Genuinely emerging markets

Emerging market stocks have outperformed developed markets and produced record IPO volumes. Even if stock markets crumple, emerging economies won't.

Almost half of the world’s $US57bn ($63.25 billion) in initial public offering volume in the third quarter was for companies based in emerging markets - much more than their share of the world economy. With 118 flotations in the third quarter for groups in Brazil, Russia, India and China, the boom is impressive. A big chunk of it relates to the Chinese market, where exchange controls and a huge domestic savings pool have driven the Shanghai stock market’s valuation to a sky-high price-earnings ratio above 50.

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