Emerging Stock Markets Factbook 1995

sclosure Authorized

Public Disclosure Authorized

Public Disclosure Authorized

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Acknowledgments Stock Exchanges

Jordan

Amman Financial Market

EMDB Staff

IFC conducts an annual survey of the world's stock exchanges as the basis for the figures presented in this Factbook. IFC acknowledges the made to this Factbook by stock contribution exchanges listed in thie Stock Market Reference List in Appendix 1.

Korea

Korea Securities Finance Corp.

Malaysia

Consultant Sdn. Bhd. Arab-Malaysian

Mexico

GrupoFinancieroSerfin-Obsa

Nigeria

Securities & ExchangeCommission

Pakistan

Bear Stearns Jahangir Siddiqui Ltd.

Peru

Godoy & Barclay

Philippines

R. Coyiuto Securities, Inc.

The following staff members of the Emerging Markets Data Base, under the supervision of lyad to the Malas and Peter Wall, contributed production of this Factbook: Carmen Campollo, Bo Dutta-Sen, jannette H. Chung, Madhumita Esguerra, Liyeng Feng, Constantinos Grigoriadis, Glenn Hampson, Stephanie Sara Halfpenny, Hughes, Susan Kelley, Jong Kim, Sookyong Kwak, Dong-ik Lee, Graeme Littler, Ziad Maalouf, Sonia Miklas, Ron Monticone, Anju Nundy, Habib Oueijan, Kyuee-Ha Pahk, William V. Todd, Sara Blanchard Ugarte, and James E. Wise.

Poland

BRE Brokers

Correspondents Information in this Factbook was also provided by a network of correspondents in each of the markets who report to IFC on a regular basis. Argentina

Roberts Capital Markets

Brazil

Lopes Filho & Asociados Consultores de Investimentos

Chile

Julio Salas M Y Asociados

China

Stock Exchange Executive Council

Colombia

Portugal

Banco FINANTIA, S.A.

South Africa

Simpson McKie, Inc.

Sri Lanka

CKN Fund Management (Pvt) Ltd.

Taiwan, China

Wellphone Securities Co., Ltd.

Thailand

The Mutual Fund Company Limited

M. Kyranis Securities S.A.

Hungary

Budapest StockExchange

Turkey

TEB Ekonomi Arastirmalasi A.S.

India

J.M. Share & Stockbrokers Ltd.

Venezuela

Merinvest

Indonesia

Institute for Economic & Financial Research

Zimbabwe

Sagit Stockbrokers (Pvt.) Ltd.

FACTBOOK

Special thanks also go out to Farida Khambata, Brigid Holleran, and Steven Schoenfeld of IFC's Capital Markets Department, World Bank staff (Cartography), Denise Bergeron members Economics Elizabeth Crayford (International Department), May Eidi, and Jonathan Miller (Art and Design), and Monica Malone and Cesar Galang of MFl.

Other Sources

Corredores Asociados S.A.

Greece

1995

Warsaw Stock Exchanige

IFC would also like to acknowledge the valuable contribution of certain other statistics from data series published by other units of the World Bank, the International Monetary Fund, the financial press, Morgan Stanley Capital International, JP Morgan, Lee Schwartz Associates, and Global Securities Consulting Services, Inc.

EMERGING MIARKETS DATA BASE

Vi

1.

Introduction

to Emerging Markets

Emerging Stock Markets Factbook 1995

Emerging Market Classification Emerging stock markets can be variously defined. On the one hand, "emerging" implies that a market has begun a process of change, growing in size and sophistication in contrast to markets that are small and give little appearance of change. Alternatively, "emerging" can refer to any market in a developing economy, with the implication that all have the potential for development.

*

Low-income economies are those with a GNP per capita of $695 or less in 1993.

*

Middle-income economies are those with a GNP per capita of $696-$8,625 in 1993.

IFC follows this latter definition. Just as most lowand middle-income economies are considered to be developing, regardless of their particular stage of development, all stock markets in developing developingBan development, all stock marketsy" inles countries are considered to be emerging. IFC follows the criteria of the World Bank in classifying economies as low-income, middleincome or high-income:

Because the Emerging Markets Data Base deals primarily with equity markets and stock exchanges, most references are to markets rather than economies or countries. Use of the term n judmen country" implies no judgment by the World Bank or IFC about the legal or other status of the territory,

*

High-income economies are those with a GNP per capita of $8,626 or more in 1993.

For purposes of consistency, markets that are included in the Emerging Markets Data Base are

likely to remain in the data base for some time even if the economy later moves into the high-income group. Tables on the following two pages list the low and middle income World Bank member economies and other economies in this range with populations of more than 30,000. Economies are divided according to 1993 GNP per capita as calculated by the World Bank. Tables on pages 4 and 5 list some of the major macroeconomic characteristics of both emerging and developed markets for year ending 1993 (see Macroeconomic Data Notes in Appendix 1 for methodology). These tables are followed on pages 6 and 7 by a summary of aggregate net longterm resource flows to emerging markets from 1984-1994, and a map and data summary of 1993 world GNP per capita.

World Bank Classificationof Economiesby Income and Region, 1994-95

Incomie

group,

Subgroup

Bunndi Comoros Eritrea Ethiopia Kenya Lesotho Madagascar Malawi Mozambique Rwanda Somalia Sudan Tanzania Uganda Zaire Zambia Zimbabwe

LouwIncoMe

West Africa Benin Burkina Faso Central African Republic Chad C6te dIlvoire Equatorial Guinea Gambia, The Ghana Guinea Guinea-Bissau Liberia Mali Mauritania Niger Nigeria SAo Tome and Principe Sierra Leone Togo

Europe and Cenitral Asia

Asia

Sub-SaliaranAfrica East and Southern Africa

East Asia and Pacific Cambodia China Lao PDR Mongolia Myanriar Viet Nam

South Asia Afghanistan Bangladesli Bhutan India Nepal Pakistan Sri Lanka

Eastem Europe and Central Asia Albania Armenia Bosnia and Herzegovina Georgia Talikistan

Rest of Europe

Middle East and Northi Arfica

Middle East

North Africa

Yemenr Rep.

Egypt, Arab Rep.

Americas Guyana Haiti Honduras Nicaragua

Source:World Tables 1994. World Bank: Washlington, D.C. Notes: Regions do not correspond with those used by the IFC or by IFC's Emerging Markets Data Base.Estimates for the republics of the former Soviet Union are preliminary and their classification will be kept under review. 1995

FACTBOOK

ENILIRGING

.luIAREIS DAT,I

BASE

2

Emerging Market Classification World Bank Classification of Economies by Income and Region, 1994-95 (cont.)

Income group

Subgroup

West Africa

East Asia and Pacific

Middleincome

Lower

Angola Botswana Djibouti Namibia Swaziland

Camneron CapeVerde Congo Senegal

Fiji Indonesia Kiribati Korea, Dem. Rep. Marshall Islands Micronesia, Fed. Sts. N. Mariana Islands Papua New Guinea Philippines Solomon Islands Thailand Tonga Vanuatu Westem Samoa

Middleincome

Upper

Mauritius Mayotte Reunion Seychelles South Africa

Gabon

American Samoa Guam Korea, Rep. Macao Malaysia New Caledonia

Na. of low- and middle-income econiomies:170

27

23

26

D.C. Source: World Tables 1994. World Bank: Washington, with those used by the IFC or by IFC's Emerging Markets Notes: Regions do not correspond Republic of Macedonia. refers to the Former Yugoslav review. Letters: a. FYR Macedonia

I)995 F.\C I lml)Ol

Middle East and North Africa

Europeand Central Asia

Asia

Sub-SaharanAfrica East and Southern Africa

South Asia Maldives

8

Data Base. Estimates

Eastern Europe and Central Asia

Rest of Europe

Middle East

North Africa

Azerbaijan Bulgaria Croatia Czech Republic Kazakhstan Kyrgyz Republic Latvia Lithuania Macedonia, FYR /a Moldova Poland Romania Russian Federation Slovak Republic Turkmenistan Ukraine Uzbekistan Yugoslavia, Fed. Rep.

Turkey

Iran, Islamic Rep. Iraq Jordan Lebanon Syrian Arab Rep. West Bank and Gaza

Algeria Morocco Tunisia

Belize Bolivia Colombia Costa Rica Cuba Dominica Dominican Republic Ecuador El Salvador Grenada Guatemala Jamaica Panama Paraguay Peru St. Vincent and the Grenadines Suriname

Belarus Estonia Hungary Slovenia

Gibraltar Greece Isle of Man Malta Portugal

Bahrain Oman Saudi Arabia

Libya

Antigua and Barbuda Argentina Aruba Barbados Brazil Chile French Guiana Guadeloupe Martinique Mexico Netherlands Antilles Puerto Rico St. Kitts and Nevis St. Lucia Trinidad and Tobago Uruguay Venezuela

27

for the republics

6

of the forTner Soviet Union

10

are preliminary

Americas

38

5

and their classification

Illl-11GINC

will be kept under

NIAIRKETSDATA BASE 3

World Economic Statistics World Economies in 1993

Economy Afghanstn.. . Alba,nia Alger'ia AnenaSio And-ra Ango.la Antig.a and Barheda Argentina Amierna lb A-nb A-stralia Au_tri. Azerhaijan lh Bahaman,The Bahran, Bangladesh Barbados Belarus lb Belgiu feline B-om Bertenda Bhutan Bolivia Bosnia aod Her-gooia Bot .una Br~azfl B-unet Bul garia Bark-n Fans B-rudi Cambodia. Caieruo Canada Cape Verde Cayrna Islands Central Africa Republic Chad Channel Islands Chile1

GNP aReal (millpion of US$1 US$ /a 1993 1992

1,167 44,347

.

1,850 .

.. ..

-

425 244.013 2,471

6,100 6,170 070

.

309,967 183.530 5,424 3,059 4,283 25,802 1,620 29,290 213,435 499

17,730 22,790 885 27,670 7,940 225 6,210 3,210 21,360 2,380

2.189

415

253 5,472

170 750

1U5$/a 1993

c 340 1,650 e f g 6,390 7,290 660 e 17,510 23,120 730 11,300 7,870 220 6.240 2,840 21.210 2.440 420 f 170 770

.c

GNP 1w c~~~~pa. FPPPlb Intl. dollar 1993

groth rae M%) 1985-93

-7.0 -2 2

I 0

§ 40

12

10

20 0

15

23

28

.

-.

-

.. .

-9 2.4 14 -11.7

9.130 2,000

.

-.

2,450 2,010

4.6 3.2 75.5 2.5 0.3 72 3.1 81.2 31 3.5 1.4

-

8.8 23.1

..

4

§

6 48

6

.

.. ..

3

18

2

40

22

..

9 1

33

§ 21 2 10 37

-

4.5 14

.

1,102

2 10

180

06

830 21,070 840

770 20,670 870 I 390 200

-7 3 04 2.1

.f

398 0 71.3

1,630

1,410 310

410 220

5

48

.

-1.1

..

1,263 1,248

..

18,490 1 8,800o 2.230 16,820d 1 3,4804d 1,290 10.9404d 6,360 18,490

9,773 2,928

-

...

11 2.1 -9.4 -02 -1.0 1 .8 -0 4 -0 2 2.4 57

2,590 3,020 f 1,160 300

9,663 374,88b4 347

..

4,39110d

57 -0 6 .

-2 8 0.0

2.400

41

.

69 97 22

§

4,650 5,470 -

3,730d 8004 6604d 2,060 20,410 1,830d

12.7 822.8 -

35.5 1.7 47 -0.6 3.3 8 I

5 11 3 13

3 54 47 22

3

13

1,0604d 7104

19 25 14 28 13 20 31 19 32 15

35 I15

28

46 10

38 18

15

..

50 44

-

18.9

§

28

26

Chin Colombia CaMero Congo Costa Rica Cte d Ivoire Croatta Caba Cypru Czech Repablic

581,0 50:1,119 272 2,318 7,041 8,397

480 1.350 530 1 ,110 2,010 680

490 1,400 520 920 2,160 630

6.9 23 -2 2 -19 2.6 -5 2

2.120 5,630 1,320d 2,430 5,990 1,420

8 1 25 6 2.6 -21 18 4 -18

21i 16 39 11 15 37

22 18 18 44 40 34

43 21 15 14 30 9 -

-

.

7,539 28,192

10,300 2,590

10,380 2,730

"52 -2 0

15,470d 7,700

4I1 11.0

6 6

47 55

24 17

Djertnak DI,hoatr Ontnrnic

137,610 449 193

26.310

26,510 780 2.680

4 3 26

37 71

15 13

§

§

-

Source:World BanjkAtlas 1995. World Bank: Washington, information contained in this table.

D.C. See Macroeconomic

03

3,240

31 2

18

29

23

1,170

058

4,260

49.0

12

26

21

650 1,200 340

1660 1320 360 c 3,040 100 f 2,140

0.7 132 1.5

3.530 2,360

16 9 16 9

16 9

24 14

20 16

47

40

25

-5.2 -IS8

6.860 380

10 48

63 12

33 16

.

4,703 .

Kuwait Kyrgy-zRepubliclb Lao FOR

3,170 110

1.626

2,050

96.220 1,289.235

22,690 22,630

..

.

5.004 372 3,071 1,902,993 7.036

18,970 22,360

..-

0.4 00 I 46

.

2.5

5.220d

-0 3 1.8

15,230 19,440

54

158

55

13

4.4 30

5 3

27 23

17 20

8

45

22

11 2 116.4 3.2 29.4

27 70 1 47

62 25 3.3 20

21 15

f... 4.220 370 1,020 23.360 460

.

.

76.690

7,390

219

2,350

.

..-

4.050 360 560 23,560 430

-1 7 1.0 -16.4 1.9 1.3

7,390

1.3

2,410 e

4 1 0.8 1.3 1.6 06 -3.4

3,390

1),890 21,670 6,260 17,160 1,250 3,140

-0.3

1,2804 1,410 20,980 2,1604d

8,360

160

tO1

23

20

14

54

32

20 1 2 70 4 53 5 7.7

25 24 44 30

17 21 12 122

19 16 24 54

..

§

5

20 0 6 12 31 109 23

32 143 30 32 II1 28 31

27 27 20 17 25 31 33

8

63

16

-4.1

.-.

11.092 3,170 233 285 -

1,000 490 220 320 ..

1,110 9 10 220 350 c

570 15,710 .5190 24.,300 310 680

580) 17,860 3,330 23.620 290 730

00 53 00f 01 3.0 4 8

-20

7904 1,710d

.

-0 7

..

11 7 9.1 19.2 14.7 97 8.6 21.9

12,850

g 12,580

48

11,850

2.0

72,662 1,134,980 3,362 3,926,668 4,893 26.490 6,743 54

13,460 20,790 1,390 28,690 1,130 1,880 330 710

13,760 19,620 1,390 31,450 1,190 1,540 270 710

23 19 3 I 3.6 -5 9 -4.6 0.3 -1.3

14,890 18,070 3,000 21,090 4.010d 3,770 1,310

338,062

7,220

7,670

51

9,810

18,380 1,020 260

23,350 030 290

0.8 -2 1 21

-

44.906

2,230

20

.

-

Israel Italy Jamaica Japan (o,dan /I Kaeakhstan lb Kenya K-bihai Kore, 1)em. Rep. Korea, Rep

8,380

2,570

1,080

1,100

3.220 104,731 34,254 6.236 262,810 136.991

6.1

32 4.4 4.5

1,070

Honduras Hong Kong /l. Hungary Iceland India ; lrao, Isamic Rep Iraq Irland Ilof Man

9 0

Share of -t-te ttnn inGIDP Ml1 1993

8,039

2 15 II 19 37

15 13

rate 1%) 1985-93

of Shar of Averge agneotue sot inflation in, GDP i, GP rate 1%) (91.1 (Ml 1985-93 1993 1993

36.679 7,233 161

7 14 20 27 16

3,070

18,940 -

G-ec C Grenada G-adeoupe G-am Gautemala Guinea

U6$ /a 1993

PPP lb Intl. dollar 1993

13.217

Guyana Haiti

2,780

1.1 48

Finland F-anc FrenchGuiana FrenchPolynesia Gabox Gam,bia. The Geogi /h Gennany /1 Ghava Gibraltar

.G.niea-Bissaa

42,454

-

D. [otvi-n Republic Ecudor Egypt. Arab Rep El Salvador Fnator-a Guinea ErIirea/t Etovi lb Ethiopia /i Farro Islands

20 22

..

-

Economy

GNP IaReal (ilosgrowth of US$1 125$ Ia 1993 1992

50 12

.Idonesi

1.4 -0 2

GPpcpi.Shar

-Fiji

...

.

-3 0 0.5

107 12 66

18 14

.Geenland

..

3,630 471,978

Share of Shar of Shar of Aveag agclt-r expr1ts i,noeotre inGCDP in GO GDP inflationg rae 1%) (211 (Ye.) 1%) 1983-93 1993 1993 1993

..

.5

19 I 60 2v.9 14 70 91 9 15 6 1

31

22

0 2 8 29 29 24-

62 10 38 52 42

19 31 30 31 16

6I9

7

29

34

0

53

23

43 51

34 21

25 13

3

20

19

.

34,120 3.752 1,295

..

2,420

732 26 9

Notes in Appendix I of this text for insfructions on how to access mnoredetailed informafion or methodology notes on the

Notes: Dash indicates data not available. § indicates that range estimate is provided in maps of World Bank Atlas 1994. World Bank: Washington, D.C. Figures in italics are for years other than those specified. The numnber0 or 0.0 means zero or less than half the unit shown and not known more precisely. Letters: a. Atlas method; b. Purchasing power parity, see the introduction and the technical noteS (of World BanlkAtlas). c. Estimated to be low-income ($695 or less). d. Obtained from regression estimates. e. Estimated to be upper-middle-income ($2,786 to $8,625). f. Estimated to be high-income ($8,626or more). g. Estimated to be lowermiddle-income ($696 to $2,785). h. Estimates for the economies of the former Soviet Union are preliminary, and t heir classification will be kept under review. i. Data for Eritrea are not yet disaggregated and are included in Ethiopia. j. PPP estimate of GNP per capita and data on shares in GDP refer to the former Federal Repuiblic of Germany. k. Referencesto GNP relate to GDP. 1. Data cover the East Bank only. m. Former Yugoslav Republic of Macedonia. n. Data cover mainland Tanzania only.

