Emerging Stock Markets Factbook

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Emerging StockMarkets Factbook 1992

I

I

Emerging Stock Markets Factbook 1992

a

IFC International Finance Corporation Washington, D.C.

© 1992 International Finance Corporation 1818 H Street, N.W., Washington, D.C. 20433

- 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 U.S. Investment Advisers Act of 1940. This information does not constitute an offer of or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned, nor should it be considered as investment advice. * The denominations and geographical names in this publication are used solely for the convenience of the 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 authorities, 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 the IFC's Capital Markets Department. The views expressed are those of the authors and do not necessarily reflect policies of the IFC or its affiliates. Published in the United States of America, May 1992

ISSN 1012-8115 ISBN 0-8213-2122-6

iv Emerging Stock Markets Factbook

Contents Introduction vii IFC's Emerging Markets Data Base viii The International Finance Corporation ix Glossary x Abbreviations xi Acknowledgments xii 1. Overview of Emerging Markets I Trends in Emerging Markets 2 Market Size and Liquidity 50 Comparative Valuations 62 Country Funds 65 Exchange Rates 68 Indicators of Market Quality 74 2. Stock Market Indexes 77 IFC Index Methodology 78 Total Return Indexes 82 Price Indexes 90 Industry Indexes 106 3. Equity Market Profiles 115 Markets in the IFC's Composite Index 116 Markets not in the IFC's Composite Index 156 4. Directory of Stock Exchange Operations 171

Note: Detailed chapter contents appear on each chapter title page.

EmergingStockMarketsFactbook v

w

I i

Introduction This is IFC's sixth Factbook on the stock markets of developing countries. The series is the first to pull together in one volume the various time series of fundamental market data on the leading stock markets of the developing world. It puts these markets in perspective with their own domestic economies and compares them to markets in the developed world. The Factbook is designed to serve as a reference work for use by institutional investors, investment bankers, academics, economists and joumalists. Many of the tables and charts draw on data from more than 40 emerging markets, unlike previous years' Factbooks, which focused almost exclusively on the larger markets included in IFC's Composite Index.

*

*

*

* *

Introduction: background on the Intemational Finance Corporation and its Emerging Markets Data Base; Overview of Emerging Markets: commentaries, tables and charts on numerous statistical fundamentals of both developed and developing markets; Stock Market Indexes: a description of the methodology of the IFC Indexes plus information on the performance of stock markets as measured by the IFC Indexes and the most commonly used local market indexes; Equity Market Profiles: a statistical look at 33 emerging markets; Directory of Stock Exchange Operations: a listing of the principal officers, addresses, hours of operation and holidays in 1992 of more than 50 stock exchanges in the developing world.

The Factbook is divided into 5 sections: Unless stated otherwise, all indexes and currency data are shown in U.S. dollars; currency amounts are shown in millions.

EmergingStockMarketsFactbook vii

IFC's Emerging Markets Data Base The IFC Emerging Markets Data Base is the first comprehensive data base to provide detailed statistics on stock markets in developing countries. Intemational investors can purchase securities, directly or indirectly, in most of these markets, with a growing trend to reduce restrictions. But information on these markets is scarce and often not consistent from one period to another or one market to the next. The data base is part of IFC's expanding line of products to disseminate information, serving its mandate of seeking to stimulate the flow of private capital, both domestic and foreign, into productive investment in developing countries. Using a sample of stocks in each market, the data base includes weekly and monthly statistics on more than 850 stocks from 20 markets, in many cases going back as far as 1975. To establish representative indexes for stock market performance, IFC selects stocks based on trading activity, market size and sectoral diversity. IFC has established a network of correspondents in each market who provide the data on a regular basis. These correspondents include local brokers, investment banks, stock exchanges and regulatory authorities. For each market, IFC calculates two types of indexes, a price index and a total retums index. These indexes appear weekly in the intemational financial press and are the only

viii Emerging Stock Markets Factbook

indexes of stock market performance available today that are calculated in a consistent manner for a large number of developing countries. In some cases, the weekly and monthly index series for the same period may not be identical because of more frequent compounding in the weekly series. The indexes are weighted by market capitalization using a formula based on the chained Paasche method. For a detailed discussion of the indexes calculation, see the section on "Index Methodology" in Chapter 2. Price indexes are derived from changes in prices, adjusted for changes in capitalization. The Total Retum indexes include changes from adjusted prices as well as cash dividends received and dividends implicit in rights issues with a subscription price below the prevailing market price. The IFC Latin America, Asia and Composite Indexes follow the same methodology but treat all stocks in the group of markets as if they were in a single market. In addition to this Factbook, IFC publishes a Monthly Update, a Quarterly Review and a Bibliography of reports covering equity markets in developing countries. The data in these reports and the underlying data on individual companies come from the Emerging Markets Data Base, which IFC offers as a commercial service to subscribers.

The International Finance Corporation The International Finance Corporation (IFC), an international organization, was established in 1956 to promote the economic growth of its developing member countries through private sector investment. IFC is a member of the World Bank Group, though it is legally and financially independent, with its own Articles of Agreement, shareholders, staff and financial strucure. Its capital resources are provided by its more than 145 member countries, which collectively determine the Corporation's policies and activities through a Board of Governors. Currently,IFC is the world's largest source of financial assistance in the form of loans and equity to the private sector in developing countries. The Capital Markets Department of the IFC is the focal point of financial market development activities of the IFC and the World Bank Group. With years of accumulated experience, its specialized staff maintain constant contacts with senior government officials and leaders of financialinstitutions and markets in the developing world. The IFC pioneered the linkage between international and developing countries' capital markets through the use of international investment funds. Its role in establishing international funds has typically involved: discussions with host country authorities on the appropriate legal and regulatory framework, structuring of the funds to ensure pro-

fessional and independent management, and underwriting and investing IFC's capital in these funds. In 1984, for example, the IFC helped establish the Korea Fund, Inc., a mutual fund that is listed on the New York Stock Exchange, with an initial value of $60 million. Since then, the IFC has brought over 25 local, regional, and global funds to the international market. The IFC is currently also working on a number of investment fund transactions in several countries involving both new cash and debt conversion schemes. Through its underwriting and private placements, the IFC has been involved.in assisting corporate clients raise financing through offerings of their securities, such as equity and convertible debt issues as well as floating rate note and Euro-commercial paper issues, in the international capital markets. Altogether, in recent years, IFC has also been involved as an underwriter of more than three dozen domestic private securities issues from developing countries. The Emerging Markets Data Base was developed as part of this activity, to provide a firm foundationfor its investmentprogramand advisory activities. Begun in 1981, the data base has become one of the world's leading sources of information on emerging stock markets.

Emerging Stock Markets Factbook

ix

Glossary Annualized mean: Twelve times the mean of monthly percent changes.

usually calculated as total cash dividends paid as a percent of market capitalization.

Annualized standard deviation: Standard deviation of the monthly percent changes times the square root of twelve.

Market price/book value ratio: Average of price/book value ratios at the end of the period, weighted by market capitalization. "Book value" is the same as "net worth," which is the difference between total assets and total liabilities.

Billion: 1,000 million. IFC Asia Index: Korea; Malaysia; Taiwan, China; and Thailand IFC Composite Index: Argentina; Brazil; Chile; Colombia; Greece; India; Indonesia; Jordan; Korea; Malaysia; Mexico; Nigeria; Pakistan; Philippines; Portugal; Taiwan, China; Thailand; Turkey; Venezuela; and Zimbabwe. IFC Latin America Index: Argentina, Brazil, Chile and Mexico. Listed companies: Number of listed companies at the end of the period. Listed issues: Number of listed issues at the end of the year. Some companies may list more than one class of stock.

Market price/earnings ratio: Average of price/earnings ratio at the end of the period, weighted by market capitalization. Mean of % changes: Mean of the monthly percent changes in the IFC monthly indexes in U.S. dollars. Number of shares traded: Total number of shares traded during the period expressed in millions. Number of trading days: Number of days during the period that stocks traded on the exchange. Share price index: Level of the specified share price index at the end of the period.

Market capitalization: Market value at the end of the period. The market value of a company is the share price times the number of shares outstanding.

Standard deviation: Standard deviation of the monthly percent changes.

Market dividend yield: Average cash dividend yield for the preceding 12 months. It is

Value of shares traded: Total value of shares traded during the period, expressed in millions of national currency.

x EmergingStockMarketsFactbook

Trillion: 1,000 billion.

Abbreviations AFM Arg ASE BMV BOVESPA Bra BTA BVC BVL CFA Chi Col CPI CSE Dr. DSE DSE EAFE EC EMDB EuroPac F.E. Fra FT FTEP GDP Ger GNP Gre IBB IBVL Idn IFC IFCA IFCC IFCL IFS IGPA Ind Int'l Inv. IMF IPC ISE

Amman Financial Market Argentina Athens Stock Exchange Bolsa Mexicana de Valores Bolsa de Valores de Sao Paulo Brazil Banco Totta & Acores Bolsa de Valores de Caracas Bolsa de Valores de Lima Communaute Financiere Africaine Chile Colombia Consumer Price Index Colombo Securities Exchange drachma Delhi Stock Exchange Dhaka Stock Exchange Europe, Australia and the Far East European Community Emerging Markets Data Base Europe and Pacific Financial Express (India) France Financial Times (London) FT-Actuaries EuroPacific Index Gross Domestic Product Germany Gross National Product Greece Indice de Bolsa de Bogota Indice de Bolsa de Valores de Lima Indonesia International Finance Corporation IFC Asia Index IFC Composite Index IFC Latin America Index International Financial Statistics Indice General de Precios de Acciones India International Investment International Monetary Fund Indice de Precios y Cotizaciones Istanbul Stock Exchange

Ita Inv. Jor Jpn JSE KLSE Kor Korea KOSPI KSE LDC Mal Mex MSCI MSE N NAV Nig No. NSE NSE NT$ Pak Phi Por P/BV P/E RBZ SAP SBP SEC SET S&P500 Tai Tha TSE TTSE Tur UK USA VAT Ven Z$ Zim ZSE

Italy Investment Jordan Japan Jamaica Stock Exchange Kuala Lumpur Stock Exchange Republic of Korea Republic of Korea Korea Composite Stock Price Index Korea Stock Exchange Less developed country Malaysia Mexico Morgan Stanley Capital International Madras Stock Exchange naira Net Asset Value Nigeria Number Nairobi Stock Exchange Nigerian Stock Exchange New Taiwan dollar Pakistan Philippines Portugal Price - book value ratio Price - earnings ratio Reserve Bank of Zimbabwe Structural Adjustment Program State Bank of Pakistan Securities and Exchange Commission Stock Exchange of Thailand Standard & Poor's index of 500 stocks Taiwan, China Thailand Taiwan Stock Exchange Trinidad and Tobago Stock Exchange Turkey United Kingdom United States of America Value added tax Venezuela Zimbabwe dollar Zimbabwe Zimbabwe Stock Exchange EmergingStockMarketsFactbook xi

Acknowledgments Sources

Data Base Staff

The bulk of the information in this Factbook was provided by a network of correspondents in each of the markets who report to IFC on a regular basis, as well as stock exchanges and other official agencies. Certain other statistics come from data series published by other units of the World Bank Group, the Intemational Monetary Fund, Morgan Stanley Capital Intemational, and the financial press.

The following individuals, under the supervision of Peter Tropper, contributed to the production of this Factbook: Carmen Campollo, Madhumita Dutta-Sen, Robert Ginis, Dong-ik Lee, Sonia Miklas, Kyuee-ha Pahk, William V. Todd, Peter Wall and JianYuan Zhu, with production support provided by Janice Morrow, Maurice Robinson and James E. Wise. Especially appreciated are the staff of the World Bank's Art and Design Section, who did layout, typesetting and graphics.

xii EmergingStockMarketsFactbook

~~~~~1

Overview of

Trends in Emerging Markets The World of Emerging Stock Markets, 1991 2 Defining an "Emerging Stock Market" 3 Overview of Emerging Stock Markets, End 1991 4 Emerging Stock Markets in 1991 5 Performance of World Stock Markets in 1991 48 Best and Worst Performing Markets in 1991 49 Market Size and Liquidity Equity Markets and GNP 50 Market Size and the Economy 51 Market Capitalization, 1982-1991 52 Ten-year Change in Regional Weights 54 Number of Listed Companies, End 1991 55 Number of Listed Companies, 1982-1991 56 Value Traded, 1982-1991 58 Market Concentration 60 Number of Large Companies in the IFC Composite Index 61 Comparative Valuations Comparative Valuations, 1991 62 Price/Eamings Ratios, End 1991 63 Selected Turnover Ratios, 1991 64

Country Funds Performance of Selected Country Funds 65 Selected Closed-end Country Funds for Emerging Markets 66 Exchange Rates Currency Exchange Rates per U.S. Dollar, 1991 68 Percent Change in U.S. Dollar Exchange Rates, 1991 69 Currency Exchange Rates per U.S. Dollar, 1982-1991 70 Percent Change in U.S. Dollar Exchange Rates, 1982-1991 71 Standard Deviation of U.S. Dollar Exchange Rates 72 Currency Considerations 73 Indicators of Market Quality Entering and Exiting Emerging Markets 74 Withholding Tax for U.S.-based Institutional Investors 75 Market Information and Investor Protection 76

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Stock Faetbook~~~~~~~~~ Emerging 2Markets

Defining an "Emerging Stock Market" The phrase "emerging stock market" has different meanings for different people. On the one hand, it implies that a market has begun a process of change, growing in size and sophistication, in contrast to markets that are small and give little appearance of change-. On the other hand, it could refer to any market in a developing economy, with the implication that all have the potential for development. IFC follows this latter definition: just as most low- and middle-income economies are considered "developing"-regardless of their particular stage of development-all stock markets in developing countries are considered "emerging." For this broader meaning, IFC generally follows the criteria of the World Bank in classifying economies as lowincome, middle-income or high-income, primarily on the basis of gross national product (GNP) per capita. The World Bank uses the following categories:

* *

*

Low-income economies are those with a GNP per capita of $610 or less in 1990. Middle-income economies are those with a GNP per capita of more than $610 but less than $7,620 in 1990. High-income economies are those with a GNP per capita of $7,620 or more in 1990.

Because the Emerging Markets Data Base deals primarily with equity markets and stock exchanges, most references are to "markets" rather than economies or countries. Use of the term "country" implies no judgement by the World Bank or IFC about the legal or other status of a territory. For purposes of consistency, markets that are included in the Emerging Markets ]Data Base are likely to remain in the data base even if the economy later moves into the high-income group. A brief listing of economies, their GNPs and other major macro-economic indicators is published in the World Development Report, published annually by the World Bank.


3

Overview of Emerging Stock Markets, End 1991 B

Percent P change fromend1990to end1991

Market

Market capitalization (US$millions)

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines Taiwan, China

Average daily value traded (US$millions)

Number of listed companies

P-Eratio ofIFCindex

Change in IFCtotal returnindex (US$)

Change in IFCtotal returnindex (Localcurrency)

Change in currency exchange rate

18,509 42,75 9a 27,984 4,036 98,178 11,214

19.53 54.14 7.63 0.87 127.40 13.39

174 570 221 83 209 66

38.89 7.65 17.38 26.07 14.56 30.50

396.62 173.01 99.24 191.55 104.30 48.43

775.00 1748.41 121.72 293.23 114.08 81.43

-43.24 -85.23 -10.14 -25.86 -4.56 -18.19

96,373 10,197 124,864

292.68 6.03 1277.03

686 161 221

17.23 18.91 23.87

-14.38 59.33 -0.55

-9.08 53.18 -4.77

-5.83 4.02 4.43

47,730 6,823 58,627 7,326 35,815

117.37 12.17 42.97 2.78 122.81

2,556 141 321 542 276

26.41 13.72 24.36 16.23 17.16

18.15 -40.43 12.30 172.27 36.13

67.96 -37.43 13.22 208.31 34.79

-29.65 -4.79 -0.82 -11.71 1.00

13,118 2,512 1,882 9,613 15,703 1,394

9.89 1.76 0.04 11.50 34.70 0.31

126 101 142 180 134 60

11.20 10.65 9.74 14.50 21.57 8.35

-18.71 15.57 37.81 2.33 -26.87 -52.16

-10.68 21.36 55.24 0.05 26.80 -9.48

-8.86 -4.77 -11.22 2.28 -42.33 -47.16

South Asia

Indiab Indonesia Malaysia Pakistan Thailand Europe/Mideast/Africa

Greece Jordan Nigeria Portugal Turkey Zimbabwe a SaoPauloonly. b Bombay only.

*,

~~~~~

~ ~~~~~~~~~~~~~~~~~~~~~~~~ 11

,

Emerging Stock Markets in 1991 The IFC Composite Index of 836 stocks from 20 emerging stock markets rose 19% on a total return basis in 1991, putting it twentieth overall for the year on a list of forty six stock market indexes from the developed and developing world. As has been the case for the past six years, emerging stock markets represented both the best and worst performing markets. Emerging markets took nine of the top ten positions. Argentina led all markets, up almost 400% in U.S. dollar terms, followed by Colombia (191 %), Brazil (173%), Pakistan (172%), Mexico (107%), Chile (99%), Philippines (59%), Venezuela (48%) and Nigeria (38%). Among decliners, Zimbabwe fell 52%, Indonesia 40%, Turkey nearly 27%, and Greece nearly 19%, making them the poorest performing stock markets of the year. In addition, the two largest emerging markets in terms of market capitalization, Korea and Taiwan, China, also fell (-14% and -0.6%, respectively), pulling the IFC Asia Index down -0.7% for the year. Like most of the world's equities markets, the emerging stock markets broke out of the slump begun by the Gulf crisis in August 1990 with the start of hostilities in January 1991, and rose throughout the period until the ceasefire at the end of February. The IFC Composite and IFC Asia indexes then continued a modest and uneven rise through midMay, when the IFC Asia Index began a slide which lasted to mid-July. Jitters over the August coup in the former Soviet Union cut short the rally in Asia, and both the IFC Composite and the IFC Asia indexes had to wait for the December rally in the world's major stock markets to help pull them up. The IFC Latin America Index, on the other hand, continued to surge throughout the year, pausing for the August coup in the former Soviet Union and faltering in November in conjunction with U.S. stocks' decline and, separately,a crisis of confidence in Brazil that had begun to reverse itself even before world

stock markets began to rally in late December over cuts in U.S. interest rates. The combined market capitalization of the twenty largest emerging markets grew 35% in 1991 to $634.6 billion, on share price increases, capital increases, and net new listings of 353 companies. Trading volumlewas, however, off 34% from 1990 levels on an aggregate basis, falling to $590 billion, largely due to a 50% drop in the value of transactions in Taiwan, China. Greece, India, Indonesia and Nigeria also saw declines in value traded in 1991. Virtually all the Latin American markets saw trading at least double in the year, and most other emerging markets saw double-digit growth in trading activity. The Positive Impact of Economic Reform Programs The appearance of Colombia and Pakistan so high in the rankings can be attributed to a large extent to the opening of their stock markets and foreign exchange markets to foreign investors as part of broader economic reform packages. Indeed, much of the surge in Latin American equities markets and the other leading markets in 1991 was due to favorable foreign and domestic investor reaction to economic reforms that included fiscal deficit reductions, privatization of state-owned enterprises, reduction of inflation, financial system reform and liberalization of international trade and investment flows, as well as to the fact that most Latin American stocks looked relatively cheap at the start of the year. In 1991 Argentina, Bangladesh, Brazil, Colombia, Pakistan, Peru, and Taiwan, China all took steps to broaden access for foreign portfolio investment and to facilitate repatriation of capital and retums, while Korea implemented a further step in its plan to completely liberalize its capital market. Another trend among emerging markets was their increased importance as vehicles for companies to raise cash, and for govern-

EmergingStockMarketsFactbook 5

ments to raise revenue via sales of state-held shares of enterprises through stock market offerings. In 1991, over 1,000 companies in the twenty largest markets are estimated to have raised approximately $18.2 billion through share offerings for cash in their domestic capital markets, with as much as $6 billion more estimated to have been raised in the international equity markets.

Lnkagets toItentinl

aitlbillion,

The year was marked by equity and convertible bond issues from many developing countries, in the first half of the year by Korean, Indonesian, Thai and Malaysian companies, and in the second half by Latin American issuers. In fact, 1991 may well be remembered as the year Latin American companies returned to the international capital markets and foreign investors re-discovered the Americas. Although figures regarding capital flows are notoriously imprecise and difficult to interpret, Mexico was particularly successful, receiving about $6 billion in new stock market investment from American Depository Receipt (ADR) sales, from country funds and from stocks purchased by foreigners directly in Mexico. The government's sale of $2.35 billion of Telefonos de Mexico (Telmex) stock was the largest international equity offering to date by a company headquartered in a developing country. Brazil's Central Bank estimated that approximately $850 million of foreign funds went into Brazilian stocks in 1991; estimates for Argentina were close to $600 million. At least ten international funds for Latin America as a region were organized in 1991, raising $635 million. In addition, 2 funds for Argentina raised $110 million, 3 funds for Brazil raised $240 million, and a fund for Chile added $50 million, to bring the figure for new money dedicated to Latin American stock markets by country funds in 1991 to just over $1.0 billion. Other funds dedicated

6 EmergingStockMarketsFactbook

to emerging markets in general (often referred to as global emerging market funds) also had high exposure to Latin American markets, adding hundreds of millions more dollars to the year's supply. Overall, according to Lipper Emerging Market Funds Service, an industry trade journal, the number of country funds for emerging markets expanded in 1991 to include 154 closed-end funds, with total net assets of $15 and 169 open-end funds with $6.7 billion in total net assets. In 1991, 15 new closed-end funds were formed, raising $0.9 billion in new money for investment in emerging market stocks; new open-ended funds added hundreds of millions more.

1992 Highlights This Factbook focuses on events in 1991. Nevertheless, significant developments had also taken place in 1992 by the time this book went to press. Following are some highlights for markets not already covered by the individual market commentaries in the next section. China The government announced in March that it planned to open a third stock exchange, most probably in the northern city of Shenyang, and that it would authorize the issue of up to $400 million in non-voting B class shares to foreign investors in the near future.

Cyprus

A formal trading floor is scheduled to be opndi Ariltorsplmnchedover-thecounter market.

Korea The Securities Supervisory Board registration requirements regarding foreign investment in listed stocks were relaxed in mid-

March to permit overseas unit trusts, investment trusts, pension funds and non-limited companies, in addition to the foreign individual investors and corporations permitted in the January opening.

Mongolia A new stock exchange began operation in the capital Ulan Bator in early February, with trading of shares (in exchange for privatization vouchers) of three companies. Foreign participation in the stock market is expected once shares begin trading for cash.


Argentina

Economic and Political Events

Market Performance

Among the administration's major achievements were a three year IMF credit for $3 billion at a 6.5% interest rate and a restructuring of the country's external debt. Other important accomplishments were tax revenue increases, stabilization of the exchange rate, and success in pushing annual inflation down 85% from the prior year's 1,344%.

The Argentine stock market had the best year by far among the world's stock markets. Year-end statistics show the IFC Price Index for Argentina up 392.1% in U.S. dollar terms for the year and the Bolsa Index up 710.6% in local currency during the same period. The large dollar gain was due to the government's ability to restore the fiscal balance, deregulate domestic and international trade, lower inflation, and privatize state-owned firms. Total market capitalization increased from $3.1 billion in 1990 to $18.5 billion in 1991, a nearly 500% increase. The total value traded of $4.8 billion in 1991 was an all-time record, up from $0.9 billion in 1990. Heavy trading was seen particularly in August and October, which posted average daily trading values of $39.3 million and $38.1 million, respectively. The first major market surge occurred in March, posting an impressive gain over 55% in dollar terms as a new economic plan was announced, increasing the daily turnover on the exchange to about $20 million. A moderate trend continued through mid-year. In August the market soared for the second time, driven by domestic and international buying, triggered both by an improved standing in the international financial community and by domestic confidence in the economic measures undertaken by the administration. In November the market retrenched in part due to profit-taking after the elimination of the capital gains tax. The market soared in December on announcements of a successful privatization of Telefonicade Argentina and the agreement on the IMF's stand-by loan. Telefonica's offering of 3.5 billion shares raised $748.7 million in December. The Argentina Fund was first offered in October 1991, raised $60 million, and listed on the New York Stock Exchange. It traded at a premium to net asset value through the end of the year, closing at a 35.9% premium to net asset value.


To encourage repatriation of flight capital, Congress approved a bill under which individuals and companies would pay 1 to 3 per cent tax on capital repatriated over the next four years. This increased capital flows from abroad into the stock market. Part of the deregulation package included elimination of income taxes on stock market gains for foreign investors. A deregulation decree was issued in October to reform three areas: domestic industry, external trade and capital markets. Most economic regulations were lifted. Part of the decree referred to trade unions, allowing wage negotiations to be carried out on a firm-byfirm and not on an industry basis. Most quota restrictions on exports and imports were eliminated. During the last quarter of 1991, the government authorized the privatization of 30 companies owned by the Department of Defense as part of the liberalization of the economy. The balance of trade surplus reached $4 billion in 1991, below 1990's $7 billion. The surplus was reduced as import barriers were eliminated and domestic demand doubled imports while exports remained similar to 1990 levels. Strong capital inflows helped increase reserves to approximately $5 billion. The balance of payment surplus stabilized the austral and made possible the replacement of the austral with the peso on January 1, 1992 at 10,000 australs per peso, equivalent to about one U.S. dollar per peso.

Argentina, 1991 Share of Market Capitalization (Total: $635 billion)

IFC Price Index (US$; end 90=100)

Asiua

Asia

25%

36%

6

Argentina

.

El IFCComposite

-----

-

--

---

500

400Europe/ Mideastt Africa 7%

--

-

-

300Latin

America

200.

32%

Argentina 9%

-

.

g

Other LatinAmerica 91%

;

/

0

End Jan Feb MarAprMayJun Jul AugSep Oct NovDec 90 91

Exchange Rate

Average Daily Value Traded

US$/peso

Millions of US$

50

1.800

--

1--

_ 1.600 |

1.400

-

.600

In January1992, the peso replacedthe australat a rate of 10,000australes 1 peso.

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1.200

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1.000

0.800

30

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End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec

01 JnFbMrArMyJnJlAgSpOtlo

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g0 91

Emerging-Stock Markets Factbook

9

Brazil


Market Performance

Highlights in 1991 included enactment of a fiscal reform package to increase federal revenues, tight expenditure control, tight monetary policy, the 16% devaluation of the cruzeiro at the end of September, the IMF stand-by loan of $2.1 billion, the implementation of a privatization plan of stateowned companies, and eased rules on foreign investment.

The Brazilian stock market was the fourth best performer among the world's stock markets last year. Year-end statistics show the IFC Price Index for Brazil up 152% in U.S. dollar terms for the year. The BOVESPA index increased 2,316% and the BVRJ index had a gain of 1,951% during 1991. Total market capitalization increased from $16.4 billion in December 1990 to $42.8 billion in December 1991, an increase of 161.5%. Total value traded more than doubled to $13.4 billion in 1991. August 1991 was the most active month, when trading averaged $82.9 million per day. Overall, the market was bullish in 1991 as foreign investors were attracted by new liberal investment regulations. The market was up despite delays in approving the fiscal reform package, to which was tied a stand-by loan from the IMF which was finally approved. High inflation, public companies' losses, lower profits in the private sector, and the price freeze of the Collor Plan II, produced nervousness among investors and price volatility, The first major market surge came in May, with a change of Economy Ministers. The approval of rules in May allowing direct foreign investment also helped the stock market as foreign institutional investors were drawn into the market. Several factors caused the market to fall in November. Among these were rising inflation, high interest rates and multiple attempts to start the privatization program of stateowned companies. The market boomed in December on Congressional approval of a fiscal reform package, on the IMF recommendation to grant a stand-by facility credit, and on the reactivation of the privatization program.


Inflation for the full year was 460%. GDP was up 0.5%, but even this minor growth was welcomed because a contraction had been expected. The trade surplus for 1991 remained the same as for 1990, at $10.9 billion. After interest rates soared to 3,000% per year in November, rates eased to less than 1,800%by December. Foreign capital inflows are estimated at $11 billion for 1991, with about $800 million, estimated by CVM, to have entered the stock market. Reserves rose to $7.5 billion by yearend after falling to a low of $6 billion in October. Foreign investment regulations were eased in May. Under the new regulations, foreign investors cannot exceed 5% of the voting capital or 20% of the total capital of a single company. They face a 15% income tax on distributed eamings and cash dividends, but no tax on capital gains. Individual foreign investors can now direct their purchases through a fund or investment company. In the case of parastatals, the period that foreign investment capital must remain in the country was reduced from 12 to 6 years and invested capital must remain a minimum of two years with that stock. The privatization plan was successfully started in late November and four auctions took place, for Usiminas (steel), Celma (repair of aircraft turbines), Mafersa (railway equipment) and Cosinor (steel); all sold at a premium.

Brazil, 1991 Shareof MarketCapitalization (Total:$635billion)

Asia

IFC PriceIndex (US$;end 90=100)

Asia ,

300

*Brazii

4

El

IFCComposate

250 ~,§/-/

Europe/ Mideast Africa 7%

... 150

Latin

7

America 32%

.

100

50

:'razil

t

V

4

21%

b

,

Other

LatinAmerica 79%

Z 0 End Jan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91

ExchangeRate

AverageDailyValueTraded

US$/cruzeiro

Millionsof US$

0.007

100

0.006 80

0.005 60

0004

S

$V~ -s'~A 4

0.003

0.002 j

1< -

~~~~~~~20 -

0.001 0 0.000 T-]Jan End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 90 91

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Doc


11

Chile


Market Performance

In 1991 the government achieved a number of goals: it eased the regulation of foreign investment, passed legislation allowing private firms to invest in toll roads and port facilities, concluded a Free Trade Agreement with Mexico, permitted banks to finance trade between Chile and other Latin American countries without prior approval by the Central Bank, and brought public spending under control. The reduction of inflation was the government's main target.

In 1991 the Chilean market, among 20 emerging markets covered by the IFC Emerging Markets, came in sixth place. Year-end statistics show the IFC Price Index for Chile up 90% in dollar terms and the General Share Price Index (IGPA) up 109% in peso terms. Total market capitalization doubled from $13.6 billion in December 1990 to $28.0 billion in December 1991. The total value traded rose to $1,900 million, its highest level in fifteen years. October, the most active month, posted an average trading value of $14.1 million a day. The market posted a big gain in January and soared in February, largely due to improvements in the country's economic growth rate. The upward trend continued until March as investors moved their money into stocks where yields were much higher than in commercial banks. In April the market dropped on profit-taking by investors but rebounded in May with falling inflation, expansion of exports, and expectations of good returns in key export industries such as forestry, fishing and fruits. A second boom occurred in June, led by institutional investors. The trend continued through September spurred by better than expected second quarter corporate profits, expectations of an interest rate cut, and an infrastructure project that sparked a rally in construction stocks. A drop in prices after October 1991 was attributed in part to disappointing third quarter results and to profit-taking.


Recent foreign investment reforms include permission for the remittance of capital and earnings after one year instead of a three year period, and lower taxes on dividends, to 42% from 49.5%. Foreign investment in 1991 amounted to $960 million, of which $555 million went into the mining sector. Intemational reserves increased to $7.0 billion in 1991, about seven months' import cover. Pension funds were permitted to invest up to 1.5% of their assets in the international markets and a greater percentage of their assets in equities, which created optimistic expectations in the market. The Central Bank allowed banks to allot 60% of their dollar deposits to finance foreign trade, an increase over the previous 40% limit. Inflation for 1991 was 17.8%, with real GDP growth estimated at 5.3%. Interest rates throughout most of 1991 remained high and borrowers tapped the international markets for cheaper rates. External debt fell by $1.4 billion to $17.2 billion.

Chile, 1991 Share of Market Capitalization (Total: $635 billion)


South

~~~~~~~~Asia 250 / *

si

250

v

~~~~~~~~~~~200;,,,

)

E

Chile

IFCComposite

^

Europe/ Mideast/ Africa 7% Latin

America 32%/

-

50

1

Other LatinAmeric

*

--

r

0

EndJanFebMarAprMayJunJul AugSepOctNovDec 90 91

86%

Exchange Rate


US$/peso

Millionsof US$

0.004

16

0003

12

6

0.001

*.000

.j

EndJan Feb MarAprMayJunJul AugSepOct NovDec 90 91

Jan Feb Mar Apr May Jun Jul AugSep Oct NovDec


Colombia Market Performance Share prices on Colombia's Bogota, Medellin and Occidente stock exchanges soared in 1991 as the markets responded to new economic liberalization measures. The IFC Price Index for Colombia moved up over 173% and the IFC Total Return Index surged more than 191% during the year. Most share price gains occurred in the last three months of the year after the new foreign investment measures were announced, when the IFC Price Index jumped 151%. Tumover on the Bogota and Medellin exchanges totaled $191 million in 1991, up 169% from the $71 million traded in 1990. In the last four months of 1991, daily trading on the two exchanges averaged $1.65 million, up from $0.14 million registered during 1990 and in the first eight months of 1991. The rapid climb in prices and the increase in trading activity were attributed to several factors including: the creation of privately managed pension funds, govemment policies designed to foster capital repatriation by nationals, tax law changes regarding the sale of shares, changes in foreign portfolio investment rules and the authorization and entry of country funds into the local markets. Economic and Political Events

ulation, commercial banks and finance companies became free to handle hard currency transactions. A floating exchange rate is now set by commercial banks according to market conditions and the central bank acts as a stabilizing agent. On October 22, Colombia's foreign investment regime was modified by Resolution 51 to expand existing guarantees and facilitate new investment. Direct investors, indirect investors, and portfolio investors were all affected by the resolution. Under Resolution 51: * Country funds are considered any investment funds that use hard currency to invest in the market. All country funds must appoint a local administrator and must also register with the National Securities Commission. Each country fund is limited to 10% ownership in the outstanding shares of any given company.

* Foreign firmnsare now allowed to remit up to 100% of their net annual profits. Prior to the resolution, firms were able to remit net profits equal to 100% of the registered capital base. Resolution 52 adopted on December 23, 1991 removed the 10% ownership limit and allowed investors to purchase up to 100% of the shares of locally listed companies. In addition, the resolution abolished the restriction requiring that investment funds remain in the country at least one year.

Economic events in 1991 were for the most part associated with govemment liberalization efforts. Tariff cuts, the relaxation of credit controls, the deregulation of the peso and the introduction of a new foreign investment regime were some of the significant measures initiated during the year.

President Gaviria's ruling Liberal Party won 55% of the vote in the congressional and gubematorial elections held October 27. The elections were the first under the country's new constitution.

The Colombian peso was deregulated on October 1, ending the central bank's monopoly on foreign exchange trading. With dereg-

Inflation in 1991 totaled about 27%, down from the 32.3% rate of inflation recorded in 1990. GDP growth during the year was estimated at around 2% compared to a 4.2% growth rate in 1990.


Colombia, 1991 Share of Market Capitalization (Total: $635 billion)

Asia

IFC Price Index (US$: end 90=100)

U

\

Colombia

IFCComposite

25% _X

o"'

250

-'''~~~~~~a""6' '---

----

- --

--

--

--

--

200 Europe/ Mideasat/ Africa 7%

- - -

- - -

150 Latin America 32% l

~~~

,-

-

100

~ ~ ~ ~ ~

Colombia 2%

Other Latin Amarica 98%

0 50

_v

-.

-

/

/

0 End Jan FebMar AprMayJun Jul AugSepOctNovDec 90 91

Exchange Rate


US$/peso 0.0020

-

Millionsof US$

()00200

~~~~~~~~~~~~~~~~~~~3.5 3.0 -

0.0018 2.5-

0.0016

2.0

1.5 0.0014 1.0 0.0012

k 0.5-

~~~ ~0.0~~~~~~~~

00010 t~~~~-

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

End Jan FebMar AprMayJun Jul AugSepOct NovDec 90 91


15

Greece


Market Performance

The European Community (EC) granted Greece a Ecu2.2 billion loan in early 1991 to help the Greek government through a balance-of-payment crisis. In an attempt to force the Greek government to restructure its economy, the EC insisted that Greece draw only 50% of the loan immediately. The rest would be paid in two installments depending upon the country's ability to meet its targets by 1993: (1) reduce the public-sector borrowing requirement to below 10% of GDP, (2) get inflation down to an annual average of 10%, and (3) reduce public-sector employment by 10%.

After an explosive growth in 1990, the Greek stock market declined in 1991. The IFC price index for Greece dropped more than 22% in dollar terms, making Greece among the worst performers of world equity markets. The depressed market also affected the volume of trading. Total value of shares traded for the year fell almost 37% from $3.8 billion in 1990 to $2.4 billion. Average daily value traded for the year decreased nearly 40% to $9.9 million. Total market capitalization also shrank by 15% to a little over $13 billion from $15.2 billion in 1990. A weak economy and lack of investor confidence in the ability of the government to reduce the public deficit were among the reasons usually cited for the steady decline in the stock market. Revenue shortfall together with spending overruns by public sector enterprises indicated that the government could not meet its target of cutting the public sector borrowing requirement. Primary market activities were also low. Compared to 28 new issues in 1990, there were 14 new listings in 1991. Although all of them were comfortably covered, few were heavily oversubscribed, raising a total of DR45 billion (US$257 million). Capital increases by 28 already listed companies raised another DR92 billion cash (US$528 million). The current open outcry system in the Athens Stock Exchange will be replaced by automated trading in the summer of 1992.


A year after the EC's loan condition, the prospects of meeting these targets by 1993 looked poor. The government's economic stabilization program did not progress according to schedule. The public-sector borrowing requirement was 13% of GDP for 1991, compared with the target of 10.4%, and the inflation rate at the end of the year was around 18%. Privatization plans have come to a virtual standstill, following the resignation of the head of the Organization for the Economic Restructuring of Industry, the agency in charge of privatization program. As a result, the government was unable to collect DR300 billion forecast income from sale of assets. Early in 1992, the government announced a fiscal reform package. The main items in the package are to reduce corporate tax from current 42% to 35% and to cut the tax on dividends from 45% to 32%. Companies are also required to revalue fixed assets and to capitalize their reserves. As a result, many companies are expected to issue new shares in 1992.

Greece, 1991 Share of Market Capitalization (Total: $635 billion)


East

j

140

:

Greece

IFC Composite

---- A--i--;~~~~~~~~~~~~- :-t-0----

Latin 1 AmericaAi

South

32.

100 ......

25%

Europe/ a!Mideast/ Africa 7%A 60

Greece

Other Europe/

~~~~~~~Mideast/Africa 4

3

End Jan FebMarApr MayJun Jul Aug Sep Oct NovDec 90 91

7030o

NB: missing EMEA!

Exchange Rate


USS/drachma

Millionsof USS

0.008

30

l-1- -- - - - - r - - - - - --------

-

.25 -

0.007

20

15 0.005

~~~~~~~

Stock

~~~~~~10

0.004

-------

5

~~~~~~~~ Jan3--1 EdJnFeb Mar AprMayJun Jul AugSep Oct NovDec

0- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

90 91

Emerging Stock Markets Factbc-ok

17

India


Market Performance

The year commenced with widespread concern with regard to India's acute shortage of foreign exchange, the large fiscal deficit and continued secessionist problems. The fiscal deficit was reduced from 8.4% of GDP in 1990 to 6.5% in 1991, and is targeted at 5% of GDP for 1992.

For the Bombay stock market, 1991 was a year of significant gains. The IFC Price Index for India registered a 16% rise in dollar terms. The gain in rupees, however, was far greater. Both the Bombay Stock Exchange (BSE) Sensitive Index and the Financial Express (Bombay) Index gained 73% in the year. The large differential in rupee and dollar gains was due to the significant devaluation of the rupee in 1991. Market capitalization at the end of the year stood at $48 billion. Average daily turnover took a nosedive at the beginning of the year due to the closure of the BSE for several days stemming from defaults by brokers in meeting payments. Daily trading value averaged only $37 million in the first two months, as against a daily average of $163 million in December 1990. Trading activity subsequently improved from mid-year onwards, and daily trading value averaged $133 million in the latter half of the year. In mid-1991 the government announced the annual budget for the year as well as several liberalization measures to create a freer investment climate. The market soared on these announcements and the bullish sentiment remained through the end of the year. However, several negative economic factors might have caused the market to fall, but the prevailing optimism helped offset them. In addition, analysts believe that state controlled mutual funds aggressively bought shares to prop up the market. Both the India Fund and the India Growth Fund remained at discounts to net asset value through the year. The India Fund traded at a discount of 31% and the India Growth Fund at 5% at the end of December. The net asset value and price per share of the India Fund increased 13% and 16% respectively in dollars for the year, and those of the India Growth Fund increased 19% and 47% respectively.


In January, the International Monetary Fund sanctioned two loans amounting to $1.8 billion. In addition, in July, both the IMF and the World Bank approved emergency loans to repay international debts and to offset partly the foreign exchange shortage suffered in 1990-91 due to increased oil bills and reduced remittances from expatriate Indians in the Middle East in the wake of the Gulf war. In July, the government announced its annual budget, which contained stringentmeasures to deal with the deficit. It provided for reduced fertilizer subsidies, higher corporate taxes and excise duties, reduced depreciation allowances, higher prices of petroleum products, and partial privatization of state-owned companies. The government also imposed controls on imports to conserve foreign exchange. Concomitant with the budget announcement, the government announced an industrial policy aimed at liberalizing the Indian economy to make it more attractive to domestic and foreign investors. Some of the reforms announced were a 20% devaluation of the rupee, a reduction in taxes on dividend income and capital gains for off-shore mutual funds, the allowing of private companies to manage mutual funds, the removal of significant red tape such as manufacturing licenses for specified goods, the removal of all subsidies on exports, and the raising of the limit on foreign holdings from 40% to 51% for specified joint ventures. In the political arena, following the assassination of Mr. Rajiv Gandhi in May, elections were completed. As no clear majority emerged, the Congress Party formed a minority government, and Mr. P.V.Narasimha Rao was appointed Prime Minister.

