Hanoi - Emerging-market stocks fell for the first time in four days after a record increase in electricity prices dragged Philippine shares lower and data showed China’s industrial production rose less than estimated.
The peso weakened to a three-month low.
Ayala Land Inc. led a 2 percent slide in the Philippine Stock Exchange Index, while the peso retreated 0.4 percent versus the dollar. China Mobile Ltd., the world’s biggest phone company, sank the most in two weeks in Hong Kong after Barclays Plc cut its rating on the stock.
NTPC Ltd. tumbled 12 percent in Mumbai, dragging Indian shares lower.
Harmony Gold Mining Co. rose 2.1 percent in Johannesburg as bullion climbed.
South Korea’s won touched a two-year high.
The MSCI Emerging Markets Index fell 0.2 percent to 1,010.83 as of 4:06 p.m. in Hong Kong, snapping a three-day gain.
The Energy Regulatory Commission said late yesterday Manila Electric Co. could boost electricity prices in three phases, with the biggest increase scheduled for this month.
China’s industrial production rose less than estimated in November as retail sales growth unexpectedly accelerated, government data showed today.
European countries from France to Italy will release factory output data today.
“There was no major upside surprise from the China data,” said Gavin Parry, the managing director of Hong Kong-based brokerage Parry International Trading Ltd.
“The increase in Philippines power rates will weigh on stocks, consumption and production.”
Stock Valuations
The MSCI emerging markets gauge has declined 4.2 percent this year and trades at 10.6 times projected 12-month earnings.
The MSCI World Index has advanced 21 percent this year and is valued at 14.5 times, data compiled by Bloomberg show.
Ayala Land dropped 5.5 percent in Manila to a three-month low.
The Philippine stock gauge tumbled to the lowest level since August 28, the most among Asian benchmark indexes.
Regulators allowed the nation’s biggest power supplier to increase electricity prices by a record, boosting concerns inflation will accelerate.
Inflation accelerated to a nine-month high in November as a powerful typhoon damaged crops, crippled infrastructure and downed power lines, data showed last week.
At least three oil companies including Petron Corp. raised diesel and kerosene prices today, Interaksyon reported.
China Data
The Shanghai Composite Index slid less than 0.1 percent, while the Hang Seng China Enterprises Index of mainland companies traded in Hong Kong lost 0.4 percent.
Data showed factory production rose 10 percent from a year earlier, compared with analysts’ median projection of 10.1 percent in a Bloomberg News survey.
China’s retail sales advanced 13.7 percent in November, while fixed-asset investment excluding rural households increased 19.9 percent in the January-to-November period.
China Mobile fell 1 percent, the most since November 21.
The stock was downgraded to underweight from overweight at Barclays.
Haier Electronics Group Co. rallied 7.1 percent in Hong Kong, extending yesterday’s 13 percent surge after Alibaba Group Holding Ltd. agreed to invest HK$2.82 billion in the home-appliance maker and its logistics business.
Five out of 10 industry groups in the MSCI Emerging Markets Index slid, led by utility companies.
NTPC, India’s biggest electricity generator, tumbled the most since January 2008 after regulators proposed changes to production incentives that may hurt the utility’s earnings.
The S&P BSE Sensex lost 0.5 percent, snapping a three-day gain.
Harmony Gold, Africa’s third-largest producer of the metal, increased the most since October 28.
Bullion advanced 0.5 percent, the longest rally in almost a month.
Russia’s ruble fell for a second day, dropping 0.1 percent against the dollar.
Indonesia’s rupiah and India’s rupee weakened 0.2 percent.
The won strengthened 0.1 percent, its fifth day of gains.
South Korea’s Kospi index dropped 0.4 percent.
The Jakarta Composite Index increased 1.3 percent, extending yesterday’s 0.8 percent increase.
The Indonesian gauge lost 3.3 percent in four days through December 6, dragging valuations to a three-month low.
Markets in Thailand were closed for a holiday. - Bloomberg News