1995

FACTBOOK

EMEFRGING;MARtKETs DATA

BASE

4

World Economic Statistics World Economiesin 1993(cont.) GNP IaReal (milhoes

of US$1 U5$ Ia

US$ Ia

GNP p,, .pit. ~~~Sharocf Shar of Share of l'PP lb Acerag agiatr es Dt mGsnn ~~~~~~~ ~~~growth Intl. inlton inGDtP mCO inGDtP rate 1%) dollar t993

rate (%) 1985-93

-4.5

5,170

60.5

0.8

1,5100d

Econ-my

1993

t992

1993

Latoma /h Lebanon Lesotho Libera.. Liby. Lit'haa,nia /6 Losewlnoog

5,257

2,610

2,030 660 c e 1,310 35.900 e 780 240)

-6.4 27

~~~~~~ ~~2,034 230 220 2,830 3,160

..

.

1,254

610 . ..

4,091 14,233 Macao .. 1,709 3,039

Macedonia, FYR4Irn Madagascar Malaioi Malayia Maldives Mali Malta.. Marshall Isands

60.061 194 2,744

1,710 30,800 .. .

230

700 310 .

..

Mauritaia Maoeiti-s Mayelte

1,0917 3,309

.

540 2,800

.

Martiniqoe e 510 2,900 e

.

Mesico microneia. Fed. Sts. Mold.sa /h Mongolia Morocco Mzm~biqomya.mr..,. N-wibia Nepal Netherlands

324,951

3,510

Netheriands Antilles

. e NewCaledonia .. . e 12,660 12,900 300 360 290 270 330 310 .. g 113,527 26,2930 26.340 9,~~~~~~~~~631 6,380 5,600 53.250 420 430

New Zealand NicargNige Niger,ia Northern, Mariana Is Nor-y LOnan PaLista-

.

1,450

2,594 3,174 31 6,404

.

1,050 70 1,670 1 70 20,050

-1.7 04 5.7 ..

-4.3 .. ,.

-0.1 5.8

7,871 .

25,427 348,41 3 1,499

1,170 2.820 250

60 89 00

17 30( 235

-

17.0 3.1

30 16 20 42

17 80

13 33

.

530 -..

1,5904d 12,400

.

0.5 2.7

-

3,930 d IlSO50d 18,050 . ..

15.390 2,0704d OlOd 1,480

.

.

16

6

22

. ..

-

45 63

.

..

40.1

8

13

22

90.2 34.4 5.5 54.3 26.7 10.0 10.4 1.3

33 28 14 33 63 I1 49 4

20 62 22 21 1 55 20 52

19 19 25 41 12 11 20 21

..

. -

...

3,270 3080

§

.Sierr

27 10

..

7.4 9.0 ..

7,100

-Spain ..

25 29

5.9 1,0.36.2 -1 3 29.3

30 39 36 .

. .

3 20 13 39

.Torkey ..

19 17 6 198

.

.

19,130 10.7304d 2,110

305 0.6 9.4

3 3 25

43 0 16

18 17 21

-0.7 1.1 1.3 -3.5 1.6 -198 4.7 1.8 -0 7

0,940 2.4704d 3,490 3,130 2,660 5,010 9,890)

1.3 4.1 27.2 610 6 10 0 112.8 13.0 2.9 -

10 2s6 204

29 49 27 9 32 19 29

22 20 22 19 24 19 29 17

.

.

49.4 91.4 2.4

23 11 41

-6.5 -5.0 -3.5

Souirce:World BatikAtlas 1995. World Bank: Washington, information contained in this table.

2,910 5,240 640

22 7

§ 1

.

5

D.C. See Macroeconomic

Slovak Repablic Slo-eia Sol.-n iosAnds Somalia Sooth Africa Sri Lanka Sodan Sai-ae

Sweden

.Sitzerland

0.5 1.2 1.5

22,91 0d

S-o Marine.0 St. Krtts aad Nevis S.Lca490 Vincent SaooTa-wand Principe Saudi Arabia Senegal Seychelles Leon Singapoer

,Swailand

.-.

,

..

Econom.y

~~~ 9 ~ ~ ~ ~~~ ~~~~~~~~~~~~~~~~~~9

790 8,630

.

1.120 2,350 200

21 1

12

..

.

.

$41.6 3.3

14

.

1,500 1,490 030 2,270 7,890 7,020 15,140

.St. .

34

3,210

..

.

11 24 76

15.1

09

0.2 -6.2 -2.1 3.2

.

67 20 15

700

-5.4 -0.3 0.9 1.9 2.3 1.9 2.0

.

10

1%) 1993

.

.

-

15

14.6

14 1993

-

..

.

M%) 1993

.

1,180 400 1,030 80 c 1,660 160 20,710

~~~~~~~77,749 20,317 /h

.. .

-

1,410L 1,350 740 1,950 7,510 6,700 15,760

3,160 2 9,510f

.. ..

44,674 1,421 2,313 32.990

6,995 34,030 54.609 87,310

. -.

3,700

~~~~~~ ~~6,621 2,470 2,580 4,637 990 1,120

Panama Papoa New Gainea Paragnay PePhilippine, Poland t PerSaga P-eto Rico Qatar Reu-o Romania RH"as-a Federhon R-ada

,.

.. .

820 300 e

-

5,160 943 27,645 1,375

t985-93

GPShar

23 37 6

Syrian Arab Repablic Tajiikistan /h Tanznia I Thailand Togo Tong, Trinidad and Tobago T.nisia Tnrkmenislan /h1,30 /6 Uganda Ubraine /h United Arab Emnirates United Kingdom United states Leognay Ua.bekistan Ih Van..ato Ve-eaela Viwt Nam Virgin Islands (U.5.) West Bank and Coca W festerSama Yen Resep. Yageslavia, Fed. Rep. Zaire Z-mbia Zimbabwe

NP IaReal (mnillions of US$1 USO Ia 1993 1992

US$ /a 1993

growth rae (9PAl 1985-93

f

4,120

4,470

5.2

233 41 0,967 444 647 55,372

2,900 2,040 370 7,780 790 5,750 160 16,970

3,040 2,130 330

4.3 4.6 -1.9 -0.9 -0.3 4.0 -0.6 6.1

10.145 12,066 261

2,040 6,700 720

..

1,900 6.310 700 c 2,900 13,650 600

-2

. . .. . ..

63

23

72.3 3.0

38 0

22 169

9 144

ii

60 54

4 25 5 34 14 13

18 33 3 3 26 80

23 220~~~~~~~~~~~~~~~~~~ 1 I15 20

2 5 02 .33 43 12 49

28 36

17 24 10

31 37 23

48 39 12

2 16

40 40

14 25

15 32 2 56 312 2

20

770 20,470d

.5

24,830 36,410

0.1 0.7

17,060 23,620

2,686 2,521 120,235 1,325 1 50 4, 776 15,332

600 100 1,840 400 1,510 3,990 1,760

47& 100 2,040 330 1.610 3,730 1,790

-7.8 1.4 8.4 -3.4 1.5 -2.7 2.2

1,430

126,330

2,030 1,350 180 2,360 22,640 18,110 23,0.30 3,470 1,000 1,230

2,120

3.0 5,590 -. 6 -1.6 .. I 9 840d -3.9 4,030 0.5 23,390d 1.3 1 7,750 1.2 24,750 3.0 6,300 -16 2,580 0.2-6.9

58.916 11.997.

2,920

-.

l59

960

... -

.c

3,152 5,756

370 500

-

1,910 22,470 17,970 24,750 3.910 960 1,230 2,840 1748 f.. I.. g 980 I g-. 370 540

22

14

6,09.7675 ...

27,000 36,730

190

24

4

.. -75.49§

13,310 3.030 303

11.2 13 825i 6.8 11 2 112

-55.3

3,670 d 1,690

.-.

..

43

40 25

4.1

21 6,294 254,066

3,486 99,677 38,720 1,042.700 6,387,686 12,3174 21,100 199

922

59 66

..

1,210 1,050

...

32.8

6 11 18 19

1,280 1,080

2,830) 14,230 560

.5 .5 3.8 2.5 1.7

488 933

118,057 033,986 10,650

Share of Shar of esyrts investen n O nO (PAl (PA 1993 1993

1,640

2.5 -2.3 -1.5 3.1 2.6 26 -0.2 2.2 3.8

.

of Averge agricratore irfain nO rate (IAl VA) 1985-93 1993

-

185

730 6,370 140 19,310

PPP /b6 Intl. dollar 1993

20.0 11.3 6.3 3.8 2. 33.0

-23.4

6.390 1,0404d -10

SOSO0d 5,070

10

98130 100d

..

..

-0.1 I

5.1 2.3 45.9 6.6 56 2 46.0 4.1 79.3 103.0 .

5.7 3.5 76.2 65.0

30.2 1.72201 ..

10.6

-.

-0.8 1.8 -11

...

1,170 1,900

89.0 20 5

§ 9 36

5

16 28

.1

..

6 68 24 11 20 ..

25 446~~~~~~~~~TA..istn 15 25 135 16 16 30

27

10

14 13

20

-4

4 21

§

§

29 18

40 34

11 23

27 26 16

Notes in Appendix I of this text for instructions on how to access mLtre detailed information or methodology notes on the

Notes: Dashindicates datanot available. §indicates thatrangeestimate is provided

in maps of World Batik Atlas 1995. World Bank: Washington, D.C. Figures in italics are for years other than those specified. The number (I or 0.0 means zero or less tlsan half the unit shown anid not known more precisely. Letters: a. Atlas method; b. Purchasing power parity, see the introduction and the technical notes (of World Bank Atlas). c. Estimated to be low-incomie ($695or less). d. Obtained from regression estimates. e. Estimated to be upper-middle-income ($2,786 to $8,625). f. Estimated to be high-income ($8,626or more). g. Estimated to be lowermiddle-incotne ($696 to $2,785). h. Estimates for the economies of the former Soviet Unioni are preliminary, and their classification will be kept under review. i. Data for Eritrea are not yet diSaggregated and are itscluded in Ethiopia. j. PPPestimate of GNP per capita and data on shareSin GDP refer to the former Federal Republic of Germany. k. Referencesto GNP relate to GDP. I. Data cover the East Bank only. m. Former Yugoslav Republic of Macedonia, n. Data cover mainland Tanzania only.

1995 FAC- BOOK

EMERGING MARKETs

DATABASE

5

Aggregate Net Long-Term Resource Flows to Emerging Markets (US$millions)

Type of finance

Official development finance Official development assistance Official grants /b Official concessionary loans Bilateral Multilateral loans

Official nonconcessionary Bilateral Multilateral

Private loans Bonds Commercial banks Suppliers Other private Foreigndirectinvestment Portfolio equity flows Aggregate

net resource

Aggregate

net transfers

flows

Memo items Private grants Net use of IMF credit Ic Realaggregatenetresourceflows Importpriceindex

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994 /a

33,437.3 21,176.5 12,572.8 8,603.7 4,948.8 3,654.9

37,833.3 26,618.6 14,670.8 11,947.8 7,966.2 3,981.6

42,876.5 29,317.8 16,074.3 13,243.5 8,604.9 4,638.6

43,351.6 33,497.4 16,913.2 16,584.2 10,929.0 5,655.2

42,427.5 36,391.3 18,369.0 18,022.3 12,668.3 5,354.0

42,556.1 36,933.5 19,184.8 17,748.7 12,437.4 5,311.3

57,944.1 44,868.0 28,743.0 16,125.0 9,809.2 6,315.8

61,769.5 47,802.3 32,555.8 15,246.5 8,535.0 6,711.5

50,305.3 43,049.8 29,875.9 13,173.9 5,867.8 7,306.1

53,910.2 42,413.7 30,117.2 12,296.5 5,299.6 6,996.9

54,399.5 44,586.2 30,483.5 14,102.7

12,260.8 3,448.7 8,812.1

11,214.7 2,361.8 8,852.9

13,558.7 3,116.4 10,442.3

9,854.2 597.0 9,257.2

6,036.2 256.0 5,780.2

5,623.1 -788.1 6,411.2

13,076.0 4,191.3 8,884.7

13,967.2 5,687.0 8,280.2

7,255.5 1,863.4 5,392.1

11,496.5 4,042.0 7,454.5

9,813.3

25,983.4 -117.4 21,159.0 774.6 4,167.2 9,437.3

21,824.4 5,610.8 8,494.9 -244.2 7,962.9 11,329.7

10,889.5 757.5 3,258.6 828.6 6,044.8 10,253.3

9,848.4 1,049.9 2,992.8 991.1 4,814.6 14,576.1

12,741.6 2,888.7 7,316.6 -885.5 3,421.8 21,181.7

12,763.5 5,284.5 865.9 1,073.3 5,539.8 25,687.1

15,061.1 3,418.9 120.3 7,300.6 4,221.3 26,711.7

18,574.3 12,481.6 3,968.3 -2,167.8 4,292.2 36,810.1

41,476.6 12,943.7 12,835.8 -16.0 15,713.1 47,076.4

45,653.9 42,046.2 -2,199.5 1,993.9 3,813.3 66,614.0

55,555.2

150.0

138.0

606.0

761.0

1,096.0

3,485.9

3,773.6

7,552.2

14,172.2

46,933.7

39,450.1

71,125.4

64,625.3

68,537.1

77,446.8

84,493.1

103,490.4

124,706.1

153,030.5

213,111.8

227,323.2

411.4

286.2

-3,898.4

-1,597.0

-1,142.1

7,198.6

26,209.6

45,837.8

74,406.6

132,225.7

137,457.4

2,600.0 3,567.3

2,900.0 -155.0

3,300.1 -3,271.5

4,000.0 -6,301.7

4,300.1 -5,491.9

4,000.0 -2,329.5

4,890.0 127.9

5,199.8 3,150.4

5,800.0 1,151.8

6,300.1 781.6

7,000.1 526.0

88,699.2 77.8

92,974.4 76.5

81,700.8 79.1

79,417.3 86.3

84,548.9 91.6

91,048.6 92.8

105,710.3 97.9

127,511.4 97.8

154,109.3 99.3

222,687.4 95.7

227,323.2 100.0

69,008.0

-

-

-

-

77,918.4

Table this page: Source: World Bank, Debtor Reporting System; OECD; data on foreign direct investment are from the IMF; as reprinted in FinfancialFlows to Developinig Countries, February 1995. World Bank: Washington, D.C. Notes: See Macroeconomic Notes in Appendix I of this text for instructions on how to access more detailed information or methodology notes on the information contained in this table. Table includes data for 154 developing countries, of which 137 report to the World Bank Debtor Reporting System. Dash indicates data not available. Letters: a. Projection; b. Excludes technical cooperation grants; c. Includes IMF Trust Fund and Enhanced Structural Adjustment Facility.

Map and figures opposite page: Source: World Bank Atlas, 1995. World Bank: Washington, D.C. Note: See Macroeconomic Data Notes in Appendix section of this text.

1995

FACTBOOK

EmNRGING. MARKETS DATA BASE

6

World GNP and GNP Per Capita GNP Per Capita, 1993 IBRD 26903

7~~

7~~~~~~~~~~~~~~~~~~

F-

US dolla1rs;.

$i695 it

'

[2$2,786-$8,625

;

\

>

)_

::g(,

,-,

;

;

Sti~$96$2,785;

0

8

1

Pr;>.wiell

Nuyiiber of ec(inoiilies

l:z!1lr

e;11S

/.1111I1

GNP (US$ liiillions)

Popuilation

GNP percapita

(rnillionO)

(US$ millions)

59 69 42 39

1,165,000 1,635,000 2,1 53,000 19,304,000

3,094 1,099 498 8 34

3Sil 1,49(1 4,3201_ 23,1503

17il 39 209

4,953,()00 19,30l4,000 24,257,000(

4,691 83 4 5,525

1,056 23,1 50_ 4,390

It)t)- 1 X(I l;( )()1x

Emerging

Emerging

Markets'

Markets 20',

De, eloped Nlarketc

Markets'

Share of World Populaition, 1993

Share of World GNP, 1993

Nlrex*ts,p f

Emerging Markets

N itzrT,, DA\ A R \'SE 7 1R(-N( 1\1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~LNII

Key Trends in Emerging Stock Markets in 1994 Nonetheless, many emerging markets experienced quite strong returns in 1994 and were the best performing markets at the global level. At year end, out of the 20 best performing equity markets in the world, 19 were emerging markets. It is interesting to note that the leaders among these top markets were typically smaller, "pre-emerging" markets, most of which are not currently included in any of the leading indexes. Kenya, for example, topped the list with a 179% increase over the year, followed by Egypt, Bangladesh, and Tunisia, which each increased well over 100%,. Among the major emerging markets, Brazil was up by 65% in dollar terms as measured by its IFCI index, followed by Peru (up 47%o),and Chile (up 42%).

The Year In Review have long been equity markets Emerging characterized as having higher risks but also higher returns than developed equity markets. Since 1991, most investors in these markets have focused primarily on the high returns available; 1994 will be remembered for refocusing investor attention on the risks. This was a year in which many emerging markets experienced dramatic price swings and most markets ended the year at lower levels. Nonetheless, 1994 was also a year of substantial progress in emerging markets, with important advances made in their transaction as capital raising effectiveness efficiency, of mechanisms, and in the introduction sophisticated investment techniques. While the volume of portfolio investment into emerging markets in 1994 slowed from the very high levels of 1993, the inflows were still substantial, and a solid foundation for future development has been established.

by political and economic crises. Mexico, for instance, which many investors viewed as having reached nearly "developed" status, witnessed both positive and negative political events during the in terms of year; these were outweighed by the to investors, though, significance of the unanticipated and sharp devaluation Mexican peso in the closing days of the year-an the throughout event which reverberated international investment community. The image of emerging markets was also tarnished in many investors' minds by evidence of international market abuses in Russia, India, Turkey, and China, which came to light in 1994. Despite the roller-coaster performance of emerging markets occasioned by sharp sell-offs and frequent bad news, the broad IFC Global (IFCG) Composite Index, representing returns for 1,266 stocks from 24 emerging markets, fell just over 2% in dollar terms in 1994. The IFC Investable (IFCI) Composite Index, which measured the returns from 890

However, in a pattern now familiar to emerging also markets investors, emerging market constituted eight of the ten worst performing markets in 1994. Indeed, some of the markets that were among the top performers in 1993 were some of the world's worst performers in 1994. In dollar

EmergingStock Market Performancein 1994

emerging market stocks eligible for foreign

terms, Turkey was down by 43%, Poland by 43%,

Emerging stock markets ended 1993 on a buoyant note, and many continued to reach new highs in early 1994 with valuations and market sentiment stocks extreme levels. However, reaching experienced a severe correction in February when the U.S. Federal Reserve raised short-term interest rates from historically low levels. World stock and bond markets were rocked by this and subsequent rate increases, which doubled shortterm U.S. interest rates over the course of the year. The positive outlook of emerging markets investors changed dramatically, with the markets' sharp declines from mid-February to the end of June setting the tone for the year in many investors' minds.

therefore reflecting portfolio investment-and foreign investor reactions more directly-fell substantially more, losing 13.8% for the year. All of the IFC's regional indexes also suffered declines in 1994, though there were specific periods in each region when losses tended to accumulate. The bottom fell out of virtually all emerging markets for investors with Mexico's severe peso devaluation on December 20. At mid-December, the IFC Global Latin America Index was up almost 2% for the year, but had dropped 2.0% by year-end. The IFC Investable Latin America Index lost almost 6% in that two-week period to end 1994 down almost 11%. The IFCG Asia Index lost just 1% in 1994, while the IFCI Asia Index fell by more than 14%. (EMEA) Index The IFCI Europe/Mideast/Africa posted the worst result of all IFC regional indexes during 1994, losing 30% principally because of a sharp fall in the IFC Index for Turkey.

and Argentina and Mexico by 42% on their IFC indexes.