India, 1991 Share of Market Capitalization (Total: $635 billion)

~t

America

eri'


~~~~~~~~~~~~~160 1 India El IFC Composite ~~~~~~~~~~~Asia

\

East

32%

36% 140

120 Europe/ Mideat Africa 7% South Asia 25/

India 31%

Other___________________ ______________________

_

SouthAsia 69%

60 EndJan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91

ExchangeRate


US$/rupee 0.070

Millionsof US$ 250-'

200. 0.060

150. 0.050 100

0.040

-

50

0030 End Jan Feb Mar AprMayJun Jul AugSep Oct NovDec 90 91

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


19

Indonesia


Market Performance

Interest rates have remained high since mid-1990 when the government instituted a tight monetary policy to control inflation, which was over 9% in 1991. Rates rose further at the beginning of the year due to the government's decision to freeze funds of specified state-owned companies and transfer them into investments in government bonds. The move was intended to counter growing currency speculation and created a severe liquidity squeeze. Subsequently, Bank Indonesia, the central bank, bought back bonds worth Rp400 billion (US$200 million), thus loosening credit. However, this action failed to bring about any notable decrease in interest rates and the latter remained well over 20% during the year.

The Indonesian equity market dropped sharply in 1991, with the Jakarta Stock Exchange (JSE) Composite Index losing 41% in rupiah during the year. The IFC Price Index for Indonesia declined 43% in dollars. The main reasons for the steep decline were high interest rates that remained at over 25% for much of the year, the market's illiquidity, inefficient settlement procedures, and more recently, disappointing corporate results. Market capitalization fell to $6.8 billion at the end of the year, as opposed to $8 billion a year ago. Only eighteen new stocks were listed on the JSE during the year, a significant reduction from the 62 new stocks listed in 1990.

Indonesia's first privatization took place in May with the issue of 40 million shares in the cement company PT Semen Gresik to the public. In addition, Indonesia also saw its first Euroconvertible bond issues this year: the first by automotive company PT Astra, the second by PT Inti Indo Rayon, and the third by PT Pabrik Kertas Tjiwi Kimia, both pulp and paper manufacturers. The Indonesia Fund Inc. lost 22% of its net asset value and 18% of its traded price during the year. At the end of December, it traded at a premium of 7% to its net asset value. The Jakarta Fund traded at a discount of 14% to its net asset value at the end of the year. It lost 36% of its net asset value and 40% of its price during the year. The net asset value of the Nomura Jakarta Fund declined 26% during the year.


As loans became expensive, companies began resorting to offshore borrowing to get more favorable rates. This action led the govemient to take measures to control overseas loans taken by companies and banks, in an effort to alleviate its debt burden and balance of payments difficulties. The economy continues to face a widening current account deficit, estimated at $4.3 billion for the fiscal year 1991-92. This is an increase of over 50% from the previous year's deficit. One reason for the widening deficit was receding oil prices, as Indonesia is a net exporter of oil. Further, its non-oil exports also suffered due to recessionary trends faced in much of the world. Another concern is rising inflation, which has been fuelled by the economy's growth rate of over 6%.

Indonesia, 1991 Shareof MarketCapitalization (Total:$635billion)

Lamtic 32%

,

1

1

IFC PriceIndex (US$;end90=100)

East Aa

1;

140

Indonesia

IFCComposite

120

Europe/ Mideast! Africa 7%

Indone~~~~~~~~~sia

SuhAl

South Asia 25/o

Indonesia

4%

~

"

.

4

% 4. v

Other SouthAsia 96%

40

ExchangeRate

End Jan FebMarApr MayJun Jul Aug Sep Oct NovDec 90 91


US$/rupiah

Millionsof USS 25

.00070

.00065

.00060

.00055

15

.00050

.

10

.00045 .00040

.00035

End

anFbun Maul AprMay ugSp Oc

NovDecJan

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

90 91


21

Jordan Market Performance The Amman stock market remained steady throughout 1991, and the IFC Price Index gained 5.9% for the year. At the onset of the Gulf war in January, the market dipped 6.7% in a month, but subsequently regained lost ground following the end of the war. Jordan, which is traditionally one of the less active emerging stock markets, saw weak activity during the first two months of the year, with an average daily trading value of $0.35 million in January and February. But trading activity increased fourfold in March to $1.4 million per day and remained even higher for most of the year. Market capitalization increased 25% for the year to $2.5 billion in December. Economic and Political Events Jordan's economy was severely affected by the Gulf crisis. Its exports, tourism, and industrial production suffered major setbacks from August 1990. Its exports suffered particularly as both Iraq and Kuwait were the largest importers of Jordanian goods. Aid that


it received prior to the Gulf crisis from several Arab states was terminated. Foreign exchange remittances from expatriates residing in Kuwait also ground to a halt, and the economy was severely burdened due to several hundred thousand expatriates who returned from Kuwait. The GDP growth rate for 1991 is estimated at less than 1%, as opposed to -5.6% the previous year. The situation improved somewhat after the end of the Gulf war, but several of its problems, such as a high rate of unemployment of 20% according to estimates, still remain. However, Jordan has received or has been pledged aid and concessional loans by several donor countries. At the end of the year, Jordan agreed to several IMF-suggested economic measures in anticipation of a loan, and the IMF approved a stand-by loan in early 1992. When the United Nations sanctions on Iraq were eased after the war, Jordan's Aqaba port resumed much of its activity. Some of Jordan's industrial projects, which had been started prior to the Gulf crisis but then were stopped, have been resumed. In addition, analysts feel that the expatriates returning from Kuwait will contribute substantially to the economy as soon as they are settled in.

Jordan, 1991 IFC Price Index (US$; end 90=100)

Share of Market Capitalization (Total: $635 billion)

~East ~~~~~

_ r~~

.-.

,

. W

3l ~~36%

\

S

*

--

titJordan -

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

?

IFC Asia Composite 16/04

-- -i -. - -.

-

140 -

120

Latin

South

Ameri3c

25%

.'

Jordan 6s%

Europe/ Mideast/ Africa

'80

7%

i.f

Other Europe/ Mideast/Africa 94%

g

l

60 End Jan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91


Exchange Rate Millionsof US$

US$/dinar

4

2.00

1.80

- -- -- -- 3

1.60 1 Rn0

_ _

_

_

_

_

_

_ _

_

_

_

_

_

_0

End Jan FebMarApr MayJun Jul AugSep Oct NovDec

Jan Feb Mar Apr May Jun Jul Aug Sep Oct NqovDec

90 91


23

Korea Market Performance The Korea stock market had another disappointing year. The Korea Stock Exchange composite price index lost more than 12% in won, while the IFC price index for Korea dropped almost 17% in dollar terms. For the second year in a row, the Korea stock market was ranked among the ten worst performers in world equity markets in 1991.

ready had more than 10% foreign ownership, due to direct foreign investment or convertible bonds. The market opening, nevertheless, had a positive impact. The local index posted a 12% gain in January 1992, and 565 foreign investors registered with the Securities Supervisory Board. Economic and Political Events

Liquidity improved, with the total value of shares traded for the year increasing to $85 billion from $76 billion in 1990. Total market capitalization fell almost 13% in 1991, from $110 billion at the end of 1990 to $96 billion. The poor secondary market condition also affected primary market activities. There were only 17 new listings in 1991, compared to 43 new listings in 1990.

The GNP growth rate was 8.6% in 1991 compared to 9% in 1990, far exceeding the government's target of 7%. Fast domesticoriented economic growth fed inflation and resulted in a deterioration in the trade balance. The trade deficit totaled a record $9.7 billion in 1991, double the deficit of $4.8 billion in 1990. The current account deficit reached $8.8 billion in 1991, compared $2.2 billion in 1990.

The prolonged fall in the market, which began in 1989, has hit not only the individual and institutional investors, but also Korean securities houses and investment trust companies. They were heavy stock buyers under the government's program to prop up share prices when the market started declining.

An inflation rate of 9.5% and swelling trade and current account deficits have weakened the Korean won, whose exchange rate against the U.S. dollar continued to slide throughout the year, closing 1991 at won758.7 to one U.S. dollar, down almost 6% for the year.

The Korea Fund was the only fund trading at a premium at the end of 1991, out of the seven funds monitored by IFC's Emerging Markets Data Base. Despite the market's poor performance in 1991, the Korea Fund's premium more than doubled, growing to 25.5% from 11.6% at the end of 1990.

To make Korean companies more innovative and competitive internationally, the govemient, in April 1991, ordered the thirty largest industrial conglomerates, whose sales together accounted for 90% of Korea's GNP, to focus on only three core businesses.

To revive the market, the government announced, in September, guidelines to open the stock market to foreign investors in January 1992. Because of the low limits on foreign ownership, and confusing and restrictive rules, the announcement was not well received by foreign investors initially. For example, a foreign investor cannot own more than 3% of a company's shares, and foreigners collectively cannot own more than 10%. The government later raised the limit to 25% for the 45 companies that al-


In November, Samsung, the largest conglomerate, announced that two of its subsidiaries would be separated from the group. The announcement could lead other business groups to take similar actions, making it an important new trend in the economy. Following their admission to the United Nations in September, the Republic of Korea and the Democratic People's Republic of Korea concluded an agreement in midDecember covering political reconciliation, military nonaggression and economic cooperation.

Korea, 1991 Share of Market Capitalization (Total: $635 billion)


Latin14

AmLaetrirca I! g/ |

1|

r

i

South

32%

* Korea

II

IFCComposite

Asia

.

25%

.

:

Europe! Mideast/

Africa

0

7%

*MAtr°2as . t East Asia 36/c

Korea 42%t.

Other East Asia 58%

40

End Jan FebMar AprMayJun Jul AugSep OctNovDec 90 91


Exchange Rate

Millionsof US$

US$/won 0.0022

700

600 ----

-

- - --

---

--

- -

-

0.0019

I

,

.

.

.

,

I

400

0.0016

~ ~~~~~~~~- -- - - -- - - - ---

500-11

-------------

---

-- -- - - - ---

---

----

0.0013

0.0010

0.0007~~~~~~~~~~~~~~~~~

EndJan FebMarAprMayJunJul AugSepOct NovDec 90 91

Jan Feb Mar Apr MayJun Jul AugSep Oct NovDec


25

Malaysia


Market Performance

The Malaysian economy continued its impressive economic growth, estimated at over 8% for 1991. However, a major concern of the economy is its trade balance, which switched from a surplus of $1.9 billion in 1990 to a deficit in 1991, of approximately $2.5 billion. Its unfavorable trade balance stemmed from increasing imports of capital equipment over the last few years-a trend that arose from large amounts of foreign direct investment flowing into the country resulting in significant expansion of industries; recessionary trends felt in most economies resulting in reduced exports; and falling oil prices in the latter stage of the Gulf crisis, as Malaysia is a net oil exporter.

The Malaysian stock market, after a negative performance in 1990, recovered in 1991, as reflected in a 9% increase in the IFC Price Index in dollar terms for the year. The market gained ground in the first half of the year, influenced largely by liberalizations in the banking sector that gave a boost to bank stocks, good interim earnings performance, and the announcement that a larger part of provident fund savings would be allowed to be invested in the equity market. In the latter part of the year, however, the market declined significantly, following arise in interest rates; the raising of statutory reserve requirements of banks by Bank Negara, the central bank, to restrict money supply; the Soviet coup attempt which led to a 7% decline ovemight; and reduced interest on the part of foreign portfolio investors. Investor wariness was also reflected in the trading value on the Kuala Lumpur Stock Exchange, which averaged $57 million daily in the first six months, but only $31 million in the latter half of the year. Malaysia's privatization Master Plan was released in February. Two of the larger companies slated for privatization-the automotive company Proton, and the national electricity company Tenaga Nasional-will be put up for sale in 1992. The New York-listed Malaysia Fund gained 8% in net asset value and 3.5% in price during the year. The London-listed Malacca Fund lost 18% in net asset value and 25% in price. Both funds continuedto trade at discounts to net asset value, of 15% and 25% respectively.


A second source of concern is inflation, estimated at over 4% in 1991. The Malaysian dollar, which had been sliding gradually against the U.S. dollar over the last few years, in an effort to attract foreign investment and boost exports, saw an appreciation after intervention by Bank Negara, the central bank, at the end of December. Analysts believe this step to be prompted by rising inflation. Malaysia's high growth rate prompted the government to take steps to cool down the economy. In August, Bank Negara raised the statutory reserve requirement of banks to 7.5% of total liabilities in an effort to restrict the growth of money supply, and the government imposed restrictions on automobile loans and consumer credit. In June Malaysia unveiled its new economic plan, termed the Outline Perspective Plan, which embraces the decade commencing in 1991. This plan replaces Malaysia's New Economic Policy (NEP), instituted in 1970, which focused on the distribution of wealth to the economically depressed indigenous Malay population. The new plan lays emphasis on economic growth and encourages private, including foreign, investment.

Malaysia, 1991 Share of Market Capitalization (Total: $635 billion)


~~~~~~~~~~~~East 160

Latin 3a2ic

Asia

1

]

Malaysia

I FCComposite

32%t>.~. g, 6...... \ 140-

Europe Mideast/ Africa 7%

100

South Asia

Z

25%

f 80

Malaysia 38%

SOther SouthAsa

60 EndJan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91

Exchange Rate


US$/ringgit

Millionsof US$

0.500

o100

80

- -

-

0.400

0.3000 0f

W

90

6

4

0.200

0.100

2~

-

~ ~ ..

~

~ Stock

......

-

End Jan Feb MarApr MayJun Jul AugSep Oct NovDec 90 91

~~~0 tbook..



27

Mexico

agricultural reform was also instrumental in the gains posted by the market.

Market Performance Mexico ranked fifth in world stock market performance in 1991. The IFC Price Index for Mexico was up 103% in U.S. dollar terms, and the BMV Index increased 129.8% in peso terms, for the year. The total market capitalization increased from $32.7 billion in December 1990 to $98.1 billion in December 1991, a 209% increase. The total value traded was $31.7 billion, double the previous record, set in 1987. The markets' rise reflected strong corporate earnings, prospects of a North American Free Trade Agreement with the United States and Canada (NAFTA) nearing completion, successful privatizations, and moderate but continuous growth. Numerous factors contributed to a market surge in the spring of 1991; among them, falling interests rates, strong domestic growth, increased foreign investment, and the end of the Gulf war. Other contributing factors were progress in the free trade agreement with the United States and Canada, expectations of higher corporate earnings, the success of Telmex "L" share international offering and confidence in the government's economic policies. The market dipped in June 1991 due to higher interest rates that attracted investors from non-bank stocks into banking stocks. In July, the market rebounded due to positive second quarter corporate earnings, and the upward trend continued through the end of the year. September and December noted a dramatic increase in the trading activity due to expectations of eleven companies' placing shares on the international market. The renewal of the "Pacto" in November and


The deal of the year was the offering by the government of the bulk of its holding in Telmex "L" class shares, which brought $2.4 billion from investors in Mexico, United States, Europe and Asia. It was the largest Mexican offering and the largest international equity offering from an emerging market. Telmex's success developed into a series of stock offerings including sales of state-held shares in 10banks for $9.4 billion. By the end of 1991 there were two Mexican stocks listed on the New York Stock Exchange; one on American Stock Exchange; one on NASDAQ; nine on Portal through Rule 144a placements; and nine traded over the counter. Economical and Political Events Real GDP for 1991 grew at a relatively slow pace of 3.6% as the recession in the United States made itself felt in Mexico. Interest rates continued to fall throughout the year, to reach an annualized rate of 15.2% at the end of 1991, while the consumer price index closed up 18.8%. Inflation was lower in 1991 than in previous years, partly due to the renewal of the Pacto, a mechanism for controlling or liberalizing prices between business, unions and government. A fiscal surplus of 2.4% of GDP was achieved. The current account deficit of $12 billion in 1991, was easily financed by capital inflows, with reserves increasing from $10.3 billion in 1990 to an estimated $18 billion at end 1991. Foreign investment reached $15.5 billion in 1991, of which $6 billion went into equities, $5.5 billion in direct foreign investment and $4 billion in fixed income instruments.

Mexico, 1991 Share of Market Capitalization (Total: $635 billion)


Asia 25

%3

U Mexico

.

IFC Composite

%

200-

150:

Europe/ Mideast! Afrrica 7%

_ Latin10 America 32%

,0

50

Mexico 48%

D

Other LatinAmerica 52%

/

0End Jan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91

Exchange Rate


US$/peso

Millions of US$

.00040

300

250- .

,

-- - -- -- -

.00035 . 200

.00030

150

--

.00025

A~~~ .00020

End Jan Feb MarApr MayJun Jul AugSepOct Nov Dec 90 91



29

Nigeria


Market Performance

Through several agreements, Nigeria rescheduled a total of $19.3 billion in debt with the London and Paris Clubs in 1991. Canada and the United States also canceled $106.4 million of debt. At the close of 1991, Nigeria's total external debt is estimated to be around $34 billion. Total debt service requirements are expected to reach over $5.8 billion in 1992, 73% of total official export receipts.

The Nigeria stock market continued its upward trend during 1991. The local general index gained almost 53% in naira terms, while IFC price index for Nigeria rose over 27% in dollar terms, placing the performance of Nigeria stock market among the top fifteen world equity markets. Liquidity increased in naira terms; however, when measured in the U.S. dollar terms, it dropped substantially from 1990 level, due to devaluations of the naira vis-a-vis the U.S. dollar. Total value of shares traded decreased from $10.9 million in 1990 to a little over $9 million. Average daily value traded for 1991 also decreased to $36,975 from $43,426 in 1990. With 11 new listings, total market capitalization grew more than 34% in 1991, rising from $1.4 billion at the end of 1990 to $1.9 billion. Capital market reform and a privatization program revived market activity and broadened the market during the year. Primary market activities were also brisk. The policy of "mass participation" is reported to have resulted in 620,000 shareholders all over the country's thirty states, a 55% increase from 400,000 shareholders at the beginning of the year, in an effort to provide an incentive for better corporate accountability. The market was also boosted by the government's decision in July to cut the withholding tax on dividends from 15% to 5%, and to reduce tax expenses associated with companies seeking quotation on the secondtier securities market. More indigenous companies were therefore encouraged to seek a listing on the second-tier market, which quoted only 16 securities at the end of 1991.


Public spending increased significantly. To fund the growing budget deficit, the domestic credit expanded rapidly, which in turn, fueled the inflation rate to about 20% at the end of 1991. The naira depreciated more than 11% in 1991. However, the spread between the official and parallel rates was about 20%. The government realized about N911 million (about US$91 million) from privatization of public enterprises and sales of assets in 1991. However, plans to privatize more visible and politically sensitive parastatals were stalled. According to the government, the privatization program is set to reach its target of N3 billion (about US$300 million) by June 1992. The military government began a federal government structure overhaul in August. Thirty newly-elected civilian governors took office early in 1992, marking a significant step forward in the government transition from military to civilian rule. Full political power will be handed over to a civilian govemient after legislative and presidential elections, scheduled for September 1992. In an effort to meet the main conditions of the IMF's new standby agreement, the government announced in early March 1992 that the naira would be devalued more than 40%, from N1O.6/US$1to N17.8/US$1, to close the gap between the official and the parallel rates. Effective March 1992, the naira exchange rate will no longer be set by the central bank; rather, it will float freely in the market.

Nigeria, 1991 Share of Market Capitalization (Total: $635 billion)

........

i

i

i|

g9'_8

|

-''--

'.9'

...........

.'

.5'


..

East

140.

EAsia

1

Nigeria

=

El IFC Composite

.,,

tca *

South Asia 25%

U

32%

200

UPhilippines ElIFCE Composite ----

175

Europel Mideast'i

Africa 7%

';,

-__,/125./_ . East Asia 36/

-

'

- - - 2r-7T-I

j

-

i

,~~~~~~~~~~~~~~~~~~~..... ....,.

Philippines 4%

Other EastAsia 96%

.r.......-6-

... .. . ..

50 End Jan FebMar AprMay Jun Jul Aug Sep Oct NovDec 90 91

Exchange Rate


US$/peso

Millionsof US$

0.050

10

0.045--

- - -

-

-- - -

- -

0.040 6 0.035 4J 0.030

54EI

S

2

M

s

b

0.0225

0.020 EndJaFeMaApMyuJuAuSpOtNvc

0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov

Dec

90 91


35

Portugal Market Performance Lackluster performances on the Lisbon and Oporto stock exchanges pushed the IFC Price Index for Portugal down a net of 1% in 1991. The local BTA Index also registered disappointing results, with the index closing the year nearly 6% lower in dollar terms. In the first two months of 1991 the market moved strongly higher, gaining almost 20% on optimism surrounding the end of the Gulf war. Soon after the war's end, the market began to drift lower, mostly due to slower growth in corporate earnings, high returns on fixed income instruments and a general lack of liquidity on the exchanges. Turnover on Portugal's two exchanges totaled $2.82 billion in 1991, up 67% from the $1.68 billion traded in 1990. Trading activity was highest in the last quarter of the year when average daily turnover was $16 million, against a $11.5 million average for the entire year. Closed-end country funds investing in Portuguese shares generally performed poorly in 1991. The Portugal Fund and Oporto Growth Fund, both listed in London, saw share prices fall 22% and 20% respectively during the year. At the end of 1991, the Portugal Fund was trading at a discount to net asset value of 28% and the Oporto Growth Fund was trading at a 40% discount, compared to respective discounts of 16% and 37% at the end of 1990. Shares of the New York-listed Portugal Fund, Inc. fell just over 1%, from $9 3/8 at


the end of 1990 to $9 1/4 at the end of 1991. The fund was trading at a discount of approximately 13% at the end of both 1990 and 1991. In July, a new legal framework for the country's stock markets, known as the Sapateiro Law, became effective. The law was designed to bring the Portuguese system in line with European Community rules. It established an independent securities and exchange commission (Comissao do Mercado dos Valores Mobiliarios) and provided rules for insider trading, disclosure and takeovers and mergers. A new system of continuous automatic trading was implemented for some stocks in September under the new law. Economic and Political Events Prime Minister Cavaco Silva and the Social Democrat Party were re-elected for four years on October 6 with an overall Parliamentary majority. Inflation for 1991 totaled 11.4%,about two percentage points lower than the 1990 inflation rate. For 1992, the government anticipates prices will rise between 7% and 9%. It is expected that official government statistics will show GDP growth for 1991 at just under 3%. GDP growth was 4.4% in 1990 and is forecast to be near 3% in 1992. Early estimates indicate that gross foreign investment in Portugal was about $7.2 billion 1991, nearly double the $3.8 billion registered in 1990. In the first eight months of the year, direct investment totaled $1.02 billion and portfolio investment tallied $2.2 billion.

Portugal, 1991 Shareof MarketCapitalization (Total:$635billion)

IFC Price Index (US$;end 90=100)

pe

Americap .AsiOus Portugal

~~~~~

OtheriEuropelEl!F

~ ~~ ~M2deasteast/ ~ ~ ~MdAst/fica6

Americ

-i

ll_ E

omost

6

~~~~78%

EndJan FebMar AprMayJun Jul Aug Sep Oct NovDec 90 91

ExchangeRate


US$/er;cudo

Millionsof US$

0.0100

0.0080

25

~~~ ~ ~ ~ ~ ~ ~ ~~~~09 15

9091

US$/escudo

Millions of

rgngStok

Mrkts

acbooS3

JanFebMarAprMayJun JulAugSepOctNovDec

Taiwan, China Market Performance After a steep decline in 1990, the Taiwan stock market consolidated in 1991. The Taiwan Stock Exchange weighted index increased 1.6% from the end of 1990, but the IFC price index fell nearly 6% in dollar terms, due to the appreciation of the currency against the U.S. dollar. Liquidity in the stock market plummeted in 1991 with the total value of shares traded falling 49% from the already low $715 billion in 1990 to $365 billion. Average daily value traded for the year decreased from $2.5 billion to about $1.3 billion. Nevertheless, with 22 new listings, total market capitalization increased almost 24% in 1991, from $101 billion in 1990 to $125 billion. Several factors contributed to the liquidity shortage. First, several big privatization issues came to the market. The government sold 12% of China Steel and 21% of China Petroleum, raising about NT$8 billion (US$297 million) in May. Minority stakes of three state-owned banks were sold in July, raising about NT$58 billion (US$2.2 billion). Second, the 15 newly licensed banks were required to float 20% of their equity through public offerings in September. Third, the govemnmentissued NT$24.5 billion (about US$940 million) bonds in November to cover spending on a series of massive infrastructure development projects. These new issues together with the Central bank's tight monetary policy drained market liquidity to a historic low level. The stock market was officially opened to foreign direct investments in January 1991. After a slow start and much criticism of stringent regulations attached to the market opening, foreign money finally began flowing in. From January 1991 to the end of February 1992, eighteen fund managers received permission to invest about $710 million in the market, and $550 million was brought into the country.


The government has proposed two rule changes. The first, to extend to six months from three months the maximum period during which fund managers can wait to bring in their money after applications are approved. The second rule change governs the repatriation of capital gains. Investors will be allowed to remit their capital gains once a quarter, instead of once a year. Five new funds were launched in 1991. The latest, the New Taipei Fund, was launched at the end of 1991, and was listed in Hong Kong, with a gross initial size of $26.6 million. The New York-listed Taiwan Fund was selling at a 11% premium at the close of 1991, compared to 39.4% in 1990. The drop in the fund's premium was due to more than 50% increase in net asset value versus a less than 5% increase in fund price over the same period. Economic and Political Events Real GDP grew 7.3% and the trade surplus increased 6.4% to $13.3 billion in 1991. The trade performance was a sharp improvement on 1990, when the surplus dropped 10% from 1989. For the first time, Hong Kong ($10.5 billion) replaced the U.S. ($8.2 billion) as the biggest contributor to the trade surplus. This reflected a weakness in some major foreign markets and a shift to diversification into new markets. The healthy economy and strong export performance propelled a record appreciation of the currency against the U.S. dollar. The New Taiwan dollar hovered around NT$25 to one U.S. dollar in early 1992, compared to NT$26.6 at the end of 1990. The success of the ruling Kuomintang party at the national assembly elections in late December calmed political tensions over the independence movement. The election gave the ruling party 179 elected seats as well as 75 appointed members in the National Assembly. With 64 incumbents, the ruling party will have 79% of the assembly seats-well above the 3/4 majority it needs to control the constitution convention scheduled for 1992.

Taiwan, China, 1991 IFC Price Index (US$; end 90=100)


Latin

America

America 32%

South

.

| 0

Asia 25%

~~~~~~~~~~160 China L Taiwan, rSouth t60

IFCComposite

140 -

Europe/

~t,A=t74E

MideasVt/9A

; _

.O.4l

Africa

East.10 36% 80

Other Asia East

Chinan,

Chin/

_

54

60 End Jan FebMar AprMay Jun Jul AugSep Oct NovDec 90 91

46%


Exchange Rate

Millionsof US$

US$/NewTaiwandollar 0.050

3,000

0 045

2-500

002,000-

90

0.030

"

5~~~~~~~~~~~~~~1000

5 0.025

k

1,500

0E035

~

'50

-~~~~~~~o 0.020 EndJan FebMar AprMayJun Jul AugSep Oct NovDec 90 91



39

Thailand Market Performance

All others were at discounts to their net asset values ranging from 2.7% for the Bangkok Fund to 29% for the Thai Euro Fund.

Following large gains on the Stock Exchange of Thailand (SET) in the first quarter of 1991, the market remained depressed for several months, and regained lost ground from November onwards. The net gain in the IFC Price Index for the year was 7.4% in dollar terms. Market capitalization, however, increased 50% during the year, due mainly to the listing of new stocks. Among the 62 stocks listed in 1991 were a handful of large stocks that quickly commanded the largest market capitalizations on the SET. Daily trading value, which had dropped to less than $80 million after the onset of the Gulf crisis, increased significantly from February, to average $130 million for the rest of the year.

Several stock exchange reforms are underway. In September, the Thai Cabinet approved a plan to create an independent regulatory body for the SET on the lines of the U.S. Securities and Exchange Commission, with a board to consist of individuals from the private sector. The plan also addresses several other reforms such as rules for corporate takeovers, structures for establishing futures, options and over-the-counter markets, and legislation to prevent insider trading. In addition, the Central Bank announced that financial institutions would be allowed to set up mutual funds.

The first quarter saw the market surge 36% in dollar terms. This rise was aided by several factors. The first was a sharp one-day gain at the commencement of the Gulf war. Reacting to the February coup that ousted Prime Minister Chatichai, the market declined 7% overnight, but subsequently regained lost ground with the announcement by the military of the installation of a civilian govemment, and hopes that there would be no major shift in business and economic policies. The recovery was also aided by an end to the Gulf war and large purchases of shares by a government mutual fund company to prop up the market.

A military coup ousted the government of Prime Minister Chatichai on February 23 and installed Mr. Anand Panyarachun as interim Prime Minister. Martial law was lifted on May 1. In mid-April, the government announced a series of economic measures that included the loosening of foreign exchange controls, the introduction of the value added tax system in January 1992 to replace the old system, and lastly, a bid to increase exports by stepping up the efficiency of export approval procedures. The government also announced its intention to disband trade unions at state enterprises.

A subsequent slump that lasted several months was attributed, among other reasons, to high interest rates, a waning of foreign interest, a general decline evidenced in the Pacific rim markets at the time, and a lack of fresh stimulus in the market. Economic forecasts portending a slowdown in growth also helped in maintaining a damper on the market. Of the country funds investing in Thailand monitored by IFC, only the Thai Fund Inc. traded at a small premium, of less than 1%.



After growing at an annual rate of over 10% in the last few years, the economy is slated to grow at approximately 8% in the next few years as envisaged in the most recent five-year national plan that went into effect in October. The reduced growth rate is attributed mainly to a general slowdown in world economies, reduced bank lending within the economy, efforts of the government to tackle debt, inflation and balance of payments, and the after-effects of the Gulf war whereby tourism and exports slowed down.

Thailand, 1991 IFC Price Index (US$; end 90=100)


d

v

32%

|

7

.: -

-

-

9

\ 160

East , Asia

A:

Latm Annerica

\

:

Thailand

.

.

\36%

~-

~~~~ ~ , ~~~~~~~~

.....

IFC Composite

',

-- ---

.6

.

--

-4 ---

120 Europe/ Mideast/ Africa 7% t

South Asia 25%

0

-

i

Other

Thailand

23

SouthAsia 3

60 End Jan Feb MarApr MayJun Jul Aug Sep Oct NovDec

77%

~~~~~~~~~~~~90

91


Exchange Rate

Millions of US$

USS/baht

250

0.050

0.045

200-

-

150

-

I n-~~~~~~~~~~~~~~~~~~~~~~- ----------

0.040 150 0.035 100 0.030

50-

0.025

..... D ::.~~~~~~~~~~~~~~~~~~~~~

0.020 End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec

0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct NovDec

90 91


41

Turkey

shares declined from $8.25 to $7.50 during the year, a 9% drop.

Market Performance Economic and Political Events The IFC Price Index for Turkey dropped 53% in 1991 as world events and local economic and political uncertainty combined to weaken share prices. The IFC Total Return Index and the ISE Composite Index, both of which assume investors re-invest dividends and participate in all rights issues, performed slightly better, falling 27% and 23% respectively in dollar terms for the period. Although share prices fell, trading activity on the Istanbul Stock Exchange (ISE) improved substantially in 1991. The total value traded during the year was about $8.3 billion or approximately $34 million a day, almost a 43% increase over 1990 figures. The Istanbul market was volatile during the year, oscillating in response to events which included both war and national elections. At the beginning of 1991, investors were apprehensive about imminent Gulf war. The start of the war along with good corporate results raised investor optimism and the market reached its 1991 peak at the end of February. Profit taking, poor economic news and political uncertainty then turned the market bearish and a significant decline in share prices occurred between March and July. A potential market rally in August was abruptly ended by the attempted coup in the former Soviet Union. After the coup attempt, the market slid lower due to apprehension surrounding the elections and poor economic news. The final outcome of the general elections in October removed prevailing political uncertainty, and the market rebounded sharply in November and December. In the last two months of the year the IFC Price Index gained 38%. The New York-listed Turkish Investment Fund significantly outperformed the Turkish market in 1992 with share prices gaining 13% over 1990 to $7 5/8 at the end of 1991 as the fund's 18% discount to net asset value moved to a 1.7% premium. The net asset value of


General elections were held on October 2.0, nearly one year ahead of the November 1992 date required by the last National Assembly elections. The True Path Party (DYP) emerged from the elections as the biggest party, but was unable to gain an overall majority. On November 20, a coalition government was formed between the DYP and th,e Social Democrat Populist Party (SHP) ancl the coalition later received Parliament's vote of confidence. Suleyman Demirel of the DYP became prime minister of the coalition government, a post he has occupied six times since 1965. The new cabinet is structured such that the DYP party controls the posts concerning economic and fiscal matters and the SHP parly controls the posts dealing with social issues. Total public spending amounted to around 40% of GNP in 1991, the highest level in 13 years. The ratio is expected to remain near 40% as 1992 spending is estimated at TL208 trillion (US$41 billion). GNP grew 0.7% in the first three quarters in 1991 and it is estimated that total GNP growth will be about 2% for all of 1991, a significant decline from the 9.9% growth rate recorded in 1990. The manufacturing sector had the greatest economic growth in 1991. The consumer price index increased 71.1 % in 1991, up from 60.4% in 1990, according to the State Institute on Statistics. The wholesale price index climbed at a slower rate, showing an increase of 59.2% for the year. The government expects inflation to decrease to about 52% in 1992. The number of foreign investment perrnits granted in 1991 was the highest in six years. The total amount of foreign capital invested in Turkey is expected to reach a record $950 million for the year.

Turkey, 1991 Shareof MarketCapitalization (Total:$635billion)

IFC PriceIndex (US$;end90=100)

175- / 36.0

Turkey C] IFCComposite

70

t/|->

..

.

150-

125-

Latin

SOuth

AmericAsin

Stok

32%

25%

M

.

75Europe/ Mideast/ Africa

~

50 -

~

7% I

... . .

.

_

. ..

.

25Other Europe/ 360/

Mideast/Africa 64%

0

ExchangeRate

End Jan Feb MarAprMayJun Jul AugSepOctNovDec 90 91


US$/Ilira

Millionsof US$ 70

.00040

60 .00035 50

~4

.00030

i1.

30

.000250

.00020

End JnFbMrpMyu

0

u

uSpOtNve Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

90 91


43

Venezuela


Market Performance

GDP growth in 1991 was estimated at 10%, the best year in Venezuela's history, led by the construction sector and an expansionary investment policy in the energy sector. Inflation decreased to 30% for the year, from 40% in 1990, as monetary policy was kept tight.

Year-end statistics show the IFC Price Index for Venezuela up 34.3% in U.S. dollar terms for the year, and the BVC Index increased 64% in local currency during the same period. Total market capitalization increased from $8.4 billion in December 1990 to $11.2 billion in December 1991, a 34% increase. Market liquidity increased in 1991, as total trading value rose $3.2 billion in 1991 from $2.2 billion in 1990. The first half of 1991 showed a steady decline of investor interest in stocks, as a result of new regulations of the Bolsa de Valores, which reduced the level of short term speculation, and to the withdrawal of foreign investors who were attracted by the spectacular booms of other Latin American markets. The market surged from October through December with new inflows from foreign institutional investors reacting to, on news of positive economic goals obtained in 1991. Several firms raised capital through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs) on US stock markets. Among the industries represented were steel, paper, petrochemicals, and ceramics.

Exports declined in 1991 as oil prices fell and the bolivar became overvalued, and imports continued to increase. However, foreign capital inflows, including repatriated capital and privatization proceeds, increased reserves to $10.5 billion in 1991. The 1991 trade surplus was estimated at $5.2 billion, down from $10.9 billion in 1990. Trade liberalization brought a reduction from 50% to 40% in trade tariffs, and all trade barriers on the auto industry were eliminated within the Andean Pact. With world oil oversupply, Venezuela cut oil production. The market reacted to the signal with a price increase of 25 cents per barrel for light sweet crude. The three year Extended Fund Facility with the IMF was extended to March 1993 and was tied to the value added tax (VAT) program legislation. Privatizations took off with sales of CANTV (telephones), Viasa (airline), Central El Tocuyo, and the National Ports Institute in 1991.


Venezuela, 1991 Share of Market Capitalization (Total: $635 billion)


Asia

As25%i

1

Venezuela

IFC Composite

140

120 Europe/ Mideast/ Africa 7%

f Latin America

e0

32%

z

.

~~~~~~Latin America

Venezuela

4

94%

End Jan Feb MarApr MayJun Jul Aug Sep Oct NovDec 90 91

Exchange Rate


US$/bolivar

Millionsof US$

0.024

40

0.022

~'-

i;

- - - -

--

'--0--

-

..

-

30 0.020 .ooi

209

0016

S

0.014

0.012

10

--------

----

"

0.010 End Jan Feb Mar AprMayJun Jul AugSep Oct NovDec 90 91

0

~~~~~~~~~~~~~Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec


45

Zimbabwe Market Performance After a spectacular year in 1990, the Zimbabwe stock market faltered in 1991. Although the Zimbabwe Stock Exchange (ZSE) Industrial Index lost a little over 14% in local currency terms, the IFC price index for Zimbabwe dropped 55% in dollar terms, making Zimbabwe stock market the worst performer among world equity markets. Liquidity growth was remarkable in 1991 with total value of shares traded for the year increasing almost 52% from $51 million in 1990 to $77.5 million, in spite of a more than 47% currency devaluation against the U.S. dollar. Average daily value traded for the year rose from $205,000 in 1990 to $307,000, up almost 50%. Total market capitalization grew more than 10% in local currency terms; however, it was $1.4 billion against $2.4 billion in 1990-down nearly 42%-when measured in U.S. dollar terms. Three new companies were listed in 1991. The stock market started the year with a sharp decline in February, with the IFC index falling over 15%. However, the market rallied from March through May on improved exports led by the devaluation of the Zimbabwe dollar and excellent corporate earnings. After a technical correction in June, the market staged another rally, with the ZSE Industrial Index reaching a record high of 2,728 at the end of August. The Index then slid continuously to the end of the year, losing more than 28% from its high in local currency terms. The US$-based IFC index lost 31% in the third quarter, and 25% in the fourth quarter. The fall reflected the market reaction to a spate of rights issues coming to the market

46


during the period, sharp currency devaluation, higher interest rates, and declining confidence in the government's Structural Adjustment Program. Economic and Political Events Zimbabwe launched a five-year (19911995) Structural Adjustment Program (SAP) in March. The five-year SAP was designed to cut the fiscal deficit substantially by 1994, mainly by reducing the deficits of parastatal enterprises and reducing civil-service employment; liberalizing trade to provide access to capital goods needed to expand investments; introducing a market system for allocating foreign exchange; lifting import restrictions on all goods by 1995; and increasing domestic competition by removing controls on investment, prices and wages. The SAP attracted pledges of $700 million from Western donors to help fund a $2.4 billion financing gap when the SAP was first announced. Disbursements of the pledged funds will depend on the results of the SAP. In support of Zimbabwe's SAP,the IMF approved a $400 million loan at the end of 1991 to bridge the finance gap. The results of the first SAP reform were under much criticism. The current account deficit is estimated to have doubled at the end of 1991, from $400 million in 1990 to nearly $900 million, brought about largely as a result of trade liberalization. With inflation running at 25-30%. The exchange rate of Zimbabwe dollar against the U.S. dollar slipped over 8% in the first half of 1991, then fell 7.8% in July, over 10% in August and almost 20% in September, taking the total devaluation for the year to more than 47%. The success of the SAP was in doubt after the first year.

Zimbabwe, 1991 Share of Market Capitalization (Total: $635 billion)


_ East

160-

Zimbabwe

160

IFCComposite

140

120-

Latin America

South Asia 25%

32%

100

80 .

! Europel Mideast/ Africa

.

...

60-

7%

40 .

Zimbabwe 30/0

Other Europe! Mideast/Africa

20 End Jan FebMar AprMayJun Jul AugSepOct NovDec

4| 97%

90 91


Exchange Rate

Millionsof US$

US$/Zimbabwedollar 0.6

0.40

0.50.35 0.4 0.30

0.25 -

.

..

< _

,0

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

0.15~

0.15 'Jan EndJan FebMar AprMayJun Jul Aug Sep OctNov Dec

Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

90 91


47

Performance of World Stock Markets in 1991 (Percent change in U.S. dollars)

Priceindex Rank Market

Totalreturnindex Percent change

1 Argentina 2 Colombia 3 Pakistan 4 Brazil 5 IFCLatinAmerica 6 Mexico 7 Chile 8 Philippines 9 HongKong 10 Venezuela 11 Australia 12 Nigeria 13 United States 14 Singapore 15 India 16 France 17 Denmark 18 Switzerland 19 Netherlands 20 IFCComposite 21 NewZealand 22 Sweden 23 Spain 24 United Kingdom 25 MSCIEAFE 26 Ireland 27 Belgium 28 Malaysia 29 Canada 30 Japan 31 Thailand 32 Luxemburg 33 Germany 34 Jordan 35 Portugal 36 Taiwan, China 37 Italy 38 IFCAsia 39 Austria 40 Korea 41 Norway 42 Finland 43 Greece 44 Indonesia 45 Turkey 46 Zimbabwe

392.1 173.7 159.8 151.6 125.1 103.0 90.1 56.8 42.8 34.3 29.1 27.4 27.2 22.7 16.2 15.8 15.3 14.0 13.9 13.2 12.6 12.1 11.6 11.6 10.2 9.6 9.3 8.9 8.3 8.3 7.4 6.7 6.3 5.9 -1.4 -1.6 -4.1 -4.4 -13.4 -16.6 -16.7 -19.9 -22.1 -42.8 -53.0 -55.2

Sources:IFCfor emerging markets; MSCIfor developed markets.

48


Rank Market 1 Argentina 2 Colombia 3 Brazil 4 Pakistan 5 IFCLatinAmerica 6 Mexico 7 Chile 8 Philippines 9 HongKong 10 Venezuela 11 Nigeria 12 Thailand 13 Australia 14 UnitedStates 15 Singapore 16 NewZealand 17 IFCComposite 18 Netherlands 19 France 20 India 21 Denmark 22 Spain 23 Switzerland 24 UnitedKingdom 25 Jordan 26 Sweden 27 Belgium 28 MSCIEAFE 29 Malaysia 30 Canada 31 Japan 32 Germany 33 Portugal 34 Taiwan, China 35 IFCAsia 36 Italy 37 Austria 38 Korea 39 Norway 40 Finland 41 Greece 42 Turkey 43 Indonesia 44 Zimbabwe

Percent change 396.6 191.5 173.0 172.3 134.0 107.3 99.2 59.3 49.5 48.4 37.8 36.1 35.6 31.3 25.0 20.7 19.2 19.1 18.5 18.1 17.0 17.0 16.8 16.0 15.6 15.4 15.3 12.5 12.3 12.0 9.1 8.8 2.3 -0.6 -0.7 -0.7 -11.9 -14.4 -15.1 -17.4 -18.7 -26.9 -40.4 -52.2

Best and Worst Performing Markets in 1991 (US$, percent change in price indexes) Percent Change 500

||

Best 10 392

Emergingmarkets Developedmarkets

-

400

300

g

200

174

-

0 Argentina

Pakistan Colombia

Mexico Brazil

Philippines Venezuela Chile Hong Kong Australia

PercentChange

------

50

4-

-1013 -20

-17

-17 -20

-30 a-!-~-

-22

.

---

-60

-40-70

-50

-

-60

-

-70

-

~~ ~

~-

------

--

--------

-

-43 --

i

Worst 10

Taiwan, China

Austria Italy

Norway Korea

Greece Finland

Turkey Indonesia

Zimbabwe


49

Equity Markets and GNP 1990 120 110-

Malaysia

U U

Emergingmarkets Developedmarkets

Japan

U

100 Brazil 100Z

X

Taiwan, China * U Korea m UK

Jordan Chile WKra W ~~~~~~Zimbabwe U~~~~C

_

0C

USA

Thailand * Argentina

z 2

0 Greece ~~~~~~~~~~~~Turkey Venezuela

N

.a

India Philippines IndiaU

U

oU * Indonesia

10 -

France

Mexico

Germany Portugal

Austria

Pakistan Colombia Nigeria

1

100

I

I

I

I

Ii I

I

I

I III

I

I

I

Ii 1

10,000

1,000 GNP per Capita(in US$)

I11

20,000 30,000

Market Size and the Economy

Market Capitalization, 1991

Emerging markets

$643billion 6%

Developedmarkets $10.8trillion 94%

0

Gross Domestic Product, 1990

Emerging markets

$2.5 trillion 13%

Developedmarkets $16.2trillion 87%

Market Capitalization, 1982-1991 (Millionsof U.S. dollars) CD

o.

-

>n

Market

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

4,167 41,100 78,400 23,602

5,855 79,000 183,765 34,504

11,692 149,500 257,677 53,789 9841,0

19,698 172,048 213,166 54.088

30,179 244,833 251,777 74,377 ,5

30,652 364,841 365,176 77,496 ,2

22,721 341,695 379,399 83,397 0501,8

14,234 374,093 393,453 121,986

10,649 6,620 48,922 63,354

128,663 17,931 71,188 70,564

126,094 24,049 91,118 100,083

131,059 35,925 122,652 119,285

137,540 34,308 111,404 92,102

123,981 47,637 147,928 97,495

markets Developed

Finland France Germany HongKong Israel

4,134 2,759 38,100 28,000 82,600 68,900 17,095 18,784 15845035107,626

A1rica South Singapore Spain Sweden

77,800 31,235 11,100 18600

markets Developed

82,800 15,525 10,900 30200

53,400 12,247 13,200 25,700

55,439 1, 19,000 37,296

9,076,343 10,760,028 2,670,238 3,306,060 3,350,632 4,551,656 6,367,448 7,691,613 9,404,816 11,092,419

Market Capitalization, 1982-1991 (contin?ued) (Millions of U.S. dollars) Market Emergingmarkets Argentina * Bangladesh Brazil (SaoPaulo) Chile* Colombia CostaRica

Coted'lvoire Egypt(Cairo) * Greece India(Bombay) Indonesia Jamaica Jordan' Kenya

Korea Kuwait

El

v: ¢°, t

!Z

Malaysia Mexico * Morocco Nigeria * Pakistan Peru PhIlippines' ' Portugal SriLanka Taiwan, China Thailand * Trinidad andTobago Turkey' Uruguay Venezuela * DZimbabwe * IFCcomposite Allemerging markets Total

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

974 34 10,249 4,395 1,322

1,386 48 15,102 2,599 857

1,171 87 28,995 2,106 762

2,037 113 42,768 2,012 416

1,591 186 42,096 4,062 822

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

2,025 430 32,149 6,849 1,145

4,225 476 44,368 9,587 1,136

3,268 321 16,354 13,645 1,416

18,509 269 42,759 27,984 4,036

118

156

195

246

248 1,106 964 7,178 101 113 2,713

237 1,691 766 6,370 85 142 2,188

302 1,382 765 14,364 117 266 2,454

332 1,716 1,129 13,588 81 536 2,839

-

321 654 1,923 7,058 144 177 2,845 -

4,408 -

-

4,387 -

22,798 3,004 253 2,970 1,126 546 1,389 84

13,903 1,719 292 1,458 877 685 1,981 92 5,086 1,260 1,357 952 24 2,415 35S 63,416 66,960

7,599 1,488 1,011 968 9 2,792 265 79,770 83,222

2,737,198

3,389,282

Index. included in IFCComposite 'Emergingmarkets - Notavailable.

-

-

6,223

-

7,381

-

-

458 2,150 4,464 17,057 68 631 2,643 -

13,924

32,905

-

437 1,760 4,285 23,623 253 796 2,233

-

531 1,713 6,376 27,316 2,254 957 2,162

-

549 1,835 15,228 38,567 8,081 911 2,001

311

567 -

13,118 47,730 6,823 1,034 2,512

474

499

453

638

94,238

140,946

110,594

96,373

10,108

14,196

11,836

9,932

9,889 1,720 843 956 9 176 88,329 92,127

16,229 3,815 255 2,743 1,370 760 669 192 365 10,432 1,856 463 15 1,128 360 111,108 115,224

15,065 5,952 279 1,112 1,710 2,322 2,008 1,530 421 15,367 2,878 374 935 35 1,510 410 128,609 145,164

18,531 8,371 357 974 1,960 831 2,948 8,857 608 48,634 5,485 388 3,221 40 2,278 718 184,129 204,193

23,318 13,784 446 960 2,460 4,280 7,172 471 120,017 8,811 268 1,135 24 1,816 774 351,327 368,269

39,842 22,550 621 1,005 2,457 930 11,965 10,618 427 237,012 25,648 411 6,783 1,472 1,067 598,789 615,286

48,611 32,725 966 1,372 2,850 848 5,927 9,201 917 100,710 23,896 696 19,065 8,361 2,395 464,267 471,763

58,627 98,178 1,528 1,882 7,326 1,135 10,197 9,613 1,998 124,864 35,815 671 15,703 44 11,214 1,394 634,657 642,852

3,442,759

4,666,880

6,512,612

7,895,806

9,773,085

11,707,705

9,548,106

11,402,880

-

19,401 2,197 236 3,191 1,226 397 834 73 -

-

-

-

Regional Weights of Emerging Markets

(Based on Market Capitalization in US$) 0

1991

1981

