Unsung markets reward the bold
Review of the year
Sunday 29 December 1996
In 1996, enormous returns came from countries such as Russia, where the Moscow Times Index has risen 162 per cent in local currency terms. And don't be put off by fears over the currency - even in dollar terms, investors in Russia have made a handsome 116 per cent return on their outlay.
Despite the murky politics, and the even murkier business practices, investors have seized on Russia as one of the great undervalued markets in the world. Privatisation in Russia has seen many state assets flogged off at bargain basement prices. There is a growing belief that as interest rates are brought under control, the fall in the rouble slows, and inflation is contained, that investment will start to rise.
It is a similar story in many other east European markets, which also put in some staggering returns. Poland has produced a 66 per cent rise, in dollar terms, while the Czech Republic gained 33 per cent.
Likewise, investors in most Latin American countries did not go empty- handed. Venezuela was the best-performing market, up 115 per cent, helped in the main by the rise of the oil price, while Brazil rose 37 per cent.
Among the decliners was South Africa, down 17 per cent, hampered by a weak rand, and uncertainty over its political stability. South Korea, one of the Asian tigers, has come down to earth with a bump, its market off 37 per cent. Chile fell 16 per cent.
Winners % change (US$)
Losers Chile -8.6
South Africa -19.8
- 1 Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
- 2 Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
- 3 Giorgio Armani criticises the way some gay men dress saying 'a man has to be a man'
- 4 Rebecca Francis accuses Ricky Gervais of using 'influence' to target female hunters after receiving barrage of death threats
- 5 Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
Rarest Beanie Baby bought for just £10 at car boot sale could be sold for £62,500 on eBay
Katie Hopkins and The Sun editor David Dinsmore reported to police for incitement to racial hatred following migrant boat column
'Jihadi John': Isis executioner Mohammed Emwazi wanted to wage jihad in Somalia until his friends were betrayed and killed by al-Shabaab
Parma, Missouri: 80 per cent of town's police quit after first black mayor is elected
Australian student Tommy Connolly, 23, adopts his pregnant, homeless 17-year-old cousin to give her a chance at 'a better life'
If I’m being racially abused I don’t need a stranger with a saviour complex to rescue me
The only black face in the Ukip manifesto is on the page about overseas aid
Ukip is the only main political party to not address LGBT rights in its manifesto
Food banks: One million Britons will soon be using them, according to Trussell Trust
Religion isn't growing, it is becoming vigorous in its demise, says philosopher AC Grayling
BBC election debate: The one photo that summed up the whole 90-minute leaders debate
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£30 - 35k (DOE): Guru Careers: We are seeking a Pricing Analyst with experienc...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£21000 - £24000 per annum: Ashdown Group: The Ashdown Group has been engaged b...