Emerging Stock Markets Factbook 1991

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Emerging Stock Markets Factbook 1991

International Finance Corporation

• This information is based on data obtained from sources that the IFC considers to be reliable, but is not guaran- teed as to accuracy and does not purport to be complete.

• This information shall not be construed, implicitly or explicitly, as containing any investment recommendations and, accordingly, the IFC is not registered under the U.S. Investment Advisers Act of 1940. This information does not constitute an offer of or an invitation by or on behalf of IFC to purchase or sell any of the shares mentioned, nor should it be considered as investment advice.

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

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

* The Emerging Markets Data Base is a service of the IFC's Capital Markets Department. The views expressed are those of the authors and do not necessarily reflect policies of the IFC or its affiliates.

Published in the United States of America, May 1991

ISSN 1012-8115 ISBN 0-8213-1826-8

iv Emerging Stock Markets Factbook Contents

Introduction vii IFC's Emerging Markets Data Base viii The International Finance Corporation ix Glossary x Abbreviations xi Acknowledgments xii

1. Overview of Emerging Markets 1 Trends in Emerging Markets 2 Market Size and Liquidity 49 Comparative Valuations 63 Country Funds 65 Indicators of Market Quality 68 Exchange Rates 71

2. Stock Market Indexes 77 IFC Index Methodology 78 Principal Industries in the IFC Indexes 82 Total Return Indexes 86 Price Indexes 96

3. Equity Market Profiles 113 Markets in IFC's Composite Index 114 Markets not in IFC's Composite Index 154

4. Directory of Stock Exchange Operations 169

EmergingStock MarketsFactbook v

Introduction

This is IFC's fifth Factbook on the stock The Factbook is divided into 5 sections: markets of developing countries. The series is the first to pull together in one volume the * Introduction: background on the various time series of fundamental market Intemational Finance Corporation data on the leading stock markets of the de- and its Emerging Markets Data veloping world. It puts these markets in per- Base; spective with their own domestic economies * Overview of Emerging Markets: and compares them to markets in the devel- commentaries, tables and charts on oped world. numerous statistical fundamentals of both developed and developing The Factbook is designed to serve as a markets; reference work for use by institutional inves- * Stock Market Indexes: a descrip- tors, investment bankers, academics, econo- tion of the methodology of the IFC mists and joumalists. Many of the tables and Indexes plus informnationon the per- charts draw on data from more than 40 formance of stock markets as mea- emerging markets, unlike previous years' sured by the IFC Indexes and the Factbooks, which focused almost exclusively most commonly used local market on the larger markets included in IFC's Com- indexes; posite Index. * Equity Market Profiles: a statistical look at 33 emerging markets; New to this year's Factbook are an in- * Directory of Stock Exchange troductory essay on the role stock markets Operations: a listing of the princi- play in economic development, commentar- pal officers, addresses, hours of op- ies on each market's activities in 1990 with eration and holidays in 1991 of more highlights for the first quarter of 1991, and than 50 stock exchanges in the de- a look at trends in the 1990s. In 1990, veloping world. Indonesia became the 20th market in IFC's Composite Index, and it appears in this Unless stated otherwise, all indexes and edition with substantially more data than currency data are shown in U.S. dollars; cur- in previous editions. rency amounts are shown in millions.

EmergingStock MarketsFactbook vii IFC's Emerging Markets Data Base

The IFC Emerging Markets Data Base is indexes of stock market performance avail- the first comprehensive data base to provide able today that are calculated in a consistent detailed statistics on stock markets in devel- manner for a large number of developing oping countries. International investors can countries. In some cases, the weekly and purchase securities, directly or indirectly, in monthly index series for the same period may most of these markets, with a growing trend not be identical because of more frequent to reduce restrictions. But information on compounding in the weekly series. these markets is scarce and often not consistent from one period to another or one market The indexes are weighted by market to the next. The data base is part of IFC's ex- capitalization using a formula based on the panding line of products to disseminate infor- chained Paasche method. For a detailed dis- mation, serving its mandate of seeking to cussion of the indexes calculation, see the stimulate the flow of private capital, both do- section on "Index Methodology" in Chapter mestic and foreign, into productive invest- 2. Price indexes are derived from changes in ment in developing countries. prices, adjusted for changes in capitalization. The Total Return indexes include changes Using a sample of stocks in each market, from adjusted prices as well as cash divi- the data base includes weekly and monthly dends received and dividends implicit in statistics on more than 800 stocks from 20 rights issues with a subscription price below markets, in many cases going back as far as the prevailing market price. The IFC Latin 1975. To establish representative indexes for America, Asia and Composite Indexes follow stock market performance, IFC selects stocks the same methodology but treat all stocks in based on trading activity, market size and sec- the group of markets as if they were in a sin- toral diversity. gle market.

IFC has established a network of corre- In addition to this Factbook, IFC pub- spondents in each market who provide the lishes a Quarterly Review and a Bibliography data on a regular basis. These correspondents of reports covering equity markets in devel- include local brokers, investment banks, oping countries. The data in these reports and stock exchanges and regulatory authorities. the underlying data on individual companies For each market, IFC calculates two types of come from the Emerging Markets Data Base, indexes, a price index and a total returns in- which IFC offers as a commercial service to dex. These indexes appear weekly in the in- subscribers. ternational financial press and are the only

viii EmergingStock MarketsFactbook The International Finance Corporation

The International Finance Corporation writing and investing IFC's capital in these (IFC), an international organization, was es- funds. tablished in 1956 to promote the economic growth of its developing member countries In 1984, for example, the IFC helped es- through private sector investment. It is the tablish the Korea Fund, Inc., a mutual fund world's largest multilateral organization pro- that is listed on the New York Stock Ex- viding financial assistance in the form of change, with an initial value of US$100 mil- loans and equity to the private sector in devel- lion. Since then, the IFC has brought over 25 oping countries. Its capital resources are pro- local, regional, and global funds to the mar- vided by its more than 130 member countries, ket. The IFC is currently also working on a which collectively determine the Corpora- number of investment fund transactions in tion's policies and activities through a Board several countries involving both new cash of Governors. and debt conversion schemes.

The Capital Markets Department of the Through its underwriting and private IFC is the focal point of financial market de- placements, the IFC has been involved in as- velopment activities of the IFC and the World sisting corporate clients raise financing Bank. With years of accumulated experience, through offerings of their securities, such as its specialized staff maintain consistent con- equity and convertible debt issues as well as tacts with senior government officials and floating rate note and Euro-commercial paper leaders of financial institutions and markets issues, in the international capital markets. in the developing world. Altogether, in recent years, IFC has also been involved as an underwriter of more than three The IFC pioneered the linkage between dozen domestic private securities issues from international and developing countries' capi- developing countries. tal markets through the use of international investment funds. Its role in establishing in- The Emerging Markets Data Base was temational funds has typically involved: dis- developed as part of this activity, to provide a cussions with host country authorities on the fim foundationfor its investmentprogram and appropriate legal and regulatory framework, advisory activities. Begun in 1981, the data structuring of the funds to ensure profession- base has become one of the world's leading al and independent management, and under- sources of information on emerging stock markets.

EmergingStock Markets Factbook ix Glossary

Billion: 1,000 million. Market Price/Book Value Ratio: Average of price/book value ratios of all listed com- IFC Asia Index: Korea; Malaysia; Taiwan, panies at the end of the year. "Book value" is China; and Thailand the same as "Net Worth," which is the difference between total assets and total liabilities. IFC Composite Index: Argentina; Brazil; Chile; Colombia; Greece; India; Indonesia; Market Price/Earnings Ratio: Average of Jordan; Korea; Malaysia; Mexico; Nigeria; price/earnings ratio of all listed companies at Pakistan; Philippines; Portugal; Taiwan, the end of the year. China; Thailand, Turkey; Venezuela; and Zimbabwe. Number of New Issues: Number of new offerings of stock during the year. If, for IFC Latin America Index: Argentina, example, a company issues one million new Brazil, Chile and Mexico. shares through a single rights issue, it is considered to be one new issue. Listed Companies: Number of listed companies at the end of the year. Number of Shares Traded: Total number of shares traded during the year expressed in Listed Issues: Number of listed issues at the millions. end of the year. Some companies may list more than one class of stock. Number of Trading Days: Number of days during the year that stocks traded on the ex- Market Capitalization: Market value of all change. listed companies at the end of the year. The market value of a company is the share price Share Price Index: Level of the specified times the number of shares outstanding. share price index at the end of the year.

Market Dividend Yield: Average cash div- Value of New Issues: Value of new issues idend yield for all listed companies at the end during the year, expressed in millions of local of the year. It is usually calculated as total currency. cash dividends paid as a percent of market capitalization. Value of Shares Traded: Total value of shares traded during the year, expressed in millions of national currency.

x EmergingStock MarketsFactbook Abbreviations

AFM Amman Financial Market Inv. Investment Arg Argentina Jor Jordan ASE Athens Stock Exchange Jpn Japan BMV Bolsa Mexicana de Valores JSE Jamaica Stock Exchange BOVESPA Bolsa de Valores de Sao Paulo KLSE Kuala Lumpur Stock Exchange Bra Brazil Kor Republic of Korea BTA Banco Totta & Acores Korea Republic of Korea BVC Bolsa de Valores de Caracas KSE Korea Stock Exchange Chi Chile LDC Less developed country Col Colombia Mal Malaysia CFA Communaute Financiere Mex Mexico Africaine MSCI Morgan Stanley Capital CPI Consumer Price Index International CSE Colombo Securities Exchange MSE Madras Stock Exchange DSE Delhi Stock Exchange NAV Net Asset Value DSE Dhaka Stock Exchange Nig Nigeria EAFE Europe, Australia and the Far No. Number East NSE Nairobi Stock Exchange EMDB Emerging Markets Data Base NSE Nigerian Stock Exchange EuroPac Europe and Pacific Pak Pakistan F.E. Financial Express Phi Philippines Fra France Por Portugal FT Financial Tines P/BV Price - book value ratio GDP Gross Domestic Product P/E Price - earnings ratio Ger Germany RBZ Reserve Bank of Zimbabwe GNP Gross National Product SBP State Bank of Pakistan Gre Greece SEC Securities and Exchange IBVL Indice de Bolsa de Valores Commission de Lima SET Stock Exchange of Thailand Idn Indonesia S&P500 Standard & Poor's index of 500 IFC International Finance stocks Corporation Tai Taiwan, China IFS International Financial Tha Thailand Statistics TSE Taiwan Stock Exchange IGPA Indice General de Precios de TTSE Trinidad and Tobago Stock Acciones Exchange Ind India Tur Turkey Int'l International UK United Kingdom IPC Indice de Precios y USA United States of America Cotizaciones Ven Venezuela ISE Istanbul Stock Exchange Zim Zimbabwe Ita Italy

EmergingStock Markets Factbook xi Ackrnowledgments

Sources Data Base Staff

The bulk of the information in this Fact- The following individuals, under the su- book was provided by a network of corre- pervision of Peter Tropper, contributed to the spondents in each of the markets who report production of this Factbook: Madhumita to IFC on a regular basis, as well as stock ex- Dutta-Sen, Robert Ginis, Dong-ik Lee, Sonia changes and other official agencies. Certain Miklas, Kyuee-ha Pahk, William V. Todd, other statistics come from data series pub- Peter Wall and Jian-Yuan Zhu, with produc- lished by the World Bank, the Intemational tion support provided by Janice Morrow and Monetary Fund, and Morgan Stanley Capital James E. Wise. International.

xii EmergingStock MarketsFactbook : X §1

Overview of EmergingMarkets

Trends in Emerging Markets Country Funds

Trends in Emerging Markets 2 Performance of Selected Country Funds 65 Market Commentaries 6 Performance of Selected Closed-End Overview of Emerging Stock Markets, Country Funds for Emerging Markets 66 End 1990 46 Best and Worst Performing Markets in 1990 47 Indicators of Market Quality Performance of World Stock Markets in 1990 48 Market Information and Investor Protection 68 Entering and Exiting Emerging Market Size and Liquidity Markets 69 Withholding Tax for U.S.-based The World of Emerging Stock Markets, Institutional Investors 70 1990 49 Market Capitalization, 1981-1990 50 Equity Markets and GNP 52 Exchange Rates Regional Weights of Emerging Markets 53 Market Size and the Economy 54 A Note on Exchange Rates 71 Number of Listed Companies, End 1990 55 Currency Exchange Rates per U.S. Dollar, Number of Listed Domestic Companies, 1990 72 1981-1990 56 Percent Change in U.S. Dollar Exchange Value Traded, 1981-1990 58 Rates, 1990 73 Number of Large Companies in the Currency Exchange Rates per U.S. Dollar, IFC Composite Index, End 1990 60 1981-1990 74 Selected Turnover Ratios, 1990 61 Percent Change in U.S. Dollar Exchange Market Concentration 62 Rates, 1981-1990 75 Standard Deviation of U.S. Dollar Exchange Rates 76 Comparative Valuations

Price-Earnings Ratios, End 1990 63 Comparative Valuations 64 Trends in Emerging Markets

In the past decade, stock markets in the The new importance of stock markets developing world experienced a remarkable for developing economies can be seen by growth in size and sophistication. As partof looking at the decade of the 1980s, when the IFC's commitment to promote the dissemina- total capitalization of the 20 largest markets tion of information about these markets, pre- increased sevenfold and the number of listed vious editions of this Fact book focused on companies doubled. More remarkably, the filling in the gaps in statistical coverage. The value traded on these exchanges by 1991 had heightened interest of academics and market increased to nearly 39 times the level of 1980. professionals has led IFC to add a further, As a percentage of GDP, capitalization in- qualitative, dimension to this year's edition, creased from 6% in 1980 to 32% at the end of with a discussion of the role played by stock the decade. markets in economic development and commentaries on developments in each of the But these indicators of growth in emerg- larger markets, ing stock markets do not reveal the scale of their contribution to equity finance. In 1990, The remarkable growth of emerging more than 1,200 companies in the 20 largest stock markets in the developing world recent- emerging markets raised over $22 billion from ly has to be seen in the context of a wider share offerings in their domestic markets. The change-a general change away from gov- comparable amount in 1989 was $28 billion. eminent control and direction to policies that Clearly, local stock markets have become a allow the forces of the market to work and significant source of capital for industry. that encourage the private sector to be the driving force of economic growth. One reason why companies have tuined to their equity markets to raise capital is the A move to a market-based economy markets' outstanding performance. In the six must involve the financial sector at an early years from the end of 1984 to the end of 1990, stage. Market forces cannot determine the the markets in IFC 's overall Composite Index pfice and volume of output properly if one of rose 1 10% in U.S. dollar terms, outperform- the most crucial factors of production-capi- ing the U.S. benchmark Standard and Poor's tal-is priced artificially and arbitrarily.Free, Index of 500 stocks. For the past few years, market-driven financial markets are essential the top performing stock markets in the world to determine the price of capital realistically were primarily in developing countries. 1990 on the basis of retumnexpectations of investors was no exception. and to ensure that such capital is used efficient- ly. Competitive financial markets transmiiteffi- Emerging Markets in 1990 ciency to the real sectors of the economy; controlled markets spread inefficiency. In 1990, the period on which this Fact book focuses, the top eight performing Stock markets play a critical role in the markets in the world were in developing process, as a source of equity finance as well countries, and the IFC Composite Index of as a pricing mechanism for new issues. Eco- 762 stocks in 20 emerging markets hit its nomic growth requires that new and growing all-time high in early February. The eight, companies expand their capital bases. Many in US$ terms, were Venezuela (up 572%), are initially closely held firms, often family Greece (+90%), Zimbabwe (+84%). Chile owned, which need to open up if they are to (+3 1%), Colombia (±27%), Mexico (+25%), grow. A large, liquid stock market facilitates Nigeria (+24%), and India (+ 16%). the process, giving the owners a chance to re- alize capital gains and new investors a chance Like any group of widely different mar- to share in future growth and profitability. kets from different parts of the world, many

2 EmergingStock Markets Factbook emerging markets rose during the year while offered during the year, despite the existence others fell. The collapse of the Japanese of generally steep discounts of share prices to market at the beginning of the year severely net asset value, and despite sharp declines in affected the larger Asian markets, (such as prices from 1989 levels. Their creation fol- Korea; Philippines; and Taiwan, China) lowed investor trends, focusing for the first which comprised half the Composite Index. time on Latin America and Eastern Europe. As a result, the Composite also fell, reaching At the end of 1990, the net assets of almost its low for the year in September, down 47% 140 such funds totaled $12 billion. from the high. In comparison, the S&P 500 in the United States fell slightly in the spring, 1991 Highlights rallied until a few weeks before the start of the Gulf crisis, and then rose in the fall, clos- This Factbook focuses on events in ing the year down a net 6%. 1990. Nevertheless, significant developments had also taken place in 1991 by the Along with the world's major markets, time this book went to press. Following are most of the emerging markets rose in the last some highlights. few months of 1990, but the Composite Index ended the year 32% down from the start of the Argentina year, marking the first time in its six year history that it declined from its prior year-end level. The market soared in early 1991, with changes in economic policy and the an- As investors in developed countries nouncement that the austral would be fully have recently discovered, the debt crisis of convertible into the dollar. In dollar terms, the the 1980s obscured the existence of numer- market rose 77% in the first three months of ous world class companies in the developing the year, one the best performances in the world, particularly in Latin America. The world. successful launch of new international securities by companies in Chile, Korea, Brazil Mexico, Portugal and Thailand in 1990 changed their perspective. During the past The government initiated a new eco- year, Latin American companies, especially nomic plan on January 31 in an attempt to in Mexico and Venezuela, raised almost halt inflation. Collor Plan II increased public $1 billion in debt and equity directly in the utility prices, froze wages and prices, elimi- developed markets, a development that nated price indexation and abolished over- would have been unthinkable a few years night short and medium term financial ago. The listing of shares in the Chilean tele- instruments. The Sao Paulo stock market phone company, for example, marked the surged the first trading day following the an- first time a Latin American company had nouncement, posting a 35% increase in dollar ever been listed on the New York Stock terms. In March, the government shortened Exchange. the required holding period from 90 days to 1 day and allowed foreigners to purchase indi- The nascent global linkages among vidual stocks directly instead of requiring the developed and developing markets were purchase of shares in Brazilian funds. In the reinforced by announcements that additional first quarter of 1991, the market surged 65% markets will be opened to international inves- in dollar terms. tors: Korea agreed to permit foreign broker/ dealers to deal in Korean securities and India Taiwan, China allowed foreign portfolio investment by institutional investors. In January 1991, the IMF approved two loans totaling US$1.8 billion to the govern- Country funds continued to attract in- ment, leading to a brief upswing in the stock vestors, with over three dozen new funds market. The rally ended following a series of

EmergingStock MarketsFactbook 3 events, including the postponement of the the first three months of 1991, the market reg- annual budget, resignation of the prime min- istered a 36% increase in dollar terms. ister, and the announcement that the government had sought emergency funding from Trends for the 1990s several foreign governments to avoid default- ing on debt payments. More changes are already underway that will continue to transform emerging markets Indonesia in the 1990s.

The Jakarta stock market plunged 11% First, the rate of creation of new, straight in one week at the end of February due to equity country funds is likely to slow rapidly, moves announced by the government to as the number of markets not covered by freeze the funds of some state-owned compa- funds shrinks and the number of markets cov- nies and convert them into investments in ered by multiple funds increases. Further, the government bonds. The move was reportedly types of funds available to investors will vary undertaken to curb speculative activity more widely, to focus on new opportunities against strong rumors of a major devaluation as governments approve new debt conversion of the rupiah. The ensuing liquidity squeeze programs in Latin America and, possibly, pushed interest rates even higher than the al- Eastern Europe and implement large-scale ready high rates prevailing in December, and privatizations. investor funds flowed from the stock market into bank deposits. Subsequently, in mid- Second, privatization by itself will March, the market improved with subsiding quickly increase the size and liquidity of interest rates. many markets, especially in Eastern Europe, where such programs could form the core of Pakistan stock markets that have begun operating only recently or do not yet exist. In early February, the Pakistani government announced major liberalization moves, Third, the opening of economies to complementing measures announced in market forces will lead closely held compa- November of 1990. The loosening of foreign nies to raise capital from beyond their tradi- exchange controls, the opening up of the tional family owners. Open markets lead to Pakistani stock market to foreigners, free re- competition, forcing investments in new patriation of capital and profits, and the lift- facilities, in export drives and in mergers and ing of several restrictions on the operation of acquisitions at home and abroad. The rapid foreign banks and companies operating in rise in stock prices in many emerging markets Pakistan were the most significant policies also contributes by dropping the cost of adopted. equity relative to that of debt. Stock markets will grow in important source of funds to Thailand finance investment in developing countries.

A military coup ousted Prime Minister Fourth, the pace of initiatives to improve Chatichai Choonhavan from power at the end the environment for foreign portfolio invest- of February and was followed by the installa- ment is likely to continue during the 1990s. tion of a Thai businessman, Mr. Anand Already in 1991, Brazil and Pakistan have an- Panyarachun, as interim prime minister. The nounced specific programs; others, such as stock market, after an overnight fall of 7% China and the Philippines, are likely to do so following the coup, bounced back to pre- during the year. coup levels. The end of the Gulf war reas- sured investors about the prospects for stron- Fifth, companies in developing coun- ger economic growth and in particular a tries are raising funds not just in their national recovery in the country's tourism industry. In markets but in foreign markets as well. The

4 EmergingStock MarketsFactbook search for new sources of equity has led com- function without credible information that is panies in developing countries to issue shares disseminated quickly, a need that led IFC to through private placements and public list- create its Emerging Markets Data Base ten ings on the major developed markets. The years ago. number of such intemational offerings should rise significantly in the 1990s. These markets are like stock markets ev- erywhere: they go up and down, sometimes Finally, emerging markets are rapidly with dramatic speed. Over the long run, how- gaining in sophistication. Numerous markets ever, they can provide substantial benefits to are in the process of implementing more ef- local economies and to foreign investors. But fective regulatory environments, better infor- only recently have many of them begun to mation systems, advanced trading systems, demonstrate their potential. The 1990s will and centralized, streamlined clearing and set- see them play an increasingly strong role as a tlement procedures. Efficient markets cannot tool for economic development.

EmergingStock MarketsFactbook 5 Market Commentaries

Argentina The successful completion of two major privatizations provided the stock market with Market Performance increased optimism late in the year. Entel, the state owned telephone monopoly, was the After experiencing a one-month drop of first privatization completed under President 54% in January 1990, the Buenos Aires stock Menem's privatization program. After market produced only modest gains in the months of delay, the company was sold for months that followed. Year-end statistics US$214 million in cash and US$5.03 billion show the IFC Price Index for Argentina down in Argentine foreign debt certificates. Aero- 38% for the year and the stock exchange's In- lineas Argentinas was the other successful dice General off 26% in dollar terms during privatization, bringing US$130 million in the same period. Total market capitalization cash and US$2.01 billion in foreign debt cer- fell from US$4.2 billion in December of 1989 tificates to the government. to US$3.5 billion in December of 1990, a 16% decline. The poor performance of the Economic and Political Events stock market was in sharp contrast to 1989 results, when the IFC Price Index for Argentina Economic and political turmoil plagued soared 136% in dollars. Argentina for much of the year. Inflation was a major problem, surging 95% in March In addition to falling stock prices, mar- alone, and totalling 1,343% for the year. Im- ket liquidity also declined significantly in provements did occur in the last quarter when 1990. For the year, the total value traded was the CPI registered an average rise of 5% per US$820 million, down from US$1,214 mil- month, the lowest rate of increase in five lion reported in 1989. Slow trading in January years. Estimates for 1990 show that GDP de- and February of 1990 saw average daily trad- clined about 2% compared to a 4.6% drop in ing values fall to US$1.5 million a day. In the 1989. latter part of the year, average daily trading values increased to about US$3 million a day, President Menem's economic policies but this was still well below the US$5 million have continued to stress economic liberaliza- a day average recorded in 1989. tion. Privatization, free trade agreements, and reduced government intervention in business The precipitous drop in share prices in have been key components of his liberaliza- January was caused by a rapidly devaluing tion efforts. So far, the privatization program austral, an increasing inflation rate and an appears successful, and with recently issued overall decline in economic conditions. A se- Decree 1474 many additional government ries of new economic plans and the Central companies will be placed on the auction Bank's tight monetary policy created uncer- block. tainty in the stock market for much of the year. Many investors moved from equities to Although President Menem appears to the money markets where dollar yields of continue to have strong support, some dis- 10% a month were available. agreements did occur with the military during the year. An uprising by dissatisfied military officers was crushed by loyal military officers in December.

6 EmergingStock Markets Factbook Argentina, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

_ > \ East1Asia , Argentina IFOCompositeC 47%

100 :1C

SouthAsia I 26%/Austral ('OOOs)USsideaAtrica 40 Latin America 16%20

Other ~~~~~Argentina ______4______LatinAmerica 4%0 , ...... ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.... 9aFeb % Mar Apr May Jun Jul Aug SepOctNovDecEnd Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

ExchangeRate AverageDaily ValueTraded

US$IAustral('000s) US$millions 0.6 I I I 6

0.51 51

0.444

0.0 7--r Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 7 Brazil Investors holding shares of the closed- end Brazil Fund saw the market value of their Market Performance investment drop, but not as much as the overall Brazilian market. The New York Stock The Sao Paulo and Rio de Janeiro stock Exchange-listed Brazil Fund fell from $1278 markets crashed in 1990, with both markets at the end of 1989 to $63/ at the end of 1990, suffering their worst performance ever. In a 47.6% decline. The fund went from a dis- dollar terms, the IFC Price Index for Brazil count of 32% at the end of 1989to a premium and the local Bovespa index plunged 68% of 13% at the end of 1990. and 71% respectively during the year. Total market capitalization of the Brazilian market Economic and Political Events fell from US$44 billion at the end of 1989 to US$16 billion at the end of 1990. The inauguration of Fernando Collor as president and the introduction of the Collor Liquidity on both Brazilian stock ex- economic plan on March 15 were probably changes also dropped dramatically in 1990. the most significant events in 1990. The The Sao Paulo and Rio stock exchanges Collor plan, designed to eliminate hyper- watched the total value of shares traded fall inflation, froze most assets and virtually shut from US$16.7 billion in 1989 to US$6.2 bil- down the Brazilian economy in its early lion in 1990, a 63% decline. In December, months. Effects of the plan continued daily trading on the Sao Paulo exchange av- throughout the year as demand fell and the eraged US$9 million, compared to US$30 economy plunged into a deep depression. million a day in December of 1989. The severe decline in trading activity moved the The Collor plan initially reduced Sao Paulo and Rio exchanges to discuss monthly inflation rates to single digits, but possible merger terms and a joint custody by the last three months of the year inflation service. had increased to between 13% and 19% per month. At the end of the year, credit was The dismal performance of the stock tight, real interest rates were high. and de- market resulted largely from the Collor plan mand was down by as much as 50% in some introduced in mid-March by incoming presi- industries. Of 251 listed companies report- dent Femando Collor. The plan froze almost ing results for the first two quarters of the all assets, introduced a new currency, and year, 116 showed losses, according to a taxed stock market transactions heavily. Stock newspaper survey. prices fell 68% immediately after the plan was introduced and there was virtually no Statistics indicate that inflation totalled trading on either market in the weeks that fol- about 1,794% in 1990. GDP growth for the lowed. The plan also initiated a deep reces- year fell 4.6%, versus 3.6% growth in 1989. sion that eliminated most corporate profits, Industrial production plunged 8.9% in 1990. delaying any chances the market had for a quick recovery.

8 EmergingStock MarketsFactbook Brazil, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

120 470/s 10 *Brazil FIFCComposite

1100

801

60-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-

260/ Europe Mideast/Africa 11%

Latin -. America 16% 20-

OtherL_ LatinfAmerica m i Brazil ____ 78/ 2/% End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Cruzeiro US$ millions 0.06 '. 60

03.05i -- ' ' ' 50- - -

0.04 1 ' '' ' 40 F ' 20

0.031t 30;

. 0.020.041 10 0|

0.02 - 20O ' 0.011 10-i T I II

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

Emerging Stock Markets Factbook 9 Chile December, the net asset values of the funds had increased to US$81.2 million and Market Performance US$119.7 million; however, both funds were trading at discounts to net asset value of near- A sharp rise in share prices in November ly 30%. The Chile Fund, initially offered in and December made the Chilean stock mar- September of 1989, was trading at an 11.6% ket one of the world's best performers in discount to net asset value at the end of 1990. In the last two months of the year the December. market rose nearly 28%. For the year, the IFC Price Index for Chile climbed 31% and the In 1990, Compania de Telefonos de local IGPA index gained 34% in dollar terms. Chile (CTC) became the first Latin American Total market capitalization in 1990 grew company ever to list ADR's on the New York from US$9.6 billion to US$13.6 billion. Stock Exchange. A total of US$100 million was raised by CTC through an initial offering Stock price increases during 1990 were which placed 6.5 million ADR's at a price of largely attributed to country fund purchases US$ 15 l/s8The ADR offering was oversub- at the beginning of the year along with lower scribed fourfold. interest rates and favorable economic news near the end of the year. Lower corporate Economic and Policital Events earnings, declining demand, and tight monetary polices negatively affected market per- Patricio Alwyn became the country's formance in the months between April and first freely elected President in nearly 16 October. years after defeating General Pinochet. Upon taking office in March, President Alwyn Although share prices increased overall, instituted a number of financial changes the Chilean market did not observe any corre- aimed at reducing inflation and controlling sponding improvements in liquidity in 1990. an economy that grew 10% in 1989. Among The total value of stocks traded during the the changes were an increase in the mini- year totaled US$782 million, about 7% less mum wage and a restructuring of and in- than the US$843 million traded during the crease in the corporate tax formula. The net same period in 1989. In 1990, the average result of the policies has been lower credit daily trading value was about US$3.2 million. availability, reduced consumption and higher unemployment. Two new Chilean closed-end country funds were offered to foreign investors in Inflation, after climbing sharply in Sep- February of 1990. The Five Arrows Chile tember due to rising oil prices, appears to Fund and the GT Chile Growth Fund initially have stabilized. Estimates for 1990 show in- raised US$75 million and US$106 million re- flation up about 27%, an increase over 1989's spectively and were listed on London's Inter- 21% rate of inflation. GDP growth for the national Stock Exchange. As of the end of year was estimated at about 1.6%.

10 EmergingStock Markets Factbook Chile, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

_ ~\1EastAsia 4 . Chile EIlFCComposite 47% 120f

100:

26% Europe 60o: 11%

Latin America 16%

Other Chile O, Latin America 18% 0 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Peso US$millions

0.0039

- f , , 2; 1 , , , , ~~5------0.0037

_ ; ------.-.- -. - 0.0035 4

. ; s ~~~. . P.... ------

0.0025

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

Emerging Stock Markets Factbook 11 Colombia package that affected labor issues, banking, taxation and foreign exchange control. Some Market Performance specific changes included:

Colombia's two largest stock exchang- * Elimination of the requirement that es, the Bogota and Medellfn exchanges, reg- all foreign exchange be sold to the istered significant stock price increases in Central Bank. 1990. The IFC Price Index for Colombia, * Creation of a Foreign Trade Minis- which includes stocks listed on both ex- try to centralize all trade related pol- changes, gained 26.6% in dollar terms during icies. the year. The Bogota Stock Exchange's com- * Introduction of flexible tariff rates posite index, Indice General, registered a rise for achieving govemment policy of 15.4% in dollar terms during the same pe- objectives, which generally seek to riod. Market capitalization on the Bogotd ex- reduce the overall tariff structure. change increased from US$1.1 billion in 1989 to US$1.4 billion in 1990, a 27% in- The reform package also provided sup- crease. The Medellfn exchange had a market port for the new foreign investment code, capitalization of US$1.6 billion at the end of Resolution 49, which was published in Janu- 1990. ary 1991. Through Resolution 49, foreign investors will be provided the same rights as The combined trading activity for the those granted to Colombian nationals in al- Bogota and Medellfn exchanges declined most all industries. Furthermore, the new for- slightly in 1990. Total value traded amounted eign investment code allows the following: to US$ 71 million for the year or about remittances of up to 100% of most capital US$ 0.3 million per day. For each of the three registered in the past year; equal access to lo- years between 1987 and 1989, total trading cal credit sources, as well as to export incen- activity on both exchanges averaged just over tives; and 100% foreign ownership of US$72 million, indicating relatively stable financial institutions. trading activity on the exchanges over the last four years. The Medellfn exchange accounted Colombia's GDP grew about 3.7% in for about 64% of total trading value on both 1990, up from 3.1% in 1989, mostly from exchanges in 1990. higher production in the coffee sector and increased oil revenues. Foreign investment in Economic and Political Events the country dropped an estimated 60% in 1990, with most of the drop attributed to do- President Cesar Gaviria of the Liberal mestic violence, the Gulf crisis, and a reces- Party was elected in May with 47.5% of the sion in the United States. vote and was sworn into office on August 7, 1990. Since becoming president, Gaviria has Inflation in 1990 was 32%, compared to attempted to liberalize the nation's economy the 26% recorded in 1989. In line with infla- through trade, foreign exchange and tax re- tion, the Colombian peso devalued about forms. 30% during the year through a policy of daily mini-devaluations. It is expected that the pol- In late December 1990, the Colombian icy of mini-devaluations will continue Congress approved a wide ranging reform throughout 1991.

12 EmergingStock Markets Factbook Colombia, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

,16 _ AsiaEast 1601 U Colombia D I FC Composite | i ., - ...; --- X 47% ------1 140-

100

26% ~~~~~~~~~Europe Mideast/Africa 11% 6

Latin 4 America 16% s 20 - - -0 .

Other Cl/ 01 LatinAmerica 2%lo0bi 98% 2% 0 End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/Peso US$ millions

0.0025> 0.6.

- - -- -0.57 ~~~---1 0.0023

0.4,

0.00211 .

0.3

0.00191 0.21jl

0.0017]1.0.- -

0.0015 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 13 Greece nounced late in November sent the market soaring once again, with the ASE General in- Market Performance dex rising 13.6%-the biggest one-day gain on record. The Greek stock market was one of the world's leading performers in 1990, with the There were 28 new issues listed on the IFC Price Index for Greece rising almost 90% Athens Stock Exchange in 1990, all substan- in dollar terms. The index rose over 200% tially oversubscribed, raising over DR52 bil- from December to June to an all time high, lion (US$326 million) compared to four new but fell over 37% from its high as worldwide listings in 1989. Capital increases for 37 com- equity market sentiment turned bearish. panies already listed raised another DR130.8 billion (US$820 million). Liquidity increased dramatically in 1990 with the total value of shares traded for Economic and Political Events the year increasing over seven-fold from US$0.55 billion in 1989 to US$3.8 billion. 1990 saw the formation of a new gov- Average daily value traded for the year in- emient with the election of Prime Minister creased from US$2.2 million to US$16.4 mil- Mitsotakis in April. At a roundtable discus- lion, peaking in June at almost US$32 million sion with business leaders and other cabinet a day, paralleling the index performance. To- ministers, Prime Minister Mitsotakis said that tal market capitalization grew almost 140% the tremendous growth of the public sector in in 1990, rising from US$6.4 billion at the end the 1980s created a negative climate for pri- of 1989 to US$15.2 billion. vate enterprise and fostered rising inflation and unemployment. The New Democracy Following the election of the New movement is seeking to shrink the state and Democracy government of Prime Minister help private sector business develop. The Constantine Mitsotakis in April, the market support of the populace for the new govern- rose dramatically in expectations that the ment was confirmed in October municipal newly elected conservative government elections. would quickly solve the country's economic problems. A combination of factors then con- Early in 1991, the EC approved an tributed to the market's decline, beginning ECU2.2 billion (US$2.97 billion) balance of with a summer holiday slowdown, the onset payments loan to Greece. The funds are to be of the Gulf crisis and Athens' failure to se- used for communications, energy and region- cure a bid for the 1996 Olympic games. The al infrastructure development projects. The market pulled back further as investors began loan comes with strict conditions requiring, to view stocks as overvalued, with eamings among other provisions, the reduction of bal- multiples over 40. The large public sector ance of payments from 5.7% of GDP to 3% of deficit and 22% annual inflation rate trans- GDP, reduction of inflation to 7% a year by formed the mood from optimism to concern 1993 and the reduction of government bor- over the 1991 fiscal budget. A new 10% tax rowing from 17% of GDP to 1.5% of GDP by on interest eamed on bank deposits an- 1993.

14 EmergingStock Markets Factbook Greece, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

350 re e FComposite

26% l East47%Asia 300- 4'~

250- u ! itlS I BA ;/oU reec

...... 200 -

18% 2 / > _| = S~~~~~~~~~~~-----'----

Europe ~~~~~~~~~100 J"

MideasVt ,'Africa 5.j. 110/ ~~~~~~~50

Other Europe/ Greece Mideast/Africa 31% 0 69% End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Drachma US$ millions 0.007 0f 35

30- 0 >------S 25

000650 0

10 0.0055

0.0050 T0- FF Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 15 India commenced with increased tension with Pakistan and internal crises resulting from Market Performance secessionist and communal problems. In addition, the stability of the central government India was one of the few emerging mar- itself was in question, fueled by a controver- kets that ended 1990 higher than it began. sial employment policy, which ultimately led The IFC Price Index registered a 16% rise in to the resignation of Mr. V.P. Singh and ap- dollar terms during the year. Even after the pointment of Mr. Chandra Shekhar as prime onset of the Gulf crisis, the market remained minister. bullish until mid-October, when it plummet- ed with a government announcement of a On the economic front, India's balance steep rise in retail oil prices. Market capitali- of payments and budget deficits persisted in zation stood at US$39 billion at the end of 1990. The balance of payments deficit wid- 1990, up from US$27 billion at the beginning ened significantly with the onset of the Gulf of the year. Average daily turnover hit a high crisis due mainly to higher oil prices at the of US$243 million in October, a substantial beginning of the crisis, the cost of resettling rise from the 1989 high of US$120 million. Indians from the Gulf region, reduced exports to Iraq and Kuwait, and reduced remittances Significant factors that affected the from Indians employed in the Gulf region. stock market during the year included the an- These factors have widened the current ac- nouncement of the government's annual bud- count deficit of the balance of payments to an get in March, generally received well by estimated US$8 billion for 1990-91. Towards investors; excellent earnings performance by the end of the year, India approached the IMF companies for 1990; a good monsoon ensur- for a loan to deal with the balance of paying a satisfactory harvest; and the gradual ta- ments situation. Higher oil bills and slowing pering off of heightened tension with exports contributed to a widening trade defi- Pakistan around mid-year. However, the Gulf cit. The chronic shortage of foreign exchange crisis provided a serious damper to the mar- reserves became more acute, equivalent to ket. Communal and separatist disturbances about three weeks' imports in December, that the nation experienced for most of the with the dwindling of remittances from expa- year also depressed the market. In addition, triate Indians in the Gulf region and the set- the unstable political situation of the central tling of oil bills in hard currency. government was a further cause of negative sentiment. The widening budget deficit, equivalent to 8% of GDP in 1989-90, also remained a The India Fund and the India Growth cause for concern. In December, the govern- Fund, which had enjoyed wide premiums ment increased direct taxes, imposed import from mid-1989, slipped into significant dis- restrictions, and attempted to reduce govern- counts in August 1990. They traded at dis- ment expenditures, in an effort to combat the counts of 33% and 23% respectively at the deficit. Inflation in 1990 reached 12% and in- end of the year. During 1990, share prices of terest rates were high, with minimum lending the India Fund and the India Growth Fund de- fixed at 16.5% towards the end of the year. In- clined 35% and 42% respectively in dollar dia's uncertain economic conditions prompt- terms. ed both Moody's and Standard and Poor to downgrade its credit rating. Nevertheless, the Economic and Political Events GDP growth rate was estimated at 5% for 1990. The Indian economy experienced several major crises in 1990. Politically, the year

16 EmergingStock MarketsFactbook India, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

180_XEurope U .India EIFC Composite Europe Mideast/ 160 Africa 116% 100 _

East Asia ------47% Latin America 100-

160/0 ~ ~ 6

South Asia 4 26%sI

20 Other I_ South Asia l ; India0 71/0% 29% EndJan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Rupee US$millions

0.060 2501

200-, 0.058-

150-

0.056

0.0544 50

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

Emerging Stock Markets Factbook 17 Indonesia latory body for the exchange, will now exercise supervisory control over the ex- Market Performance change. Among other reforms introduced are the authority of securities houses to create The Jakarta Stock Exchange, after a sig- mutual funds, a privilege previously enjoyed nificant rally in the first half of 1990, declined exclusively by the state-owned financial in- in the second half of the year. The IFC Price stitution, PT Danareksa; stringent reporting Index for Indonesia declined 2.5% in dollars and disclosure requirements; and the raising in 1990. Market capitalization of listed stocks of capital requirements of brokers. stood at US$8 billion, more than triple the 1989 level of US$2.5 billion. The year saw Economic and Political Events listings of many stocks; the number of listed stocks on the Exchange at the end of 1990 The economy grew at a rate of 6% in was 123 as against 61 a year ago. 1990, as estimated by Bank Indonesia, the central bank. A significant boost to the econ- Foreigners first entered the Indonesian omy was provided by the robust growth in market following deregulation measures domestic and foreign direct investment, the that were introduced by the government in latter sourcing chiefly in Japan; Hong Kong; December 1987. With continued inflows Taiwan, China; and Korea. Inflation reached from foreign investors buying a relatively an estimated 11% for the year. Major con- small number of stocks, prices rose to cems for the economy were its shrinking about 60 times earnings in 1989 and 50 trade surplus due to surging imports of capital times earnings in early 1990. A lackluster and consumer goods, and the economy's market performance in the second half of large debt burden, estimated at more than 1990 was attributed mainly to dwindling US$50 billion. interest from foreign investors who found the market high-priced, to an inefficient The banking sector suffered a blow in settlement and clearing system, to high in- October when Bank Duta announced its loss terest rates, and to the uncertain conditions of US$420 million on foreign exchange oper- prevailing in much of the world arising ations. This announcement had an adverse from the Gulf crisis. impact on other banks as well. Local deposi- tors began withdrawing their funds from The Jakarta Fund slid from a large pre- banks and the ensuing liquidity shortage re- mium at the end of 1989 to a 20% discount by sulted in many banks seeking funds overseas. the end of 1990. The adjusted share price of However, foreign banks also became wary of the fund declined 41% during the year. Sever- lending to Indonesia after this event. The li- al new funds for investing in Indonesia were quidity shortage has forced interest rates up, launched in 1990. The largest of these funds with lending rates over 20% at the end of were Indonesia Fund Inc. (US$60 million), December. Jakarta Growth Fund Inc. (US$60 million), Indonesian Capital Fund (US$32 million) Indonesia is Asia's second-largest oil and Java Fund (US$31 million). producer, after China. Oil and gas are the chief export-revenue eamers for the econo- Several market reforms were introduced my. Rising oil prices during the first few in December 1990. The most important was months of the Gulf crisis proved a boon to the the privatization of the Jakarta Stock Ex- economy, despite the slowing of world trade. change, effective as of June 1991. However, the advantage started abating when oil prices subsided. BAPEPAM, the Capital Market Execu- tive Agency which was previously the regu-

18 EmergingStock MarketsFactbook Indonesia, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

_160-' _ ~ t . Indonesia ElIFC Composite ~~' ' : A ~~~Europe , , East K 7s Mideast/ ^ -0- 0 9/ ~~~~~Africa 140 ,'/ , ' , ,

X - 0 /l - - b 1 ~~~~~~~120' East_:.'..' --.--:------Asia 100/ 47% Latin America ------16% _ / \ ~~~~~~~~~~~~~~~~80-,0. - ;. .

60-' .. ,

South Asia; I ~~~~~~~~~~~40l- 26%

Other SouthA ia Indonesia _' 94%s 6% 0 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Rupiah('000) US$ millions 0.60 301

0.55 _ _ _ ' '. Z

04i___0~~~~~~~~~~~~~~~~~------

0.45-

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

Emerging Stock Markets Factbook 19 Jordan Economic and Political Events

Market Performance Good economic performance was re- flected in the stock market trend in the first The Jordanian stock market performed seven months of the year, led by a boost in well in the first seven months of 1990, with the economy's exports, tourism and industri- the IFC Price Index for Jordan gaining 8% in al production. The onset of the Gulf crisis dollars in that period. But due to Jordan's damaged Jordan's economy severely as Iraq proximity to both Kuwait and Iraq, initially was a major buyer of Jordanian exports, and its market performance was severely affected Jordan had obtained over 80% of its oil re- by events in the Gulf. With the onset of the quirements from Iraq. After August, foreign Gulf crisis, the Amman Financial Market, remittances from expatriate Jordanians em- normally a less active stock market, lost 13% ployed in the Gulf states decreased drasti- in dollars in August 1990, as registered by the cally, unemployment rose due to the return IFC Price Index for Jordan. However, the of expatriates to the country, and Jordan's market recovered from September onward budget was severely affected due to the fi- and the IFC Price Index lost only 1.4% in dol- nancial assistance provided to refugees. The lars during the entire year. current account deficit for 1990 was estimated at US$600 million, a sharp rise from the Trading activity slowed down in the lat- 1989 deficit of US$60 million. Jordan's ter part of the year due to the uncertainties GDP growth rate declined from -3.9% in prevailing at the time. Average daily value 1989 to an estimated -8.2% in 1990. The traded stood at approximately US$0.5 mil- economy's estimated 1990 budget deficit of lion in the last four months of 1990, signifi- US$146 million comprised 4% of its GDP cantly lower than the 1989 average of US$2.6 for the year. million.

20 EmergingStock Markets Factbook Jordan, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

120 ' Jordan EFC Composite

Aslav \ 0 0 \0 ~~EastAsia ----- ~ _ 100

60 Latinp X t:: 16% i L40

Europe Mideast/Africa 11% 20- .

Other Europe/ | Jordan 1 7_____ :____ Mideast/Africa I. 4% 7______96%/ End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/Dinar US$ millions

1.8

------4------

1.7 ------. ------1..5 , '': 1......

1.4~~~~~~~~~~~~~~~~~~

1.3

1.25

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

Emerging Stock Markets Factbook 21 Korea Economic and Political Events

Market Performance While GNP growth rose from 6.7% in 1989 to a projected 9% for 1990, this is much Year-on-year results were quite poor, slower than the annual average 1986-1988 with the IFC Index for Korea posting a 27% GNP growth rate of 12-13%. The slowdown loss in dollar terms. This placed the perfor- has created doubts about the Korean econo- mance of the Korean stock market in the bot- my's ability to sustain a high growth rate into tom quartile of world equity markets. the 1990s, particularly in a climate of higher oil prices and reduced exports resulting from Liquidity decreased significantly in recession in other industrialized nations. 1990 with the total value of shares traded for These fears translated into a tight domestic the year falling over 37% from US$121 bil- monetary policy and an inflation rate which lion in 1989 to US$76 billion. Average daily doubled government estimates. Moreover, a value traded for the year decreased from sharp increase in labor costs and continued US$420 million to US$260 million, reaching labor unrest contributed to growing concems yearly lows following the invasion of over competitiveness of Korean goods Kuwait. Total market capitalization fell over abroad. 21% in 1990, from US$141 billion at the end of 1989 to US$110 billion. The cumulative trade surplus with the United States declined 48% between January While the Gulf crisis and its impact on and August, while the trade deficit with Japan oil prices were a significant factor affecting rose by 50% over the same period. With the the market and the economy as a whole, the trade deficit growing vis-a-vis Korea's major market had fallen almost 30% prior to the Au- trading partners-the United States, Japan gust 2 invasion. A 4 trillion won (US$5.7 bil- and Europe-Korean officials have come un- lion) stock market stabilization fund, backed der fire from United States trade officials for by financial institutions and blue chip compa- rising trade tensions and launched an anti-im- nies, was set up in May to provide market port campaign in an effort to correct the trade liquidity. imbalance.