Domestic events in individual emerging markets also impacted prices throughout the year with strong economic growth and continued political and economic reforms often counter-balanced 1995 FACTBOOK

Overall, the movements of the IFC Composite indexes during 1994 followed a roller-coaster path. Peaking first in early February after rising about 3-4% from the year's opening levels, the indexes faltered because of increases in U.S. interest rates and their impact on investor psychology, which resulted in heavy selling in an effort to lock in 1993's sharp price gains. Over the first half of the year, the IFCG Composite fell by 15%oand the IFCI Composite by nearly 20%, from their peaks before bottoming in June. A strong upturn of 25% in the third quarter was caused by positive election results in Mexico, the positive effect of the Real Plan in Brazil, and hopes for an end to interest rate increases. This run-up peaked in September and the indexes declined slowly of in anticipation thereafter on profit-taking EMERGINGMARKETSDATABASE 8

market development

in

further international interest rate increases. By mid-December, the IFCG Composite Index was back at its 1994 opening level and the IFCI Composite was down by 8%; both indexes appeared set to end

stock exchanges rose to a record level of $1,640 billion, up nearly 52% from the 1993 level. The prior record of $1,166 billion had been set in 1989. It is worth noting that in 1989 just one emerging

were laid for continued 1995.

the year at those levels. In the final two weeks of December, however, Mexico'sunexpected flotation of the peso, the currency's subsequent 35% decline against the dollar, and related declines in share prices in Mexico and other Latin American markets hit the IFCG and IFCI Composite indexes hard, driving them down an additional 4% and 6.7% respectively over the period. This impactreferred to by much of the global investment press as the "tequila effect"-spilled across regions and continued into early 1995.

market (Taiwan, China) accounted for 83% of the record trading. In 1994, the Taiwanese stock market was still the most active but represented only 44% of total activity, indicating a general increase in trading activity and liquidity among all emerging markets surveyed. In 1994, many China, Colombia, the markets-including Philippines, Taiwan (China), Zimbabwe-posted triple-digit percent increases in annual value traded. Among the major emerging markets, only Malaysia, Thailand, and Turkey reported declines in 1994 trading activity compared to 1993 activity.

A variety of new and sophisticated instruments and techniques for emerging market investment were introduced or gained wider acceptance in 1994. For example, the use of indexation and other quantitative techniques for emerging markets grew rapidly. From less than $200 million at the start of the year, the total amount of indexed emerging market investment surged to reach a level of more than $2 billion by early 1995. This pool of assets is being managed using a variety of techniques, including passive, "active/passive," and quantitative tilt strategies.

In addition to liquidity gains in many markets, there has been notable improvement in settlement in most emerging markets. The introduction of improved systems at the exchange, brokerage, and custody levels, has helped improve investor confidence in the integrity of these markets. But there was also some noticeable deterioration in this regard, such as in India, where settlement continues to be extremely difficult.

Emerging market derivative activity also grew substantially in 1994. Volatility in underlying markets prompted investors to seek risk management vehicles and use these instruments to gain quick and efficient exposure to these markets. The use of derivatives on emerging market stocks now covers a full range of instruments, including listed index futures and options, options on individual stocks, OTC index swaps, and options on index-linked notes. In addition, a number of emerging markets have, or are in the process of introducing, domestic equity derivative markets. It is expected that these developments will help enhance the liquidity and transparency of the underlying cash markets.

in EmergingMarkets Innovations

Key Indicators of Development in the EmergingStock Markets Despite lackluster performances in 1994,emerging markets as a whole achieved impressive results in their structural development during the year. According to the IFC's 1995 Global Survey of Stock Exchanges, for instance, the total number of domestic companies listed on the principal stock exchanges of the 60 emerging markets for which data was available rose 15% from year-end 1993 to over 17,000 companies, more companies than were listed on the world's developed stock exchanges in 1991.The value of these new listings and other issues of stock more than countered the general decline in share prices to bring aggregate market value at year-end to a record $1,930 billion, up nearly 21%,from 1993. Emerging markets also showed signs of increasing maturity in terms of their capital-raising power. New issues of stock for cash rose dramatically in 1994;the number of new issues made during the calendar year rose 40% from 2,000 in 1993to over 2,800 in 1994, while the amount of capital raised also grew nearly 40%, to $51.4 billion versus $37 billion in 1993. The most impressive gain in 1994 was perhaps in the trading activity in emerging markets. Even while share prices fell generally, aggregate value traded in 1994on the individual emerging markets' 1995 FACTBOOK

Thus, emerging markets show strong evidence of continuing to become more liquid and efficient, even before considering the significant amount of trading in emerging market stocks that takes place in international financial centers. Citibank, for instance, estimates that the total value of Latin American Depositary Receipts (DRs) traded in 1994 was $104 billion, equivalent to about 51% of the total trading that took place for all stocks in the home markets of the region. The figures for DR trading for other emerging market regions are likely to be less substantial relative to the whole but still significant in conjunction with increases in local market trading. Overall, despite market perceptions based on price movements and volatility, the key indicators of growth in stock market size, depth, and sophistication, indicate that 1994was a good year for emerging markets and one in which foundations

International Equity Offerings and Foreign Portfolio Capital Flows Notwithstanding the volatility of stock prices in most emerging markets, 1994 was another record year for foreign portfolio capital flows and capital raised in international capital markets by emergingmarketcompanies. According to preliminary World Bank estimates of net long-term financial flows to developing countries, net portfolio equity flows of about $39.5 billion were used to buy emerging market stocks in 1994. This may be down from the 1993 record of $46.9 billion but it is still the next best EMERGINGMARKETSDATA BASE 9

year on record. Even though there was a 16% drop in net portfolio equity flows, in 1994 there was a 17% increase in net foreign direct investment which reached a level of $77.9 billion, and an 11% increase in overall net private capital flows to $173 billion from $159 billion in 1993. Assets in open and closed end equity funds at year end, according to Lipper Analytical Services, were $124 billion. Total foreign approximately portfolio capital invested in emerging markets at year-end was approximately $200 billion. According to pension consulting firm InterSec, U.S. pension funds were not deterred by volatile markets from sending more investment abroad-a trend which is expected to continue in 1995. InterSec estimates that in 1994, $40 billion was invested overseas leading to a total estimate of foreign holdings by U.S. pension funds of $303 billion. Of this amount, the firm estimates that $6.6 billion was directed to emerging markets, with a total of $28.3 billion being invested in emerging markets by U.S. pension funds by year end. Pension plan sponsors increasingly recognize that adding emerging markets equities to their portfolios helps them extend the efficient frontier of tradeoffs between risk and return. The result is an increased tendency for pension funds to diversify their holdings out of dollar-based investment and to further internationalize their equity portfolios. As implied in the surge in new listings and trading, it was also a banner year for new international offerings of securities. The roller-coaster nature of stock price movements during 1994 opened occasional "windows" for new issues of shares, and the year was replete with initial public privatizations, and international offerings, offerings. IFR Securities Data London estimates that more than $17 billion was raised in new emerging market issues in international equity markets. The leading countries in raising new equity in international issues in 1994 were India (with more than 47 new issues for nearly $3 billion), China (36 issues for $2.4 billion), Mexico (36 issues for 1995 FACTBOOK

$1.7 billion), and Indonesia (27 issues of $1.5 billion). Strong showings were also made by Argentina, Brazil, the Philippines, Korea, and Pakistan which had new issue totals reaching the $1 billion mark. The year was also notable with the entrance of new players to the field of emerging equity issuers. In 1994, markets international South Africa entered the market during the year with three issues totaling $175 million; Ghana came to the market for the first time with a $398 million issue for Ashanti Goldfields, as did Russia with the launch of a 25 billion ruble offering of the shares of Red October Confectionery in December. Revealing a preference for investment in the form of Depositary Receipts, investors supported a record year for DR programs, helping to raise more than $20 billion in capital for all non-U.S. issuers. Emerging markets are the fastest growing segment of the depositary receipt market, providing for more than 56%o of the new DR programs established during 1994. In the two prior years, DR issues from emerging markets accounted for less than half of the new DR programs established. Of emerging markets, India was the most active, establishing 44 DR programs, followed by Brazil with 28 new programs and Mexico with 23 new programs. The year 1994 was also significant in witnessing Korea's first ADRs listings on the New York Stock Exchange (NYSE). ADRs valued at $300 million each were introduced in 1994 for Korea Electric Power and for Pohang Iron & Steel. Indonesia's P.T. Indonesia Satellite Corporation made the single largest intemational equity offering in 1994 by an emerging market company, for $829 million, using a DR program. Emerging markets were also well represented in 1994 DR trading statistics. The most actively traded DR program during the year was that of Telmex, which traded more than 1 billion receipts shares on the NYSE, making it was one of the most actively traded stocks on the exchange. Analytical Services to Lipper According International, interest by investors in emerging

markets equity funds continued to be strong in 1994. Fifty-nine new closed-end emerging market equity funds were established last year, raising over $7.1 billion. Over the year, more than 150 open-end funds were established in the U.S. and offshore. Most of these were funds directed toward investment in Asia (50%), with 28% having a global focus, and 18%obeing targeted to Latin American markets. Some of the new funds launched last year focused on the smaller and younger emerging markets. For example, during 1994 new investment funds were launched for Bangladesh, Vietnam, the Czech Republic, and for portfolio and direct investment in economies of the former Soviet Union. Trends and Prospects for Emerging Markets While 1994 was a tumultuous year for emerging markets, it was also a year which evidenced progress in the deepening and broadening of the markets through increases in liquidity, number of shares in domestic and international markets, and high levels of portfolio flows. The roller-coaster ride of 1994 reduced many investors' returns from emerging markets and shook out many short-term, peripheral players. In the early part of 1995, that sophisticated however, it appears institutional investors continue to be convinced of the inherent validity of the long-term potential of emerging markets and have not pulled their investments out of these markets. These money managers and investors appear to believe that there is still value to be obtained in emerging returns which markets from higher-than-average are relatively less correlated with returns in developed markets. Nonetheless, 1994 was a sobering year for emerging markets investors, especially new investors who learned that the return potential in emerging markets could be more than balanced by risks, particularly for short-horizon investments. While emerging markets are becoming deeper and more stable, their volatility remains a constant. This year's results were proof that emerging more markets can still turn on a dime-or, accurately, turn on a peso. ENLRGING MARKETS DATA BASE 10

2. World Stock Markets

Emerging Stock Markets Factbook 1995

World Stock Market Performance 1994 (ranked by 1994% change in price indexesin US$) Rank

Market

%. change in price index

Rank

Market

44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68

U.S. Phiilippines* Sri Lanka *-1.9 Greece' Namibia U.K. Canada France Austria Spain Pakistan *-9.8 Jordan *-11.7 Thailand *-13.1 Hungary CotedIlvoire Indonesia *-20.6 Malaysia Venezuela *-27.2 Hong Kong Israel China *-34.5 Mexico *-41.6 Argentina *-41.6 Poland *-42.6 Turkey

% change in price index

Market Indexes 2 3 4 5 6 7 8 9 10 I1I 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

Kenya Nigeria *168.8 Egypt, Arab Republic Bangladesh Tunisia Ghana Brazil *67.6 Maurifius Peru *52.1 Finland Iran, Islamic Republic Panamna Chile *41.2 Morocco Ecuador Oman Southi Africa *28.5 Cyprus Colombia *26.8 Swaziland Zimbabwe *22.5 Norway Taiwan, China * Japan Sweden P'ortugal *16.54 Korea *16.3

29 30

Italy Jamaica

31

Luxembourg

Top 25 Marketand RegionalIndexesby PercentChange in Prices,1994 179.0 167.2 116.6 114.4 68.8 56.5 51.3 49.0 44.1 40.3 38.8 29.1 27.6 25.7 22.1 21.5 20.7 17.3

-0.9 -1.1 -2.1 -2.7 -4.7 -4.9 -6.6 -7.1 -7.4

32 33 34 35 37 38 39 40 41

Netherlands Trinidad &Tobago India Botswana 36New Zealand Singapore Belgiumr Barbados Germany Australia

1 2

F.T.EuroPac MSCIESAFE

9.4

3

MSCI World

8.9 8.1 6.5 6.0

4 5 6 7 8 9 10 11

IFCG Asia IFCG Lafin America IFCG Composite U.K. FT 100 IFCI Latin America [FCI Comnposite IFCI Asia tFCI EMFA

~5.8 5.4 4.9 4.2 3.3 2.9

42

DenLmark

2.6

43

Switzerland

2.4

Notes:

160

1 40

120 -17.5 -19.7 100 -22.8 -31.0 -33.4

80

60

-43.3

28 Ireland 11.9 Regional Indexes 10.4 9.6

180

7.1 6.2 3.4

-1.0 -L.8 -2.2 -5.2 -10.8 -13.6 -14.2 -30.0

[llfffniuii

40

20 0

H

H -a1

H_______________ -

-0

C:~ M

lr

M

1

OU

vcE.

l

Z

L)E U~ U

5

*

Emerging markets

Developed markets

Asterisks indicate IFC Index returns for markets covered by IFC Indexes in 1994. Data for emerging markets not inuclued in IFC Index coverage in 1994 are local index percentage changes adjusted to US dollars. Developed market index data for this table from MSCI. Index performances on this page do not necessarily represent the returns that non-dlomestic investors might have achieved for the year.

1995 FACTBOOK

EMfERGINGMARKETs DATA BASE 12

World Stock Market Turnover 1994 (ranked by 1994 turnover ratio)

Rank

Market

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43

Taiwan, China China ^ Poland* Korea ^ France Germany Turkey * Brazil * Switzerland U.K. Netherlands Italy Sweden U.S. Slovenia Singapore Thailand * Israel Malaysia * Denmark Austria Croatia Canada Peru* Hong Kong Mexico Australia Spain Finland Portugal i Japan Philippines t29.9 Indonesia Ireland Argentina Norway New Zealand Pakistan Sri Lanka t India Morocco Hungary Iran, Islamic Republic

Notes:

Turnover ratio M%)

323.1 235.2 176.7 174.1 133.9 97.8 94.2 83.4 80.1 78.1 73.5 72.3 70.5 69.7 62.3 62.2 60.9 60.4 58.7 56.8 54.9 52.2 50.3 46.8 45.0 44.5 44.4 44.1 43.4 36.6 32.4 29.4 28.5 28.1 27.5 27.4 26.9 25.9 24.1 22.1 21.6 20.8

Ratik

Market

44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80

Venezuela Kuwait Colombia Satidi Arabia Tunisia Lithuania Oman Belgium Bangladesh Jordan ' Czech Republic Panama Zimbabwe Slovak Republic Chile * Trinidad & Tobago Egypt, Arab Republic Sotith Africa Jamaica Botswana Cyprus Mauritius Uruguay Nepal Malta Iceland Cote d'lvoire Ghana Bulgaria t Greece Ecuador Kenya Barbados Luxembourg Nigeria Swaziland Namibia

Turnover ratio (%)

20.2 18.9 17.8 17.1 17.0 16.4 16.4 15.6 14.3 13.0 12.1 11.8 11.5 11.2 9.5 9.0 8.9 8.5 8.3 8.2 7.3 7.0 5.7 5.4 5.0 4.0 3.7 375 3.4 3.1 2.9 2.6 1.4 1.1 0.8 0.6 0.3

Top 25 Market Indexes by Turnover Ratios, 1994

350

300

250 200

150

100

0 cx

r> Y

4

Mv)

3

Ž'

x

r U .

s .z

xX L x

2

Ua

xX

a

a

8

r6

C

_ v

C

Z

Emerging markets *

Developed markets

Asterisks indicate market turnover for markets covered by IFC Indexes in 1994. Ratios for each market are calculated in local currency terms by dividing average market capitalization for the year by total value traded. Developed market index data for this table from MSCI.

1995 FACTBOOk

EMERGING MARKETS DATA BASE

13

World Market Capitalization 1985-1994 (US$millions; end of period levels) Market

Emerging Markets Argentina ^ Armenia Bangladesh Barbados Botswana Brazil * Bulgaria Chile China * Colombia ' Costa Rica Coted'lvoire Croatia Cyprus Czech Republic Ecuador Egypt, Arab Republic Ghana Greece-

1985

1986

1987

1988

1989

1990

1991

2,037

1,591 186 42,096 4,062 822 246 332 -

1,519 405 16,900 5,341 1,255 458 -

2,025

4,225

3,268

-

-

-

430 32,149 6,849 1,145 437 -

476 44,368 9,587 1,136 531 -

321 280 16,354 13,645 1,416 549 -

-

-

-

-

-

1,716

2,150

1,760

1,713

1,835

4,464

4,285

1993

1994

18,633

43,967

36,864

-

-

-

-

-

18,509 269 307 261 42,759 27,984 2,028 4,036 311 567 1,296 2,527 76 13,118 40 505 47,730 6,823 30,509 1,034 2,512 638 96,373 58,627 312 98,178 1,528 1,882 1,506 7,326 1,118 10,197 144 9,613 115

-

-

-

-

-

-

-

-

55,439

-

-

-

-

-

434 168,497

-

113 42,768 2,012 416 195 302 -

1,382 765

-

--

1,129

-

6,376

-

15,228

Honduras

-

-

-

-

-

-

Hungary * India * Indonesia Iran, Islamic Republic Jamaica Jordan * Kenya Korea * Lithuania Malaysia Malta Mauritius Mexico * Morocco Namibia Nepal Nigeria * Oman Pakistan * Panama 1'eruPhilippines Poland Portugal Russian Federation Saudi Arabia Slovak Republic Slovenia South Africa *

-

13,588 81 536 2,839 13,924 15,065 -

17,057 68 631 2,643 32,905 18,531 8,371 357 974 1,960 831 2,948

-

27,316 2,254 957 2,162 499 140,946 39,842 22,550 621 -

-

1995 FACTBOOK

1992

14,364 117 266 2,454 7,381 16,229 3,815 255 2,743 1,370 760 669

-

5,952 279 1,112 1,710 2,322 2,008

-

192 -

-

1,530

102,652

23,623 253 796 2,233 474 94,238 23,318 13,784 446 960 2,460 4,280

-

8,857

128,663

1,005 983 2,457 931 11,965

-

7,172

126,094

38,567 8,081 911 2,001 453 110,594 48,611 268 32,725 966 1,372 1,257 2,850 812 5,927

-

10,618

131,060

-

9,201

137,540

314 259 295 45,261 29,644 18,255 5,681 475 336 1,184 69 3,259 84 9,489

453 328 261 99,430 44,622 40,567 9,237 434 415

-

1,071 1,620 3,814 118 12,319

-

-

562 65,119 12,038 1,370 3,227 3,365 607 107,448 94,004 416 139,061 1,909 326 1,221 1,544 8,028 241 2,630 13,794 222 9,213 -

812 97,976 32,953 1,304 1,469 4,891 1,418 139,420 220,328 791 200,671 2,651 3,450 1,029 1,599 11,602 421 5,113 40,327 2,706 12,417 171,942

103,537

[xn¶RGING c

1,049 518 377 189,281 52 68,195 43,521 14,028 428 514 1,335 12,589 3,499 4,263 1,873 14,921 49 1,604 127,515 47,241 2,770 1,753 4,594 3,081 191,778 41 199,276 52 1,514 130,246 4,376 9,574 264 2,711 2,135 12,263 763 8,178 55,519 3,057 16,249 30,000 38,693

1,093 594 225,718 IARKETS

A I A BASE

14

World Market Capitalization 1985-1994 (US$millions; end of period levels) Market

Emerging Markets Sri Lanka ' Swaziland Taiwan, China ' Thailand * Trinidad&Tobago Tunisia Turkey' Uruguay Venezuela' Zimbabwe ' IFC Index Markets All EmergingMarkets

1985

1986

365 10,432 1,856 463 600 15 1,128 360

421

1987

1988

1989

1990

1991

1992

1993

1994

608

471

427

917

1,439 101,124 58,259 510 814 9,931 368 7,600 628

2,498 297 195,198 130,510 485 956 37,496 251 8,010 1,433

2,884 338 247,325 131,479 663 2,561 21,605 170 4,111 1,828

(cont.)

