Jakarta - Emerging-market stocks rose for the first time in four days as Samsung Electronics Co. led a rally in technology shares and South Africa’s benchmark index climbed to a record.
The ringgit strengthened to a four-month high.
Samsung, the world’s largest maker of smartphones, increased 2.3 percent to the highest level since June 5 after at least two brokerages raised their share-price estimates.
Delta Electronics Inc. advanced to a record in Taipei.
South Africa’s FTSE/JSE Africa All Shares Index headed for its highest close as metals prices gained, while Poland’s WIG20 rose to a nine-month high.
The ringgit appreciated 0.7 percent on government plans to cut the budget deficit.
The MSCI Emerging Markets Index advanced 0.5 percent to 1,032.66 as of 10:21 a.m. in London, heading for its biggest increase in a week.
Technology shares have posted the top gains among 10 industries in the 21-country gauge this year, rising 11 percent as a group.
Korea Investment & Securities Co. and HI Investment & Securities Co. raised their targets for Samsung after the company posted record third-quarter profit last week.
“Earnings from the sector have been encouraging,” Akbar Syarief, a Jakarta-based money manager of PT MNC Asset Management, which oversees about $372 million, said by phone.
The MSCI Emerging Markets Information Technology Index added 1.4 percent, heading for the biggest gain since October 18.
Delta Electronics rallied 3.3 percent after Taiwan’s Central News Agency said the display maker’s shipments will increase.
Naver Corp., a South Korean web portal operator, advanced 5.1 percent as E*Trade Korea Co. and Meritz Securities Co. raised their price targets.
Gold Fields Ltd. advanced 3.1 percent and African Rainbow Minerals Ltd. climbed 2.9 percent in Johannesburg as copper and gold prices gained.
The rand strengthened 0.4 percent against the dollar.
The US Federal Reserve, which starts a two-day policy meeting tomorrow, will probably maintain stimulus measures until March, according to a Bloomberg survey of economists.
China’s Shanghai Composite Index was little changed at 2,133.87, while India’s S&P BSE Sensex Index declined 0.6 percent for a fifth-straight day of losses.
Russia’s Micex increased 0.5 percent.
Zoomlion Heavy Industry Science & Technology Co. jumped 4.8 percent in Hong Kong, the most in seven weeks, after a Chinese daily apologised for publishing unverified stories questioning the finances of the construction-machinery manufacturer.
Xinkuaibao newspaper apologised for failing to verify stories by its reporter Chen Yongzhou, following a report aired by state-run China Central Television on October 27 that showed footage of Chen being interrogated by police in Changsha.
The ringgit strengthened for a fourth day.
Malaysia plans to introduce a 6 percent goods and services tax rate in April 2015 in an effort to shrink the shortfall between revenue and spending to 3.5 percent of gross domestic product next year from 4 percent in 2013, the government said on October 25.
The economy will expand 5 percent to 5.5 percent next year from an estimated 4.5 percent to 5 percent in 2013, according to the finance ministry.
Brilliance China Automotive Holdings Ltd. fell 6.2 percent for the second-biggest decline in the MSCI emerging-market index.
The stock retreated from a record close in Hong Kong after Citigroup Inc. cut its recommendation to sell from neutral.
The MSCI gauge has declined 2.2 percent this year and is valued at 11 times estimated earnings for the next 12 months, according to data compiled by Bloomberg.
That compares with a multiple of 14 for the MSCI World Index of developed-nation shares, which has surged 20 percent this year. - Bloomberg News