The index for the United Kingdom had a gain of 8.6 percent

This lack of correlation had also been true when looking at the
performance of American stocks versus those abroad. In 1978, for
example, stocks on Wall Street eked out a barely positive 0.4 percent
gain for the year, based on MSCI’s index for the United States.
The index for the United Kingdom had a gain of 8.6 percent, in
dollar terms. But that was nothing compared to the 50.1 percent
gain for the Japanese index and the 63.1 percent gain for the stock
index in France. In 1977, the U.S. market was off 12.2 percent,
while Japan was up 13.2 percent, Germany was up 21 percent, and
the United Kingdom was up 50.2 percent, all in dollar terms.