~ ~~~~1E ~ ~ ~ ~ ~ ..............I.. ... --------- I'llO III I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~e k%7 I~~~~~~~~~~~~~~~~~~~~~~~ 7777~~ Headquarters 1850 1 Street, N.W. Washington, D,C. 20433 U.S.A. Teleplhone (202) 473-9520 Facsimile (202) 676-9299 Telex WUI 64145 WORLDBANK RCA 248423 WORLDBANK Cnble INTBAFRAD WASHINGTONDC CORINTFIN Paris Office. 66, avenue d'ldna 75116 Paris France Telepihone (1) 40, 69. 30. 60. Facsimile (1) 47. 20. 77.71 Telex. 620628 Tokyo Office Kokusal Building I .11- Marlnouchi 3 Chome Chiyoda-Ku, Tokyo 100 Japan, Telep4one (03) 3201-2310 Facsimile (03) 3211.2216 Telex 26838 London Offlce 4 Millbank London SWIP 3JA England Telephone (071) 222-7711 .Pcsinile (071) 976-8323 Telex 919462 * Frankfurt Offle Messeturm, Box 23 6000 Frankfurt am Main - Germany Telephone (069) 97544613 Facsimile (069) 97544900 rcYCk pajwr Em erging Sock M'arkets. Factboo.k 1-l994 S IFC ~~~~~~~~~~~~International Finance Corpo'ra'tion 4!:: A N!qiibrncrfilii World Hi3nk Cruiip Copyright C 1994 First Printinig Jutne 1994 international Finiance Corporation 1850 1 Street N.W. ISSN 1012-8115 Washington, D.C. 20433 ISBN. 0-8213-2820-4 U.S.A. SPrinted on recycled paper *All righits reserved. May niot be reproduiced In ifraondentcnstuean ofe fo The IFC miay, fromn time to time, have whole or in part by aniy meanlls vithioit. thle ainttonbornbelffIF tofinancial interest in the securities mentioned orincluded in the calculation of the IFC written conisent of the linterniationacl Finanice puirchiase or sell any of thie shanres mnoitioned, ioree Corporation, noar shoutld* It be conisidered ais Investment advice. *This lInformiationi Is based on,data obtaliied * The Emeorginig Mlarkets Data Base is a service fran souirces thiat the IFC 5Onsiders to be *The denominations and geographi.cal names hii of thle ICs entralCptl akt * reliaible, but is noat guiarainteed as to accurac CY this puiblicatlion are :ttse slyfo.te.DepartmentL anid does not puirport to be complete., coniveneience of thie reader anid do niot imiply the exprssio of ny oinio Whasoevr oi the. * Any. views expressed herein are those of the *This. iniformation*'shiall inot be% conistruied, part of thel K' ho World Bank, or oilier auhr n ontncesrl ersn.h Iimplicitly or explititly, as containing anly .affiliates, conicerninig the legal staktn of. anly veso h ol ako h ne toa investment recornmiendations anid, accordingly, coutrity, territory, city, area or of its FnneCroain the IFC is niot registered, unider the U.S. authiorities, or conlcerning the del jmination of linvestmient Advisers Act of. 1940. This Its bounidaries or niationial affiliationl. Published Annally In . the JUnlited States of America h~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Preface I. ~~~This edition of the .zewrghrg Slack Markets an accurate representation of the inivestable niot currently included -in IFC Index Market Fact book is the eighith In thec IFC's annual series emerging market universe available, coverage. The afpepndixes provide sources and tra~cking the.develiopment of equilty markets In. c .. ata notes, Investor information, a directory of developing co(lntries, IEC's efforts were the first to The Fadi book Is divided Into an introdtuctor emerging stock exchanges around the world, and *.pull togethier In a sinigle volumei the various time sectioni anid six cliapters.-Tle introdu'ction includes information on JEC's Emerging Markets Data Base r.- 5srie of funidamenital mairket data oni the leadinig bakrudifraino F rdte C(EMDB).. ~~P ~~Facibook puts these markets In perspective witl . emerginig m6arkets In general anid emeirging stock IFC is proud.to continiue building its coverage of "M ~thieir domiestic economies and compares them to market 'performanice and chanracteristics' In emierging markets and providing the most complete markets in the developed world. p~articutlar. Chiapter 2 detail tepromnead .and accurate daita available. A miember of the . ~~~~~~~~characteristics of wvorld stock ninirkets in 1993 and' . WrdBnGou,ICithlagsinultilatea The Faci4ook is designied to serve as a referenlce for betwee .18ad1993. Chapter 3 begIns thioreofdrcloninaqiyfiacn o instituitionial investors, investment: bankers, . discussoilon n IFC.iindexes, wvith 50 pages of private sector projects in developing countries. academics, ecoiiomists,* and journalists. Many of detailed statistics oni the IFC Global lIndexes. EMDB, recognized as the wrld's premier source the able an chats raw n dta from more than Chapter 4 aalesti dicsinwt ealn .for reliable and comiprehensive information and the tables and cliarts draw oii d, 4 pilrallels (iiis dis ussock.rnaretsnin dveloping ountries .50 emerging markets, This yeair, market profiles . thle IPC Inve5table lindexes, Chapter 5 offers data' statistic o'n sEokmresi eelpn oitis haebeen compiled for over 25 mnarkeis, up from 18 suinre or all 1FC Inidex Markets, as ivell as serves as- a vital statistical resource for the In 1992. Analyses also tinclude reglional inidexes, makt oiia,ad econoi anilyses, Chatpter International financial community and for IFC in coniposit6 iidexes, anid inidLstry lindexes providinig 6 Ie ie series suimmary of data for mares. isivsmntadavsr ok j.2 4w Contents Preface The International Finance Corporation- 2WrlStc Mrkt gniygi 'Mrkes DtaBoise Evolution of the IFC Stock Market lindexes II World Stock Mafket Statisiics Introductfoit to the IFC Indexes Ill ~~~~~~~World Stock Mnrket Performance, 1993 12 IFC tindex Coverage, Bose Periods, and Dates of Iinclusioi IV WrdSokMre unvr 931 IFC Index Coverage Map Y ~~~~~~~~~~~~~World Market Capitalization, 1984-1993 14 * Acknowledgments vi ~~~~~~~~~~~~~~~~Market Capi'talization, Analysis and Suimmary 1 6 World Valtie Troded, 1984-1993 1B World Numlber of Ligted Domestic Companies, 1984-1993 20 introduction to Emerging ~~~~~~World Ranlkings of Market Caoitahization, Value Traded, and 1 Markets ~~~~~~~~~~~~~~~~~~~~~~Numbe r of Listed Domestic Companies, 1993 22 World Ranking of Average Comppany Size,- 1993 2 RelatIve Characteristics of Emerging Markets Enie~glg MarkthClssification .2 Local Stock Market Prloe indexs * World Economic Statistics . . ~~~~~~~Energing Mark(es Local Stock Market Price Indexes, 1993 2 Aggregat e o,-en eore lw oEegn akt EmergInig Matrkets Local Stbck Market Price Indexes, 1984-1993 26' *World GNP anid GNP per Caiipta 7 Currency Exchange. Rates per USS * Emerging Stock Market Performance EmergIng Markets Currency Exchange Rates per US$, 1993 .2 * ~~~Key Trenids In Emelrginig StOck Markets lIn 1993 8 * Emlerginig Mairkcts Cturreincy Exchange Rates per USS, 1984-1993 30 K 3 ~~IFC Global Indexes Introduction ~~~~~~~~~~~~IFGIndustry Indexes ~ Market Weights inthe IFCG CompositeIndex, End-1993 34Industry Weights fin the IFCG Comiposite Index, End-1993 62 7:1. Market Cocentration inthe 1KG Indexe, End-1993 35Industry Concentration In thte IFCG Composite lIndex, End-1993. 6 Comparativ Valuation of the IFG lndexes,nd-1993 36Industry Distribution by Market Capitalizationi of IFCG Ag ~~~~~~~~~~~~~~~~~~~~~~~~~Composite Index, 1993 64 Industry Weighits by Market Capitalizationk of IFCG IFCG Price Indexes . ~~~~~~~~~~~~~~Composite Index, 1993 * 66 1993 Performance Summary . 38 ~~~~~~~Inidustry Distribution by Number of Stocks in IFCG 3 .aga, Close . 39 ~~~~~~~~~~~~~~Comiposite Inidex, 1993 6 A 1993 Flih Low, Coe3 Regtoionl vs. Developed Market Performanice, 194193 410FGIdsr rceIdxs 937 IFCcj Price Indexes, 1993 42 ~~~~~~~~~IFCC Industry Price Indexes, 1984193 P-f e umr 72 R Fdgiia Pric IDexes,pp 1984-199 Pefr.ace949 441 IFCG Price Index Correlations . ~~~~~~~IFCG Industry Total Rneturn Inexs,1933 71 9? ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~ ~~~~IFCG Inidustry Totalcetr Indexes, 1984 -1993 76 IFCG Tota lldRetusn indexes .1993 Performance Summary . 50 ~ FG ndlsr tMlttu ndxe, 99 erornac Smmry 7 st Regional vs. D~~~~~~~~veloped Market Performance,otl 1993n .dexs 5293 7 RegIonal vs.*Developed Market Performance,dusry 1984-1993 SIdexe,3194-193 7 ?-,j:v-IFCG.Total Return Indexes,18-935 Stat isticso the FCGlotas etreIdxe. 53 'IFCG Total Return Inidexes Coreaton 60 t FGTtaAeur idxe,94,935 :-ttsAso h FCTtlRtriliee It 117CtToal eunlie orliiis 4 ~IFC In4estabile Indexes.. Introduction ... ~~~~~~~~~~~~IFCI Industry Indexes Market Weghts In he IFCI omposite ndex, En-1993 . 0 . ID Sry' Weighits In ihe IFC Composite index, End-1993 106 * ~~~Comparative Valuptions of the IFCI Indexes, End-199381IdtrCocnrtni teFCCooieIde,n-93 10 *Induistry Distribution by Market Capitalization of IFCI Composite, Inex, 1993. 108 iFCI Price Indexes . ~~~~~~~~~~~Induistry WeIghts.by Market Capitalization of IFCI 1993 I'erforn,ance Summary . ~~~~~~~~~~~Composite Index, 1993 110 Inidustry Distribution by Number of Stocks in IFCI 1993 Hight, Low, ClJose . 83.12 Resionial vs. Developed Market Performance, 1993 84 Copost XId,19 Regional vs. Developed Miarket Performance, 1988-1993 . 85ICIndsrPicIdes,93PrfraeSumy14 IFCI Industry Price Indexes, 1993 PromneS may115 IFCI Price Indexcs,1993 86 1 ~~~~~~~~~~IFCI Induistry Price Indexes, 1881993 .116 IFCI Price Inidexes,19-1993 88 IFCI IndustryTa Prietr Indexes, 1981993 PromneS may 1186 Statistics of the IFCI Price Indexes 9 0 .IC 1 IFC[ Price Index Correlations 92 Idsr ~tIRtr nee,19 IFCT Industry Total Retutrn Indexes, 18-1993 120 IFCI Total Return Indexes 1993 Performanice Summary . .94 1993 High, Lowv, Close 95 Regionafl vs. Developed Market Performance 1993 96 Regiornal vs. Developed Market Performance, 1.988-1993 9 iFCI Total Retuirn Indexes, 1993 98 IFCI Total Retuirn Indexes, 1988-1993 100 Statistics of the IFCI Total Return Indexes 102 IFCI Totail Retuirn Indcx Correlationis ...104 J.,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I IFC Index Market OhrEutMake ~~\': 5, Profleos* 6 Profiles Market/PailtIcaI/Ecanomlc'.Analyses and Data SUmmaries Data SumMaries tFo Markets. not Included In far IFC Index Markets IFC Jndex Market,Coveragep T.:-.'Argentina 124 Bangladesh 226 Brazil .128 Barbados .227' Chille . .132 .Botswvana 228 Chinia 16Costa Rica . 229 Colombia' 140 '.Cote dilvoire 230 :::Greece 144 Cyprus .231' Hungairy 148. Ecuiador 232 A India 152 ~~~~~ ~~ ~ ~~~~~~~~Egypt ./ 23 [indonesia 156 Ghana . 23.4 Jordan 160 .Iiidia (other principal excha ngs 23 Koirea 164 Iran 236 Malaysia 168 Jaca237 Mexico 172 Keny 238. Nigeria .176 Mauritius 239 Pakist~~~~~~~n ~180 Morocco.24 4 Prui 18kamibia .241 Philippines 1 88 Omnan *..242 Poland '192 Panama 243 Pottugal 9 South Africa' ' 244: Sri tank, . 200 Swaziland 245 Tatwn Chn . 204 Triniidad anid Tobago'24 Thailand .208 .Tunisi6 247 Turkey. 212 Uruguacy 248 Venezuela ~~~216- Zimbabwe . ~~220 App~endlx 1Iore Appendix 4IF and Notes Emrging MarFkets Data Bass Stock Market Reference List 250 Summary of Major Changes to Coverage in 1993 .250 274ry o Mctor Ciangs rae in199 Macroeconomic Data Notes 251 MBPblctosnd Pout 7 Currency Notes. - 252 SusrpInIfrain276 Standa-rd Industrial Classification (SIC) Codes 253 Neivs Service Access to Indexes 276 Glasscry 254 .Abbreviations .255 .Appendix 2 Ivso Information' WithhloldinigTaxes -for Emerging Markets 258. hnvestnient Reguilationis Summary for Entering and Exiting. Emerging Markets .. -. ..259 * [n~Iiformatto6n Disclosure Simmary fr Emierging Markets26 Appendx.3 ,~Emerging Stock Market Directory *Addresss Rax Numbers, and Oth'er O0perating Infornmation for Emerging Stock Market Exchanges . 262' ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~X ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~~~~1 'The International Finance Eegn akt CorporationDaaBs The%Interationl IFinance Corporation (IFC) is the .r- The Emerging Markets Data Base serves asa vital world's mr est source of fin'incin for rivate - ~~~~~~~~~~~~~~~statistical resouirce for the IEC and the eniterprise in emerging ecoinomies.. Its miauidate Is to w~4S'Jt1~. nentoa .aca omnt nisivsmn promote the growth of productive and profitable ~ ~ ~ ~ ~ ~ ~ ~~ \i~~~ -i and advisory work- Now in its second decde, the priva-te eniterprises in .Its developing miember daabshsgindrcntoiashewls countries. *. . . . r'~~~~~~~~~~~~~~4~~ premier source for reliabie and comprehensive A .. . ~~~~- "xyy;s~~~~~ ~ ;r.:g~~~~tr~~'zx ~information and statistics on stock mnarkets in member of the World Bank Group, IFC is owned 7. , ', ~~~developing counitries.' With infornnation collected t by its more than 150 member cuntries. Strong '-~0&'-7.-t..4 since 1975,' the data base covens 25 mnarkets, shiareholder support and a substantial capital- .poingrulrpdtsnmreha1,0 baise eniable .IFC to tap internationali capital stoc ;ft44A 4%~kscomnprising Itsmpieldx Marketsato mieet thle needs of Its clients. Since its o establishment In 1956; IFC has invested more thann - # _ rkUigasml fsok nec akt F $11 billion in over 1,500 businesses and 100 * ~~~calculates indexes of stock market perfoTnance . ~~~' developing member coutitries. e . : ~~~~~~~~~~~~ designed' to 'serve. as benchimarks thait are conis.ntacrssnational boundaries. This rcsppot is clients withi a.1 full ara o afeflite dishies of ffie Phdiipipuws Loi itace milepluoie .elmntsheicsseceshamketdfiut comipare locally-produced indexes with 4 ~~~fiinancial an advisory services. Project financing proinp3Uy969.FCfrs 0uo eLtinateonnncto o is offered through loans, eq'uity, anid specialized -po'c(19),,.. .differing *methodologies. Monthly indexes are fnania intiet uha egn wpavailable from the end of 1975 for ninny markets, facilities., IFC mobilizes additional financing .. *:v:r..weekly Indexes from the end ofl1988 thirouigh loan syndicationis anid securities - underwritings. .'.. . . I - . -. *. -' ~~~~~~~~~~~IFC's in'vestable Indeixes wvere introduced in March . I 't. 'Z~~~~~2. 1993. a,nd are designed, to meet the increasingly Through its advisory services .. an~~~~~ technical ,.,,,~~ ~ sophisticated needs of international nvestorF t K :. assistance,, iFC helps private businesses increase _________ Adjusted to refl'ect the accessbility of markets and . ~ ~ ~ ~ ~~~~~~~~~~ ~~~~individu,al stocks for foreign investors,' te IFC thir liitcs f uce and assists governments in creating environments that encourage private . I. ~~~Investables offeir the ideal perfotmance benchmark inesmet IF~sCaialMakesopraioshae .Ifor both active and passive international bea'en at the forefront of thle Corporationi's efforts to . jI 5 nvstis inceaethe flowv Qf portfolio investment to th6 . C ncrease r....~~~~~~~.i d tt!-i. ~~~~~ ~ ~ The productsof the Emerging Markets Data Base developinig %vorld.'Beginning with the Korea ruiind 7r' r aalbei opteie omada In 1984, IEC has sponsored or invested in more i i da than .25, collective investmient vehicles such as C-.* publications. The data base provides three levels - -' country, regional, and funds. . ~~~~~~~~~~~of computerized data: co'mprehensive data on global 0 ~~~~~~~~ ~~~ .*. . ~~~~ individual stocks covered in'all markets; data - Ike Boo Erxd,a,:gc ~~series for each index gomputed; and data series for inwuig jiouray Paulo Stock each market covered. t994 FACTaookc EMEuG1%IM MARKET DATA BASEI *A Evolution of the IFC En.;arging: * Stock Market Indexes IFC began to produce its own istandardizec; stock management community (wvhichi wvas due in part to Industry Indexes in mid-1991, which sorted the indexes for developing countries in mid-1981, in the information conveyed by the original IFC stocks of the IFC Composite Index into their responseto the need for better means to evaluate indexes), IFC decided to revamp the methodology respective sector andt industry categqries. the performance of these stock markets than local from equal weighting to market capitalization stock price indexes, which are each calculated in weighting, to improve timeliness of calculation of By 1992, the need for more sophistiated indexes their own wvay and based on stocks selected by end-montli indexes from a quarterly toa one month for institutional investment in emerging markets different criteria. Also, IFC's ownt indexes could be lag, to expand the nuniber of stocks covered, and t had become pressing. IFC responded by tightening easily linked together into a composite index that increase the number of markets covered from ten to features of its basic index methodology and by X might better measure return and diversification seventeen. In addition, IFC added regional Indexes introducing, in March 1993, a newv set of indexes, - benefits from broad-based emerging market for Latin America and Asia tosupplementthe all- designed specifically as benchmarks for the investment. market Composite Index. international portfolio manager, called the IFC Investable Indexes. The former series of IFC The, original IFC Indexes vere calculated only The new IF Indexes vere launched in January Indexes were renamed the IK Global Indexes, to ! once a year, ucod end-month prices, were based on 1987, with a base date of Dec. 1984, and proved to distinguish them from the new series. the 10 to 20 most active stocks in each of ten be. very popular vith money managers. Other emerging markets, wvere equally weighted, and markets wvere added to coverage in 1989 (Portugal 2 Finally, in 1993 IFC added index coverage of the wvere available on a "price only" and total returns annd Turkey, svith base periods back to 1986) and stock markets of China, Hungary, Peru, Poland and basIs Nine of the 10 markets had a history back to 1990 (Indonesia, with a base period of Dec. 1989), Sri Lanka.. IFC remains committed to expanding its December 1975; one (Jordan) had a base in January and, in response to user demand, IFC improVed the ' coverage of emerging stock markets. ensuring that 1978; whlien the Amman Financial Market first timeliness of index calculation fron end-month the family of IFC Indexes wvill increase in number .opened. In addition to the individual market (with considerable lag) to end-wveek (wvith a one through expanded geographic and industry indexes, IFC prepared an all-market Composite veek lag) beginning in 1988.. coverage, and through the development of Index. Gradually; calculation periods tightene up specialized and more sophisticated indexes. to once a quarter, on end-month prices. From 1988 until 1992, IFC devoted its index efforts to expanding the. number of stocks covered iii the In late 1985, in response to the growing interest ini indexes and addinrg to the number of data variables * emerging markets among the international fund * available for each stock. IFC also released the IFC 199M4 FACTBQOoK EMERtvGiNG ARmus DATA BAS'E Introduction to the IFC Z ; ., ~~The IF Global. and IFC ln tal .nee hav 1KG Indxe ar buit frn th -bo up' tha is, inetr.Ti mehoolg Is decie in detail' * ninny common features.Both series of indexes are .FC analyLs do nof look.at comi,posite, regional, 'in'IFC's 'itex Meth'dota.gy. market capitalizationi weighited, wvithi period, data lindustry balanctes In overall market capitalIzation liniked by the chalned Paasclie methiod. Bothi series in determininiig stock coverage for each 1FCG inidex. * " . ~~~are calculated oni a price only antd'a total returni For instance, IFC does not attempt to requiire that . .IFC Industry Indexes bass in local cuirrenicy anid [US dollar termis, Argentlina's shiare ~of total emerging miarket While maost analyses of emierging stock nmarket i P t , . o '155 I .1 ets usn ,''end-of-week th data. IFC capitalization. Is represented in the [FCC focusi on. cou try-level or regional-level ' prepares composite, regiCInal, sector and iidustry Composite index, or that fthe share of thi Argeltii and index 'movements, IFC recognized that industry in/dexes for each series. Calculations of all IFC oil industry in the capitalization of theBolsa de analysis is a comnionly used tool in tsxe Indexes comiioly inclthd [ie preparation of suci Valors de Buencos Aires Is replicited In the IFCG international portfolio selection process. vlualtioni ratios ais Price-Eartilogs, Price-Book -. Argentina inidex. Sclectilpn guiidelinies are described Actordinrigy, IFC codes the stocks In Its, Enwctging Vaue anid Cash Dividend Yield. in detail in IFC's id'X MetholBdoloty, whrich can be .Markets Dato Base by sector anId industcy to ,btalned by' ccntacting EMDB.. . permit the creation of the IFC Induastry Indexes. IFC Global Indexes On,ce a market is quaifed as beinfg emerging by the The mo industry Indexesare subsets of the IFCm G Thle It Global (IFCG) ind'exes nie the core of the Wol akGPpr'aia'eiiin (seand IFC[ Compoisite Indexes; therefore,'there are IFC family of etiwrging market indexes. All of the . Chapter 1FaCn is views the miarket as focG industry-indeXes and IFCI Indastry Indexes. con;stituients of the IFC sindustry antid FC.Investable appropriate for anhc FC in.dex, EMDB1 o market. Asa msdatter of staydard practicie the Industry i ''' H . Indexes are selyeced froi the benastitlents of'IFC' . nalysts begini the stock.selactlon process. This IIdexes reprpoared only on a Comiposite Index Global inldexes; a stock mist qialify for an IFCG . begi nin it a suirvey of the market and, ar l listed basis. IFC has c not pepared regionIl or market- b,/Index to be considered for Incslusio in any othmer 'comjanies aiid shares; and is rpeated ech year' level ifdustry iidexes because the number of IF Indi socks for some of. these would not create. Indexes are intended to represent the . 'The omposite and the 1KG regional*gin indexein ,eparticularlyarly earlierrperiods. IFCG l[Ide xe i to a taie is IFCC CImdtsitr add arc susG regional '.erforni'n c of the moIdt active stocks in their idexes consist of all the coinstaiunits of tle ' IFC routinoly publishies iit sector and 23 respective stock mimarkets, and to be the broadest respective individual mitarket IFCG Indxes, ith ' I ' dustry indexes bach'for thc FCC and IFCI possible indicator of miarket miovemniits. [it order to ''aniy newv lFCG [indexes b.clng added to the' these ' Induistry lindex series'. The niit sector indexes einsuire that tle Indexes cailptire the reail market, the .. indexes'accordiig to pre-alnoucod schedules. dilcsture all of the stocks in the FCG aInd iFCI r.e,.. f'' ',:' intarext aggregated market cOpitalization of IFCC. ' ' ' Compoite eidexes, while the 2o ondmtery indexes 'Index conlstitudenits for 194 forward Is 60% to focuis onI themastsignifican pre dL. tries represented 4~>l,l,i ;, ;' ,,;75% of the total capitalization of all listed shares' IFC Investable Ind exes ' ' Ie tiiseindex ne,'xach etpiclly Ii.t ringonepercent onl th'e locastock exchange. The IFC Investable IFCl) Indexes werc created in ' or mtkore of a Composite lindex's total . late 1992/early 1993 ai weefrtrleased to capitalization. 'Thle IFC Indu:-.ry Indexeg are Il some instanlces it is not' possible 'for an IFCG the public.at the end of March 1993. These indexes prepared in U.. dollar terms. Sc, tar anid industry Index to reach thex target capitalization range are designed to measire mndore precisely thesorts of codes and names are listed In t-w introduction to with .out conflictine g with th th&os indelx toiles, suic ais retirins foreign portfolio inivestrs iiight receiQe ' : this text. the ut r se of specific classes of stock for bindexs from investingdin baskets of stocks that wvere ctapitalizatione weighting. Examples aire Argentina, legally andpracticallvaibletothem. 'FCG, 's analyst.i classify stock by industry based on where the shares of specific classes of shalres of the b.vst I . ' - tuIess lines,' as defined by principal soneurc fn airgest p tlzat6is'are hot listed and are still In The basic IFC Index calcilatio n iethodology is revenue (Where Sales or revenue breakdowns are, the fiandsof thecf govericet,' btit thelacal 'stock 'aplied 'to thedatl fir iFCG index cdnstffitents%:: 'availabl).or by principal 'products or services h ottexchange conts. thiem in the companiies' and the wvhich IFC has determilied are "''nvbstable't, that is,' ' provided, aiid cross-reference their coding w ith ; Bolsa's total.cnpitallzatlon. ' stocks that are available to foreign Institutionial otlier sources as possible. W' 4-' 1994 ACTDOOK ' ' ENIERGING MARKETS DATA BA5E iil ,_:IFC-Index Coverage, Base Pe'riods, and Diates of InclUsion Coverage Dalesi ot InclUSIOn Ghdilal IhiLk'xes fvriviftale iuheed'r Globmal I,ndexes (JCG) hncestl'ab, Indexes (IFCI) (IWOG) (IFCI) Base ~~~~~~Latin BaeLatin Monilily &pro Cepli Aerc Asaperiod Composite America Asi AEEA MoNinth ly Waekly Weekly (nIldb) Ilodex . ne loeW.00,00) Index Index Ine nex *Latin Ameic *Argentina Dec-75 Dec-SB 30-Dee-8B Dec-84 Dec-84 Dec844-. Dec488 Dec-B8 Dec48 Brazil ~~~~~~~Dec.75 Dec-88. 30.0cc-RB Dec-84 Dec-84 Dec-84 . -Dec48 Dec-BR Dec-BR- Clille Dec-75 Dec-88 .30-Dcc-88 Dec-84 Dec-84 Dec-84 -Dec-88 Dec-BR Dec-88- *Colombia Dec-84 Dee-BR 1-Feb-91 Dec-84 Dec-84 Dec-84 -Feb-91 Feb-91, Feb-91-- MxCO' Dec-75 Dec-BK . 3-Dec-88 Dec-54 Dec-H4 Dec84 -Dec-88 Dec-B8 Dec-KB- peni ~Dec-92 Dec-92 30-Dec-92 Dec-92 Jan94 Ja-94 bvDc-g Jan-94 Jan-94 - yenezuoia ~~~~~~Dec-S-i De-88 5-an-90 Dec-84 Dec-84 Dec-84 - Jan-90 Ja-D Jn0-- East Asia China -1 Dec-92 Dec-92 30-De-c-92 DLec-92 ---. Dec-92 --- V . Korea .Dec-75 Dec-88 3-Jan-92 Dlec-84 Dec-84 - Dec-84 jian.92 Jnn-92 . - Jan-92 PiFIlippliies Dec-84 Dec-B8 30-Dec-RB Dec-54 Dec-54 - Dec-84 . Dc-BR Dee-8R - Dec-88 7$lan, ChnaDc-84 Dec-88 1-Ja1n-91 Dec-84 Dec-84 . Dc-84 . . Jan-91 jan-91- anV -9 SoOth Asia- * India MODc-7 Dec-88 6-Nov-92 Dec-84 Dec-H 4 Dec-84 Nov-92 . Nov-92 - N'ov-92- Indonestia Dec-89 Sep-SO 28-Sep-90 Dc8 De-9- e49Sep-9O . ' -9Sp-O0 Sep-9O - "aVyI, Dec-84 Dec-88 3d-Dec-BR Dec-84 DecH Dec-84 . D"c-8 Dec-88 Dec-BR Pakistan Dec-84 Mvar-91 I-Mar-91 Dec-84 0c--I- Dc-- ar-9t M. ar-91- Mar-OS1 Sri Loakai Dec-92 Dec-92 '30-Dec-92 Dec-92 Janl-94 - Jon-94 - Dec-92 Jan-94 - Jan-94- *Thailand Dec-75 Dec-SB8 30-ec-8B Dec; 14 Dec-H - Dec-84 Diec-BR Dec8 c-SR Eurapii/Mideast/Africa . .3-ecBDe-4 DcSI--D48 e48 - e-R GreQCeC * Dec-73 Dec-883ES8 e-4~D.%S O4 -IDI- H-ungary Dec-92. DeC-92 30-Dec-92 Dec-92 Ar9 Dec-92 Apr-94 -- Apr-94 * Jordan Dec-78, Dec-88 30-Dec-SB Dec-84 Dec-84 - e4 -D ec48 Dec-B Nigeria Dec-84 Jul-93 - 84Dec-84 De-84------- *Polanid Drc-92 iDec-92 30-Dec-92 Dec-92 Apr-94 - ..Dec-92 Apr-94 -- Apr-94 Portugal ~~~~~~JAn-586 Dec-3B 30-Dec-SB Jan4-6 Jan1-86 ..- . -DcDec- ec.-SB- Dec-BR Turkey Dec486 De.c-88 -Aust-89 Decx-10 Dec-86 . . . -Auig-89 AtB-89 -- Aug-89 Zimnbab.we -De-c-73 Jull-93 2-Juil-93 Dec-84 Dec-84 - - Jn-93 Apr-94 - . - Apr-94 Regions 'Composfib Dec44 Dec-&l 30-Deuc-88 Dec-84, Oct-84 -Dec-BR Dec-SB- Latin America Dc4 DeeB- 30-Dc8 e-4- Dc-c - Dec8 ec8 Asia'. .. ~~~~~~Dec-84 Dec-84 30-Dec-SB Dec-84 -- Dec- DecB - Dc8 Bt:r~peMideas/Africa, -. 30-Dec-8B..8 - Dec-388 Dec48 '1994 FACTIJUDK . EMErGImNG, MARKETS DATA BASE iv IFC Index Coverage Map (World Bank, May 1994) K)"~~~- of "laJZ of Ur I'l* - rl!8" CARIBBEAN Zw&hv Cshhp EUROPE Ai ' 'I Markets covered by l1F IL~~~~~~~~~~~~~~~ MIAY 1994 1994 FACT11O0K EINILIWINU MARKETs DATA IAME V' Acknowledgments Stock Exchange. ~~~~~~~~~~~~Indonesia Insistttite (Or EcoiinitAe FInancIal Ruseirclh EMDB Staff [PC. odcsa nulsre ftewrdsJra ma ia1IiMr' Thle followinig staff memiibers of the Emierginig 5 tack.exchanges as the basis for tlhe figuires KraScllLs Markets Data Base, unider theo supervisioni of lynd presenited in thils Facibooik. [PC acknowledges the iCr.Mnlas, conitrbibted to the ~prodtiction of thiis contribution maide to this Pactbojok by those stock Fact bvOk amnCmol,D -.Cug exchianges listed previously oni the Referenice Notes Maasa Aa~ansa oslatBn ii.Madhutmitai Dotta-Sen,'janniette Esguerra, Llying, Penig, Constaintinos Grigorkidis, Sara Hlalfpenny,' page. Mexico Crupa FinaiiclcroSorfin.Obsa G~~~~Cilenn H-anipson, Sookyong Kwvak, Dong-ik Lee, Nigeria L'curltcs& E~canwCorniissionZind Manlou1.f, Sonia Miklias, Roni Mvontic'one, Correipondentt' ~~~~~~~~~~~~~~~~~~~Anju Nuncldy, Kyuee-H-a Palbk, Williami V. Todd, Pakistan eaSt'rsJlniridi1ilA,Peter Wall, anid james E, WISe. informaltion rin thiis Paict book wvas also provided bySpcatanslogoutoIFsafmebr a network of correspontdents in ealch of thle niiarkots Peru Cloinoy & l3Ardiay *.adaKabt,lrgd olrn,ndSen *who reporito I PC-oil a reguilar basis. Philippines ti CayluSo lcrlu,ISchioenfelid (Central Capital Markets Deparmn) Argentina Nlercliant linkers Asucladois World Dank staff memiibers Denitse Berger'on Roberts Capital Marnkets Poland ESIti l1rokours . Crogah) lhbt ryford (internaitional Waswom ok icias .Eonmc Departmet), aind MayHEidi (Art and Brazil Lapesi Plth6 & Asoclados Cunsuitores do Prua -FNNTASd%al o ietnets Designi), anid Monilca Mohlonec of FML. Chile Jtulioi Sals Ni V Asoctiados Sri Lanka . CKN Fundi( aNajivige:ivt (Itvt) MtdOhrSore .China Stock Excil'ian ExLecutIveCunciiill awn hn Wlpolscrte t. TaIwan Chin WuiilionoocuriIos C., Lt. IFC wvould also like to acknowledge the valuabl colombia Corredores Asociados S.A, Tailand The Mutual Funit Company c cotribuitioni of certaini otlier statistIcs from data t.tniltcd ~series puiblisised by othier uinits of thec World Batik, Greece "NI. Kyranis SecuritIes BA, Turkey TFi knm rsinaaiAS.teIientoa,oetr ud h iaca press, anid Morgan Stanley Capitall International. Hunogay. Itudipest Stock &dchnge venezuela NMerinvest zimbabwe Salgt Stocbrokers (I'vE) 'idi. indla J.NL Slorw & Stockbrokers Lt.W 1994 PACTuQOK L%ttntc~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~'ImmNc NlAItKxuTs DA%TA BASE VI Introdluction to Em~~~~~e,rging Markets Emerging Stock:Markets Factbook 1994 Emerging Market Classification Emierging stock markets cani be vamriouisly definecd. * Low-Incomne economiiies are those with a GNPI ilkely to remiaIi fin the datai bnse for somei timec evenl On the onie hanid, 'enierginig" implies that a market pe apita of $675 or less In 1992. If the econlomly later moves inito theo hilgh-inicome ha teunapoess of chiange, growing in size and, sophisticato inconitrast to mairkets thant are small. * Middle-Inicomie economiiies are those wvithi a anid give little appearance of change. Alterniatively, GNP percpt f$7-S35i 92 Tables oni the followinig two pages list thea lowv and "emiierginig" can refer to aniy miarket In a developinig iidl icii ol akiime ctoie * economy,with thle imlplication711,1 tha al have tile * Higil-in&mona. econiomies are those wvith a GNPmdl noeWrdBakmme cnme n L'CDIIOMyo ~~~~~~~~~~~~~~~~~~~~~~~~other economies In this rantge with Populations of *potenltiail for developmienit. pe aia fl,S o oei 19. - ore than 30,000. Ecaionomies are divided a1ccordling to 1992 GNP per capita as callculated by iFC followvs thils latter definiition,. just as mlost lowv- ecueteE rgn MaksDta: sclasthe World Bank. Tables on pages 4 anld 5 list somec *and miiddle-inicomei economnies are conisidered to be prmrl il qiy mresad sokof thea major macroeconomic characteristics of bothi developinig, regardless of thieir particular stage of exhne, otrfrecsaetomrestale mrginig and developed hinirkets for year enidinig * evelopmenit, all stock miarkets In developing9 thneooiso ontis s ftetr 1992 (see Macroeconomic Daita Notes In Appendix. counitries are conisidered to be emiergling. IEC "counitry" limplies nci Judgment by thle World Bank I for meithodoilogy). ThieseI tables are followed oni Ifollows the criteria of the World Bank fin rICaottelglo te ttso h pages 6 anld 7 by a summary of aggregate neat long- territory, ten eoreflw oeegngmresfo classifying economies as low tincorne, miiddle- tri eoic list negigiiresfai lnicotu6 or hilgh-iniconme: 1983-1993, anid a nmap and data surmmary of 1993 For purpo"ses of conisistenicy, markets that arewolGM pecai. fincluided fii the Enmerginig Mvarkets Datal Base are World Bank Classlficaf ion of Economies by Income and Region, 1993-9.4 S,if..SoJr.nu, slfir';l Aski ilr'r'sul r?a ,,;Alth ,1111 p in sfl No th frk,i fnnnn.. ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~:1Ivalr411a nd EuLlL*Rt oif litddI1 Noirth grorj' Subgroup Africa MMn Mmic MaIMIC Scuills MMi Centro,I AsIii Eunope Rant Afric Anwrican * B~~~~~~ ~ ~~uniundl litaulo carntnt A(ghau11isas TaftliituVepov Egypt Arb cli1J Coiiirton ItirkIi Film Chinas fl.;115ihiLi R''on ep. Egpt Aab Ou.iu * Erttn, Cvntr,fl AMican fiadowasIa IBhutan I Fnl Ethiopia Rkppubllc Lao) I'DRI India Ni'%mlMgr. Kenya ~~Chad Niyanniar *Niaiaiivs Luotho E2~%tatoriai voti Nail1 Nupal Niadagaser u e aistan Nialawi G¶asbITZ The SrI LUnhI Nlnaambique ~Cisana1 Rwanda C11m1ae 10011w' ~~~~~~Sonnill C1ohwa-iitms.,ul Sudan Liberia Tanxania Mali1 UHMaI.i Ntau1ritanla1. 7.airem Ntgv Zanibia Nira Zinmbabwve M o artS Prlitacipe Sierra Leooe TnWi Foure"; VrviA TaUrs 1594. Wuiridl 1flank WVashit;5iws, D.C. NoIl'S RegIoins tin not coireospondL with those tuscd by thelEt IFChoy IFC's EnawrgilogMarkets DaIta U3se. P1111.siimni for the ropublIcs i lci rthernier Soviet Union are preflininary ind tiir classIfiratinl wvilt be keipt utLdLr reviaw. Letters; a. FY11 Miacedonia refers to tlhe ormiier YugoS0l,v Republ1C ic f LMacedonia, *199.4 FACTROOK * MNtiiR"uNo ARtKETs DATA BASE .2. Emerging Market Classification World lank Classlfication of Economies by Income aind RegIon, 1993-94 (contL) - ~~~~~~~~~~~~~~~~Snl'-Slvanw ,ifrin; . Thnij's' iwi Ca'aunwl Aillh Mild!.' Cia and arfth Afrkca :7.- F.151 atiLi Un~~~~~~~~~~~~~~~~~~~~~~~~~~~Estern Eurvjiv lncwiie 5t~~~mup East and ~~~Yest Africa s.Asbg antil it iand. Re'st of MIlddle North Aeia Middlfr* Lerer An 1la Conerown Fii . Albnia1 Ttre Iran, islanie Maleria heolip Incense ~ ~ ~ ~ jhI~~~uuill . Capu Wade irb IAnnania . 4R. Mioroico iiolivla anilIn Congo Koreai, Petm Auerbaijan Ireu Tunisia ChilL' Swayfiland C6ced'lvolro Rap. Ikosnin anti Jordn chnb Senegal Malrshall 1I ie.reuvhta Lebanen .Costa Rica ISlAnds IluiRarii Syrian Arab Culm Niicrnivusia, Croatia . Iep .% Drnsin lca Fed. Su., . Cach ti Rebli.c Domninican Me agolia ~~~~~~Georgia .. Rpbi N. Niarlana Is. Kunkhissian Ecuador i'pa New KygzEl Salivador Guinea Republic ~~~~~~~~~~~Grenw& Phitlippipnes Latl utml Solomon . Lithuania ~~~~~~~~~~~~~~~~~~~~~Jamialca Thailand FYR In Paraguay Toanut Nioldfova Nrfu IWestern Ruanianl n h Samoai Rumsin Geai Slovak Repiublic Turkininistan Ulraine. Wboldstaia, Fatl. Rar. 7 Up~ili- fpce "lolwana. Gation .AnwrICIMI Owltanis . Gbraltar lilairrin LibyAaftaai P Incesw - . . Ni~~~~~~~auritius . Smo Entunia Greece; Onus MNa3'otl' . (bum111 .i planay taIle of NIan Saudi Arabtia , Argontia.1 Reunion .Korea, Repl . Sheni In Mills. Aruba 1' . - S~~~~~~~~~~~~~0ebelles . Ma1can . loriugai Dalbados Sonibil Africa . ia.yi lit,iItil New Catedonia French Guiana Gimadatoute Netherlands Antilles PueLrtoi Ricoi St. Kittsan Nonis *St. Lucia Surfinanio Trinidad Unignay, Na. . 1'~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~enez'ueia tci,iiiili'ds: 169 27 23 26 ii27 1, 9 5 38 Soiurce: Worl eaas '1994. World Dank: Washington, D.C. review, Letters:a. FYR4 MNccetonia refers to Ithe Former Yugosiav lRepuiblIcof Macedonia. ... ... 1994 FACTRO(K Msul(611~~~~~~~~~~~~~~~~EIEIGNG MARtKETs DAtA BAsE 3 Ec5ionomlic Statistic's Woirld Economies In 1992 GNP' j'r CoIIIR Rel share or share or Share or GNP ire rarthsl Shr o -b ofi Sham-elo ANI ,,AueReal agriculture Mnords !nvwnlnnt ..GN3 ' Arage Reail attrkcuhur orq s cl Ivwsttflt tndIlIkrnaoi Initln5)tvh InG' .D nCP nOl(mtlllonoof Ifaingrowith InD n1P InGCDP * ~~~~~~~~~~~~~~~USSI ralolfi US$ USS NIle M CE CE 1 US$3 ralolE US$ U55 rateC21 CE4 ) () 31) livilly 99 26592 393 992 I9hS-92 5992 1 992 199 2 £opw1 992 i5592 1991 1992 1935.91 292 1992 29 a . eninlcan Repuablle 7,6211 34.4 940 1,040 0.3 2 8 29 23 * A, nIi 1 5,2 b31 22 10 Ec,iodvr 31.843 .39.6 1,010 1,070 0.6 23 31 22 Algeria 481,326 38.4 2,990 2,530 .2,0 25 2? 28 feItPArabRep. 343,514 27.2 610 630 08sI 25a. 28 Amcrlcan Samie . . c. 623 77 .90 1,170 0.914I Andorra . ' . .Iquatorlal Guinea 246 .o.4 290 330 .0.3 50 38 is Ang4. 4 .8 . b . 3 43 12 I lnhLa1 .It6- Ani gua and Blarbuda 393 3,0 4,720 4,870 2.2 .3 W antie /d 4,297 23.? 3,970 2,750 .2.0 is 3M 23 Argentluia 200,282 493.7 3,970 6,050 0.5 6 7 27 tthlopta /1 6.206 3.2 220 220 -2.0 45 7 9 Anmnhioi Ald 2,729 33.8 2.930 750 -.8. 5 P 61is lia.f .. c Arwba . . . ..FII.3520 3.2 2,130 2,020 2.6 l8 55 23 Australia 2092,23 . 52 . 17,120 1700 07 .3 1 3 ilani. 236,309 5,1 23,930 22,980 0.7 3 22 20 Atistria 274,767 2,. 20,200 22,210 2.4 41 .26 Prince 2,278,652 3.2 20,4W 2D2,3e . 2.1 .2 2.2 22 ~Arerba3jan (.d 6,290 35.6 2,240 . pro * 28 20 French Gulaiaa ......- D,Iahiuit, The. 3,161 5.5 22,790 12,020 .1.22 . . . -, Frnch 2'alynaul.s . Bab ,Tr,'2n .2,00 0l.2 72150 - . ..7 I 219 - 22 Cbn5,343 1.6 3,5 ,3 2.1 9 42 . 27 D,rtaoh 24,672 7.6 220 . 220 1.7 24 10 32 .rnbambh The 367 14.4 360 . 390 2.8 29 63 29 BarSasios ~~~~~~1,693 4.3.; 6,630 6,530 .0.8 I5 63 259 Georgia /41 4,659 33.7 2,750 330 S 461 9 Uklarw/d 30,127 . 41.6 3,280 2,910 5t 47 .34 GA-maony.134,6 2,9. 20,520 13,030 2.2 124 23 tigiuns 3 09,594 3.0 19,010 20,880- 2.8 2 73 20 G hmna .7,066 32.2 420 450 2.2 .49 56 3 lklie I,. 442 3.2 2,260 2,220 6.3. 20 . 73 29 c,tbraliar *. - 2mmn 2,055I 2.2 380 430 .1.5 37 ..23 23 roe75,106 16.5 6,410 7.160 2.2 23 28 Bhrutan 263 0.6 190 t80 5.2 42 34 38 Gromada . 220 5.2 2,300 2,320 4.4 23 53 33 Bolivia .5,084 13.7 650 690 1.0 I5 IS 2 6 CwII&0u1pe B otsweana 3,797 22,9 2,580 2,790 8.1 5 . -Giea 9,568 20. 940 980 0.8 2 5 1 7 216 Warnz 425,422 732.3 2.920 2.770 *0.7 II1 20 28 auInea 3,203 23.3 500 510 03.8 33 23 1 7 Bnesjs. .a c Guinea.Bissau 237 71.2 I80 210 0.4 46 14 27 * OuIg.,rI.s 22,906 ~~~~ ~~~30. ,i,4o 3,330 .3.6. 1 6 45 23 C,uAn. 268 67.3 300 330 .5.4 42 * 32 nu,Ilne Pso 2,906 . a. 290 290 0,9 44 . 12 24 1,31249 77 38 . .1.9 1 2 12 Ut~~~~nandt 3~~~~,223 4.3 220 220 l.0 54 9 20 IIersi,ros 3,742 . 2.3 590 550 0.53 22 29 26 Cinikidla . . ~~~~ ~ ~ ~~~~~~~200 I 5..long 3KongIg~/ 89,274 . 9,0 13.580 23,350 3.6 0* 344 29 Cinoum 20.003 .-0.6 860 820 -6.? 2 2 20 I2 fluosaqy 3,673 28.5 2,750 3,020 -2.5 7 33 1 9 * Cnada 569,787 3.7 20,320 202320 0.3 2 Y15 20 lam 6,27? 26. 23,230 23,670 05* 32 3 3 2 9 *CapeoVenle 330 8,6 750 830 3. Ii - 23 26d instI 272,638 9.3 330 320 3.3 2 20a 23 Central2AfricasnRepublic 1,307 1.3 40 40 -.4 42 . 12 3 2 Indonesa2283 88 60 673. 471 93 Chad 1,262 -0.2 ,.210 20 a 213 48 19 8 Iran, 1613mic Rji 130.910 23.0 2,4210 .2.290 -1.4 24 37 27 Charnel Islanuds . , , .. i,i Chile 37,064. 29.7 2,360 2,730 6.2 .. 33 24 .Imeland 42,798 , 2.4 13,230 .122,00 3.0 l0 62 29 China 442,346 7.5 370 280 604 24 201 34 IsleoelNan - . *CoIernbI. 44.53$- 26.2 2,230 2,290 2 n 25. . 9 . 3 Iriel 67.638 20.3 32.1 20 13.230 2.3 5 29 23 cemeure 262 3.0 . 490 520 .2.3 40 26 20 lad1y 2,186,568 6.6 . 39,50 20,5:0 2.5 3 20 20 Congo 2,502 .0.3 2,040l 2,030 . . 0 .3.3 3 37 1? farnal.1 . ,226 23.9 2,490 2,32) 2.9 5 61 20 Costa Rica 6,262 l8.2 2.870 2,040 2.6 22a 39 28 . isa2 .,3(17,841 2.4 26,840i 28.220 4.0 2 i0 32 g%e1I's.o;re .8,65 -2.3 680o 670 .5.7 37 34 9 Joran /bh 4.406 7.2 1.060 3,230 .7.0 7 43 . 32 Croatia - - . b . . . .karz,l,hislan /st 29,584 . 2,0.30 3,680 I . 7 Cuba,.. b . . - .Kent a . 453 20.4 340 330. 0,6 26. 27 319 Cyprus 7,070 4.2 8,670. 9.620 a. 46 27 KIrI.3 52 3.2 .723) 700 -2.2 24 Czech Republic 25.323 8.3 2,700 2,440 '3.3 6 56 25 Iccau,a.MMRLT.- . IJenrn,urju ~~~~333,9421 3.4. 23.760 25.930 3.2 . 4 J7 . 37 . .ilkateraRp,. 296,344 68~ 6,3.50 6,740 6.3 8 29 39 DjtL'uII * 4.5 . 3 itO 32 Kuw.utI . is00 .56 Damlnfr. 282~~~~~16 5 .0 .240 ,30 3.1 26 . .4 27 XAKV!1stPtIbtC /41 3,667 Il3 3,260 Sti0 .i.3 28 33 SctsarctI Warbl' Baoik Alias 2994. World Dank: Waishington, D.C. See Nt,icroecunomlc Notes fi' penldix I of this text tor liislruictlonoson howv to aocoss mocre s3tieiatle inforimation or methodiology notes on the Information contaitned in,thIs taible,- Notes: D,ish.indicates datti itot iv,,liablo,- § Indicaites that range esliniite Is provided in niips of World Batik AlMas 1994. Woarldi Batik: Washtington, D.C. Figures In 13,llecs are (or years oCher Chin those spercifid. The numiber 0 or 0.0 meansq zero or less titan half Ilathe uit shownvi and rotl known miore ptocisoiy. Letiers: a. Estlmmhtai to ho tuw,lncome (5675 or less); b. Estimated to be linwcr-mldclle-inconte (5676-$2A695); c. Estimanted to -.- be upp or-mlddle-tncome ($2.696-S8,355); d. 139tlmates for 31wc economies of the farmler Soviet Unioni am relinilnary anci theIcr classlfieatifon wIll be kept tinder review; e. Estlmniicd to bi. tilth-Income ($8,kq6'or'more); F. Data frErltroa no ytdlogrgae, .rw incltidedi in Ekilopla; S. Referenceus to GNI' relate to GDP, II. Daa for Josrda,n cover lihe East Bank only I. Former Yugoslav Repibhlt-of.Nlacedoniu, I. Data for cNr and GNP per capiti coveIr mainland Tanzania oniiy. 1994 11FAcT1UOK . E-,IFRGcuNG MVARKFTS DATA. BASE 4' World N.. Economic Statistics World Economies In 1992 (cant.) . U~~~~~~~~~~NP v tpa cap. LM Slraw of Shiire of Shime of. G NP' pr o6a .Shmr. of Share c Share of GhiT AverageR'l .10idcul1hre qwores awwenertm.n, Real agriculture op .knnt, Inilliloosof inflation arowvib In COUP In GOP' In CDP1 injiiulonsef Iftingrowth 11.131 GDP D' Huo? ULS$1 r.ie M% us. UrSI wHoP 4) P ('4) *.reuiUyHS$) ratae (93 us55. USt raeX (2e (23 (¶3 Eeoiwirqi ~~~~~~~~1992 3935-92 1991 1992 .1985.92 3992 1992 1992 ro'11 92 13-2 19 92 18-2 19 92 19 Lao PD03 1,104 30.1 220 250 1.8 £ 0 133 Russian Federation /jj 397,786 33.6 3,470 2,630 I 3 I - 39 .Litya Ali 5,080 43.8 3,920 3,930 -3.6 241 .31 34 Rwandn 1,833 2.4 290 250 .2. 41 6 16 Lebiann . . ... . 1. 5 24 . 23 San Marinoe I - 'a- . -- Leroio 3,090 33.8 570 390 01S ii 19 713 St.K1itsand Neils 153 8.5 3.750 3,99 5.3 . 9 47 46 Liberia St: 5. - 3 Lucia 453 3.6 2.700 2.900 5.2 143 7.3 LUbya -2.7 . c St - 5i.Vnrenr 217 1.3 3,840 3,990 3.7 18 I-IlthuanIa /d 4,922 AS, 2,420 1,310 -2.7 23 22 M.oTom6,in.1 i%Hlncp 44 33.4 400 270 -Ii8 29 24 57 " ~~~~~~~LrauminIujg 1,716 3,3 33,060 33,260 3,) 3 94 331 Saudi Arabila 2635 1.5 7.900 7,4136469 Macan . . ~~~~~~~~ ~ ~~~~~9.3 .. c* - - SC"egit 6,324 1.i 730 750 03 39 15 33 NI.redonia, PYRe /I b . .Sycele 378 3.4 3.070 5 ,480 4.1 5 67. 20 ~~~~~~~~~~~~~~2*.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~SI Nljilagasrar . ~~~~~~2,809 335.6 I30 230 -.,7 3 3 37 II1 Sierrai Lame 726 73,3 200 IT0 0.0 37 26 32 MNIaail 3,896 17.6 230 330 -03 25 24 39 Snaoe44,315 2.7 14,110 I5.7S0 5.9 0 174 41 Nialaysia 31,917 2.5 2,320 2,790 5,7 . 78 34 SlovakRepi.blic 10,249 7.6 2,200 3,920 -7.0 6 28 23 Nield yes 1134 6.7 470 500 5, Sliovnia, 12,744 * 6.330 5 64 Is, Miail 2,730 1.2 270 - 300. I9 42 14 23 Solonreltands27 3700 710 .2.7 4. 35 MaltaI 2,606 1.7 7,300 * 54 I 55 33 soni.iIIa .. 73.41 a. 63 10 36 MoarsaIs'aII sI,d. . b . . . .SouIh Africai 106,019 34.4 2.840 2.670 -1.3 1 23 36 Nlarihnu.~~~~~~~~se . - , . . * * . - SpaIn 547,947 5.9 12.480 34,020 3.5 4 17 25~~~~~~~~~~~~~~~~4747 .9 12,80 4.2D .84 1 2 NH,awrIt,nl.i * 1,109 7.2 330 530 -0. 3 29 39 . IS Sri I.kan. %,459 33.3 . Sool 540 2.2 26 32 23 Slaurlilun 2,965 9,0 2,380 2,700 6.3 331 64 28 ' Sudarn - 0.4 -a - 29 3 33 M&yal *"I. c. SurlnaniL 3.729 14.7 *36530 3.700 -3.2 it 37 96 NfaxIce - 294,531 52.7 3,080 3.47(1 ~~~ ~ ~ ~ ~~~~~~~~~1.1 5 1 . 2 SielndI 930 12.7 1.130 3.050 . 6.4 is 77 20 hi lcronnlsia,Fed. Sts. - wmf--. B odn 233,209 6,9 ,.23.150 .26.780 0.4 2 28 37 V , MNIIdo,.,, /d 5,485 14.11 3700 13261) -2.9 34 38 SwIlleerlard . 248,655 4.0 33.710 36,230 3, is3. 27 NIongella ~~~~ ~ ~ ~ ~ ~~~ ~~~19.4 * , 30 30 is Syrian A rab Pop 34.607 19.4 1,170 . - 0.0 Jo .29 35 Morocco 27,210 5,7 3.030 3,040 1.3 34 *22 24 Taillkishan 10 2,7233 690 480 6 Nfnzarniblquo . 1,034 48.1 so0 60 -1,3 . 64 29 47 .T,rnz,ni.i jj 2,361 25.2 320 - 110 3.4 62 17 39 Ntyanrtrkr * 25.6 - a - 9 2 14l 1thilrnd 106,539 .5.8 LCZO 118410 853 12 36 40 Noanibla 2,102 10.0 1,520 3,610 .1.11 30 56 14 Toga 3,1575 2.3 410 tOO *H.5 3 6 . 32 3 7 Nepal ~~~~~~~~~~)3,355 30.0 .ISOS 370 2. 2 20 22 Tongi 336 30.4 3,9 130 . 33.-- Netherlarnds 312,340 1.5 18.840 .20,550 ..2.1 4 5 4 2 1 Trlnld-ida,id Tvba5o 4,9953 5. 3,790 31,940 *3.0. 3 44 . I1 NelherLanldsAnllILr - - c .- .Tunisai 14,633 6.6 3,500 1,740 2.3 15 39 2 NvwCalednalri- - c . uky114,234 54.7 1,790 1,950 2.7 522 19 New Zeuilind 43,196 . 6,6 12,360 12,060 . -0.4 5 29 3 7 Turkinunl3lan/Id 4,593 13.2 3.440 1.270 - . * - Nicaraguau .1,323 2533,5 400. 410 -7.6 30 36 . 7 Umanla. 39 91 1 370 3713 1.8 57 6 34 Niger *.2,466 .1.6 330 . 300 -.3. 37 14 5 UI,ralo lt k8 67,0'25 It1d, 2,190 3,670 S- Niguria 32,944 25,0 350 330 3.4 37 39 35 United ArabEUhIT,IHLs 37,055 2.4 22.350 22.220 0,0D 2 67 22 Northern Mlariana HaIs . - -. b -. *UniLI oIkIngIom 3024,769 6.0 1630 17,760 3.5 2 .24 1 6 Norwiy3043 45 2,9 2554 0. 3 43 9 UnlielS,i Ries. 5904,522 3.7 22,340 23.120 332 II 35I p. . ~~~~~~-' Cmiii - . 3~~~~~~~~~~13653 1.1 6,340 6,490 3.0 4 . 37 . rga 044 7.. 25 .43 2.9 33 22 133 r 3 ~~~~~~~~Iicsian 49,477 5.6 400 410 3,7 26 1 7 19 UabIokllrtn 1.1 38,377 63.7 960 860 - 36 .26 I'umO . 6.333 1,3. 2,330 2,440 13.2 9 33 3 9 Vinuala1 159 6.3 3.380 1.220 0.5 20 4 6 44 lip,New Cslre.i 3,846 4.1. 9303 950 -0.11 21 45 23 Ventiojuia 58,903 35.5 2,720 2,900 3.3 3 26 23 IParaguay 6,035 28.3 3,270 .1,340 . .0 24 23 23 Mu IMI'ri a . - ,.- Nm . ~~~~~~~~~~21.272 736.8 3.070 950 -4.3 I It) if6 Vlgns.esUS.) . m PhIlIppines , 49,462 10.1 740 7701 3.9 22a 29 23 1%clenama:3 10.6 960 940 -0.3 4 0 33. 42 Poland .~~~~~~~~754268 124.2 . 1:790 1. 960 -339 6 19 22 WnIfrs'n 6,746 520 3 21 16 23 Pluertol Rico . 23,603 219 . 6330 6.610 3.9 I 1 I Za4 to 74.2 .a. -A- 3 Ilar. 8,5II -- 35,040 36,240 -6.9 5 - -ZatnbLi .2,3615 69.3 420 290 .2.3 9 20' 284 ReUnIon . -. - . c - . . -zlnk%inve 5,696 37.6 670 370 .0.6 2033 2 2 (Iounia 24,65 3MN, 3,400 1,090 -5,8 20, 28 28 Slsu(ra': WoldI Battik Alfias 1994: World DMink: Washington, M.C. See MI,crnecdinomlc Notes 33 Appenidix I of (IlIs text foir linstrtictIonis on how to access niore detailed Informattion or methodology notes on the Irrfurrnaliun canitained hni this table. . . ... Noties. Posh1 incilcatuh E,1. hicint available. §indlicateis thmat raH35u Wsimrata are provildedllr Intmaps of MsIAil Dank Alias 1994. World Ban3k: VVashlofgimst, lT.lgaties In (Itlics are for ye.trs oilier than those specified. The iinumber 0 or 0.0 me,mns. zero oir loss. Mil, half the tinit: Shown anid nnt kisowftn otu precisely. Lette'rs: a. Es11.timated lbe iow-hicorrle ($675 oir less); b. Estilmatedil to be aIoer-nmiddie-income (5676-52,695); c. Estimated to be ttppor-miiddle-incomne (52,695-58,355); Li siae o h cnme ftefre oitUin,-i preilmilinary and their classiflcatkiui will be, kept under review;o F.sPtimatmŽdI to be- hilgh-income ($8,356 or more); f. -p Polo~~~~~D11 for Eritre, not yet disaggrgapted, are inciuettlc in Ethio6pia Xg. Referelces to GNP rMat toGI;i,DiofrJordnis cover the East Dank onily; 1. Former Ytlgoslav Repuiblc of Niaicdont1a; j. Lata for CN! ard CNP .4, . per copLt, oer mainlland Touniiaol only. ., 1994 FA'cTBool ENL i.Ic ARKET.,s DATA DAE *Aggregate -Net Long-Term Resource Flo'ws toErerglng Markets Type of finaniice 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 3993 /a OfficIal de0velopment finance 34,802.6 .33,619.4 39,650.6 43,959.5 43,914.3 40,750.0 41,139.-7 59,123.5 62,912.0 54,581.3 63,454.3 Official deveIopm611tias stistne 21,894.2 :21,517.6 26,692.2 27,831.6 32,160.5 31,582,4' 33,814,7 43,708,8 46,793.7 45,315,0 51,422.8 *Officiail grants /3, 10,404,7 32,572.9 15,617.7 16,022.3 i26,690.7 18,257.4 19,022.5 28,458.3 32,870.0 34,460.5 35,504.5 Officialeconcessionary loans 11,489.5 8,944.?7 1945 11,809.3 15,469.8 '13,325.0 14,792.2 15,250.5 13,923.7 13,854.5 15,918.3 Bilateral 7,918,5 5,252.9 7,081,0 7,321,5 10,021A4 7,961.7. 9,480.7 8,943.5 7,281.8 6,497.2 Multilateral ~~~3,571.0 .3,691.8 3,993.5 4,487.8 5,445.4 .5 ,363.a 5,311.5 6,307.0 6,49 7353.- Official io'nconc~ssianrvy loans 32,908.4 12,101.8 *.12,954.4 16,32718 1 1,753.8 . 9,167.6 7,325 .0 15,414.7 16,118,3 6,266.3 1-2,031.5 Bilateral .. 5,221.5 3,294.1 4,049.9. 5,437,1 .2,218.9 3,407.6 .928.8 6,928.9 7,908.0 1,435.6- Multilateral 7,686.9 *.8,807.7 8,914.5 . 30,690.7 9,354.9. 5,760.0 6,396.2 8,455.8 8,210.3 4,830.7 * Pdyvate loans 39,287.2 36,822.8 31,938.9 19,331,8 23.123,9 .32,200.6 34,862.0 39,2)03.6 50,668.0 58,977.2 100,014.0 Scuds ~~~~~~~~~~1,~632,3 1317,4 5,630.5 753,7 1,029.9 2,938,8 4,221.9 ;2,251.4 7423 6347 * Conmielrciol bank% . 23,433.2. 23,015.6 . ,6, ,6. ,8, ,0. ,1. 2,464.5 5,418.0 .18,542.3 Otlier privato 5,669.2 4,487,2 7,223.0 .6.670.6 6,477.1 355.9' 2,011.9 13,077.2 .961;3 .16,822.7- Farelgn drectfinvestniont 8,552.5 9,437,4 11,336.1 30,341.8 14,534.3 23,204.4 .2,0. 6395 36,876.4 47,267.5 5,8. Podlfollo equity flows . 0.0 . 50.0 338. ~ oi6.0 763,0 .1,096,0 3,485.9 3,773.16 7,552,2 13,072.9 13,192.0 :Aggregate net resource flows 74,059.8 70,592.2 71,733.5 63,597,2 67,799.2 74,046,6 79,457.6 102,100.7 123,132.2 156,631.4 176,660.6 Aggregate net transfers 9,705.4 2,046.8 586.6 .5,065.0 .2,921.7 -5,445.0 *.2,265,6 25,462.4 44,462.7 79,613.6 91,586.9 Priate grants 2,300.1 2,600.0 2,900,0 3,300.1 ,4,000,0 .4,300.1 4,000,0 4,890.0 5,199.8 5,499.9 5,900.0 Net use ofIMP crit /c 33,067.7 4,454.0 . ...55.0 . .2,8/5.7 -6,303.7 -5,493.9 -2,320,6 132.7 3,159.8 1,351.8 364.4 Real asggIgate awlt resouirce faws .92,612.3 90,969.3 94,015.1 80,985,0 75,536.3 81,1102.5 85,932.6 ~104,631.4 .124,110.9 155,053.9 176,640.6 Irmport price ltd ex 80,0 77.6 76, 75.9 86,0 91,3 92.5 97.6, 97.6 99.1 300.0 table tls: ge Soubce this Bnk DebtorRIeportling System:i- OrCD; data ani foreign dlirect lnveiinwonta,ru frnii the 1IMP; as reprinited Ini FP1inacial FAowshto Derriopinj Cnunldfrsg, Meay 1994. World M,ink. Washington, D.C See Macpoeeonor,Ile Notes InAppendix tIs6 itets IC ntutoso o oacesmr ealdifrilt rmtoooyntso h iornaiaon contained In thils table. Table lnIticeslata o'4 cIaLoIpIig countries, ofwhirl, 129 report to the World BankD.ebtor Reporting Systemn. Dislh indicates dat,i nOt av,ilable.. . ANrap andtt figures opposite pagse;. Sonri;I,WuraI BWuk, Alias 1994. WcnkI Bank: Washingtoni, D.C. . Note. See MacroleconornIc Data Notes In Appendix secIonii oftls vt ~1994 FACTI300K EMERGING. rIARICETS DATA BASE 6,*- X~~~~~~~~~~~~~~~~~~~~ 1' World GNP and .GNP- Per Capita GNP Per CapIta, 1992 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~7~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ $675 or lesrs-E~l * . un~~Ino b Id7 -an If Low 57~~ $Z69 -$8,35 Zt3<0 Higli I 5,35 o more700 822,0 Deeopld MarpketnieolGN 22plaio NPpe apt EqomegnMrel'ErigMakt Low 57~~~~~~3 18,2397,000 3,285MrLI Uppr-mddle207 12,887,000 .. 443 4,070 1i94 FAT.O 138 18E,297,000AK TS828A 2AE,100 Key Trends in Emerging Stock Markets in 1993. The Emergence of Emerging Stock Markets The Role of Stock Markets In Emerging Emerging Market Investment Pertormance In the history of International finance, 1993 may Economles t s in 1993 m bbe seen as a vatershed year in whiichi emerginn As Iin developed economic,s the stock markets of Emerging market equities lid tleir best performing markets cam linito their owsn as capital ralsing emerging economies play vital roles in setting year ever in 1993 as measured by the IFC ; mechilanisms anid bzecame firmly established as a R prices for capital, constlttititig markets for new benchlmark indexes. The.IFC Global (IFCG). distinct asset class for the world's Investment share issues and providing secondary markets com munity. Investors have clearly recognized tlhe svwiclh facilitate the transfer of assets. Emerging Composite Index rose 64% in dollar terms to an performance potential and the diversificatIon stock markets aiso fill critical nichies by providing all-time hligh. The IFC Investable ([FCI) Composite benefits of tlese markets, and hlave started meclianilis for tei sale of state-owned eiterprises Index (designed to indicate the returns foreign applyling sophisticated quantitative tccliniq!es to and by Iinking domestic capital markets to broader . 5institutional investors might achieve by taking Into emierging market investmeit. international capital miarkets. account restrictions on stock purchases) rose even more1 ending 1993 upt aImost 75% for the best gain Ih 1993, the market capitalization of ewerginig . iEmerginig stock mlarkets lhave provided a in its five-year history. By region, the best stock markets topped the $1,000 billion mark for significant amount of quilty capital to local performing emerging markets were the six the first time ever, wihile the value of shiares traded businesses vyhlclh need to niodernize and expand in constituent markets of the IFCI; almost reached the record level set In 1989:. an increasingly competitive interilational businiess Europe/Mideast/Africa Index which finished Malaysia,. Sduth Africa, Mexico, Korea, and environment. In 1993, an estimated 2,000 1993 up 122% in dollar terms. The IFCI Asia and Talwan, China rank among the vorld's top fifteen enterprises from the 25 IFC Index Markets ralsed IFCI Latin America Indexes rose 94% and 56% markets in terms of market capitalization, far more than t.$37.9. billoni In equity isstues respectively during 1993. ahead of Italy, Spain, S6vdden and the otlier Prlvati7ations comprised a significant portioni of . smaller developed: markets familiar to thlis total. ArgentineIcompanies raised almost $9.5 In the latter part of 1993, price gains in many Internationailinvestors, In total, emerging stock billion, with the privatization of oil ginnt YPF emerging markets wvere'so steep and the valuation markets grew to represent almost 12% of vorld - accouiting for about.a quarter of the total, Indian Cmeasures so rich that many observers considered stock mavrket capitalization by year.end, tup fronm companies ralsed the second largest amoount at $7.4 the levels to be unsustainable. The combination of i 4% in 1984: In terms of total value traded; the bililon with lirivatizations also coinstituting a very lowv real interest rates in the U.S. and strong. markets of. Korea, Malaysia, Thailand, and signilficant slare, economic growrth in the developing world Taiwan, China ranked among the, vorld's top ' . 1 com'bIned to create an enthusiasm for emerging ; fifteen markets, wvithl emerging markets overall . In 1993, stock markets began to take root in former market equities which pushed markets beyond constitLutilig 15% of the value traded In shiares on planned economies, where virtually every public thelr fundameintal values. wvorld stock nmrkets, As of end-1993, 44% of all shiare offering lias the features of a privatizationi listed :companiles In the world were listed on -since governmenit ias iistorically cointrolled most Inson markets,returns oninvestmentfortheyear emerging stock market exchanges i enterpriss The nuiber of lIsted companles in wvere truly extraordinary. The IFC Poland Index &.;'! '.' . ' '' ,. . '= . ' , Hungary rosc by ona-fifthi duriiig the year (23 to increased nearly 720% in dollar terms, making it On the basis of market size nlone, emerginig markets 28), by one-thlird in Poland (16 to 22), and more the best-performiing stock market in the wvorld in l;/ havc become difficult for initernatiolial investors to' than tripled in China (52 to .183). This trend is .1993. Poland was followed by Turkey (up nearly r igpiore. Add!ing the fact that emerging economies likely to continie and will be a primile motivatinig . 214%) and Zimbabwe (up 122%). A ranking of. represent 20%. of vorld CDP and the world's force for establishing ncv stock markets.in Africa, wvorld stock market performance for 73 stock fastest growing economics,anid are ionic to 5% of .nIndochina,andCentralAsia .imarkets surveyed by IFC in early 1994 sh1ows the world's population and niuch of thle planet s - cemerging nmarkets dominiating withi eight of the top natural resources, the' case for formally ten positions. Japan finishied 43rd wvith an increase ' ; recognizinig emerggng markets as a distinct asset fust below 25%, and U.S. share prices ranked 61st class becomes even stronger. with a 7% increase for the year (see data on pages 14 and 15). F194 FAcTUGOK - E:IIEc MARKCETS DATA BASE 8 2.9v H-ighi returns for emierging markets wvere achiieved aver 0.025. By comparison, the least fav"orable about $10.7 billion, followved by Korea ($5.7 at thle sameeni time that real* risk divetsiflcation rikadjussted return among the IFCI inldexes waes billion), Braizil ($5.5 billion),'Jndia ($1.5 billion), opportunities wvere available to Investors in thicse for Portugal at 0.06. and Peru ($1.2 billion). Mairkets. Retuirns oni the IFCG Comiposite over thie last ive yars hve ha a crrelaion o onlyO.26These lonig-term performance statistics comibined . Perhaps lihe:greatest levelofdtiabu totIs of the S&P 500 Inidex and a crrelation of . vithi the substantial returnis In 1993 Illustraite inte rnational portfolios. and portfolio flows is 0.30 to thie returns of the FT-Actuaries EuroPac somie of -the basic characteristics of emerging available for investors in the United States. The Inidex. The 'IFCI Composite showvs slightly. hiighier market performanice, inamely, thant emierging markets U.S. Securities Industry Association (SIA), citing correlitions 'of 0L39 to the S&P 500 'and 0.42 to thei provide a ttractive,- rik-adjusted retuirns, 'as wvell U.S.. Treasuiry Department data, notes that U.S. FT-Actuiaries EuiroPac, bitt still provides solid . as. al substantial degree of portfolio6 risk Investors sent twice the aimount of capital abro'ad diversification. . . diversification. . *. in ~~~~~~~~1993 tha in 1992. This amount exceeds the, net amount sehit abroad during the entire 1980-1990 Trite to the historic patterni of their annuial resuilts, decade. Mutual fund tracking services estimate emierging markets also dominiiated the tanking of the FrinPtfloCpital Flows and that U.S. mutual funds targeting emerging markets. year's worst performilng stock markets,~ witht somie . nternatIcnal Sec'uultlsa Issues ,had 1993 net iniflowvs of mnore than $20 billion, of 1992s leadrs becming 193's lagards:In ' .Record flowvs of.'frinciia ordit . bringing the total assets of such funds up to $100 1992, nimaical, PerLu anld Chiina wvere the wvorld's ' emierging miarkets In 1993, pariual bten .billion by year-n.Temrggmaktsos best performers buit in 1993 these markets ranked Auutad December. Internationial fuind mannagers ..boughit and held by global and regional funds 72ind, 28th and 65thi, respectively. Coniversely, reported suich strong demaind towvard yer-end that .vwhich are not dedicated to emerging markets 1993 leaders Turkey, Zlimbabwve, anid'Argentina in inl several Instances, fuind mianagement companiies . would add billions miore to this figure. had beehl at the bottom of performaince rankinigs in " were' unable to) hiandle the. paperwork and eithier 1992. .asdtermnmmivestetaount per According to the SIA, emerging market equities investor or. wvere forced to turn awvay newv accounted for $13.6 billion (including purchases of Inl early 1994; corrections began' in' overvalued accoutiis. It was a 'record-brea king year. for new . Amnericanl Depositary Receipts and other types of emierging mairkets, First in.Asia, thien in Latin Issues of shares, Depositary Receipts, and equifty- . Ppoitary Receipts), or about 20% of the $67.8 America and Euirope, enithusiasmi waned as prices . Iiniked secuirities as comipanies. from emierging billion of net purchases of foreign equities last drQpped shanrply. This, correctioni process tends to mharkets rushed to the rmarketplace to take year by all types of U.S. investors-mutual funds, be healthy for the developmienit of mairkets becautse advaintage of ilnvestor enthutsiasmn .. .. inidividuals, trust accOunlts, intsuranc cmanies, *it leads to more reailistic valuations anid -... nd pension fuinds. The leading recipients of these enorgslong-tr ivestment perspectvs . Estimates of the actual amount of fuinds transferred .fuinds wvere Mexico ($5.2 billion), Argentina ($2.3 varry, somietimes substantially, due to the difficulty billion), and Br,azil ($1.7 billioni), writh other-Latin C ~~~~Despite relativcly hiigh 'volatility, emergn'akt fsorigtuyacuaead'opral aa Cribbean markets' securities taking $3.1 have, overall,, consistenitly offered a favoraible '.'DrnsSeuisp ts'l gloant nlwtoblin. It Asia, Koe wsrprted to have rlsk-idjustedireturn opportunity, wvithi the IFCI emierginig equifty. maorkets for 1993 at abouit '$37 received net purchases worth $1.3 billion,wxith net Composlte. Index: generating a modified Shat-pe ' billioni -douible the aniount estimated for 1992- purchiases for the rest.of Asia (excluding Japan, Ratio (mean monthly. return divided by .the . -and puits emerginig miarket equitties hield at about Hong Kong and Australia) totaling $3.4 billion., standard deviatiozi of meani monithly returens) o-ver $160 billioni. Althiou gh these figutres are ait the hilgh, tepatfive years'of 0.38. This mieanis that Inand of suichi e'stimates, all sourcesiagree that 1993 Usn ths ..fgrsadrPOrsailbefo average mionth, investots accepted a degree of risk was clearly- a record year for foreign portfolio ' recipienit countries on total portfolio inflow's, of ±1i'N for eachi 0.38 % of retuirni ach ieved. Over the .. flows 'to emerging markets. 'In cases wvhere ''.estimates of the U.S. share of net purchases in samie period, the S&P 500 produiced a ratic' of counitries have reported 'net 1993 portfolio' flowvs '''emerging markets ranges from 20% to 50% of 1993'- almost 0.25, anid thie FT EuroPac a Sharpe ratio of ."inito equiities NkxI Iico reports the laregest amiouint at ' net inflows. This suiggest that investor inte~rest in 1994 FcrloooIc -ECI.ntw M'ARKETs DATA B ASE 9 emerging ffiarkets is strong thiroughout thte world, As interrnational linvdstorj dramnatically increased investors continiue to commit more assets to especially With U.K.- and Japani-baised investors their purchases of emierging market securities eegn akteuds :.; -S;: f \ v s : t - E - - : , C: : , : :~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~urn 19, megngrnreto and managrs (althoughi most of the Japan-based d cpnies rushed to investment interest is in Asia). Onie measure of this tapI tho International equity markets for newv Emerging Stock market s becam e firmly established interest in emerglin g ni arkets i ntvestments is the Capital. According to Titeri'natioial Finascieg as an asset clnss in 1993 due to three interrelated i investmelnt position of U.S. pension fund Reviewv, emerging market companies from 22 trends: the overall size of emerging markets, the portfolios. A recent survey of U.S. pension funds developing countries floated 113 international sizeofemergingeconomiesandtheirrobustgmroth by the pension and investment consulting firm equiity issues in 1993, worth $9.6 billion for 21% prospects,'and the stellar perfornance of emerging 'Greenwich Associates indicates that nil non-U.S. of the total value of such issues (which excludes' markets individually and as a whole. These equities (not only emerging market equities) held by proceeds from country fund issues) for the year. Factors hae been recognized by internationa! 'U.S. public pension funds (about half .of the total Latin American issuers wvere reported to have . institutional investors and are driving a maprand ' $2,500 billion wvortli surveyed) accounted for taken almost $5.8 billion of the total, mosttly ongoingsecularshiftintheirportfoliosdesignedto about 5.2% of total plan assets. Po'reign equities throu'gh the. issuance of American and Global increase exposure to emerging markets. Although accountld for about 6.4% of total issets of Depositary Receipts,' led by Argentina ($2.8 this trend might be temporarily'interrupted by corporaite pension funds, tip from 5.456 the year billion) and Mexico ($2.5 billion). In fact, the short-term fear of emerging market volatility, the '" before. Emerging market stocks are estimated to be international tranche of Argentina's YPF equity long-term trend is firmly established. 'a frction of that figure, at about 0.5%. ssue was the largest of its kind for the year. issuers in emerging Asian markets raised $3.4 The future remains bright- for emerging markets. However, according to the siurvey, corporate billion, led )y China ($1.5 billion) and Thailand The more advanced of these markets are displaying pensions funds predict that their portfolio share of ($0.6 billion). Equity issues In emerging European gieater maturity and efficiency and are attractive foreign equities Will rise by 5Q% to about 9.6% by nmarkets raised $374 million, vhile issues in based on their fundamental value and prospects 1996. Since non-U.S. equities accounted for 63% of emerging African mirkets raised $82 million. for strong economic gro th. Privatizations an. world market capitalization in 1993, one might. - new share offerings will continue to offer expect to see continued highi net purchases of non- opportunities to local and intemational investors. U S. equities by U.S. pension ftinds, and possiblya Looking Forward Toward Healthier and Foreign investors can be expected to apply higher tlian pro-rata share of nev contributions More Efflcient Markets increasingly rigorous research and implement being invested in emerging 'market stocks, wvithl Apart from being remembered for record setting sophisticated investment techniques, both of which pensioh funds trying to build, their exposures to emerging market performances, 1993 will also be will further increase the efficienc of the markets emerging markets to reach somethingclose to those remembered as the year in which sophisticated In addition, a newv wvave of stock markets, in markets' share of world !arket capitalization . developed-world investnent approaches were Easten Europe, Central America, Africa, and the (I A) or uorld GOP (20%). Other institutional increasingly used in emerging market investments. '- Middle East are expected to grow and become . iimvestorafund ma!agers use the optimal locationon 'These approaches include tactical market . larger component of t1ie emerging narket universe. the efficient frontier to determine the emerging allocation, indexation, and other quantitative These new, frontier markets will provide investors market asset allocalion which wvill maximize technIques, and the use of equity derivative and companies with similarrrewards that emerging returiis and minimize risk on global Investment. structures such as index sWaps 'an:d basket stock markets have provided investors over the 't Usiplg this techniqgie, for ex ample, Morgan Stanley wrarrants on emerging market stocAs. The use and last decade. Asset Management recently estimated that for the groNving acceptance of such techniques is a sign of nine years ending February 1994, the optimal increasing efficiency and maturity in many emergiign market allocation is 23% of a. global emerging markets. Such techniques are likely to portfolio and 39% of a U.S. investors'portfolio. proliferate in coming years as institutional 1e 94 FACTBOOK 'IEERGlJNIARKEsDATA BASE 10 T~~i.21~~.;I W~orld Sock. ., . MIVa-rket .Emerging Stock Markets Factbook.1994. World 'Stock Market Performance 1 993, (ranked by 1993 % change In price Indexes In USS) Riiiik itrketprice Index RIA.uk1* 4 prico Indlex Poland ~~~717.9' 4 1 italy . 26.6 Top 25 Mairkels by Mairket Performance, 1993 2 Thirkey .213.7 42 Spain. .25.7 s3 I'hllilppities' 133.3 43 Japan 2. 4 ZImbabwe I 122.5 44 Egypt 23.2 1-. Flun Kong 109.9 45 Barbildus . 18 75.0 6 .*Indoinesia . 0, 46 Panalma 21.0 700, 7 Malaysia *99, 5 .47 Jordan *20.8 5 Ltwembbourg 98.4 48 Moarocco 20.7 650 9 Thailand' 97,0 49 Korea '20,6 10 BrazIl . ~~~~ ~~91.3 5 0 .U.K.2. * 11 ~~~~~Taiwan, China * ' 6.9 51 israel. .99 55 12 Finland 8113 52 Namnibia 19.5 13 IFCG AsIn ' 67.8 53 BelgIumn 19.4 14 Arge~ntina 67.3 54 Hungary *19.1 45 IS SIgngpore 65,5 55 Pronce 19,0 .16 , IFCGCaCmposlte' 63.7 56. India' .17,1 400 1A7 NowvZealand 62,6 57 Cm-ea 16.1 18 Sri Lank a *61.9 58 Canada .15.1 3s 19 Pakistan *.52.4 59 Kenya 14 4 20 IFCG LntIiAnmerica' 5I,7 60 Tunisia 14,3 2.1. Nlinurltiuis 50.5 6 1 U.S. 7.0a 22. Nlexico * .46.9 62 Bangladesh . 3.7 . 00 23 SwItzerland . 44.1 63 Trinidad & Tobago 0.215 24 Norway 40.3 64 Oman . . 3.36 25 Ireland . 38,~~~u9 65 China.75 .10 29 . CoelidIor 3446-yp7 1.i 2 6 . Gliana 37,5 6 6 Venezuela' -10,5 27 Sweden 35.6 67 Bosaa.-1.5 St 28 . Peru *3.4,9 68 . Ecuador. .11.90 3 0 Cerniany' 33. 6 70 Swaziland -14,8 E a .31. 1'rtugn1". 32.4 . 71 Nigeria' -18.2 6' 32 Asala32072 Jamaica - 57.4 33 Denmark 31.7 73 Iran-6?. ,u 34 ColomibIa' 31.7 .p 38 Chile! 29.me5ngmrkt 39 P .T. F.urol'ac .n '. 28Maket 40' Austria 26.7 . U DtvWoL'xLi markets 5 t I(C Rt'gltal Indexes NoIvlw Aslerlik Indica tes markets lIncludedi In the IFC GIobal prIce- Indexes In 1993, Da ta for emeorginig nmarketi not pa rt of I FC Global l iitlux mnarketI cove rage are local Indeitlx percenitage changes aidjustedl to US doillaIrs. De veloped marketI datra for thi s tabl fromn NISCIL 1994 PACTJIOOk INLIW.ING NIAwKIKrS DATA~ BASis 12. World Stock Market Turnover ; 1 993 (ranked by 1993 turnover ratlo) Tumnover Turnover R(n1k Markel ratio (M) R Htil Markdl ratlo (%) tfe^;S I Taiwan, China * 235.5 41 SriLanka 19.6 Top 25 Markets by Turnover RatIos, 1993 2 Korea 172.2 42 Pakistan 18.7 .3 Chilia 164.0 43 Iran 18.4 4 Poland 129.1 44 1ikgium 15.7 ;;.. . 3 Malaysia 94.3 45 1-unmgary 14.2. 250 ;: fi 6 Thailand 91'5 46 Jamaica 14.1 7 Singapore 89,8 47 Trinidad and Tobago 12.0 225 : 6 Turkey 80.9 48 Colombla ' 9.8 22 9 CGrmialy 73.6 49 Chilte 7.4 ;: i 10 . Israel 73.5 50 . oSitth Africa 07.40 II . Switzerland 72.3 5 1 UBtswana .7.2 12 U.S. 72,2 52 Luixemnbourg 7.0 175 ;: ; 13 Denmark 55.9 53 lvmauritlus 6.5 .;14 Kutait 52.3 54 Zimbabive 5.2 , , 15 Canada 49.5 55 Tunisia 5.2 l *0 16 Italy 49.1 56 Ecuador 4.7 . 7 Sweden 47.4 57 Uruiguay 4.7 1 '. . . f8 lHon8 Ko.ng 47.2 58 Ghana 4.5 125 19 Finland 46.3 59 Danngladesli 3.8 20 Porhigal 44.0 60 Cypnis 2.7 - 2 1 I'ert0 . 43,6 6 1 Costa Rica 2.4 22 France 42.7 62 Nigeria t 1.5 72 4 _ 23 Spaln 42.4 63 1arbados 1.5 24 Nelherlands 418 64 Cole divolre 1.5 !w """''25 Indonesia 40.6 65 Kenya 1.4 50 * : 26 U.K. 40.6 66 Honduras 0.0 27 Australia 40.0 28 Noriay 37.57 . 2 T z 29 M3xico' 36,8 . . . . . 30:i:pan . . 0 31 NeW Zealand 33.2 Ivt u.~ 32 Jodn33.2 33 Argentina' 330C3 ;;:;. ::: s339 Vceue.3.0 mrij,slkl 34 Birazil' 32.6. 35 India' 27.5 36 . Austria 25,8 37 Phlilipplines 25.1 38 Grece' 24rgn,4re 39 .Venomezua~ 23.7 .0 Etwgnmaks 40 iMorocci . 21.7 . . . : Developeti markets Moles, Asterisk Indicates markets Includled in the IFC Global price Inidxes In 1993. Data for emerging matkets not iart Of tir Glbalhl IndX market coVerage ar, local Index perceniage clangL's adjusted to US dollars. Developed marSet dtla for this laNe frmn1 NISCI. ¶'994 FAcTuooK - ENIrRGING MARKF1TSDATA lasE 13 .,World Market Capitalization .1984-1993 * (Us$ millions; end of period levels) Market 1984 I1985 1986 1957 1988 '989 199(1 1991 1992 1993 Emerging Markaof1833396 Argnin'1,171 2,037 1,591 1,519 2,025 4,225 3,268 18,5091863397 Bangadshi 87 113 186 405 130) 4 76 321r269 its 4534 Darbaclus --280 307 258 326 Botswana -.261 295 261 Brazil 28,995 42,768 42,096 16,900 .32,149 44,368 16,35.3 42,759 45,261 99,430 Cle'l 2,2106 2,012 4,062 5,341 6,849 9,587 13,645 27,984 29,644 44,622 China1 . - 2,028 . 18,255 40,567 ColoMbIa *762 4216 822 1,255 1 , H15 1,136 1,426 .4,036 5,651 9,237 Costa Rfic 256 193 .246 --311 4 77 433 Cotedilvolre . 237 302 332 458 437 53.1 549 567 331 415 Cyprus 1,290 1,183 .981 Ecuandor 101 1,566 Egypt 1,691 .1,382 1,726 2,150 1,760 m 1,713 1,835. 2,527 2,592 3,800 GI alna ...76 54 118 Greece' . ~~~~~~~~~766 765 3,12 4,464 4,285 6,375 15,228 13,115 9,489. 12,319 1-lngary .... .. .505 562 532. India *6,370 14,364 D3,58 27,057 23,623. 