The majority of Q1 earnings are behind us, and overall weakness is confirmed. As of May 13, 2016, 91.8% of the S&P 500 index’s total members have announced their results with a total earnings decline of 7.3% year over year on a 1.4% fall in revenues.

Adding to this gloomy earnings picture is the precarious state of the U.S. economy. Over the last four quarters, GDP growth has been gradually declining from +3.9% in Q2 2015, +2% in Q3, +1.4% in Q4, to a meager growth of +0.5% in Q1 2016.

Amid the weak market conditions, you must be thinking of avoiding stock investing as much as possible. But it will be a good idea to diversify your portfolio by adding a few foreign stocks. These companies, mainly operating in their home countries, are largely influenced by local economic growth.

You must be thinking that investing in foreign companies is riskier than investing in domestic firms given the uncertainties related to currency devaluations, different business practices and lack of transparency. But a comprehensive fundamental and economic analysis shows that some foreign stocks can be more rewarding in the current scenario.

To help you globalize your portfolio, we have handpicked some foreign companies with the help of Zacks Stock Screener.

We primarily selected foreign stocks that have market capitalization of $5 billion or more and carry a Zacks Rank #1 (Strong Buy) or #2 (Buy). Also, these companies have reported improved profitability in the recently concluded quarter.

Further, with the help of our Style Score System, we narrowed down the list to ensure a Value Style Score of ‘A’ or ‘B.’ The Value Style Score condenses all valuation metrics into one actionable score that helps investors steer clear of ‘value traps’ and identify stocks that are truly trading at a discount. Our research shows that stocks with Style Scores of A or B, when combined with Zacks Rank 1 or 2, offer the best upside potential.

Here are the 5 foreign stocks for your consideration:

Etablissements Delhaize Frères et Cie "Le Lion" (Groupe Delhaize) SA (DEG- Snapshot Report) is a supermarket holdings company. It also operates other store formats, including proximity, cash and carry, and specialty stores. In addition, the company sells its products to affiliated stores that are operated by third parties.

Zacks Rank: #2
Value Score: ‘A’

Home Country: Belgium
Market Cap: $10.96 billion
Y-o-Y Net Income Growth in Q1: 285.2%
Long-term Growth Rate: 16.49%

Korea Electric Power Corp. (KEP -Analyst Report) is an integrated electric utility engaged in the generation, transmission, distribution of electricity and development of electric power resources.

Zacks Rank: #2
Value Score: ‘A’
Home Country: South Korea
Market Cap: $33.39 billion
Y-o-Y Net Income Growth in Q1: 76.8%
Long-term Growth Rate: 25.00%

Companhia de Saneamento Basico do Estado de Sao Paulo or SABESP (SBS - Analyst Report) provides public water and sewage services. The company's principal shareholder is the Sao Paulo government, which owns nearly 50.3% of its shares.

Zacks Rank: #2
Value Score: ‘A’
Home Country: Brazil
Market Cap: $5.18 billion
Y-o-Y Net Income Growth in Q1: 97.6%
Long-term Growth Rate: 29.67%

Manulife Financial Corporation (MFC - Analyst Report) is one of the three dominant life insurers within its domestic Canadian market and boasts rapidly growing operations in the U.S. and several Asian countries.

Zacks Rank: #1
Value Score: ‘A’
Home Country: Canada
Market Cap: $27.28 billion
Y-o-Y Net Income Growth in Q1: 14%
Long-term Growth Rate: 10.00%

Shire plc (SHPG - Analyst Report) is a specialty biopharmaceutical company catering to diverse medical needs through research and development, manufacture, sale and distribution of pharmaceutical products.

Zacks Rank: #2
Value Score: ‘B’
Home Country: Ireland
Market Cap: $34.68 billion
Y-o-Y Net Income Growth in Q1: 13%
Long-term Growth Rate: 13.14%