The World by Numbers
April 7, 2004
Patrick A. Kerr, CFA (212) 816-0207
The World by Numbers:
[email protected]
Global Stock Market Review, March 2004 •
The S&P/Citigroup BMI Global Composite1 edged 0.15% lower in March, ending a record string of 11 straight monthly gains for stocks globally. Despite the decline in March, the index posted a gain for the first quarter of 2004, rising 4.16%.
•
Surging stock prices in Japan lifted the BMI Asia-Pacific to a 9.81% jump in March, while the BMI Europe and the BMI North America fell 2.99% and 1.14% in U.S. dollar terms, respectively.
•
Emerging regions remained relatively strong in March, rising 1.15% overall. While the BMI Emerging Asia-Pacific lagged with a 1.70% decrease, the other emerging regions rose, led by a 12.26% surge for the BMI Emerging Europe. The BMI Mid-East & Africa rose 3.28% and the BMI Latin America added 1.66%, all in U.S. dollar terms.
•
Among individual stock markets, the 14.61% jump for the BMI Japan led developed markets in March, aided in part by the dollar’s nearly 5% slide versus the yen. In the first quarter of 2004, several countries enjoyed double-digit percentage gains, while just two declined in local currency terms.
•
Leading among emerging markets in March were the BMI Peru and the BMI Russia, which gained 16.38% and 13.82%, respectively, in U.S. dollar terms. The strongest markets globally in the first quarter of 2004 were the BMI Colombia and the BMI Russia, which soared 45.14% and 33.87%, respectively, in U.S. dollar terms.
•
Value stocks rose as growth stocks continued to lag in March. The BMI Developed World Value edged 0.10% higher, while the BMI Developed World Growth decreased 0.54%, each in U.S. dollar terms. Value stocks have risen for 12 straight months, climbing 53.58%, versus a 43.53% gain for growth stocks during the period.
CONTACT US: Email: [email protected]
On the Internet at: http://www.standardandpoors.com
1
Total returns stated in U.S. dollars for all regions and in local currency for all countries, unless otherwise indicated.
www.standardandpoors.com
The World by Numbers
Standard & Poor’s
April 7, 2004
Page 2
The World by Numbers
April 7, 2004
Executive Summary The global rebound in stock prices that began in April 2003 ended its record string of 11 straight monthly gains in March, as the S&P/Citigroup BMI Global Composite edged 0.15% lower. Despite the end of the streak for stocks as a whole, certain investment disciplines continued their winning ways. The BMI Developed World Value stretched its series of monthly gains to 12, while smallcap stocks rose for the 13th straight month.
Standard & Poor’s
•
The broad rally in stocks globally ended in March 2004, but just barely. Value stocks and small-cap stocks continued their winning ways, with stocks in Japan soaring.
•
While a majority of markets declined in the month, just three Developed World markets fell in the first quarter of the year in U.S. dollar terms, and only two did so in local currency terms.
•
Emerging markets were mixed but rose on balance in March, and rising markets far outnumbered those that fell over the first quarter of the year. In fact, 14 of the 24 emerging markets posted double-digit percentage gains in the first quarter in local currency terms, while just one country posted a loss of that magnitude.
•
By investment style, growth stocks lagged for the sixth straight month. The BMI World Value edged 0.10% higher in March, topping the 0.54% decrease for the BMI World Growth. Over the past 12 months, Value outperformed its Growth counterpart by more than 10 percentage points.
•
The rally in small-cap stocks continued in March. The EMI Developed World gained 1.57%, topping the 0.71% decline for the PMI Developed World. Among Emerging Markets, the EMI advanced 1.73%, versus a 0.98% rise for the PMI.
Page 3
The World by Numbers
April 7, 2004
The World by Numbers Figure 1. S&P/Citigroup World Equity Indices — Total Rates of Return in Local Currency, March 2004 Expressed in Terms of: United
United
States
Japan
Germany
France
Kingdom
Canada
Italy
Australia
Belgium
Switz.
Neth.
Spain
Sweden
$
¥
€
€
£
C$
€
A$
€
CHF
€
€
Skr
-0.21 % -0.71 1.57
-4.98 % -5.46 -3.29
0.89 % 0.38 2.69
0.89 % 0.38 2.69
0.76 % 0.25 2.56
-2.26 % -2.75 -0.52
0.89 % 0.38 2.69
0.85 % 0.34 2.64
0.89 % 0.38 2.69
-0.46 % -0.96 1.31
0.89 % 0.38 2.69
0.89 % 0.38 2.69
1.09 % 0.58 2.89
-1.20 % -1.77 0.79
9.13 % 8.30 12.36
-3.60 % -4.28 -1.00
-2.43 % -2.78 -1.12
-1.27 % -1.77 0.33
-1.94 % -2.34 -0.62
-2.45 % -2.44 -2.49
2.38 % 2.35 2.46
-3.83 % -3.39 -5.22
-2.89 % -3.33 -1.28
-3.46 % -4.02 -1.81
-2.90 % -3.53 -0.67
-0.87 % -0.72 -1.61
World Unhedged
BMI PMI EMI Local Countries
BMI PMI EMI
BMI – Broad Market Index. PMI – Primary Market Index. EMI – Extended Market Index. Source: S&P/Citigroup
Figure 2. S&P/Citigroup PMI/EMI Performance (Total returns in U.S. dollars) March 2004 Region
PMI
EMI
Asia-Pacific Asia-Pac. Ex-Japan Japan
9.25 % -0.18 13.73
11.87 % 0.17 18.00
Europe Europe ex-UK United Kingdom
-3.42 % -3.81 -2.72
EPAC North America Canada United States World ex-US World
First Quarter 2004 % Diff.
PMI
EMI
-2.62 % -0.34 -4.27
13.44 % 8.79 15.50
15.83 % 6.86 20.32
-1.47 % -1.99 -0.64
-1.95 % -1.82 -2.08
0.17 % -0.04 0.55
0.63 %
2.60 %
-1.97 %
-1.70 % -0.30 -1.77
0.83 % 1.46 0.79
0.58 % -0.71 %
Twelve Months Ended March 2004 % Diff.
PMI
EMI
% Diff.
-2.39 % 1.93 -4.82
68.59 % 61.48 71.57
76.45 % 76.03 76.65
-7.87 % -14.54 -5.08
6.99 % 4.38 11.39
-6.82 % -4.41 -10.84
52.48 % 57.96 43.74
76.54 % 73.17 82.15
-24.06 % -15.22 -38.41
4.42 %
9.78 %
-5.37 %
57.89 %
76.40 %
-18.51 %
-2.52 % -1.75 -2.56
1.70 % 3.43 1.62
6.03 % 4.49 6.11
-4.32 % -1.06 -4.50
35.46 % 51.75 34.72
58.42 % 75.22 57.62
-22.96 % -23.46 -22.89
2.53 %
-1.95 %
4.35 %
9.42 %
-5.06 %
57.50 %
76.32 %
-18.83 %
1.57 %
-2.28 %
2.85 %
7.57 %
-4.73 %
44.23 %
65.55 %
-21.33 %
EPAC – Europe, Pacific, Asia Composite. PMI – Primary Market Index. EMI – Extended Market Index. Source: S&P/Citigroup
Standard & Poor’s
Page 4
The World by Numbers
April 7, 2004
Figure 3. S&P/Citigroup BMI Global March 2004 Returns, Opening April 2004 Index Profile Number of Companies
Tot. Mkt. Cap US$ Million
Float Cap. US$ Million
1,634 30 51
7,889,775 57,392 215,668
5,946,154 25,584 119,438
Czech Republic Denmark Finland France
5 45 45 192
14,674 118,128 177,747 1,205,537
5,638 72,287 153,540 764,951
38.42 61.19 86.38 63.45
0.03 0.32 0.69 3.42
Germany Greece Hungary Iceland Ireland
143 49 6 8 26
875,039 79,784 16,481 7,492 81,804
560,065 39,656 11,821 5,506 72,262
64.00 49.70 71.73 73.49 88.34
Italy Netherlands Norway Portugal
117 84 44 16
586,808 472,637 97,341 60,983
329,873 398,110 41,315 34,594
Slovenia Spain Sweden Switzerland United Kingdom
7 77 84 115 490
3,757 472,917 290,390 734,748 2,320,448
Asia-Pacific Australia Hong Kong Japan New Zealand
1,719 192 141 1,146 21
Singapore South Korea North America Canada United States Developed World (WD)
Market Europe Austria Belgium/Lux
Ratio of Float Capital
0.03 0.34 0.72 3.59
19.29 6.36 14.65 0.18
24.24 9.15 17.68 2.83
2.50 0.18 0.05 0.02 0.32
2.63 0.19 0.06 0.03 0.34
-3.98 2.63 24.77 18.07 5.86
-1.44 5.34 21.78 20.18 8.65
56.21 84.23 42.44 56.73
1.47 1.78 0.18 0.15
1.55 1.87 0.19 0.16
-0.85 -2.79 9.35 9.37
1.77 -0.22 12.86 12.26
2,658 312,838 206,610 621,688 2,167,720
70.75 66.15 71.15 84.61 93.42
0.01 1.40 0.92 2.78 9.68
0.01 1.47 0.97 2.91 10.16
14.20 1.24 6.15 0.90 2.95
17.96 3.91 11.25 3.36 0.27
4,949,089 566,470 464,477 3,433,231 25,897
3,134,523 430,446 200,664 2,203,680 14,523
63.34 % 75.99 43.20 64.19 56.08
13.99 % 1.92 0.90 9.84 0.06
14.69 % 2.02 0.94 10.33 0.07
13.95 % 6.39 6.06 16.49 6.32
11.03 % 5.00 6.43 13.09 4.85
74 145 3,154 301
142,383 316,631 14,516,625 788,860
84,505 200,705 12,253,213 604,064
59.35 63.39 84.41 % 76.57
0.38 0.90 54.70 2.70
0.40 0.94 57.44 % 2.83
6.06 16.59 2.66 % 3.68
4.69 12.18 2.74 % 5.44
2,853 6,507
13,727,765 27,355,489
11,649,149 21,333,890
84.86 77.99 %
52.01 95.24 %
54.60 100.00 %
2.60 3.87 %
2.60 3.77 %
45 19 26
318,674 31,262 287,412
95,623 12,111 83,512
30.01 % 38.74 29.06
0.43 % 0.05 0.37
8.98 % 1.14 7.84
29.99 % 8.35 33.87
27.86 % 11.83 30.56
728 88
1,231,197 322,527
529,828 53,098
43.03 % 16.46
2.37 % 0.24
49.73 % 4.98
8.13 % -2.44
5.66 % -2.43
India Indonesia
102 24
223,183 37,219
74,837 15,909
33.53 42.74
0.33 0.07
7.02 1.49
-0.21 6.83
-5.03 8.62
Malaysia Pakistan
115 11
138,483 7,676
58,946 2,817
42.57 36.70
0.26 0.01
5.53 0.26
14.23 12.21
14.23 12.36
Philippines Taiwan Thailand
13 327 48
15,558 413,646 72,905
5,039 295,905 23,277
32.39 71.54 31.93
0.02 1.32 0.10
0.47 27.78 2.18
-2.10 13.82 -13.58
-0.95 10.47 -14.30
Latin America Argentina
176 13
451,554 13,914
218,543 6,474
48.40 % 46.53
0.98 % 0.03
20.51 % 0.61
7.68 % 13.70
8.52 % 10.65
Brazil Chile
62 41
193,730 67,256
98,995 27,946
51.10 41.55
0.44 0.12
9.29 2.62
1.21 -2.06
2.27 1.96
Colombia Mexico
9 39
8,855 150,889
4,757 72,371
53.72 47.96
0.02 0.32
0.45 6.79
45.14 19.43
40.01 18.71
Peru Venezuela Mid-East, Africa
9 3 197
14,149 2,761 372,703
6,528 1,472 221,365
46.14 53.31 59.39 %
0.03 0.01 0.99 %
4.39 16.67 10.29 %
4.28 27.04 6.18 %
Egypt Israel
6 49
5,961 64,974
2,445 40,826
41.02 62.83
0.01 0.18
0.23 3.83
20.16 9.33
20.65 12.57
Jordan Morocco
8 11
6,182 10,159
3,954 4,268
63.96 42.01
0.02 0.02
0.37 0.40
6.93 9.92
6.93 12.04
Nigeria South Africa
8 88
6,423 221,546
3,681 144,698
57.31 65.31
0.02 0.65
0.35 13.58
25.39 9.61
20.27 3.50
27
57,458
21,493
37.41
0.10
Emerging Markets (EM)
Turkey
1,146
2,374,128
1,065,359
44.87 %
4.76 %
Global Composite (GL)
7,653
29,729,617
22,399,249
75.34 %
100.00 %
27.87 % 0.12 0.56
YTD Tot Ret Local Currency 2.41 % 17.85 6.62
Asia Pacific Emerging China
26.55 % 0.11 0.53
YTD Tot Ret US Dollars 1.64 % 14.82 3.88
European Emerging Poland Russia
75.37 % 44.58 55.38
Global Wgt in Weight WD or EM
0.61 0.14 20.78 %
2.02 100.00 %
14.54
7.12
10.15 %
8.05 %
4.16 %
3.96 %
Source: S&P/Citigroup
Standard & Poor’s
Page 5
-30%
Standard & Poor’s
Emerging Markets
-6.81%
-2.16%
1.15%
6.23%
7.37%
4.54%
2.55% 13.82%
-1.52%
World
United States
United Kingdom
-0.21%
-1.20%
-2.23%
-2.15%
-3.97%
-1.16%
-2.34%
-4.52%
-3.51%
-2.65%
-7.39%
-3.30%
Switzerland
-15%
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
-20%
Venezuela
Turkey
Thailand
Taiwan
South Africa
-3.13%
16.38%
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
-6.42%
-4.65%
-3.50%
-3.18%
3.89%
3.98%
3.06%
2.06%
0.11%
7.07%
10%
Russia
Poland
Philippines
4.98%
20%
Peru
Pakistan
-0.04%
4.13%
1.48%
Hong Kong
Greece
Germany
France
Finland
-4.02%
-4.89%
3.60%
1.30%
10.71%
14.61%
15%
Nigeria
Morocco
Mexico
-7.79%
-1.15%
Jordan
2.68%
4.98%
Denmark
Czech Republic
-10%
Malaysia
-1.22%
-3.67%
Israel
Indonesia
India
Egypt
8.81%
10%
Colombia
-5.34%
Canada
-5%
Belgium/Lux
0%
China
-6.79%
Austria
Australia
5%
Chile
1.16%
-20%
Brazil
-10% 1.74%
0%
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, March 2004
Figure 4. BMI Developed World
(Percent total return, in U.S. dollars) 20%
Source: S&P/Citigroup
Figure 5. BMI Emerging Markets
(Percent total return, in U.S. dollars)
30%
Source: S&P/Citigroup
Page 6
Standard & Poor’s -30%
-40%
-50%
-60%
India
Emerging Markets
Venezuela
Turkey
Thailand
Taiwan
South Africa
-2.10%
10.15%
33.87%
25.39%
16.67%
14.54%
13.82%
9.61%
8.35%
4.39%
12.21%
9.92%
19.43%
40%
Russia
Poland
Philippines
Peru
Pakistan
Nigeria
Morocco
Mexico
14.23%
6.93%
9.33%
World
United States
United Kingdom
Switzerland
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
Hong Kong
Greece
Germany
France
Finland
Denmark
Czech Republic
-3.98%
-2.79%
-0.85%
6.15%
3.87%
2.60%
2.95%
0.90%
1.24%
6.06%
9.37%
9.35%
6.32%
5.86%
6.06%
2.63%
0.18%
6.36%
3.68%
-30% Canada
-20%
Belgium/Lux
6.39%
19.29%
16.59%
14.20%
16.49%
18.07%
14.65%
14.82%
24.77%
30%
Malaysia
Jordan
Israel
6.83%
-0.21%
-10% 3.88%
0%
Indonesia
20.16%
30%
Egypt
45.14%
50%
Colombia
-2.44%
-13.58%
-20%
China
-10% -2.06%
0%
Chile
10%
1.21%
20% Austria
Australia
10%
13.70%
20%
Brazil
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, First Quarter 2004
Figure 6. BMI Developed World
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Figure 7. BMI Emerging Markets
(Percent total return, in U.S. dollars)
60%
Source: S&P/Citigroup
Page 7
100%
Standard & Poor’s
-50%
-100%
Emerging Markets
Venezuela
80.32%
89.46%
89.41%
64.44%
74.78%
66.52%
45.52%
81.61%
57.26%
84.16%
129.81%
181.15%
200%
Turkey
Thailand
Taiwan
South Africa
Russia
Poland
Philippines
Peru
Pakistan
Nigeria
60.76%
104.83%
58.92%
World
United States
48.51%
39.27%
90.57%
84.16%
66.66%
60.50%
64.14%
90.38%
72.69%
59.70%
49.79%
47.26%
56.98%
70.31%
62.47%
78.06%
60.53%
57.34%
102.63%
84.72%
77.27%
66.87%
51.27%
-100% United Kingdom
-50% 50.88%
0%
Switzerland
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
Hong Kong
Greece
Germany
France
Finland
Denmark
50%
Morocco
68.42%
47.77%
73.17%
66.31%
114.92%
141.97%
120.10%
Canada Czech Republic
56.56%
73.46%
56.89%
124.66%
150%
Mexico
Malaysia
Jordan
Israel
Indonesia
India
Egypt
Colombia
85.89%
0%
China
50% 83.06%
Belgium/Lux
Austria
Australia
100%
Chile
111.19%
103.19%
150%
Brazil
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, Twelve Months Ended March 2004
Figure 8. BMI Developed World
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Figure 9. BMI Emerging Markets
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Page 8
The World by Numbers
April 7, 2004
S&P/Citigroup BMI Global Markets Performance Rankings Figure 10. Developed World Stock Markets Local Currency Terms One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Japan Hungary Slovenia Czech Republic New Zealand Austria Ireland Australia South Korea Sweden United States Portugal United Kingdom Canada Finland Greece France Italy Singapore Switzerland Spain Denmark Netherlands Germany Belgium/Lux Norway Iceland Hong Kong
Three Month Total Return 9.13 % 8.49 8.39 6.16 6.12 4.75 3.19 2.38 1.36 -0.87 -1.20 -1.26 -1.27 -1.94 -2.10 -2.23 -2.43 -2.45 -2.67 -2.89 -2.90 -3.05 -3.46 -3.60 -3.83 -3.95 -4.03 -6.34
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Czech Republic Hungary Iceland Slovenia Austria Finland Japan Norway Portugal South Korea Sweden Denmark Ireland Belgium/Lux Hong Kong Canada Greece Australia New Zealand Singapore Spain Switzerland France United States Italy United Kingdom Netherlands Germany
Twelve Month Total Return 24.24 % 21.78 20.18 17.96 17.85 17.68 13.09 12.86 12.26 12.18 11.25 9.15 8.65 6.62 6.43 5.44 5.34 5.00 4.85 4.69 3.91 3.36 2.83 2.60 1.77 0.27 -0.22 -1.44
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Iceland Norway Greece South Korea Czech Republic Sweden Hong Kong Germany Belgium/Lux Austria Singapore Hungary Slovenia Japan Denmark Portugal France Switzerland Spain Canada Finland Ireland United States Netherlands New Zealand Italy United Kingdom Australia
24.77 % 19.29 18.07 16.59 16.49 14.82 14.65 14.2 9.37 9.35 6.39 6.36 6.32 6.15 6.06 6.06 5.86 3.88 3.68 2.95 2.63 2.60 1.24 0.90 0.18 -0.85 -2.79 -3.98
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Iceland Greece South Korea Norway Czech Republic Sweden Germany Belgium/Lux Austria Japan Hungary Denmark Slovenia Portugal Hong Kong France Singapore New Zealand Spain Finland Ireland Australia Canada United Kingdom Switzerland Netherlands Italy United States
110.62 % 80.13 79.92 74.16 68.34 63.80 62.29 58.11 57.41 54.03 52.42 52.18 51.98 51.51 48.55 45.75 42.54 41.44 41.12 39.88 39.71 39.39 39.27 33.01 32.93 30.76 30.10 24.18
US Dollar Terms Three Month Total Return
One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Japan Hungary Slovenia South Korea Czech Republic Austria New Zealand Ireland Australia Canada Singapore United States Norway Sweden United Kingdom Portugal Switzerland Finland Greece France Italy Spain Denmark Netherlands Germany Belgium/Lux Hong Kong Iceland
14.61 % 10.71 7.07 3.98 3.89 3.60 3.06 2.06 1.30 0.11 -1.16 -1.20 -1.52 -2.15 -2.23 -2.34 -2.65 -3.18 -3.30 -3.50 -3.51 -3.97 -4.02 -4.52 -4.65 -4.89 -6.42 -7.39
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Hungary Czech Republic Iceland South Korea Japan Austria Finland Slovenia Portugal Norway Australia Denmark New Zealand Sweden Hong Kong Singapore Ireland Belgium/Lux Canada United Kingdom Greece United States Spain Switzerland France Italy Netherlands Germany
Twelve Month Total Return 124.66 % 102.63 90.57 90.38 84.72 84.16 78.06 77.27 73.46 72.69 70.31 66.87 66.66 64.14 62.47 60.53 60.50 59.70 58.92 57.34 56.98 56.89 56.56 51.27 50.88 49.79 47.26 39.27
Note: Hungary and Slovenia migrated from the Emerging Markets Composite to the Developed World, effective July 1, 2003. Source: S&P/Citigroup
Standard & Poor’s
Page 9
The World by Numbers
April 7, 2004
Figure 11. Emerging Composite Stock Markets Local Currency Terms One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Peru Russia Colombia Turkey Pakistan Mexico Egypt Malaysia Brazil Morocco Poland Venezuela Israel Argentina South Africa Jordan India Indonesia Chile Taiwan Philippines China Thailand Nigeria
Three Month Total Return 15.96 % 13.85 8.92 6.23 5.20 5.12 4.99 1.48 1.25 0.83 0.77 0.16 -0.43 -0.66 -0.95 -1.09 -1.44 -2.43 -2.83 -3.35 -3.38 -5.34 -6.81 -9.21
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Colombia Russia Venezuela Egypt Nigeria Mexico Malaysia Israel Pakistan Morocco Poland Argentina Taiwan Indonesia Turkey Jordan Peru South Africa Brazil Chile Philippines China India Thailand
Twelve Month Total Return 40.01 % 30.56 27.04 20.65 20.27 18.71 14.23 12.57 12.36 12.04 11.83 10.65 10.47 8.62 7.12 6.93 4.28 3.50 2.27 1.96 -0.95 -2.43 -5.03 -14.30
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Venezuela Egypt Turkey Russia Colombia Indonesia India Argentina Nigeria China Brazil Peru Mexico Thailand Jordan Israel Poland Pakistan Taiwan Chile Philippines Malaysia Morocco South Africa
45.14 % 33.87 25.39 20.16 19.43 16.67 14.54 14.23 13.82 13.70 12.21 9.92 9.61 9.33 8.35 6.93 6.83 4.39 1.21 -0.21 -2.06 -2.10 -2.44 -13.58
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Turkey Egypt Russia Colombia India Brazil Indonesia Argentina Venezuela Thailand China Nigeria Chile Peru South Africa Jordan Mexico Poland Israel Taiwan Morocco Pakistan Malaysia Philippines
268.15 % 159.92 115.35 108.87 99.52 97.05 96.63 94.25 89.91 85.88 84.53 80.85 74.04 73.53 73.05 60.43 56.64 56.23 55.93 54.44 52.73 47.77 45.86 39.95
US Dollar Terms Three Month Total Return
One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Peru Russia Colombia Turkey Venezuela Egypt Pakistan South Africa Mexico India Poland Argentina Malaysia Brazil Morocco Jordan Israel Taiwan Philippines Indonesia China Chile Thailand Nigeria
16.38 % 13.82 8.81 7.37 6.23 4.98 4.98 4.54 4.13 2.68 2.55 1.74 1.48 1.16 -0.04 -1.15 -1.22 -2.16 -3.13 -3.67 -5.34 -6.79 -6.81 -7.79
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Colombia Russia Nigeria Egypt Mexico Venezuela Turkey Malaysia Taiwan Argentina Pakistan Morocco South Africa Israel Poland Jordan Indonesia Peru Brazil India Chile Philippines China Thailand
Twelve Month Total Return 181.15 % 141.97 129.81 120.10 114.92 111.19 104.83 103.19 89.46 89.41 85.89 84.16 83.06 81.61 74.78 73.17 68.42 66.52 66.31 64.44 60.76 57.26 47.77 45.52
Source: S&P/Citigroup
Standard & Poor’s
Page 10
The World by Numbers
April 7, 2004
Regional Weightings Weight Relative to Each Indicated Region Figure 12. Major Regional Weightings, Opening March 2004
Other Europe 4.32%
Emerging Markets 4.76%
Eurozone 13.18%
Other Europe 4.54%
Eurozone 12.55% United States 52.01%
United Kingdom 9.68% Other Asia-Pacific 4.16% Japan 9.84%
United Kingdom 10.16% United States 54.60%
Other Asia-Pacific 4.36% Japan 10.33%
Canada 2.70%
Global Composite Other Asia-Pacific 10.25%
Japan 24.27%
Other Europe 10.65%
Canada 2.83%
Developed World New Zealand 0.46%
Singapore 2.70%
South Korea 6.40%
Hong Kong 6.40%
Australia 13.73%
Japan 70.30%
United Kingdom 23.87%
Eurozone 30.95%
EPAC
Switzerland 10.46%
Asia-Pacific
Other Europe 5.82%
Malaysia 5.53%
Mid-East & Africa 20.78% United Kingdom 36.46%
Taiwan 27.78%
