Emerging Stock Markets Factbook 1998 (Annual)

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Public Disclosure Authorized

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Emerging Stock Markets Factbook 1998

InternationalFinanceCorporation

Copyright © 1998 International Finance Corporation 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A.

*

*

*

First Printing May 1998 ISSN 1012-8115 ISBN 0-8213-4200-2 Cover and text printed on recycled paper

®

All rights reserved. May not be reproduced in whole or in part by any means without the written consent of the International Finance Corporation. This information is based on data obtained from sources that the IFC considers to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. This information shall not be construed, implicitly or explicitly, as containing any investment recommendations and, accordingly, the IFC is not registered under the

Published annually in the United States of Am eria

U.S. Investment Advisers Act of 1940. This information does not constitute an offer of or or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned, nor should it be considered as investment advice. *

The denominations and geographical names in this publication are used solely for the convenience of the reader and do not imply the expression of any opinion whatsoever on the part of the IFC, the World Bank, or other affiliates, concerning the legal status of any country, territory, city, area, or of its authori-

ties, or concerning the delimitation of its boundaries or national affiliation. *

The IFC may, from time to time, have a financial interest in the securities mentioned or included in the calculation of the IFC Indexes.

*

The Emerging Markets Data Base is a service of IFC's Central Capital Markets Department.

*

Any views expressed herein are those of the authors and do not necessarily represent the views of the World Bank or the International Finance Corporation.

Preface This edition of the Emerging Stock Markets Factbook is the twelfth in the IFC's annual series tracking the development of equity markets in developing countries. IFC's efforts were the first to pull together in a single volume the various time series of market data on the leading stock markets of the developing world. This Factbookputs these markets in perspective with their domestic economies and compares them to markets in the developed world. The Factbook is designed to serve as a reference for institutional investors, investment bankers, academics, economists, and journalists. Many of the tables and charts draw on data from more than 70 emerging markets. Additionally, market profiles have been compiled for all 45 of the IFC Index markets in 1997. The Factbook is divided into an introductory section

and seven chapters. The introduction includes background information on IFC and the IFC indexes. Chapter 1 begins with a description of emerging markets in general and emerging stock market performance and characteristics in particular. Chapter 2 details the performance and characteristics of world stock markets since 1988. Chapter 3 begins the discussion on IFC indexes, with detailed statistics on the IFC Global Indexes. Chapter 4 parallels this discussion, with details on the IFC Investable Indexes. Chapter 5 and 6 offers data summaries and market, political, and economic analyses for 32 IFC daily index markets and 13 IFC "frontier markets." Chapter 7 provides data summaries for markets not currently included in IFC Index coverage. Stock exchange addresses, names of top officials, telephone and fax numbers, and web site ad-

dresses can be found in Chapters 5 through 7. Appendixes provide sources and data notes, investor information, and information on IFC's Emerging Markets Data Base (EMDB). IFC is proud to continue building its coverage of emerging markets and providing the most complete and accurate data available. A member of the World Bank Group, IFC is the largest multilateral source of direct loan and equity financing for private sector projects in developing countries. EMDB, recognized as the world's premier source for reliable and comand statistics on stock information prehensive markets in developing countries, serves as a vital statistical resource for the international financial community and for IFC in its investment and advisory work.

Contents The International Finance Corporation Emerging Markets Data Base Evolution of the IFC Indexes for Emerging Markets Introduction to the IFC Indexes IFC Coverage, Base Periods, and Dates of Inclusion IFC Index Coverage Map

i i ii iii iv vv

Acknowledgments

vi

Introduction to Emerging Markets

Currency Exchange Rates per US$ Emerging Markets Currency Exchange Rates per US$, 1997 Emerging Markets Currency Exchange Rates per US$, 1988-1997

IFC Global Indexes Introduction Market Weights in the IFCG Composite Index, End-1997

36

Market Concentration in the IFCG Indexes, End-1997

37

Comparative Relative Characteristics of Emerging Markets Emerging Market Classification World Economic Statistics Aggregate Net Long-Term Resource Flows to Emerging Markets World GNP and GNP Per Capita Emerging Stock Market Performnance Key Trends in Emerging Stock Markets in 1996

fl

2 2 8 9

10

World Stock Markets

World Stock Market Statistics World Stock Market Performance, 1997 World Stock Market Turnover, 1997 World Market Capitalization, 1988-1997 Market Capitalization, Analysis and Summary World Value Traded, 1988-1997 World Number of Listed Domestic Companies, 1988-1997 World Rankings of Market Capitalization, Value Traded, and Number of Listed Domestic Companies, 1997 World Ranking of Average Company Size, 1997 Local Stock Market Price Indexes Emerging Markets Local Stock Market Price Indexes, 1997 Emerging Markets Local Stock Market Price Indexes, 1988-1997

14 15 16 18 20 22 24 25

26 28

30 32

Valuations of the IFCG Indexes, End-1997

38

IFCG Price Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997

40 41 42 43

IFCG Price Indexes, 1997 IFCG Price Indexes, 1988-1997 Statistics of the IFCG Price Indexes IFCG Price Index Correlations

44 46 48 50

IFCG Total Return Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997

52 53 54 55

IFCG Total Return Indexes, 1997 IFCG Total Return Indexes, 1988-1997 Statistics of the IFCG Total Return Indexes IFCG Total Return Index Correlations

56 58 60 62

IFCG Industry Indexes Industry Weights in the IFCG Composite Index, End-1997 Industry Concentration in the IFCG Composite Index, End-1997 Industry Distribution by Market Cap of IFCG Composite Index, 1997

64 65 66

COntents

(continued)

Industry Weights by Composite Index, Industry Distribution Composite Index,

Market Cap of IFCG 1997 by Number of Stocks in IFCG 1997

68 70

IFCG Industry Price Indexes, 1997 Performance Summary 1FCG Industry Price Indexes, 1997 IFCG Industry Price Indexes, 1988-1997

72 73 74

IFCG Industry Total Return Indexes, 1997 Performance Summary IFCG Industry Total Return Indexes, 1997 IFCG Industry Total Return Indexes, 1988-1997

76 77 78

t3

IFC Investable Indexes

Introduction Market Weights in the IFCI Composite Index, End-1997 Comparative Valuations of the IFCI Indexes, End-1997

82 83

IFCI Price Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997

84 85 86 87

IFCI Price Indexes, 1997 IFCI Price Indexes, 1988-1997 Statistics of the IFCI Price Indexes IFCI Price Index Correlations

88 90 92 94

IFCI Total Return Indexes 1997 Performance Summary 1997 High, Low, Close Regional vs. Developed Market Performance, 1997 Regional vs. Developed Market Performance, 1988-1997

96 97 98 99

IFCI Total Return Indexes, 1997 IFCI Total Return Indexes, 1988-1997 Statistics of the IFCI Total Return Indexes IFCI Total Return Index Correlatiotns

100 102 104 106

IFCI Industry Indexes Industry Weights in the IFCI Composite Index, End-1997 Industry Concentration in the IFCI Composite Index, End-1997 Industry Distribution by Market Cap of IFCI Composite Index, 1997 Industry Weights by Market Cap of IFCI Composite Index, 1997 Industry Distribution by Number of Stocks in IFCI Composite Index, 1997

108 109 110 112 114

IFCI Industry Price Indexes, 1997 Performance Summary IFCI Industry Price Indexes, 1997 IFCI Industry Price Indexes, 1988-1997

116 117 118

IFCI Industry Total Return Indexes, 1997 Performance Summary IFCI Industry Total Return Indexes, 1997 IFCI Industry Total Return Indexes, 1988-1997

120 121 122

n IFC Index Market Profiles Market and Data Summaries Argentina Brazil Chile China Colombia Czech Republic Egypt Greece Hungary India Indonesia Israel Jordan Korea

126 130 134 138 144 146 150 154 156 162 166 170 174 178

Malaysia Mexico Morocco Nigeria Pakistan Peru

182 186 190 194 198 202

Contents (continued) Other Equity Market Profiles

Market and Data Summaries(continued) Philippines Poland Portugal Russia Slovakia South Africa Sri Lanka Taiwan, China Thailand Turkey Venezuela Zimbabwe

M

206 210 214 218 222 226 230 234 238 242 246 250

IFC Frontier Markets

Introduction Frontier Market IFCG Price Indexes, 1997 Frontier Market IFCG Total Return, 1997

256 257

Market and Data Summaries for IFC Frontier Markets Bangladesh Botswana Bulgaria Cote d'Ivoire Ecuador Ghana Jamaica Kenya Lithuania Mauritius Slovenia Trinidad and Tobago Tunisia

258 262 266 270 274 278 282 286 290 294 298 302 306

Data Summaries for Markets not Included in IFC Index Market Coverage in 1997 Armenia Barbados Bermuda Bhutan Bolivia Costa Rica Croatia Cyprus Dominican Republic ElSalvador Estonia Fiji

312 312 313 313 314 314 315 315 316 316 317 317

Guatemala

318

Honduras India (other principal exchanges) Iran Kuwait Kyrgyz Republic Latvia Lebanon Mongolia Namibia Nepal Oman Palestine Panama Paraguay Romania Saudia Arabia Swaziland Ukraine Uruguay Uzbekistan

318 319 321 322 322 323 323 324 324 325 325 326 326 327 327 328 328 329 329 330

Zambia

330

Contents (cont,inued)

-ri 0l-VITI q"Ml Sourcesand Notes Stock Market Reference List Notes on Macroeconomic Data Currency Notes Standard Industrial Classification (SIC)Codes

W-011621312am

332 333 334 335

Investor Information

Foreign Investment Ceiling for Listed Stocks in Emerging Markets Withholding Taxes for Emerging Markets Investment Risk Summary for Entering and Exiting Emerging Markets Global Trading Costs Investment Regulations Summary for Entering and Exiting Emerging Markets

338 339 340 342 343

IFC Emerging Markets Data Base Summary of Major Changes to Coverage in 1997 EMDBPublications and Products Subscription Information News Service Access to Indexes

346 347 348 348

The International Finance Corporation

Emerging Markets Data Base

The International Finance Corporation (IFC) is the world's largest multilateral source of financing for private enterprise in emerging economies. Its mandate is to promote the growth of productive and profitable private enterprises in its developing member countries.

The Emerging Markets Data Base (EMDB) serves as a vital statistical resource for IFC and the international financial community in its investment and advisory work. Now in its second decade, the data base has gained recognition as the world's premier source for reliable and comprehensive information and statistics on stock markets in developing counitries. With information collected since 1975, the data base covers 45 markets, providing regular updates on more than 2,200 stocks comprising its IFC Global Index series and over 1,400 stocks in its IFC Investable series.

A member of the World Bank Groulp, IFC is owned by 174 countries. Since its establishment in 1956, IFC has committed more than $21.2 billion in financing for its own account and has arranged $15 billion in syndications and underwritinig for 1,852 businesses in 129 developing countries. IFC supports its clients xvith a full array of financial and advisory services. Project financing is offered through loans, equity, and specialized financial instruments such as hedging and swap facilities. IFC mobilizes additional financing through loan syndications and securities underwritings.

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Through its advisory services and technical as-

sistance, the Corporation helps private businesses increase their chances of success, and assists governments in creating environments that encourage private investment. TFC's Central Capital Markets Department has been at the forefront of the Corporation's efforts to increase the flow of portfolio investment to the developing world. Beginning with the Korea Fund in 1984, IFC has sponsored or invested in more than 30 collective investment vehicles such as country, regional, and global funds.

1998 FAL I I 0()K

-

Using a sample of stocks in each market, TFC calculates indexes of stock market performance designed to serve as benchmarks that are consistent across national boundaries. This eliminates the inconsistencies that make it difficult to compare locally-produced indexes with differing methodologies. Monthly indexes are available from the end of 1975, weekly indexes from 1988, and daily indexes from October - end . -; of'the 1995.

IFC's new headquarters

The products of the EMDB are available in computerized form and as publications. The data base provides three levels of computerized data: comprehensive data on individual stocks covered in all markets; data series for each index computed; and data series for each market covered. Delivery options and informationi on publications are described in Appendix 3. EMDB also maintains a comprehensive emerging markets web site (www.ifc.org/EMDB).

Exit IG\

XI xNRiLr Vs

B

SM

i

Evolutionof the IFC Indexes For Emerging Markets IFC began producing its own standardized stock indexes for developing countries in mid1981 in response to the need for better means to evaluate the performance of these stock markets than local stock price indexes, which are each calculated in their own way and based on stocks selected by different criteria. With common data structures, IFC's own indexes could also be easily linked into composite, regional, and industry indexes, which could better measure return and diversification benefits from broad-based emerging market investment. The original IFC indexes were calculated only once a year, used month-end prices, were based on the 10 to 20 most active stocks in each of 10 emerging markets, and were equally weighted and available on a "price only" and total return basis. Nine of the 10 markets had a history back to December 1975; one (Jordan) had a base in January 1978, when the Amman Financial Market first opened. In addition to individual market indexes, IFC prepared a Composite Index. Gradually, calculation periods increased to once a quarter using month-end prices. In late 1985, in response to growing interest in emerging markets among the international fund management community (which was due in part to information conveyed by the original IFC indexes), IFC decided to revamp the methodology it used from equal weighting to market capitalization weighting, improve the timeliness of calculating its month-end indexes from a quarterly lag to a one-month lag, expand the number of stocks covered, and increase the number of markets covered from 10 to 17. IFC also added

ii

1998 FAc F130(K

regional indexes for Latin America and Asia to supplement an all-market Composite Index. The new IFC indexes launched in January 1987 proved very popular with money managers. Other markets were added to IFC coverage in 1989 (Portugal and Turkey) and 1990 (Indonesia). In response to user demand, IFC again improved the timeliness of index calculation from month-end (with a considerable lag) to weekend (with a one-week lag), beginning in 1988. From 1988 until 1992, IFC devoted its index efforts to expanding the number of stocks covered in the indexes and adding to the number of data variables available for each stock. In mid-1991, IFCalso released its IFC Industry indexes, which sorted the stocks of the IFC Composite Index into their respective sector and industry categories. By 1992, the need for more sophisticated indexes for institutional investment in emerging markets had become pressing. IFC responded by tightening features of its basic index methodology and by introducing a new set of indexes in March 1993. These indexes, called the IFC Investable indexes, were designed specifically to be benchmarks for international portfolio managers. The former series of IFC indexes were renamed the IFC Global indexes to distinguish them from the new series.

as highly liquid subsets of the IFCI indexes and to reflect broad regional movements. IFC also added index coverage of South Africa in 1994. In Fall 1995, IFC began calculating the IFCG and IFCI Index series on a daily basis and added index coverage of the Czech Republic. In January 1996, IFC began adjusting its indexes for cross-holding of shares. The adjustments eliminated distortions caused by double-counting of share capitalization and thereby reduced the weights of several IFC index stocks and markets where cross-holding is prevalent. In September 1996, IFC began calculating monthly indexes for 14 "frontier" marketsBangladesh, Botswana, Bulgaria, Cote d'lvoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovakia, Slovenia, Trinidad & Tobago, and Tunisia. At the same time, IFC began calculating stand-alone daily indexes for Egypt, Russia, and Morocco, bringing the full scope of coverage to 44 separate markets. In November 1996, IFC began removing government lholdings from the market capitalizations of IFCG and IFCI Index constituents. A summary of the major changes to the IFC indexes in 1997 can be found in Appendix 2.

In 1993, IFC extended its index coverage to China, Hungary, Peru, Poland, and Sri Lanka. In 1994, EMDB introduced the IFC Tradeable indexes-IFC100, Asia5O, and Latin5O-to serve

El[410X0 MARKErS DviA BASF,

introduction to the IEC Indexes The IFC Global and IFC Investable indexes have manv common features. Both series of indexes are market capitalization weighted, with period method. data linked by the chained-Paasche Both series are calculated on a price and a total return basis, in local currencv and U.S. dollar terms. IFC prepares composite, regional, sector, and industry indexes for each series. Calculations of all IFC indexes include the preparation of such valuation ratios as Price-Earnings, PriceBook Value, and Cash Dividend Yield. The IFC indexes have become widely accepted in the international investment industry, forming the basis for index funds (funds managed so as to replicate an index's return) and structured financial instruments such as swaps and index-linked warrants. IFC GlobalIndexes The IFC Global (IFCG) indexes are the core of the IFC family of emerging market indexes. All of the constituents of the IFC Industry and JFC Investable indexes are selected from the constituents of IFC Global indexes; a stock must qualify for an IFCG index to be considered for inclusion in any other IFC index. IFCG indexes are intended to represent the performance of the most active stocks in their respective stock markets, and to be the broadest possible indicator of market movements. In order to ensure that the indexes capture the real market, the target aggregate market capitalization of IFCG Index constituents for 1994 forward is 60%,'cto 75%( of the total capitalization of all listed shares on the local stock exchange.

:'1!,,

1

It R

,;,,

IFCG indexes are built from the "bottom up", that is, IFC analysts do not look at composite, regional or industry balances in overall market capitalization in determining stock coverage for each IFCG Index. For instance, IFC does not attempt to require that Argentina's share of total is represented emerging market capitalization in the TFCG Composite Index, or that the share of the Argentine oil industrv in the capitalization of the Bolsa de Valores de Buenos Aires is replicated in the IFCG Argentina Index. Selection guidelines are described in TlheIFC Indexcs, wlhich1 can be obtained by contacting EMDB. Once a market is qualified as "emerging" (see Chapter 1) and llC viewvs the market as appropriate for an IFC index, EMDB market analysts begin the stock selection process. This begins with a survev of the market and all listed companies and shares, and is repeated each year during an annlual review process. The IFCG Composite and the IFCG Regional indexes consist of all the constituents of the respective individual market TFCG indexes, with any new IFCG indexes being added to the these schedules. indexes according to pre-announced !FC Investabie Indexes These indexes are designed to measure the type of returns foreign portfolio investors might receive from investing in emerging market stocks that are legally and practically available to them. The calculation methodology for the IFCI indexes is the same as for the TFCG (i.e., market capitalimethod of zation weighting, chained-Paasche series) return total and price calculation, and

applied to a subset of IFCG index constituents that TFC has determined to be "investable," that is, stocks which are available to foreign institutional investors, and which pass screens for minimum size and liquidity. iFC Industry undexes While most analvses of emerginig stock markets factors and focus on country or regional-level index movements, IFC recognizes that industry analysis is also a valuable tool in the international portfolio selection process. Accordingly, IFC codes the stocks in its Emerging Markets Data Base bv sector and industry to permit creation of the IFC Industry indexes. The IFC Industrv indexes are subsets of the IFCG is, IFC calcuand IFCI Composite indexes-that lates both global and investable industrv indexes. As a matter of standard practice, the industry indexes are prepared only on a composite index basis. IFC has not prepared regional or marketlevel industry indexes because the number of stocks included in some of these categories are statistics. If a too few to generate significant market's securities have not vet been added to an IFC Composite Index, they are not eligible for an IFC industry index. IFC publishes nine sector indexes and 23 industry indexes forboth the TFCG and the IFCI Industry index series. The nine sector indexes capture all the stocks in the IFCG and IFCI Composite Indexes, xvihile the 23 industry indexes focus on in the most significant industries represented those indexes, each having tvpicallv 1';c or more of a composite index's total capitalizationl.

IFC Coverage, Base Periods, and Dates of Inclusion Coverage

Dates of Ilud sion1 Global Indexes (IFCG)

Investable 1Indexes(IFCI)

Monthly

Weekly

Daily

Base period (=100.00)

Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

Dec 75 Dec 75 Dec 75 Dec 84 Dec 75 Dec 92 Dec 84


Oct 95 Oct 95 Oct 95 Oct 95 Oct 95 Oct 95 Oct 95


Dec 84 Dec 84 Dec 84 Dec 84 Dec 84 Jan 94 Dec 84

Dec 84 Dec 84 Dec 84 Dec 84 Dec 84 Jan 94 Dec 84

-

-

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

East Asia China Korea Philippines Taiwan, China

Dec 92 Dec 75 Dec 84 Dec 84


Oct 95 Oct 95 Oct 95 Oct 95


Oct 95 Dec 84 Dec 84 Dec 84

-

Oct 95 Dec 84 Dec 84 Dec 84

Dec 92 Jan 92 Dec 88 Jan 91

Oct 95 Jan 92 Dec 88 Jan 91

South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand

Dec 75 Dec 89 Dec 84 Dec 84 Dec 92 Dec 75

Dec 88 Sep 90 Dec 88 Mar 91 Dec 92 Dec 88

Oct 95 Oct 95 Oct 95 Oct95 Oct 95 Oct 95

Dec 84 Dec 89 Dec 84 Dec 84 Dec 92 Dec 84

Dec 84 Dec 89 Dec 84 Dec 84 Jan 94 Dec 84

-

Dec 84 Dec 89 Dec 84 Dec 84 Jan 94 Dec 84

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

Nov 92 Sep 90 Dec 88 Mar 91 Jan 94 Dec 88

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe

Dec93 Dec 95 Dec 75 Dec 92 Dec 96 Dec 78 Dec 95 Dec 84 Dec 92 Jan 86 Dec 95 Dec 95 Dec 92 Dec 86 Dec 75

Dec93 Dec 95 Dec 88 Dec 92 Dec 96 Dec 88 Dec 95 Jul 93 Dec 92 Dec 88 Dec 95 Feb 97 Dec 92 Dec 88 Jul 93

Oct 95 Dec 95 Oct 95 Oct 95 Dec 96 Oct 95 Dec 95 Oct 95 Oct 95 Oct 95 Dec 95 Feb 97 Oct 95 Oct 95 Oct 95

Dec93 Dec 95 Dec 84 Dec 92 Dec 96 Dec 84 Dec 95 Dec 84 Dec 92 Jan 86 Dec 95 Dec 95 Dec 92 Dec 86 Dec 84

Jan 96 Jan 97 Dec 84 Apr 94 Nov97 Dec 84 Jan 97 Dec 84 Apr 94 Jan 86 Jan 97 Nov97 Apr 95 Dec 86 Dec 84

-

Dec93 Feb 97 Dec 88 Dec 92 Dec 96 Dec 88 Feb 97 Dec 92 Dec 88 Feb 97 Feb 97 Dec 92 Aug 89 Jun 93

-

-

Dec 95

-

Frontier Frontier

Composite Index

Latin America Index

-

Asia Index

-

-

-

-

-

-

-

-

Base period (=100.00)

Composite Index

Latin America Index

Asia Index

EMEA Index

Dec 88 Dec 88 Dec 88 Feb 91 Dec 88 Jan 94 Jan 90

Dec 88 Dec 88 Dec 88 Feb 91 Dec 88 Jan 94 Jan 90

-

-

-

Oct 95 Jan 92 Dec 88 Jan 91

-

Nov 92 Sep 90 Dec 88 Mar 91 Jan 94 Dec 88

Jan 96 Nov97 Dec 88 Apr 94 Nov97 Dec 88 Nov97

-

-

Apr 94 Dec 88 Nov97 Nov97 Apr 95 Aug 89 Apr 94

-

-

-

-

-

-

-

Jan 96 Nov97 Dec 88 Apr 94 Nov97 Dec 88 Nov97

-

Apr 94 Dec 88 Nov97 Nov97 Apr 95 Aug 89 Apr 94

-

Markets Markets'

Dec 95

Netes: At year-end 1997, IFC frontier markets included Bangladesh, Botswana, Bulgaria, Cote d'lvoire, Ecuador, Ghana, Jamaica, Kenya, Lithuania, Mauritius, Slovenia, Trinidad & Tobago, and Tunisia.

iv

1998 FACTBOOK

EMIRGI\NGMAIZKETS DATA BASF

IFC Index CoverageMap (WorldBank,March1998)

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World Rankingsof Average Company Size, 1997 (US$millions;rankedbyend-i 997 levels)

1 2

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 41 42 43 44 45 46 47

Switzerland Netlberlands Italy U.S. Germany Sweden Belgium France U.K. Japan Saudi Arabia Mexico* Spain Taiwan, China* Hong Kong Russia' Luxembourg Finiland Au-stralia Brazil* New Zealand Argentina* Canada Denmark South Africa* Austria Singapore Kuwait Norway Lebanon Hungary* Ireland China* Portugal' Morocco* Chile* Turkey* Venezuela* Greece' 41) Philippines' Malaysia, Trinidad & Tobago* Zambia Panama Colombia' Indonesia* Poland* 48 Peru*

1998 F \C li 1100

132.2 129.9 117.5 103.6 103.3 103.2 84.9

49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95

Israel* Tunisia* Barbados Omnan Slovenia (FYR)l Iran Croatia (FYR) Thailand* Korea' Ghana' Namibia Ecuador* Botswana* Cyprus Czecb Republic, Estonia Jamaica* Bermuda Mauritius* Jordan' Cote dIlvoire' Swaziland Egypt* Bolivia Kenya* Zimbabwe* P'alestine Dominican Republic Caymani Islands Inidial Nigeria* Guatemala Pakistan' Uruiguay Fiji Sri Lanka* El Salvador Romnania Bangladesh* Costa Rica Latvia Paraguay Lithuania* Slovakia' Nepal Armenia Bulgaria'

70.9

96

Mongolia

2,663.6 2,332.0 1,466.7 1,277.7 1,178.9 1,113.2 992.5 987.4 975.7 928.7 848.4 790.9 756.2 712.4 628.2 616.4 605.2 591.3 571.5 476.6 476.2 435.7 416.8 395.6 361.5 353.7 3510.9 349.8 339.3 322.7 305.6 290.8 270.1 263.2 248.5 244.2 237.7 160.2 148.5

~141.9

70.7 68.0

63.4 62.4 62.0 57.5 55.1 54.6 54.0 53.8 53.0 52.3 51.1 50.3 46.3 45.8 45.1) 42.8 41.6 39.2 35.1 32.3 32.0 31.3 31.2 30.8 24.51,0 23.3 22.11 22.0 20.0 19.9 14.0 13.3 11.6 8.8 8.5 8.3 7.5 7.2 6.7 6.5 2.8 2.1 2.0 0.3 0.1

Top 25 Markets by Average Company Size, 1997 3,000

2,500-

2,000-

1,500-

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500

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1997MarkeUow 1997Markethigh

1998 FACIBOOK

EMERGINGMARKETSDATA BASE 53

IFCG Total Return Indexes Regional vs. Developed Market Performance, 1997 (end-of-period values in US$; end 1984=100)

jan 13

Feb

Mlar

557.4 1,126.7 516.5

582.8 1,202.0 529.0

572.4 1,188.9 514.6

685.7 586.3

691.2 596.6

6.7 9.1 3.8 6.2 -3.9

IUdc

Index level

IFCG Composite IFCG Latin America IFCGAsia U.S., S&P 500 FT, EuroPac

% change

IFCG Composite IFCG Latin America IFCGAsia U.S., S&P 500 FT, EuroPac

Nlav

jUn

JuL

Aug

Sep

572.4 1,235.0 508.2

581.9 1,330.1 504.2

611.6 1,438.7 522.1

621.3 1,521.5 516.6

554.0 1,394.1 437.5

556.6 1,505.8 406.0

472.0 1,220.4 338.9

444.8 1,253.6 302.9

446.4 1,326.9 283.1

662.8 596.3

702.4 599.0

745.1 641.7

778.5 675.1

840.4 684.3

793.4 632.8

836.8 666.0

808.9 615.9

846.3 606.7

860.8 608.6

4.5 6.7 2.4

-1.8 -1.1 -2.7

0.0 3.9 -1.2

1.6 7.7 -0.8

5.1 8.2 3.6

1.6 5.8 -1.0

-10.8 -8.4 -15.3

0.5 8.0 -7.2

-15.2 -19.0 -16.5

-5.8 2.7 -10.6

0.4 5.9 -6.5

0.8 1.8

-4.1 0.0

6.0 0.4

6.1 7.1

4.5 5.2

8.0 1.4

-5.6 -7.5

5.5 5.2

-3.3 -7.5

4.6 -1.5

1.7 0.3

Apr

Oct

\Nov

Dec

Nute:Trhe FCGComposite and regional indexes do not include all markets. See base date table in introduction for details.

IFCG RegionalTotal Return Indexesvs. U.S. S&P 500, 1997 (weekly; rebased to end-1996=100) 160 150 140-

130120110

_

1000 90 80

=_

100-

IFC~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Composite

IFCGLatin America

70 -

60 50 40 30-_ Dec31 1996

54

1998 FACTBOOK

Jan22

Feb12

Mar5

Mar26

Apr16

May7

May28

Jun18

Jul9

Jul30

Aug20

Sep10

IFCGAsia

~

'

Octl

Oct22

Nov12

U.S., S&P500

Dec3

Dec31 1997

ENMFRGINGMARKFTS DAIA BASE

IFCG Total Return Indexes Regional vs. Developed Market Performance, 1988-1997 (end-of-periodvaluesin US$; end 1984=100)

Index level

% change

1993

1994

1995

1996

1997

331.4 659.3 319.3

555.2 1,032.2 543.2

552.2 1,030.9 545.9

484.2 866.8 470.2

522.3 1,032.5 497.3

446.4 1,326.9 283.1

318.3 416.2

342.7 362.9

376.9 477.3

381.8 521.0

524.7 576.4

645.6 609.9

860.8 608.6

-29.9 -3.7 -36.1

17.6 123.5 0.5

0.3 5.7 1.3

67.5 56.6 70.1

-0.5 -0.1 0.5

-12.3 -15.9 -13.9

7.9 19.1 5.8

-14.5 28.5 -43.1

-3.1 -23.8

30.4 12.6

7.6 -12.8

1().0 31.5

1.3 9.2

37.4 10.6

23.0 5.8

33.3 -0.2

Index

1988

1989

1990

1991

1992

IFCG Composite IFCG Latin America IFCG Asia

258.9 191.2 316.7

400.5 289.8 490.7

280.9 279.0 313.5

330.3 623.7 315.2

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

191.5 436.2

251.9 485.2

244.1 369.6

IFCG Composite IFCG Latin America IFCG Asia

58.2 70.2 72.0

54.7 51.6 54.9


16.5 28.7

31.6 11.3

IFCG RegionalTotal Return Indexesvs. U.S. S&P 500, 1988-1997 (monthly; end-1987=100) 1,400 1.2001,000 IFCG Composite

800 -

Dec 1987

1998FACI

6BOOK

LatinAmerica ~~~~~FOG

Jun 1988

Dec 1988

Jun 1989

Dec 1989

Jun 1990

Dec 1990

Jun 1991

Dec t991

Jun 1992

Dec 1992

Dec Jun 1993 1993

Jun 1994

Dec 1994

Jun 1995

Dec 1995

Jun 1996

Dec 1996

Jun 1997

Dec 1997

EMERGINGMARKETSDATABAS

55

IFCG Total Return Indexes 1997 (end-of-period values in US$)

VIl7/kct

BoDc datc (=1(10.1))

1Ja

Feb

Mlar

Apr

I.N av

Ii1

I Lii

Aug

Scp

Oct

Nov

Dec


Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84

2,465.0 642.1 6,121.7 3,285.4 2,193.3 259.4 588.2

2,500.6 710.3 6,491.3 3,581.9 2,269.1 275.4 618.7

2,466.5 708.3 6,327.8 3,635.1 2,236.2 284.5 585.4

2,559.1 756.1 6,535.3 3,872.1 2,233.6 300.6 577.9

2,742.5 818.9 7,144.1 4,026.1 2,364.8 333.8 644.2

2,813.4 895.6 7,348.3 3,919.8 2,643.8 330.8 848.9

2,995.6 929.1 7,400.7 3,944.5 3,011.0 308.2 851.2

2,944.2 786.6 7,078.9 4,181.0 2,842.3 307.8 861.0

3,013.6 865.4 7,143.1 4,227.2 3,187.8 307.0 935.2

2,457.5 652.9 6,440.8 4,175.5 2,571.4 282.2 829.2

2,614.4 664.3 6,062.0 3,860.2 2,802.0 280.3 776.9

2,746.2 720.9 5,944.9 3,978.1 3,045.4 281.2 760.5


Dec-92 Dec-84 Dec-84 Dec-84

110.3 450.8 5,354.8 1,158.2

117.9 435.8 5,191.3 1,227.9

139.7 419.3 5,051.7 1,211.8

162.5 431.4 4,166.7 1,279.4

152.9 464.8 4,388.9 1,217.1

156.8 474.6 4,293.8 1,365.4

147.4 456.7 3,669.0 1,476.0

151.8 440.9 2,766.1 1,403.8

133.7 399.3 2,432.4 1,247.4

145.5 280.6 2,117.3 992.1

135.3 202.3 2,094.7 1,008.6

138.5 134.4 1,890.6 1,025.0


Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84

368.6 148.0 474.9 420.9 93.8 950.1

392.4 146.5 500.6 464.9 95.0 865.1

362.3 136.1 470.1 436.8 96.3 850.2

404.4 131.6 410.8 427.1 112.3 813.4

396.7 140.9 416.5 419.2 111.8 717.8

454.2 146.8 402.2 434.5 122.3 633.9

470.4 136.3 368.0 559.7 136.4 683.6

420.3 81.6 253.3 479.3 124.1 461.3

421.4 86.0 237.8 507.2 118.6 483.2

407.7 73.3 188.7 487.0 109.3 330.0

363.8 56.1 143.8 459.4 98.1 281.1

366.1 35.8 132.0 454.6 100.8 210.1

Europe/MideastVAfrica Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84

81.4 188.8 924.8 189.6 112.5 226.2 150.0 218.1 840.1 1,147.5 357.8 119.4 240.5 941.4 2,741.8

83.3 219.8 992.3 184.4 117.9 231.4 161.1 240.9 900.0 1,152.2 448.7 130.9 263.8 916.7 2,864.8

76.4 204.7 1,049.2 183.5 111.9 224.2 186.5 266.3 823.3 1,175.6 436.4 133.5 266.5 924.6 2,732.1

67.9 204.4 1,073.2 194.1 111.3 225.1 197.4 280.7 778.9 1,197.0 441.3 124.4 268.8 775.5 2,788.5

60.0 184.1 1,211.2 199.2 122.2 234.1 178.0 275.3 749.8 1,291.7 466.2 127.2 259.1 881.9 2,610.8

60.9 186.1 1,130.0 220.2 122.7 235.6 183.1 269.6 701.0 1,383.3 533.4 107.6 271.0 958.3 2,700.2

60.3 180.0 1,135.9 236.8 132.6 251.8 184.3 262.6 663.5 1,420.9 650.7 106.6 267.9 912.3 3,041.9

65.2 193.4 1,095.2 217.1 125.0 250.4 192.8 243.9 747.5 1,338.1 664.3 109.2 254.9 889.9 2,671.3

66.4 200.6 1,297.2 232.9 130.4 271.3 196.5 226.1 806.7 1,515.3 769.5 114.6 251.2 1,127.4 2,331.2

61.6 193.6 1,115.2 217.0 119.1 264.0 201.8 204.3 679.7 1,461.3 730.7 116.5 220.6 1,149.4 2,386.0

55.5 182.6 1,092.1 198.2 122.8 263.5 201.3 207.7 620.6 1,504.6 568.5 106.7 211.4 1,106.6 1,776.5

56.2 183.1 1,065.2 247.7 124.4 259.4 199.3 216.7 650.5 1,567.4 638.7 109.1 207.1 1,300.2 1,092.4

56

1998 FACTBOOK

E[IERGTNGMARKFlS DATx BASE

IFCG Total Return Indexes 1997 (monthly% changein US$)

Jun

Jul

Aug

Sep

Oct

Nov

3.8 6.8 3.3 6.5 -0.1 5.7 -1.3

7.2 8.3 9.3 4.0 5.9 11.0 11.5

2.6 9.4 2.9 -2.6 11.8 -0.9 31.8

6.5 3.8 0.7 0.6 13.9 -6.8 0.3

-1.7 -15.3 -4.3 6.0 -5.6 -0.1 1.1

2.4 10.0 0.9 1.1 12.2 -0.2 8.6

-18.4 -24.6 -9.8 -1.2 -19.3 -8.1 -11.3

6.4 1.8 -5.9 -7.5 9.0 -0.7 -6.3

5.0 8.5 -1.9 3.0 8.7 0.3 -2.1

18.5 -3.8 -2.7 -1.3

16.3 2.9 -17.5 5.6

-5.9 7.7 5.3 -4.9

2.5 2.1 -2.2 12.2

-6.0 -3.8 -14.5 8.1

3.0 -3.4 -24.6 -4.9

-11.9 -9.4 -12.1 -11.1

8.8 -29.7 -12.9 -20.5

-7.0 -27.9 -1.1 1.7

2.4 -33.6 -9.7 1.6

6.4 -1.0 5.4 10.4 1.2 -8.9

-7.6 -7.1 -6.1 -6.0 1.4 -1.7

11.6 -3.4 -12.6 -2.2 16.6 -4.3

-1.9 7.1 1.4 -1.9 -0.5 -11.8

14.5 4.2 -3.4 3.6 9.4 -11.7

3.6 -7.2 -8.5 28.8 11.5 7.8

-10.7 -40.1 -31.2 -14.4 -9.0 -32.5

0.3 5.4 -6.1 5.8 -4.4 4.8

-3.3 -14.8 -20.6 -4.0 -7.9 -31.7

-10.8 -23.5 -23.8 -5.7 -10.2 -14.8

0.6 -36.1 -8.2 -1.0 2.8 -25.3

2.3 16.4 7.3 -2.7 4.8 2.3 7.4 10.5 7.1 0.4 25.4 9.6 9.7 -2.6 4.5

-8.3 -6.9 5.7 -0.5 -5.0 -3.1 15.8 10.5 -8.5 2.0 -2.8 1.9 1.1 0.9 -4.6

-11.1 -0.1 2.3 5.8 -0.6 0.4 5.8 5.4 -5.4 1.8 1.1 -6.8 0.8 -16.1 2.1

-11.7 -9.9 12.9 2.6 9.8 4.0 -9.8 -1.9 -3.7 7.9 5.6 2.3 -3.6 13.7 -6.4

1.5 1.1 -6.7 10.5 0.4 0.6 2.8 -2.1 -6.5 7.1 14.4 -15.4 4.6 8.7 3.4

-1.0 -3.3 0.5 7.6 8.1 6.9 0.6 -2.6 -5.3 2.7 22.0 -1.0 -1.1 -4.8 12.6

8.2 7.4 -3.6 -8.3 -5.7 -0.5 4.6 -7.1 12.7 -5.8 2.1 2.5 -4.9 -2.4 -12.2

1.8 3.7 18.4 7.3 4.3 8.4 1.9 -7.3 7.9 13.3 15.8 4.9 -1.4 26.7 -12.7

-7.3 -3.5 -14.0 -6.8 -8.6 -2.7 2.7 -9.7 -15.8 -3.6 -5.0 1.7 -12.2 1.9 2.3

-9.8 -5.7 -2.1 -8.7 3.0 -0.2 -0.2 1.7 -8.7 3.0 -22.2 -8.5 -4.2 -3.7 -25.5

1.2 0.3 -2.5 25.0 1.3 -1.6 -1.0 4.3 4.8 4.2 12.3 2.3 -2.0 17.5 -38.5

Feb


7.6 11.3 9.8 5.8 8.3 7.6 -3.5

1.4 10.6 6.0 9.0 3.5 6.2 5.2

-1.4 -0.3 -2.5 1.5 -1.4 3.3 -5.4


5.9 4.8 7.8 4.3

6.9 -3.3 -3.0 6.0


7.9 8.5 1.9 16.8 3.4 -6.3

Europe/Mideast/Africa Czech Republic Egypt Greece HUngary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia South Africa TUrkey Zimbabwe

2.9 27.5 19.4 24.7 12.5 -0.2 5.7 2.0 7.1 7.8 37.0 0.2 2.8 57.2 17.2

1998 FACQBOOK

Dec

May

Mar

Jan

Market

Apr


IFCG Totai Return indexes 1988-1997 (end-of-periodvalues in US$)

Bt>e datc (-0(1.0()

!Afayil Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

Dec-84 Dec-84 Dec-84 Dec-84 Dec-84 Dec-92 Dec-84


Dec-92 Dec-84 Dec-84 Dec-84


Dec-84 Dec-89 Dec-84 Dec-84 Dec-92 Dec-84

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe

Dec-93 Dec-95 Dec-84 Dec-92 Dec-96 Dec-84 Dec-84 Dec-84 Dec-92 Jan-86 Dec-95 Dec-95 Dec-92 Dec-86 Dec-84

58

1998 FAC I BOOK

iS•'S

196.0 122.0 678.5 347.5 463.0

I 9S)(I

-

797.5 2,371.5 1,407.1

230.8 123.7 173.4 338.3

240.7 100.0 178.2 184.5 679.3

446.4

247.7

538.4

735.9

145.8

-

613.8

624.3

-

-

-

-

-

-

-

-

140.9 731.0

849.0 1,028.9

825.3 2,005.8

480.5 956.1

1

I

I 9L9

99?1

1,661.4 538.2 6,470.7 3,770.7 2,320.9 210.6 362.2

1,872.1 429.3 6,508.0 2,874.5 1,717.9 233.8 255.5

2,290.0 577.1 5,575.3 3,106.0 2,024.2 241.1 609.5

2,746.1 720.9 5,944.9 3,978.1 3,045.4 281.2 760.5

100.( 518.6 2,056.8 503.7

92.7 627.1 4,831.4 952.2

62.1 746.6 4,802.3 1,166.2

54.4 695.4 4,125.5 808.7

104.2 429.9 4,965.0 1,110.8

138.5 134.4 1,890.6 1,025.0

416.0 59.0 226.9 455.1 100.0 900.4

494.0 126.0 460.3 710.8 165.4 1,827.8

530.7 101.6 361.3 650.3 164.8 1,621.2

349.2 113.8 374.2 447.8 102.3 1,598.1

341.8 136.4 465.9 360.4 90.8 1,013.4

366.1 35.8 132.0 454.6 100.8 210.1

79.1 148.1 774.8 152.1 100.0 226.5 142.0 213.8 784.2 1,064.4 261.1 119.2 233.9 599.0 2,338.8

56.2 183.1 1,065.2 247.7 124.4 259.4 199.3 216.7 650.5 1,567.4 650.5 109.1 207.1 1,300.2 1,092.4

537.4 100.0

100,0

81.1 -

655.3 124.6 -

100.0 227.0 384.8

-

203.7 -

64.4 100.0 503.1

668.6 105.5

225.7

181.8

99.0

1 'J"4

2,164.7 316.9 4,462.9 2,925.4 3,909.8 137.2 487.3

-

71.8

874.5

-

I 9) 3

1,253.1 158.9 3,315.6 2,171.6 2,608.2 100.0 523.6

-

-

-

-

641.8

126.6

51.1

624.2

338.5 57.4 177.3 557.8

-

42.2

285.8 99.4 158.2 205.0

911.2

121.4

500.8 1,738.5 686.6

-

122.8

595.3 1,094.0 690.8

-

-

907.4

627.4

-

-

1,704.8 158.4 2,853.9 1,561.1 2,152.4 -

89.4

745.3 1,486.5 703.7

I' 9 )1

343.1 58.6 1,440.9 535.9 1,041.0

540.7 170.7 1,026.0 389.8 802.7

133.6

|99

57.0 839.6 694.6 182.4 759.0 938.0

165.8 484.0 834.0 239.5 449.7 1,203.2

65.0 100.0 737.5 76.9 229.5 100.0 131.1 450.3 824.5 100.0 100.0 282.1 402.1 1,403.8

EMERGING MARKFTS DATA BASE

IFCG Total Return Indexes 1988-1997 (annual% changein US$)

iayrket Latin America Argentina

Brazil Chile Colombia Mexico

1988 38.8

175.9

125.6 37.1 -12.3 108.3

Peru

Venezuela

39.9 51.2 12.2 73.3

-

-

-24.2

-33.1

East Asia China

Korea Philippines Taiwan, China

1989

1991)

1991

J992

I 993

1994

19995

1996

1997

-36.5

396.9

-26.5

72.7

-23.3

12.7

22.3

19.9

-65.7 40.4 37.5 29.7

170.4 98.1 191.3 106.8

0.3 16.2 39.1 21.2

99.4 34.6 34.7 49.9

69.8 45.0 28.9 -40.6

-20.2 0.6 -23.8 -26.0

34.4 -14.3 8.1 17.8

24.9 6.6 28.1 50.4

-

601.6

-

44.6

-

-42.3

37.2

53.5

11.0

3.1

16.6

-6.9

-25.7

-29.5

138.6

24.8

-33.0

-

-

-

-

-

-7.3

-12.4

91.5

33.0

112.8 38.1 93.3

7.0 59.5 100.0

-25.3 -53.9 -50.9

-15.9 58.9 -0.6

3.6 18.3 -26.6

20.9 134.9 89.0

19.0 -0.6 22.5

-6.9 -14.1 -30.7

-38.2 20.3 37.4

-68.7 -61.9 -7.7

37.3

4.3 0.0 44.0 6.4

18.8 -0.6 -11.2 11.1

18.4 -42.3 12.1 172.1

22.9 2.9 27.9 -18.4

18.8 113.4 102.9 56.2

7.4 -19.3 -21.5 -8.5

-34.2 12.0 3.6 -31.1

-2.1 19.9 24.5 -19.5

7.1 -73.7 -71.7 26.1

65.4

-0.4

-37.9

-11.2

11.1

103.0

-11.3

-1.4

-36.6

-79.3

21.7 48.1

-29.0 23.6

5.1

37.5

South Asia

India Indonesia Malaysia Pakistan Sri Lanka Thailand

27.7 13.8 -

40.7

Europe/Mideast/Africa Czech Republic Egypt

Greece Hungary Israel Jordan Morocco

Nigeria Poland

Portugal Russia Slovakia South Africa

lurkey Zimbabwe

-

100.8

-

-

-

-20.7

19.2

-

-

-

-37.6

80.2

104.1

-

-

-

-10.1

-

-19.3 15.1 -

-

40.3 -

-

-27.0

21.9

0.0

24.6 -

-18.9

-19.9 -

2.0 -15.3

-

10.3 -27.1

97.8

-

-

-

-9.8 -

-11.6

190.9

-20.9

63.1

-42.4

-7.0

74.2

-17.0

47.3 150.8

-

-1.3 42.0

-1.1 -

4.3

-

7.0

21.1

40.5

37.8

-34.9

-

-

-

-

0.0

-28.3

40.1

-29.8

1.7

-19.4

38.1

20.1

-1.1

29.1

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

82.4

31.3

17.8

161.1 19.2 -17.1

-61.1 25.0

502.4 40.8

-2.8 94.9

-41.8 -52.3

-52.8 -59.8

234.3 143.8

-40.8 28.3

-10.6 16.7

49.0 66.6

-

62.9 24.4 14.5 40.4

-

24.7

24.2

739.6

12.7 -

1.4

-8.5 -11.5

117.1 -53.3

E.tEiKGt.\GMARtUEIS DAT. BASE 59

Statistics of the IFCG Total Return Indexes (US$; December 1992-December 1997)

Annun a lized

Nuimber of months

Mviakfat

Nlean of chanlge

St.tandard deviation

Ar< tnUaled mean

sta htndard deviation

C(roe I at ion

S&rl' 5ttt

Latin America

Argentina Brazil Chile Colombia Mexico Peru Venezuela

AnnuLalized

Nsuth

Number of \I?)kt

lonths'.

Mean of

Stalndard

change

dxs iationt

AnnIualizedi miiealn

standard deviation

Correlationi

with S&P 500

Regions

60 60 60 60 60 60 60

1.71 3.13 1.21 1.24 0.87 2.15 1.54

8.85 11.08 7.01 6.94 10.64 9.40 13.16

20.52 37.56 14.52 14.88 10.44 25.80 18.48

30.66 38.38 24.28 24.04 36.86 32.56 45.59

0.48 0.30 0.32 -0.09 0.33 0.10 0.09

60 60 60 60

1.87 -1.77 0.29 1.72

18.25 9.07 9.41 10.97

22.44 -21.24 3.48 20.64

63.22 31.42 32.60 38.00

-0.05 0.09 0.14 0.17

60 60 60 60 60 60

0.13 -0.15 -0.44 0.36 0.35 -1.73

8.45 10.97 9.29 8.81 8.26 11.32

1.56 -1.80 -5.28 4.32 4.20 -20.76

29.27 38.00 32.18 30.52 28.61 39.21

0.10 0.43 0.18 0.28 0.11 0.32

47 24 60 60 12 60 24 60 60 60 24 12 60 60 60

-1.75 3.17 1.34 2.11 2.02 0.67 3.24 3.93 4.88 2.03 9.93 -0.52 1.42 4.36 2.38

6.92 8.63 6.42 11.53 6.43 3.93 4.91 19.06 20.56 4.99 16.78 6.70 6.48 17.63 10.90

-21.00 38.04 16.08 25.32 24.24 8.04 38.88 47.16 58.56 24.36 119.16 -6.24 17.04 52.32 28.56

23.97 29.90 22.24 39.94 22.27 13.61 17.01 66.03 71.22 17.29 58.13 23.21 22.45 61.07 37.76

-0.07 0.00 0.25 0.34 0.81 0.24 -0.44 -0.03 0.12 0.35 0.17 0.11 -0.34 0.09 0.04

Composite Latin America Asia

60 60 60

0.64 1.44 -0.01

5.31 7.33 6.29

7.68 17.28 -0.12

18.39 25.39 21.79

0.37 0.41 0.26

Developed Markets U.S., S&P 500 60 FT Europac 60

1.59 0.95

3.11 4.04

19.08 11.40

10.77 13.99

1.00 0.40

East Asia

China Korea Philippines Taiwan, China South Asia

India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa

Czech Republic* Egypt* Greece Hungary Israel* Jordan Morocco' Nigeria Poland Portugal Russia* Slovakia* South Africa Turkey Zimbabwe

Note: Statisticaldata based on less than 60months of results.

60

1998 FACTBOOK

EMERGING MARKETS DATA BASE

Statistics of the IFCG Total Return Indexes (US$; December 1992-December1997)

IFCG Total Return Index Annualized Standard Deviation, 1992-1997 80 70 60-

50 4030-

20 10

merkets

Eegn

a

Mean Return, 1992-1997

IFCG Total Return Index Annualized 1201

-oa

a

0

Co

t

=-

lg|l E

l

(

=

a

=°0= cckNE

0

o 0

0

:00N

CT'oo

CD~~~~~~~~~~~~~~~~~~~~~(0~ I~~~~~~C

a

C-

>

o 0

1O

1101O

6

r01

110

o-o

o

100

o

0

-hia

o o

C

0

0

0

0

0

0

0

~~~~~~~~~~~~~~~ ~~~~~~ooo0o a~~~~~~~~~~~~~) Ln 1> 6) K> b

0

0

0

0

0

0

0

0

0~~~~~~~~~~~~~~~0

L-

ro

t4

:r

Ln

6)

:4

o),

(o

CD O)

b e

U.S., S&P 500

2

.I

CY

Israel

t

ON

Argentina

(xK< .0

Indonesia

riq

CD

IFCG Latin America

=r

CD__-

FT, Europac

_

go

IFCG Composite

CD C'D

C

nX

'-0

Portugal Hungary Mexico _

Chile Thailand

0

C) El .... UR M-

Brazil | Efl

1.0

Pakistan CD

IFCG Asia r

:n - g3 r'

Jordan

3 S

x

Malaysia

CC

ID ~~~Russia

O~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C

Taiwan, China Philippines Poland

|01

South Africa

E

Sri Lanka India Peru Korea Turkey Venezuela Zimbabwe Egypt ri

Nigeria China

Czech Republic >

Colombia Slovakia Morocco

crJ

E

l

CD

Industry Weights in the IFCG Composite Index End-1 997

SIC

Scctor/lJindstry

Number of Stoclks

Nlarket capitalilation (U55 millions)

Weight in IFCC, CMmposite ("la

0

Agriculture/forestry/fishing

40

7,928

0.8

1 10

Mining Metal Mining

89 53

86,393 19,993

8.8 2.0

2 15

Construction General Building Contractors

78 43

16,562 11,756

1.7 1.2

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

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

946 126 56 28 49 132 43 36 108 42 53 116 56 35

346,636 50,440 10,245 8,775 20,522 30,404 28,529 10,327 32,017 11,122 12,297 84,217 14,874 11,031

35.3 5.1 1.0 0.9 2.1 3.1 2.9 1.0 3.2 1.1 1.2 8.6 1.5 1.1

4 44 48 49

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

186 21 59 80

183,604 6,592 108,072 64,661

18.7 0.7 11.0 6.6

5

Wholesale/retail trade

102

35,631

3.6

Finance!

6 60 61 62 63

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

394 171 43 31 30

235,561 148,035 7,356 2,071 33,358

24.0 15.1 0.7 0.2 3.4

insurance/ real estate 20%

7 70

Services Hotels & Other Lodging Places

41 23

9,670 5,073

1.0 0.5

9

Other/diversified holding companies

109

60,088

6.1

1,985

982,073

100.0

IFCG Composite Index

64

1998 FACTBOOK

Weights in the IFCGComposite Index, End-i1997 Other 22%

Manufacturing 325Maufcurn

Finance/ rale/ ra 24%

Transportation/ communication/ utility 19%

Stock Distribution by Industry in the IFCGComposite Index, End-1997 O23% theri_ 23%

S

Manufacturing 48%

Transportation/ communication/ utility 9%/

EMERGINGMARKETSDATABASE

Industry Concentrationin IFCG Composite Index End-i 997 (percent)

Sector's share of market cap

Market

Sector with largest share of market cap


Mining Transportation/communication/utility Transportation/communication/utility Manufacturing Manufacturing Transportation/communication/utility Transportation/communication/utility

44.9 50.9 42.9 46.9 31.9 38.8 43.6


Manufacturing Manufacturing Finance/insurance/real Manufacturing

52.7 51.8 48.4 56.1

Share of Market Cap of Largest Sector,End-1997

100 90

estate

80 70 -


Manufacturing Manufacturing Transportation/comnunication/utility Manufacturing Finance/insurance/real estate Finance/insurance/real estate

82.5 52.5 20.4 48.7 35.7 36.6

Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe

Manufacturing Manufacturing Finance/insurance/real estate Transportation/commnunication/utility Manufacturing Finance/insurance/real estate Finance/insurance/real estate Manufacturing u e estate F c Finance/insurance/real estate Mining Manufacturing Finance/insurance/real estate Finance/insurance/real estate Finance/insurance/real estate

41.0 57.2 40.1 44.4 37.2 71.2 64.9 57.9 42.6 45.3 71.8 81.8 38.0 58.2 55.6

IFCG Composite

Manufacturing

35.3

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Nigeria

Poland

1998FAcEBooR

60 -

5

40 30

20

10

2

.

a5

-,o

gE

0

i

ON

. E

0 >~~~~~~C

0

DT -

65

NOE

H

0

2

irsoreircomuictorutiiyM-nfoOurig F -oOeA--rone-1o

WM

MIAiN

EMERGINGMARKETs DATA BAsE

65

Industry Distribution by Market CapitaiEzation of IFCG Composite Index, 1997 (US$millions;end-1997)

n

W)

t

SIC

Secv

0


1 110

Mining Metal Mining

2 215


3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

4

II

It/

N

=

~~~~~o'O

.

0

N

~CS

r a*c0a

c

>,

v

.2

x

S

-

523

371

-

2

-

4,184

162 -

1,510 -

129 129

251 251

-

98 -

46 -

61 20

3,968 1,831

699 171

--

-

-

-

681 681

-

-

956 284

2,677 1,737

2,994 2,994

7,120 360 294 778 180 779 181 320 139

6,991 576 23 85 4,192 141 -

13,022 430 296 197 93 789 858 123 323 2,206 223 5,251 1,123

180

8,535 1,098 340 12 384 351 301 477 850 264 130 1,151 117

34,724 10,564

1,974 -

708 7 26 12 9 303 87 122 43 85

A

-

74

-

-

104 78

-

192

)

S

LU -

o

'-

I

v

-

E

4,653 634 84 84 7 1,925 1,483 176 49 9

5,890 2,705 99 38 1,262 623 747 -

3,401 248 -

-

1,988 544 52 205 193 27 75 56 162 -

-

41,978 1,402 509 4,985 89 6,888 1,584 311 1,312 1,397 2,156 3,696 4,419 8,679

6,133 320 1,065 2,778

361 361

1,696 872 824

96 -

2,206 405 1,801 -

4,967 4,845 121

2,651 451 1,164 1,036

2,625 2,412 -

738 738 -

45 10 35

4,444 195 2,294 1,742

9,369 1,194 3,717 3,921

25,992 374 25,618

4,740

1,908

808

-

27

413

19

-

430

826

-

929

390

16,301

4,686 4,045 -

10,039 3,913 -

4,912 3,749 281

866 866 -

3,306 2,168 -

6,515 5,698 500

967 967 -

4,314 2,375 1,011

-

-

-

-

45

248

-

-

5,703 4,248 8 611

2,320 2,255 48 7 6

5,449 4,066 24 901 457

7,493 4,414 221 363 127

9,676

-

1,677 737 81 55

-

1,660 18 -

-

-

-

-

-

-

-

667

-

3,067 85 -

-

-

6,576 1,595 -

10,488 62 2,698 -

-

-

-

-

-

-

36 -

471 322

-

-

-

-

59 59

297 -

243 243

1,262 1,262

282 233

-

87 33

312 35

4,331 1,802

496 496

544

2,324

713

2,725

-

-

-

-

70

-

797

3,873

-

-

8,870

14,790

35,143 102,964

44,498

49,980

8,141

16,256

11,177

50,857

13,553

18,812

3,260

25,158

11,452

4,846

45,910 108,941

Note:Figuresmay not preciselyadd up due to rounding.

66

1998 FACfBOOK

ENIFRGING

MARKFTS

DATA BASE

Industry Distribution by Market Capitalization of IFCG Composite Index, 1997 (US$millions;end-1997)

0

0 8u

-

-

-

-

-

1,661 1,661

71 71

382 382

-

39,299

-

-

-

-

18 -

240 126

355 355

-

1,479 739

2,911 381

1,907 904

3,781 2,838

2,189 582

2,356 276

-

42

185

2

-

-

-

-

-

-

-

-

-

45 47

47 1,210 888 -

-

15

469 178

213 323 511

294 221 -

1,021

58

141

961

54

201

1,448

166 -

7 -

-

-

-

541

59 -

34 209 -

153 205 -

-

-

13 2 11 -

46

-

2,633

3,748

4,076

-

1 741 1,866

3,268 -

12 2,563 1,266

-

8,516

-

-

483

14

122

-

768

511

4,909 2,439

548 511

421 297

2,219 912

9,029 3,126

2,655 2,655

11,216 7,953

223 -

37 -

-

2

-

-

-

55 69

-

-

-

-

-

-

14

-

-

44

-

-

7,562

2,554

5,979

2

Z

a.

o


19

-

-

-

1 110

Mining Metal Mining

678 -

-

-

2


-

-

215

3 320

Manufacturing Food & Kindred Products

1,910 723

322 323 326 328 329 330

Textile Mill Products Apparel & Other Textile Products Paper & Allied Products Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products

332

Cement & Glass Products

333 334 336 337 339

Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment Miscellaneous Manufacturing

4

Transportation/communication/utility

444 448 449

Water Transportation Communications Electric, Gas or Sanitary Services

5

Wholesale/retailtrade

6 660

Finance/insurance/realestate Banking

661 662 663

Credit Agencies Other Than Banks Security & Commodity Brokers Insurance

7 770

Services Hotels & Other Lodging

9

Other/diversified

IFCG Composite Price Index

-

I

1,198 -

cu

C

FE

.0 W

-

60

1,437

142

-

-

83

7,928

-

11,758 6,276

-

3,192 3,192

980 21

-

-

36 23

86,393 19,993

19 -

-

16 -

5,599 4,675

236 135

-

-

-

16,562 11,756

1,081 22,133 7,803 -

386 157

86,007 1,029

1,951 -

6,361 615

2,263 367

10 372 280 20 120

172 326 130 299 603

52 362 224 -

8 5 -

-

-

1

26 264 373 10

1,209 209 6,027 128

41 35

7,033 2,480 1,675 711 6,644 7,003

-

260 346,636 94 50,440

-

14

655

44

4,837

612

790

619

62

344 9 6 12

610 4,664 828

-

9 512 -

864 29 949 1,426 158

-

-

-

34

759 487 51,017 2,143 -

638 -

-

12,180

123

-

-

3,325

3,004

2,274

3,982

123

-

-

2,103 541

2,242

1,445 2,538

-

-

3,325 -

151

-

3,618

32

526

404

1,261

-

49

1,916 1,916

98 83

34,313 18,245

461 233

52,717 29,506

4,001 3,426

19,641 15,239

2,881 2,546

-

14

11,500

172 17 -

4,274 654 18,283

390 48 98

90

110 -

-

1,088

-

-

-

-

-

1,056 137

51 51

373 373

38 -

1,662

-

1,791

-

-

17,419

287

-

164

9,657 18,651

-

6,234

-

-

5,104 3,412

3,244 8,937

24,745

54,744

1,321 90,297

-

1,293 153,176

-

10,245 8,775 20,522 30,404 28,529 10,327

32,017 11,122 12,297 84,217 14,874 11,031

183,604 -

6,592 108,072 64,661

35,631

624 235,561 177 148,035

-

-

7,356 2,071 33,358

235 -

-

27 27

9,670 5,073

3,959

12

44

60,088

10,920 33,731

:*nXi

>

I

0,

619 472 -

-

E

co

(n

ir

c

C

.C >

a.

Sccto Intl ustr;/

holding companies

~

a.

a

SIC

Places

~

RD-~~~~0 C

9,138

1,123 982,073


1998FAciBOOK

EMERGING MARKtES DAfA BASE

67

Industry Weights by Market Capitalization of IFCG Composite Index, 1997 (US$millions;end-1997) 4)

4)

~~~~i 0) C~~~~~~ -

221 m

0S O

m

c~~ z

E

a 0) 4) ~~0 ~~~~) -

N

C

U 4)

S~~o

i

I

SIC

Scto r/IIidIIstr

0


0.03

0.03

0.02

0.03

1 110

Mining Metal Mining

1.61 -

0.56 0.56

0.05 0.05

0.02 0.02

0.02

-

-

-

-

0.02 -

2 215


-

-

-

-

0.20 0.05

-

0.01 0.01

-

3 320 322 323 326 328 329 330 332 333 334 336 337 339


0.67 0.09 0.01 0.01 0.05 0.05 0.39 0.03 -

2.72 0.55 0.05 0.01 0.16 0.21 0.98 0.03 0.06 0.25 0.03 0.12 0.01 -

1.48 0.52 0.62 0.13 0.02 0.02 0.09 0.01 -

2.68 0.06 0.09 0.04 0.01 0.38 0.08 0.05 0.08 0.08 0.05 1.37 0.27 0.02

0.55 0.33 0.01 0.02 -

0.20 0.05 -

0.47 0.06 0.01 0.01

4 444 448 449


0.70 0.59 0.11

5.33 3.31 2.01

1.94 0.03 0.69 1.23

5


0.07

0.02

6 660 661 662 663


0.44 0.37 -

7 770


9

1

O

O

W L

-

-

0.02 0.02

-

-

0.17 -

0.01 0.01

-

-

XY

0.05

0.04

-

0.15 -

0.01 0.01

0.03 0.03

-

0.07 0.02

-

-

-

0.60 0.27 0.01 -

0.35 0.02

-

0.31 0.01 -

4.27 0.14 0.05 0.51 0.01 0.70 0.16 0.03 0.13 0.14 0.22 0.38 0.45 0.88

-

0.20 0.15 0.02 -

0.13 0.06 0.08

-

-

-

'

--

'

0.01

-

>'

oa4)

0 U

0)*0

-

0.43

-

-

0.01 -

0.40 0.19

0.07 0.07

-

0.10 0.03

0.27 0.18

0.30 0.30

0.72 0.04 0.03 0.08 0.02 0.08 0.02 0.03 0.01

0.71 0.06 0.01 0.43 0.01 -

0.07 -

1.33 0.04 0.03 0.02 0.01 0.08 0.09 0.01 0.03 0.22 0.02 0.53 0.11 0.02

0.87 0.11 0.03

3.54 1.08

0.04 0.04 0.03 0.05 0.09 0.03 0.01 0.12 0.01

0.67 0.16

0.95 0.12 0.38 0.40

2.65 0.04 2.61

-

0.01

-

0.20 -

-

0.03 0.01 0.01 -

-

-

-

-

1.07 0.01 0.27 -

0.02

-

-

-

-

-

-

-

0.62 0.03 0.11 0.28

0.04 0.04

0.17 0.09 0.08

0.01 -

0.51 0.49 0.01

0.27 0.05 0.12 0.11

0.27 0.25 -

0.07 0.07 -

-

-

0.22 0.04 0.18 -

-

0.45 0.02 0.23 0.18

0.48

0.19

0.08

-

-

0.04

-

-

0.04

0.08

-

0.09

0.04

1.66

1.59 1.59 -

0.48 0.41 -

1.02 0.40 -

0.50 0.38 0.03

0.09 0.09 -

0.34 0.22 -

-

-

-

0.07

-

-

-

-

0.44 0.24 0.10 -

0.17 0.07 0.01 0.01

0.58 0.43 0.06

-

0.55 0.41 0.09 0.05

0.76 0.45 0.02 0.04 0.01

0.98

-

0.10 0.10 -

0.24 0.23 -

-

0.66 0.58 0.05 0.02

-

-

-

-

-

-

0.05 0.03

-

-

-

-

0.01 0.01

0.03 -

0.02 0.02

0.13 0.13

0.03 0.02

-

0.01 -

0.03 -

0.44 0.18

0.05 0.05


0.05

0.24

0.07

0.28

-

-

-

-

0.01

-

0.08

0.39

-

-

0.90

1.51


3.57

10.49

4.52

5.09

1.17

0.49

0.83

1.65

1.14

5.17

1.38

1.90

0.33

2.55

4.67

11.09

0.01 -

-

-


68

1998

FACTBOOK

EMFRGING MARKETS DATA BASE

Industry Weights by Market Capitalization of IFCG Composite Index, 1997

(D

end-1997) (% of marketcapitalization;

0

8

SIC

Seccor/lndustrtl

o

Agricult ure/f orestry/f ishing-

1

Mining

110 MetalMining 2 215


3 320 322 323 326 328 329 330 332 333 334 336 337 339


TextileMillProducts Apparel & Other Textile Products

Paper & AlliedProducts Chemicals& AlliedProducts Petroleum Refining & Related Products

Rubber& Misc.PlasticsProducts Cement & Glass Products

Primary MetalIndustries Fabricated metal products

Electric& ElectronicEquipment Transportation Equipment

MiscellaneousManufacturing

0

a.

a.

-

-

-

--

0.07 -

-

-

0.17 0.17

0.01 0.01

0.04 0.04

-

-

-

-

-

0.02 0.01

0.04 0.04

0.19 0.09 -

0.38 0.29 -

0.22 0.06 -

0.24 0.03 -

0.15 0.07 -

-

-

0.10 0.02 -

0.01 -

0.30 0.04 0.02

-

-

-

0.12 0.09

-

-

0.01 -

0.10 -

-

-

0.05 0.02 -

-

-

-

-

-

-

0.02

0.05

0.01 -

-

-

-

-

0.27

0.38

-

-

-

0.07

0.19

0.33 -

0.26 0.13

0.05

-

0.01

-

0.06 0.05 -

0.04 0.03 0.01

0.23 0.09 -

0.92 0.32 -

Communications Electric,Gas or SanitaryServices

-

5


-

6 660 661 662 663

Finance/insurance/realestate Banking

7 770 9

0.50 0.25 0.02 -

-

0.02 0.03 0.05 0.02 0.02 -

0.02 -

-

-

0.03 0.02 0.15 -

m

4.00 -

-

-

-

0.06

-

-

-

-

0.12 0.02 0.61 0.01 0.07 0.06

>

-

0.01

0.15

0.01

--

-

0.32 0.32

0.10 -

-

-

0.57 0.48

0.02 0.01

-

8.76 0.10 0.72 0.25 0.17 0.07 0.68 0.71 0.49 0.08 0.05 5.19 0.22 -

0.20 -

0.04 0.02 -

-

-

0.47

-

-

-

-

0.08

-

-

9-~

0.65 0.06 0.02

-

0.04 0.03 0.01 0.06 -

0.82

-

-

8.80 2.04

-

-

1.67 1.20

0.23 0.04 -

0.04 0.02 0.06 -

0.01 -

-

-

-

0.10 0.14 0.02

-

0.06 -

-

0.31

0.23

0.41

-

-

-

0.21 0.05

0.23

0.15 0.26

-

18.67 0.67 10.99 6.58

-

3.58

1.24

0.01

-

-

-

-

-

0.52 0.35

0.33 0.91

0.01

-

-

-

-

0.34 0.34 -

0.08

0.05

0.01

-

0.37

-

0.05

0.04

0.13

-

0.27 0.27 -

1.14 0.81 -

0.19 0.19 -

5.37 3.00 0.43

0.41 0.35 0.04

2.00 1.55 -

0.29 0.26 0.01

0.02

-

-

0.87

0.05 0.02

-

35.29 5.09 1.03 0.89 2.08 3.07 2.90 1.03 3.24 1.14 1.24 8.55 1.52

0.05 -

-

3.49 1.86 -

-

-

-

0.01 0.01 -

0.03 0.01 -

0.03 0.01 0.03 0.06 0.08 0.09

-

-

N

0.01

0.41

-

0.06 0.02 -

1.10

23.97 15.05 0.73 0.21 3.39

-

-

0.07

-

1.17

-

1.86

0.01

0.01

-

-

-

0.11 0.01

-

0.04 0.04

-

0.02

-

-

-

-

-

-

-

0.97 0.49

0.18

-

-

1.77

0.03

-

0.02

0.40

-

-

6.10

2.52

5.56

0.13

9.19

0.13

15.60

1.11

3.43

0.93

0.10

100.0

MARKFTS

DATA

0.01

0.11

-

-

-

-

-

-

-

-

-

-

-

-

0.17

-

0.76

0.26

0.61

0.98

1.89

0.63


0.03 0.04 0.03

2.25 0.79

CO

-

-

-

-

-

0

. E-.

-

-


0.11 -

1.20 0.64

.0

001

0.05 -

-

-

-

-

0.12 -

0 CO -

-

-

-

cn -

-

-


-6s

-

0.19 0.07 -

a.

c a.

a.

Transportation/communication/utility Water Transportation

Credit AgenciesOther Than Banks

2M

z

2

4 444 448 449

Security & Commodity Brokers Insurance

-

-

-0 A

-

-

-

Note: Figuresmay not preciselyadd up due to rounding.

1998FACTBOOK

EMERGING

BASE

69

Industry Distribution by Number of Stocks in IFCG Composite Index, 1997 (end-1997)

-°

-

s

~~~~0

0

0

0

2

2

2

-

-

-

2

-

1

4

-

1

-

15

3 -

7 7

2 2

1 1

-

3

-

-

1 -

1 -

2 2

2 2

-

1

-

-

1 -

3 1

2 1

1 1

-

-

-

8 4

-

1

-

10 2

-

-

-

2 2

-

14 7

13 5

8 8

17 3

48 7

21 7

111 6

12 2

22 5

35 11

24 8

8 2

107 4

26 2

23 1

105 7

42 2

26 9

Textile Mill Products Apparel & Other Textile Products

1

2 2

-

8 3

1

-

2 1

3 -

-

3

1

9

2

-

3 9

21 2 1 -

Paper & Allied Products Chemicals & Allied Products

1 2

5 3

3 3

1 18

1 -

1 10

1

5

2 30

3 2

1 7

1 2 2

329 330

Petroleum Refining & Related Products Rubber & Misc. Plastics Products

-

6 1

1 -

3 4

-

1 4 1

1 2 12

-

326 328

1 2 7

-

-

-

6 5

-

1 -

1 -

6 3

1 5

-

-

332

Cement& Glass Products

3

2

1

6

6

1

5

2

1

6

4

-

1

6

7

6

333 334 336 337 339


1 2 2 -

7 3 5 3 -

3 1 -

5 3 20 16 5

1 -

1 2 -

5 3 -

-

-

-

1

-

-

5 8 13 6 5

3 3 2

9 -

3 5

5 7 25 9 3

3 1 6 3

1 3

-

2 2 2

4


7

19

15

20

1

9

1

3

2

9

4

1

2

11

10

7

444 448 449

WaterTransportation Conmmunications Electric, Gas or Sanitary Services

2 5

7 11

1 5 9

2 2 7

1

3 6

-

2 1 -

1 1

3 2 4

2 -

1 -

1 1

3 3 4

2 2 3

2 5

5

Wholesale/retail

1

2

4

14

4

-

1

4

1

-

3

3

-

12

5

10

6 660

Finance/insurance/real Banking

3 2

6 6

7 4

20 1

10 6

5 5

16 8

10 6

1 1

12 8

18 6

13 4

14 10

49 22

30 4

9

661 662 663


-

-

-

-

1

-

-

2

-

3

-

-

-

-

-

1

-

-

-

1

-

-

-

2

1

-

-

1

1 2

1 1 1

3 20 4

2 2 1

-

7 770


-

-

1 -

5 3

-

-

1 1

2 -

1 1

2 2

3 2

-

3 2

3 1

6 2

3 3

9

Other/diversified

2

3

1

14

-

-

-

-

1

-

2

9

-

-

33

10

35

87

53

195

27

41

54

56

15

133

62

49

44

195

157

75

-

*N 4)

SIC

SeJtor/IndustrVc

0


1

1 110

Mining Metal Mining

2 215


3 320


322 323

trade

holding

estate

companies


a)0

-

x

Es

Si

_

2

s-

0

.0

S

0

E

3 2

-

-

-

Note:Figuresmaynot preciselyadd up due to rounding.

70

1998 FACTBOOK


Industry Distribution by Number of Stocks in IFCG Composite Index, 1997 (end-1997)

o

SIC~~~~~~~~~

SIC

Sector/Industry~

0

Agriculture/forestry/f ishing

1 Mining 110 Metal Mining 2 215


Manufacturing Food &Kindred Products 322 Textile Mill Products 323 Apparel & Other Textile Products 326 Paper & Allied Products 328 Chemicals & Allied Products 329 Petroleum Refining & Related Products 330 Rubber & Misc. Plastics Products 332 Cement & GlassProducts 333 Primary Metal Industries 334 Fabricated metal products 336 Electric & Electronic Equipment 337 Transportation Equipment 339 Miscellaneous Manufacturing 3 320

z 0 1a--Agricltureforetry/fshin 2 o .2~~~~2 w~~

E

Z

IL

0.

u

-

cn co

FFe>N

0.

cc

(jn

()

(11

I9

-

-

4

1

19 16

-

1 1

4 1

-

1 -

7 6

19 4

22 6 1 -

-

-

-

-

-

I

-

-

1 1

-

-

4 4

15

-

12 12

-

-

-

-

-

-

-

-

-

-

-

3 2

3 3

1

-

1 -

-

-

-

-

7 4

17 6

28 1

17 6

13 7

15 4

7 1

4

15

-

-

-

2 -

8 -

1 -

-

-

-

-

-

-

-

-

-

-

-

-

-

1

-

-

1

2

-

1

2

4 3 -

-

-

3

1

-

1

4

-

1

-

-

1 1

2

2 1

-

1 5 1 1

-

3 1 1

2

2 -

1

3

3

2

2

-

-

-

-

-

-

3 -

10

-

1

2 1 -

-

5

9 2

1 -

-

11

-

-

-

1 1

5


-

7 3 2 -

N

0.

-

1 1 1 1

(c

a.

-


6 Finance/insurance/real estate 660 Banking 661 Credit Agencies Other Than Banks 662 Security& Commodity Brokers

.2

1

444 448 449

4

~~~~~ o o ~~~~ -etl11llsr

.~~~

-

1

2 1 2

-

-

1

fr

40ECe

3

40

3 2

89 53

E

o

i

-

-

-

-

4 2

-

-

-

-

-

78 43

66 3

17 -

34 4

10 1

7 1

946 126

-

3

1

1

1 2 3 2 1

-

-

-

3

3 2

1

2

8 4 5 2 4 5

6

7

1 4

-

-

-

2 2 22 1

1

2

-

-

-

3 3

-

-

-

56 28 49 132 43 36

4

5

2

1

108

-

-

-

-

-

-

3 1 3 3 2

42 53 116 56 35

1 2

-

-

-

1

1 1

16 6 10

1 -

-

-

-

3 3

11

-

-

-

-

-

-

1

-

-

-

7 2

-

3 m

-

1

-

-

-

1

-

-

-

4

2

-

-

-

-

1 1

-

3

-

186 21 59 80

-

5 2

-

8

-

3 2 1

7

1

1

-

4

1

1

-

7

4

1

6

4

-

1

102

6 5 1

15 7

4 3

22 6

6 6

7 4

1 1

3 2

18 7

14 6

17 9

29 9

12 4

6 4

4 2

394 171

6 -

-

-

-

-

-

-

-

-

-

11 4

1

-

4 2

4

-

1 -

-

-

-

-

43 31

-

-

30

1

41

1

23

1

663

Insurance

-

-

2

-

-

-

2

-

1

7

-

3

1

1

7


-

-

-

-

-

-

-

2

2

2

-

-

-

-

-

-

-

1

2

2

1 -

2 -

-

-

1 -

-

770

9

Other/diversifiedholding companies

-

1

-

-

8

-

2

-

-

13

3

-

1

2

1

3

109

17

31

55

37

59

29

23

37

20

78

50

98

74

58

19

22

1,985

IFCG CompositePrice Index

1

Note:Figuresmaynot preciselyadd up due to rounding.

1998FACrBOOK

MARKETS DATABASI 71 EMERGING

IFCG lndustry Price Indexes

1997 Performance Summary (US$; end 1984=100)

SIC

Sctior hIud/ ho

0


111.5

-46.0

1

Mining

229.1 94.2

12.4 -25.9

I-Ft-119

110 Metal Mining 2

Construction

195.8

-57.5

215

General Building Contractors

229.8

-43.0

3

Manufacturing

394.6

-12.3

320 322 323

Food & Kindred Products Textile Mill Products Apparel & Other Textile Products

767.9 302.5 153.5

-0.2 -26.4 -0.6

326 Paper & Allied Products

673.2

-16.2

328 329 330 332 333 334

314.8 243.6 596.(1 774.0 171.2 99.9

-12.3 -4.4 -23.9 -26.3 -24.7 -17.3

336 Electric & Electronic Equipment

749.0

21.9

337 339

Transportation Equipment Miscellaneous Manufacturing

322.4 414.4

-38.0 4.4

4


444

Water Transportation

Chemicals & Allied Products Petroleum Refining & Related Products Rubber & Misc. Plastics Products Cement & Glass Products Primary Metal Industries Fabricated Metal Products

1,613.0 183.6

Electric, Gas or Sanitary Services

1,199.2

5


268.5

1.6

6

Finance/insurance/real estate

167.3

-26.0

660 661 662 663

Banking Credit Agencies Other Security & Commodity Insurance

218.0 172.0 9.8 142.8

-18.7 -53.9 -78.2 -14.5

7

Services

172.0

-51.6

770)

Hotels

136.0

-47.9

9


205.1

-40.6


328.1

-16.3

72

1998 FACTBOOK

Places

Mining

1.6


_

-2.9


-12.3

Manufacturing

_

EIG Composite Price Index

-16.3

-26.0

6.0

449

Lodging

12.4


-40.0

5,357.0

& Other

7

-2.9

448 Cornmunications

Than Banks Brokers

PerformanceHighlights of IFCG Industry Sector Price Indexes(%)

Other/diversified holding

-40.6

companies

-4.5

-46.0 |AgriculIture/forestry/fishing Services

-51.6

575

Construction _

,

-70 -60 -50 -40 -30 -20 -10

.

0

.

10 20

30

EMFRGING MARKETS DATA BASE

IFCG Industry Price Indexes 1997 (end-of-periodvaluesin US$;end 1984=100)

SIC

Sector/ldfisftrl

0


aiJan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

218.5

236.9

224.5

210.2

212.5

215.5

207.6

169.7

173.9

146.3

128.0

111.5

Mining 1 110 Metal Mining

212.8 130.0

235.9 145.9

232.7 139.8

228.8 136.5

232.3 135.2

241.2 132.1

256.0 129.7

249.9 122.6

272.9 122.6

246.2 102.6

221.4 93.9

229.1 94.2

2 Construction 215 General Building Contractors

467.7 402.9

481.6 423.0

462.1 410.5

422.6 378.2

397.0 331.1

402.2 350.7

392.7 355.9

309.0 286.6

304.5 297.0

233.8 233.5

198.4 222.2

195.8 229.8

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

480.0 813.0 428.2 179.7 835.5 378.2 280.9 821.4 1,089.0 258.9 130.4 647.8 540.5 413.0

499.7 848.7 447.1 193.7 864.5 401.0 286.9 828.5 1,120.4 271.1 136.3 698.6 566.6 443.4

493.5 845.2 422.8 179.1 829.5 397.3 282.3 794.0 1,076.6 258.9 134.8 763.7 563.4 434.4

509.6 842.3 450.5 197.0 829.0 412.5 291.4 846.5 1,043.7 274.6 133.6 860.6 571.3 465.1

515.8 862.2 430.3 190.6 834.7 396.9 297.2 835.4 1,016.0 270.1 138.4 920.6 562.0 462.4

553.3 884.1 431.0 208.3 909.3 405.1 320.5 872.0 1,058.2 288.5 139.5 1,104.3 570.8 538.1

568.8 893.7 429.4 207.4 934.2 415.0 330.0 859.5 1,083.9 302.2 146.1 1,213.1 556.0 532.5

526.9 835.6 432.0 189.2 861.3 392.3 298.3 811.9 965.1 284.3 133.6 1,181.3 490.7 492.1

513.7 881.6 380.3 190.1 879.4 381.2 310.0 778.2 990.9 275.7 135.3 1,026.3 460.5 473.5

426.4 771.3 312.0 171.8 751.6 344.7 239.1 598.0 812.0 228.7 116.2 768.0 410.6 445.5

405.1 768.1 284.6 151.3 693.4 318.9 234.1 574.3 777.7 191.9 105.8 781.6 356.7 428.6

394.6 767.9 302.5 153.5 673.2 314.8 243.6 596.0 774.0 171.2 99.9 749.0 322.4 414.4

4 444 448 449


1,768.8 294.0 5,404.9 1,350.2

1,840.7 299.0 5,694.3 1,387.4

1,823.8 294.2 5,663.1 1,362.3

1,864.6 286.3 5,836.4 1,395.9

1,983.9 274.7 6,376.7 1,459.0

2,102.2 304.3 6,695.2 1,561.9

2,111.0 291.2 6,764.6 1,569.3

1,795.0 273.0 5,639.7 1,364.2

1,889.9 252.7 6,045.5 1,435.0

1,567.3 203.5 4,926.8 1,222.0

1,532.9 185.7 4,976.4 1,167.1

1,613.0 183.6 5,357.0 1,199.2

5


276.5

294.6

290.8

297.2

300.2

309.6

313.2

293.5

310.1

265.7

257.4

268.5

6 660 661 662 663


238.0 283.9 373.4 47.4 170.9

245.7 295.7 376.1 43.9 176.9

238.4 290.7 343.2 40.0 166.2

232.1 287.1 334.0 37.1 167.5

230.9 286.3 309.4 40.1 157.1

236.7 294.2 289.2 41.0 166.3

237.6 295.9 298.6 39.0 179.5

207.2 261.0 240.9 30.4 167.0

201.8 257.6 243.1 28.0 157.8

177.6 226.7 210.6 23.1 145.4

165.4 213.3 185.6 14.0 139.9

167.3 218.0 172.0 9.8 142.8

370.2 266.6

372.4 269.8

360.2 264.9

327.4 236.7

319.1 229.8

310.9 228.7

289.9 212.8

228.4 176.5

216.6 165.8

189.8 151.2

171.2 138.6

172.0 136.0


369.3

387.8

374.4

346.7

343.8

354.6

348.9

290.2

292.8

242.6

218.5

205.1


417.2

436.0

427.4

426.1

432.1

453.3

459.4

409.2

410.7

347.9

327.6

328.1

7 Services 770 Hotels & Other Lodging Places 9

1998FACTmOOK


73

IFCG Industry Price Indexes 1988-1997 (end-of-periodvaluesin US$; end 1984=100)

SIC

ScCt)rilThdu1str11

19X8

19989

1L99(

199 1

1992

1

] 994 1)

199 C)

11%)9

1997

135.5

155.9

129.5

135.5

138.2

257.6

223.3

186.7

206.6

111.5

1 Mining 110 Metal Mining

149.9 113.5

242.5 184.2

98.6 70.0

136.0 77.2

110.2 62.1

157.1 98.5

231.2 174.7

199.3 133.3

203.9 127.1

229.1 94.2


389.6 299.3

537.9 531.0

338.4 290.2

336.5 382.9

356.0 375.3

639.2 651.9

564.3 504.2

483.7 400.1

461.0 403.5

195.8 229.8

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

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

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

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

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

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

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

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

432.1 753.1 365.5 158.3 869.3 341.3 194.3 550.2 1,083.4 252.9 123.0 702.7 468.2 357.9

450.1 769.3 410.9 154.5 803.8 358.8 254.9 783.2 1,050.7 227.5 120.7 614.6 519.6 396.8

394.6 767.9 302.5 153.5 673.2 314.8 243.6 596.0 774.0 171.2 99.9 749.0 322.4 414.4

4 444 448 449


425.0 262.9 463.5 304.8

670.1 355.2 830.3 459.1

567.2 183.5 1,090.6 480.1

941.7 255.6 2,829.8 620.7

1,047.5 250.2 3,315.7 672.9

1,678.8 363.1 5,724.0 1,030.6

1,613.2 342.0 4,622.5 1,249.0

1,525.7 289.9 4,583.5 1,148.4

1,660.5 306.1 5,055.8 1,255.3

1,613.0 183.6 5,357.0 1,199.2

5


298.7

354.8

342.3

322.8

407.8

590.8

400.8

304.4

264.2

268.5

6 660 661 662 663

Finance/insurance/real estate Banking Credit Agencies Other Than Banl<s Security & Commodity Brokers Insurance

157.7 164.4 164.6 153.8 77.8

242.7 245.3 377.1 131.4 168.0

165.2 175.0 267.7 90.0 76.7

143.4 142.8 280.6 79.2 80.7

138.4 140.5 302.5 77.6 59.1

245.0 245.7 658.0 95.9 143.5

233.4 264.0 600.3 79.8 167.1

204.8 241.7 514.0 61.5 131.9

226.0 268.2 373.5 44.8 167.0

167.3 218.0 172.0 9.8 142.8

7 Services 770 Hotels & Other Lodging Places

115.8 115.4

199.5 200.0

161.4 157.0

185.2 161.6

225.6 175.0

495.4 387.2

411.4 333.5

373.2 289.4

355.2 261.1

172.0 136.0

9


137.6

213.5

193.0

214.1

225.3

445.1

338.0

320.3

345.4

205.1


224.0

339.9

234.8

271.5

267.8

439.6

430.0

370.4

391.8

328.1

0

74


1998 FAC I BOOK

EmERGING

MARKETS DATA BASE

IFCG Industry Price Indexes 1988-1997 (annual% changein US$)

SIC: 0

1988

5:tor111idu1stry Agriculture/forestry/fishing

1 Mining 110 Metal Mining 2 Construction 215 General Building Contractors

1989

1990

1991

1992

1993

9.1

15.0

-16.9

4.6

2.0

86.4

69.8 75.7

61.8 62.2

-59.3 -62.0

37.9 10.3

-19.0 -19.6

145.1 111.1

38.1 77.5

-37.1 -45.4

-0.6 32.0

1994

1995

1996

-13.3

-16.4

10.7

-46.0

42.6 58.7

47.1 77.3

-13.8 -23.7

2.3 -4.7

12.4 -25.9

5.8 -2.0

79.5 73.7

-11.7 -22.7

-14.3 -20.6

-4.7 0.9

-57.5 -43.0

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

-20.1 -7.0 -35.6 -44.8 -19.0 -26.5 -30.1 -27.0 -21.3 -33.4 -26.5 -4.1 -17.5 -20.0

4.2 2.2 12.4 -2.5 -7.5 5.1 31.2 42.3 -3.0 -10.0 -1.9 -12.5 11.0 10.9

-12.3 -0.2 -26.4 -0.6 -16.2 -12.3 -4.4 -23.9 -26.3 -24.7 -17.3 21.9 -38.0 4.4

1997

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

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

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

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

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

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

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

4


26.8

57.7

-15.4

66.0

11.2

60.3

-3.9

-5.4

8.8

-2.9

31.5 10.3 8.9

35.1 79.1 50.6

-48.3 31.3 4.6

39.3 159.5 29.3

-2.1 17.2 8.4

45.2 72.6 53.2

-5.8 -19.2 21.2

-15.2 -0.8 -8.1

5.6 10.3 9.3

-40.0 6.0 -4.5

100.0

18.8

-3.5

-5.7

26.3

44.9

-32.2

-24.1

-13.2

1.6

53.5 64.1 -41.6 -65.1

53.9 49.2 129.1 -14.6 116.0

-31.9 -28.7 -29.0 -31.5 -54.4

-13.2 -18.4 4.8 -12.0 5.3

-3.5 -1.6 7.8 -2.0 -26.7

77.0 74.9 117.5 23.6 142.7

-4.8 7.5 -8.8 -16.8 16.5

-12.2 -8.4 -14.4 -22.9 -21.1

10.3 11.0 -27.3 -27.1 26.6

-26.0 -18.7 -53.9 -78.2 -14.5


16.2 15.7

72.2 73.4

-19.1 -21.5

14.8 2.9

21.8 8.3

119.6 121.2

-16.9 -13.9

-9.3 -13.2

-4.8 -9.8

-51.6 -47.9

9

39.5

55.1

-9.6

10.9

5.2

97.6

-24.1

-5.2

7.8

-40.6

53.2

51.7

-30.9

15.6

-1.4

64.1

-2.2

-13.9

5.8

-16.3

444 Water Transportation 448 Communications 449 Electric, Gas or Sanitary Services 5

Wholesale/retail

6 660 661 662 663

Finance/insurance/realestate Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance

Other/diversified

trade

holding companies


1998 FACIBOOK

EMERGINGNMARKETSDATABASE

75

IFCG Industry Total Return Indexes 1997 Performance Summary (US$; end 1984=100)

change SrC sectur/i;;,lIs lr/ 0


EnLd1997

trom

Lndc 'I96

165.5

-44.6


336.2 138.4

14.1 -24.1


245.6 266.6

-57.0 -42.4

3 320 322 323 326 328 329 330 332 333 334 336 337 339


549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3 563.6

-10.7 1.5 -25.8 1.1 -14.7 -9.4 -2.0 -22.6 -25.0 -22.6 -15.8 23.0 -37.0 5.9

4 444 448 449

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

2,533.3 268.1 9,108.8 2,455.9

-0.8 -38.9 7.7 -1.8

5


381.3

4.7

6 660 661 662 663


227.9 305.5 254.8 10.7 225.9

-24.3 -16.4 -53.0 -77.9 -13.3


219.2 168.4

-50.5 -47.1

9


276.6

-39.3

IFCG Composite Total Return Index

446.4

-14.5

76

1998 FACTBOOK

Performance Highlights of IIFCGIndustry Sector Total Return Indexes (%)

=

14.1

Mining

4.7


-0.8


-10.7

Manufacturing IFCGComposite Price Index

-14.5 -24.3

Finance/insurance/real estate Other/diversifiedholding companies

1 -39.3 -44.6 |


-50.5

Services Construction

-57o0 -70

-60

-50

-40

-30

-20

-10

0

10

20

30

EMERGING MARKETS

DvFA\ BASE

IFCG Industry Total Return Indexes 1997 (end-of-period valuesin US$;end 1984=100)

Jan

rekb

mar

Apr

Mav

JLn1

fUl

Aug

Sep

Oct

Nov

LDec

316.5

343.1

325.7

305.5

309.0

315.1

303.9

249.5

257.0

216.8

189.9

165.5

Mining 1 110 Metal Mining

307.5 186.6

341.4 209.9

337.3 201.9

333.0 197.8

339.0 196.6

352.1 192.3

374.0 189.2

365.6 179.2

399.9 179.9

360.8 150.5

324.9 137.9

336.2 138.4

Construction 2 215 General Building Contractors

580.3 462.0

597.5 485.0

573.3 470.7

525.4 434.7

494.1 381.0

502.4 405.4

491.3 411.5

386.6 331.4

381.0 343.4

292.6 270.0

248.4 257.0

245.6 266.6

SIC 0

Sc(7or

lidustry


3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

656.9 1,147.9 539.2 220.9 1,136.7 644.9 415.6 1,062.9 1,605.4 336.2 177.4 800.7 695.3 553.7

684.0 1,198.4 563.0 238.1 1,176.1 684.6 424.5 1,072.4 1,652.2 352.8 185.4 863.5 729.0 594.6

677.3 1,195.5 532.5 220.1 1,129.1 682.0 422.0 1,029.5 1,589.7 336.9 183.5 944.0 724.9 582.6

700.4 1,192.6 567.8 244.0 1,130.7 710.1 435.8 1,099.3 1,548.0 358.7 182.0 1,063.9 736.2 626.3

711.1 1,226.5 543.0 236.6 1,142.5 688.7 446.6 1,086.0 1,509.5 354.2 188.7 1,139.2 727.1 622.9

764.0 1,259.5 545.1 259.7 1,245.1 704.1 481.6 1,142.9 1,575.4 378.3 190.6 1,367.6 740.3 726.1

787.6 1,274.8 543.7 259.0 1,282.9 724.4 496.6 1,127.7 1,620.1 397.9 200.8 1,505.3 723.6 719.4

730.7 1,193.1 547.1 236.5 1,184.9 686.4 448.9 1,065.4 1,443.7 374.5 183.8 1,466.0 638.7 665.3

712.8 1,260.9 481.6 237.6 1,210.2 667.3 467.5 1,021.6 1,482.5 363.5 186.1 1,273.8 599.7 642.4

592.1 1,103.4 395.2 214.7 1,036.0 605.2 360.7 785.6 1,215.6 301.6 160.0 953.2 534.8 604.7

562.7 1,099.0 360.6 189.1 955.9 560.2 353.5 754.9 1,165.5 253.1 145.7 970.1 464.8 582.5

549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3

4 444 448 449

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

2,727.1 421.9 9,040.9 2,703.8

2,839.4 429.0 9,527.6 2,781.2

2,814.5 422.2 9,477.9 2,732.7

2,895.9 411.0 9,826.6 2,823.9

3,086.8 396.1 10,756.7 2,955.5

3,277.1 441.9 11,321.6 3,166.3

3,295.2 423.4 11,443.6 3,189.2

2,804.0 397.1 9,545.6 2,775.1

2,955.5 367.5 10,245.5 2,921.7

2,453.3 297.2 8,349.5 2,493.0

2,401.6 271.2 8,440.8 2,383.4

2,533.3 268.1 9,108.8 2,455.9

5


382.9

408.0

404.5

414.5

419.6

433.4

443.6

415.7

439.4

377.0

365.4

381.3

6 660 661 662 663


317.7 388.2 542.1 50.9 266.8

328.2 404.5 546.9 47.2 276.0

319.4 399.3 500.5 43.2 260.1

311.9 395.8 490.4 40.1 262.3

310.9 395.5 455.3 43.3 247.3

319.3 407.2 425.8 44.3 262.0

320.9 410.1 439.9 42.2 282.8

280.4 362.9 355.9 32.9 263.1

273.4 358.3 359.5 30.3 249.2

241.0 316.0 311.5 25.0 229.8

224.7 297.7 274.5 15.3 221.1

227.9 305.5 254.8 10.7 225.9

462.4 325.3

465.2 329.2

450.4 323.7

410.1 289.2

399.8 280.9

391.8 281.2

366.5 262.0

288.7 217.4

274.6 204.6

241.7 187.2

218.2 171.5

219.2 168.4


488.0

512.9

495.8

459.6

456.5

472.4

465.3

387.5

391.6

325.3

293.4

276.6

IFCGComposite Total Return Index

557.4

582.8

572.4

572.4

581.9

611.6

621.3

554.0

556.6

472.0

444.8

446.4

Services 7 770 Hotels & Other Lodging Places 9

1998 FACTBOOK

563.6

EMERGINGMARKETSDATABASF 77

IFCG Industry Total Return Indexes 1988-1997 (end-of-periodvaluesin US$; end 1984=100)

SIC

Ildu,stry

1988

1989

199(

1991

1992

0


158.4

189.1

161.0

172.1

181.6

348.6


172.8 130.3

295.4 219.0

122.6 85.1

171.5 95.1

143.9 80.0


444.9 320.0

619.5 571.5

390.3 312.5

392.0 416.2

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

328.6 277.7 416.7 257.2 564.0 388.8 204.4 549.2 612.3 299.9 149.7 430.9 522.0 145.4

507.2 539.8 691.2 316.6 896.6 524.4 248.7 868.6 1,322.7 358.4 216.2 715.0 693.9 201.7

349.7 380.3 392.4 213.3 665.3 401.3 144.9 474.8 942.9 254.3 148.8 426.2 567.4 225.2

4 444 448 449


544.2 317.7 654.8 444.1

904.2 439.4 1,233.3 774.5

5


361.0

6 660 661 662 663


1993

1994

1995

1996

1997

307.0

262.8

298.7

165.5

210.9 130.9

316.8 237.0

280.5 185.8

294.6 182.4

336.2 138.4

423.1 414.2

766.7 726.2

686.1 567.6

592.6 453.9

571.1 462.5

245.6 266.6

445.5 661.8 569.2 258.2 850.2 480.9 178.5 558.5 1,310.8 278.7 177.2 472.2 604.5 262.7

414.1 662.1 414.5 262.4 717.9 459.4 145.3 510.3 1,254.3 270.5 154.3 420.8 521.3 359.9

641.4 1,125.1 546.5 315.0 956.2 658.7 290.7 851.7 2,010.0 400.5 199.1 704.6 835.8 548.7

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

576.7 1,033.3 450.8 191.1 1,158.0 562.2 276.9 695.3 1,564.1 320.3 164.1 855.5 592.8 471.0

614.5 1,085.5 516.2 189.8 1,092.3 610.9 375.6 1,012.2 1,547.5 294.0 163.6 756.0 667.1 532.1

549.0 1,101.6 383.2 192.0 931.9 553.2 368.2 783.8 1,161.0 227.5 137.8 929.9 420.3 563.6

779.3 230.4 1,666.8 825.0

1,324.3 327.7 4,391.1 1,098.8

1,498.8 328.1 5,192.4 1,234.5

2,456.4 489.3 9,200.0 1,927.7

2,402.6 467.7 7,526.6 2,395.0

2,310.2 405.7 7,563.2 2,246.2

2,555.0 438.7 8,454.8 2,502.3

2,533.3 268.1 9,108.8 2,455.9

437.6

428.3

411.0

529.2

781.1

537.6

414.0

364.1

381.3

182.0 189.1 209.8 154.4 115.5

282.1 284.6 485.8 132.0 249.6

194.6 206.0 350.2 91.0 114.3

171.7 171.6 371.0 80.4 120.6

169.8 174.0 407.7 79.5 89.1

307.1 312.0 901.4 98.5 217.9

299.2 344.8 836.5 83.1 254.3

267.9 322.4 732.9 65.3 203.4

301.2 365.6 542.2 48.2 260.6

227.9 305.5 254.8 10.7 225.9


123.8 123.1

216.5 216.4

184.5 178.8

215.9 186.7

268.8 206.3

594.9 458.8

498.7 398.3

459.0 349.0

443.3 318.6

219.2 168.4

9


154.3

244.3

225.5

257.6

277.6

557.7

430.4

415.5

455.8

276.6

IFCG CompositeTotal Return Index

258.9

400.5

280.9

330.3

331.4

555.2

552.2

484.2

522.3

446.4

78

1998 FACI BOOK


IFCG Industry Total Return Indexes 1988-1997 (annual % change in US$)

SIC Industry 0


1 Mining 110 Metal Mining 2 Construction 215 General Building Contractors

1988

1989

1990

1991

1992

1993

14.3

19.4

-14.9

6.9

5.5

92.0

75.0 80.9

71.0 68.0

-58.5 -61.1

39.9 11.7

-16.1 -15.8

150.4 113.7

39.2 78.6

-37.0 -45.3

0.4 33.2

1994

1995

1996

1997

-11.9

-14.4

13.6

-44.6

46.5 63.6

50.3 81.0

-11.5 -21.6

5.0 -1.9

14.1 -24.1

7.9 -0.5

81.2 75.3

-10.5 -21.8

-13.6 -20.0

-3.6 1.9

-57.0 -42.4

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

62.1 44.2 60.1 29.7 14.4 75.4 80.0 53.6 97.0 55.4 77.1 71.0 55.5 7.2

54.4 94.4 65.9 23.1 59.0 34.9 21,7 58.2 116.0 19.5 44.4 65.9 32.9 38.7

-31.1 -29.6 -43.2 -32.6 -25.8 -23.5 -41.7 -45.3 -28.7 -29.0 -31.2 -40.4 -18.2 11.7

27.4 74.0 45.0 21.1 27.8 19.9 23.2 17.6 39.0 9.6 19.1 10.8 6.5 16.6

-7.0 0.0 -27.2 1.6 -15.6 -4.5 -18.6 -8.6 -4.3 -2.9 -12.9 -10.9 -13.8 37.0

54.9 69.9 31.8 20.0 33.2 43.4 100.1 66.9 60.2 48.1 29.1 67.5 60.3 52.4

10.6 -3.2 26.6 8.0 46.6 14.1 33.5 9.5 -3.0 17.9 10.0 25.7 -14.9 5.7

-18.7 -5.1 -34.8 -43.8 -17.4 -25.2 -28.7 -25.4 -19.7 -32.2 -25.1 -3.4 -16.6 -18.8

6.6 5.1 14.5 -0.7 -5.7 8.7 35.7 45.6 -1.1 -8.2 -0.3 -11.6 12.5 13.0

-10.7 1.5 -25.8 1.1 -14.7 -9.4 -2.0 -22.6 -25.0 -22.6 -15.8 23.0 -37.0 5.9

4 444 448 449


34.8 43.0 15.3 26.4

66.2 38.3 88.3 74.4

-13.8 -47.6 35.2 6.5

69.9 42.3 163.4 33.2

13.2 0.1 18.2 12.3

63.9 49.1 77.2 56.2

-2.2 -4.4 -18.2 24.2

-3.8 -13.3 0.5 -6.2

10.6 8.1 11.8 11.4

-0.8 -38.9 7.7 -1.9

5


106.6

21.2

-2.1

-4.0

28.7

47.6

-31.2

-23.0

-12.1

4.7

6 660 661 662 663


57.8 68.6 -37.0 -64.4

55.1 50.5 131.5 -14.5 116.1

-31.0 -27.6 -27.9 -31.1 -54.2

-11.8 -16.7 5.9 -11.7 5.6

-1.1 1.4 9.9 -1.2 -26.2

80.8 79.3 121.1 24.0 144.6

-2.6 10.5 -7.2 -15.6 16.7

-10.5 -6.5 -12.4 -21.5 -20.0

12.4 13.4 -26.0 -26.1 28.1

-24.3 -16.4 -53.0 -77.9 -13.3


19.2 18.4

74.9 75.8

-14.8 -17.3

17.0 4.4

24.5 10.5

121.3 122.4

-16.2 -13.2

-8.0 -12.4

-3.4 -8.7

-50.5 -47.1

9


43.2

58.3

-7.7

14.2

7.7

100.9

-22.8

-3.5

9.7

-39.3

IFCG CompositeTotal ReturnIndex

58.2

54.7

-29.9

17.6

0.3

67.5

-0.5

-12.3

7.9

-14.5

1998 FACIBOOK


4.

IFC Investable Indexes


Market Weights in the IFCI Composite Index End-1 997

Market Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

Stocks

Market Capitalization (USS millions)

Weight in IFCI Composite Weights in the IFCIComposite Index, End-1997

32 75 50 15 62 24 12

35,016 89,416 44,017 9,110 103,278 9,039 8,334

4.87 12.45 6.13 1.27 14.37 1.26 1.16

Latin America 41%


43 184 49 98

5,081 13,699 9,012 60,525

0.71 1.91 1.25 8.42


72 61 157 24 5 65

14,693 13,240 42,955 5,304 435 5,136

2.05 1.84 5.98 0.74 0.06 0.71

1,828 6,436 16,220 11,121 18,701 1,119 6,497 6,234 22,256 34,640 1,137 89,821 33,732 454

.5in 0.25 0.90 2.26 1.55 2.60 0.16 0.90 0.87 3.10 4.82 0.16 12.50 4.69 0.06

718,484 298,210 170,079 250,195

100.00 41.51 23.67 34.82

Europe/MideastVAfrica EuzeMideastbAfica Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe Regions Composite Latin America Asia EMEA

82

1998 FACI BOOK

EMEA

6188 6 28 54 13 46 6 11 29 23 30 5 77 58 10 1,424 270 758 396

Asia 24%

Stock Distribution by Region the IFCI CompositeIndex, End-i1997

Latin America 19%

EMEA 28%

-

Asia 53%

EMERGINGMARKETSDATABASF

ComparativeValuationsof the IFCI Indexes, End-1997

Eind 1997

Relative toM5CI World

End 1996

End 1997

Argentina Brazil Chile Colombia Mexico Peru Venezuela

16.22 12.85 14.77 15.89 14.73 14.13 13.41

0.70 0.55 0.64 0.68 0.63 0.61 0.58

37.22 13.92 14.61 8.89 15.62 14.59 22.81

1.83 0.99 1.66 1.18 2.32 1.98 1.24

East Asia China Korea Philippines Taiwan,China

10.16 17.98 10.83 29.02

0.44 0.78 0.47 1.25

15.30 11.89 19.72 28.31


15.41 10.91 9.41 12.53 17.01 -68.71

0.66 0.47 0.41 0.54 0.73 -

12.96 22.20 27.24 10.87 11.65 14.48

Market

Dividend yield

Price-book value ratio

Price-earnings ratio

Relative toMSCI World

Relative toMSCI World

End 1996

1996

End 1997

0.59 0.32 0.54 0.38 0.75 0.64 0.40

1.63 0.71 1.58 0.86 1.75 2.61 3.44

2.09 3.43 3.94 2.94 1.49 2.30 1.09

1.16 1.91 2.19 1.63 0.83 1.28 0.61

2.84 2.83 3.82 2.69 1.29 2.56 1.24

1.11 0.50 1.38 3.20

0.36 0.16 0.45 1.04

1.72 0.76 3.02 3.35

1.57 1.25 1.33 0.50

0.87 0.69 0.74 0.28

2.23 1.74 0.90 0.74

2.49 1.45 1.41 2.58 1.60 1.01

0.81 0.47 0.46 0.84 0.52 0.33

2.33 2.84 3.99 1.61 1.29 1.82

1.45 1.76 3.98 2.81 1.25 5.19

0.81 0.98 2.21 1.56 0.69 2.88

1.53 1.35 1.21 2.73 1.47 3.06 -

ETPd

Latin America

Europe/Mideast/Africa Czech Republic

0.91

0.30

0.94

0.34

0.19

4.06

1.32

-

-

-

10.42 18.03

3.15 4.22

1.02 1.37

2.05 1.97

2.89 0.40

1.61 0.22

0.61

-

1.42

0.46

-

1.70

0.94

-

0.66

14.93

1.94

0.63

1.90

1.63

0.91

3.00

0.74

-

3.46

1.12

-

-

-

0.49 1.03

14.33 19.53

1.69 3.20

0.55 1.04

2.60 1.73

1.50 1.38

0.83 0.77

15.22 10.77

0.66 0.46

-

0.54 0.63

0.18 0.20

-

-

-

10.82 20.13 12.80

0.47 0.87 0.55

16.27 10.74 17.08

1.59 6.84 2.87

0.52 2.22 0.93

2.34 3.98 3.95

2.51 1.64 1.46

1.39 0.91 0.81

2.68 4.30 2.23

Composite Latin America Asia EMEA

14.64 14.24 15.11 14.84

0.63 0.61 0.65 0.64

17.84 15.56 22.06 14.86

1.51 1.50 1.55 1.51

0.49 0.49 0.50 0.49

1.82 1.14 2.76 2.27

2.54 2.65 2.68 2.25

1.41 1.47 1.49 1.25

2.14 2.55 1.33 3.34

Developed Markets Japan U.K. U.S. MSCIWorld

41.90 16.80 22.90 23.20

1.81 0.72 0.99 1.00

108.70 14.90 19.30 22.40

1.77 3.43 4.20 3.08

0.57 1.11 1.36 1.00

2.09 2.87 3.50 2.69

0.90 2.80 1.60 1.80

0.50 1.56 0.89 1.00

0.80 3.90 2.00 2.10

-

14.21

Egypt

11.21

0.48

-

Greece Hungary

17.64 27.39

0.76 1.18

Israel

14.14

Jordan

15.30

Morocco

17.10

Poland Portugal Russia

11.38 23.92

Slovakia

South Africa Turkey Zimbabwe

-566.30

6.14 1.06

1.31 2.10

Regions

1998 FACTBOOK


83

IFCI Price Indexes 1997 Performance Summary (rankedby 1997% changesin US$)

% chalnge In IFCI

Ran k Emerging Markets

I 2 3 4

Markct

l'rice Index

Turkey

109.9 60.0

Percent Change in IFCIPrice Indexes, 1997

310

Turkey Hungary Mexico Portugal Greece U.S., S&P 500

30.4

Colombia

109.9

5

Hungary Mexico Portugal Greece

6 7

Colombia Pakistan

30.4 26.9

8 9 10 11 12 13

Venezuela Sri Lanka Brazil Israel Argentinia Jordan

25.7

14

Peru

12.5

14

India

5.8

_199

U.K., FT100

15 16

Chile

3.6

_

A

-8.0

19 20 21 22

Taiwant, China South Africa Poland Czech Republic China Zimbabwe Philippines

23 24 25

Korea Malaysia Indonesia

-68.9 -72.9 -73.6

26

Thailand

-78.8

17

18

60 0

48.8 44.4 33.7

48 8

44 4 33.7

22.3

28

21.8 21.7 17.4

25.9

IFCI

25.7

Venezuela

22.3 21.8

Sir Lanka Brazil Israel

12.6

Pakistan

21.7

217.4

-13.8 -18.5

12.8

-22.0 -25.0 -46.8 -61.6

10 0

Argentna Jordan

12.5

58

Peru IFCIEMEA India

3.6

Chile

FT,EuroPac

-2.3

-8 0

Taiwan, China

South Atrica IFCI Composite

-16.6

Poland

-18.5

CzechRepublic

-22.0

Regions

1

Latin America

25.9

2 3 4

EMEA Composite

10.0

-16.6

Asia

-57.4

-25.0

China Japan, Nikkei

-297

Zimbabwe

8

-46

IFCI P;.4Asia

-61.6

Philippines Korea

-68.9

Developed

Markets

1

U.S., S&P 500

31.0

-72.9

2

U.K., FT 100

19.9

-736

3 4

FT, EuroPac Japan, Nikkei

-29.7

-2.3

LatinAmerica

Malaysia Indonesia Thiland

-78 8 -80

-60

-40

-20

0

20

40

60

80

100

120

Dveoerid markets IFCReg,onaInde-en

84

1998 FACTBOOK

EN1ERGIN( MARKETS DATA BASE

IFCI Price Indexes 1997 High, Low, Close (US$; year-end and daily closing levels)

Market

End-1996

High

Date

Low

Date

End-1997 IFCI Price Indexes High and Low vs. 1996 Close


950.6 396.4 620.2 633.1 529.7 196.8 728.0

1,283.0 661.4 831.2 929.4 835.8 276.9 1,170.2

Oct 22 Jul 10 Jul 4 Sep 5 Oct 21 Jun 2 Sep 23

910.1 380.3 613.0 631.6 527.1 196.8 676.2

Nov 12 Nov 12 Dec 23 Jan 3 Jan 2 Jan 1 Mar 12


73.7 77.3 293.6 153.3

121.1 89.7 315.1 206.6

Aug 25 Jun 17 Feb 3 Jul 28

52.8 20.2 108.6 132.2

Dec 24 Dec 23 Dec 16 Oct 29

1,115.8 482.6 642.6 825.4 788.2 221.4 915.0915.0.

9(% 67%

6

50%

64% I

4% 344

3

3

35'

34%

21% 15

30%

0 -10%

55.3 24.0 112.8 141.1

64%

67% 70%

-4%

-4%

4%

-

-30%

*0

28%

-

-70% -90%1


78.8 127.6 336.6 195.7 95.1 221.4

113.8 139.1 365.8 316.0 154.0 230.8

Aug 5 Feb 13 Feb 25 Jul 30 Jul 31 Jan 22

75.4 26.6 88.0 195.7 95.1 45.9

Dec 12 Dec 15 Dec 24 Jan 1 Jan 1 Dec 26

83.4 33.7 91.2 248.4 116.3 47.0

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe

70.2 242.4 196.8 100.0 186.7 732.3 146.1 208.6 148.7 473.5

80.8 119.5 404.5 322.6 133.7 226.6 135.5 881.5 211.1 210.2 116.4 241.5 352.0 677.5

Feb 24 Feb 24 Oct 15 Aug 6 Aug 8 Sep 15 Apr 16 Feb 18 Dec31 Oct 6 Apr 3 Feb 25 Oct 17 Jul 22

49.1 86.1 242.4 196.6 100.0 185.8 99.8 555.7 146.1 100.0 89.3 171.6 148.7 232.6

Dec 1 Dec 9 Jan 1 Jan 3 Jan 1 Apr 2 Feb 7 Dec 23 Jan 1 Feb 3 Jul 28 Dec 12 Jan 1 Dec 24

54.7 93.2 324.0 314.7 121.7 210.3 130.3 596.8 211.1 148.7 99.2 179.8 312.1 251.7

Regions Composite Latin America Asia EMEA

-79%

=0

r

-74% 6

5

a

c

-

0 0

150%

137%

125% 100% 75%

56%

61%

62%

61% 44%

50%

436

41%

35% 20%

25%

*%

*

167*,

%%

0%

0%

0%

0%

0%7%

-14%

-24%

-50%

-18%

*51% -63%

-75%

.79%

-79%

-100% 295.0 538.0 252.8 134.3

346.9 792.7 269.8 176.1

Jul 8 Oct 21 Feb 25 Oct 16

234.7 535.4 104.4 134.3


246.0 677.5 107.7 147.7

-74%

8

'

a 8

s a

a

a o a

.

c 5

r.

a F

'4

1997Maroethigh

1998 FACrBOOK


85

IFCI Price indexes Regional vs. Developed Market Performance,1997 (end-of-period valuesin US$;end1988=100)

I1ndc.x

Index levels

% change

Jan

Feb

Mlar

Apr

IFCIComposite IFCI Latin America IFCI Asia IFCIEMEA

315.4 586.8 261.2 149.9

330.7 624.6 269.1 158.9

321.7 615.3 255.1 159.7

315.0 637.3 238.8 155.9

324.8 686.7 239.4 157.1

338.1 740.7 241.3 162.7

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

283.1 212.2 62.6 113.5

284.8 217.7 63.7 115.3

272.6 219.3 60.3 115.1

288.5 222.9 62.5 115.4

305.4 234.1 71.4 123.4

318.7 237.3 74.6 129.6

IFCI IFCI IFCI IFCI



NvMas

lun

Jul

Aug

Sep

Oct

Nov

Dec

340.6 779.5 234.6 161.0

296.8 710.8 182.4 154.8

306.0 770.0 171.3 165.0

255.5 625.9 138.5 150.5

243.3 644.5 119.2 141.3

246.0 677.5 107.7 147.7

343.6 248.8 71.2 131.1

323.9 241.9 62.8 121.1

341.1 262.3 61.4 127.2

329.3 251.4 56.7 117.4

344.0 252.1 54.0 115.5

349.4 261.6 48.6 115.6

6.9 9.1 3.3 11.6

4.8 6.4 3.0 6.0

-2.7 -1.5 -5.2 0.5

-2.1 3.6 -6.4 -2.4

3.1 7.8 0.2 0.8

4.1 7.9 0.8 3.6

0.8 5.2 -2.7 -1.0

-12.9 -8.8 -22.3 -3.9

3.1 8.3 -6.1 6.6

-16.5 -18.7 -19.2 -8.8

-4.7 3.0 -13.9 -6.1

1.1 5.1 -9.6 4.5

6.1 -2.8 -9.5 -4.1

0.6 2.6 1.8 1.6

-4.3 0.7 -5.4 -0.2

5.8 1.6 3.8 0.3

5.9 5.0 14.1 6.9

4.3 1.3 4.6 5.0

7.8 4.9 -4.6 1.2

-5.7 -2.8 -11.7 -7.7

5.3 8.4 -2.2 5.1

-3.4 -4.1 -7.6 -7.7

4.5 0.3 -4.7 -1.7

1.6 3.8 -10.0 0.1

IFCI Regional Price Indexes vs. U.S. S&P 500, 1997 (daily; rebased to end-1996=100) 160 150140130 120110 -

_

:

100

, IFCI r | Composite , I

^ -

3709t i,

0

0I

;0

IFCI LatinAmerica FCF }= Asia

0

70

60 50 40 30 Dec31 1996

86

1998 FACTBOOK

..

Jan22

Feb12

-

Mar5

Mar26

Apr16

May7

May28

Jun18

Jul9

Ju130 Aug20

Sep10

OctI

Oct22

Nov12

Dec3

U.S., . -P

0

Dec31 1997

EMERGING

MARKFTS

DATA BASE

IFCI Price Indexes, Regional vs. Developed Market Performance, 1988-1997 valuesin US$;end1988=100) (end-of-period

Index levels

% change

1994

1993

1992

1991

1996

1995

1997

Index

1988

1989

1990

IFCI Composite IFCI Latin America IFCI Asia IFCIEMEA

100.0 100.0 100.0 100.0

155.5 164.9 150.0 168.7

147.4 174.0 118.2 184.6

200.5 406.3 129.7 126.1

202.9 415.4 149.8 79.8

355.6 650.6 290.8 169.3

307.4 580.2 249.4 118.5

275.8 471.7 232.2 141.6

295.0 538.0 252.8 134.3

246.0 677.5 107.7 147.7


100.0 100.0 100.0 100.0

127.3 121.1 112.2 109.5

118.9 128.1 72.8 81.6

150.2 140.1 76.3 89.9

156.9 133.5 56.2 76.3

168.7 156.6 64.7 98.4

165.4 148.5 81.9 105.4

221.8 177.4 79.8 114.2

266.7 218.2 69.1 118.3

349.4 261.6 48.6 115.6

-

55.5 64.9 50.0 68.7

-5.2 5.6 -21.2 9.4

36.1 133.5 9.8 -31.7

1.2 2.2 15.5 -36.7

75.3 56.6 94.1 112.3

-13.6 -10.8 -14.2 -30.0

-10.3 -18.7 -6.9 19.5

7.0 14.0 8.9 -5.2

-16.6 25.9 -57.4 10.0

12.0 0.8 30.7 26.5

27.3 21.1 12.2 9.5

-6.6 5.8 -35.1 -25.5

26.3 9.4 4.9 10.1

4.5 -4.7 -26.4 -15.0

7.6 17.3 15.1 28.9

-2.0 -5.2 26.7 7.1

34.1 19.4 -2.6 8.3

20.3 23.0 -13.4 3.6

31.0 19.9 -29.7 -2.3

-

IFCI Composite IFCI Latin America IFCIAsia IFCIEMEA

-


IFCI Regional Price Indexes vs. U.S. S&P 500, 1989-1997 (monthly; end-1988=100) 900 800 700-

/

600500 400 -

IFCIComposite

300

IFCI Asia_

200 100 0 Dec 1988

-L -

Jun 1989

1998 FACTBOOK

Dec 1989

Jun 1990

Dec 1990

Jun 1991

Dec 1991

Jun 1992

Dec 1992

Jun 1993

Dec 1993

Jun 1994

Dec 1994

Jun 1995

Dec 1995

Jun 1996

Dec 1996

Jun 1997

F

..

EMEA

& 0

Dec 1997


IFCI Price Indexes 1997 (end-of-period valuesin US$)

Barse date (=l(.l))

Alarkch

\lar

Nlae

Sep

Jun

Jul

Ag

1,128.7 559.6 781.4 859.2 619.1 266.4 786.6

1,157.9 611.7 803.2 829.4 688.9 262.5 1,041.7

1,227.9 630.5 806.9 829.4 778.8 243.3 1,046.2

1,204.2 526.6 770.5 874.6 728.3 244.1 1,046.6

1,233.3 582.3 777.0 890.6 824.5 242.8 1,129.0

1,003.4 438.6 697.8 877.5 668.3 223.1 995.9

1,065.7 451.1 656.1 802.0 728.4 219.4 929.8

1,115.8 482.6 642.6 825.4 788.1 221.4 915.0

83.3 75.9 239.0 176.2

81.2 81.9 250.0 168.0

82.1 83.3 247.5 187.5

94.6 80.3 216.9 202.8

109.7 77.3 161.3 192.8

87.0 69.8 146.4 171.6

71.3 49.1 127.5 136.4

56.4 35.9 123.8 140.0

55.3 24.0 112.8 141.1

84.5 125.5 339.9 236.3 99.2 186.2

96.0 121.4 295.8 232.5 111.7 174.6

94.2 130.7 299.2 228.4 113.8 151.5

105.9 134.8 286.7 237.5 131.0 136.8

108.0 123.9 263.0 310.2 154.0 146.0

96.0 74.6 179.0 261.6 134.7 97.2

96.3 80.1 167.9 279.5 133.0 102.7

93.3 68.1 132.6 267.2 119.8 69.3

82.5 52.2 100.6 251.5 110.8 60.5

83.3 33.7 91.1 248.4 116.3 47.0

68.1 104.9 326.6 238.9 111.8 186.3 125.0 768.8 162.3 112.8 114.9 236.5 228.9 584.1

61.0 105.2 333.6 254.0 111.1 188.1 132.2 727.2 163.0 116.3 107.4 237.7 188.9 589.7

54.0 95.4 373.3 257.2 121.3 198.9 120.5 699.1 176.0 125.9 108.6 229.0 211.7 555.6

56.3 97.2 345.5 283.7 121.5 198.2 122.4 645.3 188.6 149.4 91.4 238.3 230.1 578.0

56.9 94.4 346.2 302.9 131.3 212.2 120.8 610.5 191.3 180.7 92.1 235.6 219.0 668.1

62.9 100.5 333.6 276.8 123.4 209.2 126.7 685.6 180.7 168.8 94.8 223.8 213.6 580.5

64.0 105.5 394.9 297.7 128.5 224.1 128.9 740.0 204.3 184.5 100.5 219.6 270.7 522.2

60.0 101.6 339.1 276.1 117.3 212.7 132.8 623.5 195.8 163.3 104.3 192.5 275.9 537.7

53.5 95.0 332.1 251.7 120.6 214.3 132.5 569.3 202.5 126.3 96.8 184.1 265.7 403.2

54.7 93.2 324.0 314.7 121.7 210.3 130.3 596.8 211.1 148.7 99.1 179.8 312.1 251.7

Jaii

Feb

-Apr

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

1,023.5 440.1 679.5 684.3 574.5 212.0 707.8

1,034.3 486.6 719.8 757.3 595.1 224.6 750.0

1,018.8 482.8 701.0 767.6 584.4 231.2 708.3

1,056.2 514.1 719.6 830.8 583.5 244.0 702.3

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

73.1 79.8 312.3 159.8

75.1 76.2 301.7 169.3

72.7 73.7 291.5 166.5

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

85.1 137.4 344.2 233.4 97.0 208.3

91.1 135.7 363.1 253.4 100.5 192.5

Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Juni-93

71.1 289.7 246.9 112.4 186.8 784.6 158.7 214.4 233.7 550.2

75.4 110.7 310.7 240.8 117.8 192.7 108.5 840.5 159.5 118.8 112.1 234.7 227.6 614.5

Oct

No\

Dec

Latin America

Argentina Brazil Chile Colombia Mexico Peru Venezuela East Asia

China Korea Philippines Taiwan, China South Asia

India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa

Czech Republic Egypt* Greece Hungary Israel Jordan Morocco* Poland Portugal Russia* Slovakia* South Africa Turkey Zimbabwe

Note:IFCIEgypt, Morocco,Russia,anidSlovakiahave a basedate of Feb. 3,1997-100.

88

1998 FACTBOOK

EMNlRGING MARK1,rs DATA BASE

IFCI Price Indexes 1997 (monthly % change in US$)

0.3 7.4 -6.2 6.8 -1.2 5.7

-3.1 -15.0 -21.0 -4.4 -9.9 -32.5

-11.5 -23.3 -24.1 -5.9 -7.6 -12.7

1.0 -35.5 -9.4 -1.2 5.0 -22.3

10.7 6.4 -3.6 -8.6 -5.9 -1.4 4.9 12.3 -5.5 -6.6 3.0 -5.0 -2.5 -13.1

1.6 5.1 18.4 7.6 4.1 7.1 1.7 7.9 13.1 9.3 6.0 -1.9 26.7 -10.0

-6.2 -3.7 -14.1 -7.3 -8.7 -5.1 3.1 -15.8 -4.2 -11.5 3.8 -12.3 1.9 3.0

-10.8 -6.6 -2.1 -8.8 2.8 0.8 -0.2 -8.7 3.4 -22.6 -7.3 -4.4 -3.7 -25.0

2.2 -1.8 -2.4 25.0 0.9 -1.9 -1.7 4.8 4.2 17.7 2.5 -2.3 17.5 -37.6

15.9 -3.8 -25.7 -5.0

-7.1 -7.5 -6.4 -6.7 -1.3 -3.3

13.5 -3.3 -13.0 -1.6 12.6 -6.2

-1.8 7.7 1.1 -1.8 1.8 -13.3

12.4 3.2 -4.2 4.0 15.2 -9.7

2.0 -8.1 -8.2 30.6 17.5 6.7

-9.7 -5.2 5.1 -0.8 -5.1 -3.3 15.2 -8.5 1.7 -5.1 2.5 0.7 0.6 -5.0

-10.4 0.2 2.2 6.3 -0.6 1.0 5.8 -5.4 0.5 3.1 -6.5 0.5 -17.5 1.0

-11.5 -9.2 11.9 1.3 9.2 5.7 -8.8 -3.9 8.0 8.3 1.1 -3.7 12.1 -5.8

4.1 1.8 -7.4 10.3 0.2 -0.3 1.6 -7.7 7.1 18.6 -15.8 4.0 8.7 4.0

1.1 -2.9 0.2 6.8 8.0 7.0 -1.3 -5.4 1.4 21.0 0.7 -1.1 -4.8 15.6

7.0 -1.2 5.5 8.5 3.5 -7.6

6.1

1998 FACITBOOK

-11.1 -39.8 -32.0 -15.6 -12.5 -33.4

15.3 -3.6 -12.4 8.1

8.0 7.6 2.2 19.3 2.1 -5.9

2.8 57.2 16.2

-2.0 -33.0 -9.0 0.8

1.0 1.7 -1.0 11.6

-3.2 -3.3 -3.4 -1.6

-

-20.9 -26.9 -2.9 2.6

-2.5 7.9 4.6 -4.6

2.8 -4.6 -3.4 5.9

-

-18.0 -29.7 -12.9 -20.5

14.5 3.1 -18.0 5.8

-0.9 3.3 6.4 4.3

7.1 8.6

-20.6 -9.6 -9.2 -11.0

-1.9 -16.5 -4.5 5.4 -6.5 0.3 0.0


7.3 -2.4 4.8 3.1 7.1 0.5 9.5 -2.6 11.7

4.7 7.0 -2.0 2.9 8.2 0.9 -1.6

6.0 3.1 0.5 0.0 13.0 -7.3 0.4

3.7 6.5 2.6 8.2 -0.2 5.5 -0.8

19.5 25.5 12.4 0.1

6.2 2.8 -6.0 -8.6 9.0 -1.7 -6.6

2.6 9.3 2.8 -3.5 11.3 -1.5 32.4

-1.5 -0.8 -2.6 1.4 -1.8 2.9 -5.6

-

-18.6 -24.7 -10.2 -1.5 -18.9 -8.1 -11.8

6.9 8.8 8.6 3.4 6.1 9.2 12.0

1.0 10.6 5.9 10.7 3.6 5.9 6.0

-

2.4 10.6 0.8 1.8 13.2 -0.5 7.9

Sep

7.7 11.0 9.6 8.1 8.5 7.8 -2.8

1.3

Dec

Aug


Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

Nov

Jul

Apr

Feb


Oct

Jun

Mar

Jan

Mmrket

May

EMERGING MARKEImSDATA BASE

89

IFCI Price indexes 1988-1997 (end-of-period valuesin US$)

.\l7rket

BaSc daitc (i=100.0)

I 9S8

1989

1 99i1

100.0 100.0 100.0 100.0 -

257.7 118.6 136.0 225.3 -

-

18 91

19Y92

1993

1994

1t99

-

146.2 34.7 182.2 278.3 684.6

791.5 125.9 367.6 310.9 582.8 1,063.8

579.6 125.0 418.5 425.2 676.0 100.0 519.6

994.0 232.7 551,8 644.7 1,006.4 120.9 591.9

734.4 384.4 784.3 811.6 607.9 178.3 495.0

800.9 305.3 748.5 598.1 453.2 197.2 334.4

950.6 396.4 620.2 633.1 529.7 196.8 728.0

1,115.8 482.6 642.6 825.4 788.1 221.4 915.0

1 9C

1997





100.0 -

159.2 -

65.7 -

111.7 101.9

100.0 98.2 133.5 73.8

149.3 118.2 336.6 135.2

75.9 136.8 298.1 164.6

54.1 125.9 259.5 112.8

73.7 77.3 293.6 153.3

55.3 24.0 112.8 141.1



100.0 100.0

143.3 198.5

96.3 126.7 145.1

57.4 135.9 304.1 171.6

93.7 58.7 163.5 200.2 100.0 230.4

116.5 124.7 339.0 387.9 177.2 477.6

123.5 99.8 268.8 366.1 172.0 383.5

80.4 109.7 271.2 242.6

78.8 127.6 336.6 195.7 95.1 221.4

83.3 33.7 91.1 248.4 116.3 47.0


Dec-93 Feb-97 Dec-88 Dec-92 Dec-96 Dec-88 Feb-97 Dec-92 Dec-88 Feb-97 Feb-97 Dec-92 Aug-89 Jun-93

100.0 100.0 100.0 -

189.3 96.0 138.1

368.6 -99.4 89.6

288.6 -

195.3 100.0

100.0 227.7 166.6

80.2 225.6 151.8

60.0 241.5 98.4

54.7 93.2 324.0 314.7

-

-

-

99.9 91.7

116.8 100.0 77.3

165.5 817.9 113.8

150,0 469.3 121.1

184.7 426.3 115.8

70.2 242.3 196.8 100.0 186.7 732.3 146.1

-

-

-

-

-

100.0 68.4 -

176.4 212.6 202.1

224.7 120.7 244.7

258.0 104.5 274.7

208.6 148.7 473.4

90

1998 FACTBOOK

-

-

282.4 -

278.8

145.2 -

104.1 375.8

121.7 210.3 130.3 596.8 211.1 148.7 99.1 179.8 312.1 251.7

ENUERGINGMARKETS DATA BASE

IFCI Price Indexes 1989-1997 (annual % change in US$)

Market Latin America Argentina Brazil Chile Colombia Mexico Peru Venezuela

1989

1990

1991

1992

1993

1994

157.7 18.5 36.0 125.3 -

-43.3 -70.8 34.0 23.5 -

441.5 263.2 101.8

-

-

55.4

-26.8 -0.7 13.8 36.7 16.0 -51.2

71.5 86.2 31.8 51.6 48.9 20.9 13.9

-26.1 65.2 42.1 25.9 -39.6 47.4 -16.4

-

19.6 -27.6

49.3 20.4 152.1 83.3

-40.4 7.2 18.2

2.2 20.4 -34.2 34.2

-

-21.7 -

-32.3 -

-

-

-

-

3.6

0.5

16.9

41.7

-9.4

East Asia China Korea Philippines Taiwan,China

59.2 -


43.3 98.5

Europe/Mideast/Africa Czech Republic Egypt Greece

Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

1998 FACTBOOK

109.4 -

-

-

-58.7 -

-

89.3 --4.0

-11.6 -26.9 94.7

70.0

1995

1996

1997

9.1 -20.6 -4.6 -26.3 -25.4 10.6 -32.4

18.7 29.8 -17.1 5.9 16.9 -0.2 117.7

17.4 21.8 3.6 30.4 48.8 12.5 25.7

-49.2 15.8 -11.4 21.7

-28.7 -8.0 -12.9 -31.5

36.2 -38.6 13.1 35.9

-25.0 -68.9 -61.6 -8.0

24.3 112.4 107.3 93.8 77.2 107.3

6.0 -20.0 -20.7 -5.6 -3.0 -19.7

-34.9 9.9 0.9 -33.7 -39.5 -2.0

-2.0 16.3 24.1 -19.3 -8.6 -41.1

5.8 -73.6 -72.9 26.9 22.3 -78.8

16.6 66.6

-19.8 -0.9 -8.9

-25.2 7.0 -35.2

17.0

-22.0

-

23.1

-

-

-

-

-

-

38.1

-35.1

2.3

-15.7

717.9 47.3

-42.6 6.4

-9.2 -4.4

-

-

-

-

-1.3 -

-47.9 -

-52.8 -

76.4 210.6 -

27.4 -43.3 21.1

14.8 -13.4 12.3

-

0.3 100.0 1.1

33.7 60.0 21.7 12.6

-

71.8 26.2

-18.5 44.4 -

-19.1 42.3 72.3

-

-13.8 109.9 -46.8

EMERGING MARKETSDATA BASE 91

Statistics of the IFCI Price Indexes (US$; December 1992-December 1997)

AI Itia1iiiZed

Nuimber of Mairkel

ill(orlnls

Nlean of

Standard

ange

I)evii [tion

" sCh

.nnInila iced IIIl

ntaridi pa dc.tiioil 0\

(CIIr'rliti()

w\itli SP501)


60 60 60 60 60 60 60

1.49 2.84 0.94 1.35 0.85 1.75 2.11

8.82 10.98 6.80 7.11 10.51 9.43 14.89

17.88 34.08 11.28 16.20 10.20 21.00 25.32

30.55 38.04 23.56 24.63 36.41 32.67 51.58

0.48 0.30 0.28 -0.06 0.36 0.09 0.06


60 60 60 60

-0.36 -1.88 0.21 1.62

11.13 8.91 10.15 10.99

-4.32 -22.56 2.52 19.44

38.56 30.87 35.16 38.07

0.16 0.07 0.19 0.18

South Asia India Tndonesia Malaysia Pakistan Sri Lanka Thailand

60 60 60 60 60 60

0.15 -0.26 -0.47 0.83 0.63 -1.95

8.47 10.92 9.71 9.98 8.77 11.39

1.80 -3.12 -5.64 9.96 7.56 -23.40

29.34 37.83 33.64 34.57 30.38 39.46

0.11 0.42 0.19 0.23 0.20 0.34

Europe/MideasVAfrica Czech Republic' Egypt* Greece Hungary Tsrael* Jordan Morocco* Poland Portugal Russia' SouthAfrica Slovakia* Turkey Zimbabwe

47 10 60 60 12 60 10 60 60 10 60 10 60 54

-2.02 -1.59 1.06 2.75 1.83 1.07 2.01 4.73 1.84 3.22 1.19 -1.00 3.96 2.42

7.56 5.01 6.67 13.93 6.38 4.22 6.20 20.51 5.62 14.44 6.52 6.74 17.51 11.65

-24.24 -19.08 12.72 33.00 21.96 12.84 24.12 56.76 22.08 38.64 14.28 -12.00 47.52 29.04

26.19 17.36 23.11 48.25 22.10 14.62 21.48 71.05 19.47 50.02 22.59 23.35 60.66 40.36

0.09 -0.18 0.29 0.31 0.81 0.22 -0.60 0.15 0.38 0.50 0.13 -0.37 0.06 0.03

AnII iitii

1,7ukcl

o-Ibur ot Iniolltlbls

No.iieof Kciaiige

Stindiard D,x iai il

.\111 n u iCed 11t'.10l

oiz

stindard dcit''ilLi onl

CorrelatidIon (d \ith

S&P'5tXl


60 60 60 60

0.49 1.12 -0.26 1.31

5.81 7.68 7.57 7.58

5.88 13.44 -3.12 15.72

20.13 26.60 26.22 26.26

0.41 0.41 0.28 0.13

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

60 60 60 60

1.39 1.19 -0.01 0.77

3.09 3.59 6.91 4.04

16.68 14.28 -0.12 9.24

10.70 12.44 23.94 13.99

1.00 0.54 0.23 0.43

Note: Statistical data based on less than 60 months of data.

92

1998 FAC I BOOK

EMFRGING MARK[TS DAT-A BASF

Statistics of the IFCI Price Indexes (US$December 1992-December 1997) 80

IFCI Price Index Annualized

Standard

Deviation,

1992-1997

r

70

2,,

IFCI Price Index Annualized Mean Return, 1992-1997

I

-

'
ll-.Emerging li . ., [~'111r.1.1,.1.1'.1-S1-11.1,111

