1,319.5 1,246.0 1,202.5
Malaysia 4.1811 3.6750 3.6400 3.7400 3.8405 4.1475 4.1175 4.1853 3.8000 3.8000 3.8000 3.8000
Pakistan 44.0060 44.0060 44.1525 44.0700 44.4750 46.1050 49.3450 50.0075 50.1325 50.8950 49.9950 49.0230
Philippines 42.6500 39.9000 37.9000 40.1500 38.9500 41.7000 42.1000 43.8000 43.7500 40.3500 39.4000 38.9000
Sri Lanka 62.2500 61.7700 62.4300 63.3050 64.9300 65.4000 65.9250 66.3850 65.9850 67.0750 67.9000 68.4300
Taiwan, China 34.0480 32.0760 32.8670 32.9745 33.9750 34.3605 34.3650 34.8550 34.3745 32.4640 32.4310 32.2175
Thailand 52.7500 43.1000 39.2500 38.6750 40.3900 42.3000 40.8500 41.9000 39.5300 36.7450 36.1000 36.3350
Europe
Czech Republic35.2970 33.9970 34.2225 32.8675 32.9675 32.6345 30.8085 32.5070 30.2655 29.0040 30.4305 30.0310
Greece 289.580 287.680 319.780 314.445 304.500 304.280 295.540 303.650 288.005 281.525 283.730 280.050
Hungary 208.065 208.695 213.305 210.955 214.065 218.780 215.960 224.280 218.600 216.910 219.300 215.295
Poland 3.5435 3.4775 3.4530 3.3965 3.4910 3.4870 3.4343 3.7250 3.5730 3.4455 3.4815 3.5100
Portugal 187.040 185.805 189.395 183.950 182.450 184.720 181.955 180.630 171.545 169.765 173.405 170.732
Russia 6.0423 6.0485 6.0980 6.1295 6.1695 6.2295 6.2810 9.9500 16.0250 16.7000 18.4500 21.5500
Slovakia 35.5040 35.0060 35.5360 34.5050 34.4950 35.1340 34.7190 35.3500 34.7630 35.0780 36.4255 36.8250
Turkey 218,725 230,875 243,055 250,025 258,320 266,400 271,250 277,590 277,615 288,005 303,500 315,400
Mideast/Africa
Egypt 3.4125 3.4038 3.4063 3.4100 3.4113 3.4113 3.4245 3.4110 3.4100 3.4300 3.4143 3.4100
Israel 3.6003 3.5837 3.6024 3.7039 3.6544 3.6709 3.6458 3.7953 3.8453 4.2790 4.1916 4.1601
Jordan 0.7105 0.7110 0.7110 0.7115 0.7110 0.7110 0.7105 0.7120 0.7110 0.7120 0.7120 0.7120
Morocco 9.8620 9.8118 9.9126 9.7263 9.7090 9.7613 9.6870 9.6103 9.2488 9.2157 9.3630 9.2591
Nigeria 81.4750 84.8800 85.9000 86.0000 92.0000 86.4400 86.1800 89.7600 86.4000 86.2000 85.9500 89.0000
Saudi Arabia 3.7506 3.7508 3.7502 3.7503 3.7510 3.7509 3.7507 3.7515 3.7510 3.7507 3.7506 3.7510
South Africa 4.9370 4.9415 5.0390 5.0565 5.1560 5.8900 6.1400 6.4253 5.8800 5.6100 5.6900 5.8828
Emerging Stock Markets Factbook 1999
Emerging Markets Currency Exchange Rates per US$, 1998: (End of Period Levels) 69
Zimbabwe 17.0000 16.2000 16.1500 17.1000 17.9500 18.0100 19.6250 27.5000 32.5000 35.8000 37.1500 37.2150
Emerging Markets Currency Exchange Rates per US$, 1998:(Monthly % Change)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina 0.02 0.01 −0.04 0.00 0.04 −0.04 0.04 −0.03 −0.01 0.02 −0.01 0.07
Brazil −0.62 −0.63 −0.61 −0.60 −0.54 −0.55 −0.55 −1.18 −0.70 −0.65 −0.67 −0.61
Chile −3.63 1.19 −0.90 0.22 −0.48 −2.48 0.12 −1.42 1.16 1.01 −1.14 −1.12
Colombia −3.41 −0.06 −1.31 −0.25 −2.38 1.89 −0.05 −4.85 −7.49 −1.04 1.95 −0.14
Mexico −4.70 −0.74 0.06 0.34 −3.70 −1.89 0.72 −10.51 −2.16 0.66 1.13 1.21
Peru −1.64 −1.51 0.20 −0.51 −1.36 −2.64 0.38 −2.84 −1.29 −0.47 −1.78 −1.03
Venezuela −1.25 −1.22 −1.49 −2.13 −0.42 −2.58 −1.79 −3.29 1.51 1.02 −0.82 1.37
Asia
China 0.01 0.00 0.00 0.02 −0.02 0.00 0.00 0.00 0.02 0.00 0.00 −0.01
India 1.00 −1.35 −0.34 −0.59 −4.70 −1.65 −0.39 0.05 0.28 0.10 −0.52 0.20
Indonesia −47.67 18.64 2.31 7.12 −28.54 −23.65 12.55 17.41 4.67 40.79 2.36 −6.60
Korea 11.22 −6.67 17.91 3.63 −5.04 2.51 11.58 −8.89 −2.89 5.40 5.90 3.62
Malaysia −6.90 13.77 0.96 −2.67 −2.62 −7.40 0.73 −1.62 10.14 0.00 0.00 0.00
Pakistan 0.00 0.00 −0.33 0.19 −0.91 −3.54 −6.57 −1.32 −0.25 −1.50 1.80 1.98
Philippines −6.45 6.89 5.28 −5.60 3.08 −6.59 −0.95 −3.88 0.11 8.43 2.41 1.29
Sri Lanka −0.80 0.78 −1.06 −1.38 −2.50 −0.72 −0.80 −0.69 0.61 −1.63 −1.22 −0.77
Taiwan, China −4.05 6.15 −2.41 −0.33 −2.94 −1.12 −0.01 −1.41 1.40 5.88 0.10 0.66
Thailand −8.72 22.39 9.81 1.49 −4.25 −4.52 3.55 −2.51 6.00 7.58 1.79 −0.65
Europe
Czech Republic −1.77 3.82 −0.66 4.12 −0.30 1.02 5.93 −5.23 7.41 4.35 −4.69 1.33
Greece −2.03 0.66 −10.04 1.70 3.27 0.07 2.96 −2.67 5.43 2.30 −0.78 1.31
Hungary −1.85 −0.30 −2.16 1.11 −1.45 −2.16 1.31 −3.71 2.60 0.78 −1.09 1.86
Poland −0.52 1.90 0.71 1.66 −2.71 0.11 1.53 −7.80 4.25 3.70 −1.03 −0.81
Portugal −1.71 0.66 −1.90 2.96 0.82 −1.23 1.52 0.73 5.30 1.05 −2.10 1.57
Emerging Stock Markets Factbook 1999
Emerging Markets Currency Exchange Rates per US$, 1998: (Monthly % Change) 70
Russia −0.74 −0.10 −0.81 −0.51 −0.65 −0.96 −0.82 −36.87 −37.91 −4.04 −9.49 −14.39
Slovakia −1.70 1.42 −1.49 2.99 0.03 −1.82 1.20 −1.79 1.69 −0.90 −3.70 −1.08
Turkey −5.30 −5.26 −5.01 −2.79 −3.21 −3.03 −1.79 −2.28 −0.01 −3.61 −5.11 −3.77
Europe/Mideast/Africa
Egypt −0.29 0.26 −0.07 −0.11 −0.04 0.00 −0.39 0.40 0.03 −0.58 0.46 0.13
Israel −1.75 0.46 −0.52 −2.74 1.35 −0.45 0.69 −3.94 −1.30 −10.14 2.09 0.76
Jordan −0.17 −0.07 0.00 −0.07 0.07 0.00 0.07 −0.21 0.14 −0.14 0.00 0.00
Morocco −1.22 0.51 −1.02 1.92 0.18 −0.54 0.77 0.80 3.91 0.36 −1.57 1.12
Nigeria −7.06 −4.01 −1.19 −0.12 −6.52 6.43 0.30 −3.99 3.89 0.23 0.29 −3.43
Saudi Arabia 0.00 −0.01 0.02 0.00 −0.02 0.00 0.01 −0.02 0.01 0.01 0.00 −0.01
South Africa −1.43 −0.09 −1.93 −0.35 −1.93 −12.46 −4.07 −4.44 9.27 4.81 −1.41 −3.28
Zimbabwe 8.53 4.94 0.31 −5.56 −4.74 −0.33 −8.23 −28.64 −15.38 −9.22 −3.63 −0.17
Frontier Emerging Markets Currency Exchange Rates per US$, 1998:(End of Period Levels)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
FrontierMarkets
Bangladesh 45.6604 46.4500 46.4500 46.4500 46.4500 46.4500 47.3084 47.3050 47.3088 47.3088 47.3088 47.3088
Botswana 3.8521 3.8536 3.8670 3.9047 3.9698 4.2571 4.6296 4.8733 4.4823 4.3649 4.4092 4.4563
Bulgaria 1,809.2 1,820.2 1,834.0 1,795.5 1,782.4 1,810.2 1,769.0 1,791.8 1,673.2 1,647.5 1,702.6 1,664.0
Cote d'Ivoire 615.50 607.93 619.42 601.40 591.02 605.04 596.50 601.25 559.90 554.10 567.15 560.50
Croatia 6.4390 6.4101 6.4907 6.4313 6.4541 6.4599 6.4124 6.5041 6.1781 6.1502 6.3670 6.2624
Ecuador 4,527.4 4,545.4 4,887.0 5,079.1 5,203.3 5,274.0 5,360.8 5,463.2 6,097.0 6,728.0 6,464.7 6,856.2
Estonia 14.6164 14.5197 14.7969 14.3500 14.2052 14.4588 14.2496 14.3000 13.3980 13.2440 13.6540 13.3388
Ghana 2,289.4 2,297.5 2,316.0 2,307.5 2,307.7 2,323.0 2,345.0 2,325.0 2,325.0 2,352.5 2,340.0 2,345.2
Jamaica 36.3223 36.0845 35.5000 36.4002 36.3522 36.2800 36.3100 36.3483 36.4856 37.1620 36.9000 36.9500
Kenya 60.0000 60.0000 60.0000 59.5500 63.5000 59.5000 59.0500 59.4000 60.0500 59.6500 60.0500 62.0500
Latvia 0.5903 0.5873 0.5933 0.5940 0.5970 0.6020 0.5990 0.6010 0.5830 0.5680 0.5800 0.5710
Lithuania 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0005
Mauritius 22.6695 22.9100 23.7370 23.8315 23.8910 24.2710 24.3720 24.5000 24.4500 24.5500 24.5780 24.5180
Romania 8,340.0 8,090.0 8,490.0 8,345.0 8,511.0 8,625.0 8,744.0 8,924.0 9,238.0 9,592.0 10,082.0 10,951.0
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Currency Exchange Rates per US$, 1998: (End of Period Levels) 71
Slovenia 170.76 171.93 172.16 168.35 166.61 169.58 167.70 169.14 158.08 156.37 162.99 161.40
Trinidad &Tobago
6.2999 6.2999 6.2995 6.2998 6.2999 6.2998 6.2990 6.2950 6.2998 6.2998 6.2998 6.2932
Tunisia 1.1500 1.1566 1.1801 1.1539 1.1525 1.1616 1.1485 1.1439 1.0939 1.0780 1.1123 1.0964
Ukraine 1.9295 2.0149 2.0383 2.0425 2.0573 2.0647 2.1349 2.2500 3.4050 3.4270 3.4270 3.4270
Frontier Emerging Markets Currency Exchange Rates per US$, 1998:(Monthly % Change)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
FrontierMarkets
Bangladesh −1.47 −1.70 0.00 0.00 0.00 0.00 −1.81 0.01 −0.01 0.00 0.00 0.00
Botswana −1.33 −0.04 −0.35 −0.97 −1.64 −6.75 −8.05 −5.00 8.72 2.69 −1.00 −1.06
Bulgaria −1.86 −0.60 −0.75 2.14 0.73 −1.54 2.33 −1.27 7.09 1.56 −3.24 2.32
Cote d'Ivoire −5.95 1.25 −1.86 3.00 1.76 −2.32 1.43 −0.79 7.39 1.05 −2.30 1.19
Croatia −1.82 0.45 −1.24 0.92 −0.35 −0.09 0.74 −1.41 5.28 0.45 −3.41 1.67
Ecuador −1.58 −0.40 −6.99 −3.78 −2.39 −1.34 −1.62 −1.87 −10.39 −9.38 4.07 −5.71
Estonia −1.65 0.67 −1.87 3.11 1.02 −1.75 1.47 −0.35 6.73 1.16 −3.00 2.36
Ghana −2.00 −0.35 −0.80 0.37 −0.01 −0.66 −0.94 0.86 0.00 −1.17 0.53 −0.22
Jamaica −0.63 0.66 1.65 −2.47 0.13 0.20 −0.08 −0.11 −0.38 −1.82 0.71 −0.14
Kenya 4.33 0.00 0.00 0.76 −6.22 6.72 0.76 −0.59 −1.08 0.67 −0.67 −3.22
Latvia −0.22 0.51 −1.01 −0.12 −0.50 −0.83 0.50 −0.33 3.09 2.64 −2.07 1.58
Lithuania 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.74
Mauritius −2.15 −1.05 −3.48 −0.40 −0.25 −1.57 −0.41 −0.52 0.20 −0.41 −0.11 0.24
Romania −3.24 3.09 −4.71 1.74 −1.95 −1.32 −1.36 −2.02 −3.40 −3.69 −4.86 −7.94
Slovenia −2.08 −0.68 −0.13 2.26 1.04 −1.75 1.12 −0.85 7.00 1.09 −4.06 0.99
Trinidad &Tobago
0.00 0.00 0.01 0.00 0.00 0.00 0.01 0.06 −0.08 0.00 0.00 0.10
Tunisia −0.50 −0.57 −1.99 2.27 0.12 −0.78 1.14 0.40 4.57 1.47 −3.08 1.45
Ukraine −1.74 −4.24 −1.15 −0.21 −0.72 −0.36 −3.29 −5.12 −33.92 −0.64 0.00 0.00
Emerging Markets Currency Exchange Rates per US$, 1989−1998:(End of Period Levels)
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Currency Exchange Rates per US$, 1998: (Monthly % Change) 72
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina 0.1360 0.5670 0.9990 0.9980 1.0000 1.0001 0.9999 0.9998 0.9998 0.9991
Brazil 0.0113 0.1610 1.0902 12.2430 0.3209 0.8470 0.9720 1.0391 1.1161 1.2083
Chile 294.110 336.860 374.870 382.330 431.040 401.050 406.650 424.350 438.500 473.250
Colombia 423.090 523.000 705.410 811.770 811.900 831.600 990.750 1006.095 1,296.650 1,547.500
Mexico 2.6835 2.9480 3.0890 3.1160 3.1090 4.9250 7.7050 7.8720 8.0620 9.8900
Peru 0.0053 0.5400 0.9750 1.6350 2.1500 2.1810 2.3035 2.5970 2.7260 3.1560
Venezuela 43.5000 49.7400 60.8000 78.1600 104.4600 169.8700 339.5406 476.2550 504.3000 564.5050
Asia
China − 5.2221 5.4342 5.7518 8.7000 8.4462 8.3174 8.2984 8.2796 8.2789
India 16.840 18.150 25.800 28.680 31.130 31.369 35.165 35.825 39.210 42.496
Indonesia 1,797.0 1,889.0 1,984.0 2,063.5 2,103.0 2,198.0 2,286.5 2,362.5 5,495.0 7,950.0
Korea 677.400 714.500 758.700 788.400 808.100 788.500 775.750 845.500 1,695.000 1,202.500
Malaysia 2.6985 2.6983 2.7205 2.6150 2.6930 2.5535 2.5390 2.5255 3.8925 3.8000
Pakistan 21.2500 21.7200 24.6000 25.5000 29.9800 30.7692 34.2158 40.0799 44.0060 49.0230
Philippines 21.7700 27.2000 26.1500 25.6000 27.0000 24.4000 26.2300 26.3000 39.9000 38.9000
Sri Lanka 40.0000 40.2400 42.7138 46.0000 49.5600 49.6650 53.5000 56.7300 61.7500 68.4300
Taiwan, China 26.0500 26.6300 25.5000 25.1700 26.3600 26.2880 27.2870 27.5000 32.6680 32.2175
Thailand 25.6100 25.3000 25.0500 25.4900 25.4800 25.1050 25.1900 25.6400 48.1500 36.3350
Europe
Czech Republic− − − − − 28.1890 26.6660 27.2280 34.6735 30.0310
Greece 156.300 159.500 175.000 215.300 249.350 240.600 236.580 246.710 283.710 280.050
Hungary − − 75.620 83.970 100.700 113.150 136.630 161.650 204.225 215.295
Poland − − 10,957.00 15,767.00 21,444.00 24,370.00 // 2.4668
2.8605 3.5250 3.5100
Portugal 149.600 136.640 133.600 146.920 176.620 159.200 149.390 155.250 183.850 170.732
Russia − − 130.000 415.000 1,540.000 3,160.00 4,640.00 5,589.00 5,997.50 // 21.55
Slovakia − − − − − 31.2770 29.6280 31.8950 34.9000 36.8250
Turkey 2,293.00 2,898.00 5,025.00 8,540.00 14,570.00 38,700.0 60,900.0 109,095.0 207,125.0 315,400.0
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Currency Exchange Rates per US$, 1998: (Monthly % Change) 73
Mideast/Africa
Egypt 2.5600 2.8736 3.3370 3.3280 3.3580 3.3970 3.3900 3.3929 3.4025 3.4100
Israel 1.9630 2.0480 2.2830 2.7640 2.9860 3.0180 3.1361 3.2456 3.5374 4.1601
Jordan 0.6376 0.6409 0.6730 0.6742 0.6870 0.7040 0.7090 0.7098 0.7093 0.7120
Morocco 8.1218 8.0438 8.1499 8.8900 9.6900 9.1000 8.4690 8.7551 9.7415 9.2591
Nigeria 7.4500 8.7000 9.8000 21.5000 40.0000 22.0000 86.1000 78.4000 75.7200 89.0000
Saudi Arabia − − 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7510
South Africa 2.5360 2.5500 2.7430 4.8420 4.2900 4.0750 3.6455 4.6775 4.8665 5.8828
Zimbabwe 2.2448 2.6609 5.0355 5.4816 6.9351 8.3650 9.3188 10.8225 18.4500 37.2150
Emerging Markets Currency Exchange Rates per US$, 1989−1998:(Annual % Change)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina −98.82 −76.01 −43.24 0.10 −0.20 −0.01 0.02 0.01 0.00 0.07
Brazil −93.53 −92.98 −85.23 −91.10 −96.19 − −12.86 −6.46 −6.90 −7.63
Chile −15.15 −12.69 −10.14 −1.95 −11.30 7.48 −1.38 −4.17 −3.23 −7.34
Colombia −20.58 −19.10 −25.86 −13.10 −0.02 −2.37 −16.06 −1.53 −22.41 −16.21
Mexico −13.55 −8.97 −4.56 −0.87 0.23 −36.87 −36.08 −2.12 −2.36 −18.48
Peru − −99.02 −44.62 −40.37 −23.95 −1.42 −5.32 −11.30 −4.73 −13.62
Venezuela −14.48 −12.55 −18.19 −22.21 −25.18 −38.51 −49.97 −28.71 −5.56 −10.67
Asia
China − −5.82 −5.52 −5.52 −33.89 3.00 1.55 0.23 0.23 0.01
India −10.81 −7.22 −29.65 −10.04 −7.87 −0.76 −10.80 −1.84 −8.63 −7.73
Indonesia −4.43 −4.87 −4.79 −3.85 −1.88 −4.32 −3.87 −3.22 −57.01 −30.88
Korea 1.11 −5.19 −5.83 −3.77 −2.44 2.49 1.64 −8.25 −50.12 40.96
Malaysia 0.43 0.01 −0.82 4.03 −2.90 5.46 0.57 0.53 −35.12 2.43
Pakistan −12.94 −2.16 −11.71 −3.53 −14.94 −2.56 −10.07 −14.63 −8.92 −10.23
Philippines −4.92 −19.96 4.02 2.15 −5.19 10.66 −6.98 −0.27 −34.09 2.57
Sri Lanka − −0.60 −5.79 −7.14 −7.18 −0.21 −7.17 −5.69 −8.13 −9.76
Emerging Stock Markets Factbook 1999
Emerging Markets Currency Exchange Rates per US$, 1989−1998: (Annual % Change) 74
Taiwan, China 8.21 −2.18 4.43 1.31 −4.51 0.27 −3.66 −0.77 −15.82 1.40
Thailand −1.64 1.23 1.00 −1.73 0.04 1.49 −0.34 −1.76 −46.75 32.52
Europe
Czech Republic − − − − − − 5.71 −2.06 −21.47 15.46
Greece −5.50 −2.01 −8.86 −18.72 −13.66 3.64 1.70 −4.11 −13.04 1.31
Hungary − − − −9.94 −16.61 −11.00 −17.19 −15.48 −20.85 −5.14
Poland − − − −30.51 −26.47 −12.01 // −
−13.76 −18.85 0.43
Portugal −1.93 9.48 2.28 −9.07 −16.82 10.94 6.57 −3.77 −15.56 7.68
Russia − − − −68.67 −73.05 −51.27 −31.90 −16.98 −6.81 // −
Slovakia − − − − − − 5.57 −7.11 −8.61 −5.23
Turkey −21.28 −20.88 −42.33 −41.16 −41.39 −62.35 −36.45 −44.18 −47.33 −34.33
Mideast/Africa
Egypt − −10.91 −13.89 0.27 −0.89 −1.15 0.21 −0.09 −0.28 −0.22
Israel − −4.15 −10.29 −17.40 −7.43 −1.06 −3.77 −3.37 −8.25 −14.97
Jordan −25.50 −0.51 −4.77 −0.18 −1.86 −2.41 −0.71 −0.11 0.07 −0.38
Morocco − 0.97 −1.30 −8.33 −8.26 6.48 7.45 −3.27 −10.13 5.21
Nigeria −28.86 −14.37 −11.22 −54.42 −46.25 81.82 −74.45 9.82 3.54 −14.92
Saudi Arabia − − − − − − − − − −0.03
South Africa − −0.55 −7.04 −43.35 12.87 5.28 11.78 −22.06 −3.88 −17.28
Zimbabwe −13.45 −15.64 −47.16 −8.14 −20.96 −17.09 −10.24 −13.89 −41.34 −50.42
Frontier Emerging Markets Currency Exchange Rates per US$, 1989−1998:(End of Period Levels)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
FrontierMarkets
Bangladesh 32.2700 35.7900 38.5800 39.1236 39.9400 39.8000 40.3000 42.6110 44.9905 47.3088
Botswana − 1.8605 2.0921 2.2311 2.5648 2.7178 2.8177 3.6550 3.8008 4.4563
Bulgaria − − − − − − 71.5030 523.30 1,775.5 1,664.0
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Currency Exchange Rates per US$, 1989−1998: (End of Period Levels) 75
Cote d'Ivoire 289.400 256.450 259.000 271.490 294.775 523.000 490.550 519.980 578.850 560.500
Croatia − − − − − 5.6290 5.3160 5.5400 6.3030 6.2624
Ecuador − − − 1,857.5 1,977.9 2,269.0 2,919.0 3,630.0 4,456.0 6,856.2
Estonia − − − − − − − − 14.3747 13.3388
Ghana − − 390.630 520.000 815.000 1,051.00 1,455.00 1,740.23 2,243.64 2,345.23
Jamaica 6.4800 8.0380 21.4925 23.8500 28.5000 33.1030 39.9520 35.0328 36.0937 36.9500
Kenya 21.6010 24.0840 28.0741 36.2163 68.3060 44.4000 55.9500 55.0000 62.6000 62.0500
Latvia − − − − − − 0.5370 0.5560 0.5890 0.5710
Lithuania − − − − − − 4.0030 4.0030 4.0300 4.0005
Mauritius − 14.1724 15.4000 15.4000 18.8430 18.8430 18.3335 19.9110 22.1815 24.5180
Romania − − − − − 2.7166 2,578.0 4,035.0 8,070.0 10,951.0
Slovenia − − − − − 127.129 125.990 140.500 167.208 161.399
Trinidad &Tobago
4.2500 4.2500 4.2500 4.2872 5.8790 5.8431 5.9999 6.2450 6.2999 6.2932
Tunisia 0.9046 0.8355 0.8588 0.9550 1.0460 0.9860 0.9700 0.9971 1.1443 1.0964
Ukraine − − − − − − − − 1.8960 3.4270
Frontier Emerging Markets Currency Exchange Rates per US$, 1989−1998:(Annual % Change)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Frontier Markets
Bangladesh −2.36 −9.84 −7.23 −1.39 −2.04 0.35 −1.24 −5.42 −5.29 −4.90
Botswana − − −11.07 −6.23 −13.01 −5.63 −3.55 −22.91 −3.84 −14.71
Bulgaria − − − − − − − −86.34 −70.53 6.70
Cote d'Ivoire 4.65 12.85 −0.98 −4.60 −7.90 −43.64 6.62 −5.66 −10.17 3.27
Croatia − − − − − − 5.89 −4.04 −12.11 0.65
Ecuador − − − − −6.08 −12.83 −22.27 −19.59 −18.54 −35.01
Estonia − − − − − − − − − 7.77
Ghana − − − −24.88 −36.20 −22.45 −27.77 −16.39 −22.44 −4.33
Jamaica −16.81 −19.38 −62.60 −9.88 −16.32 −13.91 −17.14 14.04 −2.94 −2.32
Kenya −15.22 −10.31 −14.21 −22.48 −46.98 53.84 −20.64 1.73 −12.14 0.89
Latvia − − − − − − − −3.42 −5.60 3.15
Lithuania − − − − − − − 0.00 −0.67 0.74
Emerging Stock Markets Factbook 1999
Frontier Emerging Markets Currency Exchange Rates per US$, 1989−1998: (Annual % Change) 76
Mauritius − − −7.97 0.00 −18.27 0.00 2.78 −7.92 −10.24 −9.53
Romania − − − − − − − −36.11 −50.00 −26.31
Slovenia − − − − − − 0.90 −10.33 −15.97 3.60
Trinidad &Tobago
−0.14 0.00 0.00 −0.87 −27.08 0.61 −2.61 −3.92 −0.87 0.11
Tunisia −1.37 8.27 −2.71 −10.07 −8.70 6.09 1.65 −2.72 −12.86 4.37
Ukraine − − − − − − − − − −44.67
3—IFC Global Indexes
Market Weights in the IFCG Composite Index End−1998
MarketNumber ofStocks
MarketCapitalization(US$ millions)
Weight inIFCGComposite(%)
Latin America
Argentina 32 24,894 2.89
Brazil 100 65,871 7.65
Chile 51 31,837 3.70
Colombia 24 6,337 0.74
Mexico 70 67,174 7.80
Peru 35 6,151 0.71
Venezuela 19 4,689 0.54
Asia
China 214 52,452 6.09
India 142 49,797 5.78
Indonesia 58 10,682 1.24
Korea 180 61,203 7.10
Malaysia 147 44,849 5.21
Pakistan 53 2,400 0.28
Philippines 59 21,969 2.55
Emerging Stock Markets Factbook 1999
3— IFC Global Indexes 77
Sri Lanka 51 1,036 0.12
Taiwan, China 106 138,369 16.06
Thailand 64 16,735 1.94
Europe
Czech Republic 37 4,204 0.49
Greece 56 40,891 4.75
Hungary 15 10,933 1.27
Poland 35 8,134 0.94
Portugal 22 34,574 4.01
Russia 32 7,453 0.87
Slovakia 19 600 0.07
Turkey 58 16,947 1.97
Mideast/Africa
Egypt 66 5,848 0.68
Israel 49 16,373 1.90
Jordan 41 4,277 0.50
Morocco 18 9,674 1.12
Nigeria 28 1,942 0.23
Saudi Arabia 21 23,791 2.76
South Africa 67 68,672 7.97
Zimbabwe 24 653 0.08
Regions
Composite 1,993 861,413 100.00
Latin America 331 206,954 24.02
Asia 1,074 399,493 46.38
Europe 274 123,737 14.36
ME & Africa 314 131,230 15.23
Emerging Stock Markets Factbook 1999
3— IFC Global Indexes 78
Weights in the IFCG Composite Index, End−1998
Stock Distribution by Region inthe IFCG Composite Index, End−1998
Market Concentration in the IFCG Indexes End−1998:(Percent)
Market
Index stocks'share oftotalmarket cap
Index stocks'share oftotalvalue traded
10 largestindex stocks'share of totalmarket cap
10 most activeindex stocks'share of totalvalue traded
Latin America
Argentina 57.0 98.4 49.0 89.3
Brazil 60.7 65.2 24.8 54.1
Chile 67.9 81.5 43.1 60.4
Colombia 55.3 43.7 41.3 34.0
Mexico 73.6 80.7 41.4 50.8
Peru 58.5 81.3 48.2 62.0
Venezuela 65.2 77.3 61.2 71.3
Asia
China 45.0 26.0 17.5 5.5
India 66.4 74.1 33.2 51.7
Emerging Stock Markets Factbook 1999
Market Concentration in the IFCG Indexes End−1998: (Percent) 79
Indonesia 73.4 68.6 61.2 50.5
Korea 74.9 68.2 37.9 24.1
Malaysia 60.5 69.2 31.5 31.0
Pakistan 68.4 98.4 55.4 95.6
Philippines 75.9 83.0 55.4 54.9
Sri Lanka 67.0 70.2 38.9 49.5
Taiwan, China 61.4 44.4 27.3 19.9
Thailand 73.7 69.1 45.8 42.3
Europe
Czech Republic 74.2 87.4 65.1 77.0
Greece 66.5 65.2 53.1 49.0
Hungary 86.5 86.5 85.2 85.1
Poland 79.7 41.1 64.5 25.8
Portugal 77.6 68.8 70.2 60.5
Russia 51.8 88.2 48.1 86.4
Slovakia 75.2 45.0 70.5 42.0
Turkey 76.5 68.1 56.1 41.7
Mideast/Africa
Egypt 42.0 51.2 21.0 28.7
Israel 66.9 81.4 38.1 50.4
Jordan 80.0 66.0 70.6 51.3
Morocco 73.1 74.7 63.3 70.4
Nigeria 68.5 81.7 43.3 68.7
Saudi Arabia 72.7 88.4 64.5 77.3
South Africa 53.1 56.0 26.8 26.7
Zimbabwe 54.2 78.8 48.2 69.6
Emerging Stock Markets Factbook 1999
Market Concentration in the IFCG Indexes End−1998: (Percent) 80
IFCG Index Share of Total Market Capitalization in 1998 (percent)
Comparative Valuations of the IFCG Indexes End−1998
Price−earnings ratio Price−book value ratio Dividend yield
MarketEnd1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
Latin America
Argentina 13.41 0.46 16.34 1.25 0.36 1.81 4.02 2.51 2.09
Brazil 6.99 0.24 12.37 0.61 0.17 1.00 7.84 4.90 3.92
Chile 15.14 0.52 14.67 1.11 0.32 1.64 4.11 2.57 3.92
Colombia 11.84 0.41 15.51 0.77 0.22 1.12 5.14 3.21 2.89
Mexico 23.93 0.83 19.16 1.41 0.40 2.29 2.74 1.71 1.53
Peru 21.09 0.73 13.97 1.57 0.45 1.98 3.55 2.22 2.30
Venezuela 5.56 0.19 12.83 0.50 0.14 1.18 4.49 2.81 1.16
Asia
China 23.78 0.82 34.48 2.06 0.59 3.89 0.90 0.56 1.31
India 13.47 0.46 15.16 1.85 0.53 2.26 1.86 1.16 1.83
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCG Indexes End−1998 81
Indonesia −106.21 − 10.46 1.55 0.44 1.39 0.83 0.52 2.90
Korea −47.12 − 17.86 0.92 0.26 0.51 0.94 0.59 3.02
Malaysia 21.06 0.73 9.53 1.29 0.37 1.39 2.53 1.58 3.99
Pakistan 7.59 0.26 14.76 0.92 0.26 2.25 13.02 8.14 3.20
Philippines 15.03 0.52 10.86 1.25 0.36 1.35 0.79 0.49 1.44
Sri Lanka 7.69 0.27 11.68 1.12 0.32 1.35 4.54 2.84 2.60
Taiwan, China 21.70 0.75 28.89 2.60 0.74 3.07 0.74 0.46 0.59
Thailand −3.65 −0.13 −32.79 1.19 0.34 0.78 0.62 0.39 7.67
Europe
Czech Republic −11.27 − 37.11 0.67 0.19 0.84 3.18 1.99 2.82
Greece 33.65 1.16 17.63 4.85 1.39 3.13 1.57 0.98 2.91
Hungary 16.96 0.58 27.35 3.21 0.92 4.20 1.09 0.68 0.46
Poland 10.71 0.37 11.38 1.54 0.44 1.69 1.52 0.95 1.50
Portugal 22.80 0.79 22.95 3.43 0.98 3.12 1.75 1.09 1.74
Russia 3.70 0.13 8.08 0.30 0.09 0.47 1.08 0.68 0.16
Slovakia −174.16 − 15.98 0.27 0.08 0.54 3.32 2.08 2.89
Turkey 7.80 0.27 20.13 2.74 0.79 6.84 4.34 2.71 1.64
Mideast/Africa
Egypt 8.72 0.30 11.53 2.60 0.74 3.95 7.39 4.62 3.44
Israel 13.35 0.46 14.29 1.20 0.34 1.41 1.90 1.19 1.70
Jordan 15.93 0.55 14.36 1.75 0.50 1.77 1.79 1.12 2.06
Morocco 21.24 0.73 18.31 3.60 1.03 3.54 1.82 1.14 1.47
Nigeria 10.14 0.35 8.09 1.67 0.48 2.30 5.07 3.17 5.69
Saudi Arabia 12.16 0.42 − 1.65 0.47 − − − −
South Africa 10.09 0.35 10.82 1.53 0.44 1.59 3.24 2.03 2.50
Zimbabwe 5.83 0.20 10.28 1.26 0.36 1.68 2.79 1.74 2.94
Regions
Composite 18.01 0.62 16.00 1.38 0.40 1.54 2.55 1.59 2.47
Latin America 11.58 0.40 15.08 0.91 0.26 1.47 5.08 3.18 2.84
Asia 38.34 1.32 20.33 1.61 0.46 1.93 1.17 0.73 2.54
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCG Indexes End−1998 82
Europe 15.57 0.54 13.18 1.86 0.53 1.07 2.20 1.38 1.45
ME & Africa 11.27 0.39 11.51 1.60 0.46 1.70 3.24 2.03 2.53
DevelopedMarkets
Japan 185.20 6.39 41.90 1.60 0.46 1.77 1.00 0.63 0.90
U.K. 20.40 0.70 16.80 3.83 1.10 3.43 2.50 1.56 2.80
U.S. 30.20 1.04 22.90 5.14 1.47 4.20 1.30 0.81 1.60
MSCI World 29.00 1.00 23.20 3.49 1.00 3.08 1.60 1.00 1.80
IFCG P/E Ratios, End−1998
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCG Indexes End−1998 83
IFCG Dividend Yields, End−1998
IFCG Price Indexes 1998 Performance Summary:(Ranked by 1998 % Changes in US$)
Rank Market
% change inIFCG PriceIndex
Emerging Markets 1 Korea 118.8
2 Greece 91.2
3 Portugal 38.2
4 Thailand 31.9
5 Morocco 27.4
6 Philippines 9.8
7 Jordan 8.3
8 Malaysia −1.6
9 Czech Republic −10.0
10 Hungary −10.8
11 Poland −12.2
12 India −15.3
13 Israel −16.0
14 Taiwan, China −19.9
15 Sri Lanka −20.9
16 China −23.3
17 Saudi Arabia −26.8
18 Argentina −28.4
19 Nigeria −28.4
20 Indonesia −29.3
21 Egypt −29.5
22 Chile −30.0
23 South Africa −30.5
24 Mexico −38.8
25 Peru −39.7
26 Brazil −42.6
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998 Performance Summary: (Ranked by 1998 % Changes in US$) 84
27 Colombia −43.6
28 Venezuela −51.8
29 Turkey −53.1
30 Slovakia −53.9
31 Zimbabwe −59.2
32 Pakistan −59.5
33 Russia −87.5
Regions 1 Asia −6.7
2 Composite −23.0
3 ME & Africa −24.5
4 Europe −28.6
5 Latin America −38.3
DevelopedMarkets 1 U.S., S&P 500 26.7
2 U.K., FT−EuroPac 16.9
3 U.K., FT−SE 100 15.8
4 Japan, Nikkei 4.6
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998 Performance Summary: (Ranked by 1998 % Changes in US$) 85
Percent Change in IFCG Price Indexes, 1998
IFCG Price Indexes 1998 High, Low, Close:(US$; Year−end and Daily Closing Levels)
Market End−1997 High Date Low Date End−1998
Latin America
Argentina 1,817.1 1,849.1 Mar 26 880.7 Sep 10 1,300.6
Brazil 396.6 438.7 Apr 15 174.6 Sep 10 227.6
Chile 2,717.9 2,731.0 Jan 2 1,455.9 Sep 14 1,901.5
Colombia 1,802.3 1,781.8 Jan 2 716.7 Oct 15 1,016.9
Mexico 1,985.1 1,981.0 Jan 2 861.1 Sep 10 1,215.1
Peru 257.3 258.4 Jan 2 146.6 Sep 22 155.1
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 86
Venezuela 577.9 576.0 Jan 2 158.9 Sep 10 278.4
Asia
China 129.4 138.6 Jun 3 97.7 Aug 17 99.3
India 284.7 341.4 Apr 21 218.6 Oct 20 241.1
Indonesia 32.1 30.3 Jan 2 8.7 Sep 21 22.7
Korea 102.3 224.1 Dec 30 91.2 Jun 16 223.8
Malaysia 100.2 142.5 Feb 10 45.4 Sep 1 98.6
Pakistan 243.0 243.0 Jan 2 77.7 Oct 21 98.5
Philippines 1,423.4 1,900.3 Mar 25 780.9 Sep 11 1,563.3
Sri Lanka 89.3 101.3 Apr 24 51.7 Sep 4 70.6
Taiwan, China 876.7 1,020.1 Mar 2 572.6 Sep 3 701.8
Thailand 123.9 228.2 Mar 23 76.4 Sep 3 163.5
Europe
Czech Republic 52.7 57.6 Jul 21 37.8 Oct 6 47.4
Greece 463.2 885.6 Dec 31 428.5 Jan 29 885.6
Hungary 217.2 250.0 Apr 3 125.5 Sep 21 193.8
Poland 594.2 815.4 Mar 13 420.7 Oct 9 521.4
Portugal 1,143.7 1,874.9 Apr 22 1,167.2 Jan 2 1,580.3
Russia 621.2 634.4 Jan 5 38.9 Oct 2 77.4
Slovakia 102.7 103.0 Jan 2 42.6 Nov 24 47.3
Turkey 693.8 737.7 Jan 5 260.1 Oct 8 325.3
Mideast/Africa
Egypt 163.8 164.2 Jan 2 111.5 Dec 9 115.4
Israel 121.9 135.7 Jun 8 85.6 Oct 8 102.4
Jordan 164.3 190.9 Aug 17 160.7 Feb 16 178.0
Morocco 190.7 266.5 Oct 8 187.5 Jan 20 243.0
Nigeria 81.8 80.8 Jan 2 57.6 Sep 9 58.5
Saudi Arabia 100.0 102.0 Jan 7 67.8 Dec 8 73.2
South Africa 182.4 241.5 Apr 20 103.5 Sep 11 126.8
Zimbabwe 430.2 557.5 Mar 31 159.0 Sep 24 175.4
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 87
Regions
Composite 328.1 355.5 Apr 15 206.3 Sep 11 252.8
Latin America 811.6 817.7 Jan 2 371.4 Sep 10 501.7
Asia 226.0 268.7 Mar 2 153.0 Sep 1 210.7
Europe 214.2 240.4 Apr 22 109.7 Oct 5 152.7
Mideast/Africa 75.5 93.2 Apr 20 51.9 Sep 11 57.0
IFCG Price Indexes High and Low vs. 1997 Close
IFCG Price Indexes Regional vs. Developed Market Performance, 1998:(End−of−period Values in US$; End 1984=100)
Emerging Stock Markets Factbook 1999
IFCG Price Indexes Regional vs. Developed Market Performance, 1998: (End−of−period Values in US$; End 1984=100)88
Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Indexlevels IFCG Composite 309.0 340.7 350.9 346.9 304.6 272.5 279.7 208.2 218.2 240.1 257.8 252.8
IFCG LatinAmerica
717.0 749.5 797.6 783.0 683.5 644.7 666.3 442.7 468.9 500.2 547.0 501.7
IFCG Asia 223.6 263.4 260.2 241.9 212.7 185.4 188.1 156.5 169.2 188.8 207.9 210.7
IFCG EMEA* 114.1 120.8 127.9 138.2 121.8 107.0 110.6 79.3 78.7 87.2 89.0 87.8
U.S., S&P 500 586.2 627.4 658.8 664.8 652.2 678.0 670.1 572.4 608.1 656.9 695.8 735.0
U.K., FT−SE 100626.3 666.4 697.1 695.6 671.8 682.9 670.2 616.8 604.0 639.1 665.4 686.9
Japan, Nikkei 292.7 297.3 276.6 264.2 252.4 254.5 253.2 223.0 219.8 259.8 270.2 273.8
FT, EuroPac 480.8 510.7 524.3 525.3 523.4 523.4 525.7 460.2 447.0 493.6 519.9 537.5
% change IFCG Composite −5.8 10.2 3.0 −1.1 −12.2 −10.5 2.6 −25.6 4.8 10.0 7.4 −1.9
IFCG LatinAmerica
−11.7 4.5 6.4 −1.8 −12.7 −5.7 3.4 −33.6 5.9 6.7 9.3 −8.3
IFCG Asia −1.1 17.8 −1.2 −7.0 −12.1 −12.8 1.5 −16.8 8.1 11.6 10.1 1.4
IFC GEMEA −5.5 5.8 5.9 8.1 −11.9 −12.2 3.4 −28.3 −0.8 10.8 2.1 −1.3
U.S., S&P 500 1.0 7.0 5.0 0.9 −1.9 3.9 −1.2 −14.6 6.2 8.0 5.9 5.6
U.K., FT−SE 1005.6 6.4 4.6 −0.2 −3.4 1.7 −1.9 −8.0 −2.1 5.8 4.1 3.2
Japan, Nikkei 11.8 1.6 −7.0 −4.5 −4.5 0.9 −0.5 −11.9 −1.4 18.2 4.0 1.3
FT, EuroPac 4.6 6.2 2.7 0.2 −0.4 0.0 0.4 −12.5 −2.9 10.4 5.3 3.4
Note: The base date for the IFCG EMEA Index is December 1995=100.
Emerging Stock Markets Factbook 1999
IFCG Price Indexes Regional vs. Developed Market Performance, 1998: (End−of−period Values in US$; End 1984=100)89
IFCG Regional Price Indexes vs. U.S. S&P 500, 1998 (daily; end−1997 = 100)
IFCG Price Indexes, Regional vs. Developed Market Performance, 1989−1998:(End−of−period Values in US$; End 1984=100*)
Index 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Indexlevels
IFCGComposite 339.9 234.8 271.5 267.8 439.6 430.0 370.4 391.8 328.1 252.8
IFCG LatinAmerica
221.8 203.7 439.2 457.0 695.0 682.3 559.8 649.2 811.6 501.7
IFCG Asia 434.0 275.3 274.1 273.8 459.5 454.9 387.0 403.2 226.0 210.7
IFCG EMEA* − − − − − − 100.0 97.4 120.8 87.8
U.S., S&P 500 211.3 197.5 249.4 260.5 280.2 274.6 368.3 442.9 580.3 735.0
U.K., FT−SE100
274.4 290.3 317.5 302.5 354.9 336.5 401.9 494.5 592.9 686.9
Japan, Nikkei 604.2 391.9 411.0 302.6 348.2 441.2 429.8 372.3 261.9 273.8
FT, EuroPac 435.3 324.5 357.2 303.5 391.1 418.9 453.8 470.3 459.7 537.5
% changeIFCGComposite 51.7 −30.9 15.6 −1.4 64.1 −2.2 −13.9 5.8 −16.3 −22.9
IFCG LatinAmerica
44.0 −8.1 115.6 4.0 52.1 −1.8 −18.0 16.0 25.0 −38.2
IFCG Asia 53.0 −36.6 −0.4 −0.1 67.8 −1.0 −14.9 4.2 −43.9 −6.8
IFCG EMEA − − − − − − − −2.6 24.0 −27.3
U.S., S&P 500 27.3 −6.6 26.3 4.5 7.6 −2.0 34.1 20.3 31.0 26.7
U.K., FT−SE100
21.1 5.8 9.4 −4.7 17.3 −5.2 19.4 23.0 19.9 15.8
Japan, Nikkei 12.2 −35.1 4.9 −26.4 15.1 26.7 −2.6 −13.4 −29.7 4.6
FT, EuroPac 9.5 −25.5 10.1 −15.0 28.9 7.1 8.3 3.6 −2.3 16.9
Note: The base date for the IFCG EMEA Index is December 1995=100.
Emerging Stock Markets Factbook 1999
IFCG Price Indexes, Regional vs. Developed Market Performance, 1989−1998: (End−of−period Values in US$; End 1984=100*)90
IFCG Regional Price Indexes vs. U.S. S&P 500, 1989−1998(monthly; end−1988=100)
IFCG Price Indexes 1998:(End−of−period Values in US$)
Market Base date(=100.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Dec−84 1,647.9 1,779.6 1,842.7 1,804.3 1,582.6 1,486.3 1,587.9 1,068.5 1,209.9 1,378.6 1,444.3 1,300.6
Brazil Dec−84 368.1 394.1 429.2 415.3 349.8 341.7 368.6 229.4 228.3 235.6 281.3 227.6
Chile Dec−84 2,318.0 2,533.2 2,694.3 2,549.2 2,320.7 2,134.2 2,238.7 1,641.1 1,691.4 1,823.0 2,126.2 1,901.5
Colombia Dec−84 1,614.5 1,410.8 1,378.1 1,412.7 1,299.0 1,244.2 1,135.4 903.8 799.0 757.8 951.3 1,016.9
Mexico Dec−84 1,682.7 1,720.2 1,818.0 1,854.5 1,606.7 1,499.2 1,475.4 979.5 1,105.3 1,211.1 1,163.7 1,215.1
Peru Dec−92 231.0 221.1 242.5 253.5 244.2 226.4 228.0 162.8 156.5 152.6 177.9 155.1
Venezuela Dec−84 480.4 464.6 475.5 365.9 376.0 289.8 285.5 170.3 228.2 212.9 228.9 278.4
Asia
China Dec−92 128.0 128.1 129.6 135.1 138.3 124.2 120.7 104.3 110.0 106.1 108.4 99.3
India Dec−84 256.8 282.3 305.2 317.1 285.6 244.9 243.2 226.3 238.8 222.3 220.6 241.1
Indonesia Dec−89 20.9 24.4 29.0 25.0 15.3 12.7 16.0 13.6 10.3 15.9 23.3 22.7
Korea Dec−84 172.3 159.7 161.2 148.8 114.3 101.4 130.3 105.0 100.3 133.2 163.2 223.8
Malaysia Dec−84 90.0 138.2 132.8 112.0 92.4 72.1 65.2 47.6 65.9 70.4 90.1 98.6
Pakistan Dec−84 225.9 227.4 209.7 208.1 134.8 99.7 95.8 97.9 110.9 81.5 108.7 98.5
Philippines Dec−84 1,367.2 1,727.0 1,809.0 1,648.6 1,575.4 1,282.6 1,161.7 844.6 891.0 1,309.0 1,531.0 1,563.3
Sri Lanka Dec−92 83.9 89.7 91.9 100.7 82.6 68.3 70.3 56.0 57.8 57.4 68.7 70.6
Taiwan, China Dec−84 829.2 1,009.9 955.3 859.5 776.1 711.8 723.1 601.1 647.2 730.3 772.5 701.8
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998: (End−of−period Values in US$) 91
Thailand Dec−84 161.6 214.4 202.3 183.3 131.6 99.4 100.8 77.2 100.4 147.5 167.6 163.5
Europe
Czech RepublicDec−93 47.9 52.4 54.5 55.6 51.5 51.8 57.6 43.4 43.2 47.8 46.3 47.4
Greece Dec−84 432.8 445.4 573.5 744.3 768.8 698.7 845.0 640.9 664.5 696.2 803.5 885.6
Hungary Dec−92 195.9 216.4 239.0 233.9 202.8 214.0 232.9 143.9 141.3 166.5 181.0 193.8
Poland Dec−92 601.6 756.9 725.1 785.3 681.4 691.0 740.4 461.9 490.4 521.6 485.2 521.4
Portugal Jan−86 1,278.9 1,449.2 1,616.2 1,764.3 1,707.1 1,557.1 1,690.9 1,452.2 1,268.8 1,524.7 1,542.8 1,580.3
Russia Dec−95 429.1 477.9 510.3 492.0 295.9 229.1 225.6 84.6 46.5 71.3 101.4 77.4
Slovakia Dec−95 90.4 87.5 79.8 76.5 64.2 59.3 62.5 62.2 56.0 48.3 43.5 47.3
Turkey Dec−86 658.1 582.2 541.9 676.3 567.7 596.9 599.7 355.9 313.0 299.8 337.0 325.3
Mideast/Africa
Egypt Dec−95 153.6 152.7 157.5 154.3 140.4 133.8 130.7 115.6 123.5 116.8 113.8 115.4
Israel Dec−96 110.4 114.9 124.1 122.1 131.0 125.8 125.5 111.1 106.4 94.8 102.1 102.4
Jordan Dec−84 163.5 165.0 162.9 168.2 182.3 174.6 186.0 186.3 179.3 168.5 173.6 178.0
Morocco Dec−95 189.7 199.6 207.1 227.9 239.1 239.2 240.2 260.3 262.7 255.3 244.4 243.0
Nigeria Dec−84 74.7 71.6 69.4 66.6 60.8 63.1 62.9 59.8 60.8 60.7 61.3 58.5
Saudi Arabia Dec−97 100.3 94.0 88.9 96.1 95.2 92.2 92.4 87.5 85.9 77.2 75.8 73.2
South Africa Dec−92 192.8 206.6 216.8 236.2 208.4 159.3 156.8 104.9 119.6 145.3 137.3 126.8
Zimbabwe Dec−84 491.1 509.0 557.5 458.8 404.4 415.6 360.2 213.8 179.4 165.4 161.8 175.4
IFCG Price Indexes 1998:(Monthly % Change in US$)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina −9.3 8.0 3.5 −2.1 −12.3 −6.1 6.8 −32.7 13.2 13.9 4.8 −9.9
Brazil −7.2 7.1 8.9 −3.2 −15.8 −2.3 7.9 −37.8 −0.5 3.2 19.4 −19.1
Chile −14.7 9.3 6.4 −5.4 −9.0 −8.0 4.9 −26.7 3.1 7.8 16.6 −10.6
Colombia −10.4 −12.6 −2.3 2.5 −8.0 −4.2 −8.7 −20.4 −11.6 −5.2 25.5 6.9
Mexico −15.2 2.2 5.7 2.0 −13.4 −6.7 −1.6 −33.6 12.8 9.6 −3.9 4.4
Peru −10.2 −4.3 9.7 4.5 −3.7 −7.3 0.7 −28.6 −3.9 −2.5 16.6 −12.8
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998: (Monthly % Change in US$) 92
Venezuela −16.9 −3.3 2.3 −23.0 2.8 −22.9 −1.5 −40.3 34.0 −6.7 7.5 21.6
Asia
China −1.1 0.1 1.1 4.3 2.4 −10.2 −2.9 −13.6 5.5 −3.5 2.1 −8.4
India −9.8 9.9 8.1 3.9 −9.9 −14.2 −0.7 −7.0 5.5 −6.9 −0.8 9.3
Indonesia −35.0 16.8 19.2 −13.8 −38.8 −17.0 26.2 −15.5 −24.1 54.8 46.1 −2.5
Korea 68.5 −7.3 0.9 −7.7 −23.2 −11.2 28.4 −19.4 −4.4 32.8 22.5 37.1
Malaysia −10.2 53.6 −3.9 −15.7 −17.5 −21.9 −9.6 −26.9 38.4 6.8 27.9 9.4
Pakistan −7.0 0.7 −7.8 −0.8 −35.2 −26.1 −3.9 2.1 13.3 −26.5 33.4 −9.4
Philippines −4.0 26.3 4.7 −8.9 −4.4 −18.6 −9.4 −27.3 5.5 46.9 17.0 2.1
Sri Lanka −6.0 7.0 2.4 9.6 −17.9 −17.4 3.0 −20.4 3.2 −0.6 19.6 2.9
Taiwan, China −5.4 21.8 −5.4 −10.0 −9.7 −8.3 1.6 −16.9 7.7 12.9 5.8 −9.1
Thailand 30.4 32.6 −5.6 −9.4 −28.2 −24.4 1.4 −23.4 30.1 46.9 13.7 −2.5
Europe
Czech Republic −9.2 9.4 4.0 2.1 −7.4 0.5 11.2 −24.7 −0.5 10.7 −3.1 2.5
Greece −6.6 2.9 28.8 29.8 3.3 −9.1 20.9 −24.2 3.7 4.8 15.4 10.2
Hungary −9.8 10.5 10.5 −2.1 −13.3 5.5 8.8 −38.2 −1.8 17.9 8.7 7.1
Poland 1.2 25.8 −4.2 8.3 −13.2 1.4 7.1 −37.6 6.2 6.4 −7.0 7.5
Portugal 11.8 13.3 11.5 9.2 −3.2 −8.8 8.6 −14.1 −12.6 20.2 1.2 2.4
Russia −30.9 11.4 6.8 −3.6 −39.9 −22.6 −1.5 −62.5 −45.0 53.2 42.3 −23.7
Slovakia −11.9 −3.3 −8.7 −4.2 −16.1 −7.6 5.3 −0.4 −10.0 −13.7 −10.0 8.8
Turkey −5.1 −11.5 −6.9 24.8 −16.1 5.1 0.5 −40.7 −12.1 −4.2 12.4 −3.5
Mideast/Africa
Egypt −6.2 −0.5 3.1 −2.0 −9.0 −4.7 −2.3 −11.6 6.8 −5.4 −2.6 1.4
Israel −9.5 4.2 7.9 −1.5 7.2 −4.0 −0.3 −11.5 −4.2 −10.9 7.8 0.3
Jordan −0.5 0.9 −1.3 3.3 8.4 −4.2 6.5 0.2 −3.8 −6.0 3.0 2.6
Morocco −0.5 5.2 3.8 10.0 4.9 0.1 0.4 8.3 0.9 −2.8 −4.3 −0.6
Nigeria −8.7 −4.1 −3.0 −4.1 −8.7 3.8 −0.3 −5.0 1.6 −0.1 1.0 −4.5
Saudi Arabia 0.3 −6.3 −5.4 8.1 −1.0 −3.1 0.2 −5.2 −1.9 −10.1 −1.9 −3.4
South Africa 5.7 7.1 4.9 9.0 −11.8 −23.5 −1.6 −33.1 14.0 21.5 −5.5 −7.7
Zimbabwe 14.2 3.7 9.5 −17.7 −11.8 2.8 −13.3 −40.6 −16.1 −7.8 −2.1 8.4
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1998: (Monthly % Change in US$) 93
IFCG Price Indexes 1989−1998:(End−of−period Values in US$)
Market Base date(=100.0)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Dec−84 426.7 267.7 1,322.0 958.0 1,602.4 1,200.0 1,303.8 1,549.5 1,817.1 1,300.6
Brazil Dec−84 126.3 41.3 102.7 101.1 193.4 324.2 252.4 329.1 396.6 227.6
Chile Dec−84 638.6 838.8 1,593.5 1,788.8 2,315.8 3,269.7 3,175.2 2,629.4 2,717.9 1,901.5
Colombia Dec−84 237.3 300.0 821.3 1,117.5 1,471.6 1,866.0 1,390.0 1,452.2 1,802.3 1,016.9
Mexico Dec−84 609.1 760.8 1,540.2 1,848.0 2,715.1 1,585.6 1,157.3 1,344.5 1,985.1 1,215.1
Peru Dec−92 − − − 100.0 134.9 205.2 224.3 225.8 257.3 155.1
Venezuela Dec−84 80.7 551.8 792.9 454.2 406.5 296.0 202.3 469.1 577.9 278.4
Asia
China Dec−92 − − − 100.0 92.5 60.7 51.8 98.2 129.4 99.3
India Dec−84 208.7 243.4 283.7 346.4 405.6 431.9 279.9 270.2 284.7 241.1
Indonesia Dec−89 100.0 98.9 57.1 57.7 120.5 95.7 105.2 124.1 32.1 22.7
Korea Dec−84 650.8 483.4 406.5 420.9 507.7 590.5 549.3 334.1 102.3 223.8
Malaysia Dec−84 158.5 137.7 150.7 187.8 374.7 289.2 294.4 361.9 100.2 98.6
Pakistan Dec−84 126.1 132.2 345.3 274.7 418.6 377.8 254.6 199.1 243.0 98.5
Philippines Dec−84 1,935.8 870.2 1,372.4 1,608.5 3,753.2 3,713.9 3,171.9 3,778.3 1,423.4 1,563.3
Sri Lanka Dec−92 − − − 100.0 161.9 158.8 95.9 82.5 89.3 70.6
Taiwan, China Dec−84 1,287.7 632.1 623.9 451.2 843.3 1,024.4 702.2 955.8 876.7 701.8
Thailand Dec−84 497.4 381.1 445.7 605.6 1,192.9 1,036.2 998.6 618.6 123.9 163.5
Europe
Czech RepublicDec−93 − − − − 100.0 80.4 63.1 75.7 52.7 47.4
Greece Dec−84 287.9 559.9 437.6 292.1 339.2 332.3 350.7 347.1 463.2 885.6
Hungary Dec−92 − − − 100.0 119.1 98.3 69.4 135.0 217.2 193.8
Poland Dec−92 − − − 100.0 817.9 469.4 426.2 729.5 594.2 521.4
Portugal Jan−86 820.4 565.2 556.7 431.2 570.9 665.0 637.6 796.5 1,143.7 1,580.3
Russia Dec−95 − − − − − − 100.0 255.9 621.2 77.4
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1989−1998: (End−of−period Values in US$) 94
Slovakia Dec−95 − − − − − − 100.0 115.7 102.7 47.3
Turkey Dec−86 642.2 601.3 336.2 152.1 477.1 268.1 232.2 330.6 693.8 325.3
Mideast/Africa
Egypt Dec−95 − − − − − − 100.0 138.8 163.8 115.4
Israel Dec−96 − − − − − − − 100.0 121.9 102.4
Jordan Dec−84 102.3 100.7 106.7 129.1 156.0 137.8 152.4 147.0 164.3 178.0
Morocco Dec−95 − − − − − − 100.0 138.4 190.7 243.0
Nigeria Dec−84 34.2 42.8 54.5 33.4 27.3 73.3 53.6 83.4 81.8 58.5
Saudi Arabia Dec−97 − − − − − − − − 100.0 73.2
South Africa Dec−92 − − − 100.0 177.5 228.1 262.0 211.8 182.4 126.8
Zimbabwe Dec−84 612.4 1,130.5 511.6 196.7 437.6 536.1 593.0 946.7 430.2 175.4
IFCG Price Indexes 1989−1998:(Annual % Change in US$)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina 137.9 −37.3 393.9 −27.5 67.3 −25.1 8.6 18.8 17.3 −28.4
Brazil 34.4 −67.3 148.6 −1.5 91.3 67.6 −22.1 30.4 20.5 −42.6
Chile 35.4 31.4 90.0 12.3 29.5 41.2 −2.9 −17.2 3.4 −30.0
Colombia 3.8 26.4 173.8 36.1 31.7 26.8 −25.5 4.5 24.1 −43.6
Mexico 67.8 24.9 102.4 20.0 46.9 −41.6 −27.0 16.2 47.6 −38.8
Peru − − − − 34.9 52.1 9.3 0.7 13.9 −39.7
Venezuela −34.5 583.9 43.7 −42.7 −10.5 −27.2 −31.7 131.9 23.2 −51.8
Asia
China − − − − −7.5 −34.5 −14.5 89.4 31.8 −23.3
India 2.1 16.6 16.6 22.1 17.1 6.5 −35.2 −3.5 5.4 −15.3
Indonesia − −1.1 −42.3 1.0 109.1 −20.6 9.9 18.0 −74.2 −29.3
Korea 5.6 −25.7 −15.9 3.5 20.6 16.3 −7.0 −39.2 −69.4 118.8
Malaysia 40.5 −13.1 9.5 24.6 99.5 −22.8 1.8 22.9 −72.3 −1.6
Pakistan −1.6 4.9 161.1 −20.5 52.4 −9.8 −32.6 −21.8 22.0 −59.5
Emerging Stock Markets Factbook 1999
IFCG Price Indexes 1989−1998: (Annual % Change in US$) 95
Philippines 57.5 −55.0 57.7 17.2 133.3 −1.0 −14.6 19.1 −62.3 9.8
Sri Lanka − − − − 61.9 −1.9 −39.6 −14.0 8.2 −20.9
Taiwan, China 98.4 −50.9 −1.3 −27.7 86.9 21.5 −31.4 36.1 −8.3 −19.9
Thailand 93.6 −23.4 16.9 35.9 97.0 −13.1 −3.6 −38.1 −80.0 31.9
Europe
Czech Republic − − − − − −19.6 −21.5 20.0 −30.4 −10.0
Greece 67.4 94.5 −21.9 −33.3 16.1 −2.0 5.5 −1.0 33.5 91.2
Hungary − − − − 19.1 −17.5 −29.4 94.6 60.9 −10.8
Poland − − − − 717.9 −42.6 −9.2 71.1 −18.5 −12.2
Portugal 37.3 −31.1 −1.5 −22.6 32.4 16.5 −4.1 24.9 43.6 38.2
Russia − − − − − − − 155.9 142.7 −87.5
Slovakia − − − − − − − 15.7 −11.2 −53.9
Turkey 420.2 −6.4 −44.1 −54.8 213.7 −43.8 −13.4 42.4 109.9 −53.1
Mideast/Africa
Egypt − − − − − − − 38.8 18.0 −29.5
Israel − − − − − − − − 21.9 −16.0
Jordan −4.1 −1.6 5.9 21.1 20.8 −11.7 10.6 −3.6 11.8 8.3
Morocco − − − − − − − 38.4 37.8 27.4
Nigeria 10.2 25.1 27.4 −38.8 −18.2 168.8 −26.9 55.6 −1.9 −28.4
Saudi Arabia − − − − − − − − − −26.8
South Africa − − − − 77.5 28.5 14.8 −19.2 −13.9 −30.5
Zimbabwe 25.3 84.6 −54.7 −61.5 122.5 22.5 10.6 59.6 −54.6 −59.2
Statistics of the IFCG Price Indexes:(US$; December 1993−December 1998)
Market
Numberofmonths
Mean of% change
Standarddeviation
Annualizedmean
Annualizedstandarddeviation
CorrelationwithS&P 500
Latin America
Argentina 60 0.15 9.73 1.80 33.71 0.64
Brazil 60 1.03 12.26 12.36 42.47 0.44
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Price Indexes: (US$; December 1993−December 1998) 96
Chile 60 0.00 8.13 0.00 28.16 0.49
Colombia 60 −0.30 8.10 −3.60 28.06 0.12
Mexico 60 −0.61 11.45 −7.32 39.66 0.52
Peru 60 0.65 9.27 7.80 32.11 0.22
Venezuela 60 0.64 15.36 7.68 53.21 0.30
Asia
China 60 1.12 16.39 13.44 56.78 0.08
India 60 −0.55 8.03 −6.60 27.82 0.22
Indonesia 60 −1.33 16.73 −15.96 57.95 0.44
Korea 60 −0.28 15.52 −3.36 53.76 0.23
Malaysia 60 −1.31 13.80 −15.72 47.80 0.48
Pakistan 60 −1.75 11.17 −21.00 38.69 0.19
Philippines 60 −0.84 11.36 −10.08 39.35 0.51
Sri Lanka 60 −0.98 8.89 −11.76 30.80 0.34
Taiwan, China 60 0.08 8.94 0.96 30.97 0.40
Thailand 60 −2.19 14.75 −26.28 51.10 0.52
Europe
CzechRepublic*
59 −1.58 7.61 −18.96 26.36 0.26
Greece 60 2.02 9.27 24.24 32.11 0.39
Hungary 60 1.62 12.92 19.44 44.76 0.52
Poland 60 0.34 14.78 4.08 51.20 0.38
Portugal 60 1.91 6.44 22.92 22.31 0.41
Russia* 35 3.11 25.60 37.32 88.68 0.41
Slovakia* 24 −3.38 7.46 −40.56 25.84 −0.25
Turkey 60 0.70 16.61 8.40 57.54 0.27
Mideast/Africa
Egypt* 35 0.89 7.79 10.68 26.99 0.19
Israel* 24 0.32 6.78 3.84 23.49 0.51
Jordan 60 0.28 3.61 3.36 12.51 0.09
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Price Indexes: (US$; December 1993−December 1998) 97
Morocco* 35 2.73 4.72 32.76 16.35 −0.46
Nigeria 60 2.86 17.00 34.32 58.89 0.02
Saudi Arabia* 12 −2.47 4.46 −29.64 15.45 −0.18
South Africa 60 −0.17 8.62 −2.04 29.86 0.46
Zimbabwe 60 −0.70 12.07 −8.40 41.81 0.30
Regions
Composite 60 −0.71 6.32 −8.52 21.89 0.67
Latin America 60 −0.13 8.81 −1.56 30.52 0.59
Asia 60 −1.06 6.78 −12.72 23.49 0.56
EMEA* 35 −0.37 7.57 −4.44 26.22 0.62
Europe* 35 1.34 10.06 16.08 34.85 0.55
E. Europe* 35 0.23 13.94 2.76 48.29 0.53
ME & Africa* 35 −1.60 6.85 −19.20 23.73 0.56
Developed Markets
U.S., S&P 500 60 1.70 4.00 20.40 13.86 1.00
U.K., FT100 60 1.18 3.77 14.16 13.06 0.64
Japan, Nikkei 60 −0.18 6.71 −2.16 23.24 0.40
FT, EuroPac 60 0.61 4.08 7.32 14.13 0.66
Note: Statistical data based on less than 60 months of results.
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Price Indexes: (US$; December 1993−December 1998) 98
IFCG Price Index Annualized Standard Deviation, 1993−1998
IFCG Price Index Annualized Mean Return, 1993−1998
IFCG Price Index Correlations:(US$; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCG Price Index Correlations: (US$; December 1993−December 1998) 99
Note: Correlations are for a 60−month period ending in December 1998, except as noted on p.56.
IFCG Price Index Correlations with S&P 500:(US$; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCG Price Index Correlations with S&P 500: (US$; December 1993−December 1998) 100
IFCG Price Index Correlations with S&P 500, 1993−1998
IFCG Total Return Indexes 1998 Performance Summary:(Ranked by 1998 % Change in US$)
Rank Market
% change inIFCG TotalReturn Index
EmergingMarkets 1 Korea 122.1
2 Greece 95.6
3 Portugal 40.2
4 Thailand 32.7
5 Morocco 29.7
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 101
6 Philippines 10.8
7 Jordan 10.8
8 Malaysia 1.4
9 Czech Republic −7.8
10 Hungary −9.8
11 Poland −10.8
12 India −13.6
13 Israel −14.4
14 Sri Lanka −17.3
15 Taiwan, China −19.4
16 China −22.6
17 Saudi Arabia −23.4
18 Nigeria −25.1
19 Egypt −25.3
20 Argentina −26.0
21 Chile −27.5
22 South Africa −28.4
23 Indonesia −28.7
24 Mexico −37.3
25 Peru −38.0
26 Brazil −38.9
27 Colombia −40.7
28 Venezuela −49.3
29 Turkey −51.7
30 Slovakia −52.9
31 Pakistan −55.9
32 Zimbabwe −57.8
33 Russia −87.4
Regions 1 Asia −5.5
2 Composite −21.1
3 ME & Africa −22.3
4 EMEA −25.6
5 Europe −27.3
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 102
6 Latin America −35.7
7 E. Europe −64.4
DevelopedMarkets 1 U.S., S&P 500 40.7
2 U.K.,FT−EuroPac
19.3
Note: Neither local Japanese index (Nikkei or Topix) publish atotal return index.
Percent Change in IFCG Total Return Indexes, 1998
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 103
IFCG Total Return Indexes 1998 High, Low, Close:(US$; Year−end and Daily Closing Levels)
Market End−1997 High Date Low Date End−1998
Latin America
Argentina 2,746.2 2,818.0 Mar 26 1,361.6 Sep 10 2,032.5
Brazil 720.9 814.6 Apr 15 330.8 Sep 10 440.3
Chile 5,944.9 6,003.5 Mar 17 3,270.2 Sep 14 4,311.4
Colombia 3,978.1 3,934.9 Jan 2 1,638.0 Oct 15 2,357.1
Mexico 3,045.4 3,039.1 Jan 2 1,339.5 Sep 10 1,909.9
Peru 281.2 282.8 May 4 164.2 Sep 22 174.2
Venezuela 760.5 759.1 Jan 2 214.8 Sep 10 385.4
Asia
China 138.5 148.6 Jun 3 105.5 Aug 17 107.2
India 366.1 440.3 Apr 21 286.7 Oct 20 316.3
Indonesia 35.8 33.8 Jan 2 9.8 Sep 21 25.6
Korea 134.5 299.1 Dec 30 121.7 Jun 16 298.6
Malaysia 132.0 188.0 Feb 10 60.9 Sep 1 133.8
Pakistan 454.6 454.6 Jan 2 154.0 Oct 21 200.5
Philippines 1,890.6 2,528.3 Mar 25 1,043.1 Sep 11 2,095.7
Sri Lanka 100.9 115.6 Apr 24 60.3 Sep 4 83.5
Taiwan, China 1,025.0 1,193.8 Mar 2 672.9 Sep 3 826.2
Thailand 210.1 387.0 Mar 23 130.2 Sep 3 278.7
Europe
Czech Republic 56.2 62.9 Jul 31 41.3 Oct 6 51.8
Greece 1,065.2 2,083.8 Dec 31 985.5 Jan 29 2,083.8
Hungary 247.7 285.2 Apr 3 144.7 Sep 21 223.5
Poland 650.5 894.4 May 5 468.1 Oct 9 580.1
Portugal 1,567.4 2,585.9 Apr 22 1,599.6 Jan 2 2,198.0
Russia 638.7 652.3 Jan 5 40.5 Oct 2 80.4
Slovakia 109.1 109.4 Jan 2 46.3 Nov 24 51.4
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 104
Turkey 1,300.2 1,382.3 Jan 5 502.4 Oct 8 628.1
Mideast/Africa
Egypt 183.1 183.5 Jan 2 131.3 Aug 28 136.8
Israel 124.4 139.0 Jun 8 88.3 Oct 8 106.5
Jordan 259.4 308.2 Aug 17 253.7 Feb 16 287.3
Morocco 199.4 283.6 Oct 8 196.0 Jan 20 258.6
Nigeria 216.7 214.0 Jan 2 158.9 Sep 9 162.4
Saudi Arabia 100.0 104.3 May 11 70.9 Dec 8 76.6
South Africa 207.1 276.0 Apr 20 119.7 Sep 11 148.4
Zimbabwe 1,092.4 1,430.2 Mar 31 416.9 Sep 24 460.9
Regions
Composite 446.4 486.5 Apr 15 285.7 Sep 11 352.2
Latin America 1,326.9 1,337.4 Jan 2 624.3 Sep 10 854.9
Asia 283.1 337.2 Mar 2 193.7 Sep 1 267.3
Europe 226.5 255.1 Apr 22 118.0 Oct 5 164.4
Mideast/Africa 79.7 98.9 Apr 20 55.7 Aug 28 61.9
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 105
IFCG Total Return Indexes High and Low vs. 1997 Close
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1998:(End−of−period Values in US$; End 1984=100)
Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Indexlevels
IFCGComposite 420.9 464.3 479.2 475.4 418.8 375.7 386.5 288.2 302.5 333.4 358.3 352.3
IFCG LatinAmerica
1,174.2 1,228.6 1,312.2 1,298.9 1,137.8 1,074.9 1,115.6 743.7 789.2 845.2 925.5 854.9
IFCG Asia 280.5 330.5 326.7 304.0 267.8 234.1 237.7 198.1 214.3 239.3 263.6 267.4
IFCG EMEA* 120.3 127.4 135.3 146.5 129.8 114.4 118.5 85.1 84.5 93.8 95.9 94.7
952.1 1,020.8 1,073.0 1,083.8 1,065.2 1,108.5 1,096.7 938.3 998.4 1,079.6 1,145.0 1,210.9
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1998: (End−of−period Values in US$; End 1984=100)106
U.S., S&P 500
FT, EuroPac 637.7 678.4 697.5 700.0 698.6 698.6 704.0 617.2 601.2 664.6 701.0 726.1
% changeIFCGComposite −5.7 10.3 3.2 −0.8 −11.9 −10.3 2.9 −25.4 4.9 10.2 7.5 −1.7
IFCG LatinAmerica
−11.5 4.6 6.8 −1.0 −12.4 −5.5 3.8 −33.3 6.1 7.1 9.5 −7.6
IFCG Asia −0.9 17.8 −1.1 −7.0 −11.9 −12.6 1.6 −16.7 8.2 11.7 10.1 1.4
IFCG EMEA −5.5 5.9 6.2 8.3 −11.4 −11.8 3.6 −28.2 −0.7 11.0 2.2 −1.2
U.S., S&P 500 10.6 7.2 5.1 1.0 −1.7 4.1 −1.1 −14.4 6.4 8.1 6.1 5.8
FT, EuroPac 4.8 6.4 2.8 0.4 −0.2 0.0 0.8 −12.3 −2.6 10.6 5.5 3.6
Note: The IFCG EMEA Index has a base date of December 1995=100.
IFCG Regional Total Return Indexes vs. U.S. S&P 500, 1998(daily; rebased to end−1997=100)
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1989−1998:(End−of−period Values in US$; End 1984=100)
Index 1989 1990 1 991 1992 1993 1994 1995 1996 1997 1998
Indexlevels IFCG Composite400.5 280.9 330.3 331.4 555.2 552.2 484.2 522.3 446.4 352.3
IFCG LatinAmerica
289.8 279.0 623.7 659.3 1,032.2 1,030.9 866.8 1,032.5 1,326.9 854.9
IFCG Asia 490.7 313.5 315.2 319.3 543.2 545.9 470.2 497.3 283.1 267.4
IFCG EMEA* − − − − − − 100.0 100.3 127.3 94.7
251.9 244.1 318.3 342.7 376.9 381.8 524.7 645.6 860.8 1,210.9
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes Regional vs. Developed Market Performance, 1989−1998: (End−of−period Values in US$; End 1984=100)107
U.S., S&P 500
FT, EuroPac 485.2 369.6 416.2 362.9 477.3 521.0 576.4 609.9 608.6 726.1
% change IFCG Composite54.7 −29.9 17.6 0.3 67.5 −0.5 −12.3 7.9 −14.5 −21.1
IFCG LatinAmerica
51.6 −3.7 123.5 5.7 56.6 −0.1 −15.9 19.1 28.5 −35.6
IFCG Asia 54.9 −36.1 0.5 1.3 70.1 0.5 −13.9 5.8 −43.1 −5.6
IFCG EMEA − − − − − − − 0.3 26.9 −25.6
U.S., S&P 500 31.6 −3.1 30.4 7.6 10.0 1.3 37.4 23.0 33.3 40.7
FT, EuroPac 11.3 −23.8 12.6 −12.8 31.5 9.2 10.6 5.8 −0.2 19.3
Note. The IFCG EMEA Index has a base date of December 1995=100.
IFCG Regional Total Return Indexes vs. U.S. S&P 500, 1989−1998(monthly; end−1988=100)
IFCG Total Return Indexes 1998:(End−of−period Values in US$)
Market Base date(= 100.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Dec−84 2,501.4 2,711.7 2,808.3 2,760.5 2,428.3 2,280.6 2,447.2 1,652.0 1,870.7 2,135.7 2,246.0 2,032.5
Brazil Dec−84 670.5 718.2 787.7 774.1 652.5 638.0 693.5 434.6 433.0 451.0 539.0 440.3
Chile Dec−84 5,082.8 5,563.0 5,929.4 5,645.8 5,191.7 4,774.6 5,014.8 3,681.5 3,801.5 4,105.8 4,801.0 4,311.4
Colombia Dec−84 3,570.4 3,125.7 3,058.7 3,152.8 2,906.7 2,792.4 2,559.7 2,051.1 1,821.1 1,737.1 2,190.1 2,357.1
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998: (End−of−period Values in US$) 108
Mexico Dec−84 2,581.5 2,639.0 2,794.7 2,860.0 2,488.4 2,330.5 2,295.0 1,523.8 1,723.2 1,889.1 1,815.1 1,909.9
Peru Dec−92 252.4 241.9 266.4 280.5 270.4 250.7 254.8 182.4 175.3 171.0 199.7 174.2
Venezuela Dec−84 633.1 612.6 627.1 485.9 499.7 385.4 381.3 230.2 313.6 294.3 316.8 385.4
Asia
China Dec−92 137.0 137.2 138.7 144.6 148.3 133.6 129.9 112.6 118.8 114.6 117.0 107.2
India Dec−84 330.3 363.1 393.2 409.7 369.7 319.1 317.8 296.7 313.1 291.7 289.5 316.3
Indonesia Dec−89 23.3 27.2 32.5 28.0 17.1 14.2 18.0 15.3 11.6 17.9 26.2 25.6
Korea Dec−84 229.8 213.0 215.1 198.5 152.5 135.3 173.8 140.1 133.9 177.8 217.7 298.6
Malaysia Dec−84 118.7 182.4 175.5 148.1 122.7 96.1 87.1 63.9 88.7 95.2 121.9 133.8
Pakistan Dec−84 422.6 425.6 407.3 405.0 262.7 196.5 189.1 193.2 219.9 161.6 217.2 200.5
Philippines Dec−84 1,815.9 2,295.4 2,406.9 2,194.4 2,098.9 1,710.9 1,549.6 1,126.6 1,192.0 1,751.2 2,048.4 2,095.7
Sri Lanka Dec−92 94.9 101.6 104.6 115.3 94.8 79.1 81.6 65.2 67.4 67.2 80.7 83.5
Taiwan, China Dec−84 970.3 1,181.8 1,117.9 1,005.8 910.0 835.7 849.5 706.5 760.5 858.8 909.3 826.2
Thailand Dec−84 274.0 363.5 343.2 312.3 224.2 169.4 171.8 131.5 171.1 251.4 285.8 278.7
Europe
Czech RepublicDec−93 51.1 55.8 58.1 59.9 55.5 55.9 62.9 47.4 47.1 52.2 50.6 51.8
Greece Dec−84 995.4 1,024.5 1,321.7 1,726.1 1,796.2 1,640.3 1,988.1 1,508.0 1,563.5 1,638.1 1,890.6 2,083.8
Hungary Dec−92 223.4 246.8 272.6 266.8 232.7 246.7 268.4 165.9 162.9 192.0 208.7 223.5
Poland Dec−92 658.6 828.7 793.8 863.4 749.4 765.4 823.3 513.8 545.6 580.3 539.8 580.1
Portugal Jan−86 1,752.7 1,986.1 2,219.7 2,436.0 2,371.8 2,165.6 2,351.9 2,019.8 1,764.9 2,120.7 2,145.9 2,198.0
Russia Dec−95 441.2 491.3 524.7 506.0 305.9 238.1 234.5 87.9 48.3 74.1 105.4 80.4
Slovakia Dec−95 96.1 92.9 84.8 82.3 69.7 64.4 67.9 67.6 60.8 52.5 47.3 51.4
Turkey Dec−86 1,233.3 1,090.9 1,018.3 1,273.1 1,095.6 1,152.1 1,157.6 686.9 604.4 578.9 650.8 628.1
Mideast/Africa
Egypt Dec−95 173.3 172.4 178.0 175.3 160.9 153.8 151.7 134.2 143.3 136.9 134.9 136.8
Israel Dec−96 112.7 117.3 126.8 124.9 134.1 129.0 129.3 114.5 109.7 97.9 105.7 106.5
Jordan Dec−84 258.1 260.4 259.0 269.9 294.1 281.9 300.1 300.8 289.4 272.0 280.2 287.3
Morocco Dec−95 198.3 208.6 216.5 238.2 249.9 250.8 255.4 276.9 279.5 271.6 260.0 258.6
Nigeria Dec−84 198.6 191.0 185.5 178.5 163.6 172.6 173.5 164.9 167.8 167.8 170.1 162.4
Saudi Arabia Dec−97 100.3 95.2 92.9 100.5 99.5 96.5 96.6 91.6 89.8 80.7 79.2 76.6
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998: (End−of−period Values in US$) 109
South Africa Dec−92 218.9 234.9 247.7 270.0 238.3 183.2 180.3 121.0 138.8 169.2 160.1 148.4
Zimbabwe Dec−84 1,249.4 1,296.6 1,430.2 1,177.1 1,038.7 1,080.6 940.8 558.4 470.5 434.0 424.7 460.9
IFCG Total Return Indexes 1998:(Monthly % Change in US$)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina −8.9 8.4 3.6 −1.7 −12.0 −6.1 7.3 −32.5 13.2 14.2 5.2 −9.5
Brazil −7.0 7.1 9.7 −1.7 −15.7 −2.2 8.7 −37.3 −0.4 4.2 19.5 −18.3
Chile −14.5 9.4 6.6 −4.8 −8.0 −8.0 5.0 −26.6 3.3 8.0 16.9 −10.2
Colombia −10.2 −12.5 −2.1 3.1 −7.8 −3.9 −8.3 −19.9 −11.2 −4.6 26.1 7.6
Mexico −15.2 2.2 5.9 2.3 −13.0 −6.3 −1.5 −33.6 13.1 9.6 −3.9 5.2
Peru −10.2 −4.2 10.1 5.3 −3.6 −7.3 1.6 −28.4 −3.8 −2.5 16.8 −12.8
Venezuela −16.7 −3.2 2.4 −22.5 2.8 −22.9 −1.1 −39.6 36.2 −6.2 7.7 21.6
Asia
China −1.1 0.1 1.1 4.3 2.5 −9.9 −2.8 −13.3 5.5 −3.5 2.1 −8.4
India −9.8 9.9 8.3 4.2 −9.7 −13.7 −0.4 −6.7 5.5 −6.8 −0.7 9.3
Indonesia −35.0 16.9 19.2 −13.9 −38.7 −16.9 26.7 −15.4 −24.1 54.7 46.3 −2.5
Korea 70.9 −7.3 1.0 −7.7 −23.2 −11.2 28.4 −19.4 −4.4 32.8 22.5 37.1
Malaysia −10.1 53.7 −3.8 −15.6 −17.2 −21.6 −9.4 −26.6 38.7 7.3 28.1 9.8
Pakistan −7.0 0.7 −4.3 −0.6 −35.1 −25.2 −3.7 2.2 13.8 −26.5 34.4 −7.7
Philippines −4.0 26.4 4.9 −8.8 4.4 −18.5 −9.4 −27.3 5.8 46.9 17.0 2.3
Sri Lanka −5.9 7.1 3.0 10.2 −17.8 −16.6 3.2 −20.1 3.4 −0.4 20.1 3.4
Taiwan, China −5.3 21.8 −5.4 −10.0 −9.5 −8.2 1.6 −16.8 7.7 12.9 5.9 −9.1
Thailand 30.4 32.6 −5.6 −9.0 −28.2 −24.4 1.4 −23.4 30.1 46.9 13.7 −2.5
Europe
Czech Republic −9.2 9.4 4.0 3.1 −7.4 0.7 12.6 −24.7 −0.5 10.7 −3.1 2.5
Greece −6.6 2.9 29.0 30.6 4.1 −8.7 21.2 −24.2 3.7 4.8 15.4 10.2
Hungary −9.8 10.5 10.5 −2.1 −12.8 6.0 8.8 −38.2 −1.8 17.9 8.7 7.1
Poland 1.2 25.8 −4.2 8.8 −13.2 2.1 7.6 −37.6 6.2 6.4 −7.0 7.5
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1998: (Monthly % Change in US$) 110
Portugal 11.8 13.3 11.8 9.7 −2.6 −8.7 8.6 −14.1 −12.6 20.2 1.2 2.4
Russia −30.9 11.4 6.8 −3.6 −39.5 −22.2 −1.5 −62.5 −45.0 53.2 42.3 −23.7
Slovakia −12.0 −3.3 −8.7 −3.0 −15.3 −7.6 5.3 −0.4 −10.0 −13.7 −10.0 8.7
Turkey −5.1 −11.5 −6.7 25.0 −13.9 5.2 0.5 −40.7 −12.0 −4.2 12.4 −3.5
Mideast/Africa
Egypt −5.4 −0.5 3.3 −1.5 −8.2 −4.4 −1.4 −11.6 6.8 −4.4 −1.5 1.5
Israel −9.5 4.2 8.0 −1.5 7.4 −3.9 0.2 −11.5 −4.1 −10.8 8.0 0.7
Jordan −0.5 0.9 −0.5 4.2 9.0 −4.2 6.5 0.2 −3.8 −6.0 3.0 2.6
Morocco −0.5 5.2 3.8 10.0 4.9 0.4 1.9 8.4 0.9 −2.8 −4.3 −0.6
Nigeria −8.4 −3.8 −2.9 −3.8 −8.4 5.5 0.5 4.9 1.7 0.0 1.4 −4.5
Saudi Arabia 0.3 −5.1 −2.4 8.1 −1.0 −3.1 0.2 −5.2 −1.9 −10.1 −1.8 −3.4
South Africa 5.7 7.3 5.4 9.0 −11.7 −23.1 −1.6 −32.9 14.7 21.9 −5.4 −7.3
Zimbabwe 14.4 3.8 10.3 −17.7 −11.8 4.0 −12.9 −40.6 −15.7 −7.8 −2.1 8.5
IFCG Total Return Indexes 1989−1998:(End−of−period Values in US$)
Market Base date(=100.0)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Dec−84 540.7 343.1 1,704.8 1,253.1 2,164.7 1,661.4 1,872.1 2,290.0 2,746.2 2,032.5
Brazil Dec−84 170.7 58.6 158.4 158.9 316.9 538.2 429.3 577.2 720.9 440.3
Chile Dec−84 1,026.0 1,440.9 2,853.9 3,315.6 4,462.9 6,470.7 6,508.0 5,575.3 5,944.9 4,311.4
Colombia Dec−84 389.8 535.9 1,561.1 2,171.6 2,925.4 3,770.7 2,874.5 3,106.0 3,978.1 2,357.1
Mexico Dec−84 802.7 1,041.0 2,152.4 2,608.2 3,909.8 2,320.9 1,717.9 2,024.2 3,045.4 1,909.9
Peru Dec−92 − − − 100.0 137.2 210.6 233.8 241.1 281.2 174.2
Venezuela Dec−84 89.4 627.4 907.4 523.6 487.3 362.2 255.5 609.5 760.5 385.4
Asia
China Dec−92 − − − 100.0 92.7 62.1 54.4 104.2 138.5 107.2
India Dec−84 240.7 285.9 338.5 416.0 494.0 530.7 349.2 341.8 366.1 316.3
Indonesia Dec−89 100.0 99.4 57.4 59.0 126.0 101.6 113.8 136.4 35.8 25.6
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1989−1998: (End−of−period Values in US$) 111
Korea Dec−84 797.5 595.3 500.8 518.6 627.1 746.6 695.4 429.9 134.4 298.6
Malaysia Dec−84 178.2 158.2 177.3 226.9 460.3 361.3 374.2 465.9 132.0 133.8
Pakistan Dec−84 184.6 205.0 557.8 455.1 710.9 650.3 447.8 360.4 454.6 200.5
Philippines Dec−84 2,371.5 1,094.0 1,738.5 2,056.8 4,831.5 4,802.3 4,125.5 4,965.0 1,890.6 2,095.7
Sri Lanka Dec−92 − − − 100.0 165.4 164.8 102.3 90.8 100.9 83.5
Taiwan, China Dec−84 1,407.1 690.8 686.6 503.7 952.2 1,166.2 808.7 1,110.8 1,025.0 826.2
Thailand Dec−84 679.3 538.4 641.8 900.4 1,827.8 1,621.2 1,598.1 1,013.4 210.1 278.7
Europe
Czech RepublicDec−93 − − − − 100.0 81.1 65.0 79.1 56.2 51.8
Greece Dec−84 446.4 911.2 735.9 537.4 655.3 668.6 737.5 774.8 1,065.2 2,083.8
Hungary Dec−92 − − − 100.0 124.6 105.5 76.9 152.1 247.7 223.5
Poland Dec−92 − − − 100.0 839.6 484.0 450.4 784.2 650.5 580.1
Portugal Jan−86 874.5 613.8 624.3 503.1 694.6 834.0 824.5 1,064.5 1,567.4 2,198.0
Russia Dec−95 − − − − − − 100.0 261.1 638.7 80.4
Slovakia Dec−95 − − − − − − 100.0 119.2 109.1 51.4
Turkey Dec−86 849.0 825.3 480.5 227.0 759.0 449.7 402.1 599.0 1,300.2 628.1
Mideast/Africa
Egypt Dec−95 − − − − − − 100.0 148.1 183.1 136.8
Israel Dec−96 − − − − − − − 100.0 124.4 106.5
Jordan Dec−84 121.4 126.6 145.8 181.8 225.7 203.7 229.5 226.6 259.4 287.3
Morocco Dec−95 − − − − − − 100.0 142.0 199.4 258.6
Nigeria Dec−84 51.1 71.9 99.0 64.4 57.0 165.8 131.1 213.8 216.7 162.4
Saudi Arabia Dec−97 − − − − − − − − 100.0 76.6
South Africa Dec−92 − − − 100.0 182.4 239.5 282.1 233.9 207.1 148.4
Zimbabwe Dec−84 1,028.9 2,005.8 956.1 384.8 938.0 1,203.2 1,403.8 2,338.8 1,092.4 460.9
IFCG Total Return Indexes 1989−1998:(Annual % Change in US$)
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1989−1998: (Annual % Change in US$) 112
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina 175.9 −36.6 396.9 −26.5 72.7 −23.3 12.7 22.3 19.9 −26.0
Brazil 39.9 −65.7 170.4 0.3 99.4 69.8 −20.2 34.4 24.9 −38.9
Chile 51.2 40.4 98.1 16.2 34.6 45.0 0.6 −14.3 6.6 −27.5
Colombia 12.2 37.5 191.3 39.1 34.7 28.9 −23.8 8.1 28.1 −40.7
Mexico 73.4 29.7 106.8 21.2 49.9 −40.6 −26.0 17.8 50.4 −37.3
Peru − − − − 37.2 53.5 11.0 3.1 16.6 −38.0
Venezuela −33.1 601.6 44.6 −42.3 −6.9 −25.7 −29.5 138.6 24.8 −49.3
Asia
China − − − − −7.3 −33.0 −12.4 91.4 33.0 −22.6
India 4.3 18.8 18.4 22.9 18.8 7.4 −34.2 −2.1 7.1 −13.6
Indonesia − −0.6 −42.3 2.9 113.4 −19.3 12.0 19.8 −73.7 −28.7
Korea 7.0 −25.4 −15.9 3.6 20.9 19.1 −6.9 −38.2 −68.7 122.1
Malaysia 44.0 −11.2 12.1 27.9 102.9 −21.5 3.6 24.5 −71.7 1.4
Pakistan 6.4 11.1 172.1 −18.4 56.2 −8.5 −31.1 −19.5 26.1 −55.9
Philippines 59.5 −53.9 58.9 18.3 134.9 −0.6 −14.1 20.4 −61.9 10.8
Sri Lanka − − − − 65.4 −0.4 −38.0 −11.2 11.1 −17.3
Taiwan, China 100.0 −50.9 −0.6 −26.6 89.0 22.5 −30.7 37.4 −7.7 −19.4
Thailand 100.8 −20.7 19.2 40.3 103.0 −11.3 −1.4 −36.6 −79.3 32.7
Europe
Czech Republic − − − − − −18.9 −19.9 21.7 −29.0 −7.8
Greece 80.2 104.1 −19.2 −27.0 21.9 2.0 10.3 5.1 37.5 95.6
Hungary − − − − 24.6 −15.3 −27.1 97.8 62.9 −9.8
Poland − − − − 739.6 −42.4 −6.9 74.1 −17.0 −10.8
Portugal 40.1 −29.8 1.7 −19.4 38.1 20.1 −1.1 29.1 47.2 40.2
Russia − − − − − − − 161.1 144.6 −87.4
Slovakia − − − − − − − 19.2 −8.5 −52.9
Turkey 502.4 −2.8 −41.8 −52.8 234.3 −40.7 −10.6 49.0 117.1 −51.7
Emerging Stock Markets Factbook 1999
IFCG Total Return Indexes 1989−1998: (Annual % Change in US$) 113
Mideast/Africa
Egypt − − − − − − − 48.1 23.6 −25.3
Israel − − − − − − − − 24.4 −14.4
Jordan −1.1 4.2 15.1 24.7 24.2 −9.7 12.7 −1.3 14.5 10.8
Morocco − − − − − − − 42.0 40.4 29.7
Nigeria 21.1 40.6 37.8 −34.9 −11.6 190.9 −20.9 63.0 1.4 −25.1
Saudi Arabia − − − − − − − − − −23.4
South Africa − − − − 82.4 31.3 17.8 −17.1 −11.5 −28.4
Zimbabwe 40.8 94.9 −52.3 −59.8 143.8 28.3 16.7 66.6 −53.3 −57.8
Statistics of the IFCG Total Return Indexes:(US$; December 1993−December 1998)
Market
Numberofmonths
Mean of%change
Standarddeviation
Annualizedmean
Annualizedstandarddeviation
CorrelationwithS&P 500
Latin America
Argentina 60 0.39 9.74 4.68 33.74 0.58
Brazil 60 1.31 12.26 15.72 42.47 0.41
Chile 60 0.28 8.19 3.36 28.37 0.41
Colombia 60 −0.04 8.12 −0.48 28.13 0.07
Mexico 60 −0.46 11.49 −5.52 39.80 0.45
Peru 60 0.82 9.32 9.84 32.29 0.17
Venezuela 60 0.88 15.42 10.56 53.42 0.24
Asia
China 60 1.25 16.39 15.00 56.78 0.07
India 60 −0.43 8.04 −5.16 27.85 0.17
Indonesia 60 −1.21 16.74 −14.52 57.99 0.35
Korea 60 −0.13 15.71 −1.56 54.42 0.40
Malaysia 60 −1.15 13.80 −13.80 47.80 0.44
Pakistan 60 −1.45 11.18 −17.40 38.73 0.17
Philippines 60 −0.77 11.35 −9.24 39.32 0.49
Sri Lanka 60 −0.74 8.91 −8.88 30.87 0.31
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Total Return Indexes: (US$; December 1993−December 1998) 114
Taiwan, China 60 0.15 8.94 1.80 30.97 0.36
Thailand 60 −2.02 14.74 −24.24 51.06 0.59
Europe
Czech Republic* 59 −1.43 7.63 −17.16 26.43 0.21
Greece 60 2.35 9.30 28.20 32.22 0.33
Hungary 60 1.78 12.88 21.36 44.62 0.47
Poland 60 0.48 14.79 5.76 51.23 0.37
Portugal 60 2.14 6.37 25.68 22.07 0.46
Russia* 35 3.23 25.67 38.76 88.92 0.32
Slovakia* 24 −3.17 7.45 −38.04 25.81 −0.32
Turkey 60 1.02 16.56 12.24 57.37 0.25
Mideast/Africa
Egypt* 35 1.30 7.94 15.60 27.50 0.13
Israel* 24 0.49 6.82 5.88 23.63 0.39
Jordan 60 0.47 3.63 5.64 12.57 0.07
Morocco* 35 2.91 4.67 34.92 16.18 −0.50
Nigeria 60 3.33 17.07 39.96 59.13 0.01
Saudi Arabia* 12 −2.11 4.29 −25.32 14.86 −0.06
South Africa 60 0.05 8.64 0.60 29.93 0.47
Zimbabwe 60 −0.37 12.09 −4.44 41.88 0.34
Regions
Composite 60 −0.54 6.33 −6.48 21.93 0.62
Latin America 60 0.10 8.83 1.20 30.59 0.52
Asia 60 −0.94 6.78 −11.28 23.49 0.54
EMEA* 35 −0.16 7.56 −1.92 26.19 0.56
Europe* 35 1.54 10.02 18.48 34.71 0.45
E. Europe* 35 0.33 13.93 3.96 48.25 0.41
ME & Africa* 35 −1.37 6.88 −16.44 23.83 0.57
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Total Return Indexes: (US$; December 1993−December 1998) 115
DevelopedMarkets
U.S., S&P 500 60 2.05 4.15 24.60 14.38 1.00
FT Europac 60 0.78 4.07 9.36 14.10 0.68
Note : Statistical data based on less than 60 months of results.