~~~~~~~~~~Europe

pt 4%

Latin AmLatca 46%

3%Erp

cEurope A 2%6%

Mideast

South Asia 25% 29% W36E

EastAsia

EastAsia 14%

Total:$83 billion

.~

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

36%

Total: $643 billion

Number of Listed Companies, End 1991

600

836,50

~~ ~ ~ ~ ~ ~ ~~~~~~~1) ~~~ ~

C')

0~~~~~7

~~ ~

C-)

~

~

3

~

~

2,107

~ ~

~

~

~

~

1,915

6

8

-

C)~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~J

0~~~~~~0

C)

200

~~~~~00

Bra 2

-o cy) LA

*

Chi

Estimated.

Fra

Gre

Ind

Jpn

Kor

) Emergingmarkets

Mex

Tai

Tha

Developedmarkets

UK

USA

Ven

Number of Listed Domestic Companies, 1982-1991 3 no v

Market

g

Developedmarkets

0

1982

BeIu

D° F

Denmark Finland France Germany Hong Kong

Qapada

2122041 759 2^ 535 450

1983

1984

1985

943 231 52 504 449

192. 912 24, 50 489 472

. 6Q8 211 48 518 442

1986

1987

191.. 192P 1Q34. ........... ............. 1,147 274, . 277 49 49 482 650 492 507

1988

1989

38A8M121 1,145 291 66 646 609

1,146 46tv........................... 1,144 257 258 78 73 668 873 628 649

1990

1991

1086~~~~~~~~~~~ 2D4,'D. 63 839 667

-

-

-

260

248

276

282

284

284

333

Israel

212

258

269

267

255

283

265

262

267

286

S houthAfrica Norway

880 112

164 1138

347 143

175 5

14798 253

836 204

742 211

4 217

408 220

348

Singapore

112

118

121

122

122

127

132

136

150

157

Spain Sweden

448 138

394 145

375 159

334 164

312 154

327 157

368 142

423 135

427 132

433 127

16,090

17,018

17,830

18,184

19,049

19,144

18,417

18,251

18,035

18,150

Developed markets

a Dataexcludes undertakings forcollectiveinvestmentfor 1989, 1990and1991.

21~~~~~

Number of Listed Domestic Companies, 1982-1991 (continued)

W

CD

az Ei' Z)

Market

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

Emergingmarkets Argentina * Bangladesh Brazil(SaoPaulo) Chie^ Colombia' CostaRica Coted'lvoire Egypt(Cairo) Greece^ India*a Indonesia' Jamaica Jordan Kenya Korea Kuwait Malaysia' Mexico' Morocco Nigeria^ Pakistan' Peru Philippines' Portugal' i Lanka Taiwan, China Thailand ' Trinidad andTobago Turkey Uruguay Venezuela ' Zimbabwe' IFCcomposite Allemerging markets

248 28 493 212 193 24 25 112 113 3,358 14 35 86 54 334 194 206 78 93 326 144 200 26 113 81 34 314 49 98 62 6,750 7,347

238 43 505 214 196 32 25 154 113 3,118 19 36 95 54 328 204 163 76 93 327 150 208 25

227 69 541 228 102 51 25 317 114 4,344 24 38 104 54 342 55 222 157 76 96 362 159 138 24 171 127 100 36 43 108 55 7,391 8,509

217 7l 592 231 99 61 25 387 114 4,744 24 40 103 53 355 70 223 155 76 99 361 177 130 63 171 130 98 33 40 41 108 53 7,915 9,151

206 85 590 209 96 71 25 430 116 5,560 24 43 101 53 389 64 232 190 76 100 379 197 138 143 168 141 125 33 50 41 110 53 8,928 10,238

186 101 589 205 86 76 24 483 119 5,841 24 44 106 55 502 65 238 203 71 102 404 236 141 171 176 163 141 33 50 40 60 53 9,360 10,788

178 116 592 213 82 78 23 510 119 5,968 57 45 106 57 626 52 251 203 71 111 440 256 144 182 176 181 175 31 50 39 60 54 9,735 11,246

179 134 581 215 80 23 573 145 6,430 125 44 105 54 669

174 138 570 221 83 82 23

119 88 34 47 60 6,094 6,764

236 56 522 208 180 41 25 258 114 3,882 24 36 103 54 336 217 160 77 93 347 157 149 23 123 96 36 373 43 116 56 7,334 8,141

282 199 71 131 487 265 153 181 175 199 214 30 110 36 66 57 10,483 12,013

321 209 67 142 542 273 161 180 178 221 276 29 134 26 66 60 10,773 11,827

23,437

23,782

25,971

26,693

28,200

29,382

29,205

29,497

30,048

29,977

Total

g ,A -.1

a Estimated

'Emergingmarkets in IFCcomposite Index - Notavailable

-

-

126 6,500 141 44 101 53 686 -

Value Traded, 1982-1991

00

(Millions of U.S. dollars) CD

00

on

C

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

138 7,328 14,490 7,615 6,650

249 8,345 32,949 5,116 10,284

417 7,690 29,764 6,243 735

502 14,672 71,572 9,732 748

1,869 51,548 135,700 15,299 1,455

6,047 88,085 373,428 47,627 4,828

7,076 65,505 350,274 23,405 2,447

7,363 107,286 628,630 34,584 3,909

5,170 129,013 1,003,609 34,633 5,535

1,550 118,218 818,603 42,993 8,446

31,72

38,492

4256

43,607

markets Developed

.T Finland France Germany HongKong Israel Notaly

2,88,7

SouthAfrica Singapore Spain Sweden

2,575 2,419 1,380 4,614

Developed markets

765,335

,6

3,752 5,588 1,300 9,847

1,202,546

1,4753,9359

2,528 3,849 2,465 8,496

2,836 1,383 3,382 9,644

4,990 2,679 14,944 19,830

9,568 6,854 36,070 19,588

4,947 4,470 25,608 18,752

7,095 13,711 39,389 17,420

8,158 20,293 40,967 15,797

8,051 18,074 40,591 20,561

1,240,132

1,603,018

3,494,296

5,688,688

5,591,098

6,308,073

5,266,503

5,005,827

Value Traded, 1982-1991 (continued) (Millions of U.S. dollars)

Emergingmarkets Argentirna * Bangladesh Brazil(SaoPauto)t Chile' Colombia' CostaRica Coted'lvoire Egypt(Cairo) Greece * India(Bombay)' Indonesia* Jamaica Jordan'

g r

Total

1990

1991

277 0 9,962 51 47 0 1 132 12 3,916 2 7 138

631 1 2t,484 57 30 0 1 97 17 4,959 3 21 163

309 2 28,912 298 49 0 3 180 32 10,781 1 68 185

251 6 9,608 503 80 1 14 235 441 6,743 3 73 420

593 4 17,979 610 63 1 9 115 313 12,241 4 25 337

1,916 5 16,762 866 74 4 5 81 549 17,362 541 90 652

852 6 5,598 783 71 5 18 126 3,924 21,918 3,992 32 407

4,824 3 13,373 1,900 203

3,869

4,162 387 2,335 2,360 13 15 236 38 11l 5

79.180 2,543 2,623 5,732 33 5 177 57 875 1,136

121,264 1,709 6,888 6,232 16 4 193 90 2,410 1,912

389 4,887 65 65 -

48 12 37 5,030 19 6 318

2 32 17 2,377 11 5 329

2,700

2,260 3,398 1,112 17 18

-

-

-

41 142 1

26 483 1

2,226 2,160 16 16 180 28 125 3

3 82 75 20,697 21,049

9,081 381 151 10 1 59 38 24,981 25,215

8,194 434 76 7 0 27 6 31,652 31,912

786,384

1,227,761

1,272,044

-

3,422 238 232 -

'Emergingmarkets in IFCcomposite Inde. Notavailable.

-

1989

231 5,961 163 93

1,392 781 10 12

Taiwan, China Thailand Trinidad andTobago Turkey' Uruguay Venezuela' Zimbabwe' IFCcomposite Allemerging markets

't

1988

-

Sri Lanka

-

1987

1984

-

Korea' Kuwait Malaysia Mexico Morocco Nigeria' Pakistan ' Peru Philippines * Portugal

cnn

1986

1983

Kenya

t::

1985

1982

-

3

4,899 568 61 0 31 9 42,075 42,697 1,645,715

-

10,889 1,412 1,180 3,841 9 16 155 239 563 60 5

229

-

24,919 3,023 3,829 15,554 8 7 162 301 1,524 1,518 11

12

3

10

9

7 -

2,443 24,295 2,981 95 432 11

75,949

85,464

10,871 12,212 62 11 231 176 1,216 1,687

10,657 31,723 49 9 645 135 1,506 2,818

22

715,005 22,894 55 5,841

120

18,931 1,133 52 13 2 52 12 77,412 79,384

84,112 4,633 25 115 4 148 23 154,593 158,294

275,624 5,598 22 101 221 39 403,451 406,272

965,840 13,452 69 798 1 93 36 1,157,844 1,160,146

2,232 51 885,745 886,257

365,232 30,089 80 8,571 2 3,240 77 590,482 590,993

3,573,680

5,846,982

5,997,370

7,468,219

6,152,760

5,596,820

Market Concentrationa (Percentage of total)

Market

Shareof market heldbyten capitalization largest stocks,end1991

LatinAmerica Argentina Brazil Chile Colombia Mexico Venezuela

70.7 31.9 49.3 76.3 55.0 69.8

70.6 47.4 60.5 52.1 32.3 89.4

EastAsia Korea Philippines Taiwan, China

31.2 62.6 35.5

18.8 52.7 17.8

SouthAsia India Indonesia Malaysia Pakistan Thailand

21.2 44.8 36.0 37.8 32.2

29.4 39.7 20.5 17.5 20.9

Europe/MideastVAfrica Greece Jordan Nigeria Portugal Turkey Zimbabwe

47.3 54.9 52.7 44.8 42.9 42.0

58.7 34.9 46.1 21.2 40.2 41.5

Developed marketsb Canada France Germany Japan Switzerland UnitedKingdom UnitedStates

31.1 26.6 39.4 18.7 50.4 25.4 15.4

a StocksintheIFCComposite Index,relativeto thetotalstockmarket. b AtApril1991;MSCIPerspective, May1991. - Notavailable.

60

Share of valuetraded heldbytenmost activestocks,1991


Number of Large Companies in the IFC Composite Index, End 1991

80

_

_

_

_

_

_

_

_

_

_

_

Companies withmarket 70

69 66

capitalization

Greaterthan $250million $100millionand

-- -- -- - - --

- -- - -- ---- 53

[J$250 million 50 aI)

~~~~~~~041

C: 404 E 0

20

7i~~~~~~~~~~~~~~~~~~i

~~~~~~0

0

Arg CD

0

Chi

~~~~~~~Bra Co1

Gre

ldn Ind

Kor Jor

Mex Mal

Pak Nig

Por Phi

Tha Tai

Ven Tur

Zim

-C0000-0

0000,- --

-0

00-0

-

-0-00-0--

C---

7;

-: C

-000 0:

01

00

N

0

0v 0_

CC-,,-

4

L

- 000-00 0 0 0

L0

,-00

0

000-0 0 0

0-00-0,,,-

U

0,,0

000-

,

0000

,0-

~~~~~cO ce ec O

Q>tfbN

o

CM

o

C

0oea eDeN Dc rc

D

00

00

00

CD

-

000

00

C

If

00

0

0

o

O

000

C

K

C

0

=

0

00o

0

0

0000

X~~~~~~~~~~~~~~

C

E000

2

C

.

C)

62

00


Ie

C)C

Price/Earnings Ratios, End 1991

Ratio 50

Emergingmarkets

Developedmarkets|

39 40 35 31 30

26244

26

22

22 19 1 15

15

15

14

1315

7

61 7

1

17

20

14

4~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0

10 4

rio

CIO

0T Arg

roE rn

Chi

Era

Ger Col ~~~~ ~~~~Bra

Ind

Jpn

Kor

Mex

Pak

Por

Tha

Zim

USA

Tur

Tai

Phi

Nig

Mal

Jor

Idn

Gre

UK

Ven

Selected Turnover Rates, 1991 330 233

Tai

UAValue --

tradedas a percentage of

-

D

X)

100

average 1991market capitalization

-

82 75 50~~~

~ ~~~~~5

25~~~~~~~~~~~~~~~~~~~~2

0 Tai

GrTha

KrUSA

IdTur

MxArg

dnUK

Emergingmarkets M

JnVen

PrBra

Developed markets

Ph

re CiZimNi

Performance of Selected Country Funds US$ billions 10.0 *

Market value

C

Net asset value

8.0

.~~

.~~

C.,~~~~~~~~~~~~~~~~~~~~~~~z

0,

CD

2.0

89~~~~~~7

,

909

c. ..,,E..... . .....

..

0

09

F

9

19

........

.

Selected Closed-End Country Funds for Emerging Markets (Currency amounts in tJS$; end 1991) run

t

Principal market andfundname

¢

Regionalfunds

,

s.t g

EMGF, Inc.(1,111) E.M.Fund Templeton EMIF. Inc.flillIll NewWorldinv.Fund(,ll) EquityFund Commonwealth Fund AsianDevel. Equity JFAsiaSelect Fund

Market listed

Dateof first offering

Gross initialsize (US$millions)a

Offering price pershareb

Market price pershare'

Luxembourg NYSE Luxembourg Nutlisted Notlisted Lux& Sing Hong Kong

May 86 Feb87 Feb88 May89 Sep90 Jan88 Dec 89

383.21 115.00 230.74 71.47 56.56 100.00 103.00

20.75 10.00 11.59 10.13 10.00 10.00 1.03

2113

NYSE

Oct91

60.00

12.00

Notlisted NYSE Notlisted

Sep87 Mat88 Jun91

77890 150.00 43.14

NYSE London London

Oct89 Feb90 Feb90

80.50 15.00 106.00

15.00 10.00 10.60

24.13 11.62 15.25

London NYSE

Jul86 Aug 88

192.28 80.10

2.04 12.00

Hong Korig London Hong Kong NYSE

Mar89 Aug 89 Sep89 Mar90

67.52 42.08 30.00 60.00

NYSE Hong Kong Notlisted Notlisted London Not lisied Notlisted

Aug84 Mar85 Nov81 Nov81 Mar87 Apr85 Apr85

150.00 31.50 27.25 26.03 116.13 31.35 31.35

Netasset value pershare

Premium/ discount to NAV(%)d

0.73

35.20 16.62 18.21 20.62 12.26 14.53 1.08

^ -32.40

980.78 242.94 370.96 179.29 06934 145.30 73.00

15.13

11.13

35.90

75.63

11.70 -

105.33 177.00 51.47

30.63 20.47 23.21

-21.20 -43.20 -34.30

129.47 87.15 152.50

3.25 15.75

4.69 16.55

-30.70 -4.80

306.02 78.91

1.35 21.00 10.00 15.00

085 7.63 8.25

0.97 8.84 6.35 7.72

-12.40 -13.70 6.90

42.50 15.25 19.05 33.00

10.88 10.50 10.48 14.87 4.04 10.45 10.45

13.25 26.75 35.50 44.25 4.57 31.50 2575

10.57 29.36 38.20 47.72 4.36 34.25 28.38

25.40 -8.90 -7.10 -7.30 4.00 -8.00 -9.30

285.62 80.25 92.30 77.44 131.35 94.50 77.25

-

-

27.10 -

Argentina

Argentina Fund Brazil Equity Fundof Brazil Brazil Fund Inv.Fund(1,11) Brazilian Chile ChileFund,Inc. FiveArrowsChileFund GTChileGrowthFund India

IndiaFund(Ill) Fund IndiaGrowth

106,293.06 12.50 53.08

Indonesia

JFIndonesia Fund(I,ll) Jakarta Fund Fund Nomura Jakarta Indonesia FundInc. Korea

Korea Fund(lillIf KoreaGrowth Trust Korealnt'iTrust(l,ll) Korea Trust(1,11) Korea Europe Fund(,11,111) Seoullnt'l Trust SeoulTrust

Total market value (USS millions)u

14.75 -

143,790.63 13.21 63.31

Principal market andfundname

Market listed

Dateof first offering

Gross initialsize (US$millions)a

NYSE Notlisted London

May87 Apr89 Jan89

96.60 45.25 89.68

12.00 10.00 13.80

11.38 8.63

13.37 11.21 11.49

-14.90 -2490

91.57 5073 5606

NYSE NYSE

Jun81 Aug90

147.31 72.00

7.47 12.00

22.00 12.25

2497 1492

-11.90 -17.90

439.80 73.50

London NYSE

Oct89 Nov89

5200 100.10

10.40 1200

4.63 813

8.63 1122

-46.40 -27.60

23.13 67.78

London London NYSE London

Aug87 May88 Nov89 May90

42.32 3710 6900 31.00

1058 10.60 15.00 10000

3.50 4.00 9.25 68.50

4.87 6.75 10.63 6890

-28.10 -40.70 -13.00 -0.60

14.00 14.00 42.55 21.23

London London NYSE NYSE

Mar86 May 86 Dec86 Oct83

25.70 2570 9431 42.13

1028 1028 2346 1028

78.50 58.75 22.63 9.88

76.34 57.73 2037 927

2.80 1.80 11.10 6.60

196.25 14688 90.97 296.40

London Notlisted NYSE London London Singapore London

Aug85 Feb88 Feb88 Dec 86 May88 Sep88 Nov88

44.17 9504 114.96 3114 80.25 155.00 80.03

1772 11.88 1200 10.38 10.70 1000 10.67

72.00 1750 15.25 13.00 11.00 13.00

73.99 21.15 1511 34.27 1838 1506 18.06

-2.70 -17.30 0.90 -2930 -27.00 -28.00

180.00 14000 146.09 102.81 97.50 170.50 9750

NYSE

Dec89

8400

12.00

763

7.50

1.70

53.38

Offering price pershareb

Market price persharec

Netasset value pershare

Premium/ discount to NAV(%)d

Total market value (US$millions)e

Malaysia

Malaysia Fund Malaysia GrowthFund Malacca Fund(,ll) Mexico

Mexico Fund Equity& Income Fund Philippines

Manila Fund FirstPhilippine Fund Portugal

Fri CD

¢fS.

Portugal Fund Oporto GrowthFund Portugal Fund,Inc. Portuguese Inv.Fund Taiwan, China Formosa Fund Taipei Fund Taiwan Fund(1,11,111) R.O.C. Taiwan Fund Thailand Bangkok Fund(1,11,111) SiamFund ThaiFund,Inc. Thailand Fund ThaiEuroFund ThaiPrimeFund ThaiInt'lFund Turkey Turkish InvestmentFund

>

Total

ITI

a Thetotalcapitalraisedbythefundthroughoneor moreofferings. b Theweighted average pricepershare,including fees,of shares soldbythefundinoneor moreofferings, adjusted for stockdividends andsplits. c Thelasttransaction priceof theshare,or"-" if theshareis notactively traded. d Thepremium ordiscountof themarketpricepershare to thenetassetvalue(NAV) pershare,wherea tradingpriceisavailable. Thenumber of shares outstanding multiplied bythelastpricepershare.Wherenotradingpriceisavailable, theNAVpershareisused. -Not available.

0

4,172.82

6,786.23

0O

Currency Exchange Rates per U.S. Dollar, 1991 (Month-end)

on,

no

%

Market

>

LatinAmerica Argentinaa Brazil Chile Colombia Mexico Venezuela

I O °

EastAsia Korea Philippines Taiwan, China SouthAsia India Indonesia Malaysia Pakistan Thailand

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

0.9400 1.0300 0.9620 0.9850 0.9920 0.9980 0.9975 0.9945 0.9910 0.9915 0.9910 225.0000 2161600 230.8600 252.2000 285.4500 312.7500 347.3000 394.7500 535.0000 647.1000 840.4000 337.3800 327.5500 344.3800 338.9000 341.9500 348.0400 348.2300 353.1600 357.1500 360.4600 368.3300 693.9900 667.1800 679.3000 639.3700 651.3300 618.1500 628.1300 558.6800 565.0000 570.0000 563.9900 2,945.0000 2,968.5000 2,980.0000 2,998.0100 3,000.0000 3,019.0000 3,034.5100 3,047.0100 3,055.4900 3,071.6600 3,080.0000 52.1300 53.1900 53.1900 54.1500 54.1800 54.7000 58.7600 58.3600 59.0500 59.0000 60.5500 717.0000 27.2000 26.6300

717.0000 27.2000 26.6900

725.7500 27.2000 26.9200

725.7500 27.1000 26.9000

724.4000 27.1000 26.9000

724.3000 27.0500 26.8300

731.6500 26.8500 26.6100

732.2000 26.2500 26.4200

741.5000 26.2500 26.2000

750.3000 26.5000 26.0000

18.4400 19.1100 19.3700 20.2300 20.7200 21.1400 25.7600 25.9300 25.7500 25.8000 1,885.0100 1,885.0100 1,915.0000 1,915.0100 1,944.0100 1,949.0100 1,955.0300 1,961.7800 1,968.9700 1,976.0100 2.6950 2.7220 2.7675 2.7590 2.7580 2.7870 2.7865 2.7825 2.7380 2.7490 22.0200 22.0200 22.5700 23.3500 23.6200 24.1500 24.5400 24.6200 24.4700 24.6000 25.1500 25.2100 25.4900 25.6800 25.6000 25.7500 25.6800 25.7100 25.5500 25.5800

754.5000 26.0500 25.7600

Dec

0.9990 1,0902000 374.8700 705.4100 3,089.0000 60.8000 758.7000 26.1500 25.5000

25.7500 25.8000 1,980.0000 1,984.0100 2.7525 2.7205 24.5700 24.6000 25.4000 25.0500

Europe/Mideast/Africa Greece 156.3000 163.9000 177.0000 184.7500 190.0000 198.1000 191.7500 193.0000 185.2500 187.2500 181.1500 175.0000 Jordan 0.6669 0.6669 0.6669 0.6654 0.6810 0.6723 0.6860 0.6897 0.6723 0.6897 0.6897 0.6730 Nigeria 9.2000 9.6259 9.4900 9.7000 9.7000 10.4500 11.6800 10.9500 9.5627 9.5190 9.8000 9.8000 Portugal 131.5000 132.6700 148.9000 148.2600 149.5000 157.5000 148.9700 148.1600 1439000 143.4300 144.2000 133.6000 Turkey 3,012.0000 3,297.0000 3,651.0100 3,913.1300 4,010.0100 4,260.0100 4,351.0000 4,546.0000 4,710.0000 4,875.0000 5,120.0000 5,025.0000 Zimbabwe 2.6688 2.7197 2.9455 2.9560 3.0731 3.2175 3.4879 3.8941 4.8552 4.8068 5.0513 5.0355 a Restated in pesos.InJanuary 1992,thepesoreplaced theaustral ata rateof 10,000australes to 1 peso.

Percent Change in U.S. Dollar Exchange Rates, 1991

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


-39.68 -28.44 -0.15 -7.27 010 -4.58

-8.74 4.09 3.00 095 -0.79 -199

7.07 -6.37 -4.89 -1.12 -0.39 0.00

-2.34 -8.46 1.62 -0.88 -0.60 -1.77

-0.71 11.65 -0.89 7.79 -007 -006

-0.60 -873 -1.75 -1.59 0.63 -0.95

0.05 -9.95 0.05 -1.76 -0.51 -6.91

0.30 -12.02 -1.40 -1.84 -041 069

0.35 -26.21 -1.12 -2.38 -0.28 -1.17

-0.05 -17.32 -0.92 -1.78 -0.53 0.08

0.05 -23.00 -214 -2.12 -0.27 -256

-0.80 -22.91 -1.74 -1.62 -0.29 -0.41


-0.35 0.00 0.00

0.00 0.00 -0.22

-1.21 0.00 -0.85

0.00 0.37 0.07

019 0.00 0.00

0.01 0.18 026

-100 0.74 0.83

-0.08 2.29 0.72

-1.25 0.00 0.84

-117 -0.94 0.77

-056 173 0.93

-0.55 -0.38 1 02


-1.57 0.21 0.12 -136 0.60

-3.51 0.00 -0.99 0.00 -0.24

-1.34 -1.57 -1.64 -2.44 -1.10

-4.25 0.00 0.31 -334 -0.74

-2.36 -1.49 0.04 -1.14 0.31

-1.99 -0.26 -1.04 -2.19 -0.58

-17.93 -031 0 02 -1.59 0.27

-0.66 -0.34 0.14 -0.32 -0.12

0.70 -037 163 0.61 063

-0.19 -0.36 -0.40 -0.53 -0.12

0.19 -0.20 -0.13 012 0.71

-0.19 -0.20 1.18 -0.12 140

Europe/Mideast/Africa Greece Jordan Nigeria Portugal Turkey Zimbabwe

2.05 -3.90 -5.43 3.91 -3.78 -0.30

-4.64 0.00 -4.42 -0.88 -8.64 -1.87

-7.40 0.00 1.43 -10.90 -9.70 -767

-4.19 0.23 -2.16 0.43 -6.70 -0.36

-2.76 -2.29 0.00 -0.83 -2.42 -3.81

-4.09 1.29 -7.18 -5.08 -5.87 -4.49

3.31 -2.00 -10.53 5.73 -2.09 -7.75

-0.65 -0.54 6.67 0.55 -429 -10.43

4.18 2.59 1451 2.96 -3.48 -1980

-1.07 -2.52 0.46 0.33 -3.38 1.01

3.37 0.00 -2.87 -0.53 -4.79 -4.84

3.51 2 48 0.00 7.93 1.89 0.31

Market

B'

co 0

0~

'-'

rD

Currency Exchange Rates per U.S. Dollar, 1982-1991 (Year-end) (D

on on .

C IT

g i

Market

Currency

LatinAmerica Argentinaa Brazil Chile Colombia Mexico Venezuela

Peso Cruzeiro Peso Peso Peso Bolivar


Won Peso New Taiwan dollar

748.7996 9.1710 39.9100


Rupee Rupiah Ringgit Rupee Baht

1982

1983

0.00000048545 0.0000023261 0.000253 0.000984 73.4300 87.5300 70.2900 88.7700 96.4800 143.9299 4.2925 4.3000

Europe/Mideast/Africa Greece Drachma Jordan Dinar Nigeria Naira Portugal Escudo Turkey Lira Zimbabwe Zimbabwe dollar

1984

1985

1986

1987

1988

1989

1990

1991

0.00001787 0.003184 128.2399 113.8899 192.5599 12.6500

0.00008005 0.01049 183.8599 172.1999 371.6997 14.4000

0.0001257 0.01455 204.7300 219.0000 923.5000 22.7000

0.00035 0.07118 232.4300 262.1400 2,200.0000 29.4500

0.00163 0.7311 249.5400 336.0000 2,320.0000 37.2000

0.1360 11.3000 294.1100 423.0900 2,683.5000 43.5000

0.5670 161.0200 336.8600 523.0000 2,948.0000 49.7400

0.9990 1,090.2000 374.8700 705.4100 3,089.0000 60.8000

795.5000 14.0020 40.2700

827.3997 19.7600 39.4700

890.1997 19.0320 39.8500

861.3999 20.5300 35.6900

795.1000 20.7300 28.5000

684.9000 20.7000 28.1900

677.4000 21.7700 26.0500

714.5000 27.2000 26.6300

758.7000 26.1500 25.5000

9.6339 692.5000 2.3213 12.8400 23.0000

10.4932 994.0000 2.3383 13.5000 23.0000

12.4514 1,074.0000 2.4250 15.3600 27.1500

12.1655 1,125.0000 2.4265 15.9800 26.6500

13.1220 1,641.0000 2.6030 17.2500 26.1300

12.8900 1,650.0000 2.4880 17.5000 25.1900

15.0200 1,717.3548 2.7100 18.5000 25.1900

16.8400 1,797.0000 2.6985 21.2500 25.6100

18.1500 1,889.0000 2.6983 21.7200 25.3000

25.8000 1,984.0100 2.7205 24.6000 25.0500

70.5700 0.3515 0.6702 89.0600 186.7500 0.9195

98.6700 0.3715 0.7486 131.4500 282.7998 1.1055

128.4799 0.4050 0.8083 169.2800 444.7400 1.5024

147.7599 0.3678 0.9996 157.4900 576.8599 1.6412

138.7600 0.3441 3.3168 146.1200 757.7898 1.6781

126.7000 0.3430 4.1413 129.8700 987.8200 1.6620

147.7000 0.4750 5.3000 146.7200 1,805.1000 1.9429

156.3000 0.6376 7.4500 149.6000 2,293.0000 2.2448

159.5000 0.6409 8.7000 136.6400 2,898.0000 2.6609

175.0000 0.6730 9.8000 133.6000 5,025.0000 5.0355

a Restated in pesos.In January 1992,thepesoreplaced theaustral at a rateof 10,000australes to 1 peso.

Percent Change in U.S. Dollar Exchange Rates, 1982-1991

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991


-85.07 -49.43 -46.89 -15.96 -72.81 0.00

-79.13 -74.32 -16.11 -20.82 -3297 -0.17

-8698 -69.10 -31.75 -22.06 -25.25 -66.01

-7768 -6965 -30.25 -33.86 -48 19 -1215

-36.32 -27.88 -10.19 -21.37 -5975 -36.56

-64.09 -79.56 -11.92 -16.46 -58.02 -22.92

-78.53 -90.26 -6.86 -2198 -5.17 -20.83

-9880 -93.53 -15.15 -20.58 -13.55 -14.48

-7601 -92.98 -12.69 -19.1 -8.97 -12.55

-43.24 -85.23 -10.14 -25 86 -4.56 -18.19

EastAsia Korea Philippines Taiwan,China

-6.45 -10.59 -5.19

-5.87 -34.50 -0.89

-386 -29.14 2.03

-7.05 3.83 -0.95

3.34 -7.30 1166

8.34 -0.96 2523

16.09 0.14 1.10

1.11 -4 92 821

-5.19 -19.96 -218

-5.83 4.02 4.43


-5.55 -7 -3.40 -22.90 000

-8.19 -30.33 -073 -4.89 000

-15.73 -7.45 -3.58 -12.11 -15.29

2.35 -4.53 -0.06 -388 1.88

-7.29 -31.44 -6.78 -7.36 199

1.80 -0.55 4.62 -1.43 3 73

-14.18 -3.92 -8.19 -5 41 0.00

-10.81 -4.43 0.43 -12.94 -164

-7 22 -4.87 0.01 -2.16 1.23

-29.65 -4.79 -0.82 -11.71 1.00


-18.34 -3.56 -4.97 -26.73 -28.45 -22.00

-2848 -538 -10.47 -32.25 -33.96 -16.82

-23.20 -827 -7.39 -22.35 -3641 -26.42

-13.05 10.11 -19.14 7.49 -22.90 -846

6.49 6.89 -69.86 7.78 -23.88 -220

9.52 032 -19.91 12.51 -23.29 0.97

-14.22 -27.79 -21.86 -11.48 -45.28 -14.46

-550 -25.50 -28.86 -1.93 -21.28 -1345

-2.01 -0.51 -14.37 948 -2088 -15.64

-8.86 -4.77 -11.22 2.28 -4233 -47.16

Market

B on.

0

rC-_ 0 C

rC

Standard Deviation of U.S. Dollar Exchange Rates (Five years ending December 1991)

Market

Number of months

Standard Mean of deviation %changes


60 60 60 60 60 60

17.79 9.54 2.10 1.57 4.43 4.16

-11.51 -16.51 -0.98 -1.92 -1.88 -1.54


60 60 60

0.92 1.42 1.46

0.22 -0.39 0.57

SouthAsia India Indonesiaa Malaysia Pakistan Thailand

60 25 60 60 60

2.56 0.54 0.92 1.02 0.68

-1.08 -0.41 -0.07 -0.58 0.07


60 60 60 60 60 60

3.02 2.71 6.41 3.37 2.12 3.37

-0.34 -1.07 -1.58 0.21 -3.08 -1.75

a Seriesbegins December 1989.

72 Emerging Stock Markets Factbook

Currency Considerations Any international comparison of prices and values relies critically on the currency exchange rates selected as the basis for comparison. Consistency of sources, periods, averaging methods, and other uses of exchange rates can greatly affect the translated results, and thus their information content. At the same time, the timeliness of availability of exchange rate data is another major consideration. In view of these considerations, IFCuses several sources of exchange rates, for different purposes. The exchange rates used are: Prior to 1989, local currency values were converted to U.S. dollars using the rates published in the Intemational Monetary Fund's International Financial Statistics (IFS) end-of-period rate (line ae or equivalent) or period average rate (line af or equivalent). For markets not in the IFC Composite Index, the IFS continues to be the source of

exchange rates. For Composite Index markets, the exchange rates are taken from the Wall Street Journal or the Financial Times (London). The exchange rates used for emerging markets are shown in each equity market profile. When multiple exchange rate systems exist, IFC uses the nearest equivalent "free market" rate to convert values to U.S. dollars. However, this selection is tempered by the need to reflect "repatriable" values; that is, the exchange rate that would apply to repatriation of capital and income at a given date. At times, this can lead to U.S. dollars amounts that seem overstated, relative to the amounts that would arise if a parallel market rate were used. The use of any particular exchange rate in this Factbook does not necessarily imply an endorsement of that exchange rate by IFC, the World Bank or other affiliates, nor should it be inferred that such exchange rate relationships will continue in the future.


Entering and Exiting Emerging Markets: A Summary of Investment Regulations (at March 31, 1992)

Are listedstocks freelyavailable to foreigninvestors?

Repatriation of: Income

Capital

Freeentry Argentina Brazil Colombia Jordan Malaysia Pakistan Peru Portugal Turkey

Free Free Free Free Free Free Free Free Free

Free Free Free Free Free Free Free Free Free

Relativelyfreeentry Bangladesh Chile CostaRica Greece Indonesia Jamaica Kenya Mexico Sri Lanka Thailand Trinidad& Tobago Venezuela

Somerestrictions Free Somerestrictions Somerestrictions Somerestrictions Somerestrictions Somerestrictions Free Somerestrictions Free Relatively free Somerestrictions

Somerestrictions After1year Somerestrictions Somerestrictions Somerestrictions Somerestrictions Somerestrictions Free Somerestrictions Free Relatively free Somerestrictions

Specialclassesofshares China Korea Philippines Zimbabwe

Somerestrictions Free Free Restricted

Somerestrictions Free Free Restricted

Authorizedinvestorsonly India Taiwan,China

Somerestrictions Free

Somerestrictions Free

Closed Nigeria

Somerestrictions

Somerestrictions

Note: It should be notedthat someindustriesin somecountriesareconsideredstrategicandare not availableto foreign/non-resident investors,and that the levelofforeign investmentin othercasesmaybe limitedby nationallawor corporatepolicyto minoritypositionsnot to aggregatemorethan49%.4 ofvoting stock.Thesummariesabovereferto "newmoney"investmentbyforeign institutions;otherregulationsmayapplyto capitalinvestedthrough debtconversionschemesor othersources. Keyto Access: Freeentry- Nosignificantrestrictionsto purchasingstocks. Relativelyfreeentry- Someregistrationproceduresrequiredto ensurerepatriationrights. Specialclasses- Foreignersrestrictedto certainclassesof stocks,designatedfor foreign investors. Authorizedinvestorsonly- Onlyapprovedforeign investorsmay buy stocks. Closed- closed,or accessseverelyrestricted(e.g.,for non-residentnationalsonly). Keyto Repatriation: Income= Dividends,interest,and realizedcapitalgains. Capital= Initial capitalinvested. Somerestrictions-Typically,requiressome registrationwith or permissionof CentralBank,Ministryof Finance,or an Officeof ExchangeControls that may restrictthe timing of exchangerelease. Free= Repatriation done routinely.

74


Withholding Tax for U.S.-based Institutional Investors (Percentage rates in effect at the end of 1991)

Market

Interest

Long-term capital gainson Dividends listedshares

LatinAmerica& theCaribbean Argentina 20.0 Barbados 15.0 Brazil 15.0 Chile 35.0 Colombia 7.0 Jamaica 33.3 Mexico 00 Peru 100 Trinidad & Tobago 30.0 Venezuelaa 200

20.0 150 15.0 35.0 20.0 33.3 0.0 10.0 10.0 20.0

0.0 0.0 15.0 35.0 00 00 0.0 37.0 00 20.0

Asia China India Indonesia Korea Malaysia Pakistan Philippinesb SriLanka Taiwan, China Thailand

10.0 10.0 20.0 25.0 20.0 10.0 15.0 0.0 200 150

100 10.0 20.0 250 0.0 10.0 150 15.0 20.0 10.0

0.0 10.0 20.0 25.0 0.0 0.0 0.25 0.0 0.0 0.0

150 250 300 10.0 400 0.0 12.5 0.0 20/30 15.0 0.0 20.0 32.0 0.0 100

15.0 30.0 15.0 42/45 400 0.0 15.0 00 15.0 15.0 5/15 20.0 32.0 0.0 20.0

00 00 0.0 0.0 40.0 0.0 0.0 0.0 40.0 20.0 0.0 0.0 0.0 0.0 30.0

Europe,Mideast&Africa Botswana Cyprus Ghana Greecec Hungary Jordan Kenya Mauritius Morocco Nigeria Poland Portugal Russia Turkey Zimbabwe

a Nowithholding taxesapplyto shares of publiclycontrolled companies (SAICA). b Transaction taxongrosstransaction value,in lieuof capitalgainstax. shares'rateis42%,bearer sharesrateis45°/,after I Unlike othercountries, Greece hasnocorporate profittaxondistributed earnings. Registered exemptions.


Market Informnationand Investor Protection o; (1)

(2)

(3)

(4)

(5)

(6)

ro Ct

Share price index

Co

:

F° t

Argentina Brazil Chile Colombia Mexico Peru Venezuela Greece Jordan Nigeria Portugal Turkey Zimbabwe India Indonesia Korea Malaysia Pakistan Philippines SriLanka Taiwan, China Thailand

KEY: Column (1) (2) (3) (4) (5)& (6) (7) (8) (9)& (10)

X X X X X X X X X X X X X X X X X X X X X X

Securities exchange publications AQMWD AMWD AMWD AMWD AMWD AMWD AMWD AMWD AMWD AWD AMWD AMWD AWD AMWD AMD AMWD A(M/2)WD AD AMWD AMWD AMWD AOMWD

International electronic coverage X X X X X -

X X X X X X -

X X X X -

X X X

Regular publication of P/E, yield P C C P C

C

p C P P C C P C C C C

P

C C C C

Market commentaries in English LR LR,IR LR -

LRIR LR LR,IBR L-RIR LRJR LR,IR LR,IR LR LR [BIB LR,IR LRIR LR LR,IR [RBIR LRIR BLRIR

Company brokerage reports

(7) Financial disclosure requirements - timing Consolidated annual audited

LR LR,IR [RIR LR LR,IR -

LR [R,I LR LR LR,IR LR,IR LR LR LR,IR LR,IR LR,IR [B,IB LR,IR IR LR,IR

Symbols X = At leastonesharepriceindexiscalculated; mosthaveseveral, andmanyhavesectoral indexes aswell. A = Annual; Q= Quarterly; M = Monthly;(M/2)= Biweekly; W = Weekly; D= Daily. X = Dailycoverage of stockmarket onaninternational wireservice; - = notavailable P = Published; C= Comprehensive andpublished internationally LR= Prepared by localbrokers or analysts; IR= Prepared by international brokersoranalysts; - = notavailable. X Consolidated auditted annual accounts required. 0 Quarterly resultsmustbepublished; S = Semiannual resultsmustbepublished; - = notrequired. G Good,of internationally acceptable quality;A =Adequate; P= Poor, requires reform; S Functioning securities commission orsimilargovernment agency concentrating onregillating marketactivity; - = noregnlatory agency

X X X X X X X X X X X X X X x X X X X X X X

(8)

Interim statements Q Q 0 0 Q

0

S (Banks only) S 0 S 0 S S S S S S S S Q 0

(9)

Accounting standards A G G A G A A P P A A A A G P G G A G G P A

(10)

Investor protection AS GS GS AS GS AS AS PAS AS AS PS AS GS AS GS GAS AS APS AS

2 StockMarket

IFC Index Methodology IFC Index Methodology 78 Total Return Indexes Regional Total Return Indexes, 1984-1991 82 Regional Total Return Indexes, 1991 83 IFC Total Return Indexes, 1991 84 Percent Change in IFC Total Return Indexes, 1991 85 IFC Total Return Indexes, 1982-1991 86 Percent Change in IFC Total Return Indexes, 1982-1991 87 Statistics of IFC Total Return Indexes 88 Correlation Coefficient Matrix of IFC Total Return Indexes 89 Price Indexes Regional Price Indexes, 1984-1991 90 Regional Price Indexes, 1991 91 IFC Price Indexes, 1991 92 Percent Change in IFC Price Indexes, 1991 93 IFC Price Indexes, 1982-1991 94 Percent Change in IFC Price Indexes, 1982-1991 95 Statistics of IFC Price Indexes 96

Correlation Coefficient Matrix of IFC Price Indexes 97 Weekly IFC Price Indexes: January-March 1991 98 April-June 1991 99 July-September 1991 100 October-December 1991 101 Highs and Lows of Price Indexes, 1991 102 Correlations between IFC Indexes and Local Market Indexes 103 Local Market Price Indexes, 1982-1991 104 Percent Change in Local Market Price Indexes, 1982-1991 105 Industry Indexes IFC Industry Indexes 106 IFC Industry Indexes, Total Return Series 108 Percent Change in IFC Industry Indexes, Total Return Series 109 IFC Industry Indexes, Price Series 110 Percent Change in IFC Industry Indexes, Price Series 111 Industry Distribution of the IFC Composite Index 112

IFC Index Methodology General Methodology

Market Capitalization

The IFC Indexes are weighted by market capitalization. They measure the change in components' value, adjusted for changes in capitalization, and for addition or deletion of stocks to the Indexes.

Market Capitalization (M) is the sum of the market value of all stocks included in the Index. The market value of each stock is equal to:

Formula where The formula is based on the chained Paasche method. The general expression of the Indexes is: when i > 1,

and when i = 1,

where Xi = index at time i;

Bi = base value of the Index; when i= 1 (the first period), market capitalization equals the Index base value; Mi = market capitalization of components at time i; and Mi = adjusted market capitalization (adjusted for stock splits, stock dividends, rights issues, new issues of stock, stock cancellations and, in the total return Indexes, for payment of cash dividends and stock dividends implicit in rights issues).


Pi = the last transaction price for the stock in period i; ni = the number of shares issued and outstanding at the end of the period i.

Adjusted Market Capitalization

Total Return Index

The adjusted market capitalization for period i (M) is determined as:

The adjustments described above are used to calculate the Price Indexes; the adjusted market capitalization calculation for the Total Return Index is:

0 :

i = (Mi-Ii_Ri_Ni+Qi _,)

where Ii = the market value of new issues of shares for period i. A cancellation of shares would be treated as a negative new issue. Stocks created by the conversion of other securities are treated as new issues; Ri = the market value of rights issues made in period i, calculated as the market price per share times the number of shares; Ni

=

the market capitalization of any new stocks that were added to the Index in period i; and

Qi = the market capitalization of any stocks in the Index in the prior period which were deleted from period i. Stocks may be deleted from the index, through mergers or delistings, for example.

mi = (Mi-li-Ri-N

+Qi-I+Di+Vi)

where Di

=

the total cash dividends paid in period i (cash dividend paid per share times the number of shares eligible for the cash dividend);

Vi

=

the total implied stock dividend in rights issues as determined by the number of shares in the rights issue, times the difference between the previous stock price and the rights issue price. Rights issues at market prices thus have no impact on total returns, while right issues at prices above market decrease total returns.


Indexes in U.S. Dollars

Component Stocks

The above equations are used to generate the IFC indexes in the various local currencies. IFC also calculates its Indexes in U.S. dollars by converting stock prices in local currency into U.S. dollars and then calculating the Index.

IFC selects stocks for inclusion in the Indexes on the basis of three criteria:

Regional Indexes IFC also calculates a twenty market Composite Index and regional Indexes for Latin America and Asia. The regional Indexes follow the same methodology but treat all stocks in the regions as if they were in a single country. Regional Indexes are calculated in U.S. dollars only.

Markets in the Regional Indexes Latin America

Asia

Argentina Brazil Chile Mexico

Korea Malaysia Taiwan, China Thailand

The Indexes include actively traded stocks broadly diversified by industry, whose combined market values are approximately 60% of total market capitalization at the end of each year. Once a year, the components of the Indexes are reviewed for their representativeness (shares of total market capitalization and total value traded in the local stock exchanges), and additions are made as necessary. Stocks are not selected on the basis of their availability to foreign investors or any performance criteria other than those described above. If several stocks meet the liquidity and market capitalization criteria, but only one or two are needed, IFC selects the stocks in industries that are under-represented in the IFC index. In a few instances, particularly where mul-

Composite Argentina Brazil Chile Colombia Greece India Indonesia

Market capitalization Liquidity Industry classification

Jordan Portugal Korea Taiwan, China Malaysia Thailand Mexico Turkey Venezuela Nigeria Pakistan Zimbabwe Philippines

tiple classes of stocks are common (e.g., Brazil and Mexico), IFC may include in the Index more than one class of stock for the same company. These are not necessarily actively traded, but their presence is necessary to give a balanced view of the capitalization of companies that have other classes of stock that are actively traded.


Increased Coverage in 1992 IFC increased its coverage of companies in emerging markets in 1992. The IFC Composite Index increased from 837 stocks to 877

stocks, a net gain of 40, by the additionof 56 new stockand thedeletionof 16stocks.A breakdown of the changesby region is shownbelow.

Change in Coverage No. of Stocksin 19.91

Added in 1992

latin America Etrope/Mideast/Africa South Asia East Asia

222 153 242 220

16 13 23

Total

837

56

4

No.of Stoks-:992 in 1992

Delet:: int -3-2 -10 -

-16

i

235 -155 245 242

i

8-77


Regional Total Return Indexes, 1984-1991 (US$; end 1984=100)

is n

t-(

(US$; end 1984=100)

700 rio

cn

o

600

r

500

0~~~~~0

400

-

- -500

I-

LatinAmerica

