Young markets set pace
Stock markets of developing nations outpaced richer countries in the second quarter of this year, according to Morgan Stanley Capital International.
The MSCI 22-nation Emerging Markets Free Index posted a gain of 3.4 per cent in the April-June period, well ahead of the MSCI World Index of 22 developed countries, which moved up 2.5 per cent.
Latin American markets benefited from economic growth and increased attention from international investors. Boris Yeltsin's win in the first round of the Russian elections helped markets in eastern Europe.
The strongest emerging markets were Venezuela, up 39.5 per cent, Taiwan, up 36.6 per cent, and Hungary, up 20.1 per cent.
Markets of developed countries were led by Italy, up 13 per cent, Ireland, up 8 per cent, and Norway, up 7.1 per cent.