27,316 .38,567 .47,730 65,119 97,976 Indonesia'B 117 821 68 253 2,254 8,082 6,023 12,039 32,9533 l .iton --3(1),509 29,765 . 1,297 *Jamaica . .142 266 536 631 796. 957 .911 . 1,034 3,227. 2,469 Jordan' 2,185 2,454 2,839 2,643 2,233 2,3t62 2,001 2,512 3,365 4,891 - Kci~~~~~~~~~~~~~ya - - - ~~~~~~~~~~~~~~~~~4 74 499 . 453 635 607 1,421 Korea .6,223 7,381 13,924 32,905 94,238 140,946 110,5931 96,373 . 107,448 139,420 Nialaysia : 19,401 1.16,229 25,065 18,531 23,318 39,542 40,611 58,:627 94,0224 220,328. 4Naurlitus - .---.253477 . 799J NexIco' 2,197 3,815 5,952 8,371. 3,784 22,553) 32,725 . 95,175 . 13,6 200,671 Moarocco .236 255 279 357 446 62! 966 2,528 1,8175 2,662 Na mibla . 327 3,443 NigerIW'I 3,191 2,743 1,112 974 960 1,005 1,372 1,882 1,221 3,029 Oman - . . 983 1,274 1,506 *1,545 1,6105 PakIstan * ~~~~~~~1,226 . 1,370 . 1,710 ,902,61247,51 7.326 . 8028 31,602 onr,aana o 2421 421 Pen,'I 397 760 2,322 83; . 932 812 3,311 2,630 5,113 Phiflippilaws 834 669 2,008 . 2,94~ 41,280 . 1,965 5,927 10,197 ~. 13,7914 40,327. 4 . . . . ~~~~~~73 192 3.530 88957 7,1?; 10,618 9 -0 , 24 3 )222 I2,470 Soutil A(r1ca 53,400 55,439 302,652 228,663 .126,094. 233,0610 137,540 168,497 148,802 217.1 10 Sri Lanka '..-365 4121 608 -1 71 427 937 1,936 2,439 .2,498. Swvaziland . .. 17 27 2 07 297 .NuiILt Table conta ins y4mr-ald total makirket v,ltiws of lisIcdi domeslic enniip.milus, See Stockc M~arket Refere tee ListI In Appe'ndix I foir stock L'cl. ile Itichatted 3gn each warkoelt'll Asterisks IndicAte markets coveredt by IFC Global hIndexes In 1993. South Africalas beenrelsiedaanerlnmrktbsdoCI'prcptcrlr, itibliinefigcwri akt, 1g9 PATIOOK ENIERGINC NMAi1IiTS DAT 'DAS 14 *.World- Market Capitalization 1984-1993 (US1$ mlllions; end of period levels) Mar&cJ 3~~~ ~ ~~~~~984 1985 1 986 1987 1988 1989 1991 1991 1992 1993 Tl* mergng Markts (ant. 9,859 10,432 15,367 48,634 120,017 237,012 100,710 124,864 101,124 195,198 Tli,llindt . .1,720 1,856 2,878 5,485 8,811I 25,648 23,896 315,81I5 55,259 1301,510 Trinidaid and Tobago 843 463 374 388 . 268 411 .696 071 514 . 490 * Tunisia 34 6 600 595 662 6108 638 533. 712 . 17 .955 Ttirkey .956 935 ~ .3,221 3.135 6,783 1. 9,065 15,703 9,931 37,496 Uruguaiy 9 1 5 . 35 4 0 24. 2 7 35 4 4 368 251 Velimuchla' . 1,128 1,530 2,278 . 1,816 1,o472 8,361 11,214 7,600 8,010 Zimbabwve *. 176 . 60 4310 . 718 774 1,067 2,395 1,394 12 8 3,433 IFCG Index ma rAil 88,726 I 223 3332 3558 351,795 600,147 465,996 638,360i 744,394 I,354,9365 All Evnerghsg Markeis . 145,873 171,263 238,303 319,322 483,135 738,0163 611,674 851,486 956,858 3,636,106 Deverlope Mres49,038 60,363 94,733 305,709 138,283 140,958 107,633 144,867 135,451 . 203,964 Austriai . ,500 4,602 6,656 7,411 8,862 22,261 11,.476 7,89 21,750 281,437 ILiiu 12,200 . 20.871 37,337 41,377 58,920 74,596 65,449 71,31.9 64,172 78,067 Canada 3~~~~~~~~34,700 . 147,000 366,3010 218,817 2.43,880 2. 21,328 241,920 266,874 213,038 326,524 Denniark . 7,600 15,096 16,284 20,181 30,178 .40,152 39,0613 44,843 32,635 41,785 Finln 1 ,6 ,5 . .1,99,698 30,379 310,652 22,721 14,271 . 12,202. .23,562 Fr,inice 41,300 .70,000 .149,500 172,048 2'.t,3 6,4 31'33~ 4,). 3088'5,3 Germany 78,400 183,765 25,7 3,6 . 2177 365,376 355,073 93443838463,476 haong Konig . ~ 23,602 .34,504 53,789 54,085 74,377 77,496. 83,397 121,986 172,106 385,247 Israel 6,120 7,626 9,884 12,003 5,458 .8,227 3,324 6,376 29,634 50,773 Italy . 25,700 58,502 .340,249 I119,55 t 35,428 369,417 148,768' 158,85 1 29,393 136,153 Japan ~ ~ ~ 66,09 978,6631 1,841,785 2,802,952 3. 0 68 -. ',392,597 2,917,679 3,130,863 2,399,004 2,999.756 Luixembouirg 6,648 32,658 26,163 38,277 -..44,805 30,348 10,456 11",.)O 33,936 19,337 Neliwrlands ~~~~~~31,100 59,363 83,714 56,24l0 333,565 157,789 *339,f25 . 1361,352 1 34,59.i 2831,576 N'cw Zc,iland . 6,161 8,761 22,235 35,713 33,163 33,487 8,835 1.4,336 . 5,3418 25,597 Norway ~~~~~~ ~~~5,793 10,063 10,122 33,838 314,332 .25,285 26,330 22,3).i3 17,821 27,350 Shingpore 1 2,247 33,069 16,620 37,932 24,049 35,925 .3,0 7674,3 3,4 -' Spain 3~~~~~ ~ ~~~~~~ ~~3,200 19,000 48,922 71,185 93,138 122,652 3111,404 1437,928 98,969 119,2641 8%wudv 25,700 37,296i 63,354 70,564 100,0831 119,285 92,102 97,495 . 76,622 107,376 Switzerland .38,700 90,000 132,400 . 125,527 3410,527 170,936. 360,0144 173,881 195,255 273,7133 U.K. 242,700 328,000 A339,530 680,721 773,206 .826,598 484,866 9 87,952 '127,129 . ,351,646 U.S. 1 ,862,945 2,324,646 2,636,598 2,588,890 2,793,536. 3,505,686 3,089,65 . .1,099,470 4,4-97,8331 5,2 23,768 All Drvdc'peed Markeo '3,296,370 4,496,503 6.275,582 7,5113,072 9,245,358 .10,975,622 5,83.2,484 110,4437,505 9,962,5t4 12,464,657 World Total 3,4142,233 4,667,766 6,513,885 7,8331,394: '3,725,493 . 3,733,6185 'J,424,3158 I 2,298,93I 310,939,372 141,300,7631 - ~. *Nulca;Tatbl conilainis yearundl total market vaIlues idlIle th'1i'i0stC comlpanivs. See, Sitock M,l4et~k lOwfcncg Li1st In AppendixI I rut rstuck ecI;,nges lIncluidck In vubc m1arket total,- Asterisks ridilic nalemrkts covered l y IPC Globi,3 Indlexes In 399.3 South Africa 3ms been recl,issifled as an wurerging market balsed on CGDI' per capita crliteria used biy IFC lit .IvfIhiln uniirgting ni,rkou-Is. 1994 FACTOOOK ~~~~~~~~~~~~~~~~~~~~~~~ENuiacaNc MARKI1Ts DATA BASE 15 Market Capitalization Analysis and Summary The map on the opposite page Illustrates mawrket 12% of the wvorld total market capitalization, Up are ns large or larger tlhan the stock markets 6f capItalizatIons 1in vorld economies based on from 4% In 1984 and 996 in 1992. A mIlestonie was developed econolies, suggesting that market size is figures reported in IFC's 1994 Global Survey of reached in '1993 as the total market capitalization heavily intuenced by factors sucih fs instittitional Stock Exchanges (see pages 14 anid 15 for data), of all emerginig markets suirpassed tlih $1 trililon! arrangeuiiets In the finanicial system, and thc Shading i n this niap does not necessarily mark, literactloni of monetary, fiscal, and regulatory correspond with wvhether a mairket is considered policies. It Is also apparent that relntive stock cmerging, As the table beneath tlle map shows, The diagrmii below Is n plot of GNP per capita market developmcit Is 11ot necessarily related to while all of tihe reglons shiaded dark green are versus market capitalizatioti as a percentage of curreint per capitN income levels. Becouse market emerging markets, 61% of the reglons shaded CNP.. Emerginig markets are showni in grey dots, capitalizatlon Is a (uniction of stock market prices, medium-green are emerging markets, as are 23% of while black dots Indlcate developed markets. It can the ratios depicted below flucttiate and should be tihe reglonis shaided liglht green. Overall, market be seci froi the diagra tilhiat rlative to tle size of used cautiously to formi only a part of anly caoitahizatioils of eneginrg markets now represent thicr domestic ecoionoies, maniiy emerginig markets considoration of al mnarket's relative size and stage ofdevelopment. GNP Per Capilta vs. Market Capitolizatlon as 'a Percentage of GNP, 1992 oi5i) Aff,. ,s ,haiand T .h .w-. Chi., .1 OX _ 0 s7J.im.sic. ri 9mliliQrk,n , Caun.lAsil;unl* l5tlSwailnerlbim , fi g a rXll~~~~~~~~n ndia risas IlM . * hlpna 7r Sg'a'VZM*IX Ckwsblnny - a _ . 4 , fl g t W ChzE * Sr*3 11 Gsmumr~~74 11111 Ira Surlni Iaka \wtt ' *InInstil i riwnIin.i A~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~Ci: .NnIin TunSi _ ; lw7g.ary s; hJ. 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~o k ., , lyIt ' .n. " I'u.Ian - * 00- 1111O1) JDOI GNP' Jh,r Cap1Iit (LISS Map alid figuires opposite palg:' Figtire Itlis pngv'; Sotrce: IFC EKnerging Miarkuis D.ita Bonw smurn;': IFC tnergling Mlarkets Da,i Saw, ind tIho World la nuk. Note: Sce pages 14 andt 15 for daa ,. NM: End-1992 va4lus of ONI' and :lirket cap are usel. 1994.FACTBOOK ENIICC(;ING NiARtKT5 DATA BASE. 16: 5 i ' ) S !~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Market Capitalization Analysis and Summary Woild'Market CapltalIzatIon, 1993 r __ ~~~~~~~~~~~~~~~IBRO 2584 US dollar iisillio)Is~e'.-~ 10,000 or less~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ rS *>'~'%* U N000cr leormore III Nodata MAY 1994 Markrt cop~m:p/ug Nuber of Maret cap Of wvhicht Share of Emergin MkesEmerging Markets (US$ 1mUlVITs) miariws .(US$ mililions) emerginig markets total (% Share of World Market Cap, 1993. Share of World Market Cap, 1984-1993 12% 1,000,001 or more .3 ..9,375,170 .% 0 0 ia0o,ai-taa,uoo00 17 3,887,683 1,103,237 23% S" 10,001I-1 00,000 20 778,717 . 473,676 61% 9 10,00 or less 30 59,193 . 59,193 100% ~AX Total surveyed 70 14,100,763 1,636,106 12%Dacod[o Miarkels '1994 FIACT-2OOK ENIIRCINC NMARKETS DATA BASF 17 World Value Traded 1984-1993 (us$ millions; end of period levels) Mairkel 1984 198 1986 1987 181991990 1991 1992 1993 ImngIng Maikeots ArgentIna * ~~~~~~277 631 309 25! 593 1,916 552 4,824 15,679 10,339 Dangladesh 0 I 2 6 4 5 63111 Barbados . 09 .2 4. Daliwana - . - - ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~8 15 20 BrazIl . 9~~~~ ~ ~~,962 21,454 28,912 9.608 17,979 16,762 5,598 .13,373 20,525 57,409 Club' 31 ~~~~~~~~~~~~~57 298 503' 610 866 783. 1,900 2,029 2,797 China ---.- 820 161 4335 Colombia 47 30 49 80 -63 74 71 203 554 732 Costa Rica 0 0 0 I 4. 5 9 I 1 Cotedilvoire I1 . 3 1 4 9 5 19 7 4 6 Cyprus: .-- . --.569 3 0 * Ecuador I-----4 1 Egypt 132 97 180 235 115 8I 126 262 308 75 Ghana -. -- 00 3 Cwo.d1 2 17 3 2 44 1 313 549 3,924 2,443 1,605 2,713 Hungary 117 38 . 99. India' . 3,qi6 4,939 10,781I 6,743 12,241 17,362 . 21,918 24,295 .20,:597 21,879 Indonesia' 2 3 I 3 2 4 54! 3,992 2,922 .3,903 9,158 Irial .--- 5,217 6,994 311 Jamaica 7 21 68 73 25 90 32 95 386. 336 Jordan' 138. 163 183 2 337 .652 4 407 432 .1.317 . 1,377 Keniya --- -229 1 0 1 1 . 12 . 14 Korca' 3,869. .4,162 1089 4997,8 2,6 59985,464 116,101 211,710 Malaysia '2,226. 2,335 1,18 3,829 2,623 6,888 10,871 10,657 21.730 153,661 Maurlilus - . . - - . - - - ~ ~ ~~~ ~ ~~~~~~~~~~~~~~~~~~~~6 .5 10 39 MOXlco 2,160 2,360 3,841 15,554 5,732. 6,232. 12,212 31,723 144.582 62,434 Nborocco 1 6 1 3 9 9 33 1 6 62 49. 70 498 Narfibla .- . --- - - 0 0 Nigeria' 16 51 6 754 II 9 14 1 0 Oman . . - - - . . - . . 25 ~~~~~~~ ~ ~~~~~~~~~~~~~~~~~~~~~120 151 109. . 107 Pakistan' 180 236 155 162 . 177 193 231 .620 980 . 1,844 sIanarna 7 Peru ~~~~ ~ ~~~~~28 '3.8 239 301 57 90 99 130 417 1,672 PhIli11PpInes 125 . I 6 3 .1,524 875 2,410 . 1,216 1 .506 3,104 .6,785 Poland ., . - . ... - . - - - - ~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~25 167 2.170 I'orwgaI' ~~~ ~~~~3 .560 .1,518 1,136 1,912 1,687 2,818 3,455 4,835 South Africa .2,528 2,836 4,990 .9,568 4,947 7,095 . 8,158. 8,051 .7,767 13,049 SruLankaY . 3 5 1127 3 9 1041438 * Swaziland . .------0 . 000 WO 'Tabl conltaIns yea,r-end ltotal value traded of.lIsted donmestIc conjianiy shares.SueeStack Malrket Referenice LIst1InAppenidix I !rstcwk exchange lincludede In each market tot,i. AsterIsks Indicate markets covered by IrC Glubal linlexes int 1993. Scls Afiaha en elsIlcl as anon emrgInig nu irket based ni CDi'uhAra hsbiir s'llper capIta criteria used by IFC. In definIngk emeirging markets., 7 .1994 FAcTDOoK E N IIJIG IN MARKEFTS DATA BASE 1 8 K.World Value- Traded '>.1984-1993 (US$ millilons; end of period levels) Markel .1984 1985 1986 1987 1955 1959 1990 .1991 .1992 1993 EMnPrglng Markols (cont.) TAIwan, China ' 8,194 4,899 18,931 .84,112 *275,624 965,840 715,005 365,232 240,667 346,487 Taland 434 568 1,133 4,633 5,59B 13,452 22,894 .30,089 72,060 86,934 Trinidad arid Tobago 76 61 52 25 22 69 55 80o 22 56 Tunisia 27 10 6. 6 13 32 1 9 30. 33 46 Tuirey' 7 13 113 101 798 5,841 8,571 8,191 23,242 Uruuaiy. 0 02 4 2 1 I 2 9. 13. Venlezuela' 27 3 1 52 148 2211 93 .2,232 3,240 . 2,631 1,874 * Zimbabwe' 6 9 1 2 .23 .39 36 5 1 77 20 53 IFCG Inrdex imairk-ets 31,680 42,116 77,656 154,905 403,520 1,157,941 5885,883 590,777 530,480 1,010,619 All Emrginr~ig Markets . 34,468 .45,156 82,985 164,846 .408,691 1,165,593 894,513 605,652 613,049 1 ,068,777 Devesloped Markets *4,8 933 . 4,3 5056,1 Australia ~~~~~~10,654 15,736 26,871 58,860 37,412 4,0 9334,3 5056,1 Auistria 114 .686 1,393 9,754 , 2,026 11,706 18B,609. 7,039 .4,931 . 6,561 BelgILtni 1,575 . 186443 7,148 8,369 7,708 6,425 6,209 . 8,030 11,199 Canada1. . E,Z3,95 5,107,896,5 90,120 .71,278 78,160 03,448 .142,222 Denlmark 173 1,274 1,866 1,913 5,106 .. 14,463 31,105 .9,289~. 15,806 20,989. Finland ~~~~~~~~417 502 1,869 6,047 . 7,076 7,363 3,933 1,550 2,292 8,112 Franlce 7,690 14,672 51,548 58,085 65,505 107,286 116,893 113,573 121,842 174,283 Cermany . .29,764 71,572 135,700 . .373,428 D3024 68,3 0;05 379,183 446,019 302,985 x1 Fboi,8 Konig 6,243 9,732 15,299 -17,627 .23,405 . 34,584 . 34,633 . 35,607 78,598 131,550 Israel 735 . 748 1,455 4,828 2,447 3,909 . 5535 8,389 14,694 30,327 Italy .4,065 13,782 44,715 . 32,379 .31,721 38,926 42,566 ~. 24,991 28,100 65,770 *' l a 286,182 329,970 . 1,145,615 2,047,224 2,597,637 2,800,695 1,602,388 995,939 635,261 954,441 Netherlands 12,274 1. 6t84:1,2 39,542 34,5 8. 4403199 38914. 516,8 Newv Zealand 65:952,526 2,643 .,1,124 . 3,027 1,933 2,892 . ,6 6,785 Norway 1,350 1,877 1,702 8,935 . 4,849 . 24913,996 1,410518,751 Singapore ..3,549 1 ,383 2,679 6,854 4,470 13,711 20,293 I 18,0 74 14,054 . 81,623 Spain 2,465 . 3,382 14,944 36,070 25,608 . 38,389 . 40,967 . 40,591 39,987 47,156 Sweden ~~~~~~~. 8,496~. 9,644 a'981 1,88 ..1,5 17,420. 15,718. 2051. 28,395 43,593 C., ~~~Switzerland .---- 68,836 75,407 167,880 *KU.K. 48,857 68,4317 132,912 389,829 579,171 2 320,268 275,740 315,279 382,996 423,526 LAS. . . ~~~~~~786,204 9 97,189 1 ,795,998 2,4123,066 1,719,731 .2,015,544 3,815,476 2,254,983 ,2,678,523 .3,507,223 :.1 All Develophnl Mark-ets . 1,237,6041 1,600,569 3,490,718 ,.56213 5,555,694 ii,302,687 4,68 1,9012 4,481,928 4,762,366 6,273,488 World ro¶ol .1,272,072 .1,645,725 .3,573,686 5,846,989 5,997,385 7,468,280 5,576,425 .5,087,580 .5,375,415 .7,342,269 Asterisks id I ' narkets coveredi by IFC Global lIndexes InI 1993, Soutil Africa Ias been reclassified as an eniergling market basedl on GPI' per capita crlterl,, ustel by irC In deufninIn e'nierglng mairkets. 1994 FACTIlIOOK . . :gc11711 ING1KAiwxts DATA~ B r- 39 World Number of Listed DomestiC Companies .1984-1993 (end of period levels) * Mackeg 1984 1985 1986 1987 1988 1989 19190 1991 1992 1993 EMergIng Markets Argentina' 236 227 217 .206 186 178 . 179 14175 180 Bangladesh .56. 69 75 a5 10! 116 -138 145 153 * Barbados --14 14 13 16 tlotswana . - . . . . ~ ~ ~~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~9111 Oi3ril '522 541 592 590 589 592 58i 570 565 550 * Chiler 208 225 .231 209 205 213 215 221 245 263 China' ..-- 14 52 .183 * Colombia' IOu 102 99 96 56 82 80 83 80 59 * Cpsta Rical 41 51 61 71 76 78 6 2 93 118 CotodIlvoire 25 25 25 25 24 23 23 23 24 30 * Cyprus .I . .40 39 .39 Ecuaodcr 46 --65 142 Egypt - 258. 317 357 430 483 10573 627 656. 674 Ghana is .-132 15 7 Greece 114 114 114 116 119 119 145 126 129 143 * Honduras ... ' - .26 44 - Finary' 21 23 25 'indIa' 3,882 i 4,344 4,744 .5,560 5,841 *5,968 6,200 -6,229 6,540 6,500 Indoniesia' 24 24 24 24 24 57 125 141 155 174 Iran - . . . . . - ~~~~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~97 118 . 124 Jamalica... 3 84.4 44 .45 . 44. 44 45 . S Jordan' . 103 . 104 ~~~~ ~~~~~ ~ ~~~103 10lo 106 .106. 105 101 13 0 Kenya 54. 54 53 53 55 ., 57 54 53 57 56' Korea ' 336 342 355 3819 502 626 669 . 656 658 693 Malaysia ..217 222 223- 232 238 251 252 321 . 369. 410 Mvauritlus ...13 20 22 30 Mexico' 6 5 155 190 230319209 195 190 Morocco 77 76 .76 76 71 71 67 62 65 :Namibia . .---46 Niscril' 93' 96 99 . 100 102 lii1 131 142 153 174 Omnan . .. . --- . 25' B0 88 92 95 Pakistan' 347 362 36! . 379 .4104 440 48? 542 628 653 Piianama . -.. . -..- .12 .13 Peru . . 157 159 177 1907 236. 256 294 295 287 233 * PliliippIn' .149 . 18130 ' 13. . 41144 153 161 170 ISO Poland' 9 16 22 *, Portugal' 23 24 63 143 171 182 .181 IS1O 191 153 SoU th Africa . 470 42536 838 5 748 732 685. 652- 647 Sri Lanka' 7 171 163 176. 176 175 175 .190. 200 Sivaziland - 1 2 3 4 Noeir; Table contains year-end totals, excludcing lIstedi investment ftimdcs whcre possible. SceStack Market Reference LIst In Appendix I far stack exchanges included In each market total, Asterisks. indicate nmarkes cuvered by IlPC Global lindexes in 1993. Souitl Africal has bee n reclassfied as an gnmergIng market Nsc onGi e ari rtraC%db E In deofininig emerging nmarkeis. 1994 FACTHOOK M MRIGNARKETs DATA% BASE .20 World~ Number. of Listed Domestic Companies 198.4-1993 (end of period levels) * Markdi 1984 .1985 1986 1987 . 1988 1989 1990 1991 1992 1993 * Fmerglng Markets (cantj Tnlwvan, Cldnia' 123 127 130 1411 163 181 199 221 255 285 * TrInIclad and Tobago .36 33 33 33 3 1 30 29 2 7 26 Tunisia . I - 1 7 1 9 Turkey' 373 .40 50 50 so 110 134 145 152 Urugulay .43 43 41 41 40 39. 36 26 26 21 Venezuela* 116 108 108 110 4 7 74 76 , 7 91 I.93 Zlnibabwe 56 .55 53 53 53 . 54 57 60 62 62 IFCG hidex arketls .7 515 7,745 8,287 9,317 9',783 10,238 10,857 11,184 11,813 12,3688 Ali Enwtrgfisg Markcet 8,657 8,916 9,617 11,012 .11,464 . 11,981 12,470 13,294 14,06D 14,742 *Developed Markets Australia .944 1,004 1,134 1,423 1,380 1,253 1,080 957 I.030 1,070 * Auistria 63 64 74 . 69 74 SI 97 105 112 III Belgium 197 192 191 192 . 186 . 184 182 153 171 165 Canada .943~ 912 1,034 1,147 1,145 1,146 1,144 1,086 1,119 1,124 Denmark .231 243 274 277 . 291 257 258 261 257 257 Finland 52 50 49 49 66 78 73 63. 61 57 France ~ ~ ~ 044~ 42650 646 668 578 551 786 . 472 Curni 449 472 492 507 609 .~628 4131 428 665 426 Hong Kong . 260 . 248 276 282 284 284 333 336 450l isral>c 269 275583265 262 216 229 .377 558 Italy 143 147 184 204 21217 20224 228 210 Japan . ~~~~~~ ~~1,802 :l 1,829 1,866 1,912 1,967 2,019 2,071 2,107 2,118 2,1 55 4 ~~Kuwait ..55 70 64. 65 . 52 ..47 Luxembourg ,134 .175 253 364 422 54 54 70 59 62 Nthierlanids ~ .263 232 219 248 232 313 2004187 245 New Zealand 237 317 ~~~~339 361 297 242 171 139 123 . 136 Nnnvay . ~~~~~~~~140 156 14 16330 122 112 11 115 . 120 Spalin 375 .334 312 327 368 423 427 433 399 376 Sweden .159 164 154 IS? 142 135 122 117 118 105 Swivtzerland 11.31145 166 117782 . 12 .10 215 UXK 2,171 2,116 2,106 , 2,135 2,054 2,015 1,70a1,2 1,874 1,646 U3.S. 7,977 8,022 . ,037,181 6,680 5,727 6,599 6,712 7,014 7,607 *il #11eVve'optl Mark-ets 17,295 I17,753 18,555 18,265 17,8305 17,478 16,403 16,315 17,542 17,792 WaNld Total .25,952 26,669 28,172 29 ,277 29,269 29,459 28,873 29,609 31,602 32,534 Nutes: Table contains year-emnd totals, excltnIcing listedl Investment funlds where possible. See Stock Market Reference Li1st in AppedIifx 1 fur slack xchanges includ4d In ,xtI nmarket totl,iI .Asterisks Indicate markets coveredi by IFC Global Indexes tin 1993. South Afrlicahasbeen reclaisslfled nsm'emnerginig i,irket based on GDI' petcaplItacriteria used ibylrPC Itt ofilnlngemerglIng akes 19 PACTOCOK . RCIc1Nc MIARKETS DATA BASE' >21 World Rankings of Ma'rket Capitalization, Value Traded, a'nd Number of Listed Domestic Compani'es, 1993 (ranked by end-1993 leVels) Total market cap Total v'aiue lr~uIed Nunmber of listeti Ranik Markyt CUS$ millions!1). Rank Mark-VI (US$ miilllIon.).. RaFIk Market .donmestic cornpanies I U.S.. 5,223,768 . I U.S. *. 3,507,223 . I U.S. . 7,607 * 2. Japan 2,999,756 . .2 )JIpan . 954,341 2 IridIa 6,11F0 3. UK. 1,151,646 3 U.~K. 4123,526 3 j. apIaI 2,155 4 Germany 463,476 4 Taiwann, China * 346,487 4 U.K. 1,646 5 France 456,111 5 *. ermiany 302,985 8 Canada411 1,124 6 Hlong Kang8 385,247. . 6 Korvi 211,710 6. Australia1 1,070 7 Canada 326,524 7 rrance . 174,283 7 Kor%i 693 a Switzerland .271,713 8 Switzerland 167,880. 8 11akistan I653 9 . .Malaysia 220,328 9 Malaysia *153,661 .. 9 Southtl Africa 647 IC Southtl Arrica 1,1 10 .. Canada 142,222 to1 Israel 558 I It , Australia 203,964 11I Hingt Konig 131,550 ii1 Brazil *550 1 2 Mexico' 200,671 1 2 Thalieund '86,934 1 2 Francu 472 13 Taiwanii, China'n 195,198 13 Snaoe81,623 .13 I-onig Kon g45 * 1 4 Notherlands I 8 i876 I 14 Australia 0 7,711 1 4 Germany 426 15 xo7:'O 1139,420 I15 Nothaedands 67,185 . Ii NMalaysiai 410 17 . Singapore 132,742 I7 Nlexico' 62,454 1 7 Thalland' 347 lB Thailand *130,510 18 Bal'57,40918 Tin,Cna28 20 Spain . 119,264. 1 9 SpaIn . 47,156 ..19 Clile' 263 20 Sweden 107,376 20 Swedent 43,593 .20 Dennmark . 257 2i1 Brazil '99,430 2 1 Chiepa '43,395 21I Netherlands 245 22' lidia' 97,976 .22 Israeli 30,327 22. Peru' 233 23 B3elgiumrn 78,067 23 Tuirkey' 231,242 23 Switzerland . 215 24 . israel 50,773 . 24' India' 21,879.. .24 Italy 210 25 Chlik' 44,622 2 25 Dommark 20,989 .25 Sri L.anka '200 26 A rgentina 43,967 26 Southtl Afria .13,0419 26 MeIxico' 190 27 Dennmark 41,785 27 Belgiumn [ 1,199 27 0 Chn1i 183 28 . Chinai l 410,567. 28 Argeitlila' I 10,339 28 Potrttugal ' 183 29 . Philippines' . 40,327 29 Indonesia' 9,158s 29 Argentina' ISO 30 Turkey 37,4.96 30 Norway 8,751 301 Philippines' 180 31 .Indonesia' 32,953 3 1 Finland 8,112 3 1 Sitig1p0hre 178 32 Austria1 28,437 32 New Zealand14 . 0,785 32 Indonesia' 174 33 Norway 27,3P0 33 Phlilljapplines 6,785 3.3 MIgeria 1.74 34 Newv Zealaiid .25,597 3 4 AutiBriA .6,551 34 Beigium 165 35 Finland 23,562 35 Potrtuigal' 4,835 35 Bangladush 153 * 36 Luxemnbourg . 193,337 36 Chile'. 2,797 3 6 Tuirkey' 152 37 P'ortugal 12,417 37 C. ece, 2,713 37 GreeCe' 143 35 G racce'. 12,319 38 .Kuwait 2,612 ..38 . Ecuador 142 39 Pakistan 11,602 39 Poland' ~~~~~~~~~ ~~~~~~~~~~2,170 39 New Zealand 136! 10 Kuailt 10,103 4 0 Venezuela' 1,874 .40 Iran 124 Noe:Market cap ranking based on enid-19931 total market valuesl or listed domesIcic comlpanlie; value traded ranking bas1ed on1 end6-19931 minI value traided of listedi do(met41c companyishares; rankingf onuniberof listedi Cbmpanlies, based oin endti 1993 levels, excluiding listed investment (fundts where Possible, See Stock Mlarket Reference List1 In AppendkN 1 foirstock eseliane "Incudd In each market total. Asterisks Indicate markets covered by IFC Global findexes In 1993. Southtl Africa Ias bee elslkda neegn market ased on CDP per capita critraedbIFindiigemgigakts 1994 FACTHOOK .. . ....kIiIN NItTsDATA BASE 22 World Ranking of Average Company Size, 1993 * (US$ millions; ranked by end- 1993 levels) * ~~~~~~~~Average Company size Average.company size * Cni~~~~~~~~~~~~arket CO/ (miarket Cap/ Ranik Mairkde listed domestic cd's) Ranik MOrWe listed domiestic CaOB Japan ~~~~1,392 41 Swaziland 74 Top 25 Markets by Average Company Size, 1993 2 Switzerlind 1,264 42 Poritisal '68 3 Cermniiy 1,055 43 Tunitsia. 50 4 MVex.ico * 1,056 44 Jordan * 48 5 SWedenCI 1,023 45 NMorocco 4 1140 6. Prance 966 4 6 1P1arnaa 32 7 -Kong Kong 856' 4? jarnilcl 9 ,0 8 SlIngapore 746 45 H-ungary. . 29 9 Netherlands 742 409 Mauritius 271,0 * UK. 700 50 . Kenya 251,0 ii US) ~~~~~~~ ~~~~~687 51 Cyprus 25100 12 T.aIIa, China 685 52 flotsw,n , 24 1 3 .tay648 53 Zin,babwe *23 1 4 .Malaysia *537 54 Pleru I22 IS5 Belgitin 473 - 55 Barbaidos. 2080 1 6 Finland 413 56 TrInidald and Tobago to 17 . ThallAnd' 376 57 Pa9kistan *1 0 18 Soutlh Africa Ss365 Oman 1 7 0 1 9 Spain 31 7 59 IndIa' 1 460 20 Luixenbouirg 312 60 Coted'Ivotre .14 21 Canada. 9 6 1 Sri Lanka * 1 250 22 .AutiBria. 256 62 rungulay 1 2 4, ~2 3 § Tuirkey' 247 63 Ecuador II 24 Aretn' . 244 64 ltrit . 10 300 25 . Norway 228 6 hn 26 .PhillipplInes . 224 . 6 .Nigeria' 620 27 China 'i .222 67 Egypt 6 .' 28 .~Kuwait 215 68 Costa Rica 4 *10 , 29 Koreni ' 0 9 Banglaidesh 3 30 Australia 191 . 0 . '31 iroeir189 . U . N2 a i E a5E 33 UrazIl' ~~~~~~ ~ ~ ~~181 E i uj AlE? 5 ! I * '32 New Zealand .18 L , .3 3 .34 Clille 170 z.A 35 DeninarI 163 .36 .Poland' . 123 37 Colombln' '104 38 Israel 9 1 0 Eegn ak 3 9 .Greece' 86 * nvip, akt 4 0 Venezula' . 86 eoe akt Notes: Average, company size is calculpted by dividin g enid-1993 markTIcetrap bye coi-i1993 inumber of listedtdomiestic companiesIn US$ millions. Ma%I.rket cpaps ed.ireendi.1993 total market values of listed domestic~ comipanies;nu3mber oflisted companiestused are end*-1993 levels, extcluding listed lfinvestmenit funds where possible.SLeeStock Mariret Reference Isti;nAppendiixIfLor stock exchangn sincluded in each markse Asterisksifidicate markets cot'ered by IFC Global Indexes In 1993. South Africa has beeni recl,ssified as an enmeruintg miarket based oni GDI' vercavit,tcriteriatused by li'CIn definineemereine markets. '1994 F ACTUDOK E ucaMAKTDTBSE2 .Emerging Markt Local Stock Mairket Price, Indexes, 1993 (end o'f period levels) Market ~~~ ~ ~~~~ ~~~~~~~~~Ja n Feb Matr Ar May Jun Jul Aug SpOt Nov Dir Latin AMerica 1,6. 6197 1,3. 7068 2,0. Argentinai Balsa Indice General (1977=0.0000) 13,515.7 12,710.9 13,686.1 13,315.4 12,882.1 13,704.8 *13,420.1 1,6. 6197 1,3. 7068 2,0. Bralzil B IOVESPA (1968=0.0dO0000001) 92.9 140.4 191.8 240.8 354.1. 537.5 655.8 964.2 1,466.0 1,843.5 2,740.3 3,754.5 Chile IGPA (Jan. 1980.100) 3,187.9 3,057.7 2,879.4 2,674.1 ~2,71 0.2 2,931.9 2,928.2 3,082.6 3,116.1 3.212.9 3,389.0 3,915.5 Colombia *.IBII (Jnn. 2, 1991=100) 455.1 456.5 437,3 449.2 . 455.7 452.6 482.0 52.3.7 580.6 636.9 654.8 749.1 Mlexico UNMV General (Nov. 1978=0.7816) 1,653.2 1,546.7 1,771.7 1,665.4 1,613.0 .1,670.3. ,6. ,0. ,4. 2,020.3 2,213.7 2,60216 Peru IGBVL (Dec. 1991=100) .330.6 .380.8 487.9 496.7 510.6 619.6 710.1 835.1 880.0 .1,059.3 832.3 930.5 Venezuela Ne Y 17=0). .18,002.3. 19,311.2 17,374.8 20,225.9 20,910.7 20,573.4 19,604.2 16,388.6 19,776.9 20,831.6 19,623.98 21,903.4 Chasa AsialS..Cm. Dc 9,9010) 119 1,265.0 925.9 1,358.8 935.5 1,007.1 881.1 895.7 875.8 814.8 984.9 .833.8 Korea K5E Compousite (Jan. 1980=100) 670.6 643.0 666.8 721.6 7523..3 - 748.9 729.9 664.9 718.9 750.7 811.1 866.2 P1hilippines MaiaCm-n.(a.15=0)1,848 2,169.1 2,092.2 2,331.0: 2,293.8 2,289.9 2,529.2 2,589.8 2.904.6 3,549.3 3,465.9 4,756.0 Taiwan, China TSE Average (1966-100) 3,374.6 4,384.7 4,825.3 4,563.5 4,267.9 3,995.5 .3,960.4 3,892.0 3,831.7 4,131.7. 4,353.9 6,070.6 * South Asia India F.E Bombay (1979=100) 2,255.4 2,230.1 1,927.5 1,811.6 1,900.5 1,934.2 1,98 1.9 2,265.5 2,381.0 2,349.4 2,824.6 2,963.4 Indonesia JS oposite (Aug.10, 1982=100). 200.2 300.4 310.8 31. 349 364 357 473 420 461 588 588 * Malaysia KLSE Composite (Jan. 1977=100) 624.5 638.2 643.3 719.6 735.3. 721.2 766.1 . 808.5 .853.8 972.0 996.5 1,275.3 Pakistan .SOP (1980-1981=100) . 10. 186.0 151.6 145.9 -153.6 161.7 170.1 160.8 164.2 184.0 195.4 234.2 Sri Lanka, CSS Sensitive Share (Jan. 1985=100) 762.2 756.5 781.7 755.2 762.3 837.6 960.4 995.3 999.4 1,130.6 1,385.8 .1,442.4 Thailand SET (Apr. 30, 19754I00) 974.5 937.7 865.2 845.3 825.7 877.5 928.2 963.2 971.4 1,260.9 1,310.0 1,682.9 Europe/Mideast/Aftica Greece ASE d~enera (18=0741.7 833.4 76.62. 3. 6. 50.7 873.7 82.3.6 833.6 863.0 958.7 Hung ary US Jn ~ 9i1)731.0 739.6 726.1 682.6 693.6 733.5 827.5 1,012.1 1,092.9 '1,1 56.1 1,184.1 11,228.7 Jordan AFM (Jan. 1980=100) .137.7 132.4. 135.8 ..135.5 .151.9 168.4 164.5 . 152.4. 159.3 157.7 .150.2 1 583 Nvigeria .NSE General (1984=100) .1,113.4 1,1. 1,131.1 .1,147.3 1,186.7. 1,187.5 1,180.8 1,195.5 1,217.3 1,310.9 1,414.5 1,Z543.8 Portugal . BancoTotta & Acores (1977-IC P 1,687.1 1,750.7 1,767.4 .1,737.3 2,006.8 .2,047.6 .2,257.6 2,655.3 2,466.2 .2,632.2 2,514.5 2,614.0 oland . WIG.All Share Perf. CAPr.199i=1,000) 1,050.3. ,8. 1,302.9 1,837.5 3,784.0 .3,504.2 4,195.3 6,307.9 6,302.5 .7,974.5 5,5867.2 12,439.0 Turkey ISE Comiposite (jan. 1986-100) 4,383.0 5,923.6 5,564.2 '7,807.6 8,375.8 10,778.7 10,077.6 12,357.0 15,079.9 14,500.7 '18,977.2 20,682.0 Zimbabwe ZSE industrial (1967=100) 893.7 957.8 871.0 945.2 940.9 ~1,002.8 1,219.4 .1,430.4 .1,553.4 1,887.2 .1,9645.4 2,32533 Note:. The IJOVESI'A index was divided by lOon January 26, 1993, on Auigust 27,1993, and again on February 10, 1994. The series has been adutdt QelCtheedvsos 11994 FACT11OOK ,EmERGiNG MiARKETS DATA BASE 24 m'~,Ehrging~Markets Loical stock. Market Price Indexes, 1993 V V (~MOnthly % changa) markt Jan Feb Mair Apr MayJunju Aug Sep Gd Nov DrI Latlin America Argiitlfna Balsa Indice Goner.,] (1977=0.00001) 0.66. .-5.95 7.67 -2.71 -3.25 6.39 -2.08 12.25 7.37 8.98 -3.04 20.533 Brazil * BOVESPA (1965=0.OOU00OO0i) 36.94 51.25 36.54 25.59 47.01 51,80 .22.01 47.04 ..52.04 25.75 48.65 37.01 Chile IOPA (Jan. 190:100) 16.62 -4.08 5.3 -7.13 1.35 8.18 -0.13 5.28 1.09 3.11 .548 .3 Colombia 1135 (Jan. 2, 1991=10O) .-2.96 -5.89 -4.21 2,74 1.44 -0.69 6.51 8.65 10.86 9.70 2.52 14.39 WAxCO BDMV General CNuv. 1978=0.7816) -6.04 -6.44 14.55 -6.00 -3.15 . 3.55 5.95 . 7.68 -3.40 9.75 9.67 17.46 Peru IGI3VL (Dec. 1991 waC) -11.35 15.17 28.13 1.81 2.81 21.34 14.60 17.60' 5.38 20.38 -21.43 ILSO0 Venezuela New B3VC (197tlOO0) -9.42 7.27 -10.03 .16.41 3.39 -1.61 -4.71 -6.20 7.55 5.33 -5.80 .11.62 X gool ~Asia China . SIhanglia s.E. Camp. (Dec. 19, 1990.100). .53.57 . 5.55 -26.80 .46.75 -31.15 7.65 .-12.51 1.66 -2.22 -6.96 .20.88 -15.34 Mown ICSE Composite (an. 1980.100) -.6 -4.12 . 3.70 8.22 4.26 -0,46 .-2.53 -8.91 5.12 .4.43 8.04 6.80 Phiilippines Maonila Comi.-ind. (Ja1n. 1958=100) 6.21 14.48 -3.55 11.41 -1.60 -0.17 10.45 2.39 12.16 22.20 -2.35 37.22 Taiwan, Cl Hi S Average (1966=100) . -0.07. 29.93 10.05 . -5.42 -6.45 -6.38 -0.88 .-1.73 -1.52 7.80 5.38 39.43 South A sia India R F ilomnbay (1979=100) . .1.28 .-1.12 -13.57 -6.01 4.91 1,77 2.46 .14.31 5.10 -1.33 20.23 4.99 Indonesia JSE Composite (Aug.10, 1982-100O) . 2.12 7.22 3.46 1.07 5,83 5.41 -1.0! 16.98 . 0.64 11.00 11.29 13.49 MIalay si IC1 LSE Composite (Jan. 1977=100 . 3.02 2,19 0.79 11.87 2.217 -1,91 6.23 5.54 5,61 .13.84 . 2.52 27.99 Pakistan SOP (1980-1981-100) . 0.93 12,06 -18.52 .-3,70 .5.27 5.527 . 5.21 . -5.51 2.14 12.05 6.17 19.57 Sri Lanka CSE Senislitve Shiare (Jan. 1985=100) -7.78 *0.76 3.33 . .-3.38 0.93 9.88 14.66 3.64 0.41 13.13 22.57 4.09 Thailand SET (Ar. 30. 1975-i1U) 9,07 r3,78 %-7,72' -2,30 -2.32 6,27 5.78 3.77 0.56 29.80 3.89 28.47 Euro pe/Midoast/Africa 41"".1. wen, ASE General C1980u100) 10.33 12,36 -7.99 -5.23 1,9 .~.8 11.78. 2.70 -5.73 1.21 3.53 11.08 ifungiry BSE Un. 2, 1991-1,00) .8.22 1i18 -1.84 -5.99' 1.61 5,76 12.51 22.31 7.98 5.78 2.43 3.76 oardan . AFtv (Jan. 1980=100) 6.04 -3.89 2.58 .1.97 9.65 10,90 -2433 -7,33 4.48 -0.98 -4.72 5.46 Nigeria NSE General (1984=100) .. 0,52 0.8 10 ,3 .3.43 0.0? -0.56 1.24 1.82. 7.909.3 Poabnd . t IG All Share Per!. (Akpr. 1991-1,000) . 0.92 . 3.12. 20.29 . 41,03 105.93 -7,39 19.72 50.36 -0.09 26.5.3 11.19 40.28 Portugal Beanco Toitla& Acores(~1 977 1 00) 3,00 3,77 0.5 .-1.70 15.51 . 20 1.6 189 -56. 6.73 -4.47 3.96 Turkey. ISE Conmposite (jain. 1986=100) 9.946 35.15 -1,00 33.14 .. 7.28 28.69 -6.50 22.62 22.03 -3.84 305$.95 Zimbabwe ZSE Industrial (1967=100) 3,25 7.17 -9.06 . 852 -0.45 6.58 21.60 17.30 8.60 21.49 4.09 18.37 Note: Thie OVESP'A index was divided by l0on January 26, 1993, on August 27,1993, alnd again onFebruairy 10.1994. The series has beien djuisted tareEled dine divisians. '1994 FActiiaOK ENtt.N.NIIKPStAAIE25- ..Emerging Markets Loc'al Stock Market Price Indexes, 1984-1993' (end of. period levels) Marki': ~~~~~~~~~~~~~~~~~~~~~~~~1954 1985 1956 1957 1988 1989 i990 1991 1992 19g93 Argentina Poloa Indliee Geeoral (1977=-0,00001) 0,0280590 0.2094830 0.249147(1 0.6507810 4.1383000 717.2 2,202.9 17,556.0 13,427.5 20,607.2 Brazil * IOVESIPA (1968=0.000000001) 0.0000131 0.0000655 0,0000926 0.0001249 0.0033082 0.0616 0.2516 6.0780 67.5 3,754.5 Chile ~~~~~~IGI'A (Jan. 1950ai00) 63.3 110.3 262.1 343.6 459.8 757.6 1,166.'7 2.453,7 2,733.5 3,915.5 Colombli IOU (Jan. 2, 1991.100) 215.9 225.6 463.3 551.3 572.1 975.9 1,392.3 355.1. 499.9 749.1 .. i.nico DNIV General (Nov. 1978=0.7816) 4.0 11,2 47.1 1.05.7~ 211.5 415.9 625.5 1,431.5 1,759.4 2,602.6 Penu IGOYL (Dec. 1991=100W 0.0000346 0,0002738 0.0009975 0.0009426 0,008`1809 0.3362008 25,76381 1110.0 372.9 930.5 Venezuel.i ~~~Newv IIC (1971=I00) 558.7 817.7 2,090.5 1,928. 6 .3,566.4 2,754.11 17,SS51.9 29,316.6 1'9,574.1 21,903.4 Chilnn . Shangha.1 9'E.0Ciarp, (Doc, 19, 1990.100) . -10. 292.8 750.4 533.5. * Korta * KER Canlipcslte (Jan. 1980nl100) 142.5 163.4 272.6 5295.! 907.2 909.7 696.1 610.9 675.4 566.2 I'lidhippfrles MuanlI Conw.!nd. (an. 1958= 1(JO) 10)6.3 160.9 545.0 7'50. 1 949.9' 1,584.9 870.1 1,694.7 1,784.0 4,736.0 * Tamiwn, ChInl TSR Average (1966=100I) . 838.1 535.0 1,039,1 2,339.9. 5,119.1 9,6241.2 4,530.2 4,600.7 3,377.1 6,070.6 India P.R Oom1b,iy (1979=100) 195 396.4 424.8 359,9 634.5 539.9 1,0140.7 1,503.9 2,227.0 *. 2,965.4 In1duoesia JSP. ConpoItelI (AugA.10, 1982.100) 63.5 66.5 69.7 52.5 305.1 399.7 417.8 247.4 274.3 588.83 M laysia KLSE Composite (Jani. 1977- 100)) 303,6 233.5 252.4I 261,2 357.4 56543 505.9 556.2 644,0 1,275.3 Pakistan . Sol'(1950.1981=100) ..168.3 -166,5- 199.9 225.4 262.7. 277.3 3105.5 718.2 164.4 234.2 * ..*Sri Uiinka .. CSD SensItive Share (Jan.1 19055=10) 122.2 131.4 218.0 1 172.41 .141.7 680,3 1,198.7 826.6 1,442.4 SET (Apr. X0 1975=100) 1423 135.o 207.3 284.9 356.7 879.2 61. 714 894 1629 Cra~~~~~e ~ASH General (1950rnI00) 59.2 71.0 103.9 272.5. 279.7 459.4 932.0 800.7 672.3 958.7 I-ullgary . 0E (Pait 2, 1991=I,000) . . .. ... 891 796.5 1,228.7 Jotdan. ~~~~~ARt. (Jan., 1980.100). 51.2 78.6 72.4 79.7 84.5 93.3 80.4 1011l.0 129.9 158.5 Nigerlo ~~~~~NSB General (1984=100) 100,0 128,3 1 63, 4 190,9 2 33,6 3,.25.3. 513.5 754.0 1,107.6 1,543.8 * Poland ~~~~~~~WIG All Sharm P'erf (Apr, 1991=I.000) **.. 1 . . . . . .1 1D) I0410.7 12,439.0 Poisal * ilaico tTottli&Acores (1977=100) . 2.19.7 566.4 1,202.0 2,99.0. 2,355.9 3,287.0 21 4 34 1,977.7 1,637.9 . 2,614.0 Tuirkey ISO Compusite. (Ja:i. 1956=-100). PM -- 0 673. 373.9 2,217.7 ?,255.8 4,360.2 .4,00.4.2 201,682.0- Zinibabweo ZSE. Induitstria (1967=1110) .122.7 2531') 286.3 4511.1 552.6 569,1 2,252.7 1,953.6 565.6 2,325.3 Niew: Tile BOVESI'A Inidex wadias dilvidedL by looan Jantary 26, 1993. on Autgust 27, 1993, and 11 aai on -ebruary ID, 1994. The series has tbevii adjusted toi reflect thesec divIsions. 1994 FACTiOOOK lhiuRc.'ING M,NAHM;T DATA BASE 26 Emerging Markets. Local Sock MaktPie Indexes, 1984-1993 (nn'ual % ch ange) * MnrA'd ~~~~~ ~~~~~ ~~~~~ ~~~~~~1954 1985 1986 1987 1988 1989 1090' 1991 1992 1993 Latin America Argentina Balsa linikdc Cenerali (1977=0.0001) 6410.62 6146,58 19.27 164.47 526.27 17,231.80 207.13 710.55 -24.80 53.47 Drazll* BOVESI'A (1968u0,0000000011) 442.02 401.53 4 1,26 34.87 2,549.53 1,762.49 308.28 2 315.96 1,015.58 5,437.20 Chile IGI'A (Jani 1980=1001 12,03 74.16 137.75 31,09 33.81 64.76 54.00 112,88 10.06 43.24 Colombia 1130 (jan. 2, 1991~~~~~~~~~)00) -~18.41 4.95 104.52 83.73 2.45 11.90 42.66 258,09 39.59 49.85 Wmxcc) UNIV General (Nov. 197711=0.7816) 64.71 17727 3120,6.5 124.35 *100.18 95.04 50.10 12i7.65 21.77 47,92 I erun iISYL (Dee, 1091=iOO) * 691.3 264.4 -5.5 759.9 3,817.9) 7,544.3 288.2~ 273.0 149.5 Valenezula New OVC (9i'Wi=)0) 431.92 38.89 155.67 87.93 . -1.58 -28.77. 549.31 63.95 -32.21 10.21 East Asia China" Shanighai S.r. Coamp. (Doe, 19, 1990=100) ..- 192,80 166,53 6.84 Kore.1 KSB Composite (Jaji. 1980=100) . 17.53 14.68 66.87 92.62 72.76 0.28 -23.48 -12.24 11.05 27.67 P'hilippines Manilla Coin.-Indi, (jan. 1958=100) -26.47 51.35 240.60 36.87. 26.63 66.86 -45.10. 94.77 5.27 166.60 Taiwan, Chiina TSE Average (1966=100) 9.99 -0.36 24.44 125.18 118.78 p5.00 .52.93 .1.56 -26.60 79.76- South Asia india . P.2~~R Uomty (1979=100) 9.29 98.36 7.16 -8.21 62.73 32.38 23.90 73.15 23.59 33.16 indonesia . ~~JSH Comp6isIie (Aug.10, 1982=100W .-0.95 4.72. 4.75 18.42 269.68 31.04 4.3 -40.79 10.89 148 Malaysia ~~~KL.SR Composite (Jn., 1977=100) -24.140 -.23.09 $.II 3.4.8 .36,83 58.17 -10.02 9.94 15.77 98.04 Pa6kistan Sol' (1980-1981=1001 13.49 .1.07 206 14.26i 25.02 5.55 11,27 132.77 -77.10 42.40 Sri I.nklc CSE Seiisilive Shalre (Jaii. 1985=100) -.- - 99.10 76,20 -31.00 . 74.51 Thailand SBT (Apr. 30, 1975=100) 5.80 -5.13 53.54 37.5 .35.72 127.34 -30.29 16.07 25.59 88.36 EurSE oneMieatAfi 10980=100) 1.58 19.89 46.38 162.34 2,641 64,29 102.86 -13.12 .69 25 1-lu'igary USE (Jann 2,199i=1,000) - 19.10 -1.55 54.26 Jordan ~~~~ARM (Jan. 1980=100) -22.07 .1-.20 .-7.89 .10.08 6.02 10.41 -13.83 24.38 29.911 21.98 Nigeria *...NEE Generall (1984=100) *- 28.30' 27.36 . 16.83 22.37 .39.26 57.95 52,59 41.28 30,00 Poland ~~~~WIG All Share Pt!. (Apr. 1991=1),00) . . . ...--. -- 13.23 1,095.23 i'ortugil Da~~Pnco Tulsa & Acore's (1977=100) 33.52 *126. 83 11.22 1475 -21.21 3.2 -31479 -7.73 -17.18 59.594 Turkey 592 Comiposite (),an. 1986= 1W0) 293 - 89N -44.44 493.07 4.1 34,20 -8.35 159 Zinmbabwe ZSFl industrial (1967=100) -0.89 105,30 13.66 57.19 22.79 57.28 .162.64 -14.41 -55.69 168.65 Wafe; 71w B3OVP.SPA ltindX WAS div&ided by 20 Oil JAVIiary 26, 19931, onl Augutst 27, 1993,411 and again11 ronPbruiry ID, 1994, The seies hIs been adjusted toi reflect thecse divisions 1994 F#ACT-iIOO ENIFilCNG" NIARiRETs DATA BASE 27 Emerging Markelts, Currency Exchange- Rates per US$I 1993 (end of period levels) Market . ~~~ ~ ~~~Jan1 Feb MarT Apr . May Jun . Jull Aug Sep Oct NovDL Latin America Argenitina 0.9990 1.0000 1.0000 1.60000 1.000 000 0 1.0000 1.0000 1.0000 1.0000 1.0000. 1.0000 Brazil .15.7200 19,8580 25.1220 32.2650. 41.7000. 54,3360 71,1530 94.65~0 .128.0700 174.0000 235.9800 320.9200 Chile ~~~~~~384.8200 390.8400 388.1900 404,5I000 405.2700 390.4400 404.0700 409.2000 410.1300 411.8600 407.7200 . 431.0400 Colombia 519.6100 . 528.0900 837.1400 ~~~~~845,1400 782.8500 757.1200 800.42011 806,5600. 510.5400 818.9800 81700 811.9000 Mexicot 3.1000 3.0900 3.0950 3.0945 3,1170 3.1200 3.1200 3.1135 3.1175 3.1132 . 3.1125 3.1090 Peru 1.7100 1.8000 1,8700 1.9400 1.9750 2,0100 2,040Q0 2.0600 2,1400 2,1500 2.1700 2.1500 Veliezuela ~~~~79.9300 82.7000 84.6000 84,6900 86.2400 09,6000 90.7200 93.4800 97.0000 98.8400 101.5500 104.4600 last Asia China 8.1465 8.2040 5.1500 8.1350 8.1350 *.10.6413 8.0911 8.7883 8.6921 8,7000 5.7000 8.7000 Korea 793.1000 795.5000 793.5000 795.9000 801.3000 800.5000. 506.6000 805.4000 aoa.aooo 808,9000 807.6000 808.1000 Ph ilIppines 24.8000 25.2200 24.950*0 25.7500 26,4000 26.7500 . 27.4000 27.6300 28,2500 28.9500 27.3300 .27.0000 Taiwan, ChInail 25.2200 25.7500 25.8500. 25,570D 25,5400 26.1200 26,6700 26,6600 26.5700 26,5900 26.6500 26.3600 Soulih Asia India 28.7400 30.1700 .30.9400 31.1 100 31.0800 31.1400 .31.1300 . 31,1500 .31.1300 31.1300 31.1300 31.1300 IndoinesIa 2,060.5400 2,055.0400 2,072,2400 2,068.0400. 2,078.5300 2,091.0000 2,090.0400. 2,102.5200 2,103.5400 2,102.0300 2,102.0300 2,103.0100 Malaysia . 2.6215 2.6305 .2.5915. 2.5660 2.5565 2.5715 . 2,5650 . 2.5472 2.54B0 2,5565 2.5550 2.6930 palistan 25.8000 26.1000 26.5300 26,5700 26.7 .300 27.0300 29.7000 29.7500 29.7800 29.9000 .. 29.9500 29.9800 Sri Lanka 46.1500 4480 47.3500 ..47.9600 479600 . 820 4.10 4910 4.70 49.2870 49.4200 49.5600 Thailand .25.4800 25.4100 2.70 5.00 2.00 2240 5300 5100 2200 25.3400 25.4300 25.4800 Europuf Mideast/Africa Grate ~~~~~~215.7000 222.0000. 219.5500 215.2500 214.8000 232.6700 237.7200 237.1500 235.5000 240.6500 246.1500. 249.3500 H-ungary 52.9900 86.5850 86.3400 57.0600 88.1600 92.1550 95.5700 94.4100 97.2100. 98.8300 I00.6900 .100.7000 Jordan . 0.6723 . 0.6742 0.6733 0.6674 0.6723 . 0,6811 0.6811 0.6772 0.6782 0.681 I . 0.6870 0.6870 Nigeria 20.5000 29.0000 32.0000 .2 1,0000 25.0000 25.0000 25,0000 25.Ol 30,000.0 35.0000 35.0000 40,000 Poland 16,009.0000 16,383.0000 ..16,758.0000 16,735.0000 17,153.0000 17,865.0000 18,307.0000 19,728,0000. 19,945.0000 20,597.0000 20,962.0000 21,444.0000 Pcirtugal 145.5000 . .51.0000 1 48.2900 146.8500 .152.4100 162,4200 179.7100. 171.2400 167.8500 173.7800 175.7000 l76.6200 Tuirkey. 8,711.O100 9,02740100 9,550.0000 9,560.0000 9,956.0000 10,759.0500 11,323,0000 11,6813.0000 12, 152.0000 12,911.0400 13,714.0000 14,570.0000 Zimbabwe 6.0394 .6.2467 6.5331 6.3038 ~6.3261 6 65605, 6.6740 6.5535 6.5050 6.7163 6.8760 6.9351 No1Ls: Mevlxico Introduced a inow ctirrenicy, t11w nuievO peso, erffctIve January 1, 1993. The nuevo peso replaces the peso at an exchange ratle of 1,000 pesos for I nuievo PC-so. Brazil lintrodcedcL a new cuirrenicy, the cruizeiro real, effective Auigust 1, 1993, Theo chnuzera real replaces the crtueiro atan eNclwiige rate of 1,000 cruzeiras for I cnizeriar real. 1994 PACrilooK . . ENwnc.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~r i INc; MiARKETS DATA BASE. 28 Emerging Markets Currency. Exchange.Rates per US$, 1993 (monthly % change) * Market anFbMrArayJuin Jill Aug Sep Oct Nov LAretinAeica -0.10 -0.10 0.00 0.00 0.00 0100 0.00 0100 0.00 . 0.0 0,00 0.00' Brazil ..-22,12 -20,84 -20.95 -22.15 -32.63 -23326 -23.63 -24.'3 -26.09 -26,40 -26.26 -26.47 Chile -0.65 -1.54 0,65 -4.03 .-0.19 3.90 -3.37 . -1.25 .0.23 -0,42 1.02 - 5.41 Colomblia -0.96 -1.02 -1.08 -0.95 .7.96 -0.5,1 -1.66 -0.80 .0.49 -0,99 0.59 -0.02 Mexico4 0.52 0.32 -0.16 0.02. -0.72 -0.10 . 0.00 0.21 -0.13 0.14 0.02 0.111 Peru .4.39 -5.00 -3.7,36 17 -1.74 -1.47 -0.97 -3.4-07-09 0.93. Venezuela -2.21 -3,35 -2.25 -0.11 *l.50 -3,75 *. 1.23 -2.95 -3.63 -1.86 -2.67 -2.79 East Asla China . . ~~~~~-29.40 -01.70. 0,66 0.15 0.00 -23.55 31.52 -7.93 1.11 -0.09 0.00. 0,00 Korea -0.59 -0.30 0.35 . -0.30 -0.67 0.10 -0.76 -0.22 -0.05 -0,01 0.16 -0.06 * l'hlilpptnc 3,23 . -1.67 1,08 -3.11 -2.46 -1.31 -2.3? -0.83 -2.19 -2.42 5.93 1.32 *Taliwn, China -0.20 -2,06 -0.39 1.10 -1,04 -1.07 -2.06 0.04 -0.78 1,35 .-0.23 1.10 A- ~~Souih Asia * Indla .0.21 -4.74 -2.49 -0.55 0.10 -0.19 0.03 . -0.06 i.A0.00 0.00 0.00 lIndonesia .0.14 0,12 -0.69 0,20 -0.50 -0,60 0.05 -0.59 -0.05 0.07 0.00 -0,05 Malaysia ~~~~~~-0.25 -0.34 1.150 0.99 0.37 -0,58 0.25 0.70 . -0.03 -0.33 -0.06 -5.01 * Pakistan. -1.16 -1.15. -1.62 -0.15 .0,60. -1.11 -8.99 .-0.17 -0.10 .0.40 -0.17 -0.10 Sri Lanka .0.33 -0.71 -1.84 i1.27 0.00 -0.50 -1.05 -0,81I -0,12 -0.24 -0.27 -0.28 Thilannd 0.04 0.25 0.16 0.87 -0.40 0.04 -0.24 0.64 -0,40 -0.391 -0.35 -0.20. KEurop./Mldoost/AhIdo Grecec -0,19 -2.84 1.13 1,00 0.21 -7.68 -2.12 0,24 0.57 -2.02 -2.23-12 Hltngariy 1,18 -4.15 0.28 -0.83 -1.3 -4.34 -3.57 * 1.23 -2.88 .-1.64 -1.55 -0.01 Jordan * * ~~~~~0.28 025010.8 * -73-1.29 0.00 **0.58 *-0.15 -0O43 -0.96 .0.00 NIgeria * 4,88 -29.31 -9,38 52,38 -16.00 0.00 0.00 . 0.00 -16.67 *-14.29 0.00 -12.50 ** Poland .-33.94 -2.28 -2.24 . .0.12 -2.42 3.399 -2.41 -7.20 -1.09 -3.17 -1.74 -2.35 * I'ortugnl 0.08 ~~~~~ ~ ~~~-3.64 1.30,95 -3.65 * 6.16 -9.62 4,95 ** 2.02 -3.41 -1.09 -0.52 TUre. . * -1.96 .-3.50 * *-5.77 0.31 -3.98 -7.46. -4.98. -3,08 -3.86 -5.88 * 5.86 -5.85 * * ~~~ZImbabwe *9t24 -3,32 -4.38 3,64 -0.35 -3.57 -1.70 1.84 0.75 .3.15 -2.32 -0.85 NNerMxc Itoue nwcrec, h ui es.efcle aur ,193 I uvops elcpehoenata,xhne aeo ,0( eo o 1iuv eo Brazil Introduiced a new cturrency. the crtIzelro rc.ii, cfreclive Aiguist 1, 1993. The cruzelro real replaces tlia cniazero at ani exchange rate of 1.000 cruizelros f(or I crtuzlto teal. * 1994rFACTHOOK ENIERiWNG MIA1RKE.T DATA BASE-, 29 Emerging Markets Currency Exchange Rates; per US$, 1984-1993 (end ot period levels) Markcl ~~~~~~~~1984 1985 1986 1987 19B8 1959 1990 1991 1992 19)03 Latin AMerica Avgwflhin ~~~~~~0.0000 0.000 I .01 000 0.0016 (.1360 0.5670. 0.9990 (1,9980 1.0000 Brlrzl 0,0000 0,0000 0.0000 0.0001 I 0.0007 0,0113 0.1610 1.0902 12.2430 320.9200 Chille 128.2399 183.8599 204.7300 232.4300 *249.5400 294.1100 3316.8600 374.8700 382.3300 431.0400 Colonmbil 1 13.8899 172.1999 219.0000 262.14100 3;i6.0000 423.0900 52.3.0000 705,4100 811.7700 8190 NlexIco .0,1926 0.03717 0.921 2,2000 2.3200 2,6835 2,9480 3.0890 3.1160 3.1090 Pe~ru ..- - . .. - .0.5400 0.97.50 1.6350 2.15o1) * Venezuela ~~~~~~~~12.6500 14,4000 22,7000 29,4500 37.20001 43.5000 49,7400 60.800(1 78.1600 104.4600 loEst Asia * China . 5.2221 . 5.4342 5.7518 8.7000 Korea. . 827.3997 890.1997 . 61,3999 795,1000 684.9000 677,4000 714,5(100 75H.7000 788.4000 81108.100(I PhilIppInes 19.7600 1~~~~~I9.0)20 20.5.3(10 20.7300l .20.70(06 21.770(1 27,2000 26. 1500 25.6000 27.0001( * Taiwan, China 3~~~9.4760 3.50 3.90 2850 810 00 a0 26.6300' 25,5000 25.1700 26,36100 InuhdAia Inldonesia 1,074.0000 1,125,0000 1,641.0000 1,65(0.0000 1,717.35.18 1i~797.0000 I,88g'Loo( 1,984-.0100 2,063,5000 2,103.0100 NIaldysiA *. ~~~~2.4250 2.4265 2.60.10 2.4880 2.7100 21.69115 2.6983~ 2.7205 2.6150 2.693(1 *. .Pakistan .15.3600 15.9800 17.2500 .17.5000 18.500(1 21,2500 21.7200) 24.61000 25.5000 29.9800 Sri LaInkai ...... 40,oo0o 40,2400 42,7138 46,0000 49,56011 Thailand 27.1500 26.6500 26,1300 25.1900 25.1900 .25,6101) 25,3000 25.05OU0 25.4900 25.4800 Europe/MIdeasI/Afileo Greee . 128,4799 1.17.75991 138.7600( 126,7(100 1417.7000 156.300(1 159.5(100 175.00001 215.30001( 249.35001 1hingary -- . 61,4490 75,6200 . 83.9700 100.7000 * Jordan . 0.4050 0,3678 0.34411 01,3430 0.4750 0,6376 ,.(,490,6730. 0.6742 . 0.670 Nigeria . 0.8083 0,09906 3.3168 . 1113 .oo7.4500 8.7a00 9,80(10 21.5000 40.00(00 ,i'oland . .. . ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~9,500.0(00(1 I0,957,0(IP, 15,767.0000 21I,444.0000 P'ortugal 169.2800 157.4960 146.1200 129.8701) 146.77200 149.6(100. 136.6400 133,6000( 146i.9200 176.6200 * Ttirkey .144.7401) 576.8599 757.7898 987.82(00 I,805..1000 2,293,0001) 2,898,00011 5.025,000(1 8,540,0000 14,570.0000 Zimbabwe * 1.5024 . 1.6412 * 1,6781 1,6620 1.94129 * 2.24.1R 2.66090 5.01355 5,4816 6.9351 MNew?s: Mexico introduced a niew ctirrency, ilha muevo peso, utfk'ctivo Januory 1, 1993. Tlhe nwevo pL'so replaces the pevso at a,n oxchiinge rate oif MAI1 postis fuir I niu'evi poso, i3rullI inkraduCeLd . new currency, ilia cruizelro real, offectIve Augutst I, 149'3. Theo crtiVelro real replaces I11w crumi~.ro at an emcItinge rate of l,0100 crtizeIros for I crizeirto reail. '1994 1ATsOK EN..IiMlRCING MNIARrrTS DATA, BASE 30 Emerging Markets Currency Exchange Rates per US$, 1984-1993 (annual % change) Market 1984 1985 .1986 1957. 1 988 1989 19901 1991 1992 1993 Latin Amosicai Argentina -86.98 -77.68 -36.32 -64,09 -78.53 -95.80 -76,01 -413.24 0.10 -0.20 * Brazil ' ~~~~~~~-69.10 -69.65 -27.88 -79.56 -90,26 -93.53 -92,98 .85.23 9.09.1 *Chille -31.75 .30.25 -10.19 -12,92 -6.86 -15.15 .12.69 .10.14 . 1.95 -11.30 Colvnibla. -22.06 -33.86 -21.37 -616.46 -21.98 . -20.58 -29.10 *25.56 -13.10 -0.02 *vcxc -25,25 . -48.19 -59.75 -58,02 -5.17 -13.55 -8.97 -4.56 -0.87 0.23 Nlenlc . - 44,62 -40.37 -23.9 ~~~aru1* ~~~~~~-66.01 -12.15 -36.56 -22.92 -20.83. -14.48 -12.55 -18.19 -22.21 .-25.15 . . East Asia Chin I ---.- 58 -8033.89 Komia -3,86 -7.05 3.34 8.34 16.09 1.)1 I-5.19 -5.83 -3,77 -2.44 lPhillippines -29.14 3,83 -7.30 .0,96 . C ,1 -4.92 -19.96 4.02 2.15~ 51 TAmiwn, CItinii 2.03 09511.66 20955,23 . I I.1 8,21 .-2.18 4.43 1.31 -4.51 *South AsIa india . 15.73 2.35 -7.29 1.0-14.25 -10.51 -7.22 -29.65 -10.04 -7.87 *.IndoneIaM -7.45 -4.53 -31.44. 1.055 -3,92 -4.43 .4.87 -4.79 -3.855 -1.88 Malaysia ~~~~~ ~~-3,58 -0.06 -6.78 4.62 -8.19 0.43 0,01 .-0,82 .4.03 .2.90. Sri Lna-------0,60 .5.79 -7.14 -7.18 Tliailand .-15.29 1.88 1.99 3.73 0.00 -1.64 1.23 1.00 -1.73 0.04 Europo/MIdoastfAfrIca * .Greece -23.20 -13.05 6.49 9.52 -14.22 -5.50 -2,01 -8.86 -18.72 -13.66 Hungary - -.-18.74 -9.94 -16.6.1 7 di 8,27 10.11 69 ,32 -2,1 -55 -Oil1 -4.77 -0.15 -1.86 Nigeriai -7.39 -19.14 -69.86 -1 9.91 - 21.86. -28.86 -14.37 -11.22 -54.42 -46.25 ~~~oad-7 .- 2.0-30.51 -50.68 Portupt .-22.35 7.49 7.78 12.51 -Il.'48 -1.93 9,48 2MS -9.07 -65 Turkey~ -36.41 -22.90 . -23.88 -23.29 .-45.28. -21.28 -20,818 -42.33 -41.16 -42.39 ZI nbaibiw -26.42 -8.46 -2.20, 0.97 -14.46 -23.45 . -15.64 ..47.16 ..8.14 -20.96 Motcs: Mexico lintrodutced a newi ctirrency, the nuievoi peso. effective j~immiry 1, 1993. The tifvOi puso rep 1 .lac the7 pe In' alliencIi,1115 rl'Of 1,000 pLms for I ntievo Peso Drazil Ilrmciuced a new cuirrenicy, 31w cruzxolir real, effective Auigust 1, 199.3. Thec cruzairo real rplaces 1li eruzelro a iIm tncli,mg rat o1 f 1,000 cr:zelorts fo~ I enizoirni rea.A 1994 FACT. . .. O. 15 GirNc;G NIAItiKE.-IT DATA BAsr. .31 GlIobal. Indexes:, Emergaing Stock Markets Factbook 1994 'i"'.. Market -WeIghts In the IFCG Composite Index End- 1993 Mairket IWeight In Nuimber of capitalizationi. iIFCG ComIposite Marl-el stocks (US$111illions) . 14 Laf In America .Weights In the IFCG Compoitte Index, End*1993 Argenina SI1 31,496 3,5 Brazi .70 60,549 7A4 Chile 35 25,595 3 ..EMEA Colombia - ~~~~~ 06,953 0. 514 ' Mexico 69123,785 1, ileru* IS~~~~~~1 2,351 .3114 Venezuela I?~~~~~1 4,8400. East Asia Chiona. 81 . 1 177? Korea .134 91,444 V v, Pilips e 37 23,910' 2.9 Tawiwa, China 78 1241,647. . 15,1 South Asia India lOS~~~~~~10 49,319 6,0161 Idosi 4 1 18,124 122 \iaic~~~~~~ysIa ~~~66 135,432 16A4 P akistan 64 7,94510 Sri La-nka *30 1,466 Thailand ~~ ~ ~~~~58 74,595 9,0 Europe/Mideast/Africa Numnber of Companies In the iFCG Composite Index, End*1993 . . . . . ~~~~~~~35 6,955 0.9 1 3 659 NirL:. 2 9 2,5'iG 0.3 .EB Nigeia 24 672 . 0, Latin Americ Inland' ~~ ~ ~~~~1 2 2,140 % Portugal . 33 . 8,551 1, Turkey .36 23,7412 2,9 Zimnbabive 2 1 591 ( 7 Reg(ons Coniposite' ~~~~~1,006 825,619 100a, 0 GLain America' 24 2. 257,109 .31,1 As . 58 525,413 63,7 Asia Nu"Ies China, I fingn~ry, I'eiui, Polan, .111diu Sri Lanka1 were nti lincludedtn In rugioimaI nr culnsiII statistics InI 1993, 1 cgluLs noct crrcmtlly calctulate ,I 1KG13CCEN inDeIX, 194FACTIOOK .EMERGIV,NG' N'lAitwl-rSDATA BASE 34 Market Concentration In the IFCG indexes End-1993 (percent)* 10 largest 10 most active IFCC index IFCC intlen stxk' .soch' share or share of . tshara of share or tot:l . totll hIPC IrCG Market market clp valute trded mirket clp value traided Lalin Ameilca Share In Market Capliallaclion, 1993 Argentina . E 71,6 86.2 65.7 68.4 Brazil 61.2 .49.7 36.3 43.B - Clile 64,1 70.1 48,3 54.6 Colombi.i 75,3 61.0 69.6 58.0 90 Medoxico 62.0 75.5 36.4 49.3 Peru 46,0 61.0 44.6 56.1 i .VYenezuela 60.4 88.0 55.7 85.5 .0. East Asia 5\ , : China 47.3 55.8 20,6 22.6 700 Korea 65.6 47.6 25,2 12.3 *Phillippine 59.0 53.0 51.1 38.3 Tamian, China 63.9 51.9 33.8 21.7.0 South Asia *.. .50.3 46.9 19.6 29.9 50O ndonesia : ::: j55.0 @3.6 32.0 40.7 Maaysia . 61,5 23.6 34.0 1 1.5 Pakistan ~~~65.5 65.4 34,7 49.8 4 0 *Sri Lankan 55,7 60.2 37.8 42,3. .;ailand . 57.2 44.6 32.7 240 30O' *Europ./Mldeost/Alrica Gn..c . 56.7 56.2 39.7 .10.7 ftus~~~gavy 5~1.2 . 79.2 77,9 77.9 20 -Jordan 52.1 67.7 44.0 45.2 NIGeri 65.3 46.81 45.0 .19.8 roland ~~~~79.1 80. 1 75.5 74.2 10j Portugal 71.~3 61.9 53.2 5. Tuirkey .63,3 45.2 45.6 25,3 Zimbabwve 62.2 48,8 50.2 40.2 H0 IH HH FIiiCC.iLI% hr of toala lmarket r.ip *i)lreistocks' sh,ireoif 1FCG market cap1 1994 FAcTRIQOK JERNIr.NG MARKETS DATA BASE3 Comparative Valuations of the. IFCG Indexes PdIew6wreIIn8s rai o Price-Ar4k miume rnub' Ufrlikurd yjdel * Ruljailvo 192 iontlve . RLittivi End to MSCI En FM t -C M omc Muikel 1993 Woirld 1921993. World i19193World 19 Ltiun Amni.gca Argentina 4 t.90 1.46 3.91.94 . 0.95 1.20 2.28 0.99 1.93 BoilrnI 12,519 tJ.44 -24.43 0.55 0,24 0.37 0.40 0.17 DAN9 Chtili 20.04'. 07 29 2.11 . 0,92 1.71 . 2.74 1.19 3.82 Xolornbla 25.54 0.89 27.93 . 1.50 0.79 1.73 1.11 0.82 1.89 ~P vMlxco ..1.50.68 12.28 2,59 1,13 1.99 1.65 . 0.72 .0.99 Peng ~~~~~~~~44.01 i .53 25.91 3,62 1. 15 2.66 0.79 0.34 VlneMCIo 17.44 0.61 15.63 1.65 0.51. 1.61 2.35 1.02 . 0.98 East Aila - 'Chlnn I Pines 8.77 ~~~1.35 14.13 5.23 2 ,2 245 0.35 0.15 rn'Ai~vawChime 34.73 1.21. 16.57 3,93 11.72 2.15 0.83 0,36 1.77 "- Suth Asia India 39.68 1.35 33.74 4.90 2.14 4.74 1.00 0.43 0.73 IndonsIja 28,93 .1 . 1.93.109 1.605is 1.25 0.54 2.06 Maloysia ' 4~~~~~3.49 1.52 21,841 5.9 2.35 2.53 1.05 0.46 2.36 .Pikdslan .27.64 0,96 218 .01.53 2.55 1.55 (.72.55 Sri Lanka 27,81 0,97 .4,22 1,54 .1.65 .0.72 ThilLind .27.54 0.96. 13.93 4.71 2,0 2.52 1.51 0.66 2.62 Euuope/Mldua.tdAfrIaa 1 ..8 . 0 31945 5167.4.85 2.11 11.02 GreCC . 0.05 0.356 1-lungary 52.42 ~~~~~~~~1.63 .1.65 0.22.73. 1,19 Jordain . 17.95 0.53 - 143.49 .1.96 0.116 . 1.61 2.71' * 1.18. 2.51 Nigeria 5.36 0:29 8.96 1.76 0.7?' ' 1.74 6.57 2.99 5.10 Nlond31.47 1.05,69 2.4511 0.43 0.19 Portugal 17.97 0.063 9,05 1.69 0,74 1,02 .2.95 1.28 4.63 Turkeay 36.34 1.27' 6.95 7.15 3.14 1.29' 2.39 1.04 8.14 Zimbabwc 8.54 0,.I ,0 0.91 0.40 0.31 3.62 1.57 6.13~ Compallo , ~~~~25.8? 0.90 17.93 2,30,97 . 146.4063 21 ;1i1'1. LAitln Aknwrca .18.42 0.54 19.45 . ,3 0.7104 ' 2,10 0.91 1.59' Asia . 33.25 1.16 .18.47 3.29 1.144 170 .0.99 0.43 .19 Developed Markets 52 apa...n 67.50' 2.36 36,90 1.99 0.7 . 17 .90 0,39 1.00 UK. ~~~~~ ~ ~~20.70 0.72 9.02.55 1411 2.13 . 350 1.52 4.50 u.s. 22.10 0.77 22.70 .2.61 1,1 2.36 2.80 .* 1.22 2.90 hr 'SIk World .20d7 1,00 23,00 ..2.29 I 100 13.. ..01.00 21 4 -."1994 F'ACTDOQK HN11:11iCING NIARaKrTs DATA BASE 36 - .~~ ~ ~~~ ~~- En CI ~M O CD P C,o n C 96 Tai an anChiia -t 1-lun~~~~~~~~~~F G A ar ...................... .-......t 'a a _ _ _ _ _ _ _ Thailappnd s JECC AsOite _ _ _ _ ... ol:ndoia ______ Cbki.te -n- JFcrnordane ONE] Zi~~olmbabw us. 0~~~~~~~~~~~~~~~~~0 Mexic - ( Portugal Jordan5 Venezuela Aigena 7- GnE15 ~~~~~~~0 - 1. . l a * . b b o* 6Malysi > Indi 00 0 . a .- -~~~~FC A,C Poltuand . .- - Brs.7.i M Phil~~~~~Oipph ..im-*.~'-- to~~~~~~~~~ugr IFCG Price Indexes 1993 Performance Summary (ranked by 1993 % changes In US$) Ranik Mairkdl 1'rlc Index Emerging Markets 1I'in 717.9 Percent Change In IFCG Price Indexes, 1993 * ~ ~ ~~~~~~ ~ ~~~~~~~2 Turkey 213.7 3 Philippines 133.2 4 Zinrbabwe 122.370 5 Indonesia 1091170 6 Malaysia 99.570 * . . ~~ ~~~~~~~~~~~7 Thailand 97.0 st ~~~~~~~~~~~~~~~8 . Brazil 91.3 650 9 TaMiyan, China 56.9 1 0 Argenitina .67.360 I I Sri Lanka 61.9 550 -s ~~~~~~~~~~~~~~ ~~12 l'aklbtAn 82.4 13 mexico4. 500 1 4 Pent 34,9 450 1 5 Colonmbia 31.7 16 Portugal 30.9 400 1I7 Clille .29.5 IS 8 Jordan 20,8 - 5 19 Korea . 06.300 20 Hungary 19.1 21 IndIia 17.0 250 22 Gracev. 16.1 23 Chinai -7. 200 24 Venezuela -10.5 150 2 5 .Nigeria -18.2 Regions I* Asia 67.8 S JfH H n n n ..0 .~ .. 2 . Cimpoiled 63.7 0M n n nm `--U 3 Latin America 51.7. 7;Developed Markets 1 MNSCI, RArE. 30.5 ib tj m u' z a :11 2 FT, EuraPlac '28.9 *4U 2 3 U, K., FT100 17.3 , 3cn u 4 Japan. Nikkei 1isa ub S U.S., S&i' 500 7.6 I QEmierging markets *Developed mark-ets o ir'C Regional indexes 1994 FACTBOQKC EMERGING, MIARKTms DATA BASE 35 IFCG Price. Indexes 1993 High, Low, Close (US$; year-:end and week-end values) End- HihLow E,id- Mark.pt 1992 Hight %vak Low weevk 1 193 Latin Amelica IFCG Pries Indexes High and Close, 1993 Argentina 958.0 1,602.4 31 -Dec 879.7 5-Mar 1,602.4 Bralzil 101.1 208.7 17.Sop 95.7 5-Feb 193.4 Chilei ,7888 2,315.8 .31-0cc 1,573.9 7-May 2,315.8 Colombia 1,117,5 1,471.6 31-Dec 335.8 Ig-Mar 1,471.6 400 Mexico 1,848.0 2,715.1 31-10cc 1,648.5 26-Feb 2,715.1 Peru 100,0 135,1 29-Oct .84.2 21-May 134.9 Veniezuela 454.2 433.2 8-Jan 326.1 MAUvtn 406.5 3,500 East Asia China 1060, 19-Feb .87.5 23-Jttl 92.500 Korea 420.9 509.1 17-Dec 369.1 5-Mar 507.7 Phlilippines 1,608.5 3,753,2 31-Dec 1,658.7 15-jan 3,753.2 Taiwan, Chlina 451,2 843.3 31-Djet 430.8 B-Ja 843.32,0 South Asia. In din 346.3 418.7 .17-Dec 236.7 23-Apr. 405.6 200 Indonciai 57.6 120.! 31-Dec 58.9 22-Jan 120.52.0 Malaysia 187.8 374.7 31-Dec 181.1 15-Jin 374.7 P~I'cstani 274.7 418.6 31-Dec 238.9 23-Apr 418.6 Sri Lanka 100,0 161.9 31 -Dec 83.5 12-Feb 161.9 1,500 Thailand 605.6 1,192.9 31 -Dec 596.6 2-Apr .1.192.9 EutopsiMldeost/Airica1,0 Greec 292.1 367,9. 13-Auig 297.4 8-Jan 3,39,2 H-ungary .. .100.0 I119.1. 31-Dec 68.1 ?-Jull. 119.1 * Jordan 129.1 178.6 . 9-Juil .129.4 6-Jnag 156.050 *-** *Nigerfia 33.3 32.8 20-Augl 25.8 29.Oct 27.3a Poland .100.0 817.9 3I-Ddc 97.4 19-Feb 817.9 Prugal 431.1 585.7 10-Sep 431,3 8-Jan 570.9a m * Turkey 152.1 477.1 31-Dec, 138.9 1 5-Jan 477.1 Zimbabwe 196.7 437.6 31-Dec 191.9 2-Juil 437 6 .. Reglons .. 15. jc - ! * .,. . ~Conmpostit 267.8 439.6 31-Dec 277.2 29-Jiun 439,6 ...r Lat tInAmerica 457.0 .695.0 31-Dec 438.9 144iny 695.0 ,U Asin 273.8 459.5 31-Doc 271.0 29-Inn 459.5 . IriiEd-1993indextevel *.1993 high ..Nottr IFC's wveekly Index coverage or Zinbabwve.sariLedon July 2, 1993,wlichlifs reported heLre s tli low w%eek. The low month-u-nd alue or Zinhib.vibwe s 184.6 on arch 31. 1994 FACTUQOK FNMERGING NIARKETS DATrA BASIE. 39 1M .FG-Price Indexes .~"~t.",e~Regional .vs. ~Developed Market Performa'nce, 1993: (US$; end 1984-100) index Jan ~~~~ ~~~ ~~~Fab Mr Apr MyJnJul Aug Sep Oct Nov DM Index level IFCG Composite 265.7 ~~~~278.1 231 8.8 288.2 293.7 297.5. 1. 2. 345.2 368.9 439.6 IFCG WVilAmerica 446.4 .446.6 4 71.7- 450.3 .456.2 496,2 503.2 53B.2 551.2 574.5 620.2 695.0 17CG Asia .272.1 289.0 290.5 299.1 299.9 294.3 ..298.5 304.9 314.2 347.8 3.7 .459.5 U.S., S&P' 500 262.4 265.1 270.1 262.4 269.2 269.4 268.0 277.2 274.4 279.7 276.2 280.2 U.K., Ff to0o 292.? 289.4 305.7 310.4 313.1. 303.5 305.2 324.2 315.9 329.7 . .330.0 354.9 Japan, Nikkei . 304.9 320.5 361.3 420.4 427.7 408.2 . 434.0 445.5 423.3 405.3 336.1 345.2 mscL,EArE 310.1 319,0 346.3 375.7 386.2 379.6 392.5 413.2 403.4 415S.3 375.5 . 405.4 F', EuroPac 302.9 312.7. 340.3 372.7 382.5 372.0 358.3 407.1 395,2 403.4 366.6 391.1 %change IFCGConiposito "0.8 4.7 1.8 . 1.3 0.5 1.9 1.3 .4.4 3.2 .7.7 6.9 19.2 IFCG Latit America :2 . , 451338 .1.4 7.0 2.4 4.2 . 7.9 12.1 I rCC Asit. -0,6 6.2 0.5 2.9 0.3 -1.9 1.4 2.1 3.0 10.7 6.3 24.3 * . ~~~~U.S.,5&I' 500 0.7 1.1 1.9 -2,5 2.6 0.1 -0.5 .3.4 -1.0 1.9 -1.3 1.5 U.K, FT 10t32o1156o. . -3.1 0.6 6.2 -1.6 3.4 0.1 7.5 * Japan, NIkko! ~~~~ ~~~ ~~0.8 5.1 12.7 16.4 1.? -4.6 6.3 3.3 -5.6 -4.2 -1713. The MC,ERAPE -0.2 2.9 B.6- 9.3. 2.0 -J.7 3.4 5.3 :2.4 3.0 :5.9. . Nuirn 17 ICC CoiipuAilc ind regional indexes do not Include nll markets. See base date table In Introduclion for dletails. . IFCG Regional Price Indexes vs. U.S. S&P 500. 1993 (rebosed 16 1992-100) 175 150~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~0 1 25 100 a ~~ - ~ ~ .~p-C~,- -Z7Thk ~ ~FM . gI 1CG Composite i R X A I C¶ C atin America j. 7 ~~~~~~~~~~~~ . 17~~~~~~~ICC Asia Jan1 r eb. Mvar Alpr Ma Junil fri el Aug1 Sep! at N DIV twO 9. 4 FAcgj o EiNIIIRGCIG N1AtwKErs Dati% BASIH 40 IFCG Price Indexes Regional: vs. Developed Market Performance, 1984-1993 (US$;.end 1984=100) faWdN 1984 1955 1956 1057 1985 1989 1990 1911992 1993 Index level [FCC Composite 100.0 122,2 132,9 146.2 224.0 339.9 234.8 271.5 267.8l 439.6 IFCG Latin America 1O0.0 155.5 146.4 97.1 154.1 221,1 203.7 . 439.2 457.0 69.5.0 IFCG AsIa 100.0 106.6 131.4 168.6 253.7 434,0 275.3 274.1 273,9 459,5 U.S., S&PV 50a10. 126.3 1144,8 148.2 166.1 211,3 197.5 249.4 260.5 260.2 u.K., WI' 100 100.0 143.2 173.7 *224.9 226.6 274,4 290.3 . 317.5 302.5 354.9 Japan, NikkeI 1~~~00. 4. .237.2 412.0 538.5 604,2 391.9 411.0 . 326342 MSCI, EAPE 100.0 153. 255,2 314.3 398,1 -434.8 .327.4 . 360.8 310.6 405.4. WI', EuraPac .100.0 151.6 25211 . 314.2 397.5 435.4 324.5 357.2 303.5 391.1 % chanpge IFCG Comiposite - 22,2 5.7 .10.0 53.2 51,7 '30.9 .15.6 .. -14 64.1 IFCG LAtII AmnTiCa . .. .555-, ..375,744,0 -8.1 115.6 4.0 52.1 IFCC A1541 6.6 . 23.3 25.3 68,3 .53.0 -.16.6 -0.4 -0167.8 U.S., S&eP SO - 26.3 14.6 2.3 12.0 27.3 -.66 26.3 4.5 . 7.6 U.K., Fr 100 - 43.2 .. 21.3 29.5 0.8' 21.1 5.5 9.4 -4.7 17.3 Jaipnn, Nlkkeli 43.6 65.2 3730712.21 35.1 4.9 -26.4 1. MISCI, EAFE . - 53.0 . 66.8 23,Z 26.7 9.2 -24.7 10.2 .13.9 30.5 FT', Euroi'ac - 51.6 66.4 24.6 .26.5 9.5 -25.5 10.1 -1 5.0 28.9 Note The IFCG Composite and regional Indexer do not ln'c1udueall miarkeuts.8c secbin dte table In liitrodtuction for details, IFCG Regianal Price indexes vs. U.S. S&P 500, 1984-1993 (1984-100) 700 600 400 3100 200 . t-iCGopst r- ICGLitln America 1984 .1985 1986 . 1987 .1988 . 1989 lo90 1991 . 1993 7993 .1994 FACTIiOOK ~~~~~~~~~~~~~~~~~~~~~~ENtiA[INGs MARKETS DATA BAsE. 41 IFGPrice Indexes 1993 .(US) Basecdale .MarIa .C10.O Jn Fab Mar Apr May Jn Jul Augs Sep Oct NovDL WLatn America Airgtntinn Dec-84 977.2 912.6 982.1 954.8 925.2 996.7 996.3 1,125.8 1,219.6 1,336.3: 1,302.3 1,602.4 Brazl De-8499.0. 123.1 124.8 120.1 134.7 163.4 160.8 172.7 187.5 174,6 193.7 193.4 Chile Dec-S.4 2,009.9 1,883.3 1,790.2 1,607.5 1,620.4 1,839.3 1,768.0 1,847,9 1,890,0 1,964.9 2,081.4 2,315.8 Colomblia Dec-84 1,022.0 967.0 893.4 895.3 983.3 949.9 978.8 1,075.1 1,143.7 1,221.4 1,268.7 1,471.6 Me'cko Dec-54 ~~~~~~1,745.5 1,648.4 1,855.1 1,763.9 . 1,702.8 1,740.5 1,836.1 1,964.4 1,906.6 2,9. 2318 2751 rena Dec-92 54.5 55,0 96.7 $88. .84.1.. 98.8 101.3 116.3 119.4 135.1 . 113. 134.9 Venezuela Dec-84 . 383.3 386.9 336.2 3188.4 . 4.13.1 421.0 398.9 347.5 . 361.6 4a6.7 387.! 406.5 East Asia China Dec.92 132.5 154.6 1 18.6 153.3 117.3 90.1 103.8 100. 99.4 93.3 103.2 92.5 Korea Dec~~~~.54 401.0 . 380.8 402.5 435.5 .447.0 437.1 419.4 391.7 419.6 42.455 507 7Philipphies Dec-54 1.685.4 1,871.0 1,818.7 1,917.4 1,872.7 1,835,6. 2,005.6 2,02219 2,214.0 2,603.7 2,726.6 3,753.2 Taia, CiaDec-54 450.3 605..6 . 49.5 613.9 574.5 535.8 516.1 506,5 486 53.- 532833 South Asia inidia 'De.4 3, 309.5 . 254.2 238.3 253;6 258.1 274.6 309.6 322.3 . 316.4 381.0 405.6 Indonesia Dec-89 59.8 . 65.0 66.5 67.9 .74.44 78.4 77.0 .92.0 90,6 94.6 103.0 120.5 Maiaysid Dec-54-~ 181,5 286.9 .190.3 216,6 . 225.6 218.3 .233.9 252.0 266.2 302.3 310.1 374.7 rakistain Dec-Si 273.7 257.7 247,8 241.3 253.6 276.8 273.3 258.0 265.6 302.3 333.3 418.6 Sri Lankan Dec92 .~90.5 91.0 91,7 87,2 91.7 100.9 116,9 . 118.3 . 120.1 134.7 157.1 161.9 Thailand Dec-84 673.7. .652.8 599.2 609.3 591.0 630.2 670.4 6B7,4 695.5 918.5 .945.4 1,192.9 EurapojMideast/Airica Greec Dec-84 317.8 344.2 318,3 307.6 315.0 290.8 323.8 345,2 325.7 326.1 321.4 339.2 fiLingary Dec-92 .91.3 89,2 85.9 82,4 83.4 81.3 .86.4 104.1 . 10.6 114.0 115.2 119.1 Jurian Dec-84 136.2 ..131.5 134.1 138.8 15.2 164.1 161.7 151.8 . 158,4 156.2 147.4 156.0 i:Nigeria, Dec-84 .36.2 .25,8 23.5 . 36.3 .: 31.8 32.4 32W 32.7' 27.8 25.8 28.0 27.3 Poland Dec-92 . 100.9 101,1 120.0 166.1 334.9 .292.7 328.9 464,9 460.6 ~.554.6 607.9 8 17.9 Ilortugl .l Jan-86 .. 454.5 4 66.9 466.6 .456,0 491.4 474.4 466.3 556.8 539.9 562.3 555.3 570.9 Tukey' Dec-86 .153.2 213.8 196.2 .296.8 271.2 322.2 254.7 335.5 42I3.0 359.1 450.4 477.1 Zimbabwe Dec-84 157.1 . 188,0 184.'6 187.1 189.3 191.8 236.4 282.0 3 308B.5 361.0 .. 369.8 . 437.6 1I994 FIA CTBOOK EIuGNMAKET AT lAo4 IFCG Price Indexes 1993. (monthly'% changelin US$) Markel. Jan1 Feb MaInr Apr tliay JLn JItIl Atug Sep Oct Nov Dt Latin America Argentina .. 2,3 -6.6 7,9 -2.8 -2.4 8.3 . .0 13.0 8.6 9.7 -2.5 24.4 Brazil . 1.6 24.5 1.7 -1.6 -..12.3 21.3 -1.3 7.9 8.6 -639 10.9 -0.1I Chiile .12.7 -6.0 -4.9. .8.9 1313.6. -3.7 4.8 2.3 4.1 6.1 1 1.5 Colombia -8,3- -5.3 -7.5 0.3 -C10.2 -3.1 3.3 10.3 6.4 7.0 4.2 16.1 Mlexico .-5.5 -5i4 12.9 -4.7 -3.1 3,0 5,5 7,0 -2.9 10.1 10.7 16.9 Peni -15.0 4.4 10.4 -8.1 -5.2 17.5 2.6 14.8 2.7 13.1 -17.7 21.4 Venezuela -15.3 10-12.8 15.6 . 6.7 2.1 -5.1 -11,2 4.5 12.5 -4.5 4.9 East Asio Chiinai 32.5 16.7 *. -23.3 .29.4 -23,5 -23.1 15.3 -3.3 -1.0 -6.1 10.6 -10.3 Korea -4,7 .. -5.0 5.7 8.4 2.6 -2.2 -4.0 -6.6 7.1 2.3 7.1 10.5 Philippines ~~~~ ~~~4.8 110-2.7 5. 23.-1.9. . 9.3 0,9 9.5 17.6 4.8 37.7 Taiwan, China -0,2 34.5 ~ 7,2 -5,4 ,5.S -6.6 -3.7 .-1.8 -3.7 9.3 3.95 49.7 South AsIa india . ~~~~ ~ ~~~-4.2 -6.6 -17.5 -6.2 6.5 1.9 .6.5 13.1 4.3 . 1.8 20.5 .6.5 Indonesia 4,0 8.8 2.3 2.1 9.8 .5.7 -1.0 19.6 -1.5 4.5 . 8.9 17.2 Malaysia -3.2 2.9 2.0 14.2 4.3 -3.1 7.3 7.9 5.8 13.6 2.8 21.0 PakistaIn -0.3 -5.8. -3.3 -2.4 5.2 9.8 -1.3 .-5.6 3.5 13.8 10.4 25.5 Sri Lanka -9,5 0.7 ~~~~~~~~ ~ ~~~~1.3 -4.5 5.3 10.6 1571.3 1.8 12.2 6.169 3.2 Thail1and 11.2 -2,9 -7,3 2.3 -2.9 6.7 6.4 3.0 1.6 32.2 2.9 26.3 Europ./Mideosf/Africa Grolee 8.8 8.3 -7,5 -3,3 2.6 -2.5 9.8 6.7 -570.1 -1.4 6.0 Hungary -8.7 .2.3 -3.7 -3.6 2.2 0.5 6.3 20.5' 5.2 . 4.0 1.0 3.4 Jordan . ,,, -3.5 2.0 5.5 . 9.4 8.9. -1.3 -6.12 4.4. -1.4 -.3.6 5.8.1 Nigeria ~~~8.7 -28.6 -8,8 57.6 -1046 4.0 -0.1 1.6 -15.1 *6.5 8.4 -2.6 ruLiidl . ~~~~~~~~0.9 0.2 18.7 40.0 .101.9 -11.5 12.3 41.A -0.9 20.4 9.6 34.5 Portugail ., 5.4 2.7 0.0 1,8 7.8 -3.5 -1.7 19.4 -3.0 4.1. -1,3 *2.8 Tuirkey 3, 96-7.5 53.2 -8.1I 19.7 .11,6 18.2 236-5.8 15.859 Zimbabwe 2. 0.8 -1.0 2.1 4.1 2.1 23,3 19.5 9.8 17.1 2.8 18.8 '1994 FACTODOK. E,%ir,:iCi, Nl,%RKI.TS DATA 1BAsE. 43 IFCG Price -indexes 1984 1993 CUSS: end of period levels) :Mnrkel (=100.0) 1984 1985 1956 1987 1935 1959 2990 1991 1992 1993 Latin Ametica Argentina Dec484 100,0 174.5 128.1 137.2 179.3 426.7 267.7 1,322.0 958.0 1,602.4 Brazil Dec-84 100.0 182.7 134.0 45.8 94.0 126.3 4. 0. 0. 9. Chille Dec-84 100.0 135.6 3171.9 386.3 471.5 638.6 538.8 1,593.5 1,788.8 2,315.5 Colombia Dec.84 100.0 741.9 167.8 278.1 2287 237.3 299.9 521.3 1,117.5 1,471,6 Meoxico Dec-84 100,0 107.6 194.6 192.2 362.9 609.1 760.5 1,540.2 1,548.0 2,715.1 Peru Dec-92 -- ----100.0 134.9 Venezuela ~~~Dec-84 100,0 70.2 108.4 164.4 123.1 80.7 551.8s 792.9 454.2 406.5 East Asia Chlina Dec-92 - --- --10. 92.5 Korea ~~~~~D.c-84 200,0 128.9 225.5 297,6i 616.0 650.5 483.3 406.5 420.9 507.7 Ihililpplincs De.c-84 .100,0 132.6 613.7 912,8- 1,225.9 1,935.8 870.2 2,372.4 1,'605.5 3,753.2 Taiwan, Chilina Dec-84 200.0 107.0 156.6 339.9 649.0 1,287.7 6312,1 623.9 452.2 543.3 South Asia India Dec-84 100.0 199.9 189.3 154,8 204.4 208.7 243.4 283,7 346.3 405.6 Indonesia Dec-89 - -- 100.0 98.9 57,1 57.6 120.5 * Malaysia Dec.84 20. 489.79, 12 58.5 137.7 150.7 187.8 374.7 Pakistan Dec-84 .100.0 110.4 122.3 122.5 las.1 126.1 .132.2 345.3 274.7 418.6 Sri Lanka Dec-92 -------- 100.0 161.9 Th.ilnd De-c-84 ..100.0 91.3 145.8 190.9 257,0 . 49.7.4 381.1 445.7 605.6 . 1,292.9 /rM ie i/Aro Dec.84 100.0 91.5 129.9 306.8 172.0 207.9 559.9 437.6 292,1 339.2 Hiingary De-2.100.0 119.1 Jordan Dec-84 . 00,0. 2441.0 135.5 12. 1)6.7 102.3 100.7 106.7 129.1 156.0 Nigeria Dec.84 100, 95.4 38.3 32,01 31.0 34.2 42.8 54.5 33,3. 27.3 * Poland ~~~~Dec-912 100,0 817.9 Portugal Jan-86 . - - ~~~~~~ ~~~~~~ ~~264.8 844,0 597.6 '820.4 565.2 536.7 *131.1 570.9 *Tuirkey Dec.86 .-- 100.0 3410.5 223.5 6412,2 601, 336.2 152.2 477.1 Zin~~babwc Dec~M-84 .100.0 235.6 248.7 * 128.4 488.8 612.4' 1,130,5 51 1.6 190.7 437.6 1994 F'ACTROOK 1-il:NIUIGNG MARlKETS DATrA BA,sr 44 IFCG Price Indexes 1984-1993 (annual % change In US$) Mairkel 1984 1955 1986 1987 1988 .1989 3990 1991 1992 1993 Latin America Argentina -15.5 74.5 -26,6 7.1 30.7 138.0 -37,3 393.9 -27.5 67.3 Brazil 41,4 82.7. -26.7 -65.8 105.2 34.4 .67,3 148.4 . 1.5 91.3 Clille -28.1 35.6 134.4 21.5 22.1 35.4 31.3 90.0 12.,3 29.5 Colombli -25.1 124.0 65.7 -17.8 3.8 26.4 173.9 36,1 31.7 Meixico 1.3 7.6 80.9 -6.4 99.2 67.8 24.9. 102.4 20.0 46.9 Peru --- --34.9 Venezuela --29.8 54,4 51.7 -25.1 -34.4 5535. . 43.7 -42.7 -10.5 last Asia * ~~~Chinai.--.- -7.5 Korea 13.0 28.9 74.9 32.0. 107.0 5.6 . 25,7 -15,9 3.5 20.6 Phiilippines32632 4734655 5.57712133 Taiwan, China ~ ~ -7.0 .46.4 117.0 . 90.9 95.4 -50.9 -1.3 -27.7 86.9 Sauth Asia India -6.5 .99,9 -5,3 -18.2 32.0 2.1 16.6 16,6 22.1 17.1 Indonesia - 11.231.9 109.1 Malaysia .--15.2 8,1 -0.9 24.1 40,5 -13.1 9.4 24.6 99.5 Pah1staii - 10.4 10.5 0.2 .4.6 -1.6 4.8 161,2 -20.4 52.4 SrI aia WOW- 61.9 Thailand .-8.5 -8.7 59.7 30.9 . 34.6 935,534 . 17,0359.70 Europe/Mideast/Africa Greece -24.7 '5.5 42.0 136,2 -43.9 67.4 94.5 -21.8 -33.2 .16.1 Hungary --.-.---19.1 Jordan -15,5 44.0 . 49 -7,7 -141,6 -4.1 -1.6 *6.0 21.0 * 20.5 Nigeria --4.6 -59,9 -16.4 -3.1 10.3 25.1 27.3 -38.9 -15.2 Polamnd 717.9 Portugal ---218.7 -29.2 37.3 -31.1 -1.5 -22.6 32.4 Turkvy --240.5 -63.7 420.2 .6.4 -44.1 -54.8 213.7 Zimbabwe -23.0 . 1565.6 .72.3. 14.1 25,3 84.6 -54.7 -61.6 122.5 1994 FlACTmOOK EMERI:IGING NMARMIis DATA BAsF,. 45i Statistics of the IFCG Price Indexes (US$; December 1988-December 1993). Annualized CorrelitIon Annualized,L Correlation 7 ~~Nunmbrrof Mecan of Staindard Annualized standard with . Numnber of MeNI1 oif Stanulard Annualized sta nda rd Whill Mark-t' oniobts % change deviation 111C.fl devitifon S&i500 Market months % change .C deviation mnean dieviation S&i'500. Latin AmericaRgln Argentina 60 7.87 33.52 94.44 116.12 .0.04 Comiposite 60 1.33. 6.39 15.96 22.14 . 0.26 Brazil 60 3.64 21.82 . 43.68 75,59 0.211 Latin America 60 2.93 8.84 . 35.16 30.62 . 0.24. 'Cilei 60 2.96 7.50 35.52 .25.98 ~ 0.13 A sia . . 0 1.09 7.61 13.08 26.36 0.19 Colombia 60 3.66 10.78 43.92 37.34 0.10 MeIXICO 6 0 3.69 7.65 44,28 26,50 0.34 Developed. Peru 1 2 3.28 12.80 39.36 44.34 0..1 9 U.S., S&P' s00 60 0.94 3.72 11t.28 . 12.89 1.00 Venezuelil 60 3.01 14.66 36.12' 50.78 . 0.10 U.K., FT 100 60' 0.90 5.66 10.50 19.61 0.59 EastAsia ~~~~~~~~~~~~~ ~ ~~~ ~~~~~ ~ ~~~~~ ~~~~~~~~Japan. Nikkei 60 -0.32 9.16 -3.84 31.73 0.29 Eost A-ito M~~~~~~~~~~~~~~~~~NSCI, SAFE 60l 0.20 5.91 2.40 20.47 u.44 China 1 2 1.13 19.80 13:56 68,59 -0.55 ETir1forlac 600.15 6.10 1.80 21,13 0.43 Koren .60 0.02 8.50 .4 244 .01 1111PhiIpnes 60 2.41 10.55 28,92 36.55 . 0.37 *Taiwan, China 60 1.50 15.03 18.00 52.07 0.16 South Asila *India. 6173 11.07 20.76 38.35 .-0.16 indonesia 48 .0.82 9.32 9.54 32.29 0.18 Malaysia ~~~60 2.24 6.71 26.88 .23.24 0.44 Pa.kistan . 60 2.35 8.97 28.20 31.07 0.04 Sri Lanka 1 2 4.38 7.99 52.56 27.68 -0.05 *Thailand 60 3.01 * 9.35 36.12 32.39 .0.33 Europe/Mideast /Afsica * 60 1.94 .13.7? 23:28 .47:70 0,04 *Jorda n .60 0.79 5.59 9.48 19.36 0.22 K Nigeria 60 0.48 11.68 5.76 40.4 6 *-0.i3 Iolanid 12 22.05 30:20 .264,60 104.62 . 0,40 Plortuigal 60' 0.17i 7.22 2.04 25.01 04.36 Tuirkey 60 4.06 20.20 48.72 69.97 .0.23 Zinbibbwo 60 0.24 9.24 2.58 32.01 0.06 1994 FAcTooOK ENrtEcw.INC ARKETs DATA BASE 46 0 U Ut C_ Ut 0 Ul 0 Ut C 'TI ~~~~~~~~ ~~~Poland ' - - o, Sri Lanka nL4DC) o ~~~~~~~~~~~~Turk`y x Me,Jco~~~~~~~~~~~~~~~~~~~c Colombia 0 Brazil Pew n Thailand x o CD Chile- IFCG Latin America mC Philip*ies Pakistan CD) Malaysia Hiungary 00 Taiwan, ChinaC. IFCC Composite C3tna IFCC Aisia C us,. S&_P 50 xD UX., FF1100 hidonesia 0D Jordan NigeTi Zimbabive MM~, EASE Portugal Fr EuroPac ol 30E Korea Japan. N: ! " C - ~ 70 05 -Z Argentina a~~~ am D D D D Poland Taiwan. China Colomia 8. Zimbabwe Japan. NVik(e, [FCC Uin ~macric it ~~~~~~~~~Kore. Sri Lanka . IRXC Asia Hungary Portugal Malaysia lRCGCompc4e. Fr Eu rPac MSI. !lEAIE Jordan U.S, S&P' 500 IFCG Prilce Index Correlations *(December 1988-December 1993) uar,gFr soo Psoo i * japin, Nihiel 0iuS 0,49 2.00 NISCL HAPFE 0.44 0.71 0.92 2.00 Fr., EurI%ic 0.43 0.69 0,94 1,00 2.00 11CC Conpeosti 0.26 0.24 0.25 0.30 0OX 2.00 I1CG Latint Aiedria 0.24 0.10 0.27 0.19 0.18 0.51 1.00 [FCC Asia 0.29 0.20 0.23 0.2? 0.28 0.96 0.2? 2.00 Ar~~epIIuu ~~ 0.04 .0.1t 422 -0.21 .0.12 40? 0.02 .0.09 2.0 .00 Brazil 020 0.0? 0.25 0.18 0.26 0.36 0.84 0.14 -0.19 10 Chile . 0,23 4002 424 .0,25 42.7. 0.31 0,37 0.24 *0 02 0.21 10 Chin., '0.55 -0.36 022I 4080 -0.03 -.0.20 4G.M 4007 -0,46 .0.26 .0424 1.00 Colombia 0.10 0.20 0.03 0.07 0.06 0.24 0.20 0.12 -0.08 0.14 .0.20 .0.32 2.00 Crone 0.04~~~O 0,09 0.0? 0,14 0.23 0.02 0.24 '-0.06 0.112 0.2I 0,02 0.4 0.6 2,00 2Iuogary ~~~0,42 0350 .0,23 0,07. 0.06 0.25 0139 0,15 0,42 40,0 0.04 -0.23 0.68 0.23 2100 '. India . -0.26 -0.04 -0.26 -0,22 -0.23 0.03 0.,1 -0,02 0.1? 0.12 0,23 -0.02 -0,02 0,09 0.58 2.00 *.- Indonesia 0.26 0.25 .107 0.08 0,06 0.43 1105 0.42i 9.u9 0.10 0.26 -0.25 0.24 0221 0,49 0.22 2.OU Jo lrdain 0,22 0,27 0.22 0.28 0.26 0,28 -016 0,23 -0.14 *0.D8 0.02 .0,33 0,07 0.20 -0.50 -0,13 0.00 21 5O Morel ~~~~~0.25 0.29 0.32 0.31 0.32 0.42 0.04 0,47 0.013 .0,13 .1103 .0.20 0.006 .0.21 -0.21 -0.4 .00 0.04 1,03 Ittysla ~~~~0.44 0.44 0.40 0.52 0.50 0,60 0,27 0.59 -0.21 0,22 0.22 0.00 0.29 0,00 036 0.02 0.50 .59 0.30 2,00 16,2cc . ~~~0.34 0.25 0.24 0.28 0.27 0.44 0.43 0.36 0.35 008 0.07 .0,45 .0.02 -0.02 0.35 0.04 0.22 .0.05 0.27 0.42 2.00 Nizerla .0,13 0.02 1123 0.20 0.27 420 -0.07 '0,08 ~0.0? -.0,1 -0.22 0.40 0.09 0.07 0.0,8 .0.28 .0.09 0.05 0.23 0,.06 .0.02 20 .I'Akstan .OM0 0,17 .0.13 0.02 0.02 0.14 0.64 0,15 0.04 .0.03 0.04 0.036 0.43 -0,09 .0.02 -0,03 0.14 0,20 0,09 0,11 0454 '0.03 1.00 Peru 0.a49 O."3 0.28 0.44 0.7 049 0l84 0.39 1174: 0.06 0,19 .0.62 0233 4)05 0.23 .0,14 032 007 .1355 o.37 0.50 0,35 0.32 2.00 PhOippina .~ 0.37 0.26 0.25 0.33 0.31 0.50 024 0O5F 44O 0.20 0.2? 0,10 0.32 0.21 0.10 -0.0 0,52 122 0.0 0.56 0,19 -.2 0.23 0.37 2.00 0.40 0.43 1127 0.35 0.3 0.03 '0.08 . 