IFCG Total Return Index Annualized Standard Deviation, 1993−1998
IFCG Total Return Index Annualized Mean Return, 1993−1998
Emerging Stock Markets Factbook 1999
Statistics of the IFCG Total Return Indexes: (US$; December 1993−December 1998) 116
IFCG Total Return Index Correlations:(US$; December 1993−December 1998)
Notes: Correlations are for 60−month period ending in December 1998, except as noted on p. 68.
IFCG Total Return Index Correlations with S&P 500:(US$; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCG Total Return Index Correlations: (US$; December 1993−December 1998) 117
IFCG Total Return Index Correlations with S&P 500, 1993−1998
Industry Weights in the IFCG Composite Index End−1998
SIC Sector/Industry
NumberofStocks
Marketcapitalization(US$millions)
Weight inIFCGComposite(%)
0 Agriculture/forestry/fishing 45 7,012 0.8
1 Mining 74 42,231 4.9
10 Metal Mining 43 15,299 1.8
2 Construction 76 14,134 1.6
15 General Building Contractors 42 9,200 1.1
3 Manufacturing 938 325,420 37.8
Emerging Stock Markets Factbook 1999
Industry Weights in the IFCG Composite Index End−1998 118
20 Food & Kindred Products 127 45,615 5.3
22 Textile Mill Products 53 8,648 1.0
23 Apparel & Other Textile Products 23 6,431 0.7
26 Paper & Allied Products 46 14,665 1.7
28 Chemicals & Allied Products 128 22,824 2.6
29 Petroleum Refining & RelatedProducts
44 21,317 2.5
30 Rubber & Misc. Plastics Products 33 8,980 1.0
32 Cement & Glass Products 108 26,376 3.1
33 Primary Metal Industries 39 10,163 1.2
34 Fabricated Metal Products 51 7,310 0.8
36 Electric & Electronic Equipment 133 103,506 12.0
37 Transportation Equipment 53 12,730 1.5
39 Miscellaneous Manufacturing 35 15,080 1.8
4 Transportation/communication/utility219 158,160 18.4
44 Water Transportation 20 6,409 0.7
48 Communications 81 100,358 11.7
49 Electric, Gas or Sanitary Services 88 46,618 5.4
5 Wholesale/retail trade 96 27,793 3.2
6 Finance/insurance/real estate 390 232,415 27.0
60 Banking 175 155,134 18.0
61 Credit Agencies Other Than Banks 36 5,290 0.6
62 Security & Commodity Brokers 28 6,677 0.8
63 Insurance 28 23,558 2.7
7 Services 52 12,341 1.4
70 Hotels & Other Lodging Places 23 3,506 0.4
9 Other/diversified holding companies103 41,580 4.8
1,993 861,413 100.0
Emerging Stock Markets Factbook 1999
Industry Weights in the IFCG Composite Index End−1998 119
IFCG Composite Index
Weights in the IFCG Composite Index, End−1998
Stock Distribution by Industry in theIFCG Composite Index, End−1998
Industry Concentration in IFCG Composite Index End−1998:(Percent)
Market
Sector withlargest share ofmarket cap
Sector'sshare ofmarket cap
Latin America
Argentina Mining 46.1
Brazil Transportation / communication/ utility
50.7
Chile Transportation / communication/ utility
45.6
Colombia Finance / insurance / real estate44.6
Mexico Transportation / communication/ utility
30.8
Peru Transportation / communication/ utility
34.6
Venezuela Transportation / communication/ utility
44.9
Emerging Stock Markets Factbook 1999
Industry Concentration in IFCG Composite Index End−1998: (Percent) 120
Asia
China Manufacturing 41.9
India Manufacturing 80.7
Indonesia Manufacturing 67.0
Korea Manufacturing 54.0
Malaysia Transportation / communication/ utility
22.0
Pakistan Manufacturing 55.7
Philippines Finance / insurance / real estate46.6
Sri Lanka Finance / insurance / real estate33.1
Taiwan, China Manufacturing 67.6
Thailand Finance / insurance / real estate36.6
Europe
Czech RepublicTransportation / communication/ utility
53.3
Greece Finance / insurance / real estate51.6
Hungary Transportation / communication/ utility
51.1
Poland Finance / insurance / real estate46.1
Portugal Finance / insurance / real estate50.8
Russia Mining 72.4
Slovakia Manufacturing 82.8
Turkey Finance / insurance / real estate58.9
Mideast/Africa
Egypt Manufacturing 61.1
Israel Manufacturing 39.3
Jordan Finance / insurance / real estate79.6
Morocco Finance / insurance / real estate65.5
Nigeria Manufacturing 56.5
Saudi Arabia Finance / insurance / real estate74.7
South Africa Finance / insurance/ real estate37.9
Emerging Stock Markets Factbook 1999
Industry Concentration in IFCG Composite Index End−1998: (Percent) 121
Zimbabwe Finance / insurance/ real estate57.7
IFCGComposite Manufacturing 37.8
Share of Market Cap of Largest Sector, End−1998
Industry Distribution by Market Capitalization of IFCG Composite Index, 1998:(US$ Millions; End−1998)
Emerging Stock Markets Factbook 1999
Industry Distribution by Market Capitalization of IFCG Composite Index, 1998: (US$ Millions; End−1998)122
Note: Figures may not precisely add up due to rounding.
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Distribution by Market Capitalization of IFCG Composite Index, 1998: (US$ Millions; End−1998)123
Note: Figures may not precisely add up due to rounding.
Industry Weights by Market Capitalization of IFCG Composite Index, 1998:(% of Market Capitalization; End−1998)
Emerging Stock Markets Factbook 1999
Industry Weights by Market Capitalization of IFCG Composite Index, 1998: (% of Market Capitalization; End−1998)124
Note: Figures may not precisely add up due to rounding.
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Weights by Market Capitalization of IFCG Composite Index, 1998: (% of Market Capitalization; End−1998)125
Note: Figures may not precisely add up due to rounding.
Industry Distribution by Number of Stocks in IFCG Composite Index, 1998:(End−1998)
Emerging Stock Markets Factbook 1999
Industry Distribution by Number of Stocks in IFCG Composite Index, 1998: (End−1998) 126
Note: Figures may not precisely add up due to rounding.
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Distribution by Number of Stocks in IFCG Composite Index, 1998: (End−1998) 127
Note: Figures may not precisely add up due to rounding.
IFCG Industry Price Indexes 1998 Performance Summary:(US$; End 1984=100)
SIC Sector/IndustryEnd−1998
% changefromEnd−1997
0 Agriculture/forestry/fishing 103.7 −7.0
1 Mining 110.2 −51.9
110 Metal Mining 74.8 −20.5
Construction 156.6 −20.0
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1998 Performance Summary: (US$; End 1984=100) 128
2
215 General Building Contractors 165.9 −27.8
3 Manufacturing 333.8 −16.0
320 Food & Kindred Products 651.3 −15.2
322 Textile Mill Products 224.0 −25.9
323 Apparel & Other Textile Products 107.9 −29.7
326 Paper & Allied Products 460.6 −31.6
328 Chemicals & Allied Products 249.7 −20.7
329 Petroleum Refining & RelatedProducts
153.1 −37.2
330 Rubber & Misc. Plastics Products 496.5 −16.7
332 Cement & Glass Products 600.7 −22.4
333 Primary Metal Industries 178.8 −11.7
334 Fabricated Metal Products 59.9 −40.1
336 Electric & Electronic Equipment 760.7 1.5
337 Transportation Equipment 235.6 −26.9
339 Miscellaneous Manufacturing 415.4 0.2
4 Transportation/communication/utility1,199.6 −25.3
444 Water Transportation 185.6 1.1
448 Communications 4,228.2 −19.7
449 Electric, Gas or Sanitary Services 742.2 −38.1
5 Wholesale/retail trade 192.2 −28.4
6 Finance/insurance/real estate 140.7 −15.9
660 Banking 185.6 −14.9
661 Credit Agencies Other Than Banks 122.7 −28.6
662 Security & Commodity Brokers 29.3 199.1
663 Insurance 115.9 −18.8
7 Services 141.0 −18.0
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1998 Performance Summary: (US$; End 1984=100) 129
770 Hotels & Other Lodging Places 98.3 −27.7
9 Other/diversified holding companies139.9 −31.8
IFCG Composite Price Index 252.8 −22.9
Performance Highlights of IFCG Industry Sector Price Indexes (%)
IFCG Industry Price Indexes 1998:(End−of−period Values in US$; End 1984=100)
SIC Sector/Industry Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0 Agriculture/forestry/fishing 109.4 135.1 136.6 126.5 109.6 103.1 100.2 76.1 83.7 85.1 97.9 103.7
1 Mining 190.7 200.7 211.0 210.9 165.4 145.4 147.0 99.0 104.7 117.4 124.1 110.2
110 Metal Mining 90.9 95.3 100.6 105.9 93.3 85.6 87.4 69.0 80.1 84.3 84.3 74.8
2 Construction 181.4 211.9 208.0 197.9 175.8 155.2 155.4 117.6 130.3 142.8 153.7 156.6
215 General Building Contractors 210.8 237.8 236.4 230.8 204.8 182.2 181.4 135.6 145.9 165.3 173.5 165.9
3 Manufacturing 385.4 429.9 437.8 430.8 381.3 339.2 350.4 278.6 287.8 307.2 336.0 333.8
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1998: (End−of−period Values in US$; End 1984=100) 130
320 Food & Kindred Products 743.9 780.4 824.6 842.3 764.6 691.2 715.3 547.6 567.1 605.1 641.8 651.3
322 Textile Mill Products 280.1 298.4 306.4 289.2 262.7 236.9 222.6 183.1 204.0 216.2 234.6 224.0
323 Apparel & Other Textile Products 142.0 148.4 158.7 159.1 136.2 128.2 116.0 92.8 101.0 99.7 104.8 107.9
326 Paper & Allied Products 583.5 635.4 705.9 687.5 623.6 559.0 527.6 422.5 392.9 448.9 512.9 460.6
328 Chemicals & Allied Products 300.0 312.7 321.9 322.2 289.0 260.7 263.0 223.1 228.6 230.8 245.9 249.7
329 Petroleum Refining & RelatedProducts
231.7 238.4 239.6 245.1 204.3 182.9 192.1 129.1 138.6 156.2 166.2 153.1
330 Rubber & Misc. Plastics Products 583.0 658.8 642.4 612.8 557.4 500.7 486.1 369.5 421.9 478.5 536.5 496.5
332 Cement & Glass Products 702.6 748.6 803.0 825.5 735.2 662.8 669.2 518.8 532.4 571.0 603.6 600.7
333 Primary Metal Industries 216.1 227.0 237.0 245.8 204.3 181.9 194.3 148.8 148.3 160.2 167.2 178.8
334 Fabricated Metal Products 85.6 93.4 99.5 98.7 86.2 73.1 72.7 48.8 55.1 58.8 62.9 59.9
336 Electric & Electronic Equipment 803.0 999.4 951.0 894.1 792.2 680.0 742.2 602.3 618.6 667.2 765.4 760.7
337 Transportation Equipment 293.2 326.9 339.8 331.4 293.5 254.7 251.2 206.6 211.7 210.8 235.2 235.6
339 Miscellaneous Manufacturing 389.2 440.8 463.5 459.8 431.5 393.0 428.0 393.8 414.1 398.5 403.3 415.4
4 Transportation/communication/utility1,487.2 1,604.2 1,708.0 1,664.0 1,429.2 1,347.9 1,415.7 957.8 1,041.4 1,174.4 1,261.0 1,199.6
444 Water Transportation 171.9 190.2 207.6 195.0 185.2 165.2 163.3 137.4 159.5 172.4 185.0 185.6
448 Communications 4,918.8 5,282.5 5,728.9 5,592.8 4,905.8 4,772.5 5,080.2 3,378.5 3,653.2 4,251.5 4,485.6 4,228.2
449 Electric, Gas or Sanitary Services 1,090.0 1,175.2 1,213.9 1,190.5 967.0 869.1 895.9 597.8 649.6 690.0 768.8 742.2
5 Wholesale/retail trade 246.5 256.9 262.2 257.8 231.7 212.0 215.3 161.7 169.8 186.7 191.1 192.2
6 Finance/insurance/real estate 161.4 180.1 184.2 183.6 166.9 148.8 152.2 113.1 116.2 131.4 141.6 140.7
660 Banking 209.9 234.0 239.0 239.0 218.3 196.6 204.7 151.7 155.2 171.3 186.1 185.6
661 Credit Agencies Other Than Banks 160.0 189.9 199.9 182.7 161.7 147.3 143.3 124.0 135.2 148.8 138.6 122.7
662 Security & Commodity Brokers 12.7 13.4 13.3 10.7 8.6 7.3 9.8 7.8 8.5 11.8 18.1 29.3
663 Insurance 141.0 161.0 161.4 156.1 141.1 124.0 122.7 97.0 101.3 124.6 126.8 115.9
7 Services 171.6 195.0 202.0 196.6 169.7 135.4 133.9 104.8 112.1 117.9 129.9 141.0
770 Hotels & Other Lodging Places 128.9 151.3 154.7 147.9 126.3 101.7 102.3 86.5 92.4 93.1 99.1 98.3
9 Other/diversified holding companies188.5 206.9 211.4 219.2 192.4 159.0 154.2 111.0 121.8 134.2 145.5 139.9
309.0 340.7 350.9 346.9 304.6 272.5 279.7 208.2 218.2 240.1 257.8 252.8
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1998: (End−of−period Values in US$; End 1984=100) 131
IFCG Composite Price Index
IFCG Industry Price Indexes 1989−1998:(End−of−period Values in US$; End 1984=100)
SIC Sector/Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 155.89 129.48 135.49 138.21 257.6 223.28 186.68 206.63 111.51 103.7
1 Mining 242.5 98.6 136.0 110.2 157.1 231.2 199.3 203.9 229.1 110.2
110 Metal Mining 184.2 70.0 77.2 62.1 98.5 174.7 133.3 127.1 94.2 74.8
2 Construction 537.9 338.4 336.5 356.0 639.2 564.3 483.7 461.0 195.8 156.6
215 General Building Contractors 531.0 290.2 382.9 375.3 651.9 504.2 400.1 403.5 229.8 165.9
3 Manufacturing 424.9 288.4 358.7 327.8 498.5 540.9 432.1 450.1 397.2 333.8
320 Food & Kindred Products 436.8 302.6 517.8 508.8 848.0 809.6 753.1 769.3 767.9 651.3
322 Textile Mill Products 615.0 347.4 493.5 352.2 455.2 567.8 365.5 410.9 302.5 224.0
323 Apparel & Other Textile Products 286.0 190.8 227.5 228.2 268.3 286.7 158.3 154.5 153.5 107.9
326 Paper & Allied Products 738.8 538.8 677.8 564.5 740.7 1,072.9 869.3 803.8 673.2 460.6
328 Chemicals & Allied Products 399.4 292.2 316.7 296.7 415.8 464.4 341.3 358.8 314.8 249.7
329 Petroleum Refining & RelatedProducts
197.3 112.6 134.7 107.6 211.7 277.8 194.3 254.9 243.6 153.1
330 Rubber & Misc. Plastics Products 782.3 424.7 488.1 432.9 705.0 753.9 550.2 783.2 596.0 496.5
332 Cement & Glass Products 1,025.5 722.5 985.9 925.1 1,448.7 1,377.3 1,083.4 1,050.7 774.0 600.7
333 Primary Metal Industries 312.4 218.0 233.9 224.5 328.4 379.7 252.9 227.5 202.5 178.8
334 Fabricated Metal Products 182.3 122.5 142.8 122.9 155.7 167.5 123.0 120.7 99.9 59.9
336 Electric & Electronic Equipment 626.3 371.8 407.5 358.7 593.9 733.0 702.7 614.6 749.4 760.7
337 Transportation Equipment 601.2 485.5 506.4 429.0 679.5 567.6 468.2 519.6 322.4 235.6
339 Miscellaneous Manufacturing 173.7 187.0 212.1 286.9 428.9 447.5 357.9 396.8 414.4 415.4
4 Transportation/communication/utility670.1 567.2 941.7 1,047.5 1,678.8 1,613.2 1525.7 1,660.5 1,605.6 1,199.6
444 Water Transportation 355.2 183.5 255.6 250.2 363.1 342.0 289.9 306.1 183.6 185.6
448 Communications 830.3 1,090.6 2,829.8 3,315.7 5,724.0 4,622.5 4,583.5 5,055.8 5,264.5 4,228.2
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1989−1998: (End−of−period Values in US$; End 1984=100) 132
449 Electric, Gas or Sanitary Services 459.1 480.1 620.7 672.9 1030.6 1249.0 1148.4 1255.3 1199.2 742.2
5 Wholesale/retail trade 354.8 342.3 322.8 407.8 590.8 400.8 304.4 264.2 268.5 192.2
6 Finance/insurance/real estate 242.7 165.2 143.4 138.4 245.0 233.4 204.8 226.0 167.3 140.7
660 Banking 245.3 175.0 142.8 140.5 245.7 264.0 241.7 268.2 218.0 185.6
661 Credit Agencies Other Than Banks 377.1 267.7 280.6 302.5 658.0 600.3 514.0 373.5 172.0 122.7
662 Security & Commodity Brokers 131.4 90.0 79.2 77.6 95.9 79.8 61.5 44.8 9.8 29.3
663 Insurance 168.0 76.7 80.7 59.1 143.5 167.1 131.9 167.0 142.8 115.9
7 Services 199.5 161.4 185.2 225.6 495.4 411.4 373.2 355.2 172.0 141.0
770 Hotels & Other Lodging Places 200.0 157.0 161.6 175.0 387.2 333.5 289.4 261.1 136.0 98.3
9 Other/diversified holding companies213.5 193.0 214.1 225.3 445.1 338.0 320.3 345.4 205.1 139.9
IFCG Composite Price Index 339.9 234.8 271.5 267.8 439.6 430.0 370.4 391.8 328.1 252.8
IFCG Industry Price Indexes 1989−1998:(Annual % Change in US$)
SIC Sector/Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 15.0 −16.9 4.6 2.0 86.4 −13.3 −16.4 10.7 −46.0 −7.0
1 Mining 61.8 −59.3 37.9 −19.0 42.6 47.1 −13.8 2.3 12.4 −51.9
110 Metal Mining 62.2 −62.0 10.3 −19.6 58.7 77.3 −23.7 −4.7 −25.9 −20.5
2 Construction 38.1 −37.1 −0.6 5.8 79.5 −11.7 −14.3 −4.7 −57.5 −20.0
215 General Building Contractors 77.5 −45.4 32.0 −2.0 73.7 −22.7 −20.6 0.9 −43.0 −27.8
3 Manufacturing 50.5 −32.1 24.4 −8.6 52.1 8.5 −20.1 4.2 −11.8 −16.0
320 Food & Kindred Products 90.5 −30.7 71.1 −1.8 66.7 −4.5 −7.0 2.2 −0.2 −15.2
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1989−1998: (Annual % Change in US$) 133
322 Textile Mill Products 63.8 −43.5 42.0 −28.6 29.3 24.7 −35.6 12.4 −26.4 −25.9
323 Apparel & Other Textile Products 21.1 −33.3 19.3 0.3 17.5 6.9 −44.8 −2.5 −0.6 −29.7
326 Paper & Allied Products 55.2 −27.1 25.8 −16.7 31.2 44.9 −19.0 −7.5 −16.2 −31.6
328 Chemicals & Allied Products 23.9 −26.8 8.4 −6.3 40.2 11.7 −26.5 5.1 −12.3 −20.7
329 Petroleum Refining & RelatedProducts
17.9 −42.9 19.6 −20.1 96.7 31.3 −30.1 31.2 −4.4 −37.2
330 Rubber & Misc. Plastics Products 55.0 −45.7 14.9 −11.3 62.9 6.9 −27.0 42.3 −23.9 −16.7
332 Cement & Glass Products 111.5 −29.5 36.5 −6.2 56.6 −4.9 −21.3 −3.0 −26.3 −22.4
333 Primary Metal Industries 16.8 −30.2 7.3 −4.0 46.3 15.6 −33.4 −10.0 −11.0 −11.7
334 Fabricated Metal Products 39.4 −32.8 16.6 −13.9 26.7 7.5 −26.5 −1.9 −17.3 −40.1
336 Electric & Electronic Equipment 63.6 −40.6 9.6 −12.0 65.6 23.4 −4.1 −12.5 21.9 1.5
337 Transportation Equipment 31.4 −19.2 4.3 −15.3 58.4 −16.5 −17.5 11.0 −38.0 −26.9
339 Miscellaneous Manufacturing 34.4 7.6 13.4 35.3 49.5 4.3 −20.0 10.9 4.4 0.2
4 Transportation/communication/utility57.7 −15.4 66.0 11.2 60.3 −3.9 −5.4 8.8 −3.3 −25.3
444 Water Transportation 35.1 −48.3 39.3 −2.1 45.2 −5.8 −15.2 5.6 −40.0 1.1
448 Communications 79.1 31.3 159.5 17.2 72.6 −19.2 −0.8 10.3 4.1 −19.7
449 Electric, Gas or Sanitary Services 50.6 4.6 29.3 8.4 53.2 21.2 −8.1 9.3 −4.5 −38.1
5 Wholesale/retail trade 18.8 −3.5 −5.7 26.3 44.9 −32.2 −24.1 −13.2 1.6 −28.4
6 Finance/insurance/real estate 53.9 −31.9 −13.2 −3.5 77.0 −4.8 −12.2 10.3 −26.0 −15.9
660 Banking 49.2 −28.7 −18.4 −1.6 74.9 7.5 −8.4 11.0 −18.7 −14.9
661 Credit Agencies Other Than Banks 129.1 −29.0 4.8 7.8 117.5 −8.8 −14.4 −27.3 −53.9 −28.6
662 Security &Commodity Brokers −14.6 −31.5 −12.0 −2.0 23.6 −16.8 −22.9 −27.1 −78.2 199.1
663 Insurance 116.0 −54.4 5.3 −26.7 142.7 16.5 −21.1 26.6 −14.5 −18.8
7 Services 72.2 −19.1 14.8 21.8 119.6 −16.9 −9.3 −4.8 −51.6 −18.0
770 Hotels & Other Lodging Places 73.4 −21.5 2.9 8.3 121.2 −13.9 −13.2 −9.8 −47.9 −27.7
9 Other/diversified holding companies55.1 −9.6 10.9 5.2 97.6 −24.1 −5.2 7.8 −40.6 −31.8
51.7 −30.9 15.6 −1.4 64.1 −2.2 −13.9 5.8 −16.3 −22.9
Emerging Stock Markets Factbook 1999
IFCG Industry Price Indexes 1989−1998: (Annual % Change in US$) 134
IFCG Composite Price Index
IFCG Industry Total Return Indexes 1998 Performance Summary:(US$; End 1984=100)
SIC Sector/industryEnd−1998
% changefromEnd−1997
0 Agriculture/forestry/fishing 158.8 −4.0
1 Mining 167.8 −50.1
110 Metal Mining 117.6 −15.0
2 Construction 198.7 −19.1
215 General Building Contractors 194.4 −27.1
3 Manufacturing 473.6 −14.3
320 Food & Kindred Products 957.4 −13.0
322 Textile Mill Products 286.3 −25.3
323 Apparel & Other Textile Products 136.9 −28.7
326 Paper & Allied Products 656.3 −29.4
328 Chemicals & Allied Products 451.8 −18.3
329 Petroleum Refining & RelatedProducts
236.2 −35.9
330 Rubber & Misc. Plastics Products 660.4 −15.7
332 Cement & Glass Products 925.4 −20.2
333 Primary Metal Industries 245.3 −8.7
334 Fabricated Metal Products 86.0 −37.6
336 Electric & Electronic Equipment 950.2 2.1
337 Transportation Equipment 311.9 −25.8
339 Miscellaneous Manufacturing 571.7 1.5
4 Transportation/communication/utility 1,939.1 −23.1
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1998 Performance Summary: (US$; End 1984=100) 135
444 Water Transportation 276.3 3.0
448 Communications 7,357.2 −17.8
449 Electric, Gas or Sanitary Services 1,587.0 −35.4
5 Wholesale/retail trade 277.1 −27.3
6 Finance/insurance/real estate 195.5 −14.2
660 Banking 266.0 −12.9
661 Credit Agencies Other Than Banks 183.8 −27.8
662 Security & Commodity Brokers 32.2 201.7
663 Insurance 187.1 −17.2
7 Services 184.4 −15.9
770 Hotels & Other Lodging Places 124.1 −26.3
9 Other/diversified holding companies 194.6 −29.6
IFCG Composite Total ReturnIndex 352.2 −21.1
Performance Highlights of IFCG IndustrySector Total Return Indexes (%)
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1998 Performance Summary: (US$; End 1984=100) 136
IFCG Industry Total Return Indexes 1998:(End−of−period Values in US$; End 1984=100)
SIC Sector/Industry Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0 Agriculture/forestry/fishing 163.2 201.9 204.4 189.3 164.2 156.0 151.8 115.4 127.7 130.3 149.9 158.8
1 Mining 280.5 295.8 311.8 313.2 246.4 217.0 219.6 149.3 158.3 178.2 188.8 167.8
110 Metal Mining 134.8 142.1 150.1 160.0 141.2 129.6 132.4 106.5 124.0 131.8 131.9 117.6
2 Construction 227.6 266.0 261.1 248.7 220.9 196.1 196.8 148.9 165.0 180.9 194.7 198.7
215 General Building Contractors 244.5 275.8 274.1 268.0 237.8 212.7 211.9 158.4 170.4 193.3 202.9 194.4
3 Manufacturing 536.5 598.5 610.7 602.3 534.2 476.8 494.0 393.5 406.9 434.7 475.8 473.6
320 Food & Kindred Products 1,067.2 1,119.8 1,184.3 1,214.6 1,105.8 1,004.3 1,041.6 798.6 829.1 884.9 940.3 957.4
322 Textile Mill Products 354.9 378.2 388.6 366.8 333.8 301.4 284.1 233.7 260.4 276.2 299.8 286.3
323 Apparel & Other Textile Products 177.6 185.6 198.4 200.6 172.0 162.5 147.1 117.7 128.0 126.5 133.0 136.9
326 Paper & Allied Products 806.1 877.8 976.0 953.8 867.4 777.9 736.0 589.4 549.8 628.4 718.1 656.3
328 Chemicals &Allied Products 528.8 551.3 568.9 569.8 514.3 466.1 472.0 401.5 411.6 416.5 444.8 451.8
329 Petroleum Refining & RelatedProducts
350.4 360.6 365.5 374.5 312.5 279.7 294.6 198.1 212.7 240.7 256.1 236.2
330 Rubber & Misc. Plastics Products 766.8 866.8 847.3 808.8 736.0 661.6 644.7 490.1 560.5 635.9 713.1 660.4
332 Cement & Glass Products 1,053.2 1,122.7 1,206.1 1,244.3 1,112.9 1,011.4 1,025.5 796.4 817.4 878.7 929.7 925.4
333 Primary Metal Industries 287.2 301.6 315.0 328.6 273.4 244.0 263.1 201.7 201.8 217.9 227.7 245.3
334 Fabricated Metal Products 119.6 130.7 139.2 138.3 121.6 103.4 103.7 69.6 78.7 84.3 90.2 86.0
336 Electric & Electronic Equipment 997.0 1,240.9 1,180.9 1,111.2 984.9 846.9 924.7 752.0 772.5 833.2 956.0 950.2
337 Transportation Equipment 382.3 426.2 443.1 433.3 384.5 336.3 332.0 273.4 280.1 279.0 311.3 311.9
339 Miscellaneous Manufacturing 529.2 599.3 632.7 627.6 589.4 537.4 585.6 541.3 569.2 547.8 555.0 571.7
4 Transportation/communication/utility2,336.8 2,522.5 2,693.9 2,645.9 2,281.0 2,156.2 2,268.8 1,539.4 1,675.5 1,891.8 2,032.8 1,939.1
444 Water Transportation 251.2 278.0 303.6 285.6 272.4 243.4 241.8 203.8 236.5 256.6 275.3 276.3
448 Communications 8,364.8 8,990.1 9,775.8 9,621.5 8,460.8 8,251.3 8,795.5 5,855.3 6,340.0 7,378.4 7,786.2 7,357.2
449 Electric, Gas or Sanitary Services 2,235.0 2,411.8 2,501.5 2,475.9 2,022.8 1,821.7 1,882.2 1,264.7 1,375.2 1,466.4 1,637.0 1,587.0
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1998: (End−of−period Values in US$; End 1984=100) 137
5 Wholesale/retail trade 350.0 364.9 372.7 366.9 330.6 302.8 308.2 231.7 243.7 268.0 274.7 277.1
6 Finance/insurance/real estate 219.8 245.5 251.5 251.3 229.5 204.9 210.1 156.1 160.7 182.0 196.4 195.5
660 Banking 294.2 328.1 336.0 336.7 308.7 278.7 291.0 215.8 221.0 244.4 266.0 266.0
661 Credit Agencies Other Than Banks 236.9 281.2 296.5 271.0 241.3 219.9 214.4 185.6 202.4 222.8 207.4 183.8
662 Security & Commodity Brokers 13.9 14.6 14.5 11.7 9.4 8.0 10.7 8.5 9.4 12.9 19.9 32.2
663 Insurance 223.1 254.8 256.2 248.0 225.9 198.6 196.6 155.5 163.0 200.7 204.3 187.1
7 Services 218.9 248.9 258.1 251.4 217.7 174.8 173.8 136.2 146.0 154.0 169.9 184.4
770 Hotels & Other Lodging Places 159.6 187.3 191.9 183.6 156.9 127.2 128.2 108.7 116.1 117.5 125.1 124.1
9 Other/diversified holding companies254.3 279.3 286.3 297.4 261.9 217.3 211.0 152.1 167.2 185.2 201.0 194.6
IFCG Composite Total ReturnIndex 420.9 464.3 479.2 475.4 418.8 375.7 386.5 288.2 302.5 333.4 358.3 352.2
IFCG Industry Total Return Indexes 1989−1998:(End−of−Period Values in US$; End 1984=100)
SIC Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 189.1 161.0 172.1 181.6 348.6 307.0 262.8 298.7 165.5 158.8
1 Mining 295.4 122.6 171.5 143.9 210.9 316.8 280.5 294.6 336.2 167.8
110 Metal Mining 219.0 85.1 95.1 80.0 130.9 237.0 185.8 182.4 138.4 117.6
2 Construction 619.5 390.3 392.0 423.1 766.7 686.1 592.6 571.1 245.6 198.7
215 General Building Contractors 571.5 312.5 416.2 414.2 726.2 567.6 453.9 462.5 266.6 194.4
3 Manufacturing 507.2 349.7 445.5 414.1 641.4 709.1 576.7 614.5 552.4 473.6
320 Food & Kindred Products 539.8 380.3 661.8 662.1 1,125.1 1,089.0 1,033.3 1,085.5 1,100.8 957.4
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1989−1998: (End−of−Period Values in US$; End 1984=100) 138
322 Textile Mill Products 691.2 392.4 569.2 414.5 546.5 691.9 450.8 516.2 383.2 286.3
323 Apparel & Other Textile Products 316.6 213.3 258.2 262.4 315.0 340.3 191.1 189.8 191.9 136.9
326 Paper & Allied Products 896.6 665.3 850.2 717.9 956.2 1,401.7 1,158.0 1,092.3 930.0 656.3
328 Chemicals & Allied Products 524.4 401.3 480.9 459.4 658.7 751.9 562.2 610.9 553.2 451.8
329 Petroleum Refining & RelatedProducts
248.7 144.9 178.5 145.3 290.7 388.1 276.9 375.6 368.2 236.2
330 Rubber & Misc. Plastics Products 868.6 474.8 558.5 510.3 851.7 932.4 695.3 1,012.2 783.8 660.4
332 Cement & Glass Products 1,322.7 942.9 1,310.8 1,254.3 2,010.0 1,948.7 1,564.1 1,547.5 1,160.1 925.4
333 Primary Metal Industries 358.4 254.3 278.7 270.5 400.5 472.2 320.3 294.0 268.7 245.3
334 Fabricated Metal Products 216.2 148.8 177.2 154.3 199.1 219.0 164.1 163.6 137.8 86.0
336 Electric & Electronic Equipment 715.0 426.2 472.2 420.8 704.6 885.8 855.5 756.0 930.4 950.2
337 Transportation Equipment 693.9 567.4 604.5 521.3 835.8 711.0 592.8 667.1 420.3 311.9
339 Miscellaneous Manufacturing 201.7 225.2 262.7 359.9 548.7 580.0 471.0 532.1 563.4 571.7
4 Transportation/communication/utility904.2 779.3 1,324.3 1,498.8 2,456.4 2,402.6 2,310.2 2,555.0 2,521.5 1,939.1
444 Water Transportation 439.4 230.4 327.7 328.1 489.3 467.7 405.7 438.7 268.1 276.3
448 Communications 1,233.3 1,666.8 4,391.1 5,192.4 9,200.0 7,526.6 7,563.2 8,454.8 8,952.8 7,357.2
449 Electric, Gas or Sanitary Services 774.5 825.0 1,098.8 1,234.5 1,927.7 2,395.0 2,246.2 2,502.3 2,455.4 1,587.0
5 Wholesale/retail trade 437.6 428.3 411.0 529.2 781.1 537.6 414.0 364.1 381.3 277.1
6 Finance/insurance/real estate 282.1 194.6 171.7 169.8 307.1 299.2 267.9 301.2 227.8 195.5
660 Banking 284.6 206.0 171.6 174.0 312.0 344.8 322.4 365.6 305.4 266.0
661 Credit Agencies Other Than Banks 485.8 350.2 371.0 407.7 901.4 836.5 732.9 542.2 254.8 183.8
662 Security & Commodity Brokers 132.0 91.0 80.4 79.5 98.5 83.1 65.3 s 48.2 10.7 32.2
663 Insurance 249.6 114.3 120.6 89.1 217.9 254.3 203.4 260.6 225.9 187.1
7 Services 216.5 184.5 215.9 268.8 594.9 498.7 459.0 443.3 219.2 184.4
770 Hotels & Other Lodging Places 216.4 178.8 186.7 206.3 458.8 398.3 349.0 318.6 168.4 124.1
9 Other/diversified holding companies244.3 225.5 257.6 277.6 557.7 430.4 415.5 455.8 276.6 194.6
400.5 280.9 330.3 331.4 555.2 552.2 484.2 522.3 446.4 352.2
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1989−1998: (End−of−Period Values in US$; End 1984=100) 139
IFCG Composite Total ReturnIndex
IFCG Industry Total Return Indexes 1989−1998:(Annual % Change in US$)
SIC Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 19.4 −14.9 6.9 5.5 92.0 −11.9 −14.4 13.6 −44.6 −4.0
1 Mining 71.0 −58.5 39.9 −16.1 46.5 50.3 −11.5 5.0 14.1 −50.1
110 Metal Mining 68.0 −61.1 11.7 −15.8 63.6 81.0 −21.6 −1.9 −24.1 −15.0
2 Construction 39.2 −37.0 0.4 8.0 81.2 −10.5 −13.6 −3.6 −57.0 −19.1
215 General Building Contractors 78.6 −45.3 33.2 −0.5 75.3 −21.8 −20.0 1.9 −42.4 −27.1
3 Manufacturing 54.4 −31.1 27.4 −7.0 54.9 10.6 −18.7 6.6 −10.1 −14.3
320 Food & Kindred Products 94.4 −29.6 74.0 0.0 69.9 −3.2 −5.1 5.1 1.4 −13.0
322 Textile Mill Products 65.9 −43.2 45.0 −27.2 31.8 26.6 −34.8 14.5 −25.8 −25.3
323 Apparel & Other Textile Products 23.1 −32.6 21.1 1.6 20.0 8.0 −43.8 −0.7 1.1 −28.7
326 Paper & Allied Products 59.0 −25.8 27.8 −15.6 33.2 46.6 −17.4 −5.7 −14.9 −29.4
328 Chemicals & Allied Products 34.9 −23.5 19.9 −4.5 43.4 14.1 −25.2 8.7 −9.4 −18.3
329 Petroleum Refining & RelatedProducts
21.7 −41.7 23.2 −18.6 100.1 33.5 −28.7 35.7 −2.0 −35.9
330 Rubber & Misc. Plastics Products 58.2 −45.3 17.6 −8.6 66.9 9.5 −25.4 45.6 −22.6 −15.7
332 Cement & Glass Products 116.0 −28.7 39.0 −4.3 60.2 −3.0 −19.7 −1.1 −25.0 −20.2
333 Primary Metal Industries 19.5 −29.0 9.6 −2.9 48.1 17.9 −32.2 −8.2 −8.6 −8.7
334 Fabricated Metal Products 44.4 −31.2 19.1 −12.9 29.1 10.0 −25.1 −0.3 −15.8 −37.6
336 Electric & Electronic Equipment 65.9 −40.4 10.8 −10.9 67.5 25.7 −3.4 −11.6 23.1 2.1
337 Transportation Equipment 32.9 −18.2 6.5 −13.8 60.3 −14.9 −16.6 12.5 −37.0 −25.8
339 Miscellaneous Manufacturing 38.7 11.7 16.6 37.0 52.4 5.7 −18.8 13.0 5.9 1.5
4 Transportation/communication/utility66.2 −13.8 69.9 13.2 63.9 −2.2 −3.8 10.6 −1.3 −23.1
444 Water Transportation 38.3 −47.6 42.3 0.1 49.1 −4.4 −13.3 8.1 −38.9 3.0
448 Communications 88.3 35.2 163.4 18.2 77.2 −18.2 0.5 11.8 5.9 −17.8
Emerging Stock Markets Factbook 1999
IFCG Industry Total Return Indexes 1989−1998: (Annual % Change in US$) 140
449 Electric, Gas or Sanitary Services 74.4 6.5 33.2 12.3 56.2 24.2 −6.2 11.4 −1.9 −35.4
5 Wholesale/retail trade 21.2 −2.1 −4.0 28.7 47.6 −31.2 −23.0 −12.1 4.7 −27.3
6 Finance/insurance/real estate 55.1 −31.0 −11.8 −1.1 80.8 −2.6 −10.5 12.4 −24.4 −14.2
660 Banking 50.5 −27.6 −16.7 1.4 79.3 10.5 −6.5 13.4 −16.5 −12.9
661 Credit Agencies Other Than Banks 131.5 −27.9 5.9 9.9 121.1 −7.2 −12.4 −26.0 −53.0 −27.8
662 Security & Commodity Brokers −14.5 −31.1 −11.7 −1.2 24.0 −15.6 −21.5 −26.1 −77.9 201.7
663 Insurance 116.1 −54.2 5.6 −26.2 144.6 16.7 −20.0 28.1 −13.3 −17.2
7 Services 74.9 −14.8 17.0 24.5 121.3 −16.2 −8.0 −3.4 −50.5 −15.9
770 Hotels & Other Lodging Places 75.8 −17.3 4.4 10.5 122.4 −13.2 −12.4 −8.7 −47.1 −26.3
9 Other/diversified holding companies58.3 −7.7 14.2 7.7 100.9 −22.8 −3.5 9.7 −39.3 −29.6
IFCG Composite Total ReturnIndex 54.7 −29.9 17.6 0.3 67.5 −0.5 −12.3 7.9 −14.5 −21.1
4—IFC Investable Indexes
Market Weights in the IFCI Composite Index End−1998
Market Stocks
MarketCapitalization(US$ millions)
Weight inIFCIComposite(%)
Latin America
Argentina 31 24,865 4.36
Brazil 90 60,771 10.64
Chile 40 30,348 5.32
Colombia 14 4,932 0.86
Mexico 57 61,990 10.86
Emerging Stock Markets Factbook 1999
4— IFC Investable Indexes 141
Peru 21 5,398 0.95
Venezuela 14 4,598 0.81
Asia
China 58 12,894 2.26
India 86 13,192 2.31
Indonesia 41 10,432 1.83
Korea 153 55,811 9.78
Malaysia 129 42,234 −
Pakistan 17 2,019 0.35
Philippines 38 10,482 1.84
Sri Lanka 5 342 0.06
Taiwan, China 106 47,875 8.39
Thailand 43 9,001 1.58
Europe
Czech Republic 13 2,966 0.52
Greece 54 40,816 7.15
Hungary 13 10,873 1.90
Poland 34 8,128 1.42
Portugal 22 31,438 5.51
Russia 13 5,075 0.89
Slovakia 5 509 0.09
Turkey 58 16,947 2.97
Mideast/Africa
Egypt 34 4,814 0.84
Israel 46 16,282 2.85
Jordan 6 1,471 0.26
Morocco 10 7,801 1.37
South Africa 67 68,672 12.03
Zimbabwe 5 197 0.03
Emerging Stock Markets Factbook 1999
4— IFC Investable Indexes 142
Regions
Composite 1,194 570,936 100.00
Latin America 267 192,901 33.79
Asia 547 162,048 28.38
Europe 212 116,752 20.45
ME & Africa 168 99,236 17.38
Weights in the IFCI Composite Index, End−1998
Stock Distribution by Region in theIFCI Composite Index, End−1998
Comparative Valuations of the IFCI Indexes, End−1998
Price−earnings ratio Price−book valueratio
Dividend yield
MarketEnd1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
Latin America
Argentina 13.22 0.46 16.22 1.25 0.36 1.83 4.03 2.52 2.09
Brazil 7.08 0.24 12.85 0.60 0.17 0.99 7.23 4.52 3.43
Chile 14.77 0.51 14.77 1.17 0.34 1.66 4.20 2.63 3.94
Colombia 10.41 0.36 15.89 0.73 0.21 1.18 5.56 3.48 2.94
Mexico 21.31 0.73 14.73 1.44 0.41 2.32 2.97 1.86 1.49
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCI Indexes, End−1998 143
Peru 21.07 0.73 14.13 1.56 0.45 1.98 3.83 2.39 2.30
Venezuela 5.46 0.19 13.41 0.53 0.15 1.24 4.43 2.77 1.09
Asia
China 12.74 0.44 10.16 1.02 0.29 1.11 0.96 0.60 1.57
India 11.46 0.40 15.41 1.75 0.50 2.49 1.91 1.19 1.45
Indonesia 108.81 3.75 10.91 1.66 0.48 1.45 0.83 0.52 1.76
Korea −50.69 − 17.98 0.92 0.26 0.50 0.62 0.39 1.25
Malaysia 19.89 0.69 9.41 1.29 0.37 1.41 2.53 1.58 3.98
Pakistan 5.73 0.20 12.53 1.22 0.35 2.58 14.69 9.18 2.81
Philippines 15.00 0.52 10.83 1.37 0.39 1.38 0.72 0.45 1.33
Sri Lanka 8.11 0.28 17.01 1.20 0.34 1.60 2.86 1.79 1.25
Taiwan, China 21.49 0.74 29.02 2.63 0.75 3.20 0.84 0.53 0.50
Thailand −6.45 − −68.71 1.49 0.43 1.01 0.75 0.47 5.19
Europe
Czech Republic 48.17 1.66 −566.30 0.81 0.23 0.91 0.17 0.11 0.34
Greece 33.66 1.16 17.64 4.87 1.40 3.15 1.57 0.98 2.89
Hungary 17.02 0.59 27.39 3.21 0.92 4.22 1.07 0.67 0.40
Poland 10.74 0.37 11.38 1.54 0.44 1.69 1.52 0.95 1.50
Portugal 23.15 0.80 23.92 3.52 1.01 3.20 1.68 1.05 1.38
Russia 10.39 0.36 15.22 0.62 0.18 0.54 1.12 0.70 −
Slovakia 7.37 0.25 10.77 0.31 0.09 0.63 3.83 2.39 −
Turkey 7.80 0.27 20.13 2.74 0.79 6.84 4.34 2.71 1.64
Mideast/Africa
Egypt 8.64 0.30 11.21 2.74 0.79 4.06 6.75 4.22 −
Israel 13.18 0.45 14.14 1.21 0.35 1.42 1.91 1.19 1.70
Jordan 16.31 0.56 15.30 1.65 0.47 1.94 2.27 1.42 1.63
Morocco 19.52 0.67 17.10 3.37 0.97 3.46 2.03 1.27 −
South Africa 10.09 0.35 10.82 1.53 0.44 1.59 3.24 2.03 2.51
Zimbabwe 5.36 0.18 12.80 2.38 0.68 2.87 3.43 2.14 1.46
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCI Indexes, End−1998 144
Regions
Composite 15.87 0.55 14.64 1.30 0.37 1.51 2.94 1.84 2.54
Latin America 11.34 0.39 14.24 0.92 0.26 1.50 4.99 3.12 2.65
Asia 51.69 1.78 15.11 1.34 0.38 1.55 0.96 0.60 2.68
Europe 17.28 0.60 18.52 2.56 0.73 1.32 2.09 1.31 1.42
ME & Africa 10.91 0.38 11.49 1.57 0.45 1.67 3.21 2.01 2.21
DevelopedMarkets
Japan 185.20 6.39 41.90 1.60 0.46 1.77 1.00 0.63 0.90
U.K. 20.40 0.70 16.80 3.83 1.10 3.43 2.50 1.56 2.80
U.S. 30.20 1.04 22.90 5.14 1.47 4.20 1.30 0.81 1.60
MSCI World 29.00 1.00 23.20 3.49 1.00 3.08 1.60 1.00 1.80
IFCI Price Indexes 1998 Performance Summary:(Ranked by 1998 % Changes in US$)
Rank Market
% change inIFCIPrice Index
EmergingMarkets 1 Korea 120.7
2 Greece 91.2
3 Portugal 38.4
4 Thailand 34.3
5 Morocco 28.7
6 Philippines 9.2
7 Jordan 3.0
8 Malaysia −2.9
9 Czech Republic −7.3
10 Hungary −10.8
11 Poland −12.3
12 Israel −16.0
13 Taiwan, China −17.9
14 India −23.0
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998 Performance Summary: (Ranked by 1998 % Changes in US$) 145
15 Indonesia −28.1
16 Argentina −28.5
17 Sri Lanka −29.2
18 Chile −29.8
19 South Africa −30.3
20 Egypt −30.9
21 Mexico −38.9
22 Peru −39.3
23 Brazil −43.0
24 Colombia −46.8
25 Venezuela −50.5
26 China −52.6
27 Turkey −53.1
28 Slovakia −56.0
29 Zimbabwe −58.1
30 Pakistan −61.9
31 Russia −84.2
Regions 1 Asia −0.6
2 Europe −20.5
3 EMEA −22.6
4 Composite −24.1
5 ME & Africa −25.0
6 Latin America −38.1
7 E. Europe −58.6
Developed 1 U.S., S&P 500 26.7
2 FT, EuroPac 16.9
3 U.K., FT−SE100
15.8
4 Japan, Nikkei 4.6
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998 Performance Summary: (Ranked by 1998 % Changes in US$) 146
Percent Change in IFCI Price Indexes, 1998
IFCI Price Indexes 1998 High, Low, Close:(US$; Year−end and Daily Closing Levels)
Market End−1997 High Date Low Date End−1998
Latin America
Argentina 1,115.8 1,134.9 Mar 26 538.8 Sep 10 797.7
Brazil 482.6 537.6 Mar 23 206.8 Sep 10 275.1
Chile 642.6 646.3 Mar 17 343.2 Sep 14 451.3
Colombia 825.4 815.3 Jan 2 304.4 Oct 15 439.4
Mexico 788.2 786.2 Jan 2 342.5 Sep 10 481.6
Peru 221.4 222.6 Jan 2 127.2 Sep 22 134.4
Venezuela 915.0 912.2 Jan 2 253.2 Sep 10 453.3
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 147
Asia
China 55.3 55.1 Jan 2 21.3 Aug 28 26.2
India 83.4 97.0 Apr 21 58.7 Nov 27 64.2
Indonesia 33.7 31.8 Jan 2 9.2 Sep 21 24.2
Korea 24.0 53.1 Dec 30 21.6 Jun 16 53.0
Malaysia 91.2 130.2 Feb 10 40.9 Sep 1 88.5
Pakistan 248.4 248.4 Jan 2 74.7 Oct 21 94.6
Philippines 112.8 153.2 Mar 25 62.0 Sep 11 123.1
Sri Lanka 116.3 138.7 Apr24 57.8 Sep 4 82.4
Taiwan, China 141.1 167.9 Mar 2 96.3 Sep 3 115.8
Thailand 47.0 86.3 Mar 23 31.6 Sep 3 63.2
Europe
Czech Republic 54.7 60.2 Apr 29 37.9 Oct 6 50.8
Greece 324.0 619.3 Dec 31 299.7 Jan 29 619.3
Hungary 314.7 362.5 Apr3 181.6 Sep 21 280.6
Poland 596.8 818.9 Mar 13 422.6 Oct 9 523.6
Portugal 211.1 344.5 Apr 22 215.5 Jan 2 292.0
Russia 148.7 153.8 Jan 5 10.8 Oct 5 23.5
Slovakia 99.2 99.4 Jan 2 38.7 Nov 20 43.6
Turkey 312.1 331.9 Jan 5 117.0 Oct 8 146.3
Mideast/Africa
Egypt 93.2 93.5 Jan 2 62.2 Dec 9 64.5
Israel 121.7 135.6 Jun 8 85.5 Oct 8 102.2
Jordan 210.3 238.5 Aug 17 203.3 Nov 17 216.6
Morocco 130.3 184.8 Sep 18 127.7 Jan 20 167.6
South Africa 179.8 237.8 Apr 20 102.3 Sep 11 125.2
Zimbabwe 251.7 327.2 Mar 31 94.2 Oct 13 105.3
Regions
Composite 246.0 267.4 Apr 21 147.9 Sep 11 186.8
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Levels) 148
Latin America 677.5 682.2 Jan 2 308.2 Sep 10 419.7
Asia 107.7 134.1 Mar 2 67.8 Sep 1 107.0
EMEA 188.5 220.6 Apr 22 106.8 Oct 5 149.8
IFCI Price Indexes High and Low vs. 1997 Close
IFCI Price Indexes Regional vs. Developed Market Performance, 1998:(End−of−period Values in US$; End 1988=100)
Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Indexlevels
IFCIComposite 229.6 252.9 262.1 261.7 228.1 204.2 211.9 152.0 159.1 177.0 190.1 186.8
IFCI LatinAmerica
598.1 627.2 665.9 654.4 570.7 538.2 557.7 368.1 392.3 420.9 459.1 419.7
IFCI Asia 105.4 131.4 128.4 115.1 96.7 82.2 85.8 69.4 75.7 89.2 100.7 107.0
IFCI EMEA 142.2 150.5 159.2 173.8 154.9 136.2 141.0 101.3 101.1 112.4 115.1 114.3
Emerging Stock Markets Factbook 1999
IFCI Price Indexes Regional vs. Developed Market Performance, 1998: (End−of−period Values in US$; End 1988=100)149
U.S., S&P 500 352.9 377.8 396.7 400.3 392.7 408.2 403.5 344.7 366.2 395.6 419.0 442.6
U.K., FT−SE100
276.3 294.0 307.5 306.9 296.4 301.a3 295.7 272.1 266.5 282.0 293.6 303.0
Japan, Nikkei 54.3 55.2 51.3 49.0 46.8 47.2 47.0 41.4 40.8 48.2 50.1 50.8
FT, EuroPac 120.9 128.4 131.9 132.1 131.6 131.6 132.2 115.7 112.4 124.1 130.7 135.2
% changeIFCIComposite −6.7 10.1 3.6 −0.1 −12.8 −10.5 3.8 −28.3 4.6 11.3 7.4 −1.8
IFCI LatinAmerica
−11.7 4.9 6.2 −1.7 −12.8 −5.7 3.6 −34.0 6.6 7.3 9.1 −8.6
IFCI Asia −2.2 24.7 −2.3 −10.3 −16.0 −15.0 4.4 −19.1 9.1 17.8 12.9 6.2
IFCI EMEA −3.7 5.8 5.8 9.2 −10.9 −12.1 3.5 −28.2 −0.2 11.2 2.4 −0.8
U.S., S&P 500 1.0 7.0 5.0 0.9 −1.9 3.9 −1.2 −14.6 6.2 8.0 5.9 5.6
U.K., FT−SE100
5.6 6.4 4.6 −0.2 −3.4 1.7 −1.9 −8.0 −2.1 5.8 4.1 3.2
Japan, Nikkei 11.8 1.6 −7.0 −4.5 −4.5 0.9 −0.5 −11.9 −1.4 18.2 4.0 1.3
FT, EuroPac 4.6 6.2 2.7 0.2 −0.4 0.0 0.4 −12.5 −2.9 10.4 5.3 3.4
Note : The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details.
IFCI Regional Price Indexes vs. U.S. S&P 500, 1998:(daily; end−1997=100)
IFCI Price Indexes Regional vs. Developed Market Performance, 1989−1998:(End−of−period Values in US$; End 1988=100)
Emerging Stock Markets Factbook 1999
IFCI Price Indexes Regional vs. Developed Market Performance, 1989−1998: (End−of−period Values in US$; End 1988=100)150
Index 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Indexlevels IFCI Composite 155.5 147.4 200.5 202.9 355.6 307.4 275.8 295.0 246.0 186.8
IFCI LatinAmerica
164.9 174.0 406.3 415.4 650.6 580.2 471.7 538.0 677.5 419.7
IFCI Asia 150.0 118.2 129.7 149.8 290.8 249.4 232.2 252.8 107.7 107.0
IFCI EMEA 168.7 184.6 126.1 79.8 169.3 118.5 141.6 134.3 147.7 114.3
U.S., S&P 500 127.3 118.9 150.2 156.9 168.7 165.4 221.8 266.7 349.4 442.6
U.K., FT−SE 100 121.1 128.1 140.1 133.5 156.6 148.5 177.4 218.2 261.6 303.1
Japan, Nikkei 112.2 72.8 76.3 56.2 64.7 81.9 79.8 69.1 48.6 50.9
FT, EuroPac 109.5 81.6 89.9 76.3 98.4 105.4 114.2 118.3 115.6 135.2
% change IFCI Composite 55.5 −5.2 36.1 1.2 75.3 −13.6 −10.3 7.0 −16.6 −24.1
IFCI LatinAmerica
64.9 5.6 133.5 2.2 56.6 −10.8 −18.7 14.0 25.9 −38.0
IFCI Asia 50.0 −21.2 9.8 15.5 94.1 −14.2 −6.9 8.9 −57.4 −0.7
IFCI EMEA 68.7 9.4 −31.7 −36.7 112.3 −30.0 19.5 −5.2 10.0 −22.6
U.S., S&P 500 27.3 −6.6 26.3 4.5 7.6 −2.0 34.1 20.3 31.0 26.7
U.K., FT−SE 100 21.1 5.8 9.4 −4.7 17.3 −5.2 19.4 23.0 19.9 15.8
Japan, Nikkei 12.2 −35.1 4.9 −26.4 15.1 26.7 −2.6 −13.4 −29.7 4.6
FT, EuroPac 9.5 −25.5 10.1 −15.0 28.9 7.1 8.3 3.6 −2.3 16.9
Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction fordetails.
Emerging Stock Markets Factbook 1999
IFCI Price Indexes Regional vs. Developed Market Performance, 1989−1998: (End−of−period Values in US$; End 1988=100)151
IFCI Regional Price Indexes vs. U.S. S&P 500, 1989−98(monthly; end−1988=100)
IFCI Price Indexes 1998:(End−of−period Values in US$)
Market Base date(=100.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Dec−88 1,011.7 1,092.3 1,131.0 1,107.2 970.6 911.4 973.9 654.7 741.9 845.7 885.7 797.7
Brazil Dec−88 449.7 483.4 525.2 509.2 427.0 417.5 453.1 275.7 275.0 285.2 341.4 275.1
Chile Dec−88 547.7 599.3 637.6 603.1 548.6 504.4 529.9 387.2 399.3 431.1 503.4 451.3
Colombia Feb−91 743.6 641.7 619.1 639.4 583.5 552.3 513.8 398.3 345.3 326.9 425.8 439.4
Mexico Dec−88 666.7 683.7 719.6 734.3 636.3 595.9 586.7 390.2 442.6 487.1 460.5 481.6
Peru Dec−92 197.7 190.1 210.1 220.4 212.5 197.6 198.4 141.0 136.4 132.2 155.9 134.4
Venezuela Jan−90 765.3 743.3 768.0 592.7 601.7 458.2 459.8 273.0 366.3 344.2 371.3 453.3
Asia
China Dec−92 39.3 54.1 50.8 44.5 40.9 36.0 27.7 21.4 28.5 28.3 28.7 26.2
India Nov−92 74.2 81.9 87.5 90.3 79.9 68.8 67.8 62.4 65.7 60.0 59.1 64.2
Indonesia Sep−90 21.9 25.5 30.5 26.3 16.1 13.5 17.0 14.3 10.9 16.9 24.8 24.2
Korea Jan−92 40.8 37.7 38.0 35.1 27.1 24.1 30.9 24.8 23.6 31.0 38.5 53.0
Malaysia Dec−88 82.1 126.0 120.6 101.7 83.6 65.2 59.0 43.0 59.4 63.2 81.1 88.5
Pakistan Mar−91 229.8 231.7 212.3 211.4 132.4 98.0 93.8 96.8 109.6 78.0 105.5 94.6
Philippines Dec−88 111.0 139.1 146.1 132.8 125.5 103.0 93.6 66.7 74.7 107.2 123.9 123.1
Sri Lanka Dec−92 109.7 116.2 122.2 138.3 106.8 78.6 87.1 64.8 63.8 64.6 78.1 82.4
Taiwan, China Jan−91 135.2 167.1 156.2 140.1 127.6 115.4 121.5 101.6 107.0 119.4 127.5 115.8
Thailand Dec−88 63.9 81.8 76.5 69.9 51.5 39.8 40.9 31.7 42.7 59.1 64.7 63.2
Europe
Czech RepublicDec−93 49.7 54.0 58.2 59.8 51.3 54.0 59.8 41.7 42.9 49.7 48.1 50.8
Greece Dec−88 302.8 311.5 401.3 520.9 537.9 488.8 591.0 448.1 464.6 486.7 561.7 619.3
Hungary Dec−92 283.9 313.6 346.5 339.0 293.7 310.1 337.4 208.2 204.5 241.2 262.1 280.6
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998: (End−of−period Values in US$) 152
Poland Dec−92 604.1 760.2 728.2 788.7 684.3 693.9 743.5 463.9 492.5 523.8 487.2 523.6
Portugal Dec−88 234.9 265.8 294.9 323.9 314.5 288.8 310.5 267.4 232.0 281.8 284.4 292.0
Russia Feb−97 103.2 118.0 123.4 119.5 71.8 56.5 56.8 23.5 13.6 20.3 29.4 23.5
Slovakia Feb−97 87.5 84.6 78.4 75.0 61.4 56.4 59.9 59.7 52.8 44.7 39.7 43.6
Turkey Aug−89 296.1 261.9 243.8 304.2 255.4 268.5 269.8 160.1 140.8 134.9 151.6 146.3
Mideast/Africa
Egypt Feb−97 87.4 87.3 91.2 88.6 80.6 76.1 75.0 66.0 70.6 65.8 63.6 64.5
Israel Dec−96 110.2 114.7 123.9 122.0 130.9 125.8 125.4 111.0 106.3 94.7 102.0 102.2
Jordan Dec−88 207.8 210.9 206.0 217.7 228.1 221.3 232.5 232.7 220.0 206.1 212.2 216.6
Morocco Feb−97 129.4 136.9 141.9 156.3 164.3 164.6 165.3 180.3 181.2 176.1 169.3 167.6
South Africa Dec−92 190.0 203.4 213.4 232.5 205.2 157.0 154.7 103.6 118.1 143.6 135.7 125.2
Zimbabwe Jun−93 269.4 279.2 327.2 268.8 243.7 245.1 217.3 126.0 108.1 97.7 96.8 105.3
IFCI Price Indexes 1998:(Monthly % Change in US$)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina −9.3 8.0 3.5 −2.1 −12.3 −6.1 6.9 −32.8 13.3 14.0 4.7 −9.9
Brazil −6.8 7.5 8.6 −3.1 −16.1 −2.2 8.5 −39.2 −0.2 3.7 19.7 −19.4
Chile −14.8 9.4 6.4 −5.4 −9.0 −8.1 5.0 −26.9 3.1 8.0 16.8 −10.4
Colombia −9.9 −13.7 −3.5 3.3 −8.7 −5.4 −7.0 −22.5 −13.3 −5.3 30.2 3.2
Mexico −15.4 2.6 5.3 2.0 −13.3 −6.4 −1.5 −33.5 13.4 10.0 −5.4 4.6
Peru −10.7 −3.8 10.5 4.9 −3.6 −7.0 0.4 −28.9 −3.3 −3.1 18.0 −13.8
Venezuela −16.4 −2.9 3.3 −22.8 1.5 −23.8 0.3 −40.6 34.2 −6.0 7.9 22.1
Asia
China −28.9 37.5 −6.1 −12.4 −8.1 −12.0 −22.9 −22.8 33.3 −0.7 1.4 −8.9
India −11.0 10.4 6.8 3.2 −11.5 −13.9 −1.5 −7.9 5.3 −8.7 −1.5 8.6
Indonesia −34.8 16.5 19.4 −13.6 −38.7 −16.6 26.1 −15.6 −24.3 55.9 46.5 −2.3
Korea 69.9 −7.6 0.7 −7.5 −22.9 −11.0 28.0 −19.8 −4.7 31.4 24.0 37.9
Malaysia −10.0 53.5 −4.2 −15.7 −17.8 −22.0 −9.5 −27.2 38.3 6.4 28.2 9.2
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1998: (Monthly % Change in US$) 153
Pakistan −7.5 0.8 −8.4 −0.4 −37.4 −26.0 −4.3 3.1 13.2 −28.8 35.3 −10.3
Philippines −1.6 25.3 5.0 −9.1 −5.5 −17.9 −9.2 −28.7 12.1 43.4 15.5 −0.6
Sri Lanka −5.7 5.9 5.2 13.2 −22.8 −26.4 10.8 −25.6 −1.5 1.3 20.8 5.5
Taiwan, China −4.2 23.6 −6.5 −10.3 −8.9 −9.6 5.3 −16.4 5.3 11.6 6.8 −9.2
Thailand 35.8 28.1 −6.6 −8.6 −26.4 −22.8 2.9 −22.5 34.8 38.2 9.5 −2.3
Europe
Czech Republic −9.1 8.6 7.7 2.9 −14.2 5.2 10.6 −30.3 3.0 15.7 −3.2 5.6
Greece −6.6 2.9 28.8 29.8 3.3 −9.1 20.9 −24.2 3.7 4.8 15.4 10.3
Hungary −9.8 10.5 10.5 −2.2 −13.4 5.6 8.8 −38.3 −1.8 17.9 8.7 7.1
Poland 1.2 25.8 −4.2 8.3 −13.2 1.4 7.1 −37.6 6.2 6.4 −7.0 7.5
Portugal 11.3 13.2 10.9 9.8 −2.9 −8.2 7.5 −13.9 −13.3 21.5 0.9 2.7
Russia −30.6 14.4 4.6 −3.1 −39.9 −21.4 0.6 −58.7 −41.9 48.5 45.3 −20.3
Slovakia −11.8 −3.3 −7.4 −4.3 −18.1 −8.2 6.2 −0.3 −11.6 −15.3 −11.4 10.0
Turkey −5.1 −11.5 −6.9 24.8 −16.1 5.1 0.5 −40.7 −12.1 −4.2 12.4 −3.5
Mideast/Africa
Egypt −6.3 −0.1 4.5 −2.9 −9.0 −5.6 −1.4 −12.0 7.0 −6.8 −3.3 1.3
Israel −9.4 4.1 8.0 −1.5 7.3 −3.9 −0.3 −11.5 −4.2 −11.0 7.7 0.2
Jordan −1.2 1.5 −2.3 5.7 4.8 −3.0 5.1 0.1 −5.5 −6.3 3.0 2.0
Morocco −0.7 5.8 3.7 10.1 5.1 0.2 0.4 9.0 0.5 −2.8 −3.9 −1.0
South Africa 5.7 7.1 4.9 9.0 −11.8 −23.5 −1.5 −33.0 14.0 21.5 −5.5 −7.7
Zimbabwe 7.1 3.6 17.2 −17.8 −9.3 0.6 −11.3 −42.0 −14.2 −9.6 −0.9 8.8
IFCI Price Indexes 1989−1998:(End−of−period Values in US$)
Market Base date(=100.0)
1989 1990 1 991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Dec−88 257.7 146.2 791.5 579.6 994.0 734.4 800.9 950.6 1,115.8 797.7
Brazil Dec−88 118.6 34.7 125.9 125.0 232.7 384.4 305.3 396.4 482.6 275.1
Chile Dec−88 136.0 182.2 367.6 418.5 551.8 784.3 748.5 620.2 642.6 451.3
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1989−1998: (End−of−period Values in US$) 154
Colombia Feb−91 − − 310.9 425.2 644.7 811.6 598.1 633.1 825.4 439.4
Mexico Dec−88 225.3 278.3 582.8 676.0 1,006.4 607.9 453.2 529.7 788.2 481.6
Peru Dec−92 − − − 100.0 120.9 178.3 197.2 196.8 221.4 134.4
Venezuela Jan−90 − 684.6 1,063.8 519.6 591.9 495.0 334.4 728.0 915.0 453.3
Asia
China Dec−92 − − − 100.0 149.3 75.9 54.1 73.7 55.3 26.2
India Nov−92 − − − 93.7 116.5 123.5 80.4 78.8 83.4 64.2
Indonesia Sep−90 − 96.3 57.4 58.7 124.7 99.8 109.7 127.6 33.7 24.2
Korea Jan−92 − − − 98.2 118.2 136.8 125.9 77.3 24.0 53.0
Malaysia Dec−88 143.3 126.7 135.9 163.6 339.1 268.8 271.2 336.6 91.2 88.5
Pakistan Mar−91 − − 304.1 200.2 388.0 366.1 242.6 195.7 248.4 94.6
Philippines Dec−88 159.2 65.7 111.7 133.5 336.7 298.1 259.6 293.6 112.8 123.1
Sri Lanka Dec−92 − − − 100.0 177.2 172.0 104.1 95.1 116.3 82.4
Taiwan, China Jan−91 − − 101.9 73.8 135.2 164.6 112.8 153.3 141.1 115.8
Thailand Dec−88 198.5 145.1 171.6 230.4 477.6 383.5 375.8 221.4 47.0 63.2
Europe
Czech Republic Dec−93 − − − − 100.0 80.2 60.0 70.2 54.7 50.8
Greece Dec−88 189.3 368.6 288.6 195.3 227.7 225.7 241.6 242.4 324.0 619.3
Hungary Dec−92 − − − 100.0 166.7 151.8 98.4 196.8 314.7 280.6
Poland Dec−92 − − − 100.0 817.9 469.4 426.4 732.3 596.8 523.6
Portugal Dec−88 138.1 89.6 91.7 77.3 113.8 121.1 115.8 146.1 211.1 292.0
Russia Feb−97 − − − − − − − − 148.7 23.5
Slovakia Feb−97 − − − − − − − − 99.2 43.6
Turkey Aug−89 282.5 278.8 145.2 68.5 212.6 120.7 104.5 148.7 312.1 146.3
Mideast/Africa
Egypt Feb−97 − − − − − − − − 93.2 64.5
Israel Dec−96 − − − − − − − 100.0 121.7 102.2
Jordan Dec−88 96.0 99.4 99.9 116.8 165.6 150.0 184.7 186.7 210.3 216.6
Morocco Feb−97 − − − − − − − − 130.3 167.6
South Africa Dec−92 − − − 100.0 176.4 224.7 258.1 208.6 179.8 125.2
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1989−1998: (End−of−period Values in US$) 155
Zimbabwe Jun−93 − − − − 202.1 244.7 274.7 473.5 251.7 105.3
IFCI Price Indexes 1989−1998:(Annual % Change in US$)
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina 157.7 −43.3 441.5 −26.8 71.5 −26.1 9.1 18.7 17.4 −28.5
Brazil 18.6 −70.8 263.2 −0.7 86.2 65.2 −20.6 29.8 21.8 −43.0
Chile 36.0 34.0 101.8 13.9 31.8 42.1 −4.6 −17.1 3.6 −29.8
Colombia − − − 36.7 51.6 25.9 −26.3 5.9 30.4 −46.8
Mexico 125.3 23.5 109.4 16.0 48.9 −39.6 −25.5 16.9 48.8 −38.9
Peru − − − − 20.9 47.5 10.6 −0.2 12.5 −39.3
Venezuela − − −55.4 −51.2 13.9 −16.4 −32.4 117.7 25.7 −50.5
Asia
China − − − − 49.3 −49.2 −28.7 36.3 −25.0 −52.6
India − − − − 24.3 6.0 −34.9 −2.0 5.8 −23.0
Indonesia − − −40.4 2.2 112.4 −20.0 9.9 16.4 −73.6 −28.1
Korea − − − − 20.4 15.8 −7.9 −38.7 −68.9 120.7
Malaysia 43.3 −11.6 7.2 20.4 107.3 −20.7 0.9 24.1 −72.9 −2.9
Pakistan − − − −34.2 93.8 −5.6 −33.7 −19.3 26.9 −61.9
Philippines 59.2 −58.7 70.0 19.6 152.1 −11.5 −12.9 13.1 −61.6 9.2
Sri Lanka − − − − 77.2 −3.0 −39.5 −8.6 22.3 −29.2
Taiwan, China − − − −27.6 83.2 21.7 −31.5 35.9 −8.0 −17.9
Thailand 98.5 −26.9 18.2 34.2 107.3 −19.7 −2.0 −41.1 −78.8 34.3
Europe
Czech Republic − − − − − −19.8 −25.2 16.9 −22.0 −7.3
Greece 89.3 94.7 −21.7 −32.3 16.6 −0.9 7.0 0.3 33.7 91.2
Hungary − − − − 66.7 −8.9 −35.1 99.9 60.0 −10.8
Poland − − − − 717.9 −42.6 −9.2 71.8 −18.5 −12.3
Portugal 38.1 −35.2 2.3 −15.7 47.3 6.4 −4.4 26.2 44.4 38.4
Emerging Stock Markets Factbook 1999
IFCI Price Indexes 1989−1998: (Annual % Change in US$) 156
Russia − − − − − − − − − −84.2
Slovakia − − − − − − − − − −56.0
Turkey − −1.3 −47.9 −52.8 210.6 −43.2 −13.4 42.3 109.9 −53.1
Mideast/Africa
Egypt − − − − − − − − − −30.9
Israel − − − − − − − − 21.7 −16.0
Jordan −4.0 3.6 0.5 16.9 41.7 −9.4 23.1 1.1 12.6 3.0
Morocco − − − − − − − − − −28.7
South Africa − − − − 76.4 27.4 14.8 −19.2 −13.8 −30.3
Zimbabwe − − − − − 21.1 12.3 72.4 −46.8 −58.1
Statistics of the IFCI Price Indexes:(US$; December 1993−December 1998)
Market
Numberofmonths
Mean of%change
StandardDeviation
AnnualizedMean
Annualizedstandarddeviation
CorrelationwithS&P500
Latin America
Argentina 60 0.13 9.75 1.56 33.77 0.64
Brazil 60 1.07 12.51 12.84 43.34 0.46
Chile 60 −0.01 8.08 −0.12 27.99 0.49
Colombia 60 −0.28 8.59 −3.36 29.76 0.14
Mexico 60 −0.51 11.36 −6.12 39.35 0.53
Peru 60 0.61 9.43 7.32 32.67 0.23
Venezuela 60 0.90 15.85 10.80 54.91 0.31
Asia
China 60 −2.08 12.62 −24.96 43.72 0.38
India 60 −0.67 8.14 −8.04 28.20 0.22
Indonesia 60 −1.28 16.76 −15.36 58.06 0.44
Korea 60 −0.26 15.54 −3.12 53.83 0.24
Malaysia 60 −1.28 14.04 −15.36 48.64 0.47
Pakistan 60 −1.56 12.25 −18.72 42.44 0.17
Emerging Stock Markets Factbook 1999
Statistics of the IFCI Price Indexes: (US$; December 1993−December 1998) 157
Philippines 60 −1.03 11.44 −12.36 39.63 0.55
Sri Lanka 60 −0.72 10.35 −8.64 35.85 0.38
Taiwan, China 60 0.13 8.99 1.56 31.14 0.38
Thailand 60 −2.32 14.26 −27.84 49.40 0.52
Europe
Czech Republic* 59 −1.56 8.77 −18.72 30.38 0.41
Greece 60 2.09 9.35 25.08 32.39 0.39
Hungary 60 1.85 14.62 22.20 50.65 0.48
Poland 60 0.35 14.77 4.20 51.16 0.39
Portugal 60 1.79 6.59 21.48 22.83 0.43
Russia* 22 −3.20 26.73 −38.40 92.60 0.57
Slovakia* 22 −3.88 7.99 −46.56 27.68 −0.25
Turkey 60 0.72 16.59 8.64 57.47 0.27
Mideast/Africa
Egypt* 22 −2.30 5.21 −27.60 18.05 0.33
Israel* 24 0.31 6.78 3.72 23.49 0.51
Jordan 60 0.52 3.70 6.24 12.82 0.12
Morocco* 22 2.12 5.21 25.44 18.05 −0.57
South Africa 60 −0.18 8.63 −2.16 29.90 0.46
Zimbabwe 60 −0.24 12.31 −2.88 42.64 0.28
Regions
Composite 60 −0.81 7.01 −9.72 24.28 0.68
Latin America 60 −0.29 9.07 −3.48 31.42 0.59
Asia 60 −1.26 8.81 −15.12 30.52 0.55
EMEA 60 −0.37 7.40 −4.44 25.63 0.52
Europe* 35 1.18 9.82 14.16 34.02 0.53
E. Europe* 35 −1.13 12.54 −13.56 43.44 0.52
ME & Africa* 35 −1.75 7.26 −21.00 25.15 0.58
Emerging Stock Markets Factbook 1999
Statistics of the IFCI Price Indexes: (US$; December 1993−December 1998) 158
DevelopedMarkets
U.S., S&P 500 60 1.70 4.00 20.40 13.86 1.00
U.K., FT−SE100
60 1.18 3.77 14.16 13.06 0.64
Japan, Nikkei 60 −0.18 6.71 −2.16 23.24 0.40
FT, EuroPac 60 0.61 4.08 7.32 14.13 0.66
Note: Statistical data based on less than 60 months of data.
IFCI Price Index Annualized Standard Deviation, 1993−1998
Emerging Stock Markets Factbook 1999
Statistics of the IFCI Price Indexes: (US$; December 1993−December 1998) 159
IFCI Price Index Annualized Mean Return, 1993−1998
IFCI Price Index Correlations:(US$ December 1993−December 1998)
Note : Correlations are for a 60−month period ending in December 1998, except as noted on page 100.
Correlations with S&P 500:(US$; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCI Price Index Correlations: (US$ December 1993−December 1998) 160
IFCI Price Index Correlations with S&P 500, 1993−1998
IFCI Total Return Indexes 1998 Performance Summary:(Ranked by 1998 % Change in US$)
Rank Market
% change inIFCI TotalReturn Index
EmergingMarkets 1 Korea 124.3
2 Greece 95.6
3 Portugal 40.4
4 Thailand 35.4
5 Morocco 31.1
6 Philippines 10.1
7 Jordan 5.8
8 Malaysia 0.1
9 Czech Republic −7.0
10 Hungary −9.9
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 161
11 Poland −10.8
12 Israel −14.4
13 Taiwan, China −17.3
14 India −21.5
15 Argentina −26.1
16 Egypt −27.0
17 Chile −27.2
18 Sri Lanka −27.3
19 Indonesia −27.5
20 South Africa −28.2
21 Mexico −37.4
22 Peru −37.6
23 Brazil −39.5
24 Colombia −44.0
25 Venezuela −47.7
26 China −50.9
27 Turkey −51.7
28 Slovakia −54.9
29 Zimbabwe −56.8
30 Pakistan −58.3
31 Russia −84.0
Regions 1 Asia 0.8
2 Europe −19.0
3 EMEA −20.8
4 Composite −22.0
5 ME & Africa −22.9
6 Latin America −35.6
7 E. Europe −58.1
DevelopedMarkets 1 U.S., S&P 500 40.7
2 FT, EuroPac 19.3
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 162
Note: Neither local Japanese index (Nikkei or Topix) publish atotal return index.
Percent Change in IFCI Total Return Indexes, 1998
IFCI Total Return Indexes 1998 High, Low, Close:(US$; Year−end and Daily Closing Values)
Market End−1997 High Date Low Date End−1998
Latin America
Argentina 1,579.8 1,620.3 Mar 26 780.5 Sep 10 1,167.9
Brazil 652.3 742.3 Apr 15 291.2 Sep 10 394.7
Chile 999.9 1,010.6 Mar 17 548.2 Sep 14 727.7
Colombia 998.8 987.2 Jan 2 382.0 Oct 15 559.6
Mexico 921.4 919.1 Jan 2 406.2 Sep 10 576.7
Peru 241.1 245.1 May 4 142.0 Sep 22 150.5
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Values) 163
Venezuela 1,093.7 1,092.1 Jan 2 311.1 Sep 10 571.5
Asia
China 62.5 62.2 Jan 2 25.0 Aug 28 30.7
India 89.0 103.8 Apr 21 63.9 Nov 27 69.9
Indonesia 37.3 35.2 Jan 2 10.2 Sep 21 27.0
Korea 26.3 59.2 Dec 30 24.1 Jun 16 59.1
Malaysia 111.4 159.3 Feb 10 50.9 Sep 1 111.5
Pakistan 302.9 302.9 Jan 2 97.3 Oct 21 126.4
Philippines 122.9 167.3 Mar 25 67.9 Sep 11 135.3
Sri Lanka 124.4 149.4 Apr 24 63.3 Sep 4 90.5
Taiwan, China 151.2 180.2 Mar 2 103.7 Sep 3 124.9
Thailand 60.0 110.0 Mar 23 40.6 Sep 3 81.2
Europe
Czech Republic 55.2 60.8 Jul 21 38.4 Oct 6 51.3
Greece 529.3 1,035.4 Dec 31 489.8 Jan 29 1,035.4
Hungary 350.3 403.5 Apr 3 204.2 Sep 21 315.6
Poland 653.4 898.3 May 5 470.1 Oct 9 582.6
Portugal 269.5 442.3 Apr 22 275.1 Jan 2 378.3
Russia 148.8 153.9 Jan 5 10.9 Oct 5 23.7
Slovakia 102.7 103.0 Jan 2 41.1 Nov 20 46.3
Turkey 450.9 479.4 Jan 5 174.2 Oct 8 217.8
Mideast/Africa
Egypt 97.2 97.4 Jan 2 68.5 Dec 9 71.0
Israel 124.3 138.9 Jun 8 88.3 Oct 8 106.3
Jordan 272.7 317.6 Aug 17 265.1 Feb 16 288.4
Morocco 132.9 192.0 Sep 18 130.3 Jan 20 174.1
South Africa 204.1 271.9 Apr 20 118.4 Sep 11 146.6
Zimbabwe 293.3 383.9 Mar 31 113.2 Oct 13 126.7
Regions
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998 High, Low, Close: (US$; Year−end and Daily Closing Values) 164
Composite 307.3 336.5 Apr 21 188.4 Sep 11 239.7
Latin America 873.5 879.8 Jan 2 408.2 Sep 10 563.1
Asia 129.4 161.4 Mar 2 82.4 Sep 1 130.3
Europe 200.9 236.0 Apr 22 115.9 Oct 5 162.6
Mideast/Africa 75.4 94.8 Apr 20 51.8 Aug 28 58.2
IFCI Total Return Indexes High and Low vs. 1997 Close
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1998:(End−of−period Values in US$; End 1988=100)
Index Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Indexlevels
IFCIComposite 287.2 316.5 328.9 329.8 288.6 259.1 269.4 193.7 203.0 226.3 243.3 239.7
IFCI LatinAmerica
772.4 810.7 863.7 856.3 749.5 707.9 735.9 487.4 520.5 560.2 611.9 563.1
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1998: (End−of−period Values in US$; End 1988=100)165
IFCI Asia 126.9 158.2 154.8 138.9 116.9 99.6 104.1 84.3 92.1 108.5 122.6 130.3
IFCI EMEA 201.0 212.9 225.8 247.0 221.4 195.3 202.5 145.6 145.6 162.2 166.3 165.3
U.S., S&P 500 497.3 533.1 560.4 566.1 556.3 578.9 572.8 490.1 521.5 563.8 598.0 632.4
FT, EuroPac 146.2 155.5 159.9 160.5 160.2 160.2 161.4 141.5 137.8 152.4 160.7 166.5
% changeIFCIComposite −6.6 10.2 3.9 0.3 −12.5 −10.2 4.0 −28.1 4.8 11.5 7.5 −1.5
IFCI LatinAmerica
−11.6 5.0 6.5 −0.9 −12.5 −5.6 4.0 −33.8 6.8 7.6 9.2 −8.0
IFCI Asia −1.9 24.7 −2.2 −10.2 −15.9 −14.8 4.5 −19.0 9.2 17.9 13.0 6.3
IFCI EMEA −3.7 5.9 6.1 9.4 −10.4 −11.8 3.7 −28.1 0.0 11.4 2.5 −0.6
U.S., S&P 500 10.6 7.2 5.1 1.0 −1.7 4.1 −1.1 −14.4 6.4 8.1 6.1 5.8
FT, EuroPac 4.8 6.4 2.8 0.4 −0.2 0.0 0.8 −12.3 −2.6 10.6 5.5 3.6
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, 1998:(daily; end−1997=100)
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1989−1998:(End−of−Period Values in US$; End 1988=100)
Index 1989 1990 1991 1992 1 993 1994 1995 1996 1997 1998
Indexlevels
IFCIComposite 161.5 158.0 220.4 227.7 408.9 359.8 329.5 360.4 307.3 239.7
IFCI Latin 176.2 192.3 460.0 475.8 764.9 693.3 576.5 675.7 873.5 563.1
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes Regional vs. Developed Market Performance, 1989−1998: (End−of−Period Values in US$; End 1988=100)166
America
IFCI Asia 154.1 124.5 139.9 165.8 327.7 285.8 270.1 298.5 129.4 130.3
IFCI EMEA 175.8 200.2 141.7 95.4 212.2 154.6 189.4 185.0 208.8 165.3
U.S., S&P 500 131.6 127.5 166.2 179.0 196.8 199.4 274.1 337.2 449.6 632.4
FT, EuroPac 111.3 84.7 95.4 83.2 109.4 119.5 132.1 139.8 139.5 166.5
% changeIFCIComposite 61.5 −2.2 39.5 3.3 79.6 −12.0 −8.4 9.4 −14.7 −22.0
IFCI LatinAmerica
76.2 9.1 139.2 3.5 60.7 −9.4 −16.9 17.2 29.3 −35.5
IFCI Asia 54.1 −19.2 12.4 18.5 97.6 −12.8 −5.5 10.5 −56.6 0.7
IFCI EMEA 75.8 13.9 −29.2 −32.7 122.4 −27.1 22.5 −2.3 12.9 −20.8
U.S., S&P 500 31.6 −3.1 30.4 7.6 10.0 1.3 37.4 23.0 33.3 40.7
FT, EuroPac 11.3 −23.8 12.6 −12.8 31.5 9.2 10.6 5.8 −0.2 19.3
Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction fordetails.