In November, the Ministry of Finance Early in the year a new political party, announced guidelines goveming the opening the Democratic Liberation Party, was formed of the securities industry to foreign institu- by merger of the ruling Democratic Justice tions. As the cost of entry is high and the reg- Party and two conservative opposition parties. ulations require a presence in the Korean The current presidential system is facing seri- securities market for at least ten years, no ous challenges and the ongoing debate reflects more than ten licenses are expected initially. a power struggleamong variousparty factions.

The Korea Fund, which sold at an 85% Several meetings took place between the premium at the end of December 1989, fell to prime ministers of the Democratic People's an 11% premium by the end of 1990. The Republic of Korea and the Republic of Korea; fund fell 64% in price and 40% in net asset however, no substantial headway toward re- value over the same period. solving disputes was made. Negotiators continue the dialogue.

22 EmergingStock MarketsFactbook Korea, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

Latin 120-, ' Korea E1IFCComposite America\ SouthI 16%j k \ ~~~~ ~ ~~~AsiaK~~~~~26 ------~ ~~ --~~'~ Europe 100-

11%X\\j|0 80

_- . /, - X ,- 1 . i - - -. f i~ ------

',',......

EastAsia .. 47% 20 -

EastAsia Korea ______/____ 49% ~~~~~51% End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Won USSmillions 0.00161 500

400 . 0.0015 :

300

0.0014-

0.0013-

100~

0.0012 o- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 23 Malaysia due to the victory of Prime Minister Mahathir Mohammed in the country's general elec- Market Performance tions. Market sentiment improved once again in December with the announcement The Kuala Lumpur Stock Exchange, of the Malaysian budget for 1991 and in like most markets, suffered a downturn in anticipation of a peaceful solution to the 1990; the IFC Price Index fell 13% in dollar Gulf crisis. terms. Monthly trading value doubled after the separation of the Kuala Lumpur and The New York-listed Malaysia Fund and Singapore stock exchanges early in the year, the London-listed Malacca Fund suffered and the exchange had difficulties coping with price drops of 41% and 22% respectively dur- the increased volume. With the onset of the ing the year. Both funds slid from premiums Gulf crisis, trading value fell 38% between at the end of 1989 into wide discounts in the August and September to pre-separationlevels. latter part of 1990. Several new funds for Ma- laysia were offered in 1990, the largest of The stock market's fall at the beginning which were Malaysia Capital Fund (US$88 of the second quarter was triggered by the million), MalaysiaSelect Fund (US$60million) poor performance of the Tokyo market, to and Malaysia Equity Fund (US$75 million). which Kuala Lumpur remains sensitive. Sub- sequently, the announcement of strong eco- Economic and Political Events nomic fundamentals provided a boost to the market, with the IFC Index gaining 13% in Mahathir Mohammed, following a two- dollars in May. For the first half of the year, thirds majority victory in the October elec- the exchange remained riddled with backlogs tions, remains prime minister, a position he arising from the increased volume of trading has held since 1981. which hampered the normal functioning of the exchange. It introduced an automated The economy grew at an estimated rate trading system later in the year which im- of 10% in 1990 and is expected to grow at approved the situation somewhat. proximately 8.3% in 1991, as estimated by Bank Negara, the central bank. Foreign invest- Despite Malaysia's being a net oil ex- ments, attracted by liberal policies, have pro- porter, the stock market did not escape the vided a big boost to the economy in recent years. negative sentiment felt in most markets from the Gulf crisis, and the market dropped 27% Malaysia has a large privatization pro- between July and September. Since oil ac- gram underway. Twenty-five percent of the counts for only 12% of the nation's exports, state telecommunications company, Syarikat investors did not consider the rise in oil prices Telekom was privatized in 1990. The next significant enough to boost the market. In major candidates are Proton, the automotive fact, oil company stock prices fell in August. company, and Tenaga National Berhad, for- October saw an upward swing in the market merly called the National Electricity Board.

24 EmergingStock MarketsFactbook Malaysia, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

120 - Emalaysia 'IFCComposite

_ - - . > ~~~Europe/ _ 0 - ,/ \ ~~~~Mideast/,L '~~ - ~ '~ ~~~~- 11% 100,

East so Asia 47% Latin America 16% / \< / ~~~~~- : ~~ : ~~ ; ~ ~~~~~~60

<, 40 . . .. - i.- 4-

SouthAsia 26%

Other 20: South Asia i - Malaysia41"/_0 __/_I/ _I/ _I/ _I __I __I_/ __/I _/I _/ _____/ _ 59% 41% 0 I End Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Ringgit US$ millions

0.39. 100

80 - 0.38

60-

0.37

0.36 20 ¾ ~~~~~~~~~~~~~~0-

0.35 0 Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 25 3 Mexico The Mexico Fund climbed from $10 / at the end of December 1989 to $125 /8 at the Market Performance end of 1990, a 17% increase. The fund was trading at a 19% discount to net asset value at Mexico had one of the world's best per- the end of the year. Two new funds, the forming stock markets in 1990, with the IFC Mexico Equity and Income Fund and the Price Index for Mexico and the Mexican IPC Emerging Mexico Fund, were offered in index increasing 25% and 45% respectively 1990, raising a total of US$147 million. in dollar terms. The best performing sector as indicated by the stock exchange's sectoral in- Economic and Political Events dexes was the retail sector, up almost 190% through the first eleven months of 1990. The The successful restructuring of the ex- mining sector was the worst performer, down ternal debt through the Brady plan was a ma- about 11% for the same period. jor economic achievement in 1990. The deal gave Mexico's 500 creditors three options: Liquidity on the Mexican exchange in- lend new money, convert debt at face value to creased substantially during 1990. The aver- 30-year debt service reduction bonds paying age daily value traded during the year was 6.25% fixed interest, or convert debt at 65% about US$52 million, up over 100% from the of face value into 30-year principal reduction US$25 million registered in 1989. The vol- bonds. Estimates indicate that the deal will ume of shares traded in 1990 increased nearly reduce Mexico's net external transfers by be- 40% over 1989 values. tween US$2 billion and US$4 billion annual- ly until 1994. External debt is now 44% of Success in restructuring the external GDP, much lower than the 1986 figure of debt, lower interest rates, increased foreign 74% of GDP. investment and negotiations to create a free trade zone with the United States were impor- In November, the Pact for Stabilization tant factors contributing to increases in stock and Economic Growth was extended through prices in the first seven months of the year. December of 1991. The pact is an agreement The Gulf crisis initially triggered a fall in the among the government, industry and unions market, but rising oil prices later helped move to stabilize both prices and wages. The pact stock prices upward. Worries of a major U.S. was not as effective at stabilizing prices in recession restrained market performance in 1990 as in 1989, as consumer prices increased the latter part of the year. 29.9% during the year. In 1989, prices rose 19.7%. Real GDP increased 3.9% in 1990. The Nafinsa trust, established in No- vember of 1989, provided foreigners with the Telmex, the state telephone monopoly, ability to purchase Mexican "A" class shares, was sold to private investors in December for which were formerly restricted to Mexicans. US$1.76 billion, making it the largest privati- In 1990, the value and number of shares in the zation ever for Latin America. The govern- trust grew significantly. At the end of the year ment also has approved a new banking law investments in the trust totalled more than calling for the privatization of 18 state owned US$686 million, and total foreign investment banks with an estimated aggregate market in listed shares was estimated to be about value of almost US$6.5 billion. US$1.5 billion.

26 EmergingStock Markets Factbook Mexico, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

140 / Mexico E1IFC Composite

SouthAsia ~~~~~~~Europ60i 47%

120

S U26%A \ / M~~~~~~~~ideastVAfrica 6+|-

Latin 40| Amerca 89 9 0gN.'0k 1-0;,:20<1/. / 20 -

Other t I Mexico .-.

57% 4 - 0 T Jan Feb MarApr MayJun JulAugSepOctNovDeEndJan FebMar Apr MayJun Jul AugSep Oct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/Peso('000s) US$ millions 0.401 120-1

0.382r ------100-

_ ' 1 ~~~~~~~~~~~~~80- I 0.36t_

~~~~ p 60 :' - - | .. ^ l~6

032 , T i 2 (I h0

0.30 0 1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 27 Nigeria The austerity measures accompanying the Structural Adjustment Program, initiated Market Performance in 1986, have begun to show positive results, including the devaluation of the naira and the The Nigerian stock market continued to commencement of the privatization program. climb in 1990, with the IFC Index for Nigeria Both the domestic and foreign investment rising almost 24% in dollar terms, more than communities view the privatization program doubling last year's rise and placing the per- positively as the increased productivity of formance of the Nigerian stock market Nigerian firms and consequent profitability among the top ten world equity markets. The have sparked renewed interest in investment. market's rise was led primarily by investors More than 70% of the 19 companies in which seeking an inflation hedge. Following the in- government holdings were privatized have vasion of Kuwait, optimism surrounding the taken place through public offerings, thus in- rise in oil prices provided the market with creasing the number of new listings, turnover added momentum. and market capitalization at the Nigerian Stock Exchange. The banking sector is likely Liquidity increased dramatically in to be the next sector privatized. 1990 with the total value of shares traded for the year increasing almost 190% from Early in 1991, agreement was reached US$3.8 million in 1989 to US$10.9 million. on a foreign debt accord with the Paris Club Average daily value traded for the year in- to reschedule US$34 billion of debt as well as creased from US$15,323 to US$43,426, a new stand-by agreement with the IMF. peaking in August at almost US$108,696 a However, there was no cancellation of debt day, on expectations of improved oil reve- because although Nigeria falls into the World nues following the invasion of Kuwait. Total Bank's definition of "low-income African market capitalization grew over 36% in 1990, country," higher oil prices intervened. Much rising from US$1 billion at the end of 1989 to of the oil revenue is slated for government US$1.4 billion. projects such as highways, agriculture, de- fense, and petrochemical and steel plants, While there are currently no country meaning that two-thirds of government ex- funds to serve as an equity investment vehicle penditure is going to the public sector, despite in Nigeria and foreigners cannot invest di- the emphasis on private sector liberalization. rectly, the stock exchange is said to be con- As a result there will be no significant oil sidering ways to improve international surplus available to creditors or to soften opportunities, including the establishment of the strict austerity measures affecting the such a fund. populace.

Economic and Political Events The transition from military to civilian rule came one step nearer with December Economic growth in 1990 was driven elections for local governnents. Voter turn- mostly by growth in oil exports, which ac- out, however, was poor with less than 15% of count for 95% of foreign exchange earnings eligible voters coming to the polls in some and 80% of government revenue, and a strong parts of the country. agricultural sector. GDP rose 5.2% in 1990 as compared to 4% in 1989, and is expected to rise 6.6% this year.

28 EmergingStock Markets Factbook Nigeria, 1990 Shareof MarketCapitalization IFCPrice Index of IFC's CompositeIndex (In US$;End 89=100)

~~~~~\ ~~~~~~~140 ', ' ''' j 140-fI.4 ' \ *Nigeria *IFC Composite

A`siia I' \ Z. - 26% / w\ . \East Asia12 _ ._: Wo- I 47/ 1201

100-

80-

60 America

Europe Mideast! Africa 11% \il1 -- : -- - - 20 F Other Europe/ Nigeria L Mideast/Africa 5% 0: 96 A 0 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

ExchangeRate AverageDaily Value Traded

US$/Naira US$ millions

0.1 4I' 0.12

0.10 00q1-~~~~~~' ------0.13-._ ' '

1- 0.08.7 ' - j

0.12; ~ ; ~ - 0.06 '--- ~ ~ ~ -~~

0.04l

0.11-

0.02

0.100 ; 0.00 -: -r Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr MayJun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 29 Pakistan The year 1990 saw a heightening of tensions with India, which gradually eased off Market Performance around mid-year, just before the start of the Gulf crisis. Following the developments in The IFC Price Index for Pakistan re- the Gulf, Pakistan, like most other develop- mained virtually unchanged during 1990, ing economies, fell prey to rising oil prices, gaining 3.2 % for the year in dollar terms. The reduced exports to the Gulf states, and a sharp State Bank of Pakistan Index rose 9% in dol- decrease in foreign exchange remittances lars for the same period. The effect of the from expatriates working in the Gulf region. Gulf crisis was observed in the trading value, These factors contributed to a worsening of rather than in stock prices, with monthly trad- the economy, accompanied by swelling trade ing value in dollars dropping 25% from July and current account deficits. In addition, the to August. However, trading activity picked decision of the United States to suspend aid up again from November onward. of US$564 million dealt a serious blow to the economy. Despite these adversities, the econ- Stock prices, in dollars, declined only in omy grew at the rate of approximately 5% the second quarter, but gained in all other during the year. quarters in 1990, even after the start of the Gulf crisis. Market sentiment did not seem to The severe economic situation prompt- suffer because of the uncertainties presented ed Prime Minister Sharif to take measures to by the Gulf situation and the lackluster eco- deal with the crisis. In November, he an- nomic situation. nounced several liberalization moves that smoothed both domestic and foreign invest- Under the government's privatization ment procedures such as the granting of ap- plan, 10% of the shares of Pakistan Interna- provals, repatriation of capital and income, tional Airlines was offered for sale to the pub- and ceilings on investment. In addition, fur- lic, raising Rs274 million (US$12.7 million). ther privatization plans for public sector companies were announced. The measures Economic and Political Events were favorably received by the business community. The liberalization moves are In August, the government of the then also more in line with some IMF loan re- Prime Minister, Ms. Benazir Bhutto, was dis- quirements, in light of the fact that the Paki- missed and replaced by a caretaker govern- stani government was denied an IMF loan ment appointed by the President. Elections disbursement in June due to its failure to were held in October, following which Mr. meet economic targets. Nawaz Sharif succeeded as Prime Minister.

30 EmergingStock MarketsFactbook Pakistan, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

1201 *Pakistan EIFC Composite

^ : w tX ~~~~~Mideast/ t/ E 11% 100-1

East 80 Asia 47% Latin America 16% 60-

South Asia 26% 20

Other South Asia Pakistan 970/ 3% 0 End Jan FebMar Apr MayJun Jul Aug Sep Oct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/Rupee US$ millions

0.0480 1.4

1.2 0.0475 -

1.0 0.0470- ...... -. 0.8-

0.0465 0.6

0.0460 0.4

0.04550. 0.2

0.0450 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 31 Philippines government faced a widespread drought in the first quarter, major electrical shortages Market Performance during March-May, a devastating earthquake in July which killed more than 1,600 people The IFC Price Index for the Philippines and bombings in Metro Manila. fell over 52% in dollar terms during 1990, while the Manila Commercial/Industrial In- The First Philippine Fund, which sold at dex ended 1990 at 870.1, down almost 64% a25% premium at the end of December 1989, in dollar terms from its November 1989 peak, fell to a 30% discount by the end of 1990. The making the Philippine stock market the second fund fell 54% in price and 17% in net asset worst performing equity market in the world. value over the same period.

The Makati Stock Exchange surpassed Economic and Political Events the Manila Stock Exchange in terms of value traded and market capitalization for the first Inflation for 1990 is estimated at close to time this year, but trading on both exchanges 15%, due in part to price adjustments made to decreased significantly in 1990 with the total bring refined petroleum products in line with value of shares traded for the year falling world prices. Price hikes were met with vio- 50% from US$2.4 billion in 1989 to US$1.2 lence as higher fuel costs passed through to billion. Average daily value traded for the public transportation fares. year decreased from US$10 million to US$5 million. Total market capitalization also fell Tight monetary policy helped to drive 50% in 1990, from US$12 billion at the end real interest rates higher and fueled the peso's of 1989 to US$6 billion. 25% slide during the year. The impact of the peso's slide was disastrous for importers as The Gulf crisis had perhaps its greatest the trade deficit soared 64% to US$2.25 bil- impact on the Philippine market. The Philip- lion for the first seven months of 1990. The pine economy is almost wholly dependent on GNP growth rate is expected to have fallen imported oil, with more than 98% of total from 6% in 1989 to a projected 3.1% for crude oil consumption coming from abroad, 1990. and 81 % from the Middle East. The invasion of Kuwait precipitated the dislocation of Fili- A US$1.3 billion debt buy-back plan at pino workers contracted to work in the Mid- 50% of face value was completed in January dle East, causing a loss of foreign exchange 1991, followed by a debt reduction agree- reserves stemming from reduced remittances ment with international banks in February. from abroad and a rise in unemployment as The debt reduction agreement is expected to dislocated workers retumed to the domestic provide US$712.5 million in new money labor force. from 82 banks and about US$1.4 billion through the end of 1991. In addition, several political and natural disasters occurred during the year which con- Intense political debate surrounds the tributed to the market's poor performance. disposition of United States bases in the Phil- While attempting to thwart a resurgence of ippines following the expiration of the cur- the kind of military activity which resulted in rent treaty in September of 1991. Some form the December 1989 coup attempt, the Aquino of renewal is now being debated.

32 EmergingStock Markets Factbook Philippines, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

Latin 120 ' Philippines EIFC Composite

ca Xouth. ,,.:| |4 t \ ~~~26% |0Q Europe o100o Africa \' 11%_' II' .M: -,-; 80 -

: 60 T f ;> ~~~~ -'; -x_~6

EastAsia | 47% - . .. ', ,' 220i l - : . . .

OatheAsia PhilippinesLI _ _ E-astAsia i 3P°O% 0 7 A A

End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Peso US$millions 0.050 8

!~~~~~~~~~~~~~~~~------

0.045 ~ ~ ~61 ~~~

0.0351 21

0.030 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 33 Portugal Portugal Fund and Oporto Growth Fund all experienced drops in market price of close Market Performance to 50% for the year. At the end of December, the funds traded at discounts of 14%, 16% The IFC Price Index for Portugal and 37% respectively. dropped 33% in dollar terms for the year. From August to December alone, following Economic and Political Events the onset of the Gulf crisis, the index dropped 25%. One cause of the downfall, which had Major concerns for the Portuguese econ- begun before the invasion of Kuwait, was a omy were its relatively high inflation rate, es- waning of interest from foreign investors, timated at about 13% for 1990 (more than who had come into Portugal in a big way double the average of the European Commu- in 1989, boosting share prices. High interest nities) and its growing budget deficit, equiva- rates also contributed to the lackluster perfor- lent to about 6.5% of GDP. As a result of its mance. high inflation rate, it faces concerns about smooth entry into the European Monetary The fall in the market was accompanied System. The government continued to devise by lower turnover at the Lisbon Exchange. various means to combat pressures of infla- Market capitalization decreased from tion and the budget deficit, such as tight mon- US$10.6 billion at the end of 1989 to US$9.2 etary policies and reduced government billion at the end of 1990, and the average expenditures. Despite these problems the daily value traded decreased from US$8.3 economy grew at a real rate of an estimated million to US$6.9 million in the same period, 4.5% in 1990, one of the highest in Europe. It rendering the market somewhat illiquid. was fueled by both domestic and foreign direct investment. The latter increased 46% Seven privatizations took place during from 1989 to 1990, continuing the trend of the year, with the government receiving large increases each year for the past few years. PTE148 billion (US$1.0 billion) from the sale of privatized shares. On average, the of- The privatization drive that took off in ferings were oversubscribed. 1989 continued in 1990. In March, new privatization laws were adopted that permit- A new fund, The Portuguese Invest- ted 100% privatizations and called for a limit ment Fund, was launched in May 1990. The on foreign ownership on a case-by-case basis, fund, listed in London, had a gross initial depending on the industry, eliminating the size of US$31 million. The New York-listed earlier limit of 10% foreign holding of priva- Portugal Fund, Inc., and the London-listed tized shares.

34 EmergingStock Markets Factbook Portugal, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

1201 , *Portugal 1IFC Composite South\ 26% East Asia 100 ------100-

60:

America , / 404 . t: :; . . 0 E - Europe - ; j : . .. Mideast/ Afrir-a 11% 20

Other Europe/ |_18%_____=Portugal Mideast/Africa 18%0 82% °7, t End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Escudo US$ millions

0.010 14

0.00Y- 12' 10-

0.008-

0.005

0.00417 I

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

Emerging Stock Markets Factbook 35 Taiwan, China billion in the market, limiting each investor to US$50 million, and requiring investment Market Performance principal to remain for three months. No foreign investor can have more than a 5% hold- The IFC Price Index for Taiwan, China, ing in a single company, with a 10% ceiling on fell almost 51 % in dollar terms in 1990, while total foreign ownership of any listed company. the Taiwan Stock Exchange weighted price index fell 54% in dollars during 1990 from The Taiwan Fund, which sold at a 57% last December's level and 64% from its Feb- premium at the end of December 1989, fell to ruary peak of 12,682. This made the Taiwan a 29% premium by the end of 1990. The fund stock market one of the worst performing eq- fell 40% in price and 26% in net asset value uity markets in the world. over the same period.

Liquidity decreased significantly in Economic and Political Events 1990 with the total value of shares traded for the year falling over 25% from US$966 bil- The primary force which propelled the lion in 1989 to US$718 billion. Average daily market to a three year low in October was the value traded for the year decreased from slowdown in the economy: real GDP growth US$3.4 billion to US$2.5 million, reaching a for 1990 is expected to be 5.2%, an eight year yearly low in September following the inva- low, down from the 7.3% 1989 rate. sion of Kuwait. Total market capitalization fell almost 58% in 1990, from US$237 billion One fundamental component of this at the end of 1989 to US$101 billion, slowdown has been a poorly performing ex- at teno19toS1bportsector. The trade deficit with Japan, the Because of the appreciation of the New island's second leading trade partner behind Taiwan dollar, the rampant stock speculation the United States, continues to grow despite a that was largely responsible for the spectacu- 17% appreciation of the yen, and the trade lar rise in the market prior to February fell surplus with the United States is expected to radically. Stock market losses eliminated up drop to US$9.5 billion in 1990, well below to 80% of the wealth of individual investors the levels of the late 1980s. Rising labor costs and led to a significantreduction in domestic and the appreciation of the New Taiwan dol- consumption. lar over the last several years are responsible for severely reduced export sales to the Unit- As with almost all equity markets world ed States, causing the composition of foreign wide, the invasion of Kuwait and subsequent trade to shift substantially, reducing the value increase in oil prices further depressed an al- of trade with the United States and increasing ready weakened stock market. Because the trade with Eastern Europe. Taiwanese import all of their oil, the official 1990 inflation rate is expected to be over 6%, In May, President Lee Teng-hui was re- a nine-year high. elected by the national assembly to another six-year term; however, he is caught between In mid-September, the Securities and pressure from the aging Kuomintang party Exchange Commission announced a proposal leadership to slow reform and reformists to open the stock market to foreign institu- seeking speedier democratic reforms. Student tional investment in an effort to stabilize the sit-ins coincided with his reelection and end- market and dampen speculative fervor. The ed after President Lee announced plans to es- plan, which received final approval from the tablish a more democratic government and a cabinet in late December, permits qualified national affairs conference to discuss demo- banks, insurance companies and fund manag- cratic reforms and the relationship with the ers from abroad to invest a total of US$2.5 government in Beijing.

36 EmergingStock MarketsFactbook Taiwan, China, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

Latin ~~~~~~~~~~140f Amria ,. *Taiwan,China DIFCComposite 16% /-iw { \ ~~~~South | .

120 - Europe Mideast/ Af rica 1001

80 -

1 ~~ ~ ~ ~ ~ ~ ~ ~ ~X ~~t '' ' 60

40 EastAsia '

20)

Other m __ East Asia Taiwan, 540/ China 0~ 46% EndJan Feb Mar Apr May Jun Jul Aug SepOct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/NewTaiwan Dollar US$ billions

0.040, 6

0-039 ------5-

0.0379

0.036 ij

0.037 ~ I I

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

Emerging Stock Markets Factbook 37 Thailand than 20%. However, this left the Thai market sensitive to world market sentiment, evi- Market Performance denced by the effects of the Gulf crisis. The IFC Price Index dropped 38% in dollars be- The IFC Price Index for Thailand fell tween the end of July and end of September. 28% in dollar terms in 1990, compared to a In early December, the Bank of Thailand rise of 85% in 1989. Monthly trading value, raised the ceiling on interest rates for com- which had been rising steadily from the be- mercial loans from 16.5% to 19% to curb ginning of the year, fell 64% between July credit demand. This move was not received and September to US$1.4 billion, with the well by the market. onset of the Gulf crisis. Economic and Political Events Country funds for Thailand suffered due to negative market sentiment. All except the The Thai govemment has traditionally Thai Fund Inc. traded at significant discounts had differences of opinion with the Thai mil- at the end of 1990, whereas at the end of itary and this remained true in 1990. Through 1989, the same funds either hovered around the course of the year, there were several cab- the NAV level or sold at significant premi- inet reshuffles amidst charges of corruption. ums. The funds also registered large drops in The last reshuffle came in December, follow- price in 1990, ranging from Thai Euro Fund's ing the resignation and subsequent reinstate- decline of 20% to Thai Prime Fund's drop of ment of Prime Minister Chatichai to form a 48%. new coalition more acceptable to the military.

The downtrend of the market during the The economy was adversely affected by first quarter was welcomed by many who the Gulf crisis. Following double-digit eco- considered the market to be overheated and nomic growth rates in the last few years, the felt that a descent to more realistic levels was growth rate fell slightly below 10% in 1990 long overdue. The damper on the market and is expected to be 8% for 1991, as estimat- came mainly from suspensions of brokerage ed by the Bank of Thailand. Inflation for 1990 houses that attempted to manipulate the mar- was 6.5% officially. A major concem is the ket in the early part of the year, port strikes, current account deficit estimated at US$5.5 and problems between Thailand's political billion following the Gulf crisis, up from a parties and the military. previous estimate of US$4.4 billion.

The market recovered during the second The trade deficit, swelling from more quarter, bolstered mainly by bank stocks, expensive imports, is estimated at US$8 bil- which had excellent second-quarter eamings lion for the year. However, the economy's performances. In addition, steps were initiat- foreign exchange reserves are still strong, ed for liberalizing the market by removing equivalent to approximately five months' im- foreign exchange controls. Anticipation of a ports. Fiscally, the economy remains strong large inflow of foreign funds as a result of the with a budget surplus estimated at over new rules helped push the market up more US$3.8 billion.

38 EmergingStock MarketsFactbook Thailand, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

140-' ' Thailand ElIFC Composite

_ - t ~~~~~~~Europe --.- -- _ ; > ~~~~~~~Mideast/ ..-...... --- Aftrica 11%

East t0O' [ Asia 4711. ~~~~~~~~~~~Latin America 80<'

1-_0/o I' .;,,:, -'

40 South Asia 26% 20:14

South Asia21 79°/°_ 20 End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/Baht US$ millions

0.043 200

0.041 ~~~~~~~~~~~~~~~~150-

0.039 ~~~~~~~~~~~~~100-

0.037j.. 50

0.035 0- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

EmergingStock MarketsFactbook 39 Turkey Average daily trading values on the Istanbul exchange increased from just over Market Performance US$3 million in 1989 to US$23.4 million in 1990, a 680% increase. A small part of the Following a spectacular 300% rise in improvement in trading activity is due to the stock prices during 1989, the Istanbul Stock merger of the Senior Market and Junior Market faltered and registered only mixed re- Market in June of 1990, as 1989 trading sults for 1990. The 18 stock IFC Price Index statistics only considered the Senior Market. for Turkey showed negative returns for the Before the merger, the value traded on the year, with the index declining about 25%. Junior Market typically accounted for less than The IFC Total Return Index for Turkey, 15% of total value traded on the exchange. which includes dividends as well as stock prices, reported positive returns for the year, The Turkish Investment Fund performed with the index gaining 27%. The Istanbul poorly in 1990, as a result of investor re- Stock Exchange (ISE) index, which consists sponse to the Gulf crisis and declining share of a different group of stocks and includes prices on the Istanbul exchange. During the some return components, showed positive re- year, the net asset value of the fund fell just turns in 1990, with the 50 stock price index over 36% and the discount to net asset value up 16% in dollar terms. of the fund widened from an 8% discount to an 18% discount. Overall, investors holding The Gulf crisis was probably the single shares of the fund saw the market value of most important factor affecting stock prices their investment drop 44% during the year. on the Istanbul exchange in 1990. In the week following the Iraqi invasion of Kuwait, both Economic and Political Events the IFC and ISE price indexes fell more than 18%. Although the market rallied to near pre- Although the Gulf crisis slowed eco- crisis highs between September and early Oc- nomic growth in the last half of the year, the tober, renewed fears of hostilities in the Gulf Turkish economy continued to perform well. caused stock prices to fall rapidly in Novem- Estimates for 1990 indicate that Turkey's real ber and December. It was reported that many GDP grew 9.0%, up substantially from the foreign investors withdrew from the Istanbul 1.1% rate recorded in 1989. Inflation de- market as a result of the situation in the Gulf, creased slightly during the year, dropping especially in the last three months of the year. from a 63.3% annual rate in 1989 to a 61 % annual rate in 1990.

40 EmergingStock MarketsFactbook Turkey, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

200J" ' , U Turkey13 IFCComposite South tt . 26% - \East Asia,, ---- 47% A

g , , | ~~~~~~~ ~~150109

16%~ ~ ~ MideasVt1 ' 50- AfricaA

89 90

ExchangeRate AverageDaily ValueTraded

US51Lira(000's) US$millions

0.5o-t C 401

I 2

0.35i ; -: ' L; 10 : n i 1 0 X

0.30 0 T -- Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 41 Venezuela Government officials reached an agreement in March with commercial banks to re- Market Performance structure almost two thirds of external bank debt. The debt reduction agreement negotiat- Venezuela had the world's best performed under the Brady plan affected US$20.5 ing stock market in 1990. During the year, the billion in foreign debt. Restructuring options IFC Price Index for Venezuela gained over offered to commercial lenders included lend- 571 % in dollar terms. The Caracas Stock Ex- ing new money, exchanging current loans for change's Indice General registered somewhat new credits, selling existing loans back to the lower returns, posting a 467% increase in dol- government at a discount, and swapping ex- lars. Total market capitalization increased isting loans for bearer bonds at lower interest from US$1.5 billion at the end of 1989 to an rates. About 34% of the commercial banks estimated US$8.4 billion at the end of 1990. chose to lend new money.

The spectacular performance of the The controversial Labor Law Reform stock exchange was attributed to several fac- Bill was passed by Congress in late Novem- tors, including: opening the market to foreign ber and was later signed into law by President investors, takeover bids for several compa- Carlos Andres Perez. The law, which took ef- nies including the much publicized bid for fect on May 1, 1991, affects workweek Banco de Venezuela, rising oil revenues as a length, salary criteria, maternity leave, and result of the Gulf crisis, speculative activity vacation benefits. Economists expect the bill in the market, scarcity of listed stocks, and to contribute to both inflationary pressures undervalued shares at the start of the year. and unemployment.

Turnover on the Caracas Stock Ex- Preliminary figures released by the Cen- change averaged US$8 million a day in 1990, tral Bank indicate that GDP grew about 4.4% a substantial increase over the US$0.4 mil- in 1990, versus a decline of 8.3% in 1989. lion daily average recorded in 1989. In the Most of the growth was registered in the pe- last quarter of the year, average daily trading troleum sector which expanded by 8.5%. totals exceeded US$26 million; in sharp con- Venezuela's non-petroleum sectors, showed a trast, total trading for the entire fourth quarter growth rate of about 3.8%. Inflation for 1990 of 1989 was only US$23 million. totaled 36.5%, a substantial improvement over the 81% figure recorded in 1989. Economic and Political Events The Superintendencia de Inversiones On January 16,1990, Venezuela enacted Extranjeras released figures showing that for- legislation that significantly liberalized foreign investment in Venezuela totaled US$4 eign investment. Decree 727, which replaced billion in 1990, double the amount reported in Decree 1200, simplified investment registra- 1989. The figure includes debts canceled un- tion procedures, allowed total foreign owner- der the debt-swap program. Statistics re- ship in most industries previously reserved leased by Salomon Brothers Inc. indicated for nationals, and permitted the full repatria- that Venezuela had real foreign inflows of tion of profits. capital totaling US$1.8 billion in 1990.

42 EmergingStock Markets Factbook Venezuela, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

700 v 47%

eS_~~ ~ ~~ ~ ~ ~ ~ ~ ~ ~ ~ t~ ~~------S -t 500-

400- mE~ ~ ~ ------~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ------g - -- SouthAsia % uoe300 -. 26% Europe30 Mideast/Africa 2 1: wS ~~~~~11%. ... , <~~~~~'~~~~200- Latin America 11% 100

Other Latin America VenezuelaI1 89% 0 - 89% Ea End Jan Feb Mar Apr May Jun Jul Aug Sep Oct NovDec 89 90

Exchange Rate Average Daily Value Traded

US$/Bolivar US$millions

0.030 50 /

30 ------R 420

0.015.

0.010 ;r

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

Emerging Stock Markets Factbook 43 Zimbabwe less wealthy Zimbabweans to maintain an inflation hedge, as real estate, the only other Market Performance viable option, is too expensive for most to afford. The Zimbabwe stock market rose steadily in 1990, as the IFC Index for Zimbabwe In September of 1990, Cluff Resources jumped almost 84% in dollar terms and more Zimbabwe Ltd., a UK-based natural resourc- than tripled last year's gain, while the Re- es group, became the first foreign firm since serve Bank of Zimbabwe Industrial Index independence to seek a public listing. The rose almost 122% in dollar terms for the same US$25 million issue was 18% undersub- period, placing the Zimbabwe stock market scribed, owing mainly to the fact that the in the top three world equity markets. issue yielded 7% in contrast to most other mining issues yielding 10%. Liquidity increased dramatically in 1990 with the total value of shares traded for Economic and Political Events the year increasing almost 43% from US$36 million in 1989 to US$51 million. Average In September 1990, Finance Minister daily value traded for the year increased from Bernard Chidzero announced the details of a US$141,434 to US$205,263, registering its widesweeping trade liberalization and eco- lowest point in September following the in- nomic reform program. The reforms are ex- vasion of Kuwait. Total market capitalization pected to provide for the reduction of grew almost 125% in 1990, rising from corporate and personal tax rates from 50% to US$1.1 billion at the end of 1989 to US$2.4 30% and 60% to 40% respectively, the elimi- billion. nation of all government subsidies, removal of wage and price controls and a reduction in The rise in the market was driven prima- the tariffs that provide protection for most rily by excess liquidity in the economy as a Zimbabwean industries. result of increased government spending. In addition, corporate profits improved as sales In 1991 Finance Minister Chidzero is by both industrial and commercial companies expected to meet with the Paris Consultative rose dramatically. Despite their increase, cor- Group meeting of donors to try to raise porate profits have barely outpaced inflation. US$600 million over the next five years to Nonetheless, stock holdings remain a way for finance economic reforms.

44 EmergingStock MarketsFactbook Zimbabwe, 1990

Share of Market Capitalization IFC Price Index of IFC's Composite Index (In US$; End 89=100)

EZimbabweLIIFC Composite South X 7 200- Asia Ag-i 261% X l ; 0EastMAsiai'e'stl

~W ~ ~ ~~ ~ ~ ~ ~ ~~~~~~~~~~--1-5----/ -----. - - 4------

Latin<\\ /Mideas / 50' ' * AmericaA41mca~~~~frc <^ L. / 0 - _Afric

11%

Other | T0 Europe/ I Zimbabwe ____ Mideas3/Africa * _ 3 0 i 97%/ End Jan FebMar Apr MayJun Jul Aug Sep Oct Nov Dec 89 90

Exchange Rate Average Daily Value Traded

US$/ZimbabweDollar US$ millions 0 45 0.35 -{

* i ~~~~~~~~~~~~~~~~~~~0.30 0.43 ,

0.41 0.20

--- ~~~0.15 0.391 5~~~~~~~~~~~~~~~02 .Bmid 0.37- ~ W0.10

0.05

0.35 0.001 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Emerging Stock Markets Factbook 45 Overview of Emerging Stock Markets, End 1990

Percentchange from the end of 1989

Changein Changein Changein Market Averagedaily Number IFCtotal IFCtotal currency capitalization valuetraded of listed Market returnindex returnindex exchange Market (US$millions) (US$millions) companies P-Eratio (In US$) (In localcurrency) rate

LatinAmerica o) Argentina 3,268 3.53 179 3.11 36.25 165.79 -76.01 Brazil 16,354a 23.23 581 5.34 -65.39 393.24 -92.98 Chile 13,645 3.17 215 8.86 40.19 60.56 -12.69 Colombia 1,416 0.29 80 10.66 38.06 70.66 -19.10 Mexico 32,725 49.05 199 13.20 30.08 42.91 -8.97 Venezuela 8,361 9.07 66 29.31 603.17 704.03 -12.55 EastAsia Korea 110,594 260.10 669 21.48 -25.55 -21.47 -5.19 Phiiippines 5,927 4.86 153 24.51 -50.62 -38.30 -19.96 Taiwan,China 100,710 2,544.50 199 44.41 -50.48 -49.38 -2.18 SouthAsia Indiab 38,567 113.57 2,435 20.59 18.30 27.51 -7.22 Indonesia 8,081 16.43 125 30.84 0.15 5.27 -4.87 Malaysia 48,611 44.37 282 23.01 -4.99 -4.99 0.01 Pakistan 2,985 1.01 487 8.53 11.39 13.85 -2.16 Thailand 23,896 92.69 214 10.90 -19.47 -20.44 1.23 Europe/Mideast/Africa Greece 15,228 16.70 145 26.23 97.81 101.85 -2.01 Jordan 2,001 1.63 105 8.15 4.44 4.98 -0.51 Nigeria 1,372 0.04 131 7.01 40.86 64.50 -14.37 Portugal 9,201 6.86 181 15.47 27.85 -34.10 9.48 Turkey 19,065 23.65 110 22.50 27.09 60.62 -20.88 Zimbabwe 2,395 0.21 57 12.01 95.18 131.36 -15.64

a SaoPaulo only. Bombayonly.

* ,* N,, ,, ,. * ,* - Best and Worst Performing Markets in 1990 (US$, percent change in price indexes)

Percent Change

572% Best 10 572% Best 10 Emerging markets

100% 89%:-- - - Developedmarkets -- 84% ~~~~~4 ......

80%

60%

e 40% 31% --...... _ 27% 25% 24%

20%

Venezuela Zimbabwe Colombia Nigeria UK Greece Chile Mexico India Austria

Percent Change 0%

-20%

-27% -281% -33% -33% -40% -38% -40%

-51% -52% -60%

Worst 10 -68%

-80% l7 Korea Finland Japan NewZealand Philippines Thailand Portugal Argentina Taiwan,China Brazil

Emerging Stock Markets Factbook 47 Performance of World Stock Markets in 1990 (PercentChange in US$)

Price Index TotalReturn Index

Rank Market % change Rank Market % change

1 Veeul 771Venezuela 603.2 2 Greece 89.5 2 ree97.8 3 Zmaw 373Zimbabwe 95.2 4Cile 114 iei 40. S~Colomibia 25~ Chile 402 6 Mexico 25.2 6 Colombia 38.1 7 Nigeria 23.8 7 Mexico 30.1 8 India 16.2 8 Turkey 27.1 9 UnitedKingdom 6.0 9 India 18.3 10 Austria 5.2 10 Pakistan 114 11, Hong Kong 3 11 UnitedKingdomi 10.3 12 Pakistan 3. 12 HongKong9. 13 Norway -0.8 ~~~~~~~~~137~Ausia6. 14~Jordan 141 Jra . 15Dnmark 12.015Norwa . 16 Indonesia -2.5 16 Indonesia 0.2 17 UnitedStates -5.6 17 Denmark -0.4 18 MSCINorth America -6.4 18 Netherlands -20 19 MSCIEurope 17 -6.4 19 MSCINorth America -2.9 20 Netherlands -6.6 20 UnitedStates -3.1 21 MSCIKokusai Index 0-70 21 MSCgKokusalIndexi -3.6 22Swizrland -7622 Malaysia 23Luxembourg -i.s23 Switzerlad -5.4 Ge24Gemny-08 1 0 24 G a00any -8.9 |00000020000;SingaptCiore;00t2:5 ;;;0}0;; 0f<<;; 0000;;$0251 -1. Belgi 9.9 26 Malaysia -13.1 26 MSCIPacific ex Japan -10.1 27 Belgium -14.2 27 Singapore -11.7 28 MSCIPacific ex Japan -14.4 28 Canada -122 29 France -15.2 29 Spain -127 30 Canada -15.3 30 France -134

36 Australia -21.0 36 Sweden -20.4 37 Sweden -224 37 MSCIWorld ex US -22.8 41IFKoratAea- -26.7 341 ItalCopsie-8.4 3ff8 MSCIWorld ex US -24.4 38 MSCIEAFE -23.2 4239 AuthaianMSCIEAFE -2160-247 4239 KoreaSweland -31.1-25.6 43740 Turkey SFCwompsit -31.6-25.0 437Jpn40 PortugalMSCIWolexU -36.0-27.9-2

405 uky-504 Portugal 5NwZeln-27 3.5 44 FinlaIdE -33.3 44 Aorgena -356.

46 Japan,Nikkei -35.1 46 IFCAsia -3728 47 Argentina -37.8 47 Taiwan,China -50.5 48 IFCAsia -39.3 48 Philippines -50.6 49 NewZealand 40.3 49 Brazil -65.4 50 Taiwan,China -50.8 50 MSCIEurope 17 51 Philippines -2 .51 Luxembourg - 52 Brazl -6. 2 Irelnd

- Not available. Sources:IFC for emerging markets; MSCI tor developedmarkets.