0.7 '044 .0.25 .0.22 -0.30 034 0.22 0.23 0.17 U03 0.22 0.20 035 .6,02 10458 0O0 -0.07 -007 1.13 2'wtugal 026 0.44 0.41 0.54 0.M 0.22 0.z2 0.22 0.23 .0.25 0.22 .0.20 0.04 0.,46 0,61 0.12I 0.37 -005 1102 0,25 -102 -0.20 0.06 0.27 0.25 0.48 2.00 Sri Lanka -0.05 0.02 .0.34 -0.44 -0.44 0.22 . 045 0.22 -0.02 0.23 0.20 .0.33 0.3 -0,09 0.31 0. 03 -0.05 .0.31 0.04 0.06 0.49 -0.22 0.38 0.25 0.06 -0,07 -0.24 1,00 Taiwan 0.26 0.27 0.22 0.24 0.24 0O6 0.24 0.91 -1107 0.24 0.22 -0.02 0.12 -0.02 -0.05 -.0,6 0.3 1122 1124 0.44 0.30 -0.25 0.11 0.38 0.47 -0.09 0.07. 4006 I0 - Thailand . ~~0.33 0122 0.26 0.28 .0.28 . .42 0.2211 043 0.08 0.02 0.20. 0.02 0.16 0.16 .0.12 0.27 0.39 1129 0.26 0.65 0.28 -0.02 0.22 0.35 0.52 42.0 0.25 0.22 . 0.212 1.111 Tertcoy ~~~~-0.23 407? 0.0 0.06 0.05 1124 0.05 0.22 0.16 0.25 -0.13 0.43 0.20 .038 -0,09 0.20 0.32 *0.07 -1103 0.17 .0.13 0.20 0.04 -0.23 9.02 -0.23 O. 211 -0.35 0.28 0.25 1.00 V.nauela . 0.10 .-0.02 -0.22 -0.22 '0,22 -0,29 .0120 0-026 . 0.06 -0.29 -0.29 .0.06 (1.17 0OM -0.20 0.05 '0.06 .0.12 '0.05 -01118 -0.2 2 0.29 0.04 0.22 45,4 0.26 0.53 01123 40 -0.16 409 2.0 Zinhibmiw 0.06 0.22 0.24 0.27 0.28 1106 1108 0103 0.21.2 0.04 -0.04 .0.20 -0.03 O.M1 0.78 -0.24 0.22 410.5 -1105 0.27 0.05 0.06 -0.02 0.53 0,13 0.08 21.23 0.45 1107 0.06 0,03 0.27 1.00 NovI'; Co rre tlatons are fo r fIvYe years; af nmonibhly re Il tirs be-gi nn Ing Decemibur 19 88, eN ccpi for ChIIlin, I lutin ga ry, I'oarus, Plola nd a nd Sr I an ka, wvh lic beglin Dea.m nbe r 1992, and indoneshi, wiyich begins D.cemnber 1989. 1994 rPACTIIOOK E~Nw KG! INc; NIA452< Ts DATA 115A0. 48 -c - b~~~~~~~~~~~~~~6. l > I I t I I I ~~~II t~tI 2 l i lIlt I.II...........( n ~~~~~~~~us. s&r 10a C - -. ( X MS~~~~~~NC!. EAFE '.0 'Malaysia CD Fr. EuwropPc 6 Hungary Ca* Pojland Milippi- CD = 0~~~~~~~~ Portugal = Mexico- r- Thailand 0A JapanU. Nikkoi IFXCC Cmposite 2 'OP IECO Iadstn America -'l Jordan -0 CD IFCG A-ia Indontesia Koreal Taiwan aL Colombia 0 Zimbabwve Argentina Paua.tan Nigeria I IndiaX CEO ~~~~~Turkey ( Z3 ~~Chin; Ca ri g r -u * Po~~~I'land *. Argentina ~ ~ C. Hungary ... - . .. - -I Taiwan. China - . .. - - (31de ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~. .'ha ikan ........_ Braile . . .~. ChinUea . S CD o V~~~~~~~~~~~enruel Colombia In . hilippines Zimbabwve Niperi.a -jordan .- IFCG Total Return Indexes -1993 Performance Summary (ronked by 1993 % changes In US$) % clinage In IFCG . : ~.: . . Raink Meirkel TotalReturn index Emerging Markets I IPoIland 739.6 Percent Change. In IFCG Total Return Indexes, 1993 2 Turkey 234.3 3 Zlbbivbae 143.8 ,*; ' 4 I'llilippinics 134,9 S Indlonesia . 113.475 6 Ta,1iladll 103.0 700 b,i.,,' ,7 aIlaysia 102.9 8 'tR3rai 99.A 650 9 Taiwan, China 59.0 t: Argoitina 72.3 600 1 1 Sri Lanka 54 ' 550 -12 ikistan 56,2 13 lMeXIco 49.1 500 14 Portugall 35.1 450 15 Peru 37.2 16 Colombia 34.7 40on *' i ;. . - . . i 7 Chle . 34f6 I S. Hlngary 24.6 19 Jonlan 24.2 300 20 Grcvec 21.9 21 Koreo 20.9 250 .<: 22 Imlin 18s 200' ; . 23 Venezuela -6,9 24 ChIna -7.3 150 ' i.' 25 NIgeria -11.6 1 H Regions I AsIa 70.0 50 c fi ~ ~ ~~~~~~~2 Coinposilc 67.0 a H 0 n nm nr 1-- ;3 I.n1 Animericii 56.1 1,;;~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ .4 ki - g' q Developed Markets I MI, AF 33.0 : . . . , . v; !. . , . , , , , E_ , . . ;5 .g . .r,~~~~~~~~~~~~~ ;. uIMC3. Q EmrgiIn, mayrkets U:p. D netrd mrkets ;; ., fl.. . ' IFC Regional l dIndxes NolLs: Nelilter of IIhe I10a)I Japa1nese Indexes (Nikkel ndt! Topix) publishes a totil return inex.-1 1994 FACTBOOK . : l NERGING MAIKETS DATA BASE 50 IFCG Total RetUrn. Indexes 1993 High, Low, Close *(US.$; yewr-end and week-end values) Market 1992 1-ughi week i.owV week 1 993 Latin America IFCG Total Return Indexes High andl Close, 1993 *Argenthin 1,253.1 2,164.7. 31-Dee 1,154.2 5-Ma4r 2,164.7 BIrazl 158.9 341.7 17-Sup .151.21 5.Peb 316.9 Ch1iti 3,315.6 4,462.9 31-DeC 2,993.7 .7-Mal-Y 4,462.95,0 Colombia 2,171.6. 2,9254 3i-Dee 1,632.3 19-Mar 2,925.4 ,0 'MONic 2,608.2 3,909.5 31-DLc 2,330.3 26.Peb 3,909.8 I'en; 1~~~~~~00.0 137.2 29-Oct 85.0 29-jinr, 137.2 450 VnLwZ1.la * 523.6 506.1 22-Oct 377,5 19-Mair 487.3 East Asia 4,000 China 100.0 167.2 1 9- Feb 87.7 23-Jtil .92.7 Kor.La 518.6 628.9 17-Dec 454.8 5-MuI 627.13,0 I'iuirppinLes 2,1056.5 4,831.4 .31-Dee 2,121.0 15-Jarl 4,831.4 Taiwan, Chimi 503.7 952.2 31-Dee 481.0 8.-Jan 952.2 South Asia hicdi 416.0 509.9 17-Dee 284.7 23-Apr .494.0 in1doniesia 59.0 126.0 31-Dee, 60,3 22-Jan 120'.0 2,.500 Malaysia .226.9 .460.3 31-Dt.c 218.8 I5.Jan 460.3 Palkistan 455.1 710.8 31-Dec 399.3 23-Apr 710.8 2,000 Sri Lankai 100.0 165.4 31-Dec 83,6 12-F-eb 165.4 Tiailand 900.4 1,827.8 31-Dve 698.8 2-Apr 1,827.8 1,500 Europe/Mldeast/AfrIca GreeCe 537.4 707.7 13-Aug 547.3 8-Jan . 655.3 101 ilungary ~~~~100.0 '124.6 31-Dee 71, 9.JuI 124.6100** Jordan ~~~~~181.8 258.1 .9JI 18. -a 2.7 NIgerfii 64.4 67.9 .20.Aug 53.9 .29-Oct 57,10 500 U1 m **Poland 100.0 839.6 *31-Dec 97.4 * 1-Feb 839.6 r PortugalI 503.1 712.5 10-Sep 503,2 8-Jan .6941.6E . . . Turke-y 227.0 759.0 31-Dev 212.2. 15-jan 759,0* Zimblabwve 384.8 935.0 31-0cc 404.6 2-Juli 938.0 9h4 I t2- RegionsX . u a - z * . nCoposIte 331.4 555.2 .31.Dee 341.8 29-Jan * 555.2 * u.. LatIln Anierica 659.3 1.032.2 31 -Dee 639.4 12-Frb*b 1,032.2 . , Asia n 319.3 543.2 . 3-De 316.1 29-Jan * 543.2 . Q nd-1992 lndex lane! End-199.3 indeN level Nine: i1C's wyeekly Index coviorage for Zim''babwve startedL on Itily Z, 19931, whichi 1% r0ported here as the lowv we-k. Tiue low montli-tl-ndI VAiLIC fnr'Ziu-ImbiwL was 372.5 tiin March 31. 1994 FACTUOOK. Emnir-c.IN MARKET s DATA BASE 51 IFCG Total Return Indexes Regonal vs. Developed Market Performance, 1993 (US$; end 1984=10O) Index J~~ ~ ~~~an Feb Ma r .Apr Maly Jwii Juil Atug Se'p Oct Nov I * Idex level IFCGCComiposiIe 329.2 344.5 351.8 358.0: 30,8 .368.6 373,9 390.9 403.9 435.3 463.5 555.2 IrCG Latin America 643.4 646.6 684.6 659.0 .670.1 731.9 742.9 796,3 516.3 851.2 919.5 . 1,032.2 I rCCP Asli 317.3 337.3 339.6 350.3 352.1 345.8 351.3 359.3 370.7 410.7 436.8 343.2 * ~~~~~U.S., S&r 500 345.1 .349.5 357.3. 345.6 35510 -367.0 357.5 365.9 365.4 375.9 372.3 376.9 NISCi, EAFE 361.1 372.1 404.7 443.2 452.7 445.7 461.4 436,41 475.6 490,4 .447.6 480.0 * PT~~~~~F, Euirol"ic 362.9 375.4 409.4 449.1 461.6 449.7 470.2 493.8 480.1 490.8 446.7 477.3 7 %ohange IFCGCornposltu -0.7 4.8 2.0 1.8 0..5 2.2 1.4 4.5 3. 3 7.8 6.9 1 9.3 IFCG Latin America -2.1 . 0.2 5.9 -3.5 1.7 9,2. 1.5 7.2 2.5 . 4.3 . .0 12.3 2CG Asia -06 .6,3 0.7 3.2 0. 152623.. 056.42. U.S., S&P 500 0.7 1.4 2,2 .2.5 2.7 2.7 -2.8 3.2 -0.1 2.0 -0.9 . 1.2 NMSCI, EAFE 0I . 6.7 9.3 2.1 -1.5 3.5 5.11 -2.2 3.1 -. . 1ST, EurolPac 0.0 3.4 9,1 9.0 . 2.5 .2.6~ 7 4.0 5.0 -2.5 2.2 -9.0 6.9 Nate: The I1rG Composite anid regional IndeNxes ito not inclutde all markets. See base date table I n introduictioni fLir del Ils. IFC.G Regional Total RetUrn IndeXes Vs. U.S. SIP SOQ, 1993 .. (rebosed to 1992=100) 175 150 S 125- too - l~~~~~~~~~~~~~~~~~~~~~~ FCG Latin Aiiierlca jlan Feb Matr .Apr May [fi Jll MgAn SO)$ Oct M.z. Dcc 1994 FA~CTE1aK Emni,CINc. MIARKETS DATA BASk 52 IFCG Total Return Indexes 'Regional vs. Developed Market Performance, 1984-1993 : (USS; end 1984=100) indexe.w -1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Inde"level IFCGCompuosito. 1000 127,7 144.1 163.6 258.9 400.5 280.9. 330.3 331.4 555.2 IFCCGLatilAnierica 100.0 165.6 161.5 112.3 191.2 289.8 279.0 623.7 659.3 1,032.2 IFCG Asi 100.0 109.7 140.1 154.1 316.7 490.7 313.5 31_.2 319.3 543.2 U.s., SAP 50o 200.0 131.7 156,2 164,4 19.5 251,9 244.1 318.3 342.7 376.9 NISCI,RAFE 100.0. 156.7 266.3. 332.7 427.9 474.1 364.1 409.6 361.1 480.0 FT, EniarIiMc 100.0 157.8 267.8 339.0 436,2 485.2 369.6 416.2 362.9 477.3 % change IFCCCaniposita .- 27.7 I2.8 13.5 58,2 54.7 -29.9 17.6 0.3 67.5 IFCC Latin Amorica- 65,6 -2.5 -30.4 70.2 51.6 -3.7 123.5 5.7 56.6 4t . . 0 IFCCAsIn1 9.7 27.7 31.4 72.0 54.9 -36.1 0.5 1.3 70.1 U.S., SAP 500 . 31.7 18.6 5.2 16.5 31.6 -3,1 30.4 7.6 10.0 -MSCI, EAFE - 56.7 69.9 24.9 28.6 10.8 .23.2 12.5 , 12.9 32.9 PFT Eurol'lc 57.8 69.7 26.6 28.7 11.3 -23.8 12.6 -12.8 31.5 ;Notl Tho IFCG Composit m!d rukonwa lIdexes do nlt include all markets. See bse dtut tab!In i intodidctioo fir details. IFCG Regional Total Return Indexes vs. U.S. S&P 500, 1984-1993 (1984=100) 1,100 1,000 900 800 700- 600 - : ) : ~~~500 _ 400d \ if t 0 3 0 0 1 _ L_ ., _ . _ _ _ ~~~~~~~~~~~~~~~~~~~~~~IFCGCompwItCr 300 - 7 . . . p - W~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ICG L-itin Amekat 200 . .' ;a : -. .,,.$.,.,.7 U ,F C P .Soo . 1 . .. . ' ' , ' , : ' ' ' .~~~~~~*..-,. 0 1984. 1985 1986 1987 5988 1989 199(1 5991 1992 5993 1994 FACTIJOK EERGIEIG NIARK1rFS Dxra BASE 53 IFCG Total Return Indexes :>, 993 CUSS) Bas date Market (.0.).jan Feb Mfar Apr May Juin Jul Aug Sep Oct Nov BrLI Latin America Argefittiuiu Dec-84 1,282.2 1,197.4 1,291.8 1,255.9 ~1,225.3 1,327.1 1,326.7 1,499.1 1,627.6 1,785.4 1,740.3 2,164.7 Brazil ..D.'c-84 156.4 394.8 398.2 194.9 218.8 265.4 261.8 282.6 . 307.0. 286.0 317.3 316.9 Chile Dec.34 ~~~~~~~~~~3,737.6 .3,512.1 .3,340.8 3,044.4 3,084.9 3,504.7. 3,376.3 3,539.8 3,621.1 3,770.8 4,002.6 4.462.9 Colombin Dec-84 1903 1,885.6 1,744.7 1,749.3 *1,928.0 1,867.5 1,928.2 2,126.8 2,262.0 2495 ,201 2,925.4 Mexico ~~~~~~Dv.c-84 2,463.6 2,330.3 2,629.9 2,506.5 2,429.8 2,503.3 2,640.9 2,825.4 2,743.1 3,020.5 3,343.4 3,909.8 Peru Dec92 85,0 811.8 98.0 90,0 85.4 100.4 102.9 118.2 121.3 137.3 113.0 137.2 Venezuela , Dec~~~~84 433 4.8, 304 412 814 914665 414.1 432.6 486.7 464.6 487.3 East Asia Dc9 China1 D3-9 32.5 154.6 118.6 153.4 117.4 90.2 104.0 100.5 99.5 93.4 103.4 92.7 Kore 'Dec-84 494.1 469.2 496.0 537.6 551.7 539.6 518.1 483.8 518.3 .530,0 567.6 627.1 Phlilippinecs Dec484 2,155.1 . 2,393.2 .2,327.8 2,461.6 . 24104.3 2,358.7 2,577.8 2,600.8 2,848,9 3,349.3 -3,509.0 4,831.4 TaIw,in11, Chiina D,c.84 .502.7 676.1 725.1 685.6 645.9 603.4 581.3 570.'. 549.3 600.6 635.9 952.2 South Asia IndIa . .Dc43.3 3i9 356 286.6 305.1 31 1.1 332.4 376.1 321..385.1 46.490 -. IdoneCsia1 Dec-89 61.4 66.8 .68.3 *69.8 76.6 .81.0 80.2 95.9 94.5 98.7 107.5 126.0 Malaysia .. DeIC-84 219.6 226.1 230.5 263.3 274.6 266.0 285.3 307.8 ' 325.8 370.2 380.5 460.3 * iakistaiu Dec.84. 453.8 427.3 413.3 403.3. 424.4 466.2 460.4 434.5 449.8 '512.1 565.2 710.8 'Sri Lankii Dec.92 90.5 .91.1 .92.3 88. 1 92.8 102.6 118.7 120.2 122.3 137.2 .160.3 165.4 *Thailahnd Dec.84 1,00i.7' 972.4 901.6 921.8. 895.2 955.0 1,016.3 1,047.1 1,064.1 1,406.6 1,447.8 1,827.8 'P' Eurape/Mldeasi/AfIrIa ' reeCe Dec-81 584.7 633.4 585.7 566.6 . SNUI 566.9 622.4 @42 6.6 627.4 .. 61S.4 655.3 Hungary Dec-92 91.3 . 89.2 .85.9 82.8 84.6 85.1 90.4 109.0 114,7 . 119.3 120.5 124.6 Jordan Dec*84 191,8 1~~~~ ~ ~~~~~~~85.1 388.8 199.2 217.8 237.2 234.1 219.7 220.3 26.214 257 N~rI&CF Dec-84 70.0 ' 50.0 *15.7 72.0 .64.3 66.9 66.8 67.9 57.7 33.9 5845 57.0 Polaind . c-9. 100.9 101.1 120.0 168.1 339.4 300.5' 337.6 477,3 472.9 56. ' 624.183. I'orIu~~~~~ai ' Jan46 ~~~~530.3 544.8 '544.5 554.5 397.9 . 577.1 567.3 677.3 656.9 684.1 675.6 694.6 Tuirkey Deec86 ' 233.9 326.5 302.0 462.8 425.1 508.9 .849.7 53 1. 5 657.1 ' 618.9 . 716.5 759.0 Zinmbab%ve ' v-84 373.4 376.5 3172.5 380.3 '396.1 404.3 498.5 597. 655.9 767.9 789.3 938.0 Ig4rCUO EMERGING MIARKETs DXTA% BA%SE 54 IFCG Total Return Indee 1993InU) Cmonthly % change'nU$ Market ~~~ ~ ~~~~~Jdn 1k Ma r Apr Ma.1y lull ulI Aug SL.p Oct NnDV Dx Latin America Argenitina 2,3 -6.6 7.9 .2.5 -2.4 8.3 0.0 13.0 5,6 9.7 -2.5 24.4 Chile ~~~~ ~ ~~~~12.7 -6,0 -4.9 .8.9 1.3 13.6 -3., 4.8 .2.3 4.1 6 .1. 11.5 Columbia -8.3 -5.3 -7.5 0.3 10.2 ~~~~~~-3.1 3.3 10,3 6.4 7.0 4.2 16.1 * OXCO-5.5 -5.4 12.9 .4.7 -3.1 3.0 5.5 7.0 -2,9 10.1 . 10.7 16.9 *Peru -15.0 4,4 10.4 -8.1 -5.2 17.5 2.6 .14.8 2.7 13.1 -17.7 21.4 *Venezuela -15.3 1.0 -12.8 15,6 6,7 2.1 -5.1 -11.2 4.5 .12.5 . -4.5 4.9 im East Asia *China 32.5 16.7 -23.3 29.4 -23.5 -23.1 15.3 .-3.3 -1.0 -.106-10.3 Karen -4.7 -5.0 5,7 . 8.4 2.6 .-2.2 . -4.0 -6.6 7.1 2.3 7.1 10.5 Phili1ppines 4.8 11.0 -2.7 .5.8 -2.3 -199.3 .. 0.9 9.5 17.6 4.8 37.7 ailwan, China .-0.2 34.5 7,2 -5.4 -5.8 '-6.6 -3.7 -1.8 -3.7 9.3 .5.9 49.7 Souilh Asia *India -4.2 -6.6 -17.8 .61 6.5 .1.9 6.8 13.1 4,3 -1.8. 20,5 6.5 *Indaonesia 4.0 3.5 2.3 .'9.8 5.7 -1.0 -19,6 -1.5 . C4. S 17.2 Malaysia -3.2 2,9 2.0 14.2 4.3 -3.1 7.3 7.9 5.8 13.6 2.8 21.0 Pakistan .0.3 -5.8 -3.3 -2.4 5.2 9.8 -1.3 -5.6 3513.8 . 0425.8 Sri Lanka -9.5 .0,7 1.3 -4.5 5.3 10.6 15.7 1.3 1.8 .12.2 16.9 3.2 Thtailand .11.2 -2,9 -7.3 2.3 . -2.9 6.7 6.4 3.0 1.6 32.2 2.9 26.3 EUsope/Mldeast/Atrica Cra'c. .58. -7,5 -3.3 26-2.5 '286.7 -5.7 01-. . *Hungary 8.7 .5 -2.3 *3.7 -3.6 2.2 (156320.355.40103. Jordan 5.5 -3.5 2.0 5.5 9.4 5.9 .-1.3 -6.2 4.4 -1.4 -5.6 5.8 Nigeria * *8.7 .28.6 3.5. * 57.0 -(O.o 4.0 -0. 1 1.6 -15.1 * 6.5 8.4 -2.6 *. . at,d . M. 0.2 18.7 '40110 101.9 -11,5 . **12..3 41.4 -0.9 20.4 *9.6 34.5 *Portugal *5.4 . 2.7 0.0 1.8 7.5 3. -1.7 19.4 -3.0 4.1 . 132.8 Tuirkey *3.0 39.6 -7.5 * 53.2 -8.1- I9.7 -11.6 18.2 23.6 -5.8 15. 5.9 Zimbabwe *-2.9 0.8 * -1.0 2.11 * 4.1 . 2.1 23.3 19.8 9.8 17.1 . I2. 18.8 '1994 FA%CTOOCK UNIUMINCiNG NIARtKETs DATA BASE- 55 IFCG Total Return Indexes 1984-1993 (Us$) * ~~~~~~~Base dato *. MArkeAl0 I=00.0) 10814 10985 1056 1057 1985 1959 1990 1991 1992 1993 Laun America -Argentinai De-c-84 100.0 174.9 128.6 141.2 - 106.0 54(1.7 343.1 1,704.8 1,253.1 2,164.7 T Brazil iDec-84 100.0 194.2 146.4 54.1 122.0 .170.7 55.6 155.4 155.9 316.9 ClIlle .* Dec-84 100.0 149.3 . 380.3 495.0 .678.5 1,026.0 . 1,440.9 2,553.9 3,315.6 4,462.9 Culombla Dec-84 .100.0 58.5 221.0 396.2 -347.5 389.8 535.9 1,561.1 2,171.6 2,925.4 MexIco ~~~~~~Dec44 1001.0 115.3 233.4 222.3 463.0 802.7 1,041.0 2,152.4 2,605.2 34,909.8 1'en: Dec-92 . ... . .. . -.--100.0 137.2 Vcnezuul.i Dec-84 100.0 73.4 I 15.5 .176.2 133.6 . 89.4 627.4 907.4 523.6 457.3 East Aila CIiIn,i . ~~~Dcc.92 .-.--..-- 100.0 92.7 Korea Dv44 I UO.0 138.1 256.6 350.2 745.3 .797.5 595.3 500.8 .518.6 627.1 hIllippineso Dec-84 100.0( 146.;5 707.0 1.076.7 1,486.5 2,371.5 1,094.0 1,735.5 2,056.8 4,831.4 Taliwan, Chin,i. Dec.84 100.0 .110.4 .11641.9 364.1 703.7 1,407.1 .690.8 686.6 503.7 952.2 South Asia India, Dee-84 100.0 205.1 190.2 168.1 230.8 240.7 285.5 338.5 416.0 494.0 Indoneosia Dec-89 - ..-. 100.0. 09.4 57.4 59.0 126.0 NIi1.iysio Dec~~M-84 100.0 85.8 96.0 96.8 123.7 178.2 158.2 177.3 226.9 460.3 Pakistan De~~~OLc-84I 100.0 118.3. 142.9 152.4 173.4. 184.5 205.0 557.8 455.1 710.8 Sri iLanka De-c-92 . - . - --- . --100.0 165.4 Thailand ~~~~~Dvc-84 100.0 100.1 .1174.8 240.4 338.3 670.3 . 538.4 . 641.8 900.4 1,827.5 Europe/Mldeost/AfrIca G'LCr&ceDc-- 100,0 103.4 157.4 396.9 247.7 446,4 911.2 735.9 53.7,4 695.3 1-Iwigary . . ~~Dec-92 - ..100.0 124.6 jordan * Dec-841 100.0 148.4 14.3.2 136.6 122.8 121.4 126.6 145.8 181.8 225.7 Nigeria Dec-84 . 10.0 105.0 45.4 39.4. .12.2 51.1 71.5 99.0 64.4 57.0 Pulaint . ~Dec-92 -- . -100536 Pdrlugal Ja-6.. 268.7 870.8 624.2 874.5 * 613.8 624.3 5013:1 694.6 Trey * e-o --* 0.0 362.1 140.9 849,0 825.3 480.5 227.0 759.0 Zimbabwe Dec-84 .100.0 253.8 3001,4 * 584.8 731.0 1,028.9 2,005,8 056.1 384.8 938.0 1994 FACTOGOK -. EMIERGING MARKETs DATA BAsr 56 IFCG Total Return Indexes * 1984-1993, (annUal % change In US$) Market 1954 1955 19816 1987 19118 1959. I99(1 1991 1992 1993 Latin Amefica Argentina ~~~~~~-15.A 74.9 -26.5 9.8 3S.8 175.9 -36.6 396.9 -26.3 .72.7 Urazil ~~~~~~~~53.4 94.2 -24.6 -63.1 125.6 39.9 -65.7 170,4 0.3 99.4 * Clille -23.7 49,3 154.7 3. i.2 37.1 51.2 40.4 98.1 16.2 34.6 ColombIn - -11,2 149.9 78.5 -12.3 12.2 37.5 191.3 39.1 34.7 *Mexico 6.0 18.3 97.3 -4,5 108.1 73,4 29.7 106.8 21.2 49.9 P'eni a 37.2 Venezuela -26.6 57.4 52.6 .-24.2 -33.1 601.11 44.6 -42.3 -6.9 *East Asia *Chini-.-- -7.3 Knrvi ~ ~ ~ ~ *19638.1 85.5 36.5 112.8 7.0 -25.4 -15,9 3620.9 * Philippines ~~~~ ~ ~~~~46.5 382,6 52.3 35.1 59,5 -53.9 55.9 15.3 134.9 Thiman, Chin,, 10.4 49.4 120,5 93,3 100.0 .50.9 -0.6 -26.6 89.0 Soulh Asia hnulls -2.8 105.1 -2.9 -.15,8 37.3 4.3 * 7. 1 8.4 22.9 15.5 * Indonesia - - - * - - - ~~~~ ~ ~~~~~~~~ ~ ~~~~~~~~~~~~~-0.6 -42.3 2.5 113.4 Malaysia . * '~~~~ ~ ~~~~14.2 11.9 0,8 27.5 44,1 -11.2 12.! 28.0 * * 12.9 i'~~~~kist.in * ~~~~~~18.3 20.5 6,6i 13.5 6.4 11.1 172.1 * -38.4 56.2 Sri Lank.i------ * 6. *Thailand -1.5 0.1 74.6 37.5 40.7 t00,8 -20.7 192*40.3 * 103.0 * Europe/Mldeast/Affloa *Grcxe -14.7 3A. 52,2 152.2 -37.6 8(1.2 104.1 * -19.2. -27.0 21.9 Ilungary . . . - - - . - - - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~24.6 * . JLITdflfl . . * ~~~-12.2 48.4 .3,5 -4.6 -ID, * 1. 4.3 15.2 24.7 24.2 * . Nigeria . * - 5.0 ~~~~~~ ~~~~~-56.5 -1.2 * 7.1 21.1 * * 105 .37.9 *-34.9 -11.6 i'~~~~1I.1flLI - - . . - . - - - - - ~~~~~~~~~~~~~~~~~~~~~~~~739.6 i'orIugal - - . ~~~~~~~~~~~ ~ ~~~~224.1 -28.3 4 .0.1 * -29.8 . *1.7 -19.4 38.1 *Turkey *--- 262.2 -61.1 502.6 -2.5 * 41.5 -52.5 234.3 Zimbabwe -~~~ ~ ~~~6.3 A 53,5 18.4 94.7 .25.0 405 94.9 -52-3 -59. 14 3.8 1994 rACTBOOK * EMucLRMN; MIARKETS DATABs 57 Statisti'cs of the IFCG Total Return Indexes -(US$ December 1988-December 1993) Nun~ba~rof Moa of StanLiardAI1IILSMIZt%IAnntiallatI Correlat ion AbN ~,nNuIIIL.I176 Correlaiton Ntimiiro Mea of tandrd Anualzed standard with ubro I.a cf Sadr nu04 standard with Mairk&'1 nwntiiis % chianIle deioallon 1me.a11 dlLWiation *.S&l500 M4nrk.'1 mlonthls % Change deviation nivan deviation 5&i'500. Latin Aerica .26 33630'2912 116.50(0 Regionsit 60 .46.0776 22.17 0.25 Argentina 60 0.33.63t1t4i Ao 17I76 Brazil 60 4.05 21.92 48.60 75,93 0,20 LaIin America. 60 3.24 8.90 38,88 30.83 .0.25 Chil 60 3.45 7.46 . 41i.40 25.84 0.ir, Asia 60 1109 7.61 . 14.28 26.36 0.1I8 Col ~ibia .60 4.12 10.76 . 49.44 37.27 0.09 Meixico 60 39 .6 4.2 26.88 0.33 Developed Peru (~~~~~12 . 3.42 12.76 41.0.1 441.20 0,53 .U.S., SkI' 511 60 1.20 .3.76 14.40 13.03 . 1.00 Venezuela ~~~60 3.17 14.68 381.01 508 00 SISAJ 003 .91 4.32 .20.47 0.43 Fl' EuroIac 60 0.33 6.10 3,96 21.13 0.41 East Asia --China 12 1.15 19.81 13,80 662 -0.69 Korea 60 . 0:06 8:52 ((.72 29.51 0,19 Taiwan, China 60 .1.57 15.03 18,84 52.07 0.15 South Asia India 60 1.86, 11.09 .22.32 38.42 . -0(17 Int1onlesna 48 0.9 1 9.34 10.92 32.35 0.J7 IMaIlaysA 601 2.43 . .8 29.16 23.14 . 0.42 Pakistan 60 2.74 9,00 32,85 31.18 0.06, Sri Lanka 12 4.56 .7.95 .54.72 27.54 -0,12 7.': Thailand ~~~60 3.27 9.31 39,24 3.5 0.31 * urope/Mldeasi/Alflca Cweco r0~~~~( 2.46 14.01 29.52 48,53 0.03 1-lungazy (2~~I 2.08 7.25 24.96 25.11 I0I41l Jordan 6~~~~(0 1.18 5.72 14.16 19.81 0.22 Nigeria . 60 1.21 1 1.89 14.52 41.19 -.011 Poland 12i 22:31I 30.26 267.72 104.82 0,21 Portugal 60 0.42 7.10 5.014 24.91 0.36 .. urkey . 60 .4.67 20.50 56,011 7.1,01 -0.I1') ZImbabM.e 60 0.84 9,28 10.08 32.15 11,03 1991 FACTOOOK ENIi:ltGI NC NIAItKLTS DATA DASO 58~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ MIK N NARET DTAIISr5 'A CA US -J 0 l.s US - CD U. US % > ~ . Poland. Arg~entina 00 - O ~~~~~~~~~~Turkcyl o Sri Lankca a- c Colomb&a ID0 ML'XRCO ~~~~~~~~~~~~~~~~~~~~'0 -e Chile Thaila60 IVC-C Lafin Amnicka CD. VennzusAa3 Pakistan g * -I '0 -4 Hu-ngary- Tndia Taiwan. China 11cc Composite C Nigeria U-S. S&P 500 IFCG Asia China 0. Indonesia ZimbabAe N&SO.EAFE 13 013 FrEm~orea rig . 2 ~ ~ ~ ~ .. .... a~~~~~~~~~~~~~~~~ * . ~~~~~~~Turlcesr - *China Taiiwaii. China * _________________a ve~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~I 0 kb~~~~~~~~~~~~~a ~ ~ ~ SidI.. . a .0 tn malav-~~~Inonsiaa FPaEisoaa rn IFCC Lat~~~~Win EAmEric ]ID~~~~~~~~~~~~~~~ - M~~~~~~~~USC. S& S IFCG Total Return Index W (December 1988-December 1993) %C1EA rO. . 0.43 3.00 Pt, EuruI ic (1AI 3.33( I 1U) IrFCGCoUmposII 0125 0230 0230 3130 II=OLltnAmt'rlm 0.25 0.19 1is0.98 o Ine IFCCAs3a 0380 0.27 0.28 0.06 01.28 I.1 Arsenliml 0.06 -0.19 0 .0 06 O .0930 -) 9.00 0.20 0.18 0.16 0216. 0.54 0.14 -U.919 1.00 - Chile, 0.16 -0.14 -0.16 0212 1.38 024 -0.03,(23 9.01 ChIn.' -0~~~~1.9 .0,06 .0.03 ..0.21 .-0.66 .0.07 -0,47 -0.23 -0.23 9.00 Cbionblii 015 0.06 0.05 0.9;3 0.09 0.19 -0.0? 0.1 -0.92 -0.32 9.00 Crucec 0.03 0.92 0.91 9.09 0.312 .0.0 0.30 0.39 0.05 1.41 0.17 IN0 * Iunsary 0.49 O 0.04 t02 0.23 (9.42 0.99 0,43 0413 0.08 .0.29 0.67 0.19' L.00 In. dia -0.97 .0.22 .0.24 0.02 0.11 -002 0,17 0.12 0.92 -0,01 .0,99 (106 0.,39 91,09 Ividomsk ~0.97 0.05 (106 .0.43 0.03 0.49 4 -139 UO0.90.(.6 .0.25 0.24 0.32 OM.5 0.31 900 P4t, , dua'n . 0.22 0.24 (124 0,96 -0.36 0.29 .0.12 04.0' 03 -0.25 0,0 0.0' -0.45 -11.31 0,081 1,00 Km ~~~~~0.19 0.39 0.32 0.49 M0.0 0.4? -0.13 -0.93 O.0.0 -0.19 -0.07 -0.22 .0.23 -0.314 OM0 (0.0 I'00 M9.iLqsi 0.42 0.69 0.50) 039 0.2? 0.59 -0.30 0.92 0.3 0.09 93.9 .m0 0.32 (102 0I.49 aJ8 (3.39 34) ,N9v'9w . ~~~~0.33 0.98 0.17 0.4 04-.6 05 00 33 0.4? -0.02 -0.04 0.32 (104 0.99 -0.02 '3.27 042 .0 * N9gt'rin -0.99 0.9? 0.18 .0.90 -0,06 -0.08 0.06 -0,99 .0 18 0.44 .0.08 0,08 -0.18 -0.9 .0.0 0.07 .0,94 (3.0 -0.09 COOA 1'4ikls,n (106 0.01 OM0 0.94 0.03 0.15 0.03 -0.03 0,04 -0.37 0.4) -0.90 0.13( *(03 0.93 0.30 0.0 0.91 0.04 -0.0 9.00a 9''ifltne. 0.53 0.44 0.38 0.49 0.63 0.39 0.74 01,05 (3.97 -0.62 0.39 -0.02 .0.46 -0.34 M 0.3 ,034 -00 0.36 0.59 .0.35 0.39 3.00 11111UPPIM"s034 0.f3 0.39 0OM 0.24 0.50 -01.09 0.20) 0.97 0.90 0OM 0.23 0.138 '306 0.3 a.2 0,0 ri .M 0.919 -11.2 (0.22 93.37 9.00 Pol,iod ~~~~~0.29 0.33 0.18 0.0 -0,07 0.08 -0.03 -0.14 -93.20 -0.30 0.54 0.07 0.24 0.16 039 0(124 1)213 0.3 .0.09 33.93 0.05 -0.07 -0.01 9.91 I'outugal . . ~0216 0.33 0.34* 0.20 0.21 0.99 0.33 0.23 0.0') -0.02 0.04 , 0.44 036. 0.09 037 0.005 0.02 0.27 -0.0.1 (.0115 0,06 0.12 0.26 0.53 9I30 Un 9iki -0.92 *0.45 -0.44 0.20 0.489 0.99 -0.02 0.99 0.08 -0.34 0.32 .0.07 0.33 0.53 -0.03 -.032 0,03 (1.05 0390 -0.22 0.381 0.94 0.9(5 -0.33 -010. 14)1 TI(4v.1n . , ~~0.95 0.24 0.24 0.8 0.24 0.99 -0.06 0.14 (3.23 -0.03 (3.99 0.00 -0.4(3 .0.37 11,.3 0.20 0.214 0.43 021( -0.96 AN1 0.3 0.48. 0,0 O -00') -(33) .0) (.19) T3u3ial .kP 0.31 0.2? 0125 0.41 0(132 0.44 0.07 0.09 1.' 0.0900 013.9 0.96 0.90 0.37 (LIV1 3.17 0.96 0,64A 0.2') .0.09 0.- 0.36 033 0.97 -3.90 0.99 0.28 34)1 Tuilcy .-0,19 n.06 0.915 o.23 .0.07 0.20. (.37 0.96 -0.91 0.44 0.05 0299 -0.10 0.30 0.39 -(11) -0,033 0.17. -0.11 93.29 0.03 -0.93 0.03 02(0 -0.22 -037 0.17 0,99). 1430) Vannur-3,, .~~0. 41.19-.2 -0.12 -02') -(120 .0.2f 0.06 .0.99 -0.0 -0.07 0.98 0.02 -0.R04 3.08 -0.06 -(,13 0 .0,0 -0.19 -(.191 0.198 0.04 0.92 .0.94 -0.12 10.28 01.93 4020 4.96 -(.I9 9.I ZImLobwo 0.03 0.3?. O.9is 0,05. 0P9 0.09 *0.30 0.0 -0.031 -0,92 0.0336 OM.0 0.77 -0.12 (3,1 -333 -3I9,116 0.28 0,08 (,3 .0-0.02 93.31 0.94 0.95 0.94 0.42 0.06 13.07 (U43 0.96 3.i1 NWte Corbelatldni are for fv1oe ears of monthly.retlirns beginning Docemiber 1988, except foir Clilii, I huingiry. Pleru, Po,land~, a93d Sri L.onka, which begiii DecembiLer 19)92,an hidt ILo91L-ita, wh3ch beg3in IJemwiC' 1989. 'I994 FACTIPOOK Em99.9u;INC mAIIIFs DA1TA 1BASE 60 mo 0 00 CDX 0D CA o b o - o o o -~~~~~~~R US.. S&P 5(11) 5~~~~~~~~C X MSCLE07EF FT JEuroPac Hungary l'ortuga () PhIiippines0 Mexko IFCCCoL.poite IIFCG Laiai Ameirica Jordan Prdland - Brazil Kamat C3 Indonesia Chile Taiwvan. China 1 Colombia Ar1entina ZIimbabwec M Venezuela * Mi-ria Sri Lanka India Turkey *China a- C4 Af to M industry Weights In the IFCG Composite Index. Market Weight III Numnber of capitalizatlIo IrCCi Comp6ilhe SIC SMOfbr/IdiusIry stocks (USli5millions) (% 0 Aguicu1lure/forestry /f Ishin g 20 10,7011.0 1.3 Industry Weights In the IFCG Composite Index, fnd*1993 I Mining. 47 31,817.0 3.9. 1.0 MOeMa mInInig 29 16,938.2 2.1 2 'ConstructIon 220574.4Other I15 GeneralIJuIiling Controctors 22 16,347.8 2,0 1%ManufIacturIing 3 Manufacturing 552 276,178.3 33,5 20 Foo & Kindrl P1rodutcts . 70 32,390.7 . 4.0 22 Tae.tiile M iil Products . 43 10,083.0 1.2 23 Appairul & Otiwr TeNtiie l'rodu0ls 25I1,986.91.Trsprtl/ 26 Paper & Alliedl l'roditicts 3 3 14,964.7 1.8 COmhIl/ 'tttzifN4r 28 ChentIcals & Allied [Products 6 2 18,422.4 2.2 tit.t"'' 29 Petroleum Refining& Related l'rxotucts 26 20,144.1 2.4 f 30 Rtibb'r & Nlise. Plastics lliroducts 28 17,236.3 2.1 Pnne 32 Cemenlt & Glass Products 57 43,333.8 l. nsurance/ 33 Primairy Metal InduL1trieS 1 9 12,472.5 1.5 r . l% LitSt,lL 34 FabrIcated Mrail Products 45 15,032.3 1.9 26% 36 4lcrcHelclFqlmn 46 26,710.4 3.2 37 Transliortation Fiiutpnmcnt 3 1 21,24 1.4 2.6 30 Iselieu al9cLrn 25 7,443.6 0.9 4 rransporIoIon/comm./u1ti1ty 6 0 185,751.2 22.5 Induskly Dlstilbution In the IFCG Composille Index, End-1993 44 Water Transportation 8 7,475.6 .0.9 48 Communiications 21 . 0 01,459.8' 12.3 49 Eluctric,Cms. or SaniltaryServics 21 67,743.3 8.2 5 WholusoIe/roIail trade .34 21,4112.2 2. 6 Flnono,/insuranoo/Jo0l estate 201 211,375.1 25.6 60 tIanking I I 114,1 57.3 13.8 6 1 CredlIt Agencies OIlier Than Rianks 4 1 30,9809.0 3.8 62 SeulyCmn ocliy llrokers 27 1.8, . 61 Insurance. ID . 16,83.1.5 2.11. NlLtcurn 551,;f 7 Srvices 24 26,9633 . 3. 7?C I fotlds & Other Lodging1 Places 18 13,758.8 1.7 9 Otherfdlversifiad holding 30 41,373.4 5.01 real ustate companies 2) iFCG Composite Index 1,006. 825,619.1 Itl.0 199J FACT OGOK EMERGIING MARKETS DATA IBASIE 62 Industry Concentration in the IFCG Composite Index., End- 1993 (percent) Setor with Sutcltras largest share of shore of ;: h ~ithn morket cap mnrket cip * Latin Amedica Share of Market Cap of Largest Sector, End-1993 *Argentiia Tr,ansportatioii/conmli./tiltllly 47.0 UralZl TMnriispoirlttionn/comm./tltility 44.5 Chile Traoisport,lloi/ctnimiil./utDlity 59.1 Colombia Nmilufacturing 57,1 tl hlexico wahnufaturing 32.3 Venezuela Finaice/hisurince/reil estste 35.5 90 East Asla Korea 0lanuf,icturlisg .108 at) I'hilippines Transportatin/cainin./utlity 37,9 Taihian, Chinia F4naiwe/hi1i..ncv/ real estate - t.3 701 South Asia 11uindi ManI.uilfaMcutUring 8S5.9 ; Indlonesia MaNlttalillctring S59.1 I * Mi ,a1 ystal Triasportationii/ctiiniil./uitilt)- 31.3 I'a1kistan anliiufacurilng 72.A 5n* Thiland Ptnnnco/lisurance/real estate 59.1 Europe/Mldsast/Africa 411 Greece Finanice/inisuirainsc/reil esasite 5 1.2 Jorduin FlnRme/insunral¶ce/rll estate 58.6 *Nigeria &ianufnctitring 76.3 30(- l* PrthI*1l I:i.,aucc/lImuilraaice/w.,l lestate 3.1 * Tu!rkey M.ii.ltrig35-.1 2110s - . Zinimbabwve F`n.lcc/inisu3ranwc/rull estlte * 46.4 20 IFCG Composite indel - Niatifactrlg 33.4 .,. . . . . . . ' .~~~~~~~~~.5~ ~ .~ .k . ... .. .. , , . .. . .. ... a '. ~~~~~~~~~~~~~~~~~~~~~~~u . ' R >~ k 2~~~~~~~~ Tranlspoirta1ttol/cti,irniuilcaltktn/uitihiLy | FinIanicc/iinsutirnilceIreail esate Noe: China, Hiungary, i'crli, N1ii.1iad, and Sri i.lii were n!)t incldLlet In lii nid ry statistics in 1993. '1994 I:AC;rilooK .x i r iMtR c i N C. MARIKFTs DATA f,isE 63. i-,ndustry Distribution by Market Capitalization of IFCG Composite Index, 1993 (US$ millions; endl-1993) sic scxerrindffr Argunitina Birazcil .Clhile Colombila Onvee Indlia Indonesia Jortlan Korea Mialaysia MNixlc(I Nigurli *0 Agiculture/fioeslry/flshlng 24 159 2,028 510 3 6,218 I MinIng 5.834 5.275 3,430 37 II6 77 16 fi 773 2,328 . . I Metal, mininiig 5,275 761 37 316 77 - .773 1,151 * 2 Construction .54 - --4,606 3,158 2,967 1 5 Ceneral BILullg Contr,actors . 54 . - . -4,063 280 2.967 3 Manufacturing ..4,748 19,129 6,207. 3,967 2,930 42,374 10,715 824 37,277 21,660 40.005 513 20 Foo d& Kindired Produtcts 1,488g 2,473 2,0(8 1,731 756 1,763 .568 39 320 2.450 10,097 238 22 Taxe'NiMill 'r-oducts .-- 6 0 2,119 . 19 20 1,l56 - 25 23 APpprd &OtlherTcMilkr roiducs 232 36(9 - 195 5*v157. 392 26 Paper & A1lit~~~1 Products 50 ~1,924 I,18 26* 423 2,362 139 * 3,782. 2 8 Chemnicals &AIiILxl lProdutcts 96 952 477 n 7,756 400 65s 2,670 411 . . 23 29 21L'truilt'ui ItefiolngI& lRelctc I'roduicis 36 7,592 --732 (J9 3.271 1,764 46 30 lii MlrsN1.c. Plastics Products 54 . 179 -- 507 845 . 36 3,272 -2 1 32 Cemient &Glass prodiuets .572 1,000 - 1,489 748 2,2) 123 20 205 1,165 17,259 :33 I'rlnmaryNietal Iicdustrivs 209 506 - 22 - 2,819 -- 7,476-- 34 FabrIcated Metal Plrodutcts .635 651 1,128 1 9 353 2,584 . 32 174 1,846 4,278 2,4053 36 ElecIrIc& Electronvic Eqiipmniit - 633 - 862 2,461 .- 9,239 716 37 .*Transportation Eqoilpinwiit .11,I142 338 -- 3,449 448 5,6fig? 4,551 39 MIscellineous INlanutfacturing . ----- 524 135174 - -147 4 TransportatIon/communIcatlon/utIllIy 14,818 27,068 16,9014 25 - 1,575 40 19,218 42,434 36,542- 44 WaterTransportation . . 666 ..856 --- 2,660 601 I *, 45 Comniwaicatitous ..14,818 11,992 6,049 ----. - 1,7899 16,246 35,,65 1 49 Etccrlc, Gas, or Sanitary Service-s- 12,613 10,189 -- 1,019 - 40 16,486i 21,500-- ~~A. 5 ~Wholesale/relaIl traale 125 - 333 160 .402 - 3,135 1.390 11,958 lOb6 6 FInancs/lnsurance/reol estate 3, 026 5,675 1,195 2,591 .3,581 1,919 3,030 1,4931 27,107 20.,473 12.44$ 52 60. Banking 3,026 7,592 715 1,7 3,171 - 2,1)04 14,449 12,534 11,931 - 34 6 1 Credit Agencies Other Thin Banks . ..355 726 2 3 . 1 6 2,253 1,701 62 SecurIty &CcinninILlitylBrokers -- . - --- 11,781 '3I16 1.160 63 Insurance . --- 1,016 20 510 -- 7 Services . 05 774 1,17') lb 3 1,771. 1,455 7 0 IHotels &Otlier Io1glng PI'ces . --64 77.1 1,179 1 6 .- 8,810 1,455 . - 9 Other/diversified ho'lding companies IS .553 . 667 -. 33 . 2,211 .-. 101 17,556 16,052 - ': IFCG Composite Index .31,I96 60,5491 25,595 6,933 6,985 49,319 1512 256 91,444i 1.35,432 123.785 672 1994 lbAcruooo . 11ucr%.NARIIEs DATA BASE 64 Industry.Distribution by Market Capitalization of IFCG Composite Index, 1993' (us$ m'illions; end-1993) T.i wan 1, 11CC sic %'clvrfindInsIri Pakista~n Plflpns IortuAni1 Chinn Timhairan Tuirkey . Venezuela1 Zinibabwe CompoFxsite o Agilcuhiure/foroslry/flshlng - 341 730 953 1 2 10,701 I Mining 745 .938 7,725 1,070 .. - 100 31,817 *.10 . Mctal mifniing 391 - 7,725 3417 - 86 16,938 2 Construction .1 2 199 .366 4,778 3,918 20,057 IS Ceneril BI3ildiig Conit,ictors 366 4,778 3,841 l b,348 3 Manufacturing .. .. 5,754 4,750 1,465 48,301 9,594 13,799 1,627 232 276,178 20 Food & Kindn.ed i'raducrts $98 4,589 613 1,365' 226 595 368 87 32,391 22. TexiiIeMili' roducts ..1,007 . 27 4,026 - 492 86 1 6 10,053 23 Appirdl& Otlier Textile l'romtucts 20 4,922 697 .I- 1,987 26 Paper &AlIIkxl Plrodtcts . .160 .394 3,210 178 130 .48 II1 14,965 28 Cjlenidcals &AhIitiL PrmdCtics 1,867 - 33 2,455 . 59 403 -18,422 29 P'etroleumlRefining &Ralateectl'rocducts .848 .- 399 1,070 4,295 20,144 30 Ruibbcr & Misc. rI,ustlcs l'ratucts - 98 10,864 202 599 -29 .17,236 32 Cemnitt& Glass Protlucts 422 62 8 7,002 6,971 480 494 4 7 4 3,334 .33 Primairy Mdetal linduistries I - 195 1,246 --12,473 34 Pabric,ted Metal!Products -- 162 1,090 - 4 6 --15,932 36 Ioctidc & ElectrcIulL 7qquipniet 110 121 .1I1 - 1,50 i.s 26,710 37 Transportation EqIipmlenit 235 - 107 985 4,043 228 - 1241 *39 N\11scellanau Nliiatri359 . -- 191 266 -29 7,444 4 Tronsportatlon/communlcotlon/uHlhiiy 537 9,053 456 2,650 12,049 602 .1,481 -185,751 44 Water Transportnllmi 4 4 -2,650 -- .-.7,476 .48 CommuncaitIons 5,428 456 - 9,000 --101,460 49. Electric, Gas; or Sanitaryeris 18 3,2--- 602 1,481 -67,743 a . Whioieslle/rd.4i/trade .-- 1,053 882 1,298 561 --21,402. 6 Financu/Insurance/real estate 896~ 8,770 4,877 58,935 44,116 6,057 1,717 413 . ~ 211,375 60 Bainking .437 2,87 4,559 31,783 23,057 5,643 1,631 .. 130 114,157 6 1 Credit Agenicies Other Than Manks . .262 76 .12,803 12,657 86 .30,990 62 Secuirity & Cao n no(lty Brokers . . 730 --14,587 u13 Insurance 170 - 242 14,350 528 I 6,835 7 Services -- 90a 646 630 -- 94 .26,964 70 Hoitels&ObliwrLoxigingP1iacus -. - 90 646 630 *94 13,759 9 Other/dlveisitled holding companies . - 200 511 667 2,723 Is 40 41,373 IFCG Cerwposito Index. 7,9-14 23,910 8,851 124,647 74,595 23,742 4,840 891 825,619 1994 pATIOO ENlFitGcN,wIcNAmotrTs DA~TA BAsr . 65 Industry Weights by. Market Capitalization. of IFCG Composite Index, 1993. ( ofmrket, capialzation: end-1993) SIC SentorthIndustry Argelitina Brazil Chile Colombila Greece India Indonesia: Jordin Kore,i Malaysia INieNico Niguriai o Agrlaulture/Iorestry/tlsh,ing .. - 0.02 .0.25 0.06 - 0.75- 1 MinIng 1.07 0.64 0.42 0.04 0.01 0.02 - 0.09 0.28 1 0 Metal miining - 0.64 0. 09 -- 0.04 0.01 -0.09 0.14 2 Canstrutlion 0,0! - 05 0.38 0.36- 15 General IuilldingContractor.s 0.01 0 -. (.49 0.03 0.36- 3 Manufacturing o.sa 2.32 0.75 0.48 0.36 5.13 1.30 0.10 4.52 2.62 4.85 0.06 20 Food& in~t~.~dProducts0.118 0.30 0.25 0.21 0.10 0.21 0,7. 0.04 03 .2 00 22 Textile Mtill Produicts *.-.- 0.01 0.26 0.10 - 0.17- .-- 23 Apparel &Olther TextillelI'rolicts, 0.03 0.04 00 - 0.6 005-- 26 Paper &Allted Prducts 0.0! 0.23 0.23 0,03 - 0.05 0.29 . 0.02 - 0.46 28l Chemicals &AliIed Products 0.01 0.12 0.06 - 0.01 0.94 0.05 0,01 0.32 0.05 01.08- 29 Petroleumn Refininig & Related Produicts 0.92 . 0.09 .. 0.01 0.40 0.21 0.01 30 Rubber &Mlic.lPlasticssrrodtcts 0.0! 0.02-- 0.06 0.10 0.06 0.40 32 Cenient &CGlss Products . 0.07 0.12 . 0.18 0.09 0.25 0.1I5 C!.03 . 0.25 0.14 2.09- 33 PrImaryMetahl Inidustries ..0.03 0.06 -. 0.34 -. 0.91. '34 FabrIicatedNMetal Produicts .0.08 0.U8S 0.14 . - 0.04 0.31 0.06 0.02 0.22 . 0,52 0.29 . - 36 Electrdc& ElectmonicEqultpnient . - 0.08 . . - 0.10 0.30 . 1.12 - 0.09 37 Transportation Equipment 0.14 0,04 --- 0.42 0.05 0.69 0.55 3~ 9 MlIscellaneous Manufacturing .-- . --- 0.64 0.13 0.02 - -- 0.02 4 Transpottation/communlcotlon/ullity 1.79 3.28' 2,05 . .3. .3 5.14 44 4 4 Water Transpoirtation .0.08 . .,0.10 -. 0.32 0.07 4 8 Conuinaiwictons .1.79 . 1.45 0,73 - .0.22 1.97 4.32 49 Electric, Gas, or SanItary Services - 1.53 1.23 *-- 0.12 .- 2.00 2.60 S Wholesois/retoll traide .- 0.02 ..-. 0.04 0.02 - 0,05 - 0.38 :0.17 . 1.45 0.01 6. Flnance/lnhuronee/real estate 0.37 1.05 0.15 0.31 0.43 0.23 0.3.7 0.15 3.25 .2.48 1.51 0.01 60 BankIng .0.37 0.92 0.09 0.19 0.38 - 0.24 0.19 1.52 1.45 6 I CredlIt Agencies Other Than Banks -. -- .- 0.04 . 0.09 -.- 0.28 0.21- 62 Security& CommcxtityBUreker -- 1.43 0.11 0.14 63 Insurance ... - 0.12 .-0.06 7 Service06- . - 0.04 0.09 -0.14 - . 2.64 0.18 70 Htotels & Okhr LodigingPla.ces . .- .-- 0.01 0.09. 0.14 1.-Id7 0.18. 4 Olhwr/diveruifled holding companies . 0.07 0.08 .. 027,. -. 0.01t 2.13 19 IFCG Composite Index. 3.81 7.37 .3.46 0.84 0.85 5.97 . 2.20 0.31 11.08 16.40 14..99 0.05 1994 FACTGODK EMERGING MIARKETs DATA BASE 66 Industry: Weights by Market Captlzton of IFCG Composite. Index, 1993 (*% of market copltarlzatlon; end- 1993) sic SiectorIIimbutry ..Pakiston hlillippines Par lugal Chinm ThMIantd Turlke Venezuela Zimbabwe Composite O Agricuiiur.#for.stry/fishrng - 0.09 0.32 -1.30 1 Mining 0.9 0.11* 0.94 0.13 .0.01 .3.85 1 0 M . ioll mining . 0.05. 0.94 0.04 a,01 2.05 2 Construction .0,02 0.04 0.55 0,47 --2.43 I 15 .G6nerol Buildinig Conirociors . 0.04 0.58 0.47 -1.98 *3 Manufacluring 0,70 0,55 0.18 5.55 1.20 1.67 0 0O.03 33.45 *20 Food &KindredProdtucts 0.07 0.56 0.07. 0.17 0.02 0.07 0.04 0.01 3.92 *22 Textile MillPIroducls .0.12 .* .0.49 -. 0.06 0,01 - 1.22 23 .Apparel & OlIwr Textile Products 0.60 0.05.. . 1.45 26 Panper &AlIied I'roduicts 0,02 . 0,05 0.39 0.02 0 02 0.01 -1819 .28 Chemnicals &Alitii~ IProdutsm 0,23 -- 0.30 - 0:,02 0.03 2.23 29 Petroleum Refining&RehitedPwoduicts 0.10 0.05 0.13 0.52 2.44 310 Ru6ber & Misc. Plastics I'rwdticts 0.01 .1.32 0.02 0.07 -2.09 32 Cernent &Gla'ssIProducts 0.05 0,01 0.55 0.84 0.06 0.06 0.01 5.25 *33 Prirnuiry hetal Indtisiries .. - . 0.02 .0.15 1.51 34 ftbrlottel Met,ii Prociucts -- 0.02 0.13 0.01 - .1.93 *36 Eiecirit:& Elvcironic Equipmient 0.0 1 - 0.01 1.35 0.15 3.24 37Trani srMliion itquipment 0.03 - 0.01 . 0.12 - 0.49 0.03 -2.57 39 MIlSeellineaus Minnuficturing .0,04 .- 0.02 0.003 - -0.90 4 Tronsportation/communicafion/utIiity 0.07 1.11) 0.06 0.32 1.46 0,07 0.15 22.50 44 WaterTransportaiion ..0.01 0.32 - 0.91, 48 Comnmunications .- 0.66 0.06u 1.09 - -12.29 49 Electric, Gas, or Sanitairy Services . 0.02 0.44 -0.07 0.15 5.21 5 Wholesaie/eioall trade -0.13 0.11 0.16 0.07 -2.59 6 Financ*/insurance/reol estate a.ii 1 ,.06 . 0.59 7.14 5.34 0.73 0.21 0.05 25.60 60 Mnking 0.05 0.35 0.55. 3.85 2.79 0.68 0.20 0.02 123.83 61Credit Agences Ollier Than Bacnks . 0.03 - 0.01 1.55 1.53 - 0.01 3.75 *62 Security &Conirtmoity Brokers - .9 .--1.77 63 Insurance 0.02 - 0.03 1.74 0.06 2.04 7 .Services - 0,01 0.08 0.08 .0.0! 3.2? 7 70 lotels OIllir Lodgjiig Places -0.01 0,08 0.08 -0.01 .1.67 9 Oiher/diverilfled holding componies *- 0.02 * 0.06 * .8. 0.33 .-50 IFCG Composite Index 0.%96 2.90 1.07 15.10 9.03 2.58 0.59 0.11 100.00 1994 ACTBOOK EMuERGING MNARKiETs DATA BASE. 67 Industry.Distribution by"Number of Stocks KZ in ~IFCG,ComrposIte Index, 1993 (ed-1993) -IC ScIclorjhoidiistry . Argentina Brazil Clille Colonmbia Cra'ce India Indonesia Jordan Korea Malaysia Mlexico Nigeria -0 Agrlculture/forestry/flshlng .-13 -2315- 1' Mining 3. 6 . 3 .1 I. . I1 .4 ID, Metaminlnlng. - 6 2 . 11I--1 3- 2 ConstructIon .I----. .- - .I *22 * . 15 GeneralDtdnCotaor . ----- 8 I 2- 3 ManufacturIng .22 . 4 1 1 2 1 2 183 96 27. 14 . 66 23 29 1 6 20DFood &Kindred Prodtucts 5 5 3 2 4 5 I 1 2 3 7 6 22 Textile Mill Producls .---26318 -2 P40% 23 Apparvl&OtherteNiluI'nxlutcts .I 3 - 3. - 3 --- 2 rpr iad dca*16 2P1i 2 3 . 3 .8 Chemicas&Allied Produt ct 3 1 2 I 25 3 ~ .3 S. 1I 29 PetroleumaReflning;& Related IProduicts 1 5 - . - 2 I 3 . 2 2 30 Rubber di Misc. Plastics Products 1 2 --. 4 2 -2 3- .2 Cenment&Gan'.lct 42-3 2 5. 3 2 6 2 7 33 Primanry Metal Induistries . 4 -. I-4 - S-. p 34 Fabricated Metot Products 2 .3 2 1 . 3 . 7 2 3 .7 5 5 3b Electric& Elcctronic Eqtulpnient .-3 --4 5 - 13 - 4 37' TransportatlIonl Ejulipment I 2 -7 2 . ~ 5 4-- 39 MvIscallaneous Miaiuifarturing .---52 3 .---4 4. T;nsportation/c ormmunica.tlon/utiilv 2 tO ID . - . 4 2 3 4 8- . 441 Water Trianspcrtatllon. -I- 2- -I2- 4 8 Communications 2 3 3 -- .*13- 49 leCITrIc,QGas or Sanitary Services5 6 - - 5~ Whoiesalep/retollltrade .1- .13 -2 -6 I 6 4 6 Flnon.cefinsurcnce/real estate 2 9 6 5 1.1 26 1 1 47. .2 6 4 ' 60 Bankdng 2 7 2 3 6 - 3 6 1 3 3 -3 61 Cred It Agencies Other Than Banks -- -4 1 I252 - 61 Secu ri ty &ConmmdlityfBrokers .- --- 24 I 1 6 3 Insurance . , . --2 ---2 2 -- *1 7 SerIVces -* . 3 2 .11-. 7 3 70 Iiotels &Otlher LoclgInig Places . - - 12 I.1-3 3 9 Ofr /diversified holding companises 2I . ..II . -1I 1 t1'CG Composite Index 31 7.5 2 5 ls41 29 134 66 69 24 1994 FAafBOoK0 EN.iFiGIN MARKETS DATA BAsE: 68 Indu'stry.: Distribution by Number.of Stocks in6 IFCG Compositei Index,, 1993 (end-1993) Taiwan, ~~~~~~~~~~~~~~~~IFCG; SCSuworilil'rfvuuy Pailstan Phlippinies Portugal China . Thailand Tuirkey Veneiuela Zimbabwe . Canipaqslle o .Agrlouiture/forestrV/fiihlng I 2 -1 20 I MIning 3 IS - 2 2 -4 . 47 IC 0 Mvetai lmining - 8 2 1 - 3. 29 2 Consiruction 11 4 5 2 - 29 1 General Building Contractors . .-4 5 . .-22 3 Manufacturing 48 . 4 12 53 1 5 '25 10 9 552 20'.Fuod &Kindred Products. 8 223 1 270 22 TextileMtyIll'Products 9 -1 7-2 2 2 45 23 Apparel &OthwrTextle.Products ..I --72 -- - 28 * .26 ~~~Paper &Ailicd l'rxluicts . 1 3 6 1 11133 *28 *Chemkails& Allied I'rodnrcts 6 -2 2 -2 2 62 29 Petroleum Roflniing &Related Produicts 5 I--. 3 -. 2 6 30 .Ruibber & Mlki. Plastics Produicts . I 7 1 3 - 28 32'Cement &Glass Produicts 3 1 . 1 4 5 4 2 1 .57 33 Primiary Metal 1industries .- -13. . 1 9 34 Fau,.iwtd Metal Plroducts . . < 3. I 3 .4 5. $97 . ~. . 36 Electric &Electronic EAulpnment I . 9 * 2 46 3,7- Transportation Equipmniit .5 . I-2 1 -3 1 .39 Nltisceilnqwous Manufacturing . 7 .-2 1 -125 4 Transparoltfon/communtcation/utiltly 3 5 2 1 4 1. 60 44 .Water Transportaticn .I - *- "4 ComScniiclr6ru; 2 . 3 21; Wholesl/oaItrad'e .- 2 .2 4 2 *.34 .6.Finance/insurance/real esld. 9 I I 9 .12 23 .6 5 5 .201 -60, Banking .2 3 6 5 7 4 4 2 . 61 ICredit Agenicies Other Than Banks 4 - 2 6 10 I - 4 1 62. Security & Commodity Brokers - . -1 -27 63 InsUraInce ...I . 1 0 *7 Services . - . 12 3 . 124 70 Hotels & Other 1^odgIng Places . --1 2 . 3 -1 9 Other/dIver3ified holding companies I 2 -3 2: 1 I 39 IFCG Composite Index, 64.- 37 33 78 . 58 36: 17 2.1 i1006 9g94 FAwTaiooK TMERGING MIARKETS DAMr BA%SE 69 I'FCG Indust rce Indexes 1993 Performance Su mmary *(USS and .1993 % changes In US$; end 1984= 100) .* . . ~~~~~ ~~~End $1chng Sic. 'Sccorlnifidiiiryi (1984-100) end-1992. L,L 0 AgrIoultu,e/forestry/fIshing 265,7 86.9 Percent Change In IFCG Industry Price Indexces, 1993 1 Mining 191.1 36.2 1 0Metal mining 102.1 6U.8 S 22.:. Construction . 55.7: 72.2 15 Gen'eral Buillding Contractors 634.7 55.6. 3 Manufacturing 487.0 53.7 ..125 20' Food & 'Kindired Proditcts ..780.4 . 66.6 i,22 Textile MIlII Produicts .236.5 22.3 2.3 : Appa~rel & OtherTextile Products . 312.4 23.7 26. P.iper&Alliedilroducts 616,3 412.710 V..,!.. 28 Chemicals & Alliedi Pnxiucls .381.6 37.0 29':U Pcl&um Refining & Rolatoxi Produicts 122.3 106.8 '30 Rubber& LN1sc. Plastics i'rociuicts 793.5 74.4 32 Cemept & Glass I'radutcts . 1,457.0 57.2 33* P3rimary Mtl nusr 292.0 46.9 :34 Fabrieatml Mutl, Pwduitcts 224.0 .42.7 36 Elmctric & Electronic Equifpmntvl 695.6 . 65.6 ~7: Trinsp'Ortation EcpiIpmenit 709 . 5.1 Al.. Transportationlcamrnj.utility 1,763.1 6. 441 Water Transportation ..363.9 45,0 48 C6omnhiucatlons 6,183.0 . 9.4 23 '"49. Electrlc, Gas, oe Sanitairy Serv'ices 1,028.6 54.1 6 Wholesale/realliitrade 621.3 43.5 6 .F1nance/insurance/real estate 2412.7 77.6 B0.lanking . 250.3 7 .9h ~ i1 t~' ~~!~I - 6 1 Crdt5.iceOleTaiaiw512.6 .*110.1* ;il i ]i 5 62* .Scurlly &Conrnc~lity Brokers 96.8 27.1 j ; j3 .j4 - 63 . insurance 143.6 . 142.7 ~~I .7 Services Plcs408.0 124.2 ' vl ; 70.) H-fols & Othier Lod8ltg I.acs111.9 .132.0 1LL)~-- 9 Oth,r/diveruilled holding 528.2 .90.2. companies IFCG Composite Price Index 439.6- 64.2 Q3 Indtustrics :1994 FACTBIOOK. . E KRIG1r NIARKETS DATA BASE 70 I,FCG: Industry Price Indexes 1993, (US$; end 1984=100) SIC. Ski uarlingusiry Ja eb Ma,r Apr Maly Jun Ju Auig Sep Oct IN ay Drv 0 giclur/o:sryfIhn . . 144.4 149.4 142.5 144.9 147,9 . 140,5 146.3 155.7 163.4 189..6 200.6 265.7 I mining .134,7. 234.6. 139.2 .133.9 141,4 149.9 148,1 150,7 159.3 162,1 163.0 191.1 10 MeclltalMining 57.9 62.6 67.1 67.3 74.4 -77.3 78.2 76.1 80.8 .78.0 83.5 102.1 2 Construtwion . . 389.2 409.0 433.7 445.3 442,3 434.0 432.2 444.0 .450.2 509.4 546..6 .655.7 IS General BiuildlngCqontractors 407.7 427.1- .451.1 450.0 443.6 431.5 415.5 422.2 415.9 475.9 517.1 634.7 S.Manufacturing 3115.6 322.3 322.1 330.6 345 373 397 5.0 6.2 5.9 423.7 487.0 20 Pood& Kindred Proxtlcts .47V6.7 479.8 - 504,5 .520,9 514.2 513.1 530.9 568.5 576,5 646.4 682.5 750.4 22 TextilIeNth11lIrodtlcls .194.4 208,3 108.0 .103.4 .186,0 . 195.0 150.7 176.4 280.6 187.1 209.7 . 236.8 23 App.in.4l&OtIherTextIi'lradutcts 249.9 267.6 247.2 238.0 232.6 216.1 225.5 232.2 236.8 244.1 .279.9 312.4 26 2npvr &Ali2kd I'rxaticts 4421.5 438.4 447.4 '426.1 440.8 .448,8. 439.5 464.9 .464.7 485.3 510.1 616.3 28 Chemiicals& Alliedi Il'wducts 280.6 272.6 259.3 261.5 272.5 274,3 275.0 283.0 302.3 . 303.3 339.3 381.6 -29 l'i9erRfnn&uieirdcs58.2 60.7 60.5 65.6 63.8 .85.7 83.9 90.0 200.3 80.9 117.4 122.3 30 Rtibber & Milsc. Plaistics l'roilucts .457,4 506.9 524.5 498.8 496.4 476.4 472.5 481.4 . 485,2 523.5 581.0 793.8 32 Cemeirt &CGhss I'rodtuts . ..906,0 558,4 911.7 902.3 .911,2~ 931,0 964.0 1,015.6 1,040.7 1,171.6 1,265.5 1,457.0 33: 'Prinnry Metill nditslries 181.3 1 70.3 152,0 169.5 . IS.S. 272.0 167.8 176.2 192.5 189.3 234.2 292.0 34 Fabricated Metal lIroctutcts 158.1 260.7~ 163.2 165.6 :174.0-~ 171.1 271.6 150.6 184.9 193.3 204.4 '224.0 36Electric& ElectroniicFEqulpm6t 426,5 432.4 451.6 478.1 485,2 485.1 463.2 4Ci5.58 490.4 522.5 565.0 695.6 .37 TrAnsportatIon Equipmenit .450.5 492.4 489.9 571.9 -567.0 566.5 550,8 . 50.7 572.7 591.6 623.2 .709.5 39 Ntseln6sMnfcuig . 88.9 264.6 251.2 254.4 265.2 270,8 272.9 312.0 333,6 329.5 375,0 411.7 '4 Tronsportation/communalloon/utiIfty 1,066.2 1,074.4 1,112.1 2,097.5 1,095 2 1,269.8 2,186.0 2,242.7 1,322.4 1,439.7 .1.5133s 1,763.1 *44 Water Transp5rt`twi ' .n 263.6 -278.7 279.6 254.8 252.6 255.6 251,8 259.4 250.9 257. 288.0 . 363.9 48 Commnicunations 3,523.4 3.526.2 3,802.2 3,752.2 3,744.6 .3,965.7.. 4,07511 4,401.6 ' 4,553.7 5,112.7 5,134.0 6,183.0 49 Electric, Gais or Saintary Services 642.0 . 654.5 643.5 646.2 640.6 .703.0 947 6.6 782 822.7 . 916.6 1,028.6 *5 Whioiesai./rotuiI trade '427.2 400.5 430.2 4416.7 453.2 457.2 465.3 492.3 48P..2 5284.6 576.9 62 1.3 F inance/Insurance/ruaI estate . *104 295 162.2 . 102.3 :153,4 2592 255,6 263.58 6.. 17. 8. 242.7 . 6o0BDanking 248.8 173A~ 174.7 176.4 1273.41 17'1.9 171,~7 180,2 181,0 193.3 198.9 250.3 61- CredtitAgeutclesO2iirTIran Lak 256.4 234 292.3 221 697 21i4,6 268,5 274.8 272.9 321,9 344.3 512.6 62 Sccurity*&Commodttyllrokers .75.,8 7.8 76 832 23 8.6 79.7 74.6 77.8 . 79,6 86.6 96.5.. 61 ! :- f3 Insurance .57.6 90.3 07,6 91.5 81.6 77.1 74,5 .76.3 ..74,4 86.7 89.9 143.6 7. Services 1 83.9 195.9 202,2 223.9 245.,8 241.2 260.3 286.2 30,131 342.6 343.3 408.0 '70 Hiotels &Othier l.adglngiMaas .133.5 241.3 248.2 157.3 272.6 H18.2 182,8 *200(13 225.7 247.5 252.4 321.9 9 Other/diversIied holding companIes *.273.8 276.0 284.9 310.4i 320.3 327 I 335.8 .372;I1 375.7 427.9 .445.2 528.2 * IFCG Composite Price Index 265.7 278.1 283.1 256.8 388.2 293.7 .297.5, 320.0 32.0.5 345.2 365.9 .439.6 -1994- FACTUOK -'..EMEiRGING MIARKE-TS DATA BAsE 71 jndutryPrice Indexes. 1sz1984-1993 CS:en'd 1984= 100) SIC~ SecIor/Indissry 1984 1985 1986 1987 1988 1959 1990 1991 1992 1 993 a Agrlcu'liure/Ioresiry/tishlng 100,0 96,3 .113.8 124.2 131.7 157.6 :128.7 135.2 .142.2 265.7 1 miming 100.0 113.5 105.2 102.5 160.3 250.0 I215.5 164.7 1403.3 191.1 * 10MNtal Mlulng 100.0 112,3 89.3 04.6 *. 111.6 177.4 71.0 78.7 63.5 102.1 '2 Construction (00.0 117.2 1123.5 167.1 .409.5 607.5 364.3 350.1 .350.9 655.7 15 Generallltulkdiiig CcntrictorS 100.0 121 0. 117.3 173.4 434.9. 645.9. 371.3 412.7 400,2 634.7 3 MonufaicIurlna 100.0 131.6 .157.4 175.4 276.2 412,4 279.7 .346.6 316.9 457.0 '20 Fod & Kindr,ed Plroduscts 100.0 100,8 . 137.1 . 154.6 200.7 384.0 276.9 474.5 468.5 750.4 22 TextilevNIilI2'iuducits .100.0 144.6 149.9 .196,2 162.3 296.1 156.5 256.3 193.6 .236.5 23 Apprcl &Oi0herTextIIcI'lrcxlicls .100.0 137,0 1.19.3 19581 253.4 340.4 212.4 27.i52.631. 26 Paiper &A2I1a lkx2uets .100.0 143.4 .249.6 409.0 465.0 739.9 452.6 575,6 431.9 616.3 *28 Chlmnilcls&AHII21droiducts. 100.0 130.1 151.6 199,18 349.1 415.0 279.'9 309.9 275.6 351.6 K 29 1Petroleum Refining &IRelatedI'lrodiucls 100.0 127.3 135.4 67.5 97.5 109.6 64.5 77.5 59.1 122.3 * 30 Rubber & Nttsc.t'Insti1C3 2'nxlucts .*100.0 116.1 161.3 313.6 521.6 737.6 414.4 482.6 455.3 793.5 32 Cerrwnt&GIasqi'rodutcts 100.0 100.8 203.5 255.7 480.7 .997.5 720.5 986.7 927.1. 1,457.0 313 1'rlmry Nlclal lIndutstries 100.0 210.3 .175.1 179.5 2685,0 30(1.7 206.3 205,10 195,8 292.0 34 FAbrICAtUd Metal IProdcts '100.0 129.3 101.4 78,5 125.1 199.7 .136.4 170.0 157.0 224.0 36 HLcric&.etollEupwt10. 2. 299 236429.2 724.4 424.9 474.1 412,7 695.6 :37. Transportation EquIlpmient 100.0 185.2 239.7 3031.5 . 466.3 632.4 512.5 547.0 460.4 709.5 M' 39. MlscellaficousvMa:nufacturing .100,0 138.4 241.5 125,4 .130.1 265.2 I50.8 202.6 273.3 411.7 4 Transpaitctlon/comnmunIcatlonlfuIItty 100.0 124.1 241.1 335.1 .425.0 670.1 567. 3, 10V95.4 1,763,! 44 WYat'rTransportationt 100.0 160.2 200.2 199.9 262.9 355.2 ..154.1 256.5 251.0 . 363.9 4 45 Communications ... 100.0 92.6 2411.9 420.4 463.5 830.3. 2,090,6 2,529.5 3,649,5 6,153.0 4 9 Electric,Cas orSanltnry servlces 100.0 120,6 186.5 279.9 304.8 . 459.2 479.9 609.5 667.5* 1,025.6 O W'hoIesaielretali Irode s 100.0 110,4 125,7 175.5 358.7 427.7 410.7 356.1 433.0 621.3 6 Flncnce/lnsuronce/real estate 200.0 126..5 105.4 . 101.6 1 55.2 235.2 162.3 141.5 136.7 .242.7 60.. Dicnklng 100.0 130.2 105,5 200.2 165.2 234.0 176.7 145.4 . 143.9 250.3 4' 61 CrcditAgenckesOthierTltanllanks 1009.1.4 147.3 282.9 165,4 453.3 249.5 240.5 244.1 522.6 62 'Security & Conmmodlity Drwkers 100.0 1. . .22.4 13d.6 . 92.5 52.3 76.2 96.5 63 tnsuraiice 100,0 131.7 1 29.8 223.1 77.5 . 20,.0 . 76.7 . 0.5 59.2 143.6 7 Services . 0. 629. 55 1 5224. 23.7 140.3 182.0 40$.0 r4 ,70 tHotels &Ot1wer2Lodg2ng 2'1nces . 100.0 97.3 98.6 77.1 89.21 1541.2 221.0 122.9 1 34.4 311.9 9 Other/diversifIed holding componles 100.0 79.0 90.3 11:25.9 169.0 . 28(1.2' 206.7 287.6 277.6 528.2 IFCG Composite Price Index 100.0 122.2 132.9 1416.2 224.10 339.9 2341.5 271.5 . 267.8 439.6 I:.1994 F-ACTIIOOK . 2N1:IGINC; MARKI rIKL DA~TA B3ASI: 72 IFCG: industry Price Indexes .1984-1,993. (annual % change In US$) :SIC Sectodilattfuusry 198 586 1987 1.988 1989 51990 1991 1992 1993 0 Agrlcuitutfo/f&estry/flshlng .-3.7 15.2 9.5 6.0 19,7 -18.3 7.3 3.0 86.9 1 Mining . 35 .-, 2355,8 56.0 -53,7 .42.2 -14.8 36.2 10Mca Mining 12.3 .-20.5 -27.6 72.8 .58,9 .60.0 10.9 -19.4 60.8. 2 Construiction 17.2. -3.1 47.2 145,1 48.3 -40..0 4.3 0,2 72.2 *15 . C,ncr.t tilfliiiing Cuitr.eturw 21.0 -3.0 47.8 1 50.8 41.55, .425 51.1 -3.0 . 8.6 :3 Manufacturing 35.6 19.7 55,4 57.4 49,3 -32.2 23.9 -8.6 53.7 * 20 Food A Kilndred Plrodutcts 0.8 .36.5) 52.8 29.8 91.3 -27.9 71.4 . -1.3 66.6 2 22 Textile NSIiS Produicts 44.6 3.7 30.9 -17.3 52.'5 .37.0 38.5 -25.5 22.4 2 3 App.irelI&Otlicr Textile Prodcxics .37.0 1.6 42.8 27.5 341.3 -37.6 29,1 . -7.9 23.7 26 P'nper &Allied Plrodutcts 43,4 74,5 63,9 .. 13.7 59.1t -34.8. 19.9 -25.4 42.7 28 :Chlnemicls &AllSed'ctlOmucts 30.1 39.5 10.0 74.7 59.8 -33.0 10.,7 -10.1 37.0 *29 li'etroleurmnRef(Snng&StRelatediProduicts 27.3 6.4 -50.2 445.4 12.4 -43.5 20.6 -24.1 106.8 30 ltubber &Mtisc.PS'asSlcs I'roducts 56.1 39.0 94.5 66.3 . 41.4 -43.5 .16.5 -5.7 74.4 *32 Ceilnent&CGInss I'rutclus .0.8 101.9 25.6 88,0 107.5 -27.7 36,9 4.10 57.2 3 3 P'rlnuryMietllInduistrlcs ..150.3 -16.7 2.7 49.1t 12,2 -31.4 Q's -4.4 . 46.9 * ~~~3.4 Fabricated Meotal lroduicts 29.3 -21.6 422.6 59.4 . 59.6 -31.7 . 46-7.6 42.7 .36 Electric & Elctronlc Equjlpnwint 10.0 ' 54.4 .49.2 69.3 68.8 -41.3 11.6 -1.0 68.6. 37, Transportation Eqimn8 5.2 29.45 26.6 53.6 35.6 -59.5 7.0 -15.5 .54.1 3 19 NicellaneousM1,inufacturlng 38.4 2.2 -55.4 3.7 29,2 7.5 12.1 34.9 50.6 4 .Tiransportatian/commnunlootion/utIlIIy 24.1 94.3 39.0 26,5 57.7 -15.3 AS.I 5 7.3 60.5 Wator TransportaitIon . 60:2 2500.2 31:5 35:1 -48.2 39.3 .2.1 45:0 4 8 Comminitiicatlons 574 65. 3s10.39.313159.5 9064 4 9 Elcctrlc, Cuasor Sanhlry Services 20.6 .54,6 50.5 81.9 . .50.6 4.6 27.0 9.5 54.1 5 WhoIesaIOftellOll trade 104 . 1. 97104,3 19.2 -4,0 -6.0 12.1 43.5 6 Finance/tnsu'cnce/reoi esitat 26.5 --16.7 -3652.6 Salo6 -35,8 -52.7 -3.67. .60 13anking 30.2 -56.7 766.839.2-45 1, -1.0 73.9 65 Credit AgdcIesOtherThain Ranks -5.7 56.5 91.4 -4 1.3 57-1.5 -45.0 -.15 1.4 55.0.5 62 Sectirity!& Conimotlity Brokeorsr -- -34.3 -29,51 -11.3 -7.5 27.1 63 r:utivir,co 31,7 6.2 59.6 -65.2 I156.0 -54.4 5,4 -26.7 142.7 Sesvfc~~~~~s . . -3:8 .1.0 ~~~~~~~~~.-20.8. 16.8 4. -15.0 . 13.5 29.7522 70 ltneIs&oftierLiginigP5aLccs -2.8. 51,4 -21.7 . 5.5 73.0; -25-.5 .1.5 9.4 13. 9 Otherldlverslfled holding companies -21.0 1154,3 28.3 45,8 . 65.8 -4.8 7.8 -3,5 90.2 IFCG Composite Price IndeX 22.2 5,7 I 50.1 53.2 55,7 -,It30.9 55.6 -1.4 . 64,2 1994 FACTIOOCK -.*ir IN;NIASIKSiSDTEAE7 ~;'~IFCGIndustry. Total Return Indexe's 193 Performa'nce Summary (US ad 1993 % changes In us$; e~nd 1984=100) * 1993 (rom SC SderIurli1tirstry . (1984=tO0) endti-992 .0 Agriautture/forestry/qishing 359,8 91,9 Percent Change In IFCG IndustryTtlRtr nee,19 I Mining 254,8 39.6 lo0~etirinn 135,1 65.7 2 Construction 783.7 73.7 "'~~'. 15 ConeraI Bi3ildlig Ccntractors . 755.9 60.2 * ' S Manufacturing .629.6 56.0 2 * 20~ Foodi & Kinidredi Produicts .1,046,9 70.0 22.. TLxillgvll lMciiiPodcts 282.3 24.9 23. Apparel &Othcr Te,%tlleProdutcts 367.0 26.7 26 Poper & Alliedi Products . 82, 45.6 o .28 Chanicilas& Ailloie Products .566.7 40.5 29. 1etroleum Refliiing & Reloted Produtcts 1,5112,1 30 Rtibber& MiNsc..Plastics Products . 93278.8 32 Cement &Ghiss Pwodticts 2,031.2 .61.2 33 PrIimaryllM Mcitii dstries 353.9 48.575 .' .. 34 Fabriatd Metal NU PraduLCtS . 292.5 . 45.7. '36 Eloctlrc& Electronic EquiIpment ..822.1 70.5 :37 TransporNtlton Equipment 874,6 5. 39 McelnusanFcuig530,0 53.8 so . -.... 4 Tran-iportatioti/commj/ulltly 2,579,6 64.2 44. Witor Tr.wspormtaIon .490.4 49.0 48 Communications. 9,918.5 73.5 2 . 49 EILectric, Gas9, or Sanlitry Service's I9?457.3 5Wholesale/etaloi trade' . 2. 46.1 ~lb 6 Finance/lnsurance/leat estate J . 30,7 * 1. 60 i3inkiing .* 320,3 7, 61 CrediltAgencies Olicr Thirn Banks 6 75. 2 113j.3 .~1jI 62 ecrity & Commondmity Brokers . 9. 75~ 63 Insurance *2 1 , 1 * 144.7 MEJ' ~~ 7 se:rvices, 1 0. 26.0.~ 70 Hotets& Otherl. dglKugplaces * * 375.8 133..7 . . t 9 Other/dlVersified holding **6,19,6 9353 . V IFCG Composite Total Return .Index 5. 75QIdsre *.U ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Sectors 1994 FACTDOOK . NE G IN ARNETS AT IIAsE 74 IFCG IndustrY Total Return Indexes 1993 (U$; end 1984=W1 O) siC indulstry jon Feb Mar Apr Ma.1y Junl Jutl Atig Sep Oct Nov DX *0 Agrlculture/farestry/fIshlng .185,8 195.4 187.0 191.1 196.0 157.5 195.3 208.2 219.4 255,8 . 270.7 .358.8 1 Mining ..175.7 175.7 181.8 175.5 185.6 197.1 194.9 .198.6 210,0 215.6 216.5 254.8 1.0 Metall MlinIng 74.4 80.4 86.4 87.2 96.4 100.3 10. 91 154 132 110.9 13. 2 Construction 461.5 455.0 514,3 529.6 527.9 518.7. 516.5 530.7 .538.1 608.9 653.3 783.7 15 Genvrlalfltalldlg Contraciors 481.8 504.8 533,1 5.33.6 528.2 513.9 495.8 502.8 498.9 566,7 615.8 755.9 3 ManufacturIng 400.4 409.1 409.3 421.1 428.2 432.8 436.6 454,6 471.0a 494.4 547.5 629.6 20 Food &KlndiredlProducts 627.2 631.5 664.4 659.1 -681.9 681.5 *.705.7 761.4 773.2 .866.6 915.3 1,046.9 22 Textile MllirrdKcts .c.t 227.7 244.1 232,2 227,8 220.4 219.4 .215.0 21600. 215.0 222.8. 249.9 *282.3 .23 Apparel &O0l1orTextiIe PrOvucis 286.6 306,8 283.4 273.3 269.6 252.6 2631.6 272.8 278.2 .286.8 328.9 367.0 *26 1Papfer A Allied P'roducts .564,0 560,8 572.4 .547,0 566.3 578.-1 Sr7.3 6100.9 602.4 630.9 663.3 802.0 28 Clfcnilcols & AlIedLx Produebc.. 407,1 395.5 376,8 381.3 399.0 404.0 406.1. 418.7 447.6 449.8 503.4 566.7 ? 29 C'etoIIurn RefInlnig &Reldted I'rodlucls 83.9 87.4 . 87.8 95.7 100.3 124.9 122.4 131,4 147.0 131.6 173.1 180.5 3.0 Rtibber & Mlisc. P1.1lausllsProdtucts 542.7 602,3 623,3 593.4 ..598.5 575.7 571.0 583,0 588.2 . 635.0 705.0 963.2 32CementCasrdcs....1235 .,0, ,.30.1223 1213.1,290.8 1,o338,4 . 1,415.3 1,448.8 1,632.4 1,763.8 2,031.2 3 3 PrimaryMet.lallduisrires ..217.6 204.4 152.5 204.4 218.9 207.1 203.1 213.5 2.33.3 229.3 283.8 333.9 34 Fabriclc.ed MeOM Produicts .. 201.9 205,3 208.6 216.2 223,6 220,4 221,3 233.0 239.5 . 251.1 265.7 291.3 -. 36 .lectic&IlectronkieEqulpnient 498 568 .529,3 560.7 570.5 563.3 547.1 550.3 579.5 617.6 667.8 822.1 3.7 Triansportation Equkipenct . . 548.8. 599,8 596.8 697.2,%, 693.4 695,2 676.5 677.4 704.5 728.6 767.8 874.6 39 Mlucellaneousnniflacturlng ..364.4. 333.7 381 241 3.1 460 3,1 400.7 429.2 .424.2 48. 53.0 .7 4 :, Transporlalion/aomrnunlcotlon/utlllty 1,526:5 1,539.0 1,593.8 1,5819.7 1,588.0 *,1,704:7 i729.1 '1,812:4 1,916.4. 2,0.2% 2,211.5 2,579.6 4Wmatr TronsporMtlan 35 356 368 37 3..3 31 .30 343 37, 36.6 385.0 490.4 45 Conimunlcntl6ns . .5,518.4 5,525.0 5,965.2 5,948.4 5,910.8, 6,343.5 6,519.2 7,047.1 7,291.0 5,184.3 8,222.4 9,918.5 49Eiectrlc.Cn4s or5anmitry Services . 1,183,5 1,206.5 *,1,195,1 1,202.0 1,193.9 1,310.6 1,296.5 1,307,7 .1,454,8 1,~538.9 1,715.5 1,927.4 S Wholesois/retoil trade 5~~~~305. .593 51.0 573.4 584.2 589.2 604.0' 635.4 304.6.2 756 802.9 6 _laceimrnc/el sae173.1 .197.0 200.8 201.6 197.0 - 198,5 198.2 205.1 0. 2. 3. 0. 6 0 I1ankIn~ 186.3 217.5 219.6 . 223.0. 219.3 2fl,I 218.6 229.8 231.2 247.3. .254.5 320.3 61 Credlt Agercles OilirTlianfHonks 333.1 .381.? 351,0 369.5 ~ 353.6 347.5 352.8 . 361.3 . 359.4 4101.7. 453.5 675.2 '62 Scuirllty &Comnodllty0Brokers .77,7 . 74.5 78.7 85.4 .84.5 85.9 81.9 76.7 80. 51.8 89.1 99.5 *63 Insurance 86.8 136.0 147.1 137.9 123.8 1I 16,9 . 113.1 115.7 113.0 131.7i 136.6 218.1 7 services .224.3 239.0 246.8 274.1 301.5 296,.0. 3120.0 351,9 374.1 422.0 . 423.2 503.1 :70 1-IoIeIs &Orlier LodginglI'Ices 159.7 .,169.0 177.4 188.6 206.2 202.0 218.9 241,2 259.') 298.2 303.0 375.8 9.ther/diversIfIed holding companies 331.1 33. ~ 49 378.4 391 .6, 387.8 411.0 *I55.6 463.9 511.9 547.3 649.6 .IFCO. Composite Total Return Index .329.2 314-.8, 351,8 358.0 360.8 368.6 373.9 3911,9 403.9 435.3 465.5 555,2 1994 FACTUCOK ..ENIEIiNrGt .i,qc NIARKETs DATA BASE 75. IFCG, Industry Total Return Indexes .1984-1993 fr~ USS; end 1984=IUO) SIC lhtfusiry 1984 11255 .1986 1987 1988 3989 1990 1991 1992 1993 0 AgrIICulcuttur/Worestry/fIshlng 300. 98.5, 123.3 138.6 154.0 393.3I150.8 174.8 186.0 358.8 1 MIning 30. 138.8 113,2 114.1 185.0 304.4 143,9 207,6 382.5 254.5 10 WllNMinling 100.0 317.2 95.6 72.1 128.0 230.4 86.0 98.7 81.6 135.1 2 ConstructIon 100.0 121.3 123,6 187.1 468.3 699.8 420.3 .. 442.3 453.3 783.7 35. Gencrill Uta33d3ntlgContmicors 300,0 . 125,2 127,9 194.7 498.8 746.4 '329.2 480.9 472,2 755.9 '3 Monufooturlng .138o.a171.6i 197.7 . 22 . 493.239943540562. 20 Faad&3(Indrocl rraducts 3~~~~~00,0 330.3l 157,41 182.4 244.6 478.5 351.3 612.4 618.0 . 1,046.9 22 ToxiIIeNllIIProtIucts . *. 300,0. 3~~~~~48.3 1 57,5 230.6 179.3 332.0 210.8 206.0 226.0 282.3 23 Appairel &Ollicr TextileP'mduiCtS 3000 140.2 144,8 209.7 *.274.7 374.5 235.8 310.9 289,6 367.0 '26 Paper & Mlimi P'rudlclts 300,3) 154.5 282.3 476.7 556.2 902.2 598.0 727.9 550.7 802.0 28 Clhrnlcals&kAllied 'rodlucts 300.0 1338.9 201.3 229.4 . *15.6 . 527.8 365.3 439.2 . 40.35 568,7 29 retroletmntcliefnlnga& RolnIcd Oroiactcs 300.0. 135.1 148,3 .80,8 1 24.7 145.7 18.4 . 110.2 85.3 180.5 30 Rtubber & MIlsc. 3' j:. roducts 300.0 119,8 . 169.7 336.9 570.2 521.6 464.9 . 554.3 538.8 963.2 '32. Ctennt &03a153'raduts . 10. 108.4 239,9 330.2 606,3 3,287.2. 943.6 3,334.2 3,260.0 2,033.2 33 P'rifivryMclt11llnduistrlcs .1 000 24,2 381.2 303,0 300.3 344.5 240,0 246.7. 238.3 353.9 34 Fabricated M3t.tM I'roduicls 300.0 134.0 307,8 85.3 343.6 236,4 . 678213.8 200.129. '36 Electric& EleclranncEqulpnielit 300,0 111,119 182.2 278.1 482.5 825.6 485,9 547.7 4S2.1 822,1 37 Trinsport.illuii EquIpment 300,0 39135 258,8 335.7 532.3 733.3 599.0 654.9 560,8 874.6 39 Nt3sco3.i1usN.nua u1g 00.0 143.9 150.3 1 13615 . 146.4 195.4 . 218,4 252.0 344.5 530.0 4 Transpiialtlonfcommunlcollon/utlIIty 100,0 337,5 281.0 .403.8 544.2 904.2 779.5 337,353. .2596 44 lYaterTrnnsport.itlon . . 3~~~~00.0' . 63,7 212.2 222.2 337.7 4139.4 231.1 328.8 . 329.2 . 490.4 48 CommunilatIons 300,0 309.5 . 33i4,7 567.8 . 654.8 3,233.3 3,666.8 . 4,391.2 5.735,9 9985 49 rnectric,CasorsanltaryServlces . ~100.0 133.3 223,8 35444. 774.5 824.7 3,079.3 3.225,0 1.927,41 S Wholescles/rotall licide 3~a0 379 139,3 203.3 424,4. 516.o 502.9 480.8 549,7 802.9 6 Flncnce/Insuraa/ra stt 00.0 323134.5 114.1 178.9 276.9 393.2 160.816830. 60 BankIng - 100,0 336,3 . 137,6 132.2 393,3 . 271.7 208.5 375.2 379.1 320.37 208.5175.2179.1320. 61 Crcc33I Agenc3c.;Other Thi.n Banks 300,0 301.0 166.3 333.2 . 206A4 569.1 336.3 307.7 .336.6 675.2 62 SecurIIty &Comniod Ity Oroikers ,100.0 1 52.093. 38.8. 809. 63 Insurance 3(~~~~ ~ ~~~~~~10.10 153.0' 192,3 3246 15.5 2419.6. . 314.3 120.7 89.2 . 18.3 7 ServIces ' 00,0 97.0 99,2 .79,7 1. 60.2 . 142.7 367.1 3222,050. 70 HIotels &OtIhr LudgInigi'1.icus 300.0 ~ 5 301.6 80 6 95.! 166.8 1.37A4 144.0 I160.8 375.8 S~~~ 9 ~ Other/dlverslIIed holding companies 100.0 803 96,11 325.5 387.5 . 316.9 . 307.5 339.6 3357 649.6 IFCG Composite Total Return Index 300.0 . 32.14.36.. 259430F 289303334552 '1994 ;ACTHOoKc EMERGICING iN1A;twETS DAVTA IIASI. 76 IFCG Industry Total ReturnA Inexes, 1984~-1 993 (annual,% change in uS$) SIC togissr~ 18 1986 1987' 1988 1989. 1990 1991 1992 1993 0 Agricultur./larestry/fishlng -1.5 25.2 12.3 11.2 24.2 -16,5 9.4 6.4 92.9 1 MIning 18.8 .4,7 0.8 62.1 41.5 -52.7 .44.3 -12.3 39.6 I N10 1 M 1talMinlIng 17.2 -18.4 '-24.6 77.6 04.4 -59, 1 12.4 -15.6 65.7 2 ConstructIon 21.3 . 1.9 . 1.4 150.3 49.4 -39.9 5,2 2.0 73.7 I 'Inen Dultldlgcnt.ita25.2 2.2 52.3 156.2 49.6 -42.5 12.0 -1.8 60.1 3 Manufooturlnlg 38.4 23.9 15.2' 62.8 53.2 -31.1 27,0 -7.0 56.8 20 PooKd& Kindred Pro' :Ls 10.1 42 9 15.9 314.11 95.6 -26.6 74.3. 0.6 70.0 22 TextileN1I1I I'roducbi 48.3 6.2 33,?' -14.9 85.2 -36.5 40.4 . -23.6 .. 24.9 23 Apparol&iOthwrTaxiIIPo'rducts .40.2' 3.3 . .441.9 ..31.0 36.3 .-37.0 31.9 -6.9 26.7 26 rapcr&AIIIvd Products ,. 54.5 82,8 ~~~~ ~ ~~~~68,9 16.7 . 62.2 -313.7 21.7 -2,,45.6 25 ChernlcM & Alied ('rcdiuicts 36.9 17.0 13.9. 81.2 27.0 -30.8 20,2 -8. ? 40.5 29 i'otroeiirnIReNlnin & Relatedlrdics35.11 9,8 -45,5 54.4 1'6.5 -39.3 24.7 -22.7 112.1 * . 30 Ribber &MiIsc.i'Istlcs l'roducts 19.8 .41I.? 98.5 .69.2 414.1 -43,4 19.2. -2.8 .78.8 32. Ccmient &CGMIaisi,txlcis 8.4 121.3 29.3 93.5 112.3 -26.8 3.-4.1 61,2 3 3 Primary MNetal Industries 114.2 -15.4 6.5 55.0. 14.7 .30.4 2.5 -.3.4 45.5 34. PibIcip NlIi mucs3.19.6 -20.8 68.3 66.0 .962. 644. 36 Uioctrlc&*ElectronicEquipnrcut . 14.9 58.6 52.6 73.5 . 71.1 -41.1 12.7 -12.0 70.5 37 Transortarlonqulpmrent . 1535.1 29.7 58.5 37.4 -1I8.1I 9.3 -14A4 55.9 * 39 Mlsedllanuous &Ma"ruactiuln . 41.9 5.7 -9173. 3. 181.5.4 36.7 53,8 4 Tronsporialion/oommunlcallon/uIIilIy 37.5 104.5 43.6 34.8 66.2 -13.8 69,0 19.3 64.2 44 WVaterTransporlntlon: 63.7 . 29,6 4.7 43.0 38,3 -47.4 42.3 .0.1 49,0 * 45 Conimunlc,itIcms ~~~~~~~~~~95 187.3 80.4,. 15,3 854s 35.2 163.4 30.2 73.5 49 'Elcctric, Gas or Sanilary Smrvces 33.3 . 67.9 ... 57.0' 26.4 74.4t 6.5 30.8 13.5 57.3 O Whoissolo/rolcIl trade ~~~~ ~~17.9 18.0 441.5 . 111.3 21.6-2744 1436. 6 Flntance/insurancelrual estate 32.1 -13.3 -0.4 56. 54.5. -30.9 '1. -. 81.6 60 liantdng 36.1 .13.6 .-4.6 72.3 40.6 .23.3 -16.0 2.2 78.9 * 61 .CIL'd1t Agendles Oilur Tliaru Iknks. 1.a 64.6 100.4 -3.18I 175.58 .44.4 -272.9 113.3 *.62 Sectirity&4Conimwdllty Brokers ,4 -- .4.2 -28.5 -10.8 -6.7 27.5 63,Insurance . 53.0 15.7 68.8 .64.4 116.1 .5,2526.2 1447 7 Services .-3.0 2.2 .-19.7 * 19.9 67.7 -11.0 .17.11 32.9 .126.6 70 Irfctell&Otlier LmtglngiPlaces -2.5 . . 41 " -06107531764.8 1.7I. 133.7 9~Other/dyivesIfled holding companies -.19.7 19.7 30.6 4.4g- 69.0 -3.0 101-1.1 93.5 'IFCG CoMposite Total Reltun Index . 27.7, 12.8 I13.5 . 8.2 . 5*1.7 .29,9 17.6 0.3 '67.5 'it49rACTUCIOK .EIE iNNtrKTsD ABAE'77 I~ .,v p. 4. IFC V:.;. ~~~~~~~~~~~~~~~~~~~Indexes -Emergi.ngSok-a"s actbook 1994 Market Weights in the IFCOI CMPosite Index E'nd- 1993 Nuinber of capitalization IFCI Conimpulit Ada rAve ~~~~~~~stocks (US$ inililanis) (, Lat!n America Weights In the IFCI Composite Index, Ed*1993 Argentina I 26,922 7,5 Brazil 42 . 34,238 8.9 .EN Chiile 20 6,1341. Colomrbia 5,874 1.5 9% NleXICO 56 110,468 28.7 Peru ~~~~~~~~~7 2,202 Veneazuela 2,391. 0.6 East Asia .L.,tin America China' 16 2,275 Komei 130 8,758 2.3 * philitppines 1111,974 3.1 'Tamiwn9 China 76 8,177 2.1 South Asia . .~~~~~~~~~~~~~~~~~~~~~Ai * India 61 9,948 2.6 In4onesia . ~~ ~ ~~31 8 660 2.2 VIAlaysia . 192,310 .24.0 Pakistan 8 2,711 0.7 SriLanka' 5 544 Thailand 52 21,050 . . 5, Europejiidecast/Afriora Number of Companies In the IFCI Composlle Index, End-199l Crecc 1 7 .5,500 .1.4 H -ungary' S 409 Jordan 5870.2EE polariP 1 2 2,140, 1 Laitin America l'ortug~~~~~~iI ~16 5,134 .1.3 % Tuirkey 3 1 22,05157 Zimibbibwe . 5 127.. . r;'vyi C~orposite 644 . 385,147 iaa.a 0. Latin Amrerica't 145 188,027 48.8r' 4'ckq . "' Asia ' ~~~~~~~~430 163,588 42.5r'' w" EMBI A (79 33,532 8.7 "V ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~67% F tiles: Chinla, 1-ungairy, Pecru, Poland, a'.nd Sri iLanka were noat includled In rt.gOnlI Or composite.statIstics In 1993. < ~ 1994 FAcrlooK' ..... ... MERGING, MIAI%ETS DATA BASE 80 ;~~Compadrative.Valuations of the IFCI Indexes En'd- 1993 P:Ice'-earlIihis ratio Price-Sook r'ahwe ratio .DidedytieIli Market ordFe. 19 93 World Free 1992 . 1993 World Free :1992 Latin America 444 ~ ~ nina25950.90. 33.10 2.37' 1.03 1.23 ..2.37 1.03. 1.96 Drazi 11.69 0.41 -604.64 0.69 0.30 0.38 0.42 0.18 ..0.65 Chile 20,04 0.70 13.30 2.2.2 0.97 1.76 2.73 1.19 4.00 Colombia . 2.008255'.12 . 0.85 1.85 .1.54 0.67 2.05 Mexico .19,79_ 0.69 12.32 2,76 1.21 1.95 1.55 0.67 . 0.65 Peru 39.19 1.36 25,01 .3.77 1.65 3.61 0.57 0.25 0.00 Vendzuela 26.07 0,91 . ~~~~~~~~13.12 1.32 0.58 . 0.92 3.1? .615 EaIst Asila.-. ,--. . - China Korea .25.13 0.57 21.64 1.35 0.60 1.07 .0.69 0.30 Plidppines . 37.46 1,30 13.76 . .5.64 2.46 . 2.57 . 0.25 0.1 2 0.94 "Taiwan, China 34,97 1,21 16.50 .9172.10460:20 1.50 [ndonei1a 29.43 1.02 12.23 .3.14 1.37 , .412 .3.1.69 Maiiysia 26 .82.453 23 .010 .717 Pakisthn 42 .534 Thailand 28.27 0,95 14.16 .4.59 2.14 2.44 .1.53 0.*7 2.58 Europa/Midoost/Africa Greece 96 29150. 1.6554623115 Hungary 45.56 -.5 2.4 102.19 0,95 fordAn . 17.35 0.60 13.20 2,25 .1.00 1.73 2.47 .1.07 . 2.27 ioIaind 31.47 . 109 5.69 2.48 0.43 0.19- 'Portuigal 16.96 0.59 7.67 2.03 0,59 .1.13 2.35 1.03 4.10 Turkey 36.20 1.26 76743.4144 2.44 1.06 8.46 7imbaibwo 9.45 0,33 6 1,40 0.61 .- k'~~ I Rogions Asia ~~~~~ ~ ~~36.78 1.25 19.37 . .219 .01.09 0.47 2.52 *4* Composite .23.71 . 0.52 . 16.56 -2.48 1.08 13 1.70. 0.74 2.34 EMEHA .2930.76 71:,3.79 ~..1.66 1.43 .3.62 . 1.57 9.45 Latin Anerie 18.33 0.64 .17.61 1.72 0.75 1.61.92 0.83 1.41 Develaped Markets Japan , . ~~~~~~67.50 2.35 38.90 1.9.0.571.7 0.90 0.39 1.00 UK 20.70 .~0.72 19.70 2.55 1.11 2.13 .3.50 1.52 4.50 U:S, 22.10 0.77 22.70 .2,64 3.15 - 2.36' 2.80 1'.22 .2.90 MSCI Wourld Free . 28.50 1.00 23.00 2.29 1.00 1.59 .2.30. 1.00' 2.50 d.'A4. %.'ATIOO T $2. ~~~1994 EACTiEOK 'EiitcuwG MIARKETs DATA BA~sl: 81 IFCI 'Price Indexes .1 1993: Periformtance -Summary CRanked by 1993 % changes In UW$) % change In lFCI" * . - ~~~~~ ~~~~~~~~Ranik Marke'it Price Index EmrigMaFket, ':I Polaid' 717.9 Percent Change In IFCI Piles Index, 1993 2 Tuirkey 210.6 3 .Plillippines15. 4 IndoniesIa 112.4 5 Thailand 107.3 0 6 Malaysia 107.2 W 7 Zimbabwe *1021 S PakIstan 93.8 650 9 .Brazil 8. 1 0 TAl;~'an, China 83,1 600 .1Il Sri Lanka 77.2 1 Argentina 71.5 ~550 13 i-inay66,7 SI 14 Colombia . 51.6 15. China 49.3 450 4s~~~~~~~ ~~16 Nleeidco 48.0 1 7 Portugal , 47.0 *,400 1 Jordan 41.7 19 Chile 31.9 350 20 .India . 24.130 q ~~~ ~~~~~~21 Peru71 20..930 22 Koaea 20.4 2. 23 GreeceL 16.6 2 4 VeumiluzueA 13.9 20.0 iSO :Regions .I EMEHA 112 1002 3 ~Composite 74.9 nnD .4 L-tin Amurica , 6.1. Developed Markets, 1 Si5A93. ,P~A ~ tS' 2 Fr,EuroPad' 28.9 A 6r i j6 3 U.K., FT 100 . 7.3 - io~i d Ci~1 `5 U.S., 56W1 500 7.6 . o3 Ernwrging market UDevei.opald markets oIFC Regionnal Indexes V.i's:. Zimbabe wais added lottbe Zi ibFC Investable Irdiexes In Juhe 1993, Plerforianice fIgures for thec ynr are for June throuigh Dienembe r only, '1094 FACTIJOOK' . ...TNIERCING. N1.ARIcrrS DATA BASE 82 * IFCI Price Indexes 1993 High, Low, Close (U$: year-end and week-end values) En~~~~I- H~tighl LOW Enid. Me,A'~~~~~~~i ~1992 1-ugh iwek Lowv ivek I1993 Latin America ~~~~~~~~~~~~~~~~~~~~~~~~~~~IFCI Price Indxes. High and Ciose, 1993 Argetthn .579.6 994.0 31-Doc 539.2 5-Mn 094.0 Brizil 125.0 244.5 .15-Oct 122.1 5-Feb 232.7 Chille 418.5 5511.8 31 -Dtec 364.6 7-May 551.8 Colombfii 425.2 644,7 31 -Doc 322.7 19-Malr 644.7 Meixico 676.0 1,006.4 31-Dec 604,1 11-Jun 1,006.4 ileru 100.0 120,9 31-Div 78,9 21-May 120.9 1,000 U *Venlezuela 519.6 664.7 22-Oct 326,1 19-Mar 591.,9 900 East Asia Chiina 11)0.0 149.3 31-DLc . 76,2 23-Juil 149.3 Korea .98.2 118.3 17,Dec 643 5-Maz 119,2 800 rhiflippineos 133.5 336.6 31-Dec 140.5 8-jan 336.6 TaIw, China .73.8 135,2 31-DLC 69.1 8-Jan1 135.270 * South Afia India1 93.7 l20.3 17-Dec 68.5 23-Apr 116.5 60 Indones1ia 58.7 124.7 31-Dec 60.1 22-jan 124.7 Mala1,Y3ia 163.5 .339.0 31 -Dv,c 15.66 . 15-jan 339.0 500 pakistan 200.2 387.9 31-Dec 180.7 23-Apr 387.9 Sri Lanka 100.0 177.2 31-Dec 82.3 19-Pd, '177,2 Thailand . 230.4 477.6 31-Dec 228.2 2-Apr .477.6 Europe/Mldeasf/Arrica ., 300 Cn.'ece . ~~~~~195.3 253,5 13-Au8g 196.4 8-Jan1 227.7 m Filungilfy 100.0 166 6 31-DLc 83.0 14-Mvay 166.6 200 mu Jordnn 116.8 lbO2 9-Juil .117.4. Sl-jan 16355 I'olanid. 100.0 817.9 31-Doc 97.4 19-Feb 817.9 ou .m . m . l'ortug.iI. ~~~~~77.3 114.5 .10-Sep 77,1 8 -len 113,8 Turlwy .68.4 212.6. 31-Dec 64,3 15-jan .212.6 Zimbabwe - 202.4 24-DLec 100.0 2-Jul 202.1 Region$ c Composite 202.9 .355.6 31Dc 217 2-a4356..8 ~ La t In Amerfu ~~~~~~~~~~~~~~~~~~~~~~~~~~415.4 650.6 31-Dec 398.3 26-Feb 650.6 F O LatlnArnerlca ~~~149.8 290.8 31-Dec. 149.0 8-Janl 290.5 ElviEA 79.8 l693 31-Dec 79.0 8-jim 169.3 o End-1992indexl1eve1 IIEnd-1993 Index level * 93hg 1994 FACTIIOOK EmIERGING MARKUTS DATA BASF B3 IFCI Price Indexes Regional vs. Developed Market Performance, 1993 (US$; end 1988=100) 0 . Inid&x Jan Feb Mar Apr May Jun Jul Atig Sep Oct Nov ac Indexievel IFCICornposite 201.6 206.6 212.8 219.3 223.4 228.8 235.6 254.3 264.1 286.2 304.1 355.6 IFCI LatitlAnierirn 402.5 398.3 431.3 412.8 416.6 437.4 449.6 486,3 495.9 529.2 569.2 650.6 IFCI Asia 151.5 156.6 154.0 167,4 174.4 171.1 180.5 191.8 201.1 227.7 237.0 290.8 IFCIENIEA 85.8 104.3 97.8 121.3 118.5 126.7 120.1 133.9 150.1 146.8 159.7 169.3 U.S., SEeP 500 15.0 159.7 162.6 158,0 162.1 16212 161.4 166.9 165.2 168.5. 166.3 168.7 U.K, FT 100 129.2 127.7 134.9 137.0 138.1 133.9 134.7 143.0 140.7 . 145.5 145.6 156.6 Japan, Nikkel 56.6 59.5 67.1 78.1 79.4 75.8 80.6 83.3 78.6 75.3 62.4 64.7 ; -MSCI, EAFE 77.9 80.1 87.0 95.1 97.0 95.4 98.6 103.8 101.3 104.3 95.1 101.8 FT, EuroPac 76;2 78.7 85.6 93.8 96.2 93.6 97.7 102.4 99.4 101.5 92.2 98.4 % change IFCIComposite -0.6 2.5 3.0 3.0 1.9 2.4 3.0 7.9 3.9 8.4 6.2 16.9 IFCILatinAmerica -3.1 -1.1 8.3 -453 0.9 5.0 2.8 8.6 1.6 6.7 . 7.6 14.3 IFCI Asia 1.2 3.3 *1.6 8.7 .4.2 -1.9 5.5 6.3 4.8 13.2 4.1 22.7 IFCIEMIEA 7.5 21.6 -6.2 24,0 -2.3 6.9 -5.2 11.5 12.0 -2.2 8.8 6.0 U.S., S&rP s5o 0.7 1.1 1.9 -2,8 2,6 0.1 -0.5 3.4 -1.0 1.9 -1.3 1.5 U.K., FT 100 -3.2 .1.1 . 5.6 1.6 0.8 -3.1 0.6 6.2 -1.6 3.4 0.1 7.5 Japan, Nikkei 0.8 . .1 12,7 16.4 1.7 -4.6 6.3 3.3 -5.6 4.2 -17.1 3.6 MvISCi, EAFE , -0.2 2,9 8.6 9.3 2.0 -1.7 3.4 5.3 -2.4 3.0 .-.9 7.1 FT. EurcoPac -0.2 3.2 8.8 9.5 2.6 -2.7 4.4 4.8 -2.9 2.1 -9.1 6.7 Naol The IFCC CompositeRad regional Indexes do not include all markets. See base date table in introducticn for details., IFCI Regional Price Indexes vs. U.S. SIP 800, 1993 - (rebosed to 1992=100) 225 - . . . . '0' . ' ,, '-, ; 200 - ,^__^ _,^_._,'0 175 -I~~~~~~~~~~~~~~~~~~~~x 9 ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~. ~~~~~~~~j,~ ~ IC lCiomposite 125 - eaCI Lutin America - - - r ~~~~~~ ..~~~ ~~~~nr ~ ~ ~ ~~ W.$'~~~~ .:r~~~,Q. ~~IFCI Asia Jan Felb Mar Apr May 1. Ju jill Ails Stp Nov DO 1994 FAcTu0ooI ELMERcINc NIARKrTS DATA BASE 84 IFCI Price Indexes, Regional vs. Developed Market Performance, 1988-1993 (US$; end 198B=100) Iriehw : I/1988 1989 1990 1991 1992 1993 Index level IFCI Composite 100.0 155.5 147.4 200.5 202.9 355.6 IFCI Latin Amernca 100,0 164.9 174.0 406.3 415.4 650.6 IFCIAsia 10.0 150.0 118.2 129.7 149.8 290.8 IFCIHENiEA 100.0 168.7 184.6 126.1 79.8 169.3 U.S., s&r 500 100,0 127.3 118.9 150.2 156.9 168.7 UK., Fr 100 100.0 121.1 128.1 140.1. 133.5 156.6 7 - Japan, Nikkei 100,0 112,2 72.8 76.3 56.2 64.7 MSCI,EAPF 100.0 109.2 82.2 90.6 78.0 101.8 FT,EurulPlc 100.0 . 109.5 81.6 89.9 76.3 98,4 % change IClCoimpoultc - 55.5 -5.2 36.1 1.2 75.3 IFCI Latin America - 64.9 5.6 133.5 2.2 56.6 IFCI Asia 50.0 -21.2 9.8 15,5 94.1 IFCIEMEA 68.7 9,4 -31,7 -36.7 112,3 U.S., S&lP 5O0 12,0 27.3 -6.6 26.3 4.5 7.6 U,K., Fl' 100 0.8 21.1 5.8 9.4 *4,7 17.3 Japon, Nikkei 30.7 12.2 -35.1 4.9 -26A4 15,1 MSCI, EAFE 26.7 9.2 -24.7 10.2 -13.9 30.5 FT, Eural'ac 26.5 9.5 -25.5 10.1 -15.0 28.9 Note: Theo IFCI Composite and regional lndexes do not include all markets. Sec base dala table in inlraduction for details. IFCI Regional Price Indexes vs. U.S. S&P 500, 1988-1993 (1988= 100) 700 - A:00 0 500 300 - . . - 7 m 2400 -JIFCI Americo . - a BOO 7 a - .rt,,4$97, -- IFCI Ashi r 0 . 0 , dyry |Qt .... IFCI ENIFA 0. .; U.S.,S&P'son 1 . :E988 . 9Yf iSP199019 1901 5992 1993 19941FACTUOOK EMERGIN6 NIARKETs DATA BASE 85 IFCI Price Indexes 1993 (US$) MvfarAvl I100.0) Jail. Feb Mar Apr May JLun Jill Aug Sup Oct Nov D Latin America Argeintiia- Dec-88 591.0 556.3 602.4 5UbS 569.8 612.0 607.9 692.6 745.9 821.7 804.4 994.0 Brazil1 Dec.88 123.5 150.0 154.2 149.4 169.9 190.8 187.1 205,6 222.5 209.2 229.6 232.7 ChileL Dec438 457.9 430.1 415.0 373.3 375.0 426.1 . 