~~~~ ~~~~~~~~~~~eeoe

l

.. .

20 112-"3114-"112EI1l'll'l2'llIll .8

E-

RegonainexesU

il'lsl

~~~~~~~~~~~~~~~~~~~~~~199 ' ' ' ..

-30

"

'

EMEGIN -- . ..

'

0 50

1998FACTBOOK .! ..: ..

0

markets markets

0.

0

0

I

Rgn

MARKET .; '"> ..... DATA BASE1 .FACTOO 93i'i1l21**

0

in dex

E MERGIN

KEs5AT

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svs00

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4

9990999999

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Argentina

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o66

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-

Chile

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Mexico

-

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o000

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-

Thailand 2 2 2 Turkey

0

9 9

Philippines

Slovakia

_

w w

Pakistan

South Africa

-

n

-

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6

5

01 0

-

-

0- 01xU

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we --

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0-1 -Su --

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Morocco

-

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Jordan

0 0-0 -0

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Brazil

Colombia

0

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IFCI EMEA 'oP'" Compombite IFC

°i

so

X

wwi

-0

0

o

>

9v o9

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0z

0

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G

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9v-- --0-

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3 0 Uj) o

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a

U.K

6

, R)

o~~~~~~~~~~~~~~~~~~~~~~

0

0

Israel~ ~ 0 ~

K)

0

0

r ~~~~~~~~~~=|n-°

0 b

0

0

~~~~~~~~~~U.S., S&P500

C

c

(D 3

crOC D

Israel U.K., FT 100

(

C

Russia Argentina

CD

(D

3 (I

FT, EuroPac Indonesia

CD 5

IFCI Composite

(.0

IFCI Lat America

0

Portugal Mexico Thailand Hungary Brazil Greece IFCI Asia

(

~~~~~~Chile

*

CD

Japan, Nikkei '

C)V

&cc 3 A-

IID

3

0

~~~Pakistan

_r

3Jordan S ri

La nka_r_Lanka

Malaysia

V) 00

Philippines Taiwan, China

P

China Poland IFCI EMEA South Africa India Czech Republic Pe ru

Korea Turkey Venezuela

z

Zimbabwe Colombia

>

Egypt Slovakia Morocco

> 'a

X)

aD =3

IFCI Total Return Indexes 1997 Performance Summary (rankedby 1997% changein US$)

challge in I FCI

Rank Emerging Markets

1 2 3

Market

Total

Return

Index

Percent Change in IFCI Total Return Indexes, 1997

Turkey Hungary Mexico

117.08 61.81 51.58

4

Portugal

47.77

5

Greece

37.73

6 7

Colombia Pakistan

34.45 30.87

8 9

Venezuela Brazil

27.19 25.79

10

Israel

24.25

293

11

Sri Lanka

23.96

272

12 13

Argentina Jordan

20.06 15.30

14

Peru

15.17

15 16 17 19

India Chile Taiwan, China South Africa Poland

7.30 6.89 -7.40 -11.47 -17.02

20

Czech Republic

-21.81

21

China

-23.88

69

22

Zimbabwe

-45.54

2

23 24 25 26 27

Philippines Korea Malaysia Indonesia Thailand

-61.21 -68.22 -72.27 -73.20 -78.07

18

11171 Turkey

y618 =

1

IFCI Latin America

29.27

2

IFCI EMEA

12.85

3

IFCI Composite

-14.74

4

IFCI Asia

-56.65

1 2


33.34 -0.22

Neither of the localJapanese indexes (Nikkei and Topix) publishes a totalreturn index.

333

US S&PSoo Pakistan IFCILatm A-relca Venezuela

Portugal Greece Colombia

Braz Israel

243

240 201 163 152 129

SrLanka Argentina Jordan Per, FCI EMEA

3

Iml,a Chile

FT, EuroPac T-an China awanC South Africa IFCComposne Poand

11 147

172

CaechRepubirc

E

Z,nlbabwe

455

FCIAsa

.566

-612

Ph91ppn =

0144

72.3

Malaysia

.732

HInonesia

78.1

Thailand

80 60 40 -20 0

Note:

MIco

_5E

6582

Developed Markets

16 478 377 345

30.9

218

Regions

Hungary

20 40 6080

107 120 140

Enrsn9aeg FC eaa-era

96

1998 FACTBOOK


IFCI Total Return Indexes 1997 High, Low, Close (US$;year-endand dailyclosingvalues)

Market

End-1996

Latin America Argentina Brazil

High

Date

Low

Date

EncI-1997 IFCI Total Return Indexes High and Low vs. 1996 Close

1,315.9 518.5

1,806.1 884.6

Oct 22 Jul 10

1,281.5 511.3

Nov 12 Nov 12

Chile

935.5

1,277.5

Jul 4

935.5

Jan

Colombia

742.9

1,114.4

Sep 5

741.9

Jan 3

998.8

Mexico

607.9

975.6

Oct 21

605.0

Jan 2

921.4

50%- 37%

Peru Venezuela

209.4 859.9

297.2 1,393.8

Jun 2 Sep 23

209.4 800.1

Jan 1 Mar 12

241.1 1,093.7

30°- *5%

1

1,579.8 652.3 999.9

90% 70%

72

71%

71

67%

3

China Korea Philippines Taiwan, China

-10%

82.1 82.9 316.9 163.2

136.8 98.3 340.1 221.0

Aug 25 Jun 17 Feb 3 Jul 28

59.6 22.2 118.3 141.7

82.9

121.2

Aug 5 Jul 8 Feb 25 Jul 30 Jul 31 Jan 22

Dec Dec Dec Oct

24 23 16 29

62.5 26.3 122.9 151.2

80.5

Dec 12

89.0

29.4 107.6 231.5 100.4 58.5

Dec 15 Dec 24 Jan 1 Jan 1 Dec 26

37.3 111.4 302.9 124.4 60.0

South Asia

India Indonesia Malaysia Pakistan Sri Lanka Thailand

139.1 401.7 231.5 100.4 273.4

152.1 437.4 379.3 164.7 285.2

46%

37%

35%

24% 19° *

9%

10%

East Asia

% 66% 50%

0

%

0

9%

0

0

01%

_ -3%

_

-30%

-30%

-30%

7 -50% -70% 90%

-73% -73%

79% 4

N

C

S

0

145%

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary

150%125%-0

70.6 384.3

81.3 119.5 660.9

Feb 24 Feb 24 Oct 15

49.6 89.1 384.3

Dec 1 Dec 9 Jan 1

55.2 97.2 529.3

Israel

216.5 100.0

359.0 135.0

Aug 6 Aug 8

216.3 100.0

Jan 3 Jan 1

350.3 124.3

Jordan

236.5

293.9

Sep 15

235.6

Jan 6

272.7

50%

Morocco Poland Portugal

136.8 947.8 269.5

Nov 12 Feb 18 Dec 31

99.8 608.4 182.3

Feb 7 Dec 23 Jan 1

132.9 653.4 269.5

25%

787.4 182.3

210.4

Oct 6

100.0

Feb 3

148.8

-25%

Apr3 Jul 28 Oct 17 Jul 22

92.5 194.6 207.7 271.1

Jul 28 Dec 12 Jan 1 Dec 24

102.7 204.1 450.9 293.3

50%

Jul Oct Feb Oct

292.9 672.7 125.4 185.0


307.3 873.5 129.4 208.8

-

Russia

-

Slovakia South Africa Turkey Zimbabwe

230.6 207.7 538.6

116.4 268.1 508.5 782.9


360.4 675.7 298.5 185.0

429.6 1,017.4 319.2 248.1

100/. 75% 60% 64% 5

64%

42%

20%

45%

16%

7% 0%

0%

4%

0%

%

0%

0

16%

-13%

0%

-7% -50%

-75%

_

-63%

-100% _

8 21 25 16

62%

48%

a

=

a=

,a a

°

=

=

2

S

2

> H

1997Marketlow 1997Markethigh

1998 FACITBOOK

EMERGINGMARKErS DATA BASE 97

N

IFCI Total Return Indexes Regional vs. Developed Market Performance, 1997 valuesin US$;end 1988=100) (end-of-period

Index level

% change

Index

Jan

Feb

Mar

Apr

Mlay

Ju11

Jul

Aug

Sep

COct

IFCIComposite IFCI Latin America IFCI Asia IFCI EMEA

385.9

404.8

394.6

387.9

401.1

418.4

422.5

738.0 309.0 206.5

786.2 318.5 219.2

777.0 302.2 220.9

809.5 283.1 216.8

874.9 284.4 219.5

945.2 287.1 228.3

997.7 279.8 226.0

368.5 910.9 217.8 217.4

380.5 987.8 204.9 232.4

318.1 803.8 165.9 212.2

303.3 828.6 142.8 199.4

307.3 873.5 129.4 208.8


685.7 586.3

691.2 596.6

662.8 596.3

702.4 599.0

745.1 641.7

778.5 675.1

840.4 684.3

793.4 632.8

836.8 666.0

808.9 615.9

846.3 606.7

860.8 608.6

7.1 9.2

4.9 6.5

-2.5 -1.2

-1.7 4.2

3.4 8.1

4.3 8.0

1.0 5.5

-12.8 -8.7

3.3 8.4

-16.4 -18.6

-4.7 3.1

1.3 5.4

IFCI Asia IFCIEMEA

3.5 11.6

3.1 6.1

-5.1 0.8

-6.3 -1.8

0.4 1.2

1.0 4.0

-2.5 -1.0

-22.2 -3.8

-5.9 6.9

-19.0 -8.7

-13.9 -6.0

-9.4 4.7


6.2 -3.9

0.8 1.8

-4.1 0.0

6.0 0.4

6.1 7.1

4.5 5.2

8.0 1.4

-5.6 -7.5

5.5 5.2

-3.3 -7.5

4.6 -1.5

1.7 0.3

IFCI Composite IFCI Latin America

Nov

Dec

Note: The IFCI Composite and regional indexes do not include all markets. See base date table in introduction for details. IFCI Regional Total Return Indexes vs. U.S. S&P 500, 1997 (weekly; rebased to end-1996=100)

160 150140 13012098 0

IFCI Composite ~~~~~~~~~~~~~~~~~~~~~ Latin America ~~~~~~~~~~~~~~~~~~~~~ Asia

'77 77

-

80 K,

-IFCIEMEA -U.S.,

40 30 Dec31 1996

98

S&P500

1997

199

Jan22

1I998 FACTBtOO

Feb12

Mar5

Mar26

Apr16

May7

May28

Jun18

JuI9

Jul30 Aug20

Sep10

Octl

Oct22 Nov12

Dec3

Dec31 1997

EMERGING MARKETS DA\TABASE

IFCI Total Return Indexes Regional vs. Developed Market Performance, 1988-1997 (end-of-periodvalues in US$; end 1988=100)

Inde' Index

Level

IFCI IFCI IFCI IFCI



Percent

Change

1988

1989

1990

1 99 1

1992

1993

1'99)

100.0 100.0 100.0 100.0

161.5 176.2 154.1 175.8

158.0 192.3 124.5 200.2

220.4 460.0 139.9 141.7

227.7 475.8 165.8 95.4

408.9 764.9 327.7 212.2

359.8 693.3 285.8 154.6

100.0 100.0

131.6 111.3

127.5 84.7

166.2 95.4

179.0 83.2

196.8 109.4

329.5 576.5 270.1 189.4

199.4 119.4

219.3 157.1

i)q -

I 099

,)

360.4 675.7 298.5 185.0

307.3 873.5 129.4 208.8

269.9 166.3

359.8 165.9

IFCI Composite

-

61.5

-2.2

39.5

3.3

79.6

-12.0

-8.4

9.4

-14.7

IFCI Latin America IFCI Asia IFCI EMEA

-

76.2 54.1 75.8

9.1 -19.2 13.9

139.2 12.4 -29.2

3.5 18.5 -32.7

60.7 97.6 122.4

-9.4 -12.8 -27.1

-16.9 -5.5 22.5

17.2 10.5 -2.3

29.3 -56.6 12.9


-

-3.1 -23.8

30.4 12.6

7.6 -12.8

10.0 31.5

1.3 9.1

10.0 31.5

23.0 5.8

33.3 -0.2

.

31.6 11.3

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

IFCI Regional Total Return Indexes vs. U.S. S&P 500, 1989-1997 (monthly; end-1988=100)

1,100 1,000 ' 900 800700600500

IFCI Composite I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~_____

-

IFCI LatinAmerica

400 300 200

IFCIAsia

IFCIEMEA U.S.,S&P5e0

100 0 Dec 1988

1998 FACTBOOK

Jun 1989

Dec 1989

Jun 1990

Dec 1990

Jun 1991

Dec 1991

Jun 1992

Dec 1992

Jun 1993

Dec 1993

Jun 1994

Dec 1994

Jun 1995

Dec 1995

Jun 1996

Dec 1996

Jun 1997

Dec 1997

LNMER(1\.(; MARtFS

fJDA

EA

1Bxst.

99

IFCI Total Return Indexes 1997 (end-of-period valuesin US$)

Arsket

Base rdtc (=lIOD

Jan

Feb

%lar

Apr

Nav

jun

jul

Aug

Sep

Oct

No\

Dec



1,416.9 577.1 1,027.8 804.6 659.3 225.6 836.0

1,435.3 638.5 1,090.2 891.9 683.0 239.4 887.0

1,416.0 637.0 1,062.8 907.1 672.2 247.6 838.0

1,469.5 686.1 1,097.6 985.4 672.1 261.5 832.5

1,576.1 748.0 1,200.7 1,021.0 715.1 285.9 933.1

1,616.8 817.7 1,234.3 988.7 799.0 283.6 1,239.3

1,721.8 845.1 1,243.0 990.8 906.7 262.9 1,245.4

1,692.7 706.8 1,188.9 1,047.9 848.5 264.1 1,246.2

1,733.6 782.2 1,200.1 1,069.8 962.0 262.8 1,344.8

1,412.9 589.5 1,081.9 1,055.7 780.0 241.5 1,187.8

1,504.2 606.5 1,019.4 966.4 850.1 238.8 1,111.0

1,579.8 652.3 999.9 998.8 921.4 241.1 1,093.7



81.4 87.5 337.1 170.2

83.6 83.5 325.8 180.3

81.0 80.8 315.5 177.4

92.8 83.2 258.8 187.7

91.5 89.8 270.8 179.3

92.6 91.3 268.3 200.5

106.9 88.0 235.2 217.0

123.9 84.7 175.0 206.2

98.3 76.6 159.1 183.6

80.6 53.8 138.5 146.2

63.8 39.3 134.7 150.0

62.5 26.3 122.9 151.2



89.6 149.7 411.4 277.0 102.6 257.4

95.8 147.9 434.3 300.7 106.2 237.9

89.0 136.7 406.7 280.8 105.1 232.1

101.2 132.3 354.2 276.8 118.6 219.8

99.7 142.9 358.8 272.0 120.8 191.5

112.4 147.6 344.4 285.1 140.1 173.0

114.9 137.1 316.5 372.4 164.7 184.6

102.3 82.6 215.9 314.1 144.1 123.5

102.7 88.7 203.2 336.6 142.3 130.8

99.5 75.3 160.9 322.6 128.2 88.3

88.0 57.8 122.3 303.6 118.5 77.1

88.9 37.3 111.4 302.9 124.4 60.0



71.5 459.6 271.6 112.4 236.7 843.7 198.0 237.0 326.5 626.0

75.9 110.7 493.2 265.0 117.9 244.1 108.5 903.7 199.1 118.8 112.1 259.9 317.9 699.1

68.7 104.9 521.9 262.8 112.0 237.9 125.0 826.6 202.5 112.8 114.9 262.7 320.6 666.3

61.5 105.3 533.7 279.4 111.3 242.5 132.2 781.9 206.4 116.4 108.1 264.9 268.9 673.4

54.4 95.5 602.2 284.6 122.2 258.0 120.5 752.8 224.6 126.0 112.5 255.4 305.8 635.1

56.7 97.8 561.9 315.4 122.6 257.1 122.7 703.7 240.8 149.5 94.7 267.1 332.3 667.9

57.4 96.8 565.4 336.7 132.4 275.2 122.8 666.2 244.3 180.9 95.4 264.1 316.4 772.0

63.5 103.0 545.0 308.0 124.9 271.3 128.8 750.6 230.7 168.9 98.2 251.2 308.6 670.8

64.5 108.2 645.2 331.3 130.3 290.7 131.4 810.3 260.9 184.7 104.1 247.6 391.0 605.2

60.5 104.2 554.1 307.3 119.0 275.8 135.5 682.6 250.0 163.5 108.1 217.4 398.6 623.5

54.0 97.8 542.5 280.1 122.6 278.0 135.2 623.3 258.6 126.4 100.2 208.3 383.8 469.0

55.2 97.2 529.3 350.3 124.3 272.7 132.9 653.4 269.4 148.8 102.7 204.1 450.9 293.3

Notc: IFCl Egypt, Morocco, Russia, and Slovakia have abase date of Feb. 3,1997=100.

100

1998

FACTO3O00

ENMERGING MARKETS

DATA

BASE

IFCI Total Return Indexes 1997 (monthly%changein US$)

Market

Jan

Feb

Mar

Apr

May

JLin

Jul

Aug

Oct

Sep

Nov

Dec


7.7 11.3 9.9 8.3 8.5 7.8 -2.8

1.3 10.6 6.1 10.9 3.6 6.1 6.1

-1.3 -0.2 -2.5 1.7 -1.6 3.4 -5.5

3.8 7.7 3.3 8.6 0.0 5.6 -0.7

7.3 9.0 9.4 3.6 6.4 9.3 12.1

2.6 9.3 2.8 -3.2 11.7 -0.8 32.8

6.5 3.3 0.7 0.2 13.5 -7.3 0.5

-1.7 -16.4 -4.3 5.8 -6.4 0.5 0.1

2.4 10.7 0.9 2.1 13.4 -0.5 7.9

-18.5 -24.6 -9.8 -1.3 -18.9 -8.1 -11.7

6.5 2.9 -5.8 -8.5 9.0 -1.1 -6.5

5.0 7.5 -1.9 3.4 8.4 1.0 -1.6


-0.9 5.5 6.4 4.3

2.8 -4.6 -3.3 5.9

-3.2 -3.3 -3.2 -1.6

14.5 3.1 -18.0 5.8

-1.4 7.9 4.6 -4.5

1.2 1.7 -0.9 11.8

15.5 -3.6 -12.3 8.2

15.9 -3.8 -25.6 -4.9

-20.7 -9.6 -9.1 -11.0

-18.0 -29.7 -12.9 -20.4

-20.9 -26.9 -2.8 2.6

-2.0 -33.0 -8.8 0.8


8.0 7.6 2.4 19.7 2.2 -5.8

7.0 -1.2 5.5 8.5 3.5 -7.6

-7.1 -7.5 -6.3 -6.6 -1.1 -2.5

13.7 -3.3 -12.9 -1.4 12.8 -5.3

-1.5 8.0 1.3 -1.8 1.8 -12.9

12.8 3.3 -4.0 4.8 16.0 -9.7

2.2 -7.1 -8.1 30.6 17.6 6.7

-11.0 -39.8 -31.8 -15.6 -12.5 -33.1

0.4 7.4 -5.9 7.2 -1.2 5.9

-3.1 -15.0 -20.8 -4.2 -9.9 -32.5

-11.5 -23.3 -24.0 -5.9 -7.6 -12.7

1.0 -35.5 -8.9 -0.2 5.0 -22.2

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco -Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

1.3 19.6 25.5 12.4 0.1 7.1 8.6 2.8 57.2 16.2

6.1 7.3 -2.4 4.8 3.1 7.1 0.5 9.7 -2.6 11.7

-9.6 -5.2 5.8 -0.8 -5.0 -2.5 15.2 -8.5 1.7 -5.1 2.5 1.1 0.9 -4.7

-10.4 0.3 2.3 6.3 -0.6 1.9 5.8 -5.4 1.9 3.2 -5.9 0.8 -16.1 1.1

-11.5 -9.2 12.8 1.8 9.8 6.4 -8.8 -3.7 8.8 8.3 4.0 -3.6 13.7 -5.7

4.2 2.4 -6.7 10.8 0.4 -0.3 1.8 -6.5 7.2 18.6 -15.8 4.6 8.7 5.2

1.1 -1.0 0.6 6.8 8.0 7.0 0.1 -5.3 1.4 21.0 0.7 -1.1 -4.8 15.6

10.7 6.4 -3.6 -8.5 -5.7 -1.4 4.9 12.7 -5.5 -6.6 3.0 -4.9 -2.4 -13.1

1.6 5.1 18.4 7.6 4.4 7.1 2.0 7.9 13.1 9.3 6.0 -1.4 26.7 -9.8

-6.2 -3.7 -14.1 -7.3 -8.7 -5.1 3.1 -15.8 -4.2 -11.5 3.8 -12.2 1.9 3.0

-10.8 -6.1 -2.1 -8.8 3.0 0.8 -0.2 -8.7 3.4 -22.6 -7.3 -4.2 -3.7 -24.8

2.3 -0.6 -2.4 25.0 1.3 -1.9 -1.7 4.8 4.2 17.7 2.5 -2.0 17.5 -37.5

1998 FACTBOOK


101

IFCI Total Return Indexes 1988-1997 (end-of-periodvalues in US$)

lb,I

\lf7lR('t

l.ts

(-111))

1Ic

1 991)



100.0 100.0 100.0 100.0 -

304.6 123.0 152.7 229.8 -

-

-



-

-

100.0 -

161.0 -



-

-

100.0 100.0

Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia SouthAfrica Turkey Zimbabwe


10)2

1998 FAt I 51o)11

1'9]

19) 2

199) 3

1994

I 99

1'19h

1997

175.2 37.5 221.3 292.3 703.5

954.6 144.6 466.8 324.3 625.3 1,103.8

709.3 146.1 550.8 454.5 729.9 100.0 544.3

1,257.1 283.7 755.8 703.6 1,106.6 122.8 639.7

951.9 474.5 1,103.7 901.7 679.1 182.2 547.0

1,077.1 386.1 1,091.4 680.4 512.9 204.7 381.6

1,315.9 518.5 935.4 742.9 607.9 209.4 859.9

1,579.8 652.3 999.9 998.8 921.4 241.1 1,093.7

68.0 -

116.5 102.6

100.0 99.8 140.4 75.4

149.8 121.5 356.1 139.7

78.2 144.0 316.4 171.5

58.3 132.8 277.2 118.9

82.1 82.9 316.9 163.2

62.5 26.3 122.9 151.2

147.4 205.8

96.3 133.5 155.6

57.4 147.1 320.6 187.6

93.8 59.7 182.6 215.1 100.0 259.8

118.2 129.3 385.0 433.1 179.3 555.6

126.4 105.1 310.9 413.9 175.6 454.7

83.5 117.7 319.2 280.4 108.4 454.4

82.9 139.1 401.7 231.4 100.4 273.4

88.9 37.3 111.4 302.9 124.4 60.0

100.0 100.0 100.0 -

205.4 98.6 140.7 -

421.7 105.6 93.1 -

341.4 113.3 97.9 -

-

-

-

-

-

294.7 -

159.9 -

253.4 100.0 136.1 100.0 85.6 100.0 78.8 -

100.0 311.4 174.1 197.9 839.6 130.5 181.3 260.6 205.5

80.4 322.0 160.8 183.5 484.0 142.9 236.0 155.9 258.4

60.4 360.7 106.8 229.1 450.6 140.2 278.0 139.4 301.7

70.6 384.3 216.5 100.0 236.5 787.4 182.3 230.6 207.7 538.6

55.2 97.2 529.3 350.3 124.3 272.7 132.9 653.4 269.4 148.8 102.7 204.1 450.9 293.3

287.5 -

ENIFRGINGMAIRELfS D\ IA BASt

IFCI Total Return Indexes 1989-1997 (annual % change in US$)