120,017 8,811 268 608 1,135 24 1,816 774

237,012 25,648 411 638 6,783 27 1,472 1,067

100,710 23,896 696 533 19,065 38 8,361 2,395

1,936 27 124,864 35,815 671 711 15,703 44 11,214 1,394

-

15,367 2,878 374 595 935 35 1,510 410

-

48,634 5,485 388 662 3,221 40 2,278 718

-

17

111

167,672 171,263

234,004 238,303

314,231 319,322

477,892 483,135

731,207 738,063

603,536 611,660

808,885 852,068

866,186 883,904

1,567,474 1,591,080

60,163 4,602 20,871 147,000 15,096 5,855 79,000 183,765 34,504

105,709 7,411 41,377 218,817 20,181 19,698 172,048 213,166 54,088 12,001 119,559 2,802,952 14,196 38,277 86,240 15,713 11,818 17,931 71,188 70,564 128,527 680,721 2,588,890

138,283 8,862 58,920 241,880 30,178 30,179 244,833 251,777 74,377

140,956 22,261 74,596 291,328 40,152 30,652 364,841 365,176 77,496

144,867 7,689 71,319 266,874 44,841 14,271 348,083 393,454 121,986

135,451 21,750 64,172 243,018 32,635 12,202 350,858 348,138 172,106

203,964 28,437 78,067 326,524 41,785 23,562 456,111 463,476 385,247

-

-

5,458 135,428 3,906,680 11,836 44,808 113,565 13,163 14,332 24,049 91,118 100,083 140,527 771,206 2,793,816

8,227 169,417 4,392,597 9,932 10,348 157,789 13,487 25,285 35,925 122,652 119,285 170,936 826,598 3,505,686

107,611 11,476 65,449 241,920 39,063 22,721 314,384 355,073 83,397 3,324 148,766 2,917,679 10,456 119,825 8,835 26,130 34,308 111,404 92,102 160,044 848,866 3,089,651

1,801,991 1,928,972

Developed Markets Australia Austria Belgium Canada Denmark Finland France Germany Hong Kong Iceland Ireland Israel Italy Japan Kuwait Luxembourg Netherlands New Zealand Norway Singapore Spain Sweden Switzerland U.K. U.S.

12,658 59,363 8,761 10,063 11,069 19,000 37,296 90,000 328,000 2,324,646

94,713 6,656 37,337 166,300 16,284 11,692 149,500 257,677 53,789 9,884 140,249 1,841,785 10,108 26,163 83,714 22,215 10,122 16,620 48,922 63,354 132,400 439,500 2,636,598

All Developed Markets

4,496,503

6,275,582

7,511,072

9,245,358

10,975,622

8,812,484

10,447,505

9,962,514

12,464,603

13,256,635

World Total

4,667,766

6,513,885

7,830,394

9,728,493

11,713,685

9,424,144

11,299,573

10,846,418

14,055,683

15,185,607

7,626 58,502 978,663 -

-

-

-

6,176 158,865 3,130,863

29,634 129,191 2,399,004

11,308 136,158 14,336 22,043 47,637 147,928 97,495 173,881 987,952 4,099,479

11,936 134,594 15,348 17,821 48,818 98,969 76,622 195,285 927,129 4,497,833

50,773 136,153 2,999,756 10,049 19,337 181,876 25,597 27,380 132,742 119,264 107,376 271,713 1,151,646 5,223,768

219,188 30,272 84,103 315,009 54,399 38,278 451,263 470,519 269,508 484 8,408 32,730 180,135 3,719,914 10,517 28,511 283,251 27,217 36,469 134,516 154,858 130,939 284,092 1,210,245 5,081,810

Notes: Table contains year-end total market values of listed domestic companies. See Stock Market Reference List in Appendix I for stock exchanges included in each market total. Asterisks indicate IFC Index markets in 1994.

1995 FACTBOOK

E\IRGING

NI\ARKETS DATA BASE

15

Market Capitalization Analysisand Summary 1984 and 9% in 1992. A milestone was reached in of all 1993 as the total market capitalization emerging markets surpassed the $1 trillion mark. By the end of 1994, this figure had risen to $1.93 trillion.

The map on the opposite page illustrates market in world economies based on capitalizations figures reported in IFC's 1995 Global Survey of Stock Exchanges (see pages 14 and 15 for data). Shading in this map does not necessarily correspond with whether a market is considered emerging. As the table beneath the map shows, while 89% of the darkest shaded regions are emerging markets, 55% of the medium-shaded regions are emerging markets, as are 33% of the lighter regions. Overall, the market capitalization of emerging markets now represents 13% of the world total market capitalization, up from 4% in

The diagram below is a plot of GNP per capita versus market capitalization as a percentage of GNP. Emerging markets are shown with lighter dots, while darker dots indicate developed markets. It can be seen from the diagram that relative to the size of their domestic economies, many emerging markets are as large or larger than

economies, the stock markets of developed suggesting that market size is heavily influenced by factors such as institutional arrangements in the financial system, and the interaction of monetary, fiscal, and regulatory policies. It is also apparent is not that relative stock market development necessarily related to current per capita income levels. Because market capitalization is a function of stock market prices, the ratios depicted below fluctuate and should be used cautiously to form only a part of any consideration of a market's relative size and stage of development.

GNP Per Capita vs. Market Capitalizationas a Percentage of GNP, 1993 1000%

* HoggKong

a Malays.a

_ Smngapore 100%

n ;g India 2 _g Kenya

>

N i

a

_ 3°

10% _ _ i

u South Africa B Namibia BEThailand8 Chle a Jordan Phillipi.ill M-xico f Phillipines

k

* Luiemboueg * Switzerland

mu S. .ja pan a ~~~~~~T.i-o * , ChinaAlsts.1

wede,n Ne- Zealad Korea Sl Jaac g Fr ncnak RTorkey Manritios Zirnmbabwe ot Swaziland Itua Spain - Finlan.J1'y Argen. iBrazil X & Indonesia nColombia Poola.aa k, Sn Lanka U Austria Greece S Cypnrs a>Venezuela ; EcuaaXr g Trinidad Egypt eMMorocco STanisia Boiswana& Tobago e China Pnam _ Coled'Ivore MSPoland

Nigera

Hnary HB

m~~~~~~~~~~~~~~~~~~~~~~~~3

8 Bangladesh

* U K.

a

Unuguay

!KGhana

1%

I-

0%. 100

10,000

1,000

100.000

1993 GNP per Capita (US$) (log scale)

Figure this page: Source: IFC Emerging Markets Data Base, and the World Bank. Note: End-1993 values of GNP and market cap are used. See GNP footnotes on pages 4 and 5, and market cap footnotes on page 15. 1995

FACTBOOK

Map and figures opposite page: Source: IFC Emerging Markets Data Base. Note: See pages 14 and 15 for data. ENIERGING MARKETS DATA BASE

16

Market Capitalization Analysis and Summary World Market Capitalization, 1994 IBRD 26904

C>~~~0

_

tz; ,._

''l9',,,'.'~~,

:

'

It,

%

LS

-

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Share if group V('l)

Number of nmarkets

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40

83,597

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10,001-100,000 000,000 100,0ll1-1 1,0()0,001or milore

21 19 3

754,184 4,335,896 10,011,969

411,649 1,442,618 0

5 5O 33' 0n;

Total sur\ eved

83

15,185,607

1,928,972

13'.

711-errp;,g Ala7k-t Ca (USS mtilii(ois)

%

UR

~

~~~~ 9C u

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~~~~~~~~~Colombia ~~~~~~~~~~~Pakistan ~~~~~~~~~~~Indonesia ~~~~~~~~~~~~~India ~~~~~~~~~~~~Peru = _ ~~~~~~~~~~~Japan Taiwan, China

-

W > m wlJ

~~~~~~~~IFCG ~~~~~~~~~~Malaysia ~~~~~~~~~Mexico ~~~~~~~~~~IFCG Asia Sri Lanka

t

ll,|1

lug

uuu

mmm

0 G)||

|O

Korea Turkey Portugal Argentina U.S.

m

l,

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Zimbabwe U.K.

O~~~~~~~~~1:D

.

Taiwan, China Korea Turkey Philippines IFCG Asia Malaysia India Pakistan MSCI World ]FCG Composite Chile South Africa Thailand Jordan Portugal Indonesia Colombia Venezuela Argentina Sri Lanka Mexico

0 El g M

() =

~~~~~~~~~~~~~Brazil ~~~~~~~~~~~Poland ~~~~~~~~~~~Philippines 3

_

_

_. Xc

m

a -o

IFCG Price Indexes 1994 Performance Summary (ranked by 1994% changes in US$) % change in IFCG

Emerging

Markets

Rank

Market

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Nigeria Brazil Peru Chile South Africa Colombia Zimbabwe Taiwan, China Portugal Korea India Philippines Sri Lanka Greece Pakistan Jordan Thailand Hungary Indonesia Malaysia Argentina Venezuela China Mexico

168.8 67.6 52.1 41.2 28.5 26.8 22.5 21.5 16.5 16.3 6.5 -1.1 -1.9 -2.1 -9.8 -11.7 -13.1 -17.5 -20.6 -22.8 -25.1 -27.2 -34.5 -41.6

Poland

-42.6

25

Regions

26

Turkey

1 2 3

I 2 3 4 5

Price Index

Percent

Change

in IFCG Price Indexes,

_

__uuuu

1994

200

150

100

50

-43.3

0

Asia Latin America Composite

-1.0 -1.8 -2.2

-50

Japan, Nikkei FT, EuroPac MSCI, EAFE U.S., S&P 500 U.K., FT 100

26.7 7.1 6.2 -2.0 -5.2

.

ODHU.0 0 .3

U

Developed

Markets

0~~'

rc Z °

j D e r

E -

a

r U

U

,,N

> ,

-

U

0

Note: Nigeria's dollar-based index performance was greatly enhanced in 1994 by a switch from the parallel exchange rate to the official exchange rate in January 1994.

*

Emerging markets Developed markets

Q IFC Regional

1995 FACTBOOK

EMERGING

MARKETS

DAIA

Indexes

BASI

38

IFCG Price Indexes 1994 High, Low, Close (USS:year-end and week-end values) End1993

High

High week

Low

Low week

End1994

latin America Argentina Brazil Chile Colombia Mexico Pewu Venezuela

1,602.4 193.4 2,315.8 1,471.6 2,715.1 134.9 406.5

1,842.7 371.4 3,501.2 2,244.5 2,964.3 219.7 504.8

4-Feb 30-Sep 28-Oct 15-Jul 4-Feb 16-Dec 18-Feb

1,200.0 165.3 2,350.3 1,525.6 1,585.6 133.6 261.3

30-Dec 13-May 1-Apr 7-Jan 30-Dec 7-Jan 25-Nov

1,200.0 324.2 3,269.7 1,866.0 1,585.6 205.2 296.0

East Asia China Korea Philippines Taiwan, China

92.5 507.7 3,753.2 843.3

93.7 674.1 4,035.6 1,024.4

7-Jan 14-Oct 4-Nov 30-Dec

36.9 506.3 2,975.2 734.9

29-Jul 21-Jan 11-Mar 1-Apr

60.7 590.5 3,713.9 1,024.4

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

405.6 120.5 374.7 418.6 161.9 1,192.9

504.4 125.0 355.8 483.4 227.3 1,187.5

16-Sep 7-Jan 16-Sep 25-Mar 25-Feb 21-Oct

425.3 89.6 270.6 365.3 146.7 873.1

29-Apr 8-Apr 9-Dec 23-Dec 17-Jun 18-Mar

431.9 95.7 289.2 377.8 158.8 1,036.2

339.2 119.1 156.0 27.3 817.9 570.9 177.5 477.1 437.6

410.3 164.2 165.3 73.3 1,273.8 694.8 229.3 606.8 628.4

21-lan 18-Feb 18-Mar 30-Dec 11-Mar 25-Mar 18-Nov 14-Jan 27-May

300.2 98.3 137.8 50.9 442.7 572.0 143.7 147.0 395.2

10-Jun 30-Dec 30-Dec 7-Jan 9-Dec 1-Jul 15-Apr 29-Apr 7-Jan

332.3 98.3 137.8 73.3 469.3 665.0 228.1 270.5 536.1

Market

Europe/Mideast/Atrica Greece Hungary Jordan Nigeria Poland Portugal South Africa Turkey Zimbabwe Regions Composite Latin America Asia

IFCG Price Indexes High and Close, 1994

4,500 4,000

-

3,500

-

3,000

-

a

2,500(

2,000 U

1,500

e

1,00(

U

U U 500-

0 Qa_,o

' U E E.U E c

459.0 695.0 459.8

511.9 876.1 496.5

23-Sep 23-Sep 16-Sep

410.9 613.8 395.2

6-May 6-May 1-Apr

448.0 682.1 454.8

Q

-~ C.,U a U

.s U t

2 t

-
C J

CDN

'0

Nigeria Sri Lanka Pakistan IFCG Latin America Mexico3 India Thailand Philippines Malaysia

0

ID(D

C C

0O

'

Taiwan, Chn

C ED m r) 5

C

IFCG Composite Hungary U.S., S&P 500 U.K., FT 100 China0 IFCG Asia Indonesia Zimbabwe Korea MSCI, EAFE Turkey

(

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~~~~FrEuroPac ~~~~~Portugal

Japan, Nikkei

Eix

z

Pol~~~~~~and Chi na Brazil

0L (

Argentina

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I

_

_

_

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_

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_

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Taiwan, China

_

_

_

_

I__ ND

Hungary Peru

_

_

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_

_

_

_

_

_

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:

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Sri Lanka Pakistan

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CD

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IFCG Latin America Mexico Thailand India

G

07

M

'0 _

Philippines Malaysia Greece Jordan Hungary Zimbabwe

ZC. I

Q

10~~C

iO C

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IFCGAsia MSCI, EAFE O*

En C rn

-

FTEuroPac Korea Portugal

'a

0

,

~ ~~ ~ ~

; c;m

China Gec

Argentina Turkey

Nigeria

C(

Venezuela Taiwan, China Hungary

Peru

0.

Colombia India0

1

Zimbabwe Philippines Thailand

C

0. I0

Sri Lanka

F .0Hnar

~~~~~~~~~~~Korea Chile IFCGLatin America >eMalaysia IFCG Asia South Africa

IFCGComposite Portugal FT EuroPac MSCI, EAFE

> xrm U]

~~~~~~~~~~~~Jordan ~~~~~~~~U.S-, S&P 500

.

c ^ '0

IFCGTotalReturnIndex Correlations (US$; December 1989-December 1994)

U.S.,S&P500 MOCI,EAFE FT, E-rOPac 18CGCom,posite :FCG Latin Amenca IFCGAsia

2 00 04-4 042 0.29 040 0 19

Argentina Brazil Chile China Colombia Greece Hungary In,dia Indonesia fordan

037

Korea Mialaysia menxico Nigeria Pakistan Peru Philippines Poland Portugal South Africa SriLanka Taiwan Thailand Turkey Venezuela Zi.babwe

1.00 100 0.38 0.28 0.34

029 0.31 0.00 0.11 0.03 0.44 -0.0$ 0.27 0 12

002 0.21 000 -0 02 0.09 0.12 0.37 -0 16 0.11 0 15

020 0.35 0.34 001 007 0.31 034 038 0041 0.13

0.35 0.41 021 026 0.01 0 33 0.30 0.42 0.59 025

0.03 -0.05 0.13 029 0.36 0 29 -0 17 0.05 -11.01 -0 10 0.00 0.10

I100 0.3b 0.25 0.34

1.00 0.56 1.00 0.94 0.29

1.00

0.02 0.06 0.39 -0.07 018 0.36 0.78 -0.03 0.37 0.46 -0.02 026 0.27 0.0$ 0.12 0.12 011 -0.03 0.11 0.36 0.32 060 -0.16 0212 0.19 0.09 0.47 0.18 016 0.31 006 0.36 0.39 0.19 0.27 0.00 0301 0.28 042 057 0.2.3

0.4.4 0.59 0.00 -004 0.16 0.40 055 0.35 0.23 0.48

0.11 0.26 0 16 0.08 -0.09 0.05 0.04 0.43 0.31

0.10 0.48 0.26 0.62 0.70 0.32 0.05 -0.08 007 016 049 0.27 0.25 057 0.35 0.25 027 0.12 002 0.68

-0.05 0.35 0.55 0.15 030 0080 0.21 0.88 0.26 0.49 0.23 0.51 0.04 0.20 -001 0.17 -0 09 -0.28 -0 03 -0.20 0.11 0.07 0.13 0.04

1.00 0.10 0.20 0.04 0.02 -002 049 0.17 -0 09 -001

1.00 -036 0.17 -0.05 0.12 0.26 -0.07

1.00 0.25 044 0.03 0.16 0.08

1181 0.42 0.14 0 27 0.16

0.13 0 10 027 1.11 002 037 0.23 008 0 19 0 14

0 01 0.26 0.09 0.03 -0.18 -0.13 0.29 -0 07 0 14 0.09

-0.05 0.11 001 0.17 0.45 031 0 29 0.41 0 15 -0.20

-0.22 -0.03 -0.09 0.20 -0 05 (1.12 0.17 023 033 0.08

-0.07 0.02 0.10 0.00 -0.04 004 0.00 034 0 15 -0.16

0.06 0.44 020 -006 0.09 0.28 0054 048 0.29 0 16

0.10 0 11 009 0.13 0.20 0.13 0.12 0.37

0 25 0.43 0.28 -0 09 0.13 0 17 0.12 007 0.2.2 -0 21 0.16 -0.15 0 14 -0.04 -0 11 0.01 0 03 0.01

0.06 -0.01 0.19 024 0.32 0 15

0.42 026 0.37 0.58 009 -0.01 -001 -0 14 0 10 0 16 001 0.17 0.09 0.24 -0.03 0II 0 20 1006 004 007 -001 0.06 022 -0.06,

0.14 0 34 0.46 0.30 0114 021

0210 0 26 0.19 0.22 -0.13 -0.14

-0.08 0.00 035 0.03 0 05 0054 0.22 0.39

-0.15 0.06 0.20 001 -00(2 0.28 0 14 021 oo 105 039 0.28 -0.27

am mmS (.1


~

Note: Correlations are for five years of monithly retums beginning December 1989, except for China, Hiungary, Peru, Poland, Sooth Africa, and Sri Lanka, which begin December 1992.

1995FACTBOOK

EMERGING MARKETs DATA BASE

60

C)

(D-

>o(D

_

0

-I

~~~~~~~~~~~~~~~~ --*O '0 (D

2

=: (D

Non X

0

0'

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'

'''''

'''''

° o

MSCI, EAFE_ FT EuroPacS

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IS

+

i

0~~0C

e

Argentina Thailand

.

