However, according to a FTSE news release, there was a disparity in performances between the top-level regional indices. Lagging the pack was Asia Pacific, as measured by the (aptly named) FTSE All-World Asia Pacific, which was down 2.4% – snapping a string of eight consecutive monthly increases. As in October, the best performing regional index was the FTSE All-World Middle East & Africa, which rose 8.8%.
Peru was November’s best performing country with a 17.8% gain in dollar terms, and was also the second best performing country in October. FTSE Peru has increased 64.1% in dollar terms over the past six months, FTSE said. The second best performing country index was South Africa, after the rand moved to a 45-month high against the dollar, increasing the chance of a central bank interest rate cut next month.
Complementing FTSE Brazil’s position as second best performing country in local currency, the top two performing constituents of the FTSE All-World Index were Brazilian, assisted by the lending rate in Brazil falling to a two-year low. Best performing constituent was Embratel Participaoes, up 60.9%, after the controlling shareholder WorldCom Inc said it is looking for a buyer for its shares in the Brazilian company.
The top two worst performing constituents in November were both South Korean credit card service providers, on news that the central bank governor said the companies may face losses in the first half of 2004. Korea Exchange Bank Credit Service and LG Card fell 51.9% and 44.7% respectively.