1997

.Markct

1'989

1990

1991

13992

1993

1994

1995

1996


204.6 23.0 52.7 129.8 -

-42.5 -69.5 44.9 27.2 -

444.9 285.1 110.9 113.9 56.9

-25.7 1.0 18.0 40.2 16.7 -50.7

77.2 94.2 37.2 54.8 51.6 22.8 17.5

-24.3 67.3 46.0 28.2 -38.6 48.3 -14.5

13.2 -18.6 -1.1 -24.5 -24.5 12.3 -30.2

22.2 34.3 -14.3 9.2 18.5 2.3 125.3

20.1 25.8 6.9 34.5 51.6 15.2 27.2

East Asia China Korea Philippines Taiwan, China South Asia India Indonesia Malaysia Pakistan Sri Lanka Thailand Europe/Mideast/Africa Czech Republic Egypt Greece Hungary Israel Jordan Morocco Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

1998 FACIBOOK

-

61.0 -

-57.8 -

71.3 -

20.6 -26.5

49.8 21.7 153.5 85.3

-47.8 18.5 -11.1 22.7

-25.4 -7.8 -12.4 -30.7

40.8 -37.6 14.3 37.3

-23.9 -68.2 -61.2 -7.4

47.4 105.8

-9.4 -24.4

-40.4 10.3 20.6

3.9 24.1 -32.9 38.5

26.1 116.7 110.9 101.3 79.3 113.8

6.9 -18.7 -19.2 -4.4 -2.1 -18.2

-33.9 12.0 2.7 -32.3 -38.3 -0.1

-0.7 18.2 25.8 -17.5 -7.4 -39.8

7.3 -73.2 -72.3 30.9 24.0 -78.1

-

-

-

-

-

-19.6

-24.9

16.9

-21.8

105.4 -1.4

105.3 7.1

-19.0 7.3

-25.8 20.1

22.9 74.1 45.4

3.4 -7.7 -7.3

12.0 -33.6 24.9

6.5 102.7 3.2

37.7 61.8 24.3 15.3

40.7

-33.9

5.2

-12.6

739.6 52.5

-42.4 9.5

-6.9 -1.9

74.7 30.0

-17.0 47.8

2.5

-45.8 -

-50.7 -

81.3 230.6 -

30.2 -40.2 25.8

17.8 -10.6 16.8

-17.1 49.0 78.5

-11.5 117.1 -45.5

-

-

EMERGING MARKE1S DAIA BASE

103

Statistics of the IFCI Total Return Indexes (US$; December 1992-December 1997)

A`nnialized Annualized mIlean)

iCorrelation

Ntleat of " change


60 60 60 60 60 60 60

1.74 3.09 1.22 1.56 0.99 1.89 2.33

8.91 10.98 6.85 7.13 10.55 9.42 14.88

20.88 37.08 14.64 18.72 11.88 22.68 27.96

30.87 38.04 23.73 24.70 36.55 32.63 51.55

0.48 0.32 0.31 -0.08 0.35 0.11 0.08


60 60 60 60

-0.15 -1.75 0.27 1.69

11.18 8.95 10.14 10.98

-1.80 -21.00 3.24 20.28

38.73 31.00 35.13 38.04

0.13 0.09 0.17 0.17


6(0 60 60 60 60 60

0.26 -0.11 -0.32 1.05 0.75 -1.75

8.50 10.93 9.70 10.02 8.80 11.39

3.12 -1.32 -3.84 12.60 9.(10 -21.00

29.44 37.86 33.60 34.71 30.48 39.46

0.43 0.17 0.24 0.19 0.33

Europe/Mideast/Africa Czech Republic' Egypt* Greece Hungary Israel* Jordan Morocco' Poland Portugal Russia* Slovakia' SouthAfrica Turkey Zimbabwe*

47 1() 60 60 12 60 10 60 60 10 10 60 60 54

-2.00 -1.18 1.45 2.94 2.01 1.25 2.21 4.88 2.07 3.23 -0.64 1.4() 4.34 2.71

7.55 4.98 6.64 13.92 6.42 4.27 6.12 20.55 5.53 14.44 6.85 6.52 17.52 11.61

-24.00 -14.16 17.40 35.28 24.12 15.0() 26.52 58.56 24.84 38.76 -7.68 16.80 52.08 32.52

26.15 17.25 23.00 48.22 22.24 14.79 21.20 71.19 19.16 50.02 23.73 22.59 60.69 40.22

0.08 -0.13 0.25 0.30 0.81 0.24 -0.57 0.12 0.36 0.50 -0.32 0.11 0.09 -0.01

Aklark,(

Standard Deviationi

tLandard

Nitibn oe nmilths

deviation

with S&P'5()0

M\lttkcil

Nuntimber-io ttnth


Mleall n .

chlanuge

Staidard Deviation

AninuElalizedi miiean1

Annri ltl led standard deviation

Correlationt with S&P500

60 60 60 60

0.67 1.32 -0.12 1.59

5.82 7.70 7.58 7.64

8.04 15.84 -1.44 19.08

20.16 26.67 26.26 26.47

0.40 0.41 0.26 0.15

Developed Markets U.S., S&P 500 60 FT Europac 60

1.59 0.95

3.11 4.04

19.08 11.40

10.77 13.99

1.00 0.40

0.10

Note: Statistical data based on less than 60 months of data.

104

1998 FAcTBoOK

EmFERGING MAIRKErs DATA BASF

Statistics of the IFCI Total Return Indexes (US$; December 1992-December1997) IFCGTotal Return Index Annualized Standard Deviation, 1992-1997 80 70 -

50

403020 10 0

.

60 -

~~ ~ ~ ~ ~ ~ ~ ~ ~~~~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

~

30 -

-L

20 -

10~~~~~~~~~~~~~~~~~~

4098

O

B Fw

a

am

a

o

o

oN@ O

O0_

=0

-n

00

C

:

C

:

r00

0=

a

=

0

0

E

M

B

1

o~~~~~~~~~~~~~~~

720 630

50~~~~~~~~~~~~~~~~~~~~EE 40

~~~~~ ~

Emri

akt

E~~~~~~~~

~

IFCGTotl

Rtur

~

~

AnaIzed

~

Meaina

~

Reun,

~

192e

~

99

~ ~

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20~~~~~~~~~~~~~

0~~~~~~~~~~~~~~~~~~~~-ig.,~ -10~~~~~~~~~~~~~~~~~~-.~ -20~~~~~~~~~~~~~~~~~~~~ICRg.. -30FCBO

kt d MEZIGMRES

AABS

0

n

-

r.s -t

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Do

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CD 5

CD

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Brazil D

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o

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reee IFCI EMEA

0-

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Hungary

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. o

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65

6v

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Portugal Russia ?

Slovakia

_

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w

w

6

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9

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Venezuela

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Zimbabwe

g

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Mexico

Turkey

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0 c0

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a

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oa bD

U.S., S&P 500

CD CD

3

Israel Russia

-D

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Argentina

C

Indonesia

0

IFCI Lat America U.K., FT 100 IFCI Composite Portugal Mexico

-n

Thailand 0

Brazil Chile

CD

Hungaryr IFCI Asia Cs

Greece ||l |

r

r

|

.

x

~~~Jordan 0 rm~~~~~~~~~~~~~~~~ ~~~Pakistan

0

Sri Lanka

0

Malaysia a

Philippines Taiwan, China

_n

IFCI EMEA

o P

China Poland

N'

Peru South Africa India Korea Turkey Czech Republic Venezuela ;T,

Zimbabwe

r

Colombia Egypt Slovakia Morocco

[ = FM7777777777

QO X

Industry Weights in the IFCI Composite Index End-1 997

SIC

S.toy

(irhi•try

ol Nulilber Stocks

Market capitallizatioll (1Jr% million,)

WVcight in IFCI Cornpo 0ite 5 I

32

6,064

0.8


71 43

65,831 17,931

9.2 2.5


62 34

10,173 7,724

14 1.1

0


3 320 322 323 326 328 329 330 332 333 334 336 337 339


639 83 35 17 38 77 34 25 79 28 40 86 37 15

217,392 42,232 4,068 2,775 18,608 16,260 20,343 4,628 25,122 6,533 9,669 40,878 7,509 3,407

30.2 5.9 6 0.6 0.4 2.6 2.2 2.8 0.6 3.5 0.9 1.3 5.7 1.0 0.5

4 444 448 449


141 l6 50 58

166,858 2,692 103,200 58,556

23.2 0.4 14.4 8.1

5


69

31,553

4.4

6 660 661 662 663


294 134 26 24 25

157,632 103,193 2,831 1,138 19,955

21.9 14.3 0.4 0.2 2.8


Other/diversified holding companies IFCI Composite Price Index

108

1998 FATGTBOOK

28 14

7,529 3,297

1.0 0.4

88

55,453

7.7

1,424

718,485

100.0

Industry Weights in the IFCIComposite Index, End-1997 Manufacturing

Other

30%

25%

--

,

-

Finance/ insurance/ realestate 22%

Transportation/ communication/ utility 23%

Stock Distributionby Industry in the IFCI Composite Index, End-i1997 Other 24% M M

Finance/ insurance/ realestate 21%

45 turing

Transportation/ communication/

utility 10%

MARKFTSDAIA BASE EMFIRGING

Industry Concentrationin the IFCI Composite Index End-i 997

Mariket

S'ector with largest shar-eof market cap

Sector's share of miarket cap Share of Market Cap of Largest Sector, End-i1997

Latin America Argenitina Brazil Chile Colomnbia Mexico Peru Venezuela

Mining Transportation/com-munication/utility Transportation/con-munication/ utility Manufacturing Manufacturing Transportation/crommunication/utility Transportation/conununication/utility

45.110

Manufacturing Manufacturing Finance/insuranice/real Manufacturing

60.0 50.5 40.5 60.9

57.7 42.6 54.9 31.8 41.5 47.8

0

6


estate

0


Manufacturing Manufacturing Other/diversified holding companies Transportation/communication/utility Other/diversified holding companies Transportation/com-munication/utility

72.3/ 53.70 20.6 47.1 66.1 36.2

Czech Republic Egypt Greece Hungary Israel Jordan Poland Portugal Russia Slovakia South Africa Turkey Zimbabwe

Transportation/comumunication/utility Finance/insurance/real estate Finance/insurance/real estate Transportationi/commnunication/utility Manufacturing Finance/insuranice/real estate Finance/insurance/real estate Finance/insurance/real estate Mining Manufacturing Finance/insurance/real estate Finance/insurance/real estate Finance/insurance/real estate

67.5 49.3 40.2 44.77 37.0 66.8 42.6 40.1 62.1)0 82.6 37.7 58.2 79.9

IFCI Composite

Manufacturing

30.3

Europe/Mideast/Africa

1998 FACrFBOOK

0

0

00O

2a7

I ff E

I

01

t

a

M......

"0

0..he'

FMERIGNG M4ARKETSDATA BASE

109

Industry DiStributiOn by !vlarket Capitalization

of IFCI Composite Index, 1997 (US$ millions; end-1 997) C)

1

a

N

Ci

co1

E o 0

sl.

>C,t,

0


1 110

Mining Metal Mining

2 215


3 320


322 323 326

Textile Mill Products Apparel & Other Textile Products Paper & Allied Products

328

Chemicals & Allied Products

329 330


332


333 334 336 337 339


4


444


448

N

@

=

C

N

m

252

270

218

43

15,783 -

5,286 5,286

517 517

-

-

-

-

-

-

-

198 -

-

78 78

6,458 918

20,847 4,474

14,362 4,963

3,049 145

5,002 3,293

517 -

113 50

468 69 1,514

6,089

253 81

-

88

1,114

1,329

176

-

-

7,885 296

229 -

262 251

487

402

188

113

1,545

509 3,811 254 -

1,729 210 1,172 87 -

891 129 -

192 141 393 710 -

-

6,924

51,610

18,745

1,254

361

1,234

-

-

-

320

-

-

Communications

5,799

32,540

6,739

-

-

728

449


1,125

19,071

12,007

151

361

5

Wholesale/retail

710

191

4,740

32

6 660

Finance/insurance/real Banking

4,346 3,627

9,495 9,495

4,686 4,045

356 -

661 662 663


-

-

-

-

-

-

-

-

-

-

667

7 770


-

-

36 -

24 24

-

9

Other/diversified

544

1,717

713

124

-

89,416 44,017

5,080

9,110

trade

holding

estate

companies

IFCI Composite Price Index

35,017

Q

u

0

0

m

aL

c)

>

a)

u

w)

~

.

C) r-

0

'a

a

I

a

SE

-3 ,

74

-

125

371

-

162 -

1,510 -

22 22

251 251

-

-

699 171

-

-

-

681 681

LU -

CZ

c co 0

-~

a

0j)

s

LL

-

-

-

431

57

-

-

39

6,064

-

11,758

-

1,669

600

-

-

9

65,831

6,276

-

1,669

12

-

-

-

17,931

-

1,680

74

-

-

10,173

37

-

-

1,402

-

36,830

1,041

2,075

16

309

-

615

367

-

42,232

-

172

-

-

-

-

4,068 2,775

102

326

273

113

130

224 -

-

20,343 4,628

-

25,122

-

21,487

3

Manufacturing

910

2,491

1,812

320

Food & Kindred Products

403

381

879

322 323

Textile Mill Products Apparel & Other Textile

-

165

-

-

-

-

-

326

Paper

-

47

-

-

213

294

-

-

-

2,257 931 523

328

Chemicals

-

1,210

-

-

323

221

-

244

209

-

213

329 330


629

-

-

373

6,027 128

-

-

-

2,051 2,101

11 77

299 603

-

-

655

-

1,625

221

790

572

610

-

228 146 25,745 643 -

3 506 -

864 29 949 1,426 158

-

-

323 -

& Allied

Products

Products

& Allied Products

1,564

cc

X

983

-

-

-

-

-

-

315 71

511

-

-

7,803 -

-

-

-

332


341

59

933

22

201

1,448

333 334 336 337 339


166

-

-

-

-

-

-

-

-

14 160

153

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

205

22,133

-

-

366

-

-

472

-

1,209

4,664

-

-

-

-

828

-

6,361

-

-

-

638 -

-

-


-

2,497

3,748

3,257

-

8,516

12,057

123

-

1,861

2,274

3,982

-

741 1,756

-

-

-

-

123

-

997

-

-

-

-

-

-

-

1,196 345

-

-

5 2,269 889

-

997

Water Transportation Communications Electric, Gas or Sanitary

5

Wholesale/retail

122

-

768

511

151

-

3,618

-

217

188

Services

-

trade

-

-

5,104 3,412

3,244 8,813

2,242

1,261

1,445 2,538

7,724

217,392

18,608

16,260

-

4

3,268

-

444 448 449

-

E E

°-

n

-

-

6,533 9,669 40,878 7,509 3,407

166,858 2,692 103,200 58,556

31,553

6


4,909

315

1,733

3,652

2,655

8,934

-

75

33,837

147

18,589

1,269

19,641

2,277

362

157,632

660

Banking

2,439

254

425

1,048

2,655

5,914

-

75

18,245

32

11,612

1,062

15,239

2,052

73

103,193

661 662

Credit Agencies Other Security & Commodity

223

-

-

2

-

-

-

-

-

-

-

-

-

-

116 -

663

Insurance

-

61

-

-

-

845

-

-

1,293 196 5,488

152 13 34

90

-

-

-

-

2,831 1,138 19,955

7 770

Services Hotels & Other

-

-

-

-

-

-

12

235

27

7,529

-

-

-

-

-

-

-

-

-

-

27

3,297

9

Other/diversified

-

-

-

491

-

1,791

-

-

6,497

5,303

9,040

9,011

6,234

22,257

Lodging

Than Banks Brokers

Places

holding companies


34,640

1,138

11,500

-

1,056

-

112

137

-

112

-

17,419

287

-

35

3,959

-

-

55,453

89,821

434

60,525

5,137

33,731

8,334

453

718,485

Note:Figurcs may not add up precisely because of rounding.

1998 FACI BOOK

EwEiRGvNc MARKE

IS DAT\A BASI

111

Industry Weights by Market Capitalization of IFCI Composite Index, 1997 (% of market capitalization; end-1 997) 0. z

SIC

(xs

m

o

O

co0

E .0

sEr N

r

0

0)

WL

c )

c~T3

4> 0)0

UL'S)}1'/llUllIsfIII

SIC

Scct(y',1w11hitril

0


0.03

0.04

0.03

0.01

-

-

-

0.01

-

1

Mining

2.20

0.74

0.07

-

-

-

-

0.02

110

Metal

-

0.74

0.07

-

-

-

-

-

-

Mining

0~~~~~~~~~~~~~~~5

0.02

0.05

-

-

-

0.58

0.21

-

0.03

-

-

-

0.01

0.55

-

-

0.03

-

-

-

-

0.25

0.10 0.02

-

-

-

0.09 0.09

-

0.07 0.02

0.37 0.24

0.41 0.41

4.57 1.41

2

Construction

-

215


-

-

-

0.03 -

-

0.01 0.01

3 320


0.90 0.13

2.90 0.62

2.00 0.69

0.42 0.02

0.70 0.46

0.07 -

0.44 0.08

0.81 0.37

0.47 0.03

1.48 0.03

0.99 0.05

0.96 0.08

0.05 -

0.96 0.03

1.19 0.15

322 323 326

Textile Mill Products Apparel & Other Textile Products Paper & Allied Products

0.02 0.01

0.06 0.01 0.21

0.85

0.03 0.()1

-

0.01 0.01

0.01 -

-

0.01

-

0.02 0.01 0.01

Chemicals & Allied Products

0.01

0.15

0.18

0.02

0.43

0.19

0.02

0.58

0.03

0.06

329 330


-

1.10 0.04

0.03 -

0.04 0.03

0.03

-

-

0.04 0.11

0.05

-

0.02 0.16 -

328

-

-

-

-

-

0.15 0.01

-

0.02 -

-

332


0.07

0.06

0.03

0.02

0.21

0.20

0.18

0.01

0.05

0.11

333 334 336 337

Primary Metal Industries Fabricated metal products Electric & Electronic Equipment Transportation Equipment

0.07 0.53 0.03

0.24 0.03 0.16 0.01

0.12 0.02 -

0.03 0.02 0.05 0.10

-

0.02 -

0.06 0.07 0.15 0.14

0.02 0.04

339

Miscellaneous

-

-

-

-

-

-

-

-

-

0.02

0.09 0.10 -

-

0.28

0.02

Manufacturing

4


444


448

-

0.09

0.31

-

-

-

0.05

0.91

0.05

0.02

0.07 0.01

0.04 0.07

-

0.02

0.02

0.12

1.46

-

0.04 0.02 0.16

0.01 0.38

0.27 -

-

0.10 0.02 0.42 0.09

-

-

0.01

0.02

0.36

0.98

3.57

0.01

0.06

0.05

0.10

0.43

3.52

0.22

0.45

-

-

0.96

7.18

2.61

0.17

0.05

0.17

0.01

0.69

0.20

0.36

0.10

-

-

-

0.04

-

-

-

0.06

-

0.01

-

-

Communications

0.81

4.53

0.94

-

0.10

0.67

0.16

0.34

0.10


0.16

2.65

1.67

0.05

0.07

-

0.25

449

0.02

-

0.02

0.03

-

-

-

5


0.10

0.03

0.66

-

0.03

-

-

0.06

-

-

0.06

0.11

-

0.07

0.05

2.27

6 660

Finance/insurance/real estate Banking

0.60 0.50

1.32 1.32

0.65 0.56

0.05 -

0.49 0.40

-

0.44 0.30

0.91 0.79

0.13 0.13

0.30 0.22

0.19 0.06

0.79 0.59

0.10 0.10

0.42 0.32

0.95 0.54

0.88

661 662 663

Credit Agenicies Other Than Banks Security & Commodity Brokers Insurance

-

-

-

-

0.07

-

-

-

0.04 -

0.09

-

-

0.03

-

-

0.01 0.01

0.08

-

-

-

-

-

-

0.07 0.03

0.03 0.05 0.02

-

7

Services Hlotels& Other Lodging Places

-

-

-

-

-

-

-

0.03 0.03

0.04 0.04

0.04 0.03

-

-

0.04 -

-

770

-

-

0.02 -

0.60 0.25

0.05 0.05

9


0.08

0.24

0.10

0.02

-

-

-

-

0.01

-

0.11

1).54

-

-

1.23

2.05

IFCIComposite Price Index

4.87

12.45

6.12

0.70

1.27

0.25

0.89

2.26

2.04

1.83

2.59

0.15

1.90

5.96

14.35

1.54

-

-

Note:Figuresmay not add up preciselybecause of rounding.

112 1998 FACTBOOK

EMERGINGMARKETSDATA BASE

Industry Weights by Market Capitalization of IFCI Composite Index, 1997 (% of marketcapitalization;end-1997) O

SIC Sect0 /7X1dMstzv

SIC

Sector/hicIustry

0


1 110

Mining Metal Mining

2 215


3 320 322 323 326 328 329 330 332 333 334 336 337 339


4

444 448 449

E .~

2)

Xr-

X

~~ ~ ~a.I

~a.

o X

v m

~~~~~~~o. a. a.

a.

CU

I

X

cn

ciD

cn9

E~~~~~~~~~~~~~ 0)

N

E

Ri

-

-

-

-

-

-

-

-

-

0.06

0.01

-

-

-

0.84

-

0.23 0.23

0.01 0.01

0.05 0.05

-

2.99

-

-

-

0.08 -

-

-

-

0.23 0.23

-

-

1.64 0.87

-

-

-

-

9.15 2.48

-

-

-

-

-

-

-

-

0.03 0.02

0.05 0.05

-

-

-

-

0.23 0.19

0.01 -

-

-

-

1.40 1.05

0.13 0.06 -

0.35 0.05 0.02

0.25 0.12 -

0.22 0.14 -

0.30 0.08 -

0.30 0.01 -

0.13 -

0.13 -

3.08 1.09

-

0.14 -

-

-

-

-

-

-

-

-

-

0.01 0.17 0.09

-

-

0.05 0.02 -

0.01 -

0.13 -

0.05

0.03 0.05 0.04

-

-

-

-

-

0.02

0.03 -

-

-

0.17 0.03 0.84 0.02 0.09 0.08 0.65

-

-

0.04 0.03 0.20 -

-

-

0.03 0.04 0.07 0.03 0.02

-

0.07 -

-

-

-

-

0.11

-

0.01 0.02 0.01 0.03 0.07 -

0.04 0.02 0.04 0.08 0.11 0.12 0.13 0.20 0.02

0.29 0.05 0.04 0.03 0.08 -

-

-

0.88 0.09 0.02

-

5.13 0.04 0.31 0.13 0.07 0.03 0.29 0.29 0.23 0.03 0.02 3.58 0.09 -

30.24 5.88 0.55 0.38 2.58 2.23 2.83 0.64 3.52 0.89 1.34 5.67 1.04 0.46


-

0.35

0.52

0.45

-

-

-

-

-

0.10 0.24

0.45 -

0.32 0.12

-

-

-

1.18 0.71 0.47

1.68 0.45 1.23

0.02 0.02

0.26

Water Transportation Communications Electric, Gas or Sanitary Services

0.17 0.05

0.32 0.31

0.55 0.20 0.35

5


-

-

0.02

-

0.11

0.07

0.02

6 660 661 662 663


0.24 0.06 -

0.51 0.15 -

0.37 0.37 -

1.24 0.82 -

-

-

-

-

-

0.04 0.03 0.01

7

Services

770

Hotels & Other Lodging Places

-

-

-

-

-

9

Other/diversified

-

-

-

0.07

0.74

1.26

1.26

-

0.09 -

holding companies


0.68 0.34 0.03 -

0.90

0.04 0.01 -

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0.14 0.14 -

-

0.50

-

0.03

0.03

0.18

-

0.01

0.01

4.71 2.54 1.60

0.02

-

0.18 0.15 0.02 -

-

2.59 1.62 0.18 0.03 0.76

-

-

0.09 -

-

-

-

-

23.19 0.37 14.35 8.13

-

-

4.40

2.73 2.12 0.01

0.32 0.29 -

0.05 0.01 -

-

-

21.91 14.34 0.39 0.16 2.76

-

-

0.12

-

-

-

-

-

-

0.02 0.02

-

-

-

-

-

0.15 0.02

0.03

-

-

1.02 0.44

-

0.25

-

-

2.42

0.04

-

-

0.55

-

-

7.71

0.86

3.09

0.16

12.50

0.06

8.43

0.71

4.69

0.05

100.0

4.82

-

0.02 -

-

-

-

-

1.16

Note:Figuresmay notadd up preciselybecauseof rounding.

1998 FACIBOOK

EMERGING MARKETSDATABASE

113

Industry D-istributuon by Nu,m.--cr"-f in IFCI Composite Index, 1997

tv-

(end-1 997)

C2 4)

4)~~~~~~~c

U

4

it

i(l1,>X-I:l.lll

/lli

m C)

mN

I't.IW co.0

Ih

o

SIC

0.

a 1

Ca

En)

Cln

--

11

-

-

7

4

-

6

2

-

-

-

34

66 3 8 4 5 2 4 5 7 2 2 22 1 -

16 2 3 2 1 4 1 2 -

34 4 3 3 1 3 3 5 3 1 3 3 2

6 1 1 2 1 -

1 -

639 83 35 17 38 77 34 25 79 28 40 86 37 15

10 6 2

4 3

2 I 1

-

-

141 16 50 58

-

1

3

3

-

--

-

-

2

3

-

-

-

-

3 320 322 323 326 328 329 330 332 333 334 336 337 339

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

3 1 -

14 1 4

7 4 -

10 4 -

15 4 -

7 1 -

3 -

3 -

19 4

-

-

-

-

-

-

-

-

-

1 3 2 2 1

2 1 2 -

-

1 1 -

-

-

4


-

444 448 449

WaterTransportation Conimunications Electric, Gas or Sarnitary Services

5

Wholesale/retail

6 660 661 662 663

-

-

-

2

71

---

-

-

1

-

1

-

3 -

32

4

-

1 1

3

-1

-

1 1 1 1 2

F

-1


3 -

E0

16

Construction

-

F

E

(U

19

215

1

I-

0~~~~~~~. )

-11--

2

1 4

(

CD

-

-

-

-

1

1

-

1

-

2 1 2 1 3 1 4 -

-

-

1

1 1

-

-

-

-

3 3 -

-

-

-

-

-

43 -62

-

1 -

-

-

-

5 -

3

7

-

-

1

-

1 4

1 -

3 1

-

2 1

15 6 9

-

-

1

-

4

1

1

-

7

-

1

5

4

-

-

69


7 3 2 -

5 4

3 2

1 1

17 7

-

-

-

-

-

1

-

-

-

7

23 9 9 2 1

4 2

-

17 9 4 1 3

4 3

-

2 1 1 -

12 4

-

7 4 2

-

-

6 6 -

-

-

22 6 1

1

-

-

294 134 26 24 25

2 1

-

2 2

1 -

2

-

1

13

3

-

1

2

77

5

98

65

58

trade

-

3 -

7

Services

-

-

-

-

-

-

-

-

770

Hotels & Other Lodging Places

-

-

-

-

-

-

-

-

9

Other/diversified

-

-

-

7

-

2

-

11

24

24

49

29

23

30

holding companies


1998 FAC GIBOOK

5

-

-

1

28 14

-

-

88

12

10

1,424

-


115

IFCi Industry Price Indexes 1997 Performance Summary (end-of-period values in US$; end 1988=100)

" C lldgC' ',I(

Scctol iullulls,I

0


hnd.] 9')7

fromll Performance Highlights of

enidi-9')h

IFCI Industry Sector Price Indexes, 1997

68.2

-54.4


352.9 178.7

-9.1 -26.5


153.1 260.5

-61.7 -41.6

3 320 322 323 326 328 329 330 332 333 334 336 337 339


232.3 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2

-13.0 6.5 -29.1 -10.1 -11.1 -16.8 2.8 -35.0 -16.8 -25.3 -7.1 13.1 -49.1 -19.6

4 444 448 449


928.0 89.6 1,353.5 1,649.3

7.5 -31.5 15.5 3.3

5


672.2

21.5

26 660 661 662 663


169.1 239.2 99.1 17.2 394.4

-22.1 -7.8 -62.2 -84.3 -6.7

-61.7


195.0 156.7

-56.9 -57.0

-70 -60 -50 -40 -30 -20 -10

9


143.4

-40.0


246.0

-16.6

-I 16

1998 FACTBOON

21.5 Wholesale/retail trade 7.5


E

Mining

-16.6 2 -22.1

IFCIComposite Price Index Finance/insurance/real estate

X.


-40.0


-54.4

Sevie Services

-56 9

Construction 0

10 20

30

ENiIRC,IN;MARKETSDA I A BASL

IFCI Industry Price Indexes 1997 valuesin US$;end1988=100) (end-of-period

Jan

Feb

Mar

Apr

Mlav

Jun

jul

Aug

Sep

Oct

157.4

170.5

157.9

144.0

146.6

144.4

135.0

107.9

114.9

98.4

82.7

68.2


408.1 249.6

439.9 282.3

430.2 268.9

425.8 259.2

429.4 256.4

432.5 249.4

428.2 242.4

405.2 230.2

413.1 233.5

347.1 195.5

337.8 178.1

352.9 178.7

Construction 2 215 General Building Contractors

408.2 454.0

427.2 483.4

403.9 457.9

357.8 408.2

345.8 371.6

335.5 378.5

327.3 390.1

234.6 294.0

234.0 313.3

181.0 253.0

154.5 246.9

153.1 260.5

285.7 389.4 225.7 66.9 148.1 159.4 213.5 111.4 536.8 92.9 190.2 309.4 499.7 199.5

297.1 411.8 238.8 72.9 152.6 169.9 217.1 110.6 562.2 95.7 199.5 329.1 522.3 215.2

289.9 410.2 223.5 67.2 145.8 166.9 213.3 104.6 538.9 91.6 196.2 349.0 512.1 206.9

290.4 409.9 231.5 72.5 144.6 171.8 223.6 104.4 513.5 89.6 190.3 378.1 488.7 205.4

297.7 423.4 220.1 71.1 149.0 169.5 227.4 102.1 522.5 88.9 201.1 414.7 482.5 204.9

316.4 437.3 221.7 77.6 163.6 172.4 249.1 103.2 552.9 93.2 203.3 491.7 489.6 229.3

326.6 450.5 226.6 77.7 169.3 177.1 256.7 100.8 579.6 98.5 211.6 551.3 476.8 220.1

298.6 422.3 237.3 - 69.8 157.8 161.7 232.0 91.8 514.7 94.2 200.1 528.7 386.0 206.0

302.3 450.6 203.7 69.9 161.9 161.0 251.3 91.4 536.1 95.6 206.9 468.2 373.3 191.1

249.7 390.9 165.1 59.4 139.7 139.3 193.9 71.8 436.7 77.7 175.8 331.8 326.1 178.0

238.8 391.8 146.5 53.0 130.4 126.9 192.0 66.2 423.0 65.1 171.0 340.6 271.2 167.3

232.4 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2

932.4 126.0 1281.5 1732.3

973.0 126.9 1354.3 1780.6

963.2 125.6 1345.7 1750.9

984.4 123.4 1399.6 1754.8

1073.5 121.7 1563.7 1858.1

1137.1 139.5 1638.6 2002.1

1146.8 138.7 1655.5 2017.9

960.4 136.0 1368.5 1717.1

1040.8 122.3 1493.4 1877.8

862.4 100.5 1220.6 1595.0

874.7 91.9 1261.3 1597.7

928.0 89.6 1368.1 1649.3

SIC Sector/llclustry 0


Nov

Doc

3 320 322 323 326 328 329 330 332 333 334 336 337 339


4 444 448 449

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

5


588.5

630.9

622.6

635.8

655.5

687.0

708.4

663.8

738.9

625.6

633.6

672.2

6 660 661 662 663


233.6 281.4 267.5 122.8 440.4

245.2 297.6 278.4 119.9 466.8

236.8 294.2 252.1 110.7 445.1

225.8 285.7 237.6 97.6 448.7

230.4 292.9 236.7 98.1 437.8

236.2 303.4 213.1 97.4 451.3

234.0 299.7 212.1 91.7 491.9

201.0 265.8 159.3 54.8 463.6

200.7 269.4 158.6 50.8 440.4

174.1 237.6 130.5 40.4 397.0

164.9 228.3 110.3 25.9 387.3

169.1 239.2 99.1 17.2 394.4

470.3 365.0

470.2 370.5

448.5 363.1

392.8 308.4

386.1 302.6

369.3 293.8

346.1 273.1

258.6 220.1

255.2 206.5

220.3 183.7

193.0 163.1

195.0 156.7


255.0

269.0

258.6

239.3

237.0

243.8

242.7

202.3

206.1

168.2

152.4

143.4


315.4

330.7

321.7

315.0

324.8

338.1

340.6

296.8

306.0

255.5

243.3

246.0


1998 FACTBOOK

EMERGINGMARKETSDA IA BASE 117

IFCI industry Price Indexes 1988-1997 (end-of-periodvalues in US$; end 1988=100)

SIC Sectorhi, duestrt

1988

198c9

0


100.0

1

Mining

110

Metal Mining

199(

199'1

19'32

193

199IQ4

93.5

87.9

88.2

78.9

165.0

156.2

138.2

149.7

68.2

100.0

192.3

119.3

262.9

233.8

301.3

420.5

383.2

388.2

352.9

100.0

158.4

75.3

94.7

101.3

149.4

324.7

258.6

243.3

178.7


100.0 100.0

226.1 222.4

186.9 141.9

182.7 240.5

241.2 397.0

535.3 764.4

409.4 526.4

371.5 421.4

399.6 446.3

153.1 260.5

3 320 322 323 326 328 329 330 332 333 334 336 337 339


100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

183.3 168.2 191.7 124.2 129.9 185.6 114.1 206.5 263.6 323.0 228.1 183.5 283.2 261.9

162.1 141.3 182.5 46.5 109.5 139.8 76.6 110.3 298.8 149.0 163.9 222.9 362.7 217.9

226.0 263.9 271.9 174.5 136.6 161.2 98.0 59.8 501.2 215.8 261.5 272.6 353.4 165.9

198.5 266.6 212.1 110.8 105.1 117.8 69.3 57.1 484.2 93.3 150.2 215.4 341.0 135.2

327.9 436.3 268.0 113.6 144.5 178.3 176.0 95.3 796.5 144.0 191.3 377.1 636.8 215.0

308.4 387.4 292.1 133.3 174.4 186.1 214.4 86.7 662.0 135.6 190.6 395.1 428.5 207.2

254.4 378.6 218.1 60.5 149.0 136.5 158.1 79.6 496.3 89.1 161.6 345.9 350.0 191.0

267.1 369.0 216.0 58.4 141.9 151.2 194.3 104.6 511.8 79.7 174.8 286.4 471.9 196.8

232.3 392.9 153.1 52.5 126.2 125.8 199.9 68.0 425.5 59.5 162.3 323.8 240.0 158.2

4 444 448 449


100.0 100.0 100.0 100.0

184.8 131.5 202.1 190.9

213.8 104.8 266.9 392.2

534.8 132.7 754.1 917.3

581.1 139.8 863.2 701.0

946.8 174.2 1,406.7 1,316.2

833.5 144.9 1,089.9 1,655.8

767.0 131.8 1,048.8 1,429.2

863.3 130.9 1,184.2 1,596.8

928.0 89.6 1,368.1 1,649.3

5


100.0

238.3

441.8

527.4

852.5

1,231.5

827.9

630.1

553.1

672.2

6 660 661 662 663


100.0 100.0 100.0 -

135.9 132.6 133.6 -

144.7 158.8 166.9 71.8 -

121.0 127.3 153.2 79.9 181.9

116.3 123.0 167.0 84.3 168.3

217.9 220.4 404.5 142.4 349.4

192.4 217.7 338.9 113.2 449.1

194.5 231.8 320.2 102.9 418.6

217.0 259.5 261.9 109.8 422.8

169.1 239.2 99.1 17.2 394.4

-

-

19)3

19)'

1997


100.0 100.0

157.7 157.7

164.3 158.2

198.5 176.1

265.5 214.1

630.8 549.2

519.3 469.7

482.7 423.1

452.0 364.6

195.0 156.7

9


100.0

148.9

131.6

146.1

153.3

307.8

237.5

228.5

239.1

143.4


100.0

155.5

147.4

200.5

202.9

355.6

307.4

275.8

295.0

246.0

118

1998 FACTBOOK

EMERGING NIARKETS DATA BASE

IFCI Industry Price Indexes 1989-1997 (annual % change in US$)

S(IC Scctor 0

mo dustrl1

1990

1991

1992

-6.5

-5.9

0.3

-1().5

92.3 58.4

-38.0 -52.4

120.5 25.6

1989



1993

1994

1995

1996

1997

109.1

-5.4

-11.5

8.4

-54.4

-11.1 7.0

28.9 47.5

39.5 117.3

-8.9 -20.3

1.3 -5.9

-9.1 -26.5

2 215


126.1 122.4

-17.4 -36.2

-2.3 69.5

32.0 65.1

121.9 92.5

-23.5 -31.1

-9.2 -19.9

7.5 5.9

-61.7 -41.6

3 320 322 323 326 328 329 330 332 333 334 336 337 339


83.3 68.2 91.7 24.2 29.9 85.6 14.1 106.5 163.6 223.0 128.1 83.5 183.2 161.9

-11.6 -16.0 -4.8 -62.6 -15.7 -24.7 -32.9 -46.6 13.3 -53.9 -28.1 21.5 28.1 -16.8

39.5 86.8 49.0 275.3 24.7 15.3 28.0 -45.8 67.8 44.8 59.5 22.3 -2.6 -23.9

-12.2 1.0 -22.0 -36.5 -23.1 -26.9 -29.3 -4.4 -3.4 -56.8 -42.6 -21.0 -3.5 -18.5

65.2 63.7 26.4 2.5 37.5 51.3 153.8 66.8 64.5 54.4 27.3 75.1 86.8 59.0

-6.0 -11.2 9.0 17.3 20.7 4.4 21.8 -9.1 -16.9 -5.8 -0.4 4.8 -32.7 -3.6

-17.5 -2.3 -25.3 -54.6 -14.5 -26.7 -26.3 -8.2 -25.0 -34.3 -15.2 -12.4 -18.3 -7.8

5.0 -2.5 -1.0 -3.5 -4.8 10.7 22.9 31.4 3.1 -10.5 8.2 -17.2 34.8 3.0

-13.0 6.5 -29.1 -10.1 -11.1 -16.8 2.8 -35.0 -16.8 -25.3 -7.1 13.1 -49.1 -19.6

4


84.8

15.7

150.2

8.7

62.9

-12.0

-8.0

12.6

7.5

444 Water Transportation 448 Communications 449 Electric, Gas or Sanitary Services

31.5 102.1 90.9

-20.3 32.1 105.5

26.7 182.5 133.9

5.3 14.5 -23.6

24.6 63.0 87.8

-16.9 -22.5 25.8

-9.0 -3.8 -13.7

-0.7 12.9 11.7

-31.5 15.5 3.3

5

138.3

85.4

19.4

61.7

44.5

-32.8

-23.9

-12.2

21.5

35.9

6.5

-16.4

-3.9

87.4

-11.7

1.1

11.6

-22.1

32.6 33.6 -

19.8 25.0 -

-19.9 -8.2 11.2 -

-3.4 9.1 5.6 -7.5

79.2 142.2 68.8 107.6

-1.2 -16.2 -20.5 28.5

6.5 -5.5 -9.0 -6.8

11.9 -18.2 6.7 1.0

-7.8 -62.2 -84.3 -6.7

57.7 57.7

4.2 0.3

20.8 11.3

33.8 21.6

137.6 156.6

-17.7 -14.5

-7.0 -9.9

-6.4 -13.8

-56.9 -57.0

48.9

-11.7

11.0

5.0

100.8

-22.8

-3.8

4.6

-40.0

55.5

-5.2

36.1

1.2

-13.6

-10.3

7.0

-16.6


6

Finance/insurance/real

660 661 662 663

Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance

estate


Other/diversified

holding companies


1998 FACTBOOK

75.3

FMERGING MARKETS DATA BASE

119

IFCI Industry Total Return Indexes 1997 Performance Summary (US$; end 1988=100)

I

IC~~~

5c'(lO)

Iii.!,,

2

1ldL