410.9 430.4 444.4 465.3 495.3 551.8 Colombia Feb.91I 397.5. 372.8 353.2 354.8 393.5 .385.9 409.5 451.5 475,7 515.5 545.8 644.7 Mexilco Dec'88 642,3 606.1 682.7 645.9 623.7 634.1 672.1 725.3 703.4 781.4. 859.1 1,006.40 Pnm Dec-92 84,5 87.4 94.2. 86.2 79.3 91.0 90.4 100.1 106.5 118.5 97.4 120.9 *Veneazulc Jan.90 . 436.2 - 476.4 360.0 . 476.8 555.8 587.6 564.6 452.1 501.1 603.7 588.7 591.9 East Asia China Dec'92. 121.9 143.3 123.8 118.2 123.1 89.4 89.9 94.4 .103.1 111.0 121.7 149.3 Korea1 Jain.92 94.1 89.2 94.3 101.8 104.8 102.5 98.3 91.6 98.2 100.1 . 107.3 1 18.2 Phiilippines Dec-88 144.0 162.1 153.4 159.8 154.5 150.7 164.4 165.8. 194.4 236.6 242.5 336.6 *Taiwain, ChInia Jan.I91 72.1 97,1 .104.2 98.5 .92.1 55.5 82..7 81.1i 78.1 85.3 90.2 135.2 South Asia India Nov'92 95.5 89.1 . 73.4 69.3 73.8 74.6 79.7 89.5 92.1 90.4 110.0 116.5 Indonesia Sep-90 61.1 66.6 68.4 69.9 76.5 80.9 *79.6 95.0 93.5 97.7 108.5 124.7 Malaysia. ~~~~Dec488 . 160.9 169.4 .170.9 196.0 208.5 198.9 .213.3 ...230.3 243.4 274.5 278.7 339 Pakistan Mar-91 207.3 196.0 193.3 183.3 195.0 221.,0 228.9 215.1 229.7 . .266.4 316.2 387.9 Sri Lanka Dec-92 88.6 90.5 93.3 90.5 100.1 109.0 125.1 .125.3 131.1 148.4 164.0 1 77.2 Thailand ~~~~Dec488 255.5 250.0 229.5 232.9 226.0 242.6 258.9 267.4 .272.3 362.6 372.4 477.6 Europe/M(deasi/Aflca Greece ~~~~~De-c-88 217.4 . 239.5 220.3 212.4. 220.0 206.9 227.3 237.4 224.4 224.7 219.1 227.7 H-ungairy .De-c-92 .89.2 90.0 86.9 83.8 87.9 91.4 . 104.7 139.0 150.5 152.3 153.1 166.6 Jordan . Dec-88 124.8 ~~~~~~ ~~~~119.7 121.8 128.2 145.6 161.3 162.1 1656561643 .157.8 16. Poland Dec-92 . 100,9 101.1 . 120.0 166.1 334, 292.7 328.9 464.9 460.6 554.6 607.9 817.9 Portuigal Dec-88 82.5 87.2 87.3 85.5 .95.2 89.6 89.3 109.3 . 104.5 109.7 110.0 113.8 Turkey ~~~~~Auig-89 71.0 .99.5 91,4 138.3 126.3 146.5 129.5 145.1 .180.6 172.1 198.2 2)1 2.6 Zimbarbwe Jtun-93 .- . -- .100.0 127.1 1353.4 .161.5 183.4 .176.4 202.1 1994 FAcTBooFC EsIERGINC; IM-AIKETh.DAT'A BAsrE 86 IFCI Price Indexes 1993 (monthly % ohcnge In US$) Markel J.on Feb Mar Apr May Jun IlAgSpOtovf- Latin America Argo:~~~~~~I~~~~ 2.0 ~~~-5,9 53-3.4 -2.1 ,4-0.7 139771..2.1 23.6 Brazil -1,2 21.5 2.8 -3.1 13.7 12.3 -1.9 9,9 5.2 -6.0 9.8 1.3 Child 9.4' -6.1 -3.5 -10.1 0.5 13.6 .3.6 4.7 3.2 4.7 6.4 11.4 Colonmbia -6.5 -6.2 -5.3 0.4 10.9 -.19 6.1 10.3 5.4 8.3 5.9 18.1 Mexico -5.0 -5.6 12.6 -5.4 -3.4 1.7 6.0 7.9 -3.0 11.1 9.9 17.1 Peni -15.5 3,4 7.8 -8.5 -8.0 14.7 .0.7 10.8 6.3 .11.3 -17.8 24.2. Venezuela -16.0 9.2 -24.4 32.4 16.6 5.7 -3.9 -19.9 l0.8 20.5 4.25 0.5 East Asia China ~~~~ ~ ~~~~21.9 17.5 -13.6 *4.5 4.1 -27.4 0.6 5.0 9.2 7.7 9.6 22.6 Korea -4.2 -5.2 5.7 . 8,0 . 2.9 -2.1 , 4.1 -5.8 . .7.2 1.9 7.2 10.1 Phillipplines 7.8 12.6 .-5.4 .4.1 -3.3 -2.4 9.1 2.7 15.2 21.7 2,5 38.6 Talivan, China -2.2 34.6 7.3 -5.5 -6.5 -6.8 ..3.7 -1.9 379.1 5149.8 South Asia India 1.9 -6.7 .17.6 -5.6 6.5 II1 6,9 12.3 2.9 -1.9 21.7 5.9 Indonesia .. 4.1 . 9.1 2.6 2,2 .9.5 5.8 -1.7 . 19.4 -1.6 4.5 9.a 17.0 Malaysia -1,6 5.3 0,9 14.6 6.4 -4.6 7.2 8.0 5.7 12.8 . 1.5 21.7 Pakistan 3.6 -5.5 -1.4 -5.1 6.4 13.3 3.6 -6.0 6.8 16.0 18.7 . 22.7 Sri Lanka -11.4 2.1 3.1 -3,0 10.5 9014.7: . .2 4.6 13.2 10.5 8.1 Thaliland A12.2 . -3.3 -8.2 1.5 -3.0 7.3 5.7 :33 1.8 33.1 2.7 28.2 *.. .Europo/Midoast/Afiica CreeCe 11,3 10.2 - -5.0 -3.6 3.6 -6.:o 9.9 4.5 -s.s 0.1 -2.5 .*3.9 Huingary .10.8 1.11 -3.4 -3.7 5.0 3.9 14.6 32.8 8.3 1.1 0.6 8.8 Jordan . -6.81 -4.0 1.7 5,3 13.6 10.8 . 0.5 -3.3 5.6 -0.1 -3.9 . .4.9 Poland 0.9 ~~~~ ~~~~ ~ ~~~0.2 18.7 38.4 IOB-12.6 12341.4 -0.9 20.4 963. Porluigal 6.8 5.7 0.3 -1.8 11.0 59-0425-44500.3 3.4 Turkey 3.8 '30,1 .-8.2 51.3 -8.7 . 16,0 -11.6 32.0 24.5 -4.7 . 15.1 7.3 ZImbablve .. -- --27.1 20.7 5.3 13~.5 -3.8 14.6' 1994 FA rIc * *... Em uRC.I NC,G , M kKI&i.is DATA BAsr 87 IFCI Price Indexes - 1988-1993 k (US$, end of perlod levels) Base date Markel (Mico.0) 1988 1989 1990 1991 1992 1993 Latin America 5 Argentina [kc-88 1o1.a 257,7 146.2 791,5 579.6 994.0 Dra.il Dcc-588 OU0 .118.6 .34.7 125.9 125.0 232.7 Clile Dec-88 100.0 136.0 182,2 367.6 418.5 551.8 eiolnibia Fcb 91 - -- 310,9 425.2 6441.7 Mionica D.c.88 100.0 225.3 278,3 582,B 676.0 1,006.4 Mvm Dec92 100.0 120.9 Venezuela ^ Jan-90 684,6. 1,063.8 519.6 591.9 Eat Asia Chifn Dec-92 - - * 100.0 149.3 Korea Ja9892 * - . . 95.2 118,2 Philippines Dec.88 100.0 159.2 65,7 111.7 133.5 336.6 Tolwan, China Jan-91 . ,1019 73,8 . 135.2 South Asla , India Nov-92 * * - . 93,7 1 116.5 Indonesia Sep-90 * 96.3 57.4 58.7 124.7 Malaysia . Lec-88 100.0 143.3 126,7 . 135.9 163.5 339.0 Pakistan -hlar.91 - * 304,1 . 200.2 387.9 Sri Lanka . Dec-92 . * * * - 100.0 177.2 Tiiailand Dcc-88 100.0 198.5 145.1 171.6 230,4 477.6 Europe/Mldeast/Africa Greece Dec-88 100,0 189.3 365.6 288,6 195.3 227.7 Hunjary Dec.92 - - 100.0 166.6 Jordan Dec-88 100.0 96,0 99.4 .99,9 116.8 165.5 Poland Dec-92 * , * - 100.0 817.9 Portugal Dec-88 100.0 138.1 89,6 91.7 77.3 .113.8 Torkey . Aug89 - 282.4 .278.8 145,2 68.4 212.6 Zlmibbwe jun-93 ! - * 202.1 A ~~~~ ~~~~ ~~~~ ~~~~ ~~~~ ~~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ ~~~ ~~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1994 FACTBoO EM GI4G NIARICETsMDATA BASE 88S :~~~~~~~~~~~~~O It: EN T IE-CI Price Indexes 1988-.1993 (annual % change In US$) Market 1989 1990 1991 1992 1993 ilain America Argenllna 157,7 -43.3 441.5 -26.8 71.5 Urn!1 ~~~~ ~ ~~~~18.5 -70.8 263,2 -0.7 86.2 Clille 36.0 34,0 101,8 13.8 31,8 Colombia - --36.7 51.6 Moxiclc 125.3 23.5 109.4 16.0 48.9 Peru- 20.9 Venezuela --55A4 -51.2 13.9 East Asia -China ---49.3 Korea -- 20.4 Phillpplines 59.2 -58.7 70.0 19.6 152.1 Taviwa, China ----27.6 83.3 South Asia India .- 24.3 indonesia , -40.4 2.2 112.4 Malaysia ~~~~ ~ ~~~43.3 -11.6 7.2 .20.4 107.3 Pakistan - - - ~~~~~ ~ ~~~~~~~~~~~-34.2 93.8 Sri Latnka ---77.2 Thahind 98.5 -26.9 18.2 34,2 . 107.3, Euuope/Mideast/Afrlca Grew ~~~~ ~ ~~~~~89.3 94.7 -21.7 -32.3 16.6 Hungary - .-66.6 Jordan -4.0 3.6 0,5 16,9 41.7 Ploland ---.-717.9 Portugal -38.1 -35.1I 2.3 -15.7 47.3 Tuirkey -. 1.3 -47.9 -52.8 210.6 1994 FACTUQOK . mitRCiNG, NIAR.KETs DATA BASE 89 Statistics -of the IFCI Price Indexes (US$;- December 1988-December 1993) Annualized Correlatiton -Annualized Correlation Number of Mean of Standard Annualized standard wvithi Numberoat Main of Stanldard Annualized standard utith Market Mionthis % cliange deviation mean deviltion S&i'50 Market months % change deviation mein deviation 5&P500 Latin America Regions Argentina .60 8,28 33.87 99.36 117.33 0,04 . Composite.. 60 2.30 5S90 17.60. 20.44 0.39 Brazil 60 4.87 26.03 551,44 90.17 0.19 . Latin America 6 0 3.67 10.25 44.04 35.51 0.19 Chile .A0 3.17 7.75 38.04 25.8p 0.16 Asia. . 6 0 2.01 6.55 24.12 22.79 0.47 Columbia . 34 6.11 12.75 73.32 44.171 .18 . MEIA 6 0 1.43 ..10.91 17.16 37.79 .0.06 Mexico 60 4.27 8.54 ~.51,24 29.58 0.38 Peru 1 2 2.34 12.75 28.06 44.17 0.2Developed Vejiezueta 4 7 6.13 20.78 *.73,56 71.98 -0.23 U.S., S&P 500 60 0,94 3.72 11.21 12.59 1.00 U.K., FT 100 60 0.90 , 5.66 10.50 19.61 0,59 East Asnia Japan, Nikkei 60 -0.32 9.16 -3.54 31.73 0.29 China 1 2 2.81 . 14.02 33.72 *48.57 0.15 . ISCI, SAFE 60 0.20 .5.91 2.40 . 20.47 0.44 Koram . 23 1.01 8.50 1212 29.44 -0.19 FT EuroPae 60 0.15 6.10 1.10 .21.13 0.43 .PhillIppines 60 .2.71 11.70 32.52 40.53 0.39 Taiwan, China 35 1.92 .13.iO 23.04 45.35 0.07 South Asia India 1 3 2.30 9.52 27.60 32.98 -.0.05 indlonestin 39 1.09 10.46 13.08 36.23 0.16,. Malaysia 60 2.29 6.88 27.48 23.83 . 0.43 Pakistan 33 4.52 12,85 57.84 44.51 . 0.20 Sri Lanka I2 5.14 . 7.48 6,5 25.91 00 Thiand . 6 3.07 9.51 36.84 32.94 03 lurop./Mldeast/Afrlca Greece ~~~60 2,31 14.588 2, 51.18 0,04 Hungary 1 2 6.27 10.34 75.24 35.52 0.44 Jordan 6 0 1,03 6.13 12.36 21.23 0.20 Poland 1 2 *. 23.97 30.90 287.64 107.04 0.41 Portugal 6 0 0.49 . 7.65 5.81 26,5.0 0.33 Turkey. 5 2 3.01 20.96 36.12 72.61 -0.24 1994 F1ACrTIJOUK . EMNlincNc; MNARIK.IT5DATA BASF, 90 r. . . pi F En CA a u~~~ a Ia 0 0 C2us CDc Poland E Argentina - Hungary CD.C Columbia. DC Sri Lanka Pakistan r1 Thailand 0- Turkey China C Philippines CD Geree -e' '0 India (.1 IFCI Composite c Malaysia. IFCI Asia- 0 Taiwan, China IEdI EMEA CD Indonesia Jordan c Korea us., S&P~ 00 UXK_ FT100.o- Portugal MSCd. EAPE Japan. ND"ce - 0. *~~~~~~~~~~~~~~~~~C CDC DC U,. Arg~~~enezuea . - 'Ia _________ ________________ CL TaPn hina . . Pedrug0. 1lungary - .- IPC Latn An eicb rr. ~~~~~~~~~Thailand Japan, Nikkei* *Korea - . Sri Lanka 7, ~~~~~~~~~Malaysila -t .~~~~~~~~~~~~~~~~ iFCI Asiba Jordan F-T EuroPac MSCI, EAFE IPCi Comiposite. Us.. 5&P 500 IFCI Price Index Correlations (December -1988-December 1993) US,FTJ 200 0.9 .00 U.K., F&rs to U OU Japan, NIkkw 0.19 0.49 3.00 WUC, EAFE 0.44 0.71 0.92 1.00 PT, Eurol'ae 0.43 0.69o 0.94 3.O0 3.00 IFCI ComposiIo 0.39 0.33 D033 0.42 0,40 I.= It'd L. ini America 0.19 0.03 0.26 0.23 0.13 Ofl2 2.00 IFCI AsI.i 0.47 0.45 0.36 0.49 0.422 0.72 0.24 2.00 IFCI ENIIIA .0.06 .0.24 0.15 0.23 0.23 0.45 *.0.05. 027 2.00 Argentina . 0.04 -0.12 -0.12 -0.22 -0.22 0.21 0.36 -0.06 10.0 1.00 Drarll 0.19 0,04 0.15 0.37 0.16 0.48 0.5 0OM 0.24 '0.14 3.00 * Chile 0.16 0.01 -0.19 .0.20 -0.12 on2 oat1 0.28 -0.07 0.00 0.28 t0f) China 0.35 0.29 -0.2? -0.04 -0.02 0.56 0.26 0.67 0.22 0.23 0.07 -0.04 1.00 Colombia 0.10 0.16p -0.01 0.08 0.07 0.37 0.223 0.29 0.26 -0.04 0.31 .0.22 0.53 2.00 Craw'c 0.04 0.08 0.07 0.33 0.12 0.43 0.15 0.21 0.73 0.121 0.30 0.03 0.58 0.33 2.200 * lsnp,ry . 0.44 0.32 -0,05 0.05 0.04 0.28 0.3 0.24 -0,04 0.40 0.10 0.27 0.1K 0.49 0.43 1.00 India -0.05 -.0,?D ,? .0.67 O2 *0.61 0.28 .0.24 0.39 0.02 0.04 0.14 0.46 0.34 0.57 0.23 0.50 . .00- I ndonesia2. 0.26 0,18 -0.03 0.34 0.13 0.58 0,08 0.66 . l 0 .2 -0.26 0.22 0.018 0.39 0.36 026 0.49 0.M 3.0 * Jordan 0.20 030 0.21 0.29 0.28 -0.01 -0.37 0.21 0.213 -0.20 -0.20 -0,L9 -0.22 -0.02 0.09 -0.20 -0.12 0,26 3.00 Kom,a -0.28 .0.0? 0.03 0.02 0.03 0.22 0.08 0.342 0.09 -0.07 -0.34 -0.08 0.27 0.12 -0.24 -0.5.4 -0.0 -0.03 0.07 . .00 mauy~la 0.43 0.45 0,43 0.28 0.12 0.551 0.57 0.40 -0128 .0 0.2 05 1212 0.4 0.02 -0.03 0.10.26 0.0 0.1 .0.29 10.3 NiQ%ayst 0.43 0.143 3 0. 53 0.08 0. 23 0,9603 0.23 -0. 20 0.05 0.22 0. 4 0 ,12? 6.1 -0.03 0.03 .0.53 . 0.20 0.27 2,66 i I'altislan 020 0.15 -0.25 .0.0? -0.09 0.17 0.20 0,23 0.02 0.16 -0.09 0.13 0.18 0.35 -0.03 -0.28 0.43 0.22 0.15 0.26 ,0.09 0.12 2.00 Peru 0.42 032 0.25 0.1 03 .2 06404 .4.07900 .0 00 .35 -0.29~ 0.29 -0.20 0.32 -0.02 0.04 0.37 0.51 0.22 100 Philippines 0.39 0.20 0.012 0.29 0.27 0.43 0.16 0.62 0.25 0.03 0.23 0.24 0.72 0,35 0.2?. 0.08 0.08 0.52 0.14 -0.03 0.48 CZ2 - 0.2 0.49 1.00 tPoland 0.43 0.38 0.2? 0.33 0.36 0.07 -.006 0.24 -0.21 -0.03 .0.03 -0.27 0219 0.50 0.22' 0,24. 0.24 0.36 0.40 .0.14 0.37 408.8 -0.10 -0.21 -0.23 24D0 2'ortugal 0O3 0.42 0.38 251S 030 .0.47 0.33 0.30 nl53 0.26 0.24 0.22 0.36 0.18 0.48 0.67 0.26 0.43 -0.04 -0.38 0.27 -0.02 -0.03 0412 0.210.5 t-" il 9ril.anka 0.0? 0.27 -0.36 -0.221 -0.21 0.3 0.45 0.24 -0.53 0.20 0.05 0.09 0.05 033j 420I -0.03 0.20 -.0,4 -.006 0.28 0.28 '0.48 0.55 0.30 025 4020 0.22 141 Taiwan 0.07 0.24 0.28 0.33 0.30 032 0.23 0.63 0.29 -0.03 0.26 0.26 0,65 0.32 0.32 -G.1I1 -0.23 0.47 0.03 0.22 0.53 0.2 0409 0.47 0OA0. -0.12 0.17 0.09 1.0 Ilhaltauidl 0.3 0.22 0.24 0.27 0.23 0O2 0.23 0.78 0.19 0.09 0.02 0.20 0.33 0.17 0.13 0.08 0.1? 0.39 0.24 0.217 0.63 0.32 0.30 0.43 0.48 -0.0? 0.18 0.2 0.40 ' 100 T.urlwy -0.24 0.0 0.22 0.22 0.22 0.34 0.0 .25 0.8? 0.03 0.23 -0.1220. O. 0.22 .0.43 .0.21 4.221 0.37. 0).12 0.27 0.27 -0.21 0W.07 I -0.30404-0.9 .0.2 -0:43 0.2 0.25 1.00 Venezuela -0.23 -0.08 -0.05 -0.20 -0.09 -0.24 -0.0? -0.23. 0.0.2 0.02 -0.22 -034 0.22 0.46 .0.08 -0.46 -0.07 -0.10 -.0-0 0.28 -0.22 412J 0.00 -.0.7 4018 0.26 -0.28 0.24 0.02 -0.24 0M .02 * ii~~~~~~~~~~~~~~~~7 NoM Sde base LIato table in iitrmduction. 1094 FACT1oo2C ENIumcN' NI~ttr AA BASE 92 0 0 UI a - a- -~~~~~~~~~~~~:5a -u ~ ~ C us_. S&kP 500 IJIL FT 100 IFCI Asia _ _ _ _ _ _ . Hungary MSCL EAFE Malayi-a FTr Euraplc~ Poland_ Philipp,h- IFC Composite 0 Maocio Thailand.- . Portugm~~~~~~~~~~~ Japan. Nikkei Pakistan a Jordan . . IFCI Lakin America Colombia Chile Indoneni China o N EI Taiwan. china Sri Lanka B ~~Argt-ntina - India 9 ~~IFCI EMIEA - ~~~~~Korca * n.~~~~~ j~~~~ Venezuela Turkey -cl IFCI Total Return Indexes .:1993 Performance Summary (Ranked by 1993 % changes in US$) % chlange In IFCI Rqi:k Mnrkd ~Tot l Returin Index Emeiging Mackets I Poland 739.6 ..Percent Change In IFCI Total Return Indexes, 1993 2 Turkey 230.6 3 ...PhIlIpptne 153.5 4 IncdonLsia 116.7 5 Thniland 113.875 6 Malaysia 110.8 7 Zimbabwe'10..70 5 Pakistan 1.3650 9 . Brazil 94.2 I10 Taiwan. Chino 85,2 600 I1I Sri Lanka .79.3 1 2 Argentina 76.7 550 1 3 1-lungary . 74.1 1 4 lpolornbia 54.850 i5 Portugal 52.2 450 16 Mexico 50.7 *17 Cia49.8 400 18 Jordan 45.4 19 Chile 37.2 350 20 IndIa 25.9 21 Gri'vce *. . 22.9 22 Peni 22.825 23 Korea 21.7 24 Venezuela 17.5 .200 150 IFC Regions I . EMNEA ,.122.3 2 Asia 97.610 3 Composite 792 n n n n * 4 Latin America 60.1 50rl DevelopedMarkets. 1 N~~~~IMSCI, EAFE 330i= r, '- S0 2 .2=I-~ -' DeVeloped Markols V - 2 -2 p t' a -C.~~~~~~~~~~~~~~~* De~1oed aret o 1 1KReina V dx Notes Zimbbwe ws addd tothe [ Invetabieilideas i June1993~pi~rFmiancfI~ues fo the ear ae forune hroug Deceber oly. NeIther of the local Japanese indexes (NLkkeI and Topix) publishes a total return Index,~~~. - E 1994 FACTOCOK EMERGING MARKETS DATAol BcASE 94 IFCI Total Return Indexes: 1993 High, Low, Close (US$; year-end and week-end values)., End- 111gb Lowo End- Mark! .~~~~~~~~~~~~~~~~ ~~~~1992 FlUgh week Low iek 19 Latin Americai IFCI Totcal Retuin Indexes High cind Close. 1993 Argentina 709.3 1,257.1 31-Dec 661.9 5-,Mar 1.257.1 Brazil 146.1 297.9 15-Oct 143.5 5-Feb 283.7 Clille 550.5 755.8. 31-De-c 493.2 7-May 755.8 Colomibia 454.5 703.6 31 -Dec 346.6 19-Miar 703.6 Mtexico 729.9 1,106,6 31-Dec 654.5 26-Feb 1,106.6 Pont 100.0 122.8. 31-Dec 79.9 21 -May 122.8 VeneUZuda 544.3 717.1 22-Oct 344.4 19Mr 69.71,0 Cls Aiia I 0.U 149,8 31-Dec 76.4 23-Juil 149.8100 Kaorea 99.8 .121.7 17-De* 88.6 5-Mar 121.5 00 hiiipne. 140.4 356.1 *3.1-Dec 147.8 8-Ian. 356.1 Taiwanl, China 75.4 139.7 31-Dec .70.6 8-Jan 139.7 South Asta.. . * 800 Iadia 93.8 122.0 17-Dec 68.6 23-Apr 118.2. - In'donesia 59.7 129.3 31 -Dec 61.2 22-jan 129.3 NMaaysIa 182.6 385.0 31-Dee 177.1 15-Jan 355.0 Pakistin 215.1 433.1 31-Dec 197.6 23-Apr 433.160 Sri Lanka 100.0 179.3 31-Dec 82.4 19-Feb 179.3 Th..an I259.8 555.6 31-Dec 260.6 2-Apr 555.6 Eutope/Mldeast/Atrlca .. 0 CreOm 253. 4 345.0 13-Au8g 254.8 8-Jan 311.4 H-ungary .100.0 174.1 31-Dec -83.4 14-May 174.1 Jordan 136.1 215.4 9-Jul 136.7 8-Jan 197.9 200 Poland ~~~~~~100.0 839. 31-Dec 97.4 19-Fob 839.6 Portu.gal 8. 131.3 I0-Sep 15.4 5-Jan 130.5 Tuirkey 78.8 260.6 *31-Dec 75.9 *.15-jan 260.6 Zimbabwe - 258 4-Dec 0.0 2Jl -20. 0i - - M - M 954 212.24 31-Dec 95. 8Jani 212.2 la -g ~ ~ ~ ~ ~~~~~~ En-199 inex e rj~~~~ Fj I~~~ ~~~~~~ 1931=J 1994 FACTOQOK ... ..~~~~~~~~~~~~~~. . EMERGING MARKETS DATA BASE 95~~~~~~~~~~-1I - r onps* 277 48. 1D..2. 9-a 0. : .IFCI Total Return Indexes Regional vs. Developed Market Performance, 1993 (US$; end 1988=100) -lidex Jan Feb Mlar Apr May Jun Jul r Aug 5eP Oct Nov Ds Index level IFCI Composite 226.7 232.4 240.0 248.6 2a4.0 261.2 2693 291.2 302.9 3214 349.2 408.9 IFCILatinAmerica 461.9 457.4 496.4 478.1 484.5 511.2 525.8 571.9 581.2 620.5 667.9 764.9 IFCI Asia 168.0 173.7 171.2 186.6 194.7 191.2 202.0 215.2 226.1 256.1 266.9 327.7 IFCIEvIEA 103.4 125.7 118.3 148.5 145.6 157.8 149.7 167.2. 1879 183.8 1999 212.2 U,S., S&P S00 180.2 182.7 186.6 182.1 187.0 192.0 186.7 192.6 192.4 196.3 194.5 . 196.8 MSCI,EAFE 84.4 87.0 94.6 103.6 .105.8 104.2 107.8 113.7 111.2 114.6 104.6 11212 FT,EuroPac 83.2 86.1 93.9 103.0 105.8 103.1 107.8 113.2 110.1 112.5 102.4 109.4 L%chonge IFCI Composite -0.4 2.5 , 3.3 - 3.6 2.2 . 2.8. 3.1 8.1 4.0 8.4 6.3 17.1 IFCI Latin America -2.9 -1.0 8.5 -3.7 1.3 5.5 2.9 8.8 1.6 6.8 7.6 14.5 IFCI Asia 1.3 3.4 -1.4 9.0 4.3 -1.8 5.6 6. 5-1 13.3 4.2 22.. IFCI EMEA . 8.3 21.6 -5.8 25.5 -1.9 8.3 -S.1 11.7 12.4 -n2 8.8 6.1 ;U.S., SLIP 50D 0.7 1.4 2.2 -2.5 2.7 2.7 -2.8 3.2 -4.1 2.0 -0.9 1.2 NISCI, EAFE 0.0 3.1 8.7 9.5 2.1 -1.5 3.5 5.4 -2.2 - 3.1 4.7 7.2 Fr, EuroParc 0.0 3.4 9.1 9.7 2.8 .-2.6 4.6 5.0 -2.8 2.2 -9 n 6.9 Nolte. The I FCI Composite and regional indexes do not include all markets. See base date table in Introduction for details. IFCI Regional Total Return Indexes vs. U.S. S&P 500. 1W3 (rebosed to 1992=100) 225 - .. - . . ' ' .200 . 175. 150 . do W- ioo . ~fi R. Mar .pr. ay.......ep.. - . 1994 FAcTfooK EMEItGING Nt~~~~~~t" ;Iuucr DMATAAE9 IFCI Total Return Indexes Regional vs. Developed Market.Performance, 1988-1993 .(US$; end 1988=100) i-rdex 1988 1989 1990 1991 1992 1993 Index level IFCI Composite 100.0 161.5 158.0 220.4 227.7 408.9 IFCILatinAnierica 100.0 176.2 192.3 460.0 475.8 764.9 1FCIAsla 100.0 154.1 124.5 139.9 .165.8 327.7 IFCIEMEA 100.0 175.8 200.2 141.7 95.4 212.2 U.S., S&P 500 100.0 131.6 127.5 166.2 179.0 196.8 MSCI, EAF8 100.0 110,8 85.1 95.7 84.4 112.2 FT, Eurol`ac 100.0 111.3 84.7 95.4 83.2 109.4 % chdngs IFCI Composito - 61,5 -2.2 39.5 3.3 79.6 ':: ' IFCI Latin America . 76.2 9.1 139.2 3.5 60.7. IFCIAsin - 54.1 -19.2 12.4 18.5 97.6 - p IFCI EhlEA - 75.8 .13,9 *29.2 -32.7 122.4 *;~' .: ' U,S., S&P 500 16.5 31.6 -3.1 30.4 7.6 10.0 MSCI,EAFE 28.6 10.8 -23.2 12.5 -11.9 32.9 FT, HuraPac 28.7 11,3 -23.8 12.6 -12,8 31.5 ,"; * ',.' NOIL: The IFCI Composite mitd regional Indexes do not Inc aludel niumrkets. See base data table In Introduction for detills. IFCI Regional Total Return Indexes Va. U.S. S&P 500, 1988-1993 *j 0i.: ; . (1988u100) 800 700 - 600- t ~~~~~500./ > 400 <; 9 300 - ,, f 1. , 'IFCI Coniposite 2110 ~ ~,~ ~ 4~$S~'&~ - IFCI Latin America 200 114-11. .- ~- IFCI Asiat 1986 1989 7990 1991 1992 1993 1994. [FTB EmE1RGING, MARuKETS DATA BASE .97. IFCI Total Return, Indexes .1993 (Us9$) Base date Markel .000 Jan Feb MaIr Apr May Juin Jul Aug ia'p Oct Nov Dxc Latin America Argentina Dec-85 725.5 682.9 741.5 716.2 705.0 761.9 756.8 862.2 930.8 1,026.8 1,005.3 1,257.1 Brazil Dec.55 1459.0 176.6 181.8 179.8 205.1 230.2 226.3 250.4 271.1 254.5 279.5 253.7 Chile Dec.88 ~~~~~~ ~~~~605.0 570.1 550.5 525 575 577.4 555.1 586.4 605.4 634.7 677.3 .755.8 Colanmbla Feb-91 425.9 400.1 379.4 381.2 424.3 417.0 443.4 459.5 516.6 560.7 595.3 703.6 Meixico Dec488 693.5 654.5 739.1 701.2 650.2 696.4 738.1 796.6 772.6 858.4 944.6 1,106.6 Ireni Dec.92 85.1 88,3 95.4 57,3 50.4 92.4 91.7 101.6 106.1 120.3 95,9 122.5 Venezuela jan-90 460.0 503.1 352.5 507,3 592.4 628.5 606.1 485.4 540.5 651.3 635.4 63 9.7 East Asia China Dec-92 121.9 143.3 123.8 118.2 123.2 89.6 90,2 94.7 103.5 111.5 122.2 149.5 Korea Jan i-92 96.5 91.5 96.7. 104.6 107.7 105.4 101.1 94.2 101.0 102.9 110.3 121.5 PhlilppInes Dec-88 151.4 170.6 161.5 168.5 163.0 159.1 173.6 175.3 205.6 250.1 256.4 356.1 Taiman, Ci~ina Jan-91 73.7 99,3 106.5 - 100.7 94.5 85.5 55.2 83.6 50.6 58.1 93.3 139.7 South Asia Inrdila Nov-92 95.6 89.2 73.5 69,4 73.9 74.9 50.4 90.6 93.4 91.7 111.7 118.2 *Indonesia Sep-90 62.3 68.0 69.8 71.3 78.2 83.0 52.2 95.3 96.8 101.2 110.3 129.3 Malaysia Dec-88 179.6 189.4 191,4 220.0 234,3 223.5 240.3 260.0 . 275.4 310.7 316.2 385.0 Makistan Mar-911 . 223.1 210.9 210.7 200.4 213.2 244.4 253.1 . 237.9 256.4 297.4 353.0 4313.1 Sri Lanika. Dec-92 *8.7 90.8 93.8 91.0 . 100.6 .110.1 126.3 126.6 132.6 150.1 165.9 179.3 Thl~aland. Dec.55 291.5 282.5 261.8 267,2 259.6 278.8 297.7 309.3 316.3 42'1.5 433.0 . 55.6 Europe/Mid.asI/Afrlca CreeCe Dac-88 282.1 310.5 255.5 275.6 256.3 280.0. 309,0 323.1 305.3 305.5 298.1 311.4 H -ungary Dec-92 89.2 90.0 56.9 84.6 88.3 95.5 1109.4 145.3 157.3 159.1 160.0 174.1 Jcrdan DecSB8 145.3 139.5 141.9 152.2 173.2 192.8 193.8 .187.4 197.9 196.4 188.6 197.9 Poiand Dec-92 100.9 101.1 120.0 . 165.1 . 339.4 300.5 337.6 477.3 472.9 569.3 624.1 839.6. Portuga Dec-88 . 91.4 96.6 96.7 98.3 109.2 102.8 102.4 125.3 119.8 .125.8 126.2 130.5 Turkey Aug-89 83.8 1 17.4' 108.7 166.0 152.4 178.2 157.5 177.0 221.4 211.0 242.9 .260.6 * Zimbabwe . ~~~~~~Jun-93 - .. 0.0 127.1 154.0 162.2 184.1 178.2 205.5 1994 FACTIOOk EN%IERG.ING %I%AItKE.TSDATA BAsr. 95 IFCI Total Return Indexes, "Y. 1993 (monthly % change In US$) t~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~p Ma .:il DL * -, .. Ma:kfl JaI FEb Ma r Ap May im ,til A!tg Sep Oct NOV Latin Amelrca Argentilna 2.3 *5.9 8.6 -3.4 -1.6 8,1 -0.7 13.9 7.9 10.3 -2.1 2S.0 i i Brazil *0.7. 21.8 3.0 . -1i 14.0 12.3 *1.7 10.6 8.3 -6.0 9.8 1.4 Chile 9.8 .5.8 -3.4 -8.7 1.0 13.7 .33 5.0 3.3 4.8 6.7 11.6 - : - Colombia -6.3 -6.1 *5.2 n.5 11.3 -1.7 6.3 10.4 5.5 8.5 6.2 18.2 !'xico ' .IE *5.0 -S.f 12.9 -5.l -3.0 2.4 6.0 7.9 -3.0 11.1 10.0 17.1 Pent -14.9 3,7 8.0 *8.5 *7.9 14.9 -0,7 10.b 6.3 11.3 -17.8 24.2 .Venezuela -15.5 9.4 *23.9 32.5 16.8 6.1 -3.6 -19.9 11.4 20,5 *2.4 0.7 East Asia Chluin 21.9 17.5 *13;6 .4.b 4.3 -27.3 0.6 5.0 9.3 7.7 9.6 22.6 Kome -3.3 *5.2 5.7 8,2 2.9 -2.1 -4.1 .6.8 7.2 1.9 7.2 10.1 Philippines 7.8 12.6 *5.3 4.3 *3.3 -2.4 9.1 2.7 15.3 21.7 2.5 38.9 Taiwhan, China -2.2 34.7 7.3 -5.-I -5.8 -6.7 -3.7 -1.5 -3,7 . 9.4 5.8 49.8 * <;; : soulh Asia 2 . As. India 1.9 -6.7 -17.6 -5.6 6.5 1.3 7.4 12.7 3.1 -1.8 21.8 5.9 1.: Indonlesia - 4.4 9,1 2.6 2.2 9.6 6.1 -0.9 19.6 -1.6 . 1.5 9.0 17.2 MalaysIla -1.6 5.4 1.1 . 15.0 6.5 -4.5 7.4 8.2 5.9 12.8 1.8 21.8 Pakistall 3.7. -53 -0 1 .-49 6.4 14.6 3.6 . 6.0 7.8 16.0 18.7 22.7 Sri Lanka -11.3 2.4 3.3: -3.0 10.5 9.5 14.7. 0.2 4.7 13.2 10.5 8.1 Thailand 12.2 -3.1 -7,3 2.0 -2.8 7.4 - 6.8 3.9 2.3 33.3 2.7 28.3 Europe/Mldeast/Arrica .-; ce 11.3 10.1 -8.0 -3.6 3.9 -2.2 1O.-4 4.6 -5.5 0.1 *-2.5 4.4 . I-ingary -10.8 1.0 -3.-1 -2; 4.4 8.1 14.6 . 32.8 8.3 1.1 0.6 8.8 ;ordanJordan 6.8 -4.0 1.7 7,3 13.8 11.3 0.5 -3.3 5.6 -0.8 -3.9 4.9 Poland D 0.2 18.7 40.0 101.9 -11.5 12.3 41.4 -0.9 20.4 9.6 34.5 Iorluugal 6.8 5 *7 0.1 ' 1.6 11.1 -5.8 *-0.4 22.5 44 5.0 0.3 3.4 -Tr irkey 6.3 *10.1 -7.4 52.7. *8,2 16.9 -11.6 12.4 25.1 -4.7 15.1 7.3 Zimbabwe . - . . 27.1 21.2 5.3 13.5 -3.2 15.3 1994 FACtcruIOK * IJNIuIorNG' iNIAIKETS I)ATA\ 1ASE 99 IFCI Total Return Indexes 1988-1993 (US$) base date Market (100.0) 1988 1989 1990 1991 1992 1993 latin America .Argentina Dte-88 100.0 304.6 175,2 954.6 709.3 1,257,1 Orazil Dec-S8 100.0 123.0 37.5 144.6 146.1 283.7 Clile Dcc-88 100.0 152.7 221,3 466.8 550.8 755,8 Colombla Feb-91 - * * 324.3 454.5 703.6 Mexico Dec-88 100.0 229,5 292,3 625,3 729.9 1,106,6 Pert Dec-92 - - * 100.0 122.8 Venezuela Jan-90 - 703.5 1,103.8 544.3 639.7 Eait Asia China Dcc- 92 * . . 100.0 149.8 Koren Jan-92 * * - - 99.8 121.5 Plhilippines DccK88 100.0 16110 68.0 II165 140.4 356,1 Taiswan, Clilna Jan.91 - . , 102.6 75.4 139,7 Soulh Asia India Noy-92 93,F 118,2 Indonesla Sep-90 . * 96.3 57.4 59.7 129.3 Mlalaysia 0cc-SB 100.0 147.4 133,5 147.1 182.h 385.0 Id Pakistan Mlar-91 * - ; 320.f6 215.1 133.1 Sri Lnka Dec92 . * * * - 100.0 179.3 Thailalind Dec-88 100,0 205.8 155.6 187,6 259.8 555,6 Europs/Mideast/AfrlIau : Gresee . . Dec-88 100.0 205.4 421.7 341.4 253.4 311.4 Hungary Dcc-92 . . . . 100.0 174.1 Jordan Dec-88 100,0 98,6 105.6 113.3 136.1 197.9 Woland . Dec-92 * . - 100.0 839.6 Portilgal Dec-88 100,0 140.7 93.1 97.9 85,6 130.5 Turkey . Ag-89 - 287.5 294,7 159.9 78.5 260.6 Zlimbalbwe jtJuni-93 * - * . * 205.5 1994 FAcriJOoK I.Es11iINC, NIAIwETS DATA BJASE 100 IFCI Total Return Indexes 1988-1993 (annual % change In US$) Mwrket 1989 1990 1991 1992 1993 Latin America ArgwnIlsm 204.6 *42,5 444.9 , 25.7 77.2 ,, a- Brazil 23.0 wh9.5 285.1 1.0 94,2 Chile 52.7 44.9 110.9 18.0 37.2 Colombia - - 40.2 54.8 Nt'xico 129,8 27.2 113.9 16,7 51,6 ,',. " rcnl 22,8 .': Veneziwla . eh56.9 *50.7 17.5 Easl Asda ' ChinaCn 49.8 Korra 21.7 phiilippiiles 61.0 -57,8 71.3 20,6 153.5 Taivan, China 26.5 85.3 South Aila :India - 26.1 Indoietia- * *.10.4 3.9 116.7 Mialaysia 47.4 9.4 10.3 24.t 110.9 - :-- I'akislitn -.* 32.9 I n01,3 ! Sri LUnaka 79,3 * . . Thil,and 105.8 .24.4 20.6 38.5 113.8 ,.; .;; Europe/MIdeast/At rica Grtcca 105.4 105.3 *19.0 .25.8 2,9 ; F'iiniig.iry . * . 74.1 Jord,mn 1.4 7.1 7.3 20.1 43.4 Voland . * 739.6 Pr'tugail 40.7 .33,9 . 5.2 .12.6 52.5 Turkey . 2.5 *45.8 *5s.7 230.6 ;'t; .l, ' 'Zlnibibsve * 105's **. i Noles: Zimb,abwe wals nadded tn Ihe IFC lInveslable indcxes In JInnc 1993; perlottmnance lli,ures for liieyeatra nrcir lunc llRthruiu ilai£ebe.imtly. 1994 FACTIiOOK E13NG1w.NG M~A1UKET DATA BASIH .101 Statistics of the IFCI Total Return Indexes (US$, December 1988-December 1993) Antnualized Correlation Annualized Correlatilon Nuniberof Mean of Standard Annmalized standard witli Ntniberni Me!ian of Standard Annualized standard wivth Markel months % chiange deviation meian devialion s5WS&O Arloket mntliills %c1iiangc deviation nican deviation S&P300 Latin America Regions Argentlina 60 8.72 34.01 104.64 117.S1 0.07 Composite .60 2.54 5.91 30,45 20.47 0.39 Brazil 60 5.23 26,13 62.76 90,52 0.18 Latin Americo 60 3,95 10,28 47.40 35.61 0.20 Chile 60 3.71 7.70 44.52 26.67 0.19 Asla 60 2.21 6,54 26.52 22.66 0.45 Colombia 34 6.38 12.80 76.56 44.34 O.1S EMEA 60 1.82 10,99 21.54 3s.07 .0.03 : *. . Mexico 60 4,44 8,65 53.25 29.96 0.37 * Peru il.2 2.,46 12,68 29.52 43.92 0.48. Developed Venezuelal 47 6,30 20,86 75,60 72.26 .0.21 U.S., 5&I, 500 60 1.20 3.76 14.40 13.03 1.00 MISCI, EAPE 60 0.36 5,91 4.32 20.47 0.43 East Aila Fl Eurotrc 60 0,33 6.10 3.96 21.13 0.41 China. 12 2.84 14.00 34,0S 45.50 O.15 Korea. 23 1.12 8.43. 13.44 29.20 -0.16 PhillppIncs 60 2.81 11.67 33.72 4043 0.37 Taiwan, Chinn 35 2.01 13.08 24.12 45,31 0,04 Soulh Asia Indin 13 2.41 9.55 28.92 33.19 *0.14 hIndonesia 39 1.19 10.48 14,28 36,30 0,15 - Mllaysin 60 2.50 6.85 30,00 23,73 0.41 : PI'dklitn 33 5.09 12.96 61.08 44.89 0.22 Sri Lialik,l - 12 5,24 . 7,47; 62.88 25,88 -0,01 Thail.id 60 3.32 9.48 39.84 32.84 0.33 Europe/Mldeast/Africa - * Greee 60 2.85 15.1S 34,56 52.59 0,03 Hungpry 12 6.68 10,24 50.16 35.47 0.44 Jordan 60 1.33 6,19 15.96 21,44 0,21 Poland 12 24.25 30.93 291.00 107,14 0.41 Portugal 60 0.71 7.62 B.52 26,40 0.33 Tuirkey 52 3.42 21,14 41,04 73.23 0.21 '1994 FAc-rTboci NrricNAtcT OrA BA.SE 0 > .~*-- ~ 1*~. - . . - . . . . .- -- ------ CD 3 1 t . un 0~~~~~~~~~~~~~~~~~~~3 0 3 0 5 1~ Sri Ltanka *-...-. o Hu~~~~~~~~~.ngr . . oc= SrLiiLAnkeri 7~~~~~~na 0~~~~~~~~ pakistan GO-. IFCI Laon Amiera Pffu~~~~~~ ~o Turkey - - CC ~~~~~~~~~~~~~~S2C Ta ailnd -. - Mralneia al~~~~~ni Andentsia . G oree aaI Odna >~~~~~~~~~~~~~~~~~' Portuga o a ~ ~ ~~gr O~~~ a a ~ Idi Chfle~~~~~~~~~~~~~~~~~~~~~~~~f Jordan~~~~~~~~~~~~~~ FVEneurvPac-_- IFCI Composite~~~~~~~~~~~~ MSCI. EAE M~~Cin . . Tai an Chna&P__ _ __ __ __ IFCI Total Return Index Correlations (December 1988-Decenmber 1993) U-S,&s I~SW10 NtSCI, EAPE 0.43 1.01 VP, Eurol'c 0.41 1,0013.00 IFC3 Composite 0.39 0.42 0.40. 3.00 13'CI LaiIifAmericai 0.20 0.13 0.33 0.72 1.00 I3'C3AsLr 0.45 0.18S 0.47 0.72 0.25 1.00 IFCI EN3EA -0.03 0.22 0.20 0.43 004 0.26 3.00 Argenlinn 0.07 .0.13 .0.12 0.23 0.35 -0.05 0.04 I.OD 33nu31 0.18 0.1? 0.36 0.48 0.5 0.08 0.24 .0.35 1.00 Chile .0.39 .0.10 .0.11 0.24 0.22 0.138 -0.06 -0.03 0.20 3.00 China * 0.35 -0.0.3 -0.02 0.54 0.34 0.67 0,38 0.33 0.06 -0.04 1.00 CulvmbMi 0.13 Olga. 0.07 0,36 0.39 0.28 0.24 -0,304 0.31 .0.23 0.33 1.00 Gwvcce 0.02 0.11 0.30 039 0.33 O.3 0.74 0.33 0.28 0.06 0,47 3)31 1.00 Ilung.iry 0.44 0.03 0.01 0.25 030 0.10 -0,03 0.40 0.13 0.32 0,09 0.35 0.42 3,00 I Win -3.134 -0.62 .0.61 0.27 0.24 0.19 0.00 0.04 0.13 0.46 0.33 0.55 0.24 0.50 10 IndWombl 015 0.14 0.31 0.58 0,08 0.66 0.52 -0.26 0.21 0.08 038 0,36 0.57 0.50 0.34 1.00 Jordan .0.21 0.27 0.26 -0.03 0.04 0.23 0,12 -0.20 -0.10 -0,02 -0.43 4006 0.08 .0.18 -0.35. 0.18 3.00 Kerne. -0.16 0.03 0.02 0.2 0.08 0.3 0.08 -0,06 0.034 .0.08 0.36 0.30 -0.16 -0.57 -0.05 -0.06 0.0 1.00 N3.layuhl . 0.41 .0.53 0.52 0.6? 0.24 0.96 0.22. -0.l0 0.05 0.12 0.64 0.37 0.03 0.06: 0.02 0.83 0.19 0.26 1.00 h3eN3CU 0.37 0.18 0.38 0.55 0.58 0.40 -0.39 0.30 0.11 GAS 0.30 0.01 -0,03 0.35 0l6 0.033 -0.08 0.25 038 1.00 Pakista.2.n.0 0.9 0,8 0.3 0.2 0.2 0.17 -.0.0 0.12 0.14 0,35 -0.05 .0.38 0.40. 0.12 0.16 0.36 0.09 0.13 3.300 3'eni 0.48 0.41 034 0.62 0.64 0.2 .0.35 0.79 -0.02 0.29 0.00 0.33 -.0.34 033 -0.26 0312 .0,03 0.03 0.37 0.53 0.24 3.00 3'hlllpplmnt 037 0.19 0.37 0.43 0.16 0.62 0.,35 0.03 0,13 0.35 0,70 0.33 0.35 0.04 OM0 0.83I 0.15 4003 0.45 0.27 0.27 0.49 3.00 Ma.ndl 0.43 0.33 036 0.07 -0.06 024 -0.20 .0.03 -0.01 -0.36 0.38 0.50 0,36 0.0M 0.13 0.35 0,41 0.34 0.37 -0.09 -0.13 .0.25 -0.34 1.09 Poartugal3 0.33 0.53 0.52 0,47 0.25 03 0.53 OM 0.36 0.24 0.30 034 0.36 0.45 0.59) 0.24 0.43 -0.0] .0.3 0.25 4003 -0.04 -0.03 0.2 0.61 1.00 Sri Uanka . 0.01 .0.22 -0331 0.33 0.48 0.22 -0.34 0,33t 0.02 0.07 0.03 0.53 -0.35 -0.03 0.23 -0.03 .0.08 0.34 0.37 0.45 0.53 030 0.34 -0.03 -0.2 1.00 Taiwan 0.04 0.33 0.3 0.3 0.23 0.6 0.28 -0.01 0.36 0.37 0.65 0.32 030 -0.35 -013 0.47 0.03 0.2 0.53 0.23 0.09 0.48 0.60 -0.32 0.16 0.09 3.00 Tlailaind 0.33 0.26 .0.24 0.32 0.16 0.76 0.19 .0.10 0.02 0.20 033 0.35 11.14 0.08 0.16 0,39 0.33 0.17 0,62 0.33 0.29 0.42 0.48 -0.07 0.17 022 0.40 3.00 10 Ttilkey -~~0.33 0.1 3 . 0,35 0.04 0.24 0.67 1105 0.14 -0.32 0.08 0.20 -. 0.38 -.0.32 0.36 0.10 0.17 0.26 -0.23. 0.07 -0.12 404.0. 0.2? 0.33 .0.45 0.22 0.35 - Veneauca -0.23I -0.32 .0.09 -0.34 -0.07 .0.25 0.0 0.02 -0.32 -0.32 0.33 0.46 0.08 .04 0.08. 40.0 -0.08 0.27 -0.22 -0.32 -0.01' -0.07 -L.11 D0.37 417 0.24 0.03 -0324 0.02 3.00 Noifc See bane data table In inirodtuction. 1994 FACTIIOOK lS1~i,N I3K~SDT 3314 .~~~~~~~~~~~~~~~~~~ , . .. . . . E.-.. - * ^ ' 0 ' ' - - - s g _~~~~~~~~~~~~-0 7 o - ~~~~~~~~~~~~~~~~~~~(0 0-_ - ~ ~~~~~~~~~ - -I o * As~~~~~~~~~~~~~~~~~~~~ia, e - -~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~c --uF 0~ ~~~~~~~~~~~ ' - 0S.'-- * - Malays~~~h 0ia - i - .. - ~ ~ ~ ~ ~ ~ .0U - W C . : - ~~~~~u .s r 0 L...L...J....L ..L.. ' - _ - . rQliSpHunlax . . . ~~~~~~~aa i-: - N o_ :Poldsand .. iFOComposite~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C -e,dco --*. . c - - - - Br~~~~~Tazila_ .d rn ~ ~ c Colombia -. lndozwsa . , -- Q China . - - . t . . . .ina . . . Taiwan, Ckina - -- -: Siialnca- M-yidia PC _. D. - Korea r:: 3rVnuelar .. . 0~~~~~~~~~~~~~~~~~~~~~~~~ . ;:: ~ ~ ~ ~ ~ Moc n~~~~~~~~~~Jra -I .- :~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~C *~ ~ ~ ~ ~ ~~~~Clmi ..} IA C v, .~ ~~~~~~~~~awn C... :-~ ~ ~ ~~~~S IFC EQ Industry: Weights In the IFCI Composite Index End-1993 Market WeIlght In Numberof capitalization IFCIConmposite SIC 3<'corIliuisIry slocks (US$ millkmns) (%) 0 Agriculturo/forostry/flshing 11 6,921.3 l.s Industry Welghts In the iFCI Composite Index, End-1993 I Mlning 22 17,683.6 4.6 10 Metal rninilig 13 6,569.1 1,7 2 Consiruction 23 8,066.3 21M 15 deneral Building Cntractors 18 5,096.5 1.3 Manufacturing 28% ~~~~~~~31% 3 Manufacturing 335 120,298.0 31.2 20 Food & Kindrel Products 36 20,672.6 5.4 22 Textile Mill l'rod4tcts 22 2,145.0 0.6 23. Apparel & OtherTextilc lProducts . 17 2,042.7 0.5 26 Paper & Alli Products 19 5,762.9 1.5 28 ChemicaIs& Allied litrodurts 32 4,734.1 1.2 29 Petroleum Refinlng & Relnted lProLucts I5 11,628,5 3.0 Finance/ 30 Rubber& Mise. Plastlcs Products 20 5,232.6 1.4 insir, Transportatlon/ 32 Ceniont&GlMssProducts 4'2 24,632.2 6.4 real estate comm./ 33 PrImaryMetal Industries 12 2,715.3 0,7 16% utility 34 Fabricated Metal IProducts 33 8,929.1 2.3 25% 36 Electrlic& Electronic Equipmtcl 34 5,032.4 1.3 37. Transportatlon EquIlpmienil 23 12,1 32.9 3.2 39 Mvliscellanecotus Manufacturing 8 2,043.1 0.5 4 Transpotatlion/oomm./utltliy 44 96,749.1 25.1 Industry DIstrIbutIon In the IFCI Compoilts Index, End-1993 44 Water TransportatIon. 7 1,849,7 0.5 48 Communlcaitions 16 72,767.4 18.9 * . 49 Electric,Cas, or SanitarySorvices 16 17,211,3 C1.5 5 Wholesdle/retall trade 24 15,926.9 4.1 Othor 6. Flnance/insurance/real estate 140 61,141.6 15.9 T_nsportaton/ 60 Banking 57 33,257.1 B,6 rnm./ 61 Crdclit Agenicies Othler Than Banks 29 6,284.9 1.6 comm./ 62 Security &Commudlty Brokers 26 2,397.9 0,6 utilitYy 63 Insurance 5 2,136.1 0O6 M . inufacturing 52% 7 Services 17 24,223.4 6.3 70 i-otels&OtherLodginglPlaces .12 11,087.4 2.9 Fln 9 Other/dIversIfied holding 28 34,137.0 8.9 real estatoe companies . 22% IFCI Composite Index 644 385,147.2 100.0 3 1994 FACTIOOK E,:utc.iNGrNIARKItTS DATA BASF 106 Industry Concentration in the IFCI Composite Index End-1993 (percent) Sector with Sctor's largest share of share of Market market rap market cap latin America Share of Market Cap of Largest Sector, End-1993 Argentinii. Transportation/commn./itility 51t Brazil Transportlatlon/comm./utttiity '11.8,. Chilc Transportationi/comrn./utiilty 65.5 Colombia Manufacturing 59.4 100 Mexico Transportatlon/aomm./tility 33.5 Velezue.ula Traisportation/comni/uttility . 61.9 90 East Asla . Korea . Mnanufacturing 41.0 80 Philippilles Tranisporiatiloi/comn./titility 50.5 Taiwan, China Finance/insurance/rentl cstiate 47 7.9 70 So 5uth Asla, India Ma8ufacturing B4.5. hidonesia Mllanufacturilig 59.1 60 Mallysla Services 23,6 . *) . . . Pakistan Manufacturing 91.9 5. Thailand Finance/Insurance/real estate 57.5 Europe/Mldeasd/Afrlca 0 , £ r_ . Guroe~M IaaArIaFinance/Insurarice/reai estate 59i, 4 uordan Finnhce/insurance/real estate 73.9 J. . Portugal Finance/lnsurance/realestale 51,3 , 30 Turkey Manufacturing 62.3 IFCI Composilt Index ManLifActurlng 12 t , 20 10 0 Manufacturing ol Transporttlion/communication/utility * Services .* inance/insurance/reai estate MNoM China, Hungary, Ierum, Poland, alid Sri Lanka were not incutded In industry statistics In 1993. 1994 I:ACTUOOI ,.. E.NIiNG MlARKEts DATA BASE 107 Yw;: industry'Distribution by Marke,%t Capitalization of IFCI Composite Index, 1993 (US$ millions; enid-1993) SIC S'cioiulnuitiisry Argentina Brazil . Clille Colombia rec Ini Idonesia Jordan Korea Malaysia Mxc o Ag;tculture/Iorestey/islhIng ---487 239 - 5,761- 1 Mining 8,834 3,745 858 76 38 - . - .773 2,277 10 Metal mlning -. 3,745 190 -76 .38 773 . 1,100 .2 Construclton *.------- 461 3,158 2,910 1 5 Genteral Buildinig Contractors --. - - . ..- 406 280 2,910 3 Manufacturimg 2,244 11,203 1,051 3,490 2,007 8,406 5,118 222 3,592 20,842 36,567 *20 Food &Kindred Products .371 .1,443 .5012 1,731 374 342 278 32 .2,450 10,097 22 Textile Mitll'rdtucts .-- .-- 393 .367 . - 139 - 23 Apparel &Olliwr TuxtIV lrcit'r cts .170 --- 1,161 *15 - 2 6 Paper& Allied Produictn. 1,697 430 - .-- 1,158 . -.- 2,087 28 Chiemicals & Allied Products .- 466: 119 .5 5 1,351 152 - 258 .- 623 29 Petroleumraefining & RelatedNPoducts - 4,332. 154 -- 327 1,764 - 30 Ruibber & Misc, Plastics I'roducts 72 . 414 - 54 3,272 32 Cenment &GIass ProcluctIs . .- 634 - 1,477 748 334 624 127 :203 1,165 15,865 33 PrimaryMtetal Induistries 209 43 -- 585 . - - 624 34 Fabricated Metal Produtcts .522 355 - 337 615 261 43 155 4,278 2,097 36 Ele'ctric& Electronic Equipmeont 353 -- 492 . 237 - 935 - 704 37 Transportation Equipment 1,142 338 - 766 203 - 569 4,581 39 Miscellaneous Manufacturing - --- 1,195 507 52- 4. Transpotta!ion/communtcatton/utiity 14,515 14,314 4,016 -- 450 -- 1,592 12,262 36,963 44 Water Trainsportation .- 166 . - 206 - 798 601 48 Comimunications ...14,818 7,738 1,424 ---179 4,062 36,273 .49 . HlectrcCs, or Sanitiary Services - 472 .2,426 -. 245 -- 1,319 . 5,375 5 Wholeoale/retaii trade - 125 6 -. 55 173 - 300 1,390 11,958 6 Finance/insuroncelreal estate 3,026 4,851 2019 2,385 3,253 461 1,431 626 .2,803 10,121 . 5,062 60 Bankcing 3,026 3,767 179 1,412 3,082 - 939 626 1,253 3,579 61 Credit Agencies Oilher Than Banks - 171 174 .- 374 ..1,202 62 .Secuirity & Comimodity Brokers - -- 1,125 916 174 63 Insuranlce ..973 --- 51 - 7 ServIce - 7 9 58- .21,771 1,455 70. F-lotels & Otiur LodglinglPlaces .. -- . . -- 69 . 578 -- 8,810 1,455 9 Other/diversified holding companies ------ .1,084 . -10 16,233 13,275 IFCi Composite Index 28,922 34,238 6,134 5,874 5,500 9,948 8,660 847 8,758 92,310. 110,468 1994 FA~CToooK ENnIlRGaNG MARKETS DATA BASE 108 IndUstry Distribution by Market Capitalization of IFCI Composite Index, 1993 (US$ millilons; enci-1993) Taiwan, SIC Seetorllniduuisj, Pakistan Phlilippines Portugsal China Thailand Turkey Veneaucla . Composite .0 Agrlculiur*/Iareslry/fl,hlng -- 49 386 6,921 I Mining - 219 509 356 --1768.1 ID Metal Mining -- 509. 139 -- .6,569 2 Construction 223 318 998 8,066 1 5 General Building Conitractors ..- 223 318 960 5,097 3 Manufacturing . 2,491 1,908 B00 3,202 2,517 13,729 910 120,298 20' Food &Kindred Products .- 1,908 410 91 5 1 595 - 20,673 22 TextileMilliProduicts 427 - - 258 - 476 86 2,145 23 Apparel &Other Textile Products -.- 327 230 --2,043 26 Paper &Allied Products - .-- 213 - 130 43 5,763 28 Chemicals & Allied Produicts 1,338 - 163 154 54 4,734 29 Potroleum Reflning &Related Products 409 -27 321 4,295 11,629 *30 Ruibber SrMisc. PlastI cs Products .-- 723 99 599 ..-.5,233 32 Ccrment&GlassProducis 225 -- 466 1,742 480 494 24,632. 33 PrimaryMetal in astre 1 3 - 1,242 .2,715 .34 FabrIcated Met,ii Produicts 162 73 . - 8,929 36 Electric& Eltctronlc Equipment .- 121 739 - 1,450. -5,032 . .37 .Transporlation Equipm,ent 9 2 - 107 66- 4,043 228 . . 1,3 39 Miscellaneous Mvanufacturing -24 266 2,043 4 Transpeoiltlon/communlcatlon/uilllty 6,041 225 79 3,905 6012 1,481 96,749 44 Walter Transportation . 79 - . --1,550 48 CommunIcations - 4,450 225 - 3,600 --72,767 .49 Electric, GalsDr Sanitary Services 1,592 - -602 1,481 17,211 5 WhcIesate/relol lbade .. - 741 59 555 561 -15,927 4t~p,. .~ 6 Finance/lnsurancefreal estate 220 3,606 2,635 3,919 .12,100 4,435 -61,142 60 Banking 152 708 2,635. 2,114 5,764 4,021 . -33,257 61 Credit Agencies Other Than Banks 658 -. 851 3,444 -6,285 62 Seccuty& Commrodity Brokers .1- 3342,398 7 Services --. - 43 132 --24,223 70 iliolels &Other Lodging Places -.-- .43 . 132 .-11,087 9 Ciher/dlvoruifled holding companies - 200 511 - 101 2,723 -34,137 (FCC Composite Index 2,711 I1t,974 5m,13 8,177 21,050 22,051 2,391 385,147 *1994 FAcifooK ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~EMERGING MktARKETs DATA BASE 109 Industry Weights by, Market Capitalization of IFCI Composite Index, 1993 C% of market capltollzatlon; end-1993) siCt SeclorlItIdaasIry Argentina Brazil Chile Colombia Greece IndIa Indonesia Jordan Korea Malaysia Mlexico o Agriculture/toresf ilqllshing - --- 0.13 0.06 -- I-S -5 1 MIning 2.29 0.97 0.22 -- 0.02 0.1 -1- 0.20 0.59 10 Myetal Mining - 0.97 o.as 0.02 0.1-- 0.20 0.29 2 ConstfuctIon .-- .. . - .- 0.12 0.82 0.76 1 5 General Building Contractors -. - . 0.10 0.07 0376 3 Manufacturing 0.55 2.91 0.27 0.91 0.52 2.15 1.33 0.06 . 0.93 5.41 9.49 20 FoodJ&Kindred Products 0.10 0.38 0.13 0.45 0.10 0.09 0.07 - 0.01 0.64- 26 22 Textile Mvill Products - 0.10 0.09 - 0.04 - 23 Apparel &Otlier Textile Products - 0.04. 0.30 0.04- -- 26 Paper& Allied Products 0.44 0.11--- 0.0 -.4 2 8 Chremicals &Allied Products. - 0.12 0.03 - 0.01. 0.35 0.04 - 0.07 - 0.16 29 .PetroleumnRefining &Relnted Produicts - .3-- 0.04 - . 0.08 0.46 30 Rubber & Misc. Plastics Products . .-.- 0.02 0.11 - 0.01 0.85 .32 Cemient &GlassiProducts - 0.16 . 0.35 0.19 0.10 0.16 0.03 0.05 0.30 1.12 * 33 .Primary Meital industries .0.05 0.01 . - - 0.15 - - . 0.16 - * . 34 Fabricated.Metal Products 0.14 0.09 . 0.119 0.16 0.07 0.01 0.05 1.11 0.54 36 .Electric& Electron ic Equlpm.nent . 0.09 -. 0.13 - 0.06 - . 0.24 - 0.18 37 Transportation Equipmnent .0.30 0.09 .- 0.20. 0.05 0.15 1.19 - 39 Miscellaneous Mianufacturing . .- 0.31 0.13 0.01 7 - 4 Tuansportalionlcammunication/utfifiy 3.85 3.72 1.04 ..- 0.12 .- 0.41 3.15 9.60 *44 .Water Transportation . ... - . 0.04 . .5--- 0.1 ..6 * 48 Commruniications . sr' 2.01 0.37 . .-- - 0.05 1.05 9.42 * 49 Electric; Gas or Sanitary Services *. - 1.08 0.63 .- 0.06 . 0.34 lAO0 - 5 Whoiesate/,etcll trade - 0.03 - 0.02- 0.04- 0.05 0.36 3.10 .6 Flnonoe/fnsurance/reoi asmato 0.79 .1.26 0.05 0.62 0.84 0.12 0.37 0.16 .0-73 763 1.31 60 Banking 0.79 0.98 0.05 .. 0.37 .0.80 - 0.24 0.1:6 0.32 . 0.93 61 Credit Agenicies Oilier Than Banks -. 0.04 0.04 - 0.10 .0.31- 62 Securlty &Comm dtfrkr .9. 0.24 0.04 63 insurance 0 .25 ...- .01. .- 7 Services.' . . 0.05 0.02 0.15 . 5.65 0.35 '~70. Hotels &Otler Lodging Places .-. .- . - 0.02 0.15 -- 2.29 0.38 9 Othor/diversifIed hdWdIng comfpanies ... .. .-. 0.28 - .00 4.21 3.45 'IFCI Composite Index 7.51 8.89 1.58 1.53 1.43 2.59 2.24 0.22 2.27 23.96 25.65 '1994 FACTOCOK EN%IEIIC['s INI ARKETs DATA BASE; 110 Industry Weights by Market Capitalization of IFCI Composite Ind'ex, 1993 M94 of market icapitalization; end- 1993) Taivan, SIC .Sect oriluidiis ry Pakistan. P'lllippliies Portugal Chinat Thalland Turkey Venezuela Composite 0 Agrlculture/Ioiestry/flshlng -.-- 0.01 0.1 -1.80 1 Mining . 0,06 0.13 0.09 - 4.58 10 Moltal Mining -- 0.13 0.04 --1.71 2. Construction -0.06 0.08 0.26 -.2.10 * ~~~~15 Genieral Buiilding Contracor . - 0.06 0.05 0.25 . -13 S.3 ManufactuFing 0.65 0.49 0.21 0.63 0.65 3.56 0.24 31.22 * ~~~~20 Food&StKlndred Products - 0.49 0.11 0.02 0.01 . 0,15 -.5.37 * 2~~~2 2Toxtii vllellProducts. 0.11- 0.07- 0.12 0.02 0.55 23 Apparel &OtlherTextile Produicts - - 0.08 0.06 .0.52 26 PaprAlei'rdcs.- 0.05 - 0.03 0.01 1.48 28. Clhemicals & Allied Products Prdcs 0.35 -- 0.04 0.04 0.01 1.22 29 Petroleumn Reflnl ng & RelatedPrxtit 0.11 0.01 0.08 1.11 3.02 3 0 Rubber&MIvisc. Plastics Products - .19 0.03 0.16 - .1.37 32 Cenient &Glass Produtds 0.06 - 0.12 0.45 0.12 0.13 . 6.37 3 3Primary Mvetal Indus trios a 0 '~2- 0.69 34 Fabricated Mletal PIriduicts .0.04 0.02 -.2.32 37 Transportation Equirnment 0.02 - 0.03 0.02 . 1.0! 0.06 . 3.16 39 Ntiscellaneous Manufacturing . .- 00 0.07 -0.53 4 ..TransporlatIon/cormmunlaotlon/utiIlty . 1.57 0.06 0.02 1.01 0.16 0.38 .25.12 44 Water Tranbportation .. 0.02 -. 0.48 .48 CommunIcatlions .- 1.15. 0.06 - 0.93 .-18.89 49 Electric, Gas or Sanitary Services . 0.41 .-0.16 0..38 4.46 U Wholesaie/retaiI trade, .. 0.19 0.0! 0.14 . 0.15 -4.12 6 FPnance/insuranco/real estate . .06 0.94 0.68 1.02 3.14 .1.15. 58 60 Ilanklng ~~~~~ ~~~~~0.04 0.18 ..0.68 0.55 1.5 *1.04 -*8.63 6 1Credit Agencies Othior ThallanBks .*0.02 . 0,22 0.59 .- **1.62 62 *Security &CommmdiltylBrokers . .. * * 0.05 --0.62 63 Insuranc .- . 0.25 0.04 *- . 0.55 7 Servlo*s ...-. 0.01 0.03 ** - *6.29 70 FHotels & Oilier Lodgintg Places *.. 0.01 0.03 -*2.881 9 Otheqlorsdivaflod holding comnpanies . 0.05 0.13 .* 0.03 0.71 *8,86 IFCI Composite Index 0,71 3.11 1.33 2.11 5.45 5.73 0.62 100.00 * 1994 FACTIIOOK EMIURGING AiLICTs DATA BASE 111-. 7Industry Distribution by. Number of Stocks - In IFCI Composite Index, 1993 (end-1993) SIC . &'clorJlndi islsry Argentina Brazil Chilo Colombia Crcecc Indla Indonesla Jordan Korea Malaysia IMol co 0 Agrlculture/foaeslly/flshing - - 2 2 4 I Mlning 3 4 3 I 1 1 3 10 Metal Mining 4 2 - 1 - * 2 2 Constructlon - - - - 1 2 1 15 Ccneral Bluliding Contractors a - 8 1 1 3 ManufacturIng 4 24 6 5 9 51 21 3 64 21 24 20 Food & Kiiidred Plrducts 1 4 3 2 2 3 1 - 2 3 22 Text1le Mill Prditcts * .- - 3 I - 8 23 Apparel&OllerTextile Products I 1 - * 5 2 - -- 26 Nipor&AlliedIProducts 5 1 3 - 2 28 Ciicnicals & Aliled l'roducts I I 2 - 1 13 1 7 - 1 29 Petrolcurn icfiiing & Related Products . 3 * * *!- - 3 2 30 R1bber & Mlsc, Plastics Products * - - - 2 2 2 3 32 Cemelit&Glassroductis - 2 *2 2 3 3 1 6 2 6 33 Primary Metal Industries. I I * 2 - - 5 - 34 Fabricated Metal Products 1 2 2 6 2 1 7 5 3 36 Electvic&ElectronicEquipment - I - 2 3 13 - 3 37 Transportatllon Equipmenlt 1 2 4 1 - 5 4 39 Miscellaieous NInuifacturinr- - 3 2 1 4 Transportatilon/communlaatlon/ul4lily 2 7 8 - 4 * 3 4 6 44 4Waer Transportallon * * I - 1 2 - 1 2 48 Conmmunicatioiis - 2 2 2 I - I i 3 49 Electric, Gas or Sanitary Services 4 5 2 - - I 1 5 Wholsuail/ruiall trade I . 1 1 5 6 6 Finance/insurance/real estate 2 6 3 3 6 2 4 2 46 10 5 60 Banking 2 4 2 . 2 5 - 2 2 13 3 - 61 Credit AganciesOtherTlan Banks - - 1 I 8 2 - 62 Security &ConimodityBrokers * - - - 23 1 1 63 Insurance . . * I - - 2 - * 2 7 Services - - 7 3 70 Hlotlis & Otilier Lodginig Places I . 3 3 9 Other/dlversilted holding companies - I *I 1 8 IFCIComppi1el Index II 42 20 8 17 61 31 5 130 61 56 1994 F~ACTiIOOi EmI:RGING, NIARIFKISi D)ATA BA91I 112 Indausrry Distribution by Number of Stocks in IFCI Composite Index, 1993 (end-1993) SIC Saitori,,i:islry ki'kstim I'liilipplnt's P'Ortual Chin Thaila,nd Turkey Venozuela- Cimpiosilte 0 AgrioIuIture(Iorestty/fishIng . 2 -.i 10 Metal Mining - 1 13 2 Conshiuotlon --2 5 2 -23 IS General Buldling Contractors 2 5 1I 3 ManufoicturIng 6I5 52 I2 1 7 335 20 rood & Kindred-L Products . 1 2 3 1 . I . .36 22 Textile M'vIII Produvcts I . .6 I 2 22 23 Apparei& Other Textile Produicts .7 2 . I7 * .: ~~26 rapoar &Aitci Prodlucts - O I 1 9 28 Chemicals & Allied [rrodicts 2 - 2 I32 * ~~~29 Petroleum IRellning& R4elakd lProdutcts . I -. I 1 3 15 * ~~~30 Rkubber & Mlisc. Plaistics Plrodutcts -7 1 3 -20 32 Cemenit & Class PlrodLtits I4 4 4 2 412 * . ~~33 Primry Metal 1nduslries - -I -2 - 12 * ~~~34 Fabricaate Mevtcal Produicts 3 . --33 36 Electrlc & EILctroniiiciEuipment --I9 2 34 37 Transporltaton Equvipmnt ciIl I -2 I .23 30 Iscellaneous Mianulacturhig- -II-S 4 'a ranspoitotion/communtcation/utiity 2 I 4 I I - 44 Water Transporttion .I 7 48 Communications.II3 -16 49 Electric. Gas or Sanitary Services 1 6 5 WhclesoaiereIoII. trade. 1 2 4 2 -.24 §6 Financu/insuranoe/reol esae2 4 1 2 23 ..5*1.10 60lBanklng I. I 5 5 7 3 *. 57 6 1 Credli Agencies Otlher Thita Banks I *6 1 0 29J 62 Security & Comnoiittlly Blrokers .* I-26 6 3 Insurance* I-*.5 7 Solvlces ~ ~ ~ ~ ~ ~ ~ ~ -2 2 1 7 70 Hotels & Oilier Lodiging Places *2 2 1 2 9 Olher/dlv.rsified holding companies 1 2 2 . 2 28 IFCI Composite Index 8 II lbI 76 52 3 1 864 1994 FACTIIOOK I3N1:INEGIN, NMAIKIiTs DATA BJASE: 113 ; IFCI Industry Price Indexes 1993 Performance Summary : (US$ and 1993 % changes In US$, end 1988=100) FJ1t % Cllanlge 1993 SIC Sectlvr/liiflistry (1988=100) ciutl-1992 0 Agricullurelfarestry/lIshlng 198.3 116.3 Percent Change In IFCI Industry Price Indexes, 1993 I Mining 275,11 29.5 10 Mel aining 144.8 53.71 2 Constructiorn 444.1 112.0 15 Gincranl Buildling Conitror,o 670.7 71.4 1511 3 Manufacluilng 276.5 70.2 20 Food & Klildrud [ronhiIics 464.6 85.4 22 ThxlileNlilPi'roducts 534.4 - 21.9 23 Apparel &O IhrTe.xilel'roduicIs 108.4 18.0 125 26 iaper & Alime il'rodticts 135.2 49.1 28 ChaniMoks & Allott Proolucts 123.7 57.8 29 ietroleLtim liefituin & Relaied Plrxlicts 146,6 161.5 30 Rubber & Milsc. Listics Irotidicts 1398 . 78.6 Ico 32 Camenit & Class PrrAiucis 672, 1 67.6 33 PrImaryMetal lidtistrhes 82.7 54.1 34 Fibricated M..etal Products 277.6 60.2 75 36 Electric& ilIlctrofllc rquiulpient 351.9 76.1 37 Transportation Eqltipmelit 419.0 53.5 39 Miscellanebus Niallufacturing 74,0 66,3: 4 Trnspoilation/comm,/utlIily 676.9 60A1 44 %Vaier TronspLrtalnlon 50.3 24.6 48 *Commnunoictlon% 1,2151.7 58.4 49 Electric,as, nir Sanitnary r5vices 1,202.3 9"1.n 5 Wholhsole/telaIl trade 2,895.0 49.8 6 Flnance/insuuance/real estate . 126,7 89.f 60 Baklinlig . 115.7 67RJ 61 Crel'lt AgeniesOtherTliafi Ranks 231.3 I O(.I j 62 Security&ComniodllyBrokers 86.8 71.5 d 63 Insurance 166.8I 113.3* f9i 2 7 ServIces . 79,7. 139.4 5 * 5i 70 Hotls & Other ltasldgIi 'laces 613.2 169.9 _ . -, 9 Other/diversified holding 304.8 89,2 . companies 0 indhustrIes IFCI Composite PFrice Index 355,6 75.3 . . - * Scclors '1994 FACTDOOK NII I.l(.dNfl. NIARKI IS D)ATA 11AS1 '114 IFCI Industry Price Indexes 1993 * (US$, end 1988.100) SIC Sedar/Juderstry )Jn RL,b Miar Apr May Jun Jill Aug (4 Ocd No I) 0 Agriculturelitovefty/fluhlng .89 9 3.o 90.11 oo1 99,7 911.11 '5.5 .11111.6 108.1 130.5 1312.8 1915.3 I Mining . 97.5 192.3 201.4 101.1 105.8 221.5 217.5 231.5 247,9 25-1.5 253.2 275.0. * ~~~~10 meIilIMining 81.1 83.9 68.9 91.1 09.1 I1 4.4 115.9 110.7 129.1 120.5 13.6.1 144.8 * 2 Consfrucl(on 222.7 223.1 241.7 .261.7 25(1.5 261.8 278.6 3(11.6 3011.7, 345.5 3,1111,1) 4144.1 15 G~n~r.i1Du1I~IiIigc~rdrackr 435.7 40D9.1 437.7 4372 43!.! 426.1 41. 13. 2. 76.1 551.2 .670.7 *3 Manufacludng . 160,2 164.5 . 167,9 177.3 178,3 182.0 186.2 '201.3 209.2 222.0 244.4 276.5 20 ?(Kul A Kinkired products . 252.9 266.7 .255.0 296.5 294.5 294.11 3105.7 337.5. 3-10.3 382.11 40119 4164.6 22 ToxtIioMIflI'n~~~~ducIs ~421.6 443.9 404.8 409.2 402.0 436.9 4115.1 .120 457 418 ~ 7L 3. 23 Apprarl &Othear Tiixdllkrodticls 90.3 87.2 74.3 71.7, 76.1 73.2 78.6 115.0 85.6 .88.0 103.3 I0R.4 20 flawr & AIllui'mlvLICb 90.4 19.4. 93.2 89,9 93,! (00.7 911.7 1116.8 104.4 11(1.6 ,114.2 (35.2 28 Clwrniclsb& A1lIj I'Wu,cts .78.5 77.0 75.2 76.2 7. 845 86.3 88.6 94.4 .96.6 1111.4 123.7 29 rlktro1eurm Refii~nIng& Whited~ I'wktluct 54,4 62.5 611.3 5.36, 69.4 70.3 73.6 90.6 . 116.2 102.8 134.9 146.6 30 RuebLvr Misc. l'ulleuI'rcducha 76.4 78.5 . 76.4 74.1 73.5 7.1). 72.5 78.3 79.1 90113 99.4 13S9.8 32 Cenmuk Alaul'ruduclo 393.7 379.2 407.9 4016.7 405.0 42.5 443,6 '112.2 483.7 54R.2 592.5. 672.1 33 P1'rninry Meal. IndLIlfim 50.5 48,2 42.4 46.2 46,3 50.'s 48.7 53.5 64.1 61.5 82.7 52.7 34 Pabdo,lvtl MeL,Ia I'rwlucta * 163.6 171.3 ISO'0. 192.7 197.1 I1J5,4 199.7 217.6 219.1 2,35.2 2501.0 277.6 36 Ekdlric & F.ctrncIirtieEuipment .2116, 213.1 211.3 . 235.1 . 2.19.6 257.3 248.4. 264.1 285.4 3109.1 31-1.6 351.9 37 Transpor(.nlun EquIpnwdnt 278.7 28V.7 273.3 351.4l 3411.2 344.6 327.5 .339.3 3.17.3 354.2 362.'4 419,0 39 MI~~ceItaiiusM~~nuIiidudn~i 47.2 459 4. 16,11 '9. 50(1 48.8 56.1I 6(1.6 58,0 68.4 74.0. 4. ransporldlion/comaiiunlcatlnuIIy 442 447 43. 1. (. 3. 150.4 .481.5 4199,5. 545.0 570.0 676.9 44 Tr.sffl1In 'vea~.ro.42.2 4. 43! 38.5 37.!V 38.3 3?.!1 40.[ 39.3 39.6 43.4. 50.3 48 Commirnicallons .781.4 765.3 .835,9. 790.2 796.6 829,0 852.8 91I8.3. 943.1 1,034.9 1,05 1.9 1.281.7 49 Electrlc. Guorat nlhiry Sorvkoa . 671.7 707.7 676.4 678.7 7019.6 767.2 7177. 797.5 870.4 939.3 1,069.4 1.2D2.3 a Wliale(.hclIAtl trade 1,867,8 1,794.3. 1,051.5 (.997A4 1,982.1 . 2,0128.41 2,117.3 2,288.0 2,225,0 2,385.0 2,722.0. 2,5195.0 6 PinancefinsuranceIrealIssIafe 70.7 76.9 . 75.1 78.0 79.3 110.7 83.2 119.2 92,5 1100.7 104.2 12(1, 60 0.LnkIn8 g 74.5 78.4 739 77.9 79.2 111.6 112.2 119.7 03.8 99.0 (00.2 116.7 6 1CmlAendes Othei ThmJ,nhiiks 122.5 111.13 (105.5 (04.2 Wks. 1115.3 112.5 2 20.6 12(1.1 145.4 104 231.3 62 Security &ConinQ[dty lrLokers 51.6 51,0 57.5 62 3 .62.2 61.4 60.2 61.6 . 63.2 .70.5 741.6 86.8 63 Insurane~~~~~~ . 76.2 85,5 85.4 ~~~~~~~ 83.8 83.3 8.1.8 . 90.6 V(i.5 911,0 110.1 .170 151 7 Services . . 342.0 361.4 373.4 .122.7 471.5 459.1 49. 5.7 59. 6. 65. 797 70 Ilotels&ClhorI.odgingPai.s 231.9 239.2 . 252.7 2711.4 *315.0 3112.2 330.7' 373.2 4 119.5 .173.9 480(.6 613.2 .9 011her/divnIers.ld holding conipanl. 157.4 1550.6 160if.9 176.7 .181.3 17811, 17. 208.3. 241 291 5. 0. .IFCI Compoulte Price Index 226.7 232.4 2401.0 248.6 254.11 261.2 269.3 291.2 302.9 328..! 349.2 4.08.9 1994 FACTI1OOK EN(INIGINC. MvAIKIITs DATAUAB,SE 115 IFCI Industry Price Indexes : 1988-1993 (US$; end 1988-100) :~~~~~~~~ SIC Sechyrilnffsiry. - 1988 1989 1990 1991 1992 1993 0 Agriculture/torestfy/(ishlng 100.o 95.1 °11 1 93.4 91.7 198.3 1 Mlning 100.0 197.5 130.9 260n6 .212.4 275.0 o0 MchIl NwlInIi8. 100.0 197.0 97.2 . 112.8 94,2 144,8 2 Constructlon 100.0 209,0 Ixs,9 172.2 209.5 444.1 Is Geeral BluNliding Contricturs . 100.0 286.7 391.2 670.7 3 Manufacturing 100.0 151,0 132.6 181.2 162.5 276.5 20 Foo & XKndrli lrxducits . 100.0 167.2 1l 1.4 253.2 250.6 164.6 22 Textile MNlill Prodtcts loo.0 383.A 404.2 552.0 438.5 534.6 23 Apparel&OOtherTcxtilleIrodticts 100.0 63.3 48.3 145.5 91.9 I0B.-l 26 1Iaper&Alliel Ilroducts. i0oo, 144.0 114.0 126.6 90.7 135.2 28 Chenifics& Allied Plroxtucts . . . 100.0 130.2 93.2 108.3 78.4 123.7 29 Le1roleiUml Rc liilng & Related l'diitlds 100.0 95.A 64.0 78.8 55.6 146.6 30 Rubber & Misc. Plastics lrodxucts 100I0 117.3 81a. 61.2 78,2 139.8 32 Crcnt&CGlass1'rotlicts . 10, 217,8 246.9 417.1 . 401,1 672.1 33 i'dlmaryMetll ilndtstrIes 100.0 191.4 88.3 t27.9 53.7 .82.7 34 FRbricatedc NIehil 1'rodticts 100.0 198. 1-12.6 226h2 . 73.3 277.6 36 Electric& ElcscinnicEqtsipment 1.OO0 174.7 212,3 246.6 199,8 351.9 37 Tramsportation Equtipmtienit 100.0 202.0 258.7 282.2 273.0 419.0 39 MIscellaineous ianufaclturing 100.0 183.2 103.1 69.4 44.5 741.0 4 r,onspoitallon/communloailon/ully 100. 141.6 16,1.8 386.7 422.9 676.9 44 Tran3portaltIon Services - Cargo. 10.0 39.5 31.4 35.3 40.4 50.3 48 Comninunlctlions .100.0 202.1 266,9 689.4 509.1 1,281.7 49 Electric, Gas or Sanitary Services 100.0 190.9 392 so0,n 632,5 1,202.3 5 Wholesole/fratall tlade 100.0 547.5 1,015,0 1,195,5 1,932.5 2,895.0 6 Flnance/insurance/real estate 100.0 52,3 78.9 71.6 66.7 126.7 60 BankIng . 100.0 75.5 7s.2 73.8 69.5 116.7 61 CrecIt AgenclesOlherThalin lanks 100.0 128.5 158.5 114.5 111.2 231.3 62 Secirity & Conimolilty Brors 100.0 6 64.8 7-1.0 50.6 86,8 63 Insu5ralnice 100.0 8 4.5 78.2 166.5 ' 7 SelvIce . 100 165.7 193,10 235.1- 333.6 798.7 70 Ilolels & Oiler I.odging 1.1cen 1000 157,2 168,3 185.7 227.2 613.2 9 Other/diversifIed holding companIes 100.0 161.9 149.8 166.9 6il.1 3(14.8 IFCI Composite Price Index 100.0 155.5 147.4 200.5 202.9 355.6 ; 1994 FACTIIOOK . I,3MrNC3 NIARKIlrs DATA B1ASI 116i IFCI Industry Price Indexes 1988-1993 (annual % change In US$) * . SIC SeclorfluiiffneIry 1989 1990 1991 1992 199.3 * . . . 0 AgrIcullure/toresiry/fishing -41.9 *5.0 3.4 -1.8 .116.3 I Mining 97.5 -33.7 99,1 .18.5 29,5 Io Metal NMilhig 97.0 -50.7 16,1 *16.5 53.7 2 Construction . . 109.0 -9.1 -9.3 . 21.7 112.0 15 General OuildliingContraclors - * 36.l 71.4 3 Manufaclurlng 51.0 -12.2 36.7 -10.3 711,2 20 rood & Kiidred ['roducIs 67.2 -15a 79.1 -1.0 85,.- 22 Textile lill i'xKluicls 283,4 5,4 36,6 -20.6 21,9 23 Apparel&OtiherTolId'rodn cts -36.7 -23.7 2Q13 -36,9 18,0 26 I'apu'r& Allied l'roiicl5s 44.0 -20.8 11,0 -28,4 49.1 '',''' 2eA8 Chlemicnls&Aliid A1llrxiutcts 30.2 -28.4 16,2 -27,7 . 57.8 29 'etrolcuim RfiiIng & Related llxi'riucts -4.6 -32.9 23.0 -29,4 163.S 30 Rtibber & Mlisc. P'lastics P'roducts 17,3 -30.6 -241.8 27.9 78,6 .: - 32 Cement & Glanss Prducts 117,.8 13.4 68.9 -3i8 67.6 33 Primnary Metal Indiustries 91.4 -53.9 44.8 -58.0 54.1 34 Fibricated McalIll rtidticts 98.8 -28.3 58.6 -23.-I 6O.2 36 Electrle&Elctronic Fqulpniciwt 74.7 21.5 16.2 -19.0 76.1 37 TransportatilonE Equipmmnut. 102.0 28.1 9.1I *3.2 . 3.5 - 39 Nlscellaneous Manuracturflig 83,2 -43,7 -32.7 -35.9 66,3 4 Transporlafion/cornmunication/utiliy 41.6 . 16.4 134.6 9.4 (W.I * 44 Transportation Services-CCargo -60.6 -20.3 21.9 5.3 24,6 48 Communicatlions 102,1 32,1 158,3 17.4 58,4 . 49 Electric,GasuirS.SniltaryServices 90,9 105.5 129,5 *29,7 90.1 5 Whol.sale/reall trade 147.5 85.4 17.0 61.7 - 4958 6 Flnance/lnsuronce/roal outaoe -17.7 . 42 -9.3 . -6,8 89,8 60 ,ilnklng . -21.5 3.5 -3.6 -5.,8 67.8 61 Credit AgenclesOtlierTlianllbsks 28.5 23.3 -27.8 -2.9 108.1 62 Security& Commodity Brokers * - 14.2 -31.6 71,5 63 ins.urance . * * * 75 113.3 7 services 65.7 16.5 22,41 41.7 130.4 70 1oteis& OtlierLod gngl'lacs - 57.2 7.1 10.3 22,4 169.9 9 Other/diverrsield holding companies 61.9 -7,5 11.4 -3.5 89.2 IFCI Composlte Pilce Index . 55.5 -5,2 36,1 1.2 75.3 1994 IFACTIOOK EmlRGING MARKETS DAT,A BASE 117 IFCI, Industry Total Return Indexes 1993 Performanc'e Summary (us$ and 1993 % changes In US$: end 1988o1OO) SIC SectiLrliintirsiry (1984=W0OI enct-1992 0 Agdcoulture/foremtry/tlshlng 241.9 t25.0 PeocenI Change In IFCI Industry Total Return Indexes, 1993 I Mining 340.6 33.1 10 NMetil mIning 175.3 58.7 2' ConstructIln 474.51 114.1 25 Geneal. OIlidluig Contrictors 700.0 73.1 3 ManufacturIng 315.5 74.4 20 Food & Kindredt Plrodtcts 518,0 59.4 22 Textille Mill Praxducts 609.8 26.3 2 ppirel &OllherTexille l'wducts 116.7 20.022 26 Poiper & Allied ProduLCts 149.0 52.2 2 8 Chlmetcls & Allied Produtcts 158.0 63.0 29 Iletroletirn Reflinitg & Rei.1 tcd Plrodutcts 174,9 173.4 30' lltftwr & Nflc. lnlstics PrOdlticl 162,9 53.6. 3 2 Cement &GInss ProLdticts 739.5 72.0 33 1'rinmary ' Mtal iidutsirics 96.2 59.0 34 Fabricated Metal [Prmducis 331.2 64.0 .7 36 EILcWrc& Electronic EquIIPMLnt 395.2 78.8 37 *TrnsalPTIation EquIipmniit 459,4 56,3 39 Miscellaneous MaInUrActurlng . 7.3 69.3 50 4 Transportation/cormm./ulIIlty 756,8 64.3 I 44~ Waer .Transportatiot% 55.2 27.8EI 48. Cornin,iunotions 1,356.5 . 62.4 II 49 Electric1a, Gor Stin1ry Servkces .1,710.0 95.6 II 5 .Wholesale/retaIl trarde 3,292.7 52.5. I 6 F*linance/Ins6rance/reol estate 154.1 96.2 60 Kinking .147.4 '74.9 I *61 Credilt Agencices Ollicr TiinMinnks '251.9 113.7 ~i., 62' SLcuriLy &Conimnioity lrokcrs 90.5 72.6 i ih If 63 Insuane171.~9 115,7 f tjR:! 7 Services 936.5 141.7 I " IU.4 70' . i'oIls & Otlher LodglIng PlInces 722.6 17.1.1 ~~J ~ ~ i~ *9 Other/diversifIed holding 337.1 92.2 . a companies U3 Industriels FCI Composite Total Return Index 408.9 79,6.*Scts 19941 FATU h.NiFFIGING N'lARlKETS DA BASE 118 *%IFCI Industry Total Return Indexes 1993 (US$.; end 1988=100) SIC Scylor/induslry jail Feb Ma r Apr Mlay Juni Jill Auig 6cp Oct NoivDo 0 Agflcuiture/Iorestry/flshing 104.4 109.7 107.0 114.0 118.6 108.9 114.6 120.9 130.7 159.2 162,0 241.9 * I Mining 239.1 233.1 244.3 233.2 239.3 271.4 266.9 254.4 304.7 313.8 312.2 340.6 10 Metal Miinlng 07.6 100.4 106.5 110.5 120.2 139.5 141.7 143.3 159.5 145.3 167.6 178.3 2 ConstructIon .236.0 236.4 256.0 '278,7. 277.4 279.9 294.7 322.4 325.7 369.4 406.3 474.8 15 Ceneral UiIuIdIlg Contractors. 440.6 424.3 453.1 455.8 449.7 444.8 436.2 462.8 438.5 496.9 575.4 .700.0 *3 ManufacturIng 178.7 183.9 187.8 199,0 . 201,2 206,5 210.9 225.5 235.1 253.1 279.0 315.8 *20 Food & Kinidru.xi [roLIticts 276.1 291.3 312,0 325.7 324.4 324.4 340.9 375.7 379.1 426.5 453.5 518.0 22 Textile NliIMISL'rttCIS 466.0 490.8 4,19.8 463.3 456.1 495.3 461.6 458.4 496.9 451.0 578.3 6019.8 23 APFparvl& Othwr TextiIeI'lruduct0 915.6 92.3 78.7 76.1 80.9 75.3 84.0 91.5 95.4 95.7 111.2 116.7 26 I'epr &Aied'lrodticts .98,3 97.3 101.5 98,1 101.7 110.2 108.5 217.4 115.2 122.5 126.5 149.8 * 28 Chemilcals &Allia1i Produjcis 97.1 95.3 93,3 95,6 100.3 106.5 109.4 112.4 120.2 123.2 140.9 158.0 29 1Petroleuniltufinlnig & Relaed.Products 62,6 72.0 .71.3 76.8 81.3 92,9 86.3 106.2 137.2 122.5 160.9 174.9 3 0 Rubber & MIsc. 11JaaIScsIVrod tchs 86.7 89.7 87,2 85,0 84,6 81.0 . 83.7 90.8 92.0 105.3 115.8 162.9 3 32 Cemienit &GlisslProducts 422.3 406.9 438.4 437.7 443.4 461.4 456.5 529.0 531.6 599.9 . 52.0 739.8 *33 PrImnnry lvltcillhiduurlu . 56.9 54.3 .57,59 53.2 53.5 58.8 56.4 62.2 74.5 71.4 96.2 .96.2 34 Fabricated Moetal Plroduicts 190.5 199.7 211.1 225.5, 231.4 229,5 234.9 256.2 200.2 285.1 297.8 331.2 36 Electtlc &ElectronicPqlulpnwnlt 228,3 236.1. 234.1 260.9 279.2 257.9 275.5 29645 320,4 347.1 353.4 395.2 37 Transportailon Equtpipmnt 300.0 309.7 2941,2 378.8 368.7 375.3 357.0 370.6 379.9 3811.0 396.9 459.4 39 Miscellaneous Manufacturing 54.7 53.2 . 52.1 53.7. 57.3 58A4 57.1 65.8 71.4 69.5: 80.6 87,3 4 Trcnsportatlon/communicctlon/utlllty 451.5 441.2 470.6 454.9 462.5 485.7 501.0 536.4 556.6 607.4 635.4 756.8 44 .Transp5ortntIon5oervIces -Cargo 46.0 45.2 46.'1 42.3 411.1. 42.3 41.0 44.4 43,5 44.1 48.5 56.2 4 8 ConmmunicatIons .824.7 807.8 883,5 8451.4 848.4 894,0 958.8 989,7 1,016,5 1,115.4 1,133.9 1,356.5 4 9 EIectric,CGas or Sanitary Services .941.1 083.5 ..940.8 952.8 998.5 1,080.3 1,096.8 1,130.1 1,247.2 1,333.5 1,519.1 1.710,0 S Wholesole/rotall trade 2.087,3. 2,005,2 2,201,6 2,258.1 2,24.9.5 2,302.1 2,403.2 2,600.8 2,528.5 .2,712.7 3,096.0 3,292.7 6 Flnance/Insuronce/real estate 83.6 91.2 89,5 93,2 94,9 97.2 100.6 10n8.1I 112.7 122.4 126.7 .154.1 60' Bianking 90.8 95.7 90.6 96.1 97,8 101.7 103.2 112.8 118.2 524.9 526.5 547.4 6 1 Credi1tAgt.ucIL'sOllier TIa 91~11an 144.5 536.3 127.1 125.9 529.2 127.7 136.5 146.7 153.7 177.2 195.5 281.9 62 .Secuirlty&StConimudilly Brokers .53.4 .52.5 59.7 64.7 64.5 63.8 62.5 64.0 65.0 .73,41. 77.7 90.5 63 Insuirancec 77.7 87.5 58.3 85,6 85,4 87.0 93.0 99,2 101.7 .113,3 120.5 171.9 .. 7 Services 397.4 420.0 434.1 492.7 550.3 536.3 . 582.0 646.4 691.9 7815.8 782.2 936.5 70 1 Hotels & Othier LodlgIng P'laces 272.5 280.6 296.7 327.01 370.3 355.4 389.7 439.7 482.6 558.5 566.4 . 722.6 9 Othor/dlversifled holding companies 171.4 569.4 175.3 19. 599. 'j4 596,0o 206.8 229.3 235,8 263.2 282-2 337.1 IFCI Composite Total Return Index 201.6 206.6 2112.8 259.3 ~2234 228.8 2.235.6 254.3 264.5 286.2 304.1 355.6 '1994 FACTBJOOK . EN:rrtWANG MANtAKTs DATA BASEl 119 IFCI Industry Total Return Indexes. 1988-1993 (US$; end 1988=100) sic Si.cIorI slry 1988is 199 0)go 1991 1992 1993 0 Agilculture/forestry/fishing 100.0 100.7 99,0 104.3 107,5 241.9 I Mlning 100.0 216.6 150.1 307.9 255.9 340.6 10 MaIcal kilning 100.0 202.1 107.1 130.6 112.4 178.3 2 Construction . 100.0 211.6 194,0 176.2 221.5 474.8 15 Qener,iI Dislkllngcontrnclors . 100.0 * . , - 291,7 4n4,3 700.0 3 Manufacturlng 100.0 156.5 141,7 198.2 181,1 315.8 20 Pood & Kinldrellrolucts' 101.0 173.6 118,2 270.8 273.5 518.0 22 TextcNtIIliPIlroiticts . 100.0 396.9 433.4 599.4 *182,9 609.8 23 Appirel & OtlerTextile Plrodiicts 100.0 64.8 49A4 152.9 97.3 116.7 26 Paoper & lied Products l00.0 147.1 119.2 135.4 98,5 149.8 28 Chemilcals&Ahlicl Protiucts 100.0 136.6 106.3 129.9 - 969 158l0 29 lktArloum Refllning & Reledl'roditcts 100.0 1004 .70,0 89.1 64,10 174.9 30 RUIbbor &isc PlastIcs lPrOdcicts 100.0 121.9 87.3 67.6 88.7 162.9 32 Cemcint&C MissIlroducts 100.0 222.0 . 256,6 440.6 430.0 739.8 33 Primary Mtlt Iniduistries .100.0 193.2 92.7 139,3 60.5 96,2 34 PabricMied Metail lroduicts . I0D.0 212.0 160.1 260.3 202.0 331,2 36 ElecIr;c& ElectronlcEquilpment . . . 100.0 180.4 . 224,8 265.7 221.0. 395.2 37 Transpor6titon Elquipment 100.0 204.5 266.5 298.9 293.9 459,4 39 MIscellaneous kManufactring 100.0 183.2 115.5 79.2 51.5 87.3 4 Transportalion/communicaticn/utiliIy 100.0 146.1 . 174.5 417,6 460.6 756.8 44 TrinspartmlonSCrvIces- Crgso oo0,o 40.1 32.9 41.0 44.0 56.2 48 Communflations 100.0 206.6 276,9 722.9 853.9 1,386,5 49 Elkciric,GasorSanitary Services 100.0 226,1 497.9 1,216.6 874.2 1,710.0 5 Wholesale/retall Itode 100.0 563.4 1,090.1 1,310,0 2,159,2 3,292.7 6 Flnancelinsurance/real estate 100.0 85.3 85.2 80.1 786 154.1 60 fanking 1oo.o 78.2 85.0 83.6 54.3 147,4. 61 CreltiAgeicles OllwrTl Tihnlinks 100.0 137.9 175,9 132.6 131.9 281.9 62 Security & Conwnodlty Brokers 1-l.0.0 65.8 76,2 52.4 90.5 63 Insiuraince 100.0 85.4 79,7 I71.9 7 Services - 100.0 169,9 210,5 266f,6 387.6 936.8 70 IIolels&IllerLodgingi'lIaces . . 100.0 161.0 185,0 213,2 266,5 722.6 9 Olher/diversifled holding componles 300.0 164.9 155.3 177.0 175.4 337.3 IFCI Composlle Total Return Index 100.0 161.5 158.0 . 220.4 227.7 408.9 1994 FACTRiOOx EMErRGICiNGlAxicErs DATA 1Asr, 120 IFCI Industry Total Return Indexes 1988-1993 *- ; .(annual % change In US$) ''.,t.*.; . SIC S&l'orjI/itfislry 1989 1990 1991 1992 1993 '0 Agricullure/forestry/f1shlng 0.7 .1.7 5.4 3.1 125,0 .1 Mlning 116.6 -30.7 105.1 *16.9 33.1 10 N1ela1lMinlillg 102,1 -47.0 21.9 -13.9 58,7 2 Consiructlon 111.6 -8.3 .9.2 25.8 114.1 I 5 GemeriI rluliting Conlraclors - 35.6 73.1 *;,; 3 Manutacluring 56.5 -9,5 39.9 18.7 74.4 20 Food & Kindred Products 73.6 -14.6 52.7 1.0. 59.4 22 Textile MiIl P'roducls 296.9 9.2 38.3 -19.4 26.i 23 Appinrcl &OtlIwrTexlile lrodluicts *35.3 -23.7 209.4 -36.4 20,0 26 I'nper&AlliedI'rPloucts 47.1 *19.0 13,6 .27.3 52.2 28 Chwnilcals&Allledllroxluctsc 36,6 .2i.2 22.2 -25,4 63.0 29 Pletrolemtef RtefInig & Reli0,led P'rdKlucts . 04 -30.2 27.3 -28.2 173.4 : 30 Ruibber & Nlisc. 'lastics l'rotiucts 21.9 -28.4 -22,5 31,2 83.6 32 Cenicit&MGlassIl'rodticts 122.0 15.6 71.7 -2.41 72.0 33 Primary MIeIAl lndilistries 93.2 -52.1 50.4 . -56.6 59.0 * 34 Fabrlcatewd Meial Il'OIcLIs 112.0 -24.5 62.6 -22.4 64.0 36 ElecirIe&ElectromlicFtqlprpncint 80.4 24,7 1852 .16.8 78.8 ' 37 Transportllon lquilpmenit 104.8 30,1 12.2 -1.7 56,3 39 Misa'llanenisMilnufacturing 83.2 -36.9 -31.5 -34.9 69.3 4 Transportaiion/communlcolon/utility 46.1 19.4 139.3 10.3 64.3 : 44 Trainsportltionl Services - Cargo -599. -18.1 24.8 7.2 27.8 *: 48 Conmininlclolios 106.6 34.0 161.1 18.1 62.4 49 . F.lectric,.GCsurSaniilry Services 126.1 120.2 144.4 -23.2 95.6 i 6 Wholesole/reltaIl tade 463.4 93.5. 20,2 64.5 8 52.5 6 Flnance/insuronce/reaI estate -14.7 -0.1 *-6.0 1.9 96.t *,r ' ,'; , 60 Banking -21.8 0n5 -1.7 0.8 74.9 I 1 Credilt AencivsO1liwrThia,n Hlanks 37,9 29,8 -25.9 * 0. 113.7 ; 62 Secuarilty& ComimodxllBrokers - - 15.9 -31.3 72.6 ; * '63 Insuriwce - -6.7 115,7 7 ServICeO 69.9 2519 26.7 '15.4 i11.7 * 70 FIotels & OtherLodIging PIaces 61.0 14.9 15.2 25.0 171.1 9 Other/dIversifIed holding companles 64.9 -5.9 14.1 -0.9 92.2 IFCI Composite Total Return Index 61.5 -2.2 39.5 3.3 79.6 s 1994 FAcrIOOK ENMIERGING &NIARKETTS DATA IBASE 121 .~~5 .: :~~~~IF :: :~~~Ine :u: : f :arke :~~__ Profiles: :~~~~~~Eegn Stc:akt atok19 Argentina : IFCG Argentina Index Exchange Rate Average Dally Value Traded (LIS$; enld 1992=100) (Pesos/LIS$) (LIS$ millions) 175 100 .0 150 - I z 50 4 35~~~~~~~~~~~~~~~~~~~~~4 * . ..0.40 - 100 F 3 i I I I I ,I 30 JJI[Q.[h 75 J¶PWf fl'~'f/M Voa.25 L - Mar 93 Jun93 Sep93 Dec93 ~~~~~Mar 93 Junit93 Selp93 Dec 93 Mar 93 "Jun93 Sep93. Dec9 '1 ~ ~~ 1IFG ConmposIte * ~~~~IFCG Inidex for miarket I IFCG P/E Ratlo Share -of IFCG Index Morkels' CapItalIzatlon Market Performance (ectd of owinth valuies) . (ed-1993; totla=LIS$852 billit;) The Argentine stock market posted an impressive -gain 1993 wvith the IFC Investable price index Argentiha increasing 71.5% In dollar tenns for the year and 40 . 9 . . the Balsa index up 53.5% in local currency over O;lier iLdui AiM the same period. The nmarket gain&d a modest 4.9% 7s , 34. _ $ % ijS Latin xi ¢ \. on the IFCI during the first seven months of 1993 35 Anwrica 4$t. ~~~~~~~~~~~~~~~~~~~~~~buit Mailled fronm Auigust thiroughi year-edwe fl? ^ 0 0 ; 27% stock prices soared 63.5% in dollar terms. The 30 vii . m~~~~~~~~~~~~~~~~~~~~~~~~~~~iost active mionth tin 1993 was'December, whleni n 0 0 2 5 LmLLLt 1t igL r.Nir. average daily value traded reached $55 million. 25 J"~~~~Li East Asia ,k'!.' g | MaIr 93 JunAt93 &p9Lt!13 De pc9R3 . ' The mnrket's moderate gain of4.9% during the first jseven mon1tlths was due to Argentina's increasing trade deficit and opposition by unlions to creation of the private pension fund system (Administradoras de Fondos de Jubilaci6n y Penslones) as part of the social security reform. No noteworthy price movements occurred despite- 1994 FACTBOOK . . E.tuIc NlAitKwrs DATA BASE 124 " conclusion of a Brady Plan in April which debt and Interest arrears. The agreement Argentina's trade deficit ended 1993 at $3.2 allowved Argentina to restructure its externial debt. restructured $21 billion in principal and $7.9 billion. In July, oil company Yacimientos Petroliferos billion in interest arrears. Argentine authorities Fiscales (YPP) was'partly privatized wshen the deposited $3.2 billion for the purchase of 30-year The government continued its impressive governient sold 45%-of Its holdings In the U.S. Treasury zero-coupon bonds to secure the ' privatization program wvith the intention of company to domestic and ilterniational investors principal. reducing the budgetary burden of inefficient state through a public offering and subsequent listing on economic enterprises and enhancing productivity the New'York and Buenios Aires Stock Exchanges. Reform of Argentina's social security system wVas through private investment. Thesale ofYPFraised YPF's sale came amid lowv world oil prices, wvhich approved by Congress in September, allowing for over $2.5 billion. Other important privatizations fell even furtlher due to disagreement among OPEC the creation of a private pension fund system. The In 1993 include the sale of electricity distributors members regarding production quotas, and Iraq's plan caills for workers to contribute 11% of their. Central Puerto, which raised approximately $134 discussions with the U.S. to resume oil production. salary to an AFIP (Administradoras de Fondos de million, and Central Costanera, vhich raised The subsequent drop in price of YPF lhad a slight Jubilacl6n y Pensiones) with employers around $97 million. The Bank of Cordoba plans to negative impact on the market, whichi ended the contributing 16% of salaries. The private pension privatize 40% of its capital. The bank would month vitl a loss of2.1 Was YPP represented 27% funds ivill begin, operating in mid-1994 and are retain 51% of its stock and offer 9% to its of the total value of the Argentine market. allowed to Invest up to 50%. of their assets in employees. The government also plans to privatize equities. 100% of Bank of Misiones. Privatization plans for - Market sentiment turned bullish for the rest of the Aguat y Energia (electricity company) and Caja year afterjuly on improved company productivity, Interest rates were reduced in 1993 to stimulate Nacional de Ahorro y Seguro (savings and tax cuts toreduce agricultural and manufacturing investment. In May, the Banco de la Nacidn insurance company)areexpected tobe announced * : ' costs, and the long-awaited social security reform extended its credit lines, reduced lending rates, and soon. approved by Congress in September. Increased redirected its credit policy towvard export, liquidity also hit the market in September and agricultural, Industry, mining and tourism sectors. Constitutional reformns passed in December 1993 October due mainly to the conversion of BOCON. Inflation for the year totaled. 7.4% and the nowv allowv for reelection of the president and pension boiids into YPF shares. Pensioners could economy grew an estimated 6.2%. establish a presidential term of four years instead eith'er cash in their BOCON bonds-consolidation . . . of six, meaning that economic programs of the bonds authiorized by Congress to settle social I n an effort to alleviate economic hardship in Menem administration are likely to continue. The security debt to retirees-or exchange them for YPF Argentina's agricultural sector, Economy Minister road to. President's Menem reelection wvas shares. Cavallo lowered federal and state taxes levied on smoothed in December after his last minute the agricultural sector to assist exporters. Import agreement on constitutional reform with Radical The market's lFCI index gain of 23.6% In December tariffs on capital goods wvere abolished In 1993, party leader and former president Raul Alfonsin. followved a surge in foreign investment encouraged and a 15% tax reimbursement to producers of The agreement, which calls for a two-terM four- by privatizations of. s'tate-nowned utility capital goods wvas implemented in May. Due to year presidency, requires the approval of companies, lower inflation, and better than increased Brazilian imports - totaling Congress. However, a majority vote in Congress expected economic forecasts for 1994. Taking approxiiately $2.2 billion in November and w asassuredaftertheagreerment behteen President advantage of increased access to international leading to a trade deficit for the montlh, Argentina ..Menem and Alfonsin. rniarkets, several companies launched ADR. may delay its integratio'n into Mercosur-the programs in> 1993, including Baesa (bottling proposed common market betwveen Argentina, Argentina's agreement with the IMF calls for a company), YPF (oil), and Banco de Galicia (bank). Brazil, Paraguay.and Uruguay-until differences - $3.7 billion budget surplus in 1994, lower than in -'on common external tariffs for certain goods are 1993 due to a decrease in government income settled and trade policies are more in linle between brought about in part by introduction of a private Mercosur counltries. Any removal of tariffs will retirement plan to replace the state run pension Economic/Politlcal Events i most likely be delayed since Brazil is. protecting its system. computer and capital goods industries.in response A Brady Plan agreement' was formally concluded to the tariffs by otlher Mlercosur members on steel, InI April,' reducing Argentina's comnercial bank . pulp and paper, and nonferrous metals imports. 