Kuala Lumpur - Most emerging-market stocks rose, as a rally in Indian phone companies countered declines in Chinese shares after data showed China’s home prices fell. Russia’s ruble gained for a second day.
Bharti Airtel advanced 2 percent in Mumbai after CLSA Asia-Pacific Markets said Indian telecom shares may benefit from a “data boom.”
Indonesian equities added 1 percent and the rupiah rose 0.5 percent after the government increased subsidised fuel prices.
The ruble climbed 1 percent versus the dollar as oil rebounded. Bank of China dragged a gauge of Hong Kong-traded Chinese shares to a three-week low.
The MSCI Emerging Markets Index was little changed at 985.84 at 9:11 am in London, as 357 shares increased and 288 fell.
A gauge of telecom shares rose the most among 10 industry groups.
Data today showed new-home prices decreased in all but one city monitored by the Chinese government last month as developers offered discounts to cut inventories.
“Headline growth in China is slowing,” Manpreet Singh Gill, a senior investment strategist at Standard Chartered Bank, said by phone in Singapore.
“We know the markets have been weakening for some time, it really comes down to the magnitude and policy response, and that is clearly now the focus.”
The developing-nation gauge has fallen 1.8 percent this year and trades at 11 times projected 12-month earnings, data compiled by Bloomberg show.
The MSCI World Index has risen 3.5 percent and is valued at a multiple of 15.2.
Industry Groups
Six out of 10 industry groups in the emerging-market gauge rose.
Bharti Airtel, India’s largest mobile-phone operator, advanced the most since October 21.
Reliance Communications Ltd. jumped 10 percent.
The S&P BSE Sensex added 0.1 percent to a record.
Harmony Gold Mining surged 5 percent in Johannesburg as bullion increased.
The ruble climbed the most in a week as Russia’s Micex Index gained 0.4 percent, paced by gains in OAO Lukoil.
Dubai’s DFM General Index rose 1.2 percent, led by an increase in Emaar Properties PJSC.
Tencent Holdings, a Chinese Internet company, lost 2.6 percent in Hong Kong.
Bank of China dropped 1.3 percent.
The Hang Seng China Enterprises Index of mainland companies traded in Hong Kong slid 1.2 percent.
The Shanghai Composite decreased 0.7 percent, the most since October 23.
Both the Shanghai index and the Hang Seng China Enterprises gauge sank a second day after the start of an exchange link between the two cities debuted.
The Jakarta Composite Index rose to the highest level since October 23 and the rupiah strengthened the most since October 29.
Indonesian President Joko Widodo raised fuel prices to reduce state subsidies and free funds for development plans.
The won weakened 0.5 percent as the currency tracked an overnight loss in the yen.
South Korea’s Kospi index climbed 1.2 percent, halting a three-day slide.
Amorepacific rose from a two-month low in Seoul while SK C&C jumped 6 percent to end the longest losing streak since April.
Equity gauges in Thailand, Malaysia and the Philippines advanced at least 0.6 percent. - Bloomberg News