Opportunities Amid The Carnage

This has been a cruel year for investors on many emerging-market bourses. After a stupendous 1993, in which five markets more than doubled, much of the sizzle has suddenly disappeared. With U.S. interest-rate hikes, a global bond-market shakeout, and increasing political tensions rattling even the bravest of investors, many emerging markets have gone into a funk (table).

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