IFCI Regional Total Return Indexes vs. U.S. S&P 500, 1989−1998:(monthly; end−1988=100)
IFCI Total Return Indexes 1998:(End−of−period Values in US$)
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998: (End−of−period Values in US$) 167
Market Base date(=100.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina Dec−88 1,438.7 1,559.3 1,614.8 1,587.0 1,395.3 1,310.2 1,406.2 948.3 1,074.7 1,227.5 1,290.5 1,167.9
Brazil Dec−88 609.2 655.0 716.5 706.8 593.3 580.5 633.5 388.1 387.6 405.4 485.8 394.7
Chile Dec−88 854.3 936.2 998.2 950.1 873.0 802.7 844.2 617.9 638.4 690.6 808.5 727.7
Colombia Feb−91 901.6 779.5 753.5 783.5 716.9 680.3 635.6 496.3 432.0 411.6 538.3 559.6
Mexico Dec−88 779.4 799.3 843.1 863.2 751.1 706.0 695.7 462.7 526.2 579.2 547.7 576.7
Peru Dec−92 215.3 207.4 229.9 243.0 234.5 218.0 220.9 157.5 152.3 147.6 174.4 150.5
Venezuela Jan−90 916.2 890.2 920.2 715.3 726.5 553.6 558.1 335.6 458.4 433.3 468.1 571.5
Asia
China Dec−92 44.4 61.1 57.4 50.3 46.7 41.6 32.3 25.1 33.4 33.2 33.7 30.7
India Nov−92 79.2 87.4 93.6 96.8 85.8 74.4 73.4 67.9 71.5 65.3 64.3 69.9
Indonesia Sep−90 24.3 28.3 33.8 29.2 17.9 14.9 18.9 16.0 12.1 18.9 27.7 27.0
Korea Jan−92 45.4 42.0 42.3 39.1 30.2 26.9 34.4 27.6 26.3 34.5 42.8 59.1
Malaysia Dec−88 100.4 154.2 147.8 124.8 102.9 80.6 73.1 53.5 74.2 79.3 101.7 111.5
Pakistan Mar−91 280.3 282.7 270.2 269.4 169.0 126.7 121.5 125.3 142.7 101.5 138.5 126.4
Philippines Dec−88 121.0 151.8 159.6 145.1 137.2 112.7 102.4 73.0 82.0 117.7 135.9 135.3
Sri Lanka Dec−92 117.5 124.4 131.5 149.0 115.0 86.1 95.4 71.0 69.9 70.8 85.8 90.5
Taiwan, China Jan−91 145.1 179.3 167.6 150.3 137.2 124.2 130.9 109.4 115.2 128.7 137.5 124.9
Thailand Dec−88 81.4 104.3 97.5 89.8 66.1 51.1 52.6 40.7 54.9 75.9 83.1 81.2
Europe
Czech RepublicDec−93 50.2 54.5 58.7 60.4 51.8 54.5 60.4 42.2 43.4 50.2 48.6 51.3
Greece Dec−88 494.7 509.2 657.1 858.3 892.9 815.4 988.0 749.1 776.7 813.7 939.1 1,035.4
Hungary Dec−92 315.9 349.0 385.7 377.3 328.8 348.5 379.3 234.1 230.0 271.3 294.7 315.6
Poland Dec−92 661.5 832.3 797.3 867.2 752.7 768.8 826.9 516.1 548.0 582.8 542.1 582.6
Portugal Dec−88 299.8 339.4 377.4 416.2 406.9 374.0 402.2 346.4 300.5 365.1 368.4 378.3
Russia Feb−97 103.2 118.1 123.5 119.7 72.4 57.1 57.5 23.8 13.8 20.5 29.8 23.7
Slovakia Feb−97 90.6 87.6 81.2 78.8 65.2 59.9 63.6 63.5 56.1 47.5 42.1 46.3
Turkey Aug−89 427.7 378.3 353.1 441.5 379.9 399.5 401.4 238.2 209.6 200.8 225.7 217.8
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998: (End−of−period Values in US$) 168
Mideast/Africa
Egypt Feb−97 91.1 91.0 95.3 93.1 85.6 81.2 81.0 71.2 76.2 71.7 70.1 71.0
Israel Dec−96 112.5 117.1 126.6 124.8 134.1 129.0 129.2 114.4 109.7 97.9 105.6 106.3
Jordan Dec−88 269.6 273.6 268.7 288.8 303.8 294.7 309.7 310.0 293.0 274.5 282.6 288.4
Morocco Feb−97 132.0 139.6 144.8 159.4 167.5 168.2 171.6 187.3 188.2 183.0 175.8 174.1
South Africa Dec−92 215.7 231.4 243.9 265.9 234.7 180.6 178.0 119.6 137.1 167.2 158.2 146.6
Zimbabwe Jun−93 314.5 326.0 383.9 315.5 286.4 292.6 260.1 150.8 129.9 117.5 116.4 126.7
IFCI Total Return Indexes 1998:(Monthly % Change in US$)
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Latin America
Argentina −8.9 8.4 3.6 −1.7 −12.1 −6.1 7.3 −32.6 13.3 14.2 5.1 −9.5
Brazil −6.6 7.5 9.4 −1.3 −16.1 −2.2 9.1 −38.7 −0.1 4.6 19.8 −18.7
Chile −14.6 9.6 6.6 −4.8 −8.1 −8.1 5.2 −26.8 3.3 8.2 17.1 −10.0
Colombia −9.7 −13.5 −3.3 4.0 −8.5 −5.1 −6.6 −21.9 −13.0 −4.7 30.8 3.9
Mexico −15.4 2.6 5.5 2.4 −13.0 −6.0 −1.5 −33.5 13.7 10.1 −5.5 5.3
Peru −10.7 −3.7 10.9 5.7 −3.5 −7.0 1.3 −28.7 −3.3 −3.1 18.2 −13.7
Venezuela −16.2 −2.8 3.4 −22.3 1.6 −23.8 0.8 −39.9 36.6 −5.5 8.0 22.1
Asia
China −28.9 37.6 −6.1 −12.3 −7.1 −11.1 −22.3 −22.3 33.3 −0.7 1.5 −8.9
India −11.0 10.4 7.0 3.5 −11.3 −13.3 −1.3 −7.6 5.3 −8.6 −1.5 8.6
Indonesia −34.8 16.5 19.4 −13.6 −38.6 −16.6 26.6 −15.5 −24.3 56.0 46.6 −2.3
Korea 72.5 −7.6 0.8 −7.5 −22.9 −10.9 28.0 −19.8 −4.7 31.3 24.0 37.9
Malaysia −9.9 53.6 −4.2 −15.6 −17.5 −21.7 −9.2 −26.9 38.7 6.9 28.4 9.6
Pakistan −7.5 0.9 −4.4 −0.3 −37.3 −25.0 −4.1 3.1 13.9 −28.8 36.4 −8.8
Philippines −1.6 25.4 5.1 −9.1 −5.4 −17.9 −9.2 −28.7 12.4 43.5 15.5 −0.4
Sri Lanka −5.5 5.9 5.7 13.3 −22.8 −25.1 10.8 −25.6 −1.5 1.3 21.1 5.5
Taiwan, China −4.0 23.6 −6.6 −10.3 −8.7 −9.5 5.4 −16.4 5.3 11.6 6.9 −9.1
Thailand 35.8 28.2 −6.5 −7.9 −26.4 −22.8 2.9 −22.5 34.8 38.2 9.5 −2.3
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1998: (Monthly % Change in US$) 169
Europe
Czech Republic −9.1 8.6 7.7 2.9 −14.2 5.3 10.9 −30.2 2.9 15.7 −3.2 5.6
Greece −6.5 2.9 29.0 30.6 4.0 −8.7 21.2 −24.2 3.7 4.8 15.4 10.3
Hungary −9.8 10.5 10.5 −2.2 −12.9 6.0 8.8 −38.3 −1.8 17.9 8.7 7.1
Poland 1.2 25.8 −4.2 8.8 −13.2 2.1 7.6 −37.6 6.2 6.4 −7.0 7.5
Portugal 11.3 13.2 11.2 10.3 −2.2 −8.1 7.5 −13.9 −13.3 21.5 0.9 2.7
Russia −30.6 14.4 4.6 −3.1 −39.5 −21.1 0.6 −58.7 −41.9 48.4 45.4 −20.3
Slovakia −11.8 −3.3 −7.3 −3.0 −17.2 −8.2 6.2 −0.3 −11.6 −15.3 −11.4 10.0
Turkey −5.1 −11.5 −6.7 25.0 −13.9 5.2 0.5 −40.7 −12.0 −4.2 12.4 −3.5
Mideast/Africa
Egypt −6.2 −0.1 4.7 −2.3 −8.1 −5.2 −0.2 −12.1 7.0 −5.9 −2.3 1.3
Israel −9.4 4.1 8.1 −1.4 7.5 −3.8 0.2 −11.5 −4.2 −10.8 7.9 0.7
Jordan −1.2 1.5 −1.8 7.5 5.2 −3.0 5.1 0.1 −5.5 −6.3 3.0 2.0
Morocco −0.7 5.8 3.7 10.1 5.1 0.4 2.0 9.1 0.5 −2.8 −3.9 −1.0
South Africa 5.7 7.3 5.4 9.0 −11.7 −23.1 −1.5 −32.8 14.7 21.9 −5.4 −7.3
Zimbabwe 7.2 3.7 17.7 −17.8 −9.2 2.2 −11.1 −42.0 −13.9 −9.6 −0.9 8.8
IFCI Total Return Indexes 1989−1998:(End−of−period Values in US$)
Market Base date(=100.0)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina Dec−88 304.6 175.2 954.6 709.3 1,257.1 951.9 1,077.1 1,315.9 1,579.8 1,167.9
Brazil Dec−88 123.1 37.6 144.6 146.1 283.7 474.5 386.1 518.5 652.3 394.7
Chile Dec−88 152.7 221.3 466.8 550.8 755.9 1,103.7 1,091.4 935.5 999.9 727.7
Colombia Feb−91 − − 324.3 454.5 703.6 901.7 680.4 742.9 998.8 559.6
Mexico Dec−88 229.8 292.3 625.3 729.9 1,106.6 679.1 513.0 607.9 921.4 576.7
Peru Dec−92 − − − 100.0 122.8 182.2 204.7 209.4 241.1 150.5
Venezuela Jan−90 − 703.5 1,103.8 544.3 639.7 547.0 381.6 859.9 1,093.7 571.5
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1989−1998: (End−of−period Values in US$) 170
Asia
China Dec−92 − − − 100.0 149.8 78.2 58.3 82.1 62.5 30.7
India Nov−92 − − − 93.8 118.2 126.4 83.5 82.9 89.0 69.9
Indonesia Sep−90 − 96.3 57.4 59.7 129.3 105.1 117.7 139.1 37.3 27.0
Korea Jan−92 − − − 99.8 121.5 144.0 132.8 82.9 26.3 59.1
Malaysia Dec−88 147.4 133.5 147.2 182.6 385.0 310.9 319.2 401.7 111.4 111.5
Pakistan Mar−91 − − 320.6 215.1 433.1 413.9 280.4 231.5 302.9 126.4
Philippines Dec−88 161.0 68.0 116.5 140.5 356.1 316.4 277.2 316.9 122.9 135.3
Sri Lanka Dec−92 − − − 100.0 179.3 175.6 108.4 100.4 124.4 90.5
Taiwan, China Jan−91 − − 102.6 75.4 139.7 171.5 118.9 163.2 151.2 124.9
Thailand Dec−88 205.8 155.6 187.6 259.8 555.6 454.7 454.4 273.4 60.0 81.2
Europe
Czech Republic Dec−93 − − − − 100.0 80.4 60.4 70.6 55.2 51.3
Greece Dec−88 205.4 421.7 341.4 253.4 311.4 322.0 360.7 384.3 529.3 1,035.4
Hungary Dec−92 − − − 100.0 174.1 160.8 106.8 216.5 350.3 315.6
Poland Dec−92 − − − 100.0 839.6 484.0 450.6 787.4 653.4 582.6
Portugal Dec−88 140.7 93.1 98.0 85.6 130.5 142.9 140.2 182.3 269.5 378.3
Russia Feb−97 − − − − − − − − 148.8 23.7
Slovakia Feb−97 − − − − − − − − 102.7 46.3
Turkey Aug−89 287.5 294.7 159.9 78.8 260.6 155.9 139.4 207.7 450.9 217.8
Mideast/Africa
Egypt Feb−97 − − − − − − − − 97.2 71.0
Israel Dec−96 − − − − − − − 100.0 124.3 106.3
Jordan Dec−88 98.6 105.6 113.4 136.1 197.9 183.5 229.1 236.5 272.7 288.4
Morocco Feb−97 − − − − − − − − 132.9 174.1
South Africa Dec−92 − − − 100.0 181.3 236.0 278.0 230.6 204.2 146.6
Zimbabwe Jun−93 − − − − 205.5 258.4 301.7 538.6 293.3 126.7
IFCI Total Return Indexes 1989−1998:(Annual % Change in US$)
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1989−1998: (Annual % Change in US$) 171
Market 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Latin America
Argentina 204.6 −42.5 444.9 −25.7 77.2 −24.3 13.1 22.2 20.1 −26.1
Brazil 23.1 −69.5 285.1 1.0 94.2 67.3 −18.6 34.3 25.8 −39.5
Chile 52.7 44.9 110.9 18.0 37.2 46.0 −1.1 −14.3 6.9 −27.2
Colombia − − − 40.2 54.8 28.2 −24.5 9.2 34.5 −44.0
Mexico 129.8 27.2 113.9 16.7 51.6 −38.6 −24.5 18.5 51.6 −37.4
Peru − − − − 22.8 48.3 12.4 2.3 15.2 −37.6
Venezuela − − 56.9 −50.7 17.5 −14.5 −30.2 125.3 27.2 −47.7
Asia
China − − − − 49.8 −47.8 −25.5 40.9 −23.9 −50.9
India − − − − 26.1 6.9 −34.0 −0.7 7.3 −21.5
Indonesia − − −40.4 3.9 116.7 −18.7 12.0 18.2 −73.2 −27.5
Korea − − − − 21.7 18.5 −7.8 −37.6 −68.2 124.3
Malaysia 47.4 −9.4 10.3 24.1 110.9 −19.2 2.7 25.9 −72.3 0.1
Pakistan − − − −32.9 101.3 −4.4 −32.3 −17.4 30.9 −58.3
Philippines 61.0 −57.8 71.3 20.6 153.5 −11.1 −12.4 14.3 −61.2 10.1
Sri Lanka − − − − 79.3 −2.1 −38.3 −7.4 24.0 −27.3
Taiwan, China − − − −26.5 85.3 22.7 −30.7 37.3 −7.4 −17.3
Thailand 105.8 −24.4 20.6 38.5 113.8 −18.2 −0.1 −39.8 −78.1 35.4
Europe
Czech Republic − − − − − −19.6 −24.9 16.9 −21.8 −7.0
Greece 105.4 105.3 −19.0 −25.8 22.9 3.4 12.0 6.6 37.7 95.6
Hungary − − − − 74.1 −7.7 −33.6 102.6 61.8 −9.9
Poland − − − − 739.6 −42.4 −6.9 74.7 −17.0 −10.8
Portugal 40.7 −33.9 5.2 −12.6 52.5 9.5 −1.8 30.0 47.8 40.4
Russia − − − − − − − − − −84.0
Slovakia − − − − − − − − − −54.9
Turkey − −2.5 −45.8 −50.7 230.6 −40.2 −10.6 49.0 117.1 −51.7
Emerging Stock Markets Factbook 1999
IFCI Total Return Indexes 1989−1998: (Annual % Change in US$) 172
Mideast/Africa
Egypt − − − − − − − − − −27.0
Israel − − − − − − − − 24.3 −14.4
Jordan −1.4 7.1 7.3 20.1 45.4 −7.3 24.8 3.2 15.3 5.8
Morocco − − − − − − − − − 31.1
South Africa − − − − −81.3 30.2 17.8 −17.1 −11.5 −28.2
Zimbabwe − − − − − 25.8 16.8 78.5 −45.5 −56.8
Statistics of the IFCI Total Return Indexes:(US$; December 1993−December 1998)
MarketNumberof months
Mean of% change
StandardDeviation
Annualizedmean
Annualizedstandarddeviation
Correlationwith S&P500
Latin America
Argentina 60 0.38 9.76 4.56 33.81 0.58
Brazil 60 1.34 12.51 16.08 43.34 0.42
Chile 60 0.27 8.14 3.24 28.20 0.41
Colombia 60 −0.03 8.61 −0.36 29.83 0.09
Mexico 60 −0.36 11.41 −4.32 39.53 0.46
Peru 60 0.77 9.47 9.24 32.81 0.18
Venezuela 60 1.16 15.91 13.92 55.11 0.26
Asia
China 60 −1.83 12.65 −21.96 43.82 0.28
India 60 −0.55 8.14 −6.60 28.20 0.17
Indonesia 60 −1.16 16.77 −13.92 58.09 0.35
Korea 60 −0.10 15.78 −1.20 54.66 0.40
Malaysia 60 −1.12 14.04 −13.44 48.64 0.43
Pakistan 60 −1.27 12.27 −15.24 42.50 0.16
Philippines 60 −0.97 11.44 −11.64 39.63 0.53
Sri Lanka 60 −0.59 10.35 −7.08 35.85 0.35
Taiwan, China 60 0.20 8.99 2.40 31.14 0.35
Thailand 60 −2.16 14.24 −25.92 49.33 0.60
Emerging Stock Markets Factbook 1999
Statistics of the IFCI Total Return Indexes: (US$; December 1993−December 1998) 173
Europe
Czech Republic* 59 −1.55 8.77 −18.60 30.38 0.35
Greece 60 2.44 9.38 29.28 32.49 0.33
Hungary 60 1.97 14.60 23.64 50.58 0.43
Poland 60 0.48 14.77 5.76 51.16 0.38
Portugal 60 2.00 6.53 24.00 22.62 0.48
Russia* 22 −3.16 26.69 −37.92 92.46 0.46
Slovakia* 22 −3.61 8.02 −43.32 27.78 −0.31
Turkey 60 1.03 16.55 12.36 57.33 0.25
Mideast/Africa
Egypt* 22 −1.87 5.14 −22.44 17.81 0.27
Israel* 24 0.48 6.81 5.76 23.59 0.38
Jordan 60 0.70 3.74 8.40 12.96 0.09
Morocco* 22 2.30 5.15 27.60 17.84 −0.59
South Africa 60 0.04 8.65 0.48 29.96 0.47
Zimbabwe 60 0.03 12.31 0.36 42.64 0.29
Regions
Composite 60 −0.62 7.02 −7.44 24.32 0.62
Latin America 60 −0.07 9.09 −0.84 31.49 0.52
Asia 60 −1.14 8.80 −13.68 30.48 0.53
EMEA 60 −0.13 7.40 −1.56 25.63 0.49
Europe* 35 1.41 9.78 16.92 33.88 0.44
E. Europe* 35 −1.04 12.51 −12.48 43.34 0.41
ME & Africa* 35 −1.52 7.29 −18.24 25.25 0.58
DevelopedMarkets
U.S., S&P 500 60 2.05 4.15 24.60 14.38 1.00
FT Europac 60 0.78 4.07 9.36 14.10 0.68
Emerging Stock Markets Factbook 1999
Statistics of the IFCI Total Return Indexes: (US$; December 1993−December 1998) 174
Note: Statistical data based on less than 60 months of data.
IFCI Total Return Index Annualized Standard Deviation, 1993−1998
IFCI Total Return Annualized Mean Return, 1993−1998
IFCI Total Return Index Correlations:(USS; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCI Total Return Index Correlations: (USS; December 1993−December 1998) 175
Note: Correlations are for a 60−month period ending in December 1998, except on page 112.
IFCI Total Return Index Correlations with S&P 500:(US$; December 1993−December 1998)
Emerging Stock Markets Factbook 1999
IFCI Total Return Index Correlations with S&P 500: (US$; December 1993−December 1998) 176
IFCI Total Return Index Correlations with S&P 500, 1993−1998
Industry Weights in the IFCI Composite Index End−1998
SIC Sector/Industry
NumberofStocks
Marketcapitalization(US$ millions)
Weight inIFCIComposite(%)
0 Agriculture/forestry/fishing 10 1,438 0.3
1 Mining 50 38,089 6.7
110 Metal Mining 30 13,133 2.3
2 Construction 48 6,674 1.2
215 General Building Contractors 28 3,835 0.7
3 Manufacturing 567 185,293 32.5
320 Food & Kindred Products 79 35,083 6.1
Emerging Stock Markets Factbook 1999
Industry Weights in the IFCI Composite Index End−1998 177
322 Textile Mill Products 30 3,198 0.6
323 Apparel & Other Textile Products 14 2,254 0.4
326 Paper & Allied Products 29 11,421 2.0
328 Chemicals & Allied Products 72 13,363 2.3
329 Petroleum Refining & RelatedProducts
33 14,243 2.5
330 Rubber & Misc. Plastics Products 18 3,350 0.6
332 Cement & Glass Products 64 18,029 3.2
333 Primary Metal Industries 27 5,940 1.0
334 Fabricated metal products 30 5,239 0.9
336 Electric & Electronic Equipment 93 49,512 8.7
337 Transportation Equipment 30 4,988 0.9
339 Miscellaneous Manufacturing 16 4,297 0.8
4 Transportation/communication/utility144 130,689 22.9
444 Water Transportation 11 2,600 0.5
448 Communications 65 91,847 16.1
449 Electric, Gas or Sanitary Services 56 34,657 6.1
5 Wholesale/retail trade 56 24,037 4.2
6 Finance/insurance/real estate 236 150,434 26.3
660 Banking 125 101,550 17.8
661 Credit Agencies Other Than Banks 17 2,089 0.4
662 Security & Commodity Brokers 15 5,147 0.9
663 Insurance 22 15,829 2.8
7 Services 30 5,187 0.9
770 Hotels & Other Lodging Places 12 1,055 0.2
9 Other/diversified holding companies53 28,761 5.0
1,194 570,936 100.0
Emerging Stock Markets Factbook 1999
Industry Weights in the IFCI Composite Index End−1998 178
IFCI Composite Price Index
Industry Weights in the FICI Composite Index, End−1998
Stock Distribution by Industry in theIFCI Composite Index, End−1998
Industry Concentration in the IFCI Composite Index End−1998
Market
Sector withlargest share ofmarket cap
Sector'sshare ofmarket cap
Latin America
Argentina Mining 46.1
Brazil Transportation / communication/ utility
54.7
Chile Transportation / communication/ utility
46.5
Colombia Manufacturing 47.4
Mexico Transportation / communication/ utility
32.8
Peru Transportation / communication/ utility
39.5
Venezuela Transportation / communication/ utility
45.8
Emerging Stock Markets Factbook 1999
Industry Concentration in the IFCI Composite Index End−1998 179
Asia
China Transportation / communication/ utility
46.2
India Manufacturing 75.6
Indonesia Manufacturing 67.7
Korea Manufacturing 54.4
Pakistan Manufacturing 55.5
Philippines Finance / insurance / real estate39.3
Sri Lanka Other / diversified holdingcompanies
68.5
Taiwan, China Manufacturing 64.1
Thailand Transportation / communication/ utility
34.6
Europe
Czech Republic Transportation / communication/ utility
64.2
Greece Finance / insurance / real estate51.7
Hungary Transportation / communication/ utility
51.4
Poland Finance / insurance / real estate46.1
Portugal Manufacturing 7.5
Russia Mining 72.4
Slovakia Manufacturing 83.7
Turkey Finance / insurance / real estate58.9
Mideast/Africa
Egypt Manufacturing 61.0
Israel Manufacturing 39.1
Jordan Finance / insurance / real estate78.4
Morocco Finance / insurance / real estate80.8
South Africa Finance / insurance / real estate37.9
Zimbabwe Finance / insurance / real estate81.8
Manufacturing 32.5
Emerging Stock Markets Factbook 1999
Industry Concentration in the IFCI Composite Index End−1998 180
IFCIComposite
Share of Market Cap of Largest Sector, End−1998 (percent)
Industry Distribution by Market Capitalization of IFCI Composite Index, 1998:(US$ Millions; End−1998)
Emerging Stock Markets Factbook 1999
Industry Distribution by Market Capitalization of IFCI Composite Index, 1998: (US$ Millions; End−1998)181
Note: Figures may not add up precisely because of rounding.
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Distribution by Market Capitalization of IFCI Composite Index, 1998: (US$ Millions; End−1998)182
Note: Figures may not add up precisely because of rounding.
Industry Weights by Market Capitalization of IFCI Composite Index, 1998:(% of Market Capitalization; End−1998)
Emerging Stock Markets Factbook 1999
Industry Weights by Market Capitalization of IFCI Composite Index, 1998: (% of Market Capitalization; End−1998)183
Note: Figures may not add up precisely because of rounding.
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Weights by Market Capitalization of IFCI Composite Index, 1998: (% of Market Capitalization; End−1998)184
Note: Figures may not add up precisely because of rounding.
Industry Distribution by Number of Stocks in IFCI Composite Index, 1998:(End−1998)
Emerging Stock Markets Factbook 1999
Industry Distribution by Number of Stocks in IFCI Composite Index, 1998: (End−1998) 185
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
Industry Distribution by Number of Stocks in IFCI Composite Index, 1998: (End−1998) 186
IFCI Industry Price Indexes 1998 Performance Summary:(End−of−period Values in US$; End 1988=100)
SIC Sector/IndustryEnd−1998
% changefromend−1997
0 Agriculture/forestry/fishing 47.1 −31.0
1 Mining 204.1 −42.2
110 Metal Mining 141.5 −20.8
2 Construction 118.0 −22.9
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1998 Performance Summary: (End−of−period Values in US$; End 1988=100)187
215 General Building Contractors 154.1 −40.8
3 Manufacturing 190.3 −18.1
320 Food & Kindred Products 315.8 −19.6
322 Textile Mill Products 112.1 −26.8
323 Apparel & Other Textile Products 38.1 −27.4
326 Paper & Allied Products 84.3 −33.2
328 Chemicals & Allied Products 90.6 −28.0
329 Petroleum Refining & RelatedProducts
116.8 −41.5
330 Rubber & Misc. Plastics Products 53.1 −21.9
332 Cement & Glass Products 306.9 −27.9
333 Primary Metal Industries 45.2 −24.0
334 Fabricated Metal Products 91.0 −43.9
336 Electric & Electronic Equipment 384.6 18.6
337 Transportation Equipment 153.6 −36.0
339 Miscellaneous Manufacturing 140.9 −10.9
4 Transportation/communication/utility 659.6 −28.9
444 Water Transportation 94.9 5.9
448 Communications 1,046.3 −22.7
449 Electric, Gas or Sanitary Services 964.8 −41.5
5 Wholesale/retail trade 458.7 −31.8
6 Finance/insurance/real estate 146.5 −13.4
660 Banking 215.4 −9.9
661 Credit Agencies Other Than Banks 82.7 −16.6
662 Security & Commodity Brokers 59.8 247.2
663 Insurance 306.0 −22.4
7 Services 144.1 −26.1
770 Hotels & Other Lodging Places 108.3 −30.9
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1998 Performance Summary: (End−of−period Values in US$; End 1988=100)188
9 Other/diversified holding companies 88.0 −38.6
IFCI Composite Price Index 186.8 −24.1
Performance Highlights of IFCI IndustrySector Price Indexes (%)
IFCI Industry Price Indexes 1998:(End−of−period Values in US$; End 1988=100)
SIC Sector/Industry Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0 Agriculture/forestry/fishing 67.2 83.4 83.1 77.7 65.9 58.1 57.8 41.0 45.3 46.0 47.9 47.1
1 Mining 305.2 319.2 332.9 337.1 275.7 247.9 253.4 180.5 195.8 217.0 227.4 204.1
110 Metal Mining 172.5 180.6 191.7 203.6 177.3 162.1 166.5 129.5 152.3 159.8 160.5 141.5
2 Construction 138.6 167.2 165.4 156.3 136.5 116.8 119.8 87.1 96.3 101.0 107.6 118.0
215 General Building Contractors 237.7 264.3 265.4 261.3 227.1 197.7 202.5 143.0 149.1 155.2 159.1 154.1
3 Manufacturing 221.0 245.8 252.2 250.5 218.7 194.6 204.2 155.6 158.3 172.2 189.1 190.3
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1998: (End−of−period Values in US$; End 1988=100) 189
320 Food & Kindred Products 379.7 395.9 418.5 431.2 386.2 347.5 359.6 262.2 276.4 295.0 312.8 315.8
322 Textile Mill Products 137.5 149.7 154.2 144.4 126.5 114.3 109.4 89.5 98.1 102.6 113.2 112.1
323 Apparel & Other Textile Products 47.8 50.3 53.5 50.9 43.0 40.5 38.2 30.6 33.3 34.2 36.1 38.1
326 Paper & Allied Products 109.0 118.6 132.4 129.3 117.4 104.5 98.8 79.0 72.5 83.0 94.1 84.3
328 Chemicals & Allied Products 116.1 122.5 125.3 125.0 108.3 99.2 99.7 79.1 78.9 81.1 89.1 90.6
329 Petroleum Refining & RelatedProducts
184.3 188.5 190.5 200.2 162.5 143.6 154.7 100.6 106.6 119.5 127.0 116.8
330 Rubber & Misc. Plastics Products 65.0 74.8 73.4 71.4 63.6 57.7 55.8 40.1 46.6 50.5 55.8 53.1
332 Cement & Glass Products 380.3 401.3 437.0 454.7 400.8 360.1 365.0 268.4 270.7 290.4 307.5 306.9
333 Primary Metal Industries 59.7 63.0 66.3 69.2 56.7 50.7 54.3 39.7 39.1 41.0 43.6 45.2
334 Fabricated Metal Products 137.4 150.0 159.2 155.8 133.4 114.0 115.0 72.6 82.7 90.4 98.5 91.0
336 Electric & Electronic Equipment 353.8 451.0 425.3 404.1 361.8 312.8 358.2 289.6 289.5 322.4 367.3 384.6
337 Transportation Equipment 211.6 250.1 258.1 244.6 195.4 161.9 161.9 118.6 119.8 129.1 147.0 153.6
339 Miscellaneous Manufacturing 146.9 165.0 174.7 175.8 157.4 136.3 143.2 125.7 134.2 130.4 134.0 140.9
4 Transportation/communication/utility850.1 918.3 980.4 956.3 816.8 773.4 816.3 539.2 584.5 657.2 704.8 659.6
444 Water Transportation 83.8 95.8 103.9 100.0 95.2 86.2 89.6 73.0 80.7 85.0 92.9 94.9
448 Communications 1249.2 1342.9 1462.6 1427.9 1257.0 1224.1 1302.6 858.2 926.6 1066.6 1123.2 1046.3
449 Electric, Gas or Sanitary Services 1495.1 1614.0 1665.5 1633.4 1308.4 1175.8 1218.1 790.1 858.9 917.9 1026.9 964.8
5 Wholesale/retail trade 602.8 636.2 649.9 638.6 566.8 516.2 525.5 384.0 401.7 448.3 452.9 458.7
6 Finance/insurance/real estate 164.5 184.9 190.7 194.4 176.4 157.1 162.8 116.4 119.4 134.2 144.6 146.5
660 Banking 233.2 260.2 269.1 276.8 253.6 229.9 241.8 173.5 176.7 194.4 211.6 215.4
661 Credit Agencies Other Than Banks 93.9 114.5 121.6 113.7 100.2 90.6 94.4 79.3 87.8 93.6 90.7 82.7
662 Security & Commodity Brokers 22.0 24.9 24.5 19.0 14.5 12.1 17.8 13.8 14.5 19.2 32.9 59.8
663 Insurance 402.8 475.7 483.2 472.7 424.6 349.4 345.9 251.9 267.1 326.7 331.8 306.0
7 Services 195.3 227.1 234.3 227.7 191.2 146.6 148.7 112.9 116.0 123.3 130.4 144.1
770 Hotels & Other Lodging Places 150.8 186.2 188.4 180.8 146.9 110.3 119.3 99.6 100.4 102.4 106.7 108.3
9 Other/diversified holding companies131.3 144.1 146.5 152.5 131.8 108.2 105.1 74.1 82.3 89.7 92.2 88.0
229.6 252.9 262.1 261.7 228.1 204.2 211.9 152.0 159.1 177.0 190.1 186.8
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1998: (End−of−period Values in US$; End 1988=100) 190
IFCI Composite Price Index
IFCI Industry Price Indexes 1989−1998:(End−of−period Values in US$; End 1988=100)
SIC Sector/Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 93.5 87.9 88.2 78.9 165.0 156.2 138.2 149.7 68.2 47.1
1 Mining 192.3 119.3 262.9 233.8 301.3 420.4 383.2 388.2 352.9 204.1
110 Metal Mining 158.4 75.3 94.7 101.3 149.4 324.4 258.6 243.3 178.7 141.5
2 Construction 226.1 186.9 182.7 241.2 535.3 409.7 371.5 399.6 153.1 118.0
215 General Building Contractors 222.4 141.9 240.5 397.0 764.4 525.5 421.4 446.3 260.5 154.1
3 Manufacturing 183.3 162.1 226.0 198.5 327.9 307.7 254.4 267.1 232.4 190.3
320 Food & Kindred Products 168.2 141.3 263.9 266.6 436.3 386.7 378.6 369.0 392.9 315.8
322 Textile Mill Products 191.7 182.5 271.9 212.1 268.0 291.8 218.1 216.0 153.1 112.1
323 Apparel & Other Textile Products 124.2 46.5 174.5 110.8 113.6 128.9 60.5 58.4 52.5 38.1
326 Paper & Allied Products 129.9 109.5 136.6 105.1 144.5 174.4 149.0 141.9 126.2 84.3
328 Chemicals & Allied Products 185.6 139.8 161.2 117.8 178.3 185.0 136.5 151.2 125.8 90.6
329 Petroleum Refining & RelatedProducts
114.1 76.6 98.0 69.3 176.0 214.4 158.1 194.3 199.9 116.8
330 Rubber & Misc. Plastics Products 206.5 110.3 59.8 57.1 95.3 86.7 79.6 104.6 68.0 53.1
332 Cement & Glass Products 263.6 298.8 501.2 484.2 796.5 661.7 496.3 511.8 425.5 306.9
333 Primary Metal Industries 323.0 149.0 215.8 93.3 144.0 135.6 89.1 79.7 59.5 45.2
334 Fabricated Metal Products 228.1 163.9 261.5 150.2 191.3 190.6 161.6 174.8 162.3 91.0
336 Electric & Electronic Equipment 183.5 222.9 272.6 215.4 377.1 395.1 345.9 286.4 324.2 384.6
337 Transportation Equipment 283.2 362.7 353.4 341.0 636.8 428.5 350.0 471.9 240.0 153.6
339 Miscellaneous Manufacturing 261.9 217.9 165.9 135.2 215.0 207.2 191.0 196.8 158.2 140.9
4 Transportation/communication/utility184.8 213.8 534.8 581.1 946.8 833.5 767.0 863.3 927.2 659.6
444 Water Transportation 131.5 104.8 132.7 139.8 174.2 144.9 131.8 130.9 89.6 94.9
448 Communications 202.1 266.9 754.1 863.2 1,406.7 1,089.9 1,048.8 1,184.2 1,353.5 1,046.3
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1989−1998: (End−of−period Values in US$; End 1988=100) 191
449 Electric, Gas or Sanitary Services 190.9 392.2 917.3 701.0 1,316.2 1,655.8 1,429.2 1,596.8 1,649.3 964.8
5 Wholesale/retail trade 238.3 441.8 527.4 852.5 1,231.5 826.6 630.1 553.1 672.2 458.7
6 Finance/insurance/real estate 135.9 144.7 121.0 116.3 217.9 191.6 194.5 217.0 169.1 146.5
660 Banking 132.6 158.8 127.3 123.0 220.4 216.1 231.8 259.5 239.2 215.4
661 Credit Agencies Other Than Banks 133.6 166.9 153.2 167.0 404.5 338.9 320.2 261.9 99.1 82.7
662 Security & Commodity Brokers − 71.8 79.9 84.3 142.4 113.2 102.9 109.8 17.2 59.8
663 Insurance − − 181.9 168.3 349.4 449.1 418.6 422.8 394.4 306.0
7 Services 157.7 164.3 198.5 265.5 630.8 519.3 482.7 452.0 195.0 144.1
770 Hotels & Other Lodging Places 157.7 158.2 176.1 214.1 549.2 469.7 423.1 364.6 156.7 108.3
9Other/diversified holdingcompanies 148.9 131.6 146.1 153.3 307.8 236.9 228.5 239.1 143.4 88.0
IFCI Composite Price Index 155.5 147.4 200.5 202.9 355.6 307.4 275.8 295.0 246.0 186.8
IFCI Industry Price Indexes 1989−1998:(Annual % Change in US$)
SIC Sector/Industry 1989 1990 199 I 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing −6.5 −5.9 0.3 −10.5 109.1 −5.4 −11.5 8.4 −54.4 −31.0
1 Mining 92.3 −38.0 120.5 −11.1 28.9 39.5 −8.8 1.3 −9.1 −42.2
110 Metal Mining 58.4 −52.4 25.6 7.0 47.5 117.1 −20.3 −5.9 −26.5 −20.8
2 Construction 126.1 −17.4 −2.3 32.0 121.9 −23.5 −9.3 7.5 −61.7 −22.9
215 General Building Contractors 122.4 −36.2 69.5 65.1 92.5 −31.3 −19.8 5.9 −41.6 −40.8
3 Manufacturing 83.3 −11.6 39.5 −12.2 65.2 −6.2 −17.3 5.0 −13.0 −18.1
320 Food & Kindred Products 68.2 −16.0 86.8 1.0 63.7 −11.4 −2.1 −2.5 6.5 −19.6
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1989−1998: (Annual % Change in US$) 192
322 Textile Mill Products 91.7 −4.8 49.0 −22.0 26.4 8.9 −25.3 −1.0 −29.1 −26.8
323 Apparel & Other Textile Products 24.2 −62.6 275.3 −36.5 2.5 13.4 −53.1 −3.5 −10.1 −27.4
326 Paper & Allied Products 29.9 −15.7 24.7 −23.1 37.5 20.7 −14.5 −4.8 −11.1 −33.2
328 Chemicals & Allied Products 85.6 −24.7 15.3 −26.9 51.3 3.7 −26.2 10.7 −16.8 −28.0
329 Petroleum Refining & RelatedProducts
14.1 −32.9 28.0 −29.3 153.8 21.8 −26.3 22.9 2.8 −41.5
330 Rubber & Misc. Plastics Products 106.5 −46.6 −45.8 −4.4 66.8 −9.1 −8.2 31.4 −35.0 −21.9
332 Cement & Glass Products 163.6 13.3 67.8 −3.4 64.5 −16.9 −25.0 3.1 −16.8 −27.9
333 Primary Metal Industries 223.0 −53.9 44.8 −56.8 54.4 −5.8 −34.3 −10.5 −25.3 −24.0
334 Fabricated Metal Products 128.1 −28.1 59.5 −42.6 27.3 −0.4 −15.2 8.2 −7.1 −43.9
336 Electric & Electronic Equipment 83.5 21.5 22.3 −21.0 75.1 4.8 −12.4 −17.2 13.2 18.6
337 Transportation Equipment 183.2 28.1 −2.6 −3.5 86.8 −32.7 −18.3 34.8 −49.1 −36.0
339 Miscellaneous Manufacturing 161.9 −16.8 −23.9 −18.5 59.0 −3.6 −7.8 3.0 −19.6 −10.9
4 Transportation/communication/utility 84.8 15.7 150.2 8.7 62.9 −12.0 −8.0 12.6 7.4 −28.9
444 Water Transportation 31.5 −20.3 26.7 5.3 24.6 −16.9 −9.0 −0.7 −31.5 5.9
448 Communications 102.1 32.1 182.5 14.5 63.0 −22.5 −3.8 12.9 14.3 −22.7
449 Electric, Gas or Sanitary Services 90.9 105.5 133.9 −23.6 87.8 25.8 −13.7 11.7 3.3 −41.5
5 Wholesale/retail trade 138.3 85.4 19.4 61.7 44.5 −32.9 −23.8 −12.2 21.5 −31.8
6 Finance/insurance/real estate 35.9 6.5 −16.4 −3.9 87.4 −12.1 1.5 11.6 −22.1 −13.4
660 Banking 32.6 19.8 −19.9 −3.4 79.2 −2.0 7.3 11.9 −7.8 −9.9
661 Credit Agencies Other Than Banks 33.6 25.0 −8.2 9.1 142.2 −16.2 −5.5 −18.2 −62.2 −16.6
662 Security & Commodity Brokers − − 11.2 5.6 68.8 −20.5 −9.0 6.7 −84.3 247.2
663 Insurance − − − −7.5 107.6 28.5 −6.8 1.0 −6.7 −22.4
7 Services 57.7 4.2 20.8 33.8 137.6 −17.7 −7.0 −6.4 −56.9 −26.1
770 Hotels & Other Lodging Places 57.7 0.3 11.3 21.6 156.6 −14.5 −9.9 −13.8 −57.0 −30.9
9 Other/diversified holding companies 48.9 −11.7 11.0 5.0 100.8 −23.0 −3.6 4.6 −40.0 −38.6
55.5 −5.2 36.1 1.2 75.3 −13.6 −10.3 7.0 −16.6 −24.1
Emerging Stock Markets Factbook 1999
IFCI Industry Price Indexes 1989−1998: (Annual % Change in US$) 193
IFCI Composite Price Index
IFCI Industry Total Return Indexes 1998 Performance Summary:(US$; End 1988=100)
SIC Sector/industry End−1998
% changefromend−1997
0 Agriculture/forestry/fishing 65.4 −28.4
1 Mining 303.4 −39.8
110 Metal Mining 212.6 −15.1
2 Construction 133.3 −22.0
215 General Building Contractors 169.5 −40.2
3 Manufacturing 243.2 −16.2
320 Food & Kindred Products 389.3 −17.6
322 Textile Mill Products 139.5 −25.9
323 Apparel & Other Textile Products 44.4 −26.4
326 Paper & Allied Products 104.2 −31.0
328 Chemicals & Allied Products 131.9 −25.6
329 Petroleum Refining & RelatedProducts
158.6 −39.9
330 Rubber & Misc. Plastics Products 68.9 −20.2
332 Cement & Glass Products 374.7 −25.7
333 Primary Metal Industries 61.8 −20.6
334 Fabricated Metal Products 125.4 −41.1
336 Electric & Electronic Equipment 463.9 19.3
337 Transportation Equipment 184.3 −34.8
339 Miscellaneous Manufacturing 166.7 −9.5
4 Transportation/communication/utility817.8 −26.7
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1998 Performance Summary: (US$; End 1988=100) 194
444 Water Transportation 117.2 7.1
448 Communications 1,239.3 −20.8
449 Electric, Gas or Sanitary Services 1,570.7 −38.8
5 Wholesale/retail trade 565.1 −30.8
6 Finance/insurance/real estate 199.4 −11.5
660 Banking 307.9 −7.7
661 Credit Agencies Other Than Banks 112.0 −15.3
662 Security & Commodity Brokers 68.5 250.2
663 Insurance 341.1 −20.6
7 Services 184.4 −24.1
770 Hotels & Other Lodging Places 133.2 −29.6
9 Other/diversified holding companies 109.4 −36.6
IFCI Composite Total Return Index 239.7 −22.0
Performance Highlights of IFCI IndustrySector Total Return indexes (%)
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1998 Performance Summary: (US$; End 1988=100) 195
IFCI Industry Total Return Indexes 1998:(End−of−period Values in US$; End 1988=100)
SIC Sector/Industry Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0 Agriculture/forestry/fishing 90.5 112.6 112.5 105.1 89.2 79.7 79.4 56.4 62.8 63.9 66.5 65.4
1 Mining 436.7 457.9 479.0 488.2 400.6 360.6 369.0 265.4 289.0 321.4 337.5 303.4
110 Metal Mining 243.4 256.2 272.2 293.2 255.7 233.9 240.2 190.8 225.3 238.6 240.1 212.6
2 Construction 154.7 186.6 184.6 174.8 152.6 131.2 134.9 98.1 108.5 113.9 121.3 133.3
215 General Building Contractors 258.7 287.7 288.9 285.0 247.8 216.2 221.7 156.5 163.2 170.2 174.5 169.5
3 Manufacturing 276.2 307.2 316.0 314.8 275.6 246.1 258.9 197.7 201.3 219.3 241.1 243.2
320 Food & Kindred Products 456.8 476.5 504.0 521.6 468.5 423.5 438.9 320.6 338.7 361.8 384.2 389.3
322 Textile Mill Products 169.1 184.3 190.0 178.0 156.6 141.8 136.1 111.4 122.1 127.7 140.9 139.5
323 Apparel & Other Textile Products 54.9 57.8 61.4 58.9 49.8 47.1 44.5 35.6 38.7 39.9 42.1 44.4
326 Paper & Allied Products 130.5 142.0 158.7 155.5 141.6 126.2 119.5 95.6 88.0 100.8 114.2 104.2
328 Chemicals & Allied Products 164.0 172.9 177.4 177.1 155.0 142.7 143.8 114.4 114.1 117.5 129.7 131.9
329 Petroleum Refining & RelatedProducts
243.6 249.1 254.9 268.3 218.1 192.7 208.2 135.5 143.6 161.9 172.2 158.6
330 Rubber & Misc. Plastics Products 82.6 95.1 93.8 91.4 81.4 73.9 72.0 51.8 60.4 65.4 72.2 68.9
332 Cement & Glass Products 450.7 475.8 518.8 542.4 480.2 435.3 443.3 326.5 329.3 354.1 375.3 374.7
333 Primary Metal Industries 78.2 82.5 86.9 91.2 74.9 67.2 72.6 53.1 52.7 55.3 59.0 61.8
334 Fabricated Metal Products 183.4 200.4 212.8 208.8 180.0 154.4 157.3 99.4 113.3 124.4 135.6 125.4
336 Electric & Electronic Equipment 424.4 541.0 510.3 485.6 435.1 376.7 431.6 349.1 349.1 388.8 443.0 463.9
337 Transportation Equipment 249.2 294.5 304.0 289.6 232.4 193.6 193.9 142.2 143.7 154.9 176.3 184.3
339 Miscellaneous Manufacturing 171.1 192.2 204.1 205.3 184.1 159.9 168.0 148.1 158.1 153.6 158.6 166.7
4 Transportation/communication/utility1,023.3 1,106.3 1,185.1 1,166.2 999.9 948.6 1,003.1 664.4 721.0 811.7 871.2 817.8
444 Water Transportation 102.4 117.1 127.2 122.5 116.8 106.0 110.6 90.1 99.8 105.1 114.8 117.2
448 Communications 1,444.8 1,554.5 1,697.8 1,671.5 1,475.3 1,440.1 1,534.7 1,012.1 1,094.4 1,259.8 1,327.0 1,239.3
449 Electric, Gas or Sanitary Services 2,331.0 2,518.8 2,611.0 2,586.8 2,085.0 1,875.7 1,948.0 1,271.7 1,383.1 1,484.8 1,664.6 1,570.7
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1998: (End−of−period Values in US$; End 1988=100) 196
5 Wholesale/retail trade 732.0 772.5 790.1 776.9 691.4 630.4 643.3 470.0 492.4 549.7 556.0 565.1
6 Finance/insurance/real estate 219.2 246.4 254.8 260.4 237.5 211.9 220.1 157.4 161.8 182.2 196.5 199.4
660 Banking 325.6 363.4 377.2 388.9 358.1 325.4 343.1 246.5 251.2 276.8 301.7 307.9
661 Credit Agencies Other Than Banks 125.4 152.8 162.6 152.0 135.2 122.5 127.8 107.4 118.9 126.8 122.8 112.0
662 Security & Commodity Brokers 25.0 28.4 27.9 21.6 16.5 13.8 20.2 15.8 16.7 22.0 37.8 68.5
663 Insurance 438.7 518.1 528.8 517.7 466.7 384.3 380.8 277.5 296.0 363.1 368.9 341.1
7 Services 243.6 283.3 292.8 284.7 240.0 185.5 189.2 143.9 148.5 157.7 166.8 184.4
770 Hotels & Other Lodging Places 182.1 224.8 228.1 219.0 178.0 135.1 146.3 122.6 123.6 126.1 131.3 133.2
9 Other/diversified holding companies157.9 173.5 177.0 184.5 160.1 132.0 128.3 90.6 100.8 110.5 113.6 109.4
IFCI Composite Total ReturnIndex 287.2 316.5 328.9 329.8 288.6 259.1 269.4 193.7 203.0 226.3 243.3 239.7
IFCI Industry Total Return Indexes 1989−1998:(End−of−Period Values in US$; End 1988=100)
SIC Sector/Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing 98.5 95.9 98.4 92.4 200.2 192.8 174.5 194.5 91.3 65.4
1 Mining 217.7 141.8 323.0 293.0 388.9 554.0 519.9 541.7 503.8 303.4
110 Metal Mining 163.0 84.4 112.3 123.9 189.1 418.1 342.1 332.0 250.4 212.6
2 Construction 229.3 191.0 187.4 255.8 572.7 441.9 404.1 439.3 170.8 133.3
215 General Building Contractors 225.6 143.9 246.4 414.0 803.0 555.8 448.9 479.8 283.6 169.5
3 Manufacturing 189.9 173.1 246.9 220.8 372.9 357.3 302.8 326.5 290.1 243.2
320 Food & Kindred Products 174.7 147.9 281.5 290.1 484.8 435.5 435.5 436.7 472.3 389.3
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1989−1998: (End−of−Period Values in US$; End 1988=100) 197
322 Textile Mill Products 198.5 195.7 296.4 234.8 306.9 339.5 258.4 262.8 188.3 139.5
323 Apparel & Other Textile Products 127.1 47.6 183.1 117.3 122.1 140.1 67.2 66.0 60.3 44.4
326 Paper & Allied Products 133.3 114.9 146.6 114.5 159.7 195.7 171.7 167.0 151.1 104.2
328 Chemicals & Allied Products 194.7 157.4 188.8 142.9 224.4 237.4 179.7 205.7 177.4 131.9
329 Petroleum Refining & RelatedProducts
120.0 83.7 110.9 79.7 207.0 256.4 194.3 249.2 264.0 158.6
330 Rubber & Misc. Plastics Products 213.9 117.4 64.8 62.8 108.0 102.2 96.4 129.9 86.3 68.9
332 Cement & Glass Products 268.6 310.5 529.5 519.3 874.4 738.4 566.1 596.2 504.2 374.7
333 Primary Metal Industries 326.1 156.4 235.1 105.2 167.8 160.2 108.9 100.8 77.8 61.8
334 Fabricated Metal Products 244.5 185.6 304.4 176.7 230.4 235.0 204.3 225.1 213.0 125.4
336 Electric & Electronic Equipment 189.4 236.1 293.7 238.2 422.9 456.2 405.5 339.9 388.8 463.9
337 Transportation Equipment 287.1 373.6 374.4 367.4 698.9 481.4 399.6 545.7 282.6 184.3
339 Miscellaneous Manufacturing 265.0 229.6 177.6 146.4 236.6 230.6 215.5 225.6 184.2 166.7
4 Transportation/communication/utility190.7 226.3 577.6 633.0 1,057.7 944.7 884.8 1,015.3 1,115.5 817.8
444 Water Transportation 133.7 109.5 142.1 152.3 194.6 165.4 154.2 157.2 109.5 117.2
448 Communications 206.6 276.9 790.8 911.0 1,524.2 1,198.6 1,171.4 1,345.0 1,565.5 1,239.3
449 Electric, Gas or Sanitary Services 226.1 497.9 1,240.1 968.9 1,862.6 2,380.6 2,102.9 2,409.0 2,567.6 1,570.7
5 Wholesale/retail trade 245.2 474.5 577.9 952.5 1,401.3 950.2 733.5 651.0 816.2 565.1
6 Finance/insurance/real estate 141.0 156.1 135.2 136.9 264.0 238.0 247.6 282.6 225.2 199.4
660 Banking 137.3 171.6 143.2 148.0 274.6 277.8 306.8 352.6 333.8 307.9
661 Credit Agencies Other Than Banks 143.3 188.4 177.7 198.9 493.6 423.1 410.3 342.7 132.3 112.0
662 Security & Commodity Brokers − 72.9 82.3 87.4 149.0 120.3 112.3 121.7 19.6 68.5
663 Insurance − − 183.8 171.5 359.0 463.6 439.8 452.1 429.6 341.1
7 Services 161.8 182.0 224.9 307.9 736.4 611.4 576.7 548.5 242.9 184.4
770 Hotels & Other Lodging Places 161.8 175.5 198.6 246.5 634.1 545.6 496.0 432.6 189.2 133.2
9 Other/diversified holding companies152.1 136.7 156.4 168.4 343.6 268.8 264.0 281.1 172.4 109.4
161.5 158.0 220.4 227.7 408.9 359.8 329.5 360.4 307.3 239.7
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1989−1998: (End−of−Period Values in US$; End 1988=100) 198
IFCI Composite Total ReturnIndex
IFCI Industry Total Return Indexes 1989−1998:(Annual % Change in US$)
SIC Sector/Industry 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
0 Agriculture/forestry/fishing −1.6 −2.6 2.6 −6.2 116.7 −3.7 −9.5 11.5 −53.1 −28.4
1 Mining 117.7 −34.9 127.8 −9.3 32.7 42.5 −6.1 4.2 −7.0 −39.8
110 Metal Mining 63.0 −48.2 33.0 10.4 52.6 121.1 −18.2 −3.0 −24.6 −15.1
2 Construction 129.3 −16.7 −1.8 36.5 123.9 −22.8 −8.5 8.7 −61.1 −22.0
215 General Building Contractors 125.6 −36.2 71.2 68.0 94.0 −30.8 −19.2 6.9 −40.9 −40.2
3 Manufacturing 89.9 −8.9 42.7 −10.6 68.9 −4.2 −15.3 7.8 −11.2 −16.2
320 Food & Kindred Products 74.7 −15.3 90.4 3.0 67.1 −10.2 0.0 0.3 8.2 −17.6
322 Textile Mill Products 98.5 −1.4 51.5 −20.8 30.7 10.6 −23.9 1.7 −28.4 −25.9
323 Apparel & Other Textile Products 27.1 −62.6 284.7 −36.0 4.2 14.7 −52.0 −1.8 −8.6 −26.4
326 Paper & Allied Products 33.3 −13.7 27.6 −21.9 39.5 22.6 −12.3 −2.7 −9.5 −31.0
328 Chemicals & Allied Products 94.7 −19.1 19.9 −24.3 57.0 5.8 −24.3 14.4 −13.7 −25.6
329 Petroleum Refining & RelatedProducts
20.0 −30.2 32.4 −28.1 159.6 23.9 −24.2 28.2 5.9 −39.9
330 Rubber & Misc. Plastics Products 113.9 −45.1 −44.8 −3.0 71.9 −5.4 −5.7 34.8 −33.5 −20.2
332 Cement & Glass Products 168.6 15.6 70.5 −1.9 68.4 −15.6 −23.3 5.3 −15.4 −25.7
333 Primary Metal Industries 226.1 −52.0 50.4 −55.3 59.5 −4.5 −32.0 −7.4 −22.8 −20.6
334 Fabricated Metal Products 144.5 −24.1 64.0 −41.9 30.4 2.0 −13.1 10.2 −5.4 −41.1
336 Electric & Electronic Equipment 89.4 24.7 24.4 −18.9 77.5 7.9 −11.1 −16.2 14.4 19.3
337 Transportation Equipment 187.1 30.1 0.2 −1.9 90.2 −31.1 −17.0 36.6 −48.2 −34.8
339 Miscellaneous Manufacturing 165.0 −13.3 −22.7 −17.5 61.6 −2.5 −6.5 4.7 −18.4 −9.5
4 Transportation/communication/utility90.7 18.7 155.2 9.6 67.1 −10.7 −6.3 14.7 9.9 −26.7
444 Water Transportation 33.7 −18.1 29.7 7.2 27.8 −15.0 −6.7 1.9 −30.3 7.1
Emerging Stock Markets Factbook 1999
IFCI Industry Total Return Indexes 1989−1998: (Annual % Change in US$) 199
448 Communications 106.6 34.0 185.6 15.2 67.3 −21.4 −2.3 14.8 16.4 −20.8
449 Electric, Gas or Sanitary Services 126.1 120.2 149.1 −21.9 92.2 27.8 −11.7 14.6 6.6 −38.8
5 Wholesale/retail trade 145.2 93.5 21.8 64.8 47.1 −32.2 −22.8 −11.3 25.4 −30.8
6 Finance/insurance/real estate 41.0 10.7 −13.4 1.2 92.8 −9.8 4.0 14.1 −20.3 −11.5
660 Banking 37.3 25.1 −16.5 3.3 85.6 1.2 10.4 14.9 −5.3 −7.7
661 Credit Agencies Other Than Banks 43.3 31.5 −5.7 11.9 148.1 −14.3 −3.0 −16.5 −61.4 −15.3
662 Security & Commodity Brokers − − 12.9 6.2 70.5 −19.3 −6.7 8.4 −83.9 250.2
663 Insurance − − − −6.7 109.3 29.1 −5.1 2.8 −5.0 −20.6
7 Services 61.8 12.4 23.6 36.9 139.2 −17.0 −5.7 −4.9 −55.7 −24.1
770 Hotels & Other Lodging Places 61.8 8.4 13.2 24.1 157.2 −14.0 −9.1 −12.8 −56.3 −29.6
9 Other/diversified holding companies52.1 −10.1 14.4 7.7 104.0 −21.8 −1.8 6.5 −38.6 −36.6
IFCI Composite Total ReturnIndex 61.5 −2.2 39.5 3.3 79.6 −12.0 −8.4 9.4 −14.7 −22.0
5—IFC Frontier Indexes
Market Weights in the IFCG Frontier Composite Index End−1998
MarketNumberof Stocks
IFCG MarketCapitalization(US$ millions)
Weight inFrontierComposite(%)
Bangladesh 49 591.3 3.56
Botswana 7 453.9 2.73
Bulgaria 10 114.0 0.69
Cote d'Ivoire 12 1,247.8 7.52
Croatia 8 1,621.4 9.77
Ecuador 12 935.9 5.64
Emerging Stock Markets Factbook 1999
5— IFC Frontier Indexes 200
Estonia 10 480.2 2.89
Ghana 8 1,039.1 6.26
Jamaica 19 1,169.8 7.05
Kenya 17 1,451.2 8.74
Latvia 14 97.3 0.59
Lithuania 27 271.3 1.63
Mauritius 13 1,208.5 7.28
Romania 42 295.5 1.78
Slovenia 14 1,733.2 10.44
Trinidad & Tobago 11 2,637.6 15.89
Tunisia 13 1,088.5 6.56
Ukraine 16 160.6 0.97
IFCG FrontierComposite 302 16,597.0 100.00
Weights in the IFCG Frontier Composite Index, End−1998
IFCG Frontier Price Indexes 1998 Performance Summary:(Ranked by 1998 % Change in US$)
Rank Market
% Change inIFCG PriceIndex
1 Slovenia 19.0
2 Trinidad &Tobago
17.5
3 Ghana 17.3
4 Kenya 13.8
5 Botswana 9.2
Emerging Stock Markets Factbook 1999
IFCG Frontier Price Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 201
6 Cote d'Ivoire 4.4
7 Mauritius 1.4
8 Tunisia −6.4
9 Jamaica −21.3
10 Bulgaria −30.1
11 Croatia −33.8
12 Ecuador −36.9
13 Bangladesh −38.5
14 Lithuania −39.2
15 Estonia −65.4
16 Latvia −67.4
17 Romania −67.7
18 Ukraine −82.3
IFCG Frontier Composite −17.2
Percent Change in the IFCG Frontier Price Indexes, 1998
Emerging Stock Markets Factbook 1999
IFCG Frontier Price Indexes 1998 Performance Summary: (Ranked by 1998 % Change in US$) 202
IFCG Frontier Price Indexes 1998:(US$)
End−of−month levels
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bangladesh 93.8 86.0 78.0 68.3 75.5 80.0 75.9 67.1 68.5 66.4 61.7 58.9
Botswana 161.0 167.2 180.2 198.9 204.8 187.4 174.0 167.3 176.9 176.9 183.5 173.9
Bulgaria 4.9 4.9 4.9 5.0 5.0 4.9 5.0 5.0 5.3 5.4 5.2 3.5
Cote d'Ivoire 90.6 95.3 91.1 100.8 100.5 102.7 98.9 99.7 120.4 120.2 96.5 98.3
Croatia 89.8 99.1 98.0 88.7 77.5 77.4 75.1 43.5 51.6 56.1 64.4 66.2
Ecuador 76.3 78.9 71.2 65.8 67.6 63.1 64.1 63.5 55.7 50.2 51.8 48.9
Estonia 100.1 87.6 96.2 88.9 61.6 48.2 51.5 57.9 39.9 37.6 39.3 34.6
Ghana 53.9 58.6 65.1 71.5 68.5 64.8 60.3 63.6 57.5 57.4 59.5 62.4
Jamaica 145.0 142.3 141.9 138.5 133.4 138.2 137.0 138.1 120.2 111.6 108.6 118.0
Kenya 89.3 89.8 86.4 79.2 79.6 85.6 84.0 82.7 79.8 79.2 76.8 91.3
Latvia 93.2 94.4 87.3 82.2 70.5 59.4 59.7 36.2 34.3 27.3 30.6 32.6
Lithuania 186.6 181.3 204.6 204.9 185.2 170.7 155.8 130.1 108.8 104.6 111.7 120.3
Mauritius 99.8 102.8 104.0 110.6 110.5 109.7 126.3 120.2 98.0 96.0 96.0 99.4
Romania 90.4 103.4 101.0 106.7 89.7 80.7 72.5 43.5 33.9 33.0 38.4 32.3
Slovenia 111.4 117.5 133.6 139.4 140.5 137.7 156.0 139.8 141.8 133.8 128.9 133.3
Trinidad & Tobago 241.7 247.2 255.5 263.7 264.7 271.9 278.9 290.1 286.0 287.9 279.4 272.7
Tunisia 49.9 51.0 50.4 50.6 48.6 45.4 45.0 45.8 47.4 47.4 46.0 46.4
Ukraine 82.4 71.4 73.7 65.4 54.0 40.4 39.8 31.3 18.8 17.3 17.5 17.8
IFCG FrontierComposite 92.5 94.1 95.3 94.4 90.3 88.2 88.9 83.2 79.3 77.6 76.7 77.8
% change in index
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
−2.0 −8.3 −9.3 −12.4 10.5 5.9 −5.1 −11.5 2.0 −3.1 −7.1 −4.5
Emerging Stock Markets Factbook 1999
IFCG Frontier Price Indexes 1998: (US$) 203
Bangladesh
Botswana 1.1 3.9 7.7 10.4 2.9 −8.5 −7.2 −3.9 5.7 0.0 3.7 −5.3
Bulgaria −2.0 −0.6 −0.8 2.3 0.6 −1.4 2.2 −1.2 7.0 1.5 −3.1 −32.9
Cote d'Ivoire −3.7 5.1 −4.4 10.6 −0.3 2.2 −3.7 0.8 20.7 −0.1 −19.7 1.8
Croatia −10.2 10.4 −1.1 −9.5 −12.6 −0.1 −3.0 −42.2 18.8 8.7 14.8 2.8
Ecuador −1.5 3.5 −9.9 −7.6 2.7 −6.6 1.6 −0.9 −12.3 −9.8 3.1 −5.7
Estonia 0.1 −12.5 9.9 −7.7 −30.7 −21.8 7.0 12.3 −31.0 −5.8 4.5 −12.1
Ghana 1.4 8.8 11.1 9.8 −4.3 −5.4 −7.0 5.4 −9.5 −0.2 3.7 4.8
Jamaica −3.3 −1.8 −0.3 −2.4 −3.7 3.6 −0.8 0.8 −13.0 −7.1 −2.7 8.7
Kenya 11.3 0.5 −3.7 −8.4 0.5 7.5 −1.9 −1.5 −3.4 −0.8 −3.0 19.0
Latvia −6.8 1.3 −7.5 −5.8 −14.2 −15.8 0.5 −39.3 −5.4 −20.4 12.1 6.7
Lithuania −5.6 −2.9 12.9 0.2 −9.6 −7.9 −8.7 −16.5 −16.3 −3.9 6.8 7.7
Mauritius 1.8 2.9 1.2 6.3 −0.1 −0.7 15.2 −4.8 −18.4 −2.1 0.1 3.6
Romania −9.6 14.4 −2.3 5.6 −15.9 −10.0 −10.2 −39.9 −22.2 −2.6 16.6 −16.1
Slovenia −0.6 5.5 13.8 4.3 0.7 −2.0 13.3 −10.4 1.4 −5.6 −3.7 3.4
Trinidad & Tobago 4.2 2.3 3.3 3.2 0.4 2.7 2.6 4.0 −1.4 0.7 −3.0 −2.4
Tunisia 0.6 2.2 −1.1 0.3 −4.0 −6.5 −0.9 1.8 3.5 0.0 −3.1 0.9
Ukraine −17.6 −13.4 3.3 −11.3 −17.4 −25.1 −1.6 −21.4 −39.9 −7.8 0.9 1.4
IFCG FrontierComposite −1.6 1.7 1.2 −0.9 −4.3 −2.4 0.9 −6.5 −4.7 −2.1 −1.2 1.4
IFCG Frontier Price Indexes 1995−1998:(US$)
End−of−year levels
Market 1995 1996 1997 1998
Bangladesh 100.0 296.0 95.7 58.9
Botswana 100.0 79.7 159.3 173.9
Bulgaria 100.0 17.0 5.0 3.5
Cote d'Ivoire 100.0 105.3 94.1 98.3
Croatia − − 100.0 66.2
Emerging Stock Markets Factbook 1999
IFCG Frontier Price Indexes 1995−1998: (US$) 204
Ecuador 100.0 84.8 77.4 48.9
Estonia − − 100.0 34.6
Ghana 100.0 78.6 53.2 62.4
Jamaica 100.0 139.8 149.8 118.0
Kenya 100.0 90.1 80.3 91.3
Latvia − − 100.0 32.6
Lithuania 100.0 182.0 197.8 120.3
Mauritius 100.0 93.2 98.1 99.4
Romania − − 100.0 32.3
Slovenia 100.0 102.6 112.0 133.3
Trinidad & Tobago 100.0 110.9 232.0 272.7
Tunisia 100.0 93.5 49.6 46.4
Ukraine − − 100.0 17.8
IFCG FrontierComposite 100.0 113.0 94.0 77.8
% change in index
Market 1995 1996 1997 1998
Bangladesh − 196.0 −67.7 −38.5
Botswana − −20.3 99.8 9.2
Bulgaria − −83.0 −70.5 −30.1
Cote d'Ivoire − 5.3 −10.6 4.4
Croatia − − − −33.8
Ecuador − −15.2 −8.7 −36.9
Estonia − − − −65.4
Ghana − −21.4 −32.4 17.3
Jamaica − 39.8 7.2 −21.3
Kenya − −9.9 −11.0 13.8
Latvia − − − −67.4
Lithuania − 82.0 8.7 −39.2
Emerging Stock Markets Factbook 1999
IFCG Frontier Price Indexes 1995−1998: (US$) 205
Mauritius − −6.9 5.3 1.4
Romania − − − −67.7
Slovenia − 2.6 9.2 19.0
Trinidad & Tobago − 10.9 109.3 17.5
Tunisia − −6.5 −47.0 −6.4
Ukraine − − − −82.3
IFCG FrontierComposite − 13.0 −16.8 −17.2
IFCG Frontier Total Return Indexes 1998:(US$)
End−of−month levels
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bangladesh 99.5 91.2 82.9 72.9 81.2 86.0 81.9 72.7 74.5 72.2 67.1 64.3
Botswana 184.1 191.2 206.6 232.2 239.0 219.5 203.7 197.4 209.0 210.3 219.2 207.9
Bulgaria 4.9 4.9 4.9 5.0 5.0 4.9 5.0 5.0 5.3 5.4 5.2 3.5
Cote d'Ivoire 95.3 100.2 95.8 109.5 107.6 113.6 110.4 111.3 134.3 134.1 107.7 109.7
Croatia 89.8 99.1 98.0 88.8 77.6 78.2 75.9 43.9 52.1 58.5 66.1 68.6
Ecuador 87.5 91.5 86.9 80.3 82.6 77.2 79.6 78.9 69.2 62.5 64.4 60.8
Estonia 100.1 87.6 96.2 89.1 62.5 49.0 52.4 58.9 40.6 38.3 40.0 35.2
Ghana 57.3 62.3 70.6 77.6 74.6 70.6 65.7 71.0 64.3 64.4 69.8 73.2
Jamaica 156.4 154.4 154.0 151.4 146.8 152.1 151.1 153.3 134.2 124.7 122.5 134.5
Kenya 109.4 110.0 108.1 99.6 100.6 108.5 106.6 106.4 103.3 102.5 99.8 118.9
Latvia 93.2 94.4 87.3 83.9 72.8 61.4 61.7 37.4 35.4 28.2 31.6 33.7
Lithuania 193.1 187.6 211.7 212.0 191.7 176.6 161.3 134.6 112.7 108.3 115.6 124.5
Mauritius 107.0 110.2 112.1 119.8 120.1 119.6 138.2 131.5 107.6 105.9 106.2 110.4
Romania 90.4 103.4 102.2 107.8 90.7 81.6 73.3 44.0 34.2 33.3 38.9 32.6
Slovenia 119.1 125.7 143.0 149.2 150.4 147.8 167.5 150.0 152.2 143.6 138.3 143.1
Trinidad & Tobago 318.2 346.3 358.5 372.4 375.9 387.9 397.9 415.6 410.5 414.2 403.1 393.5
Tunisia 51.8 53.0 52.7 52.9 51.5 48.8 48.5 49.5 51.3 51.3 49.7 50.2
Emerging Stock Markets Factbook 1999
IFCG Frontier Total Return Indexes 1998: (US$) 206
Ukraine 82.4 71.4 73.7 65.4 54.0 40.4 39.8 31.3 18.8 17.3 17.5 17.8
IFCG FrontierComposite 103.8 106.6 108.7 108.1 103.9 101.9 103.0 96.7 92.4 90.8 90.1 91.6
% change in index
Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Bangladesh −1.9 −8.3 −9.2 −12.0 11.4 6.0 −4.8 −11.2 2.4 −3.0 −7.1 −4.2
Botswana 1.3 3.9 8.0 12.4 2.9 −8.2 −7.2 −3.1 5.9 0.6 4.2 −5.2
Bulgaria −1.8 −0.6 −0.8 2.3 0.6 −1.4 2.2 −1.2 7.0 1.5 −3.1 −33.0
Cote d'Ivoire −3.7 5.1 −4.4 14.3 −1.7 5.5 −2.8 0.8 20.7 −0.1 −19.7 1.8
Croatia −10.2 10.4 −1.1 −9.5 −12.6 0.8 −3.0 −42.2 18.8 12.2 13.0 3.9
Ecuador −1.5 4.6 −5.0 −7.6 2.9 −6.6 3.1 −0.9 −12.3 −9.7 3.1 −5.6
Estonia 0.1 −12.5 9.9 −7.4 −29.8 −21.6 7.0 12.3 −31.0 −5.8 4.5 −12.0
Ghana 1.4 8.8 13.3 9.9 −3.9 −5.3 −7.0 8.1 −9.4 0.0 8.4 5.0
Jamaica −3.2 −1.3 −0.2 −1.7 −3.1 3.6 −0.7 1.5 −12.5 −7.1 −1.7 9.8
Kenya 11.3 0.5 −1.8 −7.8 1.0 7.8 −1.8 −0.1 −2.9 −0.8 −2.6 19.2
Latvia −6.8 1.3 −7.5 −3.8 −13.3 −15.7 0.5 −39.3 −5.3 −20.4 12.1 6.7
Lithuania −5.6 −2.9 12.9 0.2 −9.6 −7.9 −8.7 −16.5 −16.3 −3.9 6.8 7.7
Mauritius 1.9 2.9 1.7 6.9 0.2 −0.4 15.5 −4.8 −18.2 −1.6 0.3 3.9
Romania −9.6 14.4 −1.2 5.5 −15.9 −10.0 −10.2 −39.9 −22.3 −2.6 16.6 −16.1
Slovenia −0.6 5.5 13.8 4.4 0.8 −1.7 13.3 −10.4 1.4 −5.6 −3.7 3.4
Trinidad & Tobago 16.1 8.8 3.5 3.9 0.9 3.2 2.6 4.4 −1.2 0.9 −2.7 −2.4
Tunisia 0.6 2.2 −0.6 0.5 −2.6 −5.4 −0.6 2.2 3.5 0.0 −3.1 0.9
Ukraine −17.6 −13.4 3.3 −11.3 −17.4 −25.1 −1.6 −21.4 −39.9 −7.8 0.9 1.4
IFCG FrontierComposite −0.2 2.7 2.0 −0.5 −3.9 −1.9 1.1 −6.1 −4.5 −1.7 −0.8 1.7
IFCG Frontier Total Return Indexes 1995−1998:(US$)
Emerging Stock Markets Factbook 1999
IFCG Frontier Total Return Indexes 1995−1998: (US$) 207
End−of−year levels
Market 1995 1996 1997 1998
Bangladesh 100.0 303.6 101.4 64.3
Botswana 100.0 86.4 181.7 207.9
Bulgaria 100.0 17.0 5.0 3.5
Cote d'Ivoire 100.0 110.7 99.0 109.7
Croatia − − 100.0 68.6
Ecuador 100.0 91.7 88.8 60.8
Estonia − − 100.0 35.2
Ghana 100.0 81.1 56.5 73.2
Jamaica 100.0 145.2 161.5 134.5
Kenya 100.0 99.6 98.3 118.9
Latvia − − 100.0 33.7
Lithuania 100.0 186.5 204.7 124.5
Mauritius 100.0 96.5 105.1 110.4
Romania − − 100.0 32.6
Slovenia 100.0 107.0 119.9 143.1
Trinidad & Tobago 100.0 115.5 274.0 393.5
Tunisia 100.0 95.5 51.5 50.2
Ukraine − − 100.0 17.8
IFCG FrontierComposite 100.0 118.2 103.9 91.6
% change in index
Market 1995 1996 1997 1998
Bangladesh − 203.6 −66.6 −36.6
Botswana − −13.6 110.2 14.4
Emerging Stock Markets Factbook 1999
IFCG Frontier Total Return Indexes 1995−1998: (US$) 208
Bulgaria − −83.0 −70.5 −30.1
Cote d'Ivoire − 10.7 −10.6 10.8
Croatia − − − −31.4
Ecuador − −8.3 −3.2 −31.5
Estonia − − − −64.8
Ghana − −18.9 −30.3 29.6
Jamaica − 45.2 11.2 −16.7
Kenya − −0.4 −1.3 21.0
Latvia − − − −66.3
Lithuania − 86.5 9.7 −39.2
Mauritius − −3.5 8.9 5.0
Romania − − − −67.4
Slovenia − 7.0 12.1 19.4
Trinidad & Tobago − −15.5 137.3 43.6
Tunisia − −4.5 −46.1 −2.6
Ukraine − − − −82.3
IFCG FrontierComposite − 18.2 −12.1 −11.9
Comparative Valuations of the IFCG Frontier Indexes End−1998
Price−earnings ratio Price−book value ratio Dividend yield
MarketEnd1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
End1998
Relativeto MSCIWorld
End1997
Bangladesh 9.12 0.31 13.51 1.44 0.41 2.14 3.66 2.29 4.29
Botswana 10.93 0.38 11.82 2.97 0.85 3.51 4.66 2.91 5.57
Bulgaria 15.08 0.52 −12.14 0.39 0.11 0.89 − − −
Cote d'Ivoire 8.47 0.29 8.77 2.78 0.80 2.88 4.49 2.81 −
Croatia 11.12 0.38 25.91 1.27 0.36 1.84 2.84 1.78 −
Ecuador 6.60 0.23 14.84 1.20 0.34 1.77 10.21 6.38 4.86
Estonia 25.95 0.89 11.95 0.97 0.28 2.87 2.61 1.63 −
Emerging Stock Markets Factbook 1999
Comparative Valuations of the IFCG Frontier Indexes End−1998 209
Ghana 10.52 0.36 11.39 2.01 0.58 2.08 9.56 5.98 3.44
Jamaica 5.64 0.19 8.78 0.79 0.23 1.12 6.12 3.83 3.82
Kenya 8.14 0.28 7.95 1.65 0.47 1.51 5.94 3.71 10.51
Latvia 7.07 0.24 17.37 0.44 0.13 1.70 7.11 4.44 −
Lithuania 5.70 0.20 7.96 0.61 0.17 1.01 − − 0.80
Mauritius 11.58 0.40 12.82 1.47 0.42 1.26 3.46 2.16 2.71
Romania −19.45 −0.67 106.23 0.50 0.14 1.42 2.30 1.44 −
Slovenia 205.29 7.08 18.72 1.03 0.30 0.93 0.34 0.21 1.20
Trinidad & Tobago 17.16 0.59 17.42 3.75 1.07 3.28 18.98 11.86 11.77
Tunisia 10.50 0.36 13.06 1.29 0.37 1.70 4.73 2.96 2.17
Ukraine 1.17 0.04 4.62 0.13 0.04 0.56 − − −
IFCG FrontierComposite 10.53 0.36 12.00 1.25 0.36 1.62 7.01 4.38 −
6—IFC Index Market Profiles
Argentina
Market Performance
Following three consecutive years of double−digit gains, Argentine equities reversed course in 1998, falling over20% on repercussions of the August Russian debt default, instability in emerging markets and oil prices at12−year lows. Weakness in the Brazilian economy weighed heavily on the Buenos Aires bolsa as investorsassessed the likelihood of a regional recession and decreased demand for Argentine exports. Approval of $41.5billion in IMF aid for Brazil, strong economic fundamentals, and adherence to the exchange rate regimecushioned the market's fall, as the Argentine bolsa posted the smallest decline in Latin America for the year. Still,the losses were substantial: the dollar−based IFCI and IFCG indexes dropped 28.5% and 28.4%, respectively. Alow inflation rate of 0.7% and a 4.2% growth in GDP, the strongest of the region, prevented much larger falls inthe indexes.
Shares traded mixed in the first quarter of 1998 as gains in February and March eroded January losses. Concernover slowing Asian demand for exports from the Latin America region pushed equities lower in January. Themarket recovered on news of the approval of an $2.8 billion IMF credit facility to support the country's economicreform program and on strength in Argentine ADR trading in New York. Pension fund investments late in theperiod gave the market an additional boost as the IFCI Argentina Index closed up 1.4% for the first quarter.
Investor enthusiasm proved fleeting in the second quarter of the year, as riots in Indonesia and an oil price declineto below $15 per barrel battered the market. Oil companies YPF and Perez Companc led the market fall onconcern over an erosion in the country's export earnings.Oil accounts for roughly 8% of the country's exports. Thesuspension of $10 billion in government spending on infrastructure projects and weakening confidence inemerging markets following Indonesian President Suharto's forced resignation also affected Argentine equities, as
Emerging Stock Markets Factbook 1999
6— IFC Index Market Profiles 210
the IFCI Index lost 19.4% for the quarter.
The IFCI Index continued its decline in the third quarter, dragged lower by the market's 32% plunge inAugust—the worst monthly performance in over a decade. The devaluation of the Russian ruble in Augustsparked a worldwide equity sell−off on concerns that other emerging markets would follow suit. The marketsteadied in September, as investors snapped up automobile, telecommunication, and oil company shares atrecord−low prices, but closed down 18.6% for the quarter.
Equities gained ground in the fourth quarter, as an unexpected cut in U.S. interest rates coupled with approval of a$41.5 billion IMF−led aid package for Brazil lifted the IFCI Argentina Index 7.5% higher. The market greeted theaid package enthusiastically on hopes a regional recession will be averted. News of the sale of 14.99% of theArgentine government's stake in oil company YPF also strengthened investor confidence in equities onexpectations of above−market bids for the shares.
Looking forward, former Economy Minister Domingo Cavallo, Buenos Aires Mayor Fernando de la Rua, andPeronist leader Eduardo Duhalde emerged as leading candidates for the October 1999 presidential elections,following current President Carlos Menem's decision not to seek another term.break
Monthly Value Traded(US$ millions)
IFCI Argentina Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
6— IFC Index Market Profiles 211
Monthly Market Capitalization(US$ millions)
Share of Emerging Market Capitalization*(end−1998; total=$1,686 billion)
* 51 markets covered by EMDB
Exchange Rate(pesos per U.S. dollar)
Argentina 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Buenos Aires StockExchange
136 136 138 139 138 137 135 135 135 134 133 130
MarketCapitalization
In pesos 54,070 58,417 60,250 60,128 53,585 50,987 54,438 37,750 42,551 46,752 48,592 45,292
In U.S. dollars 54,092 58,447 60,256 60,134 53,612 50,992 54,466 37,758 42,555 46,766 48,602 45,332
Trading Value
In pesos 1,188 1,498 1,625 1,246 1,264 1,023 1,457 1,511 1,309 1,250 636 1,069
In U.S. dollars 1,188 1,498 1,626 1,246 1,265 1,023 1,458 1,511 1,309 1,251 636 1,070
Turnover ratio (%) 2.1 2.7 2.7 2.1 2.2 2.0 2.8 3.3 3.3 2.8 1.3 2.3
Local Index
Emerging Stock Markets Factbook 1999
Argentina 1998: (Currency in Millions) 212
Bolsa IndiceGeneral*
21,046.0 22,724.6 23,394.9 23,230.0 20,543.0 19,551.0 20,908.5 14,488.0 16,344.3 18,263.6 18,958.2 17,409.0
Change in index (%)−8.8 8.0 2.9 −0.7 −11.6 −4.8 6.9 −30.7 −12.8 11.7 3.8 −8.2
IFC Global Index
Number of stocks 35 35 35 35 35 35 35 35 35 35 33 32
Share of market cap.(%)*
61.0 61.1 61.3 60.3 59.5 59.1 59.0 57.1 57.5 59.5 59.7 57.0
Share of tradingvalue (%)
91.0 95.6 89.9 93.8 92.4 95.7 93.3 95.9 95.4 94.9 96.7 92.2
P/E ratio 14.8 15.7 16.3 16.4 14.8 13.5 14.4 9.7 11.1 12.6 13.6 13.4
P/BV ratio 1.6 1.7 1.8 1.7 1.5 1.4 1.5 1.0 1.2 1.3 1.4 1.3
Dividend yield (%) 2.7 2.7 2.5 2.8 3.2 3.4 3.1 4.6 4.1 3.5 3.5 4.0
Total return index* 2,501.4 2,711.7 2,808.3 2,760.4 2,428.3 2,280.6 2,447.2 1,652.0 1,870.7 2,135.7 2,246.0 2,032.5
Change in totalreturn index (%)
−8.9 8.4 3.6 −1.7 −12.0 −6.1 7.3 −32.5 13.2 14.2 5.2 −9.5
Exchange Rates
Exchange rates (endof period)
0.9996 0.9995 0.9999 0.9999 0.9995 0.9999 0.9995 0.9998 0.9999 0.9997 0.9998 0.9991
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. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Buenos Aires StockExchangeMr. Eugenio de Bary,ChairmanMr. Edgar I. Jelonche, ChiefExecutiveSarmiento 299, 2nd FloorBuenos Aires, 1353ArgentinaTel: (54−11) 4316−7050Fax: (54−11) 4312−9332http://www.bcba.sba.com.ar/
Rosario Board of TradeNicanor Sodiro, ChairmanCont.Mario A. Acoroni, General ManagerCordoba 1402Rosario, Santa Fe, 2000ArgentinaTel: (54−41) 213−471, 213−478Fax: (54−41) 241−019
IFC Correspondent:HSBC Banco Roberts S.A.25 de Mayo 258Buenos AiresArgentinaTel: (54−11) 4345−8194Fax: (54−11) 4343−9852
Emerging Stock Markets Factbook 1999
Argentina 1998: (Currency in Millions) 213
Argentina 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Buenos Aires StockExchange
178 179 174 175 180 156 149 147 136 130
Market Capitalization
In pesos 575 1,853 18,491 18,595 43,967 36,867 37,780 44,670 59,240 45,292
In U.S. dollars 4,225 3,268 18,509 18,633 43,967 36,864 37,783 44,679 59,252 45,332
Trading Value
Inpesos 71 408 4,612 15,551 10,337 11,370 4,594 4,378 25,696 15,806
In U.S. dollars 1,916 852 4,824 15,679 10,339 11,372 4,594 4,382 25,702 15,809
Turnover ratio (%) 24.5 33.6 45.3 83.9 33.0 28.1 12.3 10.6 49.5 35.0
Local Index
Bolsa Indice General* 717.20 2,202.9 17,856.0 13,427.5 20,607.2 15,855.6 16,237.8 18,494.9 23,072.0 17,409.0
Change in index (%) 17,231.8 207.2 710.6 −24.8 53.5 −23.1 2.4 13.9 24.7 −24.5
IFC Global Index
Number of stocks 24 27 28 29 31 30 34 35 35 32
Share of market cap.(%)*
77.8 68.7 85.9 76.7 71.6 50.9 58.6 60.8 61.4 57.0
P/E ratio 9.1 −3.1 −406.0 38.0 41.9 17.7 15.0 38.2 16.3 13.4
P/BV ratio 1.1 0.3 1.7 1.2 1.9 1.4 1.3 1.6 1.8 1.3
Dividend yield (%) 4.7 0.9 0.3 1.9 2.3 2.9 3.5 2.9 2.1 4.0
Total return index* 540.7 343.1 1,704.8 1,253.1 2,164.7 1,661.4 1,872.1 2,290.0 2,746.2 2,032.5
Change in index (%) 175.9 −36.5 396.9 −26.5 72.7 −23.3 12.7 22.3 19.9 −26.0
Economic Data
Emerging Stock Markets Factbook 1999
Argentina 1989−1998: (Currency in Millions; End of Period Levels) 214
Gross domestic product(US$)
76,691 141,234 180,898 226,638 257,570 281,643 280,779 298,734 325,012 344,360
Change in consumerprice index (%)
3,079.8 2,314.0 171.7 24.9 10.6 4.2 3.4 0.2 0.5 −
Exchange rate (end ofperiod)
0.1360 0.5670 0.9990 0.9980 1.0000 1.0001 0.9999 0.9998 0.9998 0.9991
Exchange rate (averageof period)
0.0370 0.4793 0.9560 0.9918 0.9998 0.9998 0.9999 0.9992 0.9998 0.9998
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.
Bangladesh
Market Performance
Bangladesh succumbed to another year of bearish results in 1998. A general mistrust of emerging markets, atorrential monsoon period that left large areas of Bangladesh under water and hampered the government withbillions of dollars in losses, as well as persistent political fighting between the government and opposition partyall played parts in dragging share prices lower. The yearlong disinterest in Bangladesh equities resulted in a38.5% dollar loss in the IFCG Bangladesh Index while the Dhaka Stock Exchange's All−Share Index shed 28.6%in taka terms. The taka, after a 3% devaluation midyear, finished the year 4.9% weaker against the dollar.
Share prices in the first quarter drifted lower from the outset of the year, pulled down by selling pressure from theliquidation of Hong Kong's Peregrine Investment Holdings and by rumors of a currency devaluation. Althoughnot a big player in Bangladesh equities, Peregrine's bankruptcy ruffled investor confidence quite substantially. Asa result, during the remainder of January, investors clearly decided to wait it out on the sidelines, especially afterfive listed companies announced a no−dividend payout for fiscal year 1996/97. The quarter's dismal performanceis evident from the 18.5% decline in the IFCG Bangladesh Index and the 14.8% drop in the DSE All−ShareIndex.
Stocks took a surprising upturn the following quarter after the DSE introduced measures to regain the trust andconfidence of investors. To entice new activity on the market, the DSE modified its membership policy to allowforeigners in. The liberalized membership policy aimed to raise the DSE's broker roster to 300 from the present250 brokers. As investors bought into the depressed market, the Securities and Exchange Commission ofBangladesh approved a new netting system that allowed all deals to be settled on the same trading day. The IFCGBangladesh Index ended the quarter with a 2.5% gain while the DSE All−Share Index posted a 4.9% rise.
Emerging Stock Markets Factbook 1999
Bangladesh 215
The DSE returned to its listless state following massive flooding brought about by heavy monsoon rains. Sharesregained some ground toward the end of the quarter as Bangladesh began the arduous task of returning topost−flooding normalcy. August 10 marked the end of the open−outcry system and the start of the newscreen−based automated trading system on the DSE. End−quarter results showed a 14.4% decline on the IFCGBangladesh Index and 11.2% drop in the DSE All−Share Index.
Year−end results were no different from the previous quarter as an unexpected 3% devaluation in the taka andpoor dividend announcements by two IFCG Bangladesh Index constituents left investors on the sidelines oncemore. The central bank announced a surprise devaluation on October 15, aimed at boosting export earnings andoverseas remittances by Bangladeshis, who as a group, remit more than $1 billion a year. Politics underminedinvestor confidence in the late stages of the year. Investors again took to the sidelines in November and Decemberafter the main opposition party, Bangladesh Nationalist Party, and its supporters enforced a 48−hour nationwidestrike on November 9 and 10 to protest undemocratic policies of the current administration. The IFCGBangladesh Index lost an additional 14% during the period.break
Monthly Value Traded(US$ millions)
IFCG Bangladesh Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Bangladesh 216
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(taka per U.S. dollar)
Bangladesh 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Dhaka StockExchange
202 203 203 203 204 204 204 204 204 204 207 208
MarketCapitalization
In taka 67,864.8 63,051.0 58,421.0 52,103.8 56,859.6 60,812.0 58,713.1 52,363.4 53,575.1 53,153.9 51,389.6 48,926.8
In US dollars 1,486.3 1,357.4 1,257.7 1,121.7 1,224.1 1,309.2 1,241.1 1,106.9 1,132.5 1,123.6 1,086.3 1,034.2
Trading Value
In taka 926.7 810.9 843.2 481.2 641.4 986.9 384.1 1,177.7 7,512.9 9,966.8 7,686.7 5,796.0
In US dollars 20.3 17.5 18.2 10.4 13.8 21.2 8.1 24.9 158.8 210.7 162.5 122.5
Turnover ratio (%) 2.0 1.2 1.4 0.9 1.2 1.7 0.6 2.1 14.2 18.7 14.7 11.6
Local Index
Emerging Stock Markets Factbook 1999
Bangladesh 1998: (Currency in Millions) 217
DSEAll SharePrice*
741.8 687.5 644.8 574.4 628.2 676.5 652.4 583.1 600.6 594.4 570.6 540.2
Change in index (%)−2.0 −7.3 −6.2 −10.9 9.4 7.7 −3.6 −10.6 3.0 −1.0 −4.0 −5.3
IFC Global Index
Number of stocks 46 46 46 46 46 46 46 46 46 46 46 49
Share of market cap.(%)*
68.2 68.3 66.9 65.7 66.6 65.8 65.9 65.3 65.1 63.6 61.1 62.9
Share of tradingvalue (%)
63.4 63.0 66.2 70.5 67.8 65.2 64.0 64.9 17.1 12.1 6.9 7.0
P/E ratio 13.7 12.8 11.6 10.0 11.1 11.8 11.4 10.1 10.3 10.0 9.3 9.1
P/BV ratio 2.1 2.0 1.8 1.6 1.7 1.8 1.8 1.6 1.6 1.5 1.4 1.4
Dividend yield (%) 4.3 4.6 5.1 5.1 4.5 4.3 4.5 4.6 4.5 4.6 3.5 3.7
Total return index* 99.5 91.2 82.8 72.9 81.2 86.0 81.9 72.7 74.5 72.2 67.1 64.3
Change in totalreturn index (%)
−1.8 −8.3 −9.2 −12.0 11.4 6.0 −4.8 −11.2 2.4 −3.0 −7.1 −4.2
Exchange Rates
Exchange rate (endof period)
45.6604 46.4500 46.4500 46.4500 46.4500 46.4500 47.3084 47.3050 47.3088 47.3088 47.3088 47.3088
Notes: The base date for the DSE All Share Price Index is 1985=100. The base date for the IFCG Bangladesh Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Dhaka Stock Exchange Ltd.Dr. Raqibur Rahman, ChairmanStock Exchange Building9F. Motijheel Commercial AreaDhaka, 1000BangladeshTel: (880−2) 956−4601, 966−6940 to 49Fax: (880−2) 867−552, 956−4727
IFC Correspondent:Equity Resources Ltd.Jahangir Tower10 Kawran Bazar C.A.Dhaka 1215BangladeshTel: (880−2) 816−556Fax: (880−2) 817−721
Bangladesh 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Bangladesh 1989−1998: (Currency in Millions; End of Period Levels) 218
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Dhaka Stock Exchange116 134 138 145 153 170 183 186 202 208
Market Capitalization
In taka 15,350.5 11,486.0 10,397.0 12,299.1 18,098.7 41,770.0 53,931.0 193,922.669,166.5 48,926.8
In US dollars 475.7 320.9 269.5 314.4 453.1 1,049.5 1,338.2 4,551.0 1,537.4 1,034.2
Trading Value
In taka 173.7 195.0 116.0 437.8 578.8 4,283.7 6,380.9 29,958.1 16,854.5 37,214.3
In US dollars 5.4 5.6 3.2 11.2 14.6 106.5 158.4 721.9 383.9 795.6
Turnover ratio (%) 1.2 1.4 1.1 3.9 3.8 14.3 13.3 24.2 12.8 63.0
Local Index
DSE All Share Price* 467.8 350.8 296.3 369.6 391.8 845.6 834.7 2,300.1 756.8 540.2
Change in index (%) −12.3 −25.0 −15.5 24.7 6.0 115.8 −1.3 175.6 −67.1 −28.6
IFC Global Index
Number of stocks − − − − − − 45 46 46 49
Share of market cap.(%)*
− − − − − − 72.7 68.6 67.4 62.9
P/E ratio − − − − − − − 49.0 13.5 9.1
P/BV ratio − − − − − − − 7.0 2.1 1.4
Dividend yield (%) − − − − − − − 1.1 4.3 3.7
Total return index* − − − − − − 100.0 303.5 101.4 64.3
Change in total returnindex (%)
− − − − − − − 203.5 −66.6 −36.6
Economic Data
Gross domestic product(US$)
26,779 29,855 30,729 31,537 33,066 33,476 37,614 40,304 41,419 42,775
Emerging Stock Markets Factbook 1999
Bangladesh 1989−1998: (Currency in Millions; End of Period Levels) 219
Change in consumerprice index (%)
10.0 8.1 7.2 4.3 0.0 3.6 5.8 2.7 5.6 −
Exchange rate (end ofperiod)
32.2700 35.7900 38.5800 39.1236 39.9400 39.8000 40.3000 42.6110 44.9905 47.3088
Exchange rate (averageof period)
32.2700 34.5670 36.5962 38.9510 39.5670 40.2120 40.2780 41.4966 43.9089 46.7775
Notes: The base date for the DSE All Share Price Index is 1985=100. The base date for the IFCG Bangladesh Index is Dec.1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Botswana
Market Performance
The Botswana Stock Exchange (BSE) finished the year as one of the strongest performing markets in the world.The IFCG Botswana Index gained 9.2% in dollar terms for 1998 while the local Domestic Company Index (DCI)raced ahead, returning 33.6% in pula.
The Bank of Botswana's announcement of a further liberalization of exchange controls in January portended astrong year on the BSE. The measure cleared the way for individual non−residents to purchase up to 10% of thefree float of listed companies (up from 5%) without central bank approval, as well as boosted aggregateshareholding for non−resident investors to 55% from 49% of free float. Government statistics showing that theannual inflation rate had dipped to 7.8% in December 1997, the lowest level in almost 10 years, also contributedto the early euphoria. Domestic shares finished the quarter strongly, with the IFCG Index climbing 7.7% in Marchon favorable corporate results and amid enthusiasm over the visit of U.S. President Bill Clinton. Strong foreigninterest in DCI stocks and Clinton's visit boosted turnover and share prices. In addition, a decline in inflationencouraged the Bank of Botswana to cut its key bank lending rate in early March to 11.75%, the second rate cut in1998, setting the stage for a promising second quarter. In all, the IFCG Index gained 13.1% over the first quarter.
Shares continued to surge ahead early in the second quarter, boosted by Festus Mogae's ascension to the nation'spresidency and his promise that the country would remain committed to a free market economy. However, asworld stock markets began to slump toward the end of June as a result of the Japanese yen depreciation andbalance−of−payments difficulties in Russia, the Botswana Stock Exchange fell victim to the downturn. Increasinginternational financial turmoil coupled with domestic level problems, such as weakening demand for diamonds,renewed investor skepticism. The IFCG Index finished the second quarter with a gain of 4.0%.
Emerging Stock Markets Factbook 1999
Botswana 220
Trading volumes fluctuated from July to September as equity prices managed to fight off the worldwide stockmarket plunge with the help of the government's surprise announcement of a 25% minimum salary increase tocivil servants. The pay hike, well above the prevailing market forecast, was expected to increase private sectorsavings and consumer spending. Later in the period, the index remained mostly unaffected by the world economicdecline and managed to reach record levels as measured by the BSE Index. The IFCG Index fell 5.6% over thethree−month period.
In the final quarter, equities remained flat despite the first new domestic listing on the Botswana Stock Exchangesince Pep Botswana Holdings in 1992. The initial public offering of MRI Botswana, a pre−hospital care business,was well oversubscribed and returned strong initial results. This was followed in December by another new issue,Furniture Mart, a furnished goods retailer for the local market. Furniture Mart's IPO was also well received as itwas oversubscribed by more than 80%. In spite of the enthusiasm over the two new equity issues, the overallmarket was mostly unaffected as the BSE remained nearly unchanged in the final trading sessions of the year.Over the quarter, the IFCG Index fell 1.7%.break
Monthly Value Traded(US$ millions)
IFCG Botswana Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
Exchange Rate(pula per U.S. dollar)
Emerging Stock Markets Factbook 1999
Botswana 221
* 51 markets covered by EMDB
Botswana 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Botswana StockMarket
12 12 12 12 12 12 12 12 12 13 13 14
MarketCapitalization
In pula 2,366.1 2,476.9 2,672.6 3,006.1 3,163.5 3,130.3 3,163.0 3,218.6 3,196.3 3,116.4 3,216.4 3,224.7
In US dollars 614.2 642.7 691.1 769.9 796.9 735.3 683.2 660.5 713.1 714.0 729.5 723.6
Trading Value
In pula 22.0 43.6 15.0 13.5 22.8 29.4 30.5 35.0 22.9 26.1 23.8 10.5
In US dollars 5.7 11.3 3.9 3.5 5.8 6.9 6.6 7.2 5.1 6.0 5.4 2.4
Turnover ratio (%) 0.1 1.8 0.6 0.5 0.7 0.9 1.0 1.1 0.7 0.8 0.8 0.3
Local Index
Botswana DCI* 717.8 751.4 810.8 911.9 959.7 949.2 959.1 976.0 951.3 945.0 974.8 946.9
Change in index (%) 1.3 4.7 7.9 12.5 5.2 −1.1 1.0 1.8 −2.5 −0.7 3.1 −2.9
IFC Global Index
Number of stocks 7 7 7 7 7 7 7 7 7 7 7 7
Share of market cap.(%)
76.6 75.8 76.5 76.2 75.4 74.6 74.3 73.8 72.3 72.4 73.0 69.6
Share of trading value(%)
97.5 82.7 94.2 65.0 94.2 98.4 94.2 81.3 69.9 91.7 49.7 80.4
P/E ratio 11.2 11.8 11.8 13.2 13.2 12.9 13.1 12.9 12.4 12.1 11.5 10.9
P/BV ratio 3.5 3.7 2.8 3.2 3.1 3.1 3.1 3.1 3.0 3.0 3.1 3.0
Dividend yield (%) 5.3 5.1 4.8 5.2 4.3 4.6 4.5 5.2 5.5 4.4 4.4 4.7
Emerging Stock Markets Factbook 1999
Botswana 1998: (Currency in Millions) 222
Total return index* 184.1 191.2 206.6 232.2 239.0 219.5 203.7 197.4 209.0 210.3 219.2 207.9
Change in total returnindex (%)
1.3 3.9 8.0 12.4 2.9 −8.2 −7.2 −3.1 5.9 0.6 4.2 −5.2
Exchange Rates
Exchange rate (end ofperiod)
3.8521 3.8536 3.8670 3.9047 3.9698 4.2571 4.6296 4.8733 4.4823 4.3649 4.4092 4.4563
Notes: The base date for the BSE DCI Index is 1989=100. The base date for the IFCG Botswana Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Botswana Stock ExchangeMr. Louis Nchindo, ChairmanPrivate Bag 00417Ground Floor, Barclays HouseKhama CrescentGaboroneBotswanaTel: (267) 357−900Fax: (267) 357−901
IFC Correspondent:Stockbrokers Botswana Ltd.Private Bag 00113Ground Floor, Barclays HouseKhama CrescentGaboroneBotswanaTel: (26−7) 357−900Fax: (26−7) 357−901
Botswana 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Botswana Stock Market − − 9 11 11 11 12 12 12 14
Market Capitalization
In pula − − 545.4 657.3 668.9 1,024.3 1,120.3 1,189.8 2,335.5 3,224.7
In US dollars − − 260.7 294.6 260.8 376.9 397.6 325.5 614.5 723.6
Trading Value
In pula − − 17.1 31.8 48.0 83.8 106.8 103.4 216.8 295.3
Emerging Stock Markets Factbook 1999
Botswana 1989−1998: (Currency in Millions; End of Period Levels) 223
In US dollars − − 8.5 14.9 19.9 31.1 38.4 31.2 74.3 69.7
Turnover ratio (%) − − 3.1 5.3 7.2 9.9 10.0 9.0 12.3 10.6
Local Index
Botswana DCI* − 230.4 271.7 273.7 278.5 312.9 332.8 352.2 708.5 946.9
Change in index. (%) − − 17.9 0.7 1.8 12.4 6.4 5.8 101.2 33.6
IFC Global Index
Number of stocks − − − − − − 7 7 7 7
Share of market cap. (%) − − − − − − 77.4 76.1 75.8 69.6
P/E ratio − − − − − − − 6.3 11.8 10.9
P/BV ratio − − − − − − − 1.7 3.5 3.0
Dividend yield (%) − − − − − − − 8.2 5.6 4.7
Total return index* − − − − − − 100.0 86.4 181.7 207.9
Change in total return index(%)
− − − − − − − −13.6 110.3 14.4
Economic Data
Gross domestic product (US$)2,932 3,387 3,941 3,966 4,098 4,317 4,585 4,936 5,070 −
Change in consumer priceindex (%)
11.6 11.4 11.8 16.2 14.3 10.5 10.5 10.1 8.6 −
Exchange rate (end of period)− 1.8605 2.0921 2.2311 2.5648 2.7178 2.8177 3.6550 3.8008 4.4563
Exchange rate (average ofperiod)
− 1.8601 2.0173 2.1327 2.4190 2.6971 2.7824 3.3203 2.9196 4.2383
Notes: The base date for the BSE DCI Index is 1989=100. The base date for the IFCG Botswana Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Brazil
Market Performance
International and domestic factors kept Brazilian interest rates up and the stock market down in 1998. Residualeffects of the Asian financial crisis as well as the problem of Brazil's twin fiscal and current account deficits droveinterest rates to unsustainable levels as policy−makers attempted to defend Brazil's fixed exchange rate fromspeculative attacks. Brazil was the fifthworst−performing IFC stock market for 1998 as the local BOVESPAIndex plummeted 33.5% in real terms, and the IFCI and IFCG Brazil indexes fell 43.0% and 42.6%, respectively,in dollar terms.
Emerging Stock Markets Factbook 1999
Brazil 224
Brazilian equities made small gains from January to July on encouraging signs that the federal government wastaking measures to trim its large fiscal deficit. The sale of state−owned assets attracted foreign investors. A totalof $2.2 billion poured into Brazil in the first two months of 1998, helping to lift the IFCI Index 7.5% in Februaryand 8.7% in March.