1994 FACTUOOK E:ERGING MARKETS DATA BASE 125 :Argentina 1993' '(currency In millilons) Mnrket Ja1n Feb V1a r Apr Maloy Juni Juil Auig Sep Oct No1vDe Number of listed companies ol3osade Comercio de BLtenos Aires 175 175 175 175 175 176 176 176 173 176 175 18 Market capllallzatlon Inpesos . 18,554 17,71? 19,102 15,580 ~~~~~~~~18,215 2695 26,344 29,600 315134,719 34,163 43,967 In U.S. dOllars 15,902 17,717 19,102 15S,580 15,215 26,968 26,344 29,600 31,811 34,719 34,163 43,967 Tradings 1,150 .847 836 744 573 725 665 755 972 1,025 857 1,158 In U.S. dollars .. 1,151 847 836 744 .573 725 665 755 .972 1,025 887 1,155 Turniover rato .6.1 4.6 4.5 3.9 3.1 31.2 2.5 2.7 3,2 . 3.1 2.6 3.0 Local Index Balo.IaindicoCCencra 13,515.7 12,710.9 13,56.1A 13,315,4 12,552,0 13,704.5 13,420.1 15,068.5 16,179.7 17,632.0 17,096.8 20,607.2 ClianngeIninnlex( ) 0.7 -5.13 7.7 -2.7 -3.3 61.4 -2.1 1 2.3 7.4 9.0 -3.0 20.3 IFC Global In-Jex Nuiniberof stocksi 30 30 30 30. 30 30 31 3 1 . 31 .31 3 1 31 Share of market cap. (% 78..9 75.6 75.5 . 78.5 .77.6 56.5 70.1I 70.4 71.0 74.9 . 74.8 71.6 Share of tradinig value (sf) 89.0 55.6 57.3 87.2 84.9 57.2 56.5 57.2 . .86.0 87.1 86.7 75.2 P/fl ratio ~~~~~32.0 i.299 36.5 35.9 35.6 . 32.63. 36.0 39.3 41:9' 33:8 41:9 DivILCldenY!lettl() 2.1 2.3 2.4 2.4 2,8 . 3.1 . 2.6 2.3 2.1 2.2 2.2 2.3 Total retuirn Index. 1,282.2 1,197.4 1,291.8 1,255.9 1,225.3. 1,327.1 1,326.7 1,499.1 1,627,6 1,785.4 1,740.3 2,164.7 Cuiange In total retturn lindex (%) 2.3 -6.6 7.9 -2.5 -2.'; 8.3 0,0 13,0 8.6 9.7 -2.5 24.4 Iconomlc data Exchinnger,ite . .0,9990 . 1.0000 loo 1.0000 1.0000. 1.000 .1.000 1.0000 1.0000 1.110110 1.0000 1.0000 . 1.0000 Nvk:ThI'lo baso date for thie Balsa Indira General Is Dec. 29 1977=0.00001. The baidodae, for the ll'CG Argentina Index Is Dec. 1984=100. 1994 FACTROOK l3Ntturn.Nr. NIAHKETS DATA BAsE. 126 Argentina 1984-1993 (currency In millions; end of period levels) Mnrksel ib94M 1985 1986 2987 1988 1989 1990 1991 1992 1993 Number of listed companies BolslideCornorclodeOtienosAlres 236 227 217 206 186 178 179 174 175 i80 Maiket capliallzation In pLsos 0.021 0.163 0.200 0,532 3.301 575 1,853 15,491 19,595 43,967 In U.S. dollors 1,171 2,037 1,591 1,519 2,025 4,225 3,268 18,509 18,633 43,967 Tiading value Inpestos 0,0019 0,03n 0 0.0292 0.0538 0 5548 71 408 4,612 15,551 10,337 In U.S. donlars 277 631 309 251 593 1,916 852 4,824 15,679 10,339 Tufhnivr rantio 15.5 41.3 16.1 .4.7 28.9 24.5 33.6 45.3 83.9 33.0 Local index Bols.i Iiild2ce GCueral 0,0281 0,2095 0.2498 0.6608 4.1383 727.2 2,202,9 17,856.0 13,427.5 20,607.2 Chan:ge lIn2nlex(C7 . 540.6 646.6 19.3 164.5 526.3 17,231.8 207.1 710.6 -24.8 53.5 IFC Global !ndex Numberofstocks 21 24 24 24 24 24 24 27 29 31 SI, silgeof,iiarke2c.ip.(%) 38.1 63.9 60,2 fi7.7 67.7 77.0 68.7 85.9 76.7 71.6 - I'/E ratIo - fi,7 4,3 3.2 9.1 .3.1 .406.0 38.0 41.9 :'/BV ratio 0: - 0.2 0,2 0.3 .1.1 0.3 1.7 1.2 1.9 D1i'Idendylci (%) 0.1 0.7 0.2 1.9 3.6 4.7 .29 0.3 1.9 2.3 TOtMl retuir lilde1xt 200.0 174.9 128,6 142.2 196.0 540.7 343.1 1,704.8 1,253.1 2,164.7 ,CInge In li nlex (M) . 721.9 -7., 9.5 38.8 175,9 -36.5 3969 *26.5 . 72.7 EconomI!c data Grossdonmitc proutict (US$1 78,121 65,790 78,801 82,635 83,0821 68,997 1)5,440 289.22i 228,512 CllingeIn cuilisinLvrpricellhule(%) 626.7 672.1 9o.I 231.3 343,0 3,079,8 2,314,0 171.7 24.9 7.4 Exchmiprgeorat. 0.0000179 0.002O1)O0 0,0001257 0,0103500 0.0016300) 0)1360 0.56701 0.999(1 (1.9980 1.0000 Exciloge rille(average ofprodp *ro 00000068 0.0000602 n 001109413 01 21044 0.02109364 0.03711 * ,4793 0.956( . 0.9918 0o9998 Noleh: The bise date for the Holsa ILlicct Ceenoral Is Dec.29 1977=001MO0, Tlhe b,se tite frir 1lth IFCG Argunliin Inludx Is Dec. 19&I-=100(. '1994 -ACTrIIOOK ENITAM(1NG NIIAIlKEI: 1),%r,% 13ASI: 227 Brazil IFCG Brazil Exchange Rate Average DalIly Value Traded (.$SS; enid 1992=100) (Crizuiros renis/I5W$) (LIS$ udilions) .250 350 .300 300 ~~~~~~~~~~~~~~~~275 2t0 0 02W q / + 250 - 250 2250 200 20 Mar 93 Jun93 Seq' 93 bD.r93 Mar 93 Jun 93 SL P93 Dru. 3 Manr93 Iu::l93 SLjg 3 D;v 93 - ; pRitS IFCC Compsite ;' .: I~~~FCC Index formarket : 15 .. . . .1 IFCG; P/E Ratio . Share at IFCG Index Markets' CapItalizatIon . Market Performance. (end( of monith vahwls) t (c,d-1993; totluU=lS$552halloio) 20. . The Brazilian stock mairket wals the Best performer ___l______n__n ______________ anmong IFC Latin AXmericanl markets in 1993. Yeatr- 0 s ; - . Brazil end statistics shlow thec IFC Global price inidex for -407 Brazii tip 91.3% In dollar terms anld the BIOVESPA -6.:2 0 .':other fSomith Asia Index tip 111,2%, also in dollar terms. The ...-80- . .gL .a'n3 IBsOVESPAe posted a gain of 54i37.2% in1 local ,!,',,, '-1O0- ., ' ' ' ' . Q!mArncrlc ...".', _ currenicy termls. Market performiance showved ; -120-., . 23% $ .^1 strong gains in February and Junec whien priccs ::-140" soire!d, and average danily tradinig reachled $296 ";: -160 , . -N:ESAE, . mil;.on in December. : :., ^-: lB0 - : _ 5c ; Number of listed companles *BoolsndeConwcrciodmtatiago 247 253 251 255 256 258 260 261 263 266 266 263 Market caplfalizollon I Mpaeos 13,162,866 12,738,697 13,005,436 11,262,832 11,468,347 13,557,921 12,692,788 11,011,442 14,572,084 15,023,341 16,031,217 19,233,969 ,1 ;,:: .In U.S. dollars 34,205 32,593 33,510 27,844 28,298 34,725 31,412 34,241 35,530 36,477 39,319 44,622 .Trading volue Inpesos 101,864 54,904 76,994 92,028 62,707 76,358 87,624 101,355 100,613 105,0ns 121,467 147,891 In US. dollars 265 140 198 228 155 196 217 248 245 262 298 343 ' Turinover ratio 0.8 0.4 0.6 0.8 0.5 0,6 0.7 O. 0 0.7 0,7 0.8 0.8 Local Index IGI'AInidex' 3,187,8 3,057,7 2,879.-4 2,674.1 2,710.2 2,931.9 2,928.2 3,082.6 3,116.1 3,212.9 3,359.0 3,915.5 Cl1angOIIlhdox(%) 16,6 .4.1 *5.8 -7,1 1.3 8.2 -0.1 5.3 1.1 3.1 3.5 15.5 IFC Global Index . Ntmberofstocks 35 35 35 35 35 35 35 35 35 35 35 35 Shilre of market cap.(% 71.1 69.9 64.6 69.8 f7.3 64.4 68.5 66.2 65.7 66.5 65.4 64.1 * Shareof tradifig value(I%) 71.2 68.7 77,2 78.3 81.3 69.6 74.3 60.6 67.1 68.7 65.4 67.1 P/Eratlo 14.5 13.8 13.1 2.3 14.4 158 IS.5 16.4 16.9 17.7 17.0 20.0 P/lV ratio . 1.9 1.9 1.6 1,5 1.5 1.6 1.6 1.7. 1.7 1.8 1.8 2.1 DivlclesidyieldC) 3.5 3.8 3.9 4.9 4.5 4.1 4.0 3,8 3.6 3.4 3.2 2.7 Total return Index 3,737.6 3,512.1 3,340.8 3,044,4 3,084.9 3,504.7 3,376.3 3,539.8 3,621.1 3,770.8 4.002,6 4,462.9 Change In total return inlex (¶1) 12,7 -6.0 .4.9 -8.9 1.3 13.6 -3.7 4,8 2.3 4.1 6.1 11.5 Economlc data Exchangerate 384.8200 390.8400 J88,1900 404.5000 405.2700 390.4400 4041,0700 409.2000 410.1300 411.8600 407.7200 431.0400 V. *Note: The base dale forth 11wIA Inidex Dec. 1980=100. Thebarsodate for the IfFCGChilelindex Is Dec. 1984m100. 1994 FACTB4OK E'MERCING NIAj1KI;jS DATA BASE 134' 1994 ,AT3cI l,lit;N ,ilRtl .3T -3s 134 Chile 1984-1993 (currency In mllllons; end of period levels) 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Number of listed componles olsa dceConerciude Santlago 208 228 231 209 205 213 215 221 245 263 Market capitalizallon Inpesos 270,048 369,930 831,550 1,241,500 1,709,099 2,819,642 4,596,608 10,490,229 11,333,749 19,233,969 In U.S. dollars 2,106 2,012 'I,06i2 5,341 6,849 9,587 13,643 27,984 29,644 44,622 Trading value lnpcsos 5,079 9,153 57,5t2 110,353 149,659 224,673 233,884 663,347 735,798 1,131,810 In U.S. dollars 51 57 298 503 610 866 783 1,900 2,029 2,797 Turn;over ratio 2.0 2.9 9.6 10,6 101. 9,9 6.3 8.8 6.7 7.4 Local Index IGPAIidox 6 63.3 110.3 262.1 343.6 459.8 757,6 1,166.7 2,483.7 2,733.5 3,915.5 . Clhi,uenglndlex(%) 12.0 74.2 137.B 31.1 33,S 64.8 54.0 112.9 10.1 43.2 IFC Globol Index Number rofstocks 25 25 23 25 25 26 28 35 35 35 Shareof marketcap. M) 35.3 46.3 50.9 53.0 66.0 63,6 62.9 68.2 74.0 64.1 F/ E ratio . . 4.9 4.6 3.7 5.6 7.9 15.9 13.0 20.0 PPISVratio - ',S 0.7. 0.7 0.9 1.0 1.7 1.7 2;1 DIvilend yiold() 5.0 7.5 5.9 5.9 9.4 9.5 i.0 3.5 3.8 2.7 Total ratwrn Index' 100.0 149,3 380,3 495.0 678.5 1,026.0 1,440.9 2,853.9 3,315.6 4,462.9 Change in Idio!9f 49.3 154.8 30,1 37.1 51.2 40.4 98.1 16.2 34.6 Economic data GrossdomesticprodIct(USS 19,192 15,996 16,817 15,9458 22,048 26,138 . 30,853 33,999 41,192 - Changeinconsumerpricelidex(%) 19.9 30.7 19.5 19.9 14.7 17.0 26.0 21,8 15.4 12.7 Exchlange rate 128.2399 183.8599 204,7300 232,4300 249,5400 294.1100 336.F8600 374.8700 382.3300 431.0400 Exchange rate (averagLeof period) 98,6556 161,0806 193,0200 219.5400 245.4187 259.3306 298.5440 349.1.112 362.6925 404.7200 NMte.: The base date for the IGI'A lidex Dec. 1980=100. The lase clam. for tIe CFCG Chilc hidcx Is Dcc, 1984=100. '1994 i'AC1 HOUOK NENliC.ING Nt11ARKCT's DATA B3ASE 135 China IFCG China Exchange Rate . Average Daily Value Traded (LIS$; eni1 1992=100) (RMB/LIS$) (LIS$ nilflolls) 175 ~~~~~~~~~11.00. 350 ;0 .300 250 - 125 200 to :10 ;.. . 933 S 5,50 50. ,,.vI99 . . 9 IFCG Composite I' . IFCG Index for market Share of IFCG Index Markets' Capitalizatlon Market Performance *id-7993; total=LIS$852 1illion) China's stock markets zig-zagged ii 1993 wvith shlarp advances and declines that culillinated in divergenit year-end performance figures. The IFC s, Lallltin Global Index for Chiina rose only 1.3% in yuan Anwrlca EnsItiatt and dcclined 6.1%% In dollar terms; howyever, the 30%. - 3I1 IFC Investable lindex for Chinia rose 49% In yuan and 44.6% In dollar terms, reflecting stroig foreign lInvestor confidenice in China's rapid economic 5', ' ' . ' 13,>188\ U S ' ' ~~~~~~~~~~~~~~~~growthl. otiwr fr ;li,il -Afteti peaking nt 1398 in February, the Slianighiai tand Shelinzlenl A sliare markets fell nearly 31% in ; 28%f Sdollar term1s in March as Inlvestors took profits. Short rallius in April were overcome by steady declines unitil early Junie In response to livestor unicertainlty over tihu government's austerity program approach to managing China's overheating economily. -A buddinig market rally catised by growing conlidenice in the governmeint's '1994 FACTBDOK o:MI ucix'&M I.PArAI3Asr 136 program to bring discipline to the market turined comprehensive law on secuirities, presented In stibilixing it 10.97:1 following government action into a decline on anticipation of the flod of new April, the State Couticil's Secuirities Regulatory on Jtuie 17 to lift the ceilinig for the swap market In listings expected in September. The market Comimisslon (CSRC) formally displaced thea central Shanghlai. Sinice theni thle yuan has becn stabilized remained bearishi in the thiird quarter on still- bank as the regulatory autllority for the securities nt 8,7:1 due to intervention from Chilnas central linigeriig uincertainty over the governmen!t's iiidtustry. Slince thienl the CSRC has issuied nuimiuerouis bank. economic policies. The market was sluggish in tile regulations and lhs been pursuinig comipanies and fourti quarter as investors were disappointed by individuals suspected of breaking stock milarket Despite governillent efforts to dampen the the government's emphasis on bond Issuies for 1994 rules nnd reguiations. overieating economy, China Is expected to have (with a target of $11.5 billion), and vorried nbotit 13% GDP growth in 1993. Inflation edged upward unconfirmed reports of a stock transaction tax toward thic end, of the year as banks relaxed the being introdticed early In the cominig year. Tlih credit squeeze that resulted from the central bank's market fluctuated after October on* take-over Economlc/Political Events order In July for state banks to call in loans made actions and kpeculations on rights issuies and for speculative purposes. Due to the absence of bonuks offerings by existinig companies. . Tli mid-Novemilber 14tih picilary meetilng of the institutional mechanisms to guide the economy, the Central Committee of the Commntiist party country may again shortly face a clioice between Thei Shianghai and Sliciziheni B share markets were endorsed In broad termis a conitiiituationi of an economilc crash landing or accelerated Inflation. also sensitive to unicertainty over the govermncit's economic reform policios thit preceded 1993's mid- macroeconomic. policy in 1993, losiing 28% year austerity programs, The reform package for Clilia's first ever trade deficit of about $12 billion between early May anld early Auguist. Prices 1994 Ilicitides price reformis, banking and financial Is likely to appear in 1994 diue to the massive moved up sharply In August, gaininig 31% durinig sector reforms, and a new tax law and corporate limports of equipment to mect the needs of rapidly * - the month onl the annlouincement of compaany plans law, The latter ltvo reforms-Chinila's Tax Law growing foreign-fiuided projects although recent to list ADR's In the U.S. Prices continued to pick up and Corporate Lanw-ar expected to be critical to devaluation of the yuan will offset projected on rcnieved interest from foregig Investors, duc In the developimicit of thie secuirities market. The deficit figures somewvat by increasing exports. part to the successfil listinigs of 1-I shares in I-long Corporate Lnaw cstablishcs strict standards for Kong and In part to better discipline In the B share disclosure, supervision and accounting, and the market, particularly in terms of transpirency and legal responsibilities of companines, wilel the Tax the timely disclosure of restilts. Sinice becoming Lawv lintroduces a new tax systemil thiat wvill listed on t IlC HoIg KoIng exciange, six of the nin1e conTbine the personal lincom tax, personal ilncome state run manufacturing giants liave shiowved strong regulatory tax, anc the tax on private business Increases froni thlir [PO prices; three of thiese income, companies also listed A shlares oin the Shanghiai exchange, and hanvc heavily Iliflueniced trading in The goverinimient announced the long-awialted the market. unlification of its dLual currenicy system Iln December albolishinig the use of forelgig currenicy Clhihia's two stock exchanges experienced rapid certificates stnrting January 1 1.994. Until tien, expansion tuinder the government's target of foreign curreincy Could only be spent directly in bringing newv shares wvitlh a total vallue of RMIB 5 China after thie pureciase of. foreign currciiey billioni to market during.1993. Market cap tripled certificates, Thils clange, which wvill make an ;In '1993 to $40.56 billion as tho numibii er of listed unwieldy system more manageable for foreign comnpanies increased from 59 to 183; B share compallies doingg 'sisilCs ill Chilina Is expected to * listings increased from 14 In January to 41 by l have only limited impact on B share trading sinice year-end. prices are coniverted utsing swap rates. Flowever, companies tusilig the official exclhange rate for There were many miajor developments fin 1993 foreigin curreincy transactions are expected to regarding enforcement of the legal framevwork of * report lower eariings. In early Juei, the swap rale China's secuirities market. Under China's first ever of yuan to the U.S. dollar fell over 35%, before 1994 FACroo I.MIRC;IN{. Ni 15 l)1v B,si 137 K.. China 1993 (currency In millions) Mnrket Jan Feb Mar Apr May JImn Jul Atg Sep Oct Nov DLr Number of listed companles Combined Shenzhenand 59 62 71 78 90 100 107 a14 124 138 1I3 Shiinglil Stock Exchanges ' Market caplIalizcllon In yuan 155,574 202,647 169,931 297,136 250,500 292,438 255,542 278,168 294,247 259,455 372,692 352934 In US. dollars 19,097 24,701 20,850 36,526 30,793 27,481 31,583 31,652 33,852 33,271 42,83B 40,567 . Trading value In yuan 16,498 44,317 26,863 36,012 19,532 21,416 15,150 39,686 13,694 28,954 58,066 55,383 InU,S.dollars 2,025 5,402 3,296 4,427 2,401 2,013 1,872 4,516 1,576 3,328 6,674 6,366 Turnover ratio 12.7 2.17 14.4 15.4 7.1 7.9 5.5 14.9 4.8 9.9 17.5 15.3 ''!. Locail Index ShLocal iCondpositelndx Ie1,198.5 1,265.0 925.9 1,358.8 935,5 1,007,0 581.1 895.7 875.8 814.8 984.9 833.8 CNingelnindex(%) 53.6 5.5 *26.8 46.8 -31.1 7.6 -12.5 1.7 -2,2 -7.0 20.9 -15.3 IFC Global Index Nuniberofstocks 65 67 74 75 77 77 79 80 . 0 80 81 81 Share af narwkt cap. C%) 86.9 84.9 87.0 65.2 60.3. 52.7 54.8 56.5 52.3 49.9 49.9 47.3 Sl1pre of trading salue (¶) 85,2 86.3 88.4 83.0 73,9 46.0 45.1 49.2 45.8 5.5 36.7 36.3 :: /E ratlo P/V ratio Dividend yield I%) - * - . - - Total return index 132.5 154.6 118.6 153.4 117.4 90.2 104.0 100.5 99.5 93.4 103.4 92.7 ChiangeinlotalretuinIndex(¶) 32.5 16.7 -23.3 29.4 -23,5 *23,1 15.3 *.3.3 -1.0 *6.1 10.6 -10.3 Economic data * - Exchange rat 8.1465 8.2040 8,1500 8.1350 t.l3$0 10.6413 8.0911 8.7883 8.6921 8.7000 8.7000 8.7000 *v. M. . Not: The base date for the Shanghid Composite Index Is Dee. 1990=100, The base aile for the IFCG China index Is Dcc, 1992-100. 1994 FACTiIOoK ~NEN:RCIcG MIARKETS DATA BASF. 138 China 1984-1993: (currency In millions: end of perlod levels) Mnrkel 1954 1985 1986 1987 1988 1989 1990 1991 1992 1993 Number of listed companies Combined Shenzlien and - 14 52 183 Shanghial Stock Exchanges Market capitallzatlon In yuan 11,019 105,000 352,934 In U.S. dollars . - : - . 2,028 18,255 40,567 Trading value In yuan - - - . - - - 4,366 92,177 375,571 In U.S, dollars - - - - .- .- - 820 16.715 43,395 Turnover ralio - - - - - - - - 64. Local Index SSE Composite Index * - - - - . 100.0 292.8 780.4 833.8 Change in index (%) - - * - - - - 192.5 166.5 6.8 IFC Global Index Number of stocks - . - * . - - 61 .81 Share of mnarket cap. (M) . , . 91.3 47.3 P/H ratio PI/BV ratio - - - - - - - - - - Dividend yield () .- - - - - - - . - Total rcturn Index . - - - - - - . - - 100.0 92.7 Change in index ($) - - - - - - - - - -7.3 Economil data Gross domestic prodLtct CUSS) - - . . - - - 424.012 515,147 :Change in consumer price index (i) - - .. - . - - - 5.1 6.7 9.1 Exchange rate . - . . - , . - 5.4342 5.7518 8.70DW Exchange rate (average of period) . 5 : * - - - S.3234 5.5146 8.6548 Note. The base date for the Shang,hai Composite index is.Dec. 1990=100. The base date for Ihe IFCG China index is Dcc. 1992=100.- 1994 FACTIJOOK ElR;c IRKr AABs 139 Colombia IFCG Colomhbia.- Exchange Rtob Average Daily Value Traded (LIS$;- enid 1992=1 00) (Pesos/LIS) (US$li illionis) 175 -850 6. P~~~~ ~ ~~~~~~~~~~~ .. 5 1507 ": ARq Ps825 4 . 7 125 3. S00 - 2- 27 _ _ _ _ _ _ _ _ _ _ _ _ _ ILl -~~~~~~~~~~~~-r I 75 77 0 ... .. . * . ~~~~Mar 93 Jin 93 Se-p 9)3 Dec93 Mar-93 lity 9.3 Sep 93 Dec 93 M ar 93 Junit93 .Sep 93 Dec 93 ~j¶- lm iF Co posite - IFCG Inidex for nmarket IFCG PE Ratlo Share of IFCG Index Markets' Capitalization Market Performance (eU$d of 9o9t 0 valies) (co'd-1993; (lalS$S$852 billionl) Shares listed on the Bogota, Medellin, and , . 0 Occidente sFGto exchanges posted strong Price Other Colmbi gains in 1993. The Bogota Stock Exchantge's aBB 25 Latin Index Increased nearly 50% in peso termsId ,^ .Amazi. A the year, and along with the Medellin excha.;;es 30% 34% [HOMED index enided the year at record hIighrs. The 20;. . IFC Global and Investable price indexes for 'f'" ''.C ' ..Xf i,¢ h . _ ,;: 7,. :',.'' . | | - | . Colombia gained 31.7% and ST.6% respectively 7 4s i l 3i1 2 1] 1I L M E 7 ee E EnF A Z 0 during 1993 in dollar terms. F EMEA ~~~~~~~ase ,\sia ~~~~~~Tile Colomibiani mqtynarket started 1993 on at 10 a ~~~~~~~~~~~~~~~~~~~~30% downward trend wvithi the IFCI inidex falling ;vur -a -un93 Se- 93-Dec i nearly 17% In the first quarter. The market vas - inactive during the period wvithl combined averaige daily trading on the Medellin and Bogota exchianges totaling less than $1.5 million. Increasing turn1over and sound company ffunidaniciitals combined to put share prices back on an upward track in the second quarter. In July, 1994 FACTrUoOK ..NIL:RCiNcG NIARKImTS DATA BASF: 140 combined daily turnover on- the Bogota and Foreign investment In Colambia for 1993 was 2) Colombilais can obtain short-terni loans (less Medeilin exchanges topped $4.5 million, their expected to eclipse 1992 levels as inivestment over thlani six-montihs) abroad; 3) Colombian financial higlhest levels In 1993. the first niine monthis totaled $395 imillioni, tup 55% institutions can make harld-currency loans to froni the $254 miillion recorded a year earlier. entities outside of Colombia; 4) currency futures The market mtoved sharply upward in the third Portfolio investment accounted for nbout $180 and optlons are officially permitted; 5) dollars can quarter as strong earning results were announced milliot of foreign Investment In 1993, wvith the be used internally for a nuimber of transactions; iil Aiugust. and increlsed foreign activity in the number of foreign investment companies and 6) businesses that buy and sell foreign market helped push the IFCI index up more than nuthorized to operate in Colombia increasing froai exchange are much more tightty regulated. 23%, Foreigners slhosved more enthuslasm for the 28 to 64 during the year. market duritig the period as economic prospects, Banco de Colombia, the second largest bank in coutitry security aond silare valuatioins twere all Pablo Escobar, leader of the Medellin drug cartel, Colombia, was scheduled to be privatized in late seenasiimproving. .vas shot dead by police on December 2. 1993. A 17% block of shares. vas offered to Eliminatioll of the fugitive Escobar vas liailed as employees' and workers' unions in November and in the hurth quarte the IFCI jumped an additional. a much needed success for the Gaviria goverimnent the sale of the remaininig shares, originially 35% as foreign Iiivestor linterest continued. The which liad. lost local and international prestige scheduled for auction in December, Was deathi of Pablo Escobar in early December also followiig Escobar's escfape from jai. a . rescheduled for January. The privatization is strengtliened tlhe market as drug related violence ' expected to brinig the governmenit revenues of at was expected to decline. In Noveimber, Banco The death of Escobar Is not expected to alter the least $400 million. Ganadero placed a successful $83 million ADR outcome of thie presidential electionis wvhiich Isstie for preferred shares that 'was heavily Congress has slated for May 29, 1994. Both oversubscribed. - lea1ding candidates, Andres Pastrana and Ernesto Samper, have been victlims of drug related crimes. Total fixed income nnd equity tratnsactionis on Escobar's death is, however, expected to redLlce the Colelinbla's three exchanges surpassed $13 billion ' possibility of violenice durilng the cam1paign. in 1993 witl about $8.2 billion in trades beiig transacted on tlhe Bogota exchange. Although Colombia puslhed forward an attempt in 1993 to transaction valuies Increased 'nearly 67% oni thle strengthienl regional integration wvith neighiborinig Bogota exchange, the equiity market nccounted for coulitries. Thte country angreed to a free trade pact only about 4% of trading.. with Venezuela nnd Mexico, effective Jnnuary 1, 1994, wvlhichi ivill reduce trade barriers In most industries over a 10 to 12-year period. In addition, a free trade agreciiement vitih Chiile was iecched in Economlc/Polltical Events enrly December lVhich ivill affect abotit 90% of bilateral trade; the agreenmcit will be implemieted The Colombian econouily grew an estimated 5.1% in over a five-year period. 1993 after growving 3.5% In 1992 and 2.3% in 1991. Strong, growth in tIlc construction, New foreignexchange gtidelinies became effective transportationi, and investmeint sectors heliped sptir October 1, 1993, representinig giother slep in the econiomic performiiance duriing the-year, Removal of liberalizatilon of the economy., The regulations, electricity rationing in April also contributed to a isstied by the central bank, siiplify niid streamline lighier rate of economic growythi. ConLsumiler prices . the exchainge regulatiois which were lost reformed increased 22.6% in 1993, compared to a 25.1% in 1991. The most importaint Features of the inewv increase in 1992, with hiotisinig, education annd exchianige regulations includc the followving: 1) tlle healtil cOiiponeCnts increasing 29.5%, 28.0% andi peso can be convierted iito aniy foreign currency 27.1% respectively. w without first being coniverted into dollars; 1994 FACTIoouK . . 1M1irtC); M,ARR:TS D,AT.r BASE. 141 Colombia 1993 (currency In millilons) * Market ~~~ ~ ~~~~~jan Feb Mlar Apr Maiy )JII Jtul Atig SLp Oct Nov tl Number of Ilisted companies Bolsa dellogota 80 80 80 s0 so 80 so s0 s0 80 80 89 Market caplfallzofion in Pesos 4,562,457 4,535,078 5,500,873 4,355,564 4,214,607 4,158,327 4,827,894 5,439,566 5,569,926 6,029,216* 6,226,498 7,499,837 In U.S. dollars 5,567 5,477 6,571 5,189 5,384 5,280 6,032 6,742 6,569 7,362 7,671 9,237 Trading value KIn pesos 15,824 27,969 22,520 29,290 39,228 80,349 34,790 65,740 73525,1 6.512 76.447 InU.S. dollirs 1 9 34 27 35 50 102 43 8 1 9 1 66 94 94 Turnover rallo 0.3 0.6 0.4 0.6 0,9 1.9 0.8 1.3 1.3 (hO 1.3 1.1 Local Index45. 45. 43.44. 45745.42053.58666864.79. IOU lndcO ~ ~ ~ 451 45. 3.3 492 45. 5.6 42052. 8.666865. 4. Chiange III ncfex(9 -3.0 -5.9 -4.2 2.7 1.4 -0.7 6.5 8.6 10.9 9.7 2.8 14.4 IFC Global Index Nunmbercfstocks . 20 20 20 . 20 20 20 20 20 20 20 20 20 *- Share of market cap. I%) 56.3 63.0 63.9 81.1 85.9 84,6 76,3 75.2 78.3 78.1 77.8 75.3 shareoftlrading valtiie(E7 73.8 34,6 70.7 52.0 52.8 81.1 71.1 60.2 60.5 63.6 47.3 60.2 P/EnT,111 26.6 25.4 23.7 15.3 15.0 14.6 16.0 . .17.0 .18,0 19.5 20.1 25.5 P/1~ l3Vrtic 1.6 1.6 1.5 .1.3 1.3 1.3 1.2 1,4 1.5 1.6 1.7 1.8 * Diviien'l yield(% 2.0 2.2 . 2.4 2.2 2.4 . 2.5 2.4 2.2 .2.2 2.1 2.2 1.9 Total retuiruh idex 1,990.3 1,885.6 1,744.7 1,749.3 1,928.0 1,867.5 1,928.2 2,126,8 2,262.0 2,419.5 2.520.l 2,925.4 Changelon total Mrntii liidlux I) -8.3 .5.3 . 7.5 0.3 10.2 .3.1 3.3 10.3 6.4 7.0 4.2 16.1 Economic data Exciatnge rate 819.6100 828.0900 837.1400 845,1400 782.8500 787.1200 800.4200 806,8500 810.8400 81 8,0800 511.7300 811.9000 N:. e Market c.ip figures are for Bogota only. Value traded figuires include Plogokianwd Medullin. * * ~~~The base dale fuir the lOtS 1tidex is Jan. 199k10D. The ase dale foir 1lc IF'CG Colombia findex Is Dec, 1984=100. ~1994 FACTOQO1171EM I:;Nc. NIARINITS DATA 13ASIl 142 Colombia 1984- 1993 (currency In milions; end of perlod levels) . Mnrk&'l 1984 1985 1986 1987 1988 1989 990 1991 1992 1993 Number ot listed companies BolIsade3og,ota. 180 102 99 96 85 82 s8 83 80 89 . Market capitalizatlan lnpesos 86,817 71,689 180,012 329,112 384,744 480,531 740,673 2,846,929 4,6h1,818 7,499,837 In U.S. dollars 762 416 522 1,255 1,145 1,136 1,416 4,036 5,681 9,237 Trading value In pesos 4,762 4,204 9,521 19,524 18,793 28,092 34,389 126,557 420,709 596,047 In U.S. dollars 47 30 49 80 63 74l 7! 203 554 732 Turnover raio 5.8 5.3 7.6 7.7 5.3 i6,5 5.6 7.1 11.4 9.8 local Index lIOB ldex' 215.9 226.5 463.3 851,3 872.1 975.9 1,392.3 3581 . 499.9 749.1 Changein lidx(Cd ) -18.4 4.9 104.5 83.7 2.4 . 1.9. 42.7 258.1 39.6 49.8 IFC Global Index Numberofstodcks 24 24 24 22 22 21 20 .20 20 20 Sharoornmarketcap.C(%) 52.6 72.2 83.4 94,6 88,0 91.5 94.5 91.8 89.9 75.3 P'/Eralio . - . -39,0 9.6 6.3 5,3 8. 40.1 27.9 25.5 P'/bV ratdo, 1.1 1.3 1.0 0,7 0.8 2 3 1.7 1.8 DividLndl yield 1C) ' 16.1 6.6 4.9 5.9 7.( 7.6 2.3 1.9 1.9 TotalroelirilIndex4i 1000. 88.8 221.9 396.2 347.5 389.8 535.9 1,561.1 2,171.6 2,925.4 Claingel Inidex%) . - -11.3 150.0 78.6 .12.3 12.2 - 37.5 191.3 39.1 34.7 Economic data Gross dorniesile prdiuct (US$) 38,253 34,891 34,943 36,373 39,246 39,781 41 ,675 42,177 43,538 * Changein consuiniwirprlceIndclx() 16.1 24.0 18.9 23.3 28.1 25.8 29.1 30.4 27.0 22.6 Excivangerwto 113.8899 172.1999 219.0000 262.1400 336,0000 .123.0900 523.00'0 705.4100 811.7700 811.9000 Exchange rate (averagoof period) 100.8172 142.3116 191.2600 242.6100 296 3809 381.8281 485.37-15 622.1644 759.4330 814.4196 NowI: Mairket cap figutres are lor Bogota nnly. ValI tradedl figures Incliude Bogota nd Nledellil.n The base dale for 1liIB InDILex Is Jan. 1991 =100. The base d,tt' for t1w IrCG Coliblia IILiL'x is Dev. 1984, 100. 1994 FACTHOOK * FlIc c I~cx:~D~Al.s:143 Greece IFCG Greece . Exchange Rate Average Daily Value Traded (LIS$; ein 1992=100) . (Drnchlmas/LIS$) . (ISS nIIIionws) 175. 250- 25 150 ~~~~~~~~~~~~~~~240 2( * 1125 _ 230[ I :>" 220 I-I~~~~~~~~~~~~~~~~~~~~~L ajL iL . vitir 93 ltfis 93 $eii 9.3 Dec 93 lMar 93 liJ 93 St-lo 93 D,r 93 M,ar 93 Jiint 93 Selp 93 . D.Y93 I IFCG Composite - IFCG index for market IFCG P/E Ratio Share of IFCG Index Markets' Capitalization Market Performance feudi of motithil mtines) (eid i-7993; hlnta=US$852 Wifllon) The Athens Stock Exchange CASE) Generl Index Ii ~~~~~~~~~~~~~~~~~~~~~~~~~~~posted gaiins of 42.59% in drachnia terims and * 10 141,, ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~23.55% In dollar termis to endt tho yeara,t 958.66. 0.. America ~~~~~~~Duirinig theo first ninelL monithis of 1993, investor 9 - Sotilli Asla a~~~~~~~~~~~~~~~~~~~~~ptimiismi regalrding the massq. privatixatiom of manjor 341 c l t rgo idi.a tiouis-partictilarly Greek TeleLcom1 8 . COT~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~( 13)-aflong wvithi new lIIstinigs oni the ASH and a 7K (J.H~~~~~~~~~~~~~~~~~Gov lnew% compulerized trading systemi, pLUslhed dakily, 7. . value, and volume, tralded to recordi hilghs. By, thle :L~IA :- .- . theG P/E Ratlo Share ol IFCG Index eyear, totall malrket capitaiation had 6 M9 J3* S93 Def93 m.6%. increased to $12.4) bfilloio fromlS $6.8 billionl In J1,nury, with ai aerage moinothlya total value tr.2,5ed. of $215 molr cillio, and average, monatht5ly volum'e trade of 20 mil.lio shares. The IFC Global and invustable price Indexes rose, 34.5% and 35% in drilchnia terims for 1993, and 16.1%ind 16.6% 1ti .'ollr termavs. 1994 FAcTnoo- I CNU IN11u1Krb i's D AIs I1ASI: 144 Tlhe market's eupioric rise was folloivedl by strog and social sectirity progranms, thl Ini-lileonic P1re-election drafts of the convergence program concernis about the rulinig conservative party's Socialist Movinment party (PASOK) wvon ilte presented to the EU by Stephanos Manos, Minister fragile majority In Parliament, and conttinuois manjority of edoctoral votes, Mr. Miltlades Evert of theL National Econoily, iInclidud platis for mass opposition to the coniservative's privatization took over as president of thc New Democracy privatizations and fuirtiher liberalization of public. programs from Greek socialist parties. In early party, becoming the conservative's party fifth utilities, allowing for private sector construction 1993 the conservative governmnict sold 66% of the presidenit In its 19-year history. Frorer Primll and ownership of electricity generating plants and Bank of AthelIs to the Korean group Kllanwha for Mvlinister Papandreou resuLimed his post ns the new promotinig the Cied of Olymspic Airways' (thte Drs 7.1 billion Cabout $34 miillion)J domilestic aid pricim miniister of Greece, natlonal nir carrier's) monopoly on domestic foreign investors also welcomed the partial routes. On July 20, ECOFIN approved the Delors privatization of the Greek moniopoly sugar The strict monetary and fiscal policies of tlho New Package 11, which wvill provide $17 blillion for producer. ilelleiiic Sugar Industries, Democracy party have shown significanit suiccess Infristructure projects and public works. Tlhe new ovcrsubscribing the Initial public offering of 4.652 Inl conitrollinig inflation, reducinig the conisumer government's convergence progralm is o:pected to million bearer shares by more than five times. The price Index from 20% In April 1990 to 12.8% at the be subimiltted by no later than the cnd of first market slowved oln October 11 folloiving the end of September H-lowever, Inflation Is still quarter of 1994. socialists' electoral victory, anaitinig some runniniig at miore than thire tlimes teia European1 indication of the new governmencit's economiilc UnioI's average. The rullng govurnment's 1994 state budget WAS policies and plans for already sclheduled presented In early December, calling for a 17.6% privatization and infrastructure projects. At tlhe Edinzburghi summtit of December 12, 1992, licrease In speniding and a 23% rise In revenLICs European Unlion leaders finalixed an agreemcent lo nui,de possible tlhroughi addillonal Iindiroct taxes On Mlay 1, thle Bank of Greece issued a directive devote an average of 1.22% of the EU's annial and efforts to combtt lax evasion. According to permitting intra-EU capital movlmelnts wivtlh GNI to help develop its poorest imemiiiber couiitries Finance Mvinilister George Yemniniatls, public sector matuirities longer than three months, liiciliding over the next five to seven years as part of the borrowing requiremlents ivill Increase by 3.7% and1 investmienit in foreigi stocks, bonds, co1mmodIties, move toward unification In 1999, In March, the remailn at over 12% of GDI', figures that were currency options and svaps. The market reacted EU's Fiiance anid Economiic Miiiiisters (ECOFIN) reportedly not satisfactory to EU economillc favorably to an ann1ouLIncemnent by Finance pilshed the Greek governmient to privatize state- observers. Miinister George Yennimattas in Decemlber tIat no owvned public enterprIscs, including two oil disclosure of origin swill be required for futnds refilneris and a 49% stake of govermiien1t lioldinigs In othier iewvs, Interest rates on 3-monitlh Treasury enitering the stock market agld that n1o additionial i1' OTE, ECOFIN's recommendations were Inticlided bills closed Ilte year at 18%, with 6-month T-bills dividend taxes vill be imposed oi comiipaniies listed in a larger set of recommendiations intended to hlcp ending at 20% and 12-monithi T-bills at 20.25%. oni tihe Athelis Stock Exclhange. Grecce develop an1 economilc coniergence plan-a Unemployment Is expected to end-1993 at 7.8% of plan intended to reciprocate the EU's financial the labor foice. efforts at unificationi by helping Grecce develop econiomilc policies that wvould allow It to enter tlie Economlc/Polltlcal Events mainstream of European conomies. Despite continluous oppositioni to thle privatizationi of OTE Tiglht economic programs and the October 10 by Greek Telecom employees and lPASOK, general elections moniopolized tlte political and Investors remained optilmistic duiing tlhe stiuimimier economic scene durinig 1993. On September 9, the that Prime Milister Constantlinos Mitmotakilks Creek conservative party Nev Democracy lost its could devise a privatization plan acceptable to all parliamentary majority of 151 seats out of 300 parties. The 49% sale of OTE, 35%n vIa* ain after a dopLity declared himiiself indepeiidenit. PIrimiie international strategic Investor niid 14% via thie Mlinister Constantlnos Milsotakis dissolved * Athenss lock Exclhange, Would have totaled over P arlian1cetit aid set October 10 as tlhc dant for Drs 330 bililoni (nearly $1.4 billion), vithi proceeds general electlons. P romisinig more economic growth, i*sed to h1elp finanice Grecce's. ballooning ptiblic a lower unemploymnent rte, and generous welfare debt. 1994 lFACTrOOK - ENItIRc;IN MARKETS DATA Bl,AS 145 Greece 1993 (currency In millions) tv'garket 1Jan1 1tA' Ma r Apr 'Nl.y JunI Juil Attg Sep Oct Nov DX Number of listed companies At1twnsStom' Exchange 130 130 130 130 130 130 131 137 137 137 139 143 Market capitalization In drachlas 2,127,444 2,344,163 2,179,896 2,077,030 2,114,49.1 2,189,317 2,430,134 2,602,599 2,438,194 2,509,246 2,669,328 3.,071,801 in U.S. dollars 9,863 10,550 9,929 9,649 9,844 9,410 10,223 10,974 11,425 10,427 10,844 12,319 Trading value In dr.ichmas 33,192 54,535 28,548 19,740 22,818 30,223 50,587 71,607 69,118 54,270 62,355 126,539 InU.S.dollars 153 246 130 92 106 130 213 302 293 226 253 507 Turnover ratio 1.6 2.4 1.3 0.9 1.1 1.-4 2.2 2.8 2.7 2.2 2.4 4.4 - . . Local Index ASECompositelntlexo 741.7 S33,4 766.8 726.7 739.7 761.0 850.7 873.7 823.6 833.6 863.0 958.7 Chiangol nlniex(%) 10.3 12.4 -8.0 -5.2 1.8 2.9 11.8 2.7 -57 1.2 3.5 11.1 IFC Global Index * : . Numberofstocks . 36 36 36 36 36 366 3 35 35 35 35 33 . Shareaof iLarketcap,(% 63.8 64.6 63.5 63.4 63.7 62.8 63.1 64.8 64.4 64.4 61.1 56.7 Shiareof trading value(1) 49.5 67.7 63.4 71.4 63.4 6i3.2 69.0 69.7 65.6 60.9 39.2 34.4 1P/E1ratio 7.5 8.4 7.4 7.0 7.2 s.0 9.0 9.9 9.3 9.5 . 9.5 10.2 * .. /raHo 1.9 2.1 1.9 18 1,6 .16 1:8 1.9 1.8 18 1:8 1.9 * ..DiYkiert8yilell(l 9.4 S.4 9.2 9.3 6.1I 5.1. s.n -1.6 4.9 4.8 CS8 4.8 Total1 rettirii inidex 5R4.7 633.4 585.7 566.6 581.5 566.9 622.4 664.2 626.f 627.4 618.4 655.3 * Change In totnl rettirniIndex(%) 8.8 8.3 -7.5 . 3.3 2.6 . -2.5 9.8 6.7 *5.7 0.1 -1.4 6.0 ; : Economic dato Excihaigec rate 215.7000 222.0000 219.5500 215.2500 214.8000 232.6700 237.720n 237.1500 235.8000 240.6500 246.100 249.3500 Nvr: The base date for th iSFComposite Index is 1980=0IU. Thle base dalLte for the IFCG Grecce indix is Dec. 198.1=100. 1994 F"ACTUDOK Emir.RING~w NIARKxETs DATA% BAsr 146 Greece 1984-1993 (currency In millions; end of period levels) Market 1984 1985 1986 . 1987 1988 1989 1990 1991 1992 1993 Number of listed companies Alihensstock Exchnnge 114 114 114 116 119 119 145 126 129 .143 Market copItalIzallon In drachnins 98,359 113,060 156,611 565,582 . 632,950 996,623 2,428,929 2,295,594 2,042,896 3,071,501 In U,S. dollars 766 765 1,129 4,464 4,285 6,376 15,228 13,118 9,489 12,319 Trading value In drmchnins 1,314 2,384 4,520 59,676 . 44,413 89,006 621,370 444,977 306,800 623,434 In US.,dollars 12 17 32 441 313 549 3,924 2,443 1,605 2,713 Turniorerratlo . 1.4 2.3 3.3 16,5 7.4 10.9 36.3 . 18.8 14.1 24.4 Local Index ASEConmposite Indexx 59.2 70.9 103.9 272,5 279.6 459.4 932.0 809.7 672.3 955.7 Cliaage ilntIdex (%) 1.6 19.9 46.4 162.3 2.6 64.3 102.9 -13.1 -17.0 42.6 IFC Global Index Numbercfutocks 20 10 10 10 26 26 26 32 32 35 Slnre of mret Cop. (%) 39.4 . 36.1 35.6 50.0 58.5 66.7: 55.9 60.7 56.7 56.7 I/Era:lIo * - - 10.6 10.6 16.6 16.7 10.7 6.9 10.2 P/BV ratio . - 1.9 1.7 2.2 4.3 .2.3 1.7 1.9 Dividend yie1ld(SI) 12.5 12.0 5.1 2.3 5.6 4.6 5.0 3.8 11.0 . 4.8 Total reutirilnd.ex 100.0 103.4 157.4 396.9 247.7 446.4 911.2 735.9 537.4 655.3 * CliangeIniliex(d ) 3.4 52.2 132.2 .37.6 50.2 104.1 -19.3 -27.0 21.9 EconomIc data .. Grossdminesikiprlxhcl(US$ 33,763 33,433 39,397 46,212 511,779 54,145 66,602 70.281. 77,684 Ch.lnge.incolnsumi.erpriceIndexLI%) 18.4 19.3 23.0 16.4 13.5 13.7 20.4 19.5 15.9 14.4 EXx1incr,ge rle 12284799 .147.7599. 133.7600 126.7000 147.7000 156.3000 139I5000 175.0000 215.3000 249.3500 0 Exei!tangeraleol,n'ecrnleoc\fpori3l) . 112.7165 138.1190 139.9800 135.43110 141.7146 162.110. 158,3425 152.1592 191.1194 229.7990 :.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~IDc 1, :i() 19Nvl The ba%se IatICe lor the ASI; Composite Indesx Is 1950fIn. Tho bAse AISll for the IFCC Grce iidex Is DLC. 1984=100W 199 1. CUO .NIIGN .AKT D. T HAH 4 Hungary ;, ' . . , 1! . IFCG Hungary Exchange Rate Average Daily Value Traded (LIS$; etif 1992=1UO) . . ExchaS$ n tDilyTades) 150 . lOG 1.2. 125. , 95 0.9. 100. ',' ^!,' ' 175 , .r . 0.3 - .:.'-.: ': ~ ~r.q ,AtW . . . 50 8 .1011. r L Mcar93 Jiin93 St'p93 DeC93 Mar93 Jim 93 SVii 93 DeC 93 Mar. 9.5 . tau93 Sqt93 Dw 93 IFCC Composite : X[. IFCC Iidex formarket IFCG P/E Ratlo -Share of IFCG Index Markets' CapItalizallon Market Performance - 4i .(of montil tPnlttes) en. (d-1993; oIaI-LIS$852 bifiion) The Budapest Stock Exchange (BBSE) Index Jumped E 55 Z . . 54,27%7 In foriiint terms And 29,19% in dollar terms ;5 50 - . . _in durinig 1993, uip 432 points on the year to cnd at .S . - ( . . . _ i Latin . 1,228, 45 -Siil fl 3;lq The USE Indux, motdeled after lie Cernian DAX and the U.S. S&P 500, was first introducecd in January 3:S: S . 5 Q I I - . j7 , * x i; uyl|1*lw 1 l! i!!ll } 1991 wvith1 a base value of 1,000. In 1992, shares 1'I .' . 3 3 1 Nt W . _ f' . : .' tz S O.lri z - Eltraded on the exciangeaccounoited for onily 15% to 30 18% of thie total turnover. Slhort-term discounlt iQ :25 H I - - 4LL.LiLLhUJJJL_ _ _ . ENiFA _j. . eNlE8\ 5,wT F:. t A Treasury-bills, proved tO be the mnost popular Mar93 lean .3 Sp 93 suctrities since reail titerest rates were negative (i ,, nR3 /T3 UJ3 Dec93 E . 1992 and thlrouighoLut 1993. At thlo beginiiing of 1993 the USE oiperated as a debt market siince most traldling was in corporate boinds and governiment paper. i3y year cnd, 28 equ.ity s'curilies, 6 closud-ended itvestmncitftifuds, i 1994 FACTI300K ME-I;RGINC; NMAIKIKETS DATA BASE 148 several government debt securities, and agricultural crisis. GDP dropped 11,9% In 1991 policy In order to reduce the current account compensation coUpolls were quoted oil the and 4.5% in 1992, but is expected to grow by 1% In deficit aid linflntioi during'1994. exclhange. Exchanlge officials are aptimistic that 1994, At current prices, GDP for 1993 exceeded additional privatized companiles will soon be $33 billioii while GDP per capita reached $3,500, I-lungary's gross foreign debt reaclied $24.56 listed on the.exchange. The number of Incorporated up from $2,780 In 1990 (1990 dollars). billioni at the eind of 1993, 14.5% hlilger than 1i organllizatfons il F-tiigary has golie Up from 11,000 1992. at the begininiig of. 1989 to 80,000 in 1993, H-lungary faces tihree main economnic cinalleges for Follosving implementation of the Bankruptcy Law, 1994: weak exports, a ballooning public debt, and 3,000 companies filed for bankruptcy of which decreased agricultural output which dropped 30% 30% were liquidated. Twenty-eight companies are durinig 1993 compared to 1992 levels, 1-luigary's currenitly traded on the Budapcst Stock Exchange export total niso dropped 30% below 1992 levels with fewer thain 10 accounting for betiveeni 70% to $3.8 billioni for 1993. After conltintuous pressure * and 90% of total daily value traded. Market from exporters and the governmiiienit, the National capitalization of the BSE hias increased to HF 64 Bank of Hungary anniotiunced a 4,5% devaluation :bilion (about $640 million) since the market's of tile forint lii Septeiber. Tlho forinit Is weighted opening. against n basket of currencies equally apportioned between the dollar and the deutscihc mark. Even thloughi tihe BSE saw increased stock demand September's devaluation was the fifth In 1993, durinig thc last quarter of 1993, the supply of bringing thetotal devaluation for the year to 15%. newly privatized companles wvas very liiited. In According toi tlic Mlinistcr for EcoInomic Relatlonis addition, listling requiremlenl1ts remain very strict, the foriiit's devaluation was In llile vithi the 1993 calling for a miiiitinim of 20% public ownership a CPI increaso of betwveeni 23% and 25% considerinig total shlare value of at 1east H 200 millilon (about thilat a 10% Vahie Added Tax onl domestic $2 milleon), and publishied audited finanicial electricity and on increased tobacco constiutmption1 statements for three coLnsecutive butsiniess years. was lintroduced In August that added to inflation totals for the yeor; 1-lunigary's revised mnss privatixation program Economlc/Polillcal Events wivll start in early 1994, offering more than 70 proviously state-owned enterprises to domestic After a long Illness, 61 year-old Hlungarian Prime and foreign linstitutionial investors. One of the Minister Josef Antall died on Decomber 12, The privatizationi methiods will be based on a loan- ruling Il-ungarian Democratic Porum (I-IDF) party type nclieniism which, for a small fee, offers nominated liiterior NMinister Peter Boross to serve shares wvortlh tip to HP 100I000 ($1,000) via a .-cs Hunihgary's newY prime miillster. Parliamenit 1instal,lmen1t payments. approved the nomination of Mlr. Bloross on1 Deceimber 21. Tlih nwcv goverinmenit is expected to Thc HnILIgarian Parliament approved the *iialn li ive a sliort life since newv parlanientary electionts parts of thc 1994 state bludiget In late December, have becn schiedtuled for no later thall May 1994. calling for a budget.deficit of I-IF 330 billioni (about $3.3 billion). Extensive tax evasioni and lower Hungary's industrial productioni grew% by 2% In than expected privatheatlolo rovenuecs expianded 1993 after faltering badly followvinig the collapse I-liungary's. budget deficit In 1993 to i-IF 213.3: of East Europeanl markets, droppinig 21.5% in 1991 bililoni (about $2.4 billon), nearly 7% of GDP. K and .S0e in 1992 Despite idustrial production Targeted oxponditires are expected to reach $16.4 growth Hlungary's 1993 GDP Is expected to billion and rveinues $13.3 billiol, The National declinie by 1% due mainly to the counitry's Bank of 1-lunlgary Is ndvocating a tiglit monietary . 1994 F*AcTBooK 17 .MCING N'lAR4KITS DATA BAsh 149 Hungary 1993 (currency In milliors) MOArk .jailFe Ma r Apr Mlay Junl Jill ASe p Oct NOV Dec Number of listed companies Budapest Stock Exchange 23 23 23 223 2 Market caplializalion In forlints 42,804 42,138 41,685 39,206 .44,497 45,931 49,670 57,782 63,715 63,128 69,577 81,741 In U.S. dollars 516 487 483 450 50 498 520 612 655 689 691 812 Trading value12 IIntarinls 1968 140 55 337 .356 926 1,376 1,074 109904 2,673 C lnU.S.dollars 2 .1 2 1 .15 11 ii 9 27 T%irnovrwuraio 0.3 0.2 0.3 all o,8 0,8 1.9 2.6 1. .7 1.3 3.5. * Local Index BSEIndex 731.0 739.6 726.0 682.6 693.6 733.5 827,5 1,012.1 1,092.5 1,156.1 1,154.1 1,228.7 Citaa:goiniai~~~lexf%) -8.2 1,2 . -1,8 -6,0 1.6 5.8 12.8 22.3 8.0 5.8 2.4 3.8 IFC Global Index * Nimberostrcicks . 23 2 12 2 123 123 123 3 1 3 1 3 213 Shareof market cap. 84.0 86.6 86.1 56. . 5.4 89. 91.9 93.4 92.2 91.2 91.9 81.2 Share oft ding vnlue( 96.3 87.3 82,5 9451 95.5 94.9 97.0 9l5 9553 93.9 951. 39.0 !''' Ifis19840.8 55 38.930.3 32 36.1 42.6 46.5 49.1 50.6 52.4 :;:.:;:: In U.S.*lollar20.9 09 120 1.0 II1 1.3 1.5 1.6 1.6 1.6 Dividenid yield(%)....- 2.5 2.7. Totaln1irnirtido 910.3 89,2 85.9 82.8 84.6 85.1. 90.4 309.0 114.7 119.3 120.5 324.6 Change18 In total retuirn lndc %) -.7-. -3,7 -3.6 2.2 0.5 6, 20.5 5.2 4.0 1.0 3.4 Economic. data Exchange rate' 82.9900 86.5850 87.3i00 87.0600 88.1600 93.1550 95.5700 9414100 097.200 98.5300 100.6900 100.7000 M'hn 'rite b,iv d,ite for tin.' 051 Incx Jan. 1991=1,00.2 Thet,scdai, furtli IFCG Hungary IndeI. Is D5ec. 1992=1002 1994 rtACT1noaK EmlEttc;INC MARZKETS DATA BAsi. 150 Hungary 1984-1993 (currency In millions: end of period levels) Market 1984 1985 1986 1987 . 1988 1989 1990 1991 1992 1993 Number of listed companles Budnpcsl Stock Exchalige 1 23 28 Market copitalizallon In forinits - - . - - 38,200 47,207 81,741 In U$. dLollars . * - 505 562 812 Trading value hl krint . - - - - . 8,723 2,996 9,136 In U.S. dollars 1 - - - 117 38 99 Tutrover ratio . * - - * * . 6.3 14.2 Local Index OSE In1ex * *09 - - .- *0.)o 796.5 1,228.7 ; N Ch!anige it indlex (%) - - - * * * ; * - -1.5 54.3 : IFC Global Index Numberof stocks - - . * - * 12 i3 Slhare of niarket cap. (%) - - - - - - - 84.l 81.2 I*IE ratio - . - - - - - - 52.4 P/BV ratio - - . * * * - * * 1.6 DIvideld yleklt. . . - - - * 2.7 Total rettin Index ' * - - . * * * 100.n 124.6 Chanigein InIlI x C5A) * . - * * - - * * 24.6 Economic dolo Grossdoinestlcprodcilt(US$) - - - 30,SS 35,448 ChnngelIncenstinier prl eu Index%) . - - * - - 34.2 22.9 21.5 Exchange nrie 73,62(1(0 83.97010 100.7000 Exch,ingie nle (avLrage of peritid) * * . . * - 74,7351) 78.9880 92.0065 Noh: Tlho base dale for Ihe USE Index Jan. 1991=1,0(10. The base dIa,e for Ili II CG I lungpry Index Is DeC. 1092-1(k). 1994 FACTRtooK EMERGING MIARKETs DAr1A BASE 151 India IFCG Indla Exchange Rate Average Daily Value Traded (LIS$; cuid 1992=100) (R1qwee/lUS$) (LIS$ millions) 175 32,0 35D . 31.5 300 . 150 S.02 30.5 ~~~~~~~~~~~~~~~200 30.0 100 ~~~~~~~~~~~~~~~29,5 .. . .*. 290 100 ~~~.Dcc ~~~~~~~~~28,5 . - 50 - 28.0. ~~~~~~~~~~~~~~~~~~~~~~~~~~0 * Mair 93 JIn 93 Sep9 9 ar9 93 93c 93 3 Dc 9.3ai 93 Juni 93. Secp 93 DL-e 93 IFCC Coomposite IFCG Index for ilirket * IFCG P/E Ratlo Share of IFCG Index Markets' Capitalization Market Performance (end of moiliatines) (cnd-7993; totl=LIS$852 billioni) l After large losses during tlhe'first lhalf of 1993 and 45 .45, improvement durinig the second half, the Bombay ; 0 I.ntlut ws stock market ended the year wey ith a net gain, of 17% 40 - oil oth Ar on the IFC Global price index aind 24% onn the IFC 35 .1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~Investable, the poorest performance amiong Asian emerging stock markets in 1993. #it,+s'' . 31}- _ _ _ _ w 6 7 ssedia Trading on the Bombaiy Stock Exchiannge (BSE) 25 ENIUA ) 1fldI~~~~~~~~~~~~~~~~~ started the year oni a weak note foil owing 11% 25-I< n n F| -- ^ EAllDX s j r li.B!;vwidespread religious disturbances in December 20. ~ ~ ~ ~ ~ ~~EJu1992 and January .1993. Inve'stor appreheonsion M... . . . Z dilr93 Jim 93 ;Sc 91! 3 c 9Z 13 3Dx dcontinued througlh the first quarter fucled by ,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ [st clppoiliitliieit ovcer tiic-inanii,l budget anntouncedi A. . .' ' . , .,, . , jll ~~~~~~~~~~~~~~~~~~~inFebrulary, itid niarket disniptiotis causedi by a - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~series of bsoliibltiigs in Bombtay dlufing Mlarch ' . - . Market sentiment improved In Mlay on expectations of favorable corporate results and goverinmenit reductionis of import duties. June failed 1994 FACTOGOK EMERGING MARKETS DATA BASE 152 to sustain the mllarket's rise vith prices falling on generated by these issues has increased year, aggregating over $8 billion for 1993 versus disappoiniting earnings announcements for several substantially in recent montls, resulting In large $6 billion in 1992. HEowvever, India's foreign debt is large companies. Market jitters resurfaced vheln oversubscriptions. In additioni to International estimated at approximately $85 billion. The the chief broker namiled in the 1992 securities offerings, foreign iivestor Interest has beenievident Reserve Bank of India (RBI), in its latest annual scandal aniounced that lie had paid Prime in a profuision of offshore funds launched for report, varned that government borrowving and Miniister Rao several million rupees in political investment In India, some of the managers being spending shiould be more stringent. The report donations. Sentiment improved toward the end of Allianice Capital, Credit Lyonnais, anid Jardine indicated that tilgovernment was slipping from its July on thie defeat of a no-confidence motioin in Fleming. Another significanit development in thte fiscal deficit target of 4.7% of GOP, as stipulated Parliament againtst Prime Minister Rao. Both capital miarket was the government's approval for by the IMF for the current fiscal year. The actual domestic and foreign portfolio investors began the operation of private mutiual funds. lrior to this deficit is estimated at approximately 7% of GDP buying stocks actively on good half-yearly action, only the government was allowed to run for the year ended March 31, 1994. corporate earnings announcements, and mutual funds. expectations of political stability mnd continlued economic reforms. The IFCG price Index gainied 13% in dollar terms in Autigst. Economic/Polltlcal Events The market suffered anothier setback In September in the aftermathi of the 1992 scandal vhen Indian The year began with parts of India-particularly lincome tax autilorities froze blocks of slhares of Bombay-still in thle thlroes of violence from several large companies thiat authorities claimed religious tensionis spilling over from Decombor belonged to proxy holders of the chilef broker 1992. Despite the crises faced by the Indian named In the scandal. Stock prices and volumes governmeint, refonrs continued, thouil at a slower declined on the BSE as investors were afraid of pace. While the ability of the ruling coalition purchasing shares tainted by the scandal. BSE government to keep the peace and prevent further brokers went on strike in October to protest the violenice was questioned maliy times state action takeni by tax autihoritles. A furtler deterreint elections at the end of the year showed the ruling to market performanice was the siege of a Moslem party enjoying a higlher level of popular support shrinie In Kashmir by the Indian army. November thanl anticipated. However, the party was not an saw large gains in stock prices attributed mninily overwvhelming chiolce of voters. to a peaceful end to the siege, the results of state electionis that indicated popular support for the A parliamenitary panel's report on1 the 1992 rtuling Congress party, aid hleavy demand from scandal was released in December, faultinig foreign investors. The uptrend continuled In Finance Minister Manmohan Singih for being December, but was disrupted In mid-montlh dtue to a unable to prevent the scandal from occurrinig. The strike by brokers protesting actions taken by teie report prompted Mr. Slligih to offer his resignationi, SecLltities and Exchanige Board of India (SEBI) to thouglh it was not accepted by Prime Miinister Rio. curb speculation .. Analysts feel that the retention of ir. Singlh and the favorable outcome of elections for the ruling 1993 was an active year for Indiani companiesr party are likely to result in the preSIt launiciniig Interinationial issues, some of which administration's conitiinuing to implen ent economic incIlided alum tinum company Hindalco ($72 reforms at an active pace. nmillion), syntlietic textile maiinufacturer Reliance Industries ($125 million), cement maniufacturer Large Inflows of funids from expatriate Indians Cuiarat Ainbtlja Cemcnit ($75 million), and aid foreign fLlnd manigers, along with rising transportation eqtilpniciit minitifactirer Maihindra export levels, helped improve India's foreign ;dan Mnlihindra ($75. milionl). The interest exchange reserves significantly by the end nf the 1994 IACTIIOOK E.-tRCINC MIARKETS.DATA BASE 153 M . L India 1993 (.currency In millions) Mnrket Jan Feb ainr Apr May Jun Jul Aug Sep O:t NOV Dr Number of listed companles Bombay Stock Exchanige 2,800 2,822 2,862 2,882 2.905 2,950 3,020 3,075 3,134 3.174 3,228 3,263 Market capiltalization Innipoes 1,914,320 1,894,050 1,881,460 1,750,930 1,809,040 1,837,750 1,920,800 2,172.910 2,235,490 2,205.870 2,667,380 3,030,000 In U.S. dollars 66,60S 62,779 60,810 56,282 58,206 59,016 61,703 69,756 71,811 70,860 85,65i5 97,976 Trading value IIlIrupees 16,215 36,524 46,935 29,456 54,345 45,406 37,431 85,012 60,923 86,125 75,793 100,987 ' I. U.S.dollars 564 1,211 t,517 947 1,749 1,458 1,202 2,729 1,957 2,767 2,435 3,244 . Ttirnoverr,itio 0.Y 1.9 2.5 1.6 3.0 2.5 2.0 4.1 2.8 3.9 3.1 3.5 Local Index RF.E Bombaylindex 2,255.4 2,230.1 1,927.5 1,811.6 1,900.5 . 1,934.2 1,981.9 2,265,5 2,381.0 2,349.4 2,824.6 2,965.4 Changlnindex(%) 1.3 -1.1 -13.6 *6.0 4.9 1.8 2.5 14.3 5.1 -1.3 20.2 5.0 IFC Global Index Nti Nimberofstocks 108 108 108 108 l 10 is8 108 108 ins 108 108 108 Sharetofmarketcap.(%) 53.1 54.8 46.8 47.4 49.6 49.9 51.3 52.0 53.0 53.5 53.6 50.3 51 h.re oftradins %aluett) 62.0 69.5 33.5 55.5 36.6 56.6 54.7 57.1 52.8 25.9 63.2 31.9 l- , I'JErat(o .. 29.7 29.1 24.7 23,3 24.7 25.8 27.3 31.8 33.1 32.2 37.8 39.7 P/BV rali. 4.3 4.2 3.5 3.3 3.4 3.4 3.5 4.0 4.2 4.0 4,8 4.9 p . Divklendyield(.) 0.5 0.5 0.6 08 0.7 0.9 1,1 1.2 1.2 1.2 1.1 1.0 Total rettinri lndlex 398.3 371.9 305.6 286.6 305.1 311.1 332.4 376.1 392.1 385.1 464.0 494.0 ChaigeoIntotalIretiumnldex(%) -4.2 *6.6 -17.8 -6.2 6.5 1.9 6.8 13.1 4.3 -1.8 20.5 6.5 Economic data Exclangerate 28.7400 30.1700 30.9400 31.1100 31.0800 31.1400 .31.1300 31.1500 .31.1300 31.1300 31.1300 31.1300 MieN: The base date for the F.fi Bombay Index Is 1979=1(M). The base itato for the IFCG India lilLiex is Dec. 1984=100. :J-904 FACTlOok ENiERCING MARKETS DATA BAsE 254 India 1984-1993 : (currency In mililons; end of poriod ievels) Mlarket 1984 1985 1986 1957 198S 1989 1990 1991 1992 1993 * Numnber of listeod companies * Bombay Slock aNxchiaunge 1,295 1,529 1,912 2,095 2,240 2,407 2,435 2,556 2,781 3,263 Market capitalization Inmnrpecs 79,310 174,730 178,300 219,870 354.820 n60,000 700,000 1,231,440 1,867,610 3,050,000 InU.S.daltars 6,370 14,364 13,558 17,057 23,623 27,316 38,567 47,730 65,119 97,976 - Trading value Inmnipees 44,500 61,340 135,960 87,400 170,035 250,320 382,091 546,330 572,723 675.152 In 11.5. dollars 3,916 4,959 10,781 6,743 12,241 17,362 21,918 24,195 20,597 21,879 Turinover ratio 57.6 48,3 77.0 43.9 59,2 68.8 65.9 56.5 37.0 27.5 : Locol Index F.E Bombay Index ' 199.8 396.4 424.8 389.9 634.5 839.9 1,040.7 1,801.9 2,227.0 2,965.4 : Chalife in index ('4) 9.3 98.4 7.2 -8.2 62.7 32.4 23.9 73.1 23.6 33.1 * IFC Global Index :mNumberofstocks 25 25 47 40 40 60 60 60 62 108 Shareof market cap.(') 29.7 27.6 -..9 34.1 33.5 46.0 40.6 36.2 39.0 50.3 P/E rtio . * 12,0 13.0 18,9 14.9 17.8 25.4 33.7 39.7 P/iBv ralio 2 * 25 1.4 2.3 2.5. 2.9 3.9 4.7 4.9 Divifeiid yield(%) 3.A1 2.0 2.6 2.7 3.2 1.9 1.9 1.3 0.7 1.0 Totalreturnildext 100.0 205.1 199.2 168.1 230.8 240.7 285.5 338.5 416.0 494.0 Change1In jndex( ¢) . 105.1 .2.9 -15.6 37.3 4.3 18.8 18.4 22.9 18.8 Economic dale Grossdumiestic produict (US$) 203,639 211,760 231,520 256,609 284,365 274,233 304,527 270,044 310,126 Change inconsunecrprtcc indexC) 8.3 5.6 8,7 8.8 9.4 6.2 9.0 13.9 11.8 8.0 Exchange rt . 12.4514 12,1655 13.1220 12.8900 13.0200 16.8400 18.1500 25.o000 28.6500 31.1300 Exchange rate (averageof perlod) 11.3626 12.3687 12.6110 12.9620 13.8903 16.1457 17.4326 22,5704 27.S066 30.8583 Notew The base data for the F, roE Bombay Index Is 1979-100, The basr data ter tIh IFCG Inlia indeX is 1Dc. 1984-100. 1994 FActuoCO ENIERGING iMARKETs DATA BASE 155 Indonesia IFCG Indonesia Exchongo Rate Average Daily Value Traded (LIS$; Le0d 1992=100) (Rupiaih/LIS$) (US$ ,jifIlioirs) 225 - 2,1 10 60 200 2,100. 7 0 1753 2,090 flflj , P . .4. . : 150. 2III0 Jill ~~~~~~~~30 125 li2i70 100 - ~~~~~2,060 L H . a..W.L.D..L.R . ''~~~~~~~~~~~~~~~~~~~~~~~9 IC.,: ..1 -: Mar 93 Juii .93 Sli' 93 Dex 93 lar 93 iJun 93 Se93 D93 3L Mar 93 lJunt93 Syp93 Dec9 .',~ IFCG Composite IFCG Index foriniarket IFCG P/E Ratio Share of IFCG Index Markets' Capitallzation Market Performance (e,i; of ontilih values) . . (ed-1993; ohtal=LIS$852 iWIlloni) The Jakarta bourse made large gains for investors 30 in19.TeIC lblpieIndex for Indonesia cliiiibed 109%c and the IFC Investable vas up n 3 : 25 : .1. . I.ath, OIIwr .12%, making the Jakarta Stalck Excliange UJSE) the Americ.1 SouLth Ast.¶ 30% l - _ america 9'L32' sixtli best performinzg stock market in the wvorld in '20 ~~~~~~~~~~~~~~~~~~~~~~~~~~~1993. The begininiiig of thie year saw buoyancy returui to .15 lI I I dwI sI. thle miarket after ai 30-mionitl luill. Tle rev'ival was ENIEA 2.%triggered by renewed initereist fromi orii ;ilvestors, andl tle resalution of a series of 93 . . ~~~~~~~~~~~~~~~~~~~probleims far a miajor corporation-Astra *,1't' / ' . 'IMdr 93 Jimw 93 5q1i 93 Div 93 30% vu 93 5i,~93 Dec93 . % Internatianal-that hadn unisettled the market toward the end of 1992. The market received a boost in early 1993 from the reelection of Presidenit 'Suharto, a wvell-putblicized visit to Indonesia by foreLign fuLid man 1aiagers, lower interest rates, andi ;'gondeconmic perfonaiance. 1994 FACTISOOK - E,MIFRGINCG MARIKlITs DAI1AI ASE 156 In early April, the JSE suspended four brokers In addition to controlling inflation, the government following revelations thliat counterfeit shares of is also credited wivtlh producinig a healtihier trade several large listed companiles vere circulating in balanc in 1993, A large exporter of oil, Indoniesin the market. Trading in thcse companies wias in receint years has successfilly stecred exports to suspended while BAPEPAM, the market's nonl-oil sectors so tlhat despite the recent sluiip in * supervisory body, investigated the fraud. In thle wvorld oil prices, its exports have grownvi steadily aftermiati of the scandal, BAPEPAM temporarily In the past feiv years. Also, the yen's appreciation stispended Issutes of varralits and convertible has strenigthien'ed lidonesia's exports to Japan. bontds. Relatively low import growth has beci attribtited Interest in the market was rekindled in May on In part to the sluggish pace of foreign and domestic rumors thiat BAPEPAMI planined to raise the 49% investment in 1993. Approved foregig Investment, foreIgn shareholding lilit on listed sharcs. The aggregating approxinmately $8 billion in 1993, last quarter of 1993 saw large appreciations In dropped 22% from 1992 levels accordinig to stock prices stemming fronm continued foreign govermieniit stiniates. ttivestor interest triggerinig local demalid, heiglhtelied investor interest due to iiminint riglhts A liberalization package wias univeiled by the and bonus issues, anti price gains fronm the newly- governmeit in October whichl included among listed Barito Pacific Timber, Barito Pacific Tinter other initiatives, a reductIon in import tariffs for was tlie largest of Indonesia's ptiblic flotations in specific goods, and simplification of existilig 1993, raising close to $300 million on the sale of investment procedures. 85 mililoni shares. : . . Economle/Political Events As expected, President Suharto was reelected in March to anothier five-year term. Sliortly after hlis - victory Suhiarto unidertook a major resiluffle of his Cabinet, dismissinig 20 of 35 minlisters incILidiig i members of hils economic team. The economy is expected to contilnue tile high1 growvthi rates it has enjoyed over the past fevw years, with 7% growvtlh projected for 1994. Inflatini, unider control at the enid of 1992, edged upward in early 1993 on news of annual btidget Increases it funel prices and government salarles, and floods in Iava tatig caused videspread crop damage and also affected transportation and communication lines, However, inflition wsas managed successfully over the remilainder of the year, vitlh an annual rate of about 9%. 1994 FACTUOOK E;ING NIA:IKIrs DATA BAsE 157 Indonesia 1993 (currency In millions) jf ln Feb Mar Apr M1ill JNo Jll Aig sup .O N'.v Dt : Number of lIsted componles Jiliarth Stock F.change 155 158 15S 139 159 159 160 164 16f 170 173 174 i Market capitalizatlon ; uruplall 26,064,382 28,609,143 20,809,122 30,498,335 33,8B3,813 35,757,219 36,055,113 42,963,367 43.536,041 54,510,356 60,696,217 69,209,600 * In U.S. dollars 12,649 13,901 14,385 14,747 1 6,302 17,1111 17,251 20,134 211,697 25.932 28,875 32,953 Trading value Inriirplah 1,441,004 1,179,841 1,088,667 551,787 911,545 1,448,359 1,240,316 1,612,208 1,879,641 2,559,425. 2,603,349 2,371,884 In U.S. dollars 699 573 525 267 439 693 593 767 804 1,218 1,238 1,223 Tuinuiwver ratio 5,7 4,3 3,7 1.8 2.8 4.2 3.4 4.1 4.3 5,2 4.5 4.0 :Loccl Index JSECoa positneIix * 2801 300.4 310.8 314.1 341.8 360.3 356.7 417.3 420.0 466.1 518.S 585.8 CJS.11eCoIn¶oIt,InLk\ 2.1 7.2 35 I 5.4 10 17.0 0.6 110. 11.3 115 ChI$cnnia(f .1 .0 .5 IFC Global Index Nunibernistocks 41 41 41 41 41 41 41 41 41 41 41 41 Share of markel cap. (r) 67.0 66.5 65.8 65.8 65.4 66.0 64.8 65.5 64.0 5;3.4 52.6 .55.0 SIi.ireofirrading vAlueC'2) 88.2 79.9 74.9 69.1 64.6 69.7 53.5 73.1 65.4 45.9 52.4 59.4 . /IEr iio 13.0 15.1 14.7 15.0 16.5 17.6 17.5 20.9 21.7 22.3 24,3 2S.9 P/UV raI 1.8 1.9 1.9 1.9 2.1 2.2 2.2 2.6 2.4 2.3 2.7 3.1 : DivIdcidyicid(d) .2.4 2.2 2.1 1.8 1.4 1.3 1.9 1.6 1.7 1.3 1.3 1.3 Totil retuirii Indeex 61.4 66.8 68.3 6J,8 76.6 81.0 80,2 9Yi,9 94,. 98.7 107.5 126.0 Ch,ngelolnl WM returnlindexC't 4.0 . 8.S 2.3 2,1 9.8 :.7 *1.0 19.6 *I.5 4.3 8.9 17.2 Economic data E.ExdcrgL. rate 2,060.5100 2,058.0-1400 2,072.24(10 2,06)8.0400 2,078.53n0 2,091,01)00 2,190.041m 2,102.5200 2,103.5400 2,102.0300 2,102,0300 2,103.0100 NOV Nob: Thu b.ise tdae for ihe )SE Cumposile. Indlex Is Oct. 1982a0l0. Tho b,LsL dale for the IrCC IndoncsIl Index is Dec, 1989=10h0. '1994 FAcrIIoOK< MERIhCINC NXIARlETs DATA BAs1E 158 Indonesia 1984-1993 (currency in millions; end of period levels) *iirkes t 1984 119B 1986 1987 1988 1989 199(1 1991 1992 1993 Number of listed companies Jkik.urti Stock Exchinge 2.1 24 241 24 24 57 125 141 155 174 Market coaplitalialon In r.pNilh 90,900 131,900 132,900 112,080 434,178 4,049,993 15,26.1,600 13,537,020 24,839,466 69,299,600 In U.S. dollirs 85 117 8 . 68 253 2,254 ,S01 63,823 12,03s 32,953 Trading volue Inropllih 2,139 3,206 1,816 5,185 6,944 957,031 7,318,0)89 5,778,252 7,909,164 19,088,056 In U.S. dollars 2 3 1 3 4 541 3,992 2,922 3,903 9,158 Tutrniover rMtio 2.2 2.9 1.4 4.2 2.5 38.r 75,8 40.1 41.2 40.5 Local Index JSEConiposislic.dc.x 63.5 66.5 69.7 82.5 305.1 399.7 417 8 247.4 274.3 58H.8 Chang18eInlinlk'N(&) -20.9 4.7 .1.8 18.4 . 269.7 31.0 4.3 -40.8 10.9 114.6 IFC Global Index NUImber of stocks - 57 72 66 63 41 SIioreof mrktcap.(') . - * -* I0. 64.3 77.5 72.0 53.0 : I/E r.Mtio * 56.6 20.3 . II.6 12.2 28.9 P/13V r.io ** . * i.8 3.4 . 1.6 1.6 .3.1 Dividendyicli - - .. * O1 0.5 0.11 2.1 1.3 TWAlretiuri1itInex - - - - - 11)0.0 99.4 57.4 59.0 126.0 Ch.ange in intvs (1i) 0 - - - .0.6 .42.3 2.9 113.4 Economic data GrissLlomi.stIcproL1LIct(UE5) 87,616 87,306 73.345 75,674 84,335 91,627 1016,694 I14,27-5 126,573 -CluinMge lnconsuni1erpriceirtdLex(M) 10.5 4.7 5.9 9.2 8.0 ( . 4 . 7.5 9.2 7.5 9.7 l;cIiiange i.me 1,074.00n01 1,125.0(M011 1,64 1.0(100 116501.)000 1,717.3548 1,797,0)000 1,889.0000 1,984.0111u -063.5U(JL 2,103.0100 Exchn11a18 mate (wrnger(if periotd) 1,025.8999 1,111.110io I,n.a1100 1oo 1,649.4000 1,685.0000 11,770.01600 1,83).2602 .1,977.6143 2,026.3672 2,084.2433 Mile: The baseld.at ftor ihe JSe Compposite Ildex Is Oct. 1982=1(X). The hasi' 1llen for tw Il'CG IinlonlwSi, hindcx IS DeC. 19892 10M. i1994 FACTIIOOK EMRIGNAIESDATA BA5rE 159 Jordan IFCG Jordan Exchange Rate Average Daily Value Traded (LIS$; cie? 1992=100) (DI,jars/LlS$) (US$ Inflliwlls) 175 01.69 .5 12- 150 , 0.68 7 9 3.25- 6 75 ~~~~~ ~~~~~~0.66 A LL 0 Mari 93 juh 93 Sol)93 Dev 9.3 Mam 93 Jun9.3 Sol) 9.3 Dx, 93 MAlr 93 Jimi 93 Sep 93 Di 93 IFCG Composite IFCG Index for market IFCG P/E Ratlo Share of IFCG Index Markets' Capitalization Market Performance (inld of ionwthI vauIes) .(vind-1 993; totN1?= US$852 billion) - i The Aimimian Finanicial Market (AFRN) Index rose 19 by 21.97% durinig 1993 to close at 158.45. Althloughi overall market sentiment remalned ;;;318 - _._ I llin positive toward the end of the year, thecre was still :ulicertainty among investors regarding the Arab- 17 - 30' Sitili MM ,sraeli peace negotiations. The banking sector sav < : " ; : 4 - 11 .34sf a significan4t increase In share prices.as domestic 16 -J. 1 ..: . . ancl international Institution,al investors .;.'- . rn:1 n < {'0.3'7% ll anticipated tremenldous grovth for hew, bank branches lin the West Bank and Gaza Strip areas. 14 M 3 2. .3' New inflowvs of foreign capital wvill be able to '.I. .( &[a;093 1gS#193 SeP93 De enter the Amman Stock Market In 1994 follaiviig thu lifting of inivestment restrictionis on foreigin capital in effect for most of 1993. Total market c,ipital1zation Increased 48.10%7 for. thle year to nearly $4.6 blilion, with average nm1onthlly traded values fluctuating between JD 76 millioni and JD 78 .. . 1994 FIACrOOK l 1I,CNG N'lAxtKl(TS DATA.BASE 160 mililion (about $110 million) and totaling JD 969 Parliamentary eiectionis took place iln November million ($1,300 millioni) for the year In both the 1993 for tlhe first timoe in almost four decades. KIng main anid parallel market. Average monthly voltime Hlusseini dissolved thle National Asseimibly on traded remained near 19 millioni shares for most of Augtist 4 in preparation for the electiois. The newv the year doubling in May, june and July. parliamenit %vill have 54 new memibers among Its 80 seats. Traditioncalists recapttured most seats, with The IFC-calculated price-to-earinings ratio of thle the Islamic Actionl Front (IAF) gaininiig 16 In the AFM rose to 21.67 by year-end, vitlh the IFC neivassembly. Global anid Investable Price Indexes increasing 23.1% and 44,4% in dinar teris and 20.8% and The central bank confirined that etie dinar, Jordan's 41.7% in dollar termis for 1993. national eurreicy, wvill remanil In ciretilationi iII thle occupied territories for the next two or th ree years; The Jordaniani govermiienit Introduced a dovelopment plan durinig thie final quarter of 1993 Economlc/Political Events thiat forecasts total capital spending of JD 5,300 million (about $7.6 billioni) on infrastructure and The Palestinian-Israeli peace talks and signinig of higlh priority public wvorks projects over the next * the Declaration of Principles are likely to greatly five years. Improve Jordan's econiomic f uttire. The Declaration provides for self-governmelit for tile Palestinians In Gaza and Jerichio. Economlilsts and businiess leaclers are optilistic about the potential of a new Palestinlan econiomy which ivill attract International funds. Jordan and the PLO signed an economillc agreemieint onl Jantiary 7, 1994, after maniy monthis of delay. The agreement stresses economic cooperatlon in a tnumber of areas, licludiiig inifrastrticture, the promotionl of investment, and private-sector cooperation. The agreement stipulates that the Jordanian dii'ar will be thie legal tender In the - West Banik and Gaza until a Palestinian currenicy is in use. Jordanian banks vill be allowed to reopen thlir branches In the West Bank for the first time since closing after tie 1967 ivar. Jordan's GDP Is expected to register growvthi of between 5.5% and 6% for 1993 and have similar growth in 1994.Tlhe 1993 trade gap is expected to reach$650 milllon, due miinly to the declile In re- exports from JD195.5 milioan ($277 millloni) to JD80.4 million ($114 lmilllion) by the endi of September 1993. Unemployment.fell to around.14% by November 1993, a substantial declinie fromii 18% for 1991. 1994 FACTriC)Ox EMI.I;iNC; NIAnKE19 DATA BASE 161 Jordan 1993 (currency In millions) Market Jan Feb Nlnr Apr Mhy Jun Au8l tig Sep act Nov > Number of listed companles AmmanFinFlncial A4arktt 103 103 98 99 100 101 101 101 101 101 101 101 Market capiializatlon In dinars 2,483 2,481 2,551 2,625 2,870 3,544 3,520 3,248 3,329 3,309 3,225 3,360 In U.S. dollars 3,693 3,680 3,793 3,933 4,269 5,203 5,168 4,797 4,909 4,858 4,694 4,591 Trading valuo Indinars 120 60 44 69 104 171 148 49 54 47 21 45 - i In U.S.dollars 178 89 65 104 155 252 217 73 80 69 31 65 Ttiurnover ratlo 5,0 2.4 1.8 2.7 3.8 5.3 4.2 1.5 1.6 1.4 0.7 1.4 ,' Local Index LoAFI Index 137.7 132.4 135,8 138.5 151.8 168,4 164.5 152,4 159.3 157,7 150.2 158.4 ;.* : CiCnngeinIndex(¶k) 6.0 -3.9 2,6 2.0 9.6 10,9 -2.3 -7.3 4.5 .O10 -4,7 5.5 PIFC Global Index Number of stocks 29 29 29 29 29 29 29 29 29 29 29 29 Shalreofnmarketcinp.C&) 59.0 57.2 56.6 56,5 j6,7 50.8 50.4 51.0 52.4 52.2 51.0 52.0 Shareof tredingv.alueCI%) .61,1 75.1 70,2 67.7 64.9 67.7 68.9 69.6 75,6 71.2 62.9 60.9 : P/Ermralo 15.4 14.9 15.2 16.1 17.4 18,6 18.3 17.1 18.0 17.8 17.0 17.9 P/ DV ratio 1.8 1.7 1.7 1.7 1.8 2.0 2.0 1.9 2.0 1.9 1.8 2.0 Dlvidendyield(%) 2.3 2.4 1.2 2.3 2.5 2.3 2.8 2.9 2.7 2.7 2.9 2.7 -Toal.reurnindex' 193.8 185.1 188.8 199,2 217,8 237.2 234.1 219.7 229.3 226.1 213.4 225.7 Chlinge In total returm indcx (q) 5.3 *3.5 2,0 5.5 9.4 5.9 -1.3 .6.2 4.4 .1.4 -5.6 5.8 Economic data Excihange rata 0.6723 0.6742 0.6733 0.6674. 0.6723 0,6811 0.6811 0.6772 0.6782. 0.6811 0.6870 0.6870 Nvte: The base clate for Ihe AFM Index Is Dec. 1991100. The base date for tho IFCG Jordan Index to Dec 1984=100, . 1994 FACTHOOKC IIIt.ING MARKETS IATA BA.sr 162 Jordan 1984-1993 (currency in millions: end of perlod levels) Market 1984 1985 1986 1987 1988 i989 1990 1991 1992 1993 Number ot listed companles Am*an rFnancial Market 103 10-1 103 101 106 106 205 101 103 101 Market capltallzatlon in din,rs 886 903 977 907 1,061 1,378 1.283 1,691 2,269 3,360 In U.S. dollars 2,188 2,454 2,839 2,643 2,233 2,162 2,001 2,512 3,365 41,891 Trading value In dInmrs 53 64 65 142. 127 365 266 292 879 93i In U.S. dollars. 138 163 185 420 337 652 407 4*32 1,317 1,377 T|irnoverralio 5.6 7.2 6.9 15.1 12.9 29,9 20,0 19,7 44.4 33.2 Local Index AFNI Index 81.2 78.6 72,4 79.7 84.5 93,3 80.4 100.0 129.9 158.4 ChangolnllndxCtcxV) -22.1 -3.2 -7.9 10.1 6.0 10.4 -13.8 . 