Estadão announced today that Bovespa, the Brazilian stock market located in São Paulo, closed the year with the highest gains of any stock market in the world. It closed at a high of 120.9 percent, compared to 118 percent in Indonesia, 25.4 percent in the United States, and 6.7 percent in Japan.

This percentage is based on dollars, in a system to measure stock market performance. It was created by MSCI, Inc, a division of Morgan Stanley.

Despite the encouraging economic achievements, Brazilian economists expect a more volatile year in 2010 with smaller gains.

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