In spite of the ongoing privatization of utilities, markets were given a scare in May, with the IFCI Indexplummeting 16.1% when the government announced it would delay the sale of national telephone monopolyTelebras until July 29. Market volatility increased dramatically throughout summer resulting from financial woesin East Asia and Russia. Investors sent the market tumbling in early June after Moody's revised its sovereignrating on Brazilian bonds from stable to negative. Share prices recovered quickly after a mid−month U.S.Treasury operation in support of the ailing Japanese yen lifted hopes that renewed Japanese demand might fuel anAsian recovery.
Brazilian authorities spent the latter half of the year attempting to ease tight monetary conditions. Thegovernment's flawless execution of the Telebras privatization in late July strengthened President FernandoHenrique Cardoso's standing before October elections, lifting the IFCI Index 8.5%. Conscious of the need torevive the economy and reduce borrowing costs, the central bank immediately capitalized on the success of thesale by quietly lowering interest rates, fixing the benchmark TBAN rate lower than market expectations at25.75%. International developments dramatically increased Brazil's risk and market volatility immediatelythereafter and throughout the remainder of 1998, however.
The August Russian ruble devaluation and debt moratorium vitiated demand for Brazilian assets as the IFCI Indexfell a breathtaking 39.2%. Brazilian authorities resisted raising interest rates at the turmoil's onset and insteadattempted to appease the market by tabling more fiscal reform legislation. Continued capital flight and anotherMoody's downgrade of sovereign bonds, however, finally forced the government's hand as the central bank raisedthe TBAN to 49.75%.
Stocks made small gains in September and October and finally rallied 20% in November after the creation of a$41.5 billion IMF−sponsored emergency credit line. The central bank responded by aggressively pushing downinterest rates to 34.4%. The market was again taken by surprise in December, falling 21.4% after oppositionlawmakers voted against public sector pension reforms that would have saved the government $2.2 billion. Faithin the government's ability to reduce the $64 billion deficit waned significantly, triggering a renewed bout ofcapital flight. In spite of the prodigious capital outflows and deteriorating sentiment in late 1998, the central banklowered the TBAN rate to 28.6% in December from November's high of 42.75%.break
Emerging Stock Markets Factbook 1999
Brazil 225
Monthly Value Traded(US$ millions)
IFCI Brazil Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging Market Capitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(real per U.S. dollar)
Brazil 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Sao Paulo Bolsa deValores
536 537 543 536 541 536 539 536 548 541 529 527
Emerging Stock Markets Factbook 1999
Brazil 1998: (Currency in Millions) 226
MarketCapitalization
In reais 267,886 281,871 309,090 310,057 267,147 254,012 272,006 187,874 184,396 192,581 219,814 194,399
In U.S. dollars 238,524 249,399 271,823 271,029 232,261 219,620 233,883 159,635 155,582 161,440 183,041 160,887
Trading Value
In reais 13,130 14,765 16,547 22,952 14,703 13,182 15,696 14,560 12,356 9,887 11,697 10,646
In U.S. dollars 11,691 13,064 14,552 20,063 12,783 11,397 13,496 12,371 10,425 8,289 9,740 8,811
Turnover ratio (%) 4.8 5.4 5.6 7.4 5.1 5.1 6.0 6.3 6.6 5.3 5.7 5.1
Local Index
IBOVESPA* 9,720 10,570 11,946 11,677 9,846 9,678 10,707 6,472 6,593 7,047 8,631 6,784
Change in index (%)−4.7 8.7 13.0 −2.3 −15.7 −1.7 10.6 −39.5 1.9 6.9 22.5 −21.4
IFC Global Index
Number of stocks 87 87 87 87 87 86 86 86 108 108 100 100
Share of market cap.(%)*
68 69 69 67 62 63 65 56 57 58 67 61
Share of tradingvalue (%)
83 69 77 54 77 76 73 72 75 36 43 31
P/E ratio 11.7 12.8 12.6 12.1 9.5 9.4 10.2 6.1 6.4 6.8 7.9 7.0
P/BV ratio 0.9 1.0 1.1 1.1 0.9 0.9 1.0 0.6 0.6 0.6 0.8 0.6
Dividend yield (%) 4.2 3.8 3.6 4.2 5.0 5.1 5.1 8.5 8.4 8.8 6.4 7.8
Total return index* 670.5 718.2 787.7 774.1 652.5 638.0 693.5 434.6 433.0 451.0 539.0 440.3
Change in totalreturn index (%)
−7.0 7.1 9.7 −1.7 −15.7 −2.2 8.7 −37.3 −0.4 4.2 19.5 −18.3
Exchange Rates
Exchange rates (endof period)
1.1231 1.1302 1.1371 1.1440 1.1502 1.1566 1.1630 1.1769 1.1852 1.1929 1.2009 1.2083
Notes: Market cap figures are for Sao Paulo only. Trading values are combined Sao Paulo and Rio de Janeiro. The base date forIBOVESPA is 1968=0.000000001. The base date for the IFCG Brazil Index is Dec. 1984=100. In calculating share of total market cap,IFCG market cap is not adjusted for cross holdings.
Emerging Stock Markets Factbook 1999
Brazil 1998: (Currency in Millions) 227
Sao Paulo Stock ExchangeMr. Gilberto Mifano, CEORua XV de Novembro, 275Sao Paulo−SP, 01013−001BrazilTel: (55−11) 233−2000Fax: (55−11) 239−4981http://www.bovespa.com.br/
Rio de Janeiro Stock ExchangeMr. Fernando Opitz, ChairmanMr. Sergio Luiz Berardi, CEOPraca XV de Novembro, 20Centro − Rio de Janeiro, 20010−010BrazilTel: (55−21) 514−1010Fax: (55−21) 221−2151http://www.bvrj.com.br/
IFC Correspondent:Lopes Filho & AssociadosRua Araujo Porto Alegre36−8 andarRio de Janeiro, RJ 20030−010BrazilTel: (55−21) 210−2152Fax: (55−21) 240−2828http://www.lopesfilho.com.br
Brazil 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Sao Paulo Bolsa deValores
592 581 570 565 550 544 543 551 536 527
MarketCapitalization
In reais 0.18231 0.9576 16.9512 201.503 11,603 160,321 143,502 225,474 285,139 194,399
In U.S. dollars 44,368 16,354 42,759 45,261 99,430 189,281 147,636 216,990 255,478 160,887
Trading Value
Inreais 0.01707 0.13425 1.92273 34.408 1,922.7 71,666 72,693 112,669 219,073 170,123
In U.S. dollars 16,762 5,598 13,373 20,525 57,409 109,498 79,186 112,108 203,260 146,594
Turnover ratio (%) 17.9 23.6 22.0 31.5 32.6 83.4 47.8 61.1 85.8 71.0
Local Index
IBOVESPA* 0.00616 0.02516 0.6078 6.7805 375.45 4,353.9 4,299.0 7,039.9 10,196.0 6,784.0
Change in index (%) 1,762.5 308.3 2,316.0 1,015.6 5,437.2 1,059.6 −1.3 63.8 44.8 −33.5
IFC Global Index
Number of stocks 56 67 69 69 70 83 87 86 87 100
Emerging Stock Markets Factbook 1999
Brazil 1989−1998: (Currency in Millions; End of Period Levels) 228
Share of market cap.(%)
43.5 40.1 47.6 51.3 61.2 59.1 64.1 61.7 68.7 60.7
P/E ratio 5.9 4.7 15.5 −24.4 12.6 13.1 36.3 14.5 12.4 7.0
P/BV ratio 0.7 0.3 0.8 0.4 0.5 0.6 0.5 0.7 1.0 0.6
Dividend yield (%) 0.7 9.4 0.6 0.7 0.4 0.7 3.4 2.3 3.9 7.8
Total return index* 170.7 58.6 158.4 158.9 316.9 538.2 429.3 577.1 720.9 440.3
Change in index (%) 39.9 −65.7 170.3 0.3 99.4 69.8 −20.2 34.4 24.9 −38.9
Economic Data
Gross domesticproduct (US$)
448,763 464,989 407,729 390,567 438,299 546,486 703,912 774,946 820,381 778,292
Change in consumerprice index (%)
1,430.7 2,947.7 432.8 951.6 1,928.0 2,075.9 66.0 15.8 6.9 −
Exchange rate (end ofperiod)
0.0113 0.1610 1.0902 12.243 320.920 0.8470 0.9720 1.0391 1.1161 1.2083
Exchange rate(average of period)
0.0028 0.0660 0.4057 4.6118 92.1026 0.6545 0.9180 1.0050 1.0778 1.1605
Notes: Market cap figures are for Sao Paulo only. Trading values are combined Sao Paulo and Rio de Janeiro. The basedate for IBOVESPA is 1968=0.000000001. The base date for the IFCG Brazil Index is Dec. 1984=100. Brazil reformedits currency on July 1, 1994, exchanging its former currency (the cruzeiro real) for a new currency (the real) at a rate of2,750:1. This series has been adjusted to reflect the change. IBOVESPA was divided by 10 on Feb. 10, 1994, and againon March 3, 1997. The series has not been adjusted to reflect the second change. In calculating share of total market cap,IFCG market cap is not adjusted for cross holdings.
Bulgaria
Market Performance
The Bulgarian stock market followed the lead of other more prominent Eastern European markets during 1998,gaining ground through midyear and then retreating after the onset of the currency and debt crisis in Russia. TheBulgaria Stock Exchange−Sofia Warburg 30 Index, launched in December 1997 as an off−exchange index, lost38% by the end of the year. The dollar−based IFCG Bulgaria Index fell 30%, while the local currency, the lev,fell 33.28% for the year.
Equities evinced signs of life at the start of 1998 when trading resumed at the newly opened BSE−Sofia StockExchange. The market gained more than 50% on positive corporate fundamentals, a steady lev, and low inflation.Banks, many trading at low price−to−earnings ratios, drew considerable investor attention during the rally, asthose institutions that survived the 1996−97 banking crisis—in which 30% of banking institutions wereclosed—were seen as solvent and with high capitalization ratios.
Despite the positive investment climate at home, equities slipped into a downward spiral in June following theturmoil on global markets. The Russian financial crisis sent Bulgarian stocks diving to new lows in August and
Emerging Stock Markets Factbook 1999
Bulgaria 229
September, although the overall impact of the crisis on Bulgaria's economy was muted given the country's limitedexposure to Russian markets. Bulgarian equities showed signs of recovery later in the year but stopped short of afull rebound as the market lacked positive domestic news on which to base further advancement.
The Bulgarian equity market remained small and illiquid in 1998. Despite overall corporate stability, the market isperceived by investors as risky, poorly regulated, and particularly vulnerable to global crises. Stock marketdevelopment was also hampered as the economy remained weak and a lack of new lending activity continued toimpose a drag on growth. Economic restructuring, in particular the sale of strategic stakes in government−ownedfirms to domestic and foreign investors, inched forward at a slow pace.
Bulgaria maintained two main markets in 1998—the official market and the free market. The official market isdivided in "A", "B", and "C" segments, each differing according to listing requirements. Group "A" representsrelatively large companies, traded typically by portfolio investors. Group "B", or the parallel market, includessmaller, less liquid companies that trade occasionally. Lastly, group "C" is a provisional market that includes onlyshares issued under Bulgaria's mass privatization scheme and maintains less strict listing requirements. Presentlythere are sixteen companies listed on the official market. There are virtually no requirements on the free marketexcept an agreement with the Central Depository and free negotiability of shares. There are 985 listed companiesbut most are rarely if ever traded. Only about 20 to 30 companies trade fairly regularly but their volumes are lowand, accordingly, price reliability is poor.
New trading regulations designed to bolster the Bulgarian equity market were proposed in October, but have yetto be adopted. Measures included the introduction of an electronic trading system for the free market and itsconnection to the Central Depository and inter−bank system, as well as a maximum 10% daily price fluctuationlimit for all free market stocks. Currently there is a similar 5% restriction in the official market.break
Emerging Stock Markets Factbook 1999
Bulgaria 230
Monthly Value Traded(US$ millions)
IFCG Bulgaria Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(lev per U.S. dollar)
Bulgaria 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Bulgarian StockExchange—Sofia
15 15 15 15 15 15 15 15 15 15 15 998
MarketCapitalization
In lev 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 3,832.0 1,651,106
In US dollars 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.1 2.3 2.3 2.3 992.3
Trading Value
In lev 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 19,283.6
In US dollars 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.6
Emerging Stock Markets Factbook 1999
Bulgaria 1998: (Currency in Millions) 231
Turnover ratio 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.3
Local Index
− − − − − − − − − − − − −
Change in index (%) − − − − − − − − − − − −
IFC Global Index
Number of stocks 12 12 12 12 12 12 12 12 12 12 12 10
Share of market cap.(%)
− − − − − − − − − − − 36.4
Share of tradingvalue (%)
− − − − − − − − − − − 19.3
P/E ratio −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 −12.1 15.1
P/BV ratio 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.4
Dividend yield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total return index* 4.9 4.9 4.9 5.0 5.0 4.9 5.0 5.0 5.3 5.4 5.2 3.5
Change in total returnindex (%)
−1.8 −0.6 −0.8 2.3 0.6 −1.4 2.2 −1.2 7.0 1.5 −3.1 −33.0
Exchange Rates
Exchange rate (endof period)
1,809.20 1,820.20 1,834.00 1,795.50 1,782.40 1,810.20 1,769.00 1,791.80 1,673.20 1,647.50 1,702.60 1,664.00
Notes: Statistics through November 1998 represent companies listed on the old Bulgarian Stock Exchange, which was closed. Figures fromDecember 1998 represent listed companies and companies traded on the new exchange, the BSE Stock Exchange—Sofia. The base date for theIFCG Bulgaria Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Bulgarian Stock Exchange—SofiaMr. Apostol Apostolov, Chief Executive1 Macedonia Sq.1040 SofiaBulgariaTel: (359−2) 986 5915Fax: (359−2) 87 55 66
IFC Correspondent:Global Finance39 Vitosha Blvd, I FloorSofia 1000BulgariaTel: (359−2) 81 00 36Fax: (359−2) 80 59 00
Emerging Stock Markets Factbook 1999
Bulgaria 1998: (Currency in Millions) 232
Bulgaria 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bulgarian StockExchange—Sofia
− − − − − 16 26 15 15 998
Market Capitalization
In lev − − − − − − 4,389.1 3,832.0 3,832.0 1,651,105.6
In US dollars − − − − − − 61.4 7.3 2.2 992.3
Trading Value
In lev − − − − − − 300.7 5.2 0.0 19,283.6
In US dollars − − − − − 4.4 0.0 0.0 11.0
Turnover ratio (%) − − − − − − 7.7 0.1 0.0 0.0
Local Index
− − − − − 118.4 113.6 104.3 77.6 77.6 77.6
Change in index (%) − − − − − −4.1 −8.2 −25.6 0.0 0.0
IFC Global Index
Number of stocks − − − − − − 12 12 12 10
Share of market cap. (%)− − − − − − − − − 36.4
P/E ratio − − − − − − − 16.9 16.9 15.1
P/BV ratio − − − − − − − 0.9 0.9 0.4
Dividend yield (%) − − − − − − − 0.2 0.0 0.0
Total return index* − − − − − − 100.0 17.0 5.0 3.5
Change in total returnindex (%)
− − − − − − − −83.0 −70.6 −30.0
Economic Data
Emerging Stock Markets Factbook 1999
Bulgaria 1989−1998: (Currency in Millions; End of Period Levels) 233
Gross domestic product(US$)
21,747 20,726 10,944 10,374 10,833 9,781 13,106 9,830 10,085 −
Change in consumer priceindex (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − − 71.503 523.30 1,775.50 1,664.00
Exchange rate (average ofperiod)
− − − − − − 67.938 178.43 − 1,756.73
Notes: Statistics through November 1998 represent companies listed on the old Bulgarian Stock Exchange, which was closed.Figures from December 1998 represent listed companies and companies traded on the new exchange, the BSE StockExchange—Sofia. The base date for the IFCG Bulgaria Index is Dec. 1995=100. In calculating share of total market cap,IFCG market cap is not adjusted for cross holdings.
Chile
Market Performance
Chilean shares posted lackluster results in 1998, depressed by low commodity prices, high interest rates, andcontinuing emerging market volatility. The dollar−based IFCI and IFCG indexes lost 29.8% and 30.0%,respectively, compared to gains of 3.6% and 3.4% in 1997. Having posted double−digit gains in the early 1990s,Chilean shares have failed to maintain momentum, declining in three of the last four years. Overall, index levelswere flat early in the year, but soon plummeted on reduced demand from Asia for Chilean pulp and copper, andon spillover effects of the August Russian ruble devaluation. On a more positive note, GDP expanded a solid3.5% in 1998, while inflation remained moderately low at 4.7%.
In an attempt to stimulate equity trading, the government implemented a series of policy changes by reducing thecapital control tax, or encaje, from 30% to 10% in June, and then reducing it to zero in late−August. The encajerequired foreign investors to maintain 30% of their investment in a non−interest bearing account at the centralbank for a period of one year. The one−year holding period for portfolio investment is still in place.
First quarter trading was mixed, as losses from reduced copper and pulp export revenues to Asia were offset bypositive 1997 earnings by bluechip electricity generators Enersis, Endesa, and Chilectra. Reduced commodityexport revenues forced the government to adopt a high interest rate policy early in the year, in an effort to narrowthe country's trade gap and defend the Chilean peso. Investor pessimism caused by high interest rates depressedshares late in the quarter, as the IFCI Index closed with a marginal loss of 0.8%.
Emerging Stock Markets Factbook 1999
Chile 234
Fears of a recession in Japan, Chile's second largest trading partner, soured market sentiment in the second quarterafter the IFCI Index plunged 20.9%. Concern over drastically reduced demand for Chilean goods from Korea andJapan cast a shadow over the market given that one−third of the country's exports are sent to Asia. During thequarter, Chilean pension funds increased bond holdings to take advantage of interest rates at 12 percentage pointsover inflation while foreign investors remained sidelined awaiting signs of an interest rate cut.
Panic seized the Santiago Stock Exchange in the third quarter as news of the Russian ruble devaluation in Augustdrove the local IGPA Index to near five−year lows. Trading was heavy as pension funds and foreign investorspulled out of the Chilean equity market en masse. The IFCI Index lost a further 20.9%. High interest rate levels,with the benchmark rate hovering around 12.5%, continued to take their toll on blue chips CTC and Enersis,which depend heavily on debt financing.
Successive interest rate cuts, a rally in ADR trading on Wall Street, and approval of a $41.5 billion IMF aidpackage for Brazil lifted shares from record lows in the fourth quarter of the year. Shrugging off news of theOctober arrest of former President Augusto Pinochet in London, the market capitalized on attractive buyingopportunities and removal of the encaje, racing ahead 13.0%. Late quarter gains were insufficient to recoup muchof the year's losses as the market closed down 30% for the year.break
Monthly Value traded(US$ millions)
IFCI Chile Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Chile 235
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(pesos per U.S. dollar)
Chile 1998:(Currency in Millions)
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 calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Santiago Stock ExchangeMr. Pablo Yrarrázabal Valdés, Chairman
Electronic Stock ExchangeMr. Andres Valenzuela del Valle, President
IFC Correspondent:Julio Salas M Y Asociados
Emerging Stock Markets Factbook 1999
Chile 1998: (Currency in Millions) 236
Calle La Bolsa 64SantiagoChileTel: (56−2) 698−2001, 695−8077Fax: (56−2) 697−2236http://www.bolsantiago.cl/
Huerfanos 770, 14th floorSantiagoChileTel: (56−2) 639−4699Fax: (56−2) 639−9015http://www.bolchile.cl/presenta/ipresent.htm
Santa Lucia 150, piso 5SantiagoChileTel: (56−2) 632−3166Fax: (56−2) 632−5268
Chile 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bolsa de Comerciode Santiago
213 215 221 245 263 279 284 291 295 277
MarketCapitalization
In pesos 2,819,6424,596,60810,490,22911,333,74919,233,96927,349,44530,035,24927,981,72631,592,24824,545,666
In U.S. dollars 9,587 13,645 27,984 29,644 44,622 68,195 73,860 65,940 72,046 51,866
Trading Value
In pesos 224,673 233,884 663,347 735,798 1,131,810 2,208,808 4,393,212 3,487,298 3,120,943 2,034,540
In U.S. dollars 866 783 1,900 2,029 2,797 5,263 11,072 8,460 7,445 4,419
Turnover ratio (%) 9.9 6.3 8.8 6.7 7.4 9.5 15.3 12.0 10.5 7.2
Local Index
IGPA index* 757.6 1,166.7 2,483.7 2,733.5 3,915.5 5,425.2 5,740.0 4,902.6 4,794.4 3,594.8
Change in index (%)64.8 54.0 112.9 10.1 43.2 38.6 5.8 −14.6 −2.2 −25.0
IFC Global Index
Number of stocks 26 35 35 35 35 40 47 47 53 51
Share of market cap.(%)*
63.6 62.9 68.2 74.0 64.1 66.1 65.1 61.1 69.1 67.9
P/E ratio 5.6 7.9 15.9 13.0 20.0 21.4 17.1 14.6 14.7 15.1
Emerging Stock Markets Factbook 1999
Chile 1989−1998: (Currency in Millions; End of Period Levels) 237
P/BV ratio 0.9 1.0 1.7 1.7 2.1 2.5 2.1 1.6 1.6 1.1
Dividend yield (%) 9.5 5.0 3.5 3.8 2.7 2.4 3.5 3.9 3.9 4.1
Total return index* 1,026.0 1,440.9 2,853.9 3,315.6 4,462.9 6,470.7 6,508.0 5,575.3 5,944.9 4,311.4
Change in index (%)51.2 40.4 98.1 16.2 34.6 45.0 0.6 −14.3 6.6 −27.5
Economic Data
Gross domesticproduct (US$)
27,527 30,307 34,635 41,833 45,452 49,692 59,348 68,570 77,082 78,025
Change in consumerprice index (%)
17.0 26.0 21.8 15.4 12.7 11.4 8.2 7.4 6.1 −
Exchange rate (endof period)
294.110 336.860 374.870 382.330 431.040 401.050 406.650 424.350 438.500 473.250
Exchange rate(average of period)
259.331 298.544 349.141 362.693 404.720 419.709 396.791 412.226 419.216 460.441
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 oftotal market cap, IFCG market cap is not adjusted for cross holdings.
China
Market Performance
Chinese shares in Shanghai, Shenzhen, and Hong Kong suffered large losses in 1998, rocked by financial marketvolatility in Asia. Anxiety over China's slowing economic growth and corporate profits, coupled with nervousnessover the Chinese yuan and pressure on the Hong Kong currency (which is pegged to the U.S. dollar), draggedprices of all classes of shares lower. The IFCI China Index, composed of B−shares (listed in Shanghai orShenzhen), and H−shares and "red chips" (listed in Hong Kong) posted a 53% loss in 1998, mirroring lossesthroughout the region. On November 2, Hong Kong red chips were added to the IFC China Index.
Ripples from the Asian crisis were felt from the beginning, as Hong Kong's Peregrine Investment Holdingsbecame the next casualty in the Asian financial crisis, prompting the Hang Seng Index to decline 8.7% on January12. Chinese shares, reacting to a regional spurt in February, surged 37.5% in IFCI terms in the second month onoptimism that the crisis would leave China unscathed. In Hong Kong, lower interest rates provided a boost toH−shares, as the three−month interbank rate was lowered to a four−month low of 7.14% in February from morethan 14% in January.
After rallying in February, the downtrend resumed through September on intermittent rumors that Chineseauthorities would competitively devalue the Chinese yuan to improve exports. Fear that a recession in Japanwould have global repercussions prompted foreign investors to distance themselves. China's exports dropped by1.5% in May, unnerving investors because it was the first monthly decline in 22 months. Meanwhile, foreigninvestable B−shares, which had languished from poor liquidity, were revived for a short stint in May followingmotions by the government to approve Sino−foreign mutual funds. Yet trading remained cautious, even afterChina cut bank−lending rates by 1.12 percentage points on July 1 and reduced bank deposit rates by 0.5percentage points. In August, turbulence in Hong Kong stocks pummeled China shares, as the Hong Kong
Emerging Stock Markets Factbook 1999
China 238
government spent more than U.S. $12.5 billion from its U.S. $96.5 billion reserves to boost Hong Kong shares.Hong Kong's deviation from a long tradition of not intervening in financial markets accentuated the severity of theregional crisis. Meanwhile, A−shares (reserved for Chinese investors) tumbled on fear about the catastrophicfloods along the Yangtze River, the country's worst since 1954.
Vigorous fiscal spending and an ease in the money supply helped China to achieve economic growth of 7.8% in1998, slightly below the 8% target. While a buoyant U.S. market helped spur a buying spree in late September,the close of Guangdong International Trust and Investment Corp. (GITIC) on October 6 quickly cast a shadow onthe market. The GITIC bankruptcy, after failing on an $8.8 billion bond payment, aroused fears about thefinancial health of "ITICs" and banks. (The nation's 242 itics—international trust companies—were created toborrow foreign currency from international banks and lend on behalf of city and provincial governments.) Stocksquivered on the central bank's order requiring all firms to repatriate unauthorized foreign currency abroad byOctober 30 to shore up the nation's $140 billion reserves.
In the final days, China passed its first comprehensive securities law, effective July 1, 1999. The law covers allaspects of the industry, ranging from stock trading to the operation of stock exchanges and securities firms, and itconsolidates regulatory authority with the Chinese Securities Regulatory Commission.break
Monthly Value Traded(US$ millions)
IFCI China Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
China 239
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(yuan per U.S. dollar)
China 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number ofListedCompanies
Total 751 757 763 776 792 811 814 820 829 837 845 853
MarketCapitalization
In yuan 1,765,4611,741,7741,796,9332,026,0472,172,9092,091,9092,094,7491,843,6162,031,7611,997,6212,062,9951,915,088
In U.S.dollars
213,259 210,387 217,039 244,754 262,451 252,655 252,992 222,659 245,441 241,323 249,208 231,322
Trading Value
In yuan 168,492 114,453 166,541 340,353 311,074 249,805 167,600 145,270 202,171 178,198 214,358 99,237
In U.S.dollars
20,353 13,825 20,115 41,116 37,573 30,171 20,242 17,545 24,423 21,527 25,894 11,987
Turnoverratio (%)
9.7 6.5 9.4 17.8 14.8 11.7 8.0 7.4 10.4 8.8 10.6 5.0
Emerging Stock Markets Factbook 1999
China 1998: (Currency in Millions) 240
Local Index
SSE CompositeIndex*
1,222.9 1,206.5 1,243.0 1,343.4 1,411.2 1,339.2 1,316.9 1,150.2 1,242.9 1,217.3 1,247.4 1,146.7
Change inindex (%)
2.4 −1.3 3.0 8.1 5.0 −5.1 −1.7 −12.7 8.1 −2.1 2.5 −8.1
IFC GlobalIndex
Number ofstocks
195 195 195 195 195 195 195 195 195 195 214 214
Share ofmarket cap.(%)*
37.6 38.0 37.4 34.8 33.3 31.4 30.7 29.9 28.9 28.2 45.4 44.9
Share oftradingvalue (%)
24.4 26.4 29.9 26.0 24.8 22.2 21.1 20.3 21.7 20.8 41.5 36.7
P/E ratio 34.4 34.5 35.0 36.3 31.5 28.3 27.6 24.8 28.4 27.4 25.8 23.8
P/BV ratio 3.9 3.9 3.9 4.1 3.7 3.3 3.2 2.7 2.5 2.4 2.2 2.1
Dividendyield (%)
1.3 1.3 1.3 1.3 1.2 1.5 1.4 1.1 1.1 1.1 0.8 0.9
Total returnindex*
137.0 137.2 138.7 144.6 148.3 133.6 129.9 112.6 118.8 114.6 117.0 107.2
Change intotal returnindex (%)
−1.1 0.1 1.1 4.3 2.5 −9.9 −2.8 −13.3 5.5 −3.5 2.1 −8.4
Economic Data
Exchange rate(end of period)
8.2785 8.2789 8.2793 8.2779 8.2793 8.2797 8.2799 8.2800 8.2780 8.2778 8.2782 8.2789
Notes:The base date for the Shanghai Composite Index is Dec. 19, 1990=100. The base date for the IFCG China Index is Dec. 1992=100. Market cap and value traded figures combined both Shanghai and
Shenzhen stock exchanges. The IFC Indexes are comprised of Chinese A−, B−, and H−class shares until November 1998 when Hong Kong "red chips" were added. China H−class shares and the HongKong "red chips" are listed on the Stock Exchange of Hong Kong. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Shanghai Stock ExchangeTu Guangshao, President
528 Dudongnan RoadShanghai, PRC 200120ChinaTel: (86−21) 6880−8888Fax: (88−21) 6880−7813http://www.sse.com.cn
Shenzhen Stock ExchangeGui Min Jie, President
5045 Shennan East RoadShenzhen, PRC 518010ChinaTel: (86−755) 208−3333, 208−3570Fax: (86−755) 208−3112http://www.sse.org.cn
IFC Correspondent:Stock Exchange Executive Council
4th Fl., Tongguang Jindu Ofc.Bldg. c/o Shui Zhui 2 Post OfcBeijing 100026ChinaTel: (86−10) 6508−5854Fax: (86−10) 6500−8011, 500−7702
Emerging Stock Markets Factbook 1999
China 1998: (Currency in Millions) 241
China 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Total − − 14 52 183 291 323 540 764 853
Market Capitalization
In yuan − − 11,019 105,000 352,934 367,585 349,791 943,981 1,708,630 1,915,088
In U.S. dollars − − 2,028 18,255 40,567 43,521 42,055 113,755 206,366 231,322
Trading Value *
In yuan − − 4,366 92,177 375,571 840,775 415,580 2,128,478 3,063,656 2,357,553
In U.S. dollars − − 820 16,715 43,395 97,526 49,774 256,008 369,574 284,766
Turnover ratio (%) − − − 158.9 164.0 233.4 115.9 329.0 231.0 130.1
Local Index
SSE Composite* − 100.0 292.8 780.4 833.8 647.9 555.2 917.0 1194.1 1146.7
Change in index (%) − − 192.8 166.5 6.8 −22.3 −14.3 65.2 30.2 −4.0
IFC Global Index
Number of stocks − − − 61 81 117 149 180 195 214
Share of market cap.(%)*
− − − 91.3 47.3 44.2 58.5 51.8 38.9 44.9
P/E ratio − − − − 57.3 20.1 16.7 27.8 34.5 23.8
P/BV ratio − − − − 4.8 1.3 1.0 2.1 3.9 2.1
Dividend yield (%) − − − − 0.2 2.3 3.2 0.8 1.3 0.9
Total return index* − − − 100.0 92.7 62.1 54.4 104.2 138.5 107.2
Change in index (%) − − − − −7.3 −33.0 −12.4 91.5 32.9 −22.6
Economic Data
Emerging Stock Markets Factbook 1999
China 1989−1998: (Currency in Millions; End of Period Levels) 242
Gross domestic product(US$)
342,292 354,644 376,617 418,181 431,780 542,534 700,219 816,490 901,981 −
Change in consumer priceindex (%)
18.3 3.1 3.5 6.3 14.6 24.2 16.9 8.3 2.8 −
Exchange rate (end ofperiod)
− − 5.4342 5.7518 8.7000 8.4462 8.3174 8.2984 8.2796 8.2789
Exchange rate (average ofperiod)
− − 5.3234 5.5146 8.6548 8.6210 8.3494 8.3141 8.2897 8.2789
Notes: The base date for the Shanghai Composite Index is Dec. 19, 1990=100. The base date for the IFCG China Index is Dec.1992=100. Market cap and value traded figures combined both Shanghai and Shenzhen stock exchanges. The IFC Indexes arecomprised of Chinese A−, B−, and H−class shares until November 1998 when Hong Kong "red chips" were added. China H−classshares and the Hong Kong "red chips" are listed on the Stock Exchange of Hong Kong. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Colombia
Market Performance
Colombian equities suffered heavy losses in 1998, depressed by interest rates at 13−year highs, the devaluation ofthe peso, and a collapse in emerging markets investor confidence following the August Russian loan default. Apresidential victory by former Bogota mayor and business community favorite, Andres Pastrana, provedinsufficient to curb losses, as the dollar−based IFCI and IFCG indexes closed down 46.8% and 43.6%,respectively, for the year. Lack of foreign investor confidence in Colombia stifled trading on the country's threestock exchanges, while better returns on fixed−income investments lured domestic investors away from equities.GDP grew 0.2% in 1998 compared to 3.1% in 1997, while inflation narrowly edged down from 17.7% to 16.7%for the same period. Guerilla violence continued unabated with peace talks aimed at putting an end to thedecades−old civil war commencing in early 1999.
Bank, cement, and retail company shares led the Colombian market lower in the first quarter of 1998, as highinterest rates sapped demand for loans and increased company borrowing costs. The central bank's policy ofsuccessive interest rate hikes aimed at halting the peso's slide hurt equity trading early−on, as the IFCI ColombiaIndex closed down 25.0% in the first quarter. In company news, Brewer Bavaria separated its beverage andinvestment interests, listing separate shares on Colombian stock markets in January, while Banco IndustrialColombiano (BIC) completed its purchase of a 51% stake in Banco de Colombia, forming the country's largestbank, BanColombia.
Uncertainty over the outcome of the May 31 presidential elections and postponement of a share issuance by thecountry's largest cellular service provider, Cellumovil, drove the market down further in the second quarter, as theIFCI Index shed an additional 10.8%. Lacking the necessary majority to win the May 31 presidential elections,candidates proceeded to a run−off in June, with Andres Pastrana narrowly defeating liberal party candidateHoracio Serpa. Banco Ganadero declined an offer by Spain's Banco Bilbao Viscaya to boost its equity stake inGanadero, a move analysts believed would make the stock less liquid. Retailer Exito's shares declined because ofits failed attempt to increase its stake in rival retailer Cadenalco.
Emerging Stock Markets Factbook 1999
Colombia 243
A loss of confidence in emerging markets stemming from the August Russian ruble devaluation crushed theBogota bolsa in the third quarter of the year as the IFCI Index plunged 37.5%. Foreign funds exited the country'sexchanges in Bogota, Medellin, and Cali in droves, as panicked investors sought refuge in developed countrybond and equity markets. The September 2 announcement of a peso devaluation punished the market even further,bringing the local IBB Index to its lowest levels since December 1996. Blue−chip companies also fell on bleakprospects for company earnings and a slow−down in economic growth.
Renewed buying from foreign and institutional investors in November, combined with $2 billion in 1999 loancommitments to Colombia from the IMF and the World Bank, lifted the market in the fourth quarter of the year asthe IFCI Index posted a hefty gain of 27.3%. Retailers Cadenalco and Exito led the market boom early in thequarter on expectations of strong Christmas sales while blue chips Bavaria and Banco Bogota rose on favorablethird−quarter profits.break
Monthly Value Traded(US$ millions)
IFCI Colombia Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Colombia 244
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(pesos per U.S. dollar)
Colombia 1998:(Currency in Millions)
Notes: From 1995, number of listed companies, market cap and value traded figures are for the combined Bogota, Medellin, and Calistock 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 adjustedfor cross holdings. Share of trading value in December 1998 decreased substantially due to trading totaling 450,000 million Colombianpesos of non−index stocks.
Emerging Stock Markets Factbook 1999
Colombia 1998: (Currency in Millions) 245
Bogota Stock ExchangeAugusto Acosta Torres,PresidentCarrera 8, No. 13−82Piso 4Santa Fe de BogotaColombiaTel: (57−1) 243−6501,243−6502Fax: (57−1) 281−3170http://www.bolsabogota.com.co
Medellin Stock ExchangeMr. Christian Toro Ludeke,PresidentEdificio Bolsa de MedellinCarrera 50, No. 50−48Medellin, AntioquiaColombiaTel: (57−4) 260−3000Fax: (57−4) 251−1981http://www.bolsamed.com.co
Occidente Stock ExchangeMr. Julian Dominguez Rivera,PresidentCalle 10 #4−40, Piso 13Edificio Bolsa de OccidenteColombiaCaliColombiaTel: (57−2) 889−8400Fax: (57−2) 889−9435,889−8731http://www.bolsadeoccidente.com.co
IFC Correspondent:Corredores Asociados S.A.Carrera 7 No. 71−52Torre B Piso 16Sante Fe De Bogota, D.C. 1ColombiaTel: (57−1) 312−3100Fax: (57−1) 312−2788http://www.corredores.com
Colombia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Total 82 80 83 80 89 113 190 189 189 163
MarketCapitalization *
In pesos 480,531 740,673 2,846,9294,611,8187,499,83711,665,54117,727,77617,241,60525,322,92420,670,361
In U.S. dollars 1,136 1,416 4,036 5,681 9,237 14,028 17,893 17,137 19,529 13,357
Trading Value *
In pesos 28,092 34,389 126,557 420,709 596,047 1,811,394 1,145,770 1,408,685 2,164,116 2,197,875
In U.S. dollars 74 71 203 554 732 2,191 1,254 1,360 1,894 1,539
Turnover ratio (%) 6.5 5.6 7.1 11.4 9.8 18.9 7.8 8.1 10.2 9.6
Local Index
IBB* 975.9 1,392.3 // 358.1 499.9 749.1 889.9 755.0 844.1 1,431.7 1,109.2
Change in index (%) 11.9 42.7 − 39.6 49.8 18.8 −15.2 11.6 69.6 −22.5
Emerging Stock Markets Factbook 1999
Colombia 1989−1998: (Currency in Millions; End of Period Levels) 246
IFC Global Index
Number of stocks 20 20 20 20 20 25 25 27 27 24
Share of market cap.(%)
90.5 94.5 91.8 89.9 75.3 81.5 47.6 61.8 67.4 55.3
P/E ratio 5.3 8.4 40.1 27.9 25.5 19.5 11.3 10.4 15.5 11.8
P/BV ratio 0.7 0.8 2.3 1.7 1.8 1.4 1.0 0.8 1.1 0.8
Dividend yield (%) 7.0 7.6 2.3 1.9 1.9 1.7 2.6 3.1 2.9 5.1
Total return index* 389.8 535.9 1,561.1 2,171.6 2,925.4 3,770.7 2,874.5 3,106.0 3,978.1 2,358.6
Change in index (%) 12.2 37.5 191.3 39.1 34.7 28.9 −23.8 8.1 28.1 40.7
Economic Data
Gross domesticproduct (US$)
39,536 40,270 41,485 49,215 55,800 70,154 80,533 85,850 95,745 91,108
Change in consumerprice index (%)
25.8 29.1 30.4 27.0 22.6 23.8 21.0 20.2 18.5 −
Exchange rate (end ofperiod)
423.090 523.000 705.410 811.770 811.900 831.600 990.750 1006.095 1,296.650 1,547.500
Exchange rate(average of period)
381.828 485.375 622.164 759.433 814.420 826.745 913.893 1035.651 1,142.334 1,427.992
Notes: From 1995, number of listed companies, market cap and value traded figures are for the combined Bogota, Medellin, and Cali stockexchanges. Prior to that, the data includes only Bogota. The base date for the Bogota Stock Exchange's IBB Index is Jan. 1991=100. Thebase date for the IFCG Colombia Index is Dec. 1984=100. Prior to 1991, the General Index was used for local index data. In calculatingshares of total market cap, IFCG market cap is not adjusted for cross holdings. Share of trading value in December 1998 decreasedsubstantially due to trading totaling 450,000 million Colombian pesos of non−index stocks.
Cote d'Ivoire
Market Performance
Despite a less than stellar finish by West African shares, the year could only be considered a success judging bythis year's returns among emerging markets. After months of low turnover and illiquidity, the announcement ofthe opening of the new West African regional bourse finally brought renewed hope to investors in Cote d'Ivoire.The net affect was a 4.4% gain in the dollar−based IFCG Cote d'Ivoire Index for 1998.
Equity returns in the first quarter of the year were mixed, as Ivorian shares drifted lower in January amidconfusion over the official closure of the Abidjan Stock Exchange on December 31 and delays in the opening ofthe new West African regional exchange. The IFCG Index shed 4.6% early on, while the local BVA All−ShareIndex dipped 1.7%, as profit taking and concerns surrounding the new exchange caused shares to fall. The marketmanaged to register a mixed performance in March as losses in some select shares and a weaker currencycountered gains in other issues. The signing of a new, three−year IMF−World Bank loan package worth nearly$2.2 billion did little to bolster interest in stocks.
Emerging Stock Markets Factbook 1999
Cote d'Ivoire 247
While second quarter results were positive, the resignation of the chief executive of the regional exchangeovershadowed other market news during the period. International investors remained on the sidelines as concernsgrew regarding delays in the opening of the West African exchange. Still, the local BVA Index managed to gain amodest 2.1% in June while the IFCG Index gained 2.2% in dollar terms.
September proved to be the highlight of the year, as stocks rose in the first few weeks of trading on the newregional stock exchange. The new Bourse Régionale des Valeurs Mobilières, or BRVM, finally opened onSeptember 16. Although the 35 original stocks from the old bourse comprised the initial listings, the exchangeintends to eventually include companies from Benin, Burkina Faso, Guinea−Bissau, Mali, Niger, Senegal, andTogo.
Concern regarding the limited free float available to foreign and local investors resulted in lower−than−expectedreturns on the BRVM during the fourth quarter. November proved to be an especially difficult month as theBRVM All−Share Index shed 9.9% in local currency terms and the IFCG Index declined 19.9% in dollars. Localanalysts attributed the sharp drop to profit−taking, low liquidity, and selling by small investors to pay school feesat the start of the school year. A rule change at year's end allowing operators to conduct transactions throughaccredited brokers without going through the computerized order matching system brought about large increasesin trading volumes and solid returns. Previously, block trading needed to be approved by the BRVM and couldonly be conducted at the price fixed by the previous day's closing session. This new rule, along with thegovernment's announcement to sell its stake in nine companies already listed on the BRVM, set the stage forstrong market returns going into 1999.break
Monthly Value Traded IFCG Cote d'Ivoire Index Correlation IFCG P/E Ratio
Emerging Stock Markets Factbook 1999
Cote d'Ivoire 248
(US$ millions) (36−month period ending 12/98) (end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
Exchange Rate(CFA francs per U.S. dollar)
Cote d'Ivoire 1998:(currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
BRVM 35 35 35 35 35 35 35 35 35 35 35 35
MarketCapitalization
In CFA francs 736,898 759,014 759,122 774,295 771,388 795,675 777,978 785,520 892,704 1,121,3751,016,3321,018,934
In US dollars 1,197.2 1,248.5 1,225.5 1,287.5 1,305.2 1,315.1 1,304.2 1,306.5 1,594.4 2,023.8 1,792.0 1,817.9
Trading Value
In CFA francs 575.0 614.0 3,078.0 1,691.0 1,060.0 1,933.0 1,003.0 1,353.2 1,516.5 2,871.0 1,878.0 5,411.1
In US dollars 0.9 1.0 5.0 2.8 1.8 3.2 1.7 2.3 2.7 5.2 3.3 9.7
Turnover ratio (%) 0.2 0.1 0.4 0.2 0.1 0.3 0.1 0.2 0.2 0.3 0.2 0.5
Local Index
BRVM All−Share* 430.3 435.4 440.9 456.8 472.9 482.9 492.0 497.9 // 107.3 108.5 97.8 98.0
Emerging Stock Markets Factbook 1999
Cote d'Ivoire 1998: (currency in Millions) 249
Change in index (%)−8.8 1.2 1.3 3.6 3.5 2.1 2.1 1.0 − 1.1 −9.9 0.3
IFC Global Index
Number of stocks 12 11 11 11 11 11 11 11 11 11 11 12
Share of market cap.(%)*
96.0 66.1 64.5 67.6 62.9 68.0 66.1 66.4 65.7 51.6 47.1 70.5
Share of tradingvalue (%)
70.2 78.6 80.1 65.2 57.1 38.2 83.3 53.1 76.8 48.1 30.8 26.0
P/E ratio 9.0 9.4 9.2 9.9 9.1 9.6 9.0 9.2 10.4 10.4 8.4 8.5
P/BV ratio 3.0 3.1 3.0 3.2 3.0 3.1 3.0 3.0 3.4 3.4 2.8 2.8
Dividend yield (%) 0.0 0.0 0.0 3.2 2.4 5.2 6.4 6.3 5.6 5.6 6.9 4.5
Total return index* 95.3 100.2 95.8 109.5 107.6 113.6 110.4 111.3 134.3 134.1 107.7 109.7
Change in totalreturn index (%)
−3.7 5.1 −4.4 14.3 −1.7 5.5 −2.8 0.8 20.7 −0.1 −19.7 1.8
Exchange Rates
Exchange rate (endof period)
615.500 607.925 619.420 601.400 591.020 605.040 596.500 601.250 559.900 554.100 567.150 560.500
Notes: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index. The base date for the BRVM All−Share Indexis Sept. 16, 1998=100. The base date for the IFCG Cote d'Ivoire Index is Dec. 1995=100. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Abidjan Stock ExchangeMr. Leon Naka, ChairmanBourse Régionale des Valeurs Mobilières S.A.18, avenue Joseph Anoma01 BP 3802 AbidjanCote d'IvoireTel: (225) 326685, 326686Fax: (225) 326684
IFC Correspondent:Hudson FinanceImmeuble MACI, 3eme étage/18 BPAbidjan, 18Cote d'IvoireTel: (225) 33−2233Fax: (225) 33−2224
Cote d'Ivoire 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Cote d'Ivoire 1989−1998: (Currency in Millions; End of Period Levels) 250
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
BVRM 23 23 25 27 24 27 31 31 35 35
Market Capitalization
In CFA francs 153,630.0140,729.0140,000.0131,000.0122,000.0224,000.0425,000.0475,490.0738,635.01,018,934.0
In US dollars 530.9 548.8 540.5 482.5 413.9 428.3 866.4 914.4 1,276.0 1,817.9
Trading Value
In CFA francs 1,640.0 5,032.0 1,909.0 1,143.0 1,606.8 6,400.0 7,050.0 9,947.0 14,216.0 22,983.8
In US dollars 5.1 18.5 6.8 4.3 5.7 11.6 14.1 19.5 24.3 39.0
Turnover ratio (%) 1.1 3.4 1.4 0.8 1.3 3.7 2.2 2.2 2.3 2.6
Local Index
BRVM All−Share* 106.9 103.7 102.2 62.9 90.5 125.6 277.2 357.8 437.6 // 98.0
Change in index (%) 1.7 −3.0 −1.4 −38.5 43.9 38.8 120.7 29.1 22.3 −
IFC Global Index
Number of stocks − − − − − − 8 8 11 12
Share of market cap.(%)*
− − − − − − 70.7 71.8 64.2 70.5
P/E ratio − − − − − − − 8.4 8.8 8.5
P/BV ratio − − − − − − − 2.3 2.9 2.8
Dividend yield (%) − − − − − − − 4.8 0.0 4.5
Total return index* − − − − − − 100.0 110.7 99.0 109.7
Change in total returnindex (%)
− − − − − − − 10.7 −10.6 10.8
Economic Data
Gross domestic product(US$)
9,757 10,796 10,493 11,153 10,405 7,666 9,992 10,700 10,251 −
Emerging Stock Markets Factbook 1999
Cote d'Ivoire 1989−1998: (Currency in Millions; End of Period Levels) 251
Change in consumerprice index (%)
1.0 −0.8 1.7 4.2 2.2 26.1 14.3 2.5 5.6 −
Exchange rate (end ofperiod)
289.400 256.450 259.000 271.490 294.775 523.000 490.550 519.980 578.850 560.500
Exchange rate (averageof period)
319.007 272.260 282.106 264.690 283.160 550.000 499.150 510.131 584.825 589.260
Notes: In September 1998, IFC switched from the BVA Index to the BRVM All−Share Index. The base date for the BRVM All−Share Indexis Sept. 16, 1998=100. The base date for the IFCG Cote d'Ivoire Index is Dec. 1995=100. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Croatia
Market Performance
The Croatian equity market finished 1998 with hefty losses as the dollar−based IFCG Croatia Index dropped34.4% and the kuna−based CROBEX Index dropped 33.8%. Share price movements were choppy throughout theyear, mirroring volatility on world bourses caused by the Asian crisis. The market plunged by about 40% inAugust as a result of the Russian debt moratorium and ruble collapse, but a recovery began in September thatcontinued through year's end.
On April 7, 1998, IFC announced the launching of the IFCG Croatia Index, along with new indexes for Estonia,Latvia, Romania, and the Ukraine. The IFCG Croatian Index has eight stocks with an initial market capitalizationof $1.76 billion. The market is dominated by pharmaceutical group Pliva and Zagrebacka Banka, which representabout 65% of market capitalization and liquidity. The market's development thus far has been impeded by a lackof other well−capitalized stocks but, according to many analysts, future growth in capitalization and liquidity willbe fueled by a market full of hidden opportunities.
Several developments in early 1998 began to set the stage for future market development. In January, the statebegan distributing free privatization vouchers for 450 state−owned firms worth some $2 billion. On February 17,Croatia's central depository agency announced that 14 issuers would transfer share registering responsibilities tothe electronic clearing and settlement agency. This was seen as a positive development in the market wheretransactions sometimes drag on for weeks and share certificates are issued by individual companies. In March, theZagreb bourse launched an upgraded and fully−automated trading system to enable automated matching of ordersand allow for continuous trading. In spite of the positive news, however, trading was sluggish in March due to alack of capital inflow. Local activity mostly mirrored movements in London, where GDR issues of Pliva andZagrebacka Banka trade.
Emerging Stock Markets Factbook 1999
Croatia 252
A significant drop in the market in April was attributed to the decline in Zagrebacka Banka, which fell onunfavorable 1997 earnings results. Share prices continued to slide in the following months amid ongoing politicaltensions. Conflicts between nationalists and reformers slowed down the privatization process considerably anddepressed market sentiment.
The summer lethargy of July came to an abrupt end in August, precipitated by the financial crisis in Russia, whichpushed Croatian equities into a free fall with the IFCG Index plummeting 41.3% over the month. Russia has beenCroatia's sixth largest export market and fifth largest provider of imports. Fortunately, Pliva's conservativepolicies toward Russia didn't leave the company with a high level of exposure, and this helped to pull the marketup in September and stabilize it in October.
The IFCG Index jumped 15% in November on a wave of gains on global markets. The ZSE approved the fulllisting of food conglomerate Podravka. It opens the way for Podravka GDRs to be listed on the London StockExchange. The board of Ericsson Nikola Tesla turned down a proposal to list the company's shares on the ZagrebStock Exchange. The market was mostly quiet and flat at year's end.break
Monthly Value Traded(US$ millions)
IFCG Croatia Index Correlation(12−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Croatia 253
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(kuna per U.S. dollar)
Croatia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Zagreb StockExchange
45 45 47 47 50 49 48 48 49 50 50 50
MarketCapitalization
In kuna 26,037.2 28,338.1 27,539.2 25,676.0 21,806.3 22,039.5 21,488.3 17,335.2 17,848.6 16,940.5 18,485.1 19,978.4
In US dollars 4,043.7 4,420.8 4,242.9 3,992.4 3,378.7 3,411.7 3,351.1 2,665.3 2,889.0 2,754.5 2,903.3 3,190.2
Trading Value
In kuna 62.7 131.0 76.3 93.7 38.9 19.7 34.5 16.5 50.0 35.3 42.9 56.0
In US dollars 9.7 20.4 11.8 14.6 6.0 3.1 5.4 2.5 8.1 5.7 6.7 9.0
Turnover ratio (%) 0.0 0.5 0.3 0.3 0.2 0.1 0.2 0.1 0.3 0.2 0.2 0.3
Local Index
Emerging Stock Markets Factbook 1999
Croatia 1998: (Currency in Millions) 254
CROBEX* 913.9 1,025.6 1,028.4 933.6 824.8 824.8 794.0 462.8 561.1 601.0 705.9 711.6
Change in index (%)−1.7 12.2 0.3 −9.2 −11.6 0.0 −3.7 −41.7 21.2 7.1 17.4 0.8
IFC Global Index
Number of stocks 8 8 8 8 8 8 8 8 8 8 8 8
Share of market cap.(%)*
69.4 71.6 74.1 72.1 75.0 74.3 73.3 52.6 61.9 70.2 75.6 71.0
Share of tradingvalue (%)
− 68.4 89.2 91.7 70.8 79.7 81.4 85.0 82.9 96.8 95.3 91.8
P/E ratio 23.8 26.1 24.1 21.6 17.2 12.4 11.8 6.9 7.8 8.5 10.1 11.1
P/BV ratio 1.7 1.8 1.8 1.6 1.4 1.4 1.3 0.8 0.9 1.0 1.1 1.3
Dividend yield (%) − − − − − − − − − − − 2.8
Total return index* 89.8 99.1 98.0 88.8 77.6 78.2 75.8 43.9 52.1 58.5 66.1 68.6
Change in totalreturn index (%)
−10.2 10.4 −1.1 −9.5 −12.6 0.8 −3.0 −42.2 18.8 12.2 13.0 3.9
Exchange Rates
Exchange rate (endof period)
6.4390 6.4101 6.4907 6.4313 6.4541 6.4599 6.4124 6.5041 6.1781 6.1502 6.3670 6.2624
Notes: The base date for the CROBEX Index is July 1, 1997=1000. The base date for the IFCG Croatia Index is Dec. 1997=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings
Zagreb Stock ExchangeMr. Marinko Papuga, General ManagerZeljko Kardum, Public & Government RelationsKsaver 208Zagreb, 10000CroatiaTel: (385−1) 4677−684Fax: (385−1) 4677−680http://www.zse.hr
IFC Correspondent:CA IB SecuritiesPetrinjska #38Zagreb, 10000CroatiaTel: (385−1) 4811−144Fax: (385−1) 432−074
Croatia 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Croatia 1989−1998: (Currency in Millions; End of Period Levels) 255
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Zagreb Stock Exchange − − − − − 29 61 66 77 50
Market Capitalization
In kuna − − − − − 2,893.0 3,087.6 16,475.2 26,760.4 19,978.4
In US dollars − − − − − 513.9 580.8 2,974.5 4,245.7 3,190.2
Trading Value
In kuna − − − − − 1,510.0 244.5 1,230.6 2,094.7 657.7
In US dollars − − − − − 251.8 46.8 226.5 343.3 104.0
Turnover ratio (%) − − − − − − 8.2 12.6 9.7 2.8
Local Index
CROBEX* − − − − − − − − 1,002.1 715.8
Change in index (%) − − − − − − − − − −28.6
IFC Global Index
Number of stocks − − − − − − − − 8 8
Share of market cap. (%)* − − − − − − − − − 71.0
P/E ratio − − − − − − − − − 11.1
P/BV ratio − − − − − − − − − 1.3
Dividend yield (%) − − − − − − − − − 2.8
Total return index* − − − − − − − − 100.0 68.6
Change in total return index(%)
− − − − − − − − − −31.4
Economic Data
Gross domestic product(US$)
− − 12,355 9,942 11,693 14,226 18,081 19,081 − −
Change in consumer price 1,400.0 500.0 122.2 632.5 1,483.6 107.3 4.0 4.3 4.1 −
Emerging Stock Markets Factbook 1999
Croatia 1989−1998: (Currency in Millions; End of Period Levels) 256
index (%)
Exchange rate (end ofperiod)
− − − − − 5.6290 5.3160 5.5400 6.3030 6.2624
Exchange rate (average ofperiod)
− − − − − 5.9960 5.2300 5.4340 6.1010 6.3252
Notes: The base date for the CROBEX Index is July 1, 1997=1000. The base date for the IFCG Croatia Index is Dec. 1997=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Czech Republic
Market Performance
Czech equities posted sizable losses in 1998, with the Prague Stock Exchange's PX−50 Index falling 20.4% inlocal currency terms and the IFCI and IFCG indexes falling 7.3% and 10.0%, respectively, in dollars. Despiteperiods of volatility, the Czech equity market mostly fluctuated through August when global financial marketturmoil, the Russian crisis, and signs of recession combined to depress Czech equity prices.
In January, political instability ahead of June parliamentary elections and signs of a slowing economy dominatedinvestor sentiment, and share prices dropped by more than 9%. Stocks suffered losses in spite of Parliament'sapproval of a law establishing a securities commission to oversee the nation's capital market. In February, investorsentiment became more positive as worries about the Asian crisis receded. The Czech government approvedNomura Europe's 9 billion koruna ($300 million) purchase of a stake in IPB in March. It also chose advisers forselling its stakes in other major banks. The IFCI Czech Index ended the quarter with a gain of 6.3%.
These measures sent out a positive signal and investors in the region began targeting relatively cheap stocks inPrague in April. However, turbulence in emerging markets and sharp declines across Eastern European exchangesin May added to the market's woes, which already included political risk due to the uncertain outcome of theupcoming June election. Equities posted significant losses. On May 21, a new market−maker−based system waslaunched on the Prague Stock Exchange. The system aims to concentrate liquidity in the organized market, ratherthan the less transparent over−the−counter system. Only four of the most liquid issues were allowed to trade onthe new system: Komercni Banka, Unipetrol, CEZ, and SPT Telecom. For the quarter, the IFCI Czeck Index fell7.1%.
Election results fueled a sharp rebound in Czech equities late in June, after right−wing parties unexpectedly won atwo−seat majority. The rally reversed three weeks of losses as the Russian financial crisis undermined investor
Emerging Stock Markets Factbook 1999
Czech Republic 257
confidence in emerging markets. But the Russian turmoil eventually took its toll in August when the IFCI Indexdropped 30.3% in dollar terms. Severe corrections on Wall Street contributed to the market's fall. As a result ofdevelopments in Russia, major Czech banks, such as Komercni Banka and Ceska Sporitelna, were severely hit.Ceska Sporitelna said it would need at least $32.5 million in additional provisions to cover potential losses fromRussian securities holdings. With the exception of bank stocks, the weakness in share prices during this period(the IFCI Index fell 20.6%) reflected little on the state of the domestic economy. In fact, the majority of blue chipsposted healthy half−year profits.
Stocks rebounded in October after the U.S. Federal Reserve Board cut interest rates. A subsequent cut in localrates supported the advances. However, after S&P downgraded its country rating in November due to lack ofprogress in bank restructuring, the deepening recession, and problems in the legal system, the stock market fellinto stagnation for the rest of the year. For the quarter, the IFCI Index rose 18.3%.break
Monthly Value Traded(US$ millions)
IFCI Czech RepublicIndex Correlation(59−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(koruna per U.S. dollar)
Emerging Stock Markets Factbook 1999
Czech Republic 258
Czech Republic 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Prague StockExchange
275 274 273 273 273 272 271 271 270 266 263 261
MarketCapitalization
In koruna 410,806 428,974 454,505 449,903 414,262 426,727 446,322 354,156 342,156 355,493 359,036 361,737
In U.S. dollars 11,639 12,618 13,281 13,688 12,566 13,076 14,487 10,895 11,305 12,257 11,799 12,045
Trading Value
In koruna 6,637 10,682 15,499 8,665 10,819 13,983 13,275 16,260 16,160 10,822 11,818 18,179
In U.S. dollars 188 314 453 264 328 428 431 500 534 373 388 605
Turnover ratio (%) 1.5 2.5 3.5 1.9 2.5 3.3 3.0 4.1 4.6 3.1 3.3 5.0
Local Index
PX−50* 455.7 477.4 505.0 500.9 454.0 467.0 491.3 377.4 359.8 388.3 389.5 394.2
Change in index (%)−8.0 4.8 5.8 −0.8 −9.4 2.9 5.2 −23.2 −4.7 7.9 0.3 1.2
IFC Global Index
Number of stocks 41 41 41 41 41 41 41 41 41 41 37 37
Share of market cap.(%)*
75.1 76.2 78.1 79.2 79.2 79.0 79.9 87.1 86.3 77.9 78.1 74.2
Share of tradingvalue (%)
7.8 93.3 92.0 89.6 80.5 94.3 96.1 96.4 88.5 97.5 92.2 81.9
P/E ratio 31.7 31.9 34.5 24.7 23.4 23.3 43.5 39.0 −17.8 −15.8 −13.2 −11.3
P/BV ratio 0.8 0.8 0.9 0.8 0.8 0.8 0.8 0.8 0.8 0.7 0.7 0.7
Dividend yield (%) 3.0 2.9 2.6 3.6 2.9 1.4 2.3 2.5 2.8 3.1 2.9 3.2
Total return index* 51.0 55.8 58.1 59.9 55.5 55.8 62.9 47.4 47.1 52.2 50.6 51.8
−9.2 9.4 4.0 3.1 −7.4 0.7 12.6 −24.7 −0.5 10.7 −3.1 2.5
Emerging Stock Markets Factbook 1999
Czech Republic 1998: (Currency in Millions) 259
Change in totalreturn index (%)
Exchange Rates
Exchange rates (endof period)
35.2970 33.9970 34.2225 32.8675 32.9675 32.6345 30.8085 32.5070 30.2655 29.0040 30.4305 30.0310
Notes: The base date for the PX−50 Index is Apr. 1994=1,000. The base date for the IFCG Czech Republic Index is Dec. 1993=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Prague Stock ExchangePavel Hollman, General SecretaryVladimir Ezr, Deputy Secretary GeneralRybna 14Praha 1, 110 05Czech RepublicTel: (42−02) 2183−1111Fax: (42−02) 2183−3040http://www.pse.cz/en
IFC Correspondent:Zivnostenska Banka a.s.Na Prikope 20Praha 1, 113 80Czech RepublicTel: (42−02) 2412−7212Fax: (42−02) 2412−7474
Czech Republic 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Prague Stock Exchange− − − − − 1,024 1,635 1,588 276 261
Market Capitalization
In koruna − − − − − − 417,689 492,188 443,320 361,737
In U.S. dollars − − − − − − 15,664 18,077 12,786 12,045
Trading Value
In koruna − − − − − 38,218 96,099 228,733 223,941 152,800
In U.S. dollars − − − − − 1,328 3,630 8,431 7,055 4,741
Emerging Stock Markets Factbook 1999
Czech Republic 1989−1998: (Currency in Millions; End of Period Levels) 260
Turnover ratio (%) − − − − − − − 50.3 47.9 38.0
Local Index
PX−50* − − − − − 557.2 425.9 539.6 495.3 394.2
Change in index (%) − − − − − − −23.6 26.7 −8.2 −20.4
IFC Global Index
Number of stocks − − − − 60 60 65 74 41 37
Share of market cap.(%)*
− − − − − − 65.1 79.7 75.4 74.2
P/E ratio − − − − 18.8 16.3 11.2 17.6 37.1 −11.3
P/BV ratio − − − − 1.3 1.0 0.9 0.9 0.8 0.7
Dividend yield (%) − − − − − 1.1 1.4 1.4 2.8 3.2
Total return index* − − − − 100.0 81.1 65.0 79.1 56.2 51.8
Change in index (%) − − − − − −18.9 −19.9 21.7 −29.0 −7.8
Economic Data
Gross domestic product(US$)
34,742 31,517 24,292 27,951 31,185 39,882 50,894 56,554 52,035 −
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − 28.1890 26.6660 27.2280 34.6735 30.0310
Exchange rate (averageof period)
− − − − − 28.7824 26.4729 27.1314 31.7436 32.2284
Note: The base date for the PX−50 Index is Apr. 1994=1,000. The base date for the IFCG Czech Republic Index isDec. 1993=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Ecuador
Market Performance
Local equities suffered their worst losses since the inception of the IFCG Ecuador Index in December 1995,punished by record−low oil prices, two currency devaluations, and worries over a possible collapse of the bankingsystem. Lingering damage inflicted by the El Niño weather phenomenon as well as the Andean nation's inabilityto address its fiscal and current account deficits weighed heavily on the market all year, as the IFCG EcuadorIndex plummeted 36.9% in dollar terms. Despite brief rallies in trading following the election of Quito mayor
Emerging Stock Markets Factbook 1999
Ecuador 261
Jamil Mahuad to the presidency and a settlement in the long standing border dispute with Peru, the stock marketdeclined sharply throughout the course of the year. Economic growth slowed from 3.4% in 1997 to 1.3% in 1998,while the fiscal and current account deficits worsened to 4.2% and 11.2% of GDP, respectively. Annual inflationof 43.4% were the worst in the region.
Shares closed down in the first quarter of 1998 as heavy rains caused by El Niño disrupted fruit and vegetablecultivation and adversely affected the country's businesses and infrastructure. A government announcement citinga need for $2 billion in spending over the next ten years to repair damages caused by El Niño and the March 7.5%devaluation of the sucre dampened investor sentiment, helping the IFCG Index shed 8.1% for the quarter.
Equities continued their downward trend in the second quarter, as oil prices at 12−year lows pressured thecountry's fiscal and trade deficits. Oil accounts for approximately 25% of government revenue and 22% of exportearnings. Political uncertainty over the July run−off for the presidential elections also cast a shadow over themarket as the IFCG Index lost a further 11.3% during this period. The elections proceeded to a second round onJuly 12 after no clear victor emerged in the first round in May.
A change in presidential leadership proved insufficient to reverse losses in the third quarter, as a second sucredevaluation in September sent the dollar−based IFCG Index 11.7% lower. While the stock market greetedPresident Jamil Mahuad's July victory enthusiastically, gains proved ephemeral as the government devalued thecurrency by 15%. The introduction of an economic austerity package by President Mahuad sparked violentprotests from labor unions and indigenous groups forcing banking, brewery, and cement shares lower.
Investor concerns heightened in the fourth quarter following congressional approval of a 1% financial transactiontax to replace the moribund income tax scheme. High levels of income tax evasion have dealt a harsh blow to thecountry's domestic finances, forcing the government to enact revenue enhancement policies. While the transactiontax is expected to alleviate the government's fiscal shortfalls, underlying economic conditions continued todepress market sentiment. The IFCG Index closed down 12.3% for the quarter as leading banks cut credit lines,increasing worries of a banking crisis on the horizon.break
Emerging Stock Markets Factbook 1999
Ecuador 262
Monthly Value Traded(US$ millions)
IFCG Ecuador Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(sucres per U.S. dollar)
Ecuador 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
GuayaquilStockExchange
41 41 41 41 40 40 40 40 38 37 37 37
Emerging Stock Markets Factbook 1999
Ecuador 1998: (Currency in Millions) 263
MarketCapitalization
In sucres 9,489,8629,585,7289,793,00710,240,14210,277,93510,266,66510,531,01310,761,7369,776,0649,900,2399,632,42410,467,184
In USdollars
2,096.1 2,108.9 2,003.9 2,016.1 1,975.3 1,946.7 1,964.4 1,969.8 1,603.4 1,471.5 1,490.0 1,526.7
Trading Value
In sucres 86,803.0 74,453.0 99,798.0 26,131.0 26,531.0 39,032.0 48,021.0 127,753.0 95,157.0 31,304.0 18,929.0 65,799.3
In USdollars
19.2 16.4 20.4 5.1 5.1 7.4 9.0 23.4 15.6 4.7 2.9 9.6
Turnoverratio (%)
0.9 0.8 1.0 0.3 0.3 0.4 0.5 1.2 0.9 0.3 0.2 0.6
Local Index
BVG* 214.5 223.5 233.2 233.7 232.1 225.0 229.4 237.4 228.8 225.5 223.0 223.1
Change inindex (%)
−0.9 4.2 4.3 0.2 −0.7 −3.1 1.9 3.5 −3.6 −1.5 −1.1 0.1
IFC GlobalIndex
Number ofstocks
12 12 12 12 12 12 12 12 12 12 12 12
Share ofmarket cap.(%)*
59.0 60.7 67.4 61.9 65.6 62.2 62.6 61.8 66.6 64.7 65.9 61.5
Share oftradingvalue (%)
75.0 27.5 77.1 87.6 43.2 62.3 77.5 61.0 92.7 67.9 87.8 48.3
P/E ratio 14.9 15.4 2.9 2.8 2.9 3.9 4.0 4.1 4.0 6.9 6.8 6.6
P/BV ratio 1.8 1.8 2.1 2.0 2.1 1.6 1.7 1.7 1.7 1.5 1.4 1.2
Dividendyield (%)
4.8 5.5 10.8 10.1 9.5 9.7 10.8 9.7 9.9 10.2 10.3 10.2
Totalreturnindex*
87.5 91.5 86.9 80.3 82.6 77.2 79.6 78.9 69.2 62.5 64.4 60.8
Change in total returnindex (%) −1.4
4.6 −5.0 −7.6 2.9 −6.6 3.1 −0.9 −12.3 −9.7 3.1 −5.6
ExchangeRates
Emerging Stock Markets Factbook 1999
Ecuador 1998: (Currency in Millions) 264
Exchange rate(end of period)
4,527.42 4,545.39 4,887.00 5,079.10 5,203.30 5,274.00 5,360.83 5,463.23 6,096.97 6,727.97 6,464.70 6,856.17
Notes:The base date for the BVG Index Jan. 3, 1994=100. The base date for the IFCG Ecuador Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Guayaquil Stock ExchangeEnrique Arosemena, Chief Executive Officer
Luis Alvarez, Director of Operations9 de octubre110 y PichinchaGuayaquilEcuadorTel: (593−4) 564−304, 561−519Fax: (593−4) 561−871http://www4.bvg.fin.ec/eng
Stock Exchange of QuitoGonzalo Chiriboga Chavez, President
Mr. Arturo Quiroz Riumallo, Executive OfficerAv. Amazonas 540 y CarrionPiso 8Quito 3772EcuadorTel: (593−2) 526−805, 551−837Fax: (593−2) 526−048http://www.ccbvq.com
IFC Correspondent:Guayaquil Stock Exchange
9 de octubre110 y PichinchaGuayaquilEcuadorTel: (593−4) 564−304, 561−519Fax: (593−4) 561−871
Ecuador 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Guayaquil StockExchange
− − − 65 142 145 40 42 41 37
MarketCapitalization
In sucres − − − 128,828.02,171,259.95,664,301.97,680,973.07,062,168.09,481,380.010,467,184.0
In US dollars − − − 69.4 1,097.8 2,496.4 2,631.4 1,945.5 2,127.8 1,526.7
Trading Value
In sucres − − − − 266,491 1,060,951 600,789.2 384,070.0 744,240.0 739,711.3
In US dollars − − − − 134.7 467.6 234.3 120.4 186.1 135.3
Turnover ratio (%) − − − − 23.2 27.1 9.0 5.2 9.0 7.4
Local Index
BVG* − − − − − 174.6 154.4 198.8 217.5 223.1
Change in index (%) − − − − − − −11.6 28.8 9.4 2.6
Emerging Stock Markets Factbook 1999
Ecuador 1989−1998: (Currency in Millions; End of Period Levels) 265
IFC Global Index
Number of stocks − − − − − − 11 11 12 12
Share of market cap.(%)*
− − − − − − 58.7 62.1 59.0 61.5
P/E ratio − − − − − − − 12.2 14.8 6.6
P/BV ratio − − − − − − − 2.4 1.8 1.2
Dividend yield (%) − − − − − − − 6.0 4.9 10.2
Total return index* − − − − − − 100.0 91.7 88.8 60.8
Change in total returnindex (%)
− − − − − − − −8.3 −3.2 −31.5
Economic Data
Gross domesticproduct (US$)
9,824 10,685 11,752 12,656 14,304 16,606 17,939 19,040 19,768 19,766
Change in consumerprice index (%)
75.6 48.5 48.8 54.3 45.0 27.4 22.9 24.4 30.6 −
Exchange rate (end ofperiod)
− − − 1,857.5001,977.850 2,269.000 2,919.000 3,630.000 4,456.000 6,856.170
Exchange rate(average of period)
− − − 1,533.9601,941.525 2,198.000 2,564.500 3,190.175 3,998.669 5,465.744
Notes: The base date for the BVG Index Jan. 3, 1994=100. The base date for the IFCG Ecuador Index is Dec. 1995=100. In calculating shareof total market cap, IFCG market cap is not adjusted for cross holdings.
Egypt
Market Performance
While Egyptian equities fell prey to the contagion affecting most emerging markets in 1998, domestic factorswere equally if not more at play. For the year, the dollar−based IFCI Egypt Index fell 35% while the EFG Indexfell 25.4% in pound terms.
Volatility in Asian markets in early 1998 spilled over to international markets, where many Egyptian GDRs aretraded, and had a significant impact on local prices. The Iraqi crisis in February also contributed to investorunease. Domestically, upcoming IPOs drew liquidity from the Egyptian Stock Exchange (ESE) as local investorssold shares to raise cash. Falling profit margins on luxury flour had an impact on the milling sector that was feltthroughout 1998. Another significant contributor to Egyptian price declines was the government's decision toclose a popular tax loophole. The old law allowed the deduction of interest expenses from taxable income, whilealso allowing interest earned on Treasury bills to count as tax−exempt income. Analysts feared that the law wouldhurt 1998 bank earnings, and it destabilized that sector for much of the first half of the year.
Emerging Stock Markets Factbook 1999
Egypt 266
After two months of declines, the trend reversed in March. Egyptian milling companies and banks strengthenedslightly from bargain−hunting, and the insurance sector gained following the passage of a law aimed at allowing agreater level of foreign investment in local insurance companies.
Egyptian shares posted their sharpest losses in the second quarter, dropping more than 17% in the investableseries. In the period beginning April 3 and ending August 28, the IFCI Index recorded just four weekly gains. Thelack of foreign investor confidence that plagued emerging markets following a rout in May translated into lightlocal activity as well, and prices mostly drifted until September. The largest decline took place in August whenIFCI Egypt fell 12% in price terms. The Egyptian exchange performed better than most other markets tracked bythe IFC, however, possibly because Egypt's stock prices were already seen as depressed.
A general cooling of the emerging market−led panic benefited stocks in September and the IFCI Index gained7%. Perception that Middle Eastern markets had been relatively unscathed by the global meltdown helpedunderpin the gains. Prices rallied strongly early in the month after the entry of several new funds spurred buying.News that the government plans to invite experts to assist in promoting and underwriting state asset sales alsoencouraged investors. The government announced plans to sell further stakes in partially privatized firms in aneffort to deepen its asset sales program.
In October, Sherif Raafat announced that he would resign as chairman of the Cairo and Alexandria stockexchanges, effective mid−December. Raafat's resignation was met calmly by the marketplace, likely because ofassurances that the transition to his successor, Sameh El−Torgoman, would go smoothly.
Regional tension in November did nothing to improve investor sentiment in Cairo, and the IFC indexes for Egyptdeclined further. Stocks were mixed through much of December as the beginning of the Ramadan holiday atmid−month contributed to sluggish trade volumes. This is traditionally an inactive time at the ESE, and manyinvestors took conservative positions until market activity picks up again, usually in mid−January.break
Emerging Stock Markets Factbook 1999
Egypt 267
Monthly Value Traded(US$ millions)
IFCI Egypt Index Correlation(22−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(pounds per U.S. dollar)
Egypt 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Egypt StockExchange
656 658 668 674 681 700 702 745 770 797 834 861
Emerging Stock Markets Factbook 1999
Egypt 1998: (Currency in Millions) 268
MarketCapitalization
In pounds 68,810 69,436 72,352 71,773 69,860 70,873 71,498 72,241 81,518 77,869 78,586 83,141
In U.S. dollars 20,164 20,399 21,241 21,048 20,479 20,776 20,878 21,179 23,906 22,702 23,017 24,381
Trading Value
In pounds 789 1,782 1,648 864 1,291 1,454 734 1,555 1,576 1,104 1,195 3,165
In U.S. dollars 231 523 484 253 378 426 214 456 462 322 350 928
Turnover ratio (%) 1.1 2.6 2.3 1.2 1.8 2.1 1.0 2.2 2.0 1.4 1.5 3.9
Local Index
EFG* 5,044.9 5,021.5 5,239.5 5,150.5 4,655.5 4,504.8 4,498.8 3,918.8 4,155.7 3,915.8 3,908.8 4,003.8
Change in index (%) −5.8 −0.5 4.3 −1.7 −9.6 −3.2 −0.1 −12.9 6.0 −5.8 −0.2 2.4
IFC Global Index
Number of stocks 54 54 54 54 54 54 54 54 54 54 66 66
Share of market cap.(%)*
49.1 48.5 48.1 47.6 49.2 46.0 44.8 40.8 38.4 37.8 44.1 42.0
Share of tradingvalue (%)
60.1 56.8 62.7 66.4 56.5 45.6 62.5 34.9 51.8 57.9 74.7 30.3
P/E ratio 10.2 10.1 11.0 10.6 10.9 10.4 10.3 9.1 9.6 9.2 8.6 8.7
P/BV ratio 3.3 3.2 3.1 3.0 3.1 2.9 2.9 2.6 2.6 2.4 2.6 2.6
Dividend yield (%) 4.3 4.3 4.3 4.7 5.5 5.7 5.7 6.4 6.0 7.3 8.9 7.4
Total return index* 173.3 172.4 178.0 175.3 160.9 153.8 151.7 134.1 143.3 136.9 134.9 136.8
Change in total returnindex (%)
−5.4 −0.5 3.3 −1.5 −8.2 −4.4 −1.4 −11.6 6.8 −4.4 −1.5 1.5
Exchange Rates
Exchange rates (endof period)
3.4125 3.4038 3.4063 3.4100 3.4113 3.4113 3.4245 3.4110 3.4100 3.4300 3.4143 3.4100
Notes: The base date for the EFG Index is Jan. 2, 1993=1,000. The base date for the IFCG Egypt Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Emerging Stock Markets Factbook 1999
Egypt 1998: (Currency in Millions) 269
Cairo Stock ExchangeDr. Sameh El Torgoman,Chairman4−A. El Sherifeen StreetCairoEgyptTel: (20−2) 392−1447,392−8698Fax: (20−2) 392−8526http://www.egyptse.com
Alexandria Stock ExchangeDr. Sameh El Torgoman, Chairman11 Talat Harb StreetAl MunsheaAlexandriaEgyptTel: (20−3) 484−3600, 484−3601Fax: (20−3) 484−3603http://www.egyptse.com
IFC Correspondent:EFG−Hermes55 Charles de Gaulle St.GizaEgyptTel: (20−2) 571−7846, 571−7848Fax: (20−2) 571−6121, 571−0849http://www.EFG−hermes.com
Egypt 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Egypt Stock Exchange 510 573 627 656 674 700 746 649 654 861
Market Capitalization
In pounds 4,381 5,071 8,845 10,845 12,807 14,480 27,420 48,086 70,873 83,141
In U.S. dollars 1,711 1,765 2,651 3,259 3,814 4,263 8,088 14,173 20,830 24,381
Trading Value
In pounds 229 342 428 597 569 2,557 2,294 8,374 19,902 17,155
In U.S. dollars 91 126 139 195 170 757 677 2,463 5,859 5,028
Turnover ratio (%) 5.4 7.2 6.1 6.1 4.8 18.7 10.9 22.2 33.5 22.3
Local Index
EFG* − − − 1,000.0 1,377.0 3,537.3 3,269.7 4,615.1 5,353.7 4,003.8
Change in index (%) − − − − 37.7 156.9 −7.6 41.1 16.3 −25.4
IFC Global Index
Number of stocks − − − − − − 32 32 54 66
− − − − − − 50.5 44.7 51.0 42.0
Emerging Stock Markets Factbook 1999
Egypt 1989−1998: (Currency in Millions; End of Period Levels) 270
Share of market cap.(%)*
P/E ratio − − − − − − − 11.3 11.5 8.7
P/BV ratio − − − − − − − 3.2 3.9 2.6
Dividend yield (%) − − − − − − − 4.9 3.4 7.4
Total return index* − − − − − − 100.0 148.1 183.1 136.8
Change in index (%) − − − − − − − 48.1 23.6 −25.3
Economic Data
Gross domestic product(US$)
39,648 43,130 36,971 41,857 47,197 51,898 59,100 67,651 75,605 78,097
Change in consumerprice index (%)
21.3 16.8 19.7 13.6 12.1 8.2 15.7 7.2 4.6 −
Exchange rate (end ofperiod)
2.5600 2.8736 3.3370 3.3280 3.3580 3.3970 3.3900 3.3929 3.4025 3.4100
Exchange rate (averageof period)
2.5200 2.7072 3.0873 3.0652 3.3497 3.3800 3.3900 3.3996 3.3966 3.4122
Notes: The base date for the EFG Index is Jan. 2, 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 not adjusted for cross holdings.
Estonia
Market Performance
Estonian equities fell sharply in 1998, initially in reaction to the Asian meltdown, regional problems, and worriesthat the local economy was overheated. Later in the year, the Russian crisis drew liquidity from the market andcaused a further deterioration in share prices. For the year, the IFCG Estonia Index lost 65.4% of its value indollar terms.
On April 7, 1998, IFC announced the launching of the IFCG Estonia Index, along with new indexes for Croatia,Latvia, Romania, and the Ukraine. Each index has a base date of December 1997=100 and is not included in theIFCG Composite Index. The Estonian index has ten stocks and is dominated by Hansabank, which representsabout 62% of market capitalization.
Estonian equities held steady in early 1998, although foreign investors were cautious about investing in Estoniafollowing the passage of new controversial legislation that imposed taxes on dividends paid to foreign residents.Rumors of a possible consolidation in the banking sector resulted in price volatility. These developmentscompounded by weakness in the kroon caused a 12.5% plunge in the value of the IFCG Index in February. Apartial recovery in March minimized losses in the first quarter to 3.8% in IFCG terms.
Poor performance by the banking sector pulled equities lower in April, with market heavyweights Savings Bankand Union Bank of Estonia among the biggest decliners. The general slump on the regional bourses dragged
Emerging Stock Markets Factbook 1999
Estonia 271
Estonia even lower in May, causing the IFCG Estonia Index to plunge 30.7% in dollar terms. Even goodeconomic news—a steady drop in interest rates from 15.7% to 9.5% since the beginning of the year and 1998GDP growth projected at 6%—could not hold back the selling pressure. Weakness in the banking sector pulledEstonian shares to new lows in June, with the dollar−based IFCG Index falling a further 21.8%.
The banking sector entered a consolidation period during the summer months, as many became hopeful thatmergers would allow them to expand across the Baltic region. The IFCG Index rebounded 7.0% in July and thensurged 12.3% in August as investors ignored the Russian crisis and losses on neighboring Baltic bourses. Analystsattributed the August gains to active bidding for Hansabank by two Swedish banks. This activity lifted the shareprices of other Estonian banks. The summer rally came to an end in September when the IFCG Index plunged31.0% as competitive bidding came to an end.
The Estonian stock market stagnated in October as investors awaited signs of stability in the aftermath of theRussian crisis and seized any opportunity for profit taking. This trend was reversed in November, as Union Bankof Estonia, the second biggest banking group in the Baltic region, announced a strategic partnership with theSwedish Bank SEB and the International Finance Corporation. This spurred interest in the banking sector and theindex forged ahead. Finally, December brought fresh selling amid an absence of positive economic or corporatedevelopments. Trading activity contracted in December following losses reported by largest banks and a holidayseason slowdown.break
Monthly Value Traded(US$ millions)
IFCG Estonia Index Correlation(12−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Estonia 272
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(kroon per U.S. dollar)
Estonia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Tallin StockExchange
28 28 28 28 28 28 28 26 26 26 26 26
MarketCapitalization
In kroons 15,708.0 13,559.5 15,255.3 14,957.0 10,761.0 8,825.0 9,169.0 9,838.9 6,554.0 6,894.6 7,362.0 6,928.0
In US dollars 1,074.7 933.9 1,031.0 1,042.3 757.5 610.4 643.5 688.0 489.2 520.6 539.2 519.4
Trading value
In kroons 2,324.4 1,504.8 1,973.4 1,648.2 954.6 1,048.5 769.1 1,113.6 1,256.4 313.8 183.1 114.0
In US dollars 159.0 103.6 133.4 114.9 67.2 72.5 54.0 77.9 93.8 23.7 13.4 8.5
Turnover ratio (%) 13.0 10.3 13.7 10.9 7.4 10.7 8.5 11.7 15.3 4.7 2.6 1.6
Local Index
Emerging Stock Markets Factbook 1999
Estonia 1998: (Currency in Millions) 273
TALSE* 262.3 227.2 257.6 233.5 164.9 132.8 139.6 150.6 103.0 96.2 102.4 90.7
Change in index (%) −1.2 −13.4 13.4 −9.4 −29.3 −19.5 5.1 7.9 −31.6 −6.6 6.5 −11.4
IFC Global Index
Number of stocks 12 12 12 12 12 12 10 10 10 10 10 10
Share of market cap.(%)*
89.2 89.9 89.7 87.0 82.9 80.5 98.7 88.5 85.8 76.0 76.7 92.5
Share of tradingvalue (%)
95.2 96.9 90.1 85.7 86.7 94.5 92.5 96.3 97.4 89.2 81.7 73.8
P/E ratio 11.3 56.3 19.3 10.2 7.1 7.9 12.7 12.4 10.1 9.4 10.1 25.9
P/BV ratio 2.7 2.5 2.8 2.1 1.5 1.2 1.6 1.5 1.0 0.9 1.0 1.0
Dividend yield (%) − − − − − − − − − − − 2.6
Total return index* 100.1 87.6 96.2 89.1 62.5 49.0 52.4 58.9 40.6 38.3 40.0 35.2
Change in totalreturn index (%)
0.1 −12.5 9.9 −7.4 −29.8 −21.6 7.0 12.3 −31.0 −5.8 4.5 −12.0
Exchange Rates
Exchange rate (endof period)
14.6164 14.5197 14.7969 14.3500 14.2052 14.4588 14.2496 14.3000 13.3980 13.2440 13.6540 13.3388
Notes: The base date for the TALSE Index is June 3, 1996=100. The base date for the IFCG Estonia Index is Dec. 1997=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Tallin Stock ExchangeMr. Gert Tiivas, Chairman of the Managing BoardMs. Eva Palu, Manager of Investor RelationsRavala 6TallinEstonia, EE0001Tel: (372) 640−8840Fax: (372) 640−8801http://www.tse.ee
IFC Correspondent:Talinvest Suprema SecuritiesParnu mnt. 10Tallin, 10148EstoniaTel: (372) 640 5700Fax: (372) 640 5701http://www.tss.ee
Estonia 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Estonia 1989−1998: (Currency in Millions; End of Period Levels) 274
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Tallin Stock Exchange − − − − − − − − 27 26
Market Capitalization
In kroon − − − − − − − − 15,821.0 6,928.0
In US dollars − − − − − − − − 1,100.6 519.4
Trading Value
In kroon − − − − − − − − 20,600.0 13,203.7
In US dollars − − − − − − − − 1,483.9 939.2
Turnover ratio (%) − − − − − − − − − 116.1
Local Index
TALSE* − − − − − − − − 257.3 90.7
Change in index (%) − − − − − − − − − −64.8
IFC Global Index
Number of stocks − − − − − − − − 12 10
Share of market cap. (%)* − − − − − − − − 87.0 92.5
P/E ratio − − − − − − − − 12.0 25.9
P/BV ratio − − − − − − − − 2.9 1.0
Dividend yield (%) − − − − − − − − − 2.6
Total return index* − − − − − − − − 100.0 35.2
Change in total return index(%)
− − − − − − − − − −64.8
Economic Data
Gross domestic product(US$)
6,422 7,977 5,689 4,226 4,011 4,036 4,789 4,370 4,682 5,462
Change in consumer price − − − − − − − − − −
Emerging Stock Markets Factbook 1999
Estonia 1989−1998: (Currency in Millions; End of Period Levels) 275
index (%)
Exchange rate (end ofperiod)
− − − − − − − − 14.3747 13.3388
Exchange rate (average ofperiod)
− − − − − − − − 13.8820 14.0584
Notes: The base date for the TALSE Index is June 3, 1996=100. The base date for the IFCG Estonia Index is Dec.1997=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Ghana
Market Performance
Punctuating 1998 with a strong December finish, the Ghana Stock Exchange (GSE) finished the year not only asone of the world's best performing stock markets, but also as the top IFC frontier equity market in local terms.The IFCG Ghana Index gained more than 29.5% in dollars, while the local index shone with almost a 70% returnin cedi terms. After several years of double−digit declines, the cedi was mostly stable in 1998, falling just 4.3%against the U.S. dollar.
After a struggling finish in 1997, shares rallied on the GSE in late January, following interest rate declines and therelease into the market of several blocks of Pioneer Tobacco, Home Finance Corp., and Mobil shares. During themonth, the IFCG Index rose 1.4% while the GSE All−share Index climbed almost 10% as investors scrambled tobuy the newly released shares. In March, the GSE All−Share Index climbed to new highs, as investors cheered theannouncement of an IMF−approved $110 million loan for Ghana.
Equities continued their upward trend in April as surging demand for shares far outpaced supply. Despiteprofit−taking in late May and early June, seven straight trading days of gains at the end of June ensured an overallrise for the second quarter.
At the outset of July, news that the World Bank had approved a $50 million interest−free loan gave share prices aboost. The loan was to help develop free trading zones within Ghana, which would pave the way for stronggrowth in the local export industries. August and September returns, however, were not so good as foreigninvestors took to the sidelines, stymied by a lack of share liquidity. Talk of an electricity price hike and fallingearnings for banking sector stocks also deterred investors from actively trading during the period.
In October, the market shed 8.2% in local terms, while the IFCG Index faired slightly better, falling only 0.23% in
Emerging Stock Markets Factbook 1999
Ghana 276
dollar terms. Despite being considered the most attractively priced brewery stock on the GSE, shares of indexconstituent Guinness Ghana fell almost 19% on worries that increasing competition would erode future earnings.With three multinational brewers now controlling the beer market in the region, it was feared that the companywould need to spend more money on advertising to boost sales growth, which would severely strain thecompany's earnings and stock price. Local equities, however, rallied in both November and December as solidgains in the banking sector closed out a strong year on the exchange.break
Monthly Value Traded(US$ millions)
IFCG Ghana Index Correlation(36−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(cedis per U.S. dollar)
Ghana 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Ghana 1998: (Currency in Millions) 277
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Ghana StockExchange
21 21 21 21 21 21 21 21 21 21 21 21
MarketCapitalization
In cedis 2,629,5402,862,4803,203,6303,744,7303,512,8303,347,4503,194,3403,255,9802,961,8603,002,0903,095,9003,245,610
In USdollars
1,148.6 1,245.9 1,383.3 1,622.9 1,522.2 1,441.0 1,362.2 1,400.4 1,273.9 1,276.1 1,323.0 1,383.9
Trading Value
In cedis 6,571.1 7,358.2 13,062.2 24,083.7 9,165.5 18,185.1 5,108.4 9,647.8 3,212.0 29,952.2 2,501.2 9,523.2
In USdollars
2.9 3.2 5.6 10.4 4.0 7.8 2.2 4.1 1.4 12.7 1.1 4.1
Turnoverratio (%)
0.4 0.3 0.4 0.7 0.3 0.5 0.2 0.3 0.1 1.0 0.1 0.3
Local Index
GSE All Share* 563.8 648.5 849.2 1,184.6 1,028.5 970.2 1,012.2 980.2 854.3 784.4 776.3 868.3
Change inindex (%)
10.0 15.0 30.9 39.5 −13.2 −5.7 4.3 −3.2 −12.8 −8.2 −1.0 11.8
IFC GlobalIndex
Number ofstocks
8 8 8 8 8 8 8 8 8 8 8 8
Share ofmarket cap.(%)
91.0 90.9 90.0 83.6 85.7 85.7 83.7 86.0 85.9 86.4 87.3 86.9
Share oftradingvalue (%)
96.1 54.1 95.5 79.0 37.2 88.2 41.2 96.6 56.7 20.4 88.3 81.2
P/E ratio 11.7 12.8 12.5 12.1 11.6 11.0 10.3 11.1 10.0 10.1 10.5 10.5
P/BV ratio 2.1 2.3 2.5 2.3 2.2 2.1 1.9 2.0 1.8 1.8 1.9 2.0
Dividendyield (%)
3.3 2.8 2.2 2.1 2.5 2.8 2.6 5.0 5.5 5.8 9.9 9.6
57.3 62.3 70.6 77.6 74.6 70.6 65.7 71.0 64.3 64.3 69.8 73.2
Emerging Stock Markets Factbook 1999
Ghana 1998: (Currency in Millions) 278
Total returnindex*
Change intotal returnindex (%)
1.4 8.8 13.3 9.9 −3.9 −5.3 −7.0 8.1 −9.4 0.0 8.4 5.0
Exchange Rates
Exchange rate(end of period)
2,289.41 2,297.50 2,316.00 2,307.46 2,307.68 2,323.00 2,345.00 2,325.00 2,325.00 2,352.50 2,340.00 2,345.23
Notes:The base date for GSE All Share Index 1990−93=100. The base date for the IFCG Ghana Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross
holdings.
Ghana Stock ExchangeMr. Yeboa Amoa, Managing Director
Dr. F.D. Tweneboa, General Manager5th Floor CEDI HouseLiberia Road, P.O. Box 1849AccraGhanaTel: (233−21) 66−9908, 66−9914, 66−9935Fax: (233−21) 66−9913
IFC Correspondent:Gold Coast Securities Ltd.
Chadwick House, 1st FloorSelwyn Market StreetP.O. Box 17187AccraGhanaTel: (233−21) 661192, 661193Fax: (233−21) 661180
Ghana 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Ghana Stock Exchange− − 13 15 15 17 19 21 21 21
Market Capitalization
In cedis − − 29,600.0 43,753.0 96,514.0 1,968,400.02,399,020.02,597,210.02,552,780.03,245,610.0
In US dollars − − 75.8 84.1 118.4 1,872.9 1,648.8 1,492.5 1,137.8 1,383.9
Trading Value
In cedis − − 104.7 173.5 3,177.9 73,088.1 27,590.6 27,785.1 95,839.0 138,370.7
In US dollars − − 0.3 0.4 4.8 75.1 22.3 17.0 46.7 59.8
Emerging Stock Markets Factbook 1999
Ghana 1989−1998: (Currency in Millions; End of Period Levels) 279
Turnover ratio (%) − − − 0.5 4.5 7.1 1.3 1.1 3.7 4.8
Local Index
GSE All Share* − − − 79.1 170.8 371.7 298.1 360.8 511.7 868.3
Change in index (%) − − − − 116.1 117.6 −19.8 21.0 41.8 69.7
IFC Global Index
Number of stocks − − − − − − 8 8 8 8
Share of market cap.(%)*
− − − − − − 98.7 93.3 91.1 86.9
P/E ratio − − − − − − − 11.8 11.4 10.5
P/BV ratio − − − − − − − 2.7 2.1 2.0
Dividend yield (%) − − − − − − − 3.7 3.4 9.6
Total return index* − − − − − − 100.0 81.1 56.5 73.2
Change in total returnindex (%)
− − − − − − − −18.9 −30.3 29.6
Economic Data
Gross domestic product(US$)
5,249 5,886 6,600 6,413 5,966 5,440 6,461 6,927 6,884 −
Change in consumerprice index (%)
25.2 37.3 18.1 10.0 25.0 24.9 74.3 34.1 27.9 −
Exchange rate (end ofperiod)
− − 390.630 520.000 815.000 1,051.000 1,455.000 1,740.225 2,243.635 2,345.230
Exchange rate (averageof period)
− − 367.830 438.167 661.967 973.750 1,237.167 1,633.574 2,051.569 2,315.613
Notes: The base date for GSE All Share Index 1990−93=100. The base date for the IFCG Ghana Index is Dec. 1995=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Greece
Market Performance
Greek equities registered outstanding results throughout 1998, with the local Athens Stock Exchange (ASE) Indexclosing the year at record highs. Shaken a little by turbulence in Russia and Asia, the Greek market neverthelessshrugged off bearish sentiments. The EU economic convergence requirements, combined with a respectedgovernment perceived as committed to economic reforms, contributed to investors' confidence. Also, rapidly
Emerging Stock Markets Factbook 1999
Greece 280
falling inflation and interest rates, strong GDP growth and corporate earnings, lower current account deficits, astable currency, and some structural improvements made Greece a relatively secure investment niche in the riskyemerging markets environment. Over the year, the drachma−based ASE Index rose 85% while the dollar−basedIFC indexes gained 91.1%.