Other Latin America 4.43%
Other Eurozone 12.75%
Mexico 6.79%
Netherlands 6.70% Italy 5.55%
Germany 9.42%
France 12.86%
Europe
Brazil 9.29% European Emerging 8.98%
Other Asia-Pac Emg 16.42%
Emerging Composite
EPAC – Europe, Pacific, Asia Composite. Source: S&P/Citigroup
Standard & Poor’s
Page 11
The World by Numbers
April 7, 2004
Global Currencies Figure 13. Euro and Yen Performance versus the U.S. Dollar 1.40
140 Yen-Dollar
1.35
135
1.30
130
1.25
125
1.20
120
1.15
115
1.10
110
1.05
105
1.00
100
0.95
95
Dollar-Euro
Nov-02
Feb-03
Jun-03
Sep-03
Dec-03
Mar-04
Nov-02
Feb-03
Jun-03
Sep-03
Dec-03
Mar-04
Aug-02
Apr-02
Jan-02
Oct-01
Jun-01
Mar-01
Dec-00
Aug-00
May-00
80 Feb-00
0.80 Oct-99
85
Jul-99
0.85
Apr-99
90
Dec-98
0.90
Source: S&P/Citigroup
Figure 14. Canadian and Australian Dollar Performance versus the U.S. Dollar 0.80
0.75 US$-CA$ 0.70
0.65
0.60
0.55 US$-AU$ 0.50
Aug-02
Apr-02
Jan-02
Oct-01
Jun-01
Mar-01
Dec-00
Aug-00
May-00
Feb-00
Oct-99
Jul-99
Apr-99
Dec-98
0.45
Source: S&P/Citigroup
Standard & Poor’s
Page 12
The World by Numbers
April 7, 2004
Figure 15. Global Currency Matrix, Periods Ended March 31, 2004 (In percentage terms) In US Dollar Terms 1 Month
3 Months
In Euro Terms
12 Months
1 Month
3 Months
In Yen Terms 12 Months
1 Month
3 Months
In Pound Terms 12 Months
1 Month
3 Months
12 Months
Europe British Pound Czech Koruna
-0.97 % -2.14
2.66 % -3.98
16.27 % 9.73
0.13 % -1.06
5.38 % -1.45
3.24 % -2.56
-5.70 % -6.82
-0.34 % -6.79
2.01 % -3.73
-1.18 %
-6.47 %
-5.62 %
Danish Krone Euro
-1.00 -1.09
-2.56 -2.57
12.34 12.62
0.09
0.01
-0.25
-5.74 -5.82
-5.41 -5.42
-1.44 -1.19
-0.03 -0.13
-5.09 -5.10
-3.38 -3.14
Hungarian Forint
2.05
2.45
11.91
3.18
5.16
-0.63
-2.83
-0.55
-1.81
3.04
-0.21
-3.75
Iceland Krona Norwegian Krone
-3.51 2.53
-1.76 -3.10
6.67 5.69
-2.44 3.66
0.83 -0.54
-5.29 -6.15
-8.12 -2.37
-4.63 -5.94
-6.42 -7.27
-2.56 3.53
-4.31 -5.62
-8.26 -9.10
Slovenian Tolar Swedish Krona
-1.22 -1.29
-3.18 -4.59
9.66 12.43
-0.13 -0.20
-0.63 -2.07
-2.63 -0.16
-5.95 -6.01
-6.02 -7.38
-3.79 -1.36
-0.26 -0.32
-5.70 -7.06
-5.69 -3.30
Swiss Franc
0.25
-2.38
6.68
1.36
0.20
-5.28
-4.54
-5.23
-6.41
1.23
-4.91
-8.25
Asia Pacific Australian Dollar
-1.05 %
1.33 %
26.34 %
0.05 %
4.00 %
12.18 %
-5.78 %
-1.64 %
10.84 %
-0.08 %
-1.30 %
Hong Kong Dollar Japanese Yen
-0.09 5.02
-0.35 3.01
0.11 13.98
1.01 6.18
2.28 5.73
-11.11 1.21
-4.87
-3.27
-12.17
0.88 6.05
-2.94 0.34
8.66 %
New Zealand Dollar
-2.88
1.40
20.14
-1.81
4.08
6.68
-7.53
-1.56
5.40
-1.93
-1.23
3.33
Singapore Dollar South Korean Won
1.55 2.58
1.32 3.93
5.30 9.42
2.67 3.71
3.99 6.67
-6.50 -2.84
-3.31 -2.33
-1.65 0.89
-7.61 -4.00
2.54 3.58
-1.31 1.23
-9.43 -5.89
2.09 %
-1.67 %
3.22 % 1.11
0.92 % 2.64
-0.62 % -11.21
-2.79 % -4.78
-4.55 % -2.93
-1.81 % -12.27
3.09 % 0.98
-4.23 % -2.60
-3.74 % -13.99
-10.04 %
-13.90 -1.97
North America Canadian Dollar US Dollar Latin America Argentine Peso
11.92 %
2.41 %
2.76 %
3.54 %
5.47 %
-7.12 %
-2.49 %
-0.25 %
-8.23 %
3.41 %
0.09 %
Brazilian Real
-0.09
-1.03
14.44
1.02
1.58
1.62
-4.86
-3.92
0.41
0.89
-3.60
-1.57
Chilean Peso Colombian Peso
-4.07 -0.10
-3.94 3.66
18.53 10.31
-3.01 1.00
-1.40 6.40
5.25 -2.05
-8.66 -4.88
-6.75 0.63
3.99 -3.22
-3.13 0.87
-6.43 0.97
1.94 -5.12
Mexican Peso Peruvian Nuevo Sol
-0.94 0.37
0.60 0.11
-3.23 0.42
0.15 1.48
3.26 2.76
-14.07 -10.83
-5.68 -4.43
-2.34 -2.82
-15.10 -11.90
0.02 1.35
-2.01 -2.49
-16.77 -13.63
Venezuela Bolivar
6.06
-8.16
-48.54
7.23
-5.73
-54.30
0.99
-10.85
-54.85
7.10
-10.54
-55.74
Emerging Asia Pacific Taiwan Dollar
4.60 %
1.23 %
3.03 %
5.46 %
2.35 %
5.76 %
Chinese Renminbi Malaysian Ringgit
0.00 0.00
0.00 0.00
0.00 0.00
1.11 1.11
2.64 2.64
-6.36 %
Pakistani Rupee
-0.21
-0.14
0.66
0.90
2.50
-10.62
-4.98
-3.06
-11.69
0.77
-2.73
-13.43
Philippine Peso Indian Rupee
0.26 4.18
-1.17 5.08
-4.72 9.30
1.37 5.33
1.44 7.85
-15.39 -2.94
-4.54 -0.80
-4.06 2.00
-16.40 -4.10
1.24 5.20
-3.73 2.35
-18.05 -5.99
Indonesian Rupiah Thai Baht
-1.27 0.00
-1.65 0.85
3.95 9.15
-0.17 1.11
0.95 3.51
-7.70 -3.08
-5.99 -4.78
-4.52 -2.10
-8.80 -4.24
-0.30 0.98
-4.20 -1.77
-10.60 -6.13
Polish Zloty Russian Rouble
1.77 % -0.03
-3.12 % 2.54
6.31 % 10.03
2.90 % 1.08
-0.56 % 5.24
-5.60 % -2.30
-3.10 % -4.81
-5.95 % -0.46
-6.73 % -3.47
2.76 % 0.95
-5.63 % -0.12
Middle-East and Africa Israeli Shekel
-7.95 %
-11.20 -11.21
-3.61 %
0.02 %
-4.78 -4.78
-2.93 -2.93
-7.48 % -12.26 -12.27
2.22 %
0.36 %
0.98 0.98
-2.60 -2.60
-9.30 % -13.99 -13.99
Emerging Europe
-9.05 %
-8.57 % -5.37
-0.80 %
-2.87 %
3.67 %
0.30 %
-0.31 %
-5.54 %
-5.71 %
0.17 %
-5.39 %
-10.84 %
Nigerian Naira
1.57
4.26
-3.03
2.69
7.01
-13.89
-3.29
1.21
-14.92
2.56
1.55
-16.60
South African Rand Turkish Lira
5.54 1.07
5.91 6.93
24.89 30.56
6.71 2.18
8.71 9.75
10.89 15.93
0.49 -3.77
2.81 3.80
9.57 14.54
6.57 2.05
3.16 4.15
7.41 12.28
Jordanian Dinar Egyptian Pound
-0.06 -0.01
0.00 -0.40
0.07 -6.91
1.04 1.10
2.64 2.23
-11.14 -17.34
-4.84 -4.79
-2.93 -3.32
-12.20 -18.32
0.91 0.97
-2.60 -2.99
-13.93 -19.93
Moroccan Dirham
-0.86
-1.89
10.21
0.23
0.70
-2.14
-5.60
-4.76
-3.31
0.10
-4.44
-5.21
Source: S&P/Citigroup
Standard & Poor’s
Page 13
The World by Numbers
April 7, 2004
Global Sectoral Performance Figure 16. Legacy Sector/Industry Performance, Periods Ending March 2004 (Total return in U.S. dollars) World 1-Month Basic Industry
3-Month
World ex-US 12-Month
1-Month
3-Month
Europe 12-Month
1-Month
3-Month
Asia-Pacific 12-Month
1-Month
3-Month
3.66 %
55.12 %
2.89 %
5.80 %
67.76 %
-2.83 %
2.49 %
66.20 %
10.22 %
Chemicals
0.07
-0.27
46.43
1.49
1.14
55.17
-4.15
-3.11
48.94
12.45
Construction & Building
6.47
13.35
83.84
6.80
13.46
77.91
2.15
10.11
72.25
17.33
20.83
90.69
Land Transport
3.93
3.48
37.85
7.98
10.43
43.15
-3.05
-0.52
59.79
11.67
16.22
40.92
Industrial Materials
1.94
4.98
70.82
2.57
6.71
72.90
-3.45
0.22
67.48
11.03
16.02
79.33
Manufacturing
3.66
5.25
70.80
4.82
6.21
74.32
-2.65
3.42
79.59
10.38
8.98
71.70
Mining & Commodities
-0.70
-1.80
68.82
-0.33
-1.44
63.10
-3.89
-3.69
59.21
-0.80
-1.25
71.70
Miscellaneous
1.25
4.10
52.93
1.52
8.67
84.69
-2.71
5.44
81.93
12.03
16.68
88.19
Multi-Industry
-3.60
2.16
37.75
-4.32
4.90
64.95
-3.61
6.14
73.39
-8.20
4.27
54.81
Paper & Packaging
0.49
3.58
44.10
2.76
2.96
45.83
-1.31
1.60
48.96
12.00
6.83
51.88
Shipping & Containers
-0.76
8.31
84.07
-0.96
7.78
84.67
-7.52
5.81
94.33
8.80
12.06
77.61
Steel & Metal Products
6.77
6.50
94.30
9.61
9.63
109.48
-2.04
3.80
100.46
16.49
13.30
117.43
14.07
13.45
85.19
14.30
13.52
16.75
Trade Companies Capital Spending
-1.91 %
1.37 %
54.69 %
0.18 %
9.88 %
84.27
0.49
5.10
77.18
81.71 %
-4.00 %
7.30 %
85.18 %
9.29 %
11.54 %
12-Month
1.05 %
9.48
72.72 % 70.14
15.02
85.56
12.80 %
73.57 %
Aerospace & Defense
-2.24
-1.04
48.56
2.28
10.70
101.19
0.79
11.42
105.38
17.21
13.34
84.06
Comm. Equipment
-7.25
24.89
96.52
-7.83
27.35
97.68
-4.51
27.06
92.36
-1.60
8.67
71.02 73.15
Engineering
0.21
3.23
73.20
2.87
8.91
87.04
-0.63
7.28
98.40
8.49
11.30
Industrial Electronics
-1.78
-0.17
76.48
3.58
5.67
80.25
-4.23
-1.89
78.48
12.57
13.97
83.16
Media & Agencies
-2.09
0.45
41.56
-2.49
6.57
66.44
-5.21
5.61
70.50
2.94
9.20
60.50
Office Equipment
-1.15
-0.33
41.74
3.99
8.32
83.72
-4.21
-3.46
96.93
9.40
13.98
69.37
1.54 %
7.18 %
57.15 %
3.43 %
9.15 %
70.25 %
-3.02 %
1.87 %
70.00 %
8.29 %
15.01 %
-2.72
3.73
50.14
-3.97
5.23
59.14
-6.23
3.12
56.67
-0.19
8.93
Consumer Cyclical Air Transport
70.56 % 60.18
Auto Components
1.20
4.26
64.19
4.29
9.79
71.02
-6.38
2.12
96.03
10.88
14.23
59.05
Automobiles
2.39
-0.20
63.79
3.09
2.04
63.56
-3.74
-7.80
57.59
7.24
8.35
66.39
Consumer Electronics
3.93
14.32
76.39
5.69
18.26
75.64
-2.36
-0.29
69.48
6.48
20.40
75.90
Leisure
1.51
9.91
61.89
2.20
9.23
80.59
-2.15
7.72
101.63
10.11
13.16
59.13
Merchandising
0.42
7.58
47.13
2.43
10.57
73.98
-2.49
6.95
70.75
13.98
21.52
87.38
Tex tiles
4.05
8.97
56.31
7.20
10.35
60.99
0.70
5.45
50.98
15.49
16.38
74.38
-1.81 %
2.41 %
29.65 %
-0.95 %
3.08 %
40.96 %
-3.15 %
0.56 %
40.54 %
0.84
5.82
34.72
-0.09
6.55
47.61
-2.85
4.77
46.95
Consumer Staple Bev erages
9.79 % 10.04
16.22 %
44.92 %
15.68
53.34
Food Manufacturing
-1.13
5.55
33.24
-1.97
5.24
33.06
-3.58
4.37
30.91
8.14
12.13
47.58
Food Retailing
-0.02
7.05
58.60
0.44
5.67
62.71
-5.79
-2.14
62.69
18.08
29.36
63.47
Household Products
0.74
5.70
25.41
-0.59
3.23
33.57
-4.75
-0.85
35.77
10.78
13.60
27.86
Pharmaceuticals
-3.25
-0.51
21.79
-1.36
-0.01
37.65
-2.76
-2.24
38.35
6.61
13.03
37.95
Tobacco
-1.62
5.43
73.71
1.29
11.67
54.25
1.16
12.24
56.33
2.15
0.50 %
3.21 %
36.66 %
1.58 %
41.82 %
0.97 %
-0.44 %
37.78 %
7.60 %
Energy Financial
0.95 %
3.81 15.92 %
29.14 75.41 %
0.43 %
5.47 %
57.49 %
1.27 %
5.51 %
72.05 %
-3.76 %
0.25 %
65.32 %
13.21 %
18.41 %
Insurance
-1.79
5.81
56.86
-2.30
4.17
79.65
-6.97
-0.40
75.54
18.49
22.94
116.17
Multinational Banks
1.45
4.80
81.02
1.56
4.11
81.55
-3.80
-0.88
63.28
28.01
27.90
215.81
Property
4.26
13.11
62.44
3.08
14.12
74.10
1.79
10.82
71.37
3.97
17.05
76.87
Regional Banks
-0.16
2.66
47.13
1.06
3.21
56.40
-2.68
-0.81
59.74
6.73
10.30
54.46
13.31
15.43
22.26
101.78
Specialty Financial
94.27 %
1.17
7.48
56.04
5.87
82.94
-1.76
5.71
68.38
-0.54 %
4.40 %
44.75 %
-1.26 %
3.04 %
46.71 %
-3.04 %
2.37 %
51.15 %
4.14 %
5.51 %
35.60 %
Comm. Netw orks
-2.20
2.58
49.10
-2.73
0.43
47.54
-4.49
-0.32
48.85
3.74
3.58
44.39
Water, Pow er & Light
1.11
6.22
40.82
0.99
7.13
45.51
-0.58
7.06
54.99
4.58
7.72
27.25
-0.21 %
3.87 %
48.51 %
1.01 %
5.44 %
61.33 %
-2.99 %
1.64 %
57.29 %
9.81 %
Utilities
Composite
13.95 %
70.29 %
Source: S&P/Citigroup
Standard & Poor’s
Page 14
The World by Numbers
April 7, 2004
Figure 17. Sector/Industry Performance, Periods Ending March 2004 (Total return in U.S. dollars) World Sector Groupings CYCLICALS BASIC MATERIALS
Weight
1-Month
37.95 %
World ex-US
3-Month 12-Month
0.94 %
7.98 %
55.73 %
Weight 36.41 %
1-Month
3-Month
1.93 %
Europe 12-Month
12.17 %
65.10 %
Weight
1-Month
28.74 %
Asia-Pacific
3-Month 12-Month
3.21 %
14.12 %
77.67 %
Weight
1-Month
52.61 %
3-Month 12-Month
0.32 %
9.94 %
51.38 %
4.93
3.00
10.39
56.80
7.15
1.75
9.48
59.89
5.59
1.87
11.75
63.21
8.71
0.26
9.29
58.37
Chemicals
1.88
-0.01
8.40
47.49
2.43
-1.58
8.07
53.68
2.23
-0.41
10.17
57.10
3.05
-3.54
5.37
49.74
Construction Materials
0.54
2.70
14.76
70.79
1.08
2.81
15.17
71.33
1.30
2.57
13.76
75.83
0.83
3.75
20.35
58.83
Mining & Metals
1.70
5.36
9.93
71.81
2.92
4.14
9.36
66.80
1.42
3.89
15.44
70.60
4.16
3.22
11.17
69.69
Paper & Forest Products
0.78
5.90
13.43
42.77
0.66
2.69
6.17
38.07
0.62
4.43
4.95
46.53
0.53
-4.01
3.17
33.08
Div ersified Basic Materials
0.03
-1.62
12.74
73.60
0.06
-1.62
12.74
73.60
0.02
0.24
30.08
202.30
0.14
-2.22
8.04
51.00
2.64 %
12.50 %
3.33 %
14.27 %
CONSUMER CYCLICALS Autos & Auto Parts
12.73 % 2.29
3.19 %
8.71 %
52.31 %
1.16
9.37
51.63
12.93 % 3.79
1.79
9.07
58.31 % 49.51
10.28 % 2.12
-1.22
8.54
70.26 %
19.85 %
53.79
2.08 %
7.87
11.18 %
3.79
9.59
46.23 % 46.33
Consumer Building
0.53
7.04
10.05
74.94
0.56
3.52
15.18
64.51
0.46
7.66
21.60
69.74
0.82
-1.04
8.22
59.38
Consumer Durables
1.30
-0.55
10.01
36.91
2.09
-1.55
10.83
39.96
0.93
-0.14
6.41
54.42
4.96
-2.20
12.78
35.06 62.27
Retail
4.13
6.72
6.32
54.41
2.40
6.57
14.58
70.06
2.22
7.06
15.11
75.33
3.07
6.04
14.19
Leisure & Recreation
1.36
4.57
12.69
70.19
1.18
2.55
13.81
65.49
1.39
3.43
16.47
76.93
0.85
-0.21
8.11
35.83
Media
3.11
0.66
9.07
46.57
2.92
3.62
15.73
73.08
3.16
4.40
18.43
81.89
2.29
2.87
11.60
54.61
9.60 %
13.01 %
INDUSTRIAL GOODS & SERVICES
5.71 %
0.97 %
57.77 %
5.36 %
2.34 %
11.37 %
65.44 %
4.56 %
4.36 %
80.25 %
7.46 %
-0.36 %
Engineering & Capital Goods
1.18
1.33
11.11
76.18
1.00
-0.15
10.15
74.47
0.79
-0.19
9.66
81.92
1.52
-0.40
10.89
Engineering & Construction
0.53
4.00
13.59
62.45
0.97
4.10
15.03
63.67
0.97
5.29
15.43
64.14
1.16
1.99
14.44
63.92
General Manufacturing & Serv ices
1.54
0.85
6.06
48.92
1.61
2.64
9.64
60.89
1.34
3.83
9.72
75.48
2.31
1.17
8.79
48.73
Electrical Equipment
1.04
-1.32
8.17
54.55
0.93
-1.14
7.85
51.57
0.48
3.77
15.56
75.40
2.02
-3.35
4.77
41.96
Aerospace & Defense
0.98
2.02
11.24
53.22
0.49
9.08
17.28
98.82
0.59
10.04
16.82
113.50
0.07
-1.79
6.01
49.80
Div ersified Industrial Goods & Sv cs
0.43
0.09
13.74
57.59
0.36
4.14
14.94
68.58
0.38
6.04
17.39
106.86
0.39
0.36
10.10
24.76
14.43 %
85.16 %
6.70 %
3.15 %
15.83 %
99.85 %
115.11
0.09
2.93
17.97
97.08
1.33
TECHNOLOGY
13.07 %
-1.94 %
5.65 %
59.06 %
8.57 %
0.82 %
3.75
40.49
0.49
-2.29
-2.01 %
8.91 %
-2.86
6.31
51.25 % 69.86
62.30 %
Computer Hardw are
2.20
-1.99
Computer Softw are
2.40
-3.63
3.26
28.72
0.86
-2.02
4.04
66.52
0.80
-2.80
2.63
86.61
1.02
-1.06
7.90
44.03
Internet Companies
0.39
1.38
10.79
114.52
0.23
10.80
20.60
131.43
0.16
9.06
14.72
89.82
0.39
11.81
23.62
204.04
Computer Serv ices
0.86
-1.26
5.21
42.35
0.38
0.91
8.36
96.40
0.37
3.29
9.22
128.51
0.44
-2.52
6.31
62.05
Electronics & Semiconductors
3.38
-3.11
-3.25
72.50
2.11
-3.05
6.63
66.36
0.66
-2.57
0.72
90.48
5.48
-3.22
8.10
62.59
Communication Equipment
2.77
0.33
21.16
98.38
2.32
8.38
37.89
126.75
2.87
9.89
32.23
108.15
0.22
-3.25
10.09
98.39
Office Equipment
0.36
-1.40
9.43
42.13
0.60
-1.83
7.51
38.43
0.05
6.63
27.87
94.74
1.90
-2.27
6.57
36.36
Div ersified Technology
0.71
-1.77
9.52
81.87
1.58
-1.77
9.52
82.51
1.70
-2.50
7.25
93.23
1.65
-0.10
14.91
57.76
TRANSPORTATION
7.11
12.43 %
8.96 %
108.38
1.51 %
1.41 %
8.64 %
46.86 %
2.40 %
1.82 %
12.53 %
56.10 %
1.62 %
4.21 %
17.91 %
96.16 %
4.15 %
0.52 %
10.35 %
34.77 %
Air Transportation
0.42
1.56
5.09
49.27
0.58
3.00
13.56
66.77
0.63
1.86
15.08
75.71
0.56
6.16
10.01
46.79
Surface Transportation
0.98
1.14
9.53
43.65
1.59
1.21
11.64
50.17
0.77
5.71
18.07
112.10
3.42
-0.63
9.87
31.36
Div ersified Transportation
0.11
3.26
14.95
69.58
0.23
3.18
16.28
75.47
0.22
5.92
26.34
108.07
0.18
6.51
21.10
73.82
34.08 %
2.88 %
11.53 %
37.65 %
34.37 %
3.16 %
11.91 %
43.47 %
41.79 %
3.53 %
12.82 %
46.42 %
19.63 %
1.22 %
8.53 %
8.43 %
4.68 %
9.87 %
39.91 %
8.22 %
5.32 %
12.92 %
45.61 %
10.15 %
6.13 %
14.02 %
49.48 %
4.88 %
2.59 %
10.20 %
Consumer Non-Durables
4.40
4.42
8.55
44.01
3.59
6.16
11.02
49.53
7.67
12.16
56.78
2.47
1.81
Food & Drink
3.96
4.93
11.35
35.06
4.47
4.62
14.54
41.29
5.68
5.01
15.54
42.95
Div ersified Consumer Non-Cy clica
0.07
6.23
11.42
88.62
0.16
6.23
11.42
88.62
0.25
6.23
11.42
88.62
6.80 %
4.91 %
17.40 %
36.65 %
7.34 %
5.09 %
14.43 %
39.31 %
9.37 %
4.79 %
14.03 %
1.32 %
3.25 %
13.71 %
61.70 %
0.04
8.11
26.65
74.31
0.02
15.22
33.71
105.58
0.01
17.98
24.09
170.54
0.03
8.62
24.12
83.14
6.76
4.89
17.35
14.39
14.02
61.40
DEFENSIVES CONSUMER NON-CYCLICALS
ENERGY Non-Oil Energy Oil & Gas HEALTHCARE Healthcare Products & Serv ices Healthcare Facilities TELECOMMUNICATIONS UTILITIES FINANCIALS Non-Property Financials Property and Property Serv ices CONGLOMERATES BMI Composite
11.16 % 9.73
4.21
36.90 %
2.41 NA
3.41 NA
8.29 12.23 NA
31.51 % 32.29 % 29.56 35.14 NA
36.49
7.32
5.06
39.20
9.36
4.79
36.86
1.29
3.14
13.50
0.90 %
9.18 %
31.94 %
7.64 %
0.92 %
8.42 %
42.42 %
9.92 %
0.64 %
7.73 %
45.45 %
3.88 %
2.64 %
11.96 %
28.52 %
0.91
9.40
30.72
7.40
0.75
8.15
41.86
9.70
0.48
7.50
45.08
3.65
2.58
11.92
27.08
1.44
0.82
7.66
41.00
0.24
6.29
17.27
61.85
0.22
8.11
18.97
65.10
0.23
3.59
12.67
57.72
3.85
1.17
12.68
49.71
7.00
0.54
11.15
48.37
8.39
0.92
13.38
53.15
5.00
-0.57
4.72
34.16
3.84
4.17
3.96
4.56
-0.01
6.85
23.74
3.13
11.20
41.11
4.44
13.57
40.89
7.36
19.66
52.17
25.23 %
2.49 %
11.18 %
54.75 %
27.29 %
2.21 %
11.72 %
64.32 %
28.08 %
2.23 %
12.22 %
66.11 %
24.54 %
2.61 %
12.21 %
64.54 %
23.26
2.42
10.97
54.70
25.11
2.01
11.25
64.37
26.80
1.98
11.99
66.21
20.30
2.60
11.00
64.78
1.97
3.27
13.63
55.40
2.18
4.57
17.52
63.83
1.28
7.83
17.31
64.71
4.24
2.63
18.35
63.36
2.75 %
-0.72 %
13.42 %
45.87 %
1.92 %
2.74 %
16.91 %
68.99 %
1.39 %
3.26 %
16.53 %
76.74 %
3.22 %
1.61 %
17.11 %
60.29 %
100.00 %
1.94 %
10.12 %
48.52 % 100.00 %
2.44 %
12.04 %
56.78 %
100.00 %
3.06 %
13.07 %
60.16 % 100.00 %
1.09 %
10.42 %
50.12 %
Source: S&P/Citigroup
Standard & Poor’s
Page 15
The World by Numbers
April 7, 2004
Global Stock Performance Figure 18. North American Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
27-Feb-04
31-Mar-04
Local
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Barrick Gold Corp Intl Game Technology Electronic Arts Saputo Inc Jean Coutu Group Inc A Subv tg Apple Computer Inc Apollo Group Inc Penney , J.C. Inc Lex mark International Inc Micron Technology Inc
US$
Canada United States United States Canada Canada United States United States United States United States United States
Non-Ferrous & Precious Metals Engineering & Machinery PC Softw are Food Retail (Food & Drugs) PC Hardw are Consumer Serv ices Retail (Broadline) PC Hardw are Semiconductors
27.2300 39.2400 47.1600 29.7000 15.4200 23.9200 76.2300 30.8700 82.2900 15.0400
31.0000 44.9600 53.7400 33.0500 17.1000 27.0400 86.1600 34.7800 92.0000 16.7100
13.8 % 14.6 14.0 11.3 10.9 13.0 13.0 12.7 11.8 11.1
16.2 % 14.6 14.0 13.6 13.2 13.0 13.0 12.7 11.8 11.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Nortel Netw orks Corp Biov ail Corp Sun Microsy stems Inc Agere Sy stems Inc A Agere Sy stems Inc B JDS Uniphase Corp PeopleSoft Inc Solectron Corp Kroger Co Applera Corp-Applied Biosy stems
Canada Communication Equipment Canada Pharmaceuticals United States Serv er & Enterprise Hardw are United States Semiconductors United States Semiconductors United States Communication Equipment United States Enterprise & Client-Serv er Softw are United States Electronic & Passiv e Components United States Retail (Food & Drugs) United States Healthcare Serv ices
10.7000 27.3700 5.3100 3.8800 3.7100 4.8300 21.5800 6.3900 19.2200 22.8000
7.7100 20.4500 4.1700 3.2100 3.1200 4.0700 18.4900 5.5300 16.6400 19.7800
-27.9 % -25.3 -21.5 -17.3 -15.9 -15.7 -14.3 -13.5 -13.4 -13.2
-26.4 % -23.7 -21.5 -17.3 -15.9 -15.7 -14.3 -13.5 -13.4 -13.2
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues PalmOne Inc Ask Jeev es Inc Sepracor Inc SuperGen Inc Goody 's Family Clothing Midw ay Games Inc Transkary otic Therapies Inc Metris Companies Inc InVision Technologies Inc Three-Fiv e Sy stems
United States United States United States United States United States United States United States United States United States United States
Handheld Computer Internet Companies Pharmaceuticals Pharmaceuticals Retail (Soft Goods) PC Softw are Pharmaceuticals Banks & Financial Serv ices Engineering & Machinery Quartz Cry stal, Magnetic & LCD
10.0300 20.2000 28.3100 7.8000 9.4000 4.8500 12.0400 5.6400 35.1000 4.7300
21.4000 35.7300 48.1000 12.8000 14.2700 7.2800 17.2000 8.0400 49.6700 6.5500
113.4 % 76.9 69.9 64.1 51.8 50.1 42.9 42.6 41.5 38.5
113.4 % 76.9 69.9 64.1 51.8 50.1 42.9 42.6 41.5 38.5
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Sino-Forest Corp A Subv tg Aaipharma Inc Oneida Ltd Enterasy s Netw orks Inc Carreker Corp Sonus Netw orks Inc Quidel Corp Interdigital Communications Boy ds Collection Ltd Nov oste Corp
Canada United States United States United States United States United States United States United States United States United States
Paper & Forest Products Pharmaceuticals Consumer Durables Communication Equipment Computer Serv ices Communication Equipment Medical Technology & Supplies Communication Equipment Consumer Durables Medical Technology & Supplies
6.8900 15.2800 4.9200 4.5500 13.2500 5.9300 10.2900 26.5600 3.6800 4.9400
2.9000 6.6300 2.4500 2.5300 7.9200 3.7900 6.5900 17.4800 2.5100 3.3900
-57.9 % -56.6 -50.2 -44.4 -40.2 -36.1 -36.0 -34.2 -31.8 -31.4
-57.0 % -56.6 -50.2 -44.4 -40.2 -36.1 -36.0 -34.2 -31.8 -31.4
Source: S&P/Citigroup
Standard & Poor’s
Page 16
The World by Numbers
April 7, 2004
Figure 19. European Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
27-Feb-04
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Matav Rt OMV AG OTP Bank KRKA DD Gorenje Velenje DD Coca-Cola HBC SA Petrol Ljubljana Komercni Banka Erste Bank Ost Sparkasse Mercator Poslov ni Sistem
Hungary Austria Hungary Slov enia Slov enia Greece Slov enia Czech Republic Austria Slov enia
Wireline Telecommunications Integrated Oils Banks & Financial Serv ices Pharmaceuticals Consumer Durables Drinks Refining & Marketing Banks & Financial Serv ices Banks & Financial Serv ices Retail (Food & Drugs)
810.0000 129.7500 3390.000 57702.70 5860.000 19.0000 59410.00 2921.000 112.4000 35310.00
932.0000 154.0000 3839.000 64500.00 6449.000 20.8200 64600.00 3201.000 121.8000 38300.00
15.1 % 18.7 13.2 11.8 10.1 9.6 8.7 9.6 8.4 8.5
17.4 % 17.4 15.6 10.4 8.7 8.4 7.4 7.2 7.2 7.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Tomra Sy stems AS Roy al & Sun Alliance Insurance Gp Boots Group Plc Hellenic Technodomiki Mediolanum AP Moller - Maersk AS B Pharmaco HF AP Moller - Maersk AS A Bay er AG Intracom SA
Norw ay United Kingdom United Kingdom Greece Italy Denmark Iceland Denmark Germany Greece
Engineering & Machinery Insurance Retail (Food & Drugs) Construction Insurance Shipping Pharmaceuticals Shipping Basic Chemicals Communication Equipment
45.9000 1.0325 7.4250 4.3800 5.8400 50400.00 48.2000 48400.00 22.8000 5.1400
34.8000 0.8200 6.1950 3.7000 5.0100 43200.00 42.7000 42000.00 19.8100 4.4800
-24.2 % -20.6 -16.6 -15.5 -14.2 -14.3 -11.4 -13.2 -13.1 -12.8
-22.3 % -21.3 -17.4 -16.4 -15.2 -15.1 -14.5 -14.1 -14.1 -13.8
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Elan Corp Groupe Partouche Jarv is Plc Alv is Ispat International NV SAP Sy stems Integration Sv ces Maurel Et Prom Tw entsche Kabel Hldgs NV Cairn Energy SkillSoft ADR
Ireland France United Kingdom United Kingdom Netherlands Germany France Netherlands United Kingdom Ireland
Pharmaceuticals Trav el Construction Aerospace & Defense Iron & Steel Computer Serv ices Conglomerates Electrical Equipment Ex ploration & Production Consumer Serv ices
11.3500 12.1400 1.3025 2.0600 6.6000 15.3000 43.4500 17.4000 6.7500 10.0100
16.7000 16.8900 1.8000 2.8350 8.9800 20.2700 57.3000 22.6800 8.7800 12.7700
47.1 % 39.1 38.2 37.6 36.1 32.5 31.9 30.3 30.1 27.6
45.5 % 37.6 36.9 36.3 34.6 31.0 30.4 28.9 28.8 27.6
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s May flow er Corp Ebookers.com Ultraframe My Trav el Group Plc Michaniki SA Tecan Group AG Reg Finmatica SpA Rhodia SA RPS Group
United Kingdom Retail (Hard Goods) Automotiv e Parts United Kingdom United Kingdom Retail (Hard Goods) United Kingdom Consumer Building United Kingdom Trav el Greece Construction Sw itzerland Medical Technology & Supplies Italy Enterprise & Client-Serv er Softw are France Basic Chemicals United Kingdom Commercial Serv ices
0.3750 0.1400 4.4475 2.3425 0.1275 3.4600 66.8000 6.0600 3.4300 1.5800
0.1575 0.0675 2.9200 1.6500 0.0900 2.4500 47.9000 4.4500 2.5300 1.1850
-58.0 % -51.8 -34.3 -29.6 -29.4 -29.2 -28.3 -26.6 -26.2 -25.0
-58.4 % -52.3 -35.0 -30.2 -30.1 -30.0 -28.1 -27.4 -27.0 -25.7
Source: S&P/Citigroup
Standard & Poor’s
Page 17
The World by Numbers
April 7, 2004
Figure 20. Asia-Pacific Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price Country
Industry
27-Feb-04
31-Mar-04
Price Return Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Resona Holdings Inc Mizuho Financial Group Inc UFJ Holdings Inc Sumitomo Metal Industries Bank of Yokohama Kokusai Securities Co Mizuho Trust & Banking Co Ltd Itochu Techno Science Corp Hy nix Semiconductor Chiba Bank
Japan Japan Japan Japan Japan Japan Japan Japan South Korea Japan
Banks & Financial Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Iron & Steel Banks & Financial Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Computer Serv ices Semiconductors Banks & Financial Serv ices
124.0000 329000.0 490000.0 103.0000 456.0000 1067.000 170.0000 3500.000 8970.000 439.0000
174.0000 448000.0 662000.0 139.0000 612.0000 1431.000 227.0000 4670.000 12250.00 581.0000
40.3 % 36.2 35.1 35.0 34.2 34.1 33.5 33.4 36.6 32.3
47.4 % 43.0 41.9 41.7 41.0 40.9 40.2 40.1 40.1 39.0
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Cho Hung Bank China Unicom Ltd Li & Fung Ltd Hong Kong Ex changes & Clearing China Mobile (Hong Kong) Ltd PCCW Ltd Hutchison Whampoa Ltd Legend Group Ltd Cheung Kong Hldgs Ltd Hang Seng Bank Ltd
South Korea Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong
Banks & Financial Serv ices Wireless Serv ices Consumer Durables Banks & Financial Serv ices Wireless Serv ices Wireline Telecommunications Conglomerates PC Hardw are Property (ex . Serv ices) Banks & Financial Serv ices
4140.000 10.0000 15.2000 20.6000 27.5500 6.1500 65.5000 3.2750 74.2500 110.5000
2830.000 7.0500 11.9000 16.7000 23.1000 5.2500 56.0000 2.8250 65.5000 99.5000
-31.6 % -29.5 -21.7 -18.9 -16.2 -14.6 -14.5 -13.7 -11.8 -10.0
-29.9 % -29.6 -21.8 -19.0 -16.2 -14.7 -14.6 -13.8 -11.9 -10.0
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Misaw a Homes Holdings Inc Nippon Denko Co France Bed Holdings Co Daiei Inc Toky u Department Store Co Toky o Steel Mfg Co Haseko Corp Valor Co Daiky o Inc Nissho Iw ai-Nichimen Holding Corp
Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan
Consumer Building Iron & Steel Consumer Durables Retail (Broadline) Retail (Broadline) Iron & Steel Construction Retail (Food & Drugs) Property (ex . Serv ices) Conglomerates
167.0000 203.0000 333.0000 266.0000 109.0000 859.0000 239.0000 2150.000 207.0000 472.0000
474.0000 517.0000 600.0000 440.0000 177.0000 1348.000 373.0000 3350.000 315.0000 718.0000
183.8 % 154.7 80.2 65.4 62.4 56.9 56.1 55.8 52.2 52.1
198.1 % 167.5 89.2 73.7 70.5 64.8 63.9 63.6 59.8 59.8
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Asia Aluminium Holdings Ltd Silv er Grant Intl Industries Chinadotcom Corp (Cay mans) SK Netw orks Co Ltd Hanw ha Chemical Corp China Ev erbright China National Av iation QPL Intl Hldgs Ltd Tom Group Ltd Wah Sang Gas Holdings Ltd
Hong Kong Hong Kong Hong Kong South Korea South Korea Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong
Non-Ferrous & Precious Metals Property (ex . Serv ices) Internet Companies Non-Ferrous & Precious Metals Basic Chemicals Banks & Financial Serv ices Air Transportation Electronic & Passiv e Components Internet Companies Utilities Serv ices
1.6100 2.4750 11.5000 11400.00 11400.00 5.3500 1.6800 2.8000 2.3750 0.8300
0.9700 1.7800 8.6700 8400.000 8500.000 4.1000 1.2900 2.1750 1.8500 0.6600
-39.8 % -28.1 -24.6 -26.3 -25.4 -23.4 -23.2 -22.3 -22.1 -20.5
-39.8 % -28.1 -24.6 -24.4 -23.5 -23.4 -23.3 -22.4 -22.2 -20.6
Source: S&P/Citigroup
Standard & Poor’s
Page 18
The World by Numbers
April 7, 2004
Figure 21. Emerging Markets Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
Local Price 27-Feb-04 31-Mar-04
Price Return Local US$
Country
Industry
India Brazil Taiw an Turkey Peru South Africa India Colombia Turkey Russia
Banks & Financial Serv ices Drinks Semiconductors Banks & Financial Serv ices Non-Ferrous & Precious Metals Wireline Telecommunications Ex ploration & Production Drinks Autos Integrated Oils
242.9500 0.7200 25.0000 2975.000 84.0000 67.2500 718.1000 17000.00 9150.000 12.5700
333.9000 0.9350 31.8000 3700.000 103.5000 78.8000 840.4500 20700.00 11000.00 15.1100
37.4 % 29.9 27.2 24.4 23.2 17.2 17.0 21.8 20.2 20.2
43.2 % 29.7 28.8 25.7 23.7 23.7 21.9 21.6 21.5 20.2
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Punjab National Bank Ltd Ambev Pow erchip Semiconductor Corp YKB-Yapi Kredi Bankasi Minas Buenav entra Telkom South Africa Ltd Oil & Natural Gas Corp Ltd Bav aria SA Ford Otomotiv e Sanay ii AS YUKOS Oil Company
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Thai Petrochemical Natural Park Co Jordan Kuw ait Bank Natl Petrochemical Co Ambev Prf China Southern Airlines H HKD CTC - Cia Telecom Chile A Sy stex Corporation Steel Authority (India) CTC - Cia Telecom Chile B
Thailand Thailand Jordan Thailand Brazil China Chile Taiw an India Chile
Basic Chemicals Property (ex . Serv ices) Banks & Financial Serv ices Basic Chemicals Drinks Air Transportation Wireline Telecommunications Retail (Hard Goods) Iron & Steel Wireline Telecommunications
9.3500 5.4500 10.2000 123.0000 0.7790 4.4250 2293.650 22.2000 42.0000 1905.000
6.0000 3.9800 7.5000 91.5000 0.5820 3.3750 1885.000 17.3000 32.3000 1600.000
-35.8 % -27.0 -26.5 -25.6 -25.3 -23.7 -17.8 -22.1 -23.1 -16.0
-35.8 % -27.0 -26.5 -25.6 -25.4 -23.8 -21.2 -21.1 -19.9 -19.4
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Minsur SA I Elite Semiconductor Memory Tech Inc Mosel Vitelic Inc WTK Hldgs Bhd Jay a Tiasa Hldgs Bhd CAP - Cia Aceros del Pacifico Yazicilar AS Telecelular Sul Part NET Serv icos de Comunicacao SA Prf Cochin Refineries Balmer Law
Peru Taiw an Taiw an Malay sia Malay sia Chile Turkey Brazil Brazil India
Non-Ferrous & Precious Metals Semiconductors Semiconductors Paper & Forest Products Paper & Forest Products Iron & Steel Conglomerates Wireless Serv ices Broadcasting & Publishing Refining & Marketing
5.9300 92.5000 3.5900 4.9200 3.8200 1740.000 27500.00 0.0026 0.6300 164.1500
9.4700 132.0000 5.0000 6.9000 5.2000 2459.000 36750.00 0.0035 0.8300 207.2500
59.7 % 42.7 39.3 40.2 36.1 41.3 33.6 35.1 31.7 26.3
60.3 % 44.5 41.0 40.2 36.1 35.6 35.1 35.0 31.6 31.5
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Petra Perdana Berhad Trav elsky Technology Ltd H Procomp Informatics Co Globex Utilidades Prf Manila Electric Co B ICP Electronics Inc Emp Electrica Colbun Machicura Kao Hsing Chang Iron & Steel Sahav iry a Steel Co Thai Telephone & Tel
Malay sia China Taiw an Brazil Philippines Taiw an Chile Taiw an Thailand Thailand
Engineering & Machinery Computer Serv ices PC Hardw are Retail (Hard Goods) Utilities Serv ices Div . Computer Hardw are Utilities Serv ices Iron & Steel Iron & Steel Wireline Telecommunications
9.5500 8.3000 16.5000 10.0000 32.0000 57.0000 81.5000 16.6000 34.0000 6.3500
5.6000 5.7000 11.9500 7.5000 24.2500 42.9000 66.0000 12.8000 26.7500 5.0500
-41.4 % -31.3 -27.6 -25.0 -24.2 -24.7 -19.0 -22.9 -21.3 -20.5
-41.4 % -31.4 -26.7 -25.1 -24.0 -23.8 -22.3 -21.9 -21.3 -20.5
Source: S&P/Citigroup
Standard & Poor’s
Page 19
The World by Numbers
April 7, 2004
Figure 22. North American Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Dec-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues AT&T Wireless Serv ices Inc Sprint Corp PCS Group Biogen Idec Inc Lucent Technologies Nortel Netw orks Corp Aetna Inc Penney , J.C. Inc Brascan Corp A Monsanto Co (New ) Apollo Group Inc
United States United States United States United States Canada United States United States Canada United States United States
Wireless Serv ices Wireless Serv ices Biotechnology Communication Equipment Communication Equipment Healthcare Serv ices Retail (Broadline) Conglomerates Food Consumer Serv ices
7.9900 5.6200 36.7000 2.8400 5.4900 67.5800 26.2800 39.7300 28.7800 67.8100
13.6100 9.2000 55.6000 4.1100 7.7100 89.7200 34.7800 52.3000 36.6700 86.1600
70.3 % 63.7 51.5 44.7 40.4 32.8 32.3 31.6 27.4 27.1
70.3 % 63.7 51.5 44.7 38.1 32.8 32.3 29.4 27.4 27.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Tenet Healthcare Biov ail Corp Veritas Softw are Co Nov ellus Sy stems Inc Chiron Corp Electronic Data Sy stems PeopleSoft Inc Ballard Pow er Sy stems Inc Amazon.com Inc Siebel Sy stems Inc
United States Healthcare Facilities Canada Pharmaceuticals United States Enterprise & Client-Serv er Softw are United States Semiconductor Equipment United States Biotechnology United States Computer Serv ices United States Enterprise & Client-Serv er Softw are Canada Electrical Equipment United States Retail (Hard Goods) United States Enterprise & Client-Serv er Softw are
16.0500 27.9100 37.0200 42.0500 56.9800 24.5400 22.7900 15.3300 52.6200 13.9200
11.1600 20.4500 26.9100 31.6700 44.0100 19.3500 18.4900 12.7100 43.2800 11.5300
-30.5 % -26.7 -27.3 -24.7 -22.8 -21.1 -18.9 -17.1 -17.7 -17.2
-30.5 % -28.0 -27.3 -24.7 -22.8 -21.1 -18.9 -18.5 -17.7 -17.2
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Encore Wire Corp Sepracor Inc Aeterna Laboratories Subv tg Veritas DGC Inc Ask Jeev es Inc Coldw ater Creek Inc Tenneco Automotiv e Inc Midw ay Games Inc Silicon Graphics Inc Allscripts Healthcare Solution
United States United States Canada United States United States United States United States United States United States United States
Electrical Equipment Pharmaceuticals Biotechnology Oil Serv ices Internet Companies Retail (Broadline) Automotiv e Parts PC Softw are Serv er & Enterprise Hardw are Healthcare Serv ices
17.8500 23.9300 4.3000 10.4800 18.1200 11.0000 6.6900 3.8800 1.3700 5.3200
37.2300 48.1000 8.6500 20.7000 35.7300 21.3200 12.6900 7.2800 2.5400 9.7000
108.6 % 101.0 101.2 97.5 97.2 93.8 89.7 87.6 85.4 82.3
108.6 % 101.0 97.8 97.5 97.2 93.8 89.7 87.6 85.4 82.3
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Aaipharma Inc Stelco A Redback Netw orks Inc Oneida Ltd Asy st Technology Corp Sonus Netw orks Inc Verso Technologies KVH Industries Inc Sino-Forest Corp A Subv tg TeleTech Hldgs Inc
United States Pharmaceuticals Canada Iron & Steel United States Communication Equipment United States Consumer Durables United States Semiconductor Equipment United States Communication Equipment United States Enterprise & Client-Serv er Softw are United States Communication Equipment Canada Paper & Forest Products United States Commercial Serv ices
25.1400 2.4500 16.8630 5.8900 17.2400 7.5400 3.2300 27.5710 5.1600 11.3000
6.6300 0.7500 6.3000 2.4500 8.2300 3.7900 1.6500 14.4100 2.9000 6.2600
-73.6 % -69.4 -62.6 -58.4 -52.3 -49.7 -48.9 -47.7 -43.8 -44.6
-73.6 % -69.9 -62.6 -58.4 -52.3 -49.7 -48.9 -47.7 -44.7 -44.6
Source: S&P/Citigroup
Standard & Poor’s
Page 20
The World by Numbers
April 7, 2004
Figure 23. European Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Dec-03
31-Mar-04
Local
US$
United Kingdom Sw eden Sw eden Hungary Iceland Iceland United Kingdom Iceland Norw ay Austria
Broadcasting & Publishing Communication Equipment Communication Equipment Banks & Financial Serv ices Shipping Banks & Financial Serv ices Wireless Serv ices Banks & Financial Serv ices Communications Netw orks Utilities Serv ices
2.3500 12.9000 13.9000 2675.000 7.1000 224.5000 0.7700 5.8000 49.0000 92.6000
3.8700 20.9000 22.4000 3839.000 9.9500 306.5000 1.0050 7.8000 65.7500 122.8000
64.7 % 62.0 61.2 43.5 40.1 36.5 30.5 34.5 34.2 32.6
69.1 % 54.6 53.8 47.0 37.7 34.1 34.0 32.1 30.0 29.2
Ireland Greece Italy Germany Greece Germany Sw eden Germany Norw ay Italy
Air Transportation Construction Insurance Autos Communication Equipment Autos Wireline Telecommunications Basic Chemicals Engineering & Machinery Banks & Financial Serv ices
6.5900 5.0000 6.2500 44.1500 5.4000 28.7500 37.6000 23.2200 40.1000 3.1000
4.5800 3.7000 5.0100 35.5400 4.4800 24.0500 32.6000 19.8100 34.8000 2.6900
-30.5 % -26.0 -19.8 -19.5 -17.0 -16.3 -13.3 -14.7 -13.2 -13.2
-32.3 % -27.9 -21.9 -21.6 -19.2 -18.5 -17.3 -16.9 -15.9 -15.5
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Reuters Group Ericsson, L.M. Telefonaktie B Ericsson, L.M. Telefonaktie A OTP Bank Eimskipafelag Islands Kaupthing Bunadarbanki HF mmO2 Landsbanki Islands HF Tandberg AS Oesterr Elektrizitats AG A
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Ry anair Hldgs Hellenic Technodomiki Mediolanum Volksw agen AG Intracom SA Volksw agen AG Nv tg Prf TeliaSonera AB Bay er AG Tomra Sy stems AS Banca Intesa SpA Ord
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Elan Corp Cairn Energy D/S Torm AS Seche Env ironnement Austrian Airlines AG EMI Group Management Consulting Group Alv is Ashtead Group Tsakos Energy Nav igation Ltd
Ireland United Kingdom Denmark France Austria United Kingdom United Kingdom United Kingdom United Kingdom Greece
Pharmaceuticals Ex ploration & Production Shipping Utilities Serv ices Air Transportation Entertainment Commercial Serv ices Aerospace & Defense Commercial Serv ices Oil Serv ices
5.4600 4.0100 181.0000 21.6300 6.5200 1.5875 0.2325 1.7200 0.1550 18.4500
16.7000 8.7800 355.0000 40.9900 12.0800 2.7750 0.3925 2.8350 0.2500 30.2000
205.9 % 119.0 96.1 89.5 85.3 74.8 68.8 64.8 61.3 63.7
198.0 % 124.8 91.1 84.6 80.5 79.5 73.3 69.2 65.6 63.7
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s May flow er Corp Finmatica SpA GIM-Gen Ind Metallurg SpA Ord Data Serv ice SpA Ultraframe Rhodia SA FinecoGroup SpA GIM-Gen Ind Metallurg SpA Rnc Psion
United Kingdom Retail (Hard Goods) Automotiv e Parts United Kingdom Italy Enterprise & Client-Serv er Softw are Italy Iron & Steel Italy Computer Serv ices United Kingdom Consumer Building France Basic Chemicals Italy Banks & Financial Serv ices Italy Iron & Steel United Kingdom Communication Equipment
0.9750 0.2350 9.3600 0.6600 22.2500 2.5100 3.5500 6.2111 0.9700 0.8350
0.1575 0.0675 4.4500 0.3940 13.5000 1.6500 2.5300 4.5100 0.7130 0.5825
-83.8 % -71.3 -52.5 -40.3 -39.3 -34.3 -28.7 -27.4 -26.5 -30.2
-83.4 % -70.5 -53.7 -41.8 -40.9 -32.5 -30.6 -29.3 -28.4 -28.4
Source: S&P/Citigroup
Standard & Poor’s
Page 21
The World by Numbers
April 7, 2004
Figure 24. Asia-Pacific Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price
Price Return
Country
Industry
31-Dec-03
31-Mar-04
Local
US$
South Korea Japan South Korea Japan South Korea Japan Japan South Korea Japan Japan
Semiconductors Internet Companies Refining & Marketing Pharmaceuticals Div . Technology Banks & Financial Serv ices Div . Basic Materials Refining & Marketing Banks & Financial Serv ices Retail (Broadline)
5600.000 720000.0 28000.00 885.0000 8290.000 4860.000 165.0000 27400.00 4670.000 765.0000
12250.00 1270000 46000.00 1460.000 13050.00 7600.000 254.0000 41650.00 7150.000 1166.000
118.8 % 76.4 64.3 65.0 57.4 56.4 53.9 52.0 53.1 52.4
127.3 % 81.7 70.7 69.9 63.6 61.1 58.6 58.0 57.7 57.0
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Hy nix Semiconductor Yahoo Japan Corp S-Oil Corp Mitsubishi Pharma Corp LG Chem Inv estment Ltd Acom Co Mitsubishi Materials Corp SK Corp Promise Co Takashimay a Co
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues LG Card Co Ltd Cho Hung Bank Daew oo Shipbuilding & Marine Alumina Ltd Air New Zealand Ltd Legend Group Ltd Johnson Electric Hldgs Ltd Hy undai Mobis Warehouse Group Ltd Seiko Epson Corp
South Korea South Korea South Korea Australia New Zealand Hong Kong Hong Kong South Korea New Zealand Japan
Banks & Financial Serv ices Banks & Financial Serv ices Heav y Machinery Non-Ferrous & Precious Metals Air Transportation PC Hardw are Electrical Equipment Div . Autos & Auto Parts Retail (Broadline) PC Hardw are
3045.000 3910.000 15300.00 6.5700 0.4700 3.3250 9.9000 64100.00 5.1200 5000.000
1330.000 2830.000 12150.00 5.3600 0.3900 2.8250 8.4500 52500.00 4.3000 4200.000
-56.3 % -27.6 -20.6 -18.4 -17.0 -15.0 -14.6 -18.1 -16.0 -16.0
-54.6 % -24.8 -17.5 -17.3 -15.9 -15.3 -14.9 -14.9 -14.8 -13.5
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Misaw a Homes Holdings Inc Nippon Denko Co Daiei Inc France Bed Holdings Co Renow n D'Urban Holdings Inc Haseko Corp Aristocrat Leisure Ltd Sanrio Co Fukuoka City Bank Chinese Estates Hldgs Ltd
Japan Japan Japan Japan Japan Japan Australia Japan Japan Hong Kong
Consumer Building Iron & Steel Retail (Broadline) Consumer Durables Tex tiles, Apparel & Accessories Construction Engineering & Machinery Consumer Durables Banks & Financial Serv ices Property (ex . Serv ices)
136.0000 183.0000 191.0000 285.0000 980.0000 188.0000 1.7200 817.0000 116.0000 2.8000
474.0000 517.0000 440.0000 600.0000 1978.000 373.0000 3.4300 1530.000 217.0000 5.4000
248.5 % 182.5 130.4 110.5 101.8 98.4 99.4 87.3 87.1 92.9
259.0 % 191.0 137.3 116.9 107.9 104.4 102.1 92.9 92.7 92.2
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Interchina Holdings Co SK Netw orks Co Ltd Asia Aluminium Holdings Ltd China Yuchai Intl Ltd ION Ltd Ventracor Ltd Plenus Entertainment Inc Hankuk Electric Glass Co Hy osung Corp Informatics Hldgs Ltd
Hong Kong South Korea Hong Kong Singapore Australia Australia South Korea South Korea South Korea Singapore
Banks & Financial Serv ices Non-Ferrous & Precious Metals Non-Ferrous & Precious Metals Automotiv e Parts Automotiv e Parts Medical Technology & Supplies Entertainment Construction Materials Tex tiles, Apparel & Accessories Commercial Serv ices
0.5200 15500.00 1.5400 30.6000 2.3800 2.1400 20100.00 78500.00 14200.00 0.9900
0.1960 8400.000 0.9700 20.0100 1.5700 1.4700 14000.00 55000.00 9960.000 0.7250