~~~~~~~endI F

troiii

I- 1

91.3

-53.1


503.8 250.4

-7.0 -24.6


170.8 283.6

-61.1 -40.9

3 320 322 323 326 328 329 330 332 333 334 336 337 339


290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2

-11.1 8.3 -28.4 -8.6 -9.3 -13.7 5.9 -33.5 -15.4 -22.8 -5.4 14.3 -48.2 -18.3

4 444 448 449

unication/utilIity Transportation/comm Water Transportation Communications Electric, Gas or Sanitary Services

1,116.6 109.5 1,582.2 2,568.2

10.0 -30.3 17.6 6.6

5

Wholesale/retail

trade

816.2

25.4

6 660 661 662 663


225.3 333.8 132.3 19.6 429.6

-20.3 -5.3 -61.4 -83.9 -5.0

242.9 189.2

-55.7 -56.3


172.4

-38.6

IFCI Composite Total Return Index

307.3

-14.7

0


Services 7 770) Hotels & Other Lodging Places 9

121) 1998 F \( rsuoo

Performance Highlights of IFCI Industry Sector Total Return Indexes (%)

25.4


10.0 -7.0

E

Mining Manufacturing

-11.1


-14.7

Finance/insurance/real estate F

-20.3 -38.6 -53.1 ,



X

...... . Agriculture/forestry/fishing

-55.7 Services -61.1

L -70 -60 -50 -40 -30 -20 -10

Construction 0

10

20

30

ETAL RGINGMARKIUSDATA BASI

IFCI Industry Total Return Indexes 1997 (end-of-period valuesin US$;end 1988=100)

SIC Secrtor/Iu1duastry

Jan

Feb

Mar

Apr

mavy

Jun

Jul

Aug

Sep

Oct

Nov

Dec

0

205.0

222.1

206.0

188.1

191.6

189.7

177.7

142.7

152.9

131.5

110.7

91.3


569.4 340.6

615.3 386.4

603.0 369.5

600.2 357.6

607.2 354.9

611.9 345.5

606.7 336.7

575.5 320.7

588.6 326.6

494.6 273.5

482.2 249.4

503.8 250.4


449.2 488.1

470.2 519.7

444.5 492.3

394.4 439.8

381.7 401.2

371.6 410.0

363.3 422.7

260.5 318.6

259.8 339.5

201.1 274.2

171.9 267.6

170.8 283.6

3 320 322 323 326 328 329 330 332 333 334 336 337 339


349.9 461.2 275.0 75.7 174.5 217.1 274.3 138.4 625.7 117.7 245.9 368.5 578.7 228.8

364.0 487.7 291.2 82.4 179.8 231.7 278.9 137.3 655.5 121.8 258.0 392.0 605.2 246.7

356.3 486.6 272.5 76.0 171.8 229.3 278.0 130.4 629.3 116.5 253.7 415.8 593.3 237.3

357.5 486.8 282.8 82.5 170.9 236.4 291.7 130.4 602.2 114.6 246.4 450.5 567.7 236.0

367.9 505.3 269.6 81.0 176.7 235.7 298.1 127.8 614.3 114.3 260.7 495.5 563.3 235.4

391.5 522.5 272.1 88.8 194.1 240.5 326.6 130.2 651.2 119.7 264.4 587.8 572.4 264.4

405.2 538.8 278.5 89.1 201.4 247.7 336.8 127.4 684.3 127.2 277.0 660.5 559.6 254.2

371.2 505.7 291.7 80.0 188.1 226.7 304.4 116.1 608.3 121.9 262.0 633.5 453.0 238.0

376.3 540.5 250.3 80.2 193.1 225.8 330.8 115.6 633.7 124.0 270.8 561.2 438.8 221.4

311.0 468.9 202.9 68.1 166.8 196.1 255.4 90.9 516.7 100.8 230.2 397.7 383.5 206.3

297.7 470.1 180.1 60.8 155.8 178.7 253.3 84.0 501.1 84.4 224.0 408.3 319.2 194.7

290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2

4 444 448 449


1,098.2 151.6 1,455.6 2,623.7

1,146.8 152.6 1,538.8 2,700.1

1,135.8 151.1 1,529.6 2,657.6

1,170.0 148.7 1,601.2 2,694.2

1,278.5 147.1 1,792.3 2,858.4

1,357.0 169.5 1,883.5 3,081.5

1,370.6 168.8 1,903.9 3,115.3

1,148.6 165.6 1,574.6 2,653.8

1,246.5 149.0 1,720.9 2,905.5

1,034.0 122.8 1,406.5 2,474.7

1,049.9 112.3 1,454.9 2,482.3

1,116.6 109.5 1,582.2 2,568.2

5


693.7

743.7

738.5

755.4

780.9

819.9

858.1

804.2

895.4

759.3

769.3

816.2

6 660 661 662 663


304.5 383.2 350.0 136.1 470.9

319.8 405.6 364.6 132.8 499.2

309.8 402.2 330.7 122.9 478.7

296.6 392.8 314.4 108.4 482.7

303.5 403.8 313.6 108.9 472.6

311.6 419.1' 282.6 108.1 487.7

309.0 414.5 281.8 101.8 531.6

265.6 368.1 212.0 61.1 501.1

265.6 373.2 211.7 56.7 478.4

230.8 330.0 174.1 45.0 431.3

219.0 317.5 147.2 29.4 420.9

225.3 333.8 132.3 19.6 429.6


571.3 433.0

571.2 439.5

545.3 431.7

478.7 366.6

470.6 359.8

453.4 351.9

426.3 327.3

318.6 263.8

315.6 248.3

274.1 221.9

240.4 197.0

242.9 189.2

9


300.3

317.1

305.1

282.7

280.4

289.6

288.6

240.8

245.8

201.2

182.5

172.4

IFCI CompositeTotal ReturnIndex

385.9

404.8

394.6

387.9

401.1

418.4

422.5

368.5

380.5

318.1

303.3

307.3


1998 FACTBOOK


121

IFCI Industry Total Return indexes 1988-1997 (end-of-period valuesin US$;end 1988=100)

1'988

SIC

Sectorh ldl.4trl/

0


1'

91)

I

11))"2

1119

1

9

95

I WWW

1997

100.0

98.5

95.9

98.4

92.4

200.2

192.8

174.5

194.5

91.3


100.0 100.0

217.7 163.0

141.8 84.4

323.0 112.3

293.0 123.9

388.9 189.1

554.1 418.4

519.9 342.1

541.7 332.0

503.8 250.4


100.0 100.0

229.3 225.6

191.0 143.9

187.4 246.4

255.8 414.0

572.7 803.0

441.6 556.8

404.1 448.9

439.3 479.8

170.8 283.6

3 320 322 323 326 328 329 330 332 333 334 336 337 339


100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

189.9 174.7 198.5 127.1 133.3 194.7 120.0 213.9 268.6 326.1 244.5 189.4 287.1 265.0

173.1 147.9 195.7 47.6 114.9 157.4 83.7 117.4 310.5 156.4 185.6 236.1 373.6 229.6

246.9 281.5 296.4 183.1 146.6 188.8 110.9 64.8 529.5 235.1 304.4 293.7 374.4 177.6

220.8 290.1 234.8 117.3 114.5 142.9 79.7 62.8 519.3 105.2 176.7 238.2 367.4 146.4

372.9 484.8 306.9 122.1 159.7 224.4 207.0 108.0 874.4 167.8 230.4 422.9 698.9 236.6

358.1 436.3 339.7 145.0 195.7 239.0 256.4 102.2 738.8 160.2 235.0 456.2 481.4 230.6

302.8 435.5 258.4 67.2 171.7 179.7 194.3 96.4 566.1 108.9 204.3 405.5 399.6 215.5

326.5 436.7 262.8 66.0 167.0 205.7 249.2 129.9 596.2 100.8 225.1 339.9 545.7 225.6

290.2 472.7 188.3 60.3 151.4 177.4 264.0 86.3 504.7 77.8 213.0 388.4 282.6 184.2

4


100.0

190.7

226.3

577.6

633.0

1,057.7

944.7

884.8

1,015.3

1,116.6

444 WaterTransportation 448 Communications 449 Electric, Gas or Sanitary Services

100.0 100.0 100.0

133.7 206.6 226.1

109.5 276.9 497.9

142.1 790.8 1,240.1

152.3 911.0 968.9

194.6 1,524.2 1,862.6

165.4 1,198.6 2,380.6

154.2 1,171.4 2,102.9

157.2 1,345.0 2,409.0

109.5 1,582.2 2,568.2

5

100.0

245.2

474.5

577.9

952.5

1,401.3

951.3

733.5

651.0

816.2

100.0

141.0

156.1

135.2

136.9

264.0

239.0

247.6

282.6

225.3

100.0 100.0 -

137.3 143.3 -

171.6 188.4 72.9 -

143.2 177.7 82.3 183.8

148.0 198.9 87.4 171.5

274.6 493.6 149.0 359.0

279.9 423.1 120.3 463.6

306.8 410.3 112.3 439.8

352.6 342.7 121.7 452.1

333.8 132.3 19.6 429.6


100.0 100.0

161.8 161.8

182.0 175.5

224.9 198.6

307.9 246.5

736.4 634.1

611.3 545.6

576.7 496.0

548.5 432.6

242.9 189.2

9

100.0

152.1

136.7

156.4

168.4

343.6

269.4

264.0

281.1

172.4

100.0

161.5

158.0

220.4

227.7

408.9

359.8

329.5

360.4

307.3

Wholesale/retail trade estate

6

Finance/insurance/real

660 661 662 663

Banking Credit Agencies Other Than Banks Security & Commodity Brokers Insurance

Other/diversified

holding

companies


122

1998FACIO1N

ENirRG1N(;MARNE-ISD.1 \ BA\SL

IFCI Industry Total Return Indexes 1989-1997 (annual% changein US$)

1989

SIC SctOI/IULIIStTY

1990

1991

1992

1993

1994

1995

1996

1997

-1.6

-2.6

2.6

-6.2

116.7

-3.7

-9.5

11.5

-53.1


117.7 63.0

-34.9 -48.2

127.8 33.0

-9.3 10.4

32.7 52.6

42.5 121.2

-6.2 -18.2

4.2 -3.0

-7.0 -24.6


129.3 125.6

-16.7 -36.2

-1.8 71.2

36.5 68.0

123.9 94.0

-22.9 -30.7

-8.5 -19.4

8.7 6.9

-61.1 -40.9

3 320 322 323 326 328 329 330 332 333 334 336 337 339


89.9 74.7 98.5 27.1 33.3 94.7 20.0 113.9 168.6 226.1 144.5 89.4 187.1 165.0

-8.9 -15.3 -1.4 -62.6 -13.7 -19.1 -30.2 -45.1 15.6 -52.0 -24.1 24.7 30.1 -13.3

42.7 90.4 51.5 284.7 27.6 19.9 32.4 -44.8 70.5 50.4 64.0 24.4 0.2 -22.7

-10.6 3.0 -20.8 -35.9 -21.9 -24.3 -28.1 -3.0 -1.9 -55.3 -41.9 -18.9 -1.9 -17.5

68.9 67.1 30.7 4.2 39.5 57.0 159.6 71.9 68.4 59.5 30.4 77.5 90.2 61.6

-4.0 -10.0 10.7 18.7 22.6 6.5 23.9 -5.4 -15.5 -4.5 2.0 7.9 -31.1 -2.5

-15.4 -0.2 -23.9 -53.7 -12.3 -24.8 -24.2 -5.7 -23.4 -32.0 -13.1 -11.1 -17.0 -6.5

7.8 0.3 1.7 -1.8 -2.7 14.4 28.2 34.8 5.3 -7.4 10.2 -16.2 36.6 4.7

-11.1 8.3 -28.4 -8.6 -9.3 -13.7 5.9 -33.5 -15.4 -22.8 -5.4 14.3 -48.2 -18.3

4 444 448 449

Transportation/communication/uti;ity Water Transportation Communications Electric, Gas or Sanitary Services

90.7 33.7 106.6 126.1

18.7 -18.1 34.0 120.2

155.2 29.7 185.6 149.1

9.6 7.2 15.2 -21.9

67.1 27.8 67.3 92.2

-10.7 -15.0 -21.4 27.8

-6.3 -6.7 -2.3 -11.7

14.7 1.9 14.8 14.6

10.0 -30.3 17.6 6.6

5

Wholesale/retail

145.2

93.5

21.8

64.8

47.1

-32.1

-22.9

-11.3

25.4

6 660 661 662

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

41.0 37.3 43.3 -

10.7 25.1 31.5 -

-13.4 -16.5 -5.7 12.9

1.2 3.3 11.9 6.2

92.8 85.6 148.1 70.5

-9.5 1.9 -14.3 -19.3

3.6 9.6 -3.0 -6.7

14.1 14.9 -16.5 8.4

-20.3 -5.3 -61.4 -83.9

663

Insurance

-

-

-

-6.7

109.3

29.1

-5.1

2.8

-5.0


61.8 61.8

12.4 8.4

23.6 13.2

36.9 24.1

139.2 157.2

-17.0 -14.0

-5.7 -9.1

-4.9 -12.8

-55.7 -56.3

9

52.1

-10.1

14.4

7.7

104.0

-21.6

-2.0

6.5

-38.6

61.5

-2.2

39.5

3.3

79.6

-12.0

-8.4

9.4

-14.7

0

AgricuIture/forestry/fishing

Other/diversified

trade

holding companies


1998 FACIBOOK


123

5.

IFC Index Market Profiles


Argentina Market Performance A rosy economic outlook and optimism over corporate earnings helped lift the dollar-based IFCI and IFCG Argentine indexes by 17.4% and 17.3%, respectively, in 1997. Share prices were highly correlated with the 30-year U.S. bond yield and Wall Street sentiment and were adversely influenced by the Asian currency crisis. Weakness in neighboring Brazil weighed on the market, as investors assessed Argentina's vulnerability to a market that receives 39% of its exports. Overall, the Asian currency crisis was less severe than the Mexican crisis because of a

stronger banking sector and investors' confidence in the convertibility

plan. The economy

expanded about 8% in 1997, inflation was virtually unchanged at 0.3%, and unemployment dropped sharply. In 1997, the government reported a consolidated fiscal deficit of $4.26 billion, below the IMF target of $4.5 billion. The IFCI Index rose 7.2% during the first quarter following a drop in 30-year U.S. Treasury bond yields. The lower U.S. rates raised hopes of increased foreign capital flows to the Argentine equities market. Because of attractive dividend yields, gas and electric utilities drew investor attention. The IFCI Index rose 13.6% in the second quarter with the largest gains in May following an easing in interest rate pressures. Signs of a construction boom and progress on labor legislation also lifted investor sentiment. In April, stocks received a boost after Standard & Poor's raised the country's debt risk rating to "BB"from "BB-" and upgraded 13 companies and banks to investment-grade levels. Blue-chip companies

126

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IFCIComposite in the oil sector pulled back in June on expectations of lower oil prices resulting from an increase in quotas by oil-producing countries. Investor enthusiasm over the earning potential of stocks more than offset the currency worries that spilled over from Southeast Asia. The net effect was that the IFCI Index rose 6.5% during the third quarter. Concerns that Brazil would devalue its currency, an increase in U.S. interest rates, and warnings from the International Monetary Fund over recent gains in global stock markets kept many investors on the sidelines, and share turnover slowed. Share prices were volatile during the last quarter of the year, with the IFCI Index falling 9.5%. Shares rose in early October in response to declining U.S. interest rates and a U.S. jobs report that convinced investors that moderate growth

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would follow. Telecom stocks rose in October on expectations that earnings reports would be favorable as a result of a new telephone tariff rebalancing that increased monthly fees and local rates while reducing long-distance fees. Prices plummeted on October 27, starting a steep downward trend in concert with global stock markets as a result of the currency crisis in Asia set off by heavy selling in Hong Kong. Optimism returned to the market during the last three days of the year as investor worries eased when multilateral institutions bailed out Korea, and the likelihood of a Korean debt default vanished. The ruling Peronist Party lost seats during the October congressional elections, giving the Radical-Frepaso Alliance the possibility to win the 1999 presidency.

S DA 1A BASE ENTR( TN\c; NIARIFIIE

Argentina

IFCIArgentina Index Correlation (5-year period ending 12/97)

Monthly Value Traded (US$ millions) 3,500

1.00 0*10

3,000

0.80

IFCI P/E Ratio (end of month values)

45 40 35

0.73 0.0 0.67

2,500

0.030

2,000

0.50

0li8

0.43

0.44

0.40 1,500

25 20

0.30

0.26 15

0.20 1 .000

101

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500

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71.3, % 4

45% of state-owned Vale do Rio Doce (CVRD) a voting shares would be sold. Also, a congressional committee passed a petroleum deregulation bill that cleared the way for the oil and gas industry competition and allowed Petrobras to enter into ventures with international partners. A Supreme Court ruling granting state workers a 29% salary increase triggered a stock market sell-off on February 19, raising concerns that it would inflate the budget deficit. Stocks continued their upward trend in the second quarter, with the IFCI Index gaining 26.7%. The privatization of CVRD helped lift equities in May. Also, telecom stocks led the market after telecom companies announced an increase in local calling rates, causing expectations that higher rates would boost revenue. Optimism ahead of the June 4 vote on the telecom law to grant wireless telecom concessions also raised prices. The market consolidated during the third quarter with the IFCI Index losing 4.8%. Prices tumbled for the first time in mid-July and August on worries that the Brazilian real could come under pressure as a result of the devaluation of the Thai baht and the Philippine peso. 130

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Panic-selling triggered by the Asian financial turmoil resulted in a drastic price drop amid devaluation concerns. Share prices registered sharp losses amid concern that the currency crisis in Asia could spill over to Brazil. The market changed course after the national development bank (BNDES) initiated a Telebras options sale that allowed investors to hedge against future declines in the stock's price, spurring a rally in Telebras preferred shares.

ber following South Korea's requested IMF help and as the Brazilian legislature approved an economic austerity package. The government announced a fiscal policy reform package that included higher income taxes and a reduction in the number of government employees. In December share prices picked up as news of government tax cuts for individuals and spending cuts in the form of a gradual reduction in fiscal incentives for certain areas increased investors' optimism.

The market was depressed during the last quarter as the IFCI plummeted 17.1%. The biggest losses came in October when prices fell 25.7% as they were hit by the domino effect caused by the Hong Kong market crash and sharp declines in other global markets. The government reacted by doubling the prime lending rate. The government used some $5 billion in reserves to defend the currency, helping to diminish concerns that the currency would follow the path of Asian currencies. Shares posted small gains in Octo-

Brazil's GDP grew nearly 3.0% in 1997, with economic activity accelerating toward year-end amid expectation that the hike in local interest rates would be temporary. International reserves amounted to nearly $52.2 billion in 1997, and foreign direct investment totaled about $17.1 billion. According to the Brazilian securities regulator, net capital inflows reached $1.6 billion in 1997 under the Annex IV foreign investment mechanism.

EMERGING MARK -IS DA I A B ASF

Brazil

Monthly Value Traded (US$ millions)

IFCI Brazil Index Correlations (5-yearperiod ending 12/97)

30,000

IFCIP/E Ratio (end of month values) 20

1.00

0.80

25,000

20,000

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18

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16

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ENwIWIANG MARKEIS DA]A BASL 131

Brazil 1997 (currencyin millions)

Jan

I-el,

Nlar

Apr

\rlMLp

Juit

573 550

577 554

578 552

582 556

580 557

579 556

576 553

576 552

576 551

575 550

577 550

574 536

247,860 237,050

269,589 256,507

269,010 253,711

282,594 265,696

303,471 283,221

340,956 316,697

354,420 327,258

310,945 284,748

336,754 307,369

270,751 245,580

272,442 245,598

285,139 255,478

1,104 11,400 12,504 11,959 5.3

1,599 14,003 15,602 14,845 6.0

1,620 11,567 13,187 12,437 4.9

1,133 14,940 16,073 15,112 5.8

1,310 14,669 15,978 14,912 5.4

2,427 25,291 27,718 25,746 8.6

1,758 24,064 25,822 23,843 7.4

1,237 16,485 17,722 16,229 5.3

686 15,724 16,410 14,978 5.1

1,067 24,910 25,978 23,562 8.5

492 14,853 15,345 13,833 5.6

1,214 15,520 16,735 14,994 6.0

7,964.6 13.1

8,828.7 10.8

9,044.0 2.4

9,982.0 10.4

11,344.0 13.6

12,567.0 10.8

12,872.0 2.4

10,609.0 -17.6

11,797.0 11.2

8,986.0 -23.8

9,394.0 4.5

10,196.5 8.5

86 64.7 62.9 15.8 0.9 2.3 710.3 10.6

86 64.1 70.8 14.5 0.9 2.6 708.3 -0.3

86 64.8 65.4 16.1 1.0 2.8 756.1 6.8

86 66.4 71.7 17.4 1.1 2.5 818.9 8.3

86 64.4 61.7 18.3 1.2 2.3 895.6 9.4

86 64.9 75.6 18.6 1.2 2.4 929.1 3.8

86 62.4 77.3 14.7 1.0 2.7 786.6 -15.3

86 63.8 77.1 16.4 1.1 2.4 865.4 10.0

86 60.9 75.8 12.5 0.9 3.2 652.9 -24.6

88 67.5 84.4 11.4 0.9 3.5 664.3 1.8

87 68.7 70.6 12.4 1.0 3.9 720.9 8.5

1.0510

1.0603

1.0636

1.0715

1.0766

1.0830

1.0920

1.0956

1.1025

1.1093

1.1161

Jul

hig

(NOt

Nov

Dec

Number of Listed Companies Rio de Janeiro Bolsa de Valores Sao Paulo Bolsa de Valores

Market Capitalization In reais In U.S. dollars

Trading Value Rio de Janciro Bolsa de Valores Sao Paulo Bolsa de Valores Total in reais In U.S. dollars Turnover ratio

Local Index IBOVESPA* Change in index (%)

IFC Global Index Number of stocks Share of market cap. (O/,3* Share of trading value (NY,) P/F ratio P/BV ratio Dividend yield ('Y,A) Total return index' Change in total return index ("NO)

86 63.1 74.7 16.2 0.8 3.11 642.1 11.3

Exchange Rates Exchange

rates (end of period)

1.0456

Notes: Market cap figures are for Sao Paulo only. The base date for IBOVESPA is 1968=0.000000001. The base date for the IFCG Brazil Index is Dec. 1984=100. This series has been adjusted to reflect the change. IBOVESPA was divided by 10on March 3,1997. The series has been adjusted to reflect this change as of Jan. 1998. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.

132

Sao Paulo Stock Exchange

Rio de Janeiro Stock Exchange

IFC Correspondent.

Mr. Gilberto Mifano,CEO Rua XV de Novembro, 275 Sao Paulo-SR 01013-001 Brazil Tel: (55-11)233-2000 Fax: (55-11)239-4981 http://www.bovespa.com.br/

Mr.Fernando Opitz,Chairman Mr.SergioLuiz Berardi,CEO Praca XVde Novembro,20 Centro - Rio de Janeiro, 20010-010 Brazil Tel: (55-21)271-1011 Fax: (55-21)271-1193 http:H/www.bvrj.com.br/

Lopes Filho& Associados Rua Araujo PortoAlegre 36-8 andar Rio de Janeiro, RJ 20030-010 Brazil Tel:(55-21)210-2152 Fax: (55-21)240-2828

1998 FACTBOOK

E.SiIRGIN( IM XRKETS DAIA BASE

Brazil 1988-1997 (currency in millions; end of period levels)

1988 Number of Listed Companies Rio de Janeiro Bolsa de Valores Sao Paulo Bolsa de Valores

1989

1'990

1991

1992

1993

1994

1995

1996

1997

598 570

593 565

577 550

576 544

570 543

577 551

574 536

630 589

629 592

612 581

Market Capitalization* In reais In U.S. dollars

0.00855 32,149

0.18231 44,368

0.95760 16,354

16.95121 42,759

201.50365 45,261

11,603.31 99,430

160,321 189,281

143,502 147,636

225,474 216,990

285,139 255,478

Trading Value Rio de Janeiro Bolsa de Valores Sao Paulo BoIsa de Valores Total in reais In U.S. dollars Turnover ratio

0.00066 0.00104 0.00170 17,979 37.8

0.00688 0.01019 0.01707 16,762 17.9

0.04147 0.09280 0.13427 5,598 23.6

0.56725 1.40548 1.97273 13,373 22.0

8.9529 25.468 34.4208 20,525 31.5

252.06 1,671 1,922.7 57,409 32.6

11,092 60,575 71,666 109,498 83.4

9,144 63,551 72,693 79,186 47.8

14,192 98,476 112,669 112,108 61.1

15,648 203,426 219,073 203,260 85.8

IBOVESPA*

0.00033

0.00616

0.02516

0.60776

6.7805

375.450

4,353.9

4,299.0

7,039.9

10,196.5

Change in Index (0/,,)

2,549.5

1,762.5

308.3

2,316.0

1,015.6

5,437.2

1,059.6

-1.3

63.8

-85.5

56 40.8 4.7 0.5 1.5 122.0 125.6

56 43.5 5.9 0.7 0.7 170.7 39.9

67 40.1 4.7 0.3 9.4 58.6 -65.7

69 47.6 15.5 0.8 0.6 158.4 170.4

69 51.3 -24.4 0.4 0.7 158.9 0.3

70 61.2 12.6 0.5 0.4 316.9 99.4

83 59.1 13.1 0.6 0.7 538.2 69.8

87 64.1 36.3 0.5 3.4 429.3 -20.2

86 61.7 14.5 0.7 2.3 577.1 34.4

87 68.7 12.4 1.0 3.9 720.9 24.9

329,913 629.1 0.0007311 0.0002600

448,763 1,430.7 0.01130 0.00280

479,214 2,947.7 0.1610 0.0660

386,213 432.8 1.0902 0.4057

376,949 951.6 12.2430 4.6118

436,791 1,928.0 320.9200 92.1026

556,441 2,037.8 0.8470 0.6545

688,085 66.0 0.9720 0.9180

748,916 15.8 1.0391 1.0050

-

Local Index

IFC Global Index Number of stocks Share of market cap. (04)0 P/E ratio P/BVratio Dividend yield (%) Total return index' Change in index (%) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) ExChangerate ExChangerate(averageofpeniod)

1.1161 1.0778

Notes:Market cap figures are forSao Paulo only,Thebase date for1BOVESPAis 1968=0.000000001. Thebase date for the IFCGBrazil Indexis Dec.1984=100.Brazilreformedits cunrencyonJuly 1,1994, exchanging its former currency(the rzeiro real) for a new currency (the real) at a rate of 2,750:1.This series has been adjusted to reflect the change. IBOVESPA was divided by 100on Feb. 10, 1994, and again on March 3,1997. The series has not been adjusted to reflect the second change. In calculating share of total market cap, IFCGmarket cap is not adjusted for cross holdings.