-

~~~~~~~~~IFC Asia/\/ ~~~~~~~USA/ lFCCompositei

\i/

.J

300 0~~~~~~

r

~~~~200

Dec 84

Dec 85

Market

Dec 86

Dec 87

Dec 88

Dec 89

Dec 90

Dec 91

1984

1985

1986

1987

1988

1989

1990

1991

100.0 100.0 100.0 100.0 100.0 100.0

128.3 179.2 98.1 131.7 156.7 157.8

144.1 168.8 134.9 156.2 266.3 267.8

166.2 103.3 193.6 164.4 332.7 339.0

267.3 200.4 354.9 191.5 427.9 436.2

414.7 331.9 557.0 251.9 474.1 485.2

297.8 282.8 346.7 244.1 364.1 368.6

355.1 661.9 344.2 318.3 409.6 415.1

28.3 79.2 -1.9 31.7 56.7 57.8

12.3 -5.8 37.5 18.6 69.9 69.7

15.3 -38.8 43.5 5.2 24.9 26.6

60.9 94.1 83.3 16.5 28.6 28.7

55.1 65.6 56.9 31.6 10.8 11.3

-28.2 -14.8 -37.8 -3.1 -23.2 -24.0

19.2 134.0 -0.7 30.4 12.5 12.6

index IFCComposite IFCLatinAmerica IFCAsia United States EAFE EuroPacific

Percent change IFCComposite IFCLatinAmerica IFCAsia United States EAFE EuroPacific

-

Notapplicable.

-

-

Regional Total Return Indexes, 1991 (US$;end 1984=100)

Market

cn rTi on

r

C-)

PI, C)

a

00 00

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Index IFCComposite IFCLatinAmerica IFCAsia UnitedStates EAFE EuroPacific

286.9 312.8 316.4 255.0 376.0 380.2

329.0 360.9 366.2 272.9 416.4 420.2

329.2 391.9 366.8 279.7 391.5 396.5

344.5 421.8 391.4 280.6 395.5 404.0

348.2 508.5 379.0 292.1 399.7 403.3

343.9 511.6 377.3 279.0 370.4 374.5

352.4 557.8 380.8 292.2 388.7 393.4

343.1 597.6 353.0 298.7 380.9 3840

346.8 596.1 364.0 293.7 4025 407.4

343.1 633.5 3450 298.0 408.3 416.0

337.6 594.6 338.1 285.7 389.4 394.8

355.1 661.9 344.2 318.3 4096 4151

Percent change IFCComposite IFCLatinAmerica IFCAsia UnitedStates EAFE EuroPacific

-3.7 10.6 -8.7 4.5 3.3 3.1

14.7 15.4 15.7 7.0 10.8 10.5

0.1 8.6 0.2 2.5 -6.0 -5.6

4.6 7.6 6.7 0.3 1.0 1.9

1.1 20.6 -3.1 4.1 1.1 -0.2

-1.2 0.6 -0.5 -4.5 -7.3 -7.2

2.5 9.0 09 4.7 4.9 50

-2.7 7.1 -7.3 2.2 -2.0 -2.4

1.1 -0.3 3.1 -1.7 5.7 6.1

-1 1 6.3 -5.2 14 1.4 2.1

-1.6 -6.1 -2.0 -4.1 -4.6 -5.1

52 113 1.8 11.4 5.2 5.2

IFC Total Return Indexes, 1991 (US$; end 1984=100) 0

no Market

ca 171 0 OCr

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


421.4 93.5 1,693.0 561.8 984.3 755.6

456.9 122.9 2,050.9 590.9 1,030.2 708.5

717.8 109.4 2,106.6 570.5 1,227.0 721.9

761.7 117.2 2,117.3 555.9 1,374.6 706.9

773.2 170.7 2,215.0 590.1 1,653.4 671.4

709.0 168.7 2,534.5 631.2 1,608.8 627.1

726.5 183.1 2,825.1 632.0 1,752.8 609.2

1,423.7 171.2 3,044.6 625.4 1,825.3 595.1

1,598.4 147.8 3,324.1 653.8 1,801.5 654.8

1,946.4 155.5 3,108.4 877.6 1,952.6 846.4

1,619.6 123.3 2,922.1 1,204.8 1,986.8 834.5

2,017.3 178.4 2,931.5 1,654.8 2,048.7 938.0

East Asia Korea Philippines Taiwan, China

537.3 1,235.5 617.2

582.0 1,571.3 765.3

555.1 1,755.8 769.7

543.3 1,762.5 889.2

519.0 1,897.3 846.8

511.5 1,763.1 864.7

619.7 1,717.9 775.3

596.0 1,716.1 689.6

614.5 1,555.1 742.8

588.8 1,651.6 674.7

545.2 1,766.9 675.4

508.2 1,863.6 711.1

265.9 92.3 170.3 205.6 721.6

310.9 94.7 190.4 202.8 827.4

294.9 97.5 197.3 208.4 910.0

298.2 98.8 198.3 225.0 958.3

303.7 95.3 211.0 230.8 872.8

288.1 84.2 204.8 246.9 823.4

299.0 84.3 201.0 295.5 849.1

321.7 74.3 186.9 294.6 824.9

339.7 58.8 179.5 300.1 792.4

339.3 53.0 183.4 316.3 756.1

343.7 57.0 183.8 427.8 809.5

340.6 59.7 194.3 562.0 897.5

944.6 111.2 70.6 879.3 5,037.1 1,979.9

1,255.3 120.3 71.7 1,002.3 5,183.2 1,680.3

1,115.0 130.6 77.1 886.8 4,269.9 1,727.3

997.6 139.3 77.7 884.3 3,640.6 1,860.4

863.7 134.6 80.0 862.4 3,568.3 1,865.5

781.8 134.5 77.4 808.8 3,457.8 1,808.7

807.9 128.0 73.0 859.3 3,019.9 1,734.4

857.0 122.4 80.4 848.2 2,894.9 1,543.8

738.3 130.0 95.6 858.0 2,571.1 1,253.4

746.8 129.1 97.3 826.1 2,331.0 1,176.4

766.9 128.9 97.3 766.9 3,055.0 973.7

778.1 137.0 99.3 857.3 3,224.2 961.7

SouthAsia India Indonesia' Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe a Dec89=100. bJan86=100. c Dec86=100.

Percent Change in IFC Total Return Indexes, 1991

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

3.8 43.1 15.1 -1.0 -1.8 19.6

8.4 314 21.1 5.2 4.6 -6.2

57.1 -11.0 2.7 -3.4 19.1 1.9

6.1 7.2 0.5 -2.6 12.0 -2.1

1.5 45.6 4.6 6.2 20.3 -5.0

-83 -1.1 144 7.0 -2.1 -6.6

25 8.5 115 0.1 89 -2.9

96.0 -6.5 78 -1.0 41 -2.3

12.3 -13.6 9.2 4.5 -1.3 10.0

21.8 5.2 -6.5 34.2 8.4 29.3

-16.8 -20.8 -6.0 37.3 18 -1.4

24.6 44.8 0.3 37.3 31 12.4

-9.5 56 -13.7

8.3 27.2 24.0

-4.6 11.7 06

-2.1 0.4 15.5

-4.5 7.6 -4.8

-14 -7.1 2.1

21.1 -2.6 -10.3

-3.8 -0.1 -11.1

3.1 -9.4 7.7

-4.2 6.2 -9.2

-7.4 7.0 0.1

-6.8 5.5 5.3

-7.8 -7.8 -1.6 -0.4 9.4

16.9 2.6 11.8 -1.4 14.7

-51 3.0 3.7 2.7 10.0

11 1.3 0.5 7.9 53

19 -3.5 6.4 2.6 -89

-5.1 -11.7 -3.0 7.0 -5.6

3.8 0.2 -1.8 19.7 3.1

7.6 -11.8 -7.0 -0.3 -2.9

5.6 -20.9 -4.0 1.9 -3.9

-0.1 -9.9 2.2 5.4 -4.6

1.3 7.5 0.2 35.3 7.0

-0.9 4.7 5.7 31.4 10.9

-1.3 -6.3 -2.1 4.9 14.3 -1.5

32.9 82 1.6 14.0 2.9 -15.1

-11.2 8.6 7.5 -11.5 -17.6 2.8

-10.5 6.6 0.8 -0.3 -14.7 7.7

-134 -3.4 30 -2.5 -2.0 0.3

-9.5 -0.1 -3.3 -6.2 -3.1 -3.0

33 -4.8 -58 6.3 -12.7 -4.1

6.1 -44 10.2 -1.3 -41 -11.0

-13.9 6.2 18.8 1.1 -11.2 -188

1.2 -0.7 1.8 -3.7 -93 -6.1

2.7 -0.1 6.0 -7.2 31.1 -17.2

1.5 6.3 2.1 11.8 5.5 -12

LatinAmerica

Argentina Brazil Chile Colombia Mexico Venezuela EastAsia

Korea Philippines Taiwan, China SouthAsia

India Indonesia Malaysia Pakistan Thailand Europ6/Mideast/Africa

3, CD

uo

;71

00 0 0~ (

Greece Jordan Nigeria Portugal Turkey Zimbabwe

IFC Total Return Indexes, 1982-1991

Co

rTj

(US$;end 1984=100)

CD

no

D IT

g 0

Market

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991


80.5 41.7 191.4 43.8 -

119.2 65.0 131.0 88.4 -

100.0 100.0 100.0 100.0 100.0 100.0

174.9 195.0 149.3 88.8 118.5 73.4

128.6 148.0 380.3 227.0 236.4 115.5

141.8 54.8 507.2 409.4 215.8 176.5

197.1 126.5 694.6 359.4 448.3 134.7

637.1 188.8 1,049.6 411.1 770.9 89.9

406.2 65.3 1,471.4 567.6 1,002.8 631.9

2,017.3 178.4 2,931.5 1,654.8 2,048.7 938.0

84.5 -

82.1 -

100.0 100.0 100.0

138.5 146.5 110.4

260.8 707.0 164.9

365.4 1,063.8 364.7

788.6 1,488.2 725.1

797.2 2,372.4 1,444.0

593.5 1,169.7 715.1

508.2 1,863.6 711.1

101.4

102.9 -

100.0 100.0 100.0 100.0

205.1 86.1 117.8 102.0

199.3 96.4 142.3 183.6

168.8 97.9 151.8 253.2

232.2 126.5 174.0 360.7

242.8 100.0 182.1 185.3 818.7

288.3 100.1 173.0 206.4 659.3

340.6 59.7 194.3 562.0 897.5

100.0 100.0 100.0 100.0

103.4 148.4 105.0

157.7 143.2 45.4 309.0 100.0 300.5

397.8 136.6 39.4 1,107.0 453.0 585.0

252.4 115.0 42.2 828.9 287.2 731.8

454.8 113.5 51.1 1,161.2 3,469.1 1,030.0

957.2 118.6 72.1 837.8 4,408.9 2,010.4

778.1 137.0 99.3 857.3 3,224.2 961.7

EastAsia Korea Philippines Taiwan,China SouthAsia India Indonesiaa Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe

a Dec89=100. b Jan86=100. cDec 86=100. - Notavailable.

-

82.8

101.0

250.4 122.6 -

117.2 113.9 -

120.2

106.9

253.9

Percent Change in IFC Total Return Indexes, 1982-1991

Market

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

-61.1 -14.0 -54.5 -750

48.1 56.0 -31.5 101.6

-16.1 538 -23.7 13.1

74.9 95.0 49.3 -11.3 18.5

-26.5 -24.1 154.8 155.8 99.6

10.2 -630 33.3 80.4 -87

39.0 130.9 37.0 -12.2 107.7

223.2 49.2 51.1 14.4 71.9

-36.2 -65.4 402 381 30.1

396.6 173.0 99.2 191.6 104.3

-26.6

57.4

52.8

-23.7

-33.3

603.2

48.4

88.3

Latin America

Argentina Brazil Chile Colombia Mexico Venezuela

-

-

-

East Asia

Korea Philippines Taiwan,China

3.1 -

21.9

38.5

-

-

46.5 10.4

15

-28

-

-

-

-

-29

40.1

1158

1.1

-25.6

-144

3826 493

50.5 121.1

39 9 98.8

59.4 99.2

-50.7 -50.5

59 3 -06

-28

-15.3

37.6

4.5

18.7

-

0.2

SouthAsia

India

35.1

22.1

-1.0

-13.9 17.8 20

11.9 208 79.9

1.6 6.7 37.9

29.2 14.7 425

43.9 6.5 126.9

-5.0 114 -19.5

18.1 -40.4 12.3 172.3 36.1

-0.2 -1.3

-53.2 -71

-14.7 -12.2

52.5 -3.5 -56.7

152.2 -4.5 -13.2

-366 -158 7.0

80.2 -1.3 211

110.5 44 41.0

-18.7 15.6 37.8

258.2

-25.1

40.1

-27.9

353.0 94.7

-36.6 25.1

1107.7 408

-2.4

Indonesia

Malaysia Pakistan Thailand

105.1 -

-

-

-

Europe/Mideast/Africa

Greece Jordan Nigeria

>

Portugal

Turkey Zimbabwe

m

-

oc -o

Notapplicable.

-

-

-

3.4 48.4 5.0

-

-

-

-

-42.7

-11.0

-6.5

153.9

-

18.4

27.1 95.2

2.3

-26.9 -52.2

Statistics of IFC Total Return Indexes (US$; five years ending December 1991)

Market

Number of months

Mean

Standard deviation

Annualized mean

Annualized standard deviation

Correlation coefficient


60 60 60 60 60 60

9.03 3.08 3.8 3.74 5.1 4.39

34.09 23.6 8.4 9.46 15.46 13.66

108.36 36.96 45.60 44.88 61.20 52.68

118.09 81.75 29.10 32.77 53.56 47.32

0.09 012 0.40 0.13 0.54 -0.1)7


60 60 60

1.47 2.25 4.15

8.6 11.27 18.57

17.64 27.00 49.80

29.79 39.04 64.33

0.27 0.43 0.17


60 24 60 60 60

1.23 -1.66 1.5 2.51 3.17

8.38 9.79 7.82 6.85 9.63

14.76 -19.92 18.00 30.12 38.04

29,03 33.91 27.09 23.73 33.36

-0.(13 0.19 0.71 0.06 0.54


60 60 60 60 60 60

3.81 0.06 1.82 2.77 9.05 2.21

16.08 5.22 8.67 15,77 30.18 7.08

45.72 0.72 21.84 33.24 108.60 26.52

55.70 18.08 30.03 54.63 104.55 24.53

0.19 0.16 0.09 0.26 -0.02 -0.12

IFCRegional Indexes Composite LatinAmerica Asia

60 60 60

1.84 3.07 2.1

7.98 12.14 10.18

22.08 36.84 25.20

27.64 42.05 35.26

0.40 0.38 0.34

Developed markets UnitedStates EAFE EuroPacific

60 60 60

1.34 0.91 0.94

5.35 6.26 6.39

16.08 10.92 11.28

18.53 21.69 22.14

1.00 0.53 0.52

88

EmergingStock MarketsFactbook

Correlation Coefficient Matrix of IFCTotal Return Indexes (US$: five years ending December 1991)

Correlations with the S&P 500 Arg Bra

- -- -- -

Chi Col. Gre

Ind Idn USA

EAFE FTEP FCC IFCL

IFCA

r g

e r8. en 00

° nn 4 E CD

i

-m

00

Arg Bra Chi Col Gre Ind Idna Jor Kor Mal Mex Nig Pak Phi Por Tai Tha Tur Ven Zim

053 0.52 040 0.38 0.34 009 0.12 0.40 0.13 0.19 -0.03 0.19 0.16 0.27 0.71 0.54 0.09 0.06 0.43 0.26 0.17 0.54 -0.02 -0.07 -0.12

- - -- -- -

Jor

1.00

1.00 1.00 0.34 0.23 0.36 -0.12 0.15 0.04 0.04 0.18 -0.07 -0.12 0.21 0.35 0.57 0.29 -0.11 0.00 0.26 0.40 0.25 0.47 0.02 -0.19 -003

1.00 0 35 0.23 0.37 -0.12 0.14 0.04 0.04 0.17 -0.08 -0.12 0.21 0.36 0.56 0.29 -0.11 -0.01 0.26 0.40 0.26 0.47 0.02 -0.19 -0.01

1.00 061 0.94 -0.04 031 0.48 0.07 0.10 0.01 019 010 0.24 054 0.56 -0.16 0.01 0.24 0.41 0.86 0.54 0.23 -0.41 -0.13

100 0.36 -003 0 76 0.48 0.07 0.12 0.06 -0.13 -0.15 0.13 0.41 0.58 -0.01 0.03 0.21 0.28 0.29 0.38 0.19 -0.36 -0.09

100 -0.06 010 0.38 -0.01 0.01 -0.10 0.18 0.15 0.26 049 0.46 -0.20 -0.02 0.20 0.36 0.93 0.50 0.13 -034 -0.09

'

1.00 -0.22 -0.04 -0.10 0.09 0.31 -0.20 -0.10 -0.18 -0.02 014 014 0.00 -005 0.01 -0.05 0.14 0.13 0.02 -025

USA EAFE FTEP IFCC IFCL IFCA Arg a StartsDecember 1989.

Mal - - - Mex Nig Pak -- - Phi - - - - - - Por Tai Tha Tur Ven Zim

- - - - - - - .. I

--- -

1.00 0.19 0.10 0.09 0.02 -0.08 -0.11 -0.02 0.16 0.03 0.01 0.06 0.23 0.09 0.08 0.16 0.14 -0.29 004

100 0 05 0.16 -0.07 0.04 0.01 0.01 0.34 0.33 -0.03 -0.11 0.14 0.23 0.35 0.29 0.05 -0.27 -0.11

100 0.21 -0.06 0.15 0.13 -0.21 0.11 0.01 0.13 0.62 007 019 0.05 0.11 0.05 003 -0.14

1.00 0.00 0.28 0.13 -0.18 0.05 0.09 0.15 -0.12 0.10 0.48 0.07 0.30 018 -0.08 -0.01

1.00 -0.02 -0.09 -0.02 0.04 0 02 0.05 0.04 -0.10 -007 -0.13 -0.05 0.23 0.15 -0.14

1.00 0.23 -0.10 0.40 0.19 -0.17 021 0.44 0.07 017 0.46 0.18 0.08 0.28

1.00 -0.10 0.16 -0.05 -0.02 003 0.20 -0.06 0.16 0.12 -0.14 -0.12 -0.08

1.00 0.29 0 23 -009 0.00 013 0.11 0.00 0.07 -0.07 -0.18 -0.01

1.00 048 -003 0.03 0.46 0.27 0.29 0.56 0.23 -0.19 0.00

1.00 -009 0.01 010 041 0.36 0.40 0.16 -0.11 -0.11

100 0.03 0.26 -022 -0.28 -0.01 0.11 -0.03 -0.22

1.00 -0.04 -0.01 -004 0.08 0.00 0.04 -0.30

1.00 -0.09 0.06 0.28 -0.04 -0.27 -0.09

1.00 0.42 041 0.18 -0.11 0.14

1.00 0.45 010 -0.30 -004

Bra

Chi

Col

Gre

Ind

Idn

Jor

Kor

Mal

Mex

Nig

Pak

Phi

Por

Tai

-0.20

- -_ __- -- -- -- -- - -- --- - - _ 0.00

0.20

0.40

--

-

. _

:

0.80

0.60

1.00 0.19 1.00 -0.22 -0.15 1.00 -0.12 0.06 0.02 1.00 Tha

Tur

Ven

Zim

Regional Price Indexes, 1984-1991 (US$;end 1984=100) m

(US$;end 1984=100) 600

ew

500

-

400

300

IFC Latin America

..

IE FC Composite

.-

------

-

------

---

0~~~~~0

0~~~~~~

Dec 84

Dec 85

Dec 87

Dec 88

Dec 89

Dec 90

Dec 91

Market

1984

1985

1986

1987

1988

1989

1990

1991

Index IFCComposite IFCLatinAmerica IFCAsia UnitesStates UnitedKingdom Japan EAFE EuroPacific

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

121.6 166.5 94.5 126.3 143.2 143.6 153.0 151.6

129.2 150.0 121.4 144.8 173.7 237.2 255.2 252.1

137.8 86.3 164.9 148.2 224.9 412.0 314.3 314.2

208.5 152.8 289.6 166.1 226.6 538.5 398.1 397.5

305.9 231.6 439.4 211.3 274.4 604.2 434.8 435.4

209.6 186.9 266.7 197.5 290.3 391.9 327.4 324.5

237.2 420.6 254.9 249.4 377.1 411.0 360.8 357.2

-

21.6 66.5 -5.5 26.3 43.2 43.6 53.0 51.6

6.2 -9.9 28.4 14.6 21.3 65.2 66.8 66.4

6.7 -42.4 35.8 2.3 29.5 73.7 23.2 24.6

51.3 77.0 75.7 12.0 0.8 30.7 26.7 26.5

46.7 51.5 51.7 27.3 21.1 12.2 9.2 9.5

31.5 -19.3 -39.3 -6.6 5.8 -35.1 -24.7 -25.5

13.2 125.1 -4.4 26.3 29.9 4.9 10.2 10.1

Percent change IFCComposite IFCLatinAmerica IFCAsia UnitesStates United Kingdom Japan EAFE EuroPacific -

Dec 86

Notapplicable.

-

Regional Price Indexes, 1991 (US$;end 1984=100)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Index IFCComposite IFCLatinAmerica IFCAsia UnitesStates UnitedKingdom Japan EAFE EuroPacific

200.5 205.9 243.4 205.7 299.6 3963 337.4 333.9

229.0 237.3 279.9 219.5 319.2 443.0 373.1 368.4

228.0 257.0 2798 224.4 301.4 4173 3502 347.0

235.3 271.0 295.1 224.4 302.0 427.8 353.1 352.9

236.7 3258 285.1 233.1 297.8 416.3 356.3 351.7

232.8 327.2 283.5 221.9 275.2 3776 3297 3254

2371 356.4 283.8 231.9 306.4 391.8 345.4 341.7

230.3 381.1 262.7 2364 311.9 364.4 337.9 332.9

232.5 379.7 270.5 231.9 322.1 401.8 356.4 352.6

229.8 403.4 256.0 234.7 3131 430.3 360.9 359.3

2256 378.1 250.5 224.4 3002 3899 3435 340.4

237.2 420.6 254.9 249.4 317.5 411.0 360.8 357.2

change Percent IFCComposite IFCLatinAmerica IFCAsia UnitesStates UnitedKingdom Japan EAFE EuroPacific

-4.3 10.2 -8.7 4.2 3.2 1.1 3.1 29

14.2 152 15.0 6.7 65 11.8 10.6 10.3

-0.4 8.3 -0.0 2.2 -5.6 -5.8 -6.1 -58

3.2 54 55 00 0.2 2.5 0.8 1.7

0.6 202 -3.4 3.9 -1.4 -27 0.9 -0.4

-1.6 0.4 -0.6 -4.8 -7.6 -9.3 -7.5 -7.5

1.8 89 01 45 11.3 3.8 4.8 5.0

-2.8 6.9 -7.4 2.0 18 -7.0 -2.2 -2.6

09 -0.4 2.9 -1.9 3.3 10.3 5.5 5.9

-1.2 6.2 -5.4 12 -2.8 7.1 1.3 1.9

-1.8 -63 -22 -4.4 -4.1 -9.4 -4.8 -5.3

51 11.2 1.8 11.2 57 5.4 50 4.9

Market

3 cn on CD

IFC Price Indexes, 1991 (US$; end 1984=100) CD

on,

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec


270.6 59.1 928.8 289.1 711.2 590.8

293.4 77.4 1,125.0 302.9 743.2 553.8

460.8 68.6 1,154.3 289.9 882.9 550.6

488.8 69.8 1,138.2 280.1 979.3 515.9

494.8 101.4 1,186.6 296.1 1,174.8 490.0

453.6 100.0 1,356.4 315.4 1,140.9 457.4

464.8 108.4 1,510.0 313.1 1,241.5 444.0

908.2 100.9 1,623.0 308.6 1,292.7 433.5

1,019.6 87.2 1,764.5 321.1 1,275.3 476.2

1,241.2 91.7 1,648.3 429.0 1,381.9 615.4

1,032.4 72.4 1,543.1 587.8 1,406.0 606.6

1,283.5 104.9 1,542.2 806.2 1,449.7 676.0


310.2 968.3 552.4

330.3 1,231.5 684.9

314.7 1,376.0 688.6

307.8 1,375.7 794.9

293.7 1,480.9 754.5

289.3 1,374.9 769.7

349.9 1,329.9 689.5

336.5 1,327.5 612.8

346.5 1,201.6 659.9

331.8 1,276.1 599.1

306.7 1,364.4 598.5

285.9 1,437.4 630.0


218.3 89.6 129.9 122.4 322.8

255.3 92.0 144.5 120.7 369.9

242.0 94.8 149.6 121.9 401.5

244.5 95.9 149.7 131.0 377.1

249.0 91.9 159.1 133.5 342.3

236.0 81.1 154.2 142.2 320.5

243.7 81.2 150.8 170.1 303.4

261.4 69.5 139.9 169.5 292.7

275.6 55.0 133.9 172.1 279.9

274.8 49.5 136.0 181.2 267.1

277.8 53.3 136.0 244.9 286.0

275.3 55.8 143.7 319.3 317.1

Europe/Mideast/Africa Greece 524.2 Jordan 85.1 Nigeria 41.4 Portugalb 457.1 Turkey' 184.3 Zimbabwe 1,104.6

696.6 92.1 41.5 521.1 189.7 936.9

618.2 97.7 44.5 457.8 146.0 955.9

550.3 98.3 44.4 448.3 117.6 1,029.6

473.9 94.4 45.5 434.0 106.1 1,023.1

419.2 94.4 42.6 407.0 94.4 979.3

429.8 89.8 40.1 430.4 80.9 937.3

456.0 85.8 43.8 424.8 77.3 831.7

392.8 91.2 52.1 429.8 67.8 671.5

397.3 90.6 52.9 413.8 61.5 6248

408.0 90.5 52.8 384.2 80.6 511.2

414.0 96.1 53.9 429.5 85.0 503.0

a Dec89=100. b Jan86=1 00. c Dec86=100.

Percent Change in IFC Price Indexes, 1991

3

Q r

Market

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Latin America Argentina Brazil Chile Colombia Mexico Venezuela

3.8 41.7 145 -1 9 -1.8 17.4

8.4 310 21.1 4.8 4.5 -6.3

57.1 -11.4 2.6 -4.3 18.8 -0.6

6.1 1.8 -14 -3 4 10.9 -6.3

1.2 452 4.3 5.7 200 -5.0

-8.3 -1.4 14.3 6.5 -29 -66

25 84 11.3 -0.7 8.8 -2.9

954 -6.9 75 -1 4 4.1 -2.4

12.3 -13.5 8.7 41 -1.3 9.8

21.7 5.2 -6.6 33.6 8.4 29.2

-16.8 -21.1 -6.4 37.0 1.8 -1.4

24.3 45.0 -0.1 37.1 31 114

East Asia Korea Philippines Taiwan,China

-9.5 5.6 -13.7

6.5 27.2 24.0

-4 7 11.7 0.5

-2.2 0.0 15.4

-4.6 7.6 -5.1

-1.5 -7.2 2.0

20 9 -3.3 -10.4

-3.8 -0.2 -111

30 -9.5 7.7

-4.2 6.2 -9 2

-7.5 6.9 -0.1

-6.8 5.3 5.3


-7 8 -8.0 -16 -0 4 9.4

16.9 2.6 11.3 -1 5 14.6

-5.2 3.0 3.5 1.0 85

1.0 1.3 01 7.5 -6.1

18 -42 63 1.9 -9.2

-5.2 -118 -3.1 6.6 -6 4

3.3 0.2 -2.2 19.6 -5 3

73 -14.5 -7.2 0.3 -3.5

5.5 -20.9 -43 15 -4.4

-0.3 -9.9 1.6 5.3 -4.6

1.1 7.5 0.0 35 1 7.1

-0.9 4.7 5.7 30.4 10.9


-1.3 -6.3 -2.2 4.9 1.9 -1.5

32.9 8.2 0.2 14.0 2.9 -15.2

-113 6.1 74 -121 -230 2.0

-11.0 0.6 -0.3 -21 -194 7.7

-13.9 -3.9 2.4 -3.2 -9.8 -06

-11.6 -01 -6.3 -6.2 -11.1 -4.3

2.5 -4 8 -6.0 5.8 -14.3 -4.3

6.1 -4.4 9.4 -13 -4.4 -113

-13.9 6.2 18.8 1.2 -12.3 -19.3

1.2 -0 7 1.6 -37 -93 -7.0

2.7 -0.1 -0.1 -7.2 31.1 -182

15 63 2.0 11.8 55 -1.6

IFC Price Indexes, 1982-1991 (US$; end 1984=100) CD

no Market t ITI

g C)


1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

85.8 54.0 209.3

124.1 70.9 139.0 102.1 -

100.0 100.0 100.0 100.0 100.0 100.0

174.5 181.3 135.5 74.9 107.8 70.2

127.9 132.4 317.6 165.3 195.6 108.4

136.5 45.2 374.1 268.4 175.0 157.6

177.7 92.3 457.0 219.7 347.3 115.8

419.4 128.6 618.8 232.6 578.7 74.9

260.8 41.7 811.1 294.6 724.5 503.3

1,283.5 104.9 1,542.2 806.2 1,449.7 676.0

92.7 -

100.0 100.0 100.0

127.4 132.6 106.9

202.9 613.7 156.6

245.4 900.5 338.9

482.1 1,224.3 665.6

467.3 1,927.9 1,300.3

342.7 916.7 640.1

285.9 1,437.4 630.0

106.9

112.9

100.0 100.0 100.0 100.0

199.9 84.6 107.7 87.5

188.6 91.4 119.2 130.7

152.6 89.1 119.1 166.9

200.5 108.9 122.0 218.2

203.1 100.0 151.8 119.1 404.4

236.8 97.5 132.0 122.9 295.2

275.3 55.8 143.7 319.3 317.1

132.7 118.4 -

100.0 100.0 100.0

91.5 144.0 95.4

129.7

100.0

235.4

129.0 135.6 38.3 267.4 100.0 248.5

304.5 125.0 32.0 733.0 246.1 427.9

167.9 96.1 31.0 499.7 60.3 487.4

280.3 92.1 34.2 654.4 241.2 610.7

531.1 90.8 42.3 435.6 180.8 1,121.6

414.0 96.1 53.9 429.5 85.0 503.0

-

55.3 -

EastAsia Korea 108.4 Philippines Taiwan, China SouthAsia India Indonesiaa Malaysia Pakistan Thailand

109.1 -

106.7

Europe/Mideast/Africa Greece 310.8 Jordan 131.8 Nigeria Portugaib Turkeyc Zimbabwe 166.7 a Dec89=100. b Jan86=100. c Dec86=1 00. - Notavailable.

-

-

Percent Change in IFC Price Indexes, 1982-1991

Market Latin America Argentina Brazil Chile Colombia Mexico Venezuela EastAsia Korea Philippines China Taiwan, South Asia India Indonesia Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan ~' Nigeria Portugal CD Turkey Zimbabwe

-Not

applicable.

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

-61.9 -25.8 -57.0

44.7 31.3 -33.6

-19.4 41.1 -28.0

74.5 81.3 35.5 -25.1 7.8 -29.8

-26.7 -27.0 134.4 120.7 81.4 54.4

6.7 -659 17.8 62.3 -10.5 454

30.1 104.3 222 -18.1 98.4 -26.5

136.1 39.3 35.4 568 66.6 -35.3

-37.8 -67.6 31.1 26.7 25.2 571.f

3921 151.6 90.1 173.7 100.1 34.3

27.4 32.6 6.9

59.3 362.7 46.4

21.0 46.7 116.4

96.4 35.9 96.4

-3.1 57.5 95.3

-26.7 -52.4 -50.8

-16.6 56.8 -1.6

99.9

-5.7

-19.1

314

1.3

16.2 -42.8 8.9 159.8 7.4 -22.1 5.9 27.4 -14 -53,0 -55.2

-

-79.2 -

-4.3 -

-6.1

-

84.6 -

-14.4 -

-2.0

-

-2.1 -

7.8 -

-6.4

15.4 7.7 -125

8.1 108 49.5

-2.5 -0.1 27.6

22.1 2.5 30.8

39.4 -2.4 853

16.6 -2.5 -131 32 -27.0

-8.5 44.0 -4.6

40.9 -5.9 -599

1361 -78 -16.5 174.1 1 146 72.2

-44.8 -23.1 -30 -318 -75.5 139

66.9 -4.2 10.2 309 3001 25.3

89.5 -14 23.8 -33.4 -25.0 83.7

----

-

-

-

8.7

59

-11.4

-8.0 -4.8

-57.3 -10.1

-24.6 -15.5

--

-

-

-52.5

-

-22.2

-

-22.9

--

135.4

56

-

-

Statistics of IFC Price Indexes (US$; five years ending December 1991)

Market

Number of months

Mean

Standard deviation

Annualized mean

Annualized standard deviation

Correlation coefficient


60 60 60 60 60 60

8.28 2.38 3.02 3.06 4.82 3.94

34.16 23.51 8.59 9.56 15.4 13.68

99.36 28.56 36.24 36.72 57.84 47.28

118.33 81.44 29.76 33.12 53.35 47.39

0.07 03 -3 0.34 0.:3 05 -0.08


60 60 60

0.93 2.05 4.03

8.61 11.3 18.55

11.16 24.60 48.36

29.83 39.14 64.26

0.'-2 0.43 0.13


60 24 60 60 60

0.96 -1.92 1.09 1.85 1.97

8.37 9.91 7.98 6.84 9.61

11.52 -23.04 13.08 22.20 23.64

28.99 34.33 27.64 23.69 33.29

-0.02 0.18 0.68 0.03 0 53


60 60 60 60 60 60

3.08 -0.44 0.91 1.93 1.76 1.43

16.01 5.13 8.56 16.16 21.42 7.02

36.96 -5.28 10.92 23.16 21.12 17.16

55.46 17.77 29.65 55.98 74.20 24.32

0.21 0.14 0.12 0.25 0.09 -0.12

IFCRegional Indexes Composite LatinAmerica Asia

60 60 60

1.35 2.49 1.77

7.99 12.11 10.13

16.20 29.88 21.24

27.68 41.95 35.09

0.38 0.36 0.32

Developed markets UnitedStates UnitedKingdom Japan EAFE EuroPacific

60 60 60 60 60

1.06 1.23 1.25 0.77 0.78

5.39 6.58 8.23 6.25 6.39

12.72 14.76 15.00 9.24 9.36

18.67 22.79 28.51 21.65 22.14

1.03 0.69 0.16 0.51 0.51

96


Correlation Coefficient Matrix of IFC Price Indexes (US$; five years ending December 1991)

Correlations with the S&P 500 Arg Bra Chi Col Gre Ind

1.00 069 1.00

Jpn

016

EAFE

0.51

0.40 0.73

1.00 0.78

1 00

FTEP

0.51

0.72

0 79

1.00

C7

Kor Mal

IFCL IFCA Arg Bra Chi

0.07 0.13 0.34

038

0.13 0.21 -002 0.1 8 0.14 0.32 0.68 0.50 0.12 0.03 0.43 0.25 0.13 0.53 009 -0.08 -0.12

0.32

0.20

Nig Pak Phi

-0.12 0.06 0.13

-019 0.12 -020

-0 12 0 15 0.02

-0.12 0.14 0.02

-0 04 0.30 0.47

-0.02 0.76 0.48

-0.06 0.09 0.36

1.00 -0.20 -0.03

0.08 0.19 0.05 0.03 0.25 0.38 0.66 0.28 -0.05 0.6 0.27 0.36 0.15 0.45 0.08 -0.07 0.04

0.01 0.10 -0.09 -019 0.21 0.39 028 0.09 0.03 -0.08 0.21 0.26 0.15 0.20 0.10 -0.19 0.02

0.03 0.20 -0.06 -0.11 024 0.34 0.56 0.29 -0.10 0.00 0.26 0.40 0.25 0.46 0.09 -0.20 -0.01

0.03 0.19 -0.07 -0.11 0.24 0.35 0.56 0.29 -009 0.00 0.26 0.39 0.26 0.46 0.08 -0.20 000

0.08 0.09 0.00 0.21 0.11 0.23 0.54 0.56 -0.16 0.02 0.24 0.42 086 0.54 0.31 -0.40 -0.14

0.08 0.13 0.07 -0.14 -0.18 0.13 0.40 0.57 0.00 0.03 0.21 0.28 0.28 0.33 0.18 -0.36 -0.10

0.00 -0.01 -0.10 0.19 0.16 0.24 0.50 0.46 -0.20 -0.02 0.19 036 0.93 0.51 024 -0.33 -0.09

-0.09 0.12 0.10 0.11 031 0.03 -0.23 -0.09 -0.11 -0.12 -0.18 -0.03 -0.03 0.16 0.15 0.02 0.17 0.04 0.01 0.05 -0.05 0.23 0.02 0.08 -0.04 0.07 0.09 0.13 0.14 0.07 0.03 -0.28 -0.28 0.03

UK ~~USA

1989. December 0 a Starts

-----

Mex

1.00

0.34 0.35 1.00 0.36 0.16 0.08 023 0.23 0.60 1.00 0.32 0.31 0.23 0.36 0.37 0.94 0.35 1.00

Cal Gre Ind Idna Jar Kor Mal CD Mex 48 Nig q5 Pak Phi Por Tai Tha ~r Tur Ven 7 -TI Zim 0

Idn---Jor

USA UK

IFCC

...

Jpn EAFE FTEP IFCC IFCL IFCA Arg

1.00 0.18

Bra

--------------

-

PoTa----l -Tha Tur---

1.00

0.06 0.13 -0.08 0.03 0.02 0.02 0.32 0.33 -0.04 -0.09 0.12 0.20 0.33 0.27 0.09 -0.25 -0.13

1.00 0.22 -0.06 0.14 017 -0.21 0.11 0.02 0.08 0.62 0.07 0.18 0.05 0.16 0.14 0.03 -0.14

1.00 0.01 0.26 0.19 -0.17 0.05 0.09 0.13 -0.10 0.09 0.47 005 0.25 0.28 -0.07 -0.02

1.00 -0.02 -0.12 -0.02 004 0.03 0.05 0.02 -0.09 -0.08 -0.13 -0.06 0.07 0.17 -0.16

1.00 0.15 -0.10 0.43 019 -027 0.20 041 0.05 0.19 0.42 0.35 0.09 0.27

1.00 -0.10 0.15 -009 -004 0.02 0.16 -0.03 0.18 0.13 -0.10 -0.12 -013

Chi

Cal

Gre

Ind

Idn

Jar

--

-----------------------------

Ven------

Zim

-_-_-__-_-_-__-_-_-__ -__-_-_-__-_-_-__

-0.20 10OU 0.29 1.00 0.23 0.47 -0.08 -0.05 0.00 0.01 011 0.46 0.08 0.26 -0.02 0.28 0.06 0.59 0.00 0.32 -0.18 -020 -0.02 -0.02 Kor

Mal

1 00 -0.08 0.02 0.10 0.42 0.36 0.39 0.26 -011 -011

1.00 -0.06 0.25 -0.19 -0.28 -0.04 0.09 0.01 -018

Mex Nig

0.60

0.40

0.20

0.00

1.00 -0.05 0.04 -0.03 0.03 0.07 0.03 -0.31

1.00 -0.11 0.05 0.28 0.16 -0.27 -0.12

1.00 0.43 037 0.32 -0.07 0.11

1.00 046 0.17 -0.29 -0.04

Pak

Phi

Por

Tai

-_-_-

0.80

1.00 0.30 1.00 -020 -0.08 1.00 -0.14 -0.04 0.04 1.00 Tha

Tur

Ven Zim

cc

Weekly IFC Price Indexes, January-March 1991 (US$; end 1984=100)

B Market

ITI

so o

January 4

11

18

25

February 1

8

15

22

March 1

8

15

22

29


242.4 44.2 843.1 291.2 719.5 497.5

241.3 41.3 813.2 272.6 681.1 546.3

228.2 43.8 822.8 276.1 697.0 555.6

224.3 52.3 888.8 274.3 699.6 576.6

255.8 59.4 915.0 284.8 710.0 588.7

226.8 69.5 989.1 295.2 731.7 574.0

251.4 73.8 1,057.9 299.0 738.7 548.5

265.5 67.7 1,038.6 288.6 737.4 534.7

308.0 73.8 1,089.2 295.6 753.6 559.0

304.8 69.0 1,104.1 287.3 806.7 548.3

332.1 65.2 1,073.5 284.6 837.3 548.1

456.8 63.6 1,117.3 284.7 872.4 567.2

462.1 66.0 1,157.7 284.1 887.1 554.1


338.8 833.0 626.7

317.4 810.8 496.0

324.4 883.3 553.3

308.9 840.6 554.8

309.2 901.8 557.9

308.0 1,012.5 626.0

315.2 1,068.0 649.8

336.9 1,149.0 678.8

330.4 1,153.8 645.2

330.9 1,174.5 652.3

327.4 1,200.4 676.4

317.8 1,199.5 643.1

314.2 1,303.5 694.1

224.5 95.6 126.7

232.8 90.8 121.5

228.1 91.2 123.8

214.3 89.2 123.2

226.9 89.2 126.6

228.5 88.8 132.2

227.8 88.9 134.2

249.9 98.1 140.7

291.9

284.0

316.7

303.9

329.2

353.4

375.2

377.9

256.4 90.6 140.0 118.1 378.2

252.2 89.7 149.8 119.4 391.8

252.6 92.4 149.8 118.8 408.4

246.7 91.8 146.9 118.8 409.4

243.9 94.1 145.8 117.2 397.5

550.5 88.8

531.6 90.3

540.1 87.8

521.0 85.1

527.4 85.1

560.7 85.6

624.7 87.7

661.2 90.6

687.4 92.1

675.6 98.0

635.2 99.9

620.1 99.0

615.2 97.7

SouthAsia India Indonesiaa Malaysia Pakistan Thailand Europe/Mideast/Africa Greece Jordan Nigeria

-

-

-

-

-

Portugalb Turkeyc Zimbabwe

456.1 177.4 1,143.1

435.1 163.2 1,112.6

465.1 186.2 1,112.8

463.9 179.5 1,099.0

475.6 194.5 1,104.0

500.6 199.1 1,080.8

513.9 196.3 1,024.2

525.0 202.7 935.9

538.3 188.4 921.0

542.1 174.2 935.4

531.5 166.5 977.0

504.5 147.8 964.8

475.7 145.2 952.4

RegionalIndexes Composite Asia LatinAmerica

215.4 261.3 186.3

196.5 230.3 177.1

207.0 245.2 181.3

204.6 240.1 192.4

210.1 243.5 202.4

221.6 258.4 216.6

228.3 266.6 225.9

237.0 279.8 220.2

234.6 272.0 231.9

236.7 277.2 235.4

238.3 281.6 235.5

233.3 272.3 246.2

237.7 279.1 252.5

a Dec89=100. b Jan86=1 00. c Dec86=100. - Notavailable.

t.

I

Market

LatinAmerica


Korea Philippines China Taiwan, SouthAsia

India Indonesia' Malaysia Pakistan Thailand Europe/Mideast/Africa T'

Greece Jordan

CD

Nigeria

Tq z r>:

Portugalb Turkey' Zimbabwe RegionalIndexes

w i

Composite Asia LatinAmerica

a Dec89=100. b Jan86=100. c Dec86=100. - Notavailable. 'c

April 5

12

19

26

May 3

10

17

24

31

June 7

14

21

28

449.8 68.9 1,256.2 264.2 942.6 567.5

433.7 67.1 1,212.5 277.9 974.2 564.9

474.8 68.8 1,149.6 2719 1,0107 535.5

481.6 68.7 1,089.2 275.7 1,003.5 5357

4783 67.5 1,135.9 2774 998.4 512.9

504.5 71.4 1,174.1 2808 7 1,049 507.8

555.8 76.4 1,180.7 275.4 1,071.8 520.0

5144 837 1,186.5 2790 1,108.2 510.9

496.7 97.0 1,190.6 289.6 1,167.3 4952

4863 91.9 1,242.3 302.3 1,195.0 481.9

470.8 92.0 1,282.3 3160 1,1712 476.5

4366 96.6 1,320.6 313.9 1,1617 463.0

456.5 95.4 1,360.3 308.5 1,1332 460.4

309.7 1,360.4 714.7

302.9 1,300.7 7700

294.6 1,297.3 782.6

304.6 4 1,287 814.0

308.1 1,302.8 7976

300.3 1,334.2 845.3

304.6 8 1,338 814.9

294.8 1,423.0 8024

293.8 1,402.8 775.1

290.4 1,402.0 800.0

293.6 1,400.4 7942

281.5 1,328.2 822.6

288.8 1,302.3 775.4

2502 94.3 148.5 121.3 398.6

2609 955 145.2 124.4 413.6

261.5 94.9 149.1 124.3 405.0

254.3 97.7 146.2 128.4 375.6

2512 947 146.6 128.2 370.3

253.1 946 1459 128.2 359.8

2544 93.8 144.4 124.6 345.5

2519 93.3 154.6 125.1 3430

250.6 91.1 155.8 130.5 339.8

2363 90.6 152.8 127.1 344.6

242.7 87.7 152.8 130.7 336.0

252.7 85.5 152.9 137.0 3216

237.4 79.3 151.0 136.1 318.4

629.5 97.2

610.2 94.0

581.0 969

5475 98.2

528.9 98.3

498.1 98.2

476.0 972

490.3 97.5

471.2 944

4730 93.3

448.8 92.6

438.3 935

416.6 94.9

-

-

---

-

-

-

-

-

4832 138.4 1,020.5

4951 145.0 1,014.8

482.3 144.6 1,006.5

464.7 128.8 1,007.9

465.5 122.9 1,041.6

449.0 114.1 1,055.9

447.7 109.1 1,044.0

454.6 114.6 1,023.5

451.0 105.4 1,019.5

443.5 98.0 9870

426.7 101.5 976.7

4261 95.4 973.2

423.1 94.9 976.0

242.1 282.3 267.1

246.8 290.1 266.6

247.1 290.9 270.9

2478 2966 266.8

245.5 293.9 2676

249.3 298.9 280.7

247.4 293.5 290.3

248.8 292.0 299.8

2480 287.2 318.0

248.5 289.9 320.1

2477 2892 318.3

248.0 289.8 321.2

242.5 282.9 319.2

1:

Weekly IFCPrice Indexes, July-September 1991

no CD Ciq

E;

t ITI

g C,:

Market Market

July 5

12

19

26

August 2

9

16

23

30

September 6

13

20

27


453.1 87.6 1,424.7 304.5 1,187.6 491.2

458.1 92.5 1,450.7 307.7 1,229.7 466.0

462.4 93.5 1,503.7 303.2 1,260.5 454.9

468.0 98.0 1,516.0 309.4 1,236.9 448.3

490.0 104.5 1,556.5 309.0 1,235.4 447.7

588.3 94.1 1,626.6 310.3 1,183.0 426.3

685.5 95.4 1,624.6 310.1 1,208.9 429.1

859.0 97.0 1,618.1 304.3 1,245.2 445.5

908.6 96.3 1,627.5 301.2 1,286.4 436.3

968.1 96.8 1,721.7 299.3 1,285.9 440.2

851.8 109.8 1,742.5 301.5 1,297.8 459.9

927.0 107.1 1,751.5 311.4 1,294.3 469.8

969.0 95.9 1,755.1 313.8 1,302.4 476.2


291.1 1,311.8 725.3

308.7 1,240.5 725.3

314.6 1,269.8 688.5

335.8 1,241.3 693.8

367.8 1,256.0 684.6

354.7 1,219.1 699.4

342.9 1,206.7 659.2

343.9 1,242.9 615.9

336.0 1,288.6 617.4

333.6 1,272.9 646.8

337.5 1,184.4 622.6

337.0 1,112.8 646.8

338.1 1,150.2 665.8


228.3 79.3 148.5 145.2 301.8

233.4 77.5 146.5 156.5 285.5

236.3 76.5 145.5 156.3 293.9

240.5 79.2 148.6 161.2 306.9

250.3 78.3 147.0 166.4 295.2

247.1 77.2 139.7 169.6 287.9

253.8 75.2 133.3 167.5 285.3

264.4 72.1 133.9 166.9 278.0

262.9 68.1 137.0 165.8 290.0

265.1 67.0 138.2 164.2 297.2

273.2 65.9 136.0 162.3 292.5

269.3 55.5 131.0 167.4 291.0

273.2 54.1 132.9 166.8 281.5

Europe/Mideast/Africa Greece Jordan Nigeria Portugalb TurkeyC Zimbabwe

399.9 93.9 406.2 97.8 968.7

421.9 91.8 419.5 91.5 975.3

423.0 90.2

428.7 91.0

439.2 89.8

446.4 89.2

452.3 89.4

459.4 86.7

453.4 85.3

450.6 87.1

427.7 86.4

425.4 86.2

400.0 88.9

443.2 89.8 967.2

449.4 82.5 957.5

440.7 82.9 933.5

445.7 81.2 903.6

438.2 87.0 860.8

439.2 82.4 830.2

441.4 77.7 828.9

442.8 70.6 834.7

444.8 66.0 844.5

442.8 66.5 807.1

442.2 67.4 649.9

RegionalIndexes Composite Asia Latin America

237.7 273.0 323.6

240.8 275.9 334.8

239.9 271.6 342.7

244.5 280.1 343.9

249.3 285.8 351.8

245.3 281.8 343.6

240.7 269.4 351.8

239.2 262.1 364.4

239.8 262.1 371.9

243.3 267.4 379.3

242.2 263.3 387.9

242.4 265.4 388.6

243.2 268.9 382.3

a Dec89=100.

bJan 86=100.

Dec86=100. - Notavailable.

-

-

Weekly IFC Price Indexes, October-December 1991

Market

3

g ¢ g

October 4

11

18

25

November 1

8

15

22

29

December 6

13

20

27


1,129.5 82.7 1,943.2 330.7 1,307.6 486.0

1,280.9 79.2 1,9473 379.7 1,394.6 5143

1,294.3 84.4 1,822.4 429.0 1,437.4 540.7

1,157.7 90 3 1,714.9 429.3 1,415.9 624.7

1,319.5 85.5 1,644.3 4188 1,4170 631.1

1,238.7 77.8 1,6380 426.5 1,457.8 626.0

1,1264 79.8 1,556.9 447.5 1,491.2 653.2

942.7 69 3 1,563.2 533.9 1,431.3 626.5

1,037.0 68.7 1,539.3 5748 1,439.8 610.5

1,0859 73.8 1,4904 729.3 1,426.4 602.6

1,102.3 81.4 1,520.6 6949 1,398.6 641.0

1,178.2 92 5 1,527.8 782.8 1,400.0 662.3

1,257.4 99.2 1,542.9 787.3 1,469.2 681.2


349.1 1,189.4 652.2

341.4 1,190.7 6671

337.9 1,209.0 606.2

337.3 1,195.3 5846

325.0 1,208.1 5927

322.9 1,2772 620.1

313.5 1,347.7 611.4

310.0 1,321.5 623.7

3062 1,292.6 602.9

2893 1,3074 6257

299.8 1,325.7 611.8

279.4 1,323.4 613.0

285.2 1,361.7 635.1


262.6 54.4 128.7 168.3 273.6

2601 52.3 128.5 168.6 264.2

261.6 50.0 130.1 170.4 2590

265.0 49.1 132.9 170.6 260.1

2792 48.8 134.9 177.2 265.7

279.9 49.0 134.4 187.8 289.5

277.1 54.0 136.7 203.0 281.1

278.4 51.9 1354 222.4 275.7

279.7 52.3 1331 2323 2831

278.3 525 133.1 257.4 291.5

268.1 52.4 1346 274.6 299.7

273.2 54.3 135.6 302.5 294.9

277.1 54.7 138.7 296.9 308.1

Europe/Mideast/Africa Greece Jordan Nigeria Portugalb Turkeyc Zimbabwe

401.1 90.2 463.0 64.3 646.4

392.6 907

3873 89.4

377.9 90.3

402.1 906

392.2 90.3

389.5 90.3

401.2 90 3

405.7 90.6

404.8 943

388.2 94.0

409.7 95.7

411.2 951

440.2 59.7 636.2

431.2 61.0 601.4

428.6 61.2 595.5

431.3 59.9 599.9

426.1 60.2 576.1

410.9 67.4 562.9

413.7 79.6 514.8

399.1 80.9 5070

416.8 88.6 493.3

418.1 801 482.5

428.5 79 9 504.2

438.6 83.4 5010

RegionalIndexes Composite Asia LatinAmerica

243.2 267.5 387.7

245.1 267.2 402.7

240.3 256.2 407.1

238.1 253.4 398.4

2384 252.6 397.2

2407 258.1 3932

239.4 254.3 391 1

236.5 254.6 367.7

234.5 2499 370.8

235.8 249.7 372.5

236.5 251.3 377.1

237.0 246.0 389.7

2447 253.2 408.5

a Dec89=100. cDec 86=100. - Not available.

-

-

Highs and Lows of Price Indexes, 1991 (Change from end 1990) Open 100 600 111~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 500

Monthsof high/low Level at year-end

400

----

- - --

- - -- - -

-

- -- -- - - - -

12 10~~~~~~~~~~~~~1

0_

e

_

iT

200 l!

1 10~~~~~~~~~~~~~~~~~~~

11~~~~~~~~~~~~~~~~~0

1

0 Bra

Col

Ind

Jor

Mal

Nig

Phi

Ven

Tha

Por

Pak

Mex

Kor

Idn

Gre

Chi

Arg

Tai

Tur

Zim

Correlations between IFC Indexes and Local Market Indexes (Monthly series; five years ending December 1991) (Local currency)

0.90

0.80

0.70

0.60 Arg

Chi Bra

Ind Gre

S

t