24.4 29.9 22.0 IFC Global Index Ninberofstocks 9 10 10 in 20 25 25 25 27 29 S,1ireof nwrkelcap.Q&) '11.1 53.9 44.3 43.9 68.2 70.2 74,3 62.7 59.1 52.0 I'/Eraila * - 12.4 12.0 14.2 14.4 7.8 10.0 14.5 17.9 r/av r,ito - - 1.6 1.4 1.3 1.6 1.4 1.4 1.6 2.0 Divildend yicLd (%) 3.9 3.0 2.5 3.5 3,4 2.4 6.5 8.7 2.5 2.7 Total return index' 100.0 148.4 143.2 136.6 122.8 121.4 126.6 143.8 181.8 22.7, Change In index (7) - . 48.4 -3.5 -4.6 .1)1.I -1-1 4,3 15.1 24.7 24.2 Economic doel Grossdomesllc produict (US) 4,857 4,81.0 5,829 6,166 3,849 4,538 3,992 4,110 4,882 - Cha1nge in consumer price Index (') 3.8 3;0 0.0 -0.2 6.6 25.7 16.2 8.2 4.0 5.0 *3xchingu ale 1.4050 0.3678 0.3441 0.3430 0.4750 0,6376 0,6409 0.6730 0.6742 0.6S70 Exchange r.ite (average of period) 0.3845 0.3946 0.3499 0.3387 0.3764 0.5599 0.6544 0,6762 0.e671 0.6776 Nt T*.ho base date for tihe APLI Index Is Dec. 1991-100. The base dale torle IFC JrC lordan IndeLx is:Dec. 1984=100, '1994 FACTDlOOK . lThtrit.INC. N1.AnKEIrs DATAVIBASE- 163 Korea IFCG Korea Exchange Rate Average Daily Value Traded (LWS$; eiti 1992=100) (Wonl/LIS$) fUSS n,illons) 175 510 1,250 I50 805i 1,000 125 B00 750 100, , 795 500. ,,ar 93 /lls 93 S'pi 93 Dcc 93 Mar 93 Iln" 93 Sol 93 Dec 93 Mnr 93 gmu 93 Set 93 Dcc 93 ; s. :; .j ICC Cnwmpsito IFCG lindox for nirket .,. >-IFCG P/E Ratio Share of IFCG Index Markets' Capitalization Market Performance ': ..(ctid of iiioritti valules) . Cit-1993; tota?l=US$852 biiton1) (;ud of uwnilt t'altws) (cnd-1993; loitil=L!852 billion) Contrairy to tile expectations of most fund 26. anagers, the Korcan stock market ; _ underperforilicre most otiler cmergintg markets in 24 -_.Iin 1993. After an 11% gain in 1992, the Korea Stock ., .. .. _. Aierf 9u Excilihange (KSE) Composite index finislhed 1993 at ;7f _ _ 1 < 34 866 for a gaini of 20%. The IFCG and IFCI Korea 22 . _Ui _ E1^ pric.c indexes eacih rose nearly 20.5% for the year hii dollnr'termis. ; , t ;20 F1LFI . . [ t I 0 ilFA r W Presideni Km's anti-corruption drive and social 18. 111111 - . ~~~~~~~~~~~~~~~~~ ~~~ reformi measures, which began soon after liis . * M.r 93 18,, ~ ~ . : .lller .-lFl .lr.Zzl inaugurgtion in Febrtuary, weighed heavily on the Korean econoniy and stock market tihrougih tihe eLid of ti thlird quarter. Continiued inivestigatioll into the personal asset lholdlings of rlinig party ii;embers and lawnmakers resuilted in a series of - resignations by high1-ranking, officials. I'residenlt Kim's sudden implimentition of the rea. name ; *,. ;;* finalncial system (RNS) on August 12 Iled to panic 1994 -ACTIIOOK I%I :nINC A KIAKETS D0A rA BASI; 164 selling by mostly slall Investors; all accounts vithi by U,S,-based investors accoutited for over one- again to be low 12% on abundant liquidity and falsc names were given 60 days to transfer funds to thilrd of total ilnvestimien!ts. By thle cnd of 1993, weak credit demanid after the second-phase real name accounts to avoid a maximum penalty of nearly 9% of shares listed a excange were deregulation of linterest rates in November. The up to 60% of the total account value. owvned by forelgigers, accounting for 9.8% of total trade balance continued to improve in 1993, viti market capitalization. Althouglh most listed exports and imports rising at annual rates of 7.8% A liquidity-driven rally in the second quarter, companies have reached the 10% limit on foreigni and 2.1% respectively, resulting in a budget triggered by anticipation of overall economicie ownership, an Increise In foreign owvnerslip limitls surplus of $2.08 billioni compared to a deficit of improvemeint uinder thie nev administratlon, was is not likely to occuir until the second hialf of 1994 $2.15 billioin In 1992. The current account balance shiort-lived due to continued sluggishliness of the dtic to tihc higih growth rate of the mloniey supply in also iniproved to a surpluis of $450 million in 1993 economy amid the uncertain btisiness climate recent monitlis anid Its possible inflationary effects. after a $4.5 billion deficit in 1992. The is the first created by RNS. The market's turnaround began in time since 1989 that thel account has registered a the fourthl quarter, sparked by the end of the 60- surpitis. day conv&slon period to real namiie accounts and by increasing liquildity from domestic and foreign Economic/PolitIcal Events investors, supported by improved economic I indicators for the third quarter, includinig a 6.5% Tlhe newv administration tried to turni around the * gain In GOP. Thie year-end rally cooled on reports econonmy In Marcih of 1993 with a growth-oriented that thie governmclnt autilorized sectirities hotuses 100-day economilc stimtilus package. The package and the Stock Market Stabilization Ftind, included loan concesslons for sniall corporations, established in 1990 to support the nmarket, to a redcuctioni of goverinimlenlt red tape, and plans for unload thleir equity holdings. The market currently the central bank to ease Its monetary policy, along faces significant institutional overhang that must wvith measures stich as price and wage freezes that be unloaded before a sizable rally can occur wvotild minimiiize the inflationary impact of tlils despite sufficient liquidity and a steadily policy. However, the adminiistrationi'q social improving economy. reform efforts-particularly the RNS-conflicted with tihese efforts by disrupting.Korea's financial Tlhrotighiout 1993, shares in the export-orienlted systemll. The MOFP attempted to mitigate the impact manufacturing sector benefited from increases in of RNS-including an exodus of funds from the export orders duc to a strong yein and declininig financial system1 anid the bankruptcies of small initerest rates. Fiiinaice industry shares rose onl corporations which depended heavily onl the black favorable earnings and a positive lindustry market-by allowing the money supply to grow at outlook under the Minilstry of Finance's (MOF's) over 20% durinig the second half of 1993. Capital continuing financial reform plans. Investment trust investment and credit decmalid remained sluggishi conipanies were net sellers between Septemiber and due to an uncertain businiess climiate anid capital year-entd as they faced repayments for m1aturin1g shiortages created by reform proposals. unit trusts and loans borrowved froiii the governmenit and commercial banks. Despite naniy uncertaintlies, the Koreanii economiiy made a moderate recovery in 1993, With GNI' According to the Securities Supervisory Board, postinig a better than expected gain of 5.6% foreigners made net investments of $57 billioni in compared to 4.7% In 1992. The CPlI rose at an the Scoul bLourse in 1993 for a nlet total of $7.8 innual rate of 5.8% in 1993 from 4.5% in 1992 due bililoni silnce the market first opened in January to surged moniiey supply. Three-year corporate .1992. The hlighiest inflows of foreign capital and boond yields mnyed up from 11% in April neCt monithly purchases came in the fouirthi quarter temporarily to 14% 1in tihe third quarter as the of 1993. In recent n1iontls, participation in the KSEr financlilal system adjusted to RNS, buit kiciiied '1994 FACTriiooK . . INIERGING NlIRKrTS i)ATA D AsA 165 Korea : 1993 (currency In millions) Mirka Ja1n Fab Ntor Apr Mlay JI Jul Aug . Sip Oct Nov Dw Number oa IIsted companies Korea Stock Exchange 693 694 694 694 693 692 692 693 694 693 693 693 Market capialiallon : < In won 83,903,164 80,95t6,503 84,054,686 91,312,584 95,455,740 95,130,867 92,913,776 85,199,099 92,577,192 96,887,954 104,947,613 112,665,260 . In US. oIllars 105,791 101,783 105,929 114,729 119,126 118.839. 115,192 105,392 114,462 119,777 129,950 139,420 1.. Ttading volue dinvon 14,675,317 10,045,996 8,610,883 17,791,027 13,173,877 21,423,705 10,532,668 7,110,811 6,831,098 12,883,630 25,007,082 21,833,494 In U.S. dolnrs 18,504 12,629 10,852 22,353 16,441 26,763 13,0;8 8,796 8,446 1S,927 30,965 27,01S Turnoverr. tio 17.4 12,2 10.4 20,3 14.1 22.5 11.2 S.O 7.7 13.6 24.8 20.1 i.r ocol Index LKOScInde 670.6 643.0 666.8 721.6 752.3 748.9 729.9 664.9 718.9 750.7 811.1 866.2 ChaigeInlIndex( M -1.2 -4,1 3.7 8.2 4.3 -0.5 -2.5 .8.9 8.1 4.4 8.0 6.8 IFC Global Index lNunberofstocks .134 134 134 134 134 134 134 134 134 134 134 134 Share of n,arket cap. ('A 66.7 65.9 67.0 67.1 66.5 65,4 65.0 66.4 65.7 64.4 63.7 65.6 Shareof trndling value1) * 47.3 39.5 55.5 5).0 43.3 41.2 38.4 56.2 48.8 37.1 46.5 56.6 P/Erntlo 20.4 19.5 . 20.6* 22.3 24.4 23.9 23.2 21.9. 20.6 21.1 22.6 25.1 1'Il3Vratlo ./8 11.1 .1 1.1 . 1.2 1.2 1.2 1.1 1.1 1.1 1.2 1.3 1.4 Dividend yield (l) 2.5 2.6 09 0.8 0.7 0.8 0.5 0.8 0.8 0.7 0.7 0.6 Totalreturnindex' 4i41 469.2 496.0 537.6 55i.7 539.6 518.1 483.8 518.3 530.0 567.6 627.1 ChanSeinltoallrelurnliidex( M -4.7 -5.0 5.7 8.4 2.6 -2.2 *4.0 *6.6 7.1 2.3 7.1 10.5 * , Economic data Exchlanige rate 793.1000 795.5000 793.5000 795.9000 801.3000 800.5000 806.6000 808.4000 808.8000 808.9000 807.6000 808.1000 iNote The base date for the KOSPl is Jan.. 1980=100. The base dlate for the IFCG Korea index Is Dc., 1984=100. ~.rj 1994 FACTIOOK ENIrRCINc. NIAItiI:Ts DATA BASE 166 Korea 1984-1993 (currency in millons; end of period levels) MartA. 1984 1985 1956 1987 1988 1989 I190 1991 1992 1993 Number of llsted companies Korea Stock Exchange 336 342 355 389 502 626 669 686 68S 693 Market capilalizatlon Inwaon .5,149,000 6,570,403 11,994,200 26,163,050 64,543,684 95,476,773 79,019,675 73,117,833 84,711,982 112,665,260 in U.S. dollars 6,223 7,381 13,924 32,905 94,238 140,946 110,594 96,373 107,448 .139,420 Trading value In won 3,118,000 3,620,600 9,597,965 20,497,444 58,081,409 81,1'9,753 53,454,058 62,564,888 90,624,350 169,919,588 InU.S.dollars 3,869 4,162 10,889 24,919 79,180 121,264 75,949 855464 116,101 211,710 Turnover ratio 72.2 61.8 103.4 107.4 128.1 101.5 61.3 82.3 114.8 172.2 Local Index KOSPr i 142.5 163.4 272.6 525.1 907.2 909.7 696.1 610.9 678.4 866.2 Changeniliidex(5 17.5 14.7 A.9 926 72.8 0.3 -23.5 -12.2 11.0 27.7 IFC Global Index Number of stocks 25 25 23 23 62 61 63 77 9 1 134 Share of mirke Cap. {1) 24.8 32.5 39.3 24.4 58.8 45.7 57.4 . 62.9 61.9 65.6 PI/E ratio - - 19.1 15.6 38.7 28.1 16.4 21.3 21.4 . 25.1 P/BV ratilo - 1.7 2.0 2.8 2.2 . 1.3 1.0 1.1 1.4 Dividend yieldl() 4.7 4.1 2.7 2.1 0.5 1.3 . 0.5 1.6 1.8 0.6 Totalreturnindex' . 100.0 138.1 256.6 350.2 745.3 797,5 595.3 500.8 518.6 627.1 Chiangeinindex(%) 38.1 85.9 36.5 112.8 7.0 -25.3 -15.9 3.6 20.9 Economic data Cross5domestlicproductCUSS) 90,132 92,926 105,991 131,816 174,446 213,559 245,411 284,402 296,872 Cliangeincansunierpricetnddx(%1x 2.3 2.5 . 2.8 3.0 7.1 5.7 8.6 9.7 6.2 4.8 Exchange rate . 827.3997 890,1997 861,3999 795.1000 684.9060 677.4000 714.5000 758.7000 788.4000 808.1000 Exchinngerate(averageofperic) * 803.9756. 870.0195 881.4500 : 822.5700 733.5390 669.6100. 703.8149 732.0654 780.5632 802.6038 Noleh Thl base date for the KiOSPh iJan. 1980=100. Tho basedkate for the IFCG Karea Index is Dcc. 1984=100. 1994 N A Malaysia IFCG Malaysia Exchange Rate Average Daily Value Traded - t[rSS; erd 1992=100) (RfriSit/LIS$) (LIS$ millionts) $5:i, <. 225- 2.70 1,500 - 200 i 1,250 - 175- 1,000 . is2 ,60 750 -..125 250 A - .100 255H[0HnM 75J2 0 Mar '3 J:.ts 93. .Sep93 . . Mar 93 Jun1o93 Sel93 Dec r93 Jim 93 Sqi 93 LXv 93 IFCG Composite IFCG Index for market IFCG P/E Ratio. Share of IFCG Index Markets' Capitalizatlon Market Performance -¢S;(eiid of n!roittil vnhiiss) . .(cend-1993; totnl=ltS$852.billiuW r'K''!; (;nd of'month t'nhiies) (vied-I 993; total=t billion) Sufficient liquidity coupled with positive political 50 * and economlic developments pushed the Malaysian Wi , . ! - Olicer . market to nne of the best performiances in the 'vorld 5011111. Sd: '4i . . .. Lnlil So sii*\!a in 1993. After a moderate 16% rise in 1992, the '40 -. .or(ea ,5il - Ktaala Luimpur Stock- Exchanige (KLSE) Composite ..,.;, ;. l Index advanced 98% in 1993, reachiing a new X",, , ne L .*:e,\% Nialaysia hreCOTd liigih of 1,275, Tle IFC Global and l6~~~ hwiieslable price lIndexes for Malaysia rose 99.5% - (4 a~~~~~~~~~~~~~~~~~~~~~~nd 107.3% respectively In dollar termis. ~~ ., .~L After a quilet first quarter thirouigh Ralmadan and 20 Mar 3East ;Ai the Chinese New Year, tthe market'Is year-long rally begani in April as domestic and international Investors acted oni an encourging :orporate earnings outlook and positive economic news. The rally conitinued as increasing liquidity was supported by a bettcr-thian-expected second quarter CDI' report (up 10.4%), declininig interest :2,lt' ;2 ra': ' ' ' ' . " ' ' ' ' , ' ' ' ' ' mtes, improving exports, and stable inflation. ?AS,, 1994 FACTBOOK - N I FICR;GN; MIARNiTS DATA 11ASE 168 X,xe< \'h , .. .'.. The resignation of deputy Prime Minister Ghafar also Includes an increase in laconic tax rebates for Babar was well received by the market in October, 70% of tnxpayers, nnd a large Increase in preempting the influenice of pro-election jitters on developmental expeniditire to iniprove the nation's tradIzig.;' Malaysia's pro-business 1994 budget Infrastructure. package furthier boosted market sentimenlt In the fourthi quarter. The goverinimenit's budget plan is based on sustahied GDP grosvthi of 8% for 1994 led by Througlout. the year,. turnover was driven by manufacttUring and coinstruction sectors, sound market fundamentals and ram pant contitinuing Imptovonent In exports, higier capital speculative trading. Most speculation vas by investmelit, and increasing private consumption. domestic retail investors actinig on privatization Real GDP greow by 8.5% in 1993 compared with and take-over rumors for second-tier stocks. 7.8% in 1992, boosted by double-digit growvthi of f ' Trading volumes surged to record liglhs evary manufacturing exports and private constimption. montIldurriiggtlesecoidli,alfofl993. Manufacturing production rose 13% in 1993 accoulting for 30% of the nation's GDP. Exports By the end of the third quartr, after suiccessive In the marnufacturinig sector rose 26% compared to monthily rallies and a surginig turnover rate the a growth of 16.5% in 1992, prod ucing over 70% of Malaysian market became the largest emerging the Malaysia's gross. exports carinigs. Bank niarket in' Asia in terms of bothi market Negara forecasts a similar rate of groth for 1994. capitilizationi and total montily va!ue traded. In v Malaysia's balance of payments posted a record addition to surged foreigin capital inflows,. highI surpitis of RM29.2 billioni ($10.8 billion) dtio domest'- ijivestable ftuiids also increased to the surged Inflow of forein capital in 1993. substantially in .1993 with Ml growving 37.5% Hoowever, the cuirrenlt account deficit lincreased to while r12 and M3 eachi increased 24% for the RIMS.4 bililoni ($2 billion) in 1993 from RM4.2 year.- As in other Asian markets, T.S.-based blillio iln 1992. as a 10% Increase in the services investors were particularly active in the fourthi deficit outweighed a more moderate 2.3% rise in quiarter wvith purchases concentrated on large cap merclhanidise surpilis for 1993. 'index-linked stocks, tviile domestic retail investors puhled upsecondtler stocks. Bank Negara relaxed its tiglt money policy beginning in early 1993 as Interest rates continiuted their downward trend on increased foreigin capital inflows, easing inflationary pressure. By year-enid, EconomIc/PolItical Events the 3-monthi Interbaik rate had fallen to 6.5% from arounid 8.0% at the beginiliaig of 1993, and the. Malaysia's94 budiget plan cleaIly showed the prime lendinig rate declilned to 8.0% fromt 9.2% at goverinment's pro-blusiniess policy. The budget the end of 1992. Inflation deciniied to an annual Inclided: 1) a 4% cut in corporatc tax rates over rate of 3,6% for 1993 comipared wvitlh 4.7% for tile next tW(o years to 30%; 2) azi increase in the ' 1992. reinvestnment allowance froni 40% to 50%. of capital expendittires that can be clairmed against Econonmists forecast increasing corporate demniad taxes; 3) a reductionl in tihc tax rarc on ilicome for credit in the second hialf of 1994 as remitted from approved oversens Investment from Infrastructure expencditures and . capital 17% to 10%; 4) a neiv research and development investmcints rise, in turin pushliiig-inflationi and allowvance of 50% to 100% of capital expendittires iiIterest rates higher. The. government's active for approved projects; and 5) a redtictioni or liftilng privatization process will continuc with plans for of import duties on over 500 itenms. The budget plan over 100 projects before tho cnd of 1994. 1994 FACUIIJOOK .A ..iARKET D5%TA BAsiE 169 Mdlaysia- ,1iJ r 1 993 (currency In millions) 'N A41,> nrA Marke. Ja.n Feb M.Ir Apr May Jua Jul Aug Sep Oct Nov Dl) Number of listed companies ,''.,. .... .KualaLLlnlpurStockExctalige 370 371 373 377 381 390 394 398 402 403 407 J10 Maiket .apitalzation lnringgit 240,100 254,950 259,320 299,400 318,820 305,570 331,530 360,700 391,220 463,320 475,950 593,343 ' In US, dollairs 91,589 96,921 100,143 116,680 124,710 118,829 129,251 141,606 153,540 181,232 186,063 220,328 4, - : :Trading value * 1 Inringgi t 3,756 12,302 14,399 30,742 29,223 26,929 18,080 22,854 30,503 61,730 37,546 87,490 In US.dollars 1,433 4,677 5,556 11,980 11,431 10,472 7,049 8,972 19,821 24,146 14,678 32,488 Turnover ratio 1.5 5.0 5.6. 11.0 9.4 8.6 5.7. 6.6. 13.4 14.4 b.0 16.4 A; ;; Local Index KiSEiConipositelndex 624.5 638.2 643.3 719.6 735,3 721.2 766.1 808.5 853.8 972.0 996.4 1,273.3 ChangeinIndex( t) -3.0 2.2 0.8 11,9 2.2 -1.9 6.2 9.5 5.6 13.5 2.5 28.0 IFC Global Index ,z N,tiuniberofstocks 66 66 66 66 66 66 G66 66 66 66 66 66 ;!'>, S1iarcofimarketcnap.() 71.1 69.0 68.1 66.7 65.2 66.2 65.2 64,1 62.7 60.3 60.2 61.5 '^v73nY , Shareof trading valueI%) 44.5 30.1 29.4 26.7 28.4 21.i 23.8 26.2 21.1 21.8 23.6 20.0 P/Eraoto 21.4 22.0 22.2 25.0 26.2 25.6 26.9 28.8 29.7 33.8 34.4 43.5 'P/BV'aio 2.6 2.7 2.7 3.0 3.2 3.1 3.3 3.3 3.7 4.2 4.3 5.4 Dividend yield . 1.7 1 .7 1.7 1.6 1.6 1.7 1.5 I .3 1.4 1.2 1.2 1.0 Total returnilndc' . 219.6 226.1 230.5 263.3 274.6 266.0 283.3 307.8 325.8 370.2 380.5 460.3 Change hi total return Index(%M) *3.2 2.9 2.0 14.2 4.3 3.3 7.3 7.9 5.8 13.6 2.8 21.0 Economic data Exchiangitgerate 2.6215 2.6305 2.5915 2.5660 21.5565 2.5715 2.5650 2.5472 2.5480 255365 2.55S0 2.6930 WNe: The b,ise date for ilke KLSE Cornposll Index Is 1977=100. The base dntle for the FCC Mal.hysla index Is Dec. 1984=1t1. ,' 4 SIN 1994 FACTBocK ILNI1M3WiNG NIAR4WLTS IJATA BASI: '170 Malaysia 1984-1993, (currency In millions: end of period levels) Mnrk&'? ~~~~~~~~~~~198 4 .1985 1986 1987 1988 1989 1990 1991 1992 1993 Nut tmbe ir of c xcag 217 222 223 232 238 251 282 321 369 410 *Market copllalitatlon ILI rlnggtt 47.048 39,380 39,214 46,106 63,193 107,513 1,31,166 139,495 243,820 593,343 III U.S. diollars 19,401 16,229 15,065 18,531 23,318 39,842 48,611 38,627 94,004 220,328 'Trading value' IIIrinigglt 5,216 5,799 3,046 V.647 6l,858 18,638 29.391 29,294 55,347 395,554 Ini L1.. dollars 2,226 2,333 1,180s 3,829 2,623 6,888 I0.871 110,637 21,730 153,661 * Turnover ratio 10.4 13.4 7.8 22.6 12.5 -21,85 24.6 20.2 27.3 943 Lo6cal indiv KLSECnmposltt Indtex' 303,6 2.5252.4 261,2 374 . 6.3 5i59362644.0127. Cha,nge In hidex ('A) -24.4 .23,1 S. I 3.5 36.8 58.2 . 10.0 9,9 15.8 98.0 IFC Global Index N'umborof stocks . ~~~~~~40 40 40 40 612 62 .62 2 62 66 .Share of nmrket cap. ('41 40.1 54.6 63.8 53.9 79.8 68.6 46.9 63.8 51.0 61.5 nIE ratIo -30.9 33.5 33.2 27.4 23.6 21.3 2, 6 43.5 P/3V r,illo 1.6 1.6 .2.1 2.6 2.3 2.5 2.5 5. 4 *DivIdeniiyedykId1) *. 1.3 2.9 2.4 2.0 2,2 2.2 2.4 . .4 1.0 TOtal return lindex 100.0 85.8 96.0 96.8 123.7 178.2 138.2 177.3 226.9 460.3 *Chaingelnil ndex ('4) -14.3 1119 0.9 27.7 44.0 *I112 12.1 27.9 102.9 Economic data ... .162 *3,5 747. 4,4 7155,2 Gross dcniostlicprntluct CUSS) 3394 1,23.1 21,735 1,0 4703,974,4 7155,2 * Cltangonconsumepriee1tuk(~1) . . 3.9 . .3 0,7 0.3 2.6 * 2.8 2.6 4.4 4.8 2.0 Fxchange rate *2.4250 2.4265 2.0030 * 2.48811 2.7100 2.6983 2169$3 . 2.7205. 2,6130 * 2.6930 * Exrhiuigeatoiaveragefperiod) .2.3436 2.4830 2.5814 * *2,196 2.61417 2.70519 2.7(1137 2.7489 2.5470 * 2.5742 NLi'le: The base date for thec KLSE Comipoisite lIndex Is 11977=1(10 The base date foir lthe irCC NLilaysla hln,ex Is Dec.' 1984.111, 1994. 1FAC,ruooK< * I Al W1N( NIARIII'IS DAT1 rABASE 171 Mexico IFCG Mexlco Exchange Rate Average Daily Value Traded (LISS; end 1992-100) (PWsLS).fS$ 11,,lolnis) 175.31 600- J ~~~~~~~~~~~~~~~~~~500 15 - 3.0 -400 125 30 3.0 ! 200- __75 LA3i f fA .3 9 10 1 Miar 93 Jun 93 Srlp 93 Dec 93 M/ir 93 li"'1 93 Selp 93 Dec 93 Mar 93 Irnt 93 So) Y93 D x 93 . ; e i IFCG Compositle I FL: Index for iarket IFCG P/E Rallo Share of IFCG Index Maikets' Capitalization Market Performance (cd of miolnlit vllies) .enifi-1993; t1oal=LlSSS52 til,i/oii) The Moxian stock market posted a gain of 48.9% ^ 20 an the IFC Investable Index in dollar tenrs fofr 1993, tlkinig tilrd place in termis of market perforinmaice among Latini American markets i; sil,ll, X*16 Lr.ackzedl bys IFC. The iI'C index cnded I llthe year with .,k.- 16 : 1 _ Oilr . a gnin of 47.9% in lIlCevOS pesos. Passage of tlle liii ; _ Ltn ) i - Northi American Free rrade Agreement by tilhe U.S 14 .,i_ . , Lrl ' Conugrcss isI November was instrumental i ;i; . 12 Ijf[ ,r ini n 1 1 !!I abo investor confidence. 10 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~~~1 ~~~~~~The miarket showed mixed performance dLlrinig the Mar93 Jriu 93 Sep93 Dec93 30 % first quarter of 1993, postiIg losses in the first two ilDmoniths and rebounding in N March to end the quarter with a gain of 1 '7 accordinlg to the IFCI. The yield on 28-day CETES (Treasury-bills) rose to 17.78rc in Februar) While foreign hiodiilgs of .lexican equitics decreased as ftinids moved fromn equities to higher-yielding debt instruments. A visit 19941 EAuCTr OOK ..IM RCUNG NiKr,I;: usl)ArA HASE 172 by U.S. governmcnt officials to Mexico in iMarchl reqyiremen1t of $7 milion, a record of thiree years extended poeiod of timie. Tlhe automotive anid textile enhanced investor optimilsm that prospects for of profitability, and a 30% float requirciimeilt. industries are to be liberalized with some better economic growth lay ahead. constraints on product origin. The financial sector - A large iutilber of Mioxicani coiipahles raised ivill gradually open uintil the year 2000, wvhien full During the second quarter, thei market posted a loss moncy In the international nmarkets with g reat compolition Will be allowed. Oil exploration and of 7%, but rebounided for a gainl of I I% in the third sticcess in '1993. Coiinpinies launched global eqtuity extraction sectors wIII remaini closed but the quarter duc to lower initerest rates aixd positive offerings during the year linclude Grupo Corso, petrochemical sector would be open to coipetition. NAFTA developinnts as sile agreements to tile Crupo Embotellador de Ni6xico, Conmpailfa treaty were com1pleted in Augiust and ready for Nlexicana do Desarrollo, 13ufete Industrial Grupo On January t 1993, Mexico Introduced a ncwv consideration by the U.S. Congress in September. Tribasa, Din.a, TANISA, Emwasa, Benavides, Casa monetary un11it called thc "Now Peso" equivaletIl to The market consolidated in September.with stock Atutrey, Maseca, Coke-Fenmsa, SFQuadruni, Grupo one thousand pesos. Tlih New Peso strengthelned in ; prices dropping 3%asPrsidentClilitol signiedtihle Radio Centro, Grupo Simec, DESC, Crupo December andtiLhe 28-day Cetus yield continued to NAFr'A side agreements, despite strong oppositioni Financiero Serfin, Grupo Flilanciero Invormexico, decline to finiisli at 10.67W/c. Inflation ended 1993 at from labor groups wvlichi Clinitoni contietred and Televisa. aboutitc. Mexico's economy Is estimilated to have throuighi strong lobbying for the bill s passage. gosn S thlian 1, 1% in 1993. Slow growth durinig the year was attributed to slow productivity The most Impressive gains of the year were growtil, tighit fiscal nnd monetary policies, and a * registered in the fotirthi quarter when the market Economic/Politicol Eventi weak U.S. economy. Finance Secretary Aspe began an upward trend. Share prices gained 43.1% presented the 1994 budget proposal forecasting a for the qtiarter on positive tlilrd quarter corporate Fluctuntions caused by deblate over NAFTA and 3% GNI' growth In 1994 a 5W inflation rate anid earnings announcnients wiicl vere in line with its, varius side agreeeints, environimental aninicreascinipublicsple1ndingonsocialprojects. linvestor expectations, a free trade agreement regulations, and oversight bodies, characterized betWeen Mexico, Colombia and Venezuela signud mucih of tlec market's performance In 1993, Trade Mlexico passed a law in December to furthier in October, and NAFTA's approval by tile U.S. negotiators agreed t ha t expert pancls wvould liberalize foreign investment 1in order to attract Congress in November. Increased liqtuidity hiit the oversee.. th implementation of labor and state-of-the-art technology, stimulate job creation nmarket in the last twvo monthis of 1993 following environmnntal agreeciments aid would hiave thic and increase productivity. Under the new laow NAFTA's approval wvitli December posting the autihority to withdraw trade benefits for foreigig direct Investmetit cani be made ivithiolit largest monthily gains as stock prices incrcased violations. priorgovernmentapproval if the investillent is less 17.1%, fucled by increased foreign demanid .l.han 5100 millioll In regions outside of Niexico genprated by optimiiisimi about prospects for growth InI tile veek prior to tile vole In the U.S. Conigress City, Guadalajara or Monterrey. in 1994. ott NAFTA, increased uncertainty about NAFTA's. passage pushled the peso rate to N$3.50 per doillar Mlexico, Venezuela and Colombiba concluded Neow regulatio'ns bringinig the Mlexican stock on November 10. The Batik of Mexico intervened iOnegtiatiolls otl a free trade pact t o take effect by market more liti ine with the U.S. market vere in curreincy markets to sttpport the peso and wass mid-1994. Linider tilts agreement, cLustom tariffs introduced, including stricter disclosure also an active participatnt in the seconclar) amotig the tlhree signatories wIll be lowered 10W reqUiremirents, insider trading ruiles, andc the treasury bond market. The central baiik was annually overa period of I1 years. introductioni of market makers to . improve eventually successful ItI stemmig movemllent into liquildity. A new international section was created dollars as hiighi Cetes yieldis attracted Investors The priv'atization process cOnltinlued7 wvithi the In thie Bolsa Mexicalna de Valores (B3IV) where and compensated them fron any possible curretc divestiture of several state-owned companies. In forcign debt linstrtumlenits, foreign eutilties, depredcalion slould NAFTA niot have passed. addition, the government plans to increase eniergy derivatives, and funids will be traded. In1 additioni, generating capacity over tilc next decade with the B3hV introduced an.intermediary market for NAFTA will streng(thle trade liberalizatioin private seclor participation; ownerr: of power sm7all and medlum-slied companies In fitly to reform, foreseeing the elimination of tariff and non- generating ceniters would sell electricity to the, assist smaller companies in tapping the equity tariff, barriers between the three parties to thle slate-owned cnergy agency, Comisi(6n Federal de market at reduced cosIsAListing requtremetits for agrecent over la 15-year period, The Mexican Electricidad (CFE) which in tirn iwould sucih companifes Include a miniimutm capital agricultural sector will also be liberalized over anrecistribtute thie powertoend-users. : 1994 FACTIIOOK .E.INI:1ItNC. M6IA1RKLS DATA\ BASI. 173 Mexico~ 1 993. f (currency In millions) -Markt' ) an Feb . Mar Apt May Juln Jill Auig *1p Oct Nov DvI Number of listed companies Oolsa MeN[icande Volores 198 197 192 189 lBS 158 192 lIq 192 191 189 190 Market, capitlilzation Inipesos .409,998 . 393.803 . 410,319 399,8J7 393,554 405,546 426,730 453,765 452,519 477,752 525,033 623,887 r .in U.S. dollars 132,257 127,444 132,575 129,206 126,260 129,983 136,772 145,741 145.,154 153.460 165,653 200,671 Trading value II Ipesos 10,767 7,224 .11,616 11,802 6,859 10,461 15,1 05 .17,007 13,262. 22,787 29,248 38,284 In U.S. dollars 3,473 2,338 .3,753 3,814 2,2(10 ',353 4,841 5,462 4.254 7,319 9.397 12,314 Turnover ratio 2.5 1.8 2.9 2.9 1.7 2,6 3.6 3.9 2.9 4.9 5.8 6.7 Local Index 8\VIVGeneralinludx 1,653.2 1,546.7 1,771.7 1,665.4 1,613.0 1,670.5 1,769.7. 1,905,6 1,840.7 2,020.3 2,215.7 2,602.6 Ch,ange Inlndex(1 . 60-6.4 14.5 . -3.1 .3.5 . 5.9 7.7 *3,4 .89717.5 .IFC Global Index T N'urnberol'slockcs . 74 74 74 74 . 74 . 74 .. 74 . 73 72 71. .70 69 *Shiarcof markel cap. (¶) 59.4 58.3 .63.1 . 61.6 . 61.0 60.6 60.9 61.2 59.4 60.3 60.8 62.0 41'' "Shaire of tradling v.ilue () 85.0 8.77165225.068.8 86583.2 79.3 77.0 .6. P/ERra tlo 11.9 11.3' 12.5 12.0 12.7 12.4 . 13.2 14.0 14.1. 15.4 15.9 19.4 P / BY rM1i1 1.9. 3.8 . 2.0 1.9 . 1.7 2.7 2,8 1.9 1.8 . 2.0. 2.1 2.6 x Dividand yield (() 0.7 . 0.8 0.11 0.8. .1.2 2.9 1.9 1.7 1.8 1.7 2.0 1.6 totil return.lntie'LO 2,463.6 2,330.3 2,629.9 2,506.5 2,429.8 2,503,3 2,64(1.9 2,825.4 2,743.1 3,020.5 . 3,343.4 3,909.5 .7Clinge In total retuirn indcex (() -5.5 -5.4 1 2.9 -4.7 -32 3.0 5.5 7.0 -2.9 10.1 20.7 16.9 4 .UEconomic datai Exchange ralte - 3, 1OOL ¶1C9O0 3,0950 3.0945 3.1170 . 3,1200 3.1200 3.1135 3.1175 3.1132 3.1125 3.1090 -Nvtr. Theo. base dale for I11w OMY1 General lIndex Is Nciv. 19784.07826. The bNs Liate foir t11w IFCi Meuxico index Is Dcc. 1984%100. XMexico IIirtroduiced .i new cuirrenicy, the$. maev'O. peso. effective January 1, 1993. T1w nuevo peso replaces 1l1e pesonlian excluimge ratle if I (1() pesos foir I timevo peso. .4, .4T 1994 IA%CTiICOoI EN1MRGING N.AtRrM1 D.ATA 13A~S1: 174 Mexico 1984-1993 '(currency iIh millons; end of period levels) * .Markef 1984 1955 1986 1987 1988 1989 1990 1991 1992 1993 * Number of listed c.ompanies flolsa ~klexiann de h1olres 160 157 155 .190 203 203 199 209 195 . 190 Markew calIsIos lo 423 1,418 5,497 18,416 31,978 60,514 96,472 303,271 433,313 623,887 fIn U.S. dollars 2,197 3,815 5,952 8,371 13,784 . 22,550 32,725 98,178 139,061 200,671 * Trading value. In new poscis .362 606 .2,350 21,437 1.3,027 15,421 34,575 .95,725 137,902 194,421 Iii U.S. dollars ~~~~~~2,160 2603,841 15,554 - 5,732 6,232 12,212 31,723 44,582 62,454 TI'urnover rallo 84,8 65,8 68.0 1I9.3 51.? 33.3 44.0 47.9 .37.0 36.8 * Local index BIV Coneral lidex 4,0 11.2 47,1 105.7 211,5 .418.9 628.8 1,431.5 1,759.4 2,602.6: Change ai liidex I%) 64,7 177.3 320.6 124.3 100,2 98.0 so0.1 127,6 21,8 47.9 IFC Gl6obl Index iNurMb,r of stocks 22 26 26 26 5252 54 56 66 69 Shanreof rn,.lrk cap. (q) 62.6 36.6 56.3 36.9 6.1.1i 65.5 62.5 51.6 47.5 62.0 * P/E ratto -6.7 4 ..9 3.5 8.4 10.3 *14.1 12.3 19.4 r,aV ratio - 0,? 0.6 0.6 ~~~~ ~~~~~ ~ ~~~~~~~~~~~~~~~~~0.9 .1.0 1.8 202.6. * Divldend(iyleid(& .. 4.3 6.5 . 2,6 . 3.9 3.0 *2.1 3.4 * 0.8 *1.0 1.6 Total rehirn Index .100.0 118,3 . 233.4 222.3 463.0 * 802.7 1,041.0 2,152.4 2,608.2 3,909,8 * Chang180inlllidex (5) 15.3 97.2 .4.8 108.3 73,3. 29.7 * 106.8 21.2 49.9 *EconomIc data Grorssdonieslic prodtuct (US$) 1711,30.0 177,476 129,858 140,375 174,201 199,662 242,452 286,716 .334,029 Change In consuinerprice lndex( ~ 65.5 57.7 86.2 131,8 114.2 20,0 .26.7 22.7 15.5 9.7 Exchian'se rate . 0.1926 0.3717 0.9235 2.2000). 2.3200 2.6835 *. 2.9480 3.08910 3.1160 3.1090 Exchange rate(.1vera co(period) 0.1678 0.2569 016118 1.3782 2.2726 2.4745 2,8311 3,0175 3.09.32 3.1130 Ni'h's, The base clote for lio 13MV G'eneral lide Isatvo1 of 1816,Tl00 asedMeforth IiCG rxio snlw i De 184-0. .1994 FIACTUQOK EhIER(CINC. kIAI4KErs DATA BASh: 175 Nigeria ,>'" * IFCG Nigeria Exchange Rate Average Dally Value Traded (LIS$; enid 1992=100) (Naira/LIS$) (LIS$ milillioris) 175 .. .40.0 _i1s 'I.W...,,.,...t _( A~~~~~~~~~~~ 150 01 350 0,12 125 - 50.09 30.0 *100 .sk[]06 75 i~~~~~~~~~~~~~2. .03 flH-BRu so 4 20,00,0 Mar 93 Jun 93 Sepo93 Dx 93 Mar 93 Jiun193 Seip93 DVeerI Mar 93. Jun93 Sep93 Dcc 93 e; e ~~~~~IFCC; Co. josi06tc Jj;i -- IFCG Index for market IFCG P/E Ratio : . Share of IFCG Index Markets' CapItalization Market Performance (:iid of iionitl valueo) . (ed1993; tctnI=LIS$852 billion) Nigerian share prices moved strongly higher In 10' 10. 1993, but.n rapidly depreciating naira pushed shilare prices lower in dollar terms durinig the year. .9 . . The 24 stock IFCG price lindex movedt up 52.1% In Sc:' 1_ i^;Amrc i Sseilii naira terims in 1993, btit fell 18.2% in dollars based oni the (formerly legal) Parallel exchang il:^i0; 8 i iSi s i,L a: . _ , 1[1 3 ratc. The local NSE Generall idex gaIned 38.6% In HT .0-llil ID|ID| |MI .I I I | N w il^ W naira dLuriig the period while ducliniig 25.1% in 7 H .l dollar9 I V ~ U Jj. LH : ENISA 5-r Eitu s . Nigeria's cquity market exhibited a vcry low level 62 Ma9 J9 Sp Dn of activity tlhroughiout 1993, althloughl total share volumie reflected a significant Increase over 1992 levels. Average montlhly trading activity In 1993 wai lbout $0.9 million, a slight decrease from the $1.1 miililon averaged a year earlier, Average i;monitlyl), volumes, hoyever, improved froni 8.5 .illimoi shares in 1992 to 15.5 miillion shares in ' . . : - ,. . 1993. A1994 ICTUOok . I.MI;IlGINAG N'lARNuTS AT1A lL1sE 176 ,., 94. E!IA U ,M'.RK. .. The number of companies listed on the exchange for tec year was expected to be over 60% for 1993 ; increased, from 153 to 174 durinig 1993. Neiv afterclimbing48.8%in1992. listinigs along wvith hlghor prices combined to increase total market capitalization from 26.245 Nigeria's external debt service arrears incrcased billion nalra at the end of 1992 to 41.168 billion to more than $5 billion In 1993. The coun1try has * naira at the etnd of 1993. In dollar terms, total nearly $30 billion in externlal debt which it lias nmarket capitalization declined from $1.22 bililoni not serviced since September 1992. Wlhile arrears to $1.03 billion due to a fall in the value of the have risen, exchange reserves have decilned, nalra, faliling from $4.1 billion in 1991 to $972 million at the end of October 1993. At the end of 1993 excliange reserves had declined to less than one montl's ilmlports. Economlc/Political Events Political turmoil affected Nigeria throughout 1993 as the result of several chalinges ini leadership and * an annulled presiden.,al electioni At the start of 1993 It was expected that presidential elections vould be hield during June and that a democratically elected civilian government would *asstime ftill control from the milltary's President Ibriham Babangida in lnte August. The June 12 vote went as scheduled aind was fair and free accorditig to most outside observers. Chief -fMoshood Abiola of thec Social Denmocratic Party wvas the apparent victor In the clections, but the elections were quickly annulled by Presidenit ; Babangida. On August 26, President Babangida officially resigned from the presidency and retired from the n military. Followving hlIs resignatlon an interim ' government headed by Chlief Enniest Shoiekan was installed and fresh clections were sciwdilod ; for February 1994. Chief Shonekan resigned uinider pressure il Novemiiber and was succeeded by General Abacha, the defense minister and head of the armed forcms. President Abilcha quickly moved to dissolve the Iiterimi government and to suspenid all futtire clectinis, At the cnd of tili year the goverinnwieint was headed by Presidenit Abachn and an cleveon mcmber Provisional Rullng Coun.cil. * Preliminiary estlimates liidIcate that real GDP grc6v 2.9% in 1993 as compared to a 411% growth rnte estinmated by thc central bank for 1992. Inflation 1994 FACTUIOOK I -ME:gcNG Nl,tRKwrS DATA BASE I77 Nigeria 1993 (t,;'r'',' 'currency in millions) Mark' in Feb Ma r Apr Nlay jlun Juit Aug Scp Oct Nov as Nurnber of lilsted comprnifs :.';: . ; zb Nigeri;an Stock ENcitangeC 155 156 159 1(iO 160 163. 1 64 166 168 172 172 1774 Market capItalzatlaon In iairn 27,417 27,430 27,901 28,255 27,691 29,965 29,989 30,160 30,407 33,713 37,599 41,168 In U.S dollars 1,337 946 872 . 345 1,108 1,199 1,200 1,206 1,014 963 1,074 1,029 Trading value In 'nalra 58 31 26 26 19 18 13 11 19 14 20 32 In U.S, dollars 3 I I I I1 0 1 0 I Turnovcrrallo . 0,2 0,1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.3. 0.0 . 0.1 Local Index NSE Gonar I itdoex 1,113.4 1,119S . 1,1313. 1,117.3 1,186.7 1,187.5 1,150.8 1,195.5 1,217.3 1,310.9 1,414.5 1,543.8 CIia!ige In Index M) 0,5. 0.6 1,0. 1.4 3.4 U.1 .0.6 1.2 1.8 7.7 7.9 9.1 ., S 0 IFC Global Indox Numiiberof stocks 24 24 24 24 24 24 24 24 24 24 24 24 Share of ni,rkel c.(i) . 64.7 65.1 64.4 64.; 69.2 65.1 64.8 65.2 66.7 65.2 63.4 65.3 s* sharcortrading la3iuea% 33.9 39.3 69.6 53,3 55.8 49.6 46,3 46.5 52.8 36.6 49.1 34.1 P/E.ralln 9.0 9,0 9.1 9,2 6..4 6. 3 6.3 6.4 7.0 7.4. 8.4 P/BYVratio . .7 1.7 1,7 1,7 '1, 3.4 1,4 1.4 1.4 . 1.5 1.6 I.8 Divk3eiid yicltI (.) 5.1 5.0 5.0 6.3 7,3 8.8 9,2 9.2 8,7 8,4 7.7 6.9 Toal reMtiri Index, 70.0 50.0 45.7 72,0 64.3 66.9 . 66.8 67.9 3577 53,9 58.5 57.0 Chinngn Int3olreturnindoxM3ci5 . 8,7 -28,6 *8.8 57.6 -10.6 4.0 .0.1 1.6 -15.1 -6.5 8.4 -2.6 Economic data sh,: . Exclhnge rito 20.5000 29.0000 32,)000 21.0000 25.000n 25,0000 25.0000 25.0000 30.0010 35.0000 .35.oe000 40.0000 NNiek Tle base %Into for tlio NSF. Coneral Index Is 1984.100. The base dato for Ihe IFCG N3igrla Indox hi Dec. 19&3B I3J(, 1994 3FACTROlK NI )tIK37Ts D BASEi 178 Nigeria 1.984-1 1993 (currency In millions; end of period levels) Market 1954 ~~~~~~~~~~~~~~~1985 1955 1957 .1958 1989 1990 1991 1992 1993 Number of IliMed companies *Nlgcrlan11StockHExchange 93 96 99 1o0 102 III 131 142 153 .174 InMalrk 2,579 2,742 3,685 4,032 5,089 74911,935 154526,246 41,165 *In U.S. diollars 3,191 2,743 1,112 974 960 1,005 1,372 . 1,852 1,221 1,029 Trading value In nalr . 1 3 1 3 22 .27 24 28 88 9 1 235 286 InLL9. dollars 16 IS5 1 6 7 5 4 1 I 9 1 4 1 0 Turrnavicr ratio 0.5 .0.5 0.7 . 0.7. O'5 0.4 0.9 0.6 1.0 1.5 Local index N5flGenerallIndcn' 100.0 128.3 163,4 190.9 21336 325.3 513.5 784.0 1,107.6 1,543.8 ChmangeInlIndex(l . M532. 16.8 . 22.4 39.3 57.') 52.6 41.3 .10.0 IFC Global Index Num.berofstocks . I is151 IS I 22 24 24 24 Shiare or marketecip.(% 45.9 54.6 54.1 51.6 52.8 55.9 71.7 69.0 65.3 65.3 P/E.ratlo. . .- .5.1 .4.5 5.6 6,5 6.0 10.6 9.0 8.4 *P/UOVra Ito .--2.6 2,6 3.2 .* 1. 1.3 1.6 1.7 1,5 Dividend yield(¶U 9,0 6,9 4,1 9.0 7.3 12.0 .6.8 5.1 6.9 TuaIaIr,lhrn tidex. 100.0 105.0 45.4 39,4 42.2 51.1 71.5 99.0 64.4 57.0 C1115CIin iindux(q1 5,0 -56.7 -13.2 .7.0 21.1 40.5 37.8 -314.9 *11.6 Economic dale G ross toniestlc prcxluict(USS) .93,025 90,228 59,110 28,755 30,503 27,918 * 32,815 * 29,061 *26,369 Chinng In canstuhier pricelIndex M1 40.0 5.4 5.7 11.3 54.5 ** *50.5 *7.4 13.0 44.6 86.1 ENchiange riate,.* 0.5083 *0,9996 *3.3165 4.14131 * .. 000 7.4500 *8.7000 9. Simi 21.51000 40.0000 ExchIange rawe (verage of eid 0,7665 0.5935 1 .3454 * 3.5455 4.4900 7.1959 7.9425 9,929517242823 Malt; The base dale for the NSE General lindex Is 1984=100. Theo base date for tlhe IrCC Nigeria index Is DL'c. 1984=100. 1994 FAcTIscok UWIi~IclNc NlIuVIAR Ts DA'TA BASr. 179 ..Pakistan IFCG Pakistan Exchange Rate Average Daily Value Traded (LIS$; vied 19924100) (RilpesA/LlS$) (US$ mlilios) t~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~2 -, .... 10 ; ; FCC Composite15 ,A. 1259 25.0 6Ws .; - IFCG hidexformarivet :~~~~~~~~~~~~~~~'. I .100. .270 . 50: ;'; ' ' ' - U. s.-i« 7 - 26t0 *E.c! S 50 - ,;;0 0a..rnsldteya vtl latygissiht F * Mar 93 Junpt93 Sep)93 Dec 93 Mar 93 Jimn93 Solt 93 Dec 93 Mar 93 Jimn 93 S93 Div 93 TFCC; Cbmposite IFCG indexf :r market IFCG PIE Ratio Share of IFCG Index Markets' Capitalization Market Performance 27'K 4i,'d of tilAsdlvit valueese) (ehd-1993; loIgNUS$52 bitliont) ,<>;+ n _ :, _ X.\ NvShare prices on the Karai Stack Ehiange (KSE) r*~* - 20 - - _ f 1l Et inhedtre yea y er with healthy gains, with the IFC -beup 94mo . - . Other ~~~~~~~~~~~~~~~~~~~~~~~~~~~trisrindtneICIivs, t9 . tf 0 M X25 . 30% 3 M stet wrs depressed during the first few mionitls o h er ihii dismissal of Mvr. Nawaz Shdref'sgovernment in April. amidst t; i a . . investorst concern overthe tgoverment's tiolit to H . . ~~~~~~~~~~~~~~~~~~~~~~~~~~~~carry out pro-buisiniess reformsir. Sentiment I'akistan . improved in Maty oni reassurance fronii then. 15 *~~~~~~~~~ * . F~~~5. ,g inance, Minister Leghari of the governmnt'ns pro- I Mar93 Jun93 Sep93 Dec93 Asia . ~~~~~~~~~~~~~~~businiess lintenitionis. The miarket wvas also soq ~~~~~~~~heartened by a favorable budtget anniounlcemniit in Jun, ad renewed Initerest from foreign portfolio Investors, Two suiccessive ruipee devaluations in JJly of 3% and 6% wvere wvell received by investors, and lhelped pushi prices higher. 1994 FACTuooK ENB IiNGm MARKAETs DATA BASE 180 The market reacted favorably to 'lie appointmenit the decisioni in coulrt and won, and was reinstated deslred effect of boosting exports, particularly of Nr. Moeen Qureshl as interim Prime Mlinister In as prime 'minister. However, In July, Mr..Sharif textiles for Which Pakistan faces' stiff competition July, anticipatinig sound economic policies and new stepped down from lis post under pressure from from both India and China. By the end of 1993 loans from Internatioial lenders Mtarket mood opposition parties and the military. Presidenit reserves had Increased to over $800 million from slackened in August as Investors took profits. The GClulan Ishaq Khan also resignied paving the way less than $200 million only five nionths earlier. last four monthis of 1993 saw steep gains in stock for a caretaker governm11ent to be formed under the prices spurtred by good corporate results, heavy leadership of Mir. Mocen Qurcshi as primei in September thie IMFapproveda one-yearstandby local and foreign Institutional buying, and the minister, Electionls wvere held in October in wvhich loan of $377 million. It wvas generally expected election of Prime Mlinister Benazir Bhutto In Pakistan's former primiie miinister Ms. Benazir that loniger-term loans Would beapproved solrtly * October. Iinvestors wvere optimistic that Blhutto's Blhutto von by a narrowi margin. Withlout a clear thereafter. However, 'at the end of November after election marked an end to the political uncertainty majority but Vithl the endorsemenit of several other Ms. Bhutto formed her government the IMF of the previous fev months, and were coifideit in parties, Ms. Bhutto formed hier coalition annotiniced it would hiold off its loan approval the Prime hlinister's. ability to improve the governmentand became primemiinister. decision uitil February 1994. Ms. Blutto endorsed 'econom: and make Pakistan more visible in the nmost of Mr. Qureshi's reform measures when they International arenia. This chain of eveints threw the country into vere first initroduced, and is in the rocess of ;iuncertailnty wvile political analysts remained devising processes for their successful The textile sector, which comprises about one- skeptical wlhethor the dismissal or the elections !mplementation. third of the total stocks listed on thie KSE, suffered - vhicih failed to produce a clear majority wvould lheavy losses in the first half of 1993 due to poor solve any of Pakistan's political problems. The cotton yields cauised by floods In '1992. Textiles Sliarif administration was the second elected saw steep gains later in the year steminig iniitially government to be dismissed by the President in less from devaluatlon of the rupee and later in the year than three years. Thcse events also prodtuced a frohi inivestor optimiismii over a likely boost In lack of' continuilty in economic policy which exports and profits due to a sharp fall In the ptice analysts felt was likely to adversely affect of domestic cotton. The textile sector wvas also Pakistan's reputation initeri ationially. bousted by, expectations of. a satisfactory cotton ; yield for 1993. Other. sectors thlat were popular 1993 wvas a trying year in economic terms as ivell. vithi, investors during, the bull run were Wlille the ecoinomily grev at only 3% in 1992, It Is pharmaceuticals, fuel, energy and chiemicals, Total targeted, by the IMvPF to grow at 6% in. eachi of the market capitalization on the KSE increased froni next thrce years beginniing with 1,993, The econonmy * $8 billon at the: end of 1992 to $11.6 billion In faced a majorcrisis'at the time of tIle annu:l budget. .,1993. Total trading value almost doLubled from aninounicemiient In Jun1e dlue to an ever-increasing $980 millioni in 1992 to $1.8 billion in 1993. deficit and a severe drain on* foreigni exchanige reserves caused by plummeting exports. It was widely felt that the economic mismaliagement of thle Sharif administration had left the budget with a Economic/Pt. tical Events . deficit ofapproximately $3.5 bililon, for the fiscal year ended juLne 1993, equilvalent to 7.5% of GDP, Pakistan experienced a considerable degree of The caretaker administration under Mir. Qureslii: political uncertainty in 1993. The first major put aocomprehiensive refonrm package inito place political event of th.e year occurred in April wvitlh aimed alt lowvering the deficit by. Increasing the dismissal of Mr. Navaz Sliarif as primia government reveniues tlhroughi raised tariffs and . .minister by Presidenit Ghulam Isliaq' Khan, on . taxes, more effective tax collectioni, and curtailing charges of corruption, mishandling of funds and government expenditures, Qureshi also devalued economic mismanagement. Mir. Sharif challenged thie rupee by over 9%. TIlhe devaluntion0 had the 1994 FACTUOOK. ENlIiHINC MARKETS DATA BASE 181 ; .0 i, 7~~~~~~~~~~~~ -.;:Pakistan (currency In millions) Mn, kel F. a eb Ma r ArMyJun ulAug Sep c Nov Dc * Number of listed co"mpanies. KaIacI Stac Exchauingu Ltd. 634 . 637 .64.0 646 647. 652 . 62526447652 653 Market capliallzatlon IniUS. dlas -210,722 197,167 390,988 182,680 198,254 191,320 231,664 218,895 *.2691 1571 279,195. 347,819 8,168 *. 754 7,199 6,875 . 7,417 7,078 7,500 7,358- 7,622 8,553 9,322 11,602. Tradinig value * -In rupec 2,456 2,083 +1,163 2,163 3,078 3.314 4,637 4,030 . 2,567 6,353 10,764 8,971 * In US. dollars* 95 80 44 81I 115 123 156 .135 . 6 212 359 299 Ttirnover ratio 11.2 1.0 0. 1.2 1,6 1.7, 2.2 1.8 1.1 . 2.6. 4.0 2.9 L,ocal Index SBP Index' 166.0 186.0 151.5 145.9 153.6 361.7 170.1 160.8 164.2 184.0 195.3 234.2 * Chicnge.nlIndex() . 0.0 .12.1 -18.5 -3.7 . 5.3 - .3 . . 5.2 -.5, 2.1 . 12.0 6.2 19.9 IFC Global Index: ~~-,..Nurnberofistocks, 64 - 64- 64. 64: 64 64 64 64 64 64 64 -64 Shar ofnmarket cap..(t 61.8 .63.1 64.0 65.2 .63.6 72.0 65.3 65.3 656.767.9 68.5 *..Shar oftridIng vnlueC(%) 63.4 75.0 69.8 .73.2 - 682' 71.5 72.3.. 77.1 73.8 . 65.1 60.6 70.0 P/Eratlo .18.9 .17.9 18.0 17.3'. 17.1 17.7 19.2 1. 1. - 2. 22.1 2. I'/BV ratio ~~~~ ~~~2.6: 2.5 2.5 2.4 : 2.5 2.7 . 29. 2. 7 - 2.5 3.2 3.4 4.2 .Divldendyleld() 1i9 2.0 1.9 2.1 2.0. 2.4 2.2 - 2.2 2.5 2.1 1.9 1.5 Total rettiri lInddx* 453.5 127.3. 413.3 403.3 424.4- 466.2 . 16.4- 434,5 449.8 -. 512.1 565.2 710.5 Chainge hii total return Index () -0.3 . .8 3.3 -2.4 5.2 9.8' -1.3 -5.6 .3.5 13.8 10.4 25.8 * Economic data Exdiange rate . 25.8000 26.1000 26.5300 ..26.5700 26.7300 27.0300 29.7000 29.7500 . 29.7800 29.9000 29.9500 29.9800 V~ Ntolt. The base dat thfo Ile SOP Index Is 1990-1991 I100- The base d fothL,ICG 1kstn idx Is Dec. 1984=100. -~~~:~~~~",:1994,FxCTBOOK ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ - EM, IERGIN NIARKETS DATA BASE 182 Pakistan (currency In'millions; end of period level.s).. * .Market .-1.984 19955 1956: 1957 1985 1959 .1990 1991 1992 1993 Number of listed companies Karachi Stuck Exchange Ltd. .347 362 351 379 404 440 .457 52 628 653 market capItalIzatIon in rupes, 18,534 21,900* 29,491 34,30450852071,00 180,222 204,723 . 347,829 In U.S. dollars -1,226 1,370 1,710 1,960 - 2,460 2,457 .2,850 7,326 5,028 11,602 Trading value In rupees . 2,523 3,757, 7 2,553 ~~~~~~ ~~~~~2,813 . 3J151I 3,1 4,979 .15,232 24,435 51,579 in U.S.dollnrs 150. 236 -5 IS 62 :177 193 . 231 .620 9801,4 * Turnover ratio 14.5' 18.4 10.0 .8.81 8.0 5.0 . 8.7 ., 12.6 . 12.7 . 18.7 Locai Index. SOP Index' 165.3 166.5 199.9 -2, 262.7 277.3 308.5- 715.2 .164.4 234.2 0~ChangeIn index (V) 13.5 -3.1 20.1 14.3 15.0 5.5 11.3 132.8 -77.1 42.4 IFC Global "Index Numnierofstocks 52 j52 52 51 50 50. 49. , 558 64 .'.Sltare of niarket1cnp.C¶%) . 490.6 42.6 35.0' ,32L9 33.3 31.0 33.4 53.6 47.0 68.5 PIE ratio - .. 6,8 7.6 A 7.4 8.0 7.0 23.92197. .. P/BY ratio - ,-1.3 1.2 1.3 1.3 3.1 2.5 4.2 bDivIden yeield (V.) .* -67 5.2: § 6.5 .. . . . . 2.5' 1.5 TotialreturiilIndaix'. 100.0 118.3 .142,9. 152,4. 173.4 18.4.5 .205.0 578455.1 .710.8 Charge In Index CV6) . - - ~~~~~18.3 - 20,8 - 6,7 13.8 6,4.421.121 -18.4 . 5. Economic data .., . 2933,66-4.7 1594,0 Gdross ddrnestlc product (U15$) 29,887 29,6421 30,907 390376637,977, 001 .594,0 ChiangetIn caistrner priL ene()V10.1 5.6',3547 - -88 - 78 9,1 - 189.5 - 94 Exkchange rat . 15.3600 15.9500 17.2500 1750 ..1.00 - 21.25.00 - 217200 - 24.6000 25002990 Exchange rite(nivera&eoflperlod) 14.0463 .15,9254 16.6480 17.3990 ,- 17.9594 * 20,2685 * 21.5232 -.24.57,50 *24.9436 *27.9756 NvW: ,The eBr Index was reformed.!and.rqba!sed to 1990.1991-100 effective Junie 30, 1992. The base data for the I FCG Pnklstani Index is Dec. 1984-100. :1994 FACTIjOOK - ' EN1rRcGiNG.c MARKETS DATA IBASE 183 Peru v-; FOG Peru Exchanige Rote 'Average Daily.Value Traded ;~.:(US$: ,end 1992=1 00) .(SokseS$) . (LIS$ JIIIIIiOIJs) '175 2.20 12 r" 5iO 2.10 10 6 -~~~~~~~1' ~~~~~~~~~~ ~~~~~~~~~1.80 2-i~ 50 Ma167. c' 77>. ~ ~ ar93 ftrPJ 9 Sep 93 Dec 93 r . Mar 93 l'inn 93 Sepi93' Decc93 Mar 93 Jin 93 Sep 93 .Dec 93 * IFC Composite -I1CG liidex for mairket !IF~CG PIE Ratio ...Share iof IFCG Index Mdukets' CapItalIzatIon Maiket Performance * ~~~~~~ ~~~~o , . . i:I ~~~~~~~~~~~~~~~~Perui's stock miarket wvas the fourth best performer In LatiVAnmerica during 1993, posting again of 45 . . Other 0.3%. ~~~~~~~~~~~~~~~~~~~~34.9% In dollar terms for the year according to the Latin ~~~~~~~~~IFC Global price index. The Bal1sa's IGBVL was 40 AIIILTICi Sou~~~~~~~~~~~~~~~~~xthtl Asia l ip 149.5% In local currency terms. 35 30% ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~The Market pasted a slighit loss in thte first quparter- 30 .** ~~~~~~~~~~~~~ . . o~~~~~~~~f 1993, idth the IFCG dowvn 3.3%. During the PNIE~~~~~~~~~ A~~econ'd quairter, the makrket wvent up 2.2% as mining Mar . 'W Y~~~~~~~~~~FNE shagr'es lincre'ased in value and contiinued to 20 93 Jut: 93 . ~~~~~~~~~~~~~30~ in gold and silver, -prices. Foreigni investors, Sepua Dec n~~~~~~~~~~~~ ~ ~~~ccoimnted fr70% cfdiystock transactions *idurinig thiis period. roreigtn inivestment In Peruvian eqLtities totaled $1; billion during 1993 of whiich UJ.S. jitwestors accounted for $635.9 million.. Restructuring of Pernt's external debt w i~'scrded outithtrouigh theo Paris Cluib in May.* ~' 1994FA&TDOOK * .ENnuIc-RiNaMARKETs DATA BIAS.E .184 *.Sokprices tincreased- 21% diuring h hr The Goverlnmenit continiued It's efforts to reduce purchased Aeroperil for $54 million In January. quarter as Congress.approved the text of a new hinflatin aud h fiscal deficit. Annualin. inflationi Cerro .Verdr, Petrolera Transaceanica, and the constituitionii Il AuguLst; a referendumin oni the new .for' 1993 wals appro'ximately 40%. Econiomic . Boli'vian.branch of Banco Popular del Peril were constitto a asdbyvtr nOtbr growth results announced In December shiowed 6% . also sold. Petroperil Is an thle block for 1994. To *l Imotxt prvsoso*tenwcnttuinCI rwhoe h ist1 otso 19,wt elp in. this sale, Peru's hydrocarbons law has * ., i~ncIlude allowing consecui tivq terins' for the GDP' growth for the wyhole of 1993 likely to be 7%.'' been revised to give equal treatment to foreign and *president, 'and implemenitatio'n of the death penalty. Growvth resulted from several indusitries whiich domiestic companies 'and to* allow for private The market lost 17.8%. in November duie largely.to performed with greater dynamism in 1993 thaln in' own~ership of oil and gas sectors. Centromin PerO, highlvaluatilon ratios fromi thilrd quiarter f1inacial. 1992, lincluding cemenit produicers, brewving, tire Compafifa Peruana de *Teldfonos, Entel, resuilts and dule to the constitutional referenduim's n. anuifactuirinig, anid'climicals. Agricultural. sector . Electrolima and Electroperil are, awaiting narrow miargini of victory. Prices soared In ouitpult is expected .to rise 6% fin 1993 despite approval front Congress to use PerWfs external debt December with . the IPCG uip 31 % oni foreignt se~vere drouights duiring the first qu"arte'r sinice .. paper for debt-equity swvaps. interest.and good growthl expectations for 1994, wveathler conlditionis Improved over the rest of tlhe atiict enided the quarter wvithi a galin of 13%. Average .'year.t daily value traded duirins the quarter was $12.53 millionl, ., The currenit adniniisteatIon hlas been successfuil in Its efforts to increase tax' "rveiiue by extenidinig the Food company 'La Pabril raised $26.9. 'mlilloion. tax base anid Incorpoaigteifra etrit thirouigh ani Intetnatiomal private shiare offerinig In the tax struicture. Taixes oni assets put pressure on .1993,' thle first Peruvian conmpaniy to,sell shiares In compinies anid resuilted In thleir reporting larger * ~~~Internationial markets via rule :144A, This was losses. also thie largest trantsactionh ever oni the Linma Stock :7.Exchange. .Perui's 1994 buidget goals iniclttde 4.5% GCDP growth, a 25% Inflation .rate, 2.8% annuital depreciation of the cuirrenicy, tax revenutes at 8.83% of CDP, anid a trade deficit of $359.niiiilion. Thie * E~~~conomlc/PolItIcal Events .Adnitnistradoras de' Foidos' d'e Pensi6n were * . . . . au~~~~~~~~~~~thoicrized to stadt operations in.junb' 1993 and as Perut's poresidenit hais acted as an amnbassador. of enld*October,, thle total 'aniutmngd ~by ,promoting bilat'ral etanormic aiid financial aid private pension fuinds exceeded $16 millioni. a. greemients, Goveraniients thait suispended all aid to Perui In'1992.after President.Fujimori's couip d'dtat; The financ minister epresdoptirniism for thle ,reversed 'their decislion this year.: Germnany coniclusion of a. Brady plani deal by mild-1994 to reestablished aiid to Perit tin responise to positive restructure Peru's.external debt, nfter meetinig with .'steps takeni by thte cuirrent' administration oni a commiittee of commercial cretIX.iw h New York. * hum~iLtiani rights.: The Jappianee governiment Issuied a Baniks are willling to swap .i:-z :r equity in Credit linie to finance.exports fromi Perui to Japan. A . Peruvihn comipaniesi Internlational comminercial. .lfineof credit was also extended by the Korean banks agreed.to withdicirw N4 lawsuits againist thle gov&ner n it. A free! trade gone fou' Korean ' Peruvian 'government., as long as the cuirrant companies in Peru hanving access to port facilities ' dnilnistraltlon rccognizes thle Chemical Bank loaniP will 'nableproducio jfrom thIls zone. to be . v tyich wvas ruled. fraludtflent by' the' Peruvian exported to differenit cotinltries liiiLatin Anierica.. Conigress in 19.85.' .Thlinternational commnintity rati fied Its suipport of Pre idealPutjimiori as theb Inter Amierican ' Oni the privatization fronit, the governmniit hias Develophmient Banik approved loans to' Peru for.the sold moire thann 13. companifes 'sinice the * :~~. 1993-.1994 perii,od. ' rivatization 'prograin first started. Ae'ronm6xico 1994 PACTUOOK EMERGiItNG4 MARKETs DATA BASE 1B5 F Pe3ru 1993 / 4(currency, In millions) Market j~~ ~ ~~~~An Feb MNiar Apr May Jun, Jul Aug Sep OtNov DrI *Number of listed companies 7$folsdde Vaiawrs deLima 248 234 .230 1 229 225 231 237 235 . 235 , 233 233 233 n Markt0apitalzelon5,074 5,111 5224: 6,455 6,938 5,1945921031,36093 In U.S. dollars 2,342 2,5273 2,635 2,645 3,212. 3,401 393 . 4,169 4,533 4,579 5,113. Trading value16 In Muevos soles 5886 195 137 -142 219 18B8 352 450 478 422 468 ?7 .In U.S. doillrs .51. 89 106 71 .72 109 -92 185 210 222 194 218y TurnoVer'ratio 2.1 3 8 4,2 2,7 2,8t 3.5. 2.8 5,0 5.3 .4.9 4. 1 4.5 Local index ~ ~ ~ ~33.6 . 01 487,9 496.7 :510.6 619.6 710,11 533,1 580.0 1,059.3 532.3 930.5 *.Changi,InlIndex(4%) *11,3 2511.5 2.8 21.3 14.6 17.6 5.4 20.4 -21.4 ~ 11.8 IFO Global indeix ~~':Numberabfataicks 18 18 Is I18 18 15s1 18 isis it i8 it ~"~ Siinre ofmnrket cop.(. 62.6 63.5 62.0 7 58.7 55.4 53.6 51.9 51.0 49,9 48.7 42.3 '46.0 'K.~%` ShareOf trading value( ~ 79.0 . 77.0 5810: 61.6 55.7 69.6 .61.1 67.3. . 60.5 49.1 55.5 52.9 r' rP/E ratio . ~ 22,9 25,1 28,5 27.4 26.5 22,4 . 23.3 .~.32.7 34,9 . 39.7 ,,36.6 44.0 .,P/BY rtio . 2.4 2.6 3.0 2 2, 2,7 2,9 .3. 3.2 3.4 3.9 3.0O 3.6 Dividend yield (W. -. ---1.3 o.s ;:TotIl return inidex *85.0 88.8 95.0 90.0 85.4 100.4 -102.9 118.2 121.3 137.3 113.0 137.2 ChanucIn tutalIrclurnitndexC% -25.0 4.4 10.4 *58.i -5.2 17.5 2,8 14,58 2.7. 13.1 -17.7 .21.4. 7 Economic data .. . Exchange r,ite i 1.7100 1.8000 1.5700 1.9400 1.9750 . 2.010.0 .2.0400 2.0600 2.1400 2.1500 2.1700 2.1500 Ne.hbas#idnte for 11w IGBYLlisDcc. 1991=100.Tue bise date'for thieIFCGPeru insdexIs Dec. 1992.100, 194 l'AcTBooK -, EMERGING M'VARKETs DATA BASE .186 It * ~Peru, 1984-1993 (currency in millions; end of period levels) Market 1984 1955 1986 1987. 1988 2989 1901991 .1992 1993 **. Number of llised companies Ilolsade Valores deLlUna 157 259 . 177 17236 256 294' 298 287 233 *Market capitalactIon I~nileiDi so1os 6.0023 .0.0106 .0.0324 0.0274 -... 5 439 1,a90o 4,300 10,993 In U.S. Whilrs 397 760 2,322 831 .-931. 522 1,118 2,630 5,713 Trading value. Insoles . 0.0002 0.0004 0.0033 0,0051 . 0.0073 .0.2935 25 104 519 3,332 *In U.S. dollars 28 38 239 .30.1 57 90 99 130 417 1,672 *TuiTnover ratlo 3.0 6.5 ..15.5 t7.0 - 1..361.343.8 .Local Index. IGDVL4 0.00003460 0.00027351 0.00099780 0.0009426 0.0085809 0,3362008 25.76381 100.0 372.9 930.5 ChtangeInlindex() .,. . ...-. 691.3 264.4 -5,5 759,9 3,817.9 7,544.3 258.2 273.0 149.5 *IFC Giabal Index .... / ..-2.1 *N:imbcr of stocks. ... . ..-4776. maar f irket cap. (%) . P/H ratio . . - . - - ..* . . ~~~~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~25.9 44.0 P/ISV ratio - .* . - . - . - *. - . ~~~~~~~~~~~~~~~~~~~~~~~~~~~2.7 3.6 Dividend yield (IA). ..-. . .-.. .. --05 Total retuirn Index . 1 00.0 137.2 Economicat Gross domestic produict (S)19,8SB. 16,955 26,143 4-1,224 43,739 . 40,942 36,184 413.778 .j. 4,27. Chagein cosil rccIdxi)10.2 163.4 . 79 . 85.8 667.0 3,398.7 7,481.7 . 409.5. 73.5 4. Exchiange rate 0,0000057 n.0000139 0.0000139 ~0.0000330 0.0,065000. 0.0053 Q54 00 *.0.9.750 '116350 *2.1500 xchiaiige rate (average oflperl(d) 0.0000033 . 0.000011 *O 0.0000139 0.00.00168 0.0001255 0.0032 *0.2540 0.8042 * 1.2458 1.9921 NOle: lhe base date for the IOBVL Is Dcc, 1991 I IOU. The basge date for Ilia IFCG Pleri lIndex Is Dec. 1992- 300. ~~2 ¶994 FACTIIOOIZ 4 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ E~~~1icn.~~~~~~c MAaKrrs DATA BASE ¶87IN MRx-T DAA ,%E 18 .~Phlippines IFCG Philippines Exchange Rate Average Daily Value Traded (L[15$; enld 1992 =160) (Peo/IS LIS$ yvillions) . 8M, 2o0 30.0 so7 ~~'225 - ~~~~~~~29.0. 7.0 20 2. 60 28.0~~~~~~~~~~~~~5 175. K' fl ~~~~~~~~~~~~~~~~~~~~~70-40 * 150 liiiT 30 ,tr~~t~ 9~ 26.0 lii _125 u93 Sp3 e93li 20 . 100 1 0 5.0jil 5 75 ,4~Mir93 lt4<9 Sep 9 ,,.. c%%;. 243 Mal-93 l. jun93 .Set)93 Dec 93 Mar 93 Jiunt93 Sep 93 Dec 93 t IFCC Conmposite lI9G index for market... MW I FOG PIE Ratio,~ Share of IFCOG Inde Markets' Capitalization Market Performance. (end of wonth value) (end4 993: icta1=L15$852 bilJliohi) Thte Philippitie stock market wvas the best - . ~~~~~~~~~~~~~~~~~~~defying sk eptics who assessed its potential based 33 - ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~ on the many.challenges faced by the Phiilippine 44Q . .~~ . . ijtin. ~ ~ .. ... *~~ perfonner among all Ailan markets in 1993,i 30 ~ ~ ~ ~~~~~~~~Vecoinomy. Amiple liquidity supported by better- 30.- ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~Sb 1 thaln-expected econioniic growvth in the second and 25 m irn ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~thilrd quarters led the market to ispeoenal . - .; ~~~~performni-tce in 1993. 20 2MEA ~ After a moderate gain of 9% in 1992, ,the Mvanila ~~ 15 **. ., Otlwr East PhIIJppInc~~~~~~~~~~~ Stock Exchainge (MSE) Composite Index surged Mar93 Jun93 .. Sep93 * Dec93 . AsIn 2.5% ~~~~~~~~~~~~~~~154% in 1993, reaching a record high of 3,196. The 28%. .MSE Comnertclil/induistrial Index climbed 167% . ~~~~~~~~~~~~~~~~~~~~~~~~for thte. year, while 'the MSE Mvining index rose I . * *** ~~~~~~~~~~~~~~~~~~~~~~~~~~163%o. T~he MS!!. oil sector stocks rallied in.the first quairterbutitsubsequent disappointrmelits on a. nwdrillinig'project as Well as, a lack of newv developents fromn oil fields hield the sWtor to a 7% gain for thte yeair. 1994 UtP FACUrooK EMIERGING MARKEtTs DATA BASE. 181 Thte IFCI anid JPCG Phillippinie price Indexes rose Th aiSakEcAng auoaed Istaing sytm Thsaton was fallowved by a reduction in 152% and 132%/ respectively In 1993 in dollar, systemi In January 1993 after 5yaso the rediscount ra te rm1.%t .%i uyh terms.The~ ~ ~ ~ ~ ~~~~~~ 6 difrnei eun ewe h FIoeration, hivlie the Makati Stock Exchiange began' volume'.of weekly T-bill offerings as *anid IFCG indexes reflects active participation' by uising anl atoitoated trading system In June. Shliftinig significantly decreased in line with the (foeignl Investors In the Philippine miarket as well from,i the original plani of a plhysical mierger, the governmient's attempt.to iconrlbdedfits n diferet weghts orPLT shres n eah [index local SEC anid twvoaxc.l age memibers agreed on a However,, Wieak. loan demnan'd pushied market: At the end of 1993, PLOT shalres comiprised 36% of fuinctional mnerger via comiputer systems which svlll Interest. actes dowvn to a five-year low of 11% in* *thle IPCI Philippinie index, and 18% of the. IFCG enable.trAders to'matchi orders and generaite a June, edn banstln'texssfdsiohr *Phiflipp[ines Index. single pdIco oni every issue, anid In turni, eliminate nvestrments inordler toraiserevenues, such as the. arbitrage traidinig betwe en thie exchages Infreign exchange market, wvhich resulted in a high *The miarket's liquidity-driven rally began in Augtist1 memibers of thle Philippine Stack Exchange volatility of the peso.:.The peso depredated to P30 Janulary 1993 after several mouths of bear ruin. (['SE) agroeed oni newv locations for the PSE's futuire per dollar during the thiird quarter to end the year Mairket liquidlity conitiniued to incrLease thirouighout operationts, The PS5's cenitral depositary- and at P28.5 per dollar. 1993 on weak credit demanid In a sluggishi ecoinomy clearinig h1ouSeS Will be liocated In thie Ayala site of anid lower bank re'serve requiiremients that '*k the Makati Stick~ Exchh n'zge, and' the. PSE's Concerned with the possible inflaltionary effects of s* btai .l ncesd defunids in the finaincial prinicipal . and: admitnistrative offices 'wllbe sIncreasing liquidity and in order to curtail system. tiivestors also'gradually shifted fuinds fronm located in Tektlte Tower, the site of the Manila spculative trading On the peso, the central bank fxd !Inconme iinvestmnents to equities as linterest . Stock Exchaonge.. deferred the, reduction of bank reserve rates declined, Atlothoghi foreign lInvestors retuirned ..requirements schedulled for the enid of Septemnber, *.to the market bn the first quacrter, thieir presence and established a 10% reserve requirement on wa[s more prominient In the second haclf of the year .common trust funds (CTF) effective October-1993. i s In othier Asian markets. .Economic/Political Events ...The CTF.s are trust aiccounts, structured w4ith a pool of retail funds over wvhich banks have~ full. Thie Phillippine stack market exp#rienced volatility The Phiflippine ecoinomy showed sigis of recovery conitrol. After the central bank's attempt to absorb fn' the.first half of 1993 aimid Worsening powver fromi the second half 6( 1993 dye ini part to ani excess li'quidity In the financial system at the end shortaiges, dispuites over,the owniershlip of PLDT,,a Improving powver suipply. Real eDP grew by 1.%Of September, the Weighted average of T-bill -ates scanidal inivolvinig the alcquisition of Philippine In 1993 comipared wvith a 0.1% lincrease tin 1992, rose to 15.5% from 12.5% over the next month and Airies, azi'd 'several volcaniic eruptions. Thle . .while real GNP posted growvth of 2.3%, boosted by ' stood at 16.5% at the end of 1993. Follown mnarket's moderate lIntermititent conlsolidationis .a 27% rise In riemittanices by vrescnrc restructuring of the former central bank's liability, 1-~. 'throughout 1993 Wecre. miostly due to the jiclv workers,u up fromiia rise 'of 1% tn.1992.. Inflationbyisngovrm tbndttangP0blin 'participation 'of investors In IPO's, which drew declined furthier to 7.6% In 1993 from 8.9% in tpBnko Sentral ng Pilipinas, the previously * ~~~funids away fronii findex-lIniked stocks. Althiouigh 1992. Thec trade deficit over the firs the uresdeferred reduction of reserve requiremnst20 overall economicf growvth hias beeni hampered to a reached $4.5 billion fromi $4.7. billion for ihill of . took effect in January 1994 wvith the condition that r ~~var:ying degree by a hilgh bud'get'deficit, suibptantial 1992, wth expotts and liniports .growling 12.4% bank berequired to invet newly released funds i.foreign and dome.stic debt, surging.traide deficits, anid 19% respectively over the first thiree quacrters I inT-bills. and notes. and cripplinlg power. shortages, the average of 1993 versus, the Same period In 1992. lnport. corporate eiarnings growvth of listed bluie chilp figures reflect ail inicreaised demnand.for electric: The IMPS economic.sta~ilization program for the eoinpanies has been suibstanitially hItghier thain powedr generators. . .Phillippines ended in Mvarch 1993, and negotiations general econiondc growvth. Thiis' difference in .were tinder Way as of.year-end-1993 for the performance has beent due to* the monlopolistic anid 'tle cen tral banik gradlually incresed the money release o f a newv three-yea r extended fund fadility defensive nature of thle indutstries In whlichi thiese.. suipply to revive thei sagginig econiomy, reducingofuto$0milnfrmheIFAnw1K comp'anies operate, and also in 1993 by ai wveak reserve requiremenlts oni bank deposits from 25% to progrm is needed to reschedule outstanding Paris peso bdenefiting-stocks suchi as PLDT. anid PNB *.22% beginning january 1, 1993, and by 1% at the Club debt and would give a psychological boost to whiichi genierat aihprcentage of thleir eariiings * tart of eachi quarter tbitoughi July 1, thiereby. the. Phiipnet arkt in dollars. ,*.. . . *freei'ng ani estimaid 9bilointo the financial 1994 FACTacox - ENIERG1CrINMARKETS DATA BASE. 1891 9tPhilippines 1993 4 (currency In millIlons) ManIel Ja n ebM Ar. may InJul A Aug SeP.Oc Nov Number of listed companies ManilA StockEFxchangc 170 170' 170 171' 171 172 173 173. 174. 175 .I18 18O Markeat capItalizallon Int ipesos 373,466 413,988 407,699 441,932 .452,289 .444,338 482,193 502,542 556,622 651,990 711.911 1,088,819 InU.dliars 15,059 16,415 16,341 17,162 17,132 16,611 17,595 18,153 19,703 22,3521 26,049 40'327 M .Tadinglalu 3,203 5,046. . 6,913 . 5,218 . 4,810 3,203 5,733 6,249 8,771t 9,781 15,948 20,730 MA att ~~~2,992 4,578 4,099 .5,922 4,618 3,900 5,266 .6,707 7,253 7,135 13,037 19.629 Total InPesos 6,194 9,624 11,012 11,140. ?,429 7,103 10,999 12,957 16,024 16,916 28.985 40,359 'in U.S..dol50l32 441433 357 266 401 -469 567 t584 1,061 1,4953 Turnoverratio 1.7. 2.4 2.7 2.6 2.1 1.6. 2.4. 2.6 . 3.0 2.8 4.3 4. :Local index. ,... ManlliCCenm/Ind.indlex' 1,894.8 2,169.1 1,092.2 2,331.0 2,293.8 ..2,2S9.9 2,529.2 2591 ,0. ,4. ,6. ,5. hnei idx6.2 14.5 -3,5 11.4 1.16 -0.2 10.4 2.4 12.2 22.2 -2 3 37.2 IFC GlobaInex Nuir'oftck 37 37 37 37. 37 37. 37 . 37. .37 37 37 37 Share of miarket cap. C% 70.9 .72.3 70.6 70.8 69.3 70.1 71.7 70.1 70.9 73.3 66.3 59.0 Share ofirncling value0& .64.0 65.9 .74.4 60.3 67.0 60.8 . 01, 47.3 60.2 61.7 37.6 40.1 - /Eratio I 51:8 17:9 . 17, 16.8.: 8 .17:1. 18:5. 19:3 ~ 21:6 258.8 28.5 38:8 P/ BV ratio 252929272626282933'. . . Dilvidetid .l(9 0.5 0.6 0.6 0.8 .0.8 0.7 0.6. 0.6 0,6 0.5 0.5 0.3 - Totall return Index. 2,155.1 2,393.2 2,327.8 2,461.6 2,404.3 2387 25.5,605 ,4.9,4.3 3,509.0 4,3. Changa in.totai retuirniindexCE 4,8 11tin -2.7 5.8 -2.3 - .1.9 9.3 0.9 9. 764837.7 ia con,omic data Exclhange rate, .24.8000 25.2200 24.9500 25.7500 26.4000 26.7500 27.4000 27.6300 23.2500 25.9500 27.3300 27.0000 t4lv Theo base data for the Manila Commn/lnd.tndcx Is jan. 19586-100. TIie base date far tHip IFCG MhIllIppines Index Is Dc . 1984.100. 1994TACTROOK ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ EN,%tRifn ,cI. MARKETS DATA BASE 190 Philippines 1984 1993 (currency In millilons: end of period levels) * *. Markd 1984 1955 1956 ~~~~~~~~~~~~~~~ ~ ~~ ~ ~ ~~1957 1951989 1990 1991 1992 1993 *Number of listed companies * *Manila Siock Exchanige 14 3 30ts~41 144 153 161 170 1S0 Market copltallzollon 31 * ~~~in pesos 16,456 12,741 41,214 61,108.. 85,592 .260,470 ..161,219' 266,648 35313 ,033,519 * ~~~~In JiG. dollArs 8 34 669 .2,008 2,948 4,280 1 1,965 5,927 10,197 13,794 40,327 Mrain vou645 1,557 9,362 19,273 10,05-6 25,395 . 13,213 18,611 34.576 85,137 Makati . ~~~~~~~~~~~1,434 510o 3,109 12,079 .8,195 22,334 15,355 21,718 42,126 95,604 Totalin pesos . .2,052 2,067 11,471 31,352 19,251 50,730. 29,569 .40,330 77,002 150,741 * l~~~~n U5. dollars. . . .125 III .563 1,524 875 2,410 1,216 1,506 3,104 6.785 Tuirnoverraitio 11.6 114,11 42,5 61.3 24.4 29.1 13.53 15.5 24.8 25.1 4 Local Index kinfln Commr/Ind.Index' 106.3 :160.9 . 545.0 750.1 949.9 1,584.9 870.1 1,694.7 1,784.01 4,756.0 * ~~~~Chainge in Index (5)- 26.5 51.3 240,6 36.9 26,6 66.9? -45.14 . 94.8 5.3 . 166.6 PFC Global Index ~ .1 8I 8 . 4 .3 03 NUimber of stocks Ialala.S.t293307 Siiare ofmrarkettcap.(% 24.0 39.7 61.6 62.4 59.0 ..33.6 .70.5 68.1 55.0 59.0 P/E ratio --. ,12,6 14.1 11.3' 11.3 14.1 38.5 .~P/BV ratio . 2.6 3.6 2.6 2.6 2:4 5.2 ..Dividend yield (56) . 8.9 2.0 2.4 . ..1.1 . 2.3 081.00. Total return Index* 1100.0 146.5 707.0 .1,076.7 1,456.5 ~ 2,371.5. 1,094.0 1,735.5 ' 2,056.8 . 4,531.4 3 ~~~~Chiange in index() . 46.5 352.6. 52.3 38.11 5? ~ .53.9 35.9 .18.3 * 134.9 Economic dfi Grsos domeostic produict (US$) 3145 30,725 2956 .~37 .35,493' 43,825 45,683 4,9 -,4 . Change In ccansurrner price Index (56 50.3 23.1 0,8 3.5 - . . 12.2 14.1 15.7 8.9 7.6 Exchange rate * 19.7600 19,0320 20.5300 ~~~~~~~~~~~~20.7300 . 20.7000 21.7700 27.2000 26.1500 23.6000 . 27.00 EcIiangerate (averageaof period) 1657 1673 2.50 20.3650 20.8614 21.0509 . 3.4900 :26.7706 24.8034 26.6398 141e The base date'for the Nimaidla Comm/ind.Indox Is Jan. 1958=100. Tue base date far the IFCG PhI lippinnes Index. ts Dec. 1984-IOU0. 1994 F-AaToooiR. ENIERGINGNMARKETS DATA.BA~S 191 A p p . .~~~~~~~~~~~~~~~~~~~~ K.Poland IFCG Poland Exchange Rate Average Daily Value Traded ft2 (1IS$; cend 1992=100) (ZIotys/LIS$) . LI$. ilos 850 ~~~~~~~~~~~~~22,000 35 750 21,000 30 650 ~~~~~~~~~~ ~~~20,000 2 550 . ~~~~~19,000 20 450 . 330 . 