48 Emerging Stock Markets Factbook .4 t*

The World of Emerging Stock Markets, 1990 (Market Capitalization in US$)

Yugoslavia Greece Turkey $0.04 billion $15.2 billion $19.1 billion

r~~ > r t / ~~~~__ 1s"s <,<; _ o'f ,Kfir~x._//,a; -t-- fYS7(~'J L w 'l. &f) Jordan$2.0billion @r20 f ---k (~'-'N(,5S 9X 1 1f ,, ,,Ji , ,,ti

D -,' " Tunisia$0.5 billion Portugal$9.2 billionr . Bangladesh N N. { Morocco$1.0 billion . $0.3billion " 'K Af1 . $0.9r>Jd-Jamaicabillion .g<- ( 1 ; t9 5 r Korea $110.6 billion y Ven~~~ezuela$8.4 billio < ni -T~~ f B\i l c . Vneuearbadosbillion / fD 0 e - < $pF,n3d8.6 3 1 ...... , Taiwan, China $100.7 billion

Mexico) $0.3 / \ . N; Thailand $23.9 billion , X,,5, t>inidad and P$ak0.billion 1 Philippines $5.9 billion Colombia$ 4 billionTobago $0.7 billin' Colombia$1.4billionV1' bl '~>\ Coted'lvoire / SrSriLanka Malaysia $48.6 billion

$0.5 billion $0. bilio $0.9 billio 01 .Brazil ' Nigeria $1 b.4billi ndonesiaionr er$0.8 billion ~ $16 on -Peru$0.8billon () $billionbilli Mauritius , K ' ° : >. /_J Botswana $0.2 billion L$0.3 billion '

Chile N Zimbabwe $1lh3.l6g 8': ' $2.4/ > billionv . .2 ->- ci billion A ntina o $3.3 billion oO 0t

0 Market Capitalization, 1981-1990 (In Millionsof U.S. Dollars) as

Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

De - Developedmarkets

Finland - 2,759 4,134 4,167 5,855 11,692 19,698 30,179 30,652 22,721 France 38,100 28,000 38,100 41,100 79,000 149,500 172,048 244,833 364,841 341,695 Germany 62,600 68,900 82,600 78,400 183,765 257,677 213,166 251,777 365,176 379,399 HongKong 38,912 18,784 17,095 23,602 34,504 53,789 54,088 74,377 77,496 83,397 Israel 6,972 150894 5,083 6,120 7,626 91,84 12,001 5,458 8227 10,560

Norway 3,334 2,396 4,597 5,793 10,063 16,28 11,818 14,332 25,285 26,130 SGouthArica 74,900 77,900 82,800 53,400 55,439 102,652 128,663 126,094 131,059 137,540 Singapore 34,808 31,235 15,525 12,247 11,069 16,620 17,931 24,049 35,925 34,308 Spain 16,700 11,100 10,908 120 , 48,922 71,188 90,904 122,652 111,404 Sweden 17,200 18,600 30,200 25,700 37,296 63,354 70,564 100,083 119,285 92,102

Developedmarkets 2,501,655 2,670,238 3,306,060 3,350,632 4,551,656 6,367,448 7,691,613 9,404,602 11,025,722 9,058,995

New~~~ eaan , - 6,16 8,6 2221 15,71 13131,8,3 a ExcludingUndertakings for CollectiveInvestment. a 4, 4y *1't E

Market Capitalization, 1981-1990 (conitinu1ed) (In Millionsof U.S. Dollars)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Emergingmarkets Argentina - 2,056 974 1,386 1,171 2,037 1,591 1,519 2,025 4,225 3,268 Bangladesh 30 34 48 87 . 113 186 405 430 476 . 321 16,354 Brazit(Sao Paulo) * - 12,598 10,249 15,102 28,995 42,768 42,096 16,900 32,149 44,368 Chile 7,050 4,395 2,599 2,106 2,012 4,062 5,341 6,849 9,587 13,645 Colombia 1,399 1,322 857 762 416 822 1,255 1,145 1,136 1,416 CostaRica - - 118 156 195 246 - - - - Coted'lvoire 274 321 248 237 302 332 458 437 531 549 Egypt(Cairo) 216 654 1,106 1,691 1,382 1,716 1,826 1,760 Greece* 2,266 1,923 964 766 765 1,129 4,464 4,285 6,376 15,228 India(Bombay)* 6,649 7,058 7,178 6,370 14,364 13,588 17,057 23,623 27,316 38,567 Indonesia* 74 144 101 85 117 81 68 253 2,254 8,081 Jamaica 127 177 113 142 266 536 631 796 957 911 Jordan 2,457 2,845 2,713 2,188 2,454 2,839 2,643 2,233 2,162 2,001 Kenya 474 - 448 Korea 4,224 4,408 4,387 6,223 7,381 13,924 32,905 94,238 140,946 110,594 Kuwait - - - - - 10,108 14,196 11,836 9,932 - Malaysia 15,300 13,903 22,798 19,401 16,229 15,065 18,531 23,318 39,842 48,611 Mexico 10,100 1,719 3,004 2,197 3,815 5,952 8,371 13,784 22,550 32,725 Morocco 377 292 253 236 255 279 357 446 621 966 Nigeria* 3,010 1,458 2,970 3,191 2,743 1,112 974 960 1,005 1,372 Pakistanf 864 877 1,126 1,226 1,370 1,710 1,960 2,460 2,457 2,985 Peru 1,371 685 546 397 760 2,322 831 - 930 848 Philippines 1,738 1,981 1,389 834 669 2,008 2,948 4,280 11,965 5,927 7,172 10,618 9,201 Portugal* 156 92 84 73 192 1,530 8,857 Sri Lanka - - - - 365 421 608 471 427 917 Ei Taiwan,China 5,312 5,086 7,599 9,889 10,432 15,367 48,634 120,017 237,012 100,710 0q Thailand* 1,003 1,260 1,488 1,720 1,856 2,878 5,485 8,811 25,648 23,896 rvI Trinidadand Tobago 1,175 1,357 1,011 843 463 374 388 268 411 696 Turkey 511 952 968 956 - 935 3,221 1,135 6,783 19,065 Uruguay 60 24 9 9 !5 35 40 24 w Venezuela* 2,441 2,415 2,792 - 1,128 1,510 2,278 1,W16 1,472 8,361 p Zimbabwe* - 355 265 176 360 410 718 774 1,067 2,395 IFCComposite Index 79,208 63,416 79,770 88,329 111,108 128,609 184,129 351,327 598,789 464,402 T All emergingmarkets 82,838 66,960 83,222 92,127 115,224 145,164 203,869 368,269 613,074 470,058 3,389,282 3,442,759 4,666,880 6,512,612 7,895,482 9,772,871 11,638,796 9,529,053 0 Total 2,584,493 2,737,198 0 Emergingmarkets included in IFCComposite Index. -Notavailable. r1h

Equity Markets and GNP 1989

0 110 -

U>>> Emerging100 - markets Malaysia Taiwan,China Japan 100 _ *Developed markets Korea UK o _ Jordan o s USA Thailand U U Chile U Philippines Brazil Francem F.~~~~~~~~~~~~~~~~~~~~U z Agnia aGermany Norway * Zimbabwe Argentina Portugal a ~~~~~~~Zimbabwe

X 10- India Mexico Greece Austria cc UGreece 5-- ~~~~~~India ~~~~~~~~~~~~Turkey Pakistan

_Nigeria Colombia Venezuela Colombia Indonesia

100 1,000 10,000 20,000 30,000 GNP per Capita(in US$)

.. .U ,, ... ,* U Regional Weights of Emerging Markets (Based on Market Capitalization in US$)

1981 1990

Latin America Europe LatinAmerica Europe Latin America ~~4% 17% 9% 46% Mideast & Afriaca 8%

AsiaAsia 29% ien 46% EastAsia 14%

Total: $83 billion Total: $470 billion

u.o rD

Market Size and the Economy 0

Market Capitalization, 1990 Gross Domestic Product, 1989

0 :¢ Emergingmarkets Emergingmarkets $470billion $2.1 trillion 5% 12%

Developedmarkets Developedmarkets $9.1 trillion $14.6trillion 95% 88%

4~ ~ q] C I I 0 o

Number of Listed Companies, End 1990

873 6200 2071 669 2,006 6342

600

cu 500------0L E

400

215 214 300

~~~~~~~r1~~~ ~ ~ ~ ~ ~ ~ 4

100 n~~~~~o ~~~~~~~0

Bra Chi Era Gre Ind .Jpn Kor Mex Tai Tha UK USA Ven

r Emergingmarkets Developedmarkets Number oi Listed Domestic Companies, 1981-1990

roci rs - r Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

< Developedmarkets IAustraia636626647697819

o Finland - 48 52 50 49 49 66 78 73 France 568 535 518 504 489 482 650 646 668 873 Germany 456 450 442 449 472 492 507 609 628 649 HongKong 158 - - - 260 248 276 282 284 284 Israel 136 212 258 269 267 255 283 265 262 267 Italy ~~~ ~ ~~~~132131314141820212734

Norway 109 112 113 140 156 149 146 130 122 112 SouthAlrica 475 470 464 470 462 536 838 754 748 740 Singapore 103 112 118 121 122 122 127 132 136 150 Spain 490 448 394 375 334 312 327 368 423 427 Sweden 130 138 145 159 164 154 157 142 135 132 Switzerland 121 119 120 121 131, 14566 6 7 8 UnitedKingdom 2,403 2,279 2,2172,171 2,1116 21020 0 ,00W Unie Sttes 6,866 6,834 7,722 7977 8,022 8,4037,1 68672634

Developedmarkets 16,427 16,090 17,018 17,830 18,184 19,049 19,144 18,417 18,251 17,892

a ExcludingUndertakings forCollective Investment.

., ey X, l,, * ,, S.t * >, ,l\b

Number of Listed Domestic Companies, 1981-1990 (continued)

1990 Market 1981 1982 1983 1984 1985 1986 1987 1988 1989

Emerging markets 179 Argentina 263 248 238 236 227 217 206 186 178 25 28 43 56 69 78 85 101 116 134 Bangladesh 581 Brazil(Sao Paulo) 477 493 505 522 541 592 590 589 592 242 212 214 208 228 231 209 205 213 215 Chile* 80 Colombia - 193 196 180 102 99 96 86 82 19 24 32 41 51 61 71 76 78 CostaRica 23 Coted'lvoire 23 25 25 25 25 25 25 24 23 Egypt(Cairo) 64 112 154 258 317 387 430 483 - 111 113 113 114 114 114 116 119 119 145 Greece* 6,200, India(Bombay) 2,114 3,358 3,118 3,882 4,344 4,744 5,560 5,841 5,968 8 14 19 24 24 24 24 24 57 125 Indonesia 44 Jamaica 36 35 36 36 38 40 43 44 45 106 105 Jordan 72 86 95 103 104 103 101 106 55 54 54 54 54 53 53 55 57 56 Kenya 669 Korea 343 334 328 336 342 355 389 502 626 Kuwait - - - 55 70 64 65 52 - 187 194 204 217 222 223 232 238 251 282 Malaysia 199 Mexico 229 206 163 160 157 155 190 203 203 75 78 76 77 76 76 76 71 71 71 Morocco 131 Nigeria 93 93 93 93 96 99 100 102 111 311 326 327 347 362 361 379 404 440 487 Pakistan 265 Peru 133 144 150 157 159 177 197 236 265 190 200 208 149 138 130 138 141 144 153 Philippines 181 Portugal 23 26 25 23 24 63 143 171 182 168 176 176 175 W SriLanka - - - - 171 171 199 Taiwan,Chinat 107 113 119 123 127 130 141 163 181 80 81 88 96 100 98 125 141 175 214 Thailand* 30 Trinidadand Tobago 29 34 34 36 36 33 33 33 31 50 50 50 110 ciz Turkey* - 314 373 - 40 Uruguay 50 49 47 43 43 41 41 40 39 - 60 60 66 t Venezuela~ - 98 116 108 108 110 53 53 54 57 g Zimbabwe 62 62 60 56 55 53 9,360 9,735 10,253 Index* 4,904 6,750 6,094 7,334 7,391 7,915 8,928 IFCComposite 11,176 All emergingmarkets 5,421 7,347 6,764 8,141 8,509 9,151 10,238 10,788 10,745 29,382 29,205 28,996 29,068 t1 Total 21,848 23,437 23,782 25,971 26,693 28,200

0 Emergingmarkets included in IFCComposite Index. a Estimated, - Notavailable. Value Traded, 1981-1990 (InMillions of U.S. Dollars)

o _ _ .______Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

, Developedmarkets

Finland - 138 249 417 502 1,869 6,047 7,076 7,363 5,170 France 8,403 7,328 8,345 7,690 14,682 51,548 88,085 65,505 107,286 129,013 Germany 13,670 14,490 32,949 29,764 71,572 135,700 373,428 350,274 628,630 1,003,609 HongKong 18,959 7,615 5,116 6,243 9,732 15,299 47,627 23,405 34,584 34,633 Israel 4,210 6,650 10,284 735 748 1,455 4,828 2,447 3,909 5,535

Norway 101 96 962 1,350 1,877 1,702 8,935 4,849 12,489 14,100 SouthAfrica 2,837 2,575 3,752 2,528 2,836 4,990 9,568 4,947 7,095 8,158 Singapore 6,377 2,419 5,588 3,849 1,383 2,679 6,854 4,470 13,711 20,293 Spain 1,622 1,380 1,300 2,465 3,382 14,944 36,070 25,608 38,389 40,967 Sweden 3,669 4,614 9,847 8,496 9,644 19,830 19,588 18,752 17,420 15,797

Developedmarkets 778,964 765,335 1,202,546 1,240,132 1,603,018 3,494,296 5,688,688 5,591,098 6,308,073 5,238,120

a ExcludingUndertakings forCollective Investment.

,, eU ,, C hi kI Value Traded, 1981-1990 (continued) (In Millions of U.S. Dollars)

Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

Emergingmarkets 1,916 852 Atgentina' 454 231 389 277 631 309 251 593 - - 0 1 2 6 4 5 6 Bangladesh 16,762 5,598 Brazil(Sao Paulo) * 6,230 5,961 4,887 9,962 21,484 28,912 9,608 17,979 866 783 Chile* 375 163 65 51 57 298 503 610 Colombia 332 93 65 47 30 49 80 63 74 71 4 CostaRica - - - 0 0 0 1 1 18 Coted'lvoire 7 48 2 1 1 3 14 9 5 Egypt(Cairo) 13 12 32 132 97 180 167 115 - * 55 37 17 12 17 32 441 313 549 3,924 Greece 21,918 India(Bombay) 6,693 5,030 2,377 3,916 4,959 10,781 6,743 12,241 17,362 3,992 Indonesia 12 19 11 2 3 1 3 4 541 2 6 5 7 21 68 73 25 90 32 Jamaica 407 Jordan* 227 318 329 .138 163 185 420 337 652 ------206 Kenya 75,949 Korea 3,721 2,700 2,260 3,869 4,162 10,889 24,919 79,180 121,264 Kuwait - - - - 387 1,412 3,023 2,543 1,709 - Malaysia 3,498 1,392 3,398 2,226 2,335 1,180 3,829 2,623 6,888 10,871 4,181 781 1,112 2,160 2,360 3,841 15,554 5,732 6,232 12,212 Mexico 62 Morocco - 10 17 16 13 9 8 33 16 Nigeria* 10 12 18 16 15 16 7 5 4 11 155 162 177 193 231 Pakistan' - - 180 236 Peru 79 41 26 28 38 239 301 57 90 176 Philippines* 163 142 483 125 111 563 1,524 875 2,410 1,216 trr 1,687 Portugal 2 1 1 3 5 60 1,518 1,136 1,912 SriLanka - - - 3 5 11 12 3 22 3,422 9,081 8,194 4,899 18,931 84,112 275,624 965,840 715,005 rF Taiwan,China 5,677 22,894 no Thailand* 108 238 381 434 568 1,133 4,633 5,598 13,452 69 55 z Trinidadand Tobago 19 232 151 76 61 52 25 22 115 101 798 5,841 ,,) Turkey' - 10 7 13 nUruguay 11 3 1 0 0 2 4 - 1 - Venezuela' 47 82 59 27 31 52 148 221 93 2,232 23 39 36 51 >- Zimbabwe 136 75 38 6 9 12 IFCComposite Index 31,921 20,697 24,981 31,652 42,075 77,412 154,593 403,451 1,157,844 885,745 79,384 158,226 406,272 1,159,836 886,322 m ~ Allemerging markets 32,052 21,049 25,215 31,912 42,697 Total 811,016 786,384 1,227,761 1,272,044 1,645,715 3,573,680 5,846,914 5,997,370 7,448,018 6,124,442

'Emergingmarkets included in IFCComposite Index. - Notavailable. ON 8

Number of Large Companies in the IFC Composite Index, End 1990

61 62 60------Companies 60 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~capitalizationwithmarket

o~ ~ ~~ ~~~~~~~~~-~~~~~~~~~~~~ ~ ~ ~ ~ ~~~~~Greater than ------$250 million l - l 50 44~~~~~~~~~U!Between BraN ColId en Mlhi ThJo$100 million and 38 LI] ~~~~~~~$250million

~40 36 ______E 0

1. 30 6 24 20 20 O 20 1 13~~~~~~~~~~~~~~~

10 ~~~~~~~~~~8

10 65

0 4 W~~, 4 0 4 Selected Turnover Ratios, 1990

_30_ Valuetraded as a percentof average1990 market capitalization 156%

150%

0 F- ~~~~~93%

5) 100% 76%

o~~~...... 61 54%

D) 50%~~~~~~~~~~~~~~3

o 0% Tai Austria Tha Idn Id Kor USA Jpn UK Phi Chi Zim Nig

Emergingmarkets Developedmarkets

E0 Market Concentrationa (Percentage of Total)

Shareof market Shareof valuetraded capitalizationheld by ten heldby ten most Market largeststocks, end 1990 activestocks, 1990

LatinAmerica Argentina 60.2 73.7 Brazil 22.4 34.4 Chile 48.8 56.7 Colombia 76,9 38.5 Mexico 35.5 25.7 Venezuela 60.9 86.6 EastAsia Korea 30.9 25.6 Philippines 56.3 56.0 Taiwan,China 53.9 20.2 SouthAsia India 23.5 30.6 Indonesia 51.0 41.1 Malaysia 28.0 19.2 Pakistan 25.5 20.2 Thailand 35.7 20.4 Europe/MideastMAfrica Greece 48.2 57.4 Jordan 67.2 46.8 Nigeria 53.1 60.7 Portugal 46.6 23.8 Turkey 61.7 40.0 Zimbabwe 48.3 33.5 DevelopedMarketsb Canada 28.4 France 25.8 Germany 41.7 Japan 17.1 Switzerland 49.6 U.K. 244 U.S.A. 14.1 a Stocksin the IFC Composite Index, relative to thetotal stock market. b Sourcefor developedmarkets: MSCI, at April 1990. - Notavailable

62 Emerging Stock Markets Factbook Price-Earnings Ratios, End 1990

50 Emergingmarkets Developedmarkets 44

31 31 29 30 26 25 23 2 21 2

20 13 ~~~~~~~~14 13 12~~~~~~1

8 CD ~~~ ~~107

eQ ~~~~~~~~3

0~~~~~~~

Arg Chi Fra Gre Idn Jor Mal Nig Phi Tai Tur USA Zim Bra Col Ger Ind Jpn Kor Mex Pak Por Tha UK Ven

C) 0 Comparative Valuationsa

Price-earningsratio Price-bookvalue ratio Dividendyield o End Relative End End Relative End End Relative End Market 1990 to worldtb 1989 1990 to worldt 1989 1990 to worldb 1989

LatinAmerica Argentina 3.11 0.20 22.14 0.37 0.20 1.64 0.89 0.29 4.69 Brazil 5.34 0.35 8.30 0.75 0.41 1.34 9.44 3.05 0.66 Chile 8.86 0.58 5.82 1.42 0.78 1.33 5.00 1.61 9.50 g Colombia 10.66 0.70 6.96 1.35 0.74 1.08 7.60 2.45 7.05 Mexico 13.20 0.86 10.66 1.29 0.71 1.03 3.41 1.10 2.10 Venezuela 29.31 1.92 6.44 5.94 3.26 1.37 0.72 0.23 2.21 EastAsia Korea 21.48 1.40 38.57 1.47 0.81 2.50 0.48 0.15 1.26 Philippines 24.51 1.60 18.50 3.37 1.85 4.35 2.28 0.74 1.10 Taiwan,China 44.41 2.90 51.17 6.54 3.59 6.55 0.00 0.00 0.58 SouthAsia India 20.59 1.35 18.34 4.02 2.21 3.46 1.89 0.61 1.93 Indonesia 30.84 2.02 41.50 4.24 2.33 7.50 0.53 0.17 - Malaysia 23.01 1.50 30.75 3.08 1.69 3.34 2.20 0.71 2.19 Pakistan 8.53 0.56 8.44 1.98 1.09 1.80 5.61 1.81 8.26 Thailand 10.90 0.71 23.07 3.71 2.04 8.06 4.18 1.35 7.94 Europe/Mideast/Africa Greece 26.23 1.71 24.30 4.87 2.68 3.12 4.96 1.60 4.62 Jordan 8.15 0.53 14.93 1.68 0.92 1.88 6.47 2.09 2.38 Nigeria 7.01 0.46 6.99 1.77 0.97 1.83 11.97 3.86 7.33 Portugal 15.47 1.01 21.42 2.06 1.13 3.79 2.66 0.86 1.87 Turkey 22.50 1.47 17.64 3.70 2.03 7.18 5.47 1.76 3.61 Zimbabwe 12.01 0.78 7.00 1.98 1.09 1.27 4.02 1.30 9.75 Developed MarketsC France 9.30 0.61 12.50 1.38 0.76 2.09 4.00 1.29 2.70 Germany 12.60 0.82 17.80 1.75 0.96 2.39 4.00 1.29 2.90 Japan 31.00 2.03 51.90 2.52 1.38 4.79 0.80 0.26 0.40 UnitedKingdom 10.90 0.71 11.70 1.54 0.85 1.95 5.70 1.84 4.50 UnitedStates 14.10 0.92 14.10 1.92 1.05 2.16 3.70 1.19 3.30 World 15.30 1.00 19.30 1.82 1.00 2.60 3.10 1.00 2.20

- Notavailable, a Thecomposite P-E and P-BV are averages of thecompanies inthe IFC indexes weighted by marketcapitalization; the dividend yield represents a 12 monthmoving yield for the indexes. bRelative to theMSCI World Index. Sourcefor developedmarkets: MSCI. Performance of Selected Country Funds

US$ billions

~~~.r1~ ~ 8.

CA 0~~~~~.0 Jun . Sep . 8.0 Dec 4.0~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~.Mar. Jun ...... Sep .. : Dec Mar...... - ......

ffq ~~~~0.0~ '/////// - p.Dec Mar Jun Sep Dec Mar Jun Sep De 88 89 89 89 89 90 90 90 9

- Marketvalue Net asset value

a0 Performance of Selected Closed-End Country Funds for Emerging Markets (CurrencyAmounts in US$;End 1990)

Dateof Gross Offering Market 12-month Compound Premium/ Total r, Principalmarket Market first initialsize price priceper %change annual discount marketvalue S andfund name listed offering (US$million) pershare share inprice return(%) to NAV(%) (US$million) no

RegionalFunds no EMGF,Inc. (1,11,111) Luxembourg May86 383.21 20.75 23.64 -23.8 5.7 - 480.58 TempletonE.M. Fund AMEX Feb87 115.00 10.00 13.13 -11.0 3.9 10.2 150.94 ITI EMIF,Inc. (1,11,111) Luxembourg Feb88 230.74 11.59 13.64 -7.0 13.4 - 271.67 NewWorld Investment Fund Notlisted May89 62.50 10.00 11.18 6.7 7.3 69.87 o CommonwealthEquity Fund Notlisted Sep90 56.56 10.00 10.06 - 2.4 - 56.90 o°xr AsianDevel. Equity Fund Luxembourg Jan88 100.00 10.00 13.11 -10.8 9.7 - 131.10 JFAsia Select Fund HongKong Dec89 103.00 1.03 0.82 -24.1 -20.4 -18.0 82.00 Brazil EquityFund of Brazil Notlisted Sep87 87.50 100,000.00 59,176.00 -71.3 -14.4 - 43.35 BrazilFund NYSE Mar88 150.00 12.50 6.75 -47.6 -20.1 13.1 81.00 Chile ChileFund, Inc. NYSE Oct89 80.50 15.00 15.50 -0.8 2.8 -11.6 83.18 FiveArrows Chile Fund London Feb90 75.00 10.00 7.38 - -20.6 -31.9 55.31 GTChile Growth Fund London Feb90 106.00 10.60 8.50 - -18.3 -29.0 85.00 India IndiaFund London Jul86 127.80 1.70 2.80 -35.2 11.9 -32.6 209.92 IndiaGrowth Fund NYSE Aug88 60.10 12.00 10.75 -41.9 -4.6 -22.7 53.86 Indonesia JF IndonesiaFund (1,l1) Notlisted Mar89 67.52 1.35 1.34 -7.1 -0.6 67.00 JakartaFund London Aug89 42.00 21.00 12.25 -41.0 -40.0 -20.0 24.50 NomuraJakarta Fund HongKong Sep89 30.00 10.00 8.63 -14.0 -11.1 - 25.89 IndonesiaFund Inc. NYSE Mar90 60.00 15.00 10.00 - -41.8 -3.5 40.00 Korea KoreaFund (1,11,111) NYSE Aug84 150.00 10.88 12.38 -64.0 13.7 11.6 266.76 KoreaGrowth Trust HongKong Mar85 31.50 10.50 32.00 -52.9 21.4 -3.7 96.00 KoreaInt'l Trust (1,11) Notlisted Nov81 27.25 10.48 43.50 -55.6 18.7 -3.4 113.10 KoreaTrust (1,l1) Notlisted Nov81 26.03 14.87 51.75 -55.0 16.2 -1.7 90.56 KoreaEurope Fund (1,I1, II) London Mar87 116.13 4.04 4.85 -51.5 9.0 10.0 139.24 SeoulInt'l Trust Notlisted Apr85 31.35 10.45 32.00 -53.6 21.8 -4.5 96.00 SeoulTrust Notlisted Apr85 31.35 10.45 32.00 -51.9 21.8 -3.3 96.00 Malaysia MalaysiaFund NYSE May87 96.60 12.00 11.00 -41.3 -2.4 -11.2 88.55 MalaysiaGrowth Fund Notlisted Apr89 45.25 10.00 10.67 -14.2 4.0 - 48.28 MalaccaFund (I,ll) London Jan89 89.68 13.80 11.50 -22.0 -14.1 -17.6 74.75

_ ~~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ . - _

.. ~ .. 4 Dateof Gross Offering Market 12-month Compound Premium/ Total Principalmarket Market first initialsize price priceper %change annual discount marketvalue andfund name listed offering (US$million) pershare share in price return(%) to NAV(%) (US$million)

Mexico MexicoFund NYSE Jun81 147.31 7.47 12.63 17.4 2.9 -19.4 252.39 Equity& IncomeFund NYSE Aug90 72.00 12.00 9.88 - -44.3 -12.5 59.25 Philippines ManilaFund London Oct89 52.00 10.40 5.13 -35.1 -45.5 -25.7 25.63 FirstPhilippine Fund NYSE Nov89 100.10 12.00 6.38 -53.6 -44.2 -30.3 53.18 Portugal PortugalFund London Aug87 42.32 10.58 4.50 -47.8 -22.6 -16.0 18.00 OportoGrowth Fund London May88 37.10 10.60 5.00 -50.0 -25.2 -37.3 17.50 PortugalFund, Inc. NYSE Nov89 69.00 15.00 9.38 -45.6 -35.2 -13.8 43.12 PortugueseInv. Fund London May90 31.00 100.00 78.00 - -29.9 -2.0 24.18 Taiwan,China FormosaFund London Mar86 25.70 10.28 69.50 -41.3 49.5 -3.5 173.75 TaipeiFund London May86 25.70 10.28 44.84 -53.3 37.9 -10.4 112.10 TaiwanFund (1,11,111) NYSE Dec86 94.31 23.46 21.63 -54.7 -3.3 39.4 86.95 R.O.C.Taiwan Fund NYSE Oct83 42.13 10.28 7.50 -43.4 -4.3 -17.9 225.00 Thailand BangkokFund (1,11,111) London Aug85 44.17 17.72 55.00 -26.2 33.2 -13.2 137.50 SiamFund Notlisted Feb88 95.04 11.88 17.25 -28.9 14.1 -10.7 138.00 ThaiFund, Inc. NYSE Feb88 114.96 12.00 15.38 -47.2 9.1 17.5 147.29 ThailandFund London Dec86 31.14 10.38 29.31 -19.9 29.6 - 87.93 ThaiEuro Fund London May88 80.25 10.70 11.75 -42.4 3.7 -29.1 88.13 ThaiPrime Fund Singapore Sep88 155.00 10.00 12.30 -47.7 9.6 -6.9 190.65 ThaiInt'l Fund London Nov88 80.03 10.67 11.50 -47.5 3.4 -28.7 86.25 Turkey TurkishInvestment Fund NYSE Dec89 84.00 12.00 6.75 -43.8 -43.8 -18.2 47.25 C0 noUQ Total 4,000.20 5,135.35

Notes: - Notapplicable. * 'Grossinitial size (US$ millions)': the total capital raised by the fund through one or moreofferings. 'Offeringprice per share': the weighted averageprice per share, including fees, of sharessold by the fund in oneor more offerings, adjusted for stockdividends and splits. * 'Marketprice per share': the last transaction price (in US$)for the share, or the net asset value(NAV) per share if theshare is notactively traded. * '12month % change in price': the percent change in marketprice (or NAV)over the level of ayear ago, as adjusted for capitalizationchanges. .Compound' annealreturn': the annualized mean monthly return (excluding cash dividends) on thecurrent market price (or NAV),based on the offering prices per share and the timing of newsubscriptions. * 'Premium/discountto NAV (%)': the premium or discount of thepresent market price per share to thepresent net asset value(NAV) per share, where a trading price is availabe. cr * 'Totalmarket value (US$ millions)': the market value of thefund, calculated by multiplying the number of sharesissued and outstanding times the last price per share. VVarrants are not considered in the computation of market ' value.Where no tradingprice is available,the NAV per share is used. Market Information and Investor Protection

m ______(1): (2) (3) (4) (5) (6) (7) (8) (9) (10) Financialdisclosure 00 requirements- timing r-0 Regular Market Share Securities International publication commentaries Company Consolidated price exchange electronic of P-E, in brokerage annual Interim Accounting Investor index publications coverage yield English reports audited statements standards protection

'71 LatinAmerica o Argentina X AQMWD X P LR LR X Q A AS Brazil X AMWD X C LR,IR LR,IR X Q G GS o Chile X AMWD X C LR LR,IR X Q G GS Colombia X AMWD X P - LR X 0 A AS Mexico X AMWD X C LR,IR LR,IR X Q G GS Venezuela X AMWD X p LR X S(banks only) A AS Asia India X AMWD X C LR LR X S G GS Indonesia X AMD X C LR,IR -R,IR X S P AS Korea X AMWD X C LR,IR LRIR X S G GS Malaysia X A(M/2)WD X C R,IR LR,IR X S G G- Pakistan X AD - P LR - X S A AS Philippines X AMWD X C LR,IR LR,IR X S G AS Taiwan,China X AMWD X C LRIR IR X 0 P PS Thailand X AQMWD X C LR,IR LR,IR X 0 A AS Europe/Mideast/Africa Greece X AMWD X C LR,IR LRJIR X S P P- Jordan X AMWD X P LR,IR LR X - P AS Nigeria X AWD X P LR,IR LR X Q A AS Portugal X AMWD X C LR,IR LR,IR X S A AS Turkey X AMWD X C LR,IR LR,IR X Q A PS Zimbabwe X AWD - P LR LR X S A AS

Key: Column Symbols (1) X = At leastone share price index is calculated;most have several, and many have sectoral indexes as well. (2) A = Annual;0 = Quarterly;M = Monthly;(M/2) = Biweekly;W =Weekly; D = Daily. (3) X = Dailycoverage of stockmarket on an internationalwire service. (4) P Published;C = Comprehensiveandpublished internationally (5) & (6) LR= Preparedby localbrokers or analysts; IR = Preparedby international brokers or analysts. (7) X = Consolidatedaudited annual accounts required. (8) 0 = Quarterlyresults must be published; S = Semiannualresults must be published. (9) &(10) G = Good,of internationallyacceptable quality; A = Adequate;P = Poor,requires reform; S = Functioningsecurities commission orsimilar government agency concentrating on regulatingmarket activity.

4, * , a.X* s r Entering and Exiting Emerging Markets: A Summary of Investment Regulations (At February28, 1991)

Are listed stocks Repatriationof: freelyavailable to foreign investors? Income Capital

FreeEntry Argentina Free Free Brazil Free Free Jordan Free Free Malaysia Free Free Pakistan Free Free Portugal Free Free Turkey Free Free

RelativelyFree Entry Chile Free After3 years Colombia Somerestrictions Free CostaRica Somerestrictions Somerestrictions Greece Somerestrictions Somerestrictions Indonesia Somerestrictions Somerestrictions Jamaica Somerestrictions Somerestrictions Kenya Somerestrictions Somerestrictions Mexico Free Free Sri Lanka Somerestrictions Somerestrictions Taiwan,China Free Free Thailand Free Free Trinidad& Tobago Relativelyfree Relativelyfree Venezuela Somerestrictions Somerestrictions

SpecialClasses of Shares Philippines Free Free Zimbabwe Restricted Restricted

SpecialFunds Only India Somerestrictions Somerestrictions Korea Free Free

Closed Bangladesh Somerestrictions Somerestrictions Nigeria Somerestrictions Somerestrictions Peru Restricted Restricted

Note: Someindustries in somecountries are considered strategic and are not availableto foreign/non-residentinvestors, and the levelof foreign investment in other casesmay be limitedby nationallaw or corporatepolicy to minority positionsnot to aggregatemore than 49% of voting stock.The summaries aboverefer to new moneyinvestment by foreign institutions;other regulationsmay applyto capitalinvested through debtconversion schemes or other sources.

Key to Access: FreeEntry- No significantrestrictions to purchasingstocks. RelativelyFree Entry- Someregistration procedures required to ensurerepatriation rights. SpecialClasses - Foreignersrestricted to certainclasses of stocks,designated for foreign investors. SpecialFunds Only- Onlyapproved foreign funds maybuy stocks. Closed-Access prohibited or severelyrestricted (e.g., for non-residentnationals only).

Key to Repatriation: Income- dividends,interest, and realizedcapital gains. Capital- Initial capitalinvested. SomeRestrictions - Typically,requires some registration with or permissionof CentralBank, Ministry of Finance,or an Officeof ExchangeControls that mayrestrict the timing of exchangerelease. Free- Repatriationdone routinely.

EmergingStock Markets Factbook 69 Withholding Tax for U.S.-based Institutional Investors (Percentage Rates in Effect at the End of 1990)

Long-term capitalgains on Interest Dividends listedshares

LatinAmerica & the Caribbean Argentinaa 16.8 17.5 36.0 Barbados 15.0 15.0 0.0 Brazilb 25.0 25.0 25.0 Chileb 10.0 10.0 10.0 Colombia 15.0 0.0 30.0 CostaRicac 15.0 5.0 0.0 Jamaica 12.5 15.0 0.0 Mexico 15.0 0.0 0.0 Trinidad& Tobago 30.0 10.0 0.0 Venezuelad 20.0 20.0 0.0

Asia India 25.0 25.0 40.0 Indonesia 20.0 20.0 20.0 Korea 15.0 25.0 0.0 Malaysia 20.0 0.0 0.0 Pakistan 0.0 15.0 0.0 Philippinese 15.0 15.0 0.3 Sri Lanka 0.0 15.0 0.0 Taiwan,Chinaef 20.0 20.0 0.0 Thailandg 0.0 20.0 25.0

Europe/Mideast/Africa Botswana 15.0 15.0 0.0 Greeceh 0.0 42.0/45.0 0.0 Jordan 0.0 0.0 0.0 Kenya 12.5 15.0 0.0 Nigeria 15.0 15.0 20.0 Portugal' 25.0 25.0 0.0 Turkey 0.0 0.0 0.0 Yugoslavia 0.0 0.0 20.0 Zimbabwe 10.0 20.0 30.0

a Capitalgains tax appliesto gainsabove inflation. bNo dividendwithholding tax if reinvested. ICapital gainstax of 52 million colones. 'No withholdingtaxes apply to sharesof publiclycontrolled companies (SAICA). I Transactiontax on gross transactionvalue. f Availableonly to investorsin approvedinvestment vehicles. 9Ratesforfunds registeredin Thailandare half of ratesshown. Unlikeother countnes, Greece has no corporateprofit tax on distributedearnings. Registered shares' rate is 42%,bearer shares' rate is 45%,after exemptions. On 80% of the total dividend.

70 Emerging Stock Markets Factbook A Note on Exchange Rates

Any international comparison of prices profile. The source is the financial press, and values relies critically on the currency and end of period exchange rates are exchange rates selected as the basis for com- used. The financial press reports used parison. Consistency of sources, periods, were principally the Wall Street Journal, averaging methods, and other uses of ex- supplemented by the Financial Times change rates can greatly affect the translated (London). results, and thus their information content. At the same time, the timeliness of availabil- For IFC Indexes and local indexes in ity of exchange rate data is another major US$, the exchange rates are taken from consideration. the Wall Street Journal, or if not available there, the Financial Times (Lon- In view of these considerations, IFC uses don). The exchange rates are collected several sources of exchange rates, for differ- for each Friday and for the last day of ent purposes. The exchange rates used are: each month.

For comparative tables, market capi- When countries have multiple exchange talizations and values traded were con- rate systems, IFC uses the nearest equivalent verted to US$ using the rates published "free market" rate to convert values to US$. in the International Monetary Fund's However, this selection is tempered by the International Financial Statistics (IFS) need to reflect "repatriable" values; that is, end-of-period rate (line ae or equivalent) the exchange rate that would apply to repatri- and period average rate (line af or equiv- ation of capital and income at a given date. At alent), respectively. For 1990, however, times, this can lead to US$ amounts that seem the IFS has not yet released a full series, overstated, relative to the amounts that would and in those cases, IFC has used ex- arise if a parallel market rate were used. change rates from the financial press, as described below. The use of any particular exchange rate in this Factbook does not necessarily imply For Equity Market Profiles, the local an endorsement of that exchange rate by IFC, currency values have been converted at the World Bank or other affiliates, nor should end-of-period rates for stock items, and it be inferred that such exchange rate relation- period average rates for flow items. The ships will continue in the future. exchange rates used are shown in each

EmergingStock Markets Factbook 71 Currency Exchange Rates per U.S. Dollar, 1990 (Month-end)

on p- Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec m LatinAmerica Iz Argentina 1800.000 5765.0000 4655.0000 4890.0000 5070.2200 5330.2100 5560.1900 6325.0000 5675.0000 5550.0000 5190.0000 5670.0000 Brazil 17.6400 30.4000 41.5000 50.7500 54.6600 60.0000 68.3300 69.4200 81.2900 100.8800 140.0000 161.0200 Chile 286.2400 282.9600 285.4700 287.1500 294.4200 285.1500 287.8700 305.2900 307.3100 319.1900 331.1900 336.8600 o Colombia 435.1300 446.7500 456.8000 469.0000 485.5000 485.0000 485.5000 505.0900 524.0000 523.0000 523.0000 523.0000 Mexico 2710.0300 2744.9900 2764.0000 2797.0100 2833.0100 2849.0000 2865.0000 2883.0100 2892.0000 2921.0000 2933.0000 2948.0000 Venezuela 43.5000 43.5000 42.4000 44.4600 46.2000 47.1000 47.1000 47.1000 47.0000 49.0700 49.5500 49.7400

EastAsia Korea 685.7000 687.3000 691.5700 698.5200 701.9000 706.9600 715.5000 715.5000 715.0000 715.0500 714.5000 714.5000 Philippines 21.7500 21.7700 22.0000 22.1000 22.2500 22.4500 23.1500 24.1500 24.8000 24.8500 27.0000 27.2000 Taiwan,China 26.1300 25.9500 26.4000 26.1700 27.1200 27.2000 26.7800 26.8900 26.8000 26.7800 26.7500 26.6300

SouthAsia India 16.8900 16.9400 17.1400 17.3000 17.3000 17.3600 17.3400 17.2900 17.9500 18.1400 18.0700 18.1500 Indonesia 1794.0100 1800.9900 1810.0200 1815.0100 1825.0300 1845.0200 1852.0200 1858.0100 1845.0200 1868.0100 1868.0100 1889.0000 Malaysia 2.6980 2.7030 2.7270 2.7155 2.7025 2.7100 2.6960 2.6880 2.6995 2.6995 2.7035 2.6983 Pakistan 21.2500 21.1800 21.1800 21.7000 21.7700 21.7000 21.6000 21.6300 21.5500 21.6700 21.7200 21.7200 Thailand 25.5500 25.6400 25.8500 26.0000 25.6700 25.7300 25.5400 25.4500 25.2500 25.0700 25.0100 25.3000 Europe/MideastMAfrica Greece 157.8000 160.8000 163.2000 164.5000 166.4000 162.5000 155.6000 156.2000 154.2500 153.2000 154.1000 159.5000 Jordan 0.6524 0.6633 0.6643 0.6633 0.6613 0.6633 0.6570 0.6570 0.6458 0.6458 0.6409 0.6409 Nigeria 7.8000 7.8400 7.8800 7.8800 7.8800 7.8800 7.9000 7.9000 7.9200 7.8804 8.6500 8.7000 Portugal 147.4800 147.7300 149.7500 148.4300 147.3500 147.2000 141.4600 136.5000 139.1000 133.6500 131.9000 136.6400 Turkey 2327.0400 2374.0000 2445.0500 2497.0000 2558.0000 2615.0000 2643.0100 2663.1200 2712.2300 2747.0000 2783.0000 2898.0000 Zimbabwe 2.3015 2.3052 2.4021 2.4408 2.4691 2.4771 2.4600 2.4820 2.5465 2.5294 2.5799 2.6609

I,~ ~~~~~* . *. . a * i (, *I

Percent Change in U.S. Dollar Exchange Rates, 1990

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

LatinAmerica Argentina -24.44 -68.78 23.85 -4.81 -3.55 -4.88 -4.14 -12.09 11.45 2.25 6.94 -8.47 Brazil -35.94 -41.97 -26.75 -18.23 -7.15 -8.90 -12.19 -1.57 -14.60 -19.42 -27.94 -13.05 Chile 2.75 1.16 -0.88 -0.59 -2.47 3.25 -0.94 -5.71 -0.66 -3.72 -3.62 -1.68 Colombia -2.77 -2.60 -2.20 -2.60 -3.40 0.10 -0.10 -3.88 -3.61 0.19 0.00 0.00 Mexico -0.98 -1.27 -0.69 -118 -1.27 -0.56 -0.56 -0.62 -0.31 -0.99 -0.41 -0.51 Venezuela 0.00 0.00 259 -4.63 -3.77 -1.91 0.00 0.00 0.21 -4.22 -0.97 -0.38

EastAsia Korea -1.21 -0.23 -0.62 -0.99 -0.48 -0.72 -1.19 0.00 0.07 -0.01 0 08 0.00 Philippines 0.09 -0.09 -1.05 -0.45 -0.67 -0.89 -3.02 -4.14 -2.62 -0.20 -7.96 -074 Taiwan,China -0.31 0.69 -1.70 0.88 -3.50 -0.29 1.57 -0.41 0.34 0.07 0.11 045

SouthAsia India -0.30 -0.30 -1.17 -0.92 0.00 -0.35 0.12 0.29 -3.68 -1.05 0.39 -0.44 Indonesia 0.17 -0.39 -0.50 -0.27 -0.55 -1.08 -0.38 -032 0.70 -1.23 0.00 -1.11 Malaysia 0.02 -0.18 -0.88 0.42 0.48 -0.28 0.52 0.30 -0.43 0.00 -0.15 0 19 Pakistan 0.00 0.33 0.00 -2.40 -0.32 0.32 0.46 -0.14 0.37 -0.55 -0.23 0.00 Thailand 0.23 -0.35 -0.81 -0.58 1.29 -0.23 0.74 0.35 0.79 0.72 0.24 -1.15

Europe/Mideast/Africa Greece -0.95 -1.87 -1.47 -0.79 -1.14 2.40 4.43 -0.38 1.26 0.69 -0.58 -3.39 Jordan -2.27 -1.64 -015 0.15 0.30 -0.30 0.96 000 1.73 0.00 0.76 0.00 Nigeria -4.49 -0.51 -051 0.00 0.00 0.00 -0.25 0.00 -0.25 0.50 -8.90 -0.57 -3.47 CD Portugal 144 -0.17 -1.35 0.89 0.73 0.10 4.06 3.63 -1.87 4.08 1.33 Turkey -1.46 -1.98 -2.91 -2.08 -2.38 -2.18 -1.06 -0.76 -1.81 -1.27 -1.29 -3.97 Zimbabwe -2.46 -0.16 -4.03 -1.59 -1.15 -0.32 0.70 -0.89 -2.53 0.68 -1.96 -3.04

or on wT Currency Exchange Rates per U.S. Dollar, 1981-1990 (Year-end) no

Market Currency 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

LatinAmerica ITI Argentina Austral 0.000725 0.004855 0.023261 0.1787 0.8005 1.2570 3.5000 16.3000 1360.0000 5670.0000 Brazil Cruzeiro 0.000128 0.000253 0.000984 0.003184 0.01049 0.01455 0.07118 0.73107 11.3000 161.0200 Og Chile Peso 39.0000 73.4300 87.5300 128.2399 183.8599 204.7300 232.4300 249.5400 294.1100 336.8600 o Colombia Peso 59.0700 70.2900 88.7700 113.8899 172.1999 219.0000 262.1400 336.0000 423.0900 523.0000 Mexico Peso 26.2289 96.4800 143.9299 192.5599 371.6997 923.5000 2200.0000 2320.0000 2683.5000 2948.0000 Venezuela Bolivar 4.2925 4.2925 4.3000 12.6500 14.4000 22.7000 29.4500 37.2000 43.5000 49.7400

EastAsia Korea Won 700.5000 748.7996 795.5000 827.3997 890.1997 861.3999 795.1000 684.9000 677.4000 714.5000 Philippines Peso 8.2000 9.1710 14.0020 19.7600 19.0320 20.5300 20.7300 20.7000 21.7700 27.2000 Taiwan,China NewTaiwan Dollar 37.8400 39.9100 40.2700 39.4700 39.8500 35.6900 28.5000 28.1900 26.0500 26.6300

SouthAsia India Rupee 9.0992 9.6339 10.4932 12.4514 12.1655 13.1220 12.8900 15.0200 16.8400 18.1500 Indonesia Rupiah 644.0000 692.5000 994.0000 1074.0000 1125.0000 1641.0000 1650.0000 1717.0000 1797.0000 1889.0000 Malaysia Ringgit 2.2423 2.3213 2.3383 2.4250 2.4265 2.6030 2.4880 2.7100 2.6985 2.6983 Pakistan Rupee 9.9000 12.8400 13.5000 15.3600 15.9800 17.2500 17.5000 18.5000 21.2500 21.7200 Thailand Baht 23.0000 23.0000 23.0000 27.1500 26.6500 26.1300 25.1900 25.1900 25.6100 25.3000

Europe/MideastMAfrica Greece Drachma 57.6300 70.5700 98.6700 128.4799 147.7599 138.7600 126.7000 147.7000 156.3000 159.5000 Jordan Dinar 0.3390 0.3515 0.3715 0.4050 0.3678 0.3441 0.3430 0.4750 0.6376 0.6409 Nigeria Naira 0.6369 0.6702 0.7486 0.8083 0.9996 3.3168 4.1413 5.3000 7.4500 8.7000 Portugal Escudo 65.2500 89.0600 131.4500 169.2800 157.4900 146.1200 129.8700 146.7200 149.6000 136.6400 Turkey Lira 133.6200 186.7500 282.7998 444.7400 576.8599 757.7898 987.8200 1805.1000 2293.0000 2898.0000 Zimbabwe ZimbabweDollar 0.7172 0.9195 1.1055 1.5024 1.6412 1.6781 1.6620 1.9429 2.2448 2.6609

------Percent Change in U.S. Dollar Exchange Rates, 1981-1990

1989 1990 Market 1981 1982 1983 1984 1985 1986 1987 1988

LatinAmerica -76.01 Argentina -72.50 -85.07 -79.13 -86.98 -77.68 -36.32 -64.09 -78.53 -98.80 -48.75 -49.43 -74.32 -69.10 -69.65 -27.88 -79.56 -90.26 -93.53 -92.98 Brazil -15.15 -12.69 Chile 0.00 -46.89 -16.11 -31.75 -30.25 -10.19 -11.92 -6.86 -13.80 -15.96 -20.82 -22.06 -33.86 -21.37 -16.46 -21.98 -20.58 -19.10 Colombia -8.97 Mexico -11.33 -72.81 -32.97 -25.25 -48.19 -59.75 -58.02 -5.17 -13.55 -14.48 -12.55 Venezuela 0.00 0.00 -0.17 -66.01 -12.15 -36.56 -22.92 -20.83

EastAsia 1.11 -5.19 Korea -5.80 -6.45 -5.87 -3.86 -7.05 3.34 8.34 16.09 -7.32 -10.59 -34.50 -29.14 3.83 -7.30 -0.96 0.14 -4.92 -19.96 Philippines 8.21 -2.18 Taiwan,China -4.84 -5.19 -0.89 2.03 -0.95 11.66 25.23 1.10

SouthAsia -7.22 India -12.85 -5.55 -8.19 -15.73 2.35 -7.29 1.80 -14.18 -10.81 -4.43 -4.87 Indonesia -2.67 -7.00 -30.33 -7.45 -4.53 -31.44 -0.55 -3.92 -0.89 -3.40 -0.73 -3.58 -0.06 -6.78 4.62 -8.19 0.43 0.01 Malaysia -2.16 Pakistan 0.00 -22.90 -4.89 -12.11 -3.88 -7.36 -1.43 -5.41 -12.94 -1.64 1.23 Thailand -10.30 0.00 0.00 -15.29 1.88 1.99 3.73 0.00

Europe/Mideast/Africa -19.25 -18.34 -28.48 -23.20 -13.05 6.49 9.52 -14.22 -5.50 -2.01 Greece -0.51 Jordan -9.00 -3.56 -5.38 -8.27 10.11 6.89 0.32 -27.79 -25.50 -19.91 -21.86 -28.86 -14.37 t Nigeria -14.51 -4.97 -10.47 -7.39 -19.14 -69.86 -1.93 9.48 Portugal -18.71 -26.73 -32.25 -22.35 7.49 7.78 12.51 -11.48 -32.53 -28.45 -33.96 -36.41 -22.90 -23.88 -23.29 -45.28 -21.28 -20.88 Turkey -15.64 Zimbabwe -12.07 -22.00 -16.82 -26.42 -8.46 -2.20 0.97 -14.46 -13.45 on

0 C Standard Deviation of U.S. Dollar Exchange Rates (Five Years Ending December 1990)

Number Standard Meanof Market of months deviation % changes

Latin America Argentina 60 17.09 -11.49 Brazil 60 10.56 -14.17 Chile 60 1.95 -0.99 Colombia 60 1.11 -1.83 Mexico 60 4.84 -3.26 Venezuela 60 5.83 -1.87

EastAsia Korea 60 0.84 0.37 Philippines 60 2.32 -0.57 Taiwan,China 60 1,48 0.68

South Asia India 60 1.29 -0466 Indonesia 13 0.56 -0.41 Malaysia 60 1.03 -0.17 Pakistan 60 0.97 -0.51 Thailand 60 0.65 0.09

Europe/Mideast/Africa Greece 60 2.99 -0.08 Jordan 60 2.80 -0.88 Nigeria 60 9.84 -2.87 Portugal 60 2.97 0.28 Turkey 60 2.02 -2.63 Zimbabwe 60 2.01 -0.78

76 Emerging Stock Markets Factbook 2. Stock Market Idexes

IFC Index Methodology Price Indexes

IFC Index Methodology 78 Regional Price Indexes, 1984-1990 96 Regional Price Indexes, 1990 97 IFC Price Indexes, 1990 98 Principal Industries in the IFC Indexes Percent Change in IFC Price Indexes, 1990 99 IFC Price Indexes, 1981-1990 100 IFC Composite Index 82 Percent Change in IFC Price Indexes, Latin America 83 1981-1990 101 Asia 84 Correlation Coefficient Matrix of Price Europe, Mideast and Africa 85 Indexes 102 Standard Deviation of Price Indexes 103 Highs and Lows of IFC Price Indexes 104 Total Return Indexes Weekly IFC Price Indexes, January-March 1990 105 Regional Total Return Indexes, 1984-1990 86 April-June 1990 106 Regional Total Return Indexes, 1990 87 July-September 1990 107 IFC Total Return Indexes, 1990 88 October-December 1990 108 Percent Change in IFC Total Return Local Stock Market Price Indexes, Indexes, 1990 89 1981-1990 109 IFC Total Return Indexes, 1981-1990 90 Percent Change in Local Stock Market Percent Change in IFC Total Retumn Price Indexes, 198 1-1990 110 Indexes, 1981-1990 91 Correlations between Changes in Correlation Coefficient Matrix of IFC Price Indexes and IFC Indexes 92 Local Market Indexes Il1 Correlation Coefficient Matrix of Total Return Indexes 93 Standard Deviations of Total Return Indexes 94 Highs and Lows of IFC Total Return Indexes 95 IFC Index Methodology

General Methodology Market Capitalization

The IFC Indexes are weighted by mar- Market Capitalization (M) is the sum of ket capitalization. They measure the change the market value of all stocks included in the in components' value, adjusted for changes in Index. The market value of each stock is capitalization, and for addition or deletion of equal to: stocks to the Indexes.

