I am at risk of sounding like the proverbial stuck record player when reporting that global stock markets continued to deliver good performances for the three months ended May 31, 2007. As far as US dollar figures were concerned, the Shanghai Composite Index was still comfortably in the lead with a rise of 44,1% (although it again stumbled since month end), followed by the Brazil Bovespa Index with 30,8% and the Venezuela Index with 29,7%.
While the top-performing two indices were both from BRIC countries, India was the 20th-best performer (+ 11,8%) and Russia the third-worst performer (-9,0%).
The following five indices were the only ones to deliver negative performances for the three-month period: Sri Lanka -15,1%; Jordan -11,7%; Russia -9,0%; Tokyo (Topix) -2,5%; and Nikkei 225 -1,2%.
The Pan-European stock markets (DAX Index with 19,0%, Paris CAC Index with 12,5% and the FTSE 100 Index with 8,8%) fared a little better than the US stock markets in general (Dow Jones Industrial Index with 11,1%, Nasdaq 100 Index with 9,4% and the S&P 500 Index with 8,8%). The major Asian indices (Hang Seng Index with 5,1% and the Nikkei 225 Index with -1,2%) were the worst performers of the three major regions.
The rankings of the following stock markets have improved considerably compared to the six-month rankings: Venezuela (third position over three months compared with 28th over six months); Toronto (sixth versus 24th); DJ Industrial (24th versus 36th); and Nasdaq (28th versus 45th).
The stock market rankings that have worsened considerably compared to the six-month rankings were: Marocco (27th position over three months compared with seventh over six months); Philippines (34th versus 7th); Mexico (38th versus 14th); Turkey (40th versus fourth); Poland (41st versus 23rd); and Chile (44th versus17th).
Although the bull was clearly still in charge over the past three months, it would appear that some markets are beginning to run into a cul de sac as the almost vertical upward trends are clearly unsustainable.
Click the next link for the detailed performance figures: