Returns were mixed in Latin America, with Brazil, Chile and Colombia making impressive gains, however, the slide in the oil price made Venezuela, which lost 8%, the region’s worst performer, and Argentina ongoing debt problems continued to impact the market there.
Markets in South East Asia showed signs of recovery, with Thailand, Indonesia, Malaysia and the Philippines all rising on the back of hopes of a recovery in technology spending.
The Korean market performed best in November, surging 28% buoyed by better than expected third quarter GDP figures.
In emerging economies in Europe, Turkey had a strong month, rising 26% on hopes of an IMF disbursement and a stronger relationship with the US.
Volatility in the oil price left both the Oil & Gas sector and the Gas Distribution sector among the worst performing industry group in Europe over the month. The Tobacco sector, which gained ground earlier in the year, lost 5.72% as investors moved away from defensive plays.
The technology sector made a recovery over the month as bargain hunters took advantage of prices that have languished for the last year and a half. The three top performing sectors over the month were:
· Electronic and Electrical Equipment, up 20.83%
· Information Technology Hardwar, which rose 17.77%, and
· Software and Computer Services, which increased by 17%
« 2002 Tech Salaries Flatten Out