It has been a bumpy year for the global economy, and Latin America may be on the roller coaster ride of the century, reports Clayton Emerson of Tortola Capital. In 2009, Morgan Stanley's weighted index of regional stocks, the MSCI Latin America Index, rose 98%, a big reversal from 2008's 53% decline.
Who were the winners? In Brazil, the benchmark Bovespa index finished up 83%, its best gain in six years. And in Mexico, the region's IPC index logged a 43% gain this year, with only one of its 35 stocks losing ground.
However, nobody posted larger gains than Argentina. In Argentina, the country's Merval index was up 115%, its biggest annual gain in almost two decades. The investment team at Tortola Capital will continue to keep an eye on Latin Amercican market performance throughout the new year.
