Emerging market stock picks offer a lot of promise for investors, especially when it seems that Western corporations are still struggling to get back on their feet. Unemployment remains stubbornly high in the U.S., above 9%, and euro zone debt continues to force harsh austerity measures onto some of the most fiscally irresponsible member states. If you’re looking for growth, it makes sense to train your eyes in booming regions like Brazil or China that are seeing big spending and big GDP growth.

Yet don’t get fooled into thinking that every emerging market stock is the same. There are winners and there are losers in these regions just as there are winners and losers at home in the U.S. To help you separate the good, the bad and the ugly of emerging markets, here are some of the biggest blue chips overseas that I have labeled some of the worst investments right now:

Petrobras Petroleo Brasileiro (PBR)

Petrobras Petroleo Brasileiro (NYSE: PBR), or Petrobras to many investors, is an integrated oil and gas company operating in Brazil. This company may be a surprise to lead off my list of emerging market blue chips to sell, since crude oil prices have been on the rise in the last year or so. But despite this, over the past 12 months PBR has dropped -13%, compared to gains of +18% and +17% for the S&P 500 and Dow Jones in the same time. Currently, PBR is not trading only a few dollars higher than its 52-week low of $31.21. Though there are some good stocks in Brazil, PBR is not one of them right now.

Eni S.p.A. (E)

The next stock on the list is Eni S.p.A (NYSE: E) is involved in the oil and gas, power generation, petrochemicals, oilfield services and engineering industries. At the start of 2010, Eni was operating in 77 countries. In the last year, E is just below even while the broader markets were busy making sizeable gains. In 2008, Eni reached a peak of over $80 but this past year traded with a range of $35.10 to $49.68. Some could see that as potential, but I see that as a sign that ENI has sat out the first phase of the recovery. That doesn’t make me optimistic about its prospects in the months ahead.

Banco Santander (BSBR)

Operating in Brazil, Banco Santander (NYSE: BSBR) is a full-service bank that operates in the following segments: commercial banking, global wholesale banking and asset management and insurance. You would think in a region where consumer spending is soaring, banking and insurance would be booming. But over the past six months, this banking stock is down -3%, and is down -12% in the last three months. On the earnings front, analysts are projecting an EPS of just 26 cents, after the stock posted EPS of 37 cents a year ago. Its earnings numbers are down on the whole year as well as analysts estimate EPS of 99 cents this year as opposed to EPS of $1.45 last year. Not an encouraging track record.

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China Life Insurance (LFC)

China Life Insurance (NYSE: LFC) provides a wide range of insurance products including individual life insurance, group life insurance, accident insurance and health insurance products. Over the past 52 weeks, LFC has dropped -10%, compared to gains by the broader markets. While the stock may have surged slightly in September, it has done poorly since, sliding -13% over the past three months. Also alarming is the fact that LFC is trading very close to its 52-week low of $57.04. Sell this China financial stock now, before it does any more damage to your portfolio.

Posco (PKX)

Headquartered in Korea, Posco (NYSE: PKX) is an integrated steel company that produces over 30 million tons of crude steel a year. But over the past year, PKX is down -15%, and more recently has lost -13% since the beginning of October as costs of steel production have risen and demand has remained relatively soft. Another distressing number is PKX’s quarterly revenue growth, which was listed at -15%, year-over-year, in the last income statement. Posco has shed about -3% so far in 2011 and hasn’t shown signs of life in recent months like other steel producers such as U.S. Steel

(NYSE: X).If you’re looking for a mining and metals stock, consider a different pick.

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Aluminum Corp. of China (ACH)

Speaking of dented metals stocks, next on the list is Aluminum Corp. of China (NYSE: ACH), which has operations in bauxite mining, alumina refining, primary aluminum smelting and aluminum fabrication. In the last 12 months, ACH stock has lost -3% compared with a +22% gain for domestic aluminum giant Alcoa (NYSE:AA) . More recently, the stock has meandered up only a few percentage points in the past three months while the S&P is up by double digits. ACH may have a market cap of over $13 billion, but the stock remains volatile despite its size.

Gerdau (GGB)

Another metals stock to avoid is Gerdau (NYSE: GGB) produces long-rolled steel in Brazil. This global steel producer operates 59 units across the world. In the last year, GGB has dropped -4%, compared to gains by the broader markets. Gerdau stock surged in the beginning of 2010, but since mid-April, the stock is down -23%. Alarmingly, the GGB has lost -7% during the last week alone as well. Another dismal statistic, analysts project earnings of just 18 cents this quarter, after it posted an EPS 53 cents this quarter last year. Currently, this stock is trading near its 52-week low of $11.49.

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Enersis (ENI)

Rounding out the list of blue chip stocks to sell is Enersis (NYSE: ENI) which is involved with the generation, transmission and distribution of electricity in Argentina. Over the past 52 weeks, this stock is down -8%, compared to gains by the broader markets. More recently, this blue chip is down over -7% in the last 3 months. It is also important to note that in its last income statement, ENI recorded a quarterly earnings growth of -17%, year-over-year.

As of this writing, Louis Navellier did not own a position in any of the stocks named here. Stock performance was calculated 1/26.