-62.3 % -45.8 -37.0 -34.6 -34.0 -31.3 -30.3 -29.9 -29.9 -26.8
-62.4 % -43.7 -37.2 -34.6 -33.2 -30.4 -27.6 -27.2 -27.1 -25.8
Source: S&P/Citigroup
Standard & Poor’s
Page 22
The World by Numbers
April 7, 2004
Figure 25. Emerging Markets Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Pow erchip Semiconductor Corp Chi Mei Optoelectronics Corp Walsin Lihw a Corp Bav aria SA AU Optronics Corp Macronix Intl Pro Mos Technologies Inc Quanta Display Inc Tatung Co Nov atek Microelectronics Corp
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Thai Petrochemical Natural Park Co Natl Petrochemical Co Steel Authority (India) Nirma Ltd UCP Backus & Johnston A Italian-Thai Dev Co Kasikornbank PCL (Alien) Dr. Reddy s Labs Thai Military Bank Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Mosel Vitelic Inc Etron Technology Inc Elite Semiconductor Memory Tech Inc Tainan Business Bank Giv en Imaging Ltd AES Tiete SA prf Concord Securities Corp Taiw an Intl Securities Corp U-Ming Marine Transport Sberbank
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Ispat Industries Ltd Industrial Finance (India) Globex Utilidades Prf Petra Perdana Berhad Grupo TMM SA de CV ADR Jindal Vijay nagar Steel Ltd DBS Thai Danu Bank Randgold & Ex ploration Co Trav elsky Technology Ltd H I Flex Solutions Ltd
Local Price 31-Dec-03 31-Mar-04
Price Return Local US$
Country
Industry
Taiw an Taiw an Taiw an Colombia Taiw an Taiw an Taiw an Taiw an Taiw an Taiw an
Semiconductors Quartz Cry stal, Magnetic & LCD Electrical Equipment Drinks Quartz Cry stal, Magnetic & LCD Semiconductors Semiconductors Quartz Cry stal, Magnetic & LCD PC Hardw are Semiconductors
16.8000 34.9000 10.5000 12980.00 39.7000 7.7000 11.7500 16.3000 8.6000 96.0000
31.8000 58.5000 17.6000 20700.00 63.5000 12.1000 18.3000 25.0000 13.1500 145.0000
89.3 % 67.6 67.6 59.5 59.9 57.1 55.7 53.4 52.9 51.0
95.0 % 72.7 72.7 65.3 64.8 61.9 60.5 58.0 57.5 55.6
Thailand Thailand Thailand India India Peru Thailand Thailand India Thailand
Basic Chemicals Property (ex . Serv ices) Basic Chemicals Iron & Steel Consumer Products Drinks Construction Banks & Financial Serv ices Pharmaceuticals Banks & Financial Serv ices
13.7000 7.8000 142.0000 51.1000 460.1500 93.0000 138.0000 70.0000 1428.050 5.7000
6.0000 3.9800 91.5000 32.3000 304.0000 66.0200 97.5000 49.5000 973.9500 4.0600
-56.2 % -49.0 -35.6 -36.8 -33.9 -29.0 -29.3 -29.3 -31.8 -28.8
-55.8 % -48.5 -35.0 -33.6 -30.6 -28.9 -28.7 -28.7 -28.3 -28.2
Taiw an Taiw an Taiw an Taiw an Israel Brazil Taiw an Taiw an Taiw an Russia
Semiconductors Semiconductors Semiconductors Banks & Financial Serv ices Medical Technology & Supplies Utilities Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Shipping Banks & Financial Serv ices
2.1000 25.0000 65.5000 7.3000 17.9500 0.0130 7.8000 7.1500 35.1000 260.5000
5.0000 53.5000 132.0000 14.1000 34.2500 0.0239 13.7000 12.3000 59.5000 446.0000
138.1 % 114.0 101.5 93.2 90.8 83.8 75.6 72.0 69.5 71.2
145.3 % 120.5 107.6 99.0 90.8 82.0 81.0 77.2 74.7 71.2
India India Brazil Malay sia Mex ico India Thailand South Africa China India
Iron & Steel Banks & Financial Serv ices Retail (Hard Goods) Engineering & Machinery Shipping Iron & Steel Banks & Financial Serv ices Non-Ferrous & Precious Metals Computer Serv ices Computer Serv ices
15.5900 16.9000 11.8000 8.8000 4.2400 13.1400 5.2000 37.7500 8.3500 845.2500
7.8100 9.8300 7.5000 5.6000 2.7700 8.2000 3.4000 24.0000 5.7000 573.3000
-49.9 % -41.8 -36.4 -36.4 -34.7 -37.6 -34.6 -36.4 -31.7 -32.2
-47.4 % -38.9 -37.1 -36.4 -34.7 -34.4 -34.1 -32.7 -32.0 -28.7
Source: S&P/Citigroup
Standard & Poor’s
Page 23
The World by Numbers
April 7, 2004
Figure 26. North American Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
Local Price
Price Return
Country
Industry
31-Mar-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Broadcom Corp A ATI Technologies Inc GenenTech Lucent Technologies Nortel Netw orks Corp Capital One Financial Teck Cominco Ltd Subv tg B Georgia Pacific Corp Agilent Technologies Inc Falconbridge Ltd
United States Canada United States United States Canada United States Canada United States United States Canada
Semiconductors Netw ork Peripherals Biotechnology Communication Equipment Communication Equipment Banks & Financial Serv ices Non-Ferrous & Precious Metals Paper & Forest Products Electrical Equipment Non-Ferrous & Precious Metals
12.3500 7.6000 35.0100 1.4700 3.0900 30.0100 11.1400 13.9000 13.1500 16.3500
39.0100 21.3300 105.8200 4.1100 7.7100 75.4300 24.4700 33.6900 31.6300 34.5100
215.9 % 180.7 202.3 179.6 149.5 151.3 119.7 142.4 140.5 111.1
215.9 % 214.1 202.3 179.6 179.3 151.3 145.8 142.4 140.5 136.2
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Biov ail Corp Tenet Healthcare Medimmune Inc New ell Rubbermaid Inc Mattel Inc Kohl's Corp Merck & Co Inc Johnson & Johnson Eastman Kodak Co Sobey s Inc
Canada Pharmaceuticals United States Healthcare Facilities United States Biotechnology United States Consumer Durables United States Consumer Durables United States Retail (Broadline) United States Pharmaceuticals United StatesDiv . Healthcare Products & Pharmacy United States Consumer Durables Canada Retail (Food & Drugs)
58.7100 16.7000 32.8300 28.3500 22.5000 56.5800 54.7800 57.8700 29.6000 37.2900
20.4500 11.1600 23.0800 23.2000 18.4400 48.3300 44.1900 50.7200 26.1700 30.0500
-65.2 % -33.2 -29.7 -18.2 -18.0 -14.6 -14.1 -12.4 -11.6 -19.4
-61.0 % -33.2 -29.7 -18.2 -18.0 -14.6 -14.1 -12.4 -11.6 -9.8
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues InterVoice-Brite Inc TLC Vision Corp Akamai Technologies Inc Ency siv e Pharmaceuticals Inc HEALTHSOUTH Corp NTL Inc Av ay a Inc Homestore.com Inc Integrated Silicon Solutions Ariad Pharmaceuticals Inc
United States Canada United States United States United States United States United States United States United States United States
Communication Equipment Healthcare Facilities Internet Companies Biotechnology Healthcare Facilities Broadcasting & Publishing Communication Equipment Internet Companies Semiconductors Biotechnology
1.6700 1.7900 1.4100 1.2400 0.5000 7.3984 2.0400 0.5600 2.3500 1.2690
16.7700 15.0000 13.1400 10.2800 4.1100 59.5300 15.8800 4.2300 17.7400 9.5500
904.2 % 738.0 831.9 729.0 722.0 704.6 678.4 655.4 654.9 652.6
904.2 % 837.9 831.9 729.0 722.0 704.6 678.4 655.4 654.9 652.6
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Redback Netw orks Inc Oneida Ltd Solutia Inc Stelco A Trimeris Inc Nov oste Corp Cerus Corp Alteon Inc Boy ds Collection Ltd Biopure Corp
United States United States United States Canada United States United States United States United States United States United States
Communication Equipment Consumer Durables Basic Chemicals Iron & Steel Pharmaceuticals Medical Technology & Supplies Medical Technology & Supplies Biotechnology Consumer Durables Medical Technology & Supplies
42.3400 10.7000 1.5500 3.0600 41.1400 9.0800 8.8000 3.9300 5.4000 3.3400
6.3000 2.4500 0.3900 0.7500 14.7500 3.3900 3.4100 1.8000 2.5100 1.5600
-85.1 % -77.1 -74.8 -75.5 -64.1 -62.7 -61.3 -54.2 -53.5 -53.3
-85.1 % -77.1 -74.8 -72.6 -64.1 -62.7 -61.3 -54.2 -53.5 -53.3
Source: S&P/Citigroup
Standard & Poor’s
Page 24
The World by Numbers
April 7, 2004
Figure 27. European Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Mar-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Ericsson, L.M. Telefonaktie B Reuters Group Tandberg AS Ericsson, L.M. Telefonaktie A Bay erische Hy po&Vereinsbank AG Natl Bank of Greece Reg ITV Plc EADS NV-Euro Aero Defense Pharmaco HF Alpha Bank
Sw eden United Kingdom Norw ay Sw eden Germany Greece United Kingdom France Iceland Greece
Communication Equipment Broadcasting & Publishing Communications Netw orks Communication Equipment Banks & Financial Serv ices Banks & Financial Serv ices Entertainment Aerospace & Defense Pharmaceuticals Banks & Financial Serv ices
5.3000 1.0150 18.3000 7.1000 6.6089 8.2182 0.5700 6.9000 16.0000 9.9600
20.9000 3.8700 65.7500 22.4000 15.9400 21.6600 1.3325 17.5500 42.7000 25.0600
294.3 % 281.3 259.3 215.5 182.1 163.6 146.4 154.3 166.9 151.6
343.4 % 343.3 279.7 254.7 215.2 196.8 186.5 186.4 184.7 183.4
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Hellenic Technodomiki Ry anair Hldgs Beiersdorf AG H Lundbeck A/S Babis Vov os Intl Unilev er Titan Cement Co Prf Heineken NV Shell Transport & Trading Reg Allied Irish Banks
Greece Ireland Germany Denmark Greece United Kingdom Greece Netherlands United Kingdom Ireland
Construction Air Transportation Consumer Products Pharmaceuticals Construction Food Construction Materials Drinks Integrated Oils Banks & Financial Serv ices
5.3200 6.1900 102.3500 126.5000 17.0000 5.8600 28.4000 33.9900 3.8250 12.6500
3.7000 4.5800 86.6000 116.5000 15.6400 5.3850 27.2200 32.6000 3.5550 12.1400
-30.5 % -26.0 -15.4 -7.9 -8.0 -8.1 -4.2 -4.1 -7.1 -4.0
-21.7 % -16.7 -4.7 3.5 3.6 6.8 7.9 8.0 8.1 8.1
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Millicom Intl Cellular (Lux ) Gresham Computing Corus Group Alizy me Elan Corp Getronics NV Sez Holdings Reg A DAB Bank AG Sogecable SA Tandberg Telev ision ASA
Belgium/Lux United Kingdom United Kingdom United Kingdom Ireland Netherlands Sw itzerland Germany Spain Norw ay
Wireless Serv ices Computer Serv ices Iron & Steel Pharmaceuticals Pharmaceuticals Computer Serv ices Semiconductor Equipment Banks & Financial Serv ices Broadcasting & Publishing Electrical Equipment
1.5500 0.5100 0.0635 0.2900 2.6000 0.3900 7.5000 1.5300 6.2700 7.2500
22.0000 3.9000 0.4125 1.8450 16.7000 2.5000 44.4000 8.3500 34.1100 41.8000
1319.4 % 664.7 550.1 536.2 542.3 541.0 492.0 445.8 444.0 476.6
1319.4 % 789.1 655.9 639.7 623.4 621.9 531.5 514.6 512.7 509.4
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s Marconi PLC Data Serv ice SpA Goshaw k Insurance Hldgs Finmatica SpA Amarin Corp Plc ADR Rhodia SA GIM-Gen Ind Metallurg SpA Ord May flow er Corp Juv entus Football Club SpA
United Kingdom Retail (Hard Goods) United Kingdom Communication Equipment Italy Computer Serv ices United Kingdom Insurance Italy Enterprise & Client-Serv er Softw are United Kingdom Pharmaceuticals France Basic Chemicals Italy Iron & Steel United Kingdom Automotiv e Parts Italy Trav el
1.0250 48.9125 43.0000 0.9800 9.0100 2.5500 4.9700 0.7290 0.1150 2.1600
0.1575 6.5000 13.5000 0.4000 4.4500 1.4500 2.5300 0.3940 0.0675 1.4000
-84.6 % -74.0 -68.6 -59.2 -50.6 -43.1 -49.1 -46.0 -41.3 -35.2
-82.1 % -71.4 -64.6 -52.5 -44.4 -43.1 -42.7 -39.1 -31.8 -27.0
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 28. Asia-Pacific Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price
Price Return
Country
Industry
31-Mar-03
31-Mar-04
Local
US$
Japan Japan South Korea Japan South Korea Japan Japan Japan Japan Japan
Banks & Financial Serv ices Internet Companies Refining & Marketing Banks & Financial Serv ices Semiconductors Banks & Financial Serv ices Wholesale IT Distribution Property (ex . Serv ices) Banks & Financial Serv ices Banks & Financial Serv ices
118000.0 243750.0 8160.000 96800.00 2835.000 212000.0 1380.000 393.0000 57.0000 484.0000
662000.0 1270000 41650.00 448000.0 12250.00 770000.0 4870.000 1353.000 174.0000 1431.000
461.0 % 421.0 410.4 362.8 332.1 263.2 252.9 244.3 205.3 195.7
539.5 % 493.9 458.5 427.5 372.8 314.0 302.2 292.4 247.9 237.0
South Korea South Korea Japan New Zealand South Korea Japan South Korea New Zealand Hong Kong Japan
Banks & Financial Serv ices Wireless Serv ices Wireline Telecommunications Retail (Broadline) Wireless Serv ices Electrical Equipment Banks & Financial Serv ices Air Transportation Electrical Equipment Consumer Durables
13569.46 23850.00 321000.0 5.5800 3830.000 9040.000 5200.000 0.4800 8.5500 3640.000
1330.000 19600.00 256000.0 4.3000 3320.000 7530.000 4560.000 0.3900 8.4500 3310.000
-90.2 % -17.8 -20.2 -22.9 -13.3 -16.7 -12.3 -18.8 -1.2 -9.1
-89.3 % -10.1 -9.1 -7.4 -5.1 -5.1 -4.0 -2.4 -1.1 3.6
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues UFJ Holdings Inc Yahoo Japan Corp SK Corp Mizuho Financial Group Inc Hy nix Semiconductor Sumitomo Mitsui Financial Group Softbank Corp Sumitomo Realty & Dev Co Resona Holdings Inc Kokusai Securities Co
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues LG Card Co Ltd KT Freetel Vodafone Holdings KK Warehouse Group Ltd LG Telecom Ltd Mabuchi Motor Co LG Inv estments & Sec Prf Air New Zealand Ltd Johnson Electric Hldgs Ltd Fuji Photo Film Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Daiky o Inc Haseko Corp Rakuten Inc Sanky o Seiki Manufacturing Hy undai Merchant Marine Misaw a Homes Holdings Inc Index Corp Jusung Engineering Co Toky u Construction Co Hikari Tsushin Inc
Japan Japan Japan Japan South Korea Japan Japan South Korea Japan Japan
Property (ex . Serv ices) Construction Internet Companies Electrical Equipment Shipping Consumer Building Internet Companies Semiconductor Equipment Construction Wireless Serv ices
44.0000 53.0000 115000.0 169.0000 1435.000 96.0000 118000.0 1860.000 208.0000 1160.000
315.0000 373.0000 740000.0 1010.000 7880.000 474.0000 574000.0 9260.000 988.0000 5270.000
615.9 % 603.8 543.5 497.6 449.1 393.8 386.4 397.8 375.0 354.3
716.0 % 702.2 633.4 581.2 500.9 462.8 454.4 444.7 441.4 417.8
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Interchina Holdings Co SK Netw orks Co Ltd Daito Bank (The) Saehan Industries Inc Nittoc Construction Co Humax Co Ltd Informatics Hldgs Ltd Pantech Co Ltd Hy undai Eng & Const Co Cochlear Ltd
Hong Kong South Korea Japan South Korea Japan South Korea Singapore South Korea South Korea Australia
Banks & Financial Serv ices Non-Ferrous & Precious Metals Banks & Financial Serv ices Tex tiles, Apparel & Accessories Construction Consumer Durables Commercial Serv ices Communication Equipment Construction Medical Technology & Supplies
0.7400 28000.00 300.0000 3915.000 473.0000 15200.00 1.0100 11300.00 15022.62 33.3000
0.1960 8400.000 178.0000 2450.000 290.0000 10250.00 0.7250 7820.000 10450.00 20.2300
-73.5 % -70.0 -40.7 -37.4 -38.7 -32.6 -28.2 -30.8 -30.4 -39.2
-73.5 % -67.2 -32.4 -31.5 -30.1 -26.2 -24.4 -24.3 -23.9 -23.2
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 29. Emerging Markets Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Mangalore Refinery & Petr Italian-Thai Dev Co Bharti TeleVentures Ltd Orascom Telecom Total Access Commun Public Co Natural Park Co Oriental Bank Of Commerce Maanshan Iron & Steel H HKD Sina Corp (Cay mans) Aluminum Corp of China Ltd H
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues UCP Backus & Johnston A UCP Backus & Johnston I Metro Bank & Trust Co Elitegroup Computer Shg Waigaoqiao Fr Trad B USD Shg Chlor-Alkali Chem B USD Realtek Semiconductor Corp Shg Ty re & Rubber B USD Nedcor Ltd BEC World Public Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Braskem SA Prf A Hindustan Zinc Sterlite Inds (India) Ltd Alv arion Ltd CAP - Cia Aceros del Pacifico Lupin Ltd Nizhny Tagil Ferrous Metal U-Ming Marine Transport Cochin Refineries Balmer Law Hung Sheng Construction Ltd
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Banco Wiese Sudameris Sino Kama Co B USD Eastern Communications B USD Grupo TMM SA de CV ADR Aopen Inc Shg Highly Group B USD Altek Corp DBS Thai Danu Bank Shg Lingy un Curtain Wall S&T B USD Shg Erfangji Co B USD
Local Price 31-Mar-03 31-Mar-04
Price Return Local US$
Country
Industry
India Thailand India Egy pt Thailand Thailand India China China China
Refining & Marketing Construction Wireless Serv ices Wireless Serv ices Wireless Serv ices Property (ex . Serv ices) Banks & Financial Serv ices Iron & Steel Internet Companies Non-Ferrous & Precious Metals
8.1000 17.2000 28.3000 16.6000 0.5100 0.8228 64.0500 0.6700 8.0100 1.4000
54.6000 97.5000 154.6500 97.2400 2.7100 3.9800 301.0000 3.4000 37.8300 6.3500
574.1 % 466.9 446.5 485.8 431.4 383.7 369.9 407.5 372.3 353.6
636.8 % 518.7 497.3 445.3 431.4 428.0 413.7 408.0 372.3 354.1
Peru Peru Philippines Taiw an China China Taiw an China South Africa Thailand
Drinks Drinks Banks & Financial Serv ices PC Hardw are Property (ex . Serv ices) Specialty Chemicals Semiconductors Automotiv e Parts Banks & Financial Serv ices Broadcasting & Publishing
92.5000 1.3600 29.0000 37.7692 0.6820 0.5160 60.0000 0.5710 88.0000 20.8000
66.0200 1.0200 23.5000 28.3000 0.5950 0.4610 51.5000 0.5170 63.9000 18.5000
-28.6 % -25.0 -19.0 -25.1 -12.8 -10.7 -14.2 -9.5 -27.4 -11.1
-28.3 % -24.7 -22.8 -21.0 -12.8 -10.7 -9.5 -9.5 -9.3 -2.9
Brazil India India Israel Chile India Russia Taiw an India Taiw an
Basic Chemicals Non-Ferrous & Precious Metals Electrical Equipment Communication Equipment Iron & Steel Pharmaceuticals Iron & Steel Shipping Refining & Marketing Property (ex . Serv ices)
0.0107 14.7000 79.6000 9.4300 450.0000 125.3000 0.1270 11.1500 41.4000 4.0700
0.0750 101.6000 510.1000 60.2000 2459.000 650.0000 0.7200 59.5000 207.2500 20.8000
603.9 % 591.2 540.8 538.4 446.4 418.8 466.9 433.6 400.6 411.1
705.6 % 655.5 600.5 561.8 547.7 467.0 466.9 462.8 447.2 439.0
Peru China China Mex ico Taiw an China Taiw an Thailand China China
Banks & Financial Serv ices Heav y Machinery Communication Equipment Shipping PC Hardw are Engineering & Machinery Consumer Durables Banks & Financial Serv ices Non-Ferrous & Precious Metals Engineering & Machinery
0.1000 0.5700 0.7440 3.9300 39.4629 0.6550 69.1667 5.1000 0.5800 0.5250
0.0580 0.3450 0.4780 2.7700 26.4000 0.4690 47.3000 3.4000 0.4300 0.3970
-42.0 % -39.5 -35.8 -29.5 -33.1 -28.4 -31.6 -33.3 -25.9 -24.4
-41.8 % -39.5 -35.8 -29.5 -29.5 -28.4 -27.9 -27.2 -25.9 -24.4
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 30. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 31. PMI versus EMI Performance, 12` Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 32. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 33. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Figure 34. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
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The World by Numbers
April 7, 2004
Disclaimers The report is published by Standard & Poor's, 55 Water Street, New York NY 10041. Copyright © 2004. Standard & Poor's is a division of The McGrawHill Companies, Inc. All rights reserved. Standard & Poor's does not undertake to advise you of changes in the information contained in this report. These materials have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. Standard & Poor’s makes no representation with respect to the accuracy or completeness of these materials, the content of which may change without notice. Standard & Poor’s disclaims any and all liability relating to these materials and makes no express or implied representations or warranties concerning the accuracy or completeness of the report. No portion of this publication may be reproduced in any format or by any means including electronically or mechanically, by photocopying, recording or by any information storage or retrieval system, or by any other form of manner whatsoever, without the prior written consent of Standard & Poor's. Analytic services and products provided by Standard & Poor’s are the result of separate activities designed to preserve the independence and objectivity of each analytic process. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process. Occasionally, The McGraw-Hill Companies may use information you have provided to offer you products and services that may be of interest to you. If you do not wish us to share your information outside of The McGraw-Hill Companies, if you have questions about our privacy practices, or wish to confirm the accuracy of the information you've provided, please contact us at 212-438-3534 or refer to http://www.mcgraw-hill/privacy.html.
Standard & Poor’s
Page 33
Patrick A. Kerr, CFA (212) 816-0207
The World by Numbers:
[email protected]
Global Stock Market Review, March 2004 •
The S&P/Citigroup BMI Global Composite1 edged 0.15% lower in March, ending a record string of 11 straight monthly gains for stocks globally. Despite the decline in March, the index posted a gain for the first quarter of 2004, rising 4.16%.
