India 21st among mobile emerging markets: S

New Delhi, June 8: The world's emerging, including India's, and developed markets continue to post positive returns in 2007, according to a leading provider of financial market intelligence.

In its review of global stock market, Standard&Poor (S&P) today said the world's emerging stock markets rose 4.56 per cent in May, while developed equity markets gained 2.98 per cent for the month.

India is among 21 of the 25 emerging markets which posted positive gains in May averaging 6.39 per cent, S&P said.

The Indian stock market gave a return of 7.40 per cent in May, while it averaged 25.87 per cent for three months and a whooping 66.66 per cent for 12 months, according to data compiled by business monitor international (BMI).

One-month, 3-month and 12-month return in case of China's stock market was 8.52 per cent, 16.82 per cent and 66.71 per cent respectively as per BMI data.

''World equity markets continued to prosper in May, .....

their performance over the past 12 months has been nothing short of phenomenal with the average equity market gaining 46 per cent,'' senior index analyst at Standard&Poor Howard Silverblatt said.

Twenty four of the 27 developed world equity markets posted gains with an average return of 3.99 per cent ; Italy (1.18 per cent), Sweden (1.13 per cent) and Switzerland (0.87 per cent) were the lone decliners, S&P said, adding 21 of the 25 emerging markets posted positive gains in May, averaging 6.39 per cent.

Jordan (3.87 per cent), Morocco (3.63 per cent), Russia (6.04 per cent) and South Africa (3.00 per cent) all showed losses for the month.

Meanwhile, the financial market intelligence provider said world interest rates increased in May. The People's Bank of China raised its one-year lending rate by 18 basis points (bps) to 6.57 per cent, the Bank of England raised its rate to 5.50 per cent and Norway also increased to 4.25 per cent.

UNI