Formula where The formula is based on the chained Paasche method. The general expression of Pi = the last transaction price for the stock in the Indexes is: period i; when i > 1, ni = the number of shares issued and outstanding at the end of the period i.

and when i = 1,

X1=100,~L 1 M,M where

Xi = index at time i;

Bi = base value of the Index; when i= 1 (the first period), market capitalization equals the Index base value;

Mi = market capitalization of components at time i; and

Mi = adjusted market capitalization (adjusted for stock splits, stock dividends, rights issues, new issues of stock, stock cancel- lations and, in the total return Indexes, for payment of cash dividends and stock dividends implicit in rights issues).

78 EmergingStock Markets Factbook Adjusted Market Capitalization Total Return Index

The adjusted market capitalization for The adjustments described above are period i (M-) is determined as: used to calculate the Price Indexes; the adjusted market capitalization calculation for the Total Return Index is: Mi (M 1-Ii-Ri-Ni+Qi_1)_ where M = (M -IL-Rl-Ni+Q1-+D +V1)

1i = the market value of new issues of shares for period i. A cancellation of shares where would be treated as a negative new issue. Stocks created by the conversion of oth- Di= the total cash dividends paid in period i er securities are treated as new issues; (cash dividend paid per share times the number of shares eligible for the cash Ri = the market value of rights issues made dividend); in period i, calculated as the market price per share times the number of Vi = the total implied stock dividend in shares; rights issues as determined by the number of shares in the rights issue, times Ni = the market capitalization of any new the difference between the previous stocks that were added to the Index in stock price and the rights issue price. period i; and Rights issues at market prices thus have no impact on total returns, while right Qi = the market capitalization of any stocks issues at prices above market decrease in the Index in the prior period which total returns. were deleted from period i. Stocks may be deleted from the index, through mergers or delistings, for example.

EmergingStock MarketsFactbook 79 Indexes in U.S. Dollars Component Stocks

The above equations are used to gener- IFC selects stocks for inclusion in the ate the IFC indexes in the various local cur- Indexes on the basis of three criteria: rencies. IFC also calculates its Indexes in U.S. dollars by converting stock prices in lo- Market capitalization cal currency into U.S. dollars and then calcu- Liquidity lating the Index. Industry classification

The Indexes include actively traded stocks broadly diversified by industry, whose Regional Indexes combined market values are approximately 60% of total market capitalization at the end IFC also calculates a twenty market of each year. Composite Index and regional Indexes for Latin America and Asia. The regional Index- Once a year, the components of the In- es follow the same methodology but treat all dexes are reviewed for their representative- stocks in the regions as if they were in a sin- ness (shares of total market capitalization and gle country. Regional Indexes are calculated total value traded in the local stock exchang- in U.S. dollars only. es), and additions are made as necessary.

Stocks are not selected on the basis of their availability to foreign investors or any Markets in the Regional Indexes performance criteria other than those described above. Latin America Asia If several stocks meet the liquidity and Argentina Korea market capitalization criteria, but only one or Brazil 0gX1-lMalaysia two are needed, IFC selects the stocks in in- Chile Taiwan, China ^Mexico - ^ Thailand dustries that are under-represented in the IFC index.

1- Composite In a few instances, particularly where -0-Argentina Jordan Portugal -: multiple classes of stocks are common (e.g., -00Brazil Korea Taiwan, China -00[ Brazil and Mexico), IFC may include in the Chile Malaysia Thailand Index more than one class of stock for the Colombia Mexico Turkey same company. These are not necessarily ac- Greece Nigeria Venezuela tively traded, but their presence is necessary India-Indonesia PakistanPhilipinest ZimbtoZimbabwe give a balanced view of the capitalization of companies that have other classes of stock that are actively traded.

80 EmergingStock Markets Factbook IncreasedCoverage in 1991

IFC increased its coverage of companies stocks, a net gain of 76, by the addition of 124 in emerging markets in 1991. The IFC Com- new stockand the deletionof 48 stocks.A break- posite Index increased from 762 stocks to 838 down of the changes by region is shown below.

Changein Coverage

# Stocks Added Deleted # Stocks in 1990 in 1991 in 1991 in 1991

Latin America 195 33 -5 223 Europe/Mideast/Africa 134 23 -4 153 South Asia 243 33 -34 242 East Asia 190 35 -5 220

Total 762 124 -48 838

EmergingStock Markets Factbook 81 Principal Industries in the IFC Indexes IFC Composite Index

Coverageat end 1990 Coveragefor 1991a Market Market No.of capitalization Weight No.of capitalization Weight Sector stocks (US$millions) (percent) stocks (US$millions) (percent)

Agriculture/forestzy/fishing 22 3,624.3 1.33 22 4.546.7 1.49 Mining 41 14,930.7 5.50 44 15,143.3 4.96 Metalmining 26 11,137.4 4.10 27 11,190.0 3.66 Oil& gasextraction 11 2.860.8 1.05 14 3,054.1 1.00 Construction 23 7,036.9 2.59 23 7,576.1 2.48 Manufacturing 427 103,769.5 38.21 465 115,632.9 37.85 Foodand kindred products 54 7,331.2 2.70 61 9,104.2 2.98 Textilemill products 27 3,839.9 1.41 32 4.342.8 1.42 Apparel& finishedtextile products 24 6,310.0 2.32 26 6,307.0 2.06 Paper& alliedproducts 27 6,520.2 2.40 32 7,383.3 2.42 Chemicals& alliedproducts 41 8,527.1 3.14 44 8,877.4 2.91 Petroleumrefining & alliedproducts 20 5,668.1 2.09 25 8,064.5 2.64 Rubber& misc.plastic products 21 7,098.2 2.61 21 7,237.0 2.37 Cement& cementproducts 41 17,044.1 6.28 41 18,151.4 5.94 Primarymetal industries 19 7,516.0 2.77 18 7,472.2 2.45 Fabricatedmetal products 35 5,184.8 1.91 36 6,325.4 2.07 Electrical& electronicequipment 28 11,056.3 4.07 35 12,639.1 4.14 Transportationequipment 29 8,549.7 3.15 30 9,514.7 3.11

Transport/communications/utilities 27 26,739.9 9.85 37 29,430.7 9.63 Communication 7 5,110.5 1.88 11 7,093.9 2.32 Electric,gas, and sanitary services 11 16,900.4 6.22 15 17,295.8 5.66 Wholesale/retailtrade 25 7,068.3 2.60 24 7,061.3 2.31 Finance/insurance/realestate 149 94,021.9 34.62 171 108,423.8 35.49 Banking 69 62,722.8 23.10 88 74,724.4 24.46 Creditagencies other than banks 27 11,597.1 4.27 30 12,184.5 3.99 Security& commoditybrokers 15 6,612.1 2.43 18 8,264.8 2.71 Insurance 16 8,869.3 3.27 9 8,808.5 2.88 Services 17 3,469.4 1.28 19 5,634.1 1.84 Hotel 13 2,847.9 1.05 15 3,742.7 1.23 Other/diversifiedholding companies 31 10,920.9 4.02 31 12,042.3 3.94

Total 762 271,581.8 100.00 836 305,491.2 100.00 a Seethe IFC Index Methodology section for a discussionof theincreased coverage of stocksin 1991.

82 Emerging Stock Markets Factbook Principal Industries in the IFC Indexes Latin Americaa

Market No.of capitalization Weight Sector stocks (US$millions) (%)

Agriculture/forestry/fishing 7 322.0 0.72

Mining 14 4918.3 11.07 Metalmining 10 1,948.6 4.39 Oil& gasextraction 3 2,273.6 5.12

Construction 1 0.8 0.00 Manufacturing 118 20,235.2 45.56 Foodand kindred products 19 3,418.1 7.70 Textilemill products 1 116.3 0.26 Apparel& finishedtextile products 7 347.7 0.78 Paper&allied products 11 3,687.4 8.30 Chemicals& alliedproducts 10 1,474.4 3.32 Petroleumrefining & alliedproducts 7 1,364.0 3.07 Rubber& misc.plastic products 4 281.8 0.63 Cement& cementproducts 14 4,277.2 9.63 Primarymetal industries 7 186.3 0.42 Fabricatedmetal products 14 1,715.2 3.86 Electrical& electronicequipment 7 791.7 1.78 Transportationequipment 6 1,180.5 2.66 Transport/communications/utilities 13 6,984.3 15.72 Communication 3 3,955.2 8.90 Electric,gas, and sanitary services 6 2,447.2 5.51

Wholesalelretailtrade 4 1,972.9 4.44 Finance/insurance/realestate 26 6,397.9 14.40 Banking 14 4,7101 10.60 Creditagencies other than banks 1 281.4 0.63 Security& commoditybrokers 3 392.8 0.88 Insurance 4 465.7 1.05 Services 1 186.7 0.42 Hotel 1 186.7 0.42 Other/diversifiedholding companies 11 3,399.6 7.65

Total 195 44,417.7 100.00 a Argentina,Brazil, Chile, Colombia, Mexico and Venezuela.

Emerging Stock Markets Factbook 83 Principal Industries in the IFC Indexes Asiaa (End 1990)

Market No.of capitalization Weight Sector stocks (US$millions) (%)

Agriculture/foresty/ffishing 14 3,258.0 1.59 Mining 21 9,332.7 4.55 Metalmining 12 8,712.0 4.25 Oil & gasextraction 8 587.3 0.29 Construction 20 6,877.4 3.35 Manufacturing 239 75,287.1 36.72 Foodand kindred products 24 2,943.4 1.44 Textilemill products 19 3,480.3 1.70 Apparel& finished textile products 16 5,579.4 2.72 Paper& allied products 11 1,830.2 0.89 Chemicals& alliedproducts 24 6,755.7 3.30 Petroleumrefining & alliedproducts 10 4,157.7 2.03 Rubber& misc.plastic products 13 6,404.9 3.12 Cement& cementproducts 20 10,998.5 5.36 Primarymetal industries 9 6,403.8 3.12 Fabricatedmetal products 15 2,778.6 1.36 Electrical& electronicequipment 18 9,678.8 4.72 Transportationequipment 22 7,213.0 3.52 Transport/communications/utilities 9 18,503.9 9.03 Communication 2 479.6 0.23 Electric,gas, and sanitary services 3 13,897.9 6.78 Wholesale/retailtrade 14 4,680.3 2.28 Finance/insurance/realestate 86 78,382.2 38.23 Banking 33 50,648.0 24.70 Creditagencies other than banks 19 10,214.0 4.98 Security& commoditybrokers 12 6,219.3 3.03 Insurance 10 8,395.1 4.09 Services 13 2,967.6 1.45 Hotel 10 2,503.0 1.22 Other/diversifiedholding companies 17 5,730.1 2.79

Total 433 205,019.3 100.00 a India:Indonesia; Korea; Malaysia; Pakistan; Philippines;Taiwan, China; and Thailand.

84 Emerging Stock Markets Factbook Principal Industries in the IFC Indexes Europe, Mideast and Africaa

(End 1990)

Market No. of capitalization Weight Sector stocks (US$ millions) (%)

Agriculture/forestry/fishing 1 44 4 0 20

Mining 6 679.9 3.07 Metalmining 4 476.8 215 Oil & gas extraction 0 0.0 0.00

Construction 2 158.7 0.72

Manufacturing 70 8,247.1 37.24 Foodand kindred products 11 969.7 438 Textilemill products 7 243.2 1.10 Apparel& finishedtextile products 1 3830 1 73 Paper& alliedproducts 5 1.0026 4.53 Chemicals& alliedproducts 7 297.0 1.34 Petroleumrefining & alliedproducts 3 146.4 0.66 Rubber& misc. plastic products 4 411.5 1.86 Cement& cementproducts 7 1,768.4 7.99 Primarymetal industries 3 925.9 4.18 Fabricatedmetal products 6 691.0 3.12 Electrical& electronicequipment 3 585.7 2.64 Transportationequipment 1 1562 0.71

Transport/communications/utilities 5 1.251.7 5 65 Communication 2 675.7 3.05 Electric,gas, and sanitaryservices 2 5553 2 51

Wholesale/retailtrade 7 415.0 1.87

Finance/insurance/realestate 37 9,241.9 41 73 Banking 22 7,364.7 33.26 Credit agenciesotherthan banks 7 1,101.8 4.98 Security& commoditybrokers 0 0.0 0.00 Insurance 2 8 5 0.04

Services 3 315.2 1.42 Hotel 2 158.3 0.71

Other/diversifiedholding companies 3 1,791.3 8.09

Total 134 22,145.2 100.00

Greece,Jordan, Nigeria, Portugal, Turkey and Zimbabwe.

Emerging Stock Markets Factbook 85 Regional Total Return Indexes, 1984-1990 (Index in US$; Dec 84=100) 700-

IFC Latin America 600- IFC Asia ......

500 - IFC Composite ------

400

300 ---- 0

200

020 100

Dec Dec Dec Dec Dec 84 Dec Dec 85 86 87 88 89 90

1984 1985 1986 1987 1988 1989 1990

Index IFCComposite 100.0 128.3 144.1 166.2 267.3 414.7 297.0 IFCLatin America 100.0 179.2 168.8 103.3 200.4 331.9 282.8 IFCAsia 100.0 98.1 134.9 193.6 354.9 557.0 346.7 S&P500 100.0 131.7 156.2 164.4 191.5 251.9 244.1 MSCIEAFE 100.0 156.7 266.3 332.7 427.9 474.1 364.1 FTEuroPac 100.0 157.8 267.8 339.0 436.2 485.2 369.6 Percent Change IFCComposite - 28.3 12.3 15.3 60.9 55.1 -28.4 IFCLatin America 1 79.2 -5.8 -38.8 94.1 65.6 -14.8 IFCAsia 1 -1.9 37.5 Pecn Chang 43.5 83.3 56.9 -37.8 S&P500 31.7 18.6 5.2 16.5 31.6 -3.1 MSCIEAFE 1 56.7 69.9 24.9 28.6 10.8 -23.2 FTEuroPac 1 57.8 69.7 26.6 28.7 11.3 -23.8 Rcgional Total Return Indexes, 1990 (In US$;Dec. 1984=100)

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

Index 288.2 258.5 275.0 289.4 297.0 IFCComposite 469.2 457.9 418.5 380.2 361.9 324.0 346.1 299.3 295.0 333.9 299.6 273.3 266.3 280.1 282.8 IFCLatin America 326.0 345.6 264.0 293.7 346.7 493.0 456.7 378.7 395.9 304.1 262.4 301.3 332.4 IFCAsia 653.1 626.9 574.8 244.1 244.5 238.6 261.3 259.7 259.0 235.3 224.0 223.3 237.4 S&P500 235.3 238.0 380.5 358.2 364.1 456.5 424.8 380.6 377.7 420.9 417.3 423.3 382.3 329.1 MSCIEAFE 385.9 331.0 386.7 362.5 369.6 FTEuroPac 466.6 433.5 388.8 382.8 426.7 421.9 429.2 Change Percent 6.8 -16.7 -10.3 6.4 5.2 2.6 IFCComposite 13.1 -2.4 -8.6 -9.2 -4.8 -10.5 1.9 -1.4 13.2 -10.3 -8.8 -2.6 5.2 1.0 IFCLatin America -1.8 6.0 -23.6 11.2 10.3 4.3 -8.3 -14.2 -7.4 -17.1 4.5 -23.2 -13.7 14.8 IFCAsia 17.3 -4.0 -0.3 6.3 2.8 1.1 2.7 -2.4 9.5 -0.6 -0.2 -9.1 -4.8 S&P500 -6.6 -13.9 15.6 -5.9 1.7 -3.7 -7.0 -10.4 -0.8 11.4 -0.9 1.4 -9.7 MSCIEAFE -10.1 -14.2 16.8 -6.2 1.9 FTEuroPac -3.8 -7.1 -10.3 -1.5 11.5 -1.1 1.7

Eli

CD nono c 0

00 X0 IFC Total Return Indexes, 1990 (In US$; Dec. 1984=100)

Market Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec w 7 LatinAmerica "TI Argentina 293.3 329.5 403.7 451.7 434.5 428.6 481.8 409.1 450.6 417.5 433.6 406.2 o: Brazil 190.9 199.0 86.2 119.3 99,7 100.6 133.8 115.9 96.7 69.7 72.8 65.3 Chile 1,110.1 1,266.6 1,275.1 1,249.3 1,193,8 1,256.7 1,246.6 1,192.3 1,180.4 1,143.4 1,296.0 1,471.4 8 Colombia 413.1 454.3 460.4 469.8 482.9 584.5 609.1 556.6 522.1 537.3 565.3 567.6 Mexico 793.0 826.1 834.8 860.2 1,015.3 966.2 1,044.8 942.8 858.6 963.6 990.7 1,002.8 Venezuela 81.9 95.4 142.1 167.4 180.9 182.5 236.1 344.3 406.8 472.0 531.9 631.9

EastAsia Korea 771.7 736.0 707.9 570.2 679.5 606.6 579.2 511.0 512.7 587.6 593.2 593.5 Philippines 2,300.8 2,261.9 2,365.6 2,092.4 1,860.7 1,994.4 2,016.8 1,638.0 1,158.1 1,120.0 1,138.8 1,171.6 Taiwan,China 1,888.6 1,796.4 1,597.4 1,381.1 1,075.0 790.9 858.8 565.8 433.0 527.0 677.3 715.1

SouthAsia India 217.8 216.6 237.3 236.8 241.2 251.9 318.2 365.1 387.1 352.0 320.5 287.2 Indonesiaa 111.3 126.2 149.9 145.2 144.2 141.5 142.1 135.7 108.9 97.8 92.4 100.1 Malaysia 185.3 198.2 188.6 168.6 190.8 188.4 205.8 177.8 152.6 163.1 158.4 173.0 Pakistan 188.9 188.4 191.7 185.2 181.1 189.1 196.1 195.9 197.8 205.6 206.4 206.4 Thailand 787.5 744.0 768.2 768.8 898.0 933.8 1,038.6 870.0 674.2 665.9 593.3 659.3

Europe/Mideast/Africa Greece 530.2 554.7 584.9 927.6 971.5 1,397.4 1,370.7 1,228.3 1,084.4 946.3 864.6 899.6 Jordan 128.0 121.3 124.0 128.3 129.3 132.8 130.3 113.6 113.6 114.0 114.9 118.6 Nigeria 52.8 54.6 55.2 56.3 60.7 65.9 67.6 69.1 70.1 72.2 70.0 72.0 Portugalb 1,094.4 1,085.9 1,053.9 1,100.4 1,123.6 1,123.7 1,117.7 1,029.9 917.3 951.7 874.9 837.8 Turkeyc 4,878.2 4,835.8 4,288.5 4,648.6 5,523.7 6,083.4 7,827.2 7,137.2 8,156.2 7,122.2 4,882.0 4,408.9 Zimbabwe 1,055.6 1,214.3 1,251.0 1,263.0 1,347.6 1,495.8 1,641.4 1,754.6 1,822.5 1,902.7 2,025.3 2,010.4

a Dec89=100. b Jan86=100. c Dec86=100. Percent Change in IFC Total Return Indexes, 1990

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

LatinAmerica 3.9 -6.3 Argentina -54.0 12.3 22.5 11.9 -3.8 -1.4 12.4 -15.1 10.1 -7.3 1.1 4.2 -56.7 38.3 -16.4 0.9 33.1 -13.3 -16.6 -27.9 4.5 -10.3 Brazil 13.3 13.5 Chile 5.8 14.1 0.7 -2.0 -4.4 5.3 -0.8 -4.4 -1.0 -3.1 10.0 1.3 2.0 2.8 21.0 4.2 -8.6 -6.2 29 5.2 0.4 Colombia 0.5 1.2 2.9 4.2 10 3.0 18.0 -48 8.1 -9.8 -8.9 12.2 2.8 Mexico 12.7 18.8 Venezuela -8.9 16.5 48.9 17.9 8.0 0.9 29.4 45.8 18.2 16.0

EastAsia 0.9 0.1 Korea -3.2 -4.6 -3.8 -19.4 19.2 -10.7 -45 -11.8 0.3 14.6 -1.7 4.6 -11.5 -11.1 7.2 1.1 -18.8 -29.3 -3.3 1.7 2.9 Philippines -3.0 28.5 5.6 Taiwan,China 30.8 -4.9 -11.1 -13.5 -22.2 -26.4 8.6 -34.1 -23.5 21.7

SouthAsia -10.3 -0.6 9.5 -0.2 1.8 4.5 26.3 14.8 6.0 -9.1 -8.9 -10.4 India -5.6 8.4 Indonesia 11.3 13.4 18.7 -3.1 -0.7 -1.8 0.4 -4.6 -19.7 -10.2 6.9 -4.8 -10.6 131 -1.2 9.2 -13.6 -142 6.9 -2.9 9.2 Malaysia 1.8 0.0 2.0 -0.3 1.7 -3.4 -22 4.4 3.7 -0.1 0.9 4.0 0.3 Pakistan -10.9 11.1 Thailand -3.8 -5.5 3.3 0.1 16.8 4.0 11.2 -16.2 -22.5 -1.2

Europe/Mideast/Africa 4.0 16.6 4.6 5.4 58.6 4.7 43.8 -1.9 -104 -11.7 -12.7 -8.6 Greece 0.8 3.2 Jordan 12.8 -5.3 2.3 3.4 0.8 2.7 -1.9 -12.8 0.0 0.4 2.2 1.5 3.0 -3.1 2.9 W Nigeria 3.2 3.5 1.2 1.9 7.8 8.6 2.5 4.4 2.1 0.0 -0.5 -7.9 -109 3.8 -81 -4.2 Portugal -5.8 -08 -2.9 -9.7 40.6 -0.9 -11.3 8.4 18.8 10.1 28.7 -88 14.3 -12.7 -31.4 Turkey -0.7 2.5 15.0 3.0 1.0 6.7 11.0 9.7 6.9 3.9 4.4 6.4 ru Zimbabwe

PO 0

00. o0 IFC Total Return Indexes, 1981-1990 2 (In US$; Dec. 1984=100) (b rioo-

Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

LatinAmerica Argentina 206.9 80.5 119.2 100.0 174.9 128.6 141.8 197.1 637.1 406.2 Brazil 48.5 41.7 65.0 100.0 195.0 148.0 54.8 126.5 188.8 65.3 Oav Chile 420.8 191.4 131.0 100.0 149.3 380.3 507.2 694.6 1,049.6 1,471.4 o Colombia - - - 100.0 88.8 227.0 409.4 359.4 411.1 567.6 Mexico 175.1 43.8 88.4 100.0 118.5 236.4 215.8 448.3 770.9 1,002.8 Venezuela - 100.0 73.4 115.5 176.5 134.7 89.9 631.9

EastAsia Korea 81.9 84.5 82.1 100.0 138.5 260.8 365.4 788.6 797.2 593.5 Philippines - - - 100.0 146.5 707.0 1,063.8 1,488.2 2,372.4 1,171.6 Taiwan,China - - - 100.0 110.4 164.9 364.7 725.1 1,444.0 715.1

SouthAsia India 103.8 101.4 102.9 100.0 205.1 199.3 168.8 232.2 242.8 287.2 Indonesiaa ------100.0 100.1 Malaysia - - 100.0 86.1 96.4 97.9 126.5 182.1 173.0 Pakistan - 100.0 117.8 142.3 151.8 174.0 185.3 206.4 Thailand 61.3 82.8 101.0 100.0 102.0 183.6 253.2 360.7 818.7 659.3

Europe/Mideast/Africa Greece 251.0 250.4 117.2 100.0 103.4 157.7 397.8 252.4 454.8 899.6 Jordan 124.1 122.6 113.9 100.0 148.4 143.2 136.6 115.0 113.5 118.6 Nigeria - - - 100.0 105.0 45.4 39.4 42.2 51.1 72.0 Portugal- - - - - 309.0 1,107.0 828.9 1,161.2 837.8 Turkeyc - - - - 100.0 453.0 287.2 3,469.1 4,408.9 Zimbabwe 209.9 120.2 106.9 100.0 253.9 300.5 585.0 731.8 1,030.0 2,010.4

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

.. .. . (t

Percent Change in IFC Total Return Indexes, 1981-1990

Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

LatinAmerica Argentina -46.2 -61.1 48.1 -16.1 74.9 -26.5 10.2 39.0 223.2 -36.3 Brazil 34.4 -14.0 56.0 53.8 95.0 -24.1 -63.0 130.9 49.2 -65.4 Chile -42.3 -54.5 -31.5 -23.7 49.3 154.8 33.3 37.0 51.1 40.2 Colombia - - - - -11.3 155.8 80.4 -12.2 14.4 38.1 Mexico -45.9 -75.0 101.6 13.1 18.5 99.6 -8.7 107.7 71.9 30.1 Venezuela - - - - -26.6 57.4 52.8 -23.7 -33.3 603.2

EastAsia Korea 41.8 3.1 -2.9 21.8 38.5 88.3 40.1 115.8 1.1 -25.5 Philippines - - - - 46.5 382.6 50.5 39.9 59.4 -50.6 -50.5 Taiwan,China - - - - 10.4 49.3 121.1 98.8 99.2

SouthAsia India 29.5 -2.4 1.5 -2.8 105.1 -2.8 -15.3 37.6 4.6 18.3 Indonesia ------0.1 Malaysia - - - -13.9 11.9 1.6 29.2 43.9 -5.0 11.4 Pakistan - - - - 17.8 20.8 6.7 14.6 6.5 Thailand -15.7 35.1 22.1 -1.0 2.0 79.9 37.9 42.5 126.9 -19.5

Europe/MideastVAfrica Greece -30.6 -0.2 -53.2 -14.7 3.4 52.5 152.2 -36.6 80.2 97.8 Jordan 52.2 -13 -7.1 -12.2 48.4 -3.5 -4.5 -15.8 -1.3 4.4 40.9 Nigeria - - - - 5.0 -56.7 -13.2 7.0 21.1 Portugal - - - - 22.4 258.2 -25.1 40.1 -27.8 on Turkey ------353.0 -36.6 1,107.7 27.1 Zimbabwe -63.0 -42.7 -11.0 -6.5 153.9 18.4 94.7 25.1 40.8 95.2

- Not available.

'o7 0

C CorrelationCoefficient Matrix of IFC Indexes

The correlation coefficient describes variables move precisely in opposite direc- how closely a series of numbers moves tions all the time. together with other series over time. The coefficient ranges from -1 to + 1. A coeffi- Investors seeking to diversify their port- cient of +1 indicates that two series always folios often look for industries or countries change at the same time and in the same pro- that have low or negative correlations with portions. A coefficient of 0.0 indicates the the rest of the portfolio in the expectation that variables are unrelated and, at the other ex- increases in one part of the portfolio will off- treme, a coefficient of -1 indicates that two set decreases in another.

Correlations with the S&P 500, 1985-1990 Total Return Indexes

Arg - Bra- Chi -

mId - 0.11

Kor-

Ma!- 0.66 Mex ------h-a------0g i2I-1l - i-- a -a - I------TurPh i ------2 ------PorCV en --- -. ------Tai Tha-04 Tur-

Ven----

-0.2 0 0.2 0.4 0.6 0.8 Correlationcoefficient

92 Emerging Stock Markets Factbook , ;,~~~~~~~~~~~~~~~~~~~~~~

Correlation Coefficient Matrix of Total Return Indexes (Five Years Ending December 1990)

USA 1.00 EAPE 0.45 1.00, RTEP 0.45 1.5 100 IFCr, 0.37 0.26 0.27 1.00 IFCL: 0.31 0.20 0.21 0.67 1.00 IFCA 0.36 0.26 0.27 0.89 0.33 1.00 Arg 0.03 -0.14 -0.14 0.00 -0.04 -0.03 1.00 Bra 0.03 0.10 0.11 0.40 0.81 0.11 -0.21 1.00 Chi 0.34 0.07 0.08 0.44 0.36 0.37 -0.08 0.09 1.00 Col 0.16 0.12 0.12 0.09 0.06 0.06 -0.14 0.04 0.42 1.00 Gte 0.13 0.5 0.07: 0.00 ;0.03 -0.04 040 0.01 0.14 0.33 1,00 In~d -0.1 -0.18 -0.18 -0.05 -0.02 -0.16 0.31 -0.03 -0.07 -0.08 -003 1,00 Idri 0.20 -411 -0.11 5.22 -0.15 0.19 -0.57 -0.16 5.42 0,23 0.20 -0.07 1 00 jor (o 53-0.001'0010.14 3 0.19 0.03 -0.13 -0,14 -. 01 0142 0.0 -0.08. 0.24 1,05.. -6,20 1.00 Kor .0.30 0,34 0.36 0.20 047 0.21 0.17 0.06 0,06 000 -0.27 -011 -016 Mal 0.66 0.37 0.37 0.44 0.29 0.50 0.00 0.07 0.25 0.01 0.02 -0.03 0.37 0.03 0.19 1.00 Mex 0.46 0.20 0.20 0.48 0.37 0.48 0.11 -0.08 0.35 0.07 0.16 0.04 0.18 -0.07 0.22 0.45 1.00 mig 0.07 0.04 0.05 -0.14 -0.02 -0.23 0.11 0.03 0.05 0.08 0.13 0.03 0.9 -0.10 003 -0.21 -0.14 1.00 Pak -0.17 0.10 0.10 0.01 -0.03 0.01 0.10 -0.04 0.06 0.18 -0.11 0.22 -003 0.07 0.12 -0.10 0.04 001 1.00 Phi 0.28 0,32 0.32 0.13 0.0 0.15 -0.15 0.11 0.23 0.11 0.05 -0.10 0.63 0.15 0.26 0.26 0.07 0.07 0.01 1Z0 .- -0.02 005 0.22 0.39 -0.23 0.09 004 1.00 Por -0.17 0:36 0.37 0.3 0.2 032 -0.01 0.09 0.21 0.3 0.42 5.12 0.16 Tat 1 019 01 0,82 5,27 0. 1 -0.1 0,03 076 0.14 0,04 .14 5.19 0,09 -0.03 0.24 5.3 -0.23 0.02 5,02 0,39 0.0 Tha 0,43 0.39 0.39 .46 0.27 '0.49 0.15 0,0 029 0.15 5.28 -0.03 0.45 .0W 0,01 0,~52 046 -0,10 0.14 0,23 0.40 0,43 1,00 00 0.03 5,25 0.26 0.14 0,20 016 0.09 .020 0.14 0.2 0.06 -011; -007 0,24 0.20- 0,14 0.05. -004 17T- 0,09 0,18 1.00 Tor., -0,03 1.00 Vef! -010 -023- -0.23 -0,35 -030 -0,30 003 -0.31 -0.2.0 -0,14 -010 0.17 0,13 -005 -0.10 -0,13 -0,12. -001 0.06 -0,24 -0.08 -0.27 -0.25 -0,17 on zim -0.32 -005 -0.44 .23 -0.19 -020 -0.24 -0:06 0.50 0.20 0.05 0,.12 0,05 .12 -0.17 ~4 I 11-0 4 0.2 0.17 -0.01 0.15 -0.08 -011 5.00 0.02 1.00 Tur Ven Zim USA EAFE FTEP IFCC IFCL IFCA Arg Bra Chi Col Gre Ind Idn Jor Kor Mal Mex Nig Pak Phi Por Tai Tha

Notes: * S&P500 for USA,MSCI for EAFE(Europe, Australia and Far East), and FT-Actuaries for FTEP(FT EuroPacific). CD Portugalstarts January 1986, Turkey starts December 1986, and Indonesia starts December 1989.

0 Standard Deviation of Total Return Indexes

The standard deviation is used here to It does not indicate whether the changes measure the volatility of changes in the in- themselves are large or small; rather, it indi- dexes. If, for example, an index consistently cates whether the changes are consistently of increases about 5% every month, then the a similar magnitude over time. standard deviation would be low. It would be similarly low if the index changed 100%every The standard deviations shown here are month. If changes in the index vary widely derived from monthly percent changes in from month to month (ranging from 20% in monthly total return indexes. some months to +100% in other months, for example) the standard deviation would be larger.

Standard Deviations of Total Return Indexes (Five Years Ending December 1990)

Numberof Standard Meanof Market months deviation %changes

LatinAmerica Argentina 60 31.68 5.17 Brazil 60 22.94 0.81 Chile 60 8.20 4.21 Colombia 60 6.45 3.33 Mexico 60 15.79 5.08 Venezuela 60 13.66 4.44 EastAsia Korea 60 8.80 2.82 Philippines 60 12.66 4.27 Taiwan,China 60 17.94 4.74 SouthAsia India 60 8.87 0.94 Indonesiaa 12 10.81 0.55 Malaysia 60 8.49 1.54 Pakistan 60 3.06 0.98 Thailand 60 9.45 3.62 Europe/Mideast/Africa Greece 60 15.29 4.68 Jordan 60 5.06 -0.25 Nigeria 60 11.40 0.16 Portugal5 59 16.52 4.84 Turkeyc 48 32.58 11.75 Zimbabwe 60 5.72 3.66 IFCRegional Indexes Composite 60 8.08 1.74 LatinAmerica 60 13.43 1.66 Asia 60 9.90 2.63 DevelopedMarkets U.S.A.(S&P 500) 60 5.43 1.18 EAFE(MSCI) 60 6.58 1.63 EuroPac(FT-Act) 60 6.71 1.65 a SinceDecember 1989. b SinceJanuary 1986. c SinceDecember 1986.

94 Emerging Stock Markets Factbook 1, o

Highs and Lows of IFC Total Return Indexes (In US$; Since December 1984)

Highest Lowest Percent Percent changeto changeto Market Date Level endof 1990 Date Level endof 1990

LatinAmerica Argentina Jun 1989 678.3 -40.1 May1985 39.9 918.1 Brazil Apr 1986 316.7 -79.4 Dec1987 54.8 19.2 Chile Dec 1990 1,471.4 0,0 Feb 1985 97.9 1,403.2 Colombia Jul 1990 609.1 -6.8 Oct 1985 81.5 596.4 Mexico Jul 1990 1,044.9 -4.0 Jul 1985 86.3 1,062.4 Venezuela Dec 1990 631.9 0.0 Feb 1986 63.4 896.9 EastAsia Korea Mar 1989 867.6 -31.6 May1985 90.0 559.2 Philippines Nov1989 2,741.2 -57.7 Dec1984 100.0 1,060.5 Taiwan,China Jan 1990 1,888.6 -62.1 Jul 1985 74.2 864.0 SouthAsia India Sep 1990 387.2 -25.8 Dec1984 100.0 187.2 Indonesia0 Mar 1990 149.9 -33.2 Nov1990 92.4 8.4 Malaysia Jul 1990 205.8 -15.9 Apr 1986 67.2 157.4 Pakistan Dec1990 206.4 0.0 Feb 1985 98.3 110.0 Thailand Jul 1990 1,038.6 -37.0 Jan 1985 96.7 581.6 Europe/Mideast/Africa Greece Jun 1990 1,397.4 -35.6 Oct 1985 91.8 880.0 Jordan Oct 1985 154.3 -23.1 Jan 1985 95.1 24.7 00- 33.5 115.1 G'Q Nigeria Apr 1986 117.3 -38.6 Mar 1989 Portugalb Sep1987 2,346.9 -64.3 Jan 1986 100.0 737.8 Turkeyc Sep1990 8,156.2 -45.9 Dec1986 100.0 4,308.9 Zimbabwe Nov1990 2,025.3 -0.7 Dec 1984 100.0 1,910.4 IFCRegional Indexes Composite Jan 1990 469.2 -36.7 Apr 1985 95.4 211.1 LatinAmerica Feb 1990 345.6 -18.2 Apr 1985 76.1 271.4 Asia Jan 1990 653.1 -46.9 Aug 1985 92.5 274.8

8) a SinceDecember 1989. t' tSince January1986. SinceDecember 1986. u' Regional Price Indexes, 1984-1990 o ~~~~~(Indexin US$; Dec 84=100) 600

3b - IFC Latin America

IFC Composite

0~~~~~~0

0~~~~~0

100

Dec Dec Dec Dec Dec Dec Dec 84 85 86 87 88 89 90

1984 1985 1986 1987 1988 1989 1990

Index IFCComposite 100.0 121.6 129.2 137.8 208.5 305.9 209.6 IFCLatin America 100.0 166.5 150.0 86.3 152.8 231.6 186.9 IFCAsia 100.0 94.5 121.4 164.9 289.6 439.4 266.7 S&P500 100.0 126.3 144.8 148.2 166.1 211.3 197.5 FT-100 100.0 143.2 173.7 224.9 226.6 274.4 290.3 Japan,Nikkei 100.0 143.6 237.2 412.0 538.5 604.2 391.9 MSCIEAFE 100.0 153.0 255.2 314.3 398.1 434.8 327.4 FTEuroPac 100.0 151.6 252.1 314.2 397.5 435.4 324.5 PercentChange IFCComposite - 21.6 6.2 6.7 51.3 46.7 -31.5 IFCLatin America - 66.5 -9.9 -42.4 77.0 51.5 -19.3 IFCAsia -5.5 28.4 35.8 75.7 51.7 -39.3 S&P500 - 26.3 14.6 2.3 12.0 27.3 -6.6 FT-100 - 43.2 21.3 29.5 0.8 21.1 5.8 Japan,Nikkei - 43.6 65.2 73.7 30.7 12.2 -35.1 MSCIEAFE - 53.0 66.8 23.2 26.7 9.2 -24.7 FTEuroPac - 51.6 66.4 24.6 26.5 9.5 -25.5 Regional Price Indexes, 1990 (In US$; Dec. 1984=100)

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

Index IFCComposite 345.7 336.9 307.1 277.1 263.0 234.3 250.0 207.4 183.7 194.9 204.5 209.6 IFCLatin America 226.5 238.1 180.5 199.4 202.1 198.8 224.3 200.5 182.3 176.6 185.2 186.9 IFCAsia 514.9 494.0 452.1 386.4 357.6 295.9 309.0 236.1 203.1 232.6 255.8 266.7 S&P500 196.8 198.5 202.5 197.8 216.0 214.1 213.0 192.9 183.0 181.8 192.7 197.5 FT-100 275.4 265.8 259.8 242.3 276.0 291.4 304.4 287.5 261.8 280.1 292.9 290.3 Japan,Nikkei 574.7 518.3 422.9 419.4 485.7 468.3 475.0 402.5 338.1 432.5 377.9 391.9 MSCIEAFE 418.2 388.6 347.6 344.4 383.3 379.4 384.2 346.4 297.6 343.5 322.7 327.4 FTEuroPac 418.1 387.9 347.3 341.4 379.9 375.0 380.8 341.8 292.6 341.0 319.0 324.5

Percent Change IFCComposite 13.0 -2.5 -8.9 -9.8 -5.1 -10.9 6.7 -17.0 -11.4 6.1 5.0 2.5 IFCLatin America -2.2 5.1 -24.2 10.4 1.4 -1.6 12.8 -10.6 -9.1 -3.1 4.9 0.9 IFCAsia 17.2 -4.1 -8.5 -14.5 -7.4 -17.3 4.4 -23.6 -14.0 14.5 10.0 4.2 S&P500 -6.9 0.9 2.1 -2.3 9.2 -0.9 -0.5 -9.4 -5.1 -0.7 6.0 2.5 FT-100 0.3 -3.5 -2.2 -6.7 13.9 5.6 4.5 -5.6 -8.9 7.0 4.6 -0.9 Japan,Nikkei -4.9 -9.8 -18.4 -0.8 15.8 -3.6 1.4 -15.3 -16.0 27.9 -12.6 3.7 MSCIEAFE -3.8 -7.1 -10.5 -0.9 11.3 -1.0 1.3 -9.8 -14.1 15.4 -6.1 1.5 FTEuroPac -4.0 -7.2 -10.5 -1.7 11.3 -1.3 1.5 -10.3 -14.4 16.6 -6.5 1.7

-i

5, 0 g 07 IFC Price Indexes, 1990 (In US$; Dec. 1984=100)

0 on

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

LatinAmerica 'Tt Argentina 193.0 216.9 263.7 295.1 282.8 276.7 311.1 264.1 290.9 269.5 278.4 2608 o Brazil 129.3 132.2 56.7 78.4 65.4 65.9 87.5 75.1 62.0 44.6 46.5 41.7 Chile 649.7 741.1 744.7 709.9 674.1 709.4 760.2 666.8 658.8 634.6 716.1 811.1 o Colombia 232.4 254.3 254.9 257.3 262.6 316.5 326.9 296.7 277.1 282.4 295.2 294.6 Mexico 594.8 619.6 620.9 637.0 746.2 708.0 763.9 688.8 627.0 696.0 716.0 724.5 Venezuela 68.0 79.0 116.9 137.5 148.3 149.2 192.8 280.9 331.2 376.2 423.7 503.3 EastAsia Korea 451.9 430.5 413.6 331.1 394.3 351.9 335.7 295.5 296.4 339.5 342.6 342.7 Philippines 1,833.8 1,802.8 1,883.9 1,666.6 1,481.8 1,586.8 1,600.2 1,299.7 917.6 887.2 902.1 918.2 Taiwan,China 1,699.8 1,616.8 1,435.5 1,239.5 964.8 709.8 770.7 507.6 388.0 472.1 606.4 640.1 SouthAsia India 182.2 181.1 198.4 197.9 201.5 208.8 263.7 302.3 318.7 289.4 263.5 236.0 Indonesiaa 110.7 125.5 149.0 144.4 143.3 138.3 138.7 132.1 106.0 95.2 89.9 97.5 Malaysia 154.6 164.9 156.6 138.6 156.1 153.4 166.8 143.3 120.9 127.2 120.9 132.0 Pakistan 121.3 120.9 121.2 115.8 113.1 116.4 119.7 119.6 120.2 124.8 124.3 122.9 Thailand 387.8 365.5 371.0 368.8 430.2 438.8 485.5 391.6 303.1 299.4 266.6 295.2 Europe/Mideast/Africa Greece 326.8 341.9 360.2 560.4 586.9 841.5 838.3 749.9 658.6 574.7 525.1 531.1 Jordan 103.8 98.3 96.4 98.3 99.1 101.8 99.8 86.9 87.0 87.3 87.9 90.8 Nigeria 34.8 35.7 36.1 36.6 37.7 40.0 40.9 41.6 42.1 43.2 41.5 42.3 Portugalb 613.6 608.8 582.3 585.0 593.9 588.2 583.3 537.4 478.7 494.8 454.9 435.6 Turkeyc 339.2 336.2 298.2 289.9 319.5 326.6 420.3 382.9 334.5 292.1 200.3 180.8 Zimbabwe 625.9 717.8 729.0 736.0 783.4 860.9 935.5 995.4 1,029.1 1,074.4 1,140.0 1,121.6

a Dec89=100. b Jan86=100. c Dec86=100. Percent Change in IFC Price Indexes, 1990

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

LatinAmerica Argentina -54.0 12.3 21.6 11.9 -4.1 -2.2 12.4 -15.1 10.2 -7.3 3.3 -6.3 Brazil 0.5 2.3 -57.1 38.2 -16.5 0.8 32.7 -14.1 -17.4 -28.0 4.2 -10.4 Chile 5.0 14.1 0.5 -4.7 -5.0 5.2 -13 -4.8 -1.2 -3.7 12.8 13.3 Colombia -0.1 9.4 0.2 0.9 2.0 20.5 3.3 -9.2 -6.6 1.9 4.5 -0.2 Mexico 2.8 4.2 0.2 2.6 17.1 -51 7.9 -9.8 -9.0 11.3 2.6 1.2 Venezuela -9.2 16.1 47.9 176 7.9 0.5 29.2 45.8 17.9 13.6 12.6 18.8

EastAsia Korea -3.3 -4.7 -3.9 -19.9 19.1 -10.7 -4.6 -12.0 0.3 14.5 0.9 0.0 Philippines -4.9 -1.7 4.5 -11.5 -11.1 7.1 0.8 -18.8 -29.4 -3.3 1.7 1.8 Taiwan,China 30.7 -4.9 -11.2 -13.7 -22.2 -26.4 8.6 -34.1 -23.6 21.7 28.4 5.6

SouthAsia India -10.3 -0.6 9.5 -0.3 1.8 3.6 26.3 14.6 5.4 -9.2 -9.0 -10.4 Indonesia 10.7 13.4 18.7 -3.1 -0.8 -3.4 0.3 -4.8 -19.8 -10.2 -5.6 8.4 Malaysia 1.8 6.7 -5.0 -11.5 12.7 -1.8 8.8 -14.1 -15.6 5.2 -4.9 9.2 Pakistan 1.8 -0.3 0.2 -4.5 -2.3 2.9 2.9 -0.1 0.5 3.8 -0.4 -1.1 Thailand -4.1 -5.7 1.5 -0.6 16.6 2.0 10.6 -19.3 -22.6 -1.2 -10.9 10.7

Europe/Mideast/Africa Greece 16.6 4.6 5.4 55.6 4.7 43.4 -04 -10.5 -12.2 -12.7 -8.6 1.1 Jordan 12.8 -5.3 -2.0 2.0 0.8 2 7 -1.9 -12.9 0.0 0.4 0.7 3.2 Nigeria 1.7 2.5 1.2 1.5 3.0 5 9 2.3 1.8 1.1 2.6 -3.8 1.9 Portugal -6.2 -0.8 -4.3 0.5 1.5 -1.0 -0.8 -7.9 -10.9 3.4 -8.1 -4.2 Turkey 40.6 -0.9 -11.3 -2.8 10.2 2.2 28.7 -8.9 -12.6 -12.7 -31.4 -9.7 Zimbabwe 2.5 14.7 1.6 1.0 6.4 9.9 8.7 6.4 3.4 4.4 6.1 -1.6

C) 0

-n - 0

0 o0 IFC Price Indexes, 1981-1990 Ccl (In US$; Dec. 1984=100)

no_

Market 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

(D LatinAmerica Argentina 225.3 85.8 124,1 1(00.0 174.5 127.9 136.5 177.7 419.4 260.8 ,TI Brazil 72.7 54.0 70.9 100.0 181.3 132.4 45.2 92.3 128.6 41.7 Chile 486.3 209.3 139.0 100.0 135.5 317.6 374.1 457.0 618.8 811.1 o Colombia - - - 100.0 74.9 165.3 268.4 219.7 232.6 294.6 °r Mexico 266.3 55.3 102.1 100.0 107.8 195.6 175.0 347.3 578.7 724.5 Venezuela - - - 100.0 70.2 108.4 157.6 115.8 74.9 503.3

EastAsia Korea 113.2 108.4 92.7 100.0 127.4 202.9 245.4 482.1 467.3 342.7 Philippines - - 100.0 132.6 613.7 900.5 1,224.3 1,927.9 918.2 Taiwan,China - - 100.0 106.9 156.6 338.9 665.6 1,300.3 640.1

SouthAsia India 116.3 109.1 106.9 100.0 199.9 188.6 152.6 200.5 203.1 236.0 Indonesia ------100.0 97,5 Malaysia - - - 100.0 84.6 91.4 89.1 108.9 151.8 132.0 Pakistan - - - 100.0 107.7 119.2 119.1 122.0 119.1 122.9 Thailand 98.1 106.7 112.9 100.0 87.5 130.7 166.9 218.2 404.4 295.2

Europe/Mideast/Africa Greece 338.0 310.8 132.7 100.0 91.5 129.0 304.5 167.9 280.3 531.1 Jordan 138.4 131.8 118.4 100.0 144.0 135.6 125.0 96.1 92.1 90.8 Nigeria - - - 100.0 95.4 38.3 32.0 31.0 34.2 42.3 Portugal - - -- - 267.4 733.0 499.7 654.4 435.6 Turkeyc - - - 100.0 246.1 60.3 241.2 180.8 Zimbabwe 350.7 166.7 129.7 100.0 235.4 248.5 427.9 487.4 610.7 1,121.6

- Not available. a Dec89=100. b Jan86=100. Dec86=100.