•
Surging stock prices in Japan lifted the BMI Asia-Pacific to a 9.81% jump in March, while the BMI Europe and the BMI North America fell 2.99% and 1.14% in U.S. dollar terms, respectively.
•
Emerging regions remained relatively strong in March, rising 1.15% overall. While the BMI Emerging Asia-Pacific lagged with a 1.70% decrease, the other emerging regions rose, led by a 12.26% surge for the BMI Emerging Europe. The BMI Mid-East & Africa rose 3.28% and the BMI Latin America added 1.66%, all in U.S. dollar terms.
•
Among individual stock markets, the 14.61% jump for the BMI Japan led developed markets in March, aided in part by the dollar’s nearly 5% slide versus the yen. In the first quarter of 2004, several countries enjoyed double-digit percentage gains, while just two declined in local currency terms.
•
Leading among emerging markets in March were the BMI Peru and the BMI Russia, which gained 16.38% and 13.82%, respectively, in U.S. dollar terms. The strongest markets globally in the first quarter of 2004 were the BMI Colombia and the BMI Russia, which soared 45.14% and 33.87%, respectively, in U.S. dollar terms.
•
Value stocks rose as growth stocks continued to lag in March. The BMI Developed World Value edged 0.10% higher, while the BMI Developed World Growth decreased 0.54%, each in U.S. dollar terms. Value stocks have risen for 12 straight months, climbing 53.58%, versus a 43.53% gain for growth stocks during the period.
CONTACT US: Email: [email protected]
On the Internet at: http://www.standardandpoors.com
1
Total returns stated in U.S. dollars for all regions and in local currency for all countries, unless otherwise indicated.
www.standardandpoors.com
The World by Numbers
Standard & Poor’s
April 7, 2004
Page 2
The World by Numbers
April 7, 2004
Executive Summary The global rebound in stock prices that began in April 2003 ended its record string of 11 straight monthly gains in March, as the S&P/Citigroup BMI Global Composite edged 0.15% lower. Despite the end of the streak for stocks as a whole, certain investment disciplines continued their winning ways. The BMI Developed World Value stretched its series of monthly gains to 12, while smallcap stocks rose for the 13th straight month.
Standard & Poor’s
•
The broad rally in stocks globally ended in March 2004, but just barely. Value stocks and small-cap stocks continued their winning ways, with stocks in Japan soaring.
•
While a majority of markets declined in the month, just three Developed World markets fell in the first quarter of the year in U.S. dollar terms, and only two did so in local currency terms.
•
Emerging markets were mixed but rose on balance in March, and rising markets far outnumbered those that fell over the first quarter of the year. In fact, 14 of the 24 emerging markets posted double-digit percentage gains in the first quarter in local currency terms, while just one country posted a loss of that magnitude.
•
By investment style, growth stocks lagged for the sixth straight month. The BMI World Value edged 0.10% higher in March, topping the 0.54% decrease for the BMI World Growth. Over the past 12 months, Value outperformed its Growth counterpart by more than 10 percentage points.
•
The rally in small-cap stocks continued in March. The EMI Developed World gained 1.57%, topping the 0.71% decline for the PMI Developed World. Among Emerging Markets, the EMI advanced 1.73%, versus a 0.98% rise for the PMI.
Page 3
The World by Numbers
April 7, 2004
The World by Numbers Figure 1. S&P/Citigroup World Equity Indices — Total Rates of Return in Local Currency, March 2004 Expressed in Terms of: United
United
States
Japan
Germany
France
Kingdom
Canada
Italy
Australia
Belgium
Switz.
Neth.
Spain
Sweden
$
¥
€
€
£
C$
€
A$
€
CHF
€
€
Skr
-0.21 % -0.71 1.57
-4.98 % -5.46 -3.29
0.89 % 0.38 2.69
0.89 % 0.38 2.69
0.76 % 0.25 2.56
-2.26 % -2.75 -0.52
0.89 % 0.38 2.69
0.85 % 0.34 2.64
0.89 % 0.38 2.69
-0.46 % -0.96 1.31
0.89 % 0.38 2.69
0.89 % 0.38 2.69
1.09 % 0.58 2.89
-1.20 % -1.77 0.79
9.13 % 8.30 12.36
-3.60 % -4.28 -1.00
-2.43 % -2.78 -1.12
-1.27 % -1.77 0.33
-1.94 % -2.34 -0.62
-2.45 % -2.44 -2.49
2.38 % 2.35 2.46
-3.83 % -3.39 -5.22
-2.89 % -3.33 -1.28
-3.46 % -4.02 -1.81
-2.90 % -3.53 -0.67
-0.87 % -0.72 -1.61
World Unhedged
BMI PMI EMI Local Countries
BMI PMI EMI
BMI – Broad Market Index. PMI – Primary Market Index. EMI – Extended Market Index. Source: S&P/Citigroup
Figure 2. S&P/Citigroup PMI/EMI Performance (Total returns in U.S. dollars) March 2004 Region
PMI
EMI
Asia-Pacific Asia-Pac. Ex-Japan Japan
9.25 % -0.18 13.73
11.87 % 0.17 18.00
Europe Europe ex-UK United Kingdom
-3.42 % -3.81 -2.72
EPAC North America Canada United States World ex-US World
First Quarter 2004 % Diff.
PMI
EMI
-2.62 % -0.34 -4.27
13.44 % 8.79 15.50
15.83 % 6.86 20.32
-1.47 % -1.99 -0.64
-1.95 % -1.82 -2.08
0.17 % -0.04 0.55
0.63 %
2.60 %
-1.97 %
-1.70 % -0.30 -1.77
0.83 % 1.46 0.79
0.58 % -0.71 %
Twelve Months Ended March 2004 % Diff.
PMI
EMI
% Diff.
-2.39 % 1.93 -4.82
68.59 % 61.48 71.57
76.45 % 76.03 76.65
-7.87 % -14.54 -5.08
6.99 % 4.38 11.39
-6.82 % -4.41 -10.84
52.48 % 57.96 43.74
76.54 % 73.17 82.15
-24.06 % -15.22 -38.41
4.42 %
9.78 %
-5.37 %
57.89 %
76.40 %
-18.51 %
-2.52 % -1.75 -2.56
1.70 % 3.43 1.62
6.03 % 4.49 6.11
-4.32 % -1.06 -4.50
35.46 % 51.75 34.72
58.42 % 75.22 57.62
-22.96 % -23.46 -22.89
2.53 %
-1.95 %
4.35 %
9.42 %
-5.06 %
57.50 %
76.32 %
-18.83 %
1.57 %
-2.28 %
2.85 %
7.57 %
-4.73 %
44.23 %
65.55 %
-21.33 %
EPAC – Europe, Pacific, Asia Composite. PMI – Primary Market Index. EMI – Extended Market Index. Source: S&P/Citigroup
Standard & Poor’s
Page 4
The World by Numbers
April 7, 2004
Figure 3. S&P/Citigroup BMI Global March 2004 Returns, Opening April 2004 Index Profile Number of Companies
Tot. Mkt. Cap US$ Million
Float Cap. US$ Million
1,634 30 51
7,889,775 57,392 215,668
5,946,154 25,584 119,438
Czech Republic Denmark Finland France
5 45 45 192
14,674 118,128 177,747 1,205,537
5,638 72,287 153,540 764,951
38.42 61.19 86.38 63.45
0.03 0.32 0.69 3.42
Germany Greece Hungary Iceland Ireland
143 49 6 8 26
875,039 79,784 16,481 7,492 81,804
560,065 39,656 11,821 5,506 72,262
64.00 49.70 71.73 73.49 88.34
Italy Netherlands Norway Portugal
117 84 44 16
586,808 472,637 97,341 60,983
329,873 398,110 41,315 34,594
Slovenia Spain Sweden Switzerland United Kingdom
7 77 84 115 490
3,757 472,917 290,390 734,748 2,320,448
Asia-Pacific Australia Hong Kong Japan New Zealand
1,719 192 141 1,146 21
Singapore South Korea North America Canada United States Developed World (WD)
Market Europe Austria Belgium/Lux
Ratio of Float Capital
0.03 0.34 0.72 3.59
19.29 6.36 14.65 0.18
24.24 9.15 17.68 2.83
2.50 0.18 0.05 0.02 0.32
2.63 0.19 0.06 0.03 0.34
-3.98 2.63 24.77 18.07 5.86
-1.44 5.34 21.78 20.18 8.65
56.21 84.23 42.44 56.73
1.47 1.78 0.18 0.15
1.55 1.87 0.19 0.16
-0.85 -2.79 9.35 9.37
1.77 -0.22 12.86 12.26
2,658 312,838 206,610 621,688 2,167,720
70.75 66.15 71.15 84.61 93.42
0.01 1.40 0.92 2.78 9.68
0.01 1.47 0.97 2.91 10.16
14.20 1.24 6.15 0.90 2.95
17.96 3.91 11.25 3.36 0.27
4,949,089 566,470 464,477 3,433,231 25,897
3,134,523 430,446 200,664 2,203,680 14,523
63.34 % 75.99 43.20 64.19 56.08
13.99 % 1.92 0.90 9.84 0.06
14.69 % 2.02 0.94 10.33 0.07
13.95 % 6.39 6.06 16.49 6.32
11.03 % 5.00 6.43 13.09 4.85
74 145 3,154 301
142,383 316,631 14,516,625 788,860
84,505 200,705 12,253,213 604,064
59.35 63.39 84.41 % 76.57
0.38 0.90 54.70 2.70
0.40 0.94 57.44 % 2.83
6.06 16.59 2.66 % 3.68
4.69 12.18 2.74 % 5.44
2,853 6,507
13,727,765 27,355,489
11,649,149 21,333,890
84.86 77.99 %
52.01 95.24 %
54.60 100.00 %
2.60 3.87 %
2.60 3.77 %
45 19 26
318,674 31,262 287,412
95,623 12,111 83,512
30.01 % 38.74 29.06
0.43 % 0.05 0.37
8.98 % 1.14 7.84
29.99 % 8.35 33.87
27.86 % 11.83 30.56
728 88
1,231,197 322,527
529,828 53,098
43.03 % 16.46
2.37 % 0.24
49.73 % 4.98
8.13 % -2.44
5.66 % -2.43
India Indonesia
102 24
223,183 37,219
74,837 15,909
33.53 42.74
0.33 0.07
7.02 1.49
-0.21 6.83
-5.03 8.62
Malaysia Pakistan
115 11
138,483 7,676
58,946 2,817
42.57 36.70
0.26 0.01
5.53 0.26
14.23 12.21
14.23 12.36
Philippines Taiwan Thailand
13 327 48
15,558 413,646 72,905
5,039 295,905 23,277
32.39 71.54 31.93
0.02 1.32 0.10
0.47 27.78 2.18
-2.10 13.82 -13.58
-0.95 10.47 -14.30
Latin America Argentina
176 13
451,554 13,914
218,543 6,474
48.40 % 46.53
0.98 % 0.03
20.51 % 0.61
7.68 % 13.70
8.52 % 10.65
Brazil Chile
62 41
193,730 67,256
98,995 27,946
51.10 41.55
0.44 0.12
9.29 2.62
1.21 -2.06
2.27 1.96
Colombia Mexico
9 39
8,855 150,889
4,757 72,371
53.72 47.96
0.02 0.32
0.45 6.79
45.14 19.43
40.01 18.71
Peru Venezuela Mid-East, Africa
9 3 197
14,149 2,761 372,703
6,528 1,472 221,365
46.14 53.31 59.39 %
0.03 0.01 0.99 %
4.39 16.67 10.29 %
4.28 27.04 6.18 %
Egypt Israel
6 49
5,961 64,974
2,445 40,826
41.02 62.83
0.01 0.18
0.23 3.83
20.16 9.33
20.65 12.57
Jordan Morocco
8 11
6,182 10,159
3,954 4,268
63.96 42.01
0.02 0.02
0.37 0.40
6.93 9.92
6.93 12.04
Nigeria South Africa
8 88
6,423 221,546
3,681 144,698
57.31 65.31
0.02 0.65
0.35 13.58
25.39 9.61
20.27 3.50
27
57,458
21,493
37.41
0.10
Emerging Markets (EM)
Turkey
1,146
2,374,128
1,065,359
44.87 %
4.76 %
Global Composite (GL)
7,653
29,729,617
22,399,249
75.34 %
100.00 %
27.87 % 0.12 0.56
YTD Tot Ret Local Currency 2.41 % 17.85 6.62
Asia Pacific Emerging China
26.55 % 0.11 0.53
YTD Tot Ret US Dollars 1.64 % 14.82 3.88
European Emerging Poland Russia
75.37 % 44.58 55.38
Global Wgt in Weight WD or EM
0.61 0.14 20.78 %
2.02 100.00 %
14.54
7.12
10.15 %
8.05 %
4.16 %
3.96 %
Source: S&P/Citigroup
Standard & Poor’s
Page 5
-30%
Standard & Poor’s
Emerging Markets
-6.81%
-2.16%
1.15%
6.23%
7.37%
4.54%
2.55% 13.82%
-1.52%
World
United States
United Kingdom
-0.21%
-1.20%
-2.23%
-2.15%
-3.97%
-1.16%
-2.34%
-4.52%
-3.51%
-2.65%
-7.39%
-3.30%
Switzerland
-15%
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
-20%
Venezuela
Turkey
Thailand
Taiwan
South Africa
-3.13%
16.38%
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
-6.42%
-4.65%
-3.50%
-3.18%
3.89%
3.98%
3.06%
2.06%
0.11%
7.07%
10%
Russia
Poland
Philippines
4.98%
20%
Peru
Pakistan
-0.04%
4.13%
1.48%
Hong Kong
Greece
Germany
France
Finland
-4.02%
-4.89%
3.60%
1.30%
10.71%
14.61%
15%
Nigeria
Morocco
Mexico
-7.79%
-1.15%
Jordan
2.68%
4.98%
Denmark
Czech Republic
-10%
Malaysia
-1.22%
-3.67%
Israel
Indonesia
India
Egypt
8.81%
10%
Colombia
-5.34%
Canada
-5%
Belgium/Lux
0%
China
-6.79%
Austria
Australia
5%
Chile
1.16%
-20%
Brazil
-10% 1.74%
0%
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, March 2004
Figure 4. BMI Developed World
(Percent total return, in U.S. dollars) 20%
Source: S&P/Citigroup
Figure 5. BMI Emerging Markets
(Percent total return, in U.S. dollars)
30%
Source: S&P/Citigroup
Page 6
Standard & Poor’s -30%
-40%
-50%
-60%
India
Emerging Markets
Venezuela
Turkey
Thailand
Taiwan
South Africa
-2.10%
10.15%
33.87%
25.39%
16.67%
14.54%
13.82%
9.61%
8.35%
4.39%
12.21%
9.92%
19.43%
40%
Russia
Poland
Philippines
Peru
Pakistan
Nigeria
Morocco
Mexico
14.23%
6.93%
9.33%
World
United States
United Kingdom
Switzerland
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
Hong Kong
Greece
Germany
France
Finland
Denmark
Czech Republic
-3.98%
-2.79%
-0.85%
6.15%
3.87%
2.60%
2.95%
0.90%
1.24%
6.06%
9.37%
9.35%
6.32%
5.86%
6.06%
2.63%
0.18%
6.36%
3.68%
-30% Canada
-20%
Belgium/Lux
6.39%
19.29%
16.59%
14.20%
16.49%
18.07%
14.65%
14.82%
24.77%
30%
Malaysia
Jordan
Israel
6.83%
-0.21%
-10% 3.88%
0%
Indonesia
20.16%
30%
Egypt
45.14%
50%
Colombia
-2.44%
-13.58%
-20%
China
-10% -2.06%
0%
Chile
10%
1.21%
20% Austria
Australia
10%
13.70%
20%
Brazil
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, First Quarter 2004
Figure 6. BMI Developed World
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Figure 7. BMI Emerging Markets
(Percent total return, in U.S. dollars)
60%
Source: S&P/Citigroup
Page 7
100%
Standard & Poor’s
-50%
-100%
Emerging Markets
Venezuela
80.32%
89.46%
89.41%
64.44%
74.78%
66.52%
45.52%
81.61%
57.26%
84.16%
129.81%
181.15%
200%
Turkey
Thailand
Taiwan
South Africa
Russia
Poland
Philippines
Peru
Pakistan
Nigeria
60.76%
104.83%
58.92%
World
United States
48.51%
39.27%
90.57%
84.16%
66.66%
60.50%
64.14%
90.38%
72.69%
59.70%
49.79%
47.26%
56.98%
70.31%
62.47%
78.06%
60.53%
57.34%
102.63%
84.72%
77.27%
66.87%
51.27%
-100% United Kingdom
-50% 50.88%
0%
Switzerland
Sweden
Spain
South Korea
Slovenia
Singapore
Portugal
Norway
New Zealand
Netherlands
Japan
Italy
Ireland
Iceland
Hungary
Hong Kong
Greece
Germany
France
Finland
Denmark
50%
Morocco
68.42%
47.77%
73.17%
66.31%
114.92%
141.97%
120.10%
Canada Czech Republic
56.56%
73.46%
56.89%
124.66%
150%
Mexico
Malaysia
Jordan
Israel
Indonesia
India
Egypt
Colombia
85.89%
0%
China
50% 83.06%
Belgium/Lux
Austria
Australia
100%
Chile
111.19%
103.19%
150%
Brazil
Argentina
The World by Numbers April 7, 2004
Global Stock Markets, Twelve Months Ended March 2004
Figure 8. BMI Developed World
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Figure 9. BMI Emerging Markets
(Percent total return, in U.S. dollars)
Source: S&P/Citigroup
Page 8
The World by Numbers
April 7, 2004
S&P/Citigroup BMI Global Markets Performance Rankings Figure 10. Developed World Stock Markets Local Currency Terms One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Japan Hungary Slovenia Czech Republic New Zealand Austria Ireland Australia South Korea Sweden United States Portugal United Kingdom Canada Finland Greece France Italy Singapore Switzerland Spain Denmark Netherlands Germany Belgium/Lux Norway Iceland Hong Kong
Three Month Total Return 9.13 % 8.49 8.39 6.16 6.12 4.75 3.19 2.38 1.36 -0.87 -1.20 -1.26 -1.27 -1.94 -2.10 -2.23 -2.43 -2.45 -2.67 -2.89 -2.90 -3.05 -3.46 -3.60 -3.83 -3.95 -4.03 -6.34
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Czech Republic Hungary Iceland Slovenia Austria Finland Japan Norway Portugal South Korea Sweden Denmark Ireland Belgium/Lux Hong Kong Canada Greece Australia New Zealand Singapore Spain Switzerland France United States Italy United Kingdom Netherlands Germany
Twelve Month Total Return 24.24 % 21.78 20.18 17.96 17.85 17.68 13.09 12.86 12.26 12.18 11.25 9.15 8.65 6.62 6.43 5.44 5.34 5.00 4.85 4.69 3.91 3.36 2.83 2.60 1.77 0.27 -0.22 -1.44
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Iceland Norway Greece South Korea Czech Republic Sweden Hong Kong Germany Belgium/Lux Austria Singapore Hungary Slovenia Japan Denmark Portugal France Switzerland Spain Canada Finland Ireland United States Netherlands New Zealand Italy United Kingdom Australia
24.77 % 19.29 18.07 16.59 16.49 14.82 14.65 14.2 9.37 9.35 6.39 6.36 6.32 6.15 6.06 6.06 5.86 3.88 3.68 2.95 2.63 2.60 1.24 0.90 0.18 -0.85 -2.79 -3.98
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Iceland Greece South Korea Norway Czech Republic Sweden Germany Belgium/Lux Austria Japan Hungary Denmark Slovenia Portugal Hong Kong France Singapore New Zealand Spain Finland Ireland Australia Canada United Kingdom Switzerland Netherlands Italy United States
110.62 % 80.13 79.92 74.16 68.34 63.80 62.29 58.11 57.41 54.03 52.42 52.18 51.98 51.51 48.55 45.75 42.54 41.44 41.12 39.88 39.71 39.39 39.27 33.01 32.93 30.76 30.10 24.18
US Dollar Terms Three Month Total Return
One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Japan Hungary Slovenia South Korea Czech Republic Austria New Zealand Ireland Australia Canada Singapore United States Norway Sweden United Kingdom Portugal Switzerland Finland Greece France Italy Spain Denmark Netherlands Germany Belgium/Lux Hong Kong Iceland
14.61 % 10.71 7.07 3.98 3.89 3.60 3.06 2.06 1.30 0.11 -1.16 -1.20 -1.52 -2.15 -2.23 -2.34 -2.65 -3.18 -3.30 -3.50 -3.51 -3.97 -4.02 -4.52 -4.65 -4.89 -6.42 -7.39
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Hungary Czech Republic Iceland South Korea Japan Austria Finland Slovenia Portugal Norway Australia Denmark New Zealand Sweden Hong Kong Singapore Ireland Belgium/Lux Canada United Kingdom Greece United States Spain Switzerland France Italy Netherlands Germany
Twelve Month Total Return 124.66 % 102.63 90.57 90.38 84.72 84.16 78.06 77.27 73.46 72.69 70.31 66.87 66.66 64.14 62.47 60.53 60.50 59.70 58.92 57.34 56.98 56.89 56.56 51.27 50.88 49.79 47.26 39.27
Note: Hungary and Slovenia migrated from the Emerging Markets Composite to the Developed World, effective July 1, 2003. Source: S&P/Citigroup
Standard & Poor’s
Page 9
The World by Numbers
April 7, 2004
Figure 11. Emerging Composite Stock Markets Local Currency Terms One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Peru Russia Colombia Turkey Pakistan Mexico Egypt Malaysia Brazil Morocco Poland Venezuela Israel Argentina South Africa Jordan India Indonesia Chile Taiwan Philippines China Thailand Nigeria
Three Month Total Return 15.96 % 13.85 8.92 6.23 5.20 5.12 4.99 1.48 1.25 0.83 0.77 0.16 -0.43 -0.66 -0.95 -1.09 -1.44 -2.43 -2.83 -3.35 -3.38 -5.34 -6.81 -9.21
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Colombia Russia Venezuela Egypt Nigeria Mexico Malaysia Israel Pakistan Morocco Poland Argentina Taiwan Indonesia Turkey Jordan Peru South Africa Brazil Chile Philippines China India Thailand
Twelve Month Total Return 40.01 % 30.56 27.04 20.65 20.27 18.71 14.23 12.57 12.36 12.04 11.83 10.65 10.47 8.62 7.12 6.93 4.28 3.50 2.27 1.96 -0.95 -2.43 -5.03 -14.30
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Venezuela Egypt Turkey Russia Colombia Indonesia India Argentina Nigeria China Brazil Peru Mexico Thailand Jordan Israel Poland Pakistan Taiwan Chile Philippines Malaysia Morocco South Africa
45.14 % 33.87 25.39 20.16 19.43 16.67 14.54 14.23 13.82 13.70 12.21 9.92 9.61 9.33 8.35 6.93 6.83 4.39 1.21 -0.21 -2.06 -2.10 -2.44 -13.58
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Turkey Egypt Russia Colombia India Brazil Indonesia Argentina Venezuela Thailand China Nigeria Chile Peru South Africa Jordan Mexico Poland Israel Taiwan Morocco Pakistan Malaysia Philippines
268.15 % 159.92 115.35 108.87 99.52 97.05 96.63 94.25 89.91 85.88 84.53 80.85 74.04 73.53 73.05 60.43 56.64 56.23 55.93 54.44 52.73 47.77 45.86 39.95
US Dollar Terms Three Month Total Return
One Month Total Return 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Peru Russia Colombia Turkey Venezuela Egypt Pakistan South Africa Mexico India Poland Argentina Malaysia Brazil Morocco Jordan Israel Taiwan Philippines Indonesia China Chile Thailand Nigeria
16.38 % 13.82 8.81 7.37 6.23 4.98 4.98 4.54 4.13 2.68 2.55 1.74 1.48 1.16 -0.04 -1.15 -1.22 -2.16 -3.13 -3.67 -5.34 -6.79 -6.81 -7.79
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Colombia Russia Nigeria Egypt Mexico Venezuela Turkey Malaysia Taiwan Argentina Pakistan Morocco South Africa Israel Poland Jordan Indonesia Peru Brazil India Chile Philippines China Thailand
Twelve Month Total Return 181.15 % 141.97 129.81 120.10 114.92 111.19 104.83 103.19 89.46 89.41 85.89 84.16 83.06 81.61 74.78 73.17 68.42 66.52 66.31 64.44 60.76 57.26 47.77 45.52
Source: S&P/Citigroup
Standard & Poor’s
Page 10
The World by Numbers
April 7, 2004
Regional Weightings Weight Relative to Each Indicated Region Figure 12. Major Regional Weightings, Opening March 2004
Other Europe 4.32%
Emerging Markets 4.76%
Eurozone 13.18%
Other Europe 4.54%
Eurozone 12.55% United States 52.01%
United Kingdom 9.68% Other Asia-Pacific 4.16% Japan 9.84%
United Kingdom 10.16% United States 54.60%
Other Asia-Pacific 4.36% Japan 10.33%
Canada 2.70%
Global Composite Other Asia-Pacific 10.25%
Japan 24.27%
Other Europe 10.65%
Canada 2.83%
Developed World New Zealand 0.46%
Singapore 2.70%
South Korea 6.40%
Hong Kong 6.40%
Australia 13.73%
Japan 70.30%
United Kingdom 23.87%