Stocks zigzagged during the first two months of 1998, finishing the period slightly lower. Trading was heavilyinfluenced by the direction of money market rates. Indications of government intentions to push forward reformsappeared in mid−February and gave a temporary boost to stocks.
Most of the gains in 1998 came in March and April, when equities surged by almost 85%. In March, the marketbenefited from optimism over the economic climate and expectations over Greece's likely prospects for joiningthe European single currency. Devaluation of the drachma by 14% against the ECU, after it entered the EU'sexchange rate mechanism in mid−March, gave a major boost to the market. Many large companies, such astelecom OTC and the largest banks, jumped by 8% in single trading sessions, the maximum allowed by stockexchange rules. Bullish sentiment persisted in April after Parliament approved a reform package to revamp thelocal air carrier and to manage the ongoing corporate consolidation and restructuring process. The investmentcommunity hailed the decision of National Bank of Greece to merge with its subsidiary Mortgage Bank.
The banking sector set the tone for the market in May as investors responded to the unfolding story of thegovernment sale of Ionian Bank. The bouncy ride developed into losses in June amid ongoing uncertaintysurrounding the bank's sale and downward pressure from declining European and Asian markets. The priceswings continued throughout the summer with equities rising in July, in part from the successful IPO of HellenicPetroleum, and falling back in August.
Stocks extended their losses in September because of persistent volatility in international markets and fears aboutthe contagion effects of the Russian crisis. However, the worst was over, and the market rebounded in Octoberand continued an upward trend through year's end. The government signaled that it was sticking with plans to sellstate assets to boost revenues. Stocks rallied on this news and on an unexpected interest rate cut by the U.S.Federal Reserve Board. Rebounding U.S. and European markets, as well as domestic buying sparked by positiveearnings and expectations of a short−term interest rate cut, firmed foreign investor confidence. The OTE andPanafon Hellenic Telecom offerings in November attracted foreign interest and caused a spillover effect thatbenefited other large−cap stocks.
Despite the market's historic highs, analysts expect the positive momentum to continue in 1999 and for the marketto test new highs.break
Emerging Stock Markets Factbook 1999
Greece 281
Monthly Value Traded(US$ millions)
IFCI Greece Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(drachma per U.S. dollar)
Greece 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Greece 1998: (Currency in Millions) 282
Notes: The base date for the ASE Composite Index is 1980=100. The base date for the IFCG Greece Index is Dec. 1984=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Athens Stock ExchangeSpiridon Kouniakis, President10 Sophocleous StreetAthens, 105 59GreeceTel: (30−1) 321−1301Fax: (30−1) 321−3938http://www.ase.gr
IFC Correspondent:Alpha Brokerage S.A.6 Dragatsaniou Str.Athens GR−10559GreeceTel: (30−1) 331−3315Fax: (30−1) 331−1193
Greece 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Athens StockExchange
119 145 126 129 143 216 212 224 230 244
Emerging Stock Markets Factbook 1999
Greece 1989−1998: (Currency in Millions; End of Period Levels) 283
MarketCapitalization
In drachma 996,623 2,428,9292,295,5942,042,8963,071,8013,589,9554,036,0005,965,0009,692,64022,401,771
In U.S. dollars 6,376 15,228 13,118 9,489 12,319 14,921 17,060 24,178 34,164 79,992
Trading Value
In drachma 89,006 621,370 444,977 306,800 623,434 1,248,1701,409,5281,994,4375,774,20813,884,785
In U.S. dollars 549 3,924 2,443 1,605 2,713 5,145 6,091 8,283 21,146 46,999
Turnover ratio (%) 10.9 36.3 18.8 14.1 24.4 37.5 37.0 39.9 73.8 86.5
Local Index
ASE Composite* 459.4 932.0 809.7 672.3 958.7 868.9 914.1 933.5 1,479.6 2,737.5
Change in index (%) 64.3 102.9 −13.1 −17.0 42.6 −9.4 5.2 2.1 58.5 85.0
IFC Global Index
Number of stocks 26 35 32 32 35 36 50 58 56 56
Share of market cap.(%)*
66.7 55.9 60.7 56.7 56.7 53.8 59.6 76.3 77.2 66.5
P/E ratio 16.6 16.7 10.7 6.9 10.2 10.4 10.5 10.4 17.6 33.6
P/BV ratio 2.2 4.3 2.3 1.7 1.9 1.9 1.8 2.0 3.1 4.8
Dividend yield (%) 4.6 5.0 3.8 11.0 4.8 4.6 4.5 3.7 2.9 1.6
Total return index* 446.4 911.2 735.9 537.4 655.3 668.6 737.5 774.8 1,065.2 2,083.8
Change in index (%) 80.2 104.1 −19.2 −27.0 21.9 2.0 10.3 5.1 37.5 95.6
Economic Data
Gross domesticproduct (US$)
67,082 82,914 89,048 98,445 92,195 98,653 114,780 122,946 − −
Change in consumerprice index (%)
13.7 20.4 19.5 15.9 14.4 10.9 8.9 8.2 5.5 −
Exchange rate (end ofperiod)
156.30 159.50 175.00 215.30 249.35 240.60 236.58 246.71 283.71 280.05
Exchange rate(average of period)
162.11 158.34 182.16 191.12 229.80 242.62 231.42 240.78 273.06 295.42
Emerging Stock Markets Factbook 1999
Greece 1989−1998: (Currency in Millions; End of Period Levels) 284
Notes: The base date for the ASE Composite Index is 1980=100. The base date for the IFCG Greece Index is Dec. 1984=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Hungary
Market Performance
This past year was both highly volatile and largely negative for the Hungarian equity market. The local BUXIndex declined by 21.1% in forint terms, while IFCI and IFCG Hungary indexes each lost 10.8% in dollar terms.
Equities posted strong gains in the first quarter, backed by reports of solid corporate earnings growth. MajorHungarian companies reported 1997 earnings growth of about 50%. By April 3, the IFCI Index had gained 22.5%,reaching what would prove to be its highest value for the year.
Blue−chip companies and the government each exploited the market's early−year gains and went forward withnew issues. The state sold an 11% stake in oil and gas company MOL at the end of March, while strategic ownerEdF and OTP sold a combined 30% stake in electricity distributor Démász. The sale made Démász the firstelectricity utility to be listed on the Budapest Stock Exchange (BSE) and boosted the BSE's market capitalizationby 9%.
Equities remained flat in April, with drug−maker Richter reporting lower−than−expected first−quarter earnings,news that cast a shadow on profit expectations across the board. Shares plummeted in May, as the first round ofparliamentary elections indicated that the ruling socialist−liberal coalition would be replaced by a newgovernment led by center−right Fidesz−MPP. Campaign promises that tough fiscal policies would be relaxedcreated nervousness on the market while discussions of changes in the pharmaceutical sector subsidy system anda shortening of Matav's monopoly in the telephone services market added to investors' anxiety.
As the new government made it clear that no radical changes in macroeconomic policy were planned and fears ofthe looming Russian crisis seemed to abate, the equities market enjoyed a period of moderate rise in June andJuly. This period of relative stability was halted suddenly and severely by the August collapse of the Russianmarket, which mercilessly demolished all the gains in the region and at least temporarily tarnished the region'simage in the eyes of investors. All shares took a heavy beating, but the most stinging losses were incurred bycompanies with lower liquidity and direct exposure to Russia. Hardest hit were companies in the pharmaceuticaland building material sectors (Richter, Graboplast, Zalakerámia).
Within two months, IFCI Hungary Index plummeted by 38%. Many fund managers who were overweightHungary, relative to their benchmarks, took advantage of the market's relatively high liquidity to lighten easternEuropean exposure and to raise funds with which to cover redemptions.
Emerging Stock Markets Factbook 1999
Hungary 285
In the fourth quarter, the market saw a significant correction, allowing the IFCI Index to finish the year down only10.8%. This was a very welcome close following year−to−date performance of down 35% at the end ofSeptember. Concerted monetary easing in the developed markets combined with relative restraint in Brazil'sdeterioration helped to revive hopes for emerging markets in general. Domestically, the rapidly decreasinginflation rate also provided support for the market, while local institutional investors did some window dressing atthe end of the year. The only positive performers for the year were three large and very liquid companies with lowexposure to foreign markets: OTP (up 39%), MOL (up 19.3%) and Matav (up 13.6%). Zalakeramia (down 72%),Primagaz (down 63%), Egis (down 61%) and Richter (down 60%) sustained the worst losses.break
Monthly Value Traded(US$ millions)
IFCI Hungary Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(forint per U.S. dollar)
Hungary 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Hungary 1998: (Currency in Millions) 286
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Budapest StockExchange
49 50 50 52 52 53 53 53 53 53 53 55
MarketCapitalization
In forint 2,830,2373,114,7023,484,9943,465,3573,015,1783,255,1223,483,7762,288,7872,169,3232,507,5862,744,1773,020,083
In U.S.dollars
13,603 14,925 16,338 16,427 14,085 14,879 16,132 10,205 9,924 11,560 12,513 14,028
Trading Value
In forint 181,722 208,772 278,926 336,297 286,107 276,200 312,110 306,359 334,071 289,956 318,076 331,762
In U.S.dollars
873 1,000 1,308 1,594 1,337 1,262 1,445 1,366 1,528 1,337 1,450 1,541
Turnoverratio (%)
6.2 7.0 8.4 9.7 8.8 8.8 9.3 10.6 15.0 12.4 12.1 11.5
Local Index
BUX* 7,421.6 8,256.9 8,656.2 8,552.2 7,057.1 7,805.7 8,215.3 5,252.5 4,571.1 5,312.0 5,976.3 6,307.7
Change inindex (%)
−7.2 11.3 4.8 −1.2 −17.5 10.6 5.3 −36.1 −13.0 16.2 12.5 5.5
IFC GlobalIndex
Number ofstocks
15 15 15 15 15 15 15 15 15 15 15 15
Share ofmarket cap.(%)
87.4 89.3 90.6 88.2 88.7 89.4 89.9 87.8 89.0 89.9 90.2 86.5
Share oftradingvalue (%)*
92.3 93.1 93.7 90.7 93.9 95.2 92.6 13.6 96.3 95.1 92.7 93.1
P/E ratio 24.8 27.9 31.6 30.5 26.9 18.7 20.1 12.9 12.3 14.4 16.1 17.0
P/BV ratio 3.8 4.3 4.9 4.7 4.1 3.6 3.8 2.5 2.4 2.8 3.1 3.2
Dividendyield (%)
0.5 0.4 0.4 0.4 0.9 1.0 1.0 1.5 1.6 1.3 1.1 1.1
223.4 246.8 272.6 266.8 232.7 246.6 268.4 165.9 162.9 191.9 208.7 223.4
Emerging Stock Markets Factbook 1999
Hungary 1998: (Currency in Millions) 287
Total returnindex*
Change intotal returnindex (%)
−9.8 10.5 10.5 −2.1 −12.8 6.0 8.8 −38.2 −1.8 17.8 8.7 7.1
Exchangerates (end ofperiod)
208.065 208.695 213.305 210.955 214.065 218.780 215.960 224.280 218.600 216.910 219.300 215.295
Notes:The base date for the BSE BUX Index in Jan. 2, 1991=1,000. The base date for the IFCG Hungary Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted
for cross holdings.
Budapest Stock ExchangeMr. Andras Simor, Chairman, Stock Exchange Council
Dr. Maria Dunavolgyi, Chief Executive OfficerDeak Ferenc U. 5.1052 Budapest, HungaryTel: (36−1) 429−6700Fax: (36−1) 429−6800http://www.bse.hu
Email: [email protected]
IFC Correspondent:Concorde Securities Ltd.
Vorosmarty 1 x.em1051 BudapestHungaryTel: (36−1)266−8035Fax: (36−1) 266−8036http://www.con.hu
Email: concorde@ con.hu
Hungary 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Budapest StockExchange
− − 21 23 28 40 42 45 49 55
Market Capitalization
In forint − − 38,200 47,207 81,741 181,527 327,775 852,456 3,058,360 3,020,083
In U.S. dollars − − 505 562 812 1,604 2,399 5,273 14,975 14,028
Trading Value
In forint − − 8,723 2,996 9,136 28,382 44,054 245,265 1,436,083 3,460,357
In U.S. dollars − − 117.0 38 99 270 355 1,641 7,684 16,135
Emerging Stock Markets Factbook 1999
Hungary 1989−1998: (Currency in Millions; End of Period Levels) 288
Turnover ratio (%) − − − 7.0 14.2 21.6 17.3 41.6 73.4 113.9
Local Index
BUX* − − 837.6 890.9 1,264.1 1,470.1 1,528.9 4,134.3 7,999.1 6,307.7
Change in index (%) − − − 6.4 41.9 19.6 4.0 170.4 93.5 −21.1
IFC Global Index
Number of stocks − − − 12 13 13 17 18 15 15
Share of market cap.(%)*
− − − 84.2 81.2 46.6 33.2 85.6 87.4 86.5
P/E ratio − − − − 52.4 −55.3 12.0 17.5 27.3 17.0
P/BV ratio − − − − 1.6 1.7 1.2 2.0 4.2 3.2
Dividend yield (%) − − − − 2.7 2.7 3.1 1.0 0.5 1.1
Total return index* − − − 100.0 124.6 105.5 76.9 152.1 247.7 223.4
Change in index (%) − − − − 24.6 −15.3 −27.1 97.8 62.9 −9.8
Economic Data
Gross domestic product(US$)
29,151 33,059 33,445 37,249 38,610 41,491 44,662 45,176 45,725 −
Change in consumerprice index (%)
16.9 29.0 34.2 22.9 22.5 18.9 28.3 23.5 18.3 −
Exchange rate (end ofperiod)
− − 75.620 83.970 100.700 113.150 136.630 161.650 204.225 215.295
Exchange rate (averageof period)
− − 74.735 78.988 92.007 105.210 124.060 149.492 186.887 214.462
Notes: The base date for the BSE BUX Index in Jan. 2, 1991=1,000. The base date for the IFCG Hungary Index is Dec. 1992=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
India
Market Performance
Poor results hounded Indian equities in 1998, as the fall−out effects from the Asian crisis weighed on investorsentiment, as did the formation of a new coalition government and the detonation of nuclear devices, whichsparked economic sanctions. For the year, the dollar−based IFCI and IFCG India indexes shed 23.0% and 15.3%,respectively, while the local BSE−200 Index of the Mumbai Stock Exchange dropped 11.4% in rupee terms. Therupee depreciated 7.7% in 1998.
Emerging Stock Markets Factbook 1999
India 289
Bearish investor sentiment prevailed in early 1998 as investors worried about weakness in the rupee andspeculated about a possible downgrade in the country's credit rating by Moody's. (India's foreign debt−rating wasdowngraded below investment grade in the second quarter.) An unexpected drop in overnight interest rates andoptimism that a strong government would emerge from the March 7 national elections turned this sentimentaround later in the first quarter. Despite the election of a coalition government composed of the Hindu−Nationalistand Bharatiya Janata Party (BJP), share prices continued to proceed upward amid confidence in the coalition'scommitment to revive the economy as well as to spearhead major infrastructure projects. For the quarter, the IFCIIndex gained 5%, as did the BSE−200 Index.
Most of the year's damage occurred in the second quarter, as hopes for a strong government quickly evaporatedfollowing a lukewarm reception of the fiscal budget. Later in the quarter, the market's discordant direction took itscue from national politics, as BJP party members demanded the resignation of other party ministers amid chargesof corruption. Nuclear tests dealt the final blow to Indian equities after both India and Pakistan detonated nucleardevices despite the ire of the international community. As a result, the United States and Japan pressured for thecomplete stoppage of government−to−government loans, including any World Bank and IMF−sponsored loans.The IFCI India Index lost 21.4% in the second quarter.
The fragile coalition government of Prime Minister Atal Vajpayee amid the backdrop of the continuing woes ofAsia's financial crisis shaped negative third−quarter results. Share prices recovered considerable ground at the endof the period, however, after companies were authorized to buy back shares and restrictions on companiesborrowing from each other were eased, effective in October. The likelihood that the government would sign thenuclear test−ban treaty—thereby easing economic sanctions imposed by the United States in May—also providedsupport. The IFCI Index dropped an additional 4.5% this quarter.
The final quarter saw Indian equities drop still lower, but at a much slower pace, thanks to a more optimisticoutlook for 1999. The prospects for a more stable government continued to look slim after the Congress Partydefeated the BJP in two key state elections in November. However, concerns diminished after the BJP took astrong stance on opening up the insurance industry to foreign participation as well as on granting exclusivemarketing rights to pharmaceuticals. The IFCI India Index fell 2.3% while the BSE−200 Index dropped 2%during the final three months of 1998.break
Emerging Stock Markets Factbook 1999
India 290
Monthly Value Traded(US$ millions)
IFCI India Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rupee per U.S. dollar)
India 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Mumbai StockExchange
5,850 5,852 5,853 5,853 5,852 5,854 5,850 5,851 5,854 5,855 5,857 5,860
MarketCapitalization
Emerging Stock Markets Factbook 1999
India 1998: (Currency in Millions) 291
In rupee 4,695,1305,263,5705,603,2505,802,3805,618,4904,854,6104,834,2004,648,8704,797,1104,527,7904,467,2804,470,100
In U.S.dollars
120,946 133,763 141,917 146,100 134,817 114,563 113,639 109,334 113,132 106,888 104,915 105,188
Trading Value
In rupee 173,810 164,970 233,100 266,840 234,400 224,950 212,420 182,110 276,470 223,706 202,210 266,870
In U.S.dollars
4,477 4,192 5,904 6,719 5,624 5,309 4,993 4,283 6,520 5,281 4,749 6,280
Turnoverratio (%)
3.6 3.3 4.3 4.7 4.1 4.3 4.4 3.8 5.8 4.8 4.5 6.0
Local Index
BSE 200* 313.6 348.2 376.6 398.3 375.7 325.8 324.5 305.1 320.4 293.7 291.5 314.0
Change inindex (%)
−11.5 11.0 8.1 5.8 −5.7 −13.3 −0.4 −6.0 5.0 −8.3 −0.8 7.7
IFC GlobalIndex
Number ofstocks
133 133 133 133 133 133 133 133 133 133 142 142
Share ofmarket cap.(%)*
49.9 49.5 50.2 50.7 48.9 49.3 49.0 47.7 48.8 47.4 61.4 66.4
Share oftradingvalue (%)
78.5 93.6 89.1 81.8 66.3 70.2 61.2 59.4 53.7 52.4 92.0 94.2
P/E ratio 13.6 15.2 16.4 17.1 15.0 13.1 13.1 11.4 12.3 11.5 11.5 13.5
P/BV ratio 2.0 2.2 2.4 2.5 2.3 2.0 2.0 1.6 1.7 1.6 1.7 1.8
Dividendyield (%)
2.0 1.8 1.8 1.8 1.8 2.3 2.2 2.4 2.1 2.3 2.0 1.9
Total returnindex*
330.3 363.1 393.2 409.7 369.7 319.1 317.8 296.6 313.1 291.7 289.6 316.4
Change intotal returnindex (%)
−9.8 9.9 8.3 4.2 −9.8 −13.7 −0.4 −6.7 5.5 −6.8 −0.7 9.3
Exchange Rates
Exchange rates(end of period)
38.8200 39.3500 39.4825 39.7150 41.6750 42.3750 42.5400 42.5200 42.4028 42.3600 42.5800 42.4963
Emerging Stock Markets Factbook 1999
India 1998: (Currency in Millions) 292
Notes:The base date for the BSE 200 is 1989−90=100. The base date for the IFCG India Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross
holdings.
Mumbai Stock ExchangeMr. J.C. Parekh, President
Mr. R.C. Mathur, Executive Director25th floor, Phiroze Jeejeebhoy TowersDalal StreetMumbai, 400 001, IndiaTel: (91−22) 265−5860Fax: (91−22) 265−8121http://bseindia.com
IFC Correspondent:Crisil Research & Information Services
Sane Guruji Premises386 Veer Savarkar Marg, PrabhadeviMumbai, 400 025IndiaTel: (91−22) 432−4810Fax: (91−22) 431−6835
India 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Mumbai Stock Exchange 2,407 2,435 2,556 2,781 3,263 4,413 5,398 5,999 5,843 5,860
Market Capitalization
In rupee 460,000 700,000 1,231,4401,867,6103,050,0004,000,0004,472,9704,392,3105,037,1604,470,100
In U.S. dollars 27,316 38,567 47,730 65,119 97,976 127,515 127,199 122,605 128,466 105,188
Trading Value
In rupee 280,320 382,091 548,350 572,723 675,152 851,360 445,764 940,672 1,959,5402,661,856
In U.S. dollars 17,362 21,918 24,295 20,597 21,879 27,290 13,738 26,599 53,954 64,498
Turnover ratio (%) 68.8 65.9 56.8 37.0 27.5 24.1 10.5 21.2 41.6 56.0
Local Index
BSE 200* 839.9 1,040.7 // 233.6 314.8 407.5 442.5 313.7 305.1 354.4 314.0
Change in index (%) 32.4 23.9 − 23.6 29.5 8.6 −29.1 −2.7 16.2 −11.4
IFC Global Index
Emerging Stock Markets Factbook 1999
India 1989−1998: (Currency in Millions; End of Period Levels) 293
Number of stocks 60 60 62 62 108 119 123 131 133 142
Share of market cap. (%) 46.0 40.6 36.2 39.0 50.3 51.3 45.4 50.2 52.6 66.4
P/E ratio 14.9 17.8 25.4 33.7 39.7 26.7 14.2 12.3 15.2 13.5
P/BV ratio 2.5 2.9 3.9 4.7 4.9 4.2 2.3 2.1 2.3 1.8
Dividend yield (%) 1.9 1.9 1.3 0.7 1.0 1.0 1.8 1.7 1.8 1.9
Total return index* 240.7 285.8 338.5 416.0 494.0 530.7 349.2 341.8 366.1 316.4
Change in index (%) 4.3 18.7 18.4 22.9 18.8 7.4 −34.2 −2.1 7.1 −13.6
Economic Data
Gross domestic product(US$)
274,190 298,329 251,550 243,834 258,432 306,847 334,429 359,718 381,566 383,429
Change in consumer priceindex (%)
6.2 9.0 13.9 11.8 6.4 10.2 10.2 9.0 7.2 −
Exchange rate (end ofperiod)
16.8400 18.1500 25.8000 28.6800 31.1300 31.3688 35.1650 35.8250 39.2100 42.4963
Exchange rate (average ofperiod)
16.1457 17.4326 22.5704 27.8066 30.8583 31.1970 32.4471 35.3656 36.3184 41.2705
Notes: The base date for the BSE 200 is 1989−90=100. The base date for the IFCG India Index is Dec. 1984=100. In 1994, IFC switchedfrom using the F.E. Bombay Index to the BSE 200 because the latter is more representative of market movements. In calculating share oftotal market cap, IFCG market cap is not adjusted for cross holdings.
Indonesia
Market Performance
Equities on the Jakarta Stock Exchange (JSE) plummeted in 1998 in response to the economic recession andAsian contagion. Stock prices were extremely volatile, reacting to wild swings in the exchange rate and a majorshift in the political landscape, culminating in President Suharto's resignation after 32 years in office. The IFCIIndonesia Index plummeted 64.4% in U.S. dollars between March and September while the fragile rupiahdepreciated from 8,650 to 10,700. Signs of an economic recovery, bolstered by rallies throughout Asia, hoistedJSE stocks in the last quarter, narrowing the 1998 IFCI loss to 28.1% in dollar terms.
The value of the rupiah swung unpredictably in the first quarter, reacting with severity to a foreign sell−off andthe predicament of high interest rates. Local and foreigner investors alike were unnerved by the prospect thatrising unemployment and bankruptcies would incite political and social instability. In the midst of mountingpressure against the currency, the government latched onto a controversial solution—a currency board system.After severe international scrutiny, however, the proposal was laid to rest in March. The rates on the benchmarkone−month SBI government bills surged to 45% in March to rein in inflation that stood at 39%, year on year, a23−year high. Aggravating the situation was the IMF's decision to stall the March installment of a $40 billioninternational aid package, calling upon Indonesia to implement the reforms agreed to in the aid plan, includingbank restructuring, dismantling of cartels, and privatization.
Emerging Stock Markets Factbook 1999
Indonesia 294
A weak rupiah and steep interest rates of up to 100% choked company fundamentals through September. Stocksbenefiting from a weak currency (i.e., earnings predominantly in foreign currency) bucked the decline. Analystsfound it difficult to judge companies' fundamental value because earnings were unreliable, the currency wasunstable, and the political system was crumbling under pressure from student groups and opposition parties.Rapid rises in food and commodity prices precipitated the resignation of President Suharto in May. Vice PresidentB.J. Habibie replaced Suharto at the helm, pledging new general elections for the country in 1999. Nevertheless,equities were unable to break the downward spiral in June, as companies with ties to the Suharto familyplummeted.
The market bounced back in July on a more stable political environment and market−oriented policies. Thegovernment also concluded an agreement with the IMF to resume aid. A backlash in August from the Russiancrisis and the weak Japanese yen spooked investors and dampened enthusiasm. Japan is both a source ofinvestment for Indonesia and a major export market. Banking stocks rose on government support for rebuildingthe financial system. Furthermore, setbacks in the privatization process and developments in the new bankruptcylaw generated great caution among Indonesia investors, who worried that it would lead to the liquidation anddelisting of dozens of companies.
Stocks rallied in the last quarter because of a regional rally, stronger regional currencies, and lower interest ratesin the U.S. and Europe. JSE stocks surged 55.9% and 46.5% in October and November, respectively, as investorsreturned to hunt for bargains. The year finished on an upbeat note, slowed only by uncertainty over a smoothdemocratic election process set for 1999 and the government's plans to privatize more of its stakes in 12 majorstate−controlled companies.break
Emerging Stock Markets Factbook 1999
Indonesia 295
Monthly Value Traded(US$ millions)
IFCI Indonesia Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rupiah per U.S. dollar)
Indonesia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Jakarta StockExchange
287 287 287 287 287 287 287 287 287 287 287 287
MarketCapitalization
In rupiah (/1,000) 199,859 198,401 223,309 191,852 175,319 188,146 203,332 144,547 116,575 127,477 163,813 175,729
In U.S. dollars 19,034 22,418 25,816 23,759 15,515 12,713 15,462 12,906 10,895 16,773 22,062 22,104
Trading Value
In rupiah (/1,000) 11,833 14,682 13,897 10,277 5,097 5,667 8,709 5,733 5,074 5,935 8,388 4,393
In U.S. dollars 1,127 1,659 1,607 1,273 451 383 662 512 474 781 1,130 553
Turnover ratio(%)
6.6 7.4 6.6 4.9 2.8 3.1 4.4 3.3 3.9 4.9 5.8 2.6
Emerging Stock Markets Factbook 1999
Indonesia 1998: (Currency in Millions) 296
Local Index
JSE Composite* 486.0 482.4 541.4 460.1 420.5 445.9 481.7 342.4 276.1 300.8 386.3 398.0
Change inindex (%)
21.0 −0.7 12.2 −15.0 −8.6 6.0 8.0 −28.9 −19.4 8.9 28.4 3.0
IFC Global Index
Number of stocks 62 62 62 62 62 62 62 62 62 62 58 58
Share ofmarket cap.(%)*
71.1 66.9 69.0 64.8 68.7 70.4 71.3 67.2 61.0 62.6 69.2 70.7
Share oftrading value(%)
80.6 69.6 68.7 53.6 70.1 72.5 60.0 59.6 73.8 67.4 80.8 63.2
P/E ratio 12.8 12.6 14.7 11.8 10.7 11.7 −44.8 −31.7 −23.6 −28.3 −95.8 −106.2
P/BV ratio 1.7 1.6 1.9 1.5 1.4 1.5 1.6 1.2 0.8 1.0 1.4 1.5
Dividend yield(%)
2.3 2.4 2.0 2.5 2.7 2.3 0.8 1.0 1.4 1.3 0.9 0.8
Total returnindex*
23.3 27.2 32.5 28.0 17.1 14.2 18.0 15.3 11.6 17.9 26.2 25.5
Change in totalreturn index(%)
−35.0 16.9 19.2 −13.9 −38.7 −16.9 26.7 −15.4 −24.1 54.7 46.3 −2.5
Exchange Rates
Exchange rates (endof period)
10,500.008,850.00 8,650.00 8,075.00 11,300.0014,800.0013,150.0011,200.0010,700.007,600.00 7,425.00 7,950.00
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. Market cap and value traded figures are for the Jakarta Stock
Exchange. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Jakarta Stock ExchangeMr. Cyril Noerhadi, President
Jl. Jend. Sudirman Kav. 52−53Jakarta, 12190IndonesiaTel: (62−21) 515−0515Fax: (62−21) 515−0330http://www.jsx.co.id
Email: [email protected]
The Surabaya Stock ExchangeBibin Busono, President
Gedung Medan Pemuda 5th. Floor (Bank Exim)Jl. Pemuda 27−31Surabaya, Java Timur 60271, IndonesiaTel: (62−31) 531−0646, 531−0246Fax: (62−31) 531−0823, 531−9490http://www.bes.co.id
Email: [email protected]
IFC Correspondent:Institute for Economic & Financial Research
Jl. Cik Ditiro No. 31Jakarta 10310IndonesiaTel: (62−21) 310−8057, 310−7058Fax: (62−21) 314−5584
Emerging Stock Markets Factbook 1999
Indonesia 1998: (Currency in Millions) 297
Indonesia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Jakarta StockExchange
57 125 141 155 174 216 238 253 282 287
MarketCapitalization
In rupiah (1/1,000) 4,050.0 15,264.6 13,537.0 24,839.5 69,299.6 103,835.2152,246.5215,026.1159,929.9175,729.0
In U.S. dollars 2,254 8,081 6,823 12,038 32,953 47,241 66,585 91,016 29,105 22,106
Trading Value
In rupiah(1/1,000) 957.0 7,318.1 5,778.3 7,909.2 19,088.1 25,488.0 32,358.4 74,829.9 120,384.799,684.7
In U.S. dollars 541 3,992 2,922 3,903 9,158 11,801 14,403 32,142 41,650 9,709
Turnover ratio (%) 38.6 75.8 40.1 41.2 40.5 29.4 25.3 40.7 64.2 59.4
Local Index
JSE Composite* 399.7 417.8 247.4 274.3 588.8 469.6 513.8 637.4 401.7 398.0
Change in index (%) 31.0 4.5 −40.8 10.9 114.6 −20.2 9.4 24.0 −37.0 −0.9
IFC Global Index
Number of stocks 57 84 73 63 41 47 50 50 62 58
Share of market cap.(%)*
− 64.3 77.5 72.0 55.0 47.0 56.6 69.4 67.1 70.7
P/E ratio 56.6 20.3 11.6 12.2 28.9 20.2 21.4 21.6 10.5 −106.2
P/BV ratio 5.8 3.4 1.6 1.6 3.1 2.4 2.7 2.7 1.4 1.5
Dividend yield (%) − 0.5 0.0 2.1 1.3 1.5 1.9 1.3 2.9 0.8
Total return index* 100.0 99.4 57.4 59.0 126.0 101.6 113.8 136.4 35.8 25.5
Change in index (%) − −0.6 −42.3 2.8 113.6 −19.4 12.0 19.9 −73.8 −28.8
Emerging Stock Markets Factbook 1999
Indonesia 1989−1998: (Currency in Millions; End of Period Levels) 298
Economic Data
Gross domesticproduct (US$)
101,455 114,426 128,168 139,116 158,007 176,892 202,132 227,370 214,995 −
Change in consumerprice index (%)
6.4 7.8 9.4 7.5 9.7 8.5 9.4 8.0 6.7 −
Exchange rate (end ofperiod)
1,797.0 1,889.0 1,984.0 2,063.5 2,103.0 2,198.0 2,286.5 2,362.5 5,495.0 7,950.0
Exchange rate(average of period)
1,770.1 1,833.3 1,977.6 2,026.6 2,084.2 2,159.8 2,246.6 2,328.1 2,890.4 10,267.8
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. Market cap and value traded figures are for the Jakarta Stock Exchange. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Israel
Market Performance
Despite international market pressures, both the IFCI and IFCG indexes managed to gain ground in 1998 in localcurrency terms. Ongoing weakness in the shekel, however, erased the gains in dollar terms and the two series fellmore than 14%.
Share prices on the Tel Aviv Stock Exchange (TASE) dropped considerably early in the year, but managed tostabilize by the end of the first quarter. Political concerns—domestic worries over the stability of Prime MinisterBenjamin Netanyahu's coalition government and international fears stemming from the rising U.S.−Iraqitension—coupled with financial instability in Asia to drive down share prices. The Asian economies proveddoubly damning, as many Israeli export firms were active in Asia, and the instability that Asian declines promptedin New York (where many Israeli firms trade) were mirrored in Tel Aviv. Providing some comfort to investorsduring this period were lower−than−expected inflation figures for December 1997. Later in the period, a centralbank interest rate cut brought about the lowest rates in years and set the tone for much of the year. Stock pricesalso gained as Gulf tensions eased and New York equities recovered.
Stocks rebounded in April as a weakened shekel raised earnings prospects for exporters. Prices rose steadily inMay, slipping only periodically in response to volatility in emerging markets, following the crises in Asia andRussia. But the unstable shekel proved problematic during this period and through year's end, falling more than17% over the 12−month period.
Emerging Stock Markets Factbook 1999
Israel 299
Israeli equities fared better than most emerging markets in August, dropping about 11% in a month where theIFCI Composite Index plunged more than 28%, despite the country's close economic ties to international markets.Export−driven sectors were especially vulnerable and uneven price movements in New York and major Europeancenters further depressed local share prices. A significant interest rate cut, the eighth of the year, provided onlytemporary relief from selling pressure, and the market remained bearish until late November.
Israeli shares surged nearly 7% in the third week of November, allowing the IFC indexes to rally almost 8% forthe month. Political tension cast a shadow over the TASE earlier in the quarter, as the debate over the Wye RiverPeace Accord detracted attention from the equities market. The Bank of Israel's decision to counter inflation byraising lending rates helped the shekel strengthen slightly during the period.
Concerns for Israel's economy and domestic stability translated into a volatile market at year's end. Progress in thepeace process was tempered by the resignation of the finance minister and by a call from Prime MinisterNetanyahu for early elections. A rally at the end of December staved off further losses.break
Monthly Value Traded(US$ millions)
IFCI Israel Index Correlation(24−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Israel 300
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(shekel per U.S. dollar)
Israel 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Tel Aviv StockExchange
640 643 648 645 638 651 653 652 654 653 652 650
MarketCapitalization
In shekel 146,819 156,062 166,584 169,009 178,713 176,523 176,670 164,673 157,567 155,922 163,644 164,857
In U.S. dollars 40,780 43,548 46,243 45,630 48,903 48,087 48,458 43,389 40,976 36,439 39,041 39,628
Trading Value
In shekel 2,622 2,629 4,112 3,160 4,401 4,204 2,734 4,087 3,266 3,445 4,085 4,171
In U.S. dollars 728 734 1,141 853 1,204 1,145 750 1,077 849 805 975 1,003
Turnover ratio (%) 1.8 1.7 2.5 1.9 2.5 2.4 1.5 2.4 2.0 2.2 2.6 2.5
Local Index
Emerging Stock Markets Factbook 1999
Israel 1998: (Currency in Millions) 301
Tel Aviv 100* 267.1 282.3 302.8 307.4 326.8 319.0 318.6 293.6 280.8 280.3 296.4 299.9
Change in index (%)−8.2 5.7 7.3 1.5 6.3 −2.4 −0.1 −7.8 −4.4 −0.2 5.8 1.2
IFC Global Index
Number of stocks 49 49 49 49 48 48 48 48 48 48 48 49
Share of market cap.(%)*
69.2 68.4 69.2 69.5 69.2 68.3 68.0 66.8 66.9 67.3 69.6 66.9
Share of tradingvalue (%)
80.9 82.9 82.3 77.8 80.2 74.3 77.1 82.1 85.4 87.0 86.9 79.6
P/E ratio 13.2 13.7 15.0 15.4 15.0 15.4 15.1 14.2 12.2 11.9 13.0 13.3
P/BV ratio 1.3 1.3 1.5 1.5 1.5 1.4 1.4 1.3 1.3 1.2 1.3 1.2
Dividend yield (%) 1.8 1.7 1.6 1.7 1.4 1.4 1.9 1.9 1.8 2.0 1.8 1.9
Total return index* 112.6 117.3 126.8 124.9 134.1 129.0 129.3 114.4 109.7 97.9 105.7 106.5
Change in totalreturn index (%)
−9.5 4.2 8.0 −1.5 7.4 −3.8 0.2 −11.5 −4.1 −10.8 8.0 0.7
Exchange Rates
Exchange rates (endof period)
3.6003 3.5837 3.6024 3.7039 3.6544 3.6709 3.6458 3.7953 3.8453 4.2790 4.1916 4.1601
Notes: The base date for the Tel Aviv 100 Index is Dec. 31, 1991=100. The base date for the IFCG Israel Index is Dec. 1996=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Tel Aviv Stock ExchangeProf. Yair Orgler, Chairman54, Ahad Maam StTel Aviv 65202IsraelTel: (972−3) 567−7411Fax: (972−3) 510−5379http://www.tase.co.il
IFC Correspondent:Bank Hapoalim62 Yehuda Halevi StTel Aviv 65227IsraelTel: (972−3) 567−4003, 567−5823Fax: (972−3) 567−4864http://www.bankhapoalim.co.il/national
Israel 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Israel 1989−1998: (Currency in Millions; End of Period Levels) 302
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Tel Aviv StockExchange
262 216 229 377 558 638 654 655 640 650
Market Capitalization
In shekel 16,149 6,807 14,100 81,907 151,607 98,779 114,150 116,629 160,132 164,857
In U.S. dollars 8,227 3,324 6,176 29,634 50,773 32,730 36,399 35,934 45,268 39,628
Trading Value
In shekel 7,491 11,160 19,121 36,134 85,828 75,609 27,569 25,644 37,004 42,916
In U.S. dollars 3,909 5,535 8,389 14,694 30,327 25,110 9,155 8,045 10,727 11,291
Turnover ratio (%) − − − − − − − − 26.7 26.4
Local Index
Tel Aviv 100* − − 100.0 204.8 245.0 173.6 208.2 211.0 291.0 299.9
Change in index (%) − − − 104.8 19.6 −29.1 19.9 1.3 37.9 3.1
IFC Global Index
Number of stocks − − − − − − − 42 49 49
Share of market cap.(%)*
− − − − − − − 64.5 69.4 66.9
P/E ratio − − − − − − − 15.2 14.3 13.3
P/BV ratio − − − − − − − 1.4 1.4 1.2
Dividend yield (%) − − − − − − − − 1.7 1.9
Total return index* − − − − − − − 100.0 124.4 106.5
Change in index (%) − − − − − − − − 24.4 −14.4
Economic Data
Gross domestic product(US$)
44,600 52,490 59,170 65,771 65,926 74,670 86,585 95,110 98,081 −
Emerging Stock Markets Factbook 1999
Israel 1989−1998: (Currency in Millions; End of Period Levels) 303
Change in consumerprice index (%)
20.2 17.2 19.0 11.9 10.9 12.3 10.0 11.3 9.0 −
Exchange rate (end ofperiod)
1.9630 2.0480 2.2830 2.7640 2.9860 3.0180 3.1361 3.2456 3.5374 4.1601
Exchange rate (averageof period)
1.9164 2.0162 2.2792 2.4591 2.8301 3.0111 3.0113 3.1876 3.4495 3.8009
Notes: The base date for the Tel Aviv 100 Index is Dec. 31, 1991=100. The base date for the IFCG Israel Index is Dec.1996=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Jamaica
Market Performance
A gloomy economic environment weighed on Jamaican shares in 1998 as diminished demand and prices forJamaican commodities, such as bauxite and aluminum, undermined investor sentiment. High interest rates anddeclining credit exacerbated the island economy's banking crisis and caused more failing financial institutions tocome under government control. As a result, the IFCG Jamaica Index, which only tracks Jamaican−domiciledcompanies, tumbled 19.4% in Jamaican dollars and 21.3% in U.S. dollars. (The government's defense of theJamaican dollar capped the local currency's depreciation for the year to 2.32%.) In contrast, the local JamaicaStock Exchange Index, which includes cross−listed firms domiciled in other Caribbean countries, gained 3.8% inJamaican dollar terms.
The IFCG Jamaica Index dropped 5.3% in the first quarter as negative economic news depressed marketsentiment. In February, index constituent Caldon Finance Group entered into voluntary receivership, citing amismatch between long−term assets and short−term liabilities. News of a rise in the trade deficit to a recordUS$1.35 million and record losses in the insurance industry, topping J$1 billion (US$28.2 million), added to thepessimism and encouraged speculation against the currency by late March.
Equity returns were flat in the second quarter, as a June decline in short−term interest rates from 24% to 23%helped stem losses. Confidence in the financial sector deteriorated significantly by mid−quarter prompting thegovernment's Financial Sector Adjustment Agency to assume responsibility for more non−performing loans. InMay, the agency injected J$19.5 million into the still−viable NCB Financial Group. At the same time, trading wassuspended in three more index constituents, including Workers Savings & Loan. By June, the troubled financialsector was largely controlled by Bank of Nova Scotia and National Commercial Bank, which together hold morethan 90% of the capital of the entire banking system.
Emerging Stock Markets Factbook 1999
Jamaica 304
The IFCG Index sank 13.0% in the third quarter as international trade tensions and social unrest depressedequities. Caribbean governments reacted vehemently to U.S. threats to impose 100% punitive import duties onmore than 300 European Union products, unless changes were made to the EU's banana import regime. Socialdisaffection mounted late in the period when three people were killed during September rioting over the arrest ofseveral ruling party officials, and the parliament was attacked by a group claiming that government policiesfavored the rich. Stocks fell in October and November as the financial bailout pushed the fiscal deficit above 8%of GDP. The IFCG Index fell 9.7% over the period as local investors opted for bonds. In response to the growingdeficit, the government issued a one−year, 26.5% debenture in October. A second attempt to tap capital marketswas rebuffed in November, and the government was forced to announce spending cuts. September's social unrestsparked formation of a coalition of business leaders to contest the government's tenuous economic policy mix thathas led to a burgeoning fiscal deficit, high real interest rates, and an overvalued exchange rate. Year−endoptimism stoked a recovery in December, however, sending the IFCG Index 8.7% higher. Finance Minister OmarDavies was mildly optimistic about the island's economy, predicting that Jamaica would finally record economicgrowth in 1998. In spite of high unemployment, the market was also buoyed by news that consumer spendingincreased 36.1% in 1998.break
Monthly Value Traded(US$ millions)
IFCG Jamaica Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
Exchange Rate(Jamaican dollars per U.S. dollar)
Emerging Stock Markets Factbook 1999
Jamaica 305
* 51 markets covered by EMDB
Jamaica 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Jamaica StockExchange
49 49 49 49 49 49 49 49 49 49 49 49
MarketCapitalization
In Jamaica dollars 78,877.0 81,918.7 79,465.4 82,491.5 80,449.0 85,104.9 96,830.7 96,516.9 89,973.1 76,178.0 71,167.2 79,039.4
In US dollars 2,171.6 2,270.2 2,238.5 2,266.2 2,213.0 2,345.8 2,666.8 2,655.3 2,466.0 2,049.9 1,928.7 2,139.1
Trading Value
In Jamaica dollars 74.8 138.3 100.8 120.1 324.4 105.7 161.8 79.5 128.1 50.4 91.5 110.8
In US dollars 2.1 3.8 2.8 3.3 8.9 2.9 4.5 2.2 3.5 1.4 2.5 3.0
Turnover ratio (%) − 0.2 0.1 0.2 0.4 0.1 0.2 0.1 0.1 0.1 0.1 0.2
Local Index
JSE* 19,577.9 20,435.8 20,463.5 21,090.1 20,613.0 21,842.8 25,331.5 25,296.7 23,912.6 20,050.4 18,940.9 20,593.3
Change in index (%)−1.4 4.4 0.1 3.1 −2.3 6.0 16.0 −0.1 −5.5 −16.2 −5.5 8.7
IFC Global Index
Number of stocks 21 21 21 21 21 21 21 21 21 21 21 19
Share of market cap.(%)*
69.2 64.9 65.7 63.3 62.4 61.0 53.4 54.0 50.7 56.5 58.3 58.5
Share of tradingvalue (%)
89.6 95.0 95.5 − 98.5 84.4 99.4 91.5 97.2 84.1 82.2 99.3
P/E ratio 7.8 7.9 7.7 7.3 6.8 6.9 7.1 7.4 6.5 6.1 6.3 5.6
P/BV ratio 1.1 1.0 1.0 1.1 0.9 0.9 0.9 0.9 0.8 0.8 0.7 0.8
Emerging Stock Markets Factbook 1999
Jamaica 1998: (Currency in Millions) 306
Dividend yield (%) 3.8 4.1 4.3 4.5 4.7 4.6 4.5 4.7 5.7 6.0 6.5 6.1
Total return index* 156.3 154.3 154.0 151.4 146.8 152.1 151.1 153.3 134.2 124.7 122.5 134.5
Change in totalreturn index (%)
−3.2 −1.3 −0.2 −1.7 −3.1 3.6 −0.7 1.5 −12.5 −7.1 −1.7 9.8
Exchange Rates
Exchange rate (endof period)
36.3223 36.0845 35.5000 36.4002 36.3522 36.2800 36.3100 36.3483 36.4856 37.1620 36.9000 36.9500
Notes: The base date for the JSE Index is June 30, 1969=100. The base date for the IFCG Jamaica Index is Dec. 1995=100. In calculating shareof total market cap, IFCG market cap is not adjusted for cross holdings.
Jamaica Stock ExchangeMrs. R. Humphries−Lewin, ChairmanMr. C. Wain Iton, General Manager40 Harbour St.P.O. Box 1084Kingston, JamaicaTel: (876) 967−3271, 967−3272Fax: (876) 922−6966http://www.jamstockex.com
IFC Correspondent:Barita Investments Ltd.15 St. Lucia WayKingston 5JamaicaTel: (876) 929−2681Fax: (876) 929−8432http://www.baritagroup.com
Jamaica 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Jamaica StockExchange
45 44 44 48 50 50 51 46 49 49
Market Capitalization
In Jamaica dollars 6,200.0 7,320.0 22,215.0 76,974.3 41,879.3 58,018.1 50,755.8 66,116.3 79,619.6 79,039.4
In US dollars 956.8 910.7 1,033.6 3,227.4 1,469.4 1,752.7 1,270.4 1,887.3 2,205.9 2,139.1
Emerging Stock Markets Factbook 1999
Jamaica 1989−1998: (Currency in Millions; End of Period Levels) 307
Trading Value
In Jamaica dollars 516.0 230.0 1,157.0 4,678.3 8,346.8 5,155.5 11,560.4 1,435.7 2,691.3 1,486.1
In US dollars 89.8 32.0 95.5 386.1 336.3 157.6 340.7 38.5 75.9 40.9
Turnover ratio (%) − 3.4 7.8 9.4 14.0 10.3 21.3 2.5 3.7 1.9
Local Index
JSE* 2,075.8 2,539.4 7,681.5 25,745.9 13,099.7 16,676.7 14,267.0 16,616.0 19,846.7 20,593.3
Change in index (%) 44.2 22.3 202.5 235.2 −49.1 27.3 −14.4 16.5 19.4 3.8
IFC Global Index
Number of stocks − − − − − − 22 22 22 19
Share of market cap.(%)*
− − − − − − 823 77.7 71.1 58.5
P/E ratio − − − − − − − 8.5 8.8 5.6
P/BV ratio − − − − − − − 1.0 1.1 0.8
Dividend yield (%) − − − − − − − 9.3 3.8 6.1
Total return index − − − − − − 100.0 145.1 161.5 134.5
Change in total returnindex (%)
− − − − − − − 45.1 11.3 −16.7
Economic Data
Gross domestic product(US$)
4,105 4,239 3,737 3,185 4,002 4,001 4,181 4,070 4,135 6,607
Change in consumerprice index (%)
14.3 22.0 51.1 77.3 22.1 35.1 19.9 26.4 9.7 −
Exchange rate (end ofperiod)
6.4800 8.0380 21.4925 23.8500 28.5000 33.1030 39.9520 35.0328 36.0937 36.9500
Exchange rate (averageof period)
5.7446 7.1840 12.1159 12.1159 24.8200 32.7042 33.9325 37.2774 35.4740 36.4637
Notes: The base date for the JSE Index is June 30, 1969=100. The base date for the IFCG Jamaica Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Jordan
Emerging Stock Markets Factbook 1999
Jordan 308
Market Performance
Foreign investor activity dried up on the Amman Finance Market (AFM) in 1998, as regional events and domesticeconomic concerns took their toll on investors, allowing the bearish sentiment characterizing the market since theprevious summer to continue. Heightened tensions between the United States and Iraq continued through much ofthe year, causing great concern for Jordan's economic growth. Because Iraq is Jordan's single−largest tradingpartner, a disruption of ties between the two would have serious ramifications for the marketplace. Also, startingat mid−year, fears concerning King Hussein's health were at the forefront when he flew to the U.S. for cancertreatments. After a rough start, however, Jordanian equities staged a strong mid−year performance and ended1998 as one of the few IFCI markets to post gains. The dollar−based IFCI Jordan Index finished the year up 3.0%.
Turnover was light in early 1998, with little foreign investor activity to compensate for the sluggish local tradecommon during the observance of Ramadan. Following the mid−January 'Eid holiday, fears that Washingtonwould use force to make Saddam Hussein comply with U.N. resolutions depressed prices. Foreign investorsremained firmly on the sidelines until trading resumed, following the successful conclusion of negotiations onFebruary 23 between Iraq and the U.N. Trading activity was focused on Jordanian drug and industrial stocks withsubstantial commercial interests in Iraq. An agreement with Israel to strengthen economic relations between thetwo states was signed, and government attempts to assert control over the funds industry prompted some funds toliquidate their assets, flooding the AFM with excess shares.
Positive factors spurring a second−quarter boost included the release of well−received 1997 earnings anddomestic enthusiasm for blue chips trading at attractive valuations. Weeks of solid gains lifted the IFCI Index inApril and May. The government repealed its plans to regulate provident and savings funds, and the rallycontinued as local investors moved in to buy firms that posted healthy earnings for 1997. Optimism that highdividend levels would be forthcoming was bolstered when several blue chips announced bonus shares. The IFCIIndex fell throughout most of June, however, but picked up at month's end as portfolio managers bought shares towindow−dress their mid−year holdings. The stalled Middle East peace process remained a cause for concern,however. King Hussein flew to the U.S. to begin cancer treatment in late July.
Jordanian shares closed almost flat in August, proving to be an anomaly during the volatility affecting mostemerging markets. Domestic demand was boosted by the release of positive earnings reports, but foreign moneyretreated from emerging markets in general. The Jordanian market then dropped in September, although lowforeign investor interest protected stocks from the severe volatility seen on international markets. Trading wasthin and high interest rates pulled investors away from equities. In other news, the AFM announced newdisclosure requirements in the form of quarterly financial reports, and Bassam al−Saket was appointed chief of theJordan Securities Commission.
Shares later benefited from plans to privatize part of Jordan Cement Factory. The sale of the government's stake inJordan Cement was widely cheered as a shot in the arm to the state privatization program. The successful sale to
Emerging Stock Markets Factbook 1999
Market Performance 309
French firm LaFarge provided a boost to blue chips for the rest of the year.break
Monthly Value Traded(US$ millions)
IFCI Jordan Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(dinar per U.S. dollar)
Jordan 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
146 146 147 147 146 148 148 148 150 150 150 150
Emerging Stock Markets Factbook 1999
Jordan 1998: (Currency in Millions) 310
Amman FinancialMarket
MarketCapitalization
In dinars 3,836 4,039 3,967 4,039 4,278 4,173 4,260 4,251 4,112 3,923 3,999 4,157
In U.S. dollars 5,400 5,680 5,580 5,677 6,016 5,870 5,996 5,970 5,784 5,510 5,616 5,838
Trading Value
In dinars 20 23 48 32 32 23 51 37 20 24 9 5 60
In U.S. dollars 28 32 67 45 45 33 72 52 28 33 134 84
Turnover ratio (%) 0.5 0.6 1.2 0.8 0.8 0.5 1.2 0.9 0.5 0.6 2.4 1.5
Local Index
AFM General* 166.8 169.6 165.8 170.3 179.8 174.6 180.2 179.5 171.3 161.8 165.2 170.1
Change in index (%) −1.4 1.7 −2.3 2.7 5.6 −2.9 3.2 −0.4 −4.6 −5.5 2.1 3.0
IFC Global Index
Number of stocks 44 44 44 44 44 44 44 44 44 44 41 41
Share of market cap.(%)
80.7 77.6 77.3 81.4 82.6 81.9 83.0 83.1 81.9 80.6 81.0 80.0
Share of trading value(%)
72.6 76.7 83.7 79.3 79.7 75.1 85.2 58.9 77.3 80.2 20.9 77.6
P/E ratio 14.3 14.5 13.3 14.3 15.7 15.0 16.5 16.6 16.0 15.1 15.6 15.9
P/BV ratio 1.8 1.8 1.6 1.6 1.8 1.7 1.8 1.8 1.8 1.7 1.7 1.8
Dividend yield (%) 2.1 2.0 2.1 2.3 2.0 2.1 2.0 1.9 2.0 2.1 1.8 1.8
Total return index* 258.1 260.4 258.9 269.9 294.1 281.9 300.1 300.8 289.4 272.0 280.2 287.3
Change in total returnindex (%)
−0.5 0.9 −0.5 4.2 9.0 −4.2 6.5 0.2 −3.8 −6.0 3.0 2.6
Exchange Rates
Exchange rates (end ofperiod)
0.7105 0.7110 0.7110 0.7115 0.7110 0.7110 0.7105 0.7120 0.7110 0.7120 0.7120 0.7120
Emerging Stock Markets Factbook 1999
Jordan 1998: (Currency in Millions) 311
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. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Amman Financial MarketDr. Bassam al−Saket, ChairmanJordan Securities CommissionP.O. Box 8802Amman, JordanTel: (962−6) 607−216,660−170Fax: (962−6) 686−830http://www.accessme.com/AFM/
IFC Correspondent:Amman Financial MarketP.O. Box 8802AmmanJordanTel: (962−6) 607−216, 660−170Fax: (962−6) 686−830http://www.accessme.com/AFM/
Jordan 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Amman FinancialMarket
106 105 101 103 101 95 97 98 139 150
Market Capitalization
In dinars 1,378 1,283 1,691 2,269 3,360 3,234 3,311 3,230 3,863 4,157
In U.S. dollars 2,162 2,001 2,512 3,365 4,891 4,594 4,670 4,551 5,446 5,838
Trading Value
In dinars 365 266 292 879 933 430 362 211 355 464
In U.S. dollars 652 407 432 1,317 1,377 626 517 297 501 653
Turnover ratio (%) 29.9 20.0 19.6 44.4 33.1 13.0 11.1 6.5 10.0 11.6
Local Index
AFM General* 93.3 80.4 100.0 129.9 158.4 143.6 159.2 153.5 169.2 170.1
Change in index (%) 10.4 −13.8 24.4 29.9 22.0 −9.4 10.8 −3.6 10.3 0.5
IFC Global Index
Emerging Stock Markets Factbook 1999
Jordan 1989−1998: (Currency in Millions; End of Period Levels) 312
Number of stocks 25 25 29 27 29 42 50 51 44 41
Share of market cap.(%)*
70.2 74.3 62.7 59.1 52.0 60.7 74.6 74.1 81.2 80.0
P/E ratio 14.4 7.8 10.0 14.5 17.9 20.8 18.2 16.9 14.4 15.9
P/BV ratio 1.6 1.4 1.4 1.6 2.0 1.7 1.9 1.7 1.8 1.8
Dividend yield (%) 2.4 6.5 8.7 2.5 2.7 2.4 1.9 2.3 2.1 1.8
Total return index* 121.4 126.6 145.8 181.8 225.7 203.7 229.5 226.5 259.4 287.3
Change in index (%) −1.1 4.3 15.2 24.7 24.1 −9.7 12.7 −1.3 14.5 10.8
Economic Data
Gross domestic product(US$)
4,128 4,020 4,193 5,138 5,487 6,037 6,591 6,793 7,015 −
Change in consumerprice index (%)
25.7 16.2 8.2 4.0 3.3 3.5 2.4 6.5 3.0 −
Exchange rate (end ofperiod)
0.6376 0.6409 0.6730 0.6742 0.6870 0.7040 0.7090 0.7098 0.7093 0.7120
Exchange rate (averageof period)
0.5599 0.6544 0.6762 0.6671 0.6776 0.6880 0.7010 0.7094 0.7094 0.7112
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.
Kenya
Market Performance
Despite the successful re−election of President Daniel Arap Moi in January and its obvious effect of helpingensure continuity in the government and of strengthening sentiment on the stock market, the shilling−basedNairobi Stock Exchange (NSE) Index lost more than 4% in 1998. The more narrowly focused IFCG Kenya Index,however, gained more than 13.8% in dollar terms.
Shares moved higher through mid−January with domestic investors, who had stayed away from equities ahead ofthe elections, returning to the Nairobi exchange and boosting buying activity. Shares slid in the last weeks of themonth as ethnic killings, which claimed more than 85 lives in a two−week period, pushed foreign investors to thesidelines and reversed local investor sentiment. The downtrend continued throughout February and March aslower−than−expected 1997 profits for some firms drove investors to profit−taking. The switch to higher−yieldinggovernment securities, coupled with a turn toward investing in Treasury bills because of rising interest ratesbrought the market down at the close of the second quarter.
Shares finally began to rebound in June, and thanks to a strong shilling, the dollar−based IFCG Index posted again of 7.5% for the month. Volume and turnover for June also dramatically increased as a result of FinanceMinister Simeon Nyachae's announcement of a new deficit−fighting budget. As a result, the period finished withstrong returns, as government efforts helped draw investors back into equities and away from the security of
Emerging Stock Markets Factbook 1999
Kenya 313
Treasury bills.
The positive results were short−lived, however, as terrorists bombed the U.S. Embassy in Kenya, shattering thelives of many and clouding the future of Kenyan equities. As a result of the attack, foreign investors remainedwary throughout the third quarter, keeping their distance from the Kenyan market. High interest rates alsodampened investors' enthusiasm for equities as the government benchmark 91−day Treasury bill exceeded a23.5% yield. An increase in foreign investor selling and a large reduction in local interest highlighted the market'spessimism.
By October, the stock exchange had fallen to a four−and−a−half−year low. During the month, the local NSEIndex dropped 2.7% in shillings, while the IFCG Index fell 0.8% in dollars. Local market attitudes, however,remained cautiously optimistic that a recent decrease in domestic interest rates combined with government effortsto balance the budget would be enough to draw investors away from Treasury bills and back into the equitymarket. By December, Kenyan shares posted substantial gains, rallying from the previous two months oflackluster performance. The bourse ended the year posting its 19th gain in 20 sessions, bringing renewedexcitement into the market.break
Monthly Value Traded(US$ millions)
IFCG Kenya Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Kenya 314
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(shillings per U.S. dollar)
Kenya 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Nairobi StockExchange
58 58 58 58 58 58 58 58 58 58 58 58
MarketCapitalization
In shillings 124,180.9123,786.8119,994.3112,597.4117,218.2118,949.0116,413.4115,248.9112,519.2109,321.9105,919.1125,575.2
In USdollars
2,069.7 2,063.1 1,999.9 1,890.8 1,846.0 1,999.1 1,971.4 1,940.2 1,873.8 1,832.7 1,763.8 2,023.8
Trading Value
In shillings 266.8 494.8 613.7 212.8 351.4 416.3 390.6 412.3 420.0 248.8 401.0 520.7
In USdollars
4.4 8.2 10.2 3.6 5.5 7.0 6.6 6.9 7.0 4.2 6.7 8.4
Turnoverratio (%)
0.0 0.4 0.5 0.2 0.3 0.3 0.3 0.4 0.4 0.2 0.4 0.4
Local Index
Emerging Stock Markets Factbook 1999
Kenya 1998: (Currency in Millions) 315
NSE* 3,348.1 3,362.2 3,213.3 3,015.0 3,016.4 2,908.5 2,868.2 2,862.7 2,810.3 2,733.7 2,583.7 2,962.1
Change inindex (%)
7.4 0.4 −4.4 −6.2 0.0 −3.6 −1.4 −0.2 −1.8 −2.7 −5.5 14.6
IFC GlobalIndex
Number ofstocks
17 17 17 17 17 17 17 17 17 17 17 17
Share ofmarket cap.(%)*
78.5 79.3 77.9 76.1 78.0 77.7 77.7 77.6 77.0 78.2 78.2 80.3
Share oftradingvalue (%)
79.5 74.2 55.9 53.6 66.6 73.7 80.2 77.6 50.0 84.1 81.9 48.5
P/E ratio 8.5 8.5 8.2 7.2 7.8 7.8 7.6 6.8 6.4 6.8 6.6 8.1
P/BV ratio 1.6 1.6 1.6 1.4 1.5 1.5 1.4 1.4 1.4 1.4 1.3 1.6
Dividendyield (%)
9.3 9.2 10.6 10.4 9.8 10.0 10.1 10.2 8.9 7.2 7.3 5.9
Total returnindex*
109.4 110.0 108.1 99.6 100.6 108.5 106.6 106.4 103.3 102.5 99.8 118.9
Change intotal returnindex (%)
11.3 0.5 −1.8 −7.8 1.0 7.8 −1.8 −0.1 −2.9 −0.8 −2.6 19.2
Exchange Rates
Exchange rates(end of period)
60.0000 60.0000 60.0000 59.5500 63.5000 59.0500 59.4000 60.0500 59.6500 60.0500 62.0500
Notes:The base date for the NSE Index is Jan. 1, 1964=100. The base date for the IFCG Kenya Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross
holdings.
Nairobi Stock ExchangeP.O. Box 43633
1st F., Nation CentreNairobiKenyaTel: (254−2) 230−692Fax: (254−2) 224−200http://www.africaonline.co.ke/stockexchange.bin
IFC Correspondent:Loita Asset Management Ltd.
16th Floor, Ambank HouseUniversity WayNairobiKenyaTel: (254−2) 219−015, 219−033Fax: (254−2) 218−992
Emerging Stock Markets Factbook 1999
Kenya 1998: (Currency in Millions) 316
Kenya 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Nairobi StockExchange
57 54 53 57 56 56 56 56 58 58
MarketCapitalization
In shillings 10,780.0 10,902.0 12,706.0 23,063.0 72,395.0 136,831.0105,527.0101,539.8114,181.3125,575.2
In US dollars 499.1 452.7 452.6 636.8 1,059.9 3,081.8 1,886.1 1,846.2 1,824.0 2,023.8
Trading Value
In shillings − 235.0 302.0 384.0 825.2 3,076.0 3,348.8 3,835.3 6,125.6 4,749.1
In US dollars − 10.3 11.0 11.9 14.2 62.1 65.1 67.1 104.4 78.7
Turnover ratio (%) − 2.2 2.6 2.1 1.7 2.9 2.8 3.7 5.7 4.0
Local Index
NSE* 815.8 915.3 958.3 1,167.3 2,513.7 4,559.4 3,468.9 3,114.1 3,115.1 2,962.1
Change in index (%) −5.0 12.2 4.7 21.8 115.3 81.4 −23.9 −10.2 0.0 −4.9
IFC Global Index
Number of stocks − − − − − − 16 17 17 17
Share of market cap.(%)*
− − − − − − − 78.5 80.2 80.3
P/E ratio − − − − − − − 6.6 7.9 8.1
P/BV ratio − − − − − − − 1.5 1.5 1.6
Dividend yield (%) − − − − − − − 10.3 10.5 5.9
Total return index* − − − − − − 100.0 99.6 98.3 118.9
Change in total returnindex (%)
− − − − − − − −0.4 −1.3 21.0
Emerging Stock Markets Factbook 1999
Kenya 1989−1998: (Currency in Millions; End of Period Levels) 317
Economic Data
Gross domesticproduct (US$)
8,341 8,533 8,043 7,951 5,752 7,149 9,054 9,244 10,240 −
Change in consumerprice index (%)
12.9 15.6 19.8 29.5 45.8 29.0 0.8 8.8 12.0 −
Exchange rate (end ofperiod)
21.6010 24.0840 28.0741 36.2163 68.3060 44.4000 55.9500 55.0000 62.6000 62.0500
Exchange rate(average of period)
20.5725 22.9150 27.5079 32.2170 58.0010 49.5000 51.4300 57.1456 58.6641 60.3539
Notes: The base date for the NSE Index is Jan. 1, 1964=100. The base date for the IFCG Kenya Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Korea
Market Performance
The Korean stock exchange finished 1998 as the best−performing emerging market in dollar terms as sweepingreforms countered the country's worst financial crisis. Investors who braved the market were greatly rewarded asthey re−evaluated corporate Korea and its underlying fundamentals. Their gamble paid off handsomely when thedollar−denominated IFCI and IFCG Korea indexes chalked up extraordinary gains of 121.1% and 118.8%,respectively, while the won−based Korea Composite Index (KOSPI) capped the year with a 49.5% return.
In retrospect, the phenomenal gains in the first quarter of 1998 proved to be a knee−jerk reaction by foreigninvestors hoping for an immediate recovery. Toward the end of the quarter, more realistic sentiments prevailed asthe release of economic indicators painted a very sobering picture of the bloodletting to follow. Nevertheless, thetemporary upswing in confidence did breathe new life into the market as the KOSPI Index rose by 27.8% whilethe dollar−based IFCI Index zoomed up 58.1%, partly from the 22.4% appreciation of the won.
Reality set in the following quarter when the market was besieged on from numerous fronts: a faltering bankingsector, rising labor unrest, and a weakening yen proved too powerful even for the most risk−seeking investor. Theproblems besetting the banking sector reached their apex after the Financial Supervisory Commission announcedthe forced merger of five ailing banks with healthier ones before the end of the year. The release of April's 6.7%jobless rate, a 12−year high, precipitated a high degree of labor unrest during the period. The yen'ssix−and−a−half−year low against the dollar, a primary factor in determining Korea's competitive exportadvantage over its Japanese counterparts, spurred a month−on−month decline of 22.9% for the IFCI Index inMay. Second−quarter losses stood at 36.5% for the index.
Emerging Stock Markets Factbook 1999
Korea 318
Third−quarter results were relatively flat despite a 28% appreciation of the won, which resulted in a 28% increasein the IFCI Korea Index in July. The won's exchange rate of 1,208 per dollar in late July reflected a 50%appreciation over six months. This wasn't enough to entice foreign investors back into the market as share priceswere battered by the Russian meltdown, yen depreciation, lower first−half GDP figures, rising unemployment,and labor disputes. The IFCI Korea Index shed only 2.1% for the quarter, respectable considering the backdrop ofevents. The first and last quarters of 1998 really spelled the difference for South Korean equities this year. Asincere effort to shore up its financial sector and the political will to mete out reforms yielded a staggering124.6% gain in the IFCI Index in the fourth quarter alone. Three factors precipitated the phenomenal gains: thewon appreciated an additional 15.7% during the period; the yen strengthened to an unexpected 115 yen−to−dollarrate, which is beneficial to Korean exports; and finally, because of the won's stability, there was a full turn inmonetary policy, allowing interest rates to drop from a high of 30% earlier in the year to about 7%.
In exchange news, the foreign investment limit on Korean securities was lifted on May 22 with the followingexceptions: KEPCO & POSCO (30%), mining (49.99%), air transportation (49.99%), and information andcommunication (33%).break
Monthly Value Traded(US$ millions)
IFCI Korea Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Korea 319
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(won per U.S. dollar)
Korea 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Korea StockExchange
776 776 776 776 773 772 762 760 760 752 750 748
MarketCapitalization
In won (1/1,000) 106,214 108,477 93,820 82,815 66,058 60,819 71,474 64,673 65,049 89,559 100,771 137,798
In U.S. dollars 69,694 66,428 67,740 61,964 46,933 44,297 58,085 47,888 46,773 67,874 80,875 114,593
Trading Value
In won (1/1,000) 18,966 20,414 15,723 9,514 8,058 8,262 12,349 8,822 9,405 14,589 23,047 43,696
In U.S. dollars 12,445 12,501 11,352 7,118 5,725 6,018 10,036 6,532 6,763 11,056 18,497 36,338
Turnover ratio (%) 21.4 19.0 15.5 10.8 10.8 13.0 18.7 13.0 14.5 18.9 24.2 36.6
Local Index
Emerging Stock Markets Factbook 1999
Korea 1998: (Currency in Millions) 320
KOSPI* 567.4 558.9 481.0 421.2 332.0 297.8 343.3 310.1 310.0 403.4 451.8 562.4
Change in index (%) 50.8 −1.5 −13.9 −12.4 −21.2 −10.3 15.3 −9.7 0.0 30.1 12.0 24.5
IFC Global Index
Number of stocks 195 195 195 195 195 195 195 195 195 195 181 180
Share of market cap.(%)*
79.8 81.3 81.7 84.7 86.4 83.6 81.8 82.2 83.0 76.4 80.2 74.9
Share of trading value(%)
70.6 64.0 62.9 61.1 67.0 67.7 73.0 56.9 54.0 75.4 72.3 72.3
P/E ratio 27.8 26.3 23.3 20.8 −26.6 −13.3 −15.2 −13.7 −14.5 −18.3 −35.0 −47.1
P/BV ratio 0.8 0.8 0.7 0.6 0.5 0.4 0.5 0.5 0.4 0.6 0.7 0.9
Dividend yield (%) 1.1 1.1 1.2 1.3 1.6 1.9 1.6 1.8 1.8 1.4 1.3 0.9
Total return index* 229.8 213.0 215.0 198.5 152.4 135.3 173.8 140.1 133.9 177.7 217.7 298.6
Change in total returnindex (%)
70.9 −7.3 1.0 −7.7 −23.2 −11.2 28.4 −19.4 −4.4 32.8 22.5 37.1
Exchange Rates
Exchange rates (endof period)
1,524.0 1,633.0 1,385.0 1,336.5 1,407.5 1,373.0 1,230.5 1,350.5 1,390.8 1,319.5 1,246.0 1,202.5
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 oftotal market cap, IFCG market cap is not adjusted for cross holdings.
Korea Stock ExchangeMr. In−Kie Hong, Chairman & CEO33 Yoido−dongYongdeungpo−kuSeoul, 150−010KoreaTel: (82−2) 3774−9000Fax: (82−2) 786−0263http://www.kse.or.kr
IFC Correspondent:Korea Securities Finance Corp.34−9 Yeouido−DongYongdeungpo−KuSeoulKoreaTel: (82−2) 3770−8574Fax: (82−2) 784−0243
Korea 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Korea 1989−1998: (Currency in Millions; End of Period Levels) 321
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Korea Stock Exchange626 669 686 688 693 699 721 760 776 748
MarketCapitalization
In won (1/1,000) 95,476.8 79,019.7 73,117.8 84,712.0 112,665.3151,217.2141,151.4117,370.070,988.9 137,798.5
In U.S. dollars 140,946 110,594 96,373 107,448 139,420 191,778 181,955 138,817 41,881 114,593
Trading Value
In won(1/1,000) 81,200.0 53,454.0 62,565.0 90,624.0 169,920.0229,772.0142,913.0142,642.0162,281.0192,845.0
In U.S. dollars 121,264 75,949 85,464 116,101 211,710 286,056 185,197 177,266 170,237 137,859
Turnover ratio (%) 101.5 61.3 82.3 114.8 172.2 174.1 97.8 110.3 172.3 184.7
Local Index
KOSPI* 909.7 696.1 610.9 678.4 866.2 1,027.4 882.9 651.2 376.3 562.5
Change in index (%) 0.3 −23.5 −12.2 11.0 27.7 18.6 −14.1 −26.2 −42.2 49.5
IFC Global Index
Number of stocks 61 77 92 91 134 162 162 162 195 180
Share of market cap.(%)*
45.7 57.4 62.9 61.9 65.6 65.2 68.0 63.6 79.2 74.9
P/E ratio 28.1 16.4 21.3 21.4 25.1 34.5 19.8 11.7 17.9 −47.1
P/BV ratio 2.2 1.3 1.0 1.1 1.4 1.6 1.3 0.8 0.5 0.9
Dividend yield (%) 1.3 0.5 1.6 1.8 0.6 1.3 1.4 2.3 3.0 0.9
Total return index* 797.5 595.3 500.8 518.6 627.1 746.6 695.4 429.9 134.5 298.6
Change in index (%) 7.0 −25.4 −15.9 3.6 20.9 19.1 −6.9 −38.2 −68.7 122.0
Economic Data
Gross domesticproduct (US$)
222,151 253,671 294,175 307,938 332,821 380,820 456,357 484,571 442,543 −
Emerging Stock Markets Factbook 1999
Korea 1989−1998: (Currency in Millions; End of Period Levels) 322
Change in consumerprice index (%)
5.7 8.6 9.3 6.2 4.8 6.2 4.5 4.9 4.4 −
Exchange rate (end ofperiod)
677.400 714.500 758.700 788.400 808.100 788.500 775.750 845.500 1,695.0001,202.500
Exchange rate(average of period)
669.610 703.815 732.065 780.563 802.606 803.240 771.679 804.677 953.266 1,398.854
Notes: The base date for the KOSPI is Jan. 1980=100. The base date for the IFCG Korea Index is Dec. 1984=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Latvia
Market Performance
The Latvian stock market spiraled lower in 1998, as worse−than−expected corporate results, an emerging marketsell−off by foreign funds, and political disputes with Russia, Latvia's largest trading partner, combined forces todrive the market lower. Concern about the Latvian market's exposure to Russian financial turmoil also fed lossesin the latter half of 1998. For the year, the dollar−based IFCG Latvia Index lost 67.4%.
The stock market moved slightly lower in the first quarter of 1998, as foreign investors remained sidelined amidconcern over the Asian meltdown's domino impact on emerging markets. Domestic investors were more cautiousthan ever, resulting in low liquidity, while the majority of activity was concentrated in a few blue chips. The RigaStock Exchange launched a new real time price−weighted RICI Index in the first quarter in response to demandfrom investors. Bearish sentiment prevailed at the end of the quarter amid pessimistic expectations for 1997results, due out in late March and April, and deteriorating relations with Russia.
On April 7, 1998, IFC announced the launching of the IFCG Latvia Index, along with new indexes for Croatia,Estonia, Romania, and the Ukraine. Frontier market indexes are calculated on a monthly, rather than daily basis,and are not included in the IFC Global Composite Index. The Latvian index has fourteen stocks, dominated byUnibanka, which represents about 43% of market capitalization.
Share prices shifted lower in the second quarter on worries over tensions with Russia and concerns over corporateearnings. Companies that rely heavily on sales to Russia were particularly vulnerable during April, followingthreats by Russia of trade sanctions against Latvia in response to political disputes. Falling prices in EasternEurope and the lower−than−expected first−quarter company results caused the Latvian equity market to postserious losses in May, with the IFCG Index declining by 14.2%. The fall continued through June as many Latvianshares drifted to all−time lows. Trading stagnated in response to the trade dispute with Russia, anxieties over fallparliamentary elections, and uncertainty over the future of the privatization process.
Emerging Stock Markets Factbook 1999
Latvia 323
The market's stagnation continued in the third quarter amid fear that Russia would impose trade sanctions. TheIFCI Index lost 39.3% in August, seriously affected by financial crisis in Russia. Adding fuel to the fire weredisclosures by Latvian companies of large exposures to Russia. Latvian banks' total exposure amounted to 7% oftheir assets, mainly in Russian domestic debt. The pessimistic mood continued in September as domestic andforeign investors joined in selling shares with high exposure to Russia. Cautious sentiment ahead of the fallgeneral elections reduced volatility by quarter's end.
Weak third−quarter results and uncertainty over the exposure of Latvian companies to Russia dampenedsentiment in October. The outcome of the general elections did not alleviate uncertainty, for although thepro−business People's Party won, investors decided to wait until the new government was announced. Parliamentapproved the country's new minority coalition government in November, which helped to lift the IFCG Index.The new government promised to speed up the country's integration into the European Union and to improve itsrelationship with Russia. The rebound continued into December, while domestic investors targeted undervaluedshares of small companies.break
Monthly Value Traded(US$ millions)
IFCG Latvia Index Correlation(12−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Latvia 324
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(lats per U.S. dollar)
Latvia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Riga Stock Exchange51 52 54 56 61 65 64 64 63 65 69 69
MarketCapitalization
In lats 188.7 194.3 233.0 244.2 216.7 201.8 194.4 142.5 140.7 199.8 214.0 218.3
In US dollars 319.7 330.8 392.7 411.1 363.0 335.3 324.6 237.2 241.3 351.8 368.9 382.4
Trading Value
In lats 4.6 3.5 5.8 7.2 4.7 3.6 3.7 5.1 4.3 2.5 3.1 2.2
In US dollars 7.7 6.0 9.7 12.1 7.9 5.9 6.2 8.6 7.4 4.5 5.3 3.8
Turnover ratio (%) 0.1 1.8 2.7 3.0 2.0 1.7 1.9 3.0 3.1 1.5 1.5 1.0
Local Index
Emerging Stock Markets Factbook 1999
Latvia 1998: (Currency in Millions) 325
Dow Jones RSE* 325.4 325.6 306.3 285.4 247.8 206.8 206.0 124.4 113.5 88.3 96.8 98.0
Change in index (%) −5.9 0.0 −5.9 −6.8 −13.2 −16.5 −0.4 −39.6 −8.8 −22.1 9.6 1.2
IFC Global Index
Number of stocks 11 11 11 11 11 11 11 11 11 11 11 14
Share of market cap.(%)*
75.1 73.4 57.1 51.5 50.1 45.7 47.3 39.4 37.2 20.0 21.4 26.8
Share of trading value(%)
87.3 76.9 84.2 87.8 65.7 63.4 79.9 63.0 86.4 69.4 74.3 81.3
P/E ratio 14.4 13.0 12.1 11.9 6.1 6.4 6.4 5.4 4.9 3.8 4.4 7.1
P/BV ratio 1.5 1.5 1.3 1.2 0.5 0.9 0.9 0.3 0.3 0.2 0.2 0.4
Dividend yield (%) − − − − − − − − − − − 7.1
Total return index* 93.2 94.3 87.3 83.9 72.8 61.3 61.7 37.4 35.4 28.2 31.6 33.7
Change in total returnindex (%)
−6.8 1.3 −7.5 −3.8 −13.3 −15.7 0.5 −39.3 −5.3 −20.4 12.1 6.7
Exchange Rates
Exchange rate (end ofperiod)
0.5903 0.5873 0.5933 0.5940 0.5970 0.6020 0.5990 0.6010 0.5830 0.5680 0.5800 0.5710
Notes: The base date for the Dow Jones RSE Index is Apr. 2, 1996=100. The base date for the IFCG Latvia Index is Dec.1997=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Riga Stock ExchangeMr. Uldis Cerps, PresidentDoma Laukums 6Riga, LV 1885LatviaTel: (371−7) 212−431Fax: (371−7) 820−504http://www.rfb.lv
IFC Correspondent:Riga Stock ExchangeDoma Laukums 6Riga, LV 1885LatviaTel: (371−1) 212−431Fax: (371−1) 820−504http://www.rfb.lv
Latvia 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Latvia 1989−1998: (Currency in Millions; End of Period Levels) 326
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Riga Stock Exchange − − − − − − 17 34 51 69
Market Capitalization
In lat − − − − − − 5.3 84.2 198.8 218.3
In US dollars − − − − − − 9.8 151.4 337.5 382.4
Trading Value
In lat − − − − − − − 6.5 48.9 50.4
In US dollars − − − − − − − 11.9 84.2 85.6
Turnover ratio (%) − − − − − − − 14.6 34.6 1.4
Local Index
Dow Jones RSE* − − − − − − − − 345.9 98.0
Change in index (%) − − − − − − − − − −71.7
IFC Global Index
Number of stocks − − − − − − − − 11 14
Share of market cap.(%)*
− − − − − − − − 58.7 26.8
P/E ratio − − − − − − − − 11.9 7.1
P/BV ratio − − − − − − − − 1.2 0.4
Dividend yield (%) − − − − − − − − − 7.1
Total return index* − − − − − − − − 100.0 33.7
Change in total returnindex (%)
− − − − − − − − − −66.3
Economic Data
Gross domestic product(US$)
11,552 12,488 11,025 6,358 5,315 5,461 6,248 5,134 5,527 −
Emerging Stock Markets Factbook 1999
Latvia 1989−1998: (Currency in Millions; End of Period Levels) 327
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − − 0.5370 0.5560 0.5890 0.5710
Exchange rate (averageof period)
− − − − − − 0.5280 0.5510 0.5810 0.5890
Notes: The base date for the Dow Jones RSE Index is Apr. 2, 1996=100. The base date for the IFCG Latvia Index isDec. 1997=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Lithuania
Market Performance
The Lithuanian stock market fell through most of 1998, initially on negative sentiment among foreign investorstoward emerging markets and later on Russian financial turmoil. The market recovered slightly at year's end amidhealthy earnings posted by blue chips. But the overall trend was decidedly negative, with the dollar−based IFCGLithuania Index plunging 39.2% over the year.
Uncertainty over emerging markets pushed stock prices steadily lower in January and February. Foreign investorswithdrew from the region at the onset of the Asian crisis, and for several months low liquidity and steady losseswere standard features of regional stock markets. Local investors kept to the sidelines to await 1997 corporateresults. Equities and trading activity soared in March, however, with the IFCG Lithuania Index surging 12.9% indollar terms and value traded tripling. The market was boosted by healthy 1997 earnings and by preliminaryreports that GDP expanded 5.7% in 1997, a rise from 1996 growth of 4.7%. In other economic news, thegovernment reported in February that the country's foreign debt rose to $1.402 billion in 1997 from $1.157 billionin 1996, while the trade deficit rose by 46%.
Trading activity and prices were flat in April, as brokers familiarized themselves with a new trading system thatpermitted them to see high bids, low offers, and average prices. Selling pressures resumed in May and continuedthrough the rest of the second quarter. The banking sector came under heavy pressure on news that the merger ofVilniaus Bank and Hermis Bank had been called off. In economic news, the government predicted it wouldbalance its budget deficit by the year 2000, a year later than forecasted. The central bank said the litas would bepegged to a basket of European currencies and the U.S. dollar by the middle of 1999.
Emerging Stock Markets Factbook 1999
Lithuania 328
Share prices continued to fall in July despite positive economic news of lower inflation and higher growth.Trading activity was predictably sluggish as summer vacations drew many investors from the market. The marketplunged in August, however, on concerns about local companies' exposure to the Russian crisis and worries aboutinvestors pulling funds out of Eastern Europe. As a result of this bearish pressure, the local LITIN Index droppedbelow its historical low of 573.53. The fall continued into September with banking and dairy product industriesleading the downturn. To offset the effect of the Russian turmoil and alleviate the budget deficit, the Lithuaniangovernment continued privatizing state−held companies, boosting foreign currency reserves, and repurchasingT−bills. The total 1998 privatization proceeds amounted to $582 million.
Prices stabilized in the fourth quarter and began a slow recovery as companies posted healthy third−quarterresults. Foreign investors re−entered the market by the end of October to take positions in steeply undervaluedblue chips. The market ended 1998 cautiously optimistic. Although foreign investors were passive ahead of theyearend holidays, local investors boosted activity amid rumors of fresh foreign interest in blue chips.Position−taking lifted trading volumes at year's end as institutional investors adjusted their portfolios foraccounting and window−dressing purposes. Retail individuals rebalanced their portfolios to diminish the impactof a 15% capital gain tax on individual investors that took effect on January 1, 1999.break
Monthly Value Traded(US$ millions)
IFCG Lithuania Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*
Exchange Rate(litas per U.S. dollar)
Emerging Stock Markets Factbook 1999
Lithuania 329
(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Lithuania 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
National StockExchange
608 611 606 609 609 609 64 64 64 64 63 60
MarketCapitalization
In litas 6,260.0 6,146.0 6,035.0 5,865.0 5,895.0 5,392.0 5,157.0 4,711.0 4,180.8 3,789.8 3,778.0 4,297.2
In US dollars 1,553.3 1,525.1 1,497.5 1,455.3 1,462.8 1,338.0 1,279.7 1,169.0 1,037.4 940.4 937.5 1,074.2
Trading value
In litas 38.0 57.2 175.9 77.4 59.5 51.6 68.5 26.3 111.7 48.3 78.1 97.6
In US dollars 9.4 14.2 43.6 19.2 14.8 12.8 17.0 6.5 27.7 12.0 19.4 24.4
Turnover ratio (%) 1.2 0.9 2.9 1.3 1.0 0.9 1.3 0.5 2.5 1.2 2.1 2.4
Local Index
LITIN−G* 1,673.6 1,655.3 1,787.4 1,725.0 1,644.9 1,581.7 1,476.7 1,327.8 1,184.6 1,080.6 1,092.1 1,088.8
Change in index (%) −1.1 −1.1 8.0 −3.5 −4.6 −3.8 −6.6 −10.1 −10.8 −8.8 1.1 −0.3
IFC Global Index
Number of stocks 29 29 29 29 29 29 29 29 29 29 29 27
Share of market cap.(%)*
57.9 58.8 70.0 68.3 64.6 71.9 69.3 64.0 60.9 58.6 59.7 63.9
Share of tradingvalue (%)
59.0 60.7 71.3 62.5 60.9 63.2 59.2 63.3 73.1 75.8 77.8 63.1
P/E ratio 7.2 7.0 7.9 13.0 11.7 11.2 10.2 7.0 5.8 6.0 6.5 5.7
P/BV ratio 0.9 0.9 1.0 1.0 0.9 0.9 0.8 0.6 0.5 0.5 0.5 0.6
Emerging Stock Markets Factbook 1999
Lithuania 1998: (Currency in Millions) 330
Dividend yield (%) 0.9 0.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total return index* 193.1 187.6 211.7 212.0 191.7 176.6 161.3 134.6 112.6 108.3 115.6 124.5
Change in total returnindex (%)
−5.6 −2.9 12.9 0.2 −9.6 −7.9 −8.7 −16.5 −16.3 −3.9 6.8 7.7
Exchange Rates
Exchange rate (endof period)
4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0300 4.0005
Notes: The base date for the LITIN−G Index is Dec. 1995=1,000. The base date for the IFCG Lithuania Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
National Stock ExchangeMr. Rimantas Busila, PresidentUkmerges 412600 VilniusLithuaniaTel: (370−2) 723−871Fax: (370−2) 724−894http://www.nse.ltEmail: [email protected]
IFC Correspondent:VB VILFILMA Securities2600 VilnusLithuaniaTel: (370−2) 390−400Fax: (370−2) 390−499Email: [email protected]
Lithuania 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
National StockExchange
− − − − − 13 351 460 607 60
Market Capitalization
In litas − − − − − 165.0 630.0 3,603.8 6,824.0 4,297.2
In US dollars − − − − − 4.1 157.4 900.3 1,693.3 1,074.2
Trading Value
In litas − − − − − 27.0 148.4 187.6 959.1 890.0
In US dollars − − − − − 6.8 37.1 46.9 239.4 221.0
Emerging Stock Markets Factbook 1999
Lithuania 1989−1998: (Currency in Millions; End of Period Levels) 331
Turnover ratio (%) − − − − − − 37.3 8.9 18.4 16.0
Local Index
LITIN−G* − − − − − − 1,000.0 1,327.5 1,862.9 1,088.8
Change in index (%) − − − − − − − 32.8 40.3 −41.6
IFC Global Index
Number of stocks − − − − − − 31 31 29 27
Share of market cap.(%)*
− − − − − − 75.5 27.6 60.5 63.9
P/E ratio − − − − − − − −23.9 8.0 5.7
P/BV ratio − − − − − − − 1.2 1.0 0.6
Dividend yield (%) − − − − − − − 1.2 0.8 0.0
Total return index* − − − − − − 100.0 186.5 204.7 124.5
Change in total returnindex (%)
− − − − − − − 86.5 9.8 −39.2
Economic Data
Gross domestic product(US$)
12,510 13,254 14,821 11,353 6,100 5,829 6,887 7,892 9,585 10,517
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − − 4.0030 4.0030 4.0300 4.0005
Exchange rate (averageof period)
− − − − − − 4.0000 4.0030 4.0060 4.0272
Notes: The base date for the LITIN−G Index is Dec. 1995=1,000. The base date for the IFCG Lithuania Index isDec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Malaysia
Market Performance
In a year marked as much by Malaysia's first economic recession since the mid−1980s as a shift toward capitalcontrols, the IFCI Malaysia Index shed only 2.9% in dollar terms. The creation of a fixed−exchange−rate regimein September and a fourth−quarter rally softened the sharp declines at mid−year.
Emerging Stock Markets Factbook 1999
Malaysia 332
During the first quarter, the ringgit strengthened as the country appeared to have overcome the financial crisischallenging emerging markets. Foreign investors, who fed an early rally on optimism that Malaysia would notneed an emergency aid package from the IMF, powered an impressive 53.5% IFCI jump in February. The tidechanged at the quarter's end, as a slump in the Indonesian rupiah spilled over to Malaysia and mounted pressureagainst the ringgit. Instability in the financial sector caused further downturns. A plan to consolidate the 39finance companies into an "anchor" group of approximately five large companies shook up the financial sector onfears that firms would not be allowed to fail. Large losses at banks triggered anxiety over the health of thebanking industry. Interest rates had risen since July 1997 to stabilize the currency and remained at levels as highas 20% in 1998 to contain inflation, propelled higher by import costs. Concern about the property sector andanxiety that rising interest rates and a weaker ringgit would saddle banks with non−performing loans was acute.
Stocks plummeted in the subsequent two quarters, as turbulence in Asia's currency markets and stark economicreports plagued the market. Malaysian stocks sank to their lowest level in eight years, as the slide in Asiancurrencies, exacerbated by Japan's recession, aroused fears over Malaysian exports. The central bank reported arise in bad loans to 8.9% of total bank loans in the second quarter, up from 7% in the first. The government'sprediction of a 4% to 5% rise in GDP at the year's onset was sharply revised downward to a 1% to 2%contraction. The resignation of central bank head Ahmad Mohammed Don as of September 1 signaled a shift inmonetary policy. Prime Minister Dr Mahathir Mohamad advocated lower interest rates to resurrect the economy.This paved the way for a decrease in interest rates (to about 10%); less stringent reserve requirements; thedeparture and subsequent heated trial of a rival to the prime minister, Finance Minister Anwar Ibrahim; and thesudden announcement of capital controls. The capital controls had an especially chilling effect on the market asthe government opted to institute a 12−month holding period for all existing and future equity investments,effective September 1. Dividends and capital gains, meanwhile, could be repatriated at any time using thefixed−exchange rate of RM3.8 per dollar.
Stocks rebounded during the final quarter, sparked by lower interest rates and rallies throughout the region andstimulated by a doubling of value traded over the third quarter. Year−end figures showed a contraction in GDP of4.8%, the first decrease since 1985, while the trade surplus was approximately $15.4 billion. Foreign investors,who own 23% of market capitalization, were largely absent. Malaysia was removed from the IFCI Composite andAsia indexes on October 1. In February 1999, the 12−month holding period was replaced by a repatriationlevy—a capital gains tax on repatriation—and the IFC announced it would reinstate Malaysia to the IFCIComposite and Asia indexes, barring any significant policy changes, on November 1, 1999.break
Emerging Stock Markets Factbook 1999
Malaysia 333
Monthly Value Traded(US$ millions)
IFCI Malaysia Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(ringgit per U.S. dollar)
Malaysia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Kuala Lumpur StockExchange
712 716 722 722 724 728 730 732 734 734 736 736
Emerging Stock Markets Factbook 1999
Malaysia 1998: (Currency in Millions) 334
MarketCapitalization
In ringgit 345,790 461,430 465,040 378,730 327,290 277,680 249,070 193,570 241,570 262,103 348,209 374,517
In U.S. dollars 82,703 125,559 127,758 101,265 85,221 66,951 60,491 46,250 63,571 68,975 91,634 98,557
Trading Value
Inringgit 9,047 26,447 11,532 6,553 5,500 5,396 4,659 3,827 8,304 5,105 11,146 16,596
In U.S. dollars 2,164 7,197 3,168 1,752 1,432 1,301 1,132 914 2,185 1,343 2,933 4,367
Turnover ratio (%) 2.5 6.5 2.5 1.5 1.6 1.8 1.8 1.7 3.8 2.0 3.6 4.6
Local Index
KLSE Composite* 569.5 745.4 719.5 626.0 538.2 455.6 402.6 302.9 373.5 405.3 501.5 586.1
Change in index (%) −4.2 30.9 −3.5 −13.0 −14.0 −15.3 −11.6 −24.8 23.3 8.5 23.7 16.9
IFC Global Index
Number of stocks 157 157 157 157 157 157 157 157 157 157 147 147
Share of market cap.(%)*
71.0 70.6 67.0 71.3 70.1 69.1 68.5 65.2 66.5 65.9 62.5 65.7
Share of tradingvalue (%)
69.6 68.3 66.6 78.7 79.9 83.2 81.9 81.7 80.4 74.6 54.1 55.7
P/E ratio 9.1 12.4 11.8 10.7 10.1 10.2 9.7 7.5 11.2 11.4 19.3 21.1
P/BV ratio 1.3 1.8 1.7 1.4 1.2 1.0 0.9 0.7 0.8 0.9 1.2 1.3
Dividend yield (%) 3.8 2.8 2.9 3.3 3.9 4.5 4.9 6.2 4.5 3.9 3.0 2.5
Total return index* 118.6 182.4 175.5 148.1 122.7 96.1 87.1 63.9 88.7 95.2 121.9 133.8
Change in total returnindex (%)
−10.1 53.7 −3.8 −15.6 −17.2 −21.6 −9.4 −26.6 38.8 7.3 28.1 9.8
Exchange Rates
Exchange rates (endof period)
4.1811 3.6750 3.6400 3.7400 3.8405 4.1475 4.1175 4.1853 3.8000 3.8000 3.8000 3.8000
Notes: The base date for the KLSE Composite Index is 1977=100. The base date for the IFCG Malaysia Index is Dec. 1984=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Kuala Lumpur Stock ExchangeMr. Mohammed Azlan bin Hashim
IFC Correspondent:Maxis Sdn. Bhd.
