In the Press

Most emerging stocks rise on stimulus bets while ruble weakens
By Bloomberg
on Nov 13 2014 02:31 PM
  • PIT

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Most emerging-market stocks rose amid speculation China will take steps to support economic growth. Commodity producers fell while Russia’s ruble weakened.A gauge of Hong Kong-traded Chinese shares climbed 0.7 percent after a report the central bank will inject cash into smaller banks. DP World Ltd. gained 2.1 percent after agreeing to buy Dubai’s industrial parks operator for $2.6 billion. PetroChina Co. sank 2.4 percent to lead energy companies lower as oil slid. The ruble lost 0.8 percent versus the dollar. The MSCI Emerging Markets Index was little changed at 995.93 at 8:26 a.m. in London as 369 shares gained and 259 declined. The People’s Bank of China is asking city lenders to apply for cash to support loans to smaller enterprises, according to an official with knowledge of the matter. Brent crude extended losses from a four-year low. “The market is reacting positively to the PBOC move as it is an expansion tool,” said Gavin Parry, managing director of Parry International Trading Ltd. in Hong Kong. The emerging-markets gauge has fallen 0.9 percent this year and trades at 11 times projected 12 month earnings, data compiled by Bloomberg show. The MSCI World Index has dropped 3.1 percent this year and is valued at 15.2 times. The Hang Seng China Enterprises Index climbed 0.7 percent to its highest close since Sept. 17, paced by gains in Industrial & Commercial Bank of China Ltd. and insurers. Bank Loans Financial institutions in some provinces are submitting applications for collateralized central bank loans, the person told Bloomberg News. The PBOC will later decide the total size of the injections, which could run into tens of billions of yuan, the official said. The PBOC move comes as data showed China’s industrial output growth and fixed-asset investment in October trailed estimates. The Shanghai Composite Index fell 0.4 percent. Taiwan equities rose 0.7 percent as Taiwan Semiconductor Manufacturing Co. and Hon Hai Precision Industry Co. led gains. Dubai’s eq

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