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'Markets' negative returns due to vast declines'

business Updated: Mar 09, 2007 11:03 IST

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The world's emerging and developed markets posted negative returns in February due to vast declines after China's benchmark Shanghai Composite Index fell nine per cent, Standard and Poor's, the world's leading index provider, said on Friday.

According to the rating companies global stock market review, the emerging markets declined 0.75 per cent while developed markets fell 0.26 per cent.

Although emerging markets underperformed compared to developed markets for the month, developed market returns continued to trail that of emerging markets for both the three-and 12-month periods, it said.

"Market variance and investor uneasiness grew in February with inflation concerns mixed prior to the market turmoil, and growing with the added fears of currency and trade volatility," says Howard Silverblatt, Senior Index Analyst at Standard and Poor's.

"Countries and sectors began to move in opposite directions after the initial drop in the Shanghai Composite, and their performance is expected to be based on the health of their local markets more so than on global issues such as oil, interest rates and currency rates." For February, 13 of the 27 developed markets posted an average gain of 2.73 per cent and an average loss of minus 1.29 per cent.

South Korea rebounded in February with a 4.15 per cent gain compared to a loss of 5.96 per cent last month.

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