Eurozone 30.95%
EPAC
Switzerland 10.46%
Asia-Pacific
Other Europe 5.82%
Malaysia 5.53%
Mid-East & Africa 20.78% United Kingdom 36.46%
Taiwan 27.78%
Other Latin America 4.43%
Other Eurozone 12.75%
Mexico 6.79%
Netherlands 6.70% Italy 5.55%
Germany 9.42%
France 12.86%
Europe
Brazil 9.29% European Emerging 8.98%
Other Asia-Pac Emg 16.42%
Emerging Composite
EPAC – Europe, Pacific, Asia Composite. Source: S&P/Citigroup
Standard & Poor’s
Page 11
The World by Numbers
April 7, 2004
Global Currencies Figure 13. Euro and Yen Performance versus the U.S. Dollar 1.40
140 Yen-Dollar
1.35
135
1.30
130
1.25
125
1.20
120
1.15
115
1.10
110
1.05
105
1.00
100
0.95
95
Dollar-Euro
Nov-02
Feb-03
Jun-03
Sep-03
Dec-03
Mar-04
Nov-02
Feb-03
Jun-03
Sep-03
Dec-03
Mar-04
Aug-02
Apr-02
Jan-02
Oct-01
Jun-01
Mar-01
Dec-00
Aug-00
May-00
80 Feb-00
0.80 Oct-99
85
Jul-99
0.85
Apr-99
90
Dec-98
0.90
Source: S&P/Citigroup
Figure 14. Canadian and Australian Dollar Performance versus the U.S. Dollar 0.80
0.75 US$-CA$ 0.70
0.65
0.60
0.55 US$-AU$ 0.50
Aug-02
Apr-02
Jan-02
Oct-01
Jun-01
Mar-01
Dec-00
Aug-00
May-00
Feb-00
Oct-99
Jul-99
Apr-99
Dec-98
0.45
Source: S&P/Citigroup
Standard & Poor’s
Page 12
The World by Numbers
April 7, 2004
Figure 15. Global Currency Matrix, Periods Ended March 31, 2004 (In percentage terms) In US Dollar Terms 1 Month
3 Months
In Euro Terms
12 Months
1 Month
3 Months
In Yen Terms 12 Months
1 Month
3 Months
In Pound Terms 12 Months
1 Month
3 Months
12 Months
Europe British Pound Czech Koruna
-0.97 % -2.14
2.66 % -3.98
16.27 % 9.73
0.13 % -1.06
5.38 % -1.45
3.24 % -2.56
-5.70 % -6.82
-0.34 % -6.79
2.01 % -3.73
-1.18 %
-6.47 %
-5.62 %
Danish Krone Euro
-1.00 -1.09
-2.56 -2.57
12.34 12.62
0.09
0.01
-0.25
-5.74 -5.82
-5.41 -5.42
-1.44 -1.19
-0.03 -0.13
-5.09 -5.10
-3.38 -3.14
Hungarian Forint
2.05
2.45
11.91
3.18
5.16
-0.63
-2.83
-0.55
-1.81
3.04
-0.21
-3.75
Iceland Krona Norwegian Krone
-3.51 2.53
-1.76 -3.10
6.67 5.69
-2.44 3.66
0.83 -0.54
-5.29 -6.15
-8.12 -2.37
-4.63 -5.94
-6.42 -7.27
-2.56 3.53
-4.31 -5.62
-8.26 -9.10
Slovenian Tolar Swedish Krona
-1.22 -1.29
-3.18 -4.59
9.66 12.43
-0.13 -0.20
-0.63 -2.07
-2.63 -0.16
-5.95 -6.01
-6.02 -7.38
-3.79 -1.36
-0.26 -0.32
-5.70 -7.06
-5.69 -3.30
Swiss Franc
0.25
-2.38
6.68
1.36
0.20
-5.28
-4.54
-5.23
-6.41
1.23
-4.91
-8.25
Asia Pacific Australian Dollar
-1.05 %
1.33 %
26.34 %
0.05 %
4.00 %
12.18 %
-5.78 %
-1.64 %
10.84 %
-0.08 %
-1.30 %
Hong Kong Dollar Japanese Yen
-0.09 5.02
-0.35 3.01
0.11 13.98
1.01 6.18
2.28 5.73
-11.11 1.21
-4.87
-3.27
-12.17
0.88 6.05
-2.94 0.34
8.66 %
New Zealand Dollar
-2.88
1.40
20.14
-1.81
4.08
6.68
-7.53
-1.56
5.40
-1.93
-1.23
3.33
Singapore Dollar South Korean Won
1.55 2.58
1.32 3.93
5.30 9.42
2.67 3.71
3.99 6.67
-6.50 -2.84
-3.31 -2.33
-1.65 0.89
-7.61 -4.00
2.54 3.58
-1.31 1.23
-9.43 -5.89
2.09 %
-1.67 %
3.22 % 1.11
0.92 % 2.64
-0.62 % -11.21
-2.79 % -4.78
-4.55 % -2.93
-1.81 % -12.27
3.09 % 0.98
-4.23 % -2.60
-3.74 % -13.99
-10.04 %
-13.90 -1.97
North America Canadian Dollar US Dollar Latin America Argentine Peso
11.92 %
2.41 %
2.76 %
3.54 %
5.47 %
-7.12 %
-2.49 %
-0.25 %
-8.23 %
3.41 %
0.09 %
Brazilian Real
-0.09
-1.03
14.44
1.02
1.58
1.62
-4.86
-3.92
0.41
0.89
-3.60
-1.57
Chilean Peso Colombian Peso
-4.07 -0.10
-3.94 3.66
18.53 10.31
-3.01 1.00
-1.40 6.40
5.25 -2.05
-8.66 -4.88
-6.75 0.63
3.99 -3.22
-3.13 0.87
-6.43 0.97
1.94 -5.12
Mexican Peso Peruvian Nuevo Sol
-0.94 0.37
0.60 0.11
-3.23 0.42
0.15 1.48
3.26 2.76
-14.07 -10.83
-5.68 -4.43
-2.34 -2.82
-15.10 -11.90
0.02 1.35
-2.01 -2.49
-16.77 -13.63
Venezuela Bolivar
6.06
-8.16
-48.54
7.23
-5.73
-54.30
0.99
-10.85
-54.85
7.10
-10.54
-55.74
Emerging Asia Pacific Taiwan Dollar
4.60 %
1.23 %
3.03 %
5.46 %
2.35 %
5.76 %
Chinese Renminbi Malaysian Ringgit
0.00 0.00
0.00 0.00
0.00 0.00
1.11 1.11
2.64 2.64
-6.36 %
Pakistani Rupee
-0.21
-0.14
0.66
0.90
2.50
-10.62
-4.98
-3.06
-11.69
0.77
-2.73
-13.43
Philippine Peso Indian Rupee
0.26 4.18
-1.17 5.08
-4.72 9.30
1.37 5.33
1.44 7.85
-15.39 -2.94
-4.54 -0.80
-4.06 2.00
-16.40 -4.10
1.24 5.20
-3.73 2.35
-18.05 -5.99
Indonesian Rupiah Thai Baht
-1.27 0.00
-1.65 0.85
3.95 9.15
-0.17 1.11
0.95 3.51
-7.70 -3.08
-5.99 -4.78
-4.52 -2.10
-8.80 -4.24
-0.30 0.98
-4.20 -1.77
-10.60 -6.13
Polish Zloty Russian Rouble
1.77 % -0.03
-3.12 % 2.54
6.31 % 10.03
2.90 % 1.08
-0.56 % 5.24
-5.60 % -2.30
-3.10 % -4.81
-5.95 % -0.46
-6.73 % -3.47
2.76 % 0.95
-5.63 % -0.12
Middle-East and Africa Israeli Shekel
-7.95 %
-11.20 -11.21
-3.61 %
0.02 %
-4.78 -4.78
-2.93 -2.93
-7.48 % -12.26 -12.27
2.22 %
0.36 %
0.98 0.98
-2.60 -2.60
-9.30 % -13.99 -13.99
Emerging Europe
-9.05 %
-8.57 % -5.37
-0.80 %
-2.87 %
3.67 %
0.30 %
-0.31 %
-5.54 %
-5.71 %
0.17 %
-5.39 %
-10.84 %
Nigerian Naira
1.57
4.26
-3.03
2.69
7.01
-13.89
-3.29
1.21
-14.92
2.56
1.55
-16.60
South African Rand Turkish Lira
5.54 1.07
5.91 6.93
24.89 30.56
6.71 2.18
8.71 9.75
10.89 15.93
0.49 -3.77
2.81 3.80
9.57 14.54
6.57 2.05
3.16 4.15
7.41 12.28
Jordanian Dinar Egyptian Pound
-0.06 -0.01
0.00 -0.40
0.07 -6.91
1.04 1.10
2.64 2.23
-11.14 -17.34
-4.84 -4.79
-2.93 -3.32
-12.20 -18.32
0.91 0.97
-2.60 -2.99
-13.93 -19.93
Moroccan Dirham
-0.86
-1.89
10.21
0.23
0.70
-2.14
-5.60
-4.76
-3.31
0.10
-4.44
-5.21
Source: S&P/Citigroup
Standard & Poor’s
Page 13
The World by Numbers
April 7, 2004
Global Sectoral Performance Figure 16. Legacy Sector/Industry Performance, Periods Ending March 2004 (Total return in U.S. dollars) World 1-Month Basic Industry
3-Month
World ex-US 12-Month
1-Month
3-Month
Europe 12-Month
1-Month
3-Month
Asia-Pacific 12-Month
1-Month
3-Month
3.66 %
55.12 %
2.89 %
5.80 %
67.76 %
-2.83 %
2.49 %
66.20 %
10.22 %
Chemicals
0.07
-0.27
46.43
1.49
1.14
55.17
-4.15
-3.11
48.94
12.45
Construction & Building
6.47
13.35
83.84
6.80
13.46
77.91
2.15
10.11
72.25
17.33
20.83
90.69
Land Transport
3.93
3.48
37.85
7.98
10.43
43.15
-3.05
-0.52
59.79
11.67
16.22
40.92
Industrial Materials
1.94
4.98
70.82
2.57
6.71
72.90
-3.45
0.22
67.48
11.03
16.02
79.33
Manufacturing
3.66
5.25
70.80
4.82
6.21
74.32
-2.65
3.42
79.59
10.38
8.98
71.70
Mining & Commodities
-0.70
-1.80
68.82
-0.33
-1.44
63.10
-3.89
-3.69
59.21
-0.80
-1.25
71.70
Miscellaneous
1.25
4.10
52.93
1.52
8.67
84.69
-2.71
5.44
81.93
12.03
16.68
88.19
Multi-Industry
-3.60
2.16
37.75
-4.32
4.90
64.95
-3.61
6.14
73.39
-8.20
4.27
54.81
Paper & Packaging
0.49
3.58
44.10
2.76
2.96
45.83
-1.31
1.60
48.96
12.00
6.83
51.88
Shipping & Containers
-0.76
8.31
84.07
-0.96
7.78
84.67
-7.52
5.81
94.33
8.80
12.06
77.61
Steel & Metal Products
6.77
6.50
94.30
9.61
9.63
109.48
-2.04
3.80
100.46
16.49
13.30
117.43
14.07
13.45
85.19
14.30
13.52
16.75
Trade Companies Capital Spending
-1.91 %
1.37 %
54.69 %
0.18 %
9.88 %
84.27
0.49
5.10
77.18
81.71 %
-4.00 %
7.30 %
85.18 %
9.29 %
11.54 %
12-Month
1.05 %
9.48
72.72 % 70.14
15.02
85.56
12.80 %
73.57 %
Aerospace & Defense
-2.24
-1.04
48.56
2.28
10.70
101.19
0.79
11.42
105.38
17.21
13.34
84.06
Comm. Equipment
-7.25
24.89
96.52
-7.83
27.35
97.68
-4.51
27.06
92.36
-1.60
8.67
71.02 73.15
Engineering
0.21
3.23
73.20
2.87
8.91
87.04
-0.63
7.28
98.40
8.49
11.30
Industrial Electronics
-1.78
-0.17
76.48
3.58
5.67
80.25
-4.23
-1.89
78.48
12.57
13.97
83.16
Media & Agencies
-2.09
0.45
41.56
-2.49
6.57
66.44
-5.21
5.61
70.50
2.94
9.20
60.50
Office Equipment
-1.15
-0.33
41.74
3.99
8.32
83.72
-4.21
-3.46
96.93
9.40
13.98
69.37
1.54 %
7.18 %
57.15 %
3.43 %
9.15 %
70.25 %
-3.02 %
1.87 %
70.00 %
8.29 %
15.01 %
-2.72
3.73
50.14
-3.97
5.23
59.14
-6.23
3.12
56.67
-0.19
8.93
Consumer Cyclical Air Transport
70.56 % 60.18
Auto Components
1.20
4.26
64.19
4.29
9.79
71.02
-6.38
2.12
96.03
10.88
14.23
59.05
Automobiles
2.39
-0.20
63.79
3.09
2.04
63.56
-3.74
-7.80
57.59
7.24
8.35
66.39
Consumer Electronics
3.93
14.32
76.39
5.69
18.26
75.64
-2.36
-0.29
69.48
6.48
20.40
75.90
Leisure
1.51
9.91
61.89
2.20
9.23
80.59
-2.15
7.72
101.63
10.11
13.16
59.13
Merchandising
0.42
7.58
47.13
2.43
10.57
73.98
-2.49
6.95
70.75
13.98
21.52
87.38
Tex tiles
4.05
8.97
56.31
7.20
10.35
60.99
0.70
5.45
50.98
15.49
16.38
74.38
-1.81 %
2.41 %
29.65 %
-0.95 %
3.08 %
40.96 %
-3.15 %
0.56 %
40.54 %
0.84
5.82
34.72
-0.09
6.55
47.61
-2.85
4.77
46.95
Consumer Staple Bev erages
9.79 % 10.04
16.22 %
44.92 %
15.68
53.34
Food Manufacturing
-1.13
5.55
33.24
-1.97
5.24
33.06
-3.58
4.37
30.91
8.14
12.13
47.58
Food Retailing
-0.02
7.05
58.60
0.44
5.67
62.71
-5.79
-2.14
62.69
18.08
29.36
63.47
Household Products
0.74
5.70
25.41
-0.59
3.23
33.57
-4.75
-0.85
35.77
10.78
13.60
27.86
Pharmaceuticals
-3.25
-0.51
21.79
-1.36
-0.01
37.65
-2.76
-2.24
38.35
6.61
13.03
37.95
Tobacco
-1.62
5.43
73.71
1.29
11.67
54.25
1.16
12.24
56.33
2.15
0.50 %
3.21 %
36.66 %
1.58 %
41.82 %
0.97 %
-0.44 %
37.78 %
7.60 %
Energy Financial
0.95 %
3.81 15.92 %
29.14 75.41 %
0.43 %
5.47 %
57.49 %
1.27 %
5.51 %
72.05 %
-3.76 %
0.25 %
65.32 %
13.21 %
18.41 %
Insurance
-1.79
5.81
56.86
-2.30
4.17
79.65
-6.97
-0.40
75.54
18.49
22.94
116.17
Multinational Banks
1.45
4.80
81.02
1.56
4.11
81.55
-3.80
-0.88
63.28
28.01
27.90
215.81
Property
4.26
13.11
62.44
3.08
14.12
74.10
1.79
10.82
71.37
3.97
17.05
76.87
Regional Banks
-0.16
2.66
47.13
1.06
3.21
56.40
-2.68
-0.81
59.74
6.73
10.30
54.46
13.31
15.43
22.26
101.78
Specialty Financial
94.27 %
1.17
7.48
56.04
5.87
82.94
-1.76
5.71
68.38
-0.54 %
4.40 %
44.75 %
-1.26 %
3.04 %
46.71 %
-3.04 %
2.37 %
51.15 %
4.14 %
5.51 %
35.60 %
Comm. Netw orks
-2.20
2.58
49.10
-2.73
0.43
47.54
-4.49
-0.32
48.85
3.74
3.58
44.39
Water, Pow er & Light
1.11
6.22
40.82
0.99
7.13
45.51
-0.58
7.06
54.99
4.58
7.72
27.25
-0.21 %
3.87 %
48.51 %
1.01 %
5.44 %
61.33 %
-2.99 %
1.64 %
57.29 %
9.81 %
Utilities
Composite
13.95 %
70.29 %
Source: S&P/Citigroup
Standard & Poor’s
Page 14
The World by Numbers
April 7, 2004
Figure 17. Sector/Industry Performance, Periods Ending March 2004 (Total return in U.S. dollars) World Sector Groupings CYCLICALS BASIC MATERIALS
Weight
1-Month
37.95 %
World ex-US
3-Month 12-Month
0.94 %
7.98 %
55.73 %
Weight 36.41 %
1-Month
3-Month
1.93 %
Europe 12-Month
12.17 %
65.10 %
Weight
1-Month
28.74 %
Asia-Pacific
3-Month 12-Month
3.21 %
14.12 %
77.67 %
Weight
1-Month
52.61 %
3-Month 12-Month
0.32 %
9.94 %
51.38 %
4.93
3.00
10.39
56.80
7.15
1.75
9.48
59.89
5.59
1.87
11.75
63.21
8.71
0.26
9.29
58.37
Chemicals
1.88
-0.01
8.40
47.49
2.43
-1.58
8.07
53.68
2.23
-0.41
10.17
57.10
3.05
-3.54
5.37
49.74
Construction Materials
0.54
2.70
14.76
70.79
1.08
2.81
15.17
71.33
1.30
2.57
13.76
75.83
0.83
3.75
20.35
58.83
Mining & Metals
1.70
5.36
9.93
71.81
2.92
4.14
9.36
66.80
1.42
3.89
15.44
70.60
4.16
3.22
11.17
69.69
Paper & Forest Products
0.78
5.90
13.43
42.77
0.66
2.69
6.17
38.07
0.62
4.43
4.95
46.53
0.53
-4.01
3.17
33.08
Div ersified Basic Materials
0.03
-1.62
12.74
73.60
0.06
-1.62
12.74
73.60
0.02
0.24
30.08
202.30
0.14
-2.22
8.04
51.00
2.64 %
12.50 %
3.33 %
14.27 %
CONSUMER CYCLICALS Autos & Auto Parts
12.73 % 2.29
3.19 %
8.71 %
52.31 %
1.16
9.37
51.63
12.93 % 3.79
1.79
9.07
58.31 % 49.51
10.28 % 2.12
-1.22
8.54
70.26 %
19.85 %
53.79
2.08 %
7.87
11.18 %
3.79
9.59
46.23 % 46.33
Consumer Building
0.53
7.04
10.05
74.94
0.56
3.52
15.18
64.51
0.46
7.66
21.60
69.74
0.82
-1.04
8.22
59.38
Consumer Durables
1.30
-0.55
10.01
36.91
2.09
-1.55
10.83
39.96
0.93
-0.14
6.41
54.42
4.96
-2.20
12.78
35.06 62.27
Retail
4.13
6.72
6.32
54.41
2.40
6.57
14.58
70.06
2.22
7.06
15.11
75.33
3.07
6.04
14.19
Leisure & Recreation
1.36
4.57
12.69
70.19
1.18
2.55
13.81
65.49
1.39
3.43
16.47
76.93
0.85
-0.21
8.11
35.83
Media
3.11
0.66
9.07
46.57
2.92
3.62
15.73
73.08
3.16
4.40
18.43
81.89
2.29
2.87
11.60
54.61
9.60 %
13.01 %
INDUSTRIAL GOODS & SERVICES
5.71 %
0.97 %
57.77 %
5.36 %
2.34 %
11.37 %
65.44 %
4.56 %
4.36 %
80.25 %
7.46 %
-0.36 %
Engineering & Capital Goods
1.18
1.33
11.11
76.18
1.00
-0.15
10.15
74.47
0.79
-0.19
9.66
81.92
1.52
-0.40
10.89
Engineering & Construction
0.53
4.00
13.59
62.45
0.97
4.10
15.03
63.67
0.97
5.29
15.43
64.14
1.16
1.99
14.44
63.92
General Manufacturing & Serv ices
1.54
0.85
6.06
48.92
1.61
2.64
9.64
60.89
1.34
3.83
9.72
75.48
2.31
1.17
8.79
48.73
Electrical Equipment
1.04
-1.32
8.17
54.55
0.93
-1.14
7.85
51.57
0.48
3.77
15.56
75.40
2.02
-3.35
4.77
41.96
Aerospace & Defense
0.98
2.02
11.24
53.22
0.49
9.08
17.28
98.82
0.59
10.04
16.82
113.50
0.07
-1.79
6.01
49.80
Div ersified Industrial Goods & Sv cs
0.43
0.09
13.74
57.59
0.36
4.14
14.94
68.58
0.38
6.04
17.39
106.86
0.39
0.36
10.10
24.76
14.43 %
85.16 %
6.70 %
3.15 %
15.83 %
99.85 %
115.11
0.09
2.93
17.97
97.08
1.33
TECHNOLOGY
13.07 %
-1.94 %
5.65 %
59.06 %
8.57 %
0.82 %
3.75
40.49
0.49
-2.29
-2.01 %
8.91 %
-2.86
6.31
51.25 % 69.86
62.30 %
Computer Hardw are
2.20
-1.99
Computer Softw are
2.40
-3.63
3.26
28.72
0.86
-2.02
4.04
66.52
0.80
-2.80
2.63
86.61
1.02
-1.06
7.90
44.03
Internet Companies
0.39
1.38
10.79
114.52
0.23
10.80
20.60
131.43
0.16
9.06
14.72
89.82
0.39
11.81
23.62
204.04
Computer Serv ices
0.86
-1.26
5.21
42.35
0.38
0.91
8.36
96.40
0.37
3.29
9.22
128.51
0.44
-2.52
6.31
62.05
Electronics & Semiconductors
3.38
-3.11
-3.25
72.50
2.11
-3.05
6.63
66.36
0.66
-2.57
0.72
90.48
5.48
-3.22
8.10
62.59
Communication Equipment
2.77
0.33
21.16
98.38
2.32
8.38
37.89
126.75
2.87
9.89
32.23
108.15
0.22
-3.25
10.09
98.39
Office Equipment
0.36
-1.40
9.43
42.13
0.60
-1.83
7.51
38.43
0.05
6.63
27.87
94.74
1.90
-2.27
6.57
36.36
Div ersified Technology
0.71
-1.77
9.52
81.87
1.58
-1.77
9.52
82.51
1.70
-2.50
7.25
93.23
1.65
-0.10
14.91
57.76
TRANSPORTATION
7.11
12.43 %
8.96 %
108.38
1.51 %
1.41 %
8.64 %
46.86 %
2.40 %
1.82 %
12.53 %
56.10 %
1.62 %
4.21 %
17.91 %
96.16 %
4.15 %
0.52 %
10.35 %
34.77 %
Air Transportation
0.42
1.56
5.09
49.27
0.58
3.00
13.56
66.77
0.63
1.86
15.08
75.71
0.56
6.16
10.01
46.79
Surface Transportation
0.98
1.14
9.53
43.65
1.59
1.21
11.64
50.17
0.77
5.71
18.07
112.10
3.42
-0.63
9.87
31.36
Div ersified Transportation
0.11
3.26
14.95
69.58
0.23
3.18
16.28
75.47
0.22
5.92
26.34
108.07
0.18
6.51
21.10
73.82
34.08 %
2.88 %
11.53 %
37.65 %
34.37 %
3.16 %
11.91 %
43.47 %
41.79 %
3.53 %
12.82 %
46.42 %
19.63 %
1.22 %
8.53 %
8.43 %
4.68 %
9.87 %
39.91 %
8.22 %
5.32 %
12.92 %
45.61 %
10.15 %
6.13 %
14.02 %
49.48 %
4.88 %
2.59 %
10.20 %
Consumer Non-Durables
4.40
4.42
8.55
44.01
3.59
6.16
11.02
49.53
7.67
12.16
56.78
2.47
1.81
Food & Drink
3.96
4.93
11.35
35.06
4.47
4.62
14.54
41.29
5.68
5.01
15.54
42.95
Div ersified Consumer Non-Cy clica
0.07
6.23
11.42
88.62
0.16
6.23
11.42
88.62
0.25
6.23
11.42
88.62
6.80 %
4.91 %
17.40 %
36.65 %
7.34 %
5.09 %
14.43 %
39.31 %
9.37 %
4.79 %
14.03 %
1.32 %
3.25 %
13.71 %
61.70 %
0.04
8.11
26.65
74.31
0.02
15.22
33.71
105.58
0.01
17.98
24.09
170.54
0.03
8.62
24.12
83.14
6.76
4.89
17.35
14.39
14.02
61.40
DEFENSIVES CONSUMER NON-CYCLICALS
ENERGY Non-Oil Energy Oil & Gas HEALTHCARE Healthcare Products & Serv ices Healthcare Facilities TELECOMMUNICATIONS UTILITIES FINANCIALS Non-Property Financials Property and Property Serv ices CONGLOMERATES BMI Composite
11.16 % 9.73
4.21
36.90 %
2.41 NA
3.41 NA
8.29 12.23 NA
31.51 % 32.29 % 29.56 35.14 NA
36.49
7.32
5.06
39.20
9.36
4.79
36.86
1.29
3.14
13.50
0.90 %
9.18 %
31.94 %
7.64 %
0.92 %
8.42 %
42.42 %
9.92 %
0.64 %
7.73 %
45.45 %
3.88 %
2.64 %
11.96 %
28.52 %
0.91
9.40
30.72
7.40
0.75
8.15
41.86
9.70
0.48
7.50
45.08
3.65
2.58
11.92
27.08
1.44
0.82
7.66
41.00
0.24
6.29
17.27
61.85
0.22
8.11
18.97
65.10
0.23
3.59
12.67
57.72
3.85
1.17
12.68
49.71
7.00
0.54
11.15
48.37
8.39
0.92
13.38
53.15
5.00
-0.57
4.72
34.16
3.84
4.17
3.96
4.56
-0.01
6.85
23.74
3.13
11.20
41.11
4.44
13.57
40.89
7.36
19.66
52.17
25.23 %
2.49 %
11.18 %
54.75 %
27.29 %
2.21 %
11.72 %
64.32 %
28.08 %
2.23 %
12.22 %
66.11 %
24.54 %
2.61 %
12.21 %
64.54 %
23.26
2.42
10.97
54.70
25.11
2.01
11.25
64.37
26.80
1.98
11.99
66.21
20.30
2.60
11.00
64.78
1.97
3.27
13.63
55.40
2.18
4.57
17.52
63.83
1.28
7.83
17.31
64.71
4.24
2.63
18.35
63.36
2.75 %
-0.72 %
13.42 %
45.87 %
1.92 %
2.74 %
16.91 %
68.99 %
1.39 %
3.26 %
16.53 %
76.74 %
3.22 %
1.61 %
17.11 %
60.29 %
100.00 %
1.94 %
10.12 %
48.52 % 100.00 %
2.44 %
12.04 %
56.78 %
100.00 %
3.06 %
13.07 %
60.16 % 100.00 %
1.09 %
10.42 %
50.12 %
Source: S&P/Citigroup
Standard & Poor’s
Page 15
The World by Numbers
April 7, 2004
Global Stock Performance Figure 18. North American Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
27-Feb-04
31-Mar-04
Local
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Barrick Gold Corp Intl Game Technology Electronic Arts Saputo Inc Jean Coutu Group Inc A Subv tg Apple Computer Inc Apollo Group Inc Penney , J.C. Inc Lex mark International Inc Micron Technology Inc
US$
Canada United States United States Canada Canada United States United States United States United States United States
Non-Ferrous & Precious Metals Engineering & Machinery PC Softw are Food Retail (Food & Drugs) PC Hardw are Consumer Serv ices Retail (Broadline) PC Hardw are Semiconductors
27.2300 39.2400 47.1600 29.7000 15.4200 23.9200 76.2300 30.8700 82.2900 15.0400
31.0000 44.9600 53.7400 33.0500 17.1000 27.0400 86.1600 34.7800 92.0000 16.7100
13.8 % 14.6 14.0 11.3 10.9 13.0 13.0 12.7 11.8 11.1
16.2 % 14.6 14.0 13.6 13.2 13.0 13.0 12.7 11.8 11.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Nortel Netw orks Corp Biov ail Corp Sun Microsy stems Inc Agere Sy stems Inc A Agere Sy stems Inc B JDS Uniphase Corp PeopleSoft Inc Solectron Corp Kroger Co Applera Corp-Applied Biosy stems
Canada Communication Equipment Canada Pharmaceuticals United States Serv er & Enterprise Hardw are United States Semiconductors United States Semiconductors United States Communication Equipment United States Enterprise & Client-Serv er Softw are United States Electronic & Passiv e Components United States Retail (Food & Drugs) United States Healthcare Serv ices
10.7000 27.3700 5.3100 3.8800 3.7100 4.8300 21.5800 6.3900 19.2200 22.8000
7.7100 20.4500 4.1700 3.2100 3.1200 4.0700 18.4900 5.5300 16.6400 19.7800
-27.9 % -25.3 -21.5 -17.3 -15.9 -15.7 -14.3 -13.5 -13.4 -13.2
-26.4 % -23.7 -21.5 -17.3 -15.9 -15.7 -14.3 -13.5 -13.4 -13.2
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues PalmOne Inc Ask Jeev es Inc Sepracor Inc SuperGen Inc Goody 's Family Clothing Midw ay Games Inc Transkary otic Therapies Inc Metris Companies Inc InVision Technologies Inc Three-Fiv e Sy stems
United States United States United States United States United States United States United States United States United States United States
Handheld Computer Internet Companies Pharmaceuticals Pharmaceuticals Retail (Soft Goods) PC Softw are Pharmaceuticals Banks & Financial Serv ices Engineering & Machinery Quartz Cry stal, Magnetic & LCD
10.0300 20.2000 28.3100 7.8000 9.4000 4.8500 12.0400 5.6400 35.1000 4.7300
21.4000 35.7300 48.1000 12.8000 14.2700 7.2800 17.2000 8.0400 49.6700 6.5500
113.4 % 76.9 69.9 64.1 51.8 50.1 42.9 42.6 41.5 38.5
113.4 % 76.9 69.9 64.1 51.8 50.1 42.9 42.6 41.5 38.5
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Sino-Forest Corp A Subv tg Aaipharma Inc Oneida Ltd Enterasy s Netw orks Inc Carreker Corp Sonus Netw orks Inc Quidel Corp Interdigital Communications Boy ds Collection Ltd Nov oste Corp
Canada United States United States United States United States United States United States United States United States United States
Paper & Forest Products Pharmaceuticals Consumer Durables Communication Equipment Computer Serv ices Communication Equipment Medical Technology & Supplies Communication Equipment Consumer Durables Medical Technology & Supplies
6.8900 15.2800 4.9200 4.5500 13.2500 5.9300 10.2900 26.5600 3.6800 4.9400
2.9000 6.6300 2.4500 2.5300 7.9200 3.7900 6.5900 17.4800 2.5100 3.3900
-57.9 % -56.6 -50.2 -44.4 -40.2 -36.1 -36.0 -34.2 -31.8 -31.4
-57.0 % -56.6 -50.2 -44.4 -40.2 -36.1 -36.0 -34.2 -31.8 -31.4
Source: S&P/Citigroup
