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International stock markets and stock market trends

International Investment Emerging Stock Markets Update August 2005

International stock markets and stock market trends

By
Gary Scott

International Investment Update

Emerging stock markets expert Michael Keppler continually researches all emerging stock markets and compares their value based on current book to price, cash flow to price, earnings to price, average dividend yield, return on equity and cash flow return. He compares each emerging stock markets history and from this develops his good value emerging stock markets strategy.

International Investment Emerging Recent Developments & Outlook

Emerging Markets equities continued their recent rally to reach new all-time highs in both US dollars and euros. The MSCI Emerging Markets Total Return Index advanced 7 % in US dollars and 6.6 % in euros.

International Investment Year to Date

Year to date, the Emerging Markets benchmark is up 13.4 % in US dollars. However, due to the 11.9 % year-to-date rise of the US dollar versus the euro, the MSCI Emerging Markets Total Return Index is up 26.9 % in euros.

International Investment Regions

With regard to the three major regions, Europe, Middle East and Africa (EMEA) gained 8.6 %, followed by Latin America (+6.6 %) and Asia (+6.4 %). Year to date, Latin America stood out with a 18.7 % gain. Asia returned 13.2 % and EMEA came in last with a 10.1 % gain. All performance numbers are in US dollars unless mentioned otherwise.

Twenty-five markets included in the MSCI Emerging Markets Index rose, two declined.

International Investment Leaders

Argentina and Colombia led this month's winners' list, each gaining 15.5 %. The two other top performing markets with double-digit monthly returns were Hungary (+12.7 %) and Korea (+12.3 %).

Venezuela (-6.5 %), Pakistan (-5.2 %) and Sri Lanka (+0.1 %) performed worst in July. Year to date, twenty-five markets rose, two declined, the same as in the month of July. Egypt is leading the winners with a return of 106.3 %. Jordan (+64.2 %) and Argentina (+44.4 %) are in second and third place.

International Investment Losers

Venezuela (-19.9 %), Thailand (-1.5 %) and South Africa (+0.6 %) performed worst during the first seven months.

The Emerging Markets Top Value Model Portfolio, which invests according to the Top Value Strategy and assumes index returns for each national market included in the strategy, gained 5.5 % in US dollars and 5.2 % in euros, underperforming the benchmark by 1.5 percentage points during the month.

Year to date, the Emerging Markets Top Value Model Portfolio gained 19.7 % in US dollars and 34 % in euros, beating the benchmark by 6.3 percentage points in US dollars and 7.1 in euros.

There is one change in our performance ratings this month. Colombia is downgraded to "Neutral" from "Buy" and eliminated from the Top Value Model Portfolio. Colombia was added to the Top Value Model Portfolio at the end of July 2004. During the last twelve months, the MSCI Colombia Index gained 119.3 % beating the MSCI Emerging Markets Index by a whopping 72.9 %.

According to our analyses which are based on current index levels, Colombia no longer offers superior return expectations.

International Investment

Portfolio DETAILS

After eliminating Colombia, the Top Value Model Portfolio contains the nine "Buy" rated national markets of Brazil, the Czech Republic, Korea, the Philippines, Russia, Sri Lanka, Taiwan, Turkey and Venezuela at equal weights.

International Stock Market Investment

South Korea is one of Keppler's top rated international investment markets this month. More on the KOSPI-Index

Learn more about South Korea at the Korea Times

According to Keppler's analyses, these markets offer the highest expectation of risk-adjusted returns.

You can get ideas on shares in these top value emerging stock markets from Thomas Fischer at FISCHER@jyskebank.dk

For more details on Keppler's analysis, contact Michael Keppler at 1-212-245-4304.

International stock markets and stock market trends

International Investment Emerging Stock Markets Update August 15, 2005.

International stock markets and stock market trends

 

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