.~~~~~~ ~ (. f e ~* . a

Percent Change in JFC Price Indexes, 1981-1990

1987 1988 1989 1990 Market 1981 1982 1983 1984 1985 1986

LatinAmerica 136.1 -37.8 -56.1 -61.9 44.7 -19.4 74.5 -26.7 6.7 30.1 Argentina -65.9 104.3 39.3 -67.6 Brazil 12.4 -25.8 31.3 41.1 81.3 -27.0 -33.6 -28.0 35.5 134.4 17.8 22.2 35.4 31.1 Chile -44.1 -57.0 5.8 26.7 - - - -25.1 120.7 62.3 -18.1 Colombia 66.6 25.2 -49.4 -79.2 84.6 -2.1 7.8 81.4 -10.5 98.4 Mexico 54.4 45.4 -26.5 -35.3 571.7 Venezuela - - - - -29.8

EastAsia -3.1 -26.7 25.5 -4.3 -14.4 7.8 27.4 59.3 21.0 96.4 Korea 362.7 46.7 35.9 57.5 -52.4 Philippines - - - 32.6 46.4 116.4 96.4 95.3 -50.8 Taiwan,China - - - - 6.9

SouthAsia 1.3 16.2 23.6 -6.1 -2.0 -6.4 99.9 -5.7 -19.1 31.4 India - - - - -2.5 Indonesiaa - - - - - 22.1 39.4 -13.1 - - - - -15.4 8.1 -2.5 Malaysia 2.5 -2.4 3.2 - - - - 7.7 10.8 -0.1 Pakistan 27.6 30.8 85.3 -27.0 Thailand -29.5 8.7 5.9 -11.4 -12.5 49.5 Europe/Mideast/Africa -57.3 -24.6 -8.5 40.9 136.1 -44.8 66.9 89.5 Greece -35.3 -8.0 -1.4 -4.8 -10.1 -15.5 44.0 -5.9 -7.8 -23.1 -4.2 Jordan 48.9 10.2 23.8 - - - -4.6 -59.9 -16.5 -3.0 Nigeria - -33.4 5 - - - 59.2 174.1 -31.8 30.9 Portugal - - -25.0 - - - 146.1 -75.5 300.1 Turkeyc 25.3 83.7 Zimbabwe -67.2 -52.5 -22.2 -22.9 135.4 5.6 72.2 13.9 r4

-Not available. a Dec89=1 00- I b Jan 86=100.

a c Dec 86=100- o Correlation Coefficient Matrix of Price Indexes (Five Years Ending December 1990)

IFCC 0.82 0.1.00 3 .6 0 8 1 IFCL 0.30.2450,0.1 0 011.00 06 IFAF 0.44 0.40 0.49 02 .7 1.00.9 03 ArgTE 0,02 -0.048 0.540.14.00 1 -001.00 00 O BraCikf ; In; 0.360.201A 0.410109C;;i -0.10.32 -0,11S0.26 -0.10.28 030.24 -0.08 0;21.00.1 -0.001 -01 0.41 0.0 0,1 -0,0 .E 1.00

JoIFC 0.01 0.06 0.06 0.16 0.15 0.020.1 00 -01 -05 -. 2 012 .9 -. 1 IFor 0.30 0.25 0.17 0.20 0.21 0.66 -. 1 00 01 01 -. 21.00 013 .0 ° KoFC 0.35 0.33 0.39 0.33 0.35 0.20 01 0.0-.6 00 0.6 00201 .9-.1 01 KorC 0.35 0.40 0.37 0.26 0.27 0.89 0.33 02 01 .7 .6-.2-.7 1.00027 01201 01014 0201.0002 MFAl 0.64 0.68 0.38 0.37 0.31 0.45 0.27 053003.7 02 .2 1.00.2 -. 2 04 .2 02 Mal 0.62 -0.04 -0.14 -0.14 -0.14 0.00 -0.2703 5 1.00200 7 -0.0302 .2 00 .2 10 Mra 0.043 0.00 0.11 0.10 0.11 0.38 0.81 0.18 Ol-.0 1.00.503 00-0.19 .6 00 .0 .0 Nig 0.07 -0.26 -0.14 0.05 0.06 -0.43, 0.036-. 3 -0.0801 0.35 0 000,08-0121.00 003-023-01

Phor 0.27 0.24 023 0.316 0.32 0.13 -0.07 0.04 -0.14 -0.11 -0.22 0.09 0.14 -0.09 0.6013 .023 0~0Q 1.00 00 00 Veng 0.0 Por 01 -0.014.8 0.3 -0.6 02 0.0580.39 .0.3-0.04 70. -0.16 -0.030.0129333 -0.230.28 0.190.11 0.302.40.30 0.00.02 -0.13 -0.00.10 0.15 0.12 0.0 -0.150.08 -0.12 -0.200-00.27030.03 -0.23 -0.01-0.14 1.001.00 ZakTal .0,14-0.22 -0.010.21 -o:io00.000.238 0.090.18 0.090.1911 0.82 -000.26 -0.2010.91 -0.010.11 -0.110.08 0.354 0.14 0.000.02 -0.14 0.42 C00 2 -0.00.206 -001V1.~00 0.30 3 -008202 0 .2 04 0 1.00 Thex 0.45 .0.39 0.235 0.18 0.38. 0.48 0.25 0.52 0.09 -0.105 .0.25 0.18 0.22 0.05 0.43 C0.09 0.201 0l.4 04501 .6 1.002 .5 04 Mer 0.43 0.39 0.23 0.19 0.19 0.48 0.36 0.48 0.11 -0.10 0.35 0.08 0.16 0.05 0.20 -0.09 0.203 0.345 03 .4 00 .7 1.0003 .6 02

Tur 0.13 0.11 0.20 0.10 0.1.0 0.33 0.26 0.25 0.23 0.11 0.17 0.10 0.25 0.08 0.31 -0.09 0.03 0.34 0.33 0.14 0.06 0.17 0.32 0.16 0.28 1.00 Ven -0.10 -0.11 -0.28 -0.23 -0.24 -0.35 -0.30 -0.29 0.04 -0.30 -0.19 -0.15 -0.10 0.17 0.15 -0.07 -0.17 -0.13 -0.12 0.01 0.02 -0.24 -0.07 -0.27 -0.25 -0.12 1.00 Zim -0.34 -0.22 -0.23 -0.04 -0.03 -0.23 -0.20 -0.20 -0.27 -0.07 -0.01 0.23 0.06 0.11 0.00 0.10 -0.20 -0.14 -0.10 -0.01 0.22 -0.04 0.10 -0.07 -0.12 -0.08 0.03 1.00 USA UK Jpn EAFEFTEP IFCC IFCL IFCA Arg Bra Chi Col Gre Ind Idn Jor Kor Mal Mex Nig Pak Phi Por Tai Tha Tur Ven Zim

Notes: * S&P500 for USA,Nikkei for Japan,MSCI for EAFE (Europe, Australia and Far East), and FT-Actuaries forFTEP(FT EuroPacific). * Portugalstarts January 1986, Turkey starts December 1986, and Indonesia starts Decernber 1989.

4~ ~~ ~ ~~ ~ ~ ~ i v Standard Deviation of Price Indexes

(Five Years Ending December 1990)

Number of Standard Meanof Market months deviation % changes

LatinAmerica Argentina 60 31.69 4.42 Brazil 60 22.81 018 Chile 60 8.34 3.36 Colombia 60 6.41 2.50 Mexico 60 15 83 469 Venezuela 60 13.67 4.14

EastAsia Korea 60 8.92 2.05 Philippines 60 12.64 4.04 Taiwan,China 60 17.92 4.60

SouthAsia India 60 8.89 0.65 Indonesiaa 12 10.81 0.32 Malaysia 60 8.65 1.13 Pakistan 60 2.83 0.26 Thailand 60 9.20 2.48

Europe/MideastVAfrica Greece 60 1519 398 Jordan 60 5 08 -0.64 Nigeria 60 1130 -0.57 Portugalb 59 16.68 3.75 Turkeyc 48 22.64 3.49 Zimbabwe 60 5 78 2.80

IFCRegional Indexes Composite 60 8.08 1.24 LatinAmerica 60 1334 1 08 Asia 60 9.88 2.25

DevelopedMarkets U.S.A.(S&P 500) 60 5.47 0.90 U.K. (FT-100) 60 619 0.90 Japan(Nikkei) 60 6.73 1.26 EAFE(MSCI) 60 6.57 1.49 EuroPac(FT-Act) 60 6 70 1.50

a SinceDecember 1989. h SinceJanuary 1986. c SinceDecember 1986.

Emerging Stock Markets Factbook 103 8 Highs and Lows of IFC Price Indexes (In US$; Since December1984) oci

Highest Lowest Percent Percent changeto changeto Market Date Level endof 1990 Date Level endof 1990

LatinAmerica Argentina Jun 1989 567.1 -54.0 May1985 39.9 554.1 Brazil Apr 1986 290.2 -85.6 Dec1990 41.7 0.0 Chile Dec1990 811.1 0.0 Feb 1985 96.8 737.9 Colombia Jul 1990 326.9 -9.9 Oct 1985 71.0 314.7 Mexico Sep1987 787.7 -8.0 Jul 1985 81.2 792.6 Venezuela Dec1990 503.3 0.0 Feb 1986 60.5 731.9 East Asia Korea Mar 1989 519.5 -34.0 May1985 82.8 314.1 Philippines Nov1989 2,232.1 -58.8 Dec1984 100.0 819.2 Taiwan,China Jan 1990 1,699.8 -62.3 Jul 1985 71.9 790.1 SouthAsia India Sep1990 318.7 -25.9 Dec1984 100.0 136.0 Indonesiaa Mar 1990 149.0 -34.6 Nov1990 89.9 8.4 Malaysia Jul 1990 166.9 -20.9 Apr 1986 65.0 102.9 Pakistan Mar 1989 132.9 -7.5 Feb 1985 96.7 27.2 Thailand Jul 1990 485.5 -39.2 May1986 83.3 254.2 Europe/Mideast/Africa Greece Jun 1990 841.5 -36.9 Oct 1985 81.3 553.6 Jordan Oct 1985 154.3 -41.2 May1989 85.1 6.7 Nigeria Apr 1986 103.7 -59.2 May1989 24.1 75.7 Portugalt Sep1987 1,907.6 -77.2 Jan 1986 100.0 335.6 Turkeyc Aug1987 461.2 -60.8 Jan 1989 57.3 215.8 Zimbabwe Nov1990 1,140.0 -1.6 Dec1984 100.0 1,021.7 IFCRegional /ndexes Composite Jan 1990 345.7 -39.4 Apr 1985 93.3 124.5 LatinAmerica Apr 1989 248.6 -24.9 Apr 1985 74.0 152.6 Asia Jan 1990 514.9 -48.2 Aug1985 89.2 198.9

a SinceDecember 1989. o SinceJanuary 1986. c SinceDecember 1986.

.h~~~~~~~~~~~~~~~I * Weekly IFC Price Indexes, January-March 1990 (In US$; Dec. 1984=100)

Jan Feb Mar Markets 5 12 19 26 2 9 16 23 2 9 16 23 30

LatinAmerica Argentina 317.0 211.8 223.2 191.3 186.2 207.0 236.7 212.5 2133 224.2 209.3 174.7 256.1 Brazil 139.0 139.1 139.3 135.1 133.5 151.5 149.3 131.2 137.2 119.8 113.5 71.3 54.6 Chile 654.1 667.7 656.3 650.5 657.8 651.1 650.7 688.5 767.8 757.5 769.1 760.0 745.3 Colombia 223.9 221.8 226.5 226.7 229.1 235.0 240.6 252.0 252.5 246.6 252.6 251.7 251.7 Mexico 597.8 596.2 595.2 591.8 607.5 616.8 631.7 635.6 623.9 624.2 626.3 616.1 623.3 Venezuela 73.7 72.1 69.4 67.5 70.4 73.8 72.1 79.9 80.2 86.8 96.3 104.1 117.5

EastAsia Korea 465.0 460.7 445.9 460.5 440.5 438.9 434.5 422.6 439.7 420.1 410.0 410.0 412.9 Philippines 1,914.5 1,887.8 1,883.1 1,727.4 1,675.2 1,725.2 1727.4 1,743.9 1,714.3 1,708.4 1,801.2 1,815.6 1,782.4 Taiwan,China 1,361.4 1,463.2 1,618.5 1,696.3 1,702.7 1,766.9 1,640.1 1,625.8 1,574.4 1,623.9 1,574.8 1,406.1 1,446.8 SouthAsia India 204.1 205.0 189.0 190.0 182.2 176.6 184.1 181.4 183.4 178.5 182.3 198.0 200.3 Malaysia 156.0 158.8 155.1 151.9 159.3 164.0 167.1 164.3 163.8 163.5 162.1 160.3 156.4 Thailand 414.2 403.6 387.9 380.9 373.2 364.1 368.2 365.8 360.2 350.8 341.9 346.0 367.5

Europe/Mideast/Africa 171 Greece 298.9 316.5 312.4 321.8 329.0 343.4 346.2 349.8 362.0 382.0 386.9 367.8 360.3 Jordan 96.8 98.1 98.7 97.8 103.8 100.8 101.7 98.4 98.5 98.1 97.6 97.5 96.5 on Portugala 686.1 676.5 653.5 636.3 645.1 647.0 641.9 647.5 637.7 630.0 613.4 606.0 612.7 Turkeyb 276.1 296.6 326.8 304.7 362.0 414.2 388.8 322.9 362.1 321.1 323.0 331.3 299.9 Zimbabwe 608.5 615.6 619.6 625.1 629.6 650.1 676.8 699.0 718.3 725.4 713.9 726.4 722.5 RegionalIndexesc LatinAmerica 238.9 235.2 235.1 229.8 230.8 246.9 248.3 235.5 242.8 228.8 224.0 186.7 176.6 Asia 452.2 471.0 495.7 513.8 510.8 523.6 498.6 491.7 486.1 489.7 476.5 443.5 452.4

4tj aJan86=100. w, b Dec86=100. LatinAmerica: Argentina, Brazil, Chile and Mexico. i, Asia:Korea; Malaysia; Taiwan, China; and Thailand. Wcekly IFC Price Indexes, April-June 1990 rm (In US$; Dec. 1984=100)

00 on Apr May Jun g Markets 5 13 20 27 4 11 18 25 1 8 15 22 29

'> LatinAmerica Argentina 289.7 280.1 293.7 280.7 289,9 306.7 302.1 284.5 267.5 258.6 258.4 242.0 273.9 Brazil 65.6 55.8 68.5 76.9 75.1 68.4 61.0 64.7 62.3 61.2 56.6 61.3 63.5 o Chile 729.0 715.9 724.5 714.2 701.4 675.6 665.7 669.1 691.9 704.6 721.5 717.6 710.0 Colombia 241.4 240.4 248.7 251.3 253.1 249.7 257.8 259.8 258.5 273.5 290.6 298.4 309.7 Mexico 638.6 645.0 641.4 639.9 667.9 707.3 727.5 754.4 752.1 744.3 712.9 717.4 710.8 Venezuela 111.5 113.8 114.8 121.4 153.2 171.8 157.3 158.4 149.4 134.8 134.9 146.2 149.8

EastAsia Korea 394.4 376.4 373.6 346.0 379.4 370.4 380.9 387.5 399.0 396.7 383.4 369.4 352.2 Philippines 1,757.0 1,758.1 1,740.2 1,635.1 1,546.7 1,553.2 1,481.8 1,435.5 1,395.7 1,344.9 1,464.3 1,525.2 1,456.1 Taiwan,China 1,326.7 1,285.9 1,268.1 1,289.7 1,200.5 1,129.8 954.0 825.1 1,051.3 822.3 812.8 769.5 715.3

SouthAsia India 197.4 191.6 198.2 200.0 196.4 199.6 197.1 202.2 202.6 199.5 198.1 204.6 211.0 Malaysia 143.2 148.0 143.8 140.0 142.2 149.3 150.4 157.4 155.7 155.0 150.8 152.3 153.1 Thailand 359.4 362.9 358.1 370.3 367.8 372.4 395.2 418.5 426.2 431.9 415.7 418.4 437.2

Europe/MideastlAfrica Greece 373.5 462.1 531.3 553.7 576,6 567.8 621.1 599.8 590.6 633.1 694.2 776.1 842.9 Jordan 96.0 96.2 95.9 97.7 99.4 98.6 98.6 99.7 99.1 101.6 101.5 100.2 101.8 Portugala 601.1 595.1 597.0 608.2 631.7 625.0 632.6 627.0 618.8 610.8 616.7 611.6 610.2 Turkeyb 307.3 294.9 303.1 301.2 328.3 348.7 344.6 339.5 329.1 324.0 292.9 282.9 328.7 Zimbabwe 716.9 736.8 736.6 733.8 733.9 793.6 775.7 779.2 779.5 824.6 833.7 837.7 851.4

Regional lndexesc LatinAmerica 188.0 179.9 190.7 196.2 198.3 197.6 193.7 199.9 198.1 196.5 189.3 192.9 194.6 Asia 420.3 408.7 403.2 399.4 391,8 377.6 347.9 327.7 374.6 329.9 322.4 310.6 296.6

aJan 86=1 00. b Dec86=100. LatinAmerica: Argentina, Brazil, Chile and Mexico. Asia:Korea; Malaysia; Taiwan, China; and Thailand.

., I' . S Weekly IFC Price Indexes, July-September 1990 (In US$; Dec. 1984=100)

Jul Aug Sep Markets 6 13 20 27 3 10 17 24 31 7 14 21 28

LatinAmerica Argentina 286.6 270.9 287.7 326.3 353.4 331.4 337.5 274.9 263.5 267.8 266.0 292.9 290.2 Brazil 66.3 74.3 80.4 78.8 85.2 77.0 75.0 69.4 72.1 68.6 66.7 66.2 59.7 Chile 663.9 674.6 688.9 685.8 706.3 702.1 703.8 7039 669.2 698.3 684.3 683.2 659.9 Colombia 317.1 326.1 323.3 314.5 311.8 289.3 290.2 286.2 289.8 281.0 279.2 2771 271.2 Mexico 709.9 742.7 761.8 769.2 7582 7564 719.9 650.4 691.2 676.4 673.5 670.9 629.4 Venezuela 153.2 151.9 160.5 176.4 191.4 225.6 250.2 261.2 277.0 296.7 284.8 288.4 325.4

EastAsia Korea 354.7 343.2 341.9 335.6 330.3 3207 305.2 286.5 296.8 299.4 288.3 287.7 296.3 Philippines 1,433.1 1,4396 1,444.6 1,473.0 1,460.6 1,375.4 1,336.3 1,166.6 1,189.9 1,066.8 991.1 972.1 866.4 Taiwan,China 707.6 686.2 7403 753.5 702.5 581.9 536.1 448.2 527.2 463.7 473.9 430.6 391.0

SouthAsia India 220.5 227.3 231.3 250.7 258.9 254.1 262.9 279.0 305.2 300.7 288.9 323.0 321.6 Indonesiaa ------106.0 Malaysia 155.4 161.6 164.2 164.8 161.8 147.5 147.2 1275 143.1 1428 143.6 131.2 119.2 Thailand 433.5 4361 489.2 494.6 484.1 4088 413.2 316.0 389.7 372.1 3393 289.4 301.6

00 Europe/Mideast/Africa Greece 9172 865.0 863.4 823.5 814.8 770.5 835.5 728.0 750.7 717.0 701.6 757.0 659.1 Jordan 102.1 102.4 101.5 99.5 99.7 83.4 81.1 81.2 87.0 89.0 91.0 88.9 87.1 portugalb 598.6 596.9 598.1 597.2 603.4 574.0 569.3 517.6 572.5 535.1 539.5 535.3 496.7 Turkeyc 3272 337.0 347.7 396.0 427.0 347.5 392.5 3374 385.3 3657 400.6 375.7 337.9 Zimbabwe 877.9 869.6 903.9 915.6 927.1 9720 970.6 993.5 988.6 978.9 987.6 1,0104 1,021.1 RegionalIndexesd LatinAmerica 194.9 205.7 2145 2156 221.3 213.5 207.3 190.8 196.4 193.2 1905 190.7 178.6 Asia 296.1 290.5 3040 305.2 292.6 2592 246.2 2141 239.9 2274 224.8 210.6 203.0

8 a Dec90=100. bt Jan 86=100. 8 c Dec86=100. 7t d LatinAmerica: Argentina, Brazil, Chile and Mexico.

- Asia:Korea; Malaysia; Taiwan, China; and Thailand. 8 00 Weekly IFC Price Indexes, October-December 1990 (In US$; Dec. 1984=100) on no Oct Nov Dec g Markets 5 12 19 26 2 9 16 23 30 7 14 21 28 -t

LatinAmerica Argentina 268.4 262.2 256.8 261.9 290.0 297.6 289.5 296.8 279.2 247.3 256.1 263.5 261.5 E, Brazil 57.8 50.4 46.2 45.3 42.0 47.5 49.7 52.3 44.7 43.2 39.8 41.0 40.0 o Chile 647.8 627.7 622.4 636.3 632.9 634.9 659.7 688.9 717.5 748.2 774.4 820.3 813.5 0 Colombia 269.2 276.8 275.7 275.1 278.1 280.4 281.5 285.1 288.9 289.1 287.8 286.4 288.2 Mexico 650.5 652.4 682.3 700.7 700.4 664.8 698.2 717.0 718.6 749.4 746.2 728.1 726.8 Venezuela 357.6 403.6 336.6 379.0 366.0 409.4 430.4 411.4 412.1 401.5 422.7 467.3 493.2

EastAsia Korea 303.4 306.8 349.2 360.7 350.4 343.8 339.9 332.6 348.5 359.4 344.5 344.7 339.6 Philippines 828.9 861.8 854.0 931.2 826.6 841.7 873.7 875.8 853.2 853.9 915.8 885.2 867.8 Taiwan,China 393.4 386.3 441.1 443.4 464.4 501.1 574.5 672.0 652.6 647.4 598.7 589.4 644.1

SouthAsia India 321.7 314.1 2959 288.2 296.9 309.8 292.4 288.7 265.9 261.0 274.3 234.2 237.2 Indonesia' 105.2 97.4 91.2 99.1 96.0 95.8 93.3 91.8 89.5 89.6 90.5 92.5 97.4 Malaysia 122.3 122.3 123.6 126.3 120.7 117.8 118.9 120.7 116.8 124.2 128.9 124.8 125.5 Thailand 309.9 296.8 296.3 313.6 299.7 302.0 298.4 293.8 265.3 297.8 306.8 294.3 292.2

Europe/Mideast/Africa Greece 668.4 645.1 612.6 606.6 545.0 492.2 503.6 549.1 525.5 625.0 598.1 551.4 529.3 Jordan 88.9 87.7 87.6 89.7 87.3 87.0 90.1 88.6 88.0 88.7 91.1 90.3 90.1 Portugalb 507.4 512.1 511.8 519.7 511.1 506.0 507.4 498.8 472.0 480.7 489.6 473.7 451.9 Turkeyc 343.1 335.3 319.2 320.2 276.9 237.5 248.1 236.9 202.3 242.8 226.2 193.4 181.2 Zimbabwe 1,022.4 1,040.6 1,039.7 1,049.5 1,048.2 1,096.2 1,120.9 1,136.6 1,133.1 1,154.8 1,162.5 1,164.4 1,114.5

RegionalIndexesd LatinAmerica 178.5 171.7 171.9 174.6 172.8 175.5 180.1 186.5 181.4 184.7 183.2 184.4 183.0 Asia 206.7 205.5 228.0 233.3 232.2 236.7 249.7 266.4 264.6 270.3 258.7 255.2 264.2

a Dec90=100. b Jan 86=100. c Dec86=100. d LatinAmerica: Argentina, Brazil, Chile and Mexico. Asia:Korea; Malaysia; Taiwan, China; and Thailand. 4* ~~~~~~~~~~~~~Iti 4*

Local Stock Market Price Indexes, 1981-1990 (In Local Currency, Year-end)

1989 1990 Market Index 1981 1982 1983 1984 1985 1986 1987 1988

LatinAmerica Bolsalndice General (1977=0.10) 2.3 5.6 43.8 280.6 2,094.8 2,498.5 6,607.8 41,383.0 7,172,417.0 22,028,788.0 Argentina 25,156.0 Brazil BOVESPAMarket Index (1968=0.0001) 0.017 0.028 0.241 1.307 6.6 9.3 12.5 330.8 6,161.5 IGPAIndex (Jan 1980=100) 75.5 68.3 56.5 63.3 110.3 262.1 343.6 459.8 757.6 1,166.7 Chile 975.9 1,392.3 Colombia BogotaGeneral (3/15/76=100) 440.0 349.0 264.6 215.9 226.6 463.3 851.3 872.1 (Nov1978=781.6) 947.9 677.6 2,451.9 4,038.4 11,197.2 47,101.0 105,669.9 211,531.8 418,925.1 628,790.3 Mexico BMVGeneral 17,881.9 Venezuela BVCIndex (1971=100) 275.5 315.7 409.1 588.7 817.7 2,090.5 3,928.6 3,866.4 2,754.0

EastAsia 696.1 Korea KSEComposite (Jan 1980=1 00) 131.4 127.3 121.2 142.5 163.4 272.6 525.1 907.2 909.7 ManilaCom.-lnd. (Jan 1958=1 00) 99.2 90.5 144.6 106.3 160.9 548.0 750.1 949.9 1,584.9 870.1 Philippines 4,530.2 Taiwan,China TSEAverageIndex (1966=100) 551.0 443.6 761.9 838.1 835.0 1,039.1 2,339.9 5,119.1 9,624.2

SouthAsia FE.Bombay Index (1970=100) 175.2 166.9 182.8 199.8 396.4 424.8 389.9 634.5 839.9 1,040.7 India 417.8 Indonesia JSEComposite (8/19/1982=100) 100.3 95.0 80.4 63.5 66.5 69.7 82.5 305.1 399.7 KLSEComposite (Jan 1977=100) 380.8 291.4 401.6 303.6 233.5 252.4 261.2 357.4 565.3 505.9 Malaysia 308.5 SBPIndex (1980-1981=100) 99.4 114.8 148.3 168.3 166.5 199.9 228.4 262.7 277.3 Pakistan 879.2 612.9 Thailand SETIndex (4/30/75=100) 106.6 123.5 134.5 142.3 135.0 207.3 284.9 386.7

IIW Europe/Mideast/Africa 932.0 Greece ASEGeneral (1980=100) 86.6 93.4 58.3 59.2 71.0 103.9 272.5 279.7 459.4 (Jan1980=100) 176.9 203.5 153.4 119.5 115.7 106.5 117.3 124.4 137.3 118.4 Jordan AFMIndex 513.8 Nigeria NSEGeneral Index (1984=100) - - - 100.0 128.3 163.4 190.9 233.6 325.3 BancoTotta & Acores(1977=100) 203.5 190.5 187.0 249.7 566.4 1,202.0 2,990.0 2,355.9 3,287.0 2,143.4 UQ Portugal 3,255.8 Turkey ISEIndex (Jan 1986=100) - - - - 170.9 673.0 373.9 2,217.7 869.1 2,282.7 Zimbabwe RBZIndustrial (1967=100) 227.7 136.1 123.8 122.7 251.9 286.3 450.1 552.6

- Notavailable

0'0,

C 0t

0 CC Percent Change in Local Stock Market Price Indexes, 1981-1990

QQ Market Index 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 C, g Latin America Argentina BolsaIndice General (1977=0.10) 88.62 142.24 679.36 540.62 646.58 19.27 164.47 526.27 17,231.80 207.13 Brazil BOVESPAMarket Index(1968=0.0001) 113.48 64.21 758.62 442.02 401.53 41.26 34.87 2,549.53 1,762.49 308.28 Chile IGPAIndex (Jan 1980=100) -24.47 -9.59 -17.25 12.03 74.16 137.75 31.09 33.61 64.76 54.00 Colombia BogotaGeneral (3/15/76=100) 69.23 -20.68 -24.19 -18.41 4.95 104.52 83.73 2.45 11.90 42.66 C Mexico BMVGeneral (Nov 1978=781.6) -33.82 -28.52 261.85 64.71 177.27 320.65 124.35 100.18 98.04 50.10 a Venezuela BVCIndex (1971=100) -7.42 14.58 29.58 43.92 38.89 155.67 87.93 -1.58 -28.77 549.31

EastAsia Korea KSEComposite (Jan 1980=100) 22.93 -3.09 -4.79 17.53 14.68 66.87 92.62 72.76 0.28 -23.48 Philippines ManilaCom.-Ind. (Jan 1958=100) -6.42 -8.77 59.76 -26.47 51.35 240.60 36.87 26.63 66.86 -45.10 Taiwan,China TSEAverage Index (1966=100) -1.33 -19.50 71.77 9.99 -0.36 24.44 125.18 118.78 88.00 -52.93

South Asia India FE. BombayIndex (1970=1 00) 41.76 -4.77 9.58 9.29 98.36 7.16 -8.21 62.73 32.38 23.90 Indonesia JSEComposite (8/19/1982=100) -3.17 -5.25 -15.40 -20.95 4.72 4.75 18.42 269.68 31.04 4.53 Malaysia KLSEComposite (Jan 1977=100) 3.85 -23.48 37.82 -24.40 -23.09 8.11 3.48 36.83 58.17 -10.02 Pakistan SBPIndex (1980-1981=100) 5.74 15.49 29.18 13.49 -1.07 20.06 14.26 15.02 5.55 11.27 Thailand SETIndex (4/30/75=100) -14.51 15.85 8.91 5.80 -5.13 53.54 37.52 35.72 127.34 -30.29

Europe/Mideast/Africa Greece ASEGeneral (1980=100) -13.41 7.89 -37.64 1.58 19.89 46.38 162.34 2.64 64.29 102.86 Jordan AFMIndex (Jan 1980=100) 58.65 15.04 -24.62 -22.29 -3.18 -7.95 10.14 6.05 10.37 -13.77 Nigeria NSEGeneral Index (1984=100) - - - - 28.30 27.36 16.83 22.37 39.26 57.95 Portugal BancoTotta & Acores(1977=100) -19.21 -6.39 -1.84 33.52 126.83 112.22 148.75 -21.21 39.52 -34.79 Turkey ISEIndex (Jan 1986=100) - - - - - 293.89 -44.44 493.07 46.81 Zimbabwe RBZIndustrial (1967=100) -52.24 -40.23 -9.04 -0.89 105.30 13.66 57.19 22.79 57.28 162.64

- Not available Correlations between Changes in IFC Price Indexes and Local Market Indexes a

(Five Years Ending December 1990)

Numberof Correlation Market months coefficient

LatinAmerica Argentina 60 0 996 Brazil 60 0.964 Chile 60 0.945 Colombia 60 0696 Mexico 60 0.986 Venezuela 60 0.943

EastAsia Korea 60 0.922 Philippines 60 0.856 * Taiwan,China 60 0 973 SouthAsia India 60 0.898 Indonesiab 12 0966 Malaysia 60 0985 Pakistan 60 0.585 Thailand 60 0.955

Europe/Mideast/Africa Greece 60 0.949 Jordan 60 0.643 Nigeria 60 0 877 Portugalc 59 0.959 Turkeyd 48 0 936 Zimbabwe 60 0.710

a IFCand local indexes denominated inlocal currency. aSeries begins Dec. 1989. Seriesbegins Jan. 1986. d Seriesbegins Dec. 1986.

Emerging Stock Markets Factbook III

Market Profiles

Markets in IFC's Composite Index Markets Not in IFC's Composite Index

Argentina 114 MarketsNot in IFC's Composite Index 154 Brazil 116 Bangladesh 155 Chile 118 Costa Rica 156 Colombia 120 C6te d'Ivoire 157 Greece 122 Egypt 158 India 124 India (Calcutta, Delhi and Madras) 159 Indonesia 126 Jamaica 160 Jordan 128 Kenya 161 Korea 130 Kuwait 162 Malaysia 132 Morocco 163 Mexico 134 Peru 164 Nigeria 136 Sri Lanka 165 Pakistan 138 Trinidad and Tobago 166 Philippines 140 Uruguay 167 Portugal 142 Taiwan, China 144 Thailand 146 Turkey 148 Venezuela 150 Zimbabwe 152 Argentina, 1990 (CurrencyAmounts in Millions) rx

0r Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec i A. Numberof listedcompanies Bolsade Comerciode BuenosAires 184 184 184 181 181 181 181 181 181 179 179 179 B. Marketcapitalization o 1) In australes 3,700,893 12,264,567 12,439,670 15,889,180 16,501,677 17,100,452 20,074,537 19,672,712 19,508,726 17,966,433 18,266,582 18,529,329 2) In USdollars 2,056 2,127 2,672 3,249 3,255 3,208 3,610 3,110 3,438 3,237 3,520 3,268 C. Tradingvalue 1) Inaustrales 63,040 130,507 282,491 445,647 436,261 280,711 456,621 807,089 383,442 279,213 302,380 214,076 2) In USdollars 35 23 61 91 86 53 82 128 68 50 58 38 3) Turnoverratio 1.3 1.6 2.3 3.1 2.7 1.7 2.5 4.1 2.0 1.5 1.7 1.2 D. Localindex 1) Bolsalndice General (1977=0.10) 4,624,303.015,323,570.0 15,524,005.0 19,830,991.0 20,595,332.0 21,342,316.0 25,050,338.0 24,548,837.0 24,339,542.0 22,413,386.0 21,738,129.0 22,028,788.0 2) Changein index (%) -35.5 231.4 1.3 27.7p 3.8 3.6 17.4 -2.0 -0.8 -7.9 -3.0 1.3 E IF EmergingMarkets Data Base 1) Numberof stocks 24 24 24 24 24 24 24 24 24 24 24 24 2) Shareof marketcap. (%) 73.6 79.9 77.3 71.2 68.1 68.6 68.6 67.6 67.4 66.3 68.1 68.7 3) Shareof tradingvalue (%) 93.3 94.3 91.1 88.4 83.6 83.7 86.0 88.7 80.8 75.9 81.5 85.1 4) P/Eratio 11.6 2.0 7.0 4.1 3.0 8.2 5.2 -0.4 -4.3 -0.6 2.6 3.1 5) P/BVratio 1.0 3.8 2.6 2.1 1.1 1.1 1.2 0.8 0.6 0.5 0.3 0.4 6) Dividendyield (%) 7.6 2.1 2.9 2.5 2.8 2.7 2.3 2.1 2.1 2.2 2.0 0.9 7) Totalreturn index (Dec. 84=100) 293.3 329.5 403.7 451.7 434.5 428.6 481.8 409.1 450.6 417.5 433.6 406.2 8) Changeintotal return index (%) -54.0 12.3 22.5 11.9 -3.8 -1.4 12.4 -15.1 10.1 -7.3 3.9 -6.3 F Exchangerates 1) Exchangerates (end of period) 1,800.0000 5,765.0000 4,655.0000 4,890.0000 5,070.2200 5,330.2100 5,560.1900 6,325.0000 5,675.0000 5,550.0000 5,190.0000 5,670.0000 Argentina, 1981-1990 (CurrencyAmounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies Bolsade Comercio de Buenos Aires 263 248 238 236 227 217 206 186 178 179

B. Marketcapitalization 1) Inaustrales 1.5 4.7 32 209 1,631 2,000 5,318 33,006 5,746,133 18,529,329 2) In USdollars 2,056 974 1,386 1,171 2,037 1,591 1,519 2,025 4,225 3,268

C. Tradingvalue 1) Inaustrales 0.2 0.6 4 19 380 292 539 5,548 708,573 4,081,478 2) In USdollars 454 231 389 277 631 309 251 593 1,916 852 3) Turnoverratio 17.7 19.3 22.2 15.5 41.3 16.1 14.7 28.9 24.5 33.6

D. Localindex 1) Bolsalndice General (1977=0.10) 2.3 5.6 43.8 280.6 2,094.8 2,498.5 6,607.8 41,383.0 7,172,417.0 22,028,788.0 2) Changein index(%) 88.6 142.2 679.4 540.6 646.6 19.3 164.5 526.3 17,231.8 2071

E IFCEmerging Markets Data Base 1) Numberof stocks 22 21 21 21 24 24 24 24 24 24 2) Shareof marketcap. (%) 45.6 36.4 38.9 38.1 63.9 60.2 67.7 67.7 778 68.7 3) P/Eratio - - - - - 16.0 3.8 11.3 22.1 3.1 4) P/BVratio - - - - 0.3 04 0.3 1.6 0.4 5) Dividendyield (%) 1.l 0.8 1.3 0.1 0.7 02 1.9 3.6 4.7 0.9 6) Totalreturn index (Dec. 84=100) 206.9 80.5 119.2 100.0 174.9 128.6 141.8 1971 637.1 406.2 7) Changein index(%) -46.2 -61.1 48.1 -16.1 74.9 -26.5 10.2 39.0 223.2 -36.3 on f Economicdata 1) Grossdomestic product (in US$) 122,644 56,706 64,767 78,121 65,789 78,801 80,730 83,808 69,178 2) Consumerprice index (1980=100) 205 541 2,403 17,462 134,830 256,310 592,920 2,626,313 83,500,219 - 3) Exchangerates (end of period) 0.0007 0.0049 0.0233 0.1787 0.8005 1.2570 3.5000 16.3000 1,360.0000 5,670.0000 4) Exchangerates (average of period) 0.0004 0.0026 0.0105 0.0676 0.6018 0.9430 2.1443 9.3642 369.7728 4,792.7572

- Not available. Cr C Brazil, 1990 (Currency Amounts in Millions)

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

A. Numberof listedcompanies 1) SaoPaulo Bolsa de Valores 594 595 593 591 591 591 587 587 584 583 582 581 2) Riode Janeiro Bolsa de Valores 631 629 628 628 628 627 622 622 620 619 617 612

B. Marketcapitalization 1) In cruzeiros(Sao Paulo) 876,343 1,593,115 714,674 1,543,961 1,463,308 1,794,353 2,361,202 2,023,067 2,024,692 1,845,699 2,470,703 2,633,390 2) In USdollars 49,679 52,405 17,221 30,423 26,771 29,906 34,556 29,142 24,907 18,296 17,648 16,354 C, Tradingvalue Riode Janeiro Bolsa de Valores 6,378 9,014 5,985 2,799 6,395 5,221 14,632 16,847 8,626 8,177 16,136 13,846 SaoPaulo Bolsa de Valores 11,554 19,436 13,626 8,593 14,616 14,569 35,203 44,377 21,946 17,288 27,780 26,204 1) Totalin cruzeiros 17,931 28,449 19,611 11,392 21,011 19,790 49,835 61,223 30,571 25,465 43,916 40,050 2) In USdollars 1,017 936 473 224 384 330 729 882 376 252 314 249 3) Turnoverratio 2.6 2.3 1.7 1.0 1.4 1.2 2.4 2.8 1.5 1.3 2.0 1.6 D. Localindex 1) BOVESPAMarket Index (1968=0.0001) 10,049.0 16,597.0 7,275.0 15,587.0 14,643.0 17,618.0 29,822.0 25,071.0 23,099.0 17,848.0 26,510.0 25,156.0 2) Changein index(%) 63.1 65.2 -56.2 114.3 -6.1 20.3 69.3 -15.9 -7.9 -22.7 48.5 -5.1 E. IFCEmerging Markets Data Base 1) Numberof stocks 56 56 56 56 56 56 56 56 56 56 56 56 2) Shareof marketcap. (%) 39.3 39.2 51.4 40.3 38.2 34.5 39.6 40.4 39.1 38.3 41.5 40.1 3) Shareof tradingvalue (%) 44.4 45.7 36.6 39.0 33.6 46.1 46.6 42.0 47.4 45.8 41.1 37.1 4) P/Eratio 8.6 10.1 6.5 9.3 13.5 16.0 9.9 10.3 7.2 7.0 6.8 5.3 5) P/BVratio 1.2 1.4 0.6 1.0 0.7 0.8 1.1 0.9 0.9 0.7 0.9 0.8 6) Dividendyield (%) 0.9 13.3 22.9 13.5 15.1 13.8 9.5 11.6 12.1 13.8 9.6 9.4 7) Totalreturn index (Dec. 84=100) 190.9 199.0 86.2 119.3 99.7 100.6 133.8 115.9 96.7 69.7 72.8 65.3 8) Changein total return index (%) 1.1 4.2 -56.7 38.3 -16.4 0.9 33.1 -13.3 -16.6 -27.9 4.5 -10.3 F Exchangerates 1) Exchangerates (end ot period) 17.6400 30.4000 41.5000 50.7500 54.6600 60.0000 68.3300 69.4200 81.2900 100.8800 140.0000 161.0200 .1~ ~ c .1 ** *

Brazil, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies 592 581 Bolsade Valores 477 493 505 522 541 592 590 589 1) SaoPaulo 630 629 612 2) Riode Janeiro Bolsa de Valores 609 607 593 601 615 658 650

B. Marketcapitalization 1.6 2.6 14.9 92 449 612 1,203 23,504 501,354 2,633,390 1) In cruzeiros(Sao Paulo) 44,368 16,354 2) In USdoliars 12,574 10,261 15,100 28,994 42,768 42,096 16,900 32,149

C. Tradingvalue 18,920 114,054 Riode Janeiro Bolsa de Valores 0.5 0.7 0.9 7 66 150 144 1,804 2,870 28,014 255,191 SaoPaulo Bolsa de Valores 0.1 0.4 1.9 12 67 244 233 0.6 11 2.8 18 133 395 377 4,675 46,934 369,245 1) Totalin cruzeiros 16,762 5,598 dollars 6,185 5,938 4,884 9,960 21,485 28,912 9,608 17,979 2) In US 37.8 17.9 23.6 3) Turnoverratio 52.5 509 32.3 34.3 49.3 744 415

D. Localindex 6,161.5 25,156.0 (1968=0.0001) 0.0 0.0 0.2 13 6.6 9.3 12.5 330.8 1) BOVESPAMarket Index 2,549.5 1,762.5 308.3 2) Changeinindex(%) 113.5 64.2 758.6 442.0 401.5 41.3 34.9 EmergingMarkets Data Base E. IFC 57 56 56 1) Numberof stocks 25 25 25 25 26 29 30 27.4 28.9 26.0 40.8 43.5 40.1 = 2) Shareof marketcap. (%) 30.3 28.6 27.6 27.7 - - - 4.2 15.4 7.9 8.3 5.3 3) PIEratio 0.7 1.3 0.8 4) P/BVratio - - - 0.9 0.6 10.6 16.8 5.1 2.1 2.3 4.3 4.7 1.5 0.7 9.4 5) Dividendyield (%) 188.8 65.3 index(Dec. 84=100) 48.5 41.7 65.0 1000 1950 148.0 54.8 1265 6) Totalreturn 130.9 49.2 -65.4 7) Changein index(%) 34.4 -14.0 56.0 53.8 95.0 -24.1 -63.0 F Economicdata < 353,651 375,146 - 1) Grossdomestic product (in US$) 263,706 271,733 206,423 211,348 228,709 271,635 303,344 206 407 985 2,924 9,556 23,436 77,258 604,389 8,382,802 - 2) Consumerprice index (1980=100) 161.0200 (endof period) 0.0001 0.0003 0.0010 0.0032 0.0105 0.0146 0.0712 0.7311 11.3000 3) Exchangerates 0.2600 2.8000 65.9583 4) Exchangerates (average of period) 0.0001 0.0002 0.0006 0.0019 0.0062 0.0137 0.0392

- Notavailable.

-3 Chile, 1990 m (Currency Amounts in Millions) ri

P71 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

A. Numberof listedcompanies Bolsade Comerclo de Santiago 212 215 214 214 210 213 215 216 216 218 217 215 o B. Marketcapitalization 1) In pesos 2,965,374 3,293,266 3,438,232 3,309,106 3,225,871 3,288,322 3,371,699 3,465,341 3,446,768 3,459,960 4,039,508 4,596,608 2) In USdollars 10,360 11,639 12,044 11,524 10,957 11,532 11,713 11,351 11,216 10,840 12,197 13,645 C. Tradingvalue 1) In pesos 23,435 18,010 27,410 13,142 17,005 17,796 15,380 16,660 11,334 14,462 24,089 35,162 2) In USdollars 82 64 96 46 58 62 53 55 37 45 73 104 3) Turnoverratio 0.8 0.6 0.8 0.4 0.5 0.5 0.5 0.5 0.3 0.4 0.6 0.8 D. Localindex 1) IGPAIndex (Dec. 31, 1980=100) 804.7 900.7 921.1 889.2 866.7 877.0 875.8 890.1 882.1 877.6 1,018.9 1,166.7 2) Changein index(%) 6.2 11.9 2.3 -3.5 -2.5 1.2 -0.1 1.6 -0.9 -0.5 16.1 14.5 E IFCEmerging Markets Data Base 1) Numberofstocks 28 28 28 28 28 28 28 28 28 28 28 28 2) Shareof marketcap. (%) 65.0 66.0 64.1 63.9 63.8 64.1 63.2 62.1 62.1 61.9 62.1 62.9 3) Shareof trading value (%) 67.0 78.8 76.5 75.2 69.2 78.8 68.2 59.9 69.6 65.2 63.6 60.1 4) P/Eratio 6.3 6.9 6.6 6.6 6.3 6.4 5.5 5.8 6.2 6.7 7.9 8.9 5) P/BVratio 1.3 1.3 1.3 1.3 1.2 1.2 1.1 1.1 1.0 1.0 1.2 1.4 6) Dividendyield(%) 8.9 7.9 7.9 9.1 8.8 8.5 8.0 8.1 7.7 7.9 6.4 5.0 7) Totalreturn index (Dec. 84=100) 1,110.1 1,266.6 1,275.1 1,249.3 1,193.8 1,256.7 1,246.6 1,192.3 1,180.4 1,143.4 1,296.0 1,471.4 8) Changein totalreturn index(%) 5.8 14.1 0.7 -2.0 -4.4 5.3 -0.8 -4.4 -1.0 -3.1 13.3 13.5 F Exchangerates 1) Exchangerates (end of period) 286.2400 282.9600 285.4700 287.1500 294.4200 285.1500 287.8700 305.2900 307.3100 319.1900 331.1900 336.8600 Chile, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies Bolsade Comercio de Santiago 242 212 214 208 228 231 209 205 213 215 B. Marketcapitalization 1) In pesos 274,943 322,751 227,448 270,048 369.930 831,550 1,241,500 1,709,099 2,819,642 4,596,608 2) In USdollars 7,050 4,395 2,599 2,106 2,012 4,062 5,341 6,849 9,587 13,645

C. Tradingvalue 1) In pesos 14,607 8,278 5,112 5,079 9,153 57,562 110,353 149,659 224,673 233,884 2) In USdollars 375 163 65 51 57 298 503 610 866 783 3) Turnoverratio 4.5 2.8 1.9 2.0 2.9 9.6 10.6 10.1 9.9 6.3 D3.Local index 1) IGPAIndex (Dec. 31,1980=100) 75.5 68.3 56.5 63.3 1103 262.1 343.6 459.8 757.6 1,166.7 2) Changein index(%) -24.5 -9.6 -17.3 12.0 74.2 137.8 31.1 33.8 64.8 54.0 E IFCEmerging Markets Data Base 1) Numberof stocks 25 25 25 25 25 25 25 25 26 28 2) Shareof marketcap. (%) 37.9 27.1 30.4 35.3 46.3 50.9 53.0 66.0 63.6 62.9 3) P/Eratio - - - - 5.3 5.0 4.4 5.8 8.9 tm 4) P/BVratio - - - - - 1.0 0.9 1.1 1.3 1.4 5) Dividendyield (%) 5.5 6.3 2.9 5.0 7.5 5.9 5.9 9.4 9.5 5.0 6) Totalreturn index (Dec. 84=100) 420.8 191.4 131.0 100.0 149.3 380.3 507.2 694.6 1,049.6 1,471.4 7) Changein index(%) -42.3 -54.5 -31.5 -23.7 49.3 154.8 33.3 37.0 51.1 40.2 F Economicdata o 1) Grossdomestic product (in US $) 32,644 24,340 19,757 19,192 15,996 16,817 18,948 22,048 24,000 2) Consumerprice index (1 980=1 00) 120 132 168 201 262 313 376 431 504 - 3) Exchangerates (end of period) 39.0000 73.4300 87.5300 128.2399 183.8599 204.7300 232.4300 249.5400 294.1100 336.8600 4) Exchangerates (average of period) 39.0000 50.9092 78.8417 98.6556 161.0806 193.0200 219.5400 245.4187 259.3306 298.5440

o - Notavailable.

