【JP.Morgan】Emerging Equity Markets Wrap - January 2012

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Emerging Equity Markets Wrap - January 2012.pdf (502.82 KB)

2012-2-3 09:05:33 上传

MSCI EM gained 11.2% in January outperforming MSCI World by
6.3%. Macro concerns eased as economic data improved and central
banks globally provided monetary policy support. The outperformance
of EM equities was driven by increased risk appetite, cheap valuations
and pro-growth EM policy. MSCI LatAm (+12.5%) was the best
performing sub-region followed by EMEA (+12%) and EM Asia
(+10.5%). The top three markets in US dollars were Egypt (+29.1%),
Hungary (+22.1%) and India (+20.6%). Czech Republic (+3.8%),
Morocco (+3.9%) and Malaysia (+4.1%) were the worst performers (see
page 8).
Last year’s underperformance of cyclicals is reversing. Energy
(+15.7%), Materials (+15%) and Financials (+13.2%) were the top three
sectors in EM, while Telcos (+2.8%), Consumer Staples (+4.5%) and
Utilities (+8.3%) performed the worst. Indian Financials (+28.6%) and
Indian Energy (+23.9%) were the best performing country sectors
benefitting from improving macro conditions as India's inflation fell
below 8% and the RBI began its easing cycle by cutting the CRR by 50
bps.
EM currencies recovered sharply with the EM FX index gaining 4%.
The Hungarian Forint (+8%), Indian Rupee (+7.3%) and Mexican Peso
(+6.9%) had the sharpest gains. The dollar index (DXY) declined 1.1%.

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