~~~~~~~* Series begins December

Jor Idn*

1989

Mal Kor

Nig Mex

Phi Pak

Tai Por

Tur Tha

Zim Ven

Local Stock Market Price Indexes, 1982-1991 (Local currency; year-end)

s

Market

t


BolsaIndiceGeneral (1977=0.00001) 0.000562 BOVESPA MarketIndex(1968=0.000001) 0.00028 IGPAIndex(Jan1980=100) 68.3 Bogota General (15Mar1976=100) a 349.0 BMVGeneral (Nov1978=0.7816) 0.68 BVCIndex(1971=100) 315.7


KOSPI (Jan1980=100) ManilaCom.-lnd. (Jan1958=1 00) TSEAverage Index(1966=100)

127.3 90.5 443.6

121.2 144.6 761.9

FEBombay Index(1970=100) JSEComposite (19Aug1982=100) KLSE Composite (Jan1977=1 00) SBPIndex(1980-1981=100) SETIndex(30Apr1975=100)

166.9 95.0 291.4 114.8 123.5 93.4 203.5 190.5 136.1

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

0.00438 0.00241 56.5 264.6 2.45 409.1

0.028059 0.01307 63.3 215.9 4.04 588.7

0.209483 0.06554 110.3 226.6 11.20 817.6

0.249847 0.09258 262.1 463.3 47.1 2,090.5

0.660781 0.12486 343.6 851.3 105.7 3,928.6

4.138297 3.3082 459.8 872.1 211.5 3,866.4

717.2417 61.615 757.6 975.9 418.9 2,754.0

2,202.88 251.56 1,166.7 1,392.3 628.8 17,881.9

17,856.02 6,077.6 2,483.7 358.1 1,431.5 29,316.6

142.5 1116.3 838.1

163.4 160.9 835.0

272.6 548.0 1,039.1

525.1 750.1 2,339.9

907.2 949.9 5,119.1

909.7 1,584.9 9,624,2

696.1 870.1 4,530.2

610.9 1,6947 4,600.7

182.8 80.4 401.6 148.3 134.5

199.8 63.5 303.6 168.3 142.3

396.4 66.5 233.5 166.5 135.0

424.8 69.7 252.4 199.9 207.3

389.9 82.5 261.2 228.4 284.9

634.5 305.1 357.4 262.7 386.7

839.9 399.7 565,3 277.3 879.2

1,040.7 417.8 505.9 308.5 612.9

1,801.9 247.4 556.2 718.2 711.4

58.3 153.4 187.0 123.8

59.2 119.5 100.0 249.7

71.0 115.7 128.3 566.4

103.9 106.5 163.4 1,202.0 170.9 286.3

272.5 117.3 190.9 2,990.0 673.0 450.1

279.6 124.4 233.6 2,355.9 373.9 552.6

459.4 137.3 325.3 3,287.0 2,217.7 869.1

932.0 118.4 513.8 2,143.4 3,255.8 2,282.7

809.7 147.2 784.0 1,977.7 4,369.1 1,953.6

SouthAsia

India Indonesia Malaysia Pakistan Thailand



ASEComposite (1980=100) AFMIndex(Jan1980=100) NSEGeneral Index(1984=100) BancoTotta & Acores(1977=1 00) ISEIndex(Jan1986=100) ZSEIndustrial (1967=100)

-

122.7

251.9

aThe Bolsa deBogota ceased publication oftheGeneral IndexfromDecember 31,1990. It introduced a newindex(IBB)in January 1992,usingJanuary 2, 1991= 100.

Thefigure shownfortheendof 1991isthelBB; figures for previous yearsaretheGeneral Index.

- Notavailable.

Percent Change in Local Stock Market Price Indexes, 1982-1991

Market

1984

1985

1986

1987

1988

1989

1990

1991

(1977=0.00001) 142.24 BolsaIndiceGeneral BOVESPA MarketIndex(1968=0.000001)64.21 -9.59 IGPAIndex(Jan1980=100) -2068 (15Mar19 7 6=1 00 )a Bogota General -28.52 BMVGeneral (Nov1978=0.7816) 14.58 BVCIndex(1971=100)

679.36 758.62 -17.25 -24.19 26185 2958

540.62 442.02 1203 -18.41 64.71 43.92

646.58 401.53 74.16 4.95 177.27 3889

1927 41.26 137.75 104.52 320.65 155.67

164.47 34.87 31.09 83.73 124.35 87.93

526.27 2,549.53 33.81 2.45 100.18 -1.58

17,231.80 1,76249 64.76 11.90 98.04 -28.77

207.13 30828 54.00 42.66 5010 54931

710.58 2,315.96 112.88 258.10 127.65 63.95

KOSPI (Jan1980=100) (Jan1958=100) ManilaCom.-Ind. Index(1966=100) TSEAverage

-3.09 -8.77 -19.50

-479 59.76 71.77

17.53 -26.47 9.99

14.68 51.35 -036

66.87 240.60 24.44

92.62 36.87 12518

72.76 26.63 118.78

0.28 66.86 88.00

-2348 -4510 -52.93

-12.24 94.77 1.56

Index(1970=100) FEBombay JSEComposite (19Aug1982=100) KLSE Composite (Jan1977=100) SBPIndex(1980-1981=100) Index (30 Apr 1975=100) SET

-4.77 -5.25 -23.48 1549 15.85

9.58 -1540 37.82 29.18 891

9.29 -20.95 -24.40 13.49 580

9836 4.72 -23.09 -1.07 -5.13

7.16 4.75 8.11 20.06 53.54

-821 18.42 3.48 1426 37.52

62.73 269.68 36.83 15.02 35.72

32.38 31.04 58.17 5.55 127.34

23.90 4.53 -10.02 11.27 -30.29

73.15 -40.79 9.94 132.77 16.07

7.89 15.04 -6.39 -4023

-37.64 -2462

158 -2229 33.52

19.89 -3.18 2830 126.83 105.30

46.38 -7.95 2736 112.22 1366

162.34 10.14 16.83 148.75 293.89 57.19

2.64 6.05 22.37 -21.21 -44.44 22.79

64.29 10.37 39.26 39.52 493.07 57.28

10286 -1377 57.95 -34.79 4681 162.64

-13.12 24.32 5259 -7.73 34.20 -14.41

1982

1983

LatinAmerica


Korea Philippines China Taiwan, SouthAsia

India Indonesia Malaysia Pakistan Thailand


Trn 5 an


ASEComposite (1980=100) AFMIndex(Jan1980=100) NSEGeneral Index(1984=100) Totta& Acores(1977=100) Banco ISEIndex(Jan1986=100) ZSEIndustrial (1967=100)

-1.84 -9.04

-0.89

- Notavailable. 2, 1991= 100. 1992,usingJanuary 31,1990.It introduced a newindexinJanuary Index fromDecember ceased publication of theGeneral a TheBolsa deBogota

-Il

0

0 0t 0

0

IFC Industry Indexes Total Returns in U.S. Dollars, 1991 Transportation/communication/ utility73 Mining Manufacturing

28

IFC Composite

19

Services

19

Construction Other/diversifiedholding companies Agriculture/forestry/fishing

10

~r

---

Wholesale/retailtrade

--

-----

-----

--

--

---

-

-

--

- -

-

-

--

-

-

-

-3

Finance/insurance/ real estate

- - - - --

- -

-8 -20

0

20

40 60 Percent change

80

100

Dec 90

Dec 91

IFC Industry Indexes, 1984 - 1991

Price Series US$;end 1984=100 700

-

Agriculture/ forestry/fishing Mining

-

Construction

-

600

-

I~MI IFC Composite

500 400

--

- - --

--

---

400

0 Dec 84

Dec 85

Dec 86


Dec 87

Dec 88

Dec 89

IFC Industry Indexes, 1984 - 1991

Price Series US$;end 1984=100 1000 Manufacturing Transportation/

_

800

communication/utility Wholesale/retailtrade

-

-

l 600

-

400

--

-

-----

IFCComposite

-- -

.

-

C

--

- -

.-

-

200

-

0 Dec 84

Dec 85

Dec 86

Dec 87

Dec 88

Dec 89

Dec 90

Dec 91

IFC Industry Indexes, 1984 - 1991 Price Series US$; end 1984=100 600

500

-

Services

-

Other/diversified-holdingcompanies

-

--

- - - - -

Finance/insurance/ real estate 400

---

IFC Composite

- - - -

- - -- - - - -

200 ---------

100

0Dec

84

Dec 85

Dec 86

Dec 87

Dec 88

Dec 89

Dec 90

Dec 91

Emergina Stock Markets Factbook

107

IFC Industry Indexes, Total Return Series (US$; end 1984=100)

1985

1986

1987

1988

1989

1990

1991

98.6

123.4

139.2

156.0

198.9

168.7

185.1

Mining Metalmining

119.3 117.8

113.7 96.2

116.6 72.5

189.1 128.8

315.0 215.2

158.0 94.2

228.3 105.8

Construction General buildingcontractors

121.3 125.2

123.6 127.9

190.6 198.5

481.6 513.4

731.0 780.5

465.8 451.0

543.5 568.7

Manufacturing Food& kindred products Textile millproducts Apparel & othertextileproducts Paper& alliedproducts Chemicals & alliedproducts Petroleum refining& related products Rubber & misc.plasticsproducts Cement products Primary metalindustries Fabricated metalproducts Electric & electronic equipment Transportation equipment Miscellaneous manufacturing

138.7 110.1 148.3 140.2 154.6 137.0 135.1 119.8 110.6 214.2 133.8 115.9 192.3 142.2

172.8 157.4 157.5 144.8 284.3 201.5 148.3 169.7 246.0 185.9 107.8 164.7 260.4 150.3

201.8 182.4 210.6 210.4 477.8 229.0 80.7 361.0 318.5 202.4 85.2 288.4 340.8 136.9

333.2 248.5 180.2 275.9 581.8 434.4 124.8 615.6 629.3 323.8 143.8 503.5 545.0 146.8

528.2 522.8 334.9 376.4 948.1 552.0 145.8 890.9 1337.5 5293 239.6 866.0 752.5 195.9

386.8 383.9 213.6 241.8 1214.2 382.5 88.5 512.0 982.7 369.4 168.9 515.8 618.1 219.2

495.3 677.3 304.2 319.1 1484.2 469.6 1109 6112 1372.8 397.6 216.0 591.1 676.8 253.8

Transportation/communication/utility Transportation services Communications Electric, gasorsanitary services

137.3 163.7 109.5 133.3

287.4 220.2 326.8 223.8

413.2 230.7 589.7 351.0

568.1 329.8 676.1 479.2

957.1 456.1 1269.6 899.7

8398 249.3 1716.0 977.7

14502 354.7 46677 12982

Wholesale/retail trade

118.1

145.3

213.5

486.8

673.0

660.4

643.1

Finance/insurance/real estate Banking Creditagencies otherthanbanks

132.4 136.4 102.1

115.4 118.5 175.2

119.8 118.4 348.6

188.8 204.8 216.9

293.8 288.8 604.3

206.1 224.8 347.2

189.9 199.0 341.5

Industry Agriculture/forestry/fishing

Security& commoditybrokers

-

163.9

143.4

106.1

94.6

153.0

192.3

324.6

115.5

249.6

114.3

121.0

Services Hotels& otherlodgingplaces

98.8 99.7

101.0 103.8

81.1 82.4

97.3 97.2

164.5 171.7

147.9 142.8

175.5 149.7

Other/diversified holdingcompanies

81.1

98.3

128.8

195.4

330.4

349.1

387.5

Insurance

- Not applicable.

108 EmergingStock MarketsFactbook

-

-

Percent Change in IFC Industry Indexes, Total Return Series

Industry

1985

1986

1987

1988

1989

1990

1991

Agriculture/forestry/fishing

-1.4

252

128

12.1

275

-15.2

9.7

Mining Metalmining

19.3 17.9

-4.7 -18.4

2.6 -24.6

621 77.6

66.6 67.1

-49.8 -56.2

44.4 124

Construction General buildingcontractors

21.3 252

1.9 2.2

542 55.2

152.7 158.7

51.8 52.0

-363 -42.2

16.7 261

387 10.1 48.2 40.2 545 370 35.1 198 10.6 114.2 338 15.9 923 42.2

24.5 429 62 3.3 83.9 47.0 9.8 416 122.4 -13.2 -19.4 59.4 35.4 5.7

168 15.9 33.7 45.3 681 13.7 -45.6 112.7 29.5 8.9 -21.0 56.1 30.9 -89

651 36.3 -14.4 31.1 21.8 89.7 54.7 70.5 97.6 60.0 68.8 746 59.9 73

58.5 110.4 85.8 36.4 63.0 271 16.8 44.7 112.6 635 66.6 720 38.1 335

-26.8 -26.6 -36.2 -35.7 28.1 -30.7 -393 -425 -265 -30.2 -29.5 -40.4 -17.9 11.9

280 76.5 42.4 319 222 22.8 25.4 19.4 39.7 77 27.9 146 9.5 15.8

Transportation/communication/utility

37.3

109.3

43.8

37.5

68.5

-12.3

72.7

Transportation services Communications Electric, gasor sanitary services

63.7 9.5 33.3

34.6 198.5 67.9

4.7 804 56.8

43.0 146 365

38.3 878 87.7

-453 35.2 8.7

42.3 172.0 32.8

Wholesale/retail trade

18.1

23.1

469

1280

382

-1.9

-2.6

Finance/linsurance/real estate Banking Creditagencies otherthanbanks Security& commodity brokers Insurance

32.4

-12.9

3.8

57 6

55 6

-29.8

-7.9

36.4 2.1 53.0

-13.2 716 257

-0.1 98.9 688

72.9 -37.8 -644

41.1 178.5 -125 1161

-22.2 -425 -26.0 -54.2

-11.5 -1.6 -10.8 5.9

Services Hotels& otherlodgingplaces

-1.2

2.3 41

-19.7 -206

19.9 180

69.1 76.6

-10.1 -16.8

18.7 4.9


-189

31.0

51.7

69.1

5.7

110

Manufacturing Food& kindredproducts Textilemillproducts Apparel & othertextileproducts Paper & alliedproducts Chemicals & alliedproducts Petroleum refining & related products Rubber&misc.plasticsproducts Cement products Primary metalindustries Fabricated metalproducts Electric & electronic equipment Transportation equipment Miscellaneous manufacturing

-

-0.3

212

Notapplicable.


109

I .

N- r

CC e

r

?

Cca-,J

Ca

N-J

o -aer

a, X~~~~C

ocr

.~

N0

ca-

-

co~

_

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=~~~~C

U~~~0

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--

-cN-

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.--

ca r -- co c- ca -0--Ina,a-C---r :c? =a, cr0CrCaC,-N-aThCCae Ca (nc c 000l5O-rC- C- C- Ca Ca

ao ---- a c-c> o

InCao a- =

,C

(rCa

cIan

-n---

) I InC

sn N-COC Ca

c(O

a

-aC s

-C-C 0Cacr1a--r50-

CC-

L5ar7_

CD

j

,_._

Industry

Arg

Bra

Chi

Col

Gre

Ind

Idn

Jor

Kor

Mal

Mex

Nig

Pak

Phi

Por

Tai

Tha

Tur

Ven

Zim Composite

es E

Agriculture/forestry/fishing

-

1

5

-

-

2

2

-

t g

Mining Metalmining

2

3 2

1 1

-

-

1 1

1

-

-

6 6

-

rConstruction

-

1

-

-

-

-

1

-

-

-

-

-

23 6

45 7

10 3

12 2

16 2

58 2

37 2

Textilemill products Apparel& othertextileproducts Paper&allied products Chemicals& alliedproducts Petroleumrefining& relatedproducts Rubber& misc. plasticsproducts

1 1 4 1 1

3 6 2 5 2

2 1 -

3 1 -

2

-

-

4 9 1 14 1

Cement products

3 3 3 1 1

2

2

1

3

2

3

2

Primarymetalindustries Fabricatedmetalproducts Electric& electronicequipment Transportationequipment Miscellaneousmanufacturing

1 2 1 -

4 5 4 2 1

2 -

1 1 -

2 4

-

-

-

2 3 3 7 4

2 2 2 4 8

Transportation/communication/utility 1

5

10

1

-

1 3

1 3 6

-

1 -

-

-

Wholesale/retailtrade

-

1

-

1

3

-

Finance/insurance/real estate Banking

1 1

7 5

6 2

5 3

10 6

-

-

2

3 3 2

-

Generalbuildingcontractors

m

Manufacturing Food& kindred products

o 7°-

Transportationservices Communications Electric,gas or sanitaryservices

Creditagenciesotherthanbanks Security& commoditybrokers Insurance

-

-

-

-

2

-

-

6

-

-

-

-

1

1

3

-

1

1

23

3 2

-

3

15 8

-

3 2

1 1

-

-

-

1 1

4 3

44 27

11 9

2 -

-

-

1 -

1 -

2 2

4 4

1 1

-

-

-

23 17

12 -

34

17 2

32 6

16 6

43 11

4 2

12 2

46 3

13 1

18

9 2

2 2 1 -

5 2 3 1

-

8 2

-

2

464 61

2

-

1

3 3 2 1

2 4 4

-

1

3 2 1 1

1 1 2 1 3

1

1 2 2

5 6 5 2 3 5

2

-

32 26 32 44 25 21

-

2 2

4 5 6 3 -

4 1 3 -

4 1

1 2 -

1 1 1

4 3 2 -

-

1

2

2

3

2

-

1 -

1

1

1

1 1 -

-

-

3

-

6

-

2

4

18 11

10 7

24 11

13 4

9 4

4 3

5 -

4 1

1 2

3 10 -

1 1 -

3 2

-

3

-

-

1

3 3

-

6 3

-

-

14

8

62

56

-

-

Services Hotels& other lodgingplaces

-

-

-

-


1

1

1

-

-

-

1

-

27

67

35

20

32

60

66

25

Total

-

Zero.

-

77

-

16

1

-

-

-

1

3 2 -

4

1

1

3

5

2

2

1

41

-

-

-

-

-

-

1 4 8

-

1

-

-

-

3 1 2 1 1

-

1 1 1

3 8 1 -

-

1

18 37 35 30 29

-

2

2

2

2

1

1

1

-

-

1

2 -

1 -

-

-

2 -

-

2

1

8 3

10 7

11 4

17 8

-

3

6 1

9

-

-

-

1

-

1

1 1

-

-

-

2

-

1

24

54

30

30

70

43

-

2 1

4

-

2 -

-

-

38 5

-

-

1

1

-

-

-

-

23

4 4

5 4

4 1

171 88

-

1 -

-

-

-

-

30 18 9

5 5

-

-

19 15

2

-

-

31

25

16

17

836

12 15

3 :r1-

t

Equity

Markets in the IFC Composite Index Argentina 116 Brazil 118 Chile 120 Colombia 122 Greece 124 India 126 Indonesia 128 Jordan 130 Korea 132 Malaysia 134 Mexico 136 Nigeria 138 Pakistan 140 Philippines 142 Portugal 144 Taiwan, China 146 Thailand 148 Turkey 150 Venezuela 152 Zimbabwe 154

Markets Not in the IFC Composite Index Bangladesh 157 Costa Rica 158 Cote d'Ivoire 159 Egypt 160 India (Calcutta, Delhi, Madras) 161 Jamaica 162 Kenya 163 Kuwait 164 Morocco 165 Peru 166 Sri Lanka 167 Trinidad and Tobago 168 Uruguay 169

Argentina, 1991 (Currency amounts in millions)a ru

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

174

174

174

174

174

174

174

174

174

174

176

174

2,881 3,065

3,437 3,337

4,997 5,195

5,588 5,674

5,828 5,875

5,468 5,479

5,614 5,628

10,694 10,753

30 32 1.3

51 50 1.6

179 186 4.3

254 258 4.8

239 241 4.2

121 121 2.1

108 109 1.9

3,470.8 57.6

4,146.2 19.5

6,022.9 45.3

6,698.0 11.2

7,036.8 5.1

6,559.0 -6.8

6,733.6 2.7

12,823.8 90.4

14,220.6 10.9

16,956.7 19.2

14,503.4 -14.5

17,856.0 23.1

E. IFCEmerging Markets DataBase 1) Number ofstocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%)

27 79.0 88.6 6.0 0.7 0.5 421.4 3.8

27 78.7 87.3 5.4 0.8 0.4 456.9 8.4

27 81.2 92.6 3.4 1.1 0.1 717.8 57.1

27 79.3 90.2 5.4 1.0 0.1 761.7 6.1

27 78.0 88.3 5.3 0.9 0.1 773.2 1.5

27 76.7 89.2 4.7 0.8 0.1 709.0 -8.3

27 76.5 86.0 5.8 0.8 0.1 726.5 2.5

27 78.2 89.9 17.7 1.4 0.3 1,423.7 96.0

27 78.7 73.7 20.7 1.6 0.3 1,598.4 12.3

27 80.7 89.2 27.5 2.2 0.3 1,946.4 21.8

27 78.9 89.6 30.6 1.8 0.3 1,619.6 -16.8

27 85.9 55.5 38.9 2.3 0.3 2,017.3 24.6

F Exchange rates 1) Exchange rates(endof period)

0.9400

1.0300

09620

0.9850

0.9920

0.9980

0.9975

0.9945

0.9910

0.9915

0.9910

0.9990

A. Number of listedcompanies BolsadeComerciodeBuenosAires B. Market capitalization 1) In pesos 2) In U.S.dollars C. Trading value 1) In pesos 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) BolsaIndiceGeneral (1977=0.00001) 2) Change in index(%)

a Thepesoreplaced theaustralin January 1992at a rateof 10,000australes to onepeso.

860 865 10.5

11,894 12,002 693 699 6.1

14,157 14,278 869 876 6.7

12,150 12,261 560 565 4.3

18,491 18,509 646 647 4.2

Argentina, 1982-1991 (Currency amounts in millions)a

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

248

238

236

227

217

206

186

178

179

174

A. Numberof listedcompanies

BolsadeComercio deBuenos Aires B. Marketcapitalization

1) In pesos 2) In U.S.dollars

0.00047 974

0.00322 1,386

0.02092 1,171

0.16307 2,037

0.19998 1,591

0.5318 1,519

33006 2,025

5756 4,225

1,853 3,268

18,491 18,509

000006 231 193

0.00041 389 22.2

0.00187 277 15.5

0.03800 631 41.3

0.02918 309 16.1

0.05385 251 14.7

0.55483 593 28.9

70.86 1,916 24.5

408.1 852 33.6

4,612 4,824 45.3

0.00056 142.2

0.00438 679.4

0.02806 540.6

0.20948 646.6

0.24985 193

0.66078 164.5

4.1383 5263

717.2 172318

2,202.9 207.1

17,856.0 710.6

21 36.4

21 389

21 38.1

24 639

24 677 3.8

24 67.7

24 77.8

24 68.7

0.4

11.3 0.3

22.1 1.6

3.1 0.4

27 859 38.9

1.9 141.8 10.2

3.6 197.1 39.0

4.7 637.1 2232

0.9 406.2 -36.3

0.3 2,017.3 396.6

83,808 343.0 0.001630 0.000936

68,997 3,079.8 0.13600 0.03698

105,440 2,314.0 0.5670 04793

84.5 0.9990 09560

C. Tradingvalue

1) Inpesos 2) In U.S.dollars 3) Turnover ratio D. Localindex

1) BolsaIndiceGeneral (1977=0.00001) 2) Change in index(%) E. IFCEmergingMarketsDataBase

1) Numberof stocks 2) Share of marketcap.(%) 3) P/Eratio 4) P/BVratio

U1

5) Dividend yield(%) 6) Totalreturnindex(Dec84=100) 7) Change in index(%)

On 04t

-

0.8 805 -61.1

-

-

1.3 119.2 48.1

01 1000 -16.1

07 174.9 74.9

16.0 03

0.2 128.6 -26.5

2.3

F Economicdata

7v,

1) Gross domestic product(US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

56,943 164.7 0.00000049 0.00000026

64,829 343.9 0.00000233 0.00000105

78,121 626.7 0.00001787 0.00000676

_ue

a Thepesoreplaced theaustral in January 1992ata rateof 10,000australes to onepeso. C

-

24 60.2

Notavailable.

65,790 6721 0.0000800 0.0000602

78,801 901 00001257 0.0000943

82,635 1313 0.0003500 0.0002144

-

Brazil, 1991 (Currency amountsin millions)

cD

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

577 611

577 611

575 603

575 600

574 600

574 598

570 598

568 595

568 595

569 596

571 600

570 598

A. Numberoflisted companies

1) SaoPauloBolsa deValores 2) RiodeJaneiro BolsadeValores o

Jan

B. Marketcapitalization 1) In cruzeiros (SaoPauloonly) 2) InU.S.dollars

4,668,161 5,813,642 5,797,244 6,563,232 10,526,460 11,597,106 13,458,495 15,592,755 18,113,403 22,313,690 24,773,746 46,615,836 20,747 26,895 25,112 26,024 36,077 37,081 38,752 39,500 33,857 34,483 29,479 42,759

C. Tradingvalue 1) RiodeJaneiro BolsadeValores SaoPauloBolsadeValores Totalin cruzeiros 2) In UI.S. dollars 3) Turnover ratio

20,411 38,738 59,149 263 1.6

47,876 92,186 140,062 648 2.7

39,973 72,832 112,805 489 1.9

47,987 95,383 143,361 568 2.3

57,635 129,633 187,268 656 2.2

119,882 269,285 389,167 1,244 3.5

96,450 251,919 348,369 1,003 2.8

173,222 546,544 719,766 1,823 5.0

168,321 444,557 612,878 1,146 3.6

264,182 515,500 779,682 1,205 3.9

144,330 399,131 543,461 647 2.3

379,682 1,009,350 1,389,032 1,274 3.9

D. Localindex 1) BOVESPA index(1968 =0.000 0 1)a 2) Change in index(%)

474.8 88.7

726.0 52.9

642.4 -11.5

667.5 3.9

1,116.8 67.3

1,353.1 21.2

1,801.4 33.1

2,086.9 15.8

2,447.3 17.3

3,209.2 31.1

3,230.8 0.7

6,077.6 88.1

E. IFCEmerging Markets OataBase 1) Number of stocks 2) Shareof market cap.(%) 3) Share oftradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change in totalreturnindex(%)

67 51.4 50.4 7.4 1.3 5.0 93.5 43.1

67 52.0 50.2 8.1 1.3 1.6 122.9 31.4

67 49.4 18.4 8.8 1.1 2.1 1094 -110

67 48.6 45.4 8.8 1.2 2.4 117.2 7.2

67 50.1 54.5 12.1 1.7 1.7 170.7 45.6

67 49.5 51.5 8.4 1.6 1.8 168.7 -1.1

67 51.4 54.5 10.6 1.7 1.5 183.1 8.5

67 47.1 54.9 9.6 1.4 1.7 171.2 -6.5

67 49.0 53.3 8.4 1.2 1.5 147.8 -13.6

67 50.7 50.0 9.1 1.3 1.2 155.5 5.2

67 47.6 57.7 7.6 1.1 1.2 123.3 -20.8

67 47.6 51.3 7.6 1.5 0.6 178.4 44.8

347.3000

394.7500

535.0000

647.1000


a

225.0000

216.1600 230.8600

252.2000

285.4500 312.7500

TheBOVESPA indexwasdivided byteninMay1991,andagainbyteninJanuary 1992.Thisseriesreflectsthosedivisions.

840.4000 1,090.2000

Brazil, 1982-1991 (Currency amounts in millions)

of listedcompanies A. Number 1) SaoPauloBolsadeValores BolsadeValores 2) RiodeJaneiro

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

493 607

505 593

522 601

541 615

592 658

590 650

589 630

592 629

581 612

570 598

259 10,249

14.86 15,102

92.3 28,995

449 42,768

612 42,096

1,203 16,900

23,504 32,149

501,354 44,368

2,633,390 16,354

46,615,836 42,759

0.7 0.4 107 5,961 50.9

0.9 1.9 2.82 4,887 32.3

7.0 120 184 9,962 34.3

66 67 133 21,484 49.3

150 244 395 28,912 74.4

144 233 377 9,608 41.5

1,804 2,870 4,675 17,979 378

18,920 28,014 46,934 16,762 17.9

114,054 255,191 369,245 5,598 23.6

1,559,950 3,865,058 5,424,999 13,373 22.0

001307 442.0

0.06554 401.5

0.09258 41.3

0.1249 34.9

3.3082 2,5495

61.62 1,762.5

251.56 308.3

6,077.6 2,315.9

B. Marketcapitalization

(SaoPauloonly) 1) Incruzeiros 2) In U.S.dollars C. Tradingvalue

BolsadeValores 1) RiodeJaneiro deValores SaoPauloBolsa Totalincruzeiros 2) InU.S.dollars ratio 3) Turnover D. Localindex Index(1968=0.000001)a 1) BOVESPA inindex(%) 2) Change tT1 CD

DataBase Markets E IFCEmerging of stocks 1) Number cap.(%) 2) Shareof market 3) P/Eratio 4) P/BVratio

yield(%) 5) Dividend 6) Totalreturnindex(Dec84=100) in index(%) 7) Change g

'Ti

data F Economic (US$) product domestic 1) Gross priceindex(%) inconsumer 2) Change rates(endot period) 3) Exchange ot period) rates(average 4) Exchange

000028 64.2

0.00241 758.6

25 28.6

25 27.6

25 27.7

26 27.4

29 289

30 26.0

57 40.8

56 435

56 40.1

67 47.6

-

-

-

-

42 0.9

154 0.6

7.9 0.7

8.3 1.3

5.3 0.8

7.6 1.5

4.3 148.0 -24.1

47 548 -63.0

1.5 1265 130.9

0.7 1888 49.2

9.4 65.3 -65.4

0.6 178.4 173.0

268,185 145.2 0.01455 0.01365

294,083 229.7 0.07118 0.03923

-

16.8 41.7 -14.0 281,337 97.8 0000253 0.000179

5.1 65.0 56.0 203,293 142.1 0.000984 0.000577

2.1 100.0 538 208,929 197.0 0.003184 0.001848

2.3 195.0 95.0 222,970 226.9 0.01049 0006200

0' 0

r

index wasdivided byten in May 1991,and again by ten in January 1992.This series reflects those divisions. aThe BOVESPA - Notavailable.

331,517 682.3 0.7311 0.2600

452,268 1,287.0 11.3000 2.8000

490,514 2,937 8 1610200 65.9583

-

460.0 1090.2000 4056687

Chile, 1991 (Currency amounts in millions) on on

O

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

216

215

215

215

217

217

217

216

219

220

220

221

A. Numberof listed companies

BolsadeComercio deSantiago

{>

Jan



5,157,168 6,186,178 6,736,962 6,647,671 7,037,940 8,113,914 8,969,993 10,230,740 11,543,258 10,053,911 10,542,970 10,490,229 15,286 18,886 19,563 19,615 20,582 23,313 25,759 28,969 32,320 27,892 28,624 27,984

C. Tradingvalue

1) In pesos 2) In U.S.dollars 3) Turnover ratio

28,894 86 0.6

49,374 151 0.9

33,721 98 0.5

42,985 127 0.6

34,389 101 0.5

41,001 118 0.5

62,524 180 0.7

83,832 237 0.9

74,444 208 0.7

116,662 324 1.1

48,358 131 0.5

47,164 126 0.4

1,299.2 11.4

1,543.4 18.8

1,700.3 10.2

1,642.4 -3.4

1,740.4 6.0

1,982.3 13.9

2,166.3 9.3

2,394.1 10.5

2,739.8 14.4

2,596.7 -5.2

2,458.2 -5.3

2,483.7 1.0

35 74.5 84.4 9.4 1.7 3.9 1,693.0 15.1

35 73.0 81.0 10.5 1.8 3.3 2,050.9 21.1

35 72.5 78.7 11.4 1.9 3.1 2,106.6 2.7

35 71.4 80.4 11.2 1.8 3.9 2,117.3 0.5

35 70.9 77.4 12.6 1.9 3.8 2,215.0 4.6

35 71.5 76.6 14.8 2.3 3.3 2,534.5 14.4

35 72.1 76.6 15.4 2.3 2.9 2,825.1 11.5

35 69.0 73.9 16.8 2.5 2.8 3,044.6 7.8

35 67.2 68.3 18.8 2.9 2.9 3,324.1 9.2

35 72.9 72.6 18.0 2.8 3.1 3,108.4 -6.5

35 66.8 70.9 17.5 2.4 3.3 2,922.1 -6.0

35 68.2 79.8 17.4 2.5 3.5 2,931.5 0.3

337.3800

327.5500

341.9500 348.0400

348.2300

353.1600

357.1500

360.4600

368.3300

374.8700

D. Localindex

1) IGPAIndex(31Dec80=100) 2) Change inindex(%) E. IFCEmergingMarketsDataBase

1) Numberof stocks 2) Shareof market cap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%) F Exchangerates

1) Exchange rates(endof period)

344.3800 338.9000

Chile, 1982-1991 (Currency amounts in millions)

A. Numberof listedcompanies Bolsade Comerciode Santiago B. Marketcapitalization 1) In pesos 2) In U.S.dollars C. Tradingvalue 1) In pesos 2) In U.S.dollars 3) Turnoverratio D. Localindex 1) IGPAIndex(31 Dec80=100) 2) Changein index(%)

m1

so 0

E. IFCEmergingMarketsDataBase 1) Numberof stocks 2) Shareof marketcap. (%) 3) P/Eratio 4) P/BVratio 5) Dividendyield (%) 6) Totalreturnindex (Dec84=100) 7) Changein index(%) F Economicdata 1) Grossdomesticproduct(US$) 2) Changein consumerpriceindex(%) (endof period) 3) Exchangerates of period) 4) Exchangerates(average

ITI - Notavailable. cr C I'.