C Colombia, 1990 (Currency Amounts in Millions)

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

8 A. Numberof listedcompanies Bolsade Bogota 82 83 84 84 82 80 80 80 80 80 80 80 B. Marketcapitalization 8 1) Inpesos 494,706 541,681 575,953 604,233 617,347 758,150 722,057 699,565 699,679 677,951 742,909 740,673 2) InUS dollars 1,137 1,212 1,261 1,288 1,272 1,563 1,487 1,385 1,335 1,296 1,420 1,416

C. Tradingvaluea 1) In pesos 930 3,844 2,223 1,495 2,486 4,502 1,815 2,788 3,814 2,561 2,780 5,151 2) InUSdollars 2 9 5 3 5 9 4 6 7 5 5 10 3) Turnoverratio 0.2 0.7 0.4 0.3 0.4 0.6 0.3 0.4 0.5 0.4 0.4 0.7 D. Localindex 1) BogotAGeneral Index (1976=100) 991.4 1,067.7 1,101.6 1,096.0 1,127.6 1,128.5 1,126,2 1,119.2 1,116.6 1,140.8 1,174,7 1,392.3 2) Changein index(%) 1.6 7.7 3.2 -0.5 2.9 0.1 -0.2 -0.6 -0.2 2.2 3,0 18.5 E. IFCEmerging Markets Data Base 1) Numberof stocks 20 20 20 20 20 20 20 20 20 20 20 20 2) Shareof marketcap. (%) 90.3 92.7 90.8 89.1 92.1 90.8 98.6 96.8 93.7 98.4 94.4 94.5 3) Shareof tradingvalue (%) 69.8 86.9 66.4 87.0 82.1 33.9 89.8 92.8 80.8 62.6 54.2 28.1 4) P/Eratio 7.1 8.7 9.0 10.8 11.8 13.3 14.8 11.9 11.1 11.1 11.3 10.7 5) P/BVratio 1.1 1.3 1.0 1.5 1.6 1.4 1.5 1.5 1.4 1.4 1.4 1.3 6) Dividendyield (%) 7.0 6.4 6.8 6.8 6.6 5.3 5.8 6.4 6.8 7.3 7.3 7.6 7) Totalreturn index (Dec. 84=100) 413.1 454.3 460.4 469.8 482.9 584.5 609.1 556.6 522.1 537.3 565.3 567.6 8) Changeintotal return index (%) 0.5 10.0 1.3 2.0 2.8 21.0 4.2 -8.6 -6.2 2.9 5.2 0.4

F Exchange rates 1) Exchangerates (end of period) 435.1300 446.7500 456.8000 469.0000 485.5000 485.0000 485.5000 505.0900 524.0000 523.0000 523.0000 523.0000

a Includesthe value traded at theBolsa in Medellin.

4* I. * Colombia, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies Bolsade Bogota - 193 196 180 102 99 96 86 82 80

B. Marketcapitalization 1) In pesos 82,636 92,940 76,055 86,817 71,689 180,012 329,112 384,744 480,531 740,673 2) In USdollars 1,399 1,322 857 762 416 822 1,255 1,145 1,136 1,416

C. Tradingvaluea 1) In pesos 18,064 5,966 5,101 4,762 4,204 9,521 19,524 18,793 28,092 34,389 2) In USdollars 332 93 65 47 30 49 80 63 74 71 3) Turnoverratio 22.0 6.8 6.0 5.8 5.3 7.6 7.7 5.3 6.5 5.6 D. Localindex 1) BogotaGeneral Index (1976=100) 440.0 349.0 264.6 215.9 226.5 463.3 851.3 872.1 975.9 1,392.3 2) Changein index(%) 69.2 -20.7 -24.2 -18.4 4.9 104.5 83.7 2.4 11.9 42.7 E. IFCEmerging Markets Data Base 1) Numberofstocks - - 24 24 24 22 22 21 20 2) Shareof marketcap. (%) - 52.6 72.2 83.4 94.6 88.0 90.5 94.5 3) PI/Eratio 5.3 3.1 8.3 11.6 8.8 7.0 10.7 p 4) P/BVratio 0.7 0.6 1.4 1.6 1.6 1.1 1.3 7.0 7.6 CD 5) Dividendyield (%) - - - - 16.1 6.6 4.9 5.9 6) Totalreturn index (Dec. 84=100) - - - 100.0 88.8 227.0 409.4 359.4 411.1 567.6 7) Changein index(%) - - - -11.3 155.8 80.4 -12.2 14.4 38.1 F Economicdata 1) Grossdomestic product (in US$) 36,388 38,969 38,731 38,253 34,894 34,943 36,373 39,246 39,518 - > 2) Consumerprice index (1980=100) 128 159 190 221 274 326 402 514 647 3) Exchangerates (end of period) 59.0700 70.2900 88.7700 113.8899 172.1999 219.0000 262.1400 336.0000 423.0900 523.0000 4) Exchangerates (average of period) 54.4905 64.0847 78.8543 100.8172 142.3116 194.2600 242.6100 296.3809 381.8281 485.3745 o a Includesthe value traded at theBolsa in Medellin. - Notavailable.

0 0 Greece, 1990 m (Currency Amounts in Millions) S xq

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec r8 A. Numberof listedcompanies AthensStock Exchange 119 119 121 121 123 126 131 135 135 136 141 145

@ B. Marketcapitalization 8 1) In drachmas 1,147,824 1,256,347 1,398,020 2,103,740 2,260,038 3,218,564 3,272,293 3,112,040 2,763,013 2,461,902 2,289,072 2,428,929 Pr' 2) In USdollars 7,274 7,813 8,566 12,789 13,582 19,807 21,030 19,923 17,913 16,070 14,854 15,228 C Tradingvalue 1) In drachmas 17,147 17,666 37,445 51,266 78,094 109,084 94,999 47,195 28,288 55,289 41,523 43,374 2) In USdollars 109 110 229 312 469 671 611 302 183 361 269 272 3) Turnoverratio 1.6 1.5 2.8 2.9 3.6 4.0 2.9 1.5 1.0 2.1 1.8 1.8 D. Localindex 1) ASEIndex (General, 1980=100) 540.5 595.4 646.3 973.5 1,077.5 1,553.4 1,521.0 1,379.3 1,150.3 972.7 882.1 932.0 2) Changein index(%) 17.6 10.1 8.6 50.6 10.7 44.2 -2.1 -9.3 -16.6 -15.4 -9.3 5.6 E IFCEmerging Markets Data Base 1) Numberof stocks 26 26 26 26 26 26 26 26 26 26 26 26 2) Shareof marketcap. (%) 67.9 66.1 63.6 66.4 64.0 64.7 62.7 59.4 58.9 57.3 56.6 55.9 3) Shareof tradingvalue (%) 71.1 65.6 63.2 70.3 87.5 67.5 52.6 56.1 56.6 64.3 60.1 56.9 4) P/Eratio 31.1 31.9 32.1 31.1 31.2 31.5 30.2 29.1 26.5 23.5 26.6 26.2 5) P/BVratio 3.9 4.3 3.3 4.7 5.4 7.2 7.0 6.3 5.8 4.9 4.8 4.9 6) Dividendyield (%) 3.9 3.7 3.5 4.1 1.8 1.4 1.4 1.5 1.7 2.0 2.2 5.0 7) Totalreturn index (Dec. 84=1 00) 530.2 554.7 584.9 927.6 971.5 1,397.4 1,370.7 1,228.3 1,084.4 946.3 864.6 899.6 8) Changeintotal return index (%) 16.6 4.6 5.4 58.6 4.7 43.8 -1.9 -10.4 -11.7 -12.7 -8.6 4.0 F Exchangerates 1) Exchangerates (end of period) 157.8000 160.8000 163.2000 164.5000 166.4000 162.5000 155.6000 156.2000 154.2500 153.2000 154.1000 159.5000

100 M ., ~ L Greece, 1981-1990 (CurrencyAmounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies AthensStockExchange 111 113 113 114 114 114 116 119 119 145

B. Marketcapitalization 1) Indrachmas 130,565 135,672 95,155 98,359 113,060 156,611 565,582 632,950 996,623 2,428,929 2) In USdollars 2,266 1,923 964 766 765 1,129 4,464 4,285 6,376 15,228

C. Tradingvalue 1) In drachmas 3,025 2,499 1,480 1,314 2,384 4,520 59,676 44,413 89,006 621,370 2) In USdollars 55 37 17 12 17 32 441 313 549 3,924 3) Turnoverratio 2.2 1.9 1.3 1.4 2.3 3.3 16.5 7.4 10.9 36.3 D. Localindex 1) ASEIndex (General, 1980=100) 86.6 93.4 58.3 59.2 710 103.9 272.5 279.6 459.4 932.0 2) Changeinindex (%) -13.4 7.9 -37.6 1.6 19.9 464 162.3 2.6 64.3 102.9

E IFCEmerging Markets Data Base 1) Numberof stocks 10 10 10 10 10 10 10 26 26 26 2) Shareof marketcap. (%) 42.5 46.0 415 39.4 361 35.6 50.0 58.5 66.7 55.9 3) P/Eratio ------30.5 10.6 24.3 26.2 08 4) P/BVratio - - - - - 3.2 2.3 3.1 4.9 5) Dividendyield(%) 7.4 7.6 10.1 12.5 12.0 5.1 2.3 5.6 4.6 5.0 6) Totalreturn index (Dec. 84=100) 251.0 250.4 117.2 100.0 1034 157.7 397.8 252.4 4548 899.6 aZ 7) Changein index(%) -30.6 -0.2 -53.2 -14.7 3.4 52.5 152.2 -36.6 80.2 97.8

F Economicdata 1) Grossdomestic product (in US$) 36,999 38,541 34,950 33,755 33,423 39,274 45,987 52,937 54,557 2) Consumerprice index (1980=100) 125 151 181 215 256 315 366 416 473 - 3) Exchangerates (end of period) 57.6300 70.5700 98.6700 128.4799 147.7599 138.7600 126.7000 147.7000 156.3000 159.5000 4) Exchangerates (average of period) 55.4084 66.8032 88.0642 112.7165 138.1190 139.9800 135.4300 141.7146 162.1108 1583425

o - Notavailable. 0 0 India, 1990 (Currency Amounts in Millions)

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

A. Numberof listedcompanies BombayStock Exchange 2407 2420 2431 2438 2456 2470 2480 2438 2455 2423 2428 2435 B. Marketcapitalization 1) In rupees 403,670 399,500 513,430 525,000 530,000 580,000 722,900 820,070 933,500 851,420 820,000 700,000 2) In USdollars 23,900 23,583 29,955 30,347 30,636 33,410 41,690 47,430 52,006 46,936 45,379 38,567 C. Tradingvalue 1) Inrupees 27,294 14,148 26,552 22,696 33,/03 35,058 47,370 51,570 21,050 37,350 23,830 41,470 2) In USdollars 1,616 835 1,549 1,312 1,948 2,019 2,732 2,983 1,173 2,059 1,319 2,285 3) Turnoverratio 6.3 3.5 5.8 4.4 6.4 6.3 7.3 6.7 2.4 4.2 2.8 5.5 D. Localindex 1) FEBombay Index (1979=100) 762.9 764.1 860.9 861.2 891.6 902.9 1,162.9 1,257.6 1,399.6 1,203.3 1,147.5 1,040.7 2) Changein index(%) -9.2 0.1 12.7 0.0 3.5 1.3 28.8 8.1 11.3 -14.0 -4.6 -9.3 E. IFCEmerging Markets Data Base 1) Numberof stocks 60 60 60 60 60 60 60 60 60 60 60 60 2) Shareof marketcap. (%) 47.1 48.8 43.0 42.3 42.8 40.7 41.2 41.9 40.3 40.9 38.5 40.6 3) Shareof tradingvalue (%) 65.3 67.5 79.9 72.1 76.4 92.3 30.8 59.8 53.6 66.0 135.8 26.9 4) P/Eratio 17.3 17.0 19.0 18.6 18.2 17.0 21.6 23.9 27.0 24.8 23.0 20.6 5) P/BVratio 3.1 3.0 3.2 3.4 3.6 3.4 3.8 4.2 4.8 4.3 4.0 4.0 6) Dividendyield(%) 2.0 1.9 1.6 1.5 1.5 2.1 1.5 1.3 1.7 1.7 1.8 1.9 7) Totalreturn index (Dec. 84=100) 217.8 216.6 237.3 236.8 241.2 251.9 318.2 365.1 387.1 352.0 320.5 287.2 8) Changeintotal return index (%) -10.3 -0.6 9.5 -0.2 1.8 4.5 26.3 14.8 6.0 -9.1 -8.9 -10.4 F Exchangerates 1) Exchangerates (end of period) 16.8900 16.9400 17.1400 17.3000 17.3000 17.3600 17.3400 17.2900 17.9500 18.1400 18.0700 18.1500

11 ~~ ~ ~ ~ ~ .. - 4 India, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

companies A. Numberof listed 2,407 2,435 1) BombayStock Exchange 1,031 1,106 1,151 1,295 1,529 1,912 2,095 2,240 StockExchange 1,068 1,305 1,218 1,862 1,980 2,113 2,073 2,233 2,390 - 2) Calcutta 5,968 6,200a 3) All India 2,114 3,358 3,118 3,882 4,344 4,744 5,560 5,841

B. Marketcapitalization 460,000 700,000 1) In rupees 60,500 68,000 75,320 79,310 174,750 178,300 219,870 354,820 27,316 38,567 2) In USdollars 6,649 7,058 7,178 6,370 14,364 13,588 17,057 23,623

C. Tradingvalue 280,320 382,091 1) In rupees 57,950 47,560 24,010 44,500 61,340 135,960 87,400 170,035 6,693 5,030 2,377 3,916 4,959 10,781 6,743 12,241 17,362 21,918 2) InUSdollars 59.2 68.8 65.9 3) Turnoverratio 108.3 74.0 33.5 57.6 48.3 77.0 43.9

D. Localindex 1,040.7 1) FEBombay Index (1979=100) 175.2 166.9 182.8 199.8 396.4 424.8 389.9 634.5 839.9 62.7 32.4 23.9 2) Changein index(%) 41.8 -4.8 9.6 9.3 98.4 7.2 -8.2 E IfC EmergingMarkets Data Base 25 25 25 25 25 47 40 40 60 60 1) Numberof stocks 40.7 marketcap. (%) 29.2 26.3 26.5 297 27.6 45.9 34.1 33.5 46.0 T1 2) Shareof 21.5 18.3 20.6 3) P/Eratio - - - - - 18.0 22.0 P/BVratio - - 3.5 1.9 2.5 3.5 4.0 ri2 4) 3.2 1.9 1.9 5) Dividendyield (%) 3.2 3.7 3.2 3.4 2.0 2.6 2.7 168.8 232.2 242.8 287.2 OQ Totalreturn index (Dec. 84=100) 103.8 101.4 102.9 100.0 205.1 199.3 6) 4.5 18.3 7) Changein index(%) 29.5 -2.4 15 -2.8 105.1 -2.8 -15.3 37.6

F Economicdata 268,746 domesticproduct (in US$) 184,120 187,822 205,242 202,015 211,609 232,623 256,560 281,605 jg 1) Gross 184 202 207 2) Consumerprice index (1980=100) 113 122 136 148 156 170 period) 9.0992 9.6339 10.4932 12.4514 12.1655 13.1220 12.8900 15.0200 16.8400 18.1500 3) Exchangerates (end of 174326 4) Exchangerates (average of period) 8.6585 9.4551 10.0989 11.3626 12.3687 12.6110 12.9620 13.8903 16.1457

0S a Estimated. - Not available. ri LA Indonesia, 1990 (Currency Amounts in Millions) no

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

(D A. Numberof listedcompanies JakartaStock Exchange 58 59 67 72 86 92 104 114 116 118 119 125 B. Marketcapitalization o 1) In rupiah 5,038,894 5,894,021 7,837,071 9,389,436 11,894,000 12,441,249 15,900,650 15,575,182 13,116,484 12,838,214 12,254,207 15,264,600 2) In USdollars 2,809 3,273 4,330 5,173 6,517 6,743 8,586 8,383 7,109 6,873 6,560 8,081 C. Tradingvalue 1) In rupiah 498,258 399,221 796,554 770,655 899,784 702,828 848,667 590,687 494,819 501,851 231,770 582,996 2) In USdollars 278 222 440 425 493 381 458 318 268 269 124 309 3) Turnoverratio 11.0 7.3 11.6 8.9 8.5 5.8 6.0 3.8 3.4 3.9 1.8 4.2 D. Localindex 1) JSEComposite Index (Oct. 1982=100) 441.8 504.3 609.0 638.8 636.4 627.1 613.6 571.0 468.5 416.5 382.2 417.8 2) Changein index(%) 10.5 14.1 20.8 4.9 -0.4 -1.5 -2.2 -6.9 -17.9 -11.1 -8.2 9.3 E. IFCEmerging Markets Data Base 1) Numberof stocks 58 59 67 72 72 72 72 72 72 72 72 72 2) Shareof marketcap. (%) 100.0 100.0 100.2 100.0 90.5 86.8 76.3 75.6 71.7 67.9 71.3 64.3 3) Shareof tradingvalue (%) 100.0 100.0 100.0 100.0 70.3 58.4 50.4 44.9 43.5 44.2 59.3 59.3 4) P/Eratio 54.9 49.4 53.8 47.7 46.9 43.1 46.4 38.1 30.5 29.4 28.5 30.8 5) P/BVratio 5.1 5.7 6.8 6.2 6.6 6.4 6.1 5.6 4.4 4.2 4.0 4.2 6) Dividendyield (%) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.5 7) Totalreturn index (Dec. 89=100) 111.3 126.2 149.9 145.2 144.2 141.5 142.1 135.7 108.9 97.8 92.4 100.1 8) Changein totalreturn index I%) 11.3 13.4 18.7 -3.1 -0.7 -1.8 0.4 -4.6 -19.7 -10.2 -5.6 8.4 F Exchangerates 1) Exchangerates (end of period) 1,794.0100 1,800.9900 1,810.0200 1,815.0100 1,825.0300 1,845.0200 1,852.0200 1,858.0100 1,845.0200 1,868.0100 1,868.0100 1,889.0000

., , , ,, , , *, Indonesia, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies JakartaStock Exchange 8 14 19 24 24 24 24 24 57 125

B Marketcapitalization 1) Inrupiah 47,874 99,507 100,743 90,980 131,900 132,900 112,080 434,178 4,049,993 15,264,600 2) InUS dollars 74 144 101 85 117 81 68 253 2,254 8,081

C. Tradingvalue 1) In rupiah 7,652 12,625 10,108 2,139 3,206 1,816 5,185 6,944 957,031 7,318,089 2) InUS dollars 12 19 11 2 3 1 3 4 541 3,992 3) Turnoverratio 17.5 17.1 10.1 2.2 2.9 1.4 4.2 2.5 38.7 75.8 D. Localindex 1) JSEComposite Index (Oct. 1982=100) 100.3 950 804 63.5 66.5 69.7 82.5 305.1 399.7 417.8 2) Changein index(%) -3.2 -5.3 -15.4 -20.9 4.7 4.8 18.4 269.7 31.0 45

E IFCEmerging Markets Data Base 1) Numberof stocks - - - - - 57 72 64.3 2) Shareof marketcap. (%) - - - - 100.0 3) P/Eratio - - - - - 41.5 30.8 - - 7.5 4.2 g 4) P/BVratio - - - 0.5 5) Dividendyield I%) ------6) Totalreturn index (Dec.89=100) ------100.0 100.1 7) Changein index(%) - 0.1

F Economicdata 1) Grossdomestic product (in US$) 92,008 94,457 81,053 84,857 85,257 73,345 75,674 84,285 93,969 2) Consumerpriceindex(1980=100) 112 123 137 152 159 168 184 199 211 - 3) Exchangerates(end of period) 644.0000 692.5000 994.0000 1,074.0000 1,125.0000 1,641.0000 1,650.0000 1,717.3548 1,797.0000 1,889.0000 4) Exchangerates (average of period) 631.7598 661.4199 909.2598 1,025.8999 1,111.0000 1,400.0000 1,649.4000 1,685.0000 1,770.0600 1,833.2602

- Notavailable. 0 r) Jordan, 1990 m (Currency Amounts in Millions) CD no

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec ra A. Numberof listedcompanies AmmanFinancial Market 105 105 105 105 105 105 105 105 105 105 105 105 @ B. Marketcapitalization o 1) Indinars 1,545 1,521 1,443 1,482 1,493 1,526 1,506 1,327 1,298 1,282 1,273 1,283 2) In USdollars 2,368 2,293 2,172 2,234 2,258 2,301 2,292 2,020 2,009 1,985 1,986 2,001 C. Tradingvalue 1) Indinars 64 29 15 21 40 31 24 9 9 8 7 9 2) InUS dollars 98 44 23 32 61 47 36 13 14 12 11 14 3) Turnoverratio 4.4 1.9 1.0 1.5 2.7 2.1 1.6 0.6 0.7 0.6 0.6 0.7 D. Localindex 1) AFMIndex (Jan, 1980=100) 144.2 139.2 135.8 139.2 139.8 137.4 135.7 122.5 118.8 119.3 118.0 118.4 2) Changeinindex (%) 5.0 -3.5 -2.4 2.5 0.4 -1.7 -1.2 9.7 -3.0 0.4 -1.1 0.3 E. IFCEmerging Markets Data Base 1) Numberof stocks 25 25 25 25 25 25 25 25 25 25 25 25 2) Shareof marketcap. (%) 71.8 70.3 72.6 72.0 71.9 72.4 71.3 70.5 70.9 72.0 72.5 74.3 3) Shareof tradingvalue (%) 45.6 49.8 52.9 41.8 46.3 50.5 51.9 72.4 50.0 52.6 53.5 54.0 4) P/Eratio 16.8 16.1 12.9 11.1 10.6 9.3 9.1 7.8 7.8 7.8 7.8 8.1 5) P/BVratio 2.3 2.2 1.9 1.8 1.9 2.0 1.9 1.7 1.6 1.6 1.6 1.7 6) Dividendyield (%) 2.1 2.1 6.5 5.7 5.7 5.5 5.7 6.6 6.7 6.7 6.7 6.5 7) Totalreturn index (Dec. 84=100) 128.0 121.3 124.0 128.3 129.3 132.8 130.3 113.6 113.6 114.0 114.9 118.6 8) Changein totalreturn index (%) 12.8 -5.3 2.3 3.4 0.8 2.7 -1.9 -12.8 0.0 0.4 0.8 3.2 F Exchangerates 1) Exchangerates (end of period) 0.6524 0.6633 0.6643 0.6633 0.6613 0.6633 0.6570 0.6570 0.6458 0.6458 0.6409 0.6409 Jordan, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies AmmanFinancial Market 72 86 95 103 104 103 101 106 106 105

B. Marketcapitalization 1) Indinars 833 1,000 1,008 886 903 977 907 1,061 1,378 1,283 2) In USdollars 2,457 2,845 2,713 2,188 2,454 2,839 2,643 2,233 2,162 2,001

C. Tradingvalue 1) Indinars 75 112 120 53 64 65 142 127 365 266 2) InUS dollars 227 318 329 138 163 185 420 337 652 407 3) Turnoverratio 11.3 12.3 11.9 5.6 7.2 6.9 15.1 12.9 29.9 20.0 D. Localindex 1) AFMIndex (Jan, 1980=100) 176.9 203.5 153.4 119.5 115.7 106.5 117.3 1244 137.3 118.4 2) Changein index(%) 58.6 15.0 -24.6 -22.3 -3.2 -7.9 10.1 6.0 10.4 -13.8

E IFCEmerging Markets Data Base 1) Numberof stocks 10 10 10 9 10 10 10 20 25 25 2) Shareof marketcap. (%) 51.0 41.9 395 41.1 53.9 44.3 43.9 68.2 70.2 74.3 3) P/Eratio - - - 12.9 12.8 17.3 14.9 8.1 t1 4) P/8Vratio - - - - 1.8 1.5 1.5 1.9 1.7 5) Dividendyield (%) 2.2 3.7 3.4 3.9 3.0 2.5 3.5 34 2.4 6.5 6) Totalreturn index (Dec. 84=100) 124.1 122.6 113.9 100.0 148.4 143.2 136.6 115.0 113.5 118.6 7) Changeinindex(%) 52.2 -1.3 -7.1 -12.2 48.4 -3.5 -45 -15.8 -1.3 4.4 F Economicdata 1) Grossdomestic product (in US$) 3,523 3,748 3,916 3,896 4,067 5,786 6,121 5,817 4,566 2) Consumerprice index (1980=100) 108 116 122 126 130 130 130 134 168 - 3) Exchangerates (end of period) 0.3390 0.3515 0.3715 0.4050 0.3678 0.3499 0.3430 0.4750 0.6376 0.6409 4) Exchangerates (average ofperiod) 0.3304 0.3525 0.3631 0.3845 0.3946 0.3441 0.3387 03764 0.5599 0.6544

Nt $@- Notavailable. 0 or t' Korea, 1990 (Currency Amounts in Millions)

no Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

A. Numberof listedcompanies KoreaStock Exchange 635 636 644 647 647 654 660 660 669 669 669 669 B. Marketcapitalization o 1) Inwon 95,804,957 93,361,571 91,371,420 75,108,802 87,514,891 77,956,464 75,717,115 67,544,254 67,128,385 77,417,967 78,871,982 79,019,675 2) In USdollars 139,718 135,838 132,122 107,526 124,683 110,270 105,824 94,401 93,886 108,269 110,388 110,594

C. Tradingvalue 1) In won 6,753,464 4,837,487 5,722,778 4,192,554 4,342,945 3,515,610 2,255,676 3,212,681 2,418,809 5,528,327 5,356,527 5,317,200 2) In USdollars 9,849 7,038 8,275 6,002 6,187 4,973 3,153 4,490 3,383 7,731 7,497 7,442 3) Turnoverratio 7.1 5.1 6.2 5.0 5.3 4.3 2.9 4.5 3.6 7.6 6.8 6.7 D. Localindex 1) KOSPI(Jan. 1 980=100)a 896.2 861.6 840.9 688.7 797.9 706.8 678.4 606.9 602.9 690.2 697.0 696.1 2) Changein index (%) -1.5 -3.9 -2.4 -18.1 15.9 -11.4 -4.0 -10.5 -0.7 14.5 1.0 -0.1

E IFCEmerging Markets Data Base 1) Numberof stocks 63 63 63 63 63 63 63 63 63 63 63 63 2) Shareof marketcap. (%) 58.2 57.3 56.8 56.2 57.9 58.4 58.1 57.6 58.2 57.9 57.4 57.4 3) Shareof tradingvalue (%) 42.4 39.1 60.4 37.9 45.3 44.8 44.3 39.6 41.6 45.2 46.4 37.7 4) P/Eratio 32.9 31.5 32.4 21.4 25.5 22.5 21.5 19.0 19.1 21.9 22.2 21.5 5) P/BVratio 2.3 2.1 2.1 1.7 1.7 1.5 1.5 1.3 1.3 1.5 1.5 1.5 6) Dividendyield(%) 1.0 1.0 0.0 0.5 0.4 0.5 0.5 0.6 0.6 0.5 0.5 0.5 7) Totalreturn index (Dec. 84=100) 771.7 736.0 707.9 570.2 679.5 606.6 579.2 511.0 512.7 587.6 593.2 593.5 8) Changein total return index (%) -3.2 -4.6 -3.8 -19.4 19.2 -10.7 -4.5 -11.8 0.3 14.6 0.9 0.1 F Exchangerates 1) Exchangerates (end of period) 685.7000 687.3000 691.5700 698.5200 701.9000 706.9600 715.5000 715.5000 715.0000 715.0500 714.5000 714.5000

a KoreaComposite Stock Price Index (KOSPI) is thenew name for theKorean Stock Exchange Composite.

.. * , ,* ,. Korea, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies KoreaStock Exchange 343 334 328 336 342 355 389 502 626 669

B. Marketcapitalization 1) In won 2,959,000 3,301,000 3,490,000 5,149,000 6,570,403 11,994,200 26,163,050 64,543,684 95,476,773 79,019,675 2) In USdollars 4,224 4,408 4,387 6,223 7,381 13,924 32,905 94,238 140,946 110,594

C. Tradingvalue 1) Inwon 2,534,000 1,974,000 1,753,000 3,118,000 3,620,600 9,597,965 20,497,444 58,081,409 81,199,753 53,454,058 2) In USdollars 3,721 2,700 2,260 3,869 4,162 10,889 24,919 79,180 121,264 75,949 3) Turnoverratio 92.4 63.1 51.6 72.2 61.8 103.4 107.4 128.1 101.5 61.3

D. Localindex 1) KOSPI(Jan. 1980=100)a 131.4 127.3 121.2 142.5 163.4 272.6 525.1 907.2 909.7 696.1 2) Changeinindex(%) 22.9 -3.1 -4.8 175 14.7 66.9 92.6 72.8 0.3 -23.5

E IFCEmerging Markets Data Base 1) Numberof stocks 25 25 25 25 25 23 23 62 61 63 2) Shareof marketcap. (%) 28.4 27.3 27.6 24.8 32.5 39.3 24.4 58.8 45.7 57.4 3) P/Eratio - - - - - 25.7 21.7 39.5 38.6 21.5 4) P/BVratio - - - - - 2.5 2.5 3.3 2.5 1.5 5) Dividendyield (%) 6.3 6.1 5.2 4.7 4.1 2.7 2.1 0.5 1.3 0.5 no 6) Totalreturn index (Dec. 84=1 00) 81.9 84.5 821 100.0 138.5 260.8 365.4 788.6 797.2 593.5 7) Changein index(%) 41.8 3.1 -2.9 21.8 38.5 88.3 40.1 115.8 1.1 -25.5

F Economicdata 1) Grossdomestic product (in US$) 69,048 72,376 78,638 85,445 86,792 105,991 131,816 174,446 212,462 2) Consumerpriceindex(1980=100) 121 130 135 138 141 145 149 160 169 - 3) Exchangerates (end of period) 700.5000 748.7998 795.5000 827.3999 8901999 861.4000 795.1000 684.9000 677.4000 714.5000 4) Exchangerates (average of period) 681.0283 731.0839 775.7482 805.9758 870.0197 881.4500 822.5700 733.5390 669.6100 7038149

KoreaComposite Stock Price Index (KOSPI) is thenew name for theKorea Stock Exchange Composite. - Not available.

P7 Malaysia, 1990a (Currency Amounts in Millions) 2

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

A. Numberof listedcompanies KualaLumpur Stock Exchange 253 255 257 258 259 260 261 263 266 271 276 282 PT1 B. Marketcapitalization o 1) In ringgit 113,707 125,012 123,734 110,704 123,612 123,808 136,944 117,060 102,467 107,247 118,490 131,166 0 2) In USdollars 42,145 46,249 45,374 40,767 45,740 45,686 50,795 43,549 37,958 39,729 43,828 48,611 C.Trading value 1) In ringgit 4,355 4,826 2,583 1,425 2,211 1,666 2,592 3,011 1,871 1,384 1,521 1,946 2) In USdollars 1,614 1,785 947 525 818 615 961 1,120 693 513 563 721 3) Turnoverratio 3.9 4.0 2.1 1.2 1.9 1.3 2.0 2.4 1.7 1.3 1.3 1.6 D. Localindex 1) KLSEComposite Index (Jan. 1977=100) 570.2 603.2 583.6 520.6 583.9 584.6 630.3 540.8 459.1 491.7 464.7 505.9 2) Changein index(%) 1.4 5.8 -3.3 -10.8 12.2 0.1 7.8 -14.2 -15.1 7.1 -5.5 8.9 E. IFCEmerging Markets Data Base 1) Numberof stocks 62 62 62 62 62 62 62 62 62 62 62 62 2) Shareof marketcap. (%) 55.6 55.0 53.8 54.1 55.0 54.3 53.4 54.0 53.1 54.7 47.6 46.9 3) Shareoftrading value (%) 44.6 46.6 41.0 41.0 38.5 48.5 41.4 38.4 37.2 38.2 22.8 45.7 4) P/Eratio 30.1 29.9 27.3 25.2 27.7 27.6 29.1 22.8 19.9 22.0 20.7 23.0 5) P/BVratio 3.5 3.8 3.7 3.2 3.7 3.6 3.9 3.3 2.9 3.0 3.0 3.1 6) Dividendyield(%) 2.5 2.5 2.4 2.6 2.3 2.3 2.1 2.4 3.2 2.5 2.7 2.2 7) Totalreturn index (Dec. 84=100) 185.3 198.2 188.6 168.6 190.8 188.4 205.8 177.8 152.6 163.1 158.4 173.0 8) Changein totalreturn index (%) 1.8 6.9 -4.8 -10.6 13.1 -1.2 9.2 -13.6 -14.2 6.9 -2.9 9.2 F Exchangerates 1) Exchangerates (end of period) 2.6980 2.7030 2.7270 2.7155 2.7025 2.7100 2.6960 2.6880 2.6995 2.6995 2.7035 2.6983

a Datafor Malaysia-incorporatedcompanies only.

., ~~ ~ ~ ~ ~ ~ ~ , ' ,*

Malaysia, 1981_199Oa (Currency Amounts in Millions)

1990 1981 1982 1983 1984 1985 1986 1987 1988 1989

A. Numberof listedcompanies 238 251 282 KualaLumpur Stock Exchange 187 194 204 217 222 223 232

B. Marketcapitalization 131,166 34,307 32,273 53,309 47,048 39,380 39,214 46,106 63,193 107,513 1) Inringgit 23,318 39,842 48,611 2) In USdollars 15,300 13,903 22,798 19,401 16,229 15,065 18,531

C. Tradingvalue 9,647 6,858 18,638 29,391 1) Inringgit 8,059 3,251 7,887 5,216 5,799 3,046 3,498 1,392 3,398 2,226 2,335 1,180 3,829 2,623 6,888 10,871 2) InUS dollars 12.5 21.8 24.6 3) Turnoverratio 26.1 9.8 18.4 10.4 13.4 7.8 22.6

D. Localindex 5653 505.9 Index(Jan. 1977=100) 380.8 291.4 401.6 303.6 233.5 252.4 261.2 357.4 1) KLSEComposite 36.8 58.2 -10.0 2) Changeinindex (%) 3.8 -23.5 37.8 -24.4 -23.1 8.1 3.5

E. IFCEmerging Markets Data Base 40 62 62 62 1) Numberofstocks - - - 40 40 40 53.9 79.8 68.6 46.9 2) Shareof marketcap. (%) - - 49.1 54.6 63.8 30.7 24.1 30.8 23.0 ratio - - 25.7 19.4 32.7 3) P/E 1.9 2.3 2.1 2.6 3.3 3.1 t 4) P/BVratio - - 2.4 - - 1.3 2.9 2.4 20 2.2 2.2 5) Dividendyield (%) 173.0 - - 100.0 86.1 96.4 97.9 126.5 182.1 6) Totalreturn index (Dec. 84=100) 29.2 43.9 -5.0 7) Changein index(%) - -13.9 11.9 1.6 o0 0 F Economicdata 34,729 37,493 1) Grossdomestic product (in US$) 25,005 26,796 29,969 33,944 31,231 27,787 31,636 110 116 120 125 126 126 128 131 134 - 2) Consumerpriceindex(1980=100) 2.7100 2.6985 2.6983 rates(end of period) 2.2423 2.3213 2.3383 2.4250 2.4265 2.6000 2.4880 3) Exchange 2.7037 4) Exchangerates (average of period) 2.3041 2.3354 2.3212 2.3436 2.4830 2.5800 2.5196 2.6147 2.7059

a Datafor Malaysia-incorporatedcompanies only. 0 0 Mexico, 1990a En (Currency Amounts in Millions)

on Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec xx A. Numberof listedcompanies BolsaMexicana -xl deValores 203 204 202 200 202 198 199 199 199 199 199 199 B. Marketcapitalization o 1) In pesos 62,851,543 66,206,464 68,004,701 71,789,352 84,511,951 85,207,319 92,661,024 85,033,542 80,968,995 90,590,243 93,578,682 2) In USdollars 96,472,097 23,192 24,119 24,604 25,666 29,831 29,908 32,342 29,495 27,998 31,013 31,905 32,725 C. Tradingvalue 1) In pesos 2,128,695 3,108,390 1,680,252 2,568,895 6,069,565 3,610,595 3,140,038 3,067,711 1,303,434 2,879,054 1,492,068 3,525,951 2) In USdollars 785 1,132 608 918 2,142 1,267 1,096 1,064 451 986 509 3) Turnoverratio 1,196 3.4 4.8 2.5 3.7 7.8 4.3 3.5 3.4 1.6 3.4 1.6 3.7 D. Localindex 1) BMVGeneral Index. (Nov. 1978=781.6) 444,748.2 473,018.1 489,618.8 525,606.0 650,289.0 615,333.0 673,136.1 580,979.4 522,083.0 611,376.9 626,711.6 2) Changein 628,790.3 index(%) 6.2 6.4 3.5 7.3 23.7 -5.4 9.4 -13.7 -10.1 17.1 2.5 0.3 E. IFCEmerging Markets Data Base 1) Numberofstocks 54 54 54 54 54 54 54 54 54 54 54 2) Shareof marketcap. 54 (%) 69.7 69.8 68.6 69.0 69.5 66.9 66.7 66.0 63.2 63.6 63.4 62.5 3) Shareof tradingvalue(%) 59.7 64.2 71.7 50.6 76.1 53.4 72.0 74.9 72.5 50.3 69.0 74.6 4) P/Eratio 9.9 10.5 9.6 9.1 10.7 10.1 11.5 10.9 10.3 11.3 5) P/BVratio 12.5 13.2 1.1 1.1 0.9 0.9 1.2 1.2 1.4 1.2 1.1 1.2 1.3 1.3 6) Dividendyield (%) 2.0 1.9 2.8 2.3 2.3 2.5 2.4 2.8 3.1 3.4 3.5 7) Totalreturn index 3.4 (Dec.84=100) 793.0 826.1 834.8 860.2 1,015.3 966.2 1,044.8 942.8 858.6 963.6 990.7 1,002.8 8) Changeintotal return index I%) 2.9 4.2 1.0 3.0 18.0 -4.8 8.1 -9.8 -8.9 12.2 2.8 1.2 F Exchangerates 1) Exchangerates (endof period) 2,710.0300 2,744.9900 2,764.0000 2,797.0100 2,833.0100 2,849.0000 2,865.0000 2,883.0100 2,892.0000 2,921.0000 2,933.0000 2,948.0000

aDatafor listedstocks, excluding stocks of investmentcompanies and shares held by the government. If government-held shares are included, market capitalization for December1990 would be US$ 41,725 million. Mexico, 1981-199Oa (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

companies A. Numberof listed 203 203 199 BolsaMexicana de Valores 229 206 163 160 157 155 190

B. Marketcapitalization 264,917 165,826 432,435 423,009 1,418,168 5,496,862 18,415,504 31,977,806 60,514,035 96,472,097 1) In pesos 22,550 32,725 2) In USdollars 10,100 1,719 3,004 2,197 3,815 5,952 8,371 13,784

C. Tradingvalue 13,026,825 15,421,436 34,574,647 1) In pesos 102,487 44,071 133,505 362,491 606,106 2,349,694 21,436,504 4,181 781 1,112 2,160 2,360 3,841 15,554 5,732 6,232 12,212 2) In USdollars 51.7 33.3 44.0 3) Turnoverratio 36.1 20.5 44.6 84.8 65.8 68.0 179.3

D. Localindex 418,925.1 628,790.3 GeneralIndex. (Nov. 1978=781.6) 947.9 677.6 2,451.9 4,038.4 11,197.2 47,101.0 105,669.9 211,531.8 1) BMV 100.2 98.0 50.1 2) Changeinindex (%) -33.8 -28.5 261.8 64.7 177.3 320.6 124.3 Base E. IFCEmerging Markets Data 52 52 54 1) Numberofstocks 25 21 21 22 26 26 26 36.1 35.4 38.4 62.6 36.6 56.3 36.9 64.1 65.5 62.5 2) Shareof marketcap. (%) 5.0 10.7 13.2 3) P/Eratio - - - - 10.5 6.2 - 1.0 0.8 0.7 1.0 1.3 m1 4) P/BVratio - - - 7.9 21.9 7.6 4.3 6.5 2.6 3.9 3.0 2.1 3.4 5) Dividendyield (%) 770.9 1,002.8 (Dec.84=100) 175.1 43.8 88.4 1000 118.5 236.4 215.8 448.3 6) Totalreturn index 107.7 71.9 30.1 Ei 7) Changeinindex(%) -45.9 -75.0 101.6 131 18.5 99.6 -8.7

00 F Economicdata 165,347 185,711 1) Grossdomestic product (in US$) 249,959 173,715 148,873 175,606 184,538 129,858 139,993 128 203 410 679 1,071 1,995 4,625 9,904 11,890 - 2) Consumerprice index (1980=100) 2,9480000 of period) 26.2289 96.4800 143.9299 192.5599 371.6997 923.5000 2,200.0000 2,320.0000 2,683.5000 3) Exchangerates (end 2,474.4609 2,831.1166 4) Exchangerates (average of period) 24.5146 56.4017 120.0935 167.8275 256.8713 611.7698 1,378.1800 2,272.5660

for December1990 would be US$41,725 million. m a Datafor listed stocks, excluding stocks of investmentcompanies and shares held by the government. If government-held shares are included, market capitalization - Notavailable. C Nigeria, 1990 (Currency Amounts in Millions)

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

m A. Numberof listedcompanies NigerianaStockMarket ill 112 113 113 114 114 121 125 126 127 129 131 B. Marketcapitalization o) 1) In aaira 8,668 8,924 9,168 9,427 9,390 10,130 10,639 10,971 11,092 11,365 12,039 11,935 2) In USdollars 1,111 1,138 1,163 1,196 1,192 1,285 1,347 1,389 1,400 1,442 1,392 1,372 C. Tradingvalue 1) Innaira 5 3 5 3 5 9 11 20 5 7 8 6 2) In USdollars 0.7 0.4 0.6 0.4 0.6 1.2 1.2 2.5 0.7 0.9 1.0 0.7 3)Turnover ratio 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.2 0.0 0.1 0.1 0.0 D. Localindex 1) NSEGeneral Index (1 984=1 00) 343.0 349.3 356.0 362.0 382.3 417.1 445.4 463.6 468.2 480.3 502.6 513.8 2) Changein index(%) 5.4 1.8 1.9 1.7 5.6 9.1 6.8 4.1 1.0 2.6 4.6 2.2 E. IFCEmerging Markets Data Base ,~~~~~~~~~~~t 1)Number of stocks 22 22 22 22 22 22 22 22 22 22 22 22 2) Shareofmarket cap. (%) 71.6 71.7 71.0 70.0 72.4 71.7 70.0 69.1 69.3 69.0 68.8 71.7 3) Shareoftrading value I%) 56.9 70.6 59.6 66.7 69.4 51.1 38.7 26.1 73.1 75.7 79.3 58.1 4) PIEratio 7.6 7.7 6.6 6.7 6.3 5.9 6.0 6.1 6.0 6.6 6.6 7.0 5) P/BVratio 1.9 2. 1.9 2.0 2.0 1.9 1.6 1.6 1.6 1.7 1.8 1.8 6) Dividendyield I%) 4.5 5.3 5.2 3.6 8.1 9.9 10.0 10.0 10.2 10.8 11.5 12.0 7) Totalreturn iadex (Dec. 84=100) 52.8 54.6 55.2 56.3 60.7 65.9 67.6 69.1 70.1 72.2 70.0 72.0 8) Changein totalretura index (%) 3.2 3.5 1.2 1.9 7.8 8.6 2.5 2.2 1.5 3.0 -3.1 2.9 E Exchangerates 1) Exchangerates (end of period) 7.8000 7.8400 7.8800 7.8800 7.8800 7.8800 7.9000 7.9000 7.9200 7.8804 8.6500 8.7000 Nigeria, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies NigerianStock Market 93 93 93 93 96 99 100 102 111 131 B. Marketcapitalization 1) In naira 1917 977 2,223 2,579 2,742 3,688 4,032 5,089 7,489 11,935 2) In USdollars 3,010 1,458 2,970 3,191 2,743 1,112 974 960 1,005 1,372

C. Tradingvalue 1) In naira 6 8 13 13 13 22 27 24 28 88 2) InUSdollars 10 12 18 16 15 16 7 5 4 11 3) Turnoverratio 0.3 0.5 0.8 0.5 05 0.7 0.7 05 0.4 0.9 D. Localindex 1) NSEGeneral Index (1984=100) - - 1000 128.3 163.4 190.9 233.6 325.3 513.8 2) Changein index(%) - - - 28.3 27.4 16.8 22.4 39.3 57.9

E. IFCEmerging Markets Data Base 1) Numberof stocks - - 15 15 15 15 15 15 22 2) Shareof marketcap. (%) - 48.9 54.6 54.1 51.6 52.8 55.9 71.7 3) P/Eratio - - 4.8 5.3 5.8 4.9 61 7.0 7.0 4) P/BVratio - - 2.1 2.3 2.8 3.2 3.5 1.8 1.8 5) Dividendyield (%) - - 9.0 6.9 4.1 9.0 7.3 12.0 On 6) Totalreturn index (Dec. 84=100) - 100.0 105.0 45.4 39.4 42.2 51.1 72.0 7) Changein index(%) - 5.0 -56.7 -13.2 7.0 21.1 40.9

E Economicdata 1) Grossdomestic product (in US$) 95,229 93,130 89,769 93,028 90,228 59,110 28,755 30,503 21,995 2) Consumerprice index (1980=100) 121 130 160 224 236 249 274 380 534 - 3) Exchangerates (end of period) 0.6369 0.6702 0.7486 0.8083 0.9996 3.3168 41413 53000 7.4500 8.7000 4) Exchangerates (average of period) 0.6177 0.6735 0.7244 0.7665 0.8938 1.3484 38455 4.4900 7.1959 79425

- Notavailable. 0 Pakistan, 1990 (Currency Amounts in Millions)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec m m A. Numberof listed companies KarachiStock Exchange Ltd. 446 448 450 454 460 463 468 471 473 477 481 487

