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10 Emerging Market Stocks With Gains of Up to 64% in 2012 (Update2)

Written by: Frank Byrt 02/22/12 - 1:06 PM EST
Tickers in this article: TTM HDB CHA PTR AMX SAB SSL INFY
(Story updated to add that America Movil plans to invest $8.5 billion to $9 billion this year to upgrade its mobile telecom service across Latin America.)

BOSTON (TheStreet) -- In a clear sign investor sentiment is now "risk on," historically volatile emerging market stock indices are generating double-digit gains this year because the U.S. and European equities are projected to offer slimmer returns.

The benchmark MSCI Emerging Markets Index is up 16.4% this year, double that of the S&P 500 of the biggest U.S. companies, including 14% in the past 13 weeks. It hit a six-month high Monday.

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But indicative of how bad things were last year in the sector, the MSCI EM index is down 5% over the past 12 months.

The gains of this year could stall given events of the past week. In what should be a boon to emerging market investors' confidence, European Union finance ministers agreed to a $172 billion bailout of Greece to avert what could have been a chaotic default.

Just as that occurred, another challenge to investor confidence emerged in the form of higher gas prices worldwide, which can stifle an emerging market economy.