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

212

214

208

228

231

209

205

213

215

221

322,751 4,395

227,448 2,599

270,048 2,106

369,930 2,012

831,550 4,062

1,241,500 5,341

1,709,099 6,849

2,819,642 9,587

4,596,608 13,645

10,490,229 27,984

8,278 163 2.8

5,112 65 1.9

5,079 51 2.0

9,153 57 2.9

57,562 298 9.6

110,353 503 10.6

149,659 610 101

224,673 866 9.9

233,884 783 6.3

663,347 1,900 8.8

68.3 -9.6

56.5 -17.3

63.3 12.0

110.3 74.2

262.1 137.8

343.6 31.1

459.8 33.8

757.6 64.8

1,166.7 54.0

2,483.7 112.9

25 27.1 6.3 191.4 -54.5

25 30.4 2.9 131.0 -31.5

25 35.3 5.0 100.0 -23.7

25 46.3 7.5 149.3 49.3

25 50.9 5.3 1.0 5.9 380.3 154.8

25 53.0 5.0 0.9 5.9 507.2 33.3

25 66.0 4.4

26 63.6 58 1.3 95 1,049.6 51.1

28 62.9 8.9 1.4 5.0 1,471.4 40.2

35 68.2 17.4 2.5 35 2,931.5 99.2

26,138 17.0 2941100 259.3306

28,397 26.0 336.8600 298.5440

17.8 374.8700 349.1412

24,340 9.9 73.4300 50.9092

19,757 273 87.5300 78.8417

19,192 19.9 128.2399 986556

15,996 30.7 183.8599 161.0806

16,817 19.5 204.7300 193.0200

18,948 19.9 2324300 219.5400

11 94 694.6 370

22,048 14.7 249.5400 245.4187

Colombia, 1991 (Currency amounts in millions) en on

ro ITI

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

80

80

80

80

80

80

80

80

80

80

80

83


Bolsa deBogota B. Marketcapitalization

oa 0


762,564 1,352

808,819 1,448

811,851 1,437

782,863 1,373

887,641 1,436

968,865 1,542

960,875 1,503

1,026,689 1,097,243 1,527,850 2,046,336 2,846,929 1,576 1,645 2,249 2,949 4,036

C. Tradingvalue'

1) In pesos 2) In U.S.dollars 3) Turnover ratio

2,245 4 0.3

5,335 10 0.7

3,603 6 0.4

3,173 6 0.4

5,099 8 0.6

4,740 8 0.5

6,111 10 0.6

3,814 6 0.4

24,383 37 2.3

9,654 14 0.7

18,153 26 1.0

40,246 57 1.6

102.5 2.5

110.6 7.9

111.7 1.0

103.4 -7.4

113.7 9.9

129.6 14.0

126.8 -2.1

134.8 6.3

138.0 2.4

182.9 32.6

236.4 29.2

358.1 51.5

20 97.1 71.2 11.2 1.4 7.6 561.8 -1.0

20 95.0 75.0 12.1 1.4 7.3 590.9 5.2

20 91.8 88.1 11.5 1.2 7.7 570.5 -3.4

20 92.8 81.7 10.5 1.1 7.9 555.9 -2.6

20 93.7 75.7 10.9 1.3 7.1 590.1 6.2

20 93.0 57.1 12.3 1.4 6.6 631.2 7.0

20 95.4 50.5 12.8 1.4 6.4 632.0 0.1

20 89.8 42.8 10.9 1.4 6.3 625.4 -1.0

20 89.6 32.2 11.4 1.4 6.1 653.8 4.5

20 87.7 61.2 13.2 1.8 4.5 877.6 34.2

20 91.6 46.4 17.2 2.5 3.2 1,204.8 37.3

20 91.8 74.4 26.1 3.4 2.3 1,654.8 37.3

667.1800

679.3000

693.9900

705.4100

D. Localindex

1) IBB(2Jan9 1=100)b 2) Change in index(%) E. IFCEmergingMarketsDataBase

1) Numberof stocks 2) Shareof market cap.(%) 3) Shareoftradingvalue(O) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%) F Exchangerates


563.9900

558.6800 565.0000

570.0000

618.1500 628.1300

639.3700 651.3300

Includes thevaluetradedat theBolsa in Medellin. bTheBolsadeBogota ceased publication of theGeneral IndexIromDecember 31,1990.It introduced a newindex(IBB)in January 1992,usingJanuary 2, 1991=100.

Colombia, 1982-1991 (Currency amounts in millions)

1982

A. Number of listedcompanies Bolsa deBogota

193

1983

196

1984

1985

1986

1987

1988

1989

1990

1991

180

102

99

96

86

82

80

83


1) Inpesos 2) InU.S.dollars

92,940 1,322

76,055 857

86,817 762

71,689 416

180,012 822

329,112 1,255

384,744 1,145

480,531 1,136

40,673 1,416

2,846,929 4,036

5,966 93 6.8

5,101 65 60

4,762 47 5.8

4,204 30 5.3

9,521 49 7.6

19,524 80 7.7

18,793 63 5.3

28,092 74 6.5

34,389 71 5.6

126,557 203 7.1

3490 -207

264.6 -24.2

215.9 -18.4

226.5 4.9

463.3 104.5

851.3 83.7

8721 24

9759 119

1,392.3 42.7

358.1 258.1

-

-

-

-

24 52.6 5.3

24 72.2 31

24 83.4 8.3

22 946 11.6

22 88.0 8.8

21 905 7.0

20 94.5 10.7

20 91.8 261

0.7

0.6

1.4

1.6

1.6

1.1

1.3

34

-

161 88.8 -11.3

6.6 2270 155.8

49 409.4 80.4

59 359.4 -12.2

70 411.1 14.4

7.6 567.6 38.1

2.3 1,654.8 1915

34,943 18.9 219.0000 194.2600

36,373 23.3 262.1400 242.6100

39,246 28.1 336.0000 296.3809

39,781 25.8 423.0900 381.8281

C. Tradingvaluea

1) In pesos 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) IBB(2Jan9 1=100)b 2) Change in index(%) E IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof market cap.(%) 3) P/Eratio t1

4) P/BVratio

5) Dividend yield(%) 6) Totalreturnindex(Dec84=100) 7) Change in index(%) on S

F Economic data 1) Grossdomestic product(US$) 2) Change in consumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

-

38,969 24.5 70.2900 640847

-

38,731 19.8 88.7700 78.8543

1000 38,253 161 113.8899 100.8172

34,894 24.0 1721999 142.3116

42,553 291 523.0000 485.3745

-

26.8 705.4100 622.1644

r

a Includes thevalue tradedat theBolsainMedellin. hbTheBolsa deBogota ceased publication of theGeneral IndexfromDecember 31,1990.It introduced a newindex(IBB)inJanuary 1992.Thefiguresshownfor 1982-1990 areBogota General andthefiguretor 1991is IBBindex,

O

- Notavailable.

k)

Greece, 1991 (Currencyamounts in millions)

no 0

rO

o

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

119

120

121

123

122

122

125

128

128

128

128

126


AthensStockExchange ¢'

Jan


1) In drachmas 2) In U.S.dollars C. Trading value 1) In drachmas 2) In U.S.dollars 3) Turnover ratio

2,321,056 3,094,534 3,010,769 2,839,297 2,566,014 2,501,590 2,622,063 2,770,820 2,356,288 2,369,567 2,343,320 2,295,594 14,850 18,881 17,010 15,368 13,505 12,628 13,674 14,357 12,720 12,655 12,936 13,118 27,753 178 1.2

76,282 465 2.8

81,275 459 2.7

42,217 229 1.4

43,108 227 1.6

27,547 139 1.1

25,057 131 1.0

27,889 145 1.0

25,139 136 1.0

21,324 114 0.9

17,074 94 0.7

30,312 173 1.3

D. Localindex 1) ASEComposite Index(1980=100) 2) Change inindex(%)

906.5 -2.7

1,291.7 42.5

1,242.9 3.8

1,158.5 -6.8

1,019.4 -12.0

954.4 -6.4

950.9 -0.4

1,010.9 6.3

841.8 -16.7

845.7 0.5

832.5 -1.5

809.7 -2.7

E IFCEmerging Markets DataBase 1) Numberof stocks 2) Share of market cap.(%) 3) Share of trading value(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change in totalreturnindex(%)

32 64.3 72.9 19.2 4.7 4.5 944.6 -1.3

32 67.2 75.1 23.1 63 3.2 1,255.3 32.9

32 66.2 72.1 23.0 6.0 3.4 1,115.0 -11.2

32 66.1 66.8 13.3 5.3 2.4 997.6 -10.5

32 64.7 75.3 12.0 4.2 32 863.7 -13.4

32 63.8 71.2 8.7 4.0 5.0 781.8 -9.5

32 60.4 57.1 8.5 4.0 5.8 807.9 3.3

32 61.1 71.2 8.4 4.1 5.5 857.0 6.1

32 59.4 70.9 11.3 3.6 6.6 738.3 -13.9

32 60.4 59.0 11.4 3.4 6.5 746.8 1.2

32 60.7 60.7 11.0 3.3 6.5 766,9 27

32 60.7 62.7 11.2 3.3 3.8 778.1 1.5


156.3000

163.9000

177.0000 184.7500

190.0000

198.1000 191.7500

193.0000

185.2500

187,2500

181.1500

175.0000

Greece, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

113

113

114

114

114

116

119

119

145

126


AthensStockExchange B. Marketcapitalization

1) In drachmas 2) In U.S.dollars

135,672 1,923

95,155 964

98,359 766

113,060 765

156,611 1,129

565,582 4,464

632,950 4,285

996,623 6,376

2,428,929 15,228

2,295,594 13,118

2,499 37 1.9

1,480 17 13

1,314 12 1.4

2,384 17 2.3

4,520 32 3.3

59,676 441 16.5

44,413 313 7.4

89,006 549 10.9

621,370 3,924 363

444,977 2,443 188

93.4 79

583 -37.6

59.2 16

709 19.9

103.9 464

272.5 162.3

279.6 2.6

459.4 64.3

932.0 1029

809.7 -13.1

10 46.0

10 41.5

10 39.4

10 36.1

10 35.6

10 50.0

26 58.5

26 667

26 55.9

32 60.7

-

-

-

-

30.5 32

10.6 2.3

24.3 31

26.2 4.9

11.2 3.3

23 397.8 152.2

5.6 2524 -36.6

46 454.8 80.2

5.0 9572 110.5

3.8 778.1 -18.7

511,779 13.5 147.7000 141.7146

54,145 13.7 156.3000 162.1108

C. Tradingvalue

1) In drachmas 2) In U.S.dollars 3) Turnover ratio D. Localindex

1) ASEComposite Index(1980=100) 2) Change in index(%) E IFCEmergingMarketsDataBase

1) Number of stocks 2) Shareof market cap.(%) 3) P/Eratio 4) P/BVratio


-

7.6 250.4 -0.2

101 117.2 -532

12.5 100.0 -14.7

38,540 21.0 70.5700 66.8032

34,965 202 98.6700 88.0642

33,763 184 128.4799 112.7165

12.0 103.4 34

5.1 157.7 52.5

F Economicdata

1) Grossdomestic product (US$) index(%) 2) Change in consumerprice 3) Exchange rates(endofperiod) 4) Exchange rates(average ot period)

- Notavailable. 0 0

33,433 19.3 147.7599 138.1190

39,397 230 138.7600 139.9800

46,212 164 126.7000 135.4300

66,028 20.4 159.5000 158.3425

-

18.9 175.0000 182.1592

India, 1991 (Currency amounts in millions)

(D

~

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2,439

2,454

2,471

2,486

2,500

2,512

2,520

2,536

2,543

2,547

2,556

2,556

645,750 35,019

802.250 41.981

753,480 38,899

811,900 40,133

859,390 41,476

11,110 602 1.6

8,380 439 1.2

26,530 1,370 34

37,320 1,845 4.8

32,490 1,568 3.9

64,770 3,064 6.2

59,410 2,306 5.6

38,640 1,490 3.4

82,840 3,217 6.9

56,300 2,182 4.6

66,310 2,575 5.5

64,250 2,490 5.3

992.1 -4.7

1,178.1 18.7

1,163.8 -1.2

1,234.4 6.1

1,280.2 3.7

1,239.6 -3.2

1,561.7 26.0

1,707.3 9.3

1,789.6 4.8

1,797.3 0.4

1,825.1 1.5

1,801.9 -1.3

60 41.3 14.7 19.2 3.8 2.0 265.9 -7.8

60 40.3 50.0 19.5 3.8 1.7 310.9 16.9

60 41.2 35.9 19.8 3.9 1.8 294.9 -51

60 40.3 46.5 19.7 4.1 1.7 298.2 1.1

60 397 48.7 20.8 4.2 1.6 303.7 1.9

60 31.6 31.8 19.4 4.0 1.3 288.1 -5.1

60 38.8 50.9 24.5 5.0 1.5 299.0 3.8

60 38.1 54.4 25.4 5.1 1.6 321.7 7.6

60 38.8 21.9 27.0 5.6 1.2 339.7 5.6

60 38.8 37.0 27.1 5.6 1.3 339.3 -0.1

60 39.9 29.9 25.4 5.3 1.3 343.7 1.3

60 36.2 27.0 26.4 5.2 1.3 340.6 -0.9

18.4400

19.1100

19.3700

20.2300

21.1400

25.7600

25.9300

25.7500

25.8000

25.7500

25.8000

A. Number of listed companies

Bombay StockExchange o

Jan

B. Market capitalization

1) In rupees 2) In U.S.dollars

1,045,190 1,073,250 1,180,610 1,216,230 1,219,170 1,197,560 1,231,440 47,730 47,255 46,507 47,232 41,663 45,531 49,441

C. Tradingvalue

1) In rupees 2) In U.S.dollars ratio 3) Turnover D. Localindex Index(1979=100) 1) FEBombay in index(%) 2) Change E IFCEmerging MarketsData BaSe

of stocks 1) Number cap.(%) 2) Shareof market (%) 3) Shareoftradingvalue 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%) F Exchange rates

rates(endof period) 1) Exchange

in India. onotherexchanges for information SeetheIndiaprofileinthenextsection

207200

India, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1,106

1,151

1,295

1,529

1,912

2,095

2,240

2,407

2,435

2,556

68,000 7,058

75,320 7,178

79,310 6,370

174,750 14,364

178,300 13,588

219,870 17,057

354,820 23,623

460,000 27,316

700,000 38,567

1,231,440 47,730

47,560 5,030 74.0

24,010 2,377 33.5

44,500 3,916 57.6

61,340 4,959 48.3

135,960 10,781 770

87,400 6,743 439

170,035 12,241 59.2

280,320 17,362 688

382,091 21,918 65.9

548,350 24,295 568

166.9 -48

182.8 9.6

199.8 9.3

3964 98.4

424.8 7.2

389.9 -8.2

634.5 62.7

839.9 324

1,040.7 23.9

1,801.9 73.1

25 263 -

25 265 -

25 29.7 -

25 27.6 -

47 45.9 18.0

40 34.1 22.0

40 335 215

60 46.0 18.3

60 40.6 20.6

60 362 264

-

35

1.9


Bombay StockExchange B. Market capitalization

1) In rupees 2) In U.S.dollars C. Tradingvalue

1) In rupees 2) In U.S.dollars ratio 3) Turnover D. Localindex

1) FEBombay Index(1979=100) 2) Change inindex(%) E IFCEmergingMarketsDataBase

1) Number of stocks of marketcap.(%) 2) Share 3) P/Eratio m1

61

4) P/BVratio

5) Dividend yield(%) 00) 6) Totalreturnindex(Dec84=1 7) Change inindex(%)

2.5

35

40

5.2

37 101.4 -2.4

32 1029 1.5

3.4 100.0 -28

2.0 205.1 105.1

26 199.3 -28

27 1688 -15.3

3.2 232.2 37.6

1.9 242.8 4.5

19 288.3 18.7

1.3 340.6 181

188,398 7.9 96339 9.4551

205,556 11.9 10.4932 100989

203,639 83 124514 11.3626

211,760 56 12.1655 123687

231,520 8.7 13.1220 126110

256,609 88 12.8900 12.9620

284,365 9.4 150200 13.8903

274,233 6.2 16.8400 16.1457

291,569 9.0 181500 17.4326

13.1 25.8000 22.5704

-

-

-

F Economicdata

1) Gross domestic product(US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endot period) of period) 4) Exchange rates(average

SeetheIndiaprofileinthenextsection for information onotherexchanges inIndia. C& C

- Notavailable.

-

Indonesia, 1991 (Currency amounts in millions)

on

cx

g C)

A. Number of listedcompanies JakartaStockExchange B. Marketcapitalization 1) In rupiah 2) In U.S.dollars C. Tradingvalue 1) In rupiah 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) JSEComposite Index(Oct1982=1 00) 2) Change in indexI%) E IFCEmerging Markets DataBase 1)Number of stocks 2) Shareof market cap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec89=100) 8) Change intotalreturnindex(%) F Exchangerates 1) Exchange rates(endof period)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

125

126

128

128

129

129

135

138

140

140

140

141

12,490,295 14,480,055 15,315,221 15,755,599 15,860,210 15,223,924 15,768,717 14,965,314 12,308,616 11,122,513 12,461,047 13,537,020 6,626 7,682 7,998 8,227 8,159 7,811 8,066 7,628 6,251 5,629 6,293 6,823 317,292 168 2.3

638,959 339 4.7

478,246 250 3.2

603,255 315 3.9

530,794 273 3.4

510,131 262 3.3

665,647 340 4.3

383.0 -8.3

391.3 2.2

408.1 4.3

413.7 1.4

397.6 -3.9

346.3 -12.9

340.0 -1.8

66 88.1 81.1 32.3 3.6 0.4 92.3 -7.8

66 88.4 83.6 32.5 3.9 0.4 94.7 2.6

66 87.7 84.7 23.8 3.9 0.3 97.5 3.0

66 87.5 71.7 20.8 3.5 0.3 98.8 1.3

66 86.2 80.5 20.2 3.4 0.3 95.3 -3.5

66 87.2 61.6 17.7 3.0 0.1 84.2 -11.7

66 84.6 49.2 17.5 3.0 0.0 84.3 0.2

374,649 191 2.4

327,128 166 2.4

349,623 177 3.0

357,464 181 3.0

625,065 315 4.8

301.0 -11.5

249.2 -17.2

226.7 -9.0

241.3 6.5

247.4 2.5

66 83.2 59.4 15.8 2.5 0.0 74.3 -11.8

66 80.3 68.8 13.9 1.9 0.0 58.8 -20.9

66 80.5 63.5 11.9 1.7 0.0 53.0 -9.9

66 78.9 67.5 13.4 1.9 0.0 57.0 7.5

66 77.5 58.6 13.7 2.0 0.0 59.7 4.7

1,885.0100 1,885.0100 1,915.0000 1,915.0100 1,944.0100 1,949.0100 1,955.0300 1,961.7800 1,968.9700 1,976.0100 1,980.0000 1,984.0100

Indonesia, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

14

19

24

24

24

24

24

57

125

141


Jakarta StockExchange B. Market capitalization

1) In rupiah 2) In U.S.dollars

99,507 144

100,743 101

90,980 85

131,900 117

132,900 81

112,080 68

434,178 253

4,049,993 2,254

15,264,600 8,081

13,537,020 6,823

12,625 19 17.1

10,108 11 10.1

2,139 2 2.2

3,206 3 29

1,816 1 1.4

5,185 3 4.2

6,944 4 2.5

957,031 541 38.6

7,318,089 3,992 75.8

5,778,252 2,981 40.1

95.0 -53

804 -154

63.5 -20.9

66.5 4.7

69.7 4.8

82.5 18.4

3051 269.7

399.7 31.0

417.8 4.5

247.4 -40.8

57 100.0 41.5

72 64.3 30.8 4.2

66 77.5 13.7 2.0

C. Tradingvalue

1) In rupiah 2) In U.S.dollars 3) Turnover ratio D. Local index

1) JSEComposite Index(Oct1982=100) 2) Change in index(%) E. IFCEmergingMarketsData Base 1) Numberof stocks 2) Shareof marketcap. I%) 3) P/Eratio 4) P/BVratio CD

on 0

-

-

-

-

-

-

-

-

-

-

-

Dividendyield(%) 6) Totalreturnindex(Dec 89=100) 7) Changein index(%)

-

-

-

7.5 0.05) 0.0 100.0 -

-

0.5

0.0

100.1 01

59.7 -40.4

5F Economicdata

1) Grossdomestic product(US$) 2) Change in consumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

m__ - Notavailable. 0

-

94,457 9.5 6925000 661.4199

85,369 11.8 994.0000 9092598

87,616 10.5 1,074.0000 1,0258999

87,306 4.7 1,125.0000 1,111 0000

73,345 59 1,641.0000 1,400.0000

75,674 9.2 1,650.0000 1,649.4000

84,335 8.0 1,717.3548 1,6850000

94,627 6.4 1,797.0000 1,770.0600

107,852 75 1,889.0000 1,8332602

-

99 1,9840100 1,938.3417

Jordan, 1991 (Currency amounts in millions) CD

Ei no

(D

-TI n

oa °)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

105

105

105

105

105

100

100

100

100

100

100

101

1,256 1,883

1,338 2,007

1,445 2,166

1,461 2,195

1,452 2,132

1,442 2,145

1,407 2,051

1,362 1,975

1,569 2,333

1,602 2,322

1,620 2,348

1,691 2,512

6 9 0.5

4 6 0.3

21 31 1.5

34 51 2.3

43 64 3.0

25 37 1.7

22 33 1.6

14 20 1.0

14 20 0.9

33 47 2.0

26 37 1.6

52 77 3.1

A. Numberoflistedcompanies

Amman Financial Market B. Market capitatization 1) Indinars 2) In U.S.dollars C. Trading value 1) Indinars 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) AFMIndex(Jan1980=100) 2) Change in index(%)

114.8 -3.0

1181 3.4

132.2 11.4

134.0 1.4

134.7 0.5

135.3 0.4

132.9 -1.8

131.2 -1.3

131.9 0.5

135.3 2.6

138.5 2.4

147.2 6.3

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof marketcap. (%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex (%)

25 74.0 60.3 7.9 1.6 6.6 111.2 -6.3

25 75.1 70.7 7.7 1.6 6.1 120.3 82

25 73.8 52.9 8.3 1.6 3.9 130.6 8.6

25 73.3 41.9 10.7 1.6 8.3 139.3 6.6

25 72.5 34.1 11.1 1.6 9.1 134.6 -3.4

25 72.0 39.5 10.2 1.6 9.2 134.5 -0.1

25 71.7 43.0 9.9 1.5 9.5 128.0 -4.8

25 71.2 43.5 9.8 1.4 9.8 122.4 -4.4

25 64.0 44.4 10.0 1.5 9.5 130.0 6.2

25 63.9 47.7 10.4 1.6 9.3 129.1 -0.7

25 63.1 46.3 10.4 1.5 9.3 128.9 -0.1

25 62.7 37.1 10.6 1.6 8.7 137.0 6.3

F Exchangerates 1) Exchange rates(endof period)

0.6669

0.6669

0.6669

0.6654

0.6810

0.6723

0.6860

0.6897

0.6723

0.6897

0.6897

0.6730

Jordan, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

86

95

103

104

103

101

106

106

105

101

1,000 2,845

1,008 2,713

886 2,188

903 2,454

977 2,839

907 2,643

1,061 2,233

1.378 2,162

1,283 2,001

1,691 2,512

112 318 123

120 329 11.9

53 138 5.6

64 163 7.2

65 185 6.9

142 420 151

127 337 12.9

365 652 29.9

266 407 200

292 432 19.7

2035 15.0

153.4 -24.6

1195 -223

115.7 -3.2

106.5 -7.9

117.3 10.1

124.4 6.0

137.3 10.4

118.4 -138

147.2 24.3

10 41.9

10 39.5

9 41.1

10 53.9

10 44.3

10 439

20 68.2

25 70.2

25 74.3

25 62.7

12.9 1.8

128

17.3

14.9

8.1

10.6

1.5 3.4 115.0 -15.8

1.9 2.4 113.5 -1.3

17 6.5 118.6 4.4

16 87 1370 15.6

5,849 6.6 04750 0.3764

4,538 25.7 0.6376 0.5599

3,923 162 0.6409 0.6544

82 0.6730 0.6762


Market AmmanFinancial B. Marketcapitalization

1) Indinars 2) In U.S.dollars C. Tradingvalue

1) Indinars 2) In U.S.dollars ratio 3) Turnover D. Localindex

1) AFMIndex(Jan1980=100) in index(%) 2) Change E IFCEmergingMarketsDataBase

of stocks 1) Number of marketcap.(%) 2) Share 3) P/Eratio .4) P/BVratio

m1

yield(%) 5) Dividend 6) Totalreturnindex(Dec84=100) in index(%) 7) Change

CD

-

-

-

-

-

-

-

3.7 122.6 -1.3

3.4 113.9 -7.1

3.9 100.0 -122

3.0 148.4 48.4

2.5 1432 -3.5

1.5 35 1366 -4.5

4,553 7.4 0.3515 0.3525

4,845 5.0 0.3715 03631

4,857 3.8 0.4050 0.3845

4,810 3.0 03678 0.3946

5,829 0.0 0.3441 0.3499

6,166 -0.2 03430 0.3387

F Economicdata

product(US$) 1) Grossdomestic priceindex(%) in consumer 2) Change rates(endof period) 3) Exchange of period) rates(average 4) Exchange

Rru_

C w

Notavailable.

Korea, 1991 (Currency amounts in millions)

(D

, P710

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

672

682

686

686

687

686

685

687

687

686

685

686


KoreaStockExchange o

Jan

B. Marketcapitalization 1) In won 2) In U.S.dollars C. Tradingvalue

1) In won 2) In U.S.dollars 3) Turnover ratio

72,765,779 77,688,204 76,240,702 74,747,750 71,462,468 70,976,976 84,511,859 80,792,367 83,858,943 82,959,132 77,912,717 73,117,833 96,373 103,264 110,568 113,094 110,342 115,509 97,994 98,651 102,994 105,051 108,352 101,486 3,842,253 4,312,911 4,620,506 2,506,554 2,349,717 1,862,530 9,814,300 11,848,712 4,267,089 8,515,285 4,538,602 4,086,429 6,015 5,386 5,755 11,349 2,571 13,414 16,182 3,454 3,244 6,015 6,367 5,359 5.4 10.2 5.6 14.3 5.2 2.6 12.6 3.3 3.2 5.1 5.7 6.0

D. Localindex

1) KOSPI (Jan1980=100) inindex(%) 2) Change E IFCEmerging Markets DataBase 1) Number of stocks 2) Shareof marketcap.(%) 3) Shareof tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%)

635.4 -8.7

675.6 6.3

659.8 -2.3

645.6 -2.2

611.3 -5.3

605.3 -1.0

717.0 18.5

683.1 -4.7

705.1 3.2

695.9 -1.3

652.1 -6.3

610.9 -6.3

77 62.3 44.6 20.9 1.3 0.5 537.3 -9.5

77 62.2 41.2 19.6 1.3 2.1 582.0 8.3

77 61.4 33.5 19.1 1.3 2.2 555.1 -4.6

77 61.3 40.3 18.7 1.2 1.7 543.3 -2.1

77 61.4 45.3 20.6 1.2 1.8 519.0 -4.5

77 61.0 43.1 20.2 1.2 1.9 511.5 -1.4

77 62.9 48.0 22.8 1.4 1.5 619.7 21.1

77 63.8 48.1 22.5 1.3 1.6 596.0 -3.8

77 64.3 40.8 23.2 1.4 1.5 614.5 3.1

77 63.1 39.4 17.3 1.3 1.6 588.8 -4.2

62.9 33.2 17.4 1.2 1.7 545.2 -7.4

62.9 42.5 17.2 1.1 1.6 508.2 -6.8

724.3000

731.6500

732.2000

741.5000

750.3000

754.5000

F Exchange rates


717.0000

717.0000

725.7500 725.7500

724.4000

758.7000

Korea, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

334

328

336

342

355

389

502

626

669

686


KoreaStockExchange B. Marketcapitalization

1) In won 2) In U.S.dollars

3,301,000 4,408

3,490,000 4,387

5,149,000 6,223

6,570,403 7,381

11,994,200 13,924

26,163,050 32,905

64,543,684 94,238

95,476,773 140,946

79,019,675 110,594

73,117,833 96,373

1,974,000 2,700 63.1

1,753,000 2,260 51.6

3,118,000 3,869 72.2

3,620,600 4162 618

9,597,965 10,889 103.4

20,497,444 24,919 107.4

58,081,409 79,180 128.1

81,199,753 121,264 101.5

53,454,058 75,949 61.3

62,564,888 85,464 82.3

C. Tradingvalue

1) In won 2) In U.S.dollars 3) Turnover ratio D. Localindex

1) KOSPI (Jan1980=100) in index(%) 2) Change E IFCEmerging Markets DataBase ofstocks 1) Number of market cap.(%) 2) Share 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec84=100) in index(%) 7) Change 5FEconomic data

0

1) Grossdomestic product(US$) 2) Change inconsumer priceindex(%) , 3) Exchangerates (endof period) rates(average of period) 4) Exchange

C 0

Notavailable.

127.3 -31

121.2 -48

142.5 17.5

163.4 14.7

272.6 66.9

525.1 92.6

907.2 72.8

909.7 0.3

696.1 -23.5

610.9 -12.2

25 27.3 6.1 84.5 31

25 27.6 5.2 82.1 -2.9

25 248 47 100.0 21.8

25 32.5 41 138.5 38.5

23 39.3 25.7 2.5 2.7 2608 883

23 24.4 21.7 2.5 2.1 365.4 401

62 58.8 39.5 3.3 0.5 788.6 115.8

61 45.7 38.6 2.5 1.3 797.2 1.1

63 57.4 21.5 1.5 0.5 593.5 -25.5

77 62.9 17.2 1.1 1.6 508.2 -14.4

90,132 2.3 827.3997 8059756

92,926 2.5 890.1997 870.0195

105,991 2.7 861.3999 8814500

131,816 3.0 795.1000 822.5700

74,469 7.2 748.7996 731.0837

82,285 34 795.5000 7757480

174,446 7.1 684.9000 733.5390

213,559 57 677.4000 669.6100

241,116 8.6 714.5000 703.8149

-

97 7587000 732.0654

Malaysia, 1991 (Currency amounts in millions) CD

rn

ITI

A. Number of listedcompanies KualaLumpur StockExchange

r o °r

B. Market capitalization 1) In ringgit 2) In U.S.dollars

*

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

287

287

288

289

292

293

294

299

303

307

307

321

153,536 56,406

162,557 58,738

162,420 58,869

173,442 62,887

173,057 62,094

166,838 59,874

155,829 56,003

153,376 55,793

153,879 55,905

159,495 58,627

134,122 49,767

150,017 54,791

C. Trading value 1) In ringgit 2) In U.S.dollars 3) Turnover ratio

1,501 557 1.1

3,706 1,361 2.6

5,213 1,884 3.3

2,864 1,038 1.8

2,830 1,026 1.7

2,300 825 1.3

2,232 801 1.3

2,289 823 1.4

1,468 536 1.0

1,556 566 1.0

1,677 609 1.1

1,659 610 1.1

D. Localindex 1) KLSE Composite Index(Jan1977=100) 2) Change in index(%)

497.3 -1.7

562.4 13.1

587.1 4.4

588.7 0.3

629.5 6.9

618.7 -1.7

602.3 -2.6

553.5 -8.1

522.7 -5.6

5314 1.7

532.1 0.1

556.2 4.5

E IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change in totalreturnindex(%)

62 56.6 52.9 24.6 3.3 1.8 170.3 -1.6

62 56.0 46.3 27.6 3.7 1.5 190.4 11.8

62 55.7 44.7 24.8 3.5 1.4 197.3 3.7

62 64.8 46.5 24.6 3.5 1.4 198.3 0.5

62 64.5 43.5 25.6 3.8 1.4 211.0 6.4

62 63.8 34.1 26.3 3.8 1.5 204.8 -3.0

62 64.7 49.0 27.8 3.6 1.8 201.0 -1.8

62 64.4 58.1 26.0 3.4 2.0 186.9 -7.0

62 63.0 51.9 24.2 3.1 2.0 179.5 -4.0

62 63.1 54.6 24.9 3.0 2.3 183.4 2.2

62 63.3 43.2 24.5 3.1 2.4 183.8 0.2

62 63.8 58.2 24.4 3.2 2.4 194.3 5.7


2.6950

2.7220

27675

2.7590

2.7580

2.7870

2.7865

2.7825

2.7380

2.7490

2.7525

2.7205

Malaysia, 1982-1991 (Currency amounts in millions)

A. Number of listedcompanies StockExchange KualaLumpur

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

194

204

217

222

223

232

238

251

282

321


1) In ringgit 2) In U.S.dollars

32,273 13,903

53,309 22,798

47,048 19,401

39,380 16,229

39,214 15,065

46,106 18,531

63,193 23,318

107,513 39,842

131,166 48,611

159,495 58,627

3,251 1,392 9.8

7,887 3,398 184

5,216 2,226 10.4

5,799 2,335 13.4

3,046 1,180 7.8

9,647 3,829 226

6,858 2,623 12.5

18,638 6,888 21.8

29,391 10,871 24.6

29,294 10,657 20.2

291.4 -23.5

401.6 37.8

303.6 -24.4

2335 -23.1

252.4 8.1

261.2 3.5

357.4 36.8

565.3 582

505.9 -10.0

556.2 9.9

40 49.1 25.7 24 100.0

40 54.6 19.4 1.9 1.3 86.1

40 63.8 327 2.3 2.9 96.4

40 53.9 307 2.1 2.4 979

62 79.8 24.1 26 20 126.5

62 686 30.8 3.3 2.2 182.1

62 46.9 23.0 31 2.2 173.0

62 63.8 24.4 3.2 2.4 194.3

-13.9

11.9

1.6

292

43.9

-5.0

123

31,231 0.3 2.4265 2.4830

27,735 0.7 26030 2.5814

34,750 2.0 2.7100 2.6147

37,497 2.8 2.6985 2.7059

42,392 2.6 2.6983 2.7037

44 2.7205 2.7489

C. Tradingvalue

1) In ringgit 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) KLSE Composite Index(Jan1977=100) 2) Change in index(%)

(D

E. IFCEmerging Markets DataBase 1) Number of stocks cap.(%) 2) Share of market 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec84=100)

-

-

-

-

-

7) Changein index(%)

-

cn F Economicdata

1) Grossdomestic product(US$) 2) Change in consumer priceindex(%) 3) Exchange rates(endof period) rates (average of period) 4) Exchange

,

8 0

A. Number of listedcompanies Nigerian StockExchange B. Market capitalization 1) In naira 2) In U.S.dollars C. Trading value 1) Innaira 2) In U.S.dollars 3) Turnover ratio

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

131

133

135

135

135

136

131

138

140

141

142

142

12,629 1,373 6 1 0.0

13,353 1,387

14,302 1,507

14,757 1,521

15,251 1,572

8 1 0.1

8 1 0.0

6 1 0.0

7 1 0.0

15,433 1,477 6 1 0.0

16,269 1,393

16,710 1,526

17,335 1,813

7 1 0.0

13 1 0.1

7 1 0.0

17,473 1,836 11 1 0.1

17,904 1,827 7 1 0.0

18,448 1,882 6 1 0.0

D. Localindex 1) NSEGeneral Index(1984=100) 2) Change in index(%)

528.7 2.9

557.9 5.5

601.0 7.7

625.0 4.0

648.9 3.8

651.8 0.4

688.0 5.5

712.1 3.5

737.3 3.5

757.5 2.7

769.0 1.5

784.0 1.9

E IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(0h) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=1 00) 8) Change intotalreturnindex (%)

24 72.6 65.0 7.5 1.9 11.1 70.6 -2.1

24 72.0 45.3 7.9 2.0 11.3 71.7 1.6

24 71.2 54.7 8.4 2.1 10.8 77.1 7.5

24 70.4 61.7 8.6 2.2 11.4 77.7 0.8

24 69.7 49.3 8.8 2.3 8.1 80.0 3.0

24 69.5 48.4 8.6 2.2 9.5 77.4 -3.3

24 69.3 62.9 9.3 2.3 9.1 73.0 -5.8

24 69.2 65.1 9.4 2.5 9.4 80.4 10.2

24 69.2 77.9 9.7 2.5 8.8 95.6 18.8

24 69.4 66.7 9.8 2.6 8.5 97.3 1.8

24 69.7 68.5 9.5 2.4 7.5 97.3 0.0

24 69.0 63.3 9.7 2.5 6.8 99.3 2.1

F Exchangerates 1) Exchange rates(endof period)

9.2000

9.6259

9.4900

9.7000

9.7000

10.4500

11.6800

10.9500

9.5627

9.5190

9.8000

9.8000

Nigeria, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

93

93

93

96

99

100

102

111

131

142


Nigerian StockExchange B. Marketcapitalization

1) In naira 2) In U.S.dollars

977 1,458

2,223 2,970

8 12 0.5

13 18 0.8

-

-

2,742 2,743

3,688 1,112

4,032 974

5,089 960

7,489 1,005

11,935 1,372

18,448 1,882

13 16 05

13 15 05

22 16 07

27 7 0.7

24 5 0.5

28 4 0.4

88 11 09

91 9 06

100.0 -

1283 283

163.4 27.4

190.9 16.8

233.6 22.4

325.3 393

5138 579

784.0 52.6

2,579 3,191

C. Tradingvalue

1) In naira 2) In U.S.dollars 3) Turnover ratio D. Localindex

1) NSEGeneral Index(1984=100) 2) Change in index(%) E. IFCEmergingMarketsDataBase

1) Number of stocks 2) Shareof marketcap.(%)

3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec84=100) 7) Change inindex(%)

m

F Economicdata 1) Grossdomestic product(US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

no r

-Notavailable. -

u valbe

-

-

-

-

93,130 7.4 0.6702 06735

89,769 23.1 07486 0.7244

15

22

24

15

15

15

15

15

48.9

54.6

54.1

51.6

52.8

559

71.7

690

4.8 21 100.0 -

5.3 2.3 9.0 105.0 5.0

5.8 2.8 69 45.4 -56.7

4.9 3.2 4.1 39.4 -13.2

6.1 3.5 90 422 7.0

7.0 18 7.3 51.1 21.1

7.0 1.8 12.0 72.1 410

9.7 25 68 993 37.8

93,028 40.0 0.8083 0.7665

90,228 54 0.9996 0.8938

59,110 5.5 3.3168 1.3484

28,755 10.0 4.1413 3.8455

30,503 38.7 5.3000 44900

27,918 405 7.4500 7.1959

30,185 7.3 8.7000 7.9425

12.6 9.8000 9.9295

Pakistan, 1991 (Currency amounts in millions) on on rJan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

495

497

509

513

519

523

529

542


,-TI

Karachi StockExchange Ltd.

493

493

492

494


1) In rupees 2) In U.S.dollars

63,900 2,902

64,900 2,947

68,600 3,039

77,600 3,323

79,900 3,383

83,900 3,474

103,500 4,218

105,400 4,281

106,948 4,371

113,848 4,628

147,474 6,002

180,222 7,326

507 23 0.8

488 22 0.8

812 36 1.2

1,263 54 1.7

936 40 1.2

678 28 08

1,765 72 1.9

1,464 59 1.4

1,139 47 1.1

1,357 55 1.2

2,131 87 1.6

2,692 109 1.6

310.2 0.5

317.3 2.3

324.6 2.3

369.4 13.8

383.7 3.9

387.7 1.0

474.3 22.3

486.8 2.6

483.8 -0.6

499.1 3.2

613.4 22.9

718.2 17.1

54 51.4 43.6 8.4 2.2 4.5 205.6 -0.4

54 49.9 40.2 8.1 2.1 4.7 202.8 -1.4

54 48.9 29.6 8.0 2.1 5.4 208.4 2.7

54 48.0 39.4 8.7 2.3 4.8 225.0 7,9

54 48.5 28.7 9.2 2.4 4.4 230.8 2.6

54 50.3 39.8 10.5 2.7 3.8 246.9 7.0

54 49.6 26.2 13.2 3.1 3.1 295.5 19.7

54 48.7 21.8 11.7 3.1 3.2 294.6 -0.3

54 48.4 27.8 12.8 3.2 3.2 3001 1.9

54 48.2 21.9 12.7 3,5 3.0 316.3 5.4

54 50.2 27.8 17.0 4.5 2.1 427.8 35.3

54 53.6 21.8 16.2 5.0 1.9 562.0 31.4

22.0200

22-0200

22.5700

23.3500

23.6200

24.1500

24.5400

24.6200

24.4700

24.6000

24.5700

24.6000

C. Tradingvalue

1) In rupees 2) In U.S.dollars 3) Turnover ratio

D. Local index

1) SBPIndex(1980-1981=100) 2) Change in index(%) E IFCEmergingMarketsDatagase

1) Number ofstocks 2) Share of market cap.(%) 3) Shareof trading value(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%)

F Exchangerates 1) Exchangerates(endof period)

Pakistan, 1982-1991 (Currencyamountsin millions)

A. Numberof listedcompanies KarachiStockExchangeLtd. B. Marketcapitalization 1) In rupees 2) In U.S.dollars C. Tradingvalue 1) In rupees 2) In U.S.dollars 3) Turnoverratio D. Localindex 1) SBPIndex(1980-1981=100) 2) Changein index(%)

t'

0

E. IFCEmergingMarketsDataBase 1) Numberof stocks 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio 5) Dividendyield (%) 6) Totalreturn index(Dec84=100) 7) Changein index (%) F Economicdata 1) Grossdomesticproduct(US$) 2) Changein consumerpriceindex(%) 3) Exchangerates(endof period) 4) Exchangerates(averageofperiod)

- Not available. C C

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

326

327

347

362

361

379

404

440

487

542

18,834 1,226

21,900 1,370

29,491 1,710

34,300 1,960

45,508 2,460

52,207 2,457

61,900 2,850

180,222 7,326

2,523 180 14.8

3,757 236 18.4

2,583 155 10.0

2,813 162 8.8

3,181 177 8.0

3,910 193 8.0

4,979 231 8.7

15,232 645 12.6

168.3 13.5

166.5 -1.1

199.9 20.1

228.4 14.3

262.7 15.0

277.3 5.5

308.5 11.3

718.2 132.8

52 40.6 100.0 -

52 42.6 6.7 117.8 17.8

52 380 8.2 1.9 8.2 142.3 20.8

51 32.9 6.8 1.7 6.5 151.8 6.7

50 33.3 9.4 1.7 7.9 174.0 14.6

50 31.0 8.4 1.8 8.3 185.3 6.5

49 33.4 8.5 2.0 5.6 206.4 11.4

54 53.6 16.2 5.0 1.9 562.0 172.3

29,887 101 15.3600 14.0463

29,642 5.6 15.9800 15.9284

30,907 3.5 17.2500 16.6480

32,903 4.7 17.5000 17.3990

37,606 8.8 18.5000 17.9594

37,977 7.8 212500 20.2685

40,071 9.1 21.7200 21.5232

43,021 12.7 24.6000 23.6333

11,267 877 -

15,201 1,126 -

114.8 15.5

148.3 29.2

-

-

-

-

-

27,361 5.9 12.8400 11.8475

-

27,780 2.5 13.5000 13.1170

Philippines, 1991 (Currency amounts in millions)

m

2 CO no

(D

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

153

153

154

155

155

156

159

159

159

160

161

161


Manila StockExchange cr o

Jan



182,343 6,704

221,640 8,149

922 1,936 2,858 105 1.7

243,175 8,940

243,487 8,985

257,583 9,505

243,888 9,016

255,639 9,521

251,347 9,575

243,487 9,276

241,402 9,110

1,709 1,803 3,512 129 1.7

1,586 1,691 3,277 120 1.4

1,868 2,085 3,953 146 1.6

1,708 1,473 3,182 117 1.3

2,559 1,152 3,711 137 1.5

3,126 1,497 4,624 172 1.8

1,165 989 2,154 82 0.8

1,438 1,159 2,597 99 1.0

2,237 1,509 3,746 141 1.5

1,928 1,884 3,811 146 1.5

1,472 1,433 2,905 111 1.1

1,039.7 19.5

1,381.7 32.9

1,559.3 12.8

1,510.1 -3.1

1,704.2 12.8

1,553.9 -8.8

1,495.4 -3.8

1,486.3 -0.6

1,357.0 -8.7

1,498.6 10.4

1,594.7 6.4

1,694.7 6.3

30 68.5 49.3 21.0 4.9 1.9 1,235.5 5.6

30 71.8 67.5 25.5 5.3 1.5 1,571.3 27.2

30 73.2 64.5 30.2 5.1 1.3 1,755.8 11.7

30 73.1 65.8 27.0 5.7 1.6 1,762.5 0.4

30 74.4 68.5 27.4 6.0 1.5 1,897.3 7.6

30 72.8 58.4 25.2 5.5 1.6 1,763.1 -7.1

30 67.2 41.2 24.1 5.2 1.5 1,717.9 -2.6

30 66.9 64.8 19.1 3.5 1.5 1,716.1 -0.1

30 62.5 655 17.8 3.2 1.7 1,555.1 -9.4

30 67.6 67.5 17.0 3.2 1.6 1,651.6 6.2

30 66.7 57.9 17.9 3.4 1.5 1,766.9 7.0

30 68.1 52.4 18.9 3.6 0.8 1,863.6 5.5

27.2000

27.2000

27.2000

27.1000

27.1000

27.0500

268500

26.2500

26.2500

26.5000

26.0500

26.1500

257,209 9,874

266,648 10,197

C. Tradingvalue

1) Manila Makati Totalin pesos 2) InU.S.dollars 3) Turnoverratio D. Localindex 1) Manila Comm/Ind.lndex (Jan1958=100) 2) Change inindex(%) E IFCEmergingMarketsDataBase

1) Number of stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%) F Exchangerates

1) Exchange rates(endot period)

Philippines, 1982-1991 (Currency amounts in millions)

A. Numberof listedcompanies ManilaStockExchange B. Marketcapitalization 1) In pesos 2) In U.S.dollars C. Tradingvalue 1) Manila Makati Totalin pesos 2) In U.S.dollars 3) Turnoverratio D. Localindex (Jan 1958=100) 1) ManilaComm/Ind.lndex 2) Changein index(%)

;

5

E IFCEmergingMarketsData Base 1) Numberof stocks 2) Shareof marketcap. (%) 3) P/Eratio 4) P/BVratio 5) Dividendyield (%) 6) Total returnindex(Dec 84=100) 7) Changein index(%) F Economicdata 1) Grossdomesticproduct(US$) 2) Changein consumerpriceindex (%) 3) Exchangerates(endof period) 4) Exchangerates(averageof period) Nn

8

-

Notavailable.