Standard & Poor’s
Page 16
The World by Numbers
April 7, 2004
Figure 19. European Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
27-Feb-04
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Matav Rt OMV AG OTP Bank KRKA DD Gorenje Velenje DD Coca-Cola HBC SA Petrol Ljubljana Komercni Banka Erste Bank Ost Sparkasse Mercator Poslov ni Sistem
Hungary Austria Hungary Slov enia Slov enia Greece Slov enia Czech Republic Austria Slov enia
Wireline Telecommunications Integrated Oils Banks & Financial Serv ices Pharmaceuticals Consumer Durables Drinks Refining & Marketing Banks & Financial Serv ices Banks & Financial Serv ices Retail (Food & Drugs)
810.0000 129.7500 3390.000 57702.70 5860.000 19.0000 59410.00 2921.000 112.4000 35310.00
932.0000 154.0000 3839.000 64500.00 6449.000 20.8200 64600.00 3201.000 121.8000 38300.00
15.1 % 18.7 13.2 11.8 10.1 9.6 8.7 9.6 8.4 8.5
17.4 % 17.4 15.6 10.4 8.7 8.4 7.4 7.2 7.2 7.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Tomra Sy stems AS Roy al & Sun Alliance Insurance Gp Boots Group Plc Hellenic Technodomiki Mediolanum AP Moller - Maersk AS B Pharmaco HF AP Moller - Maersk AS A Bay er AG Intracom SA
Norw ay United Kingdom United Kingdom Greece Italy Denmark Iceland Denmark Germany Greece
Engineering & Machinery Insurance Retail (Food & Drugs) Construction Insurance Shipping Pharmaceuticals Shipping Basic Chemicals Communication Equipment
45.9000 1.0325 7.4250 4.3800 5.8400 50400.00 48.2000 48400.00 22.8000 5.1400
34.8000 0.8200 6.1950 3.7000 5.0100 43200.00 42.7000 42000.00 19.8100 4.4800
-24.2 % -20.6 -16.6 -15.5 -14.2 -14.3 -11.4 -13.2 -13.1 -12.8
-22.3 % -21.3 -17.4 -16.4 -15.2 -15.1 -14.5 -14.1 -14.1 -13.8
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Elan Corp Groupe Partouche Jarv is Plc Alv is Ispat International NV SAP Sy stems Integration Sv ces Maurel Et Prom Tw entsche Kabel Hldgs NV Cairn Energy SkillSoft ADR
Ireland France United Kingdom United Kingdom Netherlands Germany France Netherlands United Kingdom Ireland
Pharmaceuticals Trav el Construction Aerospace & Defense Iron & Steel Computer Serv ices Conglomerates Electrical Equipment Ex ploration & Production Consumer Serv ices
11.3500 12.1400 1.3025 2.0600 6.6000 15.3000 43.4500 17.4000 6.7500 10.0100
16.7000 16.8900 1.8000 2.8350 8.9800 20.2700 57.3000 22.6800 8.7800 12.7700
47.1 % 39.1 38.2 37.6 36.1 32.5 31.9 30.3 30.1 27.6
45.5 % 37.6 36.9 36.3 34.6 31.0 30.4 28.9 28.8 27.6
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s May flow er Corp Ebookers.com Ultraframe My Trav el Group Plc Michaniki SA Tecan Group AG Reg Finmatica SpA Rhodia SA RPS Group
United Kingdom Retail (Hard Goods) Automotiv e Parts United Kingdom United Kingdom Retail (Hard Goods) United Kingdom Consumer Building United Kingdom Trav el Greece Construction Sw itzerland Medical Technology & Supplies Italy Enterprise & Client-Serv er Softw are France Basic Chemicals United Kingdom Commercial Serv ices
0.3750 0.1400 4.4475 2.3425 0.1275 3.4600 66.8000 6.0600 3.4300 1.5800
0.1575 0.0675 2.9200 1.6500 0.0900 2.4500 47.9000 4.4500 2.5300 1.1850
-58.0 % -51.8 -34.3 -29.6 -29.4 -29.2 -28.3 -26.6 -26.2 -25.0
-58.4 % -52.3 -35.0 -30.2 -30.1 -30.0 -28.1 -27.4 -27.0 -25.7
Source: S&P/Citigroup
Standard & Poor’s
Page 17
The World by Numbers
April 7, 2004
Figure 20. Asia-Pacific Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price Country
Industry
27-Feb-04
31-Mar-04
Price Return Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Resona Holdings Inc Mizuho Financial Group Inc UFJ Holdings Inc Sumitomo Metal Industries Bank of Yokohama Kokusai Securities Co Mizuho Trust & Banking Co Ltd Itochu Techno Science Corp Hy nix Semiconductor Chiba Bank
Japan Japan Japan Japan Japan Japan Japan Japan South Korea Japan
Banks & Financial Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Iron & Steel Banks & Financial Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Computer Serv ices Semiconductors Banks & Financial Serv ices
124.0000 329000.0 490000.0 103.0000 456.0000 1067.000 170.0000 3500.000 8970.000 439.0000
174.0000 448000.0 662000.0 139.0000 612.0000 1431.000 227.0000 4670.000 12250.00 581.0000
40.3 % 36.2 35.1 35.0 34.2 34.1 33.5 33.4 36.6 32.3
47.4 % 43.0 41.9 41.7 41.0 40.9 40.2 40.1 40.1 39.0
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Cho Hung Bank China Unicom Ltd Li & Fung Ltd Hong Kong Ex changes & Clearing China Mobile (Hong Kong) Ltd PCCW Ltd Hutchison Whampoa Ltd Legend Group Ltd Cheung Kong Hldgs Ltd Hang Seng Bank Ltd
South Korea Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong
Banks & Financial Serv ices Wireless Serv ices Consumer Durables Banks & Financial Serv ices Wireless Serv ices Wireline Telecommunications Conglomerates PC Hardw are Property (ex . Serv ices) Banks & Financial Serv ices
4140.000 10.0000 15.2000 20.6000 27.5500 6.1500 65.5000 3.2750 74.2500 110.5000
2830.000 7.0500 11.9000 16.7000 23.1000 5.2500 56.0000 2.8250 65.5000 99.5000
-31.6 % -29.5 -21.7 -18.9 -16.2 -14.6 -14.5 -13.7 -11.8 -10.0
-29.9 % -29.6 -21.8 -19.0 -16.2 -14.7 -14.6 -13.8 -11.9 -10.0
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Misaw a Homes Holdings Inc Nippon Denko Co France Bed Holdings Co Daiei Inc Toky u Department Store Co Toky o Steel Mfg Co Haseko Corp Valor Co Daiky o Inc Nissho Iw ai-Nichimen Holding Corp
Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan
Consumer Building Iron & Steel Consumer Durables Retail (Broadline) Retail (Broadline) Iron & Steel Construction Retail (Food & Drugs) Property (ex . Serv ices) Conglomerates
167.0000 203.0000 333.0000 266.0000 109.0000 859.0000 239.0000 2150.000 207.0000 472.0000
474.0000 517.0000 600.0000 440.0000 177.0000 1348.000 373.0000 3350.000 315.0000 718.0000
183.8 % 154.7 80.2 65.4 62.4 56.9 56.1 55.8 52.2 52.1
198.1 % 167.5 89.2 73.7 70.5 64.8 63.9 63.6 59.8 59.8
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Asia Aluminium Holdings Ltd Silv er Grant Intl Industries Chinadotcom Corp (Cay mans) SK Netw orks Co Ltd Hanw ha Chemical Corp China Ev erbright China National Av iation QPL Intl Hldgs Ltd Tom Group Ltd Wah Sang Gas Holdings Ltd
Hong Kong Hong Kong Hong Kong South Korea South Korea Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong
Non-Ferrous & Precious Metals Property (ex . Serv ices) Internet Companies Non-Ferrous & Precious Metals Basic Chemicals Banks & Financial Serv ices Air Transportation Electronic & Passiv e Components Internet Companies Utilities Serv ices
1.6100 2.4750 11.5000 11400.00 11400.00 5.3500 1.6800 2.8000 2.3750 0.8300
0.9700 1.7800 8.6700 8400.000 8500.000 4.1000 1.2900 2.1750 1.8500 0.6600
-39.8 % -28.1 -24.6 -26.3 -25.4 -23.4 -23.2 -22.3 -22.1 -20.5
-39.8 % -28.1 -24.6 -24.4 -23.5 -23.4 -23.3 -22.4 -22.2 -20.6
Source: S&P/Citigroup
Standard & Poor’s
Page 18
The World by Numbers
April 7, 2004
Figure 21. Emerging Markets Stock Performance, March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
Local Price 27-Feb-04 31-Mar-04
Price Return Local US$
Country
Industry
India Brazil Taiw an Turkey Peru South Africa India Colombia Turkey Russia
Banks & Financial Serv ices Drinks Semiconductors Banks & Financial Serv ices Non-Ferrous & Precious Metals Wireline Telecommunications Ex ploration & Production Drinks Autos Integrated Oils
242.9500 0.7200 25.0000 2975.000 84.0000 67.2500 718.1000 17000.00 9150.000 12.5700
333.9000 0.9350 31.8000 3700.000 103.5000 78.8000 840.4500 20700.00 11000.00 15.1100
37.4 % 29.9 27.2 24.4 23.2 17.2 17.0 21.8 20.2 20.2
43.2 % 29.7 28.8 25.7 23.7 23.7 21.9 21.6 21.5 20.2
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Punjab National Bank Ltd Ambev Pow erchip Semiconductor Corp YKB-Yapi Kredi Bankasi Minas Buenav entra Telkom South Africa Ltd Oil & Natural Gas Corp Ltd Bav aria SA Ford Otomotiv e Sanay ii AS YUKOS Oil Company
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Thai Petrochemical Natural Park Co Jordan Kuw ait Bank Natl Petrochemical Co Ambev Prf China Southern Airlines H HKD CTC - Cia Telecom Chile A Sy stex Corporation Steel Authority (India) CTC - Cia Telecom Chile B
Thailand Thailand Jordan Thailand Brazil China Chile Taiw an India Chile
Basic Chemicals Property (ex . Serv ices) Banks & Financial Serv ices Basic Chemicals Drinks Air Transportation Wireline Telecommunications Retail (Hard Goods) Iron & Steel Wireline Telecommunications
9.3500 5.4500 10.2000 123.0000 0.7790 4.4250 2293.650 22.2000 42.0000 1905.000
6.0000 3.9800 7.5000 91.5000 0.5820 3.3750 1885.000 17.3000 32.3000 1600.000
-35.8 % -27.0 -26.5 -25.6 -25.3 -23.7 -17.8 -22.1 -23.1 -16.0
-35.8 % -27.0 -26.5 -25.6 -25.4 -23.8 -21.2 -21.1 -19.9 -19.4
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Minsur SA I Elite Semiconductor Memory Tech Inc Mosel Vitelic Inc WTK Hldgs Bhd Jay a Tiasa Hldgs Bhd CAP - Cia Aceros del Pacifico Yazicilar AS Telecelular Sul Part NET Serv icos de Comunicacao SA Prf Cochin Refineries Balmer Law
Peru Taiw an Taiw an Malay sia Malay sia Chile Turkey Brazil Brazil India
Non-Ferrous & Precious Metals Semiconductors Semiconductors Paper & Forest Products Paper & Forest Products Iron & Steel Conglomerates Wireless Serv ices Broadcasting & Publishing Refining & Marketing
5.9300 92.5000 3.5900 4.9200 3.8200 1740.000 27500.00 0.0026 0.6300 164.1500
9.4700 132.0000 5.0000 6.9000 5.2000 2459.000 36750.00 0.0035 0.8300 207.2500
59.7 % 42.7 39.3 40.2 36.1 41.3 33.6 35.1 31.7 26.3
60.3 % 44.5 41.0 40.2 36.1 35.6 35.1 35.0 31.6 31.5
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Petra Perdana Berhad Trav elsky Technology Ltd H Procomp Informatics Co Globex Utilidades Prf Manila Electric Co B ICP Electronics Inc Emp Electrica Colbun Machicura Kao Hsing Chang Iron & Steel Sahav iry a Steel Co Thai Telephone & Tel
Malay sia China Taiw an Brazil Philippines Taiw an Chile Taiw an Thailand Thailand
Engineering & Machinery Computer Serv ices PC Hardw are Retail (Hard Goods) Utilities Serv ices Div . Computer Hardw are Utilities Serv ices Iron & Steel Iron & Steel Wireline Telecommunications
9.5500 8.3000 16.5000 10.0000 32.0000 57.0000 81.5000 16.6000 34.0000 6.3500
5.6000 5.7000 11.9500 7.5000 24.2500 42.9000 66.0000 12.8000 26.7500 5.0500
-41.4 % -31.3 -27.6 -25.0 -24.2 -24.7 -19.0 -22.9 -21.3 -20.5
-41.4 % -31.4 -26.7 -25.1 -24.0 -23.8 -22.3 -21.9 -21.3 -20.5
Source: S&P/Citigroup
Standard & Poor’s
Page 19
The World by Numbers
April 7, 2004
Figure 22. North American Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Dec-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues AT&T Wireless Serv ices Inc Sprint Corp PCS Group Biogen Idec Inc Lucent Technologies Nortel Netw orks Corp Aetna Inc Penney , J.C. Inc Brascan Corp A Monsanto Co (New ) Apollo Group Inc
United States United States United States United States Canada United States United States Canada United States United States
Wireless Serv ices Wireless Serv ices Biotechnology Communication Equipment Communication Equipment Healthcare Serv ices Retail (Broadline) Conglomerates Food Consumer Serv ices
7.9900 5.6200 36.7000 2.8400 5.4900 67.5800 26.2800 39.7300 28.7800 67.8100
13.6100 9.2000 55.6000 4.1100 7.7100 89.7200 34.7800 52.3000 36.6700 86.1600
70.3 % 63.7 51.5 44.7 40.4 32.8 32.3 31.6 27.4 27.1
70.3 % 63.7 51.5 44.7 38.1 32.8 32.3 29.4 27.4 27.1
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Tenet Healthcare Biov ail Corp Veritas Softw are Co Nov ellus Sy stems Inc Chiron Corp Electronic Data Sy stems PeopleSoft Inc Ballard Pow er Sy stems Inc Amazon.com Inc Siebel Sy stems Inc
United States Healthcare Facilities Canada Pharmaceuticals United States Enterprise & Client-Serv er Softw are United States Semiconductor Equipment United States Biotechnology United States Computer Serv ices United States Enterprise & Client-Serv er Softw are Canada Electrical Equipment United States Retail (Hard Goods) United States Enterprise & Client-Serv er Softw are
16.0500 27.9100 37.0200 42.0500 56.9800 24.5400 22.7900 15.3300 52.6200 13.9200
11.1600 20.4500 26.9100 31.6700 44.0100 19.3500 18.4900 12.7100 43.2800 11.5300
-30.5 % -26.7 -27.3 -24.7 -22.8 -21.1 -18.9 -17.1 -17.7 -17.2
-30.5 % -28.0 -27.3 -24.7 -22.8 -21.1 -18.9 -18.5 -17.7 -17.2
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Encore Wire Corp Sepracor Inc Aeterna Laboratories Subv tg Veritas DGC Inc Ask Jeev es Inc Coldw ater Creek Inc Tenneco Automotiv e Inc Midw ay Games Inc Silicon Graphics Inc Allscripts Healthcare Solution
United States United States Canada United States United States United States United States United States United States United States
Electrical Equipment Pharmaceuticals Biotechnology Oil Serv ices Internet Companies Retail (Broadline) Automotiv e Parts PC Softw are Serv er & Enterprise Hardw are Healthcare Serv ices
17.8500 23.9300 4.3000 10.4800 18.1200 11.0000 6.6900 3.8800 1.3700 5.3200
37.2300 48.1000 8.6500 20.7000 35.7300 21.3200 12.6900 7.2800 2.5400 9.7000
108.6 % 101.0 101.2 97.5 97.2 93.8 89.7 87.6 85.4 82.3
108.6 % 101.0 97.8 97.5 97.2 93.8 89.7 87.6 85.4 82.3
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Aaipharma Inc Stelco A Redback Netw orks Inc Oneida Ltd Asy st Technology Corp Sonus Netw orks Inc Verso Technologies KVH Industries Inc Sino-Forest Corp A Subv tg TeleTech Hldgs Inc
United States Pharmaceuticals Canada Iron & Steel United States Communication Equipment United States Consumer Durables United States Semiconductor Equipment United States Communication Equipment United States Enterprise & Client-Serv er Softw are United States Communication Equipment Canada Paper & Forest Products United States Commercial Serv ices
25.1400 2.4500 16.8630 5.8900 17.2400 7.5400 3.2300 27.5710 5.1600 11.3000
6.6300 0.7500 6.3000 2.4500 8.2300 3.7900 1.6500 14.4100 2.9000 6.2600
-73.6 % -69.4 -62.6 -58.4 -52.3 -49.7 -48.9 -47.7 -43.8 -44.6
-73.6 % -69.9 -62.6 -58.4 -52.3 -49.7 -48.9 -47.7 -44.7 -44.6
Source: S&P/Citigroup
Standard & Poor’s
Page 20
The World by Numbers
April 7, 2004
Figure 23. European Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Dec-03
31-Mar-04
Local
US$
United Kingdom Sw eden Sw eden Hungary Iceland Iceland United Kingdom Iceland Norw ay Austria
Broadcasting & Publishing Communication Equipment Communication Equipment Banks & Financial Serv ices Shipping Banks & Financial Serv ices Wireless Serv ices Banks & Financial Serv ices Communications Netw orks Utilities Serv ices
2.3500 12.9000 13.9000 2675.000 7.1000 224.5000 0.7700 5.8000 49.0000 92.6000
3.8700 20.9000 22.4000 3839.000 9.9500 306.5000 1.0050 7.8000 65.7500 122.8000
64.7 % 62.0 61.2 43.5 40.1 36.5 30.5 34.5 34.2 32.6
69.1 % 54.6 53.8 47.0 37.7 34.1 34.0 32.1 30.0 29.2
Ireland Greece Italy Germany Greece Germany Sw eden Germany Norw ay Italy
Air Transportation Construction Insurance Autos Communication Equipment Autos Wireline Telecommunications Basic Chemicals Engineering & Machinery Banks & Financial Serv ices
6.5900 5.0000 6.2500 44.1500 5.4000 28.7500 37.6000 23.2200 40.1000 3.1000
4.5800 3.7000 5.0100 35.5400 4.4800 24.0500 32.6000 19.8100 34.8000 2.6900
-30.5 % -26.0 -19.8 -19.5 -17.0 -16.3 -13.3 -14.7 -13.2 -13.2
-32.3 % -27.9 -21.9 -21.6 -19.2 -18.5 -17.3 -16.9 -15.9 -15.5
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Reuters Group Ericsson, L.M. Telefonaktie B Ericsson, L.M. Telefonaktie A OTP Bank Eimskipafelag Islands Kaupthing Bunadarbanki HF mmO2 Landsbanki Islands HF Tandberg AS Oesterr Elektrizitats AG A
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Ry anair Hldgs Hellenic Technodomiki Mediolanum Volksw agen AG Intracom SA Volksw agen AG Nv tg Prf TeliaSonera AB Bay er AG Tomra Sy stems AS Banca Intesa SpA Ord
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Elan Corp Cairn Energy D/S Torm AS Seche Env ironnement Austrian Airlines AG EMI Group Management Consulting Group Alv is Ashtead Group Tsakos Energy Nav igation Ltd
Ireland United Kingdom Denmark France Austria United Kingdom United Kingdom United Kingdom United Kingdom Greece
Pharmaceuticals Ex ploration & Production Shipping Utilities Serv ices Air Transportation Entertainment Commercial Serv ices Aerospace & Defense Commercial Serv ices Oil Serv ices
5.4600 4.0100 181.0000 21.6300 6.5200 1.5875 0.2325 1.7200 0.1550 18.4500
16.7000 8.7800 355.0000 40.9900 12.0800 2.7750 0.3925 2.8350 0.2500 30.2000
205.9 % 119.0 96.1 89.5 85.3 74.8 68.8 64.8 61.3 63.7
198.0 % 124.8 91.1 84.6 80.5 79.5 73.3 69.2 65.6 63.7
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s May flow er Corp Finmatica SpA GIM-Gen Ind Metallurg SpA Ord Data Serv ice SpA Ultraframe Rhodia SA FinecoGroup SpA GIM-Gen Ind Metallurg SpA Rnc Psion
United Kingdom Retail (Hard Goods) Automotiv e Parts United Kingdom Italy Enterprise & Client-Serv er Softw are Italy Iron & Steel Italy Computer Serv ices United Kingdom Consumer Building France Basic Chemicals Italy Banks & Financial Serv ices Italy Iron & Steel United Kingdom Communication Equipment
0.9750 0.2350 9.3600 0.6600 22.2500 2.5100 3.5500 6.2111 0.9700 0.8350
0.1575 0.0675 4.4500 0.3940 13.5000 1.6500 2.5300 4.5100 0.7130 0.5825
-83.8 % -71.3 -52.5 -40.3 -39.3 -34.3 -28.7 -27.4 -26.5 -30.2
-83.4 % -70.5 -53.7 -41.8 -40.9 -32.5 -30.6 -29.3 -28.4 -28.4
Source: S&P/Citigroup
Standard & Poor’s
Page 21
The World by Numbers
April 7, 2004
Figure 24. Asia-Pacific Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price
Price Return
Country
Industry
31-Dec-03
31-Mar-04
Local
US$
South Korea Japan South Korea Japan South Korea Japan Japan South Korea Japan Japan
Semiconductors Internet Companies Refining & Marketing Pharmaceuticals Div . Technology Banks & Financial Serv ices Div . Basic Materials Refining & Marketing Banks & Financial Serv ices Retail (Broadline)
5600.000 720000.0 28000.00 885.0000 8290.000 4860.000 165.0000 27400.00 4670.000 765.0000
12250.00 1270000 46000.00 1460.000 13050.00 7600.000 254.0000 41650.00 7150.000 1166.000
118.8 % 76.4 64.3 65.0 57.4 56.4 53.9 52.0 53.1 52.4
127.3 % 81.7 70.7 69.9 63.6 61.1 58.6 58.0 57.7 57.0
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Hy nix Semiconductor Yahoo Japan Corp S-Oil Corp Mitsubishi Pharma Corp LG Chem Inv estment Ltd Acom Co Mitsubishi Materials Corp SK Corp Promise Co Takashimay a Co
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues LG Card Co Ltd Cho Hung Bank Daew oo Shipbuilding & Marine Alumina Ltd Air New Zealand Ltd Legend Group Ltd Johnson Electric Hldgs Ltd Hy undai Mobis Warehouse Group Ltd Seiko Epson Corp
South Korea South Korea South Korea Australia New Zealand Hong Kong Hong Kong South Korea New Zealand Japan
Banks & Financial Serv ices Banks & Financial Serv ices Heav y Machinery Non-Ferrous & Precious Metals Air Transportation PC Hardw are Electrical Equipment Div . Autos & Auto Parts Retail (Broadline) PC Hardw are
3045.000 3910.000 15300.00 6.5700 0.4700 3.3250 9.9000 64100.00 5.1200 5000.000
1330.000 2830.000 12150.00 5.3600 0.3900 2.8250 8.4500 52500.00 4.3000 4200.000
-56.3 % -27.6 -20.6 -18.4 -17.0 -15.0 -14.6 -18.1 -16.0 -16.0
-54.6 % -24.8 -17.5 -17.3 -15.9 -15.3 -14.9 -14.9 -14.8 -13.5
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Misaw a Homes Holdings Inc Nippon Denko Co Daiei Inc France Bed Holdings Co Renow n D'Urban Holdings Inc Haseko Corp Aristocrat Leisure Ltd Sanrio Co Fukuoka City Bank Chinese Estates Hldgs Ltd
Japan Japan Japan Japan Japan Japan Australia Japan Japan Hong Kong
Consumer Building Iron & Steel Retail (Broadline) Consumer Durables Tex tiles, Apparel & Accessories Construction Engineering & Machinery Consumer Durables Banks & Financial Serv ices Property (ex . Serv ices)
