Smaller Markets, Bigger Returns
Only three markets gained ground: Peru, Venezuela and Finland. Among the worst hit were those already weakened by structural problems, particularly Turkey and Argentina, which struggle with external debt financing.
Investors fled to traditional safe havens, supporting returns in defensive sectors such as tobacco, pharmaceuticals and beverages.
Telecom services also increased, buoyed by a surge in purchases of cellular phones prompted by the attacks. Indeed, three of the five best performing stocks this month were telecom companies, while pharmaceutical stocks took the two remaining spots.
The worst performing sectors this month included household goods and automobiles, which experienced a reduction in demand following the terrorist attacks.