Ma]laysia Mexico Philippines Chile Peru Brazil = IFCGComposite Indonesia

0_I 0J |w

r=

|

^

g

-

1

.0

0W5

Pordanl

Colombia

Pakistan

-

n


=

:tm

O

Sri Lanka

~~~~GreeceO ~~~Nigeria

ArgtChina

: X a

3B 7 O

Z

~~Zimbabwe

Venezuela C.)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C India

~~~~Turkey

J~~~~~~~~~~~Jra

-4

z

; './-

~~ ~ ~ ~ ~~~Clmi

'05 '0z

South Africa

:

s U'

Korea IFCG Asia Taiwan, China

E] *

0

I

Industry Weights in the IFCG Composite Index End-1994 Number of stocks

Market capitalization (US$ millions)

Weight in IFCG Composite (%)

SIC

Sector/lndustry

O

Agriculture/forestry/fishing

25

12,489

1.3

I 10

Mining Metal mining

56 39

44,122 29,462

4.7 3.1

2 15

Construction GeneralBuildingContractors

40 22

23,641 13,365

2.5 1.4

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products TextileMillProducts Apparel&OtherTextile Products Paper&Allied Products Chernicals & AUied Products PetroleumRefining&RelatedProducts Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing

669 94 59 30 38 70 33 27 72 23 46 59 36 38

350,297 37,498 19,954 13,351 27,077 20,009 39,785 10,851 45,866 17,877 13,701 44,221 20,125 9,151

37.3 4.0 2.1 1.4 2.9 2.1 4.230% 1.1 4.9 1.9 1.5 4.7 2.1 1.0

4 44 48 49

Transportation/comm./utility Water Transportation Communications Electric, Gas, or Sanitary Services

76 9 31 25

190,671 7,672 91,183 82,317

20.3 0.8 9.7 8.8

5

Wholesale/retail

61

21,359

2.3

6 60 61 62 63

Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security&CommodityBrokers Insurance

241 106 39 28 12

230,493 144,204 23,156 12,338 19,882

24.5 15.3 2.5 1.3 2.1

trade

Industry Weights in the IFCG Composite Index, End-1994

Other 18%

Manufacturing

-

37% ;