, B. Marketcapitalization 8 1) In rupees 56,253 56,391 56,335 57,201 55,998 57,248 59,741 60,899 61,020 63,123 66,875 64,827 2) In USdollars 2,647 2,662 2,660 2,636 2,572 2,638 2,766 2,816 2,832 2,913 3,079 2,985 C. Tradingvalue 1) In rupees 589 356 439 360 239 395 528 389 427 352 446 460 2) In USdollars 28 17 21 17 11 18 24 18 20 16 21 21 3) Turnoverratio 1.1 0.6 0.8 0.6 0.4 0.7 0.9 0.6 0.7 0.6 0.7 0.7

D. Localindex 1) SBPIndex (1980-1981=100) 291.8 292.9 293.1 291.1 283.8 283.5 296.0 291.0 295.7 304.3 308.0 308.5 2) Changein index(%) 5.2 0.4 0.1 -0.7 -2.5 -0.1 4.4 -1.7 1.6 2.9 1.2 0.2

E IFCEmerging Markets Data Base 1) Numberof stocks 49 49 49 49 49 49 49 49 49 49 49 49 2) Shareof marketcap. (%) 34.7 34.4 34.5 33.3 33.4 33.9 33.6 32.9 32.9 33.2 31.3 31.9 3) Shareof tradingvalue (%) 37.7 50.3 49.2 39.3 44.9 57.5 41.5 39.6 33.8 41.0 20.9 22.2 4) P/Eratio 9.3 9.5 9.6 9.3 9.2 9.9 9.8 10.3 10.3 10.8 8.6 8.5 5) P/BVratio 2.1 2.1 2.0 1.9 1.8 1.9 1.9 1.9 2.0 2.0 2.0 2.0 6) Dividendyield (%) 6.0 6.0 6.8 7.2 6.8 6.9 6.7 6.7 6.7 6.1 6.5 5.6 7) Totalreturn index (Dec. 84=100) 188.9 188.4 191.7 185.2 181.1 189.1 196.1 195.9 197.8 205.6 206.4 206.4 8) Changein total return index (%) 2.0 -0.3 1.7 -3.4 -2.2 4.4 3.7 -0.1 0.9 4.0 0.3 0.0

F Exchangerates 1) Exchangerates (end of period) 21.2500 21.1800 21.1800 21.7000 21.7700 21.7000 21.6000 21.6300 21.5500 21.6700 21.7200 21.7200

,,~~~~~~~~~~~~~~~~~~~~~ Pakistan, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listed companies KarachiStock Exchange Ltd. 311 326 327 347 362 361 379 404 440 487

B. Marketcapitalization 1) In rupees 8,554 11,267 15,201 18,834 21,900 29,491 34,300 45,508 52,207 64,827 2) In USdollars 864 877 1,126 1,226 1,370 1,710 1,960 2,460 2,457 2,985

C. Tradingvalue 1) In rupees - - 2,523 3,757 2,583 2,813 3,181 3,910 4,979 2) In USdollars 180 236 155 162 177 193 231 3) Turnoverratio - - - 14.8 18.4 10.0 8.8 8.0 8.0 85

D. Localindex 1) SBPIndex (1980-1981=100) 99.4 114.8 148.3 168.3 166.5 199.9 228.4 262.7 277.3 3085 2) Changein index(%) 5.7 15.5 29.2 13.5 -1.1 20.1 14.3 15.0 5.5 11.3

E. IFCEmerging Markets Data Base 1) Numberofstocks - - 52 52 52 51 50 50 49 2) Shareof marketcap.,(%) - 40.6 426 38.0 329 33.3 31.0 31.9 3) P/Eratio - - - - 8.2 6.8 9.4 8.4 8.5 4) P/BVratio - - - - 1.9 1.7 1.7 1.8 2.0 5) Dividendyield (%) - 6.7 8.2 6.5 7.9 8.3 5.6 6) Totalreturn index (Dec. 84=100) - - 100.0 1178 142.3 151.8 1740 185.3 2064 7) Changein index(%) - - - - 178 20.8 6.7 146 6.5 114

F Economicdata 1) Grossdomestic product (in US$) 28,077 27,165 27,610 29,773 30,008 30,907 32,903 37,298 38,105 - 2) Consumerprice index (1980=100) 112 119 126 134 141 146 153 167 179 3) Exchangerates (end of period) 9.9000 12.8400 13.5000 15.3600 15.9800 17.2500 17.5000 18.5000 21.2500 21.7200 4) Exchangerates (average of period) 9.9000 11.8475 131170 140463 15.9284 16.6480 17.3990 17.9594 20.2685 21.5232 rs -Il - Not available. cr 0

'. Philippines, 1990 (Currency Amounts in Millions)

Cn no Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

(>D A. Numberof listed companies ManilaStock Exchange 146 148 149 150 151 151 151 151 151 153 153 153 B. Marketcapitalization o 1) In pesos 224,746 224,965 235,462 218,714 196,877 205,804 214,192 186,094 153,071 158,148 156,317 161,219 C) 2) In USdollars 10,333 10,334 10,703 9,897 8,848 9,167 9,252 7,706 6,172 6,364 5,790 5,927 C. Tradingvalue Manila 1,340 1,078 1,845 949 884 1,242 1,030 1,181 580 720 783 1,583 Makati 1,129 967 1,805 1,227 1,299 1,955 1,234 980 786 1,914 738 1,321 1) Totalin pesos 2,469 2,045 3,649 2,176 2,183 3,198 2,264 2,161 1,366 2,634 1,521 2,904 2) In USdollars 113 94 166 98 98 142 98 89 55 106 56 107 3) Turnoverratio 1.0 0.9 1.6 1.0 1.0 1.6 1.1 1.1 0.8 1.7 1.0 1.8 0. Localindex 1) ManilaComm/lnd.lndex (Jan 1958=100) 1,456.5 1,404.4 1,540.9 1,308.4 1,139.1 1,229.9 1,310.7 1,032.4 732.7 818.6 829.0 870.1 2) Changein index(%) -8.1 -3.6 9.7 -15.1 -12.9 8.0 6.6 -21.2 -29.0 11.7 1.3 4.9 E. IFCEmerging Markets Data Base 1) Numberof stocks 29 29 29 29 29 29 29 29 29 29 29 29 2) Shareof marketcap. (%) 81.0 79.6 80.4 77.2 76.6 79.2 79.2 77.2 68.1 63.6 71.1 70.8 3) Shareof tradingvalue (%) 59.6 55.9 39.3 40.9 54.4 46.5 43.9 48.2 64.4 41.6 76.1 75.4 4) P/Eratio 28.1 25.6 31.4 34.2 34.6 18.4 19.9 16.1 24.3 17.2 24.0 24.5 5) P/BVratio 6.5 6.2 3.6 4.8 4.3 4.6 4.9 3.9 2.7 4.2 3.3 3.4 6) Dividendyield (%) 1.4 1.4 1.4 1.5 1.7 1.5 1.8 2.1 2.7 2.8 2.5 2.3 7) Totalreturn index (Dec. 84=100) 2,300.8 2,261.9 2,365.6 2,092.4 1,860.7 1,994.4 2,016.8 1,638.0 1,158.1 1,120.0 1,138.8 1,171.6 8) Changein totalreturn index (%) -3.0 -1.7 4.6 -11.5 -11.1 7.2 1.1 -18.8 -29.3 -3.3 1.7 2.9

E Exchangerates 1) Exchangerates (end of period) 21.7500 21.7700 22.0000 22.1000 22.2500 22.4500 23.1500 24.1500 24.8000 24.8500 27.0000 27.2000 Philippines, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies 141 144 153 ManilaStock Exchange 190 200 208 149 138 130 138 B. Marketcapitalization 14,255 18,172 19,445 16,486 12,741 41,214 61,108 88,592 260,470 161,219 1) In pesos 4,280 11,965 5,927 2) In USdollars 1,738 1,981 1,389 834 669 2,008 2,948

C. Tradingvalue 10,056 28,395 13,213 Manila 607 724 3,366 648 1,557 8,362 19,273 684 491 1,999 1,434 510 3,109 12,079 8,195 22,334 15,355 Makati 18,251 50,730 28,569 1) Totalin pesos 1,291 1,215 5,365 2,082 2,067 11,471 31,352 163 142 483 125 111 563 1,524 875 2,410 1,216 2) In USdollars 24.4 29.1 13.5 3) Turnoverratio 6.3 7.5 28.5 11.6 14.1 42.5 61.3

D. Localindex 949.9 1,584.9 870.1 1) ManilaComm/lnd.lndex (Jan 1958=100) 99.2 90.5 144.6 106.3 160.9 548.0 750.1 36.9 26.6 66.9 -45.1 2) Changein index(%) -6.4 -8.8 59.8 -26.5 51.3 240.6 E IFCEmerging Markets Data Base - - - 18 18 18 18 18 18 29 1)Numberof stocks 62.4 59.0 33.6 70.8 2) Shareof marketcap. (%) - - - 24.0 39.7 61.6 3.0 44 8.9 9.9 18.5 24.5 3) P/Eratio -4.0 4.3 3.4 - - - 0.7 0.5 0.9 2.4 2.8 4) P/BVratio 2.4 2.2 1.1 2.3 5) Dividendyield (%) - - - - 8.9 2.0 1,488.2 2,372.4 1,171.6 returnindex (Dec. 84=100) - 100.0 1465 707.0 1,063.8 6) Total 50.5 399 59.4 -50.6 7) Changein index(%) - 46.5 382.6

F Economicdata 39,588 45,794 1) Grossdomestic product (in US$) 38,648 39,883 34,564 32,368 32,927 30,763 34,440 113 125 137 206 254 256 265 289 320 2) Consumerprice index (1980=100) 21.7700 27.2000 rates(end of period) 8.2000 9.1710 14.0020 19.7600 190320 20.5300 20.7300 20.7000 3) Exchange 20.8614 210509 23.4900 4) Exchangerates (average of period) 7.8996 8.5400 11.1127 16.6987 18.6073 20.3860 20.5680

0 - Notavailable. Portugal, 1990 (Currency Amounts in Millions)

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

A. Numberof listedcompanies Bolsade Lisboa 181 183 184 184 181 182 178 183 181 181 179 181 B. Marketcapitalization 1) Inescudos p 1,501,530 1,479,387 1,414,945 1,371,760 1,541,832 1,490,137 1,422,667 1,332,379 1,234,564 1,216,300 1,178,529 1,257,248 2) In USdollars 10,181 10,014 9,449 9,242 10,464 10,123 10,057 9,761 8,875 9,101 8,935 9,201 C. TradingValuea 1) Inescudos 16,045 15,135 16,859 11,415 42,298 24,439 25,270 17,429 14,/84 13,492 14,793 28,491 2) InUSdollars 109 102 113 77 287 166 179 128 106 101 112 209 3) Turnoverratio 1.0 1.0 1.2 0.8 2.9 1.6 1.7 1.3 1.1 1.1 1.2 2.3 D. Localindex 1) BTAIndex (1977=100) 3,068.6 3,019.9 2,986.6 2,918.8 3,062.7 3,035.9 2,932.9 2,636.1 2,315.7 2,247.2 2,112.6 2,143.4 2) Changein index(%) -6.6 -1.6 -1.1 -2.3 4.9 -0.9 -3.4 -10.1 -12.1 -3.0 -6.0 1.5 E. IFCEmerging Markets Data Base 1) Numberof stocks 27 27 27 27 27 27 27 27 27 27 27 27 2) Shareof marketcap. (%) 65.5 66.0 71.0 75.2 67.4 69.5 69.8 66.3 65.0 65.7 61.5 58.5 3) Shareof tradingvalue (%) 48.3 48.3 41.7 56.9 41.5 34.7 40.5 64.3 64.1 50.7 33.7 18.9 4) P/Eratio 28.1 28.5 22.1 22.4 20.2 20.5 19.8 16.8 15.5 16.0 14.1 15.5 5) P/BVratio 3.8 3.8 3.4 3.0 2.8 2.8 2.7 2.5 2.3 2.3 2.1 2.1 6) Dividendyield I%) 1.6 1.6 1.6 1.2 0.9 1.9 2.0 2.2 2.4 2.4 2.7 2.7 7) Totalreturn index (Jan. 86=100) 1,094.4 1,085.9 1,053.9 1,100.4 1,123.6 1,123.7 1,117.7 1,029.9 917.3 951.7 874.9 837.8 8) Changein totalreturn index(%) -5.8 -0.8 -2.9 4.4 2.1 0.0 -0.5 -7.9 -10.9 3.8 -8.1 -4.2 F Exchangerates 1) Exchangerates (end of period) 147.4800 147.7300 149.7500 148.4300 147.3500 147.2000 141.4600 136.5000 139.1000 133.6500 131.9000 136.6400

Totalfor the Lisbon and Oporto exchanges.

a~~~ ,* ~ ~ ~~ a Portugal, 1981-1990 (Currency Amounts in Millions)

1990 1981 1982 1983 1984 1985 1986 1987 1988 1989

A. Numberof listed companies 143 171 182 181 Bolsade Lisboa 23 26 25 23 24 63

B. Marketcapitalization 1,257,248 10,179 8,220 11,029 12,307 30,254 223,519 1,150,304 1,052,277 1,588,380 1) In escudos 8,857 7,172 10,618 9,201 2) In USdollars 156 92 84 73 192 1,530

C. Tradingvaluea 240,449 129 65 135 476 851 9,041 213,904 163,384 300,394 1) Inescudos 1,136 1,912 1,687 USdollars 2 1 1 3 5 60 1,518 2) In 31.1 14.8 22.8 16.9 3) Turnoverratio 1.3 0.7 1.4 4.1 4.0 7.1

D. Localindex 2,355.9 3,287.0 2,143.4 (1977=100) 203.5 190.5 187.0 249.7 566.4 1,202.0 2,990.0 1) BTAIndex 148.8 -21.2 39.5 -34.8 2) Changein index(%) -19.2 -6.4 -1.8 33.5 126.8 112.2

E IFCEmerging Markets Data Base 23 27 - - - - - 9 12 12 1)Numberof stocks 40.0 53.4 58.5 cap.(%) - - - 58.5 41.5 2) Shareof market 27.2 26.5 21.4 15.5 3) P/Eratio - - 24.8 - 3.1 6.1 4.4 3.8 2.1 tm 4) P/BVratio - 1.3 1.3 1.9 2.7 yield(%) - - 05 5) Dividend 828.9 1,161.2 837.8 86=100) - - - - - 309.0 1,107.0 no 6) Totalreturn index (Jan. 258.2 -25.1 40.1 -27.8 7) Changein index(%) - - 209.0 qo E;2 F Economicdata 36,821 40,786 44,240 1) Grossdomestic product (in US$) 23,928 23,365 20,663 19,291 20,700 29,522 120 147 184 238 284 318 347 381 429 - 2) Consumerprice index (1980=100) 1496000 136.6400 of period) 65.2500 89.0600 131.4500 169.2800 157.4900 146.1200 129.8700 146.7200 3) Exchangerates (end 140.8800 143.8786 157.1232 142.5526 4) Exchangerates (average of period) 61.5460 79.4730 110.7800 146.3900 170.3000 149.6800

a Totalfor theLisbon and Oporto exchanges. - Notavailable. w Tfaiwan,China, 1990 (CurrencyAmounts in Millions)

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

(D A. Numberof listed companies TaiwanStock Exchange 184 184 184 185 186 188 189 193 193 192 193 199 B. Marketcapitalization g 1) In NewTaiwan$ 7,712,148 7,577,226 7,013,685 6,033,251 4,698,105 3,263,260 3,580,246 2,332,031 1,740,877 2,126,663 2,752,594 2,681,911 2) In USdollars 295,145 291,993 265,670 230,541 173,234 119,973 133,691 86,725 64,958 79,412 102,901 100,710 C. Tradingvalue 1) In NewTaiwan$ 2,259,699 3,191,567 2,667,456 2,052,297 1,796,304 1,416,651 1,307,205 917,173 421,818 579,045 1,302,172 1,119,895 2) In USdollars 86,479 122,989 101,040 78,422 66,235 52,083 48,813 34,108 15,739 21,622 48,679 42,054 3) Turnoverratio 32.5 41.8 36.6 31.5 33.5 35.6 38.2 31.0 20.7 29.9 53.4 41.2 D. Local index 1) TSEAverage Index (1966=100) 12,054.3 11,661.7 10,755.9 9,292.4 7,290.9 5,049.6 5,618.2 3,635.3 2,705.0 3,318.5 4,377.3 4,530.2 2) Changein index(%) 25.3 -3.3 -7.8 -13.6 -21.5 -30.7 11.3 -35.3 -25.6 22.7 31.9 3.5

E. IFCEmerging Markets Data Base 1) Numberof stocks 64 64 64 64 64 64 64 64 64 64 64 64 2) Shareof marketcap. (%) 73.3 70.5 68.9 68.7 71.2 75.6 73.7 74.9 76.6 76.2 75.8 81.7 3) Shareof tradingvalue(%) 59.8 57.7 44.8 40.5 43.8 54.2 48.2 48.0 52.7 53.0 52.9 49.7 4) P/Eratio 52.9 55.3 44.3 39.3 48.1 37.8 37.8 26.9 22.0 25.5 39.3 44.4 5) P/BVratio 6.4 6.2 6.2 5.6 4.8 6.2 5.4 5.3 4.5 5.8 6.3 6.5 6) Dividendyield (%) 0.4 0.2 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7) Totalreturn index (Dec. 84=100) 1,888.6 1,796.4 1,597.4 1,381.1 1,075.0 790.9 858.8 565.8 433.0 527.0 677.3 715.1 8) Changeintotal return index (%) 30.8 -4.9 -11.1 -13.5 -22.2 -26.4 8.6 -34.1 -23.5 21.7 28.5 5.6 F Exchangerates 1) Exchangerates (end of period) 26.1300 25.9500 26.4000 26.1700 27.1200 27.2000 26.7800 26.8900 26.8000 26.7800 26.7500 26.6300 Taiwan, China, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies TaiwanStock Exchange 107 113 119 123 127 130 141 163 181 199 B. Marketcapitalization 1) In NewTaiwan$ 201,000 203,000 306,000 390,300 415,700 548,436 1,386,065 3,383,280 6,174,164 2,681,911 2) In USdollars 5,312 5,086 7,599 9,889 10,432 15,367 48,634 120,017 237,012 100,710 C. Tradingvalue 1) In NewTaiwan$ 209,200 133,875 363,845 324,475 195,200 675,655 2,668,603 7,872,393 25,407,964 19,031,282 2) In USdollars 5,677 3,422 9,081 8,194 4,899 18,931 84,112 275,624 965,840 715,005 3) Turnoverratio 99.6 66.3 143.0 93.2 48.4 140.2 275.9 330.1 531.7 429.8 D. Localindex 1) TSEAverage Index (1966=100) 551.0 443.6 761.9 838.1 835.0 1,039.1 2,339.9 5,119.1 9,624.2 4,530.2 2) Changein index(%) -1.3 -19.5 71.8 10.0 -0.4 24.4 125.2 118.8 88.0 -52.9 E IFCEmerging Markets Data Base 1) Numberof stocks - - 30 30 30 30 62 62 64 2) Shareof marketcap. (%) - 35.7 36.6 36.4 25.1 61.4 62.1 81.7 3) P/Eratio - 11.7 153 12.0 13.0 40.2 51.2 44.4 4) P/BVratio - 1.7 1.6 1.7 2.7 4.6 6.5 6.5 (D 5) Dividendyield (%) - 2.7 1.7 1.3 0.6 0.6 0.0 6) Totalreturn index (Dec. 84=100) - 100.0 110.4 164.9 364.7 725.1 1,444.0 715.1 7) Changein index(%) - - 10.4 49.3 121.1 98.8 99.1 -50.5 COn F Economicdata o 1) Grossdomestic product (in US$) 48,140 48,564 52,415 59,174 62,080 80,000 101,586 122,435 147,674 2) Consumerprice index (1980=100) 116 120 121 121 121 122 123 124 130 3) Exchangerates (end of period) 37.8400 39.9100 40.2700 39.4700 39.8500 35.6900 28.5000 28.1900 26.0500 26.6300 4) Exchangerates (average of period) 36.8485 39.1240 40.0652 39.5970 39.8486 36.7600 317267 28.5621 26.3066 26.6170

- Notavailable.

Ut 4:>. Thailand, 1990 (Currency Amounts in Millions)

-C Onn

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

iu A. Numberof listedcompanies SecuritiesExchange ofThailanda 181 181 182 186 187 191 197 202 204 204 213 214 B. Marketcapitalization o 1) In baht 656,496 630,806 662,988 692,718 824,431 870,351 938,750 745,671 570,206 600,773 537,709 604,566 C) 2) In USdollars 25,695 24,602 25,648 26,643 32,116 33,826 36,756 29,299 22,582 23,964 21,500 23,896

C. Tradingvalue 1) In baht 49,156 21,155 25,110 29,153 60,228 93,103 100,368 61,452 35,684 45,564 31,941 31,243 2) In USdollars 1,924 825 971 1,121 2,346 3,618 3,930 2,415 1,413 1,817 1,277 1,235 3) Turnoverratio 7.5 3.3 3.9 4.3 7.9 11.0 11.1 7.3 5.4 7.8 5.6 5.5 D. Localindex 1) SETIndex (Apr 30,1975=100) 853.7 813.7 851.5 856.0 1,000.7 1,060.2 1,115.7 862.8 641.6 649.4 544.3 612.9 2) Changein index(%) -2.9 -4.7 4.6 0.5 16.9 5.9 5.2 -22.7 -25.6 1.2 -16.2 12.6 E. IFCEmerging Markets Data Base 1) Numberofstocks 34 34 34 34 34 34 34 34 34 34 34 34 2) Shareof marketcap. (%) 48.6 47.8 47.4 45.4 44.2 43.8 45.1 46.1 47.2 44.2 43.8 44.0 3) Shareof tradingvalue (%) 27.1 30.5 29.6 23.5 27.3 24.6 33.6 40.7 33.8 26.2 26.3 28.9 4) P/Eratio 22.2 20.2 19.9 20.4 22.5 23.1 23.1 15.8 12.2 12.1 10.1 10.9 5) P/BVratio 7.4 6.6 6.2 6.3 6.8 6.6 5.8 4.5 3.6 3.6 3.1 3.7 6) Dividendyield (%) 2.5 2.8 2.8 3.0 2.6 2.5 2.5 3.3 4.0 4.1 4.6 4.2 7) Totalreturn index (Dec. 84=1 00) 787.5 744.0 768.2 768.8 898.0 933.8 1,038.6 870.0 674.2 665.9 593.3 659.3 8) Changein total return index (%) -3.8 -5.5 3.3 0.1 16.8 4.0 11.2 -16.2 -22.5 1.2 10.9 11.1

F Exchangerates 1) Exchangerates (end of period) 25.5500 25.6400 25.8500 26.0000 25.6700 25.7300 25.5400 25.4500 25.2500 25.0700 25.0100 25.3000

a EffectiveJanuary 1991, the SET changed its nameto TheStock Exchange of Thailand. Thailand, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listed companies SecuritiesExchange of Thailand' 80 81 88 96 100 98 125 141 175 214 B. Marketcapitalization 1) In baht 23,058 28970 34,222 46,710 49,457 75,200 138,170 221,958 656,842 604,566 2) In USdollars 1,003 1,260 1,488 1,720 1,856 2,878 5,485 8,811 25,648 23,896 C. Tradingvalue 1) In baht 2,358 5,481 8,757 10,258 15,438 29,807 119,179 141,473 344,778 584,154 2) InUSdollars 108 238 381 434 568 1,133 4,633 5,598 13,452 22,894 3) Turnoverratio 9.8 21.1 27.7 25.3 32.1 47.8 111.7 78.6 78.5 92.6 D. Localindex 1) SETIndex (Apr. 30,1975=100) 106.6 123.5 134.5 142.3 135.0 207.3 284.9 386.7 879.2 612.9 2) Changeinindex (%) -145 15.8 8.9 5.8 -5.1 53.5 37.5 35.7 127.3 -30.3 E IFCEmerging Markets Data Base 1) Numberof stocks 10 10 10 8 10 10 10 19 29 34 2) Shareof marketcap. (%) 47.8 51.4 52.0 61.7 59.1 628 48.8 53.8 45.8 44.0 3) P/Eratio - - 12.5 10.5 12.6 23.1 10.9 4) P/BVratio - 1.5 2.0 3.4 8.1 3.7 5) Dividendyield(%) 14.3 9.2 11.3 5.5 9.6 60 4.8 4.0 7.9 4.2 00g 6) Totalreturn index (Dec. 84=100) 61.3 82.8 1010 100.0 102.0 183.6 253.2 360.7 818.7 659.3 7) Changein index(%) -15.7 35.1 22.1 -1.0 2.0 79.9 37.9 42.5 126.9 -19.5

F Economicdata 1) Grossdomestic product (in US$) 34,839 35,652 39,570 41,177 37,351 41,651 48,717 59,628 69,869 2) Consumerprice index (1980=100) 113 119 123 124 127 129 133 138 145 - 3) Exchangerates (end of period) 23.0000 230000 23.0000 27.1500 26.6500 26.1300 25.1900 25.1900 256100 25.3000 4) Exchangerates (average of period) 21.8203 23.0000 23.0000 23.6392 27.1587 26.2990 257230 25.2731 25.6308 25.5160 CD o a EffectiveJanauary 1991, the SET changed its nameto TheStock Exchange of Thailand. No-Nt available. 4F Turkey, 1990a (Currency Amounts in Millions)

CD on

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

CD A. Numberof listedcompanies IstanbulStock Exchange 50 50 50 50 50 93 94 98 100 103 107 110

B. Marketcapitalization 1) In liras 25,584,814 24,705,566 23,171,757 23,935,377 27,709,004 41,226,599 70,538,959 68,682,637 71,445,524 66,313,422 52,638,081 55,249,665 2) In USdollars 10,995 10,407 9,477 9,586 10,832 15,765 26,689 25,790 26,342 24,140 18,914 19,065

C. Tradingvalue 1) In liras 1,112,025 1,112,699 610,847 442,074 1,190,723 1,121,114 1,669,415 2,018,507 1,515,380 1,690,565 1,200,603 1,344,225 2) In USdollars 478 469 250 177 465 429 632 758 559 615 431 464 3) Turnoverratio 5.4 4.4 2.5 1.9 4.6 3.3 3.0 2.9 2.2 2.4 2.0 2.5 D. Localindex 1) ISEIndex (Jan. 1986=100) 3,641.3 3,516.1 3,293.6 3,308.2 3,852.1 4,133.0 5,384.5 4,939.2 5,085.1 4,570.4 3,257.0 3,255.8 2) Changein index(%) 64.2 -3.4 -6.3 0.4 16.4 7.3 30.3 -8.3 2.9 -10.1 -28.7 0.0 E. IFCEmerging Markets Data Base 1) Numberof stocks 18 18 18 18 18 18 18 18 18 18 18 18 2) Shareof marketcap. (%) 58.9 61.7 60.1 60.2 61.0 44.1 33.6 31.6 31.1 29.6 25.9 23.2 3) Shareof tradingvalue(%) 81.6 80.0 71.5 65.5 58.1 42.1 31.9 31.0 40.3 40.1 47.2 39.4 4) P/Eratio 25.8 26.5 25.7 17.8 22.0 24.7 50.4 40.8 40.1 33.5 23.4 22.5 5) P/BVratio 9.7 9.7 8.8 5.1 6.3 5.5 6.6 6.0 6.0 5.4 4.0 3.7 6) Dividendyield(%) 2.5 2.5 2.7 3.5 3.5 4.2 3.2 3.5 3.2 3.6 5.1 5.5 7) Totalreturn index (Dec. 86=100) 4,878.2 4,835.8 4,288.5 4,648.6 5,523.7 6,083.4 7,827.2 7,137.2 8,156.2 7,122.2 4,882.0 4,408.9 8) Changein totalreturn index (%) 40.6 -0.9 -11.3 8.4 18.8 10.1 28.7 -8.8 14.3 -12.7 -31.4 -9.7

F Exchangerates 1) Exchangerates (end of period) 2,327.0400 2,374.0000 2,445.0500 2,497.0000 2,558.0000 2,615.0000 2,643.0100 2,663.1200 2,712.2300 2,747.0000 2,783.0000 2,898.0000

a Thelarge increase in June1990 figures resulted from the merger of theSenior and Junior markets.

. , .5, * U, Turkey, 1981-199Oa (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies 110 IstanbulStock Exchange - - - - - 40 50 50 50

B. Marketcapitalization 1) Inliras - - 7-08,801 3,181,715 2,048,000 15,553,000 55,249,665 2) InUS dollars - - - 935 3,221 1,135 6,783 19,065

C. Tradingvalue 8,703 98,701 142,867 1,668,609 15,028,176 1) Inliras - 5,841 2) InUS dollars - - - - 13 115 101 798 3) Turnoverratio 5.1 5.5 19.0 42.4

D. Localindex - - - 170.9 673.0 373.9 2,217.7 3,255.8 1) ISEIndex (Jan. 1986=100) 493.1 46.8 2) Changein index(%) - - 293.9 -44.4

E. IFCEmerging Markets Data Base Numberof stocks - - - - - 14 14 14 18 18 1) 23.2 2) Shareof marketcap. (%) - - - - - 39.9 44.4 47.2 67.9 3) P/Eratio - 4.3 19.8 2.6 17.6 22.5 1.5 7.2 3.7 U 4) P/BVratio - - 5.5 5) Dividendyield(%) - - - 2.9 11.2 3.6 - - 100.0 453.0 287.2 3,469.1 4,408.9 6) Totalreturn index (Dec. 86=100) 1,107.7 27.1 7) Changein index(%) -- - - 3530 -36.6

0 F Economicdata 1) Grossdomestic product (in US$) 57,666 53,031 51,149 49,668 52,783 57,396 67,744 71,204 78,444 2) Consumerprice index (1980=100) 137 179 238 352 511 688 955 1,674 2,840 - 3) Exchangerates (end of period) 1336200 186.7500 282.8000 444.7400 576.8600 757.7900 987.8200 1,805.1000 2,293.0000 2,898.0000 4) Exchangerates (average of period) 111.2190 162.5530 225.4570 366.6800 521.9800 674.5100 860.5800 1,410.1965 2,090.2619 2,572.7715

a SeniorMarket figures only until 1990. - Notavailable. 0 Venezuela, 1990 m (Currency Amounts in Millions) ElCD

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

A. Niumberof listedcompanies Bolsade Valoresde Caracas 66 66 66 66 66 66 66 66 66 66 66 66 B. Marketcapitalization o 1) In bolivares 57,492 63,793 97,457 107,303 111,853 113,090 136,474 209,107 245,270 291,600 352,811 415,893 2) InUS dollars 1,322 1,467 2,299 2,413 2,421 2,401 2,898 4,440 5,219 5,943 7,120 8,361 C. Tradingvalue 1) In bolivares 469 389 678 557 2,192 1,450 3,297 7,647 6,907 16,643 2) In USdollars 38,601 24,406 11 9 16 13 47 31 70 162 147 339 779 491 3) Turnoverratio 0.8 0.6 0.8 0.5 2.0 1.3 2.6 4.4 3.0 6.2 12.0 6.3 D. Localindex 1) NewBVC Index (1971=100) 2,471.9 2,742.9 4,190.3 4,613.6 4,809.3 4,862.4 5,867.9 8,990.8 10,545.7 12,537.7 15,169.6 2) Changein index(%) 17,881.9 -10.2 11.0 52.8 10.1 4.2 1.1 20.7 53.2 17.3 18.9 21.0 17.9 E. IFCEmerging Markets Data Base 1) Numberof stocks 13 13 13 13 13 13 13 13 13 13 13 2) Shareof marketcap. 13 (%) 53.7 56.3 53.1 59.4 64.0 64.9 69.5 66.1 66.3 67.9 59.7 64.6 3) Shareoftrading value (%) 72.9 79.1 78.1 61.7 84.4 88.3 90.2 89.7 81.5 4) P/Eratio 85.5 89.7 83.0 4.2 5.7 9.7 11.8 10.8 10.8 13.0 17.2 19.3 21.2 24.6 29.3 5) P/BVratio 1.0 0.9 1.1 1.2 1.4 1.5 2.6 3.0 3.3 3.5 4.1 5.9 6) Dividendyield(%) 2.9 2.7 2.0 1.6 1.5 1.7 1.4 1.0 1.1 7) Totalreturn 0.9 0.9 0.7 index(Dec. 84=100) 81.9 95.4 142.1 167.4 180.9 182.5 236.1 344.3 406.8 472.0 531.9 631.9 8) Changein total return index(%) -8.9 16.5 48.9 17.9 8.0 0.9 29.4 45.8 18.2 16.0 12.7 18.8 F Exchangerates 1) Exchangerates (endof period) 43.5000 43.5000 42.4000 44.4600 46.2000 47.1000 47.1000 47.1000 47.0000 49.0700 49.5500 49.7400

* t Venezuela, 1981-1990 (CurrencyAmounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies Bolsade Valores de Caracas - 98 - 116 108 108 110 60 60 66

B. Marketcapitalization 1) Inbolivares 10,476 10,368 12,005 - 16,238 34,275 67,077 67,546 64,052 415,893 2) In USdollars 2,441 2,415 2,792 - 1,128 1,510 2,278 1,816 1,472 8,361 C. Tradingvalue 1) In bolivares 202 350 255 341 428 1,047 4,087 7,360 3,575 103,236 2) In USdollars 47 82 59 27 31 52 148 221 93 2,232 3) Turnoverratio 1.8 3.4 23 - - 4.1 8.1 10.9 5.4 43.0

D. Localindex 1) NewBVC Index (1971=100) 275.5 3157 409.1 588.7 817.7 2,090.5 3,928.6 3,866.4 2,754.0 17,881.9 549.3 2) Changein index(%) -7.4 146 29.6 43.9 38.9 155.7 87.9 -1.6 -28.8

E IFCEmerging Markets Data Base 1) Numberof stocks - -- 12 12 12 12 13 13 13 2) Shareof marketcap. (%) - - - 53.4 61.2 61.6 63.7 50.3 64.6 3) P/Eratio - - - 9.4 16.9 114 6.4 29.3 tt! 4) P/BVratio - - - 3.6 3.2 2.3 1.4 5.9 5) Dividendyield (%) - - 3.9 1.3 0.5 1.1 2.2 0.7 6) Totalreturn index (Dec. 84=100) - - 100.0 73.4 115.5 176.5 134.7 89.9 631.9 5 7) Changein index(%) - -266 57.4 52.8 -23.7 -33.3 603.2

E; F Economicdata 0 1) Grossdomestic product (in US$) 78,027 79,265 81,229 32,371 33,769 24,264 25,294 26,279 39,392 2) Consumerpriceindex(1980=100) 116 127 135 152 169 189 242 313 577 - 3) Exchangerates (end of period) 4.2925 4.2925 4.3000 12.6500 14.4000 22.7000 294500 37.2000 43.5000 49.7400 4) Exchangerates (average of period) 4.2925 4.2925 4.2975 12.6550 13.7580 201603 275330 33.2306 38.5919 46.2453

r Notavailable. cr 0 Zimbabwe, 1990 (Currency Amounts in Millions) g

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

CrD A. Numberof listedcompanies ZimbabweStock Exchange 54 54 54 55 55 55 56 56 56 57 57 57 B. Marketcapitalization o 1) In Zimbabwedollars 2,515 2,871 2,979 3,223 3,556 3,663 3,906 4,400 4,719 5,451 6,028 6,373 C) 2) InUS dollars 1,093 1,245 1,240 1,320 1,440 1,479 1,588 1,773 1,853 2,155 2,337 2,395 C. Tradingvalue 1) InZimbabwe dollars 8 12 12 9 11 8 8 14 7 11 17 11 2) In USdollars 3 5 5 4 4 3 3 5 3 4 6 4 3) Turnoverratio 0.3 0.4 0.4 0.3 0.3 0.2 0.2 0.3 0.1 0.2 0.3 0.2 D. Localindex 1) RBZIndustrial Index (1967=100) 922.6 1,035.6 1,108.5 1,177.2 1,302.3 1,373.1 1,450.4 1,583.0 1,686.2 1,919.1 2,140.1 2,282.6 2) Changein index(%) 6.2 12.3 7.0 6.2 10.6 5.4 5.6 9.1 6.5 13.8 11.5 6.7 E IFCEmerging Markets Data Base 1) Numberof stocks 16 16 16 16 16 16 16 16 16 16 16 16 2) Shareof marketcap. (%) 66.6 67.0 68.5 64.9 63.9 68.4 69.2 67.1 66.4 59.7 58.8 56.5 3) Shareof tradingvalue (%) 48.1 79.5 70.4 51.6 42.6 62.3 57.1 52.6 52.2 33.9 39.2 28.1 4) P/Eratio 7.8 8.7 10.0 10.9 8.9 8.5 8.4 9.4 10.0 10.7 11.6 12.0 5) P/BVratio 1.4 1.5 1.5 1.4 1.5 1.5 1.5 1.7 1.8 1.8 1.9 2.0 6) Dividendyield (%) 6.5 5.9 6.9 4.9 4.5 4.2 4.6 4.4 4.1 3.9 3.7 4.0 7) Totalreturn index (Dec. 84=100) 1,055.6 1,214.3 1,251.0 1,263.0 1,347.6 1,495.8 1,641.4 1,754.6 1,822.5 1,902.7 2,025.3 2,010.4 8) Changeintotal return index (%) 2.5 15.0 3.0 1.0 6.7 11.0 9.7 6.9 3.9 4.4 6.4 -0.7 F Exchangerates 1) Exchangerates (end of period) 2.3015 2.3052 2.4021 2.4408 2.4691 2.4771 2.4600 2.4820 2.5465 2.5294 2.5799 2.6609 Zimbabwe, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof listedcompanies ZimbabweStock Exchange 62 62 60 56 55 53 53 53 54 57

B. Marketcapitalization 1) In Zimbabwedollars - 326 293 264 591 688 1,194 1,504 2,396 6,373 2) In USdollars - 355 265 176 360 410 718 774 1,067 2,395

C. Tradingvalue 1) InZimbabwe dollars 94 57 38 8 14 20 38 71 75 126 2) In USdollars 136 75 38 6 9 12 23 39 36 51 3) Turnoverratio - - 12.3 2.9 3.3 3.1 4.0 53 3.9 2.9 D. Localindex 1) RBZIndustrial Index (1967=100) 2277 1361 123.8 122.7 251.9 286.3 450.0 552.6 869.1 2,282.6 2) Changein index(%) -52.2 -402 -9.0 -0.9 105.3 137 57.2 22.8 57.3 162.6

E IFCEmerging Markets Data Base 1) Numberofstocks 10 10 9 9 10 11 11 11 11 16 2) Shareof marketcap. (%) - 19.3 20.0 23.4 47.1 43.8 44.5 50.5 46.5 56.5 3) P/Eratio - - - 4.2 7.0 4.2 7.0 12.0 4) P/BVratio - - -- 3.7 2.1 4.0 1.3 2.0 5) Dividendyield (%) 19.9 22.7 14.1 156 7.3 10.9 9.2 7.8 9.8 4.0 6) Totalreturn index (Dec. 84=100) 209.9 120.2 1069 100.0 253.9 300.5 585.0 731.8 1,030.0 2,010.4 0r 7) Changein index(%) -63.0 -42.7 -110 -6.5 153.9 18.4 94.7 251 40.8 95.2 no S F Economicdata 1) Grossdomestic product (in US$) 6,423 6,813 6,144 5,108 4,715 4,746 5,375 5,714 5,736 2) Consumerprice index (1980=100) 113 125 154 185 201 230 258 278 374 - 3) Exchangerates (end of period) 0.7172 0.9195 1.1055 1.5024 1.6412 16781 16620 1.9429 2.2448 2.6609 4) Exchangerates (average of period) 0.6902 0.7591 1.0131 1.2575 1.6137 1.6650 1.6611 1.8109 2.1173 2.4481

- Not available.

C Markets Not in IFC's Composite Index

These profiles provide annual data for to an IFC questionnaire. Chapter 4, Directory more than a dozen markets not included in of Stock Exchange Operations, offers infor- IFC's Composite Index. Each profile is based mation on additional markets. on responses provided by the stock exchange

The markets in this section are:

Bangladesh Kuwait Costa Rica Morocco C6te d'Ivoire Peru Egypt Sri Lanka India (Calcutta, Delhi and Madras) Trinidad and Tobago Jamaica Uruguay Kenya

154 EmergingStock MarketsFactbook Bangladesh, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies DhakaStock Exchange 25 28 43 56 69 78 85 101 116 134 B. MarketCapitalization 1) In taka 603 812 1,211 2,256 3,493 5,731 12,635 13,557 15,351 11,486 2) InUSdollars 30 34 48 87 113 186 405 430 476 321

C. TradingValue 1) In taka - - - 10 32 48 178 130 174 195 2) In USdollars - 0.4 1.1 1.6 5.8 4.1 5.4 5.6 3) Turnoverratio - - 0.6 1.1 10 1.9 1.0 1.2 1.5

D. LocalIndex 1) DSEAll SharePrice Index (1985=100) - - - 244.4 512.3 533.6 467.8 350.8 2) Changein index(%) - - - - 144.4 109.6 4.2 -12.3 -25.0 3) P/Eratio - - 6.8 20.6 7.8 23.9 13.7 4) P/BVratio - 1.0 1.8 1.8 11 1.1 5) Dividendyield (%) - - - - 9.3 3.5 7.0 44 7.3

E EconomicData til 1) Grossdomestic product (in US$) 12,968 11,988 11.717 13,801 14,482 15,313 17,394 18,734 20,341 2) Consumerprice index (1980=100) 116 131 143 158 175 194 213 233 255 - 3) Exchangerates (end of period) 19.8469 24.0739 25.0000 26.0000 31.0000 30.7999 31.2000 31.5091 32.2700 35.7900 4) Exchangerates (average of period) 17.9869 22.1179 24.6149 25.3539 27.9949 304069 30.9500 31.7300 32.2700 34.5670

- Notavailable.

-T

xl Costa Rica, 1981-1990 m (Currency Amounts in Millions) on oC 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

On A. Numberof ListedCompanies BolsaNacional de Valores 19 24 32 41 51 61 71 76 78 83

B. MarketCapitalization 1) Incolones 5,229 7,452 10,477 14,470 - - 20,497 2) InUS dollars 118 156 195 246 - - - 224

C. TradingValue 1) Incolories - - 11 15 22 39 78 306 426 2) In USdollars - - - 0.2 0.3 0.4 0.6 1.0 3.8 4.6 3) Turnoverratio - - 0.2 0.2 0.2 - D. LocalIndex 1) (Nonecalculated) - - - - 2) Changeinindex (%) - - - 3) P/Eratio 6.4 4.5 8.9 8.9 4) P/BVratio - - - 5) Dividendyield (%) 24.3 13.9 22.8 11.7 7.7 8.3 9.7 -

E EconomicData 1) Grossdomestic product (in US$) 2,624 2,607 3,074 3,660 3,923 4,404 4,529 4,696 5,314 2) Consumerprice index (1980=100) 137 261 346 387 445 498 582 - 3) Exchangerates (end of period) 36.0900 40.2500 44.4000 47.7500 53.7000 58.8750 69.2500 79.3901 84.3500 103.5500 4) Exchangerates (average of period) 21.7630 37.4070 41.0940 44.5330 50.4530 55.9860 62.7760 75.8000 81.5042 91.5800

- Notavailable. Cte d'lvoire, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies AbidjanStock Exchange 23 25 25 25 25 25 25 24 23 23 B. MarketCapitalization 1) In CFAfrancs 78,800 108,000 103,600 113,700 114,000 107,000 122,400 132,300 153,630 140,729 2) In USdollars 274 321 248 237 302 332 458 437 531 549

C. TradingValue 1) In CFAfrancs 1,775 15,745 831 483 565 994 4,126 2,717 1,640 5,032 2) InUSdollars 7 48 2 1 1 3 14 9 5 19 3) Turnoverratio 2.3 16.9 0.8 0.4 0.5 0.9 3.6 21 1.1 3.4 D. LocalIndex 1) Localindex (Dec. 31,1985 =100) 130.1 133.5 1343 129.5 1237 99.1 100.8 103.1 106.9 1037 2) Changein index(%) -06 2.6 06 -3.6 -4.5 -19.9 1.7 2.3 3.7 -3.0 3) P/Eratio ------4) P/BVratio 9.6 8.3 7.6 6.8 8.2 9.6 98 10.0 5) Dividendyield (%) ------

E. EconomicData 1) Grossdomestic product (in US$) 8,433 7,682 6,961 6,541 6,984 9,369 9,675 9,842 8,460 2) Consumerprice index (1980=100) 109 117 124 129 131 140 148 151 153 3) Exchangerates (end of period) 287.3999 336.2500 417.3799 4795999 378.0498 322.7500 267.0000 302.8634 289.4000 256.4500 4) Exchangerates (average of period) 271.7300 328.6099 381.0598 4369600 449.2598 346.2998 300.5400 302.9000 319.0070 272.6200 on

0C) P - Notavailable. {D

'ci

PJO Egypt, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

§ A. Numberof Listed Companies Boursede Valeurs du Cairo 64 112 154 258 317 387 430 483

B. MarketCapitalization o 1) In pounds 180 544 920 1,406 1,838 2,333 4,021 4,147 2) In USdollars 216 654 1,106 1,691 1,382 1,716 1,826 1,760

C. TradingValue 1) In pounds 10 10 26 110 126 243 357 256 2) In USdollars 13 12 32 132 97 180 167 115 3) Turnoverratio 5.7 2.8 3.6 9.5 7.8 11.7 11.2 6.3

D. Local Index 1) (Nonecalculated) 2) Changeinindex (%) - 3) P/Eratio 4) P/BVratio 5) Dividendyield (%) ------

E. EconomicData 1) Grossdomestic product (in US$) 23,207 25,106 29,859 34,387 26,298 28,306 29,802 24,513 25,699 2) Consumerpriceindex(1980=100) 110 127 147 172 195 239 286 337 414 3) Exchangerates (end of period) 0.8317 0.8317 0.8317 0.8317 1.3299 1.3599 2.2026 2.3555 1.1000 2.8736 4) Exchangerates (average of period) 0.7390 0.8317 0.8317 0.8317 1.3008 1.3502 2.1418 2.2255 0.8516 2.7072

- Not available. India, 1981-1990 Other Principal Exchangesa (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies CalcuttaStock Exchange 1,068 1,305 1,218 1,862 1,980 2,113 2,073 2,233 2,390 DelhiStock Exchange 474 542 641 952 1,086 1,396 1,816 1,880 2,004 2,077 MadrasStock Exchange 403 411 421 441 451 492 529 536 583 622

B. MarketCapitalization CalcuttaStock Exchange 1) In rupees - - - 48,490 - - 107,260 216,390 2) InUS dollars - - 3,894 - - 8,321 14,407 - DelhiStock Exchange 1) Inrupees 41,440 121,670 116,150 228,020 330,000 707,533 38,983 2) In USdollars - - 3,328 - 9,272 9,011 15,181 19,596 MadrasStock Exchange 213,800 1) In rupees - - - 25,740 85,000 - 63,470 128,370 159,681 2) In USdollars - - - 2,067 6,987 4,924 8,547 9,482 11,780

C. TradingValue CalcuttaStock Exchange 1) In rupees m 2) In USdollars Exchange no DelhiStock 18,973 5 i 1) In rupees 14,700 °o 2) InUSdollars - - - - - 873 1,088 MadrasStock Exchange 565,430 1) In rupees - - - - 176,540 160,932 257,561 32,435 2) In USdollars - - - - - 13,696 10,715 15,295

D. LocalIndex 233.6 327.8 1) Dehli- DSEIndex (1983=100) - - - - - 265.4 2) Changeinindex (%) --12.0 40.3 3) Madras- MSE Index ------2243 337.4 486.9 681.3 4) Changein index(%) ------50.4 44.3 39.9 0

- Notavailable. aSee India profile in theprevious section for informationon theBombay Stock Exchange and economic data. Jamaica, 1981-1990 (Currency Amounts in Millions) ro

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

§ ANumberA. of ListedCompanies JamaicaStock Exchange 36 35 36 36 38 40 43 44 45 44 0' B. MarketCapitalization o 1) In Jamaicadollars 226 315 369 700 1,460 2,940 3,470 4,290 6,200 7,320 2) In USdollars 127 177 113 142 266 536 631 796 957 911 C. TradingValue 1) InJamaicadollars 3 10 10 26 117 375 400 137 516 231 2) In USdollars 2 6 5 7 21 68 73 25 90 32 3) Turnoverratio 1.9 3.7 2.9 4.9 10.8 17.0 12.5 3.5 9.8 3.4 D. LocalIndex 1) JSEIndex (Jun.30, 1969=100) 152.2 211.2 240.4 461.1 941.5 1,499.9 1,515.1 1,439.2 2,075.8 2,539.4 2) Changein index(%) 118.1 38.8 13.8 91.8 104.2 59.3 1.0 -5.0 44.2 22.3 3) P/Eratio ------5.7 7.0 7.0 4) P/BVratio - - 5) Dividendyield(%) 7.8 8.5 8.9 5.5 2.9 2.5 3.1 2.5 3.4 3.9 E EconomicData 1) Grossdomestic product (in US$) 2,979 3,294 3,619 2,374 2,015 2,444 2,917 3,416 3,884 - 2) Consumerprice index (1980=100) 113 120 134 171 215 248 264 286 327 - 3) Exchangerates (end of period) 1.7813 1.7813 3.2777 4.9299 5.4799 5.4799 5.5000 5.3910 6.4800 8.0380 4) Exchangerates (average of period) 1.7813 1.7813 1.9321 3.9427 5.5585 5.4777 5.4867 5.4886 5.7446 7.1840

- Notavailable.

