 Contents

Emerging Markets Data Base Manual

The following Help Topics are available:

Introductory Materials

Introduction

Mnemonics Design

Country Names, Currencies and Codes

Definitions of Market Data Types

Principal Local Indexes

Market Data Types

For Help on Help, Press F1


Glossary

Country Names, Currencies and Codes

Definitions of Market Data Types

Introduction

Market Data Types

Mnemonics Design

PrincipalLocalIndexes


Introduction

The Emerging Markets Data Base is the first comprehensive data base to provide detailed statistics on stock markets in developing markets.  This data base is available exclusively through the on-line services of the WEFA Group in cooperation with The International Finance Corporation (IFC).

Using a sample of stocks in each market, the data base includes daily, weekly, monthly and annual data on stocks from 44 markets, in many instances going back as far as 1975.  These data are converted from a file into time series and then stored in AREMOS data bases.  The latest data point and any revisions are available weekly from the IFC.

The Market data show market-level data including trading value, local and IFC indexes, market capitalization, exchange rate and number of listed companies.  The daily data are updated every working day, in the morning for the preceeding day.  The weekly Market data begin December 30, 1988 and are usually updated on Tuesday afternoon.  The monthly Market data begin 1986 and are updated monthly.  Annual data are available from 1975 and are updated the first quarter of each year.  Stock Performance data provide high, low and closing stock prices and related market data for the individual stocks in the IFC composite index.  Please note that all concepts and frequencies are not available for all countries.

About the Data

To establish representative indexes for these markets, IFC selects stocks for trading activity and market size to represent a minimum 40% of each market's total capitalization.  IFC calculates both a price index and a total return index for each market, converting values to U.S. dollars at the end of each month.  Price indexes are based on changes in prices, adjusted for changes in capitalization that affect price per share, such as a stock split.  The total return indexes include changes from adjusted prices as well as cash dividends received (posted at ex-dividend dates), and "cash dividends" implicit in rights issues made at issue prices below prevailing market prices.  The latter is a common method in developing markets of rewarding shareholders with instant capital gains which are often tax-free (cash dividends are usually taxable).

IFC has established a network of local correspondents who provide the data on a regular basis.  These correspondents include local brokers, stock exchanges and investment banks.  Theses indexes appear regularly in the international financial press and are the only consistent cross-market indexes of stock returns in developing countries available today.

About the IFC

The International Finance Corporation (IFC), an affiliate of the World Bank, was established in 1956 to promote the economic growth of its developing member countries through private sector investment.  It is the world's largest multilateral organization providing financial assistance in the form of loans and equity to the private sector in developing countries.  Its capital resources are provided by its more that 130 member countries which collectively determine the Corporation's policies and activities through a Board of Governors.


Mnemonics Design

An integral feature of data base design is a consistently defined naming or mnemonic scheme used to identify the data.  As with each of The WEFA Group's data bases, specific conventions are employed in the mnemonics design of these data bases.  An understanding of these conventions will aid the user in accessing and interpreting the seriescodes found in the Emerging Markets Data Base.

Seriescodes are alphanumeric, 8-11 characters in length. Use the following conventions to construct mnemonics for the Market Data Base (EMARKET):

Daily Series:

Position	Seriescode	Description
1	D174MSAS	D is the first character for daily series only.
2-4	D174MSAS	174 is the market code for Greece.  A complete list of market codes can be found by clicking on Country Names, Currencies, and Codes.
5	D174MSAS	M indicates market data.
6-9	D174MSAS	SAS is the data type for the number of composite index stocks.  A  complete list of suffixes can be found by clicking on Market Data Types.

Weekly, Monthly, and Annual Series:

Position	Seriescode	Description
1	C174MSAS	C is a standard first character.
2-4	C174MSAS	174 is the market code for Greece.  A complete list of market codes can be found by clicking on Country Names, Currencies, and Codes.
5	C174MSAS	M indicates market data.
6-9	C174MSAS	SAS is the data type for the number of composite index stocks.  A  complete list of suffixes can be found by clicking on Market Data Types.


