The Brazilian economy grew the fastest during the first quarter, in recent years. The Brazil Bovespa Index, which declined 6.4% year to date, gained momentum boosted by the country's infrastructure plans and the mining resources the country holds. Several undervalued Brazilian stocks may gain momentum during the second half of the year. U.S. listed Brasil Telecom ( BTM), Tele Norte Leste ( TNE), Companhia de Saneamento Basico ( SBS), Vale ( VALE), and Petrobras ( PBR) are currently trading at attractive P/E ratios of 5.2, 6.0, 8.2, 8.2, and 9.1, respectively. Chile's IPSA Index gained 15.1%, the most year to date. Mexico's IPC Index gained close to 1.4%, while Argentina's Marvel Index declined around 1.2%. In the Middle East, Dubai's DFM General Index shed around 17.4% year to date and offers an attractive P/E multiple of 5.5. In comparison, Saudi Arabia's Tadawul Index gained 2.9%.