Top 10 Emerging-Market Stocks: Past Month

NEW YORK (TheStreet) -- During the past one month, the U.S. blue-chip indices S&P 500 Index and Dow Jones relinquished 2% and 1.6% respectively, amid renewed European debt crisis and the downgrade of U.S. debt rating. Among emerging markets, India's Nifty retreated 7.8%, while China's Shanghai Composite eroded 6.9%, and Brazil's Bovespa wiped out 5.6% during the past one month.

Data compiled by EPFR show that for the first time in two months, in the third week of May, emerging markets' equity funds narrowed $1.64 billion, accounting for a major portion of the global equity funds outflow of $7.07 billion. To date, foreign institutional investors offloaded $1.6 billion as compared to $2.1 billion in May 2010.

An expert from Gartmore Investment Management comments that the emerging markets growth in 2011 seems to be attractive, based on earnings growth, which is forecast above 15%. He foresees the situation improving in EMs through the year on improved consumer confidence and the pace of investments.

A few emerging-market ADRs generated lucrative returns for investors during the past one month, while a few, as per analysts' estimates, have potential upsides over the next 12 months. We present below 10 such stocks that gained 2% to 155% in the past month. A few of these stocks have upsides in the range of 16% to 80%, based on analysts consensus estimates polled by Bloomberg.

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