Country Names, Currencies and Codes

Use the following table to determine the local currency and country code:

Country Name	Local Currency	Country Code
Argentina	Pesos	213
Asia	Local Currency Units	ASI
Bangladesh	Taka	513
Bostwana	Pula	616
Brazil	Real	223
Bulgaria	Lev	918
Chile	Pesos	228
China	Yuan	924
Colombia	Pesos	233
Cote d`Ivoire	CFA Francs	662
Croatia	Kuna	960
Czech Republic	Koruna	935
Eastern Europe	Local Currency Units	715
Ecuador	Sucres	248
Egypt	Pounds	469
Estonia	Kroon	939
Europe	Local Currency Units	710
Europe/Mideast/Africa	Local Currency Units	EUR
Ghana	Cedis	652
Greece	Drachmas	174
Hungary	Forints	944
IFC Composite	Local Currency Units	COM
India	Rupee	534
Indonesia	Rupiahs	536
Israel	Shekel	436
Jamaica	Jamaica Dollars	343
Jordan	Dinars	439
Kenya	Shillings	664
Korea	Won	542
Latin America	Local Currency Units	LAT
Latvia	Lat	941
Lithuania	Litas	946
Malaysia	Ringgit	548
Mauritius	Rupees	684
Mexico	Pesos	273
Mideast/Africa	Local Currency Units	760
Morocco	Dirhams	686
Nigeria	Naira	694
Pakistan	Rupee	564
Peru	Sole	293
Philippines	Pesos	566
Poland	Zloty	964
Portugal	Escudos	182
Romania	Leu	968
Russia	Rubles	922
Slovakia	Koruna	936
Slovenia	Tolar	961
South Africa	Rand	199
Sri Lanka	Rupee	524
Taiwan	New Taiwan Dollars	528
Thailand	Baht	578
Trinidad & Tobago	Trinidad & Tobago Dollars	369
Tunisia	Dinars	744
Turkey	Liras	186
Ukraine	Hryvnia	926
Venezuela	Bolivars	299
Zimbabwe	Zimbabwe Dollars	698


Definitions of Market Data Types

Number of Listed Companies: Number of companies listed on the exchange at the end of the period.

Market Capitalization: Market value in millions at the end of the period.  The U.S. dollar value is the local currency value divided by the end of period exchange rate.

Trading Value and Volume: Total value/volume traded during the period, expressed in millions of local currency and U.S. dollars/share.  Exchange rate used: period average.

Turnover Ratio: Total trading value during the period (in local currency) as a percentage of market capitalization (in local currency) at the end of the same period.

Number of Days Traded: The number of days during the period that the stock market was operational.

Market Index: The level of the primary local index at the end of the period and the change during the period.

Dividend Yield, Market Price/Earnings and Price/Book Value: Market averages, as reported to IFC by the country correspondent.

Number of Stocks in IFC Index: The number of stocks included in the index at the end of the period.

Share of Market Capitalization: The market capitalization of the IFC index as a percent of the total market capitalization at the end of the period.

Share of Value Traded: The total value traded of the IFC index as a percent of the total market value traded during the period.

IFC P/E Ratio: The market capitalization weighted average price-earnings for the stocks composing the IFC indexes.

IFC P/BV Ratio: The market capitalization weighted average price book value ratio, for the stocks composing the IFC indexes.

IFC Dividend Yield: The current yield for stocks composing the IFC index, calculated as the sum of twelve months' accumulated cash dividends, divided by end of period market capitalization.

Number of New Issues: The number of new share issues for cash made during the period, regardless of whether they are listed on the stock exchange or not.

Value of New Equity: Value of public offerings and rights issued during the period excluding stock dividends (also known as bonus shares and stock splits) that do not raise cash.

Rate: End of period and/or end of week exchange rate from the International Monetary Fund and international financial press, expressed in local currency per U.S. dollar.


Principal Local Indexes

Use the following table to determine the stock exchange name, local index and database name:

Market	Stock Exchange          Cited	Local Index	Base Date
Argentina	Buenos Aires	Bolsa Indice General	1977=0.00001
Bangladesh	Dhaka	DSE All Share Price	1985=100
Botswana	Botswana	Botswana Share Market	1989=100
Brazil	Sao Paulo	BOVESPA Market Index	1968=0.000000001
Bulgaria	Bulgarian	BSE Composite	Dec. 1992=100
Chile	Santiago	IGPA Index	Jan. 1980=100
China	Shanghai	Shanghai S.E. Composite	Dec. 19, 1990=100
Colombia	Bogota	IBB	Jan. 2, 1991=100
Cote d`Ivoire	Abidjan	BVA	Dec. 1992=100
Croatia	Zagreb	CROBEX	July 1, 1997=1,000
Czech Republic	Prague	PX 50	April 1994=1,000
Ecuador	Guayaquil	BVG	Jan. 3, 1994=100
Egypt	Egypt	Egyptian Financial Group	Jan. 1993=1,000
Estonia	Tallin	TALSE	June 3, 1996=100
Ghana	Ghana	GSE All Share Index	1990-93=100
Greece	Athens	ASE General	1980=100
Hungary	Budapest	BSE BUX Index	Jan. 2, 1992=1,000
India	Mumbai	BSE 200 Index	1989-90=100
Indonesia	Jakarta	JSE Composite Index	Aug. 10, 1982=100
Israel	Tel Aviv	Tel Aviv 100	Jan. 1, 1992=100
Jamaica	Jamaica	JSE	June 30, 1969=100
Jordan	Amman	AFM Index	Dec. 1991=100
Kenya	Nairobi	NSE	Jan. 1, 1964=100
Korea	Korea	KSE Composite	Jan. 1980=100
Latvia	Riga	Dow Jones RSE	Apr. 2, 1996=100
Lithuania	National	Lit-N	Dec. 1995=1,000
Malaysia	Kuala Lumpur	KLSE Composite	Jan. 1977=100
Mauritius	Mauritius	SEMDEX	July 5, 1989=100
Mexico	Mexican	BMV General	Nov. 1978=0.7816
Morocco	Casablanca	Upline Securities	Dec. 31, 1989=10,000
Nigeria	Nigerian	NSE General Index	1984=100
Pakistan	Karachi	KSE 100 Index	Nov. 1, 1991=1,000
Peru	Lima	Indice General IGBVL	Dec. 1991=100
Philippines	Philippines	PSE Composite Index	Jan. 2, 1985=100
Poland	Warsaw	WIG All-Share Performance	Apr. 16, 1991=1,000
Portugal	Lisbon	BVL General	Jan. 5, 1988=1,000
Romania	Bucharest	BET	Sep. 19, 1997=1,000
Russia	Moscow	ASP General 100	Jun. 20, 1994=1,000
Slovakia	Bratislava	SAX	Dec. 1992=100
Slovenia	Ljubljana	SSEI	Dec. 1993=1,000
South Africa	Johannesburg	JSE Overall	Jan. 1960=100
Sri Lanka	Colombo	CSE Sensitive Index	Jan. 1985=100
Taiwan, China	Taiwan	TSE Average Index	1966=100
Thailand	Thailand	SET Index	Apr. 30, 1975=100
Trinidad & Tobago	Trinidad & Tobago	TTSE	Jan. 1983=100
Tunisia	Tunis	BVM General	Sept. 30, 1990=100
Turkey	Istanbul	ISE Index	Jan. 1986=1.00
Ukraine	OTC Trading System	PFTS	Oct. 10, 1997=100
Venezuela	Caracas	Indice de Capitalization de la BVC	Dec. 1993=1,000
Zimbabwe	Zimbabwe	ZSE Industrial	1967=100


Market Data Types

Start Date:	As early as 1975
Frequency:	Annual, monthly and weekly
Units:	Millions, or as indicated
Data Base:	EMARKET
Seriescodes:	To form a complete seriescode, combine a data type suffix listed below with the prefix C***M, where *** is the desired market code.
Description	Data Type
Market Size
IFC Indices
IFCI market capitalization (IFCI = IFC investable index)	MI$
IFCG market capitalization in U.S. $  (IFCG = IFC global index)	SMC
Number of IFCI stocks	SIS
Number of IFCG stocks	SAS
IFC % share of market capitalization	MCS
Aggregate Market
Total market capitalization in U.S. $	MC$
Total market capitalization in local currency	MCL
Domestic listed companies	NLC
Market Turnover
IFC Index
IFCI value traded in U.S. dollars	IT$
IFCG share of trading value	SVT
Aggregate Market
Total days stock market open for trading	NDT
Turnover ratio	TUR
Total value traded in U.S. $	TV$
Total value traded in local currency	TVL
Trading volume	TRQ
Principal local market index	MKI
Market Valuations
IFC Index
IFCI dividend yield	IDY
IFCI price/book value ratio	IPB
IFCI price/earnings ratio	IPE
IFCG dividend yield	SDY
IFCG price/book value	SPB
IFCG price/earnings	SPE
Price/cash flow of IFC sample stocks	SPV
Aggregate Market
Dividend yield	DVY
Market price/book value	PBV
Market price/earnings	PER
Index Levels
IFCI price index
Based on U.S. dollars	II$
Based on local currency	IIL
IFCI total return index
Based on U.S. dollars	IR$
Based on local currency	IRL
IFCG price index
Based on U.S. dollars	PI$
Based on local currency	PIL
IFCG total return index
Based on U.S. dollars	RI$
Based on local currency	RIL
Other
Exchange rate per U.S. $	EXR
Number of new equity issues	NNI
Value of new issues	VNI