., 4* Kenya, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies NairobiStock Exchange 55 54 54 54 54 53 53 55 57 56

B. MarketCapitalization 1) In shillings - - 8,674 - 10,780 2) In USdollars 474 448 C. TradingValue 1) In shillings - - - - 4,710 2) In USdollars ------206 3) Turnoverratio

D1 Loca/index 1) NSEIndex (Jan.1, 1964=100) 350.4 349.8 382.7 3864 421.1 506.0 735.3 858.6 815.8 915.3 2) Changein index(°%) -7.4 -0.2 9.4 1.0 9.0 20.2 45.3 16.8 -5.0 12.2 3) P/Eratio - - - - - 7.0 - - 4) P/BVratio - - 3.3 5) Dividendyield (%) ------8.4 - 12.3

E EconomicData 1) Grossdomestic product (in US$) 6,683 6,489 5,740 6,090 6,131 7,240 7,929 8,422 8,284 2) Consumerpriceindex(1980=100) 112 135 150 165 187 194 205 221 245 (0 3) Exchangerates (end of period) 10.2859 12.7249 13.7959 15.7809 16.2839 16.0419 16.5150 18.3139 21.6010 24.0840 4) Exchangerates (average of period) 90474 109222 13.3114 14.4139 16.4319 16.2259 16.4540 17.7400 20.5725 229150

- Notavailable. (0

(0 c71

(0 a >a Kuwait, 1981-1990 (Currency Amounts in Millions)

0r 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 m A. Numberof ListedCompanies C." KuwaitStock Exchange 55 70 64 65 52 B. MarketCapitalization o 1) Indinars - - - - - 2,955 3,831 3,345 2,900 2) In USdollars - - - - - 10,108 14,196 11,836 9,932 C. TradingValue 1) Indinars - - 116 410 842 710 502 2) In USdollars - 387 1,412 3,023 2,543 1,709 3) Turnoverratio - - 24.8 19.8 16.1 D. LocalIndex 1) BorsaIndex (Dec. 31, 1986=1,000) - - - - 1,000.0 1,167.0 1,086.0 968.0 2) Changein index (%) ------16.7 -6.9 -10.9 3) P/Eratio ---- 4) P/BVratio - 5) Dividendyield (%) - -

E.Economic Data 1) Grossdomestic product (in US$) 25,248 21,583 20,869 21,702 21,446 17,691 22,084 20,019 23,075 2) Consumerprice index (1980=100) 107 116 121 123 124 126 126 - - 3) Exchangerates (end ot period) 0.2814 0.2887 0.2925 0.3044 0.2890 0.2923 0.2699 0.2826 0.2920 4) Exchangerates (average of period) 0.2787 0.2879 0.2914 0.2960 0.3007 0.2906 0.2786 0.2790 0.2938

- Notavailable. Morocco, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Alumberof Listed Companies Boursedes Valeurs de Casablanca 75 78 76 77 76 76 76 71 71 71

B. MarketCapitalization 1) In dirhams 2,008 1,827 2,039 2,251 2,450 2,430 2,782 3,604 5,043 7,768 2) In USdollars 377 292 253 236 255 279 357 446 621 966

C. TradingValue 1) Indirhams - 58 118 140 126 81 71 268 133 512 2) In USdollars - 10 17 16 13 9 8 33 16 62 3) Turnoverratio - 30 6.1 6.5 5.4 3.3 2.7 8.4 3.1 8.0

D. LocalIndex 1) IndiceMoyen General Annuel (1968=100) 384.0 350.0 390.0 431.0 4690 465.3 533.1 690.5 122.6 158.7 2) Changein index(%) 4.9 -8.9 11.4 10.5 8.8 -0.8 14.6 29.5 22.6' 29.4 3) P/Eratio 4) P/BVratio 5) Dividendyield(%) 8.3 10.2 9.3 9.8 8.6 9.5 9.1 9.2 6.9 5.8

E EconomicData tTi 1) Grossdomestic product (in US$) 15,280 15,424 13,942 12,750 12,871 17,061 18,945 21,986 22,385 - 160 174 179 183 189 - CD9 2) Consumerpriceindex (1980=100) 113 124 132 149 3) Exchangerates (end of period) 5.3329 6.2679 8.0609 9.5509 9.6209 8.7119 7.8000 8.0873 8.1218 8.0438 :2 4) Exchangerates (average of period) 5.1719 6.0229 7.1109 8.8109 10.0619 9.0689 8.3590 8.2092 8.4882 8.2420

P71 - Not available. a Since1988, the Indice Moyen General is rebasedto 100.0at the start of eachyear

Cr aC w 5 Peru, 1981-1990 (Currency Amounts in Millions) B

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies Bolsade Valoresde Lima 133 144 150 157 159 177 197 236 265 265

B. Market Capitalization 1) In intis 695 678 1,241 2,264 10,599 32,387 27,430 - 4,894,864 438,600,607 2) In US dollars 1,371 685 546 397 760 2,322 831 - 930 848

C. TradingValue 1) In intis 33 29 42 99 419 3,331 5,072 7,305 293,763 33,036,901 2) In US dollars 79 41 26 28 38 239 301 57 91 176 3) Turnoverratio - 4.2 4.4 5,6 6.5 15.5 17.0 - - 14.9

O. Local Index 1) IndiceGeneral IBVL (Dec. 1986=100) 0.5 0.5 1.2 3.5 27.4 100.0 94.5 860.0 33,694.3 2,581,995.0 2) Changein index (%) - 0.0 140.0 191.7 682.9 265.0 -5.5 810.1 3,817.9 7,563.0 3) P/Eratio - 4) P/BV ratio - 5) Dividendyield (%) - -

E. EconomicData 1) Grossdomestic product (in US$) 25,008 24,923 19,294 19,888 16,955 26,143 44,224 34,173 33,517 2) Consumerprice index(1980=100) 175 288 609 1,280 3,372 6,000 11,150 85,514 2,992,077 3) Exchangerates (end of period) 0.5071 0.9900 2.2710 5.6960 13.9450 13.9500 33.0000 500.0000 5,261.4000 516,923.0000 4) Exchangerates (averageof period) 0.4223 0.6976 1.6286 3.4669 10.9740 13.9480 16.8360 128.8000 3,247.2425 187,886.0000

- Not available. Sri Lanka, 1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies ColomboSecurities Exchange - - - - 171 171 168 176 176 175

B. MarketCapitalization 1) In rupees - 10,000 12,000 18,700 15,500 17,087 36,880 2) In USdollars - 365 421 608 471 427 917

C. TradingValue 1) In rupees - 72 144 335 380 117 881 2) In USdollars 3 5 11 12 3 22 3) Turnoverratio - - -- 1.3 2.2 2 2 0.7 3.3

D. LocalIndex 1) CSEAll Share Index (Jan. 1985=100) - - 1222 1314 218.0 172.4 1795 3844 2) Changein index(%) - 222 7.5 65.9 -20.9 4.1 114.2 3) P/Eratio - - 21.1 18.9 - 4) P/BVratio - 5) Dividendyield (%) - - -

E. EconomicData m 1) Grossdomestic product (in US$) 4,417 4,768 5,168 6,044 5,978 6,406 6,681 6,961 7,013 261 (D 2) Consumerprice index (1980=100) 118 131 149 174 176 190 205 234 3) Exchangerates (end of period) 20.5500 21.3200 25.0000 26.2800 27.4080 28.5200 30.7630 32.8911 40.0000 40.2400 mz, 4) Exchangerates (average of period) 19.2460 20.8120 23.5290 25.4380 27.1630 280170 29.4450 31.8000 32.2700 40.0630 oQ

, - Not available.

rA Trinidad and Tobago, 1981-1990 (CurrencyAmounts in Millions) CD go

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 rD A. Numberof ListedCompanies Trinidadand Tobago Stock Exchange 29 34 34 36 36 33 33 33 31 30 B. MarketCapitalization 8 1) InTrinidad & Tobagodollars 2,821 3,258 2,427 2,022 1,668 1,346 1,398 1,136 1,748 2,956 2) InUS dollars 1,175 1,357 1,011 843 463 374 388 268 411 696 C.Trading Value 1) InTrinidad & Tobagodollars 46 557 362 183 149 186 91 85 293 235 2) In USdollars 19 232 151 76 61 52 25 22 69 55 3) Turnoverratio 18.3 12.7 8.2 8.1 12.3 6.6 6.7 20.3 10.0 D. Locallndex 1) TTSEIndex (Oct. 1981=100; Jan. 1983=100) 122.4 145.9 71.6 59.6 49.1 38.3 39.9 32.4 48.7 83.1 2) Changein index(%) - 19.2 -28.4 -16.8 -17.6 -22.0 4.2 -18.8 50.3 70.6 3) P/Eratio 12.6 8.6 7.3 6.9 9.5 5.2 13.5 - - - 4) PIBVratio 2.3 1.5 0.8 1.0 0.9 0.7 0.8 - 5) Dividendyield (%) - 3.5 5.9 7.8 7.7 7.8 5.8 6.3 E. EconomicData 1) Grossdomestic product (in US$) 6,849 7,990 7,800 7,845 7,378 4,790 4,603 4,138 3,735 2) Consumerpriceindex(1980=100) 114 127 147 166 179 193 214 230 256 - 3) Exchangerates (end of period) 2.4000 2.4000 2.4000 2.4000 3.6000 3.6000 3.6000 4.2441 4.2500 4.2500 4) Exchangerates (average of period) 2.4000 2.4000 2.4000 2.4000 2.4500 3.6000 3.6000 3.8438 4.2500 4.2500

- Notavailable.

, 1 . Uruguay,1981-1990 (Currency Amounts in Millions)

1981 1982 1983 1984 1985 1986 1987 1988 1989 1990

A. Numberof ListedCompanies Bolsade Valores de Montevideo 50 49 47 43 43 41 41 40 39

B. MarketCapitalization 1) In nuevopesos 700 800 400 700 1,900 6,300 11,300 11,000 - 2) InUS dollars 60 24 9 9 15 35 40 24 -

C. TradingValue 1) Innuevo pesos 117 41 25 24 36 318 872 - 6088 2) InUS dollars 11 3 1 0.4 0.4 2 4 - 1- 3) Turnoverratio 9.0 5.5 4.2 4.4 2.8 7.8 9.9 D. LocalIndex 1) Indicede Precios(Dec. 31, 1977=100) 167.6 318.1 191.3 2129 592.8 2,499.5 4,645.1 5,033.9 8,278.2 2) Changein index(%) -54.0 89.8 -39.9 11.3 178.4 321.6 85.8 8.4 64.4- 3) P/Eratio 4) PIBVratio-- 5) Dividendyield (%) - -

E. EconomicData 00 1) Grossdomestic product (in US$) 11,317 9,252 5,356 5,245 5,207 6,455 7,738 7,947 8,417- 2) Consumerprice index (1 980=1 00) 134 160 238 370 637 1,123 1,836 2,978 5,372- 3) Exchangerates (end of period) 11.5940 33.7500 43.2500 74.2500 125.0000 181.0000 281.0000 449.4250 802.0000 1,594.0000 4) Exchangerates (average of period) 10.8200 13.9100 34.5400 56.1200 101.4300 1519900 2266700 360.9100 605.6190 1,171.0000

7' - Notavailable

4. Directory of Stock Exchange Operations

Argentina 170 Kuwait 178 Bangladesh 170 Malaysia 179 Barbados 170 Mauritius 179 Botswana 171 Mexico 179 Brazil (Rio de Janeiro) 171 Morocco 180 Brazil (Sao Paulo) 171 Nigeria 180 Chile 172 Pakistan 180 China 172 Panama 181 Colombia (Bogota) 172 Paraguay 181 Colombia (Medellin) 173 Peru 181 Costa Rica 173 Philippines (Makati) 182 C6te d'Ivoire 173 Philippines (Manila) 182 Cyprus 174 Portugal (Lisbon) 182 Egypt (Alexandria) 174 Portugal (Oporto) 183 Egypt (Cairo) 174 Sri Lanka 183 Greece 174 Taiwan, China 183 Honduras 175 Thailand 184 Hungary 175 Trinidad and Tobago 184 India (Bombay) 175 Tunisia 184 India (Calcutta) 175 Turkey 185 India (Delhi) 176 Uganda 185 India (Madras) 176 USSR (Leningrad) 185 Indonesia (Jakarta) 176 USSR (Moscow) 185 Indonesia (Surabaya) 177 Uruguay 186 Jamaica 177 Venezuela 186 Jordan 177 Yugoslavia (Belgrade) 186 Kenya 178 Yugoslavia (Ljubljana) 187 Korea 178 Zimbabwe 187 Argentina MercadodeValores deBuenos Aires Mr.Alberto C. Alvarez 25de Mayo 367 President BuenosAires 1002 Telephone:(54-1) 313-4522 Fax:(54-1) 313-4472 Telex:(390) 17445 MERVA AR Holidaysin1991: TradingHours: Jan:1 Jul: Mon-Fri11:30 a.m.-3:00 p.m. Feb: Aug: Mar:29 Sep: Apr:t 6 Oct:10 May:6, 9,31 Nov: Jun: Dec:16,25-26

Bangladesh DhakaStock Exchange Ltd. Mr,Khwaja Abdul Quddus StochExchange Building Chairman 9F,Motijheel Commercial Area Dhaha1000 Mr.Syed Malhbuur Rashid Secretary Telephone:(680-2) 239-882/231-935 Telex:632150 DSE BJ Holidaysin1991: TradingHours: Jan: Jul:23 Sat-Thu11 a.m.-i p.m. Feb:21 Aug: Mar:3, 26 Sep:1, 22 Apr:13,15-17 Oct:27 May:1, 27 NoV:7 Jun:22-24 Dec:16, 25

Barbados SecuritiesExchanges oxBarbados Mr.Anthony K.Johnson 6rhFloor Genera.Manager CentralBank Building ChirchVillage St.Michel Teephone: (809) 436-9871/2 Fax:(809) 429-8942 Holidaysin1991: TradingHours: Jan:1. 21 Jul: Tue& Fri10 a.m.-12 p.m. Feb: Aug:5 Mar 29 Sep: OfficeHours: Apr:1 Oct:7 Mon-Fri8:30 amM.-4:30 p.m. May:1, 20 Nov:30 Jun: Dec:25-26

170 Emerging Stock Markets Faetbook Botswana StockbrokersBotswana Ltd. Mr.W.J. Picken 5thFloor, Barclays House ChiefExecutive KhanaCrescent Gaborone Mr.M. Makgatnhe AssistantManager MailingAddress P.O.Box 41015

Telephone:(267) 357900 Fax:(267)357901 Holidaysin1991: TradingHours: Jan 1-2 Ju: 15-16 Mon-Fri9 am.-12 p.m. Feb: Aug: Mar:29-30 Sep:30 OfficeHours: Apr:1 Oct 1 Mon-Fri8 a.m -4:30 p m. May:1 Nov. Jun: Dec:25-26

Brazil (Rio de Janeiro) Bolsade Valores de Rio de Janeiro Mr.Francisco deSouza Dantas PracaXV de Novembro Chairman No.20. 3rd Floor Riode Janeiro 20010 Telephone:(55-21) 271-1001 Fax(55-21) 221-2151 Telex.31500 Holidaysin1991: TradingHours: Jan:1 Jul: Mon-Fri9:30 a.m.-5 p.m. Feb:11,12,13 Aug Mar:28, 29 Sep: OfficeHours. Apr. Oct. Mon-Fr8.30 a.m.-6 p.m. May.1,30 Nov:15 Jun: Dec:24-25. 31

Brazil (Sao Paulo) Boisade Valores deSao Paulo Mr.Alvaro Augusto Vidigal RuaAlvares Penteado, 151 Chairman SaoPaulo01012 Telephone:(55-11) 258-7222 Fax:(55-11) 36 0871 Telex:(391)34089 Holidaysin 1991: TradingHours: Jan:1,25 Jii: Mon-Fri9 30a.m.-I p.m Feb.11, 12,13 Aug Mon-Fri2:30-5 p.m. CATS* Mar.28. 29 Sep: 'ComputerAssisted Trading System Apr: Oct May:1,30 Nov:15 OfficeHours Jun: Dec24, 25,31 Mon-Fri9 a m-6 p.m.

Emerging Stock Markets Factbook 171 Chile Bolsade Comercio deSantiago Mr.Pablo Yrarrazaval Valdes CalleLa Bolsa 64 President Casilla123-D Santiago Teephone: (56-2) 698-2001/2002 Fax.(56-2) 698-2001 Toon: (352) 340531 BOLCOM Holidaysin1991: TradingHours: Jan:1 Jul: 15 Mon-Fri10:30 a.m.-5:30 p.m. Feb: Aug:11,18,19 Mar: Sep: OfficeHours: Apr: Oct:12 Mon-Fri10:30 a.m.-4:30 p.m. May:1,21 Nov:1 Jun:29 Dec:3,25

China ShanghaiSecurities Exchange Mr.Xiang-Rui Li 15Huang Pu Road President Shangnai200080 Mr.Wen-Yuan Wei GeneralManager Telephone:(86-21) 306-3076 Fax:(86-21) 306-3196 Holidaysin 1991: TradingHours: Jan:1 Jul: Mon-Fri9:30-11 a.m./11:30-3 p.m. Feb:15-16 Aug: Mar: Sep: OfliceHours: Apr: Oct:1, 2 Mon-Sat9 a.m. 5 p.m. May:1 Nov: Jun: Dec:

Colombia (Bogot•t) Balsade Bogotd Mr Carlosdel Castillo Restrepo Carrera8A, No. 13-82, 8 President AparladoAereo 3584 Bogota Mr.Carlos Burag iaGomez VicePresident Telephone:(57-1) 243 65 01 Fax:(57-1) 281-3170 Telex:(396)044807 Holidaysin 1991: TradiagHours: Jan:1,6 Jul:20 Mon-Fri10:30 a.m.-12 p.m. Feb: Aug:7,15 Mar:19,28-29 Sep: Apr: Oct:12 May:1, 9, 30 Nov:1,11 Jun:29 Den:8,25

172 Emerging Stock Markets Factbook Colombia (Medellin) Bolsade Medellin S.A. Mr.Francisco Piedrahita E. Carrera50, No. 50-4B. Piso 2 President ApartadoAereo 3535 Medellin Telephone:(57-4) 2603000 Fax(57-4) 2511981 Telex:(396) 66788 Holidaysin 1991: TradingHours: Jan:1, 6 Jul 20 Mon-Fri10:30 a.m.-12 p.m./2-3 p.m. Feb Aug:7,15 Mar:19, 28-29 Sep: Apr: Oct:12 May:1,9.30 Nov:1,11 Jun:29 Dec:8, 25

Costa Rica CostaRica Stock Exchange Mr LeonelBaruch Gotfrid PO.Box 1736-1000 President SanJose Telephone:(506) 22 8011 Fax:(506) 55 0131 Telex:2863 Holidaysin1991: TradingHours: Jan:1 Jul:25 Mon-Fri10:00 a.m.-11:30 a.m. Feb: Aug:2-15 Mar:19, 28, 29 Sep. OfficeHours: Apr:11 Oct: Mon-Fri8:00 a.m -5:00 p.m. May:1-30 Nov: Jun:29 Dec:25-31

C6te d'Ivoire AbidjanStock Exchange Mme.Rose Brou Kone AvenueMarchand-Ol Bolte SecretaryGeneral Abidjan01

MailingAddress: Postale1878 Telephone.(225) 21-5742 Fax:(225) 22-1657 Telex:2221 Bourse Abidjan Holidaysin1991 TradingHours: Jan:1 Jul: Tue& Thu opens at 10 a.m. Feb Aug:15 Mar:17 Sep: Apr:1 Oct: May1,24 Nov:1,15 Jun:3 Dec:7. 25

Emerging Stock Markets Factbook 173 Cyprus CyprusInvestment Security Corp. Mr.Socrates Solomides P.O.Box 597 GeneralManager Nicosia

Telephone:(357-2) 451535 Telex:4449 CISCO CY Holidaysin1991: Jan:1. 6 JOu: Feb:18 Aug:15 Mar:25 Sep: Apr:1,5 8 Oct:1,28 May:1, 27 Nov: Jun: Dec:26

Egypt (Alexandria) AlexandriaStock Exchange 11Talat Harb Street Menshia Alexandria Telepnone:(20-3) 483-5432 Holidaysin 1991: Jan: Jul: 13,23 Feb: Aug:2 Mar: Sep:21 Apr:8, 16-18, 25 Oct:6 May:1, 18 Nov: Jun:22-25 Dec:

Egypt (Cairo) CairoStock Exchange 4 SherifienStreet Cairo Telephone:(20-1) 392-8526 Holidaysin1991: Jan: Jul:13, 23 Feb: Aug:2 Mar: Sep:21 Apr:8,16-18,25 Oct:6 May:1,18 Nov: Jun: 22-25 Dec:

Greece AthensStock Exchange Mr.Nikitas A. Niarcnos 10Sophocleous Street President Athens10559 Telephone:(30-1) 3211301 Mon-Fri8:30 a.m.-3:30 p.m. Fax:(30-1) 3213938 Telex:(863) 215820 BURS GR Holidaysin1991: TradingHours: Jan:1 Jul: Mon-Fri8:30 a.m.-12:30 p.m. (Main market) Feb:18 Aug:15 Mon-Fri12:30-12:50 p.m. (Parallel market) Mar:25 Sep: Apr:5, 8 Oct:28 OfficeHours: May:1, 27 Nov: Mon-Fri8:30 a.m.-3:30 p.m. Jun: Dec:25-26

174 Emerging Stock Markets Factbook Honduras HondurasStock Exchange Mr.Ramiro Figueroa P.O.Box 161 ManagingDirector SanPedro Sula

Telephone:(504) 53-4410 Fax:(504) 53-4480 Holidaysin 1991: TradingHours: Jan: Jul: Mon-Fri11:00 a.m.-11:30 a.m. Feb: Aug: Mar: Sep:15 OfficeHours: Apr Oct: Mon-Fri8:00 a.m.-5:00 p.m. May: Nov: Jun: Dec:25

Hungary BudapestStock Exchange Mr.Jozset Rotyis DeakFerenc utca 5.1.151 GeneralManager Budapest1052

Telephone(36-1) 1175-226 Fax:(36-1) 1181-737 Holidaysin 1991: TradingHours. Jan:1 Jul: Tue-Thu10-11:00 a.m. Feb Aug:20 Mar: 15 Sep: Apr: 15 Oct:23 May:1 Nov: Jun: Dec:25-26

India (Bombay) TheBombay Stock Exchange Mr M.R.Mayya PhirozeJeejeebhoy Towers ExecutiveDirector DalalStreet Bombay400 023

Telephone:(91-22) 275860/61 Fax:(91-22) 202-8121 Telex:(953)115925 STEX IN Holidaysin 1991 TradingHours Jan 26 Jul: 23 Mon-Fri12:00 p.m.-2 p.m. Feb:12 Aug:15, 24 Mar: 1, 28-29 Sep:2,11, 23 Apr: 17 Oct:2,17 May:1,15,28 Nov 4-7,21 Jun: Dec:25-31

India (Calcutta) TheCalcutta Stock Exchange Association, Ltd. 7 LyonsRange Calcutta700

Telephone:(91-33) 229366 Holidaysin 1991: Jan: 26 Jul: 23 Feb:12 Aug: 15,24 Mar: 1, 28-29 Sep:2, 11,23 Apr: 17 Oct: 2,17 May:1,15, 28 Nov:4-7, 21 Jun: Dec:25-31

Emerging Stock Markets Factbook 175 India (Delhi) TheDelhi Stock Exchange Association, Ltd Mr.Harish Bhasin 3 and414B Asaf Ali Road President NewDelhi110002 Mr S.K.Bajpai GeneralManager Telephone:(91-11) 327-9000 Fax:(91-11) 326-7112 Telen:(953) 3165317 DSEAIN

Holidaysin 1991: TradingHours: Jan:1,14, 21,26 Jul: 23 Mon-Fri12 p.m.-2:30p.m. Feb:12,28 Aug:15 Mar: 1, 28-29 Sep:2, 21, 30 OfficeHours: Apr: 17 Oct:2, 15-17 Mon-Fri9:30 a.m.-5:30 p.m. May:28 Nov:6-8 Sat9:30 a.m.-4 p.m. Jun: Dec:25-31

India (Madras) MadrasStock Exchange Mr.S.P. Sivaprakasam 11 SecondLine Beach President Madras600 001 Mr.S. Ramanathan MailingAddress: ExecutiveDirector RO.Box 183

Telephone:(91-44) 514897 Telex:(953) 418059 MSEX-IN Holidaysin 1991: TradingHours: Jan: 1,14-16,26 Jul: 23 Mon-Fri12 p.m.-2:30p.m. Feb: Aug:15 Mar: 29 Sep:12, 21, 30 Apr: 1-5, 17 Oct: 2,14-18 May:1 Non:5-6 Jun: Dec:25-31

Indonesia (Jakarta) TheJakarta Stock Exchange Mr.Marzuki Usman Ji MerdekaSelatan 14 ChairmanCMEA JakartaPusat 10110

MailingAddress: P.O.Box 1439

Telephone:(62-21) 365509 Fax: (62-21)350442 Telex:45604 BAPEPAM IA Holidaysin 1991: TradingHours: Jan: 1 Jul: 13 Mon-Thu10 a.m.-3p.m. Feb:12 Aug:17 FrilOa.m.-12 p.m. Mar: 17,29 Sep:21 Apr: 16-17 Oct: May:9, 28 Nov: Jun:23 Dec:25

176 Emerging Stock Markets Factbook Indonesia (Surabaya) SurabayaStock Exchange Basjiruddin AS. JIPemuda No. 29-31 Chairman Surabaya Holidaysin1991: TradingHours: Jan:1 Jul:13 Mon-Thu10 a.m.-3 p.m. Feb:12 Aug:17 Fri10 a.m.-12 p.m. Mar:17,29 Sep:21 Apr:16-17 Oct: May:9,28 Nov: Jun:23 Dec:25

Jamaica JamaicaStock Exchange Mr.Fernando DePeralto Bankof Jamaica Tower Chairman NethersolePlace Kingston Mr.Wain Iton GeneralManager MailingAddress: P.O.Box 621 Teephone: (809) 922-0806/7 Fax:(809) 922-26966 Telex:2165/2167 Holidaysin1991: TradingHours. Jan:1 Jul. Tue-Thu10-11 a.m Feb:13 Aug:5 Mar:29 Sep: Apr:1 Oct:21 May:23 Nov: Jun: Dec25-26

Jordan AmmanFinancial Market Mr.Ibrahim Balbeisi P.O.Box 8802 ActingGeneral Manager Amman Telephone(962-6) 663170 Fax:(962-6) 686830 Telex:(925) 21711 Holidaysin1991: TradingHours: Jan: Jul:12 Sat-Wed9-9:30 a.m. (Parallel market) Feb 11 Aug:11 Sat-Wed9:45-10 a.m. (Bond market) Mar: Sep:20 Sat-Wed18-11:30 a.m (Regular market) Apr:15-18 Oct: Mon-Wed5-6 p.m. (Regular market) May:1,25 Nov:14 Jan 10,22-26 Dec:31 OfficeHours: Sat-Sun8 a.m.-3:30 p.m. Mon-Wed8a.m.-7 p.m. Thu8 a.m.-2p.m.

Emerging Stock Markets Factbook 177 Kenya TheNairobi Stock Exchange Mr.I.N. Kariuki P.O.Box 43633 Chairman Nairobi

Telephone:(254-2) 727640 Fax:(254-2) 729349 Telex:25344 BMEW

Holidaysin 1991: TradingHours: Jan:1 Jul: Mon-Fri8 a.m.-5p.m. Feb: Aug: Mar: 29 Sep: Apr: 1, 15-17 Oct: 10,20 May:1 Nov: Jun:1, 22-24 Dec:12, 25-26

Korea KoreaStock Exchange Mr ByungWoo Koh 33 Yoido-Dong Chairman& CEO Yongdeungpo-ku Seoul150-010

Telephone:(82-2) 760-2271 Fax:(82-2) 786-0263 Telex:K 28384(KOSTEX)

Holidaysin 1991: TradingHours: Jan:1,2 Jul: 17 Mon-Fri9:40-11:40 a.m./1:20-3:20 p.m. Feb:14-16 Aug:15 Sat9:40-11:40a.m. Mar: 1,10 Sep:21-23 Apr: 5 Oct: 3 May:5,21 Nov: Jun: 6 Dec:25-31

Kuwait KuwaitStock Exchange Mr HishamAl Otaibi MubarakAl KabirStreet President Safat13063 MailingAddress: P.O.Box 22235 Telephone:(965) 24 23 130/9 Fax:(965) 2420779/2558832 Telex:44105-44026 Holidaysin 1991: TradingHours: Unavailableat presstime Sat-Wed10 a.m.-12:30 p.m./5-7 p.m.

178 Emerging Stock Markets Factbook Malaysia TheKuala Lumpur Stock Exchange Mr.Nik Mohamed DinBin Datuk Nik Yusoff 3 &4th Fl., Exchange Square ExecutiveChairman OffJalan Semantan DamansaraHeights Mr.Salleh Abdul Majid KualaLumpur50490 GeneralManager Telephone:(60-3) 2546433 Fax(60-3) 2557463/2558832 Telex:KLSE MA (784) 30241 Holidaysin1991: TradingHours: Jan:1 Jul:13 Mon-Thu9:30 a.m.-5:30 p.m. Feb:1,15-16 Aug:31 Fri9 a.m.-5p.m. Mar: Sep:20 Sat9a.m.-i p.m. Apr:16-17 Oct May 1,28 Nov:5 OfficeHours: Jun:5,23 Dec:25 Mon-Fri10 a.m.-12:30 p.m./2:30-4 p.m.

Mauritius StockExchange of Mauritius Ltd. MrSharda Dindoyal Rez-de-ChausseeSICOMBldg. ChiefExecutive SirCelicourt Antelme Street PortLouis Telephone:(230) 088735/36 Fax:(230) 088676 Telex:5291 Holidaysin1991: TradingHours: Jan:1-2, 30 Jul: Wed10:30 a.m.-12:30 p.m. (Official market) Feb:12,15 Aug: Thu11 a.m.-12 p.m. (OTC market) Mar:12, 17 Sep:12 Apr:15-17 Oct: OfficeHours: May:1 Nov:1,5 Mon-Fri9 a.m.-5 p.m. Jun: Dec:25

Mexico BalsaMexicana deValores, S.A. de C.V. Mr.Jose Madariaga L. Paseode la Reforma, 255 President Col.Cuauhtemoc MexicoD.F 06500 Telephone.(52-2) 208-3131 Fax:(52-2) 208-8972 Telex:(383) 1762233 Holidaysin1991: TradingHours: Jan:1 Jut: Mon-Fri10 a.m.-2 p.m. (Money market)/ Feb:5 Aug. 10:30a.m.- :30 p.m. (Capital market) Mar.21, 28-29 Sep:16 Apr: Oct:12 OfficeHours: May:1 Nov:2,20 Mon-Fri8:30 a.m.-2.30 p.m./ Jan: Den:12,25,31 3:30-5:30p.m.

Emerging Stock MarketsFactbook 179 Morocco CasablancaStock Exchange Mr.Abderrazaq Laraki 98,Boulevard Mohammed V Director Casablanca01 Telephone:(212) 27 93 54/20 03 66 Fax:(212) 20 03 65 Telex:23698 BOURSVAL Holidaysin1991: TradingHours: Jan:1,11 Jul:9 Mon-Fri11 a.m.-12:30 p.m. Feb: Aug:14.20 Mar:3 Sep: OfficeHours: Apr:16 Oct: Mon-Fri8:30 a.m.-12 p.m May:1.23 Nov:6,18 2:30-6:30p.m. Jun:23-24 Dec:

Nigeria NigerianStock Exchange Mr.Hayford Alile StockExchange House Director-General 2-4Customs Street Lagos MailingAddress: P.O.Box 2457 Telephone:(234-1) 660287 Fax:(234-1)668724 Telex:(961) 23567 STEX NG Holidaysin1991: TradingHours: Jan:1 Jul: Mon-Fri7:30 a.m.-4:30 p.m. Feob: Aug: Mar:29 Sep:23 Apr:1,17-18 Oct:1 May:1 Nov: Jun:23-24 Dec:25-26

Pakistan KarachiStock Exchange Ltd. Mr.JanangirSiddiqui StockExchange Building President StockExchange Road Karachi2 Telephone:(92-21) 241-9146 Telex:(952)2746 Holidaysin1991: TradingHours: Jan: Jul:21 Sat-Wed10:15 a.m.-2:00 p.m. Feb:28 Aug:14 Mar:23 Sep:6,11,20 Apr:15-17 Oct: May:1 Nov:9 Jun:22-24 Dec:25

180 EmergingStock MarketsFactbook Panama Bolsade Valores de Panama, S.A. Lic.Roberto Brenes CalleElvira Mendez y Calle52 Manager EdificioValarino Panama

MailingAddress: Apartado87-0878 Panama4

Telephone:(507) 69-1966 Fax:(507) 69-2457

Holidaysin 1991: TradingHours: Jan:1, 9 Jul: Tue& Thur9:00 a.m.-l O:OO a.m. Feb 12 Aug: Mar: 29 Sep: OfficeHours: Apr: Oct: Mon-Fri9 00 a.m.-1200 noon/2.00 p.m -5.00 p.m. May Nov:3,10, 28 Jun: Dec:8, 25

Paraguay Boisade Valores y Productosde AsuncionS.A. Sr.Antonio Zucolillo CalleEstrella 540 President Asuncion

Holidaysin 1991: Jan 1 Jul: Feb:3 Aug. 15 Mar: 1 Sep: Apr: Oct: May:1, 15 Nov.2 Jun: 12 Dec:8, 25

Peru LimaStock Exchange Mr.Victor Salas Campos PasajeAcuna 191 President Lima 1 Mr.Jose Almenara Battiora Teephone: (51-14) 286-280 GeneralManager Fax:(51-14) 337-650 Telex:25856 Holidaysin 1991 TradingHours Jan: 1 Jul: 28-29 Mon-Fri1:00 a.m.-1:30 p.m. Feb: Aug: 30 -- Mar:29 Sep. Apr Oct 8 May:1 Nov:1 Jun. 27 Dec:8, 25

Emerging Stock Markets Factbook 181 Philippines (Makati) MakatiStock Exchange, inc. Mr.Eduardo C. Lim MakatiStock Exchange Building Chairman AyalaAvenue, Makati MetroManila Ms.Vivian Y Locsin ViceChairman Telephone:(63-2) 810 1145/1146 Fax:(63-2) 810 5710/819 1063 Teleo:45074 MKSE PM

Holidaysin 1991: TradingHours: Jan:1 Jul: Mon-Fri9:30 a.m.-12 p.m. Feb: Aug: Mar: 28-29 Sep: OfficeHours: Apr: 9 Oct: Mon-Fri8 a.m.-5p.m. May:1 Nov: 1,30 Jun:12 Dec:25, 30

Philippines (Manila) ManilaStock Exchange Mr.Robert Coyiuto, Jr. PrensaSt. President cor Muelle e la Industria Binondo Manila MailingAddress: P.O.Box 4229 Telephone:(63-2) 47-11-25/40-88-66 Fax:(63-2) 471125 Telen:(722) 40503 MSE PM Holidaysin 1991: TradingHours: Jan: 1 Jul: Mon-Fri9 a.m.-12:15p.m. Feb: Aug: 25 Mar: 28-29 Sep: OfficeHours: Apr: 9 Oct: Mon-Fri8 a.m.-5p.m. May:1 Nov:30 Jun: 12 Dec:25, 30

Portugal (Lisbon) LisbonStock Exchange Mr.Jose Carlos Pestana Teixeira Ruados Fanqueiros, 10 President Lisbon1100

Telephone:(351-1) 879-416/879-417 Fax:(351-1) 864-231/877-402 Telex:(832) 44751 BVLISB P Holdaysin 1991 TradingHours: Jan:1 Jul: Mon-Fri10 a.m.-4 p.m. Feb:12 Aug: 15 Mar: 29,31 Sep: OfficeHours: Apr: 25 Oct: 5 Mon-Fri9 a.m.-5p.m. May:1,30 Nov:1 Jun: 10 Dec:1, 8, 25-26

182 Emerging Stock Markets Factbook Portugal (Oporto) OportoStock Exchange Mr.Manuel Alves Monteiro Palacioda Bolsa Chairman RuaFerreira Borges 4000Porto Telephone:(351-2) 200-2476 Fax:(351-2) 200-2475 Telex28663 Holidaysin1991: TradingHours: Jan:1 Jul: Mon-Fri9:30 a.m.-12:30 p.m. Feb:12 Aug:15 Mar:29. 31 Sep. Apr.25 Oct:5 May:1.30 Nov:1 Jun:10 Dec:1, ,25-26

Sri Lanka TheColombo Securities Exchange MrRavi C Peiris 2ndFloor, MacKinnons Bldg. GeneralManager YorkStreet Colombo1 Telephone:(94-1) 54 65 81/54 52 80 Fax:(94-1) 44 77 48 Telex:21124 MACKINON CE Holidaysin1991: TradingHours. Jan:14, 29 Jul:26 Mon-Fri9:30-11.30 a.m. Feb:4,12, 28 Aug. Mar:29 Sep20. 23 OtticeHours: Apr 15,17 Oct:22 Mon-Fri8:30 a m.-430 p.m. May:1.22, 27-28 Nov:5, 21 Jun:26 Dec20, 24-26. 31

Taiwan, China TaiwanStock Exchange Mr.C.F. Wu 7-10thFloor, City Building Chairman 85Yen-Ping South Road Taipei Telephone:(886-2) 311 4020 Fax:(886-2) 311 4004 Telex:(785) 22914 TSEROC

- Holidaysin1991: TradingHours. Jan:1-2 Jul: Mon-Fri9 a.m.-12 p.m. Feb:14-16 Aug: Sat9-11 a.m. Mar:29 Sep:22, 28 Apr.5 Oct:10, 25, 31 May: Nov:12 Jun:16 Dec:25,31

Emerging Stock Markets Factbook 183 Thailand TheStock Exchange of Thailand Mr.Nibhat Bhukkanasut SinthonBuilding, 2nd Floor Chairman 132Wireless Road Bangkok10500

Telephone:(66-2) 254-0440/0960 Fax:(66-2) 254-3040/3069 Telex:(788) 20126 BEJARATH Ho idaysin 1991: TradingHours: Jan:1 Jul: 1,29 Mon-Fri9 a.m.-12p.m. Feb:28 Aug: 12 Mar: Sep: OfficeHours: Apr: 8,12 Oct: 23 Mon-Fri8:30 a.m.-5 p.m. May:1, 6, 28 Nov: Jun: Dec:5,10,31

Trinidad and Tobago Trinidad& TobagoStock Exchange Mr.Hugh L. Edwards 65 IndependenceSquare GeneralManager Portof Spain

Telephone:(809) 625-5108/9 Fax:(809) 623-0089 Telex:CBTRIN 22532 Holidaysin 1991: TradingHours: Jan: 1 Jul: Mon-Fri9:00 a.m.-4:00 p.m. Feb: Aug: 1,31 Mar: Sep:24 Apr: 13,15-17 Oct: 18 May: Nov: Jun:4,14,19 Dec:25-26

Tunisia TunisStock Exchange Mr.Mohamed Salah H'Maidi 19bis, rueKamel Ataturk President 1001Tunis

Teephone: (216-1) 259-411/259-148 Fax:(216-1) 347-256 Telex:14931 Holidaysin 1991: TradingHours: Jan:1 Jul: 25 Mon-Fri10-11:30 a.m. Feb: Aug:13 Mar: 20,21 Sep:20 OfficeHours: Apr: 9 Oct: Mon-Fri8 a.m.-12p.m./2-6 p.m. May:1 Nov:7 Jun: Dec:

184 Emerging Stock Markets Factbook Turkev IstanbulMenkul Kiymetler Borasi Mr.Yaman Toroner RibtimCad., No. 245 President& CEO GrenHan Karakoy-Istanbul80030 Mr.Aril Seren SecretaryGeneral Telephone:(90-1) 152 48 00 Fax:(90-1) 143 72 43 Telex:(821) 22748 IMKB TR Holidaysin 1991: TradingHours: Jan: 1 Jul: Mon-Fri10 a.m.-12p.m. Feb: Aug: 30 Mar: Sep: O1fineHours: Apr: 16-18,23 Oct: 29 Mon-Fri8:30 a.m.-5 30 p.m May:19 Nov: Jun: 23-26 Dec:

40 Uganda KampalaStock Exchange Mr.Leo Kibiranga PO.Box 8223 Chairman Kampala Holidaysin 1991 Jan:26 Jul Expectedto starttrading in late1991 Feb. Aug. Mar: Sep: Apr: 15-17 Oct: 9 May:1 Nov: Jun. Dec 25-26

USSR (Leningrad) Official. Unofficial IgorK Klioutchnikov LeningradStock Exchange SkorohodovaStreet 19. Room 310 Chairmanof theBoard Plehanova36, Room714 197061,Leningrad 191186,Leningrad

Telephone:(7-812) 312-79-93/312-78-94 lelephone:(7-812) 238-83-34/232-5500 Fax:(7-812) 232-18-86/110-53-71 Holidaysin 1991: PlannedTrading Hours: Wed12 noon-2:00p.m. Unavailableat press time OfficeHours: Mon-Fri10:00 a m.-6:00p.m.

USSR (Moscow) MoscowInternational Stock Exchange Mr AndreiZaharov USSRMinistry of Finance ChiefExecutive Officer 9 KuibyshevStreet 103097,Moscow

Telephone:298-91-65 Fax:010-7-095/925-08-89 Telex:412248 ABAK SU

Tradingoperations and procedures still under preparation

Emerging Stock Markets Factbook 185 Uruguav Bolsade Valores deMontevideo Mr CarlosJ.Cabral de Simoni Misiones1400 President Montevideo Telephone:(598-12)954921 Fax:(598-12) 9619 00 Telex:BOLSA UY 26996 Holidaysin1991: TradingHours: Jan:1, 6 Jul: 18 Mon-Fri2:00 p.m.-3:00 p.m. Feb: Aug:25 Mar: Sep: Apr: Oct:12 May:1 18 Nov:2 Jun:19 Dec:25

Venezuela Bolsade Valores deCaracas Dr.Juan Domingo Cordero M. Avda.Urdaneta President y BancoCentral de Veneouela, Piso19 Caracas Telephone:(56-2) 81 51 41 Fax:(58-2) 838355 Telex:(395)26536 Holidaysin1991: TradingHours: Jan:1 Jul:5,24 Mon-Fri11:00 a.m.-12:00 p.m. Feb:11,12 Aug: Mar:28-29 Sep: Apr:19 Oct:12 May:1 Nov: Jun:24 Dec:25

Yugoslavia (Belgrade) BelgradeStock Exchange Mr.Branislav Cosic VladimiraPopovica6 ManagingDinector Novi Belgrade11070 Telephone:(38-11)2224049 Fax:(38-11) 2224355 Teex: 71122 TRZNOVYU Holidaysin1991: TradingHours. Jan:1-2 Jul:4,7 Tuel10 a.m.-4 p.m. Feb: Aug: Mar: Sep: OfficeHours: Apr: Oct: Mon-Fri8:30 a.m.-4 p.m. May:1-2 Nov:1,29-30 Jun: Dec:25

186 Emerging Stock Markets Factbook Yugoslavia (Ljubljana) YugoslavStock Exchange, Inc. Mr.Drasko Veselinovic 1, KraigherSquare ChiefExecutive Officer Ljubljana61000 Mr.Boris T. Snuoerl ChiefOperating Officer Telephone.(38-61) 301-959 Fax:(38-61) 301-950 Telex(38-61) 31 606

Holidaysin 1991: TradingHours: Jan:1-2 Jul: 4, 7 Tue&Thu 11a.m -12 p.m. Feb: Aug: Mar: Sep Apr: Oct: May.1-2 Nov: 1, 29-30 Jun: Dec:25

ZimbabweStock Exchange Mr.R.TG Williams 6th Floor,Southampton Place Chairman UnianAvenue Harare

MailingAddress: P.O.Box UA 234

Telephone:(263-4) 736861 Telex:(987) 24196 ZW Holidaysin 1991: TradingHours: Jan: 1 Jul: Mon-Fri8 a.m.-4.30p.m Feb: Aug. 11-12 Mar: 29 Sep: Apr. 1, 18 Oct: May:1. 25 Nov: Jun: Dec:25-26

Emerging Stock Markets Factbook 187

INTERNATIONAL FINANCE E J~@ \JCORPORATION

HEADQUARTERS 1818 H Street, N.W. Washington, D.C. 20433, U.S.A.

Telephone: (202) 473-9550 Facsimile: (202) 676-9299 Telex: WUI 64145 WORLDBANK RCA 248423 WORLDBANK Cable: INTBAFRAD WASHINGTONDC

PARIS OFFICE 66, avenue d'lena 75116 Paris France

Telephone: (1) 40. 69. 30. 60 Facsimile: (1) 47. 20. 77. 71 Telex: 620628

ToKYo OFFICE Kokusai Building 1-1, Marunouchi 3 Chome Chiyoda-Ku, Tokyo 100 Japan

Telephone: (33) 400-4336 Facsimile: (33) 211-2216 Telex: 26838

LONDONOFFICE New Zealand House, 15th Floor Haymarket London SWlY 4TE England

Telephone: (071) 930-8741 Facsimile: (071) 321-0589 Telex: 919462

ISBN 0-8213-1826-8