1~~~~~~~~~~~~I8,000 3 ~~'' 150 250 . . ~~~~~~~~~17,000 10 - 250 - 501 I MarS93 frnS 3 *.Sep9 De93 Mar9 Jan911,3 Sep 93 Dec 93 Mar 93 Jiun93 Sep 93 Dee 93 IFCG Comrposfte * . - 11~~ICC Index for mnrket IF ~~~~~~~~~~~~~Share of IFCG Index MresCpllltonaksPeFoMac (gp;d of ,nd,:nihvalhes) (end-1993; loMal=UIS$852. billioni) The Warsawv Stack Exchange (WSE)wafran awa y the best performing market in the ivorld In 30 . igga~~~~~~~~~~~~~~~~~~~~~~~93 'The official WSE inidex, the Warszawski 25 z ' ~~~~~~~~~~~~~~Latin Indeks Gieldowy (WIG) All Share Perforarance . ~~~~~~~Ameorica south Asia Index started 1993 ait 1040.70'and ended the year 20 ~~~~~~~~~~~~~~~~~~~~~~~~. at 12,43Y--a gain of 11,399 points, and a returno 15 . ~~~~~~~~~~~~~~~~~~~~~~~~~~~~1,095%7 in zloty terms, 787% in dollar terms. 10 ~~~~~~~~~~~~~~~Poland OYi . The Warsawv Stock Exchange wvas established In * Apri 1991 nd mod,eled after the F.rench order ~~ E113!IRI 4 ENIE,~~~~ 5.2~~ ~~ ifast ,%sIa . ~~drivenisystem, with share prices allowed omv v, ~~~~~~by no nmore thian 10% per session. Twenty-twro Mar93 Jun93 Sep93 Dec93 ~~~~~~~~~~~~~~~~comipanies were listed on the exchange as of year- The IC idexintrduce atthe beginning of 19 , i baedon he FCEmerging Markets Data -1994 FACTDOOK EMERGING M'ARKETs DATA BASE 192 _Baes index methodology. Durinig the first quarter dynamic growthl, withthe WIG jlmping to 7,474 - ballooning trade gap is expected to reach about 92 of the year, the WIG fluctuated between 1,000 anid points by the end of August. The WIG soared 80% billion in 1993. 1,100; the bull mArket took hold as domestic 'inthe. third quarter, with the average market value investors and savers looking for .investment. of listed companies ending at least,10 times higher The Polish Zloty is linked to a, crawling peg ' nlternatives fled declining bank interest rates. On than a year earlier. The relentless rise of the WIC exchange rate mechanism operated by the central FPebrary 22, thie Naticinal Bank of Poland lowered continued during the last quarter ,of 1993, witli , bank and steadily depreciates by 1.5% per month its mauil' interest rate, followed by far greater , market capitalization, passing .PLZ 42, trillion fo1llOwing its 8% 'depreciation in August. The ' reductions by all commi'ercial banks; At the same (about $2.1 billion) and producing a market P/E Polish National Bank, after continuous pressure time foreign hunds were entering the Polisi Markel ratio of. 24. Trading during the quarter wvas from exporters, devalued the zloty and reduced the giving share prices'a constant.upward trend. The domi!nted biydomestic retail Investors, monthly automatic depreciation from 1.8% to 1.5%. 1993 equities boom also resulted from approval of the -state budget, positive reports by. foreigni Inflation jumped 4% in November and 5.6% in financial Institutions, excessive foreign demand for December to, push 1993's year-on-year inflation .,securities, good financial results by WSE-listed Economic/Poltical Events - . rated to; 37,8%. According to the Central companie,s, and low company and market price-to- , . Statistical Office, the.zloty's value against a trade- * earnilgs multiples. . On September .19, the Union. of Democratic Left weighted currency basket fell 25.8% while (SLD) won ani electoral victory i Polands general consumer: prices increased 23%. Unemployment t 'Value traded during the first montl of 1993. . electionis with 20.4%'of the vote aid formed a, -, remained high during 1993, totaling 155% of the averaged 1PLZ 13.3 billion per session (nearly ,. coalitionigoverinmenitwithanotherleft-ivingparty, active labor force or more than 29millionpeope t . ',, $836,000), a high turnover rate given that no signs ' the United Peasnnt5' Party (PSL). The coalition Over the first nine months of 1993, exports fell of a sustained bull run were yet apparent, Trading government, representing two-thirds of the Polish 4.9% from the same period in 1992 to $9,859, continued'to fluctuate around PLZ 12.5 billion per. Parliament, was formed after three. veeks of , million. Imports increased 25.9% to S11,774 ,',", session during Feb1rury on high expectations for a . negotiations and ended with the approval of Mr. million, resulting in a trade deficit for the year of better economic future and signs that literest rates ' Waldemar Pawlaik as the new Polish Prime $1,915 million. Construction increased 12.3% for would soon be redticed, This optinism was Minister. the year while industrial output rose 3.9%, s 'strongly, tAmplifled in lMarchi wlen the WSE's ' ' '' capping an industrial growth rate for 1993 of turnover Increased significantly to more than PLZ The new government promised to increase pensions 8.1%. 46 billion per session. The WIG gained additional 'and public-sector wages,' take appropriate momenitumi during the first week of April and , measures to reduce unemploymnent, and help'the readiced a newv all-time Iiigh'oii positive earnings country's suffering farming and food sectors ' ' '4 arnnoidneements fro,m companies that sent average " compete with Westem inpports' valtie traded on thle exchangc.to PLZ 100 billion -, towiard ,mnsoith-end. The WIG increased more than n ' Tight anionetary 'and fiscal policies of Ms. 41% in April while market capitalization reached Suchocka's Drtiocratic Union (UD) produced a PLZ 6125:trillion($366million). ' ' stealdy reduction In inflation 'despite the ,- ; '; ', " ': ' , ' - - ,.i , , : ' : ': ' introduction of a 22% VAT in July. The inflation The'most rapid increases started in My'as rteended1993at35% year-on year. ,, ,' ' ',-quotations of all securities lncreased the maximtum ''i allowable 10% price movement limits during every Polaihd's oeconomic growth aind, trainsition to -a trading session and the WSE's average tturoverL market economyn is. expected to 'econtinue passed the PLZ 100 bilion mark. The bull market successfully; ,international ,porganIzations ,have w9i'7 ' vas' accomnpanied by stronig demand for' initIal. 'expressed a willinguiess to continue helping and,, public offerings of newly-privatized securitIes , cooperating with Polish 'authorities. The Polish. , All-time highs tvere posted throughotut June, July GDP grew 4% In 1993, oiie of the 'most'dynamnic .< " - and August as the stock market experienced growth ratesaimong European economiesPoland's -mn>^K F : . . . . : A . E2SIERIC.SC M4XARrETS DATA BASE.: 193 Poland ii'1993 '(currency In mlillions) Marka.i ~~~ ~ ~~~~Jan Feb M a r Apr May Jun jlAug Sep Oct INov Dec Number of listed companies Warsaw Stock Rex.hapge. 16 1 6 1 6 1 7 158 19 1 9 20 21 22 22 22 Markeoty 3940,786 3,650,630 4.391,613 6,171,590 13,556,776 15.070,648 18,086.154 , 28,212,116 29,013,947 37,139.653 4,6,76 58,028,438 In UtS. dollars 221 .223 262 369 790 844 985 1,430 1,455 1.803 2.036 2,706 .Trading valuei InZloty ~~~~~~~160,611 166,220 394,798 61,3 1,475,531 2,033.564 2,750,166 46,77 5,244,2 ,d,5 7.251.515 .7.2 InU.S.clollairs . tO 10 2 4 37 5 6 114 150 236 263 301 346 409 Ttirnover ratto 4.6 4,6 9.5 .11.7 1 5.0 14.2 ,.16.6 20.1 - 8315.8 18.2 17.4 Local Index .WIC All.Share Perform. 1,050:3 1,083:1 1,302:9 1,837:5 3740 3,504:2 4,195.3 - ,307.9' 62302:5 7,974.5 .8,867.2 .12,439.D Change In fnox M 0.9 3. 20.3 41.6' 10S.'g -7.41 9.7 50.4 2.1.240.3 iFC Global Index I4umbercfstocks 9 . 9 9 9 10a 1 I1 . I1 12 12 1 2 .12 Sharecof market cap. (S) 55.7 85.3 56.1 84.7 .86.5 84,8 . 1.4 . 79.5 5 1.0' 78.6 76.3 79.1 -: - Share of tmndirigvalue 8S) 9.5 92.4 -'90.9 55.2 91.5 59.7 83.4 79.6 *, 0.9 79.7 75.3 77.6 'P/ lra tio . 2.5 2.5 3.4 4.5 10.0 9.1 10.5 16.0 . 16.1 20.0 22.3 31.5 P/BYV ratio 0..07 0.7 . 0.5 1.1 23152.0 31.3.1 3.9 . .3 5.7 Dividend yield () ....--.- . -- 0.6 0.4 TotalireturnlfndexO 100.9 .111120.0 165.1 339A4 300.5 337.6 477.3 472.9 569.3 624.1 539.6 ChangaIn tot-,Irettumlindex(%) 0.9 0.2 15.7 40.0. 101.9 -11.5 12.3 41.4 .-0.9 2.4 9.6 , 34.3 * Economic datac Exchainge Mte 16,009.00C0.,, 16,383.0000 16,758.0000 16,738.0000 17,153.0000 17,B65.0000 18,307.0000 19,725.0000 19.945.0000 20,597.0000 20.962.0000 21.444.0000 NMute.Thebaisedate for the WIG All-Share Perfornm.index is Apr. 1991=1,000. The ba,se datefor the IFCCPoland IndexIisD-c. 1992=100. 1994 FACTPDOK ENIERCING MRFSDTA BS g 7, ~ ~ ~ ~ ~ ~ ~ ~ ~ F . Poland 1 984- 1993 . *(currency In mlillions; en.d of period levels) *Marko' 1984 . 1985 1986 1957 11988 1989 1990 1991 1992 1993 NUmber, of listed companies Warsaw Slack Exchange .. ---- , - 9 16 2.2 Market capItalIzation .. in zlotys . . 1.575.550 3.507.688 58A028.438 inU.S. dollars .- . ---144 222 2.706 Trading volue. ..- . 9.88 .2278 9.2.3 In zloty 2188 22974 3,2,3 In U.S. dollars is --- --2 167 2,170 Turnover ratio . 9.7 129.1 -Locall Index WIG All-Share Perform. *-.-. .- .. .. . . -919.1 .1.040.7 . M439.u Change In index (T).-------6.1. 13.2 1.093-3 *IFC Global Index Numiberofstocka 9 12i Share of mnArket cap. (S)-* 56.6 79.1 ?P/Eralto 31MS. P/BY ratio 5.-- .7 *Divdn yilM~ 0.4 *Total retun idexi- 39.6 7Change Int index (T)-.. ---739.6 Econo'mic, data839. Gross domestic product (US$)7793324 V..Change in consumer pric Index (S)-.-7343.0 30.4 E,'xchange rate .-10,957.00I0 15,767.000 2144.-IlLUU Exchange rate (avenage of period) . . .-- - - 10,576.0000 13,676.O00 18.311.05-77 NoI.The b.se date for the WiGAll-Shame'Perform. indexIs Apr. 1991-1,000. The base dalefor the IPCGPoland indexc sDec. 19922100. 1 994 FAaaBoox - MRIGMARKETS DATA BASE 193 Portugal IFCG 'Portugal Exchange Rote Average Daily Value Traded -($$S;,en 1992=100) .(EscoidosALIS) (IS$ iillio,ss) 175 1SO0- .60. -150 170 -.50.f y4~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~4 125 ~~~~~~~~~~~~~160-.0. 75 140 ~~~~~~~~~~~~~~~~~~~~~~~~~~ 4~~~~~~0 iso sixI ~~~~~~~~~~~~~~~~20 - Ma9 un93 n Sep9 Drc93 ¶7 . ~~~~~Mar,93 .i Ju93 .Sep 93 Dec 93 Mar 93 Junit93 Sep 93 Dec 93.Ma93 lt 3 Se.3 Dv3 IFCG Composite t t2. -. ~~~~IFCG index for market IFCG PI)E Rafio Share.of IFCG Index Markets' CapItalIzatIon Market Peiformance fend of wntle valuies) (d-9;ton=l852 billion)i of . . . . . ~~~~~~~~~~~~~~~~~~~~~~~Despite depreciation of. tho.escudo, thze Portuguese 20 stack market posted an excellent pprformance for . . . ~~~~~~~~~~~~~~1993. The Banco Totta & M~ores Index gained 977 America Soittli Asia ~dollar ternis tol close thec year at 2,614. The IFC, ~~r~~~iV H~~~~~ 30% .AIk ~~~~~~~~Global and Investable price indexes jumped 57.3% ~~~~~ * . ~~~~~~~~~~~~~~and 76.6% in escudo terms aind 30.9% and 47% in _ V N . jjinj ~~~~~~~~~~~~~~~~~~~~~~~~~dollar termis, respectively. ~~fljj[iPj1 ~~~~~~ Portu*il " \ 7 . ~~~~~~~~Expectatloiis remainii optimitstic for the stock 6!4, ~ _______4__44* East Asia market s performiance in 1994. Econiomic recovery Mar 93 Jumn93 Selp93 Dec 93 3%.in Portugal and Euirope, combined with stronger company finanicial results an nrae freg a~~~~~~~~~'-' . ~~~~~~~~~~~~~~~~~~~~~capital linflowvs are expected to boost thec Lisbon anid Oporto Stock Exchanges. In 1993, average mionithly value traded on the Lisbon Stock r~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~xi,hvsPe3,2 ilin(bu $206 milltion) anid Pta 22,134 million (nearly $131. 1994 I,ACTrooOK EMEirRGING NIARKE:Ts DATA BASE 196 ~1 millioni) on the Oporto Stock Exchalinge (OSE). Tlie macrocconoinic laidIcators thit iave been affected required for completion of these infrastructure Aggregate numbers of shares traded reached '192 by the recessloio in Western Europo during 1993, projects Is estimated at $14 billion over the next million on the LSE and 126 million on the OSE. The maiin points of tile convergence program five years. lincludc: 1) public debt (PD) wvill remain nt 67% of Late in the year,.thc governmneint ainnouelilid Its GDP duirinig 1995-97, decreasing to belosv 60% plans to. exempt non-resident Investors from thereafter. The Mnastricht Criteria Limit (MCL) withhlolding taxes on iiterest earned on for PD Is 60% of GDP; 2) estimates regarding the PorigLIese securities. This action would make budget deficit as a percenit of GDP are 8,2% In Portugal's tax policies consistent wvithi the policies 1993, 7% in 1994, 3,5% In the 1995-97 period and of other European Union (EU) member cotmtrles. 3% thereafter; 3) GDP growtli is estimated at 0% in 1993 and 1,5% In 1994; and 4) exports are expected to growv by 3.25% In 1994, while Imports are expected to rise by 6,25% during the same E:Econo*mI/PolItco Evients . od perd . Ten days before municipal electlons in early The year-on-year inflation rate rose durinig last * December, Primiie Mlinister Anibal Cavaco Silva quarter of tlhe year- to enid-1993 at 6,5%. ; annotinced a major, reshuffling of hlis cabinet, Expectations for lower Europeani infintion rates including the appointment of newv ministers of and the fact that the 1994 budget deficit is based an ; inaince, health, unemployment and education. Infrhstructure spendiing and social tranisfers nnd ; * Alth1ough the move has been criticized domestically not on admiiistrative expenscs is expected to push 7'7 by opposition leaders, most market analysts agree tle Consu iier Price Inidex (CPI) to lower levels thait the maiii Impact of this reshumflig wvill be a during 1994. shift in dconomic policy toward fightinig growving unemployment (whicil iticreased from 4,1% to 5.5% A drop In interest rates along with inistability In . r * X ; 'l p of thle wvorkfurce durin7g 1993) anld enhlancicng the ERM led to widening of the fluctuation bands e cconomic growvth by cutting Interest rates and pusled the cscudo to depreciate nearly 13% against the deutsche mark. I-looever, the escudo * I - Oni Noveniber 30 the Portuguese Parliamelnt galned .3% against the Spanishi Peseta in the samc ; approved the 1994 state budget. Ptibic Sector period. Borroaiviig Reqtlirenmieats (PSBR's) are expected to decrease sliglitly during 1994, from 8,8% of GDP Treasiry-bills dropped significanltly durinig 1993, A . and Pte 1,066 billion (nearly $6 btillon) in 1993 to r The 3-month, 6-month, pnd 12-month T-Bills ; 8.1% of GDP In 1994 Duie'to sv'ak economic presented ananuil yields of 10.96%, 10.61% and * conditions, tle Portugucsc goverinmeint also . 10.05%, respectively at th eind of 1993. proposed a high budget deficit for 1994 to be able - . to meet social security, expenses and maintalin Porttigat wvill benefit from Eluropean Flunds for groi;`th In public infrastrticttire projects. iinfrastrticture development In 1994, nmid the public works sector Is expected to operate at full In December, Portugal presented its ndwv 'capacity. Amoig tile major lnfrstrtictire projects i convergence program (CP) to the Europcni:i Union's. expected to take place before thie cnd of the 20thi - monetary committee.TheCP willattempttobriig century pre modernization of thc rilway and the Portuguese economy in 'line with other EU highlwny system, constrtictloli of pipeilines for the counitries, aiminiiig to establish a single currency distrilbtloni of natlural gas, naid construction of a L unit by 1999 The new pramn addresss llbrd ofover tlie TalgUs River The totill investimienit 1994 FACTIIODK E H.I:RGING MARKETs DATA BASE 197 Portugal ' 1993. (cUrrency n'mlIIIIns) Market JAn 1kb Mar Apr Maly IJin Jutl Aug SLPOct Nuv Dxv NuMber of listed cormpantes Dolsa de Llsbo 159 185 178 176 .173 1577182 176 175 184 183 Ma.rket. capitalization In osrudtos 1,433,727 1,540,530 1,481,151 1,4383 ,5,5 ,9,5 ,21,294 2,069,921 2,015,147 2,101,877 2,115,354 2,193,021 In 1J,S,dollarp 9,854 50,202 ~~~~~~9,988 .9,754 10,405 10,443 10,135 12,088 12,006 I209 2,040o 12,417. Trading value In esucuos 37,612 32,432 47,145 48,229 50,533 52,750 62,827 56,816 49,350 47,569 90,316 204,403 In U1.5. dollar. - 259 215 318.. 328 332 325 30 , 332 294 255141,5 Turnover tnl 2.7 2.2 . 3.1 3,3 . 3.3 3.2 3.6 2,9 2.4 2.3 4.3 9.5 * Local Index. I3IA lncdex 1,687.1 3,750,? 1,767,4 ,1,737,3 2,006,8 2,047.6 2,257,6 2,685,3 2,465.2 2,632.2 2,514.5 2,614.0 Cliangellnindex(V) 0,0 3.8 Ole -1.7 1515 2.0 , 10.3 18.9 *S2 6.7 4.45 4.0 IFC GIoalc Indexg Numnber of stocks 38 38 38 37 37 36 36 36 36 36 34 33 Share f market Cap. ()66.3 66.3 68.1 72.7 73.4 70.6 71.6 71,7 70.0 72.4 71.5 71.3 Sharo o trading Value () 53.3 55,5 32,4 A44.2 46,5 44.7 57.6 *. 68,9 73,5 76.9 49,0 .82I.4 P'/ Eratio 9.4 .9.6 O's 9.7 . 11.3 13.3 14.5 .16.7 15.9 .17.1 17.1 180 r/DV ratio 1.1 1.2 1.2. 1.1 1,3 1.3 1,4 1.6 1.5 .1.6 1.6. 1.7 P1ivdend yteld.() 3.5 3,3 . 3,3 4,9 4C0 3,8 3,5 3.1 .3,3 3.0 3.0 2.9 "', Total return Index' 530,3 544,8 544,5 55,4.5 597,9 577.1 567.3 677.3 656.9 684.1 675,6 694.6 CIhange In total return Index (%)., 5.4 2.7 0.0,3 3. , 35*. 94-3.0 4.1 -1.3 2.8 77EconomIc data Ehangr,i to 145.5000 151.0000 148.2900 146.8500 . 102.4100 162,4200 179,71110 171,2400 167.84500 .173.7800 175,7000 176.6200 Nesw Valute irac1edi figuires lncluclu tle Lisbon and Opcorto exchanges. Tite base data for theo OTA lindex Is 1977.100, The base daite (tir the IrCG Ponrtugal Inidex Is Jan. 1986=100. 1994 rACTUGOK .I!uEmIw.INc NIARucri.T DATA~ BASI 198 Portugal. 1984- 1993 !(currency In mlillions;, end of period levels) Markt . 1984 1955 1956 1957 1985 1959 1990 . 1993 1992 1993 Numb.r of listed companies Iolosa deLlsbon 23 24 63143 373 152 151 ISO . 191 383 Market oaipitolliotion In c4udos 121307 30,254 223,519 1,150,304 1,052,277 1,555,380 1,257,245 1,254,348 1,353.627 2,393,021 In VA.& dollArs 73 192 3,530 5,557 7,172 10,615 9,203 9,613 9,233 .12,417 Traiding Value in escudos 476 551 9,041 213,904 163,354 300,394 . 2,10,449 406,155 467,263 750.284 'In U.S. dulirs 3 560 ,55,36112,572,815 3,455 4,535 Turniov6r ratio. 4,1 4.0 7.1 31,3 14,5 22.5 36.9 32.0 35.4 44.0 Lo6cal Index PITA lindex' 249.7 566.4 1,202.0 2,990;0 2,355;9 .3,287.0 2,143.4 1,977.7 3,637.9 2,614.0 Clinngelnindex(%) ' 33.5 126.5 1122 3~~~~~~~~~~~~~J45,8 -21.2 39,5 -34.8 7.77-32 59.6 IFC Global Index Nunitrbrostackcs . . - . 9 2 2 2 .7303 03 . M hreo i~nl op(). ....-585. .. 43,5 40,0 53.4 55.5 .. 61.3. 52,8 71.3 P/E rglo ..15,4 22.6 18,0 19,0 33, 3. 0.9 9.0 . .15. PfIDY.rillo .. 2,5 5,4 3.7 . 3.4 1,7 1,3. 1.0 1.7 D UMdLnd yioldl% . 05.3 1.3 1.3. -3.9 .2.7 3.7 4.7 2.9 Totill return Index0- 265,7 570.5 624.2 874.5 6133, 624,3 903,1 694,6 *Cluange In Index (M -45.1 . 224.1 -25,3 40.3 . -29.5 1.7 .19.4 3,11 Economic data C;ross.domesttcproductUS$) .19,234 20,661 29,532 36,731 43,721 45,623 59,650. 65,774 54,039- CI1a4nguhInconh%Iint'r price 3ndox(% . 29.3 19.3 I I'? 9,. . 9.5 12.6 13.4 11.4 5.9 6.5 E xdliangeratu 1 69.2800 157,4900 146,1200 129.5700 146,7200 349.60110 136,6400 133.6000 146.9200 176.6200 *xI-angornlue(iivgoofperIod) 146.3900 370.3900 1419,65800 140,5800 143.5786 157.3232 142.5526 144.3212 335.2289 163.3912 :Nvt&*: Value traded figures lIncluide the, Lisbon .iid Oporto exehliatges. Tho base dote for Ilie oTAInex Is 1977=100. Thc base dale for 11iw IrOiouglIdx3W 9610 2994 PACTiIOOK IN3tNcM,wirDATA HAI; 19 Sri Lanka .IFCG Pri Lanka Exchange Rate Average Dqlly Value Traded (LI$5$; eid 1992=100) (RInpxs/tS$), .:-- (145$ nlllns) :175 50.0 .4.0 3,5 1509 3.0 . '125 j254 ~~~~~~~~~~~~~~~~~~~~~~4.0.... ' - - IFCC Indexformarket ~ ~ ~ ~ ~ ~ 01 t ~ - 100 1 41 }bm.,.,:;'"~~~~~~~~~~~~~~~~ 1-. " ,2 30 ~~~~~~~~~~~~~~~4. 00 t;.j ::IFCG P/E Ratio .J Share of IFCG Index Markets' Capitalization Market Performance : -i 5d of nInli valis) (cnd-1993; lolal=LIS$852 ltlie,;) . 30 . - : With a return of 62% on the IFC Global price fr., :endl-199.3; 't; 20- t =US$852 S s$2 billion at yearend1993. Total turnover also 15't x S:;'' ' . ' . . .> 3 . . _ I#t.2 t $^ '.' . . 0increased significarntly in 1993 lo $385 m ilion ; -:d 10 - ; F. HNIEA (7' iroaii $114 million n 1992; 4 g ' ^ ;l 10 1 1 71 1 01 S _ |2 7 R ~; ' t ; e,sea i Sri I auki l Tlho m arket started January depressed but began a Hos1 J 5 I i ti As_ ia _ov _ r _ t _a_ - n gradual tiptrend on rcncwYed Interest from foreign 40'- <;; : hlMr93 11 13 . 93 v 9.3 investors, and to somie extent, from domestic Mar93- -an 93 Sep93 fl' speculative Interest. Bankinig and hotel sectors ivcre thei most heavily purchased, followved by , ; i i : ; properly dovolopimient ald textiles sectors. iMarket recovery was hampered hi April after the assassination of Sri Lanka's oppositioni leader 9, i i - , L*alithl Athulathmlludalt, but remained morc resilient I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ 1994 IIACTIIOOK '- ENRG,INC MI1tKEiTS DAT,\ HAs! 200 on news of President Premadasa's assassiniatlon nnaouiced by tlic govarniment in June wil1 l hlp on May I. Stock prices Initially declined on noews reduce thie fiscal, deficit in Iline with IMF of thc President's assassinmation, with Investors stipulations. 1-loevor, since rising uneiiployment expecting politicall uncertainty, but recovered due to job loss fromi privatizations has produced quilckly oi rcassuranice from the government that some disconitanit nmong tlie electornte, annlysts there would be no chanige in economic pollcy. Thc suspect thlat populist economic policies will not be IFCG lindex ended May with a gain of over 5% for totally nbandoned. the month, *Poreign exchange rescrvee increaseid significantly The market's recovory In the face. of ohese In.1993, leading to a more favorable balance of assassinations heralded a stendy uptrend for the paymenits following thie relaxation of exclhanigc rest of the year, boosted by active foreign biuying controls. Internatlonial donor countries pledged and confidence In tlhe newly-plected governmniit's $840 millll to Sri Lnnka In InJune. ability to mnIntaii thie economic program put in place earlier, Stock prices ttumbled briefly in Iinflatioi conities to be rclatively ligih, stimated Novembet after tho Sri Lailkan army suffered at nround 11% for 1993. Interest rates, which lhave losses during a raid by Tanill soparatists, remained hIIII ni d thereby nttracted funids away from the stock market to government fixed-income iistrtimenlts, are presently close to 20% (T-bill rate). Economlc/Political Evens r - . - The first ever issucs of comimercinl paper by Sri ; Srl Lniokn faced major political crises In 1993 witl . Lankan companies occtirred In 1993, with Aitken thl assassination of the opposition leader in late Spence and Jahtn Keelis I-oldings eacli making April, and n wyeek later, the assassination of Issuies iti tiree-monti mnttirities President Premadasa. However, observers were * Impressed by tpc ibli'cs resilience to the crises alnd the governmelt's, ability to mailitain 'pCO:ce throtighout the period folloiving thle assassinations. Additionally, the assassinations failed to have nny negative Impact on economic performance. Follosving President Premndasn's assassination, tranisitiol1 td thic newv administration was smootlh and foreign investors * took heart at newly-elected President Wiletutnga's a &ssertion that all economic libernlization * measures adopted in the past wvould contlinue, ; The economy grewv approximately 6% In 1993 after growing nt.a 1% rate in 1991 anid 1992. Tlwe improved performanec was due to a boost In agricultural productionl followvinig a drouglht 1in 1992, In recent years, tilc national budget has becin under considerable strafin due to thc sizc of the defense budget, constructed to deal vith Sri Lanka's separatist concerns. Spendinig clits 1994 I.,ACTUOOK EMIRt;iNc MARkETS nTA UASE 201. Sri Lanka 1993 currency in millions) Markta Jan Feb Mar Apr May Jun Jnl Aug Sep Oct Nov Dx :Number of listed componles ColoniboSlockExchlange 191 192 194 196 196 196 195 195 195 197 197 200 Market vcplfillzatlon ~-'! "-' Inrupees 62,100 62,000 63,590 65,140 67,900 74,940 88,410 85,370 88,690 97,270 115,960 123,790 In U,S. dollars 1,346 1,334 1,343 1,358 1,416 1,555 1,815 1,799 1,804 1,974 2,346 2,498 Trading value Inrupees 363 306 494 36 516 1,266 2,227 2,016 1,913 1,931 3,971 3,209 , In U,S. dollars 8 7 10 8 II 26 46 41 39 39 80 65 Turnoverrntla 0,6 0,5 0,8. 0.6 0.8 1,8 2,7 2,3 2.2 2.1 3.7 2.7 NO"'. ' \ Local Index jn! CSHSensltiveIndex 762.2 756.5 P81.7 755.2 762.3 837.6 960,4 993.3 999,4 1,130.6 1,385.8 1,442.4 ?> Ct,iv.'\ . hangelninlden(SI) -7.8 *0.8 3,3 -3,4 0,9 9.9 14,7 3.6 0.4 13, 1 22.6 4.1 IFC Global Index <- X 0 Nurnierof(odcs 29 29 29 aa 30 30 30 30 30 30 30- 30 Shareofnmarket cap.%) 56.1 56.9 57,4 55.0 55.6 56.1 55,8 58.0 60h0 61.7 60.6 58.7 4,; l,! SthareoftradinggvalueC(%) 73.0 88.9 80D2 71.8 87.1 .66.4 62.3 62.4 83,0 56.5 50.1 42.9 P/Eralio 10.1 10.3 1.0,6 10.8 11.6 12.9 15.1 15.5 .16,3 24.6 26.9 27.8 I /Bv ratlo 2.32.4 2.4 2.2 2.3 2.7 3.1 3,2 3.4 3.8 4.1 4.2 +' . ODividend yleldl%) * 1.4 1.6. - Total return Index' 90.5 91.1 92.3 88.1 92.8 102.6 118.7 120,2 122.3 137.2 160.3 165.4 4.E .n n Cliang@Iitolallrciitrninidex(6) -9,5 0.7 1.3 4,5 5.3 t0.6 15.7 1.3 1.8 12.2 16.9 3.2 Economic data Exclianse rlte 46.1.500 46.4800 47,3500 47.9600 47.9600 48.2000 48.7100 49.1100 49.1700 49.2870 . 49.4200 49.5600 Vt",, NoleN The base d,to for t1e CSE Sensitive Index Is Jan. 1985=100. The base dale for the IFCG Sri Lanka Index is Dec. 1992=100. 1,994 FecrnooK B ~ElcRINc N'fARKrTm DATA BJASE: 202 4*; >: Sri Lanka 1984- 1993 (currency (n millions; end of Period levels) MarketS 1984 1951956 1957 1988 1959 1990 1991 1992 1993 Number of listed companies Colombo St~ck Fxchange 171 171 165 176 176 175 175 190 200 Ma rkpet aIalzt 10,000 12,000 15,700 1 5,500 17,087 36,580 52,700 66,200 12,790 In U.S. dollars -365 421. 608 471 427 917 1,936 1,439 2,498 Trading value Inniupees .72 144 335 380 256 1,563 4,302 4,969 18,579 In: U.S. dollars -3 5 I I 1 2 7 39 104 114 385 Tuirno'ver ralio -1.4 1.3 2.2 1.6 5.8 -7.2 6.7 19.6 tocal Index CSE Sensitive Index* 122.2 131.4 218.0 172.4 341.7 660.3 1,198.6 826.6 1,442.4 *Cha,ngeIn Index~c 7,5 65.9 .20.9 98,2 99.1 76.2 .31.0 74.5 iFC Global lIndex Number of stocks .--.. . --.29 30 Shaire of nmarket cap. (%M 57.7 !557 * P/H ratio *.-----.-27.8 -: gBez'rlld (% . ..4.2 Totill retturn Index" - 100.0 165.4 Cia~nge in lindex C~ --65.4 *Economic data Cross dumestic proiluctC(US$) .6,044 5,978 6,406' 6,681 6,979 6,958 5,031 8,978 9,659 CIiangc.incnsunicrprIolndcx(~1 ~16.6 1,5. BID 7.7 14.0 11,6 .21.5 221.410.3 Excliangc rate 27.4080 25,5200 3p.7630 32.8911 40.0000 '40,2400 42.7138 46.0000 49.5600 ExcInian'erale (averag of period) .- .27,1630 28.0170 29,4450 31.8000 37.3858 40,0692 41.5084 43.8570 45.2626 Note. The base date for 11wc CSE SenisitIve Indiex Is Jani. 1985=100. Thte base dnle for ilia IECG Sri Lanka Index Is Dec. 1992=100. ~~ . ~1994 FACTUOOK BNit RGINC KIARKrITS DATA BAsr. 203 . Taiwan, China FICG Taiwan, China Exchange Rate Average Daily Value Traded (US$; end 1992=100) (NT$/LIS$) (LISS millionls) 200 27.0 3,000) 175 2,500 - 26.5: 15a ti-~ 2,000 25,0A4S~~~~~~~III4$*~~~~~~ 1,000 P1 125 1So0 25. 500 .I: i 50 25. L0 Jo_ Mar 93 Jun 93 Sep 93 De 93 Mar 93 fini 93 Sep93 Dec93 Mqr 93 fuis 93 . Sep 93 Dcc 93 Y'' ';: ,|jX IFCC Comiposite IFCG Indexformarket 'IFCOG P/F Ratlo Share'of IFCG Index Markets' Capitalization Market Performance (end of mnwutli vauies) (eivd-1993; tolallSS852 bilioni) Easing political tension in 1993 along Ivith An 40 . .o : . : improving corporate earnings uoutlook and a 35: i , . . . substatitlal Iicrease In market liquidity from both Latisi ~~~~~~~~~~~domiestic anid foreign linvestors reversed the . 30 . . . S. Anirlic _Oilli,s market's bear run that started In 1990. After a 27% 30, : . . t S 1i 34n' loss In 1992, the Taiwvan Stock Exchange (TSE) ,X:: 25 .dIh~ . .:I_weighted price index strongly rebounded in 1993, 7, 20 j~~~~~ V r a idvanicIng 80%. to 6,070. The IFC Investable " ,.l V 20 4E E ;li r mP,A m , ,l ,l Nt Taiwan price index rose 83% In. dollar ters aind 15 3 i A S | 92% |i .NT dollars, while the IFC Global Taiwan 0'- Talwan, ~~~~~~~~01w~ rce Index gained 87% In dollar termnsand 96% in ASCI TiIIM%r 93 1lll93 Sewi93 , r. 3 ciflnn NT dollars. Mar- 9J3 line 93 Se)P 93 DJw1 9~3 (Clilsin. . Ir . The TSE hias frequently displayed higlh volatility * since n large percentage of trading activity is generated by individual investors aind becausc trading .activItiei have been largely speculative nnd short-term oricnted. Therc was no exception to * this trend In 1993 with the TSE index fluctuating , ;. . . 1994 FACTBOOK AE I.IGINGNMARKE:TSDATABASE 204 between 3,098 In Janutary antd 6,070 oni the last tile year as a resuilt or: 1). the aidminiistration's Economlc/Poiitlcai Events trading day of thte year. Hlowever, as In othier cuirtailing or delaying lIn Juily niany projects markets, onice a rally hias been sparked by other contained In tfie original six-year pln )teThe economiy expanded by 5.3% fin the fourthi catalysts, retail Investors have hielped accelerate central banik's shift to ani easy monietary policy qtarteor of 1993, and 5.9% for 1993, lower thin the the bull rutn, In 1993, governeniit uthtlorities took followeod by reduictionis of key official lenidinig previotis estimnte of 6.03% and below 1992's fincremein.tal steps' to develop tte. Institutional rates to commiiercial baniks In July adNvm r,Increase of 6.0%. The 1993 figuires reflect lowe inivestor bae lvnnw~crt'inv smen and 'a'reduction in banik resdrve requiirenments In thani expected growth In exports and sluggish truist companies (SIT's) wvere, established in Septemiber; 3) decelerated capital outflowvs to private investmeints. Thie central bank forecasts * Janua ry anid 'Februiary, anid n totail of NT$53 Chtina dtte to Chinia's imipositlion of ani austerity thlat the economy wvill cbntintie to growv at 6% in * billioni was raised and inivested In theo stack market program; 4) the central banik's rei.snse of Postatl 1994, suipported by stroniger' economic recovery in by~ the S1T's. Althioutgh this amounit onily accounted Savings funids Into the flinancial system; 5) a suirge OECD couintries and hiigher level.s of public and "for' 2% of the total market capialization, . In foreign capital Inflow 'In theo last quarter, of privaite Investment. anlticipated piirchiases by inicominig muituial funids 1993 and an Increased numiber of offshiore fuind acted s a ctalystin atractin a lage numer of offerings; and '6) ani Increase inlocalivsal h trade surplus niarrowved furtlher during 1993 retail ijivestors who conitribuited significantly to' funids whliIle private capital liiwestnieint growvth to $7.8 billioi,' down fronm $9.5 billion . the the TSE lindex's 43% gain for theo first quanrter. remains sluggishi as evideniced by. accelerated MI prevIouis year. Exports grew 4.5% compared to 7%. growth slince July. .In 1992, and imiports wvere tip 7% versus 14.5% in. Loal politica.l developnments hanve allways played 1992. Lower nimport. growthrfet redue a major role In dictating the nmarket'i directioni and Thle stock matrket wvas aloo buoyed by an imProved limports of capital equipme.nt for Infrastructure * Prem-ier Flau's resignatlion In late January earnin[gs outlook for listed companies for 1993 anid projects, * prompted thle mnrketrs first buill rutn fin 1993 after a 1994, after almost flat growth. In the corporate as the local business communiity aild stock mafrket project thact'llhore wvill be more thian 13% growth In US$1.45 billion for 1993, versus 'a deficit' of inivestors welcomed the appoinitmniit of a newi corporate 'earniiiigs for, 1993, . based uiponl US$639 miillion in 1992. The improved 1993 figure Primec Ministet anid. newv pro-business cabinet expectationis of dellning' oil prices, declning reflects suirged foreign portfolio investnments in the members In. late February. F-lowvever, linvestor .. 'Interest rates, limprovinig exports oni the back of thle 'fourthi quarter which reduiced thie deficit in the conifideiice fell amid the ruilinig Kuiominiaing party's ' stronig yen, the fimproving ecoinmites of OECD lonig-terni capital account to US$2.4 billion fronm KTs)continuiniig Internal dispuites anid couintries, kind ani irnroved climaite for capital US$3.6 billioln in 1992. H-owever, the current corrtuptioni scaindalls, the defection~ of a grouip of. 'investmniit suipported by the economnic stimuluts accounit suirpluis dropped to a 10-year low of KMT miemibers to form the Nowv Pairty, and tile packag ann ouniced Inl July, . US$5.84 billioi fil 1993, duec to decelerated' unCertain ouitcome of the 14th Nationial PArty 'eXports grow th, suirged 'Imports of capital Congress In Auigut, Thle market remained In a In 1993, the administration took several steps to . equipment, anid theI conitinued growth of overseas conlsolidation.stage:until October whleni pre-' Iliberallize 'local financial miarkets and relax travel spenldinig by local residents,, electioiinmarket boostinig mea(suires coupled wvithl restrIctions on foreign portfolio inv'cstiiienits'. - 'iprovin liudt netdnweeg noteMeasures takeni by the.adminhistration InCIlude 1) Unider the cenitral banik'sesmoy'plcan mairket. Tuec resuilt of the 'Novemnber regional loweoring qualificailon levels requtired for the weak corporate demand for credit, interest electioni, In which the KMT. mnaniged to retain its Investing fore!gin instituitionis; 2) Increasing the .: rates declined slighitly in 1993 by 20 to 40 basis nmajority status, hielped gignite a stronig rebounld at ' investmenit limit by a sinigle foreign inistituitioni fromi points. TheL primec leniding rate wais 8% at thec end of year-enid. , US$50 mIllion to US$200 millifon; 3) openiiiig ihe. . 1993 conmpared to 8.3% a year earlier. Interest preferred stocks.. of listed comipanies to foreignl rates, nr iey ors nt0 eodhfo 94a Thle market suiffered fromi tighit liqutidity thirouighouit 'Investors; 4) increasing tileAggregate linvestijient puiblic and private sectoe investmeonts rise. Thec CPI 1992 anid In tl,'c first half of 1993 duec to Increased '.limiit for 'foroigilors to US$5.0 billioni fromi US$2.5 ' declinied to 2.9% in 1993 versuts 4.3% In 1992 due capitall ouitflowvs to Chifina and a significant' numllber ' billions anld 5) allowving foreigni inIvestors to sell. partly to stable wholesale prices anid decelerated of boind issuies by the goverinmenit to mieet six-year ' stocks, onie 'day after puirchanse, a cianige fromi the ' wge growvth. In 1994, inflaitioniary preassure Is' Infrastructure expenidituire plans. Market liquildity .'previouis rulles of allowving sales only after likely to result from hi'glher fImport prices and rising dramiatically' inmproved dutring thec seconid half of . phiysically taking delivery. . Wholesale Prices unider imiproving economilc performiance.' .1994.F,ACT11oK EtiImcuNc N'iAuIKr-TS DATA BASE 205 i, Taiwan, China. 1993 ,A (currency in milons) .; Marker Jan Peb Mar Apr Maiy Jiun JLII Atig SLP Oct Nov Dr -Number of listed companles Taiwan Stock Exclianige 257 260 261 264 271 271 271 273 275 280 281 285. Market capltollzalion In Now Taiwan dollars 2,585,471 3,441,286 3,838,413 3,636,969 3,426,233 3,185,945 3,107,487 2,924,313 2,928,511 3r291,812 3,522,745 5,145,410 In U.S.dollars 102,517 133,642 14B,4F18 142,23G 132,594 121,973 116,516 109,689 10o,988 123,799 132,186 195,198 Trading value In New Taiwan dollars 168,070 851,217 1,628,374 1,034,129 676,019 384,300 354,053 378,162 316,720 521,514 753,296 1,960,862 In US. dollars 6,664 33,057 62,993 40,443 26,162. 14,713 14,400 14,185 11,787 19,613 28,266 74,388 mTrnover ralio 6,5 28.3 44.7 27.7 19.1 11.6 12.2 12.5 10.8 16.8 22.1 45.2 Local Index TSEAversgelnd"x 3,374.6 4,384.7 4,825.3 4,563,5 .4,267.9 3,995.5 3,960.4 3,892.0 3,832.7 4,131.7 .4,353.9. 6,070.6 CsChingelnlndex) . -0.1 29,9 10.0 -5A. -6.5 -6.4 -0.9 -1.7 -1.5 7.8 5.4 39.4 IFC Global Index Number of stocks 78 78 785 78 78 78. 78 78 78 78 78 78 ShareaOmarketcap.(% 64.4. 66.4 1 64.1 63.3 63.6 64.4 65.0 68,2 66.1 63.5 63.0 63.9 ShareO trading value%) 43.9 59,2 58.0 50.6 49.1 50.1 46.7 46.6 41.1 42.1 44.3 55.4 BP/Era tin . i4.9 22,9 24.6 23.0 21.8 20.5 22.1 21.8 21.2 22.9 23.5 34.7 P/3V rlaio 2.0 3.0 3.2 3.0 2.8 2,7 2,4 24. 2,3 2.5 2,6 3.9 Dlvidenctyield(%) 1.6 1.2 1.1 1.2 1.3 1.5 . 1.5 1.6 1.3 1.2 0.8 Tomlretuirnlndex4 502.7 676.1 725.1 6685.6 4549 603.4 581.3 570.6 549,3 600.6 635.9 952.2 ,;; Change totil return 1nd1cx 1%) *0.2 34.5 7.2 54 5.8 -6.6 -3.7 -.18 9.3 5.9 49.7 Eoonomlc data Excllange rate 25.2200 25.7500 25.8500 25.5700 25.8400 26.1200 26.6700 26.6600 26.8700 26,5900 26.6500 26.3600 Noe: Tuec base date for IIIe TSE Average lindex Is 1966.10W. The base date for the IFCG Taimnvi, Chli,i index Is Dcc. 1984=100. 1994 FACTooK . E IN KTs DATA,BASE I.:..; Tawan, Chin * 1984-1993. (currency In millilons; end of period levels) Mairket 1984 1985 19618 951959 1990 1991 .1992 1993 Number of listed companies Taiwa I tV xcag 123 127 '.130 142 163 .11199 22 1 256 285 Marklce capitalization In NewTalwan dollars 390,300 415,700 548,436 1,386,065 3,383,250 6,174,164 2,681,91 3 .,184,028 2,545,302 5,245,410 In U.S. dollars .. ~~~~~9,859 . ID,432 153? 4864 120,01?7 237,012 100,710 124.864 101,124 195,198 Trading value In Newv Taiwvan dollars .. 324,475 .195,200 675,655 2,668,603 7,572,393. 25,407,964 19,031,282 9,652,738 5,995,745 9,056,716 In U,5. dollars 5 ,394 .4,899 18,931 84,112 275,624 965,840 . 715,005 365,232 240,667 346,457 * Turnover ratlo. 93.2 48.4 140.2 275.9 330.1 531.7 429.5 330.1 209 3 235.5 Local Index ThE AveragelIndext 538.1 835.0 1,039.1 2,339.9 5,119.1 9,624.2 m4,530.2 4,600.7 .3,377.1 6,070.6 *. ChangeInlIndexC(%) 20- 0.4 24.4 125.2 11.58.0 -52.9 1.6 .26.6 79.8 IFC Global Index Niniberaof stocks 30 . 30 30 30 .62 62 64 70 70 78 5I,areafmarketcnp.(%) . ~~~35.7 36636.4 2.5.1 61.4 6.2.1 81.7 66.5 59.8 63.9 P/BEraIl t .o 11.7 12.0 35.3 53.6 25.0 22.3 16.6 34.7 r/BDV ra tio -1.6 2.5 6.9 1.0.8 4.0 3.3 2.1 3'.9 Divldand yieldl% 2.? 1.7 .1.3 0.6 0.6 0.0 0.9 %1.5 0.8 Tatal relurn Index * ~~~~100.0 . 120.4 164.9 . 364.1 703.7 1,407.169.086537922 * laingeinlIndexC) - 101,4 49.3 120.8 93.3 100.0 -50.9 .0.6 .-26.6 89.0 Economic data -Gross domasticpOroduct (US$) 59,174 62,080 80.000 . 101,586 122,435 347,674 159,285 177,755 *208,750- ChNingeIn canstumer price indexI%). 0.0 0.0 * * 0.? 0.5 1.3 4.4 4.1 3.6 4.5. 2.4 **Ex(clhnge ra teo 39.4700 * 39,8500 **35,6900 28,5000 28.1900 26.0500 *26.6300 25.5000 25.1700 26.3600 ExcIinnge rate(Overage of period). 39.5970 39.8486 * 35,6900 *. 31.7267 .28.5621 26.3D66 *.26.6170 . 26.5112 *24.9130 . 26.1387 Note,: The biase date for thec TEE Average findex is 1966=100. Thec base date for the IRCE TalwArs, Chi1na index Is Dee, 1984=100. 1994 FAcTUoCK EMEIrRGINCG NIARKErS DATA BASE~ 207 -Thailand "" IFCG Thailand Exchange Rate Average Dally Value Traded I, ' tU(LS$; Cied 1992=100) (BailtILIMSS (LISS niflions) 225. 25.5. 1,WO 200. 25 800 F't;"'/:;' .i ': . ' t;o',.igi IFCC Composite4. . . 175 ,C 25.3- 600 - Mar93 J.n3 Sep93 Dec93 Mar93l Ju93s Sp Dec93; Mar 93 Jn93 Se9232 40093 >:i:~ ~ ~~~~~'ti Se 93 De 9. One 9f thIetefring Asia 5cp et 93 19-93 # . ....IFCG Com%posite l FCG; .Inex for n_kanket IFCG P/E Ratio Share of IFCG Index Markets' Capitalization Market Performance (cold of mon 11th valuies) (end-1 993; tot al=LIS$852 billionl) One.of the best performning Asian markets in 1993 30 wsTalnd otn a 97% gain in dollar terms Oilier on the I~~FC Global price index and a 107.3% gain 1,,.,; ' 25 U. . LaUnf South Asia ion the Investable index. Stock prices retreated temporarily only in 20 ,. Febrary and March, and gained steadily fram Sr{CAP : ~~~~~I.... . ............. . . atAL spurred locai demand for shares, some speculative X . ~Mar93 J:iir93 5e'v93 D c9 3 . .ati perYfionrmances, lowver interestg rates, and a . :;:; : . - ~ ~~~~~~~~~~~~~~~~~~~~~~~ fundamentally sound economy*. The market's first: 1 . . . . . ; . . ~~~~~~~~~~~~~~~~~~~~~~~quarter decline wvas promnpted by the suspension of: a listed securities company in financial trouble Thailand.t'; . : and the Stock Exchange of Thailand's (SETs) '.;NIEAs.\:.¢': .s:t-e- . . announcenm ent that it weould impose stricter C- ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~5 pS 3 1994 FACTUOOK :;. EMIERGING MIARKETS DATA BASE 208; s.j~~~~a 93 ,.t 93 Se,i 93 De 93 30. interest.... raes an a.. .. ' ';'e'fo!r'-a.'n.'e., ,lo''wer'. . disclosure requirements on listed companies. An services company Finiance One. The many issues overall market correction after strong gains in that followed, encouraged by the success of the 1992 and in January 1993 also factored in the initial two, tapped the. Eurodollar market to decilne. Bank and finance stocks remained favorite obtain debt at far more reasonable costs than in picks, causing the largest gains for 1993 to accrue the domestic market white giving investors the to this sector. Trading activity swelled to opportunity to participate in Thailand's booming aggregate $87 billion in 1993 compared to stock market ,.$72 billion in 1992. The Thai SEC began 1993 by continuinig to investigate a large stock market scandal uncovered Economic/Political Events in late 1992. The scandal involved maniptilating stock prices of the Bangkok Bank of Commerce. The coalition government of Prime Minister Chuan Soon after the scandal was discovered, the SEC Leekpai came under considerable pressure in 1993. suspended trading in the bank's shares; trading In June, the opposition brought a non-confidence resumed in February 1993 to a strong price motion voteagainsttlhegovernmentinparliament; increases. The SEC pressed charges against 30 and the motion was defeated after three days of debate. implicated over a hundred others, despite several In mid-September Prime Minister Chuan dropped of those implicated being influential in political, one of the five parties to the coalition, the Social * corporate, or military circles. Observers expressed Actio. Party (SAP) The SAP vas replaced by the satisfaction at the maniner in which the relatively Serith iim party, a mnuch smaller group, leading to a new SEC exercised its authority investigating this reduction in the size of the majority held in caise. ' ' parliament by the administrtion. The year's first listing of a privatized company The Thai economy has enjoyed high growvth rates took place in June The Thai oil and gas company, for several years, and grew at approximately 7.5% PTTEP, offered 40 nillion shares compr;i3ng 15% in 1993; the Bank of Thailand has forecast a df its total siare capital to foreign adl domestic growvthi rate of 7.8% for 1994. Inflation has also Institutional investors and local individual stayed low-approximately 3.5% in 199-and is * investors. Soon after PITEP's shares were listed projected at 4% for 1994. In addition, interest rates - on the SET, the companiy becamie the exchange's moved dcown in 1993, with Tlhailand's leading ' most actively traded stock for several days. The banks slashing' lending rates in February. The end of November sawv the largest initial public Bank of Thailand followed by cutting the discount '' ' ' share. issue to date on the SET when rate in. May and September. Leading banks telecommunications company Telecom' Asia responded witli further reductions in lending rates; Corporation offered 223 million shares, raising rates stood at slightly over 15% by year-end approximately $1,02 billioil througih placement of lchalf its shares to domestic investors and half to Except for good growvth in manufactured exports, foreigners. export performance remained sluggish for most of the year due to a weak agricultural sector and 1993 saw a spate of Eurodollar convertible debt sloWv economic recovery in most OECD countries. ' issues offered by Thai companies. The first of these Thailand's trade deficit has been widening as a issues was launichied by property development result of slov exports and rising Imports. companly Land and House in April. Close on its lieels was the $75 million issue by financial '1994 FACTOOK- EsmERGING NIARKETS DATA BASE 209 '~5~Thailand I 9,93 'c.* (curency In millions) V Jan ~~~~ ~~~ ~~Feb Ma r Apr . ayJu . . u Ata5Se Oct NovDv Number of Ilsted companles Sr.. tackE Fcliaingcof Tmlwind 315 317 321 324 329. 334 334 . 336 341 341 345. 317 .Moiket capItalIzatIon lntibaht 1,645,065 1,603.,571 .1,494,542 1,476,454 .1,458,164 11,569,924 1,669.376 .1,743,715 1,778,665 2,323,122 2,409,567 3,325,393 Ini U.S. dollars 64,563 63,108 58,9 10 58,706 . 57,749 62,200 *65,983 69,360 70,470 91,678 94,753 130,510 t. .- Trading value- ..-In balit *177,634 139,203. 71,146. 59,274. 56,658 132,460 . 114,355 146,029 160,216 259,337 370,074 484.732 - In U.S. dlas6,972 5,4758 2,804 2,357 2,244 5,248 .4,521 5,809 6,345 11,418 14,553 19,024 - Tuirnover ralto .. 11,3 8.6 . 4.6 4.0 3.9 8.8 7.1 8.6 9.1 14.1 15.6 16.9 Laco! Index SETlndex* . . . 974.5 ~~~937.6 8524.3 825.7' 577.5 928.2932 971.4 1,260.9 1,309.9 161 ChangeL In Index (¶6 . 9, -3.8 -7.7 -2.3 -2.3 6.3 5.8 3.5 0,9 29.8 3.9 25.5 l4.Nu lberofstckcs .5 8 55 .55 55 55 55 58. .55 58. 558 55 .55 S lia re ofrniarket C'p. (Wt 64,6. 64.1 63.3 64.6' 63,8 63.2 63.4 61.5 .61.5 62.5 62.3 57.2 iC. 'lreof`trAdlng.Vi1L1C(V) 56.5 419.5 52.4 55.2 417.5 45.8 40.8 36.9 41.5 45.0 44.4 358.0 ~P/Ern! . 701. 4814.7 13.6 114.4 15.6 15.5 15.6 20.5 21.2 27.5 1 I/3V ratlo 3.1 3.0 2.7 2.7 2.6 2.8 . 2.9 2.5 2.8 3.7 37 . 4.7 r Divltvid nyICle (¶61 1.8 .. 1.9 .2.2 . 2.2 .. 2.3 . 2.2.. 2.1 2.1 .2.4. 1.9 1.9 .1.5 Total rctturn lIndox' 1,001.7 972.4 901.6 921.8 595.2 955.0 .1,016.3 .1,04.7.1 1,064.1 1,406.6 1,447.8 1,827.8 . hiitgc In total retuirn Index (V) 11.2 -2.9, -7.3 2.3 -2, 6.7 6.4 3.0 1.6. 32.2 2.9 .26.3 ExcolnArn rlate 5'10 Excoanomi rat. 25.4800 2.40 25.37001 25.1500 25.2500. 25.2400 .25.3000 .25.11400 25.2400 25.3400 .25.4300 25.4500 .Wate: The base date. for thec SFT lIndex is Apr. 1975=100. The bWm ulate foir 1liw IFCG Thailand lindex Is Dec. 1984=100 1994 AT 0KEmIIRGcINC MvARKETs DATA BASE 210 Thailandll 1984-1993 (currency In mllllonsa, end of period levels) .Mar&4 ~~~~~~~~~~~~1984 I1985 1986 1987 19118 1989 1990 1991 1992 1993 Number of litted companies Stock Ewhlgine of Thinflim 96 I00 98 125 11175. 214 276 30)5 347 Maetko caplilollwlon. In Wlt .46,710 49,457 75 200 138,170 221,958 656,842 604,566 897,159 1,4R5,019 3,325,393 in U.S. d'olln1,0 1,556 2,878 5,4855.. 8,511I 25,648 2386.58558,259 130,510 Inralitg 10,258 15,438 2,07 I119,179 141,473 3.44,778154;47706 .,3,2 ,0.4 In U.S. dolI,ars 4~4581,133 .4,6.33 5,598. 13,452 228430,059 72.060 56,934 Turnover ratlo 25.3 32.1 . 47.8 . 111.7 . 78.6 78.5 . 92.6 .102.2 .153.6 91.5 Local Index SBT IncietO 142,3 135.0 207.3 284.9 . 386.7* 879,2 612,9 711.4 *.893.4 1,682.8 * ~~~Clm,wgln liidox(k) 5.8 .5.1 53,5 37.5 35.7 127.3 . -30.3 . . 16.1 25.6 85.4 IFC Global Index Nunibe'rof stocks 8 I 0 10 in1 19 29. . 4 43 51 58 .Sliareof iitarkct cap. M~. 61.7 59.1 62.5 48,5 53,8 415.8 44I.0 50.0 48.7. 57.2 1P/RrntIo) I -.1.0 10,4 11,2 16.3 8.7 12.0i 13.9 . .27.5 1'/13V ratin 1.2 . 1.1 1.9 3,1 . 21.2.1 2.5 .4.7 Wivdend ICyLeI (1) 5.5 9.6 6.0 4.8 4.10 7,.9 *4.2 1.9 2.6 1.5. * Tl1 alreum l,ncix* .100,0 1(10.1 174.8 240.4 335,3 679.3 538.4 641.8 9010.4 . 1,827,8 CIi~~~~n~~oln1ndex~~~~~~~%) (1.1 ~~~~74.8 37.5 40.7 1011,5 -20.7 492.0.3 103.0 EconomIc da'ta C'rdoniustlptit(S) ..41,175 37,351 41,651 187759,628 69,292 80,389 9194103,220 * ChAn9d In consumer prikvIiidel(7 M . 0,9 2.4 1.8 2,5 3.9 5.4. 5.9 . 5.7 4.1 3.6 *icl .118 ri . . 7.15010 26,65011 26.1300 25,1900 25,1900 25.61110 25.3000 25.03110 25,4900 .25.4500 *fl~cinliigrat. tOCverigeOof pro) . 23.6392 27.1587 2fi,2990 25.7230. 25.2731 25.OM 25.5160 25.4933 *25.3960 25.3198 *Nale.: The bisL* tiIitc, for IliaL SUT Iti,io Is Apr 195110 1 isw da1l'te for thO IIPCG ThaliI1nd lntlex I Dec. 1984=I100. 1994 FACTUOOI(EIiC.N NIA ITS AABS 1 .9: Turkey ((IFC$ Turkey Exchange Rate Average Dally Average Daily Value Traded (US$; acd 1992=100) .ra(L U/S$) ((S$ imillios) : .325 : .15,000 160 - 14,000 14 275A¶12 I-t 12 -i gs°AL 225 12 000 o . 12,000 80 t., 175 6 ___________ o11~~~~~~~~~~~~~~~~~flUflH 2~~~~~~~~0 Hn;H , 25 1146 400 75j,. . ' ' ' ':- t ~~~~~~Mar 93 Jime 93 Sepi93 .Dec 93 Mar 93.1 /vmr93 Selt9.3 DLCc 93. Mar 9.3 .frmi 9.3 Sep I9.3 Dx- 93 - 1tG lIndex for mairket t:< < IFCG PIE Ratio Share of IFCG Index Markets' Capitalization Market Performance (clud of mont/t values . . teud1993; hc1`ql=LLS$852 billin).. : .\ 4a : The Istainbul Stock Exchange (ISE) w%ias the seconid 40t-j . .- . - . . . best performing market in the wborld in 1993, its 35 * 60-Slhare Comppsite Indtex iXjumping by 416% In lira 30 . ,',Lan terms anid narly 21 0% In dollar terilis, Declies in K,; . . * z Anwrtca _ . short-term Interest rates, expectatlons of lover 25- .Infltio, i.ind aniniotiuicemelits of stroig year-end 20 HR i < 15 ! E .. d h :.r . ^ O corporate earninigs moved slharc prices oln th ISE .. 5 . .~ _ . _ _ A _ . . j J .tirsey2s r.ip . .llglier. * . Pt L. In the first quarter, _ declin_es I sh ort-terni T-bltl g.+ S . 1 lai 9, ig t 13 Sep91 } 4 13 r c 9 13 . 341n lowecr Inflation rate during 1993, and expectatiolls Mar 93 f-or good three-limontil fianMu al results moved shiare N;-.>. I . 2 :: . . . . h . . prices on olw ISE slharply higher. Da1)ily turnover averaged ne,rly $27 million In Janiary and $61 a:: i .................................. . . m~~~~~~~~~~~~~~~~~~iillloil il icbr'isiry, radclilg $75 mi11icnl1 y April,: Tue market's npprovlal of the selectioin of Ms. r',,A,'di.:^";t: ' ' ' ' ' , , ' Tanisti 1iller as Turkey's Primc Mlinister, Increased I'F r ;- 1994 I ACTUOOK ANtCING NIAItKuTS I)ATA A;13. 212 ; DA,' linstitutlonial interest 1in tlhe stock market, nid quarter, growth reached 4%, followed by 11% Since the begininig of tile year, the government excellcit first quarter financial results for the growth In tho second quinrter and 7.9% In the third. tried to push 9-monitil nd 12-monithi T-bili interest maioritly of listed companies doubled the ISE Overall in 1993, GDP grew nt an exceptionally rates higher in order to attract funds to finance the Composite lindex by the en!d of the second quarter higih rate of 7%, ip from 5.5% the previous year public debt. Public Sector Borrownvg Requirements and sent monitlhly value traded up to $1,058 million and exceeding initinl governmental targets of 5%. (PSUR's) MIull total 16% of GDP for 1993 versus in June nnd $1,480 million in July. Of all sectors, t the governmiiiets iniltial target of 9% of GDP. the nutomotive sector snav the m*ost impressive The unlexpected death on April 17 of Presideiit quarterly growthi of 1,520% compared to the same Ozal led to thie Turkishi Parliament approving Foreign capital flaws jumped iii 1993, reacing period a year earlier, Overall, of the' 145 listed Prime Mlinister Sulcyman Demirel as thc ncsv $2.3 bihlicin, n 27% increase over 1992. On the last companies. on tile Istanbul Stock Exchiange, 85 Turkishi President. Thic selection of Ms. Tnnsu day of 1993, government officials announced recorded carinigs greater than theaiinual rateof QI1ler for the post of Prime Minister ended n period significant chaniges to import tariffs for mnliy inflation, The 60-Shlare Conmposite Index jumped of politicial tncertalinty dlurinig thie m iddle of 1993; products, but primarily automotives nnd cigarettes anothier 22% by clhe enid of Atugtist o° the stock market subsequlenitly skyrocketed since due to new trade relationsihips with the Europeani aniniounicemiienit duriig the stiuimmer that lth Public Ms. qiller and her pro-capital markets program Union. Participation Administrationi (PPwr, whicis were well-knowni and regarded, especially ill responsible for all privatizations, was to sell ternis of giving tnx breaks to mutuial fundics whicli l-share blocks of twenty previously state-owned invest over 25% of their nssets 1il the stock market, einterprises to domestic and forelgig Instittitiona . Prime Minister IIIler announced significant and strategic Investors, corporate tax changes durinig the last quarter of 1993, The corporate tax rate will be lowered from Strong third qtiarter company earnings and poor 46% to .25%, except for privately hield companies, performance on alternate investimeonits drove tho . which vill be subject to an additionilal 20% tax oni 'market even higher and foeled the ISE with fresh distribuited profits. Tlils menasure wvill ptislh many ; 0 foreign capital, D:>urinig September, one of the best qualifiedcoimpanies to list on tlec Istanibuil Stock montlis of the year for the ISE, the Index JuLped Exciange. One of the main economic goalc of tlic nearly 36% to an all-time lilgi of 15,952 Toward Turkish coalition governiment ias been. tho end of the year, foreign participation on tile ISE accelerating thip privatization program to meet Its Iicreased sigiilficanitly to 25% of the total valuie target revenutes from privatizations of $2.7 billon traded with the index breaking the 20,000 barrier by year-end. to eind December nearly 30% and 5,000 poinits hlighier than at the close of thie tillrd quarter. The newly appoitiled Governor of tile Turkishi Control Bank, Dr. Gultokiln, has announced that For the year, thie IFC Global nnd Investable total the contral banik will closely supervise money return lindexes jumped 47040% anid 464% In lira supply, with the continluing litenit of Firthier terms and 234 309% and 230.6% In dollar toris, decreasing interest rates and keeping the llra fully respectively.* adjusted waith thle cuirreiit inflationi rate. The Conistumer Price Index (CPm) fluctuated, year-on- year, throughlouit 1993 between 58% (in March, Economic/PoIItIcoi Evepti*.* anmong thle lowvest rates sinice Augtust 1990) anid lo- Economid/Poltiol Eallvent5 , 073.10% In August, to close the year at 71.1%. Tlih ::inflaton rate had a promilisinig downwivard trendi In Growth In the Turkish economily vas remavrkable the Mlist thirce monithis of 1993, from 59.80 In over the first tilree quarters of 1993 witl GNI January to 58.20% in Febrmary to 58.00% in rising despite restricted trade opporiutiltics duc to . Marcih buit lost its momenlitumn in the second and political difficulties In neilgiborinig counitries nid thilrd quarters. the recessloni In Western Europe. In the first 1994 FACTUOoK r-siTh: NG MARKETS DATA U.ASI 213 Turkey (curencyIn mlilions) Mu;rkd a eL .MrAr a u u Ati8 auct Noy I * Number of listed companies Stobu5lck Excliunge 141 141 14 4 1 1412 1413 1416 147 1711 5 Market capitalization ln it rn 93,922,662~ 130,189,595 129,044,Si11 187,426,131 -190,5241,481 2416,164,659 231,807,915 285,685,163 367,986,275 368,963,0818 469,5313,505 546,318,238 lto U.S. dallatsr 10,782 14,422 13,470 19,605 10,137 22,880 20,472 241,453 30,282 28,577 34,237 37,496 TaIng valu .1675 11,16,596 6,740,627 15,585,465 13,623,820 17,702,780 14,780,267 17,698,766 34,289,724 24,529,282 42,452,446 52,946,185 lin U.S, dolla.rs 535 1,237 704 . 1,630 1,367 1,051 1,305 2,15t 2,822 3,900 3,023 ' 3,634 TuirnoEver raltio 5.2 . 10.0 5.2 9,8 7,2 8,1 6 .2 6,8 to.5 6.7 9.9 10.4 Local Index ISH Inidext 4,383.0 5,923;6 5,864.2 7,8107.6 8,375.8 10,778,7 10,077,6 12,357,11 15,079.9 14,50(2.7 18,977.2 20,682.0 Change in lIndex ()9,3 35.1 . 1.0 33.1 7.3 28,?' -6.5 22.6 22.0 -3,8 30.9 9.0 *IFC Global Index * Ntuniborotfasloecka 36 . 36 36 366 3 6 3 6 3 6..36 36 3 Siaire olmarke!vanp.( 68,6 71.7 71.0 74,7 70.1 69.9 . 69.1 68.2 67.9 . 67.8 05,5 63.3 Shnreotf trudingvawhlt(% 57,8. 62,0. 65.1 58. 1 52.3 47.3 43.5 40.3 39.6 '15.1 43.1 39.2 * i'1E ratio 10,3 13.9 11.9 14.3 13,8 17,8 26.5 20.4 26,2 26.3 32.3 36.3 P i/l1V ratio. 2.0 2,9 2.2 2.9 .2,5 3.5 3.3 4.2 5.2 .5.2 6.4 7.2 Dlvidvnd y1ud( 4.2 2.9 . .031.5 . 334.0 3.5 3.2 3.7 3.0 . .4 *.: Total roturn Indelxt 233,9 326.5 302.0 462.8 '125.1 508,9 . 449,7 532.5 657.1 618.9 716.5 759,0 ClhaiigeInlW otar.urn Inclcx (%) 3,13 39.6 -7.5 53.2 -8.1I 19,7 .11,6 18.2 23.6 -5,8 15.8 5.9 ' Economic data ixhnge rate 8,711,0100 9,027.0 100 9,580.001W 92,560,0000 9,956,10000 10,759.0500 1,2.00 1,8.00 21200 291010 3740(0 1,7,0) NOle.- Tho base dale rfti lllw IS2 Indelx 1. Jan.1 1986=11X1. Theo base dale or t 1C Turkey Index Is Dec, 19816=10(1. '1994 rACT1lO)K IiNi RNU A TKIS DATA BA.sr.21 Turkey 1984-1993 (currency in millions; end of period levels) MarAW ~~~~~~~~~~~1984 1985 3986 1987 . 19818 1959) 1990i 1991 1902 1993 Number of listed companies Istanbul Stoick Exchiangu 373 40 .50 50 50 II( 134 145 152 Markel capitailization Inl1 iM 425,044 708,801 3,181,715 .2,048,000 15,553,000 55,149,665 78,906,556 84,809.00! 5,16,316,238 In U.S. dollars -956 953,221 1,135 6,783 19,0)65 15,703 9,931 37,496 Trading value In Bra 2,663 . ,0 87! 142,867 16809 1,2,1 35,487,077 55,855,518 2593,223,182 In US, doillrs 7 . 13 115 101 798 5',841 1b571 8,191 23,242 Tuirnover rallo 0.8 . ..5.1 .9,5 .19,1) 42A' 52.9 68.3 80.9 Local Index ISE lIndex' 170.9 673.0 373.,0 2,217.7 3,255,8 4,369.1 4,004,2 20,682.0 Chanile,In index (%) ...203.9 . 44A4 193.1 4 6.8 34.2 8.83 416.0 FC Global Index Nunibcrclstcicks . 14 ~~ ~ ~~ ~ ~~ ~ ~~ ~ ~~ ~ ~~~1 4 14 I18 1 8 2 5 2 5 3 6 Sluare of market caip. ().-39.9 44.4 17.2 67.0 23.2 -52.7 39,0 63.3 I'/BralIo. 2,0 16.5 . 13.2 13.7 6,9 36.3 I,/VIN itao -1.3 6.7 C.0 2.3. 1.3 7.2 DividlendL yildlt (%) .*. .2.9 11.2 3.6 . 5,. .1.4 $I2.4 Total return 1ndc,l' .--100.0 362.! 1410.0 849.0 825,3 480.5 227,0 759.0 Cluinge In intlex(% 2612.1 *61.1 502,4 .28.8 .41.8 .52.8 234.3 Economio doja Gross cnrmeslic prodcxltt(US$) 49,668 52,783 5736. 67,744 7148 0,1 13 119,071 . 104,522 1019,609- Chainge in consumerprlcaindt.xa) 48.4 *I5.0 34.6 i8.8 73.7 633 6.3 66.0 70.1 -55.2 Excluiagb rate - 444.7400 5689 75798 8720 1,5100..2,293,01000 2,89s.00o1 5,025.0000 8,540.0000 14,570.OCIOO Rxchange r,te (averago of perlodi) 366.6799 521.9800 68,1.5008 860,5800 1,410.1965 2,0911,2619) 2,572.M75 4,140.4688 6,819.3819 10.981.03190 Nulr;TTIw baise tlate for tlhe. WE Index Isjan. 1986-100, The bases untot for 11w r 1C r Tuky idxIs Dec. 1996=tOC. 1994 FACTHOOK WlNII4lNC MARKt AKTs DATA BASR 215 Venezuela IFCG Venezuela Exchange Rate Average Daily Value Traded (LIS$; eii 1992=100) tSBoIi'nrcs/LIS$) (US$ ;nilIIIons) 175 -05. 16 150 3 1) 12 - 1 ~~~95 325. ';ri,'i"-'~~~~~~ .'. ' .' ' -100 - 1I .. .. . 5 ;: Mar93 J.93 ..p , Moi 93 lliI93 Se93 DeeD 9 Mair 93 uiiD93 Sqi; 93 Dcc 913 Mayr 9.3' o Ju93 Sepi93 Dec9.3 ({TjICO Composite -I FCG lindex forM market IFCG P/E Ratio Share of IFCG Index Markets' Capitalization Market Performance . (cid of (end- 1993; 1INa7=LIS$852 bliJlln) Voenozuelani share prices were extremely volatile o20 tirotughlotit 1993 as politicall instability nnd slowv .CIIr Ycwwii. econiomiIc growvthl affected equtity market ,fi4,.';,, ' ,18 .atin . . 1 l performalce. IFC Global anld Investable price / Anwt... . _ zmcricflAn_ Snitili Asii indexes showed mixed year-end results with the 16 f _: 34V1 IFCG price inidox dropping 6.9% and the IFCI price Si . x t . ¢ _ ; . f.,.jii.,l- i . i~~~~~~~~~~~~~liidox gflining 13,9%. Poor rettirtis In bahkii1 14 - sector issuies, closed to foreigni por!tfolio Investors w ;; l ls m ; t! &4j 8| 10 u i UHUL1 e . . hin 1993, con t13mriited to tOw overall delic in the i-t; :12 W !_t__M;X._.__|''ElA^-IFCG liidex. lo-;;. . . Fas .As.i0%'a Tl1c Caracas Stuc Excliange's BVC Index galined v'' . Dividcnidyluld(%) 1.3. 1.3 1.4 1.4 1,6 1,5 1.8 2.2 2.4 2.4 2.5 2.3 Tptal relririnilndex 443,3 4147,8 390.4 451.2 481.4 491.4 466.5 414.1 432,6 48(t.7 464.6 487.3 Chnnge In total ritrn lindex 1) -15.3 1.0 *12.8 15.6 6.7? 2,1 5.1I *11.2 4.5 12.5 *4.5 4.9 ;e 'Economic dola EkcoYngeramL 79,9300 d2.7000 54.6000 84.69l00 86.2400 89,6000 90,7200 93,4SOO 97.0000 98.8400 101.5;00 104.4600 Noiue Thebasdalato for lie Now DVC Inldux 1s 1971l100,Tie base dale fuir Ilh IFCG Vanezuela Indtx Is Dee, 1984uitX), 21994 IFACTDOO0< EXII71~MINGc Nl,iiiT.cjr DATAl B3ASE 218 Venezuela ; 1984-1993- (currency In millionst: end of period levels) MarrAel 1984 1985 19R6 1987 1988 I989 19190 1991 1992 1993 Number of listed companles ;Bolosa to Valores1do riw R33 75 76 87 90 93 Maiket capltallzatlan In bolvares . 16,235 34,275 67,077 67,546 04,l51 415,593 681,838 593,993 536,679 InU,S,dollars , 1,128. 1,510 2,275 1,816 1,472 8,361 11,214 7,6n10 s,0o Trading value In ballvares 341 428 1,0'17 4,087 7,360 3,575 103,236 181,688 177,648 169,1fi8 In U.S. dollars 27 31 52 145 221 93 2,232 3,240 2,631 1,574 Ttiroverratio 4,1 5,1 10,9 5.4 43.0 33.1 27.8 23.6 Lacal Index p -. NoYNw VC Index.* 586.7 817.6 2,090.5 3,928.6 3,866.4l 2,754.0 17,881.9 29,316.6 19,874.1 21,903.4 Clia,116iInIndx(%) . 43.9 38.9 155.7 57.9 1.6 .28.8 549.3 63.9 .32.2 10.2 IFC Global lndex Ntiniberof stocks .12 12 1 2 12 13 13 13 . 16 17 -17 Slnre of markct Cp.1p) * 53A4 61,2 61.6 63,7 53.0 644.6 77.1 65.8 60.4 IVE/ratlo 7.6 . 10.1 61.1 26.0 28.5 15.6 17.4 I'/MVratlo . 2.4 2.9 1.7 0.8 3,4 . 3.6 1,6 1,8 Dividendyyicdl%) . W 3.9 1.3 (.5 L1I 2.2t 0.7 0.5 1.0 2.3 Total rturn Index 100.0 73.4 115,5 176.2 133.6 8P.A 627.4 907.4 523.6 487.3 ^. CIiangcnl:idex%) . .26,.6 57.4 52.6 .2.1.2 .33.1 rol.6 5 44.6 .42.3 -6.9 Economic data Crossdornstilcproduct (US$) 32,075 32,638 24,411 24,677 2f,3416 3,4-194 49,2Hfi 54,175 61,206 Change Ilnconsumerprlcln.&cnd tP) 12,2 * 11.4 - 1.15 - 2s. t 29.5 ,1.2 4in' 34.2 31.4 38.1 Exchange rate * 12.6500 14.4000 22.70011 29.4500 ' 37,2000 43.51100 49.7400 60.5000 78.1600 104.4600 l * xchinge ratL.(avera geupfLperill) 12.6500 * 137580. 20.1603 27,5330 33.23106i 38.5919 46.2453 56,11f683 67.5143 90.2763 .Niie.h '71w base dale for ilw New IVC Imilex Is 1971=1X). TilP base datl fIur Ihe IrCC Vwexuzel, Indewx Is Dec. 195l- 100, '1994 F ,TBOOK * EMERGING MARKETs , . A.. 219 y: -.Zimbabwe IFCG Zimbabwe Exchange Rate Average Dally Value Traded . (LIS$; eivtf 1992=100) (Z$/LIS$) (LIS$ inlliilio) 225 - 0 . .0- 0.50 4,' '1L NSoJ .200 6004- 175 ~~~~~~~~~~~~~~~~~~6.60 0.30 t 6.40 - 0.20 125 4K-; 4~I.f~n,. A ~ 60~t fg . i. 'tt ~~~~~~~~~~ C ~620-0.10 4 Mair 93 J' 9I3 P/E 93 . - 93 Mar 93 Jun93 S,' 93e Dx 93 Mar 9.3 Junia 93 Sepv93 Dec 93 41' riJ~~ IWOG Comiposite IPCG ljitidx for miarket IFCG P/IE Ratio Share of IFCG Index Markets' Capitalization Market Peiformance Miend of montlb vailues) (cnid 1993; 1ota1=LUS$852 11illio.) The Zimbabwe stock market vas one of the top °.iv - .9. _ performinig emerging mnarkets In 1993 as a result of -. 8 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~new investment regitiations which allowed foreign A Lalln . . portfolio investors to particlpate in the market. §r i: ! 7 ~ : _ _ - AmaHr.l Satitli As9. Duiring the year the IFC Global price and total s tr 6 - A ; . _ return indexes gained more than 122% and 143% e;,5- _.S . .t . . _1_ respectively. The IFC linvestable Index for Zlimbabwe, a five stock inidex introduced on June 4 . . Za 30, showed a price lindex series and a total return Othier .index series gain of about 102% anid 103% for the 5*fl 2ns: - ,ELILL _ L _ _ _ _ {, _ ffi _ . ; j,4qR F8StSin . : last six mothis of the year. iii,9: ; Mar93 l 93 $q 91 D93 . 30~ . . Share prices started Januiary on a downward trend plungilIg to a threc year low In mid-January as 1992 s poor economillc and share price perfornmance drifted into 1993. The market began to recover as rainis returnied to the region aid brightenied the outlook for the agricultural sector. 1. - t994 FACTUOOK . ''ENRGING iCNAl'icRETs DATA BASE 220 Shiarply lowver thani expected prices -for tobacco, Economic/Political Events generally low. commiiodity. prices, and. poor corporate eanmings prevenited the miarket framl Early eitlniates indicate that CDP' grewv about 1% miakinig a robst reoey,i 93 after real GDP declined 7.7% to $5 billion In 1992, The averange rate of inflantion was * In: late April, Finance Minisater Clhidzero estimaitedt to b. 28% hti 1993 compared to 42% In anniouniced newv linvectmenti guildelines anid export 1992. incentiv,es whitch OffClively openied thie Zimbabwve Stock Exchanige to foreign portfolio Investment. April's anniotmicemencit regn:rdinig new linvestmenclt The new investmenit guidelines becamie effective oni gildelinies anid export lincenitives was n important Jtzite 23 anld triggered suibstanitial foreign . gov'erniment Initiative In opentinig thec local econiomiy i investeniit inflowvs. Duirinig Juily anid August, the . to.globall investment and Increased trade, The new - *first twvo mo6nths following liberaiiza'tion, thle ivesmntadicetv pckage liberalized I FCG price Index soared 47% anid monthily Value dividenid remiittanice regulations, widened thie scope traded on the Market averaged $4.2 miillion, for uising blocked and suirpOLuS funds created by * nreasing 350% over theo $0.9 miiiioni monthlyl existing exchange conltrols, anid openied the *averaige recorded ihi the first six moniths of the& year. Ztimbabwve Stock Exchanige. (ZSE) to foreign Itieasthalf of the year, foreign linvestor demiand prtfollp net~n Malng withi a sh ortage of available shiares Was * primarily'responsible, for soaring shiare Orices: lImportanit poinIts of the 'April anniounlcement' whiich jumlped more than 100% in dollar termis. relatinig to foreigni portfolio investmenoit iticluide: 1) foreignI iiivestors may participaite on the ZSE .,Statistics comipiled by th'ie stock exchange show provided they finance puirchasess of shares.by that foreigni investors purchased miore .thant$16 iivnwrd transfeor of foreigni cuirrenicy :tltrouigh miilfllo in`Zimbabwe shanres In 1993 untder thle newi normal banking channels; 2)'the puirchase of shares investnent. reguliationis. *Exchnnge figures alsfo ..will be limitted to 25% of the' total eqIuity oif a reflect tlat foreigni Investors wybre responisible foat * comipaniy (excILuding existting foreign sharrlholdings. almost-$20 million in shiare traides duiring thie last prior to May 1, 1993) wvithi a sinigle invstor six moncithis of theIe year, ~accouniting . for acquiirfing at maximumi of 5% of shares outsianding; V: approximately 35% of all, trades oni the ma1(rket 3) tinvestmnitts will quanlify for. 100% dividenid during the period. remittability otter taxes; anid 4) capital anid capital At the end of the year, the threegains are freely remittable after capital gain;s taix largst sare . 'deduict ions. [n 'addition, forelign Investor positionis acquilredt untder the new investment participating In theo stock market under the neW regime wevre. ror Wantkle Colliery, lunyanni. ,rultes are niot requiired to obtaii exchange control FlHold ings-preferred, anid Portlanid HolIdings; approval aind con register share purchaises'either foreigni portfolio inivestdrs. hield 22%, 18%/ anid In their own.namnes or namiies of noineeilic compianies. I11%, respectively of theo total shiares of thecse thiree issuies. J:1994 FACTbIOQK'. EMRIGMARKET DTBAE221 * (curre ncy In millions) Markel . Jo~~ ~ ~~~~ ~ ~~~n. rcI, Mar Apr* Maty. Jun juil Augl Sep Oct NOV c Number of listed compantem Zinithbwie Stock Exeluizige 62 62 62 62 62 62 62 62 61 61 .6 1 62 -Mreoapicizalztion In Zinbibbwe dolla,rs~ 3,527. 4,010 4,011 3,940 3,989 4,375 5,227 5,948 6,429 7.818 8,149 9,937 In U.S.,dullnrs 554 '.642 614 625 631 667 783 908 988 .1,164 1,155 1,433 *Trading value InZirnbabwe dolirs . .4 4 8 6 8 6 I19 36 47 63 72 74 AnUJS,dcllars, .I I I I 3 6 . 7 9 la II Turnover rtido 0.1 0.1 0.2 0.1 0.2 ~ 0.1 0.4 0.6 0,s (1.9 0.9 0.8 4 Local Index ZSElndustriAdal nO 893.7 957.8 871.0 9415.2 940.9 1,002.8 . 1,219,4 1,430.3 1,553.4 1,887.2 1,964.4 . 2,32533 *Cininndx&) 3, . 918.5 *.4 6.6 21.6 17.3 . .6 21.5 4.1 1. PIFC Globail Index Nuiniber of otocks . 21 2 1 2 1 2 1 2 1 2 21 2 1 21. 21 21 it2 2 1 Sliare of nnrket cap.(5L)59.0 54.0 60.4 60.1 60.3 57.8. 60.6 62.9 63.5 . 63.1 63.4 62.2 Sliare of tradingvahue(%) 54.3 60.5 64.6 6046. 0741.8 16373.3 52.6 34.4 42.1. I'/Erntio *. ~~~~~~2.4 2.5 . 3.1 .3.0 . 3.1 3.5 4.4 5.7 6.0. 7.1 7.4 8.8 P,/BV nilti 0.4 0,4 0.4 0.4 0.4 0.4' 0.5 0.6 0.6 0.7 0.5 . DividendL yield (% 5,5 5.3 5.4 * 6.3 ~ 9.2 ** 8.5 6.5 * 5.4. 4.5 4.0 4.1 .3.6 Total retuirn Index *. * 373.4 376.5 * 325803 361043* 498.5 597.4 *655. 6.9 789.5 938.0 Cliiagb In totnidretuniIndex() -2.9 0.8 -1.0 2.1 * 4.1 2.1 23.3' 1 9.8 9.8 17.1 281.8 'Economic data Exchange rate. * 6.0394 * 6.2467 6,5331. 6.3038 6.3261 6.5605 6.6740 6.5535. 6.5050 6.7163 * .8'760. 6.9351 NoeIL;The boise datlefor theMZEIndusiri l index Is 1967m100.TheW bse da1frtte for CwiPC ZIrnbobwe Index Is Dee,. 1984-100, 1994 FACTBOOK E,,IEHGiNc. NIA,RikETs DATA'BASE~ 222 Zimbabwe, 1984-1993 (cu rrencyI millions; end of period levels) - Markel . . ~~~~~ ~ ~~~~~1984 1985 1986 1987 195515 99 9119219 Number of listed companiw.e0626 Zimbiabwe Stack ExclhanIge 156. . 55 53 53 .53 . 54 57 6 26 Market capifatliation In Zimbabwe dollars 264 591 588, 1,194 1,504 2,396 6.373 7,020 3.440 9.937 in US dollars ITS~~~~~~~~17 360: 410 715774 1072,395 1,394 628 1,433 Trading Value TriZlmrbabve.doliar; .8 1.4 20 38 71 7516252 .103 . 3.87 IllU..lJSdaIars, 6 9 I1 23 39 36 51 . 77 20 53 Turnover ratio 2.9 3.3 3.1 4.0 5.3 3.9 2.9 4.2 2.0 5.2 rLocal Index ZSE idustral inex *.122.7 251.9 . 5. 5. ' 552.6 569.1 .2,282.6 . 1,953,6856 2,153 Cliangelnindende:) -0.9 105.3 13.7 , 57. 22.5 57.3 126-44. 3. 6. IFC Global Index Njuniberofs%ocks 9 JO .. l .. 1 1 i16 17 .17 21 ShaNre a! niarket Cap. (¶)23.A 471 43.8 44.5 .50.5 46.5 56.5. 50.0 42.7 62.2 P/E ratio --3,9. 463.2 4.4 .8.3 7.02.88 P/hlVratio . -~~ ~ ~~~~~~~ ~ - 1.2 1.9 1.7 0.9 1.5 1.0030. Dividend yield (%). 15.6 7,3 10.9 9.2 7.5 9.8 4.0 5.8: 6.1 .3.6 Totali return lindex (DccB4=00) 100.0 253.8 30. 8 31010892005.8 95-6.1 384.8 935.0 In index (~~~~~~~~~~~~~) ~~153.8 15.4 94.7 25.0 40.51 94.9.-2 5. 4. Economic data 5,7 . 571 76 ...600,995,4 Cr6sn domestic product (LIS) 503430476 ,7. 5741 ,6 Cliingeoitnconsurner pricelisdexC%) 20.2 5,.5 14.3 12.5 7.4 . 12.9 17.4 2.3.3 . 42.1 .17.1 Exchange rate . . ~~~~~~~1.5024 1.6412. 1.675!. . 1.6620 1.9429 2.24418 2.6609 5.0353 5.4816 6.9351 Exchiange raluCaverage Of Period) 1.2575 . .6137 . 1.6650 1.661'1 . 1.8109 2.13 .2.44181 ..3.6346 . .2635061 NO'II 11w base date for thle ZSE Industrial index Is 1967=100. 'The base date for the IFCC ZImibabwe index is Dcc. 1984=100. 1994, FACTDCo0K' EIERG.ING MIARKEr DAA BASE 2423 L '.9 6~~~ Oter Equity Mharket.. Profies Emerging Stock Markets Facbok19 Ba'ngladesh (currncy in mililions -end.o f perlodievels) Mnrkel 1984 19855 181571985 1959 .1990 i991 1921993 % Number of listed companies IJitaka Stock Excbnnge ~~~~~56 .69 75 55 .10 116 . . 134 138 145 153 -Market capliolzalion. 7;.imiik-iV .2563435,73312,3 13,557 15,351 .11,456 10,397 12,299 15,099 .InUSBdoliars 87 - 113 156 405 430 476 321 2693544 in aka 30. 3 2 458 1758 130 174 195 116 438 579 .inUS dollars 0 1.2 6 4 5 6 3115 Tufrnover ratlo 0.6 111.0 1.9 1.0 1.2 1.5 1.1. . 3.9 ,3.5. Local Index DSE All Shiare -Price Index (1985=100) . . . 244.4 51.2,3 .533.6 467.5 350,5 296.3 369.6 391.5 - %change in hiex . .. .. -144.4 109.6 42123-5,0 -552. . PIE ratio .. 6.8 20.6 7.5 23.9 13.7 953. PIBV.rntio . . . - . ~~~ ~ ~~~ ~ ~~~~ ~ ~~~1.0 1.5 1.8 31.1 1.1 0.915 Dvden il % 9.3 3.5 7.0 4.4 737.76. Economfic data- G,, Casodornestllproduct(US$) 13,301 14,452 s4~5,313 1 7,394 35,732 ,. 20,153 22,579. 22,590 23,273 Chainge fn consumer price findex (% 10.5 10P.7 110 . 9.5 9.3 30.0 * 5, i 72 . 4.3 2.7 Sxchange r,,te ~~~~~~~26,0000 31.0000 30,86003100 3151 32.2700 35.7900 38.5500 .390000 39.5500 2: Exciai'igera'teCAverigeofperIo1) .' .25.3540 27.9950 30.4070 30.9500 33.7300 32.2700 34.5670 36,5962 35.9510 39.5670 19094 FACTIJOK TiiiIIC1.Nc NI1ARKI-ETh DATA BASE. 226-!. Bdrbados 94-1993 (currency In,millllons; end ot period levels) Mar1.et ~~~~~~~~~~1984 1985 1986 1957 .1988 1969 1990 1991 1992 1993 Nu mber of !lsted companles 9urteEchiange,ofofi3rbadom Is ..1 41 16 Maretc apit aiizoil1n In Barbadian dollars .. . ...563 . 61751 65 6 In US dolhirs -.i 280 307 258 326 TradIng value . . lii dollars . . . ~~ ~ ~~ ~ ~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~20 158 4 .. 9 in, uSdas . . -II.. I0 924 Turnover'natlo . ... 3.1.071. Local index SHB Index 4Jan. 1 1988=1,000) -.... ...1,205.9 1,.319.3 1,099.1 ,36 cliange in lIndex . ...... .. 9.4 .16.7 21.8 P/BY ratio. 9. .08 , Economic data Grw~ clomestic product (US$5) .. -. .... .. .1,743 1,755 1,740. Clhange In consunmer price Index (V).. 3.1 6.3 6.1 1 ExchanOge rate . * ... .. . . .2.0113 2.0113 2,0113 2.0113 Exchainge rate (average of perilcd) . .....-2.0113 2.0113 2.0113 .2.0113 ~"' 1994 1r~C'rulol( :EdICNGMRUT DATAB 2 Btswctna 1984-1993 (currenc y In mllllons,, end of period levels) Mairketi 19841 1985 1986 1987 1988 1989 1990 1991 .1992 1993 Number of lhsed companles Btswaiiia Stock MNarkgt 9 1 .I Market caphialhzatlon. .. .. in pula ... 