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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
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83,597
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21 19 3
754,184 4,335,896 10,011,969
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Total sur\ eved
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15,185,607
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711-errp;,g Ala7k-t Ca (USS mtilii(ois)
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~~~~~~~~~Colombia ~~~~~~~~~~~Pakistan ~~~~~~~~~~~Indonesia ~~~~~~~~~~~~~India ~~~~~~~~~~~~Peru = _ ~~~~~~~~~~~Japan Taiwan, China
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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
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0O
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C ED m r) 5
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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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z
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I
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_
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G
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-
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'a
0
,
~ ~~ ~ ~
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Nigeria
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Peru
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Colombia India0
1
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C
0. I0
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F .0Hnar
~~~~~~~~~~~Korea Chile IFCGLatin America >eMalaysia IFCG Asia South Africa
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~~~~~~~~~~~~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-
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-I
~~~~~~~~~~~~~~~~ --*O '0 (D
2
=: (D
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.
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0_I 0J |w
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.0
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Pakistan
-
n
=
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~~~~GreeceO ~~~Nigeria
ArgtChina
: X a
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Z
~~Zimbabwe
Venezuela C.)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C India
~~~~Turkey
J~~~~~~~~~~~Jra
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z
; './-
~~ ~ ~ ~ ~~~Clmi
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:
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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-
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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
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a
io
9
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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
", -~~
-
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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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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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