Jim Cramer’s Emerging Markets Stock Picks Seem Immune to the Cramer Effect

The stock market posted modest gains on Thursday as the Dow Jones Industrial average gained 33 points to close at 10,607. The markets received bullish news when Sears Holdings (SHLD: 48.80 0.00%) pre-announced better than expected fourth quarter results. However, traders are still anxiously waiting to see what tomorrow employment numbers will show.

Mad Money host Jim Cramer continued his week-long special on the top investing themes of 2010. Cramer discussed his top stock picks in the international and emerging markets. He recommended that investors hold 20% of their portfolio in international stocks. However, Cramer’s global stock picks seemed immune to the “Cramer effect” and finished down today despite the positive exposure.

Vale (VALE: 26.42 0.00%)
Shares of Vale did post a modest gain of 0.3% after Cramer recommended the iron ore producer as his top stock pick for Brazil. Cramer likes the fact that Brazil’s economy is projected to grow by 5% in 2010. If commodity prices continue to rise, Cramer believes that Vale (the world’s 2nd largest mining company) could grow revenues by 40% in 2010.

He also recommended Banco Santader (STD: 8.75 0.00%) as the best way to play the Brazilian financial sector.

China Unicom Hong Kong (CHU: 18.78 0.00%)
China Unicom’s shares dropped 0.6% despite a bullish recommendation from Jim Cramer. Cramer continues to be a big proponent of the mobile internet revolution and a big fan of Apple (AAPL: 476.68 0.00%). CHU happens to be not only one of the largest telecommunication companies in China, but is also the exclusive carrier of the iphone in China.

Southern Copper (PCU: 0.00 N/A)
With the recent rise in copper prices, Cramer also recommended Southern Copper. The world’s 5th largest mining company operates several mines in Peru and Mexico. However, PCU’s stock declined 1.0% despite the bullish recommendation.

Infosys Technologies (INFY: 55.73 0.00%)
Infosys dropped 3.1% today, despite Cramer telling a caller that it was his top stock pick in India.

Statoil (STO: 26.68 0.00%)
Statoil fell 0.6% despite Cramer’s bullish recommendation of the Norwegian oil company. STO is currently the 6th largest oil company in Europe. The firm has been cutting costs and building up its reserves and is in great position to capitalize on rising oil prices. Cramer observed that for every $1 increase in the price of oil, Statoil earnings will rise by 3.6%.

BHP Billiton (BHP: 80.73 0.00%)
BHP, the world’s largest miner, saw its stock fall 0.9% today despite a positive recommendation on last night’s Mad Money show. Australian-based miner already receives 20% of its revenues from China and is poised to capitalize on their reviving economy. Cramer also noted that BHP has plenty of cash on its balance sheet for future acquisitions.

Bank of Nova Scotia (BNS: 52.39 0.00%)
While Canada’s economy is just now starting to recover from recession, Cramer believes that Bank of Nova Scotia is in better position than most American banks. Nearly 40% of their lending is in international markets and they have a large Latin America exposure. While Cramer likes the bank’s 4.1% dividend yield and believes that Wall Street is overly pessimistic on the stock, investors shrugged off the recommendation and the stock fell 1.5%.