Tranisportation! comm. utlity Finance! insurance/ real estate 25f,-

Stock Distribution by Industry in the IFCG Composite Index, End-1994

Other

7 70 9

Services Hotels & Other Lodging Places Other/diversified companies

holding

IFCG Composite Index

1995

FACTBOOK

28%

I

Manufacturing _

30 22

19,781 11,508

2.1 1.2

68

46,945

5.0

1,266

939,799

100.0

Finance/

~~~~53%,X

-

insurance! real estate 19%

ERllRGING

MARKETS Dx IA BASE

62

Industry Concentration in the IFCG Composite Index End-1994 (percent) Sector with largest share of market cap

Market

Sector's share of market cap

Share of Market Cap of Largest Sector, End-1994

Latin America 38.2

Argentina

Mining

Brazil

Transportation/comm./utility

42.5

Chile Colombia Mexico Peru Venezuela

Transportation/comm./utility Manufacturing Manufacturing estate Finance/insurance/real estate Finance/insurance/real

50.0 57.7 27.5 36.1 46.3

East Asia Korea Philippines Taiwan, China

Manufacturing Manufacturing Finance/insurance/real

estate

47.0 35.1 47.3

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

Manufacturing Manufacturing Transportation/comm./utility Manufacturing estate Finance/insurance/real Mantifacturing

81.7 69.3 25.6 74.5 48.7 50.9

estate

46.7 41.7 59.3 71.4 37.1 51.6 57.0 39.0

100 90

80 70 60

50

40

Europe/Mideast/Africa GreeL Hungary Jordan Nigeria Poland Portugal Turkey Zimbabwe

Finance/insuirance/real Manufacturing Finanice/insurance/real Manuifacturing Manufacturing Finance/insurance/real Manufactiring Finance/insurance/real

IFCG Composite

Manufactiring

estate

estate estate

37.3

30 20

10 Li

_

a

w

a

E~a-

Lc

a4

a

c

-c

w0

o Manufacturing Note: China and South Africa were not included in IFC's industry indexes in 1994.

1995

FAt I uOOtz

Transportation/communication/utility

c-

a

u ~~~N U

a

U

Mining Finance/insurance/real

E[LMIING

estate

NIARK! IS DATA BASI

63

Industry Distribution by Market Capitalization of IFCG Composite Index, 1994 (USSmillions;end-1994) Brazil

Chile

-

42

192

-

15,727 15,727

Argentina

SIC

Sector/lndustry

0

Agriculture/forestry/fishing

I

10

Mining Metal mining

2 15

Construction General Building Contractors

3 20 22 23 26 28 29 30 32 33 34 36 37 39

7,170

1,044 1,044

-

Manufacturing Food & Kindred Products TextileMillProducts Apparel &OtherTextile Products Paper&AlliedProducts Chemicals&AlliedProducts PetroleumRefining&Relatedl'roducts Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipmenit Transportation Equipment Miscellaneous Manufacturing

5,136 2,201

35,159 4,221 299 515 3,626 1,868 11,932 373 1,530 4,656 1,016 1,860 310 28

17,819 4,039

4 44 48 49

Transportation/communication/utility Water Transportationi Communications Electric, Gas, or Sanitary Services

4,373

47,558

5

Wholesale/retail

6 60 61 62 63

Finance/insurance/real estate Banking Credit Agencies OtherThanBanks Security & Commodity Brokers Insurance

7 70

Services Hotels & Other Lodging Places

9

Other/diversified holding companies

trade

IFCG Composite Index

1995

FACTBOOK

-

185 95 115 176 76 470 179 748 656 -

60 60

-

-

197 197

-

-

-

10,620 935 -

199 169 -

3,654 1,569 63 14 36

-

-

-

-

756 423 717

6,597 1,949

-

3,999

23

-

21 -

-

-

-

1,121

India

Hungary

Jordani

Indonesia

-

554 -

3,250 1,148

-

6,819 1,210

5,688 1,400

3,165 3,165

15,383 628 570 308 2,336 182 110 1,176 320 851 1,060

819 36 63

58,729 495 2,516

18,981 2,737 119

22,874 5,226

-

-

-

-

5 116 85 252 131

141 3,443 6,791 637 2,589 8,193 2,761 18,230 5,633 262

52 513 1,702 322 2,170 1,210 1,378 4,288

2,563 1,112

1,178 -

26 26

25,747 2,951 21,242

15,616

-

3,852

2,250

9,300 9,666

-

-

314 314

71 71

182 -

-

-

-

-

-

311 261

53,389 1,456 2,236 7,502 444 8,971 2,089 558 2,614 3,405 3,881 5,170 5,258 5,480 3,070 917 1,129 1,025

-

-

31 -

-

-

-

15 -

-

-

-

-

-

-

-

Nigeria

Mexico

Malaysia

-

686

19 -

Korea

7,926

2,083

-

-

50 50

Greece

Colombia

-

133

-

1,403 660 48

-

-

-

43 58

10,727 141 335 279 -

632 32,242 2,526

-

-

-

488

21,587 369 21,170

-

-

-

-

-

4,248 125

21,820 25,632

22,535 528 5,701 16,306

-

1,029

-

328

132

106

-

484

2,533 1,139 -

4,438 2,364

-

-

-

3,742 3,459 284 -

36 -

-

10,284 10,284 -

5,129 3,380 750 -

2,350 1,758 23 -

1,653 1,620 10 15

29,589 16,581 1,432 11,007 570

19,173 10,308 1,337 722

-

-

-

-

-

-

-

-

296 88

86 73

1,273 1,273

501 501

107 67

329 329

14,547 6,750

1,064 1,064

-

-

24,522

12,374

52

125,883

83,279

1,964

1,464 1,464

-

1,405

-

-

-

-

559

2,105

935

-

-

208

100

1,547

-

18,751

111,905

45,058

11,437

8,021

747

65,358

22,199

2,787

-

125,065

12,003

290

-

219 219 -

-

-

EMTRGING MARIKETS DATA BASE

64

IndustryDistributionby Market Capitalization of IFCGCompositeIndex, 1994 (US$millions: end-1994) SIC Secthr/lndiustry

Pakistan

0

Agriculture/forestry/fishing

1 10

Mining Metal mining

2 15

Construction General Building Contractors

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Peru

Philippines

Poland

Taiwan, China

Thailand

Turkey

Venezuela

Zinmbabwe

IFCG Composite

41

106

622

785

-

-

7

12,489

-

-

-

-

8,989 8,989

4,454 179

-

-

272 260

44,122 29,462

126 -

181 45

290 290

26 -

4,557 4,557

2,532 2,452

-

-

-

23,641 13,365

10,621 6,049 -

549 416 -

319 111

-

47

-

86 -

2,045 270 1,118 130 -

65,115 2,242 12,322 4,193 5,071 433 6,475 7,689 7,875 581 1,578 15,167 1,000 377

13,822 68 370 502 2,156 486 9,680 -

8,694 784 498 129 42 2,991 374 677 683

1,554 262 108 50 349 534 -

361 146 27 6 43 46 -

-

27

-

196 128

1,153 1,242 96

250 -

-

350,297 37,498 19,954 13,351 27,077 20,009 39,785 10,851 45,866 17,877 13,701 44,221 20,125 9,151

15,891 12,851 -

1,280 129

1,107 1,107

-

-

190,671 7,672 91,183 82,317

-

-

-

-

103 -

852 852

1,081 820

12 -

-

Manufacturing Food & Kindred Products Textile Mill Products Apparel &OtherTextile Products Paper&Allied Products Chemicals & Allied Products PetroleumRefining&Related Products Rubber & Misc. Plastics Products Cement&Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing

5,715 595 1,080 150 1,653 983 30 441 32

1,248 1,080 4 -

137 414

12 103 17 6 27 -

4 44 48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services

1,014 24 851

5

Wholesole/retail

6 60 61 62 63

Finance/insurance/real estate Banking Credit Agencies OtherThan Banks Security & Commodity Brokers Insurance

7 70 9

-

Sri Lanka

Portugal

4,406 98 69 -

--

-

-

-

-

94 130 304 -

-

26 71 -

-

-

-

-

1,172 1,172 -

7,862 3,992 3,871

-

533 -

-

-

533

-

-

-

-

3,482 3,309 -

-

98

-

299

1,246

75

848

668

354

-

-

21,359

823 404 297 122

1,901 1,678 223

9,696 3,265 -

450 450 -

40,550 25,709 10,916 609 357

-

-

-

75,737 51,062 7,763 16,912

681 614 67

-

834 501 277 -

3,252 2,968 -

-

5,770 4,835 278

-

-

523 143 -

230,493 144,204 23,156 12,338 19,882

Services Hotels&OtherLodgingPlaces

-

-

-

-

-

-

71 71

862 647

446 446

-

-

103 103

-

-

-

-

97 97

19,781 11,508

Other/diversified

-

-

836

-

1,158

281

-

513

1,663

11

82

46,945

7,668

5,271

30,222

1,479

11,185

1,711

160,212

79,660

15,243

3,353

1,341

939,799

trode

holding companies

IFCG Composite Index

1995 [AC( i;()()k

1'11

-

35

18

-

E[NIFRGING M NARKETS

DATA

BASF

65

Industry Weights by Market Capitalization of IFCG Composite Index, 1994 (% of market capitalization: end-1994) SIC

Sector/lndustry

Argentina

Brazil

Chile

O

Agriculture/forestry/fishing

1 10

Colombia

Greece

-

0.00

0.02

-

Mining Metal mining

0.76 -

1.67 1.67

0.11 0.11

0.01 0.01

2 15

Construction General Building Contractors

0.00

-

0.00

-

-

-

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food& Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper&Allied Products Chemicals & Allied Products PetroleumRefining&RelatedProducts Rubber & Misc. Plastics Products Cement&Glass Products Primary Metal Industries Fabricated Metal Products Electric& ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing

0.55 0.23 0.02 0.01 0.01 0.02 0.01 0.05 0.02 0.08 0.07 -

3.74 0.45 0.03 0.05 0.39 0.20 1.27 0.04 0.16 0.49 0.11 0.20 0.03 0.00

1.90 0.43 1.13 0.10

0.70 0.21 0.02 0.02 -

-

-

-

-

-

-

0.08 0.04 0.08

Ilndonesia

0.22

0.07

-

-

0.84

-

-

0.03 0.03

0.01 0.01

0.02 -

-

0.06 -

0.35 0.12

0.02 0.02

-

-

-

-

0.73 0.13

0.60 0.15

0.34 0.34

0.39 0.17 0.01 0.00

0.03 0.03 0.00 -

5.68 0.15 0.24 0.80 0.05 0.95 0.22 0.05 0.28 0.36 0.41 0.55 0.57 0.58

1.64 0.07

0.06

0.09 0.00 0.01

6.25 0.05 0.27

2.02 0.29 0.01

2.43 0.56 -

0.03 0.25 0.02 0.01 0.13 0.03 0.09 0.11

-

-

-

-

0.00 0.01 0.01 0.03 0.01 0.01

0.01 0.37 0.72 0.07 0.27 0.87 0.29 1.94 0.60 0.03

0.00 0.05 0.18 0.03 0.23 0.13 0.15 0.46 0.07

0.27 0.12

4 44 48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services

0.46 0.45 0.01

2.74 0.31 2.26

3.43 0.27 1.66 1.28

2.30 0.04 2.25

-

-

-

5

Wholesale/retail

6 60 61 62 63 7 70

Services Hotels&OtherLodgingPlaces

9

-

-

0.42 0.00 0.00 -

-

-

-

-

5.06 2.32 2.73

2.40 0.06 0.61 1.73

0.00

-

0.11

Finance/insurance/realestale

0.16

Banking Credit AgenciesOtherThan Banks Security &Commodity Brokers

0.16

0.12

India

-

0.00

Hungary

-

0.00 -

-

-

-

-

-

-

-

-

-

-

-

0.03

0.01

1.09

0.27

0.47

0.12

-

1.09 -

0.25 -

-

-

-

-

-

-

-

-

-

Other/diversified holding companies

0.06

0.22

0.10

IFCG Composite Index

1.99

11.89

4.80

trade

Insurance

1995 FACTBOOK

-

-

0.15 -

1.21

-

Jordan

Korea

Malaysia

Mexico

Nigeria

-

0.15 0.07 0.00 -

-

1.14 0.01 0.04 0.03

-

0.00 0.01 -

-

-

-

0.05

0.33 0.10 0.12 0.11

0.13 -

0.00 0.00

0.01

-

0.05

-

0.41

0.24

0.99

0.03

0.40

0.00

0.55

0.25

0.18

3.15

2.04

1.03

0.02

0.37 0.03 -

-

0.36 0.08 -

0.19 0.00 -

0.17 0.00 0.00

1.76 0.15 1.17 0.06

1.10 0.14 0.08

-

0.02

-

-

-

-

-

-

0.03 0.01

0.01 0.01

0.13 0.13

0.05 0.05

0.01 0.01

0.03 0.03

1.55 0.72

0.11 0.11

-

0.02

0.01

0.16

-

-

2.61

1.32

0.01

0.85

0.07

6.95

2.36

0.30

13.39

8.87

0.21

13.31

-

EmERGING MARKETS DAEA BASE 66

Industry Weights by Market Capitalization of IFCG Composite Index, 1994 (% of market capitalization; end-1994) SIC

SectorlIndustry

o

Agriculture/forestry/fishing

1 10

Mining Metal mining

0.01

2 15

Construction General Building Contractors

0.00

3 20

Manufacturing Food & Kindred Products

0.62 0.06

22

TexfileMillProducts

0.11

23 26 28

Apparel & OtherTextile Products Paper&Allied Products Chemicals& Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement&GlassProducts Primary Metal Industries Fabricated Metal Products Electric&ElectronicEquipment TransportationEquipment Miscellaneous Manufacturing

0.02 0.18 0.10 0.05 0.00 0.02

0.11 0.00

0.13

48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services

-

0.13

5

Wholesale/retail

6 60

Finance/insurance/real estate Banking CreditAgenciesOtherlhanBanks Security & Commodity Brokers Insurance

29

30 32 33 34 36 37

39 4 44

61

62 63 7

Pakistan

Peru

-

-

Philippines

Poland

0.09 0.09

-

0.11

-

0.09

-

Portugal

Sri Lanka

Taiwan, China

0.00

0.01

0.07

1.33 4.69 3.14

-

-

0.03

-

-

0.03

0.48 0.48

0.27 0.26

-

-

-

-

6.93 0.24 1.31 0.45 0.54 0.05 0.69 0.82 0.84 0.06

1.47 0.01

0.92 0.08 0.05

0.01 -

0.02 0.00

0.03 0.03

0.00

0.13 0.11 0.00 -

1.13 0.64

0.06 0.04

0.22 0.03

0.03 0.01

-

-

-

0.00

-

-

-

-

0.12 0.01

0.00

0.47

-

-

-

0.01 0.01 -

-

-

-

-

-

-

-

0.01 -

-

-

-

0.17

-

-

-

-

-

0.02

0.12 0.13

0.00

1.61 0.11 0.04

0.01

0.37

0.35

-

-

0.00 0.01 0.00 0.00

-

0.00

0.02

-

0.04

0.09

-

-

0.01 0.01 0.03

-

-

-

0.84 -

0.01

-

-

-

0.06

-

-

-

0.42

-

0.41

-

-

0.06

-

2.52 1.42

0.16 0.03 0.01

0.04 0.01 0.00

37.27 3.99

-

-

-

0.01 0.00

0.00 0.04

0.00

1.42 2.88 2.13

0.23

0.32

-

0.05 1.03

0.04 0.07 0.07 0.00

-

-

0.04 0.05 -

-

2.12

4.23

0.06

0.00 0.00

-

-

-

-

-

-

-

1.46 4.71 2.15

0.01

-

0.00

0.97

1.69

0.14

0.12

-

-

-

-

-

-

-

20.29 0.82 9.70 8.76

-

1.37

0.03

-

-

-

-

-

0.01

0.12

1.15 4.88 1.90

-

0.01

-

0.03

0.13

0.01

0.09

0.07

0.04

-

-

2.27

0.09 0.04

0.20 0.18

1.03 0.35

0.05 0.05

0.61 0.51

0.09 0.05 0.03 -

8.06 5.43

4.31 2.73

0.35 0.32

0.07 0.06

0.06 0.01

24.53 15.34

0.83

1.16

-

0.01

-

2.46

0.06

-

-

-

1.31

-

1.80

0.04

-

-

-

2.12

0.09 0.07

0.05

-

-

0.05

-

-

0.01 0.01

2.10 1.22

0.05

0.18

0.00

0.01

5.00

8.46

1.63

0.35

0.15

100.00

0.03

-

0.01

-

-

-

-

-

-

0.03

-

-

0.01 0.01

0.01 0.01

0.02

9

Other/diversitied

-

-

0.09

-

0.12

0.03

0.83

0.56

3.21

0.16

1.18

0.18

F.1 \c I I;()( )1I

0.00

0.02

-

I9

-

0.47

-

Index

-

0.96 0.96

Services Hotels & Other Lodging Places

IFCG Composite

0.08

Zimbabwe

-

70

companies

Venezuela

-

-

IFCG Composite

Turkey

-

-

trade

holding

Thailand

-

-

17.05

ENIFRGINGN.AlRKITs DAT.x BAsI

67

Industry Distribution by Number of Stocks in IFCG Composite Index, 1994 (end- 1994) SIC

Sector/lIndistry

0

Agriculture/f

1

10

-

9

I

-

-

1 -

2

-

-

-

12 4

6 1

5 5

-

28 1 3 3 3 3 1 3 2 3 2

21 2 2

85 3 11

30 4 1

27 8

17 6

-

-

-

2

-

1 4

1 8 6 3 6 4 10 18 6 1

1 2 2 1 4 2 1 5 3

4 2

1 -

3 -

5

-

1 -

-

1

1 1

2

4

-

I 1

I 1

-

-

5 3

3 1 -

21 6 2 1 I

-

-

2 3 4

1 -

2 -

5 I 1 -

104 4 6 9 2 27 5 4 5 4 7

-

-

-

I

3 2 1

11 5 5

13 I 5 7

-

2

-

2 2 -

7 7 -

-

Insurance

7 70

Services Hotels & Other Lodging Places

9

Other/diversified

-

1

2

-

Mining Metal mining

3 -

7 7

2 2

1 1

-

2 15

Construction General Building Contractors

I

-

-

-

I

-

-

I

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel & OtherTextile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing

19 4 1 1 2 1 1 3 1 2 1 -

51 8

16 6

14 2

I

-

-

3 6 3 5 2 2 7 4 5 2

3 3 -

4 44 48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas,or Sanitary Services

5

Wholesole/retail

6 60

estate Finance/insurance/real Banking Credit Agencies Other Than Banks Security & Commodity Brokers

61 62 63

orestry/fishing

IFCG Composite

1995 FACTIOOK

trade

holding companies

Index

1

-

-

-

1 -

-

-

11

1 2 4 5

I

-

-

8

1

I

-

1 1

-

1

-

-

-

6 -

2

7 2 3

1

-

-

12

4

9

7

16 11 2 2

49 14 7 26 2

17 3 2 1

15 -

3 3

1 1

3 2

1 1

5 2

3 3

-

1

1

-

-

27

12

1

119

47

42

162

104

80

28

7 6

-

-

1 -

-

-

-

-

-

-

-

-

6 2 2 2

1

3

3

-

3

-

6 2 -

8 4 -

8 5 3

1 -

-

-

-

-

-

-

-

2

-

-

3 1 I -

8 4 1 -

-

-

-

-

-

-

-

-

3 I

2 1

2 2

2

4

1

-

-

2

30

83

40

25

36

13

-

Nigeria

Mexico

Malaysia

Korea

Jordan

Indonesia

India

Hungary

Greece

Colombia

Chile

Brazil

Argentina

1

-

-

ENERGINCG MARKETS

DATA BASE

68

Industry Distribution by Number of Stocks in IFCG Composite Index, 1994 (end-1994) Sri Lanka

Taiwan, China

Thailand

Turkey

2

1

2

-

-

-

2 2

3 1

-

2 1

3 3

1 -

5 5

2 1

6 3 2 1 -

11 1 3 2 -

9 2 -

17 1

-

-

-

-

-

-

-

-

-

-

1 2 2 -

62 4 11 5 7 1 3 6 6 2 4

2 2 -

5 3 2

-

2

-

2 -

-

1

-

1

11 3 6 2

4 3 -

10 4 -

3 3 -

1

-

-

1

Services Hotels & Other Lodging Places

-

-

-

-

1

-

-

-

-

Other/diversified

-

-

3

71

35

41

SIC

Sector/lIndustry

0

Agriculture/forestry/fishing

1 10

Pakistan

Peru

Philippines

-

-

-

-

Mining Metal mining

1 -

9 9

17 10

-

-

-

2 15

Construction General Building Contractors

I

-

1 -

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper&Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Tndustries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing

53 9 11 1 6 5 3 1 2 5 8

19 8 2 -

5 2 -

-

-

-

-

2 3 1 1 2 -

1 1 1

4 44 48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas, or Sanitary Services

5 1 3

5

Wholesale/retail

6 60 61 62 63

Finance/insurance/real estate Banking Credit Agencies OtherThan Banks Security & Commodity Brokers

7 70 9

trade

Insurance

IFCG Composite

1995 FACTBOOK

holding companies

Index

-

-

Poland

Portugal

-

1

-

-

2 2 -

IFCG Composite

Zimbabwe

1

25

-

5 4

56 39

-

-

-

-

-

-

40 22

27 3 2 1 1 3 3 5 2 1 3 2 1

11 2 2 1 2 3 -

11 2 3

669 94 59

-

-

30

1

38

-

70 33

1 1 -

27 72 23

-

46 59

10

-

1 1

1 2 5 4 -

2

1

-

-

-

-

-

3 2 -

1

1

-

2

5

2

3

3

-

-

61

10 7 -

10 6 2 -

14 9 4 -

23 7 10

6 3 -

4 3

3 2

241 106

I

I 1

-

-

39 28

I

-

2 2

3 2

3 3

-

-

1

-

-

1 1

30 22

-

2

3

-

3

2

1

3

68

12

32

32

61

40

17

24

1,266

-

-

-

2 1 1 1 6 -

Venezuela

1 -

92

1 -

EMERGING

36 38

1

76

-

9 31 25

12

MARKETS DATA BASE

69

IFCG IndustryPriceIndexes 1994 PerformanceSummary (US$and 1994 % changes in US$;end 1984=100) EndSIC Sectorllndustry

1994 (1984=100)

%change from end-1993

0

Agriculture/forestry/fishing

223.3

-13.3

Percent Change in IFCGIndustry Price Indexes, 1994

1 10

Mining

231.2 174.7

47.1 77.3

s

2 15

Construction

564.3 504.2

-11.7 -22.7

3 20 22 23 26 28 29 30 32 33 34 36

Manufacturing

540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0

8.5 -4.5 24.7 6.9 44.9 11.7 31.3 6.9 -4.9 15.6 7.5 23.4

60

39

Miscellaneous Manufacturing

447.5

4.3

0

4

Transportation/comm./utility

1,613.2

-3.9

44 48 49

Water Transportation Communications Electric, Gas, or Sanitary Services

342.0 4,622.5 1,249.0

5

Wholesale/retailtrade

400.8

-32.2

6

Finance/insurance/realestate

233.4

-4.8

60 61 62 63

Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance

264.0 600.3 79.8 167.1

Metal mining

General Building Contractors

Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper &Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement &Glass Products Primary Metal Industries Fabricated Metal Products Electric & Electroniic Equipment

37 Transportation Equipment

7 Services

567.6

20

-16.5HD -5.8 -19.2 21.2

7.5 -8.8 -16.8 16.5

41.

1.9-.

70

Hotels & Other Lodging Places

333.5

-13.9

9

Other/diversifiedholding companies

338.0

-24.1

IFCG CompositePrice Index

430.0

-2.2

1995 FACTBOOK

40

Ou.~O i

o

of

-20

-40 E -,E

:2 l '2

5Industries *Sectors ENIERGING MARKETs

DATA BASE 70

IFCG Industry Price Indexes 1994 (USS;end 1984=100)

SIC

Sector/lIndustry

0

Aug

Sep

Oct

Nov

224.9

250.0

250.9

241.1

231.6

223.3

159.1 100.2

178.4 114.7

198.8 130.3

222.2 153.0

237.6 168.6

232.6 168.5

231.2 174.7

587.1 567.8

550.5 514.7

590.7 559.7

632.0 609.6

663.5 629.8

636.0 595.4

620.3 582.2

564.3 504.2

478.6 809.9 468.7 266.1 811.6 407.0 194.8 586.9 1,348.2 337.1 147.0 609.6 580.9 442.7

499.4 847.4 472.0 270.3 891.7 409.9 197.7 598.9 1,434.0 348.5 150.0 653.0 600.1 450.9

495.7 804.6 473.8 275.4 881.4 422.9 208.3 633.4 1,398.0 364.0 151.8 657.4 569.5 434.2

523.2 834.7 494.9 285.3 944.5 438.1 233.3 693.8 1,512.0 387.5 156.2 694.0 582.8 447.6

581.4 915.7 513.1 315.0 1,064.4 485.5 287.5 720.5 1,639.3 444.8 171.9 779.9 617.7 480.5

590.0 912.3 511.0 291.8 1,080.2 493.9 308.8 730.0 1,660.3 476.1 179.7 777.8 612.5 472.1

588.5 909.9 482.7 289.3 1,140.1 494.9 310.0 692.4 1,643.2 453.0 178.3 782.5 606.4 474.3

572.2 886.5 493.0 284.2 1,122.7 491.6 296.1 667.4 1,613.8 430.6 174.4 756.7 585.2 461.8

540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0 567.6 447.5

1,611 3 311.8 5,108.5 1,131.1

1,616.5 320.2 5,078.0 1,145.7

1,632.5 306.9 5,254.1 1,121.1

1,571.8 308,1 4,885.1 1,125.5

1,652.3 320.0 5,250.9 1,145.1

1,917.3 377.0 5,979.8 1,373.8

2,000.3 368.8 6,060.6 1,497.0

1,887.9 362.7 5,694.1 1,409.5

1,746.4 332.7 5,196.2 1,315.6

1,613.2 342.0 4,622.5 1,249.0

512.0

487.2

471.0

480.1

460.9

473.6

493.4

499.1

489.8

481.8

400.8

241.8 245.3 598.6 96.4 151.6

225.3 227.0 542.8 95.8 139.7

210.4 218.3 498.9 85.9 132.6

212.7 218.6 545.1 84.1 149.4

217.7 222.9 567.7 86.1 149.9

214.6 221.8 570.7 84.1 154.1

231.5 243.0 625.2 80.3 177.5

246.6 261.4 656.7 73.9 173.6

256.8 277.5 668.0 76.1 182.3

251.2 269.4 647.6 87.2 168.3

239.2 259.2 579.2 88.2 159.4

233.4 264.0 600.3 79.8 167.1

Hotels&OtherLodgingPlaces

439.2 353.5

441.5 353.6

383.3 312.4

422.9 334.8

426.9 350.7

428.7 346.6

450.3 366.6

490.0 401.1

475.0 387.9

455.1 367.9

409.2 332.5

411.4 333.5

Other/diversified

holding

411.0

423.5

356.6

372.0

362.5

354.2

374.7

423.4

429.7

410.9

398.9

338.0

IFCG Composite

Price Index

452.1

436.3

399.3

400.6

410.4

402.3

427.4

473.4

487.9

477.2

456.3

430.0

Jan

Feb

Mar

Apr

May

Jun

Agriculture/forestry/fishing

224.5

246.8

199.8

212.7

209.2

213.7

1 10

Mining Metal Mining

178.6 113.9

169.3 103.7

156.7 99.0

156.9 96.2

166.7 103.0

2 15

Construction General Building Contractors

662.4 649.5

619.2 585.4

556.4 538.8

578.7 539.8

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals & Allied Products PetroleumRefining&RelatedProducts Rubber& Misc. Plastics Products Cement&GlassProducts Primary Metal Indtistries Fabricated Metal Products Electric&ElectronicEquipmenit Transportation Equipment MiscellaneousManufacturing

530.2 898.1 497.4 309.6 812.4 439.8 241.3 665.5 1,493.7 369.0 165.5 616.8 683.5 488.0

521.1 879.5 472.7 302.3 819.2 467.8 220.0 594.4 1,476.2 365.8 167.2 601.3 699.9 512.3

