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TitleEmerging Stock Markets Factbook 1999 (Global Stock Markets Factbook)
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LanguageEnglish
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Page 1

Emerging Stock Markets Factbook 1999

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Page 2

Emerging Stock Markets Factbook 1999

Copyright © 1999
International Finance Corporation
2121 Pennsylvania Avenue, N.W.
Washington, D.C. 20433
U.S.A.

First Printing April 1999

ISBN 0−8213−4403−X
STOCK NO. D14403

All rights reserved. May not be reproduced in whole or in part by any means without the written consent of the
International Finance Corporation.

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

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

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

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

The Emerging Markets Data Base is a service of IFC's Financial Markets Advisory Department.

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

Published annually in the United States of America break

Preface

This edition of the Emerging Stock Markets Factbook is the thirteenth in the IFC's annual series tracking the
development of equity markets in developing countries. IFC's efforts were the first to pull together in a single
volume the various time series of market data on the leading stock markets of the developing world.

The Factbook is designed to serve as a reference for institutional investors, fund managers, investment bankers,
academics, economists, consultants, and journalists. Many of the tables and charts draw on data from more than

Emerging Stock Markets Factbook 1999

Emerging Stock Markets Factbook 1999 1

Page 249

While second quarter results were positive, the resignation of the chief executive of the regional exchange
overshadowed other market news during the period. International investors remained on the sidelines as concerns
grew regarding delays in the opening of the West African exchange. Still, the local BVA Index managed to gain a
modest 2.1% in June while the IFCG Index gained 2.2% in dollar terms.

September proved to be the highlight of the year, as stocks rose in the first few weeks of trading on the new
regional stock exchange. The new Bourse Régionale des Valeurs Mobilières, or BRVM, finally opened on
September 16. Although the 35 original stocks from the old bourse comprised the initial listings, the exchange
intends to eventually include companies from Benin, Burkina Faso, Guinea−Bissau, Mali, Niger, Senegal, and
Togo.

Concern regarding the limited free float available to foreign and local investors resulted in lower−than−expected
returns on the BRVM during the fourth quarter. November proved to be an especially difficult month as the
BRVM All−Share Index shed 9.9% in local currency terms and the IFCG Index declined 19.9% in dollars. Local
analysts attributed the sharp drop to profit−taking, low liquidity, and selling by small investors to pay school fees
at the start of the school year. A rule change at year's end allowing operators to conduct transactions through
accredited brokers without going through the computerized order matching system brought about large increases
in trading volumes and solid returns. Previously, block trading needed to be approved by the BRVM and could
only be conducted at the price fixed by the previous day's closing session. This new rule, along with the
government's announcement to sell its stake in nine companies already listed on the BRVM, set the stage for
strong market returns going into 1999.break

Monthly Value Traded IFCG Cote d'Ivoire Index Correlation IFCG P/E Ratio

Emerging Stock Markets Factbook 1999

Cote d'Ivoire 248

Page 250

(US$ millions) (36−month period ending 12/98) (end of month values)

Monthly Market Capitalization
(US$ millions)

Share of Emerging Market
Capitalization*
(end−1998; total=$1,868 billion)

Exchange Rate
(CFA francs per U.S. dollar)

Cote d'Ivoire 1998:
(currency in Millions)

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

Number of Listed
Companies

BRVM 35 35 35 35 35 35 35 35 35 35 35 35

Market
Capitalization

In CFA francs 736,898 759,014 759,122 774,295 771,388 795,675 777,978 785,520 892,704 1,121,3751,016,3321,018,934

In US dollars 1,197.2 1,248.5 1,225.5 1,287.5 1,305.2 1,315.1 1,304.2 1,306.5 1,594.4 2,023.8 1,792.0 1,817.9

Trading Value

In CFA francs 575.0 614.0 3,078.0 1,691.0 1,060.0 1,933.0 1,003.0 1,353.2 1,516.5 2,871.0 1,878.0 5,411.1

In US dollars 0.9 1.0 5.0 2.8 1.8 3.2 1.7 2.3 2.7 5.2 3.3 9.7

Turnover ratio (%) 0.2 0.1 0.4 0.2 0.1 0.3 0.1 0.2 0.2 0.3 0.2 0.5

Local Index

BRVM All−Share* 430.3 435.4 440.9 456.8 472.9 482.9 492.0 497.9 // 107.3 108.5 97.8 98.0

Emerging Stock Markets Factbook 1999

Cote d'Ivoire 1998: (currency in Millions) 249

Page 498

Index Series

This series consists of parallel sets of IFC Global and Investable Indexes for the markets covered by EMDB.
Statistics include price and total return indexes in local currency and U.S. dollars, as well as index−level
capitalization, trading volume, and valuation ratios.

Market Series

This series provides monthly and annual series of aggregate market data for 51 emerging markets, dating to 1975.

Data Delivery

EMDB now provides the fastest data delivery in emerging markets. Computer products can be updated by FTP or
through e−mail either daily, weekly, or monthly. EMDB publications are sent by courier delivery. Please call for
more information.

EMDB Online

EMDB maintains a comprehensive site on the Internet. Features include:

a monthly newsletter with commentary on all 51 markets covered by IFC;

daily, weekly, and monthly index results;

EMDB technical notices and special announcements;

links to emerging stock markets.

EMDB's home page is www.ifc.org/emdb .

Subscription Information

For more information on Emerging Markets Data Base products and services, please call, write, fax, or email:

Emerging Markets Data Base
2121 Pennsylvania Avenue, NW
F−6K−118
Washington, D.C. 20433
USA

Telephone: (202) 473−9520
Facsimile: (202) 974−4805
E−mail: [email protected]

News Service Access to Indexes

The IFC Indexes are carried in whole or part by the following information services:

Periodicals

Financial Times (daily)

Emerging Stock Markets Factbook 1999

Index Series 497

Page 499

New York Times (weekly)

Nikkei Financial Daily

International Financing Review (IFR)

Emerging Markets Week (Institutional Investor)

Global Finance

Emerging Markets Investor

Global Investment and Daily Foreign Exchange News

Quote Services with Daily Index Updates

Reuters page <IFCINDEX>

Bloomberg <IFC><GO>

FactSet

Datastream

Telekurs

Zephyr

FT Analytics

Rimes

BARRA

Fame

Wilshire

Emerging Stock Markets Factbook 1999

Quote Services with Daily Index Updates 498

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