136.0000 183.0000 191.0000 285.0000 980.0000 188.0000 1.7200 817.0000 116.0000 2.8000
474.0000 517.0000 440.0000 600.0000 1978.000 373.0000 3.4300 1530.000 217.0000 5.4000
248.5 % 182.5 130.4 110.5 101.8 98.4 99.4 87.3 87.1 92.9
259.0 % 191.0 137.3 116.9 107.9 104.4 102.1 92.9 92.7 92.2
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Interchina Holdings Co SK Netw orks Co Ltd Asia Aluminium Holdings Ltd China Yuchai Intl Ltd ION Ltd Ventracor Ltd Plenus Entertainment Inc Hankuk Electric Glass Co Hy osung Corp Informatics Hldgs Ltd
Hong Kong South Korea Hong Kong Singapore Australia Australia South Korea South Korea South Korea Singapore
Banks & Financial Serv ices Non-Ferrous & Precious Metals Non-Ferrous & Precious Metals Automotiv e Parts Automotiv e Parts Medical Technology & Supplies Entertainment Construction Materials Tex tiles, Apparel & Accessories Commercial Serv ices
0.5200 15500.00 1.5400 30.6000 2.3800 2.1400 20100.00 78500.00 14200.00 0.9900
0.1960 8400.000 0.9700 20.0100 1.5700 1.4700 14000.00 55000.00 9960.000 0.7250
-62.3 % -45.8 -37.0 -34.6 -34.0 -31.3 -30.3 -29.9 -29.9 -26.8
-62.4 % -43.7 -37.2 -34.6 -33.2 -30.4 -27.6 -27.2 -27.1 -25.8
Source: S&P/Citigroup
Standard & Poor’s
Page 22
The World by Numbers
April 7, 2004
Figure 25. Emerging Markets Stock Performance, First Quarter 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Pow erchip Semiconductor Corp Chi Mei Optoelectronics Corp Walsin Lihw a Corp Bav aria SA AU Optronics Corp Macronix Intl Pro Mos Technologies Inc Quanta Display Inc Tatung Co Nov atek Microelectronics Corp
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Thai Petrochemical Natural Park Co Natl Petrochemical Co Steel Authority (India) Nirma Ltd UCP Backus & Johnston A Italian-Thai Dev Co Kasikornbank PCL (Alien) Dr. Reddy s Labs Thai Military Bank Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Mosel Vitelic Inc Etron Technology Inc Elite Semiconductor Memory Tech Inc Tainan Business Bank Giv en Imaging Ltd AES Tiete SA prf Concord Securities Corp Taiw an Intl Securities Corp U-Ming Marine Transport Sberbank
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Ispat Industries Ltd Industrial Finance (India) Globex Utilidades Prf Petra Perdana Berhad Grupo TMM SA de CV ADR Jindal Vijay nagar Steel Ltd DBS Thai Danu Bank Randgold & Ex ploration Co Trav elsky Technology Ltd H I Flex Solutions Ltd
Local Price 31-Dec-03 31-Mar-04
Price Return Local US$
Country
Industry
Taiw an Taiw an Taiw an Colombia Taiw an Taiw an Taiw an Taiw an Taiw an Taiw an
Semiconductors Quartz Cry stal, Magnetic & LCD Electrical Equipment Drinks Quartz Cry stal, Magnetic & LCD Semiconductors Semiconductors Quartz Cry stal, Magnetic & LCD PC Hardw are Semiconductors
16.8000 34.9000 10.5000 12980.00 39.7000 7.7000 11.7500 16.3000 8.6000 96.0000
31.8000 58.5000 17.6000 20700.00 63.5000 12.1000 18.3000 25.0000 13.1500 145.0000
89.3 % 67.6 67.6 59.5 59.9 57.1 55.7 53.4 52.9 51.0
95.0 % 72.7 72.7 65.3 64.8 61.9 60.5 58.0 57.5 55.6
Thailand Thailand Thailand India India Peru Thailand Thailand India Thailand
Basic Chemicals Property (ex . Serv ices) Basic Chemicals Iron & Steel Consumer Products Drinks Construction Banks & Financial Serv ices Pharmaceuticals Banks & Financial Serv ices
13.7000 7.8000 142.0000 51.1000 460.1500 93.0000 138.0000 70.0000 1428.050 5.7000
6.0000 3.9800 91.5000 32.3000 304.0000 66.0200 97.5000 49.5000 973.9500 4.0600
-56.2 % -49.0 -35.6 -36.8 -33.9 -29.0 -29.3 -29.3 -31.8 -28.8
-55.8 % -48.5 -35.0 -33.6 -30.6 -28.9 -28.7 -28.7 -28.3 -28.2
Taiw an Taiw an Taiw an Taiw an Israel Brazil Taiw an Taiw an Taiw an Russia
Semiconductors Semiconductors Semiconductors Banks & Financial Serv ices Medical Technology & Supplies Utilities Serv ices Banks & Financial Serv ices Banks & Financial Serv ices Shipping Banks & Financial Serv ices
2.1000 25.0000 65.5000 7.3000 17.9500 0.0130 7.8000 7.1500 35.1000 260.5000
5.0000 53.5000 132.0000 14.1000 34.2500 0.0239 13.7000 12.3000 59.5000 446.0000
138.1 % 114.0 101.5 93.2 90.8 83.8 75.6 72.0 69.5 71.2
145.3 % 120.5 107.6 99.0 90.8 82.0 81.0 77.2 74.7 71.2
India India Brazil Malay sia Mex ico India Thailand South Africa China India
Iron & Steel Banks & Financial Serv ices Retail (Hard Goods) Engineering & Machinery Shipping Iron & Steel Banks & Financial Serv ices Non-Ferrous & Precious Metals Computer Serv ices Computer Serv ices
15.5900 16.9000 11.8000 8.8000 4.2400 13.1400 5.2000 37.7500 8.3500 845.2500
7.8100 9.8300 7.5000 5.6000 2.7700 8.2000 3.4000 24.0000 5.7000 573.3000
-49.9 % -41.8 -36.4 -36.4 -34.7 -37.6 -34.6 -36.4 -31.7 -32.2
-47.4 % -38.9 -37.1 -36.4 -34.7 -34.4 -34.1 -32.7 -32.0 -28.7
Source: S&P/Citigroup
Standard & Poor’s
Page 23
The World by Numbers
April 7, 2004
Figure 26. North American Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
Local Price
Price Return
Country
Industry
31-Mar-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Broadcom Corp A ATI Technologies Inc GenenTech Lucent Technologies Nortel Netw orks Corp Capital One Financial Teck Cominco Ltd Subv tg B Georgia Pacific Corp Agilent Technologies Inc Falconbridge Ltd
United States Canada United States United States Canada United States Canada United States United States Canada
Semiconductors Netw ork Peripherals Biotechnology Communication Equipment Communication Equipment Banks & Financial Serv ices Non-Ferrous & Precious Metals Paper & Forest Products Electrical Equipment Non-Ferrous & Precious Metals
12.3500 7.6000 35.0100 1.4700 3.0900 30.0100 11.1400 13.9000 13.1500 16.3500
39.0100 21.3300 105.8200 4.1100 7.7100 75.4300 24.4700 33.6900 31.6300 34.5100
215.9 % 180.7 202.3 179.6 149.5 151.3 119.7 142.4 140.5 111.1
215.9 % 214.1 202.3 179.6 179.3 151.3 145.8 142.4 140.5 136.2
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Biov ail Corp Tenet Healthcare Medimmune Inc New ell Rubbermaid Inc Mattel Inc Kohl's Corp Merck & Co Inc Johnson & Johnson Eastman Kodak Co Sobey s Inc
Canada Pharmaceuticals United States Healthcare Facilities United States Biotechnology United States Consumer Durables United States Consumer Durables United States Retail (Broadline) United States Pharmaceuticals United StatesDiv . Healthcare Products & Pharmacy United States Consumer Durables Canada Retail (Food & Drugs)
58.7100 16.7000 32.8300 28.3500 22.5000 56.5800 54.7800 57.8700 29.6000 37.2900
20.4500 11.1600 23.0800 23.2000 18.4400 48.3300 44.1900 50.7200 26.1700 30.0500
-65.2 % -33.2 -29.7 -18.2 -18.0 -14.6 -14.1 -12.4 -11.6 -19.4
-61.0 % -33.2 -29.7 -18.2 -18.0 -14.6 -14.1 -12.4 -11.6 -9.8
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues InterVoice-Brite Inc TLC Vision Corp Akamai Technologies Inc Ency siv e Pharmaceuticals Inc HEALTHSOUTH Corp NTL Inc Av ay a Inc Homestore.com Inc Integrated Silicon Solutions Ariad Pharmaceuticals Inc
United States Canada United States United States United States United States United States United States United States United States
Communication Equipment Healthcare Facilities Internet Companies Biotechnology Healthcare Facilities Broadcasting & Publishing Communication Equipment Internet Companies Semiconductors Biotechnology
1.6700 1.7900 1.4100 1.2400 0.5000 7.3984 2.0400 0.5600 2.3500 1.2690
16.7700 15.0000 13.1400 10.2800 4.1100 59.5300 15.8800 4.2300 17.7400 9.5500
904.2 % 738.0 831.9 729.0 722.0 704.6 678.4 655.4 654.9 652.6
904.2 % 837.9 831.9 729.0 722.0 704.6 678.4 655.4 654.9 652.6
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Redback Netw orks Inc Oneida Ltd Solutia Inc Stelco A Trimeris Inc Nov oste Corp Cerus Corp Alteon Inc Boy ds Collection Ltd Biopure Corp
United States United States United States Canada United States United States United States United States United States United States
Communication Equipment Consumer Durables Basic Chemicals Iron & Steel Pharmaceuticals Medical Technology & Supplies Medical Technology & Supplies Biotechnology Consumer Durables Medical Technology & Supplies
42.3400 10.7000 1.5500 3.0600 41.1400 9.0800 8.8000 3.9300 5.4000 3.3400
6.3000 2.4500 0.3900 0.7500 14.7500 3.3900 3.4100 1.8000 2.5100 1.5600
-85.1 % -77.1 -74.8 -75.5 -64.1 -62.7 -61.3 -54.2 -53.5 -53.3
-85.1 % -77.1 -74.8 -72.6 -64.1 -62.7 -61.3 -54.2 -53.5 -53.3
Source: S&P/Citigroup
Standard & Poor’s
Page 24
The World by Numbers
April 7, 2004
Figure 27. European Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Price Return
Local Price Country
Industry
31-Mar-03
31-Mar-04
Local
US$
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Ericsson, L.M. Telefonaktie B Reuters Group Tandberg AS Ericsson, L.M. Telefonaktie A Bay erische Hy po&Vereinsbank AG Natl Bank of Greece Reg ITV Plc EADS NV-Euro Aero Defense Pharmaco HF Alpha Bank
Sw eden United Kingdom Norw ay Sw eden Germany Greece United Kingdom France Iceland Greece
Communication Equipment Broadcasting & Publishing Communications Netw orks Communication Equipment Banks & Financial Serv ices Banks & Financial Serv ices Entertainment Aerospace & Defense Pharmaceuticals Banks & Financial Serv ices
5.3000 1.0150 18.3000 7.1000 6.6089 8.2182 0.5700 6.9000 16.0000 9.9600
20.9000 3.8700 65.7500 22.4000 15.9400 21.6600 1.3325 17.5500 42.7000 25.0600
294.3 % 281.3 259.3 215.5 182.1 163.6 146.4 154.3 166.9 151.6
343.4 % 343.3 279.7 254.7 215.2 196.8 186.5 186.4 184.7 183.4
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues Hellenic Technodomiki Ry anair Hldgs Beiersdorf AG H Lundbeck A/S Babis Vov os Intl Unilev er Titan Cement Co Prf Heineken NV Shell Transport & Trading Reg Allied Irish Banks
Greece Ireland Germany Denmark Greece United Kingdom Greece Netherlands United Kingdom Ireland
Construction Air Transportation Consumer Products Pharmaceuticals Construction Food Construction Materials Drinks Integrated Oils Banks & Financial Serv ices
5.3200 6.1900 102.3500 126.5000 17.0000 5.8600 28.4000 33.9900 3.8250 12.6500
3.7000 4.5800 86.6000 116.5000 15.6400 5.3850 27.2200 32.6000 3.5550 12.1400
-30.5 % -26.0 -15.4 -7.9 -8.0 -8.1 -4.2 -4.1 -7.1 -4.0
-21.7 % -16.7 -4.7 3.5 3.6 6.8 7.9 8.0 8.1 8.1
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Millicom Intl Cellular (Lux ) Gresham Computing Corus Group Alizy me Elan Corp Getronics NV Sez Holdings Reg A DAB Bank AG Sogecable SA Tandberg Telev ision ASA
Belgium/Lux United Kingdom United Kingdom United Kingdom Ireland Netherlands Sw itzerland Germany Spain Norw ay
Wireless Serv ices Computer Serv ices Iron & Steel Pharmaceuticals Pharmaceuticals Computer Serv ices Semiconductor Equipment Banks & Financial Serv ices Broadcasting & Publishing Electrical Equipment
1.5500 0.5100 0.0635 0.2900 2.6000 0.3900 7.5000 1.5300 6.2700 7.2500
22.0000 3.9000 0.4125 1.8450 16.7000 2.5000 44.4000 8.3500 34.1100 41.8000
1319.4 % 664.7 550.1 536.2 542.3 541.0 492.0 445.8 444.0 476.6
1319.4 % 789.1 655.9 639.7 623.4 621.9 531.5 514.6 512.7 509.4
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Henly s Marconi PLC Data Serv ice SpA Goshaw k Insurance Hldgs Finmatica SpA Amarin Corp Plc ADR Rhodia SA GIM-Gen Ind Metallurg SpA Ord May flow er Corp Juv entus Football Club SpA
United Kingdom Retail (Hard Goods) United Kingdom Communication Equipment Italy Computer Serv ices United Kingdom Insurance Italy Enterprise & Client-Serv er Softw are United Kingdom Pharmaceuticals France Basic Chemicals Italy Iron & Steel United Kingdom Automotiv e Parts Italy Trav el
1.0250 48.9125 43.0000 0.9800 9.0100 2.5500 4.9700 0.7290 0.1150 2.1600
0.1575 6.5000 13.5000 0.4000 4.4500 1.4500 2.5300 0.3940 0.0675 1.4000
-84.6 % -74.0 -68.6 -59.2 -50.6 -43.1 -49.1 -46.0 -41.3 -35.2
-82.1 % -71.4 -64.6 -52.5 -44.4 -43.1 -42.7 -39.1 -31.8 -27.0
Source: S&P/Citigroup
Standard & Poor’s
Page 25
The World by Numbers
April 7, 2004
Figure 28. Asia-Pacific Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues Local Price
Price Return
Country
Industry
31-Mar-03
31-Mar-04
Local
US$
Japan Japan South Korea Japan South Korea Japan Japan Japan Japan Japan
Banks & Financial Serv ices Internet Companies Refining & Marketing Banks & Financial Serv ices Semiconductors Banks & Financial Serv ices Wholesale IT Distribution Property (ex . Serv ices) Banks & Financial Serv ices Banks & Financial Serv ices
118000.0 243750.0 8160.000 96800.00 2835.000 212000.0 1380.000 393.0000 57.0000 484.0000
662000.0 1270000 41650.00 448000.0 12250.00 770000.0 4870.000 1353.000 174.0000 1431.000
461.0 % 421.0 410.4 362.8 332.1 263.2 252.9 244.3 205.3 195.7
539.5 % 493.9 458.5 427.5 372.8 314.0 302.2 292.4 247.9 237.0
South Korea South Korea Japan New Zealand South Korea Japan South Korea New Zealand Hong Kong Japan
Banks & Financial Serv ices Wireless Serv ices Wireline Telecommunications Retail (Broadline) Wireless Serv ices Electrical Equipment Banks & Financial Serv ices Air Transportation Electrical Equipment Consumer Durables
13569.46 23850.00 321000.0 5.5800 3830.000 9040.000 5200.000 0.4800 8.5500 3640.000
1330.000 19600.00 256000.0 4.3000 3320.000 7530.000 4560.000 0.3900 8.4500 3310.000
-90.2 % -17.8 -20.2 -22.9 -13.3 -16.7 -12.3 -18.8 -1.2 -9.1
-89.3 % -10.1 -9.1 -7.4 -5.1 -5.1 -4.0 -2.4 -1.1 3.6
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues UFJ Holdings Inc Yahoo Japan Corp SK Corp Mizuho Financial Group Inc Hy nix Semiconductor Sumitomo Mitsui Financial Group Softbank Corp Sumitomo Realty & Dev Co Resona Holdings Inc Kokusai Securities Co
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues LG Card Co Ltd KT Freetel Vodafone Holdings KK Warehouse Group Ltd LG Telecom Ltd Mabuchi Motor Co LG Inv estments & Sec Prf Air New Zealand Ltd Johnson Electric Hldgs Ltd Fuji Photo Film Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Daiky o Inc Haseko Corp Rakuten Inc Sanky o Seiki Manufacturing Hy undai Merchant Marine Misaw a Homes Holdings Inc Index Corp Jusung Engineering Co Toky u Construction Co Hikari Tsushin Inc
Japan Japan Japan Japan South Korea Japan Japan South Korea Japan Japan
Property (ex . Serv ices) Construction Internet Companies Electrical Equipment Shipping Consumer Building Internet Companies Semiconductor Equipment Construction Wireless Serv ices
44.0000 53.0000 115000.0 169.0000 1435.000 96.0000 118000.0 1860.000 208.0000 1160.000
315.0000 373.0000 740000.0 1010.000 7880.000 474.0000 574000.0 9260.000 988.0000 5270.000
615.9 % 603.8 543.5 497.6 449.1 393.8 386.4 397.8 375.0 354.3
716.0 % 702.2 633.4 581.2 500.9 462.8 454.4 444.7 441.4 417.8
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Interchina Holdings Co SK Netw orks Co Ltd Daito Bank (The) Saehan Industries Inc Nittoc Construction Co Humax Co Ltd Informatics Hldgs Ltd Pantech Co Ltd Hy undai Eng & Const Co Cochlear Ltd
Hong Kong South Korea Japan South Korea Japan South Korea Singapore South Korea South Korea Australia
Banks & Financial Serv ices Non-Ferrous & Precious Metals Banks & Financial Serv ices Tex tiles, Apparel & Accessories Construction Consumer Durables Commercial Serv ices Communication Equipment Construction Medical Technology & Supplies
0.7400 28000.00 300.0000 3915.000 473.0000 15200.00 1.0100 11300.00 15022.62 33.3000
0.1960 8400.000 178.0000 2450.000 290.0000 10250.00 0.7250 7820.000 10450.00 20.2300
-73.5 % -70.0 -40.7 -37.4 -38.7 -32.6 -28.2 -30.8 -30.4 -39.2
-73.5 % -67.2 -32.4 -31.5 -30.1 -26.2 -24.4 -24.3 -23.9 -23.2
Source: S&P/Citigroup
Standard & Poor’s
Page 26
The World by Numbers
April 7, 2004
Figure 29. Emerging Markets Stock Performance, Twelve Months Ended March 2004 Ranked by U.S. dollar-based price return, omitting zero weight issues
1 2 3 4 5 6 7 8 9 10
PMI Advancing Issues Mangalore Refinery & Petr Italian-Thai Dev Co Bharti TeleVentures Ltd Orascom Telecom Total Access Commun Public Co Natural Park Co Oriental Bank Of Commerce Maanshan Iron & Steel H HKD Sina Corp (Cay mans) Aluminum Corp of China Ltd H
1 2 3 4 5 6 7 8 9 10
PMI Declining Issues UCP Backus & Johnston A UCP Backus & Johnston I Metro Bank & Trust Co Elitegroup Computer Shg Waigaoqiao Fr Trad B USD Shg Chlor-Alkali Chem B USD Realtek Semiconductor Corp Shg Ty re & Rubber B USD Nedcor Ltd BEC World Public Co
1 2 3 4 5 6 7 8 9 10
EMI Advancing Issues Braskem SA Prf A Hindustan Zinc Sterlite Inds (India) Ltd Alv arion Ltd CAP - Cia Aceros del Pacifico Lupin Ltd Nizhny Tagil Ferrous Metal U-Ming Marine Transport Cochin Refineries Balmer Law Hung Sheng Construction Ltd
1 2 3 4 5 6 7 8 9 10
EMI Declining Issues Banco Wiese Sudameris Sino Kama Co B USD Eastern Communications B USD Grupo TMM SA de CV ADR Aopen Inc Shg Highly Group B USD Altek Corp DBS Thai Danu Bank Shg Lingy un Curtain Wall S&T B USD Shg Erfangji Co B USD
Local Price 31-Mar-03 31-Mar-04
Price Return Local US$
Country
Industry
India Thailand India Egy pt Thailand Thailand India China China China
Refining & Marketing Construction Wireless Serv ices Wireless Serv ices Wireless Serv ices Property (ex . Serv ices) Banks & Financial Serv ices Iron & Steel Internet Companies Non-Ferrous & Precious Metals
8.1000 17.2000 28.3000 16.6000 0.5100 0.8228 64.0500 0.6700 8.0100 1.4000
54.6000 97.5000 154.6500 97.2400 2.7100 3.9800 301.0000 3.4000 37.8300 6.3500
574.1 % 466.9 446.5 485.8 431.4 383.7 369.9 407.5 372.3 353.6
636.8 % 518.7 497.3 445.3 431.4 428.0 413.7 408.0 372.3 354.1
Peru Peru Philippines Taiw an China China Taiw an China South Africa Thailand
Drinks Drinks Banks & Financial Serv ices PC Hardw are Property (ex . Serv ices) Specialty Chemicals Semiconductors Automotiv e Parts Banks & Financial Serv ices Broadcasting & Publishing
92.5000 1.3600 29.0000 37.7692 0.6820 0.5160 60.0000 0.5710 88.0000 20.8000
66.0200 1.0200 23.5000 28.3000 0.5950 0.4610 51.5000 0.5170 63.9000 18.5000
-28.6 % -25.0 -19.0 -25.1 -12.8 -10.7 -14.2 -9.5 -27.4 -11.1
-28.3 % -24.7 -22.8 -21.0 -12.8 -10.7 -9.5 -9.5 -9.3 -2.9
Brazil India India Israel Chile India Russia Taiw an India Taiw an
Basic Chemicals Non-Ferrous & Precious Metals Electrical Equipment Communication Equipment Iron & Steel Pharmaceuticals Iron & Steel Shipping Refining & Marketing Property (ex . Serv ices)
0.0107 14.7000 79.6000 9.4300 450.0000 125.3000 0.1270 11.1500 41.4000 4.0700
0.0750 101.6000 510.1000 60.2000 2459.000 650.0000 0.7200 59.5000 207.2500 20.8000
603.9 % 591.2 540.8 538.4 446.4 418.8 466.9 433.6 400.6 411.1
705.6 % 655.5 600.5 561.8 547.7 467.0 466.9 462.8 447.2 439.0
Peru China China Mex ico Taiw an China Taiw an Thailand China China
Banks & Financial Serv ices Heav y Machinery Communication Equipment Shipping PC Hardw are Engineering & Machinery Consumer Durables Banks & Financial Serv ices Non-Ferrous & Precious Metals Engineering & Machinery
0.1000 0.5700 0.7440 3.9300 39.4629 0.6550 69.1667 5.1000 0.5800 0.5250
0.0580 0.3450 0.4780 2.7700 26.4000 0.4690 47.3000 3.4000 0.4300 0.3970
-42.0 % -39.5 -35.8 -29.5 -33.1 -28.4 -31.6 -33.3 -25.9 -24.4
-41.8 % -39.5 -35.8 -29.5 -29.5 -28.4 -27.9 -27.2 -25.9 -24.4
Source: S&P/Citigroup
Standard & Poor’s
Page 27
The World by Numbers
April 7, 2004
Figure 30. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
Page 28
The World by Numbers
April 7, 2004
Figure 31. PMI versus EMI Performance, 12` Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
Page 29
The World by Numbers
April 7, 2004
Figure 32. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
Page 30
The World by Numbers
April 7, 2004
Figure 33. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
Page 31
The World by Numbers
April 7, 2004
Figure 34. PMI versus EMI Performance, 12 Months Ended March 2004 Zero-Based Local Currency Index Levels
Source: S&P/Citigroup
Standard & Poor’s
Page 32
The World by Numbers
April 7, 2004
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