485.4 825.4 440.3 269.8 762.0 426.0 217.3 578.5 1,390.8 326.7 151.6 585.6 586.1 474.7

4 44 48 49

Transportotion/communication/utility WaterTransportation Communiications Electric, Gas or Sanitary Services

1,856.0 353.7 6,188.7 1,217.1

1,789.2 325.0 5,778.1 1,236.3

5

Wholesale/retail

562.5

6 60 61 62 63

Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers Insurance

7 70

Services

9

1995

FAC 110B K

trade

companies

Jul

ENIERGING MARKETS

Dec

DATA BASE

71

IFCG Industry Price Indexes 1985-1994 (US$: end 1984=100)

SIC Sector/lndustry

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

96.3

113.8

124.2

135.5

155.9

129.5

135.5

138.2

257.6

223.3

0

Agriculture/forestry/fishing

1 10

Mining Metal Mining

113.5 112.3

97.2 89.3

88.3 64.6

149.9 113.5

242.5 184.2

98.6 70.0

136.0 77.2

110.2 62.1

157.1 98.5

231.2 174.7

2 15

Construction General Building Contractors

114.6 117.7

108.7 94.7

159.0 141.7

389.6 299.3

537.9 531.0

338.4 290.2

336.5 382.9

356.0 375.3

639.2 651.9

564.3 504.2

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals & Allied Products PetroleumRefining& Related Products Rubber&Misc. Plastics Products Cement&GlassProducts PrimaryMetalIndustries Fabricated Metal Products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing

132.5 101.2 115.1 141.5 138.9 142.7 127.9 122.9 99.8 210.3 128.3 110.2 185.2 142.0

161.3 138.4 133.4 141.5 268.4 225.1 142.6 176.6 203.4 175.1 100.7 163.6 239.7 140.8

180.3 163.7 238.6 187.7 432.8 193.4 97.3 335.0 255.7 179.8 77.8 229.4 303.5 124.7

282.3 229.3 375.5 236.3 476.2 322.3 167.3 504.7 485.0 267.6 130.8 382.8 457.7 129.2

424.9 436.8 615.0 286.0 738.8 399.4 197.3 782.3 1,025.5 312.4 182.3 626.3 601.2 173.7

288.4 302.6 347.4 190.8 538.8 292.2 112.6 424.7 722.5 218.0 122.5 371.8 485.5 187.0

358.7 517.8 493.5 227.5 677.8 316.7 134.7 488.1 985.9 233.9 142.8 407.5 506.4 212.1

327.8 508.8 352.2 228.2 564.5 296.7 107.6 432.9 925.1 224.5 122.9 358.7 429.0 286.9

498.5 848.0 455.2 268.3 740.7 415.8 211.7 705.0 1,448.7 328.4 155.7 593.9 679.5 428.9

540.9 809.6 567.8 286.7 1,072.9 464.4 277.8 753.9 1,377.3 379.7 167.5 733.0 567.6 447.5

4 44 48 49

Transportation/communication/utility Water Transportation Communications Electric, Gas or Sanitary Services

124.1 160.2 92.6 120.6

241.1 200.2 241.9 186.5

335.1 199.9 420.4 279.9

425.0 262.9 463.5 304.8

670.1 355.2 830.3 459.1

567.2 183.5 1,090.6 480.1

941.7 255.6 2,829.8 620.7

1,047.5 250.2 3,315.7 672.9

1,678.8 363.1 5,724.0 1,030.6

1,613.2 342.0 4,622.5 1,249.0

5

Wholesale/retail

109.7

108.7

149.3

298.7

354.8

342.3

322.8

407.8

590.8

400.8

6 60 61 62 63

Finance/insurance/real estate Banking CreditAgenciesOtherThanBanks Security&CommodityBrokers Insurance

128.2 130.2 94.4 131.7

107.4 108.5 147.3 139.8

102.7 100.2 281.9 223.1

157.7 164.4 164.6 153.8 77.8

242.7 245.3 377.1 131.4 168.0

165.2 175.0 267.7 90.0 76.7

143.4 142.8 280.6 79.2 80.7

138.4 140.5 302.5 77.6 59.1

245.0 245.7 658.0 95.9 143.5

233.4 264.0 600.3 79.8 167.1

7 70

Services Hotels& Other Lodging Places

93.5 93.5

125.6 125.6

99.7 99.7

115.8 115.4

199.5 200.0

161.4 157.0

185.2 161.6

225.6 175.0

495.4 387.2

411.4 333.5

9

Other/diversified holding companies

81.8

76.9

98.7

137.6

213.5

193.0

214.1

225.3

445.1

338.0

122.2

132.9

146.2

224.0

339.9

234.8

271.5

267.8

439.6

430.0

trade

IFCG Composite Price Index

1995

FACTBOOK

ENMERGING MARKETS DATA BASE

72

IFCG Industry Price Indexes 1985-1994 (annual % change in US$)

1992

1993

1994

4.6

2.0

86.4

-13.3

-59.3 -62.0

37.9 10.3

-19.0 -19.6

42.6 58.7

47.1 77.3

38.1 77.5

-37.1 -45.4

-0.6 32.0

5.8 -2.0

79.5 73.7

-11.7 -22.7

56.6 40.1 57.4 25.9 10.0 66.7 71.9 50.7 89.6 48.8 68.2 66.9 50.8 3.6

50.5 90.5 63.8 21.1 55.2 23.9 17.9 55.0 111.5 16.8 39.4 63.6 31.4 34.4

-32.1 -30.7 -43.5 -33.3 -27.1 -26.8 -42.9 -45.7 -29.5 -30.2 -32.8 -40.6 -19.2 7.6

24.4 71.1 42.0 19.3 25.8 8.4 19.6 14.9 36.5 7.3 16.6 9.6 4.3 13.4

-8.6 -1.8 -28.6 0.3 -16.7 -6.3 -20.1 -11.3 -6.2 -4.0 -13.9 -12.0 -15.3 35.3

52.1 66.7 29.3 17.5 31.2 40.2 96.7 62.9 56.6 46.3 26.7 65.6 58.4 49.5

8.5 -4.5 24.7 6.9 44.9 11.7 31.3 6.9 -4.9 15.6 7.5 23.4 -16.5 4.3

39.0 -0.2 73.8 50.1

26.8 31.5 10.3 8.9

57.7 35.1 79.1 50.6

-15.4 -48.3 31.3 4.6

66.0 39.3 159.5 29.3

11.2 -2.1 17.2 8.4

60.3 45.2 72.6 53.2

-3.9 -5.8 -19.2 21.2

-0.9

37.3

100.0

18.8

-3.5

-5.7

26.3

44.9

-32.2

-16.2 -16.7 56.1

-4.3 -7.6 91.4 59.6

53.5 64.1 -41.6 -65.1

53.9 49.2 129.1 -14.6 116.0

-31.9 -28.7 -29.0 -31.5 -54.4

-13.2 -18.4 4.8 -12.0 5.3

-3.5 -1.6 7.8 -2.0 -26.7

77.0 74.9 117.5 23.6 142.7

-4.8 7.5 -8.8 -16.8 16.5

34.3 34.3

-20.7 -20.7

16.2 15.7

72.2 73.4

-19.1 -21.5

14.8 2.9

21.8 8.3

119.6 121.2

-16.9 -13.9

-18.2

-6.0

28.3

39.5

55.1

-9.6

10.9

5.2

97.6

-24.1

22.2

8.7

10.0

53.2

51.7

-30.9

15.6

-1.4

64.1

-2.2

1985

1986

1987

1988

1989

1990

1991

Agriculture/forestry/fishing

-3.7

18.2

9.1

9.1

15.0

-16.9

1 10

Mining Metal Mining

13.5 12.3

-14.4 -20.5

-9.2 -27.6

69.8 75.7

61.8 62.2

2 15

Construction General BuildingContractors

14.6 17.7

-5.1 -19.5

46.2 49.6

145.1 111.1

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel&OtherTextileProducts Paper& Allied Products Chemicals& Allied Products Petroleum Refining&Related Products Rubber & Misc. Plastics Products Cement&Glass Products PrimaryMetalIndustries Fabricated Metal Products Electric&ElectronicEquipment Transportation Equipment Miscellaneous Manufacturing

32.5 1.2 15.1 41.5 38.9 42.7 27.9 22.9 -0.2 110.3 28.3 10.2 85.2 42.0

21.8 36.8 15.9 0.0 93.3 57.7 11.4 43.7 103.7 -16.7 -21.5 48.5 29.4 -0.8

11.8 18.3 78.9 32.6 61.2 -14.1 -31.8 89.6 25.7 2.7 -22.8 40.2 26.6 -11.4

4 44 48 49

Transportotion/communicotion/utility Water Transportation Communications Services Electric,GasorSanitary

24.1 60.2 -7.4 20.6

94.3 25.0 161.3 54.6

5

Wholesole/retail

9.7

6 60 61 62 63

estate Finance/insurance/reol Banking CreditAgenciesOtherThanBanks Security & Commodity Brokers Insurance

28.2 30.2 -5.7 -

-

-

31.7

6.2

7 70

Services Hotels &Other Lodging Places

-6.5 -6.5

9

Other/diversified

holding

IFCG Composite

Price Index

SIC

Sector/lIndustry

0

1995

FACTBOOK

trade

componies

EMERGING

MARKETS DATA BASE

73

IFCG IndustryTotalReturnIndexes 1994 PerformanceSummary (US$ and 1994% changes in US$;end 1984=100)

SIC Sector/Industry

End1994 (1984~100)

% change from end-1993

0

Agriculture/torestry/fishing

307.0

-11.9

Percent Change in IFCG Industry Total Return Indexes. 1994

1 10

Mining Metal mining

316.8 237.0

50.3 81.0

100

2 15

Construction General Building Contractors

686.1 567.6

-10.5 -21.8

3 20 22 23 26 28 29 30 32 33 34 36 37 39

Manufacturing Food & Kindred Products Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refiniing & Related Products Rubber & Misc, Plas~ticsProducts Cement &Glass Products Primary Metal Industries Fabricated Metal Products Electric& Electronic Equipmenit Transportation Equipment Miscellaneous Manufacturing

709.1 1,089.0 691.9 340.3 1,401.7 751.9 388.1 932.4 1,948.7 472.2 219.0 885.8 711.0 580.0

10.6 -3.2 26.6 8.0 46.6 14.1 33.5 9.5 -3.0 17.9 10.0 25.7 -14.9

4 44 48 49

Transportation/comm./utility Water Transportation Communications Electric, Gas, or Sanitary Services

2,402.6 467.7 7,526.6 2,395.0

-2.2 -4.4 -18.2 24.2

5

Wholesale/retail

537.6

-31.2

6 60 61 62 63

Finance/insurance/real estate Banking Credit Agencies Other Than Banks Seuiy&Cnnidt rkr Insurance

299.2 344.8 836.5 83.1 254.3

-2.6 10.5 -7.2 -15.6 16.7

498.7 398.3-1.

-16.2

830

60

4 4

20

5.7 0

trade

7

Services 70 Hotels & Other Lodging Places

9

Other/diversified holding companies

430.4

-22.8

IFCG Composite Total Return Index

552.2

-0.5

-

Lu

-20

-40 p

~

t

a

C-

5

0 Ce,

3fC




xN < ea _ -

g.°

o Hc

_ o. r

.

>


, < D_ 0

E

5

-

c 3 -

U

End-1993 index level

n End-1994index level *

IL)075

I

Iit j(),

)a.

I

MII

1994 high

AkNG. AI1IETS A

DAI A BASE

83

IFCI Price Indexes Regional vs. Developed Market Performance, 1994 (US$: end 1988=100)

Index level

% change

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA

357.9 737.5 257.6 161.6

348.3 703.1 263.4 137.7

312.5 655.3 227.2 118.6

305.8 605.8 242.9 101.2

312.3 635.8 242.6 98.3

300.5 585.7 240.3 106.4

321.5 641.3 250.9 114.0

362.5 746.3 276.0 120.2

371.1 779.2 278.2 117.7

358.8 733.3 276.0 116.9

344.6 718.9 255.1 123.9

307.4 580.2 249.4 118.5

U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI,EAFE FT, EuroPac

173.4 163.0 77.3 110.3 106.9

168.2 153.1 79.3 109.9 107.0

160.5 141.9 77.3 105.0 102.7

162.3 147.0 80.6 109.3 106.8

164.3 138.9 83.0 108.6 106.3

159.9 139.5 86.9 110.0 107.7

165.0 147.2 84.7 110.9 108.3

171.2 154.1 85.4 113.4 110.5

166.6 147.7 81.9 109.6 107.0

170.0 156.4 85.5 113.2 110.5

163.2 149.3 79.9 107.6 104.3

165.3 148.5 82.0 108.2 105.4

IFCI Composite IFCI Latin America IFCI Asia IFCI EMEA

0.6 13.4 -11.4 -4.6

-2.7 -4.7 2.3 -14.8

-10.3 -6.8 -13.7 -13.9

-2.2 -7.6 6.9 -14.6

2.1 5.0 -0.1 -2.9

-3.8 -7.9 -1.0 8.2

7.0 9.5 4.4 7.2

12.7 16.4 10.0 5.4

2.4 4.4 0.8 -2.1

-3.3 -5.9 -0.8 -0.7

-3.9 -2.0 -7.6 6.0

-10.8 -19.3 -2.2 -4.4

U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac

2.8 4.1 19.5 8.3 8.6

-3.0 -6.0 2.6 -0.4 0.1

-4.6 -7.3 -2.6 -4.4 -4.0

1.2 3.6 4.3 4.1 3.9

1.2 -5.5 3.0 -0.7 -0.5

-2.7 0.4 4.7 1.3 1.4

3.1 5.5 -2.6 0.8 0.5

3.8 4.7 0.9 2.2 2.1

-2.7 -4.2 -4.1 -3.3 -3.2

2.1 5.9 4.4 3.2 3.2

-4.0 -4.5 -6.5 -4.9 -5.6

1.3 -0.6 2.5 0.5 1.0

Index

Note: The IFCI Composite and regionial indexes do not include all markets. See base date table in introduction for details.

IFCI Regional Price Indexes vs. U.S. S&P 500, 1994 (weekly; rebased to end-11993=100) 130 120 -

* .. 0 .0. e~~~~~~~~~~~~~~

1 oo

90

OF~

.

_

0

-

VW

IFCI Composite

-

-

80-.

FACIBO00K

Feb

Mar

Apr

May

= -_

-

- -

-

___-

Jlun

Jld

Auig

Sep

Oct

Noz,

Dec

IFCI L

-

-.

-

-

- -

..

60 -

1995

-

.

70 --

7994

***

O

dO

90

50 Jan I

0

America atin

-

IFCI Asia

....

IFCIEMEA

**

U.S., S&P 500

Jan 1

1995

E.IIGNl.NAiwK

is DATA B.ASE 84

IFCI Price Indexes Regional vs. Developed Market Performance, 1988-1994 (US$; end 1988=100)

Index level

% change

Inidex

1988

1989

1990

1991

1992

1993

1994

IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA

100.0 100.0 100.0 100.0

155.5 164.9 150.0 168.7

147.4 174.0 118.2 184.6

200.5 406.3 129.7 126.1

202.9 415.4 149.8 79.8

355.6 650.6 290.8 169.3

307.4 580.2 249.4 118.5

U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac

100.0 100.0 100.0 100.0 100.0

127.3 121.1 112.2 109.2 109.5

118.9 128.1 72.8 82.2 81.6

150.2 140.1 76.3 90.6 89.9

156.9 133.5 56.2 78.0 76.3

168.7 156.6 64.7 101.8 98.4

165.4 148.5 81.9 108.2 105.4

-

55.5 64.8 50.0 68.7

-5.2 5.6 -21.2 9.4

36.1 133.5 9.8 -31.7

1.2 2.2 15.5 -36.7

75.3 56.6 94.1 112.3

-13.6 -10.8 -14.2 -30.0

12.0 0.8 30.7 26.7 26.5

27.3 21.1 12.2 9.2 9.5

-6.6 5.8 -35.1 -24.7 -25.5

26.3 9.4 4.9 10.2 10.1

4.5 -4.7 -26.4 -13.9 -15.0

7.6 17.3 15.1 30.5 28.9

-2.0 -5.2 26.7 6.3 7.1

IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA

-

U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac

Note: The IFCI Composite and regional indexes do not incltude all markets. See base data table in introduction for details.

IFCI Regional Price Indexes vs. U.S. S&P 500, 1988-1994 (monthly: end- 1988=100) 800) 700600 -

400300 -IFCI

Composite

IFCI Latin America

No 200-

... 6O

100 ...

e9

O

-*-

6E*O61kee

6*66

.'

..

I

0

Ian 1 1989

1995 FACTIIOOK

- -

*

1990

7991

1992

1993

1994

*FCt l Asia IFCIEMEA U.S., S&P 500

janI 1995

ENIERGINGMARKETS DATA BASE 85

IFCI Price Indexes 1994 (USS)

Market

Base date (=100.0)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90

1,080.2 307.7 661.1 764.1 1,087.0 142.4 601.4

1,008.9 315.8 653.8 877.2 980.6 153.7 769.4

884.9 320.6 561.1 948.0 880.0 146.1 719.8

877.1 254.7 603.3 910.1 854.1 141.6 540.9

970.1 250.8 660.9 911.3 909.5 151.8 592.2

826.3 250.5 643.1 935.7 816.3 139.0 422.3

896.6 291.0 639.7 962.1 886.2 136.7 463.3

979.4 410.0 725.7 875.4 964.4 150.8 545.9

959.5 450.1 759.6 891.2 983.0 190.0 554.5

908.3 421.4 839.8 826.9 911.5 194.7 549.7

848.8 407.3 822.5 769.7 920.2 182.8 443.7

734.4 384.4 784.3 811.6 607.9 178.3 495.0

East Asia China Korea Philippines Taiwan, China

Dec-92 Jan-92 Dec-88 Jan-91

128.0 130.4 296.7 136.3

121.6 127.7 279.8 119.3

99.6 118.4 259.6 116.5

94.5 125.6 272.6 128.8

99.2 129.8 304.7 129.5

85.8 128.5 280.1 132.3

96.7 126.7 286.9 152.8

103.3 131.1 319.5 159.1

105.5 148.8 298.5 164.4

104.0 152.2 323.3 150.1

88.4 146.3 296.0 145.5

75.9 136.8 298.1 164.6

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88

138.6 127.0 276.0 373.7 206.0 425.3

144.2 114.0 298.6 425.0 240.9 381.2

125.5 100.0 247.6 415.6 198.0 341.7

121.9 95.0 273.6 393.6 172.1 357.8

124.1 107.9 262.1 357.3 176.6 384.7

131.7 98.2 262.6 396.5 183.5 359.9

133.7 95.6 274.9 387.8 181.5 390.4

143.3 110.0 304.8 389.1 185.3 441.7

135.8 106.8 309.6 412.6 206.4 434.6

132.0 112.3 301.4 406.8 191.4 451.0

129.4 101.2 278.1 388.0 185.3 392.4

123.5 99.8 268.8 366.1 172.0 383.5

Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe

Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jun-93

261.5 270.6 172.3 1,101.6 128.7 165.8 180.9 197.5

266.4 230.0 173.6 1,284.4 130.5 158.9 131.5 264.0

248.4 229.7 170.0 877.2 134.9 153.9 96.7 282.8

249.4 212.5 159.9 658.4 128.7 179.4 66.1 271.7

217.1 196.3 162.6 699.2 115.7 175.1 73.7 291.8

217.0 180.0 164.2 502.8 110.4 176.6 99.8 250.0

216.1 187.4 157.8 662.4 116.4 189.4 110.6 241.1

217.2 192.2 156.3 684.5 126.2 202.6 118.7 262.1

221.1 176.4 157.3 564.6 123.2 206.7 116.7 264.7

218.6 180.1 153.3 515.6 126.7 221.7 115.3 264.3

218.2 166.7 154.0 503.6 124.4 219.2 132.7 265.3

225.6 151.8 150.0 469.3 121.1 224.7 121.8 244.7

1995 FACTBOOK

EmFRGING

l-NARKETS D,A IA BASE

86

IFCI Price Indexes 1994 (monthly % change in US$)

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Latin Americca Argentina Brazil Chile Colombia Mexico Peru Venezuela

8.7 32.2 19.8 18.5 8.0 17.7 1.6

-6.6 2.6 -1.1 14.8 -9.8 7.9 27.9

-12.3 1.5 -14.2 8.1 -10.3 -4.9 -6.4

-0.9 -20.6 7.5 -4.0 -2.9 -3.1 -24.9

10.6 -1.5 9.5 0.1 6.5 7.2 9.5

-14.8 -0.1 -2.7 2.7 -10.2 -8.4 -28.7

8.5 16.1 -0.5 2.8 8.6 -1.7 9.7

9.2 40.9 13.4 -9.0 8.8 10.3 17.8

-2.0 9.8 4.7 1.8 1.9 26.0 1.6

-5.3 -6.4 10.5 -7.2 -7.3 2.5 -0.9

-6.5 -3.3 -2.0 -6.9 1.0 -6.1 -19.3

-13.5 -5.6 -4.6 5.4 -33.9 -2.4 11.5

East Asia China Korea Philippines Taiwan, China

-14.3 10.3 -11.9 0.8

-5.0 -2.1 -5.7 -12.5

-18.1 -7.3 -7.2 -2.3

-5.1 6.1 5.0 10.6

5.0 3.3 11.8 0.5

-13.5 -1.0 -8.1 2.1

12.6 -1.4 2.4 15.6

6.8 3.5 11.4 4.1

2.1 13.5 -6.6 3.3

-1.4 2.3 8.3 -8.7

-15.0 -3.8 -8.4 -3.1

-14.2 -6.5 0.7 13.1

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

19.0 1.8 -18.6 -3.7 16.3 -10.9

4.0 -10.2 8.2 13.7 16.9 -10.4

-13.0 -12.3 -17.1 -2.2 -17.8 -10.4

-2.9 -5.0 10.5 -5.3 -13.1 4.7

1.8 13.6 -4.2 -9.2 2.6 7.5

6.1 -9.0 0.2 11.0 3.9 -6.4

1.5 -2.7 4.7 -2.2 -1.1 8.5

7.2 15.1 10.8 0.3 2.1 13.1

-5.2 -2.9 1.6 6.0 11.4 -1.6

-2.8 5.1 -2.6 -1.4 -7.3 3.8

-2.0 -9.9 -7.7 -4.6 -3.2 -13.0

-4.6 -1.4 -3.3 -5.6 -7.2 -2.3

Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe

14.8 62.4 4.1 34.7 13.1 -6.0 -14.9 -2.3

1.9 -15.0 0.7 16.6 1.4 -4.2 -27.3 33.7

-6.8 -0.1 -2.1 -31.7 3.4 -3.1 -26.5 7.1

0.4 -7.5 -6.0 -24.9 -4.6 16.6 -31.6 -3.9

-12.9 -7.6 1.7 6.2 -10.1 -2.4 11.5 7.4

0.0 -8.3 1.0 -28.1 -4.6 0.8 35.4 -14.3

-0.4 4.1 -3.9 31.8 5.5 7.2 10.8 -3.5

0.5 2.5 -0.9 3.3 8.4 6.9 7.3 8.7

1.8 -8.2 0.6 -17.5 -2.4 2.0 -1.7 1.0

-1.1 2.1 -2.5 -8.7 2.9 7.3 -1.2 -0.1

-0.2 -7.5 0.5 -2.3 -1.8 -1.1 15.1 0.4

3.4 -8.9 -2.6 -6.8 -2.6 2.5 -8.2 -7.8

1 495 1- \C 1tO;O)R

EMI R(.ING NMARKETiSDATA

BASE

87

IFCI Price Indexes 1988-1994 (USS:end of period levels)

Base date (=100.0)

Market

1988

1989

1990

1991

1992

1993

1994

146.2 34.7 182.2

791.5 125.9 367.6 310.9 582.8

579.6 125.0 418.5 425.2 676.0 100.0 519.6

994.0 232.7 551.8 644.7 1,006.4 120.9 591.9

734.4 384.4 784.3 811.6 607.9 178.3 495.0

Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

Dec-88 Dec-88 Dec-88 Feb-91 Dec-88 Dec-92 Jan-90

100.0 100.0 100.0 100.0 -

257.7 118.6 136.0 225.3 -

-

-

East Asia China Korea Philippines Taiwan, China

Dec-92 Jan-92 Dec-88 Jan-91

-

-

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

Nov-92 Sep-90 Dec-88 Mar-91 Dec-92 Dec-88

Europe/Mideast/Africa Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe

Dec-88 Dec-92 Dec-88 Dec-92 Dec-88 Dec-92 Aug-89 Jun-93

1995

FACTBOOK

278.3 684.6

65.7 -

111.7 101.9

100.0 98.2 133.5 73.8

149.3 118.2 336.6 135.2

75.9 136.8 298.1 164.6

57.4 135.9 304.1 171.6

93.7 58.7 163.5 200.2 230.4

116.5 124.7 339.0 387.9 177.2 477.6

123.5 99.8 268.8 366.1 172.0 383.5

288.6 99.9 91.7 145.2 -

195.3 100.0 116.8 100.0 77.3 100.0 68.4 -

227.7 166.6 165.5 817.9 113.8 176.4 212.6 202.1

225.6 151.8 150.0 469.3 121.1 224.7 121.8 244.7

-

159.2 -

-

-

100.0 100.0

* 143.3

198.5

96.3 126.7 145.1

100.0 100.0 100.0 -

189.3

368.6

100.0

-

-

-

96.0 138.1 282.4 -

1,063.8

99.4 89.6 278.8 -

100.0

EMIERGIN(. N1ARKHS DATA BASE

88

IFCI Price Indexes 1989- 1994 (annual % change in US$)

Market

Latin America Argenfina Brazil Chile Colombia Mexico Penu Venezuela

1989

1990

1991

1992

1993

1994

157.7 18.5 36.0 125.3 -

-43.3 -70.8 34.0 23.5 -

-

-

441.5 263.2 101.8 109.4 55.4

-26.8 -0.7 13.8 36.7 16.0 -51.2

71.5 86.2 31.8 51.6 48.9 20.9 13.9

-26.1 65.2 42.1 25.9 -39.6 47.4 -16.4

70.0 -

19.6 -27.6

49.3 20.4 152.1 83.3

-49.2 15.8 -11.4 21.7

-

24.3 112.4 107.3 93.8 77,2 107.3

6.0 -20.0 -20.7 -5.6 -3.0 -19.7

16.6 66.6 41.7 717.9 47.3 76.4 210.6 -

-0.9 -8.9 -9.4 -42.6 6.4 27.4 -42.7 21.1

East Asia China Korea Philippines Taiwan, China

-

-

59.2 -

-58.7 -

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

-

-

43.3 98.5

-11.6 -26.9

-40.4 7.2 18.2

2.2 20.4 -34.2 34.2

89.3 -4.0 38.1 -

94.7 3.6 -35.1 -1.3 -

-21.7 0.5 2.3 -47.9 -

-32.3 16.9 -15.7 -52.8 -

Europe/Mideast/Atrica Greece Hungary Jordan Poland Portugal South Africa Turkey Zimbabwe

1995 1xCTIOOK

-

ElERIG1NGI1AR\KETs

D,

IABASE

89

Statisticsof the IFCI Price Indexes (US$; December

1989-December

1994)

Annualized standard deviation

Correlation wvith S&P500

Number of months

Mean of % change

Standard deviation

Annualized mean

Latin America Argentina Brazil Chile Colombia * Mexico Peru * Venezuela '

60 60 60 46 60 24 59

3.52 4.75 3.28 5.11 2.15 3.05 4.87

19.55 23.58 8.24 11.84 9.68 11.43 20.13

42.24 57.00 39.36 61.32 25.80 36.60 58.44

67.72 81.68 28.54 41.01 33.53 39.59 69.73

0.37 0.27 0.31 0.13 0.37 0.26 -0.13

East Asia China * Korea * PhiLppines Taiwan, China *

24 35 60 47

-0.30 1.14 1.70 1.93

13.12 7.74 11.51 11.97

-3.60 13.68 20.40 23.16

45.45 26.81 39.87 41.47

0.36 0.00 0.40 0.13

South Asia India * Indonesia' Malaysia Pakistan * Sri Lanka * Thlailand

25 51 60 45 24 60

1.56 0.49 1.36 3.46 2.72 1.59

8.67 10.11 7.83 11.72 9.48 10.08

18.72 5.88 16.32 41.52 32.64 19.08

30.03 35.02 27.12 40.60 32.84 34.92

0.24 0.29 0.37 0.11 0.09 0.40

60 24 60 24 60 24 60

1.06 2.75 0.86 9.88 0.00 3.42 0.19 5.76

13.41 16.11 4.92 28.68 6.74 6.98 18.44 12.41

12.72 33.00 10.32 118.56 0.00 41.04 2.28 69.12

46.45 55.81 17.04 99.35 23.35 24.18 63.88 42.99

0.06 0.43 0.07 0.45 0.41 0.21 -0.21 0.00

Market

Europe/Mideast/Africa Greece Hungary Jordan Poland * Portugal South Africa * Turkey * Zimbabwe *

18

Number of months

Mean of Cochange

Standard deviation

Annualized mean

Annualized standard deviation

Correlation with S&P500

EMEA

60 60 60 60

1.32 2.47 1.09 -0.08

6.03 8.42 7.04 10.21

15.84 29.64 13.08 -0.96

20.89 29.17 24.39 35.37

0.49 0.49 0.44 -0.03

Developed Markets U.S., S&P 500 U.K., FT 100 Japan, Nikkei MSCI, EAFE FT, EuroPac

60 60 60 60 60

0.50 0.47 -0.10 0.14 0.11

3.59 5.17 9.32 5.72 5.91

6.00 5.64 -1.20 1.68 1.32

12.44 17.91 32.29 19.81 20.47

1.00 0.60 0.29 0.46 0.44

Market

Regions Composite Latin America Asia

Note: Correlations are for five years of monthly returns beginning December 1989, except for the following markets (beginning dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Veniezuela: Jan. 1990.

1995

FACTBOOK

China: Dec. 1992. Korea: Mar. 1992. Taiwan, China: Jan. 1991.

India: Jan. 1992. Indonesia: Sep. 1990. Pakistan: Mar. 1991.

Sri Lanka: Dec. 1992. Hungary: Dec. 1992. Turkey: Auig. 1990.

Poland: Dec. 1992. South Africa: Dec. 1992. Zimbabwe: Jul. 1993.

ENIERGIN(; NIAIRKI-TS DAi A BASE

90

'Jl

,,

,,,,,

'D

Poland Zimbabwe

(D

Colonmbia

_

Venezuela Brazil

°° x

I~~~~~~~~~~~~D

_ __ _ __ __ _

.> rD (D aLl

(D

C 0

n

C, (fl

Indonesia U.K., FT 100 Turkey MSCI, EAFE

FT EuroPac Portugal IFCIEMEA Japani,Nikkei China

n 0ol

ag

C

ID

Venezuela

x

Argentina Turkey Hungary Greece

> I

o o

-

a

__

Colombia Pakistan

a

o c

_

,D 0

0 p -o

Thailand Mexico

Sri Lanka Japan, Nikkei India

IFCILatin America 2

Chile Malavsia

Korea IFCIAsia South Africa Portugal

I>

IFCIComposite FT EuroPac MSCI,EAFE U.K., FT 100 Jordan U.S., S&P 500

_

8o

X

U.S., S&P 500

Philippines Peru IFCIEMEA Indonesia

3

CD

Jordan

China Zimbabwe Taiwan, China

DO DO

u (D

-

Greece

-~~~~~~

CO

OCD

IFCIComposite Korea IFCIAsia

