More than Half of EM Stocks are Down At Least 10% From Their High
by Team of GaveKal Capital,
The MSCI Emerging Markets Index is down about 4% from its recent high, but the average stock has fared much worse. By our count more than than 50% of EM stocks are down at least 10% from their 200-day high. The trend of more stocks being down at least 10% from their recent high can be seen in all regions, but is clearly most prevalent in Latin America, where the number has increased from 22% to 60% in a week.
In the charts below we show the percent of stocks in each MSCI regional index that are down more than 10% from their 200-day high (blue line, left axis) against the price in USD of that index (red line, right axis).