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Overseas Exchanges Rebound Faster. MARKETWATCH

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LOOKING for adventure? High drama? And potential financial return - providing the world economy stays on course during 1989 and 1990? Many financial analysts with that resum'e are taking a hard look at corporations engaged in international trade or that have a strong presence abroad - and not just companies listed on the major exchanges in the United States, but also those on overseas exchanges. It's no secret that overseas exchanges did particularly well last year, in almost all cases outperforming the major US exchanges, including the New York Stock Exchange. Though only the boldest financial professional would assume that overseas exchanges will repeat the pattern this year, the underlying fundamentals - to date at least - remain strong for the most important overseas economies and thus, the major exchanges.

``The acquisition game has really just started here, and there's a lot of mergers and acquisitions to take place,'' says Gerry Postlethwaite, managing director of KLP International, London, a sales, promotion, and data-based marketing-information service. According to Mr. Postlethwaite, most key companies in Europe are making important decisions to position themselves for 1992, when Western Europe forms one giant economic market.

A number of European stock markets outperformed the US last year, including Paris, Amsterdam, and Frankfurt. European economic growth - sparked in part by solid export expansion - has been one factor explaining the strength in that continent's exchanges. Another factor: merger/acquisition plans, as well as capital development goals geared to the early 1990s.

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