The worst performing big market in the world right now?
India’s Bombay Stock Exchange.
Via Doug Short, here’s how the major indices stacked up as of Friday’s close:
That ugly performance is continuing again today, as Bombay lost even more:
A similar story is unfolding in Indonesia, and the culprit is rampant inflation, and fears over aggressive government tightening. Jakarta stocks were down a huge 4.2% Monday.
(Earlier we mentioned Monday’s crash in frontier market Bangladesh, where stocks fell over 9% in less than an hour.)
Given the mad rush of cash into emerging market equity and bond funds in 2010, and the relative lack of cash going into US equities, there’s certainly a huge opportunity for the tide to turn.
We’ll be watching.