Emerging Stock Markets Factbook 1999
Malaysia 1998: (Currency in Millions) 335
Executive Chairman12th Fl., Exchange SquareBukit Kewangan50200 Kuala Lumpur, MalaysiaTel: (60−3) 206−7099Fax: (60−3) 206−3684http://www.klse.com.my/
No. 58 Jalan Medang KapasBukit Bandaraya, Bangsar50490 Kuala LumpurMalaysiaTel: (60−3) 256−2788Fax: (60−3) 256−2788
Malaysia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Kuala Lumpur StockExchange
251 282 321 369 410 478 529 621 708 736
Market Capitalization
In ringgit 107,513 131,166 159,495 245,820 593,343 508,850 565,510 775,780 364,370 374,517
In U.S. dollars 39,842 48,611 58,627 94,004 220,328 199,276 222,729 307,179 93,608 98,557
Trading Value
In ringgit 18,638 29,391 29,294 55,347 395,554 331,384 192,631 436,523 413,922 114,113
In U.S. dollars 6,888 10,871 10,657 21,730 153,661 126,458 76,822 173,568 147,036 29,889
Turnover ratio (%) 21.8 24.6 20.2 27.3 94.3 60.1 35.9 65.1 72.6 30.9
Local Index
KLSE Composite* 565.3 505.9 556.2 644.0 1,275.3 971.2 995.2 1,238.0 594.4 586.1
Change in index (%) 58.2 −10.0 9.9 15.8 98.0 −23.8 2.5 24.4 −52.0 −1.4
IFC Global Index
Number of stocks 62 70 62 62 66 104 114 148 157 147
Share of market cap.(%)*
68.6 46.9 63.8 51.0 61.5 63.2 64.0 67.0 70.5 65.7
P/E ratio 27.4 23.6 21.3 21.8 43.5 29.0 25.1 27.1 9.5 21.1
Emerging Stock Markets Factbook 1999
Malaysia 1989−1998: (Currency in Millions; End of Period Levels) 336
P/BV ratio 2.6 2.3 2.5 2.5 5.4 3.8 3.3 3.8 1.4 1.3
Dividend yield (%) 2.2 2.2 2.4 2.4 1.0 1.8 1.7 1.2 4.0 2.5
Total return index* 178.2 158.2 177.3 226.9 460.3 361.3 374.2 465.9 132.0 133.8
Change in index (%) 44.0 −11.2 12.1 28.0 102.9 −21.5 3.6 24.5 −71.7 1.4
Economic Data
Gross domestic product(US$)
37,872 42,775 47,046 58,309 64,180 72,505 87,337 99,282 98,473 −
Change in consumerprice index (%)
2.8 2.6 4.4 4.8 3.5 3.7 5.3 3.5 2.7 −
Exchange rate (end ofperiod)
2.6985 2.6983 2.7205 2.6150 2.6930 2.5535 2.5390 2.5255 3.8925 3.8000
Exchange rate (averageof period)
2.7059 2.7037 2.7489 2.5470 2.5742 2.6205 2.5075 2.5150 2.8151 3.9195
Notes: The base date for the KLSE Composite Index is 1977=100. The base date for the IFCG Malaysia Index is Dec.1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Mauritius
Market Performance
It was a banner year in 1998 for the Mauritius Stock Exchange, as both the local and IFCG indexes postedpositive gains. The local Semdex Index finished the year with a gain of almost 20% in rupees, while thedollar−based IFCG Mauritius Index registered a more modest gain of 1.3%.
Shares started the new year on a slow note as very light trading in the wake of the holiday season limited marketmovements. Both January and February equity gains remained moderate, as buyers were cautious ahead of 1997corporate results. By March, profit−taking had become the main culprit for a slide in equity returns.
At the end of April, commerce and hotel stock prices firmed after posting results that showed average or aboveaverage earnings growth. News of merger plans between New Mauritius Hotels and Grand Baie Hotel alsotriggered a market rally in the period's closing sessions. However, the month was not all positive for the exchangeas the global financial market turmoil began to take its toll. Net purchases by foreign buyers slid 54% in the firstquarter, as compared to the previous year, largely on investor concerns surrounding the Asian financial crisis.
The second−quarter highlight was the new fiscal budget. Announced in June, government revisions to the taxsystem were deemed to have little impact on company tax rates, comforting investors. Investors reacted positivelyto the budget, sending the Semdex Index 12.7% higher in June and over the psychological 500−point barrier to anall−time high.
Emerging Stock Markets Factbook 1999
Mauritius 337
Investors continued to respond into July as market players disregarded global news and turned their attention tocompany earnings announcements. Led by Mauritius Commercial Bank and by rumors that the company wouldissue free shares to celebrate the bank's 160th anniversary, the Semdex soared to a record high in the early tradingsessions of the month. However, profit−takers quickly took advantage of the opportunity and drove both the stockprice and local index down for the month. By the end of the third quarter, the global economic turmoil finallyfound its way to Mauritius as the Semdex Index dropped 10.4% in September while the dollar−based IFCG Indexfaired even worse, falling 18.4%. Some of the largest losses were incurred in the banking sector as foreign fundsthat had recently driven up the sector forced share prices lower.
Increased foreign selling because of the global emerging market crisis brought prices down in the last few monthsof the year. Local investors reacted to the relative stability and decreased downside potential by acquiring sharesthat had fallen to attractive levels. Finishing out the year, trading was marked by little direction and a notableabsence of foreign investors.break
Monthly Value Traded(US$ millions)
IFCG Mauritius Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Mauritius 338
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rupee per U.S. dollar)
Mauritius 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Stock Exchange ofMauritius
40 40 40 40 40 40 40 40 40 40 40 40
MarketCapitalization
In rupees 38,243.6 39,076.3 40,804.0 42,908.3 43,082.5 44,114.9 51,253.0 50,009.1 44,879.6 43,910.5 44,203.2 45,335.8
In US dollars 1,687.0 1,705.6 1,719.0 1,800.5 1,803.3 1,817.6 2,102.9 2,041.2 1,835.6 1,788.6 1,798.5 1,849.1
Trading value
In rupees 117.9 142.1 201.3 286.3 152.9 118.4 379.7 286.2 231.9 289.2 139.2 94.8
In US dollars 5.2 6.2 8.5 12.0 6.4 4.9 15.6 11.7 9.5 11.8 5.7 3.9
Turnover ratio (%) 0.1 0.4 0.5 0.7 0.4 0.3 0.8 0.6 0.5 0.6 0.3 0.2
Local Index
Emerging Stock Markets Factbook 1999
Mauritius 1998: (Currency in Millions) 339
SEMDEX* 405.0 413.8 432.1 454.4 456.2 467.1 526.4 513.6 460.9 451.0 454.0 465.6
Change in index (%)2.2 2.2 4.4 5.2 0.4 2.4 12.7 −2.4 −10.3 −2.2 0.7 2.6
IFC Global Index
Number of stocks 14 14 14 14 14 14 14 14 14 14 14 13
Share of market cap.(%)*
79.1 79.7 80.3 81.9 81.7 80.6 84.2 82.7 78.7 79.2 79.1 79.0
Share of tradingvalue (%)
88.0 78.7 74.0 88.0 79.3 77.3 82.6 55.7 76.8 90.3 87.8 88.2
P/E ratio 13.3 13.9 13.8 14.3 14.3 13.8 15.2 14.3 12.1 11.8 11.9 11.6
P/BV ratio 1.4 1.4 1.4 1.5 1.5 1.5 1.7 1.6 1.5 1.4 1.4 1.5
Dividend yield (%) 2.7 2.6 2.6 2.8 2.8 2.6 2.4 2.4 3.0 3.5 3.6 3.5
Total return index* 107.0 110.2 112.1 119.8 120.1 119.6 138.2 131.5 107.6 105.9 106.2 110.3
Change in totalreturn index (%)
1.9 2.9 1.7 6.9 0.2 −0.4 15.5 −4.8 −18.2 −1.6 0.3 3.9
Exchange Rates
Exchange rate (endof period)
22.6695 22.9100 23.7370 23.8315 23.8910 24.2710 24.3720 24.5000 24.4500 24.5500 24.5780 24.5180
Notes: The base date for the SEMDEX Index is July 5, 1989=100. The base date for the IFCG Mauritius Index is Dec. 1995=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Stock Exchange of MauritiusMr. Richard Morin, Chief Executive6th Floor − "Les Cascades"33, Bis Edith Cavell StreetPort−LouisMauritiusTel: (230) 212−9541, 212−9542Fax: (230) 208−8409
IFC Correspondent:Newton Securities Ltd.Happy World House, Level 837, Sir William Newton St.Port LouisMauritiusTel: (230) 208−8626, 212−6768Fax: (230) 208−8749
Mauritius 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Mauritius 1989−1998: (Currency in Millions; End of Period Levels) 340
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Stock Exchange ofMauritius
− 13 20 22 30 35 28 40 40 40
Market Capitalization
In rupees − 3,793.0 4,800.0 6,400.0 14,907.3 28,536.0 24,397.0 33,376.7 36,934.9 45,335.8
In US dollars − 267.6 311.7 415.6 791.1 1,514.4 1,330.7 1,676.3 1,665.1 1,849.1
Trading Value
In rupees − 88.7 80.5 160.0 691.6 1,510.0 1,214.0 1,546.9 2,875.4 2,439.8
In US dollars − 6.0 5.1 10.3 38.7 84.5 69.8 78.5 136.9 102.0
Turnover ratio (%) − − 1.9 2.9 6.5 7.0 4.6 5.4 8.2 5.9
Local Index
SEMDEX* − 171.2 154.2 183.2 302.6 473.7 344.4 353.5 391.1 465.6
Change in index (%) − − −9.9 18.8 65.2 56.5 −27.3 2.6 10.6 19.0
IFC Global Index
Number of stocks − − − − − − 13 13 14 13
Share of market cap.(%)*
− − − − − − 80.3 64.4 78.6 79.0
P/E ratio − − − − − − − 11.5 12.8 11.6
P/BV ratio − − − − − − − 1.1 1.3 1.5
Dividend yield (%) − − − − − − − 3.3 2.7 3.5
Total return index* − − − − − − 100.0 96.5 105.1 110.3
Change in total returnindex (%)
− − − − − − − −3.5 8.9 4.9
Economic Data
Gross domestic product(US$)
2,182 2,642 2,831 3,189 3,195 3,503 3,967 4,299 4,398 −
Emerging Stock Markets Factbook 1999
Mauritius 1989−1998: (Currency in Millions; End of Period Levels) 341
Change in consumerprice index (%)
12.7 13.5 7.0 4.6 10.5 7.3 6.0 6.6 6.8 −
Exchange rate (end ofperiod)
− 14.1724 15.4000 15.4000 18.8430 18.8430 18.3335 19.9110 22.1815 24.5180
Exchange rate (averageof period)
− 14.8630 15.6520 15.5630 17.8600 17.8600 17.3860 19.7113 20.9987 23.9216
Notes: The base date for the SEMDEX Index is July 5, 1989=100. The base date for the IFCG Mauritius Index is Dec.1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Mexico
Market Performance
Mexican equities tumbled in 1998 as the international financial contagion that began in Asia in October 1997,coupled with record−low petroleum prices, outweighed strong domestic macroeconomic and corporatefundamentals in the eyes of investors. Heightened emerging market risk and rising inflation placed downwardpressure on the peso in the second half of the year, exacerbating Mexico's poor stock market performance. Theimpact of the 18.5% peso depreciation was felt strongly by the dollar−based IFCI and IFCG Mexico indexes,which fell 38.9% and 38.8%, respectively. The peso−based BVM General Index tumbled 24.8%.
The market recorded mixed results in the first quarter as fiscal belt−tightening reversed the positive impact of5.4% real annualized economic growth on share prices. After a 15.4% plunge in January, Mexican stocks made amodest comeback from February to April, with the IFCI Index gaining 10.1%. Price gains were temperedthroughout the period by government spending cuts that investors feared would reduce demand for goods andservices, and in turn GDP growth. Authorities announced two budget cuts totaling $2.85 billion in the first half of1998 to compensate for record−low petroleum prices.
Positive macroeconomic data did little to calm rattled investors in the second quarter. Deteriorating internationalsentiment caused investors to wreak havoc on company share prices from May to August. The IFCI Indexplummeted 46.9% from its April level as the Asian contagion made its way westward. The aggressive sellingculminated with the Russian ruble devaluation and debt moratorium, speculative attacks on the Brazilian real, andoil prices at 20−year lows. Balance−of−payments tremors stemming from Russia and the continued weakness ofthe Japanese yen forced the 28−day Cetes rate to climb from 18.2% in April to 27.2% in August as the pesotumbled 14.9%. Positive government announcements of rising year−on−year industrial production and increasedconsumer demand were not enough to stem August's local market hemorrhage of 33.6% in dollars. The peso slideforced the central bank to hike interest rates to a punishing 32.5% by the end of August.
Emerging Stock Markets Factbook 1999
Mexico 342
The bolsa performed relatively better than other major Latin markets in the last quarter, even as Moody'sdowngrade of Brazilian debt pressured Mexican money and foreign exchange markets. The IFCI Index recouped23.4% from its August low, despite a sharp rise in interest rates. The overnight rate on T−bills climbed as high as47.9% while the yield on the 28−day Cetes rate averaged 34.5%, helping to prevent a large devaluation of thepeso in September. In spite of the credit crunch, the stock market was buoyed by Washington's increasingly publicdesire to prevent the spread of the financial contagion to Brazil.
The market earned a slight reprieve in the final months of 1998 as investors shifted attention away from thepotential devaluation of the Brazilian real and toward U.S. and Mexican corporate news. Steady U.S. GDP growthand a quarter−point U.S. interest rate cut as well as strong earnings growth among Mexican firms lifted the IFCIIndex 10.0% in dollars in October. Good news also eased the 28−day T−bill rate, which fell to 33.42%. Marketresults were mixed in the last two months of the year as the government and opposition continued to fight overhow to pay for the $60 billion worth of non−performing loans held by Mexican banks that were left over from the1994 Mexican peso crisis.break
Monthly Value Traded(US$ millions)
IFCI Mexico Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Mexico 343
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(pesos per U.S. dollar)
Mexico 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Bolsa Mexicana deValores
198 198 198 198 199 199 200 200 198 197 195 194
MarketCapitalization
In pesos 1,123,5141,154,9731,202,5401,219,8391,123,5241,066,4311,040,434807,526 889,935 940,028 877,825 907,366
In U.S. dollars 132,803 135,505 141,176 143,688 127,441 118,677 116,621 81,000 87,334 92,861 87,699 91,746
Trading Value
In pesos 27,600 25,275 32,579 25,356 53,701 21,925 25,686 18,693 23,424 22,981 16,638 15,904
In U.S. dollars 3,262 2,965 3,825 2,987 6,091 2,440 2,879 1,875 2,299 2,270 1,662 1,608
Turnover ratio(%)
2.3 2.2 2.8 2.1 4.6 2.0 2.4 2.0 2.8 2.5 1.8 1.8
Local Index
BMV General* 4,569.4 4,784.5 5,016.2 5,098.5 4,530.0 4,282.6 4,245.0 2,991.9 3,569.9 4,074.9 3,769.9 3,959.7
Emerging Stock Markets Factbook 1999
Mexico 1998: (Currency in Millions) 344
Change inindex (%)
−12.6 4.7 4.8 1.6 −11.1 −5.5 −0.9 −29.5 19.3 14.1 −7.5 5.0
IFC Global Index
Number of stocks 74 74 74 74 74 74 74 74 74 74 71 70
Share of marketcap. (%)*
71.6 71.9 72.7 72.7 70.3 70.2 70.3 66.7 69.4 71.5 75.6 73.6
Share oftrading value(%)
90.2 90.5 83.6 89.4 35.5 91.7 92.0 92.1 93.1 90.0 92.1 92.1
P/E ratio 17.1 13.9 14.1 14.3 13.6 13.2 12.7 12.9 14.5 16.1 23.3 23.9
P/BV ratio 2.0 2.0 2.1 2.1 1.8 1.7 1.6 1.2 1.4 1.5 1.4 1.4
Dividend yield(%)
1.7 1.7 1.6 1.7 2.2 2.3 2.1 2.7 2.4 2.2 2.2 2.7
Total returnindex*
2,581.5 2,639.0 2,794.7 2,860.0 2,488.4 2,330.4 2,295.0 1,523.8 1,723.2 1,889.0 1,815.1 1,909.9
Change in totalreturn index(%)
−15.2 2.2 5.9 2.3 −13.0 −6.3 −1.5 −33.6 13.1 9.6 −3.9 5.2
Exchange Rates
Exchange rates (endof period)
8.4600 8.5235 8.5180 8.4895 8.8160 8.9860 8.9215 9.9695 10.1900 10.1230 10.0095 9.8900
Notes:The base date for the BMV General Index is Oct. 1978=0.7816. The base date for the IFCG Mexico Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not
adjusted for cross holdings.
Mexican Stock ExchangeMr. Manuel Robleda Gonzales de Castilla, Chairman of the Board
Gerardo Flores, General DirectorPaseo de la Reforma No. 255Col. Cuauhtemoc06500 Mexico, D.F., MexicoTel: (52−5) 726−66−00Fax: (52−5) 726−68−05http://www.bmv.com.mx
IFC Correspondent:Casa de Bolsa Bancomer SA de CV
Insurgentes Sur 1811−40 pisoCol. Guadalupe Inn01020 Mexico D.F., MexicoTel: (52−5) 621−9889Fax: (52−5) 621−9891http://www.bancomer.com.mx
Mexico 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Mexico 1989−1998: (Currency in Millions; End of Period Levels) 345
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bolsa Mexicana deValores
203 199 209 195 190 206 185 193 198 194
Market Capitalization
In pesos 60,514 96,472 303,271 433,313 623,887 641,461 698,797 838,682 1,262,469907,366
In U.S. dollars 22,550 32,725 98,178 139,061 200,671 130,246 90,694 106,540 156,595 91,746
Trading Value
In pesos 15,421 34,575 95,725 137,902 194,421 281,554 221,024 327,028 416,846 309,763
In U.S. dollars 6,232 12,212 31,723 44,582 62,454 82,964 34,377 43,040 52,646 33,841
Turnover ratio (%) 33.3 44.0 47.9 37.4 36.8 44.5 33.0 42.5 39.7 28.6
Local Index
BMV General* 418.9 628.8 1,431.5 1,759.4 2,602.6 2,375.7 2,778.5 3,361.0 5,229.3 3,959.7
Change in index (%) 98.0 50.1 127.6 21.8 47.9 −8.7 17.0 21.0 55.6 −24.3
IFC Global Index
Number of stocks 52 61 69 62 69 80 80 76 75 70
Share of market cap.(%)*
65.5 62.5 51.6 47.5 62.0 63.9 67.1 69.7 72.1 73.6
P/E ratio 8.4 10.3 14.1 12.3 19.4 17.1 28.4 16.8 19.2 23.9
P/BV ratio 0.9 1.0 1.8 2.0 2.6 2.2 1.7 1.7 2.3 1.4
Dividend yield (%) 2.1 3.4 0.8 1.0 1.6 1.8 1.1 1.5 1.5 2.7
Total return index* 802.7 1,041.0 2,152.4 2,608.2 3,909.8 2,320.9 1,717.9 2,024.2 3,045.4 1,909.9
Change in index (%) 73.3 29.7 106.8 21.2 49.9 −40.6 −26.0 17.8 50.4 −37.3
Economic Data
Gross domestic product(US$)
223,113 262,953 314,287 364,183 402,627 420,166 286,140 329,449 402,963 393,218
Emerging Stock Markets Factbook 1999
Mexico 1989−1998: (Currency in Millions; End of Period Levels) 346
Change in consumerprice index (%)
20.0 26.7 22.7 15.5 9.8 7.0 35.0 34.4 20.6 −
Exchange rate (end ofperiod)
2.6835 2.9480 3.0890 3.1160 3.1090 4.9250 7.7050 7.8720 8.0620 9.8900
Exchange rate (averageof period)
2.4745 2.8311 3.0175 3.0932 3.1130 3.3937 6.4295 7.5982 7.9179 9.1535
Notes: The base date for the BMV General Index is Oct. 1978=0.7816. The base date for the IFCG Mexico Index is Dec.1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Morocco
Market Performance
Equities at the Casablanca Stock Exchange (CSE) ushered in an impressive rally during 1998, marked by the28.7% gain in the dollar−based IFCI Morocco Index. The Moroccan market advanced consistently during the firstnine months, in response to positive domestic political and economic developments. The market retreated duringthe last quarter on selling by institutions seeking to raise cash for upcoming IPOs.
The year began on a sluggish note, as Ramadan and 'Eid el Fitur diminished interest in stocks, causing prices tomove within narrow bands. Trading picked up during February on optimistic economic forecasts and positiveexpectations about 1997 earnings reports. The CSE released fresh details on its modernization program, aiming toattract foreign investors by cutting commissions on stock trading and improving liquidity and transparency. Theappointment of a market−oriented prime minister, Abderrahmane Youssoufi. also helped to generate a rally inblue chips, led by banking shares. March saw additional gains, following the appointment of a new government,the release of robust 1997 earnings reports, and news that Moody's and S&P had assigned Morocco its first−everforeign debt rating (Ba1 and BB, respectively).
Moroccan equities marched higher during April, on political stability and continued optimism over the country's1998 economic outlook, supported by positive first−quarter earnings reports. The rally lasted through May, fueledby a cut in loan rates by several prominent banks, a government pledge to reform the insurance sector, and acommitment by the CSE to introduce new stocks to its electronic trading system. June was fairly quiet due to alack of market−moving news, and the exchange stepped up efforts to migrate stocks onto the new electronictrading platform.
In the third quarter, the market benefited from several IPOs that were oversubscribed between 8% and 106%. The
Emerging Stock Markets Factbook 1999
Morocco 347
government has stressed its commitment to increasing CSE listings, and the terrific response to the IPOs was usedas evidence of a successful roadshow. Several new listings and an increase in mutual fund activity lifted buying inAugust. Significantly, Morocco was one of only three IFCI indexes to post gains during the month of August,when the Russian crisis and weakened yen forced most emerging markets lower. Since foreign investor activity inMorocco remains minimal, the country was largely insulated from the global equity sell−off.
Owing to a stellar stock performance in August, when the IFCI jumped 9.0%, the country formed a campaign topromote Morocco as an independent market and safe−haven from the worldwide emerging market crisis. After aneight−month string of monthly gains, the market shifted in October, falling initially on a technical correction andlater on sales by institutional investors accumulating cash for IPOs. Shares continued their retreat in November asinvestors dumped holdings to consolidate gains. The year ended on a pessimistic note as 1999 earningsprojections were reassessed and analysts feared that several market leaders were overvalued. Concerns over thegovernment's delay in privatization of key industries raised fears of a slowdown in the economy. However, asecond reduction in the commission paid for equity transactions temporarily boosted activity. While Ramadanreduced market liquidity in the closing sessions of December, institutional block transactions played an importantrole, accounting for almost 50% of turnover.break
Monthly Value Traded(US$ millions)
IFCI Morocco Index Correlation(22−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*
Exchange Rate(dirhams per U.S. dollar)
Emerging Stock Markets Factbook 1999
Morocco 348
(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Morocco 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Bourse des Valeursde Casablanca
49 49 48 48 48 48 51 51 51 52 53 53
MarketCapitalization
In dirhams 119,900 124,981 129,269 140,364 148,212 147,052 149,295 159,332 154,819 149,354 146,798 145,147
In U.S. dollars 12,158 12,738 13,041 14,431 15,265 15,065 15,412 16,579 16,739 16,207 15,678 15,676
Trading Value
In dirhams 410 707 914 906 1,042 1,904 1,627 964 1,300 1,018 1,223 1,283
In U.S. dollars 42 72 92 93 107 195 168 100 141 110 131 139
Turnover ratio (%) 0.3 0.6 0.7 0.7 0.7 1.3 1.1 0.6 0.8 0.7 0.8 0.9
Local Index
Upline Securities* 89,538 94,369 98,838 111,066 118,141 116,933 115,796 125,711 121,836 117,123 112,185 110,263
Change in index(%)
1.1 5.4 4.7 12.4 6.4 −1.0 −1.0 8.6 −3.1 −3.9 −4.2 −1.7
IFC Global Index
Number of stocks 17 17 17 17 17 17 17 17 17 17 18 18
Share of marketcap. (%)*
75.0 75.0 75.5 75.5 74.9 75.7 74.2 74.3 74.0 73.9 73.6 73.1
Share of tradingvalue (%)
85.0 75.4 84.7 82.2 76.7 92.3 35.0 81.7 76.7 71.4 69.6 81.6
P/E ratio 21.6 22.6 23.7 20.9 21.9 22.0 22.0 23.6 22.9 22.2 21.6 21.2
Emerging Stock Markets Factbook 1999
Morocco 1998: (Currency in Millions) 349
P/BV ratio 3.5 3.6 3.8 3.5 3.7 3.7 3.7 4.0 3.9 3.8 3.7 3.6
Dividend yield (%) 1.5 1.4 1.3 1.2 1.2 1.4 1.9 1.8 1.7 1.8 1.8 1.8
Total return index* 198.3 208.6 216.5 238.2 249.9 250.8 255.4 276.9 279.5 271.6 260.0 258.6
Change in totalreturn index (%)
−0.5 5.2 3.8 10.0 4.9 0.3 1.8 8.4 0.9 −2.8 −4.3 −0.6
Exchange Rates
Exchange rates(end of period)
9.8620 9.8118 9.9126 9.7263 9.7090 9.7613 9.6870 9.6103 9.2488 9.2157 9.3630 9.2591
Notes: The base date for the Upline Securities Index is Dec. 31, 1989=1,000. The base date for the IFCG Morocco Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings. Market−level data does not include OTC figures.
Casablanca Stock ExchangeMr. Zouheir Bensaïd, ChairmanMrs. Fethia Bennis, General DirectorMr. Driss Bencheikh, General SecretaryAngle avenue des Far & Mohamed ErrachidCasablancaMoroccoTel: (212) 245−2626Fax: (212) 245−2625
IFC Correspondent:Upline Securities41−43, Angle Bd d'Anfa & rue de NievreCasablanca 20000MoroccoTel: (212) 247−5124, (212) 247−5221Fax: (212) 247−4603, (212)24 7 4614http://upline.co.maEmail: [email protected]
Morocco 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bourse des Valeurs deCasablanca
71 71 67 62 65 51 44 47 49 53
Market Capitalization
In dirhams 5,043 7,768 12,449 16,975 25,689 39,825 50,401 76,212 118,621 145,147
Emerging Stock Markets Factbook 1999
Morocco 1989−1998: (Currency in Millions; End of Period Levels) 350
In U.S. dollars 621 966 1,528 1,909 2,651 4,376 5,951 8,705 12,177 15,676
Trading Value
In dirhams 133 512 428 601 4,633 7,240 20,716 3,758 9,978 13,298
In U.S. dollars 16 62 49 70 498 788 2,426 432 1,048 1,385
Turnover ratio (%) 3.1 8.0 4.2 4.1 21.7 22.1 45.9 5.9 10.2 10.1
Local Index
Upline Securities* 122.6 158.6 187.5 201.8 259.8 342.3 // 41,929.0
56,034.0 88,595.0 110,263.0
Change in index (%) −26.6 29.3 18.3 7.6 28.8 31.8 − 33.6 58.1 24.5
IFC Global Index
Number of stocks − − − − − − 11 13 17 18
Share of market cap.(%)*
− − − − − − − 67.0 75.4 73.1
P/E ratio − − − − − − − 13.8 18.3 21.2
P/BV ratio − − − − − − − 2.5 3.5 3.6
Dividend yield (%) − − − − − − − 2.1 1.5 1.8
Total return index* − − − − − − 100.0 142.0 199.3 258.6
Change in index (%) − − − − − − − 42.0 40.4 29.8
Economic Data
Gross domestic product(US$)
22,847 25,825 27,836 28,451 26,801 30,351 32,986 36,673 33,514 −
Change in consumerprice index (%)
3.1 6.9 8.0 5.7 5.2 5.1 6.1 3.0 0.9 −
Exchange rate (end ofperiod)
8.1218 8.0438 8.1499 8.8900 9.6900 9.1000 8.4690 8.7551 9.7415 9.2591
Exchange rate (averageof period)
8.4882 8.2420 8.7065 8.5380 9.2990 9.1881 8.5400 8.6905 9.5167 9.5989
Notes: IFC began using the Upline Securities Index in 1996. The base date for the index is Dec. 31, 1989=1,000. The basedate for the IFCG Morocco Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is notadjusted for cross holdings. Market−level data does not include OTC figures.
Emerging Stock Markets Factbook 1999
Morocco 1989−1998: (Currency in Millions; End of Period Levels) 351
Nigeria
Market Performance
For Nigerian equities, 1998 proved to be a less−than−stellar year as political, social, and economic distress allplayed a hand in driving equity returns down on the Nigerian Stock Exchange. During 1998, the IFCG NigeriaIndex fell more than 25% in dollar terms, while the local NSE All−Share Index dropped 11.8% in naira.
Shares on the exchange moved mostly lower in the first quarter as the government's 1998 budget, presented earlyin January by military ruler Gen. Sani Abacha, did little to bolster sentiment. Despite Finance Minister AnthonyAni's statements that foreign investors could take the government's relaunched privatization program seriouslyand that the government would not interfere with privatized companies, investors continued to off−load shares onfears of the anticipated turnover of the government from military to civilian rule later in the year.
Politics took center stage again in April, as election news put a stranglehold on the stock market. The resurgenceof political worries was triggered by news that all five registered political parties had nominated Abacha as theirconsensus candidate for the August presidential elections. Because no registered party put forth an oppositioncandidate, the presidential elections were to consist of a simple "yes" or "no" ballot for Abacha. In protest, thecountry's main opposition party asked Nigerians to boycott all elections in the country's transition program. Theresulting tension drove the All−Share Index to a 20−month low on political worries and worsening economicconditions.
The death of Abacha stole the headlines during June but had little immediate impact on the Nigerian StockExchange. The market held steady for the month following the news as uncertainty defined the early sessions. Theruler's sudden death left investors indifferent, as declining prices in the market seemed to be more reflective of apersisting recession and the continuing erosion of investor confidence.
Shares moved lower in the third quarter amid continuing concerns over the political situation in Nigeria. Thedeath of detained Nigerian politician Moshod Abiola led to a halt in trading in early July, as the sudden newssparked riots in the commercial capital of Lagos, preventing trading on the local exchange. When the exchangereopened, Nigerian equity prices began spiraling downward as investors waited for a military decision on how thecountry's political and economic problems would be resolved. New leader Gen. Abdulsalam Abubakar pledged toyield power to a civilian government through fair elections in 1999 and pay $630 million in oil arrears, but it didlittle to help soothe the nerves of investors, already jittery over the economic and political turmoil witnessed inJune and July.
In the final quarter, prices fell as Nigerian and foreign investors remained skeptical over the future prospects ofthe Nigerian capital markets, despite greater optimism on the political and economic fronts.break
Emerging Stock Markets Factbook 1999
Nigeria 352
Monthly Value Traded(US$ millions)
IFCG Nigeria Index Correlation(5−year period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(naira per U.S. dollar)
Nigeria 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Nigerian StockExchange
180 180 180 180 180 180 182 183 184 184 186 186
Emerging Stock Markets Factbook 1999
Nigeria 1998: (Currency in Millions) 353
MarketCapitalization
In naira 278,561 278,152 272,626 264,635 261,173 255,034 252,322 255,088 251,884 251,678 256,374 256,937
In U.S. dollars 3,419 3,277 3,174 3,077 2,839 2,950 2,928 2,842 2,915 2,920 2,983 2,887
Trading Value
In naira 608.0 1,062.0 931.0 949.0 745.0 1,630.0 2,218.0 581.0 680.0 658.0 2,946.0 852.0
In U.S. dollars 7.0 13.0 11.0 11.0 8.0 19.0 26.0 6.0 8.0 8.0 34.0 10.0
Turnover ratio (%) 0.2 0.4 0.3 0.3 0.3 0.6 0.9 0.2 0.3 0.3 1.2 0.3
Local Index
NSE All Share* 6,435.6 6,426.2 6,298.5 6,113.9 6,033.9 5,892.1 5,817.0 5,795.7 5,697.7 5,671.0 5,688.2 5,672.8
Change in index (%) −0.1 −0.1 −2.0 −2.9 −1.3 −2.3 −1.3 −0.4 −1.7 −0.5 0.3 −0.3
IFC Global Index
Number of stocks 31 31 31 31 31 31 31 31 31 31 28 28
Share of market cap.(%)*
72.9 73.0 73.1 72.5 71.7 71.7 72.1 70.6 70.0 69.5 68.6 68.5
Share of tradingvalue (%)
82.2 83.3 63.7 71.9 83.5 75.7 94.0 75.9 68.7 51.5 94.8 79.2
P/E ratio 8.1 8.1 7.9 8.4 8.2 8.0 7.9 9.5 9.3 9.3 9.3 10.1
P/BV ratio 2.3 2.3 2.3 2.0 2.0 1.9 1.9 1.7 1.7 1.7 1.7 1.7
Dividend yield (%) 5.8 5.9 6.3 5.5 3.8 4.9 5.6 5.2 5.2 5.1 5.1 5.1
Total return index* 198.5 191.0 185.5 178.5 163.6 172.6 173.5 164.9 167.8 167.8 170.1 162.4
Change in total returnindex (%)
−8.4 −3.8 −2.9 −3.8 −8.3 5.5 0.5 −4.9 1.7 0.0 1.4 −4.5
Exchange Rates
Exchange rates (endof period)
81.4750 84.8800 85.9000 86.0000 92.0000 86.4400 86.1800 89.7600 86.4000 86.2000 85.9500 89.0000
Notes: The base date for the NSE All Share Index is Jan. 3, 1984=100. The base date for the IFCG Nigeria Index is Dec. 1984=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Emerging Stock Markets Factbook 1999
Nigeria 1998: (Currency in Millions) 354
Nigerian Stock ExchangeMr. Hayford Alile, Director−GeneralStock Exchange House, 8−9 Fls.2−4 Customs StreetP.O. Box 2457Lagos, NigeriaTel: (234−1) 266−0287, 266−0305Fax: (234−1) 266−8724, 266−8281
IFC Correspondent:Securities Transactions & TrustCompany Ltd.Foreshore Towers, 8th Floor2A Osborne Rd, Falomo, IkoyiLagosNigeriaTel: (234−1) 269−4005, 269−0861Fax: (234−1) 269−4392
Nigeria 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Nigerian StockExchange
111 131 142 153 174 177 181 183 182 186
Market Capitalization
In naira 7,489 11,935 18,448 26,246 41,168 59,635 175,065 279,097 276,112 256,937
In U.S. dollars 1,005 1,372 1,882 1,221 1,029 2,711 2,033 3,560 3,646 2,887
Trading Value
In naira 28.0 88.0 91.0 235.0 287.0 403.0 988.0 5,879.0 10,814.0 13,860.0
In U.S. dollars 4.0 11.0 9.0 14.0 10.0 18.0 14.0 72.0 132.0 161.0
Turnover ratio (%) 0.4 0.9 0.6 1.0 0.9 0.8 0.8 2.6 3.9 5.2
Local Index
NSE All Share* 325.3 513.8 784.0 1,107.6 1,543.8 2,205.0 5,092.1 6,992.1 6,440.5 5,672.8
Change in index (%) 39.3 57.9 52.6 41.3 39.4 42.8 130.9 37.3 −7.9 −11.9
IFC Global Index
Number of stocks 15 24 24 24 24 28 35 35 31 28
55.9 71.7 69.0 65.3 65.3 72.5 75.6 72.2 74.0 68.5
Emerging Stock Markets Factbook 1999
Nigeria 1989−1998: (Currency in Millions; End of Period Levels) 355
Share of market cap.(%)*
P/E ratio 6.5 6.0 10.6 9.0 8.4 6.0 12.5 10.1 8.1 10.1
P/BV ratio 1.4 1.3 1.6 1.7 1.8 1.6 3.6 2.7 2.3 1.7
Dividend yield (%) 7.3 12.0 6.8 5.1 6.9 8.4 5.6 4.1 5.7 5.1
Total return index* 51.1 71.8 99.0 64.4 57.0 165.8 131.1 213.8 216.7 162.4
Change in index (%) 21.1 40.5 37.9 −34.9 −11.5 190.9 −20.9 63.1 1.4 −25.1
Economic Data
Gross domestic product(US$)
23,844 28,472 27,313 32,710 21,353 23,663 28,109 35,299 39,856 −
Change in consumerprice index (%)
50.5 7.4 13.0 44.6 57.2 57.0 72.8 29.3 8.5 −
Exchange rate (end ofperiod)
7.4500 8.7000 9.8000 21.5000 40.0000 22.0000 86.1000 78.4000 75.7200 89.0000
Exchange rate (averageof period)
7.1959 7.9425 9.9295 17.2747 28.2335 21.9956 70.3317 82.2229 81.8551 85.9248
Notes: The base date for the NSE All Share Index is Jan. 3, 1984=100. The base date for the IFCG Nigeria Index is Dec.1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Pakistan
Market Performance
Political infighting and the detonation of nuclear devices midway through the year threw Pakistani equities into atailspin for 1998. After avoiding major damage from the 1997 emerging market selloff, equities on the KarachiStock Exchange (KSE) suffered alongside other emerging markets in 1998 as a result of the Asian crisis. Thedollar−based IFCI Pakistan Index shed 61.9%, while the local KSE−100 Index fell 46.1% in rupee terms. Capitalflight resulting from the nuclear testing and the economic sanctions that followed reduced the rupee's value 10.2%against the dollar.
Already depressed share prices began 1998 on a negative note from a deteriorating social situation anddowngrades by credit−rating agencies S&P and Moody's. Violent clashes in Karachi between two opposingfactions of the Muttahida Qaumi Movement (MQM) drove investors out of the market. The clashes were sparkedwhen the MQM contested the results of 1997 parliamentary elections in which 57 seats were filled the MQM. TheMQM reignited the political uncertainty later in the quarter by threatening to break from the coalition governmentunless some of its demands were met. These included the postponement of local elections in areas held closely bythe MQM amid allegations of possible vote rigging. The IFCI Index registered a 14.5% decline in the first quarter.
The market's real damage came the following quarter in the aftermath of nuclear detonations conducted byPakistan in response to detonations ordered by the Indian government. Frenzied selling hit the market in May,sending the IFCI Index down 37.4%. The quarter ended on a depressed note as the KSE−100 Index fell below its
Emerging Stock Markets Factbook 1999
Pakistan 356
base level of 1,000 for the first time in its eight−year history. For the quarter, the dollar−based IFCI Index fell53.8%, while the rupee−based KSE−100 Index shed 43.4%. The rupee's gradual slide was evident already at thispoint, having dropped 4.2% by the end of June.
Despite the ripple effects of the Russia crisis, share prices took a surprising turn upward in the third quarter,thanks to the creation of the Pakistan Fund by the Islamic Development Bank and other Gulf member states. Theconsortium agreed to raise $1.5 billion with the founding mission to provide the necessary funds needed to pay forits foreign debt. This alleviated the dire need for foreign funds from the World Bank and IMF. Also impacting themarket positively was a 20% reduction in the tariffs charged by the independent power providers (IPP), thusreducing tension between the government and the IPPs. Toward the end of the quarter the government indicatedits willingness to sign the Comprehensive Test Ban Treaty after some of its demands, including the lifting ofeconomic sanctions, were met. Despite an 8% depreciation in the rupee, the IFCI Index rose by 11.8% during thequarter.
Share prices ended the year on a negative note despite the partial lifting of economic sanctions by the UnitedStates, which immediately translated to a 35.3% gain in the IFCI Index in November. Profit−taking and confusionsurrounding the test ban concessions agreed upon by Prime Minister Nawaz Sharif in the United States ledinvestors to lighten holdings. Stocks on the Karachi Stock Exchange ended the fourth quarter with a 13.7% loss inthe IFCI Index, while the KSE−100 Index shed 15%.break
Monthly Value Traded(US$ millions)
IFCI Pakistan Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Pakistan 357
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rupee per U.S. dollar)
Pakistan 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Karachi StockExchange
781 782 778 778 778 779 779 778 776 775 774 773
MarketCapitalization
In rupee 448,098 461,622 430,640 427,255 300,366 259,348 268,289 279,573 313,577 248,271 298,363 265,624
In U.S. dollars 10,183 10,490 9,753 9,695 6,754 5,625 5,437 5,591 6,255 4,878 5,968 5,418
Trading Value
In rupee 24,838 43,965 31,656 26,730 39,262 22,524 35,355 40,836 41,676 38,719 38,624 43,259
In U.S. dollars 564 999 717 607 883 489 716 817 831 761 773 882
Turnover ratio (%) 5.3 9.7 7.1 6.2 10.8 8.0 13.4 14.9 14.0 13.8 14.1 15.3
Local Index
Emerging Stock Markets Factbook 1999
Pakistan 1998: (Currency in Millions) 358
KSE 100* 1,609.2 1,650.3 1,553.1 1,562.2 1,040.2 879.6 920.5 970.8 1,111.5 841.7 1,051.0 945.2
Change in index (%) −8.3 2.5 −5.9 0.6 −33.4 −15.4 4.6 5.5 14.5 −24.3 24.9 −10.1
IFC Global Index
Number of stocks 55 55 55 55 55 55 55 55 55 55 53 53
Share of market cap.(%)*
78.3 78.3 76.9 77.8 70.0 64.9 67.2 69.6 72.2 66.3 71.7 68.4
Share of tradingvalue (%)
98.7 99.0 98.2 98.2 93.7 97.6 99.0 99.7 99.4 98.4 99.0 99.0
P/E ratio 14.4 14.2 17.6 17.7 14.4 10.2 10.8 10.9 12.1 8.5 11.1 7.6
P/BV ratio 2.1 2.1 2.0 1.9 1.2 0.9 0.9 1.0 1.1 0.8 1.1 0.9
Dividend yield (%) 3.2 3.3 7.0 7.1 11.0 14.3 14.1 13.6 11.9 14.9 12.0 13.0
Total return index* 422.6 425.6 407.3 405.0 262.7 196.5 189.1 193.2 219.9 161.6 217.2 200.5
Change in total returnindex (%)
−7.0 0.7 −4.3 −0.6 −35.1 −25.2 −3.7 2.1 13.8 −26.5 34.4 −7.7
Exchange Rates
Exchange rates (endof period)
44.0060 44.0060 44.1525 44.0700 44.4750 46.1050 49.3450 50.0075 50.1325 50.8950 49.9950 49.0230
Notes: The base date for the KSE−100 Index is Nov. 1, 1991=1,000. The base date for the IFCG Pakistan Index is Dec. 1984=100. IFCswitched to the KSE 100 Index from the SBP Index with data from January 1992 forward. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Karachi Stock ExchangeMr. Mohammed YasinLakhani, PresidentMr. Mohammed YacoobMemon, General ManagerStock Exchange RoadKarachi, Sindh 74000PakistanTel: (92−21) 242−5502,242−5503Fax: (92−21) 241−0825http://www.kse.com.pk
Islamabad Stock ExchangeMr. Farooq Zafar, ChairmanMr. Ch. Muhammad RazhidRandhawa, V. Chairman101−E, Fazal−Ul−Haq RoadBlue AreaIslamabadPakistanTel: (92−51) 215−047, 215−050Fax: (92−510) 215−051
Lahore Stock ExchangeMr. Mirza Sher Dill, ChairmanMr. Jamil Ahmad, Chief ExecutiveOfficer19 Khayaban−e−Aiwan−e−IgbalLahore, Punjab 54000PakistanTel: (92−42) 636−8000Fax: (92−42) 636−8484
IFC Correspondent:Jahangir Siddiqui Ltd.Chapal Plaza, 14th Fl.Hasrat Mohani RoadKarachi, 74000PakistanTel: (92−21) 243−1181,243−1188Fax: (92−21) 243−1178
Pakistan 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Pakistan 1989−1998: (Currency in Millions; End of Period Levels) 359
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Karachi StockExchange
440 487 542 628 653 724 764 782 781 773
Market Capitalization
In rupee 52,207 61,900 180,222 204,723 347,829 377,333 327,781 471,666 524,148 265,624
In U.S. dollars 2,457 2,850 7,326 8,028 11,602 12,263 9,286 10,639 10,966 5,418
Trading Value
In rupee 3,910 4,979 15,232 24,435 51,579 97,472 101,446 219,114 463,101 427,444
In U.S. dollars 193 231 620 980 1,844 3,198 3,210 6,054 11,476 9,102
Turnover ratio (%) 8.0 8.7 12.6 12.7 18.7 26.9 28.8 54.8 93.0 108.2
Local Index
KSE 100* 277.3 308.5 718.2 1,243.7 2,164.3 2,049.1 1,497.8 1,339.9 1,753.8 945.2
Change in index (%) 5.5 11.3 132.8 − 74.0 −5.3 −26.9 −10.5 30.9 −46.1
IFC Global Index
Number of stocks 50 62 58 58 64 71 80 64 55 53
Share of market cap.(%)*
31.0 33.4 53.6 47.0 68.5 62.5 69.8 47.2 79.7 68.4
P/E ratio 8.0 7.0 23.9 21.9 27.6 23.3 15.0 11.7 14.8 7.6
P/BV ratio 1.3 1.3 3.1 2.5 4.2 3.5 2.2 1.5 2.3 0.9
Dividend yield (%) 8.3 5.6 1.9 2.5 1.5 1.6 2.4 3.2 3.2 13.0
Total return index* 184.5 205.0 557.8 455.1 710.8 650.3 447.8 360.4 454.6 200.5
Change in index (%) 6.4 11.1 172.1 −18.4 56.2 −8.5 −31.1 −19.5 26.1 −55.9
Economic Data
Gross domestic product(US$)
40,171 40,010 45,625 48,884 51,810 52,294 61,200 64,677 61,667 649
Emerging Stock Markets Factbook 1999
Pakistan 1989−1998: (Currency in Millions; End of Period Levels) 360
Change in consumerprice index (%)
7.8 9.1 11.8 9.5 10.0 12.4 12.3 10.4 11.4 −
Exchange rate (end ofperiod)
21.2500 21.7200 24.6000 25.5000 29.9800 30.7692 34.2158 40.0799 44.0060 49.0230
Exchange rate (averageof period)
20.2685 21.5232 24.5750 24.9436 27.9756 30.4758 31.6059 36.0416 41.0717 46.9637
Notes: The base date for the KSE−100 Index is Nov. 1, 1991=1,000. The base date for the IFCG Pakistan Index is Dec.1984=100. IFC switched to the KSE 100 Index from the SBP Index with data from January 1992 forward. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Peru
Market Performance
Instability in emerging markets, infrastructure damage inflicted by the El Niño weather phenomenon, and lowcommodity prices combined to punish Peruvian equities in 1998 as the dollar−based IFCI and IFCG Peru indexesfell 39.3% and 39.7%, respectively. Weak demand for metals, fishmeal, and pulp from Asia adversely impactedthe country's current account balance through the course of the year, pressuring leading shares lower. Despite alate−year rally following U.S. interest rate cuts and approval of an IMF−led package for Brazil, stocks wereunable to overcome losses, closing down for the year. The downturn in the market marked a pronounced shift inequity trading because the Lima bourse had enjoyed double−digit gains in four of the last five years. GNP grew amodest 0.8% compared to 7.2% in 1997, while inflation dropped from 6.5% to 6.0% year−on−year.
Shares posted losses in the first quarter as low metals prices, lower fishing output stemming from El Niño, andAsian market instability depressed trading on the bolsa. Mining and agricultural exports account for over half thecountry's exports. Despite a flurry of trading activity in Peruvian ADRs, a decline in consumer spending andshort−term profit−taking depressed market sentiment, as the IFCI Index closed down 5.1% for the quarter.
News of a decline in domestic economic growth, destruction of the country's infrastructure wrought by El Niñofloods, and continued weak prices for gold and silver cast a shadow over the market in the second quarter, as theIFCI Index declined 6.0%. Leading the fall were telecommunication, mining, and bank stocks as concern overemerging market stability in Indonesia and Russia sidelined foreign investors while local pension funds steeredclear of the domestic equity market.
The fallout from the August Russian ruble devaluation sparked panic in emerging market trading in the third
Emerging Stock Markets Factbook 1999
Peru 361
quarter, as nervous investors sold their Peruvian equity positions. Anxiety that other Latin American countrieswould follow suit pushed the local index to its lowest level in four years, while the IFCI index collapsed 31%.Telefonica del Peru and Cementos Lima, stocks that characteristically account for half the trading on the LimaStock Exchange, led the market nosedive. Bank shares also fell sharply on news of deteriorating loan portfoliosand a reduction in new loans stemming from the country's poor quarterly economic performance.
A historic peace agreement ending a 56−year border dispute between Peru and Ecuador, and a $41.5 billion aidpackage for Brazil, proved insufficient to boost market sentiment in the fourth quarter, as the IFCI Index drifted1.4% lower. Despite a double−digit rally in November, continuing jitters stemming from the August worldwiderout in emerging markets held the market at bay. Cement and steel industry shares fell in tandem as a domesticcredit crunch sapped demand for construction while the central bank intervened for the first time in four years tosupport the currency. The stock market closed on a negative note amid questions on whether President AlbertoFujimori would seek a third term in office.break
Monthly Value Traded(US$ millions)
IFCI Peru Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(soles per U.S. dollar)
Emerging Stock Markets Factbook 1999
Peru 362
Peru 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Bolsa de Valores deLima
249 247 247 248 254 260 260 261 260 259 257 257
MarketCapitalization
In nuevos soles 48,141 43,576 45,954 47,344 46,232 44,018 44,873 36,660 35,485 34,350 40,754 36,751
In U.S. dollars 17,370 15,485 16,363 16,771 16,155 14,975 15,323 12,163 11,621 11,196 13,048 11,645
Trading Value
In nuevos soles 975 557 604 681 843 733 614 712 817 500 540 550
In U.S. dollars 352 198 215 241 295 249 210 236 268 163 173 174
Turnover ratio (%) 2.0 1.2 1.3 1.5 1.8 1.6 1.4 1.8 2.3 1.4 1.4 1.4
Local Index
IGBVL* 1,624.6 1,585.8 1,705.8 1,890.5 1,799.1 1,642.2 1,720.4 1,265.5 1,246.9 1,231.6 1,581.6 1,335.9
Change in index (%) −9.4 −2.4 7.6 10.8 −4.8 −8.7 4.8 −26.4 −1.5 −1.2 28.4 −15.5
IFC Global Index
Number of stocks 37 37 37 37 37 37 37 37 37 37 36 35
Share of market cap.(%)*
56.7 60.7 63.8 64.8 64.6 64.5 63.7 57.3 57.7 58.8 60.4 58.5
Share of trading value(%)
66.5 79.0 91.9 83.2 71.4 78.7 84.8 87.0 85.5 82.7 71.3 89.8
P/E ratio 14.1 12.9 14.2 14.8 14.4 13.8 13.8 10.1 9.9 19.3 23.9 21.1
P/BV ratio 2.0 1.9 2.2 2.3 2.2 2.1 2.1 1.6 1.5 1.5 1.8 1.6
Dividend yield (%) 2.5 2.6 2.2 2.6 2.7 2.1 3.0 4.2 4.3 4.4 3.1 3.5
Total return index* 252.4 241.9 266.4 280.5 270.4 250.7 254.8 182.4 175.3 171.0 199.7 174.2
−10.2 −4.2 10.1 5.3 −3.6 −7.3 1.6 −28.4 −3.8 −2.5 16.8 −12.8
Emerging Stock Markets Factbook 1999
Peru 1998: (Currency in Millions) 363
Change in total returnindex (%)
Exchange Rates
Exchange rates (endof period)
2.7715 2.8140 2.8085 2.8230 2.8618 2.9395 2.9285 3.0140 3.0535 3.0680 3.1235 3.1560
Notes: The base date for the IGBVL is Dec. 1991=100. The base date for the IFCG Peru Index is Dec. 1992=100. In calculating share oftotal market cap, IFCG market cap is not adjusted for cross holdings.
Lima Stock ExchangeCarlos Seminario, PresidentMiguel Rivera, General ManagerJiron Antonio Miro Quesada 217LimaPeruTel: (51−14) 260−714Fax: (51−14) 267−650http://www.bvl.com.pe/homepage2.html
IFC Correspondent:G&B Sociedad Agente de BolsaMiro Quesada 260, 10th FloorLimaPeruTel: (51−14) 287−006Fax: (51−14) 269−434Special Assistance: Richard Amiel, ATEFSA
Peru 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bolsa de Valores deLima
256 294 298 287 233 218 246 231 248 257
Market Capitalization
In nuevos soles 5.000 439.000 1,090 4,300 10,993 17,835 27,170 31,921 47,940 36,751
In U.S. dollars 931 812 1,118 2,630 5,113 8,178 11,795 12,291 17,586 11,645
Trading Value
In nuevos soles 0.2938 25.0000 104 519 3,332 6,742 8,855 9,322 10,861 8,311
Emerging Stock Markets Factbook 1999
Peru 1989−1998: (Currency in Millions; End of Period Levels) 364
In U.S. dollars 90 99 130 417 1,672 3,080 3,935 3,805 4,082 2,634
Turnover ratio (%) 5.9 5.7 9.5 19.3 43.8 46.8 39.3 31.5 25.9 19.2
Local Index
IGBVL* 0.336 25.80 100.00 372.9 930.5 1,414.9 1,243.4 1,429.0 1,792.7 1,335.9
Change in index (%) 3,817.9 7,544.3 288.2 273.0 149.5 52.1 −12.1 14.9 25.4 −25.5
IFC Global Index
Number of stocks − − − 18 18 35 36 36 37 35
Share of market cap.(%)
− − − 42.7 46.0 64.5 62.3 70.2 62.0 58.5
P/E ratio − − − 25.9 44.0 43.9 14.5 14.2 14.0 21.1
P/BV ratio − − − 2.7 3.6 3.0 2.8 2.5 2.0 1.6
Dividend yield (%) − − − − 0.8 0.7 1.3 2.4 2.3 3.5
Total return index* − − − 100.0 137.2 210.6 233.8 241.1 281.2 174.2
Change in index (%) − − − − 37.2 53.5 11.0 3.1 16.6 −38.1
Economic Data
Gross domestic product(US$)
28,636 32,802 29,224 42,013 41,084 50,343 59,066 61,013 63,849 64,122
Change in consumerprice index (%)
3,398.7 7,481.7 409.5 73.5 48.6 23.7 11.1 11.5 8.6 −
Exchange rate (end ofperiod)
0.0053 0.5400 0.9750 1.6350 2.1500 2.1810 2.3035 2.5970 2.7260 3.1560
Exchange rate (averageof period)
0.0032 0.2540 0.8042 1.2458 1.9921 2.1892 2.2500 2.4501 2.6604 2.9282
Notes: The base date for the IGBVL is Dec. 1991=100. The base date for the IFCG Peru Index is Dec. 1992=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Philippines
Market Performance
Philippine equities recovered some of their luster in 1998, despite the continuing fallout effects of the Asianfinancial crisis. The conundrum of high volatility attached to emerging markets in 1998 swept in the local market.Despite this, the Philippines offered a more stable environment than its neighbors, with relatively stable economicfundamentals that became apparent in the fourth quarter and the volatility it brought. For the year, the
Emerging Stock Markets Factbook 1999
Philippines 365
dollar−based IFCI and IFCG indexes gained 9.2% and 9.8%, respectively, while the Philippine Stock Exchange(PSE) Composite Index rose 5.3% in local currency terms. After a turbulent roller−coaster ride, the peso finishedthe year with a 2.6% appreciation against the dollar.
A frenzied currency ride influenced the unusual price pattern of Philippine equities in the first quarter, as the pesounderwent some wild swings in its value against the dollar. In January, the peso lost 6.4% of its value beforeappreciating 5.3% at the end of the quarter. The peso's appreciation allowed for a significant easing in thecountry's high interest rate environment, which sparked a steady two−month rally that took the IFCI PhilippineIndex 29.6% higher and the PSE Composite Index 18.4% higher. Share prices gained a heady 25.3% (IFCI) inFebruary alone as commitments by large banks to lower the prime lending rate from 25% to 20% took effect.
The peso also drove second−quarter results. The currency fell 9.1% against the dollar and sparked a 29.5%decline in the IFCI Index. Low first−quarter profits, both expected and realized, also contributed to the quarter'sdismal results. Factors contributing to the market's poor performance include investor nervousness over theturmoil in Indonesia, the resignation of President Suharto and the uncertainty it would bring, and gloomyeconomic indicators. The dismal economic news included a 20−month−high inflation rate in April and the slowestfirst−quarter GDP growth in five years (1.7%). The depreciation in the Japanese yen also weighed on marketsentiment by signaling more uncertainty for the region.
The following quarter highlighted the inexorable correlation between the peso's weakness and the performance ofthe stock market. A weaker peso—depreciating 1.6% each month during the quarter—fueled widespread sellingof equities and slashed 27.4% from the IFCI Index. Investors responded positively to the appointment ofPresident−elect Joseph Estrada, but optimism and euphoria quickly evaporated as news of higher inflation, aweaker peso, lower earnings reported by the country's top 100 corporations, and a 1.2% decline in the country'ssecond−quarter GDP reached the market. On earnings, the Philippine Securities and Exchange Commissionreported a year−on−year decline of 42% through the second quarter.
A marked shift in perception of the Philippine economy in the fourth quarter enticed investors back into the stockmarket. The combined effects of a hostile takeover bid for the country's largest telephone company, PLDT, lowerovernight borrowing costs, and a 12.5% appreciation in the peso against the dollar, reaped a 64.7% gain for theIFCI Index, while the PSE Composite Index rose 56.3%. The peso's strong recovery was attributed to acombination of factors: the contraction of imports, stronger inflows from overseas contract workers, partial loandisbursements from multilateral lending institutions, and the yet−to−be−remitted dollar proceeds from the sale oftwo large assets owned by food conglomerate San Miguel Corp.break
Emerging Stock Markets Factbook 1999
Philippines 366
Monthly Value Traded(US$ millions)
IFCI Philippines Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(pesos per U.S. dollar)
Philippines 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Philippine StockExchange
221 222 222 222 222 223 222 222 222 222 221 221
MarketCapitalization
Emerging Stock Markets Factbook 1999
Philippines 1998: (Currency in Millions) 367
In pesos 1,254,9941,505,1611,512,7281,475,6681,394,7441,228,0511,136,970874,051 900,559 1,219,1741,386,0171,373,701
In U.S.dollars
29,425 37,723 39,914 36,754 35,809 29,450 27,006 19,956 20,584 30,215 35,178 35,314
Trading Value
In pesos 29,612 48,877 51,655 30,972 19,332 19,452 22,877 21,991 37,062 33,669 58,007 35,174
In U.S.dollars
694 1,225 1,363 771 496 466 543 502 847 834 1,472 904
Turnoverratio (%)
2.4 3.5 3.4 2.1 1.3 1.5 1.9 2.2 4.2 3.2 4.4 2.5
Local Index
PSE Composite* 1,948.0 2,266.3 2,238.4 2,181.3 2,011.4 1,760.1 1,607.6 1,192.3 1,259.6 1,755.0 1,975.4 1,968.8
Change inindex (%)
4.2 16.3 −1.2 −2.5 −7.8 −12.5 −8.7 −25.8 5.6 39.3 12.5 −0.3
IFC Global Index
Number of stocks 59 59 59 59 59 59 59 59 59 59 59 59
Share ofmarket cap.(%)*
73.0 78.0 77.3 76.8 76.4 75.7 74.6 72.7 74.2 75.9 75.5 75.9
Share oftrading value(%)
89.0 88.0 83.9 86.5 87.6 66.1 77.6 82.8 58.6 93.3 86.7 87.3
P/E ratio 11.0 14.2 14.7 14.4 14.3 12.7 11.4 8.8 9.6 13.1 14.3 15.0
P/BV ratio 1.4 1.7 1.6 1.5 1.4 1.2 1.1 0.8 0.8 1.2 1.3 1.3
Dividendyield (%)
1.4 1.1 1.0 1.0 1.0 1.2 1.3 1.5 1.6 1.2 0.8 0.8
Total returnindex*
1,815.9 2,295.4 2,406.9 2,194.4 2,098.9 1,710.9 1,549.5 1,126.6 1,192.0 1,751.2 2,048.4 2,095.7
Change intotal returnindex (%)
−3.9 26.4 4.9 −8.8 −4.3 −18.5 −9.4 −27.3 5.8 46.9 17.0 2.3
Exchange Rates
Exchange rates(end of period)
42.6500 39.9000 37.9000 40.1500 38.9500 41.7000 42.1000 43.8000 43.7500 40.3500 39.4000 38.9000
Emerging Stock Markets Factbook 1999
Philippines 1998: (Currency in Millions) 368
Notes:The base date of the PSE Composite Index is Aug. 19, 1985=100. The base date for the IFC Philippine Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not
adjusted for cross holdings.
Philippine Stock ExchangeMr. Harry G. Liu, Chairman
Philippine Stock Exchange Ctr.Ortigas Center, Exchange RoadPasig City, Metro Manila 1605PhilippinesTel: (63−2) 636−0122, 636−0123Fax: (63−2) 634−5920, 634−5113
IFC Correspondent:Technistock Corporation
906 Taipan Place/Emerald Ave.Ortigas Ctr, Pasig CityMetro ManilaPhilippinesTel: (63−2) 910−8800Fax: (63−2) 910−6050
Philippines 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Philippine Stock Exchange144 153 161 170 180 189 205 216 221 221
Market Capitalization
In pesos 261,022 161,219 297,743 391,231 1,088,8201,386,4641,545,7282,121,7631,251,2821,373,701
In U.S. dollars 11,965 5,927 11,386 15,282 40,327 55,519 58,859 80,649 31,361 35,314
Trading Value
In pesos 50,730 28,569 39,407 77,032 182,180 364,297 378,983 668,817 586,173 408,679
In U.S. dollars 2,410 1,216 1,506 3,104 6,785 13,949 14,727 25,519 19,783 9,992
Turnover ratio (%) 29.1 13.5 17.2 22.4 24.6 29.4 25.8 36.5 34.8 31.1
Local Index
PSE Composite* 1,104.6 651.8 1,151.9 1,256.2 3,196.1 2,785.8 2,594.2 3,170.6 1,869.2 1,968.8
Change in index (%) 31.2 −41.2 76.7 10.2 154.8 −14.1 −6.9 22.2 −41.0 5.3
IFC Global Index
Number of stocks 18 34 30 30 37 41 45 52 59 59
Share of market cap. (%)*33.6 70.8 68.1 58.0 59.0 54.4 54.3 69.6 71.1 75.9
Emerging Stock Markets Factbook 1999
Philippines 1989−1998: (Currency in Millions; End of Period Levels) 369
P/E ratio 14.1 11.3 11.3 14.1 38.8 30.8 19.0 20.0 10.9 15.0
P/BV ratio 3.6 2.6 2.6 2.4 5.2 4.5 3.2 3.1 1.3 1.3
Dividend yield (%) 1.1 2.3 0.8 1.0 0.3 0.4 0.6 0.8 1.4 0.8
Total return index* 2,371.5 1,094.0 1,738.5 2,056.8 4,831.4 4,802.3 4,125.5 4,965.0 1,890.6 2,095.7
Change in index (%) 59.5 −53.9 58.9 18.3 134.9 −0.6 −14.1 20.3 −61.9 10.8
Economic Data
Gross domestic product(US$)
42,647 44,331 45,382 53,002 54,408 64,126 74,162 82,898 82,157 −
Change in consumer priceindex (%)
12.2 14.1 18.7 8.9 7.6 9.1 8.1 8.4 5.1 −
Exchange rate (end ofperiod)
21.7700 27.2000 26.1500 25.6000 27.0000 24.4000 26.2300 26.3000 39.9000 38.9000
Exchange rate (average ofperiod)
21.0509 23.4900 26.7706 24.8034 26.6398 26.1112 25.7333 26.2096 29.6301 40.9007
Notes: The base date of the PSE Composite Index is Aug. 19, 1985=100. The base date for the IFC Philippine Index is Dec. 1984=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Poland
Market Performance
Global turbulence in emerging markets in the second half of 1998 overwhelmed Polish equities, particularly withthe collapse in Russia. Earlier in the year, the country's strong macroeconomic performance—GDP growth of 7%in 1997 and the 1998 projected target for inflation of 9.5%—set the market on a clear uptrend. Despite the upbeatnews, the Russian financial crisis sparked a sizable decline in Polish equities in 1998, with the IFCI Poland Indexlosing 12.3% in dollars and the Warsaw Stock Exchange (WSE) WIG Index losing 12.8% in zloty.
Share prices registered solid gains in January, February, and early March, thanks to an influx of foreign fundsdrawn by solid macroeconomic trends. The market surged on the news that National Bank intervened to sell $85million to prevent the currency from strengthening amid strong demand for Polish stocks and Treasury bills fromforeign investors. Banks led gainers as their total net profits in January rose 36% from the same period last year.
General positive sentiment on the market continued from March to early May, but shares started declining in thesecond half of May on concerns over the strength of the zloty and financial turmoil in Asia. Equities of companieswith substantial exports were particularly hurt.
Russia's instability pressured the Polish market in June, but strong economic fundamentals provided somesupport. In June, investor attention shifted toward the IPO of the 15% stake in Pekao, Poland's largest bank. OnJune 30, the day of its listing, Pekao shares surged 22% over the IPO price of PLN 45, and it became the largeststock in terms of market capitalization on the WSE. The successful IPO and expectations of an interest rate cutspurred a market rally in July. The crawling peg devaluation of the zloty slowed to 0.8% to 0.65% per month.
Emerging Stock Markets Factbook 1999
Poland 370
The August crash of the Russian market took a heavy toll on the performance of Polish equities in August andSeptember, when the IFCI Index fell 37.6% and 22.3%, respectively. On August 28, the market experienced themost significant drop since March 1994. To ease concerns about the currency, the Monetary Policy Council cutthe zloty's crawling peg rate from 0.65% to 0.5% per month on September 9 and the 28−day intervention rate (therepo rate) by one percentage point to 18%. Between July 17 and October 9, the IFCI Index lost 47%.
Despite acrimonious circumstances, the Polish government decided to go forward with the planned privatizationof TPSA (Polish Telecom) and was fully rewarded. The November 18 flotation of the 15% stake in TPSA on theWarsaw and London stock exchanges was the largest IPO in Central and Eastern Europe to date. The IPO almostdoubled the WSE's market capitalization to $21 billion.
The top−performing Polish equity in 1998 was brewery Zywiec, which ended the year with a 41.9% gain. InJanuary, Heineken announced its intention to acquire 75% of the shares in Zywiec. This established a trend forother companies whose strategic investors made offers to buy the shares of minority shareholders.
The Polish equity market clearly benefited from the steadily improving macroeconomic situation in the country.GDP grew by a rate of more than 5%, and the inflation rate dropped from 13.2% in December 1997 to 9.2% inNovember.break
Monthly Value Traded(US$ millions)
IFCI Poland Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Poland 371
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(zloty per U.S. dollar)
Poland 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Warsaw StockExchange
148 155 159 165 172 182 183 183 185 189 193 198
MarketCapitalization
In zloty 43,434 54,090 53,429 56,441 49,537 58,127 61,354 44,455 44,804 44,658 66,096 71,818
In U.S. dollars 12,257 15,554 15,473 16,617 14,190 16,670 17,865 11,934 12,540 12,961 18,985 20,461
Trading Value
In zloty 1,707 3,356 3,277 2,466 2,461 2,496 4,002 2,232 2,045 1,923 2,326 2,853
In U.S. dollars 482 965 949 726 705 716 1,165 599 572 558 668 813
Turnover ratio (%) 4.0 6.9 6.1 4.5 4.6 4.6 6.7 4.2 4.6 4.3 4.2 4.1
Local Index
Emerging Stock Markets Factbook 1999
Poland 1998: (Currency in Millions) 372
WIG All−SharePerformance*
14,378.2 17,621.0 16,864.0 17,743.8 15,683.3 15,728.6 16,534.3 11,635.9 12,238.3 12,345.4 11,777.7 12,795.6
Change in index (%)−2.0 22.5 −4.3 5.2 −11.6 0.3 5.1 −29.6 5.2 0.9 −4.6 8.6
IFC Global Index
Number of stocks 29 29 29 29 29 29 29 29 29 29 35 35
Share of market cap.(%)*
58.8 58.5 56.3 57.4 58.3 50.8 50.9 47.8 49.3 50.1 79.3 79.7
Share of tradingvalue (%)
43.1 48.5 39.4 39.9 45.8 39.6 24.7 43.3 47.3 45.6 51.4 36.7
P/E ratio 11.6 14.3 13.6 14.6 13.1 12.5 13.2 9.0 9.3 9.4 9.1 10.7
P/BV ratio 1.7 1.9 1.8 2.0 1.8 1.7 1.8 1.2 1.3 1.3 1.3 1.5
Dividend yield (%) 1.5 1.2 1.3 1.6 1.7 1.5 1.8 2.3 2.3 2.1 1.6 1.5
Total return index* 658.6 828.6 793.8 863.4 749.4 765.4 823.3 513.8 545.6 580.3 539.8 580.1
Change in totalreturn index (%)
1.2 25.8 −4.2 8.8 −13.2 2.1 7.6 −37.6 6.2 6.4 −7.0 7.5
Exchange Rates
Exchange rates (endof period)
3.5435 3.4775 3.4530 3.3965 3.4910 3.4870 3.4343 3.7250 3.5730 3.4455 3.4815 3.5100
Notes: The base date for the WIG All−Share Performance Index is Apr. 1991=1,000. The base date for the IFCG Poland Index is Dec.1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Warsaw Stock ExchangeDr. Wieslaw Rozlucki, President & CEOMr. Wlodzimierz Magiera, Executive Vice PresidentNowy Swiat 6/12Warsaw, 00−400PolandTel: (48−22) 628−3232Fax: (48−22) 628−1754
IFC Correspondent:BRE Brokers S.A.Swietokrzyska 36Warsaw, 00−950PolandTel: (48−22) 636−6904Fax: (48−22) 697−4961
Poland 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Poland 1989−1998: (Currency in Millions; End of Period Levels) 373
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Warsaw Stock Exchange− − 9 16 22 44 65 83 143 198
Market Capitalization
In zloty − − 158 351 5,803 7,450 11,259 23,999 42,775 71,818
In U.S. dollars − − 144 222 2,706 3,057 4,564 8,390 12,135 20,461
Trading Value
In zloty − − 29 228 3,973 11,711 6,691 14,943 26,171 31,143
In U.S. dollars − − 28 167 2,170 5,134 2,770 5,538 7,977 8,921
Turnover ratio (%) − − − 89.7 129.1 176.7 71.5 84.8 78.4 54.4
Local Index
WIG All−SharePerformance*
− − 919.1 1,040.7 12,439.0 7,473.1 7,585.9 14,342.8 14,668.0 12,795.6
Change in index (%) − − − 13.2 1,095.3 −39.9 1.5 89.1 2.3 −12.8
IFC Global Index
Number of stocks − − − 9 12 12 17 31 29 35
Share of market cap.(%)*
− − − − 79.1 48.4 43.5 78.1 58.9 79.7
P/E ratio − − − − 31.5 12.9 7.0 14.3 11.4 10.7
P/BV ratio − − − − 5.7 2.3 1.3 2.6 1.7 1.5
Dividend yield (%) − − − − 0.4 0.4 2.6 1.2 1.5 1.5
Total return index* − − − 100.0 839.6 484.0 450.3 784.2 650.5 580.1
Change in index (%) − − − − 739.6 −42.4 −7.0 74.2 −17.0 −10.8
Economic Data
Gross domestic product(US$)
82,223 58,976 76,478 84,356 85,995 92,580 118,807 134,570 135,659 −
Emerging Stock Markets Factbook 1999
Poland 1989−1998: (Currency in Millions; End of Period Levels) 374
Change in consumerprice index (%)
244.6 555.4 76.7 45.3 36.9 33.3 26.8 20.2 15.9 −
Exchange rate (end ofperiod)
− − 10,957.0015,767.0021,444.0024,370.002.4668 2.8605 3.5250 3.5100
Exchange rate (averageof period)
− − 10,576.0013,676.0018,311.0622,808.592.4154 2.6980 3.2810 3.4911
Notes: The base date for the WIG All−Share Performance Index is Apr. 1991=1,000. The base date for the IFCG Poland Index isDec. 1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Portugal
Market Performance
Stocks at the Lisbon Stock Exchange extended their 1997 rally, gaining 38.4% in 1998 as measured by thedollar−based IFCI Portugal Index. After a 53.5% rally in the preliminary four months, Portuguese equitiessuffered a serious setback at mid−year, as uncertainties in the U.S. and Europe, followed by the crisis in Russiaand economic instability in Latin America, combined to dampen investor enthusiasm. A sharp rally in the fourthquarter, however, sparked a rebound, prompted by cuts in international interest rates and positive domesticeconomic news.
The stock market rose during the first quarter of 1998 on a positive outlook for corporate earnings and theeconomy. The central bank implemented a policy of gradual reduction in key interest rates to allow Portugal tojoin the Euro zone in January 1999. Boosted by lower interest rates, the stock market surged, fueled all the moreby retail investors taking advantage of 1997 tax breaks. Construction companies that stood to benefit from lowerinterest rates led the market, as did banks and attractively priced telecom shares. Stocks surged further in Marchafter the European Commission endorsed Portugal's bid to adopt Europe's single currency and raised its forecastfor Portugal's 1998 economic growth to 4.0%.
The rally continued at the beginning of the second quarter on positive prospects for both banking and telecomsectors. The trend quickly reversed on talks by Germany of raising interest rates to strengthen the Euro's stature inaddition to indications of higher interest rates by the U.S. Federal Reserve Board. The rest of the quarter provedthat Portugal is closely connected to market movements elsewhere in developed as well as emerging economies.The market reacted negatively to cautious and jittery sentiment throughout the world, including uncertainty inU.S. markets, an increase in U.K. interest rates, and poor equity performances in Europe and Asia.
Emerging Stock Markets Factbook 1999
Portugal 375
After a brief recovery in July, the Portuguese stock market continued sliding in the third quarter amid a downturnin European markets and the United States. Despite positive half−year profits reported by large banks and soundeconomic fundamentals, the stock market followed the performances of regional and U.S. markets, falling furtheras financial situations in Asia, Russia, and also Latin America affected international bourses. Portuguese bluechips with high exposure to these regions were most severely affected, prompting cautious local investors toretreate to small cap, debt, and cash markets. By the end of the third quarter, a lack of buyers and active selling byportfolio managers who were concerned about end−of−quarter window dressing had all but wiped out 1998'sgains.
Nevertheless, the stock market reversed its downward trend early in the fourth quarter on the improvedinvestment climate in Europe, interest rate cuts in Spain, Portugal, and Italy, and renewed investor interest inattractively priced equities. After rallying in October, prices flattened in November while advances in bankingsector stocks offset losses in utility stocks. The positive investment climate returned in December, aftersimultaneous interest rate cuts by Portugal and nine other European countries reactivated demand from funds andforeign investors, eager for the January 1, 1999 introduction of the euro.break
Monthly Value Traded(US$ millions)
IFCI Portugal Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
Exchange Rate(escudos per U.S. dollar)
Emerging Stock Markets Factbook 1999
Portugal 376
* 51 markets covered by EMDB
Portugal 1998:(Currency in Millions)
Notes: The base date for the BVL General Index is January 1988=100. The base date for the IFCG Portugal Index is Jan. 1986=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Lisbon Stock ExchangeMr. Jose Carlos Pestana Teixeira, CEOEdificio da BolsaRua Soeiro Pereira GomesLisbon, 1649−017PortugalTel: (351−1) 790−0000Fax: (351−1) 795−2022http://www.bvl.pt
IFC Correspondent:Banco FinantiaAv. dos CombatentesTorre 1, (Lote H) − 1st Floor1600 Lisbon,PortugalTel: (351−1) 720−2000Fax: (351−1) 726−5310
Portugal 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Portugal 1998: (Currency in Millions) 377
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Lisbon StockExchange
182 181 180 191 183 195 169 158 148 135
MarketCapitalization
In escudos 1,588,3801,257,2481,284,3481,353,6272,193,0212,586,7872,743,070 3,828,406 7,161,66910,748,307
In U.S. dollars 10,618 9,201 9,613 9,213 12,417 16,249 18,362 24,660 38,954 62,954
Trading Value
In escudos 300,394 240,449 406,158 467,263 780,284 874,620 634,139 1,102,573 3,669,5328,571,030
In U.S. dollars 1,912 1,687 2,818 3,455 4,835 5,275 4,233 7,147 20,932 47,577
Turnover ratio (%) 22.8 16.9 32.0 35.4 44.0 36.6 23.8 33.6 66.8 95.7
Local Index
BVL General* 3,287.0 2,143.4 1,977.7 1,637.9 // 848.0 919.9 887.7 1,163.5 1,922.7 2,427.3
Change in index (%) 39.5 −34.8 −7.7 −17.2 − 8.5 −3.5 31.1 65.3 26.2
IFC Global Index
Number of stocks 23 30 30 30 33 32 30 32 23 22
Share of market cap.(%)*
53.4 58.5 61.3 52.8 71.3 68.8 59.5 71.6 95.8 77.6
P/E ratio 19.0 11.8 10.9 9.0 18.0 20.3 14.8 18.1 22.9 22.8
P/BV ratio 3.4 1.7 1.3 1.0 1.7 1.8 1.4 1.7 3.1 3.4
Dividend yield (%) 1.9 2.7 3.7 4.7 2.9 3.2 3.3 2.3 1.7 1.8
Total return index* 874.5 613.8 624.3 503.1 694.6 834.0 824.5 1,064.4 1,567.4 2,198.0
Change in index (%) 40.1 −29.8 1.7 −19.4 38.1 20.1 −1.1 29.1 47.3 40.2
Economic Data
Gross domesticproduct (US$)
53,171 69,132 78,316 94,513 83,726 88,129 104,680 108,823 102,133 −
Emerging Stock Markets Factbook 1999
Portugal 1998: (Currency in Millions) 378
Change in consumerprice index (%)
12.6 13.4 11.4 8.9 6.8 4.9 4.1 3.1 2.2 −
Exchange rate (end ofperiod)
149.600 136.640 133.600 146.920 176.620 159.200 149.390 155.250 183.850 170.732
Exchange rate(average of period)
157.123 142.553 144.121 135.229 161.391 165.817 149.809 154.277 175.310 180.152
Notes: The base date for the BVL General Index is January 1988=100. Prior to 1993, IFC used the BTA Index, which had a base date of1977=100. The base date for the IFCG Portugal Index is Jan. 1986=100. In calculating share of total market cap, IFCG market cap is notadjusted for cross holdings.
Romania
Market Performance
The long−awaited recovery of the Romanian capital market failed to take shape in 1998, with domestic factorsand an unfavorable international environment weighing heavily on the market. Shares on the Bucharest StockExchange (BSE) and the over−the−counter RASDAQ continued on their steep downward trend that began inmid−1997. For the year, the IFCG Romania Index fell 67.7% in dollar terms, while the BET Index lost 50.1% inlocal currency terms. The IFCG Index was launched in April 1998.
Behind the market's weakness were prolonged delays in structural reforms to the economy and a lack of progresson privatization until late in the year. Failure to close loss−making enterprises hindered the stabilization of theeconomy and deepened the country's financial troubles. These factors contributed to a 17% plunge in industrialproduction and an estimated 5% contraction in GDP. Political instability caused by the government's resignationin March and numerous changes to the legal framework also had a serious negative impact on investor sentiment.Romania's credit rating was downgraded a total of six times by four rating agencies in 1998.
After several months of relative stability, the market plunged in May after the government failed to make progressin negotiations with the IMF on a new standby loan agreement. The decline continued over the summer as turmoilin international markets aggravated domestic anxieties. As a result, foreign portfolio investors steadily reducedtheir presence in Romania, which had a negative impact on market liquidity. Local investors continued to targetsmallcap companies and to participate in local IPOs. The Russian crisis in August triggered an even steeperdecline in the IFCG Romania Index. A lack of positive corporate news and falling confidence that the governmentwould deliver on pledges to speed up the privatization process compounded investor concerns that the crisis mightspread to Romania.
Emerging Stock Markets Factbook 1999
Romania 379
By November, however, the government and the State Ownership Fund began taking decisive steps towardaccelerating privatization. The successful conclusion of major deals, such as the sale of a 35% stake in telecomoperator Romtelecom, 41% stake in the Romanian Bank for Development, and the expected privatization ofAutomobile Dacia and bank Bancpost helped push the IFCG Index up 16%. The gains, however, were given upthe following month as investors became increasing anxious over the country's debt obligations. Investors areexpected to closely monitor progress on a new standby agreement with the IMF, which could prove important ifthe country is to avoid defaulting on its $2.2 billion foreign debt service obligations due in 1999.
Several blue chips retained investor interest during the year. On the BSE, Alro—one of the largest Europeanaluminum makers—was the most actively−traded stock, attracting investors because of its strong fundamentalsand well−regarded management. Interest was also high in Terapia, a highly profitable pharmaceutical producer,and Automobile Dacia, the largest domestic carmaker, which Renault has expressed firm interest in acquiring. Onthe over−the−counter market, investors focused on the recently privatized cement industry, with Lafarge Romcim,Romcif, and Moldocim being intensively traded during the year.break
Monthly Value Traded(US$ millions)
IFCG Romania Index Correlation(12−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
Exchange Rate(leu per U.S. dollar)
Emerging Stock Markets Factbook 1999
Romania 380
* 51 markets covered by EMDB
Romania 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Combined* 5,642 5,687 5,690 5,697 5,700 5,703 5,707 5,709 5,719 5,722 5,745 5,753
MarketCapitalization
In leu (1/1,000) 17,052.5 20,129.7 20,423.9 20,584.2 18,571.2 17,526.1 16,800.6 9,132.0 11,673.2 11,987.0 13,273.1 11,131.0
In US dollars 2,044.7 2,488.2 2,405.6 2,466.6 2,182.0 2,032.0 1,921.4 1,023.3 1,263.6 1,249.7 1,316.5 1,016.4
Trading value
In leu (1/1,000) 267.3 333.1 803.4 465.6 640.3 354.8 331.0 230.8 235.3 370.0 812.3 525.7
In US dollars 32.0 41.2 94.6 55.8 75.2 41.1 37.9 25.9 25.5 38.6 80.6 48.0
Turnover ratio (%) 3.1 1.8 4.0 2.3 3.3 2.0 1.9 1.8 2.3 3.1 6.4 4.3
Local Index
BET* 727.6 811.7 793.1 804.7 663.2 636.7 559.0 359.8 294.4 295.8 376.8 377.7
Change in index (%)11.6 11.5 −2.3 1.5 −17.6 −4.0 −12.2 −35.6 −18.2 0.5 27.3 0.2
IFC Global Index
Number of stocks 35 35 35 35 35 35 35 35 35 35 35 42
Share of market cap.(%)*
56.7 54.2 53.2 53.1 50.2 48.4 45.6 50.9 32.9 31.3 36.8 45.3
Share of tradingvalue (%)
57.8 53.9 59.4 62.4 49.7 49.8 48.6 33.1 36.3 32.6 73.6 53.4
P/E ratio 79.0 87.7 89.2 93.1 81.3 76.5 70.0 3.7 2.9 3.1 3.4 −19.4
P/BV ratio 1.3 1.4 1.5 1.5 1.3 1.2 1.1 0.5 0.4 0.4 0.5 0.5
Dividend yield (%) − − − − − − − − − − − 2.3
Total return index* 90.4 103.4 102.2 107.8 90.7 81.6 73.3 44.0 34.2 33.3 38.8 32.6
Emerging Stock Markets Factbook 1999
Romania 1998: (Currency in Millions) 381
Change in totalreturn index (%)
−9.6 14.4 −1.2 5.5 −15.9 −10.0 −10.2 −39.9 −22.3 −2.6 16.6 −16.1
Exchange Rates
Exchange rate (endof period)
8,340.0 8,090.0 8,490.0 8,345.0 8,511.0 8,625.0 8,744.0 8,924.0 9,238.0 9,592.0 10,082.0 10,951.0
Notes: Local market data includes both the Bucharest Stock Exchange and the RASDAQ (OTC trading system). The base date for the BETIndex is Sept. 19, 1997=1,000. The base date for the IFCG Romania Index is Dec. 1997=100. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.
Bucharest Stock ExchangeMr. Stere Farmache, GeneralManagerDoamnei St, 8BucharestRomania 3158209Tel: (40−1) 315−8209Fax: (40−1) 315−8149http://www.bse.ccir.roEmail: bvbrel @ ccir.ro
RASDAQMr. Septimiu Stoica, President2, Expozitiei Blvd,Suite D308World Trade CenterBucharest, RomaniaTel: (40−1) 224−4641Fax: (40−1) 224−4658http://www.rasd.roEmail: [email protected]
IFC Correspondent:Bucharest Investment Group BrokerageStr. Vasile Lascar 8, Sector 2BucharestRomaniaTel: (40−1) 311−2386Fax: (40−1) 311−2620, 2701Email: [email protected]
Romania 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Combined* − − − − − 4 7 17 76 5,753
Market Capitalization
In leu − − − − − 140.0 258,953.0230,785.05,055,66411,130,960
In US dollars − − − − − 51.5 100.4 57.2 626.5 1,016.4
Trading Value
In leu − − − − − 7.0 2,464.0 17,632.0 1,921,8855,369,665.9
Emerging Stock Markets Factbook 1999
Romania 1989−1998: (Currency in Millions; End of Period Levels) 382
In US dollars − − − − − 2.6 1.2 5.7 268.1 603.0
Turnover ratio (%) − − − − − − − 7.2 72.7 66.3
Local Index
BET* − − − − − − − − 757.9 377.7
Change in index (%) − − − − − − − − − −50.2
IFC Global Index
Number of stocks − − − − − − − − 35 42
Share of market cap.(%)*
− − − − − − − − − 45.3
P/E ratio − − − − − − − − − −19.4
P/BV ratio − − − − − − − − − 0.5
Dividend yield (%) − − − − − − − − − 2.3
Total return index* − − − − − − − − 100.0 32.6
Change in total returnindex (%)
− − − − − − − − − −67.4
Economic Data
Gross domestic product(US$)
41,451 38,299 28,847 25,122 26,359 28,038 32,841 31,179 34,843 −
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − 2.7166 2,578.00 4,035.00 8,070.00 10,951.00
Exchange rate (averageof period)
− − − − − 2.6486 2,033.28 3,084.22 7,167.94 8,905.59
Notes: Beginning in 1998, local market data includes both the Bucharest Stock Exchange and the RASDAQ (OTC trading system).The base date for the BET Index is Sept. 19, 1997=1,000. The base date for the IFCG Romania Index is Dec. 1997=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Russia
Market Performance
Unfortunately, 1998 proved to be the most dismal year in the history of the Russian capital markets. The IFCI andIFCG Russia indexes plunged 84.2% and 87.4%, respectively, in dollar terms, making Russia the
Emerging Stock Markets Factbook 1999
Russia 383
worst−performing emerging market for the year. The ruble−based ASPG Index plunged 41.6%.
The beginning of the end actually came in the fall of 1997 when the Asian crisis triggered a global "flight toquality" from markets with uncertain macroeconomic conditions. As investors continued to withdraw from theRussian market in January, the ruble came under increasing pressure. However, central bank efforts prevented acurrency devaluation, and the equity market recovered somewhat in February and early March.
By late March, however, political instability caused by the dismissal of the prime minister and appointment of anew cabinet began to affect equities. The fall in world oil prices accelerated selling pressure by raising concernsabout the state budget, which largely depends on oil export revenues. In the following months, oil companyshares, which constitute a large majority of the Russian market, registered heavy losses.
During the second quarter, investor concerns about the sustainability of the exchange rate sparked heavy sellingand forced the central bank to hike interest rates to more than 100%. Ballooning yields, speculation overnegotiations with the IMF for an emergency $10 billion to $15 billion package, and the hurried issuance of alow−priced Eurobond, which undermined confidence in existing Russian foreign debt, sharply underminedmarket sentiment.
The financial crisis reached its climax in August, effectively paralyzing the financial system and triggering deeppolitical turmoil. A three−month moratorium on debt payments, a devaluation of the ruble of more than 50%, ahalt in foreign exchange trading on MICEX, and news of debt rescheduling combined to crush the stock market,which reached the lowest level in the four year history of the Russian Trading System (RTS). The impact of thecrisis was felt worldwide, but particularly across Eastern Europe.
The market stayed flat in September, despite a compromise between the government and the parliament thatresulted in the nomination of Yevgeny Primakov to the post of Russian prime minister. A new cabinet took almostthe entire month to form and subsequently failed to present a clear anti−crisis program. Talk of nationalizing anumber of industrial enterprises and even entire sectors of the economy unnerved even the most risk−hardenedinvestors. After reaching historical lows, the market fell into complete hibernation at the end of September, withdaily value traded on the RTS dropping to about $300,000.
After hitting rock−bottom in mid−October, the market rose in late−October and November, as a few braveinvestors returned to the Russian equities, attracted by substantially undervalued equities. Daily turnover was just$1−6 million during this period—meager compared to the peak of $100 million in August 1997. Meanwhile, thegovernment began working with foreign and local creditors on an agreement to restructure outstanding GKO(Treasury bills) obligations, which the government defaulted on in August.break
Emerging Stock Markets Factbook 1999
Russia 384
Monthly Value Traded(US$ millions)
IFCI Russia Index Correlation(22−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rubles per U.S. dollar)
Russia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Combined 220 220 222 227 229 235 237 239 238 237 237 237
Market
Emerging Stock Markets Factbook 1999
Russia 1998: (Currency in Millions) 385
Capitalization
In ruble 577,683 609,842 624,014 600,023 391,719 326,958 311,206 224,206 323,694 369,271 474,301 443,895
In U.S. dollars 95,606 100,825 102,331 97,891 63,493 52,485 49,547 22,533 20,199 22,112 25,707 20,598
Trading Value
In ruble 8,071 8,203 12,439 8,416 12,732 5,852 5,807 1,877 687 982 1,917 1,478
In U.S. dollars 1,336 1,356 2,040 1,373 2,064 939 925 189 43 59 104 69
Turnover ratio (%) − 1.4 2.0 1.4 2.6 1.6 1.8 0.7 0.3 0.3 0.4 0.3
Local Index
ASP General* 1,321.4 1,329.4 1,401.6 1,336.7 872.7 734.1 697.5 503.1 726.3 828.5 1,103.8 1,032.6
Change in index (%) −25.4 0.6 5.4 −4.6 −34.7 −15.9 −5.0 −27.9 44.4 14.1 33.2 −6.4
IFC Global Index
Number of stocks 37 37 37 37 37 37 37 37 37 37 32 32
Share of market cap.(%)*
61.9 65.6 69.4 70.9 64.9 60.8 63.9 49.5 30.5 43.5 54.3 51.8
Share of tradingvalue (%)
93.5 94.4 92.2 93.8 62.7 95.7 95.0 94.9 91.2 96.0 95.8 95.7
P/E ratio 5.6 6.3 6.7 6.6 4.0 3.1 3.2 1.9 1.7 2.6 4.2 3.7
P/BV ratio 0.3 0.4 0.4 0.4 0.2 0.2 0.2 0.1 0.1 0.2 0.3 0.3
Dividend yield (%) 0.2 0.2 0.2 0.0 0.6 1.4 1.4 2.3 2.6 1.6 1.0 1.1
Total return index* 441.2 491.3 524.7 506.0 305.9 238.1 234.5 87.9 48.3 74.0 105.4 80.4
Change in total returnindex (%)
−30.9 11.4 6.8 −3.6 −39.5 −22.2 −1.5 −62.5 −45.0 53.2 42.3 −23.7
Exchange Rates
Exchange rates (endof period)
6.0423 6.0485 6.0980 6.1295 6.1695 6.2295 6.2810 9.9500 16.0250 16.7000 18.4500 21.5500
Notes: The base date for the ASP General Index is June 20, 1994=1,000. The base date for the IFCG Russia Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Emerging Stock Markets Factbook 1999
Russia 1998: (Currency in Millions) 386
Russian Trading SystemMr. Dmitry Ponomarev,PresidentChayanova St., 15/5Moscow 125267Russian FederationTel: (7−095) 705−9031Fax: (7−095) 973−4236http://www.rtsnet.ru/Email: [email protected]
Moscow Stock ExchangeMr. Victor Sakharov, PresidentMiusskaja, Sq. 2/2Moscow 125047Russian FederationTel: (7−095) 250−3332Fax: (7−095) 250−1734http://www.mse.ru
IFC Correspondent:Skate−Press Consulting AgencyStarokaluzhskoe ShosseOffice #6434, 4th floor, bld. 6, #62Moscow, Russian FederationTel: (7−095) 784−7187Fax: (7−095) 784−7188http://www.skate.ruEmail: [email protected]
Russia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Combined − − 13 26 51 72 170 73 208 237
Market Capitalization
In ruble* − − 31,715 90,541 27,687 476,447 73,603,078208,076,612768,924,389// 443,895
In U.S. dollars − − 244 218 18 151 15,863 37,230 128,207 20,598
Trading Value
In ruble* − − 1,817 18,981 115,853 591,744 946,129 15,188,530 94,674,059 // 68,461
In U.S. dollars − − − 91 118 268 465 2,958 16,362 6,805
Turnover ratio (%) − − 11.5 31.1 196.0 234.8 2.6 10.8 19.4 11.3
Local Index
ASP General* − − − − − − − 534.5 1,772.2 1,032.6
Change in index (%) − − − − − − − − 231.5 −41.7
IFC Global Index
Number of stocks − − − − − − 25 25 37 32
Emerging Stock Markets Factbook 1999
Russia 1989−1998: (Currency in Millions; End of Period Levels) 387
Share of market cap.(%)*
− − − − − − − 83.4 66.4 51.8
P/E ratio − − − − − − − 6.3 8.1 I3.7
P/BV ratio − − − − − − − 0.3 0.5 0.3
Dividend yield (%) − − − − − − − 0.9 0.2 1.1
Total return index* − − − − − − 100.0 261.1 638.7 80.4
Change in index (%) − − − − − − − 161.1 144.6 −87.4
Economic Data
Gross domestic product(US$)
599,937 579,056 542,096 441,988 393,449 325,918 347,664 429,643 446,982 −
Change in consumerprice index (%)
− − − 2,508.0 840.0 215.0 131.0 21.8 11.0 84.4
Exchange rate (end ofperiod)
− − 130.000 415.000 1,540.0003,160.00 4,640.00 5,589.00 5,997.50 21.55
Exchange rate (averageof period)
− − − 208.596 977.500 2,205.00 2,033.28 5,135.22 5,786.30 10.06
Notes: The base date for the ASP General Index is June 20, 1994=1,000. The base date for the IFCG Russia Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings. The ruble was revalued on January 1, 1998, withthe new ruble equal to 1,000 old rubles.
Saudi Arabia
Market Performance
IFC's new Saudi Arabia Index performed poorly in 1998, largely because of the impact of contracting Asianeconomies on the oil market, crude prices plunging through much of the year, and regional political tensionsputting serious downward pressure on local stock prices. The new IFCG Saudi Arabia Index, launched as astand−alone product on August 3, closed the year with a loss of 26.8% in dollar terms. The market is currentlyclosed to any direct foreign investment.
The IFCG Index fell more than 11% in dollar terms in the first quarter, and despite several monthly gains wasdown 7.2% for the year at the time the daily index was launched in August. At that time, market sentiment wassuffering from falling oil revenues and concerns about the stability of the riyal. International financial marketturmoil, however, had a limited impact because the marketplace has very little foreign activity. Concern aboutKing Fahd's health also detracted attention from the local market.
The market's slide continued through September, again on riyal concerns, despite official statements denying anydevaluation plans. Negative sentiment settled over the exchange like a cloud and continued through the rest of theyear. Slight rises were seen occasionally as investors moved in to take advantage of attractively priced blue chips,but such activity proved insufficient to stave off earlier drops.
Emerging Stock Markets Factbook 1999
Saudi Arabia 388
On November 2, EMDB rebalanced the IFC indexes. Saudi Arabia joined the IFCG Composite, IFCG EMEA,and IFCG Middle East and Africa index series. The lack of foreign participation in the marketplace meant thatthis did not result in the "boost" seen so often when markets join the regional or composite indexes, and Saudishares fell in November. Concern for the Saudi economy in light of the recent and continuing declines in globaloil prices contributed to the sluggishness in the marketplace, as did regional tensions in the Gulf during thestandoff between Iraq and U.N. weapons inspectors. Overall, sources familiar with the market indicated that thewait−and−see attitude will remain until the year−end budget and financial statements become available.
On December 28, the Saudi government released an austerity budget for 1999 that significantly decreasedexpenditures to offset the impact of lower oil prices. The new budget cut spending by 15.8% over previous levels,but a 44 billion riyal ($11.7 billion) deficit is still being projected. According to official sources, current plans tofinance the deficit do not include foreign borrowing.break
Monthly Value Traded(US$ millions)
IFCG Saudi Arabia Index Correlation(12−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Saudi Arabia 389
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(riyal per U.S. dollar)
Saudi Arabia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Saudi ArabiaMonetary Agency
70 70 70 70 71 71 72 72 73 74 74 74
MarketCapitalization
In riyal 216,951 204,561 189,954 203,384 204,960 196,219 195,202 187,364 184,159 168,777 164,269 159,655
In U.S. dollars 57,844 54,538 50,652 54,231 54,641 52,312 52,044 49,944 49,096 44,999 43,798 42,563
Trading Value
In riyal 3,642 4,898 6,864 7,069 7,327 4,206 2,439 2,455 3,021 3,340 2,793 3,382
In U.S. dollars 971 1,306 1,830 1,885 1,953 1,121 650 655 805 890 745 902
Turnover ratio (%) 1.7 2.3 3.5 3.6 3.6 2.1 1.3 1.3 1.6 1.9 1.7 2.1
Local Index
Emerging Stock Markets Factbook 1999
Saudi Arabia 1998: (Currency in Millions) 390
NCFEI* 191.3 181.1 167.8 178.4 181.4 173.7 172.8 165.8 163.0 149.4 145.4 141.3
Change in index (%)−2.3 −5.3 −7.3 6.3 1.7 −4.3 −0.5 −4.0 −1.7 −8.3 −2.7 −2.8
IFC Global Index
Number of stocks 20 20 20 20 20 20 20 20 20 20 21 21
Share of market cap.(%)*
71.7 70.4 70.0 70.6 70.2 71.1 71.3 70.6 70.4 68.6 73.5 72.7
Share of tradingvalue (%)
88.3 89.3 90.1 90.1 86.7 91.1 90.0 87.3 90.0 84.2 88.2 83.7
P/E ratio 15.7 14.7 13.7 14.8 14.7 14.3 14.5 13.7 13.5 12.7 12.7 12.2
P/BV ratio 2.5 2.3 2.2 2.4 2.1 2.0 2.2 2.1 2.0 1.8 1.7 1.6
Dividend yield (%) − − − − − − − − − − − 5.2
Total return index* 100.3 95.2 92.9 100.5 99.5 96.5 96.6 91.6 89.8 80.7 79.2 76.6
Change in totalreturn index (%)
0.3 −5.1 −2.3 8.1 −1.0 −3.1 0.2 −5.3 −1.9 −10.1 −1.8 −3.4
Exchange Rates
Exchange rates (endof period)
3.7506 3.7508 3.7502 3.7503 3.7510 3.7509 3.7507 3.7515 3.7510 3.7507 3.7506 3.7510
Notes: The base date for the NCFEI Index is Feb. 1985=100. The base date for the IFCG Saudi Arabia Index is Dec. 1997=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings. The NCFEI Index was multiplied by a factor often the week beginning Jan. 23, 1999. These numbers do not reflect the change.
Electronic Securities Information SystemSheikh Hamad Al−Sayri, GovernorSaudi Arabian Monetary AgencyGovernor's OfficeP.O. Box 2992Riyadh, 11169Kingdom of Saudi ArabiaTel: (966−1) 466−2000Fax: (966−1) 463−3703
IFC Correspondent:Saudi Arabian Monetary AuthorityShare Control DepartmentP.O. Box 8683RiyadhKingdom of Saudi ArabiaTel: (966−1) 466−2425Fax: (966−1) 466−2145
Saudi Arabia 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Saudi Arabia 1989−1998: (Currency in Millions; End of Period Levels) 391
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Saudi Arabia MonetaryAgency
− − 59 60 65 68 69 70 70 74
Market Capitalization
In riyal − − 180,800 206,100 197,900 145,072 153,400 171,980 222,698 159,655
In U.S. dollars − − 48,213 54,960 52,773 38,686 40,907 45,861 59,386 42,563
Trading Value
In riyal − − 8,527 13,699 17,360 24,871 23,227 25,397 62,060 51,435
In U.S. dollars − − 2,274.0 3,653.0 4,629.0 6,632.0 6,194.0 6,773.0 16,549.0 13,712.0
Turnover ratio (%) − − − 7.1 8.6 14.5 15.6 15.6 31.4 26.9
Local Index
NCFEI* − − 178.8 188.9 179.3 128.2 136.8 153.1 195.8 141.3
Change in index (%) − − − 5.6 −5.1 −28.5 6.7 11.9 27.9 −27.8
IFC Global Index
Number of stocks − − − − − − − − 100 21
Share of market cap.(%)*
− − − − − − − − − 72.7
P/E ratio − − − − − − − − − 12.2
P/BV ratio − − − − − − − − − 1.6
Dividend yield (%) − − − − − − − − − 5.6
Total return index* − − − − − − − − 100.0 76.6
Change in index (%) − − − − − − − − − −23.4
Economic Data
Gross domestic product(US$)
82,997 104,670 118,035 123,204 118,515 120,168 125,688 136,529 140,374 −
Emerging Stock Markets Factbook 1999
Saudi Arabia 1989−1998: (Currency in Millions; End of Period Levels) 392
Change in consumerprice index (%)
1.0 2.1 4.9 −0.1 1.1 0.6 4.9 1.2 0.0 −
Exchange rate (end ofperiod)
− − 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7510
Exchange rate (averageof period)
− − 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7500 3.7510
Notes: The base date for the NCFEI Index is Feb. 1985=100. The base date for the IFCG Saudi Arabia Index is Dec. 1997=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings. The NCFEI Index was multiplied bya factor of ten the week beginning Jan. 23, 1999. These numbers do not reflect the change.
Slovakia
Market Performance
The Slovakian equity market registered its worstever performance in 1998, with the koruna−based SAX Indexlosing 48.5% and the dollar−based IFCI and IFCG indexes falling 56.0% and 54.0%, respectively. Poorregulations, lack of transparency and inadequate protection of minority shareholders rights, along with insidertrading issues held investors at bay. Failure to elect a new president at the general elections in September,skepticism about political development under the previous coalition government's leadership, and uncertaintiesover the direction of government programs kept investors on the sidelines. Almost 90% of market trading tookplace outside the exchange, and therefore transactions were often sporadic and at unanticipated prices. Theabsence of institutional investors also had a negative impact on a further development of the capital market.
The market reached its lowest level since 1995 at the end of January, due to turbulent domestic politicaldevelopments. Foreign investors avoided the market, and the downturn continued through June, with the IFCIIndex losing 43.1% in U.S. dollars for the first half of 1999. Slovakia stood on the verge of a constitutional crisisduring March, as President Michal Kovac stepped down with no prospect of a swift replacement. Even though themarket seemed undervalued, investors steered clear to await September elections.
The market advanced in July, with the IFCI Index gaining 5%, the first monthly increase. Inflated prices on verylight turnover for commercial bank VUB boosted the index during the first half of July. Foreign investors latershowed keen interest in steel maker VSZ, attracted by its low prices and strong half−year profits. The Slovakianmarket was calm throughout August, relatively unaffected by the Russian crisis. Virtually all movements in theIFCI Index were the result of predetermined prices on deals arranged through the exchange and technicalcorrections.
Emerging Stock Markets Factbook 1999
Slovakia 393
The downturn ensued in September, as the market was dragged down by a sharp drop in the price of VUB,following large sales abroad. In October, there were signs that investor sentiment was improving, following thedismissal of an unpopular coalition government and the election of new Premier Mikulas Dzurinda. Nevertheless,the market fell as negative news from VSZ, the second largest stock in the IFCI, reached the market. Thecompany announced that it was unable to pay on time the interest on a $35 million syndicated loan.
Equities finally reversed course in December, posting a solid 11.0% monthly gain according to the IFCI Index.Gains were attributed to positive corporate actions, such as the appointment of new company boards by bothSlovakia's biggest bank Slovenska Sporitelna and VSZ. A strong performance by VUB on news of its plans to sella stake to a foreign investor also contributed to the index gain. Despite the sometimes pessimistic investmentclimate of 1998, export performance improved during the year, in response to a weaker Slovak koruna. TheSlovak National Bank abolished its 7% fluctuation band in October, and investors were hopeful that the currencydepreciation will lead to higher profits in 1999.break
Monthly Value Traded(US$ millions)
IFCI Slovakia Index Correlation(22−month period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(koruna per U.S. dollar)
Emerging Stock Markets Factbook 1999
Slovakia 394
Slovakia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Bratislava StockExchange
867 832 833 836 838 841 834 836 835 836 836 837
MarketCapitalization
In koruna 57,941 56,102 51,806 48,561 40,789 38,551 39,837 40,592 35,968 33,440 31,168 35,547
In U.S. dollars 1,632 1,603 1,458 1,407 1,182 1,097 1,147 1,148 1,035 953 856 965
Trading Value
In koruna 3,002 3,734 3,080 2,977 1,276 1,724 2,758 2,327 3,101 3,496 4,052 5,036
In U.S. dollars 85 107 87 86 37 49 79 66 89 100 111 137
Turnover ratio (%) 4.9 6.5 5.7 5.9 2.9 4.3 7.0 5.8 8.1 10.1 12.5 15.1
Local Index
SAX* 154.8 150.1 138.9 130.7 111.8 108.0 111.3 113.5 100.8 89.4 82.6 94.0
Change in index (%)−15.2 −3.1 −7.4 −5.9 −14.4 −3.4 3.0 2.0 −11.2 −11.3 −7.6 13.8
IFC Global Index
Number of stocks 20 20 20 20 20 20 20 19 19 19 19 19
Share of marketcap.(%)
80.7 80.0 80.3 80.0 79.3 80.1 80.4 78.7 78.9 75.0 76.1 75.2
Share of tradingvalue (%)*
0.5 67.5 77.6 60.3 36.9 45.8 11.3 42.5 23.6 24.8 70.0 54.4
P/E ratio 14.8 13.5 12.5 11.7 9.8 −15.3 −24.6 −22.1 −18.9 −15.1 −160.4 −174.2
P/BV ratio 0.5 0.5 0.4 0.4 0.3 0.3 0.4 0.4 0.3 0.3 0.3 0.3
Dividend yield (%) 3.2 3.4 3.7 4.6 2.6 2.8 2.6 2.7 3.0 3.5 3.6 3.3
Total return index* 96.1 92.9 84.8 82.3 69.7 64.4 67.8 67.5 60.8 52.5 47.3 51.4
−11.9 −3.3 −8.7 −3.0 −15.3 −7.6 5.3 −0.4 −10.0 −13.6 −10.0 8.7
Emerging Stock Markets Factbook 1999
Slovakia 1998: (Currency in Millions) 395
Change in totalreturn index (%)
Exchange Rates
Exchange rates (endof period)
35.5040 35.0060 35.5360 34.5050 34.4950 35.1340 34.7190 35.3500 34.7630 35.0780 36.4255 36.8250
Notes: The base date for the SAX Index is Dec. 1992=100. The base date for the IFCG Slovakia Index is Dec. 1995=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
The Bratislava StockExchangeMarian Sasik, SecretaryGeneralVysoka 17P.O. Box 151Bratislava, 814−99Slovak RepublicTel: (421−7) 492−56111Fax; (421−7) 492−36103http://www.bsse.sk/eindex.htm/
OTC ExchangeRM−SystemZamocke schody 2/A810 00 Bratislava 1Slovak RepublicTel: (421−7) 593−29211Fax: (421−7) 593−29218http://www.rms.sk/indexe.htm
IFC Correspondent:CA IB, a.s.Dubravska, SK−81703Bratislava, SK−81703Slovak RepublicTel: (421−7) 593−31301Fax: (421−7) 743−4111
Slovakia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bratislava StockExchange
− − − − − 18 18 816 872 837
Market Capitalization
In koruna − − − − − 34,191 36,590 69,605 63,742 35,547
In U.S. dollars − − − − − 1,093 1,235 2,182 1,826 965
Trading Value
Emerging Stock Markets Factbook 1999
Slovakia 1989−1998: (Currency in Millions; End of Period Levels) 396
In koruna − − − − − 3,839 24,730 71,158 72,954 36,564
In U.S. dollars − − − − − 120.0 832.0 2,321.0 2,165.0 1,037.0
Turnover ratio (%) − − − − − − 69.9 134.0 109.4 73.7
Local Index
SAX* − − − 100.0 109.6 214.3 153.8 179.0 182.5 94.0
Change in index (%) − − − − 9.6 95.6 −28.2 15.8 2.0 −48.5
IFC Global Index
Number of stocks − − − − − − 20 20 20 19
Share of market cap.(%)*
− − − − − − − 82.7 82.8 75.2
P/E ratio − − − − − − − 8.5 16.0 −174.2
P/BV ratio − − − − − − − 0.5 0.5 0.3
Dividend yield (%) − − − − − − − − 2.9 3.3
Total return index* − − − − − − 100.0 119.2 109.1 51.4
Change in index (%) − − − − − − − 19.2 −8.5 −52.9
Economic Data
Gross domestic product(US$)
17,702 15,444 10,837 11,742 11,984 13,766 17,401 18,752 19,461 −
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − 31.2770 29.6280 31.8950 34.9000 36.8250
Exchange rate (averageof period)
− − − − − 32.0390 29.7350 30.6597 33.7022 35.2672
Notes: The base date for the SAX Index is Dec. 1992=100. The base date for the IFCG Slovakia Index is Dec.1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Slovenia
Market Performance
The Slovenian stock market turned in the strongest performance in Eastern Europe in 1998, with the SBI Indexjumping 21.4% in local currency terms and the IFCG Slovenia Index surging 15.4% in dollars. As one of the
Emerging Stock Markets Factbook 1999
Slovenia 397
front−runners for membership in the European Union, Slovenia continued to enjoy solid economic growth and astable government throughout 1998.
Share prices rose steadily in the first half of the year, with the IFCG Index gaining 22.9% in dollar terms. Themarket benefited from steady demand for pharmaceutical companies, such as Lek and Krka. These companiesaccounted for almost 70% of the market's trading activity. These stocks attracted foreign investors because theywere seen as attractive relative to similar companies in Central and Eastern Europe. On April 6, trading of Lekwas suspended after its shares surged past the daily fluctuation limit of 30%. On April 10, however, the exchangeabolished its rule that halts trading on an equity whose price moves 30% up or down. Also heavily traded in Apriland May was resort and mineral water company Radenska, which rose amid speculation of a takeover.
Equities edged down in June as investors awaited semiannual results and a joint action by Slovenian banks, whichagreed to lower interest rates by one to one−and−half percentage points in July. The lower rates sparked buying,and a rally ensued in July. Domestic retail and institutional investors pulled funds out of the debt market, and theresult was a fresh inflow of capital into the stock market. Faced with a limited supply of shares, stock pricesquickly surged to an all−time high. The rally came to an end in late July amid profit−taking and news of asignificant drop in half−year profits of petrol trader Petrol.
Shares entered a free−fall in mid−August as Petrol and drug makers Krka and Lek—companies with significantmarket shares in Russia—suffered losses from the Russian financial crisis. The selloff continued with the IFCGIndex losing 19.7% in local currency from the July pinnacle through November. Pharmaceutical stocks wereparticularly hard hit. Turnover remained low, and even the occasional upswing was short−lived.
In October, Slovenia's central bank tightened portfolio investment rules requiring foreign investors to wait sevenyears before selling Slovenian securities back to domestic investors. The measure helped cushion the impact ofthe Russian crisis, which was felt much harder elsewhere in Eastern Europe. Participation of foreign capital,however, has been limited by imposed regulations. Foreign participation in the stock exchange trading in 1998amounted to only 15%.
As the impact of the Russian crisis began to fade, equities reversed the trend and finished December with gains asinvestors balanced their books before year's end.break
Emerging Stock Markets Factbook 1999
Slovenia 398
Monthly Value Traded(US$ millions)
IFCG Solvenia Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(tolars per U.S. dollar)
Slovenia 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Ljubljana StockExchange
27 27 27 27 27 27 27 27 27 26 26 28
MarketCapitalization
Emerging Stock Markets Factbook 1999
Slovenia 1998: (Currency in Millions) 399
In tolar 291,569.7307,077.0342,005.5351,211.0352,532.3354,504.3396,440.7368,403.0363,256.6341,420.3363,265.0395,410.0
In USdollars
1,707.5 1,786.1 1,986.6 2,086.6 2,115.9 2,090.5 2,364.0 2,178.2 2,298.0 2,183.4 2,228.7 2,449.9
Trading Value
In tolar 2,943.1 7,521.0 12,296.1 5,420.6 4,450.2 8,300.4 11,640.0 15,377.8 10,743.8 5,035.0 12,292.5 20,382.9
In USdollars
17.2 43.7 71.4 32.2 26.7 48.9 69.4 90.9 68.0 32.2 75.4 126.3
Turnoverratio (%)
0.0 2.5 3.8 1.6 1.3 2.3 3.1 4.0 2.9 1.4 3.5 5.4
Local Index
SSEI* 1,415.5 1,484.1 1,629.2 1,672.0 1,672.0 1,679.6 1,891.3 1,780.4 1,758.2 1,654.8 1,652.4 1,705.8
Change inindex (%)
4.8 4.8 9.8 2.6 0.0 0.4 12.6 −5.9 −1.3 −5.9 −0.1 3.2
IFC GlobalIndex
Number ofstocks
15 15 15 15 15 15 15 15 15 15 15 14
Share ofmarket cap.(%)*
86.7 87.1 88.6 88.0 87.3 86.9 87.2 85.5 85.6 85.4 80.4 75.5
Share oftradingvalue (%)
90.5 90.3 95.4 93.1 87.5 87.2 89.1 92.3 93.3 89.0 96.4 95.3
P/E ratio 19.8 21.0 23.8 24.0 21.0 20.9 23.4 18.2 310.0 307.6 268.0 205.3
P/BV ratio 0.9 1.0 1.1 1.1 1.1 1.1 1.2 1.1 1.1 1.0 1.0 1.0
Dividendyield (%)
1.2 1.1 1.0 1.0 1.0 1.3 1.2 0.3 0.3 0.3 0.3 0.3
Total returnindex*
119.1 125.7 143.0 149.2 150.4 147.8 167.5 150.0 152.2 143.6 138.3 143.1
Change intotal returnindex (%)
−0.6 5.5 13.8 4.3 0.8 −1.7 13.3 −10.4 1.4 −5.6 −3.7 3.4
Exchange Rates
Exchange rate(end of period)
170.7550 171.9276 172.1558 168.3539 166.6136 169.5777 167.6994 169.1356 158.0773 156.3695 162.9929 161.3990
Emerging Stock Markets Factbook 1999
Slovenia 1998: (Currency in Millions) 400
Notes:The base date for the SSE Index is Dec. 1993=1,000. The base date for the IFCG Slovenia Index is Dec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross
holdings.
Ljubljana Stock Exchange, Inc.Mr. Drasko Veselinovic, President & CEO
Mr. Tomaz Rotar, Vice President & CCOSlovenska C.56Ljubljana, 61000SloveniaTel: (386−61) 171−0211Fax: (386−61) 171−0213http://www.ljse.si/html/eng/kazalo.html
IFC Correspondent:CA IB Securities
Kotrikova 5LjubljanaSloveniaTel: (386−61) 132−1174Fax: (386−61) 133−2017
Slovenia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Ljubljana StockExchange
− − − − 16 25 17 21 26 28
Market Capitalization
In tolar − − − − − 75,590.0 39,188.1 93,173.5 271,663.3395,410.0
In US dollars − − − − − 594.6 311.0 663.2 1,624.7 2,449.9
Trading Value
In tolar − − − − − 47,108.1 40,436.8 54,380.5 56,229.7 116,403.4
In US dollars − − − − − 365.7 344.8 401.3 351.9 701.6
Turnover ratio (%) − − − − − − 70.5 82.2 30.8 34.9
Local Index
SSEI* − − − − 1,000.0 1,396.8 1,448.8 1,183.3 1,404.7 1,705.8
Change in index (%) − − − − − 39.7 3.7 −18.3 18.7 21.4
Emerging Stock Markets Factbook 1999
Slovenia 1989−1998: (Currency in Millions; End of Period Levels) 401
IFC Global Index
Number of stocks − − − − − − 10 10 15 14
Share of market cap.(%)*
− − − − − − 93.1 74.4 91.8 75.5
P/E ratio − − − − − − − 12.7 18.7 205.3
P/BV ratio − − − − − − − 0.9 0.9 1.0
Dividend yield (%) − − − − − − − 3.2 1.2 0.3
Total return index* − − − − − − 100.0 107.0 119.9 143.1
Change in total returnindex (%)
− − − − − − − 7.0 12.1 19.3
Economic Data
Gross domestic product(US$)
− − 12,660 12,521 12,678 14,387 18,746 18,853 18,201 −
Change in consumerprice index (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − 127.1292 125.9902 140.4998 167.2076 161.3990
Exchange rate(average ofperiod)
− − − − − 128.8000 117.2600 135.4983 159.7794 165.9135
Notes: The base date for the SSE Index is Dec. 1993=1,000. The base date for the IFCG Slovenia Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
South Africa
Market Performance
South African equities registered disappointing results in 1998 as both currency and equity returns exemplifiedthe market's turmoil. For the year, the IFCI and IFCG indexes registered declines of 30.3% and 30.5%,respectively, in dollar terms, while the Johannesburg Stock Exchange's All−Share Index fell 12.4% in rand.During the same period, the All−Gold Index gained 8.7% as weakness in the rand boosted revenues fromdollar−denominated bullion sales. For the year, the rand dropped 17.2% against the dollar.
The first four months of the year proved to be a misleading prognostication for the rest of 1998 as South Africanequity prices steadily climbed, bolstered by stronger world markets and increases in the price of gold. In April, therelease of favorable producer price statistics added to the market's positive sentiment and brought turnover to nearrecord levels. Gold shares also continued to be a prime driver of the market as firmer bullion prices and favorablequarterly results from several mining houses lifted share prices.
In May, the local exchange finally began to retreat as the declining rand, higher short−term interest rates, worriesover financial troubles in Asia, and weakness in major world equity markets helped depress South African share
Emerging Stock Markets Factbook 1999
South Africa 402
prices. Industrial and financial shares drifted mostly lower at the start of the month on concerns surrounding thepossibility of higher U.S. interest rates and because of the effects of the continuing economic crisis in Asia. Goldshares also slid as bullion prices fell below the important $300−an−ounce level.
By the start of the third quarter, a weak supply of foreign currency reserves left the government unable to ward offincreasing pressure on the rand, causing speculators to take profits. The central bank continued to tinker withovernight repurchase rates throughout July, only to induce more pessimism over the short−term future of SouthAfrican stocks. News that Labor Minister Tito Mboweni had been appointed the nation's next central bankgovernor, replacing Chris Stals in August 1999, shook the market in the first week of July. Initial reaction to theappointment proved to be negative, as the perception of Mboweni's lack of financial experience sent bond andcurrency markets into a downward frenzy. The rand took the biggest hit with the news, falling to an all−time lowagainst the dollar.
The market drifted higher in the fourth quarter, rebounding from a miserable August when South African stocksfelt the pressure of a prevailing global market deterioration that plunged the local market to a 42−month low.With a slower−than−expected rise in the September producer price index, as well as the U.S. Federal Reserve'sannouncement of a less−than−expected increase in the broad M3 money supply, JSE equities fought for somestrong results. However, despite some late rallies in the market during December, the Johannesburg StockExchange was unable to pare back all of its early losses, ending the year with a disappointing performance.break
Monthly Value Traded(US$ millions)
IFCI South Africa Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
South Africa 403
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rand per U.S. dollar)
South Africa 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
JohannesburgStock Exchange
638 639 642 645 648 651 649 653 659 661 667 668
MarketCapitalization
In rand 1,133,4511,296,1301,389,8841,519,4391,411,5501,275,4131,324,0101,286,056956,557 1,081,2171,059,7101,001,556
In U.S.dollars
229,583 262,295 275,825 300,492 273,768 216,539 215,637 200,155 162,680 192,730 186,241 170,252
Trading Value
In rand 18,330 20,651 28,524 30,711 28,807 31,525 34,141 28,785 26,643 27,814 23,540 24,210
In U.S.dollars
3,713 4,179 5,661 6,074 5,587 5,352 5,560 4,480 4,531 4,958 4,137 4,115
Turnoverratio (%)
1.6 1.7 2.1 2.1 2.0 2.3 2.6 2.2 2.4 2.7 2.2 2.3
Local Index
Emerging Stock Markets Factbook 1999
South Africa 1998: (Currency in Millions) 404
JSE Overall* 6,550.3 7,095.7 7,578.9 8,235.5 7,629.6 6,772.0 7,020.0 4,923.0 5,098.6 5,828.3 5,620.9 5,430.5
Change inindex (%)
5.6 8.3 6.8 8.7 −7.4 −11.2 3.7 −29.9 3.6 14.3 −3.6 −3.4
IFC GlobalIndex
Number of stocks 78 77 77 76 75 72 71 70 70 67 70 67
Share ofmarket cap.(%)*
57.6 53.7 53.5 54.2 53.0 52.0 51.2 37.8 53.6 53.4 54.3 53.1
Share oftrading value(%)
64.8 56.0 56.2 58.7 50.6 53.4 54.8 51.4 61.9 60.1 62.5 45.0
P/E ratio 11.7 12.3 13.3 14.6 12.5 10.5 10.5 7.8 9.1 10.4 10.7 10.1
P/BV ratio 1.7 1.8 2.0 2.1 1.8 1.6 1.6 1.2 1.2 1.5 1.6 1.5
Dividendyield (%)
2.3 2.1 2.2 1.9 2.0 2.5 2.5 3.7 3.6 3.3 3.0 3.2
Total returnindex*
218.9 234.9 247.7 270.0 238.3 183.2 180.3 121.0 138.8 169.2 160.0 148.4
Change intotal returnindex (%)
5.7 7.3 5.4 9.0 −11.8 −23.1 −1.6 −32.9 14.7 21.9 −5.4 −7.3
Exchange Rates
Exchange rates(end of period)
4.9370 4.9415 5.0390 5.0565 5.1560 5.8900 6.1400 6.4253 5.8800 5.6100 5.6900 5.8828
Notes:The base date for the JSE All−Share Index is Jan. 1960=100. The base date for the IFCG South Africa Index is Dec. 1992=100. In calculating share of total market cap, IFCG market cap is not
adjusted for cross holdings.
Johannesburg Stock ExchangeMr. R.M. Loubser, Executive President
P.O. Box 1174Johannesburg, 2000South AfricaTel: (27−11) 377−2200Fax: (27−11) 834−7402http://www.jse.co.za
IFC Correspondent:HSBC Simpson McKie
HSBC PlaceG−9 Riviera RoadHoughton, JohannesburgSouth AfricaTel: (27−11) 481−4200Fax: (27−11) 646−8301
Emerging Stock Markets Factbook 1999
South Africa 1998: (Currency in Millions) 405
South Africa 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Johannesburg StockExchange
748 732 688 683 647 640 640 626 642 668
Market Capitalization
In rand 332,367 350,726 462,187 501,324 737,632 919,802 1,022,6561,129,9491,129,3621,001,556
In U.S. dollars 131,060 137,540 168,497 103,537 171,942 225,718 280,526 241,571 232,069 170,252
Trading Value
In rand 18,607 21,130 22,231 22,134 44,077 70,104 63,237 117,099 206,838 323,682
In U.S. dollars 7,095 8,158 8,051 7,767 13,049 15,607 17,048 27,202 44,893 58,444
Turnover ratio (%) 1.6 6.2 5.5 4.6 7.1 8.5 6.5 10.9 18.3 30.4
Local Index
JSE Overall* 2,976.0 2,719.7 3,440.3 3,259.0 4,893.0 5,867.0 6,228.0 6,657.5 6,202.3 5,430.5
Change in index (%) 50.0 −8.6 26.5 −5.3 50.1 19.9 6.2 6.9 −6.8 −12.4
IFC Global Index
Number of stocks − − − 62 63 63 65 63 78 67
Share of market cap. (%)*− − − 58.1 62.7 61.1 58.0 54.4 54.0 53.1
P/E ratio − − − 13.2 17.3 21.3 18.8 16.3 10.8 10.1
P/BV ratio − − − 1.4 1.8 2.6 2.5 2.3 1.6 1.5
Dividend yield (%) − − − − − 2.2 2.3 2.7 2.5 3.2
Total return index* − − − 100.0 182.4 239.5 282.1 233.9 207.1 148.4
Change in index (%) − − − − 82.4 31.3 17.8 −17.1 −11.5 −28.3
Economic Data
Emerging Stock Markets Factbook 1999
South Africa 1989−1998: (Currency in Millions; End of Period Levels) 406
Gross domestic product(US$)
91,753 106,682 112,309 119,850 116,998 121,444 133,613 126,238 129,094 −
Change in consumer priceindex (%)
14.7 14.4 15.3 13.9 9.7 9.0 8.6 7.4 8.5 −
Exchange rate (end ofperiod)
2.5360 2.5500 2.7430 4.8420 4.2900 4.0750 3.6455 4.6775 4.8665 5.8828
Exchange rate (average ofperiod)
2.6227 2.5900 2.7613 2.8498 3.3779 4.4918 3.7094 4.3048 4.6074 5.5383
Notes: The base date for the JSE All−Share Index is Jan. 1960=100. The base date for the IFCG South Africa Index is Dec.1992=100. The exchange rates shown prior to 1992 are for the commercial rand. Between 1992 and 1994, the financial rand isreported. South Africa abolished its dual exchange−rate regime in March 1995. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings. Statistics for "number of listed companies," "market capitalization" and "tradingvalue" include listed foreign comanies and domestic closed−end investment companies. "Turnover ratio" excludes arbitrage.
Sri Lanka
Market Performance
Sri Lankan equities fell prey to the subcontinent's nuclear arms race, after India and Pakistan each detonated theirown nuclear devices. Although the market picked up significantly at the end of the year, it was not enough tobring Sri Lankan equities into positive territory. For 1998, the dollar−based IFCI and IFCG Sri Lanka indexes fell29.2% and 20.9%, respectively, while the rupee−based Colombo Stock Exchange (CSE) Sensitive Index shed13.6%. The rupee depreciated 9.8% vis−à−vis the dollar.
Sri Lankan equities started the new year on a bullish note as both foreign and local institutions bought into themarket following good end−quarter 1997 earnings results. Foreign institutional investors remained interested inthe market, thanks to the listing of nine plantation issues. The earnings results and new listings proved a fruitfulcombination for the quarter, and the IFCI Index finished the period with a 5.1% gain, while the Sensitive Indexended 4.1% higher.
Persistent interest in plantation issues catapulted Sri Lankan equities to the best gains in Asia for April (up 13.2%in IFCI terms). Unfortunately, the remainder of the second quarter was marred by separate nuclear tests conductedby Sri Lanka's neighbors, India and Pakistan. Despite strong corporate fundamentals for Sri Lankan equitiesacross the board, foreign investors opted for the sidelines until the full effects of sanctions imposed on India andPakistan could be fully gauged. Second−quarter results were a dismal 35.7% loss for the IFCI Index, while theCSE Sensitive Index was better insulated from a 4.5% depreciation of the rupee and shed 24.2%.
Emerging Stock Markets Factbook 1999
Sri Lanka 407
Despite a solid 10.8% rise in IFCI terms in July, thanks to strong dividend payouts by plantation stocks,third−quarter returns were clearly still on a downward path. The July gains were quickly erased following thecontinuing turmoil in Asia as well as the financial problems affecting Russia. For the quarter, the IFCI Index lost18.8%, while the CSE Sensitive Index posted a milder loss of 15.6%.
Sri Lankan investors actively participated in the end−year buying wave that swept across Southeast Asia as localand foreign investors returned to the market, seeking attractively priced blue chips, banks, and plantation issues.Plantation issues remained in the spotlight after a 4.4% rise in tea exports was reported for the first eight monthsof the year. Sri Lankan equities ended the fourth quarter with a 29.1% gain on the dollar−based IFCI Index, whilethe rupee−based CSE Sensitive Index fared slightly better with a 29.9% surge. For the period, the rupee lost anadditional 3.6% against the dollar.
In regulatory news, the government launched a $2.3 million Settlement Guarantee Fund to boost investorconfidence. The fund will guarantee settlement of trades among clearing members of the Central DepositorySystem of the Colombo Stock Exchange under the current six−day settlement period.break
Monthly Value Traded(US$ millions)
IFCI Sri Lanka Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Sri Lanka 408
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(rupee per U.S. dollar)
Sri Lanka 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Colombo StockExchange
239 239 240 240 241 243 233 233 233 233 234 233
MarketCapitalization
In rupee 122,339 128,880 134,766 147,885 129,699 111,121 114,420 96,190 97,271 97,312 112,211 116,665
In U.S. dollars 1,965 2,086 2,159 2,336 1,998 1,699 1,736 1,449 1,474 1,451 1,653 1,705
Trading Value
In rupee 1,398 1,698 1,497 1,796 2,800 1,979 1,563 1,297 935 724 1,821 697
In U.S. dollars 22.0 27.0 24.0 28.0 43.0 30.0 24.0 20.0 14.0 11.0 27.0 10.0
Turnover ratio (%) 1.1 1.3 1.1 1.3 2.0 1.6 1.4 1.2 1.0 0.7 1.7 0.6
Local Index
Emerging Stock Markets Factbook 1999
Sri Lanka 1998: (Currency in Millions) 409
CSE Sensitive* 1,016.4 1,075.9 1,111.5 1,236.6 1,024.1 842.0 893.5 701.0 710.6 723.1 881.4 923.0
Change in index (%)−4.8 5.8 3.3 11.3 −17.2 −17.8 6.1 −21.5 1.4 1.8 21.9 4.7
IFC Global Index
Number of stocks 50 50 50 50 50 50 50 50 50 50 51 51
Share of market cap.(%)*
65.2 65.7 65.1 65.8 67.1 65.3 65.8 62.6 63.4 63.9 67.4 67.0
Share of tradingvalue (%)
78.2 78.6 88.7 64.7 51.8 65.7 63.0 52.6 67.3 77.9 90.5 88.0
P/E ratio 11.1 11.8 12.1 11.6 10.2 8.3 8.9 7.1 6.8 6.9 8.3 7.7
P/BV ratio 1.3 1.4 1.4 1.5 1.3 1.0 1.1 0.9 0.9 0.9 1.1 1.1
Dividend yield (%) 2.8 2.5 2.7 2.6 3.0 4.2 4.1 5.6 5.2 5.0 4.5 4.5
Total return index* 94.9 101.6 104.6 115.3 94.8 79.1 81.6 65.2 67.4 67.2 80.7 83.4
Change in totalreturn index (%)
−5.9 7.1 2.9 10.2 −17.8 −16.6 3.2 −20.0 3.4 −0.4 20.1 3.4
Exchange Rates
Exchange rates (endof period)
62.2500 61.7700 62.4300 63.3050 64.9300 65.4000 65.9250 66.3850 65.9850 67.0750 67.9000 68.4300
Notes: The base date for the CSE Sensitive Index is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec. 1992=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Colombo Stock ExchangeMr. Rienzie T. Wijetilleke, ChairmanMr. Hiran Mendis, Director General04−01, West BlockWorld Trade Centre, Echelon SquareColombo 1, Sri LankaTel: (94−1) 446−581, 445−280Fax: (94−1) 445−279http://www.lanka.net/lisl2/yellow/stocks
IFC Corresponent:Eagle NDB Fund Management Co.Ltd.163, Union PlaceColombo 02Sri LankaTel: (94−172) 288−800Fax: (94−172) 288−806, 436−522
Sri Lanka 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Sri Lanka 1989−1998: (Currency in Millions; End of Period Levels) 410
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Colombo StockExchange
176 175 178 190 200 215 226 235 239 233
MarketCapitalization
In rupee 17,087 36,880 82,700 66,200 123,790 143,213 106,869 104,848 129,428 116,665
In U.S. dollars 427 917 1,936 1,439 2,498 2,884 1,998 1,848 2,096 1,705
Trading Value
In rupee 256 1,563 4,302 4,969 18,579 34,522 11,249 7,403 18,314 18,207
In U.S. dollars 7.0 39.0 104.0 114.0 385.0 700.0 221.0 134.0 311.0 281.0
Turnover ratio (%) 1.6 5.8 7.2 6.7 19.6 25.9 9.0 7.0 15.6 14.8
Local Index
CSE Sensitive* 341.7 680.3 1,198.6 826.6 1,442.4 1,438.8 990.5 897.7 1,068.0 923.0
Change in index (%) 98.2 99.1 76.2 −31.0 74.5 −0.3 −31.2 −9.4 19.0 −13.6
IFC Global Index
Number of stocks − − − 29 30 32 41 47 50 51
Share of market cap.(%)*
− − − 57.7 58.7 59.3 62.5 64.1 65.1 67.0
P/E ratio − − − − 27.8 17.6 8.2 9.7 11.7 7.7
P/BV ratio − − − − 4.2 2.8 1.4 1.2 1.3 1.1
Dividend yield (%) − − − − 1.6 1.7 3.0 3.1 2.6 4.5
Total return index* − − − 100.0 165.4 164.8 102.3 90.8 100.8 83.4
Change in index (%) − − − − 65.4 −0.4 −37.9 −11.2 11.0 −17.3
Economic Data
Gross domesticproduct (US$)
6,997 8,025 8,994 9,712 10,343 11,722 13,017 13,890 15,093 −
Emerging Stock Markets Factbook 1999
Sri Lanka 1989−1998: (Currency in Millions; End of Period Levels) 411
Change in consumerprice index (%)
11.6 21.5 12.2 11.4 11.7 8.4 7.7 15.9 9.6 −
Exchange rate (end ofperiod)
40.0000 40.2400 42.7138 46.0000 49.5600 49.6650 53.5000 56.7300 61.7500 68.4300
Exchange rate (averageof period)
37.3858 40.0692 41.5084 43.6870 48.2626 49.3288 50.7864 55.2645 58.9484 64.8311
Notes: The base date for the CSE Sensitive Index is Jan. 1985=100. The base date for the IFCG Sri Lanka Index is Dec.1992=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Taiwan, China
Market Performance
Shares at the Taiwan Stock Exchange ebbed during 1998 in response to constricted demand for export−orientedhigh−technology stocks and the destabilizing ripple effects from the Asian financial crisis. The IFCI Taiwan,China Index fell 17.9% in U.S. dollar terms, and the NT dollar was resilient, gaining 1.4%. When S&P reaffirmedthe island economy's AA+ rating in June, foreign reserves exceeded total short−term debt by three to one.Foreigners own less than 4% of market capitalization, with the legal limit for 1998 at 30%. Most of the sellingpressure came from local institutions and retail investors. Retail investors are responsible for approximately 80%of trading volume.
A stronger NT dollar, positive performance in trend−setting computer shares, and confidence that the regionalcrisis had reached its climax heaved the market higher in the first two months. In addition, the positiveperformance of computer stocks listed on the U.S. Nasdaq Stock Exchange reassured investors that localelectronic companies would show steady profit growth.
As the economic outlook deteriorated and contagion effects from the region mounted in the next two quarters,investors unloaded jittery computer shares and the IFCI Index plunged 34.4%. Bank stocks fell on record losses inAsian investments and deteriorating loan quality. Companies scaled back local investments, as high interest ratesthroughout the region stymied growth and reduced demand for locally made products. TSMC, the world's largestchipmaker, reported that profits in the second quarter tumbled 46% from the first quarter, raising fears that thetech sector would be severely bruised by the Asian crisis. Similarly, International Data Corp. posted a decrease inthe value of computer sales in Asia—except in Japan—by 29% during the first quarter. Political upheaval inIndonesia and atomic tests in India and Pakistan fed the weak prognosis. In August, Russia's move towarddevaluing the ruble and suspension of payments on foreign loans roiled the market further. Weakness in theJapanese yen, which sank to an eight−year low of 147.14 on August 11, mounted competition against the island'sexports. By September, the Ministry of Finance was determined to resist block speculation and tightened rulesgoverning short−selling, instituting a "tick rule" similar to Hong Kong's to prevent short sellers from aggravatingindex declines.
Emerging Stock Markets Factbook 1999
Taiwan, China 412
The market rebounded 8% in IFCI Index terms during the last quarter, as foreigners became more active. Foreigninvestors took their cue from regional market rallies, a revival in Asian portfolio investments, and rises in U.S.high−technology stocks. Computer shipments to the U.S. rose 15% in the third quarter, compared to the previousyear. Moreover, preliminary data showed real GDP growth for the year was 4.8%, admirable compared to manyAsian economies. Undermining the rebound was a less enthusiastic reception from local participants, whoresponded with caution to a spate of stock payment defaults. Stock payment defaults totaling US$30.8 million inNovember sent prices reeling and forced the government to create a $8.7 billion fund to stabilize financialmarkets. Although the fund for official share purchases and liquidity assistance to companies contained thedamage and fueled a 12% rise in the local TAIEX Index through the December 12 elections, it aroused concernabout the frail health of several financial firms. The ruling Nationalist Party won 55% of the parliament's directlyelected seats in December, compared with 51% in the outgoing chamber.break
Monthly Value Traded(US$ millions)
IFCI Taiwan, China Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Taiwan, China 413
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(NT dollars per U.S. dollar)
Taiwan, China 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Taiwan StockExchange
405 405 408 411 412 416 416 419 421 428 431 437
MarketCapitalization
In New Taiwandollars
9,699,67011,097,46411,037,21510,067,5569,441,0018,468,4958,617,5487,811,2088,451,5689,237,6239,255,8708,377,035
In U.S.dollars
284,882 345,974 335,814 305,313 277,881 246,460 250,765 224,106 245,867 284,550 285,402 260,015
Trading Value
In New Taiwandollars
1,453,1744,526,848 3,647,688 2,879,608 2,172,1852,639,2822,594,2601,792,7672,043,7731,889,3762,411,9601,568,048
In U.S.dollars
42,680 141,129 110,983 87,328 63,935 76,812 75,491 51,435 59,456 58,199 74,372 48,671
Turnoverratio (%)
15.2 43.5 33.0 27.3 22.3 29.5 30.4 21.8 25.1 21.4 26.1 17.8
Emerging Stock Markets Factbook 1999
Taiwan, China 1998: (Currency in Millions) 414
Local Index
TAIEX* 8,085.5 9,202.6 9,091.2 8,304.2 7,903.3 7,548.8 7,653.5 6,550.1 6,833.9 7,166.0 7,177.2 6,418.4
Change inindex (%)
−1.2 13.8 −1.2 −8.7 −4.8 −4.5 1.4 −14.4 4.3 4.9 0.2 −10.6
IFC GlobalIndex
Number ofstocks
98 98 98 98 98 98 98 98 98 98 106 106
Share ofmarket cap.(%)*
57.1 57.2 55.6 55.3 55.7 57.9 57.9 54.1 53.3 51.9 61.3 61.4
Share oftradingvalue (%)
42.9 50.7 43.7 42.0 36.7 38.5 34.7 32.6 41.4 44.7 61.5 60.7
P/E ratio 28.2 32.3 31.3 28.4 26.8 25.0 23.5 19.9 20.8 22.1 23.9 21.7
P/BV ratio 3.0 3.4 3.3 3.0 2.8 2.6 2.6 2.2 2.4 2.5 2.9 2.6
Dividendyield (%)
0.7 0.6 0.6 0.7 0.8 0.8 0.7 0.8 0.8 0.7 0.7 0.7
Total returnindex*
970.3 1,181.8 1,117.9 1,005.8 910.0 835.7 849.5 706.4 760.5 858.8 909.3 826.2
Change intotal returnindex (%)
−5.3 21.8 −5.4 −10.0 −9.5 −8.2 1.6 −16.8 7.7 12.9 5.9 −9.1
ExchangeRates
Exchange rates(end of period)
34.0480 32.0760 32.8670 32.9745 33.9750 34.3605 34.3650 34.8550 34.3745 32.4640 32.4310 32.2175
Notes:The base date for the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) is 1966=100. The base date for the IFCG Taiwan, China Index is Dec. 1984=100. In calculating share of
total market cap, IFCG market cap is not adjusted for cross holdings.
Taiwan Stock Exchange Co.Mr. C.Y. Lee, Chairman
10F, City Building#85 Yen−Ping S. RoadTaipeiTaiwan, Republic of ChinaTel: (886−2) 2348−5678Fax: (886−2) 2348−5232http://www.tse.com.tw
IFC Correspondent:Wellphone Securities
No. 1 Section 2Nanking E. RoadTaipeiTaiwan, Republic of ChinaTel: (886−2) 581−6111Fax: (886−2) 563−0537
Emerging Stock Markets Factbook 1999
Taiwan, China 1998: (Currency in Millions) 415
Taiwan, China 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Taiwan StockExchange
181 199 221 256 285 313 347 382 404 437
MarketCapitalization
In New Taiwandollars
6,174,164 2,681,911 3,184,0282,545,3025,145,4106,501,682 5,108,292 7,524,211 9,402,278 8,377,035
In U.S. dollars 237,012 100,710 124,864 101,124 195,198 247,325 187,206 273,608 287,813 260,015
Trading Value
In New Taiwandollars
25,407,96419,031,2829,682,7385,995,7489,056,71618,812,11210,151,19812,907,58937,241,14829,618,969
In U.S. dollars 965,840 715,005 365,232 240,667 346,487 711,346 383,099 470,193 1,297,474 884,698
Turnover ratio (%) 531.7 429.8 330.1 209.3 235.5 323.1 174.9 204.4 440.0 333.2
Local Index
TAIEX* 9,624.2 4,530.2 4,600.7 3,377.1 6,070.6 7,124.7 5,173.7 6,933.9 8,187.3 6,418.4
Change in index (%)88.0 −52.9 1.6 −26.6 79.8 17.4 −27.4 34.0 18.1 −21.6
IFC Global Index
Number of stocks 62 70 70 70 78 92 93 90 98 106
Share of market cap.(%)*
62.1 81.7 66.5 59.8 63.9 64.8 60.4 61.0 59.6 61.4
P/E ratio 53.6 25.0 22.3 16.6 34.7 36.8 21.4 28.2 28.9 21.7
P/BV ratio 10.8 4.0 3.3 2.1 3.9 4.4 2.7 3.3 3.1 2.6
Dividend yield (%) 0.6 0.0 0.9 1.8 0.8 0.7 1.2 0.9 0.6 0.7
Total return index* 1,407.1 690.8 686.6 503.7 952.2 1,166.2 808.7 1,110.8 1,025.0 826.2
Change in index (%)100.0 −50.9 −0.6 −26.6 89.0 22.5 −30.7 37.4 −7.7 −19.4
Emerging Stock Markets Factbook 1999
Taiwan, China 1989−1998: (Currency in Millions; End of Period Levels) 416
Economic Data
Gross domesticproduct (US$)
149,159 160,155 179,404 212,116 222,629 241,014 260,213 272,325 283,392 −
Change in consumerprice index (%)
4.4 4.1 3.6 4.5 2.9 4.1 3.7 3.1 0.9 −
Exchange rate (endof period)
26.0500 26.6300 25.5000 25.1700 26.3600 26.2880 27.2870 27.5000 32.6680 32.2175
Exchange rate(average of period)
26.3066 26.6170 26.5112 24.9130 26.1387 26.4458 26.4976 27.4517 28.7028 33.4792
Notes: The base date for the TAIEX (Taiwan Stock Exchange Capitalization Weighted Stock Index) is 1966=100. The base date for the IFCGTaiwan, China Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Thailand
Market Performance
Thailand stocks recovered from a four−year downtrend in 1998, becoming the second−best−performing Asianmarket behind Korea. Despite a recession, the IFCI Thailand Index rose 34.3% in dollars in response to a strongerbaht and consolidation in the financial sector. The market recouped barely half of 1997's IFCI Index lossesbecause regional economic malaise hindered growth, as reflected by an approximate 8% reduction in GDP.
The stronger baht set off a first−quarter rally, and the IFCI Index rose 62.6% in dollars, while the currency rose to39.3 baht from 48.2 against the dollar in December 1997. A decision by the central bank to dismantle atwo−tiered baht exchange market on January 30 stimulated demand among foreign investors. The governmenteliminated different onshore and offshore rates, in line with the stipulations for reform under the IMF's $17.2billion emergency credit line in 1997.
The IFCI Index plunged 48.0% in the second quarter, as the baht slid back to 42.3 and interest rates remained atsix−year highs of approximately 13%. The higher servicing cost of foreign−denominated debt and concern thatsteep interest rates would trigger bankruptcies battered bank stocks. The central bank ordered banks torecapitalize to boost reserves to cover loan defaults, but as companies competed for limited funds, pricesplummeted further. Regional factors added impetus, with tensions on the Indonesia political front in May andconcern about economic slowdowns in Hong Kong and Malaysia combining to force stocks lower. Because Asiareceives more than 50% of Thai exports, pessimism that the Thai economic recovery would be delayed waspervasive. Export−oriented firms that had bucked the decline no longer benefited from the cheaper Thai baht asregional currencies weakened. In positive news, many companies returned a profit for the first quarter because ofa 23% strengthening of the Thai baht.
Emerging Stock Markets Factbook 1999
Thailand 417
Stocks sank to their lowest point during the third quarter, as external factors offset local optimism over fallinginterest rates and a stronger currency. In July, the market rose s lightly in reaction to a new interest rate policy thatcapped bank deposit rates at two percentage points above the average savings rate at the five biggest banks. Yetwhen the Japanese yen reached an eight−year low in August, hopes for an export−driven recovery were dashed.Rumors that China may devalue its currency, trepidation over second−quarter results, and Russia's move todevalue its currency all knocked stocks to an 11−year low in August.
Thai stocks shot higher between September and November as foreign investors entered in full force. The pace ofrestructuring and policy reforms sparked the rally, while the government produced tax incentives for banks thatrestructure delinquent loans. Bank stocks traded cautiously in the days preceding the December 15 deadline forbanks to submit recapitalization plans, and the rally fizzled out on non−performing loan fears. According to thecentral bank, 46% of Thai bank loans were at least three months delinquent at year's end. The Financial SectorRestructuring Authority auctioned loans from defunct finance companies and property developers but only sold8% of the total 388 billion baht of loans ($11 billion) at the December auction, with the winners bidding anaverage 37% of the loan's face value. Stocks also fell on delays in legislation concerning the privatization of stateenterprises.break
Monthly Value Traded(US$ millions)
IFCI Thailand Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Thailand 418
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(baht per U.S. dollar)
Thailand 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Stock Exchange ofThailand
432 432 431 431 430 428 423 422 422 422 422 418
MarketCapitalization
In baht 1,545,0071,689,5291,476,5201,345,6031,121,225924,223 923,313 759,451 898,555 1,187,1221,295,9401,268,199
In U.S. dollars 29,289 39,200 37,618 34,793 27,760 21,849 22,603 18,125 22,731 32,307 35,899 34,903
Trading Value
In baht 71,022 118,217 75,426 30,391 31,682 35,248 40,211 37,482 46,486 123,815 174,272 70,919
In U.S. dollars 1,346 2,743 1,922 786 784 833 984 895 1,176 3,370 4,827 1,952
Turnover ratio(%)
5.3 7.3 4.8 2.1 2.6 3.4 4.3 4.4 5.6 11.9 14.0 5.5
Local Index
SET* 495.2 528.4 459.1 412.1 325.6 267.3 266.7 214.5 253.8 331.3 362.8 355.8
Emerging Stock Markets Factbook 1999
Thailand 1998: (Currency in Millions) 419
Change inindex (%)
32.9 6.7 −13.1 −10.2 −21.0 −17.9 −0.2 −19.6 18.3 30.5 9.5 −1.9
IFC Global Index
Number of stocks 74 74 74 74 74 74 74 74 74 74 64 64
Share ofmarket cap.(%)*
76.9 72.7 71.6 71.1 70.5 71.1 73.8 71.4 76.6 73.9 73.2 73.7
Share oftrading value(%)
65.5 43.4 48.8 74.7 82.0 84.3 81.6 72.6 78.1 75.3 76.7 77.0
P/E ratio −48.1 −51.1 −4.5 −3.8 −3.1 −2.5 −2.5 −1.9 −2.4 −3.3 −3.7 −3.6
P/BV ratio 1.1 1.2 1.2 1.1 0.9 0.7 0.7 0.6 0.7 1.1 1.2 1.2
Dividend yield(%)
5.3 4.8 3.8 2.8 2.4 3.0 3.0 1.9 1.0 0.7 0.6 0.6
Total returnindex*
274.0 363.5 343.1 312.3 224.2 169.4 171.8 131.5 171.1 251.4 285.8 278.7
Change in totalreturn index(%)
30.4 32.6 −5.6 −9.0 −28.2 −24.4 1.4 −23.4 30.1 46.9 13.7 −2.5
Exchange Rates
Exchange rates (endof period)
52.7500 43.1000 39.2500 38.6750 40.3900 42.3000 40.8500 41.9000 39.5300 36.7450 36.1000 36.3350
Notes:The base date for the SET Index is Apr. 30, 1975=100. The base date for the IFCG Thailand Index is Dec. 1984=100. In calculating share of total market cap, IFCG market cap is not adjusted
for cross holdings.
Stock Exchange of ThailandMr. Singh Tangtatswas, President
The Stock Exchange of Thailand Building62 Rachadapisek Road, KlongtoeyBangkok, 10110ThailandTel: (66−2) 229−2000, 654−5656Fax: (66−2) 654−5649http://www.set.or.th
Email: [email protected]
IFC Correspondent:Mutual Fund Public Co. Ltd.
30th−32nd Floor, Lake Ratchada Building193−195 Rachadapisek Road, KlongtoeyBangkok, 10110ThailandTel: (66−2) 661−9000, 661−9099Fax: (66−2) 661−9106http://www.mfcfund.com
Email: [email protected]
Thailand 1989−1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
Thailand 1989−1998: (Currency in Millions; End of Period Levels) 420
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Stock Exchange ofThailand
175 214 276 305 347 389 416 454 431 418
MarketCapitalization
In baht 656,842 604,566 897,159 1,485,0193,325,3933,300,7693,564,5692,559,5791,133,3441,268,199
In U.S. dollars 25,648 23,896 35,815 58,259 130,510 131,479 141,507 99,828 23,538 34,903
Trading Value
In baht 344,778 584,154 767,056 1,830,0262,201,1482,018,9551,420,3301,124,860724,252 855,169
In U.S. dollars 13,452 22,894 30,089 72,060 86,934 80,188 57,000 44,365 23,119 20,734
Turnover ratio (%) 78.5 92.6 102.2 153.6 91.5 60.9 41.4 36.7 39.2 71.2
Local Index
SET* 879.2 612.9 711.4 893.4 1,682.8 1,360.1 1,280.8 831.6 372.7 355.8
Change in index (%) 127.3 −30.3 16.1 25.6 88.4 −19.2 −5.8 −35.1 −55.2 −4.5
IFC Global Index
Number of stocks 29 44 51 51 58 61 76 88 74 64
Share of market cap.(%)*
45.8 44.0 50.0 48.7 57.2 60.6 67.3 67.1 73.3 73.7
P/E ratio 16.3 8.7 12.0 13.9 27.5 21.2 21.7 13.1 −32.8 −3.6
P/BV ratio 3.1 2.1 2.1 2.5 4.7 3.7 3.3 1.8 0.8 1.2
Dividend yield (%) 7.9 4.2 1.9 2.6 1.5 2.0 2.2 3.3 7.7 0.6
Total return index* 679.3 538.4 641.8 900.4 1,827.8 1,621.2 1,598.1 1,013.4 210.1 278.7
Change in index (%) 100.8 −20.7 19.2 40.3 103.0 −11.3 −1.4 −36.6 −79.3 32.7
Economic Data
Gross domesticproduct (US$)
72,251 85,345 98,234 111,453 125,213 144,366 168,129 181,445 153,909 −
Emerging Stock Markets Factbook 1999
Thailand 1989−1998: (Currency in Millions; End of Period Levels) 421
Change in consumerprice index (%)
5.4 6.0 5.7 4.1 3.4 5.0 5.8 5.8 5.6 −
Exchange rates (end ofperiod)
25.6100 25.3000 25.0500 25.4900 25.4800 25.1050 25.1900 25.6400 48.1500 36.3350
Exchange rates(average of period)
25.6308 25.5160 25.4933 25.3960 25.3198 25.1779 24.9180 25.3545 31.3278 41.2454
Notes: The base date for the SET Index is Apr. 30, 1975=100. The base date for the IFCG Thailand Index is Dec. 1984=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Trinidad & Tobago
Market Performance
A pro−business climate and prudent macroeconomic management continued to attract foreign investment in 1998,helping the Trinidad and Tobago Stock Exchange buck the year's trend toward huge losses among emergingmarkets. Stocks soared relative to most emerging markets, with the local TTSE Index surging 23.7% in T&Tdollar terms, in spite of record−low energy prices and decreasing government revenue. Trinidad and Tobagoequities registered the sixth best performance among the eighteen markets with IFCG frontier indexes in 1998,rising 17.4% in local currency terms and 17.5% in U.S. dollar terms.
Equities rose over eight successive months on economic growth expectations of around 4.3% for the year but sankin three of the final four months of 1998 as neighboring Latin American markets tumbled in the wake of Braziliancapital flight. The trade balance deteriorated sharply from diminished oil export revenue and increased capitalimports, placing downward pressure on the local currency. Central bank intervention helped the Trinidad andTobago dollar appreciate 0.11% over the year.
Stocks performed robustly in the first quarter in response to the government's intention to resume its privatizationprogram. The IFCG Index rose 10.1% over the period, spurred by remarks of Planning and Development MinisterTrevor Sudama that the government would seek to earn US$90.6 million by selling 30 state−run companies. InFebruary, the government maintained its resolve, announcing plans to cash out of its majority stake in NationalFlour Mills, the largest flour mill in the Caribbean.
In the second quarter, investors shook off worries over the glut in world oil and natural gas markets, sending theIFCG Index up 6.4% in spite of abysmal commodity prices. The economy grew 0.8% over the period largelybecause of 11.2% growth in the petrochemicals subsector of the oil industry as two ammonia plants and one
Emerging Stock Markets Factbook 1999
Trinidad & Tobago 422
methanol facility commenced operations. In spite of a sharp contraction in the agricultural sector in the quarter,increasing electricity and water demand by consumers and industry pushed the year−on−year GDP growth rate to4.5% for the first six months of 1998.
Confidence in the economy remained steady in the third quarter, which helped the market record another stellarperformance. The market gained 5.2% even as neighboring Latin American markets and far−off East Europeanbourses plummeted. Investors pushed shares higher in spite of the government's 1% budgetary shortfall from softoil prices. Oil accounts for 15% of government revenues. Investors were also unfazed by higher food prices,which forced the government to revise its projection for 1998 inflation from 3.8% to 6.3%.
The IFCG Index sank 4.8% in the fourth quarter as investors reassessed news of an increasing government budgetdeficit, which was expected to lower GDP and earnings growth in 1999. The market decline came in spite of othergood news. The government's effort to diversify the economy away from the energy sector was given a majorboost when Norsk Hydro announced its intention to invest in an aluminum smelter facility that would export toU.S. and Latin American automobile industries. Also, Moody's awarded the government kudos as the ratingagency upgraded domestic currency bonds, citing a 20% decline in public debt since 1993. The higher rating wasexpected to increase domestic bond offerings as access to foreign credit remained difficult.break
Monthly Value Traded(US$ millions)
IFCG Trinidad & Tobago Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Trinidad & Tobago 423
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(T&T dollars per U.S. dollar)
Trinidad & Tobago 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Trinidad andTobago StockExchange
24 24 24 24 24 24 24 24 24 24 24 25
MarketCapitalization
In Trinidad &Tobago dollars
20,121.2 20,551.3 21,296.4 22,211.5 22,351.1 24,313.1 24,511.8 26,892.2 25,592.8 25,488.5 24,738.6 24,681.0
In US dollars 3,193.9 3,262.2 3,380.7 3,525.8 3,547.9 3,859.3 3,891.4 4,272.0 4,062.5 4,045.9 3,926.9 3,921.8
Trading Value
In Trinidad &Tobago dollars
78.5 40.4 70.3 149.6 78.6 255.6 74.5 84.7 97.9 33.3 45.5 105.2
In US dollars 12.5 6.4 11.2 23.7 12.5 40.6 11.8 13.5 15.5 5.3 7.2 16.7
Turnover ratio (%) 0.2 0.2 0.3 0.7 0.3 1.1 0.3 0.3 0.4 0.1 0.2 0.4
Local Index
TTSE* 361.0 369.0 382.3 398.7 401.5 434.7 442.3 479.3 455.9 454.1 440.9 436.3
Change in index(%)
2.2 2.2 3.6 4.3 0.7 8.3 1.8 8.4 −4.9 −0.4 −2.9 −1.0
IFC Global Index
Number of stocks 11 11 11 11 11 11 11 11 11 11 11 11
75.2 75.2 75.0 74.3 74.1 70.4 71.5 67.9 70.6 71.4 71.4 69.8
Emerging Stock Markets Factbook 1999
Trinidad & Tobago 1998: (Currency in Millions) 424
Share of marketcap. (%)*
Share of tradingvalue (%)
78.9 80.4 95.5 93.1 90.6 97.6 84.6 90.6 90.4 88.6 94.9 95.3
P/E ratio 18.0 18.3 17.2 16.4 16.5 17.0 17.4 18.2 18.0 18.1 17.6 17.2
P/BV ratio 3.4 3.5 3.6 3.6 3.6 3.7 3.8 4.0 3.9 4.0 3.8 3.8
Dividend yield (%) 22.5 28.3 27.5 27.5 27.5 27.0 26.3 25.5 25.8 25.8 26.4 19.0
Total return index* 318.1 346.3 358.5 372.4 375.9 387.9 397.9 415.6 410.5 414.2 403.1 393.5
Change in totalreturn index (%)
16.1 8.8 3.5 3.9 0.9 3.2 2.6 4.4 −1.2 0.9 −2.7 −2.4
Exchange Rates
Exchange rate (endof period)
6.2999 6.2999 6.2995 6.2998 6.2999 6.2998 6.2990 6.2950 6.2998 6.2998 6.2998 6.2932
Notes: The base date for the TTSE Index is Jan. 1983=100. The base date for the IFCG Trinidad & Tobago Index is Dec. 1995=100. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Trinidad and Tobago Stock ExchangeMr. Hugh Edwards, General ManagerMr. Anthony Taitt, Deputy General Manager65 Independence SquarePort of SpainTrinidad & TobagoTel: (868) 625−5107Fax: (868) 623−0089http://stockex.co.tt
IFC Correspondent:Ansa Finance and Merchant Bank Ltd.Tatil Building11 Maraval RoadPort of SpainTrinidad & TobagoTel: (868) 623−8672Fax: (868) 625−5869
Trinidad & Tobago 1989−1998:(Currency in Millions; end of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Trinidad and Tobago StockExchange
31 30 29 28 26 27 27 23 24 25
Emerging Stock Markets Factbook 1999
Trinidad & Tobago 1989−1998: (Currency in Millions; end of Period Levels) 425
Market Capitalization
In Trinidad & Tobagodollars
1,748.4 2,956.0 2,851.7 2,185.0 2,851.0 3,873.9 6,750.7 8,771.6 19,634.5 24,681.0
In US dollars 411.4 695.5 671.0 509.7 484.9 663.0 1,125.1 1,404.6 3,116.6 3,921.8
Trading Value
In Trinidad & Tobagodollars
146.7 235.0 338.7 95.0 301.0 300.9 812.4 643.0 843.1 1,114.2
In US dollars 34.5 55.3 79.7 22.4 56.3 51.7 137.2 106.5 133.8 176.9
Turnover ratio (%) 10.2 10.0 11.7 3.8 12.0 8.9 15.3 8.3 5.9 5.0
Local Index
TTSE* 48.7 83.1 81.8 60.2 82.5 88.6 150.2 167.4 352.3 436.3
Change in index (%) 50.3 70.6 −1.6 −26.4 37.0 7.4 69.5 11.5 110.5 23.8
IFC Global Index
Number of stocks − − − − − − 11 11 11 11
Share of market cap. (%)* − − − − − − 77.4 73.1 74.2 69.8
P/E ratio − − − − − − − 15.5 17.4 17.2
P/BV ratio − − − − − − − 1.9 3.3 3.8
Dividend yield (%) − − − − − − − 3.9 11.8 19.0
Total return index* − − − − − − 100.0 115.5 274.0 393.5
Change in total return index(%)
− − − − − − − 15.5 137.2 43.6
Economic Data
Gross domestic product(US$)
4,323 5,068 5,308 5,780 4,581 4,950 5,305 5,649 5,892 6,159
Change in consumer priceindex (%)
11.4 11.1 3.8 6.4 10.8 8.8 5.2 3.4 3.6 −
Exchange rate (end ofperiod)
4.2500 4.2500 4.2500 4.2872 5.8790 5.8431 5.9999 6.2450 6.2999 6.2932
Exchange rate (average ofperiod)
4.2500 4.2500 4.2500 4.2500 5.3511 5.8180 5.9192 6.0371 6.2999 6.2983
Emerging Stock Markets Factbook 1999
Trinidad & Tobago 1989−1998: (Currency in Millions; end of Period Levels) 426
Notes: The base date for the TTSE Index is Jan. 1983=100. The base date for the IFCG Trinidad & Tobago Index is Dec.1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Tunisia
Market Performance
The Tunisian equity market was characterized by a lack of trading volume and sporadic investor interest during1998. The stock market weathered well the Brazilian and Russian financial crises, and ended 1998 with a modestloss of 6.4% as measured by the dollar−based IFCG Tunisia Index.
The market appreciated slightly in January on light turnover as investors awaited the release of year−endcompany reports. Trading activity remained flat in February but inched up in March, with blue chips leading thegains on the back of positive corporate earnings reports for fourth quarter 1998. In March, a trade agreementbetween Tunisia and the European Union took effect that aims to dismantle trade barriers over the next 12 years.
Several religious holidays in April shortened trading weeks and kept prices fluctuating in a narrow range. Toimprove the competitiveness of Tunisian companies, the government established a new organization to investigatethe subject and recommend methods of adapting domestic firms to international standards. Share prices slid inMay in a market once again characterized by a lack of investor interest. On the economic front, the minister foreconomic development pledged that Tunisia would privatize another 50 firms before the year 2000. The bearishtrend continued in June, with the IFCG Index dropping 6.5%, the largest decline of 1998. Although investorslooked favorably on reports that foreign investment grew 24% in 1997, the enthusiasm was tempered by news thatthe level of economic activity was virtually unchanged year−on−year.
The Tunisian equity market was steady and trading activity was light in July. Several index constituents, however,saw sizable price changes. The government reported that portfolio investments jumped 85% in 1997, despite thebearish sentiment in the equities market during the year. The market gained ground in August for the first monthsince April, with the IFCG Index rising nearly 1.8% in dollar terms. Light turnover continued to plague themarket in July. July's inflation report revealed a 3.3% year−on−year increase, slightly below projections of a 3.7%rise. Tunisia was mostly unaffected by world financial market volatility in August and September, posting modestgains of 1.8% and 3.5%, respectively, as measured by the dollar−based IFCG Index. Investors were inactive,however, choosing to await the sale of part of the government's stake in bottle manufacturer Sotuver, scheduledfor October.
Shares held steady in October, with slight price movements usually the result of block trades in major stocks,especially in the insurance and banking sector. The successful privatization of two cement companies and Sotuverbrought sufficient cash into government coffers that it was not necessary to raise funds on the expensive
Emerging Stock Markets Factbook 1999
Tunisia 427
international debt market during the last two weeks of October. The dollar−based IFCG Index lost 3.1% inNovember on a combination of regional worries and weakness in the local currency. The market was guided byblock trades in December, fluctuating in both directions with daily changes in local indexes usually in fractions ofa percent.break
Monthly Value Traded(US$ millions)
IFCG Tunisia Index Correlation(36−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(dinar per U.S. dollar)
Tunisia 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Tunisia 1998: (Currency in Millions) 428
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Tunis StockExchange
34 34 34 35 35 37 37 37 38 38 38 38
MarketCapitalization
In dinars 2,670.4 2,704.3 2,729.5 2,704.9 2,633.6 2,576.3 2,489.1 2,510.3 2,511.2 2,484.9 2,485.3 2,487.0
In US dollars 2,322.1 2,338.1 2,312.9 2,344.1 2,285.1 2,217.9 2,167.3 2,194.5 2,295.6 2,305.1 2,234.4 2,268.3
Trading Value
In dinars 17.7 13.9 20.9 9.9 22.8 27.2 18.9 8.1 11.2 17.4 16.9 28.9
In US dollars 15.4 12.0 17.8 8.6 19.8 23.4 16.5 7.1 10.3 16.2 15.2 26.4
Turnover ratio (%) 0.1 0.5 0.8 0.4 0.8 1.0 0.8 0.3 0.4 0.7 0.7 1.2
Local Index
BVM General* 460.0 462.3 465.8 462.0 462.3 457.5 453.9 460.9 462.1 464.6 463.1 464.6
Change in index (%) 0.5 0.5 0.7 −0.8 0.1 −1.0 −0.8 1.5 0.3 0.5 −0.3 0.3
IFC Global Index
Number of stocks 13 13 13 13 13 13 13 13 13 13 13 13
Share of market cap.(%)*
72.2 72.8 73.2 72.7 72.2 70.1 69.7 69.4 68.8 68.6 68.3 67.8
Share of trading value(%)
30.3 58.2 65.8 69.7 43.4 30.1 39.7 72.0 50.9 71.4 63.0 78.2
P/E ratio 13.2 13.9 13.2 12.7 12.3 11.7 11.4 11.6 11.4 11.3 11.7 10.5
P/BV ratio 1.7 1.8 1.8 1.7 1.7 1.4 1.4 1.4 1.4 1.4 1.4 1.3
Dividend yield (%) 2.1 2.1 2.6 2.9 3.6 2.8 3.9 4.2 4.3 4.3 4.3 4.7
Total return index* 51.8 53.0 52.7 52.9 51.5 48.8 48.5 49.5 51.3 51.3 49.7 50.2
Change in total returnindex (%)
0.6 2.2 −0.6 0.5 −2.6 −5.4 −0.6 2.2 3.5 0.0 −3.1 0.9
Emerging Stock Markets Factbook 1999
Tunisia 1998: (Currency in Millions) 429
Exchange Rates
Exchange rate (end ofperiod)
1.1500 1.1566 1.1801 1.1539 1.1525 1.1616 1.1485 1.1439 1.0939 1.0780 1.1123 1.0964
Notes: The base date for the BVM General Index is Sept. 30, 1990=100. The base date for the IFCG Tunisia Index is Dec. 1995=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Tunis Stock ExchangeMr. Ahmed Hadouej, Chairman19 bis, rue Kamel AttaturkCentre Babel − Bloc E − Zone MontplaisirTunis, 1002TunisiaTel: (216−1) 780−288Fax: (216−1) 789−189
IFC Correspondent:Tunisie Valeurs78, Av. Mohamed VTunis, 1002TunisiaTel: (216−1) 799−676Fax: (216−1) 789−355Email: [email protected]
Tunisia 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Tunis Stock Exchange − 13 15 17 19 21 26 30 34 38
Market Capitalization
In dinars 577.0 445.0 611.0 777.0 1,000.0 2,525.0 3,809.0 4,251.0 2,655.5 2,487.0
In US dollars 637.9 532.6 711.5 813.6 956.0 2,560.9 3,926.8 4,263.4 2,320.6 2,268.3
Trading Value
In dinars 30.0 17.0 28.0 29.0 46.0 300.0 627.0 273.5 287.0 213.9
In US dollars 31.6 19.4 30.3 32.8 45.8 296.4 662.9 280.6 285.0 188.5
Turnover ratio (%) 5.3 3.3 5.3 4.2 5.2 17.0 19.8 6.8 8.3 0.9
Local Index
BVM General* − 127.8 170.6 199.4 251.0 507.2 534.7 570.6 455.6 464.6
Emerging Stock Markets Factbook 1999
Tunisia 1989−1998: (Currency in Millions; End of Period Levels) 430
Change in index (%) − − 33.5 16.9 25.9 102.1 5.4 6.7 −20.2 2.0
IFC Global Index
Number of stocks − − − − − − 11 11 13 13
Share of market cap.(%)*
− − − − − − 74.9 66.4 72.1 67.8
P/E ratio − − − − − − − 25.8 13.1 10.5
P/BV ratio − − − − − − − 3.1 1.7 1.3
Dividend yield (%) − − − − − − − 2.2 2.2 4.7
Total return index* − − − − − − 100.0 95.5 51.5 50.2
Change in total returnindex (%)
− − − − − − − −4.5 −46.1 −2.5
Economic Data
Gross domestic product(US$)
10,102 12,291 13,075 15,575 14,663 15,650 17,987 19,589 18,937 22,041
Change in consumerprice index (%)
7.7 6.5 8.2 5.8 4.0 4.7 6.2 3.7 3.7 −
Exchange rate (end ofperiod)
0.9046 0.8355 0.8588 0.9550 1.0460 0.9860 0.9700 0.9971 1.1443 1.0964
Exchange rate (averageof period)
0.9493 0.8783 0.9246 0.8844 1.0037 1.0120 0.9458 0.9746 1.0069 1.1347
Notes: The base date for the BVM General Index is Sept. 30, 1990=100. The base date for the IFCG Tunisia Index isDec. 1995=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Turkey
Market Performance
Domestic political uncertainty, mixed economic signals, and declines in emerging markets worldwide weighedheavily on Turkish equities in 1998. The dollar−based IFCI Turkey Index lost 53% of its value with thelira−based Istanbul Stock Exchange Composite Index lost 24.7%.
Although the government's anti−inflation program helped lift the market in early 1998, investor sentiment turnedbearish on news that consumer prices rose almost 100% in 1997. The government's decision to raise lending ratesto protect the lira further depressed share prices, as investors moved funds to fixed−income vehicles. Risingtension along the Iraqi border added to the downward pressure. Plans to partially deregulate the petroleum andelectricity industries created some upward momentum in February, but the threat of a possible capital gains taxweighed heavily on investor sentiment, and the IFCI Turkey Index fell 11.4%. In the following month, a briefrecovery was wiped out by concerns that upcoming state asset sales would flood the market with shares and by
Emerging Stock Markets Factbook 1999
Turkey 431
fears that the coalition government would be forced to call early elections.
Stock market performance was mixed in the second quarter. Shares were initially boosted by a drop in interestrates and news that GNP growth had exceeded projections by reaching 8.0% in 1997. Shares slumped at the endof April, however, following Prime Minister Mesut Yilmaz's announcement that he had agreed to early electionsin March 1999. The international routing of markets prompted by the crisis in Asia left foreign investors runningfrom emerging markets in May. This, along with continuing domestic uncertainties, pushed Turkish share priceslower. The quarter ended on a positive note as a rally in regional markets and hopes for an Asian bailout packageimproved the investment climate.
Share prices held steady at the beginning of the third quarter as news of falling inflation was offset by concernsabout Russia and Asia, which kept foreign investors on the sidelines. The Russian equity free−fall had a severenegative impact on the Turkish market in August. Stocks on the Istanbul Stock Exchange plummeted, with theIFCI Index falling nearly 41% in dollar terms. Many portfolio managers carry Turkish and Russian equities in thesame basket of stocks, and the Russian turmoil prompted foreign investors to shift funds to developed markets.The slide continued through September, fueled by the worsening situation in neighboring Russia and confirmationthat the government would impose capital gains taxes in 1999.
Stocks slid through October amid tension between Turkey and Syria over Damascus's alleged support for Kurdishrebels. Poor inflation results for September also weighed on the market. Optimism in U.S. and European boursesand expectations of healthy earnings created upward pressure in November. Political unrest, however, kept stocksfrom staging a strong rally. Political uncertainties magnified in December, as one attempt after another to form aninterim government failed, causing significant losses on the market. This trend was reversed when analystsreleased favorable projections for banking sector earnings. This, along with signs that the country would finallyhave a government, helped move shares higher at year's end.break
Emerging Stock Markets Factbook 1999
Turkey 432
Monthly Value Traded(US$ millions)
IFCI Turkey Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(lira per U.S. dollar)
Turkey 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Turkey 1998: (Currency in Millions) 433
Notes: The base date for the ISE National−100 Index, formerly known as the ISE Index, is Jan. 1986=1. The base date for theIFCG Turkey Index is Dec. 1986=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Istanbul Stock ExchangeMr. Osman Birsen, Chairman & CEOMr. Aril Seren, Senior Vice PresidentIstinyeIstanbul, 80860TurkeyTel: (90−212) 298−2100Fax: (90−212)298−2500http://www.ise.org
IFC Correspondent:TEB Ekonomi Arastirmalari A.S.Meclis−i Mebusan Cad, No. 141Findikli 80040Istanbul, TurkeyTel: (90−212)251−8910Fax: (90−212) 251−8912http://www.teb.com.trEmail:[email protected]
Turkey 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Istanbul StockExchange
50 110 134 145 152 176 205 229 257 277
MarketCapitalization
In lira (1/1,000) 15,553.0 55,249.7 78,906.6 84,809.0 546,316.2836,117.81,264,9983,275,03812,653,30810,611,820
In U.S. dollars 6,783 19,065 15,703 9,931 37,496 21,605 20,772 30,020 61,090 33,646
Trading Value
In lira (1/1,000) 1,668.6 15,028.2 35,487.1 55,855.5 255,223.2650,864.12,374,0853,025,9869,038,528 18,029,966
In U.S. dollars 798 5,841 8,571 8,191 23,242 21,692 51,392 36,831 59,105 68,646
Turnover ratio (%) 19.0 42.4 52.9 68.3 80.9 94.2 226.0 133.3 113.5 155.0
Local Index
National−100* 22.2 32.6 43.7 40.0 206.8 272.6 400.2 975.9 3,451.0 2,597.9
Change in index (%) 493.1 46.8 34.0 −8.5 417.0 31.8 46.8 143.9 253.6 −24.7
Emerging Stock Markets Factbook 1999
Turkey 1989−1998: (Currency in Millions; End of Period Levels) 434
IFC Global Index
Number of stocks 18 25 25 25 36 40 44 58 58 58
Share of market cap.(%)*
67.9 23.2 52.7 39.0 63.3 69.9 66.3 74.2 79.1 76.5
P/E ratio 16.5 13.2 13.7 6.9 36.3 31.0 8.4 10.7 20.1 7.8
P/BV ratio 6.7 4.0 2.3 1.3 7.2 6.3 2.7 4.0 6.8 2.7
Dividend yield (%) 3.6 5.5 4.4 8.1 2.4 3.6 4.4 3.3 1.6 4.3
Total return index* 849.0 825.3 480.5 227.0 759.0 449.7 402.1 599.0 1,300.2 628.1
Change in index (%) 502.4 −2.8 −41.8 −52.8 234.4 −40.8 −10.6 49.0 117.1 −51.7
Economic Data
Gross domesticproduct (US$)
107,142 150,659 151,042 159,105 180,422 130,655 169,319 181,465 189,878 −
Change in consumerprice index (%)
63.3 60.3 66.0 70.1 66.1 106.3 88.1 80.3 85.7 −
Exchange rate (end ofperiod)
2,293.00 2,898.00 5,025.00 8,540.00 14,570.0038,700.0 60,900.0 109,095.0207,125.0 315,400.0
Exchange rate(average of period)
2,090.26 2,572.77 4,140.47 6,819.38 10,981.0430,005.4 46,195.8 82,159.4 152,922.5 262,461.3
Notes: The base date for the ISE National−100 Index, formerly known as the ISE Index, is Jan. 1986=1. The base date for the IFCGTurkey Index is Dec. 1986=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Ukraine
Market Performance
For the Ukrainian stock market, 1998 was a year of severe shocks. The index of the PFTS trading systemregistered a loss of 73.7% for the year in local currency terms, while the IFCG Ukraine Index (launched in 1998)plunged by 82.3% in dollar terms. Ukraine's depressed economic situation, high yields on the local debt market,and weak currency weighed hard on equity market sentiment.
As the Asian crisis prompted an outflow of funds from more risky emerging markets, foreigners started pullingout of Ukraine's domestic Treasury bill market, causing strong pressure on the hryvna. In response, the NationalBank switched to a new trading band of 1.80 to 2.25 HU to the dollar. The bank also sold DM 750 millionthree−year bonds to replace more costly short−term domestic debt and formulated an austerity program aimed atreducing the budget deficit from 3.3% of GDP to 2.5%, a main condition for disbursement of a $49 million IMFloan. In addition, the government announced an ambitious $1 billion privatization program. These measures failedto change market sentiment and the equities market experienced a sharp decline.
Emerging Stock Markets Factbook 1999
Ukraine 435
March parliamentary elections added political uncertainty to the mix while the country's budget deficit continuedto widen. The hryvna fell to record lows, pushing the boundaries of the newly established band. To replenishreserves spent on defending the currency, the government hurriedly issued euro−denominated bonds while thenational bank bought government debt amid a lack of demand from investors. The parliamentary electionsstrengthened the Communist Party's hold as it received 26% of the vote. In the past, the party consistentlyopposed President Leonid Kuchma's efforts to accelerate sales of state−owned enterprises and to implement othereconomic reforms. The auctions to sell several power distribution companies and oil refineries failed as highprices, insufficient local funds, and low foreign investor interest contributed to a lack of buyers.
In the second quarter, the equity market continued to decline as yields on T−bills soared above 60% from about55% in May and the National Bank raised the discount rate to 82% from 51%. In July, the government faceddifficulties with debt repayments, which amounted to almost half of its foreign reserves. It was actively seekingmore than $2 billion in loans from the IMF to shore up the reserves, which dwindled by $1.2 billion from the startof the year. The government also announced that it would sell more than 25% of telecommunications companyUkrtelecom before the end of the year.
During the summer, several Ukrainian companies launched GDR programs. However, the issues failed to make asignificant impact on the domestic equity market, which was suffering from the adverse macroeconomic situationin the country. Even though Ukraine made all due foreign debt payments and secured IMF funds, the Russiancrash in August dealt the Ukrainian stock market another blow. The market plummeted to historic lows and wasalmost totally paralyzed for two months. September monthly value traded declined by 73% to $1.8 million.Pressure on the currency forced the National Bank to widen the trading band for the hryvna from 2.5 to 3.5 perdollar. Notwithstanding, the local stock market remained depressed throughout the end of the year.break
Emerging Stock Markets Factbook 1999
Ukraine 436
Monthly Value Traded(US$ millions)
IFCG Ukraine Index Correlation(12−month period ending 12/98)
IFCG P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(hryvna per U.S. dollar)
Ukraine 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
PFTS (OTC TradingSystem)
151 151 157 164 161 155 153 154 155 146 146 125
MarketCapitalization
In hyrvna 5,644.9 5,299.5 5,534.2 5,305.3 4,122.5 2,686.1 3,455.0 1,932.4 1,686.7 1,343.3 2,198.9 1,954.8
In US dollars 2,925.6 2,630.2 2,715.1 2,597.5 2,003.9 1,300.9 1,618.3 858.8 495.4 392.0 641.6 570.4
Trading Value
In hyrvna 10.0 13.8 17.9 28.8 26.1 13.3 43.3 15.5 6.3 4.9 11.3 17.7
In US dollars 5.2 6.9 8.8 14.1 12.7 6.5 20.3 6.9 1.8 1.4 3.3 5.2
Emerging Stock Markets Factbook 1999
Ukraine 1998: (Currency in Millions) 437
Turnover ratio (%) 0.2 0.3 0.3 0.5 0.5 0.4 1.4 0.6 0.3 0.3 0.6 0.8
Local Index
PFTS* 67.1 61.0 63.0 52.7 43.3 34.6 39.3 26.3 22.4 17.3 21.1 21.0
Change in index (%) −9.0 −9.0 3.2 −16.4 −17.8 −20.0 13.5 −33.2 −14.7 −22.9 22.1 2.2
IFC Global Index
Number of stocks 17 17 17 17 17 17 17 17 17 17 16 16
Share of market cap.(%)*
− − − − − − − − − − − −
Share of trading value(%)
91.9 93.2 84.0 61.6 77.6 75.0 52.8 81.8 31.4 32.7 48.8 51.0
P/E ratio 2.4 2.1 2.5 2.1 1.8 3.3 1.6 1.3 1.2 1.1 1.2 1.2
P/BV ratio 0.3 0.3 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1
Dividend yield (%) − − − − − − − − − − − −
Total return index* 82.4 71.3 73.7 65.4 54.0 40.4 39.8 31.3 18.8 17.3 17.5 17.8
Change in total returnindex (%)
−17.6 −13.4 3.3 −11.3 −17.4 −25.1 −1.6 −21.4 −39.9 −7.8 0.9 1.4
Exchange Rates
Exchange rate (end ofperiod)
1.9295 2.0149 2.0383 2.0425 2.0573 2.0647 2.1349 2.2500 3.4050 3.4270 3.4270 3.4270
Notes: The base date for the PFTS Index is Oct. 1, 1997=100. The base date for the IFCG Ukraine Index is Dec. 1997=100. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
OTC Stock Trading SystemMs. Irina Zarya, PresidentMr. Vitaly Kozakov, Executive Director5th floor, 31 Schchorsa St.Kiev 252133, UkraineTel: (380−44) 252−8800Fax: (380−44) 252−8553http://www.pfts.comEmail: [email protected]
IFC Correspondent:Finance and Credit InvestmentsMr. Sergey Grachov, Director30/1 Hrushevskogo St., Room 321Kiev, 252021UkraineTel: (380 44) 253−8289http://www.fci.com.uaEmail: [email protected]
Emerging Stock Markets Factbook 1999
Ukraine 1998: (Currency in Millions) 438
Ukraine 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
PFTS (OTC TradingSystem)
− − − − − − − − − 125
Market Capitalization
In hryvna − − − − − − − − 6,952.2 1,954.8
In US dollars − − − − − − − − 3,666.8 570.4
Trading Value
In hryvna − − − − − − − − − 208.8
In US dollars − − − − − − − − − 84.1
Turnover ratio (%) − − − − − − − − − 4.7
Local Index
PFTS* − − − − − − − − 79.7 21.0
Change in index (%) − − − − − − − − − −73.7
IFC Global Index
Number of stocks − − − − − − − − 17 16
Share of market cap. (%)* − − − − − − − − − 96.1
P/E ratio − − − − − − − − 4.6 1.2
P/BV ratio − − − − − − − − 0.6 0.1
Dividend yield (%) − − − − − − − − − 0.0
Total return index* − − − − − − − − 100.0 17.8
Change in total return index(%)
− − − − − − − − − −82.2
Economic Data
Emerging Stock Markets Factbook 1999
Ukraine 1989−1998: (Currency in Millions; End of Period Levels) 439
Gross domestic product(US$)
77,868 91,311 81,359 91,505 71,285 92,598 85,853 44,558 49,677 −
Change in consumer priceindex (%)
− − − − − − − − − −
Exchange rate (end ofperiod)
− − − − − − − − 1.8960 3.4270
Exchange rate (average ofperiod)
− − − − − − − − − 2.4838
Notes: The base date for the PFTS Index is Oct. 1, 1997=100. The base date for the IFCG Ukraine Index is Dec.1997=100. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
Venezuela
Market Performance
Low commodity prices and the general emerging market maelstrom dropped Venezuelan shares totwo−and−half−year lows in 1998. Rockbottom oil prices and pre−election jitters vitiated demand for Venezuelanassets, sending the local market index tumbling 44.7% in bolivars. The government's decision to defend thebolivar's crawling exchange rate peg limited the falls of the IFCI and IFCG Venezuela indexes to 50.5% and51.8%, respectively, in dollar terms.
Investors wiped 49.9% off the IFCI Index in the first half of 1998 as oil prices sank, and polls indicated thatformer coup leader and left−leaning populist Hugo Chavez was the favorite to win December's presidentialelection. Because Venezuela depends on oil sales for 40% of its public sector revenues and 80% of its exports,investors worried that lower oil prices would force the government to rein in spending, thereby arrestingeconomic growth. The price of Venezuelan export crude fell to $13 per barrel in January, down 36% from itsJanuary 1997 price of $20.36 per barrel, sending the market falling 17% for the first month of the year.
The IFCI Venezuela Index plunged 22.8% in April as 28−day certificates of deposit rose to 37%, their highestlevel in two years, on continued doubts regarding the stability of emerging markets. Stock prices tumbled yetagain in June, with the dollar−based IFCI Index falling by 23.8% when the price of Venezuelan export crude hitits lowest level of the year, $9.72 per barrel. In the same month, the central bank pared back its economic growthforecast from 6% to 1% for the year.
Emerging Stock Markets Factbook 1999
Venezuela 440
The market touched bottom in August when the Russian ruble devaluation unleashed another round of contagionturmoil, this time in Latin America. Stock prices spiraled 40.6% downward as sky−high interest rates anddepressed oil prices diminished any remaining prospects of economic growth. Interest rates on benchmark 55−daygovernment bonds soared to 60% and oil prices remained below $10 per barrel as year−to−date stock marketlosses reached 70% by the end of August.
Equity prices rallied in the final months of 1998, gaining 66.0% over their August level. The IFCI Indexrebounded 34.2% in September as the government announced $540 million in deficit−reduction measures, andVenezuelan crude prices jumped 6%. After mixed results in October and November, the market extended itsfourth−quarter comeback in December, soaring 22.1% in dollars as investors factored in market−friendly remarksfrom Chavez, the winner of the December 6 election. That market had been concerned that a victory by Chavezwould herald a rollback of privatization and free−market reforms.
Chavez backtracked on earlier statements that he would place a moratorium on foreign debt, nationalizeindustries, and devalue the bolivar. In a bid to shore up confidence, the president−elect suggested that he wouldreduce crude output in accordance with OPEC targets as well as tackle the gaping fiscal deficit by laying off civilservants and clamping down on tax evasion. The new tone sent the market in a frenzy, with the local indexroaring ahead 22% and 19% in two straight trading sessions. The market retrenched throughout the remainder ofthe year, as there was no end in sight to the deepening recession in Latin America and the continued weakness ofthe petroleum market.break
Monthly Value Traded(US$ millions)
IFCI Venezuela Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Emerging Stock Markets Factbook 1999
Venezuela 441
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(bolivars per U.S. dollar)
Venezuela 1998:(Currency in Millions)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of Listed Companies
Bolsa de Valoresde Caracas
91 91 91 93 93 93 93 93 93 93 93 94
MarketCapitalization
In bolivars 6,127,0006,002,2856,256,3985,211,8455,338,1524,509,4844,418,4973,177,0283,472,1643,444,9613,661,2434,282,937
In U.S.dollars
11,998 11,610 11,921 9,720 9,913 8,158 7,850 5,459 6,056 6,070 6,398 7,587
Trading Value
In bolivars 122,235 89,129 108,359 117,116 72,939 48,268 56,432 54,599 40,562 20,248 41,538 56,192
In U.S.dollars
239 172 206 218 135 87 100 94 71 36 73 100
Turnoverratio (%)
1.8 1.5 1.8 2.0 1.4 1.0 1.3 1.4 1.2 0.6 1.2 1.4
Local Index
Indice deCapitalizacion*
7,332.8 7,175.6 7,685.8 6,104.3 6,179.5 4,802.6 4,846.4 2,904.0 3,893.9 3,631.2 3,944.0 4,788.7
Change inindex (%)
−15.3 −2.1 7.1 −20.6 1.2 −22.3 0.9 −40.1 34.1 −6.8 8.6 21.4
IFC GlobalIndex
Number of stocks 19 19 19 19 19 19 19 19 19 19 19 19
Share ofmarket cap.
68.0 67.9 68.3 64.7 64.7 62.7 63.5 53.8 65.5 60.8 63.5 65.2
Emerging Stock Markets Factbook 1999
Venezuela 1998: (Currency in Millions) 442
(%)*
Share oftradingvalue (%)
83.6 83.5 89.6 55.6 61.1 83.2 92.8 56.4 65.2 83.5 92.0 90.7
P/E ratio 10.4 9.6 9.8 6.8 6.8 5.5 5.4 3.8 5.1 4.6 4.9 5.6
P/BV ratio 1.0 0.9 0.9 0.7 0.7 0.6 0.6 0.3 0.5 0.4 0.4 0.5
Dividendyield (%)
1.5 1.4 1.4 2.4 2.3 2.6 2.9 6.0 5.9 6.6 5.5 4.5
Total returnindex*
633.1 612.6 627.1 485.9 499.7 385.4 381.3 230.2 313.6 294.3 316.8 385.4
Change intotal returnindex (%)
−16.8 −3.2 2.4 −22.5 2.8 −22.9 −1.1 −39.6 36.2 −6.2 7.6 21.6
Exchange Rates
Exchange rates(end of period)
510.680 517.000 524.800 536.225 538.500 552.755 562.855 582.005 573.375 567.575 572.250 564.505
Notes:The base date of the Indice de Capitalizacion de la BVC is Dec. 1993=1,000. The base date for the IFCG Venezuela Index is Dec. 1984=100. In calculating share of total market cap, IFCG market
cap is not adjusted for cross holdings.
