Emerging stocks head for weekly slide

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Bullsandbears

REUTERS

A bull and a bear styrofoam figurine.

Hanoi - Emerging-market stocks fell, with the benchmark gauge headed for its first weekly drop this month, amid concern rising oil prices will curb economic growth.

Malaysia’s ringgit led developing-nation currencies lower.

Hyundai Motor slid to an 11-month low as South Korean equities sank 1.2 percent.

The ringgit and Indonesia’s rupiah lost at least 0.3 percent versus the dollar while South Africa’s rand added 0.4 percent.

Russian equities ended two days of gains as fighting erupted between Ukrainian government troops and insurgents.

Gold Fields surged 4.6 percent in Johannesburg as bullion headed for its longest weekly rally since March.

The MSCI Emerging Markets Index slid 0.4 percent to 1,046.04 at 9:36 am in London, extending losses this week to 0.3 percent.

A gauge of commodities led by oil and gold reached a 10-month high as the US said it will send military advisers to Iraq as violence escalates in the OPEC producer.

“Oil prices could be a short-term issue or long-term dragging one,” said Thebes Lo, a vice president at Kim Eng Securities in Hong Kong.

The emerging-markets gauge has risen 4.4 percent this year and trades at 11 times projected 12-month earnings, data compiled by Bloomberg show.

The MSCI World Index has gained 5.2 percent and is valued at 15.2 times.

Nine out of 10 industry groups in the developing-nation gauge fell, led by technology and consumer-discretionary companies.

The Kospi dropped the most in two months as foreign investors sold shares while higher oil prices dragged down automakers.

Hyundai Motor sank 2.5 percent and Kia Motors slid 3 percent.

Samsung Electronics lost 1.7 percent.

 

Currencies Slide

 

The ringgit weakened 0.4 percent before the release of inflation data due today.

The rupiah and Indian rupee led declines among Asian currencies this week on concern the two nation’s trade deficits on higher oil.

The Bloomberg-JPMorgan Asia Dollar Index headed for its first weekly drop this month.

The Micex fell 0.3 percent, headed for its first weekly drop in three weeks.

Fighting erupted between Ukrainian government troops and insurgents as NATO condemned Russia for massing new troops, casting a pall over efforts by the authorities in Kiev to declare a cease-fire in the east.

OAO Mechel, Russia’s second-most indebted company, extended losses, falling 2.2 percent, as concern mounted that a rescue plan for the money-losing raw-material producer will dilute shareholders and shift control to the government.

 

Gold Producers

 

South Africa’s Gold Fields surged 3.7 percent while Harmony Gold Mining jumped 4.4 percent in Johannesburg.

Bullion is headed for a third weekly increase after the Federal Reserve said it will keep interest rates at almost zero for a considerable time, while escalating violence in Iraq and tension in Ukraine boosted haven demand.

The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong gained 0.4 percent.

China’s Shanghai Composite Index rose 0.1 percent, paring its biggest weekly loss in two months, as technology and property shares rebounded after losses triggered by concern the resumption of new share sales will divert funds.

Taiwan’s 10-year bonds fell this week, pushing up the yield by the most since September, on speculation the central bank will signal plans to boost borrowing costs at a quarterly policy review next week. - Bloomberg News


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