Emerging Markets

The study sample that, in 18 of last the 20 years, the stock market most income-producing of the year was of an emergent country. ' ' The problem is that in almost all the cases this same stock market was the recordista in fall in the year seguinte' ' , it says. Data compiled for the work show that, between 1994 and 2004, the S& P 500, one of the main indices of the stock market of New York, went up 213%. In the same period, the S& P Emerging Markets, that it congregates action of companies of poor countries, had high of only 34%.Embora supports its conclusions in statistical data, the study was criticized by some Brazilian specialists. ' ' The emergent countries are very different ones of the others, of the one not to compare the Pakistan with the Brasil' ' , Carlos says Antonio Rocca, partner of the consultoria RiskOffice*. It also criticizes the work for not taking in account an essential factor in any market, that is the expectations of the investors.

' ' They are much more important of what the broad ones in itself to define the price of aes' ' , Rocca says. For it, what he happened in China is a good example. The stock market of Xangai fell in the passed year, exactly that the economy has grown almost 10%. ' ' The expectation was of a bigger growth still, then the notice was bad and the stock market, logically, caiu' ' , Rocca.*Um of the partners of the Risk Office says is Marcelo Rabbat, one of the main consultants of economy of the Country. that also he is managing of the PR& , Company of Consultoria of Investment, Risk of Credit and Risk of Mercado.Fonte: Notebook of Economy