Emerging-market stocks tumbleComment on this story
London - Emerging-market stocks dropped the most in three weeks as Tencent led a slump in technology companies from a record.
Russia’s Micex Index slid after the US threatened tougher sanctions over Ukraine.
The MSCI Emerging Markets Index fell 0.9 percent to 1,012.19 at 10:59 a.m. in New York, snapping a five-day rally.
Tencent, Asia’s biggest Internet company, tumbled 6.7 percent in Hong Kong.
The Micex capped the worst week in a month, while the ruble dropped after Russia’s Finance Ministry said it will restart buying foreign currencies.
Brazil’s real headed for a fourth weekly gain on speculation the central bank will control inflation by allowing the currency to advance.
Technology companies in the measure for developing-nation stocks dropped after reaching the highest level since at least 1995, according to data compiled by Bloomberg.
The Nasdaq Composite Index declined the most since 2011 yesterday, triggering a selloff in technology stocks across Asia.
US Treasury Secretary Jacob J. Lew delivered a warning yesterday of more sanctions in talks with his Russian counterpart, Anton Siluanov, after Russia’s incursion into Ukraine.
The iShares MSCI Emerging Markets Index ETF was little changed at $41.84.
The premium investors demand to own emerging-market debt over US Treasuries rose 0.02 percentage point to 294 basis points, according to JPMorgan Chase & Co. - Bloomberg News