545 657 ..669 In US dollars ...261 295 251 Trading value [II pulii.. .. 1 7 . 32 48 In US dollars . .. . .8 I5 20 Turniover ratio .-.5.3 7.2 Local Index B otswana Share Mlarket lindex (1989=100) . . . . io. 2301.4 271,7 273.7 278.5: 'A chanlige in filde 130 * i.4 17.9. 0.8 1.7 PIE raltio .*.....10,5 8.2 7.7 P/BY ratio .*... 7 2.8 1.6 Dividen,d yield(). .. . . .... 3,9. 4.4 5.3 Economic doat Gross donmestic produict (US$) . ...3,295 3,460 3,702 Cha11ge0In eonsutnwr prkicn idex(. ..*-.... 11.4 1 1.8 16,2 14.3 gxchanige rate .,.. -... . ..1.8605. 2.0921 . 2.2311 2.564 Exehangse r (ate (lVr.1130 pel'Td) ~. .1'.8601 2.01732.27219 '19R Vow'rHO"K .. ... .. INFi;iGNIR(TDTA18l228 Costa' RICO 1984-19-93 (currency In mllllonis:.end of period levels) MnIk4? ~~~~~~~~1984 198 1986 198? 1988 1989 1990 1991 1992 1993 Number of Ilisted companies. Wm sNaicIwT1,1iIL, Vi1lares 41 SI .61 71 76 78 .82 93 115s Inarkeo i s 7,452 1.0,477 I'l1470 42,050 65,543 65,543 In US dolliar 156 195 246 ..311 477 433 Trading value 1ncokne~~~~~ .. II . 15 . 22 39 ~~~~~~~~~~78: 30 944 .1,149 1,489 1,579 in US do1lrs 0.3. 0.3 . ,A0. 1,0 4 5. 1I Turnover r.1lo0 0,2 0,2 . 0. 0,5 . .. 5.5 2.6 2.4 Local index % cli4i1e In tindex. .. P/Enatio .,5,9, . 8,8 .11.2 11.2 P/BV rntlo . . 4.. .1.3 2.3 2,3 .'Grss dniolc prxitil (U$).3,660. 3,923 4,425. 4,538 4,701 5,314 5,702 5,5W0 6,214 Exc ,.,nsu nile .o 47.7500 53.7000 58.8750 69,2500 79.3901. 4.843500 10'3.550 13.5.4250 1740 151.4400 Exciilge r.1to (.iive eotplcrod) .4530 0,30 .55.9860 62,7760. 75.8000: 51.5042 91.5800 122.4320 13504.1700 1994 FACT110OK B11:1TWCING MAIIKI:TS.DATA BAsE 229 Cyp rus., 1984`1 993 (currency. In millilons; end of period levels): Market~ 1984 1985 1986 1987 1988 1999 1990 1991299 1993 Number of listed comnpanies Abidm Stock Excluange 25 25 25 25 24 323 23 24 30 * Market capitollzalion 12.4 In'CPA fiins .113,700 .114,000 107,000 122,400 132,300 153,630 140,729 146,745 91,1121234 In US doIlnrs 237. 302 332 458 .437 531 5419 567 331 415 * Trading value In CPA francs 483 565 994 4,126 .2,717 1,5'10 .5,032 1,909 1,143 1,607 In US dollIers I 3 149 5 1 9 746 Turnoverraillo .0,4. 0.5 a.;j 3.6 2.1 1,1 3.4 1.3 1.0 .1.5 Local Index Indice OVA (Dec. 31 1985=100) .129.5 123.7 99.1 100.8 103.1 106.9 103.7 102.4. 62.9 90.5 %cbnngelnin Idex -3.6 4.45 .19.9 17233.7 .3.0 .1.3 -38.6 43.9 P/BVm . .. 6,8 8,2 9.6. :9.5 10.0. .- 1DI;ldendm yield (I . Groiss domestlic produict (US$) . 6,841 6,978 9,369 . 965. 942939 820903. 10,158 Changelneoinsurrierprlceindex(%1 4.3 1.8 .7.3 0.4 :70 .0 I. -0.8 . 1.7 3.5 3.2 Excllinen riet 479.51999 378.0498 322.7500 267,00003 302.8634 289.4000 256,.4500 259.0000 275.3300 294.7800 Excben ge rote (Overnge of periodI) .436,9600 449,2598 346,2998 300,5400. 302.9000 319.0.070 '272.2600 282.1060. 264.6900 283.1600 1994 1FACTOOoK . N IEIGN N1%,AIu.k1Ti DATA BAlsL 23 Cole dilvoire (currency In mIlIlions; end of period levels) -4 Number of listed companies Cypruis OTC . .- . ... ..40 39 39 Market capItalzailon lIn poundsi56 572 510 Ini US dollars ... 556 1,183 981 Trading value In Pounds *.- .-30 40 aIS In US dollars . -. 589 3 Tuirnover mite. O'... 7,0 2.8 Local Index CC&l Index (Dec 1992.100) ....100.0 92.4 % Change In index . -7 ...- . .2352. Sto ratio P/I ai 3.6 Economic data. .- .. .. . .. . - . -.583670 Gross damies tIc pruduict (US$) ,3670 Change In consumer price Index ().- .. .5.0 5.5 4,9 U.. Exchange rate . ..-.- 0.4390 0.4830 0.5198 ~~~ ~Exchainge rate (avcr*g.of perlod). .. *.. . .-.-0.46 15 .0.4502 0.4970 V0 S.' ~ ~ '19 oCIJICsIit '1~ ~ ~~~~OKEt. N.M RIT A AE21 Ecuador- 1984-1993 (currency In millions: end of period levels) market 1984 1955 1986 19817 1988 1989 1990 1991 1921993 Number at listed. companies Balsa do Valores do Quito 486 65 142 Market IcapItalIzation In suicres . --.-128,828 3,20314,3 In US dollars . 0.. .. O 1,566 l.Icdng value IInsuocre 4 0 -. . .. -.. 78,990. - In us doliars I- .---.- .41 Turnover ratI.o- Local indlex 113Q --- . -.-.-.*. . 231174.6 % chan11ge In fIndex . . . . .....--41.8 P/1E.rAtfa. .- .-. P/BY ratio. -..-.-- Di'idond yield M5)- .. -- . Economic data Groiss domestI product (USe) - - ..-18,592 Change in cionsumer price Index (%). . . -- . * 54.605. Exclionge rale 67,1750 95.7500 - .. .. ..1,270.5801 2,045.0000: Exwlunge ratc (a%erage ofperiod) .7 62.5360 69.5560 --- .. ..- 1,046.2300 1,941.5250 1941ACTE100K *. WIE$iNG NI " vARrnTs DATA BASE23 7Ž Egypt 1984-1993- (cUrrenc inmlin:end of period levels) .Miik 1954 1985 1986 1987 1985 1959 1990 1991 1992 .1993 Number of llisted companies Douirse de Vnieurs duiCairo 258. 317 .357 43 483 51057626667 Market oapltallzatlon * in Pounds 1,406 1,538 2,333 4,021 4,147 4,384 5,274 8.434 .8,632 12,507 In US1 dolMmr 1,691 1,382 1,716 2,150 1,760 1,713 1,835 2,527 2,592 3,800 Trading value in pouinds 110 . 126: 243 357 .256 204 . 34 2 . 508 94.5 250 F lnLs~~~doilArs 132 . 97 . 180 351581 16.22308 7 Turnoverrallo .9.5 7.78 117 1.2 6.3 .4.8 7. 1811.1 2.3 Local Index 2CiM Index (1992-100) . . . .. .. ... .108.87 .135.7 %chonge lii index .... . .. -24.7 PI/Mr.,ilIio . .8.8 Dividend yield I¶) . 1.1 Economic data Gosdornestic prctluct US$) . . 39,837 . 64151,484 n4,641. **** 7.377,004 . 50,908 ** 35,774 .. 44,431 *,Clionge in2nunrrcidelt.*1. 21. 2.9 *. 19.7 *.* 17.7 * *21.3 *.. 16.8 19.8 13.6 1. Exchanlwrate . . ~~~~0.8317 1.3300* 1,3600 .* 1,5700 2.3553 2.5600 2.8736 3.3370 * 3.3103 3.3704 Excliange rAte (averqgcof period) * 0.8317 * 1.3009, * *..13503 .. 1.513 . 2,2255 2.5200 2.7072 3.0873 3,0652 3.3497 "P. ¶994 FACruooiK EMERGING M'ArtKIrrs DATA BASE 233 I,. Ghana 1984-1993, (currency In mifllons; end o.f period levels)'. Markwt 1984 1985 1986 1987 l oss 1989 1990 1991 1992 1993 NuMber of listed companeie Ghlna Slack Exchange.-. .. 1 3151 Market capitalization .~ .. . .. . .2,0 37396,514. Iasolls . 7.6 84 ~ 118 Trrodlng value . .* .. ~~~~~~~~ ~~~105 173 3,178 In US dollars . ....0.3 0.4 4.8 Turnover ratio ... .0.5 4.5 * Local Index Dalobnnk Stock Index. -. ...---- .79.1, 170.9 %1 change In lIndex -. -. . . -. . . . . .16.1 Dv oI~d yield ().-..... .8.9 . 5.5 Ecnmi at . .. . .- . 7006,86 - . m . Gross dorneslh. prodtuct (US$196 Changie In consumer prIkL index %. 390.0300 32.001500 2xcitoinpernte;' . .... *. .367.8300 438.1667 6197 1994 FA CTI300I IiNIEI4GING NtARtxrs. DATA BASE 234 India (other princIpal exchanges) -1984-1993- (currencyV In mlillions: end ofperiod levels) Market 1984 1 985. 1986 1987in 1958I99 1990 1991 1992 19 Number of listd. companies * Calcutta StockfExchange 1,6862 1,900 2,11 3 2,073 2,233 2,3901 2,456 DotlIlIStock Exclanfe . 952 1,086 1,t396 1,816 1802,004 2,077 2,090 .2,114 2,370 t' Midras Stock Exchange . 441 .451 492 529 536 . 583 622' 660 717 815 Market capitalization Calicutta Stuck ExcIraIagL' Inruipeb '48,490 .107,260 216,390 In US dol lars 3,894 8,321 .14,407- Dnirupl 41,440 -121,670 116,150 228,020 330,000 .707,533 501,126 460,161 In US dol 1-irs ~~3,328 .-9,272 9,011 15,181 19,596 38,983 17,473 .14,782 *. Maglras Stock- ExchIange In rupee . .25,740 .85,000 - 63,470 128,370 159,681 213,800 371,094 551,821 . 793,810 InUSdollars ~~~~~~ ~~~2,067 6,987 .494 .8,547. *. 482 11,780 14,354 .19,241 2,0 Trading value &ktl4Ila slack ExchlmagI..SO. . lInrupees In US doll ars,. Delhi4 Stock Txhrrav:rls Innlpees . . . . . . - .,. .. . . . . . ~~~~~~ ~ ~~~~~~~~ ~~~14,700 18,973. 60,1259510 .)949 In US dollmrs ~~~ ~ ~~~~~ ~ ~~~~~ ~~~~~~~~~~873 10 2,664 3,421 3,514 * Maimtrs Stock Exchangye * In rupees . ,6 ,0 ,7 ,5 10,661 20,672 2 0,074 In USdollars . . .. .137 .17 . 153 ..324 ..472 743 650, Local Index Cftt-CSE mndcxy Wee 1987.10 . .... .. .10, 352.2 ti change In Index DiStil. P5K ludcx(IOSJ=1001 . . ~~~~~ ~ ~~~~~ ~ ~~~~~~265.4 233.6 327.8 482.5 594704,2 ¶tchange In Index ..- . .12.0 40.3 47.2 24.2. .17.5 Mallras. MSK Index ... ..,224.3 33. 8, 613971 1,349.9 29. ¶1 change In !ndL,A . . .-.. . .50.4 44.3 399 . 40.8 41.0 92.0 Econamlc datai CrossdornosllcprnduclQdS5) . 203,639 .211,760 . 231,520 256,609 254,36)5 274,233 304,527 270,04 1,2 ChiangeIn canoniier price liidlvx () 8 . 3*5.6 8.7 8.8.46i . 15,IS9 25.6300 Exclinngotate ~~~~~~~12.4514 12.1655 13.1220 1.90n 681D Exchinngri(veraefpro).132 1,67 1.10 1,60 .138g03 16.1457 17.4326 .22.57014 27.8066 30.8583 1994 FACT1IOOK EN11mCERINC MARKETSDTABS 235 ? !. Iran .1984- 1993 (currency In millions; end of period levls Ma rAet 1984 1951986 1987 1988 1989 1990 1991 1992 1993 Number of listed companies Ta-imir Stock ENcliai.ie .97 118 124 Market capllollzotlon In rinil 1,970,593 1,995,404. 2,381,361 In UlSdolinrs . . ...30,509 29,765 1,297 Trading valuo In rinis . -.. 2,166 458,495 394,183 In US dollnrs . 5217 6,994 311 Tuirnai'vr villo .-..23.1 18.4: *Local Index......-- 421* 45. 2. Tcpix (Nov'. 3 199O=0w 1~ 00 472.. .. - 44. 384.0 Chnn11go in' lndi'x .370. -. 1. .I'/E raiin . ....- 004150.. IOIV rnio .. -- Dividend yietld I%)... 14.3 Economic dIata. .... Gross dornwstlc~ prxltut (US$) . . .- . ..74,225 103,446 C1110Iin oiicostnier prie IndeN I%) .. ..- 17.1 22.9 20.3 E cmigio rjg .t. . 64.5910 67.0391) 1,758,5600 Excane ate(oenge of periodl) 67.5050 65.5520 1.267,7700 1994 FAcTsocK - I,W-RcI MAKTS DATA BS 3 Jamaica ..1984--1993 (currency In millilons: end ot period levels) Mark' . 1984 1985 1986 1987 1985 1989 1 990 1991 1992 1993 Number of listed companIes jamAcicl Stock Exchang 36 38 .40 413 44 45 44 .44 4550. Markt Jaac or.700 1,460 2,940 3,470 4,290 6,200 7,320 22,215 76,974 41,579 In u UdaUarls 142 266 536 631 796 937 911 1,034 3,227 .1,469 Trading Value In linmaIci dolla.1rs 26 117. 375 400 .137 516 230 .1,157 4,678 . ,347. In USdollars. 7 2168 73 290 . 396386 336 Turnlover rllio 4.9 10.8 17.0 12.5 3.5 . 9.8 3.4 .89414.0, Local Index JEE. Index (Juni.30 1969=100) .* . 461.1 . 941.5 1,499.9 1,515.1 1,439.2 .2,075.8 2,539.4 7,681.5 25,745.9 13,099.7 91 dian n lIndex 9140 104.2. 59,3 1.0 -5.0 44.2 22.3 202.5 235.2 -49.1 P/Era,tio .--5.7: 7.0 7.0 13,4 22.0 7.3 P/ISV raltio .--6.8 2.6 Dividend yield ()5,5 2.9 2.5 3.1 2,5 3.4 3.9 2.8 2.6 1.3 Economice dabc Gross domiestic productl(US$) .2,374 2,015 2,444 2,917 . 3,416 3.334 3,606 3,497 3,179- CIiangenconsunerprIcun4w(~)27.8 25.7 1.6753. 143 .22.0 51.1 .77.3 3. Exchange rate .4.9300 5.4800 5.4800 5.5000 . 5,3910 6.45.00 8.0350 21.4925 23.8300 28.3000 Exchange'rate(average of parlod) 3.9428 5.5586 5.4778 . 5.4867 5.4886 . 5.7446 7.1840 12.1159 2290 4.820 A1994 FACTOOOK ENERCINc. MvARKETS DATA BASEF 237. Kenya :'984~ 1993 enofprdlves -,(curre,ncy In mlillions;,edopro ees Mark~~~~~~~~~~~l ~~~1984 1985 1986 1987198 . lQ9 1 990 1991 .1992 1993. Number. of listed companies 7 6 N.iriobi Stock Exchlange .54 54 .53 53 .5.5 57 54 . I5 7 . 5 * Market 22pita0i96tI78 in shillings . - . . . - ~~~~~~ ~~~~~~~~~~~~~~~ ~ ~~~~8,674 10,780 . 10,900 17,900 ,0 987 In 1US dollors . ...-474 4p99: 453 638 607 1,421 Trading value . . . . . . . . . - ~~~~~~~~~~~~~~~ ~~~~ ~ ~~~~~~~~4,710 235. 302 .40082 In shiillings 4 inUSdollars . . . . - - ~~~~~~~~~~~~~~~~~~~~~~~229 1 1 2 1 IunoUS doratio ... . - .-48.4 2.2 .2.1 2.0 1.4 Local Index .,6. ,1. * NSE Index Ja.1 1964=100) .386.4: 421.1 . 00 .753886 . 1. 15.2 93.3 2116.8 ,1. ~Ichange In Index .* 1.0 . 9.0 20245.3 168-. . 1. . 2. 1. P/E ratio . . ~~~~~~~~~~~~~~~~ ~~~~~~~~~~~~~~~~~7.0 525.2 5.8 .. . 9.4 P/BV raitio . ..-. . . .. .1.1 1.5 Divdend yield() . 13.5 12.6 12.1 8.3 8,14. 12.3 12.3 15.7 1. . Eaconomic data: G'roSSdo'riesticproduct(US$) .6,090 6,126 - 7,253 7,9 72 8.~98,377 8,756 8,261 8,011 Cliinge in consuner price index %) 10.2 1313.9 .28 9811.7 3.2954 5.7 Exdinn5e rate . ~~~~~~~~15.7810 ~ 16.2840 16.0420 16.51150 18.3139 21.60.10 24.0840 28.0741 36.2160 68.1630 Excluingera te (average o period) 14.4140 16.4320 16.2260 16.4540 17.7400' 20.5725 .22.9150 2.0932.21705801 ~2. 199 PA CTOOE lk~ ENIRGiNG; MARKETS DATA BASE. 2385 Mauritiu 1984-1993 7 (curenc In illins;and of period levels) Mnr&ct 19~~ ~ ~~~~~~~84 1985 1986 1957 1988 1989 1 990 1991 1992 .1993 Number iof listed co mpanles :.Stock Excliatngc.of(Mauritlus - 320 22 30 Market capIIallzatlan-.480600 197 In US dollars .. -265 324 377 799 -Trading value In rupees - 9 81 160 692 InUS dollars -----6 5 20 39 TUrnover ratio - -1.9 2.9 6.5 Local Index SEMvDEX (Jul. 5 1989- 10I . - 171.2 154.2 183.2 302.6 % clange In Index - 9IA8.B 65.2 r/E rial* 8.0 7.0 11.6 12.8 P/IN ratio -0.7. 0.7 .1.6 Dividend yield (¶).. 6.5 6.1 1.4 4.3 Econoimic data Crass domestic prodiuct (USS) - 2,559.0 2,730.3 3,034.5 CihangeIn consumerprlcerIndexc5 6.M. . 9.2i 12.6 135704.6 10.5 Exc1 iinge rat, 14.3220 14.7940 16.9950 I18.6560 ExcIiin~~~~~eraie(averngeof period) - - - . - ~~~~~~~~~~~~~~ 14.8630 15.652 15.5630 17.6480 1994 PA'CTDQOK --ENIriuclwc MvARKETs DATA BASF 239 Morocco (currency.I. ilins!n of. period leveis). Market ~~~~~~~~~~~1984 1985 1986 1987 1985 1989 1 990 1991 1992 1993 Number of listed c6omanies .7 16 26 Olourscdes Vak'uts de Cnsnbb,uncn 77 76 76 76 71716625 Market capitahlzatlon In dirliamis 2,251 2,450 2,430 2,782 3,604 5,043 7,765 12,449 16,975. 25.689 In UJSdollars 236 255 279 .. 357 446 621 966 1,528 1,876 2,662 Trading value. rn dtrhanis .140 126 81I 7 1 268 133 512 428 6031 4.633 In US dollars .16 . 13 9 9 33 1 6 62 49 70 498 Ttirnover ratlo . 6.5 . .43.3 . 2.7 8.4 3.1 5.0 4.2 4.1 21.7 Local Index I ndice MoyenCGeneral Annuol (1979=100) 1044 .113.6 112.7 129.1 .167.2 122.6 158.6 157.5 201.8 259.8. % changeln Index . 10.5 5.8 -0.8 14.6 29.5 -26.7 29.4 18.2 7.6 . -25.7 P/B ratio - . - - - - - ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~9.2 * Dlvldeid yleld(%M 9.8 8.6 9.5 9,1 I. . 4.4 4.2 1. Economic data Grosadornntlcpwduct(USS) . 12,751. 1,71695. . 18,944 . 21,986 21,670 . 23,79882,3 28,762.- Clingeinoiuiepi1ncxCt 2.4 .7?8.7 ..2.7 2.4 3.1 6.9 8.0 419 . 4.5 E-chIng rWte 05510 :9.6210 8.7120 7.8000 8.0873 8.1215 5.0438 8.1499 . .9.0490- ..6510 r'clng rte (average of perfod) ~ 8.81 10 10.0620 9.0690 8.3590 8,2092 8.4382 8.2420 8.7065 8.5380 9.29900 * 1994 rA'CTBOUK EM1ERGING NMARK-Ts DATA BASE 240 -Namibia' I1984,-1993 (crrny In milllons: end of. perlod leves) M14 ket .1984 1985 1986 1987 19818.1J01991 9219 Number cof lfsted companle, Nomblian Stock I1xchianIe - 4 6 Market capItalIzatIon In Narnilbti Dollars . .- ....-...-1,000 11,697 InUS dollas.-w 3273,3 Trading vciu* In NabaDlas. *-0.1539, In US dollars - ..- . -0.047 Tuirnover raifo ..- .--....0.00 Local Index.. NSE Iiidex (Dec 1992-100) ...... .-.100.0 133.0 %.chanue in Index - ..... 33.0 P/E rngtio . . . ----10.0 12.3 P/Blvr.10. .-.. 1.4 -1.2 Dividenid yield (7w).. .. - . ... 4.4 5.1 Economia data* Gross domestic product (US$) . .. . .. . .-. . ..- . -- ChAnge In tdr*nsienr price lIndex ()- - Exchange rate * *. . -.- .- .. ---3.0535 3..3975 Exching rante (average of period) * . . - . 2.8520 3.26?7 Noltes: Most conmpanies listed oni the Nainibilln.Stock Exchainge aru Souti l Africau i and sholdcit not tecihlclply be consideired In tlhese stillisics. Dis.,ggreatLed lnformii h,in was nat available at kliw- time or publica lion. Thie exchange rate~s shown are theo iornipercial rAnd exclhange rates, nout the fiminclal rand rates appiled to forelign investment. 1994 FACTOCOK ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~EME:RGING MAAuKirrs DATA FAE241' 19,84-1993 (currency. In mUfllons;. end of period levels) -.KMarArI t~~~~~~~~~~~i9842 2985 1986 2987 2988 1989 2 990 1991 .1992 1993 Number of listed companies Muscia Securities Market 258 892 9 Market eaplicllzotlan. In nuls. 378 490 579 594 617 *.~ In US.dollars - ---983 1,274 1561,545.160 Tradtng vcilue In riMas ..... .... 9.5 46.3 55.11 42 72 in us dpilurs . --24.7 120.4 151.1 109 187 Tirniover r4tio . - . .. . 10.7 10.9 7.2 11.9 Local Incdex MSM lIndex (Jan. I 1992=100) . .... .10118.013. 7@chaglv n lindex .-..18,0 -3.6 l'/B rAtto . .... 2.0 P/BV ratio ---- . -. . 1.5 1.5 Dividend yield M~ .0 . I*..- . 4.8 EconomIe data Gross donicstIc,prodtuct (US$) . .- . .- .- 11.489 Cliange In conisumer price tiidex~ (M. Exchiinge rule . ... ... . ..0.3845 0.3845 . 0.3145 0.3845 Rxc ha i I sO ra t e' v aera 6 of perIodi) . .S ~ 03845 0.3'845 0.3845) '1994 FACTI3OOK EMIERGING PVIARU(r.T.9 DA~TA BASE 242 7Panama (currency In millilon's: end of period levels) .M,,rkvl .1984 1985 1986 l987 1988 .1989. 1990 1991 1992 1993 Number of listed companies 3 Rllpso deg Va,lores do P.anaminiii. 12 1 in balbons. . 241 42 1 In US dol1i.rs -... 241 421 .Trading value rn WbniOas .... - 17 IRLUS dollars --17 Tuirncyer railo 2 1 *Local Index BVP lindke Geneaml. ...... ... 123.8 .149.8 C11.1chaso in Index ---.-2. P3/1 ratio ..-.9,3 6.3 pv i'/BV ratio 1.1 1,3 . - ~~Divide d yield M *--. ... 6.1 5.6 . . Economic data Gross dornestic product (US$) . . ... ,doa I ihage in consstuner pric ne % . . .. . * Exchange rate . . . . ~~~~~~ ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~1.0000 1101 E1Gcluinng raite (aorigo of pu.riod) I.0010 M 4 I.- 1994 FACTnOO0K t N GNC. MAKTS DATA BA~sr. 243 South Af rica 1 984-1993 .'(currency In millions; end ofsperiod levels) Mnrkrl . ~~~~~~~~1984. 1955 1986 .1987. 3085 5089 1090 199110209 Number of listed companies Joh ansbuirg Slack ExchaInge 47 1256887541 748 732 688 652 647 Market capitalizatlon In ind 105,094 141,785 224.130 248,152 300.015 . 332,367 350,726 462,187 454,351 737,632 In US dollirs 53,400 55,439 102,652 128,603 120,094 131,060 137,540 . 168,497 148,8112 217,130 Trading vailue In imild 3,636 6,234 313,320 .19,473 3.1,247 18,607 21,130 22,231 22,1334 . 44,079 In USdoillars 2,28 2,836 4,99,568 4977,095 83158 8,051 7,767 .1,4 Tuimnver miati 3.4 5.0 6.2 8.2 .4.1 5,9 6.2 .5.5 4.8 7.4 local index jSP.ActuariesOverall ~~984.2 1,322.8 1,072.7 1,820.0 .. ,990.0 2,076.0 2,719.7 3,440.3 3,258,8 4,754.5 % chnnge in findex 3.6 34.5 49.2 -7.7 9,3' 49.5 '8.6 26.5 *5,3 45.9 I'/H rao. a . 12.5 .15,2 I'/BV raio.. c .. - Divldend yieid(%) 5.6 4,9 3.8 .4,7 45.a 3.3 a2.9 Economic data Crasdornsllcroduict(USS) - 08787,1 18 89,003 . 102,009 107,882 114,769 CliongoInecoiisimer prie IndexU& M 18.6 16.1 12.8. .34.7 14.4 15.3 13.9 9.7 EX'cliangeat MN 1 . 39849 .2,5575 2.1834 1,9287 2,3793 2.53160 2.5500 2,7430 3.30534 3.3975 EXCha.nse ratc (avarag,of perlod) 1.4380 . 2.1910 . 2.2686 2.0350 2.2.73.5 2.6227. 2.5900 2.7613 2.8498 . 3.2636 t&h. Theexchinnge rates shaw:i alie ilconrniorc4ialrand exclia:ge rates, niot the financlil rinid rates .ippiicd to foreigni fivestnwnt., 394 FACTuooK ENnmIx'RIc MARKETS DATA BASE; 244: Swaziland 1984- 1993 (currency In mlIllions; end of period revels) Mairket 1984 1985 1986. 1987 1988 1989 1990 1991 1992 1993 Number of liste-d companies Swa2llnd Stock Miarket .. ..I2 3 4 Markiet capitalizailon.- IniniiatgLni 44.1 74.6 326 1,009 In US dollars -.....17.2 . 27.2 1 U6.8 297 Trading value *.In Maiii~.ngan . .. . 0.21 0.67 I 0.1 In. iUSdollars . 010.2 0,4 0.03 v:.Ttiriover rTi11o ... -. . .1.1 0.6 0.0 * Local Index SSNi index (Jtil 1§991=10O) . . - . ..120.0 .115.3 106.8 101.3 % clian5e in lindex ... .. . ..--20.0 .3.9 -7.4 3.2 I'/E railo 9.3 11.5 1'/DV ratio - . - .. .. . . - 1.3 1.7 DivkiL'tnd yield (%I , , Economic dqat Gross dlomistic produttct CUSS) * **-...- . . -.997 Cihnngc In consunmer price index CM . 8.2** Fxclhange rite . .- * 2.5608 2.7443 3.0531. 3.3976 Eichangerate(averag~~~~~~~~~~~~~~~~~tperlod) - - ~~~~~~~~~~2.5879 2,7610 2.8497 3.2636 1994FrACTBOOIK * *RiN ARKETs DATA BAsE 245 ~Trinidad and Tobago 1984- 1993 (currency In milflons; end of period levels) Markul . . ~~~~~ ~ ~~1984 . 1985 . 1956 1987 1988 1989 1990 1991 1992 1993 TubrInddn Tofbig: Soc.Ec:ma lmn 36* 36 33. 33 .33. 31 .30 29 27 26 Market* caplt tiEaflon In Tr1uld41d &TobiSo dollars 2,022 .1,668 1,346. 1,398 1,136 1,748 2,956 2,850 2,155 2,551. In US dolim,s .843 463. 374 388 268 411 66.671 514 490 Trading value In Tr1iildiid & Tvbagadolhirs 183 49186 .9 1 55232339 95301 In USdoilars. 7 6 6 152.5 22 69 . 55 80 22 56 Turnoyer rotio 8.2 5,1 1, . 6.7 . 20.3 1. i? . 3812.0 Local Index TTSf lindox (J.an 1983=100) 59.6 49.1 38,3 39.9 32.4 .18.7 B3.1 . 81.8 60.2 82.5 % clmn& fitiIndQx .16.8 .17.6 .22.0 4 2 .15.8 Sol3 70.6 .1.6. -26.4 37.0 /EraRtio 6.9 9.5 5.$2 13,5 . 3.7 - . P/Bv ratio 1.0 0.9 0. 7 0.8 . .1.4 .- . . blyidend yield (pc 7.8 7,7 7.8 5.8 6.3 -6.4. Economic data Ue7,57,6479 4,0450433481529342 ,- Gros's doniestlic product U6,7672 4744,04594394,9.42 Chnn8eincanrninerpreindi~(¶I)13.3 76 . . .1. 7.8 11.4 110 .66. 13.1' E~~cliangernte . 2.4000 ~~~~3.6000 3.6000 .3.6000 4.2441% 425,42500 4.2500 4.2500 5.8141 E,ccli,ingernmtc(aveago of peraI 2.00 2.45001 3.6000 3,6(100 3.8438 4.2500 .4.2500 4.25004.00.31 .1994 FACTDOoK E Ic' AKESDTBA 246: - Tnisia .1984-1.993 Ccourrenc In millions; end of purio * Mnrh't ~~~~~~~~~~1984 1985 1986 1987 1955s 1989 1990 1991 1992 1993 Number gt listed companies Boursae oVnletirs Nfobilleres dc Ttnis --. 13 .17 19 *Market capItalization. 'indlnnrs 300 454 500 515 546 577 445 611 777 I,000; In US dollars 346 600 595. 662 .. 605 635 533 711 817 955 Trading value In dinnri 21 B 5 5 . 11I 30 1 7 28 29 46. * InUSdo~irs 27 1 0 661 3 32 1 9 30 .33 4 6 Turnoverratlo .7.7 2.1: 1.0 1.0 2.1 5.3 3,3 5.3 4.2 5.2. Laol Index .indice General DYMA (Sept.30 1990.100) - .. --127.8 170.6 199.4 251.0 * % change In lindex ..-.. .27.8 33.5 16.9 25,9. P/E rakia.llo ... . .-13.1 12.3 12.0 P/IV ratla I's ... 5 1.5 1.5 Dividend yield (M. 343 ... 4.0 3.5 Economic data Crom5dcnth'estIc pwdKuct (US$) . ... . 12,294 12,952 15,526 *- * Change In coniuimer'prlce Index %) . 6.8 5,2 . 3440 ExchiAnge rale .0.8666 0,7570 0.8402 0 (.7779 0.5985 0,9046 .0.8355 *0.8588 0.9507 1.0468' BxinngerM(werngeDf p rcrla) .0.7768 0.8345 0.7940 0.5287 0. 0578 .(3.9493 0.8753 .0.9246 .. 0,8844 1.0037 1994 FACwrOOOK ENlrC.IN M AilKMT DATA BASE- 247 Uruguay .11984-1993- .(currency In millons:, end of period levels) M*wAvt . ~~~~~~ ~ ~~~~1984 . 1985 .1986 1987 1988 1989 1990 1991 1992' 1993 Number of listed companies 13olsa de Vialros.deNlotvaievideo . 43 43 ~ 41 41 40 39 36 26 26 21 Influevopesos .. 700 1,900: ~~~~~~ ~ ~~~~~6,300 11,300 11,000 21,200 60,500101,8 . 117 In US dollors 9 iS5 35 40 24 2 7 38 4 4 368 251 Trading value [n Npevo pesos . 24 36 . 318 872 672 608 1,007 4 27 56 InUSdolInrs 0 0 ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~~2 12 II2 913. Turnoverm rtio 4.0. 2.8 7.8 9.9 6.03, 2.5 4.9 3.9 4.7 Local Index Indice do1PrecIos (Dec. 31 1977=100). 212.9 . 592.8 2,499.5 . 4,645.1 5,033.9 . 8,278.2. 18,953.8 34,395.6 %cuitig In indlex .11,6 17..2. 58 81.4 64,4 129.0 813 1'I/Erntlo .- .- P/ DY ratio. Osivldeind yield CM Eaanamic datai Grcjssdonmeslic pdutCS) . 4,829 4,7183 6,455 .7,738 7,944.' 7,538' 7,929 9'246 .9,918 Chwnge Inn unicmr prlceelndex() 55. 72.2 . 6463,6 62.2 804112.5 102.0 68.5. Exelange rato ' 74.2500 125.0000 . 181.0000 281.0000 449.4250 802,0000 1,'594,0000 2.4890 3.4808 . 4.4180 Exchiiige rate(averaga of Porio) 56.1200 101.4300 151.9900 226.6700 359.3000 605,6190 1,171.0000 2,0188 3,0270 3.9484.- Note: The Inditce de IPrcclos wals discontinuted in 1992.. 1994 FACTUOOK ENIEitGING MIA1U(ItTS ATA BAss.. 248 Appendix 1. Sources and Notes Emerging Stock Markets Factbook 1994 Stock Market Reference List Cyprus Cyprms Strck 7xchange Kuwall Kuwait Stock Exchaing IFC coisiditcts apt ailiiitnl siorvey of tle woortitfs stock exchaniges as the basis for tile figures piresen ted in Czech Repubic Prague St(ck Exchange Luxembourg .lxewnibaurg Stock Excihiange * lids Faciltook. ThSe i forzmationl i/erred to Ill tlis t)Denmark Copenhagen St,ck ExchIangce Malaysia Tllt' Kuala l.impurStock Exchinge Factbtbok is for t1e slock excIlhalges listed beilouw. Dominican Repuollo Sanlti Donmingo Securities IExch,nge Mautiulus Mauritius Stock Exchalnge Comnmission linc. Mexico M.xican Stack Exchalnge Ecuador Stock Exchanige of Quito Morocco C.isablanca Stock Exchange Argintina Buenos Aires Stock Exchange Egypt The Calmirlock ElxchIange, supplied by thec Capitol Markeut Authtlority Nomlbla Namiblia Stock Exchange Australla Australian Stock Exchange El Sclvcrdor El1. "dar Stock Exchanlge Netheilonds ,mtrlnSslEc.g Austilia Vienna Stock Exchange Finland IMisiliki Slack Exciange New Zealand N'etw Zealand Stock Exchange Bangladesh Dhakal Stock Exchange Lnli. Germany Germnan Stock Exchiange, hic. Nigeria The Nigerlan Slock Exchange Bahraln Bahlrainl Sttock Exchange SGhaa Ghani Stock Exchangoe Omnc Muscat Securities Market Barbado s Securities ExchI1nge of B3Ubados Greece Atiwais Stock ExchLnge Pakistan Karachi Stack Exchange (Guarantee) Belgium Brussels Stock Exchange gea t.t. Hondufas Stock i.c,liNcane of I loodor,as Bolivto Bolivian Slock Exchange mHong Kong The Stock Exchange nf ig KuIA L.Exchaaige Santa Cruz Stock Exchange Paraguay Stock Exchange oif araguay Hungary Budapest Stack Exch,nge Botswana Stockbrokers Botswana L.t], Peru lnma Stock Exchange India Brazil hMarket cI awl nil in,g Tlt, Bombay Stock Exchalinge PhippInes Market t'ap am, It fl0tgs San Plauio S!tck Fxchange s Mmrrt'l rq awl tistiage ,%Lanilla Stock Exchange U.stings Conibhied 21 Indian stock; exchlanges Vuitte tradeid ConmbiLed Sao aulia and Rio de Vlilale Iratid,| Combined Nalatia and Mlakati Stock Janeiro Stock Exc,anges Indonesla Thwe Jakarta Stock Exchange Exchange Bulgaria First Bulgarian Stock Exchange Iran Tehran Stock Excih ige Poland Warstaw Stack Exchange Canada Ireland Thl Irish Stock Fxchange Portugal Al Mrket rap and listiligs Torointo Stuck Exchange Israel Tel-AvivStockMExciange ,irket raj' andi listings Stock Excliange of l.ishin Vailue tradedl Combined Montreal, Toronto, and Val'liue trinledl Combin\ed lisbonand Opatrto Stuck Vancouver Stock Exchalnges Ill Italian Stack ExchaigeCouncil Exchalllges ; ChIle Sanitiago Stock Exchangec Jamaica jamnica Stock Exck E agunge Slvavk Ropublic ThrL Dratisaa LStock Exhian.ge China Combined Shanghai and Shenahen Japan Coiblinved Funkuoka, I lirtshlnea, Slovenia I.jublijana Stock Exchange, Inc. Stock Exchanges Kyoto, Nagoyai, Nilgata, Osaka, Tokyo, and Sapporo Stock Ex.iiangea: South Alrico Th11 Johannesburg Stock lExchange Jordan Amman Financial Market Colombia Spain * Marlet raip and listi1gs Bogota Stock Exchange Kenya The Nairobi Stockck Exchange Valu.leraviMf Cimibinied alogotaland Meldellin Stock Korea Korea Sitock Ekchange l lae Comined Bclona8, Mardn Exchanges Korea Inill Imlili Combined Barcelona-Madrid,and Valencia Stock E%ch.anges. 1994 I'ACrllO)OK EmiRC:NwC; N1Al;lAKTrstDA,rABisr. 250 Macroeconomic Data Notes Sri Lanka Colombo Stock Ixcla'ge GNP and GNIP per capita maps and tables in Data oin net aggregate fi.nancial flowVs to Swaziland Swaziihnd Stockbrokers L.td, Cliapter I are froni thie 1994 editioni of the WorIl developinig cotintries in Cliapter 1 wvas obtained dkeBak Atlas, The AtlfIns lists the folloiving teclitnical from the Mlay 1994 editioni of the WVorld Bank Sweden Stockholm Stock Exchziine Llti, itslaahae) notes (paraphrased): publication.* Finan1ncial Flowgs to Dezocloping Swilzerland GCenev Stock Exciiange Colmldes. Swiss Stock Exchange GNIP, calctilateci n iatitonal currenicy, Is tusually converted to U.S. dollars at official exchainge rates For information on how to obtain copies of the Taiwan Tilmivan Stock Exch.nnge for comparison across economies, nithotigih an publicationis cited in Chapter 1, wvrite to: Thailand Stock Exchange of ThailMind alternative rate Is used when tho official exchanige rate Is judged to diiverge by an World Bank Publications Tindad and Tobago Trinid nd Tob Stck Excngxceptonally large margi from the rat acally 1818 H Street N.W. Tunisia Tunis StockExchlinge iapplied in internallonal transactions GNP has Washington, D.C., 20433 Tuikey Istanbuil Stock Exchanllge been adjusted to exclude inflation. Growth rates U.S.A. Tu-koy 'staiibtil Siock E-ichiinge of CNI' and GNI' par capita are average annual United Klngdom Londonl Stock Exchnnge growth rates computed by fittinig trend linies to Inquiries and orders can also be faxed to World United Stotem Combained NASDAQ, New York the logarithmic values of tlio variables for each B1ank Publicationis at (202)676-0581. (NYSE), and American Stock year of the period. The ngriculttire category of Exchanges. Table 2 1includes fare5try, lntingitiig. and flslilsig; In Chapters 5 and 6, macroeconomic data used in Uruguay Nlonievideo Stock Exchange exports of goods and nonfactor services essays and statistical profiles may differ from the represents thle valILe of all goods and nonfactor macrocconiomic data reprinted from the WoIrldl Baink Venezuela Caracas Stock Evchanige services provided to thc rest of the world; Atlas tables in Chapter 1. Macrocconomic data in Zlmbabwe Zimbibwe Stock Exchliatge investment consists of outlays on additions to the Cliapter 5 essays is compiled from a variety of fixedl assets of the economy pltis net changes In reliable sources, includinig official government the level of inventuries, The data for Chin3 do announcements and figures coliected by not Iniclude Taivwan, China correspondents, but may use a different methiodology than the AtIas. vlacroeconomic data Mnor detalled definitions and conepts are in the profilL tables of Cliapters 5and 6 is supplied included In ihc oarld Banpk's World Dvelopivwint by the International Monetary Fund from Its Report, Sociil Lln;'s of Dretelaoileit, the World International Financial Statistics data base. TaNles, and thie World Delit Titlles. Readers iliterested in a fuillor explanation of the technical issucs are inivited to address tileir queries to the Soclo-economic Data Divisioni, International *Economics Department, World Bank, ISIS 1-1 Street N,W., WVasilngtoni, D.C., 20433, U.S.A. 1904 lACTcriooiC EMiEIRGING N1AlanKTs DATA BASL 251 Currency Notes All IFC Index data variables are maintained In not been corrupted somelhowv, or that it is not A nutimber of emerginig markets have made major local curreincy terms. If the uniit of local curreincy is moving out of linie with comparaLors. Currecnries currelicy reforms or cihanges of foreign exchange chlanend in a currenicy reforimi, IFC's custom is to are carried to four decimnal places. investment regimes during the life of the IFC restate the data in thie new Unlit of currency; if Indexes. Tlics changes are listed belowi . several currency reformis threaten to elininalL' The sourCeS cited below are tholse in use by IFC at significanit digits (as has been the case for March 31, 1994 IFC reserves the right to Argentina and Brzil), IFC tises a currenicy factor substitute or. change exchiange rate sources as it JA lnL a I9N3: Tlle l'so Argentino repla.ces thie W'.Pe I Peso to create an internial currency conV\ersionl ratc. deems appropriate. Arg.riitntino for 10)n l'eost. IFC also cilculites inidex levels in U.S. dollar June 14. 1Qi8: Thi Auistral rerlaces the E'eso. Argentino, I terms. As a general rtule, IFC uses spot exchiange Argent!ina Central lDank Selling lteat closb Mistral for 1Ao Pesos Aigentino. rates to thei U. S. dollar that approximate wvihat a . I5r,iziI G nnerCial Jan. 1, 1992: The Il'so Argentine replaces the Australl I est fr foreign portfolio manager imigit expect to receive Chile Observado rall. piLstedl by tile Biolsal dte 11p000i Australes. LConercioi t'e Santiago when selling. dollars (to buy stocks) or buyinig Chlja Shanghai Swap Ceoler m-etii dollars (to repatriate capital or earnintgs) on the It U.S. dollars; Slilten Feb 2Br 19zi 6 Tlet Cruiado replact. tle Cnizeiro, at the rate of day of index valuation. In the absence of a legal Swap Center nnldl-ra.tes frr I Crnuado fur 1,000 Cruzeiros. I (igKong Dollars toi Reniminbit market-determined rate, IFC uses the official rate. C. ilinbia J lnAWN J 5 : Nac the Cruzado, at the Cr x t;S]FY 11~~~~~~~~~~~Jn. Ii, 19SV:. The Nenv Cruz.do replace;tIeC,zllS.1 h GCrLx%v iv;sjrx . rate. of I New Cntiado foir tAfl Cruiadcs, The multi-miarket inidexes are prepared in U.S. I liungary National flank f liingary official buy!ing rate dollar termis by converting all of the conlstitUenllt lIl.l tr dJoll.rs at clie of business Mar. 16. 1990: The Crmzeiro rtplaces the New., Cruzado. at a y ~ ~~~~~~~~~~~~~wJxrate oif I Cruzeiroi foir each Cniradio. data into U.S. dollars and calculatinig tlhC data as if InLidnesial WVJFXI all conistitents were part of a silngle imiarket, oriii tSSJI\ Aug. 1, 1993: The Cruzeino Real replaces the Cruzeiro. at the Kolrea IoAlWYS Calculation of the inidexes in a curreincy otiler than Malaysia ivs5jrx rate if Cru7eiro Real for 1.00 Cmnzelros. the U.S. dollar would be donie thiroughi use of that Mexico . . Diario Oficial rate (average mid-rate posl b larch 1Q94: The bynidad Real *ie Valor (URV) bgan to be currency's cross-rates to tic U.S. dollar. NiNgeria Cernllal Ilonk midl-rt.t APtasedlots ust' to replace the Cruizeiro Rfal. The UKR is to be Pakistan WSJ¶~ F ln mdra linked ito the valuei of the US$. IFC's standard sources are either The ParIl Sirel Perl' Closing mild-rate posted by tleo Mllsa de *l n. 's - eign Excilange table, whichl posts I'Milioresptie l.inW F Mexico rates for trades of US$1 itillion or more at Newv ola flank Roztwojlti Eksporftu Spolka Akcyjinil Pesn., f1or Eh 1 ewl. rpPieces ohe,.o -ilrale, sf I New York prices at 3 p.m. as posted by Telerate and buying rate for dollars Cluseof busilt's other sources ("WSJFX"), or Bank of America's Sr lainka Central Bank spit rale (ild-point) foir ILiligs . Peu "World Value of dle Dollar" from Bank of America ith cilnlCmerciall banks Pet 1. l'3: The liti races the SiI. at a rate of I Ioti tbr t'ach Global Trasding, Lolndon midl-rates, (B3oAWVS), T,iuvain Cin1a SSJles. Thailand, Wvsj9 . It SILS except as noted below, when rates are provided to urikley wsjX 1x IFC from othersources by EN1DBcorrespondenits. 'enieli`11cw nSjrX Jul. I. 1, 1991: The New Sol tSol Nutivol ruplace- the Inti. .t a tate y 71~~~~~~~~~Zmbablve Opit'n market .rati'at Clst'I (I tLlLs11lit-0 of I New Sil for eachl,l.iv*tfl Intis. IFC's standard lpmrcediure for converting local Nigeria cuirreincy values tco U.S. dollar values is to choose Jan. 1Q94: Thle goemrnient btannedv the folrmeriv legal parallel . one source as its primtary souirce of exchiange rates, tl1ket for the naira tN4SSI at the time) whih IF had beeni eisilig .4it limitedI Foireign cichange trans1ctionfl5 toi the and to continually compare thiat source's rate to Officifl ralC 0mly (N22/USSD, The lrced ,%%itch to tie official the U.S. dollar with at least two othler sotirees to * te lot dr[tirat e olyF Nigeria Indi,Te for . lle lime USS ofin cif ensuire the primary source's figutrc as reFported lhas uit'arlv ltNT; 1994 FAC1 HnOOK [.EM iERCl Nt AKtrTS 1D) TA BfASE 252 Standard Industrial Classification (SIC) Codes Vvrsionis tf the Ll.S. Govermun eut SIC nidhs are 2s Chleni.ais%,andallied products Sector 6: Fnance, Insurcnce and real estate t'70l}/11l10)1l1/ 11s,M1 1 ilciVltifyII t fi Se >ztCteINs ill 29 Petroleum refining aInd reliled htidtustries 61 flanking C(3)i iVUfl ch);lE j/d) l uisoi t1LXlb l Io idntFy urn1'7 bsiness st'ft'tt)j.,,s 3 1) Rubbl tle r and nl. li sct llRbrnimis plustics products 6 I Credit agencie, ottlivrt than baLn, zt'luidi coimipaniie&s op'erilt. 1FC adapj'td ttin' following 31 Leather and leather products .2 12 Securitv and ClminlllttlitV brOkers, Lv'alter,. tx'l\ine,, and list frlolil tte StrdilrrdllS ,:lt Poor's Rc'gisth' fil' Iltst 32 Stine. clly, glass. an11d ctloncr'let rotllucts wtitl tlut' sitocks in its Emerging M1l-ku-t'ts Dah7 Bass'. 33 I'riumary mieal ini htilries 63. Insurance Cou lponiies be'hong tto a sectoir, wluich blr(s a ileti'-digit 34 Fabricaled metal protlucts, except michInery and 64 Insurance atits,En brokers. anfservi C ~~~~~~~~~~~~~transportation ttulpimmIll' 1)5 Real ostate codt, fndt n indusby, 7k which Jhss uw Co de5 . n 3 rilchinery, etxcept teldrical 06 ConmbinatIons o re.al estate, insurance. loanS, law Offices t. 3h6 Flectrie.a anildl electronic machinellUry. eillipillnent andL 67 I loldingand otlier investment conipinies solppliet 37 Triasportiltion eiiiprilent 38 hlesutrinig uimlvzinig ind c(iintruiiiig Iii4irililleivls; ' Seelot 7: Services Sector 0: Agricullure, forestry and fishing .3 Olo'a pring nlxing and o ntrollInd Itcstrm1d Sto 7 SerIces I Agricultuirl production - crops .Pli8 ks72Vlirtnlsc mdical aitti optical gtiotfls' watces and Ti) I lte rooming hoose% camps and Ililer liIging pclace 2 Agricultural production - livestck 39 ?sli ncllaneous tintiamfsn7iifaturl7 iosswrk 7 Agrktillurnl services -vtrepair src .Ll giges t1 Fo ristry - IllllI er irer 1 ll grse 9 Foistryng litii gind trlpping 7rs Nlistlaneous re:'air srvices 9 'ishIng. liotiting and trapping Sector 4: Transpartatlon, communicallon, electrlc, gas 7Q Anuisunient and recreation sfvlict vna-pt niolion pictures Sector l hlfaiig and srnitloy services . s Mtioun pictirLs Sector 1:. Miz1 ilng 40 aI.lrould translporttillon Ife) servics lit) NIck mnthr-ineBing . *11 Local and suiburbal iransit and intertrbain highway S1 l.egal.services it Athra ittlliIlill i$ puasetigr transportalion $2 FlItdcatioinal srvices 13 Oilft ani n s extractint 4 2 Mnotor freiglit transporltialon tiul iarelitising $3 iociil services IS Oil and gas estractine *;~~~~~~~~~~~1 Postll Strvice N4 - Museoums, art galleries, botainicalwaid ioologlcal gardens I .i Mining ind quirrying of "til -metal(tic miienrals, exept f ii M r or . lition Si lMenibernhip orgpniiations jt 5 Transporlatll iby air . 8 rivatiust eltl I, 4 ip l'ielinc's, wecept naturl giaS 81 Nlisellan sni sertict c u7 Transportntion services Sectcor 2: ConstruclionC011MiUkl BIS uildiinig contiriution - general contraclors ind opitalive ttY9 Elctcric, gas, andsanithary services Sector f: Government builders 16 ConsirutCtioliOther thin build ilig construlioin - gtuerai -e . FN'cutivt' legisi.tie, .in general goverment. e\cl't C0111niclors ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~finanlce 17 con5tractstinn-sprcil1 fr1;lrcolit1ors . Sector 8: Wholesale trade and retail trade I 7 Cnst (rutiioniii - -pecial trade corult ra rs It Wholesfle trade - dimraL,le gooids 51 W1iIt0 Ji' triae - nondturable goois in Seclor 9: Other Sector -3: Manufacturing 52 flu ltd ing materials, ha Illrut.2ware, girden s i'ply i' a ill obile N on -sdi-Aibrilwo'ttlisliWi it, S2ctor 3: Manu rac durlng home dealers C-'neral nwrclialndit stores 2 I ro1sacco a tu 51l Foo stre t7 file wlli 'produclts Auiiiolivet Jeit' FL,so.in t-r.Ict station1se 23 Appiral re inl ndilier in isli.ed lirtluticts matte trouii fabrics 5t A1,11,1rul Ulild .10cessorv Stores anti siln lar materials hings it 24 I unil'eri nt itiwotd prouhck. eseept fuirititure 38 I nrltircg .itiul trinfkiing pla.rces 251 Furniture antI0 fisturv 26 P'aper and alicl lidipidctis cs Miscellaneous rt li 27 irintin,g pulblihiIg1. a11 iallied f'.f% WstIrS 1994 [c 11m 101tiuc.,x; NI .it~u, ~ I).xrEI MVsrA255 Appendix . . .~~~~~~~2 I nvestor Information Emerging Stock Markets Factbook 1994 Withholding Taxes for Emerging Markets (U.S.-based institutional Investors; end-1993) i.ong-toni iLang*it'nl linerLst Div'idtelS capitll gtuins 011 iltLerost DiidILends capital gais un ' /Ivlnrk d ' (V) (M) IgstIeld cs(hares Cl)Mrket (7) (¶4) Iish%t hawrs (':) Lalln Amcirta & the Carlbbean Africa Argentina 0 0 0 ptilsna 15 15 0 Barbados 15 15 0 Colkdi1volre 0 12 0 Bratzil 15 15 0 C;itana 30 in : Chilce' I 15 23.5 15 Kelly.a 1 0 10 0 Culombia 12 12 30 a laulrilius u 0 0 Costa Rica . S 5 0 Muorcco a 15 3i Jamaica 15 15 0 Nrnilbii /1 .1 a 0 Mlexico 15 a 0 Nigerih 5 5 20 Pa*lnalma 0 . 10 0 Souil Africai (1 1i5 0 Ieru 0 10 0 Swaziland 10 15 0 Trinidald and Tobago 30 25 0 Tunishi I :i n Venazilta ' 30 0 30 Zinibabwe i 1 5 11 Asia Clhinal 10 20 o India 20 20 20 indanosia 12 15 0 Korea 12 15 0 Ialan ysia . 20 0 0 Pa,1kisanl ¶1 2 1 0 0 1Philippines 20 25 0 Sri Lanka 0 .15 0 Taiwian, China . 20 20 0 Thailland . 15 l 0 1; Europe/Midaosl Cyprus 0 3l1 0 Czech RepublIc 0 0 1) Grew 15 0 0 Hungary 20 10 20 *: Iranl I0 0 0 rJornlan O l 0 l'nland 0) 20 l) Portugal 25 15 0 Slovalkia i5 15 1; Tu rkey 15 1.5 0 Nuksr Cbici: Effecti v d ivided ilhirotttti;zg IiS rate.lC Venezuwla: RAWlO nn c..pital gains in exccss of 13s. 2 million. Zimbailbwe: Rates a1s In effect frmn Jani. 1, 1991. 1 99LI FAC I1I1100K 14(;mc; ,t S t 1 ,1. I. Investment Regulations Summary for Entering and Exiting EmergI-tg Markets (as of end-1993) Enlry. ExIt Are listed stocks freely available R ivUritlion 'if to forelgn investors? incole Capital Free Entry Argentina Free rro.! EatswVa1111 Free Free Brazil Free IFre Colombibla Fre Free Czech Republic Free Free Gha mna Free Free GrINce Free Freve I-lingilry Free. Free Malaysa FrIet Free Mexico Free Free kist"aln Free Frer l'en Free Free Poland . Free' Frete P'ortugal Free Frie Stutilh Africa Froe FrrI' Turkey .Free Frw Relalively Free Entry l3anglad1.t'slh . Sonic Restrictions Sonie Restrictions Chile Free After I year Cosin Rica Free Free Indoiesi. Sonme Restrictions Sonic Restrictioln Jamalic.a Free Free Jordan Free lree Key to Entry: Kcnya Sonic Resirictilos Sinic testriclions Free linlry: No significlant restrictiolns to purchasilg stocks. Korea FIre F:rev RelativelO Free Rlitry: Sonicl registratioi prsitedtirts reciquired to ensuire relairiatioln rights. Sri Lankia SmKc ResirictRils Sonic Retrictions Specil Cilasses IFreigners restricled to certailn clisses of stocks tesigimtedt for foreign investors Triland Free Free AutlnLirizet liwvtrors Only: Only, appprove. foreign investnrs my) buy stocks TrinidalI & rTobgo Fretl Free Closed: closed, oraccess severely restricted leg., for non-resident nitivils only). Vcneziela Free Fre' Zimbabwe Iree Frel Key to Exilt; repatriation of incime: Dividerds, interest, ind realized cptital gainS. Special Classes of Shares Rep`traltion 1 of c1p1ital: Initial capital ini'er'si China FreI tr. rree Free: Re. ntrisiion do ne iitiirisi.ely lPhilippinecs lFreeL Free Some Nesteions l'vplrll requires. mome regisiration vith or jiervi:issitLn of Cerili ilink. Mitnistry of IFimnace, or ani Office of l chillge Cointrols tt mali I wy resI ric Ill t timing of V'sci. ilyt relLeai. Authorized Investors Only India FIree Free raisaii, China. Sonle [iestriCtloits Sonme Restrictions Notis: Sonie indlustries in some countriisrl t' consitleresi strategic and ire nt atvailabIe to ftireign /:iionl Nlauriltls Vree IT:'r . resident investors and tnat it,he Iv'e of foreigni illvestillelt ilt n thler cases 111av t be liited bI n ltional lia or corporate policy to ml nority lPsiti t ot ltto aggregalt more than l-19r of voting stock. The sunmmaris Closed ,ot ov . tefe*r 1.i "new mon|.sey inl>ll;ve''nivisel l foreitb ri nsf illstlit ltn; tollthr regulat ions may .iiy til' icr VAPital Nigeria Siome Restrictions Stun1' Restrictionsi invesietI e throgh debIVt CtoVrierloli scheiiies or other io9urces. 1991 iFAcTrimoK . iL. l;tlGiNLixAIIXi:rS 1ATA l3ASl: 259 Information Disclosure Summary for Emerging Markets (as of end-1993) Share StaidritIes Inturnailonal C4et,arN la rke CompanY financI1,l1 fill,nancial prlce Netu llinge e.cirnniic public,1Ii1i11i onllnlioleiltriL's brokl'rmgte discIosiure Iliscloisurt AccXxi,iilir Iwsei.or hlvlirkl tilI-N pulbltlons co'rage oF I I/I, yield in hl'n;ll reporls reuiremirenws reqi:Irevimins SI,dLal.rdLl prrotecion Latin America Arsentima a AQNIIVD l C l.i, IR 1JR, IR Q A AS B1razil * AMI * C 1.14, 114 1.1R, 114 * Q . CS Chile * ANIWI) * C .RUIR 1.1R, It * Q . C C'S * Colombiail A DNIW) * C 1.14, I 1. I, IIR Q A AS luxiCo * ANIW) * C 1.1, I 1.14. 114 * Q C CS lm i A \IYD) * C 1.14, I 1.14, IRI Q A AS Venemilcl * ANIIVI) C 1.1R, lIR 1.14. IR I S A AS Asla Chlinall * A;AN!IM) S C 1.14, 114 1.14, 114 * 5i ItS - Indiea * ^ANIWI) C . C 1.14, lit 1.14, I14 s CGS Indonesia * AtI) C 1.1R, IR 51, 114 I Q I' AS Korea A AMWI) * C 1.1, III I R, I * S C CS * Ma,laysia * ANM/2awl) * C 1.14, 1I1 1.14, I * S ( C' IPakistan . AD) * C 1.14 , It 1.14,IK I * A AS l'izJiljl'ines * AI%VI) * C 1.14, I4R 1., 114 * Q C AS Sri L.ankia AMVI) * C .1, I1 1.14, tiR * , AS T.aiiwin, China a ANIVI * C 1.1, III IK * A AS nhailalnl AQNIWI * C 1.14, I1 .11t, II I Q A AS Europe/Mldeast/AfflIca Gnr A\I;VD | C 1 It, I1 I.R.t IR I 5 A AS IHlungary M AIW) * C l.R, IRt 1.1K. I *S A AS Jordl,an * A,DN1I) i s' 1.14, IR 1.R 5 A AS N ieria - * AM\,I \ 1' 1.14, IIR 1.R S A AS I'o;and * DANIWI) * C 1.14, 1I4 1.14, I * S A AS I'osrti;g,l * hM|ANID C 1.14, 11' 1.14, III S A A.S Turkey * AIWVl) * C I.11, III 1.1R, It * QI A AS Zinib,iitbwe * h\@AWl C 1.1, lIt 1.1R, I S A AS Key Share pric L'indx I NA*\t Il\Tt om,l share plrick ihidlvx is t'ilcilIttlei (1ltmLI have sev11r11v il tnimv !laiesectumral iltdL'ws ,mswsll) Svcuritics vN'IlangL'e publicationilM A- Anntial, Q=QZ artLrly, D41 NIuiiihI, N 12'DHllvtvkly. lVAVevLIy, I)=I),iuI Inilrntm tion,l eleclruxnic cov'erage * IDailly covegrae( of st(ock inarket ii iin iterlrII.inl I wire servic; Regular publicat ions of IV 1., rield I ':I'ublivdal, C=Conlimarthenhie andtl plfulliVIlLL iL1naltiLiIill)' N larket comiiiiwil.lries in IVngfIhil I 14:piruarend by 1io'al brokers, 1 l=4prul.artL tby initrnitionll bln ers Company brokeragte reports. I ,IR =pre%i reod e local lroierk , 114p¶relIhlrLlI b b itnltlnal ('rokers An nu,IM finincidIl disclosuirv reqlIlirewleols csoI IdaILted audhite?d a1nnu4l acc01ti its requlirWt In torinin filnanil,,I dLIsrlusrL rv%lIiinuInens Q'Qt3,irterly ruills 'IisIwd, SsSvi IniI resuilts piablislhetI, S vSaui,iiiawaa.al results plbitshlled fur bankN oni * rAcumuntling sIidtardln CCcauiudl, of i ern,,lloially *i eel,ille qi a,il iv, A=Ada',1aufl', I '-I'our, re mpires W.fr,fliril, SIcl.ii rinin securilies L.onflf-IssiI onr simila%r go'vrlment ij;tCMyc ic nlralng am rguilting mriel,.iciviI% Iiivtsto!r prulttcl ionil U l, of inteI rnal o.llyl) ac cepltable oquIlylv, A= Adeuat, I'=I'ut r, req=ires refsrm ir, 5r efu w :~~I\11 1GIG NARKII'S I'A 1 \ 26 Honduras India (cont.) Stock ExcIhe:gc of Honduras Trading t-lours: ,l-E 10:30-12:00 Tito Dcl/si Slock Exiwsge Associ lion Ltd. Trading Hotirs: Mt-F 11:0-2:30 Mr. CGustavo Raudales, GCereite General Office Flours: M-F 8:00o-5:0O NMr. 1.. l'andey, Executive Director Office Hours: NI-F 9:30-5:30; Edifl io Mlartinez Vnlenzuela . Holidays: 3 and 4/403 Asaf All road S9:30-2:00 I [Iiso, 2 CalIle 3 Ave. 5.0. Jan 1 Jul- Nev Delhi - 110 002 Holidays: San Pedro Sula reb Atig West Plava, IC. Stadium Jan 1,14,26 .Jl Tel.: (504) 53-4410 Mlar Sep 15 Indra I'rastha Estate Feb 15 Aug 15,21,29 rax: (5041 93-4480 Apr 6,9 Oct 12,21 Nov Dclili - 110002 Mar 10,14,26,27 Sep 29,30 Mlay I Nov Tel.: (91-11) Apr 1,13,24 Oct 2,12-14 Jun, )Dec 24,25 3724387/3326803/3326804/3755314 May 22,25 Nov3-5,8 Fax: (91-11) 332 6182 Juni 20 Dcc 25-31 Telex: (953) 3165317 DSEA/IN Hungary Madras Slock Exdhange Limitled Trading Hours; NI-F 12:00-2:30 B.idfaipest Slock Exchange Trading I-ouirs: NI-P 10:30-10 s. Ramanathan, Executive Directoir Office Hlours: M-F 1000-5:45 Nir, Lafos Bokros, Clin,riiini, BSr Council Office Flours: NI-F 8:00-5:00 No. I I Second Line Beach Hlolidays: Mr. Folsef Ratyls, CEO I-olidays: hMadras-600 001 Jan 1,14,15,26 Jul V. Deak Ferncn Utca 5, .. Jan 3,5 Jul Tel: (91-44) 5221071 Feb Aug l,20 Budapest H-1052 Fe Aug Fax: (9144) 514897 Mar 14 Sep9,30 Tel.: (36-1) 1175-226 NIar Sep15 Telex:418039 MIXIN Apr 1,2,12,14 Oct 13,14 Fax: (36-1)1181-737 Apr 6,9 Oct 12,21 May Nov 2 May I Nov Jun 20 Dec 25 JutI n lDec 26 India OTC Exciwt11u1e of wl.li, Tilt' Bomnbgay Slvck Exrlange Trading HIturs: NI-F 12;00-2:00 92-93 'Maker Tnvers "F' M ir AN. Koliatkar, Executive Director Office Flours: NI-F 11:100-6:00 Cuffe P arade Mr. A.D. Kale, Director, Plitance & I-JRD S 11:00-2:30 . Bombay 400 005 'hlirojeJeejeeblhoy Towvers 1-lollijays: . Th!: (9 1-22) 2188164 Dala Street Jan 26 Jul Fort, Bombay - 400001 Feb Aug 15,22,23 Tel.: (91-22) 2655860/61,2655581 Mar 10,14 Sep9 Fax :(91-22) 265-8121 Apr 11,14 Oct 13 Telex: 01185925 STiIX IN May 12,23 Nov 3,4,18 Jun 21 Dec 26-31 The Caklcutilat Sthirk F.rchwnge Assodinat,pt, Lid. Trading I hItirs NIl-F 11:30-2:30 Indonesia Dr. DK KKhaa1leltCval, President Office I-tours: NI-F 10:30-500; S 10t:30-2001 Thie ltaorit Shirk Exduan,ge Trading I-lutits: I-Th 10:nt-12:00; N.r. P.K. DL, Secretary 1-lolldays: Mr.-asan Zein Mlahiud, PIresident I30-300;F:30-t130 7 Lyonis Range Jan 1,23.26 JLIu I Director Office Hours: I-F 8:-5:00 Calcutta - 70lo0 Feb Atig 2,10,31 . JL .icrdela Selmtan 14 Holidavs: Tel.: (91-73) 20-6957/20-6928 vnlar8,9,2 - Sep30 Gedung Bulrsa 2iid loor Jan1,20 Jul Fax :(91-33) 20-2514 Apr 2,9,141 Oct 2,15 Ja karta 10110 Feb Aug 17.30 Telx: 021-74114 CSAt IN MayI Nov 13,15,29 Tel: (62-21) 386-2464 NIar22-20 Sop Junil I Dec2S . Fax :(62-21)384-0197/380-l841 Ar9 Cxt M,iay 61,21 Nov Jun 1.21 DeL 31 1934 FA,CrluoK li%IlII(N; INIMOOlM.R S lTSiDAA RASI: 266 Iran Korea T'rir-al Slock Excrhat'nge Trading I-fotirs; MAV 9;30-10:30; Kiirra Shirck ExLcunvg Trading Flours: NI-F 9:40-11:40; Nir. Allahvirdi Ragai Salamiass, Secretary 11:;0-12:00 Mr. In-Kie 1long, Chairman & CEO 1:20-3:20; 5 9:40-11:40 Office Elomirs: NI-S 9:30-5:30 General Hce I-Yotrs: l-W 8:00-4:00 Voldo-dong, Youngdungpo-ku 228 FInfez Avenue Hlolidays: Scoul 10-0 ISo-idwls Tehrai 11389 Jan 10 Jul 29 Tel.: (82-2) 780-2271 J'lan 1,2 JLIl Tel.: (9S-21) 670155/674130 eb Atig7 Fax: (82-2) 786-0263 Feb9,10,1 'l Au 120 Fax : (98-21) 6725245 Masr 14,20-24 Scp NarE I ' 19-21 Apr2,7,24 Oct Apr5 Oct 3 May 29 Nov 17 May 1,7,257 Nov Jun 2,5,20,21 Dec31 Jun 11 Decs25,29-31 Jamlica Lithuania *Jama1dica Stock Exchange Tmrding I-ours: NI-TI 1000-12:30 StlacklExct,ge t f Litimmia Mr. C. WVain Itout, General 'Mauiager Office Hours: NI-F 8:30-4:30 Chairman, RIimantas Busila Bank of Jamiaica Tower, 3rd Floor Holidays: Ukmergcs 41 Nethersolo P'lace Ja11i JLII 2662 Viliuilis Kingrtun ' Feb 16 A':;. Tel: (370 2) 353 871 l'.. Box 621 Nlar Sep Fax: (370 2) 354 894 Kilgston Apr4 Oct 17 Tel.: (809) 922-0806/9673271-4 May 23 Nov Fax (809) 922-6966 Do Dec 26 Jordan Malaysia APIUMaN Finallcial M'Iark-e' Trading -lurs: SAY 10:00- 1 1:30; Thie Kwidiai Liqmpr Stlak: Exchange Trading Hours: NI-F 9:30-12 :.3; 2:3- Dr. Umayya Toukani, Director General SNI.W 5:00-6:00 Mr. YB Datl Nik Nlolhmwd Dini Bin Datuk ;5:00 1'.. Box 8802 Office. Hlours; S-V 8:00-3:30; Nik Yusuff, Executivv Chairman Office Hours: NI-Th 9:00-5:30 Amman S,lM,W 9:30-7:00; T 8:00-2:00 3rd-5th Fl., Exchange Square F-9:00-5:00 Tel.: (962-6) 660170 Holidays: Off Jalal Sei1an1ta.11n rax: (962-6) 686830 J.1n 9 Jul Dmansara 1-leiglhts Telex: (925) 21711 Feb Atig 21) Kunla Lumpur 50490 zMar 12,16 SLeP Tel.: (60-3) 2:546433/25-46513 Apr Oct Fax: (60-3) 2557463/2%61291/253569L) M'dav 1,2,25 Nov 14 Telex: KLUSEMA 30241/280093 Jnl; Doc Kenya Mauritius. Tle Natiru/i Slac-k- Exvchangle .}ours: 1()0(ra}-12g Hours: MI-1- 10:00-12:00 M n 5'c hi4e Couissiuu Trading HLWours: 1.110.F 110-12i) Mir. J.K. Kilumbail, Chief Execultive Office flours: NI-F 81X00-5:00 Mrs. Sliarda Dindoya, Chlef Executive Office Hours: NI-F 9 X)-IX) P.O. 13o 43633 Holidays: 9th 11. Sico l tilldinig Nairobi Jan JUl Sir Celicourt Antemlne Street Tel.: (254-2) 230692 Feb Auig L.ort I.ouls Fax: (254-2) 224200 Mar 14 Sep Tel.: (230) 2088735/2088736/2122072/3/4 Apr 1,4 Oct 20 Fax: (230) 2088676 May 2 Noiv Telex 5291 Jull I Dec 12,26,27 1994 FACTilor E.IURc;lNGI NIARKrUTS DATA BA.E 267 Mexico* Nigeria Mexican Stock Exchange Trading Hlouirs: MI-IF 830-2:00 Thte Nig~eriaa Slock Exchailge Trading Flours: 'tI-Fl1 1:00-2:00 Mir. ti Manuel Robledal Gonzalles de Castilla, OffIce H-OWrs: kI-F 8:30-2:30; 3:30-5:30 Mir. I-layford Aile, Director General Office Hours: NI-F 7:304:30 Chairman of the Hoard Holidays: Stoick Exchange Houitse, 8i-9 FIs, Hotlidays: Mvr. BJLrnardo Gonzales-Arechica, Exec. VP, Jnul2/4 Customs Street -~P.O. box '2457 bian IJl Planning Division Feb ~~~~~~~~~~~~Aug L.igos Feb Aug 18 * Av. Pasco die la Refornma, 255 M'var 21, 31 Sep 16 Tel.: (234-1) 266-0287,266-030%,2660335Ma131Se Col. Cualitenioc Apr I Oct Fax: (234-1) 266-8724 Apr 1,4 Oct I 06500 Mexico D,F. ~~~ ~ ~~~May Nov 1,2 Telex: (961) 235675STEX NG May 1,20,21 Nov Tel.: (52-5) 726-660U/726-6950 JnDc11 nU 52 Fax: (52-5) 75-4798 Telex:. (383) 1762233 Morocco Oman hmIlnncir St&ck ExtcaInIgJL Trading -lotirs: N-F 11:00-12:30 &limcal Securities Market Trading Hours; NIT:10-6:00; * Mr. Abdorrozalk Laralki, Director CGneral Office 1-louirs: NI-F 5:30-12:0; 2:30-6:30 MIr. NIlalnoid Al-Jarwani, l)irector S-V 10:00-12:30 98, Boulevard Mtohamo ed V Holidays: S General Office Flour: I,T 4:30-7:00; CaSl.1blanca l 3ail II Jul MIuscat Securities Market iuildin4g SV 7:30-:30 Tl.; (212) 20-4110/27-9354 Feb Aug IS9 QuL'oos que St. Huhd. vS Fax: (212) 20-0365 Mla' 3,14,15 Sep M1D, Ruil. i, M2uscat Jan 10 JSle Telex: 23698 BOUSVAL Apr Oct P.O. Box 3262 litFeb Aig May 23 Nov 1$ Postol Code 112 M5ar 1-14 sep Ju1DeTel.: (- DTl.-. (968) 702-60C7 Apr Oct Fax x (968) 702-691 M7ay Nov 23,29,3) Telex: 3220 N Juin 2c Namlbi¢nl)lnnLn saf l.acilzlzlgc Trading Hours: &I-F I 00l 11-12:3( akZiiLI Sta. (Ga:iranlee) Lltd Trading H1ours: S-Tli 10:15-2:)0 Namibia Sleek Exchange Tradnficeng Ka1o-F S:emon, rarii Slackno Alusxrhi.n3ig'S:43 98Mr. L.A. Hlanekorn, Executive Consultant 12:00-2l.0 Hla Y Office Hours: S-T 9:30-5:4 * Keiserkronie Cenitre Shiop II Office. Hours: NVI-F- 8:107-1:00;2:004.:30 ManagerHlias Post StreLt. Mall H1Jolidays: Stick EIchange lulildinulg Jail 110,29) Jull2 * Wind lhock Narnbia janl I JlStoick Exchange Road Febl Auig 14.20 Pul.O (2tox 240*411 5 Feb Aug 26 Kraciluii-7 -stiuSt.-l1akist1 Mar 6,12,15 VF:p 6I1, TuluBx: 2401 BOSA.Ar Octi 2. r..p37_Rnir. Octu Windholk Mahir 21 R-P Tel.: (92-21) 2411-9146241382/2425 Apr Oct Tel.: (264-till 227647 Apr 1,4 Och.t I Fax: (92-21) 241-0825/'j289692 M 1,22-24,30 NOv 9,27 Fax; (264-61) 32513 Mavly I, 2,4,12,25 Nov Telex: 201(116 KASFX-PK Juni 9,19,20 Dec 23,31I JunxDec 10,26 Nlcargua nhih0rtc Sltck IEcInig ranue l.1td. Trading F louirsi I-Th 10:10-2:3) NIar.i1,Al Stock Extairgu tg Mr. Khawaja Il a.m11ad Soend, President Office I loUrs: N-Tb 0:30-4:30; KEdiisclkrol scatrc Perez Callar I)r' YafisirFInt -D 8:10-1:00j2:00-d, Vice lPrevkidt S H:0 0-1:30 Ceifior Bsankee C%a 19 KhvbneAwnelblI lolisdays: * Km 4 1/2 Corretern a Mavnsaya 1c.Box 131.5 Jan.1) Jul Managuillock Nambia Jall I Jul ILahorexc.in,ge I'100b Aug 14 Tel.: (92-42) 6-011(1-000 Maar 14,13,23 Sep (1,11 Fax' : ('92-42) 6.36-S.184./636-848.9 Apr Oct Tlelex: -1-1821 STti htK/417N8475'K I'K Mlay 1,22,23 Nov L) Jun 19,20t Dcc 25 N1994 IFAcTll(oK IAII.liNt,\l%lI N< UArA 13M 268 Panama Phillppines (cont,) Piaamia Stock Exchajgz- Tradinig Iltours: M-F 11 10-12:00 Manila Slac1 Excintfr Trading Hours: NI-F 9:30-12:00 1M1r. Guillermo Chapmin, Jr., Presidenit Office Houre: tv-F 8:00-5:00 Mr. Robert Coyluto, Jr., Chlimian Office Hours: MI-F8:00-5:00 MIr. Robterto Branes P., General Manager Holidays: Mir. Victor Snyitipek, Actinig lPresidient Holidays: Calle EIlviraMecndez y Calle 52 nJa 1,10 Jul PhilippineStockExchanAeCentre Jan1 Jul Edificia Vallarino/Plinta Baja Feb Atig 12th Fl., Tekilte Tower I Feb Atug P.O. Box 87-0878 Mar 31 Sep Exchango Road Mklar 31 Sep Tel.: (507) 691966 Apr I Oct Orligis Centre, PIasig Apr 1,9 Oct Fax: (507) 6924574 May I Nov 3,14,10,28 hMetro Manila May I Nov 1,30 Jun Dec 8,25 Tel.: (63-2) 634-5112, 634-5028;5037 Jun 12 Dec 25,30,31 Fax (63-2) 634-5089,69013 Paragucy Poland Bolsa ife Valores y Prodicelos d'e Asun:cion Trading Houirs: NI-F 8:00-2:30 Wars51uiw SlaCk ExduLn:1gc Trading Hiours: M,T,Th 1 1:00-1:00 Mir. Paul Diaz de Espada Office Hours: Dr. -iesiaw Riucki, r'sident & CEO Offilce Hours: NI-F 8:1X14:On Calie Istrella 54Q Elzbletn Pustola, Vice P7resident Holidays: Asuncloln utl. Nowsy Swiat 6/12 Jan nul Tel.; (595-21)1442-445 Warszawa 00-920 Feb Aug 15 Fax: (595-21) 442-446 Tel.; (48-2) 628 32 32 Mar Sep Fax: (.18-2) 628 17 54 Apr 4 Oct Mlav3 Nov I,11 Juti2 Dec 26 Peru Portugal .Unt Shtick Exchanige Trading Hours: MN-F 10:00-3:00 Stock Ex.ILulIL' of Lisht7 Trading fl otirs: Ni-F 9.0n-3:00 Mvir. Jose Luquic Otero, President Office Hotirs: NI-F 9:00-5:00 NI,r Jose Carlos Pestana Teixeira, Clicif Office llours: M-F 9:00-5:00 Ivir, Jose Almeiara Battifora, General Holidays: Executive Officcr Holidays: Nlanager IJan 1 Jul4,28,29 Run dos F-asnquerios, 10 Jan 1 Jul Pasaje Acuna 191 Feb Aug LisboLin10 Feb15 Aug1; LjmDa NIar 31 Sop 5 Tel.: (351-1) 888 27/38 IMar 1,4,25 Sep Tel.; (51-14) 327-939 Apr I Oct Fax;: (351-1) 8774-02 Apr Oct 5 Fax + (51-14) 337-650 hlay Nov I Ntay Nov I Jil Dec 12,25,31 Juin 2,10,13,24 DecI,824-27 Philippines Oportl Sitik E 'tehonge Trdiig Hlours:Nt-F 9:0W-5:00 Mlakawli Stock Exchange Trading I-lours: Ni-F 9:30-12:001 NIr. Nllintel AIvOs iuonteiro, Chief Office Hlours. Nt-F 830-5:00 NMr. Eduardo C. Lirm, Chairman Office Flours: NI-F 8:00-5:00 Executive Officer I Pkldavs: NIr. Juan B. Francisco, lPresideint Ivilaiay: INr. Carlos Oliveiral, Chainna Jan I Jul Niakati Stock Exchange tuilding Jan I JUI I'alacio d0 llolsa Feb 15 Aug 15 Ayala Avenue, Mlakati IOeb Alig Rua de erreira forges Mar Sep MeTtro M.anilal .1 Ma31 SQp Portou4100 Apr 1.25 Oct 5 Tel.: (63-2) 721-0286/786-4103 Apr 1,9 Oct Tel.: (351-2) 2026234/3183516 Nlay 1 Nov I Fax: (63-2) 721-9238 May I Nov 1,30 Fiax: (351-2) 200-2475 Jun1 2j,0,24 Dec 7,8,25 Telex: 29010 Cl S P113 Juini 12 Dcc 25,30,31 19941 lFAcT1tooK EMIENIINU MARKUS I)ATAI HAqS 269 Russia Slovenla Moascowv Cenitirnl Slatck E£xdh;,me Lfi'ljdlim, Slock Ex.c?itge', Ife. Triding IHfours: MA, 9:30-1:00; - Mr. Vjucleswar V. Paninie, llPresidenit MIr Drmsko Ves'Ilinowtc, President & ClEO T,Th 10:1)0-12:00 Mvlr. Sergey 1. Karpov, Vice Presidlent Mr. Boris T. Snuderl, Vice P'resitenit and Office I-oumrs: NI-F:l4:00 llyinka WtretO, 3/8 . Chikf Operating Officer H. lolidavs: Bldlg. 3, - Sl4 ovenska 56 Jan I,_ Jul Mvloscov 103012 r61 000 I.juhljalna1 Il. Aug Tel.: (7-095) 921-25-51. Slovenia M lar SIP Fai (7-093) 297-1-93-91 Tel,: (38-6n1) 171 0211, 171 0212 Apr 20,27 (Xt Fax (38-61) 171 1)213 MIav I Nov I Ju;n2 Doc 25 *: Ruissiai Slatck Exclavne South Africa Igor Stivorov, 1'rcsidlent TIlL' ltah,i:meslburg Slock Exdegt'ie Trading I lOTrs: NMI-F ':30-4:00 YYurl la'narin, Assistant Mr. .r. R.C. Anderson, ecutidve President Office outirs: I-F 8:31-4:31) 40 Ilerye.n St. IMr. D 111Till, Eixective Comnsult.t Hlolidays: ' VIoscowv 17 Diagonal Street ! Ja Jl Tel.: (099) 230-2698, 202-644U6 Johannesburg 2000 rFeb Atg Fax : (093) 230-269S l',C). lox 1174 NLir Ser Telex: 411760 Verdi SU Johanilsburg 2(100 Apr 1.4,6,27. Oct 111 Iel.: (27-11) 8336380 MSla 12.31 Nov Fx: (27-11) 8343937 Jun Dee 16,2o Si. Petersbturg Sttck Excinte, Sri Lanka Mr. Iglr K, Klioutchnikov, l'residenit - Cvlr'nl'o Sfhik 1nItitiuge Trading IHloirs: NI-1F 4:l3 12:00 : . Plehiaova,36 Mr. Rohan Fernando, Deptity General Office Hlours: NI-F S:30-4:31) St. Petersburg 190107 Nlanaur Holitdays: Tel.: (7-812) 355-59-88 2ind. Floor, Niackinnons 1ldg. jan 14,27 Jul 22 ! Fax: (7-812) 33:5-9-55 York Street Feb 4,23 . Aug' [ CoIIlon11>ibo 1 N\Ifar 1,13,14,25 Sep I') Telv.: (94-I) -14/65/81 / 328014 Apir Oct IS Fax (94-1) 44-52-74 May 2.23-25 Nov 17 Junli22 Dec 26,27 Slovak Republic .Swaland Thet Baismlavra Stock axc-h.nmt' su'a:iblad Slu'cklrok'rs 1.1,?. Tradi1ng I It it in;r: N I-1I W120 * Mr, l)asa:t l'aulik, Chairma~n oif tiul oard Mr. A, NleGuire, C)E-O Office I Itours: NI-I' :151-4:15 Marian Sasik-, Secretary General 1Phm UI'eka I ltInueI oidls:2 Curkrova 14 Sutile 205. 2ndt Floor . at1,3,7 Juil2 813 39 Bratislava W ~alke.r St. Feb, Augt * 1.O. liuix 151 Mabb eSaiatdNIr Selpb( 8.14 19 lratklaha P.O. Bo0 2SIS Apr 1,4,14,25 Oct Tel.: (.12-7) 322-073 Xlbahan~' NIy12 .Nov rFax : (42-7) 322-068 Tel.: CMa½) 4-16 13 InDc2, Fa. . (26) F 1132 1994 FAC UIS(X)X JAI IlC,I\ NIRuuAr% DAT BJAS 270 Taiwan, China Turkes Tiiin;fiii Stork E&cLhIm1F!e Trading HouI rs: M-l"'OGM- 12:0(); ISn,1111a Stock- ExchInll Trading I ii rs: tmNI-F 10:30- 12:30 NMr. See-NIing Chen, Chairin S 9:(00- 1 1:00 iMr. Y.Imn TimlInmLer, CIlirm.in & CEOC OfficL I lours: NI-F S:30-5:30 85 Y\en -linig South Roald Office I-tours: .ihuliil Caddesi No. 245, Eren I-ln I loliilvss: Taipei Kl yulidtys:ly nbul 8003(1 I Tel.: (886-2) 311 4021) Jnil 1-4 I Tar.:k(9-) t12 n -480ul /80113 J7390 Lbi AlIgM Frx:(886-2) 311 4004 FL'bQ912 Atig Fa\ : (60)212252-82-13; M.ar -1,15 Sop Mar 29 Sep 20,28 2122937-125 Apr Oct 28 Apr -1,5 Oct Telex: (821) 227-18 WMliLb NMa 19,20,23,24 Nov MNWy Noiv JIi Dec Jtn Dec Thailand Uruguay Shitik E.vrhniig,* of 7T111,11,,,,1 Trading I-ntirs: NI j? 10:00-12:30; . vIonbUrguay Slock 1 ehmIIo Troding Hour,;M-F 2:01) luisaib llrtbiaphongs, Supervisor, 2:3(1-4:10 vlr. Joirge Bergafll, iPresident Offlica I lours: -F 9I10-5:01 Research & Devcelopment Depairthment Office I-lotis: NI-Fl :30-4:00 . Slisiones 140(0 ol idas: Sinthon Builldinig, 2nd1 Floor . I loelidayds: 25Nl oedIdeo 10(1)0 Jiln I -( Jul 18 132 Vireles Roadl n ti1n3 ,2:s Tel.: (598-2) 96 5051 Feb 14,15 Auig25 Bangkok M10310 Feb25 Aug 12 Fi,x: (598-2) 96i I901) NI.r 31 SvpS Tl.: (66-2) 256-7100-9 MaIr .S . Apr 11 Oct 12. Fa1x :(66-2) 2596-7110%7120 Apr 6,12-14 Oct 2I4 Nlay% 1,18 Nov 2 May 2,5,24 Nov Juln II) Dec 25 Junl lXDec 12 Trinidad and Tobago Venezuela Trh-iiri,s,rd andil Tolh;1o S1tirk E.xvhmk~,,e Trrad log I-iours: T,V,,F 93-Cl1omse CIIOIs Slui, !2 .'kijg. Tracing [ lours: NI-F Itl:30-12:30 LIr. liugh I .. Edwards, General Nlinager Office Hlours: NI-Tl H0-4:00l, AIr ; Nn-s Aguirre Znmbrrano, 'rcsideit &Ik Offie I u -F: N- 1: -2:3I0; MIr. Anthony Tiltt, Dep. Guenerl Manaer F: 8:00.4:301 Ch,irmain oif thie Board :o00-6:100 65 hinlepencidvnce Sqtire ilolidayts: Edifit-lo Atrium Ilolida,s: Port of Spain Jhin Jul Caill'Sirociin J1,II Il 0 Jul:l Trihidd .Feb IS Atug 31 Urb1 4 iza l l 14,15 Auig I- WVest Indies .llar C' carat-as 1061 NIIMr 31 Sep TL.: (809) 625-5108 Apr 1A Oct . Tel,: (58-2) 905-551 I I/9-5-111 Apr 1,1') Oct 12,31 Fiix: (81)9) 623-0)089 May Nov Fax : C58-2) 452-2640/uil8 Nlav I 6 Nov TuLlem:270 . Jun DTc elex: (395) 2ui536 Iljln24,27 Lc 1I2 Tunisia Zlrnbabwe Tumis Stock E.x-chilng Trad lng I louirs: NI-F 10:00-1 1:311 Ximl'aul Stock Ex.re-aNg Trading I tours: N- 1:(1) 12:Oi) NIr. AbmeldI ll.adourg. President Offic IFlotirs: I-F 8:01-12:00; 2:1)(1- .tFl vr-, Siothanlpton I louse (ffice I loirs: \1I-F S:1t0-I:30) 19 b1s, rIc Kiaick At.iturk 6:11(1 . Union Avti,ue/ Istm Street I lolittays: TunIis 11101 Il lrore . Jon Jul Tel.: (216-1) 2594 1 1/259 (;16 I. IIPix LA\ U 23. i Auig 11.12 rax :(216-1) 3,17-256 Union Ave. Mar Sep Telex: 14931 lI9r3rt Apr 1,4,18 Oct. TOl.: (2634-I) 73oHI1(/) I)-I,; . 25 Nov (r3-)7'110.I5 .D Jn 3c 2 'Idel: 2- 1I6tiZW 1994 IACTIIOC)K I.:-ttcts; N1RtkiTI.I D:vrzr li,\s 271 Appendix . ~~~~~~. 4 IFC Emerging Markets Data Base Emerging Stock Markets Factbook 1994 Summary of Major Changes to Coverage in 1993 IFC r1 as pleased toi aininionce lthe addition of IFC capitalization, and accounlts for more tlhln 85'A of traded on the exchange in 1993. The exchange's . indexes in 1993 for Chinap, -IungarY, Peri:, Polan7d, thie total value traded oin the exchange in 1993 The WIG All-Share Performance index ended 1993 aiid Sri Lanka, t1te addition of an IFC hivestlabl five-stock I rCi Hunigary index has a market with a gain of 787%7 in dollar trils. Index for Zflaltmwe, andii the addl(itionii of twetrkli capitalization of $409 millioi. The l3udapest i ilndex evrase fin Nigeri .exci,ange's index ended the year tvitlh a gain of The Warsaw Stock agxc lhange's performance in .29% in dollar teris, 1993 was bolstered by Pcland's aggressive IFC add1liull igary Poland, nd Zienhw hu the . privatization programi. The program will SL.pport lInviestalle Composite aulit regionaI indexes in April Three new stocks have been lisltd on the Budapest the developmeLnt of capital markets and lead to 1994. IFC ;iliiirs to colitu/w adding eiwl markets to; Stock Exchange so f.ar in 1994, brlnginig the total increased foreign investmlelnt in Poland's indtistrial ils ind,ex lo stay abreast of tlhe r(ap/ui growtlh in number of stocks listec on the exchange to twenty- and commercial sectors. 1y the eni of 1993, more eqliity niarkets in developping countries. eight. Strict listing reqtilreniienits-inicluidinig a than 400 comnpanies were set to be priv.itized in nimiiiiumit of 20% public owvinership, a total share 1994. vailuie of at least 200 millioni forints (52 millioni), China andl published audited financial statements for IFC introduced coverage of Chinese stocks for the three business years-still represent in obstacle Sri Lanka first timoe, lanicinilg a China "globial indlex" for nianycornpanles. The IFC Investable In;dex for Sri Lanka contailns containing 81 stocks capitalized at approximately five stocks, as most stocks cotuld not meet the $17 billion, a ntl a narrower "Itivestable index" of .1inimiiumit value traded level of $10 millioin per year 16 stocks with a market valtic of about $1.7 Peru .necessary to be inicludedi in thle Investable Index. *billion. The IFC clobal Chiiin index incclides The IFC Global Index for Peru contains 18 stocks Chinese shares listed in Slhanghai, Shetioxhn, anid valued at $2 I billioni, representinig just over half Iloong Kong, while the IPC investable China lnd1Cex of thie Lima B3olsa's market capitalization and Zimbabwe includes only B shares and 11 shares, which are albout 65 perceit of the value traded. The new IEC Investable Zlnibabwe index, eligible for foreign investment. developed in cooperation with i local brokerage The IFC Investable Index for Pleru hIlas seven firim, Sagil Stockbrokers Ltd., is madc up of five i . Developed ii coopLratioi witiflit Stock Exchange conistititiut stocks, whose combiled market valuc stocks with a total market capitalization of Executive Council, a securities market research. was $1.6 billion. As vith the IFC Investable Index approximiately SlIS million dollars as of the end and policy institute headquartered 1in Beijing, the for Sri I-ankl, the miiwiniLmu market capitalization of October 1993. IFC Chiia iindexes have a base period of Decemilber and trading activity elliminated mnany stocks In the 1992. I1C CGlobal Index fromii incilusisoni in the IFIC. IFC created Its Zimrbabve. inv6stable index in Investable idiclex. response to the country's clecisionii In Jun1e 1993 to hlec Chinese markets grcev from 54 listed open its. stock market to foreign portfolio * companies at tlhe end of 1992 to 129 listeid investllelit alid toallow for the free convertibilitv compan1ies by thc enLl of September 1993, with more Poland of principal, interest, and capital giniils. Foreign listinigs expected to be addce throughout 199.1. The llPC Global and Investable, indexes for i'oland invUstors mayl now buy Up to 24 V, of listedi rose a remirkable 717? r in dollar ternis dtiring Zimbabwenn companies throtughi stock market 1993, far highier than any other mnarket In tile purchases. Hungary . world. Binthli ndexes comprise twelve stocks vitlh a rhe IFCC Hungary index :oromprlses thirteen stocks total capitalizatoln of $2.14 billioni, or 79'7, of the with a total capitalization af $659 million, or 80% * Warsaw Stock lxclange's total *lmarket of the Budapest Stock Exchange's total market capitalization, and account for 79%A, of total value 1994 FAc'Tr K * .I1.MI;RWtNG NI;Rh:lS D)ATA UASI: 274 EMDB Publications and Products Publicailon5 For eaFy use, the Qtwrteri,y Review' is divided ilto IFC Index Meliaodoiagy sections that provide market-level informatiol as M hlonthilly UIpdaste onl Elinergin8 Manrkets wvell as sectlons that offer ili-deptlh data on The Meihodol,ogy explains in detail [lie individual markets. The infornmalioni Is displayed metidllology and selection Criterila for the markets TheMonithlly llpnhfprovides regullarcoverageof In tables aiind graphds to ig5tlghitg tolihL the tnd stocks that make tp thl various IFC Indexes, It The MitlyUdtprvdsrglrcvrgof Important trends In these markets. also elaborates oni the neced far a standard measure emerging stock markets, Eaci isstue of the Monthlioi Update~~~~~~~~~~~~~~~~~~~~~~~~~~~~n contains:ic innealr arketsanld dlescribes Llpdmte contains: A subscriptioi to tie Quarterly Reverw inctludes a the basic characteristics and wveiglhts of the copy of tlhe IFL Index Aefelhlodot1xo,, and a copy of Indexes. rvlarket Analyses of overall treis In eimergiing ilicthe annual Epi'erging Stock Markets Fnclibook. ialirkcts duLrig thc previous month, along with analyses of market movements and related political ancd economic events ill individual Er Computer Producis i markets. Thesc analyses often containS importanit fundamental ecoiiOinic information suchl as cu:-ent interest rates and the latest The Fpactl? ok is considered the foremost ganniial Stoick Series official Iinflation figures; publicationi on stock markets In the developing wvorld. In onie convellient volunme, It combijies This series provides data on miore than 1,400 * Comparative Tabnles, with the most recent tvarlous time series of fundamental market data oni stocks in 25 emerging markets. It InclUdes data on inlformliation1 on thle IFC. Indexes, m;trket thie primary em11erginig markets. Witi a ten-year prices, changes In capit;alization, trading volInIme, valuationl measures, and exeilang rates. historical perspective, the Factlir,lOk provides botlh andll valuation rdtios. fundaniental economic Information and vtlal data Au annultal subJscriptionl includles a copy of the IFC on market size, llquidityl, andl valuations, Each IAdex Mlnnlostblocp, a one-year subscription to the [PCFallok is divided into several sections: hiuer Series Qrinrterly Revit4t,1 of Eri)-gingl, 5tock Mre;A san: a eopy of the ini wi taint Stock M"!kds, a w provides commlkntaries, tables, This scries consists of par,llel sets of IFC Global Farctlrook. and charts oni a variety of statistics for tlie and Investable Indexes for the milarkets covered by key emerginig ma1Trkets; ENIDB0 Statistics inicitilue price and total returni Iidexes in local currency and U.S. dollars, as well n Ao, extensivaY section on iindexes provides thi' as Index-level capitalization, trading volume, and QiSetliodology, statistical characteristics, and valuation ratios. tli'l IrSC hnidexes nnd ilhclr lncal cotinwerpairts; The Qutarteely Review offers regular commentaries and deltailed statistical analyses of equity markets 24 destcopilig oulltris. Each ssUC cocrs P Nlarket pr(ifiles prorvide a statistical Ino(k at Ma1rket Ser;e In 24 developing counttries. E-achi issuec coversmoetathedoneerngakt;ad m1oro than1 tlirce cloxeii emlerging ii mrkets; and several quarters' data of major performaince Indicators SicUh 1as indexes, mnarket weights, and dThis soeries provides mheonithily annual series of trading VOlLnimes. A special bibliography section fsokechneoeain aggregate market data for 25 emierginig markets, lists nitmerouis recont academic articles and blooks gives listinigs of the principal officurs, dating for many markets back to 1975. in the field of ilternatiofiol portfolio hivesimenl. addresses, hauts of operation, and telephone/fax nuimiLbers of m1ore thian 75 stock exclianges in the develiopiig world. 1994 I1ACTNrOOK ..1 11 RG;I; NAKKI ISIDATA IIASI: 275 Subscription Information News Service Access to Indexes If YoU would like inifor n;ation regarding The IFC 1iidexes are also carried in wviole or in subscriptions to EMDB produicts or services, part by lic following information services: please call, write, or fax: Reuters Emerging Markets Data Base ['ages I ICA to I FCO 1850 1 Strect NAV. Room [13161 Washliligtoni, D.C. 20433 USA Bloomberg Business Nuws Pages iFRI (regional indexes), IFG (global Indexes) Telephone: (202)473-9520 and 11; (investable Indexes) In the Index service. 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