~~~~~~~B

°

o

Hungary Sri Lanka IFCI Latin America Mexico Taiwan, China Philippines Thailand India Malaysia

fJ

3 C

Argentina Pakistan Sotith Africa Chile Peru

o *

(D o

,

IFCI Price Index Correlations (US$; December 1989-December 1994)

U.S1.,'S&P 500) U.K.,Fr1100 Japan.Nikkei MOCI,EAFE FT, EuroPac IFCI Composite IFCI Latin America IFCI Asia PFCIEMEA

100 710 0.29 0.46 0.44 0.49 0 49 0.44 -0.013

1.00O 0.46 1.00 0.70 0.92 0.68 0.94 0.46 0.24 031 0.20 04(0 0.24 0.19 0.05

1.00 1 00 042 (1.30 042 016

1.00 0.39

1.00

0.28 0.79 100 0.40 013

0.74 71.35 1.00 0.38 -0.02 0 26 1 00

Argeirira B-ail Chile China Colonbia Greece Hun.gar~y India Indonesia Jordan

0 37 0.27 0.31 0.36 0 13 0.1)6 0 43 024 0 29 0.07

012 -0.07 0.02 0.10 0.13 020 016b -0.10 0.02 026 -0.79 0.04 0.109 0.04 010 0.17 005 013 044 0.380 (.41 021 -0.15 -0.11 0.24 0.01 018 0 12 0 19 020

001 0 32 0.17 0.49 -0.01 0.30 0.04 0.62 009 0.24 0.11 0.28 0.39 028 -0.12 0.37 0.15 0.59 0.20 0.16

0 55 0.04 -01 0.56 0 07 027 0 30 0.20 -003 0 35 0.67 0.37 0.17 0.15 0 16 0.02 0.07 0.6.4 0 52 -0.11 0.07 0 42 0.17 0.15 0.22 0 60 049 0.00 0.18 024

1tI00 0.13 0.22 0 43 -0.01 -0.02 0.44 0.26 -(713 -0.15

1.0 0 70 0 13 0.29 0.34 0 50 0.4(0 0.26 0 02

1.00 0.18 -0.19 0.09 0 42 0.56 0.22 0.09

1.00 0 04 029 -(0.04 0.25 052 -0.08

1.00 0 31 0.49 0 46 0 25 (1.07

Kore Malaysia Menico Pk"alssa Peru Philippines Pol-nd P-rliaol South Africa 1 Si Lanka

0.1) 0.37 0.37 0 11 0 26 0.40 0 45 0 41 0.21 0.09

0(04 0.11 0 37 0.26 0 25 0.15 011 -(1.24 0.21 0.19 0.25 -0 02 039 0.26 77.49 0.38 0 46 0.02 0 07 0 01

012 0.461 0.21 -009 028 0.15 042 051 0.26 0.07

0.24 0.28 0085 01(1 0.52 029 0.40 0.24 0.07 052

0 07 -0.02 0.35 0 15 0 58 0.24 0 40 0.11 0.26 0.32

-(Ii)) 0.01 0 20 -0 06 0.31 0.12 0 28 0.36 -0.25 0.38

0.18 0 10 0 25 (1.05 0.44 0 22 0 07 0.19 010 030

0.17 0 57 7735 0.20 0.00 0.71 (7.32 030 045 77.)0

0 08 0 09 0.02 0 36 0 30 ((23 0.45 0 19 -011 0.50

-0(71 0.17 -0 24 0.07 0.34

0.14 0.12 009 0.25 0.09 -0.16 -77.05 -0.24 0.02 -0.07

0.48 0.58 0.23 0.19 029

0 08 (1.07 0.10 0 43 0 38

Taiwan Thaila-d Turkey Venezuela Zimbabwe

0 13 0.40 -0 21 -0 13 0.78)

0.26 0.27 0.04 -0.07 -0 09

011 041 ((.23 -0.08 031 0.18 0.41 0.53 0 28 0.07

0 15 0 29 0 10 0 28 77.00 0.04 -0.05 -008 0.10 0 20

g La

~

0.30 0.66 070 018 043 0.51 0.40 036 0.39 0.46

028 0.42 0.26 0.62 003 021 -007 -003 77.22- 0.32

0.17 0 53 0.30 0 78 -0.13 0.21 77.03 -0.14 0.27 0.34

r.

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-

L

E2

00

J

0.28 0.07 0 95 0.19 0 41 -0.11 0.25 0.05 0.21 -0.14 0 68 0.17 0 3504.16 0.21 0.31 0 67 0.04 0 25 0.00 028 0.26 0.86 0.02 -0.23

.2

8)-o

a

io

9

~

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0P

U

1.00 0 46 0 39 7745 0.21

-0.02 0 16 0.17 -(1.01 -0.23 0.04 -007 0 30 031 -0 04 -0 11 0.34 0.074 0.36 -002 0.11 -0.04 005 0 24 0 38 0 34 0.37 (1.62 0.35 77.03 -0.23 -0 15 021 0.33 0 50

0

ey.

1.00

0 06 0 10 0 43 0 14 Ol1Ir 0.02 0.07 0 20 0 29 0 09 0 55 0.7(3 (1.47 0.45 0 37 0.02 0 15 0 03 77.19)0.32

0.29 0.02 -00(8 0.41 0.13 -0.03 0 14 0 46 0 25 -007 0.7(7 0.34 0.08 -0(04 0.05 0 01 0.16 0.09 0 07 0 20 I

.0

1 00 0 54 1.00 0.32 0 34 100 0 10 0 10 0 18

-001 0.16 0 23 -0.05 021

1 00 0.19 035 0.13 (7.39 0.00 0717 -0 25 0.39 0 37

1.00 0 37 0 18 0.14 0 54 0.34 0.14 0 62 0 22

1 077 4.12 100 0 39 0 16 0 25 0 22 17.93 0.08 0.03 -0.02 0.17 0 27 0.43 0.55

((.19 0.17 0 11 02(0 -0.21

0.41 0.63 0 20 -0.10 0 41

0 10 0.34 ((.13 -0.05 0 29

1.00 0.24 0 03 0.11 7)7)5 0.4b

1.00 0.12 018S 0.66 0 04

0.03 028 0.24 0.25 0.09 -0 18 0 02 0 10 0 23 0(.36

((.52 0.58 0 03 -0.1(( 0.30

2

n 5 C

u 2

.

n

z

02.-

100 0.55 1.00 0 04 -0 23 100 0 42 0 08 -0.13 1.00 0.03 0.14 0 04 0.38 0.46

0 13 0 50 -0 01 0.17 (7.54 0.11 0.03 -0.01 0 02 -0 11 0 01 0 30 0 30 -0.08 0.41

3

n

1.00 0 40 100 0 21 7)19 1.00 -(7.01 -0.14 -0 02 100 -0.15 0 23 -0 34 0.39 -n -~~~~~

1.00

", -~~

-

-o

Note: Correlations are for five years of monthly returns beginning December 1989,except for the following markets (beginning dates indicated): Colombia: Feb. 1991. Peru: Dec. 1992. Venezuela: Jan. 1990.

1995 FACTBOO0K

China: Dec. 1992. Korea: Mar, 1992. Taiwan, Chinia: Jan. 1991.

Inidia:Jan. 1992. Indonesia: Sep. 1990. Pakistani: Mar. 1991.

Sri Lanka: Dee. 1992. Hungary: Dec. 1992. Turkey: Aug. 1990.

laoland: Dec. 1992. South Africa: Dee. 1992. Zimbabwe: Jul. 1993.

EMILRGING NMAIZIK1,] , DATA BAS[

92

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~

~

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~

~

~

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g5,D (D

o

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o GO X, Ql o

IFCI

Asia

Thailand

r.
ZL

U

U

Note:

Neither of the local Japanesc indexes (Nikkei and Topix) publishes a total return index. Emerginig nmarkets E

1995

FAC I )()]K

\1l

*

Developed markets

E5

IFC Regionial Inidexes

,I \iUxl, N(l\(.

IsD,\

I\ 1, \oi

94

IFCI TotalReturnIndexes 1994High,Low,Close (US$;yeair-endand week-end values) End1993

High

High week

Low

Low week

End1994

1,257.1 283.7 755.8 703.6 1,106.6 122.8 639.7

1,431.1 555.0 1,172.8 1,067.4 1,214.9 197.8 918.1

4-Feb 30-Sep 21-Oct 5-Auig 4-Feb 28-Oct 18-Feb

931.9 246.7 771.9 732.7 679.3 121.4 470.4

30-Dee 13-May I-Apr 7-Jan 30-Dec 7-Jan 25-Nov

951.9 474.5 1,103.7 901.7 679.1 182.2 547.0

Eaist Asia China Korea Philippines Taiwani, China

149.8 121.5 356.1 139.7

144.6 161.7 350.7 171.5

7-Jan 14-Oct 4-Nov 30-Dec

78.2 121.5 265.6 121.9

30-Dee 21-Jan 8-Apr I-Apr

78.2 144.0 31 6.4 171.5

South Asia India Indonesia Malaysia Pakistani Sri Lanka Thailand

118.2 129.3 385.0 433.1 179.3 555.6

147.2 134.0 374.5 487.1 244.7 532.8

16-Sep 7-Jan 16-Sep 18-Mlar 18-Feb 21-Oct

123.8 96.2 282.0 397.0 163.5 395.8

29-Apr 8-Apr 8-Apr 20-May, 17-Jun 18-Mar

126.4 105.1 310.9 413.9 175.6 454.7

Europe/Mideast/Atrica Greece Huingary Jordan Poland Portugal Souith Africa Turkey Zimbabwe

311.4 174.1 197.9 839.6 130.5 181.3 260.6 205.5

383.9 270.3 213.3 1,307.6 156.5 236.3 334.7 299.3

21-Jan 4-Feb 18-Mar 11-Mar 18-Feb 21-Oct 14-Jan 27-May

280.6 160.8 183.5 456.5 126.6 146.7 82.3 181.9

10-jun 30-Dec 30-Dec 9-Dec 1-Jul 15-Apr 29-Apr 7-Jan

322.0U 160.8 183.5 484.020Ur 142.9Ur. 236.0 157.30 258.4

Regions Composite Latin America Asia EMIEA

409.0 764.9 328.0 212.2

440.4 940.0 327.7 260.2

23-Sep 23-Sep 16-Sep 14-Jan

341.0 667.4 256.7 126.0

6-May 6-May 8-Apr 3-Jun

359.7 692.9 285.7H 154.6

Market

Latin America Argentifia Brazil Chile Colombia Mexico Peru Venezuela

IFCI Total Return Indexes High and Close, 1994

1,600-

1,400-

1,200

-

1,000

8i00

600-

400

* *00

-

M

Z < u > .5 >0

~

H-c

E, X C, Uc-

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o

N

~ -3

c 0

indlexlevel UEnd-1993 *End-1994 index level 1994 highi

I 995 VFMI mt l'

ENruulwlN(. NIARlKns DAVIA BASE 95

IFCI Total Return Indexes Regional vs. Developed Market Performance,

(USS;end 1988=100)

Index

Index level

% change

1994

Jan

Feb

Mar

IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA

411.7 867.6 290.4 202.5

401.0 828.1 297.1 172.5

360.6 772.6 257.1 149.4

353.7 715.9 275.3 128.9

362.1 753.4 275.3 125.8

349.1 695.6 273.1 136.8

374.2 762.1 285.6 147.9

422.3 887.9 314.5 156.2

432.8 927.3 317.3 153.4

418.5 873.2 315.1 152.3

402.8 857.9 291.6 161.5

359.8 693.3 285.8 154.6

U.S., S&P 500 MSCI,EAFE FT, EuroPac

203.4 121.7 119.1

197.9 121.4 119.3

189.3 116.2 114.7

191.7 121.1 119.4

194.9 120.5 119.0

190.0 122.2 120.9

196.3 123.4 121.8

204.3 126.4 124.4

199.4 122.4 120.7

203.9 126.5 124.7

196.5 120.5 118.4

199.4 121.2 119.4

lFCIComposite IFCILatinAmerica IFCI Asia IFCIEMEA

0.7 13.4 -11.4 -4.6

-2.6 -4.5 2.3 -14.8

-10.1 -6.7 -13.5 -13.4

-1.9 -7.3 7.1 -13.7

2.4 5.2 0.0 -2.4

-3.6 -7.7 -0.8 8.7

7.2 9.6 4.6 8.1

12.9 16.5 10.1 5.6

2.5 4.4 0.9 -1.8

-3.3 -5.8 -0.7 -0.7

-3.8 -1.7 -7.4 6.0

-10.7 -19.2 -2.0 -4.2

3.3 8.5 8.9

-2.7 -0.3 0.2

-4.4 -4.3 -3.8

1.3 4.3 4.1

1.6 -0.6 -0.3

-2.5 1.4 1.5

3.3 1.0 0.8

4.1 2.4 2.1

-2.4 -3.1 -3.0

2.3 3.4 3.4

-3.7 -4.8 -5.1

1.5 0.6 0.9

U.S., S&P 500 MSCI, EAFE FT, EuroPac

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details.

IFCI Regional Total Return Indexes vs. U.S. S&P500, 1994 (weekly; rebased to end-1993=100) 130 120 110

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