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Emerging stocks reach 18-month high

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Emerging-market stocks rose to an 18-month high as Chinese shares climbed on bets the government will do more to boost growth. Russian equities rebounded and Saudi Arabia gained on plans to open the market to foreign investors.

Bloomberg News reported that China Petroleum & Chemical Corporation rose the most since March in Hong Kong. Saudi stocks rallied 2.8 per cent to a six-year high. The Micex Index in Moscow ended its longest losing streak since January as rebels in Ukraine released bodies from the Malaysian jet crash site.

The Ibovespa climbed as Brazilian commodity producers advanced. Indonesian stocks fell as a vote tally found Joko Widodo won the presidential election while his opponent withdrew from the count.

The MSCI Emerging Markets Index added 1.1 per cent to 1,074.67 in New York. Russia is happy that rebels handed over black boxes to Malaysian representatives, Russia’s Foreign Ministry said in a website statement. Saudi Arabia will allow foreign investors into its stock market in 2015, providing greater access to the Arab world’s biggest exchange.

“Saudi Arabia is rallying after it approved foreign investor access,” Michael Wang, an emerging-market strategist in London at Amiya Capital LLP, said by e-mail. “This is clearly a huge positive, but we’re waiting for further details on implementation.”

All 10 industry groups in the developing-nation measure rose, led by energy shares. China Petroleum and Chemical surged 3.6 per cent after saying first-half oil and gas output increased eight per cent.

Rebels in eastern Ukraine began releasing the bodies of the 298 people killed in the shooting down of a Malaysia Airlines passenger jet last week as European foreign ministers meet to discuss sanctions against Russia on Tuesday.

Article Credit: Punchng

Updated 5 Years ago

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Tags:     Emerging-Market Stocks     Russian     Saudi Arabia     Ukraine     Michael Wang     China Petroleum & Chemical Corporation