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

200

208

149

138

130

138

141

144

153

161

18,172 1,981

19,445 1,389

16,486 834

12,741 669

41,214 2,008

61,108 2,948

88,592 4,280

260,470 11,965

161,219 5,927

266,648 10,197

724 491 1,215 142 7.5

3,366 1,999 5,365 483 28.5

648 1,434 2,082 125 116

1,557 510 2,067 111 14.1

8,362 3,109 11,471 563 42.5

19,273 12,079 31,352 1,524 61.3

10,056 8,195 18,251 875 244

28,395 22,334 50,730 2,410 29.1

13,213 15,355 28,569 1,216 13.5

18,611 21,718 40,330 1,506 18.8

905 -88

144.6 59.8

106.3 -26.5

160.9 513

5480 240.6

750.1 36.9

949.9 26.6

1,584.9 66.9

870.1 -45.1

1,694.7 94.8

18 24.0 4.0 0.7 100.0

18 39.7 3.0 0.5 8.9 146.5 46.5

18 61.6 44 0.9 2.0 7070 3826

18 62.4 8.9 2.4 2.4 1,063.8 50.5

18 590 99 2.8 22 1,488.2 39.9

18 336 185 4.3 1.1 2,372.4 59.4

29 70.8 24.5 3.4 23 1,169.7 -50.7

30 68.1 18.9 3.6 0.8 1,863.6 59.3

29,886 0.8 20.5300 20.3860

33,347 3.8 20.7300 20.5680

38,493 8.8 20.7000 20.8614

43,825 10.6 217700 21.0509

45,394 127 27.2000 23.4900

177 26.1500 267706

-

-

-

-

37,140 102 9.1710 8.5400

33,212 100 14.0020 111127

31,408 50.3 19.7600 16.6987

30,725 231 19.0320 18.6073

Portugal, 1991 (CuTrencyamounts in millions)

on

A. Number of listedcompanies BolsadeLisboa B. Market capitalization 1) In escudos 2) In U.S.dollars

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

183

182

182

182

179

175

182

181

179

178

182

180

1,259,185 1,449,315 1,452,378 1,429,335 1,366,783 1,358,254 1,388,636 1,443,804 1,426,945 1,321,346 1,291,646 1,284,348 9,576 10,924 9,754 9,641 9,142 8,624 9,322 9,745 9,916 9,212 8,957 9,613

C. Trading valuea 1) In escudos 2) In U.S.dollars 3) Turnover ratio

20,501 156 1.6

22,372 169 1.6

35,245 237 2.4

28,616 193 2.0

19,746 132 1.4

19,649 125 1.4

69,585 467 5.1

31,965 216 2.3

19,667 137 1.4

71,210 496 5.2

22,567 156 1.7

45,034 337 3.5

D. Localindex 1) BTAIndex(1977=100) 2) Change in index(%)

2,089.6 -2.5

2,445.3 17.0

2,419.1 -1.1

2,367.8 -2.1

2,272.1 -4.0

2,246.8 -1.1

2,227.2 -0.9

2,238.1 0.5

2,188.1 -2.2

2,035.5 -7.0

1,953.2 -4.0

1,977.7 1.3

30 63.7 36.4 11.9 1.7 2.4 879.3 4.9

30 63.6 54.2 13.6 2.0 2.1 1,002.3 14.0

30 62.6 39.3 17.9 1.7 2.8 886.8 -11.5

30 62.2 35.3 17.0 1.7 4.4 884.3 -0.3

30 63.5 36.8 16.7 1.7 4.5 862.4 -2.5

30 63.1 35.2 16.6 1.7 3.4 808.8 -6.2

30 63.0 15.0 16.8 1.7 3.3 859.3 6.3

30 59.5 22.0 16.4 1.7 3.4 848.2 -1.3

30 59.3 43.1 16.0 1.7 3.4 858.0 1.1

30 61.4 17.5 15.1 1.6 3.5 826.1 -3.7

30 58.7 33.1 13.6 1.5 3.8 766.9 -7.2

30 61.3 14.0 14.5 1.6 3.7 857.3 11.8

157.5000

148.9700

148.1600

143.9000

143.4300

144.2000

133.6000

E IFCEmerging Markets DataBase 1) Numberof stocks 2) Share of market cap.(%) 3) Share of tradingvalue(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Jan86=100) 8) Change in totalreturnindex(%) F Exchange rates 1) Exchange rates(endof period) a TotalfortheLisbon andOportoexchanges.

131.5000 132.6700

148.9000

148.2600 149.5000

Portugal, 1982-1991 (Currency amounts in millions)

A. Numberof listed companies Bolsade Lisboa B. Marketcapitalization 1) In escudos 2) In U.S.dollars C. Tradingvaliea 1) In escudos 2) In U.S. dollars 3) Turnoverratio D. Localindex 1) BTAIndex(1977=100) 2) Changein index(%)

m,

a;g cn

E IFCEmergingMarketsData Base 1) Numberof stocks 2) Shareof marketcap. (%) 3) P/Eratio 4) P/BVratio 5) Dividendyield(%) 6) Totalreturnindex(Jan 86=100) 7) Changein index(%) F Economicdata 1) Grossdomesticproduct(US$) 2) Changein consumerpriceindex(%) 3) Exchangerates (endof period) of period) 4) Exchangerates (average

a Totalfor the Lisbonand Oportoexchanges. - Notavailable. C Os

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

26

25

23

24

63

143

171

182

181

180

12,307 73

8,220 92

11,029 84

65 1 0.7

135 1 1.4

476 3 4.1

190.5 -64

187.0 -1.8

2497 33.5

223,519 1,530

1,150,304 8,857

1,052,277 7.172

1,588,380 10,618

1,257,248 9,201

1,284,348 9,613

851 5 40

9,041 60 7.1

213,904 1,518 31.1

163,384 1,136 14.8

300,394 1,912 22.8

240,449 1,687 16.9

406,158 2,818 32.0

566.4 126.8

1,202.0 112.2

2,990.0 148.8

2,355.9 -21.2

3,287.0 39.5

2,143.4 -34.8

1,977.7 -7.7

12 41.5 27.2 61 1.3 1,107.0 258.2

12 40.0 26.5 4.4 1.3 828.9 -25.1

23 53.4 21.4 3.8 1.9 1,161.2 40.1

27 58.5 15.5 21 2.7 837.8 -27.8

30 61.3 14.5 1.6 3.7 857.3 2.3

45,623 126 149.6000 157.1232

59,836 13.4 136.6400 142.5526

30,254 192

-

-

-

-

-

-

-

-

-

-

-

9 58.5 24.8

31 0.5 309.0 -

23,283 22.7 89.0600 79.4730

20,777 25.1 131.4500 110.7800

19,234 29.3 169.2800 146.3900

20,681 193 157.4900 170.3900

29,532 11.7 146.1200 149.6800

36,731 9.4 129.8700 140.8800

41,721 9.6 146.7200 143.8786

11.4 133.6000 144.1212

Taiwan, China, 1991 (Currency amounts in millions)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

200

203

204

205

205

208

209

213

212

215

220

221

A. Numberof listed companies -Il

Taiwan StockExchange B. Marketcapital/ization

o

1) In NewTaiwan dollars 2) In U.S.dollars

2,497,181 3,152,067 3,339,103 4,030,916 3,805,427 3,921,950 3,490,570 3,035,383 3,239,840 2,901,075 2,900,938 3,184,028 93,773 118,099 124,038 149,848 141,466 146,178 131,175 114,890 123,658 111,580 112,614 124,864

C. Tradingvalue

1) In NewTaiwan dollars 2) In U.S.dollars 3) Turnover ratio

829,310 31,142 32.0

976,446 36,585 34.6

4,023.7 -11.2

5,033.4 25.1

5,139.9 2.1

5,921.3 15.2

70 77.1 54.3 23.8 5.5 0.0 617.2 -13.7

70 75.9 52.3 29.8 6.4 0.0 765.3 24.0

70 72.7 55.1 27.4 5.5 0.0 769.7 0.6

70 69.5 58.0 33.2 6.1 0.1 889.2 15.5

26.6300

26.6900

1,104,381 1,578,710 1,537,699 41,025 58,688 57,164 34.0 42.8 39.3

827,120 30,828 21.4

551,881 20,740 14.9

591,284 22,380 18.1

415,289 15,851 13.2

334,958 12,883 10.9

505,581 19,627 17.4

430,079 16,866 14.1

5,6107 -52

5,768.1 28

5,178.1 -10.2

4,543.5 -12.3

4,867.1 71

4,389.9 -9.8

4,378.5 -0.3

4,600.7 5.1

70 69.8 59.1 30.8 6.0 0.4 846.8 -4.8

70 69.0 55.0 30.3 5.8 0.5 864.7 2.1

70 68.9 53.7 26.2 5.0 0.6 775.3 -10.3

70 70.0 54.0 20.9 5.1 0.7 689.6 -11.1

70 70.1 54.5 23.3 4.5 0.6 742.8 7.7

70 70.7 52.9 23.4 4.6 0.7 674.7 -9.2

70 70.0 47.3 23.3 4.6 0.9 675.4 0.1

70 66.5 43.6 23.9 4.7 0.9 711.1 5.3

26.9000

26.8300

26.6100

26.4200

26.2000

26.0000

25.7600

D. Localindex

1) TSEAverage Index(1966=100) 2) Change in index(%) E. IFCEmergingMarketsDataBase

1) Number of stocks 2) Shareof market cap.(%) 3) Share of tradingvalueI%) 4) P/Eratio 5) P/BVratio 6) Dividend yieldI%) 7) Totalreturnindex(Dec84=100) 8) Change in totalreturnindex(%)

F Exchangerates


26.9200

26.9000

25.5000

Taiwan, China, 1982-1991 (Currency amounts in millions)

A. Number oflistedcompanies Taiwan StockExchange

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

113

119

123

127

130

141

163

181

199

221


1) In NewTaiwan dollars 2) In U.S.dollars

203,000 5,086

306,000 7,599

390,300 9,889

415,700 10,432

548,436 15,367

1,386,065 48,634

3,383,280 120,017

6,174,164 237,012

2,681,911 100,710

3,184,028 124,864

133,875 3,422 66.3

363,845 9,081 1430

324,475 8,194 93.2

195,200 4,899 48.4

675,655 18,931 140.2

2,668,603 84,112 275.9

7,872,393 275,624 330.1

25,407,964 965,840 5317

19,031,282 715,005 429.8

9,682,738 365,232 3301

443.6 -19.5

761.9 71.8

838.1 10.0

835.0 -0.4

1,039.1 24.4

2,339.9 125.2

5,1191 118.8

9,624.2 88.0

4,530.2 -52.9

4,600.7 1.6

30 357 117 1.7 100.0

30 36.6 15.3 1.6 2.7 1104 10.4

30 36.4 12.0 17 1.7 164.9 49.3

30 25.1 13.0 27 1.3 364.7 121.1

62 61.4 40.2 4.6 0.6 725.1 98.8

62 621 512 6.5 06 1,444.0 99.1

64 81.7 44.4 6.5 0.0 715.1 -50.5

70 665 23.9 4.7 0.9 711.1 -0.5

59,174 00 39.4700 395970

62,080 0.0 39.8500 39.8486

80,000 0.8 35.6900 35.6900

101,586 0.8 28.5000 31.7267

122,435 0.8 28.1900 28.5621

147,674 4.8 26.0500 26.3066

159,510 4.1 26.6300 266170

25.5000 26.5112

C. Tradingvalue

1) In NewTaiwan dollars 2) In U.S.dollars 3) Turnover ratio 0. Localindex 1) TSEAverage Index(1966=100) 2) Change in index(%) E. IFCEmergingMarketsDataBase

m CD

O

1) Number of stocks 2) Shareof market cap.(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) 6) Totalreturnindex(Dec84=100) 7) Change in index(%) F Economic data 1) Grossdomestic product(US$) in consumer priceindex(%) 2) Change 3) Exchange rates(endof period) rates(average of period) 4) Exchange

w - Notavailable. p

-

-

-

-

48,564 3.4 39.9100 39.1240

52,415 0.8 402700 40.0652

-

Thailand, 1991 (Currency amounts in millions) ru

(Dt

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

214

215

224

227

236

239

245

254

263

268

272

276

A. Number of listedcompanies StockExchangeof Thailand

g

Jan

B. Market capitalization 1) In baht 2) In U.S.dollars

663,395

776,798

892,053

894,772

839,382

806,479

763,691

765,575

744,953

754,647

843,927

897,159

26,378

30,813

34,996

34,843

32,788

31,320

29,739

29,777

29,157

29,501

33,225

35,815

31,199 1,241 4.9

94,240 3,738 13.1

99,800 3,915 12.0

83,791 3,263 9.4

59,405 2,321 6.8

59,735 2,320 7.3

68,213 2,656 8.7

56,464 2,196 7.4

57,692 2,258 7.6

34,939 1,366 4.7

69,544 2,738 8.7

52,035 2,077 6.0

658.5 7.4

769.1 16.8

865.7 12.6

876.0 1.2

808.2 -7.7

765.2 -5.3

728.7 -4.8

705.6 -3.2

670.8 -4.9

638.8 -4.8

671.1 5.0

711.4 6.0

43 59.2 49.2 17.5 4.5 2.7 721.6

43 58.1 49.8 20.8 4.4 2.3 827.4

43 56.1 36.8 25.3 4.9 2.5 910.0

43 55.0 34.2 22.0 4.8 3.0 958.3

43 53.9 22.9 20.0 4.2 3.2 872.8

43 53.6 26.8 19.5 4.0 3.3 823.4

43 55.9 27.2 19.2 3.9 3.1 849.1

43 54.3 30.3 18.8 3.8 2.4 824.9

43 53.2 28.0 17.1 3.5 2.4 792.4

43 51.1 36.4 16.0 3.2 2.5 756.1

43 48.6 27.3 16.5 3.2 2.3 809.5

43 50,0 36.2 17.2 3,3 1.9 897.5

9.4

14.7

10.0

5.3

-8.9

-5.6

3.1

-2.9

-3.9

-4.6

7.0

10.9

25.2100

25.4900

25.6000

25.7500

25.7100

25.5500

25.5800

C. Trading value 1) In baht 2) In U.S.dollars 3) Turnoverratio

D. Localindex 1) SETIndex (30 Apr75=100) 2) Changein index(%)

E. IFCEmerging Markets DataBase 1) 2) 3) 4) 5) 6) 7)

Numberofstocks Shareof marketcap. (%) Shareof tradingvalue (%) P/Eratio P/BVratio Dividendyield (%) Totalreturnindex (Dec84=100)

8) Change in totalreturnindex(%) F Exchange rates 1) Exchangerates(endof period)

25.1500

25.6800

25.6800

25.4000

25.0500

Thailand, 1982-1991 (Currencyamountsin millions)

A. Number of listedcompanies StockExchange of Thailand

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

81

88

96

100

98

125

141

175

214

276


1) Inbaht 2) In U.S.dollars

28,970 1,260

34,222 1,488

46,710 1,720

49,457 1,856

75,200 2,878

138,170 5,485

221,958 8,811

656,842 25,648

604,566 23,896

897,159 35,815

C. Trading value 1) In baht 2) In U.S.dollars 3) Turnover ratio

5,481 238 21.1

8,757 381 277

10,258 434 25.3

15,438 568 32.1

29,807 1,133 47.8

119,179 4,633 111.7

141,473 5,598 78.6

344,778 13,452 78.5

584,154 22,894 92.6

767,056 30,089 102.2

123.5 158

134.5 8.9

142.3 5.8

135.0 -5.1

2073 53.5

284.9 375

386.7 35.7

879.2 127.3

612.9 -30.3

711.4 16.1

10 51.4

10 52.0

8 61.7

10 59.1

10 62.8

10 48.8

19 53.8

29 45.8

34 44.0

43 50.0

-

12.5 1.5

10.5

D. Localindex

1) SETlndex(30Apr75=100) 2) Change in index(%) E IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) W,

3 no

3) P/Eratio 4) P/BVratio


-

-

9.2 82.8 35.1

11.3 101.0 22.1

5.5 1000 -1.0

9.6 102.0 2.0

6.0 1836 79.9

2.0 4.8 253.2 37.9

35,652 5.3 23.0000 23.0000

39,567 3.7 230000 23.0000

41,178 0.9 27.1500 23.6392

37,351 24 26.6500 27.1587

41,651 1.8 26.1300 26.2990

48,717 2.5 25.1900 25.7230

12.6 3.4

23.1 8.1

10.9 3.7

17.2 3.3

4.0 360.7 42.5

7.9 818.7 126.9

4.2 659.3 -19.5

1.9 897.5 36.1

59,628 3.9 25.1900 25.2731

69,292 5.4 25.6100 256308

80,389 5.9 25.3000 25.5160

57 25.0500 25.4933

F Economicdata >

07 0 0

1) Grossdomestic product (US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

- Notavailable.

-

Turkey, 1991 a (Currency amounts in millions) CD

no

g

o

A. Numberof listedcompanies IstanbulStockExGhange B. Marketcapitalization 1) In lira 2) In U.S. dollars C. Tradingvalue 1) In lira 2) In U.S. dollars 3) Turnoverratio

Jan

Feb

Mar

Apr

111

113

116

117

May

Jun

Jul

122

126

130

Aug

131

Sep

Oct

Nov

Dec

133

133

133

134

65,004,422 77,009,000 69,128,979 59,776,284 61,290,745 62,562,034 56,201,830 58,591,707 54,828,879 21,562 23,357 18,934 15,276 15,284 14,686 12,917 12,889 11,641

51,945,685 75,096,000 78,906,566 10,656 14,667 15,703

1,644,689 546 2.7

3,981,934 1,208 5.6

2,753,076 754 3.8

1,401,092 358 2.2

2,960,401 738 4.9

1,770,308 416 2.9

2,628,251 604 4.4

3,663,055 806 6.4

1,957,653 416 3.4

1,903,286 390 3.6

4,938,299 965 7.8

5,885,033 1,171 7.6

D. Localindex 1) ISEIndex(Jan1986=100) 2) Changein index (%)

4,213.5 29.4

5,102.6 21.1

4,519.9 -11.4

3,554.3 -21.4

3,626.4 2.0

3,587.4 -1.1

3,041.4 -16.2

3,301.3 8.5

2,927.6 -11.3

2,746.8 -6.2

4,058.5 47.8

4,369.1 7.7

E IFCEmergingMarketsDataBase 1) Numberofstocks 2) Shareof marketcap.(%) 3) Shareof tradingvalue (%) 4) P/Eratio 5) P/BVratio 6) Dividendyield (%) 7) Total returnindex(Dec 86=100) 8) Changein total returnindex(%)

25 68.6 65.0 32.2 7.9 1.6 5,037.1 14.3

25 65.2 54.1 24.6 5.2 1.4 5,183.2 2.9

25 64.2 42.4 21.8 4.8 2.9 4,269.9 -17.6

25 66.7 38.2 17.7 4.2 3.1 3,640.6 -14.7

25 61.7 38.2 18.1 4.3 3.7 3,568.3 -2.0

25 62.1 39.5 19.2 4.2 3.7 3,457.8 -3.1

25 60.8 43.7 17.7 4.1 4.3 3,019.9 -12.7

25 58.3 43.0 16.5 3.8 4.3 2,894.9 -4.1

25 56.7 53.3 14.1 3.2 5.9 2,571.1 -11.2

25 56.2 49.5 13.6 3.2 6.3 2,331.0 -9.3

25 53.5 44.3 20.5 4.8 4.6 3,055.0 31.1

25 52.7 44.6 21.6 5.2 4.4 3,224.2 5.5

F Exchangerates 1) Exchangerates(endof period)

3,012.0000 3,297.0000 3,651.0100 3,913.1300 4,010.0100 4,260.0100 4,351.0000 4,546.0000 4,710.0000 4,875.0000 5,120.0000 5,025.0000

Thefiguresshown representinformationon tradedcompaniesonly; about 1,000companiesare registeredwith the ISE.

Turkey, 1982-1991 a (Currency amounts in millions)

1982 of listedcompanies A. Number Istanbul StockExchange B. Marketcapitalization 1) Inlira 2) In U.S.dollars value C. Trading 1) Inlira 2) In U.S.dollars ratio 3) Turnover

314 177,824 952 -

D. Localindex 00) 1) ISEIndex(Jan1986=1 2) Change in index(%)

t1 ,R

rz, E;

C

E IFCEmerging Markets DataBase of stocks 1) Number 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend 6) Totalreturnindex(Dec86=100) in index(%) 7) Change data F Economic product(US$) 1) Grossdomestic priceindex(%) in consumer 2) Change rates(endof period) 3) Exchange of period) rates(average 4) Exchange

1983

-

1984

373

1985

-

1986

1987

1988

1989

1990

1991

40

50

50

50

110

134

2,048,000 1,135

15,553,000 6,783

55,249,665 19,065

78,906,566 15,703

98,701 115 5.1

142,867 101 55

1,668,609 798 19.0

15,028,176 5,841 42.4

35,487,077 8,571 529

1709 -

673.0 293.9

373.9 -44.4

2,2177 493.1

3,255.8 46.8

4,3691 342

-

14 39.9 4.3

14 44.4 19.8

-

100.0 -

2.9 453.0 353.0

14 472 2.6 15 11.2 287.2 -366

18 679 17.6 7.2 36 3,469.1 1107.7

18 23.2 225 3.7 5.5 4,408.9 27.1

25 52.7 21.6 5.2 44 3,224.2 -26.9

57,396 34.6 757.7898 684.5098

67,744 38.8 987.8200 860.5800

80,113 63.3 2,293.0000 2,090.2619

110,071 60.3 2,898.0000 2,572 7715

71.1 5,025.0000 4,140.4688

273,723 968

425,044 956

-

708,801 935

2,291 10

2,663 7 08

-

8,703 13 -

10 -

-

-

-

3,181,715 3,221

---

-

-

53,031 30.8 186.7500 162.5530

51,149 31.4 2827998 225.4570

49,668 48.4 4447400 366.8799

52,783 45.0 576.8599 521.9800

withtheISE. areregistered only;about1,000companies ontradedcompanies information aThefiguresshownafter1985represent -Not available.

71,498 75.4 1,805.1000 1,410 1965

-

Venezuela, 1991 (Currency amounts in millions) no no

A. Number of listedcompanies Bolsa deValores deCaracas

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

66

66

66

66

66

66

66

66

66

66

66

66

PD

: g se7,0

.BMarket capitalizatlion 1) In bolivares 2) In U.S.dollars

538,361 10,327

499,429 9,390

496,354 9,332

502,461 9,279

21,512 413 4.5

13,764 259 2.6

6,524 123 1.3

6,211 120 1.3

23,147.6 29.4

21,473.6 -7.2

E. IFCEmerging Markets DataBase 1) Number of stocks 2) Share of market cap.(%) 3) Share of trading value(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex (%)

16 65.8 91.0 28.6 6.6 0.5 755.6 19.6

16 67.8 93.8 26.4 7.0 0.6 708.5 -6.2


52.1300

53.1900

C. Tradingvalue 1) In bolivares 2) In U.S.dollars 3) Turnover ratio D. Localindex 1) NewBVCIndex(1971=100) 2) Change in index(%)

21,341.4 -0.6

490,507 9,053 7,397 136 1.5

458,504 8,382

489,625 8,333

475,565 6,149

515,764 8,734

637,149 10,799

584,975 9,661

681,838 11,214

5,523 101 1.2

7,646 131 1.6

13,133 225 2.7

6,426 109 1.3

27,606 468 4.8

26,143 432 4.3

39,803 655 6.3 29,316.6 16.6

21,604.0 1.2

21,090.0 -2.4

19,714.0 -6.5

21,052.1 6.8

20,447.5 -2.9

22,176.0 8.4

27,395.1 23.5

25,151.8 -8.2

16 70.5 94.5 28.5 7.3 0.5 721.9 1.9

16 69.3 92.2 28.1 6.7 0.5 706.9 -2.1

16 67.4 97.4 26.3 6.3 0.5 671.4 -5.0

16 68.0 93.7 23.7 5.7 0.5 627.1 -6.6

16 66.4 96.4 24.5 5.7 0.5 609.2 -2.9

16 66.5 97.4 23.6 5.3 0.5 595.1 -2.3

16 68.2 94.6 25.2 4.9 0.6 654.8 10.0

16 71.2 89.8 29.3 5.1 0.4 846.4 29.3

16 78.6 70.2 28.7 4.9 0.5 834.5 -1.4

53.1900

541500

54.1800

54.7000

58.7600

58.3600

59.0500

4.

59.0000

60.5500

16 77.1 97.8 30.5 5.5 0.5 938.0 12.4 60.8000

Venezuela, 1982-1991 (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

116

108

108

110

60

60

66

66


deCaracas BolsadeValores

98

-


1) In bolivares 2) InU.S.dollars

-

12,005 2,792

350 82 34

255 59 23

341 27 -

428 31

315.7 14.6

4090 296

588.7 43.9

817.6 38.9

C. Tradingvalue

1) In bolivares 2) In U.S.dollars ratio 3) Turnover D.Local index 1) NewBVCIndex(1971=100) inindex(%) 2) Change E IFCEmergingMarketsDataBase

of stocks 1) Number 2) Shareof marketcap.(%) 31

CDEl

O2'

-

-

-

-

-

12 -

-

100.0 -

F Economicdata

product(US$) 1) Grossdomestic priceindex(%) inconsumer 2) Change rates(endof period) 3) Exchange of period) 4) Exchange rates(average

- Notavailable. 0o C

-

3) P/Eratio 4) P/BVratio

yield(%) 5) Dividend 00) 6) Totalreturnindex(Dec84=1 (%) 7) Change inindex

16,238 1,128

10,368 2,415

67,856 96 4.2925 4.2925

67,595 6.3 43000 4.2975

32,075 12.2 12.6500 12.6500

-

34,275 1,510

67,077 2,278

67,546 1,816

64,051 1,472

415,893 8,361

681,838 11,214

1,047 52 4.1

4,087 148 8.1

7,360 221 10.9

3,575 93 5.4

103,236 2,232 43.0

181,688 3,240 33.1

2,090.5 155.7

3,928.6 87.9

3,866.4 -1.6

2,754.0 -28.8

17,881.9 549.3

29,316.6 63.9

12 53.4

12 61.2

12 61.6

13 63.7

13 53.0

13 64.6

16 77.1

-

9.4 3.6

16.9 32

11.4 2.3

6.4 1.4

29.3 5.9

30.5 5.5

3.9 73.4 -266

1.3 115.5 574

0.5 176.5 52.8

1.1 134.7 -23.7

2.2 89.9 -33.3

0.7 631.9 603.2

0.5 938.0 48.4

32,638 11.4 144000 13.7580

24,411 11.5 22.7000 20.1603

24,677 28.1 29.4500 27.5330

26,346 29.5 37.2000 33.2306

38,494 84.2 43.5000 38.5919

48,957 40.8 49.7400 46.2453

30.0 60.8000 56.0683

-

Zimbabwe, 1991 Bn1

(Currency amounts in millions)

D

m

o

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

57

57

57

57

57

57

58

59

60

60

60

60


Zimbabwe StockExchange ^

Jan

B. Market capitalization 1) InZimbabwe dollars 2) In U.S.dollars

6,267 2,346

6,400 2,353

7,065 2,399

7,332 2,480

14 5 0.2

17 6 0.2

7,635 2,485

7,867 2,445

24 8 0.3

16 5 0.2

8,579 2,460

8,547 2,195

8,946 1,843

8,300 1,727

7,398 1,465

27 7 0.3

38 8 0.4

57 12 0.7

24 5 0.3

7,020 1,394

C. Tradingvalue

1) In Zimbabwe dollars 2) In U.S.dollars 3) Turnover ratio

15 6 0.2

14 5 0.2

28 8 0.3

9 2 0.1

D. Localindex

1) ZSEIndustrial Index(1967=100) 2) Change in index(%)

2,254.9 -1.2

2,091.0 -7.3

2,271.4 8.6

2,399.5 5.6

2,525.0 5.2

2,636.9 4.4

2,713.0 2.9

2,723.4 0.4

2,710.4 -0.5

2,408.7 -11.1

2,027.1 -15.8

1,953.6 -3.6

17 59.6 51.0 12.7 2.1 3.8 1,979.9 -1.5

17 50.3 52.5 10.8 1.8 4.3 1,680.3 -15.1

17 50.6 58.4 12.2 1.9 3.6 1,727.3 2.8

17 52.8 41.9 14.4 2.2 3.3 1,860.4 7.7

17 53.7 58.6 12.0 1.6 4.0 1,865.5 0.3

17 52.5 40.0 11.9 1.7 4.6 1,808.7 -3.0

17 50.0 26.8 12.1 1.7 4.0 1,734.4 -4.1

17 50.2 57.2 12.3 1.7 4.2 1,543.8 -11.0

17 48.7 47.5 12.4 1.7 4.2 1,253.4 -18.8

17 50.1 56.2 11.5 1.5 4.4 1,176.4 -6.1

17 48.3 33.6 8.3 1.3 6.2 973.7 -17.2

17 50.0 39.6 8.3 1.3 5.8 961.7 -1.2

2.6688

2.7197

2.9455

2.9560

3.0731

3.2175

3.4879

3.8941

4.8552

4.8068

5.0513

E IFCEmergingMarketsDataBase

1) Number of stocks 2) Share of market cap.(%) 3) Share of trading value(%) 4) P/Eratio 5) P/BVratio 6) Dividend yield(%) 7) Totalreturnindex(Dec84=100) 8) Change intotalreturnindex(%) F Exchange rates

1) Exchange rates(endotfperiod)

5.0355

Zimbabwe, 1982-1991 (Currency amounts in millions)

1982

A. Numberof listed companies ZimbabweStock Exchange B. Marketcapitalization 1) InZimbabwedollars 2) In U.S.dollars

1983

1984

1985

1986

1987

1988

1990

57

1991

60

62

60

56

55

53

53

53

54

326 355

293 265

264 176

591 360

688 410

1,194 718

1,504 774

2,396 1,067

6,373 2,395

7,020 1,394

57 75 -

38 38 123

8 6 2.9

14 9 3.3

20 12 3.1

38 23 4.0

71 39 5.3

75 36 3.9

126 51 29

282 77 4.2

value C. Trading 1) InZimbabwedollars 2) In U.S,dollars 3) Turnoverratio

1989

D. Localindex 1) ZSEIndustrialIndex(1967=100) 2) Changein index(%)

136.1 -40.2

123.8 -9.0

122.7 -0.9

251.9 105.3

286.3 13.7

450.0 57.2

5526 22.8

8691 573

2,282.6 162.6

1,953.6 -14.4

10 19.3 22.7 120.2 -42.7

9 20.0 14.1 106.9 -11.0

9 23.4 -

10 47.1 -

='3

E. IFCEmergingMarketsDataBase 1) Numberof stocks 2) Shareof marketcap.(%) 3) P/Eratio 4) P/BVratio 5) Dividendyield(%) 6) Totalreturn index(Dec84=100) 7) Changein index(%)

156 100.0 -6.5

73 2539 153.9

11 43.8 42 3.7 10.9 3005 18.4

11 44.5 7.0 21 9.2 585.0 94.7

11 50.5 42 4.0 7.8 731.8 25.1

11 46.5 7.0 1.3 9.8 1,030.0 40.8

16 56.5 12.0 2.0 4.0 2,010.4 952

17 50.0 83 1.3 5.8 961.7 -52.2

CE;

F Economicdata 6,846 10.6 0.9195 0.7591

6,224 23.1 1.1055 1.0131

5,093 20.2 1.5024 1.2575

4,350 8.5 1.6412 1.6137

4,746 14.3 1.6781 16650

5,375 12.5 1.6620 1.6611

5,714 74 1.9429 1.8109

5,736 12.9 2.2448 2.1173

6,070 17.4 26609 2.4481

24.3 5.0355 3.6346

tl1

1) 2) 3) 4)

Grossdomesticproduct(US$) Changein consumerpriceindex (%) Exchangerates (endof period) Exchangerates(averageof period)

-TI - Notavailable. cr 0 (J'

-

Markets Not in IFC's Composite Index These profiles provide annual data for more than a dozen markets not included in IFC's Composite Index. Each profile is based on responses provided by the stock exchange

to an IFC questionnaire. Chapter 4, Directory of Stock Exchange Operations, offers information on additional markets.

The markets in this section are: Bangladesh Costa Rica CBte d'Ivoire Egypt India (Calcutta, Delhi and Madras) Jamaica Kenya


Kuwait Morocco Peru Sri Lanka Trinidad and Tobago Uruguay

Bangladesh (Currency amounts in millions)

A. Numberof Listed Companies DhakaStockExchange B. MarketCapitalization 1) In taka 2) In U.S.dollars C. TradingValue 1) Intaka 2) In U.S.dollars 3) Turnoverratio D. Local Index 1) DSEAll SharePriceIndex(1985=100) 2) Changein index(%) 3) P/Eratio 4) P/8Vratio 5) Dividendyield (%)

r

E. Economic Data 1) Grossdomesticproduct(US$) 2) Changein consumerpriceindex (%) 3) Exchangerates(endof period) 4) Exchangerates(averageof period)

-Not available.

0: 0 o-J

7V1

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

28

43

56

69

78

85

101

116

134

138

2,256 87

3,493 113

5,731 186

12,635 405

13,557 430

15,351 476

11,486 321

10,397 269

10 0.4 0.6

32 1.1 1.1

48 1.6 1.0

178 5.8 1.9

130 4.1 1.0

174 5.4 1.2

195 5.6 1.5

116 3.2 1.1

244.4 144.4 6.80 1.00 9.30

512.3 109.6 21 2 4

533.6 4.2 8 2 7

467.8 -12.3 23.9 1.1 4.4

350.8 -25.01 13.7 1.1 7.3

296.3 -15.54 9.5 0.9 7.7

15,313 11.0 30.7999 30.4069

17,394 9.5 31.2000 30.9500

18,732 9.3 31.5091 31.7300

20,153 10.0 32.2700 32.2700

22,579 8.1 35.7900 34.5670

38.5800 36.5962

812 34

1,211 48

-

-

-

-

-

-

-

-

-

-

-

-

-

-

11,988 12.5 24.0739 22.1179

11,717 9.4 25.0000 24.6149

13,801 10.5 26.0000 25.3539

14,482 10.7 31.0000 27.9949

Costa Rica

00

(Currency amounts in millions)

ro r71

(

o °7,0

1983

1984

1985

1986

1987

1988

1989

24

32

41

51

61

71

76

78

1990

1991

A. Numberof ListedCompanies

BolsaNational deValores ,

1982

82

B MarketCapitalization

1) Incolones 2) In U.S.dollars

-

5,229 118

7,452 156

10,477 195

14,470 246

-

-

11 0.2 0.2

15 0.3

22 0.4

39 0.6

78 1.0

0.2

0.2

306 3.8

-

-

-

42,050 311

484 5.2

1,149 9

8.8 1.3

-

C. Trading Value

1) In colones 2) In U.S.dollars 3) Turnoverratio

-

-

D. LocalIndex 1) (None calculated)

2) Changein index(%) 3) P/Eratio 4) P/BVratio

-

5) Dividend yield(%)

13.9

-

-

6.4

-

22.8

-

-

4.5 -

8.9 -

-

-

-

11.7

8.9 -

7.7

-

8.3

-

9.7

-

-

-

4.6

E. EconomicData

1) Grossdomestic product(US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average ofperiod) - Notavailable.

2,607 90.1 40.2500 37.4070

3,074 32.6 44.4000 41.0940

3,660 12.0 47.7500 44.5330

3,923 15.1 53.7000 50.4530

4,425 11.8 58.8750 55.9860

4,538 16.8 69.2500 62.7760

4,701 20.8 79.3901 75.8000

5,314 16.5 84.3500 81.5042

5,702 19.0 103.5500 91.5800

28.7 135.4250 122.4320

Cote d'Ivoire (Currency amounts in millions)

A. Number of ListedCompanies Abidjan StockExchange Capitalization B. Market francs 1) InCFA 2) InU.S.dollars C. Trading Value 1) InCFA francs 2) In U.S.dollars 3) Turnover ratio D. LocalIndex 1) Localindex(31Dec85=100) 2) Change inindex(%) 3) P/Eratio 4) P/BV ratio

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

25

25

25

25

25

25

24

23

23

23

108,000 321

103,600 248

15,745 48 169

831 2 0.8

133.5 2.6

1343 06

83

7.6

114,000 302

107,000 332

122,400 458

132,300 437

483 1 0.4

565 1 0.5

994 3 0.9

4,126 14 3.6

2,717 9 21

129.5 -3.6

123.7 -4.5

99.1 -19.9

100.8 1.7

103.1 2.3

6.8

8.2

9.6

98

10.0

113,700 237

153,630 531

140,729 549

146,745 567

1,640 5.1 1.1

5,032 18.5 3.4

1,909 6.8 1.3

106.9 3.7

1037 -3.0

102.4 -1.3

-

5) Dividendyield (%)

='

E Economic Data 1) Gross domestic product(US$) priceindex(%) 2) Change in consumer 3) Exchange rates(endof period) rates(average of period) 4) Exchange

P

- Notavailable.

tv 31

c0

0 0

7,567 7.3 336.2500 328.6099

6,838 5.9 417.3799 381.0598

6,841 4.3 479.5999 436.9600

6,978 1.8 378.0498 4492598

9,369 7.3 322.7500 346.2998

9,675 0.4 267.0000 300.5400

9,842 7.0 3028634 302.9000

9,239 -

289.4000 319.0070

8,920 -

256.4500 272.6200

2590000 282.1060

Egypt (Currency amounts in millions)

no

D

1982

1983

1984

1985

1986

1987

1988

1989

1990

112

154

258

317

387

430

483

510

573

B. Market Capitalization 1) In pounds 2) In U.S.dollars

544 654

920 1,106

1,406 1,691

1,838 1,382

2,333 1,716

4,021 1,826

4,147 1,760

4,384 1,713

5,274 1,835

C. TradingValue 1) In pounds 2) In U.S.dollars 3) Turnoverratio

10 12 2.8

26 32 3.6

110 132 9.5

126 97 7.8

243 180 11.7

357 167 11.2

256 115 6.3

204 81 4.8

342 126 2.0

-

-

A. Number ofListedCompanies BoursedeValeursduCairo

o

1991

D. LocalIndex 1) 2) 3) 4) 5)

(Nonecalculated) Changein index(%) P/Eratio P/BVratio Dividendyield(%)

-

-

-

-

-

-

-

E Economic Data 1) 2) 3) 4)

Grossdomesticproduct(US$) Changein consumerprice index(%) Exchangerates(endof period) Exchangerates(averageof period)

- Notavailable.

29,830 14.8 0.8317 0.8317

35,477 16.1 0.8317 0.8317

39,837 17.0 0.8317 0.8317

46,451 12.1 1.3299 1.3008

51,484 23.9 1.3599 1.3502

64,641 19.7 2.2026 2.1418

77,933 17.7 2.3555 2.2255

77,004 21.3 2.5600 2.5200

50,908 16.8 2.8736 2.7072

32,188 -

3.3370 3.0873

India Other Principal Exchanges a (Currency amounts in millions)

of ListedCompanies A. NAmber StockExchange Calcutta DelhiStockExchange StockExchange Madras B. MarketCapitalization StockExchange Calcutta 1) In rupees dollars 2) In U.S. DelhiStockExchange 1) In rupees 2) In U.S.dollars StockExchange Madras 1) In rupees 2) In U.S.dollars

mu

Ga ng

ITI

C. TradingValue StockExchange Calcutta 1)Inrupees 2) InU.S.dollars DelhiStockExchange 1) In rupees 2) InU.S.dollars StockExchange Madras 1) In rupees 2) In U.S.dollars D. LocalIndex 00) (19831 1) Dehli- DSEIndex in index(%) 2) Change - MSEIndex 3) Madras in index(%) 4) Change

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1,305 542 411

1,218 641 421

1,862 952 441

1,980 1,086 451

2,113 1,396 492

2,073 1,816 529

2,233 1,880 536

2,390 2,004 583

2,077 622

2,090 660

-

-

48,490 3,894

-

-

107,260 8,321

216,390 14,407

-

-

41,440 3,328

-

116,150 9,011

228,020 15,181

330,000 19,596

707,533 38,983

-

25,740 2,067

63,470 4,924

128,370 8,547

159,681 9,482

213,800 11,780

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

--

-

0

Notavailable. StockExchange. ontheBombay dataandinformation for economic section a SeeIndiaprofilein theprevious -

-

85,000 6,987

-

-

121,670 9,272

-

-

-

-

1,765 137 -

224.3

-

-

-

-

-

-

371,094 14,384

-

-

14,700 873

18,973 1,088

60,125 2,664

1,609 107

2,576 153

5,654 324

10,661 472

2654 337.4 50.4

233.6 -12.0 4869 44.3

327.8 40.3 681.3 399

482.5 47.2 957.1 40.5

Jamaica (Currency amounts in millions)

2 cio

A. Number of ListedCompanies Jamaica StockExchange

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

38

40

43

44

45

44

44

35

36

36

B. MarketCapitalization 1) InJamaica dollars 2) In U.S.dollars

315 177

369 113

700 142

1,460 266

2,940 536

3,470 631

4,290 796

6,200 957

7,320 911

22,215 1,034

C. Trading Value 1) InJamaicadollars 2) InU.S.dollars 3) Turnover ratio

10 6 3.7

10 5 2.9

26 7 4.9

117 21 10.8

375 68 17.0

400 73 12.5

137 25 3.5

516 90 9.8

231 32 3.4

1,157 96 7.8

211.2 38.8

240.4 13.8

461.1 91.8

941.5 104.2

D. Locallndex 1) JSEIndex(30Jun69=100) 2) Change in index(%) 3) P/Eratio 4) P/BVratio

5) Dividend yield(%) E.Economic Data 1) Gross domestic product(US$) 2) Change inconsumer priceindex(%) 3) Exchange rates(endof period) 4) Exchange rates(average of period)

- Notavailable.

1,499.9 59.3

1,515.1 1.0

1,439.2 -5.0

2,075.8 44.2

2,539.4 22.3

8,506.9 235.0

-

-

-

-

-

-

-

-

-

-

-

8.5

-

8.9

5.7 -

5.5

7.0 -

2.9

7.0 -

2.5

3.1

13.4 -

2.5

3.4

3.9

2.8

3,294 6.5 1.7813 1.7813

3,619 11.6 3.2777 1.9321

2,374 27.8 4.9299 3.9427

2,015 25.7 5.4799 5.5585

2,917 6.7 5.5000 5.4867

3,416 8.3 5.3910 5.4886

3,334 14.3 6.4800 5.7446

2,444 15.1 5.4799 5.4777

3,606 22.0 8.0380 7.1840

-

21.4925 12.1159

Kenya (Currency amounts in millions)

A. Number of ListedCompanies Nairobi StockExchange

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

54

54

54

54

53

53

55

57

54

53

-

-

-

-

-

8,674 474

10,780 499

10,900 453

-

-

4,710 229 0.48

235 10 0.02

302 11 0.02

815.8 -5.0

915.3 12.2

958.29 4.7

B. MarketCapitalization 1) In shillings 2) In U.S.dollars

-

17,900 638

C. Trading Value 1) Inshillings 2) In U.S.dollars 3) Turnoverratio

D. LocalIndex 1) NSEIndex(1 Jan64=100) 2) Change in index(%) 3) P/Eratio 4) P/BVratio

5) Dividend yield(%)

m

E. Economic Data 1) Grossdomestic product(US$) priceindex(%) 2) Change in consumer 3) Exchange rates(endof period) 4) Exchange rates(average of period)

E; 0'

07 0: (A

Notavailable.

