File picture: Alex Grimm

London - Most emerging-market stocks fell as Russian shares slumped the most in eastern Europe, with pressure mounting on President Vladimir Putin after the Malaysian plane crash.

Indonesia’s rupiah advanced for a fourth day.

OAO Gazprom, the biggest stock on the Micex Index by market capitalisation, slid 2.3 percent, sending the measure to its longest losing streak since January.

Benchmark gauges in Poland and South Africa declined at least 0.4 percent, while equities in Indonesia rallied to a 13-month high.

The Thai baht led developing-nation currencies higher versus the dollar.

The MSCI Emerging Markets Index slipped less than 0.1 percent to 1,062.56 by 12:34 p.m. in London, erasing earlier gains of as much as 0.3 percent.

European Union foreign ministers meeting in Brussels tomorrow will consider tougher sanctions on Russian individuals and companies.

Indonesia’s election commission is set to release the results of the July 9 presidential election by tomorrow.

“The risk of more far-reaching sanctions against Russia has increased since the crash of the MH17,” Maarten-Jan Bakkum, an emerging-market strategist at ING Investment in the Hague, said by e-mail.

Six out of 10 industry groups in the MSCI Emerging Markets Index declined, led by energy stocks and consumer-discretionary companies.

Gazprom was the biggest decliner on the developing-nation’s gauge by index points.

Hon Hai Precision Industry, an assembler of Apple’s iPhones, jumped 2.8 percent in Taipei, making it the best performing stock on the measure.

Circumstantial Evidence

The Micex retreated for the sixth day in Moscow, dropping 2 percent.

The nation’s February 2027 ruble bonds declined, lifting the yield 12 basis points to 9.16 percent, the highest since May 6.

US Secretary of State John Kerry said yesterday circumstantial evidence suggests Russia provided the missile that Ukrainian rebels used to shoot down the plane.

Putin blamed the crash on the Ukrainian government, saying it wouldn’t have happened had it not fomented the conflict in the east.

The WIG30 Index in Warsaw fell 0.4 percent, declining for a second day.

The FTSE/JSE Africa All Shares Index in Johannesburg decreased 0.5 percent, taking its three-day loss to 1.3 percent.

Egypt’s benchmark EGX 30 Index dropped 1.2 percent, set for its steepest slide since June 24, on about a quarter of the three-month average daily volume.

North Africa’s biggest stock exchange said today it will double the daily share price movement limit to 20 percent, starting August 7, because of “market stability.”

Share Sales

The Shanghai Composite Index slipped 0.2 percent on concerns corporate earnings will disappoint and new share sales may divert funds from existing equities.

Eleven companies will start to sell new shares this week.

That may freeze subscription funds of about as much as 766.5 billion yuan ($123 billion), according to the Securities Daily.

“News from China continues to be worrying,” ING’s Bakkum said. “There has been more signs of system stress.”

The emerging-market gauge has risen 6 percent this year and trades at 11.1 times 12-month projected earnings, data compiled by Bloomberg show.

The MSCI World Index gained 4.9 percent and is valued at a multiple of 15.1.

The Jakarta Composite Index climbed 0.8 percent and the rupiah strengthened 0.4 percent on speculation results will confirm Joko Widodo as Indonesia’s next president.

Widodo, popularly known as Jokowi, secured 52.9 percent of the 129 million votes tallied by yesterday, a volunteer-run website that tracks actual results uploaded to the election commission’s website.

Thai Exports

The baht appreciated 0.6 percent, its highest level since November 25, and Thai shares rose 0.3 percent, after exports rebounded and global funds increased investment in the nation’s assets.

The Hang Seng China Enterprises Index of mainland companies listed in Hong Kong dropped 0.8 percent.

The S&P BSE Sensex Index rose 0.3 percent in its fifth day of gains, the longest winning streak since April 2.

Taiwan’s Taiex Index added 0.4 percent, ending a three-day loss. - Bloomberg News