Banking stocks boosted the index this year, with the Mercantil Servicios Financieros and the Banco Nacional de Credito logging rises of 593 percent and 921 percent, respectively. Plus, shares in telecom firm Nacional Telefonos de Venezuela rose by 218 percent.
But these stellar gains come at a time of uncertainty and change for the country. The country's fiery socialist leader, Hugo Chavez, died in March, leaving Venezuela on the verge of an economic breakdown.
Inflation is astronomic, soaring to 56.2 percent this year, according to government estimates. The Venezuelan Bolivar – which is pegged against the U.S dollar – is drastically losing value in the black market and foreign currency reserves are dwindling. Widening credit default swap (CDS) spreads in 2013 indicate investors view Venezuela as increasingly likely to default on its sovereign debt.
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Given this, Michael Ganske, head of emerging markets at Rogge Global Partners, said the IBC's performance this year was nothing short of a "miracle".
"The macro story and politics are going in the wrong direction," he told CNBC via email. Ganske said Venezuela's economy was extremely weak and that the country's new leader, Nicolas Maduro, was losing his grip on the leadership, due to the economic deterioration and his lack of charisma when compared with Chavez.