Caracas Stock ExchangeMr. Alejandro Salcedo Thielen, Chairman
Calle Sorocaima Entre Tamanaco y VenezuelaAtrium, Piso 1, El RosalCaracas, 1060−AVenezuelaTel: (58−2) 905−5511Fax: (58−2) 952−2640http://www.caracasstock.com
Venezuelan Electronic Stock ExchangeJose Vicente Urdaneta, President
Avenida Principal de Los RuicesCentro Empresarial Autana, Piso 2, Oficina 2−ACaracasVenezuelaTel: (58−2) 239−8433Fax: (58−2) 237−7949http://www.venezuelastock.com
IFC Correspondent:Merinvest
Av. Andres Bello No. 1Torre Mercantil Piso 23Caracas, 1010VenezuelaTel: (58−2) 503−2752Fax: (58−2) 575−0783
Venezuela 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Bolsa de Valores deCaracas
74 76 87 91 93 90 90 87 91 94
Emerging Stock Markets Factbook 1999
Venezuela 1989−1998: (Currency in Millions; End of Period Levels) 443
Market Capitalization
In bolivars 64,051 415,893 681,838 593,993 836,679 698,320 1,241,0614,788,7487,352,9894,282,937
In U.S. dollars 1,472 8,361 11,214 7,600 8,010 4,111 3,655 10,055 14,581 7,587
Trading Value
In bolivars 3,575 103,236 181,688 177,648 169,168 139,932 94,655 592,159 1,884,114827,617
In U.S. dollars 93 2,232 3,240 2,631 1,874 936 510 1,275 3,858 1,510
Turnover ratio (%) 5.4 43.0 33.1 27.8 23.6 18.2 9.8 19.6 31.0 14.2
Local Index
Indice deCapitalizacion*
2,754.0 17,881.9 29,316.6 19,874.1 // 1,000.0 1,348.8 2,019.4 6,690.1 8,656.0 4,788.7
Change in index (%) −28.8 549.3 63.9 −32.2 − 34.9 49.7 231.3 29.4 −44.7
IFC Global Index
Number of stocks 13 16 17 17 17 17 16 18 19 19
Share of market cap.(%)
53.0 64.6 77.1 65.8 60.4 81.6 67.9 74.6 66.9 65.2
P/E ratio 4.1 26.0 28.5 15.6 17.4 18.1 12.0 32.5 12.8 5.6
P/BV ratio 0.8 3.4 3.6 1.6 1.8 1.8 1.6 3.3 1.2 0.5
Dividend yield (%) 2.2 0.7 0.5 1.0 2.3 2.5 2.6 1.3 1.2 4.5
Total return index* 89.4 627.4 907.4 523.6 487.3 362.2 255.5 609.5 760.5 385.4
Change in index (%) −33.1 601.8 44.6 −42.3 −6.9 −25.7 −29.5 138.6 24.8 −49.3
Economic Data
Gross domestic product(US$)
43,551 48,593 53,453 60,765 60,049 58,403 77,261 70,292 87,480 −
Change in consumerprice index (%)
84.5 40.7 34.2 31.4 38.1 60.8 59.9 99.9 50.0 −
Exchange rate (end ofperiod)
43.5000 49.7400 60.8000 78.1600 104.4600 169.8700 339.5406 476.2550 504.3000 564.5050
Exchange rate (averageof period)
38.5919 46.2453 56.0683 67.5143 90.2763 149.5574 185.6402 464.5281 488.4015 547.9683
Emerging Stock Markets Factbook 1999
Venezuela 1989−1998: (Currency in Millions; End of Period Levels) 444
Notes: IFC switched to the Indice de Capitalizacion in January 1995. The index's base date is Dec. 1993=1,000. The base date for theIFCG Venezuela Index is Dec. 1984=100. Since Nov. 29, 1995, the exchange rate applied was the implicit rate derived fromVenezuelan Brady Bond trading. Following the implementation of a new foreign exchange regime on April 22, 1996, when thegovernment allowed the bolivar (fixed at 85.290 per US$) to float, the exchange rate applied is the central bank market rate. Marketcap and trading value data does not include the Venezuelan Electronic Stock Exchange, which opened in mid−1995. In calculatingshare of total market cap, IFCG market cap is not adjusted for cross holdings.
Zimbabwe
Market Performance
For the second year in a row, shares on the Zimbabwe Stock Exchange (ZSE) fell sharply in 1998. High interestrates, social unrest, and a Zimbabwe dollar depreciation of more than 50% sharply diminished enthusiasm forwhat was once considered one of the most promising markets in the African region. For the year, the dollar−basedIFCI and IFCG indexes fell 58.1% and 59.2%, respectively, while the local ZSE Industrial Index shed 11% inlocal currency. A drop in bullion prices slashed 18% off the Zimbabwe Mining Index.
Shares began the year on a positive note as much−needed rains, the IMF's conditional promise of $176 million inaid, and the World Bank's decision to release $60 million in funds to prevent a balance−of−payments crisis liftedinvestor sentiments. By the end of the first quarter, however, fears of a fuel hike and uncertainty over thegovernment's proposed land reforms drew investors slowly away from the market.
The market's decline truly became apparent early in the second quarter as the Zimbabwe equity market stumbledsharply amid banking sector worries and continued high interest rates. In June, shares were given a temporaryreprieve with the IMF's announcement of a $176 million standby credit to support Zimbabwe's effort towardmarket reforms, in which the market quickly reacted with a strong upward surge. However, tough monetary andfiscal targets set by the IMF, combined with the growing international fear of investing in emerging markets,brought the market back down to its previous index levels by the end of the month.
By the third quarter, rumors of low foreign exchange reserves were confirmed when the government left thedollar unprotected from speculation. While the declining currency made exports and imports more competitivewith those from South Africa, the government's lack of intervention hurt the finance and business sectors, helpingto drive the equity market down. The economy received even worse news in August when the IMF suspended itsexpected $176 million loan. The money was withheld after the government reapplied price controls on foodstaples. While the actual contribution from the IMF was not expected to be anything more than a fraction of whatthe economy needed as a financial boost, the suspension only helped to further deteriorate the severe lack ofinvestor faith in the Zimbabwe economy.
Emerging Stock Markets Factbook 1999
Zimbabwe 445
Despite the turmoil that rocked the local market early in the year, heavy rains as well as lower rates in domesticmoney markets helped give the local Zimbabwe equity market a year−end boost. Zimbabwe shares finishedDecember on a bullish note despite the traditional lull during the holiday month and a 10.8% point jump in theinflation rate.break
Monthly Value Traded(US$ millions)
IFCI Zimbabwe Index Correlation(5−year period ending 12/98)
IFCI P/E Ratio(end of month values)
Monthly Market Capitalization(US$ millions)
Share of Emerging MarketCapitalization*(end−1998; total=$1,868 billion)
* 51 markets covered by EMDB
Exchange Rate(Z dollars per U.S. dollar)
Zimbabwe 1998:(Currency in Millions)
Emerging Stock Markets Factbook 1999
Zimbabwe 1998: (Currency in Millions) 446
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Number of ListedCompanies
Zimbabwe StockExchange
64 64 64 65 65 66 66 67 67 67 67 67
MarketCapitalization
In Zimbabwe dollars42,825 44,757 45,806 45,328 43,475 43,795 37,980 37,373 45,767 47,169 47,169 48,770
In U.S. dollars 2,519 2,763 2,836 2,651 2,422 2,432 1,935 1,359 1,408 1,318 1,270 1,310
Trading Value
In Zimbabwe dollars292 335 219 379 805 230 270 253 309 185 355 299
In U.S. dollars 17 21 14 22 45 13 14 9 10 5 10 8
Turnover ratio (%) 0.7 0.8 0.5 0.8 1.8 0.5 0.7 0.7 0.7 0.4 0.8 0.6
Local Index
ZSE Industrial* 7,895.7 7,879.5 8,795.7 7,724.7 7,307.2 7,417.9 7,003.1 5,577.7 5,789.8 5,832.5 5,883.7 6,408.4
Change in index (%)9.7 −0.2 11.6 −12.2 −5.4 1.5 −5.6 −20.3 3.8 0.7 0.9 8.9
IFC Global Index
Number of stocks 22 22 22 22 22 22 22 22 22 22 24 24
Share of market cap.(%)*
67.1 63.6 69.5 61.0 59.5 60.3 65.4 54.4 44.2 43.7 52.0 54
Share of tradingvalue (%)
91.1 74.6 66.4 85.0 95.1 76.9 68.1 51.8 71.5 55.5 86.0 76.0
P/E ratio 10.3 10.2 11.4 10.0 9.3 10.3 9.7 8.1 8.4 8.5 6.2 5.8
P/BV ratio 1.7 1.7 1.8 1.6 1.4 1.4 1.4 1.1 1.1 1.2 1.2 1.3
Dividend yield (%) 2.5 2.6 2.4 2.6 2.8 3.8 4.3 5.1 5.0 4.8 3.1 2.8
Total return index* 1,249.4 1,296.6 1,430.2 1,177.1 1,038.7 1,080.6 940.8 558.4 470.5 433.9 424.7 460.4
Change in totalreturn index (%)
14.4 3.8 10.3 −17.7 −11.8 4.0 −12.9 −40.6 −15.7 −7.8 −2.1 8.4
Emerging Stock Markets Factbook 1999
Zimbabwe 1998: (Currency in Millions) 447
Exchange Rates
Exchange rates (endof period)
17.0000 16.2000 16.1500 17.1000 17.9500 18.0100 19.6250 27.5000 32.5000 35.8000 37.1500 37.2150
Notes: The base date for the ZSE Industrial Index is 1967=100. The base date for the IFCG Zimbabwe Index is Dec. 1984=100. Listedcompany and market capitalization figures do not include foreign−based shares that are cross−listed. In calculating share of total marketcap, IFCG market cap is not adjusted for cross holdings.
Zimbabwe Stock ExchangeMr. A. Barfoot, Chief Executive OfficerP.O. Box 234 UA5th Floor, Southampton HouseUnion AvenueHarareZimbabweTel: (263−4) 736−861, 796−255Fax: (263−4) 791−045
IFC Correspondent:Sagit Stockbrokers (Pvt.) Ltd.20th Floor, Karigamombe Ctr.Samora Machel AvenueP.O. Box 21HarareZimbabweTel: (263−4) 757−867, 757−869Fax: (263−4) 750−564
Zimbabwe 1989−1998:(Currency in Millions; End of Period Levels)
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998
Number of ListedCompanies
Zimbabwe StockExchange
54 57 60 62 62 64 64 64 64 67
Market Capitalization
In Zimbabwe dollars 2,396 6,373 7,020 3,440 9,937 15,292 18,988 39,337 36,322 48,770
In U.S. dollars 1,067 2,395 1,394 628 1,433 1,828 2,038 3,635 1,969 1,310
Trading Value
In Zimbabwe dollars 75 126 282 103 347 1,445 1,299 2,555 6,452 3,931
In U.S. dollars 36 51 77 20 53 176 150 255 532 166
Turnover ratio (%) 3.9 2.9 4.2 2.0 5.2 11.5 7.6 8.8 17.1 9.2
Emerging Stock Markets Factbook 1999
Zimbabwe 1989−1998: (Currency in Millions; End of Period Levels) 448
Local Index
ZSE Industrial* 869.1 2,282.6 1,953.6 865.6 2,325.3 3,160.8 3,972.6 8,786.3 7,196.4 6,408.4
Change in index (%) 57.3 162.6 −14.4 −55.7 168.6 35.9 25.7 121.2 −18.1 −10.9
IFC Global Index
Number of stocks 11 18 17 17 21 24 24 22 22 24
Share of market cap.(%)*
46.5 56.5 50.0 42.7 62.2 73.4 74.5 72.8 76.4 54.2
P/E ratio 4.4 8.3 7.0 2.0 8.8 10.1 7.3 12.9 10.3 5.8
P/BV ratio 0.9 1.5 1.0 0.3 0.9 1.2 1.3 2.4 1.7 1.3
Dividend yield (%) 9.8 4.0 5.8 6.1 3.6 4.6 5.2 2.8 2.9 2.8
Total return index* 1,028.9 2,005.8 956.1 384.8 938.0 1,203.2 1,403.8 2,338.8 1,092.4 460.4
Change in index (%) 40.8 94.9 −52.3 −59.8 143.8 28.3 16.7 66.6 −53.3 −57.9
Economic Data
Gross domestic product(US$)
8,286 8,784 8,642 6,752 6,564 6,891 7,134 8,545 8,906 −
Change in consumerprice index (%)
12.9 17.4 23.3 42.1 27.6 22.3 22.6 21.4 18.7 −
Exchange rate (end ofperiod)
2.2448 2.6609 5.0355 5.4816 6.9351 8.3650 9.3188 10.8225 18.4500 37.2150
Exchange rate (averageof period)
2.1173 2.4481 3.6346 5.1112 6.5061 8.2064 8.6820 10.0159 12.1380 23.7301
Notes: The base date for the ZSE Industrial Index is 1967=100. The base date for the IFCG Zimbabwe Index is Dec.1984=100. Listed company and market capitalization figures do not include foreign−based shares that are cross−listed. Incalculating share of total market cap, IFCG market cap is not adjusted for cross holdings.
7—Other Equity Market Profiles
Other Markets 1998:(Currency in Millions; End of Period Levels)
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 449
Armenia 1995 1996 1997 1998 Azerbaijan 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Yerevan Stock Exchange 1 10 59 82 Baku InterbankCurrency Exchange
− − − 2
Market Capitalization Market Capitalization
In dram 1,315.0 2,925.0 7,881.0 9,206.0 In manat − − − 12,000.0
In US dollars 3.0 7.0 16.0 18.0 In US dollars − − − 3.0
Trading Value Trading Value
In dram 460.0 17.0 488.0 399.0 In manat − − − 704.0
In US dollars 1.1 0.0 1.0 0.8 In US dollars − − − −
Turnover ratio 61.0 0.8 9.0 4.7 Turnover ratio − − − −
Local Index Local Index
− − − − 36.1 − − − − −
% change in index .− − − − % change in index − − − −
P/E ratio − − 34.1 − P/E ratio − − − −
P/BV ratio − − − − P/BV ratio − − − −
Dividend yield (%) − − − − Dividend yield (%) − − − 11.4
Economic Data Economic Data
Gross domestic product (US$) 2,886.9 1,594.8 1,627.7 − Gross domestic product(US$)
3,497.1 3,650.3 4,399.1 −
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
− − − −
Exchange rate (end ofperiod)
402.000 441.200 494.980 517.120 Exchange rate (end ofperiod)
− − − 3,890.00
Exchange rate (averageof period)
403.000 415.580 483.684 514.880 Exchange rate (averageof period)
− − − −
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 450
Yerevan Stock ExchangeDr. Sedrak Sldrakian, President
22, Sarian St.YerevanArmeniaTel: (3742) 52−58−01Fax: (3742) 15−15−48
Baku Interbank Currency ExchangeFuad Akhundov, Board Chairman
Farkhad Amirbekov, General Manager57, Inglab Street370110 Baku, AzerbaijanTel: (99412) 906−516, 906−309Fax: (99412) 906−516http://www.az/bicex
Email: [email protected]
(table continued on next page)
(table continued from previous page)
Bahrain 1995 1996 1997 1998 Barbados 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Bahrain Stock Exchange − − − 38 Securities Exchange ofBarbados
18 19 18 20
Market Capitalization Market Capitalization
In dinars − − − 2,552.0 In Barbadian dollars 989.0 1,540.0 2,283.0 4,824.0
In US dollars − − − 6,770.0 In US dollars 494.0 770.0 1,141.0 2,412.0
Trading Value Trading Value
In dinars − − − 217.0 In dollars 7.0 12.0 47.0 68.0
In US dollars − − − 576.5 In US dollars 3.3 6.2 23.3 34.0
Turnover ratio − − − − Turnover ratio 0.6 1.0 2.4 1.9
Local Index Local Index
Bahrain Index (Composite) − − − 2,188.9 SEB Index (Jan. 1,1988=1,000)
1,297.6 1,257.9 1,893.4 2,794.4
% change in index − − − − % change in index −7.0 −3.1 50.5 47.6
P/E ratio − − − 9.8 P/E ratio 13.2 10.7 13.6 −
P/BV ratio − − − 1.3 P/BV ratio − − − −
Dividend yield (%) − − − 5.2 Dividend yield (%) 4.2 6.6 5.5 −
Economic Data
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 451
Economic Data
Gross domestic product (US$) 5,485.9 5,807.7 6,096.8 − Gross domestic product(US$)
1,742.9 − − −
Change in consumerprice index (%)
− −0.2 − − Change in consumerprice index (%)
1.9 2.4 7.7 −
Exchange rate (end ofperiod)
− − − .3770 Exchange rate (end ofperiod)
2.0000 2.0000 2.0000 2.0000
Exchange rate (averageof period)
− − − − Exchange rate (averageof period)
2.0000 2.0000 2.0000 2.0000
Bahrain Stock ExchangeP.O. Box 3203
ManamaBahrainTel: (0973) 210810Fax: (0973) 210149http://www.bahrainstock.com
Email: [email protected]
Securities Exchange of BarbadosMr. Neville Smith, Chairman
Mrs.Virginia Mapp, General Manager5th Floor, Tom Adams Financial CentreChurch Village, St. Michael, BarbadosTel: (246) 436−9871, 436−9872Fax: (246) 429−8942http://www.cweek.com
Email: [email protected]
(table continued on next page)
(table continued from previous page)
Bolivia 1995 1996 1997 1998 Costa Rica 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Bolsa Boliviana de Valores 7 10 11 14 Bolsa Nacional deValores
118 114 114 97
Market Capitalization Market Capitalization
In bolivianos 479.0 589.0 1,844.0 3,222.0 In colones − 172,081.0 200,399.0 355,097.0
In US dollars 97.0 114.0 328.0 570.3 In US dollars − 781.0 820.0 1,308.0
Trading Value Trading Value
In bolivianos 3.0 3.0 4.0 33.0 In colones 2,876.0 3,047.0 − −
In US dollars 0.6 0.6 0.6 5.9 In US dollars 16.0 14.6 − −
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 452
Turnover ratio 1.0 0.6 0.3 1.3 Turnover ratio − 3.5 − −
Local Index Local Index
− − − − − BNV Index (Jan.1995=100)
1,252.4 1,438.2 1,679.9 2,231.7
% change in index − − − − % change in index 25.2 14.8 16.8 32.8
P/E ratio − − − − P/E ratio − − − −
P/BV ratio − − − − P/BV ratio − − − −
Dividend yield (%) − − − − Dividend yield (%) − − − −
Economic Data Economic Data
Gross domestic product (US$) 6,715.6 7,529.6 7,976.8 8,557.6 Gross domestic product(US$)
9,027.4 9,024.8 9,520.5 10,252.2
Change in consumerprice index (%)
10.2 12.4 4.7 − Change in consumerprice index (%)
23.2 17.5 13.2 −
Exchange rate (end ofperiod)
4.9300 5.1800 5.6150 5.6500 Exchange rate (end ofperiod)
195.370 220.310 244.290 271.420
Exchange rate(average of period)
4.8100 5.0700 5.6083 − Exchange rate (averageof period)
180.010 208.040 232.600 270.380
Bolivian Stock ExchangeFernando Campero Paz, CEO
C. Montevideo No. 140Edif. Zambrana P.B.La Paz, 12521, BoliviaTel: (591−2) 392−911 to 14, 350−935Fax: (591−2) 352−308http://www.bolsa−valores−bolivia.com
Email: info@bolsa−valores−bolivia.com
National Stock ExchangeRodrigo Arias Sánchez, Chairman
Roberto Venegas Renauld, General ManagerCalle Central, Av. #1San Jose, Costa RicaTel: (506) 256−1180Fax: (506) 255−9135http://www.bnv.co.cr
Email: [email protected]
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 453
El Salvador 1995 1996 1997 1998 Fiji 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
El Salvador Stock Exchange − 49 59 80 Suva Stock Exchange 4 4 8 9
Market Capitalization Market Capitalization
In colones − 3,959.0 4,370.0 12,618.0 In Fiji dollars 96.0 113.0 144.0 175.0
In US dollars − 452.0 499.0 1,435.0 In US dollars 67.0 82.0 93.0 88.0
Trading Value Trading Value
In colones − 86.0 127.0 157.0 In Fiji dollars 0.0 0.0 2.0 8.0
In US dollars − 9.8 14.5 17.9 In US dollars 0.0 0.1 1.5 4.1
Turnover ratio − − 3.1 1.8 Turnover ratio 0.1 0.1 1.7 5.2
Local Index Local Index
− − − − − − − − − −
% change in index − − − − % change in index − − − −
P/E ratio − 7.9 10.2 − P/E ratio − − − 26.8
P/BV ratio − − − − P/BV ratio − − 0.2 −
Dividend yield (%) − − − − Dividend yield (%) − − 6.1 4.5
Economic Data Economic Data
Gross domestic product (US$) 9,500.5 10,358.5 11,263.7 12,147.7 Gross domestic product(US$)
1,952.8 2,120.7 2,100.9 −
Change in consumerprice index (%)
10.0 9.8 4.5 − Change in consumerprice index (%)
2.2 3.1 3.4 −
Exchange rate (end ofperiod)
− 8.7550 8.7550 8.7900 Exchange rate (end ofperiod)
1.4294 1.3839 1.5492 1.9861
Exchange rate (averageof period)
− 8.7550 8.7550 8.7550 Exchange rate (averageof period)
1.4063 1.4033 1.4437 1.9846
El Salvador Stock Exchange Suva Stock Exchange
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 454
Dr. Guillermo Hidalgo−Quehl, President
Edificio La CentroamericanaAlameda Roosevelt No. 3107San Salvador, El SalvadorTel: (503) 298−4244Fax: (503) 223−2898http://www.bolsavalores.com.sv
Email: [email protected]
Ms. Foana Tukana, Chairman
Level 2, Plaza One, Provident PlazaP.O. Box 11089Suva, FijiTel: (679) 304−130Fax: (965) 304−145http://www.suvastockex.com
Email: [email protected]
(table continued on next page)
(table continued from previous page)
Guatemala 1995 1996 1997 1998 Honduras 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Bolsa de Valores Nacional 7 9 7 7 Bolsa Hondurena deValores
99 111 119 94
Market Capitalization Market Capitalization
In quetzal 747.0 1,001.0 861.0 1,179.0 In lempira 3,501.0 − − 6,326.0
In US dollars 124.0 168.0 139.0 172.0 In US dollars 338.0 − − 458.0
Trading Value Trading Value
In quetzal 26.0 22.0 9.0 101.0 In lempira 3.0 6.0 5.0 −
In US dollars 4.5 3.6 1.5 15.0 In US dollars 0.3 0.5 0.4 −
Turnover ratio − 2.5 0.9 9.9 Turnover ratio 0.1 0.3 − −
Local Index Local Index
− − − − − − − − − −
% change in index − − − − % change in index − − − −
P/E ratio − − 31.9 31.9 P/E ratio − − − −
P/BV ratio − − 2.1 2.1 P/BV ratio − − − −
Dividend yield (%) − − − − Dividend yield (%) − − − −
Economic Data Economic Data
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 455
Gross domestic product (US$) 14,656.9 15,677.9 17,771.6 19,280.6 Gross domestic product(US$)
3,970.1 4,009.6 4,491.3 −
Change in consumerprice index (%)
8.4 11.1 9.2 − Change in consumerprice index (%)
29.5 23.8 20.2 −
Exchange rate (end ofperiod)
6.0418 5.9656 6.1769 6.8482 Exchange rate (end ofperiod)
10.3428 12.8694 13.0942 13.8076
Exchange rate(average of period)
5.8103 6.0495 6.0653 6.7284 Exchange rate (averageof period)
9.4710 11.7053 13.0035 13.7601
National Stock ExchangeIng. Rolando San Román, General Manager
Lic. Enrique Crespo, Sub General Manager7 avenida 5−10, Zona 4, Centro FinancieroTorre II, 2o. Nivel, GuatemalaTel: (502) 332−2301Fax: (502) 332−1722http://www.bbvnsa.com.gt
Email: [email protected]
Honduras Stock ExchangeLic. Marco Tulio Lopez, General Manager
Barrio El Centro 3 Ave. 2 Calle1er Piso Local 103, San Pedro SulaHonduras, C.A.Tel: (504) 553−4410Fax: (504) 553−4480http://www.bhv.hn
Email: [email protected]
(table continued on next page)
(table continued from previous page)
India 1995 1996 1997 1998 India 1995 1996 1997 1998
Number of ListedCompanies
Number of ListedCompanies
Calcutta Stock Exchange3,315 3,199 − − Delhi StockExchange
3,415 3,839 3,884 3,880
Market Capitalization MarketCapitalization
In rupee 4,159,514.04,891,228.0− − In rupee 2,079,396.02,195,778.02,432,909.02,144,510.0
In US dollars 118,286.0 136,531.0 − − In US dollars 59,133.0 61,292.0 62,048.0 50,463.0
Trading Value Trading Value
In rupee 64,996.0 124,298.0 − − In rupee 111,815.0 333,667.0 724,395.0 464,717.0
In US dollars 2,003.1 3,514.7 − − In US dollars 3,446.1 9,434.8 19,945.7 11,260.3
Turnover ratio 3.1 2.8 − − Turnover ratio 4.8 15.6 31.3 20.3
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 456
Local Index Local Index
CSE 75 Index − 414.7 − − DSE SensitiveIndex (1983=100)
703.6 689.5 775.2 669.5
% change inindex
− − − − % change in index −19.0 −2.0 12.4 −13.6
P/E ratio − − − − P/E ratio − − − −
P/BV ratio − − − − P/BV ratio − − − −
Dividend yield(%)
− − − − Dividend yield (%) − − − −
Economic Data Economic Data
Gross domestic product(US$)
334,429.2 359,718.3 381,566.2383,428.6 Gross domesticproduct (US$)
334,429.2 359,718.3 381,566.2 383,428.6
Change inconsumer priceindex (%)
10.2 9.0 7.2 − Change inconsumer priceindex (%)
10.2 9.0 7.2 −
Exchange rate(end of period)
35.1650 35.8250 39.2100 − Exchange rate (endof period)
35.1650 35.8250 39.2100 42.4963
Exchange rate(average ofperiod)
32.4471 35.3656 36.3184 − Exchange rate(average of period)
32.4471 35.3656 36.3184 41.2705
Calcutta Stock Exchange AssociationMr. P.K. De, Secretary
7 Lyons RangeCalcutta, 700 001West BengalIndiaTel: (91−33) 220−6977, 220−9366Fax: (91−33) 20−2514
Delhi Stock Exchange AssociationMr. S.S. Sodhi, Executive Director
3 & 4/4B, Asaf Ali RoadNew Delhi 110002IndiaTel: (91−11) 337−9590Fax: (91−11) 337−9953Email: [email protected]
(table continued on next page)
(table continued from previous page)
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 457
India 1995 1996 1997 1998 India 1995 1996 1997 1998
Number of ListedCompanies
Number of ListedCompanies
Madras Stock Exchange1,458 1,750 − − National StockExchange of India
378 535 1,464 1,268
Market Capitalization MarketCapitalization
In rupee 1,956,593.02,068,415.0− − In rupee 1,797,499.02,349,219.04,242,891.03,920,711.0
In US dollars 55,640.0 57,737.0 − − In US dollars 51,116.0 65,575.0 108,209.0 92,260.0
Trading Value Trading Value
In rupee 102,159.0 16,602.0 − − In rupee 268,855.0 2,455,450.03,798,851.03,452,695.0
In US dollars 3,148.5 469.4 − − In US dollars 8,285.9 69,430.5 104,598.5 83,660.1
Turnover ratio 10.4 0.8 − − Turnover ratio − 118.4 115.3 84.6
Local Index Local Index
MSE Index (1983=100) 3,114.3 3,070.2 − − NSE 50 (Nov.3,1995=1000)
908.5 889.1 1,079.4 884.3
% change inindex
−8.2 −1.4 − − % change in index 0.0 −2.1 21.4 −18.1
P/E ratio 15.9 − − − P/E ratio − − − 11.2
P/BV ratio − − − − P/BV ratio − 9.3 − 1.4
Dividend yield(%)
− − − − Dividend yield (%) − − − 6.0
Economic Data Economic Data
Gross domestic product(US$)
334,429.2 359,718.3 381,566.2383,428.6 Gross domesticproduct (US$)
334,429.2 359,718.3 381,566.2 383,428.6
Change inconsumer priceindex (%)
10.2 9.0 7.2 − Change inconsumer priceindex (%)
10.2 9.0 7.2 −
Exchange rate(end of period)
35.1650 35.8250 39.2100 − Exchange rate (endof period)
35.1650 35.8250 39.2100 42.4963
32.4471 35.3656 36.3184 − 32.4471 35.3656 36.3184 41.2705
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 458
Exchange rate(average ofperiod)
Exchange rate(average of period)
Madras Stock Exchange, Ltd.Mr. A. Rajaei Salmassi, Secretary General
No. 11, Second Line BeachMadras 600 004Tamilnadu StateIndiaTel: (91−44) 522−1071Fax: (91−44) 524−4897
National Stock Exchange of India, Ltd.Dr. R.H. Patil, Managing Director
Mahindra Towers, First Floor, A−WingMumbai, 400 018, IndiaMaharashtra, IndiaTel: (91−22) 493−8009Fax: (91−22) 493−5631http://www.nse.co.in
Email: [email protected]
(table continued on next page)
(table continued from previous page)
India 1995 1996 1997 1998 Iran 1995 1996 1997 1998
Number of ListedCompanies
Number of ListedCompanies
OTC Exchange of India 79 106 115 − Tehran StockExchange
169 220 263 242
Market Capitalization MarketCapitalization
In rupee 5,836.0 3,394.0 61,744.0 − In rial 11,465,811.029,750,211.026,529,238.026,043,453.0
In US dollars 166.0 95.0 1,575.0 − In US dollars 6,552.0 17,024.0 15,123.0 14,874.0
Trading Value Trading Value
In rupee 2,799.0 2,090.0 2,500.0 − In rial 1,296,572.0 4,573,631.0 2,124,290.0 2,430,714.0
In US dollars 86.3 59.1 68.8 − In US dollars 740.9 2,617.2 1,211.9 1,389.0
Turnover ratio − 45.3 7.7 − Turnover ratio 15.9 22.2 7.5 9.3
Local Index Local Index
OTCEI CompositeIndex
161.7 88.9 111.2 − Tepix (Nov. 3,1990=100)
1,288.1 1,967.3 1,631.4 1,531.0
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 459
% change inindex
0.0 −45.0 25.1 − % change in index 125.8 52.7 −17.1 −6.2
P/E ratio 8.4 5.0 4.5 − P/E ratio − 8.4 4.9 −
P/BV ratio 1.1 − − − P/BV ratio − − − −
Dividend yield(%)
2.0 − − − Dividend yield (%) − − − −
Economic Data Economic Data
Gross domestic product(US$)
334,429.2 359,718.3 381,566.2383,428.6 Gross domesticproduct (US$)
89,979.0 − − −
Change inconsumer priceindex (%)
10.2 9.0 7.2 − Change inconsumer priceindex (%)
49.6 28.9 17.2 −
Exchange rate(end of period)
35.1650 35.8250 39.2100 − Exchange rate (endof period)
1,750.00 1,747.50 1,754.26 1,750.93
Exchange rate(average ofperiod)
32.4471 35.3656 36.3184 − Exchange rate(average of period)
1,750.00 1,747.50 1,752.92 1,750.02
OTC Exchange of IndiaM. Pushpangadan, Managing Director
92 Maker Tower "F"Cuffe ParadeMumbaiIndia 400 005Tel: (91−22)218−8164,218−8165/8511Fax: (91−22) 218−8503
Tehran Stock ExchangeA. Amirasslani, Chairman
228, Hafez AvenueTehran, 11389IranTel: (98−21) 670−8385Fax: (98−21) 670−7888Email: [email protected]
(table continued on next page)
(table continued from previous page)
Kazakhstan 1995 1996 1997 1998 Lebanon 1995 1996 1997 1998
Number of ListedCompanies
Number of ListedCompanies
Kazakhstan Stock Exchange− − − 18 Beirut StockExchange
3 − 9 12
Market Capitalization
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 460
Market Capitalization
In tenge − − − 142,150.0 In pounds 638,400.0 − 4,434,423.03,606,750.0
In US dollars − − − 37.0 In US dollars 400.0 − 2,904.0 2,385.0
Trading Value Trading Value
In tenge − − − 2,401.0 In pounds − − 985,018.0 497,640.0
In US dollars − − − − In US dollars − − 639.8 328.2
Turnover ratio − − − − Turnover ratio − − − −
Local Index Local Index
− − − − − − − − − −
% change in index − − − − % change in index − − − −
P/E ratio − − − 2.9 P/E ratio − − 16.4 −
P/BV ratio − − − 0.7 P/BV ratio − − 2.5 −
Dividend yield (%) − − − − Dividend yield (%) − − 1.9 −
Economic Data Economic Data
Gross domestic product(US$)
19,925.1 21,036.4 22,165.2 21,029.4 Gross domesticproduct (US$)
11,118.5 12,992.9 14,962.0 17,072.5
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
− − − −
Exchange rate (endof period)
− − − 3,890.00 Exchange rate (end ofperiod)
1,596.00 1,552.00 1,527.00 1,512.50
Exchange rate(average of period)
− − − − Exchange rate(average of period)
1,621.40 1,571.40 1,539.50 1,516.06
Kazakhstan Stock Exchange Inc.Azat G.Nukushev, President & CEO
67 Aiteke−biAlmaty 480091KazakhstanTel: (7 3272) 63 98 98Fax: (7 3272) 63 89 80http://kase.kazecon.kz
Email: [email protected]
Beirut Stock ExchangeGabriel Sehnaovi, Director
Sadat Street, Dabaghi BuildingBeirutLebanonTel: (961−1) 786 501Fax: (961−1) 807 331http://www.bse.com.lb
Email: [email protected]
(table continued on next page)
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 461
(table continued from previous page)
Macedonia 1995 1996 1997 1998 Malta 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Macedonian Stock Exchange − − − 2 Malta Stock Exchange 5 6 6 7
Market Capitalization Market Capitalization
In local currency − − − 437.0 In Maltese lira 437.0 170.0 720.0 297.0
In US dollars − − − 8.0 In US dollars 154.0 61.0 281.0 112.0
Trading Value Trading Value
In local currency − − − 5.0 In Maltese lira 46.0 5.0 8.0 21.0
In US dollars − − − 0.1 In US dollars 16.3 1.8 3.1 −
Turnover ratio − − − − Turnover ratio 16.0 1.6 1.8 4.1
Local Index Local Index
− − − − − MSE Share Index − 990.3 1,057.4 1,287.6
% change in index − − − − % change in index − − 6.8 21.8
P/E ratio − − − − P/E ratio 11.9 9.7 − 28.0
P/BV ratio − − − − P/BV ratio 0.8 − − −
Dividend yield (%) − − − − Dividend yield (%) 4.3 3.2 4.5 3.6
Economic Data Economic Data
Gross domestic product (US$) 2,077.8 2,202.8 2,200.6 − Gross domestic product(US$)
3,245.1 3,354.9 3,323.0 −
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
− 2.5 3.1 −
Exchange rate (end ofperiod)
− − − 51.8360 Exchange rate (end ofperiod)
2.8377 2.7760 2.5594 2.6442
Exchange rate (averageof period)
− − − 51.7370 Exchange rate (averageof period)
2.8355 2.7745 2.5924 −
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 462
Macedonian Stock ExchangeEvgeni Zografski, CEO
Mito Hadzi Vasilev 2091000 SkopjeRepublic of MacedoniaTel: (389 91) 122−055Fax: (389 91) 122−069http://www.mse.org.mk
Email: [email protected]
Malta Stock ExchangeMr. Paul J. Spiteri, CEO
Mr. Mark A Guillaumier, General Manager27 Pietro Floriani StreetFloriana Vlt 14MaltaTel: (356) 244051/5Fax: (356) [email protected]
(table continued on next page)
(table continued from previous page)
Moldova 1995 1996 1997 1998 Mongolia 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Moldovan Stock Exchange − − − 21 Mongolian StockExchange
461 449 434 430
Market Capitalization Market Capitalization
In lei − − − 450.0 In tugrik 12,592.0 17,731.0 44,019.0 35,858.0
In US dollars − − − 0.0 In US dollars 27.0 26.0 54.0 40.0
Trading Value Trading Value
In lei − − − 437.0 In tugrik 851.0 4,157.0 12,165.0 10,755.0
In US dollars − − − − In US dollars 1.9 7.6 15.4 −
Turnover ratio − − − − Turnover ratio − 27.4 39.4 26.9
Local Index Local Index
− − − − − Top−75 112.8 118.5 − −
% change in index − − − − % change in index − 5.1 − −
P/E ratio − − − − P/E ratio − − 2.1 6.8
P/BV ratio − − − − P/BV ratio − − 0.3 15.6
Dividend yield (%) − − − − Dividend yield (%) − − 9.7 20.5
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 463
Economic Data Economic Data
Gross domestic product (US$) 3,092.9 1,663.2 1,871.9 − Gross domestic product(US$)
956.7 971.6 862.5 −
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
− − − −
Exchange rate (end ofperiod)
− − − 3,890.00 Exchange rate (end ofperiod)
473.620 693.510 813.160 902.000
Exchange rate (averageof period)
− − − − Exchange rate (averageof period)
448.610 548.400 789.990 −
Moldovan Stock ExchangeDodu Corneliu, President
Stanciu Nadejda, Vice PresidentStefan cel Mare blvd. 73, Room 302Chisinau, MD2001Republic of MoldovaTel: (3732) 222−266Fax: 229−305, 226−351http://www.moldse.com
Mongolian Stock ExchangeEnkhbayar Ochirbal, CEO
Amarsanaa Nosgoi, Deputy DirectorSukhbaatar Square, 14Ulaanbaatar, MongoliaTel: (976−1) 310−501, 321−315Fax: (976−1) 325−170http://www.mse.com.mn
Email: [email protected]
(table continued on next page)
(table continued from previous page)
Namibia 1995 1996 1997 1998 Nepal 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Nambian Stock Exchange 10 12 13 15 Nepal Stock Exchange83 90 98 104
Market Capitalization * Market Capitalization
In Namibia dollars 689.0 2,215.0 3,354.0 2,515.0 In rupee 13,681.0 11,849.0 12,650.0 18,093.0
In US dollars 189.0 473.0 689.0 429.0 In US dollars 244.0 207.0 200.0 267.0
Trading Value* Trading Value
In Nambia dollars 11.0 176.0 112.0 76.0 In rupee 915.0 287.0 277.0 302.0
In US dollars 3.0 40.9 24.3 13.0 In US dollars 17.6 5.1 4.8 4.5
Turnover ratio 1.6 12.1 4.0 2.6 Turnover ratio 6.9 2.3 2.3 2.0
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 464
Local Index Local Index
NSE Index (Dec 1992=100) 86.4 150.6 164.2 106.0 NPSE Index 206.6 − 170.9 175.5
% change in index 0.0 74.3 9.0 −35.4 % change in index 5.8 − − 2.7
P/E ratio 11.0 23.8 14.2 − P/E ratio 23.2 10.2 8.5 7.9
P/BV ratio − − − − P/BV ratio 534.6 34.9 1.2 1.6
Dividend yield (%) 3.6 1.5 1.4 − Dividend yield (%) 3.6 5.6 6.2 3.8
Economic Data Economic Data
Gross domestic product (US$) 3,335.8 3,189.3 3,280.2 − Gross domestic product(US$)
4,392.3 4,509.3 4,928.6 −
Change in consumerprice index (%)
10.0 8.0 8.8 − Change in consumerprice index (%)
7.6 9.2 4.0 −
Exchange rate (end ofperiod)
3.6475 4.6825 4.8675 5.8600 Exchange rate (end ofperiod)
56.0000 57.3000 63.3000 67.6750
Exchange rate (averageof period)
3.6271 4.2994 4.6080 5.8922 Exchange rate (averageof period)
51.8900 56.6920 58.0100 67.6750
* Figures do not include cross−listed South African companies.
Namibian Stock ExchangeMr. Tom Minney, General Manager
Shop #8, Kaiserkrone CentrePost Street Mall, P.O. Box 2401Windhoek, NamibiaTel: (264−61) 227−647Fax: (264−61) 248−531http://www.nse.com.na
Email: [email protected]
Nepal Stock ExchangeMr. Madan Raj Joshi, General Manager
Mr. Murari Prasad Sharma, ManagerP.O. Box 1550 Singhadurbar PlazaKathmanduNepalTel: (977−1) 250735Fax: (977−1) 262538Email: [email protected]
(table continued on next page)
(table continued from previous page)
Oman 1995 1996 1997 1998 Panama 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Muscat Securities Market 80 94 114 131 Panama Stock 16 19 21 27
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 465
Exchange
Market Capitalization Market Capitalization
In Omani rials 762.0 1,028.0 2,737.0 1,691.0 In balboas 831.0 1,279.0 2,175.0 3,347.0
In US dollars 1,978.0 2,662.0 7,108.0 4,392.0 In US dollars 831.0 1,279.0 2,175.0 3,347.0
Trading Value Trading Value
In Omani rials 81.0 210.0 1,496.0 748.0 In balboas 9.0 24.0 42.0 104.0
In US dollars 211.4 544.6 3,879.9 1,942.9 In US dollars 8.6 23.6 42.2 104.4
Turnover ratio 11.5 23.5 79.5 33.8 Turnover ratio 1.1 2.2 2.4 3.8
Local Index Local Index
MSM Index (Jan. 1, 1992=100)158.1 199.4 480.6 228.5 BVP Indice General 222.4 277.6 445.4 661.8
% change in index 8.2 26.1 141.1 −52.5 % change in index 3.3 24.8 60.5 48.6
P/E ratio 9.7 12.7 25.5 6.8 P/E ratio 9.4 − 21.1 25.4
P/BV ratio 1.5 1.4 4.0 1.4 P/BV ratio 1.9 − 2.2 3.8
Dividend yield (%) 5.7 4.2 2.0 4.2 Dividend yield (%) 4.0 − 3.1 1.0
Economic Data Economic Data
Gross domestic product (US$) 12,102.0 − − − Gross domestic product(US$)
7,906.1 8,243.6 − −
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
1.0 1.3 1.3 −
Exchange rate (end ofperiod)
0.3850 0.3860 0.3850 0.3850 Exchange rate (end ofperiod)
1.0000 1.0000 1.0000 1.0000
Exchange rate (averageof period)
0.3850 0.3860 0.3855 0.3850 Exchange rate (averageof period)
1.0000 1.0000 1.0000 1.0000
Muscat Securities MarketMr. Mahmood Al−Jarwani, Executive President
P.O. Box 3265 RuwiPostal Code 112MuscatOmanTel: (968) 7712607Fax: (968) 7716691http://www.msm−oman.com
Panama Stock ExchangePilar de Alemán, President
Felipe E. Chapman, General ManagerCalle 52 Edif. Vallarino, Planta BajaPanama City, PanamaTel: (507)264−1966Fax: (507) 269−2457http://www.panabolsa.com
Email: [email protected]
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 466
(table continued on next page)
(table continued from previous page)
Paraguay 1995 1996 1997 1 998 Swaziland 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Asuncion Stock Exchange 30 60 60 55 Swaziland StockMarket
4 6 4 5
Market Capitalization Market Capitalization
In guarani 287,000.0 813,830.0 953,369.0894,799.0 In lilangeni 1,235.0 2,204.0 630.0 500.0
In US dollars 144.0 383.0 389.0 312.0 In US dollars 339.0 471.0 129.0 85.0
Trading Value Trading Value
In guarani 42,864.0 62,443.0 43,668.0 43,518.0 In lilangeni 1.0 10.0 1,739.0 1.0
In US dollars 21.8 30.2 19.9 15.2 In US dollars 0.4 2.2 377.8 0.2
Turnover ratio 22.9 11.3 4.9 4.7 Turnover ratio 0.1 0.6 122.7 0.2
Local Index Local Index
PDV General (Oct. 11,1993=100)
127.4 217.8 261.3 270.1 SSM Index (Jul1990=100)
136.8 192.8 114.0 70.5
% change in index 20.8 70.9 20.0 3.4 % change in index 2.9 41.0 −40.9 −38.2
P/E ratio 13.6 12.2 − − P/E ratio 7.4 9.7 6.8 7.9
P/BV ratio − 1.4 − 1.9 P/BV ratio 1.3 1.8 1.0 0.9
Dividend yield (%) 12.8 11.5 − 8.7 Dividend yield (%) 5.7 5.2 9.1 9.8
Economic Data Economic Data
Gross domestic product (US$)8,982.2 9,672.9 10,179.8 − Gross domestic product(US$)
1,267.4 1,227.6 1,313.3 −
Change in consumerprice index (%)
13.4 9.8 7.0 − Change in consumerprice index (%)
14.7 12.5 9.7 −
Exchange rate (end ofperiod)
1,988.00 2,125.00 2,450.00 2,865.00 Exchange rate (end ofperiod)
3.6488 4.6785 4.8676 5.8560
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 467
Exchange rate(average of period)
1,962.00 2,065.00 2,191.00 2,859.30 Exchange rate (averageof period)
3.6257 4.6839 4.6032 5.8900
Asuncion Stock ExchangeHugo Salinas, Predident
Estrella 540AsuncionParaguayTel: (595−21) 442 445, 450 103, 450 104Fax: (595−21) 442−446http://www.pdv.com.py/bolsa
Email: [email protected]
Swaziland StockbrokersMr. Andrew McGuire, CEO
Suite 208, 2nd FloorDhlan Ubeka House, Walker StreetP.O. Box 2818Mbabane, SwazilandTel: (268) 4046163Fax: (268) 4044132Email: [email protected]
(table continued on next page)
(table continued from previous page)
Uruguay 1995 1996 1997 1998 Uzbekistan 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Montevideo Stock Exchange 20 18 16 19 Toshkent RepublicStock Exchange
− 4 − −
Market Capitalization Market Capitalization
In nuevo pesos 1,300.0 2,320.0 2,133.0 2,261.0 In local currency − 7,025.0 37,272.0 −
In US dollars 183.0 266.0 212.0 209.0 In US dollars − 128.0 465.0 −
Trading Value Trading Value
In nuevo pesos 31.0 32.0 32.0 47.0 In local currency − 2,815.0 2,338.0 −
In US dollars 4.8 4.0 3.3 4.5 In US dollars − 69.6 34.7 −
Turnover ratio 2.7 1.7 1.4 2.1 Turnover ratio − − 10.5 −
Local Index Local Index
Indice de Precios (Dec. 31,1977=100)
860.3 − − − − − − − −
% change in index 35.4 − − − % change in index − − − −
P/E ratio − − − 14.5 P/E ratio − − − −
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 468
P/ BV ratio − − − 0.0 P/BV ratio − − − −
Dividend yield (%) − − − 0.1 Dividend yield (%) − − − −
Economic Data Economic Data
Gross domestic product (US$) 18,042.9 19,127.9 19,971.3 20,155.1 Gross domestic product(US$)
22,365.7 23,811.6 25,046.9 −
Change in consumerprice index (%)
42.2 28.3 19.8 − Change in consumerprice index (%)
− − − −
Exchange rate (end ofperiod)
7.1130 8.7150 10.0400 10.8250 Exchange rate (end ofperiod)
− 54.7000 80.1700 −
Exchange rate (averageof period)
6.3491 7.9718 9.4448 10.4698 Exchange rate (averageof period)
− 40.4800 67.4350 −
Montevideo Stock ExchangeMr. Ignacio Rospide, President
Misiones 1400Montevideo CP 11000UruguayTel: (598−2) 916−5051Fax: (598−2) 916−1900http://www.bvm.com/uy
Email: [email protected]
Toshkent Republic Stock Exchange8, Pravda Vostoka St.
700047 TashkentRepublic of UzbekistanTel: (7−3712) 36−07−40,36−05−36Fax: (7−3712) 33−32−31
(table continued on next page)
(table continued from previous page)
West Bank and Gaza 1995 1996 1997 1998 Zambia 1995 1996 1997 1998
Number of Listed Companies Number of ListedCompanies
Palestine Securities Exchange− − 27 20 Lusaka Stock Exchange2 6 6 8
Market Capitalization Market Capitalization
In Jordanian dinars − − 470.0 418.0 In kwacha 18,053.0 252,467.0 1,006,674.0642,579.0
In US dollars − − 662.0 589.0 In US dollars 19.0 195.0 705.0 293.0
Trading Value Trading Value
Emerging Stock Markets Factbook 1999
7— Other Equity Market Profiles 469
In Jordanian dinars − − 18.0 49.0 In kwacha 217.0 3,428.0 11,588.0 6,450.0
In US dollars − − 25.4 68.8 In US dollars 0.3 2.8 8.5 −
Turnover ratio − − − − Turnover ratio − 2.5 1.8 0.8
Local Index Local Index
Al−Quds − − 139.1 155.0 LuSE Stock Index − − 210.7 161.5
% change in index − − − − % change in index − − − −23.4
P/E ratio − − − − P/E ratio 7.5 4.0 9.8 5.2
P/BV ratio − − − − P/BV ratio − 3.1 1.2 1.0
Dividend yield (%) − − − − Dividend yield (%) − 9.5 3.0 8.4
Economic Data Economic Data
Gross domestic product (US$)− − − − Gross domestic product(US$)
3,497.7 3,297.7 3,865.5 −
Change in consumerprice index (%)
− − − − Change in consumerprice index (%)
34.2 46.3 24.8 −
Exchange rate (end ofperiod)
3.7450 3.7450 0.7095 0.7095 Exchange rate (end ofperiod)
950.000 1,297.00 1,427.50 2,194.00
Exchange rate(average of period)
3.7450 3.7450 0.7095 0.7095 Exchange rate (averageof period)
820.000 1,228.00 1,362.25 −
Palestine Securities ExchangeMr. Sabeih Masri, Chairman
Dr. Sulieman Abaddi, General ManagerP.O. Box 128Nablus, PalestineTel: (972 9) 237−5946, 237−5947Fax: (972 9) 237−5945http://www.p−s−e.com
Email: [email protected]
Lusaka Stock Exchange LtdMr. Charles Mate, General Manager
Mr. Bruce Bouchard, ChairmanCairo Road, P.O. Box 34523Lusaka, ZambiaTel: (260−1) 228−594, 228−537, 228−391Fax: (260−1) 225−969http://www.luse.co.zm
Email: [email protected]
Appendix 1—Sources and Notes
Stock Market Reference List
IFC conducts an annual survey of the world's stock exchanges as the basis for the figures presented in thisFactbook. The information for 1998 in this Factbook is from the following stock exchanges:break
Emerging Stock Markets Factbook 1999
Appendix 1— Sources and Notes 470
Argentina Buenos Aires Stock Exchange
Armenia Yerevan Stock Exchange
Australia Australian Stock Exchange
Azerbaijan Baku Interbank Currency Exchange
Austria Vienna Stock Exchange
Bangladesh Dhaka Stock ExchangeChittagong Stock Exchange
Bahrain Bahrain Stock Exchange
Barbados Securities Exchange of Barbados
Belgium Brussels Stock Exchange
Bermuda Bermuda Stock Exchange
Bolivia Bolsa de Boliviana de Valores
Botswana Botswana Stock Exchange
Brazil Sao Paulo Stock ExchangeRio de Janeiro Stock Exchange
Bulgaria Bulgarian Stock Exchange − Sofia
Cayman Islands Cayman Islands Stock Exchange
Canada Toronto Stock ExchangeMontreal Stock ExchangeVancouver Stock Exchange
Chile Santiago Stock Exchange
China Shanghai Stock ExchangeShenzhen Stock Exchange
Colombia Bogota Stock ExchangeMedellin Stock ExchangeOccidente Stock Exchanges
Costa Rica Bolsa Nacional de Valores
Cote dlvoire Bourse Regionale des ValeursMobilieres
Croatia Zagreb Stock Exchange
Cyprus Cyprus Stock Exchange
Czech Republic Prague Stock Exchange
Denmark Copenhagen Stock Exchange
Dominican Republic Santo Domingo Securities Exchange
Ecuador Guayaquil Stock ExchangeQuito Stock Exchange
Egypt, Arab Rep.
Emerging Stock Markets Factbook 1999
Appendix 1— Sources and Notes 471
Cairo Stock ExchangeAlexandria Stock Exchange
El Salvador Mercado de Valores de El Salvador
Estonia Tallinn Stock Exchange
Fiji Suva Stock Exchange
Finland Helsinki Stock Exchange
France Paris Stock Exchange
Germany Deutsche Bourse AG
Ghana Ghana Stock Exchange
Greece Athens Stock Exchange
Guatemala Bolsa de Valores Nacional
Honduras Bolsa Hondurena de Valores
Hong Kong Stock Exchange of Hong Kong
Hungary Budapest Stock Exchange
Iceland Iceland Stock Exchange
India Mumbai Stock ExchangeCalcutta, Delhi, Madras, Nationaland OTC Exchanges
Indonesia Jakarta Stock ExchangeSurabaya Stock Exchange
Iran, Islamic Republic Tehran Stock Exchange
Ireland Irish Stock Exchange
Israel Tel−Aviv Stock Exchange
Italy Italian Stock Exchange
Jamaica Jamaica Stock Exchange
Japan Tokyo Stock ExchangeOsaka Securities Exchange
Jordan Amman Financial Market
Kazakhstan Kazakhstan Stock Exchange
Kenya Nairobi Stock Exchange
Korea Korea Stock Exchange
Kuwait Kuwait Stock Exchange
Latvia Riga Stock Exchange
Lebanon Beirut Stock Exchange
Lithuania National Stock Exchange of Lithuania
Luxembourg Luxembourg Stock Exchange
Emerging Stock Markets Factbook 1999
Appendix 1— Sources and Notes 472
Macedonia Macedonian Stock Exchange
Malaysia Kuala Lumpur Stock Exchange
Malta Malta Stock Exchange
Mauritius Stock Exchange of Mauritius
Mexico Mexican Stock Exchange
Moldova Moldovian Stock Exchange
Mongolia Mongolian Stock Exchange
Morocco Casablanca Stock Exchange
Namibia Namibian Stock Exchange
Nepal Nepal Stock Exchange
Netherlands Amsterdam Stock Exchange
New Zealand New Zealand Stock Exchange
Nigeria Nigerian Stock Exchange
Norway Oslo Stock Exchange
Oman Muscat Securities Market
Pakistan Karachi Stock ExchangeIslamabad Stock ExchangeLahore Stock Exchange
Panama Panama Stock Exchange
Paraguay Asuncion Stock Exchange
Peru Lima Stock Exchange
Philippines Philippine Stock Exchange
Poland Warsaw Stock Exchange
Portugal Lisbon Stock Exchange
Romania Bucharest Stock ExchangeRASDAQ OTC Trading System
Russia Russian Trading SystemMoscow Stock Exchange
Saudi Arabia Electronic Securities InformationSystem
Singapore Stock Exchange of Singapore
Slovakia Bratislava Stock Exchange
Slovenia Ljubljana Stock Exchange
South Africa Johannesburg Stock Exchange
Emerging Stock Markets Factbook 1999
Appendix 1— Sources and Notes 473
Spain Madrid Stock ExchangeBarcelona, Bilbao, and ValenciaStock Exchanges
Sri Lanka Colombo Stock Exchange
Swaziland Swaziland Stock Market
Sweden Stockholm Stock Exchange
Switzerland Swiss Stock Exchange
Taiwan, China Taiwan Stock Exchange
Thailand Stock Exchange of Thailand
Trinidad & Tobago Trinidad & Tobago Stock Exchange
Tunisia Tunis Stock Exchange
Turkey Istanbul Stock Exchange
United Arab Emirates United Arab Emirates OTC Market
United Kingdom London Stock Exchange
Ukraine PFTS OTC Trading System
United States New York Stock ExchangeAmerican Stock ExchangeNASDAQ Stock Exchange
Uruguay Montevideo Stock Exchange
Venezuela Caracas Stock Exchange
West Bank and Gaza Palestine Securities Exchange
Yugoslavia Belgrade Stock Exchange
Zambia Lusaka Stock Exchange
Zimbabwe Zimbabwe Stock Exchange
Notes On Macroeconomic Data
Macroeconomic data in Chapter 1 is from the 1999 edition of the World Bank Atlas.
Data on net aggregate financial flows to developing countries in Chapter 1 was obtained from the 1999 edition ofGlobal Development Finance, World Bank.
Macroeconomic data in Chapters 6 and 7 comes from the Development Data Group at the World Bank.
For information on how to obtain copies of the publications cited in Chapter 1, write to:
World Bank Infoshop701 18th Street, NWWashington, DC 20433
Inquiries and orders can also be faxed to World Bank Publications at (202) 477−0604.break
Emerging Stock Markets Factbook 1999
Notes On Macroeconomic Data 474
Currency Notes
All IFC Index data variables are maintained in local currency terms. If a local currency unit changes in a currencyreform, IFC's custom is to restate the data in the new currency unit; if several currency reforms threaten toeliminate significant digits (as has been the case for Argentina and Brazil), IFC uses a currency factor to create aninternal currency conversion rate.
IFC also calculates index levels in U.S. dollar terms. As a rule, IFC uses spot exchange rates to the U.S. dollarwhich it believes represent mid−rates between those a foreign portfolio manager might reasonably expect toreceive when selling dollars (for stock purchases) and buying dollars (selling currency received from proceeds ofstock sales for repatriation), or for valuing a portfolio in U.S. dollar terms. In the absence of a legalmarket−determined rate, IFC uses the official rate.
IFC's multi−market indexes are prepared in U.S. dollar terms by converting constituent data into U.S. dollars andcalculating index levels as if all constituents are part of a single market. Calculation of the indexes in currenciesother than the U.S. dollar can be done by using a currency's cross−rate to the U.S. dollar.
IFC's procedure for converting local currency values to U.S. dollar values is to choose one source of exchangerates as its primary source, and to compare that source's rate to the U.S. dollar with at least two other sources toensure the primary source's figure has not been corrupted or is not moving out of line with comparators.Currencies are carried to four decimal places.
The sources cited below are those used by IFC at the dates shown. IFC began using the WM/Reuters exchangerate service as its principal source for closing rates in October 1994. The WM/Reuters closing spot rates arederived daily by the WM Company from the latest quotes available to Reuters at or near 4 p.m. London time.Each published rate is the median of a series of snapshots taken around this time. Commercial interbank bid andoffer quotes are used unless a different type of rate is deemed to be more appropriate for foreign investors. IFCreserves the right to substitute other sources of exchange rates if the WM/Reuters rates are not available or if inIFC's opinion the rates are not reflective of market circumstances.
Since October 1994:
The WM/Reuters Closing Spot Rates Service.
Prior to October 1994:
Argentina Central Bank selling rate at close
Brazil Commercial Banks' selling rate posted by Gazeta Mercantil
Chile Observado rate posted by the Bolsa de
Comercio de Santiago
China Shanghai Swap Center mid−rate for renminbi to U.S. dollars;Shenzhen Swap Center mid−rates for Hong Kong dollars torenminbi
Colombia Bank of America, World Value of the Dollar
Hungary National Bank of Hungary official buying rate for dollars at closeof business
Emerging Stock Markets Factbook 1999
Currency Notes 475
Korea Bank of America, World Value of the Dollar
Mexico Diario Oficial rate (average mid−rate posted by exchange houses)
Nigeria Central Bank mid−rate
Peru Closing mid−rate posted by the Bolsa de Valores de Lima
Poland Bank Rozwoju Eksportu Spolka Akcyjna buying rate for dollarsat close of business
South Africa Mid−rates for the financial rand
Sri Lanka Central Bank spot rate (mid−point) for dealings with commercialbanks
Zimbabwe Open market rate at close of business
The Wall Street Journal's foreign exchange tables were used for the followingcountries: Greece, India, Indonesia, Jordan, Malaysia, Pakistan, Philippines,Portugal, Taiwan (China), Thailand, Turkey, and Venezuela.
A number of emerging markets have made major currency reforms or changes of foreign exchange investmentregimes during the life of the IFC indexes. These changes are listed below.
ArgentinaJune 1, 1983: The peso Argentino replaces the peso, 1 peso Argentino for 10,000 pesos.June 14, 1985: The austral replaces the peso Argentino, 1 austral for 1,000 pesos Argentino.Jan. 1, 1992: The peso Argentine replaces the austral, 1 peso for 10,000 australes.
BrazilFeb. 28, 1986: The cruzado replaces the cruzeiro, at the rate of 1 cruzado for 1,000 cruzeiros.Jan. 15, 1989: The new cruzado replaces the cruzado, at the rate of 1 new cruzado for 1,000 cruzados.Mar. 16, 1990: The cruzeiro replaces the new cruzado, at a rate of 1 cruzeiro for each cruzado.Aug. 1, 1993: The cruzeiro real replaces the cruzeiro, at the rate of 1 cruzeiro real for 1,000 cruzeiros.July 1, 1994: The real replaces the cruzeiro, at a rate of 1 real or 2,750 cruzeiro.
MexicoJan. 1, 1993: The new peso replaces the peso, at a rate of 1 new peso for each 1,000 pesos.
NigeriaJan. 1994: The government banned the formerly legal parallel market for the naira (N44/US$1 at the time), whichIFC had been using and limited foreign exchange transactions to the official rate only (N22/US$1). The forcedswitch to the official rate boosted the IFCG Nigeria Index for a one−time US$ gain of nearly 100%.March 1995: IFC switched from using the official government exchange rate to the autonomous rate for purposesof calculating the IFCG Nigeria Index.
PeruFeb. 1, 1985: The inti replaces the sol, at a rate of 1 inti for each 1,000 sol.Jul. 1, 1991: The new sol (sol nuevo) replaces the inti, at a rate of 1 new sol for each 1,000,000 intis.
PolandJan. 1, 1995: The zloty is "revalued", with the new zloty equal to 10,000 old zlotys. The new currency retains thename zloty.
Emerging Stock Markets Factbook 1999
Currency Notes 476
VenezuelaIn June 1994, Venezuelan authorities fixed the exchange rate at Bs.170 per U.S. dollar. In June 1995, authoritiespermitted Venezuelan Brady bonds that trade abroad in dollars to be quoted also at the Caracas bolsa and pricingdifferences between the two markets creates an "implied" exchange rate. IFC began using the implied rate forindex calculation purposes in November 1995. On April 22, 1996, the Venezuelan government implemented anew foreign exchange system that allows the exchange rate to fluctuate within an official band, and IFC returnedto the official rate.
RussiaJan. 1, 1998: The ruble is "revalued", with the new ruble equal to 1,000 old rubles. The new currency retains thename ruble.break
Standard Industrial Classification (SIC) Codes
Versions of the U.S. Government SIC codes are commonly used to identify the business sectors in whichcompanies operate. IFC adapted the following list from the Standard and Poor's Register for use with the stocksin its Emerging Markets Data Base. Companies belong to a sector, which has a one−digit code, and an industry,which has a twodigit code. In some cases, IFC further identifies a sub−industry.
Sector 0—Agriculture, Forestry and Fishing
1 Agricultural production—crops
2 Agricultural production—livestock
7 Agricultural services
8 Forestry
9 Fishing, hunting and trapping
Sector 1—Mining
10 Metal mining
11 Anthracite mining
12 Bituminous coal and lignite mining
13 Oil and gas extraction
14 Mining and quarrying of non−metallic minerals, except fuels
Sector 2—Construction
15 Building construction—general contractors and operative builders
16 Construction other than building construction—general contractors
Emerging Stock Markets Factbook 1999
Standard Industrial Classification (SIC) Codes 477
17 Construction—special trade contractors
Sector 3—Manufacturing
20 Food and kindred products
21 Tobacco manufacture
22 Textile mill products
23 Apparel and other finished products made from fabrics and similar materials
24 Lumber and wood products, except furniture
25 Furniture and fixtures
26 Paper and allied products
27 Printing, publishing, and allied industries
28 Chemicals and allied products
29 Petroleum refining and related industries
30 Rubber and miscellaneous plastics products
31 Leather and leather products
32 Stone, clay, glass, and concrete products
33 Primary metal industries
34 Fabricated metal products, except machinery and transportation equipment
35 Machinery, except electrical
36 Electrical and electronic machinery, equipment and supplies
37 Transportation equipment
38 Measuring, analyzing and controlling instruments; photographic, medical and optical goods; watches andclocks
39 Miscellaneous manufacturing industries
Sector 4—Transportation, Communication, Electric, Gas and Sanitary Services
40 Railroad transportation
Emerging Stock Markets Factbook 1999
Sector 3— Manufacturing 478
41 Local and suburban transit and interurban highway passenger transportation
42 Motor freight transportation and warehousing
43 Postal Service
44 Water transportation
45 Transportation by air
46 Pipelines, except natural gas
47 Transportation services
48 Communication
49 Electric, gas, and sanitary services
Sector 5—Wholesale Trade and Retail Trade
50 Wholesale trade—durable goods
51 Wholesale trade—nondurable goods
52 Building materials, hardware, garden supply and mobile home dealers
53 General merchandise stores
54 Food stores
55 Automotive dealers and gasoline service stations
56 Apparel and accessory stores
57 Furniture, home furnishings and equipment stores
58 Eating and drinking places
59 Miscellaneous retail
Sector 6—Finance, Insurance and Real Estate
60 Banking
61 Credit agencies other than banks
62 Security and commodity brokers, dealers, exchanges and services
63 Insurance
Emerging Stock Markets Factbook 1999
Sector 5— Wholesale Trade and Retail Trade 479
64 Insurance agents, brokers, and service
65 Real estate
66 Combinations of real estate, insurance, loans, law offices
67 Holding and other investment companies
Sector 7—Services
70 Hotels, rooming houses, camps and other lodging places
72 Personal services
73 Business services
75 Automotive repair services and garages
76 Miscellaneous repair services
79 Amusement and recreation services, except motion pictures
78 Motion pictures
80 Health services
81 Legal services
82 Educational services
83 Social services
84 Museums, art galleries, botanical and zoological gardens
86 Membership organizations
88 Private households
89 Miscellaneous services
Sector 8—Government
91 Executive, legislative, and general government, except finance
Sector 9—Other
99 Nonclassifiable establishmentsbreak
Emerging Stock Markets Factbook 1999
Sector 7— Services 480
Appendix 2—Investor Information
Foreign Investment Ceiling for Listed Stocks in Emerging Markets:(Markets Covered by IFC Indexes, End−1998)
Markets
Latin America
Argentina 100% in general
Brazil 49% common stocks; 100% preferred stocks;0% for bank ordinary shares
Chile 100% in general
Colombia 100% in general
Ecuador 100% in general
Jamaica 100% in general
Mexico 100% in general
Peru 100% in general
Trinidad & Tobago 30% in general
Venezuela 100% in general
Asia
Bangladesh 100% in general
China 100% only for B− and H−class shares
India 24% in general, up to 30% with board ofdirectors approval
Indonesia 100% in general; 49% banks, 85% forsecurities companies
Korea 100% in general;
Korea 30% for KEPCO & POSCO; 33% forSKTelecom,
Korea 49.99% air transportation, 49.99% mining
Malaysia 100% in general
Pakistan 100% in general
Emerging Stock Markets Factbook 1999
Appendix 2— Investor Information 481
Philippines 40% in general; 30% for banks
Sri Lanka 100% in general; 49% for banks
Taiwan, China 30% in general
Thailand 10%−49% depending on company by−laws
Europe
Bulgaria 100% in general; banks need central bankapproval
Croatia 100% in general
Czech Republic 100% in general
Estonia 100% in general
Greece 100% in general
Hungary 100% in general
Latvia 100% in general
Lithuania 100% in general
Morocco 100% in general
Poland 100% in general
Portugal 100% in general
Romania 100% in general
Russia 100% in general;9% for Gazprom, 25% for UES.Banks need central bank approval.
Slovakia 100% in general; banks need central bankapproval
Slovenia closed to portfolio investors
Turkey 100% in general
Ukraine 100% in general
Mideast/Africa
Botswana 55% for institutional, 10% for private
Cote d'Ivoire 100% in general
Egypt 100% in general
Ghana 74% in general
Israel 100% in general
Jordan
Emerging Stock Markets Factbook 1999
Appendix 2— Investor Information 482
100% in general;50% for construction, retail trade, & miningsectors
Kenya 40% in locally controlled companies
Mauritius 100% in general; 15% for sugar companies
Nigeria 100% in general
Saudi Arabia 25% for GCC, otherwise closed for portfolioinvestors
South Africa 100% in general
Tunisia 49.9% in general
Zimbabwe 40% in general
Withholding Taxes In Emerging Markets:(U.S.−based Institutional Investors; End−1998)
MarketInterest(%)
Dividends(%)
Long−termcapitalgains onlistedshares(%)
Argentina 0 0 0
Bangladesh 0 15 0
Botswana 15 15 0
Brazil 15 0 0
Bulgaria 15 15 0
Chile 15 15 35
China 0 20 0
Colombia 7 0 0
Cote d'Ivoire 0 10 0
Croatia 0 0 0
Czech Republic 15 25 0
Ecuador 8 0 0
Egypt 0 0 0
Estonia 10 5−15 26
Ghana* 0 10 0
Greece 0 35 0
Hungary 0 10 10
Emerging Stock Markets Factbook 1999
Withholding Taxes In Emerging Markets: (U.S.−based Institutional Investors; End−1998) 483
India 20 20 10
Indonesia 20 20 0
Israel* 35 25 0
Jamaica 25 25 0
Jordan 0 10 0
Kenya 10 10 0
Korea* 13.2 16.5 0
Latvia 0 10 0
Lithuania 0 0 0
Malaysia 15 0 0
Mauritius 0 0 0
Mexico 0 0 0
Morocco 10 10 0
Nigeria 10 10 10
Pakistan 10 10 0
Peru 0 0 0
Philippines* 20 15 0.5
Poland* 40 20 0
Portugal 20 25 0
Romania 0 10 0
Russia 0 10 −
Saudi Arabia 0 0 0
Slovakia 0 0 0
Slovenia 0 15 0
South Africa 0 0 0
Sri Lanka 0 15 0
Taiwan, China 20 35 0
Thailand 15 10 0
Trinidad &Tobago*
10 10* 0
Tunisia 20 0 0
Turkey 13.2 0 0
Ukraine 15 15 0
Venezuela* 0 0 1*
Emerging Stock Markets Factbook 1999
Withholding Taxes In Emerging Markets: (U.S.−based Institutional Investors; End−1998) 484
Zimbabwe 30 15 10
Notes: List includes 51 emerging markets covered by IFC.
Estonia: 5% tax on dividends for holdings exceeding 10%of shares; 15% otherwise
Ghana: No withholding tax on dividends for individuals.
Israel: Tax treaties exist with some countries that lowerthese figures, including the U.S. (17.5%) and the U.K.(15%).
Korea: Rates are for funds in which U.S. investments totalmore than 25%. Tax rates shown include 10% resident taxapplied to base rate.
Philippines: Transactions tax in lieu of a capital gains tax.
Poland: No withholding tax on interest for individuals.
Trinidad and Tobago: 15% tax on dividends forindividuals.
Venezuela: Transactions tax.
Benchmarks for Settlement, Safekeeping, and Operational Risk:(As of End−1998)
GSCS Benchmarks indexes provide an indication to institutional investors of the aggregate level of operationalefficiency in securities markets post−trade. The risk/reward ratio in emerging markets is usually calculatedwithout regard to the unexpected—and often unquantified—costs of failure in market processes.
GSCS Settlement Benchmark
MarketFirstQuarter
SecondQuarter
ThirdQuarter
FourthQuarter
Ave.1998
Ave.1997
Argentina 88.1 91.2 92.5 90.8 90.7 87.9
Brazil 88.8 89.6 84.8 87.8 87.8 88.0
China 71.7 81.5 87.0 92.9 83.3 68.3
Czech Rep. 74.9 78.5 72.3 81.2 76.7 65.8
Greece 74.5 31.4 −1.0 43.1 37.0 67.1
Hungary 24.4 38.6 37.6 51.7 38.1 17.6
India −0.4 2.9 18.6 18.8 10.0 −1.2
Indonesia 52.3 54.9 59.8 74.1 60.3 46.0
Korea 93.3 93.7 94.2 95.1 94.1 90.8
Malaysia 90.3 92.1 94.5 94.8 92.9 91.2
Emerging Stock Markets Factbook 1999
Benchmarks for Settlement, Safekeeping, and Operational Risk: (As of End−1998) 485
Mexico 91.0 93.4 92.3 92.6 92.3 89.3
Peru 83.9 87.5 88.5 85.5 86.4 90.3
Philippines 85.8 86.8 89.0 88.0 87.4 82.9
Poland 79.9 81.0 85.3 82.2 81.9 77.4
Portugal 72.7 78.7 67.0 67.1 71.4 74.9
South Africa −1.2 −1.2 −1.6 −1.3 −1.3 −0.9
Thailand 92.1 92.8 89.4 91.4 91.4 86.9
Turkey 95.6 95.0 92.9 96.1 94.9 95.8
Venezuela 43.6 65.1 −8.7 60.4 40.1 18.7
GSCS Safekeeping Benchmark
MarketFirstQuarter
SecondQuarter
ThirdQuarter
FourthQuarter
Ave.1998
Ave.1997
Argentina 92.8 84.2 90.3 92.3 89.9 92.1
Brazil 89.8 87.6 86.2 87.0 87.7 91.8
China 92.2 n /a 93.5 94.9 93.5 90.0
Czech Rep. 64.1 91.2 92.2 89.3 84.2 74.6
Greece 57.6 52.3 52.3 80.3 60.6 81.1
Hungary 91.8 93.1 76.4 71.8 83.3 80.5
India 72.2 59.9 65.1 81.7 69.7 76.8
Indonesia 88.1 87.8 88.1 90.6 88.7 89.0
Korea 92.4 91.8 91.8 92.1 92.0 90.9
Malaysia 91.9 89.0 89.0 91.8 90.4 91.4
Mexico 92.5 89.3 87.9 81.8 87.9 91.0
Peru 85.6 67.7 67.7 88.8 77.5 82.5
Philippines 85.1 72.7 72.7 80.2 77.7 79.0
Poland 65.3 93.1 81.6 89.1 82.3 74.4
Portugal 95.0 91.6 93.1 93.6 93.1 80.2
South Africa 90.0 87.4 87.6 89.5 88.6 92.2
Thailand 83.8 63.7 87.8 87.9 80.8 88.1
Turkey 91.8 72.4 72.4 93.3 82.5 92.2
Venezuela 88.3 81.9 66.5 89.6 81.6 81.9
Emerging Stock Markets Factbook 1999
Benchmarks for Settlement, Safekeeping, and Operational Risk: (As of End−1998) 486
GSCS Operational Risk Benchmark
MarketFirstQuarter
SecondQuarter
ThirdQuarter
FourthQuarter
Ave.1998
Ave.1997
Argentina 69.4 75.6 75.6 70.6 72.8 69.0
Brazil 67.5 73.7 71.3 66.2 69.7 67.6
China 59.7 67.1 69.7 70.9 66.9 57.5
Czech Rep. 53.8 69.3 69.3 63.6 64.0 53.1
Greece 54.3 72.9 70.4 46.7 61.1 57.8
Hungary 42.8 68.5 66.8 47.4 56.4 36.4
India 24.9 62.6 65.3 36.5 47.3 23.5
Indonesia 55.2 65.3 69.8 63.8 63.5 53.4
Korea 74.3 78.2 76.6 75.0 76.0 72.7
Malaysia 71.4 74.9 75.0 73.0 73.6 71.5
Mexico 71.9 74.3 75.0 68.9 72.5 70.7
Peru 65.6 75.8 75.8 67.4 71.2 67.3
Philippines 63.7 71.4 71.8 62.9 67.5 60.4
Poland 54.6 72.8 72.8 63.1 65.8 56.6
Portugal 67.7 75.4 77.2 64.8 71.3 62.6
South Africa 26.7 64.3 72.5 26.2 47.4 28.7
Thailand 70.1 76.2 76.2 71.4 73.5 69.7
Turkey 71.5 73.6 72.6 72.2 72.5 71.7
Venezuela 46.8 74.5 74.5 54.8 62.7 31.0
Settlement
The Settlement Benchmark provides a means of comparing the settlement efficiency of different markets andtracking the evolution of settlement performance of individual markets over time. The benchmark incorporatesfour components which, combined together, reflect the overall cost to the market participants of failed trades.These include average trade size, local market interest rates, the proportion of trades that fail, and the length oftime for which they fail. By converting information back into a base currency, comparisons between marketsbecome possible. The Benchmarks are expressed as a score out of 100.
For the fourth consecutive year, Turkey was topranked in terms of settlement, achieving a settlement benchmarkof 94.9. Although this figure was down slightly from 1997, Turkey's performance still surpasses many of themajor markets. However, Korea now comes a close second, having shown continual improvement throughout theyear. Other markets with settlement scores above 90 were Argentina, Malaysia, Mexico, and Thailand.
Overall, fourteen markets saw an increase in settlement efficiency during 1998. In several cases, notably Chinaand Indonesia, the improvements were consistent quarter to quarter. Of the six declines, only Greece reported asignificantly lower performance, having grappled with huge volume increases and a delay in plannedinfrastructure reforms. Dematerialization is, however, due to start at the end of March 1999 and this should help
Emerging Stock Markets Factbook 1999
Settlement 487
address processing bottlenecks.
India has begun to see the fruits of infrastructure reform, though scores have a long way to climb. The same canbe expected in South Africa once the reform program, which includes contractual settlement dates anddematerialization, is completed.break
GSCS Safekeeping Benchmark
The Safekeeping Benchmark compares the efficiency of different markets in terms of collection of dividends andinterest, reclamation of excess withheld taxes, and protection of rights in the event of a corporate action. TheBenchmark assesses these aspects through a five factor model. These include typical market yields on equity andfixed income securities, rates of withholding tax and reclaim potential, average time between payable date andreceipt of payment, local market interest rates, and number and type of corporate actions that occur. By assigningweights to each of these factors, it is possible to calculate a Benchmark as a score out of a maximum of 100.
For the second year running, emerging market scores for safekeeping showed a small decline with 13 marketsreporting an average annual decrease. Top ranked in 1998 were China and Portugal with totals of 93.5 and 93.1,respectively. Korea and Malaysia were the only other markets to score above 90.
GSCS Operational Risk Benchmark
The Operational Risk Benchmark takes into consideration the settlement and safekeeping benchmarks. However,it assigns them a different weight depending on the relative complexity of each in the different markets. TheBenchmark takes into account other operational factors such as the level of compliance with the recommendationsof the Group of Thirty (G30). It also accounts for the complexity and effectiveness of the regulatory and legalstructure of the market, such as constraints on capital flows, foreign investment restrictions, and marketsupervision. Finally, it incorporates two factors which may not be the direct responsibility of the custodians butwhich cannot be ignored by them: counterparty risk and "force majeure" risk.
Korea once more gained the highest Operational Risk Benchmark, improving on an already strong operationalperformance to score 76.0. Three other markets, Argentina, Malaysia, and Thailand, achieved scores above lastyear's highest. All the markets covered showed some improvement on the previous year in terms of operationalrisk.
For further information, contact:Peter Staras, GSCS Benchmarks Ltdtel: (+44−171) 415− 7199fax: (+44−171) 415 −7198E−mail: [email protected]
GSCS/Thomson Index
The GSCS/Thomson Operational Risk Adjusted Index has been created to help investment managers, custodians,broker/dealers and their clients better understand exactly what happens to costs when portfolios of cross−borderequity securities are changed. The Index captures both the investment return of different markets as measured bystandard indices and the operational costs incurred through dealing in these markets.
Index calculations for all of the major markets and most of the emerging markets were set at 100 on December 31,1992. Where new markets have been added to the sample, their date of entry is indicated in the accompanyingtable.
Emerging Stock Markets Factbook 1999
GSCS Safekeeping Benchmark 488
Overall, 13 of the 20 emerging markets surveyed registered a decline between December 1997 and December1998 as measured by the GSCS/Thomson Index. Some markets have by contrast shown significant gains,operational costs notwithstanding. Korea saw an increase of over 139% though it remains well below its base yearindex level. The highest ranking markets in index terms at the end of 1998 were Portugal and Greece.
For further information, contact,Robert Kay, GSCS LtdTel: (+44−1932) 568−488Fax: (+44−1932) 564−290
Denise Farrell, Thomson ESGTel: (+44−171) 369−7086Fax: (+44−171) 369−7101break
Dec1997
Dec1998
Change(%)
Argentina 153.76 108.24 −29.60
Brazil 326.92 184.23 −43.65
China 66.24 29.93 −54.82
CzechRepublic
76.39 69.95 −8.43
Greece 122.62 237.92 94.03
Hungary 143.94 126.98 −11.78
India 104.49 76.98 −26.33
Indonesia 52.16 35.09 −32.73
Korea 20.54 49.12 139.14
Malaysia 46.25 44.23 −4.37
Mexico 104.65 61.76 −40.98
Peru 156.93 93.43 −40.46
Philippines 38.86 41.73 7.39
Poland 76.00 65.66 −13.61
Portugal 243.19 295.95 21.69
South Africa 79.57 80.28 0.89
Thailand 14.83 20.38 37.42
Turkey 392.74 181.73 −53.73
Venezuela 232.86 112.29 −51.78
Base = 100 as of 12/31/92 except
India 3/31/93 Venezuela 2/29/96
Emerging Stock Markets Factbook 1999
GSCS Safekeeping Benchmark 489
Peru 2/28/95 China 12/31/96
Philippines 2/28/95 CzechRep.
12/31/96
S. Africa 2/28/95 Hungary 12/31/96
Ireland 2/29/96 Poland 12/31/96
Global Trading Costs:(Fourth Quarter 1998)
Elkins/McSherry (E/M) has been involved with trading cost studies for more than 600 institutions during the past11 years. The company analyzes global trading costs for 140 large global institutions (pension funds, investmentmanagers, banks, and brokers), which send E/M all of their global equity trades quarterly.
The E/M analysis measures total trading cost, which consists of commissions, fees, and market impact. Marketimpact is the difference between the price at which a trade is executed and the average of the stock's high, low,opening, and closing prices during the trade date. The E/M Trading Cost Analysis Service is not designed toassess the quality of a trade, but rather to give an indication of how commissions, fees and market impact costscompare to a universe of costs in 42 countries.
Elkins/McSherry consulted with prominent global investment managers before creating its market impactmethodology. Investment managers consistently favored a benchmark based on the average of the high, low,opening, and closing prices. After extensive testing, this approach was adopted. The data base contains the high,low, opening, closing prices, and volume traded for every equity traded in 42 countries beginning January 1995.
E/M's 42 country universe is composed of data from 140 global institutions. The data is compiled to createaverage trading costs for these countries. The chart provides a global equity investor with a universe of averagecosts to compare their costs versus 140 other institutions. It confirms that it is considerably more expensive totrade in emerging markets. It is broken down into five columns:
Average stock price is the average traded stock price in U.S. dollars in that country.
Average commission is the average commission paid in that country (U.S. dollars).
Average fees is the average fee paid in that country (U.S. dollars).
Market impact is the average cost of trading in that country (U.S. dollars). More precisely, it is the average costto trade versus the average price.
Total is the total cost of trading in that country (U.S. dollars). The number is simply obtained by adding the costof commission, fees and market impact.
For further information, contact:James Bryson, Elkins/McSherrytel: (212) 371−3728fax: (212) 207−4563E−mail: jimb@elkins−mcsherry.combreak
Emerging Stock Markets Factbook 1999
Global Trading Costs: (Fourth Quarter 1998) 490
Fourth Quarter, 1998 Elkins/McSherry Global Universe
CountryAvgs.
Price Comm Fees MktImpact
Total
Argentina $4.61 34.73BP 5.19BP 8.75BP 48.67BP
Australia $3.95 30.78BP 14.13BP 2.13BP 47.04BP
Austria $80.77 29.54BP 3.39BP 21.19BP 54.12BP
Belgium $241.08 21.24BP 2.19BP 10.50BP 33.93BP
Brazil $0.22 30.39BP 3.69BP 12.54BP 46.62BP
Canada $26.73 19.57BP 0.01 BP 24.36BP 43.94BP
Chile $24.39 23.69BP 0.00BP 23.34BP 47.03BP
Colombia $4.83 48.09BP 0.00BP 47.01BP 95.10BP
CzechRepublic
$81.83 62.02BP 1.73BP 97.22BP 160.97BP
Denmark $95.13 23.25BP 1.32BP 18.82BP 43.39BP
Finland $37.65 25.99BP 1.86BP 16.12BP 43.97BP
France $95.22 21.68BP 1.29BP 3.59BP 26.56BP
Germany $87.48 22.45BP 1.65BP 3.48BP 27.58BP
Greece $44.60 39.25BP 14.03BP 10.33BP 63.61BP
Hong Kong $2.36 30.71BP 14.20BP 5.19BP 50.10BP
Hungary $33.58 63.21BP 4.43BP 34.68BP 102.32BP
India $13.70 16.04BP 0.00BP 48.73BP 64.77BP
Indonesia $0.39 64.34BP 12.69BP 18.48BP 95.51BP
Ireland $9.77 26.00BP 56.05BP 17.37BP 99.42BP
Italy $5.18 22.38BP 1.81BP 6.19BP 30.38BP
Japan−Buys $14.73 17.12BP 0.03BP 1.09BP 18.24BP
Japan−Sells $11.01 16.89BP 13.57BP 5.83BP 36.29BP
Korea $15.28 43.86BP 11.64BP 42.33BP 97.83BP
Luxembourg $53.22 25.82BP 5.00BP 39.22BP 70.04BP
Malaysia $1.32 62.67BP 9.45BP 18.71BP 90.83BP
Mexico $2.90 32.18BP 1.89BP 26.91BP 60.98BP
Netherlands $49.32 21.47BP 1.73BP 6.70BP 29.90BP
New Zealand $2.23 30.85BP 0.27BP 7.81BP 38.93BP
Emerging Stock Markets Factbook 1999
Global Trading Costs: (Fourth Quarter 1998) 491
Norway $20.78 26.97BP 1.26BP 8.14BP 36.37BP
Peru $3.28 38.99BP 6.71 BP 30.27BP 75.97BP
Philippines $1.39 68.48BP 28.03BP 8.50BP 105.01BP
Portugal $38.33 27.91BP 5.42BP 7.81BP 41.14BP
Singapore $2.80 56.52BP 4.43BP 23.91 BP 84.86BP
South Africa $9.22 29.26BP 16.07BP 13.17B− 58.50BP
Spain $33.58 25.12BP 2.01BP 15.91BP 43.04BP
Sweden $24.32 23.62BP 1.06BP 6.22BP 30.90BP
Switzerland $838.01 23.70BP 5.13BP 17.21BP 46.04BP
Taiwan $4.10 22.92BP 29.35BP 4.55BP 56.82BP
Thailand $2.31 60.55BP 2.84BP 12.13BP 75.52BP
Turkey $0.07 35.71BP 4.53BP 16.86BP 57.10BP
U.K.−Buys $8.08 18.13BP 47.58BP 5.29BP 71.00BP
U.K.−Sells $8.81 15.98BP 0.12BP 18.12BP 34.22BP
U.S.−NYSE $41.06 13.92BP 0.15BP 9.48BP 23.55BP
U.S.−OTC $34.30 3.15BP 0.13BP 26.61BP 29.89BP
Venezuela $5.68 84.92BP 27.77BP 32.04BP 144.73BP
Total−45 $47.10 32.93BP 8.13BP 18.55BP 59.62BP
*Note: The United States, United Kingdom, and Japan have twouniverses to acknowledge special tariffs and marketplaces in thosecountries.
Investment Regulations Summary for Entering and Exiting Emerging Markets:(As of End−1998)
Entry Exit
Are listed stocksfreely available toforeign investors?
Repatriation of
Income Capital
Free Entry
Argentina Free Free
Bangladesh Free Free
Bulgaria Free Free
Emerging Stock Markets Factbook 1999
Investment Regulations Summary for Entering and Exiting Emerging Markets: (As of End−1998) 492
Botswana Free Free
Brazil Free Free
Cote d'Ivoire Free Free
Croatia Free Free
Czech Republic Free Free
Ecuador Free Free
Egypt Free Free
Estonia Free Free
Ghana Free Free
Greece Free Free
Hungary Free Free
Israel Free Free
Jordan Free Free
Latvia Free Free
Lithuania Free Free
Mexico Free Free
Morocco Free Free
Pakistan Free Free
Panama Free Free
Peru Free Free
Poland Free Free
Portugal Free Free
Romania Free Free
Russia Free Free
South Africa Free Free
Turkey Free Free
Ukraine Free Free
Relatively FreeEntry
Chile Free After 1 year
Indonesia Some restrictions Somerestrictions
Jamaica Free Free
Emerging Stock Markets Factbook 1999
Investment Regulations Summary for Entering and Exiting Emerging Markets: (As of End−1998) 493
Kenya Free Free
Korea Free Free
Malaysia* Free After 1 year
Mauritius Free Free
Nigeria Free Free
Sri Lanka Some restrictions Somerestrictions
Thailand Free Free
Trinidad & Tobago Free Free
Tunisia Free Free
Ukraine Some restrictions Somerestrictions
Venezuela Some restrictions Somerestrictions
Zimbabwe Free Free
Special Classes ofShares
China Free Free
Philippines Free Free
AuthorizedInvestors Only
Colombia Free Free
India Free Free
Taiwan, China Some restrictions Somerestrictions
Closed
Saudi Arabia Closed Closed
Slovenia Restrictions Restrictions
Key to Entry:
Free Entry: No significant restrictions to purchasing stocks.
Relatively Free Entry: Some registration procedures required to ensure repatriation rights, or significant limits onforeign ownership.
Emerging Stock Markets Factbook 1999
Investment Regulations Summary for Entering and Exiting Emerging Markets: (As of End−1998) 494
Special Classes: Foreigners restricted to certain classes of stocks, designated for foreign investors.
Authorized Investors Only: Only approved foreign investors may buy stocks.
Closed: closed or severely restricted (e.g., for non−resident nationals only).
Key to Exit:
Repatriation of income: Dividends, interest, and realized capital gains.
Repatriation of capital: Initial capital invested.
Free: Repatriation done routinely.
Some Restrictions: Typically, requires some registration with or permission of Central Bank, Ministry of Finance,or an Office of Exchange Controls that may restrict the timing of exchange release.
Notes: In February 1999, the Malaysian government replaced the 12−month holding period for equities imposedin September 1998 with a Repatriation Levy—a graduated levy to be paid upon repatriation ranging from 10% to30% depending on the holding period.
Some industries in some countries are considered strategic and are not available to foreign or non−residentinvestors. The level of foreign investment in other cases may be limited by national law or corporate policy tominority positions, not to aggregate more than 49% of voting stock. The summaries above refer to "new money"investment by foreign institutions.break
Appendix 3—IFC Emerging Markets Data Base
EMDB Publications and Products
Publications
Emerging Stock Markets Review
This publication provides regular coverage of emerging stock markets as well as hundreds of stocks comprisingthe IFC Global and Investable indexes. Each issue contains:
Comparative tables, with the most recent information on the IFC Indexes, market valuation measures, andexchange rates
Market weights in the IFC Global and Investable indexes
Largest 100 stocks in the IFCG and IFCI Composite Indexes, listing market caps, weight in the composite, andforeign investable weight factors for each stock
50 best and worst performing stocks in the IFCG and IFCI Composite Indexes
Emerging Stock Markets Factbook 1999
Appendix 3— IFC Emerging Markets Data Base 495
Stock weights in the IFCG and IFCI Composite Index by market, listing market caps, weight in market, region,and composite, and foreign investable weight factor for each stock
Details on constituents of the IFC Industry Indexes
Subscribers also receive the monthly Frontier Stock Markets Review and the annual Emerging Stock MarketsFactbook.
Frontier Stock Markets Review
This publication provides regular coverage of "frontier" stock markets and includes most of the features found inthe Emerging Stock Markets Review.
Subscribers also receive the monthly Emerging Stock Markets Review and the annual Emerging Stock MarketsFactbook.
Emerging Stock Markets Factbook
The Factbook is considered the foremost annual publication on stock markets in the developing world. In oneconvenient volume, it combines various time series of fundamental market data on the primary emerging markets.With a ten−year historical perspective, the Factbook provides both fundamental economic information and vitaldata on market size, liquidity, and valuations. Each Factbook is divided into several sections:
An overview provides commentaries, tables, and charts on a variety of statistics for the key emerging markets
An extensive section on indexes provides the methodology, statistical characteristics, and the IFC Indexes andtheir local counterparts
Market profiles provide a statistical look at more than 50 emerging markets
A listing of stock exchanges showing principal officers, addresses, hours of operation, and telephone/faxnumbers of more than 75 stock exchanges in the developing world
The IFC Indexes:Methodology, Definitions, and Practices
The IFC Indexes explains in detail the methodology and selection criteria for the markets and stocks that make upthe IFC indexes. It also elaborates on the need for a standard measure of performance in emerging markets anddescribes the basic characteristics and weights of the indexes.break
Computer Products
EMDB produces three principal time series of emerging stock market data. The data is accessible through EMDB2000, a PC−based data management and report−writing system that make EMDB data files easy to use and toupdate.
Stock Series
This series provides data on more than 2,200 stocks in 51 emerging markets. It includes data on prices, changes incapitalization, trading volume, and valuation ratios and financial data. The data is available in daily, weekly, andmonthly time series.
Emerging Stock Markets Factbook 1999
Frontier Stock Markets Review 496
Index Series
This series consists of parallel sets of IFC Global and Investable Indexes for the markets covered by EMDB.Statistics include price and total return indexes in local currency and U.S. dollars, as well as index−levelcapitalization, trading volume, and valuation ratios.
Market Series
This series provides monthly and annual series of aggregate market data for 51 emerging markets, dating to 1975.
Data Delivery
EMDB now provides the fastest data delivery in emerging markets. Computer products can be updated by FTP orthrough e−mail either daily, weekly, or monthly. EMDB publications are sent by courier delivery. Please call formore information.
EMDB Online
EMDB maintains a comprehensive site on the Internet. Features include:
a monthly newsletter with commentary on all 51 markets covered by IFC;
daily, weekly, and monthly index results;
EMDB technical notices and special announcements;
links to emerging stock markets.
EMDB's home page is www.ifc.org/emdb .
Subscription Information
For more information on Emerging Markets Data Base products and services, please call, write, fax, or email:
Emerging Markets Data Base2121 Pennsylvania Avenue, NWF−6K−118Washington, D.C. 20433USA
Telephone: (202) 473−9520Facsimile: (202) 974−4805E−mail: [email protected]
News Service Access to Indexes
The IFC Indexes are carried in whole or part by the following information services:
Periodicals
Financial Times (daily)
Emerging Stock Markets Factbook 1999
Index Series 497
New York Times (weekly)
Nikkei Financial Daily
International Financing Review (IFR)
Emerging Markets Week (Institutional Investor)
Global Finance
Emerging Markets Investor
Global Investment and Daily Foreign Exchange News
Quote Services with Daily Index Updates
Reuters page <IFCINDEX>
Bloomberg <IFC><GO>
FactSet
Datastream
Telekurs
Zephyr
FT Analytics
Rimes
BARRA
Fame
Wilshire
Emerging Stock Markets Factbook 1999
Quote Services with Daily Index Updates 498