1998 FVCTJJOOK


133

Chile Market Performance The Santiago Stock Exchange (SSE) turned in an improved performance during 1997, as compared with 1996. The dollar-based IFCG and IFCI indexes rose 3.4% and 3.6%, respectively, as compared with losses of 17.1% and 17.2% in 1996. Overall, Chilean share prices mirrored the Asian stock markets, rising early and falling at year's end on concerns that economic and currency problems in Japan and Korea would reduce Chilean export revenue from copper, pulp, and other goods. While GDP expanded by a solid 6.4% for the year, the 6.0% inflation rate missed the central bank's 5.5% target, largely because of food hikes from El Nino weather phe-

nomenon. Despite gains from January through July, the peso-based IGPA Index did not escape the spillover effect of the Asian financial crisis, posting a loss of 2.2% for 1997. Confidence in the Chilean economy was bolstered in January by the first 100-year bond sale by a Latin American company, Endesa, offering interest rates comparable with U.S. rates. Cuts in the interbank lending rate in the first week of February sparked demand for Chilean equities and carried the market forward throughout the month. Fears that electricity rationing tied to El Nino droughts would cut into company profits, and the government's decision to cut the electricity rate charged to Chilean households, further affected utility shares. Both the IFCI and IFCG indexes posted the first losses of the year in March. Utility and wine company shares led the market rebound during the second quarter when the government cut interest rates for a second consecutive time on April 11 to 7.0%. Winery stocks in particular gained much ground on 134

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IFCIComposite news that first-quarter wine exports increased 40%, year on year, to $77.9 million. Utility shares soared in May as heavy rains in southern Chile increased capacity at hydroelectric plants, and Chilgener, Chile's second-largest electricity generator, announced plans to expand into the Peruvian market. Among the top stories of the year was the announcement in July of the $1.5 billion acquisition of five investment companies known as Chispas by Endesa. Collectively, the Chispas companies hold a 29% stake as an electricity service provider. In August, declines in Chilean shares trading in New York pressured the local market downward as the IFCG Index posted only its second monthly loss of the year. In September, shares inched higher following congressional approval of a new banking law enabling Chilean banks to obtain licenses more efficiently, offer more domestic services, and expand abroad more easily. Private pension funds continued to be

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among the nation's principal financial players, with over one-quarter of their $33 billion portfolios invested in Chilean company stocks. Shares followed the Hong Kong Hang Seng Index plunge on October 27 as Santiago witnessed the largest one-day decline in the market since January 1995. Investors nervously monitored conditions in Korea, Chile's fifth-largest export partner for copper, pulp, and fishmeal, as the stock market continued to decline in November. In December, the central bank spent $900 million of its nearly $19billion in reserves in defense of the peso as the currency weakened to its lowest level against the U.S. dollar in five years. While the trade account recorded a surplus of $333 million from January to August 1997, declining exports to Asia and sharp falls in copper prices thereafter contributed to an estimated year-end trade deficit of nearly $700 million. Turmoil in Asia continued to weigh heavily in December as the IFCG Index closed down for the third consecutive month. EiERCING

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o CD X

CD

0

3D

~~~~~~Japan, Nikkei

-

~ ~~~~~~~~~~ ro

>~~

=N

or

or

or

-

-4

m

(rD

~~~~~~~~~FT, Europac 6

b

o

o

~~~U.K., FT-SE 100

0

o

or

961227

_

970124 Jan 97 970221 t

~~~~~~~~~~~Feb 97

I

970321

9

970418

Mar 97 __

0

__tD_Jun

_97_O__

Apr 97 970516

0 May 97

970613 1)~m

970711

C)

970808

Aug97 971003 971003~~~~~~~~~~~~~~c9

971031

t=

-un0

.

970905

0

_A

r-

~~~~718Nov ~~~971226

~~~

~

~

~

~

~

C

~~~~~~~~~~~~~~~Sep 97 9 ~~~~~

-c

97 Dec 97

~-

China 1997 (currencyin millions)

\1lav

Jan

Fell

Ni

561

573

584

610

640

712

1,078,410 130,032

1,166,521 140,623

1,362,683 164,268

1,544,640 186,225

1,496,196 180,436

177,816 21,441 17.6

145,008 17,481 12.9

414,539 49,972 32.8

501,361 61),445 34.5

Local Index SSEComposite* Change in index ('To)

964.7 4.9

1,040.0 7.8

1,234.6 18.7

IFC Global Index Numberof stocks Share of market cap. (3)0 Share of trading value ('/0) P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in total return index ('Y,)

180 47.6 32.6 29.5 2.3 1.2 110.3 5.9

180 47.0 41.8 33.7 2.6 1.1 117.9 6.9

8.2934

8.2954

Number of Listed Companies Total Market Capitalization In yuan In U.S. dollars Trading Value In yuan In U.S. dollars Turnover ratio

Economic Data Exchange rate

18(1 47.6 36.6 40.0 3.0 0.9 139.7 18.5 8.2955

JLunI

Augl

SCp

718

728

739

750

759

764

1,614,142 194,693

1,575,419 190,032

1,587,236 191,501

1,426,687 172,203

1,641,011 198,108

1,619,414 195,591

1,708,630 206,366

445,739 53,755 29.3

302,238 36,455 19.4

236,148 28,485 14.8

172,639 20,829 10.9

156,616 18,904 10.4

201,743 24,355 13.1

154,999 18,721 9.5

154,808 18,698 9.3

1,393.8 12.9

1,285.2 -7.8

1,250.3 -2.7

1,189.8 -4.8

1,221.1 2.6

1,097.4 -10.1

1,180.4 7.6

1,139.6 -3.4

1,181.1 3.6

180 47.8 40.0 45.9 3.4 0.8 162.5 16.3

180 45.1 43.5 43.1 3.3 0.8 152.9 -5.9

180 40.6 38.8 44.4 4.3 0.6 147.4 -6.0

180 41.8 59.3 45.3 4.3 1.2 151.8 3.0

180 41.1 49.6 39.9 3.7 1.3 133.7 -11.9

180 39.2 36.6 43.6 4.0 1.2 145.5 8.8

195 40.2 32.5 32.8 3.7 1.4 135.3 -7.0

8.2945

8.2921

8.2903

8.2884

8.2849

8.2834

8.2796

180 42.0 37.8 43.9 3.3 0.7 156.8 2.5 8.2907

JLul

Oct

\Nv

Dec

195 38.9 26.7 34,5 3.9 1.3 138.5 2A4 8.2796

Market cap and value traded figures combinedboth Shanghaiand Shenzhenstock Notes:The base date for the ShanghaiComposite Index is Dec.1990=100.The base date for the lFCGChina Index is Dec.1992=100. exchanges.TheTFCIndexes are comprised in Chinese A-,B, and H-classshares.In calculatingshare of total market cap, IFCGmarket cap isnot adjusted for cross holdings.

ShanghaiStockExchange Mr.XianghuaYang, President Bo Liu YalunWu, Vice President No. 15, Huang Pu Road Shanghai PRC 200080 China Tel: (86-21)6306-8888 Fax: (86-21) 6306-3076

140

1998 FNCTIIODI

ShenzhenStockExchange Mr RuoXian Rong, Chairman Mr. Xia Bin, President 203 HonglixiRd., Futian District Shenzhen, Guangdong Shenzen, China Tel: (86-755)323-7076 Fax: (86-755)320-3505

IFC Correspondent: Stock Exchange ExecutiveCouncil 4th Fl., Tongguang Jindu Ofc. Bldg. c/o Shui Zhui 2 Post Ofc Beijing100026 China Tel: (86-10)6508-5854 Fax: (86-10)6500-8011,500-7702

EL\rwlxiN(cMAxRI TSD XT B xsi

China 1988-1997 (currency in millions; end of period levels)

1988

1989

1 90

Number of Listed Companies Total

-

-

-

Market Capitalization* In yuan In U.S. dollars

-

-

Trading Value* In yuan In U.S. dollars Turnover ratio Local Index SSE Composite' Change in index (%) IFC Global Index Number of stocks Share of market cap. (,)* P/E ratio P/BV ratio Dividend yicld (%) Total return index' Change in index (Y.) Economic Data Grossdomesticproduct(US$) Changeinconsumerpriceindex(%) Exchangerate Exchangerate(averageofpernod)

1996

1997

323

540

764

367,585 43,521

349,791 42,055

943,981 113,755

1,708,630 206,366

375,571 43,395 164.0

840,775 97,526 235.2

415,580 49,774 115.9

2,128,478 256,008 329.0

3,063,656 369,574 231.0

780.4 -12.9

833.8 6.8

647.9 -22.3

555.2 -14.3

919.4 65.2

1,181.1 28.5

61 91.3 -

81 47.3 57.3 4.8 0.2 92.7 -7.3

117 44.2 20.1 1.3 2.3 62.1 -33.0

149 58.5 16.7 1.0 3.2 54.4 -12.4

18( 51.8 27.8 2.1 0.8 104.2 91.5

195 38.9 34.5 3.9 1.3 138.5 33.0

431,780 14.6 8.7000 8.6548

540,925 24.2 8.4462 8.6210

697,647 16.9 8.3174 8.3494

815,412 8.3 8.2984 8.3141

-

19994

1'99'5

183

291

105,000 18,255

352,934 40,567

4,366 820 -

92,177 16,715 158.9

292.8

1992

1'993

14

52

-

11,019 2,028

-

-

-

-

-

-

-

1991

-

-

-

-

-

-

-

-

100.0 -

307,167 18.7 -

342,292 18.3 -

354,644 3.1 -

376,617 3.5 5.4342 5.3234

418,181 6.3 5.7518 5.5146

-

-

8.2796 8.2897

Net-s:Thebase date for theShanglhaiComposite lndex is Dec.1990=100.Thebase date forthe IFCGChina Index is Dec. 1992=100.Marketcap andvalue traded figures combined bothShanghai and Sherzhen- stockexdcanges.The TTClndexes are comprised in Chinese A-, B-, and H-class shares. In calculating share of total market cap, llCG market cap is not adjusted for cross holdings.

I 1998 FAXevOOK

1SI DABTA EMEROIINGMARKETS

141

Colombia Market Performance The Bogota Stock Exchange was the second-best performer in Latin America during 1997, with the dollar-based IFCI and IFCG indexes gaining 24.1% and 30.4%, respectively, while the local IBB Index gained 69.5% in Colombian peso terms. Some 9.2 billion shares traded hands, a decrease from 35.4 billion in 1995 and 13.6 billion in 1996. Unlike its Latin American neighbors, Colombia was largely insulated from the Asian financial crisis, drawing on the lowest inflation level in 14 years, steadily declining interest rates, and strong demand for local bank

and beverage company shares. Strong economic statistics, including GDP growth of 3.2% in 1997, compared to 2.1% in 1996, and inflation of just under the 18% target at 17.7%, provided a sound foundation. Value traded on the Bogota, Medellin, and Cali stock exchanges averaged $154 million per month in 1997. Despite government efforts to tax funds borrowed abroad, interest rate cuts fueled strong gains in shares in January. Rates on benchmark 90-day certificates of deposit fell from 27.5% in December 1996 to approximately 25.8% in January. The IFCG Colombia Index surged 8.9% in February-its largest gain of the year-as strong 1996 year-end company financials attracted considerable local interest in shares. Momentum was slightly lost in March, however, over concerns the government would raise taxes to balance the budget deficit and raise short-term interest rates. Political uncertainty over U.S. trade certification decreased value traded in the country's three stock markets in March to under $100 million, yet the quarter closed on a positive note with rises of slightly more than 1% in both IFC indexes. 142 1998 F.\CnT1OIl

150 1401

_

130 120

I10 I 90 -

70 N N

8

m'

5

8

8

8

8

8

O

ID

8

o

o

m

8 o

8

O

8

O

a

IFCIComposite Equities posted strong gains in the second quarter on solid demand for brewery company shares and a further decline in one-year interest rates to 23% in June-the lowest rate level in more than five years. Reports that the industrial sector had contracted 3.5% in 1996 and dismal 1.33% first-quarter GDP growth rates prompted the central bank to jump-start the economy by cutting interest rates. Optimistic news over Bavaria's forthcoming split into two entities representing soft drink and brewing interests and a separate company handling the brewer's investments, drove the market up throughout the quarter. Except for a strong rally in August, the market entered a flat period in the third quarter, owing to lower-than-expected second-quarter corporate earnings. In spite of this, Banco Industrial Colombiano's announced plans to merge with Banco de Colombia to create the country's largest bank. News of a 3.04% increase in second-

8

8

N

CO

N

a'a

IFCIColombia

8

8

C

C

C 0

0'

m IBB

18C CM

m m C)

quarter GDP gave the market a much-needed jolt in August. In September, a depreciation of the peso to its lowest point in five years eroded a hefty monthly gain of 8.2% in the local currency IBB Index to a mere 0.7% gain in the dollar-based IFCG Index. The precipitous drop in the Hong Kong Hang Seng Index on October 27 affected Colombia the least of all Latin American emerging markets. While the Argentinean, Brazilian, and Mexican markets posted one-day IFCG Index losses of 13.7%, 12.9%, and 13.6%, respectively, their Colombian counterpart declined by only 2.5%. The country did not escape the Asian financial crisis entirely, however, as foreign fund managers sold Colombian shares to compensate for their losses. The IFCG Index closed the year on a positive note, posting a 2.7% rise in December on news that the Bavaria spin-off and BIC mergers had entered their final stages.

E\I[ RGI..Nc MIARRKI is DATABASF

Colombia MonthlyValueTraded (US$ millions)

IFCIColombia Index Correlations (5-year period ending 12/97)

1.0

IFCIP/E Ratio (end of month values)

300~~~~~~~~~~10

18

300

O

1 50

0

O

O

0

m

(n

O

ol

O

F'

°

°

'08016

0.60~~~~~~-00 0

2~~~~~~~~~~~~~~~~~~04

250 100~~~~~~~~~~

2a

0.

s00 | 16,500

0

z

m

EL

~~~~~~~~~~~~~~~~~~~~~~~~~~~~ a~U

17,00

21,000

*

*

IC)

.

toa=2097 billon)

21,000 *

*

123;/.20 | | || | | || |

2~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~c 6 N CM 1

0

o .0

17,00 *

0 .06 [[

(end-1997;~~~~~~~~~~~~~~~.0

*

*

*

*

MonthlyMarketCapitalization (US$millions)

Shareof Emerging Market Capitalization*(pss 0.05 mrescvrdbEMB130 .06. .

1,00

ExchangeRate erUSdol) erUSdol)

(end-1997; total=$2,097 billion)(pss

20,500

20,000 19,500 19,000

[: IL : E -

0

c

-

ov

0 °

Vo

05@ 05

~ 05

U-

(US$millions)

05

0 )0

0

0

MA

0 a

0

o DT

0

05

B AS

5

(drachmasper U.S.dollar)

Capitalization*

1997;total=$2,097billion) ~~~~~~~~~~~~~~~~~(end-

45,000

05

ExchangeRate

Shareof EmergingMarket

MonthlyMarketCapitalization 45,000

o

s

22

40,000 230 35,000 240 30,000

Other

Greece

250

EMEA

1.6%

25,000

28.8%

260

20,000 270

15,000 10,000

Other Emerging

280

Markets

290

69.6%

5,000-

300

I LL

1998FACTBOOK

N

S

(

a

U-o'

,

S

0

C

rs ..,~~~~~~~~

N

-

~~~~~~~ ~ ~Share ~ ~of Emnerging ~ ~ ~ Market ~~~~~~~~~~,0

N N 00
#

~~~~~~~~ 1 Other 3.4%0~~

. Eegn

400,000 40,000 60,000

~~~~~~~~~~~5

gm

0.00

1,000

10

0.27

*

_

i-----

Asia

4

000

.:

Markets ...... Ind |||

..

:

w

......

5~~~~~~~~~~~~~~,500

695,0 6,500

20,000

5,000~~~~~~~~~~~~~~~~~~~~~~N

40,000

E NIERGING

2.0

350,000

300,000

S

19 s

Ps

s( S 1-t. SPv

~

2.3

4

.6

50,000~~~~~~~~~~~~~~~~~~

-

5

2.5

0 5mrescvrdb EMD

Malaysia

250,000

Asia

~Eme~~~~~~~~~~rging3. ~~~~~~

150,000

150,000

N

N

N

.

.

.

.\

N -

N '

N

-

N

N XX

3.3

~~~~~~~Other

36.4%35

3.8

Markets 59,1%

100,000

1N

.

2.8

Other

200,000

N

.

4.0 4.3

50,000

4.5 45 marketscoveredby EMDBN

0 (0

1998FACFEBOOK

a

= a ~~~~~

05

-

05

05 0 N

N50

-05 0N

0a N

5

0

N5

05 N

EMERGING

0 N

05 N

0

C'05

5

0 N

MARKETis

05 N

DAl

5 05 5 N N N~~~~~~~~~~~~~~~~~~i

A BASE

183

Malaysia 1997 (currencyin millions)

J1o:

Fl:

\I,:v II\IL\r

624

627

635

641

648

657

668

852,030 342,828

917,440 369,489

810,190 326,782

726,110 289,287

737,760 293,612

714,17(0 282,952

Trading Value In ringgit In U.S. dollars Turnover ratio

38,008 15,293 4.7

48,013 19,337 5.4

53,731 21,672 6.2

42,295 16,851 5.5

35,056 13,951 4.8

Local Index KLSEComposite* Change in index (%)

1,216.7 -1.7

1,270.7 4.4

1,203.1 -5.3

1,080.2 -10.2

148 61.2 37.0 27.2 3.8 1.4 474.9 1.9

148 59.9 38.8 28.7 4.0 1.3 500.6 5.4

148 64.0 34.6 26.9 3.7 1.4 470.1 -6.1

148 64.0 42.2 24.0 3.3 1.5 410.8 -12.6

2.4853

2.4830

Number of Listed Companies Kuala Lumpur Stock Exchange Market Capitalization In ringgit In U.S. dollars

IFC Global Index Number of stocks Share of market cap. (%)* Share of trading value (%) P/E ratio P/BVratio Dividend yield (%) 0 Total return index Change in total return index (0/n) Exchange Rates Exchange rates (end of period)

2.4793

.\P

2.5100

juII Iug

Sep

Ocutov

681

682

688

698

708

714,970 271,181

531,990 182,470

562,130 173,417

466,210 139,167

363,160 104,027

364,370 93,6(08

36,910 14,623 5.1

35,201 13,351 4.9

32,079 11,003 5.1

33,534 10,345 6.1

25,640 7,654 5.0

20,882 5,982 5.0

12,574 3,230 3.5

1,104.8 2.3

1,077.3 -2.5

1,012.8 -6.0

804.4 -20.6

814.6 1.3

664.7 -18.4

545.4 -17.9

594.4 9.0

148 63.9 44.4 23.6 3.2 1.4 416.5 1.4

148 64.4 32.8 22.9 3.1 1.5 402.2 -3.4

147 61.4 41.2 21.2 2.8 1.6 368.0 -8.5

147 62.7 45.3 16.1 2.2 2.3 253.3 -31.2

147 61.8 54.7 16.8 2.3 2.3 237.8 -6.1

147 61.2 50.0 12.5 1.7 2.8 188.7 -20.6

157 66.2 48.3 9.4 1.3 3.8 143.8 -23.8

157 70.5 61.9 9.5 1.4 4.0 132.0 -8.2

2.5127

2.5240

2.6365

3.2415

3.3500

3.4910

3.8925

NOvJn

2.9155

Dec

Notes: The base date for the KLSE Composite Index is 1977=100. The base date for the IFCG Malaysia Index is Dec. 1984=100. In calculating share of total market cap, lFCGmarket cap is not adjusted for cross holdings.

Kuala Lumpur Stock Exchange Mr. Mohammed Azlan bin Hashim Executive Chairman 12th Fl., Exchange Square Bukit Kewangan 50200 Kuala Lumpur, Malaysia Tel: (60-3) 206-7099 Fax: (60-3) 206-3684 http://www.kIse.com.my/

184

1998FACeBOOK

IFC Correspondent: Infostats Sdn Bhd 107B, Jalan SS 25/2 Taman Jaya Mewah 47301 Petaling Jaya Selangor Darul Ehsan, Malaysia Tel: (60-3) 703-2889 Fax: (60-3) 703-3263

EIFRGING MARKEiSDATABASE

Malaysia 1988-1997 (currencyin millions;endof periodlevels)

1'994

1995

1996

1997

410

478

529

621

708

245,820 94,004

593,343 220,328

508,850 199,276

565 510 222,729

775,780 307,179

364,370 93,608

29,294 10,657 20.2

55,347 21,730 27.3

395,554 153,661 94.3

331,384 126,458 58.7

192,631 76,822 35.9

436,523 173,568 66.0

413,922 147,036 72.6

505.9 -10.0

556.2 9.9

644.0 15.8

1,275.3 98.0

971.2 -23.8

995.2 2.5

1,238.0 24.4

594.4 -52.0

62 68.6 27.4 2.6 2.2 178.2 44.0

70 46.9 23.6 2.3 2.2 158.2 -11.2

62 63.8 21.3 2.5 2.4 177.3 12.1

62 51.0 21.8 2.5 2.4 226.9 27.9

66 61.5 43.5 5.4 1.0 460.3 102.9

104 63.2 29.0 3.8 1.8 361.3 -21.5

114 64.0 25.1 3.3 1.7 374.2 3.6

148 67.0 27.1 3.8 1.2 465.9 24.5

157 70.5 9.5 1.4 4.0 132.0 -71.7

37,872 2.8 2.6985 2.7059

42,775 2.6 2.6983 2.7037

47,046 4.4 2.7205 2.7489

57,603 4.8 2.6150 2.5470

62,849 3.5 2.6930 2.5742

70,759 3.7 2.5535 2.6205

85,311 5.3 2.5390 2.5075

99,213 3.5 2.5255 2.5150

-

1991

1992

282

321

369

107,513 39,842

131,166 48,611

159,495 58,627

6,858 2,623 12.5

18,638 6,888 21.8

29,391 10,871 24.6

Local Index KLSE Composite' Change in Index (%)

337.4 36.8

565.3 58.2

IFC Global Index Number of stocks Share of market cap. (o/) P/E ratio P/BVratio Dividend yield (%) Total return Index* Change in Index (%)

62 79.8 33.2 2.1 2.0 123.7 27.7

34,696 2.6 2.7100 2.6147

Is

19990

238

231

63,193 23,318

Trading Value In ringgit In U.S. dollars Turnover ratio

1Y8 I Number ot Listed Companies Kuala Lumpur Stock Exchange Market Capitalization In ringgit In U.S. dollars

Economic Data Grossdomesticproduct(USS$) Changeinconsumerprioeindex(%) Exchange rate Exchange rate (averageofperinod)

19913

3.8925 2.8151

Notes: The base date for the KLSE Composite Index is 1977=ltO0.The base date for the IFCG Malaysia Index is Dec. 1984=100.In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings,

1998 FACTEOO

Z

|)

w(

00 o~~ | (8

00 *-

N

N

r(US$ millions) N

N

-

C)

0|| 0

2.

0 C)

0 -aNigeria (n Share of Emerging Market

000| | || * Monthly 4Market Capitalization 0

N

N

5,000

N WV

.......................... 0 0 cr

V

6%

LL Other

2

72

.....

dla V

0

V

0\Ca |69

0

a

0.

a,

0

C

-

,,,.\\\.

~~~~~~~~~~~~~~~~~~Turkey 2

2.9% 70,0

Other

t

.

...... .~~~~~~~~~~~~~~~~~~~~ ....

o

Exha

3

e

qORa te

°rOr

3 3 4 42

20,000

44

60908

EMEAOO32RGN

10,000

MARKIS.....BAS.23

4 48

0

50 0

fl

0)~~~ 0

3

0

a

S~~ 2

1998 FACTRtOOK

0

a~

o

0

60,000 * -\ -- - *

Motl

0

00

70,000

60,000 -2.%

5

-B

0

0

~

N

Ns

N

N

N

N

N

1,500 2,000

3,500

1,250 3,750 1,000

1,500 4,000 -..............

..

750 1,000

4,250

500 250

4,500

500475 0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~,5 0 0

1998 FAC

BOOK

~~

~

~

~

~

~

~~~4040

N

04

-

04~~~~~~~ CD 4

CO -

~~~~~~~~~~~~~~~~~~~ 0 000C

C)

4

)

-

EMERGING1c MAIZKEhTSDATA BASL

D 40

275

Ecuador 1997 (currencyin millions)

IIJl

ALIg

5k2

Oct

N\D

41

41

41

41

41

41

41

8,546,661.0 2,181.4

8,654,549.0 2,174.5

8,954,927.0 2,208.4

9,080,706.0 2,212.4

9,101,873.0 2,198.7

9,232,536.0 2,165.7

9,315,952.0 2,152.1

9,481,380.0 2,127.8

11,070.0 2.9 0.1

44,028.0 11.2 0.5

33,783.0 8.5 0.4

64,274.0 15.7 0.7

58,661.0 14.2 0.6

81,001.0 19.0 0.9

54,791.0 12.7 0.6

263,754.0 59.2 2.8

203.7 4.5

191.0 -6.2

214.0 12.0

216.4 1.1

232.3 7.3

229.6 -1.1

226.1 -1.5

228.2 0.9

222.3 -2.6

217.5 -2.1

11 54.6 85.1 12.3 2.5 4.3 88.5 2.6

11 52.3 72.6 11.8 2.4 5.9 84.8 -4.2

11 54.8 91.2 11.( 1.8 5.2 92.9 9.4

11 54.1 86.5 10.9 1.7 5.9 91.9 -1.0

11 55.9 77.1 11.7 1.9 5.3 96.4 4.9

11 56.6 83.1 12.0 1.9 5.6 99.2 2.8

11 54.9 71.0 11.7 1.9 5.7 95.5 -3.7

11 54.8 64.3 15.1 1.9 5.7 94.0 -1.5

12 60.6 65.6 15.0 1.8 5.1 92.2 -2.0

12 59.0 25.6 14.8 1.8 4.9 88.8 -3.6

I'.ll

I ch

\l\I'

\rpt

\1,a\

42

42

40

41

7,912,430.0 2,136.4

8,001,390.0) 2,124.4

8,083,690.0 8,107,167.0 2,125.0 2,092.7

54,556.0 14.7 0.7

3,896.0 1.0 0.0

20,685.0 5.4 0.3

198.2 -0.3

194.8 -1.7

11 54.9 91.4 12.1 2.4 6.2 89.3 -2.7

11 53.6 251.3 11.9 2.4 6.4 86.3 -3.3

Dec

Number of Listed Companies Guayaquil

Stock Exchange

40

Market Capitalization' Insucres InUSdollars

Trading Value* Insucres InUSdollars Turnoverratio

53,741.0 13.3 (1.6

Local Index BVG* Change

in index (%)

IFC Global Index Numberof stocks Share of market cap. (%)* Share of trading value (%) P/Eratio P/BV ratio Dividend yield (%) Total return index* Change in total return index (%)

Exchange Rates Exchange rate (end of period)

3,703.57

3,766.39

3,804.00

3,873.96

3,918.00

3,980.00

4,054.98

4,104.50

4,139.72

4,263.1)10

4,328.7(0

4,456.00

Notes: The base date for the BVG Index is Jan. 3,1994=100. The base date for the IFCG Ecuador Index is Dec. 1995=100. Trading value figures combine the Guayaquil and Quito stock markets. In calculating share of total market cap, IFCG market cap is not adjusted for cross holdings.

276

Guayaquil Stock Exchange

Stock Exchange of Quito

IFC Correspondent:

EnriqueArosemena, DirectorGeneral Luis Alvarez, Director of Operations 9 de octubre 110 y Pichincha Guayaquil Ecuador Tel:(593-4)564-304,561-519 Fax: (593-4)561-871 http://www4.bvg.fin.ec/eng

DrErnesto Andrade Veloz,President Mr. Arturo Quiroz Riumallo,ExecutiveOfficer Av.Amazonas 540 y Carrion, Piso 8 Apartado17-01-3772 Quito3772 Ecuador Tel:(593-2)526-805,551-837 Fax: (593-2)526-048 http://www.ccbq.com

Filancasa de Valores Av.9 de Oct. 203 y Pichincha Piso 5 Guayaquil Ecuador Tel:(593-4)322-780ext. 2884 Fax: (593-4)321-349

1998 r \T I13001,

EmILR-,ING MAisRK is D IA BASL

Ecuador 1988-1997 (currency in millions; end of period levels)

I9SS

I'

I'!')0

Number of Listed Companies Guayaquil Stock Exchange

-

Market Capitalization In sucres InUSdollars

-

-

-

Trading Value In sucres InUSdollars Turnover ratio

-

-

Local Index BVGChangeinindex()

--

IFC Global Index Number of stocks Share of market cap. ('-

Mar1995

1995

1996

1996

1997

-

1997

Jan 9

961227

Feb

__7

970124

Mar 97

970221 970321

Apr 97

Emerging Stock Markets Factbook 1998 (Annual)

Emerging Stock Markets Factbook

Emerging Stock Markets Factbook 1999 (Global Stock Markets Factbook)

Emerging Stock Markets Factbook 1995

Emerging Stock Markets Factbook, 1994

Emerging Stock Markets Factbook, 1991 - (9772)

Agriculture Fact Book 1998 (Agriculture Factbook, 1998)

Why stock markets crash

Emerging stock markets after the crisis (SUERF studies)

Leasing in emerging markets

Macroeconomics in Emerging Markets

Macroeconomics in emerging markets

Investing in Emerging Markets

Investing in Emerging Markets

Children's Book Awards Annual 1998:

European Competition Law Annual 1998: Regulating Communications Markets (European Competition Law Annual)

Financial crises in emerging markets

Financial crises in emerging markets

Privatization and Emerging Equity Markets

Hedge Funds in Emerging Markets

Financial Policies in Emerging Markets

Entrepreneurship in Emerging Domestic Markets

Risk Management in Emerging Markets

1998 Annual Review of Development Effectiveness

Seaboard Stock Exchange's Emerging E-Commerce Initiative

Annual Review of Immunology Volume 16 1998

Chinese Stock Markets: A Research Handbook

Organic reaction mechanisms 1998..An annual survey

The World Factbook

Business Practices in Emerging and Re-Emerging Markets

Governance and Risk in Emerging and Global Markets (Centre for the Study of Emerging Markets Series)

Emerging Stock Markets Factbook 1998 (Annual)