-

-

-

-

349.8 -0.2 -

9.67 6,489 20.4 127249 10.9222

382.7 9.4 -

13.49 5,740 11.5 137959 13.3114

-

386.4 1.0 -

-

421.1 9.0 -

-

506.0 20.2 -

735.3 45.3

-

858.6 168

-

7.0 -

-

8.4

12.3

12.64

12.15

8.32

8.40

6,090 102 15.7809 14.4139

6,126 13.1 16.2839 16.4319

7,253 39 16.0419 162259

7,972 5.2 16.5150 16.4540

8,509 8.3 18.3139 177400

8,377 9.8 21.6010 20.5725

-

3.28 1231 8,756 11.7 240840 22.9150

5.2 3.6

15.7 -

280741 27.5079

Kuwait (Currency amounts in millions) 0

1982

o 0

1983

1984

1985

1986

1987

1988

1989

70

64

65

52

A. Number of ListedCompanies Kuwait StockExchange

-

-

-

55

B. MarketCapitalizationi 1) In dinar 2) In U.S. dollars

-

-

-

-

C. Trading Value 1) In dinar 2) In U.S.dollars 3) Turnover ratio D. LocalIndex 1) BorsaIndex(Dec.31,1986 1,000) 2) Change in index(%) 3) P/Eratio 4) P/BVratio 5) Dividend yield(%) E Economic Data 1) Gross domestic product(US$) 2) Change inconsumer priceindexI%) 3) Exchange rates(endof period) 4) Exchange rates(average ot period)

a

Notavailable. July1991

-

-

-

-

--

-

-

21,583 7.8 0.2887 0.2879

20,869 4.7 0.2925 0.2914

-

2,955 10,108

3,831 14,195

3,345 11,836

2,900 9,932

-

116 387 -

410 1,412 -

842 3,023 24.8

710 2,543 19.8

502 1,709 16.1

-

-

-

-

1,000.0 -

1,167.0 16.7

1,086.0 -6.9

968.0 -10.9

-

-

17,691 1.0 0.2923 0.2906

22,084 0.7 0.2699 0.2786

20,019 1.5 0.2826 0.2790

23,075 3.3 0.2920 0.2938

21,702 1.2 0.3044 0.2960

21,446 1.5 0.2890 0.3007

1990

13,140 -

0.2893 0.2907

0.2843 0.2843

Morocco (Currency amounts in millions)

A. Numberof Listed Companies BoursedesValeursde Casablanca B. MarketCapitalization 1) In dirhams 2) In U.S.dollars C. TradingValue 1) In dirhams 2) In U.S.dollars 3) Turnoverratio D. LocalIndex 1) Indice MoyenGeneralAnnuel(1979=100) 2) Changein index(%) 3) P/Eratio 4) P/BVratio 5) Dividendyield(%)

U1

o s°-

A. Number of ListedCompanies BolsadeValores deLima B. MarketCapitalization 1) Insoles 2) In U.S.dollars C. Trading Value 1) Insoles 2) In U.S.dollars 3) Turnover ratio D. LocalIndex 1) IndiceGeneral IBVL(Dec89=100) 2) Change in index(%) 3) P/Eratio 4) P/BVratio 5) Dividendyield (%)

144

1983

150

1984

157

1985

159

1986

1987

177

197

1989

1990

236

256

265

273

-

4.89 930

439 848

1,090 1,135

33 176 14.9

104 135 13.6

1991

0.0007 685

0.0012 546

0.0023 397

0.0106 760

0.0324 2,322

0.0274 831

0.00003 41 4.2

0.00004 26 4.4

0.0001 28 5.6

0.0004 38 6.5

0.0033 239 15.5

0.0051 301 17.0

0.0073 5/

0.2938 91 -

0.0015 0.0 -

0.0036 133.1 -

0.0102 184.1 -

0.0814 698.0 -

0.2967 264.5 -

0.2803 -5.5 -

2.5523 810.6 -

100.0 3,818.0 -

7,663.2 7,563.2 -

29,744.1 288.1 -

43,739 667.0 0.00050 0.00013

40,942 3,398.7 0.0053 0.0032

36,184 7,481.7 0.5169 0.1879

409.5 0.9600 0.7725

E Economic Data 1) Grossdomestic product (US$) 24,923 19,294 19,888 16,955 26,143 44,224 2) Change inconsumer priceindex(%) 64.4 111.1 110.2 163.4 77.9 85.8 3) Exchange rates(endot period) 0.000000989999 0.000002270999 0.000005695999 0.000013944999 0.000013949999 0.000033 4) Exchange rates(average ot period) 0.000000697599 0.000001628599 0.0000034668990.000010974 0.000013948 0.000016836 - Notavailable.

1988

-

-

Sri Lanka (Currency amounts in millions)

1982 of ListedCompanies A. Number Exchange Securities Colombo

A:

0

1986

1987

1988

1989

1990

1991

168

176

176

175

178

15,500 471

17,087 427

-

171

171

B. MarketCapitalization 1) In rupees 2) In U.S.dollars

-

-

10,000 365

12,000 421

Value C. Trading 1) In rupees 2) In U.S.dollars ratio 3) Turnover

-

-

-

-

Data E Economic product(US$) 1) Grossdomestic priceindex(%) inconsumer 2) Change rates(endof period) 3) Exchange of period) rates(average 4) Exchange

o_ P

1985

-

D. LocalIndex 1) CSEAllShareIndex(Jan85=100) in index(%) 2) Change 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend g

1984

1983

-

Notavailable.

-

-

-

-

5,168 140 25.0000 23.5290

85,085 1,998

144 5 1.3

335 11 2.2

380 12 2.2

117 3 0.7

881 22 3.3

4,944 120 8.1

122.2 22.2 -

131.4 7.5 -

218.0 65.9 21.1 -

172.4 -20.9 18.9 -

179.5 4.1 -

384.4 114.2 -

837.8 118.0 20.9 2.1 1.4

6,681 7.7 30.7630 29.4450

6,979 14.0 32.8911 31.8000

6,988 11.6 40.0000 32.2700

8,014 21.5 40.2400 40.0630

-

-

6,044 16.6 26.2800 25.4380

36,880 917

72 3

4,768 10.8 21.3200 20.8120

18,700 608

5,978 1.5 274080 27.1630

6,406 8.0 28.5200 28.0170

-

42.58 41.3715

Trinidad and Tobago

F,

(Currencyamountsin millions) D

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

34

34

36

36

33

33

33

31

30

29

B. MarketCapitalization 1) In Trinidad & Tobago dollars 2) InlU.S.dollars

3,258 1,357

2,427 1,011

2,022 843

1,668 463

1,346 374

1,398 388

1,136 268

1,748 411

2,956 696

2,850 671

C Trading Value 1) InTrinidad&Tobago dollars 2) In U.S.dollars 3) Turnover ratio

557 232 18

362 151 13

183 76 8

149 61 8

186 52 12

91 25 7

85 22 7

293 69 20

235 55 10.0

339 80 11.7

D. LocalIndex 1) TTSE Index(Oct81=100; Jan83=100) 2) Change in index(%) 3) P/Eratio 4) PiBVratio 5) Dividend yield(%)

146 19 9 2 4

72 -28 7 1 6

60 -17 7 1 8

49 -18 10 1 8

38 -22 5 1 8

40 4 14 1 6

32 -19

49 50

83.1 70.6

81.8 -1.6

-

-

-

6

-

-

A. Number of ListedCompanies Trinidad andTobago StockExchange o r°-

E Economic Data 1) Grossdomestic product(US$) 2) Change in consumer priceindex(%) 3) Exchange rates(endot period) 4) Exchange rates(average of period) - Notavailable.

7,990 11.6 2.4000 2.4000

7,800 15.2 2.4000 2.4000

7,756 13.3 2.4000 2.4000

7,266 7.6 3.6000 2.4500

4,794 7.7 3.6000 3.6000

4,806 10.8 3.6000 3.6000

4,509 7.8 4.2441 3.8438

4,339 11.4 4.2500 4.2500

4,891 11.0 4.2500 4.2500

-

4.2500 4.2500

Uruguay (Currency amounts in millions)

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

49

47

43

43

41

41

40

39

36

26

800 24

400 9

700 9

1,900 15

6,300 35

-

-

41 3

25 1

24

36 0

318 2

872 4

-

608 1

5

4

3

8

10

-

-

A. Numberof ListedCompanies

deMontevideo BolsadeValores B. MarketCapitalization

1) In nuevopesos 2) In U.S.dollars C. TradingValue

1) In nuevopesos 2) In U.S.dollars 3) Turnoverratio

D. LocalIndex (31Dec77=100) 1) IndicedePrecios in index(%) 2) Change 3) P/Eratio 4) P/BVratio yield(%) 5) Dividend g

m

no

E. Economic Data (US$) product 1) Grossdomestic priceindex(%) inconsumer 2) Change rates(endof period) 3) Exchange of period) rates(average 4) Exchange -Not available.

Ir

..T

318 89.8

9,253 19.0 33.7500 13.9100

191 -39.9

5,078 49.2 432500 34.5400

0 4

213 11.3

4,829 55.3 74.2500 56.1200

11,300 40

11,000 24

593 178.4

2,500 3216

4,645 85.8

5,034 8.4

4,718 72.2 125.0000 101.4300

6,455 76.4 181.0000 1519900

7,738 63.6 281.0000 226.6700

7,944 62.2 449.4250 360.9100

8,278 64.4

7,538 80.4 802.0000 605.6190

-

-

-

108,700 44 4,292 2

-

18,954 129.0

7,929 112.5 1,594.0000 1,171.0000

34,396 81.5

2,489.0000 2,018.8201

.

iv

I

{

0t:;:i:DireDictorv of

Argentina (Rosario) 172 Bangladesh 172 Barbados 172 Bolivia (La Paz) 173 Bolivia (Santa Cruz) 173 Botswana 173 Brazil (Belo Horizonte) 173 Brazil (Rio de Janeiro) 174 Brazil (Sao Paulo) 174 Bulgaria 174 Chile 174 China (Shanghai) 175 China (ShenZhen) 175 Colombia (Bogota) 175 Colombia (Cali) 175 Colombia (Medellin) 176 Commonwealth of Independent States (Moscow) 176 Commonwealth of Independent States (St. Petersburg) 176 Costa Rica 176 Cote d'Ivoire 177 Cyprus 177 Czechoslovakia (Bratislava) 177 Czechoslovakia (Prague) 177 Ecuador 177 Egypt (Alexandria) 178 Egypt (Cairo) 178 El Salvador 178 Ghana 178 Greece 179 Honduras 179 Hungary 179 India (Bangalore) 179 India (Bombay) 180 India (Calcutta) 180 India (Madras) 180 India (New Delhi) 180

Indonesia (Jakarta) 181 Indonesia (Surabaya) 181 Iran 181 Jamaica 181 Jordan 182 Kenya 182 Korea 182 Kuwait 182 Malaysia 183 Malta 183 Mauritius 183 Mexico 183 Morocco 184 Nigeria 184 Oman 184 Pakistan (Karachi) 184 Pakistan (Lahore) 185 Panama 185 Paraguay 185 Peru 185 Philippines (Makati) 185 Philippines (Manila) 186 Poland 186 Portugal (Lisbon) 186 Portugal (Oporto) 186 Sri Lanka 187 Taiwan, China 187 Thailand 187 Trinidad and Tobago 188 Tunisia 188 Turkey 188 Uruguay 189 Venezuela 189 Yugoslavia (Belgrade) 189 Yugoslavia (Ljubljana) 190 Yugoslavia (Zagreb) 190 Zimbabwe 190

Argentina (Buenos Aires) Mercado deValores deBuenos Aires 25 de Mayo367 Buenos Aires1002

Mr.AlbertoC.Alvarez President

Telephone: (54-1)313-4522 Fax:(54-1)313-4472 Telex:(390)17445(MERBA A Holidays in 1992: Jan: 1 Feb: Mar: Apr: 17 May:1,25 Jun:8, 20

Jul: 9 Aug: 17 Sep: Oct:12 Nov: Dec:25

Trading Hours: Mon-Fri11:00a.m.-3:00p.m.

Argentina (Rosario) BolsadeComerclo deRosario Cordoba Esquina Corrientes Rosario AR-2000

Mr.JuanCarlosMeroi President

Telephone: (54-41)213-470 Fax:(54-41)241-019 Telex:41824 Holidays in 1992: Jan:1 Feb: Mar: Apr:17 May:1,25 Jun: 8,20

Jul: 9 Aug:17 Sep: Oct:12 Nov: Dec:25

Trading Hours: Mon-Fri11a.m.-3p.m.

Bangladesh DhakaStockExchange Ltd. StockExchange Building 9F.Motriheel Commercial Area Dhaka1000

Mr AminulIslamKhan Chairman Mt. SyedMahbubur Rashid Secretary

Telephone: (880-2)239-882 Fax:(880-2)231-935 Telex:632150DSEBA Holidays in 1992: Jan: Feb:21 Mar:3, 26 Apr: 13,15-17 May: 1,27 Jun:22-24

Jul: 23 Aug: Sep:1,22 Oct:27 Non: 7 Dec:16,25

Trading Hours: Sat-Thur11am. to1 p.m.

Barbados Securities Exchanges ofBarbados 6th Floor Central BankBuilding Church Village St.Michel

Mr.Anthony K.Johnson General Manager

Telephone: (809)436-9871 Fax:(809)429-8942 Holidays in 1992: Jan:1,21 Feb: Mar: Apr:17,20 May:1 Jun: 8

172

Jul: Aug:3 Sep: Oct:5 Nov:30 Dec:25-26


Trading Hours: Tue& Fri10a.m.-12p.m. OfficeHours: Mon-Fri8:30a.m.-4:30 p.m.

Bolivia (La Paz) BolsaBoliviana deValores S.A. Ayacucho y Mercado No.308 Casilla12521 La Paz

Lic.Guido Hinojosa Cardoso President Lic.Ricardo Rojas General Manager

Telephone: (591-2)32-2422 Fax:(591-2)37-6240 Holidaysin 1992: Jan:1 Feb Mar:2,3 Apr:17 May:1 Jun: 18

Jul 16 Aug 6 Sep Oct: Nov:2 Dec:25

TradingHours: Mon-Fri10:30-11:30am& 4pm-Spm OfficeHours: Mon-Fri8:30-12noon& 2:30-6:30pm

Bolivia (Santa Cruz) Bolsade Valores de SantaCruzdela Sierra, S A. Velazco 308 SantaCruz

SrLuisFernando AnteloLopez President

Botswana Stockbrokers Botswana Ltd. 5th Floor,Barclays House KhamaCrescent Gaborone

Mr W.J.Picken ChiefExecutive

Telephone (267)357900 Fax (267)357901 Holidays in 1992: Jan:1,2 Feb: Mar: Apr:17,18,20 May:28 Jun:

Jul: 20,21 Aug: Sep:30 Oct:1 Nov: Dec:25,26

Trading Hours: Mon-Fri9a.m-12 p.m. OfficeHours: Mon-Fri8a.m.-4:30p.m.

Brazil (Belo Horizonte) BolsadeValores Minas-Espirito SantoeBrasilia RuadosCarijos,1263 Andar BeloHorizonte MG30120

Mr AntonioCarlosViannaLage President

Telephone: (55-31) 219-9000 Fax (55-31) 273-1202 Telex:1428 Holidays in 1992: Jan: 1,20 Feb:2,3,4 Mar: Apr: 16,17,21 May: 1 Jun: 18

Jul Aug. Sep:7 Oct:12 Nov:2 Dec:24,25,31


173

Brazil (Rio de Janeiro) BolsadeValores do RiodeJaneiro PracaXVdeNovembro No.20,3rdFloor Riode Janeiro 20010

Mr.SergioLuizBerardi CEO

Telephone: (55-21)271-1001 Faxo(55-21)221-2151 Telex:31500 Holidays in 1992: Jan:1,20 Feb:2,3, 4 Mar: Apr:16,17,21 May:1 Jun: 18

Jul: Aug: Sep:7 Oct:12 Nov:2 Dec:24,25,31

Trading Hours: Mono-Fri. 9:30a.m 5 p.m. OfficeHours: Mon.-Fri.8:30a.m.-6p.m.

Brazil (Sao Paulo) BolsadeValores deSaoPaulo RuaAlvares Penteado, 151 SaoPaulo01012

Mr.AlvaroAugusto Vidigal Chairman

Telephone: (55-11)258-7222 Fax:(55-11)360871 Telex:(391)34088 Holidays in 1992: Jan 1 Feb: Mar:2,3, 4 Apr:16. 17,21 May:1 Jun: 18

Jul: Aug: Sep:7 Dct:12 Nov:2 Dec:24,25, 31

Trading Hours: Mon.-Fri.9:30a.m.-1& 3:00-5p.m. OfficeHours: Mono-Fri. 9a.m.-6p.m.

Bulgaria FirstBulgarian StockExchange 3 AngelKanchev Str BG-Sofia

Mr VictorPapazov ChiefExecutive

Telephone: (359-2)813-527 Fax:(359-2)810-057 Telex:24019ipnbg

Chile BolsadeComercio de Santiago LaBoisa,64 Santiago

Mr.PabloYrarrazaval Valdes President Mr.Fernando Concha Recabarren PRAdviser

Telephone: (56-2)6982001 Fax:(56-2)6728046 Telex:(352)340531BOLCOM Holidays in 1992: Jan:1 Feb: Mar: Apr:17,18,19 May:1,21 Jun: 29

Jul: Aug:15 Sep:11,18,19 Oct:12 Nov:8 Dec:25

Trading Hours: Mon-Fri10:30a.m.-:15 p.m. OfficeHours: Mon-Fri9:30a.m.-6:00 p.m.

China (Shanghai) Shanghai Securities Exchange 15 Huang Pu Road Shanghai 200080

Mr.Xiang-Rui Li President Mr.Wen-Yuan Wei General Manager

Telephone: (86-21)306-3195 Fax:(86-21)306-3076 Holidays in 1992: Jan: 1 Feb:15-16 Mar Apr. May:1 Jun:

Jul: Aug: Sep Oct:1,2 Nov: Dec:

Trading Hours Mon-Fri8:45-12a.m.& 1:00-500pm.

China (ShenZhen) ShenZhen StockExchange 15/F International Trust& Investment Bldg- HongLing ZhongRd ShenZhen 518001

Mr WangJian Dep.ChiefExecutive

Telephone: (86-755)583927 Fax.(86-755)583931 Telex:420592SZSEL CN

Colombia (Bogota) BolsadeBogotaS.A. Carrera 8A,No 13-82.8 Apartado Aereo3584 Bogota

Mr.Hernan BeltzPeralta President

Telephone. (57-1)2436501 Fax:(57-1)281-3170 Telex(396)044807 Holidaysn1992 Jan. 6 Feb Mar:23 Apr 16,17 May 1 Jun 1,22,29

Jul: 20 Aug: 7,17 Sep: Dct 12 Nov 2,16 Dec 8,25

Trading Hours. Mon-Fri10:30a.m.-12p.m. DfficeHours: Mon-Fri8:00am.-5:45p.m.

Colombia (Cali) BolsadeOccidente Calle8a.No.3-14piso17 Cali

Mr.JulianDominguez President

Telephone: (572)381-7022 Fax:(572)382-1072 Telex:351217 Holidays in 1992: Jan: 1,6 Feb: Mar:23 Apr: 15.17 May:1 Jun 1,22,29

Jul. 20 Aug 7,17 Sep: Oct:12 Nov:2,16 Dec:8,25

Trading Hours: Mon-Fri9 amto3pm OfticeHours Mon-Fri8 amto5:30pm


175

Colombia (Medellin) BolsadeMedellinS.A. Carrera 50, No.50-48,Piso2 Apartado Aereo3535 Medellin

Mr Francisco Piedrahita E. President

Telephone: (57-4)2603000 Fax:(57-4)2511981 Telex:(396)66788 Holidays in 1992: Jan:2 Feb: Mar:1 Apr:2 May:1 Jun: 3

Jul: 1 Aug:2 Sep: Oct:1 Nov:2 Dec:2

Trading Hours: Mon-Fri10a.m.-12:15p.m.&2-3 pm

Commonwealth of Independent States (Moscow) Moscow International StockExchange MinistryofFinance 9 Kuibyshev Street Moscow 103097

Mr AndreiZaharov ChiefExec. Officer

Telephone: (7-095)251-0392/251-1576 Fax:(7-095)925-0889

Commonwealth of Independent States (St. Petersburg) St.Petersburg StockExchange Skorohodova 19,Room313 St.Petersburg 197061

Mr.IgorK. Klioutchnikov Executive Director

Telephone: (7-812)238-3384 Fax:(7-812)232-1886/110-5371 Holidays in 1992: Jan:2 Feb: Mar: Apr: May:1 Jun:

Jul: Aug: Sep: Oct:1 Non: Dec:

OfficeHours: Tue-Fri12-1 p.m.

Costa Rica CostaRicaStockExchange Central Street, Av.lst. 3th SanJose1000

Mr LeonelBaruch President

Telephone: (506)22 8011 Fax:(506)55 0131 Telex:BONAVA 2863 Holidays in 1992:

Trading Hours: Mon-Fri9amto 12:30pm

Unavailable OtticeHours: Mon-Fri8amto 5 pm


Cote d'Ivoire Abidjan Stock Exchange Avenue Joseph ANOMA Abidjan 01

Mr M.Naka Leon Chairman

Telephone: (225)21-5742 Fax:(225) 22-1657 Telex2221Bourse Abidjan

*

Holidays in1992. Jan:9 Feb: Mar: Apr:20 May:1,29 Jun:8

Jul: Aug Sep: Oct: Nov 15 Dec:7,25,31

Trading Hours Tue& Thur

Cyprus Nooffical stock exchange, butoverthecounter market. Nicosia Telex:4449 CISCO CY Holidays in1992. Jan:1,6 Feb: Mar:9 Apr:1,24,25 May:1 Jun:

Jul: Aug:15 Sep: Oct:1,28 Nov: Dec24,25,26

Trading Hours: Twice aweekfor 1.5hrseameeting Office Hours: Mon-Fri 8 am-6pm

Czechoslovakia (Bratislava) Bratislava Stock Exchange Hiavne Nam, 8 Bratislava 81101

Mr.Zdenko G.Alexy VP& Director General

Telephone: (42-7) 335839 Fax:(42-7)335725

Czechoslovakia (Prague) Stock Exchange of Prague NaMustku 3 Praha 1 11000

Mr.Vladislav Paviat Deputy Chairman

Telephone (42-2) 261146 Fax:(42-2) 2356233

Ecuador Bolsa deValores Av.RioAmazonas 540& Jeronimo Carreon 8 plSo Quito

Dr Chiriboga Gerente

Telephone. (593-2) 526805 Fax:(593-2) 500942


Egypt (Alexandria) Alexandria StockExchange 11 -ialatHarbStreet Menshia Alexandria Telephone: (20-3)483-5432

Egypt (Cairo) CairoStockExchange 4Sherifien Street Cairo Telephone: (20-1)392-8526

El Salvador ElSalvador StockExchange 6 piso,EdificioLaCentroamericana Alameda Roosevelt #3107 SanSalvador

Guillermo Hidalgo-Quehl President Gerardo Alvarez G. General Manager

Telephone: (503)23-3721/23-2215/ 23-4285/23-4723 Fax:(503)23-2898 Holidays in 1992: Jan:1 Feb: Mar Apr: 16,17 May:1 Jun:

Jul: Aug:3,4,5 6 Sep:15 Oct:12 Nov:2 Dec:25

Trading Hours: Mon-Fri10:00am-11:30 am OfficeHours: Mon-Fri8:00am-5:00pm

Ghana Ghana StockExchange Kwame Nkrumah Avenue Kingsway Bldg.-2ndFloor Accra

Mr.Yeboa Amoa Director Dr C.Asembri SeniorManager

Telephone: (233-21)6699 08/6699 35 Fax:(233-21)669913 Telex:2722 Holidays in 1992: Jan:1 Feb: Mar:6 Apr:17,20 May:1 Jun:4

178

Ju : 1 Aug: Sep: Oct: Nov: Dec:1,25


Trading Hours: Mon-Fri8 am-5pm OfficeHours: Mon-Fri8 am-5pm

Greece AthensStockExchange 10Sophocleous Street Athens10559

Dr.NikitasA. Niarchos President

Telephone: (30-1)3211301 Fax (30-1)3213938 Telex.(863)215820BURSGR Holidays in 1992. Jan:1,6 Feb. Mar:9,25 Apr 24,27 May:1 Jun 15

Jul: Aug:15 Sep: Oct:28 Nov Dec.25,26

Trading Hours: Mon-Fri830 a.m.-12:30p.m. OfficeHours Mon-Fri8:30a.m.-3:30 p.m.

Honduras BoisaHondurena deValores S.A. Edificio Martinez Valenzuela 1Piso,2 Calle3Ave.S.O. SanPedro Sula

Mr Ramiro Figueroa Gerente General

Telephone (504)53-4410 Fax:(504)53-4480 Holidays in 1992. Jan:1 Feb. Mar. Apr 14-17 May. 1 Jun

Jul. Aug Sep:15 Oct:12,21 Nov: Dec.24, 25

Trading Hours. Mon-Fri10 am-11am OfficeHours: Mon-Fri8 am5 pm

Hungary Budapest StockExchange DeakFerenc Utca5. Budapest H-1052

Mrs. I onaHardy General Manager

Telephone: (36-1)1175-226 Fax (36-1)1181-737 Holidays in 1992: Jan 1 Feb. Mar: 15 Apr. 20 May:1 Jun

Jul. Aug:20 Sep Oct 23 Nov Dec:25,26

Trading Hours. Mon.-Fri.11am-1230pm CET OfficeHours: Mon.-Fri.8:30am-5:30pm CET

India (Bangalore) Bangalore StockExchange Ltd lst Floor m BlockUnityBldgJ C Road Bangalore 560002

Mr.Krishnmurthy S Lokkur President

Teephone:(918-12)220163/236567 Telex.8452874 BSEIN


179

India (Bombay) TheBombay StockExchange Towers Phiroze Jeejeebhoy DalalStreet Bombay 400001

Mr M.R.Mayya Executive Director Mr Govindbhai B. Desai Exec. Director

Telephone: (91-22)275860 Fax:(91-22)202-8121 Telex;(953)011859STEXIN Holidays in 1992: Jan:26 Feb: Mar:2,19 Apr:4,5. 14-17 May:1,4, 16 Jun: 12

Jul: 12 Aug:12,15,22 Sep:10 Oct:2,5,23-26 Nov:10 Dec:25-31

Trading Hours: Mon-Fri12:00p.m.-2p.m.

India (Calcutta) TheCaicutta StockExchange Association, Ltd. 7 LyonsRange Calcutta 700001 Telephone: (91-33)20-9366/20-1488 Telex:021-7414 CSEA IN Holidays in 1992: Unavailable

OfficeHours: Mon-Fri12-2p.m.

India (Madras) MadrasStockExchange Limited 11 Second LineBeach Madras600001

Mr.V.Ganesan President Mr.S.Ramanathan Exec.Director

Telephone: (91-44)521071 Fax:(91-44)514897 Telex:953-0418050 MSEXIN Holidays in 1992: Jan: 1,15-17 6 Feb: Mar:19 Apr:1,4,13-17 May:1 Jun: 12

Jul: 11 Aug: 13,15,31 Sep: 10,28-30 Oct:1,2.5, 6 Nov: Dec:25,28-31

Trading Hours: Mon-Fri12 p.m.-2:30 p.m. OfficeHours: Mon-Fri10am-5:45pm/Sat lOam-2:00p.m.

India (New Delhi) TheDelhiStockExchange Assoc.Ltd 3 and4/48AsafAli Road NewDelhi110002

Mr.RK. Pandey Executive Director

Telephone: (91-11)327-9000 Fax:(91-11)326-7112 Telex:(953)3165317 DSEAIN Holidays in 1992: Jan:1,14,26 6 Feb:9 Mar: 19,20 9 Apr:5. 11,13, May:16 Junx12

Jul: 11 Aug: 13,15,21 Sep:10,11,30 Oct:2,4,5,6 Nov: 10 Dec:25-31


Trading Hours: Mon-Fri12 p.m.-2p.m. OfficeHours: Mon-Fri9:30am-5:30pm/Sat9:30-2pm

Indonesia (Jakarta) TheJakarta StockExchange JLMerdeka Selatan 14, Gedung Bursa2ndFloor Jakarta10110

Mr.Hasan ZeinMahmud President Director

Telephone: (62-21)360-649 Fax:(62-21)384-0197 Holidays in 1992 Jan. 1 Feb Mar:5 Apr: 17 May:28 Jun: 11

Jul 2 Aug: 17 Sep:9 Oct Nov: Dec:25

Trading Hours: Mon-Thur10-12,1:30-3/Fri9:30-11a.m. OfficeHours: Mon-Fri8:00a.m-5p.m.

Indonesia (Surabaya) Surabaya StockExchange JI Pemuda No.29-31 BankEximBuilding 5th floor Surabaya

Mr. Basjiruddin AS. Chairman

Telephone: (031)510646/512716/513869 Fax.(031)510823 Holidays in 1992 Jan.1 Feb Mar 5 Apr.6,17 May:28 Jun: 11

Jul: 2 Aug:17 Sep:9 Oct: Nov: Dec:25

Trading Hours: Mon-Thu lOam-12pm/1:30-3pm Fri9.30-11am OfficeHours: Mon-FriBam-Spm

Iran TehranStockExchange Avenue Saadi521 Taghinia Building Tehran

Mr.AllahvirdiRagaiSalmassi Secretary General

Telephone: (98-21)311149-50/316292 Fax.(98-21)310765

Jamaica Jamaica StockExchange BankofJamaica Tower Nethersole Place Kingston

Mr.Fernando DePeralto Chairman

Telephone: (809)922-0806/0807 Fax. (809)922-6966 Telex.2165/2167 Holidays in 1992: Jan Feb: Mar: 4 Apr: 17,20 May:25 Jun:

Jul: Aug 3 Sep. Oct:19 Nov: Dec:25-26

Trading Hours. Mon-ThurlOa.m.-l am. OfficeHours: Mon-Fri8:30a.m-4 30 p.m.

EmergingStock MarketsFactbook 181

Jordan Amman Financial Market P.O.Box8802 Amman

Dr.Urmayya Toukan DirectorGeneral

Telephone: (962-6)663170 Fax:(962-6)686830 Teiex:(925)21711 Holidays in 1992: Jan: Feb:1 Mar: Apr:4-7 May:2,25 Jun: 10-14

Jul: 1 Aug:11 Sep:9 Oct: Nov:14 Dec:

Trading Hours: 8-7:00p.m. Sat-Sun8-3:30p.m./Mon-Wed $

Kenya TheNairobiStockExchange IPSBuilding, 2ndfloor KimathiStreet Nairobi

Mr I.N.Kariuki Chairman Mr.J.K.Kihumba ChiefExecutive

Telephone: (254-2)230692 Fax:(254-2)224200 Holidays in 1992: Jan:1 Feb: Mar:29 Apr:1,15-17 May:I Joln:1,22-24

Jul: Aug: Sep: Oct:10,20 Non: Dec:12,25-26

Trading Hours: Mon-Fri10a.m.-12noon OfficeHours: Mon-Fri8 a.m.-6p.m.

Korea Korea StockExchange 33Yoido-Dong Yongdeungpo-ku Seoul150-010

Mr.ByungWooKoh Chairman & CEO

Telephone(82-2)780-2271 Fax:(82-2)786-0263 Telex:K28384(KOSTEX) Holidays in 1992: Jan: 1,2 Feb:3-5 Mar:10 Apr: May:5 Jun: 6

Jol: 17 Aug:15 Sep:10-12 Oct:3 Nov: Dec:25,28-31

Trading Hours: Mon-Sat9:40-11:40/Mon-Fr, 1:20-3:20.m. OfficeHours: Mon-Fri9:30-5:30/Sat 9:30-1:30

Kuwait KuwaitStockExchange Mubarak Al KabirStreet Safat13063

Mr.Hisham A Otaibi President

Telephone: (965)24 23130 Fax:(965)24 20 779/2558 832 Telex:44105-44028 Holidays in 1992: Jan: 1,2,3. 31 Feb:1,25,26 Mar: Apr:3,4,5, 6 May: Jun:10,11,12

Jul: 2,3 Aug: Sep:9,10, 11 Oct: Nov: Dec:


Trading Hours: Sat-Wed10am-12:30 pm/5-7pm

Malaysia TheKualaLumpur StockExchange 3rd-5thFl., Exchange Square OffJalanSemantan, Damansara Heghts KualaLumpur50490

Mr.NikMohamed DinBinDatukNikYusoft Executive Chairman

Telephone: (60-3)2546433 Fax:(60-3)2557463/2561291 Telex:KLSEMA(784)30241 *

p

Holidays in 1992. Jan:1 Feb:1,3-5 Mar. Apr:4,6 May:1, 17 Jun.6,11

Jul: 2 Aug:31 Sep.90 Oct:26 Nov: Dec.25

Trading Hours: Mon-FrilO am-1230pm/2.30-4 pm OfficeHours Mon-Thur9.30-5:30pm/Frn 9-5pm/Sat9-lpm

Malta TheMaltaStockExchange PopePiusV Street Valletta

Mr.AlfredS Camilleri Chairman

Telephone(356)244051 Fax.(356)244071

Mauritius StockExchange Commission 9th Fl.SicomBuilding Sir Celicourt Antelme Street PortLouis

Mrs.Sharda Dindoyal ChiefExecutive

Telephone: (230)208-8735 Fax (230)208-8676 Telex5291 Holidays in 1992: Jan 1-2, 20 Feb:4 Mar:2,12 Apr:4,5 May 1 Jun

Jul: Aug: Sep:1 Oct:25 Nov. 1 Dec 25

Trading Hours: Wed10:30am-12 30pm& Thur11-12noon OiticeHours Mon-Fri9 a.m.-5p.m

Mexico BolsaMexicana deValores, S.A.de CV Paseo de laReforma. 255 Col Cuauhtemoc MexicoD.F06500

Mr.Guillermo Nunez H ChiefExecutive Officer

Telephone. (52-5)208-3131 Fax (52-5)208-8972 Telex(383)1762233 Hoidaysin 1992 Jan 1 Feb:5 Mar:21 Apr.16,17 May:1 Jun:

Jul. Aug: Sep:1 Oct. Nov:20 Dec:25,31

Trading Hours. Mon-Fri9-1:30p.m. OfficeHours. Mon-Fri8:30a.m230p.m./3:30-5:30p.m.


183

Morocco Mr.Abderrazak Laraki Director General

Casablanca StockExchange 98,Boulevard Mohammed V Casablanca 01 (212-2)2041 10/312888 Telephone: Fax:(212-2)2003 65 Telex:23698BOUSVAL Holidays in 1992: Jan: 1 Feb: Mar:3 Apr: May:1 Jun: 11, 12

Jul: 2,9 Aug: 14,20 Sep:10,11 Oct: Nov:6, 18 Dec:

Trading Hours: Mon-Frill a.m.-12:30 p.m. OfficeHours: Mon-Fri8:30am-12pm& 2:30-6:30pm

Nigeria Mr.Hayford Alile Director-General

Nigerian StockExchange StockExchange House,8-9 Fls. 2-4Customs Street Lagos Telephone: (234-1)660287 Fax:(234-1)668724 Telex:(961)23567STEX NG Holidays in 1992: Jan: 1 Feb: Mar: Apr: 2,3,17,20 May:I Jun: 11,12

Jul: Aug: Sep:10,11 Oct:1 Nov: Dec:25,26

Trading Hours: Mon-Fri11 a.m.-2p.m. OfficeHours: Mon-Fri7:30-4:30p.m.

Oman Dr Hashem M. Ali Sabbagh Advisorto Chairman

Muscat Securities Market

Telephone: (968)702-760 Fax:(968)702-691 Telex:3220ON

Pakistan (Karachi) Karachi StockExchange (Guarantee) Ltd. StockExchange Building StockExchange Road Karachi 2

Mr Arit Habib President

Telephone: (92-21)241-9146 Fax:(92-21)241-0825 Telex:(952)2746 in 1992: Jan: Holidays Feb:2,20 Mar:23,26 Apr:1,5-7 May:1 Jun: 12 14

Jul: 10,11 Aug:14,20 Sep:6,10-11 Oct:9 Nov:9 Dec:18,25


Hours: Trading Sat-Wed 10:15a.m.-2:00p.m.

Pakistan (Lahore) Lahore StockExchange 17 BankSquare Lahore

Mr.RiazUl Hassan Ghauri President

Telephone: (42-92)368-111

0

Panama BolsadeValores de Panama CalleElviraMendez y Calle52 EdificioVallarino, Planta Baia ApdoPostal87-0878 Panama

Mr Dulcidiodela Guardia G. Administrative Director

Telephone: (507)69-1966 Fax:(507)69-2457

Paraguay BolsadeValores y Productos deAsuncion S.A. CalleEstrella 540 Asuncion

Mr AntonioZucolillo President

Telephone: (595-21)490-359 Faxc(595-21)490-356 Telex:144PY

Peru LimaStockExchange Pasaje Acuna191 Lima1

Mr.JoseLuqueOtero President

Telephone: (51-14)286-280 Fax:(51-14)337-650 Telex:25856 Holidays in 1992: Jan:1 Feb: Mar: Apr:17 May:1 Jun:29

Jul: 28, 29 Aug. Sep: Oct:8 Nov: Dec:8,25

Trading Hours: Mon-Fri11:00a.m.-1:30p.m.

Philippines (Makati) MakatiStockExchange, Inc. MakatiStockExchange Building Ayala Avenue, Makati MetroManila

Mr Eduardo C.Lim Chairman Mr VivianY Locsin ViceChairman

Telephone: (63-2)8101145 Fax:(63-2)8105710 Telex:45074MKSE PM Holidays in 1992 Jan: 1 Feb: Mar:28-29 Apr 9 May:1 Jun: 12

Jul: Aug: Sep: Oct: Nov:1,30 Dec:25,30

Trading Hours: Mon-Fri9:30a.m.-12p.m. OfficeHours: Mon-Fri8 a.m.-5pm


185

Philippines (Manila) ManilaStockExchange Prensa St. cor Mueledela Industria Binondo Manila

Mr Roberto Z.Lorayes President

Telephone: (63-2)47-33-82 Fax:(63-2)471125/408867 Telex(722)40503MSEPM Holidays in 1992: Jan: 1 Feb: Mar. Apr: 16 May:11 Jun: 12

Jul: Aig: Sep: Oct: Nov:20 Dec:25,30

Trading Hours: Mon-Fri9:30a.m.-12:15p.m. OfficeHours: Mon-Fri8a.m-5 p.m.

Poland GieldaPapierow Wartosciowych NowySwiat6/12 Warszawa 00-920

Dr Wieslaw Rozucki President & CEO

Telephone: (48-22)62832 32 Fax:(48-22)6281754/6288191 Holidays in 1992:

Trading Hours: Tue-Thur 10am-1pm

Unavailable

OfficeHours: Mon-Fri8:30am-5pm

Portugal (Lisbon) BolsadeValores deLisboa RuadosFanquelros. 10 Lisbon1100

Mr.JoseCarlosPestana Teixeira President

Telephone: (351-1)888.27.38/29.17 Fax:(351-1)864231/877402 Telex:(832)44751BVLISB P Holidays in 1992: Jan:1 Feb: Mar:3 Apr:16,17,25 May:1 Jun: 10,13,18

Jul: Aug: 15 Sep: Oct:5 Nov: 1 Dec 1,8, 24-26

Trading Hours: Mon-Fri9 a.m. 3 p.m. OfficeHours: Mon-Fri9 a.m.-5p.m.

Portugal (Oporto) BolsadeValores DoPorto Palacio da Bolsa RuadeFerreira Borges Porto4000

Mr.Manuel AlvesMonteiro President

Teephone:(351-2)2002476 Fax:(351-2)2002475 Telex:28522 Holidaysin 1992: Jan:1 Feb: Mar:3 Apr:16,17,25 May:1 Jun: 10,13,18

Jul: Aug: 15 Sep: Oct:5 Nov:1 Dec:1,8.24-26


Trading Hours: OfficeHours: Mon-Fri9 a.m.-1p.m.

4

Sri Lanka Colombo StockExchange 2ndFloor.MacKinnons Bldg. YorkStreet Colombo 1

Mr.RaviC Peiris General Manager

Telephone: (94-1)44 65 81 Fax:(94-1)447603 Telex21124MACKINON CE )

Holidaysin 1992: Jan:15 Feb:4. 17 Mar.18 Apr:13,16,17 May:1,18.22 Jun:

Jul. 14 Aug.12 Sep:10,11 Oct: Nov:9 Dec:9,25. 26-31

Trading Hours Mon-Fri9:30-10:45am/11-11:45 am OfficeHours: Mon-Fri8:30a.m.-430p.m

Taiwan, China Taiwan StockExchange 85Yen-Ping SouthRoad Taipei

Mr.See-Ming Chen Chairman

Telephone. (886-2)311 4020 Fax:(886-2)311 4004 Holidays in 1992: Jan 1-3 Feb.4-6 Mar 29,30 Apr 3,4 May Jun 5,6

Jul: 1 Aug. Sep:11,12.28 Oct 10,25.26 Nov 12 Dec 25,26

Trading Hours: Mon-Fri9-12 p.m./Sat9-11:OOam

Thailand Securities Exchange ofThailand SinthonBuilding, 2nd Floor 132Wireless Road Bangkok 10330

Mr.NibhatBhukkanasut Chairman Mr.Maruey Phadoongsidhi President

Telephone. (66-2)254-0440 Fax:(66-2)2543040 Telex:(788)20126BEJARATH Holidays in 1992: Jan:1 Feb 18 Mar: Apr.6,13,14 May:1,5, 18 Jun.

Jul: 1,15 Aug: 12 Sep: Oct:23 Nov Dec:7,10,31

Trading Hours Mon-Fri9 a.m.-12p.m. OfficeHours Mon-Fri8 30a m.-5p.m.


187

Trinidad and Tobago Trinidad& Tobago StockExchange 65 Independence Square PortofSpain

Mr HughL.Edwards General Manager Mr.Anthony Taitt DepGenManager

Telephone: (809)625-5107-9 Fax:(809)623-0089 Telex:CBTRIN 22532 Holidays in 1992: Jan: 1 Feb: Mar:2,3 Apr: 17,20 May: Jon: 8,18,19

Jul: Aug: 1,31 Sep:24 Oct: Nov: Dec:25-26

Trading Hours: Tue,Wed.& Fri9:30amtoclosing OfficeHours: Mon-Fri8am-4pm

Tunisia TunisStockExchange 19bis,rueKamelAttaturk Tunis1001

Mr.Mohamed SalahH Maidi President

Telephone: (216-1)259-411 Fax:(216-1)347-256 Telex:14931 Holidaysin1992: Jan:1 Feb: Mar:20,21 Apr: 15-16 May:1 Jun:

Jul: 25 Aug: 13 Sep:20 Oct: Nov: 7 Dec:

Trading Hours: Mon-Fri10-11am. OfficeHours: Mon-Fri8 a.m.-12p.m.& 2-6 p.m.

Turkey Istanbul StockExchange RihtimCaddesi No.245 Karakoy-Istanbul 80030

Mr.Yaman Toruner Chairman & CEO Mr.AtilaNizamoglu DeputyChairman

Telephone: (90-1)15248 00 Fax:(90-1)14374 25/1524915 Telex:(821)22748IMKBTR Holidays in 1992: Jan:1 Feb: Mar: Apr:4-6 May:19 Jun: 11-14

188

Jul: Aug:30 Sep: Oct:29 Nov: DOc:


Trading Hours: Mon-Fri10:30a.m.-12:30 p.m. OfficeHours: Mon-Fri8:30a.m.-5:30 p.m.

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Uruguay Bolsa deValores deMontevideo Misiones 1400 Montevideo

Mr.Carlos J Cabral deSimoni President Jorge Bergolli Secretary

Telephone: (598-12) 954921 Fax.(598-12) 961900 TelexBOLSA UY26996 Holidays in1992: Jan:1,6 Feb Mar2,3 Apr.8,19 May 1,18 Juon19

Jul 18 Aug:25 Sep: Oct12 Nov:2 Dec:25

Trading Hours: Mon-Fri 200p.m-3:00p.m

Venezuela Bolsa deValores deCaracas Edificio Atrium CaleSorocaima, Urbanizacion ElRosal, Piso1 Caracas

Dr.JuanDomingo Cordero M. President

Teephone (58-2) 905-5511 Fax.(58-2) 905-5829 Telex(395) 26536 Holidays in1992 Jan 1-2.6,7 Feb: Mar2,3,19 Apr 16,17 May:1 Jun 1,15,24

Jul.24 Aug Sep Oct12 Nov: Dec.7,25

Trading Hours. Mon-Fri 10:00a m.-12:00 p.m. Office Hours Mon-Fri 8:30-12:30/2-5 p.m.

Yugoslavia (Belgrade) Belgrade Stock Exchange Vladimira Popovica 6B02 NewBelgrade 11070

Mr Branislav Cosic Managing Director

Telephone: (38-11) 2224049 Fax:j38-11) 2224355 Holidays in1992 Jan.1,2 Feb Mar Apr.20,27 May 1 Jun:25

Jul. Aug Sep Oct. Nov Dec25

Trading Hours: Tue&Thur10a.m.-12 noon Office Hours Mon-Fri 8:30a.m.-4p.m.

3

EmergingStock MarketsFactbook 189

Yugoslavia (Ljubljana) Ljobijana StockExchange, Inc. Ajdovscina 4 Ljubljana 61000

Mr.Drasko Veseilnovic ChiefExec. Officer

Telephone: (38-11)61301959 Fax:(38-11)61301950 Telex:31606 Holidays in 1992: Jan: 1 2 Feb: Mar. Apr:20, 27 May. 1 Jun:25

Jul: Aug: Sep: Oct: Novn Dec:25

Trading Hours: Tue& Thurs10 a.m.-12noon OfficeHours: Mon-Fri8a.m.-4p.m.

Yugoslavia (Zagreb) ZagrebStockExchange Ksaver 208 Zagreb/Croatia 41000

Mr.Marinko Papuga General Manager

Telephone: (38-41)42 0293 Fax:(38-41)42 00 02 Holidays in 1992: Jan:1 2 Feb: Mar: Apr:20,27 May:1 Jun: 25

Ju Aug: Sep Oct Nov. Dec:25

Zimbabwe Zimbabwe StockExchange 8thFloor,Southampton House UnionAvenue Harare

Mr.R.TG.Williams Chairman

Telephone: (263-4)736861 Fax:(263-4)791045 Telex:(987)24196ZW Holidaysn 1992: Jan:1 Feb: Mar: Apr:17,18,20 May:1,25 Jun:

Jul: Aug:11-12 Sep: Oct: Nov: Dec:25-26


Trading Hours: Mon-Fri8a.m.-4:30p.m.

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Emerging Stock Markets Factbook

Emerging Stock Markets Factbook 1999 (Global Stock Markets Factbook)

Emerging Stock Markets Factbook 1995