70% of EM Stocks are Still Down More Than 20% from 200-Day Highs

As part of our library of charts designed to gauge the internal health of the markets, we look at price dispersion or, in this case, the percent of issues in a given group of stocks that are down more than 20% from their respective 50-, 100-, and 200-day highs. We find that, excepting the energy sector, most of the developed markets continue to recover from their late summer slump. The majority of the developed market groups follow a fairly consistent pattern with ~30% down more than 20% from 200-day highs, ~20% down more than 20% from their 100-day highs, and ~10% of them down more than 20% from their 50-day highs. The consumer staples sector remained the most resilient during the correction.

Conversely, in emerging markets, around 70% of all stocks are still down more than 20% from their 200-day highs, 40-50% are down more than 20% from their 100-day highs, and 10-20% are down more than 20% from their 50-day highs. Among emerging market sectors, it is notable that the percentage of health care and telecom stocks to fall more than 20% from their averages reached extremes not seen since 2008/2009 in the most recent market pullback.

DM